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****** WEDNESDAY,OCTOBER 28,2020~VOL. CCLXXVI NO.101 WSJ.com HHHH $4.00

DJIA 27463.19 g 222.19 0.8% NASDAQ 11431.35 À 0.6% STOXX 600 352.58 g 0.9% 10-YR. TREAS. À 7/32 , yield 0.778% OIL $39.57 À $1.01 GOLD $1,908.80 À $6.10 EURO $1.1797 YEN 104.42 CandidatesPound Campaign Trail With One Week to Go Antitrust

What’s GES

IMA Concerns ETTY

News /G

AFP Threaten WIN/

Business&Finance BALD

ANT Visa Deal GR

isa’s$5.3billion deal to AP; Justice Department VacquirePlaid, amajor CI/ playerinthe financial-tech- VUC scrutinizes $5.3 billion AN

nologyarea, is in jeopardy EV planned purchase of because of JusticeDepart- ment antitrust concerns. A1 Plaid, a fintech firm /REUTERS;  AMD plans to buy rival

CKER Visa Inc.’s $5.3 billion deal

chip maker Xilinx in a$35 bil- BE to buy amajor player in the fi-

lion deal, adding momentum VID

DA nancial-technologyareaisin to the consolidation of the P; jeopardy because of antitrust semiconductor industry. B1 /A concerns,according to people

 South Korea’s GDP ex- HARNIK familiar with the matter. panded quarter-to-quarter,

as Asian economies shakeoff NDREW By AnnaMaria the pandemic’sworst effects :A Andriotis,

and return to growth. A1 LEFT Brent Kendall OM and Peter Rudegeair  Microsoftposted another FR quarter of strong earnings WISE TheJusticeDepartment

fueled by demand forcloud- OCK

CL could decide soon whether it computing services,vid- FINAL STRETCH: Clockwise from left, Democratic presidential candidate Joe Biden greets supporters Tuesday in Atlanta; will sue to block Visa’s acqui- eogaming and computers. B1 Democratic vice-presidential candidate Sen. Kamala Harris attends a campaign event in Las Vegas; President Trump ar- sition of Plaid Inc., afirm that  Caterpillar said quarterly rives in Lansing, Mich., for a rally; and Vice President Mike Pence speaks at a rally in Greensboro, N.C. A4 provides the technological in- revenue fell in each of itsthree frastructure underpinning an global businesssegments. 3M array of next-generation finan- said sales were down in about cial apps. half of itsbusinesslines. B1 Afterspending the better part of the year scrutinizing  BP reported afifth con- Mounting Unpaid Rent Risks thedeal, the department is secutivequarterly loss, pro- concerned it could limit na- viding the firstglimpse of scent competition in the pay- howmajor oil companies nav- ments sector, people familiar igated the thirdquarter. B3 U.S. Tidal Wave of Evictions with the matter said.  TheDow closed 0.8% TheJusticeDepartment has loweronTuesday, while been making preparations for the S&P 500 gaveup0.3%. potential litigation, including TheNasdaq rose 0.6%. B12 BY WILL PARKER rentersintounemployment Estimates of totaloutstand- ics estimates that it could lining up potential witnesses and draining their savings. ing rent debt vary widely. Yet reach nearly $70billion by foratrial, some of the people  TheEPA will extend itsap- Fallout from missed rent Federal and local eviction by anymeasure, the effectsof year-end if thereisnoaddi- said. No final decision has proval of controversial weed- paymentsisthreatening a moratoriums have protected missed rent paymentsare tional stimulus spending. The been made. killersfor another five years, large swath of the U.S. popula- manyofthem from losing their bound to imperil millions of economic-research firm calcu- The department late Tues- avictoryfor agriculturecom- tion, as the expiration of evic- homes if they missed payments renters, pressurethe landlord lated that 12.8 million people day signaled its concerns in a panies Bayerand BASF. B3 tion bans draws near. during the pandemic.But the business, and wash over the in the U.S. would then owe an rare legal action that asks a  Foreign direct investment Alarge number of renters national eviction ban and some broader economy. averageof$5,400 from missed Massachusetts federal judgeto in China largely held steady have been unable to paysome stateand city protections are Astudy of unemployed payments. order that Bain &Co.,which during the firsthalf,evenas or even all of their rent since set to expirebyJanuaryor workersreleased last week by Even the largerfigure has done consulting work for investment inflows intothe March, when the coronavirus sooner. Rentersthen will be on the Federal ReserveBank of would be far lessthan what Visa, comply with a civil sub- U.S. and EU plummeted. A8 pandemic temporarily shut the hook formonths of missed Philadelphia calculated out- waslost when the $1.3trillion poena and hand over work down most businesses. Many payments, which even those standing rent debt would subprime-mortgagebubble material related to the Plaid  Raytheon said it is cut- businesses remain closed or whohavejobs could struggle reach $7.2 billion beforethe burst, leading to anational deal. The department alleged ting 20,000 jobs this year, only partially open, pushing to pay. close of 2020.Moody’s Analyt- PleaseturntopageA2 PleaseturntopageA6 up from a previously an- nounced 15,000. B2 Dodgers World-Wide Californians Weigh Win World  Fallout from missed Series rent payments is threaten- Easing Longtime ing a large swath of the Los Angelescele- U.S. population as the ex- brates afterdefeat- piration of eviction mora- Property-Tax Cap ing the Tampa Bay toriums draws near. A1 Rays 3-1inArlington, Texas, Tuesdaynight.  Democratsare making a Victory in thesix- latecampaign forayintosev- tinue to enjoythe state’s game series gave the eral traditionally GOP-leaning BY PETER GRANT

AND CHRISTINE MAI-DUC longstanding limitsonprop- S Dodgerstheir first states,leaving Trump largely erty-tax increases. championship in 32

playing defense in battle- PRES Morethan 40 yearsafter im- “The proponentshavead- years. In an ironic

grounds he wonin2016. A4 TED posing severerestrictions on optedadivide-and-conquer twistinapandemic-

 Trump is considering is- property-tax increases,Califor- strategy,” said MattRegan,a OCIA shortenedseason, SS

suing an order mandating nia voters areweighing senior vicepresident of the Bay /A Dodger star Justin an economic analysis of whether to roll them back next Area Council, abusinessgroup Turner waspulled

fracking,according to senior week,sending shiversthrough that opposes the measure. PHILLIP from the game after administration officials. A4 the state’scommercial real-es- “They’resaying we’reprotect- J. testing positivefor VID

tate industry. ing residential taxrates,but DA Covid-19. A14  Philadelphia washit with Ameasureonthe Nov.3bal- we’regoing to vote the com- asecond night of unrest sparked by avideo showing lot would makethe most signif- mercial property-tax payers off icant changes yetto1978’s the island.” policefatally shooting Wal- Proposition 13 by allowing local If fully implemented, Propo- terWallaceJr.,aBlack man governmentstobegin assessing sition 15 would generatebe- who washolding aknife. A3 TwitterCEO’s Hands-Off Style commercial property based on tween $6.5 billion and $11.5bil-  Twokey Covid-19 metrics itscurrent value,rather than lion in additional annual tax have been rising in the capping increases from the last revenue forlocal governments, ComesUnder Pressure U.S. for days, and in some time it wassold. according to California’snon- cases weeks, pointing to a This year’s measure, known partisan LegislativeAnalyst’s fresh surge in infections in as Proposition 15,wouldn’t ap- Office. Proponentssaid the a majority of states. A7 ply to residential property,al- money is needed foreducation, PleaseturntopageA4 Jack Dorsey delegates big decisions while pursuing his own passions  TheJusticeDepartment, lowing homeownerstocon- in alettertolawmakers, cited BY KIRSTEN GRIND AND GEORGIA WELLS people familiar with the matter. After a pub- restricted access to recent ar- ticles about Hunter Biden in Covid ClosedHong Kong’sBeaches, lic outcry, he posted on Twitter that block- calling forchanging alaw pro- TwitterInc. CEO and co-founder Jack ing link sharing with no context from the Dorsey found himself in the hot seat two company as to why was “unacceptable.” tecting online platforms. A10 But It Couldn’t Stop Swimmers weeks ago, when with little explanation the Mr. Dorsey’s absence from such a key de-  Southern California Edi- iii platform he leads began blocking its millions cision isn’t unusual. At both Twitter and son told stateregulatorsthat of users from sharing links to a pair of New Square Inc.—the financial-technology firm itsgear mayhaveignited one Devotedoceangoersfound ways in, York Post stories about Joe Biden’s son, where he is also chief executive—current of apair of fast-moving wild- Hunter Biden. Within hours, lawmakers said and former employees say he is hands-off to fires in Orange County. A3 risking jellyfish, barnaclesand hefty fines they would subpoena Mr. Dorsey to explain the extreme, delegating most major deci- his decision. PleaseturntopageA10  TheJusticeDepartment can’t represent the presi- BY ERIN MENDELL chances in unofficial, open wa- But Mr. Dorsey wasn’t involved in the ini- dent in adefamation lawsuit ters—which lack the safety tial discussions about the move, according to  DOJcites article access in bid to change law... A10 HONG KONG—For acity netsused to protect swimmers against him, ajudgeruled. A6 with moresea than land, Hong from sharks and other danger-  Tropical stormZeta Kong has been making it very ous marine life, as well as churned intothe Gulf of Mex- difficult to go to the beach. boats. South KoreaExtends Asian Upturn ico, whereitwas expected to Weeks afterathirdwaveof Swimming pools,play- restrengthen intoahurricane the coronavirus pandemic was grounds,gyms and karaoke as it takesaim at Louisiana. A3 contained, resi- bars reopened, BY EUN-YOUNG JEONG year aftertwo straight quar- Barclays,after adecline the dentsherehave but not the offi- ters of contraction. previous quarter. CONTENTS Personal Journal A11-12 been baffled why cial beaches, SEOUL—South Korea’s South Korea’sbetter-than- The strong economic num- Arts in Review... A13 Property Report... B6 Business News.. B3,5 Sports...... A14 beaches were still which also offer economyexpanded quarter-on- expected performancecomes bers underpin how swaths of Crossword...... A14 Technology...... B4 a no-go zone. agentle slope quarter,asAsian economies afterChina reported this month Asia have allowed citizens to Heard on Street.. B13 U.S. News.... A2-3,6-7 To enjoy a dip intothe water, shakeoff the pandemic’sworst that itsthird-quarter GDP had regain some normalcy during Markets...... B12 Weather...... A14 in the ocean, life- changing rooms effects and return to growth. expanded 4.9% from the prior thepandemic,dining at res- Opinion...... A15-17 World News...... A8-9 long swimmer and showers. South Korea, during the year.Vietnam, which has kept taurants, watching musicals JoyZhu has Bay watch On Tuesday, July-to-September period, re- coronavirus cases lowand and going to the office—albeit > lately had two officials relented ported itsgross domestic never reported an economic with a face mask. It contrasts choices: Clamber over barri- and announced beaches will productrose 1.9% from the dip, experienced 2.6% growth with intensifying restrictions cades to enter the designated open on Nov. 3. previous quarter,aided by a over last year’s thirdquarter. applied acrossEurope and re- public beach and risk a hefty It’sarelief to swimmers strong recovery in exports of Taiwan, another Covid-19 PleaseturntopageA8 fine forbreaching rules de- like Ms. Zhu, who, after three cars and memorychips.Asia’s success,isexpected to post s 2020 Dow Jones & Company, Inc. All Rights Reserved signed to prevent the spread jellyfish stingsand manydays fourth-largest economy had year-to-year GDP expansion of  Heardonthe Street: U.S. can’t of Covid-19; or take her PleaseturntopageA7 fallen into arecession this 2.2% this week,according to copy Seoul’srecovery...... B13 P2JW302000-2-A00200-1------XA

A2 | We dnesday, October 28, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS SECDirectorSaysHeWill Step Down Durable Goods Stay BY PAUL KIERNAN Thecoming vacancies un- Party—led by Sens. Elizabeth cially forsmall firms.More- derscore the significanceof Warren (D., Mass.)and Bernie controversial policychanges WASHINGTON—TheSecuri- the next president’snomina- Sanders(I., Vt.)—will exert involved increasing regula- On Rising ties and ExchangeCommission tions to topfinancial regula- over the nomination process. tions on proxy-advisoryfirms, official who writes rules for tory bodies.Mr. Clayton, apo- Toppositions in the agency making it harder forshare- initial public offeringsand litical independent chosen at have typically been held by holderstoget proposals on Streak othercorporatedisclosures the beginning of President former corporate lawyers. companyproxies and giving said he planned to step down Trump’sterm, has wonpraise Mr.Hinman, alongtime Sil- more investors access to pri- BY JEFFREY SPARSHOTT

later this year,part of the formaintaining the commis- JOURNAL icon Valley deals lawyer, was vate markets. usual wave of departures from sion’s tradition of nonparti- recruited by Mr.Clayton in In 2019,companies raised Ordersfor long-lasting fac- REET

federal regulatoryagencies at sanship. ST early 2017, when far more $1.2 trillion on public markets tory goods increased forthe

the end of apresidential term. “Theyshould getcredit for LL moneywas being raised on and $2.7trillion on private fifthconsecutivemonth in Sep-

William Hinman,director of being really effectivestewards WA privatecapital marketsthan markets, according to SEC es- tember,the latest sign manu-

the SEC’sDivision of Corpora- of the capital marketsand do- THE on public markets. Acentral timates.That compares with facturing companies arere- R

tion Finance, said he would ing thingsthat help to facili- FO part of his mission wastoen- $1.35 trillion and $2.1 trillion, bounding from supply-chain leave after3½yearsinthe job, tate capital formation without couragemorecompanies to go respectively, in 2014. disruptions and shutdowns re- making him the second division sacrificing investor protec- public so that more investors “While we’vetried to make lated to the pandemic. chief to announceplans to leave tion,” Keith Higgins, a securi- DONNELL could shareintheir growth the public-companyalterna- Newordersfor durable AN

afterthe co-director of enforce- ties lawyer who led the SEC’s RY and all investorscould benefit tive as attractive as possible, goods—productsdesigned to ment departed in August. division of corporation finance William Hinman from the disclosureofinfor- that doesn’t mean we’regoing last at least three years—rose Chairman JayClayton has said during President Obama’ssec- mation required of public to trytomakepeople go pub- 1.9% in September compared he would stay at theagencyfor ondterm, said of Messrs. Hin- forfinancial regulation. companies. licbecause somehowwehave with August, the Commerce De- one presidential term, though man and Clayton. Should Mr.Biden win, current Mr.Hinman cut redtape made the private markets un- partment said Tuesday. he hasn’t set adeparturedate. Neither Mr.Trump nor and former regulatorssay a around the processofregister- attractive,” Mr. Hinman said. Aclosely watched proxyfor His predecessor,MaryJo Democratic presidential nomi- critical question would be how ing with the SEC,streamlining “Wewant both public and pri- businessinvestment—newor- White, leftatthe end of the nee JoeBiden has offered much influencethe progres- disclosurerequirementsand vate marketstofunction as ef- dersfor nondefense capital Obama administration. much insight into their plans sive wing of the Democratic easing some of the rules,espe- ficiently as possible.” goods excluding aircraft—in- creased 1% last month. The measurehad recoveredall its U.S. WATCH pandemic-related losses by Au- gust, suggesting businesses have ramped up capacity in an- HOUSING ticipation of growing demand. “The economic recovery Home Price Index isn’t entirely dependent on con- Rose 5.7% in Year sumers, with business-equip- ment investment recording a The S&P CoreLogic Case- swiftbounceback to prepan- Shiller National Home Price In- demiclevels,” said Paul Ash- dex, which measures average worth, chief U.S. economist at home prices in major metropoli- Capital Economics. tan areas across the nation, rose Aseparateindexofcon- 5.7% in the year that ended in sumerconfidenceslipped August, up from a 4.8% annual slightly to 100.9 in October rate the prior month. from 101.3inthe prior month, Sales of previously owned according to survey datare- homes, which make up the bulk leased Tuesday. TheConference of the housing market, rose 2% Board, aprivateresearch in August from a month earlier, group,said consumers’ expec- CK

according to the National Associ- TO tations forthe labor market ation of Realtors, as low mort- dimmed, with around one-fifth gage-interest rates and a desire saying they expected jobs to be for more space lured buyers into SHUTTERS scarcersix months from now. the market. A shortage of EFE/ U.S. factories were hit by A-

homes for sale has led to com- EP health concerns,supply chain petition among buyers and S/ breakdowns and shutdowns pushed home prices higher. early in the coronavirus crisis.

“Current home price growth is REYNOLD But effortstoreopen the econ- exceptionally strong given that omyhavehelped manufactur-

the U.S. is an economic reces- MICHAEL ersregain much lost ground. sion,” said Selma Hepp, deputy VIRUS’S TOLL: A visitor looks at the more than 200,000 flags placed to honor Covid-19 victims outside RFK Stadium in Washington, Ordersfor transportation chief economist at housing-data D.C. The public art project, ‘In America, How Could This Happen,’ was conceived by artist Suzanne Brennan Firstenberg. equipment helped drive over- provider CoreLogic. “It is the his- all gains,while militaryorders torically low inventories and re- ILLINOIS other officer, who is Hispanic, state law with her sudden order. VIRGINIA were abig drag.Excluding cord-low mortgage rates that approached the vehicle, and he Gun-rights groups accused transportation, orderswereup are outweighing economic and Police Version of opened fire out of fear for his Secretary of State Jocelyn Ben- Lee Statue to Stay 0.8%. Excluding defense, they employment headwinds and fu- Shooting Is Disputed own safety when the vehicle son of exceeding her authority in While Suit is Pending were 3.4% higher. eling the price acceleration.” moved in reverse toward him. banning people from openly car- Also on Tuesday, the Com- Awoman who wasshotby On Friday, the policedepart- rying guns within 100 feet of Richmond’smassivestatue of Newordersfor durable goods, merce Department reported that policelastweek in suburban Chi- mentfired the officer who shot voting sites. She acted after au- Gen. Robert E. Leewill stay in change sinceJanuary the homeownership rate rose to cago said officers did nothing them. Waukegan MayorSam thorities recently busted up an placeinthe former capital of the 67.4% in the third quarter, up morethan coverher boyfriend Cunningham said lastweek that alleged plot to kidnap Gov. Confederacy at leastawhile lon- Nondefense capital goods from 64.8% a year earlier but with ablanket after he wasshot dashcam and bodycam videosof Gretchen Whitmer. ger as alawsuit overthe gover- excluding aircraft down from 67.9% in the second and left him on the ground to die. the shooting would be made pub- But Ms. Benson failed to go nor’s plans to remove it plays out. 0% quarter. Tafara Williams, 20 years old, lic after relatives of the shooting through aformal rule-making Ajudge on Tuesdayissued a However, the department spoke to reporters Tuesday in a victims have watched it. processrequired under statelaw, ruling thatfavors Virginia Gov. said that its data collection was Zoom call from her hospital bed —Associated Press Judge Christopher Murray said. Ralph Northam, who announced –10 affected by the coronavirus pan- as she described the Oct. 20 Assistant Attorney General plans to takedownthe behemoth demic and its survey response shooting in Waukegan that killed MICHIGAN Heather Meingast told the judge in June after the killing of George All durable rates declined from last year, 19-year-old Marcellis Stinnette. “there are voters who are FloydinMinneapolis policecus- –20 goods which could affect the accuracy “They allowed him to die,” Judge Blocks Ban afraid. There are election work- tody.But the judge suspended his of its second- and third-quarter Ms. Williams said. “They wanted On Guns at Polls ers who are afraid to go to work order pending the resolution of estimates. us to bleed out on the ground.” on Election Day.” an appeal. The suit wasbrought –30 Phoenix had the fastest Police have said the vehicle A judge on Tuesday blocked a The judge said voter intimida- by residents who livenear the JFMAMJ JAS home-price growth in the coun- driven by Ms. Williams, with Mr. ban on the open display of guns tion already is illegal. statue. The death of Mr.Floyd,a Note:Seasonally adjusted try for the 15th straight month, Stinnette in the passenger’s near Michigan polling places on Attorney General Dana Nes- Black man, sparked arenewed Source:Census Bureau at 9.9%, followed by Seattle at seat, fled a traffic stop con- Election Day, agreeing with crit- sel, a Democrat, pledged to ap- wave of Confederate-monument 8.5%. ducted by a white officer. They ics who said a Democratic secre- peal the decision. removals acrossthe U.S. Heardonthe Street: Factories —Nicole Friedman said that a short time later, an- tary of state failed to follow —Associated Press —Associated Press hum on strong demand..... B13

Paying Rent ment forthe apartment where CORRECTIONS  AMPLIFICATIONS she raises her three children. Rent Debt Some arestruggling to keep up Credit-cardpayments to small She lost hoursasahair stylist with rent payments, and also businesses, annual change during the pandemic and now Apartment Investment & TheVanMoof S3 e-bike has turning to paying rent with Payments to rental owes $2,175 in back rent. She Management Co.onMonday atop speed of 20 miles an Piles Up, credit cards. managersand agents says her landlordwantsto declared adividend of 82 cents, hour.AnOff Duty article Satur- Percentage of tenant Other payments evict her. which wasanaggregate of reg- dayabout technologyduring Poses Risk households behind on rent 80% She has lived in the unit for ular quarterly dividends for thepandemic incorrectly said payments,byrace 60 five years. “I’m not surewhere 2020’sfourth quarter and 32 mph. this will leave me,” she said. “I 2021’sfirst quarter of 41 cents Black 22% 40 ContinuedfromPageOne 20 want to be a homeowner one each. TheDividend Changes ta- Noticetoreaders wave of defaults and foreclo- Asian 20% 0 day, and an eviction won’t ble in Tuesday’sBusiness&Fi- Wall Street Journal staff sures.But the tens of millions look good.” nancesection incorrectly membersare working remotely Hispanic 18% –20 of people potentially caught in Thefinancial consequences placed the companyamong during the pandemic.For the –40 aweb of home-rental debt and White 9% of falling months behind on those with increased dividends, foreseeable future, please send –60 eviction would far exceed the Other 16% rent can linger for years, and incorrectly showing aquarterly reader commentsonly by email 3.8 million homeownerswho 2019 2020 most landlords areunlikely to dividend increase to 82 cents or phone,using the contacts were foreclosed on in Source:Census Bureau (tenants behind on rent); Philadelphia Federal ReserveConsumer Finance forgivethese debts, credit spe- from 41 cents. below, not via U.S. Mail. 2007-2010. Institute(credit-cardpayments) cialistssaid. “Ifyou don’t pay Manypeople financially se- it back,that canescalateto Readers can alert The Wall Street Journal to any errors in news articles by cureenough to ownahome Even some higher-income to scrape together their rent things like judgments, poten- emailing [email protected] or by calling 888-410-2667. are better positioned to navi- renters are falling behind. An by borrowing from friends or tial garnishmentsagainst your gate the economic downturn. analysisofrent paymentsin family. Some moved to credit wages,” said Kate Bulger,afi- The high unemployment rate 11.5million professionally cards, adding to the debt load. nancial counselor specializing THE WALL STREET JOURNAL has spared most white-collar managed rental apartments Credit paymentstosmall in housing debt at the Money (USPS 664-880) (Eastern Edition ISSN 0099-9660) professionals. Houses aresell- shows that unpaid rent was andmedium-sizebusinesses Management International (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) ing at record rates, and home 7% higher in those buildings connected to rental real estate counseling firm. Editorial and publication headquarters: prices have rarely been higher. between April and August this increased by morethan 70%in This kind of negativeinfor- 1211 Avenue of the Americas, New York, N.Y. 10036 Recentlymoribund suburban- year than it wasduring the the spring,according to the mation on acredit report also Published daily except Sundays and general legal holidays. housing marketsinthe North- same months in 2019. Philadelphia Federal Reserve. makes it more difficult to se- Periodicals postage paid at New York, N.Y., and other mailing offices. east and other regions have Mounting rental debt could Thedatashowedthat through cure new housing, and future Postmaster: Send address changes to The Wall Street Journal, sprung back to lifeasbuyers impede the path to aU.S.eco- the fall these paymentshave landlords could requirea 200 Burnett Rd., Chicopee, MA 01020. seek morespacewhile work- nomic recovery,when 30 mil- remained some 50% higher higher security deposit or ad- All Advertising published in The Wall Street Journal is subject to the applicable rate ing at home. lion to 40 million people from than during the same period vance rent payments. card, copies of which are available from the Advertising Services Department, Dow But about aquarter of U.S. NewYork City to SanFran- in 2019. While manylandlords have Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an renter households with chil- ciscofacepotential eviction Other rentersfalling behind let tenants stay without pay- advertisement shall constitute final acceptance of the advertiser’s order. dren arenow carrying debt once moratoriums expire, ac- arenow on payment plans ar- ing all of their rent by estab- Letters to the Editor: Fax: 212-416-2891; email: [email protected] from notpaying rent, Census cording to estimates cited by ranged with their landlords, lishingpayment plans,there Need assistance with your subscription? Bureau surveysshow. Women federal government officials. allowing them to paysmall aredoubtsabout howmany By web: customercenter.wsj.com; By email: [email protected] and people of color aredispro- “These households will have minimum amountseach tenantswill ever be able to By phone: 1-800-JOURNAL (1-800-568-7625) portionately morelikely to to makesome pretty massive month. Some landlords are pay all of what they owe. Reprints &licensing: owe rent, according to the cen- financial choices and pull back charging punitivelatefees on “AmIconcerned that some By email: [email protected] sus data. Black and Latino Cal- on otherspending to paytheir topofwhat is already owed, tenants will leave me holding By phone: 1-800-843-0008 ifornians were twiceaslikely rent,” said Mark Zandi, making the debt higher than the bag? Yes,” said Robert Nel- WSJback issues and framed pages: wsjshop.com as whites to facerent insecu- Moody’s chief economist. just the facevalue of the rent. son, aNew York City landlord Our newspapers are100% sourcedfromsustainably certified mills. rity amid the pandemic,an “That’sahit to the economy.” In Miami-Dade County,Fla., who owns middle-income analysis by the University of In the early weeks of the Isis Bouzy is struggling to apartmentbuildings. “But GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS California, LosAngeles found. pandemic, many renters tried makethe $665 monthly pay- what choice do we have?” P2JW302000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, October 28, 2020 | A3 U.S. NEWS Second Night Of Unrest Hits Philadelphia

BY SCOTT CALVERT Philadelphia had already been preparingfor potential Lootershit businesses in violencearound the Nov.3 Philadelphia on Tuesdayfor a election, PoliceCommissioner second straight night, as au- Danielle Outlawsaid at anews thorities struggled to contain conference Tuesday. The city civil unrest sparked by avideo is the most populous in Penn- showing policefatally shoot- sylvania, astate viewedaskey ing Walter WallaceJr.,aBlack to deciding the presidential man who washolding aknife. election. S

Policesaid lateTuesday Ms.Outlawsaid unrest PRES

about 1,000 people were loot- caused by Monday’s shooting TED

ing businesses northeast of of Mr.Wallacecould spill into CIA downtown, miles from the election-related disturbances. SO AS West Philadelphia neighbor- To help managetensions,

hood where the violence was city officials have requested OCUM/ concentrated a night earlier. assistancefromlaw-enforce- SL TT

Policeurged residentsin ment agencies in surrounding MA several partsofthe city to stay counties and from the state Marchers confronted officers Tuesday in West Philadelphia during a protest over the police killing of Walter Wallace Jr., a Black man. indoorsbecause those areas government. were experiencing widespread Bystander video that cap- Apolicespokesman said of- At anewsconferenceTues- been called to the Wallace close my eyes,Iget flashbacks demonstrations that had tured the episode in West Phil- ficers ordered Mr. Wallace to dayevening,Shaka Johnson, a home twiceearlier Monday. about multiple shots.” turned violent with looting. adelphia wasdistributed on drop the knifebeforethey lawyer forthe Wallacefamily, Their thirdappearance, which District Attorney Larry Policehad arrested 91 peo- social media. Thevideo shows fired their guns. said Mr. Wallace had mental- ended with the deadly con- Krasner said his officewill in- ple lateMondayand early Mr.Wallacestanding on aside- Thetwo officers, whose health problems and was tak- frontation, came afterMr. vestigatethe incident along Tuesday, most in connection walk with two policeofficers names haven’t been released, inglithium under adoctor’s Wallace’sbrother had re- with the police department. with lootingofpharmacies, pointing theirguns at him. At each firedabout seven rounds, care. quested an ambulance, Mr. Philadelphia MayorJim shoe stores and other retail one point awoman appeared policeChief Inspector Frank “The man wassuffering,” Johnson said, but the police Kenney said that he had spo- outlets, policesaid. Thirty offi- to trytostopMr. Wallaceas Vanoresaid. He said he didn’t he said. “When youcome to a officers got there first. kenwith Mr.Wallace’swife cers were injured, mostly from he crossed the street. Officers knowhow manybulletsstruck scene wheresomebody is in a Mr.Wallace’sfather,Walter and parents. “I have watched hurled bricks and other projec- firedseveral timeswhen he re- Mr.Wallace. Mr.Vanoresaid mental crisis,[and] the only Wallace Sr., decried the loot- thevideo of this tragic inci- tiles,policesaid, and aser- emergedontothe street from police received a call about a tool youhavetodeal with it is ingand called forjusticefor dent, and it presents difficult geant’sleg wasbrokenwhen between two parked cars and manwho wasscreaming and a gun, that’s a problem.” his son. “I can’t even sleep at questions that must be an- shewas hit by apickup truck. walked toward them. armed with a knife. Mr.Johnson said policehad night,” he said. “Every time I swered,” he said. Earlier Colon Cancer California Utility Cites Its Gear as Screening Backed Possible Cause of Massive Wildfire

BY BRIANNA ABBOTT orectal cancer center at Dana- BY JIM CARLTON Edison officials weren’t Farber Cancer Institutein AND DONALD MORRISON available to comment. The People as young as 45 years Boston who wasn’t on the task utility, like its neighbor PG&E old should getscreened forco- force. Powercompany Southern Corp.inNorthern California, lon and rectal cancer,down Colorectal cancer is the California Edison told state cut powerinthe past few from age 50, according to an fourth-most-common cancer regulators that its equipment days to lowerthe risk of elec- independent, government- and second-leading cause of might have ignited one of a trified wires causing fires. backed panelwhose recom- cancer-related deaths in the pair of fast-movingwildfires Edison in November 2019

mendations usually lead to in- U.S. formen and women com- in Orange County that have S agreed to pay $360 million to surancecoverageofsuch bined, with morethan 147,000 prompted evacuation orders compensate about two dozen preventiveservices. newcases and 53,200 deaths for 80,000 people. PRES local governmental entities TheU.S.PreventiveSer- estimated to occur this year, TheSilverado Fire,which TED fordamages and other costs

vices Task Forcerecommended according to the National Can- brokeout early Monday, has OCIA related to aseries of firesand SS

lowering the starting age for cerInstitute. consumed morethan 11,000 /A resulting mudslides that hit the screeningsascolorectal Surgeryisacommon treat- acres of tinder-drybrush in theregion in 2017and 2018. HONG

cancer ratesrise among peo- ment forearlier-stagecancers, the foothills aboveIrvine and C. PG&E emergedfrombank- E

ple in their 40s and younger. and other potential treatments other cities south of LosAnge- JA ruptcy this year aftergrap- Thedisease recently took the include chemotherapy,tar- les.The inferno had caused Afirefighterbattled ablazeinIrvine, Calif., which has consumed plingwith billions of dollars lifeof43-year-old “Black Pan- geteddrugtherapy,radiation minimal property damageasof morethan 11,000 acres. Another large firebroke out to the north. in wildfire-related liability ther” movie star Chadwick therapy and immunotherapy. Tuesdaynight, but two fire- costs. The company’sequip- Boseman. Thecancer is morecommon fighterswereincritical condi- Irvine resident Alan Sung quality readingsintothe un- ment sparked aseries of de- Under the Affordable Care among older adults, with rates tion aftersuffering burns. evacuated with this wife and 3- healthyrange. Thenoxious air structivewildfires in 2017and Act,most health insurers higher in Black adults, men Afew miles to the north, year-old daughter to stay with and firesprompted closures 2018 that collectively killed would be required to coverthe and people with afamily his- the Blue RidgeFirealso broke family 10 miles away in Laguna for some schools. morethan 100 people and additional colorectal-cancer tory of colorectal cancer. out Mondayand has blackened Hills.The 46-year-old grew up The causes of the two fires burned more than 15,000 screeningsoncethe recom- Thanks in part to screening, morethan 10,000 acres and in the city but said this wasthe were still under investigation. homes in Northern California. mendation is finalized aftera newcases and deaths overall ledtoevacuation ordersfor firsttime he had to evacuate But Edison officials said in a Morerecently,PG&E told month of public comments. from the cancer aredeclining. the city of Yorba Linda. Both because of awildfirethreat. filing Mondaywith the Cali- California regulators its Themove“will enable Yetrates arerising in younger conflagrations were driven by “Maybe going forwardwe fornia Public Utilities Commis- equipment might have con- greater access to colorectal adults. Among adultsunder 55, SantaAna winds gusting up to need to have an emergency sion that the Silverado Fire tributed to the 56,388-acre cancer screening foryoung the incidenceincreased 51% 80 miles an hour. In all, more bag ready,because what if you could have been sparked by ZoggFire that brokeout Sept. people, and the sum of all of from 1994to2014inthe U.S., than 16,000 homes valued at don’t have the time,” he said. contact between a wire and a 27 near Redding,Calif., killing this is that lives will hopefully and deaths increased 11% from $14.1 billion were at risk from Thick clouds of billowing conductor line in overhead four people and destroying be saved,” said Kimmie Ng,di- 2005 to 2015,according to the the twin fires, according to es- smokehaveobscured visibility electrical facilities where the 204homes and other struc- rector of the young-onset col- National Cancer Institute. timates by Realtor.com. in OrangeCounty and sent air- blaze originated. tures. Federal Judge Sentences Storm Zeta Could Strike Cult Founder to 120 Years Louisiana

BY DEANNA PAUL second request foranew trial As Hurricane last week. Thefounder of apurported Prosecutors recommended BY ARIAN CAMPO-FLORES self-help group that prosecu- JudgeGaraufis sentenceMr. tors described as asex cult Ranieretolifeinprison, citing Tropical Storm Zetachurned wassentenced to 120 yearsin “the unprecedented magni- intothe Gulf of Mexico, where federal prison Tuesday, mark- tude,duration and scope of it wasexpected to restrengthen ing an end to asagathat en- Raniere’scrimes” and his lack intoahurricane as it takesaim snared celebrities and busi- of remorse. at Louisiana and other partsof nesspeople. On Tuesday, morethan a the central Gulf Coast. ABrooklyn juryconvicted dozenvictims gavestatements Thestorm made landfall Keith Raniere, now60years that detailed the impact of his Mondaynight north of Tulum, REUTERS

old, on federal chargesof G/ crimes. Mexico, on the YucatánPenin- racketeering,sex-trafficking, “He hid his abuse behind sula, as aCategory1hurricane

forced labor and wirefraud in SENBER ideas and conceptsofnobility. with 80 mile-an-hour winds, June 2019 after a trial where RO I only now see that there was according to the National Hur- NE

prosecutorsdetailed wide- JA nothing noble about abusing ricane Center. It weakened as ranging abuse and sexual ex- Keith Raniere was convicted of children,” said aletterwritten it moved over the northern ploitation of women. sex-trafficking and forced labor. by Camila who didn’t disclose Yucatánand emergedoff the The six-week trial featured her last name.She said she coast, with winds slowing to witnesses,including former “Weare disappointed in the firstmet Mr.Ranierein2003, 65 mph Tuesday afternoon. members,who recounted how sentenceand will appeal,” Mr. when she was 13. “I still hear Zetaisforecast to strike women were controlled Raniere’sdefense attorney his voice in my head.” the U.S. as apossible Category through severedietsand Marc Agnifilo said Tuesday. Several membersofthe 1hurricane lateWednesday THEWAVECOLLECTION forced to turn over damaging The case received renewed group,including “Smallville” along a stretch of the central WAVE CUFF:22K VIRGIN GOLD,$18,750 information, likenaked photos attention this year after HBO actressAllison Mack and Sea- Gulf Coast that has been ham- MARQUISE WAVE CUFF: and confessions. documentary“TheVow” of- gram Co. heiress Clare Bronf- mered this season by storms. DIAMONDAND 22KVIRGIN GOLD,$33,500 Mr.Ranierefounded Nxivm feredaglimpse intothe man, among others, were con- Ahurricane warning wasinef- under the guise of teaching group’sinner-workings. The victed of crimes fortheir fect from Morgan City, La., to personal empowerment. Prose- network announced Friday involvement in Nxivm. the Mississippi-Alabama bor-

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cutorssaid he “masqueraded as that asecond documentaryfo- Ms.Mack recruited women der, including New Orleans. ed

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aself-help guru to gain the cused on Mr.Raniere’strial to join a“female mentorship Zetaisthe 27th named se trust of his followers,and then would air next year. group” led by Mr.Raniere. She storm of an especially active re ts exploited them forhis ownfi- Sincethe conviction, Mr. pleaded guilty to chargesof Atlantic hurricane season, righ

nancial gain and sexual gratifi- Ranierehas launched acam- racketeering beforehis trial nearing the record 28 tropical ll

MODERN,BEFORE THEWORLD WAS .A

cation.” paign to overturn the guilty began. storms of the 2005 season. LC Mr.Ranieremaintained his verdict, alleging prosecutorial Ms.Bronfman, aonetime- Those arethe only two sea- ,L

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and is “not sorryfor his con- idation by the government. board, wassentenced to 81 hausted all the names on the 212702 9040 • BELPERRON.COM el duct or his choices,” his law- U.S. District JudgeNicholas months in prison earlier this Atlantic list and began using ©B yers said in recent court filings. Garaufis denied Mr. Raniere’s month. the Greek alphabet. P2JW302000-4-A00400-17FFFF5178F

A4 | We dnesday, October 28, 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 Campaign Travel Reflects Shifting Focus

Trump mostly visits nal/NBC News polling. Mr.Biden’sTuesdayre- states he won while marks in Warm Springs, Ga., Biden ventures into were as much about wherehe wasaswhat he said. Thetown GOP-leaning places is tiny—with about 400 resi- dents, according to the last BY REBECCA BALLHAUS census—but it washome to AND JOSHUA JAMERSON Franklin D. Roosevelt’sgetaway during his presidency. Roose- WASHINGTON—Demo- velt died in Warm Springs, and crats are betting they can ex- amuseum therefocuses heav- pand the electoral map in the ily on the NewDeal. final week of the 2020 cam- “This place, Warm Springs, paignwith alateforay into is areminder that though bro- several traditionally GOP-lean- GES ken, each of us canbehealed,” ing states,leaving President IMA Mr.Biden said, adding that as Trump largely playing defense president he would uniteapo- GETTY in many battlegrounds he won /REUTERS larized nation. four years ago. ON/ Mr.Trump wonGeorgia’s16 OLS T Democratic nominee JoeBi- EDELHEIT electoral votesby5percentage OT EVE

den on Tuesdaytraveled to SC pointsin2016,but polls in re- Georgia, astate that has voted Biden supporters watched former PresidentObama TuesdayinOrlando,Fla., while Trump backers heardthe presidentinWestSalem, Wis. cent months showthe race for the GOP nominee in every tightening.The president now presidential election since polls nowshowMr. Biden percentagepointsamong campaign spokesman Tim Mur- Mrs. Clinton later wasovera leads by lessthan 1percentage 1992. Laterinthe week he will aheadbyanaverage of 4.5 likely voters.Ms. Harris was taugh, who noted the presi- visit to Arizona in the final point in the Real Clear Politics head to Iowa,which Mr. points, according to RealClear set to appear TuesdayinReno dent’srecent travel to Minne- days of the 2016 campaign—for polling average. Trump wonin2016 by asiz- Politics. On Tuesday, he was and Las Vegas. sota, NewHampshireand not focusing on shoring up the Mr.Obama, Mr.Biden’smost able margin afterformer Pres- scheduled to hold rallies in With Election Dayaweek Nevada—states Democrat Hil- battleground states that are prominent surrogate, hit the ident Obama wonittwice. His Michigan, Wisconsin and Ne- out, 62.7 million early ballots laryClinton wonin2016. crucial to his victory. campaign trail forhim in Or- running mate, Sen. Kamala braska, whereone electoral have been cast so far, accord- Mr.Biden is also spending On Monday, Mr. Biden said lando, Fla., foradrive-in rally Harris,will travel to Texas and vote in an Omaha-area district ing to the Associated Press. time this week on offense,trav- he would keep focus on the outside the Camping World Arizona later this week,states could provedecisiveinavery That surpasses the early-vote eling to Pennsylvania on Mon- traditionally blue Midwestern Stadium, whereheslammed that votedfor Republicans for close contest. Mr.Trump won tally four yearsago, when 58.8 dayand to Florida,Wisconsin states that Democrats lost in Mr.Trump forplaying down the past 10 and five campaign the district by 2.3percentage million people cast early or and Michigan later in the week. 2016.“Theblue wall has to be the severity of the virus. cycles, respectively. pointsin2016,and the Omaha mail-in ballots. But the former vicepresident’s re-established,” he said. In aseries of tweetsTues- Mr. Trump, meanwhile, is media market includes apor- Mr.Trump has projected campaign is making ariskybet In the final stretch, the Bi- day, Mr.Trump accused the traveling this week to at least tion of neighboring Iowa. confidence. “Biden is drawing by spending time in the final dencampaign has worked to news media of being overly fix- five states he wonin2016 and On Wednesday, the presi- almost no one.Weare drawing stretchaiming to flip Republi- keep the administration’shan- ated on aglobal pandemic that that are key to a victory this dent will hold two rallies in tens of thousands of people,” canstrongholds likeTexas and dling of the virus in the fore- has killed morethan 226,000 time around. He held three Arizona, oneofwhich is just he tweeted Tuesdaymorning. Georgia. If he wins,Mr. Biden front forvoters, who saythe people in theU.S.alone. campaign rallies on Mondayin outside Nevada, where a New “Ifhewins wherehewon will be hailed forhis strategy; pandemic is atop concern —Eliza Collins Pennsylvania, which he nar- York Times/Siena poll Tuesday last time,hegetsre-elected by if he loses,hewill likely be crit- along with the economy, ac- in Warm Springs, Ga., rowly wonin2016 and where showedMr. Biden leading by 6 awide margin,” said Trump icized by fellowDemocrats—as cording to Wall Street Jour- contributed to this article. Trump Alters Tone on Immigration President Considers Four yearsago, then-candi- Pro-Fracking Order dateDonald Trump rode to the Republicannomination and then theWhiteHouse on a BY TIMOTHY PUKO dence to addressthe environ- platform centered on curbing mental harm of climatechange. illegalimmigration and build- WASHINGTON—President One aim of the proposed or- ing awall along the U.S.-Mex- Trump is considering issuing an der would be to highlight the icoborder. executiveorder mandating an broader impact of fracking economic analysis of fracking, throughout aU.S.-based supply By Sabrina Siddiqui, according to senior administra- chain, especially in swing Michelle Hackman tion officials,who saythe initia- states, according to one of the and Chad Day tiveisaimed at highlighting his senior officials and another supportfor the energy industry person briefed on the plans. But in 2020,Mr. Trump has in election battleground states Industries likesteel in Ohio placed lessemphasis on the is- such as Pennsylvania. and Pennsylvania makepipe to sue that dominated both his Theproposed order would transport oil and gas, while rise in politics and much of his ask government agencies to minesinWisconsin produce firstterm as president. perform an analysis of frack- sand used in fracking to prop AWall Street Journal re- ing’simpact on the economy open cracks in the shale rock viewfound that immigration and trade and the conse- that oil and gasflowout of.

wasthe fourth most men- ALEZ/REUTERS quences if the oil-and-gas ex- This year’s downturn has re- tioned issue in Mr.Trump’s traction technique wasbanned, sulted in bankruptcies and lay- GONZ

2016 campaign TV ads but has IS the officials said. It also would offs in those businesses,too,as

barely cracked the top 10 this LU orderthose agencies to evalu- monthly wells being drilled in SE

cycle, according to data from JO atewhat morethey candoto the U.S. plummeted to lessthan political ad tracker Kantar/ An excavator preparing for the construction of a border-wall section in El Paso, Texas, in August. expand itsuse,possibly 10% of the 2014peak. CMAG. through land management or Mr.Trump wonPennsylva- TheTrump campaign has in- preferred style of border fenc- tion anditfailed horribly.” the top25most mentioned is- support of developing technol- niain2016 in part because he stead focused on violencethat ing,mostly replacing an exist- “Immigration wasasignifi- sues in Mr. Biden’s television ogy, they said. outperformed past Republican haserupted at some protests ing set of barriersonthe bor- cant issue primarily forRepub- ads.Hehas mostly focused on These people said details of nominees in the counties with around thecountry, jobs,gov- der installed by prior licans in 2016 and 2018 because the coronavirus,health care, the order were still under dis- the most gasdrilling,said ernment spending and China. administrations.The president of the president’spromotion of Social Security,public safety cussion, and afinal decision on Kevin Book,managing director Tim Murtaugh,aspokes- has set a goal to build 450 the issue,” said Whit Ayres, a and the economy. Still, he rou- whether to even issueithasn’t of analysis firm ClearViewEn- man forMr. Trump’scam- miles by year’s end. GOP pollster.“Given howmuch tinely criticizes Mr.Trump’s been made. ergy PartnersLLC.Anorder paign, said immigration “is Thechangeinboth Mr. the pandemic has overwhelmed record on immigration in his WhiteHouse spokesman like this could boost enthusi- still an important issue and Trump’sown emphasis of the our countryand disrupted al- stump speech and has fea- Judd Deeredeclined to com- asmwith those same voters one that the president ad- issueand TV ad content this most everyaspect of our lives, tured the issue in ahandful of ment on anypotential execu- and extend the use of that dresses frequently.” cycle,compared with four years it makes sense that immigra- Spanish-languageads aired tiveaction but said Mr.Trump same playbook intoother bat- Yet, the contrast is also evi- ago, is in part areflection of tion and other issues would over the past month. “has prioritized all forms of do- tleground states. dent at Mr.Trump’srallies, howthe issues that matterto fade intothe background.” In those ads,Mr. Biden mestic energy production “Thisisahug-your-fracker which nowinclude only glanc- Americans have changed as the This time,immigration ads highlightshis work leading the which has led to Americabe- move,but it’salso hug-your- ingreferences to immigration. nation continues to weather a airedbythe Trump campaign Obama administration’sre- coming energy independent.” fracker’s-supplier move,” Mr. While campaigning acrossfour pandemic that haskilled more have aslightly different tone, sponse to the firstwaveof If an order is issued, it Book said. “In Pennsylvania battleground states this past than 225,000 people in the U.S. attempting to reframe immi- children and families who ar- would be unlikely to have any fracking does makeadifference weekend, the president touted Some political strategists gration as an economic issue. rived at the border in 2014, short-term impact on an energy at themargins.And in aclose the continuing construction of saythe campaign’sdifferent In August, the campaign be- contrasting it with the family industrystruggling with an oil race,these arevotes worth his border wall but com- emphasis also is aresponse to ganairing an ad claiming separation policyunder the glut tied to the coronavirus fighting for.” plained about the lack of me- the 2018 midterms,when Democratic challenger and for- Trump administration. pandemic. Asked about the potential dia coverage around his immi- Democratswon control of the mer Vice President Joe Biden Mr.Trump and his allies But the goal is to draw apo- executiveorder,the Biden cam- gration record. House. would “[crush] our economy also continue to playupthe is- litical contrast between Mr. paign said Mr.Trump should be “The pressdoesn’t talk “I don’t think it’sacoinci- with higher taxesand amnesty sue in social-media ads de- Trump and former Vice Presi- focused on the coronavirus about the wall anymore, be- dencethat we haven’t hearda to illegal aliens,” referring to signed to fire up his base. dent JoeBiden, his Democratic pandemic,and not commission- cause it’sall built,” Mr.Trump whole lot about immigration the Democratic nominee’s Morethan 20% of Mr.Trump’s challenger in the election. Mr. ing astudy. said in Ohio on Saturday. sinceElection Day2018,” said pledgetocreateapath to citi- Facebook ads over the past Biden has said he would oppose “President Trump knows “Verysoon, it’sgoing to be Alex Conant, aformer senior zenship for11million immi- month have centered on immi- fracking on federal lands—a that JoeBiden won’t ban frack- completed.” adviser to Florida Sen. Marco grantsliving in the country gration,according to Immigra- small part of U.S. production— ing,sohe’splaying politics,” TheTrump administration Rubio.“He tried to makethe without permission. tion Hub, a progressive advo- but morebroadly has called for deputy national presssecretary has built about 370miles of his midterms allabout immigra- Immigration isn’t among cacy group. the U.S. to shiftfromoil depen- MattHill said.

owned their buildingsthe lon- companies such as Bechtel established by Facebook Inc. the California BusinessRound- tion of the reassessmentsuntil California gest. Proposition 13 capped in- Corp.and Charles SchwabCorp. CEOMark Zuckerbergand his table,which has received 2025 forproperties in which creases on assessed values to have announced moves out of wife, Priscilla Chan. seven-figuredonations from small businesses occupy more 2% ayear forall property,but California. “Prop. 13 created along- some of the biggest real-estate than half of the space. To Weigh it allowedreassessmentswhen Apoll released Mondayby term, structural crisis to the ownersinCalifornia. As California’sreal-estate real estatechanged hands.Un- the InstituteofGovernmental fiscal health of essential ser- Those opposed to the mea- market has exploded,the differ- derProposition 15,manycom- Studies at the University of Cal- vices,” said LosAngeles County sure said commercial property encebetween actual and as- Tax Limits mercial properties would be re- ifornia, Berkeley,found that Supervisor Mark Ridley- ownersalready payhigh busi- sessed value of manycommer- assessed at market rates 49% of likely voters support Thomas,who supportsProposi- nesstaxes.The TaxFoundation, cial properties has widened starting in 2022. Proposition 15 and 42% oppose aconservative-leaning think significantly.Since2005,actual ContinuedfromPageOne Increased taxeswould come it, with 9% undecided. Support tank,ranks California 49th on office-building values in San health and social services, on topofproperty owners’ re- is the same as in apoll con- Property owners its2021 statebusiness-tax-cli- Franciscoand West LosAngeles which they said have been un- duced rentsand occupancies ducted in September,while op- mateindex, citing itscorporate, have risen 170% and 90%, re- derfunded because of Proposi- during the coronavirus pan- position has grownby8per- hardesthit would be sales and individual taxes. spectively,while assessed values tion 13’slimits. demic.San Francisco, which centagepoints, and the thosewho’ve owned “I don’t think the middle of of buildingsthat didn’t change From the time Proposition rode the tech boom to yearsof percentageundecided has apandemic is the right time to ownership rose 35%, according 13 passed, through 2013,local prosperity,suffered the biggest fallen by the same amount. buildingsthe longest. decide to raise taxes,” said to Green Street, acommercial government revenue per person declines in officerents in the TheProposition 15 vote is Brandon Shorenstein,chief ex- real-estateanalytics firm. in California grew 36%, com- countryinthe thirdquarter,ac- being followedbyconservative ecutiveofafamily-controlled SupportersofProposition 15 paredwith anationwide aver- cording to CoStarGroup Inc. activistsnationally,asthe pas- companythat owns about 4 said anynegativeimpact would ageof69%, according to the Large California property sageofProposition 13 launched tion 15.Mr. Ridley-Thomas,a million squarefeet of SanFran- be outweighed by benefitsfor LegislativeAnalyst’sOffice. ownerswarn that the higher an antitax revolt that swept Democrat, said the Covid-19 ciscoofficespace. local-government budgets. “Our Still, at nearly $3,500,per-per- property taxeswould hurt small through U.S. suburbs in the late pandemic andaccompanying To addressconcerns that the businesses arethriving herein son local-government revenue businesses because,under most 1970s and early 1980s. economic slowdownhavewors- lawcould damagesmall busi- California,” said Tyler Law, a remained slightly higher in Cal- commercial leases,tenantsare SupportersofProposition 15 ened the situation, as the nesses,Proposition 15 exempts spokesman forthe “Yes on 15” ifornia than the national aver- responsible forpaying prop- have raised morethan $64 mil- county faces falling revenue commercial and industrial land- campaign. “What’snot thriving ageofabout $3,000. erty-tax increases. Property lion as of Monday, much of it and increasing spending needs. lords whose portfolios areval- is ourschools,our ability to in- If Proposition 15 passes,the ownerssaid they also fear some from labor unions and wealthy Opponentshaveraised more ued at lessthan $3 million, as vest in public health care,our property ownershardest hit businesses could leave the state donorssuch as the Chan Zuck- than $69 million, over half of well as home-based businesses. ability to fund firefighterswho would be those who have as aresult. In recent years, big erbergInitiative, afoundation that from acommitteerun by It also delays the implementa- arestretched to the limit.” P2JW302000-0-A00500-1------XA

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A6 | We dnesday, October 28, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS Judge Bars DOJ From Representing

GES Trump in Lawsuit IMA ETTY /G

ES BY CORINNE RAMEY “His commentsconcerned AT

ST an alleged sexual assault that TheJusticeDepartment took placeseveral decades be-

UNITED can’t represent President fore he took office, and the al- Trump in adefamation lawsuit legations have no relationship THE

OF because he wasn’t acting in to the official business of the T hisofficial capacity as presi- United States,” wroteJudge UR

CO dent when he denied allega- Kaplan, who wasappointed by tions that he raped an advice President Clinton in 1994. columnist, afederal judge AJusticeDepartment SUPREME ruled Tuesday. spokeswoman declined to

THE The ruling, by U.S. District comment. Thedepartment OF Judge Lewis Kaplan, marks a could appeal the ruling. legalvictoryfor E. Jean Car- Ms.Carroll’slawyersop- CTION roll, a journalist who accused posed the JusticeDepartment OLLE

/C Mr.Trump of raping her in a request, saying Mr.Trump was department-storedressing acting in apersonal capacity

HILLING room in the 1990s. when he denied the alleged

SC Ms.Carroll’slawsuit, origi- rape.“Thereisnot asingle per-

FRED nally filed in November 2019 son in the United States—not AmyConeyBarrett, with husband Jesse Barrett, wassworn in as ajusticeTuesdaybyChief JusticeJohn Roberts at the Supreme Court. in New York state court, con- the president and not anyone tended Mr.Trump defamed else—whose job description in- herwhen he denied the al- cludes slandering women they leged rape afteranexcerpt sexually assaulted,” the lawyers McConnell’s Tactics Pay Off from her book was published wroteincourt documents. last year. Roberta Kaplan, alawyer If JudgeKaplan had ruled forMs. Carroll, said she would BY SIOBHAN HUGHES we’vedone over the last four tion that would remakethe Senate,” citing what he called forthe JusticeDepartment, it pressahead with her lawsuit yearswill be undone,sooner or way the Senate operates. the Republicans’ double stan- would almost certainly have in federal court. Theconfirmation of Justice later,bythe next election. Some in the party have dardonvoting on high-court brought an end to Ms.Car- “The simple truth is that AmyConey Barrettmarks the Won’t be able to do much about pressured presidential nominee nominees in an election year. roll’scase.Government em- President Trump defamed our culmination of ayearslong this,for along time to come.” JoeBiden to endorse the addi- Mr.McConnell responded ployees can’t be sued fordefa- client because she wasbrave campaign by Senate Majority Helping approveMr. tion of seats to the Supreme that both parties had “parallel mation foractions they take in enough to reveal that he had Leader Mitch McConnell to ex- Trump’sjudicial nominees has Court should he win the presi- oral histories” aboutwho first their official capacity. sexually assaulted her,and pand the number of conserva- been one of the key forces dencyand Democratsflip the escalated the fightsoverjudi- TheJusticeDepartment that brutal,personal attack tives on the federal courts, an aligning Mr.McConnell with Senate. Such amovetoenlarge cial nominees.But he said the moved in September to take cannot be attributed to the of- issue critical to manyRepubli- the president, who has empha- the court would firstrequire Democrats’ complaints about over the defense of the case fice of the president,” Ms. canvotersand set to last re- sized his powerinshaping the an end to the Senate’s60-vote thelatestnominee were un- from Mr.Trump’sprivateat- Kaplan said. gardlessofthe result of the courtsinappealing to conser- threshold on advancing most founded. “They don’t like the torneys, claiming Mr.Trump TheJusticeDepartment’s election. vativevotersonissues includ- legislation,aprecedent that outcome.Well, the reason this wasacting within the scope of attempt to getinvolved in Ms. With Justice Barrett’s con- ing abortion, gunrightsand hasguarded against amajor- outcome came about is be- his employment when he said Carroll’ssuit wasthe latest in firmation expected to lock in a religion. Republicans currently ity-rule system in the body. cause we had a series of suc- he had never met Ms. Carroll a series of cases in which the 6-3 conservativemajority on control the Senate 53-47, but Mr.Biden has resisted com- cessful elections.” and that “she’s not my type.” administration has moved the Supreme Court, the Ken- the majority is seen as atoss- mitting to anychanges to the Mr.McConnell has priori- “The presidentaddressed against the president’scritics. tuckyRepublican will have up in next week’selection, court, but he has proposed tized a conservative court for matters relating to his fitness Some of the cases have led pushed through the confirma- with many more GOP seats at creating acommission to study years. In 2016,the Senate forofficeaspart of an official to disagreementswithin the tion of morethan 200 judicial risk than Democratic ones. the matter. On the campaign leader declined to consider WhiteHouse response to press agency and questions about nominees during President Thepaceofconfirmations trail, Mr.Trump has boasted of President Obama’snominee to inquiries,” the JusticeDepart- whether the WhiteHouse is in- Trump’sfirst term. That in- has been so rapid that thereare the number of judges he has the high court, citing the elec- ment said in a legal brief. appropriately using the Justice cludes three on the Supreme no spotsonthe appeals courts gotten approved, while warn- tion year.Mr. Trump then won JudgeKaplan ruled Tuesday Department to protect Mr. Court and 53 on appeals lefttofill. Mr.Trump has nomi- ingthat Mr.Biden would put the election, and Mr. McCon- that Mr.Trump isn’t consid- Trump’spersonal interests, said courts, nearly matching the to- nated JudgeBarrett’ssuccessor liberals on the bench and pos- nell shepherded his firstnomi- ered an employeeofthe U.S. current and former officials. talnumber of appeals-court on the Seventh Circuit. sibly expand the court. nee, Justice Neil Gorsuch, on under the Federal Tort Claims AJusticeDepartment judges confirmed during Presi- Mr.McConnell’ssuccess has SenateMinority Leader to the court by changing the Act because itsdefinition of spokeswoman previously has dent Obama’s two terms. sparked deep dismayamong Chuck Schumer (D., N.Y.)said rules to allow Supreme Court employeedoesn’t include pres- said thefederal government “We’vemade an important Democrats, who sayhis meth- Monday the Barrettconfirma- nominees to advancewith only idents. Even if Mr.Trump were hadalegitimateinterest in contribution to the futureof ods have deepened partisan tion “will go down as one of the asimple majority instead of a considered an employee, he thosecases.She didn’t re- this country,” Mr.McConnell divides in the Senateand darkest days in the 231-year 60-votesupermajority after wasn’t acting within the scope spond to requeststocomment said on Sunday. “A lot of what could set off further retalia- historyofthe United States Democratstried to block him. of his job,the judgewrote. Tuesday. LawmakersWant to ProtectLocal News From Big Tech

BY KEACH HAGEY value that we provide to pub- nect webpublishersand ad- deprived publishersofthe lisherswho facechallenges in vertisers. “This looks likemo- ability to enforce the copy- Some SenateDemocratsare transitioning to the digital nopoly upon monopoly,” Mr. rightstotheir ownmaterial, seeking to enable regulatorsto world.” Hawley said at one point. sinceineffect thereisnosub- protect local news outlets, ac- Facebook took issue with TheSenateCommerce Com- stitutable competitor they cusing tech giantssuch as the report’sallegation that tech mitteeminority report cited would work with instead if Google and Facebook of “un- giantstakelocal news content practices such as Google’s re- they don’t likeGoogle’sterms. fair businesspractices,” ac- and datafor their ownsites,a quirement that publishers TheGoogle spokeswoman cording to anew report by practiceknown as scraping. S agree to put their content on said Google sendstraffic to

members of a key committee “The accusation that we scrape PRES Google-hosted Accelerated news websites and itsadprod- that will hear from the topin- news articles is simply not Mobile Pages, or AMP,tore- uctshelp publishersmake ZUMA

dustry executives this week. true,” aspokesman said. Y/ ceive a decent search ranking money.Google also has Released on the eve of the Thereport also proposed a on mobile.Publishershave reached agreementswith se- TERL

SenateCommerce Committee’s rangeofother legislative AR complained the technologyde- lected publishersaround the hearing Wednesdaywith the changes,including alaw that QU prives them of customer data world to license news content. chief executives of Alphabet would forcetech platforms to and hurts subscription rates. Thereport notes that while

Inc.’s Google,Facebook Inc. negotiatewith local news out- SIONAL Thereport also argued that Facebook has made deals to and Twitter Inc., the report lets to ensurethose organiza- Google search, by using local pay license fees to some pub-

argues that local journalism is tions arepaid fortheir content, ONGRES publishers’ headlines and snip- lishers, they only cover about /C

in acrisis—badly exacerbated in much the same way that lo- MS petswithout compensation aquarter of the local news by the coronavirus pandemic— calTVbroadcastersare paid by and increasingly answering services whose content Face-

partly because of alleged anti- cable and satellitecompanies WILLIA queriesonGoogle without book displays in its news tab. M

competitivebehavior on the fordistributing their content. TO pushing usersthrough to pub- TheFacebook spokesman part of the tech platforms that Painting a grim portrait of Washington Sen. Maria Cantwell says local news outlets ‘are lisher websites,was abusing said the companygives “news ought to be policed by the the stateofthe local U.S. news facing unfair practices’ thatCongressand the FTCshould address. theoriginal intent of copy- organizations the ability to Federal Trade Commission. industry,the report noted that right law’snotion of “fair use.” post news on Facebook free of “They arefacing unfair it had lost 70% of its revenue lawsuit against Google could been critical of the tech plat- Publishershavecomplained charge,and they have full con- practices,” Sen. Maria Cantwell in the past two decades,while take years to be resolved. forms’ influenceoverthe pub- about similar “takeitorleave trol over how that content is (D., Wash.), the ranking mem- todayGoogle and Facebook Democratsdon’t control lishing landscape.During a it” dynamics with other Google accessed and monetized.” He beronthe committee, said in control 77%oflocal digital ad committeebusinessinthe Re- Senatehearing last month, Re- products, such as Google News said Facebook has spent hun- an interview. “Wethink Con- revenue. publican-led Senate. Criticism publican senatorsincluding and Google Discover,afeed of dreds of millions of dollarson gressand the FTC should ad- The report argued that the of thetech platforms has been Mike Lee(R.,Utah) and Josh recommended content. In are- programs to help local news. dressthose unfair practices.” FTC needs newauthority now bipartisan lately,though Repub- Hawley (R., Mo.) asked tough port this summer,the News Wall Street Journal parent AGoogle spokeswoman said so it canforce Google and licans tend to be morefocused questionsofaGoogle execu- Media Alliance, the news pub- News Corp is among the com- the report “distortsthe reality Facebook to changetheir prac- on fearsthat the platforms are tive about the search giant’s lishers’ trade group, alleged panies calling for Google and around Google’srole in the on- tices,given that the Justice silencing conservatives. dominant market powerinthe that Google’soverwhelming Facebook to payorganizations line news ecosystem and the Department’s current antitrust SenateRepublicans have ecosystem of tools that con- market power has effectively that provide quality news.

AJusticeDepartment The Justice Department filed Visa, which made public the tuit Inc.’s roughly $7 billion changehow they makepay- Visa Faces spokeswoman declined to last week an antitrust lawsuit planned acquisition in January, deal forpersonal-financepor- mentsand use apps that, for comment on the stateofthe against Google. is the largest U.S. card net- talCredit Karma Inc. example,enable bank-account- investigation. Makan Delra- Anycases filed this latein work,handling $2.2 trillion of Visa initially said it ex- to-bank-account payments Antitrust him, the DOJ’stop antitrust the Trump administration’s credit, debit and prepaid-card pected the Plaid acquisition to that essentially bypass the official, issued astatement firstterm will fall to whoever transactions during the first close by the summer.Inthe card networks.Both compa- saying third parties like Bain wins next week’selection. Anti- half of 2020,according to the summer,Visa said it wasex- nies have been buying firms in Scrutiny “must comply fully and expe- trust enforcement isn’t likely to Nilson Report, atrade publica- pecting to close by the end of recent yearsthat enable new ditiously with our civil investi- subside if Democratic presiden- tion. Itsclosest competitor, the year. types of payments. gativedemands and provide tial nominee JoeBiden wins. Plaid makes software that Merchants, meanwhile, ContinuedfromPageOne thedocumentsand datawe He hassaid economic concen- allows banks and fintechs to have been hoping that fintech Bain“has tried to stymie” the need to discharge our duties.” tration “threatens our Ameri- A DOJ official wants plug intoconsumers’ various companies such as Plaid investigation and has claimed Mr.Delrahim made public canvalues of competition, financial accounts, enabling would eventually help facili- legal privilegeoverimportant in August ashake-up of inter- choice, and shared prosperity.” ‘a fresh look’ at how thosecompanies,with users’ tate these newtypes of pay- documents, at Visa’sdirection. nal operations to improvehow Plaid has been viewedby new tech is changing permission, to aggregate ments. That could allowmer- Thelegal filing said the the department evaluates fi- fintech companies and mer- spending data, look up bal- chantstoavoid the swipe fees JusticeDepartment is consid- nancial-sector competition, chantsasaplatform that competition. ances and verifyother per- that areset by networks such ering whether the Plaid acqui- saying the government needed could one dayenable consum- sonal financial information. Its as Visa and Mastercard,which sition will “allowVisa—the to “takeafresh look” at how erstomakepurchases without clientsand partnersinclude have long been apoint of con- dominant provider of debit newtechnologies arechanging having to rely on debitand Venmo,the digital money- tention between merchants services in the United States— competitivedynamics in the credit cards. Mastercard Inc., handled $942 transfer serviceowned by and the card industry. to createormaintain amo- financial-services industry. TheSan Francisco-based billion in card transactions PayPal Holdings Inc.; stock- Plaid doesn’t currently op- nopoly.” At the same time, the Jus- startup has said it provides during the period. tradingapp Robinhood Mar- erateapaymentsnetwork like Representatives of Visa and ticeDepartment and Washing- connections between more TheJusticeDepartment is kets Inc.; and mortgage-soft- Visa’s, but Plaid’ssoftware Plaid declined to comment on tonbroadly aretaking acloser than 11,000 banks and finan- also reviewing Mastercard’s ware startup Blend Labs Inc. cansee if aconsumer is the the investigation. ABain look at big tech companies cial-servicescompanies and nearly $1 billion deal forfin- Visa and Mastercard have owner of agiven bank account spokesman said the firm was that dominatethe way people more than 200 million con- tech firm Finicity,astartup been concerned about getting and canlook up howmuch unable to comment. shop,work and communicate. sumer accounts. similar to Plaid, as well as In- leftbehind if morepeople money is in that account. P2JW302000-2-A00700-1------XA

THE WALL STREET JOURNAL. ** We dnesday, October 28, 2020 | A7 U.S. NEWS Rising Countries Try Shorter Quarantines Metrics Agrowing number of coun- tries are trimming the length Indicate of time people potentially ex- posed to the coronavirus need to self-quarantine to reduce New Surge the risk of spreading Covid-19. Their reasoning: Shorter spells BY TALAL ANSARI might help managethe pan- demic by encouraging greater Twokey Covid-19 metrics compliance. have been rising in the U.S. for days,and in some cases weeks, By Jason Douglas pointing to afresh surge in in- in London and Brianna fections in amajority of states. Abbott in New York Theseven-day averageof newcases reached arecord Some disease and public- high on Tuesdayfor the second health expertsoffer cautious dayinarow,with 69,967 con- supportfor the idea, saying firmed infections,according to that although dataispatchy, aWall Street Journal analysis such atrade-off might make of Johns Hopkins University sense,especially where citi- data.OnMonday, the seven- zens’ wearinessorinability to dayaverage hit 68,767 cases. comply with moreburdensome S TheU.S.has regularly been restrictions arecomplicating PRES

adding morethan 50,000 new effortstobeat back aresur- UMA cases a day since Oct. 7—fig- gence. Cases in Europe areac- /Z TO ures not seen sinceAug.14, celerating fast following a when the country’smost pop- summer lull,and in the U.S. ulousstatesincluding Califor- recently topped anew daily /NURPHO AK nia, Florida and Texas were record of more than 80,000. WID experiencing surges. Thecoun- Others, though, including the TUR

tryrecorded 66,784 newinfec- World Health Organization, say AR tions on Monday, helping push it is agamble that could back- Passengers waited at the airport in Burgas, Bulgaria, this month. Covid-19 cases in Europe areaccelerating fast following asummer lull. fire and will likely result in some additional cases slipping citing weak compliance, but Belgium and Germanyimpose fraying public approval of their Health, found that 97.5%of The number of through. And gaps in knowl- raised it to 10 days on Oct. 19 the same length of quarantine handling of the pandemic.A those who develop symptoms edgeabout howexactly the vi- afterasurge in cases.Spain in on travelersasresidentsare September study by research- do so within 11.5days,accord- confirmed Covid­19 rusbehavesmakeitdifficult to September cut itsperiod of required to self-isolate, while ersatKing’sCollegeLondon ing to apaper published in the cases in the U.S. has determine the best abbreviated self-isolationafter contact Spain doesn’t impose any re- found only aquarter of adults Annals of Internal Medicine. cutoff dateorstrategy. with a coronavirus carrier to strictions on international ar- surveyed in the U.K. who lived “Our upper bound of that 14 passed 8.7 million. “There’satrade-off because 10 days from 14. rivals. Some countries let ar- in ahousehold wheresomeone days still holds based on the youmight misssome people, In Germany, public-health of- rivals forgoquarantine if they had Covid-19 symptoms had datathat we have seen,” Maria but youcould getsomany ficials have said the quarantine can produce a negative test. obeyed instructions to stay Van Kerkhove, Covid-19 tech- morepeople to adheretothe period canbereduced to 10 Theshifting regulations run home. nical lead at the WHO,said the totalnumber of confirmed quarantine requirementsthat days from 14 starting Nov.8, counter to adviceissued by Behind the guidancefrom last month. cases to morethan 8.7million. the gains would far outweigh though it is up to individual theWHO and, in European the WHO and others are esti- Some disease expertsagree Hospitalizations arealso on thepeople youmight miss,” states to decide if they want to countries,bythe European mates of the incubation period that it is bettertostick with 14 the rise,with morethan 40,000 said Mark Plescia,chief medical followthat recommendation. Center forDisease Prevention of the virus, or the time from days.“Youwant to minimize, people admittedtohospitals officer forthe Association of TheU.K.government is weigh- and Control. exposuretosymptoms.That as much as possible,the risk,” with Covid-19 forthe sixth day State and Territorial Health Of- ing the case forashorter quar- Some scientistsand public- ranges from roughly two to 14 said Waafa El-Sadr,director of in arow.OnMonday, 42,917 ficials,which representsstate antine but fornow it remains at health officials saythe extra days. People tend to be infec- the Global Health Initiativeat people were hospitalized, ac- health departmentsinthe U.S. 14 days,Brandon Lewis,amem- risk might be worth it. The tious afew days beforesymp- Columbia University’s Mailman cording to the Covid Tracking FranceinSeptember cut to ber of Prime Minister Boris thinking goes that by reducing toms start, and some 40% School of Public Health. Project, up from 41,776onSun- seven days from 14 the length Johnson’scabinet, said Sunday. quarantine stays,morepeople don’t showsymptoms but can One middle way some pub- day. Nearly 9,000 individuals of time those who have been in In the U.S.,the Centersfor arelikely to see them through. still transmit the virus,mak- lic-health authorities areex- areinintensive-careunits. contact with aknown case must Disease Control and Prevention That mighthaveabiggeref- ingquarantine all the more ploring is testing forthe virus TheU.S.reported 481 fatali- quarantine at home.The coun- is exploring waystoshorten fect on suppressing transmis- critical fordisease control, in- midway through quarantine. ties forMonday, and the na- try’shealth authority concluded quarantine periods forschool- sion of the virus if longer fectious disease experts say. Modeling focused on air trav- tion’s death toll had passed that citizens were reluctant to children who have been in con- spells of quarantine arerou- Several studies suggest the elersbyresearchersatthe 226,000 on Tuesday, according stay home fortwo weeks and tact with infected people in an tinely flouted, even afterac- median time to onset of symp- London School of Hygiene and to Johns Hopkins data. Mon- said the risk of spreading the effort to speed their return to counting forthe risk that some toms afterexposureisaround Tropical Medicine suggested day’stotal washigher than the contagion lessens over time. classrooms,though the two- people released sooner might five days.One study,byepide- that testing afterseven days 340 deaths reported Sunday Belgium similarly shortened week guidancehasn’t changed. be or soon become infectious. miologist Justin Lessler and wasalmost as effectiveasa and the 445 fatalities reported itsquarantine period to seven Rules forincoming travel- Complianceisaworryfor colleagues at Johns Hopkins 14-day quarantine in control- a week earlier. days from 14 on Oct. 1, also ersare morevaried. France, governmentsgrappling with BloombergSchool of Public ling transmission. FROM PAGE ONE Swimmers Get Around Beach Rule JOURNAL

ContinuedfromPageOne REET

at an unofficial swimming spot ST full of sharp barnacles and LL rocks,has been taking her WA THE

chances sneaking on to the R

beach. FO She had become adept at AN slipping past thelaw—she KW would swim around sunrise

before official beach patrols ANTHONY arrived, and afterward, since Hong Kong closed beaches during the Covid outbreak, but devoted the showers were closed, swimmers found ways to get in the water. Above, Edie Hu. would getthe seawater sprayed off with ahose by 427 square miles of land, de- Boat traffic canmakethe some beach cleaners. termined swimmersfound waters outside the safety nets Moreand more, though, she other ways in. a bit dicey. Still, Edie Hu, 45, resorted to swimming pools. On aSeptember weekend, an experienced open-water “I still like the ocean, but I Mr.Courret said, he and some swimmer who has circumnavi- have other things to do,” said companions could gettotheir gatedHong Kong Island, Ms.Zhu, a27-year-old archi- route legally only by navigat- hasn’t missed a day of swim- tecturePh.D.student at the ing through wind surfers at a ming during the beach ban. University of California, Los reopened city-run water- On one early swim, she Angeles who is taking classes sportscenter.Normally,the said, her group wasnearing an remotely. swim would begin in the pro- offshoreisland when an ap- Hong Kong officials had tected waters off an adjacent proachingboat swerved to maintained that with the public swimming beach. avoid hitting one person and spread of Covid-19 not fully On the way back,the swim- almost hitanother.Ms. Hu, contained in the city—local mers decided it was better to who has an art appraisal and transmissions have persisted, be on the wrong side of the advisory company, called the mostly in the single digits lawthan the wrong side of a marine police, who came and each day—it wasprudent to wind surfer, and rerouted to scolded the group,saying they prettyinpink keep beaches closed. The fine swim inside the net off the shouldn’t be so far from shore. for entering a closed beach is closed beach—the waters in- “But we’relike, ‘Hey,the chopard pink diamond watch US$260. side the net, in addition to the beaches areclosed,’ ” she said. Aspokesman forthe gov- beach itself,havebeen off lim- Nowthat beaches arere- Legendaryfirm.Sophisticated style. Rare pinks. This ernment department that its. opening,she said, she is grate- stunning wristwatch by Chopard is covered in exceptionally rare manages the stretches of sand On another day, Mr.Courret fulthe government has “fi- natural fancy pink diamonds with sparkling white diamonds said it is difficult to enforce and other swimmersentered a nally come to their senses.” on the watch’sface. This timepiece was only made in limited the safety measures used at tinyunofficial beach in the LeeWilliamson, 35,lives on sports venues and swimming shadowofstatues of god- Lamma Island, one of the edition and rarely comes on the market. The pink diamonds pools, such as restricting the desses.They stashed their many smaller islands that are total 3.38 carats while the white diamonds weigh 0.91 carats, 1 number of people and check- bagsinapavilion and blewup part of Hong Kong.Hesaid and all are set in 18K white and rose gold. 7 /2”length. #31-1591 ing body temperature. He said the bright pink and orange crowds have grown on an un- the department has issued buoys they attach to a belt to official beach thereoverlooked thousands of warningsbut makethem morevisible to by a power station. The local only one official citation. boats. It was hard to see any- journalist opted to host his The city’s bars and restau- thing in the water, and on the son’sfifth birthdayparty there rantshad their restrictions return Mr. Courret navigated recently.Children and adults eased in September.But to shorearound rocks covered swam, and some gueststook beaches,closed sincemid-July, with sharp shells and spiky Mr.Williamson’spaddle board remained blocked. sea urchins. out on the water, he said. “You’vegot all this space, Thetrouble has been worth He took care to take photos which is safeand open, but it to Mr.Courret. “The variety facing away from the giant youcannot crossit,” said Oliv- of the conditions,the connec- concretechimney stacks.“I 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com ier Courret, 46,amental coach tion with the environment, the didn’t think that the backdrop Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. and clinical hypnotherapist space makes it so enjoyable,” to my kid’sfifth birthdayparty who runs an open-water he said, adding that he and would be this big powersta- Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. swimming group. otheropen-water swimmers tion,” he said. With 636 squaremiles of have had encounterswith alo- —Joyu Wang sea to work with in acity with caldolphin that they call Dave. contributed to this article. P2JW302000-0-A00800-1------XA

A8 | We dnesday, October 28, 2020 THE WALL STREET JOURNAL. WORLD NEWS Second Wave CrashesOverFrance Foreign Investment Government weighs tighter restrictions as In China coronavirus infections surge across Europe Holds Firm

BY NOEMIE BISSERBE BY PAUL HANNON

PARIS—Francehas emerged GES Foreign direct investment as the epicenter of the second IMA in Chinalargely held steady

wave of coronavirus infections GETTY during the firsthalf of this

nowsweeping much of Eu- SE/ year, even as inflows into the rope,causing hospitals to U.S. and European Union bracefor asurge of newpa- plummeted, in afresh sign

tientsand pushing the govern- ANCE-PRES that the world’ssecond-largest ment to consider tough new FR economyhas suffered less restrictions in some places. damage from the pandemic. GENCE

Thecountrysaw daily cases /A Globally,the monthly aver- OZ

top50,000 over the weekend, IR agefor newinvestmentsfor while the seven-dayaverage of A the first half of 2020 was newdaily cases has increased down almost half on the GAIZK by morethan 50% over the past Aman walksthrough Bayonne beforethe start of anighttime curfew.Francesaw daily Covid-19 cases soar past50,000 overthe weekend. monthly averagefor the whole week,reaching 38,278onTues- of 2019,the largest decline on day. That compares with a theContinent, reversing the Daily confirmedCovid-19 casesper million people, gist Martin Blachier.“People record,the United Nations’s seven-dayaverage of 69,967 gains Europe had won by the seven-dayrolling average continue to have social inter- Conference on Trade and De- cases in the U.S.,whose popula- summer, when draconian, na- actions.” velopment said Tuesday. But tion is around five times as big. tionwide lockdownsinmany 500 France France’sneighborsare also while foreign investment in the On Tuesday, health authorities European countries pushed in- fighting an alarming rise in in- U.S. and European Union fell reported 523 newdeaths,in- fections down to a trickle. fections.InBelgium, the aver- by 61%and 29%, respectively, cluding235 in nursing homes Now, European governments 400 agenumber of newdaily cases inflows to China were down by and other government facilities, arestruggling to respond to Spain in the small European Union just 4%. China attracted for- the highest toll sinceApril. the second wave,loath to im- countryjumped by nearly 40% eign investment totaling $76 In response, President Em- pose newlockdowns that over the past week,local health billion in the period, while the 300 U.K. manuel Macron could imple- would compound the economic authorities said on Tuesday. U.S. brought in $51 billion. ment tough new restrictions, pain the coronavirus pandemic Italy Thecountryreported more The U.S. has long been the as previous measures appear has already inflicted on their deaths per 100,000 inhabitants topglobal destination for to have been insufficient in countries,but concerned about 200 than anyother European businesses investing overseas, containing the spread. the steady rise in hospitaliza- countryoverthe past two with China ranking second. This month, French authori- tions and deaths. weeks. To be sure, greatly ex- Unctad said the modest na- ties ordered acurfew from 9 Jean-François Delfraissy,a 100 Germany panded testing has surfaced a tureofthe decline in foreign p.m. to 6 a.m. in the Paris re- doctor and immunologyspe- largernumber of infections investment to China was sur- gion and nine other cities. cialistwho leads ascientific than in thespring,when the prising. Back in March, when The government is consid- boardadvising theFrench gov- confirmed cases were likely a China wasthe epicenter of the ering earlier curfews in many ernment on howtotackle the 0 fraction of overall infections. pandemic with significant partsofthe country, as well as pandemic,said this week that MMA JJASO Italy,Spain, Germanyand partsofits economyinlock- weekend lockdowns that the actual number of newdaily Source:European Center forDisease Prevention and Control the U.K. have also seen asurge down, Unctad forecast that it would sharply curtail individu- cases of infection in Franceis in new infections. would be the big loser,and ex- als’ movementsinvirus hot probably closer to 100,000,and crippled its economy. But the double-cheek kiss, which had Thenumber of Covid-related pected global flows of invest- spotssuch as Paris,effectively is likely to continue to increase. government failed to protect been sidelined in spring. deaths in Franceremains com- ment to fall by 15% across confining them to home,a “The second wave could be its hard-fought gains as sum- Thenighttime curfew parable or even lowerthan in 2020. close presidential aide said. worse than the first one,” Dr. mer drew to aclose and colder French authorities ordered on other EU countries,though such However, China’s economy Mr.Macron is meeting with Delfraissy said. temperatures approached. the Paris region and nine other figurestypically lag behind in- reopened in April just as the membersofhis government on Francewas slowtoreact to As they reunited with cities wasextendedlast week fections by several weeks. U.S. and Europe were in lock- Tuesdayand Wednesdaymorn- a steady increase in Covid-19 friends and family,and flocked to 38 French départements—or But the death toll in France down, and the countryhas ing to decide which measures cases that began in the sum- to restaurantsand theaters, about two thirds of the French is increasing rapidly. sincecontained the virus with to adopt, the person added. Mr. mer, epidemiologists say. The manypeople stopped follow- population—as the epidemic Hospital beds arefilling up, only localized and short-lived Macron will addressthe nation countryhad managed to re- ing social-distancing recom- accelerated acrossthe country. too. Theseven-day averageof restrictions.Bycontrast, the on Wednesdayevening. ducethe number of newdaily mendations so closely, epide- But epidemiologistssay it may newhospital admissions has U.S. and Europe have seen re- Thesurge in infections in cases to fewerthan 400 at the miologistsand health officials be toolittle,too late. risen by morethan 60% over surgences in infections that Francecomes amid asharp end of spring afteratwo- say. Some people even resusci- “This is not nearly enough,” the past week, reaching 2,016 have slowed their recoveries. rise this autumn in much of month national lockdown that tatedthe country’s customary said Paris-based epidemiolo- on Tuesday. In thethree months through September,China’seconomy already had exceeded the lev- elsofoutput recorded in the Hong Kong Arrests ManSaid to Seek U.S. Asylum last quarter of 2019,according to data out last week. Theresilienceofforeign in- BY WENXIN FAN nativecity.Some have obtained vestment in China appearsto asylum in Germany, the U.K. and confound earlier expectations HONG KONG—A disbanded Canada, and several high-profile that businesses would seek to Hong Kong pro-democracyor- overseas dissidentsare lobbying reducetheir relianceonthe ganization said national secu- formoreinternational punish- countryasakey part of their

rity policearrested aformer GES ment of China over itsquashing supply chains.But James Zhan,

organizer of the group near IMA of political dissent in the city. Unctad’sdirector of investment the U.S. diplomatic mission in Hong Kong’sgovernment and enterprise,said it is too

the city. GETTY said Tuesdaythat people early to reach that conclusion.

Theorganization, Studentlo- SE/ chargedwith criminal offenses “One of the main reasons calism, which formally dis- should face trial by the city’s forreconfiguration of global banded on the dayChina passed courts. “There is no justifica- supply chains is to increase re- anew national security lawin ANCE-PRES tion forany so-called ‘politi- silience, which requires backup FR June, said on aTwitteraccount cal-asylum’ forpeople in Hong plans and redundant capaci-

that still bearsthe group’s ENCE Kong,” it said. ties,” he said.“Amorepracti- name that policearrested Tony AG Thousands of protesters, calapproach companies can Chung, 19 yearsold, on Tues- manyofthem young,have take would be building addi-

day, and two other former WRENCE/ been arrested sincesocial un- tional production bases out- LA

memberselsewhereinthe city. C rest erupted last year over a side of China.” AA

All three had firstbeen arrested IS local government bill that Acrossall developed econo- in lateJuly on suspicion of in- Tony Chung, seen in August in Hong Kong, was among the first arrested under China’s security law. would have allowed people to mies,inflows of foreign invest- citing secession through social- be sent fortrial acrossthe ment were down 75%inthe media poststhat called forthe ment. TheU.S.Consulatede- nations repeatedly have clashed Friends of Hong Kong said border intomainland China. firsthalf of 2020 from the 2019 city’s independence, which they clined to comment. over Beijing’shandling of anti- it is assistingactivistsinthe Though the measurewas monthly averagetototal just denied having made afteranew Hong Kong policesaid they government protestsinHong city who aretrying to seek scrapped, months of street $98 billion, alevel last seen in lawbanned such posts. arrested three people but Kong and the imposition of a asylum, but didn’t specifyhow protestsrocked the city and 1994. In some cases—such as AU.K.-based group called didn’t identifythem, adding the national security law by Beijing they areadvising them to go culminated in China imposing the Netherlands and the U.K.— Friends of Hong Kong said Mr. trio were detained in relation designed to quash dissent. about it. U.S. rules state that itsnew security law under that decline took the form of a Chung wasarrested in acoffee to social-media postspublished President Trump’sadminis- asylum seekersshould claim whichmorethan 20 people reduction in loans from the shop across from the U.S. Con- sinceSeptember,without elab- tration said earlier this year refugeestatus afterthey arein have been arrested. parent companytoits overseas sulate, wherehewas planning orating further.Policedidn’t that people fleeing Hong Kong the U.S.,but therehavebeen Thelaw provides forlong subsidiaries,which arecounted to seek asylum. TheWall respond to arequest to com- would be among those given instances of activists looking jail sentences foranyone con- as foreign investment. Street Journal couldn’t inde- ment aboutthe asylum claim. priority forrefugee status,al- to flee through U.S. diplomatic victed of terrorism, secession, Foreign investment in de- pendently verify the claim. Thearrest potentially could though it has reduced the missions. subversion or colluding with veloping economies proved Mr.Chung and his lawyer further increase tension be- overall limit on refugees per- Hong Kong activistsare in- foreign forces to undermine more resilient, falling by just couldn’t be reached to com- tween China and the U.S. The mitted to enter the U.S. creasingly seekingtoflee their China’s national security. 16% to $296 billion. FROM PAGE ONE

to seven economistspolled by tion.” Mr.Hong said he ex- China’seconomy, which South Korea’seconomic dealingwith itssecond wave South Korea TheWall Street Journal. South pects the economy to expand grew forthe second straight growth came as it dealt with a helped small-businessowners Korea’squarter-to-quarter re- in the fourth quarter, too. quarter,has helped liftsome second wave of cases that be- like Bae Jin-sung getback on sultsalso beat consensus ex- Remoteworking and neighboring countries and ma- ganinearly August. During that theirfeet. His Cuisine La Clé Economy pectations by 0.2 point. schooling have also driven up jor trade partners. month, the countryreported restaurant in Seoul, which Resilient global tradehas demand forelectronic gadgets Japan, which has yettore- morecases in three weeks than opened last year,had seen sales backed the rebound. In the anddataserversthat makeup port third-quarter figures, has it had in the prior three months plungeastourism all but disap- Rebounds thirdquarter,South Korea’snet the internet’splumbing,awin seen itseconomyrebound more combined. But the rawnumbers peared and locals stayed in- exportsjumped 15.6%fromthe forSouth Korean chip makers quickly than expected because were afraction of largerout- doors. But on arecent evening, prior quarter and contributed including Samsung Electronics breaks elsewhere: Newdaily days afterSouth Korearelaxed ContinuedfromPageOne 0.4 percentagepoint to itsover- Co.and SK Hynix Inc. cases peaked at 441 on Aug.27. social distancing,Mr. Bae had cord-level daily cases in the all GDP.InSeptember,South “Korea has benefited alot The country has One positivesurprise,econ- to turn away dinerswho had U.S.,wherebusinesses wonder Koreaposted ayearly growth in from theglobal demand for omistssaid, is the relatively shown up without reservations. howlockdowns and pandemic exportsfor the firsttime since electronics,” said AlexHolmes, benefited from its modest fall in privatecon- “I’m so thankful,” he said. concerns might dull commerce. Februaryasshipmentstothe a Singapore-based economist fast response to the sumption, which dropped 0.1% Park Jeong-woo,aSeoul- South Korea, which dealt U.S. and Europe rose. at Capital Economics, adding from the previous quarter, or basedeconomist at Nomura, with aresurgenceofCovid-19 Export demand has contin- slumps in petrochemicals and coronavirus. by 4.5% when compared with said South Korea’s export-led cases during itsthirdquarter, ued to improvethis month, ris- oil refining have been dragson the previous year. growth doesn’t have the same hadslumped intoits firstre- ing 5.9% forthe first20days of exports. Some economistshad ex- pull on the domestic economy cession on an annual basis in October from the previous year South Korea’seconomyisex- pected South Koreatobehit as it used to have.The gains in morethan 10 years. On aquar- afteradjusting forthe number pected to decline by around 1% of strong demand forcarsand harder,asthe countrykept el- exportsaren’t leading to in- terly basis,amorewidely used of working days.Exportsinthe this year,the best-performing high-tech goods such as semi- evated social-distancing mea- vestments in South Korea be- measureinSouth Korea, it was thirdquarter showedtheir big- major countryapart from China, conductor-manufacturing ma- sures in placenationally for cause of automation and off- the firstrecession in 17 years. gest contribution to South Ko- according to the Organization chines,with exportstoChina much of August and Septem- shoreproduction, Mr.Park Theeconomygrewquarter- rea’sGDP growth in decades. forEconomic Cooperation and rising 14%inSeptember from ber.Those restrictions limited said. “That’sgoing to lead to on-quarter.But on ayearly ba- At aTuesdaypolicymeet- Development’slatestforecasts. the prior year.Onaquarter-to- gatheringsto50indoorsand reduced jobs and ultimately, sis,the country’sGDP con- ing, FinanceMinister Hong By contrast, the U.S.,Germany quarter basis,Singapore’secon- closed venues likemuseums. less consumption,” he said. tractedat1.3%—though it Nam-ki said South Korea’s and Japan areforecast to con- omygrewbynearly 8% forthe But restaurants, barsand other —Kwanwoo Jun in Singapore handily topped amedian fore- economyhad “entered are- tract by 3.8%, 5.4% and 5.8%, re- thirdquarter,though it de- stores largely stayed open. and Peter Landers in Tokyo cast of a2%decline,according covery path fornormaliza- spectively,the OECD forecasts. clined 7% year-over-year. South Korea’sfast response contributed to this article. P2JW302000-0-A00900-1------XA

THE WALL STREET JOURNAL. We dnesday, October 28, 2020 | A9 WORLD WATCH WORLD NEWS

INDIA PAKISTAN Pompeo Touts Deal Bomb at Seminary To Counter China Kills at Least 8 Increased U.S.-Indian military A powerful bomb blast ripped and strategic cooperation will through an Islamic seminary on help the two countries manage the outskirts Peshawar, Pakistan, China’s growing influence in Asia, on Tuesday, killing at least eight top U.S. diplomats said Tuesday. students and wounding 136 oth- “Our leaders and our citizens ers, police and a hospital spokes- see with increasing claritythat man said. the [Chinese CommunistParty] is The bombing happened as a no friend to democracy,the rule prominent religious scholar dur- of law, transparency,nor to free- ing a special class was delivering dom of navigation—the founda- a lecture about the teachings of tion of afreeand open and pros- Islam at the Jamia Zubairia ma- perous Indo-Pacific,” Secretary of drassa, said police officer Waqar StateMikePompeo told reporters Azim. He said initial investiga- after the twocountries signed a tions suggest the bomb went

landmark defense agreement. off minutes after someone left a CK

“We stand shoulder to shoul- bag at the madrassa. TO der in support of a free and Severalofthe wounded stu- open Indo-Pacific for all, particu- dents were in critical condition, SHUTTERS

larly in light of increasing ag- and hospital authorities feared A/ gression and destabilizing activi- the death toll could climb. Au- ties by China,” Defense thorities said some seminary ME/EP Secretary Mark Esper said. teachers and employees were SIA The agreementwill giveIndia also wounded in the bombing.

access to advanced American map The attack comes days after ANTHONY and satelliteimagery,enhancing Pakistani intelligence warned Police in Zanzibar, Tanzania, arrest a man ahead of Wednesday’s election, when President John Magufuli is seeking another five-year term. the accuracy of automatedweap- that militants could target public ons, drones and missiles. The pact places and important buildings. is known as the Basic Exchange No one immediately claimed and Cooperation Agreement. responsibility for the attack in African Votes Test Democracy —William Mauldin Peshawar. —Associated Press NIGERIA BY GABRIELE STEINHAUSER damagewrought by govern- be more focused on problems wherePresident John Magu- ENGLISH CHANNEL ment-mandated lockdowns. in theircountries and not be fuli is almost certain to win Police Shooting of Aseries of elections across Thevotes could reinforce a concerned with foreign af- another five years in office in Protesters Probed Migrants’ Boat Africathreaten to roll back de- pattern of African incum- fairs,” said Thierno Diallo,a Oct. 28 elections,never re- Capsizes; 4 Dead mocracyonthe continent and bents’ working to cement their Guinean opposition politician. sponded to an EU application The shootings of peaceful destabilizesome of the few power by overhauling consti- TheEuropean Union, usu- to monitor the vote,aspokes- protesters in Nigeria last week At least four people, including economies around the world tutions and passing laws ally one of the most active woman in Brussels said. Dur- will be investigated by a judicial two young children, died Tues- still projected to grow this year. aimed at silencing dissent. monitorsofAfrican elections, ing the 2015 election that committee, an official announced day when a boat carrying at In the mineral-rich West Af- “Democratic trends have re- is dispatching just four ex- brought Mr.Magufuli to Tuesday, as some seek account- least 19 migrants capsized off rican nation of Guinea, the versed and thereare nowfewer pertstoobservethe election in power, EU observerscalled out ability for the worst turmoil in France while trying to cross the armyhas been de- democracies in Africathan 20 shortcomingsinthe way the decades in Africa’s most popu- English Channel to Britain, ployedagainst opposition sup- yearsago,” Christopher Fomu- votesweretallied and bias on lous country. French authorities said. porterswho accuse the govern- nyoh, aCameroonian academic The pandemic is the part of state media’s cov- The committee is also inves- Fifteen migrants have been ment of having riggedanOct. with the Washington-based Na- erageofthe vote that favored tigating alleged atrocities com- saved so far and rescue and 18 election that handed Presi- tional Democratic Institute, said crimping foreign the ruling party. mitted by the now-disbanded search operations were still un- dent Alpha Condé athirdterm. in aSeptember submission to observers’ presence The only sub-Saharan Afri- police unit known as the Special der way, according to the re- Beforeyear end, voters the U.S. CongressForeign Af- cancountrywherethe EU is Anti-Robbery Squad, or SARS, gional administration for the in six morecountries in sub- fairsCommittee. “Manycoun- and activities. deploying afull observer mis- the Lagos state governor, Baba- Nord region. Saharan Africawill head to the tries in Africaare falling short sion is Ghana, whose Dec.7 jide Sanwo-Olu, tweeted. It said that the dead were a polls,testing institutions in in theireffortstoconsolidate general election is widely seen Protests against the squad 5-year-old and an 8-year-old, an regional powerhouses such as constitutional rule,inrespect of as theleast problematic of the continued last week even after adult woman and an adult man, Tanzania, IvoryCoast and presidential term limits…laws IvoryCoast, rather than afull coming votes. authorities agreed to ban it. and stressed that the toll so far Ghana, alongwith Burkina on elections, civic spaceand mission of around 100 observ- Despitethe alarming trends, “The scope of the panel has is provisional pending further Faso,Niger and the Central Af- political party activity.” ers. Meanwhile,observersfrom the pictureisfar from uniform been expanded to cover the searches in the area. rican Republic,whereconflicts Thevotes arehappening as the Carter Center—the human- acrossthe continent of 54 na- Lekki toll incident,” he said. Despite joint police efforts on are likely to constrain voting. the pandemic is crimping the rightsand pro-democracy tions.Last year in Sudan, Amnesty International has both sides of the Channel, mi- While most of these coun- presenceand activities of for- group founded by former U.S. peaceful protestsended the 30- asserted that soldiers killed sev- grants have long used northern tries haven’t seen the balloon- eign observers, and Western President JimmyCarter—met year dictatorship of Gen. Omar eral peaceful demonstrators at France as a launching point to ing coronavirus infections wit- governments are preoccupied with civilsociety and other ac- al-Bashir.InMalawi, the opposi- the toll plaza in Lagos, opening sneak into Britain, and the issue nessed in the West, with escalating virus out- tors via video calls rather than tion in June wonarerun of a fire as protesters sang the na- has long strained relations be- disruptions caused by uncer- breaks at home. in person, beforesending a36- 2019 election afterthe coun- tional anthem. tween the neighbors. tain election resultscould “The coronavirus has al- person team to monitor voting. try’ssupreme court nullified the —Associated Press —Associated Press compound the severeeconomic lowedmanygovernmentsto Authorities in Tanzania, vote forirregularities.

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A10 | We dnesday, October 28, 2020 **** THE WALL STREET JOURNAL. FROM PAGE ONE DOJCites Article Access in Bid to ChangeLaw

BY BRENT KENDALL Theletter, signed by Ste- such conduct is coveredunder whose boardHunter Biden visions givethem broad lati- they appeared to signal open- AND ARUNA VISWANATHA phen E. Boyd,the assistant at- the legal protections afforded served. EffortsbyMr. Trump tude to policetheir sites and ness to moderatechanges. torney general forlegislative online platforms and signaled to have Ukraine investigatethe shield them from legal liabil- “Our TwitterRules arenot WASHINGTON—TheJustice affairs, said online platforms awillingnesstoget involved in Bidens and Burisma led to the ityrelated to users’ actions, based on ideologyorapartic- Department said it was con- “hold tremendous powerover futurelitigation over the issue. president’s impeachment by except in relatively narrow ular set of beliefs,” Mr.Dorsey cerned that Facebook Inc.and information” and must “be TheNew York Post’sarti- theHouse last year. circumstances. said in his prepared remarks. Twitter Inc.restricted access honest and transparent with cles cited emails it said were TheBiden campaign has Thedepartment has argued “Webelievestrongly in being to recent NewYork Post arti- usersabout howthey use that writtenand received by said that JoeBiden engaged in previouslythat platform com- impartial.” cles about the son of Demo- power. And when they arenot, Hunter Biden and had been no wrongdoing and that no panies must shoulder morere- Mr.Zuckerbergsaid Face- cratic presidential nominee it is critical that they can be provided by allies of President such meeting took place. sponsibility formanaging con- book wanted “tobeaplatform Joe Biden, telling lawmakers held accountable.” Trump,who trails the former News Corp, the corporatepar- tent on their sites in fair and forideas of all kinds” and was thedepartment supported bi- “For example,the decision vicepresident in polls.The ent of Wall Street Journal consistent ways. ready to work with Congress partisan interest in changing a by two social media companies Trump allies said they re- publisherDow Jones &Co., In prepared testimony for on issues related to regulating lawproviding legal protections to restrict access to news con- ceived the emails from acom- also owns the NewYork Post. Wednesday’s hearing before “harmful content, privacy, to online platforms. tent of significant public inter- puter-repair person who found Mr.Boyd’slettercomes a the SenateCommerce Commit- elections,and dataportabil- The department made the est from the NewYork Post, a them on alaptop. monthafter the JusticeDe- tee, reviewedbythe Journal, ity.” commentsTuesdayinaletter widely distributed journalism One article included acopy partment sent alegislative Messrs. Zuckerbergand Earlier this month, both to Capitol Hill leaders ahead of publication, is quiteconcern- of an email said to have been proposal that calls forCon- Dorsey said removing Section Twitterand Facebook took the ahigh-profile Senatehearing ing,” the department wrote. sent to Hunter Biden appar- gresstocurb longstanding le- 230 immunity could make it unusual step of slowing the Wednesdayinwhich Facebook Theletterdidn’t mention ently describing ameeting be- galprotections foronline harder for them to engage in spread of the New York Post Chief ExecutiveMark Zucker- Facebook,Twitterorthe Biden tween his father and an execu- platforms under Section 230 basic content moderation to articles about Hunter Biden, bergand TwitterCEO Jack family by name,but suggested tiveatBurisma Holdings, the of the Communications De- address harmful content and saying the articles ranafoul of Dorsey will testify. the department didn’t believe Ukrainian gascompanyon cencyAct of 1996.Those pro- protectpeople online,though companypolicies.

Employees at both Twitter Twitter’s and Squarehavecomplained aboutMr. Dorsey’s absences, currentand former employees CEO Stays and executives say. As Squareprepared to go public in 2015,Mr. Dorsey took Hands Off on the additional job of leading Twitter. He defended his fre- quent absences by comparing ContinuedfromPageOne himself to Elon Musk,who also sions to subordinates in part so runs two companies,Tesla Inc. he canpursue his personal pas- and SpaceX.“Youare no Elon sions. Musk,” oneSquareexecutive That management style now told Mr.Dorsey. faces one of itsbiggest tests Theissue of what some ever,amid growing pressureto called “absentee management” addressthe company’sprob- appeared to come to ahead af- lems.Starting Wednesday, Mr. terMr. Dorsey announced in Dorsey is scheduledtotestify late2019 his intention to work in Washington, along with remotely from Africa. other tech CEOs,about their Afteratrip theretostudy handling of the Post articles howpeople in Africaused the and other issues related to con- internet, Mr.Dorsey decided he tent moderation. wanted to immerse himself in a Theenigmatic Mr.Dorsey S countrywherethe webwas still

hasworn anose ring,com- NEW new, said one person familiar pleted a10-daysilent retreat in G with histhinking. Myanmar in 2018 and has said Mr.Dorsey has long been a he takesmultiple icebathsa OOMBER proponent of working from

day. He has an intense curiosity N/BL home,pushing foremployees to about people and social issues TO be able to work remotely even

across the political spectrum. BURS beforethe pandemic,this per- Among the manypeople he has LE son said. CO developed relationships with Jack Dorsey, pictured in 2019, has an intense curiosity about people and social issues. TheAfricaplan sparked the areScott Adams,the creator of ireofElliott,which had takena the Dilbert cartoon and aprom- Dorsey’s laissez-faireapproach Double Duty son wasprotesting the death of roughly $1 billion stakeinTwit- inent conservativevoiceon to management and lack of at- Michael Brown, the Black teen- ter. In October 2019,Twitter’s SinceSquare's initial public Twitter, and DeRay Mckesson,a tention to Twitter, placed one 1,200% ager who wasshot by awhite stock pricedropped 20% in a offering in November 2015,its civil-rightsactivist and leader of itsown investorsonthe policeofficer.Mr. Dorsey in- single dayafter adisappointing stock pricehas skyrocketed— of Black Lives Matter. company’sboardofdirectors. 1,000 vited Mr.Mckesson to join his earningsreport. while thatofJack Dorsey's Mr.Dorsey has maintained a Theactivist is treating this family’s Christmas Daytradi- other company, Twitter, has cordial correspondencewith year as aprobationaryperiod tion of meeting at acoffee shop grownmuch moreslowly. 800 CharlesC.Johnson, who was forMr. Dorsey,according to in nearby St.Louis. Leadership style oncelabeled by the left-leaning people familiar with the matter. Stock-priceperformance Square Mr.Mckesson said he Elliottundertook aquiet re- Mother Jones magazine as Twitter’schief financial offi- 600 reaches out directly to Mr. viewofTwitter’sleadership, Twitter’s“most infamous right- cer, Ned Segal,has told inves- Dorsey with issues related to with current and former execu- wing troll” and is permanently tors and analystsoverthe past 400 TwitterorSquare. “Jack ap- tives telling the investor about banned from the platform. 18 months that thecompanyis proaches problems from aspirit the challenges of Mr.Dorsey’s “Jack Dorsey is abeautiful working on acting more 200 of possibility,which is great,” leadership style and his jug- man with the impossible job of quickly.Inthe past year,the Mr.Mckesson said. “He doesn’t gling of two companies,accord- making everyone happy,” Mr. companyhas rolled out more runfrom‘the big idea.’ ” ing to people familiar with the 0 Johnson said. initiativesthan in the past. Mr.Adams,the Dilbert cre- matter. Mr.Dorsey’s style is asharp Twitter ator,called Mr.Dorsey a Elliottthreatened to oust contrast to that of Facebook –200 “seeker” who is genuinely in- Mr.Dorsey.Employees de- Split time CEO Mark Zuckerberg, who has 2016 ’17 ’18 ’19 ’20 terested in the world views of fended him on Twitterwith a Investorsand some employ- takenahands-on role in pre- Source:FactSet others. #webackjack campaign. Mr. ees sayMr. Dorsey should be paring his rival platform forthe Aprolific user of Twitter Musk,afrequent user of the more focused on solving the coming election, including by NarayanGoenka, ateacher of over,Mr. Dorsey sportsalarge and itsvideo app,Periscope, platform, also tweeted his sup- major problems facing Twitter, signingoff on high-profile en- Vipassana meditation. tattoo of the S-shaped integral Mr.Adams said he connects port. Theactivist compromised which is valued at $38 billion forcement decisions. In June,Mr. Dorsey re- symbol used in mathematics on with Mr.Dorsey about site-spe- by taking aboardseat, along and has become acentral cog Facebook has about 1.8bil- sponded to aseries of Signal his leftarm and typically wears cific issues,but also to talk with anotherinvestor,Silver in howAmericans express lion daily usersacrossall of its messages from Mr.Johnson to black T-shirtsand hoodies.He about books.Hesaid he be- Lake. themselves online. products, compared with Twit- tell him that Twitterwasn’t wasfired as TwitterCEO in lieves that Mr.Dorsey struggles Egon Durban, co-chief execu- At Twitter’sannual share- ter’s186 million daily users. censoring conservativevoices. 2008 in part forleaving work with coming to terms with his tiveofSilver Lake,said in a holder meetinginMay,inves- Both Messrs. Dorsey and As forMr. Johnson’sban from earlytogotoyogaclasses. ownsuccess,asdoes Mr.Ad- writtenstatement he has devel- tors questioned Mr.Dorsey Zuckerbergare scheduled to Twitter, Mr.Dorsey said he was He oftenwalks miles across ams. “He will never be done oped “a deep appreciation for about his split time.“When will testifybeforeaSenatecom- “working on [a] path forward,” SanFranciscofromhis home in trying to figure out this reality Jack’sleadership and strategic Twitterobtain afull-time mitteeonWednesday, along according to the messages. the mansion-studded Sea Cliff thing,” Mr.Adams said. vision” and looks forwardto CEO?” oneasked. Another with Alphabet Inc.CEO Sundar Afteranintroduction neighborhood to his office In early 2019,asTwitter continuing to work with him. added: “Why do you, Jack, Pichai,about their policies for through Mr.Johnson, Mr. downtown. Fascinated by the Whenthe NewYork Post is- think youare the right leader moderating content. Mr. Dorsey invested an undisclosed minimalist style deployedby sue erupted on the platform in forour company?” Dorsey is separately scheduled amount in SanFrancisco-based the lateApple Inc.founder He has defended mid-October,Twitterinitially “Tome, this is not afunc- to testifyalong with Mr.Zuck- ClearLabs,astartup that is try- SteveJobs,heowns only a said it wasblocking usersfrom tion of time,it’safunction of erbergbeforeanother commit- ing to use genomics to identify handful of pieces of furniture. his absences by posting links to the articles due prioritization,” Mr.Dorsey said. teeinNovember about their Covid-19,according to Mr. Therapper KanyeWest said comparing himself to apotential violation of its Twitterdeclined to make handling of the NewYork Post Johnson and people close to in a2018 interviewthat Mr. rules about hacked materials. him available forcomment. articles and the election more the deal. Dorsey is his “favoritefounder,” to Elon Musk. ThePost said itsstories Mr.Dorsey has led both broadly. and the executivespent time were based on email exchanges Twitterand Squaretostrong Mr.Dorsey has said that as this summer with Jay-Zinthe with Hunter Biden found on a financial performance. Twit- leader of two publicly traded ‘Deeply curious’ Hamptons. laptop giventoallies of Presi- ter’sstock is up morethan 70% companies,hesees his role as Mr.Dorsey,43yearsold, “There’s apart of him that came under attack forits treat- dent Trump by acomputer-re- since Mr.Dorsey took over as asking questions of as many grew up in St.Louis.Hehas people don’t see,which is his ment of conservatives,Mr. pair person. News Corp,the CEO forthe second time in the different people as possible.His said that his father is aRepub- curiosityoutside of tech,” said Dorsey gaveinterviews to ase- corporateparent of Wall Street fall of 2015. Square, which Mr. contactsinclude Mr.Johnson, a lican, his mother is aDemocrat, Mr.Mckesson. “He’sdeeply cu- ries of media hosts, including Journal publisher DowJones & Dorsey co-founded and has led former writer forconservative and that he is somewherein rious about howtomakeanim- JoeRogan and Sean Hannity. Co., also owns the NewYork as chief executivesince2009, media outletsincluding the between. Both his parentsuse pact with regard to race and Some Twitteremployees and Post. Mr.Biden’scampaign has has seen itsstock grow around Daily Caller. Twitter, and his mother often justice,” he added. executives objected to the denied allegations made in the 14 times sinceits 2015 initial Mr.Johnson wasperma- tweets“Good Morning!” to In 2014,Mr. Mckesson met move, saying that some of the articles. public offering. nently banned from Twitterin start her day. Mr.Dorsey on the street in Fer- showsweremoreinvested in Twitterquickly reversed Theproblems Twitteris 2015 forposting acall fordo- Abillionaireseveral times guson, Mo., whereMr. Mckes- stoking claims of anticonserva- course by changing itsanti- grappling with include the pro- nations for“taking out” Mr. tivebias at Twitterthan pre- hacking policyfrom2018.The liferation of hatespeech, ha- Mckesson, the civil-rightsactiv- sentingfacts, and didn’t make companysaid it would no lon- rassment, bullying,disinforma- ist, according to acopy of the good-faith effortstofind com- gerremovewhat it considers tion and accusations that it is tweet. Mr.Mckesson sawthe mon ground, those people said. “hacked content,” unlessit’sdi- censoring some users. tweet as athreat, as did Twit- Over the years, Twitterhas rectly shared by hackers. It also Mr.Dorsey has acknowl- ter. Mr.Johnson said the tweet faced growing calls from users said it would label such tweets. edged these issues and repeat- wastaken out of context. He to addressharassment on its Mr.Dorsey did provide guid- edly pledged to addressthem. later unsuccessfully sued over platform that targeted women anceonthose policychanges, Current and former employees the ban. and people of color,such as according to people familiar sayheoften actsataglacial He posted online in at least when the actressLeslie Jones with thedecision. He usually pace. Twittertook almost two one instancedoubtsabout the wasattacked with racist and doesn’t weigh in on user-spe-

yearstoincrease the 140-char- scope of the Holocaust, and GES sexist memes. cific enforcement actions,in-

acter limit on tweetsafter Mr. wasphotographed making a IMA Mr.Dorsey also faced inter- stead trusting his team to make Dorsey began asking about it in symbol forwhitepower. Now nal opposition in 2016 when he them.

2015.Employees developed largely atech investor,Mr. GETTY suggested bringing Mr.Mckes- In an investor conference

dozens of variations internally Johnson said that he isn’t aHo- VIA son on to the company’sboard, earlier this year,Mr. Dorsey de-

forhow to getrid of the limit, locaust denier or awhitesu- ST according to people familiar fended his workload. “I have PO

but were delayedasthey premacist. N with thematter. That same enough flexibility in my sched- waited forMr. Dorsey to make Mr.Dorsey wasn’t CEO at the TO year,hetried unsuccessfully to ule to focus on the important

adecision, according to people time of theban but Mr.Johnson SHING giveaboardseat to Malala thingsand Ihaveagood sense

familiar with the efforts. said they gotintouch after- WA Yousafzai, aPakistani activist of what is critical on both com- Earlier this year,the activist ward,through mutual friends. who wasaco-recipient of the panies,” he said. THE hedgefund ElliottManagement Mr.Johnson said the two have ‘There’s a part of him that people don’t see, which is his curiosity Nobel PeacePrizebut had little —Jim Oberman contributed to Corp., unhappy with Mr. discussed the teachingsofSatya outside of tech,’ said civil-rights activist DeRay Mckesson. businessexperience. this article. P2JW302000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, October 28, 2020 | A10A GREATER NEW YORK NewYorkers Urged to Avoid HolidayTravel NYCwill enforce 14-day quarantine forpeople visiting states with high Covid-19 infections

BY SHAN LI

NewYork City is ramping up enforcement of quarantines forout-of-statetravelers, part of an effort to contain the spread of the coronavirus dur- ing the holiday season. At a Tuesday news confer- ence, MayorBill de Blasio urgedNew Yorkerstoavoid traveling in the last few months of the year,especially as Covid-19 infection cases surge in manypartsofthe countryand around the world. “This year we have to do thingsdifferently,” he said. “Wehaveareal threat of a second wave hereinNew York

City. We have been fighting it TO

back but we can’t take it PHO lightly.” AP O/ Thecity will “aggressively” enforce a14-dayquarantine forpeople coming from states MINCHILL with ahigh percentageofpos- JOHN itivetestsfor Covid-19,Mr. de ‘If theyviolate quarantine, therewill be consequences,’Mayor de Blasio says fortravelers returning from states with ahigh percentage of positiveCovid-19 tests. Blasio said. Thelist nowincludes 38 board a plane. campus studentsacrossits holidays, the statement said. Community Supervision. sion didn’t respond to are- states and the two U.S. territo- At LaGuardia Airport in network of 64 colleges and New York also is grappling “Mass incarcerations are a quest for comment. ries of Guam and PuertoRico. Queens,atest-and-tracing site universities,according to a with outbreaks at several of public health crisis,” said Mar- Last week,spokesman “People have gotten the has been set up so travelers Tuesday news release. itsprisons,including the up- vin Mayfield, astatewide orga- Thomas Mailey said the prison messagethat quarantine mat- canbechecked forthe corona- Anystudentsusing on-cam- stateElmiraand Greene cor- nizer at the Center forCom- system wasimplementing the ters, but they need to get the virus immediately upon land- pus facilities, including gyms, rectional facilities. munity Alternatives, during a targeted testing of the entire messagethat if they violate ing in the city,hesaid. Asimi- libraries and dining halls,will On Tuesday, protesters Tuesday news conference. inmatepopulation, which quarantine, there will be con- lar testing sitewill be be required to test negative gathered outside the Elmira He said the positivetest should be completed by the sequences,” he said. established at John F. Kennedy within 10 days before leaving prison to protest acoronavirus rate in Elmirawas nearly 30 end of November.Hesaid vis- Moreover,the Democratic International Airport, also in campus. outbreak that has led to 459 times the stateaverage,and itswould be suspended at mayorsaid the federal govern- Queens. About 140,000 studentswill prisonerstesting positiveasof called on officials to improve both the Greene and Elmira ment should mandate that all Ahead of the Thanksgiving be tested during this period in Friday. That is up from 10 peo- testing and health care inside prisonsuntil further notice, travelersshowanegativetest, break, the State University of an effort to control the spread ple just two weeks ago, ac- prisons. and all transfersinand out of takenwithin the last 72 hours, NewYork is implementing of the virus as studentsreturn cording to datafromthe state The Department of Correc- the two facilities would be beforethey areallowedto mandatory testing for all on- to their hometowns forthe Department of Corrections and tions and Community Supervi- suspended. Official Backs Sparing Regular Riders a Fare Boost

BY PAUL BERGER man of the MTA’sfinance the region in March. It has re- busfareat$2.75,but elimi- Authority officials project a she said it would hurt those committee, said the authority turned slowly as manyoffice nated the bonus on MetroCard $12 billion operating deficit who rely on mass transit the Transit officials in New shouldn’t impose across-the- workers continue to work re- purchases above$5.50 and in- through the end of 2021, most.She called on the MTA York should avoid raising boardincreases on commuters motely and as the city’s tour- creased the cost of a monthly mostly driven by asteep drop to forego fareincreases in prices on regular subway,bus when people arelosing jobs or ism and entertainment sectors passby$6to$127.Most in revenues from fares and 2021 and to consider only rais- or rail ridersasthey consider being furloughed because of continue to operate at a frac- monthly passes on the Long dedicated taxes. Theauthority ing tolls. fareincreases during the com- the pandemic. tion of their capacity.Manyof Island and Metro-North rail- has called on the federal gov- TheMTA’s nine toll bridges ing months,according to akey “People aren’t making any the most frequent riders dur- roads rose by 3.9%. ernment to bail it out. and tunnels have been one of member of the boardthat will money or they’re making less ing the pandemic have been Subway,bus and commuter- the few bright spotsfor the set new prices for early 2021. money,” he said “I don’t need people who work in essential rail use remains significantly MTA. This fall, weekdaytraffic Thestate-controlled Metro- to put an additional burden on industries andhavenochoice ‘I don’tneed to put lower than pre-pandemic lev- has returned to about 90% of politan Transportation Au- them at this stageofthe game but to take mass transit. els.Average weekdayridership pre-pandemic levels. thority began a process of bi- with an economyinflux be- “Weare considering all op- an additional burden on the MTA’sbiggest fare-rev- In 2019,the authority ennially raising fares and tolls cause of Covid.” tions while we undertakeathor- on them,’saysthe enue generator, the New York raised tolls by 6.3%. Mr. adecade ago. MTACommis- TheMTA runs NewYork ough analysis of equity impacts City subway, is about 1.8 mil- Schwartz said he has asked sioner LawrenceSchwartz said City’s subway and bus systems, of proposed policies so they do MTAcommissioner. lion passengers, down roughly MTAstaff to consider newtoll this time, because of the pan- two commuter-rail lines and notdisproportionately impact 70%compared with October ratesthat charge trucks more demic,hehas asked transit of- nine tolled bridges and tunnels. anyone community,” an MTA 2019. to enter the city during the ficials to present him and his Theauthority,which aims to spokeswoman said Tuesday. Betsy Plum,executivedirec- day to reduce congestion. colleagues with options that raise fareand toll revenues by Theprevious fareand toll MTAcommissionerswill torofRidersAlliance, which MTAstaff areexpected to keep prices flat forcommut- about4%every two years, has increase,in2019,aimed to face tough choices between advocates forsubway and bus present their proposals to the ers, while raising fares for in- budgeted forthe next increase raise an additional $300 mil- competing aims to raise reve- riders,said a4%fareincrease boardinNovember.Ifboard frequent riders. to take effect in the spring. lion annually,often by increas- nues and to coax anxious rid- wouldn’t come close to help- membersaccept the plans,the Mr.Schwartz,anally of Transit ridership plum- ing prices forregular riders.It ers back onto the transit sys- ing solvethe MTA’smultibil- authority would hold public Gov.Andrew Cuomo and chair- meted after the pandemic hit froze the single subway and tem during a pandemic. lion-dollar fiscal problems.But hearings. GREATERNEWYORKWATCH

NEW YORK ward in terms of protecting TWU NEW JERSEY Local 100 members from apossi- MTA to Increase ble second wave,” Mr.Utano said. Mail-In Ballots Boost Testing of Workers The testing will be done at Early Voter Turnout field sites, including bus depots The Metropolitan Transporta- and subway and train yards, and Thereisaweek until Election tion Authority announced Tues- at several medical-assessment Dayand morethan 2.6 million day it is embarking on a first-in- and operational health centers. ballots have already been castin the-nation program to test Results will be available within NewJersey, Gov. Phil Murphy thousands of workers weekly to 24 to 48 hours. said Tuesday. Thatamounts to guard against a second wave of —Associated Press 67% of the voterturnout in 2016 the coronavirus. and stems from the stateholding MTA Chairman Patrick Foye CONNECTICUT its firstmostly mail-in election. said the goal will be to test 15% Mr. Murphy, a Democrat, cited of front-line workers weekly. High-School Sports Covid-19 when he signed an or- That would amount to Decision Is Delayed der in August calling for all ac- roughly 6,000 bus and subway tive registered voters to get a

workers, Transport Workers The organization that over- /REUTERS ballot in the mail. Voters can

Union Local 100 President Tony sees high-school sports in Con- GAR cast their ballot by sending it

Utano said in an email. Overall, necticut says it may need to SE back through the mail, dropping the nation’s largest public-transit wait until mid-November before it in one of at least 10 official MIKE system has more than 70,000 deciding whether or how to Mayor Bill de Blasio waited in a long line in Brooklyn to cast his ballot Tuesday during early voting. drop boxes in each county, hand- employees. More than 120 MTA move forward with a winter delivering it to their county elec- employees have died from sports season as the number of with the coronavirus had in- director of the Connecticut Inter- 10, but may need to push that tion office or taking it in person Covid-19 this year. Covid-19 cases in the state con- creased to 4.1% of those getting scholastic Athletic Conference, back to the following week given to their polling place on Election “This is exactly the type of tinues to rise. tested, the highest level in the said Tuesday that his organiza- the uncertainty with the pan- Day. Polls are open from 6 a.m. screening program we have been Gov. Ned Lamont said Tues- state since early June. tion had hoped to release a full demic. until 8 p.m. on Election Day. asking forand it’sahuge stepfor- day the rate of people found Glenn Lungarini, the executive plan for winter sports on Nov. —Associated Press —Associated Press P2JW302000-2-A010B0-1------NS

A10B | We dnesday, October 28, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet It’s Crunch Time for New Apple Varieties in N.Y.

Jeff and Together, however, they Joy Crist and still account for less than 1% their grown of the $4 billion annual U.S. children Joel apple market, compared with Crist and 26% for Honeycrisp. Jenny Crist The problem? RubyFrost Kohn have bet the family and SnapDragon are just two farm on an apple. Make that of several dozen “club” vari- two apples. They’re hoping eties hitting supermarkets one or both of the new, lo- these days, each with their cally bred varieties they own marketing campaigns. have planted in their or- It’s hard to get noticed.

chard—the SnapDragon and (2) “I’m disappointed in the the RubyFrost—will be the lack of grocery-storeshelf next Honeycrisp. A monster space, without adoubt, and apple sensation. JOURNAL dismayedthat they don’t

“It’s the greatest New REET giveittolocal apples that York story and they are ST arethis good,” says JoyCrist. LL

great apples,” says Joy Crist. WA Still, local farmers have “We’re firm believers.” high hopes. THE

I recently took the trip 90 R Scott Hill, owner of the FO

minutes north of New York N Orchards of Concklin in Po-

City to visit Crist Bros Or- TO mona, N.Y., which sells pro- chards in Walden, N.Y. The HYL duce at its own stand and at 700-acre spread produces RA New York City farmers mar- SA roughly 75 million apples a Joel Crist, below, says his family’s New York orchard is betting big on SnapDragon and RubyFrost upstarts to boost business. kets, says that while he of- year, making it one of the fers 20 apple varieties, he’s state’s larger wholesale or- SnapDragon and RubyFrost But the SnapDragon—yip- been blown away by the re- chards. And the Crists have avoid the production risks pee! A cross between the action to SnapDragon. “It’s converted 20% of their acre- associated with Honeycrisp, Honeycrisp and an unnamed the only apple I’ve seen that age to the new varieties. while earning a decent Cornell apple-breeding selec- takes sales away from Hon- It is an expensive, long- profit. At least in theory. tion known as NY752, it’s eycrisp,” he says. term bet on consumer pref- “We’re betting that five even crispier and juicier And like Honeycrisp, erences, says 32-year-old years from now, everyone than a Honeycrisp, and has a SnapDragon can fetch $2.99 Joel Crist, who represents wants SnapDragon and sweet, tangy flavor that is a pound retail—a dollar his family’s fifth generation RubyFrost, not Red Deli- super satisfying. It’s my new more than all other varieties, on the farm. Orchards cost cious,” says Mr. Crist, who favorite apple. he says. about $20,000 an acre to trucks around the orchard Susan Brown, the Cornell plant, and take about five listening to NPR podcasts University apple breeder f RubyFrost and Snap- years to produce a commer- and samples up to 200 ap- who co-created both the Dragon sputter out, the cial crop. ples a day at harvest time. SnapDragon and the Ruby- I Crists are in trouble. An “It can be darn near cata- Frost, says the two varieties orchard just down the road strophic if you make the hile sales of Snap- were developed to accom- that failed to replace its wrong bet,” he says. W Dragon and Ruby- plish different things. older varieties with more Why take the risk on two Frost are just gain- The RubyFrost is great for popular options was aban- little-known varieties? It ing momentum, the story baking, resists browning and doned last year after produc- comes down to economics, goes back more than a de- has the tart flavor profile ap- tion costs exceeded sales. Mr. Crist says. cade, when Cornell Univer- pealing to about 30% of con- “The apples are still out Corevarieties such as Red sity’s apple-breeding pro- sumers. there, hanging on the trees,” Delicious that were bred gram announced that the each tree, plus a percentage cal empowerment. But if the I asked which she prefers. Mr. Crist says. mainly to look good and ship new varieties—then known of sales. apples are lousy, who cares? “I will not answer that!” she But so far so good. He unscathed have fallen from as NY1 and NY2—were up Proceeds support both Last week, in the parking lot said. “I learned with my chil- says his farmer cousin, who favorinrecent years. They of- for grabs. Cornell’sbreeding program outside the Crist Bros pack- dren that you have no favor- also has a road stand, re- tenfetch lessonthe whole- A band of 147 New York and Crunch Time’smarketing ing plant, I tried both. ites.” ports that “Snaps” are out- sale market than they cost to farmers bought exclusive efforts. Likeminor celebri- So how are these varieties selling Honeycrisp two-to- produce—roughly $18 fora rights to grow the apples, ties,SnapDragon and Ruby- he RubyFrost, across performing? During the past one among regular 40-pound box. which allows them to control Frost have their ownweb- between aBraeburn three years, nationwide sales customers. quality and avoid overpro- sites,Facebook pages, T The newer, popular Hon- and an Autumn Crisp, of RubyFrost grew 192%, to “It just proves it’s going eycrisp, which the Crists also duction. Their organization, Instagram feeds,hashtags wasdisappointing.While it’s $2.4 million, while Snap- to work,” says Mr. Crist. “We grow, can fetch $50 a box or Crunch Time Apple Growers, (#seekthesnap,#getyour- gotagreat crunch anda Dragon sales grew 154%, to just need to get it out there.” more. But it’s fussy, delicate operates like a coop. Mem- chompon) and YouTube hubs. lovely,deep,red color,the $4.3 million, according to and expensive to produce. bers pay a licensing fee for It’s a nice story about lo- flavor didn’t wow. Nielsen. [email protected]

Medicine in theRaw Healthcare Starts with HealthyFood.

Since1985, we’vebeencooking and home-delivering nutritious, individually tailored meals to people living with serious illness in the NYCmetropolitan area. Being sick and hungry is acrisis. Youcan help. Donate,volunteer,orjustlearn more at glwd.org

godslovewedeliver @godslovenyc God’sLove We Deliver is amember of the Food is Medicine Coalition (FIMC). To learn moreabout FIMC’s work around the country,visit fimcoalition.org P2JW302000-0-A01100-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, October 28, 2020 | A11

BY ANNE MARIE CHAKER

ed Teuten is facing an agonizing question for Thanksgiving this year: Is it safe for his 76-year-old Tmother to come? Mr. Teuten, an interior designer, normally hosts a feast with family and friends. This year, he’s debating the risks his mom will face if she travels to his home in Chicago from hers near Albany, N.Y. “My sister and I just finished texting about whether to put my mom on a plane,” he says. He’s worried too about the risks of a long, indoor dinner at close quar- ters. “The whole thing is deeply questionable at this point,” he says. His mother, Marguerite, says she will likely end up staying home. “I have a feeling I’ll be spending it completely alone,” she says. “And I am really not looking forward to that.” The pandemic is creating some gut-wrenching decision-making for families. After seven months of isolation, the pull of getting to- gether is strong. But with cases surging across the country and hospitalizations rising too, the risks are high for traditional cele- brations. The Centers for Disease Control and Prevention advises against big indoor gatherings and warns against travel. TheCovid Thanksgiving Only 27% of people say they are celebrating Thanksgiving as they normally would, according to a re- Is it safe to gather for Thanksgiving this year? As coronavirus cases surge, families are buying cent survey of 9,262 adults by Civ- icScience. Of those who are meet- outdoor heaters, contemplating virtual meals and worrying that grandma should stay home. ing in person but taking precautions, 20% plan to be with a smaller group, 14% plan to wear ing holiday tensions that exist Still, manypeople saythey are torofNYC Health +Hospitals sys- masks and 14% plan to social dis- even in ordinary times, as relatives craving connection. “Not being able tem’sSpecial Pathogens Program, tance, according to the poll. disagree over precautions. “It’s to see each other on aregular basis says family memberstraveling to Two-thirds of adults think trav- like the Civil War, when families has been hardenough,” says Rosie other states should quarantine for eling for the fall and winter holi- had half their sons on the side of Mattio,acommunications consul- 14 days beforegatheringwith other days poses at least a moderate risk the North and the other half on tant in Closter,N.J., who says her people. to their health and well-being, the side of the South,” says Mi- family—including her two brothers, Many families are trying to with 32% saying it poses a large chael Osterholm, director of the their wives and children—has been come up with new ways to cele- risk, according to a recent Axios/ Center for Infectious Disease Re- cautious about visitssincethe pan- brate. In Kingston, Mass., Ken Ipsos poll of 1,079 people. search and Policy at the University demic began. Her father is recover- Cook is taking a cue from his days In some families, partisan di- of Minnesota. “It’s the same thing ing from cancer treatments; she has tailgating at Patriots football vides over the virus are exacerbat- over Covid issues in families.” visited with him only outdoorsand games and hosting a “Tailgating U wearing masks. Thanksgiving” in his backyard. He She recently spent $500 on out- will pull out his old gear from the

SIMONEA door heaters and plans on hosting Ted Teuten, his sister Cate and basement, including three pop-up a meal on her patio, underneath mother Marguerite in 2015. tents which he envisions will CHEL

RA tents she plans to purchase, with house “pods of cooking stations,” four tables set up 6 feet apart to he says. Tabletop lanterns will sit

BOHN; accommodate each family branch. tives and delivering them in a con- on folding tables to provide light “These occasions seem more im- tact-free way; or having a virtual and heat. A turkey will be cooked

TEUTEN portant than ever,” she says. dinner. Indoor gatherings in a deep fryer outside along with

TE Rachel Simoneau, a develop- where people are in close contact vegetables and other side dishes CA ment director for the Jewish Com- for extended periods are especially over propane camping stoves. Chil- CK;

BE munity Center in St. Louis, wants risky: The virus spreads through dren can roast marshmallows over A to fly out to visit her parents in respiratory droplets produced a recently constructed fire pit in Boca Raton, Fla., for the holiday. when people do things like talk or the backyard. MELIND But she is struggling with guilt. breathe, and particles can linger in “We’re going crazy but it’s go- BY “What if I am being absurdly self- the air of enclosed spaces for ing to be fun,” says the 65-year- ION ish?” she wonders. “I just want to hours, the CDC says. old lab technician, who has four AT

TR see my family.” Dr.Osterholm notes that holiday sons and seven grandchildren. US The CDC offers suggestions for gatheringspresent particular risks His daughter-in-law, 44-year-old ILL

P: lower-risk activities, such as a in part because of older relatives. Amanda Cook, plans to attend and TO small dinner with members of “The consequences aresohigh,” he says she will probably make her OM

FR your household; preparing tradi- says.“These aremultigenerational popular Brussels sprouts. “Maybe Rachel Simoneau wants to fly out to visit her parents for Thanksgiving. tional foods for neighbors or rela- events.” Syra Madad, senior direc- we will make a new tradition.”

about how it feels for your child, been a couple of Helicopter who normally wouldn’t be sitting times where I’ve won- next to you in class. dered,” she said. “I’m Parenting JennyRooney,afifth-grade not going to accuse teacher at Cornerstone School at anyone of not doing Pedregal, apublic elementary the work, but I’m not In the Online school in Rancho Palos Verdes,Ca- going to use those lif., said about aquarter of her stu- particular assign- dentshaveparentssitting next to ments in final grades. Classroom them during virtual class. “A couple I’ve talked to the par- of times parentshavesaid some- ents as a whole, re- FAMILY thing during the actual Zoom meet- minding them to &TECH ing and Imade it pretty clear that make sure it’s their JULIE that wasn’t acceptable,” she said. child’s work that’s be- JARGON Ms. Rooney teaches at a “parent ing submitted.” participation school,” which re- I made several at- quires parents to spend four hours tempts to reach par- emote school has created a a week in the classroom. The idea ents in Ms. Rooney’s Rwhole new group of people behind that is for parents to pro- class to get their in- for teachers to manage during vide extra support for all students, put, but I didn’t get class time: parents. not just their own. “With online any takers. Now that moms and dads have school, the focus is on their own Educators say re- gotten a new window into the child, and the idea that we’re a vil- mote learning has classroom, many are having a hard lage goes away,” said Ms. Rooney. changed the class- time staying out of it. Some are “A lot of kids have headphones room dynamic. asking questions during live video on and the parents don’t get to “Learning means you struggle. I’m not supposed to be hearing go?’ ” she said. classes or texting teachers while hear us and so they’re asking their If students were in the classroom that, but I do,” said Ms. Martinez As an instructional technology class is in session. Others are sit- child questions and the kid is re- they’d struggle and figure it out, Brumbaugh. “Occasionally a parent coordinator for a public school in ting next to their kids and asking but at home they can run to mom will text me about something I Virginia, Ms. Lewis has seen the them questions or prodding them and dad,” said Siri Fiske, founder said in class. You forget sometimes issue from the other side, too. to speak up. The hard part is figuring of Mysa School, a private “micro that a parent is watching.” There have been times when she’s In one hybrid class, an at-home school” in Washington, D.C., that The hard part for parents is fig- seen parents appear on camera to parent on Zoom interrupted a out how to support your emphasizes small classes and inde- uring out how to support their ask the teacher for tech help. teacher to point out that astudent children’s learning pendence in children. “If parents children without overdoing it. “We’ve told parents they can’t ask in the physical classroom wasn’t could just get out of the room, Marnie Lewis, the mom of a the teacher for tech help while the wearing his mask over his nose. without overstepping. parents could get their work done fifth-grader at Mysa School, said teacher is teaching,” she said. School districtshavebeen sending and kids could get their work she grapples with this daily. One “They’re supposed to reach out to memos to parentsreminding them done. Kids need to take that re- day she began helping her daugh- me for help.” of Zoom etiquette,such as not sponsibility, and they can.” ter with an assessment and then Even for parents like Ms. Lewis, swearing in the background, not in- sponding and not focusing on It’s a conundrum because, with stopped herself. “I said to myself, who don’t want to overstep, it’s terrupting kids or teachersduring class. That’s pretty disruptive dur- remote school, teachers depend on ‘Marnie, you can’t help her with hard to know when not to. classand remaining fully clothed ing online learning,” Ms. Rooney parental involvement. “I can’t go that or the teacher won’t know She said her daughter some- while their children areonline. adds. “It’s not the child doing the to your house and get your child what she knows,’ ” she said. times gets distracted during I get it, parents. It’s hard to re- thinking, it’s the parents doing the out of bed and onto the screen or Another time when she logged breaks and doesn’t return to class sist getting involved in the kids’ thinking.” make sure they’re listening to me,” into her daughter’s online class- on time. “I’m logged into her ac- education when it’s unfolding right She suspects that some parents said Ariel Martinez Brumbaugh, a room and saw a reading assess- count on my computer and I tog- in front of us. After all, research are doing their kids’ work for teacher and administrator at Mysa ment that indicated her daughter gle between her schedule and my shows that parental involvement them. It’s the pandemic version of School. Still, she says, it’s made was struggling, she had to remind work. I don’t want to be a nag but in school leads to better educa- the science fair where the kid who for a sometimes challenging situa- herself to step back and let the I’m like, ‘Lunch is over, you should tional outcomes. But this is some shows up with the DIY DNA test tion for teachers. “There’s an awk- teachers work with her. “I’ve writ- go back.’ It’s a really tenuous line,” next-level involvement. Think isn’t fooling anyone. wardness that didn’t exist before. ten to the teachers to say, ‘I really she said. “Before the pandemic I GES about how it feels for the teacher “If something is typed, I don’t If you’re having it out with your want to stay out of this but I need wouldn’t think about any of her IMA to work under your constant honestly know if a child did the teen about putting their phone your advice on how to help. Do I school stuff until she came home,

GETTY watch. More important, think work or if a parent did. There have away or turning their camera on, just need to let her fail and let it but now it’s all day long.” P2JW302000-0-A01200-1------NS

A12 | We dnesday, October 28, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

that bad times do end. And they gave me an intimate peek at how people have held on to hope in the darkest times. “Ifyou look at howsurprising eventsoften come about in unpre- dictable ways, it canget youout of afatalistway of thinking,” says Michael Milona, an assistant pro- Finding fessor of philosophyatRyerson University in Torontoand author of ajust-published whitepaper on hope and optimism commissioned by the John Templeton Founda- tion, aphilanthropic institution HOPE that funds scientific research. Futurecast Imagine yourself happy when life returns to normal. Arizona State’s when everything feels Mr. Miller recommends visualizing four areas of your life—home and hopeless family, career, community and rec- reation—and to ask yourself how you would like them to look in the future. Picture them in great de- tail. (Who are you with? What are you doing? How do you look?) Those are your goals. Next, think DRIGUEZ

RO about what you need to do now to make that vision happen. Now EDEL you’ve got agency. BY ION

AT Take asmall step

TR Often, when we’restressed, we US

ILL become overwhelmed. Setting one goal forthe week—and identifying the steps we need to take—can BONDS Most psychologists define hope ability to hold on to positive Similarly,ifsomeone youknow giveusasense of control. “Once as a yearning for something possi- thoughtsand feelingsevenwhile seems despondent or hopeless, we begin to experiencethe suc- ELIZABETH ble but not certain—such as a bet- processing something negative. please reach out to them. In case cess in those steps,westart to BERNSTEIN ter future—and a belief that you Spirituality is abelief in some- youneed it, the National Suicide see moreclearly that the futureis have some power to make it hap- thing largerthan yourself. Prevention Lifeline number is possible and we have the power pen. And they believe it has two Thegood news: Hope is mallea- 800-273-8255. to pursue that goal,” says Chan I’VE GOTTHE PERFECT four-let- crucial components: Agency, or the ble.You canboost it. Scientistssay Here’s some advice for everyone Hellman, executivedirector of the ter word for the moment: Hope. motivation, to achieve the desired it’simportant that the area of the whose hope could use a boost Hope Research Center at the Uni- Yes, it feels increasingly elu- goal. And a strategy, or brain that activates when right now. versity of Oklahoma-Tulsa and co- sive—seven months into a pan- pathway, to do that. we feel hopeful—the ros- author of “Hope Rising: How demic, during an emotionally ex- This is how it differs tral anterior cingulate Measureit the ScienceofHope Can Change hausting election cycle, as winter from optimism, which Hope cortex—sitsatthe inter- To increase hope,ithelps to know Your Life.” bears down. is the belief the future section of the limbic sys- your baseline or starting point—and Yethope is the very best reac- will work out no matter is malleable. tem, which governs our which areas youneed to improve. In Watch your words tion forthe moment, psychologists what you do. You can boost emotions,and the pre- the early 1990s,apsychologist Manyyearsago IinterviewedElie say. It’scrucial to our physical and Think of it like this: it. We have frontal cortex,where named C.R. Snyder created the Wiesel, the Nobel laureate, author mental health.Itguards against If you want to lose 10 some thoughtsand actions are Adult Trait Hope Scale,alist of 12 and Holocaust survivor.Mr. Wiesel anxiety and despair.And it protects pounds, you need a influence over initiated. This shows we questions that test whether aper- told me something Ihavenever for- us from stress: Research shows that plan and the willpower feelings have some influenceover son has both the agencyand the gotten: “Everywordwespeak or people with higher levels of hope to follow it. Without of hope (or feelingsofhope (or hope- pathway-thinking necessaryfor writematters.” have bettercoping skills and this, you’ve got no real hopelessness). lessness). “Hope is a hope.And Dr.Scioli has a longer Heed Mr.Wiesel’sadvice.Think bounceback from setbacks faster. hope for a fitter body. choice,” says RickMiller, online quiz that explores the four carefully about your words. Use They’rebetteratproblem-solving Just wishful thinking. clinical director of the areas he believes hopeful people hopeful language: “I can.” “Wewill.” and have lowerlevelsofburnout. Some people aremorehopeful Center forthe Advanced Study and draw on: attachment, mastery, sur- “It’spossible.” They have stronger relationships, than others, thanks to acombina- PracticeofHope at Arizona State vival and spirituality.Itcan mea- Spread hope.Emotions arecon- because they communicatebetter tion of natureand nurture. Dr. University. sureboth your current level of hope tagious.And everyone is searching and aremoretrusting.And they’re Scioli believes these people draw Of course, it seems harder to and your long-term capacity forit. forhope right now. So model it for less-stressed parents—moreable to on four main resources: Attach- choose hope at the moment, when others. Explain what makes you teach their children to set goals and ment is asense of continued trust the world seems so bleak and our Read history hopeful. solveproblems. and connection to another person. brains are on high alert, constantly Since the pandemic began, I’ve Share your goals. And describe “You canthink of hope as a Mastery, or empowerment, is a scanning for threat. read books on the Black Death, the how you plan to reach them. You PPE—a Personal ProtectiveEmo- feeling of being strong and capa- If you’regrappling with adeep Civil War, Winston Churchill’s in- may garner support. You’ll inspire tion,” says AnthonyScioli, aprofes- ble—and of having people youad- despair and arehaving trouble ner circle during the London Blitz others, showing what is possible. sor of psychologyatKeene State mireand people who validate finding anyhope,Istrongly rec- and Miami in 1980 (it was a very Remember: Hope begets hope. CollegeinKeene,N.H., and co-au- your strengths.Survival has two ommend youspeak to someone—a bad year). Each one cheered me “When people around you are en- thor of “Hope in the AgeofAnxi- features—a belief that youaren’t therapist, clergy member or coun- up. They helped me put 2020 in ergized, that can energize you, as ety” and “The PowerofHope.” trapped in abad situation, and an selor,family member or friend. perspective. They reminded me well,” says Dr. Milona.

MY RIDE |A.J.BAIME The Bradford Model T Girls drove their car on road This ’26 Ford Model THas trips in the 1930s. It is owned now by History WrittenAll Over It John Butte, far left.

John Butte, 71, a retired Caterpillar on one in 1939 to the New York ford Model TGirls, executive from Dunlap, Ill., on the World’s Fair, and my aunt, Eleanor and telegrams be- 1926 “Bradford Model T Girls” Ford, Butte, went on two. The trips were tweenHenryFord as told to A.J. Baime. organized by Darlene Dorgan, who and mostly Darlene, ran a beauty parlor in Bradford and but also others. I eople talk about how the who owned the Model T. There was have found newspa- Model T changed the world. To no air conditioning, and she enjoyed per articles and, by

PE going north for cooler weather ev- making contact with me, this story is an example of

TAT how that happened. ery summer. the children of other ES From 1934 to 1942, every sum- Now it wasn’t common for young women who went on mer a group of women in their 20s women to take off unescorted, but these trips,Ifound from Bradford, Ill., would take a trip these girls had spirit. At one point, three diaries and BJORKMAN in a Model T they called the Silver Darlene claimed they went 71,000 manyletters, all of

GAN Streak. Growing up, I first learned miles in this Model T, visiting 44 of which helpedmeto

DOR about these trips because my the 48 states. I have doubted the fill out the story.In mother, Regina Fennell Butte, went veracity of that statement as the 2015,Iself-published

RLENE car had no abook called“Dar- DA odometer. How lene’s Silver Streak they kept track, everyyear from then on,wherever still existed. Using the internet,Iwas and The BradfordModel TGirls.”

JOURNAL; I have no idea. theywereontheir travels,theywould amazed at howmuch Ibegan to un- Every year sinceIboughtthis car, In 1938, the send him ahappybirthdaytelegram cover. Ifound the carinPortland, except in 2020 because of the pan- REET girls decidedto (his birthdaywas on July 30). He be- Ore.;itwas ownedbyadaughterof demic,Ihave driven it in Bradford’s ST

LL go from Brad- gan calling them the “BradfordModel Darlene Dorgan’s,and Iwas able to Labor DayParade.This is abig event

WA ford to Dear- TGirls.” The trips endedin1942be- buy it from her in 2012.The carwas in Bradford, and it goes down Main

THE born, Mich., the cause of World WarIIand the ration- still coveredinoriginal graffiti, what Street whereDorgan’s Café usedto R

FO home of Ford ing of tires and gasoline. theycalledatthe time Lizzie labeling, be—the popular café run by Bill and MotorCompany, My mother alwaysspokeso because people referred to the Model DaisyDorgan, who boughtthe Model KER

AC to wish Henry fondly of the trip she went on. She Tasthe Tin Lizzie. Tfor their daughter, Darlene.Inthe Ford ahappy passedaway in 2011, and when Iwas In 2013,mywife, Carmen, and I carwith us wasthe lastsurviving NIEL

DA birthday. They writing an obituaryabout her,Iin- made atrip to the Benson Ford Re- BradfordModel TGirl, Winnie : were uninvited, cludedaparagraph about her trip to search Center in Dearborn, Mich., Swearingen Hays,now 102yearsold. LEFT but theyactually the World’sFair.Ifelt this urge to which is basically the Ford archives. Those parades aresome of the most OM

FR methim, and find out if the Silver Streak Model T We found photographs of the Brad- memorable miles Ihave ever driven. P2JW302000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, October 28, 2020 | A13 ARTS IN REVIEW

Clockwise from left: images from Mr. Weaver is also on hand to ‘The Ape,’ ‘Curse of the Undead’ kvetch about “Curse of the Un- and ‘The Face at the Window’ dead” (1959), a 79-minute mashup melding horror and the western, both of which were in vogue when reer before playing fiends on film, it was made, even as black-and- including Sweeney Todd three white movies, like it, were not. He times, and with his plummy voice skewers the film mercilessly in his and dagger-sharp enunciation he is sardonic yet learned commentary. as much a joy to hear as to watch. (He does allow that the picture Boris Karloff is the prime draw contains one great line, when the in “The Ape” (1940),evenifthis vampire and principal malefactor 62-minuteeffort, co-writtenbyhor- rormeister Curt Siodmak,islargely unworthyofits star.Karloff plays the discredited and disliked Dr.Adrian, who just maycure polio if he canac- quireenough of the right serum. He certainly has incentiveinthe form of the stricken Frances (Maris Wrixon), whom he loves as (3) adaughter.Per-

RBER haps toomuch, forwhen he care- tells the town preacher, “It’s amaz-

LO lessly loses some of the precious ing how little influence you have

KINO elixir,heturns to murder to create when you’re not around.”) more. That he does so in theskin In fact, the film’s blending of FILM REVIEW of an escaped circus ape should western and ghoulish modes— lead potential viewers to conclude from a script co-written by Ed- that plot is not among this pic- ward Dein, the movie’s director, Tamer Tales of Terror ture’sstrengths.But thereare some and his wife, Mildred—is consider- fine characterizations by acapable, ably better than Mr. Weaver sug- if not starry, cast. And thereisal- gests. With its eerie, electric-violin wayssomething compelling in any heavy score and noirish lighting, it These horror films’ gentle scares are a respite from the year’s calamity Karloff performance, hereaug- casts a potent spell. And its story mented by an avuncular push- of a stereotypical western town broom mustache. turned upside down by the arrival BY DAVID MERMELSTEIN Warren’s 1897 stage melodrama, Not one but of a bloodsucking gun-for-hire (a which the movie’s title card pro- two irreverent cadaverous Michael Pate) and his IF EVER THERE WAS ayear when claims “famous.” It contains a host commentary attempt to woo the county’s most Halloween didn’t requireany extra of tropes we now associate with tracks accompany eligible maiden (Kathleen Crowley) frights, this is it. Medical calamity, classic horror pictures, among this picture from the arms of an earnest cler- chaos in the streets, mental an- them a damsel in distress, a mad (heaven knows gyman (Eric Fleming) puts a wel- guish—who needs aday dedicated scientist, an evil nobleman and a why), but they come spin on a stock scenario. to exacerbating all that? Yetwe passel of murders. But a romance will interest any- Films like these remind us that can’t help ourselves.Concerns that lies at the heart of this 65-minute one curious scares do not have to be scarring. “Halloween might be canceled” potboiler, set in Belle Époque Paris about Holly- They also assert that atmosphere seemed to topthe news,oratleast and directed by George King with wood’s Poverty is at least as important as plot in social media, forafew days earlier fine distinction drawn between the Row studios, spe- this genre, arguably more so. And this month. So if theremust be ad- high and low life depicted. cifically Mono- disconcerting things—like women ditional scares,keeping them light The love story, in which a poor gram Pictures. in peril, bubbling beakers, mist il- seems the wisest course,with gore but handsome bank clerk courts The track with luminated by moonlight, and Kar- and itsilk eschewedfor tamer his employer’s comely daughter, is Tom Weaver, a loff himself—can offer a strange thrills.And Kino Lorber has come thwarted by the Chevalier del noted historian kind of comfort because of their to the rescue with atrio of pic- Gardo (Tod Slaughter, conveniently of genre movies, familiarity. Now more than ever, tures newly liberated from the named), an unctuous, unscrupu- is alone worth that seems appealing. crypt, all in luminous 4K or 2K lous and supercilious character ex- City of Lights with a wolf’s call be- the price of this disc, so delightful transfersonBlu-ray and DVD. uding malevolence from every fore every death? Or does he just and, at times, laugh-out-loud Mr. Mermelstein writes for the “The Face at the Window” pore. Is he, perchance, the dreaded happen to frequent crime scenes? funny is his dissection. (Or should Journal on film and classical (1939) preserves on film Brooke Le Loup, a killer terrorizing the Slaughter had a laudable stage ca- I say vivisection in this case?) music.

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A14 | We dnesday, October 28, 2020 ****** THE WALL STREET JOURNAL. SPORTS The Dodgers Winthe World Series

The team claimed its first title since 1988, but Justin Turner exited early after receiving a positive Covid-19 test result

BY JARED DIAMOND

Arlington, Texas Theweirdest year in baseball historyended Tuesdaynight in a way that somehowseemed nor- mal: with the LosAngeles Dodgers celebrating aWorld Series cham- pionship forthe firsttime since 1988.Then, momentslater,the weirdnesskicked back in to add a surreal coda to baseball’span- demic season. As the Dodgersgathered on the field forthe trophypresentation, it emergedthat akey member of theteam—thirdbaseman Justin Turner—had leftthe game after the seventh inning because his coronavirus test from Tuesday morning had come back positive during the game.Noexplanation forhis departurehad been pro- vided while the game wasinprog- ress. Afterward, Major League Base- ball commissioner Rob Manfred confirmed that Turner had re- ceived the sport’sfirst positive test foraplayerinnearly two months.After early outbreaks on the Miami Marlins and St.Louis Cardinals threatened to bring down the pandemic-shortened season, baseball sought to avoid the problem in October by moving intoaself-contained bubble,simi- lar to howthe NBAand NHL fin- ished their campaigns.Though players were tested everyother dayduring the regular season, MLB increased the frequencyto daily testing in the playoffs. Thesetup wasdesigned to keep players sequestered in asterile hotel, leaving little chancethat anybody inside could contract Covid-19 TheNBA and NHL both successfully executed their bub-

bles fornearly three months.Un- MAN/REUTERS

lessTurner’s test result proves to HEIT

be afalse positive, baseball’sout- TIM come will bring intense scrutiny Dodgers rightfielder Mookie Bettscelebrates after hitting ahome run. LosAngeles rallied to beatthe Tampa BayRays, 3-1, in Game 6towin the World Series. of howits health and safety proto- cols could have failed on the most able strategic decision that ersacquired forthis exact mo- bles became ariteofautumn TheDodgersprevailed, provid- high-profile night of the season. changed the momentum of the ment, sealed it in the bottomof alongside leaf viewing. ing vindication forseveral key fig- Thetest result put aweirdspin contest. Rays aceBlakeSnell the eighth with ahome run. TheDodgersresponded by tak- ures who long sought achampion- on aDodgerscelebration that has looked untouchable,allowing just In manyways,the outcome ing ateam with virtually no holes ship to solidifytheir legacies. 1 been 32 yearsinthe making. two hitsthrough 5 /3 innings. came as no surprise.The Dodgers and improving it anyway.Already Roberts, the Dodgers’ skipper Some players immediately donned Then, with the Rays up arun and finished the curtailed 60-game armed with acorehighlighted by since2016,finally navigated the masks during the postgame cele- aman on firstbase,Tampa Bay schedule with arecordof43-17, apair of aces in Kershawand perils of the postseason after bration, but otherscavorted with manager Kevin Cash removed continuing their streak of eight Walker Buehler,the reigning MVP yearsofstruggling to answerfor no facecovering. Snell, replacing him with reliever consecutivedivision crowns.The in Cody Bellinger and aloaded tactical decisions that backfired. Afternearly adecade filled Nick Anderson, who had struggled Dodgerscombined star power lineup that also featuredTurner And Kershaw, the best pitcher of with regular-season dominance in recent weeks.AsSnell walked with aseemingly limitlesssupply and Corey Seager,Friedman his generation famous forhis poor followedbypostseason disap- off the mound, the pandemic-re- of depth to build ajuggernaut. sought the final piecethat would performances in October,authored pointment, the LosAngeles Dodg- stricted pro-Dodgerscrowd of Asimilar sentiment also ap- erase all doubt. aWorld Series worthyofhis ersconquered the crapshoot of 11,437 cheered loudly. plied to the 2019 Dodgers. And the In February, the Dodgers greatness, going 2-0with a2.31 October to assume their long- Themovefollowedafamiliar 2018 Dodgers. And the 2017Dodg- stunned baseball by swinging a ERA. awaited placeatopthe sport. They script forthe Rays,who rarely let ers. SinceAndrew Friedman took trade with the Red Soxfor Betts. MLB reaching this point at all claimedthe franchise’sfirst title astarting pitcher faceanoppos- over the front officebeforethe In July,after facing criticism for feels likeanaccomplishment. since1988,overcoming strict cor- ing lineup athirdtime.Given 2015 campaign—following along declining to pursue topfree Oncethe game returned in July— onavirus protocols,asupersized Snell’souting to that point, the tenureasthe Rays’general man- agentsinprevious offseasons, without the luxuryofabubble like playoff format that lent itself to Dodgersdidn’t complain--and they ager—the Dodgersare the only or- Friedman asserted the Dodgers’ fi- the NBAand NHL—coronavirus flukey resultsand the ghostsof immediately pounced. Mookie ganization with an overall winning nancial muscle by signing Betts to outbreaks on the Miami Marlins their ownpast failures. Betts doubled. Awild pitch plated percentageabove.600. a$365 million contract extension. and St.Louis Cardinals raised It wrapped up Tuesdaynight the tying run. Thego-ahead run Despiteperpetually stacked ros- Betts dazzled throughout the questions about whether the with a3-1 Dodgersvictoryover scored on agrounder by Corey ters,those other groups all fal- postseason not just with his bat, whole thing would crumble. the Tampa BayRays in Game 6. Seager,with Betts sliding across tered, increasing the pressureon but with his speed, athleticism Ultimately,itall added up to They benefitednot just from stel- the plateahead of firstbaseman Friedman and manager Dave Rob- and elitedefensiveprowess.Sea- createaseason unlikeany other lar work from their oft-maligned Ji-Man Choi’sthrow home.Betts, erts to succeed. As heartbreaking ger, who hitsdirectly afterBetts whereone thing really made bullpen, but also from aquestion- the superstar outfielder the Dodg- losses piled up,the Dodgersstum- in the order,surgedaswell. sense: the last team standing.

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EENBOTSSATAN P2JW302000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, October 28, 2020 | A15 OPINION 50 FirstDates With Covid and Biden BOOKSHELF | By Charlotte Gray

Idon’t like time dialysis patientsaverage Seems they really want to put paid $10million ayear fora Conquering doing it but 65 years of age. Older people money directly in your pocket, Chinese deal in which he de- today’scol- socializelessand have a youknow, to ownapieceof livered his father as a party. umn will ad- stronger incentivethan young Joe Biden. Some of my readerssay “so dresstwo people to avoid Covid. Though Dad: Thehell yousay? what?” and mention the Clin- Canada separatetop- the authorsadjusted their re- (Cuffs the boyaround the tonFoundation and the BUSINESS ics.Donald sultsfor demographics,behav- ears.) Trumps themselves,though WORLD Trump con- ioral effects are harder to ac- When the Biden campaign the latterwereinbusinessbe- The Company tinues to count for, so their estimate is done prevaricating about fore politics.Voterswho want By Holman W. makedismis- maystill understatethe true documentsreportedly found aliberal-progressivepolicy By Stephen R. Bown Jenkins, Jr. sive remarks spread in the U.S. as of mid- on an abandoned Hunter lap- mixwill vote forMr. Biden (Doubleday Canada, 474 pages, $28.95) about coro- summer. top, the campaign maywell anyway;voterswho equate navirus testing.Itmay sur- This nowmatters.Herdim- adoptthis highly plausible decorum with character are nthe 17th century, Europeans knewlittle about the prise you that he has a point. munity, a subject mangled by scenario. On Biden transition likely to prefer him as well. I immense interior of North America. But that didn’t stop By now, the U.S. has con- the press, has always been the All true.It’svoterswho King Charles II of England from issuing,in1670, a ducted 133,750,060 testsand goal, achieved by vaccine as vote strategically,who care grandiose charter granting an exclusivetrading monopoly detected 8,660,366 cases but much as possible,and by natu- To deployavaccine, most about Washingtoneffec- acrossthe entireHudson Baywatershed.Eighteen well-fed except fordiagnosing arela- ralimmunity to the extent tively putting avaccine in play London investorsnow claimed control of some 1.5million tivehandful who end up in the that we can’t curb natural we will need accurate and supporting areturn to squaremiles of land, spanning all of today’sManitoba and hospital, this giant testing en- spread at asocially and politi- dataand Washington’s prosperity,who mayneed to much of Quebec,Ontario,southern Saskatchewan, southern terprise serves little practical cally acceptable cost. recalculate. Ascandalized Mr. Alberta, Minnesotaand North Dakota. purpose. Anyvaccine is likely to be eyeonthe ball. Biden might find it harder to It wasthe ageofthe English East India Co.and the Dutch Yes, I said that. only partly effective, and to resist his left-wing base in of- East India Co., European corporations geared to profit from It does not limit spread be- dribble out slowly. Deploying fice.Recall that these forces distant, exotic territories.The Hudson Baybasin offered a cause the resultscome too it effectively, to save as many letterhead, Hunter will apolo- tried to scuttle his nomination similar opportunity because it wasrich in one of the most slowly and, in any case, iden- livesaspossible,means tar- gizetohis father,family and earlier in the year when valuable commodities of the time—furs. During the next two tifyonly asmall percentageof geting it to squelch the epi- the nation forinappropriate Zephyr Teachout, aformer centuries,the Hudson’sBay Co.would extend itsreach across cases and therefore potential demic at the earliest possible representations while negoti- NewYork gubernatorial candi- the Rockies to the Pacific and intoOregon, Idaho and spreaders. Nor does it provide date. Come January, when the ating aChinese partnership dateand Alexandria Ocasio- Washington. It would realign a window on the true scale of first doses are expected to be that ultimately fell through. Cortez ally, published a the economyofNorth America. the epidemic. Our flu surveil- available,asmanyas100 mil- His father never wasinformed lengthyindictment saying “Bi- In “The Company,” Stephen lance system, in 2016,used lion Americans mayalready of, and never would have ap- den has abig corruption prob- Bown, the author of “White fewerthan one million tests, have some immunity.The best proved,anagreement to be- lem and it makes him a weak Eskimo,” tells the storyofthe and only about 85,000 in top- target, counterintuitively,may come asecret beneficiaryin candidate.” Hudson’sBay Co.with verve tier labs,toestimate24mil- be those college-agepeople one of his son’sbusinessdeals. Forthese phlegmatic vot- and an astringent, contemporary lion cases nationally. We have who don’t yethaveantibodies Up to our elbows in prior ers, possible Democratic con- slant. Until the late20th no similar formula forrelating because vaccinating them will reporting by the NewYork trol of the Senate has always century, histories of the HBC today’stesting tip to the un- prevent the most futurecases. Times,Politicoand the New been theimportant wild card. were invariably accountsof derlying coronavirus iceberg iii Yorker magazine (nowforgot- Avotefor Mr.Trump then intrepid whitemen who paddled that we know is there. Hunter Biden:Dad, I’m tenbyall of them) on Biden would be avotetospend through treacherous rapids and At the end of July,U.S.con- working with ahighflying,po- family buckraking,the latest 2021-22enmeshed in anew struggled through thick brush to firmed cases reached 4.5 mil- litically connected Chinese revelations areinteresting impeachment drama. Avote emerge as bearded heroes.They lion.AStanford study exam- group on a vague investment only in suggesting that, in one forMr. Biden would be avote traded with the land’sNative ined blood samples routinely partnership that will payme instance, Hunter intimated to forahigh-stakes battle over Americans,who supplied the furs collected from dialysis pa- $10 million a year. potential partnersthey were progressivewish-list items but were rarely identified by tribe tients and found that, in July, Joe Biden: Son, I hope you buying notjust him but his fa- like the Green New Deal. or name.Mr. Bown widens the lens to include amore-informed an estimated 9.3% of the U.S. know what you are doing. ther.The relativevalue? Neither is appetizing but portrait of the these peoples and amore-balanced assessment population, or 30.5 million Hunter: Sure do. I told the Hunter Biden was reportedly we knowfromlast year’s ex- of the HBC’simpact during 200 yearsofmonopoly. people,carried Covid antibod- Chinese I’d be setting aside a paid about $1 million ayear by periencethat impeachment He details how, in the late1660s,two longtime NewFrance ies.Keep in mind that first- secret 10% stakefor you. Bursima. He expected to be might hurt the economy less. traderssold the English monarch on the idea of atrading monopoly,which would be apokeinthe eyeofEngland’s rival, France. Soon the companywas setting up trading forts at the mouths of the major riversflowing intoHudson Bay, Without a Platform, Trump Falls the hugeinland sea connected to the Atlantic by asingle inlet. Therewas already awell-developed trade network throughout If President argues,tax cutsand regula- Stamping out the pan- ises in his debates against Mr. the continent’swaterways, dominated by the Cree and Ojibwe. Trumploses tory reforms and trade deals demic,itturned out, wasa Biden. Voters have no reason Ahandful of HBC managersbought intothis system with his race for had the U.S. economybreak- necessaryprecondition for to believe that a second term their ownsupply of trade goods—primarily metal tools, re-election ing all the records, and when getting the economyand soci- of President Trump would be implements, firearms,tobacco and gunpowder.They did and takesRe- the virus goes away,I’ll do it ety back to normal. White different from the first. businessfirst with Cree trappersand then with Cree and publican in- again. He asks voters:Doyou Housechief of staff Mark Morebad news forMr. other NativeAmerican middlemen, who purchased the furs POLITICS cumbents really believethat acareer Meadows’recent statement Trump: Aheadline in Mon- from people further inland. & IDEAS down with politician likeMr. Biden, who that “we’re not going to con- day’sWall Street Journal an- Forthe next 150 years, the Hudson’sBay Co.gradually him, histori- presided over the slowest trol the pandemic” wasacon- nounced that “Tariffs on extended itsactivities,overseen by fewerthan 500 North By William ans maysee economic recovery in our his- fession of policybankruptcy— China Fail to Aid U.S. Facto- America-based employees,known as Baymen, manyofthem A. Galston June 10 as an tory,knows howtocreate and aself-inflicted wound. ries.” Thetrade deficit—the from the Orkney Islands of Scotland. Each spring,Native important day growth and jobs? president’sfavored if contro- American trappersand tradersarrived at the forts, their in the story. That is when the Unfortunately forMr. versial measureofsuccess—is canoes loaded with lustrous beaver, fox, otter, muskrat and RepublicanNational Commit- Trump,manyvotershavea The GOP program is higher than ever.Manufactur- other furs.The Baymen welcomed them in elaborate teeannounced that forthe different view. They experi- ing jobs haven’t been brought ceremonies signaling mutual respect. In latesummer,ships firsttime sinceits founding enced the pandemic as alife- the same as in 2016, back to the U.S. Manufactur- from London sailed intoHudson Bay, quickly unloaded trading beforethe Civil War, the changing and oftenlife- even though Covid-19 ing job growth had slowed goods and supplies to last the winter,packed their holds with party would not draftanew threatening disruption, and and production had peaked pelts, then sped home beforethe iceset in. Mr.Bowndescribes platform but would carryover they looked to the president changed the world. well before the pandemic hit. the harshnessofthose winters: “It wasaland where...wine the 2016 platform, word for forleadership.Drafting a Worstofall, at least if you’re froze when poured from the bottle and hoarfrost coveredthe word. party platform would have Mr.Trump,isthat the trade interior walls.” Summer waslittle better. One Bayman recalled This decision symbolized forced the administration to As unemployment surged, deficit with China is as high howthe bugsweresobad that “ifaman open’shis mouth he Mr.Trump’stakeover of the consider aplan forbringing millions of Americans faced as it waswhen the president is Lyable to be Joack’t.” party. It deprived the party’s the novel coronavirus under the possibility of losing their took office. As HBC explorersand tradersventured farther and farther candidates of an authoritative control beyond relying on a employer-provided health in- Mr.Trump’strade policies westward,they charted the continent’sgreat rivers and account of the Trump admin- speedy vaccine.Instead, the surance, and the expiration of have been controversial mapped newroutes,finally reaching the Pacific.European istration’saccomplishments. presidentminimized his role enhanced unemployment ben- within the Republican Party, diseases travelled with them; in some regions,Native Perhaps most important, it and devolved responsibility to efitshas made it harder for and they have divided the American mortality wasashigh as 80%. meantthat the party would the states,who struggled to them to affordalternatives. corporatecommunity. In are- notoffer an agenda forthe obtain essential medical sup- This wasapoor time forMr. cent survey,executives cite president’ssecond term. The plies.The president’sderisive Trump to attack the Afford- U.S.-China businessrelations It was the age of the East India Co., when plan would be whatever Mr. skepticism about wearing able CareAct. as oneoftheir topconcerns European corporations exploited distant, Trumpsays. masks further complicated Throughout his presidency, aboutasecond Trump term. In an ordinaryyear,this theeffortsofgovernorsand Mr.Trump has promised an Thestock market—another of exotic territories. Like British North America. might not have mattered. The localleaders. alternativetothe ACAthat the president’sfavorite conventional wisdom is that Instead, Mr.Trump tried to would preserveits popular benchmarks—has shrugged elections featuring asitting separatethe coronavirus from features—such as guaranteed off the rising prospectsofa Gradually,communities of mixed-racefamilies settled president arereferendums on the economy. If states reopen, coverage forpeople with pre- Biden victory, even though around the forts, despitedirectives from London forbidding the incumbent’srecord—un- he argued, people would go existing conditions—without theformer vicepresident’s liaisons between HBC employees and NativeAmerican women. lessthe challenger canbede- about their businessand learn the mandates to which he and plan to raise corporatetaxes Throughout the 18th century, the commingling of communities picted as unfit to replacehim. to livewith Covid-19 until his party object. Thepresi- is bound to reduceprofits in generated little tension. TheHBC muddled along,its profits But former Vice President vaccines and therapeutics dent has never offered such a the short term. eventually beginning to shrink.Then, in 1821, aScotsman JoeBiden has turned out to were developed. This is not plan. That reality has bedev- Hereagain, drafting aplat- named George Simpson arrived to take charge of operations be an elusivetarget, and the what happened. People voted iled Mr.Trump and Republi- form could have been the oc- and revivethe company’sflagging fortunes. Covid-19 pandemic disrupted with their feet, staying away cans in Congresssincethe casion foramidcourse cor- Short, plump and pugnacious,Simpson had made several Mr.Trump’scampaign theme from restaurantsand airports party failed to repeal the law rection. Instead, Mr.Trump is trips to the West Indies while working in the sugar trade. of astrong economy. The and entertainment venues. in 2017. Drafting aparty plat- likely to do worseinthe busi- Therehe“absorbed notions of superiority based on skin color” president’sinstinct wasto Thepresident’sdemand to re- form might have forced the nesscommunity—as mea- and gender,views that infused the corporateculturehenow treat Covid-19 as atemporary open public schools met resis- administration to fill this sured by dollarsand votes— imported to the furtrade.For the next nearly 40 years, interruption: Until the Wuhan tancefromfearfulparents, void. Instead, the president than anyother candidatein Simpson—an iron-willed executivededicated to eliminating virus reached our shores,he teachersand local officials. wasreduced to empty prom- the historyofhis party. wasteand inefficiency—crisscrossed his sprawling domain in his birchbark canoe,propelled by Iroquois voyageurswho would furiously paddle 100 miles in all weather during 18-hour days.Simpson swooped in on outposts, catching managers I Owe My Life to the A-Bomb unprepared. He treated his mixed-heritageemployees and mistresses with sneering cruelty. By William Lloyd death row, due to die Nov.1.I landingsbecause it impairs Operation Downfall. Japanese Simpson could rule as “a virtual dictator,” Mr.Bownwrites, Stearman wasshocked to read the Japa- rapidly dispersing troops. officials estimated that 20 because he kept the companysoprofitable that his landlords nese had 5,000 kamikaze air- Whenchecking amap of the million of their countrymen in London never questioned his decisions.According to the wassupposed to die 75 craft. Already our ship had area, ArmyMaj.Gen. Hugh would die defending the author,“the easy companionability that previouslyhad I yearsago. In June 1945, come very close to being Casey said that “anyone send- homeland. flourished between the peoples of the furtrade” dissolved President Truman ap- takenout by akamikazeat- ing troops ashoretherewas a But the two August 1945 under pressurefromthe racist, imperial attitudes of Simpson proved Operation Downfall, a tack,and two othersinour murderer.” In anycase we atomic bomb attacks, against and his appointees.Mr. Bown’sjudgment on Simpson is harsh: plan to invade the Japanese might not have made it to the Hiroshima and Nagasaki, con- He was“the greatest tragedy to befall the Companyand Home IslandsofKyushu and beach without being takenout vinced Emperor Hirohitoto northern North America. ...Rather than helpingtoprepare Honshu.Operation Olympic I was to be part of the by one of the several thou- surrender: “The enemyhad itsemployees,contractorsand customersfor the tectonic wastocommenceonKyushu sand suicide boats. begun to employamost cruel changes that were shaking the land in the later nineteenth Nov.1,1945, followedininvasion of Kyushu in We knewthe Japanese bomb,” he said. “Weshould century, [he] turned on them.” March 1946 by Operation November 1945. But would fight back fiercely.In notcontinue fighting,” for By the mid-19th century, British North Americans felt Coronet on Honshu. Iwas the the spring 1945 Battle of Oki- that “would result in an ulti- threatened by American expansionism and wanted to secure officer on aNavylanding Hirohito surrendered. nawa—the first Allied attack matecollapse and obliteration their owncountry. Supplies of beaverpeltshad long dried up, ship who acquired classified on Japanese territory—12,613 of Japan.” and an influx of settlerswanted access to HBC land. In 1869, documentsfor the ship,soI Americans were killed in ac- Hirohito made the surren- the companysurrendered the vast majority of itsterritoryto came back to the ship with group had been sunk.Ittion lasting 83 days. The Op- der official Aug.15. Iwas the British Crown, receiving £300,000 in compensation. The operation plans involving our turned out that 5,000 had eration Downfall plan called spared my datewith death, lands were then transferred to the newDominion of Canada. flotilla. been an underestimate—there forsome 450,000 Allied 2½ months later. As before, the Native Americans who shared the land were Ifirst checked to see where were actually 12,700kamikaze troops on Kyushu two weeks notconsulted. But the HBC continued to thrive, becoming we were landing.Itwas at aircraft. afterX-Day. Plannersexpected Mr. Stearman, who served the retail and real-estatecorporation it is today. Kyushu’seast coast city of Mi- We were also very con- them to face around 300,000 on the National Security Coun- “The Company” is compelling,both as alively narrative yazaki. Next Iturned to the cerned about our landing Japanese troops.The actual cil staff under four presidents, about acorporation that helped shape North American intelligencesection, which de- beach’sfacing acliff that was figure,welearned afterthe is author of “An American Ad- development and as athoughtfulexploration of the complex scribed what we were facing. honeycombed with gunem- war, was 917,000. venture, From Early Aviation indigenous cultures that oncedominated the continent. By the time Ifinished this sec- placements. It is common doc- The War Department esti- Through Three Wars to the tion, I was deeply depressed. trine to avoid being trapped mated 400,000 to 800,000 White House” (Naval Institute Ms. Gray is the author of 11 books of biography and popular It wasclear that Iwas on close to a cliff in amphibious Americans would die during Press, 2012). history, including “The Promise of Canada.” P2JW302000-0-A01600-1------XA

A16 | We dnesday, October 28, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Coping With the Covid Winter EVsWill Be Your Future, So Get Used to It

erhaps you’veheardwinter is coming.Or sponded moreswiftly in El Paso. Regarding your editorial “Target: needed predictability of demand so the as JoeBiden warned last week about a Death rateshavealso fallen tremendously as Your Gas Car” about the potential ban- necessarycharging stations canbeput P thirdvirus wave,“We’reabout to go into treatmentshaveimproved. This includes thera- ning of sales of newfossil-fuel-pow- intoplace. Charging arrangementsare ered cars (Oct. 22): Thereisnearly $1.3 the biggest barrier to ownership for adark winter,adark winter.” peutics likeGilead’santiviral Death rates have fallen trillion in outstanding automobile debt. urban dwellersand those with range He’splaying up the worstcase remdesivir and Regeneron’s About 35% of all American adultswho anxiety.MyChevyVolt has 38,000 as the election nears, so some sharply amid better antibody cocktail, but also ownacar have loans.Anaggressive miles and has had no significant lossof contextisinorder. medicalprotocols such as shifttoelectric cars will makethe gas- range. Oncethe prices come down a Viruscases areincreasing, care and treatments. prone positioning,low-flow poweredvehicles obsoleteand severely little,all-wheel drivebecomes standard but this is inevitable as cooler oxygenation in lieu of invasive damagetheir value as loan collateral. and thereare ubiquitous charging sta- weather arrivesand Ameri- ventilation, and anticoagu- Thereare currently about 110 million tions that competeonprice, therewill cans go indoors. Cases have also been climbing lantstotreat bloodclots. autoloans outstanding.Itdoesn’t look be no going back.Idon’t knowanyone acrossEurope,insome countries morethan in Anew study by the NYU Langone hospital likethe global-warming crowd has who has bought an EV who regretsit. the U.S. But the good news is that Americaisbet- system reportsits mortality rate declined by thought this through. DAVID J. MELVIN terprepared to handle another virus surge,and 70%fromMarch to August afteraccounting for DAVID SITOMER Chester, N.J. Leawood, Kan. progresstoward avaccine continues. age, health risks,admission vital signs and other Even the cheapest EVsare still be- iii factors. TheHouston Methodist hospital system No,they aren’t out to getyour gas- yond most people’sbudget. Other fac- Theseven-day U.S. rolling case averagehas reported itsmortality during the early summer poweredcar.The folks defending coal tors come intoplay. With manypeople nearly doubled from the recent lowinmid-Sep- surge wasabout 3.5% versus 12.1% in the spring. find that it is no longer economical due renting their housing,not everyone tember.Cases aremoregeographically dis- Deaths have also trended lowerbecause the to cheaper natural gasand renewable has the capability of recharging acar. persed than in the spring and summer,rising public is doing abetterjob of shielding the el- energy.Sinceelectric trucks appear What will theelectric bill look like? even in states with strict restrictions and mask derly and those at high-risk.The Centersfor Dis- likely to succeed first, fleet owners When the useful lifeofthe batteries mandates.This includes NewYork and itsneigh- ease Control and Prevention (CDC)reported last (Amazon, UPS and others) will demon- expires,what will the tabonthe new borswhose governorswerehailed forsuppos- week the shareofdeaths in nursing homes de- stratethe lowervehicle maintenance batteries be? What’sthe value of the edly controlling the virus.The increase has been clined by 45% between Mayand August. Individ- and lowercost of ownership of EVs, EV at that point? most acuteinupper Midwest states that weren’t uals over age85are 630 times morelikely to die and they will become mainstream. JOHN L. HOH JR. Mandating electric vehicles creates the Beloit, Wis. hit as hardearlier.Some of the increase is due than those between 18 and 29,says the CDC. to moretesting,which is detecting moreasymp- iii tomatic cases. This is whythe epidemiologistswho wrotethe Of Course Puerto Rico Deserves to Be a State Most concerning arehospitalizations,which Great BarringtonDeclaration,which has been areupbyabout 40% sincemid-September though signed by tens of thousands of doctorsand scien- Your editorial “Packing the U.S. hood, yet fail to mention that island arestill 30% or so belowspring and summer tists, advise afocus on protecting the elderly. Senate” (Oct. 17) states: “The Found- voters have twice rejected the cur- peaks.Most hospitals have ample capacity to They also warn that government lockdowns lead ers developed a model of representa- rent territory status and favored treat virus patientswhile continuing electivepro- to worsening heart-disease outcomes,fewercan- tion that would hold a diverse repub- statehood among non-territory op- cedures,which were stopped during the spring. cerscreeningsand moremental illness. lic together.” Our Founders also tions in 2012 and 2017. You also omit Covidpatients occupy 13% of hospital beds in Nearly athirdofthe so-called excess deaths established a government with the to mention the coming statehood “consent of the governed.” “yes” or “no” vote that, according to Wisconsin, 15% in South Dakotaand 15% in North in the U.S. this year have been attributed to This inherent principle of our public polling, is expected to see the Dakota. According to North Dakota’svirus data causes other than Covid, including cardiovascu- constitutional republic is just as im- island vote in favor of statehood for dashboard, 45% of non-ICU hospital patientsclas- lar disease and uncontrolled diabetes.Covid has portant, yetasitstands PuertoRi- the third time in less than a decade. sified “with Covid” areadmittedfor other rea- accounted forlessthan 10% of deaths among cans arerelegated to second-class The editorial rightly indicates that sons and test positivefor the virus. those over 65 this year,and amuch smaller share citizenship sincethey cannot vote “both parties have endorsed a path Some hospitals report being swamped, but among younger people. forthe president who establishes to statehood for Puerto Rico if resi- resourcescan be deployedtoareas that need the Treating non-Covid health ailmentscan re- the regulations they have to liveun- dents want it.” Hopefully, when the extrabeds.InElPaso,whereCovid patients ducevirus deaths.Masks canalso help at the der,and their elected congressional island votes in favor of statehood on make up 40% of hospital beds (about twicethe margins,and wearing them to protect othersin- representativecannot vote foror Nov. 3, its voice won’t be ignored summer peak), Texas Gov.GregAbbotthas an- doorsand in crowdsispublic-spirited and im- against policies on the floor of the simply due to the potential political nounced an alternatecaresiteand the feds are portant until avaccine is widely available,which House that might betterthe lives of implications. PuertoRicans. JENNIFFER GONZÁLEZ sending critical-carepersonnel. maybeasearly as this spring. You also point to the “strong Resident Commissioner of Puerto Rico Wisconsin has set up afield hospital in the Meanwhile,vaccines continue to progress, Puerto Rican resistance” to state- San Juan, Puerto Rico Milwaukee suburbs to treat patientswho aren’t and four in the U.S. have entered Phase 3trials, severely ill but maystill need medical support. meaning they have already shown evidenceof As of Mondaythat hospital wastreating four pa- generating antibodies in vaccinated patients. Mr. tients. Hospitalizing patientswith moderateill- Biden says most Americans won’t be able to get Biden’s Labor Plans Will Be a Major Change nesscan prevent complications that cause long- vaccinated until the middle of next year,but An- term damageand canturn deadly. thonyFauci of the National Institutes of Health Regarding your editorial “Big La- time.The OfficeofPersonnel Man- Governorsseem to have learned from mis- this month suggested April. bor’s Big SenatePlans” (Oct. 22): Joe agement estimates that federal em- takesduring earlier waves, including NewYork If Mr.Biden is elected, he’ll benefit from vac- Biden would also createa“cabinet- ployees spent 3.6million hourswork- Gov.Andrew Cuomo’s failuretouse field hos- cines developed thanks to drug-companyinno- level working group” to “explorethe ing on union businesswhile on the expansion of sectoral bargaining,” un- clock in 2016,costing taxpayers $177 pitals set up by the feds in NewYork City.Mr. vation and the Trump Administration effort to der which entireindustries would be million. One of the president’sorders Abbottwas slowtodeployresourcestothe streamline the bureaucracy. Expect his winter forced to asingle bargaining table seeks to reducethis “official time” by lowerRio Grande this summer but has re- to become lessdark soon afterJan. 20. with unions to set wagesand working two-thirds. conditions industrywide.The only dif- To discouragethe kind of corruption ferencebetween sectoral bargaining that has recently plagued the United A Rule for Cleaner Dishes and the NewDeal-eraregulation of in- AutoWorkers, the Labor Department dustrybythe National RecoveryAd- has developed atrio of regulatoryre- or yearsAmerican homes have been ducethe averagecycle to one hour from two, ministration is that union executives forms that would expand existing fi- stuck with dishwashersthat take forever while also giving betterperformance. CEI ar- writethe rules instead of government nancial transparencyrequirementsfor F and still don’t getthe job done.Anew De- gued that if the aim of the regulation wastocon- bureaucrats. unions and apply them to additional Mr.Biden would, on his “first day entities,such as union trust funds. partment of Energy rule finalized this week will servewater andenergy,it’sunlikely they in office,” rescind three executiveor- While not explicitly mentioned by the help changethat. achieved their purpose.People responded to dersissued by President Trump to campaign, thereislittle doubt the pro- If acamel is ahorse designed by committee, poor dishwasher performancebypre-rinsing makecollectivebargaining in the fed- posals would be in jeopardy under a SamKazman,general counsel forthe Competi- each dish beforeputting it through their wash- eral government moreefficient, Biden administration. tiveEnterprise Institute(CEI), says today’slow- ers, wasting morewater,orrunning their dish- streamline the processofdismissing AARON WITHE performancedishwashersmust have been de- washerstwice, wasting waterand energy. poor-performing federal employees National Director, Freedom Foundation signed by regulatorswho eat out. Regulations TherevisedDOE rule is not peaceinthe Mid- and limit taxpayer-funded union Washington on energy and waterusage—tightened in 2013 dle East or aCovid-19 vaccine.But it is an exam- by the Obama Administration—mean that dish- ple of howcommon-sense deregulation cande- washersnow take at least two hourstocomplete liver real benefitsfor the public.Judging from Trump Should StayOut of Korean Dispute afull wash cycle.Dishes maystill emerge with the public commentsinsupport of the proposed “Biz Doesn’t Stop for the Election” cision is expected Dec. 10. pieces of last night’slasagna baked on. rule,we’dbet most Americans will be delighted (Business World, Oct. 14), an exami- Mr.Jenkins speculates that Presi- Twoyearsago CEI petitioned the Energy De- to learn they will soon be able to buy dishwash- nation by Holman Jenkins of the rela- dent Trump would overturn action by partment to allowdishwashersthat would re- ersworthyofthe name. tionship between trade-secret protec- the commission holding SK Innovation tion and economic vitality, builds to responsible forits wrongdoings, which an unsubstantiated conclusion that would set adangerous precedent. Supreme Court Ballot Wisdom President Trump would abandon four SK Innovation is a Korean com- years of trade policy and protect a pany that violated America’s laws he campaign to stigmatizethe Supreme and eroding public confidenceinelectoral out- foreign intellectual-property thief against a company that is actively Court is already under way,evenbefore comes,” JusticeGorsuch wrote. “No one doubts from punishment. employing thousands of Americans, T newJusticeAmy Coney Barretthearsa that conducting anational election amid apan- At issue is the trade-secret dispute paying taxes and partnering with case.Witnessthe media hyper- demic poses serious chal- between LG Chem and SK Innovation, some of America’s most important in- It isn’t partisan to rule two makers of electric-vehicle batter- novators. Meanwhile, SKI employs ventilating afterthe Justices lenges.But none of that means ies. Earlier this year, an administra- fewer than 100 Americans and was ruled 5-3 lateMondaythat that a state’s voting individual judges mayimpro- tive law judge at the International recently alleged to be using illegal Wisconsin’sNov.3ballot dead- vise with theirown election Trade Commission ruled for LG Chem Korean labor in Georgia. This is not line must remain in place. deadline should stand. rules in placeofthose the peo- in an initial determination. A final de- the profile of a company that Presi- Theorder sustained an ap- ple’srepresentatives have ad- dent Trump should wish to rescue. pellate-court ruling that had opted.” Nor is it the profile of a company de- halted afederal judge’sintrusion saying ballots TheWisconsin decision should reducethe Privacy, Censorship and the serving of rescue. mailed on time could be counted even if they ar- chancesofpostelection legal chaos if the vote Free Social-Media Model Trade-secret protection is the rived six days late. Thejudgeclaimed Covid-19 count is close.Clear rules that everyone knows linchpin of American job creation. as theexcuse,but Badger State lawsays absen- upfront mean feweropeningsfor political mis- Greg Woods’s “Censorship and Get- And companies that steal intellectual ting Social Media Right” (Letters, property should not be trusted to teeballotsmust arrivebyElection Day. chief that requires Supreme Court intervention Oct. 22) makes some very good create the jobs they promise. Justices Neil Gorsuch and BrettKavanaugh alaBush v. Gore in 2000. points regarding old-fashioned mail SEUNGSE CHANG wrote opinions that should help educatelower- Intriguingly,Chief JusticeJohn Robertsvoted and the telephone. He believes that LG Chem court judges who think they canrewritestate with the majority,though he had sided with the social media doesn’t warrant addi- Seoul, Korea election lawonelection eve. JusticeKavanaugh liberals in arecent case involving Pennsylvania tional restraints on content. However, cited the Court’sprecedentsthat “recognizea statelaw and courts. TheChief explained that what he misses is that the post office basic tenet of election law: When an election is he sees lesscause to intervene to overrule state doesn’t read your mail and the phone Pepper ... close at hand, the rules of the road should be courts. But JusticeKavanaugh added, in afoot- companies aren’t supposed to eaves- And Salt clear and settled.” notetohis concurrence, that “state courtsdonot drop on your conversations. Social JusticeGorsuch added that Wisconsin has have ablank check,” sincethe U.S. Constitution media eavesdrops on your every word THE WALL STREET JOURNAL gone to extraordinarylengths to take account of empowers statelegislatures to direct the man- and uses that information to sell you things and shape your thoughts and Covid, including sending all registered voters an ner of presidential elections. opinions. absentee-ballot application and return envelope JusticeBarrettwill soon gether chanceto Social media should perhaps be in the summer that they have been able to return weigh in on this,asother ballot cases percolate prevented from extracting any infor- sinceSeptember. through the courts. Aftertheir request forastay mation about you, without your ex- If Wisconsin’sNov.3deadline canbethrown wasdenied, Pennsylvania Republicans came plicit permission, for any commercial out due to Covid and despitethe manyavenues back to the Supreme Court last Friday, asking purpose. Maybe social media should forcasting avote, JusticeGorsuch wrote, then the Justices to take the case on the meritsand be a paid service as the post office “what about the identical deadlines in 30 other to expeditearuling.Also pending is an appeal and the phone companies are. States?” Whybump the deadline six days and from North Carolina, wherealegal settlement ROBERT DUTY not 10 days?Other judges,hecontinued, might extended the ballot deadline by nine days. Dallas well “unfurl the precinct maps and decide Theshame is that the leftisportraying all this Lettersintended forpublication whether Statesshould add polling places,revise as partisan when the lawand Constitution are should be emailed to [email protected]. their hours, rearrangethe voting booths,” and clear.Both parties benefit from clear and widely Please include your city, stateand so forth. understood election rules beforethe counting telephone number.All letters aresub- “Last-minutechanges to longstanding elec- begins.Sodoes the cause of democratic legiti- ject to editing,and unpublished letters “Sorry, son, one day this will cannot be acknowledged. tion rules” risk inviting “confusion and chaos macy, no matterwho wins. all be run by robots.” P2JW302000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, October 28, 2020 | A17 OPINION The Amazing, Horrifying Age of Exaggeration

By Lance Morrow straint: aspirit of sobriety,astyle Uighursoranyone else. of narrativetemperance. In abad It isn’t an accident that the ex- xaggeration is the oldest time,recklessexaggeration ought aggerations of the 1960s and the tendencyofAmerican hu- to be condemned as asin against exaggerations of the ageof mor.Politics,too.Think clarity and the common purpose. Trump—of the baby boomersin E of Mark Twainand Huck Butit’ssomething of acivil war their youth and their dotage—are Finn’s“stretchers,” or of that Americans have on their similar.They call to each other H.L.Mencken’s railing against char- hands,and so,addicted to their across the years. Both express latan politicians and “the boobo- ownrighteousnessasiftococaine, themselves in theform of what isie.” Thegenreoftall tales—Amer- they have abandoned restraint and might be called narcissistic general- ica’snaivegigantism—began with made themselves at home in a ization—an overstatement of griev- John Henryand Paul Bunyan. It has madhouse of hyperbole. ances,needs,desires,hatreds, come to gorgeous flowerinthe Overstatement is Donald Trump’s fears, impulses and indignations time of Donald Trump. natural style anyway.Heexagger- emerging from the emotions of the This is agolden ageofAmerican ates more shamelessly than the self-important and self-cherishing exaggeration. Gaudy, reckless over- Wizard of Oz.His enemies return collective. statement, whether deployedin the favorand exaggerate him in the Politics in ademocracyisby

self-glorification, in vilification of oppositedirection, so that every E definition acircus of exaggeration;

enemies or in ideological hyper- dayonFacebook and Twitterhe’sa OW it deals always in the dynamics of bole,has become the style of psychotic,he’sthe anti-Christ, he’s CR competitivemyths.You can’t get

American public lifeonboth sides Hitler,he’sthe Tasmanian devil. CHAD your party’s myth up and running of the political divide. TheTrump artillerylobs back rhet- withoutexaggerating alittle: You oric that abuses JoeBiden as acor- geration. It turns akernel of truth ritual epithet to “protests” or can’t have saintsordemons,heroes rupt, obtunded geezer infected with intoafancylie.The firstcasualty “demonstrations.” Americans were or villains,without hyperbole to Hyperbole was more fun in the socialist virus.Mr. Trump sums of ideologyishistorical accuracy. asked to accept the oxymoron of makethem vivid. Exaggeration is up the Bidens as “a crime family.” Thesubject of race has gener- overwhelmingly peaceful riots. The the yeast that makes the storyrise. Mencken’s age. Today it’s Exaggeration is asymptom of ated an idiomofexaggeration: The Orwellian phrase,manifestly un- It’salso true that electoral poli- become ugly and fanatical, self-importanceand insecurity.Yet phrase “whitefragility,” forexam- true,told Americans to ignorethe tics involves aDoppler effect. The to describe either Mr.Trump or his ple,has takenits placeasthe neu- flames,the ruined businesses,the wavesofexaggeration intensify, ris- a weapon in a holy war. enemies on the leftas“self-impor- rotic little sister of those twin rocks and bottles,the abandoned ing in pitch, as the election draws tant” is awistfulunderstatement. brutes,“whitesupremacy” and policeprecinct, the lasersaimed at near.After the firstTuesdayafter One might as well refertoNew “white nationalism.” All three cops’ eyes with intent to blind the firstMondayinNovember,with Onceupon atime,asin York City as the community across terms—resonant, self-confident and them. the crisis of election past, the Dop- Mencken’swork acenturyago, ex- the river from Fort Lee, N.J. self-evident to the minds of the be- Cartoon generalizations often pler wavesnormally recede and, aggeration wasfun; not so much Theleft’sexaggerations have a lievers—areirresponsible over- work.Now and then they are soon enough, the constitutional now. Exaggeration has been milita- different tone and metaphysics statements that started out as costly.HillaryClinton discovered processofacceptancesetsin, rized. It has been fanaticized. One from Mr.Trump’scarny-barking. modestly accurateperceptions. that in 2016,after her crack about bringing relief,possibly hope.But meme afteranother gets puffed up TheNew York Times’s “1619 Proj- Now, in their exaggeratedform, the “deplorables.” So,too,racial 2020 is much crazier than other and sent intocombat, transformed ect,” to citeone case,setsforth an they have become,shall we say, stereotypes of whitepeople (claim- election years. We’ll see. intoideologyand, in the case of a invidious theoryabout slavery and privileged stereotypes. ing to knowtheir very thoughts, few choiceexaggerations,sanctified race in Americathat obscures an Exaggeration mayalso take the conjuring the snakes of bigotryand Mr. Morrow is asenior fellow at in the minds of the faithful. It is essential truth of the countryby form of minimization, an effect meannesshidden behind their ice- theEthics and Public Policy Center. politics as holy war. exaggerating and distorting it to that went to work over the summer blue eyes) arenomorevalid than His latest book is “God and Mam- Youmight expect acrisis as seri- thepoint that it becomes,ineffect, in the phrase “overwhelmingly hatefully generalized projections mon: Chronicles of American ous as that of 2020 to impose re- false.That’sthe trouble with exag- peaceful,” which wasattached as a aboutblacks,Mexicans,Walloons, Money.” With Justice Barrett, Is the End Near for Racial Preferences?

During her confirma- wholater movedleft—from Sandra acknowledgment that these policies even reversed.” Theemphasis is the pose explanation forsocial inequal- tion hearings, Justice DayO’Connor to David Souter to An- weren’t working and, 17 yearslater, authors’. ity, or that blacks can’t progress AmyConey Barrett thonyKennedy—urgescaution. there’slittle evidencethat anything In the 1940s and ’50s,black-white without special treatment, which is faced manymore In itsearliest iteration, affirmative has changed. In the popular imagina- gaps were not only shrinking in in- whyblack politicians and civil rights questions about action in practicemeant outreach to tion of manyonthe political left, to- come,educational attainment, home- activistsseldom bring it up. ObamaCarethan low-income blacks.Itwas argued day’sblack middle classisadirect ownership ratesand other measures. What affirmative action has suc- UPWARD about affirmativeac- that thepolicywas necessaryto product of the civil-rightsgains of Thegaps were shrinking at unprece- ceeded in doing is stoking racial con- MOBILITY tion, though her compensatefor past injustices and the 1960s and the affirmative-action dented ratesthat have never been re- flict. It keeps race front and center views on the latter would one daynolonger be neces- policies that followed. But the data peated, even during the subsequent in our policy debates, regardless of By Jason L. arepotentially far sary. Over time,however, quotas and tell adifferent story. eraofaffirmativeaction. relevance. Lagging groups aretold Riley moreconsequential. set-asides replaced simple outreach, If anything,the evidenceshows that others have gotten ahead at Theracial divi- and racial double-standards in col- that racial preferences have coin- their expense. sions that have plagued the U.S. for legeadmissions were defended on A new majority may cided with slowerblack upwardmo- High schools that catertoover- decades reached ahead this sum- groundsthat they enhanced “diver- bility.After the University of Califor- achieving studentsare under pres- mer with nationwide protestsfol- sity” on campus. stop equivocating on nia system ended itsrace-conscious suretodropentranceexams and lowing the death of George Floyd. Affirmative-action benefitswere affirmative action, which admissions policies in the 1990s, adoptracial and ethnic admission This type of social unrest has long also extended to other groups,in- black graduation ratesrose.Apolicy quotas.Colleges aresued fordis- been nurtured and exploited by cluding recent immigrantsfromLatin impedes black mobility. intended to increase the sizeofthe criminating against Asian-Americans black leadersand their political al- Americawho had suffered no past blackmiddle classwas in practice the way they oncediscriminated lies,who have turned the hallowed discrimination in the U.S. As the limiting itsgrowth. It would be diffi- against Jews.Corporations are civil-rightsmovement of the 1960s countrybecame steadily moredi- The“progresstoward equality for cult to identifyagovernment pro- shaken down by “diversity consul- intoalucrativeracket today. These verse, the Supreme Court kept punt- black Americans didn’t begin in gram coming out of the 1960s that tants” who claim that the only pos- effortshavebeen abettedbySu- ing on the validity of these color-con- 1965,” writeHarvardpolitical scien- did moretohelp blacks than what sible explanation forracial imbal- preme Court decisions that hem and scious policies,and colleges and tist Robert Putnam and his co-au- black were doing to help themselves anceinthe workplaceisracial hawoverthe legality of racial-pref- other institutions doubled down on a thor,Shaylyn Romney Garrett, in beforethe program. discrimination. erencepolicies. racial spoils systems.What could their newbook,“TheUpswing.” “By Forreadersofconservatives like Racial preferences have also TheCivil RightsAct of 1964 plainly possibly go wrong? manymeasures,blacks were moving Charles Murray,Walter Williams, served to diminish the achievements mandates equal treatment of individ- In a2003 Supreme Court decision toward parity with whites well be- Thomas Sowell and Stephan and Abi- of blacks who have succeeded, such uals regardlessofrace, and the addi- upholding racially discriminatoryad- fore the victories of the Civil Rights gail Thernstrom, this historyiswell as the person who swore in Justice tion of JusticeBarrettmakes it more missions policies at the University of revolution, despite the limitations known. But it’snicetosee it chroni- Barrett on Monday, JusticeClarence likely that the court will finally inter- Michigan, JusticeO’Connor wrote: imposed by Jim Crow.” Moreover, cled by someone of Mr.Putnam’s Thomas.The sooner these two can pret the lawtomean what it says. “Weexpect that 25 yearsfromnow, “after the Civil Rights movement, standing on thepolitical left. It’sa gettowork applying their originalist Nevertheless, our experiencewith the use of racial preferences will no that longstanding trendtoward ra- historythat seriously undermines jurisprudencetoaffirmativeaction, other Republican-appointed justices longer be necessary.” It wasatacit cial equality slowed, stopped, and thenotion that racism is an all-pur- the betteroff we’ll all be. Dodd-Frank Undermines the Fight Against Covid

By John Berlau Under the law, companies listed on morethan six million man-hoursat- neer and president of the European adjoining countries mine the major- And Seth Carter U.S. stock exchanges must audit tempting to tracetheir supply PassiveComponentsInstitute, in ity of tantalum. their supply chains and disclose if chains forconflict minerals in 2014. the newsletterand electronics jour- Mining consultant Bill Millman, sU.S.manufacturersraceto their productscontain even traces And 90% of those companies still nal TIC Bulletin. former president of the Tantalum A producenew vaccines,thera- of thedesignated minerals—gold, couldn’t confirm their products X-raymachines rely on tungsten International Study Center,says peutics and medical equip- tantalum, tin and tungsten—that were conflict-free.Manydecided to componentstoensurestability in that while thereare moreCongo- ment to combat the pandemic, mighthavebeen mined in areas avoid the Congoregion altogether electron emission at high tempera- lese mines that participateinthe their effortsare impeded by amis- controlled by warlords. and source materials from other tures.Chest X-rays areofheight- Dodd-Frank complianceprocess, guided decade-old government Theprovision wassold as pro- countries and continents. ened importance in helping detect thereare still legitimatewarlord- mandateenacted, ironically,for hu- tecting Congolese citizens from When mining dropped off due to the presenceand severity of free mines that can’t affordthe manitarian purposes.This rule— warlords who profited from the Dodd-Frank’seffects, Congolese vil- Covid-19 in manypatients. cost. “So what you’vegot is anar- targeting “conflict minerals”—has mining and sale of these minerals. lages were hit by reductions in edu- rowgroup of mines and anarrow shrunk the medical supply chain Proponentsclaimed that restricting cation, health care and food supply. group of smelterssupporting an in- forcomponentsofeverything from their use would save lives,and the In 2014, 70 activists, academics and The ‘conflict minerals’ ternational market,” he says.“And ventilatorstovaccine needles and only coststoAmericans would be government officials signed aletter of course that’sgot to push up syringes. possibly slight increases in the blasting initiatives likethe Dodd- provision blocks resources prices,and it does.” He adds that Thetroublesome mandateisina prices of laptops,cellphones and Frank provision for“contributing vital for everything from countries such as China, which are last-minuteprovision inserted into other “luxury” items that contain to,rather than alleviating, the very not bound by Dodd-Frank,haveac- the Dodd-Frank financial overhaul theseminerals. conflictsthey set out to address.” ventilators to vaccines. cess to Congolese tantalum that the in 2010.That law’sSection 1502 They were wrong on two counts. Second, these minerals arealso U.S. lacks because “they don’t have forces manufacturerstodisclose if First, the effectsofthe conflict- used in medical devices and equip- to deal with anyofthese additional anyoftheir productscontain “con- minerals mandateprovedtobedev- ment to dispense drugsand vac- Inogen, amaker of oxygen con- costs.” flict minerals” mined in the Demo- astating forthose it aimed to help. cines.AdvaMed,which represents centrators, said in aMay SEC filing Forthe World WarII-likeefforts cratic Republic of the Congoand As the Journal reported,manufac- U.S. medical devicemakers, stated that “one or more” of the Dodd- to ready billions of doses of nine adjoiningcountries in Africa. turersspent about $709 millionand in a2011 comment to the Securities Frank minerals maybeused in the Covid-19 vaccines,aswell as medi- and ExchangeCommission that “it manufacturingofits devices that caldevicestotackle newsurgesin is unavoidable that conflict miner- providesupplemental oxygen. In Covid-19 cases,American manufac- als will be used” in medical devices, another recent filing,the company turerswill need untrammeled ac- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY and that “asthereare currently no warned that the conflict-minerals cess to the world’sresources. That’s Rupert Murdoch Robert Thomson substitutes forthese minerals,the mandatecould cause pricespikes whyPresident Trump must use a Executive Chairman, News Corp Chief Executive Officer, News Corp continued sourcing of these miner- and shortages of itsproducts. part of theDodd-Frank conflict- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher als is necessarytoensurethe safety “Costscould significantly increase minerals provision that allows the Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: and efficacyofmedical devices.” and our ability to meet demand for president to waivethe mandatefor Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; An AdvaMed spokesman says the our productscould be impacted,” two yearsifhedeems such awaiver Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; views expressed in that letterhave thecompanywrites. in the interest of national security. News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; not changed. Overwhelming evi- Then thereisthe race for Issues in the Congoregion are Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer denceconfirms that the minerals Covid-19 vaccines and related medi- important and canstill be ad- Andrew Dowell, Asia; AnthonyGalloway, Video & designated by Dodd-Frank still are calsupplies.The minerals restricted dressed in manyother ways. But to- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; essential to medical equipment and by the Dodd-Frank Act arefre- daythe national security interest— Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; devices—including those needed to quently used in the composition and global interest—of defeating Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; fight Covid-19. and production of needles,syringes Covid-19 cannot be weighed down Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News Ventilators often rely on energy- and vials necessarytotransport by outdated redtape that has failed Thomas SanFilippo, Customer Service; storagecapacitorsmade from tan- and administer billions of doses of to serveevenits ownstatedpur- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; talum. “The ability of tantalum ca- vaccines.The compressorsused to pose of alleviating suffering. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; pacitorstoanswerrequirementsfor refrigeratevaccines also use these Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International reliability,robustnessand high en- minerals to function. Fortantalum Mr. Berlau is asenior fellow at WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: ergy density makethem critically in particular,the conflict-minerals the Competitive Enterprise Institute LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head important foradvancedmedical ap- mandateiscutting off awide swath and author of the book “George

EDITORIAL AND CORPORATEHEADQUARTERS: plications such as lung ventilators of the global supply forAmerican Washington, Entrepreneur.” Mr. 1211 Avenue of the Americas, New York, N.Y., 10036 and lifesupport monitoring equip- manufacturers. According to the Carter is aresearch associate at Telephone 1-800-DOWJONES ment,” wrote Tomas Zednicek,engi- U.S. Geological Survey,Congoand CEI. P2JW302000-0-A01800-1------XA

A18 | We dnesday, October 28, 2020 THE WALL STREET JOURNAL. P2JW302000-5-B00100-1------XA BUSITECHNOLOGNEY: AMAZON TOSSHIRE 100,000&FSEASONAL WOINRKERS FORANHOLIDAYS B4 CE

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S&P 3390.68 g 0.30% S&P FIN g 1.91% S&P IT À 0.52% DJ TRANS g 1.49% WSJ $ IDX g 0.07% LIBOR 3M 0.213 NIKKEI (Midday) 23410.76 g 0.32% See more at WSJ.com/Markets AMD Agrees to BuyXilinx for$35 Billion

BY ASA FITCH financial boost immediately on biggest among chip makersand billionfor Maxim Integrated centersthat has takenoff with problems with itsmanufactur- closing.The Wall Street Journal would mark only the latest ProductsInc. the introduction of newgenera- ing process that analystsbe- Advanced MicroDevices previouslyreported the two landmark proposed transaction SantaClara, Calif.-based tions of high-performancechips lievecould help competitors Inc. plans to buy rival chip were close to an agreement. in recent months.Itcomes just AMD specializes in central-pro- in recent yearsunder Chief Ex- like AMD advance. AMD shed maker Xilinx Inc.ina$35 bil- The U.S. semiconductor in- weeks aftergraphics chip-mak- cessing unitsand graphics chips ecutiveLisa Su,making it a itschip-making facilities more lion deal, adding momentum to dustryisgoing through aseis- ing giant Nvidia Corp.agreed to at theheart of modern comput- moreformidable competitor to than adecade agoand nowre- the consolidation of the semi- mic transformation, driven pay$40 billion forArm Hold- ers. Itsshares have advanced largerrival Intel Corp. lies on otherstomakeits prod- conductor industrythat has both by awaveofcorporate ings, the British mobile-phone strongly this year as the pan- AMD is enjoying asurge at a ucts, such as Taiwan Semicon- only accelerated during the transactions and apandemic chip design giant backed by demic fueled the sale of laptops, time when Intel has been strug- ductor Manufacturing Co., pandemic. that has superchargeddemand SoftBank Group Corp., in what as well as gaming systems such gling.Both companies have which runs some of the world’s AMD and Xilinx on Tuesday for some chips. would be the industry’sbiggest as Microsoft Corp.’sXboxand benefited from the spikeinde- leading chip plants. said the companies reached an AMD’splanned purchase of ever deal if it goes through. Sony Corp.’sPlayStation that mand forlaptops and cloud PleaseturntopageB2 all-stock deal that would signifi- Xilinx,which still must pass That proposed tie-up landed use AMD chips.The company computing as people increas- cantly expand their product regulator scrutinyinthe U.S. afterAnalog Devices Inc.inJuly hasalso benefited from abusi- ingly work from home.Intel,  Heard on the Street: AMD rangeand marketsand deliver a and abroad, would be one of the agreed to paymorethan $20 nessselling processorsfor data however, has been stung by can roll the dice...... B13 Covid Hits Ant’sLong Road to an IPO Games,

Sales for AntGroup’s initial public offering is poisedtobreak global Antgrewout of an online escrow service calledAlipay— recordsfor total funds raised. The companybecame the world’s alifestyle and payments app with morethan one billion users Cloud mostvaluable startup afterafundraising round in mid-2018 that in mainland China—thatwas createdin2004 within online Caterpillar valueditat$150 billion, and could raise morethan $34billion retailer Alibaba Group.AlipayhelpedpopularizeQRcodes. with its coming listings and earn avaluation well in excess of Antsaysitisn’t primarily afinancial company, but Boost $300 billion. atechnology-solutions provider thatconnects individuals And 3M Thatwould placeitamong the world’smostvaluable and small businesses with banks, asset managersand other technology companies. financial-services providers. Microsoft BY AUSTEN HUFFORD Market value of the world’stop tech and payments companies

Big manufacturers are log- AT LISTING Alibaba CURRENT* Alphabet(Google) BY AARON TILLEY ging lowersales to businesses Facebook ranging from cruise-ship Ant $832B Visa $1.01T Mastercard Microsoft Corp.expectsthe builderstomedical offices,as $666B pandemic-erademand surge for the coronavirus pandemic con- $326B $316B cloud-computing services,vid- tinues to drag on economic ac- Estimate eogaming and computersthat tivity across the globe. delivered abumper quarter to Caterpillar Inc. said Tues- $313 billion $168B at listing $81B $43B $23B $5.3B persist at least through the rest daythat revenue fell by at IPO: September2014 May2012 March 2008 August2004 May2006 of the year. least afifth in the latest quar- Thesoftware companyon ter in each of its three global Apple Tuesdaysaid sales rose 12% to segments: construction, min- $37.2 billion, generating anet $1.99T Microsoft Amazon ing and energy and transpor- $1.59T $1.61T profit of $13.9 billion in the tation. 3M Co.said sales were Tencent firstquarter of itsfiscal year. down in about half itsbusi- $694B Theresultssurpassed Wall ness lines from a year earlier Street expectations on revenue and that demand forits prod- and profit forthe quarter end- ucts for nonemergency medi- $1.2B $0.8B $0.5B $0.4B ing in September. caland dental procedures December 1980 June 2004 March 1986 May1997 Revenue from Azure, the wasn’t likely to recover company’smassivecloud-com- through next year. Howits loan businessworks Wherethe moneycomes from puting servicethat has under- Their resultsshowdemand pinned itsfinancial success in from commercial customersis Alipayconnects about 100 banksinChina to consumersand small businesses that Ant’srevenue comes from twomain sources: recent years, increased 48% on shakyground as the pan- need short-term loans.Its credit businesses originate loans to millions of individuals. it collects fees from merchants when people from ayear earlier. demic continues to disrupt MYbank,anAnt affiliate,provides loans to small businesses.Banksunderwritethe transact with Alipay, and earns fees from “Demand forour cloud offer- work routines and commerce. debt, takethe credit risk and collect interest payments, while Antcollects fees banksand other financial companies that ingsdrove astrong start to the “It’s reflective of the chal- forfacilitating the transactions.The majorityofAlipay’stransactions takeplace makeloans or sell investmentproducts on fiscal year,” MicrosoftChief Fi- lenges still with Covid,” 3M’s in China. It nowhandles moretransactions yearly than Mastercardand Visa. its platforms.Inthe first half of this year its nancial Officer AmyHood said. ChiefExecutiveMikeRoman operating margin was34%. Microsoft’spersonal-com- said of demand forits medical puting business—which in- Number of Ant’s individual Credit balanceRAnnual transaction evenue by division and dental products. “It’s not borrowers borrowers volume* cludes licensing revenue from going to be aperfectly PC sales,the Xboxgaming plat- 2.5 trillion yuan 60 billion yuan Digital Digital straight line.” About payments finance form and Surfacelaptops—saw Shares in 3M slipped1.8% 500M sales advance6%to$11.8bil- to $163.15 on Tuesday, and 2.0 Alipay lion.The gaming content busi- China Caterpillar dropped 3.7% to $17.6trillion† 40 ness sawa30% jump in sales $157.20. 1.4 billion 1.5 over the previous year.The At the same time, demand businessisalso expected to for3Mproductssuch as N95 further benefit later this year World population 1.0 masks and home-cleaning sup- 20 with the release of the new plies is booming,and the St. 7.7billion Mastercard XboxSeries Xgaming console. 0.5 $6.3T Paul, Minn.-based company’s Visa 1st Thecompanythis quarter sales rose 4.5% to $8.35billion $11.3T half will release itsnew XboxSeries forthe thirdquarter.Some 0 0 Xgaming console intoone of consumer-focused manufac- 2017 ’20† 2017 ’18 ’19 ’20 the hottest videogaming mar- turerslikeWhirlpool Corp. kets.“We expect very strong *AsofOctober 26 †AsofJune ‡For the 12 months ended June 2020 **Converted from yuan at Oct. 26 exchange rate Note:1trillion yuan=$149billion have had trouble keeping up Sources: Dealogic (atlisting); FactSet (current); staff reports (Ant); United Nations (world population); National Bureau of Statistics of China (China population); demand following the launch of with demand from consumers AntGroup (borrowers, revenue); the companies (transactions) our next generation XboxSe- refurbishing their homes and ries Xand Sconsoles,” Ms. buying new vehicles. PleaseturntopageB4 “Weare seeing both sides of the pandemic,” Mr. Roman said. Cases of Covid-19 are rising Market MovesSignal Less Anxiety Over Election sharply this month in the U.S. and other parts of the world. That is promptingnew restric- BY GUNJAN BANERJI to higher economic growth, panies that typically trade at a something that hasn’t hap- stimulus plan in the cards. Al- tions on restaurantsand other have ascended in October,while lowmultiple of their book pened all year. though otherdynamics areat businesses.Industrial activity, Despitethe recent stock- Treasuryyields have jumped as value,ornet worth—have out- Those market moves suggest playinmarkets, ranging from meanwhile, remains subdued. market selloff,investorsappear bond prices have fallen. Betson performed. TheS&P 500 Value investorsare taking their cues the Covid-19 caseload to the U.S. factoryoutput fell in Sep- to be positioning foraspeedy volatility falling through the indexadvanced1.6%inOctober from polls showing former Vice vigor of the global economic re- tember after three months of outcome to the presidential endofthe year in the deriva- through Monday, beating the President JoeBiden with a covery,manyinvestorssay in- gains,the Federal Reservesaid contest and dwindling volatility tives market picked up,after S&P 500 Growth index’s0.8% steady lead over President creased expectations foranor- earlier this month. through the end of the year. months of investorspositioning gain. Thevalue indexwas on Trump, which increases the derly U.S. election season have Some manufacturerssaid U.S. stocks,particularly forrockymarketsintoJanuary. track to beat itscounterpart for chances of adecisivevictory. been among the key develop- they have been whipsawed those in sectorsmost sensitive Value stocks—shares of com- the second consecutivemonth, They also seearobust fiscal PleaseturntopageB12 this year by aplungeinde- mand followedbyabig surge. Engine maker Cummins Inc. said Tuesdayitloggedits big- INSIDE Face Masks, Decor Fuel Etsy’s Momentum gest-ever increase in sales for the latest quarter compared with the previous three BY CHARITY L. SCOTT masks, making it the second- months. best selling category on the “Even with the dramatic in- Etsy Inc.ishaving amo- sitebehind housewaresand crease,however, sales re- ment. home furnishings. mained below last year’s lev- /REUTERS Theonline marketplace Several other product cate- els,” Cummins Chief Executive built around selling handmade gories have fueled growth.Ex- DUCEY TomLinebargertold analysts. and vintage goods is riding a cluding masks,sales forthe REN

Coatingsmaker PPGIndus- KA wave of surging demand for home category were up 128% tries Inc.said last week that facemasks and home decor, S year over year,led by products

sales of itscoatingsused on BUSINESS making it one of the few retail PRES from furnituretowall art. airplanes dropped 35% in its Raytheon continues winnersinayear that has Sales of jewelryand accesso- latest quarter as big plane with job cuts punished the sector. ZUMA ries jumped 50%, while demand makerscut production and Nowinvestorsare looking also rose in smaller categories as demand slows

airlines flew less. to see if Etsy,which reports KIMBALL/ including toys and games, Caterpillar said slowercon- forjetliners. B2 third-quarter earningson beauty and pet supplies. struction of everything from Wednesday, canbuild on re- Etsy last year peggedthe THARINE

cruise ships to pipelines dur- cent momentum. Thecompany KA size of its market at $100 bil- ing the pandemic is weighing PROPERTY REPORT said last quarter it had nearly A mask from Etsy. The site sold 12 million masks in April alone. lion, but the companyand on demand forits heavy ma- Lenderstake 19 million new or reactivated some analysts nowsay the chinery. action against buyers on its platform, while Masks have playedabig morethan 110,000 sellershad pandemic hasproveditis “Those areverybig ma- totalbuyersjumped 41% from role in Etsy’s run. Thecom- sold at least one mask on the much larger. Needham &Co. chines,veryexpensive, and delinquent the same period last year. pany reported selling 12 mil- platform. Last quarter, 14% of analyst Rick Patelsaid strong people aredeferring [pur- mall owners. B6 Profit swelled to five times the lion in April alone,and by the grossmerchandise sales from sales last quarter in tradi- PleaseturntopageB2 year-ago quarter. end of the second quarter Etsy’s marketplacecame from PleaseturntopageB4 P2JW302000-4-B00200-1------XA

B2 | We dnesday, October 28, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Exxon Mobil...... B3 Poshmark...... B6 Raytheon Cuts More Jobs to Fit Advanced Micro Devices Facebook...... A4,A6,B4 PS Business Parks.....A4 ...... B1,B13 Fifth Wall Ventures....B6 R Ford Motor...... A12 Alphabet...... A6 Raytheon Technologies Amazon.com...... B4,B6 G ...... B2,B13 Downturn in Jetliner Demand Apartment Investment Goldman Sachs...... B3 Robinhood Financial...A6 & Management...... A2 H Royal Dutch Shell...... B3 Ares Management...... B6 S B Harbor Group...... B6 BY DOUG CAMERON hiring had been halved to Raytheon didn’t provide fi- industry recovery. Harley-Davidson...... B3 Saks Fifth Avenue...... B6 Banco Santander...... B3 4,000,while corporatestaff nancial guidancefor 2020,but TheInternational Air Hero MotoCorp...... B3 SoftBank...... B13 Raytheon Technologies wasreduced by 1,000. analystsforecast sales of Transport Association forecast BASF...... B3 HSBC...... B3 Sony...... B1 Bayer...... B3 Hudson's Bay...... B6 Stitch Fix...... B6 Corp.,the biggest aerospace Aerospace suppliersare around $64 billion that would global airline revenues would BioNTech...... B5 I Stripe...... A6 supplier by sales,said it is shedding thousands of jobs in surpassthose of Airbus SE be about $400 billion next Blend Labs...... A6 cutting 20,000 jobs this year— response to the collapse of air- and Boeing Co.for the second year compared with an esti- Industrious National T BP...... B3 up from apreviously an- line traffic,though Raytheon year in a row. mated $350 billion in 2019. It C Management Company Taiwan Semiconductor ...... B6 Manufacturing...... B1 nounced 15,000—as it adjusts has been able to fall back on Sales at Raytheon’sPratt & pared previous estimates from Callaway Golf...... B2 Intel...... B1,B13 ThredUp...... B6 to the shrinking airline indus- militarysales such as engines Whitney jet-engine unit fell by August because of rising coro- Camber Creek...... B6 Intuit...... A6 3M...... B1 try and the sharp drop in jet- forthe F-35 combat jet and athirdinthe quarter,while navirus cases and pushed back Caterpillar...... B1,B12 T-Mobile...... B6 CBRE Group...... B6 J - K liner orders and deliveries. Patriot missiles. revenue from aircraftparts when it expectsavaccine to Topgolf Entertainment Chevron...... B3 JPMorgan Chase...... B3 Thecompany, which sup- Defense rivals in recent halved as manufacturersre- be widely available...... B2 Citigroup...... B3 Kilroy Realty...... A4 plies engines,aircraftseats days have flagged slowing duced production and airline Airlines have cut back Total...... B3 Coinbase Global...... A6 L Twitter...... A6 and other partstoairlines and growth in Pentagon spending flying remained subdued. sharply on maintenance Columbia Property Trust Latchable...... B6 U planemakers, said the cutsin- because of the soaring federal Raytheon expectsits sales spending as they have cur- ...... B6 Lord & Taylor...... B6 clude a20% reduction in its budget deficit. of partsand engines to Airbus tailed flying,hitting large and Unibail-Rodamco- Convene...... B6 commercial arm. It is also re- “Defense businessalso and Boeing to be down about small suppliers. Raytheon CoStar...... A4 M Westfield...... B6 Cummins...... B1 Mastercard...... A6 V ducing itsofficeand factory gives us the ability to continue 40% this year and in 2021 Chief Financial Officer Toby Curbio...... B6 Microsoft...... B1,B12 spacebyasmuch as aquarter to invest through this cycle compared with last year,with O’Brien said the health of its Visa...... A1 N - O in response to pandemic- and to makesurethat we have minimal shipmentsofparts ownsupply chain had im- D W Davide Campari-Milano Notarize...... B6 driven changes in demand and the right technologies for the for the Boeing 737 MAX. proved over the quarter.He Walker & Dunlop...... B6 ...... B13 Nvidia...... B13 working conditions. future,” Chief Executive Greg Mr.Hayes said he didn’t ex- said the companyhad con- Douglas Emmett...... A4 OpenDoor...... B6 X Raytheon had previouslydis- Hayessaid on an investor call pect 2019 levels of flying to cerns about only around 50 of E - F P Xilinx...... B13 closed around 15,000 job cuts as Raytheon reported a77% return before2023 at the ear- its 13,000 suppliers. Eli Lilly...... B5,B12 PayPal...... A6 Z at itsCollins Aerospaceand drop in quarterly profit. liest, and the main airline Etsy...... B1 Plaid...... A1 Zillow...... B6 Pratt&Whitney engine arms.It Itsshares fell 7%, or $4.28, trade group on Tuesdayalso  Heard on the Street: Remote said Tuesdaythat contractor to $56.53 on Tuesday. tempered expectations for an work hits revenue...... B13 INDEX TO PEOPLE

A H Quinn, Noel...... B3 Auchincloss, Murray...B3 Hayes, Greg...... B1,B13 R B Hood, Amy...... B1 Rascoff, Spencer...... B6 Beckerman, Michael...B6 K Roman, Mike...... B1 Berman, Casey...... B6 Kay, Scott...... B3 S Bonfield, Andrew...... B2 L Shorenstein, Brandon.A4 Botín, Ana...... B3 Silverman, Josh...... B4 Brewer, Chip...... B2 Linebarger, Tom...... B1 Su, Lisa...... B1,B13 Bulger, Kate...... A2 N - O U C Nelson, Robert...... A2 Umpleby, Jim...... B2 Costello, Jim...... B6 O’Brien, Toby...... B2 Z D P - Q Zeitz, Jochen...... B3 Das, Ankhi...... B4 Patel, Rick...... B1 Zenteno, Alex...... B3

open up apreviously untapped AMD $5 billion market to AMD’sdata center processors, she said. Xilinx specializes in chips Agrees to that differ from the norm by al- lowing userstoreprogram them afterthey areproduced. Buy Xilinx Because of that flexibility,they GES areuseful in arenas wherefast IMA prototyping is valuable and ContinuedfrompageB1 wherecustomersdon’t need to GETTY This year’s almost 80% in- producechips in large numbers.

crease in AMD’sshareprice Xilinx caters to some of the DRIGUEZ/

gaveitthe financial firepower same customersasAMD,in- RO to scale up in amovesimilar to cluding operatorsoflarge data

Nvidia, which plans to use centersfilled with serversthat RICHARD about $21.5billion in stock to crunch companies’ dataand Topgolf’s outdoor driving ranges have been abig draw during the pandemic. Above,race-car driver Kevin Harvick teed off in Allen, Texas, in 2018. payfor Arm. powerthe internet. Xilinx shares rose morethan Xilinx would also giveAMD a 8%. AMD fell morethan 4%. foothold in areas whereitisa CallawayonCourse to BuyRestofTopgolf With the chip industrycon- small playerorentirely absent, solidating and customer needs including telecommunications changing,Ms. Su said sizeis infrastructureand defense.Xil- necessarytokeep pace. inx chips areused in the U.S.’s BY CARA LOMBARDO value of about $2 billion as of over 50% of Topgolf’s custom- vate-equity firm Providence “Webuilt averystrong busi- latest combat plane,the Lock- Monday’s close. ers don’t identify as golfers. Equity Partners, had been nessaround the foundation for heed Martin Corp.F-35 Joint CallawayGolf Co.agreed to Topgolf,based in Dallas,op- “Topgolf is the best thing looking intoaninitial public AMD,but when youlook at StrikeFighter.They arealso buy the rest of driving-range erates about 60 entertainment that happened to golf sinceTi- offering.Itwas founded in wherethe marketsare going in commonly used in superfast 5G operator Topgolf Entertain- centersinthe U.S. and else- gerWoods,” Callaway Chief 2000 by British brothersSteve the future, Ithink scale mat- network infrastructure. ment Group, in amovethat where that offer virtual golf- ExecutiveChip Brewersaid. and Dave Jolliffe. ters,” she told the Journal, add- Financially,the deal, on clos- will bringacompanyknown related games as well as les- “It’sgoing to be the largest Callaway firstinvested in ing that the companies’ cul- ing,would immediately improve forits clubs and golf balls into sons and host privateparties. source of new golfers for our Topgolf in 2006. tures,technologystrategies and AMD’sprofitmargins,earnings the fast-growing sports-enter- It generated about $1.1 billion industry.” TheCarlsbad, Calif., com- businessmodels meshed well. and cash generation, the com- tainment business. in revenue in 2019 and has Topgolf’s outdoor driving pany, founded in 1982, early Customers, she said, increas- panysaid. Themovecould also Callaway on Tuesdaysaid it grownata30% compound an- ranges have been abig draw last year completed the nearly ingly want avariety of comput- aid AMD in reaching itsgoal of reached an all-stock deal that nual rate since 2017, the com- during the coronavirus pan- $500 million acquisition of ap- ing engines—chips that special- 20% annual revenue growth values Topgolf at around $2 panies said. It could be avalu- demic as people look forways parel and equipment maker izeinartificial intelligence, for over the next few years. AMD billion. Callaway,which al- able entrypoint intoasport to safely socializeout of the Jack Wolfskin. Callaway’s example,ornetworking—in- promises $300 million in cost ready owns aroughly 14% that has been struggling to at- home.The company, whose other brands include Odyssey, stead of jack-of-all-trades chips. savingsfromthe combination stakeinTopgolf,had amarket tract younger players,since other investorsinclude pri- TravisMathew and Ogio. And chip development costsare within 18 months. rising,which gives the competi- Under the deal, Xilinx share- tiveedgetothose with larger holdersare to receivearound quarter. checkbooks. 1.7234 AMD shares foreach of Salesfor Thecompanysaid it ex- :BJ 79A?'6AJ =J6"?%E 0?EBA AMD has steadily gained their Xilinx shares,representing pects sales to improve in the market shareagainst Intel in re- apremium of almost 25% over fourth quarter compared with FHAJ% ?'?A6AJ") /J69J") cent months,reaching almost a the company’scurrent value. Caterpillar, the third. Thecompany’sorder fifthofthe market forPCcen- Theaddition of Xilinx,led by backlog increased $500 mil- tral processorsinthe second CEO Victor Peng, would put lion compared with the second quarter, according to Mercury AMD on amoreevenkeel with 3M Drop quarter but remained $1.2 bil- Researchfigures.Ithas also Intel, which entered the fray in lion below last year’s quarter. been gaining shareinCPUsthat the chips Xilinx specializes in— “While the situation re- go intoservers. called field-programmable gate ContinuedfrompageB1 mains fluid, overall, we are 5# 62*( 4" 3(' 6041- TheXilinx deal, Ms.Susaid, arrays—through its$16.7 billion chases] until such time as they cautiously optimistic,” Chief '!%$#"& $0. (*(/ &!*(3 wouldn’t distract AMD from acquisition of Alterain2015. have clarity,” Andrew Bonfield, ExecutiveJim Umpleby told 4( ,$( (%+(66(3, 6!&$, that business.AMD will win Despitethe meteoric rise in Caterpillar’s financial chief, analysts. further market share, she said, AMD’ssharepriceand ambi- said in an interview. Caterpillar sawanuptick in ,$!. 6041 1/2*!)(.-5 adding that the companies to- tion, it lagsfar behind Intel in Theoil-and-gas market was latepaymentsfromcustomers, gether would have moreprod- other measures of size. Intel particularly weak forCaterpil- with the past-dues rate in- #&!!$ %" uctsand alonger list of custom- has roughly 10 times the num- lar.Its sales to customersin creasing to 3.8% from 3.2% in ersthat they could sell to ber of AMD’semployees and that industryfell 41% as de- the same quarter ayear be- together.Xilinx’srelationships made $71.9billion of revenues clining energy prices have fore.Still, the companysaid with telecom equipment giants last year,compared with AMD’s caused development of newoil itscustomersremained in Samsung Electronics Co.and $6.7 billion. And Intel still main- and gas fields to stall. Cater- good financial health. While F>G B&4G?" AJ$B%#9#E& Ericsson AB,for example,could tains acommanding lead pillar continues to viewenergy some went on arevisedpay- against AMD in measures of as along-term opportunity. ment schedule during the "J9?'J%D #H AMDisparlaying theincrease market share. During thequarter it said it heights of the lockdowns ear- $G?D!, $9J6G, BJ69AB& 9?EBA) in its sharepricetofinanceits Along with the transaction, would buy the oil-and-gas lier this year,about 90% are biggesteveracquisition. Nvidia AMD on Tuesdayreported a businessofWeir Group PLC now back to paying on a nor- @9?'?%6AJD H6A?E>J, AJ%D?#%, also plans to use shares to help jump in third-quarter profit, for $405 million. mal schedule,Caterpillar said. J&J DAG6?%, BJ6"6$BJD, 6%" buy Arm Holdings. propelledbythe same pan- Caterpillar said there were In all, revenue fell 23% to demic-fueled demand for vid- some positivesigns in the $9.88 billion, from $12.76 bil- 49J6G& J&JD) Year-to-dateperformance eogame consoles and com- marketsfor itsmachinery. It lion in the same quarter ayear 150% puterprocessorsthat has expectsindustrywide con- before. Profit declined 55% to 70 AJDAJ" 6%" $JGA?H?J") underpinned itsstock much of struction demand in China to $668 million. Nvidia the year. increase forthe year as a 3M said sales of N95 and 4 +128% Thecompanysaid it had whole,despiteamassivedrop other masks were $235 million +-%# &!6 100 $2.8billion in sales in the quar- at thestart of 2020 as the higher than in the year-earlier Advanced ter, up 56% from the year prior. countryfirst worked to con- quarter.The companyhas sold CG#'# -#"J 1;5(8( Micro It generated 32 centsinearn- tain the virus.Inthe U.S., 1.4billion masks so far this Devices 50 ingsper share, almost triple the home buildershaveincreased year and is on track to sell 2 +++*35+*+.(8 +72% year-agofigure. Both sales and construction rates recently. billion by the end of 2020 as it '?$G#D>%)$#' per-shareearningstopped Wall “Residential construction is more than triples production. Xilinx Street estimates according to abright spot. That’ssome- Thecompanysaid itsglobal 0 +27% analystssurveyed by FactSet. thing we expect to continue,” sales grew 0.9%, excluding ac- AMD said it expectstohave Mr. Bonfield said. quisitions and currencymove- about $3 billion in sales in the Caterpillar said it was well ments, including a5%increase *$) 315')00"572:80 '"10. ,$5",) –50 currentquarter,also ahead of positioned to weather thecri- in the U.S. and 8% in China. 3M Wall Street expectations. sis,with $9.3 billion in cash posted aprofitof$1.41 billion 0"7,) (99!/ JFMAMJ JASO Xilinx last week posted quar- and $14 billion of available li- compared with $1.58 billion in Source:FactSet terly sales of $767 million. quidity at the end of its third the same period last year. P2JW302000-2-B00300-17BFF77178F

THE WALL STREET JOURNAL. ** We dnesday, October 28, 2020 | B3 BUSINESS NEWS Harley-Davidson’s At BP,FiveQuarters of Losses Profit Surges on Low oil prices, weaker trading results, and slim refining margins Leaner Production hurt the bottom line

BY BOB TITA primarily in North America, BY SARAH MCFARLANE Europe and partsofAsia—that Harley-Davidson Inc.deliv- generatealarge shareofthe LONDON—BP PLC reported ered on itsstrategytoin- company’s sales and offer the afifth consecutivequarterly crease profit by curbing mo- best potential for growth. lossonTuesday, providing the torcycle production and costs. “Wedon’t want to grow for firstglimpse of howmajor oil Thecompany’sshares the sakeofgrowing.Wewant companies navigated the third jumped 22% to $35.40. to grow profitably,” Mr. Zeitz quarter amid aprolonged Themanufacturer reported said during aconferencecall slump in demand triggeredby a 39% increase in third-quar- with analysts. the coronavirus pandemic. terprofitdespiteselling 8% As the companyretreats The loss follows one of the

less bikes than a year earlier. from adecadelong effort to worstsecond quarterseverfor GES

ChiefExecutiveJochen Zeitz expand the brand globally,it the sector,inwhich BP halved IMA is scalingback overseas ex- has reduced its workforce by itsdividend and cut jobs.In pansions, eliminating slow- about10% and plans to trim the thirdquarter,oil prices GETTY sellingmodels and lowering the number of current and stabilized at around $40a inventoryatbikedealersto planned models in itslineup barrel afterdiving earlier in GALAI/ AM

sharpen Harley’s focus on by a third. the year.Still, prices remain NO best-selling models in markets Overhead expenses fell 26% around athirdbelowwhere BP is increasing investment in renewables, to rely less on oil. A BP gas station in New York City. with the strongest sales. during the quarter.Motorcycle they were a year earlier. TheMilwaukee-based com- shipments from the factories BP’s earnings also suffered lowedbyChevron Corp.and cial officer, in an interview. pendent on oil, while increas- pany is delaying or abandon- dropped 6% and dealer inven- from lowerrefining margins Exxon on Friday. Theoutlook fortrading and ing investmentsinrenewables ing models aimed at younger tories of motorcycles shrank andweaker trading results. Refiningand trading some- refining margins remained and other low-carbon energy ridersand customersoverseas. by more than a third. Trading had provided abright times offer some relief to ma- challenging, BP said, due to sources over the next decade, Harley said it will exit 39 mar- Forthe quarter ended Sept. spot in the previous quarterly jor oil companies during times Covid-19,with inventories and at an eventlast month. That kets overseas with lowsales 27, net income rose to $120.2 earnings for BP, Royal Dutch of lowerenergy prices but re- alevelingoff in demand for shifthasn’t eased investor and rely on distributors to sell million, or 78 centsashare, Shell PLCand TotalSE,but cently even these areas ha- gasoline and jet fuel. worry. The company’s shares itsmotorcycles in 17 countries, from $86.6 million, or 55 a lowervolatility in the quarter ven’t been as profitable.Refin- Thecompanyreported are- aretrading near a25-year low including in India, where it is share, ayear earlier.Adjusted ended Sept. 30 reduced trad- ing margins have in the past placement cost loss—a metric and have underperformed closing an assembly plant. profit increased to $1.05 a ing opportunities. risen when oil prices have similar to the net income fig- their peers in recent months. India’s HeroMotoCorp Ltd. share, ahead of the 30 cents Other major oil companies fallen, but Covid-19’s decima- urethat U.S. oil companies re- BP plans to sell $25 billion will sell and serviceHarley’s expected by analysts. areexpected to report another tion of fuel demand meant this port—of $644 million for the of its assets by 2025 and has bikes in India. Under alicens- Harley said it generated weak quarter,with Shell and didn’t happen. three months ended Sept. 30, already achieved around half ing agreement with Hero, Har- $964 million in revenue from Exxon Mobil Corp. having al- “Oil prices went down but from a loss of $351 million in of the target, including recent ley will allowHerotodevelop motorcycles and related prod- ready flaggedexpected losses refineries couldn’t getthe the year-earlier period. sales of itsAlaska business and sell motorcycles under the ucts, down from $1.07 billion in their oil-and-gas production product away to the market, It is the firstset of earnings andits chemicals unit. Net Harley-Davidson brand. in the year-earlier period but businesses in recent weeks. people weren’t flying, people for the British company since debt is expected to shrink in Harley said it will concen- ahead of the $844 million ex- Shell is due to report its weren’t driving,” said Murray it gavedetails of awide-rang- the fourth quarter as proceeds trateonabout 50 markets— pected by analysts. earningsonThursday, fol- Auchincloss, BP’s chief finan- ing revamp to become lessde- from the sales are received. EPA Allows Weedkiller Type in a Win for Bayer, BASF

BY JACOB BUNGE saythey need the spray to paired with soybean and cotton chemical is prone to evaporat- In June,the U.S. Court of To help protect vulnerable combat hard-to-kill weeds. seeds that have been genetically ing and drifting on the wind, Appeals forthe Ninth Circuit crops, the EPAsaid Tuesdayit TheU.S.Environmental Pro- Tighter nationwide rules engineered to withstand the potentially threatening nearby ruled that the EPAoverlooked would prohibit the dicamba tection Agencywill extend its around when and wherethe spray.The companies pitch the fields,and states have received riskstoother crops when the herbicides from being applied approval of controversial weed- herbicide canbesprayed on combination as away forfarm- thousands of farmer complaints agencylast approved the herbi- to soybeans afterJune 30,and killers foranother five years, a farmswill help limit injuryto erstodefeat costly weeds like of crop damagelinked to di- cides in 2018,and revoked on cotton afterJuly 30. victoryfor agriculturecompa- crops and residential gardens, palmer amaranth and marestail camba. Thechemical compa- those approvals.While that rul- BASF’sU.S.CropVicePresi- nies Bayer AG and BASF SE. the agencysaid. that have developed resistance nies and some farmershavede- ing came aftermanyfarmers dent ScottKay said the ruling Theagencysaid Tuesdayits “Wehavereached aresolu- to other common farm herbi- fended dicamba, saying that were done spraying dicamba will help farmerskeep fields reapproval of dicamba herbi- tion that is good forour farm- cides, likeBayer’s Roundup. their formulations of the herbi- forthe year,itraised pressure clear of weeds.AlexZenteno,di- cides,which have been blamed ersand our environment,” said However, dicamba has di- cide arelessprone to evapora- on the EPAasthe agencycon- camba product manager for fordamaging millions of acres EPAAdministrator Andrew vided farmerssincethe compa- tion, and that the sprays canbe sidered granting newdicamba Bayer, said adding the new of crops in recent years, would Wheeler. nies released the products controlled by following manu- approvals, which were sched- chemical agent would help farm- provide clarity to farmerswho Thedicamba weedkillersare aboutfour yearsago. The facturers’ directions. uled to be decided by late2020. erskeep control over dicamba.

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B4 | We dnesday, October 28, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Facebook’s Head Of Public Policy in India Steps Down

BY NEWLEY PURNELL Journal identified as posting materialthat violated hate- A Facebook Inc.executive speech rules.Mr. Singh has

in India who wasatthe center said in Facebook postsand S

of apolitical storm over the public appearances that Roh- PRES company’spolicyonanti-Mus- ingya Muslim immigrants UMA

lim hatespeech on the plat- should be shot, called Muslims /Z

form is leaving her position, traitorsand threatened to raze TER

the social-media giant said. mosques. GIS Ankhi Das, Facebook’stop A subsequent Journal arti- RE

public-policyexecutiveinits cle revealed that Ms.Das UNTY biggest market by users, said made internal postings over CO in an internal post provided by several yearsdescribing her ANGE

the companythat she had de- support forthe ruling party OR

cided to step down to pursue and criticizing its main rival, ON/ her interest in public service. behavior some staff sawas PIERS

TheWall Street Journal re- conflicting with Facebook’s Y

ported in August that Ms.Das pledgetoremain neutral in TERR had opposed applying Face- elections world-wide. An Amazon facility in Eastvale, Calif., in May. Excluding seasonal workers, Amazon’s world-wide workforce is headed to one million. book’s hate-speech rules to a “Ankhi has decided to step politician from the ruling down from her role in Face- Hindu nationalist party,along book to pursue her interest in with at least three other public service,” Ajit Mohan, Amazon to Add 100,000 Jobs Hindu nationalist individuals thecompany’smanaging di- and groups flagged internally rector for India, said. Ms. Das forpromoting or participating was“one of our earliest em- in violence, according to cur- ployees in India and playedan For Coming Holiday Season rent and former employees. instrumental role in the Following the article’spub- growth of the companyand its lication, Indian lawmakers services over the last 9years,” questioned Facebook officials, he said. BY DAVE SEBASTIAN North Americathis year.Ama- Thecompanywill report untilearlier this month. The while the company’sstaff Ms.Das said in her post zonsaid it pays itsworkersat third-quarter resultsonThurs- promotion propelled consum- pushed internally forareview that she had “decided to step Amazon.com Inc.plans to least $15 an hour. day. Analystspolled by FactSet erstospend billions of dollars, of howithandles problematic down from Facebook after hire100,000 seasonal workers Last month, the company expect Amazon to post aprofit but the event wasalso marked content. long service to its mission of in the U.S. and Canada heading said it would hire100,000 ad- of $3.84billion on sales of by activism around the coun- In aletterfrommembersof connecting people and build- intothe Thanksgiving and ditional warehouse employees $92.78 billion for the period. try, including an online peti- Facebook’s internal group for ing communities.” Christmas holidays ahead of an in the U.S. and Canada. Ex- Amazon has experienced a tion targeting Amazon’spro- Muslim employees,called India is akey market for expected surge in online orders. cluding seasonal workers, Am- wave of ordersthis year as ductivity expectations for Muslim@, staffersfromIndia, Facebook,which isn’t allowed Thee-commerce giant on azon’sworld-wide workforce warehouse workers. the U.S. and Middle East said to operateinChina, the only Tuesdaysaid the seasonal will be roughly one million af- Retailers including Walmart the company needed to make other nation with morethan workerswould pack and de- teraccounting forthe 100,000 Thecompany Inc. and Target Corp., as well itspolicy-enforcement process one billion people. liver items,among other roles, additional positions and as e-commerce companies forhigh-profile usersmore Facebook’s policies for po- during the holidayshopping 33,000 corporateand technol- accountsfor more such as Instacart Inc., have transparent and lesssuscepti- licing content on its platform rush. Theadditions build on ogy jobs it is adding.Amazon than athirdofonline also seen immense growth on- ble to political influence. have regularly drawn accusa- thecompany’shiring spree will have morethan 700,000 line and hired hundreds of Facebook later banned a tions of political bias in the this year to meet soaring de- employees in the U.S. once sales in theU.S. thousands of workers. Brick- member of India’sruling U.S.,fromRepublicans and mand during the coronavirus those positions are filled. and-mortar retailershave party,T.Raja Singh,whom the Democrats alike. pandemic, even as companies Amazon, which accountsfor booked some growth through acrossarangeofindustries morethan athirdofonline their digital sales as their have cut their workforces and sales in the U.S.,has recorded Covid-19 restrictions pushed stores experienced Covid-19 filed for bankruptcy. record profitsduring the pan- morepeople toward online disruptions.Some retailers TheSeattle-based company demic.Itposted arecord shopping. After struggling to plan to close stores on Formoreinformation: also said it has promoted $88.91billion in sales during meet a surge in online order- Thanksgiving and areoffering In Memoriam wsj.com/inmemoriam morethan 35,000 operations its second quarter, and profit ingatthe outset of the pan- Black Fridaydeals online dur- employees,including fulfill- doubled to $5.24 billion from demic, Amazon postponed its ing November and December ment-center workers, across the same period last year. annual Prime Day sales event to reduce crowds. !20*.42 "4''-,0*++ 51&*3-( )%/ $#$# forcustomerstofind what quickly so that you can make home,some newly furloughed Face Masks they arelooking for—a rele- some extraincome,” he said workerswith sewing skills vant issue this spring when a during an April interviewon gravitated to the platform, IN search for“mask” wasas FoxNews. Themarketplace pushing the number of active Fuel Etsy’s likely to bring up costumes as wasflooded with masks of a sellersto3.1 million, the com- MEMORIAM protective face coverings. variety of sizes,colorsand panysaid. Etsy chargessellers In the early days of the fabrics,and Etsy quickly es- afee of 5% of the list pricefor Honor your lovedone’s life Momentum pandemic,the Centersfor Dis- tablished itself as ago-todes- items sold on the platform. ease Control and Prevention tination for fabric masks. Theplatform is currently in TheWall Street Journal recommended against wearing Stephen DeMent,40years adding between 45,000 to ContinuedfrompageB1 facemasks.When that posi- old, whoowns an Etsy shop 50,000 newsellersaweek,and Shareyour loved tional retail categories such as tion changedinApril, many called Funk and Chill, heeded already has outstripped the to- one’s storywith an home and accessories showed retailersweren’t ready,lead- that call. A Seattle native liv- talnumber of sellersadded last announcement in the Etsy’s reach beyond crafts. ing Americans to pieceto- inginThailand, Mr.DeMent year,according to datafrom pages of TheWall Street “Masks might be bringing gether facecoveringsout of said his shop usually has three MarketplacePulse,aresearch Journal, either in our people to Etsy’s door, but it’s old bedsheets and T-shirts. times its current selection of firm. Half of those newsellers national or regional doing a good job of retaining Amid the effort to source apparel and accessories.He arebased in the U.S.,asignifi- editions. Our In Memoriam them to buy other products,” reusable face masks, Etsy ap- reduced listingsand quadru- cant jump over the past two Mr. Patel said. pealed directly to its then-2.8 pled his formerly five-person years, said MarketplacePulse notices provide adignified Etsy’s shares have more million sellersthrough blog staff to keep up with demand founder JuozasKaziukenas. >*"'@*"(%>(!- (*$%'E=8,C4+=()4)2C5<= wayfor friends, family and )+ >:.B)C than tripled in value sincethe posts, emails and even televi- for masks. Etsy said it is continuing to (?)C:A?)+A:.B)C-A<5C-D51:40 15. 5.+ colleagues to paytribute. start of the year. sion appearances from CEO Funk and Chill has sold make other improvements to DC:).+-":7,45: F5AA)+ 5350 5D<)C 54).B5. 'C5./:A/,E has been increasing spending als available on Etsy that’ll 700%. “It’sbasically been a displayestimated delivery #5AA).7,DD A<5CC)+ :. ;?) @9AA:5. ',47 WSJ.com/InMemoriam on marketing and customer showyou the pattern that you six-month marathon,” he said. dates and rolling out Klarna, ')A<:654- 5.+ F)CD,C1)+ :. 6).9)A A9/? 5A support, including issuing re- need to use and give you tips While manyEtsyshops are which allows customerstopay (5C.)B:) &544 5.+ >),94 !401F:/ ><5+:91E funds morequickly.Italso has and guidelines on how to get run by individual sellers who for purchases in installments, ©2020Dow Jones &Company,Inc. ":7,45: :A A9C6:6)+ 20 ?:A 3:D)-A:A<)C 5.+ invested in making it easier your shop up and running very were already working from to U.S. shoppers last week. <3, A,.AE All Rights Reserved.

ADVERTISEMENT Showroom Games, To advertise: 800-366-3975orWSJ.com/classifieds Cloud Lift PORSCHE Microsoft S

ContinuedfrompageB1 NEW Hood said. G Chief ExecutiveSatyaNa-

dellaisdoubling down on the OOMBER company’sgaming effort. Mi- crosoftlast month said it would LEWIN/BL WUU spend $7.5 billion to acquireZe-

.C WUU'&55?5& D'VPT? !&% *Z&a[1*Z&a[ UQ Y7 @U.<_WCC niMax Media Inc., the owner of BRENT UW WUU`B/ FD !&% *Z&a[1*Z&a[ /Q Y7 '[email protected]_WCC game developer Bethesda Soft- With many people at home, laptops and tablets are selling strongly. U> WUU`B. FD !&% HBDA?4PM7VN?0&ZZ7a1*Z&a[ UQ Y7 @/CW_WCC works as well as the Doom vid- U3 WUU'&55?5& D#X]P5&Xa?F&a7X: 'VPT? !&% *Z&a[1*Z&a[ U2QY7'HJ @UU._WCC eogame franchise.The deal tions Inc. International DataCorp.Tues- U; WUU'&55?5& 'VPT? #8.081/ E"H.)A -970?1OPIV5*?7:? 2Q Y7 'HJ@32_WCC came shortly after Mr.Nadella’s “The next decade of eco- daysaid that by the end of next .CU/*F1)$7B6 `5?G *Z&a[1*Z&a[ ;Q Y7 '[email protected];_WCC F&a7X: )?ZZVK1*Z&a[ "UCQY7 failed bid to buy partsofthe nomic performancefor every year it expects80% of enter- @U.2_WCC N,',L1',)#LL#/H,L,N#F, popular short-form video app businesswill be defined by the prises will putamechanism in !''(>/*F1) $7B65(024)6=)86> .C H&X&Y?5& ;DTV50 BP574YV `?X07&X*ZP?1*Z&a[W.Y7@UCW_WCC TikTok from Beijing-based speed of their digital transfor- placetoshifttocloud-centric UW '&G?XX? \?0 *Z&a[1*Z&a[ UUQ Y7 @2W_WCC ByteDanceLtd. mation,” Mr.Nadella said. infrastructureand applica- U3 '&G?XX? HZ&07XPY #]707VX *Z&a[1*Z&a[ .'&GY&X `B; !''(>/ (024)6=)86> *Z&a[1*Z&a[ 3W Y7 @U.W_WCC $13.2 billion to $13.6 billion in dailyactiveusersdisclosed in term Azurecontractsswelled .CC>WUUBP5$V'VPT?:7C6AG.72 .C 3U>DTG]?5 #8.081 `?X07&X *ZP?1*Z&a[ UQ Y7 @U.<_WCC revenue forthe segment that April, andsignaled that many commercial bookingsinthe '&55&5& -970?1*?7:? "U.Q Y7 U> 3U>'&GY&X `BD #8.081 F&a7X: )?ZZVK1*Z&a[3QY7'HJ @3W_WCC included itsgaming business of the changes made during the quarter,Microsoftsaid. They @>._WCC DH#'^,OB)1#+JB^'D fell short of Wall Street’slofty pandemic to howpeople work rose 23% year over year,far UW N?5a?]?48*?XED<2C ;N,B^'*Z&a[1*Z&a[.WQ Y7 'HJ@>3_WCC expectations,sending the stock areexpected to be lasting.“It’s aheadofthe 7% and 12% in- UW *N- ;;C7 ;9=C))- #8.081 D7ZM?51*Z&a[ 2Q Y7 @;W_WCC down morethan 1.5% in after- clear that people will need creases the Redmond, Wash., U> N?5a?]?48*?XE,N` `O#2/D=E"H.)A *Z&a[1*Z&a[ .3Q Y7 'HJ@3;_WCC market trading. moreflexibility in when, where companysaw in the previous U> *N- 2 *N-N<QY7@2W_WCC to itscloud services,including performancefor everybusiness Azureisnow abiggersource .CU>N?5a?]?48*?XEDO< ^0&Z7& FV44V'V54& SF?]R1*Z&a[ UWQ Y7 @U2;_WCC itsworkplace-collaboration will be defined by the speed of of Microsoftrevenue than its @>U_WCC software packageTeams that their digital transformation,” Windows software package, ,$$ 64&<93 9C<$E:9 H@C2 H&.$92 L9+&3.4@.&IM @M: !&<9M3&M+2 *9$&D94B @M: %@M:$&M+ '9935 *9@$94 &3 MI. 4936IM3&>$9 7I4 64&<&M+ 944I435 offers featuresthat compete he said. said Brent Bracelin, an analyst 811(G0F(K11A =J64&M+-9$:; #! !%94:-"+-=-<2 -< &54)-.)8 ("56 0; *-<6 $41-:+437 with Slack Technologies Inc. Theshifttothe cloud is ex- at Piper Sandler.The company 3@$93?&34&M+)@E39M5/*544 %1-99-<2 and video-teleconferencing ser- pected to be acontinuing focus doesn’tbreak out Azuresales viceZoom Video Communica- forcompanies.Research firm figures. P2JW302000-0-B00500-1------XA

THE WALL STREET JOURNAL. We dnesday, October 28, 2020 | B5 BUSINESS NEWS Pfizer Late-Stage Vaccine Trial Nearly Set

Covid study enrollment pandemic. viewofwhether the vaccine U.S. by March, and to deliver “Wehavereached the last works safely,known as an in- about40million by the end of close to done; CEOis mile,” Pfizer Chief ExecutiveAl- terim analysis,which was this year. cautious but says use bert Bourla said on aconfer- plannedonce32study partici- He also said the company encewith analystsdiscussing pantsbecome infected with planstoprovide the Covid-19 possible by year-end earnings. “Let’sall have the pa- symptomatic Covid-19,Pfizer vaccine to developing and low- tiencerequired forsomething said.The reviewisperformed income countries,such as some BY JARED S. HOPKINS so important forpublic health by an outside group of experts in Africa, on anot-for-profit AND MATT GROSSMAN and the global economy.” known as the datasafety moni- basis. Thecompany’spricein Mr.Bourla reiterated the toring committee. “Wedon’t the U.S. has tracked to about Pfizer Inc.said aglobal late- time line he laid out earlier this have the 32 eventsright now,” $20adose,although the gov- stagetrial evaluating its month forthe vaccine’spoten- Mr.Bourla said. ernment purchased the initial Covid-19 vaccine is almost fully tial rollout. He said Pfizer could In an interview, Mr.Bourla doses and plans to provide enrolled with participants, as file foranemergencyauthori- said it is “extremely unlikely” them to people free of charge. itschief executivecalled forpa- zation to put the vaccine into anyefficacydataabout the vac- Sales forthe vaccine arees- tienceasresearchersadvance initial public use in lateNovem- cine would be made public be- timated at $3.5 billion next in collecting trial results. ber,assuming positivetrial re- fore Nov.3,partly because once year beforesteadying at $1.4 Thedrugmaker hasn’t yet sults—suggesting shotscould the companygetsthe datait billion annually,according to conducted the firstreview of be made available in the U.S. would take about aweek to analystsatSVB Leerink LLC. whetherits experimental vac- beforethe end of the year. thoroughly analyze it. Pfizer recorded third-quarter cine works safely. He also sought to provide In Pfizer’s study,half the sales of $12.13 billion, com- Pfizer’s Phase 3trial seeking assurances that vaccine devel- participantsget atwo-dose pared with $12.68 billion in the 44,000 volunteersneeds fewer opment won’t be politicized. regimen of the vaccine three same three-month period last than 2,000 people to be fully Mr.Bourla called the upcoming weeks apart, with the rest get- year.Analystssurveyed by enrolled, the companysaid presidential election “anartifi- ting placebo shots. Aweek af- FactSet had forecast $12.31 bil- Tuesdaywhile announcing cial milestone” and asked for tersubjectsreceivetheir sec- lion of sales. third-quarterearnings. The patienceastrial dataiscol- ond shot, researchersbegin Thecompany’sbiopharma NewYork-based companyalso lected, analyzedand potentially checking whetherthe vacci- /REUTERS revenue grew by 3% to $10.22

said that nearly 36,000 people filed to regulators. “This is go- nated group develops symp- PFIZER billion as sales expanded for in the trial received their sec- ing to be not aRepublican vac- toms moreorlessfrequently The vaccine is being developed in partnership with BioNTech. drugssuch as blood thinner El- ond injection of either the two- cine or aDemocratic vaccine.It than thosewho weren’t vacci- iquis and arthritis treatment dose vaccine or aplacebo. would be avaccine forthe citi- nated. TheFood and Drug Ad- Pfizer’s development time line, PLC,Moderna Inc.and Johnson Xeljanz.Revenue from thecom- Pfizer’s Covid-19 vaccine, zens of the world,” he said. ministration is requiring two as well as those of the other &Johnson also have vaccines pany’sUpjohn segment, which which it is developing in part- He added, “I knowhow months of observational safety topCovid-19 vaccine develop- in advanced development. focuses on generic drugs, de- nership with Germany’s BioN- much stresslevelsare growing. dataofvaccinated study partic- ers, makeapre-election green- Mr.Bourla said that Pfizer, clined by 18%to$1.92 billion. Tech SE, is among the most ad- Iknowhow much avaccine is ipants. light unlikely. whichisramping up manufac- Pfizer plans to spin off Up- vanced shotsfrom needed forthe world.” President Trump has said a Pfizer has already spent turing capabilities,will be able john in acombination with pharmaceutical companies An outside panel of experts Covid-19 vaccine could be avail- nearly $2 billion on itsCovid to meet itscommitment to pro- U.K.-based Mylan NV that will working to help stem the global hasn’t performed the first re- able beforeElection Day. vaccine program. AstraZeneca vide 100 million doses in the be called Viatris. Eli Lilly Posts Lower Earnings, Has Setback on Drug

BY PETER LOFTUS by FactSet had forecast an ad- panysaid it would continue nificant concerns forLY- tion, including staff and resi- slump earlier in the pandemic justed profit of $1.71 ashare. pursuing U.S. authorization for CoV555’ssafety.“We’ve dentsatnursing homes. as providersshifttotelehealth. Eli Lilly &Co. reported Revenue rose 5% to $5.74 an antibody drug to treat learned antibodies aremore Lilly shares dropped 6.9% to JaredHoltz, ahealth-care lower-than-expected quarterly billion from $5.48 billion, but Covid-19 patientsinthe early likely to work early in the dis- $131.90 Tuesday, which ana- equity strategist at financial- earnings due to pricing pres- wasshort of the analysts’ course of illnessand with a ease andare lesslikely to be lystsattributed to investor services firm Jefferies, called sureontop products, while forecast of $5.88 billion. mild to moderateversion of effectiveinlater stages of the disappointment in the anti- thequarterly resultsslightly thedrugmaker said it would Therevenue shortfall came thedisease.That comes after disease,” he said in an inter- body study halt as well as disappointing and said the set- proceed with plans to intro- primarily from lower-than-ex- the National InstituteofAl- viewafter the companyre- third-quarter resultsthat back forthe Covid-19 antibody duceanew Covid-19 antibody pected sales of Lilly’s top lergyand Infectious Diseases ported itsthird-quarter results. missed expectations.The com- drug makes Lilly alessformi- treatment despiteasetback in drug,the diabetes treatment said lateMondaythat it would Aseparatestudy had shown panyloweredits profit guid- dable playerinthe hunt for one of several clinical studies Trulicity. Lilly said that al- close astudy of adifferent use that the antibody drug reduced ance for 2020, though it pro- treatments. of its uses. though it made modest list- of that drug,later in thecourse hospitalization ratesinpeople jected continued recovery in Drugmakersand health offi- ThecompanyTuesdayre- priceincreases in the U.S.,it of the disease in hospitalized with mild to moderateCovid-19, the health-caresector despite cials say antibody-based drugs ported third-quarter profit de- had lower realized prices due patients. Theinstitute con- and this is the basis for Lilly’s the continuing pandemic. mayfill atreatmentgap for clined to $1.21 billion, or $1.33 to changes in its estimates of cluded the antibody drug request forU.S.regulatorsto Thecompanyexpectsnew Covid-19 and provide tempo- ashare, from $1.25 billion, or rebates and discounts for the didn’t provide aclinical benefit authorizeits use.Eli Lilly plans prescriptions forpatients to rary protection, even before $1.37 ashare, ayear earlier.On drug.Asaresult, sales growth to hospitalized patients. to continue testing the drug in continue to recoverinthe U.S. anyCovid-19 vaccine becomes an adjusted basis excluding cer- waslowerthan prescription Eli Lilly Chief ExecutiveDa- otherstudies,inpatients early Companyexecutives also ex- available. tain items,Eli Lilly’s profit was volume growth. vid Ricks said Tuesdaythat the in the course of their disease, pect general health-careactiv- —Matt Grossman $1.54 ashare. Analystspolled TheIndianapolis-based com- halted study doesn’t signal sig- and in people at risk of infec- ity to acceleratefollowing a contributed to this article.

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B6 | We dnesday, October 28, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Delinquent Mall OwnersFaceForeclosure

Lenders take action as In one recent example,lend- who representsthe various Delinquency ratesfor rowerhas been in default of its pressuring landlords to sell erstothe Saks FifthAvenue bondholdersinthe commercial commercial mortgage-backed debt paymentssinceMay,ac- properties,opposing fundrais- landlords continue to storeatMiami’sDadeland Mall mortgage-backed securities securities cording to acourt filing last ing plans that they believewill miss payments amid areforeclosing on the property market that have the loan, month. Harbor Group didn’t re- only prolong the suffering. owner afteritdefaulted on its didn’t respond to requests to 20% spond to arequest to comment. Agroup of investorsofUni- Covid-19 struggles mortgagepayment in April, comment. Some mall landlords have bail-Rodamco-Westfield SE, and hasn’t paid since, accord- Some lendersare nowwor- given up.The ownersofPark which owns properties in Eu- Retail BY ESTHER FUNG ingtocourt documentsfiled at ried about fast-falling retail PlazaMall in Little Rock,Ark., rope and big malls in San Di- 15 acourt in Miami-Dade County. property valuations,which ended loan modification talks egoand suburban NewJersey, Morelendersare starting to The$846 million mortgage around the countryare plung- in thespring and turned the said the company’srecently deliver astern newmessageto is securitizedwith collateral ing by as much as 75%. Lend- keysovertotheir lender.The proposed €3.5 billion rightsis- delinquent mall owners: time from 10 Saks stores and 24 Lord ers say they are compelled to mall wasvalued at $33.1 mil- sue,equivalent to $4.1 billion, 10 to pay up. &Taylor stores around the conduct foreclosuresales to lion when the negotiations col- would be severely dilutive to During the early months of country, meaning the lender recoup what is owed them. lapsed, down from $142 mil- its share price. the pandemic,lenderswere could seizethese properties Meanwhile,anumber of All lion in 2011, according to real- The investors said that the property willing to allow rent deferrals through the foreclosureprocess. mall ownersare filing lawsuits 5 types estatedatafirm Trepp LLC. Paris-based companyshould andoffer other concessions to An entity affiliated with against retailers that they say Anumber of ownersare sell itsU.S.mall portfolio in- retail property owners. Retail Hudson’s Bay Co., owner of have the financial ability to looking at converting malls to stead. URW’sacquisition of cash flow would return oncethe the stores,said it has been in meet their obligations but ha- residential buildings or ware- Westfield Corp.in2018 had initial lockdown period passed, talks with the lender that be- ven’t paid rent. Some tenants, 0 houses,which aremoreinde- “disastrous consequences,” ac- lendersfigured. But the pan- ganbeforethe foreclosurepro- in turn, have asked the courts mand.But that could result in cording to apresentation by 2019 ’20 demic has accelerated storeclo- ceedings. Theowner “isdisap- to allowthem to break their valuations on the redeveloped the activist investorswho sures.Inabig blowtodozens pointed that in the contextofa leases.“Everystepofthe way, Source:Trepp properties falling by 60% to jointly own 5% of URW. of malls, Lord &Taylor filed global health crisis the lenders everyone is fighting each 90% compared with pre- TheWestfield acquisition forbankruptcy in August and would choose litigation over other to see who will take the property in MidtownManhat- Covid-19 levels,according to “burdened the company with will closeall 38 of itsstores. cooperation but understand loss,” said Jim Costello,senior tanowned by Harbor Group research analysts at Barclays debt, distracted management Now, as manylandlords thebackground and continue vicepresident of research firm International.The property, PLC. Only 15% of mall conver- and wasagross misallocation continue to struggle and miss to diligently pursue an amica- Real Capital Analytics. whoseformer tenantsinclude sionstoother mixed-use de- of resources,” said Léon payments, some banks and blesolution,” aHudson’sBay In NewYork City,aCanadian fashion and accessories retailer velopersoffered betterrecov- Bressler, aformer chief execu- other lenders think it is time spokeswoman said. bank has launched foreclosure Charming Charlie,had a$40 ery rates, the analysts said. tiveofficer of Unibail, the pre- to start cracking down. An attorney for the lender, proceedingsagainst aretail million mortgage. Thebor- Some mall investorsare also decessor to URW. Pandemic Boosts Startups Behind Virtual Solutions

BY PETER GRANT which waslaunched in 2011 and raised atotal of $37 million in Thebusinessofinvesting in itsfirst two funds.“Then in tech-oriented, startup prop- March, therewas amoment in erty firms took yearstogain time when the perception of traction in the stodgyreal-es- technologywent from anice- tate industry. But it is gaining to-have to aneed-to-have.” fresh momentum during the Camber Creek has invested coronavirus pandemic. in more than two dozenstart- As fear of exposuretothe ups.They include Notarize Inc., newvirus is limiting the ability afirm that enables home buy- to visit properties and close on ersand sellerstouse the inter-

them, demand is booming for net to remotely notarizedocu- HABLE TC

startup firms that provide vir- ments. In July,when Notarize LA tual waystodothis.Revenue announced anew $35 million Residents of the One Blue Slip apartment rental in Brooklyn use a system developed by Latchable to unlock doors using a cellphone. and investment is rising for fundinground, it said itsbusi- many, especially forthose in the nesshad increased 400% since lion in 2018,according to hard, such as retail and lodg- Beckerman said. Group Inc.’sformer chief execu- hot residential-sales business. March. Camber Creek’sother CREtech, a research firm. ing.With millions of officeem- Those with rising sales are tive, recently co-founded afirm In the latest sign of that de- portfolio companies include Morethan $10.4 billion has ployees working from home,a finding much friendlier capital named Pacaso.Ituses avaria- mand, Camber Creek,aven- Latchable Inc., astartup that been invested in proptech year number of firms in the co- markets. Opendoor,astartup tion of the timeshareownership ture-capital firm that focuses allows apartment-building ten- to date, which analystssay is working business, such as In- that enableshomeownersto model to sell weekend homes on what is known as proptech, antstouse their phones to un- an impressiveshowing given dustrious and Convene,were lock in asales priceand close within afew hours’ driveof this month closed itsthirdfund lock building doorsand unit thelockdowns that impeded forced to layoff staffersduring quickly, combined with aspe- customers’ main residences,a with $155 million. That easily doors, limiting contact with businessearly in the pandemic. the pandemic’searly months. cial-purpose acquisition com- market segment in hot demand. exceeded the $120 million tar- possibly contaminated surfaces. “It’sstill ahealthynumber,” Startups typically aren’t panyinadeal last month that Most of the hottest startups getwhen the fund wasopened Proptech already looked said Michael Beckerman,chief profitable foryears, relying in- gavethe online real-estateplat- these days areinthe home- last year.“Over the past 10 poised to break out when the executiveofCREtech. stead on investor capital. If form avalue of $4.8billion. sales business, whereactivity is years, there’sbeen this consis- pandemic struck.Arecord$31 Thepandemic and recession their businessmodels arenow Other ventures aregeared to booming.Deals have become tent but slowtransition to billion wasinvested in real-es- have hurt some of the startups, challenged by Covid-19,they emerging real-estatetrends heavily reliant on remotemeet- technology,” said Casey Ber- tate-technology companies in particularly those specializing arelikely to faceabumpy road born in response to the pan- ings, toursand document sign- man, founder of Camber Creek, 2019,upfromabout $10 bil- in property types that were hit until the pandemic is over,Mr. demic.Spencer Rascoff, Zillow ings that use recent software. BUSINESS NEWS Rent the Runway Considers Sales T-Mobile Makes Bid

BY JOHN D. STOLL For Pay-TV Viewers AND CHARITY L. SCOTT BY DREW FITZGERALD from their bills,opting instead Rent the Runway is raising to buy broadband internet ser- anew round of financing and T-Mobile US Inc.islaunch- viceasastand-alone item and is focusing on selling clothes, ing anew home television ser- sign up forapanoply of video not just renting them, afterthe vice aimed at the millions of services such as Netflix and startup suffered anear-fatal U.S. households that have cut Disney+. blow from acoronavirus pan- the cable cord in recent years, So-called virtual pay-TV demic that has kept women jumping intothe already services delivered entirely on- home formost of the year. crowded streaming-video mar- line haven’t fared much better. TheNew York company AY ket. AT&T Inc.’s DirecTV Now ser- NW

raised roughly $100 million in RU Thecountry’sNo. 2cell- vice, which delivers channels

newdebt and equity financing THE phonecarrier said Tuesday over the internet without a this week,asitcontinues to that itslong-planned TV ser- satellite, has shrunk since work toward apublic offering. RENT vicewill start next week with peaking at nearly two million R

This funding represented a FO three tiers: TVision Vibe,a subscribersin2018. PlaySta-

continuation of a$25 million GES bundle with nonsports chan- tion Vue,aTVservicefrom

funding round this summer IMA nels likeBET and Comedy SonyCorp., shut down last that valued Rent the Runway Central fora$10 monthly fee; year.

around $750 million, accord- GETTY TVision Live, amidrangepack- Wireless internet services

ing to people familiar with the AN/ agewith local broadcast chan- are still a small sliver of the terms, lower than a prior val- nels,sportschannels likeESPN morethan 100 million U.S. SULLIV

uation. Y and news brands such as CNN; households that subscribe to

Rentthe Runway launched KELL and TVision Channels, which broadband. T-Mobile offered in 2009 as an online clothing- The clothing rental startup said customers have shifted to buying moreitems than beforethe pandemic. adds on premium cable op- few details Tuesdayabout its rental servicefor special-occa- tions likeShowtime and Starz. planned fifth-generation home sion apparel and accessories.It quickly had it not been for more items than they did be- speed up some moves,such as The company plans to de- broadband service. The com- shiftedtomonthly subscrip- Covid,” said co-founder and fore the pandemic.Asubstan- giving customersthe ability to ploy its TV service in stages. panyplans to roll out 5G tion plans and expanded itsof- CEO Jenn Hyman. She said the tial portion of the newfund- reviewitems beforeshipment T-Mobile customerscan access broadband to some areas over feringstoinclude workwear, goal is to boost revenue at a ing,provided by Ares to reducereturns. the servicestarting Sunday, the coming months,though children’sclothing,and more time when subscriptions are Management Corp., will be Likeother retailers, Rent followed by its legacy Sprint thehome-internet version recently home goods.But coro- still belowpre-pandemic levels. spent on newmarketing initia- the Runway will use dynamic customerslater in November. won’t be as widely available as navirus has changed America’s Covid-19 hit the closely held tives.Ms. Hyman also plans to pricing. If,for instance, acus- Thewirelessoperator plans itsmobile service. wardrobe habits. Fewerpeople Rentthe Runway hard, at one add morehead count, includ- tomer looks to buy something to eventually provide the ser- Executives have promised need as manywork outfits or point cutting itssubscriber ac- ing engineersand datascien- that has been listed very re- vicetocustomersofother to use the troveofairwaveli- dressupfor events. tivity by as much as two-thirds tists. cently,itmay be brand new, so cellphone carriers. T-Mobile censes acquired earlier this Thecompanyhas long of- compared with pre-pandemic Other companies that therewill be no discount. As unveiled a$50 Hub device year through T-Mobile’stake- feredcustomersthe option to levels,Ms. Hyman said. sought to upend traditional re- theitems begin circulating to with remote controls to carry over of rival Sprint Corp.to buy items they rent, and it is To respond, she furloughed tail have also had to rethink members, buyerslooking at the service through a plug-in offer 5G internet serviceover expanding that service. Start- or laid off half the company’s theirbusinessmodels during used clothing will seeprices dongle. The app is also avail- the air,but the company’snet- ingnextweek,Rent the Run- workforce, scrapped itsunlim- thepandemic. Stitch Fix Inc., fluctuatebased on popularity able on Amazon Fire TV,Apple work overhaul is still a work way will allowits membersto ited subscription plan,shut all aservicethat sends customers and howmuch it has been TV and Google TV devices. T- in progress. purchase anyitemonits site, retail stores permanently and curated boxesofclothes,saw rented. Mobile offered ayear of free TVision is T-Mobile’s sec- whether or not they have reworked pricing.Its rental higher demand this summer Several othere-commerce Apple TV+, the iPhone maker’s ondattempt at navigating a rented it. Moresignificantly, subscription nowcostsbe- fordirect purchases from its sites that sell used clothing are ownon-demand video service, struggling pay-TV industryaf- the option will become avail- tween $89 and $199 amonth, websiteversus its“fixes,” preparing to raise additional to customerswho sign up this terits 2018 purchase of Layer3 able to shopperswithout a depending on howmanyitems which areitems the company fundsfrominvestors. year. TV for$325 million. Thecom- Rentthe Runway subscription customerswant to have at a preselected and shipped to In recent weeks,both Posh- Thewirelesscompany’sTV pany has spent the past two in the firsthalf of 2021. time. customers. mark Inc.and thredUp Inc. serviceistaking on amarket yearspiecing together the “The companywas always Rentthe Runway said rental Stitch FixCEO Katrina Lake have said they filed paperwork plagued by customer losses rights to carry enough tradi- moving in this direction, but activity has improved from the said changes in consumer be- with the Securities and Ex- and dwindling profitability. tional liveTVchannels to thereisnoway we would have summer lows,but existing cus- havior during the pandemic changeCommission forinitial Manycable customers have competewith itsbiggercable- headed in this direction as tomershaveshiftedtobuying prompted the company to public offerings. dropped TV subscriptions TV rivals. P2JW302000-0-B00700-10FF7F3178D

THE WALL STREET JOURNAL. We dnesday, October 28, 2020 | B7 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. CognizantTech CTSH 73.39 0.68 Expedia EXPE 95.07 -3.94 Humana HUM 432.14 -2.99 Loews L 34.15 -0.98 OccidentalPetrol OXY 9.27 -0.19 SBA Comm SBAC 301.83 -1.50 Tradeweb TW 59.75 0.78 ColgatePalm CL 78.85 0.16 ExpeditorsIntl EXPD 94.28 0.01 JBHunt JBHT 126.33 -0.94 LogitechIntl LOGI 87.04 1.21 Okta OKTA 221.33 2.13 SEI Investments SEIC 49.83 -0.31 TraneTech TT 123.68 -2.47 Market listed securities. Prices are composite dd-Indicates loss in the most recent ColumbiaSportswr COLM 96.02 0.21 s ExtraSpaceSt EXR 117.09 -1.52 HuntingtonBcshs HBAN 9.94 -0.34 Lowe's LOW 165.14 -2.99 OldDomFreight ODFL 189.59 -8.82 SK Telecom SKM 22.70 0.05 TransDigm TDG 464.02-19.18 quotations that include primary market trades four quarters. Comcast A CMCSA 43.44 -0.33 ExxonMobil XOM 32.82 -0.53 HuntingIngalls HII 146.51 -3.20 lululemon LULU 333.81 2.21 OmegaHealthcare OHI 29.87 -0.74 SS&C Tech SSNC 62.98 -1.08 TransUnion TRU 80.60 -3.77 as well as trades reported by Nasdaq BX FD-First day of trading. Comerica CMA 43.37 -1.97 F5Networks FFIV 136.26 10.69 IAA IAA 56.69 0.72 LumenTech LUMN 8.96 -0.29 Omnicom OMC 48.82 -2.42 StoreCapital STOR 26.29 -0.72 Travelers TRV 119.09 -2.45 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CommerceBcshrs CBSH 61.33 -1.69 FMC FMC 104.44 -0.92 ICICI Bank IBN 11.16 0.08 Lumentum LITE 83.84 1.24 ON Semi ON 25.17 -0.38 SVB Fin SIVB 289.56 -0.38 Trex TREX 73.10-1.54 Cboe, NYSE National and Nasdaq ISE. standards ConagraBrands CAG 36.96 -0.59 Facebook FB 283.29 6.18 s IdexxLab IDXX 443.16 14.20 Lyft LYFT 22.94 -1.90 OneConnectFinTech OCFT 21.65 0.25 Salesforce.com CRM 250.30 8.32 Trimble TRMB 50.66 1.43 The list comprises the 1,000 largest lf-Late filing ConchoRscs CXO 43.71 -0.08 FactSet FDS 318.90 -3.37 IHS Markit INFO 81.29 -0.37 LyondellBasell LYB 73.37 -2.06 OpenText OTEX 39.62 ... Sanofi SNY 47.40 -1.73 Trip.com TCOM 29.49 -0.87 companies based on market capitalization. q-Temporary exemption from Nasdaq ConocoPhillips COP 30.26 -0.06 FairIsaac FICO 405.84 -9.75 ING Groep ING 7.19 -0.42 Oracle ORCL 57.08 -0.41 SantanderCons SC 20.93 0.12 TruistFinl TFC 41.73 -1.30 ConEd ED 83.05 0.31 M N SareptaTherap SRPT 139.62 1.00 Twilio TWLO286.29-14.33 Underlined quotations are those stocks with requirements. Farfetch FTCH 28.97 0.18 Invesco IVZ 13.97 0.18 Orange ORAN 10.76 -0.28 ConstBrands A STZ 172.16 -2.81 Fastenal FAST 43.58 -0.72 s IPG Photonics IPGP Orix IX 61.62 -0.91 Schlumberger SLB 15.09 -0.08 s Twitter TWTR 51.27 2.27 large changes in volume compared with the t-NYSE bankruptcy 201.79 6.46 v-Trading halted on primary market. Cooper COO 346.35 -1.82 Fastly FSLY 74.46 0.44 IQVIA IQV 159.14 -3.03 M&T Bank MTB 99.30 -3.97 OtisWorldwide OTIS 61.97 -1.24 SchwabC SCHW 38.47 -0.68 TylerTech TYL 397.06 -1.88 issue’s average trading volume. Copart CPRT 112.10 0.12 FedEx FDX 274.41 -3.21 IcahnEnterprises IEP 49.95 -0.08 MGMGrowthProp MGP 26.80 -0.46 OwensCorning OC 68.86 -0.36 ScottsMiracleGro SMG 155.19 -0.03 TysonFoods TSN 57.67 0.21 vj-In bankruptcy or receivership or MGM Resorts MGM 21.04 -1.09 Boldfaced quotations highlight those issues being reorganized under the Corning GLW 32.85 -1.40 Ferrari RACE 185.34 -0.08 Icon ICLR 187.63 -4.36 PG&E PCG 9.91 -0.12 Sea SE 172.29 9.93 UBS Group UBS 12.09 -0.30 Corteva CTVA 32.34 -0.37 FiatChrysler FCAU 12.91 -0.35 IDEX IEX 186.00 -4.08 MKS Instrum MKSI 109.80 -0.33 PLDT PHI 27.82 0.36 Seagate STX 48.56 -0.41 UDR UDR 31.09 -0.86 whose price changed by 5% or more if their Bankruptcy Code, or securities MPLX MPLX 17.06 0.19 previous closing price was $2 or higher. assumed by such companies. CoStar CSGP 828.88 -1.87 FidNatlFin FNF 30.75 -1.25 IllinoisToolWks ITW 198.62 -1.29 PNC Fin PNC 109.19 -2.44 Seagen SGEN 196.92 1.09 UGI UGI 34.45 -0.77 Costco COST 372.72 2.01 FidNatlInfo FIS 137.86 -1.56 Illumina ILMN 321.74 2.68 MSCI MSCI 356.90 7.34 POSCO PKX 48.55 0.60 SealedAir SEE 40.60 -0.12 Uber UBER 34.16 -1.33 CoupaSoftware COUP 292.03 -0.71 FifthThirdBncp FITB 22.91 -0.54 ImperialOil IMO 12.97 -0.14 MagellanMid MMP 35.81 -0.40 PPD PPD 34.01 -0.17 SempraEnergy SRE 130.27 -1.05 Ubiquiti UI 189.64 1.34 Credicorp BAP 119.96 -0.26 FirstRepBank FRC 125.75 -2.92 Incyte INCY 88.35 -2.09 MagnaIntl MGA 52.56 -0.79 PPG Ind PPG 127.39 -3.94 SensataTechs ST 44.35 -3.89 UltaBeauty ULTA 213.38 -7.59 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and ManulifeFin MFC changes in the closing prices from 4 p.m. the previous day. CreditSuisse CS 10.34 -0.35 FirstSolar FSLR 82.39 -1.36 Infosys INFY 14.85 -0.07 13.84 -0.33 PPL PPL 28.54 -0.38 ServiceCorp SCI 43.60 -0.33 s UltragenyxPharm RARE 97.44 6.19 Cree CREE 68.00 -3.19 FirstEnergy FE 33.39 0.07 IngersollRand IR 36.10 -0.46 MarathonPetrol MPC 28.19 -0.41 PRA HealthSci PRAH 103.50 -3.26 ServiceNow NOW 499.81 -1.80 Unilever UN 60.48 0.59 CrowdStrike CRWD 133.48 0.40 Fiserv FISV 96.61 -1.77 Inphi IPHI 113.88 -2.71 Markel MKL 969.65-26.34 PTC PTC 84.26 0.59 ShawComm B SJR Unilever UL 60.99 0.23 s 17.14 -0.18 Tuesday, October 27, 2020 Net Net CrownCastle CCI 160.61 0.69 FiveBelow FIVE 135.25 2.79 Insulet PODD 246.04 -7.49 MarketAxess MKTX 573.00 25.69 Paccar PCAR 88.45 -2.12 SherwinWilliams SHW 673.47 3.09 UnionPacific UNP 179.57 -5.13 Marriott MAR 93.46 -2.56 Net Stock Sym Close Chg Stock Sym Close Chg CrownHoldings CCK 87.86 -0.34 Five9 FIVN 145.20 3.90 Intel INTC 45.64 -1.08 PackagingCpAm PKG 113.97 -1.81 ShinhanFin SHG 26.36 -0.51 UnitedAirlines UAL 34.17 -1.17 CubeSmart CUBE 34.04 -0.51 FleetCorTech FLT 231.69 -9.52 InteractiveBrkrs IBKR 48.03 -0.24 Marsh&McLen MMC 110.41 -0.68 PagSeguroDig PAGS 38.81 -0.03 Shopify SHOP 1082.89 44.84 UnitedMicro UMC 5.74 0.22 Stock Sym Close Chg MartinMarietta MLM 255.53 1.28 ArcelorMittal MT 13.93 -0.62 Brown&Brown BRO 45.22 -1.37 s Cummins CMI 219.78 -0.90 Flex FLEX 13.85-0.25 ICE ICE 97.56 -0.20 PalantirTech PLTR 10.95 1.00 Sibanye-Stillwater SBSW 12.15 -0.13 UPS B UPS 170.84 2.84 MarvellTech MRVL 41.47 0.58 ArchCapital ACGL 29.21 -1.27 Brown-Forman B BF.B 72.29 -0.47 CureVac CVAC 49.89 1.23 Floor&Decor FND 78.63 0.47 InterContinentl IHG 51.13 -1.40 PaloAltoNtwks PANW 231.54 -0.08 SimonProperty SPG 61.98 -2.70 UnitedRentals URI 174.81 -7.31 A B C Masco MAS 53.57 -0.38 ArcherDaniels ADM 50.36 -0.83 Brown-Forman A BF.A 65.76 0.09 CyrusOne CONE 74.33 -1.01 FomentoEconMex FMX 56.22 -1.23 IBM IBM 110.56 -1.66 PanAmerSilver PAAS 33.38 0.65 SiriusXM SIRI 5.91 0.12 US Bancorp USB 38.41 -1.55 Masimo MASI 251.18 5.14 AresMgmt ARES 42.95 -0.44 Bruker BRKR 42.69 0.63 FordMotor F 7.92 -0.11 IntlFlavors IFF 105.62 -3.33 ParkerHannifin PH 211.76 -6.97 Skyworks SWKS 145.12 -2.17 UnitedHealth UNH 320.51 -2.55 ABB ABB 25.58 -0.43 Mastercard MA 317.11 -0.95 arGEN-X ARGX 258.83 9.41 Bunge BG 55.69 ... D E F Fortinet FTNT 124.23 1.05 IntlPaper IP 44.37 -0.92 Paychex PAYX 81.93 -0.55 SlackTech WORK 27.93 0.18 s UnitySoftware U 104.00 4.04 AcadiaPharm ACAD 46.36 1.49 MaximIntProducts MXIM 70.72 -0.52 AristaNetworks ANET 210.55 1.68 BurlingtonStrs BURL 200.35 0.09 Fortis FTS 41.35 0.19 Interpublic IPG 18.85 -0.15 PaycomSoftware PAYC 382.70 4.28 Smartsheet SMAR 56.73 1.95 UnivDisplay OLED 195.66 4.70 AECOM ACM 44.33 -0.50 McCormickVtg MKC.V 193.13 -1.37 ArrowElec ARW 79.54 -0.82 CBRE Group CBRE 44.86 -0.72 DISH Network DISH 26.00 -0.25 Fortive FTV 63.65 -0.87 Intuit INTU 330.27 2.18 Paylocity PCTY 190.04 1.40 SmithAO AOS 53.03 -0.90 UniversalHealthB UHS 111.39 -3.40 AES AES 20.34 -0.24 McCormick MKC 192.21 -1.85 ArrowheadPharm ARWR 61.69 2.59 CDW CDW 123.28 -2.39 DTE Energy DTE 127.17 2.93 FortBrandsHome FBHS 81.81 -0.27 IntuitiveSurgical ISRG 720.90 9.13 PayPal PYPL 200.43 3.21 Smith&Nephew SNN 37.23 -0.79 VEREIT VER 6.32 -0.17 Aflac AFL 35.36 -1.41 s McDonalds MCD 222.97 -1.30 AscendisPharma ASND 164.23 5.62 CGI GIB 64.02 -0.60 DadaNexus DADA 32.68 -0.05 FoxA FOXA 26.19 -0.23 Invitae NVTA 48.13 2.05 Pegasystems PEGA 123.91 -5.47 Smucker SJM 113.10 -2.00 VF VFC 72.38 -1.37 AGCO AGCO 78.02 -3.44 McKesson MCK 149.21 -3.06 AspenTech AZPN 120.25 -3.59 CH Robinson CHRW 100.03 0.44 s Danaher DHR 239.78 4.87 FoxB FOX 26.00 -0.18 InvitatHomes INVH 28.05 -0.59 Peloton PTON 121.15 3.05 Snap SNAP 41.54 0.27 VICI Prop VICI 22.63 -0.76 AGNC Invt AGNC 14.25 0.16 MedicalProp MPW 17.90 -0.27 Assurant AIZ 120.69 -2.47 CME Group CME 159.47 -0.69 Darden DRI 95.84 0.44 Franco-Nevada FNV 138.05 2.26 IonisPharma IONS 46.98 -0.03 PembinaPipeline PBA 21.08 -0.33 SnapOn SNA 158.42 -5.83 VailResorts MTN 241.41 -3.36 Ansys ANSS 322.17 1.17 Medtronic MDT 105.21 -2.72 AstraZeneca AZN 52.48 -0.59 CMS Energy CMS 65.68 -0.47 DarlingIngred DAR 44.27 0.16 FranklinRscs BEN 19.73 -3.11 iQIYI IQ 23.98 0.88 PennNational PENN 57.75 -2.93 Vale VALE 11.04 -0.10 ASETech ASX 4.42 -0.10 MelcoResorts MLCO 16.15 0.24 Snowflake SNOW 266.77 15.38 Athene ATH 31.97 -1.34 CNA Fin CNA 29.00 -0.78 Datadog DDOG 101.33 1.57 FreeportMcM FCX 17.72 0.36 Pentair PNR 49.94 -0.47 s ValeroEnergy VLO 38.26 -1.28 ASML ASML 366.37 -1.12 iRhythmTechs IRTC 225.09 6.65 MercadoLibre MELI 1282.47 1.03 SOQUIMICH SQM 37.32 0.89 Atlassian TEAM 213.01 5.81 CNH Indl CNHI 8.06 -0.31 DaVita DVA 89.15 -0.56 FreseniusMed FMS 41.00 0.38 Penumbra PEN 238.83 2.12 VarianMed VAR 172.96 0.50 AT&T T 26.92 -0.46 IronMountain IRM 27.02 -0.28 Merck MRK 77.99 -0.85 SolarEdgeTech SEDG 261.84-11.16 AtmosEnergy ATO 97.07 -0.41 CNOOC CEO 95.17 -0.85 DeckersOutdoor DECK 262.03 0.23 ItauUnibanco ITUB 4.37 -0.15 PepsiCo PEP 139.12 1.06 SolarWinds SWI 21.60 0.16 VeevaSystems VEEV 302.35 5.48 AbbottLabs ABT 108.58 -0.42 Autodesk ADSK 250.60 1.47 CRH CRH 35.36 -0.74 Deere DE 228.51 -5.74 MetLife MET 37.77 -1.61 Ventas VTR 39.95 -1.01 AbbVie ABBV 82.71 -1.21 G H I MettlerToledo MTD 1052.58 7.29 PerkinElmer PKI 127.08 3.01 Sony SNE 77.47 1.27 Autohome ATHM 96.71 1.71 CRISPR Therap CRSP 98.12 3.99 DellTechC DELL 63.57 -1.17 J K L Perrigo PRGO 44.03 -0.75 Southern SO 60.21 -0.40 VeriSign VRSN 199.06 0.48 Abiomed ABMD 290.51 2.19 Autoliv ALV 80.01 -2.82 CSX CSX 78.09 -0.78 DeltaAir DAL 30.71 -1.22 GCI LibertyA GLIBA 79.20 -0.24 MicrochipTech MCHP 107.95 -1.78 VeriskAnalytics VRSK 185.15 -0.34 AcceleronPharma XLRN 108.45 0.04 PetroChina PTR 29.20 -0.07 s SoCopper SCCO 51.95 0.82 ADP ADP 146.03 0.26 CVS Health CVS 58.15 -1.41 DentsplySirona XRAY 47.54 -0.07 GFLEnvironmental GFL 20.33 -0.91 JD.com JD 83.01 1.60 MicronTech MU 51.96 -0.18 Verizon VZ 57.38 -0.43 Accenture ACN 220.66 1.43 PetroleoBrasil PBR 6.98 -0.21 SouthwestAir LUV 39.93 -1.17 AutoZone AZO 1133.59-18.41 CableOne CABO 1753.49-29.40 DeutscheBank DB 9.25 -0.29 GSXTechedu GSX 68.29 0.32 Joyy YY 90.00 0.92 Microsoft MSFT 213.25 3.17 VertxPharm VRTX 212.19 5.04 ActivisionBliz ATVI 80.96 0.47 PetroleoBrasilA PBR.A 7.01 -0.20 Splunk SPLK 208.77 -1.01 Avalara AVLR 151.76 0.51 CabotOil COG 19.09 -0.25 DexCom DXCM 380.63-37.37 Galapagos GLPG 128.02 0.75 JPMorganChase JPM 99.33 -1.91 MidAmApt MAA 114.86 -2.27 ViacomCBS A VIACA 29.61 -0.69 AdaptiveBiotech ADPT 51.22 1.27 Pfizer PFE 37.43 -0.49 Spotify SPOT 287.45 2.49 Avalonbay AVB 139.88 -3.50 CadenceDesign CDNS 109.84 -0.04 Diageo DEO 136.60 0.05 Gallagher AJG 105.57 -0.59 JackHenry JKHY 151.22 -2.90 MiratiTherap MRTX 209.16 12.48 ViacomCBS B VIAC 28.21 -0.54 Adobe ADBE 478.56 3.36 PhilipMorris PM 71.33 -2.32 Square SQ 171.02 1.13 Avangrid AGR 50.43 0.29 CaesarsEntCZR 48.47 -3.29 DigitalRealty DLR 150.66 -2.01 Gaming&Leisure GLPI 37.31 -0.79 JacobsEngg J 95.64 -0.90 MitsubishiUFJ MUFG 3.96 -0.05 Vipshop VIPS 20.66 1.40 AdvanceAuto AAP 150.41 -0.80 Phillips66 PSX 47.07 -1.07 StanleyBlackDck SWK166.31 -6.55 Avantor AVTR 24.44 -0.29 CamdenProperty CPT 89.30 -1.52 DiscoverFinSvcs DFS 65.26 -0.62 Gap GPS 20.35 -0.25 JamesHardie JHX 25.04 -0.07 MizuhoFin MFG 2.45 -0.04 Visa V 190.06 -3.01 AdvMicroDevices AMD 78.88 -3.35 Pinduoduo PDD 90.31 3.39 Starbucks SBUX 90.05 0.39 AveryDennison AVY 138.15 -1.10 CampbellSoup CPB 48.24 -0.05 DiscoveryA DISCA 20.10 -0.42 Garmin GRMN 98.61 -0.81 JazzPharma JAZZ 149.56 0.63 MobileTeleSys MBT 8.12 -0.15 Vistra VST 18.44 -0.65 Aegon AEG 2.81 -0.12 PinnacleWest PNW 85.86 -0.65 StateStreet STT 61.65 -1.86 AxaltaCoating AXTA 25.42 -0.77 CIBC CM 75.63 -0.95 DiscoveryC DISCK 18.23 -0.33 Gartner IT 121.94 -2.09 JFrog FROG 81.56 -3.51 Moderna MRNA 70.67 0.43 VMware VMW 139.10 -3.52 AgilentTechs A 106.04 1.41 Pinterest PINS 52.52 2.06 SteelDynamics STLD 31.40 0.05 AxonEnterprise AAXN 101.05 -0.88 CanNtlRlwy CNI 102.07 -0.02 Disney DIS 123.31 -0.75 Generac GNRC 207.71 -2.69 J&J JNJ 143.15 -0.82 MohawkInds MHK 97.32 -2.00 Vodafone VOD 13.98 -0.54 AgnicoEagle AEM 80.62 1.29 PioneerNatRscs PXD 83.78 0.98 Stericycle SRCL 65.33 -0.58 BCE BCE 41.96 0.03 CanNaturalRes CNQ 16.40 0.10 DocuSign DOCU 222.19 2.02 GeneralDynamics GD 134.87 -3.64 JohnsonControls JCI 42.18 -0.78 MolinaHealthcare MOH 203.87 -1.16 VornadoRealty VNO 32.22 -0.93 AirProducts APD 283.50 -2.90 PlainsAllAmPipe PAA 6.43 -0.08 Steris STE 185.35 -1.07 BHP Group BHP 49.74 -0.62 CanPacRlwy CP 308.00 0.08 DolbyLab DLB 71.51 0.23 GeneralElec GE 7.10 -0.28 JuniperNetworks JNPR 21.85 -0.04 MolsonCoorsB TAP 33.81 -1.07 VoyaFinancial VOYA 48.99 -1.60 AkamaiTech AKAM 106.71 0.65 Pool POOL 366.99 4.44 STMicroelec STM 31.81 -1.35 BHP Group BBL 40.53 -0.52 Canon CAJ 18.32 0.70 DollarGeneral DG 213.71 1.67 GeneralMills GIS 61.12 0.14 Mondelez MDLZ 55.01 -0.22 VulcanMatls VMC 142.10 1.01 Albemarle ALB 95.18 0.70 KB Fin KB 36.56 -0.58 PostHoldings POST 90.87 -0.47 StoneCo STNE 55.98 -0.17 t BP BP 15.38 -0.42 CanopyGrowth CGC 18.66 0.13 DollarTree DLTR 92.82 0.29 GeneralMotors GM 34.89 -0.93 MongoDB MDB 244.01 3.91 Albertsons ACI 14.89 0.09 KE Holdings BEKE 70.60 0.76 PrincipalFin PFG 39.35 -2.64 Stryker SYK 213.46 -1.28 B2Gold BTG 6.79 0.25 CapitalOne COF 74.06 -0.89 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B8 | We dnesday, October 28, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Oats (CBT)-5,000 bu.; cents per bu. Dec 72.00 72.53 71.76 72.03 –.08 126,533 British Pound (CME)-£62,500; $ per £ Dec 304.75 309.75 s 304.25 308.00 1.50 4,668 March'21 72.72 73.15 72.41 72.73 .01 73,363 Nov 1.3036 1.3080 1.3004 1.3059 .0039 870 Contract Open Dec 1.3026 1.3084 1.3004 1.3061 .0039 141,917 Open High hi lo Low Settle Chg interest March'21 304.50 307.50 s 304.50 305.25 .25 825 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Soybeans (CBT)-5,000 bu.; cents per bu. Nov 117.45 117.90 115.20 117.25 .15 728 Swiss Franc (CME)-CHF 125,000; $ per CHF Copper-High (CMX)-25,000 lbs.; $ per lb. Nov 1086.00 1094.00 s 1081.75 1082.25 –5.50 94,458 Jan'21 115.20 116.00 114.10 115.50 1.05 8,392 Dec 1.1029 1.1051 1.1007 1.1034 –.0002 51,936 Oct 3.0880 3.0880 3.0880 3.0900 0.0015 137 Jan'21 1083.00 1088.50 s 1076.25 1076.50 –7.00 378,119 March'21 1.1045 1.1081 1.1040 1.1066 –.0002 144 Dec 3.0915 3.1125 3.0800 3.0935 0.0040 142,456 Soybean Meal (CBT)-100 tons; $ per ton. Interest Rate Futures Australian Dollar (CME)-AUD 100,000; $ per AUD Gold (CMX)-100 troy oz.; $ per troy oz. Dec 389.40 392.70 s 383.50 384.00 –5.60 147,975 Nov .7129 .7147 .7117 .7133 .0007 530 Oct 1904.60 1908.30 1904.40 1908.80 6.10 499 Jan'21 383.10 385.00 s 377.50 377.90 –5.20 88,932 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec .7123 .7149 .7117 .7134 .0007 130,563 Dec 1904.40 1913.80 1898.70 1911.90 6.20 439,099 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 216-150 218-130 216-020 217-180 1-02.0 996,918 Mexican Peso (CME)-MXN 500,000; $ per MXN Feb'21 1911.40 1920.90 1906.30 1919.30 6.10 53,425 Dec 34.36 34.70 34.03 34.11 –.35 142,249 March'21 216-100 216-220 214-130 215-290 1-03.0 46 Nov .04788 .04788 .04746 .04763 –.00004 57 April 1917.30 1926.40 1913.60 1924.90 5.90 27,492 Jan'21 34.20 34.42 33.84 33.92 –.32 91,923 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec .04748 .04775 .04721 .04748 –.00004 126,192 June 1922.20 1931.20 1918.40 1929.70 5.80 17,971 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 173-170 174-130 173-120 174-030 16.0 1,210,236 Euro (CME)-€125,000; $ per € Dec 1939.20 1939.20 1935.40 1939.00 6.00 8,000 Nov 12.28 12.52 12.27 12.48 .19 1,650 March'21 174-290 175-230 174-230 175-140 17.0 10,678 Nov 1.1818 1.1843 1.1798 1.1818 –.0001 1,874 Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan'21 12.41 12.62 12.41 12.48 .04 8,142 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 1.1822 1.1852 1.1804 1.1825 –.0001 625,564 Oct ...... 2347.30 –14.60 12 Wheat (CBT)-5,000 bu.; cents per bu. Dec 138-200 138-290 138-185 138-270 6.5 3,133,598 Dec 2374.10 2395.00 2324.60 2353.90 –14.80 9,504 Dec 618.75 627.00 614.75 615.75 –4.25 218,665 March'21 138-075 138-175 138-075 138-160 7.0 10,193 Index Futures March'21 2378.90 2390.00 2342.10 2364.90 –14.70 1,072 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'21 619.75 625.75 614.50 615.75 –4.50 80,757 Mini DJ Industrial Average (CBT)-$5 x index Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. Dec 125-210 125-247 125-207 125-242 2.5 3,056,277 Oct 881.40 884.50 879.30 882.10 9.60 18 Dec 27581 27713 27232 27365 –216 93,357 Dec 552.00 560.50 547.75 549.25 –2.75 109,336 March'21 126-025 126-032 125-315 126-030 2.7 4,945 Jan'21 873.40 889.10 872.60 886.80 9.40 50,609 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March'21 27475 27610 27152 27273 –215 3,021 March'21 559.00 567.00 554.75 556.25 –3.25 65,185 S&P 500 Index (CME)-$250 x index Silver (CMX)-5,000 troy oz.; $ per troy oz. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 110-132 110-137 110-131 110-135 .1 1,984,150 Oct 24.370 24.370 24.320 24.526 0.150 2 Dec 3396.80 3409.40 3368.30 3383.10 –10.40 13,741 Oct 133.500 134.500 133.450 134.300 .600 1,380 March'21 110-137 110-137 110-135 110-136 …88 Dec 24.385 24.760 24.265 24.570 0.150 127,762 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. March'21 …… …3373.40 –10.40 26 Jan'21 127.275 129.450 126.950 128.425 1.650 24,471 Mini S&P 500 (CME)-$50 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Live (CME)-40,000 lbs.; cents per lb. Oct 99.9100 99.9125 99.9100 99.9100 .0000 217,795 Dec 38.59 39.83 38.51 39.57 1.01 407,185 Dec 3394.25 3410.00 3368.25 3383.00 –10.50 2,389,403 Oct 104.200 105.025 104.075 104.850 .875 1,275 Jan'21 99.9250 99.9300 99.9250 99.9250 .0000 167,031 Jan'21 38.95 40.13 38.83 39.87 0.98 229,777 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March'21 3388.75 3400.00 3359.50 3373.50 –10.25 25,452 Dec 104.225 105.350 103.525 104.050 .650 108,005 Mini S&P Midcap 400 (CME)-$100 x index Feb 39.25 40.43 39.17 40.18 0.96 128,263 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 101-185 101-245 101-135 101-215 7.5 137,922 March 39.59 40.71 39.51 40.46 0.92 149,843 Eurodollar (CME)-$1,000,000; pts of 100% Dec 1968.00 1979.10 1933.30 1943.30 –25.50 56,628 Dec 68.175 69.650 67.425 67.650 –.100 85,537 March'21 …1967.60 1933.80 1941.80 –25.50 ... June 40.30 41.38 40.23 41.14 0.86 207,036 Nov 99.7700 99.7725 99.7650 99.7675 …152,602 Feb'21 67.700 69.325 67.475 68.050 .400 47,619 Mini Nasdaq 100 (CME)-$20 x index Dec 40.95 41.95 40.91 41.74 0.76 229,271 Dec 99.7550 99.7600 99.7500 99.7550 … 1,047,468 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 11499.50 11623.00 11478.25 11588.00 95.75 224,429 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'21 99.7900 99.7900 99.7850 99.7850 … 1,052,296 Nov 502.80 518.40 498.00 505.20 2.20 1,126 March'21 11492.75 11613.25 11470.00 11578.75 95.75 1,944 Nov 1.1252 1.1615 1.1221 1.1577 .0359 22,022 June 99.7950 99.8050 99.7950 99.7950 …867,940 Jan'21 464.80 485.60 464.80 484.00 17.40 1,340 Mini Russell 2000 (CME)-$50 x index Dec 1.1279 1.1635 1.1279 1.1590 .0311 115,137 Milk (CME)-200,000 lbs., cents per lb. Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 1601.10 1611.60 1577.20 1589.00 –13.10 536,546 Oct 21.60 21.64 s 21.60 21.62 –.01 4,738 Currency Futures Nov 1.1116 1.1471 1.1116 1.1434 .0318 22,128 Mini Russell 1000 (CME)-$50 x index Nov 22.74 22.75 21.94 22.37 –.39 5,294 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec 1890.00 1900.40 1888.10 1890.00 –5.70 8,945 Dec 1.0981 1.1328 1.0968 1.1288 .0319 133,273 Cocoa (ICE-US)-10 metric tons; $ per ton. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Nov .9545 .9581 .9537 .9573 .0034 254 U.S. Dollar Index (ICE-US)-$1,000 x index Dec 2,495 2,509 2,427 2,452 –45 62,464 Nov 3.016 3.091 s 2.986 3.019 –.005 14,731 Dec .9543 .9586 .9539 .9576 .0034 171,948 Dec 93.06 93.13 92.78 92.93 –.12 28,347 March'21 2,500 2,502 2,430 2,455 –37 71,899 Canadian Dollar (CME)-CAD 100,000; $ per CAD March'21 92.92 93.00 92.79 92.90 –.11 647 Dec 3.242 3.336 3.180 3.311 .058 181,714 Coffee (ICE-US)-37,500 lbs.; cents per lb. Jan'21 3.360 3.449 3.302 3.424 .053 203,251 Nov .7582 .7609 .7570 .7597 .0020 123 Dec 106.75 108.20 106.15 106.95 .30 88,018 Feb 3.320 3.400 3.263 3.376 .047 84,060 Dec .7572 .7611 .7570 .7597 .0019 121,506 Source: FactSet March'21 109.40 110.80 108.80 109.55 .20 76,814 March 3.204 3.272 3.155 3.247 .034 136,391 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 3.017 3.034 2.994 3.032 .011 89,992 March 14.83 15.04 14.68 14.83 .06 457,458 May 14.00 14.15 13.82 13.91 –.07 165,077 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Agriculture Futures Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Corn (CBT)-5,000 bu.; cents per bu. Jan 27.80 27.80 s 27.80 27.80 …1,806 Dec 416.75 422.25 s 415.50 416.00 –1.75 718,993 March 28.00 28.10 s 28.00 27.95 .25 2,738 Money Rates October 27, 2020 March'21 417.50 422.25 s 415.75 416.50 –2.00 400,470 Cotton (ICE-US)-50,000 lbs.; cents per lb. Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions.

Cash Prices | wsj.com/market-data/commodities Tuesday, October 27, 2020 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Sept. index Chg From (%) level Aug. '20 Sept. '19 High 0.1000 0.1000 1.8700 0.1000 Commercial paper (AA financial) separate from the futures price on an exchange, which reflects what the commodity might be worth in future Low 0.0500 0.0500 1.7000 0.0100 90 days 0.13 0.09 2.53 0.04 months. U.S. consumer price index Bid 0.0800 0.0800 1.7800 0.0100 Offer 0.1100 1.8200 0.0500 Libor Tuesday Tuesday Tuesday All items 260.280 0.14 1.4 0.1100 One month 0.14463 0.14575 1.80475 0.13950 Energy Aluminum, LME, $ per metric ton *1822.5 Wheat - Hard - KC (USDA) $ per bu-u 5.5925 Core 269.054 0.11 1.7 Treasury bill auction Copper,Comex spot 3.0900 Wheat,No.1soft white,Portld,OR-u 6.0250 Three month 0.21325 0.21575 1.96050 0.20863 International rates 4 weeks 0.085 0.090 1.710 0.000 Six month 0.24650 0.25188 1.92988 0.23375 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 115.7 Food 13 weeks 0.100 0.100 1.620 0.000 One year 0.33713 2.01200 0.33175 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 0.33175 Steel, HRC USA, FOB Midwest Mill-s 697 Beef,carcass equiv. index Week 52-Week 26 weeks 0.110 0.115 1.610 0.080 Latest High Low Euro Libor Metals choice 1-3,600-900 lbs.-u 176.00 ago Secondary market Fibers and Textiles select 1-3,600-900 lbs.-u 158.52 One month -0.566 -0.563 -0.360 -0.621 Prime rates Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6875 Fannie Mae Three month -0.530 -0.533 -0.142 -0.540 Engelhard industrial 1905.00 Burlap,10-oz,40-inch NY yd-n,w 0.6250 Cotton,1 1/16 std lw-mdMphs-u 0.6903 Butter,AA Chicago 1.4075 U.S. 3.25 3.25 5.00 3.25 Six month -0.512 -0.510 -0.052 -0.515 Handy & Harman base 1905.70 Cheddar cheese,bbl,Chicago 30-year mortgage yields Cotlook 'A' Index-t *77.40 245.25 Canada 2.45 2.45 3.95 2.45 One year -0.459 -0.464 0.008 -0.464 Handy & Harman fabricated 2115.33 Cheddar cheese,blk,Chicago 30 days 1.920 1.915 3.388 1.751 Hides,hvy native steers piece fob-u 35.500 277.25 Japan 1.475 1.475 1.475 1.475 LBMA Gold Price AM *1901.60 Milk,Nonfat dry,Chicago lb. 107.75 60 days 1.952 1.942 3.403 1.804 Secured Overnight Financing Rate LBMA Gold Price PM *1898.45 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.9976 Policy Rates 0.09 0.09 1.82 0.01 Krugerrand,wholesale-e 1986.30 Grains and Feeds Coffee,Colombian, NY 1.5395 Euro zone 0.00 0.00 0.00 0.00 Other short-term rates Maple Leaf-e 2005.40 Eggs,large white,Chicago-u 1.0250 Switzerland 0.00 0.00 0.50 0.00 Value 52-Week American Eagle-e 2005.40 Flour,hard winter KC 15.60 Week 52-Week Latest Traded High Low Barley,top-quality Mnpls-u n.a. Britain 0.10 0.10 0.75 0.10 Mexican peso-e 2310.77 Bran,wheat middlings, KC-u Hams,17-20 lbs,Mid-US fob-u n.a. Latest ago high low 128 Australia 0.25 0.25 0.75 0.25 DTCC GCF Repo Index Austria crown-e 1875.08 Corn,No. 2 yellow,Cent IL-bp,u 4.0350 Hogs,Iowa-So. Minnesota-u 72.60 Austria phil-e 2005.40 Call money Corn gluten feed,Midwest-u,w 128.4 Pork bellies,12-14 lb MidUS-u 1.7790 Overnight repurchase Treasury 0.114 43.150 1.873 0.002 Silver, troy oz. Corn gluten meal,Midwest-u,w 458.8 Pork loins,13-19 lb MidUS-u 0.8650 2.00 2.00 3.75 2.00 MBS 0.137 49.750 1.894 0.011 Engelhard industrial 24.4000 Cottonseed meal-u,w 320 Steers,Tex.-Okla. Choice-u n.a. U.S. 0.09 0.07 1.87 -0.07 Handy & Harman base 24.4670 Hominy feed,Cent IL-u,w 100 Steers,feeder,Okla. City-u,w 131.94 Notes on data: U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Handy & Harman fabricated 30.5840 Meat-bonemeal,50% pro Mnpls-u,w 263 Fats and Oils LBMA spot price *£18.6000 Oats,No.2 milling,Mnpls-u 3.1750 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is (U.S.$ equivalent) *24.2800 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.4200 0.25 0.25 2.50 0.25 as of October 26, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Coins,wholesale $1,000 face-a 18655 Sorghum,(Milo) No.2 Gulf-u 6.1600 Grease,choice white,Chicago-h 0.2850 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Other metals SoybeanMeal,Cent IL,rail,ton48%-u 383.00 Lard,Chicago-u n.a. Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. LBMA Platinum Price PM *878.0 Soybeans,No.1 yllw IL-bp,u 10.6550 Soybean oil,crude;Centl IL-u 0.3474 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Platinum,Engelhard industrial 885.0 Wheat,Spring14%-pro Mnpls-u 6.9150 Tallow,bleach;Chicago-h 0.3225 Effective rate 0.0900 0.0900 1.8200 0.0600 Tullett Prebon Information, Ltd. Palladium,Engelhard industrial 2380.0 Wheat,No.2 soft red,St.Louis-u 6.2575 Tallow,edible,Chicago-u n.a. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Exchange-Traded 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 10/26 BANKRATE.COM® MMA, Savings and CDs Source: Dow Jones Market Data Portfolios Average Yields of Major Banks Tuesday, October 27, 2020 Largest100 exchange-traded funds, latest session Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR ADVERTISEMENT Tuesday, October 27, 2020 National average Closing Chg YTD Savings 0.09 0.06 0.06 0.09 0.13 0.19 0.22 0.19 0.33 ETF Symbol Price (%) (%) Jumbos 0.19 0.07 0.07 0.10 0.14 0.21 0.24 0.20 0.35 BusinessReal Estate&Auctions CommSvsSPDR XLC 61.14 0.64 14.0 Weekly change CnsmrDiscSelSector XLY 149.98 –0.05 19.6 To advertise: email [email protected] or WSJ.com/classifieds CnsStapleSelSector XLP 64.38 –0.26 2.2 Savings 0.00 0.00 0.00 -0.01 0.00 0.00 -0.01 -0.01 -0.01 FinSelSectorSPDR XLF 24.23 –1.82 –21.3 Jumbos 0.00 0.00 0.00 0.00 -0.01 -0.01 -0.01 0.00 -0.01 FT DJ Internet FDN 198.86 1.49 42.9 AUCTIONS CONNECTICUT GSActiveBetaUSLC GSLC 68.78 –0.26 6.4 HealthCareSelSect XLV 105.89 –0.68 4.0 Consumer Savings Rates IndSelSectorSPDR XLI 77.41 –2.19 –5.0 InvscQQQI QQQ 282.66 0.78 32.9 Below are the top federally insured offers available nationwide according to Bankrate.com's (91%$+6 InvscS&P500EW RSP 110.15 –1.20 –4.8 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please iSh3-7YTreasuryBd IEI 133.19 0.09 5.9 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. 02"/ 2.,",2 "*3,1)+ iShCoreDivGrowth DGRO 39.98 –1.16 –5.0 ?02000 A,<8G+'44B *<@=/@7E iShCoreMSCIEAFE IEFA 59.88 –0.75 –8.2 High yield savings #+6&89+7 (4<7B32(477+5B@5+787B iShCoreS&P500 IVV 339.43 –0.34 5.0 Phone number Minimum (%) Phone number Minimum (%) iShCoreS&P MC IJH 194.06 –1.36 –5.7 $47E >+G: #+B $+8F+ iShCoreS&P SC IJR 74.11 –1.31 –11.6 Money market and savings account Six-month CD 0F.6 ,'=#< )LJNL 9JAJNL; ".+G8B@7E%754:+ iShSelectDividend DVY 84.32 –1.92 –20.2 CFG Community Bank $1,000 0.70 First Internet Bank of Indiana $1,000 0.55 iShEdgeMSCIMinEAFE EFAV 67.41 –0.37 –9.6 J@;#=<#';J?@ J@ >#?=J,& JAAJ@?J< 8-!@;;!;;; iShEdgeMSCIMinUSA USMV 63.59 –0.75 –3.1 (888) 205-8388 (888) 873-3424 iShEdgeMSCIUSAMom MTUM 147.97 0.16 17.8 Popular Direct $5,000 0.70 State Bank of India California $1,000 0.50 ')7- E)1)?)$).C @M< -)7- .2@::)> 6@2>;$= BKM;< J+/= *$=,: '$++,>9 iShEdgeMSCIUSAQual QUAL 104.77 –0.45 3.7 (800) 274-5696 (877) 707-1995 iSh5-10YIGCorpBd IGIB 61.05 0.23 5.3 KM IG3+ @>2;1= @. G8AA H;1. H@2!;"K2)@$ *2)E;= @<(@>;M. *$=,:32$++,>9@#2)$,+3"9) iShGoldTr IAU 18.20 0.28 25.5 One-month CD One-year CD .K ;1.@?$)1-;< 2;1)<;M.)@$ <;E;$K6";M.= M;@2 1-K66)M7= &09>67?;@5-?/.<4@; iShiBoxx$InvGrCpBd LQD 135.45 0.41 5.9 Lone Star Bank $1,000 0.20 Live Oak Bank $2,500 0.80 iShiBoxx$HYCpBd HYG 84.16 0.05 –4.3 (713) 358-9400 (866) 518-0286 2;1.@[email protected]= JKF.;/@M< %M.;21.@.;808=D).-)M iShJPMUSDEmgBd EMB 111.23 0.60 –2.9 I9 ")MF.;1 K: L;K2)@ %M.;2M@.)KM@$ ,)26K2.4 ,E@)$@?$; :K2 iShMBSETF MBB 110.29 0.05 2.1 State Bank of India California $1,000 0.15 CFG Community Bank $500 0.73 iShMSCI ACWI ACWI 80.78 –0.33 1.9 (877) 707-1995 (888) 205-8388 6K.;M.)@$ 1;M)K2 $)E)M7 >;M.;2="F$.)+:@")$C <;E;$K6";M.= GEORGIA iShMSCI EAFE EFA 63.31 –0.78 –8.8 Washington Savings Bank $500 0.10 BankDirect $10,000 0.70 K::)>;6@2& K2 >K"?)M@.)KM4 #@M< .K ?; IAA5 >$;@2;< iShMSCIEmgMarkets EEM 45.92 0.44 2.3 (978) 458-7999 (877) 839-2737 iShMSCIJapan EWJ 58.94 0.36 –0.5 @M< >KM1)<;2@?$C :[email protected] 64>132:1;0 )+<<+;/ =9.5 /59,0-7 iShNatlMuniBd MUB 115.42 0.14 1.3 Two-month CD Two-year CD iSh1-5YIGCorpBd IGSB 54.99 0.07 2.5 #&&' $"68 "% 8!*(&7 Lone Star Bank $1,000 0.20 Goldwater Bank $5,000 0.80 8+ 68 <3)";- 6- 6:83,0 iShRussellMCValue IWS 83.34 –1.31 –12.1 &". %$&".!+-%"$ )"$-+)- *$#(*' !541 23, A.0 -66? >89;=7>8+ ;"87/ iShS&P500Growth IVW 58.50 0.26 20.8 Three-month CD Five-year CD iShS&P500Value IVE 113.18 –1.27 –13.0 &6"4 '916.$*::,"6%79:! (.") # #'&"!$%%$ iShShortTreaBd SHV 110.68 ... 0.2 BrioDirect $500 0.50 Ally Bank $0 1.00 iShSilver SLV 22.73 0.53 36.3 (877) 369-2746 (877) 247-2559 5+3)88-)3--- # ///);6"42916.)",0 NEW YORK iShTIPSBondETF TIP 126.20 0.20 8.3 Goldwater Bank $5,000 0.35 First Internet Bank of Indiana $1,000 0.96 iSh1-3YTreasuryBd SHY 86.42 ... 2.1 (480) 281-8200 (888) 873-3424 iSh7-10YTreasuryBd IEF 120.97 0.22 9.8 (*@#7/:2'- 5*"& < iSh20+YTreasuryBd TLT 160.55 0.67 18.5 Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 7&:=5$2$=@$@%8:*7#$@% %*7*%& iShRussellMCGrowth IWP 180.57 0.07 18.3 (713) 358-9400 (480) 281-8200 iShUSTreasuryBdETF GOVT 27.78 0.22 7.1 'C,,?A)1+. 'CFBC 4909 &+>3 ;E36 53A??3D !+F6+33+F AUCTIONS MASSACHUSETTS JPM UltShtIncm JPST 50.81 0.02 0.8 High yield jumbos - Minimum is $100,000 L/O6/C72 2W C7 NO&"O "72"O"& -I 2>" FTJT PIMCOEnhShMaturity MINT 101.97 ... 0.4 *C7:O/U2+I 'W/O2( C7 C/+2 J2T( YE(YE( SPDRBloomBar1-3MTB BIL 91.52 –0.01 0.1 .8?! 0&%?%8 M<99 -" +W7&/+2"& W7 VV3V030G C2 VV ,[ C2 2>" SPDR Gold GLD 179.02 0.26 25.3 CFG Community Bank 0.80 Live Oak Bank 0.60 %!"& !$#"#! W^\+"6 W^ L<+: BDC-<+:< ]]L(14X ]"K<7?2W7 ,."T( SchwabIntEquity SCHF 31.26 –0.73 –7.0 (888) 205-8388 (866) 518-0286 :@5*(46 V02> #9T( YE(YE( C7& 8CI -" C22"7&"& -I -<&&"O6 SchwabUS BrdMkt SCHB 80.92 –0.33 5.3 Luana Savings Bank 0.60 First Internet Bank of Indiana 0.55 "#!$(&'% "<2>"O <7 U"O6W7( WO -I 2"9"= WO .<&"W=+W7^"O"7+"T SchwabUS Div SCHD 56.54 –1.43 –2.4 (800) 666-2012 (888) 873-3424 [<7<8/8 WU"7<7? -<& <6 $1(0ZG(GGGT ,99 -<&6 SchwabUS LC SCHX 81.64 –0.29 6.3 688790&' #<@D&HA ableBanking, a division of Northeast Bank 0.60 Merrick Bank 0.50 8/62 -" +C6> C7& 7W2 6/-;"+2 2W \7C7+<7?T ,99 SchwabUS LC Grw SCHG 117.74 0.73 26.7 H8$KDI:-1&-1 *LA%<" UOWU"O2I(M><+> >C6 -""7 /6"& SPDR DJIA Tr DIA 274.66 –0.84 –3.7 One-month CD One-year CD HD12KD0 L142-1GM-0 C6 CUCO:<7? ?COC?"( <6 -"<7? 6W9& RC6 <6TQ #WO SPDR S&PMdCpTr MDY 354.86 –1.36 –5.5 C&&<2:9=>O )& +W8 WO C++"662>" *C7:O/U2+I 'W/O2P6M"-6<2" State Bank of India California 0.15 CFG Community Bank 0.73 9.+,KK-&M<68- *M18K- UtilitiesSelSector XLU 64.68 –0.08 0.1 %+((% ")#*'!# &+%+&$+ MMMT7I"-T/6+W/O26T?W.T VanEckGoldMiner GDX 38.83 1.62 32.6 (877) 707-1995 (888) 205-8388 -F,J VangdInfoTech VGT 313.12 0.45 27.9 VirtualBank 0.10 BankDirect 0.70 *@==?!L#@%O >? VangdSC Val VBR 116.52 –1.47 –15.0 (877) 998-2265 (877) 839-2737 9EEA3 #30G HG1--G VangdSC Grwth VBK 224.84 –0.33 13.2 %+((% ")#*'!# &+%+&$+ VangdExtMkt VXF 135.50 –0.53 7.5 Two-month CD Two-year CD >#),;AO ,; VangdDivApp VIG 129.66 –0.78 4.0 Lone Star Bank 0.20 Goldwater Bank 0.80 9)A*417J4<7 VangdFTSEDevMk VEA 40.65 –0.76 –7.7 (713) 358-9400 (480) 281-8200 %+((% ")#*'!# &+%+&$+ VangdFTSE EM VWO 44.93 0.36 1.0 )22 +$31 -%/' 7;&%;='9: THE VangdFTSE Europe VGK 51.57 –1.28 –12.0 State Bank of India California 0.15 Comenity Direct 0.75 <=>', 'L9&O=A .7!;& C9)=4!9: !: I!:=:)!=K 1!547!)4 VangdFTSEAWxUS VEU 50.86 –0.37 –5.4 (877) 707-1995 (833) 755-4354 93(A) #41G$ ? +=)=:4 C94 MARKETPLACE VangdGrowth VUG 231.66 0.59 27.2 VirtualBank 0.15 First Internet Bank of Indiana 0.75 '@#*-;>#O 9( /4'85 %79; 095' D'::')F G7'':I>FA VangdHlthCr VHT 206.58 –0.43 7.7 (877) 998-2265 (888) 873-3424 9F)/) ;F/A3 ?M67IMKK J4<7 12:58974>4!9:A /"988!:#A VangdHiDiv VYM 81.21 –1.40 –13.3 ADVERTISE TODAY VangdIntermBd BIV 93.26 0.19 6.9 0'54>27>:45A 6447>+4!9:5A '4+? Three-month CD Five-year CD VangdIntrCorpBd VCIT 96.12 5.2 0.22 BrioDirect Ally Bank *#8&/' 6;"/ ), ?% ))?> VangdLC VV 158.05 –0.33 6.9 0.50 1.00 (877) 369-2746 (877) 247-2559 :#<%$;= ;= -$%8 VangdMC VO 181.94 –0.66 2.1 (800)366-3975 VangdMBS VMBS 54.12 0.04 1.8 Goldwater Bank 0.35 First Internet Bank of Indiana 0.96 VangdRealEst VNQ 77.94 –1.60 –16.0 (480) 281-8200 (888) 873-3424 M../M.1/M..E Formoreinformation visit: VangdS&P500ETF VOO 310.77 –0.33 5.1 Discover Bank 0.25 Goldwater Bank 0.95 VangdST Bond BSV 82.93 0.04 2.9 C6556$4JL#@ >#@:=> ;# @L' <*...G387HI )L@@L,?: " VangdSC VB 161.48 –0.95 –2.5 E:%9A H2KK -'7;5 JB97' >4L Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of )L@@L,?: ?;A9P :;+':O L>'/ ;# @L' ...G387H/ #% VangdTotalBd BND 88.04 0.24 5.0 P :#;+L'#:O L>'/ ;# @L' 13EE8/ !' %#,> EEB=::!:">)9; VangdTotIntlBd BNDX 58.43 0.19 3.3 )L@@L,?: ;# @L' .M1.78/ @> B#!!;#& ?L'N,#@ ,:N*& VangdTotIntlStk VXUS 52.58 –0.36 –5.6 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of ;# @L' 88..D1I 9N=?,: #/ *,;>#: LLL ,-' @L' G78H/ M<<>#(*><*** ©2020Dow Jones &Company,Inc. ?= B#!! ?,:N*& ;# @L' 1E.D.I )L@@L,?: VangdTotalStk VTI 172.93 –0.40 5.7 which may be checks. Rates are subject to change. ")L@@L,?: ?;A9P :;+':O L>'/ ;# @L' B6 39? C!+ (,M& .0'% *=@,MM$ All Rights Reserved. 1GE8../ 80 *-&#;K: <;#?L-?/ VangdTotlWrld VT 81.62 –0.43 0.8 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 VangdValue VTV 104.78 –1.34 –12.6 Internet: www.bankrate.com P2JW302000-0-B00900-1------NS

THE WALL STREET JOURNAL. NY We dnesday, October 28, 2020 | B9

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B10 | We dnesday, October 28, 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 27463.19 t222.19, or 0.80% Trailing P/E ratio 26.06 19.90 3390.68 t10.29, or 0.30% Trailing P/E ratio * 38.25 23.68 11431.35 s 72.41, or 0.64% Trailing P/E ratio *† 37.62 24.75 High, low, open and close for each P/E estimate * 24.01 17.99 High, low, open and close for each P/E estimate * 25.55 18.25 High, low, open and close for each P/E estimate *† 31.31 21.87 trading day of the past three months. Dividend yield 2.24 2.28 trading day of the past three months. Dividend yield * 1.73 1.91 trading day of the past three months. Dividend yield *† 0.74 1.01 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 30000 3600 12500

29000 3500 12000

28000 3400 11500

27000 3300 11000

Session high DOWN UP 26000 3200 10500 Session open Close t 65-day moving average 65-day moving average Close Open 65-day moving average t 25000 3100 10000

Bars measure the point change from session's open Session low 24000 3000 9500 July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 795,557,625 12,301,886 Industrial Average 27707.69 27457.96 27463.19 -222.19 -0.80 29551.42 18591.93 1.4 -3.8 5.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 199,359,826 7,699,356 Transportation Avg 11629.03 11420.41 11431.61 -173.21 -1.49 11988.83 6703.63 5.6 4.9 4.8 Most-active issues in late trading Decl. volume* 583,646,561 4,507,665 Utility Average 900.68 887.57 890.68 -1.30 -0.15 960.89 610.89 4.2 1.3 5.8 Volume After Hours Issues traded 3,138 263 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 35001.36 34779.54 34799.18 -119.00 -0.34 36434.12 22462.76 12.0 5.3 9.2 Advances 942 126 SPDR S&P 500 SPY 11,939.9 336.06 -2.16 -0.64 339.27 335.86 Barron's 400 748.96 740.41 740.41 -8.01 -1.07 767.01 455.11 6.5 1.1 2.3 Declines 2,086 129 TEGNA TGNA 9,876.0 12.40 -0.02 -0.16 12.42 12.40 Unchanged 110 8 iShares MSCI Emg Markets EEM Nasdaq Stock Market 6,740.3 45.79 -0.13 -0.28 46.02 45.63 New highs 31 2 Nasdaq Composite 11465.06 11361.86 11431.35 72.41 0.64 12056.44 6860.67 38.1 27.4 19.5 Microsoft MSFT 6,526.3 210.40 -2.85 -1.34 216.50 209.64 New lows 34 4 Nasdaq 100 11633.49 11503.10 11598.95 94.43 0.82 12420.54 6994.29 44.1 32.8 23.1 Vanguard FTSE Emerg Mkt VWO 5,070.1 44.91 -0.02 -0.04 44.92 44.85 Closing Arms† 1.09 0.55 Pfizer PFE 4,169.8 37.43 ... unch. 37.60 37.38 S&P Block trades* 5,045 130 Advanced Micro Devices AMD 4,120.6 79.42 0.54 0.68 80.26 78.77 500 Index 3409.51 3388.71 3390.68 -10.29 -0.30 3580.84 2237.40 11.6 4.9 9.5 Nasdaq NYSE Arca Intel INTC 4,028.0 45.44 -0.20 -0.44 45.67 45.36 MidCap 400 1975.59 1946.68 1946.68 -27.20 -1.38 2106.12 1218.55 -1.4 -5.6 1.9 Total volume*3,107,872,280 186,486,983 SmallCap 600 914.78 901.87 901.87 -12.09 -1.32 1041.03 595.67 -8.0 -11.7 -0.5 Percentage gainers… Adv. volume*1,508,743,551 91,356,524 Decl. volume*1,569,379,367 94,147,471 Other Indexes Scholar Rock Holding SRRK 2,417.7 34.90 4.88 16.26 37.55 27.52 Issues traded 3,587 1,401 Russell 2000 1609.53 1590.71 1590.71 -14.50 -0.90 1705.22 991.16 0.9 -4.7 1.8 Community Health Systems CYH 60.9 4.96 0.57 12.98 5.00 4.35 Advances 1,362 538 NYSE Composite 12934.11 12817.87 12817.87 -118.52 -0.92 14183.20 8777.38 -3.0 -7.9 1.2 First Solar FSLR 1,638.6 91.12 8.73 10.60 98.50 81.43 Declines 2,097 845 Red Rock Resorts Cl A RRR 1,908.2 20.20 1.45 7.73 20.25 18.75 Value Line 480.64 474.82 474.82 -5.82 -1.21 562.05 305.71 -10.3 -14.0 -4.4 Unchanged 128 18 cbdMD YCBD 164.9 2.29 0.11 5.05 2.74 2.14 NYSE Arca Biotech 5404.66 5304.53 5356.88 52.77 0.99 6142.96 3855.67 19.9 5.7 9.2 New highs 42 5 NYSE Arca Pharma 642.66 634.21 634.57 -10.55 -1.63 675.64 494.36 5.3 -2.9 5.7 ...And losers New lows 64 5 KBW Bank 78.51 76.62 76.64 -2.36 -2.99 114.12 56.19 -27.5 -32.4 -9.2 Titan Machinery TITN 81.3 14.23 -1.47 -9.36 15.70 14.23 Closing Arms† 0.68 0.68 § PHLX Gold/Silver 145.68 142.62 145.56 2.65 1.85 161.14 70.12 57.4 36.1 21.3 Arcus Biosciences RCUS 106.5 18.90 -1.83 -8.83 20.73 18.90 Block trades* 15,272 1,001 § PHLX Oil Service 28.40 27.64 28.05 -0.45 -1.58 80.99 21.47 -59.2 -64.2 -39.8 Big 5 Sporting Goods BGFV 803.7 7.60 -0.52 -6.40 9.19 6.80 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2331.72 2293.02 2300.91 -7.54 -0.33 2433.48 1286.84 38.4 24.4 22.1 Callaway Golf ELY 242.0 18.10 -1.18 -6.12 21.00 18.10 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 33.77 31.85 33.35 0.89 2.74 82.69 11.54 152.7 142.0 50.4 AKAM Akamai Technologies 306.7 100.60 -6.11 -5.73 111.00 99.82 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 World The Global Dow 2981.47 –33.88 –1.12 –8.3 Scholar Rock Holding SRRK 30.02 16.30 118.80 31.69 6.95 257.4 Catabasis Pharmaceuticals CATB 1.56 -3.80 -70.90 8.59 1.52 -68.2 DJ Global Index 436.10 –1.47 –0.34 0.5 Synalloy SYNL 5.20 1.11 27.14 15.95 3.81 -67.2 NGL Energy Partners NGL 2.92 -0.69 -19.11 12.08 1.15 -73.8 DJ Global ex U.S. 249.33 –0.92 –0.37 –5.4 Exact Sciences EXAS 131.12 24.55 23.04 141.90 35.25 44.7 Kala Pharmaceuticals KALA 6.28 -1.45 -18.72 14.68 3.45 80.3 Americas DJ Americas 791.57 –2.58 –0.32 4.0 Harley-Davidson HOG 35.40 6.40 22.07 40.86 14.31 -12.5 Trxade Group MEDS 5.05 -1.15 -18.55 11.60 4.01 -29.9 Brazil Sao Paulo Bovespa 99605.54 –1411.42 –1.40 –13.9 Harbor Custom Development HCDI 4.57 0.82 21.87 8.36 3.50 ... Amkor Technology AMKR 11.25 -2.14 -15.98 15.80 5.40 -24.6 Canada S&P/TSX Comp 16020.94 –58.61 –0.36 –6.1 1847 Goedeker GOED 8.27 1.36 19.68 17.75 5.65 ... BiondVax Pharma ADR BVXV 3.28 -0.62 -15.90 62.00 3.23 -39.3 Mexico S&P/BMV IPC 38001.31 –244.55 –0.64 –12.7 Unifi Inc UFI 15.74 2.53 19.15 27.85 7.48 -42.0 Marin Software MRIN 2.86 -0.51 -15.13 5.70 0.77 38.2 Chile Santiago IPSA 2547.03 –6.20 –0.24 –23.6 Kaspien Holdings KSPN 12.38 1.83 17.34 15.00 1.68 319.7 Akerna KERN 2.93 -0.52 -15.07 13.50 2.79 -42.1 TuanChe ADR TC 4.08 0.60 17.24 10.95 2.70 -61.8 Akebia Therapeutics AKBA 2.42 -0.42 -14.79 13.71 2.34 -38.3 EMEA Stoxx Europe 600 352.58 –3.37 –0.95 –15.2 Digital Ally DGLY 2.30 0.30 15.00 7.10 0.64 85.5 Scorpio Bulkers SALT 12.11 -2.09 -14.72 67.51 10.85 -81.9 Eurozone Euro Stoxx 344.54 –4.05 –1.16 –14.7 Belgium Bel-20 3153.02 –57.14 –1.78 –20.3 Flexsteel Industries FLXS 29.83 3.78 14.51 31.27 7.81 84.1 Ranger Energy Svcs Cl A RNGR 2.62 -0.45 -14.66 7.99 2.27 -48.2 Denmark OMX Copenhagen 20 1349.70 –5.61 –0.41 18.8 eXp World Holdings EXPI 47.50 5.97 14.38 62.50 6.51 442.9 KBS Fashion Group KBSF 2.41 -0.41 -14.54 4.45 0.95 17.0 France CAC 40 4730.66 –85.46 –1.77 –20.9 Rimini Street RMNI 3.55 0.44 14.15 5.97 2.22 -11.0 Genfit ADR GNFT 3.84 -0.63 -14.09 22.48 3.65 -73.8 Prelude Therapeutics PRLD Muscle Maker GRIL Germany DAX 12063.57 –113.61 –0.93 –8.9 36.75 4.40 13.60 50.19 23.69 ... 1.76 -0.28 -13.73 5.09 1.31 ... Turning Point Brands TPB 37.25 4.32 13.12 39.42 14.09 76.8 Manitex MNTX 3.97 -0.63 -13.70 6.28 2.76 -28.5 Israel Tel Aviv 1346.49 –9.38 –0.69 –20.0 Italy FTSE MIB 18654.95 –290.20 –1.53 –20.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 545.65 –0.30 –0.05 –9.7 Russia RTS Index 1131.36 –20.97 –1.82 –27.0 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 54079.43 –811.45 –1.48 –5.3 Spain IBEX 35 6651.30 –145.60 –2.14 –30.3 Naked Brand Group NAKD 167,952 482.9 0.09 29.58 4.80 0.07 Scholar Rock Holding SRRK 51,564 40270 30.02 118.80 31.69 6.95 Sweden OMX Stockholm 700.39 –3.33 –0.47 2.9 Advanced Micro Devices AMD 155,924 172.4 78.88 -4.07 94.28 32.04 1847 Goedeker GOED 13,625 39940 8.27 19.68 17.75 5.65 NIO ADR NIO Aware UltSht Dur Enh Incm AWTM Switzerland Swiss Market 9887.49 –98.13 –0.98 –6.9 103,561 -1.7 28.44 9.34 29.40 1.36 806 14676 49.64 -0.03 51.05 46.25 Insignia Systems ISIG 101,967 20400.7 1.28 34.75 1.75 0.54 dMY Tech Grp II Cl A DMYD 5,270 7597 10.26 2.60 10.60 9.80 Turkey BIST 100 1152.63 8.19 0.72 0.7 General Electric GE 97,638 -1.6 7.10 -3.79 13.26 5.48 Catabasis Pharmaceuticals CATB 20,567 5980 1.56 -70.90 8.59 1.52 U.K. FTSE 100 5728.99 –63.03 –1.09 –24.0 U.K. FTSE 250 17587.71 –265.59 –1.49 –19.6 Apple AAPL 91,779 -46.4 116.60 1.35 137.98 53.15 Avantis Emg Mkts Equity AVEM 651 1907 53.64 0.30 56.26 35.21 Weidai ADR WEI 85,628 3252.7 2.35 35.06 6.46 0.73 Fortress Value II Cl A FAII 614 1706 9.73 0.31 10.06 9.65 Asia-Pacific American Airlines Group AAL 65,120 3.3 11.23 -4.83 31.58 8.25 Harley-Davidson HOG 41,514 1539 35.40 22.07 40.86 14.31 Australia S&P/ASX 200 6051.00 –104.63 –1.70 –9.5 SPDR S&P 500 SPY 65,111 -3.5 338.22 -0.34 358.75 218.26 Trxade Group MEDS 1,309 1480 5.05 -18.55 11.60 4.01 China Shanghai Composite 3254.32 3.20 0.10 6.7 Ford Motor F 63,572 8.0 7.92 -1.37 9.58 3.96 Osprey Tech Acqn Cl A SFTW 1,309 1267 10.04 0.76 10.36 9.11 Hong Kong Hang Seng 24787.19 –131.59 –0.53 –12.1 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.94 India S&P BSE Sensex 40522.10 376.59 –1.8 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23485.80 –8.54 –0.04 –0.7 Singapore Straits Times 2512.87 –10.44 –0.41 –22.0 Track the Markets South Korea Kospi 2330.84 –13.07 –0.56 6.1 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12875.01 –0.26 7.3 global stock indexes, bond ETFs, –34.02 currencies and commodities at Currencies Thailand SET 1208.95 0.98 0.08 –23.5 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23177 0.02 Argentina peso .0128 78.3030 30.8 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1751 5.7107 42.1 Czech Rep. koruna .04317 23.163 2.2 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7584 1.3187 1.5 Denmark krone .1585 6.3085 –5.3 notes and bonds major U.S. trading partners Chile peso .001294 773.00 4.6 Euro area euro 1.1797 .8477 –4.9 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000262 3809.60 16.1 Hungary forint .003231 309.50 4.8 Ecuador US dollar 11unch Iceland krona .007148 139.90 15.5 benchmark over the past year 2.50% Bankrate.com avg†: 3.04% 10% Mexico peso .0475 21.0339 11.1 Norway krone .1089 9.1868 4.6 Uruguay peso .02342 42.6950 15.0 Poland zloty .2571 3.8894 2.5 30-year fixed-rate East Boston Savings Bank 2.63% One year ago 2.00 Russia ruble s .01294 77.283 24.5 mortgage Asia-Pacific 4.00% Boston, MA 800-657-EBSB t 5 Euro Sweden krona s .1146 8.7226 –6.9 t 1.50 Yen Australian dollar .7127 1.4031 –1.5 Switzerland franc 1.1005 .9087 –6.1 First National Bank 2.63% China yuan .1491 6.7055 –3.7 3.00 0 Turkey lira .1222 8.1836 37.6 Waverly, IA 319-266-2000 1.00 Hong Kong dollar .1290 7.7500 –0.5 Ukraine hryvnia .0351 28.4500 20.2 Tradeweb ICE India rupee .01358 73.624 3.2 2.00 Farmers State Bank 2.75% UK pound 1.3046 .7665 1.6 Tuesday Close 0.50 –5 s Indonesia rupiah .0000684 14625 5.3 10-year Treasury Waterloo, IA 877-FSB-1879 t WSJ Dollar index Japan yen .009577 104.42 –3.9 Middle East/Africa t note yield 1.00 Prairie State Bank and Trust 2.75% 0.00 –10 Kazakhstan tenge .002329 429.39 12.5 Bahrain dinar 2.6522 .3771 ... Macau pataca .1252 7.9885 –0.4 Egypt pound .0637 15.7081 –2.1 Mt Zion, IL 800-597-2977 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2402 4.1625 1.8 Israel shekel .2956 3.3826 –2.1 N D J F M A M J J A S O TBK Bank, SSB 2.85% New Zealand dollar .6707 1.4910 0.4 Kuwait dinar 3.2677 .3060 1.0 maturity 2019 2020 Dallas, TX 214-365-6900 Pakistan rupee .00621 161.100 3.9 Oman sul rial 2.5972 .3850 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0207 48.350 –4.7 Qatar rial .2746 3.642 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7349 1.3607 1.1 Saudi Arabia riyal .2666 3.7503 –0.03 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008855 1129.28 –2.2 South Africa rand .0617 16.1978 15.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0054265 184.28 1.6 Yield (%) 52-Week Total Return (%) Taiwan dollar .03496 28.603 –4.4 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.00 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03205 31.200 4.8 WSJ Dollar Index 88.04 –0.06–0.07 –1.70 Libor, 3-month 0.21 0.22 0.21 l 1.96 -1.17 U.S. Treasury, Barclays 2466.130 0.540 0.560 1.870 0.400 8.16 5.45 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.19 0.19 0.19 l 0.71 -0.13 Five-year CD, annual yield 0.61 0.61 0.61 l 1.53 -0.86 U.S. Treasury Long, Barclays 4781.920 1.430 1.470 2.370 0.980 17.58 11.61 Commodities 30-year mortgage, fixed† 3.04 3.04 2.93 l 4.22 -0.95 Aggregate, Barclays 2274.220 1.200 1.220 2.410 1.020 7.24 5.29 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.56 2.56 2.48 l 3.57 -0.72 Fixed-Rate MBS, Barclays 2224.590 1.350 1.350 2.690 0.930 4.31 3.76 Jumbo mortgages, $510,400-plus† 3.09 3.10 2.93 l 4.42 -1.27 DJ Commodity 651.58 4.56 0.70 657.83 433.70 4.35 1.44 High Yield 100, ICE BofA 3185.461 4.602 4.442 10.740 4.235 1.848 3.608 Five-year adj mortgage (ARM)† 3.23 3.23 2.85 l 4.61 -0.29 TR/CC CRB Index 150.71 1.32 0.88 187.39 106.29 -15.51 -18.88 Muni Master, ICE BofA 585.335 1.120 1.134 3.441 0.838 4.324 3.961 New-car loan, 48-month 4.13 4.14 4.13 l 4.56 1.11 Crude oil, $ per barrel 39.57 1.01 2.62 63.27 -37.63 -28.75 -35.19 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 891.391 4.800 4.745 7.480 4.523 3.116 3.550 Natural gas, $/MMBtu 3.019 -0.005 -0.17 3.024 1.482 16.25 37.92 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. 1908.80 6.10 0.32 2051.50 1452.10 28.37 25.62 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW302000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** We dnesday, October 28, 2020 | B11

wsj.com/market-data/ BONDS bonds/benchmarks BANKING & FINANCE

Tracking Bond Benchmarks Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Equitable, Reinsurer highs and lows for different types of bonds Total Total return YTD total Yield (%) return YTD total Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Reach Annuities Deal 2274.22 6.7 U.S. Aggregate 1.200 1.020 2.410 2224.59 3.6 Mortgage-Backed 1.350 0.930 2.690 U.S. Corporate Indexes Bloomberg Barclays 2169.97 3.3 Ginnie Mae (GNMA) 0.830 0.290 2.660 3374.82 7.2 U.S. Corporate 1.960 1.820 4.580 1314.18 3.7 Fannie mae (FNMA) 1.530 1.110 2.690 BY LESLIE SCISM and Athene HoldingsLtd. Equitable said the deal in- 3071.67 6.1 Intermediate 1.300 1.230 4.400 2016.86 3.6 Freddie Mac (FHLMC) 1.520 1.080 2.710 Apollo,Crestviewand Rever- volves about13% of totalvari- enceeach have 23% stakes. able-annuity business on its Muni Master 4975.01 9.2 Long term 3.030 2.730 4.930 585.34 3.4 1.120 0.838 3.441 Equitable Holdings Inc.will Athene has a 21% stake and books as of June 30.The com- 689.19 7.1 Double-A-rated 1.500 1.300 3.360 413.34 3.6 7-12 year 1.120 0.771 3.447 transfer financial risk for$12 Voya has a stake just under panysaid it remains commit- 891.50 6.5 Triple-B-rated 2.310 2.210 5.350 469.84 3.7 12-22 year 1.613 1.224 3.690 billionofretirement-income 10% ted to various types of vari- High Yield Bonds ICE BofA 452.90 2.8 22-plus year 2.346 1.765 4.123 annuities to reinsurer Venera- Thedeal comes as many able annuities, even as these ble Holdings LLC,aslifein- U.S. life insurers have been older ones are reinsured by Global Government J.P. Morgan† 470.68 0.8 High Yield Constrained 5.470 5.151 11.400 surers continue to reduceex- selling or reinsuring blocks of Venerable. 412.15 -5.9 Triple-C-rated 11.310 10.735 19.071 614.97 5.5 Global Government 0.540 0.390 1.060 posures on their books in a business to affiliates of pri- In theyearsleading up to 3185.46 -0.3 High Yield 100 4.602 4.235 10.740 864.76 7.6 Canada 0.780 0.590 1.740 challengingenvironment for vate-equity-funded companies the 2008 financial crisis,in- turning profits. that aredevelopingexpertise surerswereinanarms race to 425.12 0.9 Global High Yield Constrained 5.478 4.893 11.310 418.83 4.7 EMU§ 0.086 0.059 0.794 TheNew York companyhas in managing the often-compli- offer moregenerous features 323.95 -1.4 Europe High Yield Constrained 3.869 2.464 8.183 793.26 4.5 France -0.110 -0.160 0.430 entered intoanagreement catedproducts, including on their variable annuities, U.S Agency Bloomberg Barclays 554.00 3.4 Germany -0.500 -0.740 -0.050 with privately held Venerable hedging the financial risks. and sales boomed. Afterstock 1864.29 5.3 U.S Agency 0.510 0.470 1.950 295.07 -1.0 Japan 0.290 0.040 0.320 to reinsure114,000 variable- markets declined, those in- annuity policies that it sold come guarantees caused large 1624.53 3.9 10-20 years 0.380 0.340 1.850 618.59 3.8 Netherlands -0.390 -0.540 0.080 between 2006 and 2008. The deal comes as losses to insurers. 4273.64 12.0 20-plus years 1.540 1.170 2.480 1087.39 8.2 U.K. 0.590 0.390 1.180 Variable annuities are in- Insurershavebeen eager to 2883.80 5.5 Yankee 1.480 1.430 3.500 891.39 1.1 Emerging Markets ** 4.800 4.523 7.480 vestment productsfor conser- many life insurers divest themselves of the older *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds vative savers that provide a are selling or blocks of businessbecause ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan tax-advantaged form of invest- they aren’t selling the same ing in stock and bond funds. reinsuring business. type of guarantees and have Global Government Bonds: Mapping Yields They typically are sold with moved on to other products guarantees of minimum life- with less risky features and Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in time income if the funds per- betterprofitpotential. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session form poorly. Equitable said the deal Venerable’s“conservative

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Thepact will double Vener- would free up $1.2 billion in investment approach, strong Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago able’stotal assets, Venerable capital, among other benefits. capitalization, focus on operat- 0.125 U.S. 2 0.149 t l 0.154 0.137 1.635 said. Thefirm gotupand run- It said it would acceleratere- ing efficiencyand deep exper- 0.625 10 0.783 t l 0.804 0.658 1.796 ning in 2017 with an agree- turn of capital to shareholders, tise in managing risk has posi- 2.250 Australia 2 0.126 t l 0.126 0.160 0.766 -2.4 -2.8 -86.9 ment to buy various annuity with $500 million of incre- tioned us forthis transaction,” 1.000 10 0.814 t l 0.819 0.810 1.071 3.1 1.5 -72.6 portfolios of Voya Financial mental sharerepurchases in said David Marcinek,Venera- Inc. 2021. ble’schairman, in arelease. 0.000 France 2 -0.708 t l -0.695 -0.646 -0.614 -84.8 -224.9 -85.7 Venerable was created by Equitable also said that it is Mark Pearson, chief execu- 0.000 10 -0.330 t l -0.297 -0.248 -0.072 -111.2 -110.1 -186.9 an investor group led by affili- negotiating to buy a9.9%eq- tiveofEquitable,said the deal 0.000 Germany 2 -0.773 t l -0.754 -0.701 -0.651 -92.2 -90.7 -228.6 ates of Apollo Global Manage- uity stakeinVenerable’spar- “strengthens our ability to fo- 0.000 10 -0.612 t l -0.576 -0.526 -0.361 -139.5 -138.1 -215.8 ment LLC,CrestviewPartners, ent holding company, VA Capi- cus on value-accretive busi- 1.000 Italy 2 -0.370 t l -0.356 -0.202 -0.191 -51.9 -50.9 -182.6 ReverenceCapital Partners talCo.,including aboardseat. nesses.” 1.650 10 0.708 t l 0.735 0.903 0.948 -7.5 -6.9 -84.8 0.100 Japan 2 -0.135 t l -0.128 -0.155 -0.238 -28.5 -28.2 -187.3 0.100 10 0.030 t l 0.035 0.011 -0.145 -75.3 -76.9 -194.2 Banks in Hong Kong Rest Easier 0.400 Spain 2 -0.555 t l -0.551 -0.485 -0.388 -70.5 -70.4 -202.3 1.250 10 0.163 t l 0.190 0.245 0.260 -62.0 -61.5 -153.6 BY FRANCES YOON plexfor banks.Still, they have mainland China. 0.500 U.K. 2 -0.047 t l -0.032 -0.061 0.530 -19.6 -18.5 -110.6 AND JING YANG drawnreassurancefromthe Benjamin Kostrzewa,alaw- 4.750 10 0.235 t l 0.277 0.190 0.686 -54.8 -52.8 -111.1 fact the U.S. hasn’t expanded yeratHogan Lovells in Hong U.S. sanctions over Hong on an earlier presidential Kong,said it washelpful that Source: Tullett Prebon Kong are likely to pose fewer blacklist of sanctioned offi- theState Department list con- Corporate Debt headaches forinternational cials, and from its advice. sisted of just 10 people,all of banks operating in the finan- TheTreasury’sOfficeof whom had already been named Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific cial hub than firstfeared, law- Foreign AssetsControl re- by President Trump in asepa- expectations yers say. cently said it would ask banks rate executiveorder in August. Investment-grade spreads that tightened the most… Banks have been on notice about suspicious transactions That move imposed U.S. asset Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week sinceJuly,when President beforeplacing them on any freezesand travel bans on Ms. Husky Energy HSECN 6.800 5.57 Sept. 15, ’37 401 –12 n.a. Trump signed a law targeting blacklist, and it would give Lamand other officials. Energy Transfer Operating … 7.500 5.93 July 1, ’38 436 –10 n.a. people the U.S. sees as under- them time to end problematic “The State Department re- American International Group AIG 4.125 0.74 Feb. 15, ’24 40 –9 n.a. mining Hong Kong’sautonomy, banking relationships,noted port was good news for Hong John Deere Capital … 1.200 0.28 April 6, ’23 10 –9 14 and those handling their fi- Nicholas Turner, alawyer at Kong,asthey didn’t add in Glencore Funding GLENLN 4.125 1.23 May 30, ’23 105 –6 110 nances.Inaworst-case sce- Steptoe & Johnson LLP. newofficials or entities,” said HSBC Holdings HSBC 3.600 0.63 May 25, ’23 45 –6 52 nario,firms could effectively “Banks arebreathingasigh Mr.Kostrzewa,formerly alaw- Bank of America BAC 4.450 1.37 March 3, ’26 104 –5 106 be cut off from the American of relief,” said Mr.Turner,who yeratthe Officeofthe U.S. Canadian Natural Resources CNQCN 6.250 4.70 March 15, ’38 312 –5 313 financial system. The U.S. ac- advises financial institutions Trade Representative. …And spreads that widened the most tion followedBeijing’simposi- on compliance and economic- In practice, banks mayhave General Motors GM 5.400 1.59 Oct. 2, ’23 140 12 143 tion of a tough new national- sanctionsissues.“TheTrea- only needed to take afew con- Toronto–Dominion Bank TD 1.900 0.32 Dec. 1, ’22 17 9 n.a. security law in Hong Kong. sury guidance suggests that a crete steps. Westpac Banking WSTP 2.000 0.33 Jan. 13, ’23 14 9 14 TheTreasuryDepartment bank won’t getcaught off TheHong Kong Autonomy Barclays BACR 4.375 1.64 Jan. 12, ’26 131 8 n.a. has until mid-December to pro- guardbyasanctions an- Act that became lawinJuly Delta Airlines, Inc. Retirement Plan … 4.750 4.23 Oct. 20, ’28 346 8 337 duceablacklist of foreign fi- nouncement without receiving gives Washingtondiscretion to Shell International Finance RDSALN 0.375 0.36 Sept. 15, ’23 18 8 18 nancial institutions,after its some form of communication expand the sanctions’ scope at Santander UK SANUK 2.875 0.84 June 18, ’24 51 8 53 counterpartsatthe State De- from Treasury prior to that.” any time. Australia and New Zealand Banking ANZ 4.400 1.74 May 19, ’26 140 7 n.a. partment namedHong Kong Hong Kong is home to many TheU.S.has broadened High-yield issues with the biggest price increases… Chief ExecutiveCarrie Lamand international banks,invest- other sanctions recently,add- Bond Price as % of face value nine other officials as individ- ment firms and insurers. They ing corporateentities to alist Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week ual targetsearlier this month. have favoreditpartly because of targetsitsays should be Telecom Italia Capital TITIM 6.000 4.20 Sept. 30, ’34 118.875 1.13 118.250 Legalexpertssay operating Hong Kong has adistinct legal punished forhuman-rights Ligado Networks NEWLSQ 15.500 17.84 Nov. 1, ’23 94.710 0.96 95.500 in Hong Kong has become system, and is free of the capi- abuses in China’snorthwest- Occidental Petroleum OXY 7.500 8.23 May 1, ’31 94.952 0.81 97.122 more unpredictable and com- talcontrols that apply in ern Xinjiang region. Cleveland–Cliffs CLF 6.250 7.41 Oct. 1, ’40 87.980 0.73 82.000 Netflix NFLX 5.750 2.27 March 1, ’24 111.125 0.66 111.750 Navient NAVI 0.57 103.875 6.500 4.17 June 15, ’22 103.625 New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % Sensata Technologies ST 4.875 2.48 Oct. 15, ’23 106.812 0.56 n.a. Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

Graphic Packaging International GPK 3.500 3.31 March 15, ’28 101.250 0.50 101.625 CatabasisPharm CATB 1.52 -70.9 Metacrine MTCR 8.21 -8.1 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE ChardanHlthcr2Wt CHAQ.WS 0.55 -9.2 MetenEdtechX METX 3.00 -8.1 …And with the biggest price decreases American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low CogentComm CCOI 55.95 -1.8 MingZhuLogistics YGMZ 3.85 -1.3 in the latest session. %CHG-Daily percentage change from the previous trading session. ConyersParkII CPAA 8.66 -9.6 NorthernOil&Gas NOG 4.09 -4.2 Transocean RIG 7.500 58.28 April 15, ’31 13.250 –1.50 n.a. ConyersParkII Wt CPAAW 1.06 -8.6 OaktreeAcqnII OACB.U 9.99 0.1 OpiantPharm OPNT 6.97 -1.0 AAL –1.31 99.000 Tuesday, October 27, 2020 CoreCivic CXW 6.00 -6.4 American Airlines 11.750 12.62 July 15, ’25 96.938 CorEnergyInfr CORR 5.00 -3.1 PBF Energy PBF 4.62 -8.4 52-Wk % 52-Wk % 52-Wk % Navient NAVI 6.125 5.17 March 25, ’24 102.956 –1.23 103.845 CuriosityStream CURI 8.46 1.1 ParamountGroup PGRE 5.89 -4.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg PeabodyEnergy BTU 1.43 -5.9 Ligado Networks NEWLSQ 17.500 29.37 May 1, ’24 75.000 –1.00 76.500 DBV Tech DBVT 1.45 -5.2 KodiakSciences KOD 102.74 1.1 Tantech TANH 2.99 10.4 D8 A DEH 9.60 0.4 PhoenixTree DNK 2.04 -11.1 PiedmontOfficeA 12.12 -4.1 LB –0.98 105.250 LabCpAm LH 212.47 2.2 TekkorpDigital TEKKU 9.97 0.4 DPCM Capital XPOA.U 9.92 0.1 PDM L Brands 5.625 3.82 Oct. 15, ’23 105.020 Highs Psychemedics PMD 3.99 -6.1 LatticeSemi LSCC 35.90 1.1 ThermoFisherSci TMO 490.71 1.4 EmpireStateReal60 OGCP 5.85 -1.5 NFLX –0.88 121.750 PyxisTankersPfdA PXSAP 18.75 -0.1 Netflix 5.875 3.01 Nov. 15, ’28 120.316 AciesAcqn ACACU 9.98 ... LianluoSmart LLIT 4.73 2.9 TurningPoint TPB 39.42 13.1 ExecutiveNtwk ENPC.U 24.68 0.1 Reading A RDI 2.40 -4.3 ADT –0.86 106.250 Alibaba BABA 319.32 3.3 LifeSciAcqn LSAC 14.98 1.8 Twitter TWTR 51.51 4.6 EyePointPharm EYPT 0.40 -2.5 ADT Security 4.875 4.39 July 15, ’32 104.386 RecroPharma REPH 1.81 ... Amedisys AMED 259.85 1.1 LifetimeBrands LCUT 12.57 -13.3 USCellularNts2069 UZD 26.92 0.1 FSDPharma HUGE 1.72 -2.2 United Airlines Holdings UAL 5.000 9.06 Feb. 1, ’24 88.750 –0.66 90.590 RockwellMedical RMTI 0.87 -4.1 AmicusTherap FOLD 19.47 1.0 LiveOakBcshs LOB 35.15 3.3 UltragenyxPharm RARE 99.79 6.8 FarmerBros FARM 3.87 -2.0 RoyaltyPharma RPRX 37.65 -2.3 ArenaPharm ARNA 87.59 1.9 LordstownMotors RIDE 19.50 -12.7 UnitySoftware U 108.35 4.0 FedNat FNHC 5.42 -4.4 SachemNts2025 SCCC 24.56 0.1 *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. AscendisPharma ASND 168.56 3.5 LordstownMotorsWt RIDEW 7.79 -14.9 FinTechAcqnIV FTIVU 10.00 -0.3 VaronisSystems VRNS 138.75 0.1 SagaComm SGA 18.67 -4.0 BankofAmPfdE BACpE 25.15 ... LuxHlthTech LUXAU 10.07 0.1 FirstCash FCFS 54.12 -0.7 Note: Data are for the most active issue of bonds with maturities of two years or more VoceraComm VCRA 35.36 4.2 ScorpioTankers STNG 9.72 -3.7 BioLifeSols BLFS 30.31 5.3 MallardAcqn MACUU 10.02 -0.9 FoghornTherap FHTX 15.99 -7.0 Source: MarketAxess WD-40 WDFC 239.47 1.2 SeaChange SEAC 0.73 -6.1 Bio-RadLab A BIO 592.66 1.0 MarketAxess MKTX 575.60 4.7 FoleyTrasimeneA WPF 9.96 ... Xilinx XLNX 130.40 8.6 ShiftPixy PIXY 2.20 -0.9 Clarus CLAR 17.06 5.7 MatchGroup 127.42 5.5 FortressValueIIWt FAII.WS 1.20 -2.8 MTCH SocialCapHedWt IPOC.WS 1.70 -2.8 CiaSiderurgica SID 3.88 ... GEO Group GEO 8.24 -4.1 Moelis MC 42.12 2.8 Lows SocialCapHedV IPOE.U 10.35 ... CorsairGaming CRSR 26.45 5.4 GenesisHealthcare GEN 0.43 -1.3 Amount Payable / MorganStanleyPfdA MSpA 24.49 1.6 StateAutoFin STFC 12.93 -2.5 Dividend Changes Crocs CROX 55.40 4.9 AbraxisPetrol AXAS 1.62 -5.2 GlobusMaritime GLBS 6.86 -1.5 OFSCapNts2023 OFSSG 24.85 0.4 TWC Tech II TWCTU 9.99 ... Company Symbol Yld %New/Old Frq Record Cummins CMI 231.35 -0.4 Akerna KERN 2.79 -15.1 1847Goedeker GOED 17.75 19.7 GoresHoldingsV GRSV 9.75 0.3 TailwindAcqnA TWND 9.55 -0.4 DanaherPfdA DHRpA1637.99 2.0 ArmstrongWorld AWI 61.56 -3.2 GreenwichLife 4.00 ... Dividend announcements from October 27. PJT Partners PJT 76.45 5.0 GLSI TalosEnergyWt TALO.WS 0.05 -0.7 Initial Danaher DHR 240.51 2.1 AspirationalCns ASPL.U 9.89 -0.1 PitneyBowes PBI 7.67 0.9 HallofFameWt HOFVW 0.19 -5.6 TargetHosp TH 0.92 -12.0 OPPpA Q DenaliTherap DNLI 45.95 9.0 Astronics ATRO 6.95 -2.0 Amount Payable / RiverNorth/DoubleLine Pfd 4.4 .0668 Nov16 /Nov02 PublicStorage PSA 239.40 -0.7 HallofFameResort HOFV 1.84 0.5 Teekay TK 1.86 -4.5 dMY Tech II 10.85 3.9 AtlStreetAcqn 9.61 -0.2 Company Symbol Yld %New/Old Frq Record DMYD.U Repligen RGEN 180.84 -1.0 ASAQ HaynesIntl HAYN 16.43 -0.6 Teligent TLGT 0.58 -0.8 Stocks dMYTechII Wt DMYD.WS 1.65 20.8 ScholarRock SRRK 31.69 118.8 AvenueTherap ATXI 3.06 -4.0 HealthStream HSTM 19.29 -7.6 The9 NCTY 2.07 8.9 Increased WidePoint WYY 1:10 /Nov09 EllomayCapital ELLO 37.58 5.4 ShattuckLabs STTK 25.72 4.9 BCTG Acqn BCTG 9.83 ... HighPeakEner HPK 4.20 -6.7 Thryv THRY 9.66 -2.4 Endava DAVA 69.80 0.3 Shutterstock SSTK 70.60 11.8 BP BP 15.35 -2.7 HighPointRscs HPR 0.13 -3.1 Tricida TCDA 7.92 -4.2 CWBC Q Community West Bancshares 2.4 .05 /.045 Nov30 /Nov13 Foreign ErieIndemnity A ERIE 238.17 2.3 SilvergateCapital SI 23.48 3.0 BP Prudhoe BPT 1.35 -3.9 IntercorpFinSvcs IFS 22.00 -0.2 UnitedInsurance UIHC 4.69 -4.7 Global Partners GLP 12.3 .50 /.45875 Q Nov13 /Nov09 ExactSciences EXAS 141.90 23.0 SiyataMobile SYTA 6.10 7.5 BancoMacro BMA 12.21 -5.6 InVivoTherap NVIV 0.55 -4.2 UnivInsurance UVE 13.45 -4.6 Altera Infr 7.25% Pfd. A ALINpA 10.0 .4531 Q Nov16 /Nov06 Kimbell Royalty Partners KRP 14.3 .19 /.13 Q Nov09 /Nov02 ExtraSpaceSt EXR 120.29 -1.3 SiyataMobileWt SYTAW 3.00 41.4 BaudaxBio BXRX 1.19 -6.2 IterumTherap ITRM 0.48 -6.5 VG Acqn VGAC.U 9.85 -0.2 Altera Infr 8.5% Pfd. B ALINpB 11.0 .5313 Q Nov16 /Nov06 Flexsteel FLXS 31.27 14.5 SOQUIMICH SQM 37.85 2.4 Biogen BIIB 254.93 -0.6 JaguarHealth JAGX 0.22 -8.7 VastaPlatform 12.34 -4.4 Lake Shore Bancorp LSBK 4.1 .13 /.12 Q Nov19 /Nov05 VSTA Altera Infr 8.875% Pfd. E ALINpE 11.6 .5547 Q Nov16 /Nov06 GuardantHealth GH 114.33 8.5 SouthernNts2020C SOJE 25.56 0.1 BiondVaxPharm BVXV 3.23 -15.9 KiromicBiopharma KRBP 9.60 ... VectorAcqn VACQU 9.96 -0.2 Manhattan Bridge LOAN 10.4 .11 /.10 Q Jan15 /Dec31 HoulihanLokey HLI 65.25 3.3 SoCopper SCCO 52.65 1.6 BoqiiHolding BQ 5.01 -4.0 KismetAcqnOne KSMT 9.63 -0.4 VertexEnergy VTNR 0.40 -3.7 Mueller Water Products MWA 2.0 .055 /.0525 Q Nov20 /Nov10 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; HovnanianPfdA HOVNP 7.98 3.4 SpruceBio SPRB 20.05 3.5 CCNeubergerII PRPB 9.80 -0.2 LefterisAcqn LFTRU 9.82 -0.7 WellsFargo WFC 21.82 -3.9 RBB Bancorp RBB 2.9 .09 /.06 Q Nov16 /Nov02 IdexxLab IDXX 444.96 3.3 StitchFix SFIX 38.17 6.1 CVR Energy CVI 10.61 -5.2 LexiconPharm LXRX 1.29 -1.5 X4 Pharm XFOR 5.80 -6.6 S2:1: stock split and ratio; SO: spin-off. IPG Photonics IPGP 202.58 3.3 StokeTherap STOK 41.56 3.5 CapitalaFinance CPTA 8.71 -1.3 MallardAcqn MACUU 9.91 -0.9 ZosanoPharma ZSAN 0.40 -3.5

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TotRetBdI 10.73 +0.01 3.6 GroCo 31.95 +0.32 49.6 IntlEq 24.71 -0.06 NA PIMCO Funds I2 DivAppIdxAdm 35.19 -0.24 5.5 WdsrllAdml 63.61 -0.51 -0.7 WndsrII 35.85 -0.28 -0.8 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 32.02 +0.31 49.7 Invesco Funds Y Income NA ... NA EMAdmr 37.37 +0.19 2.7 WellsIAdml 66.63 -0.30 3.0 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 51.13 +0.30 32.7 InvGrBd 11.78 +0.02 8.2 DevMktY 46.77 +0.19 2.6 PIMCO Funds Instl EqIncAdml 70.97 -1.01 -8.5 WelltnAdml 75.93 -0.16 3.3 IdxIntl 16.88 -0.07 -4.2 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity LowP r 43.83 -0.42 -6.0 JPMorgan I Class IncomeFd NA ... NA ExplrAdml 106.25 -0.39 9.3 WndsrAdml 63.64 -1.11-11.0 SmValAdml 50.03 -0.79-13.8 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem117.68 -0.35 6.5 Magin 12.22 +0.05 19.8 CoreBond 12.42 +0.02 NA Price Funds ExtndAdml 102.78 -0.54 8.4 VANGUARD FDS TotBd2 11.51 +0.02 6.5 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 17.83 +0.13 23.3 NASDAQ r 144.35 +0.92 28.1 EqInc 17.58 -0.24 NA BlChip 159.36 +1.71 28.2 GNMAAdml 10.72 ... 3.3 DivdGro 30.93 -0.24 2.1 TotIntlInstIdx r112.93 -0.43 -4.1 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; ExtMktIdxInstPre 69.15 -0.36 8.4 OTC 15.81 +0.12 31.8 JPMorgan R Class DivGro 54.27 -0.30 2.7 GrwthAdml 119.20 +0.71 27.9 INSTTRF2020 25.22 -0.02 4.6 TotItlInstPlId r112.96 -0.42 -4.1 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. FidSerToMarket 11.60 -0.04 6.9 Puritn 24.92 +0.06 13.0 CoreBond 12.44 +0.02 NA EqInc 26.77 -0.39-14.9 HlthCareAdml r 90.84 -0.68 6.4 INSTTRF2025 25.82 -0.04 4.4 TotSt 84.16 -0.29 7.0 IntlIdxInstPrem 39.86 -0.29 -7.2 SrsEmrgMkt 22.15 +0.13 7.4 Lord Abbett A EqIndex 90.08 -0.27 6.4 HYCorAdml r 5.82 -0.01 1.7 INSTTRF2030 26.15 -0.05 4.1 VANGUARD INSTL FDS MidCpInxInstPrem 23.76 -0.20 1.1 SrsGlobal 12.63 -0.04 -4.1 ShtDurIncmA p 4.18 ... 1.7 Growth 92.12 +0.66 25.6 InfProAd 28.19 +0.04 9.3 INSTTRF2035 26.46 -0.06 3.8 BalInst 41.58 -0.05 7.8 Tuesday, October 27, 2020 SAIUSLgCpIndxFd 18.18 -0.05 6.4 SrsGroCoRetail 26.89 +0.28 51.5 Lord Abbett F HelSci 95.99 +0.45 17.9 IntlGrAdml 138.43 +1.09 34.7 INSTTRF2040 26.76 -0.07 3.4 DevMktsIndInst 13.09 -0.10 -6.2 YTD YTD YTD Net Net Net SeriesBondFd 10.77 +0.02 7.0 SrsIntlGrw 18.53 -0.03 5.8 ShtDurIncm 4.17 ... 1.6 LgCapGow I 56.21 +0.42 27.6 DevMktsInxInst 20.47 -0.14 -6.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret ITBondAdml 12.63 +0.02 9.0 INSTTRF2045 26.99 -0.08 3.1 SeriesOverseas 10.99 -0.05 1.9 SrsIntlVal 8.53 -0.11-13.8 Metropolitan West MidCap 104.99 -0.06 10.1 ITIGradeAdml 10.63 +0.02 8.8 INSTTRF2050 27.04 -0.09 3.1 ExtndInst 102.77 -0.54 8.4 GrwthInst 119.21 +0.71 27.9 American Century Inv WshA p 45.90 -0.40 -3.2 Dimensional Fds SmCpIdxInstPrem 20.24 -0.19 -3.5 TotalBond 11.18 +0.02 7.5 TotRetBd 11.61 +0.01 7.5 NHoriz 83.85 +0.39 41.2 LTGradeAdml 11.88 +0.05 12.2 INSTTRF2055 27.15 -0.09 3.2 InPrSeIn 11.48 +0.01 9.3 Ultra 70.43 +0.57 35.0 Baird Funds 5GlbFxdInc 10.89 +0.01 1.5 TMktIdxInstPrem 96.50 -0.33 6.8 Fidelity SAI TotRetBdI 11.61 +0.01 7.8 R2020 23.08 -0.04 4.5 MidCpAdml 225.19 -1.45 3.4 IntlVal 33.66 -0.32-10.3 InstIdx 302.65 -0.91 6.5 American Funds Cl A AggBdInst 11.83 +0.02 7.6 EmgMktVa 24.58 -0.15-12.5 USBdIdxInstPrem 12.43 +0.02 7.0 TotalBd 10.61 +0.01 6.9 TRBdPlan 10.92 +0.01 7.8 R2025 18.63 -0.04 4.8 MuHYAdml 11.67 ... 2.1 LifeCon 21.83 -0.01 5.2 InstPlus 302.66 -0.91 6.5 AmcpA p 36.05 -0.11 9.3 CorBdInst 12.16 +0.02 7.5 EmMktCorEq 20.86 +0.03 -2.4 Fidelity Advisor I Fidelity Selects MFS Funds Class I R2030 27.16 -0.06 4.9 MuIntAdml 14.64 ... 3.2 LifeGro 37.16 -0.10 3.6 InstTStPlus 72.03 -0.24 7.1 AMutlA p 41.32 -0.31 -3.5 BlackRock Funds IntlCoreEq 12.48 -0.11 -8.3 NwInsghtI 38.03 +0.29 16.3 Softwr r 24.89 +0.16 29.4 Growth I 156.99 +1.31 23.5 R2035 19.98 -0.05 5.0 MuLTAdml 12.02 ... 3.5 LifeMod 29.91 -0.05 4.5 MidCpInst 49.75 -0.32 3.4 BalA p 28.95 -0.09 3.3 HiYBlk 7.50 ... 0.9 IntSmCo 17.38 -0.14 -7.6 Fidelity Freedom Tech r 27.18 +0.15 42.2 ValueI 40.84 -0.52 -7.2 R2040 28.46 -0.08 5.2 MuLtdAdml 11.21 ... 2.6 PrmcpCor 27.22 -0.25 -2.5 MidCpIstPl 245.34 -1.58 3.4 BondA p 14.08 +0.02 9.3 HiYldBd Inst 7.50 ... 0.9 IntSmVa 16.19 -0.17-16.0 FF2020 16.47 -0.01 4.7 First Eagle Funds MFS Funds Instl PRIMECAP Odyssey Fds MuShtAdml 15.93 ... 1.6 STAR NA ... 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NA NEcoA p 53.72 +0.26 17.5 ClearBridge Intl Stk 36.29 -0.44-16.8 Contra 16.96 +0.13 24.5 TotRtnBdFdClInst 29.80 +0.05 12.2 500Adml 313.13 -0.94 6.5 TxMCapAdml176.57 -0.51 7.8 TotIntBdIxInv 11.69 +0.03 4.1 Western Asset TotRt NA ... NA NwWrldA 76.02 +0.35 7.8 LargeCapGrowthI NA ... NA Stock 166.77 -2.74-11.2 ContraK 16.99 +0.13 24.6 Harbor Funds BalAdml 41.57 -0.06 7.8 TxMIn r 13.08 -0.09 -6.1 USGro 60.83 +0.44 41.4 CoreBondI NA ... NA PIMCO Funds A SmCpA p 67.86 +0.03 15.3 Columbia Class I DoubleLine Funds CpInc r 10.02 -0.04 1.2 CapApInst 105.94 +1.04 39.9 CAITAdml 12.23 +0.01 3.1 USGroAdml 157.66 +1.12 41.5 WellsI 27.51 -0.12 2.9 CorePlusBdI NA ... NA IncomeFd NA ... NA TxExA p 13.38 ... 2.3 DivIncom I 23.28 -0.21 -3.2 CoreFxdIncmI NA ... NA DivIntl 42.87 +0.02 5.9 Harding Loevner CapOpAdml r167.86 -1.14 6.4 ValAdml 40.87 -0.55-10.5 Welltn 43.97 -0.09 3.2 CorePlusBdIS NA ... NA P2JW302000-5-B01200-1------XA

B12 | We dnesday, October 28, 2020 ***** THE WALL STREET JOURNAL. MARKETS Nasdaq Outperforms Dow, S&P 500

AMD-Xilinx deal lifts offs in the past: evidencethat Indexperformance, Tuesday volatility and returns that are most recent quarter. partsofthe economyhave abit moreconsistent with his- Afterthe closing bell, Mi- tech sector,but spread started to recoverfromdis- 1.0% torical norms,” he said. crosoft reported higher sales ruptions and shutdowns re- Some investorsalso arebet- fueled by pandemic-erade- of virus pressures Nasdaq other major indexes lated to the pandemic. Composite ting that authorities will avoid mand forcloud-computing Ordersfor long-lasting fac- +0.6% the stringent lockdown mea- services.Shares ticked up 0.3% tory goods increased forthe 0.5 sures put in placeinthe spring after hours. BY MISCHA FRANKL-DUVAL fifthconsecutivemonth in to slowthe spread of the virus, Overseas,the StoxxEurope AND AMBER BURTON September,Commerce Depart- whichbrought the global econ- 600 slipped 0.9%. ment datashowedTuesday. omytoajarring halt. At middayWednesdayin Stocks wobbled, attempting Ordersrose 1.9% in September “Atthe moment, the market Tokyo, the Nikkei wasdown 0 to stabilizeafter worries from August. is discounting forfurther lock- 0.3%, Hong Kong’s Hang Seng about the coronavirus pan- TheDow Jones Industrial downs and forthe economyto Indexwas down 0.4%and S&P500 demic sent markets tumbling Average fell 222.19 points, or suffer dramatically again, and South Korea’sKospi wasdown –0.3% to start the week. 0.8%, to 27463,downfour of Ijust don’t see that,” said Pat- 0.1%. U.S. stock futures were Rising Covid-19 infection the past five trading days.The –0.5 rick Spencer,managing direc- down 0.5%. levels around the world are blue chips aredown3.8%for toratU.S.investment firm compounding worries about 2020. The S&P 500 lost 10.29 DowJones Baird.“We’reinaV-shaped the global eco- points, or 0.3%, to 3390.68. Industrial recovery.” AUCTION RESULTS Average Here are the results of Tuesday's Treasury auction. TUESDAY’S nomic outlook. TheNasdaq Composite –1.0 –0.8% Astring of earningsresults All bids are awarded at a single price at the market- MARKETS Theseven-day climbed 72.41 points, or 0.6%, droveswingsacrossthe stock clearing yield. Rates are determined by the difference 9:30 10 11 noon 1234 between that price and the face value. averageofnew to 11431.35. market. TWO-YEAR NOTES cases in the U.S. reached are- Technologystocks were a Source:FactSet Shares of Eli Lilly fell Applications $135,732,337,200 cord Monday, while a number relativebright spot in Tues- $9.80, or 6.9%, to $131.90, af- Accepted bids $59,729,134,900 " noncompetitively $141,024,700 of countries in Europe,includ- day’smarket, buoyedbyAd- 4.1%, to $78.88. about the market’srecovery terthe drugmaker loweredits " foreign noncompetitively $5,000,000 ing Italy,Spain and Russia, vanced MicroDevices’ planned Despite uncertainty due to heading into next year. profit guidancefor 2020. Auction price (rate) 99.948240 (0.151%) tightened restrictions on ac- $35 billion acquisition of Xil- the rise in Covid-19 infections, “I think thereare still more Shares of Caterpillar fell Interest rate 0.125% tivity to curb the spread. inx,afellowchip maker.Xilinx Craig Fehr,aninvestment gains that canbeseen in 2021. $5.29,or3.2% to $157.91, after Bids at clearing yield accepted 76.17% Cusip number 91282CAR2 One factor that has helped shares rose $9.80, or 8.6%, to strategist at EdwardJones, We’reprobably likely to see the companyreported profit The notes, dated Nov. 2, 2020, mature on Oct. 31, stocks bounce back from sell- $124.35.AMD fell $3.35, or said he remains optimistic the stock market produceboth and revenue fell during its 2022. U.S. Election Adds to Pressure On Turkish Lira

Investorsalready wary of surprised investorsbynot hik- GES Turkish assetshaveanew rea- ing rates.Earlier this year,it IMA son forcaution: the U.S. elec- repeatedly cut interest ratesin

tion. aquest forgrowth. That GETTY

moved interest ratesbelowin- SE/ By Caitlin Ostroff in flation,discouraging investors London and David from holding Turkish assets. Gauthier-Villars Thedesirefor growth, ANCE-PRES FR in Istanbul championed by President Re-

cepTayyip Erdogan,also saw ENCE TheTurkish lira, which has an expansion of credit to AG

lost aquarter of itsvalue households and businesses. GUL/ againstthe greenback this This increased the gapbetween AK SIN

year,tumbled past 8tothe dol- importsand exports, widening YA lar forthe firsttime Mondayas the current-account deficit. The liraclosed at arecordlow 8.15 to the dollar amid jitters thatU.S.-Turkish relations could worsen. Acurrency exchange in Istanbul. investorsconsidered howthe Meanwhile,Turkish exports presidential vote could com- have fallen during the pan- consulateinIstanbul on terror- In January, Mr.Biden said in ins with Turkey—including re- morewith international insti- pound longstanding concerns demic, and the central bank ism-related charges. aNew York Times interview garding the prolonged tutions and be morecollabora- over Turkey’s economic out- has spent billions of dollarsde- Nazmi MeteCanturk,who that he was“very concerned” detention of aU.S.pastor in a tivewith European allies,Mr. look.OnTuesday, the currency fending the lira, drawing down worked as asecurity guard, by Turkey’s acquisition of Rus- Turkish jail, as well as over Markov said, contributing to hit arecordlow at 8.15 lirato itsreserves. wassentenced to five yearsin sian air-defense systems,known Syria—Messrs. Trump and Er- concerns that conflictsbe- the dollar. Turkey no longer has prison, according to Turkish as S-400,adding that Mr.Erdo- dogan have displayedawarm tween the EU and Turkey could CURRENCIES Last week, enough reserves to covertwo statenewsagencyAnadolu, for ganhad to “payaprice” forit. relationship. lead to moreaggressivesanc- Turkey,amem- months of imported goods,ac- helping supportersofFethullah Mr.Biden called the Turkish Mr.Erdogan’sadministra- tions against Turkey. ber of the North Atlantic Treaty cording to datafromthe Inter- Gulen, a cleric Turkey has president an autocrat, and said tion has clashed with the Euro- Other investorssaid aBiden Organization, confirmed it con- national MonetaryFund. blamed foracoup attempt in he wasinfavor of supporting pean Union—itslargest trading administration would have to ducted amissile-firing exercise “Turkey is in averydifficult 2016.Mr. Gulen has denied politicalopponentstodefeat partner—in recent months over reckon with the fact that Tur- with an advanced air-defense position anyway because it’s playing anyrole in the at- him in elections. issues including maritime key plays astrategic role as system it hasprocured from facing an unprecedented crisis tempted coup.Mr. Canturk, When excerptsofthe inter- rightsinthe east Mediterra- guardian of NATO’ssoutheast- Russia. TheU.S.Department of and the authorities have not who has denied the accusation, viewresurfaced in Turkish me- nean andthe conflict between ern flank,and movecautiously Defense criticized the move, provided the needed response,” is expected to be allowedtore- dia this summer,Mr. Erdogan’s Armeniaand Azerbaijan over with sanctions. stoking concerns that it could said NikolayMarkov,asenior main free pending appeal. spokesman, Ibrahim Kalın, said Nagorno-Karabakh. On Sunday, “Turkey is astrategic part- lead to sanctions against Turkey economist at Pictet Asset Man- Mr.Biden has yettooutline Mr.Biden’scommentswere Francesaid it would recall its ner,and will remain astrategic that analystsand investorssee agement. “Ifweadd the presi- anyspecific Turkey policies. “based on pureignorance, ar- ambassador to Turkey after partner to the West,” said Po- as morelikely if Democratic dential election to that, the Still, analystssaid they ex- roganceand hypocrisy.” Mr.Erdogan suggested that lina Kurdyavko, head of emerg- candidateJoe Biden is elected. risk is quiteelevated.” pected him to take atougher Turkey’s acquisition of French President Emmanuel ing marketsdebt at BlueBay TheBiden campaign didn’t re- In adevelopment likely to stanceagainst Mr.Erdogan S-400 will triggerlegally man- Macron needed amental health Asset Management. She added spond to arequest forcomment. further stoketension between than Mr.Trump based on dec- dated congressional sanctions, check and called on Turks to that central bank policy, rather This has exacerbated pres- Washingtonand Ankara, a larations he has made when he but their scope is still unclear. boycottFrench goods. than geopolitics,would guide sureonthe lirafromlast week Turkish court on Tuesdaycon- wasvicepresident, as well as Although the Trump admin- Investorsexpect that, if her decision regarding expo- when Turkey’s central bank victed an employeeofthe U.S. during the 2020 campaign. istration has had repeated run- elected, Mr.Biden would work sure to Turkey.

lystshavesaid that aDemo- fiscal stimulus is needed to Anxiety on cratic sweep of the White help the economic recovery. House and Congresscould ben- In some cases,investorssay efit the economyand markets. the idea of aspeedy resolution Vote Is Seen Goldman Sachs Group Inc.ana- to the election is morecomfort- lystssaid earlier this month ing than alead in the polls by a that aDemocratic sweep could particular candidate. Still, there Abating be apositivefor stocks.UBS remain countlessunknowns Group AG echoed that senti- about howthe election will af- ment Friday, saying a“blue fect policyoneverything from ContinuedfrompageB1 wave or status quo outcome taxes to climatechange and fi- mentsinrecent weeks. would likely be modestly better nancial regulation. “They no longer think the forstocks because it would lead Therecent trading activity election is going to be some- to largerfiscal support.” also highlightsinvestors’ confi- thing that takesusalong time Business leadershavealso denceinsuch polling,despite to figure out,” said AmyWuSil- embraced the prospect of aBi- several politicalsurprises in verman, amanaging director at den presidency, despitehis 2016,such as Mr.Trump’svic- RBC Capital Markets. “People push to increase taxesoncor- tory and Brexit. areexpecting good news out of porations and wealthyindividu- “There’s been kind of are- the fiscal stimulus as well as als.Their stances highlight the visiting of thesense that the GES thevaccine.” importanceoffiscal stimulus objectiveread of the polling is IMA Manyinvestorshad been and howthe pandemic’simpact the right way,” said Josh Youn- betting on prolonged uncer- ger, amanaging director at JP- GETTY tainty afterthe election in an- MorganChase &Co. “The wider

KEITH/ ticipation of asurge in mail-in ‘Expecting good the gap, the moredecisivethe voting that would leave the victory.” outcome undecided forweeks. news out of the Mr.Younger said it has re- EPHANIE

ST On Monday, as U.S. stocks fell fiscal stimulus as cently gotten cheaper to pick Signs are growing that there may not be protracted election uncertainty. Early voting in Brooklyn, N.Y. sharply and the Cboe Volatility up optionsaround the presi- Index, or VIX,climbed, some in- well as the vaccine.’ dential election. Options contracts Ratio of bearish options VIX futures vestorspositioned forits fall Other traderscaution anxi- outstanding on the outstanding tiedtoVIX contracts,by through bearish options on the ety surrounding the election InvescoSolar ETF to bullish ones expiration date gauge, Trade Alert datashow. A hasn’t dissipated entirely,and bearish bet on the VIX is akin to on the economysupersedes the VIX has remained elevated 120,000 contracts 1.4 times 33 points abullish bet on the S&P 500 be- manyother factors. Democratic even as stocks have climbed cause the two tend to movein lawmakersinCongresshave this month. On Monday, it 100,000 Call options 1.2 32 oppositedirections.The S&P been pushing a$2.2 trillion jumped to the highest level outstanding 500 continued to slip on Tues- stimulus package to combat the sinceearly September. Put options dayasworries about the pan- virus,much largerthan Repub- Even some investorswho 80,000 1.0 BEARISH 31 outstanding demicweighed on markets. licans’ proposal. had piled intoexchange-traded Sept.23, 2020 “It’sbeen averypopular Republicans areoften funds that would benefit from a 60,000 0.8 30 trade to position forvolatility thought to be friendlier to the victoryfor Mr.Biden appear to BULLISH to go lowerafter the election,” stockmarket because of their be hedging their bets. Solar 40,000 0.6 29 said Christopher Murphy, co- policies on lowertaxes,though stocks and other alternativeen- head of derivatives strategyat stocks have tended to go up re- ergy shares had surgedinre- Monday Susquehanna Financial Group, gardlessofwhich party con- cent weeks,partly thanks to the 20,000 0.4 28 adding that these betsap- trols Washington.Mr. Trump’s expectation they would benefit peared resilient even during taxcuts, forexample,helped from Mr.Biden’s$2trillion 0 0.2 27 EXPIRATION DATE thestock-market selloff on boost the stock market early in plan to combat climatechange. J F MAMJ JASO J F MAMJ JASO N DJFMAMJMonday. his presidency. But that calcu- But bearish put options out- 2020 2020 2020 2021 Therecent jump in the stock lus has shiftedahead of the standing tied to the Invesco Note:DataasofMonday. market’slaggards, including fi- coming election, in part be- SolarETF recently surgedto Sources: Trade Alert (contracts outstanding, bearish/bullish ratio); Deutsche Bank (VIX futures contracts) nancial shares,comes as ana- cause manybelievethat more the highest level of the year. P2JW302000-0-B01300-1------XA

THE WALL STREET JOURNAL. We dnesday, October 28, 2020 | B13 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY RemoteWorkIsTrickyfor Raytheon Factories Hum Amid Working from home has hit aerospace revenues but the company hopes it will also cut costs Strong Therise of Zoom and Microsoft Teams amid the continuing pan- demic is aworryfor aerospace Demand companies,given the impact on businesstravel. But at least remote working canalso help them cut costs. Manufacturers struggle On Tuesday, Raytheon Technol- to keep up pace ogies chief executiveGregHayes said he plans to cut officespaceby 20% to 25%. Theaerospaceand de- Eight months intothe Covid-19 fense conglomerate, which was crisis,manufacturersare facing an born out of the megamergerofRay- unusual problem: They arestrug- theon and United Technologies gling to keep up with demand. earlier this year,already expected TheCommerce Department on to reduceits 31 million squarefeet Tuesdayreported that ordersfor of officespacebyaround 10%. The durable goods—long-lasting items experienceofworking through such as cold-rolled steel in cooling Covid-19 has helped set much more towers—rose 1.9% in September ambitious targets. from August, outstripping the 0.4% “For these last six months,as gain economistsexpected. Details of I’vetoured the countryand visited the report were strong,including a facilities wherewe’vegot literally a 1% increase in nondefense capital- handful of folks working thereand goods ordersexcluding aircraft, everybody else is being efficient which economistsuse as aproxyfor working remotely,itbecame very capital-equipment demand.

apparent we don’t need all this REUTERS Thegain in durable-goods orders space,” Mr.Hayes told analystsaf- With the retirement of older fleets, Pratt is becoming a bit too dependent on Airbus’s A320 workhorse jet. wasslowerthan in the latespring terreporting third-quarter results. and early summer.But with the Raytheon’sability to hold on to announced anew highly automated Contrarytoearlier hopes of a probably gives Raytheon an edge overall level of newordersnow cost savingsshould be at the fore- turbine airfoil facility in North Car- second-quarter trough, sales forthe over troubled rivals General Electric abovewhereitwas beforethe pan- front of investors’ minds. olina that is supposed to be cheaper three months through September and Rolls-Royce.With the retire- demic,itisimpressive. Much of So far,its $2 billion cost-cutting and moreefficient. were still down by athirdatboth ment of older fleets, Prattisbecom- that reflectsacatch-upafter orders initiativefor the year is bearing Investorsaren’t sold. Thestock divisions relativetolast year.Major ing abit toodependent on Airbus’s collapsed during the worstofthe fruit. Free cash flow came in at $1.2 fell roughly 7% Tuesday. U.S. airlines have reported flat re- A320 workhorse jet, but this is a crisis,but some unusual dynamics billion forthe quarter,morethan Sales forthe defense business—a pair expenses forthe quarter,de- niceproblem to have compared in two areas of demand—carsand six times higher than Wall Street key source of stability while the spitehaving already cut them to the with Rolls’ focus on wide-body housing—arealso playing abig role. analystsexpected. Earningsalso commercial aerospacebusinessre- bone during the lockdown period. planes.The ability to deliver a Automotivedemand plunged beat expectations. mains impaired—wereabit disap- Even if traffic were to return in lowercost base could provecrucial when the pandemic closed cardeal- Much of the cash-flowimprove- pointing.The real cause of the pes- the fourth quarter,this so-called af- to gaining market share, especially erships; newlight-vehicle sales in ment came down to the timing of simism, however, is probably that termarket businesswouldn’t see a if the extracash is spent on tech- April were about half of their Feb- customer collections and taxpay- the market hadn’t fully digested comeback in 2021, given deferrals nologyrather than buybacks. ruarylevels. And production came ments, and another large part to howlong it will take forthe high- in shop visitsand the abundanceof Aerospace companies canbefor- to anear halt as assembly lines furloughs that will be reversed as margin maintenance, repair and usable partsthat arebeing stripped given forwishing that videoconfer- shut down. But as the economy aerospacebusinessstartstoreturn. overhaul businesstobounceback. off parked jets, Raytheon Chief Fi- encing doesn’t radically reshape opened up again, sales jumped—re- Still, achunk of the savingscould ForRaytheon, this includes Pratt nancial Officer AnthonyO’Brien corporateculture. Given their prob- flecting not only of pent-up demand remain. Last week,Raytheon’sen- butalso Collins Aerospace, which said Tuesday. lems,though, they arewise to em- but the newurgencymanypeople gine manufacturer Pratt&Whitney makes partsfor aircraft. Still, astronger balancesheet braceitthemselves. —Jon Sindreu felt to getafirst or second set of wheels as aresult of the pandemic. Car companies and their suppliers arethe biggest contributorstothe U.S. manufacturing base. AMD Can Roll the Dice With Xilinx Meanwhile,the combination of lowinterest ratesand newdemand forsuburban and second homes has led to aresurgenceinhome build- Advanced MicroDevices is tak- forthe same period reported last ing.That is good news forfactories, ing abig gamble in buying Xilinx. week.And AMD’sstrong projection because it is fueling demand for Thechip maker’s latest results forthe fourth quarter didn’t mir- construction materials and equip- showwhy it can. rorits rival’sclaims of a“diges- ment. Therise in both newand ex- AMD announced both on Tues- tion” period by large cloud provid- isting home sales,aswell as the de- daymorning.For Xilinx,AMD will ersthat could depressdata-center cisions by homeownerswho are be paying the equivalent of about sales forthe year-end period. AMD staying put to updatetheir sur- $35 billion in stock,representing a has the benefit of astrong product roundingsduring the pandemic,has premium of about 35% to the value cycle to fall back on at the moment also led to higher appliancesales.

of Xilinx shares beforeThe Wall S with itsnext-generation Milan Manufacturersare racing to keep

Street Journal reported earlier this NEW server processorsshipping to up.Itisasituation that won’t last month that the two companies G cloud customersthis quarter.In- foreverbut is agood problem to have. were discussing adeal. It is AMD’s tel’scomparable IceLakeproces- —Justin Lahart largest acquisition ever and fol- OOMBER sorsare expected to see volume lows closely astring of other chip /BL shipping in the next quarter,but Auto and light-truck deals,most notably Nvidia’s an- they suffer from the perception motorvehicle assemblies

nouncement last month that it BENNETT that it is built on aprocess tech- would purchase Arm Holdingsfrom nologynow running behind the 14 million units

Softbank Corp.for $40 billion. BRIDGET one used forAMD’slatestchips. 12 RECESSION That deal also representsanag- CEOLisaSuprojected 20% annual revenue growth foracombinedcompany. AMD will need all the momen- gressivemovebyanascendant tum it canget. Chief ExecutiveLisa 10 chip maker looking to significantly another chip maker from avery rencyfor expansion—quitehelpful Su said Tuesdaythat acombined ramp up itsdata-center business. different market segment and mak- to acompanywith lessthan 10% of AMD-Xilinx canstill average20% 8 Both transactions facesignificant ing the deal work in away that has Intel’scash on hand. And AMD’s annual revenue growth over the hurdles getting the necessarygov- eluded Intel Corp.Itbought Xilinx resultsfor the thirdquarter were longer term—the same target she 6 ernment approvals in asemicon- competitor Alterain2015 but has among itsbest ever,with revenue previouslylaid out forAMD alone. ductor market that has become yettoshowmuch benefit from the surging 56% to arecord$2.8bil- That reflectsbig hopes forXilinx, 4 highly politicized with the U.S.- move. lion and adjusted operating income which has averaged just over 6% China trade war. But Nvidia is a AMD is enjoying much stronger morethan doubling to $525 mil- growth annually over the last five 2 good deal largerthan AMD and is growth than Intel wasatthe time, lion, also arecord. Both were well yearsand is expected to see reve- moreversed in the deal game.Itis though. That momentum has ahead of Wall Street’sestimates nue fall this year. 0 also buying what is predominantly nearly doubledAMD’smarket forthe period. Investorsneed to hope that Jan. 2020 alicensing business,while AMD value just this year alone and Those resultscontrasted sharply AMD’sgolden touch will provecon- Note:Seasonally adjustedannual rate faces the challengeofintegrating made itsstock intoavaluable cur- with Intel’sdisappointing numbers tagious. —Dan Gallagher Source:Federal Reservevia St.Louis Fed U.S. Can’t Copy South Korea’s Recovery OVERHEARD

South Korea’srecession ended in Exports as apercentageofGDP forthe same period ayear earlier. Why is Covid-19 spreading rap- from the “staycation” trend, in- the thirdquarter with the economy Germany, Europe’sexport cham- idly in Europe? The latest evi- cluding in Italy—an economy usu- growing by 1.9% from the second 60% pion, hasn’t controlled the virus as dence comes from an unlikely ally seen as dependent on global quarter.The country’s commend- successfully but has done well by source: quarterly results from Ital- tourism. In the region that in- able control of Covid-19 has 50 European standards.Its third-quar- ian liquor company Davide Cam- cludes Southern Europe, the com- helped—but likeChina, itspre-ex- Germany terGDP won’t be released until the pari-Milano. pany also noted “very favorable isting economic structurewas end of the month, but the Interna- 40 On Tuesday, the distiller behind weather conditions” and a “short- also key. South tional MonetaryFund expectsthe brands such as Campari, Aperol term reaction” to reopenings after Thereal secret saucefor coming Korea economytocontract by 6% this and Grand Marnier reported ex- the spring lockdowns. back from Covid-19 has been amix 30 year,somewhat lessthan the 9.8% ceptionally strong growth for the The results came the day after of the two:getting the virus under contraction forecast forFranceand three months through September. Italy imposed a 6 p.m. curfew on control early and benefiting from 20 the U.K.,orthe double-digit drops Excluding the impact of portfolio bars and restaurants to stop so- an existing export-heavy economic China projected forItaly andSpain. and currency changes, sales were cial activity spreading the corona- model. Japan South Korea’sexpansion is in 13% higher than in virus. At 5.5percentagepoints, exports 10 U.S. part to do with manufacturing the the comparable pe- Young people made the largest contribution to thingsthat have found continued riod last year, led by have been at the South Korea’sGDP growth sinceat 0 demand despiteaglobal economic a 35% increase in its forefront of the sec- least 1960.Without that export freeze this year.Its goods exports home region of ond wave of boom, aslump in capital investment 1990 2000 ’10 arejust 0.6% shyoftheir level one Southern Europe, Covid-19 cases in would have leftthe countryinre- Source:FactSet year ago, while services exportsare Middle East and Europe, prompt- cession. Privateexpenditures still down 23.4%. Even if they had Africa. ing authorities to dropped 0.1% quarter on quarter. North Americaand Western Europe exercised Seoul’simpressivecontrol The company focus on reining Aliftinexportshas an outsize would struggle to replicatethis per- over the spread of the virus,ser- said its in drinking effect on South Koreabecause the formance. In September,the coun- vices-focused exporterswould aperitif establish- economyisfar moretrade-oriented try’sthree largest export groups— struggle to mimic that outcome. brands in ments. The than most. In 2019,exportsran to covering items such as electrical Not everyeconomycan grow by particular hangover about 40% of GDP,compared with machinery, machine tools and heat- leaning on overseas demand. had ben- has ar- 18.4%inChina and 11.7% in the U.S. ing equipment, and vehicles and Though controlling the virus is a

RELLANDINI/REUTERS efited rived. Breaking down the components their parts—all grew by morethan prerequisitefor an economic recov-

ANO of the surge offersthe clearest indi- 10% year over year.That is mark- ery, structurematters just as EF

ST cation of whymost economies in edly stronger than the growth rates much—if not more. —Mike Bird P2JW302000-0-B01400-17FFFF5178F

B14 | We dnesday, October 28, 2020 THE WALL STREET JOURNAL.

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