Blank Check’ Deal Dimmed Tuesdaymorning When Pickup in Northeast Sales
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P2JW267000-5-A00100-17FFFF5178F ADVERTISEMENT Hidden fees? Notonour watch. We charge youlesssoyou have more to invest.Findout more on page B14. ***** 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.