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Banks Eye Cash Reserves for Profits

Banks Eye Cash Reserves for Profits

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****** TUESDAY,MARCH 16,2021~VOL. CCLXXVII NO.61 WSJ.com HHHH $4.00

DJIA 32953.46 À 174.82 0.5% 13459.71 À 1.0% STOXX 600 423.08 unch 10-YR. TREAS. À 7/32 , yield 1.609% OIL $65.39 g $0.22 $1,728.90 À $9.40 EURO $1.1931 YEN 109.12 Worst Sandstorm in Decade Engulfs the Streets of Beijing Air Travel What’s News Showing Signs of &Finance Turning irlines executives said Athey arestarting to see a out of the pandemic ACorner as morepassengersresume travel, afteraweekend when airport volumes hit their Airport screenings rise highest levels in a year. A1 and bookings improve  Banks areexpected in coming months to free up with fewer Covid-19 tens of billions of dollarsin cases, more reserves set aside forloan losses that haven’t materi- BY ALISON SIDER alized, boosting profits. A1 S  has asked Alibaba executives said they to dispose of itsmedia as- PRES are starting to see a path out sets,asofficials grow more TED of thecoronavirus pandemic CIA

concerned about the com- SO as more passengersresume

pany’s sway over public AS travel, following aweekend opinion in the country. A1 when airport volumes hit their highest levels in a year.  American financial giant HIEFELBEIN/ DeltaAir Lines Inc.book-

Vanguardhas suspended SC ings began picking up five or plans to launch amutual- six weeks ago as people have fund businessinChina. B1 MARK COVERED: Beijing and a wide swath of China’s north were hit by the worst sandstorm in 10 years Monday, giving a tinted begun making plans forspring  The S&P 500 and Dow haze to the sky and hurting air quality. Hundreds of flights out of the city’s two airports were canceled. A16 and summer,Chief Executive advanced 0.6% and 0.5%, Officer Ed Bastian said at an respectively,with both in- industry conference Monday. dexesclosing at records. “We’veseen some glimmers The Nasdaq gained 1%. B10 of hope over the last year,but they’ve been false hope,” Mr.  Blackstone and Star- BanksEye Cash Reservesfor Profits Bastian said. “But this seems wood Capital agreed to ac- like it’s real.” quire hotel owner and op- Airline stocks climbed Mon- erator Extended Stay BY DAVID BENOIT Total loan-loss reserves at U.S. banks,quarterly 4Q 2020 ferencelast month. , day. Shares of United America for $6 billion. B1 $236.6billion Mr.Mason said, likely will re- HoldingsInc.rose 8.3%, while  Rogers agreed to buy U.S. banks aresitting on a duceits $27.6 billion pile of re- shares of American Airlines Shawfor about $16 billion, a pile of cash that could turn into $200billion serves in the firstquarter,po- GroupInc.climbed 7.7% and deal that would combine two billions of dollarsofprofits. tentially by morethan the $1.5 Delta shares rose 2.3%. of ’slargest commu- In the coming months,banks billion the bank freed up in the Thepandemic brought nications companies. B2 areexpected to free up tens of fourth quarter. travel to anear halt last billions of dollarsinreserves 100 Reservesare meant to spring.Travelrestrictions and  Danone CEO and Chair- they setaside to coversoured coverexpected losses on fear of infection kept people at man Faber stepped down loans—losses that still haven’t loans.They subtract from a and out of airportsfor from the yogurt maker af- materialized ayear intoapan- bank’sprofitwhen they are most of the year: U.S. airlines teraclash with investors. B1 demic that shut down swaths 0 put in placeand add to it carried 60% fewerpassengers  VW said it would invest in of theU.S.. 2008 ’10 ’12 ’14 ’16 ’18 '20 when they are removed. in 2020 than in 2019,bringing six large battery factories and In 2020,banks rushed to Sources: FDIC Since the start of the year, passenger traffic to the lowest build out charging infrastruc- build up their stockpiles to analystshaveloweredtheir level since the mid-1980s, ac- turefor electric vehicles. B3 coverlosses on the assump- pandemic upended the econ- Consumersand , loan-lossprojections and lifted cording to the Bureau of tion that consumersand busi- omy and sent they nowsay,likely have the combined 2021 profit fore- Transportation Statistics.  Musk took on the newtitle nesses would default on their up sharply. dodged the pandemic’sworst- cast forJPMorganChase & Major U.S. airlines lost “Technoking of Tesla,” ac- loans aftergovernment stimu- Bankexecutives aren’t so case financial scenario. Co., BankofAmericaCorp., about $35 billion in 2020.But cording to an SEC filing. A1 lus ranout. U.S. banks had worried anymore. Theecon- “Thereare alot of positive Citigroupand Wells & on Monday, United and Delta $236.6 billion in totalreserves omyhas outperformed banks’ reasons to feel good about the Co., by 10%, or $7 billion, ac- said they could stop bleeding World-Wide in December,according to the internal forecasts. dis- path to recovery,” Citigroup cording to FactSet. PleaseturntopageA2 Federal Deposit Insurance tribution is ramping up. And a Inc. Chief Financial Officer Analystsnow expect the Corp., nearly double their level $1.9 trillion stimulus package Mark Mason said at the Credit four banks to earn $77 billion  Heardonthe Street: Loyalty  Germany, Italy, France from beforethe coronavirus wassigned intolaw last week. Suisse financial-services con- PleaseturntopageA2 programs pointskyward..... B11 and Spain joined the ranks of European countries that have temporarily halted INSIDE use of the Covid-19 vaccine China Presses Alibaba Big European Nations made by AstraZeneca over blood-clot concerns. A1 To Shed Media Assets  TheBiden administration Halt AstraZenecaShot

is opening new emergency S BY JING YANG the companytocome up with shelterstohandle the rising number of young immigrants a plan to substantially curtail PRES BY JENNY STRASBURG and Iceland have

China’sgovernment has itsmedia holdings, the people TED AND BOJAN PANCEVSKI also said they would wait for illegally crossing the border asked Holding said. Thegovernment didn’t CIA ’s bloc-wide medicines

without their parents. A3 SO

Ltd. to dispose of itsmedia as- specifywhich assetswould AS Germany, Italy, France and regulator to investigatea  Prosecutors charged sets, as officials grow more need to be unloaded. Spain joined the ranks of Eu- small number of serious two men with assaulting concerned about the technology Alibaba, founded by billion- ropean countries that have blood-clotting issues among

Capitol PoliceOfficer Brian giant’ssway over public opin- aireJack Ma, has through the // temporarily halted use of the people who had received the

Sicknick with achemical ion in the country, according to yearsassembled aformidable EIKIS Covid-19 shot made by Astra- AstraZeneca shot.

during the Jan. 6riot. A3 people familiar with the matter. portfolio of media assetsthat LOV ZenecaPLC over blood-clot That regulator,the European Discussions over the matter span print, broadcast, digital, concerns,dealing another Medicines Agency, is expected  TheSenate confirmed OLAI have been held sinceearly this social mediaand . blowtothe continent’sslug- by Thursdaytogiveits verdict Haaland as interior secre- NIK year after Chinese regulators Notable holdingsinclude stakes gish vaccination rollout and on safety and potential risks tary in a51-40 vote that for reviewedalist of media assets in the -like Weibo plat- PERSONAL JOURNAL threatening the credibility of from areview of the reported the firsttime will makea owned by the Hangzhou-based form and several popular Chi- the vaccine itself. cases.The agencyrepeated on NativeAmerican aWhite ‘Mank’leads in Oscar company, whose mainstay nese digital and print news Acascade of cautionary Mondayanadvisory from last House cabinet secretary. A4 nods in ayearwhen business is online retail. Offi- PleaseturntopageA6 pauses that started last week week that fornow it is recom-  TheBiden administration cials were appalled at howex- audiences largely picked up on Monday. Den- mending countries keep using has reached out to North Ko- pansiveAlibaba’smedia inter-  Republicans push for a more watchedathome. A10 mark wasthe firsttosuspend the vaccine,saying the benefits reatolaunch adialogue on estshavebecome and asked aggressive China stance..... A4 the shots. Ireland, Norway,the PleaseturntopageA7 Pyongyang’snuclear-arms and missile programs but has yet to receivearesponse. A16 Tesla Crowns  The Vatican forbade This Housing Boom blessings of same-sex rela- tionships,contradicting Its New calls forthe practiceby Is Different progressivebishops in Ger- ‘Technoking’ manyand elsewhere. A16 iii  Myanmar declared martial Mortgages arestricter,downpayments are Plans change. lawinpartsofYangon after claims scores were killed and fires higher,and atightsupply is supporting prices tore through several Chinese- toptitle,names PowerStore owned garment factories. A6 BY NICOLE FRIEDMAN had just helped them buy.  Theman who blewupan ‘MasterofCoin’ Now, he said, housing de- RV in Nashville on Christmas The residential real-estate mand in the Boston suburbs BY MATT GROSSMAN market is on its biggest tear is stronger than he has ever adapts. acted alone and the bombing since 2006, just before the seen. Lamacchia Realty wasn’t an act of terrorism, ac- Some businessstars strive housing bubble burst and set reached $1 billion in sales cording to an FBI report. A3 forthe chief executiveofficer off a global recession. Yet in last year for . Storage that’salwaysin Died: Stephen D. Jr., seat. Othersshoot forthe nearly every meaningful way, Buyers have higher credit sync with the needs of 95, led construction giant throne. today’s market is the inverse ratings these days. They are Bechtel forthree decades. B3 Elon Musk,the Tesla Inc.co- of the previous boom. flusher and are putting down your business. founder and CEO,onMonday Anthony Lamacchia, a more cash up front. CONTENTS Opinion...... A13-15 took on anew title not yet broker and owner of a real- “On $1 million purchases, Arts in Review.... A11 Personal Journal A9-10 Business News.. B3,5 Sports...... A12 seen in corporateAmerica: estate company near Boston, people are putting down Capital Journal...... A4 Technology...... B4 “Technoking of Tesla.” entered the industry in $500,000,” he said. “You Crossword...... A11 U.S. News...... A2-4 Mr.Musk’sascension to his 2004. Home buyers were didn’t see that before.” Heard on Street.. B11 Weather...... A11 newrole came with little expla- trading up to bigger, more In 2020, sales of previ- Markets...... B10 .A6-7,16 nation beyond two perfunctory expensive houses after ously owned U.S. homes sentences filed with the Securi- barely a year, he said. Many surged to their highest level > ties and ExchangeCommission buyers paid small down pay- in 14 years, and many econo- to mark the changefor himself ments, or none at all. When mists forecast sales to rise and Tesla’sfinancechief,Zack housing prices stopped ris- again this year. Learn moreat Kirkhorn.Mr. Kirkhorn’snew ing, the market collapsed. By In the mid-, loose DellTechnologies.com/PowerStore title is “Master of Coin,” which 2009, Mr. Lamacchia was mortgage-lending standards s 2021 & Company, Inc. All Rights Reserved he shares with acharacter working with clients desper- enabled borrowers with poor PleaseturntopageA8 ate to dump the homes he PleaseturntopageA8 P2JW075000-4-A00200-1------XA

A2 | Tuesday, March 16, 2021 **** THE JOURNAL. U.S. NEWS

New Jersey Forest Fire Destroys Several Structures U.S. WATCH

MINNEAPOLIS Delay Sought in Trial Over Floyd’s Death The lawyer for the former of- ficer charged with murder in the death of George Floyd asked the judge to delay the trial and con- sider a change of venue in the wake of a $27 million settle- ment by the city of Minneapolis with the family of Mr. Floyd. Judge Peter Cahill, who is hearing the case, said jury selec- tion would continue but said he would consider the motion to delay the start of the trial, which is set for March 29. Eric Nelson, the attorneyfor former officer , said he was“gravely concerned” about the timing of the settlement, which came Fridayinthe middle of jury selection forthe case. The judge agreed thatthe tim- ing of the settlementannounce- mentwas unfortunate forthe purposes of the trial. “I wish peo- ple would—cityofficials would

S stoptalking about this case so much, but at the same time I PRES don’tfind anyevil intent that TED theyintended to tamper with this

OCIA criminal case,” Judge Cahill said. SS

/A The prosecution argued that a change of venue wouldn’t be

WENIG warranted in the case, since the

SETH news of the settlement was car- RUINS: Emergency personnel checked the damage MondayinLakewood, N.J., from ablazethatstarted the daybefore. One firefighterwas hospitalized in critical condition. ried nationally. The case againstMr. Chauvin is the firststemming from the May25death of Mr.Floyd.Ina Numbersofnew Covid-19 hotel vacation packages last ing debt payments, this widely circulatedvideo,Mr. Floyd AirTravel cases aredropping,and distri- week than ever before, Chief month. Mr.Bastian also said can be seen face down on the bution of vaccine doses has 2.0 million The number ExecutiveRobin Hayessaid at Delta expects to stop burning ground and losing consciousness picked up.President Biden of people being the conference hosted by JP- cash as soon as this month. as Mr.Chauvin places aknee on Demand Is said earlierthis month that screenedat Morgan Chase & Co. “Weknowthat we can’t yet his neck foraround nine minutes the U.S. will have enough vac- U.S. airports Bookingstodestinations put Covid in the rearviewmir- as three other officers assisthim. cines forall adults in the 1.5 such as Florida and Hawaii, ror,” Mr.Kirby said, noting that —Joe Barrett On the Rise country by the end of May. whilestill down from 2019 the airline remains unprofit- Some states,including New levels,are holding up better able and would have to focus DENVER York and , are re- than other areas,according to on repaying the debt it has ContinuedfromPageOne laxing rules requiring that in- datafromForwardKeys, a takenon. But he said he ex- Airport Reopens cash this month. bound travelers quarantine. 1.0 travel-analytics company. Do- pectstherecould be asteady After Snowstorm That washardtoimagine at And thereismoretodo mestic bookings were 42% of travel boom on the way. the beginning of this year.Air- oncepeople arrive. California, 2019 levels in the firstweek of Executives said thereare Denver’s airport reopened line executives said January forinstance, has pavedthe Januarybut were at 64%of signs of pent-up demand. Monday after a powerful late and Februarywereevenweaker way forWalt Disney Co.’sDis- 0.5 2019 levels in the firstweek of “Our last three weeks have winter snowstorm dumped over than they expected, as ahigh neyland and other attractions March, according to its data. been the best three weeks 3 feet of heavy, wet snow on numbersofcases,the rise of to reopen at limited capacity if “Therehas been progres- sincethe pandemic hit,” parts of Colorado and Wyoming, morecontagious variants, and certain virus benchmarks are sive growth in U.S. domestic American Airlines CEO Doug shutting down roads, closing newCovid-19 testing require- met. State and local govern- bookingsevery week sincethe Parker said. state legislatures in both states mentsfor people arriving from ments—even in heavily re- 0 beginning of the year,” said Carriers are also on firmer and interfering with Covid-19 abroad had achilling effect. strictivestatessuch as Michi- 2020 2021 Olivier Ponti, vicepresident of financial footing,having se- vaccinations. Executives said they remain ganand Illinois—areallowing Source:Transportation SecurityAdministration insights at ForwardKeys. cured three rounds of govern- The 27 inches thathad fallen cautious.The federal Centers restaurants to seat some pa- Therecent uptick in flight ment aid to coverthe costsof by the end of SundayatDenver forDisease Control and Preven- trons indoors again. Pennsylvania had also received bookings is helping to stem paying workers, in addition to International Airport on the plains tion still advises against travel, Southwest Airlines Co. and her second shot, Ms.Curtis the amount of cash the carri- billions of dollarsofprivate eastofdowntownmade it the and the number of people pass- JetBlue Airways Corp.also decided to book a visit. ershavebeen losing daily,ex- funding. fourth-biggestsnowfall in the ing through U.S. airportsisstill said Mondaythat morepeople “It wasone of those impul- ecutives said Monday. Airlines TheAmerican Rescue Act city’shistory,according to the Na- half—or less—of what it was aremaking plans to travel, sive things,” she said. “ is have been on track to burn that Mr.Biden, aDemocrat, tional Weather ServiceinBoulder. formost days in 2019,accord- booking vacations or trips to so short—I feel like I need to through $150 million in cash a signed into lawlast week in- The storm system, fueled by ing to the Transportation Secu- visit friends and family, help- take this opportunity.” dayduring the firstthree cludes $14billion to coversal- moisture from the Gulf of Mex- rity Administration. ing to pare expected revenue Ms. Curtis said she doesn’t months of this year,according aries and benefitsfor airline ico, had moved out of the region But the numbersare improv- declines this quarter. yet feel comfortable traveling to trade group Airlines for workersinexchangefor and into northeastern Nebraska ing.Airportsscreened nearly AmyCurtis,who in just forfun or vacation. But America. pledges not to furlough or lay by Monday, said Evan Direnzo, a 1.36 millionpeople Fridayand Arizona, has been vaccinated othersare hitting beaches and United CEO ScottKirby said off employees until the fall. meteorologist for the weather morethan 1.34 million people sincethe end of February. ski resorts, according to air- at the conferenceMondaythat That brings the total amount service in Boulder. on Sunday, two of the busiest When she learned over the lines and analysts. JetBlue the company expects its cash of government payroll support Denver’s airport runways days sinceMarch 2020. weekend that her mother in sold morebundled flight-and- flow to turn positive, exclud- for airlines to $54 billion. were closed just before noon on Sunday because of blowing snow and poor visibilities, and Analyst estimatesfor 2021 reservereleases,inbillions* Bank-stock performance fore paring them back further. some stranded passengers spent relativetothe broader market As the confer- the night at the airport. Banks to 024$6 enceinlateFebruary, execu- — JPMorgan 60% KBWNasdaq tives said the economy’stra- Free Up Citigroup Bank Index jectoryisbecoming clearer. SAN DIEGO While they remain cautious, some pointed to adecline in Driver Arrested After Stockpiles 40 consumer debt and an in- Car Kills 3 People crease in spending as positive Leveragedloan default rate†Collateralized loan obligation signs for the economy. A driver lost control and ContinuedfromPageOne new-issue volume “Time will tell if this is an veered onto a sidewalk Monday in 2021, up from $61 billion 4% $15 billion 20 inflection point, but it is reason dotted with homeless tents in last year. to be optimistic,” JPMorgan downtown San Diego, killing The improving outlook has 3 CFOJennifer Piepszaksaid. three people and injuring six lifted bank stocks out of the 10 An accounting-rule change others, police said. S&P500 doldrums.The KBWNasdaq 2 0 last year further complicated The driver—whom authorities BankIndexisup25% forthe the task of calculating re- identified only as a 71-year-old 5 year to date, while the S&P 1 serves. Banks now have to re- man—was heading through a 500 has risen 5.7% cord expected futurelosses as tunnel underneath a community Still, reservereleases will soon as aloan is issued, rather college campus when he drove 0 0 -20 provide only temporaryrelief. than wait forevidencethat his Volvo station wagon up on Revenue is expected to decline 2020 '21 2020 '21 Oct. 2020 '21 March losses are likely. the sidewalk shortly after 9 a.m., slightly at the four biggest U.S. *Figures based on estimatesfor loan-loss provisions and net charge-offs †Trailing 12-month, by amount Bankexecutives arestill hes- said San Diego Police Chief Da- banks in 2021, aresult of an ex- Sources: S&P Global LCD(default rate,issuance); FactSet (reservereleases, stock performance) itant to explain what normal, vid Nisleit. The man was ar- pected drop in lending and a nonpandemic reserves would rested on suspicion of driving slowdowninmarket activity. grossdomestic product and reserves.Asaresult, their in- ployment, now down to 6.2%, look like under the newrules, while impaired. “It’s ink on paper,” JPMor- unemployment rates. From ternal models offer amore to keep falling to 5% by De- said Credit Suisse analyst Su- —Associated Press ganChief ExecutiveJamie Di- that starting point, they factor muted outlook than broader cember, according to aWall san Roth Katzke,who inter- mon told analysts in January in hundreds of other variables, economic forecasts. TheOr- Street Journal survey. viewedmanyofthem at the about reservereleases.“We’re with some leeway built in for ganization forEconomic Coop- Theimproving economic conferencelast month. Without cheering that America’sdoing how optimistic or pessimistic eration and Development re- outlook ledbanks to release that information, it is difficult ‘Amityville Horror’ better, but we don’t consider executives feel. cently said it expectsU.S. some reserves in the fourth to predict howmuch they will Killer Dies in Prison that earnings.” Since the start of the pan- grossdomestic product to quarter.Executives said then release in the coming quarters. Banks settheir loan-lossex- demic, bank executives have grow 6.5% this year,double its they would need moreclarity “I’m moreinterested in learn- The man convicted of slaugh- pectations using broad eco- tended toward pessimism December forecast. Econo- around consumer sentiment ing the sizeofthe reserves go- tering his parents and four sib- nomicgauges,particularly when setting aside loan-loss mistsare projecting unem- and other economic gauges be- ing forward,” she said. lings in ahome thatlater in- spired “The Amityville Horror” book and movies has died, prison CORRECTIONS  AMPLIFICATIONS officials said Monday. (USPS 664-880) (Eastern Edition ISSN 0099-9660) Ronald DeFeo, 69 years old, (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) died Friday at Albany Medical and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 London police on Saturday about Mr.Sondheim incor- presidential inauguration in- Center, where he was taken Feb. Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. brokeupavigil forawoman rectly said it is the firstvol- correctly said the number of 2 from a prison in New York’s Postmaster: Send address changes to The Wall Street Journal, who wasabducted and later ume. Also, the character Epo- claims wasthe highest since Catskill Mountains, the state De- 200 Burnett Rd., Chicopee, MA 01020. found dead. In some editions nine in “Les Misérables” sings last March. partment of Corrections and All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of Monday, aWorld News article the song “On My Own.” The Community Services said. The which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. about an inquiryintoofficers’ article incorrectly said it was Noticetoreaders cause of his death wasn’t imme- Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. actions incorrectly said police Fantine. Wall Street Journal staff diately known. Mr. DeFeo was Letters to the Editor: Fax: 212-416-2891; email: [email protected] broke up a Friday vigil. membersare working remotely serving a sentence of 25 years Need assistance with your subscription? Unemployment claims for during the pandemic.For the to life in the 1974 killings in Am- By web: customercenter.wsj.com; By email: [email protected] By phone: 1-800-JOURNAL (1-800-568-7625) “Look,IMade aHat” is the week ended Jan. 9 posted foreseeable future, please send ityville, on suburban Long Island. Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 the second volume of Stephen the biggest weekly increase reader comments only by The home became the basis of WSJback issues and framed pages: wsjshop.com Sondheim’scollected lyrics.A since last March. A Page One email or phone,using the con- ahorror-movie classic after an- Our are100% sourcedfromsustainably certified mills. Review article on Saturday article on Jan. 21 about the tactsbelow, not via U.S. Mail. other family briefly lived there about ayear after the killings and GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling claimed the house washaunted. 888-410-2667. —Associated Press P2JW075000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Tuesday, March 16, 2021 | A3 U.S. NEWS TwoChargedWithJan. 6Officer Assault

BY ARUNA VISWANATHA cer, assaulting afederal officer coming months.AsofMarch posable facemask from the “Give me that bear shit,” and AND SADIE GURMAN with adangerous weapon, civil 12, prosecutorssaid some 900 West Virginia jail where he is reaching into a backpack, the disorder, obstructing an offi- search warrantshad been exe- being held. document said. Mr.Tanios re- Federal prosecutorshave cial proceeding,and engaging cuted across the U.S. Investi- Neither responded to the sponded, “Hold on, hold on, chargedtwo men with assault- in physical violenceonre- gators said they are also can- allegations during court ap- not yet, not yet…it’sstill ing Capitol PoliceOfficer Brian stricted grounds while carry- vassing 15,000 hoursofpearances and they weren’t re- early,” the affidavit said. Sicknick with a chemical dur- ing a weapon that surveillanceand body-camera quired to enter pleas,though a Soon afterward, the body- ing the Jan. 6Capitol riot, ac- resulted in significant bodily footageand responding to lawyer forMr. Khater sug- worn camerafootageofa

cording to acourt document LICE/ injury,among other counts. 210,000 tips. gested he intended to plead Washington, D.C., police offi-

unsealed Monday, which didn’t PO Some of those carrythe po- Meanwhile,lawmakers not guilty.Prosecutorsare ex- cerwho waswith Mr.Sicknick describe whether the alleged OL tential forlengthyprison sen- learned Monday that officials pected to seek to detain both showedMr. Khater with his

assault contributed to the offi- CAPIT tences,with maximum terms plan to begin removing some men beforetrial, and hearings right arm held high in the air,

cer’s death. ES of 20 years. of the fencing installed around on both areexpected later this aiming acanister at several AT

Julian Khater,32yearsold, ST The deadly assault on the the Capitol afterthe riot, as week. officersincluding Mr.Sicknick. of State College, Pa., and Capitol by supporters of then- authorities said threatshave Messrs. Khater and Tanios The officers “all react, one by

George Tanios,39, of Morgan- UNITED President oc- abated. worked together on Jan. 6 to one,tosomething striking town, W.Va., were identified Officer Brian Sicknick curred on theday Congress Mr. Khater was arrested as spray officersdirectly in their them in theface,” the docu- through surveillancefootage wasmeeting within the build- he got off a flight in Newark, faces and eyes to coincide ment said, adding that the of- and associates who recognized conference. ing to certifyPresident Biden’s N.J. He made abrief initial with other rioters’ effortsto ficers were temporarily them, astatement of factsin Mr.Sicknick wastrans- electoral victory. court appearanceinthat state forcibly removebike-rack bar- blinded and sought medical at- support of their arrestssaid. ported to ahospital, wherehe Prosecutorsdescribed the wearing yellowscrubs.He rierstoget closer to the Capi- tention. Thetwo men, described to the died the dayafter the riot. The investigation intothe riot last agreed to remain in jail pend- tol, the affidavit said. One of the officers“re- FBI by associates as friends District of Columbia medical week as one that “will likely ing adetention hearing.Mr. After2p.m., footage ported lasting injuries under- who worked in the restaurant examiner’s officehasn’t re- be one of the largest in Ameri- Tanios wasarrested at his showed the two men walking neath her eyes,including scab- industry, were arrested on leased information about Mr. canhistory,” with morethan home and made abrief ap- together toward the lower bing that remained on her face Sundayand made initial ap- Sicknick’s cause of death. 300 people already facing pearance before a U.S. magis- west terraceofthe Capitol forweeks,” the document said. pearancesbeforejudges on Thetwo men facecharges criminal charges and another tratejudgeinWest Virginia in building,and video showed —Alexa Corse Monday afternoon via video- of conspiring to injureanoffi- 100 likely to be chargedin an orangeprison suit and dis- Mr. Khater telling Mr. Tanios, contributed to this article. U.S. Sets Up New Shelters for Migrant Minors

TheBiden administration is caught crossing the border il- opening new emergency shel- legally sinceOct. 1, the start of ters to handle the increasing the budget year. number of young immigrants During the entire2020 bud- illegally crossing the border getyear about 30,000 children without their parents, people crossed the border without

familiar with the plans said. theirfamilies.Last month (2) alone,9,297 children were By Alicia A. Caldwell takenintocustody,anincrease in Los Angeles of 63% over January’snumbers. JOURNAL

and Michelle Hackman Thesurge in arrivals of mi- REET in Washington grant children has been ac- ST LL

companied by one involving WA Themovecomes amid families—nearly 19,000 people THE

growing concern about treat- traveling as families were ar- R FO

ment of unaccompanied immi- rested at the border in Febru- A grant children being temporar- ary, compared with about

ily housed in crowded Border 7,000 in January. Those num- MARIS Patrol stations and continuing bershavequickly strained im- UNAE

criticism from Republican law- migration and humanitarian HA ’S

makersthat the Biden admin- resourcesatthe border. DA istration’smorelenient bor- Groups of 100 or morefamilies Nina Turner,above,aclose ally of Sen. , and the moreestablishment-minded ShontelBrown, below, arerunning forCongress. der-enforcement policies are and children crossing the bor- effectively enticing migrants der and surrendering to bor- to cross the border illegally. der agentshaveagain become Ohio Race Will Test Democrats’ One temporaryshelter routine,inscenes reminiscent overseen by the Department of of the 2019 migrant crisis. Health and Human Services U.S. Customs and Border opened SundayinMidland, Protection has started to fly Appetite for Progressive Politics , and another one is ex- some migrantsfromSouth pected to open as early as this Texas to El Paso,wherethey week in aconvention center in areprocessed and facebeing Dallas.The facilities arein- turned back to Mexicounder a BY ELIZA COLLINS tory would bolster the party’s tended to house thousands of Trump-erapandemic policy. progressivewing.“Theidea children beforethey aretrans- Some families arebeing re- CLEVELAND—Acrowded that acandidatewho is cham- ferred to morepermanent leased in the Rio Grande Valley Democratic congressional pri- pioning Medicarefor All or shelters or reunited with par- and other partsofTexas maryinOhio this year could the Green NewDeal could win entsorother relatives already nearer wheregovernment-run provide an early test of would really be avirtue in the U.S., the people said. sheltersinMexicoare at ca- whether voters want to em- that this is where we need to Previously an emergency pacity.Mexican migration offi- braceorchallengethe party es- go,” said Carl Kelemen, presi- shelter forteenageimmigrants cials theredecline to let the tablishment as the Biden ad- dent of the CollegeDemocrats wasopened in aformer en- U.S. government return some ministration gets under way. at theUniversity of Akron who campment for oil-field work- families who have crossed the Nina Turner,who is leading has been volunteering with ers in Carrizo Springs, Texas, border but aren’t from . in fundraising and drawing na- two groups supporting Ms. and that facility is expected to Republicanlawmakershave tional attention, says she feels Turner’s campaign. remain open. blamed the latest border crisis the pressure. Ms.Brown’ssupporterssay The government also is ex- on President Biden’soverhaul Progressives nationwide she has arecordofgetting pected to soon open atent fa- of the Trump administration’s “havecome to see me cer- thingsdone locally and that she cility to processand temporar- strict enforcement policies. tainly as one of the leadersof would do the same in the ily hold migrants, including “This crisis is created by the this movement,” said Ms. House.Ms. Brown, who is also children,near Tucson, Ariz., presidential policies of this Turner,aformer Ohio state the chair of the Cuyahoga according to Tucson Police newadministration,” House senatorwho served as atop County Democratic Party,is ChiefChris Magnus.Hewas Minority Leader Kevin McCar- adviser and surrogate to Sen. close to Ms.Fudgeand has among a group of local police thy (R., Calif.) said Monday. Bernie Sanders(I., Vt.) during promised to govern in her mold officials briefed by the White TheBiden administration has his presidential runs. by working with leadership. HouseonMondayonplans to pointed to other causes forthe Her leading competitor,Cuy- Some of Ms.Brown’scom- managethe increasing flow of surge,including and vi- ahogaCounty Councilwoman petitors,and alocal newspa- migrants at the border. olence, and has cited asteady Shontel Brown, has takena per’s editorial board, have Morethan 29,000 immi- rise in illegalborder crossings moreestablishment approach, called on Ms.Brown to step grant children have been that started latelast spring. promising to be apartner to down from herrole with the President Biden and seek com- party,accusing her of having an promise with her colleagues. unfair advantageinthe race. “The all-or-nothing kind of at- Ms.Brown calls the accusations Nashville Bombing Not titude usually ends up with unfounded and adouble stan- nothing,” Ms.Brown said. dard,arguing previous party Theoutcome of the House chairsweren’t asked to step Terror Act, FBI Says race could influence the deli- population of Jewish Ameri- if elected. She didn’t rule out down. She says she has no cate balanceDemocratsare cans.Income levels vary widely: joining with ahandful of liberal plans to quit her party role. BY CAMERON MCWHIRTER erty and knocked out telecom- currently maintaining in the In East Cleveland, almost 38% memberstothreaten to vote “The thing that we need in munications acrossmultiple House,wheretheir narrow of thepopulation wasinpov- against legislation if it doesn’t our country, the thing we need Theman who blewupa states.Beforethe explosion, majority means they have to erty in 2019 andthe average include progressivepriorities. in our community is we need recreational vehicle in down- the RV blared awarning for keep almost everyone on annual income wasjust under Her critics have pointed to a unity,” said Richard Starr, a town Nashville on Christmas people to leave the area. The boardtopasslegislation, from $21,000.Innearby Beachwood, comment she made to the At- Democratic ward leader in acted alone and the bombing RV exploded to an AT&T Covid-19 aidtopotential infra- 4% of residentswereinpoverty lantic last year that voting for Cleveland, who passed out wasn’t an act of terrorism, ac- switching facility and damaged structureand climateefforts and the averageincome was Mr.Biden was“likesaying to boxesoffood with Ms.Brown cording to areport by the Fed- at least41nearby buildings. later this year.Any legislation morethan $89,000,according on arecent TuesdayinCleve- eral Bureau of Investigation Mr.Warner chose to ex- also will have to passthe Sen- to the U.S. census. land’ssouthside.“We need peo- and other law-enforcement plode his devicenear an AT&T ate, currently split 50-50 and Ayear ago, Mr.Biden was Theoutcome could ple who aregoing to urge ev- agencies. facility to have awide impact, wheremost legislation re- wrapping up the Democratic erybody to come together so TheFBI, along with Nash- but also chose to set it up in quires 60 votes. nomination,helped by strong influencethe delicate we canfind that solution.” ville policeand other agencies, the early morning and warned Theseat representing Ohio’s supportamong Black voters. balanceDemocrats Other candidates aregetting determined that Anthony people to leave the area to re- 11th Congressional District His toprival, Mr.Sanders, had their campaigns going.Former Quinn Warner,63yearsold, of ducethe chanceofphysical came open afterMarcia Fudge promised aliberal future, draw- have in theHouse. stateRep.John Barnes Jr., for- Antioch, Tenn., made the harm to others, according to was confirmed as Mr.Biden’s ing the largest crowdsand the mer City Councilman Jeff John- bomb forhis vehicle to kill the report. secretaryofHousing and Urban most money.Still, voters chose son, former stateSen. Shirley himself,“driven in part by a TheFBI found no indica- Development on Wednesday. Mr.Biden and his messageof Smith and former stateRep. totality of lifestressors—in- tions of “a broader ideological Thespecial-election dates ha- unity and incrementalism, and somebody,‘Youhaveabowlof BryanFlanneryhaveall gotten cluding paranoia, long-held in- motivetouse violenceto ven’t yetbeen announced, but the race forthe Democratic s— in front of you, and all intothe race.They tout their dividualized beliefs adopted bring about social or political whoever wins theDemocratic presidential nomination was you’vegot to do is eat half of it experienceinofficeand saythe from several eccentric conspir- change,” and found no evi- primaryisexpected to win the over by the time Ohio staged its instead of the whole thing.’ ” community knows them. Like acytheories,and the lossof denceofapersonal grudge deep-blue district, which in- primary. “I canwork with anybody Ms.Brown, they have separated stabilizing anchorsand deteri- motivating him to set off the cludes Cleveland, itseastern Now, Ms.Turner is hoping to and have aproventrack record themselves from the party’s orating interpersonal relation- bomb. suburbs and part of Akron. capitalizeonthe same energy, of working with anybody,but leftflank,promising to be allies ships,” according to the report. TheFBI said it still isn’t The district is racially and but with different results. She working with doesn’t mean ac- to the Biden administration. Mr.Warner died in the ex- clear exactly why Mr. Warner economically diverse.Itisma- says she will push Democratic quiescing to,” Ms.Turner said Navy veteranTariq Shabazz plosion, which injured several decidedtokill himself in the jority African-American but leaderstothe leftonhealth- about criticism of her rhetoric. has also entered the race and is people,destroyed nearby prop- way he did. also includes the state’slargest care,climateand the economy Her supporterssay avic- promising anew approach. P2JW075000-2-A00400-17FFFF5178F

A4 | Tuesday, March 16, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL. U.S. NEWS Biden’s Gambit Has Precedent Newsom Gets Help From PartyBigwigs

BY CHRISTINE MAI-DUC time he wasurging residentsto avoid gathering with people Prominent national Demo- outside their households.The cratshavejoined anew effort to Democrat has called the French GES fend off apossible recall of Cali- Laundrydinner an error in CAPITAL JOURNAL IMA fornia Gov. that judgment. By Gerald F. Seib nowappearstohaveenough sig- In apoll released last month GETTY natures to qualifyfor the ballot by thenonpartisan Instituteof this year. Governmental Studies at UC CTION/

Not sinceRonald Reagan’s LLE Sens.,Ber- Berkeley,46% of registered vot-

presidencyhas anew admin- CO nie Sanders, CoryBooker and erssaid they approved of the job

istration opened with agam- GES AlexPadilla,California’snewest Mr.Newsom wasdoing,asharp

ble as large as the one in IMA U.S. senator,all announced their drop from his 64% approval rat-

which President Biden is now LIFE backing of the antirecall cam- ing in September.About half of engaged. paign Monday. They were joined voters surveyed said arecall In Mr.Reagan’scase,the /THE by former Georgia gubernatorial election would be abad thing EAD

gamble took the form of agi- ST candidateStaceyAbrams and forthe stateand 45% said they ant taxcut and asimilarly California congressional Reps. would vote to keep Mr.Newsom, large increase in defense HALS Katie Porter and Ro Khanna. while 36% said they would vote CK

spending,un- DIR Thegroup portrayed recall to removehim. dertaken si- Then-President Reagan signing tax and budget cuts at his California ranch in 1981. proponentsascoming from the Mr.Newsom has previously multaneously furthest edges of the Republi- declined to even acknowledge in his first ment’srole. is widely seen as having checks,refundable child tax canParty,astrategydesigned the recall effort in public state- year,1981. To- In fact, the metaphor that pulled the nation past the cri- creditsand aid to states and to appeal to astate electorate ments. But on Monday, he ad- gether those administration officials use sis,the economywill surge localities—ramps up inflation that backed President Biden dressed it directly.“Iwon’t be steps defied forthe packageisn’t asafety and lifewill again begin to and frightens financial mar- last year with 63.5%ofthe distracted by this partisan, Re- economic and political con- net, but rather abridgeto feel normal. Mr.Biden will kets also wary of taxhikes? vote. publican recall—but Iwill fight ventional wisdom. They also bettertimes ahead. “I think getpolitical credit. His popu- “Right-wing Republicans in amounted to an effort to this is ahistoric response larity will grow,giving him r. Biden is moving California aretrying to recall changenot just policies but that meetsahistoric mo- the kind of political clout Re- ahead with his plans Gavin Newsom forthe crime of Apossible recall M telling people to wear masks the path of the country. When ment,” says Brian Deese,head publicans can’t dismiss. afterhis party actu- journalist LaurenceBarrett of Mr.Biden’sNational Eco- That, in turn,could trans- ally lost seatsinthe House andfor listening to scientists appearstohave wroteabook about those nomicCouncil. lateintosupport forMr. Bi- last year.What if Democrats’ during Covid,” Mr.Sanderssaid enoughsignatures to days,hetitled it simply, But that’salso wherethe den’sother big initiatives: an success in pushing through in astatement released by re- “Gambling With History.” gamble begins.The effort is expensiveeffort to improve the relief bill without GOP call opponents. qualify forthe ballot. Something similar is under being undertaken with bor- infrastructure, as well as im- support poisons the well of Mr.Booker called defeating way nowwith Mr.Biden’s rowedmoney,and with no migration reform. Implicitly, bipartisanship forgood, rob- the recall “one of the most im- newly passed $1.9trillion cor- Republican support in Con- that also would mean support bing Mr.Biden of anychance portant priorities forDemo- onavirus relief and stimulus gress. In that sense,the gam- forastepthat seems inevita- of making good on his prom- cratsthis year.” it,” he tweeted.“Thereistoo package,aswell as the fol- ble is even biggerthan Mr. ble: taxincreases to stem the ise to pull Washingtonand a Theendorsementsfrom much at stake.” low-on initiatives he envi- Reagan’s. His plan ranupthe redink. fractured political system household names among pro- TheCalifornia Democratic sions.The lawproposes not federal deficit and encoun- Under this scenario,Mr. Bi- back together? gressiveactivistsunderscore Party said Mondayitwas com- just to deal with the pan- teredfierce resistanceonthe den then will be in aposition Mr.Reagan’sgamble paid howseriously the party is taking mitting aquarter-million dol- demic but to reweavethe so- left, but he had roughly 60 to makegood on both his off: Theeconomyboomed Republican-led effortstoremove larstothe antirecall campaign. cial-safety net and createa moderatetoconservative promise to end the crisis and and the Soviet Union eventu- Mr.Newsom, who has struggled Thecampaign effortscome newregime for fighting child Democratic House members to restoresome unity and bi- ally crumbled. What’soften with rising anger over his coro- just two days beforeaWednes- poverty in the process. who votedwith him. By con- partisanship in Washington. forgotten, though, is that navirus restrictions. daydeadline forrecall propo- trast, the Biden administra- In other words, success now these miracles didn’t come “It’sproof that they know nentstosubmit signatures from nherent in this effort is tion and today’sDemocrats will translateintosuccess overnight. Theeconomystag- Gavin Newsom is in trouble,” people who want to placeare- the Biden team’sbelief collectively will ownthe con- later.Inthis vein, the prece- geredfor awhile afterhis tax said TomDel Beccaro,aformer call on the ballot. They must I sequences of the newinitia- dent Biden aides prefer to cuts, and fellowRepublicans stateRepublican Party chair- submit about 1.5million verified that, at atime when the Federal Reserveestimates tive, forbetterorworse. citeisFranklin Roosevelt and were so spooked by deficit manwho is leading one of the signatures to succeed. that the unemployment rate Theadministration calcu- his early NewDeal days. spending that they rolled committees behind the recall. Twocommittees that have among the lowest quartile of lates that the coronavirus re- But the risks areenor- back some of the taxcutsthe “They’re circling the wagons.” been circulating the petition earnerslikely surpasses 20%, sponse is significantly more mous.What if the cost of to- year afterthey were passed. Mr.Newsom’spublic image saythey have amassed over and hundreds of thousands of popular among Republicans day’srescue packagecrowds Thelesson thereissimple: took itsbiggest hit afterlocal two million signatures,likely small businesses remain shut- around the countrythan it is out funds available forother Even if Mr.Biden succeeds in media reported in November more than enough needed to tered, the nation is prepared among elected Republicans in initiatives? What if aflood of the long run, he likely faces that he atewith friends at the triggerarecall. It is common foragiant response that ex- Washington. If by summer or federal money intothe econ- some tense days ahead in the high-end French Laundryres- forasubstantial number of sig- pands the federal govern- fall the Biden administration omy—in the form of stimulus short run. taurant in Napa at the same natures to be declared invalid. Haaland Is Confirmed forInterior in Historic Vote

BY TIMOTHY PUKO lins of Maine,and Dan Sullivan “This confirmation is a de- called fracking “a danger to federal land, Ms.Haaland will American women who became and Lisa Murkowski of Alaska fining moment forIndigenous the air we breathe and water oversee parks and the first ever elected to Con- WASHINGTON—TheSenate brokeranks to cast votesinfa- peoples not only in the United we drink”—is a poor fit for a endangered-species protec- gress in 2018. confirmed Rep. vor of the nomination. States but around the world,” cabinet secretarywho over- tions.She will also lead the With her Senate confirma- as President Biden’sinterior Ms.Murkowski had previ- said tribal leader Wilfred Her- sees drilling on vast tracts of Bureau of Indian Affairs, arole tion,Ms. Haaland will join a secretaryMonday, in avote ouslyexpressed reservations rera Jr., chairman of the All public lands. that her supporterssay will WhiteHouse that has made that forthe firsttime will about Ms.Haaland, but said she Pueblo Council of Governorsin “Rep.Haaland has ahostile help reconcile long-troubled addressing the consequences makeaNative American a supported her because of the NewMexico. “Indigenous peo- record toward made-in-Amer- relations between Washington of climatechange apriority. WhiteHouse cabinet secretary. historic opportunitytohavea ples arethe original stewards icaenergy,naturalresource and America’sIndigenous peo- She said during her confirma- TheSenatevoted to con- NativeAmerican cabinet secre- of our lands,waters, skies,and development, and wildlifeand ples. tion hearing that oil and gas firm Ms.Haaland on a51-40 tary.Ms. Collins had previously of all living beings.” land management,” Sen. Steve Ms. Haaland, 60 years old, production won’t come to an vote,largely alongparty lines. cited Ms.Haaland’scommit- Opponentshavesaid Ms. Daines (R., Mont.) said after is a member of the Pueblo of abrupt halt, and that she Republicans ment to conservation funding Haaland’s history of environ- the vote. Laguna west of Albuquerque would defer to Mr. Biden and of South Carolina, Susan Col- and knowledgeoftribal issues. mental activism—she has Along with energy leases on and wasone of two Native the law on policy issues. Republicans PromoteanAggressiveStance Toward China

BY ALEX LEARY Chinese government-supported organizations to register under WASHINGTON—As President the Foreign AgentsRegistra- Biden devotes himself to deal- tion Act. Sen. TomCotton(R., ingwith the coronavirus pan- Ark.), another Republican seen demic,Republicans arestriving as likely to mount apresiden- to elevateChina policyasatop tial bid, is pushing abill to issue,pressuring him to take an limit visas given to Chinese aggressivestanceasAmeri- .Florida Gov.Ron De- cans’ opinion toward the global Santis has endorsed legislation rival growsmorenegative. in his statetorequireuniversi- Republicans positioning ties to report gifts of $50,000 themselves as leading critics from foreign sources. of Mr.Biden, chiefly those Sen. (R.,Fla.) has seen as considering a2024 called formoving the 2022 presidential run, have buffeted Winter Olympics out of China his nominees with questions andcriticized Mr.Biden for, about howthey would deal among other things, rolling with China. GOPlawmakers back aplan forthe sale of Tik- areproposing legislation to Tok’sAmerican operations limit visas given to Chinese sought by Mr. Trump. nationalsand to crack down TheWhiteHouse says an on American universities’ rela- array of China-related policies tionships with China. are under review. Thegoal, lawmakersand OL Republicans also have criti- PO

partystrategistssay,isto S cized Mr.Biden’sdecision to re-

maintain pressureonMr. Biden PRES enter the World Health Organi-

to confront China—and to make O/ zation afterMr. Trump pulled his policies atop issue forvot- ALZ the U.S. out of it, saying China’s SC

ersahead of the 2022midterm LO sway and lack of transparency

elections and the presidential JIM hurt the Covid-19 response. race two yearslater. PresidentBiden and Secretary of StateBlinken at ameeting with the Quad, agroup of nations thatseek to check Chinese expansionism. Democratsdismissthe con- “China poses the single tention that they aren’t wor- greatest geopolitical threat to choices foradministration po- of Americans said the U.S. back on China’sattack on hu- seeks cooperation with China on ried about China. “China is the our nation over the next cen- sitions “raise serious ques- should makelimiting China’s man rights, intellectual property curbing climatechangeand nu- epicenter of our attention,” tury,” said Sen. TedCruz(R., tions as to whether this ad- power a top priority, up from and global governance,” Mr.Bi- clear proliferation. said Senate Foreign Relations Texas), who ranfor president ministration understands the 32% in 2018. den said in his firstforeign-pol- “President Biden certainly CommitteeChairman Robert in 2016 andwho has threat.” He and other GOP Mr.Biden has called China icyspeech. “But we areready to seems moreaware of the threat Menendez (D., N.J.). with several of Mr.Biden’s lawmakerssharply questioned “our most serious competitor,” work with Beijing when it’sin posed by China than candidate Paul Haenle,who worked as nominees.Hetried to block the Linda Thomas-Greenfield, the and he has fornow kept some America’sinterest to do so.” Biden, and that is awelcome aChina expert on the National confirmation of Commerce Sec- now-confirmed United Nations of the Trump administration’s On Friday, the president con- change,” said Sen. Security Council under Presi- retary Gina Raimondo aftershe ambassador, over past com- policies in place, including the vened avirtual meeting with (R., Fla.). “The question is dentsGeorge W. Bush and Ba- initially stoppedshort of prom- ments on China. steep tariffs at the of theQuad,astrategic partner- whether rhetoric will translate rack Obama, said some of the ising to maintain the Republi- A poll released this former President Donald ship includingJapan, and intoproactivepolicythat de- Trump administration’srheto- canTrump administration’s month put China’sunfavorable Trump’strade war. Mr.Biden’s that seeks to counter fends America’sinterestsorre- ric about getting tough on blacklisting of HuaweiTechnol- viewamong Americans at 79%, approach involves maintaining Chinese expansionism. This actionaryresponses that get China wasoverblown. He ogies Co.Ms. Raimondo later by far the worstreading since atough posturewhile trying to week,the Biden administration watereddownthrough an in- pointed to the trade pact Mr. called telecommunications itspolling began in 1979.Only enlist allies to counter China. is expected to deliver ablunt teragencyprocess.” Trump reached, which he said equipment made by “untrusted and North Koreascored “We’ll confront China’seco- messagefor China when topof- Mr.Rubio,who ranfor pres- failed to securestructural vendors” athreat to the U.S. worse. Arecent PewResearch nomic abuses; counter itsag- ficials meet with counterpartsin ident in 2016,has introduced changes to Chinese business Mr.Cruzsaid Mr.Biden’s Center survey found that 48% gressive, coerciveaction; push Alaska. Theadministration also legislation that would require practices. P2JW075000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 16, 2021 | A5

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A6 | Tuesday, March 16, 2021 ***** THE WALL STREET JOURNAL. WORLD NEWS Myanmar Declares Martial LawinYangon

Authorities tighten comed the targeting of Chinese property.Otherssaid the pro- grip on protests after testersweren’t involved,claim- deadly fires target ing authorities ignited fires and blamed protestersinanef- Chinese-run factories fort to shoreupBeijing’sback- ing foraharsher response. BY FELIZ SOLOMON Witnesses and medics said AND JON EMONT authorities began firing on pro- testersataround 1p.m. Afire —Myanmar au- department official in one of thoritiesdeclared martial law the Yangon suburbs,Shwe in partsofYangon after scores Pyithar,said the department were killed and firestore firstreceived reportsofthe through several Chinese-owned firesatabout 3p.m. Theoffi- garment factories,underscor- cial said asecurity guardatone ing the threat to the nation’s of the factories told firefighters fragile economyand tensions that employees and others over China’srole in the country. threatened guards at knife At least 37 people were point beforesetting fire to the killed on Sundayasauthorities facility wherethey worked. opened fire to disperse pro- In interviews,residentsof testsintwo industrial suburbs the affected Yangon suburbs of Yangon, Myanmar’s largest said they areincreasingly city,emergencyresponders frustrated with Beijing. said.Atleast 15 otherswere Moe Sandar Myint, chair- killed elsewhere, said the As- woman of the Federation of sistanceAssociation forPoliti- General WorkersMyanmar,said calPrisoners, anonprofit that manyofthe garment workers monitorsarrestsand fatalities. her group representshavebeen

Sunday’sviolencecapped the REUTERS threatened by Chinese employ- deadliest weekend since Myan- Smokebelievedtobefromagarment-factory fireroseSundayinYangon, during aday of clashes in which dozens of people were killed. ersovertheir participation in mar’s militaryseized power Feb. protestsand civil-disobedience 1, detaining civilian leaders, in- bassy said multiple Chinese- 400,000 jobs in Myanmar and international community should council and maintain signifi- campaigns.She said the Chi- cluding Aung SanSuu Kyi, and backed factories were some actions by citizens were “avoid aggravating conflictsand cant strategic and economic nese Embassy’sstatement be- abruptly ending the country’s smashed up and set alight, hurting the economy. further complicating the situa- interests in Myanmar. lied Beijing’santagonism to- decadelong transition to democ- while manyChinese nationals Manyopponentsofthe tion.” Other Asian countries Anti-Chinese sentiment ward the demonstrators. racy.The factories burned in the were injured. Most of the af- coup viewChina as supportive that invest heavily in Myanmar, hasn’t been a mainstream fo- “They don’t care about the Yangon suburbs of Hlaing Thar- fected businesses were textile of the military and have criti- such as Singaporeand South cus of the protests, but some people of Myanmar.They only yarand Shwe Pyithar,rat- and clothing factories,itsaid. cized Beijing for its refusal to Korea, have been moreopenly in Myanmar have questioned care about their owninterests tling one of the country’smost “Weurgethe Myanmar peo- condemn the takeover or vio- critical of the junta. China’srelationship with the in the country,” Ms.Moe San- important export industries and ple to expresstheir demands lence against protesters. TheUnited Nations Security junta and its silence over hu- dar Myint said. drawing arebukefromChina. in alawfulmanner,and avoid Afterthe coup,manygovern- Council unanimously con- man-rightsabuses.Social-me- ABuddhist monk who joined TheChinese Embassy in being incited and exploited mentscondemned the military’s demned recent violencebut dia users have shared lists of aprotest in Hlaing Tharyaron Yangon condemned the attacks intodamaging friendly cooper- powergraband called forthe has yettotakestronger action companies said to be Chinese- Sundaysaid manypeople in and urgedMyanmar authori- ation between China and immediaterestoration of Myan- such as an arms embargo, in owned, calling for boycotts. Myanmar feel China has aduty ties to stop the violence, pun- Myanmar,” the embassy said, mar’s elected civilian govern- part because of opposition It couldn’t be determined to protect them. “They’reabig ish perpetratorsand protect adding that Chinese invest- ment. Beijing cast it as an inter- from permanentmembers who set the firesatthe facto- neighbor and they see what’s Chinese businesses and per- ment in the textile and gar- nal matter, and itsforeign China and Russia, both of ries.Following Sunday’svio- going on, but they never inter- sonnel in the country. Theem- ment sector has created nearly ministrysaid anyaction by the which have veto poweronthe lence, some in Myanmar wel- vene,” the monk said. Beijing Switches Focus China’s Economic

BY KEITH ZHAI AND CHUN HAN WONG Activity Is Soaring

After quashing opposition groups in Hong Kong, China’s BY JONATHAN CHENG ness,the surveyed urban un- leadersplan to target the employment rate,which ticked city’s yawning wealth gapand BEIJING—Chinese economic higher to 5.5% in February, lack of affordable housing that activity surgedinthe firsttwo from January’s5.4%and De- Beijing blames for fueling so- months of 2021 when com- cember’s 5.2% readings, offi- cial unrest. pared with the same coronavi- cial data showed Monday. Senior officials arediscuss- rus-battered period last year, Beijing has begun reporting

ing waystobroaden the city’s S though the picturewas less thetwo months’ datatogether taxstructureand increase rosy when weighed against to strip out the impact of the NEW

land supply in an effort to mit- G growth momentum in the final Lunar NewYear holiday, the igateinequality and high liv- months of 2020. timing of whichvaries from

ing costsinone of the world’s OOMBER Datareleased Mondayby year to year.Taken together,

most expensivecities,accord- /BL China’sNational Bureau of the readingsreflect continued ing to people familiar with the OK Statistics showedindustrial recovery in the world’ssec- KW

discussions.The deliberations C. production, consumption, in- ond-largest economy, though H.

could lead to far-reaching Y vestment and home sales in one that slowedsomewhat

overhauls of Hong Kong’seco- BILL Januaryand Februaryall starting in Januaryamid a nomic and social-welfare sys- China is planning to overhaul Hong Kong’s social-welfare and economic systems. jumping more than 30% from fresh wave of virus controls. tems,although specific pro- the year-earlier period, when Thedramatic year-over-year posals haven’t been put overhauls.The political crack- unrest in recent years, Mr. will solve it now?” the Chinese economywas economic gains arelikely to forward, the people said. down has drawnflak mainly Chan said. “They want us to Chinese officials have sig- largely shut down to contain continue in the coming months. Changes to Hong Kong’s from Western governments, fix it,” he said. naled confidencethat tackling the fast-spreading Covid-19. Economistssay the early 2020 low-taxsystemwould raise which accused China of violat- Opposition politicians are Hong Kong’sstructural issues Industrial output in the Jan- troughs providing alowerbasis revenue formoresocial spend- ing its pledges to allow Hong skeptical that Beijing canover- will be easier with loyalists uary-Februaryperiod rose forcomparison will likely linger ing, but one challenge is how Kong’s governance to remain come the decades of policyin- firmly in charge.That is de- 35.1% from ayear earlier,while until the second half of the to do so without undermining semiautonomous until at least ertia and infighting that beset spitefailures by successive retail sales,amajor gaugeof year.For example,economists the city’s attractivenessasa 2047. Hong Kong’spolitical and busi- Beijing-anointed leadersin China’sconsumption, expanded expect grossdomestic product financial and businesshub. What Beijingultimately nesselite, even if whothe Com- Hong Kong to remedy such 33.8%overthat time frame. forthe firstquarter of 2021 to Land-policyoverhauls canhelp wantstoaddressinHong munist Party defines as “true problems sinceBritain re- Both indicatorstopped econo- expand by 15% or more, after improveaccesstocheaper Kong is “not the politics, but patriots” areput in charge. turned the city to China in mists’ expectations.Home Beijing reported ahistoric 6.8% homes,although officials must the deep-seated issues” in- “These patriots are proba- 1997. sales by volume,anindicator year-over-year contraction for overcome the entrenched in- cluding the lack of affordable bly also people with vested in- Under Beijing’snew ap- of demand, soared 143.5% in the firstquarter last year. fluenceoflocal property ty- housing and the city’s “deeply terests. They don’tknowthe proach,ifthose governing the firsttwo months of 2021 Officials noted Monday coons whom Beijing regardsas polarizing income gaps,” said problems of thepoor,” said Hong Kong “can’t servethe from ayear earlier,while prop- that, forall the statistical vola- toopassiveintheir support of BernardChan, amember of Emily Lau, aformer chair- residentswell, they must step erty investment by value tility of the past year,the eco- government goals. China’snational legislature woman of Hong Kong’sDemo- down,” Tian Feilong, aBeijing- gained 38.3%. nomic levels for January and For Beijing, efforts to curb and Hong Kong’s cabinet. cratic Party who wasalocal based professor and member Fixed-asset investment in- Februarythis year were higher dissent in Hong Kong over the ChineseVicePremier Han legislator foraquarter-cen- of aChinese government- creased 35%overthat period than those forthe firsttwo past year—from rounding up Zheng and other senior offi- tury. backed thinktank on Hong compared with ayear earlier, months of 2019,well before opposition figuresonnational cials have told pro-Beijing pol- Beijing has long been aware Kong policy, wrotethis month. though economistshad pre- China’seconomywas walloped security charges to a planned iticians from Hong Kong that of Hong Kong’s social inequi- TheHong Kong government dicted faster growth, especially by the emerging pandemic. revamp of the city’s electoral local authorities must resolve ties,but, “They never both- declined to comment on in manufacturing investment. system—aremeant to pave the fundamental social issues that ered to solveit,” Ms.Lau said. whether discussions on policy More worrying wasChina’s  Heard on the Street: China’s way forsocial and economic they believe spurred political “What makes youthink they overhauls were under way. benchmark measureofjobless- looser monetary policy...... B11

China Morning Post, which drivecommercial synergies worries that Ant wasadding cussions related to Alibaba’s ficials who sawthe report. It is Alibaba traces itsrootstothe eraof with our core commerce busi- risk to the financial system.Mr. entertainment business said. the Communist Party that holds British colonial rule in Hong nesses.Wedonot intervene or Xi wasalso angryatMr. Ma for It isn’tclear whether Ali- sway over public opinion on all Kong. Alibaba has also set up getinvolved in the companies’ criticizing his effortstobaba would need to sell all of media platforms and the private Pressed joint ventures or partnerships day-to-day operations or edi- strengthen financial oversight. itsmedia assets. Anyplan that sector shouldn’t take up the with powerful state-run media torial decisions,” the state- Antitrust regulatorsare Alibaba comes up with will role,the officials said. like and ment said. also preparing to levyarecord need approval from China’sse- Alibaba has been Weibo’s Over Media local government-run newspa- Theasset-disposal discus- fine,inexcessof$975million, nior leadership, people famil- largest customer, having con- per groups in Zhejiang and Si- sionsare the latest develop- over what they call anticom- iar with the matter said. tributed nearly $100 million in chuan provinces. ment in aseries of run-ins be- petitivepractices on Alibaba’s Concerns have been growing advertising and marketing ContinuedfromPageOne TheAmerican depositary tween Beijing and Mr.Ma, who e-commerce platforms,the in recent yearsinChina’soffi- revenue in 2019 to itsplat- outlets, as well as the South receiptsofAlibaba and Weibo Journal previouslyreported, cialdomoverAlibaba’smedia form, according to the most ChinaMorning Post, an Eng- fell on Mondaybylessthan 1% citing people with knowledge clout and howthe company recent annual data available. lish-languagenewspaper in and by 2.4%, respectively. Its holdings include of the matter. In addition, Ali- might have leveraged itsinvest- In June,the internet watch- Hong Kong.Several holdings Alibaba’smedia presenceis baba would be required to end mentsinnewsand dog reprimanded Weibo for are in U.S.-listed companies. seen as posing serious chal- $8 billion stakes in apracticeinwhich, regulators to reshape government policies. what it called “interference Thetotal value of Alibaba’s lenges to the Chinese Commu- publicly listed believe, it forbade merchants Those concerns grew fol- with online communication” media assetscouldn’t be ob- nist Party and itsown power- on itssitefromalso selling lowing an incident in May and asked it to rectifythe situ- tained. Holdingsinpublicly fulpropaganda apparatus,the media companies. goods on rival platforms. 2020 when scores of Weibo ation.InNovember,XuLin,a listed companies had acom- people said. Beyond media and online postsabout asenior Alibaba vicedirector of the party’s cen- binedmarket value of more Theparty’s propaganda de- retail, Alibaba also has asiz- executive’salleged involve- tral propaganda department, than $8 billion as of beforethe partment didn’t reply to afaxed able entertainment division, ment in an extramarital affair said Chinamust “resolutely U.S. stock market opened request seeking comment. wasonceChina’smost-cele- consisting mainly of Hong were deleted. prohibit dilution of the party’s Monday, according to aWall Alibaba declined to comment brated entrepreneur.Latelast Kong-listed An ensuing investigation by leadership in the name of [me- Street Journal tally.That in- on discussions with regulators year,President of Group Ltd. and YoukuTudou the CyberspaceAdministration dia] convergence, resolutely cludes aroughly $3.5 billion pertaining to possible media di- China personally scuttled plans Inc., one of China’slargest of China, the country’sinternet guardagainst risks of capital stakeinWeibo Corp.and a vestments. In astatement, the by Co.—Alibaba’sfi- video-streaming platforms.Of- watchdog,found that Alibaba manipulating public opinion.” nearly $2.6billion stakeinBil- companysaid it is apassivefi- nancial-technologyaffiliate—to ficials also reviewedAlibaba’s wasresponsible forthe interfer- He didn’t identifyAlibaba ibiliInc., avideo platform that nancial investor in media. launch what would have been entertainment portfolio,al- encewith Weibo postsand said by name during his speech. is popular among younger Chi- “The purpose of our invest- the world’slargest initial pub- though outright divestitures in the companyhad used “capital Mr.Masaid in 2017that he nese people. mentsinthese companies is to lic offering,amid growing un- that part of the company’s to manipulatepublic opinion” in never interferedwith news op- One of the most prominent provide technologysupport ease in Beijing over Ant’scom- business might not be neces- areport to the leadership,the erations and respected jour- acquisitions wasthe South fortheir businessupgrade and plexownership structure and sary, people familiar with dis- Journal has reported, citing of- nalism. P2JW075000-0-A00700-1------NS

THE WALL STREET JOURNAL. NY Tuesday, March 16, 2021 | A7 WORLD NEWS U.S. Deploys Coast Guard To Counter Beijing Moves

BY LUCY CRAYMER and Central Pacific. ployedcutters to the Western AND BEN KESLING Chinese fishing fleets have Pacific formorethan 10 shown up in forcearound is- months in 2019 to work with Early in December,the crew land nations such as the Re- the U.S. Navy’s Seventh Fleet. of the U.S. Coast Guardcutter public of Kiribati and Tuvalu, One,the USCGCBertholf, tran- Myrtle Hazardsailed through which have some of the rich- sited the Taiwan Strait in a

the night, anchored off the Pa- est tuna fisheries in the world. showofdefiancetoChina,the VY cific island nation of Palau and China’snavyalso has estab- firstU.S.Coast Guardvessel to NA .S. boarded agroup of Chinese lished itself in thearea, in- make the politicized trip. boatstohelp seizetens of cludingwith astopover by “All this changed with the thousands of dollarsworth of warships in Sydney in 2019. National Defense Strategy,” SMAN/U

seacucumber that allegedly TheU.S.Coast Guardis Lyle Morris, asenior policy WEIS had been harvested illegally. building up in the region in re- analystatRand Corp., refer- NE Thefast-response cutter, sponse.Inthe past few months, ring to a2018 Pentagon docu- KA operating about 6,600 miles it based two of itsmost ad- ment. “The biggest transition AM CAD

from the continental U.S. and vanced newcutters in the U.S. has been the Coast Guard’s MA roughly 750miles from its territoryofGuam, nearly 4,000 moreovert signaling about its The U.S. Coast Guard fast-response cutter Myrtle Hazard on its way to Guam in September. home port in the U.S. territory miles closer to Shanghai than it role in the great powercom- of Guam, is part of the Coast is to SanFrancisco. Forthe petition with China.” to 100 days over the previous focus moreonthe region. De- solid hold on the South China Guard’snewest growth area: firsttime,the Coast Guardhas While the U.S. Coast Guard five years. All of the 2019 de- fense SecretaryLloyd Austin’s Sea, is moving fartherafield Helping counter China’sgrow- an attaché to the U.S. Embassy falls under the Department of ploymentswereinthe Indo-Pa- first overseas trip, which be- to find less-depleted fishing ing navalpowerinthe Pacific. in Canberra,Australia, and an- Security,its work cific.The Coast Guard’smission ganthis week,takes him to grounds and expand itsstrate- China has used coordinated other attaché will moveto with thePentagon is growing. traditionally has focused on the Indo-Pacific. gic position. The Coast Guard action by itsfishing fleets, Singaporenextyear. U.S. government datashow protecting U.S. maritime bor- TheU.S.and allies with a deployments are meant to al- coast guardand navy to estab- TheCoast Guardhas been Coast Guardvessels spent 326 ders, but it has at times played strong navalpresenceinthe lowthe U.S. to confront those lish its presence in the South steadily increasing itsactivity days in support of the Depart- arole supporting the Navy. Pacific, such as Australia and probes with lessrisk of amili- China Sea.Itincreasingly also in the Western Pacific and ment of Defense in 2019,com- TheDepartment of Defense France, areconcerned that tary incident than if U.S. Navy has apresenceinthe South near China’sshores.Itde- pared with an averageofjust 50 also has signaled the need to China, having established a ships were involved.

rization foremergencyuse tries poses anew threat to the portsbut has found no evidence instituteadvisedthe halt after fall short of projected vaccine More of EU onceitsubmitsresultsfrom vaccine’scredibility,whether or the conditions arelinked to the seven cases of blood clotting deliveries to Europe in the Phase 3human trials con- not alink is shown to exist, vaccine,aspokesman said. were reported following the coming months,by100 million ducted in the U.S. Those trials health-policyexpertssaid AstraZeneca, which devel- administration of 1.6million doses—almost two-thirds less Halts Use aredue as early as this month. Karl Lauterbach,aprofessor oped the vaccine with the Uni- doses in the country. than what the continent was Thetemporaryhalt to the of epidemiologyand alegisla- versity of Oxford, has said the Thenumber of incidentsin expecting based on the com- AstraZeneca shots is another torinGermany’sfederal parlia- number of cases of blood clot- Germanyand acrossEurope pany’s earlier pledges. Of Vaccine setback in awider vaccine ment, criticized his country’s ting among the roughly 17 mil- wassmall, and authorities AstraZenecaChief Executive rollout in Europe hamstrung . He said an investigation lion people in the EU and U.K. were trying to establish Pascal Soriot has repeatedly by supply shortages and other without pausing shotswould who have received the shot is whether they were related to pushed back against doubts ContinuedfromPageOne hurdles.Itcomes as the conti- have made moresense amid lowerthan forthe general the vaccine,Mr. Spahn said. about the shot’seffectiveness outweigh possible risks. nent wrestles with rising num- the upsurge in cases in Europe. Germanyislooking to the and criticism of itsrollout. In TheEMA,which actsacross bersofCovid-19 cases.Eu- “In the thirdwave, which is EMA for advice, he said. February, AstraZenecasaid it the European Union much like rope’svaccination ratesare far nowpicking up speed, the first The temporary halt Theseries of pauses across would roughly double global the U.S. Food and Drug Admin- lowerthan in the U.S. and the vaccinations with the Astra- Europe deliversafresh jolt to vaccine production to 200 mil- istration in regulating medicine, U.K.,whereCovid-19 cases Zenecavaccine would be life- is another setback in AstraZeneca’s vaccine effort lion doses amonth by April. has said therewas no evidence have stabilized or are falling. savers,” he tweeted. a wider vaccine just three months intoits roll- Theblood clotsreported in of alink between the reported Delays in giving out the As- Swathsofthe developing out. Theshot previouslyfaced some people who received the blood clotsand the vaccine. traZenecavaccine threaten to world aredepending on the rollout in Europe. skepticism over clinical-trial AstraZeneca-Oxfordvaccine TheU.K.’smedicines regula- exacerbatevaccination-drive shot from AstraZenenca, resultsthat suggested it arerelatively common. They , the firsttogreen-light the woes and could put further which has promised to deliver wasn’t as effectiveasother involvethe formation of a shot formassuse in lateDe- pressureongovernmentstry- three billion doses this year at vaccines hitting the market. thickened clump of blood in a cember,maintained that stance ing to speed thingsup. Astra- cost. Thetemporaryhaltsin population. Large-scale human Some of those perceptions bloodvessel, which cancause as well, telling Britons to get Zenecahas become aparticu- Europe could raise concerns trials also didn’t raise flags have faded as the U.K. inocu- fatal blockages. their shotsasplanned. About 11 lar target of European among recipients elsewhere. about blood clotting as arisk. lated millions of people with Health officials in the U.S. million AstraZenecashotshave politicians who have accused it Reflectingthat concern, the Germany’s health minister, the shot, generating real-world have included thromboembolic been administered in the U.K., of notdoing enough to provide World Health Organization rec- Jens Spahn,said Mondaythat datathat showedittobe events among adverse events making it acentral pillar of the the continent with moreshots. ommended Mondaythat vacci- pausing the AstraZeneca roll- strongly effectiveinprevent- of special interest they are country’sfast-paced rollout. ForU.K.-based AstraZeneca, nations go forwardasnormal to out wasaprecautionarymea- ing severedisease and death. monitoring as Covid-19 vac- Thevaccine hasn’t been ap- the suspension of the shot avoid unnecessarydeaths from surefollowing advicefrom Therehavealso been manu- cines get deployed widely. proved in the U.S. AstraZeneca acrossthe continent’swealthi- Covid-19.The WHO is also look- Germany’svaccine regulator, facturing delays.Last week, —Peter Loftus is expected to apply forautho- estand most-populous coun- ing intothe blood-clotting re- the Paul Ehrlich Institute. The AstraZeneca warned it would contributed to this article.

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A8 | Tuesday, March 16, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

lations forBell Canada, atele- ating officerofHedgeable,afi- Ms.Gutierrez,who uses “Wewanted to be ambassa- Tesla CEO communications giant. The74- nancial-technologystartup—he paint to customizesneakers, dorsfor play, and we decided year-old nowhas takenona wasalso its“chief ninja.” The said she considered calling her- to become amoreplayful com- softerjob title: chief pillowof- company’sCEO, self the queen, but decided that pany,” Mr.Wann said. Employ- Granted ficer. Kane—Matthew Kane’s king would help her makemore ees were granted freedom to “Having been in corporate brother—had the title of “mas- of astatement within male- createtheir owntitles. life, everyone’s‘chief toilet pa- tersensei.” Thesobriquets dominated sneaker culture. PlayMonster nowhas achief New Title per officer,’ thingslikethat,” were intended to carveout a She recalled thinking,“Iam funmonster heading sales,a said Mr.Logue,founder of Ot- slightly differentiated identity, going to playwith this alittle chief monster maker atop tawa-based Pillowpacker Inflat- Mr.Kane said. bit.” product development and a ContinuedfromPageOne able Travel Pillows.“Isaid, ‘I’m Ed Popielarski, 64, used to Unusual job titles maymake bubbly monsterincustomer from the fantasy world of the going to have some funwith refertohimself as the “chief foraclever public-relations service. HBO show“.” this.It’smycompany, Ican be guru” of QTAMachine,anIr- strategy, but areunlikely to Charlie Wollborg, founder of Mr.Kirkhorn’stitle mayalso whatever we want. I’m going to vine,Calif.-based companythat Office attire represent aserious conception aMichigan marketing agency allude to Tesla’sambitions be the chief pillowofficer.’ ” designed and built tools used of what Tesla’sleadership jobs called CurveDetroit, uses the around cryptocurrency. Earlier Mr.Logue has also given his in electronics manufacturing. “Let it be known that mov- entail, said PeterCappelli, a title chief troublemaker.His co- this year the companysaid it wife, Beth Shepherd, an - At least, he called himself that ing forwardIwill only respond management professor at the workershavetitles such as had invested $1.5billion in bit- mal C-suitemoniker in the on the company’swebsite. to the title of Siqi Chen, Tech- Wharton School of the Univer- sassy firecracker and attraction coin and aims to start accept- two-person company’sranks.“I Mr.Popielarski, who owned noking of @RunwayCo,” Mr. sity of Pennsylvania. hero. ing as payment from call my wifethe chief sleeping the company, said the title was Chen wroteonTwitter. He also “I guarantee youthat’snot One intention behind the carbuyers. officer,” Mr.Logue said. “She adopted forthe company’son- changed his Twittername to going to be on his business company’soffbeat titles: cut- Tesla didn’t respond to re- doesn’tlikethat.” line branding and not some- “Siqi Chen, Technoking of Run- card next year,” Mr.Cappelli ting out officepolitics.“No one questsfor comment. Thenew Some SiliconValley compa- thing he used everyday.Itwas way.” said of Mr.Kirkhorn’snew title. is sitting around asking,‘When titles don’t changeMessrs. nies have previouslyused fan- meant to convey hiswide-rang- “All titles arejokes,and it’s “It’snot going to last, because am Igoing to getapromotion Musk and Kirkhorn’sday-to- ciful languagetodescribe ing capabilities,said Mr.Popie- tributetoour Technoking CFOisanimportant title.” to chief troublemaker?’” Mr. dayroles,asboth will maintain workers’ roles.For years, some larski, who is nowretired. “A Musk formaking this clear to PlayMonster LLC,based in Wollborgsaid. their current, traditionally companies have used terms jack of all trades,but amaster the SEC,” Mr.Chen told The Beloit, Wis.,rebranded itself in Tesla also Mondayan- named positions. such as “guru,” “jedi” or of none,” he said. Wall Street Journal. 2016 afterdeciding itsformer nounced itslongtime automo- Tesla’sbossisn’t the firstto “ninja” to color job descrip- Within hoursofTesla’san- ForAdriana Gutierrez,aLos name, Products, didn’t tivehead Jerome Guillen would experiment with unique job ti- tions.Other titles to emerge in- nouncement, Siqi Chen, afor- Angeles-based footwear artist scream that it wasatoy com- transition to anew role,albeit tles forexecutives. clude chief happinessofficer, mer Postmates Inc.executive, who refers to herself as the pany. one with apedestrian naming GarryLogue spent most of chieffuturist and chief digital soon declared himself the tech- King of Sneakers, the title’s To showeveryone it wasn’t convention: president of heavy hiscareer climbing the corpo- evangelist. noking of Runway Financial masculinity wasequally as im- playing around, CEO Bob Wann trucking. rate ladder,including working Matthew Kane wasn’t just Inc., afinancial startup that he portant as itsroyal connota- gavehimself anew title: chief —Paul Ziobro contributed to as adirector of government re- the co-founder and chief oper- co-founded. tions. PlayMonster. this article.

cially formillennials and mi- Housing nority buyers.“That’swhere you’regoing to see alot of the growth,” he said. Boom Is Unlikeinthe building boom of themid-2000s,adeficit of homesfor sale is playing abig Different role in the current spikein prices.New-home construction hasn’t kept up with demand in ContinuedfromPageOne recent years, as builderstook credit histories to purchase yearstorecover from the fi- homes beyond their means, nancial crisis and faced short- sometimeswith mortgages ages of land andlabor.Those that required lowpaymentsin shortages and rising material the early yearsofthe loan. costscontinue to hinder build- Toomuch newconstruction ersasthey increase production. led to an oversupply of houses. Financial firms pack- aged these riskymortgages as Limited supply securities and sold them to in- While housing startsrose in vestors. When morehome- 2020,new-home construction owners started defaulting on per U.S. household in December their mortgages, lenders suf- wasstill morethan 20% below

fered large losses and the en- S itsaverage level in the late

tirefinancial system froze up. NEW 1990s, according to Jordan

Manypaid abig price. Be- G Rappaport, asenior economist tween 2006 and 2014, about 9.3 at the Federal ReserveBank of

million households went OOMBER Kansas City.

through foreclosure, gaveup /BL Homebuying demand is so

their home to alender or sold FREY high that manybuildersare

in adistressed sale,according GE limiting the number of homes to a2015 estimatefromthe Na- OR they sell at atime,toensure GE tional Association of Realtors. Adeficit of homes forsale is playing abig role in the currentspikeinprices. Above,houses under construction in Lehi, Utah, in December. they don’t sell morethan they Thecurrent housing boom is canbuild. They arealso raising far morestable than the last HotMarket,Little Supply prices.The median new-home one and poses fewersystemic sales pricewas $346,400 in risks,economistssay.Adown- Sales of existing homes surgedtotheir highestlevel in 14 years, and the median priceclimbedabove $300,000. January, up 5.3% from ayear side: Thereare morebarriersto New-home construction has started to pick up,but supply is tight. earlier. entry,and it’smoredifficult for Existing-home sales* Median existing-home price† Newsingle-family home Months it would taketo “It’sthe hottest market I’ve buyerswho aren’t already construction per 100 exhaustexisting-home supply ever seen,” said Sean Chandler, homeownerstomakethat first households‡ at current sales pace president of the central Texas purchase. division at home builder Ches- 8 million $400 thousand 2.0 starts per 100 12 months marHomes.“Thebuyersthat come in arelike, ‘I just want a Ignited by pandemic home.Idon’t care at this point Most real-estateanalysts 6 300 1.5 9 what it costs.’ ” agree that the pandemic helped Some economistssay ade- ignitethe current boom as clineindemand would be wel- some urbanites looked to leave come as away to slowprice crowded cities likeNew York 4 200 1.0 6 growth. Even with borrowing andSan Franciscofor cheaper ratesnear 3% fora30-year cities or formorespaceinthe 12-month fixed-ratemortgage, much of suburbs while working from 2 100 moving 0.5 3 the benefit to buyersisoffset home.When lockdowns began average by rising prices.Inthe fourth lifting last year,home sales quarter, the typical monthly took off: June sales surged mortgage payment ticked up- 0 0 0 0 nearly 21% over the prior ward to $1,040,from$1,020 a month, the biggest monthly in- 2000 ’10 ’20 2000 ’10 ’20 2000 ’10 ’20 2000 ’10 ’20 year earlier,NAR said, even crease on record going back to *seasonally adjustedannual rate †adjustedfor inflation ‡3-month moving average though mortgagerates declined 1968.That milestone lasted Sources: National Association of Realtors (sales, prices); Labor Department(inflation adjustment); Federal ReserveBank of Kansas City(housing starts); National Association of Realtors (supply) nearly afull percentagepoint. only amonth, when July sales TheUrban Instituteprojects rose almost 25% from June. acollective$1.5trillion in eq- “Housing has become alux- home sales,asfamilies aim to paid foritin2008.Her new that by 2040,each generation “Covid has catalyzedare- uity in 2020 from ayear ear- urygood,” said Glenn Kelman, movebeforethe start of anew house,athree-bedroom,has will have ahomeownership rate thinking of wherewelive, and lier,according to CoreLogic. chiefexecutiveofreal-estate school year. twicethe spaceofthe old one, lowerthan the preceding gen- whywelivethere, and where They have also savedmoney by brokerageRedfin Corp.“The Thehousing marketsinNew and she bought it with alower eration had at the same age. we work,and howwework,” refinancing their mortgages at economyseems to have offi- York City and SanFrancisco, interest rate. That meansyounger Americans said Rich Barton,chief execu- record lowrates.Manyhave cially splitintwo.Thereisso two of the country’spriciest ar- Firms lending on all these could struggle to build house- tive of online real-estatecom- started renovation projectsor much hardship in one part, and eas,slumped last year as some home purchases arethriving. hold wealth compared with panyZillowGroup Inc. bought vacation homes. then there’sjust an absolute residentsmoved away and the One of those is runbyRick previous generations. Market watchersalso say Real-estate brokers, home mad dash to buy houses in the paceofpeople moving into Arvielo,chief executiveofthe The homeownership gapbe- that anumber of longer-term buildersand mortgagelenders otherpart.” Thehomeowner- those cities slowed. NewYork OrangeCounty,Calif.-based tween whiteand Black house- trends areatplaythat should arealso riding the wave.The ship rate stood at 65.8%inthe City home prices in Januaryfell mortgagelender NewAmerican holds has also growninthe keep the housing market hot, S&PHomebuildersSelect In- fourth quarter of 2020,upfrom 3.1% from ayear earlier,ac- Funding. During the previous past decade,and the Urban In- or at leaststeady,evenafter dustryindexisup135% over 63.7%inthe fourth quarter of cording to listingswebsite housingboom, he wondered if stituteprojectsthe Black home- Covid-19-related demand fades. the past year,outpacing the 2016,according to the U.S. Cen- StreetEasy’s priceindex. In San he wasblowing abig opportu- ownership rate will decline be- ,the largest living S&P500’s66% gain. Between sus Bureau. Francisco, the median sale nity.Competitorsweregetting tween 2020 and 2040. adult generation, continue to July and December,eight of the Thehousing market’sbig- priceinJanuarydeclined 1.9% rich making subprime mort- Some first-time buyersare ageintotheir prime homebuy- 30 largest U.S. mortgagelend- gest near-term concern is ris- from ayear earlier,according gages, and he considered get- being priced out of the market ingyears and plunk down sav- ersannounced plans to go pub- ingmortgageinterest rates, to Redfin. ting intothe business. His wife or have been forced to stretch ingsfor homes.Atthe same lic. which recently hit their highest and co-founder,Patty Arvielo, financially. time,the market is critically Those trying to break into level sinceJuly and cooled the refused. In Phoenix,which boasts undersupplied. New-home con- themarket forthe firsttime market slightly.With bond Longer­term trends Businessslowedduring the some of the fastest home-price struction hasn’t kept up with have rarely found it morediffi- yields rising as investorsantici- housing crash and the Arvielos appreciation in the country, household demand,and home- cult. U.S. house prices soared pateapost-Covid rebound, are at play that didn’t take apaycheck from Pearl and Andrew Kleinhans ownersare holding on to their 10.8%inthe fourth quarter manyeconomistsexpect mort- should keep the mid-2007 until early 2009,but savedfor two yearstobuy houses longer.Buyersare com- from ayear earlier on aseason- gage ratestocontinue creeping their higher underwriting stan- their firsthome.But even with peting fiercely foralimited ally adjusted basis,the biggest upwardthis year. housing market hot. dards during the boom helped $200,000 savedfor adown number of homes. annual increase in datagoing Some of thehome sales in them survive. payment, they kept losing out Mortgagelenders, mean- back to 1992, according to the thepast year were likely sales In 2020,lendershad more last fall in biddingwarswith while, aremaintaining tight Federal Housing Finance that would have happened in demand than they could han- cash buyers. standards—buyersare drawnto Agency. Themedian home pur- the next few yearsbut were ac- Fornow,the pandemic looks dle.Homeownersrushed to re- They wanted morespace the market by historically low chase priceclimbed above celerated due to Covid-19,real- likely to keep housing demand financeatlowerinterest rates than the1,200-square-foot interest rates, not by easy ac- $300,000 last year forthe first estateagentssay.That could strong.InSacramento, Calif., an and buyersflocked to the mar- rental apartment they shared cess to credit. Rising home val- time.Nearly one in four home augur aslowdownindemand influx of buyersfromthe San ket. Mortgageoriginations rose with their 12-year-old son, two ues also mean that even if buyersbetween April and June going forward. Some people FranciscoBay Area helped push to arecordhigh in the fourth dogsand acat, andthey homeownerscan’t affordtheir bought houses priced at who areworking from home up the median sales price21.3% quarter, according to the Fed- wanted to stay in the neighbor- mortgage payments, they can $500,000 or more. arealso likely waiting fortheir in Januaryfromayear earlier, eral ReserveBank of NewYork. hood fortheir son’sschool. likely sell their homes fora Less-expensivehomes be- companies to decide on future according to the California As- About seven out of every10of They startedwith abudget profit rather than faceforeclo- came harder to find. Sales of remote-work policies.They sociation of Realtors. those mortgages went to bor- of $600,000,but ended up hav- sure. Financial firms arestill homespriced at $250,000 and mightopt to stay put if they That buying interest helped rowers with high credit scores ing to spend $850,000 in Janu- packaging mortgages as securi- belowdeclined in 2020 from a arerequired to commutetothe Rachel Voss,anattorney,up- above760. aryfor afour-bedroom home. ties,but the vast majority of year earlier,according to NAR. officedaily in the future. grade her living situation and Therefinancemarket has “What canyou do?” Ms. those mortgages todayhave First-time home buyersare Economistsalso caution that remain in the city she has slowedinrecent weeks as Kleinhans said. “It wasabit out government backing. struggling to afforddownpay- the shortageofhomes on the called home since2003.Ms. mortgagerates have ticked of our pricerange, or what Iin- Thebiggest winnersinto- ments. Formanyrenterswho market could limit the number Voss sold her house in Novem- higher.SoMr. Arvielo said his tended to spend. But that’sjust day’sboom arepeople who al- lost jobs in 2020,homeowner- of sales this year.Spring is typ- ber for$409,900,nearly businessispivoting to focus what youhavetodoinorder to ready ownhomes,who gained ship is even further out of reach. ically the busiest season for $155,000 morethan what she moreonhome purchases,espe- getyour foot in the door.” P2JW075000-2-A008A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, March 16, 2021 | A8A GREATER NEW YORK Half of NewYorkers Want Cuomo to Stay

Poll finds just 35% say ment, compared with 24%who havior.Attorney General Letitia the response to Hurricane dentsolder than 55 said Mr. ment investigation. said he hadn’t and 41% who James is overseeing an investi- Sandy that you “get up stron- Cuomo shouldn’t step down. Oneofthe accusers, Char- governor should quit; said they were unsure, accord- gation intothe allegations. ger” if you’re knocked down. Poll spokesman Steven lotte Bennett, 25,who has said Assembly to hire firm ing to aSiena CollegeResearch Mr.Cuomo has said he Thepoll shows lesssupport Greenbergsaid therewas a Mr.Cuomo made overtures to Institutepoll released Monday. never inappropriately touched foraresignation among Black partisan split and geographic her forsex,spokefor more forimpeachmentprobe Thepoll found 57% of voters anybody.Hehas previously voters and respondentswho split in the survey’s results, than four hourswith investi- surveyed said they were satis- apologized to anyone who said and said amajority of New gators from the attorney gen- BY JIMMY VIELKIND fied with howthe governor has his workplace behavior made York City voters said the gov- eral’s probe on Monday and handled the allegations. them uncomfortable. Gov. Cuomo ernor shouldn’t step down. provided morethan 120 pages ALBANY—Half of NewYork- TheSiena poll of 804 vot- On Monday, Mr.Cuomo ap- has remained “Nearlytwo-thirds of Re- of documents, according to her erssay Gov. erswas conducted from March peared at an event on Long Is- defiant amid publicanssay Cuomo should attorney,DebraKatz. shouldn’tresign from office, 8to12and has amargin of er- land to promotethe state’s growing calls resign; however, 61% of Demo- WhiteHouse presssecre- while 35% sayheshould, as he rorofplus or minus 4.1 per- Covid-19 vaccination campaign from fellow cratsand 46% of independents, tary JenPsaki said Monday faces allegations of inappro- centagepoints. On March 11, in Black communities.The Democrats for aplurality,say he should not,” that President Biden hadn’t priatebehavior toward female Albanylawmakerslaunched an governor,who is 63 yearsold, his resignation. Mr.Greenbergsaid. spoken personally with Mr. aides and criticism over the impeachment investigation of said he would be vaccinated Democratswho control the Cuomoabout his situation. state’shandling of Covid-19 in the governor’s conduct. “in the coming days.” stateAssembly have said they Shecalled the allegations nursing homes,according to a Threewomen who worked Mr.Cuomo didn’t directly areover55yearsold. Accord- would launch an impeachment “troubling,” but repeated that new poll. forMr. Cuomo as well as one addressthe allegations against ing to the survey,69% of Black investigation.OnMonday, As- the president thinks the attor- Thirty-fivepercent of poll woman currently on the gover- him during the event, which respondentssaid Mr.Cuomo sembly Speaker Carl Heastie ney general investigation into respondentssurveyed last week nor’s ExecutiveChamber staff wasclosed to the pressbut shouldn’t resign, compared told reportersthat the cham- Mr. Cuomo is appropriate. said they believed Mr.Cuomo have accused him of sexual ha- streamed by the governor’s of- with 45% of whiterespondents. ber is hiring an outside law —Catherine Lucey hadcommittedsexual harass- rassment or inappropriatebe- fice. He said he learned from Fifty-eight percent of respon- firm to help with itsimpeach- contributed to this article. In NYC, ManhattanDACandidates UseNew Playbook Covid-19 BY DEANNA PAUL Infections When a24-hour spree of -system attacks lefttwo homelessNew Yorkersdead Plateau andtwo otherswounded in February, the eight Democratic candidates forMan- BY MELANIE GRAYCE WEST hattandistrict attorney didn’t followthe traditional playbook In NewYork City,the per- with calls formorepolicing centageofpeople testing posi- and harsher sentencing. tivefor Covid-19 over an aver- Instead, Lucy Lang, a for- ageofseven days has hovered merManhattanassistant dis- between 6% and 7% forthe trict attorney,said the attacks past several weeks, a plateau “reflect acatastrophicfailure that epidemiologistswarn will of all of the systems that be difficult to push down. ought to protect NewYorkers.” Most of the rest of the Assemblyman Dan Quart urged country hit a record postholi- a “complete change in policy day peak in January and then andbudgetarypriorities.” a sharp drop in the daily And Alvin Bragg, aformer number of newCovid-19 cases federal prosecutor and deputy

beforearecent slowdown. stateattorney general, said the S NewYork City didn’t see as subway stabbingsexposed the PRES sharpofapeak,the drop-off city’s failed approach to hous- hasn’t been as steep and the ing,addiction and mental health. TED CIA

deathsweren’t as high, city A21-year-old, with ahistoryof SO health officials say. mental illnessand two open fel- AS O/ What separatesthis post- onycases,including drug pos- peak compared with the one session, has been arrested and last spring,after the novel cor- chargedwith the attacks. MINCHILL

onavirus ripped through New As NewYork City grapples JOHN York City,isthat all activities with rising violent crime,the Police investigated a shooting in last year. The number of shooting victims citywide nearly doubled from 2019 to 2020. were sharply curbed last March Manhattandistrict attorney and fear wasrunning high. candidates areresponding with Thenumber of shooting vic- departurefromhow Mr.Vance in Brooklyn, but shootings found at acrime scene back to Now, people arebeyondfa- progressivelaw-enforcement tims citywide nearly doubled and his predecessor,Robert went up in Brooklyn in 2020. alicensed firearms dealer. tigued with isolating,some are proposals that underscorehow during the same period. In Morgenthau, prosecuted gun Liz Crotty, adefense attor- Meanwhile,Mr. Quart has lessafraid of the virus and different this election is forone Manhattanshootingsincreased cases forfour decades.For in- ney and onetime focused on the falling arrest more of the city continues to of the nation’stop prosecutor by morethan 40%.City and po- stance, suspectschargedwith prosecutor,has advocated for ratesfor violent crime as a open, saypublic-health offi- jobs.With few exceptions,they liceofficials say increased gang felony possession of a loaded the reinstatement of the strategy to combat violence. cials. have floated proposals fora activity has contributed to the firearm faceamandatorymin- NYPD’santicrime unit, saying He plans to offer district at- On Monday, Gov.Andrew guncourt to keep young defen- violent-crime rise. imum of 3.5yearsinprison. specialized courtsaren’t torney investigatorstolocal Cuomo said wedding receptions dantsout of jail, partnerships To addressviolence, most However, when the accused enough. Theplainclothes team precinctstohelp solvecrimes. and cateredeventsstatewide with community-based organi- district attorney candidates has aminimal criminal history that targeted violent crime and Aspokesperson forMr. canresume,within set guide- zations and plans to funnel have focused on reducing gun and didn’t shoot or brandish illegal firearms wasdisbanded Vance’sofficesaid it already lines,including capacity limits. prosecutor resourcestoassist crime,which accountsfor 4% of in June,partly arepudiation of assists the police as needed. About 50% of the city’s re- policeinsolving cases. violent crime,NYPD datashow. itsaggressivepolicing tech- When asked about strategies cent Covid-19 cases arelinked ManhattanDistrict Attorney Tali Farhadian Weinstein, Most favoreducation, niques.Sincethen, shootings to combat violent crime,Tah- to variantsfirst identified in Cyrus VanceJr., athree-term who served as general counsel citywide have skyrocketed. anie Aboushi and ElizaOrlins, NewYork or the U.K.,which Democrat, announcedFriday forBrooklyn District Attorney specialized courts “Policeare the ones who get two of the most progressive aremorehighly transmissible. he wouldn’t seek reelection. , proposed a di- and alternative guns off the street,” she said. candidates,talk about reducing JayVarma,aphysician and The Democratic primary on version program foryoung Ms.Farhadian Weinstein, the number of people incarcer- senior adviser to MayorBill de June 22 likely will determine people who are charged with approaches to jail. Mr.Bragg and Diana Florence, ated andlistsofoffenses they Blasio, said the few tools that thewinner of the November gunpossession but have no acareer Manhattanprosecu- will refuse to prosecute. public-healthofficials have to general election in Manhattan, historyofviolence. Theplan is tor, also plan to give priority “We’renot going to solve fight the virus arebeginning whereregistered Democratic modeled aftertwo Brooklyn to gun-trafficking cases,cut- violent crime by just locking to wear thin. “We’velost alit- voters outnumber Republicans programs where participants the weapon, Manhattanprose- ting off the source of weapons people up with recklessaban- tle bit of the effectivenessof by almost nine to one. have reoffended lessthan 10% cutorstypically offer aplea to before they reach the city. don,” said Ms. Orlins, a Man- those thingsjust because peo- ThenextManhattandistrict of the time. She also plans to alesser felonyand atwo-year “By the time acase gets to hattan public defender. ple really do see the light at attorney will take over the createadedicated court to ex- prison sentence. the point of criminal prosecu- Ms.Aboushi, acivil-rights the end of the tunnel and want $126.1 million, 1,500-employee pedite gun prosecutions. Critics have said the candi- tion, it is already toolate,” said attorney,said, “Ifit’sreally to getthereasquickly as pos- officeafter the NewYork Police “Speed and certainty of dates’ alternative approaches Mr.Bragg, noting that 90% of going to impact public safety, sible,” Dr. Varma said. Department recorded 468 ho- punishment—and notthe may be well-suited for simple guns found at the city’s crime then therehas to be more Roughly 11%ofadult New micides citywide in 2020,a47% length of a prison sentence— possession cases but won’t scenes came from out of state. tools than just police, prosecu- York City residents, morethan increase compared with 319 in are proven to be the greatest keep Manhattanites safe. In At the NewYork Attorney Gen- tion and incarceration.” 735,000 people,havebeen 2019.InManhattan, the rise in crime deterrent,” she said. 2016,Mayor cre- eral’sOffice, his team designed —Ben Chapman fully vaccinated. homicides washigher at 61%. Such policies would mark a ated a fast-tracked gun court atechnologytotrace guns contributed to this article. It wasayear agothat largely shut down to stop the spread of Covid-19. City officials on Sundayheld a N.Y. Congressman Urges Safety Probe of Bridge memorial forthe morethan 30,000 residentswho have died from the disease.Speaking at BY PAUL BERGER issues regarding the bolts. Ms. the memorial, Mr.deBlasio Tagliafierrosaid the resultsof said the death toll “isanumber ADemocratic member of her office’sprobe were sealed we canbarely imagine.” Congresshas joined calls fora pending arelated legal action. Covid-19 continues to federal probe into safety con- Representatives for the at- spread through already hard- cerns regarding construction torney general’sofficedidn’t hit areas of the city. Between of theGov.Mario M. Cuomo respond to arequest forcom- March 5and March 11, adozen Bridge in New York. ment.

ZIP Codes across the city had Rep.MondaireJones on AP Thecontroversy comes as seven-daypositivity rates Mondaywrote to Transporta- Gov.Andrew Cuomo—a Demo- OFFICE/

above10%. That groupin- tion SecretaryPeteButtigieg to S crat who renamed the bridge cludes Brooklyn’s Brighton urge an investigation intopo- afterhis father,aformer gov- Beach area, with a seven-day tential structural deficiencies on ernor of NewYork—faces VERNOR’

positivity rate of 11.13%, one of the bridgethat connectsRock- GO scandals regarding allegations

the worst in the city, and one land and Westchester counties, RK of inappropriate behavior to- of the highest death rates in an area he representsabout YO ward female aides and criti- overall. Midwood, Brooklyn, 25 miles north of NewYork City. cism over the state’shandling with a12.28% seven-dayposi- Dozens of Republicans in of nursing homes during the

tivity rate,has one of the the New York State Assembly UGLIN/NEW Covid-19 pandemic.Mr. Cuomo city’s highest overall case last week called on the federal CO has said he never inappropri-

counts per 100,000 residents. Transportation Department to KEVIN ately touched anyone. His ad- NewYork City hit itspeak of ensurethe 3.1-mile-long,twin- The Thruway Authoritysaysabolts issue at the Gov. Mario M. Cuomo Bridge wasresolved years ago. ministration has defended its holiday-related Covid-19 cases span bridge is safe. handling of nursing homes. on Jan. 8, with an averageof Representatives forthe fed- StateThruway Authority,a struction workers, leading to Theconsortium that built When the $4 billion Cuomo 6,435 confirmed and probable eral Transportation Depart- 570-mile system that links the their failure. the bridge, Tappan Zee Con- bridgeopened in 2018,Mr. Covid-19 cases over aseven- ment didn’t comment. Hudson Valley with Albany Ms.Barbas said the issue structors LLC,said:“TZCun- Cuomo hailed it as an example dayperiod, city datashow. Thecalls foraninvestiga- and Buffalo. wasresolved yearsago and equivocally stands by the qual- of government completing On Jan. 27,Mr. Cuomo said tion follow a report in the Al- Jamey Barbas, the author- that subsequent inspections ity of our work and the safety projects on time and on bud- the state’sholidaysurge had banyTimes Union alleging ity’sproject director forthe found the bridge to be safe. of the bridge.” get. Tappan Zee Constructors subsided; NewYork City’s that dozens of boltsused to newbridge, said Mondaythat Afederally mandated in- Aspokeswoman forthe New filed suit against the Thruway seven-dayaverage of newly re- build the successor to the Tap- during an early stageofthe spection last year found one York stateinspector general, Authority in February, claim- ported cases on that day was pan Zee Bridge over the Hud- spans’sconstruction, around broken bolt and one missing Letizia Tagliafierro, said last ing interferencebythe author- 5,603.OnMonday, the city re- son River were defective. 2016, a small number of bolts bolt out of apotential 500,000 week that the officeand the ity caused delays and addi- ported that the latest seven- Thebridgeisowned and were found to be defective or boltsonthe bridge’swest- NewYork stateattorney gen- tional expenses.The suit seeks day average was 3,123 cases. operated by the NewYork were overtightened by con- bound span, Ms. Barbas said. eral’s officehad investigated almost $1 billion, plus interest. P2JW075000-2-A008B0-1------NS

A8B | Tuesday, March 16, 2021 NY ** THE WALL STREET JOURNAL.

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, March 16, 2021 | A9

YOUR persist. She has brain fog and HEALTH memory issues, forgetting whether SUMATHI she took her dog out, or took a REDDY medication. “I write a lot of stuff down to track things especially for work,” she says of her job as an year after the first education manager for a kids’ tele- wave of Covid-19 in- vision show, which she does re- fections swept motely from home in Minneapolis. across the country, a Ms. Jensen thought she was do- Agroup of patients is ing better in August but in Sep- marking the start of tember the migraines set in. “I an illness that never went away. started getting migraines that Suffering from what’s often re- would last like three weeks,” she ferred to as “long Covid,” an esti- says. mated roughly 10% to 30% of She has had a relapse roughly Covid patients continue to experi- every other month with the most ence symptoms months after their severe one occurring in January. initial diagnosis. Many had mild to She dreams of the day when moderate Covid cases at first, and she can surf or run again. For now, didn’t require hospitalization. But it’s 20-minute walks every day. months later, they are grappling “Every month I make very small with often-debilitating symptoms improvements,” she says. “Early that can include brain fog, fatigue, on in the illness I used to think, shortness of breath, racing heart ‘Oh, I’m going to be better by beat, and an inability to tolerate Fourth of July or then it was the physical or mental exertion. fall or Christmas.’ My mind was Doctors are struggling to deter- like, ‘There’s no way I can be sick mine what causes the symptoms, that long.’ But it just, it never exactly how many people are af- ends.” fected and why some suffer while Emily Jensen got Covid a year ago and still struggles with symptoms. She does breathing exercises to help. others recover. It’s unclear why ‘We don’t know if you’ll women—generally younger or in ever fully recover’ middle age, who were previously Jenny Berz used to spend hours in healthy—appear to be dispropor- the kitchen, cooking elaborate tionately affected, according to the Still Sick, aYearLater meals.“I can’t do any of that demographics of post-Covid clinics now,” says Ms. Berz, a 50-year-old and support groups. But there is clinical psychologist who lives in growing consensus that it is a sig- Long-term Covid is drawing more study. These patients want answers. Brookline, Mass. “It requires too nificant disease that needs to be much mental and physical energy.” better understood. Ms.Berzfell ill last March In February, the National Insti- around the same time as her phy- tutes of Health announced a major sician husband. She wasn’t hospi- initiative to study long Covid, talized but experienced moderate backed by $1.15 billion in funding. symptoms at home forseveral “Large numbers of patients who weeks.Herecovered quickly.She have been infected with [Covid] didn’t. continue to experience a constella- Over the past year Ms. Berz has tion of symptoms long past the struggled with headaches and diz- ziness, an accelerated heart rate and brain fog. She’s had severe Patients describe a back pain, fatigue, and numbness and tingling in her face and arms. frustrating year of Before Covid, she frequently troubling symptoms, did Peloton workouts. Now, even a little bit of exertion—cognitive or setbacks and struggle. physical—can trigger a relapse and leave her in bed for days. She thought she was on to a full recovery in the fall time that they’ve recovered from after she started an online Covid the initial stages of Covid-19 ill- rehabilitation program. But in De- ness,” said NIH Director Francis S. cember, she got into a minor car Collins in the announcement. He accident and relapsed. “I was just pointed to a survey of more than exhausted, like a fatigue I hadn’t 3,700 self-described Covid long- felt before,” she says. By February haulers that indicated nearly half she started feeling better. She re- couldn’t work full-time six months Chelsea Alionar started her Covid rehabilitation after developing prolonged symp- has had fatigue, program and is back to about 15 toms. The findings came from pa- brain fog and minutes of treadmill walking. tient-led research that sprung out rapid fluctuations “Everybody tells me the exact of a long Covid advocacy group in her heart rate. same thing: ‘It sounds like you’re called Body Politic. getting better. It’s going to take a A February study in JAMA long time. We don’t know if you’ll found that roughly one-third of ever fully recover.’” 177 people who’d largely had mild Covid cases reported persistent Mayo Clinic in Rochester,Minn., fessor of immunobiology at Yale, ‘You never know how you’re symptoms up to nine months after has aprogram to treat Covid pa- says there’s evidence that long going to feel’ illness. Nearly 30% of nonhospital- tientswho aresick foruptothree Covid could be caused by a viral It’s been more than a year since ized patients reported worse qual- months and aseparateprogram reservoir; remnants of the virus in Alaa Khaled fell ill with Covid-19 ity of life. Another recent study, in with fibromyalgia and chronic fa- the body causing inflammation; or symptoms. “I’m what I call a func- the journal Clinical Infectious Dis- tigue syndrome specialistsfor pa- an autoimmune disease. tioning longhauler,” says Mr. eases, found that 66% of 118 pa- tientswho aresick longer. Dr. Iwasaki and Dr. Putrino are Khaled, a 48-year-old actor and tients with mild to moderate Covid “We’ve had patients who have studying the immune response of producer in Los Angeles. “Some had at least one symptom four had a full recovery, including pa- long Covid patients. One possibil- days I feel fine. And then there are months later. Nearly 40% reported tients who had very poor function ity, says Dr. Putrino, is that Covid other days where I don’t. It’s so a work impairment and 11% said at the start of treatment,” says causes a massive inflammatory re- unpredictable, you never know they had to miss some work due to Greg Vanichkachorn, an occupa- sponse producing a flood of cytok- how you’re going to feel.” their symptoms. tional and aerospace medicine ines, even in mild cases, which can His main symptom is fatigue, Some long Covid patients have physician at Mayo. Others have be damaging to the body’s tissues which can set in abruptly. He also seen gradual improvement with improved but are still experiencing and organs. Hospitalized patients has bouts of brain fog. “It’s like very slow and incremental rehabil- Alaa Khaled has bouts of brain fog. symptoms a year later. undergoing the so-called cytokine disappearing from my body for a itation or guided exercise pro- Some doctors say pulmonary storm get medications to tamp few minutes not knowing where I grams but others say they don’t symptoms, such as exercise toler- down their inflammatory response am,” he says. have the energy to start them. proving but none are fully recov- ance and shortness of breath, but patients at home might not Overall he says he’sgetting Mount Sinai in New York was ered, he says. He believes that seem to improve more quickly even realize their body is going closer to his pre-Covid self.“Ifeel one of the first hospitals to estab- most long Covid patients will need with treatment than neurological through one. fine healthwise in the sense of, lish a dedicated center for post- a minimum of six to 12 months of ones. “It’s really the neurocogni- Patients who have been sick like, functioning but Ican defi- Covid care. Of the 800 patients en- rehab. tive effects which seem to be last- now for a full year describe a frus- nitely sense adifferenceand it rolled in the center’s rehabilitation The Sinai program involves do- ing longer,” says Aruna Subrama- trating journey filled with set- bothersmemorementally than program, about 150 have under- ing breathing exercises to increase nian, a clinical professor of backs, struggle and few answers. anything.” gone about four months of rehab, lung capacity so that patients can medicine at . Here are some of their stories, in- says David Putrino, director of re- begin to tolerate gradual exercise Theories on the symptoms’ cluding some who the Journal first ‘A headache every single habilitation innovation at Mount reconditioning. “We’ve learned not causes focus on whether they are wrote about earlier in their illness. day’ Sinai. to push patients too quickly,” says autoimmune in nature, inflamma- Chelsea Alionar has tried to re- Nearly all of those 150 are im- Dr. Putrino. tory, or both. Akiko Iwasaki, pro- ‘It never ends’ sume her job remotely as a medi- Emily Jensen’s last surfing vaca- cal auditor multiple times since tion was at Florida’s Cocoa Beach getting Covid-19 last March. First in November of 2019. She was eye- in the summer, and again in the ing California or Hawaii for the fall. Both times she didn’t last summer. more than a couple of weeks and J Now she doesn’t have the arm ended up in the emergency room. WS

R strength to hang a picture on the She is trying again this March, FO wall or take out the trash without but says she’s been running a fe- AK

CZ help. A year after getting Covid, ver, her heart rate is elevated, her

YM the 35-year-old is still struggling chest pain has returned, and she’s SZ with long-term symptoms. severely fatigued. NA

YA “I used to surf and now my Her respiratory issues im-

KA friends have to help me do normal proved a lot after about eight household stuff,” she says. “It’s re- months, she says, but haven’t gone

KHALED; ally hard.” away completely. Other symptoms A She has migraines and gastroin- have emerged or continued. She ALA testinal issues, chest pain and has brain fog which can make con- J;

WS trouble sleeping, neuropathy, ar- versations difficult. She has mus- R thritis, shortness of breath, muscle cle aches and rapid fluctuations in FO

SH pain and fatigue. She has experi- her heart rate and blood pressure.

NA enced a rapid heart rate, which led “I still have had aheadache ev- to a December diagnosis of POTS, erysingle dayand have since LEAH

J; a disorder of the autonomic ner- March,” she says.“At times,I

WS vous system that many long Covid can’t function when Iget them. R

FO patients are being diagnosed with. They blur my vision and cause

ON When she first got Covid, she double vision.”

BINS had a mild case and wasn’t hospi- She spends a lot of her time

RO talized. But she began to have doing advocacy work for long trouble with breathing. A former Covid patients. “I think it’s impor- NINA

P: runner, she had to get an inhaler tant to show that I’ve made some TO just to walk up the stairs or talk. progress so another person in the OM

FR Her breathing and fatigue have acute phase will see that there can Before Covid, Jenny Berz did frequent Peloton workouts. Now, even a bit of exertion can trigger a relapse. improved. But other symptoms be progress,” she says. P2JW075000-0-A01000-1------NS

A10 | Tuesday, March 16, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL.

Woman”), Frances McDormand (“Nomadland”), and Carey Mulli- gan (“Promising Young Woman.”) , who in 2019 lost the best-actress Oscar to , will have a rematch against her in the race for best supporting actress. Ms. Close is nominated for “Hillbilly Elegy,” Ms. Colman for “The Father,” along with Maria Bakalova (“Borat Subsequent Moviefilm”), Amanda Seyfried (“Mank”) and Youn Yuh- jung (“Minari”).

‘Nomadland’ emerges as the only best­picture contender nominated across all key categories.

“Judas and the Black Messiah,” about the FBI’sinfiltration of the Black Panther Party,landed two candidates forbest supporting ac- tor: Daniel Kaluuya and Lakeith Stanfield.They were nominated S with (“The PRES Trial of the Chicago7”), Leslie

TED Odom, Jr.(“One Night in Miami”), CIA Paul Raci (“Sound of Metal”). SO

AS The lineup of acting nominees is the most racially diverse ever

NETFLIX/ for the Oscars, and follows years Amanda Seyfried, left, and Gary Oldman in ‘Mank,’ which was nominated for 10 awards including best picture, best supporting actress and best actor. of effort by the Academy to diver- sify its membership. With most big-budget movies wiped from the release calendar in 2020, only a handful of would-be Netflix’s‘Mank’ Leads OscarNods blockbusters were eligible for Os- cars. “Mulan” and “Tenet” were among the few exceptions and Nominations mark the home stretchofanawardsseasonthatcomes afterastrange year formovies were represented in technical cate- gories, such as visual effects. Apple earned its first ever Os- BY JOHN JURGENSEN managed to seem both shrunken in raphy, directing, editing and , who died car nominations with “Wolfwalk- scale and endlessinduration. The screenplay. last year at age 43, received a ers” (best animated feature) and WITH 10 NOMINATIONS, “Mank,” marquee Oscar categories arepop- Twofirstsoccurred in the best best-actor nomination for his role “Greyhound” (sound). a black-and-white immersion into ulated by movies that playedto director category,wherethe nomi- in “Ma Rainey’s Black Bottom.” If With three films vying for best old Hollywood and the writing of niche audiences,who mostly nees are: Thomas Vinterberg(“An- he goes on to win, he would be the picture, Netflix led all Hollywood “ Kane,” leads the nominees watched at home.Bythis time last other Round”), Emerald Fennell second posthumous best-actor studios in total nominations by a for the 93rd an- year,Oscarshad long sincebeen (“Promising Young Woman”), Da- winner, after Peter Finch for “Net- long way with 35 nods. The nounced Monday, setting up an handed out (including the topprize vid Fincher (“Mank”), LeeIsaac work” in 1977. streamer, which has yet to win a odd Oscars celebration following a for“Parasite”). The2021 telecast is Chung (“Minari”)and Chloé Zhao Mr. Boseman is competing with best-picture Oscar, faces off in that year when movies were largely ex- scheduled forSunday, April 25. (“Nomadland”). This is the only Riz Ahmed (“Sound of Metal”), An- category with fellow tech giant iled from theaters. “Nomadland,” which recently time that morethan one woman thony Hopkins (“The Father”), Studios, which produced Included with “Mank” among won the Golden Globe for best has been nominated in asingle Gary Oldman (“Mank”) and Steven “Sound of Metal.” But streaming the eight best-picture nominees drama and accolades from multiple year.And it’sthe firsttime afe- Yeun (“Minari”), who became the movies won’t stand out this year are “The Father,” “Judas and the critics’ groups, reinforced its sta- male director of color (Ms.Zhao) category’s first Asian American as they did in the past. The pan- Black Messiah,” “Minari,” “Nomad- tus as a frontrunner for the top has received anod. In the previous nominee ever. demic forced the Academy to tem- land,” “Promising Young Woman,” Oscar. The story of an itinerant 92 iterations of the Academy Mr. Boseman’s co-star Viola porarily waive rules requiring “Sound of Metal,” and “The Trial worker roaming the West in her Awards,fivewomen totalhave Davis was nominated for best ac- movies to play in theaters, and al- of the Chicago 7.” van is the only best-picture con- been nominated forbest-director tress, along with Andra Day (“The most every nominated film mainly Monday’srevealbegins the final tender to be nominated across all Oscar,and one has won: “The Hurt vs. Billie Holiday”), played on TV screens for viewers phase of an awardsseason that key categories, for its cinematog- Locker” director Kathryn Bigelow. Vanessa Kirby (“Pieces of a on their couches.

Patric Richardson says that to enjoy doing laundry, ‘The second you think it is fun, it’s fun.’ Y+ VER CO DIS AFan of LaundryPresses His Case

BY ELLEN BYRON them, ‘Sweetie,you need to into one or two steps. I can shout that loud and proud— get rid of barbecue sauce PATRIC RICHARDSON is bet- there’snoreason to hide.’ ” and lipstick, but it takes five ting he can make you see or six minutes instead of 30 laundry not as a chore you How can people begin to see seconds. tolerate—perhaps hate—but laundry as a love affair, not “something you enjoy, look a never-ending chore? For some people, odor is a forward to, maybe even All they have to do is get big laundry challenge. Any love.” His book, “Laundry the right tools and change advicefor workout clothes? Love, Finding Joy in a Com- their mind-set. The second Odor is a problem be- mon Chore,” and Discovery+ you think it is fun, it’s fun. cause of polyester. Polyester series, “The Laundry Guy,” You have to have horsehair is one of the most awesome both launching this month, brushes and put together a things that’s ever been cre- go so far as to argue clothes- good stain kit: a spray bottle ated but it has one problem: washing can be fun. of vinegar and water (for It’s hydrophobic so it hates Mr. Richardson runs what stains) a spray bottle of water and it is oleophilic so he calls a laundry camp from vodka (for odor) and a spray it loves all the oil from your his boutique, Mona Williams, bottle of rubbing alcohol (for skin and the that’s which has locations in St. spot-cleaning). Then you stuck in that oil. One trip Paul and the Mall of America need oxygen bleach and a through the washer with ox- in Bloomington, Minn. The good detergent or soap. I ygen bleach and the odor shop began as a vintage de- prefer soap to detergent. will be gone. signer-clothing store but ex- [Soap is typically made from panded into selling luxury plant oils or animal fats, Newer washing machines cleaning products—he pre- while detergent uses syn- have many settings. What fers plant-based soaps with thetic cleaning agents.] do you recommend? ingredients “you can pro- I only use the express cy- nounce”—and offering free Whyshould we stopusing cle.If you use really good laundry classes as shoppers the dryer and hang our soap and stain removers, sought help in caring for clothes outdoorsinstead? your clothes will be clean their clothes. It cutsdownonenergy and ready in 30 minutes. You Laundry, likecooking, usage, which is great, but the just don’t need a two-hour could be elevated from task biggerreason is that it helps sanitary cycle. to hobby,ifonly it were clothes last longer.That lint moreopenly talked about is your clothes slowly dying. Why is it a mistake to pre- and celebrated,Mr. Richard- treat a stain with dish soap? son says.“So manypeople What’s your worst stain There is so much technol- arecloseted laundrylovers. nemesis? ogy in dish soap now. It’s be- And it’shysterical because Lipstick or barbecue come so acidic that it will they hush their tone when sauce. In my book I’ve re- remove the stain but will they tell me,” he says.“Itell fined getting most stains out mar the fabric. P2JW075000-0-A01100-1------XA

THE WALL STREET JOURNAL. Tuesday, March 16, 2021 | A11 ARTS IN REVIEW S

Loretta Lynn in PRES

2016; her new TED

album, ‘Still CIA Woman Enough,’ SO AS

is out Friday Y/ FUR RICH MUSIC REVIEW |MARK RICHARDSON ’sLegacyofCountry Hits Reba McEntire, Carrie Underwood and othersjoin the singer on her 50th album, amix of newtracksand familiar songs

ountrymusic legend Lo- the sessions that produced her Ms.Lynn’scheeryengagement original, from 1971, finds her belt- ers, which also happen to be the rettaLynn has spent re- past three records. Subtitled “A and the unfussy arrangements ing the liberation song with sur- record’s most playful songs. The cent yearsburnishing her Celebration of Women in Country makethe record sound something prising poweroverplucked banjo title track,featuring Reba McEn- legacywith astring of re- Music,” this release bolstersits likeanentertaining flip through a and boisterous drums.She doesn’t tireand Carrie Underwood, is a Claxed and warmly enjoy- concept with anew song (the scrapbook. exactly find newmeaning in this salutetotoughnessand able recordsthat look opening title track) and carefully Take this album’sversion of material, but in asense she com- that sticks out slightly with its back on her lifeinmusic without placed guest spotsfromseveral Ms.Lynn’sself-penned debut sin- pletes it—the work becomes a contemporarymelodic flourishes apology. Produced by her daughter generations of female singers marker of endurance, made and group vocals but gets by on PatsyLynn Russell and John Carter who followedinMs. Lynn’s rich because she’sstill hereto charm. “One’sonthe Way”—a Cash, son of JohnnyCash and June wake,making forafine entry revisit it. Asolemn spoken Shel Silverstein composition that Carter Cash, the albums “Full Cir- in this late-career series. recitation of Ms.Lynn’ssigna- contraststhe glamour and drama cle,” “WhiteChristmas Blue” and As asongwriter,Ms. Lynn turenumber “Coal Miner’s of the rich and famous with the “Wouldn’t It Be Great” contain a is amaster at finding the Daughter” seems unnecessary mundane reality of struggling mix of original songs, Ms.Lynn’s emotional truth of everyday here, especially because she al- motherhood that Ms.Lynn turned classics,and folk and countrystan- situations.Her characters ready resurrected it on intoaclassic in 1971—finds her dards,all recorded in asimple don’t have all the answers, “Wouldn’t It Be Great,” but duetting with 37-year-old singer- style built around acoustic ar- but they speak from the coming in the middle of the al- songwriter Margo Price, and it has rangements. Besides highlighting heart. She canalso be hilari- bum it basically functions as the effect of alighthearted gener- Ms.Lynn’sposition as aliving ex- ous,delivering lines of anger an interlude. ational conversation about what’s emplar of music history, these re- and resentment with awry Abouthalf the record is changed and what hasn’t. And on cordsalso function as ashowcase smile. given over to covers of songs the closing “You Ain’t Woman forher astonishingly well-pre- Much of “Still Woman Ms.Lynn grew up on—Hank Enough,” a1966 hit penned by Ms. served voice—a few minor phras- Enough” lays aside that com- Williams’s1948countrygospel Lynn, she’sjoined by Tanya ing differences aside,she sounds plexity in favorofareverent number “I Saw the Light”;tra- Tucker,and they deliver the tune’s almost indistinguishable from the andnostalgic tone.Some ditional ballads like“IDon’t territorial barbs with relish. “Still 1960s and ’70s star who had 51 top songsthat were originally Feel at Home AnyMore”;and Woman Enough” is predictable by 10 hitsonthe countrycharts, in- writtenfor people in the vi- two songs, “Keep It on the design, the kind of work that lives cluding 16 No.1s. Ms.Lynn was cinity of aradio or jukebox, gle,1960’s“HonkyTonk Girl.” SunnySide” and “I’ll Be All Smiles and dies by execution, but fortu- born in April 1932—fivemonths forged in the hyper-competitive She’snow far removed from the Tonight,” that were hitsfor the nately Ms.Lynn and the producers beforePatsy Cline, incidentally— world of commercial country, are tune’smilieu of boozy heartbreak, Carter Family.Her readingsare getthe details right and do her but the rangeand dynamics of her stripped of sonic identifierslike but here, backed by pedal steel, warm and affectionateifperhaps legacyproud. singing surviveintact. heavy reverb in favorofunclut- tinkly piano and afirm rhythm, it alittle inconsequential, but “” (Legacy), teredarrangementsdesigned to becomes an old family story they’reimpossible not to like. Mr. Richardson is the Journal’s Ms.Lynn’s50th album, out Friday, sound timeless, an approach that shared around the dinner table.“I Theheart of the LP is found in rock and pop music critic. Follow is another collection culled from has the potential to be stuffy. But Wanna Be Free,” another Lynn the tunes Ms.Lynn singswith oth- him on Twitter @MarkRichardson.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 40s <0 123456 78910111213 4Stately tree 34 Go belly up Eddmonton 30s 10s 5Untidy type VaV ncouver 0s 14 15 16 35 ColumnistKlein 20s CalgaryC lgary 10s 6WizardofOz 36 Big dayinthe 17 18 19 Seattttlle Winnipeg 20s 20s revealer Big Easy PortlandPoP rtl d 20 21 22 23 Montreal 30s 7Evict 37 Triggered the Helena Ottawa Bismarckk 30s polygraph 50s Billingsg 30s AugustA g ta 40s 24 25 26 27 8Tulsa sch. 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NewYork City 40 36 c4744c Dublin 56 36 sh 56 43 pc Warsaw4733pc4329c s ILENUB IANLION Oklahoma City 77 46 pc 60 37 s Edinburgh 57 40 sh 54 43 pc Zurich 43 33 sh 42 29 sh Solvethis puzzle online and discussitatWSJ.com/Puzzles. REDSPEC IE ELLY P2JW075000-0-A01200-1------XA

A12 | Tuesday, March 16, 2021 THE WALL STREET JOURNAL. SPORTS

It is another hopeful JASONGAY sign that the planet is winding its way to- ward recovery: For the Picking aBracket?Don’tListen to Me first time in two years, you have the opportu- nity to fill yourself with self-loath- ing and regret by filling out a The NCAA tournament is back, with an Indiana-only location and top seeds from March Madness bracket. A year ago, this wasn’t possible. Gonzaga, Baylor, Illinois and Some Other School That Had a Good Season The NCAA men’s basketball tour- nament was off, kaput, canceled, like pretty much everything else in North American sports. The calen- dar went still. Within a few weeks, the hardcore would begin wager- ing on overseas sumo, darts and sprints between unsuspecting neighborhood squirrels. Now the tournament is back, set this year exclusively in Indiana, as a sprawling nationwide tourna- ment remains inadvisable in a lin- gering pandemic. This year’s tour- nament won’t look like the usual, crazy deal. Still, as always, there are three key things you should know before reading this column any further: My bracket, a feast of emotional impulses, gut instincts, and bad advice, will be terrible, and irrele- vant by midday Friday. Your bracket will inevitably be smarter and more successful. Both of us will lose in a pool to a person who has never watched a game of college basketball, or to a S

dog. PRES

Some of the usual heavies won’t TED

be joining us this year—Duke, CIA which finished 13-11, and Kentucky, SO AS which stumbled home 9-16, are to- (3); gether missing the event for the first time since 1976. GES Still, impressive powerhouses IMA

remain. This year’s men’s No. 1 GETTY seeds include Gonzaga, the overall From left to right, Jalen Suggs (Gonzaga), Jared Butler (Baylor), Ayo Dosunmu (Illinois) and Hunter Dickinson (Michigan) are players to watch in the tournament. top team and an undefeated, sta- tistically historic juggernaut, fol- Elsewhere, Loyola-Chicago and Monday. Of course, it means noth- presented, and so I was disap- lounge with Louisville, Colorado lowed by Baylor, your 2021 Big centenarian Sister Jean are ing, since the calendar is now flat pointed the next day when Michi- State, Saint Louis and Ole Miss, all Ten tournament Illinois, back. So is can’t-lose Colgate. Ala- and meaningless, Sundays are now gan State came out and said, No, of whom will be available to step and some college from Ann Arbor bama’s been noisy all sea- Wednesdays, and every day feels no, you sillies, this wasn’t what we in should a tournament team un- that apparently performed quite son. Oklahoma State’s hot, and on exactly the same. meant, the Spartans are the Spar- ravel in the coming days. (This well at basketball this year, too. the West Coast, so is San Diego Another “First Four” game fea- tans, and no one is beholden to re- just a Week 1 thing—Louisville (I was going to say that it’s a State. Winthrop’s 23-1. Rutgers is tures a name brand matchup be- fer to them as presented by a isn’t going to be on standby for bummer that many offices are still in, for the first time since tween UCLA and Michigan State, mortgage outfit or ice cream par- the Final Four, settle down.) Mean- closed, since it will cut down on 1991. Georgetown’s here, thanks to and I am pleased the Spartans lor any other corporate benefactor. while, Kansas and Virginia, two the enjoyable school pride and a nostalgia-inducing run by Patrick made it, not because they’ve been Fine. All I will say is, just to be teams forced to step out of confer- gloating among colleagues that Ewing’s Hoyas at Madison Square especially good (they’re 15-12), but safe, I wish the Michigan State ence tournaments, are in the main normally happens at this time of Garden. Rick Pitino’s taken Iona to because of last week’s reports that University Spartans Presented by event, and hope to play. year, but I may be catching a mas- the dance in his first season the team had entered a partner- Rocket Mortgage good luck in March Madness 2021 will not be sive break, given the number of at the school. The Drake ship with a corporate sponsor and their game against UCLA, which I “normal,” but what is anymore? Michigan Wolverines at the Jour- Bulldogs are in, with a spot in the would henceforth be known on its think is still presented by the State The experience will be normal-ish nal. Meanwhile, my Wisconsin “First Four” play-in round versus East Lansing premises as the of California, and Impossibly Bur- at best: limited crowds, Badgers, a ninth seed, get an Wichita State. “Michigan State University Spar- densome Comparisons to the John press conferences, coaches trying opener against eighth-seeded A note here: because of proto- tans presented by Rocket Mort- Wooden Era. to figure out how to bark at the North Carolina, which is a game I cols, everything’s being pushed a gage.” Did you know there’s a standby officials over a charge call while will watch with my eyes closed little later in the weekly schedule: Yes: This rechristening raised list for this year’s tournament? wearing a KN95 face mask. Still, while lying under the couch. The instead of the tournament kicking troubling questions about the in- There is! As evidenced by this past it’s saying something that it’s on. winner of that game will likely try things off on Tuesday and fluence of money in college sports. week’s conference tournaments, a Good luck to the schools. Good to avoid being a light snack for Wednesday, the “First Four” will But I will confess I was very ex- team might drop out at a mo- luck with your bracket. Remember: Baylor, which opens against Hart- happen on Thursday, and you’ll see cited about the incredible mocking ment’s notice for protocol issues, if nothing else, you’re going to ford.) second-round games stretch into opportunities this alleged rebrand so the NCAA has created a virtual crush me.

BY BEN COHEN AND ANDREW BEATON Madness THE GONZAGA BULLDOGS are undefeated, the overwhelming fa- voriteasthe No.1overall seed in Machine the NCAA tournament and the best men’scollegebasketball team in de- Is Back to Help cades—which is whynearly 40% of bracketsalready have them winning the national championship. BY LAINE HIGGINS It’salso whyAnnie Voyand Ryan Herzogknowit’ssmart to zag MARCH MADNESS is on the against them. doorstep for the first time in over Voyand Herzogare married 700 days. The ongoing coronavirus economistswhose yearsofaca- pandemic hasn’t canceled the Big demic training makethem look for Dance in 2021, but the long break optimal strategies.It’sprettysimple between NCAA tournaments may this year: don’t pick Gonzaga. But have left you a little rusty in the this is abit awkwardfor them. art of filling out a bracket. They work at Gonzaga. Go to WSJ.com/Sports to run “Howdoyou hedgewhen, espe- WSJ’s Madness Machine. cially in our officepools,everybody That’s where The Wall Street is going to pick Gonzaga?” Voysaid. Journal’s Madness Machine comes “Wetalk about this stuff all the in. It’s a tool that can create a time.” complete, customized bracket “IfIwant to win my bracket pool based on what kind of basketball with people from Gonzaga,” Herzog The Gonzaga Bulldogs areundefeatedand the overwhelming favoriteasthe No.1overall seed in the NCAAtournament. you want to prevail in the NCAA said, “I probably don’t want to pick tournament. Gonzaga.” Do you like teams that launch— Think likeaneconomist when Here’saTournamentTip: Don’tTakeGonzaga and make—lots of 3-pointers? Bay- filling out your bracket. Be acon- lor could be for you. If you’re in trarian and find the strongest team the “defense wins championships” that the fewest people in your pool is the least popularchampionship ketball to impressthe rest of your champion. camp, you might consider Loyola- arepicking to win the national ti- pick of the No.2seeds on ESPN office. But youdoneed to know Theincentives arebegging you Chicago. (Yes, that one with the tle. (2.2%) and Yahoo (1.7%). It’sthe your office—even if youhaven’t to be acontrarian. You’renot just 101-year-old superfan named Sister It’snot abad idea to ride aheav- biggest gapbetween ateam’sactual seen your colleagues in ayear.The trying to guessthe team that wins Jean.) ily favoredand highly watchable chances and the public’sperception annual NCAA pool is abillion-dollar the national title.You’realso trying Maybe the chaos of the pan- team likeGonzagatothe Final Four of that team’schances.And that exercise in prediction: Your goal is to pick ateam that nobody else demic season wasn’t enough for or even the national-title game.It’s means is significantly un- to figure out howeveryone else in wantstopick.Soyou probably you. You can amp up the Madness agreat idea.It’sabetteridea to di- dervalued. your officewill fill out their brack- shouldn’t pick Gonzaga—because Meter to put more upsets onto the vergefromthe consensus and pick This season presentsanother ets. Thegames arelessimportant youalready knowsomanypeople bracket. an undervalued contender as your reason to getalittle crazy with than the game theory. arepicking Gonzaga. If you’re wary of teams that national champion. your champion: It’snot even clear (This is whereweare editorially They’renot picking Houston. The dealt with lots of coronavirus dis- Youtechnically won’t knowthe yetwhich teams will be in the field. obligated to mention what hap- Cougarsare on the oppositeside of ruptions you can knock down the most popular teams in your pool Theextraordinaryprecautions in pened the last time we offered this the bracket from Gonzaga, so the teams that played fewer games. until the bracketslock,but youcan placetoprotect the NCAA tourna- advice. We told youtopick Virginia earliest they could meet is the na- And this year the Madness Ma- take an educated guessbystudying ment from Covid-19 have the poten- because they were undervalued af- tional championship.But the rea- chine won’t have a way for all the datainthe biggest national tial to increase the variance, create terlosing in the firstround the year sons to become abandwagon Hous- those Duke haters to express their pools.The statistical guru Ken unpredictable outcomes and gener- before—and then Virginia wonthe tonfan boil down to this: They’re bias. That’s because the Blue Dev- Pomeroy’s forecasting model puts ally makethis year’s March Mad- national championship.) really good and nobody seems to ils missed the tournament for the Gonzaga’sprobability of winning nessalittle moreinsane. Whyisitimportant to nail the knowthey’rereally good. first time since 1995. the title at 34.6%, but 39.5%of At the root of this counterintui- national champion? Because let’s Of course,aswith anyrule,there Whatever you decide, you’ll bracketsinESPN’scontest and tivestrategyissomething peculiar faceit: You’reprobably not going to areexceptions.Did all of your col- have until noon on Friday to get 43.6%ofthe entries in Yahoo’s pool about the way that people fill out outperform the rest of your pool leagues go to Michigan? Then pick your picks in. have Gonzagaasthe champion. their brackets. They know too when picking the first- and second- Ohio State.Doyou happen to work Thereisabout as much value in much. Or at least they think they round games between schools you with Jason Gay? Then pick Michi- picking Gonzagaasinpicking do.Did youforgettopay attention didn’t even knowexisted. Thegood gan. Do youliveinHouston? Then Duke. to collegebasketball this season? news is that youdon’t have to. maybe pick Gonzaga. Themoreprofitable bet: picking Fabulous.You don’t have to know Those games arebasically worth- And if you’reaGonzagafan? GES Houston to win it all. anything about collegebasketball to lessfor anything other than brag- Herzogisbetting on them and root- IMA Pomeroy’s numbersgiveHouston win your bracket pool. In fact, the ging rights. Youcan have aperfect ing forthem, too. But not in his

ETTY a7.3%chanceofwinning the na- lessyou know, the better. It means record through the firstweek of the bracket: He’spicking Baylor to beat /G tional title—the highest of anyNo. you’renot biased enough to make tournament and still getlapped in Gonzagainthe national champion- 2seed in the tournament. But it silly decisions that youwill almost your pool because most scoring sys- ship. MILLER seems that not everybody in the certainly regret. tems areheavily skewedtoward ac- “Something about not putting all

ETHAN world is reading his .Houston So youdon’t have to knowbas- curately predicting the national your eggs in one basket,” he said. P2JW075000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, March 16, 2021 | A13 OPINION The ‘Equity’ of Bill de Blasio BOOKSHELF | By

Bill de Blasio these kids attending schools adults, such as universal pre- The Calculus has finally wherethey cannot only suc- Korexpanded after-school found happi- ceed but excel, the ironyis activities.Otherwise,Mr. de ness. Cour- that Mr.Cuomo boaststhe Blasio’s interpretation of eq- tesy of An- betterrecord. So does Mr.de uity seems to be that if he Didn’t Change drew Cuomo Blasio’s predecessor as mayor, can’t fixthe bad schools,he’ll no less. . GES cut the good ones down to

MAIN IMA STREET Forseven These men made crucial in- size. yearsasNew terventions on behalf of char- Indeed, the moresuccessful By William GETTY York’smayor, terschools.InMarch 2014, chartersare,the morethe By Joby Warrick McGurn VIA Mr.deBlasio Mr.Cuomo sided with char- mayorresentsthem. He re- (Doubleday, 346 pages, $29.95) has played ter-school families in their AFP sentsthem because they don’t

Wile E. Coyote to Gov. battle with the newwoke GEN/ excuse failure and they dem- arack Obama’s2013 deal to destroy Syria’schemical Cuomo’s RoadRunner.When- mayor, who wanted to stran- HA onstratethat all kids can weapons wastouted at the time as proof that arms- KEVIN B ever Mr.deBlasio thought he gle the movement by charging learn given the right school, control diplomacycan avert peril without resorting waspulling ahead, the gover- charters—which arepublic New York Mayor Bill de Blasio including schools in which to force. Thedeal proved manythings, but not that. It allowed nor would drop apolitical an- schools—rent. Thanks to the black children aresurrounded Syrian President Bashar al-Assad to escape from the conse- vil on his head. Until now. governor,anew lawinAlbany ment of Educational Progress, by other black children. It’s quences of his ownmalfeasance. It also showedrogue states These days Mr.Cuomo is rebuffed the mayorand guar- from 2013 to 2019 the black- whyheparticularly resents and terroristshow to survive, and Iran and Russia howto preoccupied with explaining anteed chartersmorerights whitegap forfourth-graders SuccessAcademycharters, ar- playAmerica. Thelosers: Syria’speople,America’scredibility, whyweshouldn’t believethe than they hadbefore. increased six pointsinmath guably the best public schools and Middle Eastern peaceand security. growing number of women Ditto forMayor and two in reading. in all of New York. President Biden yearns to rejoin his former boss’sIran leveling #MeToo accusations Bloomberg, who also deliv- Twofactsstand out about SuccessAcademyreports nuclear-weapons deal, which wasunder intense negotiation against him, as well as with a ered forthe city’s educational public education in the de that thetypical racial break- as the Syria drama unfolded. Beforehedoes that, he maywish federal investigation intohis have-nots. Over his three Blasio years. First, the major- down forone of itscharters to read Joby Warrick’s“Red Line:The Unraveling of Syria and administration’scoverup of terms in office, he closed fail- ity of the city’s black and La- is 60.8%black and 34.4% La- America’sRacetoDestroy the Most Dangerous Arsenal in ing public schools and saw tino studentscan’t read or do tino (against 25.5%black and the World.” This study, by a longtime national security the number of chartersex- math at grade level. Second, 40.6%Latino in thecity’s tra- reporter at , has important implications What’s progressive plode from only 17 to 183. thecity’s poor and minority ditional public schools). And forcountering proliferation generally. Despitecharters’ record of studentsdobetteratcharters studentsare selected by lot- Syria’smilitaryprecipitated the 2013 crisis by bombing about fighting public achievement and clear popu- than at traditional public tery.A2017headline in New Moadamiyeh, outside Damascus,with sarin, adeadly nerve schools where racial larity—in NewYork City schools.Alas,instead of try- York sums it up agent, killing over 1,400 people. there’snow await list of ingtofix the public schools well: “ChartersDidn’t Cause United Nations SecretaryGeneral minorities succeed? 48,300 clamoring to getin— wherekids aren’t learning, Segregation. They’reaSolu- Ban Ki-moon called the attack MayordeBlasio continues to themayor has made waron tion forIts Victims.” “the worstuse of weapons of mass undermine them wherever he the ones wherethey are. Certainly no one wants destruction in the twenty-first the true number of NewYork can. Only last Fridayhe Take the eight high-per- segregation.But neither century.” Fortunately aU.N.inspec- nursing home deaths from missed the deadline to pro- forming specialized high should it be used to excuse tion team wasinDamascus to in- Covid-19.This nowleavesthe vide spacefor the Hollis Mid- schools.Citing the disgrace- public schools that fail to vestigatereportsofprior chemical- mayorfreetostrut about dle School,aSuccess Acad- fully lownumber of African- provide children of color with weapons strikes and so brought spouting his woke pieties emycharter in Queens, Americansand Latinos who the education they need to international attention to it. without anyfear of being leaving itsstudents, teachers earn spotsatthese schools, claim their placeinthe Howwould Mr.Obama respond? one-uppedbyhis nemesis, and parentsstranded. Given Mr.deBlasio has tried to American dream, much less In 2011 he had said, “Assad must the governor. themayor’s obsession with abolish or at least diminish to denythese children the go.” But despitesubstantial assis- It also gives Mr.deBlasio racial equity,it’sworth not- the merit-based entrance option of agood charter tancetoanti-government rebels, apassonwhat ought to be a ing that roughly 200 of the exam—even if this means de- school. Themayor’s focus on Mr.Assad remained in power. Then, mortifying scandal, especially 250 Hollis kids the mayorleft nying seatstoanother racial integration conveniently de- in August 2012, Mr.Obama casually among progressives: apublic- in the lurch areblack. minority,Asian-Americans. flectsattention from this observed that “a redline forusiswestart seeing awhole school system failing the stu- Meanwhile,bysome mea- Ditto forthe Giftedand Tal- largerfailure. bunch of chemical weapons moving around or being utilized. dentswho need it the most— sures the racial achievement ented programs. In what world does anyof That would changemycalculus.” poor African-American and gapinNew York City has wid- When he does offer re- this makeBill de Blasio pro- Not by much. Although Mr.Obama considered responding Latino children. If the pro- ened under Mr.deBlasio.Ac- form, it tends to come in the gressive? militarily,hehesitated. He was“uneasy” afterGerman chan- gressive measureismoreof cording to the National Assess- form of jobs programs for Write to [email protected] cellor urgedcaution and British prime minister David Cameron lost aHouse of Commons vote that eliminated Britain as apartner.Trying to shiftresponsibility,Mr. Obama sought congressional approval, which he didn’t need and didn’t Why the U.S. Won’t Leave the Indo-Pacific getanyway. At hand were the makingsofahumiliating debacle. SecretaryofState John Kerrysaw no diplomatic path for Thediplo- showdownbetween Taiwan curity and values-based. most consequential foreign Mr.Assad to surrender or destroy his chemical weapons, matic tempo andmainland China could These aresometimes in ten- policyintervention by civil saying on Sept. 9that “he’snot about to do it.” But Mr.Assad in the Indo- come “inthe next six years.” sion—as when U.S. missionar- society in U.S. history. Mis- did it—albeit not as aresult of U.S. negotiations.Although the Pacific is At nearly the same time,Gen. ies helped organizeChinese sionaries preached morethan factsare unclear,the Syrian dictator had delegated authority picking up. Xu Qiliang, China’ssenior mil- protestsagainst opium-selling the gospel, though the large to use chemicals to his generals,meaning the Moadamiyeh On Fridaythe itaryleader,warned the Na- American merchantsinthe and rapidly growing Christian attack might have been ordered without considering the GLOBAL “Quad,” an in- tional People’sCongressthat 1840s—but overall they have presenceacrossmuch of proximity of U.N. inspectorsorevenknowledgeofMr. Obama’s VIEW formal but in- China faces a“Thucydides shaped asteadily deepening todaytestifies in part to their “red line.” Mr.Assad rapidly concluded he had made aterrible creasingly trap” and needs to step up its engagement. success at that task.Funded mistakeand agreed to adeal. By Walter formidable militaryspending and pre- In theearly 19th century, by grass-rootscontributions Moscow applied pressurebut clearly never intended to Russell Mead four-power paredness. (The phrase refers hundreds of U.S. whalersand from believersacrossthe jettison Mr.Assad. Twoyearslater,Russia significantly in- grouping con- to the ancient Greek histo- trading vessels visited every country, they also promoted creased itsair presenceatSyria’sKhmeimim air base,comple- sisting of Japan, India, Aus- rian’sbelief that Sparta’sfear corner of the Pacific.From education forwomen, intro- menting itsnearby Tartus navalfacility.Mr. Obama wasagain tralia andAmerica, held its of rising Athenian powerled the moment the 1803 Louisi- duced modern medicine and surprised. “Oh God, they’regetting ready to go in. They’renot first(virtual) leaders’ summit to the Peloponnesian War.) ana Purchase gaveAmericaa agricultural techniques,built going to let Assad lose,” said one adviser.Mr. Kerry, having been and issued ajoint communi- Satelliteimageryshowing ma- western coastline,questions colleges,and began the tradi- told that Russian planes were deploying to Syria, remarked clue- qué promising enhanced co- jor expansions of Chinese mil- of security began to shape tion of inviting Asian students lessly that “the level and type [of aircraft] representsbasically operation on issues ranging itaryfacilities near Taiwan, to continue their education in forceprotection.” He waswrong.Ifthe Russians only wanted to from vaccination diplomacyto Vietnam, India and the South America. protect their assets, they could have kept them at home. climatechange. China Sea suggeststhat Gen. New challenges test Thepicturewasn’t always Mr.Assad didn’t surrender everything.In2015,following This is only the start. Sec- Xu’s adviceisalready being abeautiful one.Racist atti- the destruction of Syria’sdeclared chemical-weapons ma- retary of State AntonyBlinken heeded. American strategy, tudes and the U.S. colonial terials,Organization forthe Prohibition of Chemical Weapons and Defense SecretaryLloyd Assessing the natureand but the commitment ventureinthe Philippines left investigatorsfound indications in Syria’srecords that Mr. Austin areinTokyo this week depth of America’scommit- acomplicated and sometimes Assad mayhaveconcealed assets. This is critical. TheOPCW to meet their Japanese coun- ment to the Indo-Pacific is a is grounded in history. bitterlegacy. But if Americans and the U.N. depended on what Syria declared; they had little terpartsand preparethe lifeand death question for haven’t always been noble or capability to gather additional evidence, and foreign intelli- ground forPrime Minister countries wondering whether wise in their Pacific policies, genceinSyria wasobviously inadequate. Mr.Warrick enumer- Yoshihide Suga’s expected to accommodateorresist American diplomacytoward they have always been en- ates not only sarin, but considerable amountsofother nerve visit to WashingtoninApril. China’sdetermination to proj- the Indo-Pacific.By1842, gaged. agentsand toxic chemicals that went unaccounted for. Messrs.Blinken and Austin ect greater influenceover when President John Tyler ex- That is unlikely to change will continue their Asian jour- neighboring states.Herea panded the Monroe Doctrine today. Theregion is morecen- ney to Seoul. Afterthe Korea morerecent historian than to include the Sandwich Is- tral to U.S. prosperity and se- U.S. diplomacy didn’t stop Bashar al-Assad visit, Mr.Austin will proceed Thucydides canbeauseful lands (nowHawaii), the idea curity than ever.Seeking a from murdering Syrians with chemical to India, while Mr.Blinken guide.Inhis 2017book “By that U.S. domestic security re- balanced and secureregional will join national security ad- More Than Providence,” Mi- quired afavorable balanceof order—without wartraps, weapons. It only gave him cover. viser Jake Sullivan in Alaska chael Green demonstrates powerinAsia waswidely ac- Thucydidean or otherwise—is forabilateral U.S.-China that the current elevation of cepted among Washington achallenging task.America meeting.Among other topics, the Indo-Pacific to the central policymakers. Long before and itsallies aresuretomake Mr.Assad simply switched chemicals.Instead of using sarin, Messrs. Blinken and Sullivan focus of U.S. policyisnofad. China emergedasapotential some mistakes. the regime carried out scores,perhaps hundreds,ofstrikes areexpected to raise ques- American interest and pres- challenger to the regional But if allies sometimes using chlorine,not explicitly banned by the Chemical Weapons tionsabout China’suse of ence in the region, Mr.Green powerbalance, the U.S. had doubt U.S. wisdom, the Amer- Convention but nonethelessused as an asphyxiant, which the trade pressureagainst Ameri- argues,has been aconstant— builtcoalitions in the region ican commitment to the re- Convention generically prohibited. This was, as Mr.Warrick canallies likeAustralia. and constantly growing—force against the U.K.,Japan and gion is so deeply grounded in putsit, “a perfect loophole.” Said one expert, “It’sbrilliant ... Adm. Philip Davidson, com- in U.S. foreign policyfromthe the Soviet Union. historyand the structureof Low-casualty,but psychologically effective.” mander of U.S. forces in the earliest yearsofthe republic. ThePacific wasalso the U.S. intereststhat walking Mr.Assad, Mr.Warrick demonstrates,was not “chastened Indo-Pacific,told the Senate Mr.Green identifies his- primaryfocus of the Ameri- away from the region is the or deterred.” At Khan Sheikhoun, in April 2017, Syria’smilitary ArmedServices Committee toric American interestsin canmissionarymovement, one thing Washingtonisleast again used sarin, proving either that it still had the nerve last week that amilitary the region as commercial, se- the largest, longest-lived and likely to do. agent or had resumed production of it. President Trump’s militaryretaliation wasinadequate. Mr.Assad subsequently used chlorine,striking several times,including asignificant attack in Douma, one year later.After aconfused internal Eliminate the Bar Exam for Lawyers debate, Mr.Trump retaliated again. He had learned nothing about Syria, Iran or Russia, concluding instead that the U.S. By Clifford Winston ested in and capable of provid- ought to be criminal matters, and statebar exams do little in ought to withdraw itsforcesfromthe region completely, ing legal services cannot af- such as domestic violence. practicetoassureaminimum which he tried unsuccessfully to do fortwo years. he legal profession regu- ford the high tuition and Eliminating both the ABA’s quality of legal services.Mar- It is thereforewrong to conclude,asMr. Obama’sadmirers T lates itself—which ex- opportunity cost of not work- monopoly control of legal edu- ketforceshavecreated institu- still do,that successfuldiplomacyended Mr.Assad’schemical- plains howlawyersget ing forthree yearsand paying cation and states’ licensing re- tions that accurately inform weapons threat. Mr.Warrick acknowledges that “ultimately away with practices that pad to obtain alaw degree. quirement would allowalter- consumersabout the quality, neither president succeeded in changing Assad’sbehavior or theirown earningsand block Limitsonthe supply of law- nativelegal education reputation and performanceof shortening Syria’swar.” TheSyria case proves that merephys- nonlawyersfromselling com- yers arereflected in prices.A programs to flourish, including aplethoraofservices. ical destruction of mass-destruction weapons and materials is peting services at lowerprices. simple contract canrun vocational and online courses Astutemembersofthe pro- insufficient. While Syria (or Iran) possesses the knowledgeand Congressmay soon $1,500,which most people that could be completed in less fession areaware that the most ability to producethem, it canalways rebuild what it “destroys.” strengthen the antitrust en- cannot afford. One study by than ayear and collegepro- advantaged membersofsoci- Iran emergedvictorious from two presidents’ failures forcement powers of the Biden theNational Center forState grams that offer abachelor’s ety,such as Donald J. Trump against Mr.Assad’schemical bellicosity.For America, Mr. administration’sJusticeDe- degree in law. Graduates of and his 3,500-plus lawsuits, are Assad is not the central threat; the real menaceisTehran, partment.The department those programs could expand the primarybeneficiaries of which has emergedevenmoredominant inside Syria, buttress- should use those powers to The disadvantaged the availability of effective, thesystem. By eliminating ing itsarc of control from Iran through Iraq,Syria and Lebanon eliminatethe American Bar pay the price for an low-cost civil legal services. ABA’smonopoly on legal edu- to the Mediterranean. Themullahs almost certainly sawMr. Association’s monopoly in de- Three-year lawschools would cation and licensing require- Obama’shesitancytouse forceinSyria as fear of undercutting termining what constitutes an elitist legal system. be forced by the newcompeti- ments, antitrust authorities the ongoing Iran nuclear negotiations.They correctly surmised acceptable legal education and tion to reducetuition and the could help the most disadvan- that the American president wanted anuclear deal morethan statelicensing requirements, time to graduate. MoreJ.D.s tagedmembersofsociety ben- he wanted to guarantee eliminating Syria’schemical weapons. which restrict the supply of Courtsfound that 75%ofcivil would be free to pursue aca- efit from access to justice. Theayatollahs nowwatchingMr. Biden candiscern this lawyers. matters in major urban areas reer in public-interest lawif desireanew. Messrs. Obama and Biden both proceed, despite Prospectivelawyersgener- had at least one self-repre- they were lessencumbered by Mr. Winston is asenior fel- their denials,asifdeals themselves arethe objectives,not ally graduatefromanABA-ac- sented party,and these parties lawschool debt. lowatthe Brookings Institu- whether they areeffectiveorineffective. Their blinkered focus credited three-year lawschool arelesslikely to prevail in My newBrookingsbook tion andacoauthor of “Trou- on the “deal” is very Trumpian, and correspondingly damaging beforetaking astate bar ex- court without proper legal with David Burk and Jia Yan, bleatthe Bar: An Economics to American national security.That is the real lesson. amination to obtain alicense help.Otherswho can’t afford takesaneconomics look at the Perspective on the Legal Pro- to practicelaw.However, legalassistanceend up stuck legal profession and argues fessionand the Case for Fun- Mr. Bolton, aformer U.S. ambassador to the U.N., served as many people who are inter- in horrific circumstances that that educational requirements damental Reform.” national security adviser from April 2018 to September 2019. P2JW075000-0-A01400-1------XA

A14 | Tuesday, March 16, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Powell Catches the Fiscal Bus Rating Ron DeSantis’s Approach to Covid-19

erome Powell lobbied publicly formonths in economics,notwithstanding the assurances Regarding AllysiaFinley’s “Vindi- scale senior settlements, condos and formorefiscal spending in the name of of modern-monetarytheory. Thetest forthe cation forRon DeSantis” (op-ed, other noncrowded situations.The J spurring the economy. Congratulations to Fedwill come in futuremonths as the economy March 6): Thedatavalidates that largest risk factor forCovid disease California and NewYork relied on and death is crowded living or work- the Federal ReserveChair- recovers.The market mayde- Congress passed the the wrong sciencetomanageCovid. ing conditions. man, whohas succeeded in mand higher interest rates, ThescienceFlorida Gov.Ron DeSan- Iagree that Gov.DeSantis was catching the fiscal bus.Now spending he wanted. even as theFed will want to tis relied on, provided by Stanford’s smart to house infected seniorsin his wish is TreasurySecretary keep them lowtofinancecon- JayBhattacharya,Harvard’sMartin separatefacilities rather than mix Janet Yellen’s command as the Now he has to finance it. tinuing federal deficits. The Kulldorff and Oxford’sCarl them with othersinnursing homes. Fedhas to financethe vast fis- political pressurefromthe Bi- Heneghan and SunetraGupta, ROBERT LITTLE, M.D. caldeficitstocome. den Treasuryand Congress proved to be the correct science. Harrisburg, Pa. That’sthe contexttoconsider as the Federal will be enormous to keep rateslow as far as the This is the sciencedocumented in Open Market Committeemeetsthis week amid eyecan see. the Great BarringtonDeclaration— Allysia Finley disregards three im- rising interest ratesand market inflation jit- One challengewill be maintaining acalm the sciencethat says protect the vul- portant factors. First, the bulk of ters.Fed officials have been telling the public Treasurymarket. This probably means waiv- nerable but safely arriveatherdim- NewYork deaths occurred when un- munity as quickly as possible.It certainty about treatment and thereisnothing to worryabout, that they have ing again the SupplementaryLeverageRatio shows that AnthonyFauci, the World spread wasgreatest. SinceJune 1, thetools to manageany rate or inflation break- forbanks,ameasureofcapital adequacy. The Health Organization and the CDC Florida’sCovid death numbershave out. But investorsaren’t crazy to be watchful, Fedwaived the rule last April and the waiver have had us on the wrong course been nearly 50% higher than New no matterhow blithely the Fedassures. expires March 31. Restoring it nowwould pe- sinceday one. York’s. Second, Ms.Finley pointsto Thesheer magnitude of the deficitstobefi- nalizebanks forholding Treasurys as re- Beforeanother pandemic occurs the greater number of recent, new nanced is arareexperiment in U.S. fiscal his- serves.This is one way in which the govern- we need anational plan on howto cases in NewYork than in Florida. tory.Evenbeforethe $1.9trillion spending bill ment response to the pandemic will continue handle it. Theplan should require However, increased testing leads to passed, the Congressional Budget Officeesti- to block areturn to normal monetaryand reg- that three models be prepared. One greater numbersofrecorded cases, mated the deficit as ashareofGDP would be ulatorypolicy. model identifying the impact of the and NewYork testsattwicethe rate 10.3%infiscal 2021. With the Pelosi-Schumer- Another issue is the effect of all this on Fed disease on astand-alone basis—the of Florida. Third, while Ms.Finley is Biden blowout, the deficit this fiscal year will independence. Even to raise this question is projected infections and projected correct that seniorsover65account deaths.The second model should foragreater percentageofthe pop- nowbeinthe neighborhood of 18% of GDP. heresy at the Fed. But because the Fedmust consider the impact of deferred med- ulation in Florida than in NewYork, That’sthe highest by far sincethe four wartime keep buying Treasurydebt to financehugedefi- ical services that will occur forall she fails to account forthe colder yearsof1942-1945. cits, itsability to taper bond buying is limited. other medical conditions—the pro- winter weather up north. This That’salso alot of Treasurybills,notes and Ms.Yellen is aformer FedChair and Nellie Li- jected medical and financial costs. weather discrepancyresultsinpeo- bonds to sell. U.S. investorshavehistorically ang, peggedtobeTreasuryunder secretaryfor Thethirdmodel should include the ple in NewYork spending ahigher been able to financeabout 4%-5% of GDP.The domestic finance, wasatop career staffer at economic cost—wecannot let the percentageoftheir time indoors appetiteofforeign buyerswill depend on rela- the Fed. TheBiden Treasuryand Powell Fedare next Covid-likecrisis cost $9 trillion. with closed windows,conditions tiveinterest rates, currencyvalues and confi- joined at the policyhip. Insurancecompanies put avalue/cost that increase the spread of Covid. denceinthe U.S. economy. Treasury’sFeb.25 iii foreach death and we as acountry Thebalancing of Covid spread auction of seven-year notes wasawarning sign This won’t matterinthe short-term as the need to consider this forthe next against the economyand the effects pandemic.Regarding these three of poverty constituteimportant pol- as lowdemand almost led to failure. economybooms,but the rubwill come if infla- models,weneed input not just from icyissues. Treasury auctions sincehavebeen morero- tion or interest ratesrise beyond the Fed’scom- the Fauci/WHO/CDC crowd,but from RABBI DAVID A. SCHWARTZ bust, but there’slittle doubt that the Fedwill fort zone.Then the Fedwill faceconflicting the doctorsmentioned above, the Bronx, N.Y. be abulk purchaser of U.S. debt foryearsto pressure from marketsonthe one hand and Barringtonreport folks and beyond. come.The Fediscurrently buying $120 billion Treasuryonthe other. Thesuggestions from all the groups Ms.Finley ends her article with amonth of Treasurys and mortgagesecurities, That’swhat happened in 1951, as prices rose need to be publicized and debated the question, “What has Andrew and (unlikeinEurope) thereisnolimit on the amid the Korean War. Theresult waswhat be- forthe public to see and understand. Cuomo learned?” He has learned that amount it canbuy. came known as the Accord between Treasury MICHAEL L. HANSEN grossmismanagement, especially Thefortunatenewsisthat the economyis and the Fedthat separated government debt Fort Lauderdale, Fla. during acrisis,will earn one the Bi- about to zoom ahead as the pandemic and so- management from monetarypolicy, giving den administration gold standardof cial distancing ease.This year could see the birth to the modern eraofFed independence. Ms.Finley notes that although governorship,and will reward New Florida has ahigh percentageofel- York with morefederal bailout fastest GDP growth since7.2% in 1984, and the It’snot toomuch to saythat the financial panic derly folks,the Florida death rate money than Florida, despitehaving a economyispoised to makeupall of the ground of 2008 and the pandemic have pushed the Fed among seniorsis20% belowthat of smaller population. And we have all it lost during the pandemic as soon as this back intoapre-Accord role. California and 50% lowerthan in learned that in aDemocratic-run quarter.The main effect of the $1.9trillion will Good luck to Chairman Powell and the FOMC NewYork.DoFlorida’selderly livein America, loserstrump winners. be to robgrowthfromthe futurebygiving con- in this bravenew world in which politicians be- crowded, inner-city tenementsormi- STEPHEN BORKOWSKI sumersmoremoney to spend now. TheFed will lievethey canspend as much as they want grant housing? No.Manyliveinup- Pittsburg, Texas no doubt bask in this near-term happiness. without policyconsequences.Mr. Powell won’t But eventually thereisapricefor everything be able to sayhewarned us. Unions, Not Money, Keep Our Schools Closed The Spending Bill Cometh Regarding CoreyA.DeAngelis and At the end of February, Speaker Christos A. Makridis’s“School Isn’t NancyPelosi urgedthe House and emocratsare elated with the popularity Mr. Stephanopoulos: “But no ?” Closed forLack of Money” (op-ed, Senatetopassa$1.9trillion spend- of their $1.9trillion spending bill, Ms. Yellen: “Well, that’s something that we March 10): Thanks to Covid-19 and ing bill by falsely arguing,“We want D which they passed under the political haven’t decided yet, and can look at, but . . . nationwide school closures,millions as manykids to be back in school as coverofthe Covid emergency. President Biden during the of studentsare missing from Amer- possible.For that to happen, it takes Handing out money is always The free lunch is over campaign proposed a higher ica’sschool systems.Kids aresuffer- some money.” Earlier in February, all popular,especially when there as Ye llen signals major taxrateoncorporations,on ing,yet DemocratsinCongressare 50 SenateDemocratsvoted against appear to be no costs. individuals and on payments, letting liberal, hypocritical teachers requiring futureaid to schools to be Enjoythe moment because tax increases ahead. capital gains and dividend unions runthe showand prevent tied to reopening schools,evenafter the costswill soon arrivein paymentsthat arereceived, studentsfromreturning to the teachershavebeen vaccinated. classroom. Everystudent in this nation de- the form of taxincreases. and those arealternatives that Schools acrossthe countryhave serves the option of in-person learn- TreasurySecretaryJanet Yellen put that loom- address—that are similar in their impact to a been safely operating formonths,but ing.Isanother $128 billion to ing prospect on the table on Sunday on ABC’s wealth tax.” it wasn’t until last week that the Los schools,most of which won’t be “ThisWeek.” Here’sthe exchangewith George So Ms. Yellen won’t even rule out Ms. War- Angeles teachersunion finally agreed doled out until the 2022school year Stephanopoulos: ren’swealth taxthat would hit all assetsabove to let studentscome back intothe and beyond, really the right answer? “What do you think of Senator [Elizabeth] $50 million each year and that Mr.Biden didn’t classroom, and even then on avery No.What we need areelected offi- Warren’s call for a wealth tax?” campaign on. The Treasury Secretary is also limited scale.The daybeforethe deal cials with couragewho actually care Ms. Yellen: “Well, President Biden has put floating aglobal minimum taxoncorporations, wasreached, the union urgedits moreabout the well-being and edu- forwardanumber of proposals.Hehasn’t pro- which would reducethe taxcompetition among memberstoavoid posting their cational needs of our kids rather posed a wealth tax, but he has proposed that countries that is a rare discipline on political spring-break photos online because it than acampaign contribution from corporations and wealthy individuals should tax appetites. could hurt the argument that it is teachersunions. still “unsafefor in-person instruc- SEN. RICK SCOTT (R., FLA.) paymoreinorder to meet the needs of the Expect moresuch taxing surprises,asDemo- tion.” Youcan’t makethis stuff up. Naples,Fla. economy, the spending we need to do,and over crats debate which taxpayers to gore, but one time Iexpect that we will be putting forth pro- surebet is that this won’t be as popular as pass- posals to get deficits under control.” ing out money. Paying the bill never is. Warren’s Wealth Tax Would Wreak Damage ScottHodges’s “Warren’sTax En- Trump,itwas the press. ForElizabeth The Way Forward in Afghanistan riches Foreign Billionaires” (op-ed, Warren, it is rich people who sharean March 9) maynot worrythe vast ma- eviltrait: They allregularly engagein he Biden Administration is scrambling to forceapeacedeal. Is that the same Pakistan jority of U.S. citizens who maynot the obscene act of wealth accumula- find aresponsible way out of Afghanistan that has been the Taliban’sprimarybenefactor care which billionaires win, but there tion. Given this mind-set, awealth tax T by the May1deadline forthe withdrawal foryears? Thesame Iran that has cooperated is moretothe story. When U.S. billion- isn’t mostly aimed at benefiting the aires paywealth taxes, they will likely lessfortunatewho don’t accumulate of U.S. troops set by Donald with the Taliban despitepolit- reach forthe most liquid assets— much wealth on their own. ForSen. Trump. Problem is,aprudent Meeting Trump’s May 1 ical and religious differences? stocks.Not only will investmentsin Warren and her supporters, it is withdrawalonsuch atight withdrawal deadline Thesame Russia that has pro- U.S. companies diminish, and thereby mostly aimed at reducing the extent timeline is impossible. vided the Taliban with diplo- reducethe U.S. ability to compete, but of that obscenity. “The United Stateshas not could lead to a rout. matic support and perhaps anyone with aretirement plan will PAUL E. GREENBERG ruled out anyoption,” Secre- more? likely see their assetsworth less. Take Brookline, Mass. tary of State AntonyBlinken President Biden will need a , with anet worth esti- wroteinarecent lettertoAfghan President Plan Bifthis diplomatic push fails.His cam- mated at about $80-plus billion. He Lettherebenodoubt that the . “I am making this clear to you paign websiteisn’t abad placetostart: “Biden would owe $2.4billion in taxes, say, “rich” threshold forSen. Warren’stax so that youunderstand the urgencyofmy will bring the vast majority of our troops home on April 15.Iguessyou could “short on wealth will steadily fall oncethe the market” on April 14 or add afew concept gets itsfoot in the door.Even- tone.” TheU.S.ispushing aggressively forTal- from Afghanistan and narrowly focus our mis- yearstoyour retirement, but when tually the “rich” threshold will pene- iban and officials to reach apolitical sion on Al-Qaeda and ISIS.” Thealternativeis youadd up the investmentsofall U.S. tratetothe upper-middle class. settlement. afull withdrawalthat would free up the Taliban citizens with $50 million in assets, PHIL BARNES ThecontentsofMr. Blinken’sletter, along to conquer moreofthe country, and perhaps that’salot of money coming out of in- San Pedro, Calif. with amoredetailed peaceplan, don’t give the collapse of the government and ahumani- vestmentsevery year.You aren’t much reason foroptimism. Washingtonhas tarian disaster. merely taxing the very wealthy, you proposed an interim government in which the One benefit of the Taliban negotiations is that areaffecting the entireU.S.economy. Pepper ... Taliban shares powerwith Kabul. Eventually, the group largely stoppedattacking Americans. Think unintended consequences. And Salt the countrywould transition to ademocratic Staying means endangering American troops. STEPHEN HORWITZ government with the current constitution as But the U.S. invaded Afghanistan in the wake of Bethesda, Md. THE WALL STREET JOURNAL an “initial template.” 9/11 to neutralizethe threat posed by al Qaeda Sen. Elizabeth Warren would no Sounds nice, but the Taliban goal is an Is- and itsTaliban sponsors. Thetwo groups remain doubt advocateawealth taxevenifit lamic EmirateofAfghanistan. Thegroup said connected as the Taliban fails to comply with its raised little or no newtax revenue. in 2016 that it “has not readily embraced this assurances to Mr.Trump. This policyprescription isn’t primarily death and destruction forthe sakeofsome silly Remaining in Afghanistan doesn’t requirea about raising funds,although she ministerial posts.” Researchersatthe Long War massivecommitment. Thereare as manyas would no doubt be delighted if the Journal have spent yearsdocumenting the Tali- 3,500 U.S. troops in the countrytoday, and al- U.S. taxcoffersgrewasaresult. ban’sconsistencyonthis point. lies contributetwiceasmany. Thebipartisan Rather,itisprimarily about turning Mr.Blinken called for“a90-dayReduction- Afghanistan Study Group suggests4,500 Amer- ultramillionaires and billionaires into in-Violence” to forestall the Taliban’sspring of- icans areenough “fortraining,advising,and the boogeyman. ForRonald Reagan, it fensive. Thegroup,last year responsible for assisting Afghan defense forces; supporting al- wasthe government. ForDonald around twiceasmanycivilian casualties as Af- lied forces; conducting counterterrorism - Lettersintended forpublication should ghan national forces were,has rejected such tions; and securing our embassy.” be emailed to [email protected]. Please pleas before. Whywould they now, especially This is the best advicewe’veseen. Thereis include your city, state and telephone with the U.S. eagerly eyeing the door? no easy exit from Afghanistan, but the worst number.All letters aresubject to TheU.S.ishoping to lasso China, India, Iran, would be arushed retreat by May1that would editing,and unpublished letters cannot “No, wait—I did get an MFA in be acknowledged. Pakistan, and Russia to help negotiate and en- serveonly the Taliban and itsjihadist allies. photography to become a waiter.” P2JW075000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 16, 2021 | A15 OPINION ThePub the Pandemic Couldn’t Kill

By Matthew Hennessey near Madison SquareGarden in May. 10,000 and 50,000 arethought to be Jameson’sonSecond Avenue turned Irish. But that’snot because legal Yonkers, N.Y. off the beer lightsinJuly; next-door immigration is easy.In2019 the he luck of the Irish nearly Murphy’sdid the same in August. State Department awarded amere ranout this past year,to TheMean Fiddler in Times Square 0.05% of the green cardsinits an- hear John Lyons tell it. made it to October before throwing nual diversity lottery to Irish appli- T TheCounty Roscommon- in the bar towel. cants. born owner of McKeon’s “Whatever it is they’re trying to Mr. Lyons himself arrived in De- Bar &Restaurant has seen plenty of do to the city,whatever way they’re cember 1977, following awell-trod adversity during his 43 yearsinthe trying to kill it, between [Gov.An- path to the American dream. He tavern business, starting as abus- drew]Cuomo and [MayorBill] de spent 21 yearsbartending and sock- boy, and “this is the worst I’ve ever Blasio, it’s working,” Mr. Lyons, 62, ing away tips with the dream of seen it.” Nothing—not the crime of says. Several of his New York peers opening his ownplace. His firstfew the 1970s and ’80s, blackouts, 9/11, abandoned investments of as much ventures went under.Now he has the housing collapse or superstorm as half amillion dollars. “They two bars: McKeon’s, which he’s Sandy—came close to laying New walked away.Gone,” he says in as- owned and operated for13years, York’snightlifeeconomyaslow as tonishment. and the River Court, acrossthe Hud- the coronavirus lockdowns. McKeon’s, just north of the New son in the Rockland County York City limits, wasclosed forin- of New City, which opened in 2017. KELLEY

person drinking and dining for two A Striking out on his own, he says, McKeon’s survivedthe full months.Itsurvived with the “was do or die,” something politi-

help of aPaycheck Protection Pro- BARBAR cians can’t appreciate: “These people lockdowns and restrictions. gram loan amounting to about 15% don’t realize how hard you work to Many of NewYork’sIrish of monthly cash flow even as the parade wastohavemarched past allowedtoreopen fully in coming payyour bills.And they don’t givea bills kept rolling in. “The mortgage the front door. weeks.When they do,places like damn forthe regular people.They bars weren’t so lucky. don’t go away,” Mr. Lyons says. The Still, Mr.Lyons says ruefully,“they McKeon’scould have ahardtime can talk all they want.” lender offered “a brief reprieve, but kept them closed alittle toolong.” finding and retaining Irish staff. SinceJuly,Westchester restau- yougotta payiteventually.Soyou Eleven Irish barscluster on a While abroguebehind the bar re- rantslikeMcKeon’shavebeen al- Thenightmarebegan on March try to pay it and not fall behind be- half-mile stretch of McLean Avenue mains abig draw,Mr. Lyons says the lowedtooperateat50% capacity. 16,2020,when stateand local au- cause when you do open you’re go- on theborder between Yonkers, in pandemic has scrambled the local la- Acrossthe road in the Bronx,the in- thorities ordered everypub,club, ing to be faced with the same bills Westchester County,and the Wood- bor market. ManyIrish-born bar- door limit waszeroor25% forafull cafe,buffet, bistro, boîte,bar,tavern and the business is not going to be lawn section of the Bronx,where tendersand waitresses have gone year. On Feb. 26 it was expanded to and shebeen in New York, New Jer- here.” Thegas and electric bills nearby Katonah Avenue boastsan- back to Ireland. 35% and this week it goes up to 50%, sey and Connecticut to close.The al- “were nearly the same. . . . Your in- other half-dozenpubs flying the “Most of the young Irish that was but barsonboth sides of the border lowancefor takeout and delivery surancehas to be paid. Taxeshave green-white-and-orangeIrish flag. out here working couldn’t afford to must stillclose at 11 p.m., five hours wasn’t much help to jointslike to be paid.” Fiftyyearsago, adozenormore stay,” he says.“They allwent back earlier than normal—as if the coro- McKeon’s, wherethe ambianceisthe The lockdown was especially ill- communities acrossthe five bor- home.” Othersfound work else- navirus had a bedtime. main attraction—the familiar face timed for Irish bars, coming on the oughs could have plausibly been de- where, or started training as nurses Pushing last call back an hour or behind the bar,the easy conversa- eveofSt. Patrick’sDay,when asurge scribed as Irish neighborhoods. and home health aides.“They’renot two would be aboon to Mr.Lyons tion, the banter,the laughter.The in businessnormally “pays your bills Those days aregone,making the coming back to this business,” Mr. andhis peersinthe bar business craic, as the lads say. forJanuaryand February,” as Mr. “Emerald Mile” something of atime Lyons says, naming two Manhattan who facethe lossofanother Paddy’s Manybusinesses will never re- Lyons puts it. From a public-health capsule,one of the area’slast major barsthat tried to reopen in February Daypot of gold. But with vaccina- open. At least 1,000 New York City perspective, he concedes,authorities Irish immigrant enclaves. It’s home but couldn’t find a bartender. tions increasing and caseloads restaurantshaveclosed permanently made the right call; the virus would to much of the workforce staffing Even beforethe pandemic,immi- trending in the right direction, per- since the lockdowns began, accord- have spread likeaspilled kegof the hundreds of Irish pubs in the Big gration from Ireland had fallen haps their luck will turn soon. ing to Eater.com.Coogan’spub in Guinnessthrough the crowdsjam- Apple. sharply from late-20th-century Washington Heights went under in ming McKeon’sonMarch 17 and 20, Thecity’s restaurants, currently highs. Of the 11 million or so illegal Mr. Hennessey is the Journal’s April. Thewhistle blewfor Foley’s when the Yonkers St. Patrick’s Day operating at limited capacity,may be immigrantsinthe U.S.,only between deputy editorial features editor. Republicans Need to Get Their Story Straight on Deficits

of federal largess gushing out of working-classvoters, the Democrats’ in the future. to seizethe extraordinarycircum- Washingtonthereare bound to be have seized—at least in politically TheAmerican Rescue Plan is easy stances of the Covid emergencyto some good things, manyofthem eye-catching terms—on what maybe to oppose as unnecessary, expensive createatransformational presi- FREE items Republicans had proposed in the most important economic chal- and mostly irrelevant to the immedi- dency. They’re already pushing the EXPRESSION their version of ascaled-down fiscal lengefacing the country: vast and ateCovid challenge. But by warning boundaries of the state further into By support package. It’s the sheer size widening inequality. of the deficits it will bring, the GOP the lives of Americans and imposing of the package that rightly worries putsitself in the position of seeming their progressive cultural nostrums he intellectual disarray of the conservatives.But not even presi- to worryabout deficitsonly when on the rest of us. T modern Republican Party was dentsget aline-item veto,and the It won’t do to oppose them thefederal government is giving They’redoing it on the thinnest captured last week by Sen. senator’s slightly curious suggestion moneytohard-hit Americans,and of mandates.The risk of Democratic of Mississippi. of an attempt to claim credit forleg- only when Democrats are notwhen it involves draining the overreach is high: the developing Mr.Wicker,along with everyone islation he’dopposed earned him passing costly legislation Treasury’scofferstopay fortax cuts crisis at the southern border,driven of his 48 Republican colleagues pres- predictable ridicule from political for multinational corporations. in part by Democrats’ distastefor ent, votedagainst the American Res- opponents. in times of crisis. It’sanacuteproblem forthe the very idea of immigration re- cue Plan, the Democrats’ boldest bid Mr.Wicker’s chutzpah pointsto party in the post-Trump (and maybe straint, is an early sign of the perils in years to expand the scope of the the largerRepublican and conserva- pre-Trump) era. Likehim or hate of the modern progressive creed. federal government in the lifeof tivechallengeinour newage of fis- Republicans areright to be skep- him, Donald Trump’spopulism in- But Republicans won’t succeed if Americans. calexpansionism. Opinion polls tical about the practicality of many verted the narrative. By touting po- they fall back on familiar opposition Butwithin hoursofthis $1.9tril- show strong public support for the of the Democrats’ ideas, but by op- sitions that were much moreclosely to what most Americans, including lion leviathan becoming law, Mr. Democrats’ program; it should come posing them they find themselves in aligned with the interests of disad- millions whovoted Republican for Wicker wascelebrating one of its as no surprise that the prospect of an intensely uncomfortable place. vantaged Americans—support for the firsttime in 2016 or 2020,be- provisions.“Independent restaurant the federal government giving Conservatives arguefiercely against entitlements, opposition to permis- lieve is necessary: a more active ef- operatorshavewon $28.6 billion money away is highly popular. And Democratic spending plans on the siveimmigration, at least arhetori- fort to tackle inequality and lift the worth of targeted relief,” he tweeted thereismuch to disdain in the so- groundsoffiscal restraint, but it calhostility toward the apparent pri- conditions of the most disadvan- triumphantly.“This funding will en- called rescue plan, much of which is rings hollow after decades in which macyofglobal profit over the taged Americans. suresmall businesses cansurvive the familiar left-wing fiscal profli- Republicanpresidentsand con- interestsofAmerican workers—he TheTrump insurgencymade clear the pandemic by helping to adapt gacy dressed up as crisis response. gresses have added as enthusiasti- wasstealing voters,ofall ethnic that the terms of political debate their operations and keep their em- But as Mr.Wicker acknowledges cally as Democratstothe federal backgrounds, away from the Demo- that have obtained forthe last 30 ployees on the payroll.” awkwardly,thereisalso much in the debt burden. While Republicans can crats. yearshavechanged. TheBiden plan In fairness to Mr. Wicker, there’s bill to help low- and middle-income makethe case that their deficitsare TheBiden presidencyison is to seizethe initiativeback from nothing inconsistent about opposing Americans, struggling families with caused in large part by taxcutsthat course, after barely more than half Republicans and drivethe countryto the whole of something while ap- children. will over time strengthen economic itsfirst 100 days,tobeamong the much more radical objectives. Con- plauding some of itsparts. In the Just as the Republican Party has incentives and liftlong-term ratesof most radical in ageneration. It’s servatives need to be careful about nearly two-thousand billion dollars been making significant inroads with growth, the deliveranceremains off clear that itsleading exponentshope exactly where they resist. There’s No Need to Panic About a Little Inflation

By Alan S. Blinder TheFederal Reserveisincharge time.” Chairman has, public concern with inflation melted February2020 level, thereisahuge of controlling inflation, and it has however, carefully avoided translat- away afterPaul Volcker ratcheted amount of slack in U.S. labor mar- as that aposse of bond declared repeatedly that it would ing the words“moderately above” inflation down from around 10% into kets.And slack provides insurance W market vigilantes galloping welcome somewhat higher inflation. and“forsome time” intonumbers. the 3% to 4% rangeinthe 1980s. against inflation. To be sure, thereis past my windowthe other Howmuch higher,the Fedhasn’t So let me hazardaguess: TheFed Americans hated 10% but were com- gigantic uncertainty over exactly night—shouting “inflation is com- said.Weknowthe Fedseeks a2% will be perfectly copacetic with in- fortable in the lowsingle digits. howmuch slack is left. On the other ing” likeabunch of financial Paul averageannual inflation rate.We flation ratesashigh as 2.5%, maybe To be sure, Iamneither predict- hand, thereisvirtual certainty that Reveres? We haven’t seen those also knowthat U.S. inflation hasn’t even slightly higher,for two to four ingnor advocating areturn to 4% massivejoblessnessiscausing a guys sincethe 1990s.But it seems reached that mark,except fleetingly, quarters—as long as inflation shows inflation.That seems both undesir- great deal of human . Best to that bond tradersare nowrattled by since2008.(Thereare manymea- no signs of breaking out on the up- able and unlikely.Mypoint is that at getback to full employment quickly. the prospect of higher inflation. sures of inflation, but I’ll stick with side.Inflation readingsapproaching least some inflation-phobes have Should we ordinary, calmer folk be the Fed’spreferred measure: the 3% will makethem nervous.That whipped themselves intoafrenzy worried, too? percentagechangeinthe deflator said,the latest reported inflation over the remotepossibility of much Amuch biggerconcern Well, that depends on what you forcorepersonal-consumption ex- rate is 1.4%, which leavesplenty of higher inflation. Why? mean by “higher inflation.” Asmall penditures over the previous four room beforethe Fed’spatience is Onereason is clearly the moun- forthe Fedisthe real bump-up from the pandemic-de- quarters.) tested. tain of idle bank reserves the Fed human miserycaused by pressed inflation numbersofrecent That measurehas averaged 1.6% What aboutthe public’spatience? has created through “quantitative months is highly likely,though we sincethe Fedposted its2%targetin Let’slook at recent history. Inflation easing” in itsbattles againstthe slack in thelabor market. haven’t seen it yet. Moreimportant, January2012, leaving abig cumula- staged abrief uprising above4%in greatfinancial crisis and the pan- it’swelcome.After all, it wasn’t tivedeficit. Accordingly,the Fedhas 1989-90,but Idon’t recall anynota- demic recession. That mountain now long agothat the biggerfear was stated that it wantstosee inflation ble public outcryatthe time.Ido, stands about $3.5 trillion high, and Second, recent episodes of very . “moderately above2%for some however, distinctly remember that if banks put anysubstantial portion lowunemployment don’t point to of it to work creating money and higher inflation on the horizon. Let’s credit, inflationaryconsequences remember that, beforethe pandemic Notable & Quotable might ensue. struck,unemployment had hovered PUBLISHED SINCE 1889 BY DOWJONES&COMPANY If the Fedwereasleep at the around 3.5% forsix months and Robert Thomson Physicist Lawrence M. Krauss wheel, that might happen. But I’m been at or below4%for nearly two Executive Chairman, Chief Executive Officer, News Corp writing in Quillette.com on March 14: not worried. We paythem the big years. And all that time,inflation Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher bucks to guardagainst inflation— trendedslightly down, not up.Our Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: ,oncearigorous andthey do.Should the need arise, previousencounter with superlow Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; scientific publication, published an the Fedknows howtoshrink the unemployment came in 2000,when Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; opinion column by several young sci- mountain of bank reserves by selling the unemployment rate dropped to News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; entists...[who] advocatechanging assetsrather than buying them. about 4% forabout ayear.That epi- Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer thename of the James Webb Space Another recent development that sode,too,wasn’t followedbyhigher Andrew Dowell, Asia; AnthonyGalloway, Video & Telescope because Webb,aformer has rekindled inflation fearsisthe inflation. Lifeatorbelow4%unem- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; NASA administrator,was administrator massivevolume of Covid relief—fis- ployment seems not only pleasant Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; when the federal government did not calstimulus,ifyou will—that Con- butsafe. Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; adequately respect LGBTQ rights. gressenacted last December and So let’snot ride with the bond Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News Webb is not incriminated as aracist or this month. It’stoo much, critics market vigilantes.Yes,inflation will Thomas SanFilippo, Customer Service; bigot, but as aservant of bigots. ... say, and could lead us intothe infla- probably rise abit, as it should. But GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; [T]he proposal is to rename the tele- tionarydanger zone. no,weare not likely to see inflation Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; scope the Harriet Tubman SpaceTele- Onceagain, this isn’t impossible. ratesthat anyreasonable person , Deputy Editor, Editorial Page Jonathan Wright, International scope.Why?Not because Tubman But if high inflation ranks high on would call “high” soon. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: might have made anycontributions to your worrylist, youmust not have LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head astronomy, but because she wasacon- much to worryabout. Twomain Mr.Blinder, aprofessor of eco-

EDITORIAL AND CORPORATEHEADQUARTERS: ductor on the Underground Rail- reasons: nomics and public affairs at - 1211 Avenue of the Americas, New York, N.Y., 10036 road ...during which she “likely used First, with payroll employment ton, served as vice chairman of the Telephone 1-800-DOWJONES the North Star” to navigatetofreedom. still about 9.5million jobs belowits Federal Reserve, 1994-96. P2JW075000-4-A01600-1------XA

A16 | Tuesday, March 16, 2021 **** THE WALL STREET JOURNAL. WORLD NEWS Vatican Forbids Blessingsfor GayUnions

Pontiff resists some years,ashaveclergy in other archbishop of Buenos Aires. Monday’sreaffirmation of partsofNorthern Europe. But the pope also has writ- traditional teaching is likely to liberal bishops’ call for Such blessingsare wrong, ten that “there are absolutely disappoint progressiveCatho- Church to embrace the Vatican said Monday, be- no grounds forconsidering lics hoping forfurther change cause they would seem “toap- homosexual unions to be in and cheer conservatives,as same-sex couples prove and encourage a choice anyway similar or even re- did the pope’sdecision in Feb- andaway of lifethat cannot motely analogous to God’s ruary2020 not to makeiteas- BY FRANCIS X. ROCCA be recognized as objectively plan formarriageand family.” ier to ordain married men to ordered to the revealed plans Monday’sVaticandocument the priesthood. ROME—TheVaticanfor- of God,” adding that God “does acknowledged “the presencein “It is not surprising but still bade blessingsofsame-sexre- not and cannot bless sin.” such relationships of positive disappointing,” said Francis lationships,contradicting calls German bishopshave tan- elements, which are in them- DeBernardo,executivedirector forthe practicebyprogressive gled with the Vatican on other selves to be valued and appre- of New Ways Ministry, which bishops in Germany and else- matters,including the ques- ciated,” but said such ele- advocates forLGBTCatholics. where, and setting alimit to tion of giving Communion to ments“cannot justifythese “This decision though is an

the conciliatoryapproach to Lutherans,and areunlikely to OL relationships and render them impotent one because it will

gaypeople that has marked back down in their stance on PO legitimateobjectsofaneccle- not stop the Catholic people in S Pope Francis’ pontificate. blessing gay unions. sial blessing,sincethe positive the pews,nor manyCatholic The Vatican’s doctrinal of- German bishops and lay elementsexist within the con- leaders, who areeager for BI/PRES

fice,inadocument personally Catholicsare currently in- FA text of aunion not ordered to such blessings to happen.” approved by Pope Francis,said volved in anational synodthat the Creator’s plan.” Thequestion of homosexu- it wasn’t permissible for is considering changes to as- TheCatechism of theCath- ality has roiled other Christian TIZIANA clergy to pronounceblessings pects of church life, including Pope Francis has taken amoreliberal approach than his predecessors. olic Church, an official hand- denominations, fomenting di- on anysexual relationship out- the possibility of women book of teaching,statesthat vision within theworld-wide side of marriagebetween a clergy and teaching on sexual- tional teachings, with the pontificate, he responded to a “homosexual actsare intrinsi- Anglican Communion between man and a woman. ity. archbishop of Denverwarning question about gayclergy in cally disordered,” the inclina- liberal churches in Europe and Thedocument reaffirms AmovebyGerman bishops in 2019 that the German bish- 2013: “Who am I to judge?” tion to perform them is “ob- North Americaand morecon- Catholic teaching on marriage to approveblessingsofsame- ops are moving toward a During his 2015 visit to the jectively disordered” and servative churches in . and sexuality when several lib- sexunions would exacerbate schism. U.S.,hemet privately with a “under no circumstances can Last year,the United Meth- eral bishops,including the tensions with more conserva- Pope Francis has takena gaycouple in Washington, D.C. they be approved.” odistChurch agreed in princi- head of the German Catholic tivepartsofthe church, in- moreliberal approach than his In commentspublished last Thecatechism also states ple to split because of dis- bishops’ conference, have cluding in Africa and the U.S. predecessorstosome ques- year, the pope expressed sup- that gaypeople “must be ac- agreementsoversame-sex called forblessing same-sex Conservativebishops in the tions of marriage and sexual- port forsame-sexcivil unions, cepted with respect, compas- marriageand gayclergy, couples in committedrelation- U.S. have been critical of what ity, including divorce and ho- saying that gaycouples “have sion and sensitivity.Every sign though a meeting to approve ships.PriestsinGermanyhave they see as an excessively pro- mosexuality.Inone of the the right to be legally cov- of unjust discrimination in their the movehas been delayedbe- widely blessed such couples for gressivedriftaway from tradi- most famous statementsofhis ered,” astancehehad held as regard should be avoided.” cause of the pandemic. U.K. ProtestBill RaisesCivil-Liberty Issues U.S. Seeks

BY MAX COLCHESTER also proposing changing laws Dialogue to makebeing deemed a“pub- LONDON—Days afterthe lic nuisance” punishable with Britishpolicewere criticized up to 10 yearsinjail and an With forbreaking up avigil held for unlimited fine. awoman kidnapped and killed Amajor worryisthat the earlier this month, the U.K. government could use the law Pyongyang government proposed legisla- to maintain restrictions on civil tion mandating prison sen- liberties that it acquired during BY SABRINA SIDDIQUI tences of up to 10 yearsfor the pandemic,said Rosalind Co- AND MICHAEL R. GORDON

demonstrators causing “seri- GES myn, policymanager at the Na-

ous annoyance,” prompting IMA tional Council forCivil Liberties, WASHINGTON—TheBiden questions over whether the an advocacygroup in the U.K. administration has reached

stateiseroding civil liberties. GETTY “What the eventsofthe out to to start a Policeinthe U.K. were ac- SE/ weekend have shown is that dialogue on Pyongyang’snu- cused of being insensitiveafter attacks on protest rightsare clear-weapons and ballistic- handcuffing women at agather- an attack on women’srightsor missile programs but has yet ANCE-PRES

ing on Saturdaytocommemo- FR anyone who wantstostand up to receivearesponse,the rate the lifeofSarah Everard, to power,” she said. said Monday. whowas abducted while walk- ENCE TheU.K.minister of statefor “Our goal is to reducethe AG ing home in London on March 3. crime and policing at the Home risk of escalation. But to date, Apoliceofficer was Office, Kit Malthouse,said the we have not received anyre- AKMEN/

chargedwith her kidnap and A newlaw’s sentencing would be sponse,” said JenPsaki, White LG

murder afterthe 33-year-old TO limited if protestersdamaged House presssecretary. “Diplo- marketing executive’sremains Tributes at a London park honor Sarah Everard, who was abducted and killed early this month. an item that wasworth less macycontinues to remain our were found in awoodland. than £5,000,the equivalent of first priority.” During a vigil in her memory mounted last year in support waspublished only last week. lowpolicetoimpose condi- about$7,000.One aim of the Ms.Psaki didn’t explain how in aLondon park,four arrests of Black Lives Matter,inwhich Theopposition Labour tions on proteststhat arenoisy lawistostoppeople defacing the Biden administration had were made afterthe gathering statues were toppled, and by Party has said it would vote or cause “serious unease” to memorials and other culturally triedtocontact North Korea contravened Covid-19 restric- the Extinction Rebellion envi- against the proposals,with the people who witnessthem. sensitivesites,headded. nor spell out what itsmessage tions, the police said. ronmental movement that shadow justice secretary, Da- This significantly lowers Thegovernment announced had been. Theadministration is Theweekend actions have caused widespread disruption. vid Lammy, saying the bill the legal test that must be met an inquiryintothe police’s conducting areview of itspolicy focused attention on apart of Thelegislation, which was could lead to “harsher penal- forpolicetoissue restrictions handling of the vigil but toward North Korea, which may wide-ranging legislation that debated in Parliament on Mon- ties fordamaging astatue on the protest, according to a pushed back against calls for be completed in coming weeks. appearsaimed at thwarting day, has been months in the than for attacking a woman.” U.K. parliamentarybriefing on the head of London’sMetro- TheU.S.has anumber of protestssuch as those making,but the 300-pagebill Clauses in the lawwould al- the law. Thegovernment is politan Police to resign. waystoreach out to Pyong- yang,including contact through North Korea’smission to the WORLDWATCH United Nations, use of an intelli- gencechannel the Obama ad- ministration established for sensitivecommunications with North Korea, and messages through Sweden, the U.S.’s “pro- tecting power” in the country. Washingtonand Pyongyang haven’t held nuclear talks since October 2019.The negotiations areheld up over U.S. demands that North Koreagiveupits nuclearweapons program and long-rangemissiles in return forrelief from U.S. sanctions. Ms.Psaki said the adminis- tration has continued to en- gage with allies in Japan and South Koreaasitcraftsits own policytoward the region. SecretaryofState and Defense Secretary aretraveling sep- arately to Japan and South Ko- CK reathis week in what marks TO the first foreign trip for each. Concerns about China and

SHUTTERS North Koreaare expected to A/ be prominent on the agenda. Reuters has reported that U.S. officials have sought since NEMAH/EP

A mid-Februarytoreach coun- HY

YA terparts in North Korea. A DECADE OF LOSS: Syrians in rebel-held Idlib province gathered Monday to mark the 10th anniversary of an uprising that turned into a civil war. Nearly half a million Former President Donald people died in the conflict and millions were displaced. Millions more are being pushed deeper into poverty while President Bashar al-Assad remains in power. Trumpmet three times with North Korean leader Kim Jong NIGERIA nappers said it would takeuntil BRAZIL worst of the pandemic behind storm in a decade, forcing the Un.The two sides were never Tuesdaymorning to saydefini- them, Brazil has registered re- cancellation of hundreds of able to close the considerable Gunmen Abduct tively thatnone of the students New Health Minister cord levels of new infections flights. gapintheir position. North Ko- Three Teachers had been abducted. Named Amid Surge over recent days, surpassing the Skyscrapers in the center of reaasked forsanctions relief in The victims’ families said the U.S. last week as the country Beijing appeared to drop from return for limited steps to con- Gunmen kidnapped three gunmen arrived shortly after Brazilian President Jair Bol- with the highest daily death toll sightamid the dustand sand. strain itsnuclear weapons pro- teachers from a primary school school gateshad opened, and at- sonaro has picked a to from the disease. Traffic wassnarled and morethan gram.The Trump administra- in northwestern Nigeria on Mon- tacked the school. Primary schools replace the army general serving “We’re nowembarking on a 400 flights out of the capital’s tion insisted on acommitment day, government officials said, as in Nigeria usually admit children as the country’s health minister, moreaggressivephase to combat twomain airports were canceled to full denuclearization in re- parents of students kidnapped in between 6and 9years old. as his administration faces the virus,” Mr.Bolsonarotold sup- amid high winds and lowvisibility. turn formajor sanctions relief. another school four days earlier It wasthe fifth massschool growing criticism over spiraling porters late Mondayashean- The National Meteorological With the talks stalled, Pyong- staged a protest demanding the abduction sinceDecember in Nige- Covid-19 infections and deaths. nounced Dr.Queiroga’sappoint- Center said Monday’s storm had yang’snuclear and missile pro- government bring their children ria’snorthwest,whereasurge in Marcelo Queiroga, head of ment. Dr.Queiroga didn’trespond developed in the Gobi Desert in grams continued to advance. home safely. armed militancy has led to wors- the Brazilian Society of Cardiol- to arequestfor comment. the Inner Mongolia Region, President Biden, who has Samuel Aruwan, the security ening securityand kidnapping for ogy, will be the fourth health —Luciana Magalhaes where schools had been advised said adenuclearized North Ko- commissioner forKaduna state, ransom has become alucrativein- minister to hold the post since to close and bus service was rearemains the goal, has yet initially said thatauthorities had dustry.SinceDecember,heavily the pandemic hit Brazil, where CHINA added to reduce residents’ expo- to spell out his approach. In received reports thatbothpupils armed gangs have abducted and Covid-19 has killed more than a sure to the harsh conditions. general, the administration has and teachers had been abducted then ransomed off morethan 800 quarter of a million people. He is Gobi Sandstorm Such storms used to occur stressed itsinterest in coordi- on Mondaymorning in the Birnin Nigerian schoolchildren. set to replace Eduardo Pazuello, Blankets Beijing regularly in the springtime as nating itsNorth Koreapolicy Gwari area, but laterissued a Hundreds of school campuses an army general who served sand from western deserts blew with allies.InJanuary, Mr.Kim statementtosay the missing have been closed across four alongside Mr. Bolsonaro under China’s capital and a swath of eastward, affecting areas as far said the country’sapproach to children had escaped. Alocal vig- states for fear of more attacks. the country’s dictatorship. the country’s north were envel- as northern Japan. the U.S. won’t change no mat- ilante group hunting forthe kid- —Joe Parkinson As other countries put the oped Monday in the worst sand- —Associated Press terwho the president is. P2JW075000-5-B00100-1------XA BUSITECHNOLNEOGY: TELEGRSSAM APP IS BO&FOMING BUT IT NEEDINS ADVERANTISERS B4 CE

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S&P 3968.94 À 0.65% S&P FIN g 0.57% S&P IT À 1.11% DJ TRANS À 0.61% WSJ $ IDX À 0.08% 0.182 NIKKEI (Midday) 29956.72 À 0.64S% See more at WSJ.com/Markets Extended Stay Sold for $6 Billion Investors Snap Up Blackstone, The companies on Monday stone said. Theaverage that,” said Tyler Henritze, time to buy hotels catering to provided details of the deal, occupancy rate across all U.S. Blackstone’shead of acquisi- businesstravelersorluxury team up to buy rare which real-estateexecutives hotels was 44%, according to tions for the Americas. guests. Leveraged bright spot in battered sayisthe largest sale in the hotel data-tracking firm STR. Thelodging sector has been “Resortsare coming back, hotel sector during the Now, as vaccinations roll one of the hardest hit during and abig resort portfolio lodging sector Covid-19 period. out,hiring increases and more thepandemic,which caused would be of interest to us,” Loans Extended Stayisamidprice Americans think about travel- most tourism, conventions, said Starwood Capital Chief BY PETER GRANT hotel chain that focuses on ing again, Blackstone and Star- and business travel to dry up. ExecutiveBarrySternlicht.He AND CRAIG KARMIN lodgingfor guestsinterested wood believeadifferent breed U.S. hotel occupancy, which calls Extended Stay a “bread- BY SEBASTIAN PELLEJERO in staying forweeks or longer, of customer will fill beds in wasclose to 65% just before and-butter investment—this Blackstone Group Inc. and offering kitchen facilities and ExtendedStay’sproperties the pandemic,crateredto22% isn’t glamorous.” Investorsare scooping up Starwood Capital Group have more space than a typical ho- with theeconomybouncing in mid-April, according to He said it is a lodging seg- low-rated corporateloans,fu- agreed to acquirehotel owner telroom. During the pan- back.This group includes con- STR. ment that canattract guests eling arally that is lowering and operator Extended Stay demic,its rooms and suites at- struction workers, contractors While analystssay the hotel across different economic cy- borrowing costsfor highly in- America Inc. for $6 billion, a tracted essential workers, and professionals such as law- industry overall won’t return cles,because thereare always debted companies. bet that ararebright spot for healthcareprofessionals and yers and consultants. to prepandemic revenue levels people who need an affordable Investorspoured morethan the lodging industryduring others who needed to travel. “CorporateAmericaisgo- fortwo to three years, the PleaseturntopageB10 $8 billion intofunds of so- Covid-19 canshine brighter as That business helped Ex- ing to be aheavy investor in growing prospect of an eco- called leveraged loans in Janu- the U.S. emergesfrom the tended Stayachievea74% oc- capital spending and this busi- nomic recovery has some in-  Blackstone plots growth aryand February, according to pandemic. cupancy rate last year, Black- nessisgoing to benefit from vestorsthinking nowisagood strategy for hedge funds.B10 Lipper datafromRefinitiv— the most in morethan two yearsand anotable reversal from morethan $26 billion in Va nguard net outflowslast year. That EV Startups Set Ambitious Goals has helped boost loan prices to around their highest levels Halts Plan sinceNovember 2018,beating BY ELIOT BROWN Companies with little revenue todayproject theywould hit returns on corporatebonds and Treasurys. For China It took eight years $10billion in justafew years. It took Google,Tesla and Companies issuing new to reach $10 billion in sales, Amazon severalyears longer to reach thatmilestone. loans,including web-hosting the fastest ever foraU.S. firm GoDaddy Inc.and race- Business startup.Inthe current SPAC track operator Churchill frenzy, aspateofelectric- Projected revenues forelectric-vehicle companies Downs Inc., aretaking advan- vehicle companies planning recentlypubliclylistedthrough special-purpose tage of the demand, raising a BY DAWN LIM listingsare vowing to beat its acquisition companies record of $110 billion during record—in some cases by sev- thefirst two months of the American financial giant eral years. FaradayFuture year.Other borrowers,such as VanguardGroup has sus- Among the most ambitious consulting firm AlixPartners pended plans to launch amu- areluxury-carmaker Faraday LLP and software company tual-fund businessinChina. Future,U.K.-based electric-van Kofax Inc., have pursued more TheMalvern, Pa., firm told and bus maker Arrival Group, opportunistic loan deals in- staffers in recent days that it and automaker Fisker Inc. tended to payadividend to waspausing months of prepa- Each has disclosed plans to sur- shareholders. rations to sell itsfunds to Chi- passthe $10 billion revenue Therally is notable after nese consumers. Thefirm had mark within three yearsof loans rebounded from the pan- been planning to seek Beijing’s launching sales and production. demic moreslowly than other approval forthe business. Alphabet Inc.’sGoogle was assetslast year.Now,with Arrival The$7. 2trillion asset man- followedbyUber Technolo- Google reached junk-bond yields still hovering ager has foryearsaimed to gies Inc., which hit that mark Fisker $10B in revenue around 4.5%—belowtheir pre- bring low-cost indexfunds to within nine yearsofits first Archer in about 8years pandemic record lows—inves- China, aradical idea in a revenue,and then by Face- tors are turning to leveraged countrywhereinvestorsprize book Inc.and automaker ANNUAL loans because their interest REVENUE ReeAutomotive funds that pick and choose in- Tesla Inc., which surpassed Tesla Amazon paymentsincrease with short- vestmentstobeat mar- $10billion in revenue within $10BILLION term rates. kets.But Vanguardexecutives 11 yearsoffirst generating Unlikejunk bonds,lever- have decided that building a sales,according to aWall aged loans oftenalso are meaningfulpresenceinStreet Journal analysis of backed by aportion of the China’sfund industrywould dataprovided by research company’sassets, providing take longer than they ex- firm Morningstar Inc. additional collateral. pected, people familiar with Twoother companies,Is- Theyield on the benchmark themattersaid. rael-based electric-vehicle 10-yearTreasurynoterecently Theshiftwill result in a component supplier ReeAu- climbed above1.6%toits high- smallnumber of jobs being tomotive Ltd. and Archer est levels since the pandemic eliminated. Aviation Inc., which intends began, powered by investors’ Vanguard’sdecision con- to makeanelectric helicop- expectations for vaccine- and trastswith other Wall Street ter-likevehicle,plan to hit the stimulus-fueledrebounds in firms,which arecontinuing a mark within seven yearsof growth and inflation. push to getBeijing’sap- launching their products. While morethan $8.8 bil- proval to sell their funds to Those two—likeFaraday, Ar- 12345678910 11 12 lion wasflowing intoU.S.mu- Chinese consumers. Vanguard rivaland Fisker—have com- NUMBER OF YEARSFROMZEROREVENUE tual and exchange-traded is betting it canreach Chinese pleted listingsorare in the funds that buy loans in 2021, Notes: Revenue data is forcalendar years; Google, Tesla and Amazon’scurrentrevenue notreflected. ReeAutomotivereported lessthan $1 million individuals another way. processofgoing public by in revenue ayear in multiple recent years, and considers itself ‘pre-revenue’. as of March 4, according to Thefirm is focusing its merging with special-purpose Source:companyfilings Refinitiv Lipper,investors China strategy around aven- acquisition companies,or were pulling $3.7 billion from ture with financial-technology SPACs. Morethan 10 electric- open doorsfor newbrands. cate Tesla’ssuccess have been comparable junk-bond funds firm Ant Group Co.that builds Theforecastsfor record- vehicle or battery companies Much of the enthusiasm, in- choosing SPACs—a speedier during the same period. investment portfolios forcon- setting growth illustratethe that struck deals with SPACs vestorssay,isalso because of alternativetoatraditional Though junk bonds still pay sumers. Theventurefitswith extent of the fervor forelec- have been valued in the bil- the glowfromelectric-vehicle , with outahigher averageyield, Vanguard’sbroader ambitions tric-vehicle startups,particu- lions of dollarsbeforeproduc- maker Tesla’s$679.52billion looser regulatoryrequire- loans aremoresenior in the to grow by providing financial larly forthose going public by ing anyrevenue,asamateur market capitalization. ments—and releasing charts capital structure, putting in- PleaseturntopageB3 merging with SPACs, which tradersand manytraditional While itsstock has fallen to investorsshowing how vestorscloser to the front of areshell firms that list on a investorshaveflocked to the in recent months,Tesla their plans call forthem to the line to getpaid in the stockexchangewith the sole buzzy sector. shares soared morethan grow faster than Tesla did. event of a bankruptcy. purpose of acquiring aprivate Backers sayashiftaway eightfold in 2020. Those projections,which regu- “Ifyou think inflation is INSIDE companytotakeitpublic. from gas-poweredcarsshould Startups hoping to repli- PleaseturntopageB2 PleaseturntopageB2 Danone CEO Departs, Pressured by Holders

BY NICK KOSTOV ShareperformancesinceEmmanuel Faber took over as CEOinOctober 2014 PARIS—Danone SA Chief Executiveand Chairman Em- 100% manuel Faber has stepped down from the yogurt maker 80 afteraclash with investors, AUTOMOTIVE marking a rare victory for ac- GES 60 tivist funds in France’srigid to build IMA six batteryfactories corporate landscape.

GETTY 40 Mr.Faber’s leadership of Nestlé forelectric vehicles thecompany, which makes S/ AS

in Europe. B3 Dannon and Activia yogurts, /T

OV 20 has come under intense scru- Danone tinyinrecent weeks when ac- ILNIK tivist investor Bluebell Capi- AS 0 KR

talPartners in London and V Wisconsin-based investor Ar- –20 ANISLA

tisanPartners called forhis ST ouster,citing the company’s The company’s bottled-water business struggled as sales to 2015 ’16 ’17 ’18 ’19 ’20 ’21 lackluster sharepriceand un- restaurants and bars fell because of widespread lockdowns. Source:FactSet derperforming dairy and wa- ter . Bosetta, who leads the firm’s boardsaid Mr.Faber would Theinvestorswerecritical of Evian and Volvicbrands, Another shareholder,Los international business, and step down as CEO while re- Mr.Faber’s restructuring plan, struggled as sales to restau- Angeles-based CausewayCap- CEOofNorth AmericaShane maining chairman. That ap- announcedinNovember.The rants and bars fell because of ital Management,called for Grant—will runthe company proach didn’t satisfythe activ- plan included areduction in widespread lockdowns. Danone’smanagement to be while asearch foranew chief ist investors, who said the costsof€1billion, equivalent to In February, Mr.Faber held accountable formissing executive is carried out. companyneeded aclean break. $1.2 billion, over the next three pushed back against criticism, BUSINESS targets. “These aredecisivefirst Danone shares rose 2.9% in years, and astrategic reviewof telling financial analysts that The paceof On Monday,Danone said steps towardsputting Danone Mondaytrading.The stock is up Danone’sportfolio. Danone met its margin target storebankruptcies Gilles Schnepp—who joined the back on aprofitable growth 11% sinceMr. Faber took over in TheParis-based company last year and over-delivered boardinDecember—would take trajectory,” Bluebell said. October 2014, lagging behind ri- has been hit hardbythe coro- on cash flow.Healso said that begins to slow over as nonexecutivechairman. Mr.Faber couldn’t be vals such as Nestlé SA,whose navirus pandemic. In particu- Danone had increased market afteradecade high. B5 Twosenior Danone execu- reached for comment. shares have risen 43%, and Uni- lar,Danone’sbottled water shareinanumber of key busi- tives—Véronique Penchienati- Earlier this month, Danone’s lever PLC,which is up 55%. business, best known forthe nesses in 2020. P2JW075000-6-B00200-1------XA

B2 | Tuesday, March 16, 2021 ****** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A D Akamai TechnologiesB10 Daimler...... B4 ...... B10 Alibaba...... A1 Danone...... B1,B3,B11 P Alphabet...... B1,B4 ...... B11 Penn National Gaming Amazon.com...... B4 Discord...... B4 ...... B10 AMC Entertainment.B10 E Procter & Gamble...... B3 American Airlines.....B11 Euronav...... B11 R Apple...... B4 Extended Stay America Archer Innovation...... B1 Rappi...... B10 ...... B1 Arrival...... B1 Ree Automotive...... B1 Artisan Partners.B3,B11 F AstraZeneca...... A1 ...... B1,B4 ...... B2 B Faraday Future...... B1 S Fisker...... B1 Bank of America...... A1 Shaw Communications Frontline...... B11 Bank of New York ...... B2 Mellon...... B1 G ...... B11 Bechtel...... B3 ...... B3 Starwood Capital...... B1 Bilibili...... A6 GoDaddy...... B1 T Blackstone...... B1,B10 I Teekay Tankers...... B11 Blue Bell Capital Partners...... B3,B11 Ionity...... B3 ...... B4 Bumble...... B10 J Tesla...... B1,B3

Twitter...... B1,B4 S C Johnson & Johnson....A7

U PRES Caesars Entertainment JPMorgan Chase...... A1 ...... B10 M Technologies...... B1 TED ...... B11 CIA Causeway Capital Mastercard...... B1 SO Management...... B3 V AS N - O Churchill Downs...... B1 ON/ Vanguard...... B1 News Corp...... B4 Citigroup...... A1 BERS Volkswagen...... B3 Colgate-Palmolive...... B3 Northvolt...... B3 RO ...... B10 W ConocoPhillips...... B10 JEFF Contemporary Amperex NXP SemiconductorsB10 Weibo...... A6 Racetrack operator Churchill Downs is taking advantage of surging demand for leveraged loans. Kentucky Derby winner Authentic. Technology...... B3 Oatly...... B10 Wells Fargo...... A1 recoveredmoreslowly than the firsttwo months of the sparked worries that lever- Investors bondswas because the big- year,according to datacom- aged loans also nowoffer in- gest buyers, who bundle the piled by Barclays PLC,the vestorsdwindling contractual INDEX TO PEOPLE loans intoso-called collateral- biggest start to anyyear since protections against default Snap Up ized loan obligations,got at least2013.Analystsexpect and rising levels of debt rela- A Faber, Emmanuel.B3,B11 Musk, Elon...... B1 caught up in last year’s credit CLO creation to grow from tivetocorporateearnings, Ashley, James...... B10 H N crunch.Manylarge borrowers last year’s volumes,providing possibly impeding borrowers’ B Natale, Joe...... B3 Junk Loans in the loan market didn’t another steady source of loan ability to payback their Henritze, Tyler...... B1 qualifyfor support from the demand. debts. Baker, Gavin...... B2 P I Federal Reserveand instead Some companies have Loans generally don’t pro- Berlin, Keith...... B2 Ives, Daniel...... B4 Piepszak, Jennifer...... A2 Bezos, Jeff...... B4 ContinuedfrompageB1 had to work with lendersto takenadvantage of the recent hibit borrowers from paying R Buckley, Tim...... B3 K coming or ratesare going to renegotiateoramend loan rally to cut interest costs, back debt morequickly than rise,you’regoing to want to terms. which canlead to upgrades expected, allowing them to C Katzke, Susan Roth...A2 Rugoobur, Avinash.....B2 moveupinthe capital struc- This year,CLOs areoff to a and rising loan prices. take advantageofinvestor de- Kirkhorn, Zach...... B1 S - T Crowe, Mike...... B3 ture,” said Keith Berlin,direc- hot start, with issuersselling Some have improved the mand to refinancedebt—a D - F M Schnepp, Gilles....B3,B11 torofglobal fixedincome and morethan $58 billion during terms of their loans.That has movethat canlimit investors’ Sternlicht, Barry...... B1 DeNardi, Joseph...... B11 Ma, Jack...... A1 credit at FEG Investment Ad- returns. Thomson, Robert...... B4 Dimon, Jamie...... A2 Mason, Mark...... A1 visors. Total leveraged-loan issuance, Averaged Around 60% of the $110 bil- Dorsey, Jack...... B1 Moffitt, David...... B2 W Loans have returned over year to date* leveraged-loan price† lion of loans sold during Jan- Durov, Pavel...... B4 Molchanov, Pavel...... B2 Wieser, Brian...... B4 1.8% in 2021, counting price $100 billion 100 cents on thedollar uaryand Februaryhavebeen changes and interest pay- used to refinanceorreprice ments, ahead of the roughly existing debt. 0.4%return on high-yield Loans backing adividend Canada’s Rogers bonds and 10-year Treasurys’ 80 95 paymenttoshareholders, of- minus-5.2%. Loans ratedtri- tenprivate-equity firms,to- ple-C,one of the lowest credit taled $6.58billion as of Feb. rungsbeforedefault, have led 60 90 9, the most during anycom- To Buy Rival Shaw the rally,returning morethan parable period since2017and 5.7% to investorsduring the the second-highest tally in same period. 40 85 datagoing back to 2010. In $16 Billion Deal Manyinvestorslook to the As moreretail money flows loan market as abarometer of intothe market, pushing up credit conditions,sincedeals prices,institutional investors 20 80 BYVIPAL MONGA 49 cities,behind Spain, the tend to involvedebt-laden areincreasingly challenged to U.K.,and South Korea, accord- companies with lowcredit find loans with long-term po- Rogers Communications ing to telecommunications ser- ratings—a combination that tential, said David Moffitt, co- Inc. has agreed to buy Shaw vices firm Viavi. China, with 5G tends to deter lending when 0 75 head of U.S. credit manage- Communications Inc. for in 341 cities,had the most de- people getnervous about the 2005 ’10 ’15 ’20 2014 ’20 ment at Investcorp. about$16 billion, combining ployments, followedbythe future. *Data is from Jan. 1through Feb. 11 †Data is from S&P LTSA Leveraged Loan IndexasofMarch 4 “Thingsseem to be priced two of Canada’slargest com- U.S.,with 279. One reason the loan market Source:LCD,adivision of S&P Global Intelligence to perfection,” he said. munications companies and Thecompanies’ investment setting up aregulatorybattle promises areatransparent tac- over adeal aimed at speeding tic to gain regulators’ sympa- funding early in their lives— LP.“It’smassproducing high- it’saloophole,” said Robert up the country’srollout of thy, said LauraTribe,executive Startups’ to awealth of suppliersthat quality,reliable cars that’s Jackson, aformer commis- fifth-generation wirelessser- director of consumer advocacy canmakeproduction easier. hard.” sioner with the U.S. Securities vice. group OpenMedia, which op- SimonSproule,aspokes- Startups that publicly list and ExchangeCommission Consumer advocates argue posesthe transaction. Ambitions manfor LosAngeles-based through SPACsfacedifferent and aprofessor at NewYork that the wireless-servicebusi- “It’sprettyclear that this is Fisker,said the company’s regulations around forecasts University’s lawschool. He nessinCanada is already too intended to makethis an eas- plan to rely on third-party than IPOs because the deals said regulatorsshould makeit concentrated among a few ierpill to swallow,” she said. Run High manufacturerstobuild its areofficially mergers,not moredifficult forcompanies companies,and the tie-up will “The 5G investment is ared cars will allowittoincrease public offeringsthat facea to publicly offer such projec- lead to fewerchoices. herring.” She said the compa- manufacturing far faster than higher level of scrutinyfrom tions. Rogers and Shaw, in an- nies should not wait foradeal ContinuedfrompageB1 Tesla did, while itsinitial ve- regulators. Some SPAC managershave nouncing their deal Monday, to be approved to invest lations strongly discouragein hicle is aimed moreatthe This dichotomyhas raised hailed the ability to provide promised that aftermerging money intorural connectivity. IPOs,are another important massmarket. concerns among some venture projections, saying they help they would invest C$2.5billion Manyremotetowns and vil- factor in howinvestorsvalue “The addressable market capitalistsand otherswho say startups communicatetheir ($2.0billion) in 5G networks lages don’t have anyaccessto the emerging companies.Ex- we’regoing intoismuch, the inherently speculative vision to investors. over the next five yearsacross affordable internet today, she pectations of growth tend to much bigger” than Tesla’s, he forecastscan contributeto Regulatorsare paying at- Western Canada, and invest argued, asituation that needs lead to higher valuations. said. hype around acompanythat tention. Officials from the another C$1 billion ($800 mil- to be remedied even without a Theextraordinaryaspira- Arrival, which plans to go it wouldn’t receiveinanIPO. SEC last week indicated they lion) to connect ruraland in- deal that will reducethe num- tions and the lofty valuations from no revenue this year to “The real problem hereis arestepping up scrutinyof digenous communities to high- ber of providersavailable to have caused some analyststo $14billion in 2024byselling it’saregulatoryarbitrage— the SPAC market. speed internet. consumers. saythe forecastsare electric buses and delivery Themoves would help rural “Lack of internet is abig unrealistic. vans,isbetting that operators communities getbetterinter- barrier to participating in ev- PavelMolchanov, an ana- of large fleetsofthe vehicles ADVERTISEMENT net access, bringing them eryday life,” she said. lyst at Raymond James who will quickly transition to elec- moreinline with what is avail- In terms of 5G,manycom- covers the clean-tech sector, tric amid broader government The Marketplace able in urban centers, Rogers panies have argued that shared effortstoreduceemissions. Chief ExecutiveJoe Natale infrastructurecould speed up “Webelievethis is an in- To advertise: 800-366-3975orWSJ.com/classifieds said, and would also increase deployment. In China, two of Lofty valuations flection point forrapid adop- the overall competitivenessof the country’s state-owned tion of millions of electric ve- PRODUCTS Canada’seconomy. wirelesscarriersare jointly have caused some to hicles,” said Avinash “The conversation is really building a5Gnetwork,apart- say the forecasts are Rugoobur, Arrival’spresident. about nation building,” he said nership to save costsand Otherswith forecastsfor during acall with analysts. speed up construction. In ar- unrealistic. rapid growth include Joby Thedeal, which would re- guing forthe U.S. government Aviation, which estimates it moveCanada’sfourth-largest to approveits mergerwith will have $20 billion in reve- wirelessprovider from athin Sprint in 2019,the head of T- nue in about 10 years, and competitivelandscape,will be Mobile said the mergerwould said allofthese projections electric-car maker Lucid Mo- scrutinized by three federal speed up the nation’srollout need a“haircut.” tors Inc., which plans to reach government agencies,includ- of 5G and let the countrykeep Even with governments $22billion in sales by 2026. ing the competition bureau, pacewith China’sdeployment. around the globe pushing Lucid has already generated the Canadian telecommunica- Thesuperfast speed of 5G, consumersaway from gaso- some revenue from battery tions regulator and the depart- about 100 times faster than 4G, line-poweredcars, thereisset sales and is launching itsfirst ment of industry. is expected to unlock newtech- to be awaveofnew electric carthis year. Industryminister François- nologies,such as driverless cars that could overwhelm Beforethe companies deal Philippe said the cars,-run factories and consumers, Mr.Molchanov with demand, some investors government would focus on af- internet-connected everyday said. “I think thereistoo sayastumbling block could fordability,competition and in- objects, such as pacemakers. much optimism about de- come from manufacturing,a BUSINESSOPPORTUNITIES COMMERCIAL REAL ESTATE novation in analyzing the deal. —Jacquie McNish mand,” he said. particularly challenging en- As of February, Canadian and Stu Woo Thecompanies and their deavorgiven the complex '%$#*&( &!#(" "($%"%#' companies had deployed5Gin contributed to this article. backerssay they faceafar autosupply chain. !=E1@3, &$#!%'*3..3EA;6?A2 different market than the Gavin Baker,alarge inves- "E3+A=:<10/B3<1 C3<- 73;ED1, &

S relatively few buyerstoreach than Tesla did” afterit THE MARKETPLACE

PRES sales figuresinthe billions, launched itsModel S. ,& +*$(" !' %+#) '!$ "+%( ADVERTISE TODAY they say. “It is easy to makePower-

UMA $B+*.775D@?"9 F.45 ?4 6E5 *?6H./ (800)366-3975 /Z Further,they say, the elec- Point slides; it’srelatively %"D"6.)" %ID?4)A'#G (J@599546 /.D tric-vehicle market has ma- easy to makeafew "I"D67546 :5K59.I7546= 7?4065A /D.7 Formoreinformation visit: ANLEY tured significantly sinceTesla prototypes that look good and 6E5 6E.D.0)E!D5: D"@5 6D"@< "4: &6 2>= wsj.com/classifieds ST wasbeginning,opening up drivewell,” said Mr.Baker, 9"D)5 AE.II?4) 7"99 "@D.AA 6E5 A6D556G YNE 8+3-=CCC;" @D5-,2B+31BC->- ©2021Dow Jones &Company,Inc. BA the startups—manyofwhich nowthe chief investment offi- All Rights Reserved. Rogers’s purchase of Shaw could bring expanded 5G technology. have raised sizable chunks of ceratAtreides Management P2JW075000-6-B00300-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, March 16, 2021 | B3 BUSINESS NEWS Vanguard Calls Off China Plan

ContinuedfrompageB1 adviceatafraction of rivals’ costs. Vanguardsaid it be- lieves the firm canoffer inves- tors morevalue by delivering financial advicethrough the venturerather than competing in acrowded fund market. Vanguardistaking itself out of the running foraChi- nese mutual-fundlicense as U.S.-China trade tensions rise. Thefirm’ssuspension of its plans makes clear that forall the allureofChina’smom-and- pop market, the world’ssec- ond-largest asset manager won’t jump in at anycost.

Vanguardwill have to deal GES

with apotential complication, IMA as it doublesdownonits ven- ETTY

turewith Ant. TheChinese /G firm is under regulatorypres- UETER

sureand revamping itsentire HL

business. SC

“Webelievethereisaclear JENS opportunity to meet the grow- Workers on an assembly line for VW ID.3 electric cars in Zwickau, Germany. The company aims for electric vehicles to make up 75% of its new-car sales by 2030. ing demand forprofessional advisory services in China by focusing on our joint venture with Ant at this time,” said VW InvestsinBattery Production VanguardChief ExecutiveOffi- cerTim Buckley. Thefirm said it would BY WILLIAM BOSTON plant in Ohio with Korea’sLG ter, Germany. The auto maker battery cells,potentially imped- running their owncharging maintain ateam in Shanghai Chem Ltd. and recently said it aims to take control of the ing production—as has recently networks.But with limited to support the venture, moni- BERLIN—Volkswagen AG is exploring building asecond Salzgitterbattery plant to ex- happened with ashortageof charging opportunities often torthe market and develop its said it would invest in six plant. pand it and manufacture bat- semiconductors.European elec- holding consumersback, business. largebattery factories and Volkswagen, the world’s teries forits mass-volume tric-vehicle production, he said, Volkswagen has shifted gears “Vanguardmaintains its build out charging infrastruc- largest car maker, announced brands in a move that it says could outpacebattery supply andannounced plans to oper- long-term commitment to the ture, highlighting some global a shift in strategy on Monday could achieve cost savings of this year,meaning European ate18,000 public fast-charging China market,” Mr.Buckley automakers’ push to take con- that would see it take control up to 50%. automakersmight need to rely stations in Europe by 2025. said,“and is confident in its trol of battery making as elec- of battery production and By the end of the decade, on Asian imports. In addition to the com- abilitytocontinue leveraging tric vehicles boom. high-speed charging networks Volkswagensaid it planned to Asian battery manufactur- pany’sexisting European joint itstime-tested investment The world’s automotive in- in coming years. build four additional battery ersare building and expanding venture Ionity—which also in- philosophy and approach to dustry is pivoting to electric The first step is a restruc- factories in Europe to securea battery capacity in Europe. volves BMWAG, Ford Motor fundamentally changefor the vehicles to meet newemis- turing of its partnership with total of at least 240 gigawatt China’s ContemporaryAm- Co., and Daimler AG—the total betterhow individuals in sions requirements and rush- Northvolt AB,the Swedish hoursofbattery capacity as it perex TechnologyCo. is includes 8,000 fast-charging China invest.” ing to establish the vast infra- battery startup in which seeks to boost electric cars to building aplant in Germany, stations in Europe that Volks- SinceChina began letting structure—from battery Volkswagen took a 20% stake 75%ofits newcar sales by while LG Chem has expanded wagensaid it would build with foreign firms apply formu- factories to charging net- in 2019.The German auto 2030. operations in Poland. Another BP PLC,half of which would tual-fund licenses of their own works—needed to sustain the maker will increase itsstake in “Weaim to reducethe cost Korean battery maker, SK In- be at BP and Aral filling sta- last year,major firms have growing market. Northvolt and order an addi- of the battery and at the same novation Co., has plans to tions.InItaly,Volkswagenwill tried to showBeijing they are Demand forelectric vehicles tional $14 billion of batteries time increase itsrangeand build athirdplant in Hungary. team up with Enel SpAand in all in. has soared in Europe thanks to from the companythrough performance,” said Thomas Volkswagen’sbid to build Spain with Iberdrola SA. BlackRock Inc.has received generous government incen- 2030.Northvolt will produce Schmall, thecompanyboard batteries is one of the biggest That is on topofthe German preliminaryapproval to start a tives forbuyers, making it the high-end batteries forVolks- member in charge of technol- effortsinthe autoindustryto automaker’s ElectrifyAmerica mutual-fund business. Firms world’slargest market forthe wagen’s premium cars. ogy and components. securesupply and increase venturetobuild 3,500 charging including NeubergerBerman battery-poweredvehicles.In Meanwhile,Volkswagenwill Tim Bush,ananalyst with control of the technology. stations in North Americaand and Fidelity International have the U.S., General Motors Co.is acquireNorthvolt’sstake in UBS, said the autoindustry With the exception of Tesla itstargetof17,000 fast-charg- pending applications. building a$2.3billion battery their joint venture in Salzgit- could soon faceshortages of Inc., most auto makers aren’t ing stations in China. Consumer Goods Companies Aim to Build Smart Gadgets

BYJOHN MCCORMICK

Consumer-packaged goods companies,inapush to de- velop moreconnected devices,

aredeploying their informa- CK tion technologytalent, experts TO in and app-

building,towork alongside re- SHUTTERS

search and development A/ groups to design and build /EP new products. URENT

“In this world of the Inter- LA net of Things…wherewe’ve

gotsoftware embedded, it is ETIENNE somewhat of ano-brainer Procter & Gamble’s Lumi by Pampers connected diaper system. that we need to combine those skills all together,” said the physical product, while competencealone,doesn’t MikeCrowe,chief informa- membersofthe IT team devel- work,” said Procter &Gamble tion officeratColgate-Pal- oped the underlying applica- Co. CIO Vittorio Cretella. molive Co. tion,including the machine LikeColgate, the consumer- Recentproductsinclude a learning that analyzesthe data packaged goods companyalso smart toothbrush introduced to makerecommendations.“It has itsITand R&D teams last year that is designed to is really about maximizing the working together,creating its makerecommendations on use of the combined skills,” ownsmart toothbrush as well howaperson could brush bet- said Mr. Crowe. as the Olay Skin Advisor per- ter. ColgateR&D staffers “The IT function as asepa- sonalizedskin-careanalyzer, worked on the brush head, rate entity,operating as aser- and the Style Advisor sensorsand other aspectsof viceoracentral center of facial- style assistant. Engineer Steered Bechtel Through Oil Bust,Furor Over Arab Dealings

BY JAMES R. HAGERTY SanFranciscoarea, oil plat- gime in the 1980s.Mr. Bechtel forms in the North Sea and liq- responded: “Ifwethink our cli- Stephen D. Bechtel Jr., who uefied natural gasplantsinAl- ent is of poor character or expanded the global reach of geria, the United Arab does unethicalthings, we hisfamily’s giant engineering and Indonesia. The won’t work forthem.” and construction companyas companyhelped clean up the Thecompany’slong history chief executivefrom1960 to ThreeMile Island nuclear reac- under one family wassome- 1990,died Mondayathis home torsiteafter the 1979 accident times seen as an advantagein in SanFrancisco, Bechtel Corp. there. In 1990,Bechtel was dealing with monarchies.“The announced. He was95. called in to help sort out prob- Saudi royalfamily likes dealing An engineer and grandson lems in constructing the Chan- one dynasty to another,” a of thecompany’sfounder,Mr. nel Tunnel between Britain and Bechtel engineer told TheWall Bechtel kept a France. Street Journal in 1984. OBITUARY lowprofile Revenue expanded 11-fold His grandfather,Warren A. STEPHEN D. while steering during his three decades at the Bechtel, who founded the com- BECHTEL JR. the company helm, said Bechtel, which re- panyin1898,deployedamule 1925-2021 through con- ported revenue of $21.8billion team to help build railroads in troversies over in an annual report released Oklahoma Territory. His father, itsties with Arab nations and last year. Stephen Davison Bechtel, ran aslump in the mid-1980s, In 1976,the JusticeDepart- the companyfrom1935 to 1960 when the oil bust slashed or- ment allegedthat Bechtel had and oversawprojectsincluding ders from the Middle East. illegally complied with the the Hoover Dam and the San Under his watch, the com- Arab League boycottofIsrael. Francisco-Oakland BayBridge. pany’s projectsincluded the Bechtel settled the complaint His son, Riley P. Bechtel, Jubail Industrial City and King without admitting or denying took the reins of the company Khalid International Airport in guilt. Bechtel also faced criti- in 1990.The current CEO is a , the BayArea cism fordoing projectsinIraq fifth-generation family mem- Rapid Transit system in the under the Saddam Hussein re- ber, Brendan P. Bechtel. P2JW075000-2-B00400-1------XA

B4 | Tuesday, March 16, 2021 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Telegram Finds Growth Is Pricey News Corp Reaches App to issue more brought in $1.7billion.Some in- vestorssaid they had bought in than $1 billion of debt because it wasthe next best Deal With to fund operations and thing to equity—which Mr.Du- rovwasn’t willing to sell. repay its creditors TheSecurities and Exchange Facebook Commission sued Telegram in BY SAM SCHECHNER late2018 beforeitcould issue BY MARIA ARMENTAL thecurrency, arguing the com- Telegram is riding high, add- panywas illegally selling securi- News Corp said Monday it

ing tens of million of usersthis GES ties,which Telegram denied. has reached adeal to let Face-

year.Now the bill is coming due. IMA During the lawsuit, the SEC said book Inc.featurenewsinAus- Themessaging serviceand Telegram funded morethan tralia from some of the media ETTY

social-media platform owes /G 90% of itsoperating costsusing company’s properties, includ- creditorsroughly $700 million the investors’ cash. ing national RBIS

by the end of April, according to CO Telegram settled the case, . people briefed on itsplans and S/ agreeing to payan$18.5 million Thethree-year deal follows PRES

loan documentsviewedbyThe P. fine in June 2020.Telegram re- an agreement reached in Octo-

Wall Street Journal. At the same AO funded all of the remaining ber 2019 involving News Corp time, Telegram Group Inc. U/ funds to investors, which at the publications in the U.S.,in- must coverrising equipment time amounted to 72%ofthe to- cluding The Wall Street Jour- ONDEA

and bandwidth expenses be- BL tal, the spokesman said. nal and other Dow Jones me- cause of itsrapid growth, de- Some of those who had in- dia properties.

spitegoing yearswithout at- MANUEL vested saythey felt burned. But “The agreement with Face- tempting to generaterevenue. ‘A project of our size needs at least a few hundred million dollars per year to keep going,’ owner Mr.Durov offered non-U.S.in- book is alandmark in trans- Telegram is one of the few wrote in his public channel on Telegram late last year. vestorsthe ability to convert forming the terms of trade for significant challengerstoFace- their refunds intoone-year journalism, and will have a book Inc., on atrajectoryto- equipment and bandwidth costs loans that, with interest fac- material and meaningfulim- ward one billion usersactive aregrowing because it has con- Targeted Strategy refusal to collect and share toredin, would pay110% of pact on our Australian news each month by the end of 2022, sistently posted morethan 40% data about its users, because their initial investment on April businesses,” News Corp Chief up from roughly 550 million to- year-to-year growth in users. To AdsMay Be Used performance marketing re- 30,2021, according to acopy of ExecutiveRobert Thomson day. Telegram offerspublic-facing quires detailed analytics, Mr. aloan agreement viewedbythe said.“This digital denouement But firstPavel Durov, the channels,which aresomething Wieser said. Journal. Those loans arenow has been more than a decade Dubai-based Russian émigré likeacross between Twitter Rather than sell ads itself, “It’snot enough to know valued at roughly $700 million, in the making.” who owns Telegram, needs to feeds and chat rooms,aswell as Telegram said it is likely initially youcan get abillion impres- according to the people briefed Thecompanydidn’t dis- figure out howtoconvert his encrypted communications that to use an agency model by sions overthe course of a on Telegram’splans. close the deal’sfinancial app’smomentum intoaself-sus- areprivate. which it would strikedeals with month,” he said. “You need to TheTelegram spokesman terms. taining business. Messaging apps aresurging outside companies in different have aprocess to execute said the losses by some inves- Australia has passed legis- “A project of our sizeneeds in popularity,but their business regions to handle sales on com- againstthose impressions.” tors were regrettable,but added lationthat would effectively at leastafew hundred million models remain uncertain. Face- mission. Telegram owner PavelDurov that investorswerewarned of requirecompanies likeFace- dollarsper year to keep going,” book’sWhatsApp still doesn’t Large, brand-sensitivecom- said lastmonth thathebe- regulatoryrisks.Torepayits book and Alphabet Inc.’s Mr.Durov wroteinhis public delivermeaningfulrevenue for panies mightbewary of ap- lievesthe use of user data to creditors, Telegram is selling Google to paypublishersfor channel on Telegram latelast the social-media company, and pearing on aplatform that target advertising is immoral. five-year bonds that pay content. Last month Facebook year.“While doing that, we will recently announced apush for prides itself on refusing to co- The Telegram spokesman said roughly 7% or 8% ayear,the blacked out news in the coun- remain independent and stay businesses to use the app for operatewith governments, and advertisers will instead be able people briefed on the company’s tryfor five days amid aspat true to our values,redefining customer service. Chat startup whereitiseasytofind hate to target ads by selecting top- plans said, with asweetener with the government over that howatech companyshould op- Discord Inc.generated $130 speech and conspiracy theories, ics, or even by aspecific chan- that thosewho buy the bonds proposal. Facebook reached a erate.” million in revenue last year by said Brian Wieser, the head of nel in which to showads. would have apreferred alloca- deal to restorenewsonits To paythe bills,Mr. Durov is sellingpremium subscriptions businessintelligenceatmedia- “Telegram intends to dem- tion at a10% discount to the platform and gotsome issuing investors$1billion to to users,but isn’t profitable. buying conglomerateGroupM. onstratethatprecise, context- listing priceifTelegram goes changes to the legislation. $1.5billion of companydebt, Telegram will have to con- Even marketers aimed at basedadvertising is notonly an public. ThelatestNewsCorp deal with the promise of discounted vinceadvertisers that itsaudi- driving clicks and sales—rather ethical alternativetotargeted Whether Mr.Durov will bring also involves the news.com.au equity if the companygoes pub- ence is broad, which could be a than building a reputation— advertising, but can be justas his companypublic remains to news site, metropolitan mast- lic,the people briefed on the challengefollowing reportsthat might struggle with Telegram’s efficient,” the spokesman said. be seen. Several investorssaid heads likethe Daily Telegraph planssaid. He also announced far-right groups and whitesu- they doubt he would want to re- in NewSouth Wales,Herald plans to start selling ads in pub- premacistsflocked to the app linquish anycontrol. In aTele- SuninVictoria, the Courier- lic Telegram channels as soon afterbeing banned from other is likely to focus initially on channels,including automated gram message, Mr.Durov told Mail in Queensland and re- as laterthis year,aswell as of- platforms.Mr. Durov also will Asia,Eastern Europe and the monitoring systems and manual the Journal that he preferred an gional and community publica- fering other premium services have to satisfy Apple Inc.and Middle East. He added that review. In late2017, Telegram IPO to funding from venture- tions, the company said. forbusinesses and users. Alphabet Inc.’s Google that the Telegram has aworking rela- begansoliciting investmentsin capital firms.“Going public is Australia, mean- ATelegram spokesman de- appcan rein in threatsofvio- tionship with Apple and Google anew cryptocurrency. Thecom- an open and democratic way of while, reached an agreement clined to comment on the bond lenceand coordination of illicit forcontent moderation. panyeventually sold about 200 raising capital, which is morein with Facebook that extends issue or the amount of the debt activities such as drug sales. Thespokesman said the com- investorsearly access to the line with our values,” he said. and“significantly builds” on the companyhas due.The TheTelegram spokesman panynow “employs arobust currencyunits—known as —Jeff Horwitz an existing arrangement, the spokesmansaid Telegram’s said the company’sadstrategy moderation system” forpublic grams—in two rounds that contributed to this article. company said.

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THE WALL STREET JOURNAL. Tuesday, March 16, 2021 | B5 BUSINESS NEWS

This announcementisneither an offertopurchasenor asolicitation of an offertosellShares(as defined below). TheOffer (asdefined below)ismadesolelypursuanttothe Offerto Purchase(as defined below), datedMarch 16,2021, and therelated Letter of Transmittal(as defined below)togetherwithany amendments or supplementsthereto.The Offer is beingmadetoall holdersofShares. TheOffer is notbeing madeto(norwill tendersbeaccepted from or on behalfof) holdersofSharesinany state in which themaking of theOffer or theacceptancethereof wouldnot be in compliancewiththe securities, blue skyorother laws of such stateorany administrative or judicial action pursuantthereto.Purchaser (asdefined below)may,inits discretion,takesuchactionasitdeemsnecessary to make theOffer to holdersofSharesinsuchstate. Notice of OffertoPurchasefor Cash AllOutstanding Shares of Common Stock of S PRES ZUMA

N/ TheMichaelsCompanies,Inc. LO

AVA at

DOKKEN/ $22.00 NetPer Share by TERJE Guitar Center wasone of the chains filing forchapter 11 sincefall. MagicMergeCo,Inc. StoreBankruptcies awhollyowned subsidiary of Begin to Fall Off MagicAcquireCo,Inc. MagicMergeCo,Inc.(“Purchaser”),aDelawarecorporation andawhollyowned subsidiary of MagicAcquireCo,Inc.(“Parent”), aDelaware corporation,isofferingtopurchaseall of theissuedand outstandingsharesofcommon stock, parvalue $0.067751per share(“Shares”), of TheMichaels Companies, Inc.,aDelawarecorporation (“Michaels”),ataprice of $22.00 perShare,net to thesellerincash, withoutinterest thereon andless any AfterDecade High applicable withholdingtaxes (the “Offer Price”), upon theterms andsubject to theconditionsset forthinthe OffertoPurchase, datedMarch 16,2021 (together with anyamendmentsorsupplements thereto,the “Offer to Purchase”), andinthe relatedletteroftransmittal (together with anyamendments or supplements thereto,the “LetterofTransmittal”, andtogetherwiththe OffertoPurchase, the“Offer”). Followingthe consummation of theOffer,and BY SOMA BISWAS were able to avoid chapter 11 subjecttothe conditionsdescribed in theOffer to Purchase, Purchaser intendstoeffectthe Merger described below. did so through a combination Thepaceofbankruptcy fil- of outside capital, faster deci- THEOFFER ANDWITHDRAWALRIGHTSWILLEXPIREATONE MINUTE AFTER11:59 P. M.,NEW YORK ingsbymajor retailershas sion making and agile opera- CITY TIME,ONAPRIL 12,2021, UNLESS THEOFFER IS EXTENDED OR EARLIERTERMINATED. slowedmarkedly sincethe fall, tions,” said David Berliner,a according to a report by pro- partner in BDO’srestructuring Thepurpose of theOffer is forParent, through Purchaser,toacquire all of theequityinterestsin, Michaels.Certain equity fundsmanaged by Apollo fessional services firm BDO and turnaround services prac- Management IX,L.P.control both Parentand Purchaser. TheOffer is beingmadepursuanttothe Agreementand PlanofMerger, datedasofMarch 2, 2021,among Parent, Purchaser andMichaels(together USALLP. tice. with anyamendmentsorsupplements thereto,the “MergerAgreement”).The Merger Agreementprovides, amongother things,thatassoonaspracticable Last year wasthe biggest As the Covid-19 pandemic after theconsummationofthe Offerand providedthatthere arenolegal restraints preventing or prohibiting theMerger, Purchaser will mergewithand forretail bankruptcies since swept the country, retail fail- into Michaels (the “Merger”)inaccordance with theprovisionsofSection 251(h) of theGeneral Corporation Lawofthe StateofDelaware(the“DGCL”) the aftermath of the financial ures and storeclosure hit are- with Michaels continuing as thesurviving corporation in theMergerand as awhollyowned subsidiary of Parent. Because theMergerwillbegovernedby crisis in 2010, as 2020 gener- cord in the firsthalf of last Section 251(h) of theDGCL, assuming therequirementsofSection 251(h) of theDGCLare met, no Michaels stockholdervotewillberequiredtoadopt ated 35 largechapter 11 filings year.Iconic chains likeJ.C. theMergerAgreement andconsummatethe Merger.Asaresultofthe Merger,eachShare issued andoutstanding immediately priortothe effectivetime compared with the previous Penney Co., Neiman Marcus of theMerger(otherthanSharesirrevocably acceptedfor purchase by Purchaser in theOffer,heldinthe treasury of Michaels or ownedbyany direct or peak of 48 adecade earlier, Group Ltd., Pier 1ImportsInc. indirect wholly ownedsubsidiaryofMichaelsand each Shareowned by Parent, Purchaser or anydirectorindirectwhollyowned subsidiary of Parent, according to the BDO report and Brooks BrothersInc. or by anystockholdersofMichaelswho have properly exercised theirappraisal rights underSection 262ofthe DGCL) will at theeffective time of the released Monday. sought court protection, hob- Merger be cancelledand convertedintothe righttoreceiveanamountofcashequal to theOffer Price. On March2,2021, theboard of directorsofMichaels(the“Michaels Board”)unanimously(a) determined that theMergerAgreement and But the paceofretail bank- bled by restrictions on nones- thetransactionscontemplated thereby,including theOffer andthe Merger (the “Transactions”), arefairtoand in thebestinterestsofMichaels ruptcies slowedtoward the sential shopping as stuck-at- andMichaels’ stockholders, (b)declareditadvisable to enterinto theMergerAgreement,(c) authorized andapproved theexecution,delivery and end of 2020,with only six home workersdressed down performancebyMichaelsofthe Merger Agreementand theconsummationofthe Transactions and(d) resolvedtorecommend that thestockholders chains with more than 25 anddid moreoftheir shop- of Michaels acceptthe Offerand tender theirSharestoPurchaser pursuant to theOffer. stores seeking protection un- ping online. TheOffer is notsubject to anyfinancingcondition.The Merger Agreementprovidesthat, amongother things,the Offerisconditioned upon (a) there der chapter 11, including Gui- Butstore closing plans by beingvalidly tenderedinthe Offerand notwithdrawn in accordance with theterms of theOffer,anumberofSharesthat, together with thenumberofShares tarCenter Inc.and Francesca’s large retailers, including some then ownedbyParentand itsaffiliates (ifany), representatleast amajorityofthe number of all then outstandingShares(the“MinimumCondition”),(b) the HoldingsCorp., in the fourth in bankruptcy, slowed signifi- applicable waitingperiodunder theHart-Scott-RodinoAntitrust ImprovementsAct of 1976,asamended,havingexpired or beenterminatedand approval quarter. cantly in the second half of under(or theexpirationortermination of thewaiting period andthe issuance of anoaction letter under) theCompetition Act(Canada),(c) theabsence Retailerfilingshave last year to atotal of 4,900 of legalrestraintsonPurchaser’s ability to acceptand payfor Shares tenderedintothe Offer, and(d) thesatisfaction or waiver by Purchaser of theother conditionstothe Offer, as setforth in theMergerAgreement (eachsuchcondition,an“OfferCondition”and,collectively, the“OfferConditions”). Following dropped off further this year, announced storeclosures, theconsummationofthe Offer, Purchaser intendstoeffectthe Merger as promptlyaspracticable pursuant to Section 251(h) of theDGCL. with only two retailers, Chris- down from 10,000 during the Subjecttothe applicable rulesand regulationsofthe U.S. Securities andExchange Commission (“SEC”)and theterms andconditionsofthe topher &Banks Corp.and first half of 2020. Merger Agreement, Purchaser expressly reserves theright to waive, in wholeorinpart, anyOffer Condition or modify theterms of theOffer.The Merger L’Occitane International SA’s Still, many retailers antici- Agreementprovides, subjecttothe termsand conditionsset forththerein,thatPurchaser:(i) will extend theOffer forany period required by anyapplicable U.S. division, joining the list. patecontinuing to shrink their rule,regulation, interpretationorposition of theSEC or itsstaff or Nasdaq or as maybenecessarytoresolve anycommentsofthe SECorits staffor “The decline in filingsafter footprints. In asurvey of chief Nasdaq;(ii)willextendthe offeronone or moreoccasionsinconsecutive increments of up to ten(10)businessdayseachif, as of anythen-scheduled Labor Day2020 indicates that financial officers at retailers, OfferExpirationTime(as defined in theIntroduction of theOffer to Purchase),any OfferCondition is notsatisfiedand hasnot beenwaived,unless the retailersinseveredistress BDO found 40% arere-evaluat- sole unsatisfied condition is theMinimum Tender Condition (asdefinedinSection 15—“CertainConditionsofthe Offer” of theOffer to Purchase),in likely have already filed or re- ing their storefootprint, ac- whichcasePurchaser will notberequiredtoextendthe Offerfor morethanfive (5)consecutive periodsoffive (5)business days each;and (iii)may extend structured, and those who cording to the report. theOffer forone or anynumberofsuccessiveperiods of up to five(5) business days each if,asofathen-scheduledOffer Expiration Time (x)all of the OfferConditionshavebeensatisfiedorwaived,(y) thefullamountofthe debt financing necessarytopay theamountnecessarytofundthe transaction considerationhas notbeenfundedand will notbeavailable to be funded at theconsummationofthe Offerand at closingand (z)Purchaser andParenthave providedMichaelswithanoffer extension notice in accordance with theMergerAgreement andcertain otherconditionsare then met. Theofferingperiodofthe Offerwillexpireatone minuteafter 11:59p.m., NewYork City time,onApril 12,2021, unless theOffer is extended Protections Are Urged or earlierterminatedbyPurchaser (the “ExpirationDate”)inaccordance with theMergerAgreement.Sharestenderedpursuanttothe Offermay be withdrawnbyfollowing theproceduresset forthinSection 4—“WithdrawalRights” of theOffer to Purchasefor withdrawingSharesinatimelymanner, at anytimeonorprior to theExpirationDate, and, if notpreviouslyacceptedfor paymentatany time,after May15, 2021 pursuant to theSEC regulations. For Retirement Savings Notwithstanding theforegoing, withoutMichaels’ writtenconsent,Purchaser andParentwillnot extend theOffer,and withoutPurchaser’s and Parent’sprior writtenconsent,Purchaser andParentwillnot be required to extend theOffer,ineachcase, beyond theearlier of oneminuteafter 11:59p.m. on July 2, 2021,New York City Time (orthe date fivebusiness days after thescheduled enddateofthe marketingperiodifthe marketingperiodhas begun Against Cyber Robbery butnot yetended as of such date)(such date,asextended, the“OutsideDate”)orthe validtermination of theMergerAgreement. If Purchaser andParentextendthe time period of theOffer,thisextension will extend thetimethatyou will have to tender your Shares. Anyextension of theOffer,waiver, amendmentofthe Offer, delayinacceptancefor paymentorpayment or terminationoramendment of theOffer will BY ANNE TERGESEN tirement industryhavesaid be followed,aspromptlyaspracticable,bypublicannouncementthereof,the announcement in thecaseofanextension to be issued notlater than 9:00 a.m., therehas been arise in online NewYork City time,onthe next business dayafter thepreviouslyscheduled Expiration Date. Citing databreaches in theft of both 401(k) partici- Purchaser is notproviding forguaranteeddeliveryprocedures. Therefore,Michaelsstockholdersmustallow sufficienttimefor thenecessarytender multiple industries,the U.S. pants’ personal information procedurestobecompleted during normalbusiness hoursofThe DepositoryTrust Company, whichisearlier than oneminuteafter 11:59p.m., NewYork Government Accountability Of- and savings in recent years. City time,onthe Expiration Date.Inaddition,for Michaels stockholders whoare registeredholders, theLetterofTransmittal,properly completed and fice on Monday called on the About $11.3trillion is in in- duly executed,togetherwithany required signatureguaranteesand anyother documentsrequiredbythe Letter of Transmittal(or in thecaseofabook- Labor Department to step up dividual retirement accounts, entrytransfer, an Agent’sMessage(as defined in Section 3—“Proceduresfor Accepting theOffer andTendering Shares”ofthe OffertoPurchase) in lieu protections forinvestorsinre- and 401(k)-like accounts hold of theLetterofTransmittal andsuchother documents) must be received by theDepositaryand Paying Agent(as defined below)prior to one minuteafter tirement plans against the $9.3 trillion. 11:59p.m., NewYork City time,onthe Expiration Date. growing threat of cyber theft. Recent court cases, involv- In order to tender your Shares in theOffer,you must (a) followthe proceduresdescribed in Section 3—“Proceduresfor Accepting theOffer and TenderingShares” of theOffer to Purchaseor(b) if your Shares areheldthrough abroker, dealer,commercialbank, trustcompany or othernominee In areport on the cyberse- ing hundreds of thousands of (collectively, a“Nominee”), contactsuchNominee andrequest that they effect thetransaction foryou andtenderyourShares. Forpurposesofthe Offer, curity of thenation’s private dollarsallegedly stolen from Purchaser will be deemed to have acceptedfor paymentand thereby purchased Shares validlytenderedand notvalidly withdrawnifand when Purchaser retirement industry, Congress’s three people in separate givesoralorwritten notice to ComputershareTrust Company, N.A. (“Depositary andPayingAgent”) of itsacceptancefor paymentofthose Shares watchdog agencyrecommended 401(k) plans,highlight the pursuant to theOffer.Uponthe termsand subjecttothe conditionsofthe Offer, paymentfor Shares acceptedfor paymentpursuanttothe Offerwillbe that the Labor Department, risks to workers and retirees. made by depositofthe OfferPrice forthose Shares with Depositary andPayingAgent,which will actasagent forthe tenderingstockholdersfor purposes which regulates 401(k) and While 401(k) record-keep- of receivingpaymentsfromPurchaser andtransmittingthose payments to thetendering stockholders whoseShareshavebeenacceptedfor payment. Under other retirement plans,clarify ersgenerally promise to reim- no circumstanceswillinterest be paid on theOffer Pricefor Shares, regardless of anyextension of theOffer or anydelay in paymentfor Shares. that employers and administra- burse consumersfor such ForawithdrawalofSharestobeeffective,awritten notice of withdrawal from theMichaelsstockholder must be timely received by Depositary and tors that serveas401(k) plan losses,thereare no guarantees Paying Agentatone of itsaddresses setforth on thebackcover of theOffer to Purchase. Anynoticeofwithdrawalmustspecifythe name of theMichaels fiduciaries have alegal respon- and some participantshave stockholder, thenumberofSharestobewithdrawn,the name of theregisteredholderofthe Shares to be withdrawn(if different from that of theperson whotenderedthose Shares), aguaranteedsignature (ifapplicable),the name andnumberofthe accountatThe DepositoryTrust Companytobecredited sibility to protect participants’ sued employers and record- with thewithdrawn Shares (forSharestenderedpursuanttobook-entrytransferprocedures),and thecertificatenumber(s) (ifany). If astockholder tenders keeperstoseek reimburse- Shares by giving instructionstoaNominee,the stockholdermustinstruct such Nomineetoarrange forthe withdrawal of thoseShares. Additional details ment. with respecttowithdrawalrightsare described in Section 4—“WithdrawalRights” of theOffer to Purchase. In some cases, a According to the GAOre- Allquestionsastovalidityofthe surrenderofany certificatesrepresentingShares(includingquestionsastothe proper completion or execution of port, a big source of vulnera- anyrequireddocumentation)and anynoticeofwithdrawal, will be determinedbyPurchaser in itssoleand absolute discretion whichdetermination GAO report said, bility comes from the data will be final andbinding. 401(k) insiders that employers and 401(k) ser- Thereceiptofcashaspayment forthe Shares pursuant to theOffer or theMergerwillbeataxabletransaction forUnitedStatesfederal income tax viceprovidersshareelectroni- purposes.For asummary of thematerialUnitedStatesfederal income taxconsequencesofthe Offerand theMerger, see theOffer to Purchase. Holders committed thefts. cally,including participants’ of Sharesshouldconsult theirown taxadvisorsregarding theUnitedStatesfederal income taxconsequences of theOffer andthe Merger to them in Social Security numbers, ad- lightoftheir particular circumstances, as well as thetax consequences that may arise underother United States federaltax laws andthe laws of any dresses and birth dates. state, localornon-UnitedStatestaxingjurisdictionand thepossibleeffects of changesinsuchtax laws. Theinformation required to be disclosed by paragraph(d)(1)ofRule14d-6 of theGeneral Rulesand Regulationsunder theExchange Actiscontained In some cases,the report in theOffer to Purchaseand is incorporated herein by reference. privateinformation and savings said,insidersemployedby Michaels hasprovidedPurchaser with itslist of stockholders andwithsecurity position listings forthe purposeofdissemination of theOffer to from online theft. 401(k) plan sponsorshaveper- Purchase, therelated Letter of Transmittaland relateddocuments to holders of Shares.The OffertoPurchaseand therelated Letter of Transmittal TheGAO called on the La- petrated these crimes. will be mailed to record holdersofShareswhose namesappearonMichaels’ stockholderlist andwillbefurnished to Nomineeswhose names, or the bor Department to issue stan- Apatchwork of federal laws namesofwhose nominees, appear on thestockholder list or,ifapplicable, whoare listed as participants in aclearingagency’ssecurity position listing, dards to guide the retirement and regulations governs re- forsubsequenttransmittal to beneficialownersofShares. industry in protecting 401(k) sponsibility for cybersecurity Youare urged to consultwithyourown taxadvisor as to theparticulartax consequencestoyou of theOffer andthe Merger in lightofyourparticular accounts. in 401(k) plans,the report circumstances(includingthe applicationand effect of anyU.S.federal,state,local or non-U.S. income andother taxlaws). Until the Labor Department said. But individual laws might TheOffer to Purchase,the related Letter of Transmittaland Michaels’Solicitation/Recommendation StatementonSchedule14D-9 (which takessuch steps,participants’ not apply to all the parties in- contains therecommendationofthe Michaels Boardand thereasons therefor) andthe otherdocuments to whichsuchdocuments refercontain importantinformation that should be read carefullybeforeany decision is made with respecttothe Offer. dataand assetswill remain at volved in administeringthe Questionsand requests forassistance andcopies of theOffer to Purchase, theLetterofTransmittal andall othertenderoffer materialsmay be risk,the report said, adding plans, it said. directed to GeorgesonLLC (“InformationAgent”) at itsaddress andtelephone number setforth belowand will be furnishedpromptly at Purchaser’s that “ithas become imperative Thefederal EmployeeRe- expense. Stockholdersmay also contactbrokers, dealers, commercial banks, trustcompanies or othernomineesfor assistance concerning theOffer. that industryand government tirement Income Security Act Additionally, copiesofthe OffertoPurchase, therelated Letter of Transmittaland anyother material relatedtothe Offermay be obtained at the prevention and mitigation ef- of 1974,which governs 401(k) websitemaintainedbythe SECatwww.sec.gov.Neither Parentnor Purchaser will payany fees or commissionstoany Nominee(otherthanto fortsevolvetokeep pacewith plans, was enacted before the Depositary andPayingAgent andInformation Agent) in connection with thesolicitationoftenders of Shares pursuant to theOffer.Brokers, dealers, these threats.” internet. As aresult, questions commercial banks, trustcompanies or othernomineeswill, upon request, be reimbursed by Purchaser forcustomarymailingand handling expenses Labor Department officials including who bearsthe risk incurred by them in forwarding theOffer materialstotheir customers. declined to comment. for losses associated with cy- In the report, department ber theftremain ill-defined, TheInformation Agentfor theOffer is: officials told GAOinvestigators said a2019 letterfromRep. they believecybersecurity is a Bobby Scott(D.,Va.) and Sen. large problem for retirement PattyMurray (D., Wash.) to plans and that the department the GAOrequesting the report. plans to issue guidanceto In astatement, Sen. Murray GeorgesonLLC 401(k) sponsorsand adminis- said: “This report confirms cy- 1290 Avenue of theAmericas, 9thFloor trators on protecting 401(k) bersecurity and retirement se- NewYork,NY10104 participantsfrombreaches. curity go hand in hand, and Shareholders, Banksand Brokerscall toll free:(888)663-7851 Little dataon401(k) it’stime we makesurewe March16, 2021 breaches is available. have policies that reflect that Those who work in the re- reality.” P2JW075000-0-B00600-1------XA

B6 | Tuesday, March 16, 2021 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. * Tuesday, March 16, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 32953.46 s174.82, or 0.53% Trailing P/E ratio 33.53 15.69 3968.94 s25.60, or 0.65% Trailing P/E ratio * 45.02 18.90 13459.71 s 139.84, or 1.05% Trailing P/E ratio *† 37.25 22.75 High, low, open and close for each P/E estimate * 21.27 14.08 High, low, open and close for each P/E estimate * 22.34 15.12 High, low, open and close for each P/E estimate *† 28.01 18.63 trading day of the past three months. Dividend yield 1.85 3.26 trading day of the past three months. Dividend yield * 1.49 2.35 trading day of the past three months. Dividend yield *† 0.78 1.15 All-time high 32953.46, 03/15/21 All-time high 3968.94, 03/15/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

Session high 28600 3675 12600 DOWN UP 65-day moving average Session open Close 65-day moving average 65-day moving average t 27400 3550 12000 Close Open t

Session low 26200 3425 11400

Bars measure the point change from session's open 25000 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 973,697,268 30,335,073 Industrial Average 32973.40 32629.75 32953.46 174.82 0.53 32953.46 18591.93 63.2 7.7 9.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 610,086,996 22,243,809 Transportation Avg 14260.04 14050.55 14242.67 85.98 0.61 14242.67 6703.63 102.8 13.9 10.4 Most-active issues in late trading Decl. volume* 360,409,900 7,716,068 Utility Average 858.71 846.00 856.77 11.89 1.41 917.38 610.89 26.4 -0.9 7.8 Volume After Hours Issues traded 3,371 278 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41974.29 41476.09 41966.28 300.55 0.72 41966.28 22462.76 75.4 7.0 13.9 Advances 2,054 181 iQIYI ADR IQ 5,879.9 25.08 -0.06 -0.24 25.20 25.02 Barron's 400 978.36 966.23 978.36 6.91 0.71 978.36 455.11 101.0 14.8 10.2 Declines 1,241 93 Enzo Biochem ENZ 5,775.3 4.59 1.63 55.07 5.00 2.96 Unchanged 76 4 Music Ent ADR TME Nasdaq Stock Market 5,724.2 26.50 0.14 0.53 26.57 26.36 New highs 462 15 Nasdaq Composite 13460.35 13272.50 13459.71 139.84 1.05 14095.47 6860.67 94.9 4.4 21.6 SPDR S&P 500 SPY 5,395.7 396.57 0.16 0.04 396.73 396.27 New lows 15 0 Nasdaq-100 13085.01 12885.64 13082.54 145.25 1.12 13807.70 6994.29 86.4 1.5 23.0 PG&E PCG 5,274.1 11.85 ... unch. 11.85 11.71 Closing Arms† 0.91 0.62 McAfee Cl A MCFE 5,272.5 24.47 -0.04 -0.16 24.65 24.27 S&P Block trades* 5,263 237 Apple AAPL 5,194.7 124.51 0.52 0.42 124.55 119.46 500 Index 3970.08 3923.54 3968.94 25.60 0.65 3968.94 2237.40 66.3 5.7 13.0 Nasdaq NYSE Arca WORK 4,255.5 40.78 0.13 0.32 40.78 40.65 MidCap 400 2682.94 2641.94 2682.61 36.27 1.37 2682.61 1218.55 101.1 16.3 11.8 Total volume*5,930,748,738 230,106,721 SmallCap 600 1397.62 1384.47 1396.70 -0.96 -0.07 1397.66 595.67 121.9 24.8 13.3 Percentage gainers… Adv. volume*4,610,289,161 143,529,574 Decl. volume*1,271,543,096 84,572,334 Other Indexes Enzo Biochem ENZ 5,775.3 4.59 1.63 55.07 5.00 2.96 Issues traded 4,215 1,495 Russell 2000 2360.17 2337.13 2360.17 7.38 0.31 2360.17 991.16 127.5 19.5 14.4 Zedge Cl B ZDGE 75.7 14.20 2.93 26.00 14.94 11.38 Advances 2,372 1,103 NYSE Composite 15778.04 15613.17 15775.50 60.29 0.38 15775.50 8777.38 64.9 8.6 7.4 Immutep ADR IMMP 220.2 3.11 0.37 13.50 3.29 2.74 Declines 1,747 373 Cimarex Energy XEC 78.3 72.75 6.99 10.63 73.48 65.73 Value Line 662.15 654.97 662.15 5.31 0.81 662.15 305.71 99.8 16.4 5.7 Unchanged 96 19 Westport Fuel Systems WPRT 160.8 11.00 0.75 7.32 11.10 9.80 NYSE Arca Biotech 5658.82 5547.85 5657.97 110.12 1.98 6319.77 3855.67 46.7 -1.4 5.6 New highs 395 389 NYSE Arca Pharma 690.58 682.62 690.28 3.03 0.44 725.03 494.36 29.2 0.1 8.2 ...And losers New lows 41 32 KBW Bank 123.40 120.74 122.33 -1.02 -0.83 123.35 56.19 95.8 24.9 2.8 Solid Biosciences SLDB 493.6 7.90 -1.61 -16.93 11.20 7.09 Closing Arms† 0.37 1.50 § PHLX Gold/Silver 142.27 140.17 142.12 2.39 1.71 161.14 70.12 89.0 -1.4 21.7 Zynerba Pharmaceuticals ZYNE 3,409.7 5.86 -1.17 -16.64 7.75 5.66 Block trades* 36,448 971 § PHLX Oil Service 63.00 61.40 62.18 -0.45 -0.72 63.89 21.47 162.2 40.3 -22.7 10x Genomics TXG 51.7 150.00 -19.50 -11.50 172.00 150.00 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3034.05 2963.69 3032.05 66.96 2.26 3238.92 1286.84 133.5 8.5 28.7 AcelRx Pharmaceuticals ACRX 225.8 2.06 -0.12 -5.50 2.18 2.02 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 21.86 19.87 20.03 -0.66 -3.19 82.69 19.97 -75.8 -12.0 6.5 CCO Clear Channel Outdoor 213.5 2.10 -0.11 -4.98 2.22 2.10 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.37 World MSCI ACWI 676.99 2.52 4.8 Sigma Labs SGLB 7.64 4.30 128.74 9.75 1.95 124.7 GameStop Cl A GME 220.14 -44.36 -16.77 483.00 2.57 4937.5 MSCI ACWI ex-USA 339.54 –0.33 –0.10 4.0 Oriental Culture Holding OCG 9.30 5.08 120.38 25.85 2.82 ... NLS Pharmaceutics NLSP 4.88 -0.97 -16.58 7.35 2.06 ... MSCI World 2821.85 14.64 0.52 4.9 Takung Art TKAT 8.39 4.30 105.13 9.30 0.76 747.5 Entera Bio ENTX 5.81 -1.09 -15.80 10.16 1.00 171.5 MSCI Emerging Markets 1340.25 –7.95 –0.59 3.8 Rubius Therapeutics RUBY 30.29 13.86 84.36 38.71 3.35 582.2 Spruce Biosciences SPRB 21.91 -3.88 -15.04 35.60 15.12 ... Americas MSCI AC Americas 1546.42 10.77 0.70 5.4 Zynerba Pharmaceuticals ZYNE 7.03 2.32 49.26 9.00 2.55 137.5 Alpha Metallurgical Rscs AMR 13.20 -2.31 -14.89 17.39 1.93 234.2 Canada S&P/TSX Comp 18954.75 103.43 0.55 8.7 RumbleON Cl B RMBL 57.50 18.56 47.66 64.13 3.00 1405.2 Nova Lifestyle NVFY 4.28 -0.66 -13.36 7.49 0.66 341.2 Latin Amer. MSCI EM 2295.40 –10.79 –0.47 –6.4 Liquid Media Group YVR 3.11 0.99 46.70 3.55 1.27 0.3 Salem Media Group SALM 3.10 -0.47 -13.17 3.95 0.65 203.9 Brazil Sao Paulo Bovespa 114850.74 690.34 0.60 –3.5 Shaw Communications B SJR 27.10 7.93 41.37 28.05 12.20 111.1 Yatsen Holding ADR YSG 13.93 -1.78 -11.33 25.47 13.81 ... Chile Santiago IPSA 3358.63 14.04 0.42 17.5 ZK International Group ZKIN 8.75 2.36 36.93 12.80 0.65 1115.3 Torchlight Engy Rscs TRCH 2.56 -0.32 -11.11 4.83 0.21 539.7 Mexico S&P/BMV IPC 47769.87 … Closed 8.4 Tian Ruixiang TIRX 86.81 21.74 33.41 103.87 11.10 ... iTeos Therapeutics ITOS 34.84 -4.30 -10.99 47.61 17.50 ... EMEA Stoxx Europe 600 423.08 unch unch 6.0 Intec Pharma NTEC 5.96 1.37 29.85 15.82 2.20 49.1 Pennant Group PNTG 51.30 -6.00 -10.47 69.56 9.40 307.1 Eurozone Euro Stoxx 424.37 –0.19 –0.04 6.7 GenMark Diagnostics GNMK 23.98 5.48 29.62 24.00 3.37 428.2 RYB Education ADR RYB 5.30 -0.61 -10.32 5.91 2.21 76.5 Belgium Bel-20 3861.96 –2.88 –0.07 6.6 Navios Maritime Holdings NM 9.53 2.16 29.31 9.64 1.30 356.0 TimkenSteel TMST 10.79 -1.20 -10.01 12.19 2.16 206.5 BSQUARE BSQR Zentalis Pharmaceuticals ZNTL Denmark OMX Copenhagen 20 1448.14 13.36 0.93 –1.2 5.98 1.29 27.51 11.83 0.83 488.0 45.80 -5.05 -9.93 61.29 22.00 ... KemPharm KMPH 11.93 2.54 27.05 22.08 1.94 272.4 Bioanalytical Systems BASI 16.10 -1.72 -9.65 21.08 3.05 361.3 France CAC 40 6035.97 –10.58 –0.17 8.7 Germany DAX 14461.42 –40.97 –0.28 5.4 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1598.09 –1.22 –0.08 6.6 Italy FTSE MIB 24139.45 26.23 0.11 8.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 678.80 1.39 0.21 8.7 Russia RTS Index 1543.99 24.49 1.61 11.3 Sundial Growers SNDL 506,213 -2.2 1.62 14.08 3.96 0.14 Extended Stay America STAY 42,227 4093 19.21 13.40 19.44 5.35 South Africa FTSE/JSE All-Share 67566.42 –643.44 –0.94 13.7 Check-Cap CHEK 415,283 2151.2 3.07 100.65 4.49 0.24 Ocuphire Pharma OCUP 3,862 4039 8.38 5.41 14.80 3.68 Sigma Labs SGLB GenMark Diagnostics GNMK Spain IBEX 35 8635.40 –9.10 –0.11 7.0 285,717 69407.7 7.64 128.74 9.75 1.95 39,705 3551 23.98 29.62 24.00 3.37 AMC Entertainment Hldgs AMC 275,624 81.1 14.04 25.81 20.36 1.91 iSh MSCI Japan Value EWJV 236 2539 28.52 0.81 29.00 18.38 Sweden OMX Stockholm 862.23 –1.98 –0.23 12.2 SOS ADR SOS 122,259 151.4 8.16 23.08 15.88 0.51 Rubius Therapeutics RUBY 37,855 2439 30.29 84.36 38.71 3.35 Switzerland Swiss Market 10867.33 27.40 0.25 1.5 Turkey BIST 100 1555.47 –1.92 –0.12 5.3 GE 111,035 27.3 13.35 6.12 14.42 5.48 Cerberus Telecom Cl A CTAC 3,626 2432 9.95 -3.12 11.24 9.73 U.K. FTSE 100 6749.70 –11.77 –0.17 4.5 AEterna Zentaris AEZS 108,150 534.2 1.51 27.97 3.62 0.29 North Mountain Cl A NMMC 839 2154 10.13 0.20 13.69 9.50 U.K. FTSE 250 21522.35 15.88 0.07 5.0 Zomedica ZOM 102,232 -39.2 2.49 8.73 2.91 0.06 LGL Sys Acquisition Cl A DFNS 2,583 1957 10.23 1.89 11.40 8.55 American Airlines Group AAL 93,071 48.7 25.17 7.70 25.94 8.25 Invesco Russell 1000 EW EQAL 1,859 1935 44.06 0.99 44.06 20.33 Asia-Pacific MSCI AC Asia Pacific 207.48 –0.31 –0.15 3.8 Apple AAPL 91,646 -17.1 123.99 2.45 145.09 53.15 Prometheus Biosciences RXDX 968 1504 25.00 -1.15 28.33 19.28 Australia S&P/ASX 200 6773.00 6.19 0.09 2.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3419.95 –33.13 –0.96 –1.5 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28833.76 94.04 0.33 5.9 Track the Markets India S&P BSE Sensex 50395.08 –396.99 –0.78 5.5 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29766.97 49.14 0.17 8.5 global stock indexes, bond ETFs, Singapore Straits Times 3106.00 10.79 0.35 9.2 currencies and commodities at Currencies South Korea Kospi 3045.71 –8.68 –0.28 6.0 wsj.com/graphics/track-the-markets Taiwan TAIEX 16249.33 –5.85 –0.04 10.3 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1565.73 –2.46 –0.16 8.0 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004332 23082 0.01 CREDIT MARKETS Argentina peso .0110 91.0837 8.3 Europe Brazil real .1780 5.6175 8.2 Czech Rep. koruna .04556 21.951 2.2 Canada dollar .8017 1.2474 –2.1 Denmark krone .1604 6.2332 2.3 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001383 723.10 1.8 Euro area euro 1.1931 .8382 2.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000281 3559.00 4.0 Hungary forint .003248 307.84 3.6 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007833 127.67 –0.1 A consumer rate against its New car loan Mexico peso .0484 20.6466 3.9 Norway krone .1183 8.4517 –1.5 benchmark over the past year 2.50% Uruguay peso .02245 44.5400 5.2 Poland zloty .2600 3.8457 3.0 Bankrate.com avg†: 4.03%

Tradeweb ICE 10% Asia-Pacific Russia ruble .01373 72.827 –1.6 s Sweden krona t .1175 8.5128 3.5 First Command Bank 2.75% Monday Close 2.00 Euro Australian dollar .7754 1.2897 –0.8

4.20% 5 Switzerland franc 1.0784 .9273 4.8 t Fort Worth, TX 888-763-7600 s China yuan .1538 6.5000 –0.5 1.50 Yen Turkey lira .1327 7.5366 1.3 New car loan .1288 7.7653 0.2 First Savings Bank of Hegewisch 2.75% hryvnia .0362 27.6500 –2.5 3.90 0 India rupee .01379 72.506 –0.7 Chicago, IL 773-646-4200 1.00 UK pound 1.3903 .7193 –1.7

WSJ Dollar Index Indonesia rupiah .0000694 14405 2.5 Cambridge Savings Bank s Middle East/Africa 3.60 3.24% One year ago 0.50 –5 Japan yen .009164 109.12 5.6 Prime rate Cambridge, MA 888-418-5626 t Kazakhstan tenge .002388 418.82 –0.6 dinar 2.6518 .3771 0.02 t 3.30 PNC Bank 3.37% 0.00 –10 Macau pataca .1250 8.0020 0.1 Egypt pound .0636 15.7124 –0.2 Malaysia ringgit .2432 4.1125 2.2 Israel shekel .3023 3.3077 2.9 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7201 1.3887 –0.2 Kuwait dinar 3.3103 .3021 –0.7 3.00 month(s) years A M J J A S O N D J F M 3.74% Pakistan rupee .00637 157.010 –2.1 Oman sul rial 2.5975 .3850 ... maturity 2020 2021 New York, NY 800-CHA-SE24 Philippines peso .0206 48.578 1.2 rial .2746 3.642 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7429 1.3460 1.9 Saudi Arabia riyal .2666 3.7507 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008829 1132.65 4.3 South Africa rand .0673 14.8638 1.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050659 197.40 6.6 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.25 Taiwan dollar .03541 28.239 0.5 Yield (%) 52-Week Total Return (%) Thailand baht .03254 30.730 2.3 WSJ Dollar Index 86.54 0.07 0.08 1.81 Prime rate* 3.25 3.25 3.25 l 3.25 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.18 0.18 0.18 l 1.45 -2.00 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2359.040 0.960 0.960 1.080 0.400 –2.131 4.402 Money market, annual yield 0.10 0.10 0.08 l 0.39 -0.24 Five-year CD, annual yield 0.45 0.45 0.45 l 1.13 -1.18 U.S. Treasury Long, Barclays 4105.390 2.290 2.250 2.320 1.090 –11.519 6.740 Commodities 30-year mortgage, fixed† 3.27 3.27 2.83 l 4.22 -1.18 Aggregate, Barclays 2214.190 1.570 1.560 2.310 1.020 1.609 4.859 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.51 2.54 2.32 l 3.43 -1.38 Fixed-Rate MBS, Barclays 2210.590 1.750 1.700 2.690 0.930 1.894 3.959 DJ Commodity Jumbo mortgages, $548,250-plus† 3.31 3.32 2.85 l 4.36 -1.45 826.48 0.99 0.12 836.48 433.70 70.76 12.97 High Yield 100, ICE BofA 3322.375 3.957 3.979 10.740 3.261 19.984 5.465 Refinitiv/CC CRB Index -0.37 195.13 106.29 15.27 Five-year adj mortgage (ARM)† 3.21 3.18 2.85 l 3.65 -1.15 193.42 -0.19 45.74 Muni Master, ICE BofA 593.491 0.941 1.003 3.441 0.725 6.060 4.843 Crude oil, $ per barrel -0.22 66.09 -37.63 34.77 New-car loan, 48-month 4.03 4.03 4.02 l 4.45 0.47 65.39 -0.34 127.84 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 891.604 4.961 5.068 7.480 4.295 12.317 4.050 Natural gas, $/MMBtu 2.484 -0.116 -4.46 3.354 1.482 36.86 -2.17 banks.† Excludes closing costs. Gold, $ per troy oz. 1728.90 9.40 0.55 2051.50 1477.30 16.35 -8.67 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW075000-1-B00800-1------XA

B8 | Tuesday, March 16, 2021 * 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 May 148.500 150.400 s 148.450 149.725 1.350 16,513 June 1.3929 1.3955 1.3856 1.3893 –.0034 142,210 June … 3958.20 25.40 55 -Live (CME)-40,000 lbs.; cents per lb. (CME)-CHF 125,000; $ per CHF Mini S&P 500 (CME)-$50 x index Contract Open March 1.0760 1.0779 1.0739 1.0762 .0004 25,401 March 3945.75 3969.75 s 3922.25 3967.50 25.25 1,816,144 Open High hi lo Low Settle Chg interest April 119.000 119.675 118.925 119.125 .125 68,882 June 120.225 122.200 120.225 121.775 1.350 129,447 June 1.0786 1.0818 1.0766 1.0801 .0016 36,168 June 3937.50 3960.25 s 3913.00 3958.25 25.50 1,074,588 Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index March 4.1700 4.1700 4.1270 4.1465 0.0010 3,019 April 90.875 90.900 89.625 90.550 –.850 51,215 March .7760 .7776 .7722 .7732 –.0026 21,932 March 2660.50 2683.80 s 2636.00 2681.80 37.10 25,232 May 4.1600 4.1900 4.1105 4.1405 0.0005 146,713 June 98.575 99.050 97.725 98.925 –.075 85,870 June .7761 .7778 .7708 .7752 –.0008 130,951 June 2650.00 2679.80 s 2630.00 2677.50 37.20 24,944 Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Nasdaq 100 (CME)-$20 x index March 1729.50 1731.90 1722.80 1728.90 9.40 69 March 1002.60 1045.00 s 1002.60 1040.00 31.90 8 March .04827 .04846 .04802 .04825 –.00005 54,962 March 12950.00 13099.00 12872.00 13078.50 145.00 172,153 April 1726.50 1733.20 1719.20 1729.20 9.40 216,266 May 862.60 875.00 845.50 862.50 –4.60 2,099 June .04776 .04801 .04755 .04793 .00008 112,119 June 12933.50 13089.25 12862.50 13069.25 145.00 86,274 May 1729.30 1733.60 1723.10 1730.60 9.40 331 Milk (CME)-200,000 lbs., cents per lb. Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index June 1728.20 1735.50 1721.80 1731.80 9.40 191,870 March 16.37 16.37 16.34 16.34 –.02 3,885 March 1.1948 1.1967 1.1917 1.1925 –.0025 170,283 March 2357.60 2368.20 s 2332.30 2358.10 6.80 413,128 Aug 1730.00 1737.30 1724.80 1733.80 9.50 29,945 April 17.90 18.05 17.39 17.52 –.19 3,302 June 1.1975 1.1991 1.1934 1.1949 –.0024 617,982 June 2354.60 2366.00 s 2330.30 2355.80 6.90 174,968 Oct 1735.40 1737.60 1727.50 1735.50 9.40 9,011 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini Russell 1000 (CME)-$50 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. March 2,610 2,610 2,610 2,590 16 126 Index Futures March 2229.80 2245.80 s 2219.50 2246.00 17.10 6,755 March 2369.60 13.00 6 May 2,570 2,578 2,517 2,530 –40 91,269 June 2224.30 2240.90 s 2214.60 2240.80 15.70 4,785 June 2369.50 2394.50 2336.00 2373.70 13.00 9,197 Coffee (ICE-US)-37,500 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index Platinum (NYM)-50 troy oz.; $ per troy oz. March 132.60 132.60 130.00 131.45 –1.00 22 March 32834 32967 s 32624 32957 185 64,149 March 91.64 91.86 91.64 91.85 .17 16,291 March 1208.30 9.20 1 May 133.10 135.10 130.20 132.10 –.90 107,243 June 32716 32862 s 32517 32850 185 37,579 June 91.66 91.97 91.54 91.83 .15 32,552 April 1210.00 1224.90 1201.00 1209.50 9.20 46,917 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index Silver (CMX)-5,000 troy oz.; $ per troy oz. May 16.20 16.28 15.91 16.12 –.01 383,412 March 3967.60 25.40 29,414 Source: FactSet March 26.200 26.335 25.925 26.253 0.373 1,116 July 15.78 15.85 15.56 15.73 .01 222,680 May 26.070 26.390 25.845 26.288 0.377 124,254 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 30.40 –.05 2,103 | April 65.56 66.40 64.13 65.39 –0.22 168,790 July 30.40 –.05 2,795 Bonds wsj.com/market-data/bonds/benchmarks May 65.56 66.44 64.22 65.44 –0.20 377,846 Cotton (ICE-US)-50,000 lbs.; cents per lb. June 65.31 66.15 64.01 65.20 –0.16 370,580 May 87.87 87.87 85.58 86.72 –.84 99,305 Tracking Bond Benchmarks July 64.71 –0.13 187,529 Dec 84.20 84.35 82.45 83.55 –.65 65,557 Aug 64.07 –0.12 133,867 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 61.46 62.16 60.41 61.35 –0.11 313,702 May 115.50 117.85 115.25 117.35 1.80 10,057 highs and lows for different types of bonds NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 118.25 120.10 117.85 119.85 1.80 1,142 April 1.9649 1.9823 1.9231 1.9489 –.0186 87,701 Total Total May 1.9658 1.9794 1.9220 1.9474 –.0164 98,640 return YTD total Yield (%) return YTD total Yield (%) Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Interest Rate Futures close return (%) Index Latest Low High close return (%) Index Latest Low High April 2.1520 2.1700 s 2.0798 2.1046 –.0454 90,392 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mortgage-Backed Bloomberg Barclays May 2.1377 2.1548 s 2.0752 2.0994 –.0354 122,864 Broad Market Bloomberg Barclays March 185-000 1-02.0 8,164 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Mortgage-Backed June 182-210 184-010 182-100 183-110 1-03.0 1,155,229 2214.19 -3.3 U.S. Aggregate 1.570 1.020 2.310 2210.59 -0.9 1.750 0.930 2.690 April 2.558 2.561 2.478 2.484 –.116 119,449 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% May 2.596 2.602 t 2.518 2.523 –.113 232,223 U.S. Corporate Indexes Bloomberg Barclays 2156.00 -1.0 Ginnie Mae (GNMA) 1.750 0.290 2.660 March 157-200 16.0 1,381 June 2.656 2.663 t 2.580 2.586 –.109 100,980 June 155-210 156-140 155-130 156-040 18.0 1,210,456 U.S. Corporate 1306.38 -0.8 (FNMA) 1.740 1.110 2.690 July 2.714 2.721 t 2.640 2.646 –.106 87,867 3284.85 -4.9 2.280 1.740 4.580 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 2.720 2.730 t 2.646 2.656 –.105 100,614 March 133-025 5.5 41,372 3045.22 -2.1 Intermediate 1.560 1.080 4.400 2002.82 -0.9 (FHLMC) 1.750 1.080 2.710 Oct 2.735 2.748 t 2.659 2.670 –.105 131,297 June 131-260 132-020 131-230 131-305 5.5 3,702,555 4699.51 -9.3 Long term 3.500 2.730 4.930 593.49 -0.4 Muni Master 0.941 0.725 3.441 Agriculture Futures 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 124-077 2.0 16,906 658.16 -5.6 Double-A-rated 1.940 1.300 3.360 419.33 -0.6 7-12 year 0.983 0.712 3.447 Corn (CBT)-5,000 bu.; cents per bu. June 123-225 123-255 123-202 123-242 2.2 3,439,449 12-22 year May 537.00 550.75 532.75 549.50 10.50 706,090 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 876.31 -4.6 Triple-B-rated 2.520 2.010 5.350 479.84 -0.5 1.375 1.095 3.690 July 526.75 539.00 523.00 537.75 9.25 407,249 March 110-135 –.2 38,668 High Yield Bonds ICE BofA 467.84 -0.2 22-plus year 1.979 1.682 4.123 Oats (CBT)-5,000 bu.; cents per bu. June 110-122 110-123 110-116 110-118 –.2 2,341,328 May 376.75 378.00 376.25 376.50 –1.00 3,388 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 497.81 0.5 High Yield Constrained 4.410 3.955 11.400 Global Government J.P. Morgan† Dec 347.00 –1.50 575 March 99.9300 99.9325 99.9300 99.9300 112,618 595.94 -3.1 Global Government 0.910 0.460 0.940 Soybeans (CBT)-5,000 bu.; cents per bu. April 99.9300 99.9350 s 99.9300 99.9300 161,747 479.31 4.9 Triple-C-rated 7.225 6.939 19.071 May 1409.25 1423.75 1402.00 1419.50 6.25 337,704 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3322.38 -0.2 High Yield 100 3.957 3.261 10.740 827.29 -4.2 Canada 1.460 0.610 1.500 Nov 1235.50 1247.25 1231.00 1244.00 .25 203,320 March 91-165 8.0 79,294 Soybean Meal (CBT)-100 tons; $ per ton. June 90-315 8.0 116,907 449.44 0.5 Global High Yield Constrained 4.381 4.037 11.310 412.27 -2.0 EMU§ 0.285 0.010 0.794 May 398.70 408.10 397.00 407.40 6.70 170,909 Eurodollar (CME)-$1,000,000; pts of 100% 772.31 -2.7 France 0.180 -0.160 0.430 July 398.50 407.10 396.40 406.50 6.00 97,213 March 99.8100 99.8125 99.8075 99.8180 .0055 1,026,336 342.51 1.4 Europe High Yield Constrained 2.607 2.564 8.183 Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 99.8300 99.8350 99.8250 99.8350 … 1,200,279 U.S Agency Bloomberg Barclays 539.89 -2.2 Germany -0.220 -0.530 -0.120 May 55.36 55.75 s 55.00 55.09 –.27 194,903 Dec 99.7550 99.7550 t 99.7450 99.7500 –.0050 950,711 July 53.88 54.23 s 53.36 53.46 –.35 104,503 March'23 99.4500 99.4700 99.4350 99.4700 .0200 1,098,685 1840.93 -1.4 U.S Agency 0.760 0.460 1.250 293.32 -0.6 Japan 0.360 0.190 0.420 Rough Rice (CBT)-2,000 cwt.; $ per cwt. 1612.79 -0.9 10-20 years 0.630 0.340 1.080 602.25 -2.6 Netherlands -0.120 -0.450 0.080 May 12.99 13.01 12.93 12.94 –.05 8,374 Currency Futures Sept 12.88 12.88 12.75 12.83 –.05 468 4002.36 -6.3 20-plus years 2.330 1.290 2.330 1020.36 -6.9 U.K. 1.100 0.410 1.140 Wheat (CBT)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥ May 637.75 647.75 636.00 645.00 6.50 177,857 March .9176 .9181 .9144 .9157 –.0012 70,516 2827.64 -3.6 Yankee 1.820 1.370 3.500 891.60 -4.5 Emerging Markets ** 4.961 4.295 7.480 July 631.50 639.25 628.50 637.00 5.00 114,371 June .9183 .9190 t .9152 .9170 –.0007 139,205 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Wheat (KC)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD May 604.00 609.00 598.25 606.75 3.25 101,465 March .8017 .8038 s .7992 .8017 –.0005 27,993 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan July 608.75 613.50 603.75 611.75 3.00 65,948 June .8017 .8039 s .7992 .8018 –.0005 155,966 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Global Government Bonds: Mapping Yields March 136.300 137.275 136.225 137.025 .675 2,434 March 1.3926 1.3949 1.3898 1.3909 –.0014 35,416 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session | Cash Prices wsj.com/market-data/commodities Monday, March 15, 2021 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.125 U.S. 2 0.151 l 0.151 0.109 0.484 months. 1.125 10 1.609 t l 1.634 1.199 0.946 Monday Monday Monday 5.500 Australia 2 0.097 t l 0.099 0.115 0.570 -5.2 -5.1 6.4 Energy Aluminum, LME, $ per metric ton *2139.0 Wheat - Hard - KC (USDA) $ per bu-u 6.3675 1.500 10 1.800 s l 1.713 1.331 0.975 19.0 8.4 -0.7 Copper,Comex spot 4.1465 Wheat,No.1soft white,Portld,OR-u 7.4250 0.000 France 2 -0.598 s l -0.610 -0.627 -0.655 -75.9 -116.1 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.100 Iron Ore, 62% Fe CFR China-s 163.7 Food -74.7 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Shredded Scrap, US Midwest-s,m 451 0.000 10 -0.090 t l -0.053 -0.154 0.013 -170.0 -168.2 -96.8 Steel, HRC USA, FOB Midwest Mill-s 1300 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u 189.96 0.000 Germany 2 -0.690 t l -0.681 -0.692 -0.889 -83.9 -83.0 -139.5 Fibers and Textiles select 1-3,600-900 lbs.-u 180.86 0.000 10 -0.332 t l -0.301 -0.381 -0.544 -194.2 -193.1 -152.5 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8399 Engelhard industrial 1734.00 Burlap,10-oz,40-inch NY yd-n,w 0.7100 Butter,AA Chicago 1.7150 0.050 Italy 2 -0.389 t l -0.357 -0.394 0.799 -53.8 -50.6 29.3 Handy & Harman base 1723.65 Cotton,1 1/16 std lw-mdMphs-u 0.8447 Cheddar cheese,bbl,Chicago 154.00 0.900 10 0.605 t l 0.641 0.530 1.803 -98.9 82.2 Handy & Harman fabricated 1913.25 Cotlook 'A' Index-t *94.00 Cheddar cheese,blk,Chicago 180.00 -100.5 LBMA Gold Price AM *1703.85 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 117.25 0.100 Japan 2 -0.138 t l -0.134 -0.126 -0.207 -28.7 -28.3 -71.4 LBMA Gold Price PM *1704.80 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.2461 Krugerrand,wholesale-e 1800.76 Coffee,Colombian, NY 1.7986 0.100 10 0.109 t l 0.114 0.080 -0.013 -150.1 -151.6 -99.4 Maple Leaf-e 1818.08 Grains and Feeds Eggs,large white,Chicago-u 1.3450 0.000 Spain 2 -0.494 t l -0.481 -0.503 -0.315 -64.3 -63.0 -82.1 American Eagle-e 1818.08 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.75 Mexican peso-e 2095.67 Bran,wheat middlings, KC-u 193 Hams,17-20 lbs,Mid-US fob-u 0.73 0.100 10 0.296 t l 0.333 0.199 0.594 -131.4 -129.6 -38.7 Austria crown-e 1700.22 Hogs,Iowa-So. Minnesota-u 87.20 Corn,No. 2 yellow,Cent IL-bp,u 5.4100 0.125 U.K. 2 0.103 t l 0.106 -0.032 0.284 -4.6 -4.3 -22.2 Austria phil-e 1818.08 Corn gluten feed,Midwest-u,w 188.6 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 649.5 Pork loins,13-19 lb MidUS-u 1.0754 4.750 10 0.801 t l 0.825 0.573 0.404 -80.9 -80.4 -57.8 Engelhard industrial 26.2500 Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u 114.00 Handy & Harman base 26.1150 Hominy feed,Cent IL-u,w 175 Steers,feeder,Okla. City-u,w 158.19 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Handy & Harman fabricated 32.6440 Meat-bonemeal,50% pro Mnpls-u,w 375 Fats and Oils LBMA spot price *£18.3500 Oats,No.2 milling,Mnpls-u 3.8500 Corporate Debt (U.S.$ equivalent) *25.4750 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Degummed corn oil, crude wtd. avg.-u,w 52.5000 Coins,wholesale $1,000 face-a 20841 Sorghum,(Milo) No.2 Gulf-u 7.9700 Grease,choice white,Chicago-h 0.5350 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 417.10 Lard,Chicago-u n.a. expectations LBMA Platinum Price PM *1186.0 Soybeans,No.1 yllw IL-bp,u 14.1700 Soybean oil,crude;Centl IL-u,w 0.5568 Platinum,Engelhard industrial 1225.0 Wheat,Spring14%-pro Mnpls-u 7.3100 Tallow,bleach;Chicago-h 0.4950 Investment-grade spreads that tightened the most… Palladium,Engelhard industrial 2415.0 Wheat,No.2 soft red,St.Louis-u 6.7750 Tallow,edible,Chicago-u n.a. Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

KEY TO CODES: A=ask; B=bid; BP=country bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Delta Airlines, Inc. Retirement Plan … 4.500 3.01 Oct. 20, ’25 267 –10 271 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 3/12 Source: Dow Jones Market Data DuPont de Nemours DD 2.169 1.88 May 1, ’23 173 –10 180 Georgia–Pacific … 0.625 0.68 May 15, ’24 35 –9 42 VOD 5.250 3.89 May 30, ’48 153 –9 157 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Royal Bank of Canada RY 3.700 0.50 Oct. 5, ’23 35 –8 46 Money Rates March 15, 2021 TransCanada PipeLines TRPCN 7.625 3.89 Jan. 15, ’39 150 –8 154 UBS UBS –8 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 5.125 1.64 May 15, ’24 131 134 guide to general levels but don’t always represent actual transactions. Walt Disney DIS 3.350 1.12 March 24, ’25 29 –7 31

Week —52-WEEK— Week —52-WEEK— …And spreads that widened the most Inflation Latest ago High Low Latest ago High Low Feb. index Chg From (%) Financial COF 3.500 0.61 June 15, ’23 46 18 n.a. Switzerland 0.00 0.00 0.50 0.00 level Jan. '21 Feb. '20 Treasury bill auction Mizuho Financial MIZUHO 3.663 1.80 Feb. 28, ’27 97 13 n.a. Britain 0.10 0.10 0.75 0.10 4 weeks 0.030 0.030 0.395 0.000 Australia 0.10 0.10 0.50 0.10 HAL 7.450 4.37 Sept. 15, ’39 200 12 198 U.S. consumer price index 13 weeks 0.030 0.045 0.290 0.000 All items 263.014 0.55 1.7 Overnight repurchase 26 weeks 0.055 0.060 0.300 0.045 Credit Suisse CS 0.495 0.72 Feb. 2, ’24 38 9 39 Core 270.696 0.35 1.3 U.S. 0.02 0.01 0.50 -0.07 Secondary market Bank of Nova Scotia BNS 0.550 0.54 Sept. 15, ’23 38 8 41 International rates 7 U.S. government rates Fannie Mae Caterpillar Financial Services … 0.650 0.43 July 7, ’23 28 29 Week 52-Week 30-year mortgage yields General Electric Capital … 5.875 3.75 Jan. 14, ’38 137 7 126 Latest High Low Discount ago 30 days 2.496 2.445 3.017 1.751 TIAA TIAAGL 4.900 3.58 Sept. 15, ’44 120 7 112 0.25 0.25 0.25 0.25 60 days 2.547 2.489 3.081 1.804 Prime rates High-yield issues with the biggest price increases… U.S. 3.25 3.25 3.25 3.25 Federal funds Other short-term rates Canada 2.45 2.45 3.45 2.45 Effective rate 0.0700 0.0700 0.3000 0.0600 Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Japan 1.475 1.475 1.475 1.475 High 0.0800 0.0800 0.6000 0.0800 Week 52-Week Low 0.0200 0.0200 0.0600 0.0000 Latest ago high low Rite Aid RAD 7.700 7.91 Feb. 15, ’27 99.000 1.50 n.a. Policy Rates Bid 0.0700 0.0700 0.1000 0.0100 1.38 Euro zone 0.00 0.00 0.00 0.00 Offer 0.0800 0.0800 0.2500 0.0500 Call money American Airlines AAL 3.750 7.70 March 1, ’25 86.750 84.000 2.00 2.00 2.00 2.00 Teva Pharmaceutical Finance … 6.150 5.39 Feb. 1, ’36 107.750 0.86 108.150 Key Interest Rates Commercial paper (AA financial) QVC QVCN 4.375 1.56 March 15, ’23 105.500 0.75 105.086 90 days 0.10 0.12 2.53 0.04 Bombardier BBDBCN 8.750 1.59 Dec. 1, ’21 105.000 0.44 104.875 Data are annualized on a 360-day basis. Treasury yields are per annum, Libor Dish DBS … 7.750 5.54 July 1, ’26 110.000 0.38 108.970 on actively traded noninflation and inflation-indexed issues that are One month 0.10750 0.10600 1.01625 0.10300 Ford Motor F 4.750 4.82 Jan. 15, ’43 99.000 0.38 100.100 adjusted to constant maturities. Data are from weekly Federal Reserve Three month 0.18200 0.18250 1.45050 0.17525 release H.15. Six month 0.19750 0.19625 1.23825 0.18950 …And with the biggest price decreases Week Ended 52-Week Week Ended 52-Week One year 0.28100 0.28025 1.06013 0.27725 Mar 12 Mar 5High Low Mar 12 Mar 5High Low Occidental Petroleum OXY 6.450 5.44 Sept. 15, ’36 110.500 –1.86 113.625 Euro Libor Federal funds (effective) 6-month 0.06 0.07 0.37 0.05 Navient NAVI 6.750 4.97 June 25, ’25 106.750 –0.53 106.975 1-year 0.08 0.38 0.07 One month -0.578 -0.579 -0.360 -0.607 0.07 0.07 1.09 0.04 0.09 –0.50 2-year 0.16 0.14 0.47 0.11 Three month -0.549 -0.551 -0.142 -0.574 RIG 6.800 14.72 March 15, ’38 51.000 47.500 Commercial paper 3-year 0.33 0.29 0.54 0.13 Six month -0.523 -0.521 -0.052 -0.543 L Brands LB 6.875 4.96 Nov. 1, ’35 119.750 –0.45 121.250 One year -0.490 -0.489 0.008 -0.511 Nonfinancial 5-year 0.82 0.73 0.82 0.21 7-year Ball BLL 5.250 2.04 July 1, ’25 113.125 –0.28 112.314 1-month 0.07 0.06 1.60 0.06 1.24 1.16 1.24 0.39 Secured Overnight Financing Rate 2-month 0.07 0.06 1.56 0.06 10-year 1.57 1.49 1.57 0.55 Seagate HDD Cayman … 4.750 1.51 June 1, ’23 107.003 –0.25 107.030 0.02 1.10 0.01 3-month 0.09 0.07 1.84 0.07 20-year 2.20 2.14 2.20 0.99 0.01 Sprint Capital … 6.875 3.34 Nov. 15, ’28 123.750 –0.25 124.250 Financial Treasury yields (secondary market) Value 52-Week 1-month 0.08 2.15 0.08 Latest Traded High Low Sealed Air SEE 6.875 4.18 July 15, ’33 125.750 –0.25 n.a. 0.08 1-month 0.04 0.04 0.45 0.00 2-month 0.09 n.a. 2.27 0.08 3-month 0.04 0.04 0.35 -0.01 3-month 0.09 0.12 2.44 0.09 DTCC GCF Repo Index *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. 6-month 0.06 0.07 0.36 0.05 Discount window primary credit Treasury 0.023 37.400 0.859 0.002 Note: Data are for the most active issue of bonds with maturities of two years or more TIPS MBS 0.025 25.600 0.791 0.011 Source: MarketAxess 0.25 0.25 0.25 0.25 5-year -1.64 -1.69 0.41 -1.84 Notes on data: 7-year Treasury yields at constant -1.13 -1.18 0.35 -1.44 U.S. prime rate is the base rate on corporate maturities 10-year -0.67 -0.71 0.35 -1.05 loans posted by at least 70% of the 10 largest Dividend Changes 1-month 0.04 0.04 0.46 0.01 20-year -0.14 -0.15 0.47 -0.70 U.S. banks, and is effective March 16, 2020. 3-month 0.04 0.04 0.36 0.01 Long-term avg -0.03 -0.03 0.62 -0.50 Other prime rates aren’t directly comparable; Dividend announcements from March 15. lending practices vary widely by location; Notes on data: Discount rate is effective March 16, 2020. Amount Payable / Amount Payable / Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by March 12, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Increased Foreign discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window average for overnight trades in applicable Americold Realty Trust COLD 2.4 .22 /.21 Q Apr15 /Mar31 TE Connectivity TEL 1.5 .50 Q Dec03 /Nov19 primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. Applied Materials AMAT 0.8 .24 /.22 Q Jun17 /May27 TE Connectivity TEL 1.5 .50 Q Mar04 /Feb18 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. Colgate-Palmolive CL 2.4 .45 /.44 Q May14 /Apr21 Wheaton Precious Metals WPM 1.3 .13 Q Apr13 /Mar26 Guaranty Bancshares GNTY 2.1 .20 /.18182 Q Apr14 /Mar29 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Hurco Cos HURC 1.5 .14 /.13 Q Apr12 /Mar29 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; W. P. Carey Inc. WPC 6.0 1.048 /1.046 Q Apr15 /Mar31 please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. S2:1: stock split and ratio; SO: spin-off. P2JW075000-0-B00900-1------XA

THE WALL STREET JOURNAL. Tuesday, March 16, 2021 | B9 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 explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. CanPacRlwy CP 372.40 -0.65 Danaher DHR 217.00 2.32 FairIsaac FICO 486.47 22.14 Invitae NVTA 42.94 0.24 MolinaHealthcare MOH 234.02 1.53 TevaPharm TEVA 11.15 0.36 Market listed securities. Prices are composite dd-Indicates loss in the most recent Canon CAJ 21.91 0.20 s Darden DRI 146.24 0.83 Farfetch FTCH 58.26 -1.24 s InvitatHomes INVH 31.36 0.52 MolsonCoorsA TAP.A 54.70 4.68 R S TexasInstruments TXN 174.91 1.34 CanopyGrowth CGC 35.56 1.36 s DarlingIngred DAR 79.21 0.47 Fastenal FAST 48.13 0.98 iQIYI IQ 25.14 -1.30 MolsonCoorsB TAP 47.64 1.01 s TexasPacLand TPL 1557.92120.92 quotations that include primary market trades four quarters. RELX RELX 24.31 -0.01 CapitalOne COF 132.60 0.05 Datadog DDOG 87.61 4.61 Fastly FSLY 76.56 1.40 IronMountain IRM 36.81 -0.06 Mondelez MDLZ 57.23 0.36 TXT 55.30 0.24 as well as trades reported by Nasdaq BX FD-First day of trading. RH RH 465.31 -6.68 CardinalHealth CAH 58.00 0.65 DaVita DVA 108.93 0.49 FateTherap FATE 92.77 -1.22 ItauUnibanco ITUB 4.85 -0.01 MongoDB MDB 323.30 3.24 ThermoFisherSci TMO 452.82 2.59 (formerly Boston), Chicago , h-Does not meet continued listing RLX Tech RLX 19.56 2.21 Cboe, NYSE National and Nasdaq ISE. standards Carlisle CSL 159.52 0.30 s DeckersOutdoor DECK 343.35 15.09 s FederalRealty FRT 109.60 0.29 MonolithicPower MPWR 341.64 10.64 ThomsonReuters TRI 87.67 -0.04 RPM RPM 89.02 1.54 The list comprises the 1,000 largest lf-Late filing Carlyle CG 37.35 0.78 s Deere DE 374.37 4.88 FedEx FDX 266.88 -3.32 J K L MonsterBev MNST 89.31 0.37 s 3M MMM 189.48 4.56 RalphLauren RL 124.00 0.02 companies based on market capitalization. q-Temporary exemption from Nasdaq CarMax KMX 134.35 0.59 DellTechC 89.30 0.48 s Ferguson FERG126.66 2.02 Moody's MCO 297.36 5.72 s Toro TTC 104.11 2.42 JD.com JD 85.13 1.11 RaymondJames RJF 120.29 0.54 requirements. s Carnival CCL 29.79 1.33 s DeltaAir DAL 50.99 1.16 RACE 195.63 -0.18 MorganStanley MS 83.86 -0.48 s TorontoDomBk TD 65.79 0.31 Underlined quotations are those stocks with Joyy YY 115.72 -1.98 s RaytheonTech RTX 79.57 1.05 t-NYSE bankruptcy s Carnival CUK 25.16 1.12 s DentsplySirona XRAY 63.90 1.02 s FidNatlFin FNF 42.31 0.54 Morningstar MORN 248.70 4.54 Total TOT 49.24 -1.02 large changes in volume compared with the JPMorganChase JPM 155.37 -0.78 RealPage RP 87.21 0.08 v-Trading halted on primary market. CarrierGlobal CARR 39.60 0.01 DeutscheBank DB 12.50 -0.22 FidNatlInfo FIS 145.75 -0.54 s Mosaic MOS 34.24 1.04 ToyotaMotor TM 152.90 2.37 issue’s average trading volume. JackHenry JKHY 151.57 0.88 RealtyIncome O 63.92 0.99 vj-In bankruptcy or receivership or Carvana CVNA 284.46 -2.23 DevonEnergy DVN 24.61 0.36 FifthThirdBncp FITB 38.42 -0.67 MotorolaSol MSI 181.85 2.74 TractorSupply TSCO 171.00 ... Boldfaced quotations highlight those issues being reorganized under the JacobsEngg J 125.88 -0.58 RegencyCtrs REG 58.97 -0.18 Catalent CTLT 106.67 0.91 DexCom DXCM 361.93 4.20 FirstCitizBcshA FCNCA 861.52 0.58 NICE NICE 231.89 2.99 TradeDesk TTD 758.26 7.04 whose price changed by 5% or more if their Bankruptcy Code, or securities JamesHardie JHX 29.78 -0.61 RegenPharm REGN 483.94 12.48 s Caterpillar CAT 230.74 1.74 DEO 167.65 -0.08 s FirstHorizon FHN 17.70 0.05 NIO NIO 44.93 -0.57 s Tradeweb TW 74.85 0.69 previous closing price was $2 or higher. assumed by such companies. JazzPharma JAZZ 172.64 5.12 RegionsFin RF 21.46 -0.40 Celanese CE 145.91 -2.09 DiamondbkEner FANG 84.29 2.28 FirstRepBank FRC 170.58 -3.58 s s TraneTech TT 167.99 4.31 s JefferiesFin JEF 33.00 -0.08 NRG Energy NRG 43.93 2.43 s ReinsGrp RGA 133.90 4.87 Cemex CX 6.94 -0.35 DigitalRealty DLR 135.07 0.88 FirstSolar FSLR 82.53 0.58 s TransDigm TDG 617.46 -2.43 J&J JNJ 160.42 0.82 NVR NVR 4670.25131.42 RelianceSteel RS 152.35 -0.48 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CenovusEnergy CVE 8.47 -0.01 DiscoverFinSvcs DFS 100.72 -1.55 FirstEnergy FE 35.25 0.32 TransUnion TRU 88.86 0.80 s JohnsonControls JCI 62.29 0.48 NXP Semi NXPI 199.91 16.44 RenaissanceRe RNR 169.29 3.43 changes in the closing prices from 4 p.m. the previous day. Centene CNC 62.80 -0.10 DiscoveryB DISCB 78.99 4.09 Fiserv FISV 124.00 -0.13 Travelers TRV 157.34 0.07 JonesLang JLL 180.12 4.32 Nasdaq NDAQ 145.99 1.57 Repligen RGEN 204.01 9.31 CenterPointEner CNP 22.57 0.60 s DiscoveryA DISCA 73.67 2.57 FiveBelow FIVE 197.90 7.10 Trex TREX 99.803.64 JuniperNetworks JNPR 25.83 0.43 Natera NTRA 109.06 5.02 RepublicSvcs RSG 96.57 0.39 CentraisElBras EBR 5.95 0.19 s DiscoveryC DISCK 60.89 1.19 Five9 FIVN 168.52 0.08 Trimble TRMB 75.48 1.61 Monday, March 15, 2021 Net Net KB Fin KB 45.03 0.63 NationalGrid NGG 59.11 0.19 ResMed RMD 187.09 1.97 CeridianHCM CDAY 90.25 3.10 Disney DIS 196.76 -0.40 FiverrIntl FVRR 241.31 -2.57 s Trip.com TCOM 43.86 0.48 Net Stock Sym Close Chg Stock Sym Close Chg KE Holdings BEKE 59.50 0.54 Natura&Co NTCO 17.76 0.32 RestaurantBrands QSR 64.00 0.51 Cerner CERN 72.38 1.12 DocuSign DOCU 220.08 9.74 FleetCorTech FLT 282.65 -1.21 NatWest NWG 5.27 -0.06 TruistFinl TFC 59.48 -0.44 Stock Sym Close Chg AIG AIG 48.34 0.22 BaxterIntl BAX 78.67 0.71 s KKR KKR 49.35 0.92 RingCentral RNG 344.26 0.42 CharlesRiverLabs CRL 292.09 5.30 DolbyLab DLB 100.22 1.25 Flex FLEX 18.210.10 NetApp NTAP 68.80 1.24 Twilio TWLO 369.58 0.55 AmerTowerREIT AMT 218.49 3.29 BectonDicknsn BDX 240.76 2.52 KLA KLAC 298.96 4.69 RioTinto RIO 79.58 -1.69 CharterComms CHTR 625.00 0.85 DollarGeneral DG 194.10 2.14 Floor&Decor FND 100.87 6.75 NetEase NTES 107.08 -0.87 Twitter TWTR 70.28 2.18 A B C AmerWaterWorks AWK 140.31 1.18 BeiGene BGNE 325.39 3.69 KSCitySouthern KSU 219.81 4.26 RobertHalf RHI 77.56 -0.87 CheckPoint CHKP 117.42 2.27 DollarTree DLTR 109.30 0.69 FomentoEconMex FMX 73.88 -0.13 Netflix NFLX 520.25 2.23 TylerTech TYL 425.02 13.20 AmericoldRealty COLD 37.13 1.46 BentleySystems BSY 45.99 -0.84 Kellogg K 60.02 -0.62 Roblox RBLX 72.15 2.45 s ABB ABB 31.10 0.31 Chegg CHGG 91.63 2.43 DominionEner D 74.54 1.00 s FordMotor F 13.20 -0.17 Neurocrine NBIX 97.07 0.01 s TysonFoods TSN 76.58 1.07 Ameriprise AMP 228.13 2.64 Berkley WRB 77.08 0.48 KeurigDrPepper KDP 33.58 0.21 RocketCos. RKT 25.80 0.79 s AECOM ACM 62.56 -0.14 s CheniereEnergy LNG 76.13 0.99 Domino's DPZ 362.97 1.86 s Fortinet FTNT 192.03 3.68 NewOrientalEduc EDU 17.26 -0.38 UBS Group UBS 15.40 -0.05 s AmerisourceBrgn ABC 113.86 0.94 BerkHathwy A BRK.A386400-8301.00 KeyCorp KEY 20.87 -0.42 Rockwell ROK 265.06 -0.18 AES AES 28.50 0.05 s CheniereEnerPtrs CQP 43.87 0.53 DoorDash DASH 140.69 -1.34 Fortis FTS 42.43 0.38 NYTimes A NYT 50.08 -0.61 s UDR UDR 45.60 0.45 Ametek AME 122.78 1.21 BerkHathwy B BRK.B 254.61 -5.41 KeysightTechs KEYS 136.90 0.89 s RogersComm B RCI 49.42 1.69 s Aflac AFL 52.14 0.30 Chevron CVX 110.25 -1.31 Dover DOV 135.76 -0.07 Fortive FTV 68.74 1.15 NewellBrands NWL 26.10 0.70 s UGI UGI 41.65 0.97 Amgen AMGN 235.96 5.60 BestBuy BBY 113.92 2.93 KimberlyClark KMB 134.25 0.78 Roku ROKU 362.92 2.96 s AGCO AGCO 142.82 4.36 CHWY 86.55 0.95 Dow DOW 62.90 -1.44 FortBrandsHome FBHS 90.59 1.05 Newmont NEM 61.42 2.43 US Foods USFD 39.93 -0.50 Amphenol APH 65.85 1.76 BeyondMeat BYND 148.11 5.66 s KimcoRealty KIM 19.72 0.03 Rollins ROL 33.62 0.58 AGNC Invt AGNC 16.52 0.05 s ChinaEastrnAir CEA 25.50 1.75 DrReddy'sLab RDY 60.24 -0.69 s FoxB FOX 40.10 0.10 NewsCorp B NWS 24.72 -0.21 UWM UWMC 8.40 0.10 AnalogDevices ADI 151.00 1.46 Bilibili BILI 111.65 1.66 KinderMorgan KMI 16.33 -0.02 RoperTech ROP 390.86 4.49 ANGI Homesvcs ANGI 16.63 -0.25 ChinaLifeIns LFC 10.74 0.05 DraftKings DKNG 67.75 -4.00 s FoxA FOXA 42.70 -0.08 s NewsCorp A NWSA 26.11 -0.10 Uber UBER 60.19 -0.16 Anaplan PLAN 59.45 0.16 Bill.com BILL 158.86 -1.54 KingsoftCloud KC 50.22 -2.26 RossStores ROST 125.27 2.93 Ansys ANSS 325.71 8.83 ChinaPetrol SNP 57.65 1.56 s DBX 27.96 0.90 Franco-Nevada FNV 122.66 2.09 NextEraEnergy NEE 75.52 -0.15 Ubiquiti UI 340.77 4.48 AngloGoldAsh AU 22.91 0.35 Bio-Techne TECH 397.01 11.89 KinrossGold KGC 6.88 0.15 s RoyalBkCanada RY 92.96 -0.41 ASETech ASX 7.47 -0.03 s ChinaSoAirlines ZNH 39.40 3.22 DukeEnergy DUK 92.33 0.93 s FranklinRscs BEN 29.93 1.10 s UltaBeauty ULTA 322.49 4.34 AB InBev BUD 62.67 -0.20 Bio-RadLab A BIO 569.55 9.57 KirklandLakeGold KL 34.72 0.20 NielsenHoldings NLSN 26.62 0.48 RoyalCaribbean RCL 94.55 4.33 ASML ASML 547.19 9.56 Chipotle CMG 1485.61 32.37 DukeRealty DRE 41.14 0.41 FreeportMcM FCX 36.96 -0.46 UltragenyxPharm RARE 129.27 2.32 s AnnalyCap NLY 8.77 0.03 Biogen BIIB 260.13 -6.00 s Kohl's KSS 62.99 2.53 Nike NKE 144.94 4.49 RoyalDutchA RDS.A 43.65 -0.70 AT&T T 29.93 0.12 Chubb CB 174.20 -0.85 Dun&Bradstreet DNB 23.66 0.98 FreseniusMed FMS 36.32 -0.20 s UnderArmour A UAA 24.20 0.82 s ANTM 342.81 1.09 BioMarinPharm BMRN 78.39 1.62 KoninklijkePhil PHG 56.18 -0.18 NiSource NI 23.03 0.48 RoyalDutchB RDS.B 41.50 -0.61 AbbottLabs ABT 118.10 1.39 ChunghwaTel CHT 39.49 0.08 DuPont DD 76.71 -0.35 Futu FUTU 148.36-11.13 s UnderArmour C UA 20.19 0.74 AON 225.50 -2.50 BioNTech BNTX 107.88 4.60 KoreaElcPwr KEP 10.41 0.12 NOK 4.30 0.08 RoyaltyPharma RPRX 46.84 -0.08 AbbVie ABBV 110.26 2.04 Church&Dwight CHD 82.90 ... Dynatrace DT 54.27 1.51 Unilever UL 55.15 0.02 ApolloGlbMgmt APO 48.80 0.72 BlackKnight BKI 77.72 0.51 KraftHeinz KHC 38.53 0.42 NomuraHoldings NMR 6.26 0.03 Ryanair RYAAY 114.09 3.79 AbCelleraBio ABCL 37.55 1.01 ChurchillDowns CHDN 253.58 -0.75 E 24.76 -0.20 G H I UnionPacific UNP 212.67 -1.42 Appian APPN 170.12 -3.76 BlackRock BLK 719.01 2.82 KR 35.87 0.41 Nordson NDSN 207.24 5.53 SAP SAP 122.77 -1.05 Abiomed ABMD 307.18 3.63 CIEN 56.37 2.03 EOG Rscs EOG 74.36 -0.64 s UnitedAirlines UAL 60.94 4.65 Apple AAPL 123.99 2.96 s Blackstone BX 74.93 0.09 GDS Holdings GDS 90.28 -0.90 s L Brands LB 60.74 -0.07 NorfolkSouthern NSC 260.27 -1.17 S&P Global SPGI 351.49 5.88 AcceleronPharma XLRN 138.99 1.43 s CI 245.49 2.03 EPAM Systems EPAM 372.57 8.42 UnitedMicro UMC 8.80 0.02 ApplMaterials AMAT 114.88 0.59 s BA 265.63 -3.56 GFLEnvironmental GFL 32.61 -0.61 LKQ LKQ 43.30 0.31 s NorthernTrust NTRS 104.82 2.44 SBA Comm SBAC 265.48 4.46 Accenture ACN 266.26 1.31 s CincinnatiFin CINF 108.93 1.32 EastWestBncp EWBC 76.96 -0.99 UPS B UPS 162.64 -5.05 Aptargroup ATR 142.13 1.36 BookingHldgs BKNG 2439.50 38.46 GSXTechedu GSX 89.16 4.28 LPL Financial LPLA 144.44 1.28 NorthropGrum NOC 305.74 3.95 SEI Investments SEIC 60.85 0.56 ActivisionBliz ATVI 92.58 -0.46 Cintas CTAS 351.60 -6.69 EastmanChem EMN 113.41 -3.91 s UnitedRentals URI 323.48 5.62 Aptiv APTV 152.83 1.93 BoozAllen BAH 80.63 2.08 Gallagher AJG 127.21 1.06 L3HarrisTech LHX 192.00 -0.02 NortonLifeLock NLOK 21.57 0.09 SK Telecom SKM 25.27 0.27 Adobe ADBE 447.59 3.29 s CiscoSystems CSCO 49.41 0.59 Eaton ETN 139.55 -0.46 s US Bancorp USB 53.98 -0.66 s Aramark ARMK 42.23 -0.09 s BorgWarner BWA 50.55 0.22 GameStop GME 220.14-44.36 LabCpAm LH 239.93 1.22 NorwegCruise NCLH 31.56 0.83 SS&C Tech SSNC 69.28 0.87 s AdvanceAuto AAP 181.69 2.11 s Citigroup C 74.22 -0.96 eBay EBAY 57.67 1.87 UnitedHealth UNH 353.88 -2.14 s ArcelorMittal MT 27.12 0.18 BostonBeer SAM 1108.89 22.88 Gaming&Leisure GLPI 44.85 1.89 LamResearch LRCX 536.75 11.93 NVS 85.29 1.16 StoreCapital STOR 34.32 0.53 AdvMicroDevices AMD 82.50 1.45 CitizensFin CFG 44.94 -0.54 Ecolab ECL 215.37 1.13 UnitySoftware U 109.67 3.97 s ArchCapital ACGL 38.09 0.47 BostonProps BXP 107.04 -1.55 s Gap GPS 32.25 1.44 s LamarAdv LAMR 99.31 3.65 Novavax NVAX 217.46 14.69 SVB Fin SIVB 551.12 2.55 Aegon AEG 4.93 -0.06 CitrixSystems CTXS 134.97 1.49 UnivDisplay OLED 230.72 8.98 ArcherDaniels ADM 58.30 0.05 BostonSci BSX 39.40 0.55 Ecopetrol EC 14.03 0.76 Garmin GRMN 128.11 0.65 LambWeston LW 82.75 2.03 NovoNordisk NVO 72.09 1.08 Salesforce.com CRM 212.80 0.59 AffirmHldgs AFRM 81.35 1.78 Clarivate CLVT 25.99 2.07 EdisonInt EIX 59.57 1.35 UniversalHealthB UHS 140.13 2.59 s AresMgmt ARES 55.39 0.15 BridgeBioPharma BBIO 69.89 -1.05 Gartner IT 185.72 -1.10 LasVegasSands LVS 66.20 3.75 Novocure NVCR 141.07 2.78 SNY 48.71 0.70 AgilentTechs A 124.04 2.60 Cleveland-Cliffs CLF 17.09 -0.45 EdwardsLife EW 81.14 -0.93 VEREIT VER 40.17 0.95 arGEN-X ARGX 317.55 6.89 BrightHorizons BFAM 169.40 -0.20 Generac GNRC 338.11 8.81 s Lear LEA 189.54 0.78 NuanceComms NUAN 44.98 0.73 SantanderCons SC 27.50 0.11 AgnicoEagle AEM 59.66 0.55 CLX 188.46 -0.53 s ElancoAnimal ELAN 34.49 0.22 s VF VFC 79.77 0.68 AristaNetworks ANET 286.63 7.02 BristolMyers BMY 61.39 0.75 s GeneralDynamics GD 176.71 0.42 Leidos LDOS 95.28 0.35 NUE 69.50 -0.26 Sasol SSL 15.22 -0.11 AirProducts APD 272.96 -0.30 Cloudflare NET 75.15 -1.15 Elastic ESTC 117.97 1.69 VICI Prop VICI 28.86 0.34 AspenTech AZPN 150.80 0.26 BritishAmTob BTI 37.62 0.16 GeneralElec GE 13.35 0.77 B LEN.B 73.03 1.98 s Nutrien NTR 58.81 0.38 SLB 29.12 0.11 ABNB 209.99 3.25 Coca-Cola KO 51.03 0.67 ElectronicArts EA 130.89 0.40 VailResorts MTN 309.54 -5.46 AstraZeneca AZN 48.77 0.35 Broadcom AVGO 470.77 19.60 GeneralMills GIS 59.02 0.27 Lennar A LEN 90.05 2.14 NVIDIA NVDA 527.65 13.41 SchwabC SCHW 66.34 -1.31 AkamaiTech AKAM 99.99 2.44 Coca-Cola Euro CCEP 53.46 -0.85 EmersonElec EMR 90.92 -1.28 Vale VALE 17.24 -0.38 Athene ATH 51.05 0.91 BroadridgeFinl BR 146.39 2.33 GeneralMotors GM 57.94 -1.32 LennoxIntl LII 304.23 6.98 ScottsMiracleGro SMG 234.21 10.44 s AlaskaAir ALK 71.98 3.96 Cognex CGNX 83.80 2.66 s ENB 36.60 0.19 ValeroEnergy VLO 81.83 -0.59 Atlassian TEAM 236.62 7.36 BrookfieldMgt BAM 43.52 -0.03 Genmab GMAB 33.50 0.61 s LeviStrauss LEVI 25.71 0.57 O P Q Sea SE 231.34 -3.65 Albemarle ALB 158.83 1.55 CognizantTech CTSH 79.27 1.50 EnelAmericas ENIA 8.57 0.26 Seagate STX 75.41 -1.37 VarianMed VAR 176.32 0.10 AtmosEnergy ATO 93.19 1.77 BrookfieldInfr BIP 52.69 -0.51 Gentex GNTX 37.26 0.24 LiAuto LI 25.90 0.21 ACI 18.75 0.38 ColgatePalm CL 75.68 0.17 EnergyTransfer ET 8.31 -0.17 s ONEOK OKE 51.29 -0.31 Seagen SGEN 151.67 0.94 Vedanta VEDL 12.52 0.10 Autodesk ADSK 273.02 4.91 BrookfieldPropREIT BPYU 18.01 -0.13 GenuineParts GPC 115.98 1.39 LibertyBroadbandA LBRDA 148.84 -0.10 Alcon ALC 68.90 0.33 A CMCSA 57.53 0.44 OReillyAuto ORLY 484.31 1.67 SempraEnergy SRE 132.00 3.25 VeevaSystems VEEV 261.73 3.96 Autohome ATHM 94.58 -1.29 BrookfieldRenew BEPC 46.27 0.86 EnphaseEnergy ENPH 174.16 9.45 GileadSciences GILD 63.07 1.51 LibertyBroadbandC LBRDK 153.39 -0.02 AlexandriaRlEst ARE 166.32 2.82 Comerica CMA 70.18 -0.92 OakStreetHealth OSH 58.56 2.05 s SensataTechs ST 63.85 1.02 Ventas VTR 56.74 0.19 s Autoliv ALV 98.66 0.12 Brown&Brown BRO 47.15 0.33 Entegris ENTG 105.47 2.89 GSK GSK 35.88 0.34 LibertyGlobal A LBTYA 25.98 0.28 AlexionPharm ALXN 152.18 0.59 CommerceBcshrs CBSH 80.02 -0.70 OccidentalPetrol OXY 29.30 -1.33 ServiceNow NOW 496.77 7.55 VeriSign VRSN 190.37 2.27 s ADP ADP 189.08 6.31 Brown-Forman B BF.B 72.39 0.48 Entergy ETR 98.13 2.37 s GlobalPayments GPN 215.55 0.49 LibertyGlobal B LBTYB 25.19 -0.43 Alibaba BABA 230.28 -1.59 CiaSiderurgica SID 6.32 -0.40 s Okta OKTA 228.72 1.72 s ShawComm B SJR 27.10 7.93 VeriskAnalytics VRSK 174.59 2.83 AutoZone AZO 1295.22 9.70 Brown-Forman A BF.A 67.17 0.73 EnterpriseProd EPD 23.70 0.25 Globant GLOB 213.58 2.74 LibertyGlobal C LBTYK 25.79 0.36 AlignTech ALGN 558.85 22.41 ConagraBrands CAG 37.33 0.25 Equifax EFX OldDomFreight ODFL 231.99 -1.82 SherwinWilliams SHW 716.97 8.84 VZ 55.64 0.01 Avalara AVLR 146.27 -0.41 Bruker BRKR 62.90 1.51 173.65 3.12 GlobeLife GL 101.18 -0.21 LibertyFormOne A FWONA 41.68 0.30 Alleghany Y 652.35 6.42 ConocoPhillips COP 58.16 -1.03 Equinix EQIX 669.55 1.55 OmegaHealthcare OHI 38.29 0.79 ShinhanFin SHG 31.28 0.44 VertxPharm VRTX 219.65 5.32 s Avalonbay AVB 193.42 2.93 BuildersFirstSrc BLDR 47.03 0.28 GoDaddy GDDY 74.89 2.48 LibertyFormOne C FWONK 47.01 0.56 Allegion ALLE 118.13 0.84 ConEd ED 71.82 0.88 Equinor EQNR 20.71 0.03 Omnicom OMC 76.66 -1.12 Shopify SHOP 1159.00 18.37 s ViacomCBS B VIAC 96.33 1.39 Avangrid AGR 48.83 0.53 Bunge BG 79.24 -1.54 s GoldmanSachs GS 346.05 -2.76 LibertyBraves A BATRA 31.62 -0.53 AlliantEnergy LNT 52.70 1.58 ConstBrands A STZ 229.86 0.47 s Equitable EQH 32.57 0.30 ON Semi ON 39.27 0.78 Sibanye-Stillwater SBSW 18.31 0.17 s ViacomCBS A VIACA 96.38 1.62 Avantor AVTR 29.08 0.74 s BurlingtonStrs BURL 317.20 5.69 GoodRx GDRX 39.03 -0.02 LibertyBraves C BATRK 30.66 -0.60 s Allstate ALL 117.27 1.53 ContextLogic WISH 19.11 0.47 EquityLife ELS 64.17 1.86 OpenText OTEX 48.74 1.13 s SignatureBank SBNY 245.95 4.32 Viatris VTRS 14.67 0.31 AveryDennison AVY 184.01 3.22 CBRE Group CBRE 80.57 1.29 Graco GGG 70.24 0.91 LibertySirius C LSXMK 45.81 0.47 s ContinentalRscs CLR 29.29 -0.61 OpendoorTech OPEN 28.81 1.76 s Vipshop VIPS 41.70 -0.50 AllyFinancial ALLY 46.62 1.03 AxonEnterprise AXON 153.71 1.45 CDW CDW 161.27 1.21 s EquityResdntl EQR 75.06 1.62 Grainger GWW 399.74 4.73 SimonProperty SPG 121.01 3.16 Cooper COO 387.03 10.64 LibertySirius A LSXMA 45.91 0.36 Oracle ORCL 67.73 0.57 VirginGalactic SPCE 34.80 0.25 AlnylamPharm ALNY 146.12 3.92 BCE BCE 44.82 -0.57 CF Industries CF 50.88 1.62 ErieIndemnity A ERIE 234.75 4.72 Grifols GRFS 16.05 -0.03 SiriusXM 6.25 0.09 Copart CPRT 110.84 0.89 LightspeedPos LSPD 72.25 3.13 Orange ORAN 12.43 0.11 Visa V 223.27 -1.09 Alphabet C GOOG 2066.49 4.57 BHP Group BHP 73.05 -1.53 CGI GIB 80.76 0.26 EssentialUtil WTRG 43.98 0.48 GuardantHealth GH 145.51 2.55 Skillz SKLZ 31.45 2.13 s Corning GLW 41.59 0.84 EliLilly LLY 189.16-18.92 Orix IX 86.95 1.27 Vistra VST 18.59 0.19 Alphabet A GOOGL 2054.44 4.44 BHP Group BBL 59.80 -1.18 CH Robinson CHRW 97.22 1.30 s EssexProp ESS 293.76 5.92 Guidewire GWRE 106.77 1.89 s Skyworks SWKS 178.79 6.48 Corteva CTVA 46.83 -0.07 LincolnNational LNC 63.64 0.84 OscarHealth OSCR 36.23 0.91 VMware VMW 149.43 1.27 AlticeUSA ATUS 34.83 0.43 BP BP 26.49 -0.47 CME Group CME 209.09 -0.06 EsteeLauder EL 289.55 0.34 HCA Healthcare HCA 191.82 2.39 SlackTech WORK 40.65 -0.12 CoStar CSGP 837.86 19.31 Linde LIN 269.00 0.50 OtisWorldwide OTIS 66.61 0.61 s Vodafone VOD 18.82 -0.05 s Altria MO 49.84 1.19 BIDU 265.53 1.28 CMS Energy CMS 58.50 0.96 Etsy ETSY 223.23 2.09 HDFC Bank HDB SmithAO AOS 65.28 0.90 Costco COST 330.51 -0.63 80.82 0.05 LithiaMotors LAD 400.00 4.08 s VornadoRealty VNO 48.42 -0.62 AlumofChina ACH 13.39 0.28 BakerHughes BKR 24.22 -0.15 CNA Fin CNA 46.27 -0.01 EuronetWorldwide EEFT 158.56 0.58 OwensCorning OC 90.80 2.79 Smith&Nephew SNN 38.96 -0.38 CoupaSoftware COUP 281.76 4.25 HP HPQ 30.79 0.51 LiveNationEnt LYV 90.16 2.28 VulcanMatls VMC 172.49 0.55 Amazon.com AMZN 3081.68 -7.81 Ball BLL 85.40 0.76 CNH Indl CNHI 15.43 0.09 s EverestRe RE 255.97 3.15 OzonHoldings OZON 57.24 0.83 Smucker SJM 122.12 0.68 Coupang CPNG 50.45 1.98 HSBC HSBC 29.58 -0.16 LloydsBanking LYG 2.29 -0.01 Ambev ABEV 2.74 -0.01 BancoBilbaoViz BBVA 5.65 -0.11 CRH CRH 48.31 -0.36 Evergy EVRG 59.19 1.51 PG&E PCG 11.85 0.34 Snap SNAP 63.74 1.05 Credicorp BAP 153.01 1.10 Halliburton HAL 23.97 -0.05 LockheedMartin LMT 346.41 6.22 W X Y Z Amcor AMCR 11.76 -0.01 BancoBradesco BBDO 4.02 -0.01 CRISPR Therap CRSP 133.60 2.99 EversourceEner ES 82.75 0.65 PNC Fin PNC 178.53 -2.88 s SnapOn SNA 223.09 5.74 CreditSuisse CS 13.00 0.15 s HartfordFinl HIG 57.50 2.05 s Loews L 52.03 0.46 s Amdocs DOX 80.80 0.87 BancodeChile BCH 24.78 0.19 CSX CSX 93.48 -0.37 ExactSciences EXAS 129.57 1.11 POSCO PKX 67.28 0.30 Snowflake SNOW 238.76 8.76 Cree CREE 112.17 2.07 HAS 97.41 2.52 LogitechIntl LOGI 100.76 1.80 WEC Energy WEC 88.91 0.42 Amedisys AMED 270.74 4.44 BancSanBrasil BSBR 7.09 ... C3.ai AI 86.77 -3.23 Exelon EXC 43.36 0.77 PPD PPD 37.41 1.56 SOQUIMICH SQM 57.11 0.11 CrowdStrike CRWD 200.55 1.55 HealthpeakProp PEAK 32.07 0.31 Lowe's LOW 174.20 2.65 WEX WEX 226.02 4.94 Amerco UHAL 619.38 0.55 BcoSantChile BSAC 25.16 -0.37 CVS Health CVS 74.97 1.05 eXpWorld EXPI 55.79 3.33 PPG Ind PPG 145.05 -0.25 SolarEdgeTech SEDG 297.21 5.73 CrownCastle CCI 161.54 2.86 Heico HEI 132.45 1.75 LufaxHolding LU 14.79 -0.46 W.P.Carey WPC 70.00 0.74 Ameren AEE 78.82 1.52 BancoSantander SAN 3.54 -0.06 CableOne CABO 1858.68 -7.00 s Expedia EXPE 177.10 2.51 PPL PPL 28.25 0.54 Sony SNE 105.39 0.83 CrownHoldings CCK 97.01 1.01 Heico A HEI.A 122.50 1.42 lululemon LULU 314.32 8.24 WPP WPP 63.24 -0.02 AmericaMovil AMX 13.65 0.02 BankofAmerica BAC 37.75 -0.19 CadenceDesign CDNS 129.39 3.65 s ExpeditorsIntl EXPD 102.64 2.20 PRA HealthSci PRAH146.49 -0.16 Southern SO 60.98 1.14 s Cummins CMI 275.99 2.07 HenrySchein HSIC 68.22 1.03 LumenTech LUMN 14.19 0.16 Wabtec WAB 77.60 -0.48 AmericaMovil A AMOV 13.52 0.10 s BankofMontreal BMO 87.99 -0.35 s CaesarsEnt CZR 101.20 0.58 s ExtraSpaceSt EXR 133.51 1.80 PTC PTC 137.09 4.90 SoCopper SCCO 75.77 -2.22 CureVac CVAC 89.86 2.07 Hershey HSY 153.32 0.88 s LYFT 67.42 1.05 WalgreensBoots WBA 55.05 1.84 s AmerAirlines AAL s Paccar PCAR 99.44 2.49 s SouthwestAir LUV 62.10 1.07 25.17 1.80 BankNY Mellon BK 46.69 0.03 CamdenProperty CPT 110.29 3.68 ExxonMobil XOM 60.39 -1.58 Hess HES 71.48 -1.01 LyondellBasell LYB 107.63 -1.10 WMT 133.43 -0.69 PackagingCpAm PKG 134.74 -2.48 Splunk SPLK AEP AEP 82.28 1.24 BkNovaScotia BNS 63.18 -0.43 CampbellSoup CPB 47.60 -0.36 D E F F5Networks FFIV 198.70 2.52 s HewlettPackard HPE 16.05 0.24 138.53 2.61 WarnerMusic WMG 33.33 -0.42 PagSeguroDig PAGS 51.45 -0.29 SPOT AmerExpress AXP 146.99 -1.55 Barclays BCS 10.08 -0.02 s CIBC CM 99.27 -0.53 FMC FMC 112.28 2.17 HighwoodsProp HIW 44.07 0.13 M N 285.46 5.57 WasteConnections WCN 103.47 0.47 s AmericanFin AFG 117.73 -0.04 BarrickGold GOLD 20.77 0.45 s CanNtlRlwy CNI 116.69 1.00 s DISH Network DISH 38.78 1.51 Facebook FB 273.75 5.35 s Hilton HLT 127.26 1.16 PalantirTech PLTR 26.79 -0.13 Square SQ 251.23 9.12 WasteMgt WM 122.62 0.83 s AmHomes4Rent AMH 32.57 0.37 BauschHealth BHC 33.80 0.46 CanNaturalRes CNQ 32.41 0.18 DTE Energy DTE 131.00 3.64 FactSet FDS 318.52 7.62 Hologic HOLX 71.92 1.14 M&T Bank MTB 155.30 -2.26 PaloAltoNtwks PANW 344.29 1.76 StanleyBlackDck SWK 193.14 2.68 Waters WAT 272.63 3.80 s SBUX 108.90 1.09 HomeDepot HD 278.54 5.44 s MGMGrowthProp MGP 34.17 0.88 ParkerHannifin PH 314.91 2.35 Watsco WSO 255.49 7.43 StateStreet STT 83.67 -0.13 s HondaMotor HMC 30.54 0.77 s MGM Resorts MGM 40.96 1.98 Paychex PAYX 97.75 2.50 Wayfair W 324.03 7.77 SteelDynamics STLD 48.55 -0.64 s HON 216.20 1.82 MKS Instrum MKSI 172.05 5.89 PaycomSoftware PAYC 393.84 9.54 Weibo WB 50.88 -1.23 STLA 17.84 -0.55 Exchange-Traded Portfolios | WSJ.com/ETFresearch HorizonTherap HZNP 92.49 0.71 MPLX MPLX 26.28 -0.07 Paylocity PCTY 188.84 5.78 s WellsFargo WFC 39.70 -0.27 Steris STE 187.06 3.01 HormelFoods HRL 48.43 -0.01 MSCI MSCI 419.55 3.02 PayPal PYPL 249.98 -0.37 Welltower WELL 74.55 0.43 STMicroelec STM 36.50 0.75 DR Horton DHI 83.72 3.03 MagellanMid MMP 46.52 1.14 Pearson PSO 11.19 -0.24 WestPharmSvcs WST 276.02 1.90 Closing Chg YTD StoneCo STNE 70.79 -1.00 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) s HostHotels HST 18.00 0.77 MagnaIntl MGA 93.03 0.11 PEGA 122.63 -0.77 WestAllianceBcp WAL 98.84 0.16 Stryker SYK 241.25 0.49 HowmetAerospace HWM 31.82 0.27 ManulifeFin MFC 21.55 -0.24 Peloton PTON 112.74 1.19 WesternDigital WDC 68.60 0.13 s SumitomoMits SMFG 7.58 0.20 Closing Chg YTD SPDR DJIA Tr DIA 330.09 0.54 7.9 HuanengPower HNP 13.95 -0.15 MarathonOil MRO 12.05 -0.15 PembinaPipeline PBA 30.74 0.06 WesternUnion WU 25.17 0.47 Monday, March 15, 2021 SunComms SUI 150.75 3.00 ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 489.29 1.40 16.5 Huazhu HTHT 58.01 1.15 MarathonPetrol MPC 57.86 0.11 s PennNational PENN 136.47 6.00 WestlakeChem WLK 91.49 -3.15 Closing Chg YTD SunLifeFinancial SLF 51.44 -0.28 SPDR S&P 500 SPY 396.41 0.60 6.0 Hubbell HUBB 190.01 2.53 MaravaiLifeSci MRVI 38.49 2.44 s Pentair PNR 61.08 1.56 WestpacBanking WBK 19.06 ... ETF Symbol Price (%) (%) iShMSCIJapan EWJ 69.31 2.6 s SuncorEnergy SU 23.29 -0.24 0.54 SPDR S&P Div SDY 119.79 0.63 13.1 HubSpot HUBS 477.26 -4.64 Markel MKL 1143.97-11.66 Penumbra PEN 286.71 7.97 WestRock WRK 51.07 -0.50 SunRun RUN 62.12 -0.17 ARKInnovationETF ARKK 128.88 1.74 3.5 iShNatlMuniBd MUB 116.16 0.29 –0.9 TechSelectSector XLK 132.81 1.07 2.1 HUM 406.06 -0.47 MarketAxess MKTX 525.41 6.44 PepsiCo PEP 133.03 -0.01 Weyerhaeuser WY 36.09 0.18 Suzano SUZ 12.96 -0.38 CommSvsSPDR XLC 75.22 0.71 11.5 iSh1-5YIGCorpBd IGSB 54.62 0.05 –1.0 VanEckGoldMiner GDX 33.62 1.63 –6.7 JBHunt JBHT 161.46 -1.37 Marriott MAR 153.56 3.36 PerkinElmer PKI 126.63 3.53 WheatonPrecMet WPM 39.97 0.74 SynchronyFin SYF 42.82 0.12 CnsmrDiscSelSector XLY 169.01 1.34 5.1 iShPfd&Incm PFF 38.15 0.50 –0.9 VangdInfoTech VGT 361.35 1.23 2.1 HuntingtonBcshs HBAN 16.50 -0.20 Marsh&McLen MMC 118.86 0.97 PetroChina PTR 39.62 0.93 Whirlpool WHR 212.92 5.08 iShRussell1000Gwth IWF 243.27 0.95 0.9 PetroleoBrasil PBR 8.19 0.07 Synopsys SNPS 234.87 5.42 EnSelectSectorSPDR XLE 52.96 –1.14 39.7 VangdSC Val VBR 172.72 0.73 21.5 HyattHotels H 89.06 2.66 MartinMarietta MLM 343.71 -0.12 Williams WMB 23.67 -0.26 iShRussell1000 IWB 225.06 0.69 6.2 PetroleoBrasilA PBR.A 8.31 0.01 s Sysco SYY 83.24 -0.16 FinSelSectorSPDR XLF 34.57 –0.58 17.3 VangdSC Grwth VBK 287.18 1.44 7.3 IAC/InterActive IAC 239.50 -1.35 MarvellTech MRVL 48.36 1.20 Williams-Sonoma WSM 137.00 1.92 iShRussell1000Val IWD 153.00 0.46 11.9 Masco MAS 57.48 0.64 Pfizer PFE 35.41 0.47 HealthCareSelSect XLV 115.39 0.69 1.7 VangdExtMkt VXF 186.47 1.09 13.2 ICICI Bank IBN 16.67 -0.16 T U V WillisTowers WLTW 221.35 -1.41 iShRussell2000Gwth IWO 319.01 0.74 11.3 Masimo MASI234.80 4.40 s PhilipMorris PM 87.68 -0.04 Wipro WIT IndSelSectorSPDR XLI 97.58 0.84 10.2 VangdDivApp VIG 145.48 0.57 3.1 IdexxLab IDXX 512.76 15.01 6.56 0.02 iShRussell2000 IWM 234.42 0.36 19.6 IHS Markit INFO 96.34 1.81 Mastercard MA 381.76 -0.95 Phillips66 PSX 87.84 -0.82 Wix.com WIX 301.20 0.98 InvscQQQI QQQ 318.83 1.07 1.6 VangdFTSEDevMk VEA 49.71 0.24 5.3 TAL Education TAL 69.94 -0.26 iShRussell2000Val IWN 169.40 –0.08 28.6 ING Groep ING 12.07 0.03 MatchGroup MTCH 153.93 0.55 Pinduoduo PDD 159.13 -1.93 TC Energy TRP 47.14 0.44 Workday WDAY 254.88 2.15 InvscS&P500EW RSP 142.80 0.85 12.0 VangdFTSE EM VWO 52.84 –0.06 5.4 iShCoreDivGrowth DGRO 47.83 0.57 6.7 iShRussellMid-Cap IWR 75.68 1.19 10.4 s Invesco IVZ 26.00 0.29 MaximIntProducts MXIM 88.91 0.93 PinnacleWest PNW 80.41 2.08 TE Connectivity TEL 134.38 3.17 s WynnResorts WYNN 139.80 2.75 VangdFTSE Europe VGK 63.55 –0.14 5.5 PINS 72.79 1.04 iShCoreMSCIEAFE IEFA 72.62 0.11 5.1 iShRussellMCValue IWS 111.97 1.07 15.5 IPG Photonics IPGP 217.65 6.84 s McAfee MCFE 24.51 0.73 s Telus TU 21.03 -0.31 XP XP 40.93 0.26 VangdFTSEAWxUS VEU 61.39 0.15 5.2 PioneerNatRscs PXD 165.76 0.13 iShCoreMSCIEM IEMG 65.24 0.26 5.2 iShS&P500Growth IVW 64.69 0.83 1.4 IQVIA IQV 190.65 3.84 McCormick MKC 87.34 0.53 TJX TJX 68.02 1.18 XPO Logistics XPO 127.98 3.01 VangdGrowth VUG 257.57 0.96 1.7 PlainsAllAmPipe PAA 9.87 0.19 iShCoreMSCITotInt IXUS 70.98 0.18 5.6 iShS&P500Value IVE 142.40 0.37 11.2 IcahnEnterprises IEP 61.42 0.58 McCormickVtg MKC.V 87.43 1.52 T-MobileUS TMUS 125.63 -1.49 XcelEnergy XEL 63.07 0.99 VangdHlthCr VHT 228.72 0.68 2.2 Playtika PLTK 27.30 1.20 iShCoreS&P500 IVV 398.01 0.61 6.0 iShShortTreaBd SHV 110.51 ... –0.0 Icon ICLR182.07 -0.21 McDonalds MCD 220.46 8.12 TRowePrice TROW 173.48 0.84 Xilinx XLNX 128.62 3.17 VangdHiDiv VYM 101.41 0.31 10.8 s PlugPower PLUG 46.46 -0.79 iShCoreS&P MC IJH 267.93 1.37 16.6 iShSilver SLV 24.33 1.25 –1.0 IDEX IEX 203.46 4.11 McKesson MCK 188.87 1.32 TaiwanSemi TSM 119.08 0.78 XPeng XPEV 35.37 0.22 VangdIntermBd BIV 89.03 0.09 –4.1 MedicalProp MPW 22.09 0.15 s Polaris PII 140.51 3.41 Xylem XYL 104.06 2.19 iShCoreS&P SC IJR 114.79 –0.19 24.9 iShTIPSBondETF TIP 125.40 0.30 –1.8 IllinoisToolWks ITW 219.71 3.71 TakeTwoSoftware TTWO 169.17 -1.08 VangdIntrCorpBd VCIT 93.05 0.13 –4.2 MDT 119.15 0.34 Pool POOL 347.57 5.13 Yandex YNDX 69.53 1.73 iShS&PTotlUSStkMkt ITOT 92.58 0.69 7.4 iSh1-3YTreasuryBd SHY 86.26 0.01 –0.1 Illumina ILMN 420.32 15.20 TakedaPharm TAK 18.87 0.43 VangdLC VV 185.98 0.66 5.8 ImperialOil IMO 25.37 -0.47 MelcoResorts MLCO 21.76 0.93 PrincipalFin PFG 61.27 -0.28 s Tapestry TPR 46.33 1.72 t YatsenHolding YSG 13.93 -1.78 iShCoreUSAggBd AGG 113.91 0.11 –3.6 iSh7-10YTreasuryBd IEF 114.02 0.12 –4.9 VangdMC VO 225.89 0.97 9.2 Incyte INCY 80.65 1.64 MercadoLibre MELI 1581.32 31.17 Procter&Gamble PG 128.56 0.42 Target TGT 181.10 1.09 YumBrands YUM 107.99 3.18 iShSelectDividend DVY 115.39 0.28 20.0 iSh20+YTreasuryBd TLT 136.86 0.59 –13.2 VangdMC Val VOE Infosys INFY 19.15 0.24 Merck MRK 76.23 1.63 Progressive PGR 93.38 0.34 TataMotors TTM 21.89 -0.08 YumChina YUMC 62.68 1.50 iShESGAwareUSA ESGU 91.20 0.71 6.0 iShRussellMCGrowth IWP 104.19 1.63 1.5 138.13 0.79 16.1 IngersollRand IR 50.76 1.16 MetLife MET 60.54 -0.55 Prologis PLD 102.78 1.49 TeckRscsB TECK 22.34 -0.29 ZTO Express ZTO 32.95 -0.12 iShEdgeMSCIMinUSA USMV 68.61 0.70 1.1 iShUSTreasuryBdETF GOVT 26.25 0.17 –3.6 VangdMBS VMBS 53.46 –0.06 –1.1 Inphi IPHI 165.50 2.51 MettlerToledo MTD 1098.23 30.85 PrudentialFin PRU 93.80 -0.07 TeladocHealth TDOC 201.24 3.29 ZaiLab ZLAB 142.28 -1.41 iShEdgeMSCIUSAMom MTUM 162.77 1.12 0.9 JPM UltShtIncm JPST 50.73 0.01 –0.1 VangdRealEst VNQ 92.98 1.48 9.5 Insulet PODD 269.54 7.66 MicrochipTech MCHP 149.56 2.11 s Prudential PUK 43.32 0.16 TeledyneTech TDY 399.14 4.10 ZebraTech ZBRA 478.11 5.26 iShEdgeMSCIUSAQual QUAL 121.88 1.00 4.9 PIMCOEnhShMaturity MINT 101.98 ... –0.1 VangdS&P500ETF VOO 364.46 0.58 6.0 INTC 63.79 0.89 MicronTech MU 88.85 1.08 PublicServiceEnt PEG 58.39 0.70 s Teleflex TFX 429.44 5.94 Zendesk ZEN 133.85 -1.02 iShGoldTr IAU 16.49 –9.0 SPDRBloomBar1-3MTB BIL 91.50 ... –0.0 VangdST Bond BSV 82.20 0.02 –0.8 0.30 InteractiveBrkrs IBKR 78.64 -0.24 MSFT 234.81 -0.94 PublicStorage PSA 242.48 1.43 Ericsson ERIC 13.68 0.20 Zillow C Z 150.50 -0.21 SPDR Gold GLD 162.20 0.44 –9.1 VangdSTCpBd VCSH 82.34 0.04 –1.1 iShiBoxx$InvGrCpBd LQD 129.15 0.34 –6.5 ICE ICE 115.66 0.34 s MidAmApt MAA 144.98 3.20 PulteGroup PHM 49.70 1.77 TelefonicaBras VIV 8.10 -0.11 Zillow A ZG 155.99 -0.84 VangdSC VB 223.48 1.02 14.8 iShiBoxx$HYCpBd HYG 86.47 0.01 –1.0 SchwabIntEquity SCHF 37.88 0.13 5.2 InterContinentl IHG 72.91 0.49 Middleby MIDD 170.31 0.56 Qiagen QGEN 49.07 0.78 Telefonica TEF 4.91 0.03 ZimmerBiomet ZBH 161.47 -1.69 VangdTotalBd BND 84.75 0.12 –3.9 iShJPMUSDEmgBd EMB 109.17 0.65 –5.8 SchwabUS BrdMkt SCHB 97.57 0.69 7.2 IBM IBM 128.58 0.97 MiratiTherap MRTX 189.81 -0.18 Qorvo QRVO 178.29 5.70 TelekmIndonesia TLK 23.80 -0.21 ZionsBancorp ZION 57.72 -1.34 VangdTotIntlBd BNDX 57.27 0.25 –2.2 iShMBSETF MBB 108.71 –0.01 –1.3 SchwabUS Div SCHD 72.63 0.11 13.2 IntlFlavors IFF 136.79 1.95 s MitsubishiUFJ MUFG 5.67 0.13 Qualcomm QCOM 131.64 1.66 10xGenomics TXG 169.50 9.48 ZTS 154.84 2.27 iShMSCI ACWI ACWI 95.68 0.54 5.5 SchwabUS LC SCHX 96.57 0.68 6.2 VangdTotIntlStk VXUS 63.44 0.21 5.5 IntlPaper IP 53.45 -0.57 MizuhoFin MFG 3.06 0.06 QualtricsIntl XM 37.09 -0.74 Tenaris TS 23.16 -0.32 ZoomVideo ZM 350.00 3.61 iShMSCI EAFE EFA 76.34 0.08 4.6 SchwabUS LC Grw SCHG 130.48 0.98 1.6 VangdTotalStk VTI 208.85 0.70 7.3 Interpublic IPG 29.26 -0.35 MobileTeleSys MBT 8.74 0.01 s QuantaServices PWR 88.85 0.21 TencentMusic TME 26.36 -0.13 ZoomInfoTech ZI 47.77 -0.57 iShMSCI EAFE SC SCZ 72.58 0.23 6.2 SchwabUS SC SCHA 105.25 0.59 18.3 VangdTotlWrld VT 98.24 0.42 6.1 Intuit INTU 396.84 0.89 Moderna MRNA 143.66 6.67 QuantumScape QS 62.25 3.94 Teradyne TER 117.75 4.92 Zscaler ZS 184.27 -0.34 iShMSCIEmgMarkets EEM 54.12 0.24 4.7 Schwab US TIPs SCHP 61.08 0.28 –1.6 VangdValue VTV 132.10 0.24 11.0 IntuitiveSurgical ISRG 735.06 1.07 MohawkInds MHK 188.32 -0.72 QuestDiag DGX 123.36 1.49 Tesla TSLA 707.94 14.21 ZNGA 10.28 0.12

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DuosTechs DUOT 8.00 8.0 GenMarkDiagn GNMK 24.00 29.6 j2Global JCOM 122.61 2.1 NaviosMaritime NM 9.64 29.3 RPTRealty7.25%PfdD RPTpD 56.96 1.8 SumitomoMits SMFG 7.61 2.7 VictoryCapital VCTR 26.94 2.6 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE DycomInds DY 101.16 -0.3 Gentherm THRM 80.78 1.5 Jabil JBL 49.00 0.9 NaviosMariPfdH NMpH 13.67 13.9 RaytheonTech RTX 80.06 1.3 SummitHotelProp INN 11.24 3.2 VinceHolding VNCE 10.70 7.2 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low DynagasLNG PfdA DLNGpA 25.28 -0.1 GermanAmerBncp GABC 49.38 0.6 JackintheBox JACK 110.14 4.0 NaviosMaritime NMM 24.70 7.9 ReadyCapital RC 15.48 2.9 SunCokeEnergy SXC 7.70 -3.5 VincerxPharma VINC 23.80 5.7 in the latest session. %CHG-Daily percentage change from the previous trading session. ENDRA LifeWt NDRAW 0.75 33.9 GIIIApparel GIII 33.12 0.7 JefferiesFin JEF 33.22 -0.2 NescoWt NSCO.WS 1.76 5.5 ReadyCapNts081523 RCA 26.47 0.1 SuncorEnergy SU 23.69 -1.0 ViperEnergyPtrs VNOM 18.49 6.4 EPR Prop EPR 51.68 3.2 Gildan GIL 32.07 1.9 JetBlue JBLU 21.73 5.9 NewJerseyRscs NJR 42.57 2.3 RealNetworks RNWK 6.14 13.0 SuperMicroComp SMCI 37.19 1.8 VirtuFinancial VIRT 30.37 1.5 Monday, March 15, 2021 EPR PropPfdG EPRpG 25.17 0.1 GlacierBancorp GBCI 67.35 -2.8 JohnsonControls JCI 62.40 0.8 NewMtnFin NMFC 13.44 2.1 RedRobin RRGB 41.22 9.0 SurgeryPartners SGRY 44.83 3.4 Vodafone VOD 18.90 -0.3 JohnsonOutdoors 150.50 1.6 RedRockResorts 35.94 2.4 52-Wk % 52-Wk % 52-Wk % ESM Acqn ESM.U 10.03 0.1 GladstoneCap GLAD 10.39 1.2 JOUT NY Mortgage NYMT 4.78 0.2 RRR Synnex SNX 105.13 2.2 WW Intl WW 37.35 -0.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ESSA Bancorp ESSA 18.23 -0.6 GladstoneComm GOOD 20.95 1.4 KKR KKR 49.36 1.9 NewYorkMtgPfdE NYMTM 24.66 0.1 RegalBeloit RBC 154.96 ... Sysco SYY 83.97 -0.2 Walker&Dunlop WD 113.00 5.5 EVO Payments EVOP 31.99 3.0 GladstoneInvt GAIN 12.69 2.0 KLX Energy KLXE 17.84 -0.3 NewHoldInvtWt NHICW 2.29 2.9 ReinsGrp RGA 134.21 3.8 TCG BDC CGBD 13.53 1.0 WashingtonFederal WAFD 34.00 -1.6 AtlasPfdG ATCOpG 25.88 1.6 CentralGardenA CENTA 48.70 -1.8 EagleBncpMT EBMT 26.13 3.1 GlobalPtnrs GLP 23.86 2.3 Kennametal KMT 42.28 1.4 Newmark NMRK 11.31 2.4 ReliantBancorp RBNC 28.00 2.7 TCW Spac TSPQ.U 10.23 1.9 WaterstoneFinl WSBF 21.37 -0.7 Highs Autoliv ALV 98.68 0.1 CenturyBancorpA CNBKA 102.85 -0.8 EagleMaterials EXP 135.32 1.2 GlobalPayments GPN 216.49 0.2 KennedyWilson KW 20.99 1.0 NewsCorp A NWSA 26.24 -0.4 RenalytixAI RNLX 32.12 0.4 Telus TU 21.85 -1.5 WebsterFin WBS 62.80 -2.5 ADP ADP 189.32 3.5 CenturyCasinos CNTY 12.29 21.3 EasternBankshares EBC 19.50 0.5 GoldRoyalty GROY 5.20 -0.6 KenonHoldings KEN 31.54 5.9 NewtekBusSvcs NEWT 27.84 2.0 Renasant RNST 46.60 -1.9 TZP Strategies Wt TZPSW 1.15 9.5 WeingartenRealty WRI 27.93 1.4 ABB ABB 31.17 1.0 Avalonbay AVB 195.46 1.5 ChampionsOncology CSBR 13.78 15.3 EdgewellPersonal 38.83 7.3 GoldRoyaltyWt 1.25 11.9 KimcoRealty KIM 19.81 0.2 NexstarMedia 157.93 1.2 Rent-A-Center RCII 64.790.5 TailwindTwo 10.19 ... WellsFargo WFC 40.23 -0.7 AECOM ACM 62.89 -0.2 EPC GROY.WS NXST TWNT.U AvisBudget CAR 72.40 4.6 Charles&Colvard CTHR 3.29 9.8 Kirby KEX 70.00 1.6 RepublicBcpKYA RBCAA 47.47 -1.3 WesBanco WSBC 37.71 -0.2 Aflac AFL 52.23 0.6 ElancoAnimal ELAN 34.81 0.6 GoldenEnt GDEN 29.81 -1.6 NielsenHoldings NLSN 26.69 1.8 TakungArt TKAT 9.30 105.1 BBQ Holdings BBQ 7.44 0.5 ChartIndustries GTLS 166.14 4.7 KnotOffshore KNOP 18.93 2.2 RetailOppor ROIC 17.11 0.1 WhitestoneREIT WSR 10.43 -0.3 AGCO AGCO 143.02 3.1 Embraer ERJ 10.69 0.8 GoldenOcean GOGL 7.31 1.5 JWN 46.45 10.7 Tapestry TPR 46.42 3.9 BGSF BGSF 16.91 2.5 ChathamLodging CLDT 14.95 2.1 Kohl's KSS 64.16 4.2 Revolve RVLV 55.00 13.7 Winnebago WGO 87.11 3.8 AGNC InvPfdC AGNCN 25.98 0.4 EmeraldHldg EEX 7.15 3.5 GoldmanSachsBDC GSBD 19.97 2.5 NortheastBank NBN 30.43 -1.1 Tecnoglass TGLS 10.40 4.0 BJsRestaurants BJRI 63.42 0.7 Check-Cap CHEK 4.49 100.7 L Brands LB 62.08 -0.1 RingEnergy REI 3.30 8.4 WintrustFin WTFC 84.45 -0.1 AMC Networks AMCX 83.63 -3.1 EmpowerA EMPW 10.64 -1.6 GoldmanSachs GS 352.42 -0.8 NorthernTrust NTRS 104.93 2.4 TeekayLNG PfdB TGPpB 26.20 0.2 BK Tech BKTI 5.50 7.0 Check-Cap WtC CHEKZ 1.10 65.9 LGI Homes LGIH 141.31 1.7 RockyBrands RCKY 49.17 0.5 WolverineWwide WWW 41.80 2.5 Abercrombie&Fitch ANF 36.34 5.8 Empower EMPW.U 11.15 -1.8 GoldmanSachsPfC GSpC 25.50 1.2 NuSTAR PfdA NSpA 22.60 1.8 TeekayLNG un TGP 15.02 3.2 BOK Fin BOKF 98.00 -2.0 Cheesecake CAKE 63.20 1.2 LGL Wt LGL.WS 0.72 7.4 RogersComm B RCI 51.91 3.5 WyndhamHtls WH 71.46 3.0 AcadiaHealthcare ACHC 61.00 2.1 Enbridge ENB 36.64 0.5 GoodTimesRest GTIM 4.40 7.5 NuSTAR PfdC NSpC 23.75 1.8 Teleflex TFX 434.98 1.4 BOS BetterOnln BOSC 4.00 13.4 CheniereEnergy LNG 76.31 1.3 LGL Group LGL 14.50 0.5 RossAcqnII ROSS.U 10.64 -0.6 WynnResorts WYNN 143.88 2.0 AcadiaRealty AKR 21.56 1.1 EnergyFuels UUUU 7.26 21.3 GoPro GPRO 12.68 14.0 NuSTARLogNts NSS 24.50 0.4 Tele&DataPfdUU TDSpU 25.79 0.9 BRP DOOO 79.54 1.0 CheniereEnerPtrs CQP 44.46 1.2 LTC Properties LTC 44.73 0.8 RoyalBkCanada RY 93.60 -0.4 XeniaHotels XHR 21.13 0.1 AclarisTherap ACRS 26.50 -5.0 EnergyFuelsWt UUUU.WS 4.73 30.7 GoresTechPtrsII GTPBU 10.19 0.9 Nutrien NTR 58.96 0.7 TempurSealy TPX 39.25 3.1 Bally's BALY 74.72 1.4 ChesapeakeUtil CPK 120.85 1.2 LamarAdv LAMR 99.96 3.8 RubiusTherap RUBY 38.71 84.4 Xperi XPER 24.64 0.9 AcmeUnited ACU 42.14 -1.2 EnergyRecovery ERII 20.25 0.6 GreatAjax AJX 12.95 2.3 nVentElectric NVT 29.94 1.7 TenetHealthcare THC 57.65 4.1 BankofButterfield NTB 40.83 -2.2 Chico'sFas CHS 4.12 -5.1 LaredoPetrol LPI 43.98 -0.4 RumbleON RMBL 64.13 47.7 YELP 43.86 3.6 AcuityBrands AYI 147.67 4.3 EnerTransferPfdD ETPpD 23.59 0.9 GreatAjaxNts24 AJXA 25.83 0.3 ONE GroupHosp STKS 6.98 9.8 Tenneco TEN 13.12 -0.1 BankofCommerce BOCH 13.19 2.1 Children'sPlace PLCE 85.59 -0.5 Lear LEA 189.79 0.4 RuthsHospitality RUTH 26.87 0.2 ZimIntShipping ZIM 26.55 -0.6 Adecoagro AGRO 9.64 -0.6 EnerTransferPfC ETPpC 22.85 0.6 GreenlightCapRe GLRE 9.44 1.2 ONEOK OKE 51.91 -0.6 TerraIncmVI Nts TFSA 25.69 0.5 BankofMontreal BMO 88.55 -0.4 ChimeraInvPfdA CIMpA 25.67 ... LendingClub LC 17.67 13.3 RymanHospitality RHP 85.38 4.0 Adient ADNT 48.65 -0.6 EnerSys ENS 101.95 0.4 Griffon GFF 27.99 1.9 OSI Systems OSIS 99.43 1.3 TerritBanc TBNK 30.04 4.7 BaringsBDC BBDC 10.28 1.5 ChimeraPfdC CIMpC 23.62 0.8 EnterpriseFinSvcs EFSC 52.00 -3.9 GrindrodShipping GRIN 7.58 4.3 LeviStrauss LEVI 25.78 2.3 OakValleyBncp OVLY 20.55 2.4 S&T Bancorp STBA 35.80 -3.5 TexasPacLand TPL 1593.48 8.4 Lows Adtran ADTN 19.06 3.6 Barnes&NobleEduc 9.54 1.0 ChinaEastrnAir 25.50 7.4 BNED CEA EnterpriseProd EPD 23.71 1.1 H&E Equipment HEES 37.06 0.6 LibertyLatAmC LILAK 14.93 -0.3 OaktreeSpec OCSL 6.36 1.1 SITE Centers SITC 14.42 -0.1 TexasRoadhouse TXRH 99.64 0.5 AdvanceAuto AAP 181.83 1.2 BeaconRoof BECN 54.69 0.5 ChinaSoAirlines ZNH 39.40 8.9 AfricanGoldAcqn AGAC.U 9.93 ... Envista NVST 41.87 2.2 HNI HNI 43.20 -0.5 LibertyTripAdvA LTRPA 7.15 4.7 OasisPetrol OAS 62.91 2.0 SITECtrsPfdA SITCpA 25.79 0.1 ThorIndustries THO 149.57 4.1 Aemetis AMTX 21.84 -7.8 BenchmarkElec BHE 32.08 1.4 Cigna CI 247.63 0.8 AgileGrowth AGGRU 9.92 -0.7 Equitable EQH 32.75 0.9 HanmiFinancial HAFC 21.86 -3.6 LifeStorage LSI 88.87 1.0 OldNatlBncp ONB 21.00 -2.2 SLGreenRealty SLG 77.99 -1.7 3M MMM 189.63 2.5 AerCap AER 62.40 0.8 BigLots BIG 71.30 2.3 CincinnatiFin CINF 108.99 1.2 AlphaCapAcqn ASPCU 10.00 0.4 EquityResdntl EQR 75.51 2.2 HanoverIns THG 130.09 0.7 LincolnElectric LECO 126.82 2.5 OldRepublic ORI 22.44 1.2 SLR Sr Invt SUNS 15.70 1.5 360DigiTech QFIN 33.38 -7.4 AeriePharm AERI 21.30 -0.3 BioceresCrop BIOX 10.15 22.9 CircorIntl CIR 43.20 3.0 LincolnNational 63.69 1.3 SM Energy 19.50 3.2 AnzuSpecial I ANZUU 9.92 -0.1 EssentialProp EPRT 25.06 2.9 HarborOneBncp HONE 14.33 -3.3 LNC OlympicSteel ZEUS 30.70 -3.8 SM Tilly's TLYS 13.18 -0.7 AffiliatedMgrs AMG 149.50 2.8 BioCryst BCRX 13.93 6.6 CiscoSystems CSCO 49.44 1.2 Lindsay LNN 171.30 0.6 SPX SPXC 61.48 1.6 AthlonAcqnA SWET 9.64 ... EssexProp ESS 294.79 2.1 HartfordFinl HIG 57.54 3.7 Omnicell OMCL 141.00 3.7 TimkenSteel TMST 12.19 -10.0 AffinityBncshs AFBI 11.65 1.4 BlackRockCapInvt BKCC 3.73 3.7 CitiTrends CTRN 91.49 7.1 LionsGate B LGF.B 16.76 -0.8 STAG Indl STAG 34.53 2.7 CF Acqn VIII CFFEU 9.97 -0.3 EthanAllen ETH 29.02 0.1 HarvardBioSci HBIO 6.95 4.2 OncternalTherap ONCT 8.95 13.9 TItanIntl TWI 9.41 9.3 AlaskaAir ALK 72.62 5.8 BlkRkTCPCap TCPC 15.07 3.4 Citigroup C 75.59 -1.3 LionsGate A LGF.A 19.68 0.2 SVF Invt 2 SVFB 10.80 2.9 ClassAccelA CLAS 9.65 -0.2 Eventbrite EB 26.52 5.5 HavertyFurn A HVT.A 37.99 3.4 OneWaterMarine ONEW 44.34 5.5 Toro TTC 104.20 2.4 AllegiantTravel ALGT 270.29 6.0 Blackstone BX 75.56 0.1 CtznCmntyBcp CZWI 12.50 2.1 Loews L 52.06 0.9 Sabre SABR 16.88 3.0 ConsonanceA CHFW 9.80 0.2 EvercoreA EVR 142.92 1.1 HawaiianHoldings HA 29.53 4.3 OportunFin OPRT 22.90 0.4 TorontoDomBk TD 65.82 0.5 Allete ALE 71.93 2.6 BlackstoneMtg BXMT 32.49 1.1 CityOfficeREIT CIO 11.49 -0.9 LouisianaPacific LPX 54.63 3.9 SachemCapital SACH 4.90 1.2 D&ZMedia DNZ.U 9.96 -0.2 EverestRe RE 256.60 1.2 HercHoldings HRI 101.94 2.0 OptionCare OPCH 21.34 6.5 Tradeweb TW 75.18 0.9 AllianceData ADS 115.81 4.7 BloominBrands BLMN 29.16 1.2 ClearChannelOutdr CCO 2.28 5.7 Luxfer LXFR 22.06 0.5 SafeBulkersPfdD SBpD 23.24 0.3 ESM Acqn ESM.U 9.97 0.1 EvolvingSystems EVOL 3.62 4.1 HeritageCommerce HTBK 11.14 3.4 OrchidIslandCap ORC 6.08 2.5 TraneTech TT 168.12 2.6 Allstate ALL 117.30 1.3 BluegreenVac BVH 19.90 3.3 CocaColaCon COKE 302.64 2.5 Lyft LYFT 67.80 1.6 Saia SAIA 228.55 4.4 EmpowermentI EPWR.U 9.96 -1.6 Expedia EXPE 177.30 1.4 HershaHospitality HT 12.82 5.9 Organogenesis ORGO 18.20 -2.9 TransDigm TDG 626.00 -0.4 AllyFinancial ALLY 46.70 2.3 BlueknightEner BKEP 3.5311.7 ColonyCapital CLNY 7.00 -3.4 MDC Partners MDCA 3.93 13.7 SallyBeauty SBH 21.91 0.1 FtacParnassus FTPAU 10.06 -1.3 ExpeditorsIntl EXPD 102.83 2.2 HershaHospPfdD HTpD 25.58 0.8 OrionGroup ORN 6.67 -1.5 TransGlobeEner TGA 1.94 8.4 Alphatec ATEC 17.94 2.0 Boeing BA 278.57 -1.3 ColonyCapPfdG CLNYpG 25.43 0.6 MDU Rscs MDU 32.12 2.1 Sanmina SANM 40.74 1.9 First HS Educ FHS 7.27 -0.7 ExtendedStayAmer STAY 19.44 13.4 Hersha Pfd E HTpE 25.53 0.6 OutfrontMedia OUT 24.56 5.7 TransMedics TMDX 45.50 18.6 AltaEquipment ALTG 11.85 0.7 BorgWarner BWA 50.60 0.4 ColonyCapPfdH CLNYpH 25.00 0.1 MGMGrowthProp MGP 34.35 2.6 Sasol SSL 15.39 -0.7 ForesightAcqn FOREU 9.98 -0.4 ExtraSpaceSt EXR 134.52 1.4 HewlettPackard HPE 16.14 1.5 OwensCorning OC 90.80 3.2 Travel+Leisure TNL 65.13 4.6 Altria MO 49.95 2.4 BoydGaming BYD 66.62 1.5 ColonyCapPfdI CLNYpI 25.07 0.1 MGM Resorts MGM 42.04 5.1 ScholarRock SRRK 68.64 5.4 FortistarSust FSSIU 9.96 -0.3 FastAcqn FST.U 14.67 7.3 Hexcel HXL 61.71 2.9 OxfordIndustries OXM 94.72 1.0 Travelzoo TZOO 17.92 12.1 Amdocs DOX 80.81 1.1 BrandywineRealty BDN 14.03 0.2 CommunityHlthSys CYH 12.81 12.7 MYR Group MYRG 74.66 0.9 SelectiveIns SIGI 77.38 1.7 FreedomAcqnI FACT.U 9.99 -0.3 FastAcqnA FST 13.18 7.1 HibbettSports HIBB 73.44 9.2 OxfordLanePfd2027 OXLCP 24.35 0.8 TremontMortgage TRMT 6.14 3.2 AmerantBancorpB AMTBB 16.00 0.4 Braskem BAK 12.45 0.8 Conduent CNDT 7.07 2.5 Magnachip MX 25.10 3.8 SensataTechs ST 64.03 1.6 FusionAcqnII FSNB.U 9.95 0.2 FatBrandsPfdB FATBP 20.56 1.1 HillIntl HIL 3.11 1.7 OxfordSquare OXSQ 4.42 0.7 TribeCapGrwI ATVCU 10.56 1.7 AmerAirlines AAL 25.94 7.7 BrighthouseFin BHF 45.73 2.3 ContainerStore TCS 19.20 4.9 MainStreetCap MAIN 39.40 2.5 SequentialBrands SQBG 31.58 12.9 G&P Acqn GAPA.U 9.91 -0.4 FNB FNB 13.50 -1.2 Hilton HLT 128.92 0.9 PBF Logistics PBFX 15.14 1.1 TriCoBancshares TCBK 51.66 -2.3 AmericanFin AFIN 10.69 -0.4 BrightView BV 18.04 -0.5 Cooper-Standard CPS 47.85 -2.8 MakeMyTrip MMYT 38.25 3.1 ServiceProperties SVC 13.92 0.8 Galecto GLTO 8.76 -5.6 FNCB Bancorp FNCB 8.94 3.4 HoeghLNG PfdA HMLPpA 26.69 -0.7 PDLCommBncp PDLB 13.07 -1.3 Trip.com TCOM 44.66 1.1 AmericanFin AFG 118.25 ... 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B10 | Tuesday, March 16, 2021 ***** THE WALL STREET JOURNAL. MARKETS & FINANCE S&P, Dow Rise in Face of Energy Selloff

Falling oil prices put Share-priceand indexperformance, Monday pressure on 2% Occidental Petroleum, ConocoPhillips NasdaqComposite S&P500 0 BY CAITLIN OSTROFF AND AKANE OTANI Chevron Stocks posted fresh closing -2 ConocoPhillips highs,shaking off their losses from earlier in the session. Exxon Mobil

Shares of economically sen- S sitive companies have helped NEW

lead the stock market this -4 G month, atrend investorshave Occidental

attributed to betsthat growth Petroleum OOMBER and inflation will pick up. A/BL

Thevaccine rollout has pro- -6 MJ ceeded faster HA 9:30 a.m. noon 4p.m. IR than expected, MONDAY’S AM MARKETS making investors Source:FactSet Shares of AMCEntertainmentgained 26% after the chain said it wasreopening LosAngeles theaters. moreoptimistic about the second half.Con- 14th record close of the year. cline since December. highest sinceFeb.6,2020. progressthat is required be- kei 225 Stock Average was up gresshas also passed an addi- TheS&P 500 added 25.60 AMC Entertainment soared Yields fall as bond prices rise. fore the economy is returned 0.6%, the Shanghai Composite tional $1.9trillion in fiscal points, or 0.6%, to 3968.94, $2.88,or26%, to $14.04, Laterthis week,investors to prepandemic conditions, Indexwas up 0.2%, Hong stimulus to help boost the andthe Nasdaq Composite boosted by news that it is re- will parse the Federal Re- butequally,it’snot going to Kong’sHang Seng Indexwas economy. rose 139.84points, or 1%, to opening movie theatersinLos serve’smonetary-policystate- be too forceful because some up 0.8% and South Korea’sKo- Manyanalystsbelievethe 13459.71. Angeles this week. ment forguidanceonpolicy of these moves arewarranted spi wasup0.2%. U.S. stock fu- combination of factorsshould Technologyshares helped Meanwhile,ahandful of makers’ views on the eco- based on fundamentals,” said tures were up less than 0.1%. help consumer spending—a pushed indexeshigher,rallying stocks rose afterS&P Dow nomic outlook. James Ashley,head of interna- powerful driver of overall eco- in the afternoon afterstarting Jones Indices said late Friday “The Fedmeeting will tional market strategy at Gold- nomic growth—bouncehigher, the day mostly weaker. that they would be joining the clearly be crucial and essential man Sachs Asset Management. AUCTION RESULTS especially in the second half. Nvidia jumped $13.41, or S&P 500 effectiveMarch 22. in terms of further educating “So it is,how do youcalibrate Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- That in turn should be aboon 2.6%,to$527.64, while Aka- Shares of Caesars Entertain- markets as to what the Fed is that message in a way that is clearing yield. Rates are determined by the difference to corporate profits. mai Technologies climbed ment climbed 58 cents, or up to,” Mr. Brzeski said. neither toodovish or too between that price and the face value. “With the reopening of the $2.44, or 2.5%, to $99.99. 0.6%, to $101.20,while NXP Some money managers are hawkish.” economy, this fiscal stimulus Falling oil prices put pres- Semiconductors added worried that alarge fiscal In currencymarkets, the 13-Week 26-Week Applications $193,512,475,900 $163,414,214,100 in the form of checks will have sure on the energy sector. $16.44, or 9%, to $199.91, and package could lead to sharply WSJDollar Index, which mea- Accepted bids $61,933,274,900 $58,672,671,800 astronger impact on con- Occidental Petroleum lost Penn National Gaming gained higher inflation, forcing the suresthe dollar against abas- " noncomp $666,969,000 $445,888,100 " foreign noncomp $456,000,000 $305,000,000 sumption,” said Carsten $1.33,or4.3%, to $29.30, while $6, or 4.6%, to $136.47. Fedtoboost interest rates ketofother currencies,was up Auction price (rate) 99.992417 99.972194 Brzeski,ING Groep’sglobal ConocoPhillips declined $1.03, Government bonds sooner than policymakers 0.1%. (0.030%) (0.055%) 0.030% 0.056% head of macro research. or 1.7%, to $58.16.U.S.crude strengthened, with the yield have suggested they would. Overseas,the pan-continen- Bids at clearing yield accepted 77.79% 27.41% TheDow Jones Industrial oil fell 0.3% to $65.39abarrel, on the 10-year U.S. Treasury “The Fedneeds to send a talStoxxEurope 600 ended 9127963H0 912796F46 extending losses after notch- Both issues are dated March 18, 2021. The 13-week Averagerose 174.82 points, or note ticking lower to 1.609%. messageherethat it is still unchanged. bills mature on June 17, 2021; the 26-week bills mature 0.5%, to 32953.46, posting its ingits biggest one-week de- It endedFridayat1.634%, the mindful of the substantial Early Tuesday, Japan’sNik- on Sept. 16, 2021. Hedge-Fund Investor Plans To Launch Growth Strategy

BY JULIET CHUNG tional processofinitial public offerings. Theworld’sbiggest inves- “I can’t think of someone torinhedgefunds hired for- who’s betteratevaluating,un- mer hedge-fund manager Scott derwriting and then assessing Bommer to launch anew both risk and reward,” Mr. growth strategy, amoveaimed Dowling said of Mr. Bommer. at expanding Blackstone “He’shad thousands and Group Inc.’s hedge-fund busi- thousandsofreps [repeti- ness. tions] acrossindustries and

GES TheBlackstone Horizon assetclasses and that’swhat CK IMA

platform, to be runbyMr. TO youneed to be really good,” Bommer, will thematically in- Mr. Dowling said. ETTY

/G vest in money managersfo- During his time at SAB, Mr.

cused on fast-growing public SHUTTERS Bommer largely invested in A/

and privatecompanies,Black- EP comparatively cheap public BENNETT stone said. Horizon will invest T/ companies as avalue investor UCE

BR directly in stock markets. and invested in special situa-

The prospect of arecovery has some investors thinking nowisagood time to buy some hotels. Themain fund of hedge GOMBER tions. He sawSAB grow to a funds at the Blackstone busi- height of $2 billion.

sional rivals determined it it had been buying. nessmissed out on some of ANDREW While it underperformed ri- Blackstone, made more sense to team up. Both firms have extensive the rich returns coming from Scott Bommer vals toward itsend, SAB “It gives us more[cash] to hospitality experience. Mr. growth investing in recent bested the total-return of the continue to look at other hos- Sternlicht created the hotel yearsbecause itsconservative, Blackstone said eight manag- S&P 500 by more than 7% on Starwood pitality opportunities which operator Starwood Hotels & low-volatility approach aims erswereselected forthe plat- an annualized basis over its could present themselves com- Resorts Worldwide Inc., which to hedgeclients’ portfolios. form, two of whom are lifetime,with lessrisk,accord- ing out of Covid,” Blackstone’s is nowapart of MarriottIn- Blackstone in Januaryhired women, ahigh proportion in a ing to an investor document Team Up Mr. Henritze said. ternational Inc., and other ho- former BrownUniversity en- male-dominated industry. viewedbyThe Wall Street Extended Stay’sshareprice telbrands.Blackstone’sbig- dowment chief JoeDowling to Mr.Bommer said Black- Journal. has morethan doubled over gest real-estateprofitcame runits hedge-fund business stone’sdeep partnerships with Mr.Bommer has been fo- ContinuedfrompageB1 the past year.Blackstone’sand from its2007 acquisition of with John McCormick, saying hedge-fund managers will help cused on late-stagegrowthin- placefor an extended period Starwood’sbid representsa Hilton Worldwide Holdings his hire signaled a new focus it access topinvestorsand vesting with his personal without the commitment of a 23% premium to the weighted Inc., which earned the firm on hedgefunds as vehicles their best co-investment ideas wealth sinceheclosed SAB lease.Hecited as examples averageofwhat Extended morethan $14billion in profit that can generate big returns in privatecompanies poised to while continuing to invest in participants in training pro- Stay’sshares were trading for afterittook it public and and withstand volatility. go public, amodel Mr.Dowl- public markets. He wasaseed grams,people getting divorced in the 30 days leading up to cashed out itsfinal holdingsin Mr.Bommer,54yearsold, ingemployedatBrown.Mr. investor in Latin American de- and those who aremoving but the deal concluded over the 2018. is Mr.Dowling’sfirst hire. The Bommer said those deals livery startup Rappi Inc.when their newhomes aren’t ready. weekend. Adeal forExtended Blackstone shrank its hotel private-equity firm broadly would benefit from “almost a it wasvalued around $20 mil- Thedeal forExtendedStay, Stay, which is expected to portfolio in the years leading hasbeen pushing to invest double layer of vetting” from lion. Its most recent round in which will be owned equally close later this year,still re- up to the pandemic.Lodging more in fast-growing compa- managers and Blackstone. September valued the com- by the two firms,marks a quires shareholder approval. accounted forlessthan 10% of nies and recently has taken He expressed interest in panyat$4.3billion post- truceofsortsafter aperiod With this purchase,the two itsportfolio early last year, stakes in the owner of dating PIPE deals—privateinvest- money. last year of jockeying over firms would acquirethe 567 down from closeto50% in app Bumble and Swedish oat- mentsinpublic equity—in Keeping alow profile as a stakes in the company. Star- properties owned by Extended 2010. milk maker Oatly AB. companies going public hedge-fund manager,Mr. Bom- wood owns nearly 10% of the Stay. The company franchises Mr.Henritzesuggested that “There’sbig opportunity through blank-check compa- mer has attracted attention company’sshares,Mr. Stern- an additional 82.About two- the new Extended Stay acqui- with the disruption that’s go- nies.Horizon could scoop up forhis real-estatetransac- licht said, while Blackstone ac- thirds of itshotels arelocated sition was just the beginning ing on as tech nowpermeates shares of companies that have tions. He and his wife, Donya, quired a4.9%stake before in the top25U.S.metroareas, of its renewed interest in the allthese different industries,” recently gone public when spent $93.9 million on three cashing out in June. Blackstone said. lodging industry. “There’sa said Mr.Bommer,who headed lockups on early investorsex- adjoining East Hampton par- Starwood wasalso arun- When the deal closes,itwill high degree of interest overall NewYork-based SABCapital pire, or be acornerstone in- cels that they sold in 2016 for ner-up when Blackstone led a mark the thirdtime that in investment in abroad-based Management for 17 years be- vestor in companies that do a $110 million. The Bommers in groupthat bought the chain Blackstone has owned Ex- travel and leisurerecovery fore shutting it in 2015 to direct listing.Direct listings 2008 set what were recordsat out of a bankruptcy proceed- tended Stay. It firstbought the and that would include every manage his own money. areanincreasingly popular the time forNew York City co- ing in 2010. chain in 2004 and combined it segment of hospitality,” he Mr.Bommer is in charge of way forcompanies to go pub- op apartment purchase and This time the two occa- with other lodging portfolios said. building ateam forHorizon. lic that sidesteps the tradi- sales figures.

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TotRetBdI 10.53 +0.01 -1.1 GroCo 34.31 +0.47 4.4 IntlEq 28.94 +0.05 NA TotRt 10.24 ... -3.0 ExplrAdml 132.96 +1.51 11.1 WndsrAdml 81.20 +0.46 13.7 ExtndIstPl 349.13 +3.59 13.4 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 34.40 +0.47 4.4 Invesco Funds Y PIMCO Funds A ExtndAdml 141.47 +1.45 13.4 VANGUARD FDS IdxIntl 20.36 +0.03 4.9 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 53.55 +0.59 3.4 InvGrBd 11.55 +0.01 -2.7 DevMktY 55.85 -0.12 4.5 IncomeFd 12.00 +0.01 NA GNMAAdml 10.64 -0.01 -0.8 DivdGro 34.19 +0.22 2.9 MdCpGrAdml 93.91 +1.27 2.9 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity LowP r 55.59 +0.33 14.3 John Hancock Instl PIMCO Funds I2 GrwthAdml 132.64 +1.29 1.7 INSTTRF2020 26.72 +0.07 1.8 SmValAdml 74.21 +0.57 21.5 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem138.00 +0.89 6.0 Magin 13.05 +0.12 ... DispValMCI 26.95 +0.22 15.6 Income 12.00 +0.01 NA HlthCareAdml r 90.80 +0.27 -0.2 INSTTRF2025 28.13 +0.09 2.5 TotBd2 11.02 +0.01 -3.5 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 19.17 +0.08 1.5 NASDAQ r 169.13 +1.75 4.5 JPMorgan I Class PIMCO Funds Instl HYCorAdml r 5.91 -0.01 -0.3 INSTTRF2030 29.02 +0.10 3.2 TotIntlInstIdx r136.19 +0.19 4.9 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; ExtMktIdxInstPre 94.64 +0.97 13.4 OTC 18.34 +0.21 4.7 CoreBond NA ... NA IncomeFd 12.00 +0.01 NA InfProAd 27.91 +0.09 -1.4 INSTTRF2035 29.85 +0.12 3.9 TotItlInstPlId r136.22 +0.19 4.9 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. FidSerToMarket 13.85 +0.10 7.3 Puritn 27.46 +0.12 5.5 EqInc NA ... NA Price Funds IntlGrAdml 162.67 +0.82 1.5 INSTTRF2040 30.70 +0.13 4.6 TotSt 101.60 +0.72 7.3 IntlIdxInstPrem 47.45 +0.04 4.0 SrsEmrgMkt 26.08 -0.04 4.5 JPMorgan R Class BlChip 168.35 +0.93 1.7 ITBondAdml 12.07 ... -3.8 INSTTRF2045 31.47 +0.14 5.3 VANGUARD INSTL FDS MidCpInxInstPrem 29.84 +0.37 10.5 SrsGlobal 15.00 +0.01 4.6 CoreBond NA ... 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SmCpIdxInstPrem 29.91 +0.10 19.7 TotalBond 10.98 +0.01 -2.6 ShtDurIncm 4.20 ... 0.3 LgCapGow I 64.46 +0.39 5.3 MuIntAdml 14.76 ... -0.2 LifeCon 22.82 +0.06 0.7 InPrSeIn 11.37 +0.03 -1.5 Ultra 76.93 +0.65 1.3 IntlVal Inst NA ... NA EmgMktVa 31.22 +0.14 9.0 TMktIdxInstPrem115.60 +0.83 7.3 Fidelity SAI Metropolitan West MidCap NA ... NA MuLTAdml 12.14 ... -0.2 LifeGro 42.04 +0.17 4.5 InstIdx 351.43 +2.28 6.0 American Funds Cl A Baird Funds EmMktCorEq 25.75 +0.01 6.1 USBdIdxInstPrem 11.98 +0.01 -3.4 TotalBd 10.44 +0.01 -2.5 TotRetBdI 10.84 ... -2.8 NHoriz 82.47 +0.85 0.2 MuLtdAdml 11.24 ... 0.1 LifeMod 32.45 +0.11 2.5 InstPlus 351.45 +2.28 6.0 AmcpA p 41.21 +0.33 5.4 AggBdInst 11.36 +0.01 -3.2 IntlCoreEq 15.61 +0.04 7.1 Fidelity Advisor I Fidelity Selects TRBdPlan 10.17 +0.01 -2.8 R2020 NA ... NA MuShtAdml 15.94 ... 0.1 PrmcpCor 32.40 +0.07 11.8 InstTStPlus 79.36 +0.57 7.3 AMutlA p 47.67 +0.22 6.9 CorBdInst 11.74 +0.01 -2.9 IntSmCo 21.74 +0.08 7.2 NwInsghtI 37.81 +0.20 2.6 Softwr r 27.65 +0.07 2.0 MFS Funds Class I R2025 NA ... NA PrmcpAdml r168.87 +0.28 9.8 STAR 32.09 +0.11 3.2 MidCpInst 61.86 +0.69 9.2 BalA p 31.12 -0.01 3.4 BlackRock Funds IntSmVa 21.06 +0.07 10.1 Fidelity Freedom Tech r 28.08 +0.25 4.5 Growth I 161.98 +1.12 0.1 R2030 NA ... NA RealEstatAdml131.76 +1.86 9.5 TgtRe2015 15.85 +0.04 0.8 MidCpIstPl 305.10 +3.44 9.2 BondA p 13.36 +0.01 -2.9 HiYBlk 7.77 ... 0.6 TAUSCoreEq2 25.55 +0.17 11.1 FF2020 17.65 +0.04 2.9 First Eagle Funds ValueI 48.78 +0.24 8.1 R2035 NA ... NA SmCapAdml107.20 +1.11 15.0 TgtRe2020 34.90 +0.10 1.8 SmCapInst 107.20 +1.11 15.0 CapIBA p 65.72 -0.13 4.9 HiYldBd Inst 7.77 ... 0.7 US CoreEq1 32.71 +0.22 10.2 FF2025 15.98 +0.04 3.4 GlbA 64.30 +0.21 5.0 MFS Funds Instl R2040 NA ... 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THE WALL STREET JOURNAL. Tuesday, March 16, 2021 | B11 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Not-So Supertankers Deserve a Look

Profitsofoil-tanker ownersplummetedinthe course of ayearasahistoric glut reversed,but the fundamentals areset to improve

A year ago, this industry’s ship Average earnings forvery large came in. Then it just sat there. crude carriers As the world went intolockdown with planes grounded and cars $300,000 parked in driveways,demand for crude oil plunged even as it kept Week of Saudi- Russia pricewar bubbling up out of the ground. That 250,000 wasdevastating to the energy in- dustrybut ahugeboon to compa- nies that ship oil and occasionally serveasroving storagetanks. 200,000 Nowthat crude prices areback to pre-pandemic levels,the situation is amirror imageofwhat it wasa 150,000 year ago. Investorswould have been wrong to bet on the boom times

continuing back then and they S shouldn’t makethe oppositemis- 100,000 take as shippersbleed cash today. PRES

Last March the biggest super- ZUMA tanker category, very large crude 50,000 carrier (VLCC), earned a whopping $279,259 a day, the second-highest level seen since 1990, according to HERNANDEZ/ data from Clarksons Research. OS 0 Two forces drove the bidding. CARL 2020 ’21 AN

Supertankers arrived halfway JU Note:Figures through March 5 across the world at refineries that Daily earnings forthe biggestsupertankershit ahistoric lowof$826aday recently—down morethan 99%inayear. Source:Clarksons Research had little place to put more barrels as jet fuel and gasoline piled up. on physical crude prices as traders the futures trade reversed too, mak- ual routes, according to Clarksons swinging to alossinits fourth They idled offshore rather than be- bid down to maximizetheir profits, ing oil storagecostly rather than Research. quarter,the company’sboardau- ing able to come back and pick up says energy economist Philip Ver- profitable.Fromthe firsttothe Forthe tanker companies them- thorized a$50 million sharerepur- more crude. leger. Crude oil and condensates in fourth quarter,revenue andprofits selves,those with strong balance chase program for2021 and is Even as oil prices collapsed, the floating storagepeaked at 215 mil- plunged at shipperslike Frontline, sheetswill be able to weather the looking at opportunities to expand futures market waslesspessimistic lion barrels in June,according to oil TeekayTankers and Euronav. stormand potentially emerge with itstanker fleet at cheaper prices. about the situation several months analytics firm Vortexa. About a It has continued to worsen. The competitiveadvantagesoncemore Ayear aftertheir incredible out—a situation known as contango. quarter of the global tanker fleet double whammy of disrupted U.S. oil supply returns to the market. good fortune,anequal basket of That provided anyone with spare wasbeing used, which is the high- production from the Texas winter Euronav’sChief ExecutiveHugoDe four energy shipping firms has storageasurefireprofitopportu- est the firm has ever seen. chill and big exporters’ surprise Stoop noted in aFebruaryearnings laggedbehind the S&P 500 by 70 nity by buying crude and selling fu- That processisbrutalwhen it re- decision to keep oil off the market call that globally,the tanker market percentagepointsoverthe past tures—as long as they had some verses,though. With demand re- for a while sent daily earnings for fleet ageisthe oldest it has been year and is right back to itslong- placetoput it.“Floating storage” is bounding,all those vessels came a VLCC to a historic low of $826 a since2002. That could lead to a term averageratioofpricetobook themost expensiveway to do that, back intothe market at the same day recently—down by more than smaller global fleet size, he noted, value.With lifeand energy demand but the situation contributed to a time that big exporterslikeSaudi 99% in a year. In the first week of adding that regulatorypressures— returning to normal, this is no time bidding warfor tanker capacity and Arabia voluntarily cut back their ex- March, VLCC earnings were in such as emissions standards—are forinvestorstowalk the plank. simultaneous downward pressure portstostabilizethe market. And negative territory on some individ- increasing on older vessels.Despite —Jinjoo Lee and Spencer Jakab Frequent-Flier Programs Point Skyward Fixing Danone’s Carriers’ valuations arebelowthoseoftheir ownprograms,but thatdoesn’t imply abuy signal Recipe Will Wall Street sees airlines as less U.S. airlines,estimatedfair equity value ing people around, airlines own than the sum of their parts: Carri- valuable marketing operations that ers’ valuations arebelowthose of Loyaltyprogram Core airline help attract customerstobanks. Take Time their ownfrequent-flier programs, India’sJetPrivilege, which oper- datadisclosed during the pandemic American ates independently following the suggest. But this isn’t necessarily a demise of itsparent JetAirways in Activist investors have scored a clear buy signal forinvestors. Delta 2019,isproof that loyalty pro- surprisingly quick win at Danone. Last week, American Airlines grams canstand alone,aslong as Bringing the Paris-listed food com- said it would issue $10 billion in United they have enough big partnersto pany back to full health will be a debt using its loyalty program as work with. This suggestsairlines much lengthier process. Southwest collateral. Delta Air Lines, United have alot of value to unlock. On Monday,the maker of Dannon Airlines and Spirit Airlines al- Alaska Airline customersdon’t always yogurt and Evian bottled watersaid ready made similar moves. analyze the value of pointsinafully that Emmanuel Faber, who has led Issuing miles to frequent fliers, JetBlue rational way,but studies showthey the businesssincelate2014, will who then exchangethem forflights care about seat availability,the sta- stand down.Two weeks ago, the and perks,isagreat business.Re- Hawaiian tus conferred by particular perks boardproposed acompromise to search shows that customersend and, of course,wherethey gettofly Danone’sunhappy shareholdersby up paying morethan they would –$20 billion $0 $20 $40 to.This requires legacycarriersto agreeing to split the roles of chair-

without the loyalty program—a Note:Calculatedon2021-23 expected earnings on the basis of currentfinancial disclosures maintain big networks and high ser- man and chief executiveofficer held 2011 paper found apremium of be- Source:Stifel vicestandards.Itisn’t accurateto by Mr.Faber,while allowing him to tween 5% and 6%—and the airlines assign all of the associated expenses stay on as chairman. oftenget to fill seatsthat would roughly half of itsearnings. have equity of $31 billion, $29 bil- to the airline businessand none to This didn’t wash with investors, otherwise have gone unoccupied. Theother two legacycarriers lion and $18 billion, respectively. the loyalty program. If networks be- so board member Gilles Schnepp Until the Covid-19 crisis,investors aren’t quitesodependent on the That theoretically implies that the come smaller afterthe pandemic,it will take over as chairman instead. understood this only in general pointsbusiness, but the numbers airline businessisvalued at less should affect loyalty revenues. An external head hunter is already terms.Now they have some strik- they reported in bond documents than $2 billion forDelta, anegative Ringfencing frequent-flier pro- looking for a new CEO. The news ing numberstoback up the point. last year were still at the optimistic $5 billion forUnited and minus $19 grams and reporting on them sep- sent Danone’s shares rose 2.9% in American disclosed that, in 2019, end of forecasts. SkyMiles accounted billion forAmerican. arately—a move Mr. DeNardi ar- Monday trading. itsAAdvantageprogram generated foralmost all of Delta’smuch-touted Theprofitability of modern-day gues for—should still give an extra It is avictoryfor Wisconsin-based $5.9 billion in cash inflows,with a improvement in profit since2015. loyalty plans is underpinned by the bump to airline stocks. Carriers’ fund Artisan Partners,which last 53% margin. This is morethan Thedatavindicateestimates by co-branded credit cards issued by marketing operations do possess month disclosed a3%stake and de- Delta’sSkyMiles and United’sMile- Stifel analyst Joseph DeNardi, who banks and bearing airline insignia. some stand-alone value, which manded afull changeofleadership. agePlus,eventhough American is has long championed the thesis that These grant miles everytime they means investors should take their U.K. activist fund Bluebell Capital the least profitable of the three marketsare undervaluing these pro- areused. Merchantspay hugeinter- financial figures seriously. Partners also has been agitating. when it comes to selling tickets. The grams.His valuations suggest AAd- changefees,which banks passonto They just shouldn’t take them Activistinvestorsgenerally avoid loyalty program accounted for vantage, SkyMiles and MileagePlus airlines.Ineffect, in addition to fly- literally. —Jon Sindreu French companies,perceiving their odds of success to be lowerthan elsewhere: TheU.K.had three times as manyactivist targetsasFrance last year,according to Lazard.Pur- China’s MonetaryPolicy Looks Looser Than Advertised suing Danone worked because main- stream shareholderswereimpatient with Mr.Faber.Onhis watch, the companyoverpaid fordairy-alterna- China’s industrial output and re- Chineseeconomic data, change from and Februarylast year.After but it will be tough to hit that tar- tivebusinessWhiteWavein2016, tail sales jumped by their most in ayearearlier months of decelerating,growthin getifcredit growth doesn’t start missed sales and profit targetsand more than a decade in the first aggregatedebt and equity finance slowing again from here. delivered subpar annual shareholder two months of 2021: up 35% and 40% outstanding ticked up again this Theother thingstowatch will be returns of 4%—around half the level 34% year-over-year, respectively. February, to 13.3%fromayear ear- exportsand the labor market. Feb- at Nestlé and Unilever. Total financeoutstanding Those are big numbers—but sadly, 30 lier,compared with 13% in January. ruarypurchasing managers’ indexes Overhauling the business could be not very meaningful ones. Money-market ratesand corporate hinted that March exportsmay have expensive. Danone already owns Chinese economic dataisalways bond yields have also eased since weakened somewhat sequentially. healthyproducts, so maynot need abit opaque at the start of the year 20 mid-February, suggesting easier fi- China’ssurveyed unemployment big deals to align itsportfolio with because the shifting dates of the Lu- nancial conditions.That is proba- rate also ticked up further last contemporarytastes.However, it has nar NewYear holidaymakeyear- bly ablip—newloan quotas for month. Exportswill probably re- underinvested in itsbrands. While over-year comparisons and seasonal 10 banks arealso released at the be- coveragain later in the year as the competitorshaveslightly increased adjustmentsdifficult. Addinthe cor- ginning of the year—but it bears newU.S.stimulus feeds through, the percentageofsales they plow onavirus-induced economic cliff last Nominal GDP watching sinceChina’scredit cycle but if thereare afew bumpy back intomarketing over the past year—China’slockdowns peaked in 0 usually drives the overall corpo- months beforehand, Chinese policy decade,Danone has cut back by 3.2 Februaryand March—and early 2021 rate profit cycle,which had been makersmight decide to keep mone- percentagepoints, according to activity datawas always going to be –10 due to start turning down soon. tary conditions looser abit longer. Bernstein. Resetting Danone’sal- impressivebut not particularly in- At the same time,Premier Li If Beijing does keep the tap ready low14% operating margin may formative. China’sstatistics agency 2010 ’15 ’20 Keqiang reiterated previous prom- open a little longer than expected, be inevitable if the companyistore- moreorlessadmittedasmuch by Source:CEIC ises to keep totalfinancegrowing in it could prolong current rallies in verserecent market-sharelosses in providing comparisons with early line with nominal economic growth commodity prices and lend some important categories likeplant- 2019 figures, as well as last year’s Luckily thereare some recent in his annual report to the National support to suffering Chinese based drinks and infant formula. numbers, in itsofficial datareleases datasnippetsthat provide abetter People’sCongressonMarch 5. Since stocks—but wouldn’t do much to Danone has taken its most sig- on Monday. That isn’tquitethe sta- road map.The firstiscredit nominal growth in the firstquarter shore up the leadership’s credibil- nificant step in years toward a tistical equivalent of throwing up growth, which, unlikemost other of 2020 wasnegative, thereisno ity on efforts to rein in debt. new approach, but it could take your hands,but it is close. indicators, didn’t gyrate in January immediatepressureonthis front, —Nathaniel Taplin years to pay off. —Carol Ryan P2JW075000-0-B01200-1------XA

B12 | Tuesday, March 16, 2021 THE WALL STREET JOURNAL.

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