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***** WEDNESDAY,SEPTEMBER 23,2020~VOL. CCLXXVI NO.71 WSJ.com HHHH $4.00

DJIA 27288.18 À 140.48 0.5% NASDAQ 10963.64 À 1.7% STOXX 600 357.55 À 0.2% 10-YR. TREAS. À 2/32 , yield 0.663% OIL $39.60 À $0.29 GOLD $1,898.60 g $2.60 EURO $1.1709 YEN 104.93 Trump,XiLay Out Clashing Views at U.N. on Trade,Virus GOP What’s News Clears Path for Business&Finance Court he biggest wholesale Tmortgageoriginator in the U.S. is merging with a Nominee special-purpose acquisition companyinadeal that will take the lender public at a Romney backs Senate valuation north of $16 bil- lion, the record foratype leaders on proceeding of deal that has become all with filling vacancy the rage on Wall Street. A1 ahead of Trump’s pick  Amazon is limiting the ability of some competitors BY SIOBHAN HUGHES to promotetheir rival gadgets

on itsplatform, according to (2)

S WASHINGTON—Agrowing Amazon employees and ex- number of Republicans are ecutives at rival companies PRES pushing to getasuccessor to and advertising firms. A1 TED Supreme Court JusticeRuth  Nikola’s finance chief OCIA Bader Ginsburg confirmed by SS

defended the firm’stechnol- /A theNovember elections,after

ogyand businessplan, tell- UNTV senatorsdashed Democrats’ ef- ing an investor conference ON TAPE: President Trump and China’s President Xi Jinping addressed the annual U.N. General Assembly meeting on Tuesday in re- fortstostopPresident Trump that the startup’spartners corded video messages, staking out opposing views on several topics, including trade and how to fight the global pandemic. A9 from moving ahead with a arestaying the course. B1 nominee. Thespeedy time frame could  U.S. stocks gained, with further energizevotersofboth the S&P 500, Nasdaq and parties and add anew member Dow advancing 1.1%, 1.7% to the court in time to consider and 0.5%, respectively. B13 Mortgage Giant OptstoMerge amajor health-carecase.  Home sales rose in Au- Democrats’ hopes of stop- gust forthe thirdconsecu- ping or at leastslowing down tivemonth, fueled by de- Mr.Trump’scoming pick mand forluxuryhomes and a In Biggest ‘Blank Check’ Deal dimmed Tuesdaymorning when pickup in Northeast sales. A2 Sen. MittRomney,aUtahRe- publican, said he supported  Nike’ssales rebounded moving forward. Only two GOP in the summer quarter after BY MAUREEN FARRELL miliar with themattersaid. pected boom this year in exceeding the $84 billion senators, Susan Collins of Maine slumping earlier during the Thedeal will makeUnited blank-check deal making, raised at this point in 2000, and Lisa Murkowski of Alaska, pandemic, as rising digital Thebiggest wholesale Wholesale Mortgageapublic which has gone in and out of the previous record year, ac- have said they oppose the nomi- sales offset declining reve- mortgageoriginator in the U.S. companylisted on Nasdaq. favoroverthe years, as start- cording to Dealogic.About nation effort, which wouldn’t be nue at traditional stores. B1 is merging with aspecial-pur- Also known as blank-check ups and other privatecompa- 44% of the volume,or$40 bil- enough to derail it given the  Elon Musk laid out a pose acquisition companyina companies,SPACs effectively nies seek a more expeditious lion, has come from SPACs. GOP’s53-47 Senateadvantage. plan for Tesla to eventu- deal that will take the lender turn the traditional model for routetothe public markets That is more than four times Mr.Trump has said he has a ally use drastically lower- public at avaluation north of initial public offeringsonits and sponsorshunt foroppor- the volume raised by these ve- short list of five female judges, cost batteries to produce a $16 billion, the record for a head by raising money before tunities in the economic dislo- hicles at this point in 2019— and he has begun meeting with $25,000 electric car. B2 type of deal that hasbecome they develop abusiness. They cation caused by the coronavi- theprevious record year. possible nominees.Federal Ap- allthe rage on Wall Street. use the proceeds to makean ruspandemic. Everyone from Wall Street pellateJudgeAmy Coney Bar- World-Wide United Wholesale Mortgage acquisition—usually within a Blank-check companies have powerbrokers to Silicon Val- rett of the Seventh Circuit in plans to combine with Gores couple of years—that con- been akey driver of what is ley venturecapitalists, ath- PleaseturntopageA4 Holdings IV Inc., aSPACthat vertsthe target intoapublic shaping up to be arecordyear letesand former politicians  Agrowing number of raised $425 million in apublic company. forIPOs.Issuershavetaken in have jumped on the band-  Many voters are unmoved by Republicans arepushing to listing in January, people fa- Therehas been an unex- $91 billion in U.S.-listed IPOs, PleaseturntopageA4 court battle...... A4 getasuccessor to Supreme Court JusticeGinsburgcon- firmed by the November CargoGives Some Airlines aLift elections,after senators Oil Market AmazonRestricts dashed Democrats’ efforts Cargo shipping is offsetting the decrease in passenger travel to stop Trump from moving for major airlines in export-heavy South Korea and Taiwan. B1 ahead with anominee. A1 FliesBlind Ad Buying by Rivals  TheHouse passed ashort- World-wide Commercial airlines’ term spending bill keeping airfreighttraffic global cargoyield Amid Jolts FORECAST the government funded 70 million metric tons 30% change from ayear earlier through Dec.11, afterDem- ocratsreached adeal with 2020 Strategy gives edge to its own devices and 60 Post-Covid: 30% the WhiteHouse over farm And Crises 20 puts other gadget makers at disadvantage 2020 aid and food assistance. A4 50 Pre-Covid: –3%  Morethan 200,000 peo- BY JOE WALLACE 10 Amazon.comInc.islimit- sumer loyalty.Itputsatadis- ple in the U.S. have died 40 ing the ability of some com- advantageanarray of gadget from Covid-19,agrim mile- Predicting oil demand has 2020 petitorstopromotetheir rival makerssuch as Arlo Technol- stone as Americans enter rarely been more challeng- 30 Pre-Covid 0 0 0 smart speakers, video door- ogies Inc.that rely on Ama- another newseason with a ing,buffeting prices and 62.4 million bells and other devices on its zon’ssitefor asignificant pandemic that continues to muddying theoutlook for 20 shareoftheir sales. shape everyfacet of life. A6 traders, investorsand energy 2020 –10 By Dana Mattioli, Thee-commerce giant rou-  U.S. health regulators 10 Post-Covid producers. 51 million Patience Haggin tinely letscompanies buy ads have draftedguidelines that Energy analystsare map- and Shane Shifflett that appear inside search re- would require a Covid-19 ping out the course of the 0 –20 sults, including searches for vaccine to meet rigorous coronavirus and effortsto 2005’10 ’15 ’20’21 2005’10 ’15 ’20’21 dominant e-commerce plat- competing products. Indeed, standards to gain a speedy stop the pandemic,including Note:The two2020forecasts were made beforeand after the coronavirus outbreak, respectively. form, according to Amazon search advertising is alucra- clearance for use. A6 limitsonflights, cruises and Sources: TACIndex(airfreightrate); IATA,Vasigh (cargo yield) employees and executives at tivepart of the company’s  U.K. leader Johnson an- the use of public transporta- rival companies and advertis- business. But Amazon won’t nounced new coronavirus tion. ing firms. let some of itsown large restrictions for England as They arealso grappling Thestrategygives an edge competitorsbuy sponsored- his government tries to quell with theeffectsonfuel de- to Amazon’sown devices, product ads tied to searches asecond wave of infections mand of an economic down- Is There Life After a TikTok Ban? which the companyregards forAmazon’sown devices, while avoiding an economi- turn, rising unemployment, as central to building con- PleaseturntopageA10 cally damaging lockdown. A8 and changing patterns of India Goes Into Withdrawal work,study and travel.  TheVatican condemned Allthis has introduced an iii the spreading interna- unusual degree of uncertainty INSIDE tional acceptance of eu- intoestimates for howmuch Thenation’s shutdown of the popular app thanasia and assisted sui- oil the world will consume in cide, including in some the remainder of 2020. leaves fans bereft; ‘I’m still mourning’ S traditionally Catholic Thelack of visibility has countries in Europe. A8 contributed to renewedturbu- BY ERIC BELLMAN and flashyclothes.“I’m sad. PRES

lenceinthe market after My futurefeels uncertain. I TED J CONTENTS Personal Journal A11-12 CIA

prices rose over the summer, NEW DELHI —American just sleep in my room all day.” WS SO

Arts in Review.... A13 Property Report... B6 R buoyedbythe return of cars fans of TikTok have recently India ousted the app AS Business News...... B3 Sports...... A14 FO

Crossword...... A14 Technology...... B4 and trucks to the road. been leftpondering apossible months ago, and ever since, SS VO HeardonStreet B13,14 U.S. News.... A2-4,6-7 Brent-crude futures,the in- futurewithout their favorite the nation has been in TikTok RIEDEL/ Markets...... B13 Weather...... A14 ternational energy bench- short-video sharing app.India withdrawal. Until this summer, Opinion...... A15-17 World News...... A8-9 mark,ticked up 0.7% to $41.72 knows what that future looks India wasTikTok’sbiggest EPHEN ST CHARLIE abarrel Tuesday. This year, like, and it isn’t pretty. market, with morethan 400 > Brent has moved between a “I’m still mourning the million downloads.Wannabe FAMILY&TECH SPORTS closing high of $68.91inearly death of TikTok,” said Faizaan TikTok stars hoping for their Apps takethe stress Team USAislikely to Januaryand alow of $19.33in Pathan, an autorickshaw 15 seconds of fame crowded out of dinner decisions be the biggestvirus PleaseturntopageA2 driver who transformed him- parksand malls acrossthe self intoaTikTok phenom country, shooting videos to if youhavepicky challenge at the s 2020 Dow Jones & Company, Inc. All Rights Reserved  Pipeline firms squeezed by knownasDavid King,with share their Bollywood dance, eaters. A11 Olympic Games. A14 shale-oil cutbacks...... B12 dyed blondhair,blue contacts PleaseturntopageA10 P2JW267000-2-A00200-1------XA

A2 | We dnesday, September 23, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS Home Sales Were Strong Again Last Month

BY WILL PARKER tors said Tuesday. That built seeking morespaceand accel- threemoreyears,and mort- at Zillow. is just simply taking off,” said on a24.7% surge in July home erating plans to leave cities for gage ratesare also expected to On an annual basis,sales LawrenceYun,chief economist Home sales rose in August sales,which wasthe strongest the suburbs or formorerural stay low. Manycompanies have rose 10.5%inAugust, putting of NAR. forthe thirdconsecutive monthly gain ever recorded, areas, real-estateagentssay. indicated that large numbersof this summer’s housing market Sales were strongest in the month, fueled by robust de- going back to 1968. Other home buyershave Americans will continue work- well ahead of last year’s sales Northeastduring August, in- mand forluxuryhomes and a Home buyershavereturned moved to livecloser to family ing from home even aftera levels.The boom in sales was creasing 13.8%. That wasfol- pickup in Northeastsales that in forcesincelatespring,when members. coronavirus vaccine is devel- most pronounced at the upper lowedbythe Midwest, where kept the housing market hot. lockdowns related to the coro- Economistsand housing ex- oped. end of the market. Sales of totalsales rose just 1.4%. The Sales of previouslyowned navirus pandemic eased, open pertsexpect sales to stay “Sales volume could begin homes priced at morethan $1 pickup in partsofthe North- homes rose 2.4% from amonth houses resumed and ultralow strong through the end of the to taper in late2020,but given million rose 44% nationally east reflected pent-up buyer earlier to aseasonally adjusted mortgage rateshelped spur year.The Federal Reservehas current conditions,it’sunlikely and were up 63.1% in the demand afterpandemic-related annual rate of six million, the sales.With manyAmericans signaled it expectstohold to diminish toomuch,” said South. restrictions began easing in National Association of Real- working from home,buyersare ratesnear zero foratleast MatthewSpeakman,economist “The luxuryhousing sector some markets. U.S. WATCH

NEW YORK Twenty-six people have been killed. Suspect in Ricin Officials were investigating Mailing Faces Judge the death of afirefighteratan- other Southern California wild- A Canadian woman accused firethaterupted earlier this of mailing ricin to the White month from asmoke-generating House last week appeared be- pyrotechnic deviceused by a fore a federal magistrate judge couple to reveal their baby’s Tuesday in Buffalo to face a gender. charge of making threats Charles Morton, 39 years old, against President Trump. died Sept. 17 while battling the Pascale Cecile Veronique Fer- El Dorado Fire in San Bernar- rier, 53 years old, was arrested dino National Forest about 75 Sunday on the U.S.-Canada bor- miles eastofLos Angeles. der. U.S. Magistrate Judge H. Mr.Morton wasa14-year Kenneth Schroeder Jr. entered a veteranofthe U.S. Forest Ser- not-guilty plea on her behalf and viceand asquad boss with the ordered her detained, after a Big Bear Interagency Hotshot federal prosecutor cited serious Crew of the San Bernardino Na- flight risk. tional Forest. Ms. Ferrier’s lawyer, Fonda —Associated Press Kubiak, didn’t respond to a re- quest to comment after the TEXAS hearing. On Friday, the Secret Service S Beta Downgraded alerted the Federal Bureau of In- PRES AfterMaking Landfall

vestigation to aletteratthe UMA WhiteHouse thatcontained /Z Beta weakened to atropical NG

whitepowder and aletterthat SC depression Tuesdayasitparked

appeared addressed to Mr. ON/ itself overthe Texas coast, rais- Trump, calling him an “Ugly Ty- ing concerns of extensiveflood- PIERS

rant Clown” and saying, “Giveup Y ing in Houstonand areas farther and remove your application for inland. TERR this election,” according to an FBI HONORING THEIR OWN: U.S. Forest Service and Cal Fire firefighters lined up Tuesday to salute Charles Morton, who died last week battling Beta made landfall late Mon- agent’saffidavit filed in the case. the El Dorado Fire in San Bernardino National Forest, one of more than two dozen wildfires now burning in California. He was 39 years old. dayasatropical storm just “SoImade a‘Special Gift’ for north of Port O’Connor.ByTues- youtomakeadecision,” the letter MAINE ing to the presidential election. CALIFORNIA on the other side of the San dayafternoon, Beta was40 said, according to the affidavit. “If The court’s decision, just six Gabriel Mountains from LosAn- miles north of Port O’Connor, it doesn’twork, I’ll find betterrec- Court Ruling Allows weeks before the election, was WildfirePoses Threat geles. with maximum sustained winds ipe foranother poison, or Imight Ranked-ChoiceVoting issued after the state already To Over 1,000 Homes Firefighters also battled of 30 miles an hour,the U.S. Na- use my gun when I’ll be able to began printing ballots using a flare-ups near MountWilson, tional Hurricane Center said. The come. Enjoy! FREE REBEL SPIRIT.” Ranked-choice voting will be grid-style for ranked elections. Awildfirescorching its way which overlooksgreater LosAn- storm wasmoving east-north- The powder testedpositive used for the first time in a pres- Under the system, voters are through brush and timber from geles and has ahistoric obser- eastat5mph and wasex- forricin, aplant-derived poison idential race under a ruling Tues- allowedtorank all candidateson the mountains to the desert vatory founded morethan a pected to crawlinland along the thatisextremely toxic, the FBI day by the Maine Supreme the ballot. If no one wins amajor- northeastofLos Angeles century ago and numerous coastoverTexasthrough agentwrote.During the investi- Court, which concluded a GOP- ityoffirst-placevotes, then there threatened morethan 1,000 broadcastantennas serving Wednesday. gation, the FBI said, it learned of led petition drive intended to areadditional tabulations, aided homes on Tuesdayascrews Southern California. The National Hurricane Cen- six other letters received last prevent its use came up short. by computers, in which last-place acrossthe West battled dozens Nearly 19,000 firefighters in tersaid parts of the Houston week thathad been addressed to The Supreme Judicial Court finishers areeliminatedand votes of other major blazes. California arebattling 27 major area had seen up to 14 inches of penitentiaries and detention cen- ruled that the Maine Republican reallocatedbased on those sup- The BobcatFirewas advanc- blazes, Gov. Gavin Newsom said. rain by Tuesdayafternoon. One ters in Texas. As with the White Party failed to reach the thresh- porters’ second-placechoices. ing at amile or twoanhour at At least7,900 wildfires have area in Brazoria County,located House letter, the Texas letters old of signatures needed for a Transporting the ballots to Au- times and continued to threaten erupted in the statethis year, south of Houstonalong the borestamps from Canada and “People’s Veto” referendum gusta foradditional tabulations the Mojave Desert town of manyduring amid-Augustbar- coast, gotnearly 18 inches of contained apowdery substance. aimed at rejecting a state law delays results forabout aweek. Pearblossom after burning into rage of dry lightning thatig- rain in the pasttwo days. —Rebecca Davis O’Brien that expands ranked-choice vot- —Associated Press the Antelope Valleyfoothill area, nited parched vegetation. —Associated Press

High-frequencydatahave Beforethe pandemic,the Oil consumption as ashareofeconomic activity* down from the all-time high Oil Market enabled analyststotrack oil model assumed that demand of 14.1 million barrels aday in demand in real time during forjet fuel would keep grow- 3.5 barrels aday per unit of GDP May. this year’s crisis,said Gregory ing,while gasoline sales could 3.0 TheslowdowninChinese FliesBlind Shearer,acommodities strat- face pressure from improving buying is one reason whyMr. egist at JPMorganChase. autoefficiency. 2.5 Dunand thinks analystsare Thedatainclude requests “Covid-19 brokedownall overestimating demand for 2.0 Non-OECD Amid Crises fordriving directions on Al- those common understand- the final stretch of 2020. phabet Inc.’sGoogle Maps ings,” Mr.Sadamori said. 1.5 Crude prices grow moreex- app,estimates of traffic con- “This is an unprecedented sit- pensivethe further out oil is OECD ContinuedfromPageOne gestion by TomTom NV’snav- uation, so it’sveryhardto 1.0 duetobedelivered, Mr.Du- April.Only twicesince1990 igational tool, and daily predict what might happen in 0.5 nand said,asign the market has the pricerangebeen gauges of flight activity. the coming years.” is gluttedsincethis encour- wider. Thenear futurehas be- TheIEA has adjusted its 0 ages traderstoplaceitin Thelast time that the mar- come harder to predict, how- forecasting model in re- 1970 ’80 ’90 2000 ’10 storage. ketsaw such volatility was ever. sponse,introducing datafrom “Wecan see at the moment during the crash of 2014. Forecastsmade by the In- Google and TomTom to cap- Crude-oil futures prices† Global oil demand, quarterly that afair amount of crude oil “The oil market, in terms ternational Energy Agency tureshifts in transportation. Brent West Texas First lockdowns takeeffect is going intostorage,whether of being able to predict what andthe Organization of the Theuncertainty has Intermediate it’sstorage on ships or $75 abarrel 100 million barrels aday will happen next, is in avery Petroleum Exporting Coun- prompted companies to slash whether it’sstorage on land,” unique situation,” said Marco trieshavevaried widely this their investmentsinoil-and- 50 he said. Dunand,chief executiveof year.Their monthly forecasts gasprojects, potentially pav- 75 Beyond 2020,oil consump- commodities trading com- of demand in the next calen- ing the way forhigher prices 25 tion is even harder to gauge panyMercuria Energy Group. dar quarter have differed by down the line,Mr. Sadamori 50 because of the transition “This has never happened in 1.3million barrels aday on added. 0 away from fossil fuels and the history, wherepeople average, according to calcula- “Thereare so manyuncer- pandemic-triggeredeconomic 25 couldn’t predict with such a tions by TheWall Street tainties around the pandemic –25 downturn. magnitude wherethe demand Journal. itself,” said Regina Mayor, Forecast Past recessions suggest ele- could be in three to four That is double theaverage global and U.S. head of en- –50 0 vatedlevelsofunemployment months’ time.” gapin2019. ergy and natural resourcesat 2020 2019 ’20 will hamper oil sales forsev-

Global oil demand has TheIEA forecastsdemand KPMG.“Even without added *Measuredinbarrels aday per $1 million in gross-domestic product. GDP calculatedin2010-dollar eral yearsbyreducing the bounced back from itsnadir by estimating current levels lockdowns,spikes in virus terms to strip out inflation. †Brentprices arefor most-activecontracts, WTI forfront-month. number of miles driven. in April, when theU.S.and of consumption and extrapo- numbersincrease and people Sources: Capital Economics (consumption); FactSet (futures); International Energy Agency (demand) It took seven years for U.S. other regions locked down to lating intothe futurebased grow fearfuland limit their gasoline demand to recover stallthe spread of the corona- on the projected speed of movement again.” ond-largest economyhave China and Myanmar have car- afterthe 2008-09 financial virus. economic growth, according China’soutsizerole in the slowedafter abuying spree ried 7.7million barrels of crisis,Ben Luckock, co-head Still, it remains signifi- to KeisukeSadamori,its di- oilmarket is another factor fueled by the plungeinprices crude and condensatedaily of oil trading at Trafigura cantly below2019’srecord rector of energy marketsand clouding theoutlook. this spring. this month, according to Group, said at an industry level. security. Importsbythe world’ssec- Tankersdeparting for cargo-tracking firm Kpler, eventinSeptember.

THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 TheRNA of the SARS CoV-2 Corrections. Technologyarticle about the canacquisition committee. An Published daily except Sundays and general legal holidays. coronavirus is translated to social-gamestartup’sfunding article in Sept. 19’sWSJ.Maga- Periodicals postage paid at New York, N.Y., and other mailing offices. yield viral proteins within ahu- Over the past decade, round incorrectly said it was zine about Ms.Atencio Demird- Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. man cell. Theviral RNA is then about 75%offellows of the co-led by Sequoia Capital. jian’snew book incorrectly said All Advertising published in The Wall Street Journal is subject to the applicable rate card, replicated and packaged into nonprofit Echoing Green have she also is the chair of the copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., newly assembled virus parti- identified as people of color.A Thename of furniturere- Guggenheim’sLatinAmerican 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to cles.Agraphic showing how Personal Journal article Mon- tailer Design Within Reach was acquisitioncommittee. accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. SARS CoV-2 multiplies with a dayabout nonprofit organiza- given incorrectly in one in- Letters to the Editor: Fax: 212-416-2891; email: [email protected] Sept.8PageOne article about tions said about 75%ofits fel- stanceasDesign With Reach in the coronavirus that causes lows arepeople of color, an Off Duty column Saturday Noticetoreaders Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] Covid-19 incorrectly said that implying that the figure was about furnitureknockoffs. Wall Street Journal staff By phone: 1-800-JOURNAL (1-800-568-7625) thevirus injectsits RNA into forthe current year. membersare working remotely Reprints &licensing: thehuman cell’snucleus,and Art collector Tiqui Atencio during the pandemic.For the By email: [email protected] the illustrations incorrectly Sequoia Capital Global Eq- Demirdjian is the chair of the foreseeable future, please send By phone: 1-800-843-0008 showedthe viral RNA inside the uities co-led the Series Afund- Guggenheim’sInternational Di- reader commentsonly by email WSJback issues and framed pages: wsjshop.com host cell’snucleus.Acorrected ing round forPlaycoGlobal Inc. rector’s Council, and she is or phone,using the contactsbe- Our newspapers are100% sourcedfromsustainably certified mills. graphic is available at WSJ.com/ In some editions Tuesday, a chair of the Tate’s Latin Ameri- low, not via U.S. Mail. 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 888-410-2667. P2JW267000-0-A00300-1------XA

THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | A3 U.S. NEWS Mnuchin, StateAudit FaultsUCAdmissions Powell Say BY MELISSA KORN Among those who made the ther had capacity formajor addressthe concerns the State improper influence.” cut, the audit says,wereanap- gifts to the school. Thecoach Auditor raised,” Dr.Drake said. Theaudit also recommended Lending TheUniversity of California plicant who babysat forthe col- identified the applicant as are- “Furthermore, individuals in- that beginning with the current system admitteddozens of ap- league of the former admis- cruit even though the teen had volved in improper activities admissions cycle,campuses be plicantswith connections to sionsdirector,another whose playedthe sport forone year in will be disciplined appropri- required to verifyathletic re- Eased Pain donorsand employees over family promised alarge dona- high school at alow level. ately.” cruits’ talentsand reviewdona- betterqualified candidates in tion, and the child of apromi- California State Auditor Aspokesman forUCLA said tion recordsfor indications of BY NICK TIMIRAOS recent years, the state’sauditor nent alumnus,all of whom Elaine M. Howle said in aletter in an emailthat the athletics- impropriety. AND KATE DAVIDSON said Tuesday. were considered lessqualified to the governor and legislative related incidentshappened be- Theaudit shows continued Between 2013 and 2018,four than other prospects. Twenty- leaders: “Weconclude that the fore the school adopted addi- concern over fairnessand the Thetwo topU.S.economic campuses—Berkeley,Los Ange- two of the 64 studentswere university has allowedfor im- tional safeguards.Inaddition, role of money in collegeadmis- officials told lawmakersthat les,SantaBarbaraand SanDi- admittedwith the endorsement proper influenceinadmissions theengineering school “isal- sions in the wake of the Varsity emergencyloan programs to ego—admitted64studentswho of the athletics department de- decisions,and it has not ready working toward strength- Blues college-admissions scan- support the coronavirus- were ratedlowerbyadmissions spitehaving minimal athletic treated applicantsfairly or con- ening their admissions pro- dal.AUCLA soccercoach stricken economy were largely readersthan rejected appli- talent, the audit says. sistently.” cesses.” pleaded guilty forhis role in working as intended and that cants, but who had money or In one instance, the report UC President Michael V. Thereport calls the issue thescheme,inwhich families moregovernment spending ties to decision-makers, the au- says,adonor-relations admin- Drakesaid in an email that the particularly pervasiveatBerke- worked with Rick Singer to would be needed to sustain the dit found. istrator from Berkeley flagged report follows two internal au- ley and recommended the UC bribe coaches and getflagged recovery. Themajority of those 64 an applicant with the lowest ditsthat identified manyofthe Officeofthe President oversee as recruited athletes.Another TreasurySecretarySteven were whiteand at least half possible scores on his or her same issues,and the report will admissions foratleast three studentwhose father pleaded Mnuchin said he didn’t antici- came from families with aver- application—essentially,a“do be used to improvethe admis- years“to ensurethat the cam- guilty in the case submittedfal- patefurther changes that ageannual incomes of $150,000 notrecommend” stamp—toa sions system. pus provides amerit based ad- sified standardized test scores would ease access to loan pro- or more. coach, noting the applicant’sfa- “The University will swiftly missions processthat is free of to Berkeley. grams established jointly with the Federal Reserve. “I unfortu- nately think there’snot much morewecan do,” he told the House Financial Services Com- mitteeonTuesday. Mr.Mnuchin and FedChair- man Jerome Powell faced ques- tions from lawmakerswho wanted to knowwhy more couldn’t be done to adapt the central bank’semergencyloan programs to help hard-hit busi- nesses,including the commer- cial real-estatesector,orcity andstate governments. Their answers suggested they believed those loan pro- grams had done what they could to preservefavorable fi- nancial conditions foreligible borrowers and that what many would-be borrowers need now aregrants, which would require newfunding from Congress, as opposed to loans from the Fed. Mr.Powell said the eco- nomic rebound that began in Mayhad been sustained in part with the $2.2 trillion relief measureCongressapproved in

March, which included more N/REUTERS generous unemployment bene- TO fits and grantstosmall busi- OLS WO

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“Itdeserves alot of credit BR forkeeping people spending,” Streets have been blocked off in downtown Louisville, as the city awaits a decision on whether police officers will face charges in the death of Breonna Taylor. said Mr.Powell. “It is likely that morefiscal support will be needed.” Louisville Braces for Decision in Shooting Their testimonycame as the nation marked another grim milestone with morethan BY ARIAN CAMPO-FLORES and drawnnational attention, rimeter.They also arelimiting news release.“We areprepar- million to Ms. Taylor’s estate 200,000 deaths from the new with celebrities demanding vehicle access in the area. ing forany eventualitytokeep as part of alegal settlement coronavirus,and as congressio- Louisville police restricted justiceand urging Attorney “Weare merely taking steps everyone safe.” with herfamily.The agree- nal Democratsand Republicans access to the city’s downtown GeneralDaniel Cameron to we feel are necessary to pro- TheLouisville policede- ment also required the city to remained at an impasse over ahead of an expected decision bringchargesagainst the offi- tect the public,the businesses partment’s Professional Stan- implement policychanges,in- another round of stimulus by the Kentuckyattorney gen- cers involved. and the property in the down- dards Unit is conducting an in- cluding amandatefor police spending. eral on whether to bring Aspokeswoman forMr. town area,” said interim Chief ternal investigation of six supervisorstosign off on CongressinMarch autho- chargesagainst policeofficers Cameron declined to comment RobertSchroeder at anews officersinvolved in Ms.Tay- search warrants. rized $454 billion forthe Trea- involved in BreonnaTaylor’s on the status of the investiga- conference Tuesday morning. lor’s shooting,according to Sincethe settlement, atten- surytobackstop losses in Fed killing. tion. TheLouisville MetroPo- MayorGregFischer de- the department. The probe is tion has focused on Mr. Cam- lending programs,and Mr. Ms.Taylor,a26-year-old liceDepartment said it had no clared astate of emergency separatefromaninvestigation eron, as protestersand social- Mnuchin authorized $195 bil- Black emergency-room techni- information on the timing of a Tuesday, allowing him to im- by the department’sPublic In- justicegroups pressurehim to lion forfivedifferent lending cian, wasfatally shot March13 statement by Mr.Cameron, plement curfewsand other re- tegrity Unit, whose findings act. Theattorney general is- programs. by Louisville officers executing but wastaking pre-emptive strictions. “Our goal is ensur- were sent to Mr. Cameron. sued a statement on the case TheTreasurysecretarysaid ano-knock warrant,which al- action in the event of unrest. ing spaceand opportunity for In June,Chief Schroeder earlier this month, saying his Tuesdayhedidn’t see aneed to lows policetoraid ahome Policeplaced barricades potential protesterstogather firedone of the officersin- officewas seeking “tofind the use the remaining $259 billion without firstannouncing their around Jefferson SquarePark, and expresstheir First volved in Ms. Taylor’s killing. truth and pursue justice, and supported repurposing presence. Thecase has whereprotestershavegath- Amendment rightsafter the Last week, the city of Lou- wherever that maytakeusand $200 billion of those funds for sparked months of protests ered,and the downtownpe- announcement,” he said in a isville said it would pay$12 however long that may take.” other spending programs. Thefivelending programs theFed and Treasuryestab- lished using congressional Laid-OffWorkers Face Hard ChoicesAfter Benefit Cut funding would theoretically al- lowfor nearly $3 trillion in new borrowing.The Fedhas ex- BY TE-PING CHEN Debit- and credit-card tended lessthan $20 billion in AND SARAH CHANEY spending among unemploy- such loans. ment-benefitsrecipientsslowed In some cases,such as the Whenthe coronavirus pan- sharply afterthe extra$600 $600 billion Main Street Lend- demic struck the U.S. in March, benefit expired in July,asjob- ing Program forsmall and mid- Caroline Mongillo lost her part- lessAmericans cut back on gro- sizebusinesses, lowuptakere- time job at amusic venue and cery,apparel and restaurant flectscomplications the Fed struggled to find newwork in a purchases,according to Car- and Treasuryencountered labor market hampered by the dify.ai, amarket-research firm. launching the program and en- health crisis.But likemillions Some businesses and work- ticing banks and borrowers to of otherlaid-off workers, she erssay the extra$600 discour- use it. Forothers, lowervol- coveredexpenses with the aged people from seeking work, umes reflect the success the $600 aweek in extraunem- while manyeconomistswho mereannouncement of the Fed ployment benefitsprovided by have studied unemployment backstops have had in spurring the federal government. benefitssay the extrapayments S Nowthose benefitshaveex- haven’t been amajor deterrent pired and been replaced by a PRES to employment searches.For The officials faced short-term extension at half TED those looking forwork,job the rate.The 22-year-old Grand OCIA prospectsremain sparse.The SS

questions from Rapids,Mich., resident has /A number of job openingsim- lawmakers on virus­ started shopping at the dollar AR proved this summer from ear-

storefor household staples PUSK lier in the pandemic but re- relief programs. such as toilet paper and pasta, J. mains well belowlevelsseen

tried to abstain from small lux- GENE beforethe virus struck this uriessuch as takeout food, and Some 13 million people were getting regular stateunemploymentbenefits at the beginning of September. spring. has spent half of her savings. Maria Wanzor,62, began privateinvestorstobuy assets. Ms.Mongillo,who gradu- nancial cushion to ride out the declined to 8.4% from apeak through July,according to the looking forwork soon aftershe While around half of the 22 ated from collegeinJune with pandemic,allowing her to save near 15% earlier in the pan- Labor Department. waslaid off from her interna- million jobs lost in March and adegree in communications around $1,200.Now that it has demic, but it remains well PeterGanong,aUniversity tional-travel consultant job in April have been recovered, Mr. andmedia, estimated she has expired, her feeling of anxiety aboveapre-pandemic level of of Chicagoeconomist, said the March. As she sought out a Powell said he wasconcerned applied foraround 50 jobs in is growing. 3.5%. $300 supplemental benefit newjob without success,Ms. about the number of Americans recent weeks,mostly in mar- That benefit, included in a President Trump’saction would put about 48% of work- Wanzor collected unemploy- that were likely to remain out keting and advertising.Nothing March stimulus packagetohelp last month put in placeanex- ersabovetheir previous in- ment insurancefromGeorgia’s of work until vaccines made it has yetcome through. people,businesses and the tra$300 in benefitsaweek, come levels.Under the $600 labor department. possible foracompleterecov- “I don’t have aplan, except economy, expired at the end of but those benefitswill last only supplement, about 76%of When the extra$600 bene- eryinsectorsmost disrupted to continue to apply forjobs,” July,leaving some laid-off six weeks.Congress, mean- workerseligible forbenefits fits ranout, Ms.Wanzor’s by thepandemic. said Ms.Mongillo,who also is workerstrying to makeends while,has yettoreach an were making morethan their weekly benefit amount dropped Mr.Powell also said he trying to generatesome income meet sixmonths intoapan- agreement on anew federal previous income,Mr. Ganong to $365 aweek,which barely thought the economywould selling sequined hats. demic that still doesn’t have an joblessbenefit, and the Su- and other University of Chicago coveredher mortgagepayment. eventually feel negativeeffects If needed, she said she end. preme Court opening created researchersestimated. Unem- Ms.Wanzor accepted the of fiscal relief measures that would eventually look forretail About 13 million people by thedeath of JusticeRuth ployment-insurancerecipients firstjob offer that came her expired this summer. jobs.Asafresh graduatewho were collecting regular state Bader Ginsburg complicates typically have ahigher propen- way during the pandemic.She TheFed cut ratestonear took out $25,000 in loans to at- unemployment benefits—which those efforts. sity to spend than the average is starting anew position as an zero in March and purchased tend college, she said such a coverthe majority of work- Manyworkersare still wait- person, Mr.Ganong said. emergency-room technician, a trillions of dollarsofsecurities. jobwould be amajor blow. ers—at the start of September. ing forthe additional $300 Although the benefit reduc- role that entails an 83-mile But with short- and long-term “I’m hoping Ican find ajob Millions moreare collecting payments to arrive, which tion hasn’t triggeredbroad cut- commuteand pays $17anhour, interest ratesathistorically low whereIcould at least use my benefitsthrough other federal means they aredrawing solely backs in spending acrossthe afraction of her previous wage. levels,the Fedcould have fewer degree abit,” she said. and stateprograms,including on regular stateunemployment economy, datashowspending “I’m back to ground zero tools to spur arecoverythan it She said the $600-a-week one forgig-economyworkers. benefits, which have averaged by unemployment beneficiaries again having to restart aca- did afterthe 2008 crisis. benefit gaveher asufficient fi- The unemployment rate has $326 aweek in the year has weakened. reer,” Ms.Wanzor said. P2JW267000-5-A00400-17FFFF5178F

A4 | We dnesday, September 23, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS House Passes Bill, Shutdown Likely Averted

Farm aid, nutrition Mnuchin added to the spending bill $21 billion sought by the assistance restored White House forthe Commod- after Pelosi, Mnuchin ity Credit Corp., or CCC, aDe- pression-eraprogram designed reach an agreement to stabilizefarm incomes that permitsborrowing as much as BY KRISTINA PETERSON $30billion from the Treasury AND LINDSAY WISE to financeits activities.The S agreement prohibitsany pay- WASHINGTON—TheHouse mentsfromgoing to fossil fuel PRES passed ashort-term spending refinersand importers, acon- ZUMA bill keepingthe government cern of Democrats, and includes

funded through Dec.11, after roughly $8 billion in additional CALL/ Democratsreached adeal with nutrition funding. LL RO

the WhiteHouse over farm aid “Our main goal is to keep Q /C

and food assistance. thegovernment funded and MS Thebipartisan agreement we’reoptimistic the principles

Tuesdaybetween House outlined herecan getusthere,” WILLIA M

Speaker NancyPelosi and Trea- aWhiteHouse official said. TO surySecretaryStevenMnuchin, Theagreement restored pro- House Speaker Nancy Pelosi on Tuesdayhailed the extension of anutrition program with an extra$8billion to aid children and families. reached just hoursbeforethe visions that lawmakershad vote,isexpected to smooth the been discussing including last nounced at acampaign rally in end that would provide funding needed nutritionassistancefor this week in their assessment bill’spassageinthe GOP-con- week,but leftout of the bill in- Wisconsin last week.But the to families of school-agechil- hungryschoolchildren and fam- of whetherthe CCC program trolled Senateand avert apar- troduced Monday. Republicans program has traditionally been dren to buy groceries,replacing ilies,” Mrs. Pelosi said.“We also would need to be shored up tial shutdown when the govern- lauded the addition of farm-aid used to send out paymentses- the free or reduced-pricemeals increase accountability in the early.The program’sannual re- ment’sfunding expires at 12:01 funds,while Democratshigh- tablished under bipartisan farm they would have received at Commodity Credit Corporation, plenishment typically takes a.m. on Oct. 1. lighted the newfood assis- bills,some of which the Agri- school. They also expanded the preventing funds forfarmers placeinNovember or Decem- Thebill passed in a359-57 tance. cultureDepartment had said program to include children at from being misused foraBig ber afterthe CCC submitsfi- vote in the House.The Senate President Trump has tapped could be subject to delays as child-care centersaffected by Oilbailout.” nancial forms and is audited, is expected to vote on it this the CCC program to finance soon as October. thepandemic. Tuesdaynight’sdeal ended according to the Congressional week,aides said. both trade relief and coronavi- Thenutrition assistancein- “Wehavereached an agree- an intensifying partisan battle ResearchService. Theagreement between rus-related aid forfarmers, a cludes aone-year extension of ment with Republicans…toadd over thefarm aid. Democrats —Jesse Newman Mrs. Pelosi (D., Calif.) and Mr. second round of which he an- aprogram expiring at month’s nearly $8 billion in desperately andRepublicans had diverged contributed to this article. GOP Clears Cindy McCain Path for Endorses Biden Nominee BY TARINI PARTI with insults. Mr.Trump has de- nied the report. ContinuedfromPageOne Cindy McCain, the wifeof “Maybe Ishouldn’t sayit, Chicago is believed to be a the lateGOP Sen. John McCain butI’m about to go on one of leading contender,asisJudge of Arizona who wasafrequent these Zooms with John Mc- BarbaraLagoa of the 11th Cir- critic of President Trump,offi- Cain’swife, who is—first time cuit in Atlanta, according to a cially endorsed Democratic ever—isendorsing me because GES Republicanclose to the process. presidential nominee JoeBiden of what he talks about with my IMA “I’vespoken to manyand Tuesdaynight. son and [Mr.McCain] who are

we aregetting close to adeci- GETTY “My husband John lived by a heroes,who served their coun-

sion,” Mr.Trump,aRepublican, SE/ code: countryfirst,” Mrs. Mc- try,” Mr.Biden said in the Zoom said at the WhiteHouse Tues- Cain said in astatement and in video call. “You knowhesaid day, referring to his potential aseries of tweets. “Weare Re- they’relosers, they’resuckers,”

nominees.Hesaid he would ANCE-PRES publicans, yes, but Americans Mr.Biden said, referring to his make public his decision at 5 FR foremost. There’sonly one can- lateson Beau Biden, who was

p.m. ET on Saturday. ENCE didateinthis race who stands deployedtoIraq, and Mr.Mc- Thepresident thanked Mr. AG up forour values as anation, Cain, who spent morethan five

Romneyfor saying that he MM/ and that is JoeBiden.” yearsincaptivity as aprisoner KA

would be willing to vote fora S Mrs. McCain added that al- of warinVietnam. Mr.McCain Supreme Court nominee before though she and Mr.Biden died in 2018 and Beau Biden

the election. “He wasvery NICHOLA didn’t always agree on issues, died in 2015 of brain cancer. good today,” Mr.Trump said Sen. Mitt Romney said Tuesday he supports moving forward with President Trump’s court pick. “heisagood and honest man. Mrs. McCain waspreviously during acampaign rally in He will lead us with dignity.” featuredinavideo during the Pittsburgh. “NowI’m happy.” have stolen two Supreme Court on the next Supreme Court Courtnominee in an election Ahead of Mrs. McCain’s Democratic convention. Sen. Lindsey Graham (R., seatsfour yearsapart using Justicesothey cantear the year.The Senateiscurrently statement, Mr.Biden said in a “She didn’t support Donald S.C.), chairman of the Judiciary completely contradictoryratio- protections provided by the Af- considered atossup,with Re- virtual fundraiser Tuesday Trump in 2016 either,and he’s Committeethat would hold nales.” TheGOP in 2016 kept fordable CareAct away from publicans defending about twice night that Mrs. McCain’sdeci- president now,” said Trump hearingsfor Mr.Trump’snomi- open theseat forwhich Mr. millions of Americans,” House as manyseatsasDemocrats. sion to endorse him came after campaign spokesman Tim Mur- nee,has said he wantstocon- Obama nominated JudgeMer- Speaker NancyPelosi (D., Ca- “I have found that when Re- the Atlantic reported this taugh. TheMcCains in 2016 firm the court pick beforethe rick Garland, and Mr.Trump lif.)wrote on Twitter. publicans vote likeRepubli- month that Mr.Trump had re- withdrew their support forMr. elections. thenextyear nominated now- ManyRepublicans argue cans,itnormally works pretty ferred to those killed in war Trump. SenateMajority Leader JusticeNeil Gorsuch. that aSupreme Court fight in well forthem,” he said. Mitch McConnell (R., Ky.) de- With the election approach- an election year helps conser- At aclosed-door lunch Tues- clined on Tuesdaytospecify ing,Democratshavetried to vativecandidates.Manysay dayamong SenateRepublicans, hispreferred time frame,say- motivatevotersbyemphasizing the fight over JusticeBrett Ka- Sen. TomCottonofArkansas Court Battle Leaves ing only that Mr.Graham the changes that amoreconser- vanaugh in 2018 helped Repub- wasamong those to voicesup- would decide the processafter vativecourt could maketoU.S. licans expand their Senate port forconfirming the new Mr.Trump makes public his lawonhealth care and other margin in that midterm elec- justicebeforethe election, ac- Many Voters Unmoved pick this weekend. hard-fought issues.They said tion,though Democratswon a cording to aperson familiar Republicanaides laid out a that Republicans could under- net 41 House seatsthat year to with the matter. BY JOSHUA JAMERSON “It really doesn’t,” she said. fast timeline.They said the ju- mine theAffordable CareAct take control of that chamber. Sens.Ted Cruz of Texas, AND CATHERINE LUCEY “It just depends on, in my re- diciarycommitteecould hold and itsguarantee of coverage “Onbalance, Ithink,ifyou John Thune of South Dakota search, who do I feel is best.” hearingsthe week of Oct. 10. forpre-existing conditions if and othershavealso said they As thepartisan clash over Many, like Charles Jones, a Thecommitteecould poten- they confirmed aTrump nomi- favorconfirming anew justice replacing the lateSupreme bartenderinDaytona Beach, tially approveaTrump nomina- nee beforethe Nov.3elections. Republican aides beforethe election rather than Court JusticeRuth Bader Gins- Fla., have their minds made up tion by Oct. 22,and afull Sen- TheACA case is on the during alame-duck session be- burg escalates,manyvoters and won’t be guided by the atevotecould happen around docket foraweek later,Nov. said a full Senate tween the election and when a around the countrysay the va- debate over the court seat. Oct. 26.Election DayisNov.3. 10.Ajusticewho wasn’t on the vote could happen newCongressisseated. cancyisn’t influencing their Mr.Jones said the seat As Republicans largely fell in court fororalargumentstypi- Sen. Susan Collins (R., choice for president or is just should be filled after Inaugu- line,Democratsagain criticized cally wouldn’t participatein around Oct. 26. Maine), who opinion polls one of the issues they are ration Day. But he thinks it is the GOP fornot leaving the pick the decision. showistrailing her Democratic weighing. aforegone conclusion that open forthe winner of the pres- In that case,the FifthU.S. opponent in the most difficult Interviews with voters Senate Republicans and Mr. idential election, which they Circuit Court of Appeals in New re-election bid of her career, found supportersofPresident Trump will fill the seat before said wasRepublicans’ ownstan- Orleans found the ACA’sman- were to survey the whole said that shewouldn’t vote to Trump,Joe Biden or third- then, so he isn’t calculating dardwith an Obama court nom- datetocarryhealth insurance groupand count them up I confirm aTrump nominee be- partyoptions committedto the court intohis vote for inee in 2016.Republicans said unconstitutional afterCongress think therewould be more fore the elections,clarifying a their candidates, and most of president. “Nothing really that having control of the White reduced to zero the taxpenalty people that feel likebefore position she had detailed over thefew undecided voters re- changed,” said Mr. Jones, 28. House and Senate, which Demo- forfailing to carrycoverage. A would be betterthan after,” the weekend, when she had luctant to choose sides. AlexMatthews, 33,ofCold- cratsdidn’t have four yearsago, Texas-led coalition of right-lean- said Sen. Kevin Cramer (R., said that the GOP shouldn’t go Shelia Merriweather,29 spring,Texas,said the court gives them the prerogativeto ing states argues that means the N.D.). “Of all the thingswe through with the process. yearsold, said the vacancy conversation wasone of anum- confirm acourt nominee. entirelaw must fall,including could be talking about and “I did not think thereshould hasn’t helped her decide ber of issues he would watchas Sen. ChuckSchumer of New itsexpansion of Medicaid cover- campaigning on, this is one of be avoteprior to the election,” whom to vote for. She said she he tries to makeuphis mind. “I York,the chamber’s Demo- agefor lower-income people the biggerwinnersfor us.” she said. “And if thereisone,I wasinterested in anumber of don’t think there’sagood op- cratic leader,said the decision andprotection forindividuals WhiteHouse chief of staff would oppose the nominee.” policyissues,including educa- tion either way,and I’m not a to consider aTrump nominee with pre-existing conditions. Mark Meadows playeddownthe —Lindsay Wise tion reform, and the Supreme fanofthe best of the worst,” aheadofthis election means “President Trump &Mitch political risks of having vulnera- and Natalie Andrews Court vacancydidn’t change said theproject manager who the Republican majority “will McConnell arerushing to vote ble senatorsvoteonaSupreme contributed to this article. her thinking. votedfor Mr.Trump in 2016.

and Oakland Athletics execu- areawarded shares equivalent sale Mortgage owners with a This year, the company is tutional investors, the people Mortgage tive Billy Beane. to about 25% of what is raised 94%stake. on tracktounderwritenearly said. Themoney will be used Gores Group has been a in the IPO at the time the sub- Questions are also sure to $200 billion of mortgages,up to build the business and for trendsetterinthe SPAC mar- sequent merger closes. That arise over whether the due- from about $108 billion in transaction expenses. Giant Set ket. Theinvestment fund, setsthem up forasizable pay- diligenceprocess in these 2019,amid record-lowinterest United Wholesale Mortgage founded by Alec Gores in 1987, day—in some cases even if the transactions is as robust as in rates as the U.S. Federal Re- is following akey competitor bought HostessBrands in 2015 shares slump. atypical IPO afterthe founder servetakes aggressivesteps to intothe public markets. To Merge through itsfirst SPAC and But amid the flood of capi- of electric-truck maker Nikola cushion the economyfromthe RocketCos., the parent of subsequently has purchased talintothese vehicles,some of Corp., which went public effectsofthe pandemic. Quicken Loans,went public in threeadditional companies the targetshavepushed SPAC through aSPACinJune,re- That, in turn,has catalyzed August through a traditional ContinuedfromPageOne using these vehicles ahead of founderstorenegotiatetheir signed this week following al- asurge in home buying and IPO. wagon. theUnited Wholesale Mort- ownpaydays,giving them a legations he misled investors, mortgagerefinancing. Although it had a weaker- Among them: activist inves- gage deal. smaller portion of the merged which he denied. Thetransaction will infuse than-expected reception, rais- torBill Ackman,former House SPACshavethe potential to entities. United Wholesale Mortgage, United Wholesale Mortgage ing lessatalowerpricethan speaker Paul Ryan,ex-Gold- createtremendous wealth for TheGores SPAC will take based in Michigan, works with with up to $925 million, in- thecompanyhad initially tar- man Sachs Group Inc. execu- their founders. Typically, only asmall percentageofthe independent brokers around cluding $500 million from a geted, the stock is nowtrading tiveand economic aide to founders—who put in millions newcompanyinthis deal, the U.S. to underwriteand ser- private placement led by Mr. about 20% aboveits IPO price President Trump Gary Cohn, or tens of millions of dollars— leaving current United Whole- vicemortgages. Gores and including big insti- of $18. P2JW267000-0-A00500-1------XA

THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | A5

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A6 | We dnesday, September 23, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS U.S. Coronavirus Death Toll Tops 200,000 Study Ties

BY JENNIFER CALFAS In-Person More than 200,000 people in the U.S. have died from Classes to Covid-19, a grim milestone as Americans enter another new season with apandemic that Infections continues to shape everyfacet of life. BY MELISSA KORN The U.S. leads the world in AND BRIANNA ABBOTT both totalconfirmed coronavi- rus cases and deaths, accord- Colleges and universities ing to Johns Hopkins Univer- that reopened forface-to-face sity data, though the country instruction might have caused doesn’t have the highest per- tens of thousands of additional centageoffatal cases.More cases of Covid-19 in recent than 6.8million cases have weeks,according to anew been reported in the U.S. since study conducted by research- the outbreak began. ersatthe University of North “It’sashame,” President Carolina at Greensboro, Indi- Trump said when asked about ana University,the University themilestone.Hethen blamed of Washingtonand Davidson Chinaand touted measures the CollegeinNorth Carolina. administration had takento The researchers estimated combat the virus.“It’sahorrible that an extra3,200 cases a thing,” he said. “China let this dayoccurred in the U.S. that happen.Just remember that.” likely wouldn’t have happened GES Michael Lauzardo,deputy had schools kept classes on- IMA director of the Emerging line. The team behind the re-

Pathogens Instituteatthe Uni- GETTY port included professorsofep- versity of Florida, said: “Behind idemiology, health economics all those numbersare 200,000 MEE/ and higher education. The

lives,200,000 families, MCNA manuscript has yettobepeer-

200,000 groups of loved ones WIN reviewed. andcommunities.It’sahuge A memorial project in Washington, D.C., honors victims of the virus. The U.S. leads the world in total confirmed cases and deaths. To determine whether col- disaster on so many levels.” legereopeningsinfluenced Globally, more than 31 mil- Confirmed Covid-19 deaths per 100,000 people Thefatal effectsofthe pan- case countsinthe largercom- lion cases have been reported Alaska Maine demichaveextendedbeyond munity,the researchersused and morethan 966,700 people 0 25 50 75 100 125 virus victims.Growing evidence cellphone GPS tracking datato have died. shows fatalities from other look at the movementsofpeo- Thetotal number of U.S. fa- Vt.N.H. Mass. causes of death such as Alzhei- ple—including an influx of stu- talities eclipses annual influ- mer’s disease and heart attacks dents—and calculated the in- enza-related deaths,which num- have been higher this year. fection ratesofthe ber between 12,000 and 61,000 Wash. Idaho Mont. N.D.WMinn. is. Mich. N.Y. Conn. R.I. Health expertssay the num- surrounding county from mid- each year in the U.S.,according ber of cases,along with the per- July to mid-September,before to the Centersfor Disease Con- centageofpositivetests, hospi- andafter studentsshowedup. trol andPrevention. Research Ore. Utah Wyo. S.D. Iowa Ill. Ind. Ohio Pa. N.J. talizations and deaths,creates a They found little uptick in has suggested Covid-19 is dead- NewJersey has the sense of howthe virus is case countsfor those commu- lier than the seasonal flu. highestdeath rate,at spreading through acommunity. nities wherestudentsmoved Deaths have risen in several Calif. Nev. Colo. Neb. Mo. Ky. W.Va. Va. Md. Del. morethan 180 deaths Datacompiled by Johns back to be near campus,but states wherecases surgedthis per 100,000 people. Hopkins indicated that 52,000 were taking classes online.The summer,including California new cases had been reported biggest surge came near and Texas,whereeach has Ariz. N.M. Kan. Ark. Tenn. N.C. S.C. D.C. on Monday, though some schools with in-person instruc- more than 15,000 fatalities, 21,800 of them came from the tion, with particular spikes in andFlorida, which has more release of backlogged data in places where students came than 13,000. Okla. La. Miss. Ala. Ga. Texas. Daily case counts have from hot-spot zones elsewhere Theseven-day averageof been drifting downward since in the country. new deaths remains elevated late July, when the seven-day Manyinstitutions grappled Hawaii Texas Louisiana has reported Fla. in those states compared with thousands fewerdeaths than averageofnew infections hov- with whether to reopen dorms the early days of the pan- Texas,but its per-capita ered above 60,000. and hold classes in person, or demic. Together,the three death rate is much higher. Nationally,the percentage keep lessons online as they Note:AsofSept. 21 states account for about 40% Source:Johns Hopkins University LindsayHuth/THE WALL STREET JOURNAL of teststhat arepositive, had done in the spring.Some of all deaths reported since known as the positivity rate, startedback up with limited the start of September. that trend has reversed, sug- wearing and reopening plans Covid-19 has disproportion- hasfallen below5%, according testing protocols in placeor NewYork,which suffered gesting an uptick in fatalities. andpolarizing the response to ately affected communities of to Johns Hopkins.That is in minor changes to residence an early outbreak in the U.S., “The choices each of us the pandemic’seconomic im- color in terms of both cases and line with what wasrecorded in halls,while othersare requir- still experienced the highest makenow will help determine pact,expertssay. deaths.Fatalitiesrelated to the early June,beforeasurge of ingweekly swabs from even number of deaths than any howmanymorewelose,” “For apandemic that knows virus also have skewedyounger cases acrossthe South and asymptomaticindividuals. otherstate,with morethan WashingtonGov.Jay Inslee no borders, that just doesn’t among manyminorities.Black West pushed it closer to 8%. “We’re not saying it wasa 33,000 fatalities, followed by wroteonTwitter, encouraging work as well and, in fact, can Americans have died at dispro- At the statelevel,however, terrible mistaketoopen,” said NewJersey,with morethan residentstowear masks and be moreproblematic,” said portionately higher rates,and the pictureisverydifferent. Ana Bento, an assistant profes- 16,000 deaths. socially distance. Marissa Levine,director of the some Latino communities also Twenty-eight states and sor of infectious diseases at Broadly speaking,fatalities Adisjointed patchwork of Center for Leadership in Pub- have seen high case rates. PuertoRicohaveapositivity Indiana University and co-au- acrossthe nation have been rules and restrictions over the lic Health Practice at the Uni- Thepandemic has exacer- rate above5%. Apositivity rate thor of the study. “Just that falling since the beginning of summer led to asurge of infec- versity of South Florida. bated long-term racial dispari- of 5% or lowerisanimportant the influx of individuals,which August, when the seven-day tions in manystates. Testing Another surge of coronavi- ties and inequities in housing, benchmark forsafely reopen- wasmuch greater wherethere averageofnew daily deaths delays and limited resources rusinfections could occur this food security and health care, ing schools and businesses,ac- is face-to-face[instruction], is was more than 1,100. hindered the U.S.’s ability to fall as schools reopen, behav- said Nadia Abuelezam, an epi- cording to guidelines from the correlated with a larger in- Through Monday, that fig- control the virus’sspread. iors changewith the seasons demiologist and assistant pro- World Health Organization. crease in cases.” urewas 767, according to a Public-health expertssay a and “Covid fatigue” sets in. fessor at Boston College. Officials arebracing foraflu The3,200 figure is the mid- Wall Street Journal analysis of unified, national strategyfor “If we let our guard down, “When youstart layering season which, paired with the point of the research group’s Johns Hopkins figures. The combating the fast-spreading we could see both another thosethingsintoanalready coronavirus, threatens to over- rangefor estimated increases seven-dayaverage helps disease could have led to aless spike, aserious spikeincases, underfunded and underpre- whelm doctorsand hospitals. in infection, or 2.4cases per smooth out anomalies in the severeoutcome and amoresus- because we don’t yethavea pared public-health system, it Public-health officials have 100,000 residentsaday.Atthe data, including reporting lags. tainable way of living through vaccine,” said Dr.Levine. actually makes sense,unfortu- urgedAmericans to getflu vac- very least, they correlatethe Sincethe firstweek of Au- the pandemic.The differences “Evenifwedo, it will be a nately,that we arewherewe cines.But encouraging signs resumption of in-person classes gust, the seven-dayaverage has in framing the pandemic by fed- whilebeforethere’sanade- are today, especially in terms have emergedinthe Southern with an increase of nearly 1,100 forthe most part trailed the 14- eral and stateleadersinthe quatepopulation of people of the amount that we have let Hemisphere, wherecoronavirus cases aday,orasmanyas dayaverage,indicating deaths spring sowedconfusion, exacer- vaccinated to really prevent down our communities of protocols have led to alower 5,300 in the most extreme in- were falling,but in recent days bating divisivenessovermask- community transmission.” color,” Dr. Abuelezam said. number of influenzacases. terpretation of the data. Va ccine Would RequireStrictReview

BY THOMAS M. BURTON could gain emergency-use au- Vote Is Delayed use beforevoting on howtoas- thorization earlier. U.S. health regulatorshave sign priority, one of the people Mr. Azar and other admin- draftedguidelines that would On First Rollout said. Some information, such as istration officials didn’t raise requireaCovid-19 vaccine to howeffectiveavaccine is, may serious objections to the pro- meet rigorous standards to gain notbecome available forseveral posals during ameeting Tues- aspeedy clearancefor use,ac- Afederal vaccine advisory weeks. Typically,the committee day, people familiar with the cording to people familiar with committeewill put off avoteon votesonly on recommendations mattersaid. It wasunclear the matter, an effort to ensure recommending who should get forthe use of vaccines after when the administration the shotswork safely before initial limited doses of any theyhave been cleared by regu- might sign off on the guide- they arewidely distributed. Covid-19 vaccine in the U.S. until lators. The next scheduled com- lines or call for revisions. Among the proposed re- committeemembers learn more mitteemeeting is in October. TheWashingtonPost re- quirementsisthat acoronavi- about the vaccines thatcould A prioritization plan is likely ported that the FDAplanned russhot reducethe rate of in- become available first, according to reserveinitial doses forfront- the tough standards forgreen- fections by 50% compared to people familiar with the mat- line health-careworkers, ACIP lighting a Covid-19 vaccine. with aplacebo,which the reg- ter. members said Tuesday. It may Covid-19 vaccines from As- ulators have already required The Advisory Committeeon also placehigh priorityonvacci- traZeneca PLC, Moderna Inc. foraregular approval of any Immunization Practices, agroup nating workers in essential in- and Pfizer Inc.are in the final Covid-19 vaccines. of external medical experts that dustries likefood and agricul- stageoftesting.The trials for The regulators’ plans have advises the CDC, wasinitially ture, and people at greatest risk the Moderna and Pfizer vac- been caught up in partisan expected to vote Tuesdayona of severe disease and death. cines could start providing fighting over the safety and plan to giveprioritytoinitial Statehealth officials saythe some key results in late Octo- timing of aCovid-19 vaccine, doses of anyCovid-19 vaccine lack of federal prioritization ber or early November,ac- and they areunfolding amid thatpasses musterinclinical plans is among the uncertainties cording to the companies. concerns the Trump adminis- trials. complicating efforts to set up Beforethe vaccines canbe tration is putting politics The ACIP maywait until their ownplans to deliver any made available to the public,the ahead of sciencewhile inter- governmentofficials authorizea shots thatget cleared. FDAmust sign off.Normally, fering in the decisions of fed- specific vaccine or vaccines for —Peter Loftus the agencydecides whether to eral health agencies. approveavaccine.Given the ur- The draft requirements in- gencyofthe pandemic,the dicate the Food and Drug Ad- getashot—partly out of con- dards that aCovid-19 vaccine agencyplans to issue an autho- ministration wantstohold cerns the administration is would need to meet forthe FDA rization foremergencyuse, Covid-19 vaccines to high stan- trying to rush out a vaccine. to permit use,called an emer- which the FDAcan do faster. dards similar to what it would TheWhiteHouse must sign gency-use authorization be- Fueling concerns of arushed have used foratypical review off on the plan. The FDA sub- cause the agencyplans to issue vaccine arePresident Trump’s of the shots, the people said, mitted the draftplan forre- the decision on an accelerated. owncomments, including are- even though theagencyplans viewlast week to Secretaryof If the Trump administration cent promise therewould be an to conduct the reviewmore Health and Human Services signs off on the guidelines, it FDA-authorized vaccine as early quicklythan normal because AlexAzar, according to the would makeitdifficult fora as October.“We’regoing to of the urgent need created by people.The WhiteHouse Of- vaccine to be authorized for have avaccine very soon, the coronavirus pandemic. fice of Management and Bud- emergencyuse beforeElection maybe even beforeaveryspe- Their strict requirements, if getisalso reviewing the plan, Day, the people said. cial date,” he said at arecent they hold up,could ease the the people said. Theadministration could news conference, referring to concerns of manyAmericans Thedraft proposes the weaken the requirements, Election Day. “You knowwhat who polls showare hesitant to safety and effectivenessstan- however, so that avaccine date I’m talking about.” P2JW267000-0-A00700-1------XA

THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | A7 U.S. NEWS Supply Shortages Hamper Covid Testing

BY DAN FROSCH effect, medical experts said. temporarily halted itscommu- According to asurvey last nity testing programs in Illinois Supply shortages are forc- month by the American Asso- and suspended testing before ing health systems across the ciation forClinical Chemistry, some surgical procedures in countrytolimit who gets which representscommercial, Wisconsin due to supply issues. tested for Covid-19, hindering hospital and public-health lab- To help addressthe prob- effortstoramp up testing as oratories,67% of labs arehav- lem, Advocate Auroraon flu season approaches. ing issues getting both re- Sept. 8 launched “pooled test- Thelatesttesting problems agentsand test kits—the ing,” which involves screening largely stem from ashortageof highest level sincethe group multiple patient samples via a reagents, the chemicals used to started querying labs in May. single test to conservere- processthe tests, medical offi- In lateJune and early July, agent, said Dr.Jeffrey Bahr, cials said. Some hospitals and chief medical group officer. othertesting operations that Community testing pro- spentmonths bolstering their A lack of reagents is grams have been affected by capacity arenow reverting to the latest shortages because restricting Covid-19 teststo forcing health some health systems have the most essential patients, as systems to limit who opted to limit or shut them they did in the spring. down to conserve supplies. Mark Steadham, president can get tested. Eric Young,director of labo- andchief executiveofMorris ratory services forSentara Hospital and HealthcareCen- Healthcare, anetwork of 12 hos- ters,about 55 miles from Chi- pitals in Virginia and North Car- S cago, said his facility could now 58%oflabs struggled to get olina, said the reagent shortage conduct about athirdofthe enough test kitsand 46% forced it to shut down atesting PRES testing it wasdoing this sum- enough reagents, according to program in low-income areas. TED

mer.That’sbecause in recent an earlier survey. Theprogram, which wasoper- OCIA SS

weeks,ithas been getting only Shortagesfor reagent and ating fortwo months,hasn’t /A athird—and sometimes less—of other supplies needed to pro- been restarted because of the

itsprevious weekly allocation of cess Covid-19 testsare likely supply scarcity,Mr. Young said. PHILLIP 20 AbbottLaboratories rapid- to persist, pathologistssay, —Jim Carlton J. testing kitsdue to the reagent partly because most flu tests and Deanna Paul VID DA shortage. Each kit runs 24 tests. rely on thesame components, contributed to this article. A Texas health-care worker prepared to test a sample for Covid-19 in June. An Abbottspokeswoman equipment and personnel as said the companywas continu- the coronavirus tests. ing to expand itscapacity and Michael Dacey,president of that it was working with cus- Riverside Health System, tomerstosupply as many which includes five hospitals tests as possible. and 10 nursing homes in east- Beginning in June,Morris ern Virginia, said his company offered widespread community had cut the 1,200 weekly tests Siebel Scholars Class of 2021 testing,but it is nowlimiting it waspreviously conducting teststopatients who aread- by about 20% because of a The Siebel Scholars program was founded in 2000 to recognize the most talented mittedorare referred with shortageoftesting supplies, Covid-19 symptoms.“We felt includingreagents, and was graduate students in business, computer science, bioengineering, and energy science. Each likewewerejust starting to get focusing on administering the year,over 90 outstanding graduate students areselected as Siebel Scholars based on academic ahead of the virus,” Mr.Stead- tests to admitted patients. excellence and leadership and join an active, lifelong community among an ever-growing group ham said of the testing slow- Other people suspected of down. His facility is the only having Covid-19—but notsick of leaders. We arepleased to recognize this year’sSiebel Scholars. provider of testsinsurround- enough to be admitted—arebe- ing Grundy County,and it has ing sent home and referred to a become difficult to assesshow commercial lab that takes BIOENGINEERING widely the coronavirus is about 48 hourstodeliver re- spreading there, he said. sults, Dr.Dacey said. Riverside’s JOHNS HOPKINS UNIVERSITY STANFORD UNIVERSITY UNIVERSITY OF CALIFORNIA, Theoverall number of ownlab takeseight hours. WHITING SCHOOL OF ENGINEERING SCHOOL OF ENGINEERING SAN DIEGO Covid-19 testsdistributed “This is abig country, and we Ines Godet Prashanth Srinivasan JACOBS SCHOOL OF ENGINEERING Haleh Alimohamadi around the countryhas grown still haven’t been able to settle Bria Macklin Shreya Deshmukh Yuan Rui Hannah Kempton Gabrielle M. Colvert from 15.8 million in April to the testing issue,” he said. Alexandra Sneider Margarita Khariton Dhruva S. Katrekar 37.6 million last month, ac- Companies that make both Sarah Marie Somers Namrata Anand Gregory D. Poore cording to the Advanced Medi- the testsand reagentssay Juliane R. Sempionatto Moreto cal Technology Association, a they aredoing everything they MIT UNIVERSITY OF CALIFORNIA, BERKELEY medical-device trade group. cantokeep up,including di- SCHOOL OF ENGINEERING COLLEGE OF ENGINEERING Shortages continue to occur verting resourcesfrommanu- Ishwar Kohale Nicolas F. Altemose in reagentsand other supplies, facturingtestsfor some sexu- Noor Momin Alison N. Su caused by regional increases ally transmitted diseases. Molly Parsons MarcAdrian Lim Caroline Werlang Anjali Gopal in demand when infection Last month, Advocate Aurora Ian Andrews Zoë R. Steier ratesrise,schools reopen and Health,which operates 26 hos- newtesting requirementstake pitals in Illinois and Wisconsin, BUSINESS Troops to Take Part in MIT STANFORD UNIVERSITY UNIVERSITY OF CHICAGO SLOAN SCHOOL OF MANAGEMENT GRADUATE SCHOOL OF BUSINESS BOOTH SCHOOL OF BUSINESS Benjamin Dalusma Brian Aoyama David Hoogmoed George Eliades Mariana Martins Erik Leiden Early-Detection Study Philip Onotu Bianca Pinasco Dennis Shea Olga Timirgalieva Austin Ward Aashna Singh Liza Xu Joshua Yang Houren Zhu BY BEN KESLING said Christian Whitchurch, hu- AND NANCY A. YOUSSEF man systems director at the NORTHWESTERN UNIVERSITY Defense Department’sDefense KELLOGG SCHOOL OF MANAGEMENT Thousands of Defense De- Innovation Unit. “When some- Dylan Sun partment personnel areslated thing goes wrong,you’retold to take part in aCovid-19 to go see the mechanic.” early-detection study that Among the markersof looks to identifytroops with someone who is an asymptom- COMPUTER SCIENCE barely perceptible symptoms atic carrier of Covid-19 might and quarantine them early. be small changes in blood oxy- CARNEGIE MELLON UNIVERSITY PRINCETON UNIVERSITY UNIVERSITY OF CALIFORNIA, BERKELEY If successful, the study, genlevelsorheartbeat and re- SCHOOL OF COMPUTER SCIENCE SCHOOL OF ENGINEERING COLLEGE OF ENGINEERING which will collect data on the spiratory patterns, said John Lijun Yu AND APPLIED SCIENCE Jason Zhou troops,could point the way to Hannan,atop official at the Megan Hofmann Sotiris Apostolakis Tiffany Chien awidely used, noninvasive Defense Threat Reduction Fish Tung Kyle Genova Rogerio Bonatti UNIVERSITY OF CHICAGO method of detecting Covid-19 Agency, which is part of the WeiHu Brandon Bohrer Divyarthi Mohan SCHOOL OF COMPUTER SCIENCE symptoms even beforeapa- Defense Department. John Li Steven Anthony Buschbach tientfeels sick.Researchers “There aresubtle changes HARVARD JOHN A. PAULSON SCHOOL Yongshan Ding said they hope to learn more in physiology that aren’t easy OF ENGINEERING &APPLIED SCIENCES STANFORD UNIVERSITY Huiying Li through the study about what to detect under regular clinical Julia Ebert SCHOOL OF ENGINEERING Amanda Kristin Whaley it means to be asymptomatic. means.You cansee these Anitha Gollamudi Jabari Hastings Junwen Yang Officials plan formorethan changes beforethey become Sophie Hilgard Yutong He 5,000 largely U.S.-based troops symptomatic,” said Joseph Fritz Lekschas Ariel Leong UNIVERSITY OF ILLINOIS Bryan Wilder AT URBANA-CHAMPAIGN in coming weeks to join ajoint Frassica, head of Philips re- Vincent Nicandro Matthew Radzihovsky COLLEGE OF ENGINEERING study between the Defense De- search in the Americas. MIT Suneer Angra partment and Koninklijke Thereare limitations to the SCHOOL OF ENGINEERING TSINGHUA UNIVERSITY Beleicia Benita Bullock Philips NV,aglobal health- data collection because troops Camilo L. Fosco SCHOOL OF INFORMATION SCIENCE Bhavana Mahendra Jain technologycompany, to use areyounger and healthier than Aspen Kennedy Hopkins AND TECHNOLOGY Haoyang Wen bio-measuringdeviceslike the general population. As of Ticha Melody Sethapakdi Yukuo Cen Andrew Bumsok Yoo smartwatches that identify Monday, therehavebeen Lisa Yang Haoxi Zhong people infected with Covid-19, 43,419 Covid-19 cases among Brice Huang Jiacheng Wu quarantine them and treat the U.S. servicemembers, accord- Zu-Ming Jiang Ziran Li illness. ingtothe Pentagon, and seven Formorethan two years, related deaths. Department of Defense re- It isn’t clear whether the search unitshavebeen collab- demographics of thestudy ENERGY SCIENCE orating on software developed participantscould alter how by Philips that closely moni- the detection technology CARNEGIE MELLON UNIVERSITY STANFORD UNIVERSITY UNIVERSITY OF ILLINOIS tors biomarkerslikepulse, should be used with the gen- SCHOOL OF COMPUTER SCIENCE SCHOOL OF EARTH, ENERGY AT URBANA-CHAMPAIGN temperatureand oxygen satu- eral population. Mingyi Wang &ENVIRONMENTAL SCIENCES COLLEGE OF ENGINEERING Aisulu Aitbekova Phuc Thanh Huynh ration to look forbarely recog- About 1,000 troops have al- MIT nizable symptoms of illness, ready begun wearing smart SCHOOL OF ENGINEERING TSINGHUA UNIVERSITY THE UNIVERSITY OF TOKYO sometimes beforeaperson ringsorsmartwatches con- Manxi Wu DEPARTMENT OF ELECTRICAL SCHOOL OF ENGINEERING sees any changes. nected to the Philips RATE ENGINEERING Kalimuthu Selvam Theresearch began as a system, which tracks key bio- POLITECNICO DI TORINO Yingzhe Cui way to noninvasively monitor markersand compares them DOCTORAL SCHOOL troops to see when they might to millions of cases of patients Pier Giuseppe Anselma UNIVERSITY OF CALIFORNIA, BERKELEY be coming down with some- who have been monitored pre- COLLEGE OF ENGINEERING thing like seasonal flu and to viously.Troops send real-time PRINCETON UNIVERSITY José Daniel Lara quarantine them beforethey biodatatothe RATE system— SCHOOL OF ENGINEERING AND APPLIED SCIENCE getthe rest of their team or which is in use in some hospi- Joseph Clay Hamill Jr. platoon sick.The program has tals—and aretold if their bod- been fast-tracked in light of ies showsigns of illnessthat the coronavirus pandemic. requireconsultation with a Theprogram can’t diagnose physician. www.SiebelScholars.com an illness, but it canshowthat Defense officials said this there might be a problem. pilot study hasflagged multi- “Wecompareittothe plecases wheretroops later check-engine light in your car,” tested positive for Covid-19. P2JW267000-0-A00800-1------XA

A8 | We dnesday, September 23, 2020 THE WALL STREET JOURNAL. WORLD NEWS U.K. ReimposesVirus Restrictions Va tican Assails Johnson aims to stop a second wave while Spread of trying to avoid another economic downturn Euthanasia

BY MAX COLCHESTER BY FRANCIS X. ROCCA

LONDON—British Prime ROME—TheVaticancon- Minister Boris Johnson an- demned the spreading interna- nounced new coronavirus re- tional acceptanceofeuthanasia strictions forEngland, includ- and assisted suicide,including ing earlier pub-closing times, in some traditionally Catholic as his government tries to countries in Europe,ina quell a second wave of infec- strongly worded document that tionswhile avoiding another reassertstraditional teaching. economically damaging na- “Euthanasia is an act of ho- tionwide lockdown. micide that no end canjustify In an addresstoParliament, and that does not tolerateany Mr.Johnson unveiled both form of complicity or activeor tightening and tougher enforce- passivecollaboration,” the Vat- ment of social-distancing rules, ican’sdoctrinal officesaid in a

with fines of up to £10,000 GES document published Tuesday

($12,800) forbusinesses that IMA and approved by Pope Francis. fail to adheretothem. “It is gravely unjust to enact ETTY

The government, however, /G laws that legalizeeuthanasia or has so far held off on banning justifyand support suicide.” people from visiting other Spain’sParliament is consid- households or ordering them SUMMERS ering alaw that would makethe

to stay home,worried about PETER countrythe fourth in Europe to theeffects on the economy. Prime MinisterBoris Johnson unveiled tougher social-distancing rules, affecting homes and workplaces, including pubs and restaurants. legalizeeuthanasia, afterthe “AsinSpain and Franceand Netherlands,Belgium and Lux- manyother counties,wehave week to warn that if behavior Mr.Johnson said he ex- tions,including bans on hosting people should return to their of- embourg. LegislatorsinPortu- reached aperilous turning didn’t improve, the virus could pected the curbs announced on or visiting other households. fices as long as they followed galare considering similar pro- point,” Mr.Johnson said. “We spread rapidly.They predicted Tuesdaytolast forsix months. Under the newrules in Eng- social-distancing guidelines. posals.InFebruary, Germany’s reservethe right to deploy that if nothingweredone,the However, around 13 million peo- land, which will take effect Some questioned whether highest court overturned alaw greater firepower.…I fervently U.K.’s daily death rate could soar ple,orone in five of the popula- over the coming days, people the British government went banning assisted suicide. want to avoid taking this step.” to 200 by mid-October,from tion, arealready living under will have to wear facemasks toofar in reopening the econ- Euthanasia is the painless Theconundrum Mr.John- lowdouble digitsinrecent days. more stringent local restric- whileriding taxis,and wed- omyoverthe summer.“The killing of apatientsuffering son faces is one that is playing “Thereisthe potential for dingswill be limited to 15 peo- U.K. appearstohaveovershot from aphysical or mental dis- out acrossEurope as awaveof this to moveveryfast,” said Confirmeddaily Covid-19 ple. Pubs and restaurants will the equilibrium,” Bank of ease.Inassisted suicide,pa- infections takeshold. So far, Patrick Vallance, U.K. govern- cases, per million people close at 10 p.m., with only ta- Americaeconomistswrote in a tientsadminister lethal drugs European governmentshave ment chiefscientific adviser. ble service allowed and serv- note. Thereopening of to themselves under medical largely avoided imposing new Positivetestsnumbered more Spain ersrequired to wear masks. schools,returns from vaca- supervision. Euthanasia is le- wide-scale lockdowns.Chas- than 4,900 on Tuesday. He said 200 Mr.Johnson urgedpeople to tions and the taxpayer-subsi- galinColombia, Canada and tened by the firstwaveof this could rise to 50,000 by mid- work from home if they could. dized visitstorestaurants part of Australia. Assisted sui- Covid-19,which leftthe U.K. October without action, he said. Aplan to allowpeople to were blamed forarise in in- cide is legal in Switzerland, with the highest death rate and Mr. Johnson said the num- 150 France watchlivesporting events fections, some analysts said. Germanyand several U.S. the biggest economic slump in ber of newcases wasgrowing from Oct. 1 was called off. Meanwhile, the economic states including California, Europe,Mr. Johnson’sgovern- fastest among the 20-29 age U.S. Mr.Johnson said the military recovery still looks shaky. The Washington and New Jersey. ment is again trying to strikea group,but evidenceshowedit 100 could be draftedtofreeuppo- Confederation of British Indus- Thedoctrinal officeex- balancebetween taming the vi- wasspreading to other more liceofficerstoenforce the rules. try, abusinesslobby,said that pressed sympathyfor patients rusand reviving the economy. vulnerable agegroups,asit Theannouncement is an- in September therewas no im- who choose euthanasia or as- Britain is seeing fewernew has in France and Spain. other changeintack forthe provement in manufacturing- sisted suicide,stating that “in cases as aproportion of its He said daily hospital admis- 50 U.K. government, which spent most order books, with levels re- these cases the guilt of the in- population than countries like sions in England had morethan of the summer nudging people maining far weaker than their dividual maybereduced, or Italy France, Spain, Belgium and the doubled in the past two weeks. to return to normal working long-run averages.Inasign of completely absent.” Germany Netherlands,but morethan Official statistics showaround 0 and spending habits. It intro- the pain rippling through the Thenew document states Germanyand Italy,according 200 admissions in England on March MayJuly Sept. duced apolicytosubsidize economy, restaurant and hotel that Catholic health-careinsti- to the European Center forDis- Saturday, compared with more restaurant meals that companyWhitbread PLC on tutions that deviate from ease Prevention andControl. than 3,000 at the peak in early Note:Seven-dayrolling average, as of Sept. 21 prompted millions of Britons Tuesdaysaid it wasconsulting church teaching on the matter Sources: European Center forDisease Britain’stop scientific advis- April. Thirty-seven newdeaths Prevention and Control(cases); the to flock back to eateries across on cutting up to 6,000 job cuts, will jeopardizetheir right to ersaddressed the nation this were reported on Tuesday. governments (populations) the country. Mr. Johnson said or 18% of itsworkforce. identifythemselves as Catholic.

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THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | A9 WORLD NEWS U.S.-China Divide Clouds U.N. Summit As president, Xi scrap remotely,world leaders express concern about virus, economic risks

BY WILLIAM MAULDIN AND JAMES T. AREDDY

World leaderssounded alarms over the widening rift between the U.S. and China, warning that alack of cooper- ation could worsen the coro-

navirus pandemic,slowa S global economic recovery or even lead to outright conflict. PRES

“Wemust do everything to ZUMA

avoid anew Cold War,” United A/

Nations Secretary-General INHU António Guterres said in open- /X

ing the annual U.N. General TIONS

Assembly meeting on Tuesday. NA “A technological and economic

divide risks inevitably turning UNITED intoageostrategic and mili- S/ tary divide.”

Chinese leader Xi Jinping, BAJORNA

appearing at the U.N. likeother RICK leadersvia video message, said Diplomats at the United Nations General Assembly—one per country—on Tuesday were instructed to stay about 6 feet apart, wear masks and avoid handshakes. Beijing has “no intention to fight either acold warorahot “Only when youtakecareof per country, leaving the large one with anycountry.” Yetthe your owncitizens will youfind Trump and Rouhani played at the United Nations ble Iran nuclear deal” and the im- assembly hall largely empty. growing U.S.-China divide was a true basis for cooperation.” General Assembly came a day position of “crippling sanctions” Delegates foreach country— on displayasPresident Trump Minutes later,Mr. Xi ex- Trade Virtual Barbs after the U.S. unveiled new on Tehran. He touted the U.S. usually itsambassador to the slammed Beijing forallowing pressed the oppositeview. measures intended to prevent military strike thatkilled Maj. U.N.—introduced the head of thecoronavirus to spread and “Weshould stay true to multi- Iran from engaging in weapons Gen. Qassem Soleimani, com- stateorother leader,who spoke took aim at China’senviron- lateralism and safeguardthe The U.S. and Iranian presi- trade with China, Russia or mander of Iran’sIslamic Revolu- via aprerecorded video.The mental and trade record. international system with the dents on Tuesday took their nonstate actors, announcing tionary GuardCorps’ Quds Force. whole event waseasily viewable Thetwo leaders, who U.N. at the core,” Mr. Xi said. nations’ dispute to the virtual new penalties as part of a Iranian President Hassan on the web, preventing the type fought abittertrade war end- “Major countries should act world stage, trading attacks “snapback” of U.N. sanctions to Rouhani dedicated most of his of large gathering that normally ing in an uncertain truce this likemajor countries,” he over the 2015 multilateral nu- which no other nations have speech to criticizing the U.S., snarls NewYork City traffic ev- year,disagreed about the role added, and also “liveupto clear deal, the U.S. “maximum said they would adhere. condemning the Trump admin- eryfall. Nearly 200 leadersare of U.N. agencies and other people’s expectations.” pressure” campaign, Iran’s role PresidentTrump listed istration for withdrawing from scheduled to addressthe world global organizations as a way Mr.Xicountered Mr.Trump’s in regional security and the U.S. among whatheconsiders his the nuclear agreement, reim- body through next Tuesday. to grapple with the virus and pollution criticism by saying killing of a prominent Iranian administration’sforeign-policy ac- posing economic sanctions on In the U.S.,manyDemocrats other global problems. China, the world’sbiggest emit- military commander in January. complishments, including the Iran and killing Gen. Soleimani. blame Mr.Trump forisolating Thetwo governmentshave terofcarbon dioxide,will strive The prerecorded remarks 2018 withdrawal from “the terri- —Courtney McBride the U.S. and diluting American also clashed over the South to reach carbon neutrality by influenceinthe WHO or other ChinaSea, India, Hong Kong 2060 and reach itspeak carbon bodies.For Mr.Trump,the and Taiwan, whereChina flexed emissions in 10 years, apledge Messrs. Trump and Xi and demic,aswell as at the fore- democratically elected leaders, threat of withdrawalisoften itsmilitarymuscle with flights that drew approval from some Russian PresidentVladimir Pu- front of the fight to overcome preparing forcoming elections used as leveragetoinfluence intoits airspaceafter aU.S. environmental groups. tin all touted progressintheir therecession it has brought in at home.The heads of state— partner countries or getallies State Department official in re- Therising tensions are countries toward acoronavirus itswake—rather than allowing a including Messrs. Trump and to paymorefor shared de- cent days visited what Beijing leaving other countries caught vaccine.Yet other leaderswor- glaring and alarming leadership Xi—are unlikely to highlight fense. considersarenegade province. in the middle as the tradi- ried smallercountries could be vacuum to fester,aswe’veseen actions that are controversial JoeBiden,Mr. Trump’s2020 In his prerecorded U.N. tional alliances and interna- leftbehind, depending on the today,” said Chilean President at home or abroad. election rival, has criticized the speech, Mr. Trump reiterated tional groupings increasingly cost and timing of vaccine SebastiánPiñera. The mostly virtual gather- president forgoing easy on his“Americafirst” position, are in flux. doses in coming months. The U.N. General Assembly ing began with announce- China while seeking a“phase criticizing the World Health “When elephantsfight, it is “Major powers,instead of speeches offer world leadersa mentsatU.N.headquarters one” trade deal, and the former Organization and urging other the grassthat gets trampled squaring off against one another platform forannouncing their that diplomatsweretostay vicepresident has promised, if heads of statetoget their do- flat,” President RodrigoDu- on economic and health issues, priorities to their peers, tout- about 6feet apart, wear masks elected, to renewU.S.alliances mestic houses in order as a terteofthe Philippines said in should be at the forefront of the ing achievementsathome for and avoid handshakes.Only as away of putting maximum way of helping the world. his address. fight against this global pan- domestic audiences and, for onediplomat waspermitted pressure on China. WORLDWATCH

CHINA LEBANON land state of Tasmania have died, with rescuers returning 25 Xi Critic Sentenced Explosion Rattles to the sea in a continuing opera- To 18 Years in Prison Hezbollah Stronghold tion, officials said Tuesday. The whales were discovered ABeijing court sentenced an A large explosion shook a Mondayonabeach and two influential businessman known for Hezbollah stronghold in southern sandbars near the west coast his outspoken criticism of China’s Lebanon on Tuesday, weeks af- town of Strahan. Authorities leader,XiJinping, to 18 years in ter a deadly Beirut blast devas- don’tknowwhy the whales be- prison—meting out harsh punish- tated parts of the capital. came stranded. mentinacorruption case thatis Smoke was seen rising from —Associated Press likely to chill dissentwithin the the area surrounding the towns Chinese political elite. of Ain Qana and Kafarfila, the INDIA RenZhiqiang, 69 years old, state-run National News Agency wassentenced Tuesdayafter be- reported. The agency said there Talks With China ing convicted of corruption, receiv- had been intensive Israeli flights Progress, Delhi Says ing bribes, embezzlementand over the area in the morning, abuse of power, the Beijing No.2 but didn’t elaborate. Senior Indian and Chinese mil- Intermediate People’sCourt said Neither the cause of the blast itary commanders have agreed in an online notice. Mr.Ren, a nor whether there were casual- to stopthe further buildup of well-connected member of Bei- ties was immediately clear. The troops along their fast-militariz- jing’spolitical and businesscircles, incident comes after security ing disputed border in the moun- also wasfined the equivalentof lapses led to the Aug. 4 explo- tainous Ladakh region wherethe about $619,000. sion at Beirut’s port, which killed countries have formonths been The verdict came twomonths nearly 200 people, injured more locked in astandoff,the Indian after the CommunistPartyex- than 6,000. military said Tuesday. pelled the retired real-estate mo- Tuesday’s blast occurred in an The talkscame after the two gul overallegations of political area controlled by Hezbollah, the nations’ foreign ministers met on disloyaltyand corruption. Friends powerful, Iranian-backed Shiite Sept. 10 and agreed thattheir sayMr. Rendisappeared in mid- political party and militia that in troops should disengage from March soon after writing an es- recent years has become a the border faceoff,maintain saythatappeared to excoriate strong force in Lebanon. An offi- proper distanceand ease ten- Mr.Xiasanimperious clown for cial with Hezbollah’s media unit sions. The foreign ministers his handling of the pandemic. said no casualties were recorded. didn’tset atimeline. The court said Mr.Ren con- —Nazih Osseiran On Tuesday, India’sdefense fessed to all charges and declined ministry,which called it a“joint” Parfor the Course to appeal. He couldn’tbereached AUSTRALIA statementbyIndia and China, to comment. Afriend of Mr.Ren’s said the twosides have agreed J.C. Leyendecker said he wasrepresentedbya Roughly 270 Whales to “stopsending moretroops to government-appointedlawyer. Stranded, Dozens Die the front-line.” It said the two Mr.Ren has been the most countries will hold aseventh Famedillustrator.Magazinecover. prominenttarget in acrackdown Around one-third of an esti- round of military commander- Classic Americana. This original oil on dissentinChina this year. mated 270 pilot whales that be- leveltalks“as soon as possible.” by J.C. Leyendeckerwas paintedfor the —Chun Han Wong came stranded on Australia’s is- —Associated Press September23, 1916,coverofCollier’s Magazine.Aptly titled TheReluctant Golfer, thehumorouscomposition displays Leyendecker’sability to convey astory throughasinglescene.Thistalentreveals whyheisconsideredone of thetwo greatestillustrators of alltime, alongside hisprotégé Norman Rockwell.Canvas: 1 7 25 /2”h x21”w; Frame: 38 /8”h x30”w. #31-1689 OL PO S

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A10 | We dnesday, September 23, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

dayfor TikTok to come back sponsors haven’t followed. TikTok Ban to us,” said Kundan Negi, an “Twoyearsofhardwork unemployedcarpenter in the aregone.Idon’t have the vid- Himalayanstate of Uttara- eos. I can’t see my account, I Hits Fans khand who used to have can’t see anything,” she said. 200,000 followers on TikTok. “It’smade ahugedent in my “Mr. Trump could be our sal- revenue.” In India vation. We will givehim bless- Mr.Pathan,the former rick- ings and pray that he gets re- shaw driver, had hundreds of

elected.” GES thousands of followers on Tik-

ContinuedfromPageOne Asha Limbu used to post IMA Tokwhen it wasshut down. comedy and lip-syncing skills. morethan five videos aday on He hadhoped he could start

In just a couple of years from TikTok. She didn’t have a de- GETTY getting paying sponsors once launch, TikTok wasgetting vice that could store the vid- SE/ he reached one million, he moredownloads everymonth eos,soshe lost them all when said. in India than Facebook, Twit- the app wassuddenly blocked He had given up driving ANCE-PRES

terand Instagram. on June 30.She had friends FR and wasmaking videos all day, Itsclimb to the topended she could reach only through everyday.Crowdswould abruptly in lateJune when TikTok messages,and now ENCE gather when he made his re- AG NewDelhi banned it along they’re gone, too. Losing Tik- cordings. His biggest clip,at with dozens of other Chinese Tokhas been tougher than morethan 13 million views, apps, saying it was a security breaking up with herboy- showedhim doing adance threat. ByteDanceLtd., the friend last year, she said. MUKHERJEE/ with a 10-year-old.

companythat runs TikTok,de- “I gotoverthat in lessthan ANIL When TikTok was blocked,

nies the charge. amonth,” she said, but she INDR he lost access to the nearly President Trump had stillcan’t topthinking about A group films a TikTok video in Mumbai last November. 800 videos he had posted. He threatened to ban the app in TikTok months later.“The wassoshocked, he said, he the U.S. as well. He has since breakup with TikTok has bro- ersscroll through old TikTok tives still don’t have the user with her posts. couldn’t eat for two days. Mr. agreed to a tentative deal be- kennot just my heart but also videos posted on YouTube. base,technology, content or She hadn’t imagined TikTok Pathan has tried three other tween TikTok’sparent com- my strength and spirit. It was Manyapps have stepped up the interfacethat made TikTok could be acasualty of tensions apps butgained fewerthan pany and Walmart and Oracle my favoritehobby,mypassion, to trytofill the void, includ- so addictive. between India and China so 2,000 followers. that would effectively makeit my love.” ing homegrownversions with TikTok wasajob forShi- she hadn’t backed up her mas- “They areall useless. Noth- amajority American-owned To getaround the ban, some names like Tik India, TikTalk vani Kapila, who had more sivelibraryofcontent. The ing is as great as TikTok,” he company. fans have posted videos on and Tictik-Tok.Big Indian con- than 10 million followers for moment she realized it wasall said. “India still buysall sorts Some Indian usersare hop- howtouse virtual privatenet- tent companies arepushing herpostsabout relationships, gone,she said, she felt likeshe of Chinese productssowhy ing that if the deal goes works to mask aphone’sloca- their short-video-sharing apps fashion and music.She had was having a heart attack. can’t it allowTikTok? Ican’t through, New Delhi could lift tion. Without the constant flow as well. Afront-runner has yet multiple brand sponsorships. She has been posting on In- break this habit.” its ban. of fresh content from India, to emerge. It paid enough to support her stagram and YouTube,but —Vibhuti Agarwal “I’vebeen praying every though, it isn’t the same.Oth- TikTok fans saythe alterna- family as well as staff to help most of heraudienceand contributed to this article.

items gottothe topofthe first Amazon pageofsearch results. Last year,the Amazon unit that includes itsadvertising Restricts businessbrought in $14.1 bil- lion in revenue.Amazon will capture17. 1% of the $54.37 bil- Rivals’ Ads lion U.S. search-ad market, re- OL search firm eMarketer esti- PO

S mated in June 2020. ContinuedfromPageOne According to Amazon’sad- such as Fire TV,Echo Showand /PRES vertising website, anyseller is RingDoorbell, according to eligible to buy keywordsfor its

some Amazon employees and JENNINGS sponsored-search advertise- othersfamiliar with the policy. ments. Some types of products RokuInc., which makes de- AEME areprohibited from being ad- GR vices that stream content to vertised in sponsored products, CK;

TVs, can’t even buy such Ama- TO itswebsitesays.Amazon’sown zonads tied to itsown prod- productsaren’t on the list of ucts, some of these people keywords or categories re- SHUTTERS

said. In some cases,Amazon A/ stricted forsponsored-product

hasbarred competitorsfrom /EP advertisements. selling certain devices on its Amazon blocked Google HEAR

site entirely. AS from selling itsChromecast

Thepolicies showthe con- BR streaming devices,which com- flictsbetween Amazon’slarge petewith Fire TV,for more e-commerce platform forsell- EPHEN than ayear,the people said. ST

ersand itsrole as aproduct P: Google said in December 2017 manufacturer in itsown right. TO that it was pulling itsYouTube While traditional retailersbuy OM online-video servicefromsome FR inventoryfrommanufacturers Amazon, whose Seattle headquarters is pictured above, has had success in recent years selling its own hardware. CEO Jeff Bezos, Amazon devices in retaliation and resell it to consumers, lim- below, testified to Congress in July about Amazon’s business practices and the tactics of its private-label brands. forAmazon refusing to sell iting the number of vendors manyGoogle products. In 2019, they canwork with, Amazon’s createcompeting Amazon- our brands” on the firstpageof Google reversed course. platform has morethan amil- branded products. search results, which generally Amazon’sdevice business lion businesses and entrepre- Amazon has had success showabout 20 to 25 results. has been apriority forMr. Be- neursselling directly to Ama- selling itsown hardware, in- TheFireTVproductsshowed zos. “When somebody buysan zon’sshoppers. Amazon cluding Kindle e-readers, Echo up twicemoreonthe firstpage Amazon device, they become a accountsfor 38% of online smart speakersand Fire TV of results. better Amazon customer,” said shopping in the U.S. and streaming devices.Amazon em- By comparison, asearch for Dave Limp,head of the com- roughly half of all online shop- ployees involved in advertising “FireTV”at around thesame pany’s devices business, in an ping searches in the U.S. start decisions said the policies for time showedanAmazon “Fire interviewlast year.Amazon can on Amazon.com. dealing with competing device TV” banner acrossthe site’s build services attached to those Amazon’sdigital-advertising makersare adeliberatepart of search results, with the Ama- devices,heexplained, enabling business,moreover,ranks be- Amazon’sstrategyfor promot- zonlogofollowedbythree Am- it to sell the gadgetsatalow hind only that of Google and ing itsown products. azon productssold by Amazon. price. “Wedon’t have to make Facebook Inc.That firstpageof Therewerenosponsored re- money when we sell youthe search resultscan makeor sultsinthat search, the analy- device,” he said. break aseller,with the majority Sponsored ads sis showed. Amazon’sacquisition of Ring of Amazon shoppersbuying Likemanyplatforms,Ama- Amazon limitscompetitors’ shows howits ownership can from the company’sfirst page zonallows bidderstobuy ad- advertisementsbyusing up to changeadevice-maker’s for- of search results. vertising to trytoensuretheir five of the 12 spaces typically tunes on itssite. In response to arequest for products appear at the topof sold as advertisementstohigh- Beforethat deal, Arlo Tech- comment, Amazon didn’t di- search results. This includes light itsown offerings, accord- nologies,which makes smart rectly addressthe question of purchasing the right to appear ing to aJournal analysis of security products and door- whether or not it hobbles ri- in search resultsfor the prod- search results. Forsix days,the bells,was the market leader for vals’ marketing.Instead, it said uctsofrivals,astandardindus- Journal downloaded search re- smart security devices.Emails that it is common practice trypractice. When acompany sultsfor 67 keywordsdescrib- in 2017between Amazon’s amongretailerstochoose purchases such ads on Amazon, ing Amazon productsand those management team discussing a which productsthey promote the productsappear in the by competing brands including potential acquisition of Ring on theirwebsites. search resultsand arelabeled Google,Rokuand Arlo. referenced Arlo’s topposition “Newsflash: retailerspro- as “Sponsored.” at thetime.Ring held the sec- motetheir ownproductsand In the case of competing de- ond sales position, followedby oftendon’t sell productsof vicemakers, Amazon’sdevices detail pages and checkout aseller called “AMAZING Buying keywords Google Nest and startup Blink, competitors,” said Amazon team flaggedsome of the big- pages.Aspart of negotiations WAREHOUSE DEAL” that was Netgear Inc., based in San according to the emails,which spokesman Drew Herdener in a gest to itsadvertising team to with Apple,Amazon offered it selling the Ultrafor $119.99. Jose,isable to buy the key- were disclosed as part of acon- writtenstatement. “Walmart restrict them from buying ads “content, search and navigation Theother,fromseller iPuzzle wordsofrival makersofWi-Fi gressional hearing. refuses to sell [Amazon brands] tied to keywordsfor Amazon- equivalent to what Amazon has Online,bundled the Ultrawith routersonAmazon. Forthe “Tobeclear,myviewhereis Kindle,FireTV, and Echo. branded products, according to forits ownproducts,” the docu- a6-foot HDMI cable for$165. past year and ahalf,the com- that we’rebuying market posi- Shocker.Inthe Journal’snext the employees involved in ad- mentssaid. To purchase aRokuUltra panyhasn’t been able to buy tion—not technology,” Mr.Be- storythey will uncover gam- vertising decisions.Amazon’s An Amazon spokesman said from Roku, abuyer would have search ads keyed to “eero,” Am- zoswrote that Dec.15. “And blinginLas Vegas.” largest rivals in certain catego- advertiserscan bid on or buy had to scroll down to the azon’sown brand of router, that market position andmo- But the restrictions Amazon ries,which it calls “Tier 1Com- Amazon keywords. fourth result, whereitsold for that appear on the firstpageof mentum is very valuable.” Am- has put in placemean that petitors,” areunable to buy Roku, based in San Jose, $89.88, according to the Jour- results, according to people fa- azon bought smart cameraand productssold directly by Roku Amazon-specific keywords, Calif., is the biggest maker of nal review. miliar with the matter. Amazon doorbell startup Blink in late oftendon’t appear atop search those people said, while lesser streaming-media players in the In another search by the bought eeroinearly 2019. 2017and purchased Ring afew resultsfor Roku’sown prod- competitorsare allowedtobuy U.S., according to research Journal on Amazon for“Roku Facebook hadn’t been able to months later in early 2018. ucts. In testsconducted by The the keywords. firm Strategy Analytics.Asa Streaming Stick,” Amazon fea- buy sponsored ads using Ama- Sincethen, Arlo has been Wall Street Journal in August, When the devices team devicemaker and aplatform tured itsFireTVproductsfour zonEcho-related keywordsfor unable to buy keywordsonAm- searches forRokuproductsfre- launches a new product, part forstreaming content, it com- times under “Featured from some time,according to aper- azon’ssponsored product ad- quently displayedsponsored of its strategy for bringing it petes directly with Amazon’s sonfamiliar with the matter. vertisementsfor Ring products, productadvertisementsfor to market is to determine Fire TV devices.Amazon is the Revenue from Amazon unit Thesocial-media company said people familiar with the Roku competitors, and Rokus which keywordstosuppressin second-largest streaming-de- thatincludes advertising makes adevice called Facebook matter. Amazon’sRing devices, offeredbyresellers. Manyof advertising,the people said. vicemaker with itsline of Fire Portal that competes directly though, have appeared at the $14 billion the searches displayedAma- Employees aretold to mark TV products. with Amazon’s Echo Showde- topofthe search resultsfor zon’sFireTVproduct atop the anydiscussion of this practice Rokuhas been blocked from vice. Facebook has been able to “Arlo,” in banner placements results, with abanner saying internally at Amazon with buying sponsored product ad- 12 buy keywordsfor other com- touting “Featured from our “Featuredfromour brands.” “privileged and confidential” vertisementsonAmazon for petitors,the person said. brands” showing asuiteofRing Amazon already is facing in the subject line of emails so years, although resellersof 10 An Amazon spokesman said Doorbell devices. scrutinyoverits treatment of that regulators cannot access Rokuproductsare able to buy that forsome keywordsrelated Arlo’s team raised this issue competing sellersonits site. In them, the people said. Rokukeywordsfor such ads, 8 to Amazon devices,Amazon with Amazon’s advertising July,CEO Jeff Bezos testified to An Amazon spokesman said according to people familiar mayoffer morelimited ad in- team, the people said. Arlo Congress about Amazon’sbusi- that employees areinstructed with the matterand documents 6 ventory. wasconcerned that it could nesspractices and the tactics to mark emails as privileged reviewedbythe Journal. Amazon started itsadvertis- buy keywordsfor competitors of itsprivate-label brands.The only when seeking legal coun- In Journal searches con- 4 ing unit in 2012, allowing sell- likeEufyand Wyze, but not for Federal Trade Commission, sel. ducted in August for“RokuUl- ersonits sitetobid on key- Amazon’sown brands such as JusticeDepartment, European Documentsreleased after tra,” astreaming boxwith 2 wordsused in search queries. Ringand Blink,the people Union and Canadian regulators July’s congressional hearing in- headphones the companywas With morethan amillion sell- said. The advertising team arealso looking intoAmazon’s dicatethat Amazon told Apple then selling for$89.88, the top 0 erscompeting on Amazon, apologized to Arlo executives, business practices. Inc.that it gives itsown de- result wasasponsored ad 2014 ’15 ’16 ’17 ’18 ’19 manyselling similar or identi- and said that therewas noth- In April, the Journal re- vices favorable treatment. The from TiVo, arival streaming- calitems,its sponsored-prod- ing they could do about the is- ported that Amazon’sprivate- documentssaid Amazon’sown device maker. Note:Primarily includes sales of advertising uctadvertisementsbusiness sue,the people said. services, as well as sales relatedtoAmazon's label employees used datafrom productshave“competing ads Twoother sponsored results other serviceofferings. became an important way for —Jeff Horwitz itsthird-party merchantsto removed from search,” product followed. One listing wasfrom Source:companyfilings sellerstoensurethat their contributed to this article. P2JW267000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, September 23, 2020 | A10A GREATER NEW YORK Bills Look RikersJail Plan HitsLegal Hurdle To Assist Judge rules in favorof ise to close the city’s outdated In his decision, JusticeKel- NeighborsUnited BelowCanal these four newjails simulta- RikersIsland jail facility,has ley nullified land-use approv- and others. neously with the closureof Restaurant residents who oppose worked foryearsonaplan to als issued in 2019 by the City NewYork City LawDepart- RikersIsland,” Mr.Lee said. newManhattan facility; open borough-based pretrial Planning Commission and the ment spokeswoman Kimberly “It’sjust an unbelievable fan- detention centersinManhat- City Council relating to anew Joycesaid the city would ap- tasy at the end of the day.” Industry cityvowstoappeal tan, Queens,the Bronx and jail on WhiteStreet near Ca- peal JusticeKelley’s decision. An official forthe mayor’s Brooklyn. nal Street in Chinatown. Court cases over sites for OfficeofCriminal Justicesaid BY EMMA TUCKER BY BEN CHAPMAN Those effortshaveencoun- He cited several issues in- planned newjails in the Bronx Tuesdaythe city would pro- teredlegal challenges in the cluding the city’s effortsto and Queens areongoing. ceed with itsplans to close The New York City Council AManhattanjudgesided Bronx,Queens and Manhat- getcommunity input and ad- Chinatownresident Jan Rikers Island and createfour is considering several bills with residentswho want to tan, whereresidentsare dresspotential health con- Lee, who is named as aplain- borough-based jails by 2026. that would aid restaurants as block the construction of a against the creation of new cerns stemming form the tiff in the Manhattansuit and Anumber of detention fa- they trytorecover from the newjail in Chinatown, poten- jails. planned development. is aco-founder of Neighbors cilities on RikersIsland al- economic hitbrought on by tially dealing ablowtoMayor On Monday, ManhattanSu- “The City Council’sap- United BelowCanal, said in an ready have been closed per- the coronavirus pandemic,in- Bill de Blasio’s plan to replace preme Court JusticeJohn Kel- proval resolutions,along with interviewTuesdaythat Jus- manently,the official said. cluding one that would make the RikersIsland jail complex ley sided with agroup of resi- all other involved agencies’ ticeKelley’s decision repre- Thecity has made some re- sidewalk and curbside street with smaller detention cen- dentswho oppose the new approvals,must be annulled,” sentsavictoryfor his neigh- forms at RikersIsland includ- dining permanent. ters in four boroughs. jail, ordering the city to stop JusticeKelley wroteinhis de- borhood and others. ing shrinking the population MayorBill de Blasio an- Mr.deBlasio,who cam- effortsinthe creation of the cision in the case brought by “Wenever believed this ad- from roughly 11,500 people in nounced in July that the Open paigned forofficeonaprom- planned Chinatownfacility. acommunity group called ministration could create 2014, to about 4,300 now. Restaurantsprogram, akey feature of the city’s effort to support establishmentsfinan- Ruth Bader Ginsburg Is Remembered in Her Native Brooklyn cially during the pandemic, would be extended until Oct. 31. Theprogram allows restau- rantsand barstoexpand out- door seating in sidewalks,city streetsand parking lotstoin- crease revenue while maintain- ingsocial-distancing guidelines to stem the spread of the virus. As part of the legislation introduced by Councilman An- tonio Reynoso,restaurants and bars would be allowed to use propane heaters, which are banned in New York City. TheDepartment of Trans- portation also would be re- quired to set up an online ap- plication processthat could be used by restaurateurs to cer- tify their establishmentsfor outdoor dining. Mr.Reynososaid in an in- terview that an outdoor heat- ing system would help restau- rantsadheretosafety measures in colder months if they aren’t able to expand in- door dining to full capacity. “Wewouldn’t have to feel pressured to expand capacity indoorsand risk the general public’shealth if we canmain- tain outdoor dining,” he said. Currently, the city only al-

lows pickup and outdoor din- /REUTERS ingatrestaurants. Gov.An- drew Cuomo said earlier this month that restaurants could MCDERMID resume indoor dining at 25% AN

capacity starting Sept. 30. BREND Mr.Reynoso, aDemocrat HONORING RBG: A memorial has sprung up outside the childhood home in Midwood of the Supreme Court associate justice, who died Friday at age 87. Mayor Bill de who representsneighborhoods Blasio said Tuesday that the Brooklyn Municipal Building will be renamed in honor of Justice Ginsburg. Her death is ‘personal for all of us as New Yorkers,’ he said. in Brooklyn and Queens,said it is unclear howthe safety of the propane heaterswould be reg- ulated, but the City Council will discussdetails during ahearing Online Class Sizes Could Reach Nearly 70 on the bill next Wednesday. “What we don’t want is businesses waiting forthe Fire BY LEE HAWKINS makeitasgood as in-person.” coronavirus. Department of NewYork to Michael Frank,who teaches Moreover,after negotia- showupand approveapermit NewYork Public Schools historyatthe High School for tions with the teachersunion, forthe heating,which could teacher Kirk Schneider is Environmental Studies in Man- the city told principals to try take several months,” Mr.Rey- teaching six online geometry hattan, said the number of stu- to have three setsofteachers: noso said. “Wewant every- classes, each meeting twice a dentsopting to go fully remote oneset forstudentsinschool, thing ready to go before Oct. week. He’s also teaching a re- at hisschool shot from 55% in another forthe same children 31 so that there’snosuspen- motesocial emotional learning early September to “65 or even when they are home, and an- sion of businesswhile we’re classthree times aweek, 70%” in recent days.Large on- other forthose choosing to trying to figure it out.” which helps students address line classes will be acrushing learn remotely full time. Last week,the City Council personal challenges during the workload forteachers, he said. Leonie Haimson, executive approved legislation that pandemic,with about 25 chil- “A lot of our job moving director of ClassSizeMatters, would allowrestaurantsto dren in each class. forwardwill be outreach to the anonprofit that advocates for add a10% Covid-19 relief fee When in-person high-school children, and we all teach five smaller classes,said she ex- to diners’ bills.Mr. de Blasio classes start on Oct. 1, the num- classes,” Mr.Frank said. “So if pectslargerclasssizes to hurt has said he would sign it. ber of studentsinhis classroom /REUTERS classes end up being 50 or 60 learning.

Councilman Ben Kallos on likely will be in line with the OCHS children, 50 to 60 times five is “Ifyou want that online in- Wednesdayisexpected to in- expected averageofnine to 12 250 people.Just the amount of struction to be meaningful,

troducetwo additional bills in- socially-distanced students. But CAITLIN phone calls home—toget the they have to keep classsizes tended to support small busi- if moreparentskeep their chil- On Monday, Lydia Hassebroek attended her first day at I.S. 318 in children engaged and to keep to areasonable level,” she nesses during the pandemic. dren home to take classes the Williamsburg section of Brooklyn, remotely from her home. them on track—250 would be said. “It’sgoing to be very dis- Thefirst one would streamline solely remotely,Mr. Schneider completely unmanageable.” illusioning and alienating.” the processfor restaurantsto expectshis online sessions concerned that online classes in-person classes,but the The nation’s largest school Najib Craig,asenior at obtain asidewalk-cafelicense would balloon. Thecity Depart- with as many as 68 students agencyhas encouraged teachers district is offering itsone mil- ManhattanEarly Collegefor or renewone. It also would al- ment of Education’snegotiated could become common amid a to offer small online breakout lion studentsthe option of Advertising,said he had online lowfor licenses to be trans- contract with the teachers teacher shortage and make it groups and provided specialized fully-remote learning or a hy- classes last semester with ferred if the establishment un- union allows forremoteclasses harder for students to learn. materials that help them em- brid of some in-person in- morethan 50 students, but “it dergoes achangeofownership. to be as much as double the 34 MayorBill de Blasio’s sudden ploythe best teaching practices. struction and remote classes. was easy” because they were Jake Dell, the owner of student maximum forin-person decision on Thursdaytopush Thetools include amaster Both options were supposed to split into sections if students Katz’s Delicatessen on Man- high-school classes. back the in-person reopening is Google classroom forteachers start Sept. 21. Instead, in-per- had questions. hattan’sLowerEast Side,said “I canhandle aclassof25 coinciding with agrowing exo- “that has dozens of resources son instruction is being “If you had a question you that apermanent outdoor-din- children online,but as it starts dus from in-person classes.The about howtoset up and im- phased in. Preschool children could turn on your micro- ing program would help res- pushing to moreand more, it NewYork City Department of proveliveinstruction,” said DOE started Monday, along with phone or youcould message taurantswith optimal outdoor becomes lessmanageable,” said Education released areport spokeswoman Miranda Barbot. special-needs studentsinpro- them and they would just go seating space, but that isn’t Mr.Schneider,who teaches at Mondaythat shows 46% of city In aSept. 15 briefing,Mr. de grams known as District 75. over the work,orput up a the case for all eateries. Urban Assembly Gateway studentshaveopted out of re- Blasio said the city wants“to Mr.deBlasio said teacher video forclarification. Things “Making outdoor dining School forTechnologyinMan- turning to school buildingsin do the very best we can for shortages were the key factor like that,” he said. permanent is nice, but when hattan. “But they’removing the favoroffully remotelearning, children who areall remote.” that led to the decision to de- But his mother,Tasha we gettowinter it’snot going goal postsevery time we get up from an expectation of 26% “But the truth is,remote layreopening.The shortage Mack-Craig,said she hopes to help anyone,” Mr.Dell said. within field goal range.” in August. teaching just isn’t in anyway as hasbeen exacerbated by re- those class sizes won’t be the “Do youasaconsumer want Mr.Schneider and other TheDOE confirmed that re- good forchildren as in-person quirementsfor smaller classes norm. “Howdothey expect to to eat outside when it’s20de- teachers, parents, students moteclasses could be twicethe teaching,” he said. “And so,you to allow for social distancing reach everychild, with 60 grees and snowing?” andeducation advocates are contractual maximum sizefor canmakeitbetter, but youcan’t to prevent the spread of the children?” she asked.

In-house self-winding movement, 40mm steel case P2JW267000-2-A010B0-1------NS

A10B | We dnesday, September 23, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet GREATERNEW Taxis,Ride-Hailing Firms Jockey forLow Fares YORKWATCH NEW YORK With the weather cool- Lennon’s Killer Says ing and pan- He Sought Glory demic num- bersdropping, Theman who killed John Len- NewYork City non in 1980 says he wasseek- is slowly getting back in ac- ing glory and deserved the death tion—and that means people penaltyfor a“despicable” act. arehopping back intotaxis, Mark David Chapman made Ubersand Lyfts. But as riders the comments in response to arediscovering,alot changed questions lastmonth from apa- in the for-hireride scene dur- role board, which denied him pa- ing the lockdown. Some may role foran11th time. The now want to rethink their habits. 65-year-old inmate expressed re- With the number of taxis morse forgunning down the for- on the road still down more mer Beatle outside the musician’s than 50% from pre-pandemic Manhattan apartmentbuilding. levels,for example,ithas “I assassinated him…because gotten harder to hail acab on he was very, very, very famous the street. Pooling to save on and that’s the only reason and I fares is no longer an option was very, very, very, very much

on anyride-hailing platform. JOURNAL seeking self-glory,” Chapman On the upside, one ride- said, according to a transcript re- REET

hailing app started offering ST leased by the state Monday. He discounts to those willing to LL said he thinks all the time about wait a bit longer for their WA the pain he inflicted on Lennon’s THE

wheels. And thanks to a new R wife, Yoko Ono.

app feature rolled out by the FO Chapman is serving a 20-

taxi guys earlier this month, IAN years-to-life sentence at Wende you can get a guaranteed flat OS Correctional Facility, east of Buf-

fare upfront when e-hailing a BEDR falo. In denying him parole, the cab. board said they found his state-

Curb Mobility,the Queens- WESLEY ment that “infamy brings you based companybehind the glory” disturbing. taxi e-hail Curb app,says business that yellow taxis rates are designed to mimic go with Lyft.Ilikeknowing to be picked up.With Wait & —Associated Press that while in yearspast, rely on—Manhattan street what a customer would pay that even if the fareislow, Save,the farewas reduced to Uber and Lyft fares were typ- hails and airport runs—has if the ride were priced by a the driver will still be earn- $17.03,with an arrival guar- CONNECTICUT ically lowerthan cabrates, all but dried up. Uber and city-regulated taxi meter, ing the city’s mandated anteed within 15 minutes. NewYorkersnow will find Lyft were traditionally stron- taking both time and dis- $17. 22 an hour afterexpenses Uber, which has far more Gunman Wounds 2 the reverse. “We’reabout ger in the outer boroughs tance into consideration. It that applies only to the larg- vehicles on the road than its Outside Workplace 10% cheaper than Uber or and never took street hails. will most often offer the est ride-hail companies.This rivals, may be a good choice Lyft,” says Curb’svicepresi- lowest price in periods of also is the case with Uber, for those who just want Ashooteropened fireand dent of mobile,Jason Gross. hile cab trips peak demand. “There’s no but Ifound Uber’s fares are speedy service. Uber says its wounded twopeople outside a Iwas happy to see this W jumped 30% after surge pricing,” he says. typically higher.(Curb isn’t average wait time is less Connecticut businessTuesdaybe- last development. I’m always Labor Day weekend, I took a few test rides on subject to drivers’ minimum- than the five minutes re- fore being taken into custody on a rooting forthe city’s cabdriv- compared with August’s av- Curb in Brooklyn and Man- wage requirements.) ported by Curb. And if one’s highwayinMassachusetts, police ers, and they were hit espe- erage, according to Curb, the hattan and found reception sole concern is simply get- said. Both victims were treatedat cially hardbythe lockdown. taxi industry is still flailing. among drivers was mixed. also like that the Lyft ting the lowest price, it is ahospital and discharged. According to the city’s Will upfront pricing give Nasser Alabsi said the up- app provides public best to compare Lyft and One of the victims called 911 Taxi and Limousine Commis- cabdrivers a new advantage? front fares often weren’t I at about 8:45 a.m. to report a transportation routes, Curb before booking a ride. sion, the number of trips a It might if their fares worth taking. “All the way to fares and schedules along Frequently, one offers a fare shooting in the parking lotofa day recorded by ride-hailing were lower. But in the admit- East Flatbush for $11? It’s an with the ability to locate, un- more than 20% lower than South Windsor industrial building, companies such as Uber and tedly unscientific 20-sample insult to us,” he said. lock and rent the nearest Citi the other. policeSgt. Mark Cleverdon said. Lyft was 54% lower in July price comparison I ran last Otherssaid the upgrade Bike from the company’s So will New Yorkers The shooting stemmed from an than a year earlier. Yellow week, I found that while has encouraged moreriders 1,000-plus station locations bother to download yet an- argumentbetween twoemploy- cabs reported an even Curb’s fares were typically to summon acab via app in a around the five boroughs. other app to compare fares? ees, one of whom wasthe steeper decline of 87%. Taxi lower than Uber’s, they were time when few arehailing Another unique Lyft fea- That’s about as easy to pre- shooter, of atrucking-logistics drivers who stayed on the roughly comparable to Lyft’s. taxis.Indeed, Curb reports ture—the newWait &Save dict as anything else these company, Sgt. Cleverdon said. road also saw a big year- Curb offered the lowest that e-hails account for30% option. On arecent weekday, days. “It’s a good question,” The targeted victim had gunshot over-year drop in average price in 10 of the samples, of all cabrides compared with forexample,the upfront fare said Mr. Gross. “Something wounds to his leg and arm, gross weekly earnings, to compared with nine for Lyft. 15% beforethe pandemic. foratrip from Brooklyn we’re going to find out.” while another man appeared to roughly $800 from about When I shared my results, So what’sthe best e-hail HeightstoWall Street was have been hit by shrapnel. $1,300. That is because the Mr. Gross said Curb’s upfront bet forridersthese days?I’d $18.27 with aone-minuteETA [email protected] —Associated Press P2JW267000-0-A01100-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | A11

KEEP CALM AND HAVE DINNER

eMeals: Severalmoms recom- mendedthis meal-prep service offering kid-friendly meal plans and recipes tailored to various dietary restrictions.Subscribers canhave ashopping listsent directly to online grocers.

Little Spoon: The maker of direct-to-consumer organic babyfood justlaunched Plates, aline of $5 microwave meals foryoung children that have hidden vegetables but no preservatives or added sugar.Demand has been high; there’sawait list. (3) JOURNAL REET ST LL WA THE R FO SS VO EPHEN

ST The Kids’ Table: A Chicago kids’ cooking school offers vir- tual weekly classes for chil- dren ages 2 to 14. Most Apps Ta ke Stress classes are one hour; a new, two-hour course, Supper Club, puts kids in charge of dinner. Out of Feeding Raddish: A subscription pro- gram aims to develop kids’in- terest in food by enlisting them in meal-making.Amonthly kit PickyEaters has recipes,anew kitchen tool and agrocery list. Veggie Buds Club: This sub- FAMILY sisting largely on carbs. After they scription servicefocuses & TECH had some allergic reactions, she on getting young children to JULIE encouraged them to be extra cau- love vegetables.Monthly reci- JARGON tious when eating outside the pes,crafts, growing projects home. “I swung the pendulum too and activities center around far and discouraged them from adifferentmember of the he most challenging trying anything new because I Families like the Patels, of Gainesville, Va., have found apps and other tools produceaisle. question of the dayin wanted to keep them safe,” said to help picky eaters try new foods with fewer mealtime battles. manyhomes is: “What’s Ms. Bindra Patel. fordinner?” When you Her mother in Cleveland would ads or in-app purchases.“It’snot He helped develop an app called have to be offered a new food as Thave pickyeatersorchil- ship frozen homemade Indian flat- monetized at all,” Ms.Gibson said. When to Wonder: Picky Eating, as many as 15 times before they will dren with food allergies, bread roti with squash, carrots “Wejust wanted to help people.” part of a study with colleagues. eat it. Dr. Verduin said there’s no the nightly decision-making can and pumpkin mixed in. The kids “I was skeptical, to be honest,” People who download the free app empirical evidence behind that be fraught. loved it, but didn’t know they were Ms. Bindra Patel said. The chil- have to agree to take part in the number. “What’s more important One option is to make separate being tricked into eating vegeta- dren, ages 8, 11 and 12, have taken study, which aims to understand is how you present food,” he said. meals for everyone, which no one bles. “I finally told them,” she said. an interest in the stock market, so how pervasive picky eating is and Prep + Rally is a service aimed wants to do. Another is to make “They weren’t thrilled.” Ms. Bindra Patel decided to give how it correlates with mental- at making meals easier and giving one meal for everyone and hope Afriend suggested an app called them either money to invest or ex- health issues. He said there’s clini- kids more say over what they eat. the kids will take at least a few Food Explorer Club,which incentiv- tra time on their tablets if they cal research on the 1% to 3% of Meal plans and grocery lists re- bites. If they don’t, do you send izes kids to expand their palates. earned enough points each week. children for whom severe picky volve around repurposing ingredi- them to bed hungry? If you’re like They earn badges fortrying new She also bought an air fryer, eating results in malnourishment, ents and introducing new flavors me, you cave and whip up some foods,for eating all the food on the which she said makes the vegeta- but not much is known about the and textures, without having to mac and cheese. plateand—for ultra-pickykids—for bles tastier. She sets the food out more common cases. make multiple different meals. If I queried parents about their agreeing to let different ingredients buffet-style and lets the kids To help encourage parents and children won’t touch roasted cauli- mealtime struggles and discovered touch each other on the plate. Par- choose what to eat. kids to discuss food, Dr. Verduin flower, there are tips on mashing apps, meal-prep sites and sub- entscan decide howmanypointsto Timothy Verduin, a clinical psy- and his team created an in-app it or making it into rice. If they scription services that strive to assign fortrying newthingsand chologist at NYU Langone Health, game they call “Tinder for cauli- don’t like rotisserie chicken, they solve the picky-eater problem. customizethe rewards. said up to 30% of families report flower.” Kids swipe right on foods might try it shredded in a wrap. Anjali Bindra Patel, a lawyer in Theapp,launched last fall, was dealing with significant picky eat- they like and left on foods they Battles over food often are re- Gainesville, Va., was at her wit’s designed by Birmingham, Ala., par- ing at some point. Even families dislike. Parents also choose foods ally battles over control, Dr. Ver- end. Her family doesn’t eat meat entsKassady and David Gibson, who don’t call it a major problem they think their kids do or don’t duin said. “What they put in their but her three children don’t like who were struggling with their have dealt with stress-inducing like. Then they compare results. mouths is one of the few things vegetables—which left them sub- ownpickyeaters. It is free,with no picky eating occasionally. Many nutritionists say children kids can control.”

BY CORDILIA JAMES Ms. Kuhn found comfort in be- ing surrounded by other law stu- hen Catherine Dorman dents at a socially distanced happy Wpacked up her Chicago hour in a park playing a game of apartment to start aremote Never Have I Ever. It was a less job in Washington, D.C.,inMay,it daunting way to meet people than washardtomakefriends.Nearly at class, where students sit more everyone the 25-year-old knewwho than 6 feet away from one another, lived therehad leftthe city to be masks on. with their families.Bars, gyms and art classes weren’t options any- Join a group, or create one more. Most of the face-to-facein- Micro-communities areanother way teractions she’shad in the past four to find newfriends while also doing months have been with her two res- activities that youlove. Have apen- cue cats,Stevie and Louise. chant forgardening or volunteer “I just don’t even knowwhereto work? Groups likethat still exist— begin because of howlocked down just browse social media or your lo- everything is,” Ms.Dorman says. calnewspaper,Ms. Post says. Twenty-two percent of U.S. Can’t find your dream group? adults said that they either moved Now’sagood time to start it your- or know someone who did due to self.“When we makethat firststep, the pandemic, according to a Pew people aresorelieved to learn that Research Center survey released in somebody else is doing that work July. As employees relocate for and will jump on board,” Dr.Kir- work and some schools reopen mayersays. campuses for the fall semester, This includes social club mem- finding and making friends can be MakeNew Friends?It’sStill Possible. berships.The Lounge, aproject by harder than usual. Washington, D.C.-based newsletter “Everyone seems to be cocoon- wouldn’t knowanyone there. ships that we’re making will be giving people achancetovoice Girls’ Night In, launched in July ing themselves at home and every- In her firstvirtual training ses- stable and will exist outside of their comfort levels while getting to with agoal to help women make one is fearful of going out, so a lot sion, she gotgood vibes from some- what’s going on right now,” Dr. knoweach other.“It’sfunnyhow friends over book-club meetings, of the more natural, organic ways one else in the group and decided Kirmayer says. much it’sverysimilar to dating,ex- crafttutorials and other events that we might meet people have to “shoot her friendship shot.” cept it’sprobably not going to lead forapriceof$130 ayear.The been reduced,” clinical psycholo- “I was like, you know what? I Set clear boundaries to romanceand sex,” says Lizzie group has 10 hubs acrossthe U.S. gist Dr. Miriam Kirmayersays. want to be friends with this girl. Claire Marie Kuhn took a photo of Post, etiquette author and co-presi- and Canada. At a time when many are keep- This isn’t how adult friendships a reservoir in her Boston neigh- dent of the Emily Post Institute. Halah Flynn, a 26-year-old D.C.- ing their distance, having friends usually start, but desperate times borhood after moving there from Striking up a spontaneous based marketing writer, led a pick- can offset the negative conse- call for desperate measures, so Pittsburgh in August for law friendship with someone you meet ling class to a group of 10 mem- quences of loneliness, including we’re making it happen,” says Ms. school. She posted the photo to In- in person, however, can give you bers over Zoom in August. Pickling depression and anxiety, says Dr. Powers, 23. She sent a message stagram during her first week of an idea of how the other person is pros and beginners poured vine- Kirmayer, whose studies focus on telling her that she thought she classes and quickly received mes- handling the pandemic upfront. gar, garlic and other ingredients friendship and connection. Here’s was cool. Now, they’re roommates. sages from fellow University of Ask yourself: Are they wearing a into Mason jars, keeping them Y

IL how you can make friends these Emotional intimacy is how we Notre Dame alums who were in mask properly? Are they keeping busy in the virtual common space.

GW days when you don’t know anyone. build trust and closeness in our the same neighborhood, asking to their distance? Hearing each “Having something to do during

TH friendships over time, Dr. Kir- grab coffee some time. “That’s one other’s pandemic ground rules be- the meeting takes away from any RU Makethe first move mayer says. It’s important to build way I think I’ll be meeting people, fore meetups is generally your social anxiety,” Ms. Flynn says. BY Teresa Powers knewthat when she a new friendship with an eye to which is not something that I’m best bet. Let the person know that The friends she made from that ION

AT moved to LosAngeles from Port- when Covid-19 is less central in used to,” says Ms. Kuhn, 23. you want to find some time to dis- event still keep up with each other.

TR land, Ore.,for her student teaching our lives. “Ideally, the connections Social media canmakeiteasier cuss the topic in depth so you A socially distanced picnic is al- US

ILL job with Teach ForAmerica, she that we’re building and the friend- to set boundaries ahead of time by both can think it over. ready in the works. P2JW267000-0-A01200-1------NS

A12 | We dnesday, September 23, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS In Lockdown,Mother‑Daughter Ties Grow

BY CLARE ANSBERRY LIFE LESSONS FOR n Listen generously: Eliminate fil- INSTEAD OF GOING to summer ters, such as “I am listening to fix camp this year,Ava Littman hiked STRONGER BONDS you as opposed to listening to un- on trails with her mother,Tara derstand you.” Cook-Littman, listening to stories Tips for mothers and their older about her mom’schildhood and daughters from Julia Munson, a n Set boundaries: Clarify what top- opening up about howmuch she Denver-based psychotherapist and ics are off limits, what levels of pri- missed her friends. life coach vacy each require and how to re- “Wegot so much closer.” says spond each other’s personal space. Ms.Cook-Littman. With her days n Be responsible: Both mothers and daughters areresponsible forhealthy free of driving to school and n Request, not complain: Behind relationships. Eliminate blame. sporting eventsand doing advo- every complaint is something that a cacy work,she had time to teach person hasn’t asked for. 15-year-old Avahow to make n Appreciate: Healthy relationships smoothies and watchmovies like thrive when there is a ratio of 5:1— five appreciations for every one criti- n Build trust: Do what you say you “PrettyinPink” with her. will do. Avashares similar feelings: cism or complaint. “I’velearned alot moreabout her,” she says of her mother. Thepandemic has tightened ASpecial Relationship be the only one to go with her.” ties within manyfamilies that, like During those times together, it or not, have been confined to In asurveyduring the pandemic,a Avaheardnew family history. Her the same house formonths.Ofthe strengthening of bonds between mother attended the same high parent-child relationships,adeep- mothersand daughters stood out. school, and described what it was ening of the bond between moth- likethen. Avaalso found out that ersand daughtersduring this time Which relationship in my family is her mother as achild went to the stands out, according to recent re- flourishing the most? same beach house wherethey search involving asurvey of 500 Mother and daughter spent time this summer.“If things motherswith children ages 10-20. weren’t the way they were,we Morethan 60% of the mothers 63% wouldn’t have talked as much surveyed said relationships with Mother and son about random stuff,” she says. their daughterswereflourishing 18 KarenLee Petrovich, an in- during the pandemic.Only 18% home caregiver forolder adultsin identified the mother-son rela- Father and daughter Pittsburgh, watched the pandemic tionship as the one thriving 12 eclipse some of the biggest mo- the most. mentsinher daughter Julia’s “Atthe heart of the Covid-19 Father and son young life: her 18th birthday, her experienceisashiftinthe Ameri- 8 last high school musical, her canfamily,especially in the rela- prom, and graduation. By mid Note:Figures do notadd to 100% due to rounding tionship between mothersand Source:Grant McCracken, 551U.S. mothers with with a summer,Julia had packed all her daughters,” says Grant McCracken, daughterliving at home ages 10 -20, conducted online boxesfor collegeand wasready to an anthropologist and consultant June 2020. go when she received word from who specializes in American cul- EdinboroUniversity that in-person tureand conducted the research. it wasrockybeforeithit, power classes were cancelled. As part of his project, which struggles canbecome even more “It wasthe final blow,” says Ms. hasn’t been published, Dr.Mc- intense.” One young woman who Petrovich, adding that she cried Cracken, interviewed50parents, Above,TaraCook-Littman and her daughterAva have spentmoretime couldn’t wait to leave home for morethan her daughter did. mainly mothers, over an eight-week together during the pandemic;below, KarenLee Petrovich and daughterJulia. collegehad to return to her mom’s Knowing howmuch these mile- period this summer and then fol- home and rules.“It only lasted a stones meant to her when she was lowedupwith the broader online feelingsofall family membersto week,” says Ms.Munson, who con- ahigh-school senior,she went out survey.Inthe interviews,mothers makesureeveryone is OK,says ductsworkshops formothersand of her way to cheer her up,orga- talked about having asecond Dr.McCracken. During the pan- daughters. “She couldn’t stand it, nizing family walks and special chancewith college-agedaughters demic,daughters, who areoften and her mother couldn’t stand it.” dinners. ForJulia’s18th birthday, who had returned home,and “feel- betteratexpressing their feelings, Thedaughter moved in with her she ordered balloons and afavor- ing lessclueless” as teen daughters felt morelonely and manymoth- father and stepmother. itealmond tortecake. When Julia invited them intothe world of Tik- ersresponded by trying to lift Agecan makeadifferencein and her 16-year-old sister,Sarah, Tokvideos.“Ilisten so much bet- their spiritsand keep them tightening bonds.Ms. Cook-Litt- found recipes on Pinterest for ICH

OV ter,” said one. company. man says Ava, at 15,was ready for strawberrybrownies and Big Mac Even though daughtersoften Boys,who canbeharder to en- acloser relationship.“She could sliders, they gathered in the PETR

H rebel in their teens and pull away gage,often went to their bed- processwhat wasgoing on and kitchen.

RA when they go to college, they rooms and basementsand played expressher feelings,” she says. “I feel likeIspent alot of time SA want to be close to their moms, video games,and were lesslikely another to Latin competition and Avamissed grandparents, aunts with Julia, moresothan Sarah, says SuEllen Hamkins,apsychia- to report feeling lonely,Dr. Mc- her daughter to art classes.“If and uncles who livenearby.“She because of all the thingsgoing on

JOURNAL; trist who counsels collegestu- Cracken says.“They hadabuilt-in youare home and not as dis- told me howshe felt in away she in Julia’slife,” says Ms.Petrovich. dentsand specializes in mother- social network that took them out tracted, youcan examine relation- never did before,” says Ms.Cook- “Sarah wanted to help me keep REET

ST daughter relationships. of the family center and made ships and patterns moreintention- Littman. Avasaw friends in video Julia’sspiritsup. We’reall closer.”

LL “In some ways, we’reseeing the them lessvisible.” ally and noticethingsyou didn’t chats, “but Ithink therewere Julia is grateful. “I have friends

WA return to the kind of closeness Thefalling away of work com- see before,” says Ms.Searle Gran- times when she needed her mom.” who didn’t knowwhat to do and

THE one might expect between two mutes and cancellations of kids’ nis,deputy executivevicepresi- When Avasaid she wanted to feel because their parentswere R

FO people who really loveeach other activities have increased connec- dent at the BrookingsInstitution. eat healthier foods and exercise not as supportive,” she says.“It and areinclose proximity,” says tion all around formany. “I spent Thepandemic canamplifycon- more, her mom gaveher cooking hit them alot harder.” WELL Dr.Hamkins,who works at the moretime with all three of them,” ditions that already existed, says tips in their Fairfield, Conn., home Ms.Petrovich feels sad that her BID University of Massachusetts-Am- says KerrySearle Grannis,ofAn- Julia Munson, aDenver-based psy- and suggested taking walks.“We daughter couldn’t go away to col-

JULIE herst. “It doesn’t mean everysin- nandale,Va., who has two sons chotherapist and lifecoach. If the did little thingstogether,” Ava lege. “Selfishly though, it gaveme : gle second is great. They allget and adaughter.Onatypical pre- mother-daughter relationship was says.“When she would ask who alittle moretime to spend with LEFT sick of it.” pandemic Saturday, she would be strong beforethe pandemic,it wantstocome to the farmers her,” she says.“Ihaveher herein- OM

FR Motherstend to monitor the driving one son to diving classes, tends to getstronger,she says.“If market with her,normally Iwould stead of on Facetime.”

MY RIDE |A.J.BAIME sylvania, who put these that is likely to gain value. Only aftermarket door actua- about 2,000 Countachs were ever This Classic tors on it.Ican stand made, from model years 1974 to acrossthe street,push 1990. For me, it represents the pin- abutton, and the scis- nacle of collector carsfor my gener- Lamborghini sor doorspop open. I ation of enthusiasts. Idon’t driveit have neverseenany to showoff.That’ssort of an unin- Should Geta other Lamborghini that tentional side effectofhaving a could do that. It’s so Countach. But everytime Idriveit, gangster. somebodycomes up and says,“I’ve TalentAgent Formanyyears, the neverseenone of these in person owner beforemerented before.” And in aplacelikeLos Ange- Matt Farah, 38, co-creator of the out this cartofashion les,the carculturehub of America, automotive-enthusiast podcast and shoots, television com- that’scool. Thatmakes me happy. YouTube channel The Smoking Tire mercials and music vid- and owner of Westside Collector eos. So anytime yousee Car Storage in Los Angeles, on his ared Countach from 1988 Lamborghini Countach 5000 about 2005 to when I QV, as told to A.J. Baime. boughtitin2018onTV or in an ad, there’sde- I am of the generation that grew cent odds it is this car. (2) up thinking that the Lamborghini It wasintwo shoots Countach is the supercar of super- with Cindy Crawford—a

JOURNAL cars. I had the poster on my wall. tant thing to me was that the car was built, Road & Track published a videowith her and James Corden [a The Countach created the whole was not going to be a static sculp- story on the world’s fastest cars, spoofofaPepsi ad Ms.Crawford REET

ST idea of supercars in the 1970s. ture. I drive this car all the time. and a Countach hit 179 mph. For made in 1992with adifferentLam-

LL I didn’t go seeking a Countach. It Getting in and out is a little awk- me, I jump on the highway, stick it borghini], and afashion shoot. (I

WA found me. I had driven this car for a ward, but the car is delightful to at 80 mph, and it is so smooth. have behind the scenes photosthat

THE video for my YouTube channel, and, drive. It is more than a straight-line Seeing out the back is tricky, but it clearly showthatitismycar.) It was R

FO in 2018, the owner called to ask if missile and a style statement. The does feel like a premium experience. shotwith Diddy forGQmagazine Matt Farah calls his 1988 I’d help him sell it. The car never builders cared about ride quality. It Ibelieve Iamthe fourth owner. and in avideofor the band Muse. Lamborghini Countach ‘the BERL

Y made it past me. I decided then I fires right up. Idles smoothly. The According to my research,the car I make no bones about the fact pinnacle of collector cars for my

EMIL wanted to buy it. The most impor- AC works. The year before this car wassold newtosomebody in Penn- that the car is an investment piece generation of enthusiasts.’ P2JW267000-0-A01300-2------XA

THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | A13 ARTS IN REVIEW

A scene from ‘A Wilderness of Errors,’ left; Colette, Kimberly and Jeffrey MacDonald, above

ness” is devoted to Stoeckley (she died in 1983) and whether she wascoercedintochanging her testimonybyprosecutorsin North Carolina; whether the judge in MacDonald’s1979 trial commit- tedmalpracticebybarring hear- sayevidenceabout Stoeckley’s multiple claims about the killings; and whether such treatmentsas “Fatal Vision” had precluded Mac- Donald from ever getting afair trial. “What happens when anar- rativetakes the placeofreality?” asks Mr.Morris,who appears throughout. “My gripe with Joe McGinnissisn’t that he lied to Jeffrey MacDonald. It’sthat he took something horribly complex and turned it intosomething in- credibly simple.” Mr.Morris has traced the arcof justicebefore, most notably with (2)

FX his film “The Thin Blue Line,” which resulted in Death Rowin- TELEVISION REVIEW |JOHN ANDERSON mateRandall Dale Adams being freed from aTexas prison. “Would Iliketodoitagain?” asmiling Mr.Morris says to “Wilderness” TheAbsenceofAbsolutes director MarcSmerling.“Sure I would.” But the author-director— whose meta-subject is the elusive- A nuanced docuseries revisits the tangled history of the Jeffrey MacDonald murder case nessofobjectivetruth, especially when the “evidence” is filtered through media (see his Abu he only concreteconclu- Based on the 2012 book by Oscar- Donald—“AWildernessofError” crazed hippies—three men and a Ghraib documentary“Standard sion reached by the en- winning documentarian Errol is half sordid true crime,half Pla- “girl in afloppy hat” (the title of Operating Procedure”)—seems grossing/frustrating “A Morris (“The FogofWar”), the se- tonic metaphysics and in its episode 1)—had invaded the home well aware that the MacDonald WildernessofError” is ries takesalessconfrontational dreamyvisual way re-creates the and committedthe homicides.In- case is the kind of intellectual Tthat even aguilty man approach than Mr.Morris did hazy historyofanappalling event vestigatorswould come to differ- rat’snest that invites inspection canbedeprived of afair when he challenged the investiga- with no reliable witnesses. ent conclusions. while delivering very little satis- trial. And that when acrime de- tions intothe 1970murdersof In the early morning hoursof Thewild card in the Mac- faction. “It’salmost as if nothing fies logic,the search forthe abso- MacDonald’swifeand two young Feb. 17,1970, militarypoliceat Donald case has always been Hel- really happened in historyunless lutetruth about it is,atbest, daughters, crimes forwhich the Fort Braggresponded to reports ena Stoeckley,aFayetteville,N.C., it has been recorded in amovie,” quixotic. former doctor and Green Beret of adisturbanceatthe MacDonald “townie” and drug abuser who Mr.Morris says.“Or in atelevi- Adeep diveintothe oft-revis- has been imprisoned since1982. home.There, they found the preg- claimed and denied—and claimed sion series,” he adds,with awink ited Jeffrey MacDonald murder But unlikethe 1983 JoeMcGinniss nant Colette MacDonald, age25, and denied—that she wasinthe toward Mr.Smerling,who has case,this five-part FX series will bestseller and subsequent NBC and daughtersKimberly,5,and MacDonald home during the kill- takensomething horribly complex have viewers rapt, partly because miniseries “Fatal Vision”—or Kristen, 2, dead of multiple stab ings, which followedbymere and rendered it appropriately they’rehoping forsomething Janet Malcolm’s“TheJournalist wounds.Then-Capt. MacDonald months the notorious Manson complex. solid, rather than the blood-spat- and the Murderer” (1990), which waslying next to his wife, superfi- murders(that event, it has often teredJell-O mold that the Mac- accused McGinnissofbetraying cially wounded and unconscious. been suggested, inspired Mac- A Wilderness of Error Donald storyhas always been. his onetime confidant Mac- He later would claim that drug- Donald’sstory). Much of “Wilder- Begins Friday, 8 p.m., FX

SIGHTINGS |TERRYTEACHOUT An ArtMuseum Sells ItsSoul

IF YOULONG TO OWN acanvas lation of Syracuse is morethan 50% by Jackson Pollock and have $18 nonwhiteorLatino.But to seek to million—assuming the bidding diversifythe Everson by selling off doesn’t go even higher—tospare, the jewelofits collection flies in Christie’sisputting one on the the faceofafundamental tenet of block in NewYork two weeks from museum governance: An art mu- now. One canonly imagine the seum is a public trust.Inreturn for number of super-rich collectors itsspecial taxstatus and similar who aresalivating at the chanceto privileges,itisexpected to treat its buy “Red Composition (Painting holdingswith that fact firmly in 1946),” which is not only acompact mind. (just under two feet wide), vividly Is deaccessioning ever permissi- colored epitome of Abstract Expres- ble? Yes, but only under very spe- sionism but awork of high histori- cific circumstances.According to calsignificance, Pollock’ssecond the Association of Art Museum Di- drip canvas ever. rectors, “The decision to deacces- Should youplan to bid on it, sion is made solely to improvethe though, you’dbetterbrace yourself quality,scope,and appropriateness

forcontroversy.The painting’sim- of the collection, and to support the MY

pending sale has already triggered mission and long-term goals of the ALA a10-alarm art-world scandal. museum.” Nowconsider the case of S; “Red Composition” is owned not “Red Composition.” Not only is it TIE’

by another wealthycollector but by the Everson’ssole destination CHRIS P:

the Everson Museum of Art in Syra- piece, awork sufficiently important TO

cuse,N.Y.Itisbyfar the most im- to merit paying avisit to an out-of- OM

portant painting in the Everson, a the-way art museum of no particu- FR small regional institution that spe- lar distinction, but it is the very cializes in American art. None of the other modern Jackson Pollock’s ‘Red Composition (Painting 1946),’ above, is the crown jewel of the collection of the pieces in itspermanent Everson Museum of Art, left; the work will soon be auctioned off by Christie’s collection is remotely as significant, or as beauti- ful. Given the pricetag, is undoubtedly whythe forfunding the acquisition of first- nativetoletting the painting disap- to sell “Red Composition” Everson quietly an- rate pieces by minority and women pear intoaprivatecollection: The at auction almost cer- nounced the sale on artistswithout ripping irreparable one American museum that defi- tainly means that it will Sept. 3, just beforeLa- holes in their existing collections. nitely has the financial resourcesto passintoprivatehands bor Dayand only a And those who care about the buy it is Arkansas’ CrystalBridges and never again be seen month beforethe auc- health of America’smuseums must Museum of American Art, founded by the public. tion. Thetrustees knew be morevigilant than ever about in 2011 by Walmart heiressAlice Likeother museums that oncethe word was exposing such actsofcarnage. The Walton. Not only is it already amu- that have lately “deacces- out, the result would be temptation to monetizebig-ticket seum of the very firstrank,but sioned” such pieces,most art-world outrage—and works of art is one to which mu- “Red Composition” would capits notably the Baltimore that’sjust what has seum administratorsare eternally existing collection of five Pollock Museum of Art and the happened. Christopher subject. Given the financial havoc prints(plus two major paintings, SanFranciscoMuseum of Knight, the art critic of that the coronavirus pandemic is both of them promised gifts). Un- Modern Art, the Everson the LosAngeles Times, wreaking on artsorganizations of likethe fecklesstrustees of the has apolitically attractive led the charge by pub- all kinds,wecan expect manymore Everson, Ms.Walton understands reason fordoing so.According to embodiment of the Everson’shis- lishing an explosivecolumn last such attempted fire sales in the fu- that her museum existstoservethe the museum’spress release,itplans toric mission: In 1911, it became the week calling the sale “inexcusable” ture, not afew of which will, like art-loving public.Now is her chance to use the proceeds to “establish a firstmuseum anywheretodedicate and “a tragedy….Akey public asset this one,bespeciously justified by to do that public agreat andprice- fund foracquiring works created by itself to the collection of American is beingprivatized.” the seductive-sounding goal of lessservice. artistsofcolor,women artists, and art. How, then, is it possible forthe How should museums likethe wider racial representation. other under-represented contempo- museum to justifyselling the only Everson seek to diversifytheir col- It is,alas,too latetostopthe Mr. Teachout, the Journal’s drama rary and mid-career artists.” This truly great painting in itsmodest lections? They need to work hand Everson from committing the self- critic, is the author of “Satchmo at is,needlesstosay,awholly admira- collection? in hand with boardmembersand devastating moveofselling “Red the Waldorf.” Write to him at ble goal, especially sincethe popu- Theansweristhat it can’t, which donorstocreatelong-term plans Composition.” But thereisanalter- [email protected]. P2JW267000-0-A01400-1------XA

A14 | We dnesday, September 23, 2020 THE WALL STREET JOURNAL. SPORTS Olympics’ Biggest Virus Challenge—Team USA

Americans are usually the largest Games squad and the biggest winners. The U.S. is also a leader in Covid-19 infections.

BY RACHEL BACHMAN AND LOUISE RADNOFSKY

he U.S. has wonmore medals than anyother nation in Olympic his- Ttory.Itusually has the largest contingent of athletes at the Summer Games. And it’sthe highest-value single market forOlympicbroadcast rights, the International Olympic Committee’sprimarysource of rev- enue. It’s also,bycoronavirus metrics, the least desirable guest at any party.The U.S. leads the world in confirmed cases of the virus and in confirmed deaths from the disease. Only 15 countries currently wel- come U.S. visitorswithout qualifi-

cation, according to the online tool CK Covid Controls. TO That creates athornyhospitality dilemma forTokyo, as the host of SHUTTERS

the rescheduled 2021 Summer A/ Olympics—one that Team USAis keenly aware of and already seek-

ing waystodefuse,U.S.Olympic BICHON/EP officials say. RO

Japan has been anxious enough ANCK about the virus to bar admission to FR S; citizens of 160 countries,including the U.S.,todate, the Tokyo2020 PRES organizing committeesaid. While ZUMA Olympic organizerswould have to JR./ getthat liftedfor the Games any- AKI

way,the 500 or moreathletes of AG

Team USA, plus their coaches,sup- KIT port staff,officials and leaders, are UL PA

coming from aparticularly fright- P: ening nation. At the same time, TO OM

there’sseemingly little way to hold FR an Olympics without hosting the Americans. Above, Team USA during the opening theGames,Finnoff said. “I think that from aworldview ceremony of the 2016 Rio Games. He also said Team USAcould standpoint, we arestruggling more Right, the Olympic Rings monument reducethe number of accompany- than the vast majority of countries, near the National Stadium in Tokyo. ing support staff,which could as- and thereforepeople aremorecon- suagefearsabout the sizeoftheir cerned,” said Dr.Jonathan Finnoff, measures it might take to mitigate delegation as well as the outsize chief medical officer forthe U.S. the spread of the coronavirus at risk that it might be considered to Olympic &Paralympic Committee, the TokyoGames,which were post- pose. in an interview. “And thereare poned last March 24,exactly four Some of these ideas could be travel restrictions forour athletes months beforethey were scheduled imposed by the hosts, he said. Or- that arenot imposed on other ath- to begin. They’renow set forJuly ganizersmight requirecertain letes.That is currently happening.” 23,2021. countries to quarantine,orall of As the European Union and Theidea of ascaled-back event, them. other countries relax entryrestric- with fewercompetitions or fewer “When yougothrough all the tions fornoncitizens to include participants, has been floated as different scenarios and howthey residentsofAustralia, Canada, both the local organizing commit- might do it and howwemight do China, Japan and South Korea, the teeand the Swiss-headquartered it, from our standpoint, we want U.S. is not on anyone’seager-to-ad- IOC continue to wrestle with how to keep our athletes as safeas mit list. Athletes canqualifyfor an to hold the Games if acoronavirus possible,” he said. Depending on exemption, but already,Team USA vaccine isn’t widely available. what the Tokyosituation is,“we memberstrying to gettoevents “I don’t knowwhat the Par- might need to createabubble overseas areencountering more cheesi boardlooks likeeither in within abubble,” in which Team regulations and longer wait times, TokyoorinLausanne at this June,organizerswill have to make Teams could take steps to secure USAathletes’ accommodation is acknowledged Desiree Filippone, point,” said Dick Pound, alongtime acall about whether the Games negativeCovid testsfor athletes separatefromother nations’ ath- the USOPC’svicepresident forgov- IOC member,inaninterview. “At cangoforward. beforethey boardaplane,and letes. ernment relations,inaninterview. what point is it aself-reducing Without knowing what the IOC again upon their arrival. Finnoff is also advising the re- Other countries that have em- scheme? Forexample,ifCountryX or Tokyo2020 organizerswill de- Teams could go even further turn-to-training and pre-Olympic braced lengthyand near-universal is inundated with the virus,then mand, Team USA’sFinnoff is offer- and charter their ownflightsin competition plans of athletes al- shutdowns and masks have also perhaps,public-health authorities ing to take additional measures in and out of Japan rather than trav- ready on or aiming to makethe looked askanceatthe patchwork will not allowteams from that order to ensurethat Americans are eling commercially,toavoid U.S. team. Earlier this month he natureofthe American response to countrytogotoTokyo….But at admissible—and safe. “Ifweneed greater exposuretothe virus,as published adetailed set of recom- Covid-19.Inaddition, athletes have some point youhavetosay,‘How to go aboveand beyond what they well as creating alayer of reassur- mendations that even suggested balked at coming to the U.S. for small canthese thingsget and still have in place, then we will do so,” ancefor the outside world. athletes,wherepossible,beas- competition, even as Trump ad- be Olympic Games?’ ” he said. Also on the table is having ath- signed specific bathroom stalls ministration officials have all but TheIOC’sapproach to the One option forteams,henoted, letes arrivecloser to the time of during training. rolled out ared carpet forthem. Games should come intosharper is quarantining athletes for14 their competition, or leaving right Such effortsmight send the TheInternational Olympic Com- focus by November,Pound said. days beforethey travel, to ensure afterit, rather than staying in the messagethat the USOPC, forits mitteehasn’t said which specific Somewherebetween March and that they arefreefromthe virus. Olympic Villagefor the duration of part, is taking the virus seriously.

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THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | A15 OPINION Patriots Vote in Person BOOKSHELF | By A. Roger Ekirch

Time is the fly. Judges will sec- this column’sEisen- Seas needed to ond-guessrejected bal- howertest: Thefirst exchange lots. They will second- job of anypresident is pieces of pa- guessunrejected ballots to lean against the per through and mayevendemand country’stoo-ready Of Unrest themail, as an accounting forunso- penchant for hysteria. BUSINESS Congressun- licited ballot forms sent Unfortunately,the WORLD derstood in out but never returned same is true of Presi- The Bloody Flag

the Credit by a voter. S dent Obama given his By Holman W. CardAct of In anormal election, recent fomenting of By Niklas Frykman Jenkins, Jr. NEW 2009.Itset a 0.01% of in-person bal- G the post-officecon- (California, 285 pages, $32.95) 21-day grace lotsare disqualified, spiracytheory. But one

period beforeinterest accrues and about 100 times as OOMBER thing Mr.Obama said he 1789 mutinyaboardthe Bounty in the course of its to your account. It set clear many—or 1%—of mail- /BL should be takento T scientific expedition in the South Pacific remains the rules for when your payment in ballots. In the Wis- heart: If youwant your most famous maritime uprising of itsera,and perhaps is complete: when received, consin Democratic pri- vote to count, makea of all time.But in “The Bloody Flag: Mutinyinthe Ageof SILBIGER

not when postmarked. Even so mary in April, 2.5% of H plan, do your home- Atlantic Revolution,” Niklas Frykman portrays an eraof RA

one voting-likerisk doesn’t ballotsweredisallowed, SA work,bother to under- lower-deck turbulenceoffar greater magnitude.Inthe midst exist: None of us is ever likely the equivalent of three Early voters in Fairfax, Va., Sept. 18. stand your state’s of the French RevolutionaryWars(1792-1802), mutinywas a to be victimized by astranger timesDonald Trump’s mail-in ballot rules. constant threat to the British, French and Dutch fleetsofthe paying off our credit-cardbill victorymargin in 2016.Inthe so sui generis that he sprang Iwould add my ownad- North Atlantic and the Caribbean. Mr.Frykman, an assistant in our name. last presidential race,134,000 on theworld as an uncaused vice: Think about the battle professor of historyatthe University of Pittsburgh, estimates Alas, the likelihood of mil- Wisconsinites votedbymail. cause. Indeed, a wonderment forthe U.S. Senateand the that by the early 1800s,fromone-thirdtoone-half of seamen lions of November ballots be- This fall, it’sexpected to be 1.8 is howfluidly Democratsbe- benefits of divided govern- in the North Atlantic had been involved in at leastone mutiny. coming disputed only begins million. came moreTrump-likethan ment in the coming period. In Most uprisings, according to this slender,informative with the possibility of alate When the oregano hits the Trump,inmendacity and con- aTrump win, aRepublican volume,embodied aradical maritime culturethat would not or missing postmark.Pressies fan, our only avenue is to fall spiracy theorizing. Senatewould sparethe coun- again arise on such aspectacular scale until the 20th-century amuse themselves by invent- back on the letter of the law. Here’sathought to give tryanimmediateDemocratic revoltsinKiel and Sevastopol. Morethan 150 single-ship ing behavior by Donald Trump When AmericaheardHillary anyone pause,nomatterwhat rush to impeach. If Mr.Biden mutinies erupted at the close of the 18th century, plus Clintonsay Joe Biden should youmakeofit: Would the wins,itwould sparehim be- multiple fleet-wide insurrections.(Acomprehensiveappendix “not concede under anycir- election even be competitiveif coming road kill in his own with information foreach revolt would have been auseful Yo ur Senate vote can cumstances,” manyofusmen- not forCovid-19? Aonce-a- administration. ADemocratic addition.) Most sensational were the Great Fleet mutinies off tally reserved an unspoken centurypandemic has been sweep might negateevery- southern England in the spring of 1797,first at Spithead, lower the stakes of a clause on Mrs. Clinton’sbe- practically afavor to Demo- thing that made Mr.Biden at- near Portsmouth, followedshortly afterwardbyamore presidential recount half: “unlessDonald Trump cratsfromthe universe to res- tractivetomillions of voters extreme uprising—the so-called “floating republic”—at the has clearly won.” We may cue acritique of Mr.Trump if left-wing activistsstam- Nore, an anchorageatthe mouth of the Thames. however long it takes. have given her toomuch that manyAmericans (who pede through an unsustain- Seamen’sgrievances credit. If Americans take to cansee his faultsfor what able and damaging policy abounded: On topofgrueling the streets amid weeks of le- they are) rejected as two- agenda that Americans would labor,disease,flogging,poor as the source of everyprob- galwrangling,none canbeen- thirds insane.I’vealways said simply undo in two years pay, inadequateshoreleave and lem, but any election, involv- tirely confident of an orderly, the most universal press bias anyway. cramped quarters, numerous ing anytwo candidates,would constitutional outcome.Ifthe is the propensity to inflate Even the ordeal of postelec- sailorswereforcibly impressed descend intolegal chaos if the outcome is areplayof2016, claims beyond their natural tion chaos would be lessened intonaval service. So dilapidated margin is significantly less with Mr.Trump winning an deserts. Using Mr.Trump’s if it were clear that total were some French ships that than thenumber of rejected Electoral College victory and nonconformity and bombast power for one party is not at they were called by their own ballots(never mind the thorn- losing the popular vote,do to turn him intothe Anti- hand no matterhow the presi- crewmen “drowners.” As if all ier question of ballotsthat youthink antifa will say, “OK, christ, to bleat about athreat dential count comes out: With this weren’t bad enough, Mr. should have been rejected). fair is fair”? to the republic,tocall him a your Senatevote, youcan Frykman emphasizes the Mail-in ballotsraise an ob- We arriveatthis cultural proto-dictator,takes the cake. lower the stakes of the presi- damaging shiftinpaternalistic vious chain-of-custody chal- moment not despitethe main- It’s the purest ninnyism. And dential outcome. relations between officersand lenge—how do we know who stream media, not despitethe don’t kid yourself: It’sasmuch One morething: Vote in seaman underway by the 1790s, truly voted?—against which Democratic worship of iden- aproduct of cynical incentive person. It’s not more danger- particularly in the British navy. states have erected various tity politics,not despitethe by desperatemedia outletsas ous than going to the grocery “Wherepreviously therehad been barriers involving signature- enlistment of many institu- it is the innocent groupthink storeand will help reducethe at the core of the shipboardsocial order aclose bond between matching and witnesses.Now tions in the anti-Trump “resis- of on-air simpletons. scope forNovember-December the officer corps and the most highly skilled men on the lower these arebeing rewrittenon tance.” Donald Trump is not Mr. Trump will always fail chaos. deck,” he observes,“afterseveral decades of reform to make the navy amoreefficient, centralized, and authoritarian institution, that close connection had eroded.” Meanwhile,the French Revolution loomed in the Republicans Play With Fire on the Court imagination of sailorsand admirals alike, whether as a celebration of liberty or anightmareofmob rule.In“Billy Thefight over canParty carespassionately if Mark Kelly defeatsSen. without help from at least Budd,” Herman Melville captured the emotions that underlay replacing Jus- about the judiciary. But these Martha McSally in Arizona, four Republican senators. the Great Fleet mutinies: “Reasonable discontent growing ticeRuth voters arehighly mobilized. statelaw probably wouldn’t But next year is another out of practical grievances in the fleet had been ignited into Bader Gins- BeforeGinsburg’sdeath, permit him to be sworn in as matter.IfDemocratsretake irrational combustion as by livecindersblown acrossthe burghas swing statevotersreported her replacement beforethe the Senate and Mr. Biden en- Channel from Franceinflames.” added fuel to moreconfidenceinJoe Biden end of November.Mr. McCon- ters the Oval Office, they can Mr.Frykman acknowledges that shipboardcasualties POLITICS araging polit- than in Mr.Trump to select nell would have nearly four abolish the filibuster on legis- during the unrest of the 1790s were typically slight, with & IDEAS ical fire.Pres- the next justice. weeks afterthe election to lation and expand the Su- manymutinies moreakin to strikes than to revolts. They ident Trump In four surveys—of adults, move the president’snominee preme Court. Mr. Biden is on lasted from aday or two to several months,such as when By William evidently be- registered voters and likely through the Senateascur- record opposing these steps. ships in French portsrefused to weigh anchor.Most, A. Galston lieves that voters—conducted afterGins- rently constituted. But if Messrs. Trump and moreover,werefailures,frequently followedbythe execution swiftly an- burgdied, majorities of re- McConnell push their nominee of hard-liners. That uprisingsoften occurred on ships at sea nouncing his choiceand push- spondentsnationally andin through the process, despite in time of warraised the stakes fornaval superiors. The ing foravotewill improvehis swing states said that the Most voters want the having lost the presidencyand Spithead mutinyended peaceably as the Admiralty made re-election prospects; the winner of thepresidential control of the Senate, irate concessions on pay. TheNoremutineers, however, took on a opening is deflecting public election should nominate her next president to fill Democratscould forcethe moreradical cast, and the most militant sailorsthreatened attention from the Covid-19 successor.The president’s the seat and may new president’s hand. to seek haveninFrench ports. Out of several thousand pandemic.SenateMajority commitment to makehis Thereisaslim chanceof mutineers, morethan 25 were hanged, including Richard Leader Mitch McConnell, who choicepublic by the end of punish GOP senators. stopping the spiral of parti- Parker, the elected “president.” Otherwise,classwar rarely regardsatransformed federal the week maynot playwell sanship—a grand bargain first “replacedthe warbetween nations,” with “only few instances judiciary as his principal leg- with voters outside his base, proposed by the American En- of crewsrefusing to enter combat” against enemyfleets. acy, is equally committedto especially if he pushes fora In addition, the nomination terprise Institute’sAdam replacing Justice Ginsburg. vote before the election. And will movethrough the Senate White. Republicans would At this moment of intense it mayenergizeDemocratson JudiciaryCommittee, where agree to let the voters decide In thefraught late 18th century, mutinywas a partisan polarization, argu- the issue as never before. three Republican members— who determines the fateof constant threat to theBritish, French and Dutch ments on the merits have lit- It is not clear that raising includingChairman Lindsey the president’snominee.IfMr. tleimpact. Forthe actorsin the electoral salienceofthe Graham—areinsurprisingly Trump wins re-election, the fleets of theNorth Atlantic and theCaribbean. this drama, political calcula- Supreme Court will work to tight re-election contests. The Senatewould vote on her.If tion will guide behavior. The the president’sadvantage. most recent survey showed he loses,his nominee would question is whether long-term While 25% of Americans say Sen. Graham tied with his be set aside without avote. In Despitedemonstrations of “solidarity,” discordflared self-interest will have anyim- that Ginsburg’sdeath will challenger; the average of all return, Democratswould within mutinous crews, sometimes reflecting Irish-English pact on short-term decisions. makethem morelikely to vote polls takensincethe begin- promise not to expand the Su- animosity.Afew conspiracies,owing to leaks,died at birth. ForMr. Trump,the answer forMr. Trump,even ning of August gives him a preme Court beyond itscur- In an odd twist, French warships,following the outbreak of is clearly no.Barring acon- more—30%—saythat it will one-pointedge. Iowa’s Sen. rent nine members. the Revolution in 1789,occasionally refused to implement tested election result, his po- makethem morelikely to vote Joni Ernst is trailing her chal- As forthe filibuster,Mr. Bi- government decrees.Itwas no small ironythat Robespierre litical fatewill be determined for Mr. Biden. lenger by apoint, and North den has reportedly told confi- and his fellowJacobins,insisting upon completesubmission, in six weeks.BeforeGins- Mr. McConnell faces a dif- Carolina’s Sen. Thom Tillis is dantsthat he preferstobegin incurred the ireofevermoreradical crewsdetermined to burg’sdeath, public opinion ferent calculus.His ownre- down by four.Noone knows his presidencywith legislation preservepopular sovereignty at sea. Thebutcher’s bill for hadstabilized against him, election seems assured, but howcontentious hearings on issues—such as infrastruc- such defiancewas steep.Inearly January1794, four muti- and he wasn’t likely to win his cherished position as ma- would playinthese races, and ture—that should command neersfromthe French warship America, afterbeing seized playing the hand he held. Why jority leader hangsinthe bal- Mr. McConnell may be reluc- bipartisan support. If Republi- and convicted of a“counter-revolutionarycrime,” were not trytoshuffle the deck and ance. Forcing vulnerable mem- tant to roll the dice. cans areprepared to meet him executed aboardafloating guillotine beforethe entirefleet get a new deal? bersofhis caucus to cast their Fornow,Democratsare on in aspirit of compromise,the anchored at Brest. Theavailable evidence votesahead of the election the sidelines.Thereisnothing filibuster would remain. If One mutiny, aboardHMS Hermione in 1797,draws Mr. castsdoubt on this strategy. could end up costing him the they candotostoporeven not, he maylose the powerto Frykman’sspecial attention. Occurring off western Puerto Yes, the base of the Republi- majority.Why not wait? Even slowthe confirmation process restrain his party. Ricoonthe night of Sept. 21, it arose in large part, the author contends,because of the collapse of the Great Fleet mutinies and smaller revolts. “The crew of the Hermione had had enough,” he writes.“They decidedtoanswerviolencewith Stand on Precedent. That’s a Good Boy! violence, and judicial terror with treason.” In acrescendo of maritime radicalism, the ill-fated ship suffered the most By Randy Maniloff ingargumentseverperformed kissthe hand that has no food course to make his point. violent revolt in the chronicles of the RoyalNavy. In addition in acourtroom. Thespeech is to offer.” TheMissouri appeals court to the captain, the inexperienced and sadistic Hugh Pigot, mong the portraitsof notable forwhat it is lacking: Thejuryawarded Burden in State v. Stacy (1962) con- nine officersweremurdered with cutlasses,axesand toma- A former justices that anymention of Old Drum or $50 forthe lossofhis hunting cluded that aprosecutor im- hawks beforebeing launched overboard. One marine lieu- hang in the Missouri Su- the violent act that led to his companion, the maximum al- permissibly appealed to emo- tenant, “out of his mind in aFever,” wascarried from his cot preme Court building in Jef- death. Instead, Vest delivered lowedbylaw.Missouri’shigh- tion when invoking Vest’s in asheet and cast over the side.Although the author ferson City stands the bust of a eulogy to all dogs. est court affirmed. argument in a trial for killing inexplicably discerns in this orgy of bloodletting asemblance ahound dog named Old Drum. He told jurorsthat “the RonaldReagan portrayed adog.The court reversed a of due process, only the fateofthe master,with valuable Thesculptureisn’t meant as a one absolutely unselfish George Vest in a1964 episode conviction. navigational skills,was put to the crew and his lifespared. homagetoacanine.Rather,it friend that aman canhavein of “Death Valley Days” and Vest, who would go on to With amajority of the crew,upwardofahundred or more, is a tribute to a lawyer. this selfish world, the one delivered his famous summa- represent Missourians for 24 eluding capture, the Hermione revolt stands as one of the Old Drum wasshot to tion. You’ll find it. Have atis- yearsasaU.S.Senator,con- most consequential and successfulmutinies in navalhistory. death 150 years ago in John- sue ready.Vest’soration, re- cluded his speech by remind- An indeterminatenumber fled to the United States, of whom son County,Mo. His owner, In 1870 a Missouri ferred to as “Tributetoa ingthe jurorsthat adog re- one,Thomas Nash, wasextradited to the British with the Charles Burden,filed alawsuit lawyer delivered ‘A Dog,” is reveredbyjudges and mains loyaltothe end. Even unthinking approval of President John Adams. Such wasthe against Leonidas Hornsby,his lawyers. afterhis master’s funeral, and outrageamong Americans,already incensed by the impress- neighbor and brother-in-law, Tribute to a Dog.’ In Repin v. State (2017), a all others have left the ceme- ment of the country’sseamen, that this fresh act of British whom he suspected of orches- Washingtonappeals court tery, Vest said, “There by his “tyranny” helped Thomas Jefferson win the tumultuous trating the killing.Hornsby concluded that under existing graveside will the noble dog election of 1800.Nash’ssubsequent execution also led directly had lost numerous sheep to that never desertshim and lawadog owner could not re- be found, his head between to America’sadoption of political asylum forEuropean dog attacks and promised to the one that never proves un- coveremotional-distressdam- his paws,his eyes sad but fugitives.Inaddition to ahandful of liberal reforms imple- kill the firststray that ap- grateful or treacherous is his ages from a veterinarian who open in alert watchfulness.” mented by the RoyalNavy, the prospect of finding refuge in peared on his property. dog.Aman’sdog stands by allegedly clumsily carried out the United States—mutineersincluded—was arguably the most George Graham Vest,a39- him in prosperity and in pov- aeuthanasia procedurethat Mr. Maniloff is an attorney noteworthylegacyofthis chaotic ageofnaval turbulence. year-old lawyer,represented erty,inhealth and in sickness. prolonged the dog’ssuffering. at White &Williams LLP in Burden. He will sleep on the cold Thejudgeadvocated fora Philadelphia andanadjunct Mr. Ekirch is aprofessor at Virginia Tech and the author, most On Sept. 23, 1870, Vest de- ground ...ifonly he maybe changeinthe lawand quoted professor at Temple Univer- recently, of “American Sanctuary: Mutiny, Martyrdom, and livered one of the most endur- near his master’s side.Hewill extensively from Vest’sdis- sity’s Beasley School of Law. National Identity in the Age of Revolution.” P2JW267000-0-A01600-1------XA

A16 | We dnesday, September 23, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Biden and the Court Getting the Census Right: A Bipartisan Issue

he voters of this country should be asked MondaybyaWisconsin news station Your editorial “TheNextCensus faith with Republicans,wehave heard,” JoeBiden said this weekend whether he wasopen to it. His answer: “It’sale- Brawl” (Sept. 14)implies that Demo- worked acrossthe aisle to extend ‘T as he exhorted SenateRepublicans to gitimatequestion, but let me tell youwhy I’m not cratsare the only ones concerned the Census deadline.Just last week, with ashortened Census count, but Rep.Ruben Gallego(D.,Ariz.) and block avoteonPresident going to answerthat question. He refuses to say if he’d the Census Bureau itself has indi- Rep.Don Young (R., Ark.) intro- Trump’sSupreme Court nomi- Because it will shiftthe whole catedthereisthe potential for“seri- duced stand-alone legislation to re- nee.That might be clever mes- go along with his party’s focus,that’swhat [Trump] ous errors” in the dataifitisforced storethe datacollection deadline to saging—who doesn’t want wants.” This is acalculated po- to deliver itsfindingsbyDec.31. Oct. 31. voters to be heard? But there’s court-packing scheme. litical dodge, and moderator TheHouse Oversight Committee, An accurateCensus count doesn’t one problem: UnlikeMr. Chris Wallaceshouldn’t let Mr. of which Iamamember,recently end with anumber.Itgenerates Trump and SenateRepubli- Biden getaway with it in next released an internal presentation datathat informs countlesscritical cans, Mr. Biden has given so few details about week’sfirst presidential debate. Would he veto from President Trump’shandpicked decisions likewheretoput hospi- his Supreme Court vision that voters are left court-packing legislation? SecretaryofCommerce,Wilbur tals,schools and fire stations.Iten- guessing at what a vote for him means for the Mr. Biden wants to run on Donald Trump’s Ross, which exposes the risks of the sures federal funding is available judiciary. character and the coronavirus,full stop.Healso “[h]ighly compressed schedule” and forprograms likeCHIP,which pro- warns that dataproducts“will be vides health insurancefor millions Start with appointments. Mr. Biden has re- wantstoduck his party’s court-packing threats negatively impacted under this re- of children. TheCensus underpins sisted naming individuals he’dconsider forthe because they aren’t popular.Datafor Progress, vised plan.” It cautions that “elimi- all Americans’ equal representation Supreme Court, saying it would subject them aprogressivepolling group,found only 40% of nated activities” will “reduceaccu- in Congress. This isn’t amatterof to undue criticism. Fair enough—Mr. Trump’s voters favor packing the Court if Republicans racy,” that the schedule “creates risk partisan politics or political practice of making his short-list public is not confirm Mr. Trump’s nominee. forserious errorsnot being discov- “brawls.” House Democratswill required of other candidates. But the absence But Mr.Biden has given little reason to think ered in the data” and that such er- continue to pursue our fact-based of specifics raises afair suspicion that he he’dresist his leftflank in office. From his eco- rors “maynot be fixed—due to lack concerns about an inaccuratecount doesn’t want voters to knowthat his nominees nomic plan issued with the Bernie Sandersteam of time to research and understand and the harmful consequences that would be well left of center. to his increasingly extreme climate-change the root cause.” will ensue. Mr. Biden’s chief stated requirement for a rhetoric, and new openness to eliminating the Despiteyour assertion that Demo- REP. STEPHEN F. LYNCH (D., MASS.) Supreme Court appointee is based on race and Senate’slegislativefilibuster,Mr. Biden has cratshaven’t negotiated in good Boston gender,not judicial philosophyorqualifica- shown little willingness—or ability—to shape tions. His website says he would appoint the the Democratic Party in his image. If the Jus- firstAfrican-American woman to the Supreme ticesrule the way Democratsdon’t like, the Aluminum Tariff Hurt U.S. Manufacturing Court. That’shis prerogative, but it doesn’t help pressurewould be overwhelming forMr. Biden Your editorial “AnAluminum Tar- and Canadian governmentshas voters concerned about the impact of the Court to go along with court packing. iff Reprieve” (Sept. 17)makes good raised the priceofthe Midwest Pre- on their lives; race and gender are not a proxy iii noteofthe political motives of the mium, an opaque system which dic- for views of the law. So let’sreview the way both sides arehonor- U.S. Trade Representative’ssubstitu- tateshow much everyone pays for Given those requirements, legal observers ing the voters who Democratssay should decide tion of the highly unpopular alumi- aluminum. As aresult, brewers are have speculated that two women top his list: the next Court seat. In 2016 President Trump num tariffs on Canada with arbitrary paying the same pricefor recycled 44-year-old JusticeLeondraKrugerofthe Cali- ranonthe courts, becoming the firstcandidate quotas that will not impact Ameri- aluminum that is already in the U.S. cans until afterElection Day. How- and imported aluminum, and their fornia Supreme Court and 50-year-old federal to release a list of potential Justices. In 2018 ever,while the USTR’sannouncement totalaluminum costshaverisen by district court JudgeKetanji BrownJackson, voters increased the GOP’s Senate majority in mayhavekicked the political canfur- millions of dollars—regardlessifthey whom President Obamareportedly vetted for part because they disliked the Democratic ther down the road, the notion that arebuying American or foreign Justice Scalia’s vacancy. Both have significant smearing of BrettKavanaugh.Now Mr.Trump the “tariff reprievespares manufac- metal. records, but by avoiding names Mr. Biden can is putting forwardanew nominee,for which he turersand consumersfor now,” un- American brewers,and the 2.1 mil- please his base with race and gender symbolism can be accountable on Nov. 3. fortunately neglectsthe long-term ef- lion jobs supported by the beer in- and avoid a debate on the law. Mr.Biden, in the name of letting voters be fectsthe tariffs have already inflicted dustry, need afair and transparent Perhaps moreimportant to voters is whether “heard,” is demanding that Republicans sur- on U.S. manufacturers. Aluminum pricing system foraluminum that re- Mr. Biden would undermine the Court’s inde- render and not confirm anew Justice. But he from Canada is critically important actstomarket principles—not politi- pendence. The Supreme Court remains one of has given voters no idea of who he would ap- to U.S. manufacturing and defense calposturing.The Beer Institutesup- themoretrusted American institutions,but point to the Court, beyond an identity politics capabilities,asthe U.S. doesn’t have portsthe permanent repeal of the domestic production capacity to aluminum tariffs and quotas and ap- DemocratsinCongressare threatening to pack pledge. And he won’t tell voters if he’dresist fulfill demand, especially during a preciates the bipartisan collaboration it with liberal Justices if the Senate confirms his party’s court-packing scheme that could global pandemic that has strained by membersofCongresstoinvesti- Mr.Trump’snominee.“Nothing is off the table,” blowupits legitimacy. supply chains. gate the aluminum market. Democratic leader Chuck Schumer said this Theintegrity of the Supreme Court and judi- Aluminum is the single largest in- JIM MCGREEVY weekend. cial independenceare on the ballot, and Mr.Bi- put cost forAmerican brewers,who President and CEO Legislation expanding the Supreme Court den has aduty to clarifyhis position if he really use morethan 36 billion cans ayear. Beer Institute would need Mr.Biden’ssignature, and he was wants to give voters a chance to be heard. Each tariff volley between the U.S. Washington

The Xinjiang Model Comes to Tibet Rittenhouse, Facebook and President Trump he Communist Party’s oppression of Ui- the ‘strict military-style management’ of the Regarding your editorial “Face- putting forth legislation that would ghur Muslims in Xinjiang has tarnished vocational training processcauses the ‘masses book’sRittenhouse Mistake” (Sept. hold platforms likeFacebook liable T China’simageand complicated itsrela- to comply with discipline,’ ‘continuously 5): By tweeting his thoughtsonguilt forthe content that userspost on its tionship with countlesscoun- strengthens their patriotic versus innocenceinthe Kyle Ritten- sites.Assuming President Trump’s tries.Yet a report from the Beijing denies ill- awareness,’and reforms their house case,the president of our un- assertions that Facebook is full of JamestownFoundation pub- treatment but bars ‘backward thinking.’” United Stateshas done moretotam- fakenewsand slam pieces,why lished Tuesdaysays Beijing is Thereport suggeststhat per with potential jurypools than shouldn’t Facebook be actively work- extending this repression by unmonitored visitors. the Tibetan labor-transfer Facebook ever could by censoring ing on itscensorship algorithms and bringing some of the same co- scheme is “potentially less content about the case. policies? ercivetactics to Tibet. coercive” than in Xinjiang. Facebook is aprivateenterprise Please don’t read this as adefense and has no obligation to protect the of Facebook.Facebook’sengagement Beijing reportedly has begun sending rural Yet“in asystemwherethe transition between FirstAmendment rightsofits users. algorithms encouragethe sharing of Tibetan workersinto“military-style” voca- securitization and poverty alleviation is Conservatives cheered when religious divisive, inflammatory, clickbait-type tional-training centers, wherethey receiveide- seamless, thereisnotelling wherecoercion bakerswanted to discriminate content. Facebook is right to censor ological instruction and become factorylabor- stopsand wheregenuinely voluntarylocal against gaypeople,insisting that pri- information about the Rittenhouse ers. Tibet has had similar programs beforebut agencybegins.” Reutersreportsthat it has in- vate businesses have aright to case,lest it wantstofurther itsposi- never on this scale.Morethan 500,000 Tibet- dependently corroborated the Zenz docu- choose whom they serveand don’t tion as the go-toplatform fororga- ans,about 15% of the regional population, re- mentsand evidence. serve. Whyshouldn’t the same stan- nized political violence. ceived training in the firstseven months of “What these people with ulterior motives dardapply to Facebook? CHRIS BECKER 2020.Tens of thousands have been transferred arecalling ‘forced labor’simply does not exist,” President Trump has proposed Lakewood, Colo. to work in different partsofthe region or else- the Chinese foreign ministrysaid in astate- whereinChina. ment to Reuters.“We hope the international “This draconian scheme shows adisturbing community will distinguish right from wrong, RemoteClassesNeedGood Internet Service number of close similarities to the system of respect facts, and not be fooled by lies.” The lack of broadband internet ac- access is paramount because when coercivevocational training and labor transfer But if that’strue, howabout letting interna- cess in West Virginia is a microcosm people areconnected to the internet, established in Xinjiang,” according to Adrian tional journalistsand othersroam around Xin- of a global issue (“Online Classes Are they areconnected to opportunity. Zenz, an early whistle-bloweronXinjiang.His jiang,Tibet and the work camps to see for Offline for Many,” U.S. News, Sept. At the Internet Society,wework report relies on Chinese government docu- themselves? Beijing bans foreign reporters 14). Almost half of the world’s popu- with local communities in remote, mentsand statemedia publications. from Tibet. Other foreignerscan enter only on lation lacks access to the internet, underserved and indigenous areas “Overcoming Tibetans’ resistancetolabor atour sanctioned by the government. Until but many people are unaware of the around the world to extend internet transfer is an integral part of the entiremecha- Beijing opens up,the world is justified in con- extent of the digital divide. access using low-cost wirelesstech- nism,” the report says.“Documentsstate that cluding it has something to hide. TheCovid-19 pandemic has under- nologies and equipment. These “com- scored that the internet is an indis- munity networks” arebuilt by and pensable tool forkeeping us con- forlocals and have connected com- nected, informed, working, munities in such varied places as the Will a ‘Blue Shift’ Swing Wisconsin? innovating and learning.Improving heart of Baltimoreand indigenous communities in Canada and Hawaii erewegoagain: Absentee votesinWis- five days beforethe election. JudgeConley wor- by working with on-the-ground ex- consin are due by Election Day, state ries that “tens of thousands of seemingly pru- Stock Valuation Tool Loses perts, advocates,engineersand ser- H lawsays.But on Monday afederal judge dent, if unwary,would-be voters” will heed that Accuracy at Very Low Rates viceproviders. ordered the counting of bal- unrealistic deadline,and Community Networks can serve as lotsthat arrivebyNov.9,pro- A judge orders ballots “Wisconsin’selection system “Bond Yields Encourage Risk Tak- a viable solution for expanding inter- vided their postmarks sayNov. counted until Nov. 9, setsthem up forfailure.” ing” (Business & Finance, Sept. 15) net access in the U.S. and around the 3. Aftersimilar rulingsin That’sanargument forthe says that one reason for the stock world. Innovative approaches and rally is that “in formulas used to esti- working with communities to identify Pennsylvania and Michigan, nixing timely results. Legislatureand Governor to mate what stock prices should be, and solve their own access needs are none of thebig three swing movethe request deadline lower yields help pull down the so- needed if we want to ensure that the states from 2016 seems likely forward, not forajudgetore- called discount rate . . . [which] internet is available to everyone. to have solid resultsonelection night. It’snoac- writethe lawonhis own. makes future corporate earnings KATIE WATSON JORDAN cident that the lawsuitsinall three states have Thejudgedismisses the objection that his or- more valuable.” Internet Society been backed by Democrats. der will delaythe results. “Wisconsin will not be One problem with this formula is Reston, Va. TheWisconsin order involves four consoli- an anomaly” because some 14 states count late that at extremely low rates it pro- dated cases,one brought by the Democratic ballotsalready,hesays.Maybe so,but Ameri- duces absurd results. As the capital- National Committeeand opposed by the Re- cans won’t be on the edgeoftheir seatswaiting ization/discount rate approaches Pepper ... publican National Committee. District Judge to find out whether Donald Trump has carried zero, the present value approaches And Salt William Conley,anappointee of President California. infinity. At a capitalization rate of zero, the present value of a penny a THE WALL STREET JOURNAL Obama, previouslybumped the ballot dead- Also, pollssay Mr.Trump’sfans aremore year is infinite. Even with the risk line during Wisconsin’sApril 7primary. He likely to vote in person than Mr.Biden’s backers. premium, capitalization/discount nowsays that injunction “appearstohavere- If that’sright, consider what it means: Themap rates are low. If the formula breaks sulted in approximately 80,000 ballotsbeing on election night could showWisconsin in Mr. down completely at extremely low counted that would have otherwise been re- Trump’scolumn. Given howmanymail ballots rates, it may become unreliable at jected as untimely.” aredestined to arrivelate, with JudgeConley’s low rates. JudgeConley is back forasecond round, but blessing,Wisconsin could undergo a“blue shift,” EM. PROF. WILLIAM K.S. WANG surely the exigencyisdifferent. In the spring the giving Mr.Biden the win by Nov.9. University of California Hastings coronavirus wasablack swan. Wisconsin issued This increases the chances of post-election College of Law a“safer at home” order on March 24,two weeks litigation, or worse, especially if some of those San Francisco beforethe vote.Election officials were deluged lateballotswould have been rejected otherwise. Lettersintended forpublication with requestsfor mail ballots. Todayeveryone In 2016 Mr.Trump wonWisconsin by 22,748. should be emailed to [email protected]. knows what to expect, and the stateisgetting JudgeConley stayed his order foraweek,recog- Please include your city, stateand seven moremonths to prepare. nizing “the likelihood of appellatereview.” Six telephone number.All letters aresub- It’s aproblem that Wisconsinites canstill re- weeks beforeElection Day, judges arerewriting ject to editing,and unpublished letters “How do you feel about backstab- cannot be acknowledged. quest an absentee ballot at 5p.m. on Oct. 29, stateelection laws on the fly. Buckle up. bing? It’s all the rage around here.” P2JW267000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | A17 OPINION China Backslides on Economic Reform

By Kevin Rudd addressthe country’soverreliance dollarsinChina in recent decades.A And Daniel Rosen on debt, the China Dashboardhas July 2020 UBS EvidenceLab survey observed delayedattemptsand even of morethan 1,000 chief financial hina is the only major backtracking on reforms.The officersacrosssectorsinthe U.S., world economyreporting Covid-19 outbreak offered an oppor- China and North Asia found that anyeconomic growth to- tunity forBeijing to shiftcourse and 75%ofrespondentsare considering C day. It went firstinto deliver on market reforms.Signals moving some production out of Covid-19 and wasfirst out, from leadersthis spring hinted at Chinaorhavealready done so. grinding out 3.2% growth in the fixing defunct market mechanisms. Nearly half the American executives most recent quarter while the U.S. But notably,the long list of reforms with plans to leave said they would shrank 9.5% and other advanced promised in Maywas almost the relocatemorethan 60% of their economies endured double-digit de- same as previous lists—such as sep- firms’ China-based production. Ear- clines.High-tech monitoring,com- arating capital management from lier this year Beijing floated eco- prehensive testing and aggressive businessmanagement at statefirms nomic reforms intended to forestall top-down containment measures en- and opening up to foreign invest- an exodus of foreign companies,but abled China to getthe virus under ment while increasing the “quality” TO nothing has come of it.

control while othersstruggled. The of outbound investment—which CKPHO Foryears, the world has watched

Middle Kingdommay even delivera were adopted by the ThirdPlenum TO and waited forChina to become modest year-over-year economic ex- in 2013.Inother words, promised /IS morelikeafree-market economy, pansion in 2020. recent reforms didn’t happen, and GES thereby reducing American security nothing in the newpronouncements IMA concerns.Atatime of profound

explains whyorhow this time will GETTY stressworld-wide,the multiple Under Xi Jinping,Beijing be different. gauges of reform we have been mon- An honest look at the forces be- boost home consumption by making stability of asystemthat is already itoring through the China Dashboard hasn’t liberalized. It’s hind China’sgrowththis year shows it apolitical priority.With house- overleveraged, pointing to more point in the oppositedirection. doubled down on politically adoubling down on state-managed hold demand still shrinking,expect bank defaults and restructurings China’seconomic norms arediverg- solutions,not real reform. State- moresubsidies to producersand ahead. ing from, rather than converging directedstate capitalism. owned entities,orSOEs,drove other government interventions, China also faces mounting costs with, the West’s. Long-promised China’sinvestment-led recovery.In rather than measures that empower abroad. By pumping up production changes detailed at the beginning of the firsthalf of 2020,according to buyers.Dictating to marketsand de- over the past six months,asdomes- the Xi erahaven’t materialized. This rebound is real, but behind China’sNational Bureau of Statistics, creeing that consumption will rise tic demand stagnated, Beijing has Though Beijing talks about “mar- the short-term numbersthe eco- fixed-asset investment grew by 2.1% aren’t the hallmarks of an advanced balloonedits trade surplus,fueling ketallocation” efficiency, it isn’t nomic restart is dubious.China’s among SOEs and decreased by 7. 3% economy. an international backlash against guided by what mainstream econo- growth spurt isn’t the beginning of in the privatesector.Finished prod- Thepandemic has forced every state-driven capitalism that goes far mistswould call market principles. arobust recovery but an uneven uct inventoryfor domestic private countrytoput short-term stability beyond Washington. TheU.S.has TheChinese economyisinstead a bouncefueled by infrastructurecon- firms rose sharply in the same pe- abovefutureconcerns,but no other pulled theplug on some channels system of statecapitalism in which struction. Second-quarter data riod—a sign of sales difficulty— countryhas looming burdens like forimmigration, financial flowsand the arbiter is an uncontestable polit- showedthe same imbalanceother whileSOE inventorydecreased China’s. In June the State Council technologyengagement. Without ical authority.That mayormay not nationsare wrestling with: Invest- slightly,showing the uneven nature orderedbanks to “giveup”1.5tril- naming China, aEuropean Commis- work forChina, but it isn’t what lib- ment contributed 5percentage of China’sgrowth. lion yuan (around $220 billion) in sion policypaper in June took aim eral democracies thought they pointstogrowth, while consumption Perhaps the most significant profit,the only lever of control au- at “subsidies granted by non-EU would getwhen they invited China fell, subtracting 2.3points. demonstration of mistrust in mar- thorities have to reducedebt costs governmentstocompanies in the to take aleading role in the world Since2017, the China Dashboard, kets is the “internal circulation” and support growth. In August EU.” Governmentsand industry economy. ajoint project of Rhodium Group program firstfloated by President China’seconomic planning agency groups in Germany, the Netherlands, and the Asia Society PolicyInstitute, Xi JinpinginMay.Onthe surface, ordered six banks to set aside a Franceand Italy arealso pushing Mr. Rudd, president of the Asia has tracked economic policyin this newinitiativeissupposed to quotatofund infrastructurecon- China to change. Society Policy Institute, served as China closely forsigns of progress. expand domestic demand to com- struction with long-term loans at Misgivingsabout Beijing’sdirec- Australia’sprime minister, 2007-10 Despiterepeated commitmentsfrom plement, but not replace, external below-market rates. These tempo- tion areevident even among foreign and2013. Mr. Rosen is afounding Chinese authorities to open up and demand.But Beijing is trying to rary solutions threaten the financial firms that have invested trillions of partnerofRhodium Group. Hispanic Voters May Provide the Margin in November

President Trump has 2016.Mr. Biden is expected to win shine State, but so do an increasing Bush wonthe statebymorethan 10 forthe working-classwagegains and said he will nomi- the Hispanic vote statewide,and na- number of people from Venezuela, pointsin2004. Mr.Trump carried it record lowunemployment and pov- nateareplacement tionwide, but his campaign is wor- Nicaragua and Colombia. These are by just 3.5pointsin2016,and Mr. erty rateswesaw beforethe pan- forJusticeRuth ried because it knows howmuch the the groups in 2018 who helped put Biden has been leading therein demic,hemight keep all this in Bader Ginsburg later margin matters. RepublicanRon DeSantis in the gov- nearly everysurvey takensinceJan- mind. Even Democratic strategists this week,and it’s In the midterm elections two ernor’s mansion and Republican Rick uary. acknowledgethat the Trump cam- UPWARD no surprise that yearsago, much of the countryexpe- Scottinthe U.S. Senate. Thedi- Much of the media discussion paign’sHispanic outreach in Florida MOBILITY JudgeBarbara rienced ablue wave,but Florida lemma forMr. Trump,and forthe about Latino voters is centered on has been outstanding.The idea of Lagoais high on his stayed relatively dry. Republicans GOP generally in national elections, immigration, which makes it easy to expanding it to other partsofthe By Jason L. short list. therewon the governorship and is that the Hispanic voters most forget that they care about other countryterrifies liberals,who under- Riley Judge Lagoa was flipped aU.S.Senateseat. Both races open to the Republican messageare things. Most Hispanics aren’t even stand that the difference between a nominated in 2019 were decided by lessthan half aper- concentrated in one state. immigrants; two-thirds of them were 65-35 Democraticadvantage among to serveonthe 11th Circuit Court of centagepoint and largely on the born here. Theeconomy, health care Latinos and 55-45 advantage would Appeals and confirmed by the Sen- strength of the GOP’sability to pick and education tend to rank highest be a game-changer. ate with bipartisan support. More- off Hispanic votes. Four yearsago, Will Trump’s improving on their list of priorities,just as they Washingtonpunditsspend alot of over, she’s Cuban-American, a Flor- Mrs. Clinton’s30-point victoryin do for other voters. In recent years time these days trying to figure out ida nativeand the firstHispanic Miami-Dade County, which put her poll numbers be enough Hispanics have overtaken blacks to howbadly Mr.Trump canlose the woman to sit on the Florida Su- nearly 300,000 votesahead, wasnot to neutralize Biden’s become the largest group of minor- popular vote again and still prevail preme Court.Ifthe president doesn’t enough to offset what Mr.Trump ity undergraduates at four-year col- in the Electoral College. But the dis- win Florida, he almost certainly pulled offinthe northern partsof natural advantage? leges, which suggests that many of tribution of those votes will matter doesn’t win asecond term. And the stateand among non-Hispanic them care far moreabout student- morethan the number.Mr. Trump without Cuban-American support, he whitevoters. Thegood news forMr. loan debt than they do about walling received just 46.1% of the popular doesn’t win Florida. Biden is that he’spolling betterthan It wasn’t ever thus. In 2000 and off the southern border or amnesty vote in 2016 and still won the Elec- TheTrump campaign gotsome Mrs. Clinton in central Florida and 2004, George W. Bush wonArizona, for Dreamers. toralCollege. Four yearsearlier,Mitt good news earlier this month when the panhandle,aswell as among Nevada and Colorado,all states with Immigration remains a symbolic Romneywon 47.2% of the popular apoll showedJoe Biden significantly older voters and suburbanites. The large and growing populations of issue for many Hispanics, so how a vote—a full percentagepoint more— underperforming in Florida’smost bad news forMr. Trump is that Flor- Mexican-Americans.In2004 Mr. candidatetalks about it matters.And and lost the Electoral Collegeina populous county,Miami-Dade,com- ida’sHispanic electoratelooks al- Bush wonmorethan 40% of the His- overly harsh rhetoric can also be a landslide.The margins in Florida pared with HillaryClinton four years most nothinglikethe rest of the panic vote nationwide,according to turnoff forother swing voting blocs, andother battleground states are ago. According to the poll, Mr.Biden country’s. exit polls.By2008 Colorado and Ne- likesuburban women, if it’sper- what counts, and Hispanic voters has a17-point lead, while Mrs. Clin- Not only do a sizable number of vada had turned blue,and Arizona is ceived as xenophobic. If Mr. Trump have the potential to makeabig dif- ton won the county by 30 points in Cuban-Americans liveinthe Sun- headed in the same direction. Mr. wantsHispanics to givehim credit ference on the margins. A Little Debate on Plasma Is Healthy for Science

By Arturo Casadevall topic of such great importancein firmer datafromrandomized trials. erything known about plasma, ples of medicalpracticeinformed And Nigel Paneth the middle of an epidemic? Under- We areboth co-authorsofthe Mayo treatment early in the course of dis- largely without randomized trials. standing the disputerequires alit- Clinic study. ease wascritical. Second, in pa- Forthose who believethat cer- ynow manyhaveheardabout tle historyand also thinking about Manyhundreds of hospitals en- tientstreated early,mortality rates tainty cancome only from large B the debateoverconvalescent howexpertsevaluateevidence. rolled their patientsinthe ex- were lowest when plasma contained randomized clinical trials that pro- plasma as an effectivetreat- In lateMarch 2020,the FDAal- panded program, and morethan ducestatistically significant results, ment forCovid-19.OnAug.23, the lowedphysicians to apply to give 1,000 physicians acrossthe country the evidencefor plasma is not suffi- FDAissued an EmergencyUse Au- patients convalescent plasma on a administered convalescent plasma The FDA says it’s likely cient to support the FDAaction. thorization stating that convales- case-by-case basis forcompassion- to tens of thousands of patients. Scientistsinclined to weigh all the cent plasma—extracted from the ateuse.The basis forthis decision Government and academic scien- effective, while NIH urges evidence, aware that biases can blood of recoveredpatients—“may wasthat such plasma has been ef- tistsfromthe Mayo Clinic and else- caution. The answer: Get creepinanywhere, have concluded be effective” in hospitalized pa- fectiveinother viral diseases,in- wheremined this hugeset of data that convalescent plasma is likely to tients and canbeused in the cur- cluding those caused by other coro- forinsightsabout plasma’sefficacy. more data from trials. be effectiveinsome clinical scenar- rent emergency. Theagency naviruses,and has shown This approach wasunprecedented, ios,and, likeus, support the FDA stopped short of fully authorizing encouraging resultsinsmall studies as the database wasset up primar- action,while encouraging random- or licensing convalescent plasma. on Covid-19.With no alternative ily to monitor safety.The criticism high levels of antibodies,highest in ized controlled trials.Wherescien- But on Sept. 1aNational Institutes therapies, physicians flooded the has been that plasma wasbeing patients who received lowantibody tistsstand in this controversy may of Health panel argued that the FDAwith requests. TheFDA in early used routinely without the benefit plasma, and intermediatewhen lev- reflect their individual approaches datawereinsufficient “torecom- April developed an Expanded Ac- of randomized trials and without els of antibody were in the middle. to the certainty of knowledge. This mend either fororagainst” use of cess Program, which allowedtreat- the usual government approval This “dose response” effect is is ahealthydebate. plasma. ment underthe auspices of aMayo process. powerful evidenceofefficacythat is Theplasma controversy has had Howcan two federal agencies Clinic research study of plasma Here’swhat wasgleaned from difficult to dismiss. These findings, the welcome effect of speeding up come to different conclusions on a safety,while the agencyawaited the data: First, consistent with ev- together with animal data, evidence and enlarging randomized trials, of efficacyfromseveral smallstud- which cansettle the argument with ies and good safety databased on betterdata. TheNIH has issued Notable & Quotable 20,000 treated patientsinthe Mayo large awardsfor newplasma trials. PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Clinic study,led the FDAtoissue its Together with trials under way for Rupert Murdoch Robert Thomson Sen. Mitt Romney (R., Utah) EmergencyUse Authorization. The both hospitalized and ambulatory Executive Chairman, News Corp Chief Executive Officer, News Corp speaking Sept. 22 on the Supreme NIH, aware of manytimes when ef- patientswith Covid-19,they promise Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Court vacancy: ficacy datafromsmall trials were to deliver unambiguous results. Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: later disproved by randomized tri- Formorethan acenturyconva- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Ipreferchoosing those folks who als, urgedcaution. Both agencies lescent plasma has been used in ep- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; are, if you will, strict construction- were doing their job. idemic conditions that precluded News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; ists,meaning that they look at the TheFDA-NIH disagreement is a carefully designed trials.The his- Christina VanTassell, Chief Financial Officer Thorold Barker, Europe; Elena Cherney, Coverage; lawitself and the Constitution as op- disputeabout scientific certainty, torical record,while encouraging,is Andrew Dowell, Asia; AnthonyGalloway, Video & posed to sort of looking intothe sky which forscientistsisnormal fare. not definitive. TheCovid-19 pan- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; and pulling out ideas that they think Scienceregards all knowledgeas demicisanopportunity to carry Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; maybemoreappropriatethan either provisional and subject to changeas out the studies to determine when, Shazna Nessa, Visuals; MatthewRose, Frank Filippo, Print Products &Services; the laworthe Constitution. So Irec- newinformation emerges. Unlike if and howplasma works,which will Enterprise; Michael Siconolfi, Investigations; Kristin Heitmann, Chief Commercial Officer; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; ognizethat we mayhaveacourt politicalorreligious disputes,sci- be powerful knowledgeinthe next which has moreofaconservative encehas abuilt-in mechanism for pandemic. GerardBaker, Editor at Large Thomas SanFilippo, Customer Service; Josh Stinchcomb, Advertising Sales; bent than it has had over the last conflict resolution: moreand better Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page few decades, but my liberal friends data. We areardent proponentsof Dr. Casadevall is chairman of Jonathan Wright, International have over manydecades gotten very randomized controlled trials.But molecular microbiology and immu- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: used to the idea of having a liberal much of accepted knowledgeand nology at Johns Hopkins LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head court, and that’s not written in the practice in medicine comes from Bloomberg School of Public Health.

EDITORIAL AND CORPORATEHEADQUARTERS: stars. And I know that a lot of peo- observational studies.The efficacy Dr. Paneth is aprofessor of epide- 1211 Avenue of the Americas, New York, N.Y., 10036 ple aresaying,“Gosh, we don’t want of penicillin, the Heimlich maneuver miology and biostatistics at Michi- Telephone 1-800-DOWJONES that changed.” and cardiac valverepair areexam- gan State University. P2JW267000-0-A01800-1------XA

A18 | We dnesday, September 23, 2020 THE WALL STREET JOURNAL.

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© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | B1

S&P 3315.57 À 1.05% S&P FIN g 0.84% S&P IT À 1.65% DJ TRANS À 0.77% WSJ $ IDX À 0.42% LIBOR 3M 0.223 NIKKEI (Midday) (23220.63) g0.60% See more at WSJ.com/Markets Nikola TriestoReassureInvestors Sales on

BY MIKE COLIAS focus on the future and what Nikola founder Trevor Mil- Barra said the automaker con- working with Nikola. Web Fuel we have delivered and what tonstepped down from his ducted “appropriatediligence” Among HindenburgRe- A Nikola Corp.executive we’re going to deliver.” role as executivechairman when she wasasked about the search’sallegations wasthat defended the electric-truck Nikola, aPhoenix-based Sunday, saying he wanted the topic on a recent analyst call. Mr.Milton led investorstobe- Rebound company’stechnologyand startup with backing from focus of the companytobeon Mr. Brady on Tuesday said lievethat Nikola largely devel- businessplan, telling an inves- General Motors Co., Robert the business, not him. He was Nikola has been well vetted, ops its own technology when torconferencethat itspart- Bosch GmbH and others, has replaced by Stephen Girsky, a and that Bosch sent an “army” in fact it purchases it from ners arestaying the course come under scrutiny recently former GM executiveand of engineerstoassessthe outside suppliers. For Nike following the departure of its following allegations it misled Nikola director. company and its technology. “Wehavenever represented high-profile founder and exec- investorsabout the progress Theallegations about the Bosch said it performs due that we makeevery compo- utive chairman. of itstechnology. Theallega- startup have raised questions diligenceaspart of itsinvest- nent,” Mr.Brady said at the BY KHADEEJA SAFDAR “Nothing has changed,” Kim tions were outlined in ashort among investors and analysts ment strategybut that the de- conferenceTuesday, hosted by Brady, Nikola’s chief financial seller’s report released earlier aboutwhether Nikola’spart- tails of the process are confi- Evercore ISI. “Think about Ap- Nike Inc.’ssales rebounded officer, said during avirtual this month. ner companies did their due dential. Earlier this week, the ple iPhones,” he said. “They in the summer quarter after conference Tuesday. “We rec- Nikola has called the report diligence. German engineering group don’tmanufactureasingle slumping earlier during the ommend that investors really by Hindenburg Researchfalse. GM Chief ExecutiveMary said it intends to continue PleaseturntopageB4 coronavirus pandemic,asrising digital sales offset declining revenue at traditional stores. On Tuesday, the sportswear A Storied companysaid revenue was $10.6 billion in the quarter ended Aug.31, down 1% from Hotel Falls theprior year.Digital sales in- creased 82%. “These aretimes when the As Sector strong canget stronger,” Chief ExecutiveJohn Donahoe said on aconferencecall with ana- Struggles lysts. During the pandemic,he said the companygained mar- ketshareacrossthe Nikeand BY PETER GRANT Jordan brands and returned to growth in international mar- ThePalmer House Hilton kets,including China and Eu- has been one of Chicago’s rope. grandest hotels formorethan Thelatestresultsshoweda acentury. Charles Dickens and turnaround from the spring Oscar Wilde were guests. Frank quarter,when the sneaker gi- Sinatraserenaded dinersatits ant’srevenue plunged38% supper club.Overthe past 15 amid storeclosures.Nike’s years, the owner spent $173 shares rose 9% in latetrading

million to overhaul the hotel, AIR as the resultswerebetterthan modernizingmost of the 1,641 Wall Street wasexpecting.The REAN

rooms. KO stock wastrading near all-time But today, the property Korean Air removed passenger seats to make room for cargo, which accounted for 72% of the carrier’s revenue in the latest quarter. highs. faces abank foreclosureand Nikesaid nearly all its has become one of the most owned stores were open dur- potent symbols of the troubled The Few Airlines Seeing a Profit ingthe quarter,but the com- hospitality industry during pany continued to experience Covid-19. declines in trafficdue to the Wells FargoBank said in pandemic and safety-related court paperslast month that Were Prepared for the Cargo Shift measures. the hotel’sowner,real-estate Thecoronavirus prompted investor Thor Equities,was in Nikeand other retailersto default on its$333.2 million close their stores,governments firstmortgage, making the BY EUN-YOUNG JEONG Air Transport Association.That Justfour of the world's Second-quarternet to limit travel and manyshop- property one of the firstmajor is only aslight uptick from its top30airlines by profit/loss, in billions perstostayhome.Though foreclosureactions during the SEOUL—The only major air- pre-pandemic forecast, but the most U.S. states aregradually pandemic. lines making money these days plungeinpassenger revenue— revenue recorded profits n/a EasyJet easing lockdown measures, ThePalmer House was arebusy flying cargo, not pas- IATA has slashed its2020 fore- in the second quarter. $0.09 China Airlines therehavebeen flare-ups of worth $305.5 million shortly sengers. cast to $241 billion from an ini- 0.09 Korean Air newcases that have inter- beforeWells Fargofiled itsac- Of the world’s30largest air- tial $581 billion—means cargo’s 0.02 Asiana Airlines rupted reopening plans in tion, appraiserssaid. lines by revenue,just four re- contribution would represent 0.01 EVAAirways partsofthe country. AThor spokeswoman de- ported profitsfor the April- morethan aquarter of totalin- –0.15 Scandinavian Airlines Nikesaid it spent lesson clined to comment. June quarter, according to a dustryrevenue,compared with –0.17 Turkish Airlines marketing because of post- Most property ownersand Wall Street Journal analysis. the typical eighth. –0.21 Ryanair poned or canceled sporting lendersatfirst hoped that They areall based in export- Forthe four airlines that events. That translated into –0.23 Avianca damage from the pandemic heavySouth KoreaorTaiwan, showedaprofitinthe latest higher profits, even though –0.34 would be limited to an inter- benefiting from the surge in de- quarter—Korean Air Lines Co., Thai Airways grossmargins declined. ruption of aproperty’s cash mand fortech componentsand Asiana Airlines Inc., China Air- –0.39 China Southern Airlines Forthe fiscal firstquarter, flow,without hurting long- electronic gadgetsasmorepeo- lines Ltd. and EVAAirways –0.46 Aeroflot net income was$1.52 billion, or term values. ple work from home,and for Corp.—cargo’s shareofrevenue –0.50 Air China 95 centsper share. That was Creditorsgranted landlords personal protectiveequipment, ranged from 72%atKorean Air –0.66 AlaskaAir nearly twiceasmuch as Wall forbearanceorrestructured much of it produced in Asia. to 93% at China Airlines,com- –0.66 Hainan Airlines Street analystshad projected, loans,hoping they would be Continuing demand forautomo- pared with no morethan a –0.68 Latam Airlines according to FactSet. In the able to stay aliveuntil business bile partsand other Asia-made thirdlast year. –0.70 China Eastern Airlines year agoquarter,Nikehad a returned. goods has also helped. When the pandemic hit, it profit of $1.37 billion. –0.71 JetBlue Airways Now, some see the foreclo- Theanalysis excluded some wiped out some 40% of the Thecompanyalso continued –0.76 sureaction against Palmer majorcarriersthat didn’t re- world’scapacity forair cargo SingaporeAirlines** to shiftmoreattention to its Houseasasign that lenders port recent quarterly earnings. carried in the bellies of passen- –0.81 Air France-KLM ownstores, websiteand apps. might be getting tougher,more Industrywide cargorevenue gerplanes,according to the –1.07 Air Canada Direct sales made up $3.7 bil- willing to start the processof is expected to reach about $111 trade group IATA. –1.13 CathayPacific† lion of revenue in the quarter, seizing control of hotels after billionthis year,according to Plenty of airlines looked to –1.19 Japan Airlines up 12% from last year. defaults. the trade group International PleaseturntopageB12 –1.48 All Nippon Airways Thecompanyhas been using Creditorsbelieveanumber –1.50 United Airlines itswebsitetorelease some lim- of properties arecaught in a –1.58 Lufthansa ited-edition sneakers. downward spiral from which *OwnsBritish Airways†Half-year operating profit **Unaudited While manygyms have been Note:Excluding Emirates Airline and Qatar Airways, which report annually. –2.14 Southwest Airlines they won’t recover, market Easyjet figures were unavailable. closed, athletic apparel makers –2.38 IAG* participantssay. Sources: Hanwha Investment&Securities; the company(SingaporeAirlines) have reported strong demand Moreowners“arewilling to –2.50 American Airlines fortheir clothing as morepeo- throw in the towel,” said –$4.82 Delta ple work and exercise at home. Manus Clancy, senior manag- ing director of Trepp LLC, which tracks the real-estate debt market. NBC Reviews Strategy for Its Cable Channels Investorshold some $87 bil- lion of debt backed by hotels PleaseturntopageB6 BY LILLIAN RIZZO president of Echoverse,apod- AND JOE FLINT cast studio. NBCUniversal’stop brass INSIDE Foryears, NBCUniversal’sca- thinks certain entertainment ble networks,channels likeUSA, channels don’t have along- Bravoand E!, were powercen- term futureonthe cable dial, ters in the media company, each thepeople said. That includes with amandatetopromotetheir E!, known forits red-carpet ownprogramming and brands. coverage and forgiving the Those days areover. Kardashian family aplatform; CE

As newChief ExecutiveJeff LA Syfy,home to sci-fithrillers; Shellreshapes the entertain- PA and Oxygen, originally

ment gianttocope with cable ARS launched as anetwork for

TV cord-cutting and the rise of CAES women that lately pivoted to streaming video,heiscentral- R true crime,the people said. FO AUTOMOBILES izing decision making—from “NBCUniversal’scable net- which shows getmade to GES works carrysome of the most

Musk promises IMA $25,000 carenabled which networks those shows popular programming in the in- should runon—and dramati- ETTY dustryand areenormously by cheaper cally slimming down the cable /G profitable,” an NBC spokes- batteries. B2 unit in the process. woman said. “They will con- MILLER Topexecutives aregetting tinuetobeavaluable part of

squeezed out. Most recently, ETHAN our portfolio forfans,advertis- ENERGY Chris McCumber,who led the Kris Jenner and KimKardashian film an episode of their television show‘Keeping Up With the Kardashians.’ ersand our shareholders.” Cutbacksinoil USAand Syfy networks,said last Thecost cutting could help production challenge week he wasleaving afteratwo- open positions will go unfilled, tle in the entertainment indus- “The days of building that persuade Wall Street that NBC- decade runatthe company. people familiar with the situa- try, is being phased out, asym- singular cable network with its Universal, aunit of Comcast pipeline operatorsin Substantial job cutsare ex- tion said. bol of cable’sshrinking ownteam and needs arelong Corp., isn’t overinvesting in a Texas, NewMexico. B12 pected throughout the cable Thejob of cable network importance. Mr.McCumber gone,” said Mark Stern,afor- declining medium. Comcast’s entertainment group and some president, long aprestigious ti- won’t be replaced. mer Syfy executiveand current PleaseturntopageB2 P2JW267000-4-B00200-17FFFF5178F

B2 | We dnesday, September 23, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A F M Abbott Laboratories...A7 Facebook...... A10,B13 Marsh...... B12 Altice USA...... B2 Ford Motor...... B4 McDonald's...... B13 Amazon.com...... A1,B13 G Moderna...... A6 Apple...... A10,B13 General Motors...... B1 N Arlo Technologies...... A1 Gores Hodings ...... A1 Asiana Airlines...... B1 Nike...... B1,B13 AstraZeneca...... A6 H Nikola...... B1 AutoZone...... B3,B13 Hackman Capital P B Partners...... B6 Plains All American Blackstone Group...... B6 I Pipeline...... B12 C Imperial Zinc...... B12 R Intra American Metals Ralph Lauren...... B3 Caballo Loco Midstream B12 B12 Roku...... A10 Charter Communications J S JPMorgan Chase...... B6 B2 Starbucks...... B12 China Airlines...... B1 Juno Residential...... B6 T Coface & Atradius.....B12 K Tesla...... B2 Comcast...... B2 Kinnevik...... B6 S Common...... B6 Thor Equities...... B1

KKR...... B6 NEW

Tiffany...... B3,B14 G D Koninklijke Philips...... A7 Trian Fund Management Delek US Holdings....B12 Korean Air Lines...... B1 B2 L OOMBER E U Energy Transfer...... B12 L Brands...... B13 /BL United Airlines Holdings Epic Midstream LiquidX...... B12 B13 Holdings...... B12 Lockton Companies...B12 MORRIS Euler Hermes Group.B12 Luckin Coffee...... B12 W UL PA EVA Airways...... B1 LVMH...... B3, B14 Wells Fargo...... B1 VID DA INDEX TO PEOPLE Teslas rolled out of the company’sFremont, Calif., plantTuesday, as CEOElon Musk held an eventwherehepredicted battery costswill be halved.

B Eleff, Daniel...... B13 Munoz, Oscar...... B13 Musk Vows BatteryTech Will Baksic, Joseph...... B6 G Musk, Elon...... B2 Barra, Mary...... B1 Girsky, Stephen...... B1 N Bell, Lindsey...... B13 Nielsen, Jane...... B3 Bento, Ana...... A6 H Berwick, Frances...... B2 Hargreaves, Brad...... B6 P Bezos, Jeff...... A10 Polcari, Kenny...... B13 Yield aCar Priced at $25,000 K Brady, Kim...... B1 Kirby, Scott...... B13 Pollack, Jonathan...... B6 Burke, Steve...... B2 Konynenburg, D. R C Michael Van...... B6 Rhodes, Bill...... B13 BY TIM HIGGINS valuable carcompanydespite eryman’svehicle.Itbriefly was the companysaid it plans to Chainwala, Akhil...... B6 L Roberts, Brian...... B2 AND HEATHER SOMERVILLE sellingjust 367,500 vehicles priced at $35,000,though on achieveadvancesincell manu- Chardon, Sophie...... B13 Lazarus, Mark...... B2 Rovner, Susan...... B2 Clancy, Manus...... B1 last year. averagesold forabout $50,000 facturing and chemistrythat M S D Elon Musk laid out aplan for Shares in after-hourstrading last year. will allowittomorethan halve Matejka, Mislav...... B13 Shell, Jeff...... B1 Dias, Jerry...... B4 Tesla Inc.tobuild acheap elec- fell morethan 6% as Mr.Musk “One of the thingsthat trou- battery costs. McCumber, Chris...... B1 Stern, Mark...... B1 D'souza, Russel...... B6 Milton, Trevor...... B1 Stutz, Jay...... B12 tric carusing drastically lower- said it could take three yearsto bles me the most is that we BatteryDay began soon af- E Moffett, Craig...... B2 Swinburne, Ben...... B2 cost batteries to makea fully see the large battery cost don’t yethaveatruly affordable terMr. Musk addressed Tesla’s $25,000 vehicle and potentially reductions that he detailed. carand that is something that annual shareholdersmeeting, turn the companyintothe Mr.Musk has ahistoryof we will makeinthe future,” Mr. itsfirst such gathering since world’slargest automaker. making grandiose claims,some Musk said Tuesday. “But in or- the pandemic struck.After Lowe’s Bets on Lockers Theelectric carmaker’s of which have been conve- der to do that, we’vegot to get Tesla increased deliveries 50% chief executiveonTuesdaysaid nientlyforgotten, including the cost of batteries down.” last year,Mr. Musk told share- In Push for Pickup Orders he wastargeting eventual an- promises around robot vehicles The$25,000 vehicle would holdersheexpected 30% to nual production of 20 million and missed production goals. be ready in about three years, 40% growth in 2020 despite vehicles or almost twiceas But he gained traction and Mr.Musk said. the pandemic that briefly shut BY MICAH MAIDENBERG Lowe’s movetobolster its manyasVolkswagen AG sold credibility afteropening anew Batterytechnologyisthe se- down itsU.S.plant and, he said, program further highlights last year as the world’sbest- factoryinChina and posting cret saucebehind today’selec- made this “the most difficult Lowe’s Cos.said it would how retailers are betting that sellingindividual autocom- four consecutivequartersof tric vehicle revolution. As more year of Tesla’sexistence.” Early roll out self-servicelockers shopping habits that acceler- pany. profit following several yearsof automakerscompeteinthe this year Tesla forecast more that hold customer orders to ated during thepandemic Theambitious production struggle forMr. Musk as he market and trytopersuade than 36%growth. some 1,700ofits storeloca- —such as pickups of store or- figure given at apresentation worked to deliver the Model 3. customerstoabandon their Thegathering, which had tions around the U.S.,expand- dersthat requirenohuman in- to investorsnear the company’s Thecompact carrepresented gas-poweredvehicles,compa- been delayedbythe Covid-19 ingthe self-servicepickup op- teraction—are here to stay. Fremont, Calif., assembly plant, his long-pursued bet that the nies arepushing to overcome outbreak,was open to alimited tion from the New York area, Executives at Lowe’s say came without aprecise timeline companycould build and sell an two hurdles to the massappeal number of in-person investors Charlotte and Philadelphia. more than 60% of orders cus- or budget. It is the kind of electric carfor $35,000 to usher of electric cars—priceand per- who were seated in Tesla cars Competitorsincluding Ama- tomersplaceonline arere- shoot-for-the moon goal that in anew ageintransportation. formance. parked in front of astage that zon.comInc.and Home Depot trieved at itsbig-boxhome- has previouslyexcited investors But the Model 3isstill tooex- During apresentation to in- wasframed by the company’s Inc.offer such lockers, and improvement stores. to makeTesla the world’smost pensivetobeconsidered an ev- vestorsnear the Fremont plant, futureproducts. Cable Channels Earn Extra Income Lending Your Fully Paid Shares

Fade CE LA PA

ContinuedfrompageB1 ARS

businesses will likely be in CAES sharp focus among investors R FO afteractivist Trian Fund Man- agement LP took astake in the GES company. Trian believes Com- IMA

cast shares areundervalued ETTY and has held talks with the ca- /G ble company, but itsviews on MILLER specific areas of the business

weren’t clear. ETHAN NBCUniversal believes its A scene from E!’s ‘Keeping Up With the Kardashians.’ The show is expected to end next year. brand powerlies not in net- works,but in individual fran- Comcast's broadband businesshas expandedmuch faster than terOlympics took place. chises like“Keeping Up With its cable TV channels as NBCUniversalnetworkshave lost Comcast’sprimarygrowthen- the Kardashians,” which airson millions of subscribers gine,however, is clearly the E! and is ending in 2021, and high-speed internet business. Annual revenue Cumulativenet change in “Real Housewives” on Bravo, Thereare no immediate subscriberssinceJune 2014 one of the people familiar with plans to sunset anywell-known the situation said. $20 billion 0 million NBCUniversal channels,though Mr.Shell and his newly ap- Home some companyinsiderssay pointed TV czar,Mark Lazarus, broadband they believethat is coming areputting ahigh priority on –3 eventually.NBCUniversal has 15 developingprograms forthe shut down other,albeit smaller, company’snew streaming- networks in the past, such as Starting at video service, Peacock,which –6 Esquireand Chiller in 2017, and had15million sign-ups as of 10 G4 in 2014. $ last week. “One of the thingsthey have Commissions Cable –9 0 Programming onceintended networks Oxygen to figure out is they have this only forbroadcast or cable may Bravo collection of networks,and also appear on Peacock,and 5 E! they have brands that exist in –12 on US listed Peacock original content may SYFY thetraditional TV ecosystem, find ahome on the networks. but which ones do youwant to 1 “Aslong as it’sbeing judged lean intoinadigital world?” stocksand ETFs by the number of eyeballs,be 0 –15 said Ben Swinburne,ananalyst happy wherever they come 2011 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 2014 ’15 ’16 ’17 ’18 ’19 ’20 at Morgan Stanley. from,” Mr.Stern said. Sources: the company(revenue); Nielsen (subscribers) NBCUniversal took steps in Thefutureisalso dimming recent years, under Mr.Shell’s forsportsnetworks likethe cash cow fordecades,because million subscriberseach since predecessor,Steve Burke, to Golf Channeland NBC Sports subscriber fees—which cable 2014, according to Nielsen data. streamline some aspectsofthe Network.Hockey and soccer providerspay to carrychannels And providersare starting cable entertainment group, games arelikely to appear and then passontoconsumers to push back hardonpaying centralizing some functions like morefrequently on USANet- through monthly bills—have forunpopular channels.NBC- financeand digital operations. work and Peacock,the people risen annually regardlessofa Universal could have difficult Mr.Shell’sproposed changes Start Investing Today! said. channel’sviewership.But cord- negotiations in coming months, areevenmoreextensive,bring- Themovetodownsizecable cutting has gradually picked up including with itsown parent, ing all programming decisions networks comes as the pan- pacesince2014, and the pan- Comcast, as well as Charter together forthe firsttime—not demicweighs on NBCUniver- demic is accelerating the trend Communications Inc.and Al- just forcable,but also Peacock ibkr.com/lendit sal’sbusiness. formost operators, including tice USA Inc., people familiar and the flagship NBC broadcast Movie-theater closures hurt Comcast. with thecompany’scarriage network. itsfilm operation, itstheme The2011 Comcast deal for agreementssay.NBCUniversal’s Mr.Lazarus,alongtime parkswereclosed and TV ad NBCUniversal “was all about challengeistokeep enough NBCUniversal executive, over- Interactive Brokers Rated #1 spending fell off.NBC’ssecond- thecable networks,and the fresh programming on each sees the sprawling newTVand quarter revenue shrank 25% theme parks and movie studio network to justifythe cost to streaming segment. Frances Best Online Broker 2020 by Barron’s* compared with the same period were almost an afterthought,” providers. Berwick, who previouslyover- last year. said analyst CraigMoffett, of Thecable networks arestill sawE!, Bravoand Oxygen, was Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Broker according to When Comcast acquired MoffettNathanson. “Now, the profitable andhavemanaged appointed to runthe business Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more information see, ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IBKR Lite provides control of NBCUniversal nearly cable networks areanalba- solid revenue and profit growth operations acrossall of the en- commission-free trades in US exchange-listed stocksand ETFs routed to select market makers. adecade ago, Chief Executive tross.” thanks to priceincreases.They tertainment properties.Former IBKR may charge non-commission related fees. For more information, see ibkr.com/liteinfo Brian Robertscited the cable Several of NBCUniversal’s accounted for$11.5billion of Warner Bros.executiveSusan Neither Nasdaq, Inc. nor its affiliates makes any recommendation to buy or sell any security or entertainment networks as a entertainment networks,in- NBCUniversal’snearly $34 bil- Rovnerisslated to join NBC- any representation about any company’sfinancial condition. Investors should undertaketheir own due diligence before investing. ©2020.Nasdaq, Inc. key attraction in the deal. cluding Bravo, E!, Syfy and lion in revenue last year,ade- Universal in coming weeks as All Rights Reserved. nasdaq.com 03-IB20-1303 Such networks have been a USA, have lost morethan 10 cline from 2018 when the Win- thetop creativeexecutive. P2JW267000-0-B00300-1------XE

THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | B3 BUSINESS NEWS Ralph Lauren To Cut 15% Of Workforce

Coronavirus pandemic staff by the end of its current reduces demand, fiscal year. Last month, financechief leads to closures, Jane Nielsen said Ralph Lau- challenges ahead renexpectsthe pandemic and what she described as apro- S

BY MICAH MAIDENBERG longed return of demand to PRES

hamper revenue and operating TED

Ralph Lauren Corp. said it profit during the fiscal year. CIA would cut itsworkforce by Fashion retailerslikeRalph SO AS

roughly 15%, reflecting asharp Lauren and department-store Y/ drop in revenue tied to coro- operatorshavefaced adifficult AT BUK

navirus-related storeclosures path afterclosing stores this F. this year and potential chal- year to halt the spread of the T BER

lenges ahead with the eco- coronavirus.They reopened to RO nomic recovery. an altered shopping landscape, Fashion retailers have faced a difficult path after lockdowns forced them to close stores this year. Aspokeswoman forthe with morepeople shopping on- New York-based company de- line or at big-boxchains such on apparel also have moved to ended June 27,Ralph Lauren’s lower demand. ipates saving at least $180 clined to specifyhow many as Walmart and Target, which cut jobs due to falling sales. revenue fell to $487.5 million Thecompanyshowedaloss million annually on agross ba- employees would lose jobs. were deemed essential for Kohl’s Corp. said last week it from $1.43 billion a year ear- of $127.7 million in the quar- sis due to the reductions,with Ralph Lauren employed theirmerchandise arrays that cut about 15% of itscorporate lier.Itsaid in August that ter, in contrast to aprofitof most of the savingsstarting roughly 24,900 people globally include food and medicine. staff.InJune,Macy’sInc.said most stores in major markets $117. 1 million a year earlier. with its 2022 fiscal year. as of lateMarch, including Those chains have reported it would layoff some 3,900 were closed for an average of Ralph Lauren expectstore- The company has also said 13,800 in the U.S.,according to stronger sales in recent corporateemployees.Many eightto10weeks during the cord chargesofabout $120 it is examining other parts of itsmost recent annual report. months. have filed for bankruptcy. period, resulting in much million to $160 million related itsbusiness, including itsreal The company plans to reduce Other retailerswith afocus Forits fiscal firstquarter weaker foot traffic and thus to the job cuts. It said it antic- estate, as it looks forsavings. French Official Says LVMH QueryLed to TiffanyNote

BY MATTHEW DALTON calquestions of French com- France’shand in taxand trade Tiffanyfiled alawsuit panies,particularly concerning negotiations with the U.S.,Mr. against LVMH in the Delaware PARIS—French Foreign Min- the U.S. Le Drian wrote. That would be ChanceryCourt, saying Mr.Le ister Jean-YvesLeDrian said “My role is to apply,ifnec- morethan amonth afterthe Drian’sletterwas apretext for he wasresponding to aquery essary, the government’sopin- deadline stipulated in the LVMH to back out of the deal. from LVMH MoëtHennessy ion on assessmentsofapoliti- merger forcompleting the Sincethen, LVMH has ex-

Louis Vuitton SE when he S calnature on the management agreement. panded its rationale for pull- wrotealettertothe luxury of major international events BeforeMr. Le Drian sent his ing out, saying mismanage- conglomerateasking it to delay PRES to come,” Mr.LeDrian said. letter, LVMH also approached ment of Tiffanyduring the

itsacquisition of Tiffany &Co. ZUMA “This is the reason why I an- the finance minister, France’s coronavirus pandemic has in- LVMH has blamed its deci- sweredaquestion from the lead negotiator in taxtalks validated the mergeragree-

sion to back out of its$16 bil- LEVINE/ LVMH group,totally in my with the U.S.,for help in back- ment—an allegation Tiffany

lion takeover of TiffanyonMr. B. role.” ing out of itsagreement to denies. Le Drian’sletter, saying it was Mr.LeDrian didn’t elabo- take over Tiffany, and was Last Wednesday, LVMH said

an unsolicited and legally RICHARD rate on the nature of LVMH’s turned down,according to se- in acourt filing responding to binding government order that Tiffanyfiled alawsuit againstLVMH. The trial is set forJan. 5. query. His spokeswoman de- nior French officials. Tiffany’slawsuit that U.S. legal blocks the conglomeratefrom clined to comment further. LVMH denied the outreach doctrine precludescourtsfrom fulfilling the agreement. earlier statements by LVMH. ecutiveand controlling share- LVMH also declined to com- to Bruno Le Maire. questioning the validity of Mr. Appearing beforeParlia- Aurélien Pradié,alawmaker holder.“Youflewtothe aid of ment. AfterLVMH announced it Le Drian’sletter. Thechancery ment on Tuesday, Mr.LeDrian with the conservative Les Re- his boardofdirectorswith no Mr. Le Drian’s letter, dated waspulling out of the deal, court on Monday set a Jan. 5 said the letterresulted from a publicains party,asked Mr.Le legal basis,nosolid argu- Aug.31, said LVMH should de- Jean Jacques Guiony, the com- date for the trial. request the luxurycompany Drian whyhesent the letter, ment,” Mr. Pradié said. layits purchase of Tiffanyun- pany’schief financial officer, made forgovernment advice, a which wasaddressed to Ber- Mr.LeDrian said part of his til Jan. 6. said Mr.LeDrian’slettercame  Heard on the Street: LVMH remark that calls intoquestion nardArnault,LVMH’schief ex- job is to respond to the politi- Thedelaywould strengthen as a “total surprise.” readies its red pen...... B14 AutoZone Posts Higher Net Income, Sales

BY DAVE SEBASTIAN other goods forvehicles forthe quarter.The growth in posted net income of $740.5 same-storesales softened to AutoZone Inc.said its million, or $30.93ashare, in about 17%inthe last four profit forthe fourth quarter thequarter that ended Aug. weeks of the quarter,after en- rose as the companybooked 29,upfrom$565.2 million, or hanced joblessbenefitsended. higher sales,though it attri- $22.59 a share, in the compa- Totalsales rose 14%to buted the softergrowthin rable period last year.Analysts $4.55 billion, above the $4.18 same-storesales later in the expected earningsof$25.46a billionanalystswereexpect- quartertothe expiration of share, according to FactSet. ing.The companyincurred Covid-19-enhanced unemploy- Domestic same-store sales, $83.9million in costsinre- ment benefits. or sales from stores open at sponse to the coronavirus pan- Theretailer of partsand least a year, rose almost 22% demic during the fiscal year. ALBERT NELSON MARQUIS LIFETIME ACHIEVEMENT ADVERTISEMENT Showroom To advertise: 800-366-3975orWSJ.com/classifieds

PORSCHE

AWARD

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ÉAMUS BLAKE R= M(_(U CASW_(US!P>H2,8(1> !P>H R:ZVY'GI ?::]TDD E(_YU8 +>WWSL2*W(_X "RDZVY ENGLISH &IRISH-GAELIC EDUCATOR ?R/T]TDD R4 '(H>UU> GW(1YU.V #[Y1YSU *W(_X2*W(_X /:ZVY'GI ?9T]TDD 2020 -2021 G''*5],JW>OY;1&*._X>1C>(15 G,K,M#E, ROYG.GORDON R= G(U(V>P( 9*W(_X2*W(_X /=ZVY'GI ?4:]TDD CABOT PROFESSOR OF CHEMISTRY HARVARD UNIVERSITY CG#'^,OB+2#-IB^'C Lifetime Achievement Award RT M>P_>[>56*>UF C:3D 9M,B^'*W(_X2*W(_X/TZ VY 'GI?=4]TDD DEAN S. HARTLEY III R= *M@ 3:DY J%PYN> 'SUN>P1Y$W>CQ(_> !P>H2*W(_X/0Z VY ?4D]TDD Marquis Who’s Who is proud to honor its PRINCIPAL HARTLEY CONSULTING R4 '7>NPSW>1 'SPN>11> )D3/O) E(_YU8 +>WWSL2*W(_X=ZVY?4R]TDD most distinguished listees based on their /DRTTRRCQ>>[51>P "51K54 R4 M>P_>[>56*>UFCO9:D *W(_X2*W(_X R0ZVY'GI ?34]TDD MICHAEL J. HASSEN, ESQ. !BCYWN>P2*W(_X "9:0 VY R9 ,.[Y EC 4GP>51Y8> < :5J+ -;>/>.C!B":=@ *W(_X2*W(_X/3Z VY ?:T]TDD career longevity, philanthropic endeavors PRESIDENT REALLAW, APROFESSIONAL CORP. ?0D9]TDD *66 JE95-B -G56K/- !@G> !936-> #-C9B3E@39,1 @1/ $95-1B91C> (-69I-ED @1/ &@1/691C '--BH (-@6-E 9B 1,3 E-BJ,1B9:6- ),E JE9591C -EE,EBH and lasting contributions to society. Outof +;;<08L<.;;A 7"JE91CF-6/2 %$ !%94:-"+-=-<2 -< &54)-.)8 ("56 0; *-<6 $41-:+437 ROBERT G. JONES B@6-B=9BE91C?@KB-1H5,4 79BE91C?@KB-1H5,4 !'"0-;<,-648#;55>/*544 %1-99-<2 1.5 million biographees, only asmall per- LAWYER, EDUCATOR, MAYOR centage are selected for the AlbertNelson SENATORRAYMOND J. LESNIAK Marquis Lifetime Achievement Award. PRESIDENT CHEVROLET Among that prestigious group, ahandful THE LESNIAK INST.FOR AMER. LEAD. DAVID K. ROEMER, PHD /+/+ -!$.(00(" '!$ ")#( are chosen to represent Marquis in The SHOWROOM EDUCATOR(RET.) !*26%)3.1 Wall Street Journal. It is our great pleasure EDWARD R. MURROW HIGH SCHOOL (800)366-3975|[email protected] 7-5/" 4)& 0++-/05%- /-,0$-&"1 Formoreinformation visit: wsj.com/classifieds to present them here. Congratulations to CSM (RET.) N.E. THREAT #5,,4)& (&03-' UNITED STATES ARMY ©2020Dow Jones &Company,Inc.All Rights Reserved. *($$,.%##( -&(.$!#(0 our prestigious listees! "(. -*) 51-- *) !4,3 /�+/$0'2%2 P2JW267000-0-B00400-1------XA

B4 | We dnesday, September 23, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Ford to Build Electric Cars in Canada

Three-year settlement continue to do so in partner- ship with unions and industry. with Unifor union Canada’sgovernment is set includes $1.5 billion to make investments in clean technology—such as batteries investment in plants forelectric vehicles—a compo- nent of its post-pandemic re- BY PAUL VIEIRA covery plan to be unveiled Wednesday. Researchpub- OTTAWA—Ford Motor Co. lished this year by KPMG sug- reached atentativelabor deal gested Canada wasalaggard with its5,400 unionized em- in electric-vehicle production, ployees in Canada that secures accounting for 0.4% of global anearly $1.5billion invest- manufacturing. ment in two plantsand acom- Mr.Dias said the settle- mitment to build electric cars ment,including the invest- in Toronto. ment in plants, wasthe result Thepromise from the Dear- of months of talks involving born,Mich., automaker repre- Ford,Canadian Prime Minister sentsashot of confidencefor Justin Trudeau and the On- Canada’sautosector.Factories S tario government. At the start

in the countryproduceroughly NEW of negotiations with Ford,Mr. two million vehicles annually, G Dias said Unifor wascon- but that is down 25% from cerned about the futureofthe 2000 as carmakersinvested in OOMBER employees at the Oakville fac-

lower-cost regions such as N/BL tory because of the company’s Mexico and the U.S. Sunbelt. TO lack of long-term commitment

Thepresident of Unifor, BURS to build another vehicle there LE

Canada’slargest private-sector CO beyond the Ford Edge. union, revealed the details of The auto maker agreed to a three-year labor agreement with Unifor. Jerry Dias, president of the union, at a news conference. “Weweredetermined to thepact covering wagesand ensure we solidified aproduct benefitsatanewsconference reached early Tuesday, will be Oakville.The latterwill be re- next door to Ontario. and the Canadian government, for our Oakville plant. I think Tuesday. Ford’s Canadian unit put to avotebymembers tooled to build five models of Canada’sfederal govern- andthat Ontario wasprepared it is fair to sayasanorganiza- issued a brief statement, say- starting Sunday. He said the electric vehicles,with produc- ment and Ontario areexpected to makeasizable contribution. tion we hit ahome run,” Mr. ing the three-year agreement biggest accomplishment of the tion starting in 2025,Mr. Dias to contributetoward the in- Aspokesman forCanada’s Dias said. is subject to ratification by deal wasaninvestment of 1.95 said. vestment package, Mr.Dias minister forindustrial policy Mr.Dias added the agree- union members. Until ratifica- billion Canadian dollars, the Last week,Fordsaid it said,but didn’t disclose how didn’t addressquestions about ment also secures production tion, the companysaid it equivalent of $1.46 billion, in would spend $700 million to much. An Ontario government afinancial contribution from in Oakville of the batteries re- wouldn’t comment further. two factories in Ontario—an expand itslargest and oldest spokeswoman said the prov- Ottawa.Hesaid the govern- quired forthe electric cars, Unifor President JerryDias engine plant in Windsor and a factorytomakeelectric pickup incewas negotiating the terms ment has arecordofsupport- which could add an additional said the settlement, which was vehicle-assembly factoryin trucks in Michigan, which is of itscontribution with Ford ing autoworkersand it would 300 jobs.

teries and hydrogen-fuel cells. including GM with itsown Nikola, he said, “wetry to con- tric-vehicle startups.The valu- pelled on itsown. Thevideo Nikola Tries The company says it plans to model. trol” the design of the battery ation initially soared—briefly never stated the prototype partner with energy compa- It is common forcar mak- pack in which the cells are edging past that of Ford Mo- wasdriving under itsown nies to build hydrogen fueling erstooutsource the manufac- housed. “We do our own bat- torCo.—beforefalling sharply power, the companysaid, add- To Reassure stations,while contracting tureofpartsand even larger teries at Nikola and have since after the short-seller report. ing that itsnewertrucks are with manufacturerstohelp systems of a vehicle. Much of day1,”Mr.Milton said in a Nikola shares rose 3.4% able to be driven. engineer andassemble some the key technologyinGM’s tweet on June 4, the daythe Tuesday after dropping Mon- “Anyone who’s involved in Investors of its semi-trucks. It plans to Chevrolet Bolt electric car, for companywent public.“We do, dayinthe wake of Mr.Milton’s theautomotiveworld under- lease the trucks to freight op- example,issupplied by Korean however, test with everyone, departure. stands when atruck is firstin- erators, promising to lower electronics companyLGChem. and if a supplier builds a bet- Mr.Brady also defended troduced, it’sashowtruck,” ContinuedfrompageB1 their operating costs. TheHindenburgReseach terbattery,wewould use against Hindenburg’sallega- Mr. Brady said. part. But they control design Nikola is developing afew report took Mr.Milton to task them.” tion that Nikola misled inves- TheSecurities and Ex- andfunctionality and user in- prototype trucks,with itsfirst forwhat it claims arefalse TheWall Street Journal and tors by claiming that trucks changeCommission and the terface.” model expected to go intopro- statements about Nikola hav- the Financial Times have re- displayedonstage at past JusticeDepartment areinves- At the heart of the short- duction by the fourth quarter ing itself developed certain ported that the companyplans events and in a2018 promo- tigating whether Nikola misled seller’s report is whether past of next year.Italso struck a key components, including to use California-based Romeo tional video were operational investors, people familiar with statementsfromMr. Milton deal with GM this monthto batteries. Systems Inc.toprovide batter- even though they were unable the matter have said. gaveinvestorsafalse impres- have the autogiant engineer Mr.Brady said it is common ies for its first semi-truck. to propel themselves. “That’s what we’ve heard,” sion of Nikola’s progress. and build azero-emissions forautomakerstoget their Nikola went public in June Nikola has said the truck Mr.Brady said aboutthe re- Nikola’sbusinessmodel is pickup truck, amarket that battery cells from suppliers through areverse merger,part shown in the video had func- ported probes.“When we have builtaround the concept of manystartups and traditional such as Panasonic Corp.or of awaveofinvestor enthusi- tional batteries and other moretodisclose,we’ll dis- semi-trucks poweredbybat- carcompanies aretargeting, Samsung Electronics Co.At asm in recent months forelec- parts, but said it wasn’t pro- close.”

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THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | B5

We’velistened. We’velearned. We’rechanging.

Over thelastseveral weeks, we have In addition,inGreenville, Mississippi– listened to thousandsofconsumers,our whereour brandhas been produced ownAssociatesand otherstakeholders in theU.S.for more than 40 years– from around theworld.Weunderstand we will invest to addressissuesthat theinequities that were associatedwith have plaguedthis region of theU.S. thenameand face of theUncle Ben’s forgenerations.This programming brandand,asweannounced in June, will focusonenhancing educational we have committedtochange. opportunitiesfor more than 7, 500area students,aswellasfurtheringaccessto We will change ournameto freshfoods. Ben’s Original™ as well as remove the imageonour packagingtocreatemore Creating opportunities equitable iconography.This change signalsour ambition to create amore that offereveryonea inclusivefuturewhile maintainingour commitment to producing theworld’s seat at thetable best rice. These initialsteps areinadditionto Thebrand is notjustchangingits name commitmentsfromMars, Incorporated andimage on thepackage,but also to continue to improveracial equity taking action to enhanceinclusion and throughoutour business,fromincreased equity—and that comeswithanew representationinour workforce, purposetocreateopportunities that leadership andtalent pipeline,tobetter offereveryoneaseatatthe table. utilizing ourspend,specifically among oursuppliers, to drivepositivechange. Ourcommunity outreach programs will ensure underserved communities Whileimplementinganevolution on have access to thenutritiousmeals this scale will be acomplex process we alldeserve.Wewill also help that will take considerable time,there culinary entrepreneursofall colors get is no better time than rightnow.We educationalopportunities so theirideas will beginproduction of ournew andvoicescan be appreciatedbyall. brandidentity immediatelyand This work will begininthe U.S.,where Ben’sOriginal™ will beginreaching we will partnerwithNationalUrban storeshelves earlynextyear. League to supportaspiringBlack chefs throughscholarships, andwewill then We hope youcontinuetowelcome us expand ourefforts to supportother to your dinnertable,asweworkto underserved communitiesaround ensure everyone is always welcome theworld. at ours. P2JW267000-0-B00600-1------XA

B6 | We dnesday, September 23, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Blackstone Set to Lend With Full Coffer

Investmentfirm closes global head of Blackstone Real Fundraising by private-eq- said D. Michael Van Konynen- said Mr. Pollack. be able to givethe buyersthe Estate Debt Strategies. Fund- uity firms has declined overall burg, president of Eastdil Se- Blackstone’sdebt funds— certainty they need that they real-estate debt fund, raising gotaboost after this year as the pandemic cre- curedLLC.“Oncepeople got which have historically re- canclose the deal “and they’ll taking in $8 billion and Covid-19,partly because inter- ated enormous uncertainty to July they felt they under- turned about 10% annually to paymore” forcertainty,Mr. est ratesfell, increasing the andbarrierstotraveland stood wheretheir ownportfo- investors—tend to avoid risk- Pollack said. making it largestever appeal of relatively high-yield- other businesspractices espe- lios areand started to ramp ier debt deals.Much of its Mr.Pollack said Blackstone’s ing real estate debt. cially in the early months. As up and look for new deals.” businessinvolves making first debt portfolio hasn’t suffered BY PETER GRANT “There’sanexpectation that of mid-September,private-eq- Much of the newcapital mortgages to some of the many problems from loans it there will be a greater oppor- uity funds had raised $81.5bil- raised is by firms planning to world’slargest real-estate made before the pandemic. Blackstone Group Inc. tunity in real estatedebt than lion compared with $142.9bil- focus on distressproperties. companies and investors. He said that is partly be- closed this month on the larg- therehas been,” Mr.Pollack lion during the same period Billions of dollarsofloans Forexample,Blackstone cause Blackstone’slow risk est real-estatedebt fund ever, said in an interview. last year,according to data backed by malls and hotels are might makealoan todaytothe loans aretypically about 60% giving the investment firm Thefund will makenew firm Preqin. in default, according to data buyer of awell-leased office to 65% of thevalues of the plenty of cash to lend to prop- loans and buy real-estatedebt But it is beginning to pick firm Trepp LLC. building that wasincontract properties. erty investorslooking to go securities along with other in- up.Other recent closingsin- At the same time,manyof to be sold beforeCovid-19 hit “It also helps to be very se- shopping during the coronavi- vestments. Blackstone’sreal- clude a$950 millionreal-estate the traditional lenders, like and the deal collapsed. “It’s lectiveabout who youlend rus pandemic. estatedebt businesshas debt fund raised by KKR &Co. originatorsofcommercial going to getdone todayin moneyto,” Mr.Pollack said. Oneofthe world’slargest grown to $26 billion of prop- that is focusing on the most ju- mortgage-backed securities, much moreuncertain capital He pointedout that Black- ownersofcommercial prop- erty debt assets under man- nior tranches of commercial have put on the brakes.That is markets,” Mr.Pollack said. stone’sborrowers have tended erty,Blackstone began raising agement, up from $10 billion mortgage-backed securities. increasing the ratesborrowers “Twelvemonths agothe to be “well capitalized institu- money forthe fund in the five years ago. During the firstfew months arewilling to paytolenders guybuying the building would tional investorsthat you spring of 2019 and the $8 bil- Overall, itsglobal real-es- of the pandemic “everybody still in the game. get12different term sheets would expect to hold on to lion it took in exceeded expec- tate portfolio is valued at $329 regardlessoflender classwas “Newcapital invested ex- from lendersofall stripes,” he [properties] through a period tations,said Jonathan Pollack, billion. assessing their ownportfolio,” pectstoearn greater returns,” said. Todayfewerlenderswill of dislocation.” NewYorkTVStudiosMove IntoNew Hands Apartment

BY KONRAD PUTZIER investment firm. Eastdil Se- Manager cured LLC wasthe exclusive A group of investors is ac- adviser to the sellers, brothers quiring the New York studios Alan Suna and Stuart Suna. DrawsNew where“TheSopranos,” “30 Thedeal is expected to close Rock” and “Sex and the City” at the end of the month. were filmed, the latest sign Theownersofproduction Funding that real-estateownersare facilities in NewYork have trying to capitalizeonthe benefited from agenerous BY KONRAD PUTZIER growing popularity of stream- statetax-credit program for ing content. movie and television produc- Apartment rentsinbig cities Thegroup led by Hackman tion, with $420 million in in- aredropping,but some entre- Capital Partners,aLos Ange- centives set aside for2020 preneursand ventureinvestors les-based real-estate investor alone. The state renewed the arestill making long-term bets and operator,has signed a program this year,although on the housing industry. contract to pay$500 million the credit wasloweredto25% Co-living and rental-apart- for Silvercup Studios, accord- of qualified costs, down from ment management company ing to aperson familiar with 30%. Last year,New York Gov. Common completed the raising the matter. Andrew Cuomo said that Net- of $50 million in newventure With Netflix Inc., Walt Dis- flix would open aproduction capital this month, becoming

ney Co., Amazon.comInc.and S hub in NewYork,including six the latest apartment startup to othersracing to release new sound stages in Brooklyn. wageritcan expand despitethe PRES movies and shows foraboom- Hackman Capital also owns pandemic.Earlier this summer, ing online audience, demand is TED Culver Studios and Television apartment-development startup CIA

rising forspacetoproduce SO City in Southern California. Juno Residential Inc.launched this content. AS Last year,the companyand with $11 million in venture Real-estate brokerssay they Square Mile Capital Manage- funding. have noticed growing interest ment LLC bought the studio- Demand forurban apart- from big institutional inves- LENNIHAN/ operating companyMBS mentsisfalling fast as young

tors in film-production facili- MARK Group for$650 millionfrom professionals movetothe sub- ties,inpart because of the Silvercup Studios, where ‘The Sopranos’ and ‘Sex and the City’ were filmed, operates 23 stages. Carlyle Group Inc.and ac- urbs formorespaceand as im- sector’s appeal, but also be- quired aproduction facility in migration falls.The newfound cause other types of real es- “Wethink this is really a thereal estate. Production fa- firstlocation opened in 1983 ManhattanBeach, Calif., as ability to work remotely during tate such as hotels and retail long-term trend,” Blackstone’s cilities in LosAngeles and in aformer flour silo of the part of the deal. the pandemic is also changing have been hit hardbythe pan- head of real estatefor the NewYork arescarce, and new SilvercupBakeryinLong Is- Otherinvestorsinthe Sil- the metropolitan rental-market demic and recession. Americas,Nadeem Meghji, ones are difficult to build be- land City.Itisone of New vercup acquisition include equation. Blackstone Group Inc.in said at the time.“We’rethe- cause of high land costs, a York’s leading production fa- SquareMile Capital, the In Manhattan, the median June bought a49% stake in matic investorsand focus on combination that has led to cilities,along with Steiner Stu- Teacher Retirement System of rental priceincluding conces- three film-production facilities sectorswith strong tailwinds, rising rents. dios,Kaufman Astoria Studios Texas,anaffiliateofthe sions wasdown7.7%inAugust in Hollywood, Calif., managed and content creation is a Silvercup operates 23 and Broadway Stages. United Services Automobile from ayear earlier,according by Hudson Pacific Properties prime example.” shooting stages at three loca- Silvercup is now poised to Association and Canada-based to Miller Samuel Real Estate Inc.inadeal that valued the Silvercup doesn’t just oper- tions in Queens and the Bronx, be the firstofthe four to be PSP Investments, the person Appraisers&Consultants. buildings at $1.65 billion. ate the facilities, it also owns according to itswebsite. Its controlled by an out-of-town said. Common Chief Executive Brad Hargreavessaid he of- feredanew payment plan to struggling tenantsand reduced A Storied rent forotherstoavoid asteep drop in occupancybecause of falloutfromthe coronavirus Hotel Falls pandemic. But he expectsthe apart- ment-rental market to bounce Into Crisis back afterthe pandemic.“There areexistential questions around the futureofoffice, the future ContinuedfrompageB1 of retail, but people will always that wasconverted intocom- need aplacetolive,” he said. mercial-mortgage-backed secu- Common, founded in New rities,according to Trepp. York in 2015,started out as a Nearly aquarter of all lodging loans that had been converted intosecurities were in default Co­living company this month, compared with 2% in February. Common is counting ThePalmer House,which on a market rebound has been closed since March, showshow rapidly hotel val- after the pandemic. ues have deteriorated during the pandemic.Appraiserssaid the property wasvalued at $560 million as recently as co-living company, taking over 2018, falling 45% since then. apartment buildingsand renting

Hotels have been one of the GES out furnished rooms in shared

hardest-hit businesses since IMA apartmentstoyoung profes- the pandemic disrupted most sionals. In recent yearsithas ETTY

business travel and many va- /G expanded intomoretraditional

cation plans,but the Palmer YD rental-apartment management, House stands out even in this BO and co-living nowaccountsfor

beleaguered industry. OND only about half of itsbusiness. YM

It is in the middle of alarge RA Mr.Hargreavessaid 80% of city when touristshavefound Thor Equities paid $213 million forChicago’sPalmer House Hilton in 2005 and restoredthe lobby’sornate ceiling, then failed to makeasale. the unitsthat the company little reason to visit while res- manages aresigned under taurants, museums and other “We’relooking at aprop- Hotel-occupancy rate opening. Thehotel formany Instead, Thor refinanced it some form of revenue-sharing public attractionsare closed erty that hadproblems prior yearsattracted the wealthy, for$420 million including the arrangement. That meansCom- or limited. to the pandemic,” Russel 70% powerful and famous.Liberace $333.2 millionfirst mortgage mon doesn’t automatically run Smaller hotels in morere- D’souza, asenior analyst with and Louis Armstrong playedat from JPMorgan Chase &Co., losses when demand falls,as mote areas have had better DBRS Morningstar,said of 60 itsEmpireRoom nightclub, whichwas converted intobond has been the case with some success as most travelers are Palmer House. whileU.S.presidentsfrom securities and about $94.3mil- co-working firms. trying to avoid dense crowds The Chicago hotel has also 50 U.S. Grover Cleveland to Bill Clin- lion in mezzanine debt. Thecompanyhas grown during the pandemic. relied heavily on conference ton stayed there. Conrad Hil- Wells Fargofiled the fore- from around 1,500unitsunder Chicago, which experienced business, which analystssay 40 tonpurchased the hotel in closureaction as the trustee management at the end of 2019 looting in August along itsup- could stay frozenfor many 1945 and made it aflagship of representing bondholders. to around 3,500,according to scale Magnificent Mile avenue, more months because it de- 30 Chicago his empire. Thor has failed to make Mr.Hargreaves. has fared worsethan peers. pends on large indoor gather- Thor paid $230 million in monthly debt-servicepayments TheSwedish investment firm Thecity’s hotel-occupancy ings. 20 2005 to acquirePalmer House, sinceApril, according to a Kinnevik AB led the funding rate was35% forthe week “To schedule a conference, which included officeand retail Wells Fargomotion in the fore- round, which also included Com- ended Sept. 12, according to youhavetoknowit’sOKtosit 10 space. “Wesaid, ‘Holy cow! closureaction. Theborrower mon’sexisting investors, Nor- datafirm STR. That compares shoulder to shoulder next to This is gold,’ ” the firm’schair- failed to fund “critical” operat- west VenturePartners, 8VCand with the national averageof someone in a ballroom,” said 0 man and founder,Joseph Sitt, ing expenses,including utilities Maveron, and bringsCommon’s 48.5%and the large metro Joseph Baksic,associateman- JFMAMJ JAS told TheWall Street Journal in and real-estatetaxes,the mo- totalfunding to $110 million. market averageof43.2%, STR aging director at Moody’s In- Note:Latestdatathrough Sept. 12 2007. tion states. Akhil Chainwala,aninvest- said. vestors Service, which down- Source:STR He renovated the facade and In August, beforethe action ment manager at Kinnevik, Even before the pandemic, graded the debt backing restored the lobby’s ornate wasfiled, Thor’s spokeswoman compared Common to ashovel Chicagohotels were under Palmer House following the into the 21st century. ceiling adorned by 21 paintings said “the entirehospitality in- seller in agold rush: Whether pressure from aglut of new foreclosure action. Thehotel has along and of subjectsfromGreek mythol- dustryhas been devastated by landlords strikegold with ris- supply.Morethan 8,000 Palmer House gotintotrou- rich history. Built in 1871 by ogy. Soon after, Thor tried to the pandemic.” She also called ing rentsmatters lesstoCom- rooms were added in Chicago ble because Thor loaded it up Chicago mogul Potter Palmer, sell the hotel but couldn’t get on the government to provide mon because they need agood between 2016 and 2019,STR with debt in recent yearsinan it burned down in the Great itsprice, saypeople familiar financial relief to lodgingslike rental manager either way,he said. effort to bring the property ChicagoFire13days after with thematter. Palmer House. said. P2JW267000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | B7 BIGGEST 1,000 STOCKS

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 The following explanations apply to NYSE, NYSE s-New 52-week high. CamdenProperty CPT 88.62 2.02 Cree CREE 61.22 2.81 EsteeLauder EL 209.83 2.00 Grubhub GRUB 72.98 2.75 Herbalife HLF 48.50 0.79 Hubbell HUBB 135.76 1.42 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CampbellSoup CPB 45.66 -0.41 CrowdStrike CRWD 142.68 4.55 Etsy ETSY 119.35 3.34 GpoAvalAcc AVAL 4.67 -0.08 Hershey HSY 137.43 0.43 HubSpot HUBS 282.18 -2.50 that include primary market trades as well as quarters. CIBC CM 76.57 0.08 CrownCastle CCI 159.98 2.40 EverestRe RE 200.11 -2.20 s GuardantHealth GH 107.67 1.00 Hess HES 41.23 0.08 Humana HUM 386.76 -7.75 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. CanNtlRlwy CNI 105.14 1.83 CrownHoldings CCK 74.25 1.09 Evergy EVRG 50.47 0.46 Guidewire GWRE 106.61 1.68 HewlettPackard HPE 9.31 0.08 JBHunt JBHT 128.97 -2.25 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CanNaturalRes CNQ 16.99 0.35 CubeSmart CUBE 31.93 0.29 EversourceEner ES 78.98 0.96 HCA Healthcare HCA HighwoodsProp HIW 33.57 0.25 Nasdaq ISE. standards 120.65 -4.80 HuntingtonBcshs HBAN 8.89 -0.27 The list comprises the 1,000 largest companies lf-Late filing CanPacRlwy CP 301.27 4.48 Cummins CMI 204.28 0.41 ExactSciences EXAS 72.92 -0.59 HDFC Bank HDB 48.27 0.18 Hill-Rom HRC 82.40 -2.06 HuntingIngalls HII 143.61 -0.29 based on market capitalization. q-Temporary exemption from Nasdaq Canon CAJ 16.23 0.03 CureVac CVAC 50.00 -0.08 Exelixis EXEL 25.61 -0.20 HD Supply HDS 39.17 0.30 Hilton HLT 85.24 -0.24 IAA IAA 51.56 0.86 Underlined quotations are those stocks with requirements. CanopyGrowth CGC 16.04 0.30 CyrusOne CONE 72.04 0.49 Exelon EXC 35.21 0.46 HP HPQ 18.44 0.10 Hologic HOLX 65.38 0.26 ICICI Bank IBN 9.73 0.02 large changes in volume compared with the t-NYSE bankruptcy t issue’s average trading volume. v-Trading halted on primary market. CapitalOne COF 69.96 -1.69 D E F Expedia EXPE 93.95 2.66 HSBC HSBC 18.35 -0.29 HomeDepot HD 273.31 0.96 IdexxLab IDXX 368.32 3.62 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being CardinalHealth CAH 47.08 -0.02 ExpeditorsIntl EXPD 89.16 0.83 HUYA HUYA 26.18 0.19 HondaMotor HMC 24.37 0.15 IHS Markit INFO 78.64 0.59 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Carlisle CSL 120.52 1.79 DISH Network DISH 30.13 0.13 ExtraSpaceSt EXR 107.84 0.28 Halliburton HAL 13.33 0.11 Honeywell HON 162.68 1.31 ING Groep ING 6.99 -0.14 previous closing price was $2 or higher. or securities assumed by such companies. Carlyle CG 24.57 0.04 DTE Energy DTE 112.01 0.71 ExxonMobil XOM 35.53 -0.90 HartfordFinl HIG 35.84 -0.40 HorizonTherap HZNP 78.16 -0.68 IPG Photonics IPGP 162.28 4.49 CarMax KMX 104.30 3.18 F5Networks FFIV 120.35 2.58 Hasbro HAS 75.45 -0.62 HormelFoods HRL 48.71 0.24 IQVIA IQV 153.30 -0.78 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and DadaNexus DADA 26.23 -0.69 Carnival CCL 14.41 0.12 FMC FMC 107.55 1.10 DR Horton DHI changes in the closing prices from 4 p.m. the previous day. Danaher DHR 207.15 1.34 HealthcareAmer HTA 25.38 0.41 75.51 3.39 IcahnEnterprises IEP 48.60 0.28 Carnival CUK 12.00 0.22 Darden DRI 89.98 2.20 Facebook FB 254.75 6.60 HealthpeakProp PEAK 26.60 0.31 HostHotels HST 10.40 -0.09 Icon ICLR 177.71 0.63 Tuesday, September 22, 2020 Net Net CarrierGlobal CARR 30.26 0.75 Datadog DDOG 93.41 5.27 FactSet FDS 338.80 1.96 Heico A HEI.A 89.50 -0.05 HowmetAerospace HWM 17.08 0.20 IDEX IEX 180.34 2.09 Carvana CVNA FairIsaac FICO 428.33 4.09 Net Stock Sym Close Chg Stock Sym Close Chg 226.83 53.16 DaVita DVA 84.64 -0.48 Heico HEI 107.51 0.71 HuanengPower HNP 15.86 -0.31 IllinoisToolWks ITW 193.09 1.58 Stock Sym Close Chg CaseysGenStores CASY 172.83 1.67 DeckersOutdoor DECK 213.67 6.62 Farfetch FTCH 24.43 0.91 HenrySchein HSIC 59.03 -0.77 Huazhu HTHT 41.77 1.29 Continued on Page B8 AmerWaterWorks AWK 140.17 0.45 BkNovaScotia BNS 40.84 -0.14 Catalent CTLT 85.17 -0.38 Deere DE 217.58 3.37 Fastenal FAST 44.79 1.07 AmericoldRealty COLD 35.26 0.14 Barclays BCS 4.68 -0.06 A B C Caterpillar CAT 147.15 1.82 DellTechC DELL 66.31 0.81 Fastly FSLY 94.31 1.80 Ameriprise AMP 148.69 -1.70 BarrickGold GOLD 28.42 0.23 Celanese CE 109.16 -0.38 DeltaAir DAL 30.22 0.40 FederalRealty FRT 73.82 0.54 Borrowing Benchmarks ABB ABB 25.19 -0.03 AmerisourceBrgn ABC 95.26 -0.56 BauschHealth BHC 16.04 -0.48 Centene CNC 54.34 -1.65 DentsplySirona XRAY 44.58 -0.13 FedEx FDX 243.42 4.68 AcadiaPharm ACAD 40.97 -0.35 Ametek AME 97.24 1.00 BaxterIntl BAX 79.05 -1.20 wsj.com/market-data/bonds/benchmarks CenterPointEner CNP 18.91 0.01 DeutscheBank DB 8.14 -0.20 Ferrari RACE 183.30 -0.80 ADT ADT 8.64 -0.08 Amgen AMGN 247.50 4.31 BectonDicknsn BDX 223.80 -4.64 CentraisElBras EBR 5.99 -0.09 DexCom DXCM 398.13 6.44 FiatChrysler FCAU 12.00 0.17 AECOM ACM 38.57 0.53 Amphenol APH 104.62 1.13 BeiGene BGNE 268.80 -2.27 CeridianHCM CDAY 78.38 2.13 Diageo DEO 128.59 0.26 FidNatlFin FNF 32.62 0.52 Money Rates September 22, 2020 AES AES 18.24 -0.12 AnalogDevices ADI 114.70 0.77 Berkley WRB 61.44 0.30 Cerner CERN 68.63 -0.07 DigitalRealty DLR 143.41 1.55 FidNatlInfo FIS 146.19 2.17 Aflac AFL 36.37 -0.04 Anaplan PLAN 60.39 1.21 BerkHathwy B BRK.B 214.16 1.14 CharlesRiverLabs CRL 217.33 -0.60 DiscoverFinSvcs DFS 54.52 -0.50 FifthThirdBncp FITB 20.11 -0.75 Key annual interest rates paid to borrow or lend money in U.S. and AGNC Invt AGNC 14.27 -0.02 AngloGoldAsh AU 26.31 0.14 BerkHathwy A BRK.A 3206011067.00 CharterComms CHTR 633.05 18.71 DiscoveryB DISCB 33.00 ... FirstAmerFin FAF 50.88 -1.09 international markets. Rates below are a guide to general levels but Ansys ANSS 315.44 6.25 BerryGlobal BERY AB InBev BUD 54.34 -0.12 48.08 0.01 CheckPoint CHKP 120.05 3.17 DiscoveryA DISCA 22.33 -0.09 FirstRepBank FRC 103.20 -2.66 ASETech ASX 4.15 -0.06 don’t always represent actual transactions. AnnalyCap NLY 7.38 0.01 BestBuy BBY 107.63 1.66 Chegg CHGG 68.49 0.44 DiscoveryC DISCK 20.21 -0.19 FirstSolar FSLR 61.55 -0.12 ASML ASML 364.64 2.02 Anthem ANTM 247.44 -10.27 BeyondMeat BYND 153.82 5.02 Chemed CHE 482.30 2.78 Disney DIS 127.21 1.80 FirstEnergy FE 28.57 -0.06 AT&T T 28.51 -0.12 Aon AON Bilibili BILI 43.31 0.22 Week —52-WEEK— 199.97 0.77 CheniereEnergy LNG 50.40 0.76 DocuSign DOCU 212.13 7.11 Fiserv FISV 101.09 1.48 Inflation AbbottLabs ABT 104.80 -1.15 Latest ago High Low ApolloGlbMgmt APO 44.33 0.63 Bill.com BILL 91.65 3.30 CheniereEnerPtrs CQP 32.82 -0.11 DolbyLab DLB 65.89 0.44 FiveBelow FIVE 128.74 -0.56 AbbVie ABBV 88.60 -0.49 Aug. index Chg From (%) Apple AAPL 111.81 1.73 Bio-Techne TECH 243.24 5.54 Chevron CVX 75.53 -0.77 DollarGeneral DG 208.34 5.40 Five9 FIVN 126.63 0.30 Abiomed ABMD 268.99 3.13 level July '20 Aug. '19 Other short-term rates ApplMaterials AMAT 57.89 0.57 Bio-RadLab A BIO 515.68 -2.23 Chewy CHWY 54.48 1.26 DollarTree DLTR 86.80 0.83 FleetCorTech FLT 236.04 0.60 AcceleronPharma XLRN 109.40 2.26 Aptargroup ATR 114.33 0.88 Biogen BIIB 272.76 4.46 Floor&Decor FND 74.00 1.75 ChinaEastrnAir CEA 21.77 -0.72 DominionEner D 77.50 -0.47 U.S. consumer price index Week 52-Week Accenture ACN 236.92 3.01 Aptiv APTV BioMarinPharm BMRN 79.36 2.08 84.51 -0.05 ChinaLifeIns LFC 11.59 -0.11 Domino's DPZ 413.75 8.78 FomentoEconMex FMX 54.54 0.10 Latest ago high low ActivisionBliz ATVI 82.65 1.24 All items 259.918 0.32 1.3 Aramark ARMK 26.22 0.13 BioNTech BNTX 67.05 0.93 ChinaMobile CHL 33.20 -0.30 Donaldson DCI 46.66 0.11 FordMotor F 6.78 -0.09 AdaptiveBiotech ADPT 48.07 0.95 Core 268.756 0.39 1.7 ArcelorMittal MT 12.43 -0.23 BlackKnight BKI 86.03 1.46 ChinaPetrol SNP 41.54 -0.74 Dover DOV 107.56 0.11 Fortinet FTNT 118.68 0.85 Call money Adobe ADBE 486.78 11.14 ArchCapital ACGL 29.00 0.11 BlackRock BLK 550.80 -1.79 ChinaSoAirlines ZNH 27.65 -1.55 Dow DOW 47.80 -0.11 Fortis FTS 39.76 0.47 International rates 2.00 2.00 3.75 2.00 AdvanceAuto AAP 150.11 1.68 ArcherDaniels ADM 47.00 0.49 Blackstone BX 51.30 -0.43 ChinaTelecom CHA 30.76 -0.88 DrReddy'sLab RDY 70.01 0.23 Fortive FTV 72.78 0.41 AdvMicroDevices AMD 77.70 -0.24 AresMgmt ARES 39.51 0.58 Boeing BA 156.80 0.45 ChinaUnicom CHU 6.93 -0.15 DraftKings DKNG 53.94 2.45 FortBrandsHome FBHS 84.50 2.16 Week 52-Week Commercial paper (AA financial) AgilentTechs A 98.62 0.49 arGEN-X ARGX 242.87 -6.13 BookingHldgs BKNG 1674.00 21.61 Chipotle CMG 1234.58 28.06 Dropbox DBX 19.53 0.30 FoxA FOXA 26.77 -0.01 Latest ago High Low 90 days n.a. 0.14 2.53 0.04 AgnicoEagle AEM 78.94 0.43 AristaNetworks ANET 199.93 4.83 BoozAllen BAH 87.38 1.72 Chubb CB 116.04 0.05 DukeEnergy DUK 82.69 0.12 FoxB FOX 26.95 0.06 AirProducts APD 293.45 2.67 ArrowElec ARW 78.08 1.01 BorgWarner BWA 37.41 ... ChunghwaTel CHT 36.98 0.01 DukeRealty DRE 36.65 0.82 Franco-Nevada FNV 142.28 0.92 Prime rates Libor AkamaiTech AKAM 112.75 2.59 AscendisPharma ASND 144.27 3.57 s BostonBeer SAM 912.86 33.59 Church&Dwight CHD 91.59 1.95 Dun&Bradstreet DNB 23.90 -0.16 FranklinRscs BEN 19.87 -0.23 U.S. 3.25 3.25 5.00 3.25 One month 0.15113 0.15050 2.05363 0.14925 Albemarle ALB 95.24 0.11 AspenTech AZPN BostonProps BXP 80.50 -0.61 FreeportMcM FCX 15.68 0.03 130.45 2.11 ChurchillDowns CHDN 163.21 8.77 Dunkin' DNKN 77.19 0.78 Canada 2.45 2.45 3.95 2.45 Three month 0.22250 0.24613 2.11300 0.22250 Albertsons ACI 13.90 0.24 Assurant AIZ 120.91 0.84 BostonSci BSX 38.60 0.05 Ciena CIEN FreseniusMed FMS 41.79 0.42 41.11 0.52 DuPont DD 55.76 -0.42 Japan 1.475 1.475 1.475 1.475 Six month 0.27475 0.27325 2.06438 0.27038 Alcon ALC 57.40 0.30 AstraZeneca AZN 55.44 -0.47 BrightHorizons BFAM 142.50 4.30 Cigna CI 161.74 -3.22 Dynatrace DT 41.23 0.89 G H I One year 0.37650 0.38575 2.04325 0.37388 AlexandriaRlEst ARE 159.15 3.26 Athene ATH 33.84 0.11 BristolMyers BMY 58.76 0.99 CincinnatiFin CINF 75.88 0.44 ENI E 16.42 -0.07 Policy Rates AlexionPharm ALXN 114.51 2.77 Atlassian TEAM 180.26 2.86 BritishAmTob BTI 34.96 1.14 Cintas CTAS 324.01 7.42 EOG Rscs EOG 38.45 -0.36 GCI LibertyA GLIBA 82.83 2.12 Euro zone 0.00 0.00 0.00 0.00 Euro Libor Alibaba BABA 275.29 1.47 AtmosEnergy ATO 93.72 1.45 Broadcom AVGO 361.59 9.80 CiscoSystems CSCO 39.32 0.28 EPAM Systems EPAM 321.73 7.43 GDS Holdings GDS 79.17 1.98 Switzerland 0.00 0.00 0.50 0.00 One month -0.568 -0.562 -0.360 -0.621 AlignTech ALGN 322.57 0.27 Autodesk ADSK 229.56 1.92 BroadridgeFinl BR 132.04 1.13 Citigroup C 43.29 -0.64 E*TRADE ETFC 49.30 -0.72 GFLEnvironmental GFL 21.26 0.08 Britain 0.10 0.10 0.75 0.10 Three month -0.519 -0.513 -0.142 -0.539 Alleghany Y 499.82 -4.51 Autohome ATHM 93.67 -0.32 BrookfieldMgt BAM 32.83 0.30 CitizensFin CFG 24.51 -1.32 EastmanChem EMN 79.01 -1.56 GSXTechedu GSX 105.60 0.72 Australia 0.25 0.25 1.00 0.25 Six month Allegion ALLE 98.22 0.45 Autoliv ALV 71.63 0.33 BrookfieldInfr BIP 47.19 0.36 CitrixSystems CTXS 137.20 2.98 Eaton ETN 99.31 1.93 Galapagos GLPG 137.44 -2.23 -0.496 -0.491 -0.052 -0.498 Overnight repurchase AlliantEnergy LNT 50.01 0.18 ADP ADP 132.91 1.88 BrookfieldPropREIT BPYU 10.96 0.08 Clarivate CCC 29.15 0.39 eBay EBAY 50.92 0.78 Gallagher AJG 104.29 0.18 One year -0.432 -0.425 0.008 -0.441 Allstate ALL 92.34 0.31 AutoZone AZO 1166.71 -19.30 BrookfieldRenew BEPC 51.16 -0.53 U.S. 0.06 0.11 2.35 -0.07 Clorox CLX 212.38 3.85 Ecolab ECL 199.16 0.69 Gaming&Leisure GLPI 36.36 0.26 Secured Overnight Financing Rate AllyFinancial ALLY 24.19 -0.36 Avalara AVLR 124.73 1.00 Brown&Brown BRO 44.51 0.49 Cloudflare NET 39.87 0.91 Ecopetrol EC 10.52 -0.08 Gap GPS 16.71 0.31 AlnylamPharm ALNY 133.64 2.72 Avalonbay AVB 149.20 3.27 Brown-Forman A BF.A 68.52 0.32 Coca-Cola KO 49.66 0.57 EdisonInt EIX 50.42 0.72 Garmin GRMN 95.14 0.88 U.S. government rates 0.08 0.09 2.35 0.01 Alphabet A GOOGL 1459.82 29.68 Avangrid AGR 49.47 1.33 Brown-Forman B BF.B 76.15 0.31 Coca-Cola Euro CCEP 39.15 -0.47 EdwardsLife EW 78.68 -2.77 Gartner IT 126.71 0.30 Discount Value 52-Week Alphabet C GOOG 1465.46 34.30 Avantor AVTR 22.31 -0.48 Bruker BRKR 38.78 0.43 Cognex CGNX 62.16 0.91 ElancoAnimal ELAN 27.05 0.50 Generac GNRC 182.90 1.67 Latest Traded High Low 0.25 0.25 2.50 0.25 Alteryx AYX 110.54 0.23 AveryDennison AVY 122.01 0.81 Bunge BG 45.98 0.25 CognizantTech CTSH 68.25 0.86 Elastic ESTC 108.28 -0.17 GeneralDynamics GD 139.45 1.12 DTCC GCF Repo Index AlticeUSA ATUS 26.26 0.32 BCE BCE 41.87 0.60 BurlingtonStrs BURL 205.68 -1.32 ColgatePalm CL 76.07 0.88 ElectronicArts EA 131.02 2.73 GeneralElec GE 6.25 -0.10 Federal funds Altria MO 38.55 -0.27 BHP Group BHP 52.89 -0.03 CBRE Group CBRE 46.01 -0.44 ColumbiaSportswr COLM 89.30 1.58 EmersonElec EMR 65.23 0.25 GeneralMills GIS 57.99 0.12 Treasury 0.077 48.250 2.460 0.002 Effective rate 0.0900 0.0900 1.9200 0.0600 AlumofChina ACH 5.52 -0.10 BHP Group BBL 43.84 ... CDW CDW 110.17 1.36 Comcast A CMCSA 46.19 1.51 Enbridge ENB 30.51 0.45 GeneralMotors GM 29.44 -0.56 MBS 0.107 62.460 2.651 0.011 High 0.1000 0.1000 2.0000 0.1000 Amazon.com AMZN 3128.99168.52 BJ'sWholesale BJ 41.14 -0.09 CF Industries CF 31.25 -0.36 CommerceBcshrs CBSH 54.27 -0.12 EncompassHealth EHC 61.98 -1.59 Genmab GMAB 38.20 -0.35 Low 0.0500 0.0500 1.7700 0.0100 Ambev ABEV 2.36 ... BP BP 18.48 0.16 CGI GIB 68.28 1.07 SABESP SBS 8.73 0.08 EnelAmericas ENIA 6.56 -0.46 Genpact G 38.87 1.24 Bid 0.0800 0.0800 1.9000 0.0100 Notes on data: Amcor AMCR 11.04 0.03 B2Gold BTG 6.62 0.08 CH Robinson CHRW 102.56 0.61 ConagraBrands CAG 35.15 0.11 EnergyTransfer ET 5.82 -0.08 Gentex GNTX 25.33 0.10 Offer 0.1100 0.1100 2.0000 0.0500 U.S. prime rate is the base rate on corporate Amdocs DOX 57.99 -0.33 Baidu BIDU 124.03 -0.52 CME Group CME 166.59 -1.10 ConchoRscs CXO 45.60 -0.65 EnphaseEnergy ENPH 72.23 1.51 GenuineParts GPC 96.43 -0.12 loans posted by at least 70% of the 10 largest Amedisys AMED 233.67 -6.57 BakerHughes BKR 14.40 0.07 CMS Energy CMS 60.69 0.70 ConocoPhillips COP 34.30 -0.06 Entegris ENTG 67.07 0.47 Gerdau GGB 3.78 ... Treasury bill auction U.S. banks, and is effective March 16, 2020. Amerco UHAL 366.10 1.31 Ball BLL 81.58 0.55 CNA Fin CNA 30.30 -0.19 ConEd ED 73.70 0.86 Entergy ETR 97.28 2.45 GileadSciences GILD 63.40 -0.81 Other prime rates aren’t directly comparable; 4 weeks 0.080 0.090 1.950 0.000 Ameren AEE 77.06 0.44 t BancoBilbaoViz BBVA 2.53 -0.03 CNH Indl CNHI 7.55 0.06 ConstBrands A STZ 188.50 3.44 EnterpriseProd EPD 16.00 -0.31 GSK GSK 38.00 -0.21 lending practices vary widely by location; 13 weeks 0.100 0.110 1.905 0.000 Discount rate is effective March 16, 2020. AmericaMovil A AMOV 11.83 -0.24 BancoBradesco BBDO 3.43 ... CNOOC CEO 102.90 -1.00 Cooper COO 339.25 -2.61 Equifax EFX 156.09 0.99 GlobalPayments GPN 179.86 4.30 26 weeks 0.105 0.120 1.860 0.080 Secured Overnight Financing Rate is as of AmericaMovil AMX 12.11 -0.10 BancodeChile BCH 15.76 0.07 CRH CRH 35.87 0.15 Copart CPRT 105.06 2.43 Equinix EQIX 750.00 4.45 Globant GLOB 179.10 -1.40 September 21, 2020. DTCC GCF Repo Index is AmerAirlines AAL 12.34 0.13 BancSanBrasil BSBR 5.03 ... CRISPR Therap CRSP 88.81 3.68 Corning GLW 31.61 0.19 Equinor EQNR 15.02 -0.11 GlobeLife GL 79.47 0.18 Depository Trust & Clearing Corp.'s weighted AEP AEP 79.85 0.49 BcoSantChile BSAC 14.14 -0.12 CSX CSX 77.93 0.35 Corteva CTVA 28.09 -0.13 Equitable EQH 17.95 0.31 GoDaddy GDDY 74.50 0.99 Secondary market average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. AmerExpress AXP 98.48 0.31 t BancoSantander SAN 1.86 -0.06 CVS Health CVS 58.14 -0.73 CoStar CSGP 837.50 13.50 EquityLife ELS 61.69 1.36 GoldFields GFI 12.29 0.03 Fannie Mae Federal-funds rates are Tullett Prebon rates as AmericanFin AFG 65.77 0.35 BanColombia CIB 26.17 -0.61 CableOne CABO 1759.35 32.90 Costco COST 344.45 4.88 EquityResdntl EQR 52.66 0.63 GoldmanSachs GS 191.62 -2.38 of 5:30 p.m. ET. CabotOil COG 19.41 -0.04 30-year mortgage yields AmHomes4Rent AMH 28.13 0.32 BankofAmerica BAC 23.94 -0.53 CoupaSoftware COUP 268.24 2.96 ErieIndemnity A ERIE 208.50 -4.86 Graco GGG 60.34 0.86 Sources: Federal Reserve; Bureau of Labor AIG AIG 27.34 0.36 BankofMontreal BMO 58.72 -0.77 CadenceDesign CDNS 102.83 0.73 Credicorp BAP 125.14 -0.94 EssentialUtil WTRG 39.39 0.08 Grainger GWW 343.68 2.11 30 days 1.970 1.948 3.388 1.751 Statistics; DTCC; FactSet; AmerTowerREIT AMT 241.94 0.97 BankNY Mellon BK 33.48 -0.49 CaesarsEntCZR 58.13 3.70 CreditSuisse CS 9.91 -0.17 EssexProp ESS 207.48 3.17 Grifols GRFS 15.72 -0.16 60 days 2.025 2.016 3.403 1.804 Tullett Prebon Information, Ltd.

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B8 | We dnesday, September 23, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Continued From Page B7 Net Net Net Net Net Net Net Net Net 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 Stock Sym Close Chg Stock Sym Close Chg JackHenry JKHY 163.12 3.91 LHC Group LHCG 203.64 3.10 LiveNationEnt LYV 53.11 -0.05 MartinMarietta MLM 221.47 3.16 MomentaPharm MNTA 52.36 -0.01 NewellBrands NWL 17.22 0.13 OccidentalPetrol OXY 11.08 -0.21 Paychex PAYX 77.60 0.85 Mondelez MDLZ 55.81 -0.04 PaycomSoftware PAYC 280.08 5.76 Illumina ILMN268.51 -1.62 JacobsEngg J 91.33 2.04 Line LN 51.09 -0.05 LivongoHealth LVGO 138.15 7.64 MarvellTech MRVL 38.86 0.48 Newmont NEM 63.45 -0.22 Okta OKTA 211.86 5.39 MongoDB MDB 222.91 0.37 Paylocity PCTY 149.89 3.44 Immunomedics IMMU 85.05 -0.36 JamesHardie JHX 22.13 0.32 LKQ LKQ 28.48 -0.44 LloydsBanking LYG 1.19 0.01 Masco MAS 56.58 0.69 NewsCorp B NWS 14.67 0.20 OldDomFreight ODFL 180.72 2.11 MonolithicPower MPWR 259.48 3.51 PayPal PYPL 187.78 4.57 ImperialOil IMO 13.27 0.03 JazzPharma JAZZ 139.21 0.23 LPL Financial LPLA 76.34 -0.19 LockheedMartin LMT 388.42 8.81 Masimo MASI 220.23 0.44 NewsCorp A NWSA 14.74 0.17 Ollie'sBargain OLLI 87.70 1.82 MonsterBev MNST 79.23 0.85 NextEraEnergy NEE 278.06 1.86 Pegasystems PEGA 120.75 0.66 Incyte INCY 86.93 1.54 s JFrog FROG 77.71 10.71 L3HarrisTech LHX 180.75 3.17 Loews L 34.72 -0.10 Mastercard MA 335.31 7.46 OmegaHealthcare OHI 30.58 0.15 Moody's MCO 279.13 -0.91 Peloton PTON 94.39 -0.41 s Infosys INFY 13.84 0.23 J&J JNJ 144.21 -0.89 LabCpAm LH 184.90 0.57 LogitechIntl LOGI 73.30 0.04 MaximIntProducts MXIM 65.83 0.68 Nike NKE 116.87 3.50 Omnicom OMC 49.71 0.46 MorganStanley MS 47.63 -0.73 PembinaPipeline PBA 22.55 0.30 IngersollRand IR 35.10 0.44 JohnsonControls JCI 41.33 0.42 LamResearch LRCX 318.69 3.73 Lowe's LOW 161.55 1.95 McCormick MKC 192.39 1.99 Nikola NKLA 28.51 0.93 ON Semi ON 20.82 0.21 Morningstar MORN 154.81 0.24 PennNational PENN 74.36 4.29 Insulet PODD 230.56 5.99 JuniperNetworks JNPR 22.54 -0.43 LamarAdv LAMR 65.70 -0.64 lululemon LULU 313.60 18.04 McCormickVtg MKC.V 192.59 4.09 NiSource NI 22.08 -0.12 OneConnectFinTech OCFT 20.33 0.85 Mosaic MOS 18.05 0.24 Pentair PNR 45.40 0.76 Intel INTC 49.95 0.23 KB Fin KB 32.14 0.28 LambWeston LW 63.57 -1.44 LumenTech LUMN 10.26 ... McDonalds MCD 216.41 ... Nokia NOK 3.98 0.02 OpenText OTEX 42.22 0.68 MotorolaSol MSI 157.27 4.70 Penumbra PEN 204.30 1.85 InteractiveBrkrs IBKR 48.76 0.86 KE Holdings BEKE 52.38 -1.13 LasVegasSands LVS 46.25 -0.19 Lumentum LITE 74.80 -0.91 McKesson MCK 149.61 1.38 NomuraHoldings NMR 4.83 0.03 Oracle ORCL 60.62 -0.20 Mylan MYL 14.82 0.04 PepsiCo PEP 132.15 0.91 ICE ICE 98.80 -0.47 KKR KKR 34.65 0.12 Lear LEA 109.16 -1.92 Lyft LYFT 28.31 -0.59 MedicalProp MPW 16.69 -0.10 Nordson NDSN 186.07 -1.65 Orange ORAN 10.88 0.05 MyoKardia MYOK 132.61 6.26 PerkinElmer PKI 119.95 1.70 InterContinentl IHG 50.51 -0.58 KLA KLAC 183.30 2.20 Leidos LDOS 91.60 3.17 LyondellBasell LYB 73.51 0.01 Medtronic MDT 104.35 -0.45 NorfolkSouthern NSC 216.39 2.08 Orix IX 65.48 0.21 NICE NICE 225.18 7.36 Perrigo PRGO 46.55 0.63 IBM IBM 120.51 0.26 KSCitySouthern KSU 181.08 0.55 s Lennar B LEN.B 63.92 3.03 MelcoResorts MLCO 16.56 0.23 NorthernTrust NTRS 77.79 -1.71 OtisWorldwide OTIS 60.99 1.58 M N NIO NIO 19.23 0.42 PetroChina PTR 31.22 -0.54 IntlFlavors IFF 120.61 0.18 Kellogg K 62.67 -0.05 s Lennar A LEN 79.85 3.10 MercadoLibre MELI 1060.97 48.98 NorthropGrum NOC 332.80 6.91 OwensCorning OC 68.27 1.98 NRG Energy NRG 28.84 -0.31 PetroleoBrasil PBR 7.84 -0.05 IntlPaper IP 40.78 -0.26 KeurigDrPepper KDP 27.85 -0.01 LennoxIntl LII 270.46 3.50 M&T Bank MTB 93.11 -3.51 Merck MRK 82.94 -0.19 NortonLifeLock NLOK 21.01 0.42 PG&E PCG 9.85 0.22 NVR NVR 4044.52113.23 PetroleoBrasilA PBR.A 7.63 -0.11 Interpublic IPG 16.68 -0.25 KeyCorp KEY 11.74 -0.31 LiAuto LI 16.74 0.31 MGMGrowthProp MGP 27.86 0.01 MetLife MET 36.95 -0.48 Novartis NVS 88.92 -0.58 PLDT PHI 28.08 -0.05 NXP Semi NXPI 122.63 1.28 Pfizer PFE 36.25 0.23 Intuit INTU 317.28 9.58 KeysightTechs KEYS 97.42 -0.38 LibertyBroadbandA LBRDA 143.33 3.95 MGM Resorts MGM 21.62 0.53 MettlerToledo MTD 986.07 11.57 Novavax NVAX 111.63 1.48 PNC Fin PNC 105.36 -3.48 Nasdaq NDAQ 123.32 1.27 PhilipMorris PM 77.01 -0.82 IntuitiveSurgical ISRG 666.02 24.07 KilroyRealty KRC 53.38 0.73 LibertyBroadbandC LBRDK 144.15 3.54 MKS Instrum MKSI 108.18 -0.14 MicrochipTech MCHP 99.20 0.70 NovoNordisk NVO 69.06 0.07 POSCO PKX 41.70 1.94 NationalGrid NGG 53.71 0.21 Phillips66 PSX 55.36 -0.56 InvitatHomes INVH 27.72 0.14 KimberlyClark KMB 146.96 1.09 LibertyGlobal C LBTYK 20.85 0.33 MPLX MPLX 16.83 -0.37 MicronTech MU 49.70 0.55 Novocure NVCR 104.15 -0.96 PPD PPD 35.33 1.17 NatlRetailProp NNN 34.51 -0.37 Pinduoduo PDD 80.04 0.08 IonisPharma IONS 50.77 0.57 KinderMorgan KMI 12.80 -0.06 LibertyGlobal A LBTYA 21.31 0.29 MSCI MSCI 351.24 -0.49 Microsoft MSFT 207.42 4.88 NuanceComms NUAN 33.53 0.66 PPG Ind PPG 120.82 0.74 Natura&Co NTCO 18.67 -0.27 PinnacleWest PNW 71.83 1.02 iQIYI IQ 23.58 0.07 LibertyFormOne C FWONK 35.02 -0.10 MagellanMid MMP 35.65 -1.16 MidAmApt MAA 115.18 2.01 Nucor NUE 45.68 -0.12 PPL PPL 26.26 0.03 KingsoftCloud KC 32.29 -4.61 NatWest NWG 2.44 0.09 s PinterestPINS 40.55 3.68 iRhythmTechs IRTC 222.21 -3.12 LibertyFormOne A FWONA MagnaIntl MGA MiratiTherap MRTX 163.79 1.64 Nutrien NTR 40.48 0.48 PRA HealthSci PRAH 99.83 -0.16 KinrossGold KGC 9.21 -0.02 32.29 -0.08 43.48 -0.10 nCino NCNO 80.35 0.29 PioneerNatRscs PXD 92.52 0.60 IronMountain IRM 27.19 -0.08 MitsubishiUFJ MUFG 4.11 0.01 NVIDIA NVDA 505.51 4.82 PTC PTC 85.85 0.52 KirklandLakeGold KL 49.02 -0.76 LibertyBraves A BATRA 19.87 -0.39 ManhattanAssoc MANH 96.46 1.70 NetApp NTAP 41.88 0.49 PlainsAllAmPipe PAA 6.09 -0.25 ItauUnibanco ITUB 4.22 0.05 MizuhoFin MFG 2.63 ... Paccar PCAR 82.34 0.48 Knight-Swift KNX 40.86 -0.68 LibertyBraves C BATRK 20.01 -0.33 ManulifeFin MFC 13.87 -0.04 NetEase NTES 484.28 4.39 O P Q Pool POOL 307.90 7.41 MobileTeleSys MBT 8.96 -0.04 PackagingCpAm PKG J K L KoninklijkePhil PHG 45.41 -0.49 LibertySirius A LSXMA 32.88 -0.55 MarathonPetrol MPC 31.04 -0.21 Netflix NFLX 491.17 3.82 107.15 -0.88 PostHoldings POST 84.04 -0.43 KoreaElcPwr KEP 8.63 0.04 LibertySirius C LSXMK 32.81 -0.46 Markel MKL 976.90 10.31 Moderna MRNA 68.72 -0.54 Neurocrine NBIX 99.93 0.63 OGE Energy OGE 28.96 0.27 PagSeguroDig PAGS 38.84 1.32 PrincipalFin PFG 38.82 -0.18 JD.com JD 75.00 -0.13 KraftHeinz KHC 29.23 -0.42 EliLilly LLY 149.86 -1.32 MarketAxess MKTX 446.95 3.95 MohawkInds MHK 96.31 0.43 NewFortressEner NFE 37.11 -0.47 ONEOK OKE 25.67 -0.77 PaloAltoNtwks PANW 246.50 3.89 Procter&Gamble PG 137.96 1.25 Joyy YY 79.93 -2.06 Kroger KR 33.74 0.28 LincolnNational LNC 31.31 -0.23 Marriott MAR 95.50 2.48 MolinaHealthcare MOH 156.21 -12.67 NewOrientalEduc EDU 152.88 -1.19 OReillyAuto ORLY 455.40 1.44 PanAmerSilver PAAS 33.30 0.55 s Progressive PGR 94.42 -2.94 JPMorganChase JPM 94.27 -1.04 L Brands LB 30.55 1.10 Linde LIN 238.23 -0.21 Marsh&McLen MMC 116.27 ... MolsonCoorsB TAP 33.73 0.14 NYTimes A NYT 42.69 0.46 OakStreetHealth OSH 43.74 1.47 ParkerHannifin PH 200.63 1.64 Continued on Page B9

New Highs and Lows | WSJ.com/newhighs 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

JuniperIndlWt JIH.WS 1.88 4.9 RexfordIndPfdC REXRpC 28.11 0.1 AmOutdoorBrands AOUT 12.24 -2.0 E.MergeTechA ETAC 9.78 -0.5 KearnyFinancial KRNY 7.06 -2.9 Sabre6.5%Pfd SABRP 87.15 -2.9 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American KB Home 40.86 4.0 Roku ROKU 195.36 2.6 ArdmoreShipping ASC 3.20 -3.7 E.MergeTechWt 1.25 5.2 SatsumaPharm 4.15 -1.4 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest KBH ETACW LionGroupWt LGHLW 0.05 -16.4 STSA AshfordHosp 1.70 -8.1 session. %CHG-Daily percentage change from the previous trading session. Lennar A LEN 80.06 4.0 SoftwareAcqnGrpII SAIIU 10.20 ... AHT Express EXPR 0.75 -4.3 Lizhi LIZI 2.77 -15.3 ScorpioBulkers SALT 11.72 -5.4 Lennar B LEN.B 63.99 5.0 SpringWorks SWTX 53.20 7.5 BancoBilbaoViz BBVA 2.50 -1.2 FarmerBros FARM 4.68 -3.4 MainStreetBcshs MNSB 11.75 -4.6 SiebertFin SIEB 3.26 1.6 StepStone 28.27 9.7 BancoSantander SAN 1.82 -3.1 SilenceTherap SLN 17.50 -0.6 Tuesday, September 22, 2020 LionheartAcqnII LCAPU 10.01 0.1 STEP FedNat FNHC 7.01 -4.9 MercantileBank MBWM 17.67 -1.9 MeritageHomes MTH 107.69 5.5 StitchFix SFIX 31.60 8.0 BeasleyBroadcast BBGI 1.20 -5.4 FstCmntyBcsh FCBC 17.81 -3.3 Metacrine MTCR 9.06 1.0 StateAutoFin STFC 13.51 -0.6 52-Wk % 52-Wk % 52-Wk % BridgeBancorp BDGE 17.01 -3.3 MorganStanleyPfdL MSpL 26.59 0.3 TFF Pharm TFFP 17.20 2.1 FourSeasonsEduc FEDU 0.80 0.6 NACCO Inds NC 18.17 -4.3 SundialGrowers SNDL 0.22 -3.7 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CCNeubergerIIWt PRPB.WS 1.76 -0.5 TerritBanc TBNK 19.47 -0.8 MyovantSciences MYOV 22.98 1.2 TruistFinPfdI TFCpI 25.95 1.4 GTY Tech GTYH 2.35 -6.1 NorthfieldBanc NFBK 8.90 -3.1 CapitalaFinance CPTA 9.41 0.5 36Kr KRKR 2.45 -6.7 CambiumNtwks CMBM 19.90 3.5 FiverrIntl FVRR 133.59 5.2 NanoStringTech NSTG 46.93 0.9 Tupperware TUP 27.19 4.5 Genetron GTH 10.27 -4.4 OLB Group OLB 3.85 -2.5 ChinaXiangFood PLIN 0.68 1.8 3D Systems DDD 4.88 -0.6 Highs CassavaSciences SAVA 11.25 6.4 FlotekIndustries FTK 2.98 8.9 NewbornAcqnWt NBACW 0.30 3.9 UnitySoftware U 84.98 16.3 Genfit GNFT 3.95 -7.1 PMV Consumer PMVC.U 9.93 -0.7 Citizens&Northern CZNC 15.29 -0.8 TimberPharm TMBR 0.92 -0.8 CastleBiosci CSTL 52.40 -1.2 FoleyTrasimeneWt WPF.WS 2.99 15.9 NuSkinEnts NUS 53.63 1.9 Vaxcyte PCVX 55.75 5.2 GuangshenRail GSH 8.97 -1.4 PainReform PRFX 5.23 -3.5 AltaEquipWt ALTG.WS 2.10 12.3 CivistaBcshrs CIVB 11.50 -1.5 TsakosEnergy TNP 7.94 -1.7 Cleanspark CLSK 15.14 -9.7 ForumMergerIII FIII 13.50 0.6 PacBiosciCA PACB 8.79 5.3 Zillow C Z 99.35 3.6 HMN Fin HMNF 13.06 -1.0 PandionTherap PAND 13.71 -0.5 AmFinGrp4.5%Deb. AFGE 27.16 1.0 ConsldWater CWCO 10.79 -1.3 Unitil UTL 37.60 -1.7 ColonnadeAcqn CLA.U 10.00 ... Franchise7.5%PfdA FRGAP 24.87 0.5 PacificEthanol PEIX 8.47 3.8 Zillow A ZG 98.88 4.0 HSBC HSBC 18.26 -1.6 PhoenixTree DNK 5.20 -6.8 ApexTechAcqn APXTU 12.30 -1.0 CorbusPharm CRBP 1.58 -4.7 UnitedFire UFCS 20.00 -0.2 PactivEvergreen PTVE 13.10 -0.2 ZoomVideo ZM 494.90 5.2 HallofFameResort HOFV 2.72 -10.8 ApexTechAcqn APXT 11.41 1.7 ContainerStore TCS 7.36 7.8 FusionAcqnA FUSE 9.90 -0.1 CorEnergyInfr CORR 5.92 -1.8 Q&K Intl QK 5.65 -15.0 Vaccinex VCNX 2.26 -57.6 ArenaPharm ARNA 73.92 4.5 DiamondPeakUn DPHCU 35.95 -10.7 GameStop GME 11.17 20.7 PershingSquare PSTH 23.44 -0.5 Lows Creatd CRTD 2.90 1.7 HallofFameWt HOFVW 0.30 -12.5 QurateRetailPfd QRTEP 93.39 -0.4 Verso VRS 8.33 -7.4 BlueprintMed BPMC 87.75 13.0 DiamondPeak DPHC 31.80 -10.3 GuardantHealth GH 109.50 0.9 Pinterest PINS 40.59 10.0 CynergisTek CTEK 1.02 -0.9 HarmonyBio HRMY 30.11 3.0 RenalytixAI RNLX 12.00 1.0 WashingtonFederal WAFD 20.27 -1.3 BostonBeer SAM 913.95 3.8 Endava DAVA 59.83 3.4 InsuAcqnII INAQU 11.22 2.3 Progressive PGR 97.81 -3.0 ACNB ACNB 20.04 -1.3 DBV Tech DBVT 1.74 -5.3 InspireMD NSPR 0.32 -1.6 Revlon REV 6.02 3.8 Weidai WEI 0.96 0.4 BrilliantAcqnWt BRLIW 0.31 7.1 Escalade ESCA 20.58 7.7 Infosys INFY 13.85 1.7 QurateRetailA QRTEA 7.60 7.3 Amarin AMRN 3.79 -4.0 DiamondSShip DSSI 6.98 -3.8 InterceptPharm ICPT 39.12 -1.4 RiverviewBncp RVSB 3.77 -2.3 WeycoGroup WEYS 15.32 -1.3 CITICCapAcqnWt CCAC.WS 1.23 11.8 Evogene EVGN 3.74 3.0 Invitae NVTA 43.59 6.2 RMGAcqn RMG 10.90 0.5 AmerantBancorpB AMTBB 7.98 -8.5 DimeComBcshrs DCOM 10.95 -3.3 IntlSeaways INSW 14.55 -3.7 S&T Bancorp STBA 17.05 -1.8 XFinancial XYF 0.52 -5.8 CompassPath CMPS 43.50 33.2 FalconCapAcqn FCACU 10.59 3.6 JFrog FROG 79.39 16.0 RedBallAcqn RBAC.U 11.57 -0.3 AmerantBancorpA AMTB 10.02 -1.6 ECMOHO MOHO 1.41 -1.4 KaiserAlum KALU 52.76 -2.1 SINOPEC SHI 18.26 -2.7 XinyuanRealEst XIN 1.80 -1.1

Mutual Funds Data provided by 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 SmCpIdxInstPrem 19.03 +0.15 -9.3 Softwr r 24.63 +0.42 28.1 Growth I 152.17 +2.82 19.7 AggGrowth r 47.36 +0.53 5.5 TotBdAdml 11.65 ... 7.2 TotIntBdIxInv 11.64 ... 3.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. TMktIdxInstPrem 93.71 +0.92 3.8 Tech r 26.32 +0.41 37.7 ValueI 40.36 +0.15 -8.7 Schwab Funds TotIntBdIdxAdm 23.26 -0.02 3.5 USGro 58.19 +0.86 35.3 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s USBdIdxInstPrem 12.58 ... 7.3 First Eagle Funds MFS Funds Instl 1000 Inv r 74.41 +0.73 4.6 TotIntlAdmIdx r 27.95 -0.04 -5.1 WellsI 27.63 +0.01 2.7 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Fidelity Advisor I GlbA 56.50 +0.07 -2.5 IntlEq 27.10 -0.05 -2.7 S&P Sel 51.39 +0.54 4.0 TotStAdml 82.11 +0.80 4.0 Welltn 43.16 +0.12 1.3 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes NwInsghtI 36.64 +0.58 12.0 FPA Funds Northern Funds TSM Sel r 58.04 +0.57 3.7 TxMCapAdml 172.75 +1.71 5.1 WndsrII 34.67 +0.16 NA xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete Fidelity Freedom FPACres 31.03 +0.17 -5.4 StkIdx 38.14 +0.40 4.0 TIAA/CREF Funds TxMIn r 13.08 -0.01 -6.1 VANGUARD INDEX FDS price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not FF2020 16.24 +0.02 3.3 Franklin A1 Old Westbury Fds EqIdxInst 24.25 +0.23 3.9 USGroAdml 150.82 +2.23 35.4 IdxIntl 16.71 -0.02 -5.2 tracked. NS-Fund didn’texistatstart of period. FF2025 14.39 +0.02 3.0 CA TF A1 p 7.71 -0.01 3.0 LrgCpStr 15.24 +0.11 1.1 VANGUARD ADMIRAL ValAdml 40.68 +0.04 NA SmValAdml 47.39 +0.19 -18.8 FF2030 17.77 +0.04 2.6 IncomeA1 p 2.08 -0.01 -7.6 Parnassus Fds 500Adml 307.12 +3.20 NA WdsrllAdml 61.52 +0.28 NA TotBd2 11.57 ... 6.8 Freedom2020 K 16.23 +0.02 3.3 FrankTemp/Frank Adv ParnEqFd 50.27 +0.62 7.3 BalAdml 41.06 +0.24 6.0 WellsIAdml 66.94 +0.03 2.7 TotIntlInstIdx r 111.78 -0.14 -5.1 Tuesday, September 22, 2020 Freedom2025 K 14.37 +0.02 3.1 IncomeAdv 2.07 ... -7.2 PGIM Funds Cl Z CAITAdml 12.29 ... 3.4 WelltnAdml 74.52 +0.21 1.4 TotItlInstPlId r 111.80 -0.14 -5.1 Net YTD Net YTD Net YTD Freedom2030 K 17.75 +0.03 2.7 FrankTemp/Franklin A TotalReturnBond 14.92 ... NA CapOpAdml r 163.08 +1.42 3.4 WndsrAdml 62.14 +0.10 NA TotSt 82.07 +0.80 3.9 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Freedom2035 K 14.87 +0.04 1.7 Growth A p 127.75 +1.81 13.8 PIMCO Fds Instl DivAppIdxAdm 34.60 +0.28 3.3 VANGUARD FDS VANGUARD INSTL FDS Freedom2040 K 10.39 +0.03 1.3 RisDv A p 71.54 +0.44 3.3 AllAsset 11.22 -0.02 -3.3 EMAdmr 35.85 -0.13 -1.5 DivdGro 30.71 +0.20 NA BalInst 41.07 +0.24 6.0 American Century Inv HiYBlk 7.43 -0.01 -0.5 US CoreEq1 25.33 +0.21 -1.4 DevMktsIndInst 13.10 -0.01 -6.1 Ultra 67.68 +1.12 29.8 HiYldBd Inst 7.43 ... -0.5 US CoreEq2 22.76 +0.19 -3.0 Fidelity Invest FrankTemp/Franklin C InvGrdCrBd 11.13 -0.01 4.6 EqIncAdml 70.58 +0.10 -9.7 INSTTRF2020 24.95 +0.07 3.5 Balanc 26.52 +0.17 8.7 Income C t 2.12 ... -7.5 TotRt 10.95 ... 7.9 ExplrAdml 99.60 +1.21 NA INSTTRF2025 25.49 +0.08 3.1 DevMktsInxInst 20.48 -0.01 -6.1 American Funds Cl A BlackRock Funds A US Small 29.78 +0.17 -14.5 ExtndInst 97.44 +0.66 2.5 BluCh 141.08 +2.45 36.5 Guggenheim Funds Tru PIMCO Funds A ExtndAdml 97.45 +0.67 2.5 INSTTRF2030 25.77 +0.09 2.6 AmcpA p 35.27 +0.34 6.9 GlblAlloc p 19.98 +0.06 6.9 US SmCpVal 26.24 +0.04 -23.4 GrwthInst 115.35 +1.97 NA Contra 16.41 +0.27 20.5 TotRtnBdFdClInst 29.88 +0.02 12.3 IncomeFd 11.72 -0.01 NA GNMAAdml 10.73 +0.01 3.2 INSTTRF2035 26.04 +0.10 2.1 AMutlA p 41.10 +0.20 -4.0 BlackRock Funds Inst USLgVa 31.76 +0.06 -16.7 InPrSeIn 11.48 -0.01 9.0 ContraK 16.44 +0.27 20.5 Harbor Funds PIMCO Funds I2 GrwthAdml 115.35 +1.97 NA INSTTRF2040 26.29 +0.11 1.6 BalA p 28.72 +0.11 2.5 StratIncOpptyIns 10.08 ... 3.1 Dodge & Cox InstIdx 296.83 +3.09 NA CpInc r 9.98 +0.02 0.5 CapApInst 101.62 +1.42 34.2 Income 11.72 -0.01 NA HlthCareAdml r 90.35 -0.12 NA INSTTRF2045 26.48 +0.13 1.1 BondA p 14.09 -0.01 9.2 Bridge Builder Trust Balanced 93.29 +0.05 -5.9 InstPlus 296.85 +3.09 NA DivIntl 42.78 -0.01 5.6 Harding Loevner PIMCO Funds Instl HYCorAdml r 5.79 ... NA INSTTRF2050 26.53 +0.13 1.2 CapIBA p 58.00 +0.06 -5.9 CoreBond 11.00 ... 7.6 Income 14.78 -0.01 7.1 InstTStPlus 70.25 +0.69 NA IntlEq 24.55 +0.08 NA IncomeFd 11.72 -0.01 NA InfProAd 28.19 -0.01 9.0 CapWGrA 51.63 +0.30 0.1 CorePlusBond 10.69 ... 7.3 Intl Stk 35.90 -0.03 -17.7 GroCo 30.47 +0.51 42.6 INSTTRF2055 26.63 +0.12 1.2 MidCpInst 47.67 +0.51 -1.3 Invesco Funds Y Price Funds IntlGrAdml 132.28 +0.20 28.7 EupacA p 57.38 -0.04 3.1 Intl Eq 11.55 +0.02 -3.7 Stock 166.84 +0.30 -11.7 GrowCoK 30.54 +0.51 42.8 IntlVal 33.23 -0.05 -11.5 MidCpIstPl 235.11 +2.51 -1.3 DevMktY 45.02 +0.13 -1.3 BlChip 151.22 +2.86 21.6 ITBondAdml 12.68 ... 9.2 FdInvA p 60.47 +0.52 -0.2 LargeCapGrowth 18.68 +0.22 18.0 DoubleLine Funds InvGrBd 12.27 ... 8.1 LifeCon 21.74 +0.04 4.3 SmCapInst 73.17 +0.62 -7.3 JPMorgan I Class DivGro 53.22 +0.33 0.5 ITIGradeAdml 10.65 ... NA GwthA p 59.82 +0.57 17.0 LargeCapValue 12.47 +0.05 -8.1 CoreFxdIncmI 11.28 ... NA LowP r 42.62 +0.03 -8.5 LifeGro 36.54 +0.16 1.9 STIGradeInst 11.00 ... NA CoreBond 12.46 ... 7.1 HI TrA p 9.63 ... -0.2 ClearBridge TotRetBdI 10.76 ... 3.6 Magin 11.93 +0.19 17.0 EqInc 26.35 ... -16.7 LTGradeAdml 12.04 -0.02 NA LifeMod 29.53 +0.09 3.2 STIPSIxins 25.58 ... 3.6 EqInc 17.40 +0.03 -9.2 ICAA p 39.72 +0.39 2.0 LargeCapGrowthI 64.65 +1.02 18.4 Edgewood Growth Instituti NASDAQ r 138.39 +2.33 22.8 EqIndex 88.36 +0.92 3.9 MidCpAdml 215.80 +2.31 -1.3 PrmcpCor 26.79 +0.20 -4.0 TotBdInst 11.65 ... 7.2 JPMorgan R Class IncoA p 21.81 +0.04 -3.9 Columbia Class I EdgewoodGrInst 47.30 +0.83 22.8 OTC 15.23 +0.24 26.9 Growth 87.70 +1.78 19.6 MuHYAdml 11.74 ... 2.4 STAR NA ... NA TotBdInst2 11.57 ... 6.9 CoreBond 12.48 ... 7.2 N PerA p 53.15 +0.19 12.5 DivIncom I 23.08 +0.02 -4.0 Fidelity Puritn 24.99 +0.22 10.6 HelSci 90.79 +0.27 11.5 MuIntAdml 14.72 ... 3.6 TgtRe2015 15.79 +0.03 4.0 TotBdInstPl 11.65 ... 7.2 Lord Abbett A NEcoA p 51.57 +0.63 12.8 Dimensional Fds 500IdxInstPrem 115.38 +1.20 4.1 SrsEmrgMkt 20.90 -0.05 1.3 LgCapGow I 53.26 +1.09 20.9 MuLTAdml 12.10 -0.01 3.9 TgtRe2020 33.65 +0.09 3.4 TotIntBdIdxInst 34.91 -0.02 3.5 NwWrldA 73.34 +0.24 4.0 5GlbFxdInc 10.87 -0.01 1.3 Contrafund K6 17.28 +0.28 19.5 SrsGlobal 12.48 ... -5.2 ShtDurIncmA p 4.18 ... 1.5 MidCap 99.43 +0.79 4.3 MuLtdAdml 11.23 ... 2.7 TgtRe2025 20.45 +0.07 3.1 TotStInst 82.13 +0.81 4.0 SmCpA p 64.82 +0.34 10.2 EmgMktVa 24.50 -0.18 -14.1 ExtMktIdxInstPre 65.36 +0.45 2.4 SrsGroCoRetail 25.63 +0.43 44.4 Lord Abbett F NHoriz 78.54 +1.20 32.3 MuShtAdml 15.95 ... 1.6 TgtRe2030 37.40 +0.13 2.6 ValueInst 40.68 +0.04 NA TxExA p 13.47 ... 2.8 EmMktCorEq 20.33 -0.10 -5.7 FidSerToMarket 11.26 +0.11 3.7 SrsIntlGrw 18.66 +0.06 6.5 ShtDurIncm 4.17 ... 1.3 R2020 22.68 +0.08 2.7 PrmcpAdml r 146.41 +1.11 1.6 TgtRe2035 23.00 +0.10 2.1 WCM Focus Funds WshA p 45.42 +0.24 -4.2 IntlCoreEq 12.48 ... -8.7 IntlIdxInstPrem 39.94 -0.02 -7.0 SrsIntlVal 8.63 -0.02 -12.8 Metropolitan West R2025 18.25 +0.08 2.6 RealEstatAdml 111.49 +1.28 -13.8 TgtRe2040 39.76 +0.17 1.6 WCMFocIntlGrwIns 21.19 +0.13 12.1 Baird Funds IntSmCo 17.30 -0.02 -8.2 MidCpInxInstPrem 22.64 +0.20 -3.6 TotalBond 11.51 ... 7.5 TotRetBd 11.64 ... 7.7 R2030 26.52 +0.14 2.4 SmCapAdml 73.17 +0.62 -7.3 TgtRe2045 25.00 +0.12 1.2 Western Asset AggBdInst 11.89 ... 7.7 IntSmVa 16.16 -0.04 -16.3 SAIUSLgCpIndxFd 17.75 +0.18 3.9 Fidelity SAI TotRetBdI 11.64 +0.01 8.0 R2035 19.45 +0.11 2.2 SmGthAdml 74.69 +0.99 7.1 TgtRe2050 40.26 +0.20 1.2 CoreBondI NA ... NA CorBdInst 12.21 ... 7.5 LgCo 25.51 +0.26 4.0 SeriesBondFd 10.91 ... 7.2 TotalBd 10.99 -0.01 6.8 TRBdPlan 10.95 +0.01 7.9 R2040 27.63 +0.18 2.1 STBondAdml 10.89 ... 4.5 TgtRet2055 43.70 +0.21 1.2 CorePlusBdI NA ... NA BlackRock Funds TAUSCoreEq2 19.39 +0.16 -3.0 SeriesOverseas 11.07 -0.04 2.7 Fidelity Selects MFS Funds Class I PRIMECAP Odyssey Fds STIGradeAdml 11.00 ... NA TgtRetInc 14.56 +0.03 4.4 CorePlusBdIS NA ... NA

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THE WALL STREET JOURNAL. NY We dnesday, September 23, 2020 | B9 BIGGEST 1,000 STOCKS

Continued From Page B8 Net Net Net Net Net Net Net Net Net 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 Stock Sym Close Chg Stock Sym Close Chg Tenaris TS 10.15 -0.13 Unilever UN 59.21 0.48 WestPharmSvcs WST XcelEnergy XEL 66.87 0.23 RioTinto RIO 61.41 -0.19 ServiceCorp SCI 40.55 0.28 SunComms SUI 142.35 3.94 W X Y Z 277.04 0.20 Prologis PLD 99.19 2.64 RitchieBros RBA 57.35 0.34 ServiceNow NOW 470.57 8.69 SunLifeFinancial SLF 40.58 0.23 TencentMusic TME 14.94 -0.04 Unilever UL 60.51 0.61 WesternDigital WDC 36.47 0.38 Xilinx XLNX 100.02 0.61 Proofpoint PFPT 106.26 2.95 RobertHalf RHI 52.61 0.64 ShawComm B SJR 18.27 0.24 SuncorEnergy SU 12.74 0.02 Teradyne TER 76.56 -0.36 UnionPacific UNP 197.32 3.32 WEC Energy WEC 95.40 0.54 WesternUnion WU 22.04 0.11 XPeng XPEV 19.31 1.16 PrudentialFin PRU 63.71 -1.02 RocketCos. RKT 21.57 0.15 SherwinWilliams SHW 696.32 13.49 SunRun RUN 62.80 2.60 Tesla TSLA 424.23 -25.16 UnitedAirlines UAL 34.07 0.28 WEX WEX 141.21 2.70 WestlakeChem WLK 64.47 -0.04 Xylem XYL 83.93 0.47 Prudential PUK 27.62 -0.69 Rockwell ROK 214.09 5.01 ShinhanFin SHG 23.59 -0.05 Suzano SUZ 8.61 -0.29 TevaPharm TEVA 8.85 -0.10 UnitedMicro UMC 4.29 0.01 W.P.Carey WPC 65.39 2.24 WestpacBanking WBK 11.58 -0.03 Yandex YNDX 66.06 6.97 PublicServiceEnt PEG 52.47 1.30 RogersComm B RCI 39.05 0.51 Shopify SHOP 954.25 26.36 SynchronyFin SYF 25.61 -0.29 TexasInstruments TXN 138.65 1.67 UPS B UPS 161.89 0.83 WPP WPP 36.77 0.63 WestRock WRK 34.38 -0.81 YumBrands YUM 90.59 1.25 PublicStorage PSA 219.37 3.08 s Roku ROKU193.79 4.97 Sibanye-Stillwater SBSW 11.47 0.10 SyneosHealth SYNH 54.48 0.48 Textron TXT 35.60 -0.07 UnitedRentals URI 167.97 0.49 Wabtec WAB 62.19 -0.78 Weyerhaeuser WY 27.72 0.87 YumChina YUMC 51.20 0.48 PulteGroup PHM 45.87 1.26 Rollins ROL 52.90 0.56 SimonProperty SPG 65.11 0.24 Synnex SNX 132.31 2.93 ThermoFisherSci TMO 430.24 4.77 US Bancorp USB 35.59 -0.57 WalgreensBoots WBA 35.72 -0.07 WheatonPrecMet WPM 49.99 0.51 ZTO Express ZTO 29.86 1.18 UnitedHealth UNH 294.26 -4.93 QTS Realty QTS 62.65 0.03 RoperTech ROP 392.73 0.48 SiriusXM SIRI 5.13 0.02 Synopsys SNPS 204.80 2.82 ThomsonReuters TRI 78.16 1.15 Walmart WMT 138.31 1.24 Whirlpool WHR 179.69 1.94 ZebraTech ZBRA 252.28 3.55 3M MMM 162.34 0.98 s Qiagen QGEN 50.35 0.23 RossStores ROST 90.62 0.20 Skyworks SWKS 139.64 5.39 Sysco SYY 64.02 -0.03 UnitySoftware U 84.82 11.86 WarnerMusic WMG 28.23 0.40 Williams WMB 20.81 0.14 Zendesk ZEN 100.41 3.33 Tiffany TIF 116.27 1.06 UnivDisplay OLED 172.36 5.26 Williams-Sonoma WSM 87.88 1.77 s Zillow C Z 99.19 3.48 Qorvo QRVO 131.21 3.66 RoyalBkCanada RY 70.86 -0.01 SlackTech WORK 26.41 -0.26 WasteConnections WCN 102.45 1.20 T U V Toll Bros TOL 48.19 1.16 UniversalHealthB UHS 106.43 -1.41 WillisTowers WLTW 203.67 1.14 s Zillow A ZG 98.60 3.79 Qualcomm QCOM 113.82 1.90 RoyalCaribbean RCL 62.37 1.66 Smartsheet SMAR 48.29 0.38 WasteMgt WM 114.97 0.67 Toro TTC 83.28 1.63 VEREIT VER 6.34 0.09 Waters WAT 194.23 -0.13 Wipro WIT 4.76 0.03 ZimmerBiomet ZBH 135.55 1.55 QuantaServices PWR 50.08 0.86 RoyalDutchA RDS.A 26.64 0.33 SmithAO AOS 52.66 0.78 TAL Education TAL 73.71 0.66 TorontoDomBk TD 45.82 0.14 VF VFC 69.28 0.59 Watsco WSO 231.70 1.41 Wix.com WIX 259.27 4.75 Zoetis ZTS 161.51 0.54 QuestDiag DGX 115.23 -2.92 RoyalDutchB RDS.B 25.31 0.37 Smith&Nephew SNN 37.72 0.12 TC Energy TRP 46.06 1.40 Smucker SJM 109.88 0.09 Total TOT 34.78 -0.43 VICI Prop VICI 23.26 0.25 Wayfair W 304.17 1.79 Workday WDAY 211.80 8.25 s ZoomVideo ZM 492.60 24.13 Quidel QDEL 198.98 -1.02 RoyalGold RGLD 123.21 0.57 TD Ameritrade AMTD 37.86 -0.28 RoyaltyPharma RPRX 41.72 1.13 Snap SNAP 25.47 1.59 ToyotaMotor TM 132.25 1.03 VailResorts MTN 225.37 7.59 Weibo WB 35.98 -0.26 WynnResorts WYNN 73.42 1.12 ZoomInfoTech ZI 34.42 1.54 TE Connectivity TEL 96.33 -0.04 R S Ryanair RYAAY 79.62 -1.31 SnapOn SNA 144.49 3.57 TractorSupply TSCO 141.61 4.06 Vale VALE 10.64 -0.03 WellsFargo WFC 23.65 -0.39 XP XP 43.38 1.29 Zscaler ZS 137.99 3.06 Telus TU 17.79 0.31 SAP SAP 157.23 1.35 Snowflake SNOW 235.16 6.31 TradeDesk TTD 467.72 6.17 ValeroEnergy VLO 47.42 0.06 Welltower WELL 54.71 0.52 XPO Logistics XPO 83.74 -0.06 Zynga ZNGA 8.70 0.07 RELX RELX 21.87 -0.16 TIM Part TSU 12.56 -0.16 S&P Global SPGI 350.17 -0.72 SOQUIMICH SQM 32.86 -0.04 Tradeweb TW 54.01 0.46 VarianMed VAR 172.50 -0.24 RH RH 371.96 -0.01 TJX TJX 53.88 -0.29 SBA Comm SBAC 313.20 8.14 SolarEdgeTech SEDG185.20 -5.21 TraneTech TT 121.52 1.44 Vedanta VEDL 6.90 -0.02 RPM RPM 80.49 1.28 T-MobileUS TMUS 112.39 1.82 SEI Investments SEIC 50.32 -0.12 SolarWinds SWI 19.77 0.36 TransDigm TDG 502.03 14.22 VeevaSystems VEEV 273.44 1.89 RaymondJames RJF 70.24 -0.16 TRowePrice TROW 125.48 0.74 SK Telecom SKM 22.70 0.07 Sony SNE 78.70 0.43 TransUnion TRU 82.05 0.71 Ventas VTR 41.69 0.85 Dividend Changes RaytheonTech RTX 59.79 -0.23 TaiwanSemi TSM 80.48 -0.11 SS&C Tech SSNC 61.13 0.69 Southern SO 53.12 0.09 Travelers TRV 109.25 -0.20 VeriSign VRSN 205.29 2.40 RealPage RP 60.03 1.14 TakeTwoSoftware TTWO 166.22 1.88 StoreCapital STOR 26.94 0.52 SoCopper SCCO 45.39 0.22 Trex TREX 68.241.88 VeriskAnalytics VRSK 180.39 1.71 Dividend announcements from September 22. RealtyIncome O 60.63 0.54 TakedaPharm TAK 18.59 0.11 Trimble TRMB 48.55 0.75 Verizon VZ 59.82 0.21 SVB Fin SIVB 230.47 -7.39 SouthwestAir LUV 38.12 0.60 Amount Payable / RegencyCtrs REG 37.26 0.05 TandemDiabetes TNDM 108.34 3.02 Salesforce.com CRM 247.78 2.73 Splunk SPLK 184.93 7.20 Trip.com TCOM 27.96 -0.27 VertxPharm VRTX 267.58 3.58 Company Symbol Yld %New/Old Frq Record Target TGT 154.08 4.22 RegenPharm REGN 571.51 15.81 Sanofi SNY 49.86 -0.99 Spotify SPOT 241.01 1.67 TruistFinl TFC 36.25 -1.09 ViacomCBS B VIAC 29.41 0.42 RegionsFin RF 11.04 -0.27 SareptaTherap SRPT 146.31 3.47 Square SQ 155.59 4.47 TataMotors TTM 9.11 -0.22 Twilio TWLO 237.00 -1.30 ViacomCBS A VIACA 31.97 0.21 Increased ReinsGrp RGA 96.90 -2.83 Schlumberger SLB 17.33 0.06 StanleyBlackDck SWK 157.46 3.03 TeckRscsB TECK 14.32 0.07 Twitter TWTR 42.73 2.83 Vipshop VIPS 17.19 -0.09 Entergy Texas Pfd. A ETIp 4.9 .336 /.33594 Q Oct15 /Sep30 TeladocHealth TDOC 215.28 12.62 RelianceSteel RS 100.79 -0.46 SchwabC SCHW 34.97 -0.27 Starbucks SBUX 83.95 0.06 TylerTech TYL 344.03 15.07 Visa V 200.56 3.11 Initial RenaissanceRe RNR 167.38 2.45 ScottsMiracleGro SMG 152.15 4.27 StateStreet STT 58.88 -1.04 TeledyneTech TDY 316.82 4.23 TysonFoods TSN 59.39 -0.46 Vistra VST 17.82 -0.07 Broadstone Net Lease BNL 3.3 .135 Oct15 /Sep30 Repligen RGEN 143.96 2.11 Sea SE 152.12 1.42 SteelDynamics STLD 29.39 0.04 Teleflex TFX 331.83 5.13 UBS Group UBS 11.23 -0.14 VMware VMW 142.61 2.34 RepublicSvcs RSG 95.08 1.04 Seagate STX 47.71 0.13 Steris STE 169.59 -2.46 Ericsson ERIC 10.87 0.12 UDR UDR 32.85 0.70 Vodafone VOD 13.42 -0.03 Stocks ResMed RMD 172.26 0.75 SealedAir SEE 37.53 0.02 STMicroelec STM 30.17 0.17 TelefonicaBras VIV 8.43 -0.08 UGI UGI 32.46 0.61 VornadoRealty VNO 33.49 0.16 Cemtrex 10% Pfd. CETXP 5.00% Oct06 /Sep30 RestaurantBrands QSR 55.17 0.56 SeattleGenetics SGEN 181.95 3.12 StoneCo STNE 52.94 1.53 Telefonica TEF 3.55 -0.01 Uber UBER 34.40 -2.09 VoyaFinancial VOYA 46.84 0.06 ReynoldsCnsmr REYN 31.82 0.68 SempraEnergy SRE 119.05 2.39 Stryker SYK 203.37 0.46 TelekmIndonesia TLK 18.92 0.07 Ubiquiti UI 155.53 -2.13 Vroom VRM 53.26 6.83 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: RingCentral RNG 268.82 1.42 SensataTechs ST 41.88 0.21 SumitomoMits SMFG 5.76 0.03 10xGenomics TXG 122.62 0.75 UltaBeauty ULTA 223.96 -1.92 VulcanMatls VMC 128.43 1.76 spin-off.

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B10 | We dnesday, September 23, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 27288.18 s140.48, or 0.52% Trailing P/E ratio 26.79 19.25 3315.57 s34.51, or 1.05% Trailing P/E ratio * 36.74 23.26 10963.64 s 184.84, or 1.71% Trailing P/E ratio *† 35.99 24.56 High, low, open and close for each P/E estimate * 24.36 17.67 High, low, open and close for each P/E estimate * 25.59 18.25 High, low, open and close for each P/E estimate *† 31.11 21.03 trading day of the past three months. Dividend yield 2.26 2.29 trading day of the past three months. Dividend yield * 1.79 1.91 trading day of the past three months. Dividend yield *† 0.78 1.03 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3550 12100

27500 3400 11450

26000 3250 10800

Session high 24500 3100 10150

DOWN UP 65-day moving average Session open Close t 23000 2950 65-day moving average 9500 Close Open t 65-day moving average Session low 21500 2800 8850

Bars measure the point change from session's open 20000 2650 8200 June July Aug. Sept. June July Aug. Sept. June July Aug. Sept. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 947,037,652 13,757,692 Industrial Average 27333.09 26989.93 27288.18 140.48 0.52 29551.42 18591.93 1.8 -4.4 6.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 485,203,256 6,522,162 Transportation Avg 11236.95 11101.20 11215.01 85.50 0.77 11555.14 6703.63 8.5 2.9 4.9 Most-active issues in late trading Decl. volume* 449,334,176 6,289,578 Utility Average 803.69 793.59 799.37 5.65 0.71 960.89 610.89 -8.6 -9.1 3.2 Volume After Hours Issues traded 3,112 267 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 33882.46 33376.95 33834.81 331.03 0.99 36434.12 22462.76 11.4 2.4 9.3 Advances 1,710 113 GoPro Inc. GPRO 9,319.2 4.19 0.04 0.96 4.45 4.06 Barron's 400 704.20 694.56 703.34 5.43 0.78 752.15 455.11 4.0 -3.9 2.0 Declines 1,321 138 Finl Select Sector SPDR XLF 6,289.8 23.76 0.03 0.13 23.76 23.69 Unchanged 81 16 Tesla TSLA Nasdaq Stock Market 5,262.2 426.00 1.77 0.42 448.00 420.10 New highs 30 0 Nasdaq Composite 10979.65 10737.52 10963.64 184.84 1.7112056.44 6860.67 37.2 22.2 19.5 Bank of America BAC 5,065.0 23.94 ... unch. 23.97 23.89 New lows 26 3 Nasdaq 100 11207.08 10943.26 11186.37 206.15 1.88 12420.54 6994.29 45.1 28.1 23.5 Apple AAPL 4,465.3 111.49 -0.32 -0.29 111.92 111.20 Closing Arms† 1.22 0.58 R1 RCM RCM 4,223.8 15.41 ... unch. 15.41 15.41 S&P Block trades* 4,895 128 SPDR S&P 500 SPY 4,003.7 330.03 -0.27 -0.08 330.39 329.59 500 Index 3320.31 3270.95 3315.57 34.51 1.05 3580.84 2237.40 11.8 2.6 9.8 Nasdaq NYSE Arca Nike Cl B NKE 3,901.8 132.02 15.15 12.96 134.00 116.71 MidCap 400 1837.26 1814.52 1833.72 13.02 0.72 2106.12 1218.55 -4.8 -11.1 1.2 Total volume*3,512,592,138 207,294,419 SmallCap 600 847.39 835.54 846.18 5.65 0.67 1041.03 595.67 -10.9 -17.1 -1.1 Percentage gainers… Adv. volume*2,147,452,720 94,553,376 Decl. volume*1,313,152,843 111,927,657 Other Indexes Nike Cl B NKE 3,901.8 132.02 15.15 12.96 134.00 116.71 Issues traded 3,528 1,405 Russell 2000 1497.81 1474.49 1496.96 11.71 0.79 1705.22 991.16 -2.4 -10.3 1.0 Western Asset Mortgage WMC 58.9 2.17 0.12 5.85 2.19 2.05 Advances 1,702 855 NYSE Composite 12636.21 12502.25 12602.54 40.76 0.32 14183.20 8777.38 -3.0 -9.4 1.2 Aeglea BioTherapeutics AGLE 54.8 7.48 0.40 5.65 7.50 7.08 Declines 1,707 519 Retail Prop of America RPAI 125.5 5.94 0.28 4.95 5.94 5.66 Value Line 457.64 452.01 456.48 2.53 0.56 562.05 305.71 -12.3 -17.3 -4.9 Unchanged 119 31 Party City Holdco PRTY 120.2 3.34 0.12 3.73 3.35 3.20 NYSE Arca Biotech 5280.43 5158.94 5279.98 48.11 0.92 6142.96 3855.67 21.4 4.2 8.2 New highs 36 0 NYSE Arca Pharma 658.23 651.29 656.12 -2.43 -0.37 675.64 494.36 11.7 0.4 6.3 ...And losers New lows 56 2 KBW Bank 73.81 71.22 71.62 -1.72 -2.34 114.12 56.19 -27.9 -36.8 -9.6 WAVE Life Sciences WVE 813.1 12.15 -3.69 -23.30 15.83 11.42 Closing Arms† 0.61 1.99 § PHLX Gold/Silver 146.69 143.56 145.54 0.76 0.53 161.14 70.12 49.0 36.1 19.1 Aurora Cannabis ACB 3,074.3 6.18 -1.14 -15.57 7.76 6.06 Block trades* 13,662 1,060 § PHLX Oil Service 32.36 31.35 31.50 -0.15 -0.46 80.99 21.47 -54.2 -59.8 -38.6 Urban Edge Properties UE 53.7 8.03 -1.48 -15.56 9.51 8.03 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2181.80 2132.90 2180.26 25.98 1.21 2370.18 1286.84 40.5 17.9 23.8 Stitch Fix Cl A SFIX 1,972.1 26.80 -4.58 -14.60 34.00 25.90 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 28.78 26.48 26.86 -0.92 -3.31 82.69 11.54 57.5 94.9 41.0 ZGNX Zogenix 129.9 20.70 -1.88 -8.33 22.58 19.82 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.01 World The Global Dow 2959.40 0.21 –9.0 COMPASS Pathways ADR CMPS 38.39 9.56 33.16 43.50 22.51 ... Vaccinex VCNX 2.32 -3.15 -57.59 12.23 2.26 -70.7 0.38 DJ Global Index 427.36 1.63 –1.5 Carvana Cl A CVNA 226.83 53.16 30.61 235.00 22.16 221.9 Biosig Technologies BSGM 5.40 -2.74 -33.66 12.43 2.36 -33.1 DJ Global ex U.S. 246.23 –0.90 –0.37 –6.6 Renren ADR RENN 3.83 0.76 24.76 5.50 0.45 56.6 Adicet Bio ACET 10.18 -3.31 -24.52 69.16 6.02 -83.9 Americas DJ Americas 772.03 7.57 0.99 1.5 AIM ImmunoTech AIM 2.54 0.50 24.51 7.11 0.38 72.8 ADC Therapeutics ADCT 35.91 -9.34 -20.64 56.59 28.50 ... Brazil Sao Paulo Bovespa 97293.54 302.82 0.31 –15.9 Applied UV AUVI 8.24 1.44 21.18 12.99 5.14 ... Westport Fuel Systems WPRT 1.88 -0.45 -19.31 3.39 0.70 -29.1 Canada S&P/TSX Comp 16142.89 161.12 1.01 –5.4 GameStop Cl A GME 10.56 1.81 20.69 11.17 2.57 110.8 Accel Entertainment ACEL 11.81 -2.26 -16.06 15.11 5.22 14.9 Mexico S&P/BMV IPC 35853.58 335.81 0.95 –17.7 AudioEye AEYE 18.00 2.61 16.96 22.80 1.94 341.2 Lizhi ADR LIZI 2.77 -0.50 -15.29 15.25 2.77 ... Chile Santiago IPSA 2504.55 –6.36 –0.25 –24.9 Retractable Technologies RVP 7.99 1.13 16.47 13.65 0.97 679.5 Q&K Intl ADR QK 6.17 -1.09 -14.97 20.44 5.65 ... Unity Software U 84.82 11.86 16.26 84.98 65.11 ... ReneSola ADR SOL 2.38 -0.41 -14.70 2.98 0.85 32.2 EMEA Stoxx Europe 600 357.55 0.73 0.20 –14.0 JFrog FROG 77.71 10.71 15.99 79.39 60.00 ... Kingsoft Cloud ADR KC 32.29 -4.61 -12.49 42.80 17.01 ... Eurozone Euro Stoxx 350.06 0.64 0.18 –13.3 Belgium Bel-20 3220.88 –13.42 –0.41 –18.6 Aurora Cannabis ACB 7.32 1.00 15.82 60.84 5.30 -87.2 Meten EdtechX Educ Group METX 7.48 -1.01 -11.90 23.75 6.50 ... Denmark OMX Copenhagen 20 1335.99 5.00 0.38 17.6 Vroom VRM 53.26 6.83 14.71 75.49 38.46 ... Glory Star New Media GSMG 3.00 -0.40 -11.76 11.53 1.46 -70.5 France CAC 40 4772.84 –19.20 –0.40 –20.2 Natural Alternatives Intl NAII 7.70 0.96 14.30 10.38 4.75 -21.8 Art's Way Mfg ARTW 2.24 -0.29 -11.46 4.37 1.75 6.2 Issuer Direct ISDR FTS International FTSI Germany DAX 12594.39 51.95 0.41 –4.9 17.75 2.19 14.07 18.78 8.65 64.8 3.91 -0.50 -11.34 55.40 1.01 -92.5 Blink Charging BLNK 9.01 1.06 13.33 14.58 1.25 238.1 China Liberal Educ Hldgs CLEU 5.65 -0.71 -11.18 10.46 3.40 ... Israel Tel Aviv 1308.48 1.54 0.12 –22.3 Italy FTSE MIB 18895.59 102.24 0.54 –19.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 540.78 4.77 0.89 –10.6 Russia RTS Index 1193.06 11.82 1.00 –23.0 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 53265.33 –53.75 –0.10 –6.7 Spain IBEX 35 6648.60 –43.70 –0.65 –30.4 NanoVibronix NAOV 217,604 86033.1 1.20 103.46 3.50 0.54 Tottenham Acquisition I TOTA 442 5492 10.83 0.09 11.25 10.26 Sweden OMX Stockholm 708.58 3.35 0.47 4.1 Apple AAPL 182,078 4.1 111.81 1.57 137.98 53.15 AMCI Acquisition AMCI 1,283 3827 10.42 1.66 10.92 9.85 General Electric GE VicSh USAA Core Interm Bd UITB Switzerland Swiss Market 10355.57 30.13 0.29 –2.5 140,531 58.2 6.25 -1.57 13.26 5.48 400 2910 54.37 0.08 54.95 48.91 Finl Select Sector SPDR XLF 84,507 43.5 23.73 -0.84 31.38 17.49 Issuer Direct ISDR 532 1860 17.75 14.07 18.78 8.65 Turkey BIST 100 1096.16 9.14 0.84 –4.2 ProSh UltraPro Shrt QQQ SQQQ 73,291 80.2 25.62 -5.50 181.60 19.55 Vaccinex VCNX 11,053 1532 2.32 -57.59 12.23 2.26 U.K. FTSE 100 5829.46 25.17 0.43 –22.7 U.K. FTSE 250 16821.66 –49.12 –0.29 –23.1 Tesla TSLA 70,466 -9.9 424.23 -5.60 502.49 43.67 Apex Tech Acquisition APXT 2,218 1496 10.84 1.69 11.41 9.13 Bank of America BAC 68,520 9.5 23.94 -2.17 35.72 17.95 Protara Therapeutics TARA 355 1197 16.87 0.00 67.08 8.80 Asia-Pacific SPDR S&P 500 SPY 63,343 -11.7 330.30 1.02 358.75 218.26 iSh MSCI Global Agri Prd VEGI 61 993 28.50 0.44 29.61 18.38 Australia S&P/ASX 200 5784.10 –38.52 –0.66 –13.5 NIO ADR NIO 60,432 -54.8 19.23 2.23 21.05 1.19 Bicycle Therapeutics ADR BCYC 670 880 20.00 -3.85 21.59 7.50 China Shanghai Composite 3274.30 –42.63 –1.29 7.3 Sorrento Therapeutics SRNE 60,075 40.9 10.78 10.51 19.39 1.39 Invsc S&P MC 400 Pure Val RFV 50 866 54.48 -0.30 70.72 33.21 Hong Kong Hang Seng 23716.85 –233.84 –0.98 –15.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 37734.08 –300.07 –0.79 –8.5 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23360.30 … Closed –1.3 Singapore Straits Times 2463.29 –22.42 –0.90 –23.6 Track the Markets South Korea Kospi 2332.59 –56.80 –2.38 6.1 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12645.51 –1.17 5.4 global stock indexes, bond ETFs, –149.61 currencies and commodities at Currencies Thailand SET 1267.63 –7.53 –0.59 –19.8 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004314 23179 0.03 Argentina peso .0132 75.5765 26.2 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1827 5.4722 36.1 Czech Rep. koruna .04350 22.990 1.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7517 1.3304 2.4 Denmark krone .1573 6.3558 –4.6 notes and bonds major U.S. trading partners Chile peso .001287 777.20 5.1 Euro area euro 1.1709 .8541 –4.2 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000261 3825.64 16.6 Hungary forint .003223 310.30 5.1 Ecuador US dollar 11unch Iceland krona .007263 137.69 13.7 benchmark over the past year 2.50% Bankrate.com avg†: 2.96% 8% Mexico peso .0461 21.7151 14.7 Norway krone .1070 9.3454 6.4 Uruguay peso .02360 42.3800 14.1 Poland zloty .2608 3.8342 1.1 Farmers State Bank 2.75% One year ago 2.00

Euro Asia-Pacific Russia ruble .01314 76.099 22.6 t s 4.00% Waterloo, IA 877-FSB-1879 4 Sweden krona .1122 8.9113 –4.9

1.50 Australian dollar .7169 1.3949 –2.1 t Switzerland franc 1.0873 .9197 –4.9 Prairie State Bank and Trust 2.75% China yuan .1475 6.7799 –2.6 30-year fixed-rate 3.00 0 Turkey lira .1305 7.6650 28.8 Mt Zion, IL 800-597-2977 1.00 Hong Kong dollar .1290 7.7500 –0.5 mortgage Ukraine hryvnia .0354 28.2500 19.3 Tradeweb ICE India rupee .01360 73.517 3.0 2.00 TBK Bank, SSB 2.85% UK pound 1.2735 .7852 4.1 Tuesday Close 0.50 –4 s Indonesia rupiah 10-year Treasury s .0000676 14785 6.5 Dallas, TX 214-365-6900 t Yen WSJ Dollar index Japan yen .009531 104.93 –3.4 Middle East/Africa t note yield 1.00 First National Bank 2.88% 0.00 –8 Kazakhstan tenge .002359 423.94 11.0 Bahrain dinar 2.6515 .3772 0.03 Macau pataca .1253 7.9840 –0.4 Egypt pound .0634 15.7826 –1.7 Waverly, IA 319-266-2000 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2419 4.1345 1.1 Israel shekel .2913 3.4332 –0.6 O N D J F M A M J J A S Astra Bank 3.00% New Zealand dollar .6635 1.5072 1.5 Kuwait dinar 3.2678 .3060 1.0 maturity 2019 2020 Scandia, KS 785-335-2243 Pakistan rupee .00601 166.450 7.4 Oman sul rial 2.5974 .3850 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.480 –4.4 Qatar rial .2746 3.642 –0.05 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7323 1.3655 1.4 Saudi Arabia riyal .2666 3.7511 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008594 1163.65 0.7 South Africa rand .0595 16.7959 20.0 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0053911 185.49 2.3 Yield (%) 52-Week Total Return (%) Taiwan dollar .03443 29.048 –2.9 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.00 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03181 31.440 5.6 WSJ Dollar Index 88.82 0.37 0.42 –0.83 Libor, 3-month 0.22 0.25 0.22 l 2.11 -1.11 U.S. Treasury, Barclays 2484.000 0.480 0.490 1.870 0.400 8.79 5.45 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.22 0.23 0.22 l 0.78 -0.07 Five-year CD, annual yield 0.64 0.65 0.64 l 1.57 -0.79 U.S. Treasury Long, Barclays 4900.870 1.300 1.310 2.370 0.980 18.61 11.70 Commodities 30-year mortgage, fixed† 2.96 3.06 2.93 l 4.22 -0.91 Aggregate, Barclays 2281.000 1.170 1.160 2.410 1.020 7.65 5.28 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.53 2.55 2.48 l 3.57 -0.59 Fixed-Rate MBS, Barclays 2222.440 1.350 1.280 2.690 0.930 4.38 3.63 Jumbo mortgages, $510,400-plus† 2.95 3.09 2.94 l 4.43 -1.41 DJ Commodity 625.87 -0.18 -0.03 647.86 433.70 1.39 -2.56 High Yield 100, ICE BofA 3144.540 4.839 4.508 10.740 4.235 0.616 3.331 Five-year adj mortgage (ARM)† 2.85 3.27 2.85 l 4.61 -0.52 TR/CC CRB Index 147.52 -0.31 -0.21 187.39 106.29 -16.75 -20.60 Muni Master, ICE BofA 587.785 1.017 1.025 3.441 0.838 4.548 4.006 New-car loan, 48-month 4.15 4.16 4.15 l 4.65 1.09 Crude oil, $ per barrel 39.60 0.29 0.74 63.27 -37.63 -30.88 -35.15 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 887.159 4.815 4.573 7.480 4.523 2.492 3.321 Natural gas, $/MMBtu 1.834 -0.001 -0.05 2.862 1.482 -26.73 -16.22 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1898.60 -2.60 -0.14 2051.50 1452.10 23.92 24.95 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW267000-0-B01100-1------XA

THE WALL STREET JOURNAL. We dnesday, September 23, 2020 | B11

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 April 2.806 2.812 2.769 2.792 –.022 78,016 March'21 2,616 2,627 2,533 2,541 –70 64,014 Dec .9566 .9589 .9527 .9541 –.0013 168,534 Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD Contract Open Dec 112.55 114.80 110.35 110.65 –1.35 112,737 Oct .7519 .7528 .7494 .7515 .0005 151 Open High hi lo Low Settle Chg interest Agriculture Futures March'21 114.85 116.50 112.20 112.45 –1.40 64,468 Dec .7515 .7530 .7495 .7516 .0006 122,095 Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Sept 3.0605 3.0800 3.0485 3.0590 0.0295 1,499 Dec 369.75 373.25 365.75 369.25 –.50 811,392 Oct 12.51 12.95 12.51 12.89 .34 101,230 Oct 1.2824 1.2868 t 1.2714 1.2736 –.0060 641 Dec 3.0375 3.0875 3.0330 3.0610 0.0290 145,516 March'21 379.00 382.50 375.50 378.75 –.50 252,646 March'21 13.13 13.49 13.11 13.41 .28 393,710 Dec 1.2817 1.2872 1.2716 1.2739 –.0061 152,302 Gold (CMX)-100 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 1913.10 1913.10 1913.10 1898.60 –2.60 71 Dec 281.75 289.75 280.00 289.25 5.50 4,863 Nov 26.51 26.65 26.51 26.51 …1,809 Dec 1.0957 1.0971 1.0886 1.0896 –.0057 51,162 Oct 1909.10 1916.80 1890.70 1899.30 –2.80 61,633 March'21 281.25 288.50 281.25 288.25 5.00 363 March'21 27.06 27.06 27.06 27.06 …2,103 March'21 1.1020 1.1003 1.0923 1.0929 –.0057 129 Dec 1918.10 1925.50 1898.90 1907.60 –3.00 426,058 Soybeans (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Oct 63.92 64.31 63.56 63.84 .10 95 Feb'21 1926.70 1931.50 1906.60 1915.00 –3.00 42,173 Nov 1020.25 1037.00 1013.25 1019.75 –2.75 416,017 Oct .7225 .7234 .7156 .7167 –.0041 537 Dec 65.25 65.95 65.00 65.54 .30 125,051 April 1933.20 1936.60 1913.60 1920.50 –2.60 19,261 March'21 1019.00 1034.75 1012.50 1019.00 –2.00 183,859 Dec .7224 .7237 .7156 .7168 –.0041 133,802 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June 1939.00 1940.60 1922.60 1924.90 –2.50 9,582 Soybean Meal (CBT)-100 tons; $ per ton. Mexican Peso (CME)-MXN 500,000; $ per MXN Nov 115.50 116.50 112.50 112.90 –2.80 7,066 Oct 333.00 340.10 s 330.70 337.30 3.90 36,694 Oct .04701 .04676 .04586 .04583 –.00075 167 Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan'21 118.15 118.15 115.55 115.85 –2.40 1,265 Sept ...... 2216.00 –50.10 87 Dec 337.60 344.70 s 335.20 341.00 2.90 193,475 Dec .04636 .04651 .04551 .04553 –.00075 134,805 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 2291.80 2316.80 2227.30 2229.60 –52.10 9,349 Interest Rate Futures Euro (CME)-€125,000; $ per € March'21 2318.00 2318.00 2236.00 2236.10 –52.10 189 Oct 34.30 34.55 33.57 33.67 –.60 26,556 Oct 1.1777 1.1778 t 1.1699 1.1712 –.0050 3,232 June ...... 2233.00 –52.00 7 Dec 34.22 34.50 33.51 33.60 –.60 198,762 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 1.1789 1.1793 1.1712 1.1726 –.0050 658,625 Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 223-030 223-200 222-070 223-070 18.0 986,804 Nov 12.25 12.54 12.22 12.52 .30 9,126 Sept 880.50 880.50 t 862.70 856.50 –18.60 24 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Index Futures Jan'21 12.51 12.72 12.42 12.69 .28 366 Dec 176-200 176-260 176-070 176-220 5.0 1,179,789 Jan'21 894.30 901.10 864.70 866.20 –18.50 32,445 Mini DJ Industrial Average (CBT)-$5 x index Wheat (CBT)-5,000 bu.; cents per bu. March'21 177-280 178-090 177-260 178-090 6.0 52 Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 27000 27207 26858 27143 88 71,961 Dec 553.50 567.00 550.25 558.00 3.25 215,451 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 24.460 24.570 24.160 24.442 0.143 622 March'21 26958 27100 26775 27048 89 73 March'21 562.00 574.75 558.75 565.75 2.75 70,925 Dec 139-185 139-200 139-155 139-200 2.0 3,237,218 Dec 24.785 25.300 23.910 24.523 0.136 135,663 S&P 500 Index (CME)-$250 x index Wheat (KC)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 3310.80 3301.70 3257.30 3299.30 24.20 7,442 Dec 488.50 500.25 484.00 491.75 4.50 130,218 Sept 125-300 125-305 125-282 125-302 1.7 35,937 Oct 39.63 40.02 39.00 39.60 0.29 18,578 Mini S&P 500 (CME)-$50 x index March'21 498.25 511.00 495.00 502.75 4.50 55,413 Dec 126-005 126-025 125-317 126-022 1.7 3,217,684 Nov 39.84 40.27 39.19 39.80 0.26 366,912 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 3271.50 3309.50 3256.50 3299.25 24.25 2,486,960 Dec 40.08 40.56 39.50 40.09 0.24 287,092 March'21 3264.50 3302.00 3248.50 3291.00 24.25 3,426 Sept 141.550 142.125 141.350 141.700 .625 1,094 Sept 110-139 110-137 110-134 110-137 .2 40,978 Jan'21 40.40 40.87 39.84 40.40 0.21 141,305 Mini S&P Midcap 400 (CME)-$100 x index Nov 143.025 143.500 140.800 141.175 –1.550 14,629 Dec 110-146 110-151 110-144 110-150 .3 1,950,306 June 41.90 42.27 41.35 41.85 0.19 183,160 Cattle-Live (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 1818.70 1832.30 1806.40 1828.00 14.10 58,217 Dec 42.83 43.12 42.28 42.76 0.21 223,909 Sept 99.9125 99.9125 99.9100 99.9100 .0000 137,609 March'21 …1819.30 1807.10 1825.00 14.10 ... Oct 106.925 107.025 106.150 106.475 –.225 33,934 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Oct 99.9200 99.9200 99.9150 99.9150 .0000 214,883 Mini Nasdaq 100 (CME)-$20 x index Dec 110.800 110.875 109.800 110.175 –.425 120,427 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Oct 1.1160 1.1236 1.0877 1.0961 –.0112 48,218 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 10966.25 11191.00 10897.50 11149.50 160.50 335,558 Dec 102-280 102-290 102-235 102-265 .5 110,355 March'21 10965.00 11181.00 10892.00 11142.50 161.25 907 Nov 1.1236 1.1364 1.1004 1.1090 –.0098 98,735 Oct 67.600 68.600 67.075 68.325 2.725 31,939 Eurodollar (CME)-$1,000,000; pts of 100% Mini Russell 2000 (CME)-$50 x index Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 62.950 64.550 62.675 64.100 2.550 94,873 Oct 1.1863 1.1885 1.1521 1.1643 –.0128 45,449 Oct 99.7750 99.7775 99.7725 99.7750 …266,273 Dec 1479.60 1493.40 1465.60 1488.80 6.00 514,033 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 99.7300 99.7300 99.7250 99.7250 –.0050 1,072,341 Nov 1.1615 1.1658 1.1317 1.1438 –.0106 110,161 Mini Russell 1000 (CME)-$50 x index Nov 554.60 578.60 550.10 578.60 29.00 2,121 March'21 99.7900 99.7950 99.7850 99.7900 …995,508 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 1820.30 1843.10 1816.00 1840.90 18.40 8,666 Jan'21 472.30 523.00 472.30 522.00 28.00 930 June 99.8000 99.8050 99.7950 99.8050 .0050 883,996 Oct 1.888 1.897 1.808 1.834 –.001 51,359 Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index Nov 2.732 2.742 2.561 2.597 –.113 279,690 Sept 16.25 16.31 16.24 16.27 .01 3,988 Currency Futures Dec 93.59 94.12 93.50 94.02 .33 28,522 Dec 3.194 3.204 3.091 3.134 –.052 133,083 Oct 19.52 19.65 18.15 18.42 –1.23 4,660 March'21 93.56 94.08 93.46 93.98 .34 463 Jan'21 3.321 3.329 3.225 3.264 –.053 147,532 Cocoa (ICE-US)-10 metric tons; $ per ton. Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 3.133 3.148 3.065 3.099 –.039 120,165 Dec 2,643 2,649 2,547 2,556 –73 100,310 Oct .9560 .9581 .9521 .9534 –.0012 504 Source: FactSet

| Cash Prices | wsj.com/market-data/commodities Tuesday, September 22, 2020 Bonds wsj.com/market-data/bonds/benchmarks These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Tuesday Tuesday Tuesday highs and lows for different types of bonds Energy Aluminum, LME, $ per metric ton *1752.5 Wheat - Hard - KC (USDA) $ per bu-u 5.0175 Total Total Copper,Comex spot 3.0590 Wheat,No.1soft white,Portld,OR-u 5.5250 return YTD total Yield (%) return YTD total Yield (%) Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 117.0 Food close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.700 Shredded Scrap, US Midwest-s,m 283 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Metals Steel, HRC USA, FOB Midwest Mill-s 600 Beef,carcass equiv. index Fibers and Textiles choice 1-3,600-900 lbs.-u 179.77 2281.00 7.0 U.S. Aggregate 1.170 1.020 2.410 2222.44 3.5 Mortgage-Backed 1.350 0.930 2.690 Gold, per troy oz select 1-3,600-900 lbs.-u 169.37 2163.13 3.0 Ginnie Mae (GNMA) 0.900 0.290 2.660 Engelhard industrial 1914.00 Burlap,10-oz,40-inch NY yd-n,w 0.6000 Broilers, National comp wtd. avg.-u,w 0.6348 U.S. Corporate Indexes Bloomberg Barclays Butter,AA Chicago 1.6200 Handy & Harman base 1906.00 Cotton,1 1/16 std lw-mdMphs-u 0.6154 3378.58 7.4 U.S. Corporate 1.940 1.820 4.580 1313.91 3.7 Fannie mae (FNMA) 1.510 1.110 2.690 Handy & Harman fabricated 2115.66 Cotlook 'A' Index-t *70.95 Cheddar cheese,bbl,Chicago 163.50 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1930.90 Hides,hvy native steers piece fob-u 31.500 260.00 3066.77 5.9 Intermediate 1.300 1.230 4.400 2016.40 3.6 Freddie Mac (FHLMC) 1.500 1.080 2.710 Milk,Nonfat dry,Chicago lb. 107.25 LBMA Gold Price PM *1909.35 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 587.79 3.9 Muni Master 1.017 0.838 3.441 Krugerrand,wholesale-e 1979.74 1.0521 5002.16 9.8 Long term 2.970 2.730 4.930 Coffee,Colombian, NY 1.5902 Maple Leaf-e 1998.78 Grains and Feeds Eggs,large white,Chicago-u 0.8050 694.14 7.7 Double-A-rated 1.450 1.300 3.360 415.56 4.2 7-12 year 1.007 0.771 3.447 American Eagle-e 1998.78 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 14.60 Mexican peso-e 2303.17 891.37 6.5 Triple-B-rated 2.300 2.210 5.350 472.54 4.3 12-22 year 1.489 1.224 3.690 Bran,wheat middlings, KC-u 100 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1868.91 Corn,No. 2 yellow,Cent IL-bp,u 3.4850 Hogs,Iowa-So. Minnesota-u 68.95 High Yield Bonds ICE BofA 3.3 22-plus year Austria phil-e 1998.78 455.33 2.232 1.765 4.123 Corn gluten feed,Midwest-u,w 115.7 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 408.2 Pork loins,13-19 lb MidUS-u 0.8582 465.01 -0.4 High Yield Constrained 5.817 5.151 11.400 Global Government J.P. Morgan† Engelhard industrial 24.5500 Cottonseed meal-u,w 260 Steers,Tex.-Okla. Choice-u n.a. 407.84 -6.8 Triple-C-rated 11.970 10.735 19.071 615.77 5.6 Global Government 0.530 0.390 1.060 Handy & Harman base 24.3200 Hominy feed,Cent IL-u,w 95 Steers,feeder,Okla. City-u,w 147.88 Handy & Harman fabricated 30.4000 Meat-bonemeal,50% pro Mnpls-u,w 193 3144.54 -1.5 High Yield 100 4.839 4.235 10.740 867.93 8.0 Canada 0.730 0.590 1.740 LBMA spot price *£20.5000 Oats,No.2 milling,Mnpls-u 3.0475 Fats and Oils EMU§ (U.S.$ equivalent) *26.3600 Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.3300 421.17 -0.1 Global High Yield Constrained 5.692 4.893 11.310 415.05 3.7 0.179 0.143 0.794 Coins,wholesale $1,000 face-a 18776 Sorghum,(Milo) No.2 Gulf-u,k 5.6925 Grease,choice white,Chicago-h 0.2850 321.75 -2.1 Europe High Yield Constrained 4.017 2.464 8.183 787.48 3.8 France -0.040 -0.160 0.430 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 334.00 Lard,Chicago-u n.a. LBMA Platinum Price PM *907.0 Soybeans,No.1 yllw IL-bp,u 9.8950 Soybean oil,crude;Centl IL-u 0.3417 U.S Agency Bloomberg Barclays 549.04 2.5 Germany -0.390 -0.740 -0.050 Platinum,Engelhard industrial 881.0 Wheat,Spring14%-pro Mnpls-u 6.6725 Tallow,bleach;Chicago-h 0.3150 Palladium,Engelhard industrial 2297.0 Wheat,No.2 soft red,St.Louis-u 5.6850 Tallow,edible,Chicago-u 0.3700 1867.06 5.4 U.S Agency 0.490 0.470 1.950 295.46 -0.9 Japan 0.280 0.040 0.320 1625.48 4.0 10-20 years 0.360 0.340 1.860 612.32 2.7 Netherlands -0.290 -0.540 0.080 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; 12.9 20-plus years U.K. 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; K=Prices are now in $ per 4309.59 1.460 1.170 2.480 1092.33 8.7 0.560 0.390 1.180 bushel *Data as of 9/21 5.4 Yankee Emerging Markets ** Source: Dow Jones Market Data 2882.01 1.500 1.430 3.500 887.16 0.6 4.815 4.523 7.480 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Exchange-Traded BANKRATE.COM® MMA, Savings and CDs Portfolios Global Government Bonds: Mapping Yields Average Yields of Major Banks Tuesday, September 22, 2020 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR Largest 100 exchange-traded funds, selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session latest session National average Savings 0.10 0.06 0.06 0.10 0.15 0.22 0.25 0.22 0.36 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Tuesday, September 22, 2020 Jumbos 0.20 0.07 0.07 0.11 0.16 0.24 0.27 0.22 0.38 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Closing Chg YTD Weekly change 0.125 U.S. 2 0.137 t l 0.141 0.170 1.681 ETF Symbol Price (%) (%) Savings 0.00 0.00 -0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.625 10 0.665 t l 0.668 0.636 1.723 CommSvsSPDR XLC 59.05 1.93 10.1 Jumbos 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.01 CnsmrDiscSelSector XLY 144.50 2.11 15.2 5.750 Australia 2 0.172 t l 0.180 0.273 0.781 3.5 3.9 -90.0 CnsStapleSelSector XLP 63.20 0.59 0.3 FinSelSectorSPDR XLF 23.73 –0.84 –22.9 2.500 10 0.845 t l 0.865 0.892 1.049 18.0 19.7 -67.5 FT DJ Internet FDN 186.25 2.61 33.9 Consumer Savings Rates GSActiveBetaUSLC GSLC 67.24 1.11 4.0 0.000 France 2 -0.644 t l -0.641 -0.617 -0.665 -78.1 -78.2 -234.6 Below are the top federally insured offers available nationwide according to Bankrate.com's HealthCareSelSect XLV 102.96 –0.21 1.1 0.000 10 -0.236 s l -0.250 -0.199 -0.221 -91.9 -194.5 IndSelSectorSPDR XLI 76.62 0.99 –6.0 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please -90.1 InvscQQQI QQQ 272.48 1.86 28.2 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. 0.000 Germany 2 -0.709 s l -0.718 -0.676 -0.711 -84.6 -85.9 -239.2 InvscS&P500EW RSP 107.06 0.47 –7.5 iSh3-7YTreasuryBd IEI 133.61 0.01 6.3 High yield savings 0.000 10 -0.501 s l -0.527 -0.504 -0.518 -116.6 -119.5 -224.2 iShCoreDivGrowth DGRO 39.59 0.33 –5.9 Yield iShCoreMSCIEAFE IEFA 60.06 –0.05 –7.9 Bank Bank Yield 1.000 Italy 2 -0.229 t l -0.184 -0.137 -0.222 -36.6 -32.5 -190.3 iShCoreMSCIEM IEMG 52.43 –0.83 –2.5 Phone number Minimum (%) Phone number Minimum (%) iShCoreMSCITotInt IXUS 58.08 –0.21 –6.2 1.650 10 0.871 t l 0.940 0.943 0.919 20.6 27.1 -80.4 iShCoreS&P500 IVV 332.97 1.01 3.0 Money market and savings account Six-month CD 0.100 Japan 2 -0.147 l -0.147 -0.115 -0.308 -28.8 -198.9 iShCoreS&P MC IJH 183.39 0.63 –10.9 TAB Bank $0 0.90 State Bank of India California $1,000 0.65 -28.4 iShCoreS&P SC IJR 69.65 0.59 –16.9 (800) 355-3063 (877) 707-1995 0.100 10 0.015 l 0.015 0.035 -0.218 -65.0 -65.4 -194.1 iShS&PTotlUSStkMkt ITOT 74.78 0.93 2.9 Vio Bank $100 0.83 NBKC Bank $1,000 0.65 iShCoreUSAggBd AGG 118.33 0.08 5.3 0.400 Spain 2 -0.517 s l -0.517 -0.465 -0.474 -65.4 -65.8 -215.5 iShSelectDividend DVY 81.92 –0.35 –22.5 (888) 999-9170 (913) 341-1144 iShEdgeMSCIMinEAFE EFAV 67.72 –0.10 –9.1 Ally Bank $0 0.80 ableBanking, a division of Northeast Bank $1,000 0.60 1.250 10 0.231 t l 0.254 0.301 0.231 -43.4 -41.5 -149.2 iShEdgeMSCIMinUSA USMV 63.54 0.68 –3.1 (877) 247-2559 (888) 426-2253 iShEdgeMSCIUSAMom MTUM 144.66 0.79 15.2 0.500 U.K. 2 -0.044 s l -0.117 -0.042 0.530 -18.1 -25.9 -115.1 iShEdgeMSCIUSAQual QUAL 102.31 1.07 1.3 One-month CD One-year CD 4.750 10 0.205 s l 0.158 0.208 0.628 -46.0 -51.1 -109.5 iShGoldTr IAU 18.15 –0.38 25.2 Lone Star Bank $1,000 0.20 NBKC Bank $1,000 0.90 iShiBoxx$InvGrCpBd LQD 135.68 6.0 0.06 Source: Tullett Prebon iShiBoxx$HYCpBd HYG 83.90 0.35 –4.6 (713) 358-9400 (913) 341-1144 iShIntermCorpBd IGIB 61.08 0.11 5.3 State Bank of India California $1,000 0.15 Marcus by Goldman Sachs $500 0.85 iShJPMUSDEmgBd EMB 110.96 –0.21 –3.1 (877) 707-1995 (855) 730-7283 Corporate Debt iShMBSETF MBB 110.28 0.05 2.1 Washington Savings Bank $500 0.10 Ally Bank $0 0.75 iShMSCI ACWI ACWI 79.17 0.47 –0.1 (978) 458-7999 (877) 247-2559 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in iShMSCI EAFE EFA 63.46 –0.03 –8.6 that same company’s share price. iShMSCIEmgMarkets EEM 43.78 –0.75 –2.4 Two-month CD Two-year CD iShNatlMuniBd MUB 115.98 0.06 1.8 iShPfd&Incm PFF 36.23 0.14 –3.6 Lone Star Bank $1,000 0.20 BankDirect $10,000 1.00 Investment-grade spreads that tightened the most… iShRussell1000Gwth IWF 213.17 1.60 21.2 (713) 358-9400 (877) 839-2737 Spread*, in basis points Stock Performance iShRussell1000 IWB 185.25 0.97 3.8 State Bank of India California $1,000 0.15 NBKC Bank $1,000 0.90 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg iShRussell1000Val IWD 117.87 0.27 –13.6 iShRussell2000 IWM 149.06 0.77 –10.0 (877) 707-1995 (913) 341-1144 United Airlines UAL 3.650 Oct. 7, ’25 908 –29 n.a. 34.07 0.83 VirtualBank $10,000 0.15 Marcus by Goldman Sachs $500 0.85 iShRussellMid-Cap IWR 56.85 0.83 –4.6 Southwest Airlines LUV 4.750 May 4, ’23 164 –20 166 38.12 1.60 iShRussellMCValue IWS 80.60 0.64 –15.0 (877) 998-2265 (855) 730-7283 iShS&P500Growth IVW 228.06 1.64 17.8 JetBlue Airways JBLU 8.000 Nov. 15, ’27 703 –10 n.a. 11.80 2.25 iShS&P500Value IVE 112.13 0.04 –13.8 Three-month CD Five-year CD Verizon VZ 4.522 Sept. 15, ’48 126 –10 141 59.82 0.35 iShShortCpBd IGSB 54.98 0.02 2.5 BrioDirect $500 0.50 TAB Bank $1,000 1.10 iShShortTreaBd SHV 110.70 ... 0.2 Canadian Imperial Bank of Commerce CM 3.100 April 2, ’24 41 –9 49 76.57 0.10 (877) 369-2746 (800) 355-3063 iShSilver SLV 22.79 –1.04 36.6 Caterpillar Financial Services … 0.650 July 7, ’23 22 –8 29 … … iShTIPSBondETF TIP 126.28 0.03 8.3 NBKC Bank $1,000 0.35 First Internet Bank of Indiana $1,000 1.01 iSh1-3YTreasuryBd SHY 86.50 0.02 2.2 (913) 341-1144 (888) 873-3424 General Electric Capital … 6.750 March 15, ’32 310 –8 n.a. .. … iSh7-10YTreasuryBd IEF 121.92 ... 10.6 Goldwater Bank $5,000 0.35 Ally Bank $0 1.00 Coca–Cola KO 2.250 Sept. 1, ’26 48 –8 n.a. 49.66 1.16 iSh20+YTreasuryBd TLT 164.27 –0.08 21.3 (480) 281-8200 (877) 247-2559 iShRussellMCGrowth IWP 169.22 1.28 10.9 …And spreads that widened the most iShUSTreasuryBdETF GOVT 27.96 –0.02 7.8 JPM UltShtIncm JPST 50.82 –0.02 0.8 High yield jumbos - Minimum is $100,000 Credit Suisse … 2.950 April 9, ’25 60 21 57 … … PIMCOEnhShMaturity MINT 101.96 –0.02 0.4 SPDR BlmBarcHYBd JNK 104.24 0.32 –4.8 Money market and savings account Six-month CD Delta Air Lines DAL 7.000 May 1, ’25 442 19 441 30.22 1.34 SPDRBloomBar1-3MTB BIL 91.52 ... 0.1 Park Aerospace Holdings AVOL 5.500 Feb. 15, ’24 499 18 523 ...... SPDR Gold GLD 178.65 –0.48 25.0 CFG Community Bank 0.90 State Bank of India California 0.65 TD SchwabIntEquity SCHF 31.32 0.03 –6.9 (888) 205-8388 (877) 707-1995 Toronto–Dominion Bank 0.750 Sept. 11, ’25 56 17 51 45.82 0.31 SchwabUS BrdMkt SCHB 79.06 0.91 2.8 VirtualBank 0.80 Live Oak Bank 0.60 HCA HCA 4.750 May 1, ’23 80 15 77 120.65 –3.83 SchwabUS Div SCHD 55.14 ... –4.8 (877) 998-2265 (866) 518-0286 SchwabUS LC SCHX 79.98 0.95 4.1 HP HPQ 6.000 Sept. 15, ’41 284 11 n.a. 18.44 0.55 SchwabUS LC Grw SCHG 113.03 1.72 21.7 BankDirect 0.75 ableBanking, a division of Northeast Bank 0.60 Novartis Capital NOVNVX 3.400 May 6, ’24 18 10 n.a...... Schwab US TIPs SCHP 61.45 –0.03 8.5 (877) 839-2737 (888) 426-2253 General Electric GE 3.375 March 11, ’24 71 8n.a. 6.25 –1.57 SPDR DJIA Tr DIA 272.81 0.50 –4.3 SPDR S&PMdCpTr MDY 333.71 0.67 –11.1 One-month CD One-year CD SPDR S&P 500 SPY 330.30 1.02 2.6 Lone Star Bank 0.20 Marcus by Goldman Sachs 0.85 High-yield issues with the biggest price increases… SPDR S&P Div SDY 91.77 0.28 –14.7 (713) 358-9400 (855) 730-7283 Bond Price as % of face value Stock Performance TechSelectSector XLK 114.22 1.58 24.6 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg UtilitiesSelSector XLU 58.02 0.62 –10.2 State Bank of India California 0.15 Ally Bank 0.75 VanEckGoldMiner GDX 40.02 0.45 36.7 (877) 707-1995 (877) 247-2559 Occidental Petroleum OXY 6.200 March 15, ’40 88.580 4.33 n.a. 11.08 –1.86 VangdInfoTech VGT 305.09 1.66 24.6 VirtualBank CFG Community Bank 0.10 0.75 Fiat Chrysler Automobiles FCAIM 5.250 April 15, ’23 105.142 0.97 105.738 ...... VangdSC Val VBR 110.22 0.28 –19.6 (877) 998-2265 (888) 205-8388 VangdSC Grwth VBK 212.44 1.32 6.9 Liberty Media LINTA 8.250 Feb. 1, ’30 108.250 0.86 108.068 ...... VangdExtMkt VXF 128.45 0.64 2.0 Two-month CD Two-year CD Transocean RIG 6.800 March 15, ’38 15.750 0.79 16.250 0.98 –0.64 VangdDivApp VIG 127.50 0.78 2.3 Lone Star Bank BankDirect VangdFTSEDevMk VEA 40.73 –0.02 –7.6 0.20 1.00 Ford Motor F 7.450 July 16, ’31 116.300 0.58 117.250 6.78 –1.31 VangdFTSE EM VWO 42.95 –0.88 –3.4 (713) 358-9400 (877) 839-2737 CIT CIT 5.000 Aug. 1, ’23 104.875 0.56 105.250 16.70 –1.82 VangdFTSE Europe VGK 52.27 –0.23 –10.8 State Bank of India California 0.15 Marcus by Goldman Sachs 0.85 VangdFTSEAWxUS VEU 50.25 –0.18 –6.5 (877) 707-1995 (855) 730-7283 Springleaf Finance … 7.125 March 15, ’26 110.750 0.53 114.500 … … VangdGrowth VUG 224.02 1.64 23.0 L Brands LB 6.694 Jan. 15, ’27 100.500 0.50 100.750 30.55 3.74 VangdHlthCr VHT 199.17 –0.05 3.9 VirtualBank 0.15 Goldwater Bank 0.80 VangdHiDiv VYM 80.24 0.12 –14.4 (877) 998-2265 (480) 281-8200 VangdIntermBd BIV 93.65 0.02 7.4 …And with the biggest price decreases VangdIntrCorpBd VCIT 96.23 ... 5.4 Three-month CD Five-year CD VangdLC VV 154.86 0.99 4.7 BrioDirect 0.50 TAB Bank 1.10 Royal Caribbean RCL 7.500 Oct. 15, ’27 88.150 –2.29 92.500 62.37 2.73 VangdMegaGrwth MGK 182.33 1.71 25.2 (877) 369-2746 (800) 355-3063 Telecom Italia Capital TITIM 7.721 June 4, ’38 133.430 –2.07 138.205 ...... VangdMC VO 174.33 1.09 –2.2 American Airlines AAL 3.750 March 1, ’25 50.938 –1.94 52.250 12.34 1.06 VangdMBS VMBS 54.21 0.09 2.0 Goldwater Bank 0.35 First Internet Bank of Indiana 1.01 VangdRealEst VNQ 78.68 1.20 –15.2 (480) 281-8200 (888) 873-3424 CF Industries CF 5.150 March 15, ’34 118.500 –1.92 n.a. 31.25 –1.14 VangdS&P500ETF VOO 304.74 1.01 3.0 Discover Bank 0.25 Ally Bank 1.00 Hughes Satellite Systems … 6.625 Aug. 1, ’26 109.000 –1.52 112.250 … … VangdST Bond BSV 83.04 0.04 3.0 (800) 347-7000 (877) 247-2559 VangdSTCpBd VCSH 82.93 0.01 2.3 Navient NAVI 6.750 June 15, ’26 99.500 –1.25 102.500 7.86 –1.01 VangdSC VB 152.74 0.89 –7.8 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Occidental Petroleum OXY 7.500 May 1, ’31 98.500 –1.25 99.739 11.08 –1.86 VangdTotalBd BND 88.42 0.03 5.4 compounding and rate stated for the lowest required opening deposit to earn interest. CD Dish DBS … 7.750 July 1, ’26 110.040 –1.03 113.719 30.13 0.42 VangdTotIntlBd BNDX 58.16 –0.04 2.8 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotIntlStk VXUS 52.02 –0.19 –6.6 VangdTotalStk VTI 168.71 0.99 3.1 which may be checks. Rates are subject to change. *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. VangdTotlWrld VT 79.94 0.46 –1.3 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more VangdValue VTV 104.26 0.09 –13.0 Internet: www.bankrate.com Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW267000-2-B01200-1------XA

B12 | We dnesday, September 23, 2020 ** THE WALL STREET JOURNAL. BANKING & FINANCE InsuranceFreezeHitsU.S.SupplyChain

Specialized tool that writepolicies formetals such ISM Prices Index borrow against foreign sales prices have increased between surancerepresentatives and as aluminum and nickel due to arealso frequent users. 15% and 30% and as much as the Treasury Department ha- protects global trade travails in sectorsthat pur- 70 Some $600 billion in U.S. 60% in some cases.The in- ven’t yielded anything,accord- has been curtailed chase these materials.The au- sales were coveredbycredit crease is aresponse to the ing to people familiar with the tomotiveand aviation indus- 65 insurancelast year,according prospect of further payouts. talks.Some trade associations because of Covid-19 tries have endured falling sales to aJuly report that was U.S. privatetrade-credit insur- have said their membersneed during the pandemic,while funded by Euler Hermes ance premiums totaled around added protection from the U.S. 60 Readings above BY JULIE STEINBERG steelmakershavelong faced 50 indicateinput Group SA, Cofaceand Atra- $800 million in 2019,and government. AND JOE WALLACE pressureonprofits.That raises prices arerising. dius NV,the biggest providers. claims areupabout 50% year Some companies arebeing the prospect companies will 55 Thepullback formetals over year,according to Marsh. forced to take morerisks.Be- An obscurepart of the insur- default on deals to buy metals. started last year,said Mr.Paul- Theinsurers’ retreat has fore Covid-19, IntraAmerican anceindustrythat helps com- It is “anincredibly difficult son. Carriersreducing cover- added to the stressoncom- Metals Inc., of Noblesville,Ind., 50 modities flow smoothly around predicament,” said Jay Sand- ageduring Covid-19 “was like modity suppliers and traders, bought insurancefor about the world is seizing up,pre- ler, president of Imperial Zinc adding salt to the wounds in which arealso finding it in- 95% of itsreceivables.That fell senting another obstacle to the Corp., aChicago-based manu- 45 themetals industry,” he said. creasingly difficult to get to 83% afterEuler Hermes re- U.S. economy’sfitfulrecovery. facturer of zinc and aluminum Mr.Paulson estimated that in- funding from banks.Higher in- duced or canceled coverage for Trade-credit insurance, afi- alloys and anodes. “Credit in- 40 surershavesliced coverage by surancepremiums squeeze dozens of customers, said Chief nancial tool that protects suranceisanextremely im- between 30% and 40% forthe profitsinanindustrythat Financial Officer JayStutz. trade,has been severely cut portant tool forour business.” sector sincethe crisis began. runs on slim margins. AEuler spokesperson de- back forU.S.companies,say Alarge portion of the alu- 35 Trade-financeplatform Liq- Reduced coverage has other clined to comment on specific insurance executives, brokers minum Imperial sells goes to 2019 ’20 uidX Inc.said almost half of painful side effects. It can clientsbut said the insurer has and policyholders. Companies the autoindustry, wheremany insurance requests, nearly all make it more difficult to bor- “adjusted coverage in accor- Source:Institutefor Supply areoften reluctant to move insurancepolicies have been Managementvia FactSet made by U.S. companies and row, because tradersoften take dancewith increased risk and goods without this type of in- reduced or canceled. Thecom- covering all sectors, were ap- out insurancetoget funding reduced trade volumes surance, so shipmentsofmet- panyisunwilling to sell with- companies that operateonthin proved last year through mid- from banks.And it canforce brought on by the pandemic.” als arebeing delayedor out coverage.Inone instance, profit margins and can’t run September. That has fallen to companies to unload excess Given the business already dropped even as demand for Imperial temporarily stopped the risk that customersdefault. 14% for the equivalent period stock so they aren’t exposed to lost to the coronavirus, Intra raw materials revives. shipmentstoalarge auto-parts Metal, energy and food traders this year. swingsincommodity prices. American couldn’t stop ship- Supplierstakeout insurance customer afterits policywas areoften policyholders, said Insurersare also raising pre- UnlikeinEurope,where ping.Itkept selling to most in case customersdon’t pay, terminated due to bankruptcy. JerryPaulson, who specializes miums acrosssectors, said Kim governments have stepped in customers, meaning it is on while banks use it to insure Credit insuranceislessprev- in credit and political risk at in- Sturiano-Cordero, asenior vice to reinsuretransactions,the thehook if something goes deals they finance. But insur- alent in the U.S. than in Europe surancebrokerage Lockton president at insurancebroker U.S. hasn’t supported the mar- awry forthose that aren’t cov- ershavebecome lesswilling to but popular among American Companies.Exportersthat Marsh LLC.She estimates ket. Discussions between in- ered by insurance. Pipeline Firms SqueezedbyShale-Oil Cutbacks China Fines Companies BY REBECCA ELLIOTT Twoyears ago,the topU.S.oilfield needed newcrude pipelines badly. executiveofthe company’s Companies overcorrected, creating an oversupply of pipes that's been general partner,said at are- America’shottest oil region cent conference. In Luckin has toomanypipelines and not exacerbatedbyadecline in production during the pandemic. Enterprise also has consid- enough oil to fill them, bad Crude pipelines in the Permian Basin Permian Basin production ered switching one of itsTexas Sales Fraud news forpipeline operators. and capacity pipelines back to handling nat- Just two yearsago, rapid Completed pre-2018 Planned ural-gas liquids,after having BY JING YANG production growth in the converted it to crude early last Completed 2018-20 Canceled 8 millionbarrels aday Permian Basin of Texas and year to satisfythe crush of China’stop commerce regu- NewMexicohad overwhelmed Capacity* Permian demand. Aspokesman lator fined Luckin Coffee Inc. regional infrastructure, caus- 7 said Mondaythat the company anddozens of companies that ingbottlenecks that crushed PERMIAN had yettodecide whether to helped the coffee chain inflate localcrude prices. BASIN ARK. 6 pursue the conversion. itssales and expenses in 2019, OKLA. Now, the region, which is PROJECTIONS With little incentivetoput wrapping up amonthslong in- producing around four million N.M. 5 more conduitsinthe ground, vestigation intothe accounting barrels aday of oil, has some pipeline companies arelikely misconduct at the once-highfly- three million barrels aday of LA. 4 to merge with one another, ing company. excess pipeline space, accord- Plains All American Pipeline TheState Administration for ing to East Daley Capital Advi- 3 Production ChiefExecutiveWillie Chiang Market Regulation on Tuesday sorsInc., an energy datafirm. told investorsearlier this said it has fined two Luckin en- Adropinoil demand during TEXAS 2 month. “You have to grow in tities and 43 other companies a thepandemic,which caused differentways,” Mr.Chiang totalof61million yuan, equiva- crude prices to fall and forced 1 said. “And Idothink as we go lent to $9 million. One of those MEXICO companies to trim production, 100 mi GulfofMexico forwardmoreconsolidation companies waspreviously iden- has exacerbated what wasal- 0 will happen.” tified in aWall Street Journal ready becoming amismatch. 100 km Theabundanceofpipeline investigation in May. Theabundanceofconduits 2016 ’17 ’18 ’19 ’20 ’21 capacity is yet another head- Theregulator,which over- is awelcome changefor shale wind forfuel makers,which sees commercial and business companies but challenging for Pricedifferencebetween oil sold in Midland, Texas, and Cushing, Okla. oftenbenefit when congestion activities in China, said Luckin fuel makersand pipeline oper- depresses regional crude also misled consumersbyusing $10 per barrel atorssuch as Plains All Amer- prices,allowing them to scoop falsified datainits promotions, ican Pipeline LP and Energy up oil forprocessing on the and violated the country’slaw 5 Transfer LP that had benefited cheap in specific areas. against unfair competition. The from the congestion. Twoyearsago, Permian oil fines issued were in accordance “Weare going to need sig- 0 wasdiscounted by as much as with the law. nificant consolidation in the around $18 abarrel belowthe Luckin, an upstart rival to midstreamspaceoverall, and –5 U.S. benchmark,according to Starbucks Corp.inChina, particularly in these basins energy-information provider listed on theNasdaq Stock wherethe oversupply is as –10 ArgusMedia Ltd. That helped Market in May2019 afterrais- dramatic as it is,” Tyler Rosen- drivefuel makersincluding ing $651 million, and earlier licht,aportfolio manager at –15 Phillips 66 and Delek US Hold- this year raised another $865 investment firm Cohen & ings Inc.totheir highest an- millionfromselling stock and SteersInc., said of the pipeline –20 nual profit on record. convertible debt. TheXiamen- companies. 2016 ’17 ’18 ’19 ’20 As of Monday, oil sold in based companyreported big Oil fields oftenyo-yobe- *Includes pipeline spaceand local refining capacity Midland, Texas,atthe heart of jumps in revenue beforereveal- tween not having enough pipe- Sources: RBN Energy (pipelines); East DaleyCapital Advisors (production &capacity);Argus (prices) the basin, fetched slightly ing in April that morethan lines to movetheir crude to morethan crude traded at the $300 million in sales transac- market and having too many. Permian crude,East Daley esti- without the pandemic.That is markets, or converting oil con- Cushing,Okla., hub,Argus tionslast year were fabricated But the mismatch between mates.That is down from utili- because producersalready duitstoones that carrynatu- data show. by some employees.Its sur- pipeline space and oil output zation as high as around 96% were beginning to slowpro- ralgas or natural-gas liquids, Shale producers, on the prise disclosurecaused its in the Permian is particularly in the spring of 2018. duction as investorspressured according to people familiar other hand, arereaping the shares to tank beforethey were extreme.AsofSeptember, Permian production has them to givepriority to re- with thematter. benefitsofabundant pipeline delisted in July. large Permian conduitsand lo- fallen by about 700,000 bar- turns over growth. Meanwhile,Enterprise space, particularly ones that China’scommerce regulator calrefineries could absorb rels aday sinceMarch, or Last year,pipeline firms En- ProductsPartnersLPsaid this didn’t sign long-term contracts launched aprobe intoLuckin roughly 7. 3 million barrels of roughly 14%, according to U.S. ergy Transfer and Epic Mid- month that it had canceled a to ship their oil at afixed rate. shortly afterthe company’sdis- oil aday,according to East Energy Information Adminis- stream Holdings LP re- 450,000-barrel-a-daypipeline “Twoyearsago, we were closure. Thecountry’s Ministry Daley. tration estimates.Covid-19 has sponded by lowering some of it wasplanning to build from just looking for any way out,” of Financealso investigated the By early next year,capacity sapped oil demand and sent therates they charge to ship the Permian to South Texas said Suzie Boyd, president of firm, but hasn’t released details is expected to climb to around U.S. benchmark prices tum- oil, according to East Daley. andrenegotiated agreements Midland-based CaballoLoco on potential penalties or which 8.3 million barrels a day, bling to around $39 abarrel as Companies also have discussed with some customers. Midstream LLC,which helps laws and regulations that Luckin meaning producerswould be of Monday. Yetthe region reversing the direction oil “In the medium-term, we producerssell their oil and violated. TheU.S.Securities and usingonly about half of the likely wasgoing to have more flowsontheir pipes to send don’t need it, and they don’t gas. Now, her clientshaveop- ExchangeCommission is sepa- available pipeline spacefor pipelines than it needed even more oil to Gulf Coast export need it,” JimTeague, co-chief tions. rately investigating Luckin.

ures showcapacity still about Airfreight rate,change Cargo Shift athirdbelowlast year’s levels. from ayearearlier Rateshavefallen from recent highs, according to TACIndex, a 125% Helps aFew market researcher,and industry Hong Kong analystssay they should decline 100 to North further later this year—though America Airlines demand forshipping Covid-19 75 vaccines could disrupt that. Seoul-basedKorean Air re- 50 ContinuedfrompageB1 cently removed passenger seats fill the gapand boost cargoca- on two planes and has plans to pacity as the pandemic trig- soon modifytwo more, said 25 geredmasslayoffs and wide- Eum Jae-dong,the head of the spread flight cancellations and airline’scargo businessdivision. 0 led governmentstoprovide One unexpected benefit: Hong Kong morethan $120 billion in aid. Regulators still treat them as –25 They areusing passenger passenger flights, meaning to Europe planes forcargo operations goods cannow flytocertain –50 temporarily,stashing freight in cities, like Yangon, Myanmar, AIR overhead bins and buckling it previouslydifficult to reach Jan. Sept.

2020 REAN

into seatsorremoving seats. for cargo fleets. KO Travelersaren’t allowed “They canfly into airports Sources: TACIndex Cargo revenue is expected to reach $111 billion this year, more than a quarter of total industry revenue. aboardwith cargointhe cabin. and other destinations where Thefour carriersthat cargoaircraftcouldn’t go be- canmakeonly round trips,as NorthAmerica. On the way cargo-only flightsusing just the Air Canada,British Airways and showed profits enjoyed gains cause of airport conditions or they typically would while car- home,the planes oftencarry bellies of their planes at the Deutsche Lufthansa AG. China because they already had siz- the lack of operational equip- rying passengers. fresh food and pharmaceuticals. start of the pandemic and have Southern Airlines Co.reconfig- able cargofleets. Theprofit ment,” Mr.Eum said. Routes forairfreight carriers U.S. airlines,despitehaving nowflown thousands of ured two Airbus A330 passen- boost came from the lowsup- Buttheir advantageisalso from South Koreaand Taiwan the authority to do so,largely them—1,200 sinceFebruaryfor gerplanes.Dubai-based Emir- ply of global airfreight capac- their limitation. Under aviation typically begin with transport- haven’t removed seatstofly DeltaAir Lines Inc.alone,which ates,which has one of the ity,leading to asharp increase rules,amodified passenger ing locally made high-value morecargo, partly because nowaveragesabout 50 aweek, world’slargest air-cargo fleets, in the cost of shipping goods plane cannot makemultiple electronic componentstoChina most flightsare domestic,us- aspokesman said. Theairline has ripped out economyseats on common routes from Asia stops as an airfreight plane,ac- or Southeast Asia. There, the ing narrower-body planes that did removeseatsfromone Boe- on 10 passenger jetssinceJune. to the U.S. or Europe; they cording to Kim Yu-hyuk, an ana- componentsare dropped off lack significantcargo capacity, ing 777-200ER,boosting its —Alison Sider in Chicago and have increased less going the lyst at Hanwha Investment & and the plane picks up finished industry experts say. cargocapacity by 35%. Lekai Liu in Beijing other way.IATA’s latest fig- Securities Co.inSeoul. They productstofly to Europe or Still, U.S. carriersstarted Seatshavealso come out at contributed to this article. P2JW267000-5-B01300-17F7DF7178F

THE WALL STREET JOURNAL. ***** We dnesday, September 23, 2020 | B13 HEARD ON THE STREET September Stocks Covid-19 Can Keep Get a Reality Check AutoZone in the Fast Lane

September is living up to its Indexand sector performance well-known reputation as a poor sinceSept. 15 There are only a few places month for stocks. Investors may where investors seem to be driving grow to appreciate it. –1.3% Energy defensively despite impressive First, there was an unraveling of –1.7 Technology growth. Auto-parts retail is one of bets made on technology stocks –2.1 Consumer staples them. through options contracts. Now, In the quarter ended Aug. 29, the broader equity market has –2.2 Consumer discretionary AutoZone pulled in 14% more rev- been rocked by fears about a re- –2.3 Industrials enue than in the like period a year surgence of Covid-19 cases, as well earlier, speeding past analyst esti- S –2.5 S&P500 as continuing disagreement among mates of 4.8% growth. Net income NEW U.S. lawmakers on another round –2.7 Health care jumped 31%—more by far than the G of fiscal stimulus ahead of the No- –2.8 Utilities 6% uptick analysts expected. vember election. Despite being a relative and ab- OOMBER –3.5 Communications

Although indexes recovered solute winner during the pan- ON/BL

somewhat Tuesday, the S&P 500 –3.5 Financials demic, its shares have trailed the LL FA

has fallen 2.5% over the past week, –4.1 Materials S&P 500 by 8.5 percentage points T. driven by shares that are directly over the past year.

–5.0 Real estate TRICK

exposed to economic growth and While AutoZone’s momentum is PA retail sales. The consumer-discre- Source:FactSet likely to moderate in the coming Fewernew cars and lots of wear and tear on older vehicles aregood forparts sales. tionarysector is down 2.2%. months, investors are too cautious. In part, the market could simply their 2022operating profits. On the AutoZone is likely to continue ben- margin category, sold particularly ward earnings, according to Fact- be making up for a period of over- flip side,sectorsliketech and con- efiting from a higher reliance on well last quarter while higher-mar- Set. At that level, AutoZone shares optimism. sumer discretionaryhaverisen in do-it-yourself customers compared gin products such as brakes and look cheap compared with competi- Broadly speaking,stocks this value despiteexpectations that the with professionals. Not only have lighting underperformed, partially tors and remain in line with their year have moved roughly in line pandemic will hit their earnings. drivers been taking up more at- because of a decline in miles ownfive-year averageof15.6times. with earningsexpectations,despite Most of the analysis has focused home repair and maintenance driven and a mild winter. That multiple mightbeoverstated the chaos unleashed by the pan- on gauging whether Silicon Valley projects, but the DIY business also Thecoronavirus economyislikely given analysts’ conservativeout- demic and the apparent disconnect giants are overvalued, since they tends to lean on lower-income cus- to keep working in AutoZone’sfavor. look.For example,they expect only between equities’ exuberanceand have given wings to the market tomers less able to work remotely, New-vehicle sales,which collapsed 5.5% sales growth this quarter, the economy’swoes.According to rally. But these companies are at Chief Executive Bill Rhodes said on by 46% in April compared with the which would be lowerthan the pace FactSet data, changes in firms’ mar- least long-term structural winners Tuesday’s earnings call. Moreover, same month ayear earlier, remained loggedayear earlier.AutoZone’s ketvalue sinceJan. 31 showa from purchases shifting online, DIY sales have tended to pick up down by 12% in July.Yet traffic had sales growth in all of last quarter strong positivecorrelation with which makes them a hedge against more than the commercial busi- recoveredtopre-pandemic levels as exceeded the industrywide average changes in analysts’ profit forecasts, an uncertain world. ness after recessionary periods. of mid-June,according to datafrom growth of 10% and 8.5% in June and which areinturn based chiefly on Questions about valuation seem Gross margins were slightly Inrix.Fewernew cars and lotsof July,respectively,according to data guidancegiven by executives. morepertinent forconsumer-fo- lower in the latest quarter, but wear and tear on an older vehicle from the U.S. Census Bureau. The link is stronger when it cused shares.Their gains canpartly that was largely because of a shift fleet aregood forpartssales. Investors may want to ease up comes to 2022 earnings expecta- be explained by the inclusion of Am- in product mix. Batteries, a lower- Shares trade at 16.5 times for- on the brakes. —Jinjoo Lee tions, showing that investors’ opti- azon.com in the category,but the mism is founded on visions of the likes of Nike,Victoria’sSecret- post-Covid future. But it remains owner LBrands and McDonald’s robust even when looking at also showupasovervalued. Impor- nearer-term predictions, which tantly,this industryisfully exposed OVERHEARD tend to be more accurate. to today’seconomic uncertainty, Gains in U.S. stocks have been meaning earningsexpectations are driven by earnings-per-sharefigures at greater risk of downgrades. Complaints about flying have thatareader,Miriam W.,wantedto Miriam wrotedirectly to Chief being revised upward, especially rel- Overall, investorscan take some been with us almost sinceKitty fly from Newark, N.J., to TelAviv af- ExecutiveScott Kirbyand Chair- ativetothe rest of the world. But solacefromamarket that, with Hawk, usually without results. terYom Kippur,the holiestday of man Oscar Munozand was this effect mayhaverun itscourse: some notable exceptions,has kept in But one passenger recently got the Jewish calendar.The holiday pleased to receivearesponse that Revisions have recently overshot touch with corporatenews. But a United Airlines to answertoa ends at nightfall on Sept. 28, which the flighttime would be changed. improvementsineconomic indica- 1.7% rise in the S&P 500 during the higher authority. No,not the Fed- will be at 7:23 p.m. on Mondayin “I’msurprised United didn’tre- tors likethe ISM index, JPMorgan worstone-off economic hit in recent eral Aviation Administration or Newark. The flightnormally departs alizethis when theymade their strategist MislavMatejka high- historystill meritssome soul- even the International AirTrans- at 10:50 p.m., giving observantfliers COVID-19 schedule changes, but lightedthis week,and seem to have searching as to whether the rally has port Association—higher than enough time to reach the airport and kudostoUnited forchanging the peaked fornow. gone toofar,given the unusual risks that. check in, but pandemic-related flighttime aweek beforethe Also,thereare still gaps between to which some sectors’ earningses- Points and discountwebsite schedule changes had movedthe flightinorder to accommodate re- market value and earningsinsome timates aresubject to right now. Dan’sDeals, which has alarge Or- flighttime to 8:05 p.m. though late ligious passengers,” wroteDaniel industries.Utilities,for example, This month’s setback could be a thodoxJewish audience, reports October. Eleff, who runs the site. have had adismal year,eventhough cheap price to pay to keep the analystsonly expect asmall dent to market grounded. —Jon Sindreu MARKETS Shares Rebound, Led by Consumer, Technology Sectors

BY JOE WALLACE said Lindsey Bell, chief invest- Indexperformance, Tuesday holds,” said Sophie Chardon, ground aftersuffering itsbig- AND PAUL VIGNA ment strategist at Ally Invest. cross-assetstrategist at Lom- gest one-session fall sincemid- 2.0% “I don’t think anyofthis should bard Odier. June. Stocks stabilized afterabout be asurprise.” Nasdaq Composite Shares of major technology In commodity markets,U.S. of volatility that had tested in- Theturbulenceentered a 1.5 companies were among the big- crude futures rose 0.7% to vestors’ confidenceinthe mar- newphase Monday, when gest winners. Amazon.com $39.60abarrel. Gold fell 0.1% ket’smonthslong rebound. shares in sectorsthat are jumped $168.52, or 5.7%, to to $1,898.60atroyounce. 1.0 S&P500 TheDow Jones Industrial highly sensitivetoeconomic $3,128.99. Facebook rose $6.60, Early WednesdayinTokyo, Averagerose 140.48points, or growth, such as banks,materi- or 2.7%, to $254.75. Apple the Nikkei 225was down 0.6%, 0.5%, to 27288.18,breaking a als and industrial companies, 0.5 gained $1.73,or1.6%, to $111.81. Hong Kong’sHang Seng Index DowJones three-session suffered the biggest declines. Industrial Average Theswirl of current events wasdown0.3%and South Ko- TUESDAY’S losing streak. Tech stocks,whose swingshad 0 is creating short-term chaos in rea’sKospi wasdown1%. S&P MARKETS TheS&P weighed on marketsinrecent the market, but Tuesday’sre- futures were down slightly. 500 and Nas- weeks,advanced. bound shows it isn’t scaring off daq Compositeboth snapped Theconsumer discretionary, -0.5 all investors. Forlong-term in- four-session losing streaks.The communication services and vestors, it is time to buy,said AUCTION RESULTS Here are the results of Tuesday's Treasury auction. broad indexrose 34.51 points, tech sectorsled Tuesday’sre- -1.0 KennyPolcari, managing part- All bids are awarded at a single price at the market- or 1.1%, to 3315.57, and the bound. ner at Kace Capital Advisors. clearing yield. Rates are determined by the difference 9:30 a.m. noon 4p.m. between that price and the face value. technology-heavy Nasdaq rose Investorsare contending Theyield on the 10-year TWO-YEAR NOTES 184.84 points, or 1.7%, to with aclutch of risks that are Source:FactSet Treasurynoteticked down to Applications $133,002,794,300 10963.64. intertwined. Newcases of coro- 0.663% from 0.670% Monday. Accepted bids $59,119,072,300 " noncompetitively $107,711,600 Afterasummer rally,stocks navirus areincreasing in Eu- Johns Hopkins University. vide additional unemployment TheWSJ Dollar Index, which " foreign noncompetitively $0 have cooled this month. All rope,and reported newcases Asecond wave of infections benefits. tracks the U.S. currencyagainst Auction price (rate) 99.978037 (0.136%) three indexesare down more increased sharply in the U.S. on would hamper the economic re- “It’skey to the U.S. economy abasket of others, edged up Interest rate 0.125% than 6% from their peaks in Monday, to 52,000.That was covery,which maybedamaged that the unemployment bene- 0.4%. Bids at clearing yield accepted 10.62% Cusip number 91282CAN1 early September. the highest single-dayincrease further if Congressdoesn’t pass fits continue to be delivered to TheStoxxEurope 600 The notes, dated Sept. 30, 2020, mature on Sept. 30, “Wewent toofar,too fast,” sinceAug.14, according to another relief packagetopro- the consumers, the house- gained 0.2%, clawing back some 2022. Italian Bond Yields Hit Lowest Level in Nearly a Year

BY ANNA HIRTENSTEIN Italy's 10-yeargovernment Yield spreadbetween Italian chief economist for the euro- bond yield and German 10-yearbonds zone at ING. This is expected Italianbonds rallied after to take some pressure off the the nation’slatestelection re- 3.0% 3.0 percentagepoints government to payfor corona- sults soothed investors’ wor- virus aid and avoid adding to ries about itshistorically vola- 2.5 2.5 its precarious debt pile. tile politics and their impact “The strengthening of the on the eurozone. 2.0 2.0 populistscould have compli- The yield on Italian bench- catedthese things,” said Mr. mark 10-year debt fell to Brzeski. “They see it as a 0.813% Tuesday, itslowest 1.5 1.5 stigma, whereas the current sinceOctober.Atthe peak of government is clearly much the market turmoil in March, 1.0 1.0 more pragmatic.” it wasabove2%. Thediffer- To be sure, Italy is forecast ence between Italy’s borrow- to be the hardest-hit economy

0.5 0.5 CA/REUTERS

ing costsand Germany’sfell to LU in the region by the coronavi-

1.33 percentagepoints, the DE rus downturn, with the Euro- 0 0 O

smallest spread in over seven CIR pean Commission forecasting months. 2019 ’20 2019 ’20 Referendum results strengthened an 11.2% contraction this year. Italians votedinregional Sources: TullettPrebon (yield); Tradeweb(spread) Rome’sgoverning coalition. While the central bank and EU elections and a constitutional arelikely to support the coun- NeverMissA referendum that sought to re- “The result of the election cerns about the countrypo- this latestelection by Italian trygoing forwardwith stimu- Story,Style or duce the number of members is apositivething,overall it tentially leaving the eurozone politicians who arelessfavor- lus packages,growthisstill of parliament on Sunday and bringsmoresupport and so- and fracturing the union. The able to the eurozone is seen by likely to remain low well into Trend. Monday. Thecombined results lidity to the current govern- coronavirus outbreak initially investorsasafurther reduc- next year, analysts said. strengthened the current gov- ment and reduces the chances exacerbated this as tensions tion of this risk. Italiangovernment bonds read more at erning coalition, whose main of rising political uncertainty rose between northern and Theresultsalso removepo- “will remain caught between wsj.com/magazine membersare the Democratic in the future,” said Luca Caz- southern member states over tential barrierstoItaly access- thesetwo forces,” said Uni- Party and the 5StarMove- zulani, a fixed-income strate- aid, although the approval of a ing common European money, Credit’sMr. Cazzulani. “In the ment, and reduced the likeli- gist at UniCredit. “The market €750 billion recovery fund, such as low-cost loans through short term this positivemood hood of early electionsthat is reacting accordingly.” equivalent to $883 billion, in the European Stability Mecha- cancontinue,but over the me- ©2020Dow Jones &Company, Inc. All rights reserved.1DJ7719 could favor right-wing, Euro- In recent years, rising pop- May allayedsome of these nism and the recovery fund, dium-term perspectivewere- pean Union-skeptic parties. ulism in Italy has led to con- fears.The lack of success in according to Carsten Brzeski, main more cautious.” P2JW267000-0-B01400-17FFFF5178F

B14 | We dnesday, September 23, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Wall Street Has A Health-Care Problem

Uncertainty at the Supreme changes to the Affordable Care Act Court means a familiar and unwel- as a risk factor in securities fil- come risk has resurfaced for ings, according to financial re- health-care stocks. search firm Sentieo. Justice Ruth Bader Ginsburg’s On the bright side, there are al- death last week reignited the pos- ternatives beyond the court simply sibility the court could scrap the overturning or upholding the law Affordable Care Act, known as in total. “Parts of the ACA can be Obamacare. Last year, the Fifth severed from an unconstitutional U.S. Circuit Court of Appeals, in individual mandate while others

S New Orleans, ruled the mandate to are too inextricably linked to be carry health insurance unconstitu- separated,” wrote Emily Evans, PRES tional after Congress reduced to health policy analyst at Hedgeye

ZUMA zero the tax penalty for failing to Risk Management. carry coverage. In that scenario, more modest

LEVINE/ The Supreme Court is set to tweaks to the law might affect a

B. hear arguments on the matter stray company here and there but starting in November. Now it is the industry would avoid the tur-

RICHARD possible that a far more conserva- moil that comes with wholesale The French luxury-goods company wants to back out of its $16 billion takeover deal with Tiffany. tive judge will occupy Justice regulatory changes. And stock Ginsburg’s former seat, which bulls can certainly point to the his- makes a potential scrapping of the tory of the ACA, which has seem- LVMH Is Readying Its Red Pen entire law a plausible scenario. ingly survived a legal or legislative Health stocks sold off on Mon- challenge once a year since its in- day, and for good reason: While no ception, as reason for comfort. one knows for sure what the court Still, investors shouldn’t dismiss will decide or how deep the impli- the threat altogether. The fact that Company will look for signs Tiffany was badly managed during pandemic cations would be for health-care a low-probability risk hasn’t mate- businesses, the ACA has been a rialized in the past doesn’t mean LVMH has gone quiet about the managed during the pandemic that Bernard Arnault, and his legal boon for the industry. the danger doesn’t exist. letter from the French government it has the right to walk away from team now have an extra six weeks The law broadened access to in- Wall Street is one unfavorable that was the original reason it the deal. It has criticized Tiffany’s to scour Tiffany’s books. Exposure surance via an expansion of Medic- court decision away from a hefty cited for derailing the luxury sec- decision to payadividend even to malls in the U.S. is likely to be a aid and individual exchanges. It re- surprise medical bill. tor’s biggest-ever deal. As its focus though the crisis tipped it into drag on performance. And LVMH quired insurers to cover services —Charley Grant shifts to Tiffany’s business perfor- making afirst-half lossand called will watch for signs that manage- such as addiction treatment, and mance, the U.S. jewelry company itsperformanceoverthe period ment is aggressively slashing costs did little to control health-care Health CareSelect Sector SPDR ETF needs to tread carefully. “verydisappointing.” to hit a punchy fourth-quarter spending. The result was a strong On Monday, the Delaware court Today, that argument looks wa- profit target. That would allow it sales environment for hospitals, $100 that is hearing the companies’ dis- tery.The deal can’t be called off be- to argue that underinvestment will rehabilitation facilities, and drug- pute said the four-day trial would cause of an event or economic damage the Tiffany brand long makers. Insurers have been able to 80 begin Jan. 5. Neither side got ex- downturn that affectsthe luxuryin- term. pass higher costs onto consumers actly what it wanted. Tiffany asked dustryasawhole.And it will be So far,the acquisition target has and employers through higher pre- for a ruling before the $16 billion tough to showthat Tiffanyhas managed to keep pacewith LVMH’s miums, and onto taxpayers. 60 deal was due to close in late No- fared worsethan peers. Like-for- maneuvers.The French company The S&P Health Care Index has vember, while LVMH Moët Hen- likesales at LVMH’sown watches- wassurprised by howquickly it more than tripled since 2010. U.S. nessy Louis Vuitton, as the French and-jewelrydivision fell 39% in the wasable to sue—the same daythe health spending grew to $3.6 tril- 40 company is formally known, hoped six months through June versus the deal went south. And earlier in the lion in 2018, according to the Cen- the trial could be pushed back un- comparable period last year,push- summer,Tiffanyoverhauled terms ters for Medicare and Medicaid til late spring. ing the unit intothe red. Online with itslenderstomakesurea Services. That is up from $2.5 tril- 20 TheJanuarydatedoes give traffic and social-media datashow covenant breach couldn’t be used lion in 2009. LVMH one extraset of accountsto that Tiffanyoutperformed LVMH’s against it. Tiffanywill have to keep The flip side of that friendly en- Quarterly poreover. Tiffanyisdue to report ownjewelrybrand Bulgari during up this work.With $16 billion at vironment is that any regulatory 0 itsthird-quarter resultsinearly De- the summer months,according to stake, LVMH will likely throw ev- changes are likely to be unfavor- 2011 ’15 ’20 cember.LVMH plans to showthat Bernstein luxuryanalyst Luca Solca. erything it canatthe case. able to investors. No fewer than Note:Thirdquarter 2020 is through Sept. 22 the companyhas been so badly The French company’s founder, —Carol Ryan 569 health-care companies cite Source:FactSet Investing has enough surprises. Hidden fees shouldn’t be one of them.

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