Facebook Hit with Antitrust Suits U.S., 46 States Target Choke Competition

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What’s Facebook Hit With Antitrust Suits U.S., 46 states target choke competition. Collectively,the cases reflect serted that Facebook “has Vice President and General News TheFTC’ssweeping anti- U.S. concern about the powerof used itsdominanceand mo- CounselJennifer Newstead. Instagram, WhatsApp trust case seeks to forceFace- dominant online platforms. nopoly powertocrush smaller “Peopleand small businesses purchases, as well as book to unwind itsacquisitions “Facebook’sactions to en- rivals and snuff out competi- don’t choose to use Facebook’s Business&Finance of WhatsApp andInstagram, trench and maintain itsmo- tion, all at the expense of ev- free services and advertising be- tactics against rivals two of itslandmark deals.The nopoly deny consumersthe eryday users,” and made “bil- cause they have to,they use states filed aseparateand sim- benefits of competition,” said lionsbyconverting personal them because our apps and ser- he FTC and 46 states BY BRENT KENDALL ilar lawsuit, alleging alack of Ian Conner,director of the data into a cash cow.” vices deliver the most value.We Tsued Facebook,accus- AND JOHN D. MCKINNON competition has harmed con- FTC’s Bureau of Competition. Facebook firedback by not- aregoing to vigorously defend ing the social-media com- sumers, including by weaken- “Our aim is to roll back Face- ing the FTC had previouslyap- people’sability to continue mak- panyofbuying and freez- WASHINGTON—TheFederal ing privacyprotections. book’santicompetitivecon- proved the Instagram and ing that choice.” ing out small startups to Trade Commission and 46 Thelawsuitscome weeks af- duct and restore competition WhatsApp transactions. TheFTC voted3-2 to file chokecompetition. A1 states sued Facebook Inc.on terthe JusticeDepartment so that innovation and free “The government nowwants the lawsuit, which came after Wednesday, accusing the so- brought acase alleging Google competition can thrive.” ado-over,sending achilling an investigation that stretched  DoorDash shares surged cial-media giant of buying and wasillegally maintaining amo- NewYork Attorney General warning to American business morethan ayear.The agency’s 86% in their stock-market freezing out small startups to nopoly in itssearch business. Letitia James,aDemocrat, as- that no sale is ever final,” said PleaseturntopageA4 debut. The meal-delivery company ended its first trading day valued at about $71.8 billion. A1 DoorDash  Airbnb priced shares in itsIPO at $68 apiece, setting avaluation of about $47bil- Brings lion based on afully diluted sharecount and including proceeds of the offering. A1 Big Gains  AT&T received bids for itsDirecTV unit valuing the satellite-TV serviceatmore In Debut than $15 billion including debt, according to people familiar with the matter. A1 Of Shares  GE agreed to paya$200 million penalty to settle SEC BY MICAH MAIDENBERG claims that it misled investors by failing to disclose prob- DoorDash Inc.delivered for lems in itsgas-turbine power investors, surging 86% in its and insurancebusinesses. B1 stock-market debut on Wednesday.  Apple and Google will ban Theseven-year-oldcompany the databrokerX-Mode from ended itsfirst trading dayval- collecting location information ued at about $71.8billion, drawnfrommobile devices higher than manyofthe res- running their operating sys- taurant companies that depend

tems afterrevelationsabout S on itscouriers. itsnational-securitywork. B1 NEW DoorDash’sshares opened G  U.S. stocks declined, Wednesdayafternoon at $182 with the Dow, S&P 500 and each on the NewYork Stock Nasdaq losing 0.3%, 0.8% OOMBER Exchange,78% above their /BL and 1.9%, respectively. B11 higher-than-expected initial public offering price.  Starbucks appointed in- WRIGHT Thestock ended trading at vestor Mellody Hobson as its TY Companies are ramping up efforts to provide equipment needed for the distribution of Covid-19 vaccines across the U.S. Above, $189.51, giving it amarket next chairwoman, positioning ultralow temperature freezers are assembled Wednesday at the So-Low Environmental Equipment Co. facility in Cincinnati. value—on afully diluted share the chain to be among the count—that surpasses the com- biggest U.S. firms with aBlack bined worth of Chipotle Mexican person leading itsboard. B1 Grill Inc., Domino’s PizzaInc.  Campbell Soup said a With Vaccine Set to Roll Out, and Dunkin’ Brands Group Inc. surge in sales brought on by TheSan Francisco-based the pandemic is receding. B3 company has never turned an annual profit,but asurge in World-Wide States Prioritize Who Gets It demand during the Covid-19 pandemic has helped to trans- form it.  TheU.S. is about to launch Revenue and ordersat one of the most daunting TheU.S.isabout to launch clearance, 2.9million doses are summer,officials have said. DoorDash morethan tripled public-health effortsingener- one of the most daunting pub- settobesent out to all states The Covid Fight But statevaccination plans this summer and fall, com- ations: swiftly distributing a lic-health effortsingenera- and the District of Columbia. For  Greg Ip: ‘Light’ lockdowns vary widely and leave many pared with the year before, as Covid-19 vaccine acrossall 50 tions: swiftly distributing a most, that initial shipment will lesscostly,lesseffectiveA2 questions unanswered. Health consumerstired of prepping states,each of which will de- Covid-19 vaccine acrossall 50 be enough to inoculatealittle Canada approves Pfizer, officials are having to prioritize food at home and ordered termine who gets priority. A1 states,each of which will de- under1%oftheir populations. BioNTech shot...... A9 among groups including older more meals for delivery.  Canada became the third termine who gets priority. Afederal official said  Asia grapples with rise in adults,teachersand minority Apush intothe suburbs countrytoauthorizeuse of Wednesdaythat an additional infections...... A10 communities disproportionately also has helped DoorDash be- the vaccine produced by By Dan Frosch, 2.9million doses would be held affected by Covid-19.Many come the market leader in U.S. Pfizer and BioNTech. A9 Elizabeth Findell back and shipped about three states also facechallenges get- food delivery. weeks later forthose initial vac- other health-careworkers who ting the vaccine to dramatically Founded in 2013 by Tony  A flurry of competing and Peter Loftus cine recipientstoget the second interact with infected patients. different populations,from Xu,who emigrated from China proposals foranother coro- As soon as this weekend, the of the two-dose regimen, and As moredoses areshipped, crowded and diverse cities to with his parentswhen he was navirus relief packagerico- Food and Drug Administration is another 500,000 doses from the manysaid they would givepri- isolated ruraltowns. 5yearsold, DoorDash now cheted around the Capitol as lawmakershunted forways expected to grant emergencyap- initial supply would be held in ority to residentsoflong-term- And they have to do it while must defend itsnearly 50% proval to aCovid-19 vaccine reserveincase problems arise. care facilities next. Thebulk of coping with asurge in corona- U.S. market share in the com- to resolve athornydebate from Pfizer Inc.and BioNTech Most states aregiving the ini- the population is expected to get virus cases already straining petitivefood-deliveryindustry over liability protections. A3 SE. Within 24 hoursofthat tial batch to doctors, nurses and the vaccine in the spring or PleaseturntopageA8 PleaseturntopageA10  Biden plans to nominate Katherine TaiasU.S.Trade Representative, turning to Singing in the atrade lawyer with exper- Airbnb Challenged by AngryNeighbors tise on China and proven diplomatic skills. A3 Shower Gets  Biden’sson Hunter said the U.S. attorney’s officeinDela- Some Help Unfavorable local regulations loom as company begins trading publicly ware is investigating his tax affairs, putting his financial iii BY PREETIKA RANA Airbnb shares are scheduled to begin able local laws is among its biggest dealingsinthe spotlight. A4 AirPods enter a trading on Thursday on the Nasdaq challenges in the U.S. and around the  Immigrant children and In the dozenyearssinceitwas Stock Market after an initial public of- world. families areagain heading new, wetfrontier— founded, Airbnb Inc.has moved into fering. The company priced its shares Many Silicon Valley tech giants have north to the U.S.-Mexico hundreds of U.S. cities, transforming at $68 apiece on Wednesday, according battled regulators in Washington, D.C., border in increasing num- oftenbyaccident manyofthem intovacation-rental to people familiar with the matter, set- and state capitals. Airbnb’s fights are bersfollowing alull. A3 meccas. ting a valuation of about $47 billion breaking out city by city. For the com-  Japan plans to develop BY KENNY WASSUS In response, residents across the based on a fully diluted share count pany, the opposition could yield country have ratcheted up grass-roots and including proceeds of the offering. slower-than-expected growth and missiles that canreach North Deven Machette’s post-run efforts aimed at keeping authority over Airbnb has warned prospective inves- higher costs if local authorities impose Korea, part of adefense buildup that would giveTo- routine began likeany other. short-term rentals in the hands of tors that managing its success in the restrictions on short-term rentals. PleaseturntopageA12 kyothe ability to strikeifit She atesome blueberryvegan towns and cities. face of angry neighbors and unfavor- pancakes,turned on the anticipates an attack. A10 shower, waited until it became  Macron’s government appropriately scorching, then proposed legislation to outlaw jumped in. That’swhen she INSIDE Bids Top $15 Billion abroad array of activity in felt it: her AirPods still in her Francethat it defines as forms ears. of “Islamist separatism.” A11 “I completely forgot they For AT&T’s DirecTV were in,” said Ms.Machette,a S  Google plans to lift its GES

27-year-old digital-marketing PRES ban on political ads on IMA strategist in SantaBarbara, BY CARA LOMBARDO mittedabid valuing the busi- Thursday after a blackout UMA /Z

Calif.“Because they’resosnug GETTY AND DREW FITZGERALD ness at less than $15 billion, of more than a month. A4 TO

to your head, youcan totally SE/ some of thepeople said. take off your clothes without AT&T Inc.got bids forits Theauction is in alate CONTENTS Opinion...... A17-19 them falling out.” /NURPHO DirecTV unit valuing the satel- stage. Adeal could be reached Arts in Review... A15 Personal Journal A13-14 Her Apple earbuds survived ANCE-PRES lite-TV serviceatmorethan by early next year.

Business News...... B3 Sports...... A16 FR Capital Account.... A2 Technology...... B4 the blunder.Other AirPod $15 billion including debt, said That would allowAT&Tto ONOMOU EC Crossword...... A16 U.S. News...... A2-9 ownershaven’t been so lucky. ENCE people familiar with the mat- deconsolidateDirecTV’swors- S

Heard on Street.B12 Weather...... A16 AG

Forsome,AirPod showers C/ ter, as the widely watched auc- ening financial results—a ma-

Markets...... B11 World News... A10-11 OLA

areanaccident, an everyday DNC tion winds toward aresolution. jor aim of the transaction— NIC lapse,likeforgetting sun- Among the topbidderswere while relinquishing control > glasses are on your head. For THE MIDDLE SEAT U.S. NEWS Churchill Capital Corp.IV, a even as it maintains amajority others, they areadeliberate Despiteobstacles, HunterBiden says he blank-check companyrun by stakeinthe business. choice, a modern take on the airlines add more is the subject of a former banker Michael Klein, TheWall Street Journal re- shower radio. and private-equity firm TPG, PleaseturntopageA11 Introduced by Apple Inc.in long-haul flights to federal tax the people said. Apollo Global s 2020 Dow Jones & Company, Inc. All Rights Reserved 2016,AirPods went from being their schedules. A14 investigation. A4 Management Inc., long seen by  Sony to buy AT&T streaming PleaseturntopageA12 manyasthe front-runner,sub- service Crunchyroll...... B4 P2JW345000-4-A00200-1------XA

A2 | Thursday, December 10, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip ‘Light’ Lockdowns Less Costly,LessEffective

Global stock reverse the rise in infections. French Covid-19 Change in mobility in Purchasing managers requirements, lead the country marketscra- Francehas just demon- deaths and cases FrancesinceJanuary indexes† forFrance in recent per capitadeaths. teredwhen strated that lighter lockdowns But Rhode Island’sdeath rate the firstwave canwork.Atthe end of Octo- Deaths (total)* Retail &recreation Construction is also near the topevenasit of Covid-19 in- ber,asper capitacases sky- Cases (per million people)* Workplaces Manufacturing Services has required masks sincethe fections shut rocketed, President Emmanuel 1,000 0 60 spring and limited social gath- down world economies.The Macron imposed anew lock- eringsinlateOctober. current wave by some mea- down.Itbegan to ease after Lockdown 800 -20 50 sures is worse, but markets one month, compared with ndiana University econo- have barely shrugged. two months forthe firstone, 40 mist Kosali Simon and co- Partly that’sbecause with and it coveredfewersectors. -40 I 600 authorsfound that state effectivevaccines headed for “In the spring,for about 30 and local social-distancing or- approval, the end is in sight. two weeks,construction ac- dersexplained only about 400 But it also is because govern- tivity nearly totally stopped,” -60 40% of the decline in mobility 20 mentshavetried to apply the said Helene Baudchon, senior in the spring,and lifting them lessons of the spring by im- economist at BNP Paribas—a 200 -80 explained even lessofthe posing shorter and lessstrin- reason France’seconomysuf- 10 subsequent rise in mobility. gent restrictions,ornone at feredmuch morethan Ger- Lockdown That suggestspersonal per- all. Theeconomic hit has thus many’s. Transportation-equip- 0 -100 0 ceptions of risk drivebehav- been smaller and moreman- ment manufacturing plunged Feb. Dec. March Dec. Jan. Nov. ior as much, if not more, as ageable. 69% belownormal levels. government edicts. *Seven-daydaily average. Cases were probably undercountedinthe spring due to limited testing. †Above 50 typically indicatesexpanding activity, “We’velearned awhole lot By contrast, construction, below50contracting activity By the same token, fatigue in terms of howtodeal with manufacturing and schools Source:Our World in Data (deaths/cases); Google (mobility);IHS Markit (PMI) with restrictions and rising this pandemic,” GitaGopi- continue to operate. Remote risk tolerancebythe young nath, chief economist at the work is morewidespread, and April according to Insee,the wants, endangering his plans teredbusinesses and, in some probably explains alot of the International MonetaryFund, nonessential employees can French statistics agency, it to liftthe remaining restric- states,because of court or- recent surge,Ms. Simon said. said in an interviewTuesday travel to their jobs.Mobility stood at 88% in November, tions in time forthe Christ- ders. In some places,barsare Rhode Island Gov.Gina at TheWall Street Journal datashowworkplacevisits and it is projected to rebound mas season. open but schools areclosed, Raimondo concurs. On Nov.19 CEO Council annual summit. fell far lessthan retail and to 92% in December. Thedilemma is that when the reverseofwhat public- she declared, “Although we She said the virus is being recreational visits. “Thereisatrade-off be- mobility rebounds,so, eventu- health expertsrecommend. all seem to think we’refol- attacked “inamoretargeted tween the health and eco- ally,doinfections.“That will Some expertssay widespread lowing the rules,clearly we’re way”—lockdowns arere- he lockdown succeeded nomic situation,” said Ms. never fully resolveitself until rapid testing could end the not because we’reinareally served forwherecases are in reducing France’sin- Baudchon. “In the firstlock- youget to herdimmunity,” pandemic without lockdowns, bad place.” growing exponentially; T down the trade-off wasfully Ms.Gopinath said, “because but no U.S. statehas imple- fections from around Ms.Raimondo said bars, higher-risk settingssuch as 800 per million people aday, in favorofhealth, and the everybody’s getting infected mented such asystem. gyms and casinos would close restaurantsand barsare sub- one of the highest among ad- pricewas amassivereces- or because of the vaccines.” And while restrictions do and restaurantsand churches ject to limitations; and vanced countries,to175,com- sionaryshock.” Targeted restrictions re- slowthe virus’sspread, by would operateatreduced ca- schools,which have proved pared with around 600 in the Thetrade-off this time is flect research indicating that themselves they haven’t been pacity effectiveNov.30for relatively safe, stay open for U.S. Thedeath toll so far is different, thanks to mask- afocus on super-spreading enough. Much of California two weeks,and if that didn’t the most part. lowerthan in the firstwave, wearing,adaptation to those settings, such as large indoor never fully reopened, and it turn the tide,a“totallock- Still, targeted restrictions in though that maychange. restrictions still in place, im- gatherings, restaurantsand boastsone of the country’s down” would follow. Europe haven’t brought infec- Nonetheless, the current proved Covid-19 patient out- bars, and requiring masks can lowest per capitadeath rates. “I’m in aworld of all bad tions down as far as in the wave appearstohavebeen comes and the desiretoavoid slowtransmission at amuch Nonetheless, cases thereare choices,” she said last month. spring.The U.S. has yettosuf- contained at alowereco- recession, she said. lowercost than full lockdown. nowclimbing swiftly. “I am trying to getusthrough fermuch economic setback nomic pricethan the first. However, infections have Still, some governorshave North and South Dakota, to the end of the year…with from itscurrent wave,but its Whereas economic activity stopped falling and remain been slowtoreimpose restric- which until recently imposed limited…harm to health and limited restrictions have yetto fell to just 71% of normal in much higher than Mr.Macron tions out of concern forbat- almost no restrictions or mask to our long-term economy.” U.S. WATCH CORRECTIONS  AMPLIFICATIONS

SUPREME COURT turing of the Consumer Financial shareholders’ premise that they ucts by using quotas that prefer Thecredit foraWorld column incorrectly called him Protection Bureau. were “left out in the cold and Canadian producers. News photoofMount Everest a shortstop. Justices Skeptical of The case could have broad im- their holdings rendered worth- In alettertohis Canadian is Sunil Sharma/Zuma Press. Fannie, Freddie Suit plications forthe housing market, less” when the companies were counterpart, Mr.Lighthizer said In some editions Wednesday, Noticetoreaders because the firms guarantee effectively nationalized. Chief thatthe U.S. wasexercising its the credit incorrectly was Wall Street Journal staff Shareholders of Fannie Mae about half of the $11 trillion U.S. Justice Roberts said he checked rights to enforce the USMCA, add- given to Dutch National Police. membersare working remotely and Freddie Mac that dispute mortgage market. Fannie and the publicly traded stock prices ing thatWashington mayrequest during the pandemic.For the the U.S. government’s decision Freddie makemoneybycollecting of both companies on Wednes- the establishmentofaUSMCA LennyDykstra playedcen- foreseeable future, please send to sequester the mortgage gi- fees on those guarantees. Alltold, day morning and noted they are disputesettlementpanel if the terfield forthe NewYork reader comments only by ants’ profits finally got a hearing theyhave sentmorethan $300 “not worthless.” U.S.’s concerns aren’taddressed. Metsand Philadelphia Phillies. email or phone,using the con- before the Supreme Court. They billion back to the government, Earlier, though, he suggested Aspokeswoman forMary Ng, TheDec.5Moving Targets tactsbelow, not via U.S. Mail. were met with a skeptical recep- compared with the roughly $190 shareholders’ claims might not Canada’sministerofSmall Busi- tion Wednesday. billion it injected into the firms. be prohibited because the value ness, Export Promotion and In- Readers can alert The Wall Street Journal to any errors in news articles by The case arises from the gov- Shareholders allege thatFan- of their investments was “wiped ternational Trade, said her coun- emailing [email protected] or by calling 888-410-2667. ernment’s 2012 decision to chan- nie and Freddie made $124 billion out in a unique way.” try was“in full compliancewith nel nearly all of Fannie and Fred- in overpayments and areasking —Andrew Ackerman its commitments” under USMCA. die’s profits to the Treasury the Treasury to stopcollecting The free-trade agreement THE WALL STREET JOURNAL Department, a bid to reclaim futureprofits. 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AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue of the Americas, New profit sweep should be invalidated more than 90 minutes of oral filed a complaint against Canada According to the International York, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only publication of an because the firms’ regulator—the arguments. over the market access for U.S. Trade Commission, the USMCA advertisementshall constitutefinal acceptanceofthe advertiser’s order. Federal Housing FinanceAgency— Justice Sonia Sotomayor said dairy products, in the first en- if implemented as negotiated Letters to the Editor: Fax: 212-416-2891; email: [email protected] is structured unconstitutionally, it would be “counterintuitive, forcement action under the U.S.- will boost U.S. dairy exports by Need assistancewith your subscription? 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THE WALL STREET JOURNAL. **** Thursday, December 10, 2020 | A3 U.S. NEWS Lawmakers Wrangle Over Aid Proposals

BY KRISTINA PETERSON will be part of the omnibus,if Unlikethe bipartisan pro-

AND ANDREW DUEHREN it is there at all.” posal, the WhiteHouse offer in- (2)

Sen. Angus King (I., Maine) cluded sending direct checks of CK WASHINGTON—Aflurryof andSen. Lindsey Graham (R., $600 in aid per person to many TO competing proposals foran- S.C.), the chairman of the Sen- Americans,but omittedthe

othercoronavirus relief pack- ateJudiciaryCommittee, have $300 aweek in enhanced un- SHUTTERS

agericocheted around the Capi- been working on anew ap- employment insurancethat the A/ tol, as lawmakershunted for proach to the liability issue.Mr. bipartisan group had proposed. /EP

waystoresolve athornydebate King has proposed that Con- TheTrump administration’sof- THEW

over liability protections that gresscreateanaffirmativede- ferwould instead extend exist- WN

has stymied progressfor weeks. fense forCovid-19-related law- ing joblessprograms,inaddi- SHA Abipartisan group was suits, lawmakerssaid. With an tion to $160 billion forstate working lateWednesdayto affirmativedefense,defendants and local governments, $320 craftanagreement over some in cases involving people ex- billion forsmall businesses and form of legal protections for posed to coronavirus maynot $16 billion forvaccine distribu- businesses, schools and other be held liable if the defendant tion, among other measures. entities operating during the canprove certain conditions. While manyDemocrats pandemic,the single most ARepublican aide said that want to send out asecond stubborn roadblock forlaw- creating an affirmativedefense round of direct checks,they makerseager to reach adeal has no chanceofwinning ap- objected to including them at on emergency relief. proval from GOPleadership. theexpense of enhanced un- While lawmakersbroadly Lawmakershavealso been employment insurance. agree with the WhiteHouse working forweeks to finalizea “Howcan anybody say, ‘I’m that anew aid packageis formula forhow to distribute going to send another check to needed—and even on itsrough funding forstate and local gov- people that already have a pricetag of just morethan paycheck and ajob’ and not $900 billion—compromise on send anything to the unem- the liability provision has long Debate overliability ployed?” Sen. JoeManchin (D., remained elusive. W.Va.), amember of the bipar- Even oncea$908 billion and government tisan group, said Wednesday. proposal from abipartisan assistance has stalled But Mr.Manchin said it was group of Senateand House promising that the White lawmakershas been finalized, progress forweeks. House’s$916 billion offer was Republicanleaderssignaled “inthe same ballpark” funding Republican Senate Majority Leader McConnell, top, and Democratic Senate Minority Leader morework would likely be level as his group’s proposal. Schumer have been at odds about a coronavirus relief package, blaming each side for delays. needed on anyagreement that Some Republicans,includ- could be added to the omnibus, ernments, apriority of Demo- ing President Trump, support directly in most recipients’ the full-year spending bill law- crats, and said they were close thedirect checks,but others bank accountsbeforeChrist- makersare scrambling to fin- Wednesdaytoresolving that. have concerns. mas,hesaid, while it maytake ish beforethe end of next In asurprise twist this “Most of our members much longer forstatestomake week.The government’scur- week,SenateMajority Leader would rather have an extension thechanges necessarytobegin rent funding expires at 12:01 Mitch McConnell (R., Ky.), who of the plussed-up [unemploy- sending extrapayments. a.m. Saturday, but the House had insisted formonths on in- ment insurance] benefit rather Mr. McConnell on Wednes- passed Wednesdayaone-week cluding aliability provision in than having those checks be- day criticized Mrs. Pelosi and extension expected to be ap- any relief package, suggested cause at least those aregoing SenateMinority Leader Chuck proved in the Senatethis week. Tuesdaythat lawmakerscould to people who don’t have jobs,” Schumer (D., N.Y.) for rebuff- “I think manythings proceed by dropping both con- SenateMajority Whip John ing both his proposal and that they’ve talked about could be tentious issues.But just hours Thune (R., S.D.)said. of the administration. put in the omnibus,” Sen. John later,the WhiteHouse pre- TreasurySecretarySteven Mr.Schumer said he and Cornyn (R., Texas), a top ally sented its own offer to House Mnuchin defended the admin- Mrs. Pelosi want to let biparti- of GOP leadership, said of the Speaker Nancy Pelosi (D., Ca- istration’s decision to add di- san talks continue and that bipartisan group. “The fact is lif.)that included both state rect checks and drop the extra they were encouraged that the we’renot going to have a and local funding,aswell as li- weekly benefit payments. Stim- WhiteHouse proposal wasofa stand-alone Covid-19 bill. It ability protections. ulus checks could be deposited similar size. More Immigrant Children Detained Crossing to U.S. at Southern Border

BY ALICIA A. CALDWELL Unaccompaniedchildren migrantsback,has incentivized whichpolicies to changeand AND MICHELLE HACKMAN and families detainedat border crossers to repeatedly when, in order to fulfill Mr.Bi- the Mexican border trytoevade capture,govern- den’scampaign promises with- Immigrant children and fam- ment officials have said. out creating the appearanceof ilies areagain heading north to Unaccompanied Families Thegrowing number of chil- leniency, according to people the U.S.-Mexicoborder in in- child dren and families has at times familiar with thematter. creasing numbersafter alull, 12,500 created backups at Border Pa- TheBiden transition team signalingthe possibility of a trol stations.Lawyersrepre- didn’t respond to arequest for freshhumanitarian crisis and senting the youth in adecades- comment. 10,000 an early challengefor the in- old court case said in arecent Mr.Biden’spledgetoend the MaxBall Drop coming Biden administration. court filing that almost three Migrant Protection Protocols Earrings with Diamonds 7,500 Theflowofthese migrants, dozenchildren, including six in- program could be aproblem. $2,495 who historically have come to fants, were held longer than the Theprogram forces migrantsto seek asylum at the border,had three-daylimit allowedunder wait in Mexico, oftenindanger- 5,000 slowedinthe past year after government guidelines. ous border cities,for the dura- FOR OUR CONCIERGE SERVICE: the Trump administration CBP didn’t respond to are- tion of their U.S. immigration [email protected] made policychanges that cut 2,500 quest forcomment. court cases. 347-748-6005 offaccesstothe asylum sys- According to the children’s Abiggerwaveofmigrants tem.The coronavirus pan- lawyers, those held at aTexas could proveanearly crisis for JUDITHRIPKA.COM demic,which prompted awave 0 border station said they were the Biden administration, po- of lockdowns acrossLatin Oct. Jan. Oct. denied hand sanitizer and soap, tentially complicating Mr.Bi- America, also hindered people 2019 2020 and described scant access to den’sother immigration goals, from traveling. Source:U.S. Customs and Border Patrol masks and other protective including winning apath to le- But in October,4,630 unac- gear. galstatus foryoung immi- companied children were taken tion in 2014, or alargerwaveof In aseparatefederal lawsuit, grants. intocustody by border patrol families and unaccompanied acting CBP Commissioner Mark TheBiden team is consider- agents,upfrom712 in April, youngsterswho arrived seeking Morgansaid Border Patrol sta- ing temporarily leaving in place while 4,501 migrantstraveling asylum starting in 2018. tions aren’t designed to allow Mr.Trump’spandemic order to as families arrived in October, “I don’tsee anyrecipe that forsocial distancing and the return most migrantstoMexico compared with 716 in April, doesn’t have them as over- government needed to quickly shortly afterthey crossthe U.S. Customs and Border Pro- whelmed as we were in ’14and send children back to their border,people familiar with the tection datashow. ’18,” said Ron Vitiello, aformer home countries without allow- mattersaid. During one six-dayperiod in Border Patrol chief who later ing them to ask forrefuge. He Immigrantadvocates have mid-November,about 1,000 served as acting Immigration said child migrantsweren’t fol- protested that policybecause it children were takenintocus- andCustoms Enforcement di- lowing Covid-19 safety proce- doesn’t allowmigrantstoask tody,according to arecent fed- rector under President Trump. duresasinstructed by agents. forasylum.Afederal court in eral court filing made by the Thereare several likely Even more migrantsmay ar- Washingtonruled in November federal government. causes forthe recent increase, riveafter the election of Presi- the policy couldn’t be applied That rise,expertssay,sug- expertssay,including sagging dent-elect JoeBiden,aDemo- to unaccompanied children.The geststrouble ahead forthe in- Latin American economies and crat who has said he would Trump administration has coming Biden administration hurricanes that batteredparts undo most of Mr.Trump’sbor- askedacircuit court to halt because it follows apattern of Honduras and Guatemala. der policies. that decision. TheBiden team that ended in even bigger Aborder policythe U.S. in- TheBiden transition team has discussed creating humani- surgesinpast years, such as the stituted in Marchinresponse hasgrown concerned about a tarian exceptions to the policy, child migrant crisis that con- to the pandemic,allowing im- surgeofasylum seekersatthe such as forchildren, the people fronted the Obama administra- migration agentstoturn most border and is trying to decide said. TaitoBeNamed U.S. Trade Representative

BY YUKA HAYASHI growing economic competition Chinese imports imposed by “I think therewill be really AND ANDREW RESTUCCIA from China. the Trump administration. robust political support forag- Ms.Tai didn’t immediately Ms.Tai has spent much of gressiveand bold steps with WASHINGTON—President- respond to arequest forcom- her career working in the gov- respect to howwecompete elect JoeBiden plans to nomi- ment,and Mr.Biden’stransi- ernment, firstasalawyer for with China,” Ms.Tai said on a nateKatherineTai as U.S. tion team declined to com- the Officeofthe U.S. Trade Center forAmerican Progress Trade Representative, accord- ment. Representativefocusing on panel in August. ing to people familiar with the Her immediatetasks will in- China, then as aCongressional If approved by the Senate, matter, turning to atrade law- clude the implementation of staff member. she would be the firstwoman yerwith expertise on China the U.S.-Mexico-Canada trade Afluent Mandarin speaker, of color to lead the U.S. Trade and proven diplomatic skills. agreement and deciding what she wasatop lawyer with the Representative’soffice. By selecting Ms.Tai, now to do with contentious tariffs U.S. Trade Representative’sof- Ms.Tai playedakey role in chief trade counsel forthe implemented during the Trump fice on China issues between last year’s negotiations be- Democratsonthe House Ways administration. 2007 and 2014, litigating tween congressional Democrats and Means Committee, Mr.Bi- Shealso will playarole in Washington’sdisputes against and the Trump administration den would signal his intention crafting the administration’s Chinaatthe World Trade Or- that have led to the completion to start working swiftly on policytoward China, including ganization. She has said China of the revamped pact with pending trade issues while when—or whether—tostart needs to be confronted Mexicoand Canada,known as working with allies to confront lifting tariffs on $370billion of strongly and strategically. USMCA, lawmakerssay. P2JW345000-4-A00400-17FFFF5178F

A4 | Thursday, December 10, 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 Hunter Biden FacesFederal TaxProbe

BY KEN THOMAS Hunter Biden, one person said. financially from his time as AND SABRINA SIDDIQUI Theyounger Mr.Biden, 50 vicepresident. yearsold, is an attorney and Mr.Trump’seffortstoper- WASHINGTON—Hunter Bi- businessman who has engaged suadethe Ukrainian govern- den,the son of President-elect in extensivedealingswith for- ment to investigateMr. Biden JoeBiden, said in astatement eign companies.Those include andhis son were at thecenter Wednesdaythat the U.S. attor- serving on the boardofaUkrai- of his impeachment ayear ago ney’s officeinDelaware is “in- nian natural-gas company, Bu- by theDemocratic-led House. vestigating my taxaffairs,” risma, from May2014toApril Throughout the election, Joe putting his financial dealings 2019,wherehewas paid Biden denied anywrongdoing in the spotlight, as his father roughly $50,000 amonth for and said he had no involvement builds hisadministration. his work.Healso wasadirector in his son’sforeign contracts. Hunter Biden said he takes of aprivate-equity firm in China ARepublican Senateinvesti- the matter“very seriously” and had businessdealingswith gation earlier this year looked and is “confident that aprofes- aChinese oil company. intoHunter Biden’sfinances, sional and objectivereview of TheInternal Revenue Ser- examining aseries of payments these matters will demonstrate vicein2018 issued alien it alleged he received from en- that Ihandled my affairsle- against Hunter Biden and his tities linked to Chinese oil gally and appropriately.” ex-wifefor $112,805 in unpaid companyCEFCChina Energy TheJusticeDepartment de- taxes, public documentsshow. Co,among others. TheGOP clined to comment Wednesday. Thepair paid the taxes, and findings, based on documents Aspokeswoman at the U.S. the lien wasreleased in March obtained from the Treasury

attorney’s officeinDelaware 2020,according to the docu- REUTERS Department, showedthat

declined to comment, citing ments. G/ Hunter Biden’slaw firm,

DOJpolicyregarding ongoing Theyounger Mr.Biden said BOUR OwascoPC,received nearly $5

investigations. in the statement that he JIM million from CEFC. Thecriminal investigation learned about the investigation The probe is limited to HunterBiden and his businessdealings, said people familiar with the matter. Hunter Biden told the New that included taxissues began forthe firsttime Tuesday Yorker in 2019 that he had been in 2018,according to aperson through his legal counsel, who son, whohas fought through oversee the investigation if it eral judgeMerrick Garland. given adiamond by Ye Jian- familiar with thematter. It is he said wasadvisedofitbythe difficultchallenges,including extends intothe newadminis- Thetransition’sstatement ming,who then headed CEFC limited to Hunter Biden and his U.S. attorney’s officeonthe the vicious personal attacks of tration. Aperson familiar with didn’t giveany moredetail China, which he said wasworth businessdealingsand doesn’t same day. TheBiden transition recent months,only to emerge Mr.Biden’stransition said ade- about the investigation. Aper- close to $10,000.Hetold the implicateother membersofhis team declined to saywhen the stronger.” cision is expected next week. son familiar with the younger magazine he gavethe diamond family or the president-elect, president-elect learned of the Theannouncement of the in- Theperson said the leading Mr.Biden said it wasn’t related to his associates and didn’t two other people said. Thein- investigation. vestigation comes morethan a contendersare former Massa- to President Trump’scriticism knowwhat they did with it. vestigation wassparked in part Thestatement, which was month beforethe presidential chusetts Gov.Deval Patrick, of him during the presidential —Aruna Viswanatha, Sadie by reportsofsuspicious activ- circulated by JoeBiden’stran- inauguration and as the presi- former Deputy Attorney Gen- campaign, when Mr.Trump Gurman, James T. Areddy ity filed by abank that handled sition team, said the president- dent-elect is weighing his at- eral Sally Yates, outgoing Sen. suggested JoeBiden and his and Andrew Duehren foreign transactions related to elect is “deeply proud of his torney-general pick,who could Doug Jones (D., Ala.) and fed- family membershad benefited contributed to this article. How Deals Helped Facebook Extend Its Reach

Facebook Inc., forthe ﬁrst time,isfacing antitrustlawsuits in its home market.OnWednesday, the Federal Trade Commission and agroup of attorneys general accusedthe Menlo Park,Calif., companyofabusing its market position to squelch competition. The lawsuits scrutinize Facebook’s acquisition strategy and its motivations to buy companies such as WhatsApp 2014 2014 Oculus VR WhatsApp and Instagram. Here’salook at someofFacebook’s keydeals. 2012 2020 Instagram $2.3B $22B 2019 Kustomer 2013 CTRL-Labs $1B* $736M Onavo $500M $120M Each area representsthe adquisition value

Source:Dealogic 2013 2014 2015 2016 2017 2018 2019 2020 *Pending Instagram Onavo Oculus VR WhatsApp CTRL-Labs Kustomer Deal rationale:InApril 2012, Deal rationale:Facebook in Deal rationale:In2014, Deal rationale:Facebook Deal rationale:Facebook Deal rationale:Facebook in Facebook announced thatit 2013 reachedadeal to buy Facebook spentmorethan snappedupWhatsApp,then acquired CTRL-Labs lastyear November said it would buy would buy Instagram forabout Onavo forabout $120 million $2 billion to buy Oculus VR, a55-employeecompany, in foranestimated$500 million. Kustomer,aNew York-based $1 billion in cash and stock.(At in abid to sharpen its mobile which at the time wasa 2014 in acash-and-stock deal The startup develops startup thatspecializes in closing, the deal’svalue was analytics insights. Onavo, 20-month-old maker of initially worth about$19 billion. technology to let people customer-serviceplatforms $736 million.) Chief Executive which had mobile utilityapps, virtual-reality systems. Thedeal, ultimately worth controlcomputerswith their and chatbots. The deal valued Mark Zuckerbergwas nervous gave Facebook access to “Imagine enjoying acourtside about$22 billion, helped brains,anareaofinterest Kustomer at alittle over about anew crop of mobile- privatedatashowing howapps seat at agame,studying in cementFacebook’s dominance forFacebook in recent years. $1 billion, according to people orientedsocial-media upstarts were performing relative aclassroom of students and in messaging. The serviceis “Technology likethis has the familiar with the matter. thatwerenibbling away to others. teachersall overthe world nowusedbymorethan potential to open up new at Facebook’s user base as or consulting with adoctor twobillion people. creativepossibilities and Increasingly,customersare consumerswereshifting WhatFacebook has done with face-to-face—justbyputting reimagine 19th century communicating with compa- to mobile phones,anarea it:Onavo data wasusedtohelp on goggles in your home,” Mr. WhatFacebook has done with inventions in a21stcentury nies by messaging instead wherethe companywas weak. Facebook determine whether Zuckerbergsaid at the time. it:Facebook’s attempts to world,”Facebook executive of calling, and Kustomer’s to buy WhatsApp in 2014, makemoneyfromWhatsApp Andrew Bosworth said last technology takes conversa- WhatFacebook has done with Mr.Zuckerbergsaid during a WhatFacebook has done with have taken along and winding year. tions from differentchannels it:Instagram has become one congressional hearing this year. it:Facebook foldedOculus into path. Executives,including and puts them on asingle of the crownjewels in Face- Onavo also helpedFacebook anew division focusedon operating chief Sheryl WhatFacebook has done with screen, making it easier for book’s empirebecause of its track other rivals and examine augmented- and virtual-reality Sandberg, pushedtoinclude it:Facebook foldedthe startup businesses to keep track rapid growth and auser base newproduct categories,people tech afterthe troubledlaunch ads in WhatsApp,prompting into its RealityLabs division of requests. thatisyounger than thatofits familiar with the product have of the Oculus Riftgoggles and the founderstoleave run by Mr.Bosworth. ﬂagship Facebook app.The said. alawsuit overproprietary code. Facebook.The companyhas WhatFacebook has done with companyhas continuedtoadd Oculus co-founder Palmer sincebacked away from those it:The deal has yettoclose. newfeaturestomove Insta- Luckey leftFacebook in 2017 efforts,but is continuing to Facebook has been hoping to gram beyond photo sharing, afteraseries of gaffes strained introducenew tools to the app, build out its “social commerce” and it has tightenedthe links his relationship with Facebook such as features to make offerings and turn its messag- between Instagram and Face- executives and virtual-reality shopping easier. ing apps,WhatsApp and book through marketing as developers. Messenger,intocustomer- well as with technology. serviceportals.

Google,and two other coalitions the companies it bought would arguethe WhatsApp deal re- Lawsuits of states areweighing cases have emergedasmajor compet- moved another worryfor Face- Google Plans to Lift against the search giant, aunit itorshad they remained inde- book and made it moredifficult of Alphabet Inc. pendent. Platforms such as In- forfuturemobile messaging Aim at ForFacebook,Wednesday’s stagram have become successful apps to acquirescale and Ban on Political Ads filingsintroduceaconfrontation precisely because Facebook pur- threaten to enter the social-net- with the government that chased them and invested heav- working space. Facebook founder and Chief Executive ily in their development, Mr. Much of Facebook’smaneu- BY EMILY GLAZER and on Facebook,which also Mark Zuckerbergdescribed in Zuckerberghas said. vering wasaided by itsacquisi- owns Instagram,leading up to thepast as “existential.” Mr. Facebook has been building tion of an Israeli company, Alphabet Inc.’sGoogle said the general election to influ- ContinuedfromPageOne Zuckerberg, who engineered itslegal argumentsfor months Onavo Mobile Ltd., that had de- it is planning to liftits ban on ence voters and getout the two Democratsjoined Republi- many of the actions being tar- against alikely FTC lawsuit and veloped atool to monitor usage political ads on Thursdayafter vote.But both platforms de- can Chairman Joseph Simons getedbythe lawsuits, previ- plans to argue that the commis- of scores of applications,and al- ablackout of morethan a cided to limit political ads be- forthe suit, asign it will likely ously vowedtocounter govern- sion’seffortstargeting itspast lowedFacebook to identifycom- month because of concerns fore and afterthe general elec- continue once President-elect ment antitrust complaintsin acquisitions would defyestab- petitivethreats, according to over election misinformation. tion in an effort to tamp down Joe Biden takes office. court, while expressing confi- lished law, harm consumersand the states’ complaint. Google told advertiserson the spread of misinformation. Mr.Biden’stransition team denceFacebook would prevail. cost billions of dollarsifthe Thelawsuitsalso sayFace- Wednesdayitwill liftits so- Google said on Wednesday declined comment. Thecases present Facebook government pursues abreakup, book hobbledcompetitorsby called sensitive-event policy in ablog post that it tempo- Thefederal-statecoordina- with one of itsbiggest chal- according to an internal briefing cutting off access to itsplatform and allowads that mention a rarily paused morethan five tion signalsthe intensity of le- lenges in its16-year evolution document reviewedbyThe Wall forthird-party app developers current stateorfederal office- million ads referencing the galpressures Facebook is facing, from startup to social-media gi- Street Journal. that wanted to offer services holder or candidate, political U.S. 2020 election, the candi- as well as the leading role state ant. TheFacebook app has 196 Thetwo lawsuitstell asimi- that encroached upon Face- partyorballot measure, ac- dates, or its outcome as elec- law-enforcement officials are million daily activeusersinthe book’scorefunctions.Aside cording to an email reviewed tion results were certified. playing in antitrust battles with U.S. and Canada, and morethan from unwinding transactions, by TheWall Street Journal. TheDemocratic Senatorial thenation’s most powerful tech 2.5billion people use itsprod- The Fa cebook app thesuitsseek to prohibit Face- Early voting in the Georgia Campaign Committeecheered companies.Ms. James made uctsevery dayworld-wide. book from engaging in future Senaterunoffs begins this Google’smovetoallowpolitical public the states’ lawsuit, which In Facebook’searly stages, has 196 million daily practices that harm competi- month. TheGeorgia runoffs on ads again, though said it was includes the District of Colum- public attention centered on the active users in the tion,such as imposing restric- Jan. 5will determine which overdue.The committeealso bia and Guam. Both lawsuits platform’sability to grow and tive conditions on developers. party controls the U.S. Senate pressed Facebook to liftits ban, were filed in Washington, D.C. makemoney while minting cul- U.S. and Canada. Thestates’ lawsuit in partic- when President-elect JoeBiden saying the limitsonpolitical Some states have joined the tural touchpointsand viral ular focuses on what it says are begins his administration. ads were hurting voter-outreach JusticeDepartment in suing trends.But in morerecent years privacyharms created by Face- “While we no longer consider effortsinGeorgia’srunoffs.The the focus has turned to Face- book’sconduct. Thecompany’s the postelection period to be a National Republican Senatorial book’spower: Its extensivecol- lar story. TheFTC and the states monopoly position alloweditto sensitiveevent, we will still rig- Committeedidn’t respond to a lection of data and its ability to each allegeFacebook chose to retreat from early pledges of ro- orously enforce our ads policies, request forcomment. Crafted in gold &platinum Order by shape users’ emotional states buy companies rather than com- bust privacypractices and be which strictly prohibit demon- TheJournal reported in 12/22 acceleratethe spread of hateful petewith them. Facebook recog- more aggressiveabout collect- strably false information that mid-November that Google for the conspiracytheories and poten- nized in 2011 that Instagram ing dataabout itsusers’ activi- could significantly undermine representatives told some ad- Holidays tially influence democratic pro- wasbecoming aviable competi- ties,the states alleged. trustinelections or the demo- vertisersitwas unlikely to lift cesses including elections. toronmobile photos and, left Sizable acquisitions must be cratic process, among other itsban in November or De- Thecompany’ssway in independent or in the hands of a submittedtothe government forms of abuse,” Google said. cember. Facebook told adver- businesshas come in forscru- rival, it could threaten the com- forreview beforethey arecon- Google,along with Face- tisersatthe time it would ex- tiny, too, over itsability to pany’sposition, the lawsuitsal- summated, and the FTC let the book Inc., arethe biggest digi- tend itspolitical ad ban blackball apps,cut preferential lege. Buying Instagram neutral- tech giant acquireInstagram taladplatforms in political ad- “another month” and update deals and use itsfinancial ized that threat, while and WhatsApp in 2012 and vertising.Political campaigns advertiserswhen it would lift, Your Anniversary Immortalized power to buy startups. discouraging anyother photo- 2014, respectively. and groups spent tens of mil- which has yettohappen. A In Roman Numerals Facebook argues itscritics sharingapps,the suitsallege. —Jeff Horwitz lions of dollarsadvertising on Facebook spokeswoman de- JOHN-CHRISTIAN.COM 888.646.6466 have no valid basis forclaiming TheFTC and states likewise contributed to this article. Google,which owns YouTube, clined to comment. P2JW345000-0-A00500-1------XA

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A6 | Thursday, December 10, 2020 THE WALL STREET JOURNAL. U.S. NEWS Georgia JOURNAL REET ST

Races Worry LL WA ON/THE ERS

Both Parties JAM A SHU

Without Trump on Georgia Democratshave JO spent yearstrying to rebuild ballot, both sides fear their party to become competi- some supporters might tiveinwhat has been areliable JOURNAL;

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skip Senate runoffs and diverse residents, who ST tend to lean Democratic,has LL WA BY CAMERON MCWHIRTER fueled thoseefforts. THE

AND JOSHUA JAMERSON In 2010,whitevotersrepre- R

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CHEROKEE COUNTY,Ga.— registered in Georgia. By 2020, OON Republicans and Democrats that percentagehad fallen to

have concluded that the out- 53% as registrations among THERSP

come of two runoff raceshere, Black,Latino andAsian voters WEA which will determine control boomed. Totalregistered vot- of theSenate, maywell hinge ersclimbed from 5.8million in NSEY LY

on howtheir supportersre- November 2010 to arecord P: acted to November’s presiden- high of 7. 5million last month. TO OM

tial result. HillaryClinton lost Georgia FR Both sides have reason for to Mr.Trump by 5.7percent- Wiselet Rouzard of Americans for Prosperity, above, and Tonza Thomas, below, of Black PAC, canvassing in Georgia. concern. age points in 2016, an im- Republicans worry that dis- provement on President Ba- Peach StatePlaybook illusioned backersofPresident rack Obama’sperformancein Trump,convinced the system the statein2012. In 2018,Sta- The Senate runoffraces will likely come down to turnout in areas is riggedagainst them, in large ceyAbrams,the Democrats’ wherethe parties sawimprovementinsupport compared with part because of the president’s nominee forgovernor and a the 2016 presidential election. Democratsare looking to urban ownpronouncements, will stay leader of the left’svoter-regis- coreswhile Republicans arelooking to rural areas. home.Democratsare wringing tration push, gotevencloser Change in vote margin from 2016 to 2020 by precinct their hands over whether sub- to astatewide victory, losing urban and urban voters,moti- to RepublicanBrian Kemp by VotedmoreDemocratic VotedmoreRepublican vatedinNovember by the de- just 1.4percentagepoints. siretooust Mr.Trump,will In November, Mr. Biden +20 +15 +10 +5 pct.pts. +5 pct. pts. +10 +15 +20Nodata declaremission accomplished beat Mr.Trump by arazor- and not return to the polls on thin 0.26 percentagepoint, or Cherokee Co. Jan. 5. about 12,000 votesout of five Both parties areconducting million cast—a win certified by what they describe as enor- GOP officials in Georgia after mous voterturnout opera- recounts. Mr.Biden wonby tions—not only because so running up wide vote margins much is at stakefor both sides, in morepopulated areas,such Atlanta but because they’refretting as metropolitan Atlanta, Sa- about turning out their own vannah and Columbus,beating Atlanta Augusta metro people when Mr.Trump is not strong turnout forTrump in area pen again.” said. on the ballot. So far, cam- ruralpartsofthe state. Some Republicans worry Atlantalawyer L. Lin Wood, paigns and outside groups are In one of the Senaterunoffs, that the president’scontinued who argued one of Mr. on track to spend morethan RepublicanSen. David Perdue attacks on the legitimacyof Trump’sunsuccessfullegal MuscogeeCo. $415 million on television and facesDemocrat JonOssoff,a the election resultsand the election challenges,told arally GEORGIA radio advertising,the most documentaryfilmmaker.Inthe leadership of the stateGOP crowd they should sit out the ever foraGeorgia runoff,ac- other,Sen. Kelly Loeffler,who also could erode Republican runoffs to protest the presi- cording to political ad tracker wasappointed to fill the seat Savannah turnout. Georgia Secretaryof dential election results. “Why Kantar/CMAG. of retired Sen. JohnnyIsakson, Albany State Brad Raffensperger, a would yougoback and vote in “Normallypeople saydon’t is competing against Democrat Republican, has conducted two another riggedelection, for preach to the choir,but in a Raphael Warnock,pastor of Dr. recountsand aby-hand audit God’ssake?” he said. runoff youwant to not just Martin Luther King Jr.’sfor- of ballots to verifyMr. Biden’s Canvassing in the southern preach to the choir,but sing mer church. In Georgia, Senate Valdosta win,and those resultswere part of thestate,Mr. Phillips lovingly to them,” said Tim candidates must win with certified by Republican Gov. said he encountered Republi- Phillips,president of the Vir- morethan 50% of the vote or BrianKemp.Both said there canvoterswho sawlittle point ginia-based conservativegroup facearunoff,which is what Note:Margin shift in precincts whereboundaries changed is estimated. was no evidenceofwidespread in voting now. “I had one guy Americans forProsperity,dur- happened in November. Sources: Georgia Secretary of State(2020); HarvardDataverse, Voting and Election ScienceTeam (2016) fraud,amessageechoed by saytome, ‘What’sthe point? ing arecent door-knocking trip Both partiessee control of U.S. Attorney General William We lost Trump,’ ” he said. in the GOP stronghold of Cher- the Senateasessential in de- that Mr.Phillips wasthe first aims to visit the homes of Barr and the Homeland Secu- On arecent weekday, Mr. okee County.“Even adrop-off termining not just howmuch person to showupather door. Black residentssuch as James rity Department. Phillips and other GOP activ- of 8or10percent out here…in Mr.Biden is able to do as pres- She promised she and her hus- Bussey and his daughter, Sen. TedCruz(R.,Texas), istsvisited neighborhoods in our base,could be deadly.” ident, but the fundamental di- band would vote forMr. Per- Janet, in Columbus. whoisplanning abus tour in Cherokee County,which has Democratshad curtailed rection of the nation. due. An organizer handed a Georgia to drum up support voted Republican in every face-to-faceturnout operation Theincoming Senatecur- Black PAC, anational super masked Ms.Bussey aflier that forhis GOP colleagues,said, presidential election beginning during the general election be- rently has 50 Republicans,46 PACthat works to boost turn- read, “Vote. AGAIN,” with in- “Thereisareal risk that Dem- with Ronald Reagan’ssecond cause of the pandemic.Now, Democratsand the two inde- out among Black Democrats, structions forhow to do so in ocratswill be united—united term in 1984. they have concluded the pros- pendents who caucus with sent organizersintolocal busi- the runoffs.Ms. Bussey,70, by theirhatred of President Hunter Armstrong, 72,said pectsofwinning two Senate them. If Democratswin both nesses in Columbus,Ga., to says she will vote forMessrs. Trump—andthereisarisk he strongly supported Mr. seatsand control of the cham- races, they will gain control drop off literaturesupporting Ossoff and Warnock because that Republicans will be di- Trump but waslesstrusting of ber outweigh the potential because Vice President-elect the two Democrats. she wantsMr. Biden to have a vided because of frustrations other Republicans.Hesaid he health risks, which they are Kamala Harris could cast atie- Adrianne Shropshire, execu- meaningfulpresidency. over wherethe presidential planned to vote forMr. Perdue mitigating with masks and dis- breaking vote.IfDemocrats “When Obama waspresi- race stands right now.” but wasn’t sure about Ms. tancing. lose one of the races, Republi- dent,wegot very little done On social media, some peo- Loeffler. “We’regoing to have to do canMitch McConnell of Ken- because he didn’t have alot of ple claiming to be Trump back- Democrats, too, aregrap- door knocking now,” said Nabi- tuckywill retain his title of support in the Senate,” she ershavecalled forvotersto pling with howMr. Trump’s lah Islam, aGeorgia Demo- Senatemajority leader. 12,000 said. “It doesn’t do anything to writeinMr. Trump’sname on rhetoric will affect their turn- cratic organizer who recently That is whyMr. Phillips has getBiden and Harris in thereif the runoff ballot or boycottthe out. At Sugga’s, asoul food created Save our SenatePAC,a been knocking on doorsonbe- Biden’s approximate margin of there’snoone in the Senate contest altogether to punish restaurant in Democratic-lean- super PACfocused on boosting half of the conservativegroup victory in Georgia vote count who will listen to them.” the Republican establishment. ing Columbus,Black PACactiv- turnout on the leftfor the two Americans forProsperity. Mr.Trump and the GOP Awebsiteclaiming to be istsleftliteratureabout runoffs.“We’verealized that Teresa Weinelt wasscrub- senatorsheiscampaigning for sponsored by agroup linked Messrs. Warnock and Ossoff. we can’t forgodirect voter bing her bathtub on arecent have cast the runoff racesasa with longtime Trump ally CassandraRyan, aSugga’s contact.” afternoon when Mr.Phillips tivedirector of the PAC, said way to avengewhat the presi- Roger Stone called on voters owner,said some customers Turnout is especially impor- walked up her driveway in a internal polling showedthat dent describes as aflawed to write in the president’s andfamily membershavein- tant in the Georgia runoffs wooded residential neighbor- ousting Mr.Trump wasone of electoral process, as well as to name on their ballots. Asked terpreted Mr.Trump’sallies’ given their unique circum- hood to urge her to vote for the biggest motivators for be alast line of defense by TheWall Street Journal effortstoundermine the re- stances.Runoff elections here Mr.Perdue. Black Democratic voters in the against completeDemocratic about the claimed connection, sultsofthe presidential elec- have long favoredRepublicans Ms.Weinelt, 59 yearsold, state. Themission now, she control in Washington. “Let Mr.Stone said via email that tion as asign that their vote because Democratic turnout told Mr.Phillips she wassick said, is to pivot to “the idea of me tell you, this election was the websitewas fake. “I was might not count—and aratio- has tended to decline in the of the never-ending election, theneed to finish the job,that rigged, and we can’t let it hap- used forclickbait in asmear nale to stay at home.“Some second-round of voting.Anon- which has brought adelugeof removing Trump is only part pen to two of the greatest, campaign designed to hurt Re- people can’t see beyond, ‘My partisan study of runoffs in ads on her television. “It drags of the job,and getting rid of most respected people in publican chances of winning,” vote doesn’t count.’Itry to tell Georgia found that, going back on and on and on and on,” she people who essentially stand Washington,” Mr.Trump said he said. people it always makes adif- to 1988,Democratshavewon said. “I just wish it would be in the way of progressisthe in aGeorgia visit on Dec.5, Therunoff ballot doesn’t in- ference,” she said. just one of seven statewide over.” second part of the job.” alongside Mr.Perdue and Ms. clude aspacetowriteinother —Chad Day runoff elections. She wasimpressed, though, Using voterdata, BlackPAC Loeffler.“We can’t let it hap- candidates,election officials contributed to this article. Biden Seeks a Waiver for Defense-Chief Nominee

BY NANCY A. YOUSSEF selection as someone with Austin said. Connecticut and Elizabeth that the military’sleadership have been named in groups, AND GORDON LUBOLD whom he had personally Gen. Austin’snomination Warren of Massachusetts,said reflectsthe nation’sdiversity. Gen. Austin shared thenomi- worked while vicepresident, had become contentious even they would oppose awaiver, Mr.Biden divulged his plan nation stageonly with Mr.Bi- President-elect JoeBiden and praised his career as one beforeMr. Biden formally citing the importanceofcivil- to nominateGen. Austin in an den and Vice President-elect asked forapproval of acon- of the Army’sfew Black four- chose him forthe post. Demo- ian control of the military. article TuesdayinThe Atlan- Kamala Harris. gressional waiver allowing star generals. crats, Republicans and others Under U.S. law, aperson tic magazine,inwhich he also Gen. Austin’snomination him to nominateLloyd Austin “It’snot apost he sought. maynot be appointed as sec- defended his plan to seek a received an endorsement fordefense secretary, which ButIsought him,” Mr.Biden retary of defense within seven waiver. WednesdayfromJeh Johnson, would makethe retired Army said. Gen. Lloyd yearsafter leaving active “I respect and believein former secretaryofHomeland general the nation’sfirst Black Addressing the waiver is- Austin said he duty,without awaiver. the importanceofcivilian con- Security and the Pentagon’s Pentagon chief. sue, Mr.Biden said, “I would would ManyDemocratsvoted trol of our militaryand in the general counsel under the Mr.Biden’srequest on notbeasking forthis excep- approach the against awaiver in 2017for importanceofastrong civil- Obama administration, who Wednesday—which would al- tion if Ididn’t believethis defense- Jim Mattis,aretired Marine militaryworking relationship wasalso atop contender for lowGen. Austin to serveas moment in historycalls for secretary post Corps general, who wasnomi- at DoD—as does Austin,” Mr. the job.Mr. Johnson called defense secretaryeventhough it.” as a civilian. nated by President Trump as Bidenwrote. him a“former colleague, he has been retired from the Gen. Austin said he would defense secretary. Mr.Mattis Mr.Biden added: “Austin friend and fraternity brother.” militaryfor lessthan the approach the post as acivilian received the waiver and was also knows that the secretary Michèle Flournoy, who seven yearsrequired under and would surround himself have questioned the selection confirmed as secretary, leav- of defense has adifferent set served as the Pentagon’schief law—came amid concern that with civilian deputies. of Gen. Austin, 67 yearsold, inglessthan two yearslater of responsibilities than agen- policyofficial during the theappointment would erode “I come to this role now as who retired in 2016 as afour- over differences with Mr. eral officer and that the civil- Obama administration and civilian control of the armed acivilian leader—with mili- star Armygeneral and there- Trump. militarydynamic has been un- waslong considered to be Mr. forces. tary experience, to be sure— fore needs the waiver to lead Mr.Biden said Wednesday der great stressthese past Biden’slikely nominee forthe Speaking alongside Gen. but also with adeep apprecia- the Pentagon. that Gen. Austin would play a four years. He will work tire- job,endorsed Gen. Austin a Austin from his transition tion and reverencefor the Democratspraised Gen. crucial role in overseeing the lessly to getitback on track.” dayearlier. headquartersinWilmington, prevailing wisdom of civilian Austin, but some,including distribution of thecoronavi- While other nominees to —Ken Thomas Del., Mr.Biden described his control of our military,” Gen. Sens.RichardBlumenthal of rusvaccine and in ensuring join the Biden administration contributed to this article. P2JW345000-0-A00700-1------XA

THE WALL STREET JOURNAL. Thursday, December 10, 2020 | A7

TO FUTURE FIRSTWOMEN:

Against all odds, womenhavecontinued to break ground that shouldn’thaveneeded breaking, blazedtrails that should have been well traveled, andshatteredglass ceilings that shouldn’thaveexisted in theﬁrstplace.

As we close2020,ayear defined by “firsts”—some that have disrupted ourway of lifeand tested us—wecelebratethe manyfirsts that have challengedthe establishment, inspired us, andpropelled us forwardtowards amoreequitable future,among them:

Theﬁrststatueofrealwomen wasinstalledinNew York City’s Central Park

Theﬁrstwoman wasnamed CEOofamajorU.S.bankinginstitution

Theﬁrstwoman layinstate at the Capitol

Theﬁrstwoman reachedEarth’s highest andlowestpoints

Theﬁrstwoman wasappointed GeneralManagerofaU.S. professional men’s baseball team

Theﬁrstwoman free-climbedElCapitan Golden Gate routeinunder 24 hours

Theﬁrsttimewomen will represent 25%ofseats in the next Congress

And, the ﬁrst woman in our country’s244-yearhistorywas voted intothe ofﬁce of Vice President-elect

Ourprogress hasbeenhardearned by fearless womenpastand present, who arebrave enough to be theﬁrst. They didn’t just open thedoor, they ripped the door offits hingessoitcouldn’tbeclosedagain.

Today, as fellow ﬁrsts, we raiseaglass to thewomen whocamebeforeus, theachievements of womenbig andsmall this past year,and themilestones of progress to come.

Together with Jane Walker,wewill enable opportunity formorefuture ﬁrsts forwomen in 2021through agrant program with IFundWomen andcontinuetostrive towards constitutional equality.Because youcan’t have asecond, thirdorfourthwithout aﬁrst. BE FIRST,KEEP WALKING

Learn more at ifundwomen.com/janewalker andsupportthe coalition forconstitutional equality at ERACoalition.org.

KATIE COURIC HALLE BERRY RITAMORENO

ELIZABETH BANKS KATIE SOWERSBLUCY LIU ILLIE JEAN KING

LILLYSINGH ELAINE WELTEROTH SALT-N-PEPA

PleaseDrink Responsibly. Imported by Diageo, New York, New York. Paid for by Jane Walker by Johnnie Walker. P2JW345000-5-A00800-1------XA

A8 | Thursday, December 10, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS Doctors Say Side Effects Are Possible Data on Va ccine BY SARAH TOY second shot lefther with intense arm pain, chills, nausea Most people areunlikely to and dizzinessthat evening.By Targeted have severeallergic reactions the next morning,she had a to the Pfizer-BioNTech vaccine, 104.9-degree fever—the worst doctorsand vaccine experts she has ever had. She took By a Hack say, but the shotsmight come some acetaminophen, which with temporaryside effects helped with her fever. Aclini- BY JENNY STRASBURG such as feverand muscle pain. cal-trial research staffer told Twoofthe firstpeople to her that side effects like hers Datarelated to aCovid-19 receivethe Pfizer-BioNTech weren’t uncommon. vaccine developed by Pfizer Covid-19 vaccine in the U.K. While Dr.Choi can’t be sure Inc. and Germany’s BioNTech had allergic reactions to the she received the vaccine—the SE were accessed in ahack of injection, thecountry’sNa- trial wasdouble-blinded—she Europe’stop medicines regula- tional Health Servicesaid, suspectsshe did, and says she tor. spurring questions about the wouldn’t have been able to see BioNTech and Pfizer said likelihood of such reactions patients the day after she re- they had been told of the cy- and side effects. ceived the shot. “It wouldn’t berbreach by the European In the coming weeks,U.S. have been aday Icould have Medicines Agency, the Amster- health regulatorsare expected gone to work,” she said. “I dam entity responsible forap- to authorizethe emergency would have felt toobad to proving newmedicines forthe use of two Covid-19 vaccines: take care of patients.” European Union. In identical onefrom Pfizer Inc.and Bi- Dr.Choi said her symptoms statements Wednesday, the oNTech SE, and another from resolved within roughly 36 companies said that some doc- Moderna Inc.While research- hours, except forasore, swol- umentsrelating to itsregula- ershaven’t found serious S len bump on her arm at the in- tory approval submission “had safety issues with the vac- PRES jection site. been unlawfully accessed.” cines,they do come with pos- Themost common side ef- It couldn’t be learned which sible side effectsmostly of ZUMA fectsfound in the Pfizer and Bi- documentswereaccessed.

mild to moderate severity, in- WIRE/ oNTech vaccine trials included Pfizer and BioNTech have sub- A

cludingfever,fatigue, head- /P pain, rednessorswelling at the mittedreams of datatoregula- ache and arm pain. Severe al- injection site, fatigue,head- tors in the U.S.,Europe and lergic reactions arelikely to be JONES ache,chills,muscle pain and elsewhereinaneffort to win

rare, they say. ORIA joint pain, according to an FDA regulatoryapproval fortheir

The two people in the U.K. VICT analysis released Tuesday. Side vaccine.Some of that datais had a history of allergic reac- U.K. regulators say anyone with a history of significant allergic reactions shouldn’t get the shot. effectstended to be morefre- typically widely disseminated, tionsand carried adrenaline quent afterthe second dose, including, eventually,for aca- auto-injectorstodeal with the vaccine wasgenerally well according to the analysis. demic peer review. But the sub- their allergies.Both recovered tolerated with no serious Direct-to-Consumer out signoff from a medical pro- Among those between 18 missions also include records after receiving treatment. safety concerns reported by vider. It is currently available and 55 yearsofage,16% of related to manufacturing and TheMedicines and Health- the independent DataMonitor- Test Kit Is Cleared online, and the clearance also participantswho received the human clinical trials,which cy- care productsRegulatory ing Committee, the company enables the company to poten- vaccine had feverafter the sec- ber expertshavesaid could Agency(MHRA), the body that said, adding that of the trial’s tially distribute the kit in retail ond dose.Fifty-nine percent provide an edgetootherstry- gavethe go-ahead forthe morethan 44,000 partici- The U.S. Food and Drug Ad- stores. reported fatigue,52% reported ing to refine their ownpro- Pfizer-BioNTech vaccine in the pants, over 42,000 have re- ministration cleared LabCorp’s LabCorp’s kit had previously headache and 35% reported cesses or disrupt arollout. U.K.,has told doctorsand hos- ceived a second vaccination. mail-in Covid-19 test for use been authorized for at-home chills.Thirty-seven percent Thebreach follows earlier pitals that anyperson with a Most people won’t experi- without a prescription on sample collection with a doc- had muscle pain, 22%reported attemptstobreak intosystems historyofsignificant allergic encesevereallergic reactions Wednesday, marking the first tor’s prescription and was joint pain and 10% reported di- at universities andpharmaceu- reactions to avaccine,medicine to the vaccine,doctorsand vac- authorization of a direct-to- available to order online, simi- arrhea. Those older than 55 tical companies involved in or food shouldn’t receivethe cine expertssay.They might, consumer test kit. lar to other at-home collection tended to report fewerside ef- drug development and other Pfizer-BioNTechvaccine.That however, experiencetemporary The test enables any indi- kits available on the market. fects, according to the analysis. pandemic responses,all seen as includes people with aprevious side effectssuch as feverand vidual aged 18 or above to Out of pocket, the test Reactions like Dr.Choi’sare key to helping countries restart historyofanaphylactoid reac- muscle pain.Such side effects self-swab a sample and ship it costs $119 with a credit card. whyNorthwell Health,which economies gutted by the virus. tions and those who need to aresigns of something called to LabCorp for analysis with- —Brianna Abbott comprises 23 hospitals and BioNTech and Pfizer said no carryadrenaline autoinjectors. reactogenicity,health-carepro- nearly 800 health-careprac- systems belonging to the two “Asaprecautionarymea- vidersand vaccine expertssay, tices in NewYork City,Long Is- companies had been breached sure,the MHRAhas issued an indication that the immune an epidemiologist at the Uni- priseordissuaded from get- land and Westchester County, in the attack,and they said temporaryguidancetothe system is doing itsjob.But the versity of Michigan who leads ting the vaccines,which come N.Y.,plans to staggerimmuni- they didn’t have evidencethat NHS while it conductsanin- likelihood of getting these tem- the panel of experts that will in two shotsspaced three or zations among staffersinan- anyclinical-trial participants vestigation to fully understand poraryside effectsmight be advise theFood and Drug Ad- four weeks apart. ticipation of anyside effects hadbeen identified. They said each case and itscauses. higher than people expect, ministration about authorizing Kristen Choi, a participant that could put some out of they received assurancefrom Pfizer and BioNTech are sup- some vaccine expertssay. Covid-19 vaccines.But reacto- in a Pfizer and BioNTech vac- commission foraday or two. the European agencythat the portingthe MHRAinthe in- TheCovid-19 vaccines are genicity is perfectly normal, cine trial and anursing pro- —Anna Wilde Mathews hack wouldn’t affect the time- vestigation,” Pfizer said. “morereactogenic than the flu he added, and people fessor at the University of Cal- and Joanna Sugden line forreview of the vaccine, In its Phase 3 clinical trial, vaccine,” said Arnold Monto, shouldn’t be caught by sur- ifornia, Los Angeles, said the contributed to this article. which is scheduled forDec.29. StatesPlan Who Gets

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289,000 Wednesday. EDU “This is going to be one of Family members, reflected in the window, wavedtonursing-home Afresh take on thetraditional the biggest public-health en- residentBarbaraFarrior after avisit lastmonth in NewYork. Byzantinenecklace! Ourhandcrafted deavors we’veundertaken as a country,” said Amesh A. Adalja, ment is issuing recommenda- ministering the vaccine at 14kt yellow gold design gracefully senior scholar at the Johns tions on whom to vaccinatefirst long-term-carefacilities could Hopkins Center forHealth Se- and howtoallocatethe doses, cost morethan 10,000 of our drapes theneckline, showcasingthe curity.“It’snot just adone deal the final decisions and logistics residentstheir lives,” the asso- signature linksatthe center of acable oncewehaveavaccine.Itis areleftuptostates.Most ciation said. going to be aprocess that’sgo- states’ plans remain in draft In Florida, Gov.Ron DeSantis, chain. An easy waytolookput-together ing to have hiccups and issues form. Some have hundreds of aRepublican, said residentsof with supply chains and issues pages of details,while others long-term-carefacilities forthe andpolishedinaninstant. that areunanticipated.” areafew dozenpages long. elderly arehis priority,though Aday beforeThursday’s In Texas,the Pfizer vaccine, his state’sdraft plan says front- meeting of the advisorypanel which ships in large quantities line health workerscome first. evaluatingthe Pfizer vaccine, andrequires storageatminus Officials at Florida’shealth de- the head of that committee 94 degrees Fahrenheit, will ini- partment didn’t respond to are- said the shot is very likely to tially be sent directly to hospi- quest to comment. obtain emergency-use authori- tals large enough to immunize Arizona Gov.Doug Ducey, a zation by the FDA. Theagency at least 1,000 workersimmedi- Republican, said teachers usually follows the recommen- ately,state officials said. Mean- would be among those to get dations of the advisorypanel. while,rural communities will the vaccine immediately in his On Wednesday, Canada be- have to wait forthe Moderna state. came the thirdcountrytoau- vaccine,which canbestoredin Education associations sent thorizeuse of the Pfizer-BioN- astandardfreezer. alettertothe CDC last month Tech vaccine,after the U.K. and In Ohio,state officials are arguing that school personnel Bahrain. planning to break down the should be apriority group for About aweek afterthe initial large Pfizer shipmentsinto immunizations,toallowin-per- Pfizer shipment, which could be smaller batches so they canbe son classes. as early as this weekend, about moreflexible with distribution. Black Americans,Latinos 12.5million doses of Moderna Localhealth staff have been and NativeAmericans have all Inc.’svaccine areexpected to be running drills in acentral ware- been disproportionately af- sent out if it also receives FDA house to ensurethey candivvy fected by Covid-19,studies authorization.Both vaccines are up the vaccines safely,according show. According to the Kaiser $ given in two doses,three or to the Ohio Hospital Association. Foundation, amajority of the 279 four weeks apart. Federal offi- Tensions over the order of stateplans mentioned focusing Plus Free Shipping cials said they expect to distrib- the line forvaccines arelikely on minority groups or under- uteenough vaccines in Decem- to emerge,public-health experts served populations forvaccina- 14kt Yellow Gold Byzantine-Link Center Necklace ber to immunizeabout 20 said. tion. Plans in states including million people. Several states in their draft North Carolina sayminority 16"cable chain with a2"extender.Lobster clasp. Supplies areexpected to in- plans giveprecedencetofirst groups might harbor skepti-

1 crease in Januaryand beyond. responderssuch as policeand cism aboutvaccines due to Center design is 2 /2"widefromend to end. Federal officials said they ex- firefightersoverlong-term- past inequities in medical Also available in 18"$299; 20"$319 pect to have enough Covid-19 care residents, but that might treatment and call forcrafting vaccine doses to immunize change afterthe federal Cen- messaging aimed to build trust. Shown larger for detail. about 100 million people in the ters forDisease Control and TheDepartment of Veterans U.S. by the end of February. Prevention recommended last Affairshealth-caresystemand Along with vaccine vials,dis- week moving up nursing-home the Indian Health Serviceare Ross-SimonsItem #932485 tribution sites will receivere- residents.The American Health both receiving initial shipments cord cardsfor recipientsnoting CareAssociation, which repre- and disseminating them among To receivethisspecial offer, use offercode: SHINE133 which vaccine they received and sentslong-term-carefacilities, their health-careworkers. 1.800.556.7376 or visitross-simons.com/shine when they aredue back forthe is pushing states to put their —Jim Carlton, Ian Lovett second shot. workersand residentsfirst. and Betsy McKay While the federal govern- “A one-month delayinad- contributed to this article. P2JW345000-2-A00900-1------XA

THE WALL STREET JOURNAL. ** Thursday, December 10, 2020 | A9 U.S. NEWS Sinopharm Shot Canada ApprovesPfizerVaccine

Is 86% Effective BY PAUL VIEIRA AND VIPAL MONGA

BY RORY JONES timatewas.“Thereare just so Canada became the third AND CHAO DENG manyquestions around the countrytoauthorizeuse of way it’s been presented.” the Covid-19 vaccine produced DUBAI—A Chinese vaccine AU.A.E. official involved in by Pfizer Inc.and BioNTech candidateshowedtobe86% the trial didn’t respond to are- SE,racing ahead of the U.S. effective in protecting people quest forfurther information. Food and Drug Administration against Covid-19 in late-stage Sinopharm didn’t respond to a and Europe’smain regulator to trials,the United Arab Emir- request forcomment. approveshotsfor itsmost vul- ates said, apositivesign for TheU.A.E. said it had regis- nerable citizens. the fight against the virus in teredthe vaccine,paving the Canada will nowbegin its the developing world. way forits wider use,having immunization rollout as early However, health experts approved it foremergencyuse as next week—a daunting chal- cautioned that more informa- in September.The U.A.E. gov- lengefor asparsely populated tion was needed on the Phase ernment and Sinopharm ha- country with the world’s sec- 3 trials. The efficacy rate an- ven’t disclosed the financial de- ond-largest territory. The nounced by authorities in the tails of their trial partnership. country is on schedule to be- U.A.E., wherethe trials took The trial began in July, in- gin inoculations next week, place, would put the vaccine volving about31,000 volun- with aportfolio of vaccine above the 50% threshold that teersand two different strains candidates that it argues is international scientists deem of the vaccine.The U.A.E. had among the most diverse necessarytoprotect people. previouslysaid one-thirdof among large economies. Candidates developed by Mod- the trial’sparticipantsgot a TheFDA is expected to au- erna Inc.and jointly by Pfizer placebo and the remaining thorizeuse of the vaccine as Inc.and BioNTech SE have two-thirds were administered early as this weekend, afterits shown to have efficacyrates of one of the two strains—one ownstudy concluded the two- 94.5%and 95% in the final developed in Beijing and an- dose vaccine provided benefits stages of testing,respectively. other in Wuhan. even afterjust the firstinjec- TheU.A.E. Health Ministry The U.A.E. said the Beijing tion—cutting the risk of getting GABLE/REUTERS

didn’t disclose howmanytrial strain was86% effective. It Covid-19 by about half.The vac- BLAIR participantsdeveloped Covid-19 wasn’t known whether an cine wasfound to be 95% effec- Prime Minister Justin Trudeau said the vaccine rollout would fuel an aggressive economic recovery. and howmanyofthose re- tiveafter the second dose.The ceived aplacebo or avaccine.It European Medicines Agency 249,000 initial doses in antici- familiar with the companies’ lifesaving vaccines over alon- also wasn’t known whether the Health experts has said adecision on either pation that inoculations could plans,BioNTech Chief Executive gerperiod, according to aper- datawas peer reviewed. the Pfizer-BioNTech shot or start as early as next week. Ugur Sahin told TheWall Street son familiar with the plan. Theresultswerethe first caution that more Moderna Inc.’s vaccine could As more countries move to Journal last month that doses Canadian Prime Minister from Phase 3trials of aChi- information on the come by the end of this month. authorizethe firstCovid-19 would be delivered to whatever Justin Trudeau told the Journal nese Covid-19 vaccine. Nearly TheU.K.and Bahrain ap- vaccine developed in the West, government authorizes the jab. on Monday that approval was one million Chinese people trials is needed. proved the Pfizer-BioNTech the companies behind it are TheU.S., which has ordered imminent. He said the pending have already received the vaccine within the past week. working to meet production 100 million doses for$1.95 bil- vaccine rollout—combined with shot,which wasdeveloped by Canadian officials said targets. Pfizer and BioNTech lion, is set to take delivery of an aggressivefiscal policy— state-owned drugmaker Sino- Wednesdaythey expected to have presold around 600 mil- around 25 million upon autho- would fuel an economic recov- pharm, after the government analysis wasconducted on the soon issue a decision regard- lion doses acrossthe world rization, while the European erythat is expected to gather granted emergency-use autho- Wuhan strain. ing the Moderna vaccine. but have produced just afrac- Union, which purchased 200 strength by the middle of 2021. rization for it in July. While some people who re- “Weare not in aracewith tion of that number so far. million doses,will getover20 Thegoal, Mr.Trudeau said, Public-health expertssaid the ceived the vaccine gotin- anyother regulator.What we Pfizer and BioNTech said million once it clears the vac- is to inoculatethree million headline figure suggested that fected, it said the shot was aretrying to do is beat this vi- that they would manufacture50 cine.The U.K.,which bought Canadiansbythe end of the the world had another working 100% effectiveinpreventing rus,” said SupriyaSharma, se- million doses by the end of this 30 million doses, is set to re- firstquarter,and amajority of vaccine option, although more moderateorseverecases of nior medical adviser at Can- year—a goal they have already ceiveuptofivemillion ini- the country’s 38 million resi- details were needed. Some the disease. The analysis also ada’shealth department. “We hit, according to people familiar tially.Japan has ordered 120 dents by September. questioned whySinopharm showed99% of participants expedited the review, but we with the matter—and up to 1.3 million doses,and the Chinese Canada’s vaccine strategy hadn’t jointly presented the re- analyzeddeveloped antibodies did not compromise in terms of billion by the end of 2021. territories of Hong Kong and to datehas focused on accu- sults. “I think it’sgreat news against the disease. thesafety,efficacyand quality.” About half the existing Macao ordered 10 million. mulating the most doses on a but it’salittle unusual not to An 86% efficacyratemakes Aspokeswoman forPfizer’s doses have been produced in Theregulator forthe EU, per capitabasis as possible. come from the study manufac- Sinopharm’svaccine apotential Canadian unit said Wednesday Europe,but moreare expected which ordered the biggest sin- Mr.Trudeau and other offi- turer,” said Jerome Kim, direc- candidatefor manycountries in that Pfizer would supply Can- to come from the U.S. as Pfizer gle contingent of the vaccine, cials have boasted that Canada torofthe International Vaccine emerging marketsthat can’t im- ada up to 76 million doses of integrates production lines in said it would hold akey meet- leads the world in that cate- InstituteinSeoul. mediately gain access to vac- the vaccine.The agreement aMichigan factorythat has ing Dec. 29 about whether to gory.Todate, Canada said it Among the details that Mr. cines from the West. Bahrain has calls forCanada to buy amini- been upgraded over thepast clear it foruse.Should the hassecured access to more Kim said were still needed approved emergencyuse of the mum of 20 million doses with few months. bloc fail to authorizethe jab than 400 million doses,but were confidenceintervals that vaccine,while China is testing an option for56million more. While Europe and North by then, aportion of itsshare hasn’t disclosed financial could givethe public asense the candidateinEgypt, Argen- On Monday, Canada said it Americawill receivemost of would be shipped elsewhereas terms of deals reached with of howreliable the efficacyes- tina,Peruand other countries. secured early deliveryof the doses,according to people it would be unethical to store the seven leading candidates. P2JW345000-4-A01000-1------XA

A10 | Thursday, December 10, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS JapanAims Asia Grapples With Rise in Cases ForMissiles South Korea renews some restrictions, as Capable Japan keeps focus on economystaying open Of Striking

Some Asian countries that NorthKorea have been among the world’s most successful at containing BY CHIEKO TSUNEOKA Covid-19 arestruggling to beat back awinter resurgence, a TOKYO—Japan plans to design of how elusive sustained velop missiles that can reach progresscan be until avaccine North Korea, part of adefense gets rolled out widely. buildupthat would giveTokyo the ability to strikeifit antici- By Dasl Yoon in Seoul pates an attack. and Miho Inada Lawmakersinthe ruling in Tokyo party approved the missile proposal Wednesday, and Defense On Wednesday, South Ko- Minister NobuoKishi said the rean President Moon Jae-in military wantstostrengthen convened an emergencymeet- weapons systems that give S ing afterthe countrysaw a Japan strikecapability from be- nine-month peak of 686cases PRES yond the reach of itsopponents. that has forced officials to use Japan has been reviewing ZUMA

shipping containerstoaddress A/ itsdefenses against Pyongyang,

ahospital-bed shortage. Japan INHU which has been developing its

on Wednesdayrecorded 2,810 /X ownmissile program including newcases,the government intercontinental ballistic mis- NG-HO

said, itshighest daily totalyet. SA siles capable of hitting the U.S.

Vietnam reported commu- LEE Dealing with North Koreais nity infections forthe first Containers were being converted into makeshift wardsatSeoul Medical Center on Wednesdaytoaccommodate newly infected patients. likely to be atop challengefor time in around three months, President-elect JoeBiden. prompting authorities to sus- ing at home or work sites long Daily conﬁrmedCovid-19 College of Medicine. economygoing while following While President Trump pend all inbound commercial reopened—arenow the out- cases, seven-dayrolling “Manyyoung people grew basic rules such as ventilation largely focused on threatsto flights. Hong Kong,which had break origins. average tired of the constant warnings and mask-wearing, but didn’t the U.S. homeland, Japan is takendaily infections down to Therecent stumbles show Japan and infections spread all the enact astate of emergency worried about shorter-range single digits, has seen cases how even well-fortified coun- 2,000 way to elderly homes.This like in April and May. North Korean missiles,which surge past 100,requiring the triesare subject to the pan- time,eventhe contact-tracing In South Korea, whose ag- Pyongyang frequently tested reintroduction of limitson demic’scycle of infections:the capacity is reaching its limits gressive virus response has over Japanese territorybefore dine-in restaurant serviceand relaxation that follows a low- because infections areappear- become aglobal model, offi- an informal moratorium gym closures. Parts of Malay- eringofvirus cases inevitably 1,500 ing at so many different loca- cials adopted newrestrictions prompted by meetingsbe- sia went intolockdown after triggers fresh restrictions. tions at once,” Mr. Kim said. this week in the Seoul metro- tween Mr.Trump and North cases doubled within amonth. As Asian governments Theresponse in South Ko- politan area wherethe major- Korean leader Kim Jong Un. Malaysia “Wehaveovercome corona- maintained relatively lowin- reahas been using the strate- ity of newcases areemerging. Former Prime Minister virus crises several times,but fections in recent months, 1,000 gies that have helped the coun- Localhealth expertssay ShinzoAbe,whose lengthyterm now we are in a more serious people began crowding bars try navigatethe pandemic. contact tracing has become in powerwas marked by amili- situation than ever,” Mr.Moon and restaurants, and increased Japan, which hasn’t used moredifficult as younger pa- tary buildup focused on China said during ameeting with of- mobility resulted in infections South heavy intervention or aggres- tients, mostly asymptomatic, andNorth Korea, made missile Korea ficials this week.Hecalled for among family membersand 500 sivetesting to corral the virus, unknowingly spread the virus. defense the subject of his final expanded coronavirus testing, during private gatherings. has made even fewermoves Thepositivity rate rose to 4% act in office. Just beforehand- prompting testing facilities to Thenew resurgencehas than during earlierinfection from 1% in South Koreawithin ingthe reins in September to Hong extend working hours and re- brought fresh stresses to med- Kong surges. That is despitethe amonth as infections spread at Yoshihide Suga,Mr. Abe said open drive-through sites. ical systems and preventiveef- 0 newsurge affecting moreel- saunas and collegecampuses. Tokyowould come up with a Though the virus tallies fortsofficials hoped could Oct. Nov. Dec. derly patientswho areat Health authorities have plan by the end of the year.Part pale in comparison with the withstand awinter onslaught. Source:Johns Hopkins CSSE higher risk.Patients needing warned of a“medical collapse” of the plan is to build two Aegis U.S.,Europe and elsewhere, Japan and South Korea ventilation support and extrain the Seoul area, as three- ships formissile defense. the uptick in outbreaks among have mobilized militaryper- morefocused on economic re- corporeal membrane oxygen- quarters of hospital beds for Wednesday’smeeting by Asia’sCovid-19 success stories sonnel to aid hospitals and covery while citizens grew ation,orECMO,inwhich a Covid patientsare occupied. the ruling Liberal Democratic comes afterlifehad been re- contact-tracing efforts. tired of regulations, said Kim machine does the work of the Those savedfor patientsin Party’s defense panel backed stored to pre-pandemic levels. Tokyoand Seoul antici- Dong-hyun, the head of the lungs, have doubled over the critical condition are90% full. the newAegis ships.They are But this winter upturn is more pated awinter surge of cases. Korean Society of Epidemiol- past month, officials said. Authorities have asked resi- expected to getfinal govern- diffuse,asplaces onceconsid- But government officials in ogy and a professor at South Japanese officials have em- dentstostayhome until the ment approval this month. ered havens—a family gather- the two Asian countries were Korea’sHallym University’s phasized the need to keep the end of the year. Thebuildup is politically sen- sitivebecause of Japan’spacifist tradition in the postwarera and WORLDWATCH itsconstitutional prohibition on possessing warpotential. Some in the ruling party CHINA CANADA want Japan to makeclear its willingnesstostrikeanenemy Consumer Prices Bank Leaves KeyRate base even beforeitishit itself. Show Annual Decline Unchanged at 0.25% They have in mind scenarios in whichNorth Koreaisde- China’sconsumer prices The Bank of Canada left its tected preparing to launch dropped forthe firsttime in overa benchmark overnightinterestrate missiles at Japan. But Mr. decade in November,though econ- unchanged at 0.25% Wednesday Suga has shied away from omists saythe decrease doesn’t and reiterated its guidancethat openly threatening North Ko-

signal faltering demand in the S the keyratewould likely remain at reawith apre-emptivestrike. world’ssecond-largesteconomy. thatlevel until 2023. The central The plan to build new mis- The fall wasdriven by volatile PRES bank also said it would continue siles would take amiddle

food prices, including the continued ZUMA its quantitativeeasing program at course: They could be used

retreatofpork prices as supply re- S/ the currentpaceofatleast4bil- pre-emptively without anyex- covers from the ravages of African AS lion Canadian dollars aweek, or plicit statement to that effect. swine fever.Other economic indi- the equivalentofUS$3.12 billion. “It is not aimed at attacking UMIN/T

cators have shown a continued re- RY —Kim Mackrael enemybases,” Chief Cabinet covery from Covid-19 shocks. SecretaryKatsunobu Kato said.

China’s consumer-price index ANDER SUDAN Jun Azumi, aopposition

in November was down 0.5% ALEX party lawmaker,said despite from a year earlier, the National PROTESTS IN YEREVAN: Armenians demonstrated in the capital, calling forthe governmenttoresign U.N. Is Divided on such assurances,“we arecon- Bureau of Statistics said overaRussian-brokered cease-firewith Azerbaijan in the disputed territory of Nagorno-Karabakh. Darfur Peacekeeping cerned that it deviatesfrom Wednesday, after a 0.5% rise in the defense policy that Japan October. It was the first nega- KOREAS dayatSouth Korea’sforeign min- came as the U.S. envoy to North U.N. Security Council mem- has maintained throughout the tive reading since October 2009. ister, Kang Kyung-wha, who said Korea, Stephen Biegun, was bers have affirmed their com- postwar era.” Economists polled by The Wall North Blasts South at asecurityforum lastweek that making a visit to Seoul. mitment to end the joint U.N.- Officials declined to give Street Journal had forecast No- Over Covid-19 Remark Pyongyang’soft-repeatedclaim of In brief remarks to reporters African Union peacekeeping theexact rangeofthe pro- vember’s CPI would come in flat. zero confirmed Covid-19 cases is Wednesday, Mr. Biegun didn’t force in Sudan’s western Darfur posed missile,but Itsunori On- The statistics bureau said North Koreavilified atop “hardtobelieve.” In apparentre- address Ms. Kim’s statement. He region, but were divided on the odera, aformer defense minis- food prices, down 2.0% from a Seoul official overher recent response, Ms. Kimsaid, “Wewill said the Trump administration’s timing, with Russia and African terwho heads aruling-party year earlier, weighed heavily on marksabout Pyongyang’span- neverforget her wordsand she efforts to engage with Pyong- nations calling for a Dec. 31 end national security panel, said it November’s headline CPI. In Oc- demic response and deployeda mighthave to paydearly forit.” yang aren’t over. “Our work to- and some Western nations urg- would have “standoff capabil- tober, food prices were up 2.2% familiar mouthpiece, KimYoJong, South Korea’s foreign minis- gether over these past 2½ years ing more time. The mandate of ity,” meaning it could hit tar- from a year earlier. sisterofthe regime’sleader. try didn’t comment on Ms. Kim’s is a story of leadership,” he said. the joint mission ends Dec. 31. gets beyond the rangeofthe —Erin Mendell Ms. Kimtook aim on Wednes- statement. Ms. Kim’s comment —Timothy W. Martin —Associated Press enemy’sability to strikeback. FROM PAGE ONE

the StanfordGraduateSchool expanded intogrocery deliver- panies charge them. Others, Thecompanyjoined with likethose from other tech DoorDash of Business, said in an inter- ies during the pandemic. such as Domino’s Pizza, don’t otheron-demand companies startups,havesought to shore view. Mr.Xusaid deliveries be- use third-party deliveryfirms, to fight aCalifornia law that up voting control of their DoorDash has trained its came faster during the health citing those costsand other sought to reclassifycontract company. Delivers effortsonsuburban areas,al- crisis,inpart because of less factors. workersasfull-time employ- Mr.Xuwill ownaspecial lowing the companytobenefit traffic on streetsand because Those battles could inten- ees. classofstock through which in part because families there DoorDash became moreeffi- sifyinthe future. Uber,for ex- DoorDash’spublic offering he will have about 69% of the In Debut tend to placelargerorders. cient. ample,said merchantsde- occurred amid asurging stock voting control of the company. Thecompanycontrolled al- Thepandemic also has reserved transparencyonmarket and robust gains Mr.Xusaid potential investors most half of the U.S. food-de- sulted in stronger demand for pricing when it completed its among technologycompanies didn’t ask questions about his ContinuedfromPageOne livery market as of mid-Octo- food-deliverycompanies.Both listing their stocks forthe voting control. and stokefurther growth to ber,upfromone-thirdthe chain and independent opera- firsttime. Major ownersofDoorDash satisfyheightened shareholder year earlier,giving it alead tors have tapped delivery The pandemic has So farin2020,morethan stock include entities affili- expectations. over Uber Technologies Inc.’s companies to reach customers $140 billion has been raised ated with SoftBank Group Thecompanybelieves the Eatsservice, Grubhub Inc.and as they closed dining rooms resulted in stronger on U.S. exchanges,far exceed- Corp., Sequoia Capital and the ease by which dinerscan get other rivals. or limitedseating indoors. demand for food ing the previous full-year re- government of Singapore, ac- food delivered won’t be afad, Thecompanywill be the “What the pandemic has cord set at the height of the cording to the company’spro- but demand could slow as vac- only public stand-alone U.S. done and what DoorDash has delivery companies. dot-com boom in 1999,ac- spectus forthe public offer- cines forthe coronavirus are food-deliverycompanyafter shown, at least in itsfilings, is cording to Dealogic datathat ing. distributed and patrons return Grubhub agreed to be ac- you’reable to hit profitabil- dateto1995. Forthe quarter ended Sept. to restaurant dining rooms quired in June. ity,” said Evercore ISI analyst Home-rental startup Airbnb 30,DoorDash reported aloss they have been avoiding. Uber Technologies recently Benjamin Black,who covers acquisition of Postmates in Inc. priced itsshares at $68 of $43 million on $879 million “Oncepeople getused to a bought rival Postmates Inc. Uber. December. each on Wednesday, aboveits in revenue,compared with a habit, they tend to stick with for$2.65 billion, in amove In thesecond quarter this DoorDash faced criticism already increased targeted lossof$152 million on $239 it. We sawthis with e-com- aimed at helping it in delivery. year,DoorDash generated a last year from advocates about range, people familiar with million in revenue forthe merce,wesaw this with DoorDash has focused on profit of $23 million. howits courierswerecompen- the mattersaid, in yetanother year-earlier period. booking travel over the inter- boosting thenumber of res- Some restaurant companies sated, asituation that led it to sign of exuberanceinthe IPO —Preetika Rana net,” Mr.Xu, a36-year-old taurantsfromwhich consum- have pushed back on the fees tweak howithandles tips that market. and Maureen Farrell who earned an M.B.A. from erscan choose on itsapp and andcosts that deliverycom- diners leave for them. DoorDash’sco-founders, contributed to this article. P2JW345000-4-A01100-1------XA

THE WALL STREET JOURNAL. **** Thursday, December 10, 2020 | A11 WORLD NEWS France Proposes Laws to Curb Islamist Activity

BY NOEMIE BISSERBE tremism, to put pressureon civil servants and public-ser- PARIS—Thegovernment of viceproviderstodeviatefrom President Emmanuel Macron France’s secular values. proposed legislation to outlaw Under its provisions, a jus- a broad array of activity that ticeministryofficial said, a it defines as forms of “Islamist man who refuses to allowa separatism,” from the abuse of male doctor to examine his home schooling to online hate wifecould faceuptofive speech. yearsinjail and afine of up to Authorities have framed the €75,000 ($90,795).The legisla- OL PO

legislation, which will be de- tion also would punish anyone S bated by Parliament in Janu- who postsanother person’s ary, as aresponse to the personal details online to ex- /PRES spread of radical Islamism, an pose them to harm, imposing

ideologythat the government up to three years in jail and a GAILLARD

says aims to build aparallel fine of €45,000. ERIC society wherereligious rules Thetensions between French President Emmanuel Macron, left, met with soldiers in October after a deadly knife attack at Notre Dame church in Nice. override civil ones. France’srepublican values, That ideology,officials say, which aregrounded in the En- man killed threepeople in a measureisdesigned to prevent movetofight radical Islam and Against Islamophobia in undermines the values of the lightenment, and the spread of knifeattack at achurch in the parentsfromsecretly enrolling that the vast majority of Mus- FranceorCCIF,agroup that French Republic and itsprinci- radical Islamism were cast Riviera city of Nice. their children in clandestine lims in the countryadhered to provides legal representation ple of laïcité, which separates intostark relief this fall by the Thenew legislation would religious schools,officials say. the French Republic’svalues. to Muslims who saythey have religion and the state. string of terrorist attacks. requirereligious associations Some Muslim leadersand Far-leftleader Jean-Luc been the victim of racism. “The Republic intends to de- In one attack,Samuel Paty,a and mosques to declareforeign human-rightsgroups saythe Mélenchon accused the gov- “Shutting down an organiza- fend itself,” Prime Minister 47-year-old historyprofessor, funding of morethan €10,000. legislation risks stigmatizing ernment of seizing on arise of tion that raises legitimatecon- Jean Castex said Wednesday. wasbeheaded aftershowing It would also makeiteasier for France’sMuslim community, anti-Muslim sentiment forpo- cerns about anti-Muslim preju- Thebill, which follows sev- cartoons of the Prophet Mu- authorities to shut schools that one of Europe’s largest. litical gain. diceisblaming the messenger eral terrorist attacks this year, hammad to his middle-school indoctrinatechildren and asso- “One shouldn’t throw oppro- French authorities launched rather than addressing existing risks escalating tensions be- historyclassaspart of alesson ciations that criticizeFrench brium on the entireMuslim a sweeping crackdown in the discrimination,” said Kartik tween Muslim groups in France on free speech. Theattacker,a Republicanvalues such as gen- community,” said Anouar wake of the terrorist attacks, Raj, Western Europe researcher and authorities who enforce Chechen, acted afterseeing der equality,Mr. Castex said. Kbibech, president of one of forcing the closureofsome Is- at HumanRightsWatch. the country’sstrict secularism. videos made by aparent of a Under the bill, home school- thecountry’slargest Muslim lamic schools and launching Mr.Castex said the newbill Thelegislation, if passed, studentatthe school who de- ing is permittedonly for organizations,Rassemblement investigations intodozens of doesn’ttargetany religion but would makeitacriminal of- nounced the teacher and his health reasons or special cir- des Musulmans de France. Mr. mosques.Authorities ordered aims to protect the values of fense for anyone, in the name lesson, according to authorities. cumstances such as regarding Kbibech said that he wasa the closures of several associ- theFrench republic and the of ideologyorreligious ex- Twoweeks later,aTunisian professional athletes.That partner in the government’s ationsincluding the Collective freedom of worship. U.K., EU ‘Far Apart’ AfterKey Brexit Talks

BY LAURENCE NORMAN Dec.31. Failuretoreach adeal Ursula von der Leyen“agreed Thetrade discussions are would mean that from the that by Sundayafirm decision stuckonseveral issues that BRUSSELS—Talks between startofnextyear,tariffs should be taken about the fu- have bedeviled the talks: Brit- BritishPrime Minister Boris would be applied for the first tureofthe talks.” Mrs. vonder ain’sfreedom to set itsown Johnson and the European time in almost a half-century Leyen also said the two were stateaid rules and diverge Union’stop official ended on some trade between the “far apart.” She said negotiat- from other EU standards,EU OL

without a breakthrough, with U.K. and the EU,towhich it ing teams would immediately access to U.K. fishing waters, PO both sides saying they would sends 43% of its exports. resume talks “totry to resolve and how the commitments in S

decide on the futureofthe Afterthe talks,asenior U.K. these essential issues.” the accord will be enforced. /PRES talks by Sunday. government official said “very TheU.K.formally leftthe Senior EU officials said the SLET

TheU.K.and the EU are large gaps remain between the bloc on Jan. 31 but is in transi- bloc’sleaders, who will be in HO racing to completeand win two sides and it is still unclear tion period until Dec. 31, dur- Brussels for a summit Thurs- ratification of an agreement whether these canbeing which it has full access to day and Friday, will likely re- OLIVIER that would set bilateral eco- bridged.” Mr.Johnson and Eu- the EU single market, but ceiveanupdateonthe talks Britain’sPrime MinisterBoris Johnson and European Commission nomic and security ties by ropean Commission President must follow all EU rules. but will make no decisions. PresidentUrsula vonder Leyenheaded into ameeting Wednesday.

Albanians Protest Fatal Police Shooting GOGA/REUTERS ORION FL

Clashes brokeout in the Alba- old man who had breached a clashes. The protesters set fire nian capital Tirana on Wednes- coronavirus-linked curfew.Nine to aChristmas tree outside the dayduring aprotest overthe fa- policeofficers and aprotester main governmentbuilding. tal policeshooting of a25-year- and journalistwerehurt in the —Associated Press

FROM PAGE ONE

Thecompanyhas shed seven give the company more re- DirecTV million U.S. video connections sourcestokeep improving its DINE LIKE AKING over the past two years. wirelessservice, which still Those customer losses have generates morethan half of its ENGLISHKING BY TIFFANY &CO. Bids Top weighed on AT&T’s stock, pretax profits, without threat- Legendaryfirm.Elegant pattern. Flawless workmanship. This which has barely moved over ening the company’sall-impor- complete 664-piece flatware servicefor 24 exemplifies Tiffany&Co. the past five yearsand is down tant credit rating. $15 Billion about 20% so far this year.The Analystsexpect AT&T and excellenceand exhibitsthe highestlevelofsilvercraftsmanship. company’smarket value stands itsrivals to wagerbillions of Fashionedtoreflect theelaborate entertaining styles of the at about$220billion. dollarsonthe Federal Commu- Gilded Age, the English King patternisregardedasone of themost ContinuedfromPageOne AT&T executives have said nications Commission’slatest beautiful designs evercrafted,and this particular setfeatures ported in August that AT&T they aremaking progresssta- auction of cellular spectrum, severalrare piecesincludingorange knives,abon-bon spoon had tapped bankerstoexplore bilizing the domestic pay-TV which launched Tuesday.Such andnumerouslarge servers. Circa 1910. Signed “TIFFANY &CO/ adeal to take the fast-shrink- unit so that itscustomer auctions cansaddle cellphone 1 7 7 STERLING/PAT.1885/M.” Chest: 37 /4”w x 25 /8”d x37/8”h. #31-2459 ing businessoff itsbooks.The losses fall in line with industry carrierswith massiveone-time media-and-telecom company averages.But Chief Executive bills forthe licenses they win. bought DirecTV in 2015 for John Stankey has also said he AT&T has amassed alarge about $49 billion,or$66 bil- is willing to shed anybusiness warchest—Mr.Stankey said lion includingdebt. (ItsLatin that drawsattention away on Tuesdayithas $10 billion American satellitebusiness, from the Dallas company’s of cash on hand—that it could also acquired through the Di- core wireless, broadband and use to bid on the wirelessli- recTV takeover,isnow held in streaming-video units. censes over the coming weeks. aseparateunit called Vrio.) “Westill have opportunities But executives must balance Thepay-TV businesshas lost to do some thingsaround re- that potential spending with 622 RoyalStreet,New Orleans,LA•888-867-9583 •[email protected] •msrau.com millions of subscribersinrecent jiggering our portfolio,” Mr. fundsmarked forfuturedebt yearsasviewers switch to on- Stankey said TuesdayataUBS repayments, aroughly $15 bil- Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. demand entertainment services Group AG investor conference. lion annual dividend and about Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. likeNetflix Inc.AT&T’spay-TV “We’ll continue to forceour- $21 billion forplanned capital losses have far outpaced de- selves to look at those hard expenditures. clines at rivals likeComcast decisions.” —Miriam Gottfried Corp.and Dish Network Inc. A large asset sale would contributed to this article. P2JW345000-6-A01200-1------XA

A12 | Thursday, December 10, 2020 ****** THE WALL STREET JOURNAL. FROM PAGE ONE

though Apple tells usersnot to nicer to hear my music in my utes of music” in the shower, A Soapy placethem “under running ear.” So she uses agreen said the senior sales manager water, such as ashoweror showercap to keep her Air- from TheWoodlands,Texas. faucet.” Pods dry. “The sound quality wasamaz- Frontier for Jasmine Ali didn’t want An Apple spokeswoman de- ing.” He never had anywater- that to stop her showerjam clined to comment on using related complaints, even after sessions.The 23-year-old stu- showercaps to waterproof immersing the earbuds in soap Earbuds dent at Florida State Univer- AirPods. and shampoo. sity has two roommates whom Waterand electricity,of The company says the ear- she didn’t want to disturb by course,can be adangerous buds can be used in freshwa- ContinuedfromPageOne using a waterproof Bluetooth combination. Likely not, ternodeeper than 1meter,or mocked for their looks to be- speaker. though, in the case of AirPods. around 3feet, forupto30 coming the world’smost pop- “I didn’t want to playmusic “There’slow to no risk of minutes. ular wirelessheadphones.Of loud,” she said. “Plus when I electrical shock,” said Karen “Wehavenot tested against the 130 million wirelesshead- go home,mymom hates when Reddington, principal engineer the various shampoo brands phones sold world-wide in I play music.” at UL,part of research com- on the market,” a spokesman

2019,nearly half were AirPods, ALI Her solution: Cover her Air- pany Underwriters Laborato- said. If the soap is rinsed off according to aCounterpoint Pods with a$1showercap ries. fairly quickly,hesaid, damage MINE Researchreport. In 2021, Ap- from Walmart. If an electrical shock were could be limited. JAS pleisprojected to sell about Jasmine Ali’s AirPods waterproofing solution—a shower cap. On days when she washed to occur,she said, it would be Bo Nam, 38,aco-founder of 100 million pairs. her hair, she had to live with- lesspowerful than the kind of asportsdataanalytics com- Wearable technologyhas George Mason University.“The was, like, ‘Oh my God,’ ” she out listening to Swedish singer static shock one can get from pany in San Francisco, show- made it commonplacefor peo- transitions between those recalls.She quickly pulled the Snoh Aalegraorher favorite walking on acarpeted floor. erstwiceaday with his water- ple to stay connected to their places,” he said, and the cues forgottenAirPod out of her self-improvement podcastsun- More likely to be damaged, resistant AirPods Prowhile phones nearly everywaking associated with them, such as ear and flung it over the der the warm water. she said, arethe earbuds mostly listening to broadcast hour.And the Covid-19 pan- taking off headphones when showercurtain, narrowly AfterMs. Ali moved into themselves. news on YouTube TV. demic has further blurred the leaving the gymoroffice, “are missing the toilet. herown place, she hung up Fully waterproof wireless “I guess this is a little em- boundaries between work and effectively gone.” Now, when she listens to herAirPod showercap for earbuds do exist forthose barrassing,but I’ll prop up my home. BeataStopka,24, made the lectures, the audio in the left good. She nowuses aBlue- willing to adventurebeyond phone,soIcan kind of still see When the home becomes mistakeone evening in March. earbud occasionally cuts out. tooth speaker or an iPad play- the Apple Store. it from the shower,” he said. the gym, officeand classroom, She had been attending gradu- Applehas two truly wire- ing outside the shower. Nathan Miner,42, uses He tries not to let water akind of cognitivedissonance ateschool from home in Oak lessearbud offerings. Theen- Layla Ally,22, who recently Jabra75t earbuds to getgood blast directly ontohis ear- canoccur,resulting in forgot- Lawn, Ill., and regularly listen- try-level model isn’t waterre- graduated from StonyBrook sound in the showerwhile in- buds. ten-in-the-earsAirPods,said ing to lectures and true-crime sistant. The AirPods Pro are University, wasn’t keen on us- dulging his lovefor ‘90s and “I actually have dropped Martin Wiener,anassistant podcasts on her AirPods. waterand sweat resistant, ing aspeaker,either.When early 2000s music. one on the ground in the professor of cognitiveand be- “When Istarted washing meaning they should survive she showers at the end of the “I would knock out apod- shower a few times,” he said. havioral neuroscienceatmy hair,Ifelt it in my ear and heavy perspiration or asplash, day to unwind, she said, “It’s cast or listen to 15 to 20 min- “They still work just fine.” Neighbors Challenge Airbnb

ContinuedfromPageOne TheCovid-19 pandemic, which looked disastrous forthe companyinthe spring,has instead fueled an explosion in rental demand among people flocking to popular destinations within driving distance. In Au- gust, half of Airbnb’sglobal bookingswerefor stays within 300 miles of the guest’sloca- tion,the companysaid. Thepopularity of short-term

vacation rentals has generated (2) local campaigns and generated publicity about the downside of living next door to ashifting JOURNAL

cast of visitors. Denver, Boston REET ST

and SantaMonica, Calif., are LL

among the U.S. cities that have WA tightened rules on the opera- THE

tion of short-term rentals. R An Airbnb spokesmansaid FO the company“cannot comment NDERS

forthe record because we are PO in aquiet period” ahead of the H AS IPO. Thecompanyhas said in Bill Hunter, a retired banker in Paradise Valley, Ariz., has been campaigning to reinstate local authority over short-term rentals in Arizona after the house next door to the past that itsbusinessallows him became a party house rental. He started a group called Neighbors Not Nightmares to recruit other aggrieved homeowners. Below, a yard sign in Scottsdale Ariz. homeownerstoearn aliveli- hood and that itslistingsbring itslistingslatelast year,and it vicewhen Florida wasconsid- taxrevenue to cities and states. took legal action this year ering a bill this year that also In Arizona, the one state against at least four guestsfor would have stripped cities of that passed alaw removing the violating those terms. their authority over short- authority of cities to police In Scottsdale, Ariz., Marjo- term rentals.Mr. Bach’sSilver short-term rentals,atleast two rie Pennock woke up to the Haired Legislaturelobbying statelawmakersare aiming for sound of gunfire in mid-Octo- group brought citizens to tes- bills next year to counter the ber, she said. A group of par- tify in opposition. 2016 law. Thelaw wassold to tygoersatthe short-term “They have gotthe same the legislatureas“an old couple rental property next door problems,” he said. “We com- making afew extrabucks by drew weapons and fired. One parenotes about what’sgoing renting their sparebedroom,” person wasshot in the arm. on and who has been success- said John Kavanagh, the only Five homes were struck in the ful to what degree and how.” statesenator to vote against it crossfire, according to apolice TheFlorida bill expired in the at thetime.“That’snot what report, and morethan 100 pandemic.Mr. Bachsaid his endeduphappening.” shell casingswererecovered group wasready to take action Investorspoured intoafflu- outside Ms. Pennock’s home. if it resurfaces. ent neighborhoods likeParadise “I’m in my bedroom think- In Barnstable,Mass.,popu- Valley,Ariz., asuburb of Phoe- ingI’m going to die,” she said. lation 45,000,Heather Hunt nix,wherethey snapped up persuaded her husband to run townhouses to rent on Airbnb, fortowncouncil latelast year MayorJerryBien-Willner said. Block party so he could help stall apro- Datacompiled forthe city show Bill Hunter,aretired banker posal that would have limited that 94%ofshort-term rental campaigning to changethe Ari- city authority over short-term listingsinParadise Valley are zona law, learned about the rentals. stand-alone houses without shooting while he wasinScotts- Ms.Hunt, a54-year-old ownersliving on-site. dale distributing yard signs that lawyer,founded agroup called Tensions grew,Mr. Bien- said “Homes NotHotels.” He ar- paused in the pandemic.Ms. mentsonshort-term rentals about short-term rentals Barnstable Watchlast year af- Willner said, afteraflurryof rived in Ms.Pennock’sneigh- McGee,aRepublican, lost her such as maximum occupancy around the state. Then, they ter she saw a syringe outside complaintsfromneighborsover borhood the next dayand found re-election bid last month. andnoise levels. called. the short-term rental next noisy house parties and crime dozens of residentsgathered on Mr.Hunter’s group prepared RepublicanGov.Doug “Wesaid, ‘Hey,you’rehaving door.“Isaid, ‘Surely I’m not at theshort-term rentals.Cities the street, eager to speak to asurvey forall 154 candidates Ducey,who championed the this issue? We’rehaving this is- the only one,’ ” she recalled. “I candolittle because they have him. “All of asudden, I’m giving running forthe Arizona legis- current Arizona law, said in an sue.What canwedotowork need to find people who are no sayoverleasing the proper- aseminar about what they latureinthe November elec- emailed statement, “Wehave together?’ ” Ms.Black said. experiencing this.” ties,hesaid. could do to pressuretheir local tion and pressed them in no intention of changing She and otherstook trips to She found local properties Some Arizonans com- representatives to changethe emails and phone calls to de- course.” the statelegislatureinAustin, forrent on Airbnb and other plained their homes declined law,” he said. clareaposition on policing lobbying lawmakersface-to- sites,and she wroteletters to in value because no one but Mr.Hunter,a65-year-old short-term rentals.Heposted face. They dipped into savings the next-door neighbors, sug- investorswanted to buy a resident of Paradise Valley,be- theiranswers,aswell as the Temporary neighbor to payfor hotels and other ex- gesting they band together. housenexttoashort-term ganhis work last year,hesaid, namesofthose who didn’t re- In Arlington, Texas,agroup penses.Ms. Black cornered leg- Thegroup wagedamonths- rental, according to Mr. Bien- afterthe house next door spond, urging people to vote of stay-at-home moms last islatorstotalk about various long battle against the pro- Willner.“Youdon’t knowyour turned intoaparty house forthose who promised legis- year pushed the city to intro- dangers, including the potential posal, poolingmoney to run neighbors anymore,” he said. rental. When he learned that lativeaction. ducezoning laws to more use of short-term rentals in hu- newspaper advertisements In Sedona, Ariz., atourist Arizonahad takenaway the State Rep.Aaron Lieberman, strictly regulateshort-term man trafficking and other and radio commercials about hot spot popular forits striking powerofcities to regulate aDemocrat, wasone who rentals.One of the women, crimes. theexperienceofArizonans. sandstone canyons,high de- such properties,hestarted a promised to throw his weight The bill never made it to a On aSundaylast fall, she mand forAirbnb rentals wors- groupcalled NeighborsNot behind thegroup’scause.He vote. turned to her husband, David ened the shortageofaffordable Nightmares,hoping to orga- wasre-elected last month and Marjorie Pennock Ms.Black,a46-year-old Bogan, and said, “You need to housing and “demolished the nizeother aggrieved home- said he would trytorepeal the mother of two girls,said the runfor council. We caneither long-term rental market,” owners. statelaw next year.“There’s woke up to the last straw waswhen the short- stand on the sidelines or MayorSandy Moriarty said. So He said he rolled out aweb- strength in numbers, and peo- sound of gunfire at term rental property next door throw our hat intothe ring.” manyresidentshavemoved sitebuilt by aconsultant he ple keep sharing horror stories turned intoatemporarymovie He agreed, and he won. out that an elementaryschool found on Craigslist and who again and again and again,” he the rental next door. set, creating ahubbub of gener- In November, the proposal closed last year,she said. The worked out of an RV. Mr. said. “It’sthe issue that I’ve atorsand bright lights. was dropped after months of city tried to impose zoning re- Hunter encouraged people to heardthe most from people “Wehad arevolvingdoor of pressurefromMs. Hunt’s strictions in residential neigh- email statelawmakers, and about.” strangers,” she said of her group in public and by her borhoods,she said, but was hundreds shared their stories. Mr.Lieberman, who earlier JessicaBlack,had formed a neighborhood’s opposition to husband on the town council. blocked by the statelaw. “The emails I’vereceived this year made an unsuccessful Facebook group called Mothers the proliferation of short-term Neighborsare “dedicating On Wednesday, morethan areheartbreaking,” said state attempt to repeal the 2016 law, Against Short-Term Rentals. rentals.“As mothers, we lost serious hours a day, spending two dozenArizona mayors Sen. Kate BrophyMcGee.She expectstodrawsupport from Shortly after, the group the sense of safety and com- out-of-pocket to solveanissue wrotetoAirbnb Chief Execu- wasmoved by stories told by lawmakerswho pledged action took aim at aTexas bill which, munity.Wewould feel anxious that should’venever been tiveBrian Chesky, outlining the agitated neighborsand intro- in Mr.Hunter’s survey,hesaid. like Arizona’s law, would take when our kids were out riding theirs to solve,” said Mr. Lie- detrimental impact of short- duced abill this year to return Mr.Kavanagh, the former state awaylocal authority over their bike, or catching the bus, berman, the Arizona law- term rentals on their neighbor- some powertocities.The bill senator who is nowastate those rentals. or walking the dogs.” maker.“That’ssupposed to be hoods,including large parties sailed through the stateSenate representative, said he would Thegroup scoured local Ernie Bach, of Largo, Fla., our job.” during the pandemic.The com- in February, but expired in the reintroduceabill that seeks to news forthe names of resi- said he leaned on groups in —Maureen Farrell panybanned house parties at House when the legislature impose morestringent require- dentswho had complained Germany and the U.K. for ad- contributed to this article. P2JW345000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY Thursday, December 10, 2020 | A12A GREATER NEW YORK N.Y. StateExpects Rise in Hospitalizations

Gov. Cuomo urges mare,” Mr. Cuomo said. Out of the morethan 24,000 In aletterdated Tuesday confirmed and probable deaths institutions to be and addressed to administra- in NewYork City sincethe start ‘flexible and nimble’ to tors of NewYork’shospitals of the pandemic,therehave and nursing homes,state been 1,167 deaths in StatenIs- handle coming influx health commissioner Howard land, according to datafrom Zucker said hospitals should the NewYork City Department S BY MELANIE GRAYCE WEST expect to see increasing num- of Health and Mental Hygiene.

AND JOSEPH DE AVILA bersofpeople diagnosed with PRES In NewJersey,new models

Covid-19,aswell as rising TED released by the stateWednes-

NewYork officials warned numbersofhospitalizations, OCIA dayshowawinter peak of Wednesdaythat the state’shos- through mid-January. After SS more than 8,600 Covid-19 pa- /A pitals need to bracefor a that, he wrote, the optimistic tientshospitalized, surpassing mounting caseload, as the num- view is that cases will slow. the highs of the spring.

ber of people needing hospital- “Most expertsagree that INQUIRER Under aworst-case scenario ization forCovid-19 is expected Covidwill continue to be an whereNew Jersey residents to rise through mid-January. issue until the number of peo- become lax regarding mask use Just shyof5,000 people ple currently expected to be and social distancing,and at- were hospitalized forCovid-19 vaccinated reaches critical PHILADELPHIA tend holidaygatherings, the

acrossNew York,alevel not mass, which is somewherebe- /THE statewould have 8,747 seen sincemid-May, according tween June and September,” Covid-19 hospitalizations by to datareleased by the state the letter said. mid-January, according to a MORENO

Wednesday. Roughly 20%of Dr.Zucker urgedhospitals to F. model produced by the state’s those hospitalized were in an balancethe number of incom- SE Department of Health. Covid-19 JO intensive-care unit. ingpatients within their sys- A nurse spoke with a patient Wednesday before administering a Covid-19 test in Camden, N.J. hospitalizations peaked at During amedia briefing, tems even beforethey arriveat 8,270during the spring. Gov.Andrew Cuomo said the facilities.Ifanadmittedpatient shows elevated activity for occupied by coronavirus pa- other public-health guidelines, “Theyare models.They are hospitals are going to have to is to be transferred, the state hospitals in StatenIsland, Long tientswas highest in Allegany, including lockdown ordersthat not static,” Gov.Phil Murphy be “flexible and nimble” to must be notified to ensureade- Island and areas in the Hudson Steuben and Chemung coun- have been in placefor some said at a news conference. handle the coming caseload, quateregional capacity and Valley,but “no alarm bells.” ties.The same datashowed partsofthe borough sincelate Thestate reported 4,665 including solidifying plans to “avoid anegativeoutcome.” According to federal data that 44% of ICU beds were full November.Currently one-quar- newcoronavirus cases Wednes- balancethe number of pa- Aspokesman forthe through Dec.3,which is moni- in Staten Island. teroffatalitiesinNew York dayand adaily positivity rate tientsacrossand between hos- Greater NewYork Hospital As- toredbythe University of Mr.Cuomo on Wednesday City come from StatenIsland, of 13%. Therewere3,533 people pitals in a region. sociation, atrade group,said Minnesota Covid-19 Hospital- blasted residentsofStatenIs- but the borough only comprises hospitalized in NewJersey with Forthe hospitals,“it’sa the group’sinternal hospitalization Tracking Project, the land who have chosen to flout 5% of the totalpopulation of aconfirmed case of Covid-19 or management, logistical night- tracking system forthe region percentageofhospital beds social-distancing rules and the city,the governor said. who were awaiting test results. Pension Tax Increases on the Horizon, Cuomo Says Fund Sets BY JIMMY VIELKIND $178 billion budget in April that Steven Mnuchin presenteda fiscal watchdog group. and SenateMajority Leader depended upon additional fed- new$916 billion WhiteHouse On Wednesday, Mr. Cuomo Andrea Stewart-Cousins have Net-Zero NewYork Gov.Andrew eral aid that hasn’t materialized. proposal to House Speaker said he is counting on Con- said they believethe statewill Cuomo said the statewill need Thespending plan gavethe NancyPelosi (D., Calif.) which gresstofill at least some of need to raise morerevenue to to raise taxestobridgeits cur- Cuomo administration unilateral included the same amount of the year’s hole,but acknowl- deal with the fiscal crisis. Goal for rent budget deficit, even if Con- authority to withhold statepay- stateand local funding. edged that moreaction is Republicans have said they gressapproves morefunding as ments to contractors, schools, NewYork state’sbudget of- needed. “I believewe’regoing oppose such increases,and part of acoronavirus relief bill. municipalities and social-service fice estimated in October that to have to raise taxes, at the business groups have warned Emissions Thegovernor’s commentson providers if Congressdidn’t act. the pandemic is responsible end of the day, in any event,” that raising taxesonthe Wednesdaywerehis most defin- Mr.Cuomo and Democratic fora$13.5 billion drop in state Mr.Cuomo said. “The question wealthycould prompt some of itivethis year about raising rev- leadersofboth the stateAs- revenue from itsFebruarypro- is, how much in tax?” them to leave the state. Mr. BY DIETER HOLGER enue to coveradeficit exacer- sembly and Senaterepeatedly jections. New York is project- Thegovernor must propose Cuomo’s budget director,Rob- bated by Covid-19 and economic have said they wouldn’t adjust ingan$8.7billion deficit for abudget in Januaryfor the ert Mujica, previouslyhas NewYork state’s$226billion restrictions the stateimposed to their budget until therewas an- the fiscal year that begins on coming fiscal year. noted that about half of the pension fund on Wednesday reducethe spread of the virus. other relief bill. Negotiations in April1.That figure could al- Nearly half of the state’s state’spersonal income tax pledged to reach net-zero He didn’t specifywhich taxes Washingtonhaveproceeded in most double,because it as- revenue comes from itsper- revenue comes from the high- greenhouse-gas emissions the statewould look to increase, fits and starts; a bipartisan sumes the statewill find $8 sonal income tax, which is pro- est-earning 2% of taxpayers. acrossits portfolio by 2040, and his aides didn’t answersub- group of lawmakersisworking billion in recurring savings in jected to bring in about $60 “Raising taxeswill result in placing morepressureoncom- sequent questions.Layoffs and on a$908 billion bill that would itscurrent fiscal year,accord- billionbeforerefunds in both the continuation of the exodus panies in North Americaand borrowing also would be part of dedicate$160 billion in funding ing to David Friedfel, director thecurrent and coming fiscal from this state,” said Senate abroad to tackle climatechange. the discussion, he said. forstate and local governments. of statestudies forthe Citi- years, budget documentsshow. Minority Leader Robert Ortt, a The New York State Com- State lawmakers adopted a On Tuesday, TreasurySecretary zens Budget Commission, a Assembly Speaker Carl Heastie Republican. mon Retirement Fund,the country’sthird-largest state pensionfund, said it would firstundertakeafour-year re- Freelancers’ Unemployment BenefitsSet to Expire view of its investments in energy companies to determine whetherthey arecommitted BY KATE KING to transitioning intocleaner power, and it will ramp up ef- More than 1.5 million free- fortstoencouragecorpora- lance, self-employedand gig tions to reach net zero faster. workersacrossthe tri-state It will publish annual prog- area will lose unemployment ress reportsand conclusions assistancelater this monthun- on industrywide reviews in its less Congress votes to renew portfolio spanning thousands the program, according to of companies,which is largely state labor officials. through funds that track broad In New York, about half of market indexes. the 2.4 million people receiv- As of September,the fund ingunemployment payments had around $2.6billion in fos- in mid-November were part of sil-fuel producersafter it re- afederal coronavirus-relief cently boosted low-carbon in- program that extended bene- vestment strategies. fits to the self-employedand NewYork State Comptroller other previouslyineligible Thomas DiNapoli told reporters workers. Theprogram, known that some $11 billion of the fund as Pandemic Unemployment has gone intoso-called climate Assistance, began in the solutions such as renewable en- spring. ergy and technology, with an- Cutting off assistanceto GES other$9billion on the way. these recipientswould hit the IMA “Investing forthe low-car- broader economy, said James bon futureisessential to pro- Parrott, an economist at the ETTY /G

tect the fund’slong-term value,” New School in Manhattan. TT

Mr.DiNapoli said. Thestate “You take that away,you’re PLA comptroller oversees the fund, taking away alot of consumer which provides pensions for spending,” Mr.Parrottsaid. SPENCER morethan 1.16 million working “That shows up to the greatest Afederal coronavirus-relief program in March extended unemploymentbenefits to the self-employedand other previously ineligible workers. and retired stategovernment extent in lower-income neigh- employees and beneficiaries. borhoods with alot of small thegovernment funded past federal unemployment bene- Unemployment Claims be shortened. Mr.DiNapoli said in some businesses.” the current Friday deadline. fits, Ms. Wass said, she won’t Freelance/self-employed Professional musician cases the fund could divest from In NewYork City alone,Mr. Sara Wass,afreelancepho- be able to payher rent. She is Aaron Korn, 37,who plays the Other claims polluters if they don’t meet cli- Parrottestimates,consumer tographer living in Brooklyn, considering subletting her French horn, has been receiv- mate-changestandards.“Divest- spending would decrease at has been receiving unemploy- apartment and moving in with ingunemployment payments $2.5 million ment is alast resort, but it is an least $800 million in January ment benefitssincemid-April. friends or family. since Broadway theaters shut investment tool we canapply to if Congressdoesn’t renewun- Her current weekly payments In NewJersey,about down in March. He continues companies that consistently put employment benefitsfor the total$349,not enough to 312,000 freelanceand self-em- 2.0 to teach one dayaweek at the our investment’slong-term self-employed. coverher rent and other bills, ployedresidentsare currently Juilliard School, and his wife, value at risk,” he said. Gov. Andrew Cuomo sent a which amount to about receiving federal unemploy- Kiwon Nahm, aviolinist, has a Under aclimate-action plan lettertocongressional leaders $2,000,not including her $709 ment benefits,according to 1.5 part-time job at aprivate set last year,the fund already last month asking them to ex- monthly premiums for health the stateDepartment of Labor school. With unemployment has divested some $40 million tend federal unemployment insurance. and Workforce Development. payments, their income is from 22 coal companies and is benefits through September. “The $600 aweek wasa More than 700,000 people in 1.0 about 50% lowerthan before finishing up areview of nine “Manycritical support pro- saving graceand it wasthe the statewerereceiving unem- thepandemic.Ifthat assis- companies in the oil-sands grams that were put in place only way Iwas able to payfor ployment benefitsacrossall tanceends,Mr. Korn esti- business.Reviewsofmoreoil- earlier this year have already my apartment this summer,” stateand federal programs as 0.5 mates,they would be bringing and-gas companies will follow. expired, and the few remain- said Ms.Wass, 28 yearsold. of mid-November. in about 20% of their previous Morefund managersare de- ing ones areset to expirejust “NowI’m just going through Nearly 38,000 of the more 0 income. manding that companies set days afterChristmas,” the my savings.” than 187,000 people receiving With theatersand other stronger policies on climate governor wrote. “This is sim- Ms.Wassislooking for unemployment in Connecticut New York New JerseyConnecticut performancespaces not exchange amid mounting fearsof plyunacceptable and must be work but has found only a last month were coveredun- Note:Shows claims from week ended Nov. 14 pected to reopen beforeJune, fossil fuels losing value and se- rectified.” couple of small assignments. der the program forfreelance Source:U.S. DepartmentofLabor at theearliest, Mr.Korn said vere weather. PreviouseffortsinCongress One wasworking as asales- and self-employedworkers, the family won’t be able to This year,shareholder sup- to extend unemployment ben- woman forthree weeks at a according to the U.S. Depart- additional 13 weeks of pay- stay in their Harlem apart- port forclimatechangedisclo- efitshavefloundered, and a pop-up shop that sold expen- ment of Labor. ments to people who exhaust ment unlessCongressextends sures from U.S. companies av- federal program that provided sive leather jackets. In addition, hundreds of traditional stateunemploy- unemployment benefits. He eraged at 40%, up from 26% in $600 in extraweekly pay- “They paid me about $18 an thousands of residentsacross ment benefits, which end after said they would likely movein 2016,according to fund-track- mentsexpired earlier this fall. hour,plus aleather jacket that the NewYork region arere- 26 weeks. temporarily with Ms. Nahm’s ersMorningstar Inc.Share- House Speaker NancyPelosi Idon’t need,” she said. “I ceiving benefitsthrough an- If that program expires, parents on Long Island. holder resolutions in the U.S. (D., Calif.) and SenateMajority would cry on the subway, es- other federal measure, the theserecipientswould con- “The stress is bad, but our aren’t binding because man- Leader Mitch McConnell (R., pecially when someone was Pandemic EmergencyUnem- tinue to receivepaymentsun- kids take up a lot of our time agementcan reject them at Ky.) said last week they would near me without amask.I’m ployment Compensation Pro- der yetanother federal pro- and we try not to think about their discretion. trytopassanother relief pack- basically doing jobs that I gram,also set to expirethis gram, Extended Benefits, but what we can’t control,” said —Jimmy Vielkind age for unemployed workers, would say no to normally.” month unlessCongressrenews theoverall duration of their Mr. Korn, who has two young contributed to this article. along with legislation to keep If Congress doesn’t extend it. That programprovides an eligibility forassistancewill children. P2JW345000-2-A012B0-1------NS

A12B | Thursday, December 10, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK Rabbi Is DevotedtoLighting Up World WATCH

BY CHARLES PASSY popular because of their sleek NEW JERSEY look and the fact they can be For most Jews, the biggest assembledand broken down Rail Line Says It Will concern leading up to Hanuk- quickly and efficiently (he in- Meet SafetyDeadline kah, the eight-dayholiday cludes astorage case as well). known as the festival of lights, Mr.Klar wouldn’t provide The head of NJ Transit said might be remembering where exact sales figuresfor his Wednesdaythe state-run trans- they stored the menorah, the business, but he said profits portation operator will meet a candelabrum that is the focus aren’t his major motive. Dec. 31 deadline forinstalling a of the celebration. A native of Montreal, Can- required emergency braking sys- But for Rabbi Boruch Klar, ada, who studied political phi- tem, despitefederal regulators’ director of the Lubavitch Cen- losophyincollegeand worked singling the carrier out as the terofEssex County in West foratime as avolunteer for only U.S. railroad at risk of falling Orange, N.J., there is no such farmworker organizer Cesar short and facing severe sanctions. worry. He knows exactly Chavez, Mr. Klar asserts he is CEO Kevin Corbett even wheretofind his menorahs,as very much an idealist at heart staked his job on making the in dozens and dozens of them. in that child-of-the-’60s vein. cutoff, saying Wednesday if it Namely,anondescript ware- Although born andraised isn’t completed, “you’ll be talking house afew blocks from the Jewish, Mr.Klar said he to a new CEO.” city center. wasn’t particularly observant NJ Transit could face fines of Apartfromhis duties lead- in his youth. He began to take morethan $25,000 aday if it ing the center,Mr. Klar,68 his faith seriously when he doesn’tmeet the deadline, and years old, has built a thriving wasinhis 20s and found his potentially be barred from run- businessthat specializes in way to the Chabad-Lubavitch ning trains on tracksoperated by selling oversizemenorahs,in- movement. He started his cen- Amtrak, which includes the heav- cluding ones that topout as terinWest Orange, N.J.,25 ily traveled NortheastCorridor high as 12 feet. They are years ago. between Trentonand NewYork. bought by synagogues,munici- Rabbi Boruch Klar has built a His interest in making Positive train control is a palities and other organiza- thriving business in New large-scale menorahs began computerized system that can tionslooking to have abig Jersey that specializes in even earlier, when he worked automatically slow a train if an public displayfor the holiday, selling oversize menorahs. in outreach with Chabad- engineer is incapacitated or if a which this year begins Thurs- Lubavitch’sRabbinical College signal malfunctions. day night. menorah. of AmericainMorristown, N.J. —Associated Press “The world wantsmeno- “It’sthe essenceofJuda- Mr.Klar took noteofhow rahs,” said Mr.Klar,summa- ism, to bring light intothe Rabbi Schneerson, then very CONNECTICUT rizing his business model. world,” said Mr.Klar,who is much active, wastrying to And this year, it seemingly part of the Chabad-Lubavitch promoteHanukkah through Casino Opening Plans wantsthem morethan ever. movement, an Orthodoxgroup largemunicipal displays.But Are On Hold for Now Mr.Klar,whose menorahs that encourages lessobservant the oversize menorahs in use rangeinpricefrom$269 fora Jews to embracethe faith. The (2) were oftenungainly and unat- Leaders of Connecticut’s two 2-foot model designed to go movement is associated with tractive,fashioned in asimple federally recognized Native

atop acar to $1,899 forthe 12- the lateRabbi Menachem JOURNAL way from PVC pipe. American tribes announced footer, said he initially antici- Mendel Schneerson, one of the Mr.Klar felt he could do Wednesday they have decided REET

pated that sales would be most influential Jewish lead- ST better, and abusinesswas to temporarily set aside plans to

slowerbecause of the pan- ers of the past century. LL born. open the long-delayed, jointly

demic. Mr. Klar has sold 50 of his WA “He just saw a void and he owned Tribal Winds casino in

Instead, it has been the op- menorah models that go atop THE filled that void,” said Yaacov East Windsor, noting a need to Y/

positesituation, with the rabbi acar to Chabad Outreach of SS Leaf,ason-in-lawofMr. Klar’s focus on their existing casinos

running out of his largest Houston, a Chabad-Lubavitch PA who works with him. that have been hit hard by the models because of surging de- group in the Texas city that is This year has proved so fre- coronavirus pandemic. mand. planning to use them foraHa- netic for Mr. Klar that he was In a joint statement, the CHARLES Mr.Klar,who has sold nukkah parade. taking rush orders for meno- Mashantucket Pequot Tribal Na- about 1,500 menorahs this Asmaller but no lesssignif- geville,they still have every Mr.Klar,who also does a rahs up until Tuesday, though tion and Mohegan Tribe said year,said he thinks the pan- icant order this year: a 9-foot reason to celebratethe holiday solidbusinessselling meno- he often found himself disap- they need to focus their efforts demic has prompted the desire model sent to Milledgeville, publicly,apoint she realized rahs in the NewYork-NewJer- pointing last-minutebuyersby “for the foreseeable future” on formorefestivities.And Ha- Ga., acity of about 20,000 last year when her son noted sey metropolitan area—and telling them only his smaller Foxwoods Resort Casino and nukkah, which commemorates south of Atlanta. It will be the lack of Hanukkah decora- occasionally repairing meno- models,from18inches to 3 Mohegan Sun, which have faced aJewish militaryvictoryover used in themunicipality’s tions in town. rahs that getdamaged—will feet, were still available. “unprecedented challenges” dur- Greek forces in the second first-ever large-scale Hanuk- So,she found her way to be the firsttoadmit he might Meanwhile,heisalready ing the past seven months. Both centuryB.C.and the miracle of kah display, which wasorga- Mr.Klar’s Menorah.net web- not be the only retailer offer- thinking ahead to 2021 and casinos were closed for nearly aday’s worth of lamp oil last- nized by Allison Bloodworth, a siteand soon raised funds ingoversizeones.But he becoming up with ideas fornew three months earlier this year ing foreight, is aperfect occa- local Jewish resident. from thecommunity to buy lieves his models, made from models or tweaks to existing and are operating at 25% capac- sion forsuch acelebration, es- Ms.Bloodworth said that the oversize menorah. lightweight aluminum and ones. ity to prevent the spread of pecially with itshope-filled whilethereisonly asmall “It wasapieceofcaketo manufactured in China under “I start work as soon as Ha- Covid-19. nightlyritual of lighting the number of Jews in Milled- assemble,” she said. his specifications,haveproven nukkah is over,” he said. —Associated Press

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TRAVEL & ENTERTAINMENT PERSONAL JOURNAL.

BY ELLEN GAMERMAN Netflix’s Top10Non-Eng- ne of the most popular foreign movies on Net- lish Shows in the U.S. flix in the U.S. is “Kid- 1. “Barbarians” (Germany) napping Stella,” aGer- 2. “The Rain” (Denmark) Oman thriller about a 3. “Dark” (Germany) pregnant hostagewho 4. “MoneyHeist” (Spain) battles and outwitsher captors. 5. “Dark Desire” (Mexico) It’srelatively lowonsubtitles or dubbed dialogue,lacks obscure 6. “Ragnarok” (Norway) cultural references and fits intoan 7. “AlwaysaWitch” (Colombia) easily recognizable genre. Ameri- 8. “Tothe Lake” (Russia) cans areone of itsbiggest 9. “The SevenDeadly Sins: Im- audiences. perial Wrathofthe Gods” “Wetried to makethe film look (Japan) international and not German,” 10. “The Protector” (Turkey) said writer-director Thomas Sie- ben, adding that Americans helped Netflix’s Top10Non-Eng- his film reach nearly 19 million lish Films in the U.S. global views in itsfirst four weeks on the platform. “You have to re- 1. “The Platform” (Spain) ally work hardtogivethe film the 2. “LostBullet” (France) best look so that people don’t say, 3. “Rogue City” (France) ‘Ugh, this looks likeatypical Ger- 4. “#Alive” (Korea) man movie,Ihateit.’” 5. “Ip Man 4: The Finale” (Hong Theglobal hitsonNetflix in the Kong) U.S. arealong way from the eso- 6. “Kidnapping Stella” teric farethat has defined foreign (Germany) art on screen foryears. Gone are 7. “Cuties” (France) the days of French bohemians Clockwise from top: (“Jules et Jim”), Italian clowns (“La ‘Money Heist,’ 8. “The Crew” (France) Strada”)and aGerman horse head ‘Rogue City’ and 9. “The Paramedic” (Spain) full of eels (“The Tin Drum”). Now ‘Kidnapping Stella.’ 10. “Freaks—You’re One of Us” it’shigh-speed carchases,invinci- (Germany) ble heroes and post-apocalyptic showdowns. In an effort to grow itsworld- wide audience, Netflix has been moting it—“not asingle eurospent steadily increasing itscatalog of Americans Tu rn to Gritty on marketing,” said series creator foreign programming,giving ÁlexPina—the showbecame an Americans access to moreinterna- overseas hit. tional films and series than ever. But what looked likeastrokeof Netflix shared with TheWall Foreign Thrillers on Netflix luck wasthe result of carefulplan- Street Journal the top10foreign- ning.Netflix and series production languagefilms and TV shows most companyVancouver Media edited popular with U.S. audi- the 15 70-minuteepisodes ences.Not asingle com- into2245-minuteepi- edy or meet-cutero- sodes foraninternational mancemade it ontothe audience. Ashootout mid- lists. Instead, the rank- episode in the Spanish ingsweredominated by version became the first gritty farelikethrillers episode’scliffhanger.The and action movies. showadded actorsfrom Deadly viruses propel outside Spain, likeArgen- the plotsofthe South tinian Rodrigodela Korean film “#Alive,” the Serna, who co-starred in Russian series “Tothe “The Motorcycle Diaries.” Lake” and the Danish Netflix money helped show“TheRain.” Chil- amp up the global narra- dren go missing in the tive, with shootsinItaly, German series “Dark” Panama and Thailand. and “Kidnapping Stella,” Netflix renamed the aremakeofaBritish show“Money Heist” for movie.Corrupt police English-speaking viewers drivethe action in the rather than the direct French films “Lost Bul- translation, “House of Pa- let” and “Rogue City.” Netflix based itstop-10 listson Netflix subscribershavebeen lo- that have traveled very well glob- per.” In the Middle East, the show “Action movies have aunifying the number of U.S. accountsthat catedoutside North America, ac- ally have also been authentically became “The Professor,” named for quality—they’reverymuch in de- playedatleast two minutes of any cording to the streamer,which puts from that country.” itscriminal mastermind. Aseries re- mand all over the world,” said Guil- film or TV series during that title’s the current figure at above60%. Thepandemic appearstobeex- makeisinthe works in South Korea. laume Pierret, the writer-director first28days on the platform. The Netflix reportsmorethan doubling erting itsinfluenceonthe rankings. “The showwas released in a of “Lost Bullet,” aFrench film companycalls two minutes enough itsinvestment in non-English origi- “The Platform” wasreleased on time of crisis,” Mr.Pina said, about amechanic up against dirty time to indicateinterest and intent nal content over the last two years. Netflix in March, right when coro- “which is perhaps whythe series cops that came in at number two to watch. Some titles on the list Thecompanyhas gone from com- navirus lockdowns swept the U.S. has been ahit in manycountries on the top-10 film list. “I wanted have stirred controversy,including missioning roughly one in five for- TheSpanish film about aprison that were facing challenges.” the American audiencethat are the film “Cuties,” aFrench drama eign original TV and movie titles to whereinmates on high floorseat Sudden global attention can used to $200 million blockbusters about adolescent dancersthat com- nearly two in five since2016,ac- better than the ones belowisthe come as ashock to filmmakers to be interested in averysmall mented on the sexualization of cording to entertainment industry most popular movie on the Netflix and showrunnersused only to do- French film.” young girls. analyst Ampere. foreign films list. It also spent some mestic audiences.About 20 min- Theoutside world wasalready “When streaming TV started “Wehavelocal-languageorigi- time on the overall top-10 most utes afterthe firstepisode of the flexing itsmuscle in Hollywood after and companies became global, nal shows and local offices in popular original Netflix films Danish series “The Rain” started the South Korean movie “Parasite” therewas this fear that somehow manycountries around the world-wide,alongside titles includ- airing on Netflix,co-creator Jannik wonthe 2020 best pictureOscar, Hollywood would dominateevery- world—the growth in that area is ing the SandraBullock hit “Bird TaiMosholt received an email the firstforeign-languagefeatureto body in the world,” said Eli Noam, very important to the company,” Box” and the 10-time Oscar nomi- with the subject line,“‘The Rain’ do so.Similarly,global titles areon aprofessor and media economist at said Bela Bajaria, Netflix’snew nated movie “The Irishman.” What aPain.” the rise in the streaming arena, es- Columbia BusinessSchool. Instead, head of global TV whose previous Some films aremoresuccessful AviewerinIndia had seen the pecially as the pandemic has compa- he said, foreign content is playing experienceoverseeing local-lan- globally than they were at home. first10minutes and hated the dys- nies looking abroad forfresh mate- hopscotch, likeaNorwegian series guageproductions is seen as asig- When “LaCasa de Papel” came out topian coming-of-agethriller.“I rial. Viewing of non-English titles by finding fans in Mexico. “Culturebe- nal of the streamer’s commitment in Spain, the series about thieves found it fantastic that this random U.S. Netflix subscribersincreased comes globalized even morethan to foreign markets. taking hostages inside the royal blokeinMumbai wanted me to morethan 50% this year compared before, not Americanized, even as Ms.Bajaria said that though the mint wasaflop.Production knowhethought the showwas

(3) with 2019,according to the com- the distribution platforms become listsonly feature dramas,they stopped beforethe end of the first crap,” Mr.Tai Mosholt said. “All of pany. Netflix does not release overall Americanized,” he said. show“awide rangeoftone and season. Then Netflix took on the asudden that made it very inter-

NETFLIX viewership numbers. Since2017, morethan half of all emotion,” and added that “shows drama, and without heavily pro- national.”

an Israeli showbut when youthink There is an acute sense of jeop- ship with but with othersnot, so WhyDoIsraeli Dramas Translate about itsthemes they could not be ardy in Israeli shows like “Your it’sanintense reality. moreuniversal. Honor” and “Tehran.” Could it be So Well to American Television? because they are written by peo- How does this impact Israeli Do youthink alsobeing awriter ple living in a country that is con- dramas? helps youtobetteridentify stantly under threat? There are a couple of factors. One BY TOBIAS GREY Earlier this year, Paper Plane projects? Absolutely, living in Israel is avery of them is the reality that the co-produced “Tehran,” which be- That’s sort of what I brought into unique experience. To begin with writers are living in is a polarized he high-concept premise of came AppleTV+’s first interna- my producing career. I like to youhavethree yearsofmandatory one. On the one hand you can have TShowtime’s new television tional show. The 8-part espionage think that I can identify projects militaryserviceifyou’reaman and missiles flying literally over your drama “Your Honor” was thriller shot mostly in Farsi was early on even if they’re at a stage two yearsifyou’reawoman. That head but at the same time people made in Israel. The 10-part show, co-written by “Fauda” screen- when they’re not really working designs your lifeinmanywaysand are partying like it’s 1999 on the which premiered Dec. 6, stars writer Moshe Zonder. Since its yet because I know how to fix affectsthe wayyou liveafterwards. beaches of Tel Aviv. Also the bud- Bryan Cranston as a spotless New September premiere Messrs. them. That has been the case with Israel is asmall countrysur- gets are so small that the focus is Orleans judge who betrays his eth- Zonda and Aranya each signed many shows that I’ve produced, rounded by other countries,some on character and not on big ical code by covering up a hit-and- first-look development including “Tehran.” of whom it has apeaceful relation- worlds but exploring situations. run involving his son. deals with AppleTV+. Alon Aranya, an executive pro- Mr. Aranya spoke to Do you think Israeli shows about ducer on “Your Honor,” helped the WSJ about picking Left: Alon Aranya. Below: Bryan Cranston stars in ‘Your Honor.’ political conflicts like “Fauda” and shepherd the series to American winners and the inherent “Tehran” have changed the way TV. He says the original Israeli jeopardy in Israeli dra- Israel is perceived in the world? version, “Kvodo,” was made for a mas. Edited extracts: One of the thingsthat “Fauda” fraction of what the U.S. version wasverysuccessfulwith and also cost and that its remake rights As a producer you’ve drew me to “Tehran” is the abil- have also been sold to India, been involved in adapting ity to tell astory thatbringsboth France, Russia, Germany and Italy. several Israeli shows for sides of aconflict to the tabIe.A Mr. Aranya, 49, has executive the U.S. How do you pick a lot of the feedback Igot from produced several U.S. television re- winner? people who watched “Tehran” makes of popular Israeli shows, in- Manytimes Istart looking at a washow much theyenjoyedthe cluding the CBS series “Hostages” project when it is still only on pa- character of the Iranian head of (2013-14) about a doctor whose per.Iheardabout the original Is- security who is basicallyout to WTIME family is taken hostage as she is raeli version of “Your Honor” when getthe Israeli protagonist. You SHO about to perform an operation on it wasstill in development. So when reallyget asense of the charac- the U.S. president, which he also Ipitched an English-languagever- ter’sown personal tragedyasa THORP; co-wrote. However he says his fo- sion Iliterally had nothing to show patriot who believesinhis coun- cus has become more international because therewas no tape of it. But try. So Ithink it gives some per-

MICHELLE since 2017 when he set up his with “Your Honor” it occurred to spectivetothe headlines about : company Paper Plane Productions me that no matterwhereIwent in this nuclear conflict between LEFT with offices in Los Angeles, Tel the world the pitch would resonate Iran and Israel thatcontinues OM

FR Aviv and the Netherlands. in exactly the same way.Itmight be to intensify. P2JW345000-0-A01400-1------NS

A14 | Thursday, December 10, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT TheRise of the Giant, Empty Long‑Haul Trip

THE MIDDLE want to travel—even with a 14-day SEAT quarantine, even with all the test- SCOTT ing—and these vital travel lanes McCARTNEY are key to having those connections,’’ says Patrick Quayle, vice president of international network and alliances at United. he lesson is clear: No The number of scheduled pas- matter the obstacles, senger flights at least 3,400 miles there will always be peo- long—New York-London is 3,451 ple (and cargo) who will miles—jumped 23% to 32,317 Tfly. world-wide in December compared Airlines have added a with November, according to Cir- number of very long international ium, an aviation data company. De- flights to schedules in December, a cember schedules still had 70% sign of resilience and necessity in fewer flights than December 2019, air travel. Some of the new flights but the number of flights sched- S

are a result of increased holiday uled was three times as many as NEW G travel and cargo demand in key the May low for long-haul interna- cities. Many will have small pas- tional trips. OOMBER

senger loads—30 or 40 people on Many countries limit entry to BL

a wide-body jet. But with the right citizens, legal residents or people S/ cargo load, that’s enough to at who get special permission from AM AD least break even on many trips, government agencies. Many re-

airlines say. quire a 14-day quarantine or a HOLLIE negative Covid-19 test. It’s best to Airlines have more extra-long flights planned for December, though some max out at 30 or 40 passengers. Year-End Bonus check the requirements at the website of the U.S. Embassy of a The number of international ﬂights of particular country, or at the U.S. Qantas, Australia’s flag carrier, given the pandemic. And Virgin ber of seats each week more 3,400 miles or morebetween State Department’s travel informa- suspended all international flights Atlantic is flying more than half its closely matches demand. December 2019 and December 2020 tion page. except to New Zealand because of normal December schedule to the “It’s very much hit and miss,’’ 120 thousand ﬂights Airlines say international pas- government restrictions. But U.S., reaching Boston, New York, he says. sengers typically boil down to dual United kept going with a daily trip Washington, D.C., Atlanta, Orlando, Many passengers are flying to citizens and legal residents, gov- between San Francisco and Syd- Miami, Las Vegas, Los Angeles, family in Europe, the Middle East 100 ernment officials, health-care offi- ney. It has been the only airline San Francisco and Seattle. and Africa, he says. cials and family members flying to that never stopped flying between “Presently Africa is playing a 80 see dying relatives or attend wed- the Americas and Australia. tremendous role in Lufthansa’s dings or other gatherings. The Mr. Quayle says each United Theincrease comes long-haul revenue overall, which it 60 global diaspora of workers has flight is limited to about 35 to 40 never would have played in the created more demand for air travel passengers, based on available despitelow passenger past,’’ Mr. Ryan says. even in the pandemic. government quarantine capacity. demand and Covid Nigeria closed its borders for a 40 “There are still millions of peo- The airline is flying to Australia long period, then opened up to a ple who have not been able to re- with a 250-seat Boeing 787. Cargo drivenentryrestrictions. few flights a week beginning the 20 unite with their friends and fami- helps cover a lot of the cost of op- first week of December. That lies,’’ says Mark Drusch, senior erating the trip, and with that, sparked a rush of corporate pas- vice president of revenue manage- those few passengers are enough sengers, as well as Nigerians living 0 ment at Qatar Airways. to make the trip worthwhile. Lufthansa, which flies to 11 in the U.S., Mr. Ryan says. DJFMAMJJASOND Qatar has been somewhat op- United added Los Angeles-Syd- U.S. cities,half of what it used to United is flying to Frankfurt Source:Cirium, an aviation data company portunistic during the pandemic, ney flights to its schedule this fall. serve, says it evaluates flights from six U.S. hubs—the same num- maintaining flights to 30 destina- So did American and Delta. each month and drops anythat ber as last year—and Mr.Quayle That also could mean nine, 12, tions and actually adding several Singapore Airlines, which has won’t be profitable based on ex- says 70%ofpassengersare connect- even 18 hours in an enclosed space new cities, including San Fran- been flying to San Francisco and pected cargoand passenger reve- ing from there. Beforethe pan- in the middle of the pandemic, a cisco. On Tuesday, Qatar an- Los Angeles despite restrictions on nue.Ithelps that fuel prices demic,travelerscould flynonstop choice many would-be fliers have nounced it will start flying from who can enter Singapore, restarted arelow. to manymorecities in Europe and avoided. Robust ventilation and air Doha to Seattle in March—the air- the longest flight in the world in The airline is using smaller beyond. Now, to gettoRome or filtration in cabins does reduce, line’s 11th U.S. city. November—a nonstop between planes for formerly busy routes, Prague on United, they must con- but not eliminate, viral transmis- Australia has some of the Singapore and New York. switching a jumbo with 509 seats nect in Frankfurt to Lufthansa. sion risk. Even with the risks, strictest requirements for travel. It There are also an average of 26 for a plane with 279 seats, for ex- Airline executives expect a drop quarantines and restrictions, the requires 14-day quarantines in a flights a day in each direction be- ample, and sometimes flying only in long international flights in Jan- increased flying just shows that government-designated facility, tween the U.S. and London. two or three days a week instead uary—some of this surge is based there will always be people who and inbound flights have restric- British Airways is flying to 12 of daily, says Larry Ryan, Luf- on December holiday traffic. But need to go. tions on passenger load based on U.S. cities, down from 22 in De- thansa’s senior director of sales in some expansion will continue next “Air service is critical. People availability of quarantine beds. cember 2019 but still considerable the U.S. He says the reduced num- year, too.

The organization’s work earned abled the conference held in 1998 on Plau- Nonprofit Ms. Fortune the nickname in Italy museum to tilla Nelli, a Dominican nun who of “Indiana Jane.” establish the died in 1588. The conference, orga- Focused On A message sent to AWA mem- Jane Fortune nized by professor Jonathan Nel- bers on Dec. 1 and posted to its Endowment son of Syracuse University in Flor- website said: “In June 2021, our for Women ence, had in turn been inspired by Women’s Art much-loved organization will offi- Artists. The his own discovery of a book on cially close its doors.” museum de- Nelli written by another nun. To Close Ironically,the announcement of clined to For centuries, women who AWA’s closurehas come at atime comment. wanted to paint or sculpt faced of unprecedented interest in But, to daunting obstacles. In Renaissance BY JOHN HOOPER women’sart. Twentieth centuryfe- the surprise times, they couldn’t be appren- male artistshaveachieved record of many, Ms. ticed to a master. Nor were they Florence prices in the sale rooms; awork by Fortune allowed to study anatomy or draw dvancing Women Artists, the the British painter JennySaville didn’t create male nudes from life. nonprofit devoted to rescuing went under the hammer in 2018 for an endow- Yet Anguissola, Gentileschi and A morethan $10 million, the highest ment for Lavinia Fontana from Bologna all the forgotten works of female artists and founded by the late pi- amount ever paid forapainting by AWA. “Why came to be recognized as accom- oneering philanthropist Jane For- awoman. Last February, Columbia didn’t she plished artists by their contempo- tune, is folding. University art historian leave the en- raries. When a Persian ambassador T Since its foundation Michael Cole published dowment? to Rome decided in the late 16th AR

OF in 2009, AWA has iden- asubstantial mono- Left: Jane Fortune. Above: Baroque painter Artemisia Because she century to have his portrait tified hundreds of graph on Sofonisba An- Gentileschi painted this self-portrait around 1615. wanted to painted, he turned to Fontana. It works created by Italian guissola, a16th century leave the en- was in subsequent centuries that MUSEUM women artists between Italian artist. Recently, dowment in the achievements of women artists the 16th and 20th cen- London’sNational Gal- Fortune, who died in 2018. the U.S.,” said Ms. Falcone. “She were forgotten or ignored.

HENEUM turies and financed the lery inaugurated ama- “A lot of the groundwork we felt closer to it, [and had] more “When I first met Jane [For- AT

H restoration of 70. Last jor exhibition devoted needed to continue, we just didn’t control over it as well.” tune], there was very little interest

RT year, the organization to Baroque painterAr- have,” Ms. Falcone said. “You need She added that Ms. Fortune in Italy among curators, art histo-

WO attracted world-wide temisia Gentileschi. huge commitments from funders. “wanted others to take on this rians and the public in women art- DS attention with the unveiling of Last week’s announcement from But you also need commitments mission. She really thought this is ists,” said Prof. Nelson. “She in- WA

O; perhaps the most ambitious work AWA, which gave no reason for its within projects from various insti- valuable and I’ve done my part. vested enormous energy, passion AL known to have been painted by a closure, came as a surprise to tutions to move forward.” I’ve launched it and if it’s going to and funding in changing that.” OF woman during the Italian Renais- many supporters of the organiza- In her will, Ms. Fortune left her survive it’s going to survive based “I think we’ve really given the GAR sance: Plautilla Nelli’s Last Supper. tion. The organization’s director, art collection to the Eskenazi Mu- on the will of others.” world something to think about,” RIO

DA Many of the canvases located Linda Falcone, said AWA lacked seum of Art in Bloomington, Ind., Ms. Fortune was inspired to said Ms. Falcone. “Since 2014, : by AWA were found, caked with the financial resources to continue together with what the museum embark on her quest after spot- we’ve seen a huge change: how LEFT grime, in dusty museum store- with its work and had been unable on its website calls a “transforma- ting, on an antiques stall in Flor- museums are starting to recover OM

FR rooms and dank Tuscan churches. to find a benefactor to succeed Ms. tive estate gift.” Her donation en- ence, the papers of an academic and rediscover art by women.” P2JW345000-0-A01500-1------XA

THE WALL STREET JOURNAL. Thursday, December 10, 2020 | A15 ARTS IN REVIEW (2) FELICELLA Inside the Rothko Chapel, Under these conditions,one no-

ABETH above, and a view of the tices what no photograph cancap-

ELIZ structure’s skylight, below; ture: Thepaintingsare not flat and

TER; Barnett Newman’s ‘Broken lifelesspanels of monochrome

HES Obelisk’ on the plaza in front black,but hover over adeep bur-

UL of the building, left. The $30 gundy underpainting,smoldering PA

: million restoration was likebanked fire.Itcan be no coinci-

LEFT completed by the Architecture dencethat Rothkooutfitted aCath-

OM Research Office olic chapel with 14 paintings, the

FR same number as the Stations of the Cross, the traditional imagecycle WISER of spaces that the visitor ex- depicting the trial and crucifixion of OCK periences.The chapel is en- CL Jesus.BarnettNewman, Rothko’s teredfromthe south, which friendly rival, had recently painted ARCHITECTURE REVIEW canfeel likeasudden plungefrom ahighly publicized series of 14 blinding Texas sunshine intopitch paintingsbearing that name.(New- blackness. To buffer the transition, man’s“Broken Obelisk” waserected he added amodest outer vestibule on the formal plazainfront of the Seeing MarkRothko and modulated itslighting so that it chapel as amemorial to Martin Lu- drops in stages,giving the eyes ther King Jr., underscoring itsactiv- time to adjust. He also introduced ist aims.) acoustic-absorbent plaster intothe Themost arresting painting is In aNew Light lobby,something to which the ar- the last that the visitor discovers, riving visitor responds uncon- just behind the entrance. Astrip of sciously,shifting to hushed tones. dark chestnut redruns along the From the beginning,the chapel bottom, reminding us,asDominique Arestoration of Houston’sRothkoChapel features updatedacousticsand did battle with Texas’spitilesssun- de Menil liked to say, that Rothko’s light, something not anticipated by colorswerethose of “blood and lighting thatshowcaseasnever beforethe 14 canvases thatline itswalls Rothko, who never traveled to wine.” But one hardly needs the Houston beforetaking his lifein sacramental allusion to feel apro- BY MICHAEL J. LEWIS paintingsthemselves were leftun- and Johnson did not playwell to- 1970. An obtrusivelight baffle in- found sense of the infiniteinthe re- touched. As it happens,they arethe gether.In1967 the commission was stalled by OveArup20yearsago stored chapel. Itsstillnessisover- Houston principal beneficiaries of the resto- takenfromJohnson and given to has nowbeen swept away by the powering,all the bettertolisten for he RothkoChapel is awin- ration. Howard Barnstone and Gene Aubry, ingenious lighting system of George what she called “the unbearable si- dowlessbrick octagon, 48 Theidea of the chapel dates to who executed his scheme with only Sexton Associates.Believing that lenceofGod.” feet in diameter,whose 1964, when John and Dominique de minor modifications.The Menils the visitor should always be aware sole source of light is a Menil, Houston’scelebrated art pa- and the university also parted ways, of the changing sunlight, that firm Mr. Lewis teaches architectural central oculus.Itisasom- trons,visited Rothko’sNew York and in 1968,beforeconstruction be- has worked to muteits ferocity. history at Williams and reviews T architecture for the Journal. ber chamber of shadows studio.They sawtherethe murals gan, their chapel became an inde- Carefully aligned louversdirect its and the 14 paintingsbyMark that he created forthe Four Sea- pendent institution that would be rays ontothe Rothkothat surround it arethem- sons and famously refused to de- open to nondenominational use and walls,while diffus- selves shadows,rectangles of black liver to the restaurant, not wanting privatecontemplation, and would ing glasslessens or deep plum. It ought to be as in- the “rich bastards” who were its also stresscivil rights. Over the their intensity. viting as the bottomofawell. And customerstoenjoythem. TheMe- yearsithas happily accommodated Equally clever is yetitisunexpectedly uplifting,and nils made him abetteroffer,tocre- everytype of service, from Jewish the nighttime it seems to speak not of despair and ateanew cycle of paintingsfor a weddingstoZoroastrian purifica- lighting.Inaring oblivion but of the human spirit in building wherethey would not be tion rites.This is the great paradox beneath the oculus all itsproud, frail dignity. incidental decoration but the main of the chapel, that abuilding and a areeight digital Thechapel, which opened in Feb- point. They combined the commis- cycle of paintingsdesigned explic- projectors, each di- ruary1971, has just completed its sion with another of their projects, itly forCatholic worship should rected against a $30 million restoration by the Ar- the giftofachapel to Houston’s makeeveryone feel at home. mirror,their chitectureResearch Office(ARO) of University of St.Thomas,whose art Thephysical fabric of abuilding beams fine-tuned NewYork.That restoration is subtle department Dominique then is normally the focus of arestora- to compensatefor to the point of invisibility.The walls headed. Their architect wasPhilip tion, but hereitwas something in- anyglareorhot have been strengthened, the en- Johnson, whose house forthe Me- tangible—the totalsensoryimmer- spots. Theresult is trancevestibule uncluttered, and nils wasone of his firstrealized sion that Rothkointended. Stephen an absolutely even, the acoustics and lighting immea- buildings. Cassell, the principal designer,paid softly diffused surably improved, while Rothko’s To the surprise of no one,Rothko particular attention to the sequence light.

BY LEE LAWRENCE ARTREVIEW

Katonah, N.Y. nKatoTsubusa’s3-foot-tall sculp- ‘Hands &Earth’: AKiln-Fired Culture Iture, “Object,” youcan feel the ce- ramist stretching,slicing and pinching the thick slabs of white porcelaneous claythat rise intoa stretching back to the late16th ditional Forms.” soaring,raggedpeak—and sense century, when Koreans—cap- Also worth noting is the slowpouring of pale celadon tured by Japanese invading the fact that labels in glazesothat it flowsdownthe forces—revolutionized the field. this section makeno sides and pools at the base like They introduced porcelain pro- referencetothe vessel melted snow. In MaetaAkihiro’s duction along with, among shapes of,say,Hashim- whiteporcelain pot, however, the other things, kilns that allowed otoMachiko’s“Shining artist’shand is invisible.After shap- formorecontrol during firings, Moment,” alarge, ing the small mouth, tapering the anumber of glazing techniques, bloom-shaped work base,flaring and faceting the body, and an appreciation forslight that captures the the artist ranablade over the sur- asymmetries and imperfections. strength and delicacy face, erasing all traces of his fingers This coincided with the codifi- of petals; or Sakiyama and palm. Theresult is awork cation of the teaceremony, Takayuki’s“Choto; Lis- whose heftand purity of form ex- which prized rustic ceramics tening to Waves,” a ude calm. over the refined and polished swirling masswhose Such contrastsabound in “Hands waresadopted from China. In form evokes awhirl- &Earth: Perspectives on Japanese the 1920s,ceramistsreprised Kondo Takahiro’s pool’senergy while itssurfacere- ContemporaryCeramics”—and so this preferencewith the mingei, ‘Jishinha (Seismic Wave)’ calls rippling sand. S VIS do affinities,subtle connections and or folk craft, movement, whose (2016), left; example of Nor aretherereferences to MIR

jaw-dropping displays of mastery. influencecomes through in a glazed stoneware from forms in the other groupings— B.

Of the 35 ceramistsfeatured, seven number of pieces as does an the exhibition, far left; “Modern Interpretations of Tradi- AN JO

have been deemed Living National ongoing fascination with histor- Hashimoto Machiko’s tional Regional Ceramics,” “Modern O/

Treasures,manyhavereceived ical glazes and experiments ‘Shining Moment’ (2012), Uses of Traditional Glazes,” and HIR prestigious awards, and all have with porcelain. Theworks span above “On the ShouldersofGiants”— KA met with critical success. about eight decades starting in wherefunctional vessels predomi- TA This is not intended as acompre- 1937,with almost half made be- nate. We automatically take in that NDO KO

hensiveoverviewofJapan’sceram- tween 2010 and 2016. Nakagawa’s bold zigzagdesign cuts Y; ics scene.There’snobling,no Theshowopens win- within agiven glaze? acrossaplatterjust as Shimizu

playfulness, no mangaor dows intothis history Lots.OnNakagawa Uichi’ssubtly veined iron-glazecov- GALLER

anime imagery. That’sbe- through itsselection, Jinenbo’s platter, the ersavase.But if we want to con- YO OK

cause the show, which groupingsand la- Chosen (Korean) Kar- firm that the Kato jar is avessel /S originated at the bels.Asmall atsu glazecreates a used to storewater forthe teacere- Lowe Art Mu- bowl by Miwa featherywhiteareabi- mony, the label offersnohelp. BAKER seum in Miami Kyusetsu XI, sected by astreak of Throughout, labels simply refer DOUG

and is currently forexample, speckled dark brown. to each work by the name itsmaker O/

on viewatthe sportsa These arethe result of gaveitorthe moniker “Untitled”— CHIK

Katonah Museum thick ash juxtaposing aricestraw and if thereisamoreconcise way MA

of Art, drawsits glazehe ash glazeand ahigh- to expressthe Japanese perspective TO 41 works from the dubbed Oni iron ash glaze. In the on art and craft, namely that nei- SHIMO

privatecollection of (Devil) because it hands of MarutaMune- ther is inherently betterthan the HA

Carol and Jeffrey Hor- crawls during firing, with aceladon glaze, as noted in hiko, the brownglazeisvelvet-deep other,Ican’t think of it. S; vitz,who have acquired leaving random fissures the label. and the whitecreamyasitencircles VIS ceramics they deem that reveal the coarse That orange-peel texture of a his pot’sneck and trails down to Hands &Earth: Perspectives on MIR B. “clearly Japanese,clearly claybody beneath. It is squat, lidded jar by Kato Yasukage? the shoulder likeasilk scarf. Where JapaneseContemporary Ceramics AN

contemporary, and that spoke his answertothe even and Shino glaze. Therough, pebbly skin dark and light intermingle,the fire Katonah Museum of Art,through JO to atraditional style and technique smooth Hime (Princess) of his fore- with baked-in striations of Tsu- has added streaks of blue. Jan. 24,2021

in Japan,” as Mr.Horvitz states in fathersatthe Hagi kilns.In“Fall jimuraKai’slarge pot? Natural ash- This installation departsfrom KENNIN/

the catalog.(Theexhibition will Wind-Eye,” Kino Satoshi threw a glazeonstoneware.Asfor the sil- the catalog,most notably by doing Ms. Lawrence writes about Asian TO travel to the University of Georgia vessel on the wheel and then de- very beading on Kondo Takahiro’s away with the “Women &Nature” and Islamic art for the Journal.

on June 12, 2021, and the Crocker constructed it intoribbons of por- towerlike“Jishinha (Seismic grouping and, instead, placing those KISHIMO Museum on Jan. 22,2022.) celain that he shaped to swoop and Wave)”:ametallic glazeofMr. four female artistswherethey Editors’ note: TheKatonah Mu- : Anumber of the artistscome meet in acircle.Using acompres- Kondo’s devising.And just how rightfully belong: alongside other seum of Artisclosed formainte- LEFT OM

from along line of potters,some sor,hecovered everymillimeter much creativefreedom is there living ceramistsmaking “Non-Tra- nanceuntil Tuesday. FR P2JW345000-0-A01600-1------XA

A16 | Thursday, December 10, 2020 THE WALL STREET JOURNAL. SPORTS

BY BEN COHEN NHL Grinds nstead of reporting to Hous- tonfor training camp last week,James Harden went to Toward IAtlantatocelebratethe birthdayofarapper named Lil Baby,who reportedly received AReturn $100,000 in cash, a$200,000 watchand abunch of honey bun pastries in aPrada bag as agift BY LAINE HIGGINS from the NBAsuperstar. As the Rocketsheld their first THE NATIONAL HOCKEY League practiceofthe season on Sunday, is inching closer to getting back on video on social media appeared to the ice, mostly without fans, as showHarden partying in aLas Ve- contentious talks between fran- gasnightclub,openly flouting the chise owners and the league’s league’scoronavirus protocols by Players’ Association have resumed gallivanting inside without amask. with a goal of starting an abbrevi- Harden finally reported forwork ated 56-game season in mid-Janu- on Tuesday, as the NBAattempts ary. to start anew season in the teeth The move toward a new season of apandemic,with millions unem- comes amid a bruising battle over ployedand miserable from nine the economics of playing another months of virus restrictions.But pandemic season, one that could his delayedarrival is only the be- be rough for owners without sub- ginning of this showdownina stantial ticket revenues or more league that has become accus- James Harden took his salary concessions from skaters. tomed to the best players getting time getting to training The NHL season normally be- their way. camp. He appears to gins in October, but the traditional Harden’sextraordinarygambit want out of Houston. schedule has been upended by the to pressurethe Rocketsintotrad- coronavirus pandemic. The ing their franchise playertoatitle 2019-20 season only finished in contender is the NBA’slatestsaga late September after being inter- pitting adisgruntled star against rupted in March. his ownteam. James Harden’sStepback To get moving again, the league Therewas hope in Houston that needs about a three-week ramp-up Harden would reconsider his re- to allow players to quarantine quest and avoid this kind of im- upon repatriating to their home passe.That optimism made way for From the Rockets markets and then participate in resignation and frustration as fresh training camps, according to peo- clips of his extracurricular activi- ple familiar with the matter. ties surfaced. Houston’snew coach Should an agreement between the Stephen Silas has been patient but The NBA star wants out with two years left on his contract. It’s the league and players be reached by said that not having his best player the end of the week, games could at camp wasanunexpected set- latest saga pitting a disgruntled player against his own team. resume as soon as Jan. 13. back.When he wasasked if he had The late start date wouldn’t be spoken with Harden, P. J. Tucker re- the only unusual feature of the sponded: “I’m heretospeak forP.J. Harden made it clear that he is that star players have become per- done before. He took more3-point- 2020-21 season. Games would also Tucker.” determined to work elsewhere petual free agents. They aresatis- ersthan anyplayerinbasketball extend about a month farther into Harden relieved some of their when he rejected atwo-year,$103 fied—until they’renot. history. He isolated morethan en- the summer. The NHL hopes to anxiety by initiating his return to million extension offer last month, Whether the increased move- tireteams.Hepioneered acounter- wrap up the season in mid-July to the Rocketsand submitting to according to ESPN,which meant he ment among newly empowered intuitiveand revolutionaryshot, prevent the Stanley Cup Finals Covid-19 testing on Tuesday, but he spurned adeal that would have players is ultimately healthyfor the stepback three,and then made from competing with the 2021 To- hasn’t offered an explanation for made him the league’sfirst $50 the league’sbusinessismurky. The it the focalpoint of the league’s kyo Olympics, both of which air on his absencebeyondacryptic Insta- million player. Theproblem for NBAiscoming off aseason when most efficient offense. NBC. gram storyofagrimacing emoji. Harden is that he’sunder contract television ratingsplummeted fora His style wasnever aesthetically Whenever the puck drops, the Themost revealing peek into and doesn’t have ano-trade variety of reasons.Asmuch as pleasing,and the Rocketsmanaged NHL is preparing for it to happen Harden’smind came from an Insta- clause—which means his only some fans appreciatethe frenzy to repel manyNBA fans even as in empty arenas. A spokesperson gram comment by his mother in source of leverageishis willing- and relish the spectacle off the they attempted to dethrone the for the NHL said its fans will be which she insisted her son was nesstomakethingsunpleasant. court, it threatens to distract from heavily favoredWarriorsand Lak- welcomed back when local health “doing the best forhis career” by Nobody in this increasingly toxic the games and overshadowwhat’s ers, but therewas no denying that regulations allow. Teams located in trying to land on ateam with ale- happening on the court. accommodating Harden wasre- states like Florida and Texas, gitimateshot at winning acham- Thelast time the league was markably effective, even if acham- where restrictions are more lax, pionship. ‘James Harden wants to subsumed by aplayerofHarden’s pionship eluded the Rocketsinpart could see crowds soon, while other That used to be the Rockets. But caliber requesting atrade wasAn- because of Harden’splayoff flops. franchises could play the entire they arenolonger the team that win a ring....Hopefully thonyDavis’ssuccessfulattempt to But nowHarden is begging out season without an in-person audi- challenged the Golden State War- he’ll do it with the escape NewOrleans in 2019.The of asituation of his owncreation. ence. riorsin2018 and 2019,and they’re acrimonyentered the realm of the Fewplayers have ever hadsomuch The makeup of divisional races not even the team that had the au- Houston Rockets.’ absurdwhen Davis sat fortwo control of their team or collabo- would also look different in 2021. dacity to playwithout atraditional weeks beforethe trade deadline— ratedsoclosely with executives in Due to strict Canadian travel re- —Owner Tilman Fertitta big man in 2020. and then the Pelicans decided not the front officeasHarden, who strictions, all seven teams in the Thingsfell apart. TheNBA team to trade him. He playedsparingly earned the powertodecide the country will be in one division. without acenter couldn’t hold. forthe rest of the year and walked way he playedand who he played ON/REUTERS NELS

Houston coach MikeD’Antoni intothe team’sfinal home game with. They arenot so tolerant of Y leftwhen his contract expired, gen- situation seems to knowwhat’sgo- wearing ashirt with aline made his request to playfor another PERR

eral manager Daryl Morey resigned ing to happen next. Harden risks famous by PorkyPig: “That’sall team. S; suddenly and Russell Westbrook alienating fans and damaging his folks!” Theinsouciant strategy That could be the Brooklyn Nets, wastraded one season afterthe reputation if he sulks through the worked out forDavis when he was whereHarden would be teammates PRES Rocketstraded Chris Paul forhim. motions forthe Rockets, who are finally traded to the LosAngeles with Kevin Durant and Kyrie Irving. TED CIA

That left Harden and owner Tilman paying him morethan $40 million Lakers and wonachampionship. It could be the Philadelphia 76ers, SO

Fertitta as holdovers. And then one this year and $44 million next year, But what Harden is attempting wherehewould be reunited with AS became aholdout. but they appear reluctant to punish might be the most brazen move Morey.Oritcould be another team

“James Harden wantstowin a Harden or trade one of the game’s yet. that putstogether an offer the TERRILL/ ring during his period as abasket- transcendent players with two This defiant streak is normal for Rocketscan’t refuse. J. ball player,” Fertitta said Tuesday guaranteed yearsleftonhis deal him by now. Harden led the NBAin But they don’t have much time MARK

on CNBC.“Ithink that is wonder- forinsufficient value.The most scoring forthe last three seasons beforethingsget uglier.The Rock- P: ful, that he’sgoing to do it and likely result is an awkwardstale- and wonthe league’sMVP award in etsopen the regular season in two TO OM

hopefully he’ll do it with the Hous- mate. 2018 by pursuing extremes and do- weeks.They still don’t knowif FR tonRockets.” This is howthe NBAworks now ing thingsthat nobody had ever Harden wantstobethere. A new season would start in January.

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THE WALL STREET JOURNAL. Thursday, December 10, 2020 | A17 OPINION The New Covid Resistance BOOKSHELF | By Agnes Callard

Despitethe wit: Govs.Andrew Cuomo of riving of vaccines with 95% ef- Old Books Trump elec- NewYork,Gavin Newsom of ficacy and with current CDC tion chal- California and Gretchen Whit- data showing 80% of Covid lenges,de- mer of Michigan. deaths still occur in people 65 spitethe How’s it going? and older,itmay be time to re- In a New Class Georgia Sen- During the virus’sfirst visit policies to minimize(but WONDER aterunoff phase,fromMarch through not eliminate) the elderly’s so- LAND that has the end of summer,resistance cial contact as the least dam- Breaking Bread With the Dead turned Loeff- to the prescribed public- S aging way forward. By Daniel

ler,Warnock, health policies of 6-foot social PRES TheNational GovernorsAs- By Alan Jacobs Henninger Perdue and distancing and wearing masks sociation and AARP,the retir- (Penguin Press, 176 pages, $25) TED

Ossoff into occurred mostly on the politi- CIA ees’ group,havecompiled

unlikely household names,the calright, with Mr.Trump’s SO state-by-state tables of coro- lan Jacobs reportsthat, though he has been teaching most intriguing consequence support. For that, eventually, AS navirus restrictions.Put it this A old books to classrooms full of studentsfor many of the 2020 election is Nancy he paid a political price. way:Thereare exceptions,but years, lately when he walks intoaclassroom “fairly Pelosi’s slim Democratic ma- Thelatestsurge is produc- WHITE/ if youwant to liveinastate regularly the firstthing Isee is everyhead bowedbeforea EVE

jority in theHouse.How did ing a new and different wave ST without authoritarian im- glowing screen.” Ever-present screen-based entertainment, that happen? of resistance, which is related Sheriff’s deputies arrestStaten pulses,your best bet is to a24-hour news cycle and the constant connectivity of social Theunexpected result sug- to the unexpected Democratic Island bar owner DannyPresti. move red. media placeusinaconstant sensoryflux.This is not a geststhat, likemuch else in election losses in the House.It Beyond California and New hospitable environment for the study of great books, but 2020,something is causing took morethan votesfrom investmentsrestaurant own- York,Democratic governors Mr.Jacobs argues that our current predicament provides beliefs and allegiances to shift “the right” to producethose ershavemade to comply with who have imposed total bans even morereason forturning to them: Reading old books in the U.S. One of those forces Democratic defeats, notably in the Cuomo indoor-capacity re- on indoor dining include promises to lengthen our “now,” situating and stabilizing us is Covid-19. California and New York. strictions.With minimal cash Michigan’sMs. Whitmer (as so that we become possessed of moretranquil minds and Just maybe, Covid is add- flow,they paid forconstruc- night follows day), Minne- lessdominated by impulse.Those who cantie themselves to ing newmemberstothe popu- tion (done in part by the city’s sota’sTim Walz,Washington’s the great minds of the past, Mr.Jacobs tells us,will achieve A population of lation of Democrat-frustrated apparently limitlesssupply of Jay Inslee, New Mexico’s Mi- greater “temporal bandwidth.” deplorables. Latin American carpenters) of chelle LujanGrisham and Illi- Mr.Jacobs,aprofessor at Baylor University,frames his deplorables is rising Such as Angela Marsden, sophisticated and attractive nois’s Jay Pritzker. book “Breaking Bread With the Dead” as an expansion of the among people who the woman in the famous viral outdoor “dining rooms” on Letitalso be noted that humanistic classroom: Set aside your phones,Iwill teach video outside her restaurant the edgeoftraffic.Then they while the minimally restric- youtopay attention to Homer,and Horaceand Milton. As a aren’t in MAGA hats. near LosAngeles,asking why paid for8-foot-high propane tivepolicies of GOP Govs.Ron fellowteacher,Iwas eager to see howhewould encourage MayorEric Garcettihas closed heaters. DeSantis in Florida and Kristi and invitethe uninitiated reader,the one beset by an inter- her businesswhile tentsand But now, some governors Noem in SouthDakotaare fa- net of distractions,to“overcome the gravitational pull of the JoeBiden made acorevot- tables aresetting up across andmayorsare determined miliar, most states, including moment” by “breaking bread ing issue out of President the street to feed the crew of that the final burden of bail- Kansas under Democratic Gov. with” such difficult authors. Trump’sleadership and state- an NBC-TV drama. ing out everyone else from LauraKelly, have tried to His book,aloosely linked mentsduring the early Such as DannyPresti,the Covid’s mysterious transmis- strikeabalancebetween pro- series of essays,does not months of the pandemic. co-owner of Mac’sPublic sion is overwhelmingly on tecting public health and en- exactly deliver on this promise. Some 10 endlessmonths later, House in StatenIsland, N.Y., small businesses and their suring economic survival. Much of it is given over to with aresurgenceofinfec- being led out in handcuffs by workers. Likethe earlier de- Thenew resistanceto illustrating and defusing a tions and hospitalizations,we numerous sheriff’s deputies plorables,they tooare appar- Covid mitigation policies isn’t potential worry: Youmight have entered anew phase of forrefusing to close.Bythe ently expendable. rising in those states.Itis think we shouldn’t read old the country’sexperiencewith way,shooting fatalities have Yes, thereisaSeptember emerging almost entirely in books because,toput it gently, Covid. The terms of the rela- nearly doubled in NewYork Centersfor Disease Control thebluest states.These are ancient authorsdonot have tionship between political City the past year. andPrevention study based thestatesinwhich actsof modern moral sensibilities. leadership and public assent This week, Mr. Cuomo and on 802 telephone interviews civil disobedienceand defi- Aristotle argued in favorof to that leadership arebeing NewYork MayorBill de Blasio that positsahigher associa- anceare occurring among slavery;Shakespeareseemed reset. both said the city’s restaurant tion of infection transmission people who don’t wear MAGA to think shrewsneeded taming. Memories of Mr.Trump’s owners should prepare to re- with restaurant dining.But hats. Mr.Jacobs spends alot of time role arefading,and Mr.Bi- duce indoor dining from 25% where is the epidemiological Their governorsare called telling us that it is possible to den’sdaily oversight is six to zero in coming days.Mr. study,orevenopinion, that liberals.But perhaps liberal- take the moral failingsofawork weeks away.That means some Cuomo will order them emp- says pushing small business ism’smeaning and itspolitical seriously without dismissing itsvirtues,but he rarely pauses of the most visible dissenters tied if the hospitalization rate and their employees past the support areundergoing a to mount athorough defense of anyparticular author. from the Trump coronavirus doesn’t “stabilize.” point of economic survival has transition, as Covid redefines Mr.Jacobs’sconcern is not so much to tell us howtosort policyare themselves in HereinNew York City,as to be the default policyfor the everyday understanding of through individual cases as to encourageand exhort us: charge of managing the pres- elsewhere, one stares amazed fighting Covid? individual freedom. Serious engagement with old books is possible not only in sures of the current surge, to at thegood-faith effortsand With massdistribution ar- Write [email protected]. spiteof, but even because of,our moral differences with them. But whydid this point need to be hammered home? In my classroom experience—and Iwould be very surprised to hear that Mr.Jacobs’sdiffers—the problem that the George W. Bush and the Covid Va ccine uninitiated have with “The Iliad” is not that they are offended by itssexism. Yes, it is true that women are By Karl Rove worked endlesshoursand sorstools to confront big use of recombinant DNA, conceived as prizes,but this is not whypeople struggle to showedincredible skill. Credit challenges.Inthe aftermath of whereby genes that produce partakeofthe wondersofHomer.Studentsstruggle because t’spoetic that when the also goes to President 9/11, President George W. natural defenses arespliced they arebored and confused. I U.K. began itsCovid vacci- Trump’sOperation Warp Bush became concerned the intothe DNA of another organ- Mr.Jacobs is right that thereare real wondersin“The nations Tuesday, the sec- Speed, which gavecritical re- nation wasunprepared fora ism and replicated. Iliad”;heisright to saythat when “old King Priam goes to ondperson to receiveanin- sourcesand expeditious ap- biological attack. In response Some promising avenues of his knees to beg his son’skiller forhis son’sbody,apowerful jection was81-year-old provals to pharmaceutical he signed threebills,one in research didn’t work out. Oth- electrical current leaps acrossthe millennia.” But this scene William Shakespearefrom companies. June 2002, asecond in July ers, including improvements comes in Book 24,and that means youhavetoget through Warwickshire, his famous Thepresident and his ad- 2004 and athirdinDecember in egg-based vaccine produc- 23 books of Greek epic first. Iwould describe getting namesake’s home county. visers understood that to get 2006,that gaveWashington tion,provedonly to be stop- through those 23 books as the main problem my students “When sorrowscome,they vaccines as quickly as possi- increased flexibility and au- gaps,rendered obsoleteby faceinrelation to “The Iliad.” come not single spies, but in ble,they had to fund multiple thority to deal with pandem- cell- and rDNA-based ad- Thereare,ofcourse,wonderfulmomentsinthose books, battalions,” the Bardwrote in companies,prepaying for ics, man-made or natural. vances.The last wasperfected but thereisalso alot of just plain killing.Moreover,“The “Hamlet,” using wordsthat massivenumbersofdoses TheBush administration during President Obama’sad- Iliad” is weird. It’sawar storythat doesn’t start when the aptly describe this awfulyear. even before they were tested also dealtwith apreviously ministration and is at the warstarted—but rather with infighting among the “good” The coronavirus has brought and approved. Starting March unknown virus from China heart of the Moderna and (Greek) guys.And it doesn’t end when the warends—but death, suffering,sorrow,isola- 30, the Department of Health called SARS,and health pro- Pfizer-BioNTech vaccines. rather by celebrating the heroism of one of the “bad” (Trojan) tion, despair and economic and Human Services began fessionals were concerned Funding from HHS,the guys.Ittakes alot of work to get“TheIliad” to “come ruin. But even as dark winter doling out $11 billion to eight about H5N1, the avian flu. Centersfor Disease Control together,” to giveacontemporaryreader some sense of approaches,we’resustained companies. While difficult to transmit and Prevention, the National what Homer wasupto. This is work agood teacher might do, by something else: hope. from human to human, H5N1 Institutes of Health and even but work that Mr.Jacobs’sbook doesn’t do—for anyauthor. It comes in the form of vac- had an alarming fatality rate the Pentagon made these cines,which typically take Credit 2020’sspeedy of above50%. Mr.Bush was breakthroughs possible in aca- Aprofessor arguesthat we should engage years, even decades,tode- development in part particularly concerned that demic labs,startups and es- velop—never mind manufac- the method available forman- tablished drug companies.So withthe classics, not onlyinspiteof, but even turing and distributing them to aseriesoflawshe ufacturing vaccines to deal herewefind ourselves with in quantities large enough to with such acrisis wastoo several vaccines. because of,our moral differences withthem. achieve“herdimmunity” and signed in 2002-06. slowand cumbersome.Vac- Mr.Trump mishandled makeviral spread highly cineswerecultured in eggs Covid-19,but what he gotvery unlikely. forsix months,one dose per right wasthe importanceof If Mr. Jacobs’s reader hasn’t already read the authors he Yethereweare,lessthan a What Washingtongot for egg, with an unacceptable unparalleled speed in vaccine refers to—Milton, Horace, Ibsen, Homer,Virgil—it is hard year afterthe coronavirus hit, our money waslow prices for failurerate. So in November development. By building on to see how this book will spark an interest. Each author with multiple effectivevac- hundreds of millions of doses. 2005 Mr.Bush asked Con- his predecessors’ actions,Mr. surfaces for no more than a few pages, in which Mr. Jacobs cines tested, approved in Thecompanies gotfunds es- gressfor $2.8billion forre- Trump will makeitpossible offers us one or two quotations, an occasional biographical some countries,and mass-pro- sential to ramping up manufac- search to speed up vaccine for Joe Biden to preside over reference, and some discussions of what might (from a duced. It’ll take months to turing of their vaccines or anti- development and strengthen this global pandemic’send. contemporary standpoint) constitute the moral failings of makebillions more, distribute body treatments. Throwing early detection of viral out- When that comes,therewill the work. The delights of these authors are referred to and them and inoculate people in moneyatdifferent solutions breaks world-wide. be time to rejoice. But until (emphatically) insisted on, and they are defended (at least numbers large enough to end without knowing which would Under SecretaryMike then, with manymorebleak in abstract terms) from the clutches of would-be cancelers. this global pandemic,sowe work wasagamble,but a Leavitt, the Health and Human momentscoming,wear masks But they are not exactly shared. Mr. Jacobs references “a aren’t out of the woods yet. smart one that has paid off.In- Services Department funded and maintain social distance. permanent banquet” of great ideas,but, if Ican channel But we’re witnessing modern evitably,some of the money research on stretching egg- the point of view of one of my first-year students, my guess science’samazing ingenuity, wasspent on vaccines that basedvaccine supplies and a Mr. Rove helped organize would be that he would feel he is watching others eat. creativity and results. didn’t pan out, but it wasworth newmethod of vaccine produc- the political-action committee Worries about the gender and racial politics of an old Credit forthe unprece- it. Thedaily cost of not having tion that grew viruses in puri- American Crossroads and is book aremorecharacteristic of the soul-searching of people dented speed in developing avaccine wasgreater. fied lines of cells.The most author of “The Triumph of such as Mr.Jacobs and myself—professorsanxious to square these vaccines goes to scien- This is also areminder that promising but most difficult of William McKinley” (Simon & their liberal moral values with their conservativetastein tistsand researcherswho presidentsleave their succes- the research funded wasthe Schuster, 2015). books—than of the uninitiated readerswho struggle to make abasic kind of sense of the text. Forthis reason, Mr.Jacobs’s emphasis suggestssomething about who his real audienceis: not the novice reader who has yet to “break bread with” A Nuisance Is Now an Attractive Investment the author in question, but rather the proficient, well-versed reader.IfIamright that Mr.Jacobs’smanyexhortations By Masada Siegel deal with issues that many than ever,manypeople,in- newhostshaving firstused throughout the book aredirected at people likehimself— neighborsofshort-term rent- cludingme, arelooking for- theplatform as guests, ac- and me—as much as anyone else,this pointstothe existence Scottsdale, Ariz. als facedaily.There’snow a ward to traveling again once cording to Airbnb’sS-1 filing of an unspoken fear. he loud, boisterous 24/7 neighborhood support the pandemic is over. with the Securities and Ex- Could it be that those of us whose connection with the T houseparties filled hotline. If historyrepeatsitself,the change Commission. past is supposed to be rock solid, who are supposed to with drunk guestsyell- 2020s will be abig party Living next to ashort-term profess the deepest and most abiding love of great books, ingendlessprofanities have much likethe 1920s.Already rental comes with arevolving are struggling with our own attention problems? That we stopped fornow.Long-term Airbnb made my manyluxurytravelcompanies door of guests. Some arepo- no longer see the lives described in Plutarch as continuous renters, acouple from San aretaking bookingsfor Afri- lite, manyobnoxious and with the ones we are living now? Are we self-professed Franciscoand their dogs, neighborhood loud. cansafaris and trips to Ant- loud. But likeitornot, these “loversofthe past” ourselves starting to lose our “temporal have moved intothe “hotel” I’m hoping it’ll make arcticathrough 2021 and homesare part of the future. bandwidth”? These are hard questions for a humanist to next door. 2022. Manyownersare raking in ask—so hardthat even posing them gives me the feeling Over the past few years my finances flush. Manytravelersprefer cash, likemyneighbor who of standing on the edgeofayawning chasm of despair Airbnb hasgrown up as a Airbnb because,regardlessof boastsabout the tens of thou- and emptiness. company. Theglobal short- the rules,they canfill ahome sands of dollarshehas Nonetheless, Icould imagine aset of essays that bravely term rental platform has Airbnb is set to go public with several people,making a earned over the years, while tackled them. It would makethe best possible case forthe morethan four million hosts Thursday, and I’ll be buying stay cheaper than asingle ho- leaving people likemetodeal conclusion that reading old books is just not worth it in more than 200 countries, stock.Mydad taught me to telroom. with sleeplessnights. Short- anymore—and would go on to address that case. It would offices in 24 cities,and more invest in what Iunderstand. As of September 2020, term rentals areheretostay. be called “Rekindling Your RomanceWith the Dead.” Ihope than 2,000 employees.Ithas Afterliving next to ashort- 86% of Airbnb hostswerelo- So if youcan’t beat them, you Alan Jacobs writes it. changedits practices to ac- term rental foryears, Ihave catedoutside the U.S. In might as well cash in. commodatepandemic safety, learned that people areal- 2019 the companyadded Ms. Callard, an associate professor of philosophy at the cracked down on house par- wayseager to unwind, relax morehoststhan in anyprevi- Ms. Siegel is afreelance University of Chicago, is the author of “Aspiration: The ties,and set up ateam to and go on holiday. Nowmore ous year,with 23% of the journalist. Agency of Becoming.” P2JW345000-0-A01800-1------XA

A18 | Thursday, December 10, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Schumer’s Unemployment Flip-Flop Try to Learn From the Past, Don’t Rewrite It

emocrats are outraged this week that employment rates in the country at 9.6%. Like Regarding Alessandra Bocchi’s“An- the WhiteHouse rejected their demand California (9.3%), it continues to enforce some cient HistoryIsn’t Colonialism” (op- D forfour moremonths of $300 in of the strictest limitations on businesses and ed, Dec.1): To the BrownUniversity GES

studentswho feel “harmed” by IMA weekly enhanced joblesspay- restaurants. His current Covid relief “white, Western civilization” gener- mentsinCovid relief talks. Recallthat President ally,and by the statues of the two Ro- GETTY “That is unacceptable,” thun- demands contradict his Trump reinstated $300 in manemperorsAugustus and Aurelius dered SenateMinority Leader weekly benefits in August by specifically,I’d liketomakeasugges- ORIAL/

Chuck Schumer in astatement own bill from July. reappropriating FEMA funds, tion: In the next term paper avoid any EDIT with House Speaker Nancy but that fillip lapsed in most word that is derived from Latin, avoid

Pelosi.Would he saythe same states in October.Asextra anylegal concept that originated in MOMENT about legislation he introduced in July with Or- benefitsexpired, unemployment plunged since the Roman Republic and avoid spell- Marcus Aurelius, not much of a colonist. egon Democrat Ron Wyden? workers had more of an incentive to find jobs, ing out in name anymonth of the TheSenators’ bill would set up atiered sys- even if they were in different industries. year. anyworld leader up until the modern temtoreplacethe Cares Act’s$600 extrain ANational Bureau of Economic Research If such an attempt isn’t sufficient erawho is worth commemorating. to foster your understanding of hu- Instead of dismissing entireseg- weekly federal benefits, which expired July 31. working paper this summer found that 76% of man historyasacontinuum, Iposit mentsofhistory, these BrownUniver- Folks in states with an unemployment rate of those eligible forregular unemployment bene- that the ideas of education (Latin sity studentsmight learn they arein 11% or higher—calculated as athree-month av- fits could receivemorethan 100% of lost wages educere:toraise up) and university fact borrowing from the playbook of erage—would continue to get the extra $600. under the $600 Cares Act benefit enhancement. (Latin universitas: the whole) maybe the empirethey aretrying to con- But that amount would decrease by $100 for Half or so could makeabout 100% of their prior unsuitable foryou. demn. Damnatio memoriae—the purg- each percentage-point drop in a state’s unem- earnings with the extra $300 weekly. Don’t abuse the inheritanceofyour ing of an individual’slegacy—wasa ployment rate. Yet now some Democrats and Republicans freedom to bully othersbut instead tool victorious emperorsemployed Jobless workers in a state with a 6% to 7% are insisting on the extra $300 in benefits for use your freedom to reflect upon against political rivals.Statues of con- unemployment rate would receiveonly an extra another 16 weeks into2021. This would slowthe yourselves.Consider that without demned individuals were reworked $100 a week. The bill “would tie the extension labor market recovery. Businesses struggling Western civilization, without liberty— intothe likenessofthe newemperor. of enhanced UI benefitstoeconomic data—not to hirehavecomplained they can’t compete which this great republic has guarded Rather than tearing down and repeat- and treasured fornearly aquarter of ing history, these studentsshould politics,” Mr.Schumer said at the time.“As the with the enhanced federal benefits. The mem- amillennium—therewould not be a take some classics courses and learn need goes down, so will the benefits. As the bersofthe National Federation of Independent BrownUniversity. from them. need goes up, so will the benefits.” Businesses saytheir biggest problem is finding RAINER SCHILDKNECHT YONI KATZ He should look at the datanow.Sixteen enough workers. Trucking companies are re- Winnetka,Ill. New York states including Virginia and South Carolina cruiting laid-off pilots. nowhavethree-month-average unemployment The economy will recover even faster once To attributemodern racial sensibil- Iagree that the statues of Caesar rates (August through October, the latest data vaccines become more widely available in the ities to the Roman Empireistoignore Augustus and Marcus Aurelius should available) below6%—meaning they wouldn’t be next weeks and months.The Democratic atrend that spanned from antiquity be takendownatBrown University. eligible forextrabenefitsunder Mr.Schumer’s switcheroo from July to November suggests through the early modern period— They should be replaced with statues bill. Eleven states would land in the $100 tier. that they may be pulling a repeat of their pre- empires were aglobal phenomenon. If of the admissions committeemem- Marcus Aurelius representscolonial- berswho accepted these young decol- Only 11 states and Washington, D.C.,would qual- election refusal to take arelief deal. They ism, then Genghis Khan, the Arab ca- onizers. These newstatues will stand ify for $300 or more. blamed Republicans for the lack of relief, and liphates,Cyrus the Great, the Mughals as aconstant reminder of the idiocy Unemployment has been falling, especially now they want to do the same going into the and the Aztecs do the same.All subju- that arises when free and open de- in states that haven’t reimposed lockdowns.Mr. Georgia Senaterunoffs on Jan. 5. If they were gatedneighboring peoples,and some- bateisstifled by amob of historical Schumer’s NewYork has one of the highest un- sincere, they’d settle for their own July bill. times destroyed entirecivilizations.If illiterates. studentsfind Augustus’simageoffen- LEO GORDON Nasdaq and ‘Groupthink’ sive, they will be hardpressed to find LosAngeles

here’sanew Nasdaq high-growth indus- dates aredesigned to promote“afreeand open try: diversity consulting.OnWednesday market.” This market will apparently benefit Innovation Unlikely From Biden Economists T the stock exchange rolled out aservice Nasdaq’snew diversity enterprise with Equilar. Astrikingly odd aspect of your edi- think such people will offer bettereco- that conveniently comple- One businessjustification, torial “Return of the Obama Econo- nomic analysis than, say, the super- mentsits newraceand gender The stock exchange Nasdaq tells the SEC,isthat mists” (Dec.1)isthat only two of the market butcher or ataxicab driver? mandates.Nasdaq is now of- now wants to be your theexchange“is concerned five “economists” mentioned actually Whywould anyone call them econo- fering “Limited time,compli- that boards lacking diversity areeconomists. Cecilia Rouse and mists? To do so is to insult the entire mentaryaccess” to “The Equi- diversity consultant. caninadvertently suffer from Janet Yellen aretrueeconomists. Ms. economics profession. lar Diversity Network.” ‘groupthink,’ which is ‘a dys- Rouse is first-rateand ahighly re- Thepurpose of the Council of Eco- No one objectstoboarddi- functional mode of group deci- spected expert in labor economics and nomic Advisers, the National Eco- versity,but Nasdaq wantstoforce Americans to sion making characterized by areduction in in- the economics of education. Ms.Yellen nomic Council and so on is to add co- payfor itspolitical signaling.The exchangesaid dependent critical thinking.’” See? Nothing to has had along career as both an aca- herent economic analysis to the last week in aSecurities and ExchangeCommis- do with politics; this is about preventing bad demic economist and maker of eco- babble of ofteneconomically nonsen- nomic policy. Her extensivepractical sical policysuggestions that continu- sion filing that it wantscompanies to have at businessdecisions. experienceinmaking economic policy ally emanatefromgovernment depart- least two “Diverse” directors. That’sdefined as Everyone else should be moreworried about countsfor alot. Although her Keynes- mentsand lobbying groups. “one director who self-identifies as female,” and “groupthink” in Nasdaq management than at ian understanding of macroeconomics Unfortunately,the majority of this “one who self-identifies as Black or African companies that hireboardmembersbased on is literally half acenturyout of date, team have no qualifications to do that. American,Hispanic or Latinx,Asian, Native talent, experienceand businessjudgment. This she is aserious economist. Of the What JoeBiden needs forcompetent American or Alaska Native, NativeHawaiian or decision is amanifestation of the ideology other membersofthe Biden team, at economic adviceare genuine econo- Pacific Islander,two or moreraces or ethnicities, sweeping through eliteAmericathat holds that least two have literally no academic mistsorpeople otherwise trained in or as LGBTQ+.” most of what youneed to knowabout aperson training in economics,businessorfi- businessand finance, not social activ- Oh, and if adirector is gay—or has one parent youcan tell by their skin color or sex. nance. JaredBernstein has degrees in istswho areeconomistsonly by self- who is Vietnamese—but is not interested in an- In an Axios interview, Nasdaq Vice President music,philosophyand social work. description. Brian Deese has apolitical sciencede- EM. PROF. JOHN J. SEATER nouncing his sexual orientation or ethnicity in Jeff Thomas explained that the companydidn’t gree and alaw degree.NeeraTanden North Carolina State University public documentsfor enforcers at theNasdaq to include diversity markerslikeveteran or disabil- has alaw degree.Why would anyone Walpole, Mass. review, it doesn’t count. Thedirectorsmust “self- ity status because “the moreinclusiveyou try identify” in aNasdaq preferred category. to makeyour diversity policies,then frankly, Nasdaq claims,including in alettertothese sometimesthey don’t have the same impact.” Roundtable’sPolicy Is Perfectly Reasonable pages Wednesday, that it is only aiming for Under identity politics,diversity of certain im- “transparency.” But the names of boardmem- mutable characteristics matters morethan di- Regarding “What Do We Expect community.Ifwefailed at the latter bersalready must be disclosed. Nasdaq wants versity of viewpoint or experience. From Our Corporations?” (Letters,Dec. four,wewerefar lesslikely to be suc- companies to list howmanyboardmembersfit Nasdaq’sdecision, if upheld at the SEC,could 4): As the former president of asmall, cessfulatour firstpriority,and the in each category. If companies don’t meet Nas- pave the way forevenmoreintrusivehiring quo- highly successfultechnologycompany, betterwedid those four,the moresuc- daq’squota, then they must “explain whythey tas. Big businessisincreasingly teaming up with Idon’t understand the criticism, even cessfulwewerelikely to be.Ialso un- animosity,ofsome toward the Busi- derstood that if we didn’t makearea- do not” in filingsorontheir website—or facede- big government to profit at the expense of every- nessRoundtable’spolicyrecommenda- sonable profit forour shareholdersand listing.That’sintended as apublic-relations one else.The cultural and economic incentives tions that companies 1) work in the in- forinvesting in R&D,growthinour sanction even if Nasdaq pretends it isn’t. aresoconvenient forNasdaq that it can’t see it terest of shareholders, 2) commit to markets, etc.,then we couldn’t do the Nasdaq doesn’t have authority to order com- is enforcing groupthink in the name of punctur- delivering value to customers, 3) invest other four because we wouldn’t exist. panies to comply with anypolitical fashion, so ing it. And unlikewokepoliticians,itdoesn’t face in employees,4)deal fairly and ethi- RON MOORE it claims in itsSEC filing that these newman- voters who canhold it accountable. cally with suppliers, and 5) support lo- Knoxville, Tenn. calcommunities.These interestsaren’t mutually exclusivebut in fact aremu- California’s $2 Billion Benefit Fraud tually dependent. Iunderstood that to Salazar Protected Jewish support our shareholders’ interests, we Refugees Like My Father t’sbeen arough year forCalifornia govern- thenames of 20,000 stateprisoners, including had to do the latterfour thingswell to be successful, though Idid have the Regarding TunkuVaradarajan’sre- ment: catastrophic wildfires, power out- 133 on death row. Unlikemost states,California viewthat providing well-paying jobs view of TomGallagher’s “Salazar: The I ages,and nowmassiveunemployment ben- doesn’t check claims against prison rolls. wasour biggest contribution to the Dictator WhoRefused to Die” (Book- efit fraud. It appearsthe It turns out this was a de- shelf,Dec.3)about the Portuguese progressiveparagon can’t Sacramento can’t pass bacle waiting to happen due to dictator António Salazar: My father even make transfer payments out jobless checks failed priorities in Sacra- Recounting Unconfirmed leftVienna, Austria, in June of 1938 on without making a hash. mento. The agency in charge Ballots Doesn’t Do Much atrain forLisbon, Portugal, the only Manystateshavereported without being scammed. of paying benefitshas repeat- placehecould go in Europe wherehe morefraudulent joblessbene- edly requested more funding Regarding GeorgiaSecretaryof wouldn’t be arrested forbeing aJew. fitclaims due to the pandemic and employees to manage State Brad Raffensperger’s“Trump Thenextleg of his journey wasto Cares Act, which allowedindependent contrac- claims and technological hiccups.But lawmak- Runs the StaceyAbrams Playbook” Havana, Cuba, and then on to the U.S. (op-ed, Dec.7): Iwould suggest that (Boston). Refugees likemyfather had tors to qualify based on purported lost earn- ersfailed to upgrade statesoftware systems.In the cumulativeand significant effect much to be grateful to Salazar for— ings. State systems weren’t designed to handle 2017the stateLegislativeAnalyst’sOffice of the changes in voting rules by their freedom from the Nazis—despite these claims.But California seems to be the big- warned the unemployment benefit system “in- states,insome cases apparently in his being abenevolent dictator. gest sap. cludes major components that are aging and conflict with their ownstate constitu- RICHARD FROSTIG On Monday BankofAmerica, which con- costly to maintain.” tions,are the definition of “unchecked Wilton, Conn. tracted with the stategovernment to issue ben- Afterdestroying millions of jobs with his attacks on election integrity.” With re- efit debit cards, identified some $2 billion in spring Covid-19 lockdown, Gov.Newsom hired spect to Georgia, the processofhand- suspicious activities with many claims filed in thousands of state employees to manage the counting paper ballotsand comparing Pepper ... the names of infants, centenarians and people jobless claims surge. Yet laid-off workers said their number to machine totals And Salt living outside the U.S. Thebank said fraudulent they still had to wait weeks or months forbene- doesn’t addressthe processquestions paymentsmay be financing terroristsand illicit fits. Call centers were jammed. around signatureverification and resi- THE WALL STREET JOURNAL dencystatus,which arethe real issues arms purchases. “The scale of program fraud California Labor Secretary Julie Su, who is involved in protecting theintegrity of in California is unique,” the bank wrotetolegis- atop contender to be JoeBiden’s Labor Secre- elections.Myhousehold received bal- lators, who are(of course) blaming the bank for tary,inApril blamed the state’soutdated com- lotsfor two people who areresidents freezing suspicious accounts. puter system. “I know this sounds crazy since of another state. In October federal authorities arrested aLos we’re California, we’re the tech capital of the Mr.Raffenspergerisrelying on Angeles rapper forallegedly stealing identities world,” she explained. “But our system is . . . completely irrelevant datatojustify to swipe $1.2 million in federal joblessbenefits. inflexible. It’s very hard to change.” his claim that this “election wasthe The rapper flaunted his heist in a music video It’s not crazy. It’s Sacramento. You’d think most secureinhistory.” he posted to YouTube in which he held up stacks that with a$150 billion general fund budget the THOMAS BUCKLEY of pre-loaded debit cards: “You gotta sell co- statecould hiresomeone from Silicon Valley to Montclair, N.J. caine, I just file a claim.” fix its software. Lettersintended forpublication should Local law enforcement has busted several State Attorney General Xavier Becerrahas be emailed to [email protected]. Please criminal rings. Last month nine district attor- been toobusy suing the Trump Administration include your city, state and telephone neyssent alettertoGov.Gavin Newsom warn- to investigate the fraud. And he may soon run number.All letters aresubject to ing of rampant benefit fraud in prisons. More the federal Health and Human Services Depart- editing,and unpublished letters cannot “But you can’t sack me. I’ve just had be acknowledged. than $140 million in benefitshavebeen paid in ment. Fraudstersthe world over aredelighted. your face tattooed on my leg.” P2JW345000-0-A01900-1------XA

THE WALL STREET JOURNAL. Thursday, December 10, 2020 | A19 OPINION China Wants to Be the World’s Banker Italians Will Be Frozen By Henry M. Paulson Jr. growing major economy, surpassing the U.S. in sizeinthe foreseeable fu- he U.S. remains the domi- ture. MoreFortune Global 500 com- In Place This nant forceinthe financial- panies arealready based in China services industry, leading than the U.S. Other financial centers T in nearly everyareaoffi- like Hong Kong,London, Tokyoand Christmas nance, from venturecapital even Shanghai will be competing for and privateequity to banking and as- the Chinese listingsthat the U.S. is set management. Theliquidity and nowdiscouraging. By Alberto Mingardi scale of U.S. capital marketssupport Amorefundamental threat is the the primacyofthe dollar,which al- lack of political will to deal with Milan lows Americans to paylessfor for- America’slong-term structural defi- f U.S. states’ lockdowns are too eign goods and helps financeU.S. cit, which undermines confidencein onerous foryou, be thankful TO I government spending.America’sfi- the U.S. economyand the dollar.In- you’re not in Italy. In November

nancialleadership,however, is in- CKPHO terest ratesare at historic lows,and Prime Minister Giuseppe Conte

creasingly being challenged by fierce TO the federal debt is largerasashareof promised that “ifwerespect the competition from abroad and by /IS the economythan at anytime since rules,we’ll have aserene Christ- shortsighted and counterproductive GES theend of World WarII. This debt mas.” Italians largely complied but policies at home.Maintaining U.S. fi- IMA will continue to grow as Washington didn’t gettheir reward.Now Mr.

nancial pre-eminenceshould be apri- GETTY finances necessarypandemic-related Contesays it’ll be “a different ority forthe Biden administration. stimulus and recovery measures.But Christmas, but not less authentic.” Traditionally,challenges to Ameri- arewell-positioned forthe future. timately,the strength of America’s as the debt level grows, the attrac- Covid-19 hit Italy early and hard. canleadership have come from well- China lagsbehind the advanced fi- capital marketsrestsontrust in the tivenessofU.S.debt will gradually With morethan 60,000 deaths and a established financial centerslikeLon- nancial centers, but it has belatedly country’sstable macroeconomic and decline. Aworld-classfinancial sys- case-fatality rate of 3.5% (compared don, Hong Kong and Tokyo. But begun to open up and attract best-in- fiscal policies,and in the resilienceof temcan’t exist in acountrythat fails with 1.95% in the U.S.,2.57% in Swe- mainland China will be an increas- classforeign financial institutions.Its itsopen political system. to maintain the quality of itscredit. den and 2.4% in France), it is clearly ingly formidable challenger in finan- marketshavegovernanceand ac- TheU.S.government has under- When the pandemic passes,itiscriti- acountrywherethingswent wrong. cial services in the next few years. counting issues to overcome,but Bei- mined this trust through short- cally important to bend down the jing is working to enhanceits regula- sighted actions and long-term fiscal steep trajectoryofthe rising national tory structuretomeet global negligence.Effortstodelist legiti- debt. Otherwise,the dollar will even- Think U.S. lockdowns The U.S. is in danger standards and provide greater trans- mateChinese companies from U.S. tually be debased. Washingtonwon’t are bad? Imagine being parencyand betterenforcement. exchanges makefor good politics,but be able to payits bills. of losing its dominant China’srelatively quick recovery from bring serious and underappreciated America’sleadership in financial confined to your town. leadership position in the Covid-19 pandemic without ama- risks.These effortscome at exactly services is acorestrength of the U.S. jor fiscal stimulus has also allowedit the wrong time,driving away Chinese economy. But this mantle of leader- global financial services. to maintain higher interest ratesand demand fordollarsatamoment ship isn’t preordained. If it is to en- In the spring,when the epidemic astronger currency. This is attracting when theU.S.istaking on large dure,Americaneeds to playtothe was concentrated in the North, the large investment inflows to Chinese amountsofdebt. Let’shope that strengths that have made itscapital countryimplemented the strictest Thelast-minutecancellation last stocks and other securities.Shanghai China doesn’t rethink the wisdom of marketsthe envy of the world. At the lockdown in the Western world. It month of Ant Group’s planned initial ranked firstamong global exchanges itsTreasuryholdings. same time it must craftasmarter ap- seemed to succeed, and Italians had public offering—which would have fornumber of IPOs and capital raised While investorsfromaround the proach to dealing with China, one an uneasy summer,with enclavesof been the largest in history, raising through the firstnine months of world arebenefiting from investing that avoids unnecessaryconflict and normalcy. Some went to the beach; some $34 billion—reminded manyin- 2020.These IPOs showthat major in equity securities from China, takesadvantage of the opportunities some hiked mountains; some even vestorsabout the risks of the Chinese fundraising cantakeplaceoutside Washingtonismaking it morediffi- that exist to attractmorecapital. went clubbing.InOctober infections market. But the deal’ssizealso theU.S.financial ecosystem. cult forU.S.investorstodoso. These began to rise again. showedChina’sability to attractmas- At the same time China is working risks areworth avoiding.But unless Mr.Paulson served as Treasury Thegovernment fearsthat Christ- siveamountsofcapital. Despitethe to attractglobal capital, the U.S. is something changes dramatically, secretary, 2006-09, and is chairman mas festivities will spread the virus, stumble,China’sdomestic exchanges moving in the oppositedirection. Ul- China will remain the world’sfastest- of thePaulson Institute. so it is imposing severetravelre- strictions. Residents already aren’t free to movethrough the national territory, aconstitutional right in It- Trump Takes a Parting Swipe at the Executive Branch aly as in anyliberal democracy. They maytravelonly within their re- By Susan E. Dudley ing, or policy-advocating positions.” standwhen federal regulations are sionals as they work through the gions—Italy has 20 of them—or be- And Sally Katzen TheOMB is aunique government consistent with the president’sprior- transition between the outgoing and tween regions that are classified as institution in that it is located in the ities as well as with longstanding law incoming administrations.Will they having asimilar risk status.OnDec. eserved as presidential ap- ExecutiveOfficeofthe President but and administrativepractice. Their be morereluctant to support one out 25 and 26 and Jan. 1, all Italians will W pointees in the Officeof is staffed largely by career civil ser- nonpolitical positionsallowthem to of fear of reprisals from the other? be confined to their municipalities. Management and Budget un- vantswho don’t changewith each ad- provide objectiveand informed ad- This does not serveeither President Therationalefor the newmea- der Republican and Democratic administration. Unlikeagencies with vice.The OMB’spolitical appointees TrumporPresident-elect JoeBiden, sures lies in the fear that people may ministrations,and we disagree on particular missions,likeenvironmen- makethe ultimatepolicydecisions, and it certainly doesn’t servethe moveout of the largercities to join plenty.But we areincompleteaccord talprotection, agriculture, energy, but those decisions canand oftendo American public. their relatives and have large gather- that OMB’scareer professionals are reflect the sound, evidence-based ad- In this time of extreme partisan- ings, thereforecausing anew infec- essentialfor effectivegovernment. viceand institutional memoryofthe ship,itismoreimportant than ever tion spike. Attilio Fontana, governor They bringdeep knowledge—built up Stripping OMB staffers career staff. that OMBstaff continue to provide of the Northern region of Lombardy, over years, sometimes decades—of Therole of career OMB staff is expert adviceand institutional cautioned against anew “exodus” to howgovernment works,which ap- of civil-service protection particularly critical during transi- knowledgetopolitical leaders. the South, as the descendantsofmi- proaches to policyhavesucceeded or will make it harder for the tions between administrations.A We expect that Mr.Biden will grants make their customary re- failed, and why. newadministration couldn’t possibly movepromptly to rescind Mr. unions in their places of origin. As That’swhy we arealarmed by re- president to do his job. produceabudget within acouple Trump’sexecutiveorder.Meanwhile, Southern health care is weaker when portsthat OMB Director Russell months of taking officewithout a we urge that no steps be takento it comes to intensive-care units, Vought has,inthe waning days of the staff of experienced budget examin- purge OMB of itsprofessional staff thereisreason to worry. administration, reclassified 88% of etc.,the OMB has acrosscutting per- erswith institutional knowledgeof beforethe inauguration. Anyeffort to Yetthe measures don’t really theOMB’scareer staff intoanew spectivethat covers the whole execu- the myriad federal programs and reclassifythe OMB staff so political solvethat problem. Thegovernment Schedule Fcategorythat means they tivebranch—coordinating budgets, agencies.Presidentsthroughout their officials could removethem at will forecaststhat all regions will be in a canbehired and firedatwill on po- regulatorypolicy, management prior- administrations,and especially at the would do serious damagetothe insti- lowerrisk class, with Covid under litical grounds.The movewas ahasty ities,information policy, and more. beginning and end of their terms, tution and to effectivegovernment. control, in two weeks.People will be effort to implement an executiveor- TheOMB officeweeach headed, need career OIRAstaff to advise on then able to go home—but only be- der from President Trump that over- the OfficeofInformation and Regula- regulatoryactions to ensurethey are Ms. Dudley served as OIRA admin- fore Dec.21, when all movement turned morethan acenturyofcivil tory Affairs, has astaff of fewerthan defensible and durable. istrator (2007-09). Ms. Katzen served acrossregions will be forbidden, re- servicelaw to exert greater political 60 career civil servants. Manyhave We canonly imagine what effect as OIRA administrator (1993-98) and gardless of Covid levels. control over government employees served multiple presidents, and can Mr.Vought’sproposed reclassifica- deputy OMB director for manage- Imagine a Sicilian student in Mi- in “policy-determining,policy-mak- help political officials betterunder- tion is having on this cadreofprofes- ment (1998-2001). lan. If she comes from awell-off family,she’ll go home beforeDec.21. But if she needs to work during the Christmasseason, she’ll be out of Tech Giants and Social Media Need Smart Regulation luck.Aleft-wing government that says it wants to eradicate inequali- By Jason Furman choices forconsumers, and inhibits and lowermarkups and prices.Some- fewerchoices,lessprivacyprotection ties is creating some spectacular innovation. times it happens forbad reasons, and slowerinnovation. new ones. he antitrustcases against Thechallengefor policymakersis such as U.S. hospital mergers that Astronger focus on digital merg- It gets worse. Seventeen percent T Google and nowFacebook area howtopreservewhat’sgood about have led to minimal efficiencygains ersand tougher monopolization en- of Italians live in one of the 5,495 welcome reinvigoration of the the digital giantswhile moving the but higher prices. forcement canfoster competition, but towns that have fewerthan 5,000 government’spowertostopmonopo- digital economytoward the promise Thetech industryhas become in- these approaches arelimited. Courts citizens.Ifyour mother lives two lization. Thecases,however, aren’t of capitalism, in which competition creasingly consolidated foracombi- moveslowly and oftenprovide lim- miles away acrossmunicipal lines, enough. They will become drawn-out supportsvibrant innovation and ben- nation of good reasons—the network ited remedies.Apro-competition reg- youwill risk ahefty fine if youtravel legal battles and will likely leave efitsconsumers. Betterenforcement effectsthat accrue when manypeople ulatoryapproach is necessary. to meet her on Dec.25orDec.26. manyanticompetitivepractices un- of merger and antitrust lawcan play Starting in April 2021, the U.K.’s But you’ll be able to do so on Dec. changed. TheU.S.should comple- arole,but the best approach would Digital MarketsUnit will have the 27,unlessaregional boundarysepa- ment itslitigation approach by fol- be to establish newpro-competition Thedigital economyshould powertoenforce acode of conduct rates you. For many Italians, Santa lowing the lead of the British regulation to specifythe rules of the forcompanies that act as agateway will arrive two days late. government, which recently an- road, providing greater certainty for have acode of conductthat or abottleneck foraccesstoplat- This is in addition to astream of nounced the creation of anew regu- companies large and small, expanded enhances competition and forms.The government has called for restrictions that severely curtail latorybody,the Digital MarketsUnit, opportunity fornew companies to legislation that would establish a people’s social life. Italy has ana- to enforce acode of conduct forthe enter the market, and greater choice encourages innovation. code of conduct to “meet three high- tional curfew at 10 p.m., which digital economy. and control forconsumers. level objectives of fair trading,open won’t be liftedatChristmas,sothe Digital giantslikeGoogle and Numerous industries have become choices,and trust and transparency.” traditional Christmas Midnight Mass Facebook dominatethe internet in moreconcentrated in recent decades, use the same products, and econo- Thecode would apply only to the is supposed to end two hoursinad- part because they have developed increasingly dominated by smaller mies of scale and scope—but also for largest companies,leaving complete vance. Restaurantsare open only for great products. But they arealso gi- numbersofcompanies.Sometimes bad reasons,such as asmall number freedom forinnovation by small and lunch in “yellow” regions and lim- gantic because they makeitharder this happens forgood reasons,like of companies leveraging their power medium-sizecompanies.Itwould ited to deliveryin“orange” and forother companies to enter the when the increased efficiencyoflarge in some areas to extend and protect also ensuregreater predictability for “red” ones.Shops areempty,cine- market and compete. This reduces retailersenables them to grow and it in others. Foranexample,see the largest companies by establishing mas and theatersclosed. On New thequality of their offerings, limits expand, leading to rising productivity Google’sdeals to feature itssearch ex anterules similar to existing com- Year’s Eve, hotels—the few that ha- enginesonApple devices. petition lawbut moreeasily and ef- ven’t closed forwant of customers— DefendersofBig Tech arguethat fectively enforced. will servedinner exclusively by while competition in the market may In the U.S.,the House Judiciary room service. Even ski lifts areout PUBLISHED SINCE 1889 BY DOWJONES&COMPANY be lacking,Google and Facebook are CommitteeinOctober released asplit of service. Rupert Murdoch Robert Thomson still competing against potential suc- set of majority and minority recom- As they announcenew restric- Executive Chairman, News Corp Chief Executive Officer, News Corp cessors: Google overthrew Yahoo for mendations from itsdigital markets tions,government ministersurge Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher search, and Facebook overthrew Mys- investigation. Both recommendations that we must not repeat “the mis- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: pacefor social networking.But ab- shareacommon focus on greater an- takesofthe summer.” YetCovid con- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; sent policychanges,insurgentsover- titrust enforcement. Sens.Mark War- tagion spiraled in October,long after Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; turning the incumbentsisunlikely. ner (D., Va.) and Josh Hawley (R., summer parties ended. Social dis- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Theincumbentsbenefit from the in- Mo.) have teamed up to advancere- tancing is mutating from anecessary Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer creased maturity and stability of the quirementsthat would makeiteasier adaptation to asacrificesignaling Andrew Dowell, Asia; AnthonyGalloway, Video & internet economy, enormous datare- forconsumerstoswitch between so- virtue.Apparently,itworks.Accord- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; sources, network scales,and the fact cial networks and other platforms ing to the Centre for Social Studies Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; that the government has allowed andfor newcompanies to enter the and Policies,aRome-based think Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; them to buy potential challengers. In market.The time is ripe foraction. tank,80% of Italians approveofthe Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News 2012 Facebook bought Instagram in TheU.S.should followthe U.K.’s measures. Thomas SanFilippo, Customer Service; part because it wanted to avoid the thoughtfullead. An “authentic” Christmas looks GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; same fateasMyspace. Twoyears like Lent. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; later it purchased WhatsApp. Mr. Furman, aprofessor of prac- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Lack of competition is costly.Al- tice at Harvard, was chairman of the Mr. Mingardi is director general WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: though digital platforms provide White House Council of Economic Ad- of Istituto Bruno Leoni, Italy’s free- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head productsthat areostensibly free for visers, 2013-17. He chaired the U.K. market think tank, an adjunct

EDITORIAL AND CORPORATEHEADQUARTERS: consumers, they come with costs. government panel whose recommen- scholar at the Cato Institute, and a 1211 Avenue of the Americas, New York, N.Y., 10036 Consumerspay higher prices on ad- dations were incorporated into the presidential scholar in political Telephone 1-800-DOWJONES vertised productsand areleftwith DigitalMarkets Unit. theory at Chapman University. P2JW345000-0-A02000-1------XA

A20 | Thursday, December 10, 2020 THE WALL STREET JOURNAL. P2JW345000-4-B00100-1------XA BUTESICHNOLOGNEY: MUCH-DELAYSSED ‘CYBERPUNK&F’ VIDEOGAMEINFINALLY MAKESANDEBUT B4CE

S&P 3672.82 g 0.79% S&P FIN g 0.21% S&P IT g 1.88% DJ TRANS À 0.20% WSJ $ IDX À 0.04% LIBOR 3M 0.221 NIKKEI (Midday) 26728.97 g 0.33% See more at WSJ.com/Markets Apple,GoogleBlock Data Tracker GE Fined

Platforms ban X-Mode access to anyphones running Together,the two tech com- come abillion-dollar industry developers—a tactic that Apple $200 Apple’sorGoogle’smobile op- panies have an overwhelming in whichthe dataisused for and Google have lessability to software from apps erating systems. market shareofmobile phones targeted advertising,under- police. after reports of its Both Apple and Google dis- globally,and their actions to standing consumer behavior Most of X-Mode’swork is in Million closed their decision to ban X- restrict X-Mode represent one andplanning real-estateand the commercial sector,where national-security work Mode to investigatorsworking of the firsttimes alocation investment decisions.Manylo- investorsand corporateclients forSen. Ron Wyden (D., Ore.), broker has been targeted so di- cation brokers, including X- use itsdatatoguide planning BY BYRON TAU who has been conducting an rectly. Mode,also have sought to help and decision-making.But it In SEC investigation intothe sale of X-Mode has been the subject federal, stateand local officials also is one of the players in the Apple Inc.and Alphabet location datatogovernment of several media reports, in- with their Covid-19 pandemic growing market forgovern- Inc.’sGoogle will ban the data entities. cludingfromThe Wall Street response. ment technology—acottage in- Probe broker X-Mode Social Inc. In astatement provided by Journal, about itsdefense work. Consumerstechnically opt dustryofcompanies that have from collecting anylocation in- aspokesman, Google said de- Thecompanyhas provided data in to such tracking by granting sprung up to servicethe na- formation drawnfrommobile velopershad seven days to re- to several U.S. government con- apps permission to record their tional security establishment’s BY DAVE MICHAELS devices running their operating moveX-Mode or faceaban tractorsfor national security, devices’ location and accepting demand fordata. AND THOMAS GRYTA systems in the wake of revela- from Google’sPlaystore,add- counterterrorism and pandemic the terms of service. X-Mode TheJournal reported last tions about the company’sna- ing that some developerscould response,according to itspri- collectsthe datausing atiny month that X-Mode wascol- General Electric Co. tional-securitywork. ask foranextension of up to vacy policyand public-spending bit of computer code called a lecting datafromphones run- agreed to paya$200 million Thetwo largest mobile- 30 days.AnApple representa- records. software development kit, or ning itssoftware about nearby penalty to settle federal phone platforms told develop- tive confirmed that the com- Dozens of other companies SDK,which it pays to embed “Internet of Things” devices claims that it misled inves- ersthis week that they must panyhad given developersno- likeX-Mode obtain, buy and re- into other developers’ apps in such as fitnesstrackersand au- tors by failing to disclose removeX-Mode’stracking soft- ticethat they had two weeks to sell detailed location informa- exchangefor the datacol- tomobiles.That datawas being problems in itsgas-turbine ware from anyapp present in removeX-Mode’sthe com- tion about the movement of lected. Other brokerssimply made available to acompany powerand insurancebusi- their app stores or risk losing pany’strackers. mobile devices in what has be- buy the datadirectly from app PleaseturntopageB4 nesses,capping an investigation intowhat went wrong inside the conglomerate. Largestmergersinthe chemicals industry,bydealvalue* International Flavors Akzo Nobel - LargestIPOsinthe chemical TheSecurities and Ex- Pandemic &Fragrance-DuPont Imperial sector and listing venue changeCommission, aftera Nutrition &Biosciences† Chemical multiyear probe intohow GE Petronas Chemicals, Malaysia (2010) DowChemical -DuPont (2019) Industries recognized some costsand (2015) (2007) $4.8B Squeezes Avantor, NewYork (2019) profits, said the company $75.7B Praxair -Linde ChemChina - 3.3 misrepresented howits (2016) Syngenta Ciba SpecialtyChemicals‡ (1997) powerbusinesswas making $43.0B (2016) $25.0B 1.8 money and didn’t inform in- Pension vestorsofthe rising risk in $42.0B $15.9B Symrise, Frankfurt (2006) 1.8 itslegacyinsuranceportfolio Covestro, Frankfurt (2015) that would eventually require Managers 1.7 morethan $15 billion to *Excludes debt. U.S. dollar values arebased on exchange ratesatthe time of deal closing. †Pending ‡Switzerland boost reserves. BY HEATHER GILLERS Source:Dealogic “GE’srepeated disclosure failures acrossmultiple busi- America’spension managers nesses materially misled in- arefacing atough choice nine China Weighs Chemical Tie-Up vestorsabout howitwas months intothe Covid-19 pan- generating reported earnings demic:takeonmorerisk,or and cash growth as well as ask formoremoney from em- latent risks in itsinsurance ployers and workers. That Aims to Avoid U.S. Scrutiny business,” Stephanie Avakian, Pensions and other retire- director of the SEC’sDivision ment-benefit programs have of Enforcement, said. struggled foryearstofigure GE settled the claims out howtoclose the gapbe- China is exploring waysto without admitting or denying tween the assetsthey have on combine two of itsbiggest in- theSEC’sallegations,and the hand andthe cost of benefits dustrial-chemical companies settlement order didn’t al- they have promised to payout without running afoul of legeGEviolated U.S. ac- in futuredecades.Their con- pledges made to the U.S. in counting rules or the most cerns continued to grow as in- 2016 during the $43 billion serious antifraud laws. Under vestment returns fell. takeover of seed company the resolution, the company Thepandemic is adding ur- Syngenta AG. also must report to the SEC gencytothat long-term prob- foraone-year period on its lem. While the S&P 500 index By Jing Yang, policies and controls related has surged15% this year,ana- Ben Dummett to accounting and disclosure. lystsare projecting weaker and Julie Steinberg GE said no changes to long-term stock-market perfor- prior financial statements mancethan expected at the State-owned China Na- arerequired. “Weare pleased end of 2019.Bond ratesare ex- tional Chemical Corp., also to have reached an agree- pected to remain low in the known as ChemChina, maybe ment that puts the matter wake of federal stimulus mea- placed under anew holding behind us,” the company sures,meaning that fixed-in- companytogether with said.“Under the current come portfolios,traditionally Sinochem Group Co., accord- leadership team, we have sig- the bread and butterofpension ing to people familiar with nificantly enhanced our dis- funds,will return little.To- the matter. Thenew company closures and internal con- gether,those factorsare push- would be overseen by the trols and areastronger ing retirement-fund managers State-owned AssetsSupervi- companytoday.” S

acrossthe countrytotakeac- sion and Administration Com- ER TheSEC said in announc- UT

tion to keep shortfalls from mission or Sasac,the Chinese RE ing the deal that it continues growing. body that holds stateenter- Combining ChemChina and Sinochem would create aglobal powerhouse with $159 billion in revenue. to investigatethe claims, “What rate canIexpect a prises,the people said. which oftenmeans regulators dollar of my investment to Acombination would cre- ernment scrutinyofChinese cluded in the U.S. Department to take effect on Jan. 11. arestill probing whether in- grow?That’smorechallenging atethe world’slargest chemi- ownership in Swissagro-giant of Defense’slist of companies Thetakeover of Syngenta dividuals should be formally now,” said SteveForesti, chief cals conglomeratewith the Syngenta, the people familiar that supply and otherwise remains China’sbiggest for- accused of wrongdoing. investment officer at Wilshire equivalent of morethan $159 with the mattersaid. support China’smilitary, in- eign acquisition to dateand TheSEC said GE’smiscon- Consulting,anadvisertomany billion in annual revenue. ChemChina and Sinochem telligenceand security ser- received regulatoryclearance duct spanned from 2015 to large pension funds. Placing ChemChina and didn’t respond to requestsfor vices. TheWhiteHouse last in morethan 20 jurisdictions. 2017and involved accounting In September,Wilshirelow- Sinochem businesses under comment. month issued an executiveor- The acquisition wasapproved maneuversthat boosted GE’s ered its10-year annual-return one holding companycould Thetwo Chinese chemical der banning U.S. investments in 2016 by the Committeeon earningsbybillions of dol- projection to 5.5% forU.S. also avoid triggering U.S. gov- companies were recently in- in these companies,scheduled PleaseturntopageB2 lars. stocks from 5.75%atthe end of last year.The projection for long-term core bonds fell to 1.75%from3.25%. Even projec- INSIDE Starbucks Names tions forsome alternativeas- setsdropped, with privateequity dropping to 7.45% from Board Chairwoman 7.95% andreal assetsdeclining to 5.35% from 5.9%. Covid-19 addedurgencyto BY HEATHER HADDON BarackObama. longstanding concerns about Manycompanies have lowinterest rates, according to Starbucks Corp.appointed pledgedrecently to increase Ash Williams,executivedirec- investor Mellody Hobson as diversity in their workforces torand chief investment officer itsnextchairwoman, position- and boards.Nasdaq Inc.filed a of the State BoardofAdminis- ing the coffee chain to be proposal with the Securities tration of Florida. among the biggest U.S. com- and ExchangeCommission last “Wecould come back and BUSINESSNEWS panies with aBlack person week that would requirelisted saywetold youthis last year, Elon Musk says too leading itsboard. companies to have at leastone we told youthis the year be- manyM.B.A.srun Seattle-based Starbucks woman on their boards,inad- fore…and in addition to those said Wednesdaythat Ms.Hob- dition to adirector who is a factorswe’renow in apan- companies,and school son would succeed Myron Ull- racial minority or one who demic,” said Mr.Williams. leaderstakeissue. B3 man III as the leader of its self-identifies as lesbian, gay, In October,the Florida Re- boardwhen he retires in bisexual, transgender or queer. S

tirement System loweredits March. Ms.Hobson, co-chief Around 8% of directorsin NEW expected investment return to executiveatAriel Invest- the S&P 500 were Black as of G 7% from 7. 2%, despitehaving ments LLC, has been a mem- the end of August, according to made asimilar cut last year.It ber of the Starbucks board corporate-governance-datafirm OOMBER nowexpectstocollect about since 2005. Equilar Inc.Asofearlier this /BL SIT $380 million morefromthe Ms.Hobson, 51 yearsold, is month, 149companies in the VIN

stateand other participating among the most prominent S&P 500 didn’t have aBlack di- CAL employers next year,aspokes- Black investorsinthe U.S. Chi- rector,downfrom180 in June, Mellody Hobson has been a Starbucks board member since 2005. man said. cago-based Ariel Investments, according to recruiting firm In November,boardmem- aroughly $13 billion value-in- Russell Reynolds Associates. company’s workforce. versity targetsortraining bersofthe California Public vestment firm,says it is the Ms.Hobson would be the The Trump administration plans, a spokesman said. Employees’ Retirement Sys- country’s oldest minority-run only Blackchairwoman of an earlier that month discour- Starbucks said it would tem loweredinvestment-re- MARKETS mutual-fund firm. S&P 500 company, according aged companies with federal raise wagesatU.S.storesthis turn projectionsonalong- Commodities trader John RogersJr.,Ariel’schair- to Equilar. contracts from issuing specific month by 10% forexisting term-carebenefit fund and Trafiguraposts record man and investment chief,isa Starbucks in October man- diversity-related targets or workersand 5% fornew hires increased the amount workers longtime director at McDonald’s dated antibias training forex- conducting racial-sensitivity to help with recruiting and re- paytoparticipateafter a profit amid gyrations Corp.Mr. Rogersand Ms.Hob- ecutives and tied their com- training. Starbucks, a federal tention. CEO Kevin Johnson Wilshireconsultant warned in oil prices. B10 son are both Democratic donors pensation to increasing contractor,hasn’t received any said in an interviewthat he PleaseturntopageB10 andsupported former President minority representation in the federal inquiries about its di- PleaseturntopageB2 P2JW345000-6-B00200-1------XA

B2 | Thursday, December 10, 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. Airlines End Fees for Flight Changes A F Pfizer...... A1,A8 Activision Blizzard...... B4 FireEye...... B11 R Alphabet...... A4,B1,B12 G Rio Tinto...... B11 American Airlines...... B2 BY ALISON SIDER August that they would perma- Changefees,long apet peeve strictions and quarantine GameStop...... B12 S American Express...... B3 nently end flight-changefees for forpassengers, have been lucra- requirementshavemade such General Electric...... B1 SignalFrame...... B4 Apollo Global Major airlines aredoing away domestic flights. tivefor airlines based in the U.S. trips difficult or impossible.The Management...... A1 Genesis Healthcare....A8 Snowflake...... B4 with hefty fees to changeinter- Themoves to eliminatethe Thechargesbrought in $2.8bil- number of domestic passengers Apple...... A1,B1 Glencore...... B10 Sony...... B4,B12 national flights, as the carriers fees,which start at $200 but can lion last year,according to the in October fell 60% from ayear Ariel Investments...... B1 Gunvor...... B10 Space Exploration preparetotry to lureback runmuch higher,indicate the federal Transportation Depart- earlier,while international trav- Technologies...... B2 globe-trotters next year. lengths carrierswill go to reas- ment. But executives have said elersdeclined 77%, according to AT&T...... A1 I Starbucks...... B1 DeltaAir Lines Inc.and surepassengers and competefor they believetravelerswill place the latest government figures. AXA Investment IAC/InterActiveCorp. B12 Managers...... B11 Syngenta...... B1 United Airlines Holdings Inc. theirbusiness as the coronavirus more value on flexibility once Executives saythat could Intercontinental T said Wednesdaythat they are pandemic continues to ravage they return to the skies. start to changeasCovid-19 vac- B Exchange...... B10 scrapping most international travel demand.Restoring inter- Air-travel demand plunged as cines aredistributed. They add BHP...... B11 J Take-Two Interactive changefees forgood, joining nationaltravelisapriority for Covid-19 spread this year and that they hope moreflexible pol- Software...... B4 BioNTech...... A1,A8 American Airlines Group Inc., the airline industry, which has has only partially recovered. In- icies will spur bookingsbyhelp- JPMorgan Chase...... B3 Tesla...... B3,B11 BP...... B10 which made asimilar movelast lost billions of dollarssincethe ternational travel has been harding people feel morecomfort- K Total...... B10 C month. All three airlines said in pandemic began. est hit, as government travel reable in making long-term plans. Kering...... B12 Trafigura...... B10 Campbell Soup.....B3,B12 U Capital One...... B3 L Ubisoft Entertainment Cboe Global MarketsB10 Lowe's...... B11 ...... B4 CD Projekt...... B4 Lufax...... B10 United Airlines...... B2 Churchill Capital...... A1 LVMH Moët Hennessy United Natural Foods.B2 D Louis Vuitton...... B12 V Delta Air Lines...... B2 M Vitol...... B10 DoorDash...... B11 Match Group...... B12 X E Microsoft...... B4 Xerox...... B2 eBay...... B12 Moderna...... A8 X-Mode Social...... B1 Electronic Arts...... B4 P Y Equilar...... B1 Palantir Technologies.B4 Facebook...... A1,A4,B4 Yiren Digital...... B10 INDEX TO PEOPLE

B H Rawlins, Roger...... B2 Bannister, Barry...... B11 Hobson, Mellody...... B1 Redha, Hani...... B11 Rogers, John...... B1 Barra, Mary...... B3 I Burns, Ursula...... B2 Rumph, Ken...... B4 GES Iggo, Chris...... B11 C S IMA Iwinski, Marcin...... B4 Clouse, Mark...... B12 Schultz, Howard...... B2 J GETTY Culp, Lawrence...... B3 Squeri, Stephen...... B3 SE/ D Jacques, Jean-Sébastien T ...... B11 Dimon, James...... B3 Thiel, Peter...... B3 Johnson, Kevin...... B1 E Thompson, Simon.....B11 ANCE-PRES K FR Echambadi, Raj...... B3 U

Kicinski, Adam...... B4 ENCE F Ullman, Myron...... B1 Klein, Michael...... A1 V AG Fairbank, Richard...... B3 EX/

M AC Federighi, Craig...... B4 Vamvakidis, Athanasios SP Foresti, Steve...... B1 Miele, Laura...... B4 ...... B11 SpaceX’s Starship rocket prototype crashes on landing at the company’s Boca Chica, Texas, facility on Wednesday. G Musk, Elon...... B2,B3 W Gimber, Hugh...... B11 N - R Wong, Tai...... B11 Gordon, Mark...... B4 Ning, Frank...... B2 Wyden, Ron...... B1 SpaceX’s Unmanned Craft Explodes

til recently.Atapress brief- Chemical inginSeptember,Mr. Ning, BY ANDY PASZTOR contributed to the high touch- On average, one out of the highlightedthe capabilities of who also goes by Frank Ning, down velocity and the massive firstthree launches of new thelatest-version Starship,a said the mergerofthe two Elon Musk’sspace-transpor- explosion.” rocketshaveended in failure hulking combination of capsule Merger firms wasinprogress, the tation companySpaceX blasted Still, the company’sfounder over thepast few decades. and rocket, which is 30 feet in firstofficial confirmation that itsStarship spacecraftnearly 8 and chief technical officer On Wednesday, atrio of en- diameter and featuresrakish adeal washappening after miles high and maneuvered it added therewas good news gines boosted the vehicle to its fins near the nose and longer In Works yearsofmarket speculation. back seemingly to apinpoint because the team “got all the planned altitude,beforenavi- flaps at the base.Previous ver- Mergers have been akey landing, but then suffered a data” it needed during the gation and flight-control sys- sions were tested without a theme of Chinese President Xi spectacular explosion as the mission. “It appearseverything tems,asexpected, reoriented it nose cone. ContinuedfrompageB1 Jinping’s policytoreform vehicle failed to slowdownbe- is in order forfuturetests,” he foravertical landing attempt Starship has gone through Foreign investment in the state-owned enterprises to fore smashing intothe ground. said. near the company’smanufac- dramaticdesign changes over United States, apowerful in- makethem morecompetitive Wednesday’ssequenceof Weeks beforelaunch, Mr. turing andtesting facility in the years, even as Mr.Musk teragencypanel that reviews internationally. Thenumber events even prompted an Musk had sought to tamp southern Texas.The daybe- continues to predict signifi- cross-border deals forna- of state-owned firms directly elated Mr.Musk initially to down expectations by predict- fore,the flight wasscrubbed cantly faster progressfor his tional security concerns.Syn- overseen by Sasac has gone post amessageonTwitterthat ing a1-in-3 chanceofsuccess just beforeliftoff because of an program compared with U.S. gentasupplies seeds to Amer- from 117in2013 to 97 as of the16-storyStarship prototype forthe test of the reusable automated engine warning. government plans to send as- ican soybean farmersand June this year.Astring of executed akey airborne ma- craft, whichuses acomplex Earlier versions of the tronautstothe Red Planet by produces pesticides used in megamergers engineered by neuver precisely andmade it midair maneuver that flips it gleaming stainless-steel space- the 2030s. the U.S. and other partsofthe Beijing has created companies back to the designated landing from nose-down to afinal ship—intended to transport At various times,Mr. Musk world. At the time of the deal, that rank at the topintheir point. Checking the craft’sabil- nose-up descent. That abrupt people to the moon and even- has said SpaceX sees sending a about aquarter of the com- fields globally,such as train ity to control itsdirection dur- movement—which industryof- tually Mars—previouslyper- Starship,with or without peo- pany’ssales came from North manufacturing,mining,power ing descent wasone of the ficials sayhasn’t been success- formed much simpler short ple on board, around Mars America. and shipping. main reasons forthe flight, the fully executed beforebyany hops,reaching an altitude of within ahandful of years. But Anychangeinownership Sincebeing acquired by firsthigh-altitude test of the other big booster—is one of barely 500feet. SpaceExplo- industryand government of Syngentawould triggera ChemChina, Syngentahas privatevehicle designed to ex- themost challenging aspects ration Technologies Corp., the spaceofficials consider that reviewbyCfius,according to been acrucial platform for plorethe solar system. of Starship’sflight profile.Pre- company’sformal name,also overly optimistic.Anumber of people familiar with the mat- China to boost itsfootprint in But within minutes,after a paring forthe flight, Mr.Musk suffered astring of engine other prototypes already have ter. Thepanel has stepped up the global agricultureindus- video feed showedafireball at promised the companywould problems,structural failures been built or areinfabrication, scrutinyofdeals involving try. the instant of touchdown, Mr. showreal-time footageofthe and other technical setbacks and Mr.Musk has talked about foreign investorsinrecent Earlier this year,Chem- Musk posted afollow-up tweet test, “wartsand all”—some- before Wednesday’sliftoff. ultimately sending as manyas yearsamid heightened politi- China and Sinochem consoli- explaining that lowfuel pres- thing he had eschewedfor Despitethe botched touch- 100 people on asingle Starship calconcerns that China could dated their agricultureassets sure“during the landing burn some earlier Starship tests. down,the suborbital mission voyage. acquirestrategic U.S. technol- and combined them with Syn- ogyvia businessacquisitions gentatocreateanew com- by Chinese companies. panycalled SyngentaGroup. dren in afamily she has said Therevampedbusinessin- Starbucks sometimes had trouble paying tends to go public but hasn’t rent and bills.She wasthe first Acombination mapped out atimetable for in her family to graduatefrom itslisting. Appoints collegewhen she received a would create the SyngentaGroup recently bachelor’s degree from Prince- largest chemicals put on hold a$10 billion pri- tonUniversity in 1991. vate fundraising plan as it Hobson “I loved school and Ihad a by conglomerate. gearsupfor an initial public very singular focus,” she said in offering on China’sNasdaq- aDecember talk with the Eco- style STAR Market, according ContinuedfrompageB1 nomic Club of NewYork.“Ire- to people familiar with the wantstoraise payfor all U.S. alized my brain wasall Ihad.” Cfius has also been known matter. storeworkerstoatleast $15 an She became an Ariel em- Introducing an to forceasset sales.Last year, Thepre-IPO fundraising hour over the next three years. ployeewhen she was22. She Ergonomic Heat Beijing Kunlun Tech Co.Ltd., plan hadmet with aluke- Thecompanysaid at an in- said shewas still in her 20s which bought amajority stake warm response from interna- vestor meeting Wednesdaythat when Mr.Rogersintroduced her and Massage in dating app Grindr in 2016, tional investors, who have it plans to open 22,000 stores to Jack Bogle,VanguardGroup’s wasordered by the panel to concerns about China’sfor- globally over the next decade, founder and index-fund pioneer, Chair for Work sell it because of the risk that eign exchangecontrol, ac- giving it anetwork of 55,000 as afuturepresident of Ariel. and Home personal datacollected by the cording to one of the people. owned and licensed locations She wasnamed president of app could be obtained and Although foreign investors around the world. Mr.Johnson Ariel in 2000 and co-CEO last used by Beijing.Grindr was canrepatriate funds from said customershavebeen re- year. sold this year to agroup of China’sdomestic stock mar- turning to Starbucks even as Ms.Hobson has pushed for privateinvestors. ket, the processcan be long the coronavirus pandemic con- companies that Ariel investsin Putting ChemChina and andunpredictable. tinues to disrupt operations to cast awide net fortalent. Sinochem under anew hold- “Wedonot comment on and consumer behavior. “It’sveryimportant forthe ing companywouldn’t change rumor and speculation,” a “The recovery we aresee- boardtofirst recognizethe Syngenta’sownership.Both companyspokesman said. inginthe United Stateshas need to be diverse,and that Chinese companies areal- SyngentaGroup has been gone faster than we antici- hopefully then creates aripple ready currently overseen by in preliminarytalks with in- pated,” Mr. Johnson said. effect through the corpora- Sasac. vestorsinChina as it gauges Starbucks in November tion,” she said in December. Combiningthe two state- interest forits IPO,which joined MondelezInternational Ms. Hobson was appointed owned chemical companies, could happen as early as 2021 Inc. and PepsiCo Inc. in sign- independent vice chair of the whichcompeteinsuch fields and has the potential to be ingontothe BoardDiversity boardatStarbucks in 2018. %( 1-# *( /!& +$) 0-.'", as refineries and specialty the world’slargest by achem- ActionAlliance, agroup co- Howard Schultz, Starbucks’s chemicals, has long been in icals company, the person founded by Xerox Holdings chairman emeritus,said Ms. the cards. added. Corp.former CEO Ursula Hobson has advised the com- In 2018,Sinochem’schair- ASyngentaGroup stock Burns to advocate for greater pany for more than 20 years. manNing Gaoning wasalso sale could also help reduce diversity on boards. “I look forwardtoworking named chairman of Chem- debt at ChemChina, which fi- Ms.Hobson also serves as a with theboardand talented China, signaling an eventual nanced the majority of the director at JPMorganChase & leadership team on accelerating merger.One of the main rea- original Syngentadeal with Co.and formerly wasamember our strategy, supporting our sons forthe long holdup has loans from Chinese and inter- of the boardatEstéeLauder valued partners, and continuing Free Shipping&30Day Risk Free Trial been thechallengeposed by national banks. Cos. Ms.Hobson and her hus- to createsignificant value for Save $100 Now! And, Use code Ergonomic ChemChina’sownership of SyngentaGroup continues band,filmmaker George Lucas, all of our stakeholders,” Ms. For Free X-Wheel Casters Syngenta, two of the people to expect an IPO sometime by areinvolved in anumber of Hobson said in astatement. *$50 per month based on purchase of $89999 for 18-months 0% interest said. 2022, as previouslyindicated, charities and businessventures. —Micah Maidenberg Little has been said pub- but the spokesman declined Ms.Hobson grew up in Chi- and Dawn Lim licly about acombination un- to comment further. cago, the youngest of six chil- contributed to this article. P2JW345000-0-B00300-1------XA

THE WALL STREET JOURNAL. Thursday, December 10, 2020 | B3 BUSINESS NEWS Pandemic-Fueled Musk Decries‘M.B.A.ization’

Sales Surge Cools BY PATRICK THOMAS

What is wrongwith Ameri- At Campbell Soup cancorporations? Elon Musk says toomanyM.B.A.s. arepol- luting companies’ ability to BY ANNIE GASPARRO advertising to trytomaintain think creatively and givecus- the momentum. tomerswhat they really want. Campbell Soup Co.said a The company said many of His commentscriticizing surge in sales brought on by itsnew customersare young M.B.A.scame amid abroader the coronavirus pandemic is people returning to itssoup conversation about leadership receding,asign that the acute and snacks. before an online audiencedur- changesinconsumer behavior Campbell has also added ing TheWall Street Journal’s early in the pandemic may be manufacturingcapacity for CEOCouncil annual summit, moderating even as manypeo- high-demand items such as its wherehealso encouraged exec- ple stay home while Covid-19 PepperidgeFarm Goldfish utives to step away from their cases and hospitalizations crackers, working to rebuild spreadsheetsand getout of the reach records. inventories that were depleted boardroom and ontothe factory Campbell’sU.S.soup sales in the early months of the floor. jumped 21% in the quarter pandemic. “I thinktheremight be too ended Nov.1compared with a Campbell hasstruggled to manyM.B.A.srunning compa- year ago as pandemic-related keep up with demand in the nies,” the Tesla Inc.chief execu- restrictions continued to keep pandemic—a problem for tivesaid. “There’sthe M.B.A.- people home. manyfood makersthat has led ization of America, which Ithink However, that waslessthan at timestosparsely stocked is maybe not that great. There half the gains Campbell re- grocery shelves. should be morefocus on the ported forthe prior three Campbell said that while productorserviceitself,less months. supply pressure is likely to time on boardmeetings, less Business school leaders say Elon Musk’s comments don’t match the reality of what is taught. Supermarket operator continue,itcaught up on soup time on financials.” Kroger Co.last week also re- inventoryinthe latest quarter Manybusiness-school leaders and Stanford, whereGeneral and is prepared forthe holi- shot back,saying that Mr. Others Have Also it.Some of the highest-ranked MotorsCo. CEO MaryBarraand days. Musk’scommentsdon’t match Criticized Programs M.B.A. programs can cost six Capital One Financial Corp.CEO The company has Campbell said it expectsto- thereality of what is taught in figures without anyliving ex- Richard Fairbank went to busi- tal sales to moderate in com- M.B.A. programs and that more penses added in or factoring for nessschool. struggled to keep up ingmonths,forecasting 5% to studentsthan ever who arepur- the opportunitycosts of taking Not all Fortune 100 CEOs with demand in 7% growth for the continuing suing the graduatedegree are This wasn’tthe firsttime twoyears out of acareer to with an M.B.A. attended ahighly quarter. interested in entrepreneurship Elon Musk or other tech leaders pursue the degree. ranked program, the report says. recent months. Campbell’sstock fell 2.1% to and tech rather than Wall Street. have criticized the M.B.A. In a KaiThompson, arecent Forinstance, Stephen Squeri, $47. 28 as itsforecast forsales “I have nothing but the ut- 2013 interviewwith the Ameri- M.B.A. graduate of the Univer- CEOatAmerican ExpressCo., and profit forthe current most respect forElon, but he’s can Physical Society, Mr.Musk sityofMinnesota’sCarlson earned his degree from Manhat- quarter came in belowanalyst wrong to focus the blame on said: “I hirepeople in spiteofan School of Managementwho tanCollege’sO’Malley School of ported slowersales growth expectations.The company’s M.B.A.s,” said Robert Siegel,a M.B.A., notbecause of one.” worksasaconsultant, said his Business. than during thefirst months shares aredown4.3%sofar lecturer in management at the PeterThiel, the venturecapi- education wasworth it. “The as- RajEchambadi, the dean of of the pandemic. this year,while the S&P 500 is StanfordGraduateSchool of talistwho started PayPal Hold- sumption of Mr.Musk thatall Northeastern University’s Campbell ChiefExecutive up nearly 14%. Business. “I think he’sgot a ings Inc. with Mr.Musk and oth- M.B.A.s caremoreabout fi- D’Amore-McKim School of Busi- Mark Clouse said on Wednes- Part of the reason forthe strong element of truth of what ers twodecades ago,oncesaid: nances, spreadsheets, Power- ness, questioned Mr.Musk’sas- day that he expects people to lower-than-expected outlook is leadersshould be focused on, “NevereverhireanM.B.A.; they Pointpresentations, and board sertion that CEOs shouldn’t be continue eating moreathome that sales in prior quarters butheiscompletely off base will ruin your company.” meetings than delivering quality attunedtotheir companyprofit- even afterthe pandemic ends. were boosted by retailers re- talking about M.B.A.s.” M.B.A. programs have faced products and services to cus- ability,adding that an M.B.A. He said some people have building inventory. Mr.Siegel said Stanfordof- criticism overwhether their of- tomers is justsimply inaccu- cangivecorporateleadersaho- become better cooks and that Campbell reported a profit fers studentsavariety of busi- tenheftypricetags areworth rate,” he said. listic understanding of business, some will likely continue of $309 million, up from $166 ness-school courses on product from the supply chain, opera- working morefromhome million a year ago. Sales rose development and customer en- tions and manufacturing to mar- long-term. to $2.34 billion from $2.18 bil- gagement. Thereare also oppor- needed to succeed, including the Fortune 500,roughly athird keting,customer serviceand hu- “Wedonot see this as a lion ayear ago, beating ana- tunities forbudding entrepre- imaginingaproduct foracus- holds amaster’s in businessad- man resources. kind of episodic moment,” he lyst expectations of $2.32 bil- neurstopitch their business tomer’s needs,developinga ministration, according to the “Do we really think that in- said on a call with investors. lion. Its earnings of $1.02 per plans forcapital as well as to strategy, putting together afi- U.S. News Best BusinessSchool vestor focus on financials is an Thepandemic has provided sharetopped the 91 centsana- work with professorsand other nancing plan and building a rankings. Five M.B.A. programs MBA-education problem?” said food makerswith an unprece- lysts forecast. departments, such as the engi- team. have trained morethan one For- Rich Lyons,the former dean of dented opportunity formil- Thecompanyalso raised its neeringschool, to help launch “He is avisionary, but many tune 100 CEO, including Harvard the University of California, lionsofpeople to trytheir quarterly dividend 6% to 37 theirideas,headded. CEOs do well at vision and exe- BusinessSchool,which counts Berkeley’s Haas School of Busi- products for the first time in cents per share. GlennHubbard, the former cution with the benefit of an JPMorganChase &Co. chief ness. “Do firms with fewer years. dean of Columbia Business M.B.A.,orwith astrong team of James Dimon and Lawrence M.B.A.sontheir boards and se- Likeother food makers,  Heard on the Street: School, said an M.B.A. gives en- M.B.A.s.” Culp Jr., the CEO of General nior teams have shorter meet- Campbell has invested in more Campbell needs a stir...... B12 trepreneursthe foundation Among the top100 CEOs in Electric Co., among itsalums, ings?I’m skeptical.”

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B4 | Thursday, December 10, 2020 ****** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech DelaysFinallyEnd forGame Debut Sony Buys An AT&T Polish firm’spostponed ‘Cyberpunk 2077’ Streaming shows trials working remotely in pandemic Service

BY SARAH E. NEEDLEMAN BY DREW FITZGERALD AND JOE FLINT Videogame maker CD Pro- jekt SA wasfinishing itsbig- Sony Corp.has agreed to gest-ever title,anchored by buy streaming-video service Hollywood star Keanu Reeves, Crunchyrollfrom AT&T Inc. when theCovid-19 pandemic for$1.175 billion, adding to the hit earlier this year and bogged Japanese company’sextensive the Polish companydownwith libraryofanimated movies time-eating remote-work prob- and TV shows. lems. The deal with Sony’s Funi- On Thursday, “Cyberpunk mation Global Group comes as 2077” will finally hit the mar- AT&T focuses on itsown ketafter three delays that have mainstream HBO Max video both fedfan anticipation and service, which launched in the

changed the calculus forits EKT U.S. in late May.

success because of the project’s OJ Some details of Sony’s PR

higher costs. Thestruggles of CD pending purchase were re- the Warsaw-based companyre- In ‘Cyberpunk,’ players navigate a futuristic city as an outlaw seeking a one-of-a-kind implant that is the key to immortality. ported in October by Nikkei flect the challenges of manag- News. ing creativeteams remotely as Iwiński,who co-founded CD CD Projekt’sstock has steadily climbeddespite development. With the pan- Crunchyroll countsabout well as the difficulties a Projektwith ahigh-school delays with ‘Cyberpunk 2077.’ demic,developerssay tasks three million on-demand video smaller playerconfrontstrying friend in the early 1990s and is Daily sharepriceonthe Warsaw exchange ranging from testing games subscribersand 90 million to createablockbuster in the nowco-chief executivewith andfixing bugstorecording registered users. competitive, fast-growing vid- Adam Kiciński.“There’slessit- 500. Polish zlotys original musicand doing mo- AT&T said the cash transac- eogame market. eration and communication on First delay Second delay Thirddelay tion-capturework aretaking tion, which is subject to regu- CD Projektcould use abig adaily basis,” he said. 450 far longer to complete. As are- latoryapprovals,coversmore hit. Thecompanyhas only one CD Projektalso found itself sult, some games arelaunching than 500 Crunchyroll employ- other major game franchise,and overwhelmed by this year’s 400 later than planned, and some ees. all eyes areon“Cyberpunk” be- launch of newconsoles from arecosting moretomakethan Crunchyroll is the latest as- cause it is the industry’sonly Microsoft Corp.and Sony 350 Cyberpunk 2077 anticipated. set that AT&T is cutting loose original major title coming to Corp., as it looked to develop releasedate In April, Sony’sNaughty Dog to trim the debt load it announced market this holidayseason. versions of “Cyberpunk” play- 300 studio blamed the health crisis amassed through itsfive-year Executives at CD Projekt able on those machines and on itsdecision to delaythe push into entertainment. said the cost of making and older ones—a totalofnine plat- launch of itspost-apocalyptic Theacquisitions of DirecTV marketing“Cyberpunk” was forms overall. Thecompany 250 thriller,“TheLast of Us Part in 2015 and Time Warner in significantly higher than the previouslydeveloped games for II.” Independentdeveloper 2018 leftthe telecom network roughly $80 million the com- three platforms at atime. 200 Bungie said in July that it post- operator with morethan $180 pany spent on itslast game, In September,CDProjekt poned an updatetoits shooter billion of net debt, an amount “The Witcher 3: Wild Hunt,” said on Twitteritregretted 150 game “Destiny2”in part be- it has whittled down in recent without providing specifics. that some employees would June 2019 ’20 cause of Covid-19.And Micro- years. They said they initially miscal- have to work extended hours Note:1Polish zloty =27U.S. cents softinAugust pushed back the AT&T last year struck a culated howlong “Cyberpunk” forseveral weeks to finish “Cy- Source:FactSet release of anew installment of deal to sell itsPuertoRican would take to complete, with berpunk.” “Crunch,” the game- itsshooter franchise Halo to cable and wirelessbusiness to the health crisis most affecting industry’s term forexcessive will forgiveusfor this,because lasting morethan 10 hours. CD next year,citing work-from- Liberty Latin AmericaLtd.for the latterstagesoffour years overtime to completegames or we arebuying time fordeliver- Projektalso invested in artifi- home hurdles. nearly $2 billion. of development, following pre- critical updates,has been a ingsomething amazing.” cial-intelligencetechnologyto Aweak launch could be a Therecent sale of European production work that started hot-buttonissue formorethan In “Cyberpunk,” players navi- createmoreadvancedspecial stain on what otherwise has broadcaster CME Group Ltd. around 2012. adecade. gate afuturistic city as an out- effectsfor “Cyberpunk” than been abanner year forthe in- nettedthe companyanaddi- With employees homebound, “It’salways painful” when lawseeking aone-of-a-kind im- those in itsprior games. dustryatlarge.Spending on tional $1.1 billion and took making even aminor tweak— delays happen and “wepay with plant that is the key to Videogame production videogames and equipment has $575 million off itsbalance such as changing the place- our reputation,” Mr.Kiciński immortality.The game promises blends manyofthe creative surged world-wide sinceMarch sheet. ment of charactersorobjects said.“We truly believethat several hundred hoursofenter- functions of movie making with as people sought options for The telecom company also in ascene—would take hours oncewedeliver the game,peo- tainment, voice-oversin18lan- the sophisticated coding and entertainment with stay-at- has reached the late stages of instead of minutes,said Marcin ple will understand, and they guages and an original score engineering work of software home ordersineffect. an auctionofmuch of its Di- recTV satellitebusiness,according to people familiar with the process. CompaniesBeef Up Hiring forDigital Privacy AT&T is reviewing many otherpartsofits empireto sharpen its focus on the com- BYDAVID UBERTI while nations such as China, In- much as general counsels,said International Association Chief privacyofficershave pany’scoretelecom and media dia and the U.S. areconsidering PJ Harari, apartner at the legal of Privacy Professionals long managed such issues in units. Marcy Wilder walked into national rules of their own. recruitment firm Major,Lind- membership is morethan heavily regulated industries Cellphone and internet ser- her boss’scorner officeatlaw High-profile databreaches, sey &Africa. 30 times whatitwas in 2005. such as financial services and vicestill accountsfor more firm Hogan Lovells in 2010 with coupled with asurge in cyber- “Ifit’satech companyora health care,privacyexperts than half of the Dallas com- an idea that seems quaint in ret- attacks on remoteworkersdur- health-carecompany, it might 60,000 members say. But the role is nowmore pany’s revenue. rospect: Start ateam dedicated ing the coronavirus pandemic, be their second hire,” Ms.Ha- common at other organiza- ItsWarnerMedia division, to cybersecurity and privacy. upped the antefor such protec- rari said. tions, such as carauctioneer as Time Warner is nowknown, Manycompanies at the time tions,consumer advocates say. At Gusto, apayroll and ben- KARAuction Services Inc.and has struggled along with its were only beginning to facethe Thelooming need forpri- efitsplatform, Chief LegalOffi- ad agency Universal McCann, show-businesspeerssincethe threat of cyberattacks,and the vacy pros—and attorneysin cerAlyssaHarvey Dawson said 40,000 which both named their first coronavirus pandemic has European Union hadn’t yetset particular—bringstomind the she pushes ateam of more CPOs this year. sapped advertising and box-of- offaglobal chain reaction of iconic line from “Jaws,” said J. than 20 lawyersand compli- Arielle Garcia, chief privacy fice revenue. privacylaws. Hogan Lovells Trevor Hughes,president and ancespecialists, along with en- officer at UM, part of Interpub- WarnerMedia is pinning its didn’t issue apress release af- chief executiveofthe Interna- gineersand salespeople,to 20,000 lic Group of Cos., isn’t aprac- hopes on HBO Max,anew teritcreated thepractice tional Association of Privacy weaveprivacyintoproduct de- ticing attorney.But she said streaming video service built group,Ms. Wilder said, “be- Professionals, atrade group. velopment. In preparation for her lawdegree has been crucial to competewith the likes of cause no one would have been “We’regonna need abigger the California Consumer Pri- in understanding dense legal Netflix,Amazon Prime Video interested.” boat,” he said. vacy Act’s coming intoforce textsand applying them to day- and Disney+. Sincethen, her team has Mr.Hughes estimated that July 1, she said, Gustobuilt a 0 to-dayoperations,including by HBO Max executives have growntoabout 85 lawyers over athirdofIAPP’smore tool to automateakey provi- 2005 ’10 ’15 ’20 training and appointing a touted the $15 monthly ser- amid aglobal boom in the field. than 65,000 global members sion allowing userstorequest *Through Nov. 30 staffer as “privacychampion” vice’s breadth of content as a “Times have changed,” said arelawyers, with other roles to see what information the Source:International Association of each client account. selling point and have said Ms.Wilder,who specializes in including software engineers, platform collected about them. of Privacy Professionals “A lot of questions aregoing they plan to keep expanding health privacyand co-leads Ho- analystsand corporatedata Thework allows Gustoto to the privacylegal team itslibrarybylicensing more ganLovells’sprivacyand cy- protection officers. moreeasily tweak itssoftware Resulting costscan be signif- where, truly,they need apart- movies and TV shows. bersecurity practice. Companiesthat rely on cus- forfutureregulations,Ms. icant. In August, Palantir Tech- ner on the businessside,” Ms. Theservicealso made RegulatorsfromSacra- tomer datatoanchor their Dawson said. Reacting to new nologies Inc., SnowflakeInc.and Garcia said. Understanding how waves last week when it said mento, Calif., to Brussels in re- productsand services aredriv- rules afterproductsorservices other tech firms filing to go dataisused differently across it would release its2021 cent yearsbegan enforcing ingdemand formuch of the le- aredeployed, she said, “isthe public warned investors that a platforms such as Facebook movie slateonHBO Max at the laws to rein in what companies galtalent, with some startups thing that makes it so much patchwork of privacyrules and Google is crucial to craft- same time films debut in the- candowith personal data, paying privacylawyersas moreexponentially difficult.” could affect their bottomlines. ing ad strategies,she said. aters.

ADVERTISEMENT on X-Mode’sSDK would have tect Americans’ privacy, in- software updates that will Google and broader ecosystem implica- cluding rooting out the many prevent advertisersfrombe- The Marketplace tions considering X-Mode col- other databrokers that aresi- ingable to collect aperson’s lectssimilar mobile app data phoning datafromAmericans’ advertising identifier without To advertise: 800-366-3975orWSJ.com/classiﬁeds Apple Block as most advertising SDKs,and phones.” the user’s permission. Some Apple and Google would be Areview by Apple found companies,such as Facebook AVIATION COMMERCIAL REAL ESTATE setting the precedent that they 100 apps made by 30 develop- Inc., have said the changewill DataFirm candetermine privateenter- erscontained X-Mode’ssoft- hurt their ability to target prises’ability to collect and ware,according to abriefing personalized ads at people us- $6-%,5 "//(74*95 .6#, 3/!"*3 $' 2$ .-#+)&+-() 2.,104" !"3 /$)(% ,4,=E1@<%E-:*3 )*$%:3 use mobile app data,” the com- given to Mr.Wyden’soffice ing Apple devices. 69!32#& )+$#!4;:%3 ',!#7 47 1%C*(3 1*F /:*F ":<&. 149 0*6%F' ContinuedfrompageB1 panysaid. and described to the Journal. Craig Federighi,Apple’s 8#4/& "%! .#4! (3/ ,5%=:3> ,*B%,$,47B :4(*B@47'2?:: 2:44,F called SignalFrame that had Several developersthat Apple cited potential violations head of software engineering, *!:31:$5#= +-0. 1%*F%E"?3. .1B4#0'000 +)2 received asmall grant from the work with X-Mode have told of itsrules around datause this week reiterated Apple’s *4!;3#!=<:$= ,%3=:/#!#/ 6*/'&+3"0'* (3,, military and had been trying to the companythey plan to ask and sharing and gavedevelop- position that usersshould 220+#),8'2&,1329! 57 #&'.1& ()-42%$!2$8-- win other national security-re- Appletoreconsider the deci- have control over their data, lated contracts. sion,the databrokersaid. especially when it comes to In addition, Vice News re- Investigatorsworking for The locationdata tracking their location. Among BUSINESSOPPORTUNITIES PRODUCTS ported last month that X-Mode Mr.Wyden have been probing changes made to limit such drew some of itslocation in- the commercial datamarket in broker said it was tracking,henoted that are- &!"!#3-)"!!3% $#"#"& ""4 formation from apps with a the wake of revelations that cent software changeallows ?&'6(& $"(!#& 9*3&< $3+"!, %",('*"#+, 2.- ,"!3 reevaluating its '&:("#)$+713. *;&75&%5" '901)!9 predominantly Muslim user such data is being bought by userstoenable afeaturethat 8"&0-'( *'#6$-"-$---2-- 1*3/2 base,such as adating app U.S. government entities for government work. allows forapproximateloca- 9*3#$9$%*9$!" <9?*9&%$&< %.&)*%,&*3/*(1 ).*1 ;%&5'% 8*2*(#% $!'A"% 5> 8A -D+ >%; /%*; '/*0.01 &0-'2 1*3/ &0-' called Muslim Mingle and a surveillanceand lawenforce- tion rather than aprecise lo- -( 6--4 '*, 212&3'-!+1 prayer app called Muslim Pro, ment. He said he is drafting cation. ,+&( &, '. / '. 6 *.- though the companyalso has legislation to ban the practice. “Whereyou go says alot =CDAD)4A@@D4 /2A)CCA9*3A(69A4 /+2121.!",)*3,0 7770-58,+.:1B>58+1,+;+8B,08+B $$$*/%0&"#'-1)&1(*3,0 software embedded in many “Americans are sick of erstwo weeks to removeX- about who youare.Like other kinds of apps. learning about apps selling Mode’sSDK.Apple told devel- whether yougotoaparticular In response to questions their location information and opersthat it appeared X-Mode placeofworship,” Mr.Fed- COMMERCIAL REAL ESTATE from the Journal, X-Mode said othersensitivedatatoanyone “surreptitiously builds user erighi said Tuesdayduring the THE MARKETPLACE it wasre-evaluating itsgovern- with acheckbook,including to profiles basedoncollected European DataProtection and ADVERTISE TODAY ment work and that itscon- the government,” Mr.Wyden user data,” in violation of its PrivacyConference. “Thereis tracts prevent anyone from said.“Apple and Google de- terms of service. an enormous potential forthis (800)366-3975 linking adevice to personal in- servecredit fordoing the right Thecrackdown on X-Mode kind of datatobemisused. Formoreinformation visit: formation such as aname,ad- thing and exiling X-Mode So- comes as Apple is preparing And the way some apps arede- wsj.com/classifieds dressoremail address. cial, the most high-profile to betterhighlight to usersof signed, usersmay have no idea TheReston, Va.-based com- tracking company, from their itsiPhones howtheir datais that they’regiving it away.” ©2020Dow Jones &Company,Inc. All Rights Reserved. pany also suggested it wasbe- app stores.But there’sstill far being tracked. Next year,Ap- —Tim Higgins ing unfairly singled out. “A ban morework to be done to pro- ple has said, it will roll out contributed to this article. P2JW345000-0-B00500-1------XA

THE WALL STREET JOURNAL. Thursday, December 10, 2020 | B5 P2JW345000-1-B00600-1------XA

B6 | Thursday, December 10, 2020 * THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30068.81 t105.07, or 0.35% Trailing P/E ratio 29.60 20.78 3672.82 t29.43, or 0.79% Trailing P/E ratio * 41.65 24.36 12338.95 t 243.82, or 1.94% Trailing P/E ratio *† 38.45 26.15 High, low, open and close for each P/E estimate * 24.61 18.65 High, low, open and close for each P/E estimate * 25.97 19.18 High, low, open and close for each P/E estimate *† 31.99 23.15 trading day of the past three months. Dividend yield 2.01 2.25 trading day of the past three months. Dividend yield * 1.65 1.85 trading day of the past three months. Dividend yield *† 0.74 0.99 All-time high 30218.26, 12/04/20 All-time high 3702.25, 12/08/20 All-time high: 12582.77, 12/08/20

Current divisor 0.15198707565833 31700 3750 12400 Session high DOWN UP Session open Close 30500 3625 12000 t

Close Open t 29300 3500 11600 Session low

28100 3375 11200

65-day moving average 65-day moving average 26900 3250 10800 65-day moving average

25700 3125 10400

Bars measure the point change from session's open 24500 3000 10000 Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,053,547,252 19,792,356 Industrial Average 30319.70 29951.85 30068.81 -105.07 -0.35 30218.26 18591.93 7.7 5.4 7.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 516,538,444 3,335,225 Transportation Avg 12917.86 12696.12 12803.02 25.97 0.20 12803.02 6703.63 19.9 17.4 7.2 Most-active issues in late trading Decl. volume* 527,247,575 16,186,736 Utility Average 860.39 852.33 856.76 -1.60 -0.19 960.89 610.89 0.2 -2.5 4.2 Volume After Hours Issues traded 3,233 276 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 38693.59 38055.22 38213.66 -362.69 -0.94 38576.35 22462.76 18.9 15.7 11.7 Advances 1,589 81 SPDR S&P 500 SPY 11,275.2 366.92 0.07 0.02 367.18 366.10 Barron's 400 832.78 820.10 823.81 -4.57 -0.55 828.38 455.11 15.0 12.5 5.4 Declines 1,520 185 Kinross Gold KGC 6,734.0 7.33 0.02 0.27 7.36 7.29 Unchanged 124 10 General Electric GE Nasdaq Stock Market 5,828.3 11.26 -0.13 -1.14 11.50 11.19 New highs 335 10 Nasdaq Composite 12607.14 12290.78 12338.95 -243.82 -1.94 12582.77 6860.67 42.6 37.5 21.7 Apple AAPL 5,013.3 121.30 -0.48 -0.39 122.80 121.25 New lows 20 Nasdaq 100 12643.24 12311.30 12364.64 -271.08 -2.15 12635.72 6994.29 47.2 41.6 24.9 Invesco QQQ Trust I QQQ 4,378.1 301.24 -0.07 -0.02 302.10 300.90 Closing Arms† 1.23 2.36 AT&T T 3,971.5 31.46 ... unch. 31.56 31.03 S&P Block trades* 5,805 173 Immutep ADR IMMP 3,849.5 4.52 2.36 109.26 6.90 2.16 500 Index 3712.39 3660.54 3672.82 -29.43 -0.79 3702.25 2237.40 16.9 13.7 11.5 Nasdaq NYSE Arca Altria Group MO 3,593.8 43.07 0.09 0.21 43.20 42.96 MidCap 400 2264.67 2227.64 2240.49 -9.08 -0.40 2249.57 1218.55 11.1 8.6 5.8 Total volume*5,137,029,231 245,701,923 SmallCap 600 1103.95 1082.53 1089.84 -0.94 -0.09 1090.78 595.67 9.1 6.7 5.5 Percentage gainers… Adv. volume*1,681,691,100 73,750,645 Decl. volume*3,426,312,754 170,158,738 Other Indexes Immutep ADR IMMP 3,849.5 4.52 2.36 109.26 6.90 2.16 Issues traded 3,783 1,454 Russell 2000 1935.27 1889.33 1902.15 -15.63 -0.82 1917.78 991.16 16.6 14.0 7.7 UTStarcom Holdings UTSI 2,671.2 2.50 1.17 87.97 2.85 1.36 Advances 1,280 410 NYSE Composite 14476.68 14293.27 14374.08 -28.09 -0.20 14417.33 8777.38 5.8 3.3 4.4 Asana ASAN 645.3 32.90 4.56 16.09 33.56 28.34 Declines 2,411 1,021 Mesa Air Group MESA 332.9 7.99 0.76 10.51 8.40 7.23 Value Line 566.68 557.00 560.54 -2.10 -0.37 562.64 305.71 4.2 1.5 0.3 Unchanged 92 23 Editas Medicine EDIT 50.6 53.96 3.38 6.68 53.98 50.25 NYSE Arca Biotech 5586.00 5409.04 5446.59 -123.69 -2.22 6142.96 3855.67 8.1 7.5 8.8 New highs 439 343 NYSE Arca Pharma 694.90 687.57 691.70 2.68 0.39 691.70 494.36 9.0 5.8 8.6 ...And losers New lows 13 43 KBW Bank 96.16 94.59 95.06 0.20 0.21 114.12 56.19 -14.0 -16.1 -3.8 Leaf Group LEAF 54.7 4.79 -0.81 -14.46 5.41 4.50 Closing Arms† 1.08 0.71 § PHLX Gold/Silver 142.42 137.94 139.61 -3.69 -2.57 161.14 70.12 40.2 30.6 22.0 QIWI ADR QIWI 78.4 11.75 -1.84 -13.54 13.61 10.76 Block trades* 27,711 1,206 § PHLX Oil Service 46.65 44.40 45.16 -0.31 -0.69 80.99 21.47 -37.6 -42.3 -30.4 NTN Buzztime NTN 98.3 2.22 -0.18 -7.50 2.46 2.14 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2822.03 2718.91 2734.77 -81.50 -2.89 2816.27 1286.84 55.5 47.9 30.2 QuantumScape QS 736.2 71.80 -3.34 -4.45 75.14 69.78 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 22.93 20.10 22.27 1.59 7.69 82.69 12.10 48.6 61.6 32.5 LORL Loral Space Comm 139.3 20.50 -0.90 -4.21 21.50 20.50 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 0.11 World The Global Dow 3474.19 3.85 6.9 Greenwich LifeSciences GLSI 57.10 51.90 998.35 158.07 3.26 ... Cyclo Therapeutics CYTH 4.20 -4.40 -51.16 34.99 3.40 -83.5 DJ Global Index 483.19 –1.90 –0.39 11.3 C3.ai AI 92.49 50.49 120.21 115.00 42.00 ... Pluristem Therapeutics PSTI 7.00 -4.46 -38.92 13.29 2.82 102.9 DJ Global ex U.S. 281.30 0.80 0.29 6.7 DoorDash DASH 189.51 87.51 85.79 195.50 102.00 ... Sino-Global Shipping Amer SINO 2.41 -1.44 -37.40 4.90 1.37 0.4 Americas DJ Americas 867.35 –8.19 –0.94 14.0 Rocket Pharmaceuticals RCKT 58.74 26.71 83.39 63.95 9.01 181.9 Aytu BioScience AYTU 6.83 -1.87 -21.49 29.90 3.35 -1.2 Brazil Sao Paulo Bovespa 113001.16 –791.90 –0.70 –2.3 GeoVax Labs GOVX 5.73 2.53 79.06 60.00 2.30 -71.4 Talos Energy TALO 8.38 -2.13 -20.27 31.34 5.00 -69.1 Canada S&P/TSX Comp 17559.86 –79.14 –0.45 2.9 SELLAS Life Sciences SLS 6.39 2.70 73.17 6.39 1.46 49.0 Generation Bio GBIO 39.07 -9.78 -20.02 55.72 17.00 ... Mexico S&P/BMV IPC 42736.96 –361.68 –0.84 –1.8 MTS Systems MTSC 58.49 19.97 51.84 58.78 13.15 25.4 GameStop Cl A GME 13.66 -3.28 -19.36 19.42 2.57 147.0 Chile Santiago IPSA 2845.83 12.54 0.44 –14.7 PubMatic PUBM 29.45 9.45 47.25 33.16 20.00 ... Infinity Pharmaceuticals INFI 2.24 -0.53 -19.13 3.13 0.60 89.8 Tuscan Holdings THCB 17.20 4.42 34.59 17.39 9.16 73.7 Bloom Energy BE 25.01 -5.58 -18.24 31.04 3.00 343.4 EMEA Stoxx Europe 600 394.90 1.26 0.32 –5.0 Intec Pharma NTEC 4.64 1.18 34.10 15.82 2.20 -56.0 Tricida TCDA 6.68 -1.44 -17.73 44.30 3.74 -84.7 Eurozone Euro Stoxx 393.22 0.22 0.06 –2.7 Belgium Bel-20 3694.92 2.58 0.07 –6.6 17 Educ Tech ADR YQ 20.18 5.12 34.00 23.93 10.00 ... Photronics PLAB 11.11 -2.10 -15.90 16.75 8.31 -26.6 Denmark OMX Copenhagen 20 1406.91 13.40 0.96 23.9 Cardtronics Cl A CATM 34.11 8.24 31.85 47.41 15.71 -14.6 LMP Automotive Holdings LMPX 25.24 -4.74 -15.81 49.30 3.28 64.1 France CAC 40 5546.82 –13.85 –0.25 –7.2 Genetic Technologies ADR GENE 4.47 1.06 31.09 10.30 1.41 95.9 Nine Energy Service NINE 2.38 -0.43 -15.30 10.65 0.38 -58.7 QuantumScape QS STMicroelectronics STM Germany DAX 13340.26 61.77 0.47 0.7 75.14 17.24 29.78 87.50 9.74 ... 35.27 -6.30 -15.16 41.99 14.67 33.5 Oncternal Therapeutics ONCT 6.30 1.22 24.02 7.19 1.49 36.1 LightInTheBox Holding ADR LITB 2.42 -0.42 -14.79 3.89 0.58 188.1 Israel Tel Aviv 1483.40 20.47 1.40 –11.9 Italy FTSE MIB 21969.59 –83.83 –0.38 –6.5 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 619.72 3.13 0.51 2.5 Russia RTS Index 1372.47 7.81 0.57 –11.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 59291.75 132.39 0.22 3.9 Spain IBEX 35 8235.30 7.70 0.09 –13.8 Sundial Growers SNDL 213,696 15.4 0.49 -4.11 3.88 0.14 Greenwich LifeSciences GLSI 18,475 65462 57.10 998.35 158.07 3.26 Sweden OMX Stockholm 764.35 –0.07 –0.01 12.3 Xenetic Biosciences XBIO 183,347 69682.5 3.17 193.52 5.85 0.44 JPM BetaBld US MC BBMC 1,464 18806 76.32 -0.68 77.22 48.58 American Airlines Group AAL Vesper Hlthcr Acqn Cl A VSPR Switzerland Swiss Market 10430.02 35.92 0.35 –1.8 137,329 91.6 17.16 -2.67 30.78 8.25 11,612 9430 11.44 10.00 11.69 10.01 General Electric GE 125,511 10.6 11.39 3.92 13.26 5.48 Dyadic International DYAI 5,456 5107 5.99 -3.85 10.98 2.51 Turkey BIST 100 1350.32 10.43 0.78 18.0 NIO ADR NIO 120,735 -25.2 44.01 -5.48 57.20 2.11 TPG Pace Tech Opps Cl A PACE 340 4030 10.50 1.47 11.40 9.70 U.K. FTSE 100 6564.29 5.47 0.08 –13.0 U.K. FTSE 250 19883.89 13.40 0.07 –9.1 Apple AAPL 113,855 -13.0 121.78 -2.09 137.98 53.15 Alberton Acquisition Cl A ALAC 343 3021 11.10 0.18 11.75 10.25 Cinedigm Cl A CIDM 108,767 1344.5 0.87 0.93 6.00 0.25 MTS Systems MTSC 4,569 2875 58.49 51.84 58.78 13.15 Asia-Pacific Curis CRIS 94,753 1464.8 7.69 17.40 8.36 0.62 SPDR Portfolio Europe ETF SPEU 1,502 2727 37.20 -0.35 37.44 22.69 Australia S&P/ASX 200 6728.50 40.77 0.61 0.7 Pfizer PFE 85,504 137.2 41.85 -1.67 43.08 26.41 Pluristem Therapeutics PSTI 5,960 2470 7.00 -38.92 13.29 2.82 China Shanghai Composite 3371.96 –38.21 –1.12 10.6 ProSh UltraPro Shrt QQQ SQQQ 80,183 11.9 17.29 6.73 162.15 16.15 Rocket Pharmaceuticals RCKT 8,348 2423 58.74 83.39 63.95 9.01 Hong Kong Hang Seng 26502.84 198.28 0.75 –6.0 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 1.09 India S&P BSE Sensex 46103.50 494.99 11.8 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 26817.94 350.86 1.33 13.4 Singapore Straits Times 2843.07 17.44 0.62 –11.8 Track the Markets South Korea Kospi 2755.47 54.54 2.02 25.4 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 14390.14 0.21 19.9 global stock indexes, bond ETFs, 29.74 currencies and commodities at Currencies Thailand SET 1482.67 3.75 0.25 –6.2 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Wed YTD chg Wed YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004323 23131 –0.2 Argentina peso .0122 82.0493 37.0 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1934 5.1710 28.6 Czech Rep. koruna .04595 21.763 –4.0 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7801 1.2820 –1.3 Denmark krone .1623 6.1610 –7.5 notes and bonds major U.S. trading partners Chile peso .001346 743.20 0.5 Euro area euro 1.2084 .8276 –7.2 A consumer rate against its Five-year ARM, Rate Colombiapeso .000288 3476.50 5.9 Hungary forint .003386 295.37 0.02 Ecuador US dollar 11unch Iceland krona .007866 127.13 5.0 benchmark over the past year 2.50% Bankrate.com avg†: 3.22% 10% Mexico peso .0503 19.8654 4.9 Norway krone .1132 8.8319 0.6 Uruguay peso .02343 42.6750 14.9 Poland zloty .2724 3.6709 –3.2 5-year Hanscom Federal Credit Union 2.50% One year ago 2.00 s Russia ruble .01358 73.654 18.7 adjustable-rate Euro Asia-Pacific 4.00% Hanscom AFB, MA 800-656-4328 t 5 Sweden krona .1179 8.4852 –9.4 mortgage (ARM) 1.50 s Australian dollar .7444 1.3434 –5.7 t Yen Switzerland franc 1.1241 .8896 –8.1 Citadel Federal Credit Union 2.63% China yuan .1528 6.5433 –6.0 3.00 0 Turkey lira .1278 7.8249 31.5 Exton, PA 800-666-0191 1.00 Hong Kong dollar .1290 7.7516 –0.5 Ukraine hryvnia .0355 28.1500 18.9 Tradeweb ICE India rupee .01356 73.730 3.3 2.00 Star One Credit Union 2.63% UK pound 1.3406 .7459 –1.1 Wednesday Close 0.50 –5 s Indonesia rupiah .0000709 14110 1.6 Sunnyvale, CA 408-742-2801 t WSJ Dollar index Japan yen .009594 104.23 –4.1 Middle East/Africa 5-year Treasury 1.00 Associated Bank, NA 2.75% 0.00 –10 Kazakhstan tenge .002380 420.24 10.1 Bahrain dinar 2.6525 .3770 –0.01 t note yield Macau pataca .1252 7.9879 –0.4 Egypt pound .0637 15.6893 –2.2 Rockford, IL 800-682-4989 1 3 6 1 2 3 5 7 10 20 30 2020 2020 0.00 month(s) years Malaysia ringgit .2461 4.0640 –0.6 Israel shekel .3074 3.2535 –5.8 J F M A M J J A S O ND STAR Financial Bank 2.88% New Zealand dollar .7024 1.4237 –4.2 Kuwait dinar 3.2800 .3049 0.6 maturity 2020 Fort Wayne, IN 765-622-4185 Pakistan rupee .00623 160.480 3.5 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.170 –5.0 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7477 1.3375 –0.6 Saudi Arabia riyal .2666 3.7515 0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0009197 1087.37 –5.9 South Africa rand .0668 14.9605 6.9 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0053833 185.76 2.4 Yield (%) 52-Week Total Return (%) Taiwan dollar .03538 28.265 –5.5 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 .03323 30.090 1.1 WSJ Dollar Index 86.00 0.04 0.04 –3.98 Libor, 3-month 0.22 0.23 0.20 l 1.96 -1.33 U.S. Treasury, Barclays 2450.780 0.610 0.630 1.860 0.400 7.331 5.099 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.14 Five-year CD, annual yield 0.59 0.58 0.58 l 1.41 -0.90 U.S. Treasury Long, Barclays 4682.560 1.550 1.570 2.340 0.980 14.554 9.799 Commodities 30-year mortgage, fixed† 2.94 2.92 2.90 l 4.22 -0.94 Aggregate, Barclays 2278.490 1.200 1.210 2.380 1.020 6.958 5.209 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.37 2.37 2.37 l 3.57 -0.93 Fixed-Rate MBS, Barclays 2224.380 1.330 1.340 2.690 0.930 3.879 3.645 Jumbo mortgages, $510,400-plus† 2.92 2.94 2.90 l 4.36 -1.38 DJ Commodity 691.48 2.48 0.36 694.81 433.70 11.07 7.66 High Yield 100, ICE BofA 3302.109 3.821 3.926 10.740 3.589 4.694 4.978 Five-year adj mortgage (ARM)† 3.22 3.21 2.85 l 4.61 -0.48 TR/CC CRB Index 158.92 0.64 0.40 187.39 106.29 -12.44 -14.46 Muni Master, ICE BofA 594.015 0.910 0.949 3.441 0.838 4.974 4.355 New-car loan, 48-month 4.04 4.04 4.04 l 4.50 0.84 Crude oil, $ per barrel 45.52 -0.08 -0.18 63.27 -37.63 -22.53 -25.45 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 921.093 4.461 4.486 7.480 4.437 5.647 4.625 Natural gas, $/MMBtu 2.442 0.043 1.79 3.354 1.482 8.87 11.56 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. 1834.60 -36.20 -1.94 2051.50 1466.70 24.85 20.74 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW345000-0-B00700-1------XA

THE WALL STREET JOURNAL. Thursday, December 10, 2020 | B7

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 Feb 2.473 2.538 2.438 2.456 .034 116,211 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'21 99.7950 99.8100 99.7900 99.8050 .0100 1,137,996 March 2.466 2.529 2.437 2.452 .033 193,640 Dec 64.850 65.225 64.625 65.125 .575 11,700 June 99.8000 99.8150 99.7950 99.8100 .0100 858,535 Contract Open April 2.472 2.525 2.450 2.466 .038 93,453 Feb'21 65.500 66.575 65.125 66.275 .675 82,966 Dec 99.7550 99.7650 99.7500 99.7600 .0050 805,696 Open High hi lo Low Settle Chg interest May 2.498 2.541 2.475 2.489 .037 60,850 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Copper-High (CMX)-25,000 lbs.; $ per lb. Oct 2.668 2.698 2.629 2.648 .030 91,429 Jan 736.70 757.20 736.70 754.50 29.30 1,581 Currency Futures Dec 3.4990 3.5215 3.4835 3.5080 0.0140 3,011 March 708.00 724.70 s 702.00 712.70 20.00 784 March'21 3.5040 3.5350 3.4850 3.5135 0.0145 166,504 Agriculture Futures Milk (CME)-200,000 lbs., cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Gold (CMX)-100 troy oz.; $ per troy oz. Dec 15.59 15.72 15.43 15.52 –.03 4,666 Dec .9602 .9611 .9578 .9595 –.0005 138,777 Dec 1867.10 1867.10 1827.00 1834.60 –36.20 9,784 Corn (CBT)-5,000 bu.; cents per bu. Jan'21 16.08 16.17 15.84 16.10 .04 3,545 March'21 .9620 .9628 .9593 .9610 –.0008 53,608 Jan'21 1872.00 1872.00 1826.80 1836.10 –36.20 2,254 Dec 418.00 422.25 417.75 422.00 5.00 3,004 Cocoa (ICE-US)-10 metric tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD Dec .7801 .7831 .7792 .7801 …115,108 Feb 1875.40 1875.90 1828.20 1838.50 –36.40 404,655 March'21 420.00 424.50 419.75 423.75 4.00 878,362 Dec 2,674 2,674 2,674 2,674 –26 18 March'21 .7809 .7834 .7797 .7805 –.0001 43,121 April 1879.10 1879.10 1832.40 1842.60 –36.50 73,953 Oats (CBT)-5,000 bu.; cents per bu. March'21 2,582 2,612 2,540 2,549 –26 96,638 British Pound (CME)-£62,500; $ per £ June 1882.10 1882.10 1835.00 1845.30 –36.50 33,782 Dec ...... 334.50 4.25 36 Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 1.3359 1.3478 1.3356 1.3397 .0043 104,930 Aug 1883.10 1883.30 1838.50 1847.70 –36.50 10,075 March'21 321.25 329.50 s 319.25 327.75 4.25 3,667 Dec 115.10 115.10 115.10 114.90 –2.20 104 March'21 1.3371 1.3491 1.3363 1.3409 .0041 57,341 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybeans (CBT)-5,000 bu.; cents per bu. March'21 119.60 119.60 116.50 117.05 –2.20 114,995 Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 2298.50 2298.50 2298.50 2280.30 –36.40 8 Jan 1146.00 1160.75 1145.50 1158.50 12.75 228,649 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Dec 1.1251 1.1274 s 1.1219 1.1240 –.0005 39,109 March'21 2320.00 2333.50 2261.00 2290.60 –37.30 9,398 March 1151.00 1165.25 1150.50 1163.50 12.00 290,129 March 14.45 14.99 14.41 14.97 .58 402,809 March'21 1.1288 1.1311 s 1.1255 1.1275 –.0007 15,672 Platinum (NYM)-50 troy oz.; $ per troy oz. Soybean Meal (CBT)-100 tons; $ per ton. May 13.83 14.27 13.82 14.25 .46 222,401 Australian Dollar (CME)-AUD 100,000; $ per AUD Dec ...... 1016.90 –18.10 128 Dec 384.20 387.10 383.30 384.40 2.70 588 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Dec .7411 .7486 s .7405 .7438 .0031 105,773 Jan'21 1040.00 1042.70 998.10 1018.50 –18.50 46,382 March'21 379.00 383.80 378.50 381.40 2.60 137,399 March 28.45 28.45 28.45 28.45 .10 3,024 March'21 .7420 .7494 s .7414 .7445 .0029 53,094 Silver (CMX)-5,000 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. July 29.10 29.10 29.10 28.80 .10 2,234 Mexican Peso (CME)-MXN 500,000; $ per MXN Dec 24.655 24.655 23.850 23.930 –0.754 1,229 Dec 38.56 38.77 38.35 38.76 .48 604 Cotton (ICE-US)-50,000 lbs.; cents per lb. Dec .05051 .05074 .04997 .05029 –.00017 106,261 March'21 24.735 24.755 23.695 23.990 –0.746 132,101 March'21 37.26 37.78 37.25 37.72 .43 139,819 March 72.00 73.22 71.86 73.05 1.07 126,274 March'21 .05001 .05028 .04954 .04984 –.00016 85,460 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 72.85 74.04 72.77 73.89 1.04 37,963 Euro (CME)-€125,000; $ per € Jan 12.31 12.38 12.30 12.37 .04 7,042 Jan 45.60 46.24 44.95 45.52 –0.08 300,016 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Dec 1.2107 1.2149 1.2060 1.2074 –.0032 521,586 March 12.48 12.55 12.48 12.54 .04 1,983 Feb 45.75 46.43 45.14 45.72 –0.08 238,788 Jan 125.20 126.10 124.40 125.65 –.45 5,939 March'21 1.2139 1.2181 1.2090 1.2104 –.0034 155,129 March 45.93 46.57 45.30 45.87 –0.09 215,353 Wheat (CBT)-5,000 bu.; cents per bu. March 125.50 126.10 124.80 125.95 –.45 4,439 April 46.06 46.66 45.44 45.99 –0.10 104,744 Dec ...... 577.00 13.25 36 Index Futures June 46.03 46.70 45.54 46.07 –0.10 215,327 March'21 570.50 585.00 567.25 583.25 13.25 188,653 Interest Rate Futures Dec 45.51 46.07 45.16 45.58 –0.04 268,093 Wheat (KC)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 541.50 541.50 540.00 550.25 14.00 17 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 30206 30309 s 29946 30063 –107 94,045 Jan 1.4062 1.4256 1.3925 1.3989 –.0078 92,210 March'21 539.00 552.50 534.25 551.00 14.00 120,394 Dec 213-240 214-010 212-170 213-100 –1-05.0 26,305 March'21 30123 30209 s 29850 29966 –105 8,641 Feb 1.4130 1.4307 1.3989 1.4054 –.0082 61,050 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'21 212-090 212-120 210-200 211-190 –1-05.0 1,003,326 S&P 500 Index (CME)-$250 x index Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Jan 137.525 137.900 136.575 137.025 –.550 16,305 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec 3706.80 3713.40 s 3668.80 3672.40 –29.60 34,977 Jan 1.2580 1.2862 1.2495 1.2759 .0200 103,021 March 138.500 139.025 137.925 138.800 .300 13,064 Dec 171-270 171-300 171-020 171-160 –19.0 34,719 March'21 …… …3664.20 –29.70 26 Feb 1.2690 1.2929 1.2610 1.2838 .0164 57,102 Cattle-Live (CME)-40,000 lbs.; cents per lb. March'21 172-270 172-280 171-300 172-150 –19.0 1,126,561 Mini S&P 500 (CME)-$50 x index Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 107.850 108.075 107.225 107.375 –.475 10,951 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 3707.75 3714.75 s 3659.50 3672.50 –29.50 2,494,893 Jan 2.454 2.524 2.421 2.442 .043 229,386 Feb'21 110.800 111.250 110.650 110.975 .200 113,399 Dec 138-040 138-055 137-295 138-015 –5.5 61,720 March'21 3700.25 3707.00 s 3651.50 3664.25 –29.75 217,672 March'21 137-230 137-240 137-150 137-200 –6.0 3,141,840 Mini S&P Midcap 400 (CME)-$100 x index 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 2253.60 2264.20 s 2225.80 2239.00 –9.30 54,109 Dec 125-170 125-192 125-155 125-167 –2.5 69,486 March'21 2253.00 2260.00 s 2222.60 2235.30 –9.30 353 Cash Prices | wsj.com/market-data/commodities Wednesday, December 09, 2020 March'21 125-280 125-282 125-245 125-260 –3.0 3,072,549 Mini Nasdaq 100 (CME)-$20 x index 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 12657.25 12675.00 s 12306.75 12367.00 –270.50 234,005 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Dec 110-134 110-134 110-130 110-134 27,915 March'21 12654.75 12670.25 s 12305.00 12365.25 –269.75 9,760 separate from the futures price on an exchange, which reflects what the commodity might be worth in future March'21 110-130 110-131 110-124 110-129 –.1 1,820,133 Mini Russell 2000 (CME)-$50 x index 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 1919.60 1937.10 s 1888.30 1903.50 –13.30 551,155 months. Dec 99.9125 99.9125 99.9100 99.9100 121,338 Mini Russell 1000 (CME)-$50 x index Wednesday Wednesday Wednesday Jan'21 99.9200 99.9200 99.9150 99.9150 151,183 Dec 2076.20 2092.00 s 2059.90 2068.70 –18.40 8,816 U.S. Dollar Index (ICE-US)-$1,000 x index Energy Aluminum, LME, $ per metric ton *1986.0 Wheat - Hard - KC (USDA) $ per bu-u 5.7600 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Copper,Comex spot 3.5080 Wheat,No.1soft white,Portld,OR-u 6.3250 Dec ...... 100-140 –8.5 93,328 Dec 90.91 91.21 90.69 91.08 .11 28,587 March'21 90.83 91.12 90.60 91.01 .13 19,807 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 150.8 Food March'21 ...... 97-215 –9.0 65,834 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 287 Eurodollar (CME)-$1,000,000; pts of 100% Steel, HRC USA, FOB Midwest Mill-s 894 Beef,carcass equiv. index Dec 99.7525 99.7725 99.7500 99.7700 .0175 1,088,281 Source: FactSet Metals choice 1-3,600-900 lbs.-u 185.02 Fibers and Textiles select 1-3,600-900 lbs.-u 167.25 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8527 Bonds | wsj.com/market-data/bonds/benchmarks Burlap,10-oz,40-inch NY yd-n,w 0.6400 Engelhard industrial 1856.00 Butter,AA Chicago 1.5150 Cotton,1 1/16 std lw-mdMphs-u Handy & Harman base 1841.75 0.7030 Cheddar cheese,bbl,Chicago 142.00 Cotlook 'A' Index-t Handy & Harman fabricated 2044.34 *79.10 Cheddar cheese,blk,Chicago 164.50 Tracking Bond Benchmarks Hides,hvy native steers piece fob-u LBMA Gold Price AM *1864.50 38.500 Milk,Nonfat dry,Chicago lb. 113.75 Wool,64s,staple,Terr del-u,w LBMA Gold Price PM *1868.15 n.a. Coffee,Brazilian,Comp 1.1114 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Krugerrand,wholesale-e 1908.92 Grains and Feeds Coffee,Colombian, NY 1.6675 highs and lows for different types of bonds Maple Leaf-e 1927.28 Eggs,large white,Chicago-u 0.8250 American Eagle-e 1927.28 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.45 Total Total Mexican peso-e 2221.06 Bran,wheat middlings, KC-u 150 Hams,17-20 lbs,Mid-US fob-u n.a. return YTD total Yield (%) return YTD total Yield (%) Austria crown-e 1802.16 Corn,No. 2 yellow,Cent IL-bp,u n.a. Hogs,Iowa-So. Minnesota-u 64.11 close return (%) Index Latest Low High close return (%) Index Latest Low High Austria phil-e 1927.28 Corn gluten feed,Midwest-u,w 149.0 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 553.3 Pork loins,13-19 lb MidUS-u 0.7578 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Engelhard industrial 24.3000 Steers,Tex.-Okla. Choice-u 108.00 Cottonseed meal-u,w 430 2278.49 6.9 U.S. Aggregate 1.200 1.020 2.380 2224.38 3.6 Mortgage-Backed 1.330 0.930 2.690 Handy & Harman base 24.0850 Hominy feed,Cent IL-u,w 122 Steers,feeder,Okla. City-u,w 149.56 Handy & Harman fabricated 30.1060 Meat-bonemeal,50% pro Mnpls-u,w 275 Fats and Oils U.S. Corporate Indexes Bloomberg Barclays 2170.69 3.3 Ginnie Mae (GNMA) 0.820 0.290 2.660 LBMA spot price *£18.3800 Oats,No.2 milling,Mnpls-u 3.5875 (U.S.$ equivalent) *24.4750 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.9000 3421.09 8.7 U.S. Corporate 1.870 1.800 4.580 1313.77 3.7 Fannie mae (FNMA) 1.510 1.110 2.690 Coins,wholesale $1,000 face-a 17920 Sorghum,(Milo) No.2 Gulf-u Grease,choice white,Chicago-h 6.3200 0.2900 3090.64 6.7 Intermediate 1.220 1.170 4.400 Freddie Mac Other metals SoybeanMeal,Cent IL,rail,ton48%-u 377.10 Lard,Chicago-u n.a. 2016.53 3.6 (FHLMC) 1.490 1.080 2.710 LBMA Platinum Price PM *1024.0 Soybeans,No.1 yllw IL-bp,u n.a. Soybean oil,crude;Centl IL-u n.a. 5102.98 12.0 Long term 2.880 2.730 4.930 594.02 5.0 Muni Master 0.910 0.838 3.441 Platinum,Engelhard industrial 1026.0 Wheat,Spring14%-pro Mnpls-u 6.6300 Tallow,bleach;Chicago-h 0.3350 Palladium,Engelhard industrial 2333.0 Wheat,No.2 soft red,St.Louis-u 6.1075 Tallow,edible,Chicago-u 0.3650 695.64 7.9 Double-A-rated 1.490 1.300 3.360 420.34 5.4 7-12 year 0.894 0.771 3.447 910.15 8.5 Triple-B-rated 2.140 2.080 5.350 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 480.26 6.0 12-22 year 1.326 1.224 3.690 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 12/8 High Yield Bonds ICE BofA 5.8 22-plus year Source: Dow Jones Market Data 466.24 1.958 1.765 4.123 490.83 5.1 High Yield Constrained 4.472 4.439 11.400 Global Government J.P. Morgan† 448.80 2.5 Triple-C-rated 8.795 8.795 19.071 Global Government Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks n.a. n.a. n.a. n.a. n.a. 3302.11 3.4 High Yield 100 3.821 3.589 10.740 n.a. n.a. Canada n.a. n.a. n.a. Money Rates December 9, 2020 443.51 5.2 Global High Yield Constrained 4.442 4.425 11.310 n.a. n.a. EMU§ n.a. n.a. n.a. Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 337.51 2.7 Europe High Yield Constrained 2.811 2.464 8.183 n.a. n.a. France n.a. n.a. n.a. guide to general levels but don’t always represent actual transactions. U.S Agency Bloomberg Barclays n.a. n.a. Germany n.a. n.a. n.a. U.S Agency Week —52-WEEK— Week —52-WEEK— 1862.92 5.2 0.520 0.470 1.950 n.a. n.a. Japan n.a. n.a. n.a. Inflation Latest ago High Low Latest ago High Low Oct. index Chg From (%) 1624.55 3.9 10-20 years 0.410 0.340 1.850 Netherlands Low 0.0500 0.0500 1.5800 0.0100 Commercial paper (AA financial) n.a. n.a. n.a. n.a. n.a. level Sept. '20 Oct. '19 20-plus years Bid 0.0800 0.0800 1.6000 0.0100 90 days n.a. 0.20 2.53 0.04 4238.72 11.1 1.690 1.170 2.450 n.a. n.a. U.K. n.a. n.a. n.a. U.S. consumer price index Offer 0.1000 0.1100 1.6300 0.0500 Yankee Libor 2912.49 6.5 1.460 1.420 3.500 921.09 4.5 Emerging Markets ** 4.461 4.437 7.480 All items 260.388 0.04 1.2 Treasury bill auction Core 269.328 0.10 1.6 One month 0.14788 0.15213 1.80475 0.12663 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds 4 weeks 0.075 0.080 1.575 0.000 Three month 0.22063 0.23050 1.96050 0.20488 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan International rates 13 weeks 0.080 0.085 1.555 0.000 Six month 0.25075 0.25825 1.92438 0.23375 26 weeks 0.090 0.090 1.570 0.080 One year 0.33588 0.33438 2.01200 0.32763 Week 52-Week Global Government Bonds: Mapping Yields Latest ago High Low Secondary market Euro Libor One month -0.591 -0.586 -0.360 -0.621 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Prime rates Fannie Mae Three month -0.569 -0.548 -0.142 -0.569 U.S. 3.25 3.25 4.75 3.25 30-year mortgage yields Six month -0.534 -0.518 -0.052 -0.534 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Canada 2.45 2.45 3.95 2.45 30 days 1.930 1.895 3.362 1.751 One year -0.497 -0.478 0.008 -0.497 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Japan 1.475 1.475 1.475 1.475 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 60 days 1.956 1.920 3.370 1.804 Secured Overnight Financing Rate 0.125 U.S. 2 0.153 t l 0.157 0.157 1.621 Policy Rates 0.07 0.08 1.64 0.01 Other short-term rates s l Euro zone 0.00 0.00 0.00 0.00 0.875 10 0.941 0.919 0.935 1.821 Value 52-Week Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low 2.250 Australia 2 0.103 t l 0.104 0.106 0.770 -5.0 -5.3 -85.2 Britain 0.10 0.10 0.75 0.10 Latest ago high low 1.000 10 1.033 t l 1.036 0.783 1.162 9.2 11.7 -65.9 Australia 0.10 0.10 0.75 0.10 DTCC GCF Repo Index Call money 0.000 France 2 -0.724 s l -0.727 -0.638 -0.581 -87.7 -88.3 -220.2 Overnight repurchase Treasury 0.091 37.130 1.720 0.002 2.00 2.00 3.50 2.00 MBS 0.113 44.800 1.763 0.011 0.000 10 -0.362 s l -0.367 -0.247 0.014 -128.6 -180.7 U.S. 0.09 0.10 1.65 -0.07 -130.3 0.000 Germany 2 -0.774 t l -0.768 -0.727 -0.632 -92.5 -225.3 U.S. government rates Notes on data: -92.7 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, 0.000 10 -0.602 s l -0.604 -0.507 -0.305 -154.3 -152.2 -212.6 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.050 Italy 2 -0.424 t l -0.415 -0.355 -0.106 -57.7 -57.2 -172.7 0.25 0.25 2.25 0.25 as of December 8, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- 0.900 10 0.579 t l 0.589 0.755 1.286 -36.2 -33.0 -53.5 Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. 0.100 Japan 2 -0.133 s l -0.135 -0.147 -0.118 -28.6 -29.2 -173.9 Effective rate 0.0900 0.0900 1.6200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; High 0.1000 0.1000 1.6500 0.1000 Tullett Prebon Information, Ltd. 0.100 10 0.021 s l 0.020 0.019 -0.005 -92.1 -89.9 -182.6 0.400 Spain 2 -0.619 t l -0.610 -0.551 -0.379 -77.2 -76.7 -200.0 Macro & Market Economics 1.250 10 0.020 t l 0.028 0.187 0.456 -92.1 -89.1 -136.5 0.500 U.K. 2 -0.076 s l -0.078 0.000 0.591 -22.9 -23.5 -103.0 Watching the Gauges: U.S. Supply and Demand 4.750 10 0.263 s l 0.259 0.375 0.766 -67.8 -66.0 -105.5 Inventories, imports and demand for the week ended December 4. Current figures are in thousands of barrels Source: Tullett Prebon or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas Corporate Debt import Natural-gas import and demand data are available monthly only. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Inventories, 000s barrels Imports, 000s barrels per day expectations Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Investment-grade spreads that tightened the most… Current change week ago avg avg Current change week ago avg avg Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Crude oil and Bank of Nova Scotia BNS 3.400 0.45 Feb. 11, ’24 5 –21 n.a. petroleum prod 1,373,886 ... 1,354 1,281 1,359 1,263 8,555 ... 7,800 9,085 7,650 9,157 General Electric Capital … 5.875 3.44 Jan. 14, ’38 175 –10 185 Crude oil PSEG Power … 8.625 2.85 April 15, ’31 190 –10 215 excluding SPR 503,231 -1,200 488 448 492 445 6,479 ... 5,399 6,887 5,590 7,281 American Honda Finance HNDA 1.000 0.75 Sept. 10, ’25 35 –8 38 Gasoline 237,859 ... 234 235 232 237 789 ... 522 579 571 492 Philip Morris International PM 1.125 0.36 May 1, ’23 15 –8 23 Finished gasoline 25,543 2,000 26 25 26 27 89 ... 60 50 64 30 National Securities Clearing NSCCLF 1.200 0.36 April 23, ’23 14 –7 10 Reformulated 47 ... 00 00 0... 00 00Vodafone VOD 4.250 3.10 Sept. 17, ’50 140 –7 139 Conventional 25,496 ... 26 25 26 27 89 ... 60 50 64 30 BNP Paribas … 3.375 1.06 Jan. 9, ’25 66 –6 n.a. Blend. components 212,316 ... 208 210 206 210 700 ... 462 529 507 462 …And spreads that widened the most Natural gas (bcf) 3,939 ... 44 43...... HSBC Holdings HSBC 3.600 0.58 May 25, ’23 37 19 34 Kerosene-type Citigroup C 6.625 2.56 June 15, ’32 161 18 146 jet fuel 36,324 ... 37 39 37 41 184 ... 90 66 127 147 Wells Fargo WFC 3.000 1.44 Oct. 23, ’26 104 12 82 Weyerhaeuser WY 11 n.a. Distillates 151,092 500 146 124 146 145 279 ... 614 162 341 154 6.875 2.98 Dec. 15, ’33 203 n.a. Heating oil 8,026 ... 911912 0 ... 01 127American International AIG 4.125 0.70 Feb. 15, ’24 29 10 General Motors GM 6.250 4.07 Oct. 2, ’43 237 10 223 Diesel 143,066 ... 137 112 137 132 279 ... 613 161 340 127 Verizon Communications VZ 5.150 0.47 Sept. 15, ’23 26 10 30 Residual fuel oil 31,407 ... 30 31 31 35 223 ... 202 178 198 220 Bank of America BAC 4.100 0.52 July 24, ’23 32 8 26 Other oils 304,253 ... 306 289 308 263 431 ... 844 1,030 679 705 Net crude, petroleum High-yield issues with the biggest price increases… Bond Price as % of face value products, incl. SPR 2,011,971 ... 1,992 1,916 1,997 1,931 1,967 ... -919 148 22 2,415 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week ADT Security ADT 4.875 3.85 July 15, ’32 109.480 1.98 105.500 Weekly Demand, 000s barrels per day Natural gas storage Ligado Networks NEWLSQ 15.500 19.57 Nov. 1, ’23 91.250 1.75 96.750 Navient NAVI 5.625 6.17 Aug. 1, ’33 95.250 1.46 93.875 Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Teva Pharmaceutical Finance … 2.950 2.50 Dec. 18, ’22 100.881 1.23 99.500 Current change week ago avg avg Transocean RIG 6.800 24.16 March 15, ’38 29.500 1.07 26.250 Telecom Italia Capital TITIM 6.375 4.03 Nov. 15, ’33 123.500 1.00 121.750 Total petroleum Natural gas, 4250 Macy's M 6.790 8.60 July 15, ’27 91.019 0.96 n.a. product 18,534 ... 18,468 18,359 18,931 19,032 lower 48 states Cenovus Energy CVECN 6.750 4.86 Nov. 15, ’39 123.212 0.71 120.073 Finished t 3250 …And with the biggest price decreases

motor gasoline 7,600 ... 7,973 8,882 7,990 8,572 t CF Industries CF 4.950 3.41 June 1, ’43 124.000 –1.75 125.350 2250 Howmet Aerospace HWM 6.750 3.37 Jan. 15, ’28 121.151 –1.40 121.500 Kerosene-type Five-year average Seagate HDD Cayman … 4.750 2.66 Jan. 1, ’25 108.000 –1.18 111.000 jet fuel 1,309 ... 1,134 1,580 1,150 1,732 for each week Bombardier BBDBCN 6.125 8.15 Jan. 15, ’23 96.170 –1.08 95.250 Distillates 3,389 ... 3,789 3,731 3,895 3,134 1250 Netflix NFLX 5.375 3.06 Nov. 15, ’29 118.000 –1.01 119.875 Residual fuel oil 69 ... 510 86 258 392 Telecom Italia Capital TITIM 7.200 4.45 July 18, ’36 130.750 –0.99 129.750 Propane/propylene 1,691 ... 1,010 756 1,336 ... 250 Navient NAVI 7.250 3.97 Sept. 25, ’23 108.580 –0.92 109.450 Other oils 4,476 ... 4,052 3,323 4,303 ... D J F M A M J J A S O N Tenet Healthcare THC 6.750 3.93 June 15, ’23 106.687 –0.69 107.570 2020 *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. Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Note: Data are for the most active issue of bonds with maturities of two years or more Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Source: MarketAxess P2JW345000-1-B00800-1------XA

B8 | Thursday, December 10, 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. CheniereEnerPtrs CQP 36.27 -0.77 EOG Rscs EOG 52.96 0.81 GileadSciences GILD 60.82 -0.35 LPL Financial LPLA 98.45 0.30 s Nike NKE 138.79 -0.33 RogersComm B RCI 47.60 1.00 s TradeDesk TTD 885.26-29.74 NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Chevron CVX 90.44 -1.10 EPAM Systems EPAM 320.58 -8.88 GSK GSK 37.84 0.20 L3HarrisTech LHX 188.30 -0.95 Nikola NKLA 18.31 -0.61 s Roku ROKU 306.23 0.10 Tradeweb TW 64.36 0.03 Market listed securities. Prices are composite dd-Indicates loss in the most recent s Chewy CHWY 75.57 -3.58 s EastmanChem EMN 104.15 0.98 GlobalPayments GPN 195.66 -2.92 LabCpAm LH 202.37 0.27 NiSource NI 23.20 -0.01 Rollins ROL 54.56 -1.94 TraneTech TT 141.05 1.09 quotations that include primary market trades four quarters. ChinaEastrnAir CEA 22.84 -0.55 Eaton ETN 117.89 0.03 Globant GLOB 177.00 -4.49 LamResearch LRCX 493.83-17.83 Nokia NOK 4.19 -0.03 RoperTech ROP 419.54 0.40 TransDigm TDG 595.50 -6.60 as well as trades reported by Nasdaq BX FD-First day of trading. ChinaLifeIns LFC 11.19 -0.04 EatonVance EV 65.68 0.52 GlobeLife GL 94.36 -0.19 LamarAdv LAMR 79.02 -0.72 NomuraHoldings NMR 5.22 -0.07 RossStores ROST 113.80 0.33 TransUnion TRU 94.61 -2.53 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing t ChinaMobile CHL 28.99 -0.34 eBay EBAY 49.50 -0.39 GoDaddy GDDY 83.82 -3.49 LambWeston LW 77.40 -0.10 Nordson NDSN 198.53 -0.40 RoyalBkCanada RY 82.90 0.33 Travelers TRV 134.91 0.50 Cboe, NYSE National and Nasdaq ISE. standards ChinaPetrol SNP 43.13 -0.81 Ecolab ECL 225.90 1.49 GoldFields GFI 8.77 -0.43 LasVegasSands LVS 57.99 -0.59 NorfolkSouthern NSC 240.86 2.19 RoyalCaribbean RCL 82.37 -0.46 Trex TREX 77.171.40 The list comprises the 1,000 largest lf-Late filing ChinaSoAirlines ZNH 31.18 -0.75 Ecopetrol EC 12.89 0.22 GoldmanSachs GS 242.82 3.98 s Lear LEA 158.64 0.46 NorthernTrust NTRS 93.22 -1.41 RoyalDutchA RDS.A 37.58 0.19 s Trimble TRMB 63.24 0.14 ChinaTelecom CHA 28.55 -0.32 EdisonInt EIX 62.91 1.02 GoodRx GDRX 37.89 0.10 Leidos LDOS 104.11 0.16 NorthropGrum NOC 303.73 1.77 RoyalDutchB RDS.B 35.79 -0.04 Trip.com TCOM 33.96 -0.49 companies based on market capitalization. q-Temporary exemption from Nasdaq ChinaUnicom CHU 5.71 -0.09 EdwardsLife EW 85.03 -0.37 Graco GGG 68.20 0.47 Lennar B LEN.B 58.11 -0.04 NortonLifeLock NLOK 19.49 0.20 RoyalGold RGLD 111.07 -1.61 TruistFinl TFC 47.88 0.17 Underlined quotations are those stocks with requirements. Chipotle CMG 1313.98-32.02 ElancoAnimal ELAN 28.89 -0.90 Grainger GWW 411.22 4.55 Lennar A LEN 72.39 -0.11 NorwegCruise NCLH 27.26 -0.89 RoyaltyPharma RPRX 44.70 0.65 Twilio TWLO 312.54 -8.26 large changes in volume compared with the t-NYSE bankruptcy Chubb CB 153.03 0.63 s Elastic ESTC 138.29 -7.54 Grifols GRFS 18.59 ... LennoxIntl LII 286.06 3.10 Novartis NVS 91.61 0.40 Ryanair RYAAY 114.83 0.55 Twitter TWTR 47.23 -0.20 s GuardantHealth GH LeviStrauss LEVI 20.25 0.46 Novavax NVAX 115.22 -4.90 issue’s average trading volume. v-Trading halted on primary market. ChunghwaTel CHT 37.94 -0.42 ElectronicArts EA 133.17 1.02 126.61 0.52 SAP SAP 122.98 -1.01 TylerTech TYL 444.70 -2.74 vj-In bankruptcy or receivership or Church&Dwight CHD 86.44 -0.65 s EmersonElec EMR 81.60 0.26 Guidewire GWRE120.92 -5.51 LiAuto LI 32.03 -1.28 NovoNordisk NVO 70.25 1.67 S&P Global SPGI 327.28 -6.42 TysonFoods TSN 69.16 0.75 Boldfaced quotations highlight those issues being reorganized under the ChurchillDowns CHDN 196.42 1.50 Enbridge ENB 33.55 0.13 s HCA Healthcare HCA 159.93 0.74 LibertyBroadbandC LBRDK 160.08 -2.45 s Novocure NVCR 161.02 3.54 SBA Comm SBAC 275.88 -4.97 UBS Group UBS 14.44 0.01 whose price changed by 5% or more if their Bankruptcy Code, or securities Ciena CIEN 47.18 -1.11 s EncompassHealth EHC 85.95 4.75 HDFC Bank HDB 67.45 0.07 LibertyBroadbandA LBRDA 157.24 -2.55 NuanceComms NUAN 42.80 0.40 SEI Investments SEIC 56.58 0.04 UDR UDR 39.62 -0.56 HD Supply HDS LibertyGlobal C LBTYK 23.22 -0.22 Nucor NUE 56.43 -0.11 previous closing price was $2 or higher. assumed by such companies. Cigna CI 217.00 -1.67 EnelAmericas ENIA 7.82 0.09 55.87 0.07 SK Telecom SKM 24.34 -0.05 UGI UGI 35.26 -0.25 CincinnatiFin CINF 81.33 0.07 EnergyTransfer ET 6.49 -0.25 HP HPQ 23.19 -0.33 LibertyGlobal A LBTYA 24.19 -0.09 Nutrien NTR 50.11 ... SS&C Tech SSNC 72.34 -0.92 US Foods USFD 33.70 0.29 Cintas CTAS 354.04 -5.72 EnphaseEnergy ENPH 127.26 -7.48 HSBC HSBC 26.91 0.29 LibertyGlobal B LBTYB 24.34 1.63 NVIDIA NVDA 517.23-16.77 StoreCapital STOR 32.63 0.24 s Uber UBER 53.79 0.78 CiscoSystems CSCO 44.69 0.32 Entegris ENTG 92.47 -6.56 Halliburton HAL 19.51 -0.25 LibertyFormOne C FWONK 43.15 -0.61 SVB Fin SIVB 348.13 -6.13 Ubiquiti UI 253.12-13.71 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and HartfordFinl HIG 47.57 1.37 LibertyFormOne A FWONA 39.23 -0.68 O P Q changes in the closing prices from 4 p.m. the previous day. Citigroup C 58.95 0.59 Entergy ETR 104.46 -0.83 Salesforce.com CRM220.57 -7.29 UltaBeauty ULTA 275.66 3.66 CitizensFin CFG 35.81 0.22 EnterpriseProd EPD 20.67 -0.28 Hasbro HAS 88.76 -0.96 LibertyBraves A BATRA 26.91 -0.72 Sanofi SNY 49.61 -0.02 s UltragenyxPharm RARE 128.87 -8.81 CitrixSystems CTXS 131.82 0.94 Equifax EFX 179.98 -4.25 HealthcareAmer HTA 25.90 0.18 LibertyBraves C BATRK 26.65 -0.70 ONEOK OKE 40.22 -0.57 SantanderCons SC 22.78 -0.11 UnderArmour A UAA 17.57 0.33 Clarivate CCC 28.90 -0.10 Equinix EQIX 678.40-16.88 HealthpeakProp PEAK 30.49 -0.39 LibertySirius C LSXMK 42.21 -1.11 OReillyAuto ORLY 444.02 4.02 SareptaTherap SRPT 159.30 2.49 Wednesday, December 9, 2020 Net Net OakStreetHealth OSH UnderArmour C UA 15.39 0.18 Clorox CLX 200.51 -2.37 Equinor EQNR 16.76 0.19 Heico A HEI.A 120.65 -1.45 LibertySirius A LSXMA 42.32 -1.15 54.00 -0.25 Schlumberger SLB 23.37 0.14 Unilever UL 58.73 0.16 Stock Sym Close Chg Stock Sym Close Chg OccidentalPetrol OXY 19.39 0.27 Net CloudflareNET 77.31 -6.24 Equitable EQH 26.49 -0.12 Heico HEI 130.88 -1.35 EliLilly LLY 158.00 8.70 SchwabC SCHW 50.55 ... UnionPacific UNP 205.88 0.67 Okta OKTA 232.38-18.75 Stock Sym Close Chg Coca-Cola KO 53.33 0.15 EquityLife ELS 60.03 -0.69 HenrySchein HSIC 71.15 0.70 s LincolnElectric LECO 120.09 0.58 s ScottsMiracleGro SMG 179.00 1.70 UnitedAirlines UAL 48.02 -1.02 AnnalyCap NLY 8.30 -0.02 BlackLine BL 120.86 -4.15 OldDomFreight ODFL 202.77 -7.37 Anthem ANTM 318.44 -4.25 BlackRock BLK 701.68-12.24 Coca-Cola Euro CCEP 47.62 0.75 EquityResdntl EQR 61.27 -1.12 Hershey HSY 152.14 1.51 LincolnNational LNC 52.59 -0.47 s Sea SE 202.68 -3.19 UnitedMicro UMC 8.54 -0.22 Hess HES 54.09 1.34 Linde LIN OmegaHealthcare OHI 37.87 -0.08 A B C Aon AON 207.05 -2.54 Blackstone BX 62.39 -0.06 s Cognex CGNX 76.15 -1.90 ErieIndemnity A ERIE 227.56 5.31 251.14 1.90 s Seagate STX 63.53 -0.32 UPS B UPS 169.18 2.79 HewlettPackard HPE 12.13 0.03 LithiaMotors LAD 279.26-12.13 Omnicom OMC 64.36 -0.29 ApolloGlbMgmt APO 46.95 -1.37 Boeing BA 232.06 -4.51 CognizantTech CTSH 79.01 -0.86 EssentialUtil WTRG 47.70 0.66 Seagen SGEN 181.36 -3.10 s UnitedRentals URI 246.75 3.75 ColgatePalm CL 84.75 -0.42 EssexProp ESS 250.18 -2.31 HighwoodsProp HIW 39.46 0.68 LiveNationEnt LYV 70.26 0.37 ON Semi ON 30.67 -0.72 SempraEnergy SRE 128.96 -0.34 ABB ABB 26.93 -0.15 Appian APPN 144.58 -9.46 s BookingHldgs BKNG 2107.11 20.46 OneConnectFinTech OCFT 20.56 -0.04 US Bancorp USB 45.85 0.87 AcadiaPharm ACAD 52.33 -1.73 Comcast A CMCSA 51.26 -0.15 EsteeLauder EL 246.65 -1.83 Hilton HLT 106.70 -2.35 LloydsBanking LYG 1.96 0.02 SensataTechs ST 49.61 0.27 UnitedHealth UNH 344.41 -3.45 Apple AAPL 121.78 -2.60 BoozAllen BAH 87.40 -0.63 Hologic HOLX 71.83 -0.94 LockheedMartin LMT 361.35 2.12 OpenText OTEX 45.88 -0.14 AECOM ACM 49.19 -1.99 ApplMaterials AMAT 87.82 -1.93 BorgWarner BWA 39.86 0.51 Comerica CMA 52.42 -0.21 Etsy ETSY 159.23 -4.74 ServiceCorp SCI 49.99 0.35 s UnitySoftware U 152.00-15.25 CommerceBcshrs CBSH 63.45 -0.06 EverestRe RE 236.00 1.26 HomeDepot HD 265.58 3.86 Loews L 43.16 -0.21 Oracle ORCL 59.73 0.70 s ServiceNow NOW 527.99-14.26 AES AES 20.85 -0.34 Aptargroup ATR 129.53 0.34 BostonBeer SAM 936.23 -3.78 Orange ORAN 12.33 -0.09 UnivDisplay OLED 232.37 -5.61 Aflac AFL 45.12 -0.12 s CiaSiderurgica SID 4.94 -0.14 Evergy EVRG 55.50 0.04 HondaMotor HMC 29.97 0.29 LogitechIntl LOGI 88.15 -1.51 ShawComm B SJR 18.23 0.03 UniversalHealthB UHS 133.91 1.24 s Aptiv APTV 123.73 0.66 BostonProps BXP 100.48 -0.98 s Honeywell HON 212.24 0.17 Lowe's LOW 160.13 8.89 Orix IX 75.70 -0.35 AGNC Invt AGNC 15.60 0.01 Aramark ARMK 38.44 0.41 BostonSci BSX 34.13 0.16 ConagraBrands CAG 35.71 0.01 EversourceEner ES 86.02 -0.36 SherwinWilliams SHW 720.64 1.38 VEREIT VER 7.59 0.05 ConchoRscs CXO 62.13 -0.05 ExactSciences EXAS 130.33 -3.20 HorizonTherap HZNP 70.10 -1.37 LufaxHolding LU 14.15 -0.73 OtisWorldwide OTIS 65.49 -0.62 ShinhanFin SHG 31.29 0.25 Ansys ANSS 334.55 -6.73 ArcelorMittal MT 20.88 -0.18 BrightHorizons BFAM 166.30 -2.30 s OwensCorning OC 75.25 -1.19 VF VFC 88.13 -0.64 ConocoPhillips COP 42.70 0.02 Exelon EXC 41.09 -0.23 HormelFoods HRL 47.07 -0.41 lululemon LULU 363.56 -7.51 Shopify SHOP 1038.19-63.90 ASETech ASX 5.61 -0.05 ArchCapital ACGL 33.55 0.37 BristolMyers BMY 60.92 -0.20 PG&E PCG 12.39 0.07 VICI Prop VICI 25.44 -0.14 ConEd ED 74.24 -0.32 s Expedia EXPE 128.84 2.56 DR Horton DHI 69.91 -0.92 LumenTech LUMN 10.45 0.16 Sibanye-Stillwater SBSW 14.30 -0.64 ASML ASML 452.89-15.68 ArcherDaniels ADM 49.84 -0.52 BritishAmTob BTI 39.30 0.50 PNC Fin PNC 143.28 1.85 VailResorts MTN 286.25 -1.95 s ConstBrands B STZ.B209.01 0.88 ExpeditorsIntl EXPD 90.63 0.57 HostHotels HST 15.18 0.04 Lyft LYFT 47.53 1.01 SimonProperty SPG 90.84 0.73 AT&T T 31.46 0.65 s AresMgmt ARES 48.37 0.08 Broadcom AVGO 416.22 -7.19 s POSCO PKX 61.83 0.64 Vale VALE 16.09 -0.10 ConstBrands A STZ 209.38 -3.63 ExtraSpaceSt EXR 112.50 -1.08 HowmetAerospace HWM 25.45 ... LyondellBasell LYB 88.54 0.65 SiriusXM SIRI 6.41 -0.20 AbbottLabs ABT 106.32 -0.48 arGEN-X ARGX 270.09 -8.30 BroadridgeFinl BR 148.31 1.08 PPD PPD 34.65 -0.29 ValeroEnergy VLO 58.80 -0.18 Cooper COO 342.58 -3.16 ExxonMobil XOM 42.80 0.56 HuanengPower HNP 14.73 -0.04 s AbbVie ABBV 108.67 0.98 AristaNetworks ANET 277.59 -6.11 BrookfieldMgt BAM 41.50 -0.29 PPG Ind PPG 145.39 0.51 Skyworks SWKS 148.29 -7.50 VarianMed VAR 174.64 0.03 Abiomed ABMD 266.15 -7.49 Copart CPRT 114.08 -1.48 F5Networks FFIV 170.58 0.58 Huazhu HTHT 46.56 -0.32 M N SlackTech WORK 42.09 -0.94 VeevaSystems VEEV 258.87-10.67 ArrowElec ARW 94.95 -1.16 BrookfieldInfr BIP 51.90 0.25 s Hubbell HUBB 161.62 0.56 PPL PPL 28.88 0.24 s AcceleronPharma XLRN 121.48 0.12 AscendisPharma ASND173.80 -1.09 BrookfieldPropREIT BPYU 15.55 -0.08 Corning GLW 37.66 -0.27 FMC FMC 118.93 -0.85 Smartsheet SMAR 65.72 -3.60 Ventas VTR 49.53 0.42 Corteva CTVA 39.01 0.59 HubSpot HUBS 379.57 -5.30 M&T Bank MTB 128.14 1.99 PRA HealthSci PRAH 114.44 0.11 Accenture ACN 246.77 -3.09 AspenTech AZPN 130.58 -3.20 BrookfieldRenew BEPC 69.81 -1.14 Facebook FB 277.92 -5.48 s SmithAO AOS 57.67 1.58 VeriSign VRSN 204.41 -2.51 CoStar CSGP 853.29-19.25 Humana HUM 408.14 -1.14 MGMGrowthProp MGP 33.01 0.50 PTC PTC 111.57 0.27 ActivisionBliz ATVI 82.58 -1.05 Assurant AIZ 131.18 -0.75 Brown&Brown BRO 45.23 -0.10 FactSet FDS 345.76 -2.81 Smith&Nephew SNN 40.90 -0.20 VeriskAnalytics VRSK 193.45 -1.48 Costco COST 374.29 -3.31 JBHunt JBHT 139.51 -0.11 MGM Resorts MGM 29.94 0.05 Paccar PCAR 87.38 0.97 AdaptiveBiotech ADPT 51.79 -0.80 AstraZeneca AZN 54.04 -0.68 Brown-Forman B BF.B 76.75 -2.21 FairIsaac FICO 498.32-11.65 s PackagingCpAm PKG 136.32 -0.75 Smucker SJM 118.06 0.53 Verizon VZ 61.46 0.01 CoupaSoftware COUP 307.30 -7.19 s Farfetch FTCH 59.22 -0.39 HuntingtonBcshs HBAN 12.91 0.01 MKS Instrum MKSI 150.10 -6.78 s Adobe ADBE 483.74-11.54 Athene ATH 43.28 -0.38 Brown-Forman A BF.A 77.97 -1.04 MPLX MPLX 22.80 -0.23 PagSeguroDig PAGS 46.46 -1.83 Snap SNAP 49.15 -0.85 VertxPharm VRTX 224.38 -5.45 AdvanceAuto AAP Credicorp BAP 162.86 -0.86 Fastenal FAST 49.63 0.54 HyattHotels H 73.87 0.07 s SnapOn SNA 182.08 1.16 157.95 5.17 Atlassian TEAM 223.54 -6.30 Bruker BRKR 53.81 -0.78 IAA IAA MSCI MSCI 414.62-11.78 PalantirTech PLTR 26.63 -1.96 ViacomCBS A VIACA 37.20 -0.40 AdvMicroDevices AMD 89.83 -3.09 CreditSuisse CS 13.00 0.03 Fastly FSLY 91.13 -6.85 59.14 -1.10 Snowflake SNOW371.26-18.74 ViacomCBS B VIAC 36.44 -0.21 AtmosEnergy ATO 97.75 0.16 s Bunge BG 63.50 2.15 ICICI Bank IBN 13.97 0.10 MagellanMid MMP 44.38 -0.43 PaloAltoNtwks PANW 302.15 -8.07 Aegon AEG 3.80 0.08 s Cree CREE 96.37 -2.69 FateTherap FATE 86.60 -5.00 s SOQUIMICH SQM 46.97 -0.85 Viatris VTRS 17.52 -0.32 s Autodesk ADSK 279.42 -4.96 BurlingtonStrs BURL 237.40 4.06 IdexxLab IDXX 449.88-10.81 MagnaIntl MGA 63.04 0.08 ParkerHannifin PH 276.32 2.08 AgilentTechs A 116.40 -0.61 CrowdStrike CRWD 166.17-11.31 s FedEx FDX 295.32 -6.13 SolarEdgeTech SEDG 271.76-13.10 Vipshop VIPS 24.90 -0.66 Autohome ATHM 97.54 -0.40 s CBRE Group CBRE 66.10 -0.65 IHS Markit INFO 90.27 -1.81 ManulifeFin MFC 18.06 0.01 Paychex PAYX 93.22 -0.11 AgnicoEagle AEM 70.76 -2.26 s Autoliv ALV 94.22 1.44 CDW CDW 131.95 -0.99 CrownCastle CCI 158.39 -2.94 s Ferrari RACE 214.95 0.95 PaycomSoftware PAYC 421.66-18.35 s SolarWinds SWI 23.28 -0.42 VirginGalactic SPCE 32.13 -1.26 CrownHoldings CCK 97.10 -1.14 II-VI IIVI 70.83 -2.35 MarathonPetrol MPC 42.64 0.19 AirProducts APD 270.57 2.34 ADP ADP 173.84 -0.69 CF Industries CF 39.06 0.54 s FiatChrysler FCAU 16.56 0.37 Paylocity PCTY 186.91 -9.15 Sony SNE 94.13 0.76 Visa V 209.58 -3.19 Cummins CMI 224.19 3.15 ING Groep ING 10.03 0.09 Markel MKL 1008.44 8.41 AkamaiTech AKAM 104.43 0.33 AutoZone AZO 1136.67 40.68 CGI GIB 73.66 -1.49 FidNatlFin FNF 36.58 0.22 MarketAxess MKTX 564.67 -1.34 PayPal PYPL 210.80 -6.14 SoteraHealth SHC 25.56 -0.62 Vistra VST 19.01 0.06 s s CureVac CVAC136.27 6.22 FidNatlInfo FIS 147.77 -3.41 Invesco IVZ 17.70 -0.37 Albemarle ALB 142.55 -1.40 Avalara AVLR 159.90-10.04 CH Robinson CHRW 95.08 0.80 Marriott MAR 130.47 -2.08 Pegasystems PEGA 124.96 -0.38 Southern SO 60.77 -0.23 VMware VMW 141.16 -1.02 CyrusOne CONE 65.65 -3.09 FifthThirdBncp FITB 27.73 0.47 s IPG Photonics IPGP 207.87 -7.79 Albertsons ACI 14.86 -0.12 Avalonbay AVB 166.45 -2.90 CME Group CME 182.38 -0.15 Marsh&McLen MMC 115.90 -0.80 Peloton PTON 110.79 -7.46 SoCopper SCCO 59.48 -0.83 Vodafone VOD 17.87 0.35 FirstHorizon FHN 13.15 0.07 IQVIA IQV 168.50 -2.79 Alcon ALC 64.26 -0.11 Avangrid AGR 45.97 -0.20 CMS Energy CMS 59.80 -0.40 MartinMarietta MLM 277.18 -5.65 PembinaPipeline PBA 26.72 0.01 SouthwestAir LUV 45.76 -1.52 VornadoRealty VNO 39.68 -0.35 AlexandriaRlEst ARE 171.26 0.47 D E F FirstRepBank FRC 129.77 -0.36 IcahnEnterprises IEP 50.68 0.13 Avantor AVTR 26.46 -0.65 CNA Fin CNA 36.84 0.69 MarvellTech MRVL 42.56 -1.12 s PennNational PENN 74.67 -4.10 Splunk SPLK 155.59 -5.38 VoyaFinancial VOYA 58.47 0.07 AlexionPharm ALXN 117.74 -1.48 FirstSolar FSLR 86.22 -3.67 Icon ICLR 196.70 -5.57 AveryDennison AVY 153.90 -1.41 CNH Indl CNHI 11.10 0.05 Masco MAS 54.05 1.92 Pentair PNR 52.60 1.48 Spotify SPOT 332.45 -0.41 VulcanMatls VMC 141.75 -2.70 Alibaba BABA 263.80 -2.29 DISH Network DISH 36.13 -0.22 FirstEnergy FE 30.64 0.38 IDEX IEX 194.46 0.38 s Square SQ AxonEnterprise AAXN 123.19 -2.37 CNOOC CEO 86.17 -3.85 IllinoisToolWks ITW Masimo MASI 267.87 -3.48 Penumbra PEN 209.18 5.11 207.04 -5.97 AlignTech ALGN 509.01 -6.75 DTE Energy DTE 124.98 0.35 Fiserv FISV 114.58 -3.41 206.57 0.28 StanleyBlackDck SWK 178.29 1.07 BCE BCE 45.51 0.40 CRH CRH 40.18 -0.99 Illumina ILMN 337.76 -4.96 Mastercard MA 336.85 -3.94 PepsiCo PEP 145.69 0.17 W X Y Z Alleghany Y 598.79 -6.98 DadaNexus DADA 39.49 -0.42 FiveBelow FIVE 163.65 -1.34 Starbucks SBUX 100.40 -0.81 s BHP Group BHP 62.99 -0.02 CRISPR Therap CRSP 146.63 0.16 ImperialOil IMO 19.33 0.11 MaximIntProducts MXIM 84.99 -2.67 PerkinElmer PKI 143.91 -4.00 Allegion ALLE 111.36 -1.76 Danaher DHR 222.84 -0.66 Five9 FIVN 152.00 0.80 StateStreet STT 72.76 -3.08 WEC Energy WEC 92.74 -0.69 BHP Group BBL 51.48 -0.05 CSX CSX 91.73 0.23 Darden DRI 114.39 2.74 Incyte INCY 80.96 -1.89 McCormickVtg MKC.V 92.14 -1.28 PetroChina PTR 30.07 -0.61 AlliantEnergy LNT 52.30 -0.46 CVS Health CVS 73.53 -0.33 FleetCorTech FLT 267.06 -1.25 McCormick MKC 93.12 -0.32 PetroleoBrasil PBR 10.56 -0.07 s SteelDynamics STLD 38.78 0.38 WEX WEX 189.73 -1.16 Allstate ALL BP BP 21.90 0.11 s DarlingIngred DAR 51.14 0.44 Flex FLEX 16.27-0.34 Infosys INFY 15.53 -0.48 W.P.Carey WPC 105.19 -0.26 s CableOne CABO 2079.48 -9.53 McDonalds MCD 208.69 0.30 PetroleoBrasilA PBR.A 10.41 -0.03 Steris STE 188.25 -0.84 69.44 -0.34 s AllyFinancial ALLY 33.53 1.06 Baidu BIDU151.59 6.60 Datadog DDOG 95.65 -4.20 s Floor&Decor FND 87.63 -0.08 IngersollRand IR 44.99 0.45 WPP WPP 52.36 1.21 CadenceDesign CDNS 115.49 -2.92 McKesson MCK 178.68 -1.74 s Pfizer PFE 41.85 -0.71 STMicroelec STM 35.27 -6.30 AlnylamPharm ALNY 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CardinalHealth CAH 56.15 -0.32 DigitalRealty DLR 129.75 -3.62 FreseniusMed FMS 41.34 -0.22 Welltower WELL 65.02 0.07 s Invitae NVTA 52.58 -2.35 Middleby MIDD 136.90 -1.44 Procter&Gamble PG 136.41 -1.64 Amerco UHAL 431.97 0.58 BankNY Mellon BK 40.79 0.01 Carlisle CSL 154.64 4.39 DiscoverFinSvcs DFS 83.19 1.24 WestPharmSvcs WST 261.16 -6.12 BkNovaScotia BNS 53.36 0.14 Carlyle CG 30.00 0.22 InvitatHomes INVH 29.19 -0.27 MiratiTherap MRTX 232.01 -8.21 Progressive PGR 93.60 0.76 T U V Ameren AEE 77.80 0.54 DiscoveryB DISCB 33.03 1.53 G H I MitsubishiUFJ MUFG WesternDigital WDC 51.10 -1.32 Barclays BCS 7.80 ... CarMax KMX 94.87 0.49 DiscoveryA DISCA 28.50 0.41 iQIYI IQ 21.56 -0.14 4.27 -0.03 Prologis PLD 96.43 -0.48 AmericaMovil AMX 13.98 -0.28 MizuhoFin MFG 2.52 -0.03 TAL Education TAL 67.84 -1.20 WesternUnion WU 22.28 0.48 AmericaMovil A AMOV 13.75 -0.49 BarrickGold GOLD 23.36 -0.54 Carnival CCL 22.69 -0.88 DiscoveryC DISCK 25.18 0.35 GCI LibertyA GLIBA 92.61 -1.45 IronMountain IRM 30.36 0.21 PrudentialFin PRU 80.23 -0.02 s ItauUnibanco ITUB 5.97 0.02 MobileTeleSys MBT 8.63 0.02 Prudential PUK 34.51 0.37 TC Energy TRP 45.20 0.10 WestlakeChem WLK 83.10 0.39 AmerAirlines AAL 17.16 -0.47 BauschHealth BHC 20.56 -0.03 Carnival CUK 19.67 -0.66 s Disney DIS 154.43 0.71 GDS Holdings GDS 89.15 -2.25 TE Connectivity TEL 118.82 -0.17 WestpacBanking WBK 14.90 -0.09 BaxterIntl BAX 79.30 1.37 CarrierGlobal CARR 37.84 0.54 Moderna MRNA 156.59-13.27 PublicServiceEnt PEG 56.89 0.15 AEP AEP 83.60 0.11 DocuSign DOCU 220.97-13.85 GFLEnvironmental GFL 28.55 0.18 MohawkInds MHK 134.41 1.64 Telus TU 20.28 0.33 WestRock WRK 44.89 -0.22 AmerExpress AXP 121.69 -1.83 BectonDicknsn BDX 239.96 0.55 s Carvana CVNA 255.50 -5.84 s DolbyLab DLB 91.04 -1.02 GSXTechedu GSX 64.82 2.08 J K L PublicStorage PSA 219.64 -2.24 s MolinaHealthcare MOH 209.76 -5.31 PulteGroup PHM 42.08 0.04 s TJX TJX 66.72 1.30 Weyerhaeuser WY 31.71 0.91 AmericanFin AFG 88.79 -0.44 BeiGene BGNE 222.45 -5.64 Catalent CTLT 92.31 -1.94 DollarGeneral DG 208.98 -2.39 Galapagos GLPG 118.12 -1.69 T-MobileUS TMUS 131.12 -2.03 WheatonPrecMet WPM 40.84 -1.40 BentleySystems BSY 35.53 1.21 Caterpillar CAT 180.07 1.23 JD.com JD 81.82 -0.19 MolsonCoorsB TAP 48.08 0.15 Qiagen QGEN 49.48 -0.87 AmHomes4Rent AMH 28.92 -0.09 DollarTree DLTR 110.86 1.40 Gallagher AJG 117.48 0.58 Mondelez MDLZ 57.72 -0.57 TRowePrice TROW 151.57 -1.60 Whirlpool WHR 185.04 -0.11 Berkley WRB 65.07 -0.04 Celanese CE 130.55 ... DominionEner D 74.30 -0.45 Gaming&Leisure GLPI 42.63 0.27 JPMorganChase JPM 121.05 -0.95 Qorvo QRVO 160.38 -9.58 AIG AIG 39.94 0.42 JackHenry JKHY 157.00 -3.00 s MongoDB MDB280.01 -2.97 TaiwanSemi TSM 104.42 -1.22 Williams WMB 22.40 0.30 AmerTowerREIT AMT 219.44 -4.17 BerkHathwy A BRK.A 340501-1780.01 Cemex CX 5.32 -0.23 Domino's DPZ 384.97 -1.72 Gap GPS 21.81 0.32 s Qualcomm QCOM 156.02 -2.78 s JacobsEngg J 109.70 0.10 MonolithicPower MPWR 308.61-14.88 s QuantaServices PWR 73.10 1.37 TakeTwoSoftware TTWO 183.68 0.08 Williams-Sonoma WSM 108.20 0.63 AmerWaterWorks AWK 148.47 -0.88 BerkHathwy B BRK.B 227.51 -0.68 CenovusEnergy CVE 5.86 0.03 Dover DOV 123.24 1.31 s Garmin GRMN 119.45 -3.40 TakedaPharm TAK 18.68 -0.29 WillisTowers WLTW 207.57 -3.29 BerryGlobal BERY 53.97 0.48 Centene CNC 63.45 -1.56 JamesHardie JHX 27.34 -0.42 MonsterBev MNST 87.90 -0.30 QuestDiag DGX 124.17 0.08 AmericanWell AMWL 29.80 -0.71 Dow DOW 54.66 0.11 Gartner IT 154.58 0.96 Moody's MCO 275.32 -3.49 Tapestry TPR 29.63 0.13 Wipro WIT 5.31 -0.07 BestBuy BBY 104.76 1.77 CenterPointEner CNP 22.23 -0.27 JazzPharma JAZZ 146.05 -2.83 Quidel QDEL 189.97 -5.40 AmericoldRealty COLD 33.60 -0.12 DrReddy'sLab RDY 68.00 0.25 Generac GNRC 209.43 -7.44 s MorganStanley MS 64.37 0.46 Target TGT 174.07 1.35 Wix.com WIX 248.27 -2.90 BeyondMeat BYND 136.93 -3.79 CentraisElBras EBR 6.95 -0.02 J&J JNJ 153.10 1.55 Ameriprise AMP 193.24 0.73 DraftKings DKNG 48.94 -1.91 GeneralDynamics GD 154.14 0.57 Morningstar MORN 202.65 1.56 TataMotors TTM 12.38 -0.07 Woodward WWD 116.79 -0.34 s CeridianHCM CDAY 96.87 -2.46 JohnsonControls JCI 45.79 0.53 R S AmerisourceBrgn ABC 101.11 0.68 Bilibili BILI 73.06 -2.24 Dropbox DBX 21.26 -0.33 GeneralElec GE 11.39 0.43 Mosaic MOS 22.41 0.03 TeckRscsB TECK 18.00 -0.01 Workday WDAY 219.48 -8.69 s Bill.com BILL 132.00 0.44 Cerner CERN 74.41 0.26 DukeEnergy DUK 91.39 -0.12 GeneralMills GIS 59.33 -1.07 JonesLang JLL 150.10 0.89 Ametek AME 118.76 0.19 JuniperNetworks JNPR 21.90 0.16 MotorolaSol MSI 172.90 0.42 RELX RELX TeladocHealth TDOC 192.28 -5.98 WynnResorts WYNN 111.16 -0.15 Amgen AMGN Bio-Techne TECH 301.64 -7.21 CharlesRiverLabs CRL 240.34 -1.75 DukeRealty DRE 38.17 -0.35 GeneralMotors GM 44.43 0.63 24.25 0.13 229.85 0.91 KB Fin KB 42.35 0.34 NICE NICE 238.22 -0.98 s RH RH 467.83 -4.22 TeledyneTech TDY 394.70 -0.66 XP XP 37.93 -1.02 s Amphenol APH 133.62 0.38 Bio-RadLab A BIO 541.87-17.40 CharterComms CHTR 644.08-19.29 Dun&Bradstreet DNB 26.03 -0.68 Genmab GMAB 38.35 -0.30 KE Holdings BEKE 67.20 1.63 NIO NIO 44.01 -2.55 RPM RPM 88.43 0.78 Teleflex TFX 381.37 -1.59 s XPO Logistics XPO 120.20 -0.13 AnalogDevices ADI 141.78 -4.35 Biogen BIIB 244.75 -1.68 CheckPoint CHKP 120.86 -2.30 Dunkin' DNKN 106.45 0.04 Genpact G 40.95 0.05 KKR KKR 39.15 -0.59 NRG Energy NRG 33.81 -0.20 RalphLauren RL 100.83 3.68 Ericsson ERIC 12.32 -0.19 XcelEnergy XEL 65.56 -0.48 s Anaplan PLAN 70.17 -2.04 BioMarinPharm BMRN 76.16 -2.63 Chegg CHGG 78.44 -0.87 s DuPont DD 67.57 0.76 s Gentex GNTX 33.62 -0.03 s KLA KLAC 256.49-10.45 NVR NVR 4034.32104.54 RaymondJames RJF 92.56 -0.37 TelefonicaBras VIV 8.85 0.15 Xilinx XLNX 141.40 -4.79 AngloGoldAsh AU 21.50 -0.69 BioNTech BNTX 122.81 -5.30 Chemed CHE 484.16 -2.19 DynatraceDT38.66 -2.10 GenuineParts GPC 97.95 1.30 KSCitySouthern KSU 196.85 1.36 NXP Semi NXPI RaytheonTech RTX 73.54 -0.94 Telefonica TEF 4.70 0.10 XPeng XPEV 44.65 -4.04 AB InBev BUD 70.47 0.65 BlackKnight BKI 87.41 -0.69 CheniereEnergy LNG 60.45 -0.73 ENI E 21.50 0.06 Gerdau GGB 4.34 -0.15 157.32 -9.05 Kellogg K 62.00 -0.55 Nasdaq NDAQ 126.10 -2.55 RealPage RP 68.21 -1.11 TelekmIndonesia TLK 23.11 0.01 s Xylem XYL 98.53 -0.10 KeurigDrPepper KDP 30.26 0.09 s Natera NTRA 94.49 1.86 RealtyIncome O 60.69 0.29 10xGenomics TXG 144.32-10.44 s Yandex YNDX 69.03 0.06 KeyCorp KEY 16.05 0.09 NationalGrid NGG 60.21 1.98 RegencyCtrs REG 47.70 -0.03 Tenaris TS 16.51 -0.10 YatsenHolding YSG 17.90 0.86 s KeysightTechs KEYS 124.67 -2.46 Natura&Co NTCO 18.57 -0.45 RegenPharm REGN 488.64 -8.50 s TencentMusic TME 18.88 0.88 YumBrands YUM 106.57 1.42 Exchange-Traded Portfolios | WSJ.com/ETFresearch KilroyRealty KRC 61.30 -0.20 NatWest NWG 4.47 0.04 RegionsFin RF 15.87 -0.08 Teradyne TER 114.02 -4.65 YumChina YUMC 56.76 -0.45 KimberlyClark KMB 135.76 -0.81 nCino NCNO 85.73 -4.47 ReinsGrp RGA 120.82 0.40 s Tesla TSLA 604.48-45.40 ZTO Express ZTO 28.04 0.22 KinderMorgan KMI 14.61 -0.15 NetApp NTAP 60.78 0.23 RelianceSteel RS 120.08 -0.94 TevaPharm TEVA 10.65 -0.39 ZaiLab ZLAB 106.15 -2.55 Closing Chg YTD s ZebraTech ZBRA Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) s KingsoftCloud KC 40.99 -0.62 NetEase NTES 89.01 -2.60 RenaissanceRe RNR164.07 0.54 TexasInstruments TXN 162.76 -3.92 376.87 1.03 KinrossGold KGC 7.31 -0.24 Netflix NFLX 493.60-19.06 Repligen RGEN 178.78 -1.56 Textron TXT 48.07 -0.09 Zendesk ZEN 132.32 -2.92 s Schwab US TIPs SCHP 61.65 –0.08 8.9 KirklandLakeGold KL 41.13 -0.42 Neurocrine NBIX 91.97 0.33 RepublicSvcs RSG 94.32 -0.36 ThermoFisherSci TMO 461.38-12.60 Zillow C Z 117.23 2.53 Closing Chg YTD s Zillow A ZG 119.90 2.27 Wednesday, December 9, 2020 SPDR DJIA Tr DIA 300.88 –0.44 5.5 Knight-Swift KNX 41.66 0.09 NewFortressEner NFE 49.30 0.30 ResMed RMD 211.77 -0.34 ThomsonReuters TRI 80.74 0.16 ETF Symbol Price (%) (%) KoninklijkePhil PHG 51.57 -0.04 NewOrientalEduc EDU 160.40 0.38 RestaurantBrands QSR 61.32 1.32 3M MMM 175.29 2.83 ZimmerBiomet ZBH 147.21 0.64 Closing Chg YTD SPDR S&PMdCpTr MDY 408.72 –0.41 8.9 KoreaElcPwr KEP 10.03 0.26 s NYTimes ANYT 50.26 3.54 RingCentral RNG 338.98 -8.45 Tiffany TIF 131.28 -0.02 ZionsBancorp ZION 42.72 -0.24 ETF Symbol Price (%) (%) iShMSCI EAFE EFA 72.30 0.14 4.1 SPDR S&P 500 SPY 366.85 –0.90 14.0 KraftHeinz KHC 34.22 -0.12 NewellBrands NWL 20.75 -0.27 RioTinto RIO 72.39 -0.50 Toro TTC 91.01 0.34 Zoetis ZTS 158.70 -0.29 iShMSCIEmgMarkets EEM 50.43 12.4 SPDR S&P Div SDY 106.93 0.23 –0.6 ARKInnovationETF ARKK 119.98 –1.79 139.7 –0.86 Kroger KR 31.21 -0.09 Newmont NEM 59.98 -1.53 RitchieBros RBA 70.75 -1.26 TorontoDomBk TD 56.50 0.69 ZoomVideo ZM 385.36-26.64 iShMSCIJapan EWJ 65.70 0.71 10.9 TechSelectSector XLK 124.38 –1.92 35.7 s L Brands LB 41.58 0.62 NewsCorp A NWSA 18.27 -0.11 RobertHalf RHI 64.61 -0.37 Total TOT 44.72 0.10 ZoomInfoTech ZI 40.40 -1.38 CommSvsSPDR XLC 66.50 –1.19 24.0 iShNatlMuniBd MUB 116.96 0.01 2.7 UtilitiesSelSector XLU 62.46 –0.18 –3.3 Line LN 51.71 0.15 NewsCorp B NWS 18.28 -0.16 RocketCos. RKT 21.06 0.85 ToyotaMotor TM 140.88 2.14 Zscaler ZS 176.70 -7.90 CnsmrDiscSelSector XLY 157.19 –0.10 25.3 iSh1-5YIGCorpBd IGSB 54.96 –0.13 2.5 VanEckGoldMiner GDX 35.40 –2.61 20.9 LKQ LKQ 37.21 0.25 NextEraEnergy NEE 73.67 -0.01 Rockwell ROK 251.28 1.68 TractorSupply TSCO 135.58 -0.98 Zynga ZNGA 8.62 -0.22 CnsStapleSelSector XLP 67.47 –0.40 7.1 iShPfd&Incm PFF 37.95 –0.11 1.0 VangdInfoTech VGT 337.04 –2.05 37.7 EnSelectSectorSPDR XLE 40.36 0.22 –32.8 iShRussell1000Gwth IWF 232.09 –1.72 31.9 VangdSC Val VBR 140.42 0.05 2.4 FinSelSectorSPDR XLF 28.70 –0.24 –6.8 iShRussell1000 IWB 207.08 –1.02 16.1 VangdSC Grwth VBK 253.33 –1.29 27.5 HealthCareSelSect XLV 112.31 –0.35 10.3 iShRussell1000Val IWD 135.77 –0.19 –0.5 VangdExtMkt VXF 158.72 –1.51 26.0 Dividend Changes IndSelSectorSPDR XLI 89.41 0.22 9.7 iShRussell2000 IWM 189.41 –0.73 14.3 VangdDivApp VIG 139.06 –0.34 11.6 InvscQQQI QQQ 301.31 –2.26 41.7 iShRussellMid-Cap IWR 67.12 –0.67 12.6 VangdFTSEDevMk VEA 46.57 0.13 5.7 InvscS&P500EW RSP 126.39 –0.32 9.2 iShRussellMCValue IWS 95.84 –0.14 1.1 VangdFTSE EM VWO 48.90 –1.17 10.0 Dividend announcements from December 9. iSh3-7YTreasuryBd IEI 132.72 –0.07 5.5 iShS&P500Growth IVW 61.83 –1.36 27.7 VangdFTSE Europe VGK 59.67 –0.05 1.8 iShCoreDivGrowth DGRO 44.62 –0.27 6.1 iShS&P500Value IVE 127.91 –0.10 –1.7 VangdFTSEAWxUS VEU 57.47 –0.14 6.9 Amount Payable / Amount Payable / iShCoreMSCIEAFE IEFA 68.20 0.10 4.5 iShShortTreaBd SHV 110.52 0.01 0.1 VangdGrowth VUG 244.03 –1.79 34.0 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record iShCoreMSCIEM IEMG 60.64 –0.74 12.8 iShSilver SLV 22.23 33.3 VangdHlthCr VHT 220.82 –0.59 15.2 –2.59 EyePoint Pharmaceuticals EYPT 1:10 /Dec09 iShCoreMSCITotInt IXUS 66.21 –0.29 7.0 iShTIPSBondETF TIP 126.55 –0.13 8.6 VangdHiDiv VYM 92.10 0.07 –1.7 Increased iShCoreS&P500 IVV 368.28 –0.87 13.9 VangdIntermBd BIV 92.97 –0.26 6.6 iSh1-3YTreasuryBd SHY 86.35 –0.01 2.0 AES AES 2.9 .1505 /.1433 Q Feb12 /Jan29 iShCoreS&P MC IJH 223.60 –0.42 8.6 iSh7-10YTreasuryBd IEF 119.64 –0.14 8.5 VangdIntrCorpBd VCIT 96.45 –0.25 5.6 Foreign iShCoreS&P SC IJR 89.70 0.06 7.0 iSh20+YTreasuryBd TLT 156.82 –0.33 15.8 VangdLC VV 172.00 –1.07 16.3 Alico ALCO 1.1 .18 /.09 Q Jan08 /Dec24 Enbridge ENB 7.8 .6523 Q Mar01 /Feb12 iShS&PTotlUSStkMkt ITOT 84.28 –1.07 15.9 iShRussellMCGrowth IWP 98.70 –1.67 29.4 VangdMC VO 203.26 –0.94 14.1 Bank7 BSVN 3.5 .11 /.10 Q Jan07 /Dec22 Tecnoglass TGLS 2.0 .0275 Q Jan29 /Dec31 iShCoreUSAggBd AGG 117.61 –0.14 4.7 iShUSTreasuryBdETF GOVT 27.33 –0.09 5.4 VangdMBS VMBS 53.99 –0.17 1.5 Casey's General Stores CASY 0.8 .34 /.32 Q Feb15 /Feb01 iShSelectDividend DVY 97.30 0.11 –7.9 VangdRealEst VNQ 84.84 –0.62 –8.6 JPM UltShtIncm JPST 50.78 –0.02 0.7 New York Mortgage Tr NYMT 10.6 .10 /.075 Q Jan25 /Dec17 Special iShESGAwareUSA ESGU 84.19 –1.05 18.0 PIMCOEnhShMaturity MINT 102.00 ... 0.4 VangdS&P500ETF VOO 337.14 –0.89 14.0 Buckle BKE 2.5 2.00 Dec29 /Dec21 iShEdgeMSCIMinUSA USMV 66.96 –0.46 2.1 SPDR BlmBarcHYBd JNK 107.97 –0.22 –1.4 VangdST Bond BSV 82.77 –0.06 2.7 Reduced iShEdgeMSCIUSAMom MTUM 155.11 –2.45 23.5 SPDRBloomBar1-3MTB BIL 91.51 ... 0.1 VangdSTCpBd VCSH 82.95 –0.08 2.4 Eaton Vance NextShares EVSTC 0.0 .0946 Dec14 /Dec10 iShEdgeMSCIUSAQual QUAL 114.28 –0.74 13.1 SPDR Gold GLD 172.50 –1.71 20.7 VangdSC VB 188.64 –0.57 13.9 Eaton Vance NextShares EVSTC 0.0 .1254 /.1324 A Dec14 /Dec10 Moelis MC 3.5 2.00 Dec29 /Dec18 iShGoldTr IAU 17.55 –1.57 21.0 VangdTotalBd BND SchwabIntEquity SCHF 35.82 0.22 6.5 87.87 –0.17 4.8 Greif B GEF.B 5.1 .65 /.66 Q Jan01 /Dec18 Paccar PCAR 1.5 .70 Jan06 /Dec18 iShiBoxx$InvGrCpBd LQD 136.46 –0.37 6.6 SchwabUS BrdMkt SCHB 89.01 –0.91 15.8 VangdTotIntlBd BNDX 58.54 –0.04 3.5 iShiBoxx$HYCpBd HYG 86.61 –0.15 –1.5 SchwabUS Div SCHD 65.16 0.09 12.5 VangdTotIntlStk VXUS 59.33 –0.12 6.5 Stocks Systemax SYX 1.6 2.00 Dec28 /Dec18 iShJPMUSDEmgBd EMB 114.29 –0.24 –0.2 SchwabUS LC SCHX 89.07 –0.98 16.0 VangdTotalStk VTI 190.24 –0.98 16.3 AYTU KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; iShMBSETF MBB 109.96 –0.01 1.8 SchwabUS LC Grw SCHG 123.16 –2.00 32.6 VangdTotlWrld VT 90.75 –0.61 12.1 Aytu BioScience 1:10 /Dec09 iShMSCI ACWI ACWI 89.15 –0.70 12.5 SchwabUS SC SCHA 86.27 –0.62 14.1 VangdValue VTV 118.94 0.00 –0.8 Cyclo Therapeutics CYTHD 1:100 /Dec09 S2:1: stock split and ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 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 dMY TechA DMYT 20.94 -2.3 FrequencyTherap FREQ 33.49 5.6 JawsAcquisition JWS.U 14.75 0.7 MyersIndustries MYE 18.96 -1.6 PureStorage PSTG 22.35 -1.5 SocCapHedII Wt IPOB.WS 11.80 6.3 US BancorpPfdB USBpH 24.66 0.7 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE dMY TechWt DMYT.WS 6.00 5.7 Freshpet FRPT 142.96 -5.2 JawsAcqnA JWS 14.00 -0.2 MyovantSciences MYOV 25.10 1.4 QAD B QADB 43.00 1.6 SocCapHedII A IPOB 27.68 6.6 Uber UBER 56.02 1.5 dMY Tech DMYT.U 23.08 ... frontdoor FTDR 50.34 2.8 JawsSpitfire SPFR.U 10.91 0.8 NGM Biopharm NGM 26.19 -2.9 QAD A QADA 64.87 -2.2 SocialCapHedIII IPOB.U 31.24 6.5 UltraClean UCTT 37.02 -5.4 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low dMY Tech II DMYD.U 15.31 18.7 fuboTV FUBO 32.73 2.7 JiyaAcqnA JYAC 10.16 0.8 NanoStringTech NSTG 66.85 -2.1 QellAcqn QELLU 12.79 1.3 SocialCapHedIV IPOD.U 13.63 ... UltragenyxPharm RARE 142.30 -6.4 in the latest session. %CHG-Daily percentage change from the previous trading session. dMYTechA DMYD 14.28 19.0 FusionAcqnUn FUSE.U 10.90 1.0 JuniperIndustrial JIH.U 12.07 1.6 Natera NTRA 97.66 2.0 QellAcqnA QELL 12.02 2.4 SocialCapHedIV A IPOD 12.26 1.8 UnionAcqnII LATNU 10.84 2.6 dMYTechII Wt DMYD.WS 3.50 39.3 FusionAcqnA FUSE 10.25 0.5 KLA KLAC 268.89 -3.9 NatureSunshine NATR 13.78 -0.2 QellAcqnWt QELLW 3.20 6.4 SocialCapHedV IPOE.U 12.19 -0.3 UniqueFabricating UFAB 5.45 5.1 dMYTechIII Un DMYI.U 10.75 3.9 FusionAcqnWt FUSE.WS 1.60 2.1 Kadant KAI 141.15 -0.4 NebulaCaravel NEBCU 10.50 3.0 Qualcomm QCOM 161.07 -1.8 SocialCapHedV A IPOE 11.25 1.1 UnitedRentals URI 249.60 1.5 Wednesday, December 9, 2020 DolbyLab DLB 92.41 -1.1 GATX GATX 88.82 -0.7 KeysightTechs KEYS 127.50 -1.9 Neuronetics STIM 9.74 2.8 QuanexBldg NX 22.18 1.2 SocialCapHedVI IPOF.U 12.20 1.2 US Steel X 20.00 -6.3 52-Wk % 52-Wk % 52-Wk % DonnelleyFin DFIN 18.76 3.4 GCM Grosvenor GCMG 14.16 6.6 Kforce KFRC 43.55 0.2 NewBeginnings NBA.U 10.74 0.6 QuantaServices PWR 73.52 1.9 SOQUIMICH SQM 48.67 -1.8 UnitySoftware U 170.55 -9.1 DoorDash DASH 195.50 85.8 GFL Env Un GFLU 69.83 0.5 KingsoftCloud KC 45.44 -1.5 NewBeginnings NBA 10.18 0.9 QuantumScapeWt QS.WS 24.80 30.7 SolarWinds SWI 24.34 -1.8 UnivElectro UEIC 56.99 -2.3 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DragoneerGrowth DGNR.U 14.50 2.1 GOAcquisitionUn GOAC.U 10.42 ... KingswoodAcqn KWAC.U 10.18 0.6 NewProvidenceAcqn NPAUU 11.54 6.5 QuantumScape QS 87.50 29.8 SpectrumBrands SPB 69.17 2.6 Upwork UPWK 37.18 -5.5 DragoneerGrwA 13.80 6.2 GS Acqn II 11.99 -0.8 KontoorBrands 47.14 1.0 NYTimes A 50.42 7.6 QuinStreet 21.44 0.8 AspenAerogels ASPN 16.37 -5.7 CIBC CM 87.88 0.1 DGNR GSAH.U KTB NYT QNST SperoTherap SPRO 18.07 -3.6 VG Acqn VGAC.U 13.69 7.8 DuddellStreet DSACU 10.40 1.6 GX Acqn A GXGX 11.18 5.2 KratosDefense KTOS 24.60 -2.1 NextGenAcqn NGACU 10.33 0.9 QwestNts2057 CTDD 26.89 0.3 AstecIndustries ASTE 63.95 2.1 CanPacRlwy CP 340.57 1.0 SportsEntWt SEAH.WS 1.54 4.5 VG Acqn A VGAC 12.77 8.1 Highs DuddellStreetWt DSACW 1.55 16.7 GXAcquisitionWt GXGXW 2.59 40.4 Kulicke&Soffa KLIC 33.41 -1.7 Nike NKE 140.57 -0.2 RH RH 494.40 -0.9 AthenePfdB ATHpB 27.47 -0.1 CapitalOnePfdI COFpI 26.13 0.2 SpringValleyAcqn SVSVU 10.75 1.9 VG Acqn Wt VGAC.WS 3.10 8.4 DukeEnerDeb78 DUKB 28.58 0.2 GabelliDivPfdH GDVpH 27.69 -0.5 KuraOncology KURA 43.00 -1.3 Nkarta NKTX 72.09 12.6 RMG Acqn RMG.U 23.62 13.8 VPC Impact 10.49 1.6 AtkoreIntl ATKR 43.90 2.5 CapitolInvtV CAP.U 10.20 ... SpringWorks SWTX 73.94 0.9 VIHAU ABMIndustries ABM 41.79 0.3 DukeEnerDeb73 DUKH 26.31 0.1 GabelliEquityPfdK GABpK 27.39 0.1 KymeraTherap KYMR 59.89 -0.4 Norbord OSB 43.74 3.4 RMG Acqn Wt RMG.WS 6.49 21.7 ValmontInds 172.28 0.7 AtlStreetAcqn ASAQ.U 10.21 0.3 Cardlytics CDLX 134.70 -0.4 Square SQ 220.50 -2.8 VMI AceConvergence ACEVU 10.92 2.7 DuPont DD 67.75 1.1 Garmin GRMN 123.55 -2.8 L Brands LB 42.17 1.5 NorthernTrPfdE NTRSO 28.01 0.6 RMGAcqn RMG 21.88 2.8 VectorAcqn VACQU 10.61 2.1 Atlanticus ATLC 19.90 4.9 CareDx CDNA 68.84 -4.5 St.Joe JOE 35.30 2.5 AceConvergence ACEV 11.00 2.3 elfBeauty ELF 23.06 -2.6 GenesisParkAcqnUn GNPK.U 11.00 1.7 LSI Inds LYTS 8.47 2.1 NovaMeasuring NVMI 71.25 -2.7 R1RCM RCM 22.29 0.2 VectorAcqnA VACQ 11.39 1.1 Autodesk ADSK 289.45 -1.7 CarriageSvcs CSV 30.61 2.0 StableRoadWt SRACW 4.99 -2.2 AconS2Acqn STWOU 10.80 0.5 E.MergeTech ETACU 10.39 0.1 Gentex GNTX 34.01 -0.1 LandcadiaIII Wt LCYAW 1.95 11.5 Novocure NVCR 164.83 2.2 Radcom RDCM 10.81 -7.5 VelodyneLidarWt VLDRW 8.47 -6.7 Autoliv ALV 95.43 1.6 Carvana CVNA 267.47 -2.2 StarboardValWt SVACW 2.00 13.8 AEA-Bridges IMPX.U 10.60 0.5 EastRscsAcqnWt ERESW 1.31 -7.3 Gentherm THRM 63.61 0.8 LandcadiaII LCAHU 28.48 -7.9 NovusCapital NOVSU 19.95 10.8 RadiantLogistics RLGT 6.55 -2.3 Veoneer VNE 23.68 -0.4 AvalonHoldings 2.47 5.3 CasaSystems 7.97 -5.7 SteelDynamics STLD 39.69 1.0 AMCIAcquisition AMCIU 18.52 -6.6 AWX CASA EasternBankshares EBC 15.99 1.7 GeoVaxLabsWt GOVXW 1.95 54.0 LatticeSemi LSCC 44.47 -6.2 NovusCapitalWt NOVSW 4.50 13.1 RandolphBancorp RNDB 18.34 1.3 Vertiv VRT 20.14 -5.0 AvanosMedical 48.20 -0.3 CascadeAcqn 10.20 0.8 StifelFinancial SF 76.12 2.1 AMCI Acqn AMCI 14.49 -0.5 AVNS CAS.U EastmanChem EMN 104.83 0.9 GlobalWaterRscs GWRS 15.34 -1.0 Lear LEA 162.00 0.3 NovusCapital NOVS 16.44 11.4 Ranpak PACK 12.21 2.0 VesperHlthcrAcqn VSPRU 12.20 11.3 AMCIAcqnWt AMCIW 2.47 3.2 AvantiAcqnWt AVAN.WS 1.16 12.8 CastleBiosci CSTL 58.52 4.5 StitchFix SFIX 57.70 12.3 EditasMedicine EDIT 55.05 17.1 GoldmanSachsPfC GSpC 24.96 0.2 LefterisAcqn LFTRU 10.20 ... Oi OIBR.C 2.36 3.1 RayonierAdvMatls RYAM 8.63 0.4 StoneX SNEX 65.02 -1.9 VesperHlthcrA VSPR 11.69 10.0 Ammo POWW 3.99 15.9 AvidBiosvcsPfdE CDMOP 29.95 3.7 CellcomIsrael CEL 5.15 1.6 EidosTherap EIDX 107.72 0.3 GoldmanSachsPfD GSpD 24.80 0.2 LibertyOilfield LBRT 11.44 -3.1 Olin OLN 24.06 4.2 Realogy RLGY 14.46 4.2 ViewRay VRAY 5.19 13.4 AbbVie ABBV 109.15 0.9 Avient AVNT 39.68 -0.1 ChangeHlthcrUn CHNGU 63.50 1.2 SupernovaPtrs SPNV.U 10.95 1.4 Elastic ESTC 147.00 -5.2 GoresIV A GHIV 11.69 3.5 Limbach LMB 13.82 -1.4 Omnicell OMCL 125.00 5.0 RechargeAcqn RCHGU 10.30 1.8 SwitchbackEner SBE.U 48.37 10.3 VirtusInvtPtrs VRTS 216.59 -0.6 AcadiaHealthcare ACHC 46.42 6.1 AxosFinancial AX 36.49 0.4 ChartIndustries GTLS 116.61 0.1 ElementSolns ESI 16.67 7.2 GreenwichLife GLSI 158.07 998.4 LincolnElectric LECO 121.14 0.5 Omnichannel OCA.U 10.20 0.9 RedBallAcqnWt RBAC.WS 2.30 -0.5 VistasMediaWt VMACW 0.78 -6.3 AcceleronPharma XLRN 125.42 0.1 BHP Group BHP 63.75 ... CheckmatePharm CMPI 17.75 7.6 SwitchbackEnerA SBE 44.41 11.5 EmersonElec EMR 82.00 0.3 Greif A GEF 52.35 1.8 LineageCell LCTX 1.70 1.2 OncternalTherap ONCT 7.19 24.0 Redfin RDFN 58.37 1.7 SynchronyPfdA SYFpA 27.06 0.5 Visteon VC 136.10 -2.5 Accolade ACCD 60.71 -3.6 BRP DOOO 64.37 -0.7 Chemours CC 27.61 0.3 EncompassHealth EHC 87.11 5.8 GuardantHealth GH 129.11 0.4 LionheartAcqnII LCAPU 10.30 0.3 OpenLending LPRO 31.79 -1.2 ReinventTechPtrs RTP.U 12.18 0.7 WRBerkleyDeb58 WRBpE 27.90 0.1 AciesAcqn ACACU 10.30 0.3 BadgerMeter BMI 87.53 2.4 Chewy CHWY 82.49 -4.5 Systemax SYX 37.27 -0.9 EnergyRecovery ERII 12.30 3.7 HCA Healthcare HCA 161.42 0.5 LiquiditySvcs LQDT 17.80 6.0 OptimizeRx OPRX 29.87 ... Revolve RVLV 26.20 -6.0 Ternium TX 31.42 -2.7 WabashNational WNC 19.17 1.7 AdaptHealth AHCO 38.32 -5.6 Baidu BIDU 156.56 4.6 ChipMOSTechs IMOS 25.98 1.1 EnerSys ENS 86.87 -0.5 HLAcquisitions HCCH 26.19 -7.8 Littelfuse LFUS 252.94 -0.3 Otonomy OTIC 4.95 5.9 RibbonComms RBBN 7.49 -5.4 Waddell&ReedFin WDR 25.90 -0.9 Adient ADNT 37.88 0.9 Bally's BALY 51.00 0.6 CitiTrends CTRN 44.87 0.9 TFI Intl TFII 53.41 1.2 EnsignGroup ENSG 77.20 0.1 HLAcquisitionsRt HCCHR 2.52 -8.0 LiveOakAcqnUn LOAK.U 19.26 -1.5 Owens&Minor OMI 29.06 13.5 RocketPharm RCKT 63.95 83.4 TJX TJX 66.89 2.0 WescoIntl WCC 72.98 1.1 Adtran ADTN 15.60 -4.0 BankFirst BFC 71.61 -1.7 Cleveland-Cliffs CLF 13.64 -2.9 Entravision 3.19 1.0 HLAcquisitionsWt 9.97 3.1 LiveOakAcqn 16.91 -6.5 OwensCorning 76.87 -1.6 Roku 328.74 ... EVC HCCHW LOAK OC ROKU TPGPaceBenFin TPGY.U 11.22 1.1 WestlakeChem WLK 84.75 0.5 AdvDrainageSys WMS 79.86 2.2 BassettFurniture BSET 19.48 -0.6 CoastalFinl CCB 21.61 2.9 EquityDistrWt EQD.WS 1.75 -10.0 HMS Holdings HMSY 33.68 -0.1 LiveOakAcqnWt LOAK.WS 4.79 -1.7 PGT Innovations PGTI 20.34 2.4 RothCHAcquisitionI ROCHU 17.40 3.2 TPGPaceBenA TPGY 11.50 4.0 WestportFuelSys WPRT 4.61 4.1 AdvEnergyInds AEIS 104.43 -4.8 BeaconRoof BECN 39.81 ... Cognex CGNX 78.56 -2.4 EthanAllen ETH 19.39 2.4 HalozymeTherap HALO 44.53 -7.2 LiveOakAcqnII LOKB.U 10.44 0.3 PJT Partners PJT 76.99 0.4 RothCHAcqnIWt ROCHW 3.00 7.4 TPGPaceTechA PACE 11.40 1.5 Weyerhaeuser WY 31.79 3.0 AegonNts2049 AEFC 26.85 0.2 BeamGlobalWt BEEMW 31.49 -8.9 Cohen&Steers CNS 78.82 -2.6 EucratesBio EUCRU 10.28 0.6 HarvardBioSci HBIO 4.45 -3.3 Livent LTHM 17.53 -5.9 POSCO PKX 62.84 1.0 RothCHAcqnI ROCH 15.66 4.6 TTEC TTEC 73.43 0.2 WideOpenWest WOW 8.79 -0.7 AeroVironment AVAV 99.81 -2.2 BellRingBrands BRBR 25.32 0.1 ColonnadeAcqn CLA.U 10.35 1.3 EveloBiosci EVLO 7.61 22.3 HeliosTechnologies HLIO 52.38 2.6 LouisianaPacific LPX 38.86 2.6 PTC PTC 114.03 0.2 RushEnt A RUSHA 41.12 1.7 WintrustFinPfdE WTFCP 28.66 0.4 AerpioPharm ARPO 2.31 3.0 Bilibili BILI 77.93 -3.0 ColonnadeWt CLA.WS 0.91 -2.4 EvercoreA EVR 98.84 1.3 HennessyCapWt HCACW 5.96 19.0 Lovesac LOVE 40.50 19.5 PacBiosciCA PACB 23.23 -6.8 RushEnt B RUSHB 37.84 1.5 TarsusPharm TARS 31.37 6.5 Tele&DataNts TDE 26.00 0.9 XPEL XPEL 49.77 -1.0 AffiliatedMgrs AMG 99.03 0.7 Bill.com BILL 137.66 0.3 ColumbusMcKinn CMCO 41.60 0.4 Evertec EVTC 39.85 0.4 HennessyCapIV HCACU 25.50 11.8 LumberLiqu LL 31.62 3.2 PackagingCpAm PKG 138.95 -0.5 RyderSystem R 62.79 0.6 XPO Logistics 122.99 -0.1 TencentMusic TME 19.63 4.9 XPO AjaxI AJAX.U 11.00 0.9 BioanalyticalSys BASI 7.22 0.3 Comcast DECS CCZ 65.21 6.1 Expedia EXPE 132.92 2.0 HennessyCap HCAC 20.93 11.5 Lydall LDL 32.00 1.9 PactivEvergreen PTVE 18.96 2.7 SellasLifeSci SLS 6.39 73.2 XeneticBioWt XBIOW 2.40 225.4 Terex TEX 36.21 0.3 Albemarle ALB 146.11 -1.0 BioCryst BCRX 7.73 -5.2 CommVehicle CVGI 9.34 4.0 Exponent EXPO 87.74 1.6 HercHoldings HRI 67.13 1.5 MTS Systems MTSC 58.78 51.8 PagerDuty PD 44.13 0.5 Sina SINA 45.68 0.1 XeneticBiosci XBIO 5.85 193.5 Tesla TSLA 654.32 -7.0 AlbertonAcqnWt ALACW 1.39 41.2 BluescapeOpps BOAC.U 10.85 1.3 CiaSiderurgica SID 5.29 -2.8 FARO Tech FARO 69.361.7 Heska HSKA 147.36 0.7 MYR Group MYRG 58.90 1.8 ParTechnology PAR 60.50 -0.7 Saia SAIA 190.74 -3.3 Xylem XYL 99.42 -0.1 Textainer 20.70 3.2 AlerusFinancial ALRS 25.74 0.3 BookingHldgs BKNG 2170.03 1.0 CompassMnlInt CMP 66.25 -2.0 FastAcqnA FST 10.05 0.3 HighlandTransI HTPA.U 10.59 0.4 MagalSec MAGS 4.75 6.2 PartyCity PRTY 5.65 2.5 SanaraMedTech SMTI 42.50 2.8 TGH Yeti YETI 71.49 3.8 AllscriptsHlthcr MDRX 14.91 -1.2 BoydGaming BYD 43.40 -1.0 ConstBrands B STZ.B 210.73 0.4 FalconCapAcqn FCACU 10.71 -0.1 HighPeakEner HPK 11.25 18.4 Manning&Napier MN 5.90 5.4 Patterson PDCO 33.47 -2.7 SandbridgeAcqn SBG.U 10.30 0.3 TheBancorp TBBK 14.01 -1.6 Yalla YALA 23.18 -6.0 AllyFinancial ALLY 34.05 3.3 BreezeHldgs BREZU 10.24 0.1 ConstructionPtrs ROAD 29.97 -1.4 FalconCapWt FCACW 2.00 ... Hillenbrand HI 40.05 0.4 MasTec MTZ 67.203.7 PayaWt PAYAW 3.06 -3.3 SchmittIndustries SMIT 6.08 -4.2 TigaAcquisitionUn TINV.U 10.35 1.3 Yandex YNDX 70.97 0.1 AlphaHlthcrAcqnUn AHACU 10.14 0.7 BridgeBioPharma BBIO 58.67 0.3 Volaris VLRS 13.48 -5.0 Farfetch FTCH 61.13 -0.7 Honeywell HON 213.82 0.1 MatchGroup MTCH 148.65 -1.3 PennNational PENN 80.87 -5.2 SchnitzerSteel SCHN 28.85 0.6 Timken TKR 76.21 1.1 YellowstoneAcqn YSACU 10.85 1.0 Alphatec ATEC 12.30 -4.1 Brightcove BCOV 18.24 -3.0 ConturaEnergy CTRA 12.69 19.5 FarmlandPtrs FPI 8.64 -1.6 HookerFurniture HOFT 33.99 2.3 Mattel MAT 16.75 0.3 Pennant PNTG 59.93 -2.2 SchultzeSpaq SAMA 13.58 3.2 TitanMachinery TITN 20.01 0.3 YunhongIntlRt ZGYHR 0.36 37.4 AltairEngg ALTR 57.71 -0.3 BrightSphere BSIG 19.78 -0.4 CoreLogic CLGX 79.39 -0.6 Fathom FTHM 28.88 -2.0 HorizonAcqnII HZON.U 10.45 -0.4 MaxarTech MAXR 34.31 -0.2 Personalis PSNL 37.41 6.9 SchultzeSpaqWt SAMAW 2.64 4.8 TortoiseAcqnII SNPR.U 11.86 1.1 ZWDataActionTech CNET 3.18 39.0 AltimarAcqn ATAC.U 11.10 1.0 BrilliantAcqnRt BRLIR 0.35 7.2 Corning GLW 38.44 -0.7 FedEx FDX 305.66 -2.0 HumanCoAcqn HMCOU 11.52 7.5 MedleyCapNts23 MCV 25.05 0.5 Pfizer PFE 43.08 -1.7 ScienceApplicat SAIC 99.66 1.9 Tortoise II Wt SNPR.WS 2.85 -2.0 ZebraTech ZBRA 382.96 0.3 AltitudeAcqn ALTUU 10.29 2.1 BrinkerIntl EAT 54.58 4.2 Covetrus CVET 30.21 -6.0 Ferrari RACE 217.49 0.4 IBEX IBEX 22.79 -9.0 MegalithFinAcqn MFAC 14.72 7.7 Phreesia PHR 54.46 1.4 ScientificGames SGMS 41.81 0.9 TradeDesk TTD 934.57 -3.3 ZentalisPharm ZNTL 61.29 -2.7 AmerSupercond AMSC 20.50 -5.9 BroadcomPfdA AVGOP1397.76 -1.5 Cree CREE 104.27 -2.7 FiatChrysler FCAU 16.80 2.3 ICL Group ICL 4.84 1.3 MegalithFinUn MFAC.U 16.61 11.7 Pinduoduo PDD 163.10 -6.3 ScorpioTankersNts SBBA 25.25 ... Transcat TRNS 36.40 -3.9 Zillow A ZG 127.35 1.9 Ampco-PittsWt AP.WS 0.82 5.3 BroadstoneAcqn BSN.U 10.35 0.1 Crocs CROX 66.55 -4.3 FirstCitizBcshA FCNCA 615.88 0.7 IEC Elec IEC 12.38 -4.4 MegalithFinWt MFAC.WS 2.44 21.5 PineIslandAcqn PIPP.U 10.71 2.8 ScottsMiracleGro SMG 181.09 1.0 TravereTherap TVTX 26.96 -4.6 Zillow C Z 124.64 2.2 Ampco-Pitt AP 6.39 4.9 BroadstoneAcqnA BSN 9.92 -0.3 Cullen/FrostPfdB CFRpB 25.61 0.5 FirstMarkHorizonA FMAC 10.70 -0.1 IES Holdings IESC 43.27 3.2 Meridian MRBK 21.51 5.2 Pinterest PINS 72.72 -2.1 Sea SE 212.33 -1.5 Trimble TRMB 64.13 0.2 Amphenol APH 135.68 0.3 Buckle BKE 32.98 3.9 CureVac CVAC 151.80 4.8 Flexsteel FLXS 33.35 -0.7 IG Acqn IGACU 10.40 1.3 MerrimackPharm MACK 8.47 14.1 PiperSandler PIPR 100.00 1.5 Seagate STX 65.32 -0.5 TrineAcqnUn TRNE.U 29.29 2.8 AmpioPharm AMPE 1.48 -5.9 Bunge BG 63.61 3.5 Curis CRIS 8.36 17.4 Floor&Decor FND 90.29 -0.1 IG Acqn A IGAC 9.90 0.6 MesabiTrust MSB 26.98 -0.6 PitneyBowesNt43 PBIpB 22.08 -1.3 Seer SEER 71.93 6.3 TrineAcqn TRNE 25.42 5.2 Lows Amrep AXR 7.50 1.8 BurgundyTechWt BTAQW 0.94 3.3 CustomersBncpNt34 CUBB 25.99 1.4 FlyingEagleWt FEAC.WS 7.50 -3.8 IGM Biosci IGMS 133.00 -8.5 Methanex MEOH 44.44 0.6 PivotalInvtII PIC.U 19.74 11.1 ServiceNow NOW 545.00 -2.6 TrineAcqnWt TRNE.WS 7.50 2.1 BellicumPharm BLCM 2.70 -4.2 TrinityIndustries 25.18 2.8 Anaplan PLAN 73.05 -2.8 CAI Intl CAI 35.76 0.7 DD3 Acqn II DDMXU 11.49 2.2 FlyingEagle FEAC 20.48 -3.8 IPG Photonics IPGP 217.65 -3.6 MicronTech MU 74.61 -2.4 PivotalInvCorp.IIWt PIC.WS 5.60 26.9 SesenBio SESN 1.78 -3.6 TRN ChinaMobile CHL 28.90 -1.2 67.70 -1.0 9.95 0.5 Trinseo TSE 45.08 -0.7 AnteroMidstream AM 8.27 0.6 CBRE Group CBRE D8 A DEH FocusFinPtrs FOCS 45.97 2.0 ITT ITT 77.22 0.3 ModineMfg MOD 12.61 3.9 PivotalInvII PIC 18.38 9.3 17Educ&Tech YQ 23.93 34.0 Datto MSP 25.64 -1.8 ApellisPharm APLS 52.97 -6.5 CC NeubergerI Wt PCPL.WS 2.15 -5.4 DTE EnergyDeb80 DTB 27.09 1.2 TritonIntlPfdD TRTNpD 26.04 0.3 FoleyTrasimeneA WPF 10.92 -0.1 Infinera INFN 9.38 -7.9 MohawkGroup MWK 10.88 5.6 PlugPower PLUG 29.69 -7.0 ShakeShack SHAK 88.50 ... Fanhua FANH 13.57 -2.7 Aptiv APTV 125.76 0.5 CCNeubergerII PRPB.U 10.52 0.2 Dana DAN 19.75 2.6 FoleyTrasII Wt BFT.WS 3.40 4.9 InfinityPharm INFI 3.13 -19.1 MongoDB MDB 305.70 -1.0 PriceSmart PSMT 86.94 1.4 Shift4Paymts FOUR 66.24 -3.7 TritonIntl TRTN 49.35 2.4 GlobusMaritime GLBS 6.50 -5.3 ArcBest ARCB 45.55 -1.1 CF Bankshares CFBK 15.50 0.8 DarlingIngred DAR 52.42 0.9 FootLocker FL 43.07 0.6 IntelliaTherap NTLA 52.50 3.1 MontesArchimedes MAACU 10.29 -0.7 PrimorisSvcs PRIM 27.46 1.0 Shyft SHYF 28.37 0.2 Trupanion TRUP 107.61 -1.3 Arconic ARNC 31.59 ... CIIG MergerWt CIICW 8.15 ... DeckersOutdoor DECK 301.94 0.7 ForestRoadAcqn FRX.U 10.40 0.7 ICE ICE 110.71 0.1 MorganStanleyPfdA MSpA 24.97 0.4 PropTechAcqnWt PTACW 2.75 6.8 SilverbackTherap SBTX 32.89 1.2 TurmericAcqn TMPMU 10.25 1.0 HF Ents HFEN 5.15 -1.1 AresMgmt ARES 48.83 0.2 CM Life CMLFU 11.57 4.2 DellTechC DELL 72.97 -0.5 FormaTherap FMTX 56.33 1.2 Investindustrial IIAC.U 10.35 -0.1 MorganStanleyPfd1 MSpI 29.25 0.5 ProvidenceService PRSC 147.32 -2.0 SilvercrestAsset SAMG 14.55 0.6 TurningPoint TPB 42.76 0.3 HaymakerAcqnII HYACU 9.85 -8.0 Argan AGX 51.33 -2.3 CMSEnerNts2078 CMSC 28.18 0.6 DenaliTherap DNLI 79.74 -0.8 FormFactor FORM 45.92 -5.0 Invitae NVTA 58.28 -4.3 MorganStanleyPfdK MSpK 29.75 0.3 PrudentialNts2060 PFH 26.02 0.2 SiteOneLandscape SITE 148.17 0.4 Tuscan THCB 17.39 34.6 HomologyMed FIXX 8.70 -4.5 ArgoGoupPfdA ARGOpA 26.44 0.3 CNO Financial CNO 23.50 1.5 Digimarc DMRC 58.74 -5.1 Fossil FOSL 13.43 1.0 IovanceBiotherap IOVA 48.68 -1.7 MorganStanley MS 65.43 0.7 PublicStoragePfH PSApH 28.95 ... SleepNumber SNBR 84.98 7.8 TuscanWt THCBW 3.63 50.0 MaravaiLifeSci MRVI 23.62 -4.3 ArloTech ARLO 8.68 -5.8 CompassPath CMPS 58.00 1.4 DigitalRealtyPfK DLRpK 28.46 0.2 Franchise7.5%PfdA FRGAP 26.10 ... IridiumComm IRDM 35.30 0.4 Morphic MORF 36.59 4.8 PublicStoragePfI PSApI 28.25 0.2 Snap SNAP 50.98 -1.7 TuscanIIUn THCAU 13.89 18.2 NabrivaTherap NBRV 3.32 -7.9 ArtisanPtrsAsset APAM 49.98 -1.5 Conx CONXU 10.28 0.5 Disney DIS 157.46 0.5 FranklinElec FELE 71.76 0.9 Iteris ITI 5.97 4.3 MrCooper COOP 27.79 -1.3 PublicStoragePfK PSApK 28.55 -0.1 SnapOn SNA 183.23 0.6 USA Tech USAT 10.64 -2.9 UcommuneIntl UK 5.56 -3.0 ArtiusAcqnA AACQ 10.50 -0.1 C3.ai AI 115.00 120.2 DixieGroup DXYN 2.92 -2.6 FrazierLifesci FLACU 10.34 2.8 JacobsEngg J 111.17 0.1 MudrickCapII MUDSU 10.10 0.2 PubMatic PUBM 33.16 47.3 SocialCapHedV Wt IPOE.WS 3.12 -0.1 US BancorpPfdK USBpP 28.78 ... VitalFarms VITL 25.29 -2.5

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret CoreFxdIncmI NA ... NA GroCo 34.58 -0.77 61.9 Invesco Funds Y IncomeFd NA ... NA CAITAdml 12.37 ... 4.5 ValAdml 46.41 +0.03 1.6 WndsrII 40.60 -0.11 12.4 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. TotRetBdI 10.69 ... 3.7 GrowCoK 34.66 -0.77 62.0 DevMktY 51.62 -0.40 13.2 PIMCO Funds I2 CapOpAdml r188.95 -2.61 19.8 WdsrllAdml 72.05 -0.20 12.4 VANGUARD INDEX FDS Edgewood Growth Instituti InvGrBd 11.84 -0.02 9.0 JPMorgan I Class Income NA ... 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NA-Not Contrafund K6 18.35 -0.29 26.8 Puritn 26.05 -0.21 18.2 CoreBond 12.45 -0.02 NA BlChip 163.32 -3.05 31.3 ExtndAdml 120.30 -1.91 26.9 DivdGro 33.52 +0.03 10.7 TotItlInstPlId r127.56 -0.15 8.3 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; ExtMktIdxInstPre 80.92 -1.29 26.8 SrsEmrgMkt 24.71 -0.14 19.8 Lord Abbett A DivGro 58.97 -0.26 11.6 GNMAAdml 10.70 -0.01 3.3 INSTTRF2020 26.61 -0.09 10.4 TotSt 92.58 -0.86 17.7 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. FidSerToMarket 12.76 -0.12 17.5 SrsGlobal 14.22 -0.01 8.0 ShtDurIncmA p 4.20 ... 2.5 EqInc 31.82 +0.08 1.2 GrwthAdml 125.66 -2.28 34.8 INSTTRF2025 27.54 -0.11 11.4 VANGUARD INSTL FDS IntlIdxInstPrem 45.39 +0.08 5.7 SrsGroCoRetail 29.07 -0.66 63.8 Lord Abbett F EqIndex 97.79 -0.78 15.5 HlthCareAdml r 94.64 -0.58 10.9 INSTTRF2030 28.11 -0.12 11.9 BalInst 44.10 -0.27 14.3 MidCpInxInstPrem 26.84 -0.19 14.2 SrsIntlGrw 20.09 -0.06 14.7 ShtDurIncm 4.20 ... 2.6 Growth 97.35 -1.54 32.7 HYCorAdml r 5.96 ... 4.7 INSTTRF2035 28.66 -0.14 12.4 DevMktsIndInst 14.98 +0.02 7.4 Wednesday, December 9, 2020 SAIUSLgCpIndxFd 19.73 -0.16 15.5 SrsIntlVal 10.15 ... 2.5 Lord Abbett I HelSci NA ... NA InfProAd 28.39 -0.02 10.0 INSTTRF2040 29.21 -0.15 12.9 DevMktsInxInst 23.42 +0.03 7.4 Net YTD Net YTD Net YTD SeriesBondFd 10.74 -0.01 7.1 TotalBond 11.26 -0.02 8.5 ShtDurInc p 4.20 ... 2.7 LgCapGow I 59.30 -0.95 34.6 IntlGrAdml 156.31 -1.79 52.1 INSTTRF2045 29.68 -0.17 13.4 ExtndInst 120.29 -1.91 26.9 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesOverseas 12.14 -0.02 12.6 Fidelity SAI Metropolitan West MidCap NA ... NA ITBondAdml 12.62 -0.02 9.2 INSTTRF2050 29.76 -0.17 13.5 GrwthInst 125.66 -2.28 34.8 SmCpIdxInstPrem 24.23 -0.20 15.5 TotRetBd 11.12 -0.02 8.1 ITIGradeAdml 10.67 -0.02 9.5 InPrSeIn 11.57 ... 10.1 American Century Inv TxExA p 13.61 +0.01 4.4 Dimensional Fds TotalBd 10.69 -0.02 8.1 NHoriz NA ... NA INSTTRF2055 29.88 -0.17 13.5 TMktIdxInstPrem106.21 -1.00 17.6 TotRetBdI 11.12 -0.02 8.4 LTGradeAdml 12.05 -0.07 14.2 InstIdx 328.60 -2.61 15.7 Ultra 72.39 -1.52 42.8 WshA p 50.59 -0.23 6.7 5GlbFxdInc 10.89 ... 1.5 Fidelity Selects R2020 24.61 -0.09 11.4 IntlVal 39.79 +0.12 6.0 USBdIdxInstPrem 12.40 -0.02 7.2 TRBdPlan 10.43 -0.01 8.5 MidCpAdml 251.70 -2.56 15.6 InstPlus 328.62 -2.62 15.7 American Funds Cl A Baird Funds Softwr r 26.45 -0.46 37.6 R2025 20.03 -0.09 12.7 LifeCon 22.83 -0.07 10.0 EmgMktVa 27.88 -0.07 -0.8 Fidelity Advisor I MFS Funds Class I MuHYAdml 11.94 +0.01 4.9 InstTStPlus 79.25 -0.74 17.8 Tech r 29.31 -0.66 53.3 R2030 29.44 -0.14 13.7 LifeGro 40.49 -0.20 12.9 AmcpA p 38.87 -0.44 17.8 AggBdInst 11.85 -0.02 7.9 EmMktCorEq 23.43 -0.09 9.6 NwInsghtI 39.35 -0.64 20.3 Growth I 161.39 -2.98 26.9 MuIntAdml 14.83 ... 4.9 MidCpInst 55.60 -0.57 15.6 First Eagle Funds R2035 21.81 -0.12 14.6 AMutlA p 44.52 -0.11 4.0 CorBdInst 12.21 -0.02 8.1 IntlCoreEq 14.25 +0.02 4.7 Fidelity Freedom ValueI 45.17 -0.11 2.6 MuLTAdml 12.25 ... 5.8 LifeMod 31.94 -0.12 11.6 MidCpIstPl 274.23 -2.78 15.6 GlbA 60.37 -0.18 6.7 R2040 31.27 -0.17 15.6 BalA p 30.74 -0.14 9.7 BlackRock Funds IntSmCo 19.78 +0.01 5.2 FF2020 17.55 -0.05 11.6 MFS Funds Instl MuLtdAdml 11.25 -0.01 3.2 STAR 32.29 -0.18 18.9 SmCapInst 90.33 -0.54 14.9 Franklin A1 PRIMECAP Odyssey Fds BondA p 14.15 -0.02 10.0 HiYBlk 7.74 -0.01 4.8 IntSmVa 18.85 +0.03 -2.2 FF2025 15.68 -0.05 12.3 IntlEq 30.23 +0.14 8.5 MuShtAdml 15.95 ... 1.8 TgtRe2015 16.55 -0.04 9.0 STIGradeInst 11.00 -0.01 4.9 CapIBA p 63.15 -0.03 2.5 HiYldBd Inst 7.73 -0.01 4.7 LgCo 28.25 -0.23 15.6 FF2030 19.58 -0.07 13.0 CA TF A1 p 7.81 ... 5.0 Old Westbury Fds AggGrowth r 56.01 -0.90 24.7 PrmcpAdml r165.50 -1.54 14.8 TgtRe2020 35.89 -0.12 10.3 STIPSIxins 25.65 -0.01 4.4 CapWGrA 58.02 -0.29 12.5 BlackRock Funds A TAUSCoreEq2 22.51 -0.13 13.0 Freedom2020 K 17.54 -0.05 11.6 IncomeA1 p 2.29 ... 3.1 LrgCpStr 16.90 -0.13 12.1 Putnam Funds Class Y RealEstatAdml120.18 -0.75 -6.3 TgtRe2025 22.09 -0.08 11.3 TotBdInst 11.59 -0.02 7.1 EupacA p 66.45 -0.33 19.4 GlblAlloc p 21.91 -0.09 18.0 US CoreEq1 29.08 -0.18 13.7 Freedom2025 K 15.66 -0.05 12.3 FrankTemp/Frank Adv Parnassus Fds StDurInc 10.10 ... 1.4 SmCapAdml 90.34 -0.53 14.9 TgtRe2030 40.79 -0.18 11.9 TotBdInst2 11.51 -0.01 6.8 FdInvA p 68.19 -0.58 12.5 BlackRock Funds Inst US CoreEq2 26.41 -0.15 12.9 Freedom2030 K 19.57 -0.07 13.2 IncomeAdv 2.27 ... 3.3 ParnEqFd 52.49 -0.53 18.4 Schwab Funds SmGthAdml 89.01 -1.19 27.9 TgtRe2035 25.31 -0.12 12.4 TotBdInstPl 11.59 -0.02 7.2 GwthA p 67.67 -1.21 32.3 StratIncOpptyIns 10.33 -0.01 6.3 US Small 37.52 -0.08 8.0 Freedom2035 K 16.72 -0.07 14.3 FrankTemp/Franklin A PGIM Funds Cl Z 1000 Inv r NA ... 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NewYork-listedshares in some Chinese companies that SEC to Make More Data Public oncespecialized in peer-to- peer lending have tumbled.

25% Plan would beef up ing SEC Chairman JayClayton datafees and the other involv- SIPstodrivemorebusinessto of-dayprices forstocks, which FinVolution at bigstock-exchangeopera- ing transaction fees. their premium feeds.The ex- have attractedgrowing vol- information on supply tors that have challenged a “The SEC has hastily ap- changeoperatorscounter that ume in recent years. Such data Yiren Digital 0 and demand of stocks, number of commission rules proved an irreversible experi- such criticism ignores huge can show shifts in supply and during histerm. ment with critical systems in- improvementstothe technol- demand as tradersplaceor- add additional feeds TheSEC’scommissioners stead of simply enhancing the ogyunderpinning the SIPsin ders in the auctions,which of- –25 votedunanimously Wednesday consolidated tape as we rec- recent years. tendrives pricemoves in BY ALEXANDER OSIPOVICH to implement the plan despite ommended,” an NYSE spokes- “While some canafforda stocks near theend of the opposition from the exchange person said Wednesday. Nas- pricey trip along afreshly trading day. –50 The Securities and Ex- operators, which could lose lu- daqsaid the plan would raise paved, proprietaryhigh-speed Another part of the plan changeCommission approved crativedatarevenue if the costsfor investors. toll lane,othersare relegated could givesmall investorsmore aplan to beef up the public changes spur their customers Exchangestocks sold off af- to acheaper ride on apublic insight intothe trading dynam- –75 datafeeds that broadcast stock to ditch their premium data terthe SEC’svote. Nasdaq highway with cracked pave- ics of stocks likeAmazon.com prices to investors, broadening feeds forthe cheaper SIPs. shares fell 2% on Wednesday, ment and potholes,” Demo- Inc.orTesla Inc.whose share access to market information TheNYSEand Nasdaq say cratic SEC Commissioner Alli- prices areinthe hundreds or –100 that exchanges sell to profes- the plan is unnecessarily com- sonHerren Leesaid. “Today’s thousandsofdollars. 2018 ’19 ’20 sional tradersatapremium. plexand would harm the func- NYSE and Nasdaq rule provides an upgrade to Under the current system, Under the SEC’splan, de- tioning of the stock market. In ensurethat the trading experi- theSIPsonly displaythe best Source:FactSet tailed datashowing supply and letters to the SEC this year, have signaled they enceonthe SIP datahighways bid and offer prices for“round demand forstocks will be both exchangeoperatorssaid may sue to block the is closer to that of the trading lot” orders, or those in multi- addedtothe public feeds, the regulator wasexceeding its experienceonthe proprietary ples of 100 shares.That means China which arecalled securities in- authority and violating federal planned changes. autobahns.” investorsmay not see whether formation processors, or SIPs. lawbypushing through amas- Under the plan, the SIPs buyersorsellersare quoting Wall Street banks and elec- siveoverhaul without suffi- would be required to show prices forstocks in quantities Claims Win tronic tradingfirms use such cient analysis—a sign they may buying and selling interest not smaller than 100 shares,called datatopredict short-term sue to block the plan in court. while itssmaller rival Cboe just at the current bid-offer “odd lots,” which areespecially pricemoves and ensurethat Nasdaq also argued the Global Markets Inc.was down pricefor astock—which shows common in stocks with high In Lending they getgood prices when SEC’splan is unconstitutional 2.7%. NYSE parent ICE, which whereitistrading at anygiven shareprices. buying or selling stocks. because it would take the ex- is lessdependent on equities- time—but in the next five price TheSEC’splan would rede- Another part of the SEC’s changes’ proprietarydata related revenue,wereup0.1%. levels up and down. fine what countsasaround Crackdown plan allows upstart versions of without proper compensation. TheSEC’splan grew out of Such “depth-of-book” data lot: Forinstance, forstocks the SIPstocompetewith the NYSE, owned by Interconti- longstanding concerns that the is akey offering of the pre- with shareprices above$1,000 BY CHONG KOH PING existing feeds,which areoper- nental Exchange Inc., and U.S. had developed atwo- mium feeds and it canshow but no higher than $10,000,a AND XIE YU ated by theNew York Stock Nasdaq have recently grown tiered structurefor market forinstance, whether buy or- round-lot order could be just Exchangeand Nasdaq Inc. morewilling to sue the SEC data. dersfor astock arethinning 10 shares.That would forcethe China declared victoryinits Together,the measures when it implementsregula- TheSIPshavelessdataand out, asign that itspricemay SIPstodisplaymoredetailed campaign against online peer- amount to one of the biggest tions that they oppose.In areslowerthan the premium be about to fall. quotedatafor stocks likeAma- to-peer lenders, ariskyfinanc- overhauls of the SIPssincethe June,federal judges ruled in feeds offered by NYSE, Nasdaq TheSEC’splan would also zon, which is currently trading ing sector that waszeroed rules governing them were favorofthe exchanges in two and Cboe.Critics saythe ex- expand the SIPstoinclude at about$3,150 ashare. out, atop banking regulator passed in the 1970s.They are separatecourt fightswith the changeoperatorshaveanin- data on the 4 p.m. ET closing —Paul Kiernan said this week. also aparting shot by depart- SEC, one involving market- centivetounderinvest in the auctions that determine end- contributed to this article. Peer lendersgather funds from small investorsand loan them out to small businesses and individuals.Atfirst Trader Scores on Turmoil in Oil Markets loosely regulated, they were seen as afinancial innovation serving partsofthe Chinese BY DAVID HODARI financial system that were ignored by state-backed banks. Trafigura Group Pte. Ltd., But awaveofscandals and de- one of the world’slargest faultsin2018 prompted au- commodities traders, posted a thorities to crack down. record profit Wednesday, mak- At one point, China had ing it abig winner from tur- more than 5,000 peer-to-peer moil in crude-oil marketsdur- lendersinoperation, said Guo ing the coronavirus pandemic. Shuqing, chairman of the Theclosely held company, China Banking and Insurance which is based in Singapore RegulatoryCommission, and butrun from Geneva, almost annual transaction volume to- doubled itsnet profit to $1.6 taling the equivalent of about billion in the fiscal year ended $459 billion. “While they were September.The company’sop- originally positioned as finan- erating earningswerethe best cial-information intermediar- in its 27-year history, it said. ies, the vast majority of them Trafigura’s record windfall have in fact carried out credit highlights the ability of com- and wealth-management busi- modity traderstothrivewhen ness,” he said Tuesday at the prices gyrate.Likerivals Vitol Singapore Fintech Festival. Group and GunvorGroup,the However, Mr.Guo said: “We companylooks to profit have continued to clean up

whether commodity prices go S and consolidate, and by mid-

up or down. Rather than own- NEW November the actual operating ing mines and wells,itfocuses G P2P lendershad all been ze- on physical trading of com- roed out.” As of June,previous

modities,arbitraging prices OOMBER official statistics showed29 forthe likes of crude or cop- were still operating.

perindifferent partsofthe SINGH/BL Mr.Guo is apowerful finan-

globe. AJ cial regulator in China, who in

Trafiguradid particularly DHIR addition to overseeing the well when oil prices went neg- Commodities trader Trafigura posted the best profits in its 27-year history amid market gyrations. Its offices in Mumbai. banking industry is the Com- ative in the spring,despitea munist Party secretaryfor the concurrent pullback in financ- for bondholders. metals,overthe next few nickel and cobalt—all used in Traﬁgura Group net income country’s central bank. ing from banks for commodi- Thewindfall came despitea years, it said Wednesday. renewable-powergeneration Apeer-lending companyof- ties deals. Demand forcrude hit to the value of itsindus- Theamount of green en- and batteries—will benefit the $1.5 billion ficial in Beijing and an indus- in cars and planes plummeted trial assets. Trafigurasaid it ergy being auctioned globally company, Mr. Weir said. tryanalyst said not all players with much of the world econ- had downgraded the value of between Januaryand October To address concerns about were shut down. Instead, omyinlockdown, while Saudi itsoil-storage-and-distribution was15% higher than the same the impact of trading on those that arestill operating Arabia and Russia, two of the businessPuma Energy,and its period last year,arecordin- global warming, the company are effectively winding down. world’sbiggest crude produc- Nyrstarzinc-and-lead-smelting crease,according to the Inter- planstolay out athree-year 1.0 They can’t writenew loans or ers, launched acrushing price operations. national Energy Agency. plan to reduceits greenhouse- matchindividual lenderswith war. Oneofthe largest traders Commodities traderswalk a gasemissions and alonger borrowers,but canhandle re- “Wehad our busiest period of fossil fuels on the planet, fine line between facilitating plan to address“scope 3emis- paymentsofearlier loans origin April—our busiest month Trafiguralast year established industries seen as fueling sions”—pollution mostly cre- inated from their platforms, ever,” said TrafiguraChief Ex- adivision focused on power global warming and sourcing ated when customerstrans- the two industryofficials said. ecutiveJeremyWeir in avideo and renewable energy.It materials meant to help the port and use the commodities 0.5 Manyformer industry that accompanied the com- wants to take part as govern- transition away from fossil it produces. heavyweightstransformed their pany’searningsrelease.“It ments and energy companies fuels.Rival Glencore PLC,a Major energy companies business, switching to offering wasastunning year,” he said, push the economy away from major producer and trader of such as BP PLC and Total SE loans funded by themselves and adding that the company fossil fuels toward solar and coal, said last week that it have also signaled their inten- banks,and to other services boosted itsgross profit mar- wind power. wanted to become carbon- tion to reducetheir depen- such as wealth-management. 0 gins to 5% from 1.6% last year. It expectsthe division to emissions neutral by 2050. denceonfossil fuels and in- Extending these loans requires While not publicly listed, Tra- grow intoacorepart of itsop- Trafigura’spositions in the vest moreinrenewable 2014 ’20 specific financial licenses. figura postsfinancial results erations,alongside oil and marketsfor copper,aluminum, energy. Sources: Traﬁgura Group; FactsSet Some arestruggling to sustain earlier growth. Shares of YirenDigital Ltd., which in jected amedian long-term re- Even-Tov of theUniversity of 2015 became one of the first Pandemic turn of 7. 22%ontheir portfo- California, Berkeley,and two Chinese peer lenderstogopub- lios in 2018,downfrom8.05% colleagues found that counties lic in NewYork,haveslid since in 2002,according to the Na- reduced spending on welfare 2017. Othershaveoverhauled Squeezes tional Association of State Re- and payroll and cut employee themselves more successfully. tirement Administrators. numbersafter accounting stan- Lufax Holding Ltd. went public “I wouldn’t be surprised if dards required them to disclose in the U.S. in October and is Pensions they continue to come down their pension liabilities. worth about $36 billion. moreinthe next few years,” Retirement funds generally Therise and fall of peer-to- said Todd Tauzer,anactuaryat met or approached their in- peer lending holds lessons for ContinuedfrompageB1 Segal, an employee-benefits vestment targetsfor the year otherwould-be financial inno- that the fund’slong-term ex- consulting firm. endedSept. 30,after stimulus vators in China, analystssaid. pected returns had dropped Lowering return expecta- programs helped fuel stock Chinese authorities “al-

morethan apercentagepoint /REUTERS tions is politically difficult for gains,analystssaid. Public pen- lowedthingstobeoperated

this year as of Sept. 30. AKER pension funds because doing so sions earned amedian return liberally for quite a long time Thedropwas “primarily a increases the expected shortfall of 7. 33% according to Wilshire before they clamped down on

reflection of the extraordinarily WHITT between assetsand liabilities, Trust Universe Comparison bitcoin, [other] cryptocurren- X

lowinterest rate environment MA oftenleading to higher costs Service, the firm’sbenchmark- cies,and P2P,and realized this brought on by the pandemic,” Prepandemic projections already showed insufficient assets. forgovernment employers and ing arm. But keeping that up could lead to instability,” said the consultant wrote. workersand sometimes will be tough. Chris Skinner,acommentator Thelong-term-carepro- decide the specific asset mix in At Calpers, pre-pandemic prompting talk of servicecuts. Some retirement funds have who follows the financial-tech- gram, which is separatefrom February. projectionsfor itslong-term- If pension assetswereto been looking at rock-bottom nologyindustry. “This is why Calpers’spension fund, doesn’t Stacie Olivares,the board’s care fund already showedin- earn 7. 2% ayear,the $2.5tril- bond ratesand seeing an oppor- they now want to regulate to rely on taxpayerdollarsand in- insurance-industryrepresenta- sufficient assetstocover future lion held by the 25 largest U.S. tunity forarbitrage. S&P Global createaverystable economy.” vestspremiums from about tive, wasone of four members benefits. Theprogram is closed pension plans as of 2018 would rated16pension-obligation Andrew Collier,founder and 120,000 workerstopay forold- to vote forafailed proposal to to newemployees. fall about $780 billion short of bonds this year,upfromseven managing director of Orient agecare. Directorsalso last adopt even moreconservative Retirementshortfalls aren’t the value of the liabilities,ac- last year.Government decisions Capital Research in Hong month endorsed increasing the investment expectations that a anew industryphenomenon. cording to arecent study from to issue this type of debt payoff Kong,said this didn’t mark the maximum risk level of the long- fund staffer predicted would Even before the pandemic,re- NewYork University’s Stern only if investment returns on end of online lending in China, term-careportfolio,through cause premiums to rise even tirement and pension funds School of Business. Theshort- the borrowedmoney exceed inwhich still has “a role to play stepssuch as the addition of more. “I think additional expo- were already short trillions of fall would double if the assets terest costs. TheGovernment to distributecredit to small privatemarket assetsand the suretorisk actually compro- dollarsinassetsneeded to pay were to earn the moreconser- FinanceOfficersAssociation, a businesses.” He said some use of leverage, despitethe misesthe plan safety and will futurebenefits, according to vative5.6%expectation used in trade group,recommends players could succeed while concerns of some boardmem- ultimately increase therates” Federal Reservedata. Canada. against that strategybecause of operating within stricter regu- bers. Theboardisexpected to workerspay,Ms. Olivares said. U.S. public pensions pro- Aseparatestudy by Omri the level of risk involved. latory boundaries. P2JW345000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** Thursday, December 10, 2020 | B11 MARKETS Stocks Fall as Lawmakers Debate Aid

Nasdaq, S&P 500 pull bolster the economic recovery Share-priceand indexperformance, Wednesday Management. “The market is offering,abovethe estimated as rising infections prompt re- more hopeful, with the elec- rangeof$90 to $95. back from record 6% strictions on social and busi- Lowe's tion out of the way,that com- In bond markets, the yield nessactivity. promise will be easier to find.” on the10-year U.S. Treasury levels as Congress 4 negotiates size of bill Thesizeofthe package, In corporatenews, shares noterose to 0.939% from though, is acritical point. The 2 of FireEye fell $2.03,or13%, 0.913% on Tuesday. Yields rise Trump administration pro- to $13.49after the cybersecu- when bond prices fall. BY CAITLIN OSTROFF posed a$916 billion deal on 0 rity firm said it was breached Overseas,the pan-continen- AND PAUL VIGNA Tuesdayafter Democratsre- S&P500 by nation-statehackers. The talStoxxEurope 600 rose jected an effort by SenateMa- –2 attack compromised the soft- 0.3%. Investorsare cautiously Stocks retreated from re- jority Leader Mitch McConnell ware tools used to test the de- optimistic that the U.K. and –4 cord levels as investorsmoni- to narrow the scope of the bill. fenses of thousands of cus- European Union maystrikea toredthe negotiations in Agroup of lawmakerswas –6 tomers. trade deal soon. Washingtonoveranother fis- working on acompromise Lowe’s rose $8.89, or 5.9%, At middayThursdayinTo- calstimulus package. Wednesdaythat addressed is- –8 Tesla to $160.13 afterthe home-im- kyo, Japan’sNikkei 225was TheDow Jones Industrial sues including distribution of provement retailer said it ex- down 0.3%, Hong Kong’sHang Averagefell 105.07points, or aid to stateand local govern- –10 pectssales to rise about 22% Seng Indexwas down 0.4% 0.3%, to 30068.81. TheS&P mentsand legal protections forthe fiscal year. and South Korea’sKospi was 500 lost forcompanies operating dur- –12 Tesla shares dropped down 0.3%. U.S. stock futures WEDNESDAY’S 29.43points, ing the pandemic. –14 FireEye $45.40, or 7%, to $604.48,a were up 0.1%. MARKETS or 0.8%, to Congressional action is a dayafter the companyan- 3672.82, a key part of the largerbid to 10 a.m. 11 noon 1p.m. 234 nounced plans to sell up to $5 AUCTION RESULTS Here are the results of Wednesday's Treasury dayafter the benchmark support the economy, said Source:FactSet billion in stock and founder auction. All bids are awarded at a single price at the market-clearing yield. Rates are determined by the notched its30th record close Stifel strategist BarryBannis- Elon Musk said he had moved difference between that price and the face value. forthis year. ter. Lawmakersappear to be ducedfresh restrictions,trig- to Texas from California for NINE-YEAR, 11-MONTH NOTES Thetechnology-heavy Nas- Ultimately,what the Fed facing pressuretooffer aid to gering concern that the what he feels is amoresup- Applications $90,118,342,500 daq Compositedropped 243.82 and Congresswant and the those who have been hardest economic recovery could falter portiveenvironment forentre- Accepted bids $39,618,559,500 " noncompetitively $5,800,100 points, or 1.9%, to 12338.95, a market needs is aself-sustain- hit by the pandemic as infec- in the winter months. preneurs. " foreign noncompetitively $0 dayafter it recorded its50th ing recovery,hesaid. But that tion levels and hospitaliza- “That deterioration in the Meanwhile, shares of Door- Auction price (rate) 99.282076 (0.951%) record close of 2020. could take longer than ex- tions rise acrossthe country. medicalsituation is putting Dash surged$87.51, or 86%, to Interest rate 0.875% Investorsare still optimis- pected. “The sky’snot falling, TheU.S.reported morethan morepressuretoget some- $189.51asthey made their de- Bids at clearing yield accepted 88.79% Cusip number 91282CAV3 tic Congresswill passanother but thereare definitely some 215,000 newcases forTues- thingdone,” Hugh Gimber,a but. Thestock priced at $102 The notes, dated Dec. 15, 2020, mature on Nov. 15, coronavirus relief packageto dark clouds,” he said. day. Some states have intro- strategist at J.P. MorganAsset in the company’sinitial public 2030. Gold Prices Extend Their Volatile Run

BY AMRITH RAMKUMAR discussions in Washington as gold’s swings continue. Gold prices fell,paring “We’regoing to certainly GES some of the December rally get volatility at least through IMA and continuing astretch of the firstquarter” of 2021, said

GETTY volatility as tradersweigh a TaiWong, head of base and

SE/ recent rise in coronavirus precious metals derivatives cases against upbeat vaccine tradingatBank of Montreal. trial resultsand prospectsfor “Thereare so manyuncertain

ANCE-PRES further stimulus. things.” FR Most actively traded gold With the outlook forgold

ENCE futures declined 1.9% to darkening, hedgefunds and AG $1,838.50aother speculativeinvestors

ION/ COMMODITIES troy ounce on have reduced net betson AT

OR Wednesday. higher prices in recent weeks,

RP Prices forthe havenmetal are pushing them to their lowest CO still up morethan 3% so far in level in 1½ years, Commodity December but remain more Futures Trading Commission than 10%belowtheir record data show.

ABORIGINAL high in August, hurt by arally Meanwhile, billions of dol-

PKKP in stocks and riskier commodi- lars flowed out of the largest An inquiry into the destruction of ancient rock shelters found the mining giant must compensate an Australian indigenous group. ties with investor anxiety fad- gold exchange-traded funds ing after the U.S. presidential like theSPDR Gold Shares. election. Rio TintoUrged to PayRestitution Gold is up morethan 20% forthe year,making it one of thebetter-performing major BY RHIANNON HOYLE ationsare on land traditionally signaled an intention to no lon- fulofknown Aboriginal sites in assetsin2020.Investorstend 1.9% owned by indigenous groups, gerrely on gagclauses,uncer- Australia that areasold as this to buy the metal when they are SYDNEY—RioTintoPLC including in South America, Af- tainty remains over exactly how one,” Puutu Kunti Kurrama nervous about the outlook for Decline in most actively traded should compensateanAustra- ricaand the Arctic Circle. companies will unwind such Land Committeechairman John the global economyorgeopolit- gold futures on Wednesday lian indigenous group over the While environmental, social measures,the report said. Ashburton said earlier this year. ical eventslikeelections.That destruction of two ancient and governancestandards have Theinquiryalso found seri- Rio Tinto, which didn’t trendboosted demand earlier rock shelters,aninquiry become increasingly important ous failingsoflawsdesigned to break anylawswhen destroy- in theyear,beforeJoe Biden’s found, while calling foranend forinvestorsinrecent years, protect indigenous heritage. ing the site, has apologized and victoryinthe presidential race That marksareversalfrom to the secrecy over how min- much of the focus has been on “The PKKP faced aperfect acknowledged that itsactions and important Republican wins earlier in the year,when hefty ers secure land access. tackling emissions or curbing storm, with no support or pro- damaged trust between the in Senateraces combined with inflows added momentum to Australian lawmakershave environmental disastersafter tection from anywhere,” said companyand the indigenous hopeful vaccine news to send the gold rally. been investigating the destruc- waste-dam collapses. Warren Entsch, chairman of the landowners. “Weare commit- prices tumbling in November. Manyanalystsuse ETF tion of the cavesatJuukan TheAustralian inquiry committeehandling the inquiry. tedtolearning from this event Tradershad anticipated flowstogaugeinvestor senti- Gorge in the north west of the highlighted the power imbal- Rio Tinto, the world’ssec- to ensurethe destruction of that a“blue wave” scenario,in ment toward gold. country, which cost Rio Tinto’s ance between the mining in- ond-largest miner by market heritagesites of such excep- which Mr.Biden wonthe pres- Despitethe recent turbu- chief executivehis job.On dustryand indigenous groups. value,said in September that tional archaeological and cul- idential election and Demo- lence, some analystsremain Wednesday, they recommended It found most agreementscon- Chief ExecutiveJean-Sébastien tural significancenever occurs crats won control of the Sen- confident that gold prices can Rio Tintonegotiatearestitution tained clauses that prevented Jacques would leave aftermore again,” Rio TintoChairman Si- ate, would boost gold by rise moving forward. TheFed- packagewith the site’stradi- traditionallandownersfrom than four yearsinthe role, mon Thompson said. unleashing much largerstimu- eral Reserve’spolicies of near- tional owners, the Puutu Kunti taking legal action or raising bowing to pressurefrominves- Theinquiryhas raised ques- lus programs on the economy. zero interest ratesand historic Kurrama and Pinikurapeople, concerns to prevent the de- tors forits senior leaderstobe tionsoverhow to calculatefair Investorsuse the metal to stimulus programs have or PKKP.They also urgedRio struction of heritage sites. held accountable.Two other ex- compensation. Meredith Edel- protect against rising inflation tamped down Treasuryyields, Tintoand itswestern Australian “Wehope the inquiry’spre- ecutives,including Chris Salis- man, alaw lecturer at Austra- and aweakening dollar,so making gold amoreattractive peerstoend the use of gag liminaryfindingsprompt a bury, the head of itsiron-oredi- lia’sMonash University,sug- that scenario wasseen as havenalternativetoTreasurys clauses in land-use agreements fundamental reset of the sec- vision, also stood down. gested Rio Tintocould offer the more positive for bullion. for investors. that have stopped Aboriginal tor, particularly in the rela- Therock sheltersinAustra- PKKP an equity stakeinthe Instead, Republicans per- Elsewhereincommodities groups from speaking out tionships between traditional lia’sminerals-rich Pilbarare- company, and in doing so,give formed betterthan manyana- Wednesday, U.S. crude-oil fu- against mining operations. ownersand mining companies, gion, which supplies morethan the group influencetodirect it lystsexpected, meaning con- tures fell 0.2% to $45.52abar- Theinquiryhas the potential and pave away forwardfor half theworld’sironore traded on important cultural issues. trol of theSenate will come rel, erasing an earlier advance to reboot the relationship be- moreequal partnerships,” said by sea, contained atrove of ar- Rio Tintohad cut bonuses down to a pair of runoff elec- aftergovernment inventory tween indigenous communities PKKP Aboriginal Corporation tifactsthat indicated they had forMr. Jacques,Mr. Salisbury tionsinGeorgia next month. data showed a big rise in do- and miners, which rank among spokesman Burchell Hayes. been occupied by humans more and Simone Niven, head of cor- Investorsare parsing those mestic inventories last week Australia’sbiggest companies. While Rio Tintoand itslarg- than 46,000 yearsago. porate relations,but stakehold- races, arise in coronavirus amid slumping demand and Globally,manymining oper- est peer,BHP Group Ltd.,have “Thereare lessthan ahand- ersdemanded further action. cases and continuing stimulus coronavirus restrictions. Euro RallyWeighs on Inflation, Sapping Appetitefor Shares

BY CAITLIN OSTROFF rozone,and damp inflation. Howmanydollars€1buys about the ECB’sability to meet rose during the pandemic. Manyare also counting on the Such concerns areeroding that 2% goal. TheGerman 10- Without atight labor market central bank extending apro- Thedollar’s weaknessis investors’ appetitefor euro- $1.25 year break-even rate,amea- in which people candemand gram offering cheap loans to complicating matters forpolicy zone stocks.The EuroStoxx sureofhow much inflation in- higher wagesfor jobs,prices banks. makersand investorsinEu- 50,abenchmark forthe region, vestorsexpect annually in will be unlikely to movemean- If those measures reduce 1.20 rope. has dropped morethan 5% Europe’slargest economyover ingfully higher,analystsand the cost of financing and bol- Betsthat Covid-19 vaccines sincethe end of last year.That the next decade,ticked down economistssay. ster thepaceofeconomic re- will propel the global economic compares with the S&P 500 in- 1.15 to 0.94%onWednesday, from Consumershavealso cur- covery,that could boost infla- recovery next dex’salmost 15% gain. 0.99% at the end of last year. tailed spending because of the tion and weaken the euro, CURRENCIES year have Theregion’s paceofeco- “Wewant inflation to be economic uncertainty.And oil analystssaid. prompted in- nomic growth “isOK, but not 1.10 rising,” said Hani Redha,a prices,animportant compo- But thereislittle else the vestorstobuy assetsoutside enough to put anyupward multiasset portfolio manager nent of consumer prices,have ECB cando. the U.S.,pushing the dollar pressure on inflation,” said at PineBridgeInvestments. dropped roughly 25% this year. Because interest ratesinthe lowerinrecent weeks.That Chris Iggo,chief investment of- 1.05 “The best environment forrisk Thecommon currency’s eurozone arealready subzero, has leftthe euroupmorethan ficerfor core investmentsat assetsiswhen inflation is low, rally has caught the attention investorssay the central bank 8% against the greenback this AXAInvestment Managers. but rising.” of policymakers. has lessroom to cut them, 1.00 year,and near itshighest level “It’snot atime forbig asset-al- Mr.Redha is among those In September,ECB President which would help weaken the sinceApril 2018.Ittraded location decisions in Europe.” Jan. Dec. who areoptimistic the ECB Christine Lagardesaid the cen- euro. Wednesdayatabout $1.2135 Aslowdowninthe euro- Source:TullettPrebon will succeed in bolstering infla- tral bank doesn’t target levels “The ECB cannot afforda apiece. zone’seconomic growth has tion in coming years. He in exchangerates,but the euro stronger euro, but thereisnot Therally in the common raised concerns about adou- ther,adding to the challenges bought stocks of smaller com- is an “important determinant” much they cando,” said Atha- currencythreatens to impede ble-dip recession. Thefaltering facing policymakers. panies in Franceand Spain, of pricestability.The central nasios Vamvakidis,head of for- European policymakers’ ef- rebound, combined with a TheEuropean Central Bank and is betting they will benefit bank didn’t take anyactions to eign-exchangestrategyatBank fortstostoke inflation in the weak recovery in the labor aims to getinflation close to from the global economic re- limit the euro’sclimb at that of AmericaGlobal Research. region. Astronger euromakes market, is likely to weigh on 2% over the medium term. But covery and rally further in time. “They arethe furthest away exportsfromthe region less inflation,Mr. Iggo said. that maybealong time com- coming yearsifinflation ticks Many investorsnow expect from their inflation target competitiveoverseas,poten- Some investors think the ing: Thecentral bank is pro- higher. theECB,atapolicymeeting they’veevenbeen, and they tially curbing economic dollar will continue to drop in jecting inflation will rise to 1% Astronger euroisn’t the Thursday, will both increase its have few means to addressit. growth. It would also makeim- coming months.That means in 2021, and 1.3% in 2022. only barrier to inflation. Un- bond-buying program and ex- If they addressit, the eurowill portslessexpensivefor the eu- the eurocould strengthen fur- Manyinvestorsare skeptical employment in the eurozone tend it until the end of 2021. follow.” P2JW345000-2-B01200-1------XA

B12 | Thursday, December 10, 2020 ** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY As China Ages, Changes Are Needed

A population growing older may finally force the government to face resulting challenges head on

China is getting older.That tirement age—60 for men and 55 means the Chinese people will have for women for civil servants and to work longer.But deeper changes white-collar workers—is low com-

S will be necessarytoensureincome pared with other countries. Lifting growth doesn’t stagnate. that to 65 could delay the aging PRES Theworld’smost populous coun- problem by a decade or so. The TED tryhas begun aging rapidly over 60-to-64 cohort is going to make CIA

SO the past decade,but the paceisgo- up around 8% of China’s popula- AS ing to pick up even moreastens of tion in 2030, according to the U.N. millions reach retirement age. The Even so, the elderly population working population—people be- of 65 or above will still double in LENNIHAN/ tween the ages of 15 and 59—will the next 15 years. That means

MARK drop by 65 million, or 5.5% of the slower growth and the government Google’s relationship is highly valuable to IAC/InterActiveCorp. But it also appears to be ebbing. total, in the next 10 years, according will have to shoulder a bigger bur- to United Nations projections.A den to take care of its senior citi- graying population is acommon zens, all while Chinese average in- problem in most developed coun- comes remain far below aging IAC-GoogleTie Is Complex tries but due to China’s one-child developed countries including the policy,which lasted formorethan U.S. or South Korea. 30 years, itspopulation will age On the bright side, the demo- quicker and at lowerincome levels graphic time bomb may push the Investors seem unduly relaxed about this lovers’ spat than in manyother countries.The government to carry out some problem looks even moreunavoid- long-needed changes like cleaning able as China takesinonly minimal up China’s bloated state sector and Investorsnew to the IAC/Inter- counted forlessthan athirdofits on the same basis sinceatleast numbersofimmigrants. the financial system that keeps ActiveCorp. storyprobably knowit totalSearch revenue and foronly 2017, when it was38% of itsoverall That’s why Beijing floated the feeding it. Fixing the health-care as acompanythat kindled online about 5% of itsoverall revenue in revenue.Inthe quarter ended Sept. idea of raising the retirement age and social-welfare systems may romancethrough now-independent the thirdquarter.Furthermore, IAC 30,Google’sbusinesshad shrunk to in the outline of its next five-year also help boost consumption. MatchGroup Inc.They seem un- says profit from itsDesktopbusi- just 17%ofIAC’s combined revenue. economic plan released last Many social and economic prob- duly relaxed about alovers’ spat nesshas fallen nearly 90% over the Thegood news forIAC is that its month. There are no concrete de- lems were swept aside when the with Alphabet Inc.’sGoogle. past three years. Much of that loss businessisimportant to Google, tails yet, but the idea received an- Chinese economy was growing On SundayaWall Street Journal seems to be because of changes to too. IACwas oncereportedly gry pushback online, especially rapidly. An aging population may article brought to light the storyof howGoogle syndicates itsapps. Google’sbiggest advertiser and re- from people about to retire. finally force the government to ayearslong relationship between That business,inother words, al- mains one of itslargeradvertising But postponing the retirement face those challenges head on. the technologyholding company ready wassinking. clients, according to current and age will be inevitable. China’s re- —Jacky Wong and the search giant that appears But Google’srelationship with former Google employees,with its morecontroversial than symbiotic. IACgoes well beyond browser ex- investment in Google ads amount- China’s population by age group News emergedthis week that tensions.According to aproxy ing to “hundreds of millions of dol- Google is mulling penalties against statement filed by IACinApril, lars” ayear.Still, with Google ex- 1.0 billion IACfor what one of itsinternal Google accounted for27% of IAC’s pected to generateover$175billion Projected trust-and-safety teams has deemed totalrevenue last year excluding in sales this year,itissafetosay misleading practices of some of Match Group.IAC’s third-quarter that IACneeds Google morethan 0.9 IAC’sbrowser extensions.Google filing,inwhich Google appears35 Google needs it. could go so far as to ban IAC’s times,includes nearly an entire It isn’t clear whether Google, Ages 15-64 productsfromits Chrome exten- pagededicated to itsservices which says it is still reviewing en- 0.8 sions entirely, according to the agreement with Google,noting that forcement options regarding the Journal’sreport,which notes IAC it constitutes a“meaningfulpor- browser-extension issue,will actu- 0.7 believed such amovewould “devas- tion” of itsrevenue.Italso makes ally pull the plug on that business. tate” akey part of itsbusiness. clear that IACearns other advertis- Despiteall this,investorsseem Investorstook the news in stride ing revenue from Google outside of toosanguine.IAC’s placeinsearch 0.6 when they sawhow little appears that agreement. might not mattermuch these days to be at risk.While IACearns In other words, Google’srelation- but, until IACcan work to further money from Google’sads served in ship is highly valuable to IAC. But it diversifyaway from Google,its re- Ages 15-59 0.5 the resultsacrossits ownsearch also appearstobeebbing.IAC’s lationship with the search giant engine MyWay,its browser exten- proxyfiling also notes that itsbusi- does. 1980 2000 ’20 ’40 ’60 ’80 2100 sion, or Desktopbusiness, ac- nesswith Google has been declining —Laura Forman Source:United Nations GameStop’s High ScoreCame TooSoon Luxury Brands Follow Asian Shoppers Home GameStop’s race to slim down has seen some success.But investors binged tooearly on acompli- catedrecoverystory. Even after the pandemic has with dozens of brands,such as Gu- Thevideogame retailer posted passed, luxury brands expect to do cci’sowner Kering,havethe most disappointing third-quarter results a lot more business in Asia. Their leveragewith Chinese landlords to lateTuesday. Revenue forthe quar- next job is to reduce the burden of securethe best spots. terended Oct. 31 slid 30% year over emptier shops in cities like Paris Next, companies need to reduce year to just over $1 billion—about and Milan. the cost of their stores in regions 7% short of Wall Street’sestimates. From January through October where sales are weak. Some clo- Thecompanydeclined to givea this year, designer labels opened sures are likely. Christian Dior’s forecast forthe current period, more boutiques in Asia than any owner LVMH Moët Hennessy which should be astrong one given other region, according to data Louis Vuitton had 35% of its shops

the launch of newXboxand PlaySta- GRI/REUTERS from Savills. It is the first time in Europe last year, where bou- tion consoles in early November. that Europe, which is normally the tiques depend on tourists for two- ALLE

GameStop’ssharepriceslumped O most popular location for new fifths of turnover, according to es-

morethan 19% Wednesday. CARL stores, has been outpaced in the timates by Jefferies. Those consoles come at acrucial The latest gaming consoles come at a critical time for the retailer. real-estate firm’s records. North Rent cuts are another option. time forthe struggling retailer.Once America’s share of global openings Lackluster demand on Europe’s the pre-eminent destination forvid- Game hardware such as con- But GameStop’s share price had halved compared with 2019 levels. and America’s most exclusive eogame products, GameStop’sbusi- soles and related equipment have nearly tripled for the year heading Much of theactivity happened shopping streets gives brands le- nesshas been severely disrupted by become key for GameStop. But the into yesterday’s report, as inves- in mainland China, wheredemand verage over landlords. On Rue the rapid digitization of the indus- consoles themselves are very hard tors have been anticipating a big forluxurygoods recoveredrapidly Saint-Honoré in Paris, just eight try. Analystsestimatethat anywhere to get right nowbecause of limited recovery in sales led by the new afterlockdowns early in the year. new boutiques are expected to from athirdtohalf of all games supply. Retailers are sold out ev- machines. The stock is also a fa- Of all the stores opened around open in 2020, according to Knight sold noware digital downloads. erywhere, and the black market is vorite target of short sellers, add- the world so far in 2020,19% were Frank, a drop of one-third com- That limits GameStop’sability to get booming. Sony’s PlayStation 5 is ing to its volatility. As a retailer in Chinese cities such as Shanghai pared with last year’s numbers. apieceofthe initial sale,asmanyof currently fetching about $2,000 on with a red-hot product, GameStop and Shenzhen—far higher than And on upper Madison Avenue, those sales arebythe publisher di- eBay—four times its retail price. should have its merriest Christmas their 6% averageshareofglobal home to brands like Givenchy and rectly or on console-based platforms GameStop Chief Executive Officer in years. But failure to get enough openingsoverthe past three years. Prada, asking rents for luxury ten- such as XboxLive. That also cuts George Sherman predicted that the of the new consoles on its shelves The trend was exaggerated by ants fell 12% in the third quarter down on futuresales of preowned new consoles will generate “great could still leave a lump of coal for the coronavirus, which emptied compared with a year earlier. games—historically GameStop’s carryforward demand into the en- investors. Western cities of tourists, but is Labels may be preoccupied with largest source of profits. tirety of next year and beyond.” —Dan Gallagher expected to outlive it. Even after expanding in China for now. But in long-haul travel returns to normal, a bad sign for landlords in Europe Chinese consumers—by far the in- and the U.S., a tidy-up in more ma- dustry’s biggest spenders—will ture markets can’t be far down likely shop more at home. brands’ to-do lists for next year. Campbell Needs to StrikeWhile Soup Is Still Hot Before the crisis, they made —Carol Ryan 70% of their luxury purchases overseas, mainly in European cit- Shareofglobal luxury-store Campbell Soup is back,led by date the soup lineup for contem- Campbell shares,nonetheless, ies like London and Paris where openings by region an unlikely champion—itsoriginal porary tastes, such as with bone were down by 2% on Wednesday. designer handbags and clothes are 100% condensed soups.Now it needs to broths and plant-based offerings. Investorsmight have been disap- significantly cheaper than in Other showitcan makethose gains stick. So it was somewhat surprising to pointed with the company’sguid- China. But the Chinese govern- The company reported solid re- hear him say Wednesday that ancefor the current quarter of 5% ment looks determined to keep Middle sults Wednesday. Its net sales rose Campbell’s stodgy condensed to 7% net sales growth and the that money at home. This summer, 75 East 7% from a year earlier in the three soups were “the hero” in the latest same paceinadjusted Ebit. This Beijing tripled consumers’ duty- North America months to Nov. 1, while adjusted quarter. suggestslast quarter’s margin ex- free allowance and opened domes- Europe earnings before interest and taxes This wasapparently due to in- pansion won’t be repeated. But ex- tic duty-free stores where the 50 jumped 18%. U.S. soup sales rose creased use forcooking.Families ecutives said this waspartly due to quota can be spent up to six 21% in the quarter. Granted, that is stuck at home during the pandemic increased marketing planned for months after a trip. down from 52% growth in the arelooking forquick and affordable the crucial winter quarter. Luxurybrands aresigning leases Asia prior quarter, but that was during waystoput dinner on the table. Making that investment nowis of up to eight yearsinChina, more 25 Paciﬁc the summer months. The substan- ViewsofCampbell’swebsiterecipes the right call as rising Covid-19 than double the averagelength in tial rise seen in the fall bodes well were up 20% from ayear earlier in cases and activity restrictions set Asia. That reflectsthe conviction for peak soup season this winter. the quarter,Mr. Clouse said. Millen- the stagefor adifficult homebound that the local-spending trend will 0 Chief Executive Mark Clouse, nials showedthe biggest increase winter.Campbell will never geta stick,aswell as intense competition 2017 ’18 ’19 ’20* who took over in January 2019, in purchases and repeat purchases betteropportunity to reset its between labels forthe choicest loca- *Through October has often stressed the need to up- of anydemographic,headded. namesakebusiness. —Aaron Back tions.The biggest luxuryhouses Source:Savills