Democrats Shrink Eligibility for Aid As Bill Heads for Vote

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****** THURSDAY,MARCH 4, 2021 ~VOL. CCLXXVII NO.51 WSJ.com HHHH $4.00

DJIA 31270.09 g 121.43 0.4% NASDAQ 12997.75 g 2.7% STOXX 600 413.42 À 0.05% 10-YR. TREAS. g 16/32 , yield 1.469% OIL $61.28 À $1.53 GOLD $1,715.30 g $17.80 EURO $1.2063 YEN 107.02 At Least38Die in Myanmar Protests as ViolenceIntensifies Google What’s News To Stop Ad Sales Business&Finance Via User oogle plans to stop sell- Ging ads based on individuals’ browsing across Browsing multiple websites,achange that could hasten upheaval in the digital-ad industry. A1 Citing privacy concerns,  The NFL is on the verge companysaysitwon’t of signing new rights deals track individuals’ paths that could see Amazon carry manygames exclusively and acrossmultiple sites TV networks payasmuch as double their current rate. A1 BY SAM SCHECHNER  LasVegas Sands agreed AND KEACH HAGEY to sell its Las Vegas properties to Apollo and a real- Google plans to stop selling

estate investment trust for GES ads based on individuals’

about $6.25 billion. A1 IMA browsing acrossmultiple websites,achangethat could has-

Greensill plans to file forin- GETTY tenupheavalinthe digital ad-

solvencyinthe U.K. this week, SE/ vertising industry. as it simultaneously moves TheAlphabet Inc.company toward adeal to sell itsop- said Wednesdaythat it plans erating businesstoApollo. B1 ANCE-PRES

FR next year to stop using or in-  TheNasdaq slid 2.7%, vesting in tracking technologies ENCE

while the S&P 500 and Dow AG that uniquely identifyweb us- lost 1.3% and 0.4%, respec- TAKING COVER: Protesters run during a demonstration against Myanmar’s military rulers in Yangon on Wednesday. ersasthey movefromsiteto tively.Government-bond Around the country, at least 38 people were killed, making it the deadliest day since the coup on Feb. 1. A11 siteacrossthe internet. yields ticked higher. B11 Thedecision, coming from theworld’sbiggest digital-ad-  Exxon says the time has vertising company, could help come to turn capturing car- push theindustryaway from bon emissions intoareal busi- theuse of such individualized ness, as it faces pressureto Democrats Shrink Eligibility tracking,which has come under become agreener company. B1 increasing criticism from pri-  Former Disneyexecutive vacy advocates and faces scru- Kevin Mayer was named tinyfromregulators. chairman of sports-stream- For Aid as Bill Heads for Vote Google’sheftmeans the ing platform DAZN. B1 changecould reshape the digi- taladbusiness, wheremany  The CEO of Stellantis companies rely on tracking in- said he is open to drop- WASHINGTON—Senate to passthe bill. While some Democratic sen- JenPsaki said Mr.Biden is dividuals to target their ads, ping the Cherokee name Democratsagreed to narrow el- As negotiations wrapped up atorsgrumbled about the late “comfortable and knows there measuretheir effectivenessand from Jeep vehicles. B3 igibility forsome of the direct ahead of Senatevotes to begin changes,they coalesced around will be tweaks at the margin.” stop fraud. Google accounted  Okta agreed to buy as early as Thursday, the the sprawling package, saying Thebiggest changetofor52% of last year’s global Auth0, a software provider By Kristina Peterson, WhiteHouse signaled itssup- itsbenefitsoutweighed the de- emerge Wednesdaywould digital ad spending of $292 bil- that helps businesses man- Andrew Duehren port for the nearly completed tails being haggled over shrink the $1,400 direct lion, according to JounceMe- age customers online, for and Richard Rubin package, which will likely need Wednesday. SenateMajority checks to zero morequickly dia, adigital-ad consulting $6.5 billion in stock. B5 backing of all 50 members of Leader Chuck Schumer (D., N.Y.) forindividuals making more firm. paymentsthat arepart of Pres- the Democratic caucus. Party described the overall packageas than $75,000 and married cou- About 40% of the money that  Michaels Cos. is going ident Biden’sproposed $1.9tril- leaders resisted another push “the single largest antipoverty PleaseturntopageA2 flowsfromadvertisers to pub- private in a leveraged buy- lion Covid-19 relief package, a by centrists, to reducethe size bill in recent history,” citing its lishersonthe open internet— out by Apollo that values the concession Wednesdaytocen- of weekly federal unemploy- help forstruggling families.  House scraps Thursdaysession meaningthe part of digital ad- companyat$3.3billion. B6 tristswhose support is needed ment benefits in the bill. WhiteHouse presssecretary over security concerns...... A6 PleaseturntopageA4 World-Wide NFL Eyes Rocket Gets a Lift on Reddit TheBillionaire’s  Senate Democrats Shares of Rocket Cos., the parent of Quicken Loans, surged agreed to narrow eligibility since the end of last week, as individual investors that forsome of the direct pay- Exclusive powered GameStop’s meteoric rise turned to a new target. B1 mentsthat arepart of Bi- TaxFraud Case den’sproposed Covid-19 re- Share-priceand Rocket’s trading volume, lief package, aconcession to Gameson indexperformance daily centristswhose support is 100% 350 needed to passthe bill. A1 His claim of dementia could save him  House Democratspassed Amazonin Rocket 300 legislation to expand voter participation and curb the Wedneday’s BY MIRIAM GOTTFRIED der confidential terms. close, $28.01 AND MARK MAREMONT Although the salesmen role of big campaign donors, Rich Pact 250 +41.5% since didn’t realize it at the time, over the objections of Re- BY JOE FLINT Feb. 24 More than 20 years ago, a they had stumbled onto publicans. Thebill’sfatein 200 group of former salesmen early signs of what the gov- the Senateisuncertain. A4 50  House leaders canceled TheNational Football for Houston software entre- ernment later called the League is on the vergeofsign- 150 preneur Robert Brockman largest criminal case ever Thursday’s legislative ses- ing newrightsdeals with me- sued their old boss, claiming brought against a person ac- sion after police officials dia partnersthat could see in court that he had de- cused of evading U.S. taxes. warned of a possible plot 100 Amazon.com Inc. carry many prived them of commissions Federal prosecutors in Octo- by a militia group to again games exclusively and TV net- by directing a portion of cus- ber charged Mr. Brockman storm the Capitol. A6 works pay as much as double 50 tomer payments to a Cayman with using a web of offshore  Some of the biggest U.S. theircurrent rate,people fa- S&P500 Islands entity. entities to conceal about $2 retail, theater,hotel and res- miliar with the matter said. 0 0 Mr. Brockman twice ap- billion in income from the taurant chains saythey will Newagreementscould be in Feb. 25 26 March 2 3 Feb. 25 26 March 2 3 pealed to the Texas Supreme Internal Revenue Service. continue mandating masks placeasearly as next week, 24 1 24 1 Court as he tried to avoid Mr. Brockman has pleaded and limiting capacity in the people said. Thetelevision Source:Factset answering questions about not guilty to 39 criminal Texas afterthe statedrops deals for the league’s Sunday the offshore entity, and he counts, including tax eva- Covid-related restrictions. A3 andMondayfranchises with settled the case in 2001 un- PleaseturntopageA12  An ethics probe of former Fox, CBS,NBC and ESPN are Transportation SecretaryChao likely to run for as long as 11 wasreferred to the Justice years, they said. The Best Place ESPN’sdeal would go into INSIDE Department but wasclosed Sands Strikes Deal effect afterthe 2021-22season when it declined to investigate,areport by the DOT’s while the Fox, CBS and NBC ForCovid? agreementswould kick in after inspector general said. A3 the 2022-23 season. In aMuseum To Exit Las Vegas  NewYork Gov.Cuomo Adeal with Amazon would apologized over sexual-ha- result in asignificant number iii rassment accusations made of Thursdaynight games exclu- BY DAVE SEBASTIAN panywould continue to invest against him but rebuffed sively on itsPrime Video plat- Curators collect in itsSingaporeand Macau ca- calls forhis resignation. A3 form and represent the league’s LasVegas Sands Corp. sinos,which generatemost of deepest forayintostreaming, agreed to sell itsLas Vegas the company’srevenue.  At least 38 people in virus-shaped some of the people said. Those properties to Apollo Global “Asweannouncethe sale of U.S. NEWS Myanmar were killed as the country’snew militaryrul- games wouldn’t be available on piñata, masks Management Inc.and areal- the Venetian Resort, we pay NewYork’s Gov. erscontinued alethal cam- traditionaltelevision outside of estate investment trust for tributetoMr. Adelson’slegacy Cuomo apologized but the local marketsofthe two BY SCOTT CALVERT about $6.25 billion as the ca- while starting anew chapter in paign to quell protests. A11 teams playing,they said. sino operator exitsthe U.S. this company’shistory,” Chief said he won’tresign  TheICC prosecutor said Amazon has become an ag- In South Florida, the pan- gambling hub to focus on its ExecutiveOfficer Robert Gold- overallegedsex- she is opening an investiga- gressivebidder forsportsrights demic is already history. core Asia operations. stein said Wednesday. “Asia re- harassment. A3 tion intopossible warcrimes hereand abroad. Thecompany On displayatHistoryMiami Sands’ sale of the Venetian mains the backbone of this committedinthe Palestinian already has arelationship with Museum in downtown Miami Resortand itsconvention cen- company, and our develop- territories since2014. A11 the NFL as it has held stream- areafirst-grader’s virtual tercomes as the Covid-19 pan- mentsinMacau and Singapore ingrightsfor Thursdaynight homework log with Zoom links; demic has roiled the casino in- arethe center of our attention.” CONTENTS Opinion...... A17-19 football since2017. Those ahigh school mortarboard dustrywith temporary Sands plans to keep its Arts in Review... A15 Personal Journal A13-14 BusinessNewsB3,5-6 Sports...... A16 games have also been televised marked “I survived Quarantine shutdowns,reduced travel and headquartersinLas Vegas, a Capital Account.... A2 Technology...... B4 by the league-owned NFL Net- and Graduation”;and ablack limitedoccupancies.Hopes for spokesman said. Thecompany Crossword...... A16 U.S. News...... A2-8 work and most recently by the Grim Reaper suit alawyer wore arecoveryinLas Vegasthis has been considering expansion Heard on Street.B12 Weather...... A16 Foxnetwork,whose parent Fox to beaches last year to warn year depend on howmany opportunities in NewYork and Markets...... B11 World News...... A9-11 Corp.shares common owner- visitorsabout the deadly virus. touristsand businesstravelers Texas,Sands executives have ship with News Corp,the parent Recently, the museum added will return after vaccines are said, and it will also exploreop- > companyofWall Street Journal two empty Pfizer vaccine vials. widely distributed. portunities in online gambling. PERSONAL JOURNAL publisher DowJones &Co. Theartifactsmemorialize Thecasino operator had Shares of Sands hit a52- Eddie Murphybets on If completed, an Amazon waysthe coronavirus pandemic said in October that it was con- week high Wednesday, rising asequel three decades PleaseturntopageA6 upended American life, adis- sidering asale of the Vegasas- 1.3% to $65.82. Thesale could ruption still in progress. Flor- sets.After the death of founder lead Sands to return some of laterin‘Coming 2 s 2021 Dow Jones & Company, Inc. All Rights Reserved  Disney veteran guides sports ida is among 10 states with the Sheldon Adelson in January, that money to shareholders, America.’ A14 streamer DAZN...... B1 PleaseturntopageA8 Sands executives said the com- PleaseturntopageA8 P2JW063000-5-A00200-1------XA

A2 | Thursday, March 4, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Wage BoostDuring Pandemic Carries Risks

TheU.S.la- year through January, com- ecosystem of hotel staff, lim- “The fact the restaurant sec- bor market pared with a 5% drop for all ousine drivers and dry clean- tor is going to be building ithas been occupations. ers in big cities. self back up from the ashes through more Yet that also makes a big The pandemic has acceler- of the pandemic means a lot turmoil lately minimum-wage boost now ated the shift from the phys- of those choices will be than at any especially risky. Pay is low in ical to the digital, from malls made afresh. I’d expect to time in modern memory. To- these industries because pro- to e-commerce, theaters to see a larger minimum wage talemployment is down by 10 ductivity, measured by reve- streaming. Digital businesses increase met with a more million from February2020, nue per employee, is low. invest heavily to deliver substantial shift towards on- predominantly among low- The pandemic has further products with fewer employ- line retail, or…relying less on wage workers. Thepandemic hurt revenue by devastating ees. It is no surprise that low paying jobs.” is sorting employers into demand and adding capacity Amazon.com Inc. backs a

winnersand losers, boosting restrictions, testing and dis- N/REUTERS boost in the federal mini- 2012 study found that

some such as those in e-com- infection requirements. A SO mum wage to $15: its sales 88% of the lossofrou- merce at theexpense of small higher minimum will bite OL per employee are far above A tine,middle-skill jobs CH

bricks-and-mortar retailers. those employers much more NI other retailers’, so it can af- sincethe 1980s has been in CY

Is this the time for a ma- deeply than usual, while LU ford to pay more. and around recessions.The jor intervention in the labor largely sparing those where A supporter of a $15 minimum wage in Los Angeles last month. Research has found that McKinsey Global Institute market? Democrats think so: business has boomed. employers respond to a separately noted robot in- They are pushing to double Institute of Technology who that in its early stages, the higher minimum wage in a stallations shot up afterthe the federal minimum wage everal decades of re- studies disparities in work current proposal will affect number of ways. Some had 2007-09 recession and ex- from $7.25 an hour to $15 by search indicate that and pay. “It’s a lot harder to few employers because low- enough control over local la- pectsasimilar rush now. The 2025 and then index it to the S be sanguine now.” end wages are already higher moderate increases in bor markets before the in- firm found 68% of executives median wage. While the Sen- the minimum wage reduce The last federal wage in- in most states. By 2023, crease to underpay workers; world-wide accelerated in- ate is unlikely to keep the poverty while causing little crease coincided with the when the federal wage would those will absorb the higher vestment in automation and proposed higher wage in the job loss. Those findings may 2007-09 recession. Jeffrey reach $12.50, unemployment wage. Some will pass it on. A artificial intelligencesince current Covid-19 relief legis- be less applicable to the Clemens, an economist at is projected to be quite low. recent study by Orley Ashen- the Covid-19 outbreak began. lative package, President Bi- present. The magnitude of the University of California, “By the time it starts to bite, felter and Štěpán Jurajda This doesn’t kill the case den will likely keep looking the proposed increase and San Diego, compared how we won’t be in a recession found that McDonald’s out- for a higher wage floor; for alternative ways to act. the uncertainty around the employment fared in states anymore,” he said. lets that raised pay because much of this investment will To advocates, an increase economic backdrop have lit- where the policy raised Still, over the long term of local minimums between happen anyway, and a higher is more urgent because the tle precedent. wages with states wherethe the pandemic will create 2016 and 2020 didn’t close wage could ensure workers pandemic has fallen so hard “It was a lot easier to be minimum was already what economists call a “real- stores or invest more in la- share in some benefits. It on low-paid workers who sanguine about the effect of higher. He concluded the in- location shock,” shifting ac- bor-saving technology. does argue for examining can’t work remotely. Jobs in raising the minimum wage crease significantly hurt em- tivity from some regions and Rather, they raised prices. whether alternatives, such as food preparation and serv- when you were in a tight la- ployment among high-school sectors to others. For exam- But Mr. Clemens said a later or longer phase-in or ing, personal care and ser- bor market with rapidly ris- dropouts aged 16 to 30. ple, Mr. Autor says business companies avoid overhauling enhanced aid for the work- vice, where the median wage ing earnings at the bottom,” Larry Mishel, an econo- travel likely won’t return to their business models when ing poor, could reduce pov- ranges from $11 to $13 an said David Autor, an economist at the liberal Economic its pre-pandemic level, de- times are good; that changes erty as much with fewer un- hour, plummeted 23% in the mist at the Massachusetts Policy Institute, counters pressing employment in its when survival is at stake. intended consequences. U.S. WATCH Va ccines, Hiring Lift Business Optimism

BY HANNAH LANG nesses remain optimistic regarding the next 6-12 months.” Most businesses areoptimis- TheFed said the economy tic about the economic recovery expanded in eight of the Fed’s this year as coronavirus vac- 12 regions, with areas includ- cines aremorewidely distrib- ing the Northeast reporting uted and hiring picked up slowly mixed or stagnant results. acrossthe country, aFederal TheNew York area econ- Reserve report said Wednesday. omydeclined modestly and TheFed’speriodic compila- the Boston area sawmixed re- tion of anecdotes from business sults, the report said. contacts, known as the Beige Overallmanufacturing ac- Book,said the U.S. economy tivity increasedmoderately continued to grow modestly in despitesupply-chain chal- the firstseveral weeks of 2021, lenges,the report said, and though some industries,such nearly everyregion reported as leisureand hospitality,con- manufacturing growth. In Phil- tinued “toberestrained by on- adelphia, manufacturerstold going Covid-19 restrictions.” the Fedthey have noticed lon- “Economic activity ex- gerdeliverytimes,growing panded modestly from January backlogs and increased de- S to mid-February,” the report mand from customers around PRES said, adding that “most busi- the globe. TED CIA SO

AS of vaccinations nationwide and economists’ expectations

RREN/ Eligibility forarecoveryinjobs and WA

S. growth this year.

TED For Aid Is “This is far,far out of pro- DIFFICULTMOVE: Volunteers helped load up belongings WednesdayatDennyPark in Seattle as ahomelessencampmentwas removed. portiontowhat’sneeded now, with vaccines going intoarms CHICAGO the home of Anjanette Young, short of the types of reforms in ano-showjob and then to- Pared Back and the economyalready starting with aban on all “no- thatthe citizens of Chicago re- gether threatening acustomer primed to literally roar back,” Mayor Proposes New knock” warrants except “in spe- quiretofeel secureintheir who balked at paying him forthe Sen. MitchMcConnell of Ken- Rules for Warrants cific cases wherelives or safety homes from these violentand work. Prosecutors also charged a ContinuedfromPageOne tucky, the chamber’s GOP areindanger.” wrongful raids.” nurse who theysaid cared forMr. ples making morethan leader,said Wednesday. Chicago’smayor proposed Also,search warrants that —Associated Press Dougherty’swifewith hiding the $150,000,according to law- Democratshavesaid that changes in the waypoliceserve nowrequirethe approval of a job to collect $34,000 in unem- makers and aides. while the countryismaking search warrants, the latest lieutenantwill have to be ap- CALIFORNIA ploymentbenefits. Under the plan approved in progressinovercoming the move to regain public trustthat provedbysomeone ranked dep- Mr. Dougherty pleaded not the House last week,those pandemic,both the health and wasdamaged when officers utychief or higher,and afemale Ex-NFL Player Gets guilty at an arraignment $1,400 paymentsphase out economic crises requiresignif- stormed into the wrong home officer mustbeonthe scene 14 Years for Rapes Wednesday afternoon and will completely forindividuals mak- icant federal support. It is and forced the woman living wheneversearch warrants are remain free on the bail set when ing $100,000 and married cou- likely to take months forthe theretostand naked in hand- served. Ms. Lightfootsaid she Former NFL player Kellen he was first charged in an in- ples making $200,000.Law- countrytoreach herdimmu- cuffsfor severalminutes. hopes thatthe final policy will Winslow II was sentenced dictment two years ago. De- makersinthe Senateare nity, medical experts said. MayorLori Lightfootand Po- be implementedbythe end of Wednesday to 14 years in prison fense lawyer Hank Hockheimer expected to bring the payments “We’vecome along way, liceSuperintendentDavid Brown the month. for multiple rapes and other sex- said he was “surprised and dis- to zero forindividuals making but we have along way to go,” on Wednesdayoutlined changes Keenan J. Saulter,anattorney ual offenses against five women appointed” that Mr. Dougherty $80,000 and married couples Mr. Schumer said on the Sen- designed to preventarepeatof representing Ms. Young, said the in Southern California, including was arrested at home Wednes- making $160,000.Individuals atefloor.The relief package the scene in February 2019 at mayor’sproposal “falls woefully one who was homeless when he day while caring for his wife. making lessthan $75,000 and “isdesigned to build on our attacked her in 2018. —Associated Press marriedcouples with incomes The 37-year-old appeared via lowerthan $150,000 will still CORRECTIONS  AMPLIFICATIONS videoconference at the hearing FLORIDA receivethe full $1,400 check. Centrists weren’t in San Diego Superior Court in Everyone who would get a Vista, a city north of San Diego. Body of Scuba Diver full payment under the House able to trim weekly Achart with aBusiness& Noticetoreaders He declined to comment before Found Near Wreck plan would getafull payment federal joblessaid Financearticle on Tuesday Wall Street Journal staff his sentence. under the newproposal, but about the stock market’sperfor- membersare working remotely San Diego County Superior The body of a Texas woman manypeople who getpartial from $400 to $300, mancewas based on incorrect during the pandemic.For the Court Judge Blaine Bowman said who went missing while scuba payments from the House bill closing numbersfor the 11 sec- foreseeable future, please send Mr.Winslowcan only be de- diving in the Florida Keys was would getlessornothing from tors of the S&P 500.Acorrected reader commentsonly by email scribed with “two wordsand that found near the wreck she was this version. version of the chart is available or phone,using the contacts is ‘sexual predator.’ ” He said he exploring, officials said. “This is afair way forward,” earlyprogressand finish the at WSJ.com/Corrections. below, not via U.S. Mail. selected women who were vul- Divers found Jordan Jay said Sen. Debbie Stabenowof job, to help our countryget nerable because of their age or Fisher of Rockport, Texas, on the Michigan, amember of Senate through the final months of Readers can alert The Wall Street Journal to any errors in news articles by their living situation with the idea bottom of the sea floor near the Democratic leadership,refer- the crisis and then, equally emailing [email protected] or by calling 888-410-2667. that“hopefully he would get Vandenberg wreckage off of Key ring to maintaining the income important, bring our economy away with it in his mind.” West around 10:30 a.m. thresholds,but accelerating the roaring back.” The 14-year sentence was Wednesday. She had gone miss- speed at which checks are Centristsweren’t successful THE WALL STREET JOURNAL the maximum allowed under a ing on Tuesday as she was div- phased out. “I think that’sa in their push to whittle the (USPS 664-880) (Eastern Edition ISSN 0099-9660) plea deal. ing with her husband and sev- reasonable compromise.” size of weekly federal jobless (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) —Associated Press eral other people, Monroe Democrats are expected to aid down to $300,fromthe Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 County Sheriff’s officials said. approve the legislation in the $400 level passed by the Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. PHILADELPHIA Her remains were taken by Senate with little Republican House,whereitisexpected to Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. Indicted Labor Leader the U.S. CoastGuardtoKey support. Sen. Lisa Murkowski remain in the Senate bill. All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of West,whereanautopsywill be (R., Alaska)said Wednesday Liberal Democrats, still which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of performed. Sheriff’s officials say that while she thought the bill smarting from SenateDemo- the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Faces New Charges Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. foul playisn’tsuspected. had “way toomuch excess,” crats’ decision to moveforward Letters to the Editor: Fax: 212-416-2891; email: [email protected] The FBI rearrested a powerful On Tuesday, the divemaster she hadn’t yetdecided without an increase in the mini- Need assistance with your subscription? Philadelphia labor leader await- signaled foreveryone to surface, whether to oppose it. “I’m mum wage,had made retaining By web: customercenter.wsj.com; By email: [email protected] ing trial in a public corruption but the group lost sightofMs. coming from astate where the $400 level apriority.Cen- By phone: 1-800-JOURNAL (1-800-568-7625) case, suggesting federal authori- Fisher,50, while returning to the people aresaying we need tristsincluding Sen. JoeMan- Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 ties are ratcheting up the pres- mooring line, the sheriff’s office some help,” she said. chin (D., W.Va.) suggested the is- WSJback issues and framed pages: wsjshop.com sure before he and a city coun- said. The divemastertold inves- GOP leaders have attacked sue wouldn’t be adeal breaker. Our newspapers are100% sourcedfromsustainably certified mills. cilman go on trial in May. tigators he made several the sizeofthe proposal, argu- Oncethe Senatehas ap- The newextortion charges filed searches around the wreck until ing that it is unnecessaryafter proved the legislation, it will GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Wednesdayaccuse Johnny“Doc” he wasshort on air. the latest relief package. They return to the House,which Doughertyofinstalling his nephew —Associated Press also cited the stepped-up pace must approvethe changed bill. P2JW063000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Thursday, March 4, 2021 | A3 U.S. NEWS Texas Cuomo Says He Won’t Step Down PowerGrid BY JIMMY VIELKIND Ms.Boylan didn’t return a messageseeking comment on Operator ALBANY,N.Y.—In his first Wednesday. public appearancesincelast Mr.Cuomo is also accused week,New York Gov.Andrew of inappropriately touching Fires CEO Cuomo apologized over sexual- Anna Ruch, 33 yearsold, at a harassment accusations made wedding reception for Mr. BY RUSSELL GOLD againsthim by three women Rhodes and Alexa Kissinger but rebuffed calls by some that wasattended by many Theboardofthe Texas lawmakersfor his immediate Cuomoadministration offi- electric-grid operator fired resignation. cials.Ms. Ruch, whohas Chief Executive Bill Magness, “I’m sorry for whatever worked forDemocratic candi- lessthan amonth afterthe pain I caused anyone,” the dates,said Mr.Cuomo tried to state’spowergrid experienced Democratic governor said at a kissher.She hasn’t returned

massive blackouts for several news conferenceWednesday. S calls seeking comment.

days and came within minutes He also said he felt awfulthat PRES Ms.Kissinger wroteon

of collapse. his behavior made anyone feel TED TwitterMondaythat she was In astatement Wednesday, uncomfortable,and that he “soproud of Anna forsharing OCIA

the boardofthe Electric Reli- wasembarrassed by it. SS herstory.This pattern of be- ability Council of Texas,orEr- Mr.Cuomo said he would /A havior is completely unaccept- cot, said it wasexercising a60- continue to engageintalks able.” daytermination noticefor Mr. aboutthe $193 billion state VERNOR Ms.Kissinger,anattorney Magness, who has served as budget andsaid calls forhis GO who doesn’t work forthe state, NY president and CEO since2016. resignation were motivated by didn’t return amessageseek- Theboardsaid Mr.Magness politics.“Iwork forthe people THE ing comment. OF would continue to serveinhis of the stateofNew York.They Mr.Rhodes has been aregu-

current roles forthe next two elected me,” he said. OFFICE lar participant in Mr.Cuomo’s months and will “work with Theaccusations have left Accused of sexual harassment, Gov. Andrew Cuomo apologized for ‘whatever pain I caused anyone.’ news conferences but wasn’t stateleadersand regulatorson the governor politically iso- present Wednesday. He said he potential reforms to ERCOT.” lated, as both Republican and former aides to stateAttorney nursing homes. complaintsabout the behavior wasleaving the statecoronavi- An Arctic blast of freezing Democratic lawmakers, includ- General Letitia James,who Democraticleadersofthe to the governor’s chief of staff, rustask forceand would re- weather in mid-February led ing the progressiveflank of will oversee an investigation NewYork stateAssembly and Jill DesRosiers. Ms.Katz said turn to his previous role as the dozens of powerplantstoshut theparty,haverebuked him. intothe misconduct claims.He Senatehaven’t embraced that Ms.DesRosiers—who hasn’t deputy superintendent of the down, destabilizing the grid Some have called forhis resig- said he and his administration position and said they were responded to calls forcom- state’sDepartment of Financial and threatening its ability to nation. Akey member of the will cooperatefully with the pleased an investigation was ment—should have alerted Mr. Services. operate. Ercotoperatorsinsti- state’scoronavirus task force, probe. occurring.However, statelaw- Cuomo to the concern. “Last week as Iapproached tuted massive blackouts that Gareth Rhodes,also announced “I ask the people of this makersintroduced abill late “NewYorkersdeservebet- one year sincemoving to Al- lasted formorethan four days. Wednesdaythat he wasleav- statetowait forthe factsfrom Tuesdaythat would amend ter,” Ms.Katz said in astate- banytojoin the NYSCovid In hearingsinthe state ingthat post. the attorney general’sreport emergencypowers that Mr. ment responding to Mr. task force, Idecided it was Capitol, Mr. Magness was ap- Twoformer female aides to before forming an opinion,” Cuomo has used to managethe Cuomo’s remarks. time,given the progressofthe plaudedbysome lawmakers Mr.Cuomo have accused him Mr.Cuomo said Wednesday. Covid-19 pandemic.Mr. Cuomo Lindsey Boylan, who for- vaccination program and con- forpreventing amoreserious of sexual harassment and have Thegovernor said touching said Wednesday he agreed merlyworked forthe state’s tinued declineofCovid num- and long-lasting shutdown of called for other women to and kissing people is part of with the revisions. economic development author- bers, to return to my previous the grid, but also criticized for come forward. Additionally, his customarygreeting,but he Charlotte Bennett, aformer ity and in Mr.Cuomo’s office, role,” Mr.Rhodes said in atext not doing moretoprevent the the NewYork Times on Mon- understood “that sensitivities executiveassistant and health- said last week that Mr.Cuomo messageonWednesday. “I in- problems altogether by getting daypublished aphotograph have changed and behavior has policyadviserinthe Cuomo suggested that they playstrip formed the governor’s senior powerplantsand gassuppli- showing the governor touching changed.” administration, said last week poker during a2017airplane staffatthe time.” erstobebetterprepared for the cheeks of awoman at a Some Democraticofficials that thegovernor asked ques- ride and kissed her on the lips RichAzzopardi, asenior ad- winter weather. 2019 wedding reception. The have called forMr. Cuomo’s tions about her sexlife during aftera2018 meeting in his viser to Mr.Cuomo,said Mr. Thechair of the Public Util- woman said he touched her in- resignation in the wake of the aJune 5meeting in Albany. Manhattanoffice. Aspokes- Rhodes “worked night and day ity Commission of Texas, appropriately. accusationsand federal inqui- Ms.Bennett’sattorney, woman forthe governor has forayear,and is nowreturn- which regulates Ercot, also re- Mr.Cuomo on Mondayre- ries intohis handling of DebraS.Katz,said Wednesday said Ms.Boylan’sstatement ing to his normal duties in the signed earlier this week. ferred the accusations by the Covid-19 deaths at the state’s that Ms.Bennetthad brought wasuntrue. administration.” ProsecutorsDeclined To InvestigateChao

BY TED MANN pugn her history-making career as the firstAsian American WASHINGTON—An ethics in- woman appointed to aPresi- vestigation of former Transpor- dent’s Cabinet.” Ms.Chao was tation SecretaryElaine Chao President George W. Bush’ssec- wasreferred to federal prosecu- retary of labor. tors forcriminal prosecution AJusticeDepartment spokes- last year but wasclosed when person declined to comment. the JusticeDepartment declined Thereport, however, shows to investigate, according to are- that the inspector general rec- port released Wednesday. ommended Ms.Chao be investi- Ms.Chao,head of the Trans- gatedbyprosecutorsfor com- portation Department fornearly mingling her family’s business all of former President Donald interestswith her public respon- Trump’sfour-year term and the sibilities.Plans to attend official wifeofSenateMinority Leader events on agovernment visit to MitchMcConnell (R., Ky.), was China that would likely have investigated by the agency’sOf- benefited her father and the fice of Inspector General forpos- family’s shipping company, Fore-

S sible ethics violations. most Group,drewparticular Afinal report by the inspec- scrutiny. Investigatorsalso PRES torgeneral,released Wednes- found that Ms.Chao used DOT TED daybythe leadersofthe House employees to runerrands and CIA

SO Transportation and Oversight perform other personal tasks, AS committees,shows that investi- which runs counter to federal Y/

GA gators found no wrongdoing in ethics rules.

ERIC some of Ms.Chao’s actions that According to the inspector While this San Antonio cinema is closed, AMC has had all its Texas theaters open since last year—but moviegoers must wear masks. drew criticism during her ten- general’sreport, Ms.Chao didn’t ure. She faced questions over comment on the agency’sfind- whethershe steered transpor- ings;however, amemo by the In Texas, Many Companies to Keep Masks tation grantstoher and Mr. DOT’sgeneral counsel, Steven McConnell’shome state. Bradbury, described “the impor- Aspokesperson forMs. Chao tanceofAsian cultural values to BY SHARON TERLEP to online retailing and opened said, and clubs will maintain varying degrees beginning in said the report “closes the book the success and effectivenessof a restaurant at a Dallas mall. strict cleaning protocols. If a May. Dallas has been atop- on an election-year effort to im- SecretaryElaine L. Chao.” Some of the biggest U.S. re- Shesays she will continue county startstosee the hospi- performing theatrical market tail, theater,hotel and restau- to insist on masks,though she talization rate rise,anindivid- nationwide forseveral weeks, rant chains say they will con- thinks it will be moredifficult ual location may reinstate re- according to one studio distri- tinue mandating masks and to enforce capacity limitswith strictions, she said. bution executive. Jackson Drank on Job, limiting capacity in Texas af- no staterule.“I’vealready Starting March 10,Texas AMC Entertainment Hold- terthe statedrops Covid-re- printed out a sign that masks businesses will be able to op- ings Inc., has had all itsTexas lated restrictions next week. are required upon entry.” erateatfull capacity and state theaters open since last year. Bullied Staff, IG Says ThemovebyGov.GregAb- Some businessownersin residentswill no longer be re- The company will continue to bottto“open Texas 100%” has hard-hit sectorslikegyms and quired to wear masks to visit requiremoviegoerstowear divided the business commu- restaurantssaid they fully them, Gov. Abbott said Tues- masks. BY NANCY A. YOUSSEF “That is notme, and what nity,with some welcoming the support a return to normalcy. day. Mr.Abbott instituted a In recent weeks,asCovid-19 AND LINDSAY WISE is alleged did not happen,” Mr. move, while otherssay it puts Thestate had sinceSeptember mask mandate in July,as cases have fallen and vaccines Jackson said. the stateatrisk of abackslide limited indoor restaurant ca- Covid-19 cases and hospital- rolled out across the country, WASHINGTON—TheWhite In a37-pagereport, the De- and will makeitharder for izations increased. governorshavedropped state- House physician to former fense Department’sOfficeof businesses to enforce safety Morethan 43,000 Texans wide mask mandates in states PresidentsBarack Obama and the Inspector General de- protocols. ‘I already get have died of Covid-19.The including Mississippi, Iowa Donald Trump disparaged and scribed Mr.Jackson yelling Most businesses in the statehas loggedabout 6,600 and Montana. In some cases bullied staff members, made and belittling staffers, who statecould already operateat screamed at when newcases in the past week,an local governmentshavekept inappropriatesexual comments said they felt bullied. 75% capacity, so the Republi- people don’t want to increase from mid-February, restrictions in place. In Texas, and drank alcohol and improp- One witness was quoted in can governor’s mask shift but asignificant decrease cities and counties areblocked erly used sleeping pills while the report saying,“In my pro- raised larger questions. wear their mask.’ from January. As of Tuesday, from putting their ownman- on thejob,the Pentagon’sin- fessional military experience, Hyatt Hotels Corp, Target 12.9% of Texas residentshad dates in place. ternal watchdog officesaid in it wasarguably the worst Corp., Starbucks Corp.and received at least one dose of a On Wednesday, President Bi- areport published Wednesday. command climate that I have CVS Health Corp., are among Covid vaccine,according to den said stateleaderswere Ronny Jackson, aretired experienced, and Iattribute thecorporations saying they pacity at 75%. the U.S. Centersfor Disease making a“big mistake” in re- Navy rear admiral and current that largely to Mr. Jackson.” have no plans to drop mask “Restaurantsneed the dine- Control and Prevention. laxing Covid-19 restrictions and Republicanmember of Congress During an April 2014trip to requirements. Albertsons Cos. in margins to really regain fi- In Texas,only healthcare protectivemeasures,describ- from Texas,said in astatement Manila, awitnesstold the in- said it will nowencouragebut nancial success,” said Laura workers, people over 65 years ing some of their latest moves the report leveled false,politi- spectorgeneral’sofficethat not requirefacecoveringsfor Rea Dickey,CEO of Dickey’s old and adults with pre-exist- as “Neanderthal thinking.” cally motivated allegations be- Mr.Jackson made commentsto customers; employees must BarbecueRestaurantsInc., ing conditions are eligible for CVS, which began mandat- cause he had “refused to turn acolleague about afemale sub- still wear masks. which has 160 of its500 loca- the vaccines. ing masks at all stores nation- my back on President Trump.” ordinate’sbody,and said he “I already get screamed at tions in the state. “It’sgood TheTexas Restaurant Asso- wide in July as morescientific “I’m proud of the work envi- would “liketosee moreofher when people don’t want to momentum forfolks and good ciation said Tuesdayitfelt dataemergedshowing that ronment Ifostered under three tattoos,” according to the re- wear their mask,” said Yas- news for the industry.” confident about loosening re- face coveringshelp slowthe different Presidentsofboth port. That female subordinate meen Tadia, owner of Make Gym operator LifeTime strictions given the level of virus’sspread, will continue to parties,” said Mr.Jackson, who said that one evening on that Your Life Sweeter Brands. “If Inc., with 26 of its 150 fitness vaccination in the state. The requirethem, aspokesman firstbegan serving at the White trip,Mr. Jackson pounded on that happens with the man- clubs in Texas,will stop re- group said it would advocate said. He said CVSwill continue House in 2006.Hedenied that herhotel-room door. date howamIgoing to man- quiring customerstowear for restaurant workers to get to followfederal health guide- he drank while on duty and re- “You could smell the alco- agewithout it?” Thebusiness masks or to social distanceas access to vaccines as soon as lines. Employees are directed jected allegations that he had hol on his breath, and he primarily served high-end and soon as the mandatelifts,a possible. to avoid confrontations with been sexually inappropriate“at leaned intomyroom and he celebrity eventsbeforethe spokeswoman said. Employees Afterabout amonthlong customerswho refuse masks work,outside of work,orany- said, ‘I need you.’ I really felt pandemic, but with that busi- still must wear masks and un- shutdown last year,Texas al- and instead try to serve them wherewith anymember of my uncomfortable,” she is quoted nessgone,Ms. Tadia switched dergo temperaturechecks,she lowedbusinesses to reopen to as quickly as possible. staff or anyone else.” as saying in the report. P2JW063000-6-A00400-17FEFF5178F

A4 | Thursday, March 4, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS Labor Pick Criticized On MinorityContracts

BY AMARA OMEOKWE should be directed toward women- and minority-owned President Biden’s nominee firms.The city’s contracting forLabor secretary, Boston policies canbeshaped by both Mayor Marty Walsh, is facing the mayorand the city council, criticism over his city’s track according to Nicholas Martin, record on awarding contracts chiefcommunications officer to Black-and Latino-owned in MayorWalsh’soffice. businesses. BeforeMr. Walsh’sexecu- Threecommunity groups tive order in Boston, the city last month filed afederal com- used race-and gender-neutral plaint against the city of Bos- measures to encourage small ton, alleging discrimination in businesses’ participation in itspublic contracting prac- city contracting.The executive tices. The action came after a order sets an explicit goal for city-commissioned study the city each fiscal year to S found that 1.2% of $2.2 billion award 10% of its contract and

NEW in city contract and procure- procurement spending to mi- G ment dollarsbetween July 1, nority-owned businesses and 2014, and June 30,2019,were 15% to women-owned busi- OOMBER awarded to Black-and Latino- nesses.The disparity study BL

Y/ owned businesses. The study hadrecommended the city

PERR said these firms might be ex- consider awarding at least

TY pected to receivenearly 5% of 16.9%ofits contract dollarsto OT

SC the contracting and procure- these firms combined. The legislation would expand access to mail-in ballots and void state voter-identification laws. Voting in Louisville, Ky., last year. ment funds,based on their “This has never been an is- availability for city work. sue he has run away from, as Boston has “created and much as his detractorsare try- maintained apublic contracting ing to frame that narrative,” House Passes Vote-RightsBill system that disproportionately said Mr.Martin, of Mr.Walsh’s funnels taxpayerdollarsintoan office. exclusionarysystemthat shuts Mr.Walsh declined an in- BY SIOBHAN HUGHES moveobstacles to election par- “Election laws should make Thelegislation, which Black-and Latinx-owned busi- terviewthrough his office. In a ticipation, particularly for it easy to vote and hardto heads to the Senate, would bar nesses out of contracting op- news conferencelast month, WASHINGTON—House minority voters,and open up cheat, but this bill would not lawenforcement from racial portunities almost entirely,” the he said,“We knewwewere Democrats passed legislation the political system to new only makeiteasy to cheat, it and religious profiling,reduce complaint said. It alleges the using the study as a powerful to expand voter participation kinds of candidates.Republi- would effectively makeitlegal funding forstate and local po- city’s contracting practices vio- tool to makethe changes and curb the role of big do- cans arguethat election rules to cheat,” said Rep.Andy Barr licedepartmentsthat don’t latefederal civil-rightslaw and needed and to make them ef- norsoverthe objections of Re- should be left in the hands of (R., Ky.). “Atatime when half of ban chokeholds, and create a asks foraformal investigation fectiveand sustainable.That’s publicans,who claimed the the states on questions such as Americans have lost confidence public database of shared dis- by the Justiceand Transporta- whywedid the study in the measurewould weaken safe- early voting,voter eligibility in the integrity of our elections, ciplinaryrecords so that a tion departments, among other very beginning,” he said. guards and spur mistrust in andelection integrity. this bill will only drivedistrust problematicofficer can’t be remedies. ALabor Department elections. Proponentspointed to last and division higher.” hiredbyanother agencyun- Thecomplaint, filed with spokeswoman said, “Mayor Thelegislation passed, year’s elections,which set re- Separately,the House voted aware of his or her past. the JusticeDepartment’sCivil Walsh has worked to build and 220-210,without anyRepubli- cordsfor turnout as states em- It would also makeiteasier RightsDivision in Washington, expand laddersofopportunity cansupport. One Democrat, phasized mail-in voting during to prosecutepoliceofficersfor D.C.,comes as Mr.Walsh to underrepresented commu- Rep.Bennie Thompson of Mis- the Covid-19 pandemic,asevi- The Democratic misconduct andallowcivilians awaitsSenateconfirmation for nities throughout his career, sissippi, votedno. Thebill’s denceofhow changing policies to recoversome damages if acabinet role in an administra- both beforeand during his fateinthe Senateisuncertain. could enfranchise morevoters. backed measure’s their constitutional rightsare tion that has vowedtogivepri- tenureasmayor.That’sone of Themeasurewould have Democratssaid that enactment fate in the Senate violated by police, achangeto ority to racial equity in itspoli- the reasons President Biden the effect of voiding state of themeasurehad become ur- the doctrine known as quali- cies and practices.Mr. Walsh’s nominated Mayor Walsh.” voter-identification require- gent as statelegislatures wrote is uncertain. fied immunity that shields po- nomination advanced easily Ivan Espinoza-Madrigal, ex- mentsand making permanent newlawsthat Democratssaid liceofficersfromlawsuits. from the SenateCommitteeon ecutivedirector of Lawyersfor the widespread mail-in voting would restrict citizens from ex- In the voting-rightsbill, Health, Education, Labor and Civil Rights, which filed the that wascommon in last year’s ercising their right to vote. Democratsalso take aim at the Pensions on an 18-4vote. complaint on behalf of the elections,requiring states to “The right to vote is under to passlegislation to overhaul campaign-financesystemin Mr. Walsh, who became community groups,said the offer online and same-day attack,” said Rep.Terri Sewell the nation’slaw-enforcement which big donorscan funnel mayorofBoston in 2014, com- focus is on “holding the Walsh voterregistration as well as 15 (D., Ala.). “Weknowthat our practices.The legislation, money through intermediary missioned the contracting administration accountable for days of early voting nation- democracyworks best when which passed largely along groups.The bill requires or- study in 2018,and it wascon- itsconstant failuretoprovide wide.Itwould also mandate everyone canparticipatefully. party lines, is named after ganizations that engageina ducted by an outside consult- opportunities forminority- the creation of independent But we also knowthat voter George Floyd,aBlack man who political activity to disclose ing firm. Along with the owned businesses.” commissions to draw voting suppression is aliveand well.” waskilled when aMinneapolis thename and contribution study’s release,Mr. Walsh Thecity hasn’t filed afor- districtsineach statetoend Opponentssaid that after policeofficer pressed his knee amount of anydonor giving signed an executiveorder mal response to the complaint, gerrymandering. last year’s divisiveelection, the against his neck formorethan $10,000 or more annually. changing the city’s contracting but is prepared to respond if Democratssaid the multi- bill would further poison the eight minutes,sparking wide- —Joshua Jamerson policies by setting goals for contacted by the federal agen- prongedlegislation would re- politicalclimate. spread protestslast year. contributed to this article. howmuch in contracting funds cies, Mr. Martin said. ProposaltoLowerVoting AgeIsRejected

BY SIOBHAN HUGHES Ayanna Pressley (D., Mass.), the country’sfuture, and noted good judgment. This is really a one of the most progressive that manywork and have their patronizing thought.” WASHINGTON—Some teen- membersofthe House,drew driver’s license at 16.Republi- Republicans pointed to agersare going to have to wait 125 in favorto302 against. No cans noted that the lawtreats 1970s-eraeffortsthat resulted a couple more years to vote. Republicans supported the people younger than 18 as juve- in lowering the voting ageto TheHouse rejected aliberal measure, which was part of a niles in the criminal courts, 18 yearsofage from 21, a OL PO

lawmaker’s proposal to lower larger, sweeping voting-rights which Democratshaven’t pro- movement that followedback- S the voting age to 16 years old package set to be votedon posed changing. lash during the Vietnam War, forcongressional and presi- later in the day. Currently,citi- “Elections areabout the fu- when 18-year-olds were drafted /PRES dential elections,inavote zens 18 yearsand older have tureand no one has moreat intomilitaryservicebut simul-

that exposed divisions among the right to vote. stakeinthat futurethan our taneously unable to vote.“Our JENNINGS Democratsoverhow far to go Progressives argued that youth,” said Rep. Barbara Lee society has agreed sincethen AEME

in expanding the franchise to young people were working (D., Calif.). “Oftenthe objec- for50yearsthat 18 is when a GR more people. and politically engaged and had tion is simply that 16-year- childbecomes an adult,” said Marty Walsh, mayor of Boston, on Feb. 4, during his Labor ThemeasurefromRep. earned the right to help shape olds aretoo young to exercise Rep.Pat Fallon (R., Texas). Department nomination hearing before a Senate committee.

similar interests, or “cohorts,” be able to getasdetailed apic- companies that use cross-site Google Set rather than individual users. ture of either.Still, other ad in- tracking have accused Apple Google said in Januarythat it dustryexecutives said the and Google of using privacyas planstobegin open testing of changeisgood forconsumers apretext forchanges that hurt To Change buying using that technologyin and expressed hope that competitors. the second quarter. Google’snew targeting technol- Among the tech giants, NewEngland Google’splanned change ogies will still help brands Google and Apple Inc.have Ad Sales elicited some concerns in the achievetheir goals in online each signaled they want to rein Properties ad world. At the moment, ad- marketing. in user tracking in various vertisersuse the dataharvested Google’slatestmoveand the ways. Facebook Inc.has struck ContinuedfromPageOne from people’sbrowsing across concern about itspotential im- adifferent tone,arguing that vertising outside of closed the webtofigureout whom to plications underscores acon- individualized ad targeting systems such as Google Search, serveanadto, and whether tinuing tension in the digital ad helps small businesses who YouTube or Facebook—goes that person then went on to industrybetween protecting otherwisewould struggle to through Google’sad-buying buy the advertised product. Af- user privacyand promoting find customers. tools,according to Jounce. terGoogle’schange, they won’t competition. Smaller digital-ad Some analystssaid Google “Ifdigital advertising doesn’t could stand to benefit from the evolvetoaddressthe growing end of cross-websitetracking concerns people have about Advertisers Brace change, which he believesis because it is lessreliant on data their privacyand howtheir per- betterfor consumers. from other companies.Instead, sonal identity is being used, we ForTracking Shift ScottHagedorn, North Amer- it collectsalarge amount of data risk the futureofthe free and ica chief executiveofOmnicom directly from usersofits ser- With over 200k+ printreaders in theNortheast open web,” David Temkin,the Media Group,acollection of vices,such as YouTube or Region and full ROP for all ad placements, there Google product manager leading Google’smove to rein in the media agencies, said the Google Google Search. Google said it the change, wroteinablog post tracking of webusers drew privacy change is part of an in- will still use that data, called has never been amore opportune time to partner Wednesday. mixed reviews in the ad world, exorable trend the companyhad “first-party” data, when target- with WSJ. This specialadvertising section will Google had already said last with some executives express- long been preparing for. ing ads to be shown on itsown feature the hottest markets in New England, from year that it would removethe ing cautious optimism the Others in the industry saw websites.Manylarge advertisers most widely used tracking tech- change will be good forcon- Google’smove as an anticom- also have alot of first-party data Connecticut to Maine!Partner with TheWall Street nology, called third-party cook- sumers and others worrying it petitivepowergrab. “This is provided by their customers. Journalasour readers search for their ies,in2022. But nowthe com- will increase the tech giant’sin- Google unilaterally trying to de- “Ifyou canonly target based New England homes. panyissaying it won’t build dustry stranglehold. fine the privacy standards for on first-party data, then the alternativetracking technolo- Advertisers use data har- the internet,” said John Nardone, people with themost first- gies,oruse those being devel- vestedfrompeople’sbrowsing chief executiveofFlashtalking, party datadobest,” said Bene- Publish: April 16 •Close:March 5 oped by otherentities,tore- acrossthe webtofigureout an ad server company. “It’snot dict Evans, an independentan- placethird-party cookies forits whom to serveanadtoand appropriate.” alyst. Section: Mansion ownad-buying tools. whether thatperson then went Ad executives said compa- Google said itsnew technol- Instead, Google said itsad- on to buy the advertised prod- nies thathave alot of first- ogies,such as the cohortsthat buying tools will use newtech- uct. AfterGoogle’schange, they partydatawill be in astronger will be calculated on users’ own Foradvertising opportunities,please contact: nologies it has been developing won’tbeable to get as detailed position to carry out precise dig- devices,haveworked nearly as AndrewBrody at [email protected] with othersinwhat it calls a apictureofeither. ital ad campaigns. Companies well as one-to-one targeting in 617.654.6718 “privacysandbox” to target ads “In away,you arelosing the thatdon’thave alot of first- itsinternal tests. without collecting information abilitytotrack and measurebe- partydatawill face challenges, Thecompanysaid itsan- about individuals from multiple havior as we have been accus- according to John Lee, chief nouncement on Wednesdayonly websites.One such technology tomed to at this point,” said strategy officer at digital mar- covers itsadtools and unique analyzesusers’ browsing habits George Popstefanov, chief exec- keting agency Merkle. identifiersfor websites,not moon their owndevicesand al- utiveofdigital ad agency PMG. —Keach Hagey bile apps,meaning asubstantial ©2021Dow Jones &Company, Inc. All Rights Reserved. lows advertiserstotargetag- However, he supports the and Alexandra Bruel sliceofthe digital-ad ecosystem gregated groups of userswith wouldn’t be affected. P2JW063000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, March 4, 2021 | A5

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A6 | Thursday, March 4, 2021 ****** THE WALL STREET JOURNAL. U.S. NEWS House Cancels Session AfterViolenceWarning

BY RACHAEL LEVY TheSenateplanned to con- tell them to stand down.” bers of Congress reviewed by TheNational Park Service hindsight, we probably should AND ALEXA CORSE vene at noon, according to the Aides to Mr. Trump didn’t re- the Journal. andthe Metropolitan Police have,” Ms.Smislovaresponded. chamber’s floor schedule. spond to requeststocom- Theacting sergeant at arms, Department, the capital city’s Senatorsalso focused on House leaders canceled Democratsare currently work- ment. TimothyBlodgett, wroteinthe policeagency, haven’t received the delayindeploying the Na- Thursday’slegislativesession ing to finalizechanges to Pres- Citing FBI reporting,the se- memo that the Capitol wasstill anypermit requestsfor rallies tional Guard to respond. and rescheduled morning ident Biden’s$1.9trillion curity bulletin says extremists on alert even though “the sig- or other gatherings on March Maj.Gen. William J. Walker, votes, afterpolicewarned of a Covid-19 aid bill. discussedplans as of lateFeb- nificanceofthis datehas re- 4, spokespeople said. the commanding general of possible plot by amilitia group TheFederal Bureau of Inves- ruarytotakecontrol of the portedly declined amongst var- Thewarning highlighted the Washington, D.C.,National to again storm the Capitol. tigation and the Department of Capitoland removeDemo- ious groups in recent days.” testimonyWednesdayfrom Guard, told the senatorshe TheofficeofHouse Majority Homeland Security issued a cratic lawmakers“on or about officials from the FBI, DHS in- wasable to quickly getap- Leader StenyHoyer (D., Md.) joint intelligencebulletin high- 4March” and “discussed aspi- telligencebranch, the Defense proval forNational Guard announced Wednesdaythat all lighting the belief among some rational plans to persuade TheFBI and DHS Department and Washington’s troops during social-justice votesset forlater this week membersofthe conspiracy- thousands to travel to Wash- National Guardbeforebiparti- protestslast June but faced would be wrapped up by the theorygroup QAnon that for- ington, DC to participate.” cautioned of a san Senatecommittees prob- what he called unusual delays evening. Capitol Policesaid mer President Donald Trump March 4was the nation’sInau- possible plan to seize ing security failures before of several hours on Jan. 6. they have obtained intelligence “will be inaugurated on 4 guration Day until 1937. and during the Capitol riot. Gen. Walker said he re- that “shows apossible plot to March or will return to power Theagencies recommend Capitol on Thursday. TheFBI and DHS in particular ceived afrantic call from then- breach the Capitol by an identi- on 20 Maywith the help of the that federal, stateand local facescrutinyfromlawmakers Capitol PoliceChief Steven fied militia group” on March 4. U.S. military.” Thememo,dated counterterrorism and police about whythey didn’t do Sund at 1:49 p.m. on Jan. 6re- House Democratic leaders Tuesdayand reviewedbyThe officials “remain vigilant in moreahead of the Jan. 6at- questing immediatesupport discussed the warning and de- Wall Street Journal, says do- lightofthe persistent threat While the Capitol Police“has tack,including their opting from the National Guard. Gen. cided the threat of violence mestic violent extremistsre- posed by [domestic violent ex- no indication that groups will not to send such ajoint intel- Walker said he then immedi- wastoo significant to ignore main inspired by “election tremists] and their unpredict- travel to WashingtonD.C.to ligencebulletin in advanceof ately alertedsenior Army and lawmakerswerecon- fraud and other conspiracythe- able target selection.” protest or commit actsofvio- that event. leadership but that he didn’t cerned about being in the ories associated with the presi- Capitol security officials are lence,” he said the policeforce Melissa Smislova, atop offi- receive formal approval until building, according to Demo- dential transition.” preparing forpotential threats would add additional officers cial at DHS’sintelligence 5:08 p.m.—three hoursand 19 cratic aides.They moved Rep MichaelMcCaul (R., on Thursday and adding per- acrossthe Capitol grounds, branch, faced questions about minutes later. Thursdaymorning’svotes to Texas) said on CNN that Mr. sonnel to protect lawmakers, supplementing the National whythe unit didn’t issue a —Eliza Collins Wednesday evening. Trump “has aresponsibility to according to amemo to mem- Guard’scontinuing presence. warning specific to Jan. 6. “In contributed to this article. U.S. Tightens Vise on Domestic Extremists Victims in

BY DAN FROSCH SUVCrash AND ZUSHA ELINSON Law-enforcement agencies HadBeen areusing undercoverstings and chargesnot directly related to terrorism, such as gun Smuggled violations,toarrest suspected domestic extremistsaspart of BY ALICIA A. CALDWELL an aggressiveeffort to head off potential attacks. Thirteen people killed in a Facedwith arising domes- vehicle crash in Southern Cali- tic terrorism threat, federal fornia Tuesdayhad been law-enforcement officials are smuggled intothe U.S. borrowing from tactics used to through ahole in aborder pursue homegrownjihadists, fenceshortly beforethe crash, such as adherentsofIslamic U.S. Customs and Border Pro- State. tection said Wednesday.

Sincethe Jan. 6Capitol riot GES Themigrants, at least10of

by supportersofthen-Presi- IMA whom were from Mexico, were dent Donald Trump, federal part of agroup of about 44

agentsare putting morere- GETTY people driven in apair of sources intoinvestigations of SE/ SUVs through ahole in the suspected dangerous domestic fenceabout 30 miles from the extremists, knowing that su- crash scene in California’sIm- ANCE-PRES

pervisorsand prosecutorswill FR perial Valley east of SanDiego. givepriority to such cases,a The crash happened about federal law-enforcement offi- ENCE 6:15 a.m. Tuesdaywhen aFord AG

cial said. Y/ Expedition carrying 25 people TheBiden administration was hit by a semi truck.

has said that fighting domestic DOULIER Border Patrol agents terrorism—defined by the FBI weren’t pursuing the SUV

as violence“to further ideo- OLIVIER when it crashed. Agents used logical goals stemming from Police officers trying to hold back supporters of then-President Donald Trump at the Capitol building on Jan. 6. recordingsfromaborder cam- domestic influences,such as eratodetermine when and thoseofapolitical, religious, ing acrossthe countryfor a ber 2020,including on state ment fliersfor “whiteyouth” weapon afterthe Jan. 6riots howthe vehicles crossed the social, racial, or environmental long time now, and it’snot go- and local charges, up from 107 were found posted in Eureka, so he could buy abettergun border,aperson briefed on nature”—has become aprior- ing away anytime soon,” FBI the previous fiscal year.The Calif., according to atranscript “tostopahorde of you-know- the investigation said. ity in the wake of the attack. Director Christopher Wray told agencywouldn’t discusstac- of adetention hearing.The FBI whats,” according to FBI testi- Asecond SUVcarrying 19 TheFederal Bureau of In- aSenatepanel Tuesday. tics used in investigations. monitored the group online monyatthe detention hearing. people caught fire aftercross- vestigation and Department of Officials typically weigh a Mr.Wraysaid Tuesdaythat and then infiltrated it with un- Caleb Oliver,19, wasalso ing the border.Everyone in Homeland Security have sin- variety of factorsindetermin- the FBI currently has roughly dercoveragents, according to arrested and chargedwith un- that vehicle escaped injury gled out domestic extremists ing howbest to approach an 2,000 open domestic-terrorism the transcript. lawful possession of amachine andwas arrested by Border as posing the most lethal investigation of suspected do- investigations,double the One of the men arrested, gunafter he bought afully au- Patrol agents, CBP said. threat to the country, based on mestic extremists. In some number the bureau was ac- Christian Mackey, 20 years tomatic Glock for$1,000 from Smugglers routinely crowd the number of ideologically cases,officials makeanarrest tively probing when he became old, referred to himself as a an undercoveragent, accord- migrantsintovehicles such as motivated killingsinrecent quickly when they see an immi- director in 2017. “radical Jewslayer” and talked ing to afederal complaint. SUVs when transporting them years. Therewere16deadly nent possibility of violence. In On Feb. 5, FBI agentsin of killing minorities,the FBI Both men, who faceupto10 intothe U.S.,according to cur- attacks by domestic extremists others, an arrest is made in the Texas arrested two men on gun said. He waschargedwith the yearsinprison, arebeing held rent and former law-enforce- in 2018 and 2019,according to hope that asuspect will reveal chargeswho they allegeare unlawful sale of afirearm after without bail. Mr. Mackey’s ment officials. DHS,eight of which were com- wider networks and threats. membersofaneo-Nazi group he sold his AR-style rifle to a lawyer declined to discussthe TheAssociated Pressear- mittedbywhitesupremacists. TheFBI said it arrested 180 called the Iron Youth. The felon working forthe FBI. He case.Alawyer forMr. Oliver lier reported that the migrants “The problem of domestic domestic terrorism suspectsin group firstdrewscrutinyinthe told an undercoverFBI agent didn’t respond to requestsfor were smuggled through ahole terrorism has been metastasiz- the fiscal year ended Septem- summer of 2019 when recruit- of needing to urgently sell the comment. in the border fence.

aseason in which ratingswere NFL Eyes down forthe regular season, playoffs and Super Bowl. Net- work executives said they be- RichDeals lievethat the coronavirus pandemic playedalarge part in the declines and feel numberswill ForRights improveoncenormalcyreturns. In addition, CBS, Fox, NBC S and ESPN are all facing chal- ContinuedfromPageOne PRES lenges in holding on to view-

deal wouldn’t take effect until TED ers, making livesportsever

afterthe 2022season, when OCIA more important. SS

Fox’scurrent pact forThursday /A This next round of long- night football expires.Fox is term deals might be the last

nowpaying $660 million asea- LANDIS time the NFL is able to com- son forthat package, TheWall mand such giant feeincreases HLEY

Street Journal previouslyre- AS from itsbroadcast and cable ported.Ifthe Thursdaygames The networks could pay double their current rate for game rights partnersasfragmenting view- go to Amazon and thereisno —$2 billion a season for Fox and CBS. Last month’s Super Bowl. ership and cord-cutting areex- other video component beyond pected to only increase in the the local TV marketsofthe NFL packages such as Fox, feefor itsSundayafternoon coming years, said MoffettNa- teams playing,that yearly fee which analystsand industryin- games is expected to jump to thanson media analyst Michael Amazon pays could reach $1 sidersestimateloses $250 mil- around $2 billion from the Nathanson. billion, people with knowledge lion aseason. BeforeFox’s deal, current $1.1 billion, the people “This is asign that the NFL of the discussions said. CBS and NBC shared Thursday familiar with those negotia- wantstotakeasmuch as they Amazon currently pays be- games and their combined tions said. ViacomCBS Inc. can for as long as they can. A tween $75million and $100 losses were morethan $200 likely will see itsaverage fee decade from now, the world million to stream Thursday million, people familiar with per season of Sundayafter- will surely look different and a games,aperson with knowl- the agreementshavesaid. noon games go from $1 billion newset of bidderswill need to edge of the deal said. As with Amovetoput achunk of to the $2 billion range, the emerge,” Mr. Nathanson said. Fox, that contract still has two NFLgames—which typically people said. One TV deal the NFL isn’t yet seasons on it. TheNFL Net- dominate television ratings— Thenew deal forComcast renegotiating is the Sunday work would continue to carrya exclusively on astreaming Corp.’s NBC is also expected to Ticket package, which allows handful of exclusiveSaturday platform isn’t without risk. morethan double from the av- fans to watchany game on Sun- and Thursdaygames as itscon- Amazon carried one game ex- erageof$960 million it pays dayafternoon. AT&T Inc.’sDi- tract with distributorsrequires clusively last year and drew an per season nowtoaround $2 recTV has the packagethrough it to carryatleast five games a averageaudienceoffewer billion, aperson familiar with the 2022season at an annual season, people familiar with than five million, much lower that pact said. NBC’sstreaming priceof$1.5billion. AT&T Chief the league’sthinking said. than the typical NFL game on servicePeacock will also carry ExecutiveJohn Stankey has in- Adeal with Amazon for broadcast television or ESPN’s onegame exclusively and will dicated that SundayTicket isn’t most Thursdaynight games “Monday Night Football.” simulcast NBC’sSundaynight the growth engine it oncewas would solveapotential prob- Theleague is trying to games,the person said. and isn’t critical to DirecTV lemfor the NFL.While Thurs- strike a balance between em- Theleague in addition ex- anymore. In addition, AT&T’s daygames getstrong ratings bracing newplatforms and the pects to get a big increase in owninterest in the satellite compared with anyother pro- revenue they represent while fees from Walt Disney Co.’s broadcasterisfading.Last gramming,the high pricetag keeping most of its games on ESPN,people familiar with the week,itstruck adeal to sell a wasmaking it atough sell with traditional television. matter said. 30% stakeinDirecTV to private- broadcasterswho already carry Fox Corp.’s annual average Thefee increases come after equity firm TPGfor $1.8billion. P2JW063000-0-A00700-1------XA

THE WALL STREET JOURNAL. Thursday, March 4, 2021 | A7

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A8 | Thursday, March 4, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Vaccination Technology Gains Focus Daily Deaths Pandemic is spurring No MoreNeedles research into and Developersofalternativewaystodeliver vaccines useavarietyofdevices Keep developmentofnovel thatexploit the body’s immune defenses. methods of inoculation Microneedle patch Nasal spray Implant Sublingual tablet Rising When the patchisapplied, Nasal deliverymimics the BY JASON DOUGLAS Another technology uses tiny Reformulating vaccines so microscopic needles infusedor way the virus typically enters implants pushedpainlessly theydissolveslowly under BY ADAM MARTIN The effort to vaccinate the coated with vaccine penetrate the body and binds to cells. into the skin thatrelease the tongue allows forself- world against Covid-19 relies the skin, causing damagedskin The vaccine uses aharmless vaccine as theydissolve. administration and could be Newly reported Covid-19 on thesyringeand needle,us- cells to signal the immune viral shell to train the immune apromising alternativetothe cases in the U.S. were down ing a19th-centurytechnology systemtorespond. systemtorecognizethe needle forchildren. from a day earlier but deaths to get21st-centuryscienceinto invader. ticked higher again, as Presi- the arms of billions.Now the dent Biden said the nation race is on to find alternatives. would have enough vaccines Executives such as David forall adultsbythe end of Hipkisssense an opportunity. May, two months earlier than His firm, Enesi Pharma Ltd. of he had previously said. Oxfordshire, England, is devel- Therewere55,071 new oping a device that painlessly cases reported in the U.S. for implantsavaccine-imbued Reusable Tuesday, according to the lat- tube of sugars smaller than a actuator est datacompiled by Johns grain of rice under the skin. Hopkins University. That was Viral vector Tongue Thepandemic has sparked a Nanopatch down from 58,810 aday ear- research-and-development gold lier,and 71,436 aweek earlier. rush in vaccines.Developersof ReportedU.S.deaths re- novel vaccine-deliverytechnol- Sublingual fold lated to Covid-19 increased Implant ogyhope that they arenext, Respiratory ACE-2 Tuesdayto1,924,from1,566 a and that the drivetoinoculate epithelial receptor 0.03 inches 0.14 inches dayearlier,according to the the planet will showerthem cells latest Johns Hopkins data. with investment dollarsand While both newcases and enticebig-name partnerswith Sources: Vaxxas (microneedle patch); Altimmune (nasal spray);Enesi Pharma (implant); PATH (sublingual tablet) deaths aredownfromJanu- deep pocketswho canhelp Roque Ruiz/THE WALL STREET JOURNAL ary’shighs,deaths have begun bring their productstomarket. to trend upwardinthe past Theirsisafield litteredwith vaccines against Covid-19, multiple parts of the immune newoutbreaks,means mi- zation, is working on away to week.The seven-daymoving development misfires and while othersare aiming to re- system intoplaytodefend croneedle technologyalso has freeze-dryvaccines that will averageofdaily reported costly gadgetsthat, forde- formulatesome of the dozens against future exposure. achanceofbecoming auseful allow them to be made into a deaths,which smooths out ir- cades,failed to unseat the sim- already in development or be- Butthereare other waysto weapon in governments’ pub- lozengethat dissolves intoa regularities in the data, was ple needle,syringeand glass ing rolled out world-wide. stimulatethe immune system, lic-health armory. gel under the tongue. 2,046 as of Monday, according vial. Aside from the occasional Some aresitting this pan- such as through the skin, gut “Our hypothesis from day For Dan Mahony, a health- to aWall Street Journal analy- nasal spray forflu or sugar demic out in the hope of being or nose, which are among the one has been that Covid would care fund manager at Polar sisofJohns Hopkins data. The lump forpolio,the hypodermic ready for the next one. usual routes foreign invaders become endemic and begin to Capital, a London-based fund 14-dayaverage was1,984. needle has been the mainstay All areinthe early to mid- take to getintothe body.Vac- look much morelikeinflu- manager with around £18 bil- When the seven-dayaverage is of protecting against infectious stages of development and clin- cine-deliveryplatforms in de- enza,” he said. Thecompany’s lion,equivalent to $25.5 bil- higher than the 14-dayaver- disease sinceitwas pioneered ical testing,suggesting it might velopment attempt to exploit goal, he said, is to makea lion, of assets under manage- age, as it has been since by aDublin physician in 1844. be months if not yearsbefore these different pathways. combination Covid-19 and in- ment, it isn’t clear if these WednesdayFeb.24, it indi- Skeptics saythat because they come to market. Big phar- Michael Schrader and David fluenzapatch “that will be newtechnologies will ever get cates deaths are on the rise. needlesare so inexpensive, maceutical companies have so Hoey runcompanies with mailed to your house every to playasbig arole as their Statesincluding Delaware, abundant and effective, that far shown limited interest. neighboring facilities in Cam- year.” Initial clinical trials of developers hope. Maine and Virginia have re- isn’t likely to change. But the If successful, saypropo- bridge, Mass.,and similar the combination vaccine in hu- People might not likenee- ported backlogsofdeaths in the belief among delivery-technol- nents, these technologies hold namesthat aredeveloping mans areplanned forearly dles butthey work well and past 10 days,ashaveCalaveras ogyexecutives and othersin out the promise of aworld patches studded with an array 2022, Mr. Schrader said. cost little,hesaid. Already, and LosAngeles counties in the vaccine world is that the wherebooster shotsagainst a of microscopic needles to de- Mr.Hoey,chief executiveof makers of Covid-19 vaccines California. These could be con- pandemic has revealed to all mutant coronavirus arrivein liver vaccines painlessly Vaxxas Inc., an Australian firm, aremaking improvementsthat tributing to the rising averages. what they have long seen as a the mail, vaccines canbekept through the skin. Thepatches said the pandemic has meant solvesome of the distribution The nation’s seven-day av- false economy. Vaccinating on ashelf and administered at arehoused in applicatorsthat governmentsare waking up to challenges. erageofnewly reported cases millions isn’t acheap and easy home,and shotsare ferried resemble espresso pods.Their the cost of infectious diseases Mr.Mahonysaid it isn’t was67,760onMonday, and task when the existing tech- with ease to the most remote ease of use and storage make and the need forpandemic pre- wholly clear if the world will the 14-dayaverage was69,021, nologyrequires freezing cold- communities on earth. them idealfor massvaccina- paredness. He doesn’t expect to need massvaccination against theJournal’sanalysis of Johns chain logistics,anarmyof “Thereisanabsolutere- tion in poor countries without be able to manufacturehis mi- Covid-19 for a long time or if Hopkins datashows.The trained personnel to inject naissance coming in this par- sophisticated healthcareinfra- croneedlepatches at commer- governmentswill choose to seven-dayaverage has been needles,long lines,wasted ticularspace,” said Mr.Hip- structureand trained medical cial scale forperhaps three to protect only their most vul- lowerthan the 14-dayaverage, doses and billions of dollars. kiss. staff,say Messrs. Schrader and five years, but thinks he will nerable citizens in anynew indicating cases arefalling,ev- Technologies in develop- All vaccines approved for Hoey. find aready market as govern- outbreaks,asthey do with flu. ery day but one since Jan. 15. ment fordelivering vaccines use against Covid-19 require Mr.Schrader,chief execu- mentsgear up forfuturepub- “The juryisstill pretty out Overall, morethan 28.7 mil- include Enesi’s dissolving im- injection intoamuscle.As tive of Vaxess Technologies lic-health crises. on whetherthere’sevengoing lion Covid-19 cases have been plants,microneedle patches, well as being easy to adminis- Inc.,said the possibility that Other researchersare look- to be amarket forCovid vac- reported in the U.S.,and more electrical-pulse systems,nasal ter, this method has an immu- Covid-19 sticks around for ing at alternativeways to do cines afterthe initial pandemic, than 516,600 people have died, sprays and even pills.Some nological rationale: It stimu- years, periodically requiring away with needles.PATH, a and if thereis, what does it ac- according to Johns Hopkins firms aredevelopingtheir own lates aresponse that brings massvaccination to prevent nonprofit global health organi- tually look like?” he said. data.

stitution won’t repeat, she said. cause abadly made mask tells The Future It hasn’t yetcollected any- youthe person making this is thing—itsoffices have been kind of desperate,” she said. closed forayear—but curators Museums aredeciding what Of Covid: areasking people to keep hold to collect and what to turn of pandemic-related things. An- down, said ClaraBerg, curator thonyFauci, chief WhiteHouse of collections at the Museum of History medical adviser on Covid-19, History&IndustryinSeattle. donated his personal 3-D model Themuseum has so far asked of the virus this week. fordonations through amem- ContinuedfromPageOne Museumshavefound such ber newsletterand from its highest ratesofnew infections. day-to-dayitems as the junior staff,which yielded the baking- While manypeople might hockey league coach’sletterin- project flour sack. prefer to forget all that, the forming his team the season Another employeegave HistoryMiami displayofCovid- wascanceled; apair of earrings cardboardphotocutoutsofher related objectsisdrawing a depicting toilet-paper rolls,one dog and another pooch that stream of visitors, in masks full, one empty; and alist of 11 joined faux fans at Seattle Mar- and spaced 6feet apart. pandemic baking projects,from iners’ baseball games. “Whereelse areyou going to pierogi to pie crust, jottedon “People aren’t going to come

see that in 10,15 an empty flour sack. MUSEUM to alot of exhibitsthat arejust years, when AlbuquerqueMu- solely downers,” Ms.Bergsaid. they’reall gone?” seum has two piña- ARIO “You want people to also smile ONT

said JorgeZama- tasfromFrancisco L alittle bit, or knowthat things YA

nillo,the museum Rodriguez, propri- RO were difficult, but people still executivedirector. etor of Casa de Piña- Mask collection at the Royal Ontario Museum. Curators are collecting pandemic memorabilia. found waystohavefun.” TheSmithso- tas. Sales hit the Daniel Uhlfelder said he was nian’s National floor afterthe spring look-alikeand hung it at an in- museum visitorsin, say, 50 “Stopthe Spread” on top, and honored when HistoryMiami Museum of Ameri- lockdown took abat tersection in town. “People yearswould. “We’regoing to below, “Of Racism.” asked forhis Grim Reaper get- canHistoryin Remember me to children’sbirthday could just walk by and smash say, ‘Look at the resilienceof In Waterloo,Iowa,the Grout up.Last March, he unsuccess- Washington, D.C., parties. theheck out of it,” said Leslie humanity,the unity of human- Museum District acquired a fully sued Florida Gov.Ron De- didn’t collect objectsfromthe Inspiration struck him one Kim, Albuquerque Museum’s ity,’ ” she said. face shield made with aleft- Santis to forcehim to close 1918 flupandemic because a dayathis stilled workshop.“I curator of history. Themuseum so far has over stash of acetatetranspar- beaches.Plan Bwas dressing centuryago manymuseum di- see Ihavealittle bit of glue, In Toronto, the RoyalOn- morethan 200 facecoverings encies foroverhead projectors. up as the personification of rectorsdidn’t put much stock andIstarted making the pi- tario Museum is collecting from 20 countries: from ornate Do-it-yourself masks showhow death to warn beachgoers. in everyday objects, said Alex- ñata,” Mr.Rodriguezsaid. masks forafall exhibit. masks fitted with protective people at the start of the pan- Mr.Uhlfelder says he hopes andraLord, chair and curator When finished, he had alarge “Will they want to come and cotton inserts, worn by Chhau demic used whatever they had HistoryMiami visitorssee in it of themuseum’smedicine and blue-and-green sphereadorned see abunch of masks?” said dancersofeastern India per- handy,said Dr.Lord, of the someone who took the pan- sciencedivision. Also,she said, with redspikes. Fahmida Suleman, acurator forming in ancient Hindu epics, Smithsonian. demic seriously yettried “to “People wanted to forget it.” One buyer sawthe cathartic there. Maybe not soon, she to a“happy hour” mask with a “I always jokethat I’m look- bringalittle levity” to dark That wasamistakethe in- potential of whacking the virus said, but she wasconfident hole forastraw.Another says ing forbadly made masks,be- times.

acrossthe world,” Apollo part- Comdex, which became a the Strip.One in three people in hospitality executives said. betsonthe gambling industry. Sands Sells ner Alex van Hoek said. hugely successfultrade exhibit LasVegas wasunemployedin What thedeal would mean Theprivate-equity giant agreed TheVenetian resort com- held in LasVegas and other cit- April aftercasinos shut down, forthe local economywill de- to buy Canadian casino opera- prises a 35-story hotel tower ies.In1988,needing spacefor pummeling the broader hospi- pend on the newowners’ plans torGreat Canadian Gaming Las Vegas with some 3,000 suites, a 12- his ownexhibition center in the tality industry—Nevada’sbig- forthe properties,Mr. Corp.inNovember and eyed story tower with about 1,000 city to accommodategrowing gest employer. In December,the Schwartz said. Apollo’s Mr.van U.K. bookmaker William Hill suites and the 50-storyPa- crowds, he bought the Sands preliminaryunemployment rate Hoek said the firm sees a“sig- PLC last year beforedeciding Properties lazzo Tower, which has about hotel and casino on the LasVe- in the metroareafell to 10.4%. nificant opportunity to invest againstmaking an offer. 3,000 suites,according to its gasStrip for$110 million. in and acceleratethe growth of Under the Sands deal, funds 2019 annual securities filing. He tore down the Sands and the Venetian Resort.” tied to Apollo will buy subsid- ContinuedfromPageOne The resort has about 225,000 built in its place the Venetian Apollo has previouslyin- iaries that hold the operating likely through dividends, squarefeet of gambling space. Resort, featuring a canal rep- vested in Vegascasinos.In assetsand liabilities of Sands’ which had been paused since TheSands Expo and Con- lica with singing gondoliers. 7,000 2008,Apollo and TPGcom- LasVegas businessfor about last year,Jefferies analyst Da- vention Center has about 1.2 His bet was that conventions pleted a$30 billion leveraged $1.05 billion in cash and $1.2 vid Katz said. million grosssquarefeet of ex- and trade shows were a surer The approximate number of buyout of Harrah’sEntertain- billion in seller financing in the Apollo said it sees demand hibit and meeting space. It also way to keep rooms filled than suites at the Venetian resort. ment Inc., which loaded the form of aterm loan credit and at LasVegas properties re- has about 1.1 million square a pure focus on gambling. companywith debt on the eve security agreement, Sands bounding as people travel feet of meeting and conference Vegasasaconferencedesti- of LasVegas’slongest and said. REIT Vici Properties Inc. moreand businessmeetings facilities that link the center nation started booming in the deepest recession. Thecom- will buy subsidiaries that hold resume.“This investment also with theVenetian resort. 1990s afterMr. Adelson bought Business travel for confer- panyrenamed itself Caesars the real estateand real-estate- underscores our conviction in TheSands and Mr.Adelson his space, said David Schwartz, encesand trade shows is ex- Entertainment Corp.and in related assetsofthe Venetian a strong recovery for Las Ve- have long been connected with acasino historian at the Uni- pected to pick up in the sec- 2015 filed forbankruptcy pro- forabout $4 billion in cash. gas as vaccines usher in a re- Las Vegas. versity of Nevada, LasVegas. ond half of 2021, though it will tection of itslargest unit, which TheApollo funds will also opening of leisureand travel Mr.Adelson launched Com- Thepandemic curtailed take afew yearsuntil they had $18 billion in debt. enter intoalong-term lease in the United Statesand puter DealersExposition, or travel and caused closures on reach pre-pandemic levels, Apollo recently has raised its with Vici for the properties. P2JW063000-0-A00900-1------XA

THE WALL STREET JOURNAL. Thursday, March 4, 2021 | A9 WORLD NEWS Vaccine Passports Move to Front of Line

EU, China move ahead forexample,the clinic listed on the document existsand has with plans to increase been providing vaccines. travel through proof of Eventually,travelersshould be able to scan their face and shots or negativetests thumb at the airport to move freely acrossborders, IATA Se- BY DREW HINSHAW nior Vice President Nick Ca- AND JASON DOUGLAS reen said. Sincefall, the association has been trying to Many international travel- drum up support from the erswill likely need to prove WHO forits proposal, he said, they are vaccinated or free of but has made limited headway. Covid-19 if they plan trips this Within Europe,the issue has year,after the European Union pittedtourism-importing and China both said they places,such as Cyprus and would moveahead with plans Greece, which areeager to re- for vaccine passports. viveinternational travel by the Chinaisworking toward summer,against countries such launching certificates that will as Belgium, Franceand Ger-

declareaperson’svaccination CK many, which aremorecautious.

status or recent test results, its TO While some epidemiologists foreign ministrysaid. Similarly, see vaccine passportsasa the European Commission plans possible way to encourage SHUTTERS

this month to present proposals A/ moreuptake, othersworry fora“digital green pass” forEU EP that newvariantsofthe dis- T/

citizens,which will specifyif LA ease will spread if people are someone has been vaccinated, VA allowedtocross bor- AN

and if not, carrydetails of their YO dersagain, and want to see test results. Passengers arriving at Charles de Gaulle Airport outside Paris take Covid-19 tests. France is being cautious about reopening travel. Europe and North Americaim- EU leadersexpect it to take pose the sort of strict blanket three months to getthe pro- established international stan- to the idea as apotentially use- the Chinese Center forDisease slapped outright bans on in- travel bans and mandatoryho- gram running. “The aim is to dards forvaccines or docu- fultool to underpin the post- Prevention andControl, Wu coming travelers, and many telquarantines seen in New gradually enable [EU citizens] mentation of vaccination. pandemic economic recovery. Zunyou, said the U.S. could still impose onerous testing Zealand and Australia. to movesafely in the Euro- “Until then, all air passen- China’smovemarks adepar- achieve90% herdimmunity by and quarantine requirements Governmentsshould elimi- pean Union or abroad—for gers traveling to the U.S., re- turefromits earlier skepticism August and proposed an open- for visitors and returnees. natethe disease beforeallow- work or tourism,” European gardless of vaccination or an- regarding vaccine passports. Its ing of travel if that occurred. Among the idea’sstrongest ing visitors, and then allowonly Commission President Ursula tibody status, are required to foreign ministrysaid Beijing “Ifwecould removeall politi- advocates areairlines and travelersfromother places that von der Leyen said. provide anegativeCovid-19 waswilling to explorethe issue, calbarriers, just based on the tourism-dependent countries, have eradicated the virus,said Last week, the U.K. said it, test result or documentation “soastoprovide areliable science, the two countries which are pushing to normal- Deepti Gurdasani, asenior lec- too, waslooking at the pros of recovery,” CDC spokes- guarantee forahealthy, safe could possibly be the firsttwo izeinternational travel as tureratthe Queen MaryUni- and cons of digital passports, woman Caitlin Shockey said. and regulated neworder for countries to remove all barri- much as possible by summer. versity of London, who opposes afterinitially ruling them out. Manydisease expertsand cross-border people exchanges.” ers for free travel,” he said. TheInternational Air Trans- the vaccine exemptions. TheBiden administration the World Health Organization China hopes to inoculate Fortheir supporters, vac- port Association is due to re- “We really need to rethink hasn’t said if Covid-19 vaccina- arewaryofvaccine passports 40%ofits population by the cine passports would allow a lease an app this month allow- our strategyaround this,” she tions will factor intoU.S.travel on the grounds that it remains end of July,upfromthe current resumption of business travel ing travelerstoupload a said. “Fromascientific per- requirements. TheCentersfor unclear if vaccinated individu- 3.56%, said Zhong Nanshan,the andtourism, helping econo- pictureoftheir vaccination spective,this doesn’t make Disease Control and Preven- als canorcan’t still spread the head of China’sCovid-19 vac- mies laid lowbythe pandemic documents. Those photos senseatall right now. These tion hasn’t issued guidanceon virus.Governments, though, cine R&D committee. to getback on their feet. Many would be verified, with staff kinds of things lead to a false the issue and says thereare no areincreasingly coming around Thechief epidemiologist of countries have in the past year and software checking whether, sense of security.” Indian Biotech Firm U.K. Plans TaxHikes AfterUpturn

Touts Efficacy of Shot BY JASON DOUGLAS AND PAUL HANNON BY ERIC BELLMAN contagious U.K. variant of the coronavirus. LONDON—TheU.K.became NEW DELHI—India’s Bharat “Todayisanimportant day the firstmajor economytoset Biotech said its Covid-19 vac- forus, the companyand also plans to repair the damage to cine has proven 81% effective forthe countryand Indian sci- government finances caused at protecting people in alarge ence,” said Krishna Ella,the by the coronavirus pandemic, clinical trial, areport that chairman and managing direc- saying it will raise taxes after could invigorateIndia’sinocu- tor at Bharat Biotech. the economyrecoversfromits lation driveand vaccine-diplo- Morethan 11 million people worst downturn in more than macy efforts. have been confirmed infected 300 years. Bharat Biotech is one of the in India, a number surpassed In apossible bellwether for world’slargest producersof only by theU.S.While fewer other wealthycountries,the vaccines but is little known Indians per capita are getting U.K. on Wednesdaysaid it /REUTERS

outside the industry. It has killed by thevirus, the coun- would raise taxesstarting in MENT

been developing aCovid-19 try’seconomy has been among 2023 to coverthe heavy costs RLIA vaccine since the first half of the hardest hit. of the pandemic, as new offi- PA .K.

2020,which NewDelhi ap- India is in the middle of cial forecasts showed a rapid /U

proved foremergencyuse this what maybethe world’smost vaccination drivemeans the OR YL

year.India has administered ambitious vaccination drive. It economyisoncourse to make TA the vaccine to more than one is trying to getshotsto300 up ground lost to Covid-19 SICA

million people. millionofits morethan 1.3 sooner than previouslyhoped. JES ManyIndians,however, billioncitizens by August. It Thedecision putsthe U.K. Prime Minister Boris Johnson discussed the budget at the House of Commons on Wednesday. have said they were reluctant hasadministered around 15 firstamong itspeerstoex- to getthe Bharat Biotech shot milliondoses so far,most of plainhow it will payfor the teredatleast one dose of vac- would extend support foridled Mr. Sunak set out plans to as they wanted to wait forthe them the vaccine developed in massivegovernment programs cine to almost one-thirdofits workersand businesses at raise the corporatetax rate to resultsoflate-stagetrials. In- the U.K. by Oxford University aimed at keeping millions of population, and plans to offer least until September,with a 25% from 19% from April 2023 dia’svaccination drive has and AstraZenecaPLC and businesses and households vaccination to all adultsbythe mix of measures including tax- and to freeze tax-free allow- been going much slower than mass-produced in India by the afloat over the past year. The end of July.The U.S. has vacci- payer subsidies for employer ances on personal income.To- anticipated and some health- Serum Institute of India. U.K. suffered the worstdown- nated around one-fifth of its payrolls,tax breaks forclosed gether,the measures arefore- care workerssaid one of the Prime Minister Narendra turn among the Group of citizens. The European Union businesses and grantstothe cast to raise £65 billion, reasons wasthat people didn’t Modi broadcast his confidence Seven advanced economies in hasgiven shotsto7.5%ofits self-employed. equivalent to around $91 bil- feel confident about the in the local vaccine this week 2020 and experienced one of population. He added, though, that gov- lion, forthe Treasurythrough Bharat Biotech vaccine. when he took his first shot of the deadliest coronavirus out- Forecastsfromthe Officeof ernment borrowing is set to the year ended March 2026. Thecompanysaid it wanted the Bharat Biotech version. breaks in the world. Budget Responsibility,the reach itshighest level as a “Coronavirus has caused to clear up any concerns with “Remarkable howour doc- Theplanned taxincreases U.K.’s fiscal watchdog,show shareofnational income since one of the largest, most com- itsannouncement on Wednes- tors and scientistshaveworked would reverse a decades-long the economyisexpected to re- World WarII, and said that prehensiveand sustained eco- day. The interim results of its in quick time to strengthen the decline in the corporatetax coverits pre-pandemic sizeby oncearecoveryisunder way, nomic shocks this countryhas Phase 3trial—which gave global fight against COVID-19,” rate that began in the early the 2022second quarter.That the government will need to ever faced,” Mr. Sunak said. 25,800 people between the he tweeted with aphotoofhim 1980s under the leadership of is six months sooner than the begin fixing public finances. U.K. government bonds, ages of 18 and 98 itsvaccine getting the shot. Margaret Thatcher. body forecast in November, Government borrowing is fore- known as gilts, sold off as in- or placebos—suggest it is ef- India has emergedasasur- Britain is on course to re- and bringsitintoline with ex- cast to fall from 17%ofnational vestorsanticipated an increase fectiveagainst Covid-19.The prise front-runner in vaccine di- coverthis year as aspeedy pectations of recovery across income in the current fiscal in newbond issues.The companyadded that it has plomacy,stepping up to help vaccination drivepaves the the European region. year to 10.3%nextyear,with benchmark 10-year bond yield early indications that it is also mostly developing countries, way forreopening itsecon- U.K. Treasurychief Rishi totaldebt peaking at over 97.1% rose as high as 0.789%, up effectiveagainst the more- and some rich countries as well. omy. TheU.K.has adminis- Sunak on Wednesdaysaid he of national income in 2023-24. from 0.704% Tuesday. WORLDWATCH

IRAQ was claimed by an Iranian- GERMANY ical parties, including Ms. Merkel’s backed militia. conservativebloc, welcomed the Rockets Hit Base Wednesday’s attack also Far-Right AfD Faces move.“The far-rightextremists Used by U.S. Forces comes two days before Pope Extremism Probe have taken the reins of the

Francis is scheduled to arrive in GES AfD….[The party] doesn’tbelong

Ten rockets struck a military Iraq for a long-awaited visit, dur- IMA Germany’s intelligence agency in the parliaments,” said Markus base used by U.S. forces in Iraq ing which he will attempt to opened an investigation into the Blume, the secretary-general of amid heightened tensions be- promote better relations be- GETTY far-right Alternative for Germany the Bavarian sisterpartyofMs. tween Washington and Iran- tween Iraq’s Muslim and Chris- SE/ as a potential threat to the con- Merkel’sconservatives. backed militant groups in the tian communities. stitutional order, officials said Germany’s domestic intelli- country. —Jared Malsin Wednesday, an unprecedented gence service, the BfV, monitors ANCE-PRES

A U.S. civilian contractor suf- FR move at the start of a decisive extremist groups and criminal fered a cardiac episode while CANADA election year for the country. organizations within the country.

sheltering during the attack and GENCE The decision marks the latest Its investigation into a politi- died, according to Pentagon Judge Convicts Man /A escalation in the scrutiny of Ger- cal group elected to the federal

press secretary John F. Kirby. No In 10 Deaths by Van OLIDIS many’s largest parliamentary op- parliament is without precedent U.S. service members were hurt position party, whose popularity in the country’s contemporary in the attack on Iraq’s Al Asad An Ontario Court on Wednes- MITR soared in the wake of the 2015 history. Such a probe would nor- KIS

base, Mr. Kirby said. There was day found the driver of a van in SA refugee crisis. The electoral formally involve electronic surveil- no claim of responsibility. An a 2018 attack, which killed 10 RATTLED: A 6.3 magnitude earthquake hit central Greece on tunes of the party, known as the lance and other forms of wire- Iraqi news agency, Sabreen, people and injured 16 others, Wednesday, damaging buildings in Daamsi, above, and elsewhere. AfD, have waned following a tapping, but the agency agreed which supports Iranian-allied mi- guilty on all counts. string of scandals but it remains to limit its information gathering litias, published photos and ini- Justice Anne Molloy’s verdict standing that he has no remorse an attack that he said was moti- popular in some parts of the on elected officials after the AfD tial reports of the attack. found Alek Minassian guilty of for it and no empathy for his vated because he had been re- country. filed a suit against its probe. The rocket barrage comes 10 counts of first-degree murder victims,” wrote Justice Molloy in jected by women. Germany faces several impor- AliceWeidel, aco-chairwoman less than a week after a U.S. air- and 16 counts of attempted a 68-page decision. Mr. Minassian linked himself tant votes this year, with six of the AfDand its floor leader in strike targeted Iranian-allied Iraqi murder. The verdict comes almost to the incel movement, a loose, states going to the polls before the federal parliament, said the militias in neighboring Syria. The “His attack on these 26 vic- three years after Mr. Minassian fringe group of misogynistic men a federal election in September probe wasdesigned to harm the strike was a response to a tims that day was an act of a drove a van through people in a who denigrate women on online that will end Angela Merkel’s 16- partyahead of the national elec- deadly rocket attack on a U.S. reasoning mind, notwithstanding North Toronto neighborhood, discussion forums. year rule as chancellor. tion. air base in northern Iraq that its horrific nature, and notwith- specifically targeting women in —Vipal Monga Representatives of other polit- —Bojan Pancevski P2JW063000-0-A01000-1------XA

A10 | Thursday, March 4, 2021 THE WALL STREET JOURNAL. WORLD NEWS Nuclear Power’s Prospects Cool AfterFukushima

Developed countries 2011, earthquakeand tsunami marked a turning point in an largely look to other industrythat oncedreamed of energy sources, while providing the world with nearly unlimited power. China leads new push Adecade afterFukushima, just nine reactorsinJapan are BY PETER LANDERS authorized to operate, down from 54 adecade ago, and five

OMAEZAKI, Japan—At a of those arecurrently offline NOBLE/REUTERS

seaside nuclear-powerplant owing to legal and other issues. PHIL here, a concrete wall stretch- All of Fukushima prefecture’s The Wylfa nuclear-power plant on the British island of Anglesey was among those decommissioned after the Fukushima meltdowns. ing amile along the coast and reactorsare closed perma- towering 73 feet abovesea nently or set to do so.Chubu downs killed nuclear power tration’sdecision to rejoin the lot of countries around the trouble before3/11”—the level offersprotection against Electric PowerCo.,owner of everywhere. Rather,they di- Paris climate accord, is a tail- world really engaging again on Fukushima meltdowns—“and almost anyconceivable tsu- the Hamaoka plant, declined to vided the world between wind fornuclear powerin newnuclear,” said George Bo- 3/11 has dramatically wors- nami. Two reactors are ready makeanexecutiveavailable for wealthydeveloped nations some places.The World Nu- rovas, head of the nuclear ened the situation.” to start splitting atoms again comment. It has formally ap- that are mostly shunning nuclear Association, an industry practiceatlaw firm Hunton Nuclearoften loses out to to heat water into steam and plied to reopen two reactorsat clear and acoterie of develop- group that includes power AndrewsKurth, citing interest renewables on cost because of generate power, the operator the plant and told regulators ing nations,led by China, companies and nuclear-plant in Eastern Europe and the Mid- heavyregulation, which raises has told regulators. that newmeasures such as the wherethe industryretains builders, countsabout 50 reac- dle East among other places. construction and operating ex- Yetdespitesafety measures wall, mainly completed in 2015, hope for growth. Before Fukushima, nuclear penses. set to cost nearly $4 billion, makethem safetooperate. Thenumber of operating power mainly competed with That is whereFukushima the Hamaoka plant hasn’t pro- Days afterthe 2011 melt- nuclear reactorsglobally stood fossil fuels.Today, the battle is loomslarge,because memo- duced asingle kilowatt since downs,German Chancellor An- at 408 as of July 1, 2020,down morewith renewable sources, ries of the radiation leaks May2011, and it has no target gela Merkel announced an end from 437 just afterthe Fuku- 408 particularly solar and wind. theremakethe public,espe- date to restart. to nuclear powerinher coun- shima meltdowns,asnew Mycle Schneider,anuclear- cially in Japan, resistant to ar- Even alocal antinuclear try, and the final reactor is set openingsfall short of closures The number of operating energy consultant who is often guments for a lighter regula- leader,KatsushiHayashi, said to be retired next year.The in Japan, Germanyand else- nuclear reactors globally critical of the industry, said tory touch. he spent moretime these days U.S. tightened regulations in where, according to the World therewas no point spending Even Chubu Electric,the fighting an unrelated rail line in response to Fukushima, and no Nuclear IndustryStatus Report, 10 or 15 years trying to build owner of the unused nuclear the mountains,confident that reactorsthat began planning and operating capacity has newnuclear plantsgiven the plant, isn’t eager to openly ad- regulatorsand public opinion after2011 areunder construc- changed little over the decades. tors under construction world- fast-dropping costs of renew- vocate restarting its plant. In wouldn’t let the plant open tion. From Anglesey,Wales,to Nuclear powerproduces wide,including 16 in China. able energy and the batteries February, it put out abrochure anytime soon. “Fukushima gave Uljin County,South Korea, about one-tenth of the world’s Some nations such as Canada to store it. and internet videos touting us all the proof we need. It’s projectslong in planning have electricity, down from a peak arelooking at anew genera- “A large part of the nuclear the wall’s impregnability and dangerous,” Mr.Hayashi said. ground to ahalt over safety of 17.5%aquarter-centuryago. tion of smaller reactors. fleet around the world is not thewatertightreactor build- The triple meltdowns at concerns and spiraling costs. Theglobal movetoward re- “I see acompletely different competitive with new renew- ings. Thebrochuredidn’t men- Japanese nuclear reactors in It is tooearly to say, how- ducing carbon emissions,sym- picturethe past two or three ables today,” Mr.Schneider tion the company’sapplication Fukushima afterthe March 11, ever,that Fukushima’smelt- bolized by the Biden adminis- years. We’vestarted seeing a said.“Theindustrywas in to restart reactors. Canada EmbracesReactors, in ContrasttoIts Western Counterparts

BY PAUL VIEIRA per capitabasis,Canada’scar- countries in terms of nuclear- eral government set out apol- enough to poweracity of a competitivewith fossil fuels AND PETER LANDERS bon emissions areinline with powergeneration, according to icyroad map to encouragethe million or more, these smaller such as naturalgas and coal. the U.S. and greater than in the Washington, D.C.-based Nu- deployment of what areknown versions canbetransported Theoutlook in Canada for OTTAWA—In most devel- Russia, China and India. clear Energy Institute. Electric- as small modular reactors, or and dropped intolocales SMRshas political support, oped nations, enthusiasm for “Wedon’t see apath where ity produced from 19 nuclear SMRs. They areanew classof wherethey areeither hooked with thefederal government expanding nuclear poweris we reach net-zerocarbon reactorsaccountsfor 15% of reactors that are built in fac- up to the electricity grid to and four of the 10 provinces on limited or nonexistent.One ex- emissions by 2050 without nu- the country’senergy supply.In tories and come in a range of servealarge region, or meet boardwith deploying the tech- ception: Canada. clear,” said Seamus O’Regan, Ontario,aneconomic engine sizes.They canproduce the needs of industrial areas or nology. “They believethese It is counting on nuclear Canada’s natural-resources that is bigger in area than the enough energy foratownas small towns.Proponentsadd technologies areimportant to power to be part of its clean- minister.“It is proven, it is stateofTexas,nuclear poweris small as 5,000 in population that SMRsare moreefficient them, fortheir economyand energy mix, which will play a tested and it is safe. We are the topsource of electricity,at or a city as big as 300,000. in producing electricity com- environmental ambitions,” said prominent role in sharply re- good at it.” 60%. Unlike legacy reactors, pared with legacyreactors, Simon Irish, chief executiveof ducing carbon emissions.Ona Canada ranks sixth among Late last year,Canada’sfed- whichare built on siteand big and that their costsmakethem Terrestrial Energy.

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THE WALL STREET JOURNAL. ***** NY Thursday, March 4, 2021 | A11 WORLD NEWS Israel, Palestinians Face War Probes

BY DOV LIEBER prosecutor’s move, calling it “undiluted anti-Semitism.” TEL AVIV—The Interna- “Without anyjurisdiction, it tional Criminal Court prosecu- decided that our bravesol- tor said she is opening an in- diers, who take every precau- vestigation into possible war tion to avoid civilian casual- crimes committed in the Pal- ties against the worst estinian territories since2014, terroristsinthe world who de- a move welcomed by the Pal- liberately target civilians, it’s estinian Authority but con- our soldierswho arewar crim- demned by Israel. inals,” he said. FatouBensouda’san- The decision to open a for- nouncement on Wednesday mal investigation could result comes afterthe court last in the issue of international month ruled that it has juris- arrest warrants for senior Is- dictiontoprobe alleged war raeli and Palestinian figures. crimes, a verdict that was re- Israeli officials areworried jected by Israel and ques- that senior militaryfigures, tioned by the U.S. both former and current, some Ms. Bensouda, who will be of whom are now politicians, replaced as prosecutor in could find themselves targets June,didn’t specifyexactly of the investigation.

which eventsher officewould Palestinian officials ap- REUTERS investigate. Previousstate- plauded the decision. Protesters sheltered behind shields during clashes WednesdayinMyanmar’s largestcity, Yangon, wheresix of the 38 fatalities occurred. mentsfromthe prosecutor’s “This is along-awaited step officeindicatethat it would that serves Palestine’stireless include alleged warcrimes pursuit of justiceand account- Deaths Mount in Myanmar Protests committedbyIsrael and the ability,which areindispens- Palestinian Islamist group able pillarsofthe peacethe Hamas,which controls the Palestinian people seek and BY NIHARIKA MANDHANA gunfirefrequently,according to with restraint. Gaza Strip,during abloody deserve,” the Palestinian for- AND FELIZ SOLOMON civil-society groups,protesters On Wednesday, six people joined proteststogether on the conflict between the two sides eign ministry said. and medics. were killed in the largest city, friend’smotorbike—she would over the summer of 2014. Hamasalso welcomed the SINGAPORE—At least 38 Protesters have poured into Yangon, according to adoctor chant slogans as he drovepast Theinvestigation is also ex- investigation. people were killed as Myan- the streets for26straight days at the North Okkalapa General the crowds. On Wednesdayshe pected to examine whether the “We consider this a coura- mar’s newmilitaryrulers, who demanding that the coup, Hospital. Othersdied in the joined by foot, with friends building of Israeli settlements geous decision and an impor- overthrew itsdemocratically which ended adecadelong tran- central cities of Mandalay, from her Taekwondo class. The in the occupied West Bank and tant step forrealizing justice,” elected government Feb. 1, con- sition to democracy, be re- Monywaand Myingyan, accord- two friends exchanged text East Jerusalem constitutewar a Hamas spokesman said. tinued to unleash alethal cam- versed. Demonstrations at ing to rescue organizations messages until around 10 a.m., crimes, according to previous The Palestinian Authority paign to suppressproteststhat timesdrawing tens of thou- helping the injured. when he lost contact with her. statementsfromMs. Ben- joined the ICCin2015 and have swept the countryfor sandshavetaken place, with Marches were held Wednes- souda’s office. sincethen has pushed foran nearly amonth. crowdsmobilizing in towns and dayatthe neighborhood level, Israeli Prime Minister Ben- investigation intoIsrael, which Thedeath toll, announced by cities acrossthe country. The Securityforcesused with participantsusing house- jamin Netanyahu criticized the isn’t a member of the court. the United Nations,makes large-scale participation has hold materials likebroken Wednesdaythe deadliest day underscored the broad rejection live ammunition, in fences,garbagebins and car sincethe takeover. of the military, which governed thedeadliestday tires to createbarricades and Security forces firedatpro- forhalf acenturybeforethe slow down police. testersinnumerous cities,ac- democratic shift. sincethe Feb. 1coup. Security personnel set fire to cording to demonstratorsand ThekillingsonSundayand the materials in some places, medics responding to the vio- Wednesdayindicatethat the assaulted medics,shot at lence. A19-year-old woman, generals areturning to the homes from the streetsand wearing aT-shirt that read “Ev- same approach used during de- The19-year-old woman rounded up men and women erything will be OK,” wasfa- cades of armydictatorship to killed Wednesday, Kyal Sin, was from different locations into tally shot in the head. Men crush dissent: bloodshed, mass shot in Mandalay. Ms.KyalSin police trucks,rescue workers, were struck by bulletsintheir arrestsand nightly raids to worked at abeauty salon, but protestersand local nonprofit eyes andchestsasthey ran, striketerror.The commander- sheaspired to be adancer and groups said. and policeassaulted medics. in-chief Min Aung Hlaing,who loved learning martial arts, ac- At least 1,294people have Protestershad been more is in control, has shown no will- cording to aclose friend, who been arrested, chargedorsen- cautious since Sunday,when ingnesstocompromise or re- didn’t want to be named. She tenced sinceFeb.1,according LEM/REUTERS

SA policekilled at least 18 people. spond to widespread interna- spent her free time making pa- to the nonprofit AssistanceAs- Security forces who had only tional condemnation of the per crafts and watching Eng- sociation for Political Prison-

SUHAIB occasionally shot liverounds military regime’sactions.He lish-languagehorror films. ers. Thetally includes as many Gaza City was hit by Israeli airstrikes in July 2014. beforethat dayhavesinceused has said authorities areacting SinceFebruary, they often as 34 journalists. North Korea’s Must-Read? Kim Jong Un’s Biography NewJersey BY ANDREW JEONG just a glancing reference. Mr.Kim onceposed fora TheKim biographywas photowith an ill woman SEOUL—With North Korea published Dec.30inNorth Ko- whose lifewish had been to Gold Coast Properties battling itsworst economic rea. But an online version of meet the Supreme Leader. downturn in decades,its re- the Korean-languagebook ac- Unlike depictions of his fa- Special AdvertisingFeature gime has released abiography cessible outside the Kim re- ther and grandfather,Kim of leader Kim Jong Un in an gime wasrecently uploaded by Jong Un’s biography, at least effort to boost morale. Uriminzokkiri, aPyongyang- by North Korean standards, Narratives of Mr. Kim’s life linked propaganda website. adherestoreal-lifeevents. have been published in North Thebook,which listsnoau- North Korean leaderswere Korean textbooks before,but a thors, comes as the countryis long depicted as having mythi- new621-pagebook,“The suffering itsworst economic calpowers,such as turning Great Man and TheAge of The slump in decades largely owed pine cones intobullets. Inside Powerful Nation,” appears to to lockdowns and border clo- the country, narratives of the be the firstofficial account of sures ordered up by the re- Kimleadersare widely read the first decade of his rule. gime to combat Covid-19. and taught in schools under The biography, released by It “istelling the people that the subject of “revolutionary state-controlled Pyongyang we cansurvivethis—sincewe activities,” defectors say. Publishing House,outlines aregreat,” said Yang Moo-jin, Mr.Kim’sgrandfather, North Korea’spolicypositions aprofessor at the University North Korea’sfounder and on nuclear weapons and U.S.- of North Korean Studies in firstruler,wrote amultivol- led sanctions.But it also Seoul. ume autobiographyduring his champions Mr.Kim’smeetings Thebiographycontains rule.Those stories were a with former President Donald sevenchaptersand 17 sub- must-read forall students, Trump,dedicating 15 pages to chapters, but no photos.Nor said Ms.Ju, who asked that their exchanges in Singapore does it break newpolicy herfirst name not be men- and at Korea’sdemilitarized ground, rattling off some typi- tioned and who relocated to zone. calrefrains.The book calls the South Koreaabout adecade “Dear Marshal Kim Jong Un country’snuclear weapons ago. said during his exclusivemeet- “swordsofguaranteeing Kim Jong Un’s biography ing with the U.S. president peace.” It says that economic closes with asection titled, that we areatthe footsteps of sanctions areunjust and joint “Spinning the World Under anew beginning,” the book U.S.-South Korean military the Axis of Sovereignty and The Wall Street Journal’spopular special advertising feature says about the 2018 Singapore drills provocative. Justice,” which discusses his summit. Nonetheless, the book re- meetingswith world leaders will fuel the conversation around the Hudson Waterfront’s Asecond Trump-Kim meet- peatedly highlightshow the likeMr. Trump,Chinese Presi- ing ayear later in Vietnam, ruling Kim’slovefor the North dent Xi Jinping,Russian Presi- up-and-coming new projects, while celebrating the attractions wheretalks abruptly broke Korean people is “everprevail- dent Vladimir Putin and South and diverse culture of living on NewJersey’sGoldCoast. down without adeal, receives ing.” One tale describes how Korean President Moon Jae-in. Distributedtoour Greater New York audience,thissection providesatargeted opportunity to reach serious property seekers with an eye toward space, lifestyle and luxury.

Publish: April 30 •Close:March 19 Section: Mansion

Foradvertising opportunities, please contact: Deborah Falcone at [email protected] 212.597.5790

Photo: Journal Squared/KRE NA/REUTERS

A12 | Thursday, March 4, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

cus on activities Robert Brock- intoanoffshorestructuresimi- Billionaire man engaged in outside of his lar to Mr.Brockman’s. Mr. professional responsibilities Brockman said he didn’t want with Reynolds & Reynolds,” a his ownforeign trust to be Accused of companyspokeswoman said in draggedintoaU.S.court in the astatement. “Throughout nu- eventoflitigation against Vista, merous court filingsand legal the statement of factssaid. Tax Fraud proceedings, the Companyhas In 2006,Vistahelped Mr. neverbeen alleged to have en- Brockman’sUniversal Com- gagedinany wrongdoing in puter Systems financethe $2.8 ContinuedfromPageOne any way.” billion acquisition of much sion, wire fraud, money laun- The Bermuda trust has as- largerReynolds &Reynolds, dering and evidence destruc- setsofatleast $7.7 billion, in- putting Mr.Brockman atop one tion. He and his attorneys cluding $1.4billion in Swiss of the two dominant players in didn’t respond to requestsfor bank accounts, according to a the auto-dealer software busi- comment. confidential affidavit from Mr. ness. Prosecutorsallegethe bulk Brockman’swifethat wasfiled Messrs. Smith and Brockman of the taxevasion stemmed with a Bermuda court and re- were both targetsofthe gov- from profitsMr. Brockman viewedbyThe Wall Street ernment’stax probe.But in Oc- made from investmentswith Journal. Alawyer foraformer tober,Mr. Smith reached anon- VistaEquity Partners, apri- trustee suggested in a recent prosecution agreement with vate-equity firm he helped Bermuda court hearing the the government that included start in 2000.Itnow manages trust’s total value could be as Mr.Smith’sadmission that he $73 billion in funds dedicated high as $10 billion. evaded paying taxesonmore to software investments. That level of wealth would than $200 million in income, Vistafounder Robert Smith, rank Mr.Brockman around using an offshorearrangement the wealthiest Black person in 50th on the Forbes 400 list of similar to one allegedly used by America, settled his own tax- U.S. billionaires, yet he never Mr.Brockman. evasioncase with the govern- appears on it. Mr.Smith agreed to pay ment, which was made public Among the assetsMr. $139 million in back taxesand on the day of Mr. Brockman’s Brockman has amassed: a penalties and cooperateagainst indictment. Mr.Smith has Bombardier privatejet, a209- Mr.Brockman, the government agreed to testifyagainst his foot yacht, a17,000-square- said. former mentor. foot residenceinHouston and Some of themoney in the a5,800-square-foot cabin in criminal case against Mr. Aspen, Colo., according to Hidden records Brockman originated with the public recordsand court docu- Around 2007,Mr. Brockman same Cayman Islands entity ments filed by prosecutors. hired aBermuda attorney, that the salesmen complained Theorigin of his fortune EvattTamine,tohelp manage about yearsearlier,according dates back five decades,when the offshorestructure. Mr. to an IRS affidavit unsealed in Mr.Brockman founded acom- Tamine became Mr.Brockman’s December.The link between panythat became apioneer in right-hand man and acted as the two cases hasn’t been pre- developing software that helps thetrustee of the main Brock- viously reported. automobile dealersmanage man trust. Prosecutors, citing Therecord-setting case pits nearly everyaspect of their dozens of examples,allegein Mr.Brockman, abillionaire businesses,including inven- the indictment that Mr.Tamine with a reputation as a relent- tory, pricing and promotion. wasonly afigurehead, and Mr. less litigant, against the im- He wasamong the first Brockman secretly directed ev- mense resourcesofthe federal software executives to see the erymove. government. Legal specialists value of recurring revenue, Atrust set up by aU.S.tax- saythe government appearsto lockingcustomersintolong- payer’sforebears—as with the have strong evidence, but fed- term contractsfor aproduct Brockman trust—maynot be eral prosecutorsmay face that wasessential to conduct- subject to taxaslong as it is challenges trying the case being businessand difficult to Robert Brockman, an avid fisherman, shows off his catch in a photo sent to Reynolds & Reynolds runindependently and no cause of the complexity of tax substitute, former executives employees inside his Christmas card. Below, a Bombardier private jet used by Mr. Brockman. money flowstothe taxpayer, laws covering offshoretrusts. and customers said. according to taxspecialists. By In another potential hurdle claiming that Mr.Brockman forthe government, the 79- wassecretly running the trust, year-old Mr.Brockman claims Self-made man prosecutorsmay be building a in court documentshecan’t be Mr.Brockman and his case that it waseither asham tried because he is suffering brother,Thomas David Brock- or atype of controlled trust from dementia and is unable man, grew up in St.Peters- that is taxable to him, said to assist in his owndefense. burg, Fla. Their father, Alfred MatthewMcKim, an offshore- Prosecutorssaid in court fil- Eugene Brockman, owned a taxlawyer at Loeb &Loeb LLP. ings that he could be faking a gas station, and their mother, In one of Mr.Tamine’searly mental decline. Ahearing on Pearl, wasaphysiotherapist, performancereviews, included his competencyisscheduled 1940 census records show. in acourt filing,Mr. Brockman forJune,and if the court sides Dave Brockman recalled instructed him to keep records with Mr.Brockman, the lean yearsasaboy and said on “anencrypted USBdongle charges could be dropped. his brother “decided he didn’t carried in adifferent location Despitehis wealth, Mr. lovethat and went out to T in luggage when traveling” and AD

Brockman waslargely un- make something of himself.” BR to runasoftware program known outside of a small cir- RobertBrockman graduated called “EvidenceEliminator.” cle in Houston and the autoin- from the University of Florida whom he still admires,said he He said the two had afalling $30 million from EdgeCapital Bermuda authorities raided dustryuntil his indictment and afterworking at Ford Mo- reluctantly carried out such a out afterRobert denied him a to acquirethe Aspen property Mr.Tamine’shome at the re- was announced in the fall. torCo. shiftedtoInternational firing on ordersfromhis boss. promotion he felt he deserved, and aColorado fishing retreat, quest of the U.S. in September Court documentsand inter- BusinessMachines Corp., Later, Mr.Tyson sued Mr. and he quit. part of the purported taxeva- 2018.Hegaveauthorities ac- viewswith his former employ- where he became a top sales- Brockman forunpaid compen- He doesn’t believehis sion scheme,according to the cess to an encrypted email ees,businessassociates and man. He marriedhis current sation. He prevailed aftera brother did anything illegal, indictment. server and agreed to cooperate his younger brother portray wife, Dorothy, in 1968. six-year court battle,which he said, but didn’t want any He also allegedly used Edge against Mr.Brockman. him as a brilliant, sometimes Thecouple lived in Hous- ended afterMr. Brockman’s money from the trust. “It’s Capitaltosecretly purchase a Prosecutorsallegethat Mr. penny-pinching executivewith ton, where Mr. Brockman be- appeal wasrejected by the tainted money as far as I’m portion of his owncompany’s Brockman began seeking median antigovernment streak that ganteaching himself computer U.S. Supreme Court. concerned.” he said. debt—an act prohibited by pro- calevaluations of his mental led him to regard the IRS as a programming and started his Mr.Brockman’suse of off- visions in the loan agree- acuity shortlyafter the raid. corrupt organization unfairly software company, Universal shore entities started in 1981. ments—at asharp discount in Adoctor in March 2019 said targeting taxpayers. Computer Systems Inc. That year,heand his latefa- Money moves the wake of the 2008 financial the executivewas operating in- Mr. Brockman bought used In building UCS, Mr.Brock- ther flew to Bermuda to estab- TheIRS wasalerted more crisis,the indictment said. tellectually with an IQ of 87 furniturefor companyoffices, man wasparticular about new than 20 yearsago to Mr.Brock- If Mr.Brockman’scase goes andshowedpoor short-term rarely gaveraises and forbade hires,requiring that all job ap- man’soffshoreactivities as a to trial, Mr.Smith, Vista’schief recall, according to one of the employees from smoking to plicantstakeatest designed The origin of result of the litigation by his executive, is expected to testify, reportssubmittedincourt by save money on health insur- to determine their intelligence former salesmen. marking adramatic reversal in Mr.Brockman’sattorneys. ance, former employees and and suitability foragiven role. Robert Brockman’s In thelate1990s,two attor- their relationship. Prosecutorssay Mr.Brock- associates said. He stayed at Staffers had to account for fortune dates back neysfor the salesmen met with Thetwo men met in the late man’sdoctorshaveanappar- budget hotels and atefrozen everycall at the office, and ex- an IRS agent, according to peo- 1990s,when Mr.Brockman was ent conflict of interest because dinnersinhis room during ecutives each week posted the five decades. ple familiar with the matter. considering selling his com- they areaffiliated with Baylor monthlyvisitstoone of his names of those who made the TheIRS around this time began panyand wasintroduced to Mr. CollegeofMedicine.The Brock- company’soffices near Day- most personal calls.Employ- an audit of Mr.Brockman and Smith, then aGoldman Sachs man trust has donated millions ton, Ohio,aformer vicepresi- ees had to use akeypad to obtained recordsfromBermuda GroupInc.technologybanker. of dollarstothe school, and dent at his firm recalled. open doors around the build- lish what became the A. Eu- about the trust, said adifferent AfterMr. Brockman decided Mr.Brockman has served as a Most of the wealth he gath- ingsomanagerscould trace gene Brockman Charitable person familiar with the mat- against the sale,hepresented boardtrustee.ABaylor spokes- ered over the yearsisheld in a their movements. Trust, Dave Brockman said. ter. an idea to Mr.Smith: He would woman declined to comment. Bermuda trust that owns, Mr.Brockman liked to keep Thetrust has given away Theoutcome of the inquiry back the younger man in apri- Mr.Brockman continued to among other things, nearly all employees on edge, recalled a morethan $100 million to couldn’t be determined. But vate-equity fund devoted to runhis multibillion-dollar soft- of his software company. The former executive, Bobby Ty- charities since2004, court re- when theCayman Islands en- software—a rarity at the time. ware companyduring this pe- firm, Reynolds &Reynolds Co., son, who said Mr.Brockman cordsshow. It also has six hu- tity,Computer Terminals Ltd., Mr.Brockman agreed to make riod, and he gave“long and co- provides software to auto onceasked him “when wasthe man beneficiaries,according wasliquidated in the 1990s,“a an initialpledgeof$300 mil- gent answers” during atwo- dealerships,and it had annual last time youshot somebody to Bermuda court documents: substantial sum” made itsway lion,later increasing it to $1 daylegal deposition in revenue of about $1.4 billion, between the eyes.” Thephrase, Mr. Brockman, his wife, their to acompanyinthe Caribbean billion, according to astate- September 2019,prosecutors according to anow-defunct Mr.Tyson learned, meant to son Robert Brockman II and a called EdgeCapital Investments ment of factsMr. Smith signed said. Brockman charity website. Mr. fire an employeeatrandom. grandchild, along with Dave Ltd., according to the IRS affi- in October as part of his deal Twoweeks later,Mr. Brock- Brockman waschief executive “Everybody understands they Brockman and his wife. davit. EdgeCapital wascon- with thegovernment. man took acognitivetest in of Reynolds & Reynolds until could be next,” he recalled his Dave Brockman, who once trolledbyMr. Brockman out- Thearrangement carried which he had trouble drawing a the indictment. boss saying. worked forUCS, said he hadn’t side of the Bermuda trust oneunusual condition. Mr. clock face, according to court “The allegations made by Mr.Tyson, who described had much contact with his structure, prosecutorsalleged. Smith had to put aportion of filings, yielding afinding of the Department of Justice fo- Mr.Brockman as agenius brother for close to 20 years. Mr.Brockman allegedly used hisshareofthe fund profits “moderatedementia.” Y OMETR PICT S; PRES TED CIA SO AS ONICLE/ CHR N TO MAN/HOUS SS RO VE

Robert Brockman and Dorothy Brockman at a 2011 Rice DA University event. Right, an aerial view of the Brockman’s 17,000- : square-foot residence in Houston. Mr. Brockman also amassed a LEFT OM

209-foot yacht and a 5,800-square-foot cabin in Aspen, Colo. FR P2JW063000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY Thursday, March 4, 2021 | A12A GREATER NEW YORK School Funding Return Policy Criticized

Moneymustberepaid the midyear adjustment, but rollment projections forthe Heightsschool liveinpoverty. some schools,parentsand city academic year were deter- Ms.Flores and some of her when enrollmentfalls; officials areasking forfull am- minedbeforethe pandemic fellowP.S.9parentshave group says low-income nesty. and didn’t account forhigher- formed acoalition with par- Last month, New York City than-normal enrollment de- entsacrossthe city to lobby students arehurt most Schools Chancellor Richard clines.Because of that, restor- the DOE for amnesty. Carranzasaid that the repay- ing 25% of each schools’ “Full amnesty is the only BY LEE HAWKINS mentsare needed to assist enrollment loss“is the amount thingthat will do.Without schools that have the poorest we areable to afford,” the that, the principals will not be Low-income studentswill students.Amnesty or drasti- agency said. able to hire the staff or bring be disproportionately affected cally reduced repayments “While we have dedicated in the resourcesthey will need by aNew York City policythat would mostly benefit privi- extraordinaryresourcestoour to help our students,” Ms. requires public schools to re- leged schools, he said. schools this year,these re- Flores said. turn funding if their enroll- In aFeb.23lettertoMr. sourcesare not unlimited and Ms. Flores said P. S. 9 can’t ment dropped during the Carranza, seven Democratic we remain constrained by the afforda75% repayment while Covid-19 pandemic,acoalition City Councilmemberssaid overall budget picture,” the it is spending about $20,000 a of City Council memberssaid. they conducted their own JOURNAL agency said. “This is whywe week on substituteteachersto

Thepolicymandates that analysis and said Mr.Carranza REET areadvocating around the help with staffing during the schools return aportion of the had misrepresented which stu- ST clockfor moresupport from pandemic. funding received foreach students are most impacted. LL Albany.” She questioned statements WA dent who left during the aca- “It looks to me like it’s pri- Parent JessicaFlores said the mayorhas made about demicyear.The repayments marily hitting low-income that within months of schools wanting to protect the city’s arepart of the city Depart- schools with low-income kids closing in March of last year, most vulnerable students. ment of Education’sannual and kids of color,” said New BELICH/THE droves of families started “Welisten to what he says, midyear budget-adjustment York City Councilman Brad ZAM withdrawing their children but then we look at the budget

process. Lander,who signed the letter. ARIEL from her son’sBrooklyn ele- and see what is happening,” Under the policy, some He said the 25% restoration P.S. 9 was told it would have to return $292,000 in funding. mentaryschool, P. S. 9Sarah Ms. Flores said. schools were initially told to is better than a full reduction Smith Garnet, manymoving Ms.O’Hanlon, the DOE repayasmuch as $600,000, of funding,but schools still de Blasio has said he believes schools, he said. them to privateorout-of-town spokeswoman, said the for- even as they have allocated face having to return tens of the stateowesthe city $2.3 TheDemocratic mayorsaid schools. mula the agencyuses in its moremoney to hireadditional millions of dollars. billion out of the federal the city will knowmoreabout P. S. 9was initially told it budgeting process“specifically teachersand coverother pan- The City Council members Covid-19 relief package it has itsfunding situation in the would need to return at least directs money to needier stu- demic-related costs. have asked DOE officials to received. Thenew federal next few weeks. $292,000 in funding,ordents.” On average, schools This week, the agency told bring moredataand specifics stimulus money the city hopes “As always, schools can re- $4,000 per student, forthe with high concentrations of principals that it would be re- about affected schools to a to receivefromWashington quest funding foradditional schools’ loss of 73 students, poverty receiveover20% storing 25% of the enrollment- March 23 City Council prelimi- could also help,hesaid. The staff if they need it,” said DOE according to Ms.Flores,apar- morefunding than schools reduction-related funds nary budget hearing. aid could allow more funding spokeswoman Katie O’Hanlon. ent group leader.About 38% of with lowconcentrations of schools had to payback during NewYork City MayorBill to be restored to the affected According to the DOE, en- the studentsatthe Prospect poverty, she said. State to Ease Restrictions On the Size of Gatherings

BY KATIE HONAN Beginning March 22,out- 24 hoursaday.The one-shot door capacity forresidential dose of thevaccine is easier NewYork statewill ease gatheringswill increase to 25 to distributebecause it Covid-19 restrictions on the people from 10,but the indoor doesn’t requiresuper-cold size of gatheringsatsports limit will remain at 10. storage, the governor said. and entertainment venues and NewYork statehas an Sincelast year,morethan in residential homes as coro- overall Covid-19 positivity rate 38,000 NewYorkershavedied navirus cases decline from a of 3.53%, according to health of Covid-19,according to state

Januarypeak,Gov.Andrew data. Thepositivity rate health data. NewYork has S Cuomo said Wednesday. peaked at 7.94%inJanuary been slowly reopening after PRES Largevenues canreopen at amid asurge in cases during restrictions to slowthe spread 33% capacity on April 2, with the holidayseason. of the virus. TED CIA

caps of 100 people forindoor “The light at the end of the Sportsand entertainment SO gatheringsand 200 people for tunnel is in sight, but we can’t venues reopened Feb. 23 after AS outdoor events, said Mr. stop driving now,” the gover- being closed fornearly ayear. Cuomo,aDemocrat. nor said. Thestate firsttried out its Venues that conduct test- Mr.Cuomo said that New testing strategyfor large-scale LENNIHAN/

ing,such as sporting events, York is expecting around events when it allowedspec- MARK will be permittedtohave150 164,800 doses of the Johnson tators to attend aBuffalo Bills The Johnson &Johnson vaccine arrived WednesdayatSouth ShoreUniversityHospital on Long Island. people indoorsand 500 peo- &Johnson vaccine,which will playoff game at the team’s pleoutdoors. Attendees will allowstate-run vaccination stadium in January. ited spectatorsfor Netsand Following Wednesday’san- in next week’stournament be required to wear masks sites at the JavitsCenter in Barclays Center in Brooklyn Knicks games in lateFebruary. nouncement, the Big East col- will be given ticketsfor fam- and maintain social distanc- Manhattanand Yankee Sta- and Madison SquareGarden in Thevenues must followstrict legebasketball conference ily,friends,and team staff to ing. dium in the Bronx to operate Manhattanreopened to lim- testing protocols. said each school participating attend games. Tougher Penalties Sought for Spitters

BY PAUL BERGER jected to about 10 such inci- dentsaweek. NewYork’stop prosecutors Bus drivershavesaid the called Wednesdayfor harsher sense of fear on their vehicles penaltiesfor people who spit hasbeen exacerbated during at subway and bus workers. the pandemic by an apparent Thecity’s five district attor- increase in homelessand men- neysurged statelegislatorsto tally disturbed people on the amend the penal code to up- streetsand aboardvehicles. grade spitting at atransit “For the most part they’renot

GES worker to amisdemeanor from violent, but younever know

IMA aviolation. Thereclassification what will triggerthem,” said would, technically,makespit- DerrickJones,abus driver in GETTY ting punishable by up to one Manhattan. SE/ year in jail. In practice, most SarahFeinberg, the MTA’s misdemeanors result in very interim head of subway and little if anyjail time,according bus operations,welcomed the ANCE-PRES

FR to MatthewGalluzzo,acriminal district attorneys’ call for defense attorney in Manhattan. ENCE

AG Transit workerswerespat S/ IS at more than 200 times last Transit workerswere

WE year,Brooklyn District Attor-

LA neyEric Gonzalezsaid.“Spit- spat at over200 GE

AN ting on abus or train operator times lastyear, a The cityhas anew graffiti-cleanup program thatwill involvepoliceofficers and communitygroups. Adefaced storefrontinMidtown. is an egregious act and with the still-raging Covid pan- prosecutor said. demic,potentially lifethreaten- Graffiti Problem DrawsNew Response ing,” he said. Thestate-controlled Metro- politan Transportation Author- harsher penalties forspitting. BY BEN CHAPMAN Graffiti Cleanup program drill bits, metal objects, sand- graffiti removal oftenfalls di- ity warned of arise in assaults Ms Feinbergwas aproponent would build relations between paper or other tools.But that rectly on businessowners, on itsworkersatthe start of of anew lawlast year that NewYork PoliceDepart- policeand the community figure doesn’t adequately cap- manyofwhom arealready ex- last year.Harassment and at- gavejudges powertoban serial ment officials arelaunching a while ridding neighborhoods ture the rise in occurrences of periencing financial difficul- tacks have continued through- sexoffendersfromthe transit fresh effort to combat graffiti, of unwanted graffiti. graffiti in the city because ties during thepandemic. out the pandemic despitea system forseveral years. afterbusinesses and residents “Whether youlivehereor most instances aren’t re- Ryan Chadwick,owner of steep decline in ridership,ac- Currently spitting,asavio- complained of an increase do businesshere, come out ported to police, the officials Grey Lady restaurant and oys- cording to Transport Workers lation, is punishable by up to during the Covid-19 pandemic. and help us,” Ms.Holmes said. said. terbar in lowerManhattan, Union Local100,which repre- 15 days in jail. Therevision to TheNYPD’snew program Ms.Holmes said the NYPD NewYork City MayorBill on Wednesdaywas managing sentsalmost 40,000 subway the penal code to changespit- will pair policeofficerswith hascreated anew email ac- de Blasio spokeswoman Laura effortsbyhis employees to and bus workersinthe city. ting to amisdemeanor is in community volunteer groups count that residentsand busi- Feyersaid the city is evaluat- scrape graffiti from the large “Wecome to work to do a Gov.Andrew Cuomo’s budget to executecleanups around nessownersmay use to notify ing whether it will be able to windows of the corner restau- job,not getassaulted and proposal forthe coming year.A the city beginning April 10, the department of graffiti bring back the Graffiti Free rant. abused,” said theunion’s representativefor the Demo- NYPD Chief of Patrol Juanita sitesthat requirecleaning. NYCremediation program. Mr.Chadwick said Grey leader,TonyUtano.“We need cratic majority in the state Holmes said Wednesday. TheNYPD will use informa- Ms.Feyer said thecity would Lady opened nine yearsago, help from the stateLegislature, Senatesaid the changeisun- ThevoluntaryGraffiti tion gathered theretoguide mount acomprehensive but it wasnever vandalized and we need it now.” derreview. Cleanup program comes after cleanup efforts, she said. cleanup campaign if federal untilthe winter,when it was Bus drivers, who work alone Thecall forstronger punish- city officials last March sus- Paint will be donated by local funding is provided. Mr.de coveredinspray paint during and in proximity to the public, ment forspitting coincides pended a$3million remedia- businesses,Ms. Holmes said. Blasio described plans forthat weeks of closuremandated by aremost frequently abused, ac- with an increase in violent tion program called Graffiti NYPD officials said graffiti effort in his JanuaryState of the stategovernment. He esti- cording to MTAdata. Sincethe crime in the city and on its Free NYCthat provided prop- has increased during the lock- the City address, Ms.Feyer mated the graffiti removal authority began publishing transit system. It also comes as erty ownerswith graffiti re- downs put in placetocurb the said. will cost $5,000—money that such datainAugust, it has re- the number of transit-worker moval funded by the city.That spread of the virus.The de- LocalCity Council members is difficult to come by because corded, on average, about 30 deaths from Covid-19 rises.So program, begun in 1999, was partment in 2020 received and businessgroups fund ef- the restaurant has been reportsofharassment of bus far,morethan 150 MTAwork- canceled due to budget short- morethan 6,000 complaints fortstoclean up graffiti in closed. workerseach week,including ers, most of them in the sub- falls,city officials said. of property damaged by graf- neighborhoodsaround the “Thisisbasically asmack threatening behavior and spit- way and bus divisions,have Ms.Holmes said the new fiti or otherwise defaced with city.The responsibility for in my face,” he said. ting.Subway workersare sub- died from the coronavirus. P2JW063000-2-A012B0-1------NS

A12B | Thursday, March 4, 2021 NY ** THE WALL STREET JOURNAL.

Hisfirst footballseason, Isaiah told us,‘Wear ajerseywithmy name on it.Iwanteveryoneto know you’re here forme.’ Darnell and Denna, adopted 16-year-old Isaiah

LEARNABOUT ADOPTING ATEEN ADOPTUSKIDS.ORG YOUCAN’T IMAGINETHE REWARD P2JW063000-0-A01300-1------XA

TRAVEL & ENTERTAINMENT PERSONAL JOURNAL.

access.They misspushing abut- tonand having someone bring over adrink. “The rhythm is the big thing I miss,” says Paul Manson, apoliti- cal-scienceprofessor from Port- land, Ore.,who travels regularly forresearch. He used to travel at least onceamonth. “I don’t think I’vestayedwithin the bounds of one statefor ayear ever beforein my life.” His children areitching to resume family trips.Heand his wife arestarting to think about planning a20th anniversarytrip next year. But he worries he won’t remember all his booking tricks and tactics.

‘I miss almost everything but the PHILLIPS jet lag,’ one veteran

MICHAEL traveler says. S; PRES TED

CIA Ben Andrewsand his wife, Ka- SO

AS tie Haselton, travel so oftenthey

TIN/ save money fortrips by living in

MAR a950-square-foot condo in Seat-

YN tle suitable forshort stays.Until

UEL It’s been about a year since this year. CQ even some veteran travelers They’ve tried to replicate culi- JA

P: have set foot on a plane. nary experiences they love from TO their travels. Mr. Andrews, a soft- OM

FR ware engineer and consultant on escape-room amusements, mail-ordered fish from Hawaii and used a cookbook from the restaurant Frequent Fliers Itch to Take Off where they got married to create an anniversary meal. They realized they much preferred hotel bedding to what they Road warriors are feeling like travel newbies as they gear up to hit the road once more had at home. They tried multiple pillows but nothing compared; they considered ordering a Westin THE MIDDLE inactivity,and they’ll return to Heavenly Bed but the cost was SEAT travel with the dreaded lowest con- A BRIEF REFRESHER ON HOW TO TAKE A TRIP prohibitive. SCOTT fidencelevel of all: newbie. They could, however, re-create McCARTNEY “It’s like a big piece of my life airline snacks. Mr. Andrews says disappeared,” says Michael Phil- Frequent traveler Michael Hyman masks and antibacterial lotion. they never snacked at home but lips, a meteorologist and journalist started a checklist for restarting had airline favorites. So they or afrequent traveler, based on the Big Island of Hawaii. travel. I’ve added to it. n Repack your gadget bag. started keeping a basket of those it’sanalmost unimagi- He usually travels more than Charge headphones. Collect cords in the kitchen. nable milestone: afull 200,000 miles a year reporting on n Check to see if your passport, and chargers likely spread around Andy Elliott has a software year with no flights. storms and science-related events. Global Entry or TSA PreCheck your home. company with offices in Houston F Many have recently He hasn’t been on an airplane validation has expired. Same and Vietnam. He has spent 30 passed or are ap- since February 2020. thing with CLEAR or other fast- n Reconsider boarding and de- years flying back and forth. proaching the first anniversary of When they do resume travel, track programs. Renewing Global planing strategies. Some road At times Mr. Elliott thinks he their pandemic grounding. Some many road warriors will find vast Entry and getting an in-person warriors like to be first on board won’t go back to frequent flying. haven’t been homebound this long changes, from new boarding proce- appointment can take months. to get bags stowed, settle in and He’s enjoyed more time in his gain decades. dures to keyless hotel check-in. enjoy a pre-departure beverage in rage with his British motorcycles. One year without trips has Food may be harder to find. n Update your personal details first class. But if you’re on the But he tried once before to retire changed relationships,improved di- Ground transportation may be on your airline, hotel and rental aisle, you’ll be exposed to a from business travel and found he ets, allowedmoreexercise and risky. Housekeeping won’t make car program websites. Check planeload of hard-breathing pas- missed it too much. He predicts prompted rethinking of whether your bed every day. credit card and driver’s license sengers. Consider boarding and it’ll be the same this time. the peripatetic lifestyle—for busi- Already some have found that expirations. deplaning late to avoid as much “I miss almost everything but ness, pleasureorboth—is worth re- newairline policies have leftthem contact as possible. the jet lag,” Mr. Elliott says. “I starting as the risk of infection de- feeling inexperienced booking trips. n If you travel internationally, wake up some mornings wonder- creases.Some frequent travelers United launched anew upgrade you likely have antibiotics and/or n Check to see if you need a ing, ‘When are borders going to worrythat all the skills and strate- system called PlusPointsright be- other prescription medications. negative Covid-19 test for arriv- reopen?’” gies they’velearned will be lost to fore the pandemic hit, forexample. Check expiration dates and order ing at your destination. If travel- Mr. Hyman, the sales executive, “Businesstravelersrely on cer- refills well before your next trip. ing abroad, you’ll need one to re- says over the past year he’s found tain habitstoallowthem to be ef- enter the U.S. Know before you himself idly opening an airline fective. We just all have our way of n Check the contents of your toi- go how you’ll get that test. app. He didn’t get around to fully travel and nowthat’sbeen dis- letries bag for expired products unpacking his carry-on and brief- rupted,” says Michael Hyman, a and add 2021 items, like extra —Scott McCartney case until last summer, and found NewJersey sales executivefor a some budding science experi- global consulting firm who hit his ments. “I’m lucky the rodents one-year groundiversaryonFeb.25. ers beyond mortal bounds, created Yetothersmissthe freedom and didn’t get there first,” he says. He’s developed a checklist for isolation and depression. Concerns adventureoffrequent travel. They He expects to start back by his travel restart to make sure about a loss of travel pale. But for miss soaring intothe sky, exploring April, and worries that the “mus- headphones are charged, medicine many, after life-or-death issues, different cultures and having time cle memory” may be gone. He’ll hasn’t expired, toiletries are re- the change in lifestyle has been away from responsibilities.Travel make a packing list—something stocked and extra masks are profound. wastheir way of unplugging and hardly necessary before—to make packed. Many have found they don’t relaxing—nowthey find themselves sure he doesn’t show up with only Michael Phillips took this photo of The pandemic has claimed an miss jet lag, delays, hassles, greasy with little relaxation or escape. half the clothes he needs. snow-covered Rocky Mountains on unfathomable death toll around meals, predawn departures, wear They also miss the perks that “I enjoyed being home and I en- his last trip of 2020, not realizing the world. It’s left millions unem- and tear on the body and distance come with brand loyalty—the lie- joy business travel. It’s not an ei- he’d be grounded. ployed, strained healthcare work- from family and friends. flat beds,hotel suites and priority ther/or,” he says.

forms that floated against in various configurations that EllsworthKelly’s monochrome backgrounds. never came to be. Soon, he caught the atten- “Wethought we knewevery- tion of dealer Betty Par- thing about him,” Mr.Cherix said, sons and wasinvited to “but this is making us think again.” Rough Drafts show“Painting in Three Mr.Shear said the artist was Panels” in the Whitney moreintrigued by his owncre- Museum of American Art’s ationsthan others’—rarely trading BY KELLY CROW through 75 notebooks in seminal “Young America his works forones by his peers— Mr. Kelly’s Spencertown, 1957” show. When critics but he loved visiting MoMA and ABUBBLE-GUM WRAPPER crum- N.Y., studio and select some initially asked whyMr. would be pleased that the best of pled on asidewalk.Shadows cross- for the museum. The expe- Kelly needed multiple pan- his sketchbooks will be therefor hatching asunlit stair.Sprouting rience, Mr. Cherix said, els,hedoubled down and good. Apair of sketchbooks from leaves. Agauzy scarf. “was incredibly moving.” in ensuing yearshecre- the giftalready have been added to Such everyday images sparked “When you turn those ated rainbow-colored grids “Degree Zero: Drawing at Midcen- ideas formanyofEllsworth Kelly’s pages, you realize it wasn’t of paintingsthat took up tury,” ashowof1950sworks on brightly colored abstract paintings. made for you,” he said. “It’s entirewalls—including viewatthe museum through June Fordecades starting in the 1940s, an intimate conversation canvases of biomorphic or 5. the artist chronicled his thinking in he was having with himself triangular shapes rather MoMA,which has around 20 of sketchbooks that he showedtono about art.” than the traditional rect- Mr.Kelly’s paintings, pledged to one,not even his longtime partner, Born in Newburgh, N.Y., angles.The critics quickly digitizethe books so visitorscan Jack Shear.Now,six yearsafter Mr. in 1923,Mr. Kelly spent came around and the flip through the pages online and Kelly’s death at age92, Mr.Shear World WarIIinthe Ghost Whitney hailed him as a track the artist’screative process. is giving the public apeek.Heis Armycamouflageunit Color Field pioneer,buying Keeping the books intact wasim- donating 25 sketchbooks—more painting militaryequipment his 1957 work,“Atlantic.” portant to MoMA because histori- than 1,700pages in all—tothe Mu- beforestudying art on the In 1970, Mr.Kelly cally some books kept by other art- seum of Modern Art in NewYork. GI Bill in Boston and then moved north of the city istssuch as Paul Cézanne were Mr.Kelly would “always sayhe Paris.Some sketchbooks and created one of his posthumously torn apart and par- wasstill working on them,” Mr. headed to MoMA have self- best-known series named celed out. Mr.Shear said he would Shear,who is 67,said of the books. portraitsand drawingsof afterthe town of Chatham, part with some of Mr.Kelly’s books “They were vibrant forhim and a churches from his Paris Cut-and-pasted colored paper on paper, from whereheconverted athe- only if viewers could followalong touchstone to his past. He could go yearsinthe late1940s.Mr. a page of Ellsworth Kelly’s spiral-bound ater intohis studio.He with the artist. back and recall all the ideas he did Cherix said the books from ‘Sketchbook #17,’ Paris and Sanary, (1950-1952). created the 14 L-shape Theremaining sketchbooks,in- and didn’t do.” the early 1950s also brim works in the “Chatham Se- cluding some that areincomplete T Christophe Cherix, the mu- with collage—colored paper Mr. just one painting and wastrying to ries” by painting pairsofcanvases or contain mainly drawingsof AR seum’s chief curator of drawings Kelly cut intoshapes—and suggest find his way in an art scene domi- and joining them at perpendicular plants, will stay at theEllsworth and prints, said he knew Mr. Kelly the artist wasinfluenced early on nated by abstract expressionists pointstoform an inverted version Kelly Foundation, which Mr.Shear

MODERN carried tiny sketchbooks while by Henri Matisse,who wasstill splattering their angst on chaotic of the letter. In the sketchbooks, oversees as president. “Ifadraw- OF traveling and also painted meticu- aliveand similarly experimenting canvases.Mr. Kelly took abstraction Mr.Cherix said, it becomes clear ing is asentence, asketchbook is lous portraits of plants in drawing with paper cutouts. in aradically different direction, that the artist had dozens of color achapter,” he said, “and Ijust

MUSEUM pads. But it wasn’t until last year By the time Mr.Kelly leftParis filling his sketchbooks with pared- combinations in mind, along with want people to knowthe bigger,

THE that the curator was able to sift forNew York in 1954, he had sold down swooshes,arcsand geometric ideas about howtohang the works privatestory.” P2JW063000-0-A01400-1------NS

A14 | Thursday, March 4, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT Eddie Murphy Bets on aSequel Fans have been waiting for ‘Coming 2 America’ for three decades. Can it live up to the hype?

BY ELLEN GAMERMAN tendant Semmi—while bringing in new characters. S

IN “COMING 2 AMERICA,” the When fans saw the sequel’s PRES

long-awaited follow-up to the Ed- family-friendly PG-13 rating, some TED

die Murphy-Arsenio Hall classic, assumed the worst, believing any- CIA two characters bond over a shared thing too clean would fail the R- SO AS disdain for sequels. “If something rated original. Will the movie’s is good,” one says, “why ruin it?” signature epithet return as an of-

They could have been quoting fensively bland “Forget you”? INVISION/ real-life fans who are so protective Craig Brewer said characters O/ of the movie—the story of an Afri- can’t use the f-word as a verb can prince who poses as a student given ratings rules but otherwise PIZZELL

while searching for a wife in it is allowed in PG-13 movies. CHRIS Queens, N.Y.—that they don’t want (There is a total of one f-bomb in anyone to mess with their memo- the “Coming 2 America” script ac-

ries of it. Now, after more than cording to the production.) PICTURES; three decades, the sequel arrives Mr. Brewer, 49, who loved the

on Amazon Prime Video on Friday. 1988 comedy in high school when MOUNT he saw it with his dad while grow- RA PA

ing up in Vallejo, Calif., said Mr. P: Murphy urged him to avoid taking TO OM

the bait on crude jokes that came FR too easily. The film’s creators Left: Director Craig Brewer with Eddie Murphy. Above: The original cast, which includes Shari Headley, Mr. wanted to attract a new genera- Murphy and Arsenio Hall, is back in a sequel that arrives more than three decades after the 1988 movie. tion of fans along with the die- hards. The original movie from direc- How did “Coming to America” canartistsand trytocreatean R-rated movie would work then we tor John Landis arrived when Mr. change Hollywood? environment whereeverybody can would do an R-rated movie. We Murphy was a big-screen super- “Coming to America” over the do their thing.Sowhen “Coming 2 found as we started testing it with nova, after films like “48 Hrs.,” yearshas had moreofacultural and America” came about, Ihad brought fans of the original, we were test- “Trading Places” and “Beverly cinematic impact than it necessarily it up to some of the people,like, “Is ing it when there were Black Lives Hills Cop.” “Coming to America” did right when it came out. Only this going to be aproblem forany- Matter protests happening in the went on to make more than $288 nowcan people look back and say, body?” But Eddie wassohappy streets, the conscience of the million at the global box office. “Wow,that wasanall African-Amer- with “Dolemite” and with our work- country was beginning to shift. In the sequel, Prince Akeem of ican cast, it wasabig budget movie, ing relationship that Ithink he felt I don’t want that to scare peo- the make-believe country Zamunda comparatively,hugenumbers, tons that Iwas the guyfor the job. ple. I think we still have a really searches for a grown son he didn’t of costumes,and it wasaglobal hit.” hilarious movie. We do push the “Coming to America” was the realize he had in New York. Mr. And that had not really happened in In the original movie, there are boundaries on a PG-13 movie here second-highest grossing movie in Murphy and Mr. Hall return to cinema history. Thebig jokeisthat jokes about topless women who and there. If you look at the first the country when it came out in their old stomping grounds—this beforetherewas Wakanda, there bathe the prince and other humor movie, other than the gratuitous 1988. It stood apart as an all-Black time, a more woke and gentrified wasZamunda, and it’sreally true. Hollywood might not try now. How nudity and some swearing, it is ac- film at a time when people of city—and briefly appear digitally did you make the movie work for tually rather wholesome. color were barely represented on altered as their younger selves. As a white director, did you have today? screen. Its cultural impact has only They also reprise the assortment any conversations about whether We didn’t want to ignore the fact On set, did you feel the weight of grown since then. Over the years, of side characters they originally the film would go to a Black film- that Prince Akeem in the first fans’ expectations? fans have recited all the movie’s played in the first film. maker? movie left the wife that he was be- Iknowwhat it’sliketohavepeople famous lines, watched it in back- Mr. Brewer’s past movies in- I’m in an interesting position in my trothed to barking like a dog. I can go, “Can’t wait to see it” and then to-back TV marathons and dressed clude Mr. Murphy’s critically career—all my mentorsthat I’ve guarantee you that would not threaten me and say, “You better up like its characters (see Beyoncé praised “Dolemite Is My Name” in worked with areAfrican-American. make it through the third draft of not messitupbecause that movie and Jay-Z, Halloween 2015). 2019. Here, Mr. Brewer talks about Iambynomeans saying that I’m a script that would come through means alot to me.” My job on set The sequel reunites the original what Wakanda has to do with Za- somehowgrandfathered intoany- the Hollywood system today. There wastobethe guardian of what cast, including James Earl Jones, munda, the female character who thing likethis.Ithink it has put an was always this line that we had from the original movie canbecel- John Amos and Shari Headley— barks like a dog and the marching impression on me that the most im- to judge with how far we’d go with ebrated, and then what’sgoing and Mr. Murphy as Prince Akeem orders he gets from fans. portant thing Ineed to do is sur- the comedy. It wasn’t like, “Oh, overboard, because we did want alongside Mr. Hall as the royal at- Edited from an interview: round myself with African-Ameri- this better be a PG-13 movie.” If an this movie to be itsown thing.

The Riseand Fall of Glam Metal

BY NEIL SHAH

he glam-metal music Tof the 1980s is known for its over the top style and sound: teased hair, heavy makeup and spandex; prodigious pyrotechnics and bombastic power ballads; lightning-fast guitar solos. But as long-time music journalists Tom Beaujour and Richard Bienstock re- count in their new book “Nöthin’ But A Good Time,” the genre—which is alterna- tively called hard rock or hair metal—made rock ‘n’ roll bigger in the U.S. than ever before. The hedonism of A new book chronicles how hard-rock bands like Poison, bands like Mötley Crüe and above, made rock ‘n’ roll bigger than ever before. Poison made headlines, but it’s their single-mindedness, showmanship and melodies The “do-it-yourself” aspect, Roses. What changed? that ultimately yielded in the early days, is no dif- Mr. Beaujour: An important multi-platinum albums and ferent than what was going thing was the power ballad. sold-out arenas. Messrs. on in ‘70s punk, ‘80s college This formula of the third Beaujour and Bienstock con- rock and indie-rock. Mötley single being the ballad—it ducted more than 200 new Crüe started their own label. helped bands reach over to interviews with acts such as By the time MTV comes the female audience. So Ratt and Lita Ford and in- along, a lot of these bands most of these rock records dustry insiders like Spencer have put in their 10,000 eventually had this one song Proffer, who championed hours. that was designed to tran- Quiet Riot, the first metal scend rock and go to pop ra- band to score a No. 1 album. The bands are unusually dio. Those were the songs “Nöthin’ But A Good forthright about pursuing that took these records from Time,” out March 16, chroni- success by all means neces- two to four million copies. cles how ‘80s hard sary—they rock, initially talk openly, It’s conventional wisdom shunned by record for example, that Nirvana’s “Nevermind,” labels, triggered a about how im- in September 1991, killed off music-industry portant good most of these bands. gold rush. The au- looks are. What’s your take? thors recently Mr. Beaujour: Mr. Bienstock: Was it imme- talked to the Jour- There was an diate? Yes. By 1990 and 1991 nal about the ‘80s almost sports- a lot of these bands were hard-rock explo- like approach starting to have trouble sell- sion and how the with some ing tickets on the road. Also, music industry’s bands—want- somehow, glam-rock and repetition of the ing to build grunge were pitted against same formula the perfect each other, despite overlap- helped bring it all team. Vito ping a bit. down. An edited Bratta [the Mr. Beaujour: It wasn’t, transcript: guitarist of White Lion] says like, this concerted effort. the first time he saw [White The business people were It’s surprising to learn that Lion] singer Mike Tramp he seeing it peter out before early on, the bands—except was floored by his good the bands did. There was a for Van Halen—were rejected looks. And sometimes, are time of co-existence. For by labels. they ruthless? Yes. You see a Kurt Cobain, the “bro-yness” Mr. Beaujour: When this lot of people suddenly get that could be perceived in started in ’81, ’82, ’83, the cut from the “starting glam-metal, that was anath- major labels had no interest. lineup.” A&R scouts were al- ema to him. And since he People think it was this cor- ways looking for some rea- was the guiding light of the porate music that was cre- son to pass on bands. grunge movement, his posi- ated in a lab, but it wasn’t. tion probably trickled down.

Mr. Bienstock: These are Things exploded with MTV But there was a timing ele- S kids, a lot of them—with no support and a second wave ment: Could Nirvana have plan B. Many of them are liv- of bands like Faster Pussy- taken out glam-metal in WEIS

ing in squalor in Hollywood. cat, Skid Row and Guns N’ 1987 or 1988? Possibly not. MARK P2JW063000-0-A01500-1------XA

THE WALL STREET JOURNAL. Thursday, March 4, 2021 | A15 ARTS IN REVIEW (3) MUSEUM ANN CAPE

ARTREVIEW ALuminist’sHometown Harbor Lane’s ‘Gloucester Harbor from Rocky Neck’ (1844), The Cape Ann Museum holds an left; Lane’s ‘View of the Babson and Ellery Houses, unrivaled collection of painter and Gloucester’ (1863), top left; printmaker Fitz Henry Lane’s works and Walker Hancock’s ‘Pennsylvania Railroad War Memorial’ (1949-52), above BY WILLARD SPIEGELMAN Freilicher,and aprecocious teenager named Frank Gloucester, Mass. Stella, whose family sum- connectsnaturalbounty,do- rt loversare hungryto mered hereinthe 1950s. mestic life, and cosmic calm. return to their favorite But the jewelinthe Themuseum is embed- museums,but the times crownisits collection of ded in the downtownfabric conspireagainst them. work by itsbest-known of Gloucester,and has re- Some museums are hometownartist, Fitz Henry cently expanded itsphysical A Lane (1804-1865), making reach. Afew miles from the closed. Travel mayen- danger one’shealth. Manyplaces this placethat rare thing,a harbor,anew four-acre remain open, however, and car museum whereyou canex- campus,the CAMGreen, has trips arerelatively safe. ploreasingle artist in depth. sprung up around the very Try, forexample,the Cape Ann Lane’sfather wasasail- Babsonand Elleryhouses Museum, ashowcase forwork by maker.The boywas para- Lane painted, and includes a local artistsofsometimes interna- lyzedbeforeheturned 2, so building forarchival storage tional reputation and agenerous therewould be no sailing, and temporaryexhibitions. gallimaufryofobjectsrelating to shipbuilding,ormarine in- In addition we nowhave local history, the fishing industry, dustryfor him. (He used Fitz HenryLane Online, ama- granitequarrying,and the immi- crutches the rest of his life.) jor interactiveresource under grant communities that have kept Instead, he became an art- the direction of CAMwith an Gloucester vibrant. Boatsand the ist, whose major training archive, asearchable cata- sea areits leitmotifs. wasataBoston lithographer’s shop. scenes and tonal modulations of refined representation of integrity: logue raisonné of his pictures,and Founded in 1875, renamed in In 1848,Lane returned home as Lane and some of his contempo- avision of community,orofbal- educational materials forteachersin- 2007,itisnolonger the modest his- apainter as well as aprintmaker. raries,but he waspart of no school. ancebetween man and the ele- troducing his art to their students. torical society it began as,but areal He built ahouse,which still stands, Lane wasimportant in his time. ments, between sea and land, be- Click on apictureand youget com- art museum. Thereare satisfying, overlooking the inner harbor.From By the end of the century, Impres- tween earth and sky. mentaryplus links to related works. unexpected riches within aseeming the windows of his third-floor stu- sionism and then the nascent Mod- The1844 “Gloucester Harbor With another click youget historical miscellany. On one wall, yousee a dio he painted manyofhis now ernist movement sent him into From RockyNeck” epitomizes Lane’s material pertaining to the geography plaster cast forWalker Hancock’s iconic scenes.His subjects—har- eclipse,until the mid-20th century capacity to render minuscule details of Lane’sworld. Still another allows monumental sculpturecommemo- bors, boats, sea and sky—areall when he wasrediscovered. from near and far.The painting’stop side-by-side comparisons.Want to rating the Pennsylvania Railroad redolent of amythic as well as an CAMhas 45 Lane paintings, 15 two-thirds is all skyand clouds.Be- knowthe kinds of boatsinhis pic- wardead in Philadelphia’s30th actual NewEngland. lithographs,ararewatercolor,and neath, there’sadetailed viewofthe tures? No problem. Click again and Street Station. (One of World War Lithographyhad taught him 122drawingsand sketches,having town acrossthe harbor,then the learn the differences between abark, II’sMonument Men, Hancock had a about line,execution and detail. He profited from aseries of local be- harbor itself,and—at the bottom— abrig,adogbody,and agundalow. studio in Gloucester and retired learned to makebalanced, delicate questsand donations.Itdisplays the near shorewith people and ani- Youbecome an armchair sailor. here.)Upstairs, youcome upon an pictures.His paintingsbegan with his work in the newly refurbished mals.Harmonyprevails. CAMhas acanvasbanner near enormous FirstOrder Fresnel light- pencil (infrared scanning has re- Lane Galleries,intimaterooms that Thelater “Viewofthe Babson itsfront door that proudly an- house lens,period furniture, and vealed the underdrawing), and as offer arotating selection (44right and ElleryHouses,Gloucester” nounces “Storms Rage.Gloucester work by local fabric designers. he applied his oils,hecontinued to now) of his art. (1863) depictsalandscape bathed in Endures.” Youcan travel exten- In addition to items of commer- attend to the minutest details with Likehis works on paper,Lane’s golden light. Lane loved color as sively herewithout leaving the cial, historical and local interest, what must have been aone-hair oils payhomagetonature.Some much as line.(He added it by hand shore. If that fails,you canvoyage CAMhas pictures by Winslow brush. Most of all, he focused on scholarsconnect him to Emerson to his printed lithographs.) Here, a virtually instead. Homer,Cecilia Beaux,MauricePren- light and atmosphere. Thelabel and transcendental philosophy. Ev- deep green foreground is topped by dergast, John Sloan, Stuart Davis, “Luminism” wasfirst used, retroac- erypainting,with the exception of apastel-colored sky, with the white Mr. Spiegelman writes about books Marsden Hartley,Milton Avery, Jane tively,in1954 to describe the cool the occasional storm scene,offersa houses in between. Thecomposition and the arts for the Journal.

OPERAREVIEW Kyle Ketelsen and Pavel well with his aptly unhinged Černoch in ‘Der Freischütz’ acting.The easy powerof at the Bavarian State Opera Golda Schultz’s creamyso- WhereViolence prano suited the production’s concept of Agatheasanin- veals that the killing is dependent woman who faked?) Thesupernatural el- nonethelessworries about And Love Meet ementsare portrayed as her man. Anna Prohaska in- psychological and societal. fused the bright merrinessof Kaspar,weare told, is avet- Agathe’sfriend Ännchen BY HEIDI WALESON marry Agathe, the daughter eran with post-traumatic with spite: It seems that the of the head forester, Kuno, stressdisorder,sothe piv- two women had aromantic TRYING TO GIVE Carl Ma- and become head forester otal Wolf’s Glen scene,in relationship that is nowend- ria vonWeber’s “Der Freis- himself. However, his aim which the magic bulletsare ing. Ännchen’shandsome chütz” (“The Marksman”)a has deserted him, and his forged, becomes his personal powder-blue trouser suit and contemporarytwist is friend Kaspar, who has sold hallucination, intowhich he coat, emphasizingher ele- fraught with peril, since his soul to the devil, offers literally dragsthe terrified gant toughness, wasjust one magic,omens and the power him magic bullets to get the Max (Gleb Filshtinsky’slight- of Elena Zaytseva’stelling of the natural world arein- job done. In Mr. Tchernia- ing gives the conference- costumes; another wasMax’s tegral to this 1821 classic of kov’s version, Kuno owns a room set some extramenace green pullover sweater,dem- early German Romanticism. big corporation and is es- here). An intense Kyle Ke- onstrating his othernessina Dmitri Tcherniakov’s new tranged from Agathe, who telsen voices the thundering room full of people in chic production at the Bavarian has left home. She returns wordsofthe Black Hunts- corporateattire. BálintSzabó State Opera,available for because she plans to marry man, Samiel, the opera’s gaveanexpansivemenaceto streaming through March 15, Max, a low-level employee devil, aspoken role,along the usually minor role of cleverly transposes “Freis- in the company. Max is am- with Kaspar’s part; clearly, Kuno,now aruthlesstycoon. chütz” intothe modern cor- bitious and hopes that the the demon is inside him. In Antonello Manacorda’s porateworld, but it takes marriage will bring him into the finale,after Max shoots conducting seemed deliber- some work: Thedirector’s the boss’s inner circle. Agathe, the redemption from ately heavy, putting a explanatorycharacter de- Those insidersgather dur- the holy Hermit and happy damper even on the jolly, scriptions and “thought bub- ingthe overtureonMr. ending become merely Max’s folk-inspired parts of the ble” textsprojected above Tcherniakov’s single set, a through the rifle’sscope rest of the operagibbering hallucination, and Agatheis score. It all made sense, par- the stageare essential to un- fancyconferenceroom with shows the targets: people with hysterical laughter and really dead. Onceyou’ve ticularly in retrospect, but it derstanding what’sgoing on, amodernist starburst chan- walking on the street below. getting increasingly drunk. gone over to the dark side, wasn’t much fun. so be suretoactivatethe delier and an undulating rear Max recoils,declaring,“I This concept darkens an Mr.Tcherniakov implies,you English titles if youdon’t wall of wood panels that cannot shoot aliving being.” already dark story, since don’t control the black Ms. Waleson writes on speak German. Bitsofdia- swivel open to reveal apan- Kilian, one of the observers, success,itappears, requires magic—it controls you. opera for the Journal and is logue have also been strate- orama of glassskyscrapers. shootsinstead, and we see jettisoning one’shigher prin- Theproduction washand- the author of “Mad Scenes

SL gically added or excised. They watchasarifle is set the victim fall. Admission to ciples from the outset. (Is it somely cast. Not only was and Exit Arias: The Death of HO In the original story, the up on atripod, aimed out a the inner circle,therefore, re- betterorworse that at the Mr.Ketelsen mesmerizing, the New York City Opera huntsman Max must make a side window, forMax to take quires actual murder.It’sno end of Act I, chatteramong but the poignant tenor of and the Future of Opera in

WILFRIED perfect shot in order to his shot. Avideo of his view wonder that Max spends the white-jacketed waitersre- Pavel Černoch, as Max,went America” (Metropolitan). P2JW063000-0-A01600-1------XA

A16 | Thursday, March 4, 2021 THE WALL STREET JOURNAL. SPORTS

BY JOSHUA ROBINSON

eeds United arrived in the Premier League this season steeled to play in Lthe most intense soccer competition in the world. They knew that teams ran longer, pressed higher, and tackled harder than anywhere else. Then something unexpected happened. The rest of the Premier League slowed down, to cope with the pace of a compressed pandemic schedule that has left everyone exhausted. Leeds reacted by changing exactly nothing about its approach and kept its foot on the gas. The plan wasn’t just to avoid relegation, but to stay up by providing relentless entertainment. All of which has turned Leeds into the most watchable club in the Premier League this season— win or lose. Leeds games have featured more goals than those involving any other team, as of last weekend. That more than half of those are scored by opponents is mere detail. As long as it can stay in the Premier League, there is (2) OL

only one way Leeds can imagine PO playing soccer. S

“We want to be aggressive and /PRES intense and that’s what viewers

like to see,” winger Jack Harrison SUPER

said with the club in 11th place. JON “Usually it includes lots of goals for us—and against us as well.” Not a lot of newly promoted The SoccerTeamtoWatch if YouLikeGoals teams make such a bold bet. The playbook for most Premier League newcomers is to keep things con- Leeds games have featured more scoring than those involving any other Premier League club servative and scrape together results where they can. Over the past decade, more than Leeds players, above, celebrate a goal play. Really entertaining.” a third of promoted clubs during a recent match. Left, Leeds It’s no coincidence that Leeds have been booted back into manager Marcelo Bielsa is one of the also leads the league in “nut- the second tier after a sin- sport’s great tactical influencers. megs”—dribbling past an oppo- gle season. nent by prodding the ball through But Leeds’ return to the sition.” But at Leeds, the sessions their legs. big time after 16 years away are known simply as Murderball. “Marcelo has a clear philosophy was never going to unfold Set up as an 11-on-11 training of training, a clear philosophy of quietly. For one of the most match, the idea is for the players the game, and we don’t compro- fervently followed clubs in to go at the highest possible inten- mise with that,” Radrizzani said. England, recovering from sity without a moment to rest. Leeds’ progress under Bielsa hard times, the entire sea- There are no fouls, no corner could have come even quicker. son has doubled as citywide kicks, and no breaks. Coaches are Leeds finished the 2018-19 season catharsis. stationed around the field to third in the Championship, only to “Coming from [England’s throw the ball back into play the lose to Derby County in the semifi- second division], I think moment it goes out. “You can’t nal of the promotion playoffs. we’ve honored every single compare it with anything else,” “That was a tough one to digest,” game,” owner Andrea Harrison said. Radrizzani said. “But if I think Radrizzani said, referring to The result is that Leeds outruns about that moment now, I’m actu- England’s second tier. “It’s most opponents, pounces on more ally pleased that we didn’t get pro- better than what I expected loose balls than any team but Liv- moted that year. We could go and this year.” erpool and Leicester City, and become much more mature as a Leeds was once one of presses harder than anyone in the team.” England’s top clubs. It had reached Leeds. The club was relevant only Guardiola and Paris Saint-Ger- league, even in a season when ex- The aim beyond Premier League the Champions League semifinals to fans who could recall the old main’s Mauricio Pochettino among hausted teams everywhere are survival, which Leeds can guaran- as recently as 2001, before devas- days. his disciples. But he rarely lasts backing off. When they aren’t run- tee in the next couple of weeks, is tating financial mismanagement “I like to say that we’re very more than three years in any job, ning themselves into the ground, now to make up some of the undid its progress. Within seven well known to the dads and the due to falling out with ownership, Leeds players spend more time in ground it lost during those years years, Leeds had tumbled into the uncles,” said Radrizzani, who burning out his players, or a com- the classroom than any of their away. Leicester City, which went second tier, then the third, before bought the club in 2017, through bination of both. His stint in West peers. from promotion to champions of starting its recovery in 2010. his company Aser Ventures, having Yorkshire is already the longest And as if that weren’t enough, England in just two years, is the As it turned out, there couldn’t previously dealt in soccer TV he’s spent in any job in over a de- Bielsa insists that his team play model every promoted team wants be a worse time for a storied club rights. cade. with attacking verve. Nearly half to emulate. Short of that, Leeds to be outside the top tier. Leeds So when Leeds rejoined the “During the first year, nobody the team’s passing sequences end would settle for consolidating its had been tossed from the casino party, it became that much more knew quite what to expect,” Harri- up in the attacking third of the place in the top tier so that it can right before the slot machines important to offer something son said. “It can be very demand- field, a total exceeded only by the begin renovation on its stadium started spewing cash. Those 16 memorable. Having the Argentine ing playing here. It’s not for every- Manchester clubs and Liverpool, and reap the benefits of living in seasons in the wilderness coin- coaching guru Marcelo Bielsa sit- body.” according to Opta Sports. Arsenal the world’s most popular sports cided with the greatest interna- ting in the dugout—or on an up- Nothing was more stunning manager Mikel Arteta says that league. tional expansion in the history of turned bucket nearby—virtually than a training drill that Bielsa has Bielsa has made trips to Elland And as Leeds has already dis- English soccer. Television rights guaranteed it. carried with him, under different Road like a visit to the dentist. covered, it helps to deliver the payments went through the roof Bielsa, one of the sport’s great names, at every club since he “We are really lucky to have commodity fans want most. and untapped markets opened up tactical influencers, also happens started coaching in Argentina. At him in the Premier League,” Arteta “Whoever watches Leeds this around the planet. But as new fans to be one of its great eccentrics. Olympique Marseille, for instance, added. “He offers something dif- year,” Radrizzani said, “they never tuned in, they weren’t seeing He counts Manchester City’s Pep it had the innocuous name “Oppo- ferent, a very particular style of get bored.”

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THE WALL STREET JOURNAL. ** Thursday, March 4, 2021 | A17 OPINION Trumpism According to Trump BOOKSHELF | By Naomi Schaefer Riley

Beforethe notion, expand- Mr.Trump was Learning study of his- able into what- right to say tory in the ever one’spoli- Trumpism “issim- United States tics require. ple.” But some- became a Spacelimita- thing else isn’t so Outside Class branch of fic- tionsprevent a simple,and likely WONDER tion, most full description of never will be. LAND schoolchil- what Democrats There’sthe little How Schools Really Matter dren encoun- and the media matterofthe GOP By Daniel

teredLouis think Trumpism GES SunKing. By Douglas B. Downey Henninger XIV of is.Basically,it’s IMA Mr.Trump’s (Chicago, 165 pages, $16) France, an ab- the evil empire, a firstterm ended in solutemonarch who regarded mortal threat to chaos—the elec- he hyper-specialization of the academyhas had

the statehegoverned and democracy, truth BRIDGEMAN tion challenges,an some unfortunateeffects. Among much else,ithas Ingres’s painting of France’s Louix XIV, who declared: T himself as inseparable,oras and justice. invasion of the led professorstospend toomuch energy addressing he unforgettably put it: On the right, ‘L’état, c’est moi’.” Capitol, asecond debates internal to their discipline and toolittle to areas “L’état, c’est moi.” Which Trumpism is usu- impeachmentand they see as lying outside their area of expertise.Both bringsustoDonald Trump’s ally seen as some version of a and taking care of our vets.” Republicans carving each effects—along with an effort to addressimportant questions weekend speech at the Con- populism associated with “Webelieveinpatriotic other up over intraparty re- about educational differences—are on display in Douglas B. servativePolitical Action myriad grievances—the es- education and strongly op- criminations.All of which Downey’s “How Schools Really Matter: Why Our Assump- Conference. tablishment, the swamp,impose theradical indoctrina- raises apertinent question: Is tion About Schools and Inequality Is Mostly Wrong.” Despiterecent Democratic migration,globalism—basi- tion of America’syouth.” Trumpism separable from Mr. Downey, a professor of sociology at Ohio State invocations of athreatened cally opposition to another “Weaffirm that the Consti- Donald Trump? Or does Mr. University, begins with a compelling observation: Gaps in coup d’état, we will perch on evilempire. Letusnot ignore tution means exactly what it Trump believe, likeLouis XIV, achievement between advantaged and disadvantaged kids alimb to saythereisno that both leftand right use says,aswritten.” “Trumpism—c’est moi”? can be traced mostly to the time when children are not in Trumpism as imagined by “Webelieveinstanding up In one of his off-script ru- school—to home, habits, neighborhood, culture. And the their followers to extract mil- to China, shutting down out- minations,Mr. Trump said gaps begin to appear well ahead of school itself. By mea- Many of the ideas lions in online donations. sourcing,bringing back our something resembling self- suring student performance seasonally, we see that an But American politics isn’t factories and supply chains, awareness. He suggested that inequality of outcomes—in school and in later life—is evident described in the CPAC “StarWars” yet. Eventually andensuring that America whatever policyhefavored— before children start school and that schools, on average, speech came from anyserious politics must notChina dominates the fu- specifically building the bor- simply keep students on the trajectory they were on before. translateintodiscretepublic tureofthe world.” der wall—his opposition As Mr. Downey puts it: “Much Ronald Reagan. policies,which is whyitwas These,hesaid, “are the would reflexively oppose it. I of the ‘action’ of inequality useful to hear Mr.Trump ex- convictions that define our thinkthis canberegarded as therefore occurs very early in plicitly associateTrumpism movement todayand must ageneral theoryofTrump life.” That schools themselves chancethat Mr.Trump could at CPAC with aset of identifi- define the Republican Party politics.And unfortunately areamajor driver of inequality impose an absolutemonarchy able ideas.Inhis words, this in theyearsahead.” forhis 2020 election result, is the “mostly wrong” assump- on the U.S. Louis XIV,who is what Donald Trump says Therewereother elements, toomanyvoterswho liked tion in the book’s title. predated term limits(not Trumpism means: such as breaking up Big Tech 75%ofTrumpism concluded It’s not hard to see the logic counting the guillotining of “What it means is great and election reforms,but this that their political beliefs of this claim. It feels almost his successor Louis XVI),was trade deals.” wasthe core of it. Takenat could be separated, forone common-sensical. If you asked, king of Francefor 72 years. “It means lowtaxes and facevalue,the items on this election, from Mr.Trump say, a middle-class mother to Mr.Trump’saspirations can eliminating job killing regula- list should be the building himself. imagine a child born into extend amerefour years. tions,Trumpism.” blocks of adebateabout the Apossibility to consider poverty and brought up by a Still, at some point in Mr. “It means strong borders, futureofthe Republican Party is that Mr.Trump’sinsis- single mother—and living in a Trump’s90-minutespeech, but people coming intoour and itscandidates.Most of tencethat he is the personi- dangerous neighborhood around Louis the Great came to mind. countrybased on asystemof it—lowtaxes,regulatoryrelief, fication of Trumpism maybe people who never finished It occurred during what I merit.” arobust military, constitu- an impediment to achieving school and who may abuse drugs thought were the most in- “It means no riotsinthe tional originalism, the Second Trumpism’s goals.Ron De- or alcohol—and then asked her where to assign the blame triguing passages in the streets. It means lawenforce- Amendment—is identifiable Santis, Nikki Haley, Tom forthe child’slow achievement, she probably wouldn’t speech, when the former ment.” with RonaldReagan. Cotton, Kristi Noem and start by blaming schools. president offered his defini- “It means very strong pro- Reagan was more open to Marco Rubio areall in their But in the academy, unequal schools are routinely tion of “Trumpism.” tection forthe Second the world than Mr.Trump, 40s.Tim Scottand Mike singled out for blame. Indeed, it took Mr. Downey a long “Manypeople have asked Amendment and the right to and tariffs,bordersand neo- Pompeo are50-something. time to believe the findings of his own research (and the what is Trumpism,” Mr. keep and bear arms.” autarkyare issues that de- Knocking 20 yearsoff the common-sense conclusions they point to). During his Trump said, noting in aspurt “It means support forthe servedebate. Phil Gramm and ageofpresidential candi- graduate study, he says, “I was exposed to a wide rangeof of modesty that it is aterm “I forgottenmen and women PatToomey made acogent ar- dates wouldn’t be the worst studies demonstrating howkids from wealthyfamilies enjoy didn’t come up with.” who have been takenadvan- gument in these pages thing that could happen to much betterschools than those from poorer families.” He It’struethat “Trumpism” tage of forsomanyyears.” Wednesdaythat Mr.Trump’s America’spolitics. cites works like Jonathan Kozol’s “Savage Inequalities” haslargely been amade-up “It means astrong military tariffs in fact retarded growth. Write [email protected]. (1991), which “describes the unequal resources across schools serving advantaged and disadvantaged children.” Theassumption within Mr.Downey’s discipline wasthat “advantagedchildren were taught by betterteachersand Trump’s Appeal Rings Hollow at CPAC enjoyednewercurriculums,moreabundant extracurriculars and safer school environments.” He explains that both the By Karl Rove but it growsstale. representatives and seven Re- Trump’slawyers“failed” to academic literatureand his own“gut” told him that “school Mr.Trump also claimed his publican senatorswho voted provide“credible and relevant quality matters agreat deal,that advantaged children enjoy onald Trump’s Conser- “endorsement is the most to impeach or convict him. The evidence.” much betterschools than disadvantaged children, and that D vativePolitical Action powerful asset in politics,” effect wasjarring. TheThirdU.S.Circuit Court all of this explained an important part of inequality.” Conferencespeech in crowing that “because of my Mr.Trump followedupwith of Appeals upheld lower-court Therewerealot of bad ideas built intoMr. Downey’s Orlando,Fla., Sundaystarted efforts...wehad hugegains an extended rant, claiming decisions in Pennsylvania that training,ashenow acknowledges.The firstisthat money with abang—“Do youmissme in the House,and Ihelped “this election wasriggedand Team Trump didn’t provide drives school quality.Inthe Camden City School District in yet?”—causing the audienceto keep manysenatorsintheir the Supreme Court and other “specific allegations and then NewJersey,for instance, per-pupil spending wasover$28,000 explode in cheers. Afterafew seats.” This is somewhat true courtsdidn’t want to do any- proof.” In Wisconsin, ajudge during the 2017-18 school year—about 30% higher than the pleasantries,Mr. Trump deliv- of November’s 10 most com- thing about it.” Instead, they ruled that “onthe meritsof state’saverage—and only 8% of itsstudentsachieved ered big news: “I am not start- petitiveU.S.Senateraces.Suc- “used process and lack of plaintiff’s claims,” Trump’s proficiencyinmath and14% in reading.The idea that “newer ing anew party.” cessfulRepublican candidates standing” to avoid the contro- team “has not proved that de- curriculums” canfix such underperformanceruns counter to Mr.Trump then began a40- ranahead of Mr.Trump’sper- versy. That’sdeeply mislead- fendantsviolated his rights.” experience. If anything,the “newmath” and“whole language” minuteassault on the Biden centageand woninthree con- Thestate Supreme Court con- approaches have made learning fundamental skills harder, administration, emphasizing tests—Alaska, Maine and curred, saying his challenge not easier.When only 14%ofyour kids canread at grade immigration. He followedwith Texas.Fivewho ranbehind Only 68% of a crowd was“meritlessonits face.” level, it’sasign that they need to learn, not that they need 15 minutes describing the Re- himstill managed to win, in Perhaps the CPAC poll re- to “learn howtolearn,” acurrent fad in schooling. publican Party as amovement Iowa,Kansas,Kentucky, Mon- of his fervent backers sultsare amanifestation of “that defends the social, eco- tana and North Carolina. want him to seek growing skepticism about Mr. Areschools theprincipal driverofinequality, nomicand cultural interests In House races, however, another term in 2024. Trump’sviability.Supporters andvalues of working Ameri- the ex-president’scoattails want him to offer aforward- in theclassroom and in laterlife? If not, we need canfamilies of everyrace, were shorter: 181 of the 213 looking vision, but he won’t. color and creed.” He defined winning Republicans ranahead Some view his declarations of to redirectour efforts to close achievement gaps. what he called “Trumpism” by of him, including eight in the ing.Judges in all six contested civil waronRepublicans as itemizing successes in trade, 14 closest racesthat gavethe states found the Trump law- counterproductiveand claims deregulation, border security, GOP itspickups. yers didn’t producesufficient of political powerhollow. And Mr.Downey concedes that “a handful of schools” do a lawenforcement, gunrights, This pattern wasreflected evidence. his repeated cries of stolen “better-than-expected job with disadvantaged children—real the economyand defense. further down the ballot, where TheArizona Supreme Court elections arecausing some high-flying schools.” He cites the Harlem Children’sZone Yet even all this wasn’t manystate legislativecandi- said the Trump campaign supporterstoabandon politics and the nationwide KnowledgeIsPowerProgram (aka the enough formanyCPACattend- dates ranahead of Mr.Trump. didn’t present “any evidenceof altogether and otherstodoubt KIPP schools network). He might have also cited NewYork’s ees.For while 97% ratedMr. All 83 winning GOP candidates ‘misconduct,’‘illegal votes’ ” his claims. Success Academy charter schools. But Mr. Downey says Trump favorably in astraw forthe Texas House received a while federal courtsinthe ElementsofMr. Trump’s that scaling up these models—which emphasizerigor and poll, only 68% wanted him to higher percentagethan Mr. statedismissed complaintsas speech were fine.But true to discipline of the sort oftenlacking outside of school and a runfor president again, and Trump in their districts. “largely basedonanonymous form, the former president did curriculum moresubstantivethan the kind offered in a 55% said they supported his These resultsreinforce that witnesses,hearsayand irrele- it his way.The speech’sdivi- typical school—is “unlikely to be the most efficient way to nomination in 2024. Mr.Trump’sdrawing poweris vant analysis.” sive,controversial and embit- reduceinequality.” But sincesuch programs overwhelmingly Whythe muted enthusiasm adouble-edged sword.Yes,he Georgia courtsheld the teredpartsdominated the cov- servepoor and minority children, one might think that their from acrowd of Mr.Trump’s received 11.2 million more Trump claims “rest on specu- erage. He might be pleased by core approach could indeed be scaled up efficiently: They most fervent fans? Theexpla- votesin2020 than in 2016— lation” and lack “factsorevi- that, but shouldn’t be.Republi- cost lessthan we arespending on traditional public schools. nation maybeinwhat the ex- but also helped turn out 15.4 dence.” cans shouldn’t be either. In search of a way to close the inequality gap, Mr. president said and didn’t say million moretooppose him, AMichigan judgecharac- Downey adopts an entirely different strategy. He argues in his 15-minutedefinition of losing by 7. 1million. terized the claims “ashear- Mr. Rove helped organize that we need to make poor kids less poor by giving their Trumpism.Therewas no for- Further,after urging Repub- say” whileafederal judgein the political-action committee parentsmoremoney—“simply improving their lives ward-looking agenda, simply a lican unity to beat Democrats the WolverineState dismissed American Crossroads and is directly via cash transfers.” recitation of his greatest hits. in 2022, the former president them as “nothing but specula- author of “The Triumph of Wil- As his specialty demands, Mr. Downey has spent years People likefresh material. then spent five minutes urging tion and conjecture.” ANe- liam McKinley” (Simon & trying to separatecorrelation from causation when it comes Repetitionisuseful to apoint, the defeat of 10 Republican vada judgewrote that Mr. Schuster, 2015). to measuring the effectsofschooling on lifeoutcomes,but when it comes to income redistribution, he avoids even obvious questions. Here is one: When we gave more no- strings-attached welfare payments to poor families, was We Don’t Need Any Education child poverty higher or lower? (It was higher.) We should have learned from the Great Depression, Mr. By Mike Kerrigan mom would tune the radio to obtrusivewerethe clinical ob- On balance, Iamgrateful Downey says, that capitalism causes “too much inequality” arock station. If an ungram- jections,nodoubt the product forthese grammar lessons by and “a great deal of human misery”—and that vast wealth ymother,Donna Ker- matical song started playing, of her highly empirical mind. the dashboardlight that kept redistribution is the proper corrective. This is not an M rigan, wasaclassic- I’dsee her brow furrow in the She might point out that the time throughout my adoles- especially original idea. In fact, forbetterorworse,there rock fan, and so am I. rear-viewmirror,and know distancetothe topwas an ab- cence. They taught me to is already a lot of redistribution in the American economy. When Iwas in middle school, solutemeasurement, in no think and writeclearly,which Its effects on incentives and productivity, and on social she’dblast the radio in her way dependent on whether is helpful today. Thelegal structure, have been studied and debated fordecades. VolkswagenRabbit convert- My mother loved AC/DC wanted to rock ’n’ roll. documentsIdraft don’t have Arethere any downsides to the approach Mr. Downey ible,making her,atfirst Theworst by far were her to thrill astadium, but they recommends? He doesn’t ask. glance, averycool mom of rock ’n’ roll, but she straight-up voiceovers. Here, do need to be precise. Ahint of adownside appearsinadvertently.Mr. Downey the mid-1980s. loved good grammar the poetic brillianceof My teenagechildren love mentions the Moynihan Report, from 1965,onthe Into her late30s,she col- Messrs. Diddley and Dylan classicrock too, but Ipro- breakdown of the black family.Henotes that the backlash laboratedwith some of the even more ardently. notwithstanding,mom would vide no commentaryorcor- against the report is one reason scholarsdon’t talk about world’sgreat songwriters, not sing,“Whom do youlove,” rection while driving them to the fact that “some family conditions arebetterfor children that they were aware.She and—particularly painful to and fro. Even so,when than others.” But he doesn’t wonder whysingle motherhood loved rock ’n’ roll, but she awkwardnesswas,asJohn recall—“Lie lady lie.” Inartful? Lynyrd Skynyrdadmonishes, became moreprevalent during the 1970s and ’80s.Nor does loved grammar even morear- Fogerty put it, up around the Sure,but to my mother it was “Don’t ask me no questions,” he ask whether cash transfersinwhich the government dently.This made the musical bend. preferable to eschewing the Ithink of mom and the unin- replaced fathershad anything to do it. In the serviceof carrides decidedly lesscool. Sometimes it took the form objectivecase or using atran- tended consequenceofa correctly showing the wrongheadednessofone assumption, Journeyshome from soccer of gratuitous commentary, sitiveverb improperly.Inher double-negative. about schools and inequality,Mr. Downey offersanother. practicewereparticularly liketelling Sting that if he mental audiencetherewere perilous.I’d be in the back loves somebody,heshould set only two listenerswho mat- Mr. Kerrigan is an attorney Ms. Riley is a resident fellow at the American Enterprise seat with ateammate, and her—not “them”—free.More tered: Strunk and White. in Charlotte, N.C. Institute. P2JW063000-0-A01800-1------XA

A18 | Thursday, March 4, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Rare Truths About China’s Rare Earths Attacking For-Profit CollegesHelps Nobody

ooks likeit’stime foranother panic environmentally destructive. Your editorial “A Poison Pill for the educational opportunities of about rare-earth elements. Newfearsare This explains whythe West wasn’t willing be- For-ProfitColleges” (Feb.26) exposes those who have sacrificed forour L surfacing that Beijing could use itsdomi- fore nowtodevelop more of itsown mining and the truth about the Democrats’ educa- countryiswrong. tional agenda—expand federal inter- Instead of pushing their Speaker nanceofthe production of processing capacity.Beijing’s Environmentalists vention at the expense of students NancyPelosi pay-off bill, Democrats these vital minerals to throttle 2010 feud with Japan probably and taxpayers. should work to reform our postsec- the global economy. As usual, and markets can end waslessabout grand strategy Thefederal government should not ondaryeducation system so all stu- the truth is morecomplexand than trying forenvironmental be in the businessofpicking winners dentsare equipped with the skills they less favorable for Beijing. Beijing’s monopoly. reasons to rein in out-of-control and losers, yetthe Democrats’ $1.9 need forlifelong success.With a Rare earths,which aremet- wildcat minersinChina. trillion reconciliation bill places fi- growing skills gapinour country, this als toward the bottom of the It appearstohavefailed. nancial restrictions on for-profit col- is moreimportant than ever. periodic table,are crucial to manyemerging Despiteatleast one subsequent attempt to con- leges that do not apply to nonprofit REP. VIRGINIA FOXX(R., N.C.) technologies. Their magnetic properties make solidatethe industry, Beijing minister Xiao Yaq- and public schools.Asyou correctly Washington them indispensable forsmartphones,wind turing complained Mondaythat domestic oversup- point out, government overreach has Ms. Foxx is the ranking member on bines,electric vehicles,nuclear submarines and ply of some rare-earths is driving prices toofar limited educational freedom and neg- the House Committee on Education atively impacted veterans’ learning and Labor. other things. Some 80% of global output of pro- down: “Our rare earths did not sell at the ‘rare’ opportunities. cessed rare earths are produced in China. price but sold at the ‘earth’ price.” During the Education and Labor I’m asemiretired defense contrac- Publicly the Communist Party acts like this Beijing is also increasing some output quotas Committee’smarkup of the Demo- tor. My wifeisaretired government market dominanceputsitinthe economic cat- on rare earths to support domestic high-tech crats’ budget reconciliation scheme,I auditor.Iasked her whynonprofit birdseat. One recent report suggested officials manufacturing.Meanwhile,China is becoming offered acompromise amendment to federally funded research and devel- are studying how much damage Beijing could an importer of some raw materials, especially removefederal militaryand veterans’ opment companies likeMitreCorp. do by cutting off rare-earths forthe West’sF-35 from Burma. This confusion—one hand boosts education benefitsfromthe 90/10 and the AerospaceCorp.had the nic- fighter program. In 2010 it threatened to ban production and imports while the other com- rule.CommitteeDemocratsvoted est offices and their employees had rare-earth exportstoJapan following aterrito- plains prices are too low—belies claims that a against the proposal. So much forbi- the nicest cars,and she simply said: rial dispute. coherent industrial policy is in operation. partisanship. “It is because at the end of the year Increasing educational opportuni- they have to eat all the profits.” How Then there’srare-earth reality.China’sshare iii ties and supporting veterans should is this anydifferent than comparing of global production, while still high, is already All of this canbegood news if Western coun- not be apartisan issue.Society flour- for-profit and nonprofit colleges? At on the wane; it was above 95% as recently as tries trust markets, which worked afterChina’s ishes when itsmemberscan develop some point we need to come to the 2010. Despite the name, rare earths are abun- threats against Japan in 2010. Production in- in an environment that works best for realization that nonprofit colleges re- dant acrossthe globe.Driven in part by Beijing’s creased. But Western subsidies also artificially their unique needs and strengths. ally arebusinesses. metallurgical saber-rattling,countries such as boost demand for green tech and thus for rare Forcing studentsintoaone-size-fits- CHRIS SOBOLEWSKI Australia and the U.S. have ramped up mining earths. And the U.S. and other countries have all learning environment and limiting Collegeville, Pa. and processing.Investment is underway on new made mining forrareearths difficult and costly recycling techniques. due to environmental rules. This capacity already undermines China’s Reduced Chinesesupply—if it happens—will supposed threat to foreign militaries. Defense forceWestern policymakersand voters to face WhereIs‘Qualified’ in Nasdaq’sDiversity? applications in the West areaverysmall portion the trade-off between the carbon benefitsof In “Nasdaq Amends ItsDiversity morediverse boards,that would be of totalrare-earth consumption. TheTrump Ad- wind energy or electric vehicles and the envi- Plan” (op-ed, March 1), Nasdaq Presi- market driven. ministration studied the possibility of stockpil- ronmental costsassociated with manufacturing dent and CEO Adena T. Friedman de- DANA R. HERMANSON ing in case of aChinese supply disruption. While thosetechnologies.IfWestern mining drives up scribes Nasdaq’sboardroom diversity Marietta, Ga. that plan has yet to get off the ground, the U.S. rare-earth costsbyfully accounting forenviron- proposal submittedtothe Securities and allies likely could meet their militaryrare- mental effects, that would be an important price and ExchangeCommission as a“mar- As corporations fall over them- earth needs outside China in short order in case signal. TheBiden Administration and Congress ket-driven solution—rather than gov- selves trying to getonthe diversity of an embargo. could help by telling the truth about this trade- ernment intervention.” Whatever you bandwagon, they seemingly admit to That stillleavesother industries exposed offand reducing the burdens on mining critical think of Nasdaq’sproposal, calling it the public that directorsdon’t do all to Beijing’sgamesmanship.But Beijing’s minerals. “market driven” seems to be ahuge that much, and serving on aboard threatened export controls,now and in the Market signals have stimulated significant stretch. doesn’t requireall that much. Frankly, Nasdaq’sproposal, if approved, Iagree with them. It isn’t that there past,havelesstodowith strategic consider- rare-earth investment and innovation in the will cause some listed companies to aren’t qualified membersofminority ationsthan with other problems—some of West over the past decade.They remain the alter their boards not based on com- groups,it’sjust that the word “quali- which should concern the West too. Abig one West’sbest defense against Chinese mineral mercial or market considerations,but fied’ is missing.This absencedegrades is that rare-earth mining and processing are mercantilism now. on the newNasdaq guidelines ap- those already in those positions,and proved by agovernment agency. I those who might getthose positions don’t see anything market driven in the future. Perhaps “qualified’ was Teachers Union Privilege about this.Ifcompanies realizethe never arequirement anyway. commercial advantages of boardroom LEE HOFFMAN arentsacrossAmericaare getting an classrooms, but now it wants to make remote diversity and then voluntarily pursue Lakewood Ranch, Fla. education in howteachersunions work learning the new normal. P to advancetheir owninterests, not Poor black and Hispanic kids have been those of children. Another example this week harmed most by school closures. It’s hard get- The Coming Bailout of State Pension Plans comes from the United TeachersLos Angeles ting six-year-olds to payattention on Zoom In “Prelude to a State Pension Bail- benefit pension and are left to them- (UTLA), which denounced the state’spush to even with aparent helping to keep them fo- out” (op-ed, March 1), Andrew C. selves to fund IRAs or 401(k)s to sup- reopen schools as “a recipe forpropagating cused. But most low-income parentswork out- Biggs is doubtless right that the com- plement Social Security in retirement. structural racism.” side their home,and manydon’t speak English. ing bailout of hopelessly insolvent A return on their investment isn’t California Gov.Gavin Newsom and Democratic Yet UTLA claims that teachers with the privi- multiemployer pension plans will lead guaranteed. If the investments per- legislativeleadersonMondaylaid out areopen- lege of working from home every day are vic- to further bailouts of other broke form poorly, they may have a less ing plan that dangles $2 billion in grantsto tims of systemic racism. pension plans. These will be justified comfortable lifestyle in retirement. schools that open beforeApril 1. Mr.Newsom had “Weare being unfairly targeted by people with the argument that the pensions They have a personal responsibility already prioritized teachersalongside seniors who arenot experiencing this disease in the were “promised”—but by whom? for the choices they make. They weren’t promised by the taxpay- Taxpayers fund public-sector pen- over age65for vaccines and allocated 10% of the same waysasstudentsand families areinour ers, only by the defaulting plans and sions and that is where it should end. supply foreducation workers. So a27-year-old communities.Ifthis wasarich person’sdis- a government insurance program that Start freezing pensions and reducing teacher who lives with her 60-year-old parents ease,wewould’veseen averydifferent re- is itself insolvent. How very clever it benefits to keep them solvent and fire will be inoculated beforethey are. sponse.Wewould not have the high ratesofin- was to set up the Pension Benefit any bad benefits managers for mis- This isn’t fair,especially sinceunions arestill fections and deaths,” said UTLA President Guaranty Corporation and promise it management. There will be cater- refusing to return to classrooms.UTLA says Cecily Myart-Cruz Monday. She added that the would never call on the taxpayers: wauling in state legislatures, but mas- schools shouldn’t reopen until all teachersand impetus to reopen schools is being driven by This very same illusion created Fan- sive taxpayer-funded bailouts staff have been able to getboth shotsofthe vac- white, wealthyparents. nie Mae and Freddie Mac and their shouldn’t be necessary if serious re- cine.Does the union plan to go on strikeifthey Uh,no. Wealthy, whiteparentssend their subsequent bailout. The multiem- forms are made to public pensions. areoffered asingle dose of the Johnson &John- children to privateschools that mostly opened ployer pension plans are deeply in Politicians who fail to adequately son vaccine instead of adouble dose of the Pfizer last fall. Or they pay for tutoring. Or they live need of structural reform, and so are fund the pensions they agree to are many public-employee pension plans, seldom held accountable forpoor de- and Moderna shots? Don’t be surprised. in tony suburbs where schools are open. and so is the PBGC. If indeed, as Mr. cision-making because they know UTLA’s collective-bargaining agreement last ProgressiveDemocratsinCalifornia arethe Biggs argues, the political urge to bail they will be long gone from office spring said teacherscouldn’t be forced to pro- ones pushing for schools in LA and other big them out is irresistible, the opportu- and the taxpayers will payfor their vide live video instruction or teach more than cities to reopen. They worryabout low-income nity for reform thereby created mistakes. four hoursonaverage per day. Theunion finally children falling ever further behind as wealthier should not be missed. The unques- TIM HEALEY agreed in the fall to teach using Zoom or an- kids advance. Theself-serving standardof tionable governing principle must be St. Louis othervirtual platform to avoid returning to union first, students last is on display again. that bailouts require reform: No reform, no bailout. At this point, what is another $4.2 ALEX J. POLLOCK trillion? R Street Institute ED PAULIS JR. The Culture Wars Are Coming to the SEC Washington Timonium, Md.

ow should Americans managetheir dif- ments, even when theinformation is “financially Pension freezes or benefit reduc- ferences on heated political issues like insignificant.” tions? That is the question. The an- Lancet: Focus on Getting H climatechange, campaign finance, race Mr.Toomey asked about political contribu- swer should not be a taxpayer bail- Your Medical Articles Right and gender? Our old-fashioned tions,with the example of Ap- out. An ever-growing majority of the viewisthat the healthiest way Biden’s top securities ple using atinyfraction of its workforce doesn’t have a defined- Regarding a Feb. 10 report by the is through democratic debate regulator signals he’ll revenue forpolitical advocacy. Lancet cited in the Feb. 19 Notable & and deliberation. Is that the businessofthe SEC? Quotable: Perhaps the Lancet should But the newfavored ap- wade into social policy. Mr.Gensler said yes—“last Long Ago, TV Used to Be a spend more time on verifying the in- proach is acombination of bu- year’s proxyseason Ithink Unifying Factor in the U.S. tegrity of its data (Covid-19 studies reaucratic rule-making and shares with us that manyin- retracted June 2020, the 1998 autism/ In “The Most Popular Shows vaccine study retracted 2010) rather opaque decisions by activist investorsand big cor- vestors, well over 40% of investorsinthose You’veNever Seen” (op-ed,Feb.22) than publishing harsh and question- porations,sovotersdon’t have asay.President Bi- proxyvotes,actually think that would be mate- about the evolution of TV,Peter able political opinions masked in the den’snominee to lead the Securities and Exchange rial to getsuch information.” Funt observes that the nation lost name of “public policy and health.” Commission signaled this week that rather than Mr.Gensler’s standardsuggeststhat if alarge something precious when the vol- WILLIAM E. COCIMANO buck this corrosivetrend, he’ll lean intoit. number of activist investorswant to knowcertain ume of content exploded and view- Virginia Beach, Va. At Tuesday’sconfirmation hearing,Sen. Pat information forpolitical reasons—even if the in- erscould watchatatime of their Toomey pressed GaryGensler on the scope of formation has no bearing on afirm’sbalance choosing.Heput it succinctly: “TV the SEC’sauthority to regulatepolitics.Let’ssay sheet or businessrisks—then the SEC maycom- is no longer America’sgreat com- Pepper ... “a publicly-traded companyspends afinancially pel firms to disclose it. Progressivefinancetitans mon denominator.” And Salt insignificant amount of money on, let’ssay,elec- likeLarryFink would have an ally in the SEC, Thereisanimportant lesson tricity,” Mr.Toomey proposed. “Is it material which would turn intoapolitical as well as securi- herefor those who would forcedi- THE WALL STREET JOURNAL versity on society.Common experi- whether that electricity came from renewable ties regulator as it collectsinformation about ev- ences arethe glue that binds soci- sourcesornot?” eryU.S.firm’sgreen-energy mix,political affilia- ety together.Our lives canbe Mr.Gensler resisted answering,saying “it tions,orracial and gender composition. enriched by engaging with people maynot be material or it maybematerial.” This On that front, one of the firsttestswill be with different backgrounds,but isn’t reassuring.The concept of materiality is Nasdaq’seffort to impose corporateboardman- thereisnocommon denominator if crucial to securities regulation because it de- dates based on race,gender and sexual orienta- everyone has adifferent back- fines the transparencyrequired forinvestorsto tion, which the SEC must approve. Mr.Gensler ground. Common ground should be makeprudent decisions.The SEC is supposed to didn’t addressthe Nasdaq proposal directly but allowedtoevolve. protect investorsfromfraud by making sure seemed to viewitfavorably. PHILIP NEAL they have access to accurateinformation about If SEC regulatoryresourcesare diverted to Colorado Springs, Colo. afirm’sperformance. social policy, it won’t merely detract from itstra- Lettersintended forpublication should But progressives want to use the agency’s ditional function of protecting ordinaryinves- be emailed to [email protected]. Please watchdog responsibilities as aguise to bend fi- tors.Itwill undermine Americans’ faith in self- include your city, state and telephone nanceinserviceofunrelated political goals,like government, as policyresultsare imposed by number.All letters aresubject to climate. Mr.Gensler seemed to reservethe right financial managersand federal regulatorsrather editing,and unpublished letters cannot be acknowledged. to impose such politicized disclosurerequire- than elected officials. “Uh, oh. Step one—smelting the ore.” P2JW063000-4-A01900-1------XA

THE WALL STREET JOURNAL. **** Thursday, March 4, 2021 | A19 OPINION Hong Kong Pelosi’s Latest Partisan Commission Is No Longer By Peter J. Wallison be interviewed about what. We seldom learned what had been said. What It Was es,historyrepeatsitself, From what we saw in the few inter- especially when it is made view summaries we got, witnesses by the same person, for were never put under oath, their By Edwin J. Feulner Y the same reason, and with knowledge of the matters on which the same vehicle.Unlike they testified wasnever questioned, ong Kong sat atop the Heri- the9/11 Commission, which was and no membersofthe staff were H tage Foundation’sannual In- praised forits bipartisanship,House charged with any form of cross-ex- dexofEconomic Freedom for Speaker NancyPelosi’s proposed amination to establish their veracity. 25 years. When the 27th edition of commission to review the Jan. 6 at- Yetmanystatementsbythese wit- the indexisreleased Thursday, Hong tack on the Capitol will mirror the GES nesses appeared in the commission’s Kong won’t be found. unbalanced Financial Crisis Inquiry IMA final report in support of itsfind-

In explaining the decision to re- Commission she set up afterthe ETTY ings, without the contextinwhich moveHong Kong (and Macau) from 2008 financial crisis,and will be a /G they were made. DIS

the index, the editorsnoted that failure for the same reasons. PO Democratsand their supportersin

while both special administrativere- In the election following the finan- TO the presshaveinsisted that the rea- KA

gions “offer their citizens moreeco- cial crisis,the Democratswon over- S sons forthe attack on the Capitol are SO

nomic freedom than is available to whelming control of Congressand TA clear and that thereisnoneed for the averagecitizen of China ...de- the WhiteHouse.President Obama’s balanceinstudying it. These argu- velopmentsinrecent yearshave chief of staff,Rahm Emanuel,said Democratsand four Republicans. honest inquirybut to makethe case mentsecho what we heardbefore demonstrated unambiguously that that “you never let aserious crisis go That would assurethat the commis- for more regulation. the Financial Crisis InquiryCommis- those policies areultimately con- to waste,” and manyonthe leftreal- sion would placethe blame forthe In the initial meetings, it was sion wasformed, and it performed trolledfromBeijing.” ized this wasanopportunity to in- financial crisis on insufficient regu- clear that wasaforegone conclusion. exactly as skeptics expected. The crease regulation and government lation and not interfere with the en- Therole of government housing pol- Dodd-Frank Act has never had signif- control of the financial system. There actment of legislation—later called icy, or Fannie Mae and Freddie Mac, icant support of Republicans,pri- Onceabeaconoffreedom, wasatleast one other plausible cause theDodd-Frank Act of 2010—that wouldn’t be,and wasn’t, seriously marily because they correctly be- forthe crisis: government housing the speaker and other Democratic considered. That Fannie and Freddie lieved that the FCIC failed to thecityhas become just policies,pursued by the government- lawmakers had in mind. arestill aliveand dominating the produce a fair or credible report. another Chinese backed corporations Fannie Mae and housing marketsisample testimony Thereare no doubt manydis- commercial center. Freddie Mac and strongly supported to the success of the Democratic agreementsbetween Democratsand by congressional Democrats. By 2008 After Jan. 6, she follows strategy. Republicans about the eventsofJan. these trillion-dollar institutions were Thecommission’schairman, a 6, but the purpose of studying such bankrupt and had fostered the cre- her financial-crisis script, Democratic former California trea- events is to find the factsand put Indeed, the lossofpolitical free- ation of amassivehousing bubble creating a panel to reach surer,ran the show, appointed virtu- them before the American people— dom and autonomysuffered by consisting of at least 31 million sub- ally all the staff,and told us what the ultimate decision-makers about Hong Kong over the past two years prime and other riskymortgages a foregone conclusion. subjectswewould study and what political matters.IfAmericans can’t has made that city almost indistin- worth $5.3 trillion. It seemed reason- our public and privatehearings agree that the commission is fair— guishable in manyrespectsfrom able to suppose that when the bubble would be about. Therewerefew if that it is pursuing truth rather than other major Chinese commercial collapsed, the failureofthese mort- Iwas amember of the commis- anyvotes.The executivedirector he political advantage—its report, like centerslikeShanghai and Beijing. gageshad brought the whole finan- sion,one of the four Republicans, appointed wasasenior staff member the Financial Crisis InquiryCommis- Over the past five decades,Ihave cial system down. andhaveoften been asked whyits at theFederal Reserve, one of the sion’s, will be worsethan worthless. visited Hong Kong countlesstimes. Yetifthe speaker’s study had con- report didn’t discussinany detail agencies responsible for regulating Thecity has always been aspecial cluded that the financial crisis was the other possible causes of the cri- thefinancial institutions that had Mr. Wallison is asenior fellow place, almost magical in itsopen- caused, even in part, by those sub- sis,particularly the role of Fannie gotten into financial trouble. emeritus at the American Enterprise ness—a bustling marketplaceuniting prime mortgages,that would have Mae and Freddie Mac and their reck- Thestaff carried out morethan Institute and author of “Hidden in two worlds.Its dramatic physical lo- weakened support for more regula- lessmortgagepolicies.Itwas be- 700 interviews, but commissioners Plain Sight: What Really Caused the cation setsitapart from the main- tion of the financial system. So the cause the commission wasunbal- were never told when and where World’s Worst Financial Crisis, and land, and allowedittodevelop as an commission wasset up with six anced, set up not to conduct an they were to be held or who would Why It Could Happen Again.” Asian outpost of Western values. In truth, however, China’sassimi- lation of Hong Kong started long beforethe handover of formal con- Only Netanyahu Can Go to Nazareth trol from London to Beijing.Hong Kong’svalue wasalways as ablend By Shahar Azani nomenon is biggerthan Mr.Netan- quarters.Mansour Abbas is head of forprime minister.Evenwith four of East and West, and itsties to the yahu and the coming election. Ra’am, an Arab Israeli political party, seats, the minimum, Ra’am’ssupport mainland and to the United King- hen Prime Minister Benja- Yoseph Haddad is aprominent and asenior member of the Islamic afterthe election could push Mr.Ne- domwereequally important to its W min Netanyahu infamously Arab Israeli activist. He is chief exec- Movement in Israel’s southern tanyahu’sbloc over the top. prosperity. warned his supportersonIs- utiveofTogether—Vouch forEach branch. But over the past year Mr. Howevercalculated, Mr.Netan- Now, however, itsties to Beijing rael’selection day, March 17,2015, Other,agroup founded in 2018 by Abbashas publicly and unabashedly yahu’soutreach to Arab Israelis areincreasingly forged in steel, and that “Arabvotersare coming out in young Arab Israelis to changeatti- worked in partnership with Mr.Ne- marks atectonic shiftinIsraeli poli- itsties to London—especially to tra- droves to the polls,” few would have tudes toward the Israeli state. Mr. tanyahu, to the shock and amazement tics—especially coming from the ditions of English common law, free- predicted that it would be he,six Haddad has been avocal critic of the of many. Ayman Odeh,the head of right. Foryears, relying on the dom of speech, and democracy— yearslater,who opens the door to a Joint Arab List, whose parties are the Joint List, denounced Mr.Abbas “Arabvote” to form an Israeli gov- have weakened significantly. newstage in Arab political participa- the political representatives of most and claimed the prime minister “was ernment has been unthinkable.As Iattended the handover cere- tion. But it’shappening.Inatwist of Arab Israelis.Heargues they’vebeen just using him.” recently as March 2020,when the monyonJune 30,1997.Myfear then fatebefitting aShakespearean plot, missing in action on the fights opposition to Mr.Netanyahu was wasthat Hong Kong might become Mr.Netanyahu could makeArabIs- againstcrime,violenceand the considering presenting an alterna- just anothermidsizeChinese city. raelis the newkingmakersofIsraeli Covid-19 pandemic.Healso chastises Will it be this prime tive government supported by the Sadly,that’sexactly what’shap- politics. them forvoting against Israel’s Joint Arab List, two center-right pened. In preparation forthe March 23 peacedeals with Gulf Arab states, minister, of all people, who membersthwarted the move. It was While Hong Kong has disap- general election, Mr.Netanyahu has which arepopular on Israel’sArab finally woos Arab Israelis asteptoo far.Ironically,itisnow peared from the index, the U.S. re- made several visitstoArabmunici- street. Polls anticipatethat the Joint their stubborn opponent who’s legit- mains,but itsprospectsare uncer- palities and neighborhoods,including List, which won15seatsinthe 2020 off the political sidelines? imizing that very move. tain. TheU.S.has this year one especially high-profile trip to elections,will win only around nine Mr.Netanyahu, oftenmaligned in recorded itslowest economic-free- Nazareth in January. Speaking along- in thenextparliament. Mr.Netan- international media as an extremist, dom scoreand ranking ever (20th side MayorAli Salem,the prime min- yahu’sLikud stands to gain afew of Mr.Abbas is unmoved. “Arabsoci- has already confounded critics by overall). Out-of-control federal ister greeted the crowd in Arabic, those lost seats. ety expectsustowork creatively to bringing about peacewith several of spending has reduced the U.S. fiscal promised “a newage of brother- Theparties that makeupthe Joint advanceits interests, and not remain Israel’sArabneighbors. Now, he is health scoretoonly 34.9out of 100, hood,” and used the opportunity to List have been adamant over the shut offbehind walls of outdated po- trying to pull off an even greater worsethan 150 other countries apologize—again—for his 2015 state- yearsintheir refusal to join anyZi- sitions,” he explained in aFebruary coup by wooing Arab Israelis off the graded in the index. ment, emphasizing that Arab citizens onist coalition government—a mar- interview. On Feb. 4, the die wascast. sidelines straight intovoting forhis Thecurrent political climatein “must have afull and equal part in Is- ginalizing stanceinaZionist state— TheJoint Arab List officially parted Likudparty,which is running cam- Washingtonprovides little hope for raeli society.” though in 2020 they did uncharac- wayswith Ra’am, which will runin- paignads in Arabic. improvement. Thepolicies being Arab Israelis have been coping in teristically recommend Blue and dependently in the coming election. Formorethan 70 years, Arab Is- pursued in response to the pan- the past few yearswith an alarming White’sBennyGantz forprime minis- Thepolls have Ra’amwobbling on raelis have been effectively absent demic,aswell as manyofthose rise in crime and toomanyincidents ter. Mr.Haddad stresses that Arab Is- the edgeofthe 3.25% threshold from national decision-making pro- aimed at the Biden administration’s of domestic violence. In Nazareth Mr. raelis areready to playamoresignif- needed to take seatsinparliament. If cesses.Now,they have achanceto stated priorities,threaten economic Netanyahu vowedhis government icant role and exert influencewithin the party makes it in, Mr.Abbas could become powerbrokers and anoint the freedom and prosperity.The rush would invest moreinArabcommuni- the Israeli political arena, no longer playadecisiverole.One of the stated Jewish state’snextprime minister. toward government regulation ties,acknowledging “thereismuch content with squandering political reasons forthe breakup with the makes it likely that U.S. economic morewecan do to makeyou feel safe capital in perpetual opposition. Joint List wasRa’am’sdemand forthe Mr. Azani is aformer Israeli con- freedom scores will plummet in the and secureinyour neighborhoods, Evidence comes from surprising freedom to recommend acandidate sul for media affairs in New York. future. and be able to leave home without It’snaturalfor people to look to fear.” Threeweeks later,Mr. Netan- the government forhelp in times of yahu followeduphis rhetoric by re- uncertainty.Yet free people can’t pin leasing aplan to fight crime in Arab What I Learned From Vernon Jordan their hopes on agovernment solu- Israeli society.Part of it, including tion to everyproblem. Not if they theestablishment and expansion of By Paul A. Gigot gressman from New York. ing my Luce year in Hong Kong. expect to remain free.Economic five policestations and aspecial po- As anyone who met him knows, Yearslater,after Ireturned to the controls,environmental regulation, liceunit, wasapproved Monday. veryone has hingemoments Vernon Jordan wasacommanding U.S. to work in Washington, Isome- andBeijing-style centralized plan- If this sounds to youlikeanormal E that makeall the differencein physical presence. He stood 6- times crossed paths with Jordan, ning aren’t the answertoAmerica’s political appeal, you’reright. That is life, and one of mine came foot-4, had adeep,resonant voice, who wasabehind-the-scenes politi- challenges.Only areturn to free- what’ssoremarkable.Mr. Netanyahu with an assist and alesson from Ver- and looked youstraight in the eye calforce.He’dcall with an idea from market principles,and arecommit- has come along way from decrying non Jordan Jr.The civil-rightsleader when youspoke. He immediately time to time, and sometimes with a ment to individual liberty that lies Arab turnout to urging Arab Israelis and pragmatic liberal, who died brought up my work at National Re- rebuke. He once chewed me out for at theheart of the American way of to come out in droves to vote forhim. Mondayatage 85,playedanunlikely view, and we spent moreorlessthe a column on one of his friends that life, will getusout of the mess No doubt much of the shiftis role in promoting ayoung conserva- entirehalf hour debating Kemp,sup- he thought wasunfair,and in retro- we’rein. driven by political need. Recent polls tive journalist’s career. ply-sideeconomics,and the morality spect he wasprobably right. Another put the prime minister’s Likud Party In 1979 Iwas ajunior editor at of free marketsinproviding eco- time, when he was on the board of Mr. Feulner is founder and former and itsbloc of potential coalition National Reviewmagazine in New nomic opportunity. DowJones &Co. (the Journal’s presidentofthe Heritage Foundation partnersataround 58 or 59 seats, York.How junior? One of my jobs owner) and Iwas in my current job, and chairman of the Victims of Com- only afew away from amajority in wasanswering William F. Buckley he objected to an editorial on Fannie munism Memorial Foundation. the 120-seat Knesset. But the phe- Jr.’s mail. NR at the time wasawon- The famous civil-rights Mae and its then CEO, who was his derfulintellectual school, but I friend.Itold him he wasoverthe longed to see and understand more leader gave a young line,and he never mentioned it of the world. Ididn’t think Ihad conservative journalist a again. PUBLISHED SINCE 1889 BY DOWJONES&COMPANY standing to comment about matters Jordan oncefamously said that he Rupert Murdoch Robert Thomson I knew too little about. life-changing opportunity. wastoo old to let race interfere with Executive Chairman, News Corp Chief Executive Officer, News Corp So Iapplied forthe HenryLuce friendship.Hewas also toowise,and Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Foundation’s Luce Scholarsprogram, pragmatic,tolet political ideology Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: which at the time sent 15 young peo- What Irecall most, however, was interfere with friendship or mentor- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; ple to Asia forayear to work along what Jordan said at the end of our ing young people.Hequietly advised Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; the lines of their career interests. The time:“Ithink you’reayoung man countless men and women, regard- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; final vetting included 30-minutein- whocould benefit from this pro- lessofraceorpolitics,asthey navi- Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer terviews with each of five judges. gram, and I hope you will.” gatedcareersand sought to influ- Andrew Dowell, Asia; AnthonyGalloway, Video & One of them wasJordan, who wasal- Imade the Luce cut and pro- enceAmerica’spolitical and social Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; ready famous forhis civil-rightsad- ceeded to spend ayear based in debates. Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; vocacy and political prominence. Hong Kong working forthe FarEast- This week, as I’ve thought about Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; I’ll admit to being wary about my ern Economic Review, apan-regional our 1979 encounter,I’vewondered if Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News prospects. Though not as much as English languagemagazine that is ayoung conservativetodaywould Thomas SanFilippo, Customer Service; today, even then an out-of-the-closet no longer published. Iwas able to catch a similar break. Or would our GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; conservativewas acultural outsider travel forreporting in China, Tai- polarized times and censorious cul- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; in politics and journalism. At the wan, Malaysia, Singapore, Japan and turedenythat opportunity on either Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International time Iwas following the debateover more. Theexperiencechanged my the left or right? I wonder, but I’m WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: supply-side economics,which was life. Thenextyear Ijoined the Jour- grateful Imet Vernon Jordan in that LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head gaining influenceonthe political nal as areporter,which sent me New York hotel 42 years ago.

EDITORIAL AND CORPORATEHEADQUARTERS: right. Iwas drawninparticular to back to Asia two yearslater working 1211 Avenue of the Americas, New York, N.Y., 10036 the economic and moral arguments forSeth Lipsky, who wasthen for- Mr. Gigot is the Journal’s editorial Telephone 1-800-DOWJONES of Jack Kemp, ayoung GOP con- eign editor and whom Ihad met dur- page editor. P2JW063000-0-A02000-1------XA

A20 | Thursday, March 4, 2021 THE WALL STREET JOURNAL. P2JW063000-4-B00100-1------XA BUSITENECHNOLOGY: PASSRLER FILES NEW&FLAWSUIT AGAINSINT AMAZOANN B4 CE

S&P 3819.72 g 1.31% S&P FIN À 0.75% S&P IT g 2.49% DJ TRANS g 0.17% WSJ $ IDX À 0.23% LIBOR 3M 0.194 NIKKEI (Midday) 29004.41 g 1.88% See more at WSJ.com/Markets Greensill to File for Insolvency Rocket,

Embattled financial startup tors couldn’t be learned. It is end of the week,would be part asuiteofinvestment funds A New Greensill Capital plans to file up to the prosecutorstodecide By Julie Steinberg, of aGreensill insolvency, simi- managedbyCredit Suisse forinsolvencyinthe U.K. this whether to file anycharges. Ben Dummett lartothe U.S. bankruptcy pro- Group AG. week,asitsimultaneously BaFin also said that it and Patricia Kowsmann cess,the people said. Founded in 2011 by former Meme, moves toward adeal to sell its banned activity at the bank af- TheWall Street Journal pre- Morgan Stanley and Citigroup operating businesstoApollo teranaudit wasunable to pro- Greensill financing.The small viously reported the two sides Inc. banker LexGreensill,the Global Management,accord- vide evidenceofreceivables Bremen-based bank had€4.5 were in talks foradeal that startup received $1.5billion of ing to people familiar with the purchased from GFG Alliance billion, or about $5.4 billion, in would payGreensill around investment from SoftBank Soars matter. Group,which is the umbrella assetsatthe end of 2020. $100 million. Through the ac- Group Corp.’sgiant Vision Also Wednesday, in aratch- organization of U.K. steel mag- BaFin said itsclosuredidn’t quisition Apollo would take Fund. Theunraveling of afirm eting up of Greensill’sprob- nateSanjeev Gupta. Receiv- pose arisk to wider financial over Greensill’scoreopera- oncevalued at as much as $4 BY ORLA MCCAFFREY lems,Germany’stop financial ables areclaims companies stability. tions. It would use itsinsur- billionisturning intoacau- regulator,BaFin, referred mat- have on paymentsfromcus- Greensill said the bank had anceaffiliate, Athene Holding tionarytale about the high val- Theindividual investors ters related to the firm’sbank- tomersand canbeused as col- “atall times been transparent Ltd., and other insurancecli- uations placed on startups try- that poweredGameStop ing unit, Greensill Bank AG, to lateral forborrowing. with itsregulatorsand audi- ents to replacearound $7 bil- ing to disrupt traditional Corp.’smeteoric rise have a criminal prosecutors, according Mr.Guptaisaformer Green- tors” about howitclassified lion in financing forcorporate PleaseturntopageB2 newtarget: Rocket Cos., the to aspokesman forthe Bremen sill shareholder,and his busi- assets. clientsthat had previously parent companyofQuicken prosecutorsoffice. Details of nesses,which sprawlacrossa Greensill’sdeal with Apollo, been arranged by Greensill.  Greensill woes put spotlight Loans. the complaint sent to prosecu- dozencountries, relied on which could be struck by the Much of that capital came from on steel tycoon. B2 Shares of themortgage lender surged28% sincethe endoflast week.Nearly 377 Tencent has big investment million shares traded hands on Tencent Builds holdings across arange Tuesdayalone,morethan a10- of industries. fold increase from the previous E-commerce and lifeservices Other Major investments day. Aftersurging 71% on Didi Tuesday, the stock lost some in Tencent’sportfolio* 6 Chuxing 4 steam on Wednesday, falling An Investment Unlisted 11 33%, or $13.59,to$28.01. NIO investment $50 billion 6 WeBank CICC LikeGameStop, Rocketis 35 Meituan heavily shorted. As of this Pinduoduo Powerhouse week, 46% of its shares available fortrading were being Media 9 shortedbyinvestorsbetting Gaming the pricewould fall, according BY QUENTIN WEBB fund,” said Robin Zhu, an ana- to S3 Partners, a data-analyt- 26 KE Holdings AND JING YANG lyst at SanfordC.Bernstein. 12 ics firm. That wasupfrom Snap JD 6 Histeam estimates that Ten- Epic about 33% in lateJanuaryand 30 33 Atech-market boom has cent’slisted and unlisted in- Kuaishou 17%inmid-September,accord- yielded hugegains forChina’s vestmentshad avalue of some Sea ing to FactSet. Tencent Holdings Ltd., which $259 billion in totalasof Trading of Rocket shares 6 Universal Activision 4 Bilibili 3 has invested in hundreds of up- March 2. Music Blizzard 2 was halted several times this and-coming businesses and is Tencent’slast earningsre- 6 week because of its volatility. Spotify 3 nowsitting on aportfolio port,released in November, Krafton NetMarble Individual investorson worth roughly aquarter of a said itsinvestmentsinlisted WallStreetBets, the Reddit trillion dollars. companies,excluding itssub- community that gave birth to Tencent is best known for sidiaries, were valued at the Tencent’s listedinvestments† Shares in some Tencent-backed GameStop’srise,havebeen en- companies have soared WeChat, itsubiquitous do-ev- equivalent of $138 billion as of 800 billion yuan 1,000% couraging each other to buy erything app in China, and is the end of September 2020. Priceperformance, pasttwo years the stock in recent days and theworld’slargest videogame That wasnearly 10 times the 800 sharing evidenceoftheir own companybyrevenue,with hits figure it reported just four 600 massive gains. They have rel- Sea 600 such as “League of Legends” yearsearlier. Meituan ished in the company’sname— and “Honor of Kings.” Listed in Most of Tencent’sgains are —Rocket—an apt one fortheir 400 NIO 400 Hong Kong,Tencent’sown on paper only and would be re- goal of higher prices. stock has been driven up by the duced by anyselloff that hits 200 “The $RKT is fueled and strong performanceofits core internet stocks or China-fo- 200 ready forliftoff,” one user activities,asthe coronavirus cusedcompanies.Manytech- 0 wrote early this week. pandemic sped up the adoption nologystocks,which have Thecompanystock symbol, of digital services in China. Its jumped in value during the cor- 0 –200 RKT,was mentioned in nearly market capitalization is close onavirus pandemic,havepared 2017 ’18 ’19 ’20 2019 ’20 ’21 16,000 Reddit commentson to $900 billion, making it some gains recently. *Valuations forlistedstakes based on market priceasofMarch 2. Unlistedvaluations based on lasttransaction or reported IPOvaluation. Tuesday, according to data China’smost valuable company. Backing neweroutfits has †Shows fair value of stakes in listedinvesteecompanies, excluding subsidiaries. One hundred billion yuan =$15.45billion. from TopStonks.com, aweb- Thecompanyhas also bet long been an integral part of Sources: SanfordC.Bernstein (portfolio); the company(listedinvestments); FactSet (performance) site that tracks equities men- extensively on Chinese and Tencent’sstrategy. “Weman- tioned on Reddit. That is up overseas startups in areas such ageour investment portfolio cent has abiggerwar chest and maintains alow profile.None- motethemselves and reach from just over 6,000 on Mon- as gaming,social media, enter- with aprimaryobjectiveto alonger investment horizon theless, everyone knows they more customers. Meituan, dayand lessthan 1,000 on tainment and electric vehicles. strengthen our leading position than atypical venture-capital arethe 800-pound gorilla in which went public in 2018 and most days last week. That strategy has paid off in core businesses,” the com- investor,said Min Lin,afound- the room,” said Ms.Lin. She nowranks among China’slarg- Rocketsaid last week it handsomely as investorshave pany’s annual report said. The ing partner at NewQuest Capi- said startups could benefit est listed companies,has sev- would payaone-time dividend bid up stocks in fast-growing investmentsalso fitwith Ten- talPartners, afirm that pro- from being part of the Tencent eral popular miniprograms that of $1.11 per sharelater this tech companies and lapped up cent’sstrategyofconnecting vides liquidity solutions to ecosystem. areintegrated intoWeChat, al- month, citing its“highly prof- initial public offerings. people to content and services, investorsinprivate-equity Some companies with Ten- lowing userstoorder and pay itable and capital light busi- “I half-seriously call it it added. funds. cent’sbacking have been forfood deliveryand other ser- nessmodel.” Some investors China’sbest venture-capital As alarge corporation, Ten- “Tencent’sinvestment team known to use WeChat to pro- PleaseturntopageB2 PleaseturntopageB11 Disney Veteran Guides Old Market Forces Lift Crude Prices

Sports Streamer DAZN BY JOE WALLACE nus $37.63 a barrel last April. into the oil market to bet on crude production, will also InvestorsTakeaBack Seat the reopening of economic ac- help to drain global supplies. Oil prices have staged a Tradersand analystssay tivity. Global demand nowexceeds BY JOE FLINT He said in an interviewhe rapid recovery sincethe big- supply and demand, rather Supplies Shrink production by 2.8million bar- will servemoreasastrategist gest crisis to strikethe energy than speculation, have under- Oil stockpiles that ballooned rels aday,according to Mor- Kevin Mayer, aformer se- to guide the company’sglobal industry in decades. pinned the rally so far.The ra- at thestart of the pandemic ganStanley strategist Martijn nior executiveofthe Walt aspirations. TheOrganization of the Pe- tio of positions held by money have shrunk thanks to output Rats.The firstthree months of Disney Co.and architect of its In addition to having ties troleum Exporting Countries managers in WTI futures and cutsbyOPEC,its partnersand the year areoncourse to be Disney+ streaming service, to Mr.Skipper,Mr. Mayerhas and itsallies stepped in last options contracts who expect companies in the U.S. and else- the most undersupplied quar- has been named chairman of been serving as aconsultant spring to backstop the market oil prices to rise,versus those where. Concerned that another ter for the oil market since at DAZN Group,asports-stream- to DAZN’scontrolling share- by slashing production. This who expect them to fall, is be- round of lockdowns would de- least 2000, he estimates. ing platform, DAZN said. holder, Access Industries. week,the cartel is expected to lowlevelsseen during the last rail effortstorebalancethe “This market is in a severe Mr.Mayer succeeds former Mr.Mayer had the task of reach adeal on unwinding big run-up in oil prices in market, Saudi Arabia made an deficit right now, which is why colleague John Skipper,aone- creating Disney+ from the some of those cuts. 2018. That suggests investors additional cut in January. the inventories aredropping time head of Disney’s ESPN ground up,including spear- Hereiswhy U.S. crude aren’t in the driving seat. Analystssay the winter likeabrick,” said Jeffrey Cur- who had been chairman of heading key acquisitions such prices have roared back above Analystssay that may storm in Texas,which briefly rie, head of commodities re- DAZN (pronounced Duh Zone) as BAMTech LLC,which pro- $60 abarrel from alow of mi- changeifmoney managerspile knocked out almost half of U.S. PleaseturntopageB10 since2018.Mr. Skipper is leav- vides the technological backing to launch acontent com- bone forthe service. He is panycalled Meadowlark Media also known forhis deal mak- but will remain on the DAZN ing, having overseen the ac- Exxon to Step Up Effort to Capture Carbon boardand serveasanadviser. quisitions of PixarEntertain- UnlikeMr. Skipper,who ment,Marvel Studios and wasexecutivechairman and Lucasfilm while at Disney. BY CHRISTOPHER M. MATTHEWS advances were combining to Exxon captures carbon forenhanced oil recovery to help pump as very involved in theday-to- DAZN intrigued Mr.Mayer make it more viable. much oil as possible from wells. dayoperations,Mr. Mayer because he believes the future Exxon Mobil Corp.says the “We’vemade enough prog- won’t have the executivetitle. PleaseturntopageB5 time has come to turn captur- ress whereweare bringing Howenhanced oil recovery works ing carbon emissions intoa some of the technologytothe real business, as it faces pres- field now,” Chief Executive CO2 injection well Oil well surefromactiviststobecome Darren Woods said.“Couple INSIDE a greener company. that with governmentsaround That representsanabout- the world putting policies in face forthe Texas oil giant, place, investment interest in CO2 pressuredrives whichfor yearsheld apessi- the space—all of this is com- the oil toward the pump mistic viewofinvesting heavily ing together.” to commercializecarbon-cap- While the Biden administra- Oil S tureprojects, saying they made tion expressed support for

NEW little economic sense without carbon capture, aprocess that G massivegovernment incentives. captures emissions and depos- CO is also storedinsaline formations Exxon, which is counting on itsthem underground, many 2 OOMBER Source:DepartmentofEnergy

BL carbon captureand storageas believehugeincentives are aprimaryway to achieveits needed to spur itsdeploy- DELIVERY MARKETS targetsfor reducing green- ment, and political hurdles re- carbon capturewill be a$2 tives to promoteelectric vehi- FedEx is struggling Tech stocksdrop, as house-gasemissions,touted main. So far,the primarycom- trillion market by 2040 and it cles. with delays,adding selloff in bonds worries the recent creation of a busi- mercial use forcaptured is the cheapest way to address Exxonpledged last month nessunit to commercializethe carbon has been deploying it emissions,citing aU.S.tax to invest $3 billion in its new shifts to clear the investorsthatrates technologyduring itsannual to squeeze moreoil and gas credit of as much as $50 per low-carbon unit through 2025, backlog. B3 will increase. B11 analysts day Wednesday, say- out of the ground. metric tonofcaptured carbon saying it has 20 projectsinthe ing political changes and other Exxon said Wednesdaythat as less expensive than incen- PleaseturntopageB10 P2JW063000-4-B00200-1------XA

B2 | Thursday, March 4, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A General Motors...... B12 Parler...... B4 Greensill’sProblems PutSpotlight Access Industries...... B1 GFG Alliance...... B1,B2 Petróleo Brasileiro....B10 Aegis Sciences...... B3 Greensill Capital....B1,B2 Pinduoduo...... B2 Albertsons...... A3 H Q On an Anglo-Indian Steel Tycoon Alphabet...... B4,B12 Hertz...... B11 Quicken Loans...... A1,B1 Amazon.com....A1,A2,B4 Hyatt Hotels...... A3 R AMC Entertainment...A3 I BY ALISTAIR MACDONALD Apollo Global...... B1,B6 Rocket...... B1 Intel...... B12 Applied Materials.....B12 Ross Stores...... B12 At the center of the unrav- AT&T...... A6 J S eling of specialty financefirm JD.com...... B2 B Starboard Value...... B5 Greensill Capital is Sanjeev Jones Lang LaSalle.....B6 Berkshire Hathaway...B2 Starbucks...... A3 Gupta, an Anglo-Indian steel JPMorgan Chase...... B11 Best Buy...... B12 Stellantis...... B3,B12 entrepreneur building anew Bharat Biotech...... A9 K T empire in an old industry. BlackRock...... B10 Knighthead Capital Taiwan Semiconductor Greensill plans to file forin- ByteDance...... B2 Management...... B11 Manufacturing...... B12 solvencyinthe U.K. this week GES C Kroger...... A3 Target...... A3 and is in talks to sell partsof IMA Kuaishou Technology..B2 Tencent...... B1 itsbusiness, excluding assets

Certares Managemen GETTY L TJX...... B12 linked to Mr.Gupta, people fa- ...... B11 SE/ Tokio Marine...... B2 miliar with the mattersaid. Citigroup...... B11 Las Vegas Sands...... A1 Themovecomes afterCredit Comcast...... A6 Live Nation U Suisse Group AG on Monday Entertainment...... B4 ANCE-PRES

Credit Suisse...... B1 Uber Technologies suspendedover$10 billion of FR Lyft...... B11 CVS Health...... A3 ...... B2,B11 investment funds connected to M ENCE

E United Parcel Service.B3 Greensill, in part, over con- AG Macy's...... B12 cerns about the firm’s expo- Exxon...... B1,B10 V ALL/ Michaels...... B6 sure to Mr.Gupta, TheWall F - G ViacomCBS...... A6 ANS N Street Journal has reported. ST Facebook...... B4 VICI Properties...... A8

Theepisode has cast the BEN NIO...... B2 FedEx...... B3 W spotlight on the deal-hungry Concerns have been raised about the transparency of Sanjeev Gupta’s businesses and financing. O - P Ford Motor...... B12 Walgreens Boots industrialist who has been Fox...... A1 Okta...... B5 Alliance...... A3 fetedbyBritish royalty and people familiar with the mat- bank’sloan book waslinked to ment through a spokesman. GameStop...... B11 Oscar Health...... B11 Walt Disney....A6,B1, B5 European leadersashehas ter said. Mr. Gupta’s businesses. Aspokesman forGFG de- amassedaseries of unloved “They areaninteresting Separately,GFG said it clined to comment on Green- steeland manufacturing as- playerinthe market, but when would return money to deposi- sill but said that GFGhas ade- sets, partly fueled by funding it comes to financial informa- tors at its Wyelands Bank, as quatecurrent funds,with INDEX TO PEOPLE from Greensill. tion it is moredifficult to ana- part of a plan agreed to with plans to bring in fresh capital. Mr. Gupta’s sprawling GFG lyze from the outside,” said U.K. regulators, after they in- “Weare benefiting from a B I R Alliance group of companies Ingo Schachel, a steel analyst jected £75 million, equivalent recovery in steel and alumi- Basile, Frank...... B3 Iwry, Mark...... B10 Rahim, Saad...... B10 owns morethan 200 manufac- at Commerzbank. to $105 million, intothe nummarkets, which means Berchtold, Joe...... B4 J Rapino, Michael...... B4 turing assets in 12 countries, Concerns about Greensill’s lender.The Prudential Regula- that most of our businesses Ross, Brandon...... B4 generates annual revenue of exposuretoMr. Gupta, and tion Authority wasconcerned arerunning at near full capac- C Jindel, Satish...... B3 S $20 billion and employs GFG’sown bank came to the over arangeofWyelands’ ity,” he said. Carneiro da Cunh, K Sobrinho,Omar...... B10 Skipper, John...... B1 35,000 people.Its interests fore on Wednesday. lending exposures,including Steel prices in Europe are Kawlath, Bertram...... B5 Castello Branco, Roberto T range from steel plants and a German regulator BaFin, to GFG, aperson familiar with tradingat13-year highs,al- ...... B10 L bank, to more eccentric busi- which last year began examin- the matter said. most doubling sincelast June, Tavares, Carlos...... B3 Cox Neto, João...... B10 nesses,including asmall Scot- ing ties between the entrepre- Questions about Greensill’s as demand rebounds afterbe- Lichter, Emily...... B4 Tetzeli, Chris...... B4 D Lin, Min...... B1 Twigg, Wes...... B12 tish bicycle manufacturer,a neur’s businesses and Green- exposuretoGFG aren’t new. In ing hit by the pandemic,ac- tidal-energy project and a sill’sGerman bank,said it had July 2018,Swissasset man- cording to S&P Platts.Prices Danely, Christopher..B12 M W companythat makes partsfor banned activity at the lender ager GAM Holding AG froze a of iron oreand aluminum, F Marciano, Jay...... B4 Wadewitz, Thomas.....B3 vintage cars. afteranaudit wasunable to $12 billion fund afteraninter- which GFG also sells, are also Mayer, Kevin...... B1 Francisco, Gabriel.....B10 Wallace, Rick...... B12 But the 49-year-old entre- provide evidenceofreceiv- nal whistleblower raised con- healthy. G McKinnon, Todd...... B5 Woods, Darren...... B10 Minaya, Jose...... B10 preneur remains amystery to ablespurchased from GFG. cerns about howthe fund val- Mr.Guptaisadirector in Greensill, Lex...... B1 Y the wider steel market, with BaFin hasreferred matters re- ued the Greensill assets. These more than 80 companies, ac- P Gupta, Sanjeev...... B1,B2 Young, Stephanie...... B5 some companies and bankers lated to Greensill Bank AG to included hundreds of millions cording to Companies House,a H Pan, Eric...... B10 Z raising concerns about the criminal prosecutors. Areport of dollarsofilliquid assets U.K. business register, under- Hasson, Jeffrey...... B4 Q Zhu, Robin...... B1 transparency of Mr.Gupta’s from Scope Ratingsin2019 tied to Mr.Gupta’sbusinesses. scoring the complexity of his Heinel, Lori...... B10 Quella, James...... B6 Ziviani, Nivio...... B10 businesses and itsfinancing, said abouttwo-thirds of the Mr.Guptadeclined to com- dealings.

that it wasintalks forasale. traditional debt according to said thefunds had morethan tomersdefaulted on apay- the fund’sexposure to Mr. Startup Greensill competes directly accounting rules. 1,000investors. ment. Gupta, who has long relied on with the likes of JPMorgan In atypical supply-chain fi- TheCredit Suisse Greensill Credit Suisse froze the funds Greensill forloans,the Journal Chase &Co. and Citigroup. nancedeal, Greensill pays a funds that stuck to investment- the same day Greensill’scredit reported earlier this week. To File for Apollo has reached out to ma- company’ssupplierssooner grade borrowers targeted re- insuranceprovidersallowed TheApollo deal would ex- jorGreensill clientsinrecent than they would normally ex- turns of between 0.8% and 1.5% policies covering morethan $4 clude businessconnected to days to reassurethem about pect, but at adiscount. The abovebenchmark short-term billion in assetstolapse on Mr.Gupta’soperations.Some Insolvency the possible transition, accord- companythen pays Greensill interest rates, according to fil- Monday, according to ajudg- assetsconnected to Mr.Gupta’s ing to the people. the full amount down the road. ingswith investors. Asmaller, ment in theSupreme Court of steel businesses areheld in the Greensill’soriginal goal was Thesupplier gets paid early, riskier high-income fund, NewSouth Wales,Australia, Credit Suisse fund. Greensill ContinuedfrompageB1 to offer supply-chain financeto the companyhas moreflexibil- which tilted toward lessestab- whereGreensill’sultimatepar- holdsother Gupta-related as- banking businesses. small and medium-sizecompa- ity over itscash, and Greensill ent companyisbased. Greensill setselsewhere, including in its Greensill offerswhat is nies that had fallen belowthe is leftwith asmall profit. sued the insurersunsuccess- German banking subsidiary. known as supply-chain finance, radar of traditional banks, Instead of holding the cash BaFin referred fully to maintain coverage. TheApollo deal wouldn’t in- atype of short-term cash ad- which preferred larger, more advances—which typically get Credit Suisse said in aQ&A clude the German bank,which vancethat gives companies ex- established clientele.Ittouted renewedevery 60 or 120 matters related to posted online that the expira- came under direct supervision tratime to paysuppliers. itsnimblenessand financial al- days—on itsbalancesheet like the firm’s bank tion of the insuranceapplied to of German regulatorsinrecent These include blue-chip compa- chemyinstructuring deals,ac- atraditional bank,itspun them newassets. Existing assetsin weeks,the Journal reported nies and government agencies, cess to abroad pool of inves- intobondlikesecurities. to prosecutors. the funds arecovered until Tuesday. Athene Holding Ltd., such as the U.K.’s National tors and relationships with new TheCredit Suisse funds in- they mature. That indicatesin- an insurancecompanyaffili- Health Service, AstraZeneca technologyplatforms to getthe vested exclusively in these vestorsinthe funds mayre- ated with Apollo,and other in- PLC and Ford Motor Co. deals done. Greensill-generated securities, main protected if some of the suranceclients, would fund the It wasplunged intocrisis on Supply-chain finance has essentially creatingawell of lished businesses,targeted underlying borrowers default. business, the Journal earlier Mondaywhen Credit Suisse been around fordecades but capital forGreensill to tap. The gains of 3.5% abovethose Themain credit insurersare reported. froze $10 billion in investment gained traction afterthe finan- Swissbank sold the funds to its benchmarks. unitsofTokio Marine Hold- Earlierthis year,Greensill funds that Greensill relies upon cial crisis as away forcompa- network of pensions,rich cli- To giveinvestorscomfort ings Inc.ATokio Marine had been seeking outside to do supply-chain finance nies to squeeze moreout of ents and corporatetreasurers about the assets, Greensill ob- spokesperson didn’t respond to sourcesoffresh capital, hoping deals.Its banking subsidiary theirbalancesheets. Compa- looking to squeeze out slightly tained credit insurancefrom requestsfor comment. to raise around $1 billion, por- has come under day-to-daysu- nies areeffectively borrowing higher returns than they could several large insurancecompa- Thedecision by Credit traying the fundraising as pervision in Germany. The to paytheir bills,though the getfromtraditional money- nies,which would payout in Suisse to freeze the funds was about expanding itsbusiness, companyconfirmed Tuesday transactions aren’t classified as market funds.Credit Suisse case one of the underlying cus- also made over concerns about rather than arescue.

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THE WALL STREET JOURNAL. Thursday, March 4, 2021 | B3 BUSINESS NEWS Jeep Weighs Change FedEx Struggles With Delays Of Cherokee Name Company is adding shifts to clear backlog as customers gripe Amid Tribal Outcry about the disruption

BY NICK KOSTOV to stick with China. BY THOMAS GRYTA AND NORA NAUGHTON TheCherokee Nation is the largest Native American tribe Lorraine Williams drove45 Thehead of Jeep’sowner in the U.S.,with some 370,000 minutes to Atlanta’sairport on said he is open to dropping members, and Jeep has sold the night of Feb. 22 and paid the Cherokee name from vehi- millions of vehicles named af- $136 to FedEx Corp.tomake cles afterrecent criticism terit. Theautobrand ex- sureher packagewould getto from the NativeAmerican tended itsuse of the Cherokee NewOrleans in two days.It tribe’s leader. name to acompact SUV, a took morethan aweek to ar- Carlos Tavares, chief execu- smaller version of the Grand rive. tiveofficer of the recently Cherokee, in 2013. FedEx is struggling with formed Stellantis NV,said the Theleader of the Cherokee significant delays in delivering company was engaged in dia- Nation recently said he would packages long aftermid-Febru- loguewith the Cherokee Na- like to see Jeep stop using his ary winter storms sent many S

tion over its use of the name. tribe’sname on itsSUVs. partsofthe countryintoa PRES

Jeep has two models,the Chuck Hoskin Jr., principal deep freeze,including the de- UMA Cherokee compact sport-util- chief of the Cherokee Nation, liverycompany’sMemphis, /Z ityvehicle and largerGrand said that he believed Jeep had Tenn., hub.Last week,about CHT FO Cherokee,that it sells in the good intentions but that “it one- quarter of FedEx Express REN

U.S. and beyond. does not honor us by having shipmentsdidn’t arriveon KA Asked in an interview if he our name plastered on the time,according to ShipMatrix, Large amounts of snowand icehit Memphis, the primary air hub in FedEx’shub-and-spokenetwork. side of acar,” according to a which tracks the industry. statement firstreleased to Car FedEx said it has been add- The Jeep Cherokee and Driver last week. ing shifts and staff to catchup Delivery Fleet to Be zero-emission electric vehicles by eral Motors Corp. electric truck “The Cherokee Nation has with the backlog and expects 2040. The companyexpects half designed forcommercial pur- and Grand Cherokee an open dialogue with Stellan- servicelevelstoreturn to nor- All-Electric by 2040 of FedEx Expressglobal pickup- poses. The companyagreed to SUVs are among the tis leadership,and look formal by the end of the week. and-delivery vehicle purchases to buy 500 of the trucksfor deliv- ward to ongoing discussions,” “Weare working as quickly as be electric by 2025, rising to ery laterthis year. brand’s best sellers. aspokesman forthe tribe said possible to deliver customer FedEx Corp. said it plans to 100% of purchases by 2030. FedEx rival United Parcel Wednesday. “Weappreciate packages that have been de- invest an initial $2 billion as part The movesbyFedEx and its Service Inc. has ordered 10,000 Stellantis’ reaching out and layedbythis national service of anew plan to makeits global rival carriers areaccelerating vans from U.K.-based electric-ve- thoughtful approach on this.” disruption,” aspokeswoman operations carbon-neutral by competition among vehicle man- hicle startup Arrival Ltd., while would be willing to changethe Mr.Tavares’sremarks come said. “Wedeeply regret the im- 2040. ufacturers to develop and pro- e-commerce giant Amazon.com Jeep Cherokee’sname if in the wake of abroad reckon- pact this has had on our cus- The companysaid the invest- ducethe trucksand vans that Inc. has investedinRivian Auto- pushed to do so,Mr. Tavares ing over racial and social in- tomers, and we areworking mentwill focus on vehicle elec- cargo companies areseeking to motive LLCand has adeal to said, “Weare ready to go to justiceinthe U.S. that was with them to resolveany deliv- trification, sustainable energy reducetheir carbon emissions. buy 100,000 of the company’s anypoint, up to the point sparked by the policekilling of eryissues.” and carbon sequestration. FedEx has already signed an delivery trucksfor its burgeoning where we decide with the ap- George Floyd,anunarmed FedEx and United Parcel FedEx said its entireparcel agreement to makeitthe first package-delivery operations. propriate people and with no Blackman, in Minneapolis Service Inc. arecoming off a pickup-and-delivery fleet will be customer forthe EV600, aGen- —Colin Kellaher intermediaries.” over Memorial Dayweekend year in which they handled a “Atthis stage, Idon’t know last year.InDecember,the record number of U.S. pack- if there is a real problem. But Cleveland Indians decided to ages,asmillions of people other large locations,including services,said it had experi- at 96%, according to ShipMa- if there is one, well, of course drop the baseball team’slong- stayed in their homes and North Texas and Indianapolis. enced some delays because of trix,asoftware provider that we will solveit,” he said, add- time nickname after fans and turned to e-commerce during Iceand snowprompted UPS to FedEx’sservicebacklog.“We analyzesshipping data. The ing that he wasn’t personally NativeAmerican groups criti- the coronavirus pandemic. briefly shut itsmain air hub in continue to report Covid-19 FedEx Ground service, which involved in the talks. cized it as racist. TheWash- Both companies imposed peak Louisville,Ky.,for the first testing resultswithin 10 hours handles manye-commerce or- Debateoverthe Cherokee ington Football Team of the surchargesand enforced limits time on Feb. 15. of receipt,” said Dr.Frank ders, waslessdisrupted. name is among the issues fac- NFL has dropped a name that on shipperstomanagethe vol- FedEx said morethan 200 Basile, chiefexecutiveofAegis. Satish Jindel,president of ing Mr.Tavares,who took con- had been seen as aracial slur. ume.The rivals arealso help- employees,including salaried Thecompany, based in ShipMatrix,said some of the trol of Stellantis when it was TheJeep Cherokee and ing distributeCovid-19 vac- workers, signed up to help Nashville,Tenn., said it contin- differenceisFedEx’sgreater formed this year from the Grand Cherokee SUVs are cines acrossthe country. clear some of the backlogged ues to use FedEx but has di- relianceonairplanes compared merger of Fiat Chrysler Auto- among the brand’sbest sellers Memphis is the primaryair packages on Sunday, Feb. 21. verted some volume to other with UPS,which mixes itsex- mobiles NV and Peugeot- in the U.S.,accounting for43% hub in FedEx’shub-and-spoke Thedelays have affected carrierstomaximizedelivery presspackages with itsground maker PSA. In the interview of Jeep’ssales in itslargest expressnetwork,sorting mil- medical supplies and Covid-19 speeds. deliverynetwork.“When you on Wednesday, Mr.Tavares market, according to company lions of packages from dozens testing samples that areoften Last week,Feb.21toFeb. getbacked up,ittakes awhile also discussed whether to cut figures. of cargoplanes each day. The routed through FedEx’sover- 27,FedEx Expresshad on-time to catchup,” he said, referring down on the company’s14 companysaid large amountsof nightservices. deliveryofabout 76%, an im- to backlogsingeneral. “While brands,making Fiat plants  Heardonthe Street: Stellantis snowand icehit the city and Aegis Sciences Corp., a provement from the prior youare trying to dig out, the morecompetitiveand his plan seeksatech master...... B12 storms disrupted operations at provider of Covid-19 testing week,while UPS Expresswas new packages keep coming.”

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B4 | Thursday, March 4, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Hope Risesfor Concerts to Resume Parler Files New Suit Vaccinations and warmer weather could Against mean some outdoor concerts this summer Amazon

BY ANNE STEELE BY PAUL ZIOBRO

Fans could be back at con- Parler LLC has filed a new certsthis summer. lawsuit against Amazon.com Those newprojections from Inc.asthe companycontinues music-businessleadersare a GEMENT itsdisputewith the tech giant

relief forfans likeJorge Ramos, MANA forending web-hosting ser- who has been using Google T vices for the social network. TIS

Docs to track the 20 concerts AR Thelawsuit filed Tuesdayin andfour festivals—most post- Y Washingtonstate court came as

poned or canceled—he bought EMIL Parler filed amotion to with- ticketsfor beforeand during draw acase it brought against

the pandemic.The 24-year-old /PUBLIC Amazon in Seattle federal court has faithfully held on to tickets in January. Parler had until forshows that were pushed to OCHER Tuesdaytofile an amended an unknown futuredate(like DUR complaint afterafederal judge AN

the Rolling Stones), or back a RY denied itsbid to compel Ama- year (My Chemical Romance, Alternative pop group Lake Street Dive is exploring whether it can kick off a fall tour at outdoor venues in September. zontoresume service. Kiss). Similar to the federal law- Theconcert businessis Meanwhile,thereare moves by LiveNation Entertainment, Artist teams,waryafter those were largely stopgap suit, Parler accused Amazon of counting on avid fans likeMr. states such as Texas to reopen total quarterly revenue postponing and rescheduling measures. ending servicetothe social- Ramos to spark ahoped-for re- fully,dropping mask mandates shows,say they won’t an- “Wedon’t see that as avia- media platform foranticom- start this summer and fall after and limitsongatheringsizes. $4 billion nouncedates untilthey arecer- ble model to ramp back up,” petitivereasons.Gene Schaerr, along,painful pause.Industry Global revenue from contain they cangoforward. Man- LiveNation’s Mr.Rapino said of alawyer forParler,said the executives,who arequick to certs, on atear beforethe pan- agers, agentsand promoters thepartial-capacity shows.“We lawsuit also aims to “hold Am- notetheir businesswas among demic,rose to $26.1 billion in sayvenues arebooked and tour think we’reclose enough, azon responsible forfalsely at- the firsttoshut down because 2019 before falling to $6.5 bil- 3 routing between them has been though,whereweare with tempting to makeParler the of Covid-19 andlikely among lion in 2020.“Acouple months worked out, but the industryis Covid and what all the gover- scapegoat forthe January6 thelast to come back,are cau- agoIwasn’t sureifitwas even waiting forclearancefromau- norsinthe states we’retalking Capitol riot, and forthe enor- tiously plotting agradual re- remotely possible,” music man- thoritiesbeforemaking plans to,that therewill be aclear mous damagecaused by Ama- turn to liveshows as infections ager Emily Lichter said of the 2 public.“Pretty much every outlinetoa75% to 100% out- zon’s illegal actions.” appear to subside and vaccina- RedRocks Amphitheatreshow band we work with has aplan door greenlight in 2021.” Parler has come under scru- tion ratesrise. that Lake Street Diveisslated forthis year,” said Mr.Tetzeli, While socially distant shows tinyfollowing the deadly On Live Nation Entertain- to playatthe end of September 4Q 2020 whose firm manages 30 artists, might phase out, executives ex- storming of the U.S. Capitol by $237M ment Inc.’searningsconference in Colorado.“NowIfeel like, 1 including Nathaniel Rateliff & pect live-streaming to remain a amob of supportersofthen- call Thursday, Chief Executive wow,that could happen.” The TheNight Sweatsand Mary component of concertsgoing President Donald Trump. The Michael Rapino told investors alternativepop group’steam is Chapin Carpenter. forward. platform served as ahub for the world’slargest concert pro- exploring whether it canuse Fandemand forliveevents In addition to deeper clean- people alleged to have orga- moter thinks it canbegin stag- that showtokick off afall tour appearsstrong,with 83% opting protocols and ubiquitous nized, participated in or cele- ing outdoor amphitheater at outdoor venues. 0 ingtohold on to their tickets hand-sanitizingstations,con- brated the attack.Representa- shows by midsummer.Jay Mar- Chris Tetzeli, partner at 2018 ’19 ’20 forrescheduled shows instead certgoerscan expect lotsof tivesfor Parler didn’t respond ciano, chief executiveofrival Denver-based artist manage- Source:S&P Capital IQ of taking refunds,according to touchlesstechnology. Digital to requests for comment. AEG Presents,said he believes ment company7SManage- LiveNation. ticketing,contactlessentry, and An Amazon representative full-capacity club and theater ment, said one of his actsspent becomes moresocially accept- Last week,U.K.authorities purchases of food, beverages said therewas no merit to the shows will be possible this fall. months considering whether to able to do these things, we’ll said large music eventsthere andmerchandise using mobile newclaims,adding that Ama- LiveNation,whose fourth- scrap their 2021 dates.“This start to see fall toursindoorsas canresume beginning June 21. phones will be the newnorms. zon“provides technologyand quarter revenue dropped 92% week we said, ‘Maybe we well,” said Mr.Hasson, whose LiveNation said it sold 100,000 Onechallengefor the con- services to customersacross from the previous year,saw should hold on,’ ” he said. “We roster includes DashboardCon- ticketsfor itsAugust Reading cert industry, said Brandon the political spectrum.” shares rise 3% this week have moreconfidencethat this fessional, Dayglow, Ruston and Leeds festivals in 72 hours; Ross, an analystfor LightShed Amazon has said Parler through Wednesdaytopush its will happen.” Kelly and Jamey Johnson. it sold out 70,000 ticketstoits Partners, is that restrictions hosted asignificant amount of 30-dayclimb to nearly 30%. Jeffrey Hasson,senior agent LiveNation said theoutdoor Creamfields festival in 48 and guidelines arelikely to vary content on itsplatform that in- Thecomments reflect grow- on United Talent Agency’s amphitheater season could go hours. by location. Managers, agents cited violenceagainst others, ing optimism about the avail- Nashville music-leadership later intothe fall than usual. Theindustryhas experi- and promoterssay tourswill violating itsterms of service. ability of vaccines acrossthe team, said he is optimistic that “Weexpect people will be will- mented with limited-capacity likely routethrough moreopen Parler’s inability or unwilling- U.S. On Tuesday, President Bi- outdoor tourscan happen this ing to put on their puffersto shows,creating socially distant marketslikeTexas and the nesstoidentifyand removethe den said he expectsthe country summer. enjoysome shows and makeup pods forfans to watchfrom, as southern U.S. beforearriving in content led Amazon to suspend to have enough vaccines forall “Asvaccine rollout and test- forlost time,” LiveNation Pres- well as drive-in concertsduring morerestrictivecoastal mar- servicetothe company, the adultsbythe end of May. ing capacity increases,and it ident JoeBerchtold said. the pandemic.While creative, kets. representativesaid.

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THE WALL STREET JOURNAL. ** Thursday, March 4, 2021 | B5 BUSINESS NEWS Germany to Press Firms On Suppliers

Bill would force and smartphones,toapparel companies to screen from sporting-goods brands. GES

“Fromtoday, it is clear that IMA for environmental high standards apply not only to German workshops and ETTY /G and legal standards German factories,” said Fi-

nanceMinister Olaf Scholz. OCKET BY PETRA SORGE “Weare protecting workers

AND WILLIAM BOSTON throughout the globe-spanning /LIGHTR

supply chains.” GES

BERLIN—Germanyisset to Under the bill, adopted by IMA A

forcecompanies to screen thegovernment Wednesday OP suppliersfor environmental andwhich must nowbeap- /S UT violationsand human-rights proved by parliament,any

abuses, such as illegal mining companybased in Germany CHUKR

and child labor,inamovethat with 3,000 employees or more UL

some corporations saywill be has two yearstoset up compli- BUDR hardtoenforce and could anceprocedures to monitor Companies, including Adidas, fear losing their competitive edge under the proposal. An ad for the sportswear maker in Hong Kong. makethem lesscompetitive and stop abuses within itssup- internationally. ply chains.They must also cre- tenders for up to three years. customerstoprove they are such as cobalt used by the Ger- dency to make sure there are Thebill is part of abroader ateanalert system that would “For some companies,this playing by the rules.“They man autoindustryinbatteries basic standards met by every- movement in Europe to force allowthirdparties and victims could mean economic ruin,” will expect of me that I docu- forelectric vehicles. body whoisdoing businessin corporations to ensurethat Eu- to safely report anyabuse. said Bertram Kawlath, head of ment that Ican rule out any Hiltrud Werner,aVolks- a certain country,” she said. ropean legal, environmental If passed, the lawwould af- Schubert &Salzer GmbH, a human-rightsviolations and at wagenAGboardmember in German companies warned and rightsstandards areupheld fect up to 2,500 companies. midsizesupplier of valves,al- the end of the day, Ihaveall charge of legal and compli- that legislation and additional by suppliersoutside the bloc. Then, in 2024, itsreach would loys,and other gear forthe of this bureaucracythat Ihave ance, said the initiativestruck bureaucracywould put them European governments are expand to anycompanywith autoand textile industries,that to take care of,” he said. agood balance, with sanctions at acompetitivedisadvantage. reacting to pressure from hu- 1,000 or more employees. employs around 350 people. Thebill specifically cites is- forviolations without going so “Any legislation should be man-rightsand environmental Companies with annual rev- Though too small to be di- sues,such as the alleged use of far as to createmoreopportu- multilateral andatthe very lobbyists, who have pressed enue of morethan €400 mil- rectly affected by the bill, Mr. child labor in Asian textile fac- nities forcivil litigation least take placeatthe Euro- them to do moretoforce com- lion ($484 million)that fail to Kawlath fearshis company tories,that have plagued fash- against companies. The trend pean level in ordertoeffec- panies to policetheir supply meet the requirementscould and other small and midsize ion and sporting goods mak- to makecompanies account- tively addressthe global chal- chains and weed out abuses in facefines of up to 2% of an- firms could be saddled with ers. It also cites allegations of able forhuman-rightsstan- lenges of the textile industry,” the manufacturing of products nual sales.Offenderscould additional coststoprovide slave and child labor in illegal dardsisgrowing,she said. said Stefan Pursche,spokes- from batteries forelectric cars also be excluded from public documentation to their big minesthat extract materials “Thisisaworld-wide ten- man for Adidas AG. Okta to Buy Software Firm for $6.5 Billion in Stock

BYMICAH MAIDENBERG $241.22. growth it recorded between “In an increasingly digital cluding both consumersand completed during Okta’s quar- Thestock is up nearly 84% the two prior years. world, identity is the unifying other companies.“Basically,we terthat ends in July.Auth0 Okta Inc.agreed to buy a in thelast 12 months,inpart Okta’s latest guidance meansbywhich we use tech- makeyour login boxawesome,” will operateasanindependent software provider that helps because of itsrole in allowing doesn’t include the Auth0 ac- nology—both at work and in the companysaid on the site. businesswithin Okta,the latter businesses managecustomers businesses to let their employ- quisition. Thecompanysaid our personal lives,” Okta Chief Clientsthat use Auth0 in- companysaid. online for$6.5billion in stock. ees work from home by con- the deal would add to itsreve- ExecutiveTodd McKinnon said clude companies tied to travel, Forits fiscal year that ended Thedeal forAuth0 would nectingtocloud-based ser- nue according to an investor in astatement, adding,“It’s financial services and health- in January, Okta recorded a help push Okta beyond itstra- vices. presentation. critical that we deliver trusted care,according to the site. The lossof$266.3 million on ditional focus of single sign-on On Wednesday, the company Auth0 targeted a$25 billion customer-facing identity solu- companyoffersdevelopers $835.4 million in totalrevenue. services forbusinesses and also said it expectsrevenue to market tied to customers’ iden- tions.” tools to customizeits software, Excluding stock-based com- their employees. grow 29% to 30% forits new tity,while Okta’s main end Auth0 said on itswebsite according to an investor pre- pensation and afterother ad- Okta shares dropped about fiscal year to at least$1.08 bil- market, focused on workforce that it offersaplatform allow- sentation from Okta about the justments, the companysaid it 12% in after-hourstrading,af- lion. That would mark aslow- identification, amounted to a ing businesses to authenticate transaction. earned about $16 million for terclosing Wednesdayat down from the 43% revenue $30billion opportunity,itsaid. those using their services,in- Thedeal is expected to be the year. DisneytoClose at Least60 Stores,Focus on e-Commerce

BY R.T. WATSON as consumersdepend moreon those locations have also suf- online shopping. fered. Walt Disney Co.said TheCommerce Department Disney said that over the Wednesdayitwill close at estimated that totale-com- next year it would aim to im- least 60 Disney Stores merce sales rose 32% to $791.7 proveits e-commerce platform throughout North Americathis billion in 2020,compared with and morefully integrateits year. the previous year. online shopping experience The company said it would “While consumer behavior with itsDisney Parks mobile focus moreone-commerce has shiftedtoward online apps and social media. while reducing the number of shopping,the global pandemic Thecompanyalso said it bricks-and-mortar locations it has changed what consumers plans to broaden itsmerchan- operates. expect from aretailer,” said dise line with more emphasis During the pandemic, con- Stephanie Young,president of on productsthat might appeal sumershaveincreasingly Disney’s consumer products, to adults, including apparel, shiftedtopurchasing more games and publishing. streetwear,home productsand goods and services online as Each of theDisney Stores collectibles. governments both in the U.S. slated to close experienced in- Disney hasalso expanded and abroad implemented lock- terruptions due to lockdowns, the company’sdigital footprint downs to curb the spread of according to aDisney spokes- abroad. Covid-19. person. In November 2020,the Some major retailers, espe- Thecompanysaid it has companylaunched online cially those located in shop- about 300 stores world-wide stores in India, NewZealand ping malls,havesuffered but wouldn’t disclose how and Australia. losses. many it owns in North Amer- Last month, Disney’s parks, Meanwhile,online retailers, ica. experiences and productsdivi- such as Amazon.comInc.or With Disney’s theme parks sion reported a quarterly loss Target Corp,which has scaled encountering disruptions and of $119 million, compared with up itse-commerce business, closures during the pandemic, a$2.5billion profit during the have seen their fortunes soar sales of itsmerchandise at same period the previous year.

League packagethat shows all later, after the Trump admin- Streaming the Sunday afternoon games. istration pressured parent While Mr.Skipper had ex- companyByteDanceLtd.to pressed interest in going after sell its American operations. Executivein major U.S. sportsrights in- ByteDanceeventually cluding the NFL,Mr. Mayer agreed to sell TikTok’sU.S.op- said he doesn’t see DAZN ag- erations to agroup that in- NewRole gressively expanding there, cluded Walmart Inc. and Ora- given the high cost of entry cle Corp.but the sale is on and the number of entrenched hold amid legal battles and a ContinuedfrompageB1 players. newreview by the Biden ad- of sports—as of entertain- “The intention is to con- ministration. ment—isinstreaming.“I tinuethe growth trajectory, Sinceleaving TikTok,Mr. think that’swhereeverything Mayerhas embarked on aven- is ultimately headed,” he said. tures that including a special- DAZN,available in 200 mar- Kevin Mayer purpose acquisition company kets,has about nine million said he will he formed along with two subscribers. Thebulk of them, serve as a other former Disney execu- according to aperson familiar strategist for tivesand NBAHall of Famer with itsoperations,are in Ger- the platform Shaquille O’Neal to make me- many, Italy,Japan and Spain— that has global dia and technology deals. whereithas marquee soccer ambitions. Mr.Mayer is also working rightsthat include Italy’s Serie with former Disney Chief Op- Aand Germany’sBundesliga erating Officer TomStaggson leagues. mainly in European and Asian media acquisitions that would DAZN’sU.S.footprint is markets,” Mr. Mayer said. be financed in large part by smaller,although it has Mr.Mayer leftDisney last the private-equity firm Black- quickly become amajor player Mayafter theme-park chief stone GroupInc. He is on the in professional boxing. It has Bob Chapek was tapped to advisory board of Salesforce. topfighters Canelo Alvarez succeed Robert Iger as chief Mr. Skipper will still be in- and Gennady Golovkin under executive. Mr.Mayer was volved with DAZN through his contract.DAZN’sCanadian hired as chief executiveofthe board seat and advisory role. platform has rightstoSunday social-media platform TikTok DAZN has said it would invest Ticket, the National Football but resigned three months in Meadowlark Media. P2JW063000-0-B00600-1------XA

B6 | Thursday, March 4, 2021 THE WALL STREET JOURNAL. BUSINESS NEWS Michaels Agrees To Go Private in Deal With Apollo

BY ALLISON PRANG deal surfaced. Shares Wednes- dayrose 22%to$22.02. Michaels Cos. is going pri- Apollo and Michaels said vate in a leveraged buyout by the deal agreement allows for Apollo Global Management a25-daygo-shop period where Inc. that values the arts-and- Michaels canlook at other op- crafts seller at $3.3 billion, af- tions,but thereisnoassur-

JOURNAL ter the pandemic boosted the ance that process will lead to retailer’s fortunes. a better offer. REET

ST BusinessatMichaels suffered Former Walmart Inc.execu- LL early in the Covid-19 pandemic tiveAshley Buchanan became WA when manyofits 1,200 loca- CEO of Michaels in April 2020.

THE tions were temporarily closed. In arecent interviewwith The R

FO But sales surgedinthe summer Wall Street Journal, Mr.Bu- and fall aftermanyhomebound chanan described the com- people spent moretime—and pany’sold approach as being

SHARRETT money—oncrafting,knitting morefocused on seasonal home KE

LU and decorating their homes. décor. “We’vetransitioned to Jones Lang LaSalle struck apact with Roofstock, which manages rental properties forbig investors and operates an online marketplace. This would be the second being arts-and-crafts driven,” time the retailer is runbya he said in theinterview. private-equity owner.Michaels Crafts sales have been was taken private in 2006 by strong during the pandemic as Commercial Property Giant BainCapital and Blackstone consumershavesheltered in GroupLPinadeal valued at place. In the retailer’s fiscal more than $6 billion. It went thirdquarter ended Oct. 31, net public again in 2014. sales climbed around 15% and Moves Into Rental Houses Michaels Chairman James comparable-storesales—a key Quella said Wednesdaythat metric forgrowthinthe retail thecompany’sboard“firmly business—rose about 16%. believes Apollo’s offer repre- Beforethe health crisis,Mi- BY RYAN DEZEMBER candial in astrategyand our Number of U.S. single-family Besidesthe consistencyof sentsacompelling value to chaels wasgrappling with team will build those portfolios rental homes the American rent payer, own- our shareholders.” drooping sales. It reported Jones Lang LaSalle Inc., a forthem and managethe prop- ing houses allows investorsto Apollo,which has morethan $5.07billion in net sales for majorplayerinofficeleasing erties.” 15 million spread out risk acrossmany $450 billion in assets, is offer- itsfiscal year ended Feb. 1, andmanagement, is moving Rentalhomes have been a assetsand in different partsof ing to buy Michaels shares for 2020,downfromthe prior into the red-hot market for hot investment sincelast de- the country, he said. $22apiece. Thecompanies said year,which also recorded a rental homes. cade’sforeclosurecrisis,which Executives said they expect the offer is a47% premium to decline.Resultsfor itsjust- Thecommercial property gi- made millions of U.S. homes 10 the deal to result in morein- whereshares closed Feb. 26,the ended fiscal year are due out ant known as JLL has struck a available to investorsfor rock- ternational investorsbuying daybeforespeculation about a Thursday. pact with Roofstock,which bottomprices and created U.S. rental homes and to create manages rental properties for droves of renters. Advances in the opportunity forRoofstock big investorsand operates an mobile technologyand cloud 5 to open rental-home markets online marketplace on which computing enabled what had whereJLL operates abroad. income-producing single-fam- always been alocal businessto Stessa, the asset-manage- ily homes trade. be administered from afar. ment platform that Roofstock Roofstock is buying from In theensuing years, land- 0 is acquiring,allows mom-and- JLL areal-estateasset-man- lording gained popularity 2006 ’10 ’15 ’20 pop real-estateinvestorsto agement platform geared to amonginvestorslarge and Note:Includes attached and detached homes track and sizeupthe perfor- smaller investors. JLL is add- small,who struggled to find Source:John Burns Real Estate Consulting manceoftheir holdings. ing an undisclosed amount of steady returns on other invest- “These investorshavebeen cash in exchangefor aminority mentsgiven historically low cluding those who had previ- limited historically about what stakeinRoofstock.The compa- interest rates. ously focused on now-shaky they knowabout the market,” nies also forged acommercial Thepandemic added allure cornersofthe property mar- said Yishai Lerner, co-head of agreement in which Roofstock when big home-rental firms re- ket, shiftedbillions to buy JLL’s technologygroup. GES will serveJLL’s clientsaround ported record occupancyand rental houses.Manybuilt JLL, based in Chicago, has IMA the world who want to own steady rent collection despite houses expressly to rent. previously branched into in- pools of rental homes. the economic shutdown. Sub- “It’saprettyresilient industrial properties and apart- GETTY

“It gives us credibility with urban rents shot up as the come play,” said Richard ments. It also expanded in as- KEITH/ alot of their customerswho work-from-home crowd sought Bloxam, who leads JLL’s capital set management and in its arelooking to invest in U.S. spacefor home offices and marketsbusiness. “The ability capital marketsbusiness,sell- EPHANIE

housing,” said Roofstock Chief yardsfor children and dogs. A to collect rent in 2020 was ing and financing commercial ST ExecutiveGaryBeasley.“They newcropofbig investors, in- very high.” property. Crafts sales at the retailer have been strong during the pandemic.

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

CBTX CBTX 30.47 1.7 EquityBcshs EQBK 28.73 5.7 Interpublic IPG 27.56 1.2 OldDomFreight ODFL 227.14 0.2 TCG BDC CGBD 13.15 1.0 CBRE Acqn Wt CBAH.WS 1.20 -5.3 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American CIT Group CIT 49.39 1.6 Eventbrite EB 22.94 6.4 Intricon IIN 26.98 ... Old2ndBcp OSBC 12.85 2.9 TCW Spac TSPQ.U 10.10 0.7 CF Acqn IV Wt CFIVW 1.01 -15.7 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest CNX Resources CNX 14.21 3.2 EvercoreA EVR 128.99 1.5 InvestorsBancorp ISBC 14.03 1.6 Omnicom OMC 73.90 2.1 Ternium TX 37.84 6.3 CF Acqn IV CFIVU 10.20 -0.6 session. %CHG-Daily percentage change from the previous trading session. CVB Fin CVBF 22.63 1.6 EvolvingSystems EVOL 3.61 4.0 Iridex IRIX 8.04 1.2 1895Bancorp BCOW 14.80 36.8 TataMotors TTM 23.70 0.3 CF Acqn V CFFVU 10.12 -1.1 CadenceBancorp CADE 22.52 0.3 ExxonMobil XOM 57.96 0.8 IsosAcqn ISOS.U 10.01 -0.1 OneWaterMarine ONEW 38.96 0.6 Tecnoglass TGLS 8.48 9.0 CF Acqn VI CFVIU 10.10 -0.6 Wednesday, March 3, 2021 CaesarsEnt CZR 98.16 2.8 FB Financial FBK 45.63 5.2 iTeosTherap ITOS 47.61 -1.6 Oracle ORCL 67.54 0.4 TeekayLNG PfdB TGPpB 25.98 0.6 CFFinanceAcqnII CFII 9.51 -3.3 52-Wk % 52-Wk % 52-Wk % CalavoGrowers CVGW 80.99 2.7 FNB FNB 12.75 2.0 Itron ITRI 122.31 2.2 OriginBancorp OBNK 36.84 3.7 TempurSealy TPX 36.66 2.4 CFFinanceIII CFAC 10.05 -3.3 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Calix CALX 43.50 0.4 FS Bancorp FSBW 66.72 2.4 JPMorganChase JPM 154.98 1.9 OrrstownFinSvcs ORRF 20.97 1.4 Tenaris TS 22.06 1.1 CarneyTechII Wt CTAQW 1.04 -12.8 CallonPetrol CPE 32.95 18.2 FarmersNatlBanc FMNB 15.55 6.9 JefferiesFin JEF 31.11 2.5 Ovintiv OVV 26.35 3.6 TenetHealthcare THC 54.89 1.0 CartesianGrwth GLBLU 9.92 0.4 AresCapital ARCC 18.90 0.3 BkNovaScotia BNS 61.38 0.2 CalumetSpecialty CLMT 4.43 -6.0 FarmlandPtrs FPI 12.95 2.4 JohnsonControls JCI 58.30 0.9 OxfordIndustries OXM 82.86 2.2 TheBancorp TBBK 22.40 3.8 CascadeAcqnA CAS 9.92 -0.1 Highs ArmstrongFlooring AFI 6.42 1.3 BankUnited BKU 44.13 2.2 CamdenNational CAC 44.28 3.4 Fauquier FBSS 20.57 2.3 Joint JYNT 49.41 8.0 PCB Bancorp PCB 15.49 2.7 TianRuixiang TIRX 103.87 -20.9 ChurchillCapV A CCV 10.20 -5.0 ArrowFinancial AROW 33.50 3.5 Banner BANR 55.31 1.7 FedAgriMtg C AGM 90.89 1.5 POSCO PKX 68.70 6.9 ABMIndustries ABM 45.44 2.7 Cameco CCJ 17.99 0.6 JonesLang JLL 186.18 2.0 TimberlandBncp TSBK 29.15 1.0 ChurchillCapVI CCVI.U 10.41 ... 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EnterpriseFinSvcs EFSC 46.63 2.2 IntlBcshs IBOC 47.10 3.0 OccidentalPetrolWt OXY.WS 13.90 3.7 SynovusFin SNV 45.67 0.7 BrightLightsWt BLTSW 1.01 -15.8 LLNW LocustWalk 10.00 -1.0 All Rights Reserved. EpiphanyTechWt EPHYW 3.18 -13.8 IntlGameTech IGT 19.41 -0.8 OceanFirstFin OCFC 23.44 3.0 Sysco SYY 82.50 1.8 BrightLightsA BLTS 9.81 -0.8 LWACU ePlus PLUS 100.15 1.3 IntlPaper IP 53.74 1.8 OilStatesIntl OIS 8.37 3.0 TCF Financial TCF 48.22 1.2 BrooklineCapWt BCACW 2.00 4.4 Continued on Page B9 P2JW063000-1-B00700-1------XA

THE WALL STREET JOURNAL. * Thursday, March 4, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 31270.09 t121.43, or 0.39% Trailing P/E ratio 31.82 21.06 3819.72 t50.57, or 1.31% Trailing P/E ratio * 43.74 22.75 12997.75 t 361.04, or 2.70% Trailing P/E ratio *† 38.46 25.63 High, low, open and close for each P/E estimate * 20.67 15.84 High, low, open and close for each P/E estimate * 22.47 16.82 High, low, open and close for each P/E estimate *† 29.12 21.15 trading day of the past three months. Dividend yield 1.90 2.40 trading day of the past three months. Dividend yield * 1.50 2.05 trading day of the past three months. Dividend yield *† 0.75 1.01 All-time high 31961.86, 02/24/21 All-time high 3934.83, 02/12/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

28600 3675 12600 Session high

DOWN UP 65-day moving average 65-day moving average Session open Close 65-day moving average t 27400 3550 12000 Close Open t 11400 Session low 26200 3425 Bars measure the point change from session's open 25000 3300 10800 Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,197,756,698 34,688,430 Industrial Average 31563.31 31260.14 31270.09 -121.43 -0.39 31961.86 18591.93 15.4 2.2 8.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 611,728,197 6,564,892 Transportation Avg 13692.20 13498.06 13548.44 -23.55 -0.17 13630.55 6703.63 42.4 8.3 9.5 Most-active issues in late trading Decl. volume* 576,616,696 27,726,777 Utility Average 805.27 792.08 798.59 -7.49 -0.93 926.14 610.89 -13.8 -7.6 6.2 Volume After Hours Issues traded 3,352 281 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 40925.99 40259.27 40266.55 -596.96 -1.46 41733.23 22462.76 26.2 2.7 13.1 Advances 1,551 88 SPDR S&P 500 SPY 8,023.2 381.42 ... unch. 381.78 381.10 Barron's 400 934.70 921.93 922.04 -7.05 -0.76 943.31 455.11 37.0 8.2 8.9 Declines 1,730 185 Apple AAPL 5,287.2 122.07 0.01 0.01 123.36 116.38 Unchanged 71 8 SOS ADR SOS Nasdaq Stock Market 4,762.8 8.14 -0.03 -0.37 8.40 7.94 New highs 276 11 Nasdaq Composite 13372.52 12995.07 12997.75 -361.04 -2.70 14095.47 6860.67 44.1 0.8 21.4 Invesco KBW Bank ETF KBWB 3,954.4 60.80 0.11 0.18 61.02 60.69 New lows 70 1 Nasdaq-100 13057.29 12679.89 12683.33 -376.62 -2.88 13807.70 6994.29 41.7 -1.6 23.0 GreenSky GSKY 3,868.2 6.15 -0.01 -0.16 6.19 6.00 Closing Arms† 0.84 1.46 Palantir Technologies PLTR 3,742.1 24.66 1.07 4.54 25.25 23.45 S&P Block trades* 7,184 251 Nielsen Holdings NLSN 3,563.1 24.10 ... unch. 24.10 24.09 500 Index 3874.47 3818.86 3819.72 -50.57 -1.31 3934.83 2237.40 22.0 1.7 12.4 Nasdaq NYSE Arca Carrier Global CARR 3,530.4 37.00 -0.12 -0.32 37.48 37.00 MidCap 400 2547.03 2507.61 2507.84 -21.29 -0.84 2577.70 1218.55 32.0 8.7 10.1 Total volume*5,499,780,769 334,543,648 SmallCap 600 1318.56 1293.64 1297.47 2.79 0.22 1323.76 595.67 41.6 16.0 11.6 Percentage gainers… Adv. volume*1,721,466,015 115,604,885 Decl. volume*3,736,353,000 218,200,091 Other Indexes electroCore ECOR 89.2 2.40 0.15 6.67 2.49 2.22 Issues traded 4,143 1,486 Russell 2000 2252.56 2207.62 2207.79 -23.72 -1.06 2299.00 991.16 44.2 11.8 12.9 American Eagle Outfitters AEO 270.1 27.00 1.57 6.17 28.30 24.30 Advances 1,360 375 NYSE Composite 15336.35 15197.92 15199.19 -77.83 -0.51 15539.42 8777.38 16.8 4.6 6.6 Kiniksa Pharmaceuticals KNSA 52.9 23.00 1.25 5.75 23.00 21.75 Declines 2,707 1,094 Primo Water PRMW 95.3 15.51 0.83 5.65 15.71 14.68 Value Line 633.77 625.60 625.63 -3.40 -0.54 638.89 305.71 27.6 10.0 4.3 Unchanged 76 17 Splunk SPLK 349.1 150.50 7.31 5.11 153.00 143.18 NYSE Arca Biotech 5719.76 5524.49 5525.55 -194.21 -3.40 6319.77 3855.67 8.2 -3.7 5.9 New highs 322 64 NYSE Arca Pharma 685.85 675.51 679.41 -6.44 -0.94 725.03 494.36 6.5 -1.5 8.3 ...And losers New lows 168 19 KBW Bank 120.05 117.00 117.63 1.18 1.01 119.78 56.19 26.2 20.1 1.7 Yext YEXT 169.9 14.08 -2.47 -14.92 16.83 13.00 Closing Arms† 1.09 0.63 § PHLX Gold/Silver 132.96 129.09 131.80 -3.04 -2.26 161.14 70.12 28.4 -8.6 18.7 Vroom VRM 585.0 38.70 -5.20 -11.85 45.00 35.05 Block trades* 29,169 1,305 § PHLX Oil Service 58.50 57.07 57.09 0.25 0.43 58.87 21.47 13.7 28.8 -25.0 Okta Cl A OKTA 770.2 216.92 -24.30 -10.07 252.00 207.00 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3079.94 2972.85 2975.58 -95.36 -3.11 3238.92 1286.84 66.3 6.4 29.7 Marvell Tech Group MRVL 1,585.5 43.90 -1.66 -3.64 46.75 43.15 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 26.79 22.45 26.67 2.57 10.66 82.69 19.97 -16.6 17.2 10.8 AES AES 188.8 26.00 -0.89 -3.31 26.89 26.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World MSCI ACWI 662.80 –4.31 –0.65 2.6 Cohen Co COHN 41.00 23.45 133.62 52.70 2.77 925.0 Rocket Cos. RKT 28.01 -13.59 -32.67 43.00 17.50 ... 0.56 MSCI ACWI ex-USA 340.02 1.89 4.2 KemPharm KMPH 13.47 4.04 42.84 22.08 1.94 178.4 Vir Biotechnology VIR 41.78 -15.96 -27.64 141.01 25.31 -6.9 MSCI World 2741.68 –26.57 –0.96 1.9 Veritiv VRTV 35.53 10.33 40.99 45.50 5.70 251.4 MICT MICT 2.31 -0.65 -21.96 8.45 0.44 127.4 MSCI Emerging Markets 1378.02 18.37 1.35 6.7 1895 Bancorp of Wisconsin BCOW 13.95 3.75 36.76 14.80 7.43 26.8 Intrusion INTZ 18.57 -4.95 -21.05 28.25 2.26 304.6 Americas MSCI AC Americas 1488.15 –22.56 –1.49 1.4 Ovid Therapeutics OVID 4.04 1.08 36.49 9.40 1.80 14.4 Tian Ruixiang TIRX 75.01 -19.76 -20.85 103.87 11.10 ... Canada S&P/TSX Comp 18320.67 –100.93 –0.55 5.1 Super League Gaming SLGG 5.21 1.20 29.93 6.50 1.30 61.8 fuboTV FUBO 34.14 -7.75 -18.50 62.29 5.00 297.9 Latin Amer. MSCI EM Latin America 2218.73 –14.53 –0.65 –9.5 MingZhu Logistics Hldgs YGMZ 10.64 2.14 25.18 58.00 3.66 ... Smart Sand SND 2.99 -0.67 -18.31 3.67 0.55 86.9 Brazil Sao Paulo Bovespa 111183.95 –355.85 –0.32 –6.6 Michaels Cos. MIK 22.02 4.00 22.20 22.30 1.00 456.8 Sana Biotechnology SANA 24.48 -5.38 -18.02 44.60 24.41 ... Chile Santiago IPSA 3272.28 46.03 1.43 14.5 Nam Tai Property NTP 11.50 2.03 21.44 12.45 3.66 85.5 22nd Century Group XXII 2.47 -0.54 -17.94 4.66 0.55 191.3 Mexico S&P/BMV IPC 46377.47 695.28 1.52 5.2 Birks Group BGI 2.86 0.48 20.17 3.70 0.32 276.3 Boqii Holding ADR BQ 5.96 -1.26 -17.45 12.84 4.06 ... EMEA Stoxx Europe 600 413.42 0.19 0.05 3.6 SOS ADR SOS 8.17 1.37 20.15 15.88 0.51 407.5 Highway Holdings HIHO 3.71 -0.78 -17.37 5.82 1.73 68.1 Eurozone Euro Stoxx 412.76 0.14 0.03 3.8 Callon Petroleum CPE 31.05 4.79 18.24 32.95 3.80 60.1 Roth CH Acquisition I ROCH 21.52 -4.47 -17.20 31.99 9.76 ... Belgium Bel-20 3831.93 10.83 0.28 5.8 TransEnterix TRXC 4.54 0.62 15.82 6.95 0.28 298.2 Stratasys Ltd. SSYS 26.80 -5.48 -16.98 56.95 11.89 65.3 Centennial Resource Devt CDEV Great Elm Group GEG Denmark OMX Copenhagen 20 1402.87 –34.60 –2.41 –4.3 4.64 0.62 15.42 4.79 0.24 135.5 3.26 -0.66 -16.84 4.85 1.31 12.0 Credit Suisse S&P MLP Idx MLPO 9.56 1.23 14.77 10.50 3.65 -4.9 IMPAC Mortgage Holdings IMH 2.90 -0.56 -16.18 7.85 1.10 -60.4 France CAC 40 5830.06 20.33 0.35 5.0 Germany DAX 14080.03 40.23 0.29 2.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1550.60 –17.44 –1.11 3.4 Italy FTSE MIB 23046.77 –36.78 –0.16 3.7 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 663.35 0.09 0.01 6.2 Russia RTS Index 1453.61 1.13 0.08 4.8 SOS ADR SOS 324,429 827.7 8.17 20.15 15.88 0.51 Cohen Co COHN 5,674 58496 41.00 133.62 52.70 2.77 South Africa FTSE/JSE All-Share 68326.79 –183.96 –0.27 15.0 Ocugen OCGN 180,544 119.0 10.46 8.96 18.77 0.17 Veritiv VRTV 8,786 8466 35.53 40.99 45.50 5.70 Rocket Cos. RKT Horizon Acqn II Cl A HZON Spain IBEX 35 8329.30 –26.50 –0.32 3.2 176,644 929.5 28.01 -32.67 43.00 17.50 16,508 5158 11.33 11.96 12.16 9.91 Sundial Growers SNDL 176,005 -70.2 1.30 -5.80 3.96 0.14 INDUS Realty Trust INDT 492 4690 58.20 -4.12 80.35 28.67 Sweden OMX Stockholm 835.79 1.76 0.21 8.8 ProSh UltraPro Shrt QQQ SQQQ 162,467 150.3 15.02 8.68 162.15 11.76 Capitol Invt V Cl A CAP 9,106 4238 10.12 1.50 10.61 9.95 Switzerland Swiss Market 10771.88 –45.27 –0.42 0.6 Turkey BIST 100 1531.05 2.23 0.15 3.7 Ovid Therapeutics OVID 123,611 5101.7 4.04 36.49 9.40 1.80 PGIM Active Hi Yield Bd PHYL 593 3474 40.93 -0.14 41.37 31.79 U.K. FTSE 100 6675.47 61.72 0.93 3.3 SPDR S&P 500 SPY 116,844 72.7 381.42 -1.32 394.17 218.26 KemPharm KMPH 58,958 3145 13.47 42.84 22.08 1.94 U.K. FTSE 250 21436.32 258.41 1.22 4.6 General Electric GE 115,423 45.9 13.44 3.54 13.62 5.48 Vistas Media Acqn Cl A VMAC 1,491 2644 9.97 -1.77 11.12 9.67 Apple AAPL 112,166 5.5 122.06 -2.45 145.09 53.15 Global X Education ETF EDUT 186 2096 18.57 -3.90 21.67 14.51 Asia-Pacific MSCI AC Asia Pacific 211.86 2.37 1.13 6.0 Petroleo Brasileiro ADR PBR 107,778 237.3 7.43 -4.01 12.45 4.01 PLx Pharma PLXP 2,961 1989 8.13 -11.05 10.20 1.80 Australia S&P/ASX 200 6818.00 55.73 0.82 3.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3576.90 68.31 1.95 3.0 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29880.42 784.56 2.70 9.7 Track the Markets 2.28 India S&P BSE Sensex 51444.65 1147.75 7.7 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29559.10 150.93 0.51 7.7 global stock indexes, bond ETFs, Singapore Straits Times 3000.37 26.50 0.89 5.5 currencies and commodities at Currencies South Korea Kospi 3082.99 39.12 1.29 7.3 wsj.com/graphics/track-the-markets Taiwan TAIEX 16211.73 264.85 1.66 10.0 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1543.40 40.04 2.66 6.5 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTD chg Wed YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004343 23025 –0.2 CREDIT MARKETS Argentina peso .0111 90.2220 7.3 Europe Brazil real .1779 5.6196 8.2 Czech Rep. koruna .04608 21.700 1.1 Canada dollar .7900 1.2658 –0.6 Denmark krone .1622 6.1644 1.2 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001374 727.60 2.4 Euro area euro 1.2063 .8290 1.3 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000272 3681.09 7.6 Hungary forint .003311 302.03 1.7 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007900 126.59 –0.9 A consumer rate against its New car loan Mexico peso .0478 20.9406 5.3 Norway krone .1176 8.5026 –0.9 benchmark over the past year 2.50% Uruguay peso .02307 43.3450 2.3 Poland zloty .2653 3.7687 1.0 Bankrate.com avg†: 4.03% 14% Asia-Pacific Russia ruble .01351 74.017 –0.01 First Command Bank 2.75% 2.00 Sweden krona .1187 8.4228 2.4 Euro s Australian dollar .7775 1.2862 –1.1 4.60% Fort Worth, TX 888-763-7600 Tradeweb ICE 7 Switzerland franc 1.0872 .9198 3.9

t China yuan .1546 6.4679 –1.0 1.50 Turkey lira .1340 7.4615 0.3 New car loan Wednesday Close Hong Kong dollar .1289 7.7568 0.1 First Savings Bank of Hegewisch 2.75% Ukraine hryvnia .0359 27.8500 –1.8 t 4.20 0 s India rupee .01371 72.940 –0.1 Chicago, IL 773-646-4200 1.00 UK pound 1.3949 .7169 –2.0 Yen Indonesia rupiah .0000702 14245 1.4

Middle East/Africa Cambridge Savings Bank 3.24% t 3.80 0.50 –7 s Japan yen .009344 107.02 3.6 Cambridge, MA 888-418-5626 One year ago WSJ Dollar Index Kazakhstan tenge .002382 419.73 –0.4 Bahrain dinar 2.6522 .3771 ... Prime rate 3.40 Macau pataca .1251 7.9931 0.03 Egypt pound .0638 15.6694 –0.5 t PNC Bank 3.37% 0.00 –14 Malaysia ringgit .2469 4.0510 0.7 Israel shekel .3022 3.3093 3.0 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7245 1.3803 –0.8 Kuwait dinar 3.3039 .3027 –0.5 3.00 month(s) years M A M J J A S O N D J FM Chase Bank 3.74% Pakistan rupee .00635 157.375 –1.9 Oman sul rial 2.5976 .3850 –0.01 maturity 2020 2021 Highland Park, IL 800-CHA-SE24 Philippines peso .0206 48.500 1.0 Qatar rial .2746 3.642 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7504 1.3327 0.9 Saudi Arabia riyal .2666 3.7515 –0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008873 1127.05 3.8 South Africa rand .0663 15.0915 2.7 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051148 195.51 5.5 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.25 -1.25 Taiwan dollar .03599 27.788 –1.1 Yield (%) 52-Week Total Return (%) Thailand baht .03296 30.340 1.0 WSJ Dollar Index 85.93 0.20 0.23 1.10 Prime rate* 3.25 3.25 3.25 l 4.25 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.19 0.19 0.18 l 1.45 -1.83 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2375.240 0.880 0.810 1.080 0.400 –1.235 4.738 Money market, annual yield 0.08 0.09 0.08 l 0.50 -0.22 Five-year CD, annual yield 0.45 0.45 0.45 l 1.36 -1.15 U.S. Treasury Long, Barclays 4189.000 2.180 2.120 2.230 0.980 –8.928 7.916 Commodities 30-year mortgage, fixed† 3.17 3.17 2.83 l 4.22 -1.26 Aggregate, Barclays 2231.450 1.450 1.390 2.310 1.020 0.538 5.187 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.52 2.52 2.32 l 3.43 -1.39 Fixed-Rate MBS, Barclays 2220.150 1.600 1.600 2.690 0.930 1.442 4.164 DJ Commodity Jumbo mortgages, $548,250-plus† 3.21 2.85 l 4.36 811.68 -1.70 -0.21 836.48 433.70 39.72 10.95 3.16 -1.50 High Yield 100, ICE BofA 3336.196 3.745 3.410 10.740 3.261 4.580 5.652 Refinitiv/CC CRB Index -0.02 195.13 106.29 13.21 Five-year adj mortgage (ARM)† 3.19 3.15 2.85 l 3.68 -1.08 189.96 -0.01 15.36 Muni Master, ICE BofA 589.831 1.054 1.029 3.441 0.725 1.342 4.580 Crude oil, $ per barrel 1.53 63.53 -37.63 26.30 New-car loan, 48-month 4.03 4.03 4.02 l 4.50 0.51 61.28 2.56 31.00 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 900.948 4.813 4.712 7.480 4.295 –1.005 4.509 Natural gas, $/MMBtu 2.816 -0.023 -0.81 3.354 1.482 54.13 10.91 banks.† Excludes closing costs. Gold, $ per troy oz. 1715.30 -17.80 -1.03 2051.50 1477.30 4.52 -9.39 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW063000-1-B00800-1------XA

B8 | Thursday, March 4, 2021 * THE WALL STREET JOURNAL.

COMMODITIES | wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures March 372.25 374.00 372.25 372.00 –2.50 13 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March 1.3955 1.4006 1.3921 1.3957 –.0008 160,714 May 366.25 368.75 365.00 366.00 –2.25 3,242 March 108.10 108.10 108.10 108.10 –1.30 100 June 1.3958 1.4011 1.3926 1.3961 –.0008 7,208 Contract Open Soybeans (CBT)-5,000 bu.; cents per bu. May 112.00 112.55 110.20 111.35 –1.30 10,328 Swiss Franc (CME)-CHF 125,000; $ per CHF Open High hi lo Low Settle Chg interest March 1412.00 1417.50 1400.25 1410.75 –3.25 1,489 March 1.0931 1.0944 t 1.0872 1.0877 –.0065 50,989 Copper-High (CMX)-25,000 lbs.; $ per lb. May 1415.00 1417.75 1395.25 1407.50 –5.00 353,265 Interest Rate Futures June 1.0962 1.0970 t 1.0900 1.0904 –.0065 1,594 March 4.2185 4.2225 4.1370 4.1530 –0.0785 5,242 Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD May 4.2080 4.2215 4.1230 4.1420 –0.0800 160,013 March 423.60 425.10 418.00 420.20 –3.10 2,293 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% March .7818 .7839 .7771 .7794 –.0035 143,496 Gold (CMX)-100 troy oz.; $ per troy oz. May 422.00 423.80 415.70 418.80 –2.90 184,068 March 189-110 190-300 187-240 189-050 –1-05.0 12,812 June .7819 .7841 .7775 .7797 –.0036 5,379 March 1730.00 1732.40 t 1703.50 1715.30 –17.80 1,064 Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 189-110 189-110 186-010 187-150 –1-06.0 1,132,524 Mexican Peso (CME)-MXN 500,000; $ per MXN April 1736.50 1739.10 t 1699.40 1715.80 –17.80 341,428 March 51.53 51.56 50.94 51.35 .08 599 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March .04845 .04859 .04755 .04772 –.00077 150,430 May 1732.40 1732.40 t 1705.00 1717.30 –17.80 70 May 49.72 50.03 49.25 49.78 .12 202,949 March 161-120 161-130 159-140 160-020 –30.0 8,165 June .04800 .04812 .04711 .04727 –.00076 8,954 June 1739.10 1741.00 t 1702.90 1718.70 –17.80 79,137 Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 159-280 159-290 157-270 158-170 –30.0 1,220,248 Euro (CME)-€125,000; $ per € Aug 1734.60 1742.40 t 1705.00 1721.00 –17.80 21,332 March 13.00 13.18 13.00 13.17 .11 26 Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 1.2088 1.2116 1.2046 1.2069 –.0019 655,290 Oct 1746.20 1746.20 t 1708.40 1723.10 –18.00 7,652 May 13.31 13.49 13.27 13.46 .11 8,550 March 134-235 134-240 133-300 134-045 –16.0 93,145 June 1.2111 1.2140 1.2070 1.2093 –.0019 36,017 Palladium (NYM) - 50 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. June 133-225 133-225 132-260 133-015 –16.0 3,463,731 March 2350.90 –14.30 131 March 658.25 658.25 645.75 652.00 –11.25 1,139 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures June 2358.00 2377.00 2325.50 2354.40 –14.20 9,425 May 663.00 666.00 650.75 656.00 –10.25 190,902 March 124-315 124-315 124-190 124-217 –8.2 36,131 Platinum (NYM)-50 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. June 124-185 124-190 124-055 124-085 –8.7 3,464,783 Mini DJ Industrial Average (CBT)-$5 x index March 1180.40 –32.30 67 March 616.00 625.50 615.50 617.50 –9.50 398 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 31364 31609 31216 31236 –122 85,193 April 1210.20 1217.80 1165.80 1181.80 –32.60 58,459 May 634.50 635.50 622.75 626.00 –9.25 111,800 March 110-155 110-155 110-141 110-143 –1.1 57,277 June 31301 31500 31113 31131 –121 4,188 Silver (CMX)-5,000 troy oz.; $ per troy oz. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 110-142 110-145 110-127 110-131 –1.2 2,224,091 S&P 500 Index (CME)-$250 x index March 26.805 26.805 25.935 26.357 –0.493 2,984 March 136.000 137.275 135.875 137.000 .475 6,198 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. March 3895.90 3896.90 3814.30 3816.70 –50.90 31,279 May 26.860 26.915 25.875 26.387 –0.492 127,928 April 139.875 141.600 139.675 141.300 .825 14,725 March 99.9300 99.9325 99.9275 99.9300 113,902 June …… …3806.80 –50.90 44 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cattle-Live (CME)-40,000 lbs.; cents per lb. April 99.9250 99.9300 99.9200 99.9250 .0050 157,652 Mini S&P 500 (CME)-$50 x index April 59.55 61.99 59.24 61.28 1.53 374,043 April 119.300 119.825 119.075 119.400 –.025 131,268 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 3867.50 3898.00 3813.00 3816.75 –50.75 2,651,173 May 59.40 61.75 59.08 61.10 1.53 290,897 June 117.725 118.075 117.300 117.675 –.075 92,924 March 92-115 92-235 92-005 92-085 –13.5 169,607 June 3859.50 3888.00 3802.00 3806.75 –51.00 114,981 June 58.90 61.30 58.69 60.69 1.52 290,860 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 91-265 92-005 91-170 91-240 –13.5 67 Mini S&P Midcap 400 (CME)-$100 x index July 58.43 60.71 58.21 60.15 1.50 178,559 April 86.750 88.350 86.450 87.925 2.575 94,623 Eurodollar (CME)-$1,000,000; pts of 100% March 2528.70 2560.50 2502.80 2505.90 –20.50 49,618 Dec 55.94 57.89 55.62 57.40 1.34 320,851 June 94.075 95.450 93.925 94.850 1.375 59,362 March 99.8250 99.8300 99.8125 99.8200 –.0050 1,047,905 June 2535.80 2554.00 2497.90 2503.00 –20.50 16 Dec'22 52.73 54.23 52.50 53.80 1.00 122,040 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 99.8450 99.8450 99.8300 99.8400 … 1,089,961 Mini Nasdaq 100 (CME)-$20 x index NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 975.00 1000.80 975.00 980.00 –10.50 337 Dec 99.7850 99.7850 99.7700 99.7750 –.0050 912,886 March 13061.25 13192.00 12663.25 12681.75 –373.50 236,083 April 1.8064 1.8487 1.8010 1.8357 .0276 133,869 May 836.10 849.00 823.10 844.70 8.60 1,959 March'23 99.5550 99.5600 99.4850 99.5050 –.0350 1,090,335 June 13057.00 13181.00 12656.00 12672.75 –373.00 7,875 June 1.7905 1.8394 1.7891 1.8276 .0320 73,465 Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (CME)-$50 x index Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 16.27 16.52 16.18 16.40 .06 3,876 Currency Futures March 2232.30 2266.80 2201.50 2205.80 –23.30 561,433 April 1.9264 1.9711 1.9241 1.9518 .0154 120,598 April 17.80 17.94 17.38 17.94 .14 3,316 June 2233.40 2263.10 2198.40 2201.80 –23.40 3,962 May 1.9182 1.9622 1.9135 1.9444 .0190 87,657 Cocoa (ICE-US)-10 metric tons; $ per ton. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini Russell 1000 (CME)-$50 x index Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 2,754 2,754 s 2,754 2,754 12 1,225 March .9373 .9374 t .9333 .9349 –.0020 183,437 March 2187.80 2191.30 2158.60 2158.60 –32.10 10,191 April 2.848 2.887 2.801 2.816 –.023 174,443 May 2,646 2,667 s 2,624 2,657 12 103,028 June .9382 .9382 t .9343 .9358 –.0019 4,555 U.S. Dollar Index (ICE-US)-$1,000 x index May 2.883 2.916 2.837 2.849 –.026 215,070 Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD March 90.80 91.08 90.64 90.94 .15 34,042 June 2.930 2.958 2.883 2.895 –.029 77,150 March 133.75 133.75 130.00 131.15 –2.05 144 March .7911 .7941 .7900 .7914 –.0012 156,412 June 90.80 91.06 90.62 90.93 .15 3,227 July 2.978 3.007 2.933 2.944 –.033 71,600 May 133.85 134.65 132.05 132.80 –1.05 111,709 June .7912 .7941 .7900 .7915 –.0012 9,472 Sept 2.989 3.010 2.941 2.953 –.031 93,510 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Source: FactSet Oct 2.995 3.021 2.952 2.964 –.030 129,112 May 16.50 16.53 16.07 16.14 –.29 397,064 July 15.89 15.93 15.51 15.62 –.22 196,859 Agriculture Futures Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. May 29.90 30.00 s 29.90 29.95 …2,176 Cash Prices | wsj.com/market-data/commodities Wednesday, March 03, 2021 Corn (CBT)-5,000 bu.; cents per bu. July 29.95 30.06 s 29.95 29.95 .05 2,379 March 560.00 560.00 548.00 550.25 –10.50 10,717 Cotton (ICE-US)-50,000 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— May 544.00 544.25 532.75 535.25 –9.75 759,332 March 86.90 86.90 86.90 86.90 –2.54 10 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Oats (CBT)-5,000 bu.; cents per bu. May 91.00 91.13 88.16 88.45 –2.54 112,016 months. Wednesday Wednesday Wednesday Bonds | wsj.com/market-data/bonds/benchmarks Energy Aluminum, LME, $ per metric ton *2176.0 Wheat - Hard - KC (USDA) $ per bu-u 6.4600 Copper,Comex spot 4.1530 Wheat,No.1soft white,Portld,OR-u 7.3500 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.350 Iron Ore, 62% Fe CFR China-s 177.5 Food Tracking Bond Benchmarks Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.000 Shredded Scrap, US Midwest-s,m 402 Steel, HRC USA, FOB Midwest Mill-s 1244 Beef,carcass equiv. index Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Metals choice 1-3,600-900 lbs.-u Fibers and Textiles 195.37 highs and lows for different types of bonds select 1-3,600-900 lbs.-u 184.70 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8305 Burlap,10-oz,40-inch NY yd-n,w 0.7100 Total Total Engelhard industrial 1711.00 Butter,AA Chicago 1.6900 Cotton,1 1/16 std lw-mdMphs-u 0.8570 return YTD total Yield (%) return YTD total Yield (%) Handy & Harman base 1711.40 Cheddar cheese,bbl,Chicago 142.00 Cotlook 'A' Index-t close return (%) Index Latest Low High close return (%) Index Latest Low High Handy & Harman fabricated 1899.65 *96.75 Cheddar cheese,blk,Chicago 165.00 Hides,hvy native steers piece fob-u LBMA Gold Price AM *1728.50 n.a. Milk,Nonfat dry,Chicago lb. 117.25 Wool,64s,staple,Terr del-u,w Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays LBMA Gold Price PM *1723.85 n.a. Coffee,Brazilian,Comp 1.2602 Krugerrand,wholesale-e 1787.03 Grains and Feeds Coffee,Colombian, NY 1.8033 2231.45 -2.5 U.S. Aggregate 1.450 1.020 2.310 2220.15 -0.5 Mortgage-Backed 1.600 0.930 2.690 Maple Leaf-e 1804.22 Eggs,large white,Chicago-u 1.1150 American Eagle-e 1804.22 U.S. Corporate Indexes Bloomberg Barclays 2163.76 -0.6 Ginnie Mae (GNMA) 1.570 0.290 2.660 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.85 Mexican peso-e 2079.75 Bran,wheat middlings, KC-u 183 Hams,17-20 lbs,Mid-US fob-u n.a. 3329.19 -3.7 U.S. Corporate 2.120 1.740 4.580 1312.29 -0.4 Fannie mae (FNMA) 1.600 1.110 2.690 Austria crown-e 1687.28 Corn,No. 2 yellow,Cent IL-bp,u 5.2150 Hogs,Iowa-So. Minnesota-u 82.20 Austria phil-e 1804.22 Corn gluten feed,Midwest-u,w 191.1 Pork bellies,12-14 lb MidUS-u n.a. -1.4 Intermediate 3070.21 1.390 1.080 4.400 2012.42 -0.5 Freddie Mac (FHLMC) 1.600 1.080 2.710 Silver, troy oz. Corn gluten meal,Midwest-u,w 652.7 Pork loins,13-19 lb MidUS-u 0.9267 Engelhard industrial 26.1500 Cottonseed meal-u,w Steers,Tex.-Okla. Choice-u n.a. 4804.58 -7.3 Long term 3.330 2.730 4.930 589.83 -1.0 Muni Master 1.054 0.725 3.441 460 Handy & Harman base 26.3650 Hominy feed,Cent IL-u,w 155 Steers,feeder,Okla. City-u,w 154.63 666.83 -4.6 Double-A-rated 1.820 1.300 3.360 416.40 -1.3 7-12 year 1.105 0.712 3.447 Handy & Harman fabricated 32.9560 Meat-bonemeal,50% pro Mnpls-u,w 343 Fats and Oils LBMA spot price *£18.8600 Oats,No.2 milling,Mnpls-u 3.7700 889.26 -3.3 Triple-B-rated 2.350 2.010 5.350 475.99 -1.3 12-22 year 1.508 1.095 3.690 (U.S.$ equivalent) *26.2600 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w n.a. High Yield Bonds ICE BofA Coins,wholesale $1,000 face-a 20288 Sorghum,(Milo) No.2 Gulf-u 7.9025 Grease,choice white,Chicago-h 0.4000 463.58 -1.1 22-plus year 2.117 1.682 4.123 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 420.70 Lard,Chicago-u n.a. 500.08 0.9 High Yield Constrained 4.245 3.955 11.400 Global Government J.P. Morgan† LBMA Platinum Price PM *1188.0 Soybeans,No.1 yllw IL-bp,u 14.0650 Soybean oil,crude;Centl IL-u 0.5340 Platinum,Engelhard industrial 1188.0 Wheat,Spring14%-pro Mnpls-u 7.6300 Tallow,bleach;Chicago-h 0.4750 Triple-C-rated 477.45 4.5 7.297 6.939 19.071 597.18 -2.9 Global Government 0.890 0.390 0.940 Palladium,Engelhard industrial 2372.0 Wheat,No.2 soft red,St.Louis-u 6.8850 Tallow,edible,Chicago-u n.a. 3336.20 0.2 High Yield 100 3.745 3.261 10.740 834.00 -3.4 Canada 1.340 0.590 1.410 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 451.10 0.8 Global High Yield Constrained 4.255 4.037 11.310 410.34 -2.5 EMU§ 0.335 0.010 0.794 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 3/2 Source: Dow Jones Market Data 342.17 1.3 Europe High Yield Constrained 2.665 2.564 8.183 770.77 -2.9 France 0.200 -0.160 0.430 U.S Agency Bloomberg Barclays 538.64 -2.5 Germany -0.190 -0.740 -0.120 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks U.S Agency 1846.30 -1.1 0.710 0.460 1.250 293.20 -0.7 Japan 0.360 0.040 0.420 10-20 years Money Rates March 3, 2021 1615.89 -0.7 0.570 0.340 1.080 600.52 -2.9 Netherlands -0.080 -0.540 0.080 4054.91 -5.1 20-plus years 2.150 1.170 2.210 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 1020.48 -6.8 U.K. 1.100 0.390 1.140 guide to general levels but don’t always represent actual transactions. Yankee 2853.35 -2.7 1.700 1.370 3.500 900.95 -3.5 Emerging Markets ** 4.813 4.295 7.480 Inflation Week —52-WEEK— Week —52-WEEK— *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Latest ago High Low Latest ago High Low Jan. Index Chg From (%) ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Commercial paper (AA financial) level Dec. '20 Jan. '20 Low 0.0400 0.0200 1.0000 0.0000 Bid 0.0700 0.0700 1.0800 0.0100 90 days 0.11 n.a. 2.53 0.04 U.S. consumer price index Offer 0.0900 0.0800 1.1200 0.0500 Global Government Bonds: Mapping Yields Libor All items 261.582 0.43 1.4 Treasury bill auction Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Core 269.755 0.20 1.4 One month 0.10300 0.11450 1.01625 0.10300 4 weeks 0.035 0.025 1.530 0.000 Three month 0.19375 0.18975 1.45050 0.17525 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session International rates 13 weeks 0.040 0.030 1.155 0.000 Six month 0.21100 0.19938 1.23825 0.19500 26 weeks 0.060 0.045 1.010 0.045 One year 0.28200 0.27800 1.06013 0.27800 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Week 52-Week Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Latest ago High Low Secondary market Euro Libor 0.125 U.S. 2 0.141 s l 0.121 0.115 0.723 One month -0.579 -0.577 -0.360 -0.621 1.125 10 1.469 s l 1.413 1.129 1.005 Prime rates Fannie Mae Three month -0.551 -0.554 -0.142 -0.574 U.S. 30-year mortgage yields Six month -0.522 -0.520 -0.052 -0.543 5.500 Australia 2 0.121 t l 0.128 0.118 0.473 -2.8 1.9 -22.5 3.25 3.25 4.25 3.25 Canada 2.45 2.45 3.95 2.45 30 days 2.349 2.365 3.017 1.751 One year -0.490 -0.493 0.008 -0.511 1.500 10 1.690 t l 1.734 1.185 0.800 21.5 32.9 -19.8 Japan 1.475 1.475 1.475 1.475 60 days 2.395 2.402 3.081 1.804 Secured Overnight Financing Rate 0.000 France 2 -0.587 s l -0.620 -0.631 -0.748 -73.6 -72.9 -144.5 Policy Rates Other short-term rates 0.04 0.01 1.64 0.01 0.000 10 -0.047 s l -0.105 -0.240 -0.335 -152.2 -151.0 -133.2 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week 0.000 Germany 2 -0.668 s l -0.687 -0.708 -0.816 -81.7 -79.7 -151.3 Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Britain 0.10 0.10 0.75 0.10 Latest ago high low 0.000 10 -0.286 s l -0.349 -0.463 -0.625 -176.1 -175.5 -162.2 Australia 0.10 0.10 0.50 0.10 DTCC GCF Repo Index Call money 0.050 Italy 2 -0.304 s l -0.337 -0.370 -0.109 -45.2 -44.7 -80.6 Overnight repurchase Treasury 0.058 64.450 1.245 0.002 2.00 2.00 3.00 2.00 MBS 0.067 23.650 1.309 0.011 0.900 10 0.748 s l 0.684 0.587 0.986 -72.7 -72.1 -1.1 U.S. 0.04 0.03 1.18 -0.07 0.100 Japan 2 -0.110 s l -0.121 -0.125 -0.244 -25.9 -23.1 -94.1 U.S. government rates Notes on data: U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, 0.100 10 0.124 t l 0.130 0.059 -0.111 -135.1 -127.5 -110.9 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary 0.000 Spain 2 -0.452 s l -0.457 -0.515 -0.444 -56.6 -114.2 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is -60.0 0.25 0.25 1.75 0.25 as of March 2, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average 0.100 10 0.382 s l 0.329 0.122 0.197 -109.2 -107.6 -80.1 for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Federal funds are Tullett Prebon rates as of 5:30 p.m. ET. 0.125 U.K. 2 0.093 s l 0.053 -0.085 0.227 -5.6 -5.7 -47.0 Effective rate 0.0700 0.0700 1.1200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 4.750 10 0.780 s l 0.689 0.372 0.391 -69.5 -71.6 -60.7 High 0.0800 0.0800 1.1500 0.0800 Tullett Prebon Information, Ltd. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Corporate Debt Macro & Market Economics Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Watching the Gauges: U.S. Supply and Demand expectations Inventories, imports and demand for the week ended February 26. Current figures are in thousands of barrels Investment-grade spreads that tightened the most… or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week import and demand data are available monthly only. Toyota Motor Credit TOYOTA 0.800 0.88 Oct. 16, ’25 16 –10 30 Inventories, 000s barrels Imports, 000s barrels per day Mitsubishi UFJ Financial MUFG 3.407 0.64 March 7, ’24 35 –8 n.a. Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Unilever Capital UNANA 3.100 0.90 July 30, ’25 18 –8 n.a. Current change week ago avg avg Current change week ago avg avg AAPL –7 16 Apple 2.400 0.23 May 3, ’23 9 Crude oil and HSBC Holdings HSBC 4.300 1.46 March 8, ’26 72 –7 n.a. petroleum prod 1,281,979 ... 1,285 1,279 1,295 1,264 8,642 ... 6,350 8,209 7,738 9,456 General Motors Financial … 5.200 0.71 March 20, ’23 58 –6 60 Crude oil PACCAR Financial … 0.350 0.34 Aug. 11, ’23 20 –6 24 excluding SPR 484,605 -700 463 444 470 473 6,292 ... 4,599 6,238 5,662 7,355 PepsiCo PEP 3.600 2.92 Aug. 13, ’42 64 –5 n.a. Gasoline 243,472 ... 257 252 254 240 605 ... 531 511 616 649 …And spreads that widened the most Finished gasoline 22,482 -1,900 24 26 24 23 61 ... 48 133 47 65 Reformulated 41 ... 00 00 0... 00 00 BPLN 14 36 BP Capital Markets 3.814 0.62 Feb. 10, ’24 33 Conventional 22,441 ... 24 26 24 23 61 ... 48 133 47 65 DIS 9 116 Walt Disney 6.400 2.65 Dec. 15, ’35 118 Blend. components 220,990 ... 233 226 230 217 544 ... 483 379 569 584 Caterpillar Financial Services … 0.900 1.08 March 2, ’26 36 8 n.a. Natural gas (bcf) 1,943 ... 22 22...... Delta Airlines, Inc. Retirement Plan … 4.500 2.99 Oct. 20, ’25 270 8 254 Kerosene-type GE Capital International Funding … 3.373 1.40 Nov. 15, ’25 68 8 63 jet fuel 38,696 ... 41 42 41 42 196 ... 125 184 101 148 Mitsubishi UFJ Financial MUFG 2.048 2.19 July 17, ’30 72 8 68 Distillates 142,996 -3,000 153 134 154 140 321 ... 303 125 336 135 Pacific Gas and Electric … 3.150 1.89 Jan. 1, ’26 116 8 110 Heating oil 8,267 ... 910911 0 ... 45 21117 United Airlines UAL 4.875 4.10 Jan. 15, ’26 381 7 386 Diesel 134,730 ... 143 125 145 129 321 ... 258 123 324 117 High-yield issues with the biggest price increases… Residual fuel oil 31,603 ... 32 31 32 37 231 ... 137 242 204 206 Bond Price as % of face value Other oils 276,937 ... 272 280 275 261 809 ... 521 786 627 806 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Net crude, petroleum AAL 0.63 96.260 American Airlines 5.000 7.35 June 1, ’22 97.250 products, incl. SPR 1,919,752 ... 1,923 1,914 1,933 1,931 2,298 ... -395 -1,522 457 2,449 Ford Motor Credit … 5.596 1.00 Jan. 7, ’22 103.828 0.58 103.325 Bombardier BBDBCN 6.125 6.10 Jan. 15, ’23 100.038 0.54 99.625 Weekly Demand, 000s barrels per day Natural gas storage Ligado Networks NEWLSQ 15.500 14.88 Nov. 1, ’23 101.250 0.38 100.000 Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Royal Caribbean RCL 7.500 4.99 Oct. 15, ’27 114.000 0.33 113.750 Current change week ago avg avg L Brands LB 6.950 5.51 March 1, ’33 112.490 0.24 111.250 Telecom Italia Capital TITIM 6.000 4.42 Sept. 30, ’34 116.000 0.19 116.250 Total petroleum 4250 Navient NAVI 7.250 2.62 Jan. 25, ’22 104.038 0.16 104.193 product 18,759 ... 18,688 21,272 19,575 19,959 Natural gas, lower 48 states …And with the biggest price decreases Finished t 3250

CF Industries CF 4.950 3.89 June 1, ’43 115.700 –1.30 121.000 motor gasoline 8,148 ... 7,207 9,186 7,905 9,187 t Teva Pharmaceutical Finance Netherlands … 4.100 5.16 Oct. 1, ’46 85.003 –1.10 87.000 Kerosene-type 2250 Rite Aid RAD 7.700 8.23 Feb. 15, ’27 97.563 –0.94 n.a. Five-year average jet fuel 1,285 ... 979 1,707 1,176 1,632 for each week ADT Security ADT 4.875 4.60 July 15, ’32 102.375 –0.88 108.250 1250 Distillates 3,788 ... 3,932 3,919 4,121 4,091 Royal Caribbean RCL 5.250 3.56 Nov. 15, ’22 102.750 –0.77 101.750 Residual fuel oil 371 ... 285 263 292 168 HCA HCA 5.875 1.69 May 1, ’23 108.830 –0.68 109.750 250 Ford Motor F 4.750 4.68 Jan. 15, ’43 101.000 –0.61 103.250 Propane/propylene 1,487 ... 951 1,791 1,628 ... M A M J J A S O N D J F Other oils 3,682 ... 5,334 4,406 4,455 ... 2020 2021 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Data are for the most active issue of bonds with maturities of two years or more Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Source: MarketAxess Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires P2JW063000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Thursday, March 4, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Chegg CHGG 89.67 -7.92 DukeRealty DRE 38.30 -0.53 Garmin GRMN 123.82 -3.19 KraftHeinz KHC 37.98 0.66 NewOrientalEduc EDU 184.02 -3.98 ResMed RMD 190.21 -3.00 ToyotaMotor TM 148.83 -0.38 Market listed securities. Prices are composite dd-Indicates loss in the most recent CheniereEnergy LNG 69.08 -0.13 Dun&Bradstreet DNB 23.21 0.04 Gartner IT 182.63 -0.64 Kroger KR 33.25 0.69 NYTimes A NYT 52.15 -1.60 s RestaurantBrands QSR 63.83 1.31 TractorSupply TSCO 155.08 -3.83 quotations that include primary market trades four quarters. CheniereEnerPtrs CQP 40.79 -0.21 DuPont DD 74.58 1.60 Generac GNRC 318.26-20.44 L Brands LB 54.88 -0.94 NewellBrands NWL 24.37 0.32 RingCentral RNG 337.10-33.86 TradeDesk TTD 695.93-101.98 as well as trades reported by Nasdaq BX FD-First day of trading. s Chevron CVX 103.59 1.15 Dynatrace DT 50.46 -1.80 GeneralDynamics GD 167.95 0.27 s LKQ LKQ 40.26 0.39 Newmont NEM 55.33 -0.92 RioTinto RIO 90.86 -0.48 Tradeweb TW 70.97 -2.33 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Chewy CHWY 91.57 -7.29 ENI E 23.41 0.37 s GeneralElec GE 13.44 0.46 s LPL Financial LPLA 134.68 0.08 NewsCorp A NWSA 23.79 0.15 RobertHalf RHI 76.91 -0.70 TraneTech TT 157.50 -0.66 Cboe, NYSE National and Nasdaq ISE. standards ChinaEastrnAir CEA 23.13 0.30 EOG Rscs EOG 66.99 2.52 GeneralMills GIS 54.89 -0.18 L3HarrisTech LHX 186.07 0.07 NewsCorp B NWS 23.05 -0.05 RocketCos.RKT 28.01-13.59 TransDigm TDG 590.11 -6.64 The list comprises the 1,000 largest lf-Late filing ChinaLifeIns LFC 10.64 0.17 EPAM Systems EPAM 378.79 -8.50 GeneralMotors GM LabCpAm LH 239.92 -3.73 NextEraEnergy NEE 72.52 -3.02 Rockwell ROK TransUnion TRU 87.04 -0.87 companies based on market capitalization. q-Temporary exemption from Nasdaq 52.67 -1.44 250.84 2.13 ChinaPetrol SNP 55.60 1.82 s EastWestBncp EWBC 73.75 0.64 Genmab GMAB 32.55 -1.28 LamResearch LRCX 551.23-22.13 NielsenHoldings NLSN 24.10 -0.73 RogersComm B RCI 44.71 0.04 Travelers TRV 150.71 1.59 Underlined quotations are those stocks with requirements. t-NYSE bankruptcy ChinaSoAirlines ZNH 35.38 1.69 s EastmanChem EMN 113.77 0.43 Gentex GNTX 35.92 0.14 s LamarAdv LAMR 91.20 5.23 Nike NKE 134.26 -2.76 Roku ROKU 369.50-20.17 Trex TREX 87.52 -5.52 large changes in volume compared with the Chipotle CMG 1408.22-67.35 s Eaton ETN 135.53 1.56 s GenuineParts GPC 110.28 1.09 LambWeston LW 83.13 1.79 NiSource NI 21.57 -0.20 Rollins ROL 32.46 -1.04 Trimble TRMB 74.08 -1.49 issue’s average trading volume. v-Trading halted on primary market. vj-In bankruptcy or receivership or Chubb CB 167.50 -0.11 eBay EBAY 54.60 -2.39 GileadSciences GILD 62.75 -0.26 s LasVegasSands LVS 65.82 0.87 Nokia NOK 3.98 -0.06 RoperTech ROP 380.59 -0.50 Trip.com TCOM 39.80 0.02 Boldfaced quotations highlight those issues being reorganized under the ChunghwaTel CHT 39.61 0.25 Ecolab ECL 208.32 -3.22 GSK GSK 34.24 0.15 s Lear LEA 171.00 1.48 NomuraHoldings NMR 6.05 0.10 RossStores ROST 111.05 -6.59 TruistFinl TFC 58.49 0.23 whose price changed by 5% or more if their Bankruptcy Code, or securities Church&Dwight CHD 78.43 -0.79 Ecopetrol EC 12.34 ... GlobalPayments GPN 200.79 -1.31 Leidos LDOS 90.27 0.23 Nordson NDSN 194.60 1.64 RoyalBkCanada RY 86.76 -0.09 Twilio TWLO 364.52-30.10 previous closing price was $2 or higher. assumed by such companies. s ChurchillDowns CHDN 234.33 -4.59 EdisonInt EIX 55.80 0.90 Globant GLOB 219.33-12.02 Lennar B LEN.B 64.53 -3.06 NorfolkSouthern NSC 254.11 -2.27 RoyalCaribbean RCL 94.48 0.86 Twitter TWTR 70.86 -2.81 Ciena CIEN 50.56 -0.98 EdwardsLife EW 84.25 -2.03 GlobeLife GL 96.32 0.26 Lennar A LEN 80.78 -3.61 NorthernTrust NTRS 98.55 1.25 RoyalDutchA RDS.A 42.06 0.53 TylerTech TYL 439.20-25.25 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Cigna CI 220.63 1.12 ElancoAnimal ELAN 30.87 -1.47 GoDaddy GDDY 78.62 -2.64 LennoxIntl LII 288.60 3.64 NorthropGrum NOC 299.10 0.32 RoyalDutchB RDS.B 39.86 0.58 s TysonFoods TSN 69.96 1.28 changes in the closing prices from 4 p.m. the previous day. CincinnatiFin CINF 101.09 1.11 Elastic ESTC 131.62-10.80 s GoldmanSachs GS 334.43 3.49 s LeviStrauss LEVI 24.12 0.22 NortonLifeLock NLOK 19.99 0.04 RoyaltyPharma RPRX 43.57 -3.38 UBS Group UBS 15.79 -0.19 Cintas CTAS 336.31 -6.09 ElectronicArts EA 133.05 -3.77 GoodRx GDRX 43.53 -2.08 LiAuto LI 22.77 -0.97 NorwegCruise NCLH 33.13 1.95 Ryanair RYAAY 111.05 1.94 UDR UDR 42.69 0.58 Wednesday, March 3, 2021 Net Net CiscoSystems CSCO 45.13 -0.38 s EmersonElec EMR 88.53 0.90 Graco GGG 68.36 -1.57 LibertyBroadbandA LBRDA 145.08 -1.70 Novartis NVS 87.56 -0.61 SAP SAP 123.12 -2.22 UGI UGI 39.07 0.30 Net Stock Sym Close Chg Stock Sym Close Chg s Citigroup C 70.38 1.47 Enbridge ENB 35.14 0.12 Grainger GWW 387.77 2.11 LibertyBroadbandC LBRDK 149.31 -2.08 Novavax NVAX 183.61-22.38 S&P Global SPGI 326.53 -6.41 s US Foods USFD 38.39 1.30 CitizensFin CFG 44.61 0.15 EnelAmericas ENIA 7.86 0.17 Grifols GRFS 16.00 -0.16 LibertyGlobal A LBTYA 24.35 -0.33 Stock Sym Close Chg AnnalyCap NLY 8.40 -0.02 Blackstone BX 69.59 -0.37 NovoNordisk NVO 71.46 -1.22 SBA Comm SBAC 239.16 -7.17 UWM UWMC 9.62 0.49 CitrixSystems CTXS 132.23 -4.49 EnergyTransfer ET 7.87 -0.11 LibertyGlobal B LBTYB 22.58 -2.08 Anthem ANTM 314.71 3.05 Boeing BA 228.56 5.42 GuardantHealth GH 143.70-10.93 Novocure NVCR 145.62 -7.47 SEI Investments SEIC 57.02 -0.34 Uber UBER 56.11 1.46 A B C Clarivate CLVT 22.20 -0.90 EnphaseEnergy ENPH 161.12-10.57 LibertyGlobal C LBTYK 24.17 -0.32 Aon AON 228.01 -4.52 BookingHldgs BKNG 2275.00 -7.21 Guidewire GWRE 109.66 -5.01 NuanceComms NUAN 43.14 -1.37 SK Telecom SKM 24.67 0.17 Ubiquiti UI 326.91 -1.67 Clorox CLX 180.00 0.98 Entegris ENTG 101.82 -2.24 HCA Healthcare HCA 175.58 -2.60 LibertyFormOne A FWONA 39.39 0.20 Nucor NUE 62.30 0.49 SS&C Tech SSNC 65.41 -1.25 s UltaBeauty ULTA 334.39 -2.43 ABB ABB 29.42 -0.35 ApolloGlbMgmt APO 50.41 0.48 BoozAllen BAH 78.67 -0.40 CloudflareNET 70.83 -4.67 Entergy ETR 87.43 -1.33 HDFC Bank HDB 82.51 -0.29 LibertyFormOne C FWONK 45.41 0.52 Nutrien NTR 54.83 -0.88 StoreCapital STOR 32.74 -0.06 UltragenyxPharm RARE 125.30-14.63 AECOM ACM 57.45 -0.23 Appian APPN 157.35-20.99 s BorgWarner BWA 47.32 1.10 Coca-Cola KO 49.98 -0.12 EnterpriseProd EPD 22.43 0.08 HP HPQ 29.82 -0.22 s LibertyBraves A BATRA 30.67 0.40 NVIDIA NVDA 512.19-24.06 SVB Fin SIVB 514.47 -6.78 s UnderArmour A UAA 23.23 0.36 AES AES 26.89 0.08 Apple AAPL 122.06 -3.06 BostonBeer SAM 1022.67-44.31 Coca-Cola Euro CCEP 51.14 -1.32 Equifax EFX 167.04 0.95 HSBC HSBC 30.03 0.41 s LibertyBraves C BATRK 30.33 0.38 Salesforce.com CRM 206.00 -7.47 s UnderArmour C UA 19.27 0.25 Aflac AFL 48.94 0.30 ApplMaterials AMAT 115.44 -2.06 BostonProps BXP 104.54 3.15 Cognex CGNX 79.44 -3.24 Equinix EQIX 611.34-28.71 Halliburton HAL 22.28 ... LibertySirius C LSXMK 44.39 -0.26 O P Q Sanofi SNY 45.46 -0.48 Unilever UL 53.44 0.18 AGCO AGCO 126.04 -3.07 Aptargroup ATR 131.05 0.70 BostonSci BSX 38.82 0.06 CognizantTech CTSH 73.16 -1.79 Equinor EQNR 19.32 0.06 HartfordFinl HIG 52.42 0.82 LibertySirius A LSXMA 44.35 -0.43 Schlumberger SLB 28.37 0.23 UnionPacific UNP 206.23 -3.07 AGNC Invt AGNC 15.99 -0.15 s Aptiv APTV 155.55 1.34 BridgeBioPharma BBIO 63.90 -2.27 ONEOK OKE 47.77 0.88 ColgatePalm CL 74.61 -0.81 Equitable EQH 30.44 0.29 Hasbro HAS 93.03 -2.26 LightspeedPos LSPD 67.56 -3.88 s SchwabC SCHW 64.96 1.16 UnitedAirlines UAL 54.57 1.36 Ansys ANSS 319.86-16.47 s Aramark ARMK 40.63 1.83 BrightHorizons BFAM 163.97 -0.98 OReillyAuto ORLY 454.50 3.14 s Comcast A CMCSA 53.73 -0.52 EquityLife ELS 60.40 -0.84 HealthcareAmer HTA 26.68 -0.07 EliLilly LLY 202.00 -2.14 ScottsMiracleGro SMG 205.98-10.56 UnitedMicro UMC 9.07 -0.35 ASETech ASX 7.55 0.06 ArcelorMittal MT 24.90 -0.24 BristolMyers BMY 60.75 -0.52 OakStreetHealth OSH 55.17 0.59 Comerica CMA 69.88 -0.07 EquityResdntl EQR 68.57 1.57 HealthpeakProp PEAK 29.26 -0.51 LincolnNational LNC 58.57 1.06 Sea SE 251.28 1.28 UPS B UPS 160.43 -0.94 ASML ASML 543.60-19.54 ArchCapital ACGL 36.21 -0.16 BritishAmTob BTI 36.00 0.25 OccidentalPetrol OXY 28.66 0.84 CommerceBcshrs CBSH 75.66 1.30 ErieIndemnity A ERIE 242.47 -0.56 Heico A HEI.A 115.98 -1.84 Linde LIN 247.55 -6.46 Seagate STX 75.94 3.42 UnitedRentals URI 294.93 1.51 AT&T T 28.72 0.50 ArcherDaniels ADM 57.12 -0.25 Broadcom AVGO 463.06-17.45 Okta OKTA 241.22-17.84 CiaSiderurgica SID 6.23 0.13 EssentialUtil WTRG 41.50 -1.16 Heico HEI 126.56 -2.74 LithiaMotors LAD 374.71 0.21 Seagen SGEN 147.93 -5.78 US Bancorp USB 51.16 0.51 AbbottLabs ABT 119.18 -3.35 s Ardagh ARD 25.43 -0.16 BroadridgeFinl BR 141.89 -1.95 s OldDomFreight ODFL 222.76 0.35 ConagraBrands CAG 34.79 0.48 EssexProp ESS 267.26 5.49 HenrySchein HSIC 62.71 -0.21 s LiveNationEnt LYV 91.75 1.18 SempraEnergy SRE 116.97 -0.16 UnitedHealth UNH 332.87 -1.77 AbbVie ABBV 106.71 -1.14 AresMgmt ARES 51.37 -0.63 BrookfieldMgt BAM 41.30 -0.71 OmegaHealthcare OHI 37.34 0.14 ConocoPhillips COP 53.66 1.38 EsteeLauder EL 289.54 ... Hershey HSY 144.37 -0.98 LloydsBanking LYG 2.22 0.06 s SensataTechs ST 60.87 1.23 UnitySoftware U 102.80 -5.30 t AbCelleraBio ABCL 35.67 -2.33 arGEN-X ARGX 316.24-19.27 BrookfieldInfr BIP 51.43 0.35 s Omnicom OMC 73.16 1.52 ConEd ED 67.43 0.35 Etsy ETSY 208.61-29.82 Hess HES 67.64 2.91 LockheedMartin LMT340.91 2.32 ServiceCorp SCI 47.03 -0.51 UnivDisplay OLED 206.12 -8.38 Abiomed ABMD 307.60-17.71 AristaNetworks ANET 278.94 -5.36 BrookfieldPropREIT BPYU 17.27 -0.05 ON Semi ON 39.68 -0.75 ConstBrands A STZ 216.06 -2.09 EuronetWorldwide EEFT 155.22 0.72 s HewlettPackard HPE 14.56 0.06 Loews L 49.59 0.21 ServiceNow NOW 516.00-33.30 UniversalHealthB UHS 126.78 -2.57 AcceleronPharma XLRN 130.27 -5.58 ArrowheadPharm ARWR 75.48 -5.15 BrookfieldRenew BEPC 45.43 -0.53 OpenText OTEX 45.37 -0.64 ContextLogic WISH 17.99 -0.83 EverestRe RE 242.23 0.31 HighwoodsProp HIW 42.00 0.46 LogitechIntl LOGI 100.76 -6.79 ShawComm B SJR 18.02 0.17 VEREIT VER 39.22 0.16 Accenture ACN 254.18 -5.05 AscendisPharma ASND 152.90 -2.23 Brown&Brown BRO 45.55 -0.83 OpendoorTech OPEN 28.85 -2.48 s ContinentalRscs CLR 26.15 1.28 Evergy EVRG 53.71 0.10 Hilton HLT 123.13 -1.12 Lowe's LOW 158.29 -4.76 SherwinWilliams SHW 673.21-16.47 VF VFC 81.20 -0.99 ActivisionBliz ATVI 93.71 -3.04 AspenTech AZPN 149.94 -1.67 Brown-Forman A BF.A 65.60 -1.94 s Oracle ORCL 66.91 0.25 Cooper COO 381.11 -6.81 EversourceEner ES 77.78 -2.34 Hologic HOLX 71.97 -2.85 LufaxHolding LU 15.60 -0.30 ShinhanFin SHG 29.96 0.39 s VICI Prop VICI 29.19 0.71 Adobe ADBE 448.45-18.14 AstraZeneca AZN 47.16 -0.57 Brown-Forman B BF.B 69.71 -2.37 Orange ORAN 11.66 -0.08 Copart CPRT 107.01 -2.56 ExactSciences EXAS 126.57 -9.82 HomeDepot HD 257.36 -2.93 lululemon LULU 295.99-21.48 Shopify SHOP 1220.30-88.76 VailResorts MTN 306.00 -5.36 AdvanceAuto AAP 165.83 0.99 s Athene ATH 48.30 1.51 Bruker BRKR 61.18 -1.14 Orix IX 84.79 -0.54 Corning GLW 38.59 -0.15 Exelon EXC 39.53 0.22 HondaMotor HMC 28.88 0.48 LumenTech LUMN 13.79 0.94 Sibanye-Stillwater SBSW 19.84 -0.20 Vale VALE 17.88 -0.07 AdvMicroDevices AMD 80.86 -3.27 Atlassian TEAM 227.68-16.72 BuildersFirstSrc BLDR 43.25 -0.46 OtisWorldwide OTIS 67.00 1.59 Corteva CTVA 45.34 -0.44 eXpWorld EXPI 54.23 -8.46 Honeywell HON 207.01 0.43 s Lyft LYFT 61.76 4.70 SignatureBank SBNY 222.23 1.91 s ValeroEnergy VLO 77.53 0.90 s Aegon AEG 5.01 0.17 AtmosEnergy ATO 88.45 1.21 s Bunge BG 78.45 -0.81 OwensCorning OC 79.78 -3.24 CoStar CSGP 762.80-27.37 Expedia EXPE 163.43 3.16 HorizonTherap HZNP 91.01 -3.48 s LyondellBasell LYB 107.81 -0.09 SimonProperty SPG 113.99 2.31 VarianMed VAR 175.96 -0.10 t AffirmHldgs AFRM 86.31 -5.49 Autodesk ADSK 269.30 -8.62 BurlingtonStrs BURL 253.61 -4.93 OzonHoldings OZON 60.25 -1.92 Costco COST 323.92 -4.54 ExpeditorsIntl EXPD 93.34 -1.10 HormelFoods HRL 46.93 0.09 SiriusXM SIRI 5.89 -0.09 s Vedanta VEDL 12.12 0.18 AgilentTechs A 119.30 -4.34 Autohome ATHM 113.29 -4.71 CBRE Group CBRE 77.91 -0.08 PG&E PCG 10.75 -0.13 CoupaSoftware COUP 310.56-29.60 ExtraSpaceSt EXR 123.38 -1.35 DR Horton DHI 76.04 -2.74 M N Skyworks SWKS 175.21 -4.68 VeevaSystems VEEV 263.35-23.95 AgnicoEagle AEM 55.99 -1.13 Autoliv ALV 94.52 2.07 CDW CDW 155.66 -1.44 PNC Fin PNC 173.35 0.26 Credicorp BAP 158.32 -0.62 s ExxonMobil XOM 56.52 0.45 HostHotels HST 16.23 0.22 SlackTech WORK 40.25 -0.67 Ventas VTR 53.19 0.18 AirProducts APD 262.34 -3.66 ADP ADP 174.49 -0.45 CF Industries CF 46.92 0.91 M&T Bank MTB 155.83 1.22 s POSCOPKX 68.16 4.40 CreditSuisse CS 14.06 -0.17 F5Networks FFIV 188.37 -3.79 s HowmetAerospace HWM 30.30 1.32 Smartsheet SMAR 66.95 -2.95 VeriSign VRSN 190.48 -3.51 Airbnb ABNB 180.40 -9.50 AutoZone AZO 1179.74 -0.26 CGI GIB 76.01 -2.13 MGMGrowthProp MGP 33.31 -0.39 PPD PPD 35.67 -0.32 Cree CREE 109.95 -4.16 FMC FMC 103.53 -1.99 HuanengPower HNP 13.53 0.08 s SmithAO AOS 61.98 1.06 VeriskAnalytics VRSK164.81 -1.57 AkamaiTech AKAM 93.41 -2.45 Avalara AVLR 147.39 -9.73 CH Robinson CHRW 92.97 -0.15 MGM Resorts MGM 38.83 0.29 PPG Ind PPG 139.62 -1.15 CrowdStrike CRWD 210.62-11.48 Facebook FB 255.41 -3.59 Huazhu HTHT 56.78 -0.77 Smith&Nephew SNN 38.30 -1.00 Verizon VZ 55.38 0.40 AlaskaAir ALK 65.96 0.54 Avalonbay AVB 181.40 3.18 CME Group CME 205.80 -0.84 MinisoGroup MNSO 29.20 0.61 PPL PPL 27.48 0.34 CrownCastle CCI 148.52 -4.64 FactSet FDS 308.87 -2.05 Hubbell HUBB 179.37 -1.61 Smucker SJM 114.00 0.97 VertxPharm VRTX 208.44 -3.62 Albemarle ALB 147.00 -6.72 Avangrid AGR 45.98 0.02 CMS Energy CMS 53.88 -1.00 MKS Instrum MKSI 158.77 -4.03 PRA HealthSci PRAH 144.78 1.97 CrownHoldings CCK 97.57 -1.09 FairIsaac FICO 455.13-11.25 HubSpot HUBS 498.00-19.39 Snap SNAP 60.02 -4.49 s ViacomCBS B VIAC 70.91 2.19 Alcon ALC 68.26 -2.17 Avantor AVTR 27.59 -1.15 CNA Fin CNA 43.66 0.57 s MPLX MPLX 24.90 0.02 PTC PTC 132.34 -4.17 Cummins CMI 261.67 3.99 Farfetch FTCH 58.04 -0.98 Humana HUM 382.61 -3.69 s SnapOn SNA 214.38 4.47 s ViacomCBS A VIACA 70.75 2.11 AlexandriaRlEst ARE 159.48 -1.37 AveryDennison AVY 178.42 1.41 CNH Indl CNHI 14.97 0.05 MSCI MSCI 409.72 -9.09 Paccar PCAR 95.24 1.06 CureVac CVAC 83.56 -9.28 Fastenal FAST 46.45 -1.03 JBHunt JBHT 152.59 1.86 Snowflake SNOW 247.03-23.57 Viatris VTRS 13.88 -0.41 AlexionPharm ALXN 148.19 -2.18 AxonEnterprise AXON 155.01-11.14 CNOOC CEO 116.10 2.32 MagellanMid MMP 44.03 0.41 PackagingCpAm PKG 136.51 0.10 Fastly FSLY 68.01 -2.89 HuntingtonBcshs HBAN 15.93 0.19 SOQUIMICH SQM 54.46 -1.61 s Vipshop VIPS 40.34 1.26 Alibaba BABA 236.27 1.85 BCE BCE 43.90 -0.07 CRH CRH 45.64 0.94 s MagnaIntl MGA 88.65 2.28 D E F FateTherap FATE 88.49 -7.42 HyattHotels H 88.08 0.10 PagSeguroDig PAGS 55.64 -4.47 s BHP Group BHP 81.00 0.90 CRISPR Therap CRSP 119.08-10.69 SolarEdgeTech SEDG 274.73-16.86 VirginGalactic SPCE 32.03 -1.74 AlignTech ALGN 527.43-35.78 FedEx FDX 258.77 -0.83 ManhattanAssoc MANH 120.11 -6.59 PalantirTech PLTR 23.59 -0.89 BHP Group BBL 66.17 0.26 CSX CSX 91.09 -1.07 DISH Network DISH 33.64 0.55 IAC/InterActive IAC 238.54-13.01 Sony SNE 104.52 -1.25 Visa V 214.85 -0.92 Alleghany Y 638.94 -1.93 Ferrari RACE 191.45 -5.03 ManulifeFin MFC 20.65 0.07 PaloAltoNtwks PANW 343.76-10.90 BP BP 25.58 0.81 C3.ai AI 93.32 -5.18 DTE Energy DTE 117.80 -0.17 ICICI Bank IBN 17.15 0.31 Southern SO 57.59 -0.24 Vistra VST 16.43 -0.27 Allegion ALLE 112.15 -0.64 FidNatlFin FNF 38.82 -0.48 MarathonOil MRO 11.63 0.40 s ParkerHannifin PH 296.54 0.57 CVS Health CVS 69.03 0.09 DadaNexus DADA 34.89 -1.27 IdexxLab IDXX 498.02-31.45 SoCopper SCCO 76.99 0.85 VMware VMW 139.07 -0.17 AlliantEnergy LNT 46.91 -0.20 Baidu BIDU 277.80-24.13 FidNatlInfo FIS 138.93 ... s MarathonPetrol MPC 56.07 0.04 Paychex PAYX 90.48 -1.66 CableOne CABO1746.06-74.77 Danaher DHR 219.68 -4.41 IHS Markit INFO 89.49 -2.24 SouthwestAir LUV 57.82 0.01 Vodafone VOD 17.63 0.11 Allstate ALL 111.26 1.58 BakerHughes BKR 24.46 0.09 FifthThirdBncp FITB 35.91 -0.24 s MaravaiLifeSci MRVI 36.34 1.28 PaycomSoftware PAYC 363.08-17.13 CadenceDesign CDNS 133.74 -8.41 s Darden DRI 138.03 -0.93 II-VI IIVI 80.64 -4.31 Splunk SPLK 143.19 -5.90 VornadoRealty VNO 45.03 1.36 s AllyFinancial ALLY 43.19 -0.30 Ball BLL 84.60 -1.75 s FirstHorizon FHN 16.86 0.18 Markel MKL 1109.77 3.16 Paylocity PCTY 176.06-11.20 CAE CAE 29.47 0.31 DarlingIngred DAR 66.16 -1.35 s ING Groep ING 11.73 0.37 Spotify SPOT 300.24-22.50 VulcanMatls VMC 170.26 1.32 AlnylamPharm ALNY 144.32 -8.09 BallardPower BLDP 25.57 -2.64 FirstRepBank FRC 165.03 -0.47 MarketAxess MKTX 509.35-69.53 PayPal PYPL 255.06-14.13 BancoBilbaoViz BBVA s CaesarsEnt CZR 95.56 2.58 Datadog DDOG 90.00 -3.51 Invesco IVZ 23.66 -0.29 SquareSQ234.20-18.00 Alphabet A GOOGL 2011.41-53.07 5.60 0.07 FirstSolar FSLR 78.88 -4.31 Marriott MAR 146.31 -2.64 Pegasystems PEGA 124.00 -6.45 W X Y Z CamdenProperty CPT 103.23 -0.55 DaVita DVA 102.78 -0.74 IPG Photonics IPGP 213.93 -6.66 StanleyBlackDck SWK 184.76 -0.71 Alphabet C GOOG 2026.71-49.13 BancoBradesco BBDO 3.73 0.03 FirstEnergy FE 32.90 0.09 Marsh&McLen MMC 115.03 -0.93 Peloton PTON 108.08 -9.89 s CampbellSoup CPB 45.81 0.19 DeckersOutdoor DECK 320.97 -4.72 IQVIA IQV 190.59 -2.15 Starbucks SBUX 106.22 -0.98 AlticeUSA ATUS 32.79 -0.71 BancodeChile BCH 23.34 0.58 Fiserv FISV 115.80 0.12 MartinMarietta MLM 337.20 0.61 PembinaPipeline PBA 27.07 1.03 WEC Energy WEC 82.26 -0.77 BancSanBrasil BSBR 6.70 -0.04 s CIBC CM 95.78 0.81 Deere DE 343.06 -8.38 IcahnEnterprises IEP 60.58 0.79 StateStreet STT 79.31 2.28 s Altria MO 45.05 0.33 s FiveBelow FIVE 192.34 -2.15 MarvellTech MRVL 45.56 -2.27 PennNational PENN 117.73 -7.40 WEX WEX 215.39 0.37 s CanNtlRlwy CNI 111.47 -0.48 s DellTechC DELL 83.60 0.89 Icon ICLR174.96 3.09 s SteelDynamics STLD 44.70 0.89 AlumofChina ACH 13.34 1.35 BcoSantChile BSAC 24.30 0.56 Five9 FIVN 174.90-12.66 Masco MAS 53.22 -0.77 Pentair PNR 57.74 0.04 W.P.Carey WPC 68.00 0.13 BancoSantander SAN 3.56 0.03 CanNaturalRes CNQ 29.75 1.07 DeltaAir DAL 48.35 0.12 IDEX IEX 199.18 -0.59 Stellantis STLA 16.54 -0.46 s WPP WPP Amazon.com AMZN 3005.00-89.53 FiverrIntl FVRR 242.99-36.45 Masimo MASI 241.24-10.07 Penumbra PEN 269.29-13.86 62.98 1.09 BanColombia CIB 33.49 -0.19 CanPacRlwy CP 361.31 -4.87 DentsplySirona XRAY 60.15 0.88 IllinoisToolWks ITW 207.56 1.06 Steris STE 171.65 -6.12 Ambev ABEV 2.55 0.03 FleetCorTech FLT 282.30 -1.14 Mastercard MA 360.25 -2.57 PepsiCo PEP 129.14 -1.93 Wabtec WAB 74.40 -0.37 BankofAmerica BAC 36.42 0.89 Canon CAJ 21.68 -0.20 DeutscheBank DB 12.83 0.20 Illumina ILMN 416.41-24.60 StitchFix SFIX 72.57 -4.72 Amcor AMCR 11.47 0.04 Flex FLEX 17.90-0.49 MatchGroup MTCH 147.34 -5.17 PerkinElmer PKI 126.38 -1.15 WalgreensBoots WBA 47.63 0.19 BankofMontreal BMO 84.82 -0.25 CanopyGrowth CGC 33.24 -2.01 s DevonEnergy DVN 22.69 0.21 ImperialOil IMO 22.72 0.59 STMicroelec STM 35.91 -1.08 s Amdocs DOX 78.08 0.48 Floor&Decor FND 89.20 -3.57 MaximIntProducts MXIM 89.51 -3.12 PetroChina PTR 36.31 1.03 Walmart WMT 127.59 -2.52 BankNY Mellon BK 44.53 0.93 s CapitalOne COF 125.41 1.95 DexCom DXCM 368.70-23.21 Incyte INCY 76.02 -2.54 StoneCo STNE 82.31 -5.46 Amedisys AMED 241.62-10.91 FomentoEconMex FMX 69.56 -0.78 s McAfee MCFE 22.29 0.77 PetroleoBrasil PBR 7.43 -0.31 WarnerMusic WMG 35.87 -1.17 s s BkNovaScotia BNS 60.90 0.14 CardinalHealth CAH 53.25 0.28 Diageo DEO 160.08 -0.66 Infosys INFY 18.46 0.44 Stryker SYK 242.88 -2.51 WasteConnections WCN 99.34 -0.18 Amerco UHAL 587.90 8.41 FordMotor F 12.17 -0.38 McCormickVtg MKC.V 83.28 -1.17 PetroleoBrasilA PBR.A 7.50 -0.19 s Barclays BCS 9.45 0.41 Carlisle CSL 147.57 -2.93 s DiamondbkEner FANG 74.44 3.83 IngersollRand IR 46.81 0.01 SumitomoMits SMFG 7.14 0.05 WasteMgt WM 113.97 -0.36 Ameren AEE 71.13 -0.78 Fortinet FTNT 169.88 -3.47 McCormick MKC 83.19 -1.71 Pfizer PFE 34.39 0.88 AmericaMovil A AMOV 13.10 -0.06 BarrickGold GOLD 19.50 -0.36 Carlyle CG 35.13 -0.24 DigitalRealty DLR 125.66 -5.46 Inphi IPHI 158.93 -5.20 SunComms SUI 149.49 -1.26 Waters WAT 265.78 -8.25 Fortis FTS 39.27 -0.28 McDonalds MCD 205.82 -2.85 PhilipMorris PM 85.15 0.08 AmericaMovil AMX 13.09 0.04 s BauschHealth BHC 32.56 0.28 CarMax KMX 121.80 0.82 DigitalTurbine APPS 90.67 -2.35 Insulet PODD 253.10-12.81 SunLifeFinancial SLF 49.98 -0.12 Watsco WSO 240.00 -6.44 Fortive FTV 67.73 -0.36 McKesson MCK 172.21 -1.51 Phillips66 PSX 83.84 1.57 AmerAirlines AAL 22.17 0.73 BaxterIntl BAX 77.15 -0.53 Carnival CCL 28.67 1.08 DiscoverFinSvcs DFS 96.76 0.22 Intel INTC 59.90 -1.34 SuncorEnergy SU 20.75 0.24 FortBrandsHome FBHS 83.42 -1.80 MedicalProp MPW 21.14 -0.24 Pinduoduo PDD 168.75 -6.77 Wayfair W 295.54-24.53 AEP AEP 76.32 -0.13 BectonDicknsn BDX 241.66 -3.07 Carnival CUK 24.45 0.92 DiscoveryB DISCB 62.50 4.00 InteractiveBrkrs IBKR 76.03 0.25 Medtronic MDT 117.95 0.08 SunRun RUN 56.62 -7.72 FoxA FOXA 39.33 1.38 PinnacleWest PNW 72.99 -0.73 Weibo WB 55.35 -1.19 s AmerExpress AXP 142.59 3.34 BeiGene BGNE 304.55 -1.91 CarrierGlobal CARR 37.12 -0.02 s DiscoveryA DISCA 61.45 2.21 ICE ICE 111.64 -1.98 s MelcoResorts MLCO 23.37 0.57 Suzano SUZ 13.07 0.07 WellsFargo WFC 37.69 0.55 s FoxB FOX 37.09 1.04 Pinterest PINS 74.39 -6.78 AmericanFin AFG 110.12 0.08 BentleySystems BSY 46.17 0.20 Carvana CVNA 288.13-26.71 s DiscoveryC DISCK 50.40 1.35 InterContinentl IHG 71.12 -0.07 MercadoLibre MELI 1528.00-114.41 s SynchronyFin SYF 40.12 0.56 Welltower WELL 69.02 0.40 Franco-Nevada FNV 108.01 -3.16 s PioneerNatRscs PXD 154.16 4.41 AmHomes4Rent AMH 29.66 -0.73 s Berkley WRB 71.49 1.01 Catalent CTLT 108.37 -5.40 Disney DIS 192.26 -1.68 IBM IBM 122.36 2.03 Merck MRK 73.30 0.45 Synopsys SNPS 236.93-10.94 WestPharmSvcs WST 267.62-10.48 FranklinRscs BEN 26.74 -0.22 PlainsAllAmPipe PAA 9.53 0.27 AIG AIG 47.01 1.05 s BerkHathwy A BRK.A3816803845.00 Caterpillar CAT 214.91 -0.91 DocuSign DOCU 219.64-12.95 IntlFlavors IFF 131.73 -5.42 MetLife MET 59.44 0.48 s Sysco SYY 81.50 1.47 WestAllianceBcp WAL 93.25 0.06 FreeportMcM FCX 35.00 -0.18 s Playtika PLTK 29.69 -0.30 AmerTowerREIT AMT 202.91 -5.90 s BerkHathwy B BRK.B 251.55 2.33 s Celanese CE 143.58 0.86 DolbyLab DLB 99.77 -0.29 IntlPaper IP 53.22 0.95 MettlerToledo MTD 1093.03-29.54 WesternDigital WDC 69.67 0.13 FreseniusMed FMS 34.73 -0.61 s PlugPower PLUG 43.81 -4.97 T U V AmerWaterWorks AWK 132.13 -7.51 BestBuy BBY 100.37 -2.15 s Cemex CX 7.24 0.29 DollarGeneral DG 182.89 -3.61 Interpublic IPG 27.28 0.32 MicrochipTech MCHP 148.37 -3.72 WesternUnion WU 23.88 0.20 Futu FUTU 144.38-12.93 Pool POOL 331.10 0.40 AmericoldRealty COLD 34.26 -0.24 BeyondMeat BYND 139.49 -0.17 s CenovusEnergy CVE 7.49 0.03 DollarTree DLTR101.88 2.93 Intuit INTU 388.71-13.04 MicronTech MU 89.11 -1.98 WestlakeChem WLK 86.86 0.54 PrincipalFin PFG 57.91 0.11 TAL Education TAL 76.40 -2.08 Ameriprise AMP 223.69 -2.10 Bilibili BILI 138.78 0.84 Centene CNC 58.80 -0.34 DominionEner D 69.58 -0.22 IntuitiveSurgical ISRG 727.15-22.85 Microsoft MSFT 227.56 -6.31 WestpacBanking WBK 19.24 0.36 G H I Procter&Gamble PG 123.16 -0.74 TC Energy TRP 44.04 0.72 AmerisourceBrgn ABC 103.34 -0.91 Bill.com BILL 156.47 -6.53 CenterPointEner CNP 19.45 -0.12 Domino's DPZ 332.73-10.28 Invitae NVTA 39.04 -2.97 MidAmApt MAA 134.60 -0.70 s WestRock WRK 47.91 1.14 Progressive PGR 88.86 0.15 TE Connectivity TEL 131.29 -3.50 Ametek AME 122.48 0.09 Bio-Techne TECH 361.24-14.20 CentraisElBras EBR 5.69 0.05 DoorDash DASH 148.25-12.34 GDS Holdings GDS 97.31 -5.32 InvitatHomes INVH 28.65 -0.64 Middleby MIDD 161.45 -0.42 Weyerhaeuser WY 33.53 -0.26 Prologis PLD 96.11 -2.98 Telus TU 20.60 -0.07 Amgen AMGN 223.94 -1.75 Bio-RadLab A BIO 566.87-24.35 CeridianHCM CDAY 85.52 -4.11 Dover DOV 126.99 -0.16 s GFLEnvironmental GFL 33.49 0.83 iQIYI IQ 26.39 0.46 MiratiTherap MRTX 188.90-13.34 WheatonPrecMet WPM 35.81 -1.07 PrudentialFin PRU 89.37 0.35 TJX TJX 63.66 -2.55 Amphenol APH 125.70 -3.33 Biogen BIIB 266.60 -3.25 Cerner CERN 68.55 -1.06 Dow DOW 62.25 -0.48 GSXTechedu GSX 87.01-11.41 IronMountain IRM 34.28 -0.88 MitsubishiUFJ MUFG 5.36 0.04 Whirlpool WHR 190.98 -3.04 Prudential PUK 41.21 -0.26 T-MobileUS TMUS 118.84 -3.61 AnalogDevices ADI 149.94 -4.35 BioMarinPharm BMRN 76.09 -1.82 ChargePoint CHPT 28.33 -0.17 DrReddy'sLab RDY 60.93 0.49 Gallagher AJG 122.00 0.30 ItauUnibanco ITUB 4.54 -0.01 MizuhoFin MFG 2.98 ... s Williams WMB 23.74 0.02 PublicServiceEnt PEG 54.25 -0.36 TRowePrice TROW 169.58 -0.07 Anaplan PLAN 61.94 -2.91 BioNTech BNTX 97.25 -7.73 CharlesRiverLabs CRL 278.27 -9.19 s DraftKings DKNG 65.75 -2.83 GameStop GME 124.18 6.00 MobileTeleSys MBT 8.47 -0.12 TaiwanSemi TSM Williams-Sonoma WSM 132.56 -3.16 J K L PublicStorage PSA 230.85 -3.58 122.89 -3.11 AngloGoldAsh AU 20.14 -0.46 BlackKnight BKI 74.49 -1.51 CharterComms CHTR 601.02-15.05 Dropbox DBX 22.42 -0.53 Gaming&Leisure GLPI 43.76 -0.47 Moderna MRNA 131.22-15.59 TakeTwoSoftware TTWO 180.15 -8.02 WillisTowers WLTW 222.65 -4.46 PulteGroup PHM 44.27 -1.92 AB InBev BUD 59.21 0.03 BlackRock BLK 701.49-14.82 CheckPoint CHKP 110.31 -0.93 DukeEnergy DUK 87.27 0.03 Gap GPS 25.75 0.02 s MohawkInds MHK 182.63 1.15 TakedaPharm TAK 17.71 0.47 Wipro WIT 6.47 ... JD.com JD 93.62 -2.76 Qiagen QGEN 49.10 -1.35 MolinaHealthcare MOH 212.09-10.77 Tapestry TPR 41.57 -0.75 Wix.comWIX 320.67-22.27 Joyy YY 123.90 -0.89 Qorvo QRVO 171.66 -5.79 s MolsonCoorsB TAP 44.95 -0.02 Target TGT 173.61 0.12 Workday WDAY 236.70-11.26 JPMorganChase JPM 152.91 2.90 Qualcomm QCOM 131.66 -4.73 JackHenry JKHY 152.29 0.62 Mondelez MDLZ 52.94 -0.74 s TataMotors TTM 23.42 0.07 s WynnResorts WYNN 135.62 2.62 t QualtricsIntl XM 34.68 -2.20 Exchange-Traded Portfolios | WSJ.com/ETFresearch JacobsEngg J 115.07 0.52 MongoDB MDB 352.05-27.88 TeckRscsB TECK 21.60 0.37 XP XP 41.35 -2.02 QuantaServices PWR 82.73 -1.48 JamesHardie JHX 29.70 -0.54 MonolithicPower MPWR 354.81-15.77 TeladocHealth TDOC 203.19-14.73 XPO Logistics XPO 122.40 2.56 QuantumScape QS 48.42 -6.47 Closing Chg YTD JazzPharma JAZZ 162.91 -2.84 MonsterBev MNST 84.60 -2.28 TeledyneTech TDY 370.63 -4.18 XcelEnergy XEL 58.03 -0.95 Largest 100 exchange-traded funds, latest session QuestDiag DGX 116.88 -1.68 ETF Symbol Price (%) (%) J&J JNJ 156.22 -2.80 Moody's MCO 278.00 -3.13 Teleflex TFX 402.42 -1.36 Xilinx XLNX 123.51 -6.44 s JohnsonControls JCI 57.95 0.50 s MorganStanley MS 82.06 1.27 Ericsson ERIC 12.46 -0.29 XPeng XPEV 30.03 -1.47 Wednesday, March 3, 2021 Closing Chg YTD SPDR DJIA Tr DIA 312.99 –0.38 2.4 R S SPDR S&PMdCpTr MDY 457.09 –0.87 8.9 s JonesLang JLL 181.78 3.53 Morningstar MORN 230.38 0.84 TelefonicaBras VIV 7.88 0.17 Xylem XYL 101.14 -0.82 Closing Chg YTD ETF Symbol Price (%) (%) SPDR S&P 500 SPY 381.42 –1.32 2.0 KB Fin KB 40.20 0.44 Mosaic MOS 31.56 0.38 RELX RELX 23.91 0.01 Telefonica TEF 4.49 -0.04 Yandex YNDX 66.09 -1.84 ETF Symbol Price (%) (%) iShMSCIJapan EWJ 68.26 –0.60 1.0 YatsenHolding YSG 18.40 -0.89 SPDR S&P Div SDY 112.91 0.42 6.6 KE Holdings BEKE 59.94 -4.39 MotorolaSol MSI 178.33 -1.51 RH RH 460.01-27.33 TelekmIndonesia TLK 24.11 -0.06 iShNatlMuniBd MUB 115.45 –0.10 –1.5 YumBrands YUM 103.51 -1.23 ARKInnovationETF ARKK 125.11 –6.29 0.5 TechSelectSector XLK 129.42 –2.52 –0.5 KKR KKR 47.01 0.56 NICE NICE 219.26 -7.90 RLX Tech RLX 17.94 -1.01 10xGenomics TXG 173.21-13.51 iSh1-5YIGCorpBd IGSB 54.76 –0.16 –0.7 NIO NIO 41.53 -1.76 YumChina YUMC 59.61 0.30 CommSvsSPDR XLC 71.82 –1.43 6.4 VanEckGoldMiner GDX 31.35 –1.91 –13.0 KLA KLAC 303.81 -6.01 RPM RPM 81.11 -0.67 s Tenaris TS 21.70 0.23 iShPfd&Incm PFF 37.56 0.05 –2.5 NRG Energy NRG 38.71 -0.57 s RalphLauren RL 122.30 0.66 ZTO Express ZTO 34.80 -0.26 CnsmrDiscSelSector XLY 159.20 –2.35 –1.0 VangdInfoTech VGT 351.82 –2.74 –0.6 KSCitySouthern KSU 207.34 -2.80 TencentMusic TME 27.65 0.05 iShRussell1000Gwth IWF 235.78 –2.71 –2.2 Kellogg K 57.33 0.10 NVR NVR 4483.85-174.11 RaymondJames RJF 118.63 0.36 Teradyne TER 121.49 -5.31 ZaiLab ZLAB 140.67 -7.34 EnSelectSectorSPDR XLE 49.85 1.47 31.5 VangdSC Val VBR 160.96 0.19 13.2 iShRussell1000 IWB 216.36 –1.51 2.1 KeurigDrPepper KDP 30.62 -0.15 NXP Semi NXPI 175.99 -6.28 RaytheonTech RTX 75.07 0.40 Tesla TSLA 653.20-33.24 ZebraTech ZBRA 489.55-12.07 FinSelSectorSPDR XLF 33.46 0.78 13.5 VangdSC Grwth VBK 275.99 –2.83 3.1 iShRussell1000Val IWD 145.95 –0.24 6.7 KeyCorp KEY 20.64 -0.01 Nasdaq NDAQ 136.71 -3.93 RealPage RP 86.87 -0.20 TevaPharm TEVA 10.92 0.19 Zendesk ZEN 142.50 -6.27 HealthCareSelSect XLV 112.31 –1.27 –1.0 VangdExtMkt VXF 176.50 –2.13 7.2 IndSelSectorSPDR XLI 92.76 0.11 4.8 iShRussell2000Gwth IWO 304.29 –2.57 6.1 KeysightTechs KEYS 137.48 -4.28 Natera NTRA 108.70 -9.32 RealtyIncome O 60.78 0.41 TexasInstruments TXN 170.59 -4.30 Zillow CZ 149.16-12.70 VangdDivApp VIG 139.50 –1.16 –1.2 InvscQQQI QQQ 309.16 –2.90 –1.5 iShRussell2000 IWM 219.32 –1.08 11.9 KimberlyClark KMB 130.53 1.40 NationalGrid NGG 56.74 -1.27 RegencyCtrs REG 56.66 2.51 TexasPacLand TPL 1157.20 58.88 Zillow AZG153.04-15.97 VangdFTSEDevMk VEA 48.62 –0.61 3.0 InvscS&P500EW RSP 135.86 –0.51 6.5 iShRussell2000Val IWN 155.61 0.54 18.1 KinderMorgan KMI 15.17 0.08 Natura&Co NTCO 16.71 0.15 RegenPharm REGN 446.73 -8.13 Textron TXT 51.07 -0.36 ZimmerBiomet ZBH 159.75 -1.44 VangdFTSE EM VWO 53.38 –0.07 6.5 iShCoreDivGrowth DGRO 45.83 –0.50 2.3 iShRussellMid-Cap IWR 72.17 –1.45 5.3 KingsoftCloud KC 60.38 -3.50 s NatWest NWG 5.29 0.12 RegionsFin RF 20.99 -0.12 ThermoFisherSci TMO 450.96-11.15 ZionsBancorp ZION 54.24 ... VangdFTSE Europe VGK 62.10 –0.67 3.1 iShCoreMSCIEAFE IEFA 71.12 –0.64 2.9 iShRussellMCValue IWS 105.81 –0.20 9.1 KinrossGold KGC 6.38 -0.06 NetApp NTAP 63.80 0.08 ReinsGrp RGA 125.24 0.13 ThomsonReuters TRI 87.49 -1.38 Zoetis ZTS 149.32 -7.73 VangdFTSEAWxUS VEU 60.58 –0.66 3.8 iShCoreMSCIEM IEMG 65.68 –0.15 5.9 iShS&P500Growth IVW 62.72 –2.52 –1.7 KirklandLakeGold KL 33.05 -0.92 NetEase NTES 107.23 -2.90 s RelianceSteel RS 140.44 1.75 3M MMM 178.06 0.95 ZoomVideo ZM 341.57-31.22 VangdGrowth VUG 249.18 –2.74 –1.6 iShCoreMSCITotInt IXUS 69.94 –0.53 4.1 iShS&P500Value IVE 135.94 –0.01 6.2 s Kohl's KSS 57.61 0.25 Netflix NFLX 520.70-27.12 RenaissanceRe RNR 162.15 -0.09 Toro TTC 100.20 -1.26 ZoomInfoTech ZI 47.79 -8.32 VangdHlthCr VHT 222.30 –1.95 –0.6 iShCoreS&P500 IVV 382.84 –1.33 2.0 iShShortTreaBd SHV 110.52 0.00 –0.0 KoninklijkePhil PHG 53.90 -1.30 Neurocrine NBIX 95.01 -6.41 Repligen RGEN 199.87-12.78 TorontoDomBk TD 62.41 0.24 Zscaler ZS 187.83-14.78 VangdHiDiv VYM 96.80 –0.05 5.8 iShCoreS&P MC IJH 250.37 –0.86 8.9 iShSilver SLV 24.28 –2.10 –1.2 KoreaElcPwr KEP 10.43 0.23 NewFortressEner NFE 45.70 -1.54 RepublicSvcs RSG 91.36 -0.25 Total TOT 47.55 0.59 Zynga ZNGA 11.09 -0.30 VangdIntermBd BIV 89.91 –0.49 –3.2 iShCoreS&P SC IJR 106.62 0.15 16.0 iShTIPSBondETF TIP 125.60 –0.25 –1.6 VangdIntrCorpBd VCIT 94.17 –0.50 –3.1 iShS&PTotlUSStkMkt ITOT 88.81 –1.40 3.0 iSh1-3YTreasuryBd SHY 86.26 –0.06 –0.1 VangdLC VV 178.85 1.8 iShCoreUSAggBd AGG 114.69 –0.36 –3.0 iSh7-10YTreasuryBd IEF 115.15 –0.54 –4.0 –1.53 iShSelectDividend DVY 108.35 0.66 12.7 iSh20+YTreasuryBd TLT 139.54 –1.08 –11.5 VangdMC VO 216.07 –1.74 4.5 Dividend Changes iShESGAwareUSA ESGU 87.73 –1.53 2.0 iShRussellMCGrowth IWP 101.25 –3.63 –1.4 VangdMC Val VOE 130.09 –0.05 9.4 iShEdgeMSCIMinUSA USMV 65.88 –1.18 –2.9 iShUSTreasuryBdETF GOVT 26.44 –0.30 –2.9 VangdMBS VMBS 53.77 ... –0.6 Dividend announcements from March 3. iShEdgeMSCIUSAMom MTUM 158.23 –4.02 –1.9 JPM UltShtIncm JPST 50.77 0.01 –0.0 VangdRealEst VNQ 86.91 –0.57 2.3 Amount Payable / Amount Payable / iShEdgeMSCIUSAQual QUAL 116.63 –1.43 0.4 PIMCOEnhShMaturity MINT 102.03 0.01 –0.0 VangdS&P500ETF VOO 350.66 –1.32 2.0 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record iShGoldTr IAU 16.34 –1.03 –9.9 SPDRBloomBar1-3MTB BIL 91.51 0.01 –0.0 VangdST Bond BSV 82.36 –0.11 –0.7 iShiBoxx$InvGrCpBd LQD 131.00 –0.74 –5.2 SPDR Gold GLD 160.62 –1.10 –9.9 VangdSTCpBd VCSH 82.65 –0.11 –0.7 Increased Stocks SchwabIntEquity SCHF VangdSC VB 211.00 –1.21 8.4 iShiBoxx$HYCpBd HYG 86.69 –0.32 –0.7 37.08 –0.59 3.0 Stewart Info Svcs STC 2.8 .33 /.30 Q Mar31 /Mar15 COPEL ADR ELP 10:1 /Mar18 iShJPMUSDEmgBd EMB 109.56 –0.60 –5.5 SchwabUS BrdMkt SCHB 93.63 –1.46 2.9 VangdTotalBd BND 85.42 –0.32 –3.1 iShMBSETF MBB 109.28 ... –0.8 SchwabUS Div SCHD 69.03 0.26 7.6 VangdTotIntlBd BNDX 57.19 –0.31 –2.3 Initial Foreign iShMSCI ACWI ACWI 93.00 –1.10 2.5 SchwabUS LC SCHX 92.86 –1.53 2.1 VangdTotIntlStk VXUS 62.50 –0.48 3.9 Inter Parfums IPAR 1.4 .25 Mar31 /Mar15 Consolidated Water CWCO 2.5 .085 Q Apr30 /Apr01 iShMSCI EAFE EFA 74.86 –0.61 2.6 SchwabUS LC Grw SCHG 126.17 –2.78 –1.7 VangdTotalStk VTI 200.36 –1.44 2.9 PIMCO Dynamic Incm Opps PDO 7.0 .1184 Apr01 /Mar26 Watford 8.5% Pfd. WTREP 7.6 .47333 Q Mar31 /Mar15 iShMSCI EAFE SC SCZ 70.86 –0.55 3.7 SchwabUS SC SCHA 98.81 –1.11 11.0 VangdTotlWrld VT 95.44 –1.06 3.1 iShMSCIEmgMarkets EEM 54.52 –0.20 5.5 Schwab US TIPs SCHP 61.18 –0.21 –1.4 VangdValue VTV 126.33 ... 6.2 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

IPO Scorecard New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Performance of IPOs, most-recent listed first Continued From Page B6 52-Wk % 52-Wk % QilianIntl QLI 5.20 -8.4 7GC A VII 9.91 -1.0 10XCapVentureWt VCVCW 1.81 -12.1 % Chg From % Chg From 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg QualtricsIntl XM 33.90 -6.0 7GC Wt VIIAW 1.03 -18.9 ThayerVenturesA TVAC 9.90 0.1 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day QuantumFin QFTA.U 10.01 -0.7 SevenOaksAcqnWt SVOKW 1.19 -6.3 ThayerVenturesWt TVACW 1.02 ... IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Stock Sym Hi/Lo Chg NatrlOrderAcqnWt NOACW 0.90 -28.0 PeriphasCapWt PCPC.WS 2.25 -5.6 RMGAcqnIIA RMGB 10.12 -1.6 SilverCrestAcqn SLCRU 9.96 -0.4 ThomaBravoAdv TBA 10.95 -3.6 NebulaCaravelA NEBC 9.93 0.2 PioneerMerger PACXU 10.11 0.5 Advanced Merger Ptnrs 10.08 0.8 0.6 Goldenbridge Acquisition 9.99 –0.1 0.1 LocustWalkA LWAC 9.81 -0.6 RMGAcqnII Wt RMGBW 1.54 -17.9 Slam SLAMU 10.00 -0.2 TigaAcqnA TINV 10.25 -1.7 NewVistaAcqn NVSAU 10.20 -1.6 PioneerMergerA PACX 9.84 ... AMPI.UT March 2/$10.00 GBRGU March 2/$10.00 LocustWalkWt LWACW 1.08 -16.9 RMGAcqnIII RMGCU 10.23 0.1 SoaringEagle SRNGU 10.38 -0.9 TishSpeyInnII TSIBU 10.25 -1.0 NightDragon NDACU 10.09 -0.6 PioneerMergerWt PACXW 1.45 6.9 LuciraHealth LHDX 15.36 -15.4 ReinventTechZ A RTPZ 10.69 -1.7 Spartan II A SPRQ 10.19 -8.1 TrepontAcqnI Wt TACA.WS 1.01 -5.8 Anzu Special Acquisition I 10.00 ...... Haymaker Acquisition III 10.08 0.7 0.7 NorthAtlAcqn 10.10 0.1 PivotalInvIII 10.15 -0.5 MediromHlthcr MRM 11.50 -5.4 NAACU PICC.U ReinventTechZ Wt RTPZ.WS 2.50 21.0 SportsVenturesWt AKICW 1.03 -17.0 TurmericAcqnWt TMPMW 1.03 -3.3 ANZUU March 2/$10.00 HYACU March 2/$10.00 Mytheresa MYTE 25.89 -0.3 NorthernGenesisII NGAB.U 10.50 -2.9 PopulationHlthWt PHICW 1.34 -11.0 RevolutionAccelA RAAC 10.22 -5.9 StarPeak II Wt STPC.WS 2.30 -20.9 26CapAcqn ADERU 10.16 -1.1 MallardAcqnWt MACUW 0.45 -1.2 NorthernStrII Wt NSTB.WS 1.48 3.7 Poshmark POSH 54.75 -6.5 RotorAcqn ROT.U 10.05 0.3 StrategicEd STRA 76.77 -0.8 VallonPharm VLON 5.75 -3.0 DHB Capital 10.00 ...... Isos Acquisition 9.99 –0.1 ... MarqueeRaineWt MRACW 1.38 5.3 NovusCapII NXU.U 10.10 -1.3 Power&Dig XPDIU 10.27 -0.4 SVF Invt SVFAU 11.51 1.6 SustDevtAcqnI SDACU 10.10 -0.1 VectoIQ II VTIQU 10.40 -0.9 DHBCU March 2/$10.00 ISOS.UT March 3/$10.00 OTRAcquisitionWt OTRAW 0.78 -12.3 PriveterraAcqn PMGMU 10.03 ... MedicusSci MSACU 10.08 -2.9 SVF Invt SVFA 10.82 -0.8 SwitchbackII SWBK.U 10.81 -2.6 VelocityAcqn VELOU 10.00 -0.4 DHC Acquisition 10.02 0.2 0.2 Live Oak Mobility Acquisition 10.32 3.2 0.2 MedTechAcqnA MTAC 9.82 -3.8 OmegaAlpha OMEG 10.10 -2.0 PropTechInvII A PTIC 9.98 -2.0 SanaBiotech 24.41 -18.0 SwitchbackII Wt 2.76 -34.8 VentouxCCM Wt 0.51 -10.7 SANA SWBK.WS VTAQW DHCAU March 2/$10.00 LOKM.UT March 2/$10.00 MissionAdv MACC.U 9.98 0.1 OmnichannelWt OCA.WS 1.20 -15.2 PropTechInvII Wt PTICW 1.01 -20.5 SciStratAcqn SSAAU 10.00 -2.1 TZP Strategies TZPSU 10.10 -0.5 ViriosTherapeutics VIRI 5.77 -6.5 MontesArchWt MAACW 1.11 -8.8 OneEquityPtrsI OEPWU 10.01 0.2 ProspectorCap PRSRU 10.41 -1.0 ScionTechI Wt SCOAW 1.15 -18.6 TailwindIntlAcqn TWNI.U 10.07 -0.4 VisionMarineTech VMAR 10.19 -9.0 MotionAcqnWt MOTNW 1.21 -7.6 OneSmartIntl ONE 3.13 -5.2 ProtaraTherap TARA 15.75 -6.9 SendasDistrib ASAIw 12.00 -5.8 TalisBiomed TLIS 15.33 -8.5 ViveonHealth VHAQ 9.90 0.1 FinTech Evolution Acquisition 10.04 0.4 0.4 Mission Advancement 10.01 0.1 ... MotiveCapWt MOTV.WS 1.19 -8.8 OrionAcqn OHPAU 10.00 -0.5 ProvidentAcqn PAQCU 10.40 -3.0 SeniorConnectI Wt SNRHW 0.91 -13.2 TastemakerWt TMKRW 0.65 -12.5 VoyagerTherap VYGR 5.42 -2.3 FTEV.UT March 2/$10.00 MACC.UT March 2/$10.00 MotorsportGames MSGM 23.01 -9.3 OscarHealth OSCR 34.00 -10.8 ProvidentAcqnA PAQC 9.85 -0.1 SeniorConnectI A SNRH 9.93 -0.8 TekkorpDigitalWt TEKKW 1.40 -18.0 Z-WorkAcqn ZWRKU 10.00 -1.2 MudrickCapII Wt MUDSW 0.76 -5.7 OysterEnts OSTRU 9.98 -0.2 ProvidentAcqnWt PAQCW 1.32 -20.0 SenseiBiotherap SNSE 15.21 -2.3 TelecomArgentina TEO 5.48 -1.9 ZaniteAcqnA ZNTE 10.10 -2.1 Sources: Dow Jones Market Data; FactSet

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret ExtMktIdxInstPre 89.57 -1.95 7.3 OTC 17.86 -0.44 1.9 EqInc 20.53 -0.06 NA IncomeFd NA ... NA GNMAAdml 10.70 -0.01 -0.2 DivdGro 32.77 -0.27 -1.4 IdxIntl 20.13 -0.04 3.8 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. FidSerToMarket 13.28 -0.20 2.9 Puritn 26.76 -0.30 2.8 JPMorgan R Class Price Funds GrwthAdml 128.30 -3.57 -1.7 INSTTRF2020 26.41 -0.15 0.6 MdCpGrAdml 91.12 -3.13 -0.2 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese IntlIdxInstPrem 46.70 -0.18 2.4 SrsEmrgMkt 26.48 -0.02 6.1 CoreBond 12.00 -0.04 NA BlChip 164.66 -4.17 -0.5 HlthCareAdml r 88.75 -1.25 -2.4 INSTTRF2025 27.71 -0.18 0.9 SmValAdml 69.12 +0.13 13.2 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, MidCpInxInstPrem 28.46 -0.42 5.4 SrsGlobal 14.87 -0.03 3.7 Lord Abbett A DivGro 60.35 -0.58 0.6 HYCorAdml r 5.95 -0.01 0.3 INSTTRF2030 28.51 -0.21 1.4 TotBd2 11.12 -0.03 -2.7 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r SAIUSLgCpIndxFd 20.01 -0.27 1.9 SrsGroCoRetail 23.15 -0.77 1.7 ShtDurIncmA p 4.21 ... 0.4 EqInc 34.03 +0.11 8.9 InfProAd 27.96 -0.07 -1.3 INSTTRF2035 29.24 -0.23 1.8 TotIntlInstIdx r134.66 -0.24 3.8 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not SeriesBondFd 10.47 -0.04 -2.6 SrsIntlGrw 17.62 -0.22 -0.9 Lord Abbett F Growth 98.08 -2.38 1.2 IntlGrAdml 162.27 -3.68 1.2 INSTTRF2040 30.00 -0.25 2.2 TotItlInstPlId r134.69 -0.24 3.8 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; SeriesOverseas 12.44 -0.10 0.3 SrsIntlVal 10.69 +0.02 5.9 ShtDurIncm 4.21 ... 0.4 HelSci 97.05 -2.99 -1.8 ITBondAdml 12.21 -0.05 -2.7 INSTTRF2045 30.67 -0.27 2.6 TotSt 97.43 -1.44 2.9 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. SmCpIdxInstPrem 27.96 -0.30 11.9 TotalBond 11.06 -0.04 -2.0 Metropolitan West LgCapGow I 62.51 -1.61 2.1 ITIGradeAdml 10.21 -0.03 -2.1 INSTTRF2050 30.76 -0.28 2.6 VANGUARD INSTL FDS TMktIdxInstPrem110.84 -1.64 2.9 Fidelity SAI TotRetBdI 10.93 -0.03 -2.0 MidCap 113.93 -2.65 0.8 LTGradeAdml 10.79 -0.10 -8.0 INSTTRF2055 30.84 -0.28 2.6 BalInst 44.64 -0.46 0.7 Wednesday, March 3, 2021 USBdIdxInstPrem 12.08 -0.04 -2.7 TotalBd 10.52 -0.03 -1.8 TRBdPlan 10.25 -0.03 -2.1 NHoriz 80.49 -2.86 -2.2 MidCpAdml 267.57 -4.69 4.4 IntlGr 51.01 -1.15 1.2 DevMktsIndInst 15.66 -0.07 2.7 Fidelity Advisor I DevMktsInxInst 24.48 -0.10 2.7 Net YTD Net YTD Net YTD Fidelity Selects MFS Funds Class I R2020 23.21 -0.13 2.0 MuHYAdml 11.86 ... -0.3 IntlVal 42.31 +0.12 5.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret NwInsghtI 36.81 -0.90 -0.1 MuIntAdml 14.69 ... -0.8 ExtndInst 133.90 -2.92 7.3 Softwr r 26.97 -0.67 -0.6 Growth I 158.44 -4.45 -2.1 R2025 19.83 -0.13 2.4 LifeCon 22.63 -0.12 -0.2 Fidelity Freedom ValueI 46.81 -0.15 3.8 MuLTAdml 12.06 +0.01 -0.9 GrwthInst 128.31 -3.57 -1.7 American Century Inv AggBdInst 11.46 -0.03 -2.3 IntSmCo 21.19 -0.04 4.5 Tech r 27.27 -0.82 1.5 R2030 29.27 -0.22 2.9 LifeGro 41.09 -0.34 2.1 FF2020 17.48 -0.08 1.9 MFS Funds Instl MuLtdAdml 11.21 ... -0.2 InPrSeIn 11.39 -0.03 -1.3 Ultra 74.62 -2.02 -1.7 CorBdInst 11.84 -0.03 -2.1 IntSmVa 20.38 +0.08 6.5 First Eagle Funds R2035 21.95 -0.18 3.3 LifeMod 31.95 -0.22 0.9 American Funds Cl A BlackRock Funds TAUSCoreEq2 24.34 -0.22 5.9 FF2025 15.79 -0.08 2.2 IntlEq 30.61 -0.16 -0.1 MuShtAdml 15.93 ...... InstIdx 337.97 -4.45 2.0 GlbA 62.08 -0.26 1.3 R2040 31.59 -0.28 3.8 PrmcpCor 31.38 -0.32 8.3 AmcpA p 39.94 -0.72 2.1 HiYBlk 7.81 -0.01 0.9 US CoreEq1 31.20 -0.31 5.1 FF2030 19.79 -0.11 2.6 Nuveen Cl I PrmcpAdml r164.63 -2.22 7.0 InstPlus 337.99 -4.46 2.0 Franklin A1 PRIMECAP Odyssey Fds STAR 31.62 -0.32 1.7 AMutlA p 45.65 -0.26 2.3 HiYldBd Inst 7.80 -0.01 0.9 US CoreEq2 28.70 -0.24 6.4 FF2035 17.18 -0.11 3.7 HYMunBd NA ... NA RealEstatAdml123.11 -0.74 2.3 InstTStPlus 76.10 -1.13 2.9 CA TF A1 p 7.66 ... -1.6 AggGrowth r 57.26 -1.56 6.7 TgtRe2015 15.73 -0.08 ... BalA p 30.51 -0.24 1.0 BlackRock Funds A US Small 44.34 +0.09 15.4 FF2040 12.27 -0.08 4.4 Old Westbury Fds SmCapAdml101.20 -1.20 8.6 MidCpInst 59.11 -1.03 4.4 IncomeA1 p 2.37 +0.01 4.3 Schwab Funds TgtRe2020 34.49 -0.20 0.6 BondA p 13.45 -0.04 -2.3 GlblAlloc p 21.92 ... 1.8 US SmCpVal 41.99 +0.38 22.0 Freedom2025 K 15.77 -0.08 2.3 LrgCpStr 17.56 -0.19 2.5 SmGthAdml 97.05 -2.81 3.2 MidCpIstPl 291.52 -5.10 4.4 FrankTemp/Frank Adv 1000 Inv r 85.19 -1.31 2.0 TgtRe2025 21.74 -0.15 0.9 CapIBA p 64.50 -0.28 2.4 BlackRock Funds Inst US TgdVal 28.46 +0.22 20.6 Freedom2030 K 19.78 -0.10 2.7 Parnassus Fds STBondAdml 10.80 -0.02 -0.4 SmCapInst 101.20 -1.20 8.6 IncomeAdv 2.34 ... 3.9 S&P Sel 58.54 -0.77 2.0 TgtRe2030 41.09 -0.30 1.3 CapWGrA 60.95 -0.57 2.6 StratIncOpptyIns 10.38 -0.01 0.5 USLgVa 41.45 +0.03 10.4 Freedom2035 K 17.16 -0.10 3.7 ParnEqFd 54.59 -0.87 1.8 STIGradeAdml 10.97 -0.01 -0.2 STIGradeInst 10.97 -0.01 -0.2 FrankTemp/Franklin A TSM Sel r 68.39 -1.01 2.9 TgtRe2035 25.67 -0.20 1.8 EupacA p 70.53 -0.41 1.7 Bridge Builder Trust Dodge & Cox Freedom2040 K 12.26 -0.08 4.3 PGIM Funds Cl Z TotBdAdml 11.28 -0.03 -2.6 STIPSIxins 25.86 -0.01 0.9 TIAA/CREF Funds TgtRe2040 45.24 -0.38 2.2 FdInvA p 71.26 -0.92 3.1 CoreBond 10.50 -0.04 -2.3 Balanced 109.75 +0.28 7.8 Fidelity Invest Growth A p 134.41 -3.28 -0.8 HighYield 5.55 -0.01 1.5 TotIntBdIdxAdm 22.88 -0.06 -2.0 TotBdInst 11.28 -0.03 -2.6 TgtRe2045 28.93 -0.26 2.6 GwthA p 67.84 -1.65 0.4 CorePlusBond 10.36 -0.04 -1.9 Income 14.40 -0.04 -1.7 Balanc 28.89 -0.30 2.2 RisDv A p 79.28 -1.14 -1.1 TotalReturnBond NA ... NA EqIdxInst 28.56 -0.41 2.8 TotIntlAdmIdx r 33.67 -0.06 3.7 TotBdInst2 11.12 -0.03 -2.7 HI TrA p 10.30 -0.01 2.4 Intl Eq 13.81 -0.07 3.4 Intl Stk 46.61 -0.03 6.7 BluCh 166.71 -4.73 2.2 Guggenheim Funds Tru PIMCO Fds Instl VANGUARD ADMIRAL TotStAdml 97.48 -1.44 2.9 TgtRe2050 46.66 -0.42 2.7 TotBdInstPl 11.28 -0.03 -2.6 ICAA p 45.76 -0.51 3.0 LargeCapGrowth 20.55 -0.46 -0.1 Stock 215.96 +0.72 12.2 Contra 16.30 -0.38 -0.6 TotRtnBdFdClInst 28.81 -0.11 -2.5 AllAsset NA ... NA 500Adml 353.37 -4.65 2.0 TxMCapAdml201.84 -2.95 2.1 TgtRet2055 50.66 -0.45 2.7 TotIntBdIdxInst 34.33 -0.10 -2.0 IncoA p 24.30 -0.06 3.2 LargeCapValue 15.68 -0.01 6.5 DoubleLine Funds ContraK 16.34 -0.37 -0.6 Harbor Funds InvGrdCrBd 10.87 -0.05 -3.2 BalAdml 44.64 -0.45 0.7 TxMIn r 15.64 -0.07 2.7 TgtRetInc 14.91 -0.06 -0.1 TotStInst 97.49 -1.44 2.9 N PerA p 61.13 -1.06 1.1 Columbia Class I CoreFxdIncmI NA ... NA CpInc r 11.05 -0.03 3.6 CapApInst 101.40 -4.05 -2.7 ShortT 9.84 ... 0.2 CAITAdml 12.19 ... -1.0 USGroAdml 168.27 -6.97 -1.0 TotIntBdIxInv 11.44 -0.04 -2.1 ValueInst 49.27 -0.02 6.2 NEcoA p 59.95 -1.43 0.7 DivIncom I 26.53 -0.19 2.8 TotRetBdI NA ... NA GroCo 33.32 -1.12 1.4 Harding Loevner TotRt 10.33 -0.03 -2.2 CapOpAdml r188.43 -2.99 6.1 ValAdml 49.27 -0.02 6.2 USGro 64.96 -2.69 -1.0 WCM Focus Funds NwWrldA 90.28 -0.65 2.6 Dimensional Fds Edgewood Growth Instituti GrowCoK 33.41 -1.13 1.4 IntlEq 28.76 -0.24 1.2 PIMCO Funds A DivAppIdxAdm 37.84 -0.46 -1.3 WdsrllAdml 73.65 -0.37 7.2 WellsI 28.22 -0.06 -0.4 WCMFocIntlGrwIns 24.67 -0.46 -0.3 SmCpA p 82.61 -1.52 3.8 5GlbFxdInc 10.89 ...... EdgewoodGrInst 51.81 -1.76 0.1 InvGrBd 11.64 -0.04 -2.0 Invesco Funds Y IncomeFd NA ... NA EMAdmr 44.44 +0.19 6.6 WellsIAdml 68.36 -0.16 -0.4 Welltn 44.64 -0.31 0.6 Western Asset TxExA p 13.49 +0.01 -0.6 EmgMktVa 30.91 +0.29 7.9 Fidelity LowP r 52.66 +0.18 8.3 DevMktY 56.00 +0.14 4.8 PIMCO Funds I2 EqIncAdml 82.92 -0.06 4.5 WelltnAdml 77.09 -0.54 0.7 WndsrII 41.51 -0.21 7.2 CoreBondI NA ... NA WshA p 52.13 -0.41 3.9 EmMktCorEq 25.88 +0.14 6.6 500IdxInstPrem132.72 -1.75 2.0 Magin 12.61 -0.31 -3.4 JPMorgan I Class Income NA ... NA ExplrAdml 126.55 -2.82 5.7 WndsrAdml 77.31 +0.06 8.3 VANGUARD INDEX FDS CorePlusBdI NA ... NA Baird Funds IntlCoreEq 15.20 -0.03 4.3 Contrafund K6 18.68 -0.43 -1.1 NASDAQ r 163.27 -4.53 0.9 CoreBond 11.98 -0.04 NA PIMCO Funds Instl ExtndAdml 133.91 -2.92 7.3 VANGUARD FDS ExtndIstPl 330.46 -7.20 7.3 CorePlusBdIS NA ... NA P2JW063000-0-B01000-1------XA

B10 | Thursday, March 4, 2021 THE WALL STREET JOURNAL. BANKING & FINANCE Wall Street Pushes to Reverse401(k)Rule

BY DAWN LIM U.S. ESGfund netﬂowsU.S.ESG fund assets qualified investment profes- $60 billion $300 billion sionals would sayso. Black- Money managersare lobby- Rock Inc.and othersargued ing to scrap aTrump-erarule that the requirement would add that makes it difficult for 50 250 costly burdens. 401(k) plans to invest in so- Thedebateoverthe rule has cially focused funds. 40 200 been good forasset managers, TheLabor Department rule, said Jose Minaya,chief execu- announced in October,imposed 30 150 tiveofNuveen, TeachersInsur- restrictions on what canand S anceand Annuity Association

can’t be offered as company NEW of America’s$1.2 trillion invest- 20 100 G 401(k) funds.One result is that ment-management arm. “It will plans can’t use funds with non- push the industrytoget more financial goals as default in- 10 50 OOMBER sophisticated in terms of howit

vestmentsfor employees. AN/BL looks at ESGfactors,” he said.

That means401(k) overseers 0 0 GU Thefirm plans to keep discuss-

and managersneed to show 2010 ’15 ’20 2010 ’15 ’20 BING ing the rule with the Biden ad- that environmental, social and Source:Morningstar U.S. ESGfunds attracted arecord$51.1 billion in newmoneyin2020. ministration. Mr.Minaya hopes governancestrategies can the next iteration will be boost financial returns—a chal- Wall Street’slobbying has warned that the definition of official in the U.S. TreasuryDe- ple being deterred from looking clearer on how401(k) plans can lengefor the nascent industry. pushed money managersintoa ESGremains unclear,ESG funds partment during past Demo- at investment options where account forESG in investments. ESG-focused funds areagrow- debateoverwhether easier ac- canpursue goals with no bear- cratic administrations. clearly thereisalot of investor Some executives have ex- ing profit center forasset man- cess to ESGfunds helps or ing on returns and they can U.S. ESGfunds attracted a demand,” said Eric Pan, chief pressed concern that the rule agers. harms small investors. Many charge high fees. record $51.1 billion of new executiveofthe asset-manage- penalizesattemptstonudge Lobbyistsrepresenting man- asset managersargue that be- Therule makes clear plan money in 2020,morethan dou- ment industry’smain lobby companies on carbon emissions agers, pensions and retirees being attentivetoclimaterisks or overseerscan’t sacrificeworker ble from the previous year,ac- group,Investment CompanyIn- or other ESGissues that affect ganmaking calls to the Biden workplacediversity reduces 401(k) returns fornonfinancial cording to Morningstar.But stitute. shareholder returns. transition team in the weeks af- losses and boostsreturns. reasons.They canonly consider they areatinypart of 401(k)s. Theinitial rule already was Therisk is that even index terthe rule wasannounced. Some investorssay they those reasons if they determine Only 2.6% of U.S. corporate toned down afterpressurefrom fundsoractivemanagersthat Some lobbyistsurged the in- worryabout what they sayis competing investment options plans offered ESGfunds as in- Wall Street. TheLabor Depart- account forESG factorscould coming administration to agree Wall Street’soverreach intopo- would have equal financial vestment options in employee- ment altered the languagelast be seen as pursuing nonfinan- not to enforce the rule and litical causes and whether ESG merits. “It doesn’t flatly rule benefit plans in 2019,according year from aversion proposed cial goals and locked out of placeitunder review, said peo- funds candeliver on financial outall plan investment in ESG to the survey databyPlan in June so that several restric- 401(k)s. ple familiar with the matter. promises,including returns. funds,but it imposes strict con- Sponsor Council of America. tions no longer explicitly apply “It’saslipperyslope,” said Therule wasslated to be TheTrump administration’s ditions under which plans may Asset managerswant clearer to ESGfunds.The department Lori Heinel,deputy global chief rolled out starting January. Labor Department said that in- select ESGfunds,” said Mark languageonwhen 401(k)s can deleted asection that said investment officer for$3.5tril- That month, theBiden adminis- vestorsshouldn’t assume ESG Iwry, who oversawnational re- include ESGfunds. plans could deem ESGfactors lion money manager State tration flaggeditfor review. funds deliver betterreturns.It tirement policywhile asenior “Wedon’t want to have peo- financially material only if Street Global Advisors.

$70 abarrel Front-month crude-oil 20 million barrels aday Quarterly oil demand by country/region

Old Forces futures price Fo Petrobras

Brent re 60 15 cas t

Lift Crude Fo Stumbles re Fo cas re 50 10 t Prices cas Amid t West Texas Intermediate ContinuedfrompageB1 40 5 Defections search at Goldman Sachs Group.The bank forecaststhat BY JEFFREY T. LEWIS Brent crude prices will hit $75 30 0 U.S. China Europe abarrel in the thirdquarter. ’21 2020 ’21 2020 ’21 2020 ’21 SÃOPAULO—Shares of They are currently at just un- Brazil’sstate-controlled oil der $64 a barrel. 20 Ratio betweenlong and shortpositions in West TexasIntermediate company, Petróleo Brasileiro Crude Curves West TexasIntermediate futures and options futures-pricecurve SA,declined Wednesdayafter Measuring output and de- four membersofits board 30 times $80 abarrel mand in real time is tricky, but 10 said they areleaving follow- the relationship between ing the nomination by Brazil- Monday prices for barrels of oil deliv- 25 60 ian President Jair Bolsonaro ered at different dates sug- of anew chief executiveoffi- 0 Arising ratio signals gestsbuyersare vying for investorsare growing certoreplacecurrent CEO crude.Tradersare willing to 20 morebullish about 40 RobertoCastello Branco. payachunkypremium to take crude-oil prices. American depositary hold of crude right away in- –10 shares of Petrobras,asthe stead of in ayear’s time, afar 15 20 companyisknown, fell 4% April 20,2020 cryfromlast spring when spot Wednesday. prices fell to –20 Mr.BolsonaroinFebruary COMMODITIES amassive 10 0 nominated armyGen. discount. Joaquim SilvaeLuna to re- “That’stelling youthe mar- –30 placeMr. Castello Branco, a ketishungryfor oil, that we 5 –20 technocrat praised by ana- need oil out of inventories,” lystsfor achievementssince said Saad Rahim, chief econo- becoming CEO in January –40 0 –40 CONTRACTMONTH* mist at commodities trader 2019. TrafiguraGroup.“This is not a 2020 2018 ’19 ’20 ’21 12345678910 11 12 13 Beforethe nomination, Mr. market that has fully healed, *Contract month shows the number of months into the futurewhen oil is to be delivered. Bolsonarohad said an almost butitisdefinitely amarket Sources: DowJones Market Data (futures price); CommodityFutures Trading Commission (ratio); International Energy Agency (demand); FactSet (futures curve) 10% increase in the priceof that is healing.” gasoline and an almost 15% Demand on the Mend to travel and get back on the with adecision to unwind That resolvewill be tested if current strength might not increase in the price of diesel Demand has recoveredin road,” said Mr. Rahim. some of its cuts on March 4. prices keep rising,said Ronald last,analystssay.Another is fuel that the companyhad an- China and India and is on the Paola Rodríguez-Masiu, vice But tradersand analysts Smith, senior oil-and-gas ana- that money managersexpect nounced wasexcessiveand mend in the U.S. and Europe. president foroil marketsat saythe U.S. won’t churn out 13 lyst at BCS Global Markets. some oilcompanies to give promised changes. Americans consumed 18.6 mil- consulting firm RystadEnergy, million barrels aday,asitdid Energy Stocks Come Back priority to reducing their debt Anyreplacement forthe lion barrels a day of gasoline is morecautious.Based on on the eve of the coronavirus After a brutal 2020 for en- loads over shareholder re- CEO position requires the ap- and other fuels in January, the datasuch as road and air traf- crisis,soon. Under pressure ergy companies, expectations turns.Evenbeforethe pan- proval of Petrobras’sboard, Energy Information Adminis- fic, she doesn’t expect crude from shareholders and credi- of areturn to economic nor- demic,electric vehicles and and though the government tration estimates.That is 26% demand to recovertopre-pan- tors to givepriority to cash mality have propelled the sec- the proliferation of renewable nominates amajority of the morethan last April, though demic levels until late 2022. flow,companies haven’t tor to the top of the S&P 500 sourcesofenergy were raising group, several arenominally still down about 7% from Jan- The Shale Question rushed to pump moreoil in re- leaderboardthis year.Yet questions about the future of independent. uary 2020. Producersare holding back sponse to higher prices. shares of companies like the fossil-fuel industry. Mr.Castello Brancohad Forecasts for further price millions of barrels aday of Theindustry’snewfound Exxon Mobil Corp.and Royal Executives arecircumspect. been expected to remain as gains arepredicated on the crude,raising aquestion: Will discipline has pinned the num- Dutch Shell PLC have lagged “I feel as good as youcan, CEOafter his current term idea that vaccinations and fis- prices come under pressureif ber of horizontal drilling rigs behind the oil market itself, given some of the uncertainty ends on March 20, but he has cal stimulus will unleash eco- they open the spigots? Ana- below levels needed to main- and stock prices haven’t re- out therewith the residual sincesaid that he will leave nomic activity in the U.S. and lystsexpect the OPEC-plus tain production at 11 million turned to pre-pandemic levels. pandemic effects,” Exxon Chief when his term is up. Europe.“Beyond Easter is group to boost output gradu- barrels aday,let alone return One reason is that investors Executive Darren Woods told On Tuesdayevening,Petro- where people will really start ally through the year,starting output to pre-pandemic levels. are mindful that the market’s analysts in early February. bras said four boardmem- bers,João CoxNeto, Nivio Ziviani,Paulo Cesar de Souza up itslow-carbon investments. in Wyoming,which wascon- in drafting a 2019 Energy De- the steering committeeand eSilvaand Omar Carneiroda Exxon Steps Theactivist, Engine No.1, structed in the early 1980s. partment-sponsored report on called it the most comprehen- Cunha Sobrinho,intend to which is pursuing aproxy Thefacility processes natu- carbon capturethat deter- sive report on the topic. leave the board. fight to nominatefour mem- ralgas,separating out high mined Congresswould need to In an online presentation “Due to the recent events Up Carbon bers to the company’s board, levels of carbon dioxide and create an incentive of around on thefindingsinJanuary related to changes in Petro- hascriticized Exxon carbon- other gases from methane. $90 to $110 per metric ton of 2020,Guy Powell, an Exxon bras’s senior management, captureplans as an exercise in Exxon doesn’t storethe car- captured carbon to incentivize executivewho wasits point andthe positions expressed Capture corporate window dressing. bon, but sells most of it to widespread deployment of the person on the report, said by thelargest representative “Thereislittle,ifany, nearby drillersthat use it in a technology. companies would need signifi- of the controlling shareholder chancethat carbon capture processcalled enhanced oil re- Acurrent taxcredit, known cant policychanges to confi- of Petrobras,Idonot feel in a ContinuedfrompageB1 will enable Exxon Mobil or any covery,inwhich carbon is as 45Q,gives companies $35 dently invest in large-scale position to accept the re- pipeline.Some projectsExxon other oil major to avoid trans- pumped intoolder oil and gas to $50 per ton, depending on carbon-capture projects. newalofmyname” as amem- highlighted have been under forming its business over the reservoirstoincrease pressure howthe carbon is handled. Mr. “Wedid not want to…over- ber of the board, Mr.Carneiro consideration foryears, ac- long-term should the pace of Woods said Wednesdaythat promise what technology da Cunha said in the Petro- cording to current and former global decarbonization accel- 45Q wasn’t sufficient to justify could bring and somehowmis- bras statement. employees,and weren’t previ- erate,” it said in aFebruary The company’s new some capture investments. lead what type of policyincen- While it still isn’t clear if ously greenlighted because letter to Exxon’s board. Some people involved in tives would be needed if it Mr.SilvaeLuna will in fact they were deemed commer- Exxon eschewed diversify- view comes after it drafting the report, including doesn’t come,” Mr.Powell said replaceMr. Castello Branco cially unviable. ing into renewable energy, as posted a loss of $22 executives at some of Exxon’s at the time. because of requirementsin Forexample,managers itsbig European rivals BP PLC peers, felt that significant in- Jeffrey Brown, aresearch companybylaws regarding raised cost concerns about a and RoyalDutch Shell PLC billion last year. vestmentsincarbon capture fellow at Stanford University experienceinthe sector,the project to capturecarbon from have begun to do,and invested could be justified at afar who worked on the report and turmoil surrounding the com- Exxon petrochemical plants billions in carbon captureand lowerpriced incentive: less published adissent, said it pany’stop manager led to a alongthe Gulf of Mexicoand other technologies to reduce than $70per ton, according to used pessimistic assumptions morethan 20% decline in inject it into underwater rock existing fossil fuel emissions. and producemorefossil fuels. people familiar with the pro- aboutcarbon capture’sfuture Petrobras’ssharepricethe formations, the people said. But most of the company’s Critics of carbon capturesay cess. coststhat resulted in esti- firsttrading dayafter Mr. An Exxonspokesman said carbon-captureeffortstodate enhanced oil recovery negates They argued among other mates around 50% higher than Bolsonaronominated the gen- costsare an issue in project involved usingthe greenhouse some of itsbenefits, sincethe thingsthat technological im- past Energy Department stud- eral. evaluations but financial con- gastoproducemoreoil and gas. carbon is used to unlock more provements would more dra- ies. “Although the resignation siderations arechanging as Exxon frequently notes that sourcesofemissions. matically bring down costs Thereport constituted “a of boardmemberscan’t be demand, government policies it captured morethan 120 mil- Exxon has been a skeptical over time.Exxon and some call to inaction on carbon cap- considered asurprise,itonly and technologies evolve. lion metric tons of carbon voicewithin the industryon othersinvolved disagreed, ture by most of U.S. industry, adds to the risk perception Exxon’snew viewcomes af- over the past three decades, the near-term prospectsof thesepeople said, and their at least until Congress enacts anduncertainties forPetro- ter it posted a loss of $22 bil- which it says is 40% of all cap- carbon capture, according to view was ultimately reflected carbon pricing or capturesub- bras’sinvestment case after lion last year, its first annual tured emissions world-wide government officials,academ- in the final report. John sidies far abovethe hardest the recent events,” said Ga- loss in modern history, and is since1970. Nearly all of that ics and executives from rival Mingé, a former BP executive greens’ fondest political brielFrancisco, an analyst at facing pressurefromanactiv- came from one project: the companies. who led the study,said its dreams,” Mr.Brown said in an XP Investimentos in Sao ist investor and otherstostep Shute Creek Treating Facility Exxon playedacentral role conclusions were backed by interview. Paulo. P2JW063000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** Thursday, March 4, 2021 | B11 MARKETS Investors RateFears Take Down Tech Stocks Sell Off Nasdaq drops 2.7% TheS&P 500 dropped 50.57 Yield on 10-yearU.S.Treasury note vices sector from the Institute points, or 1.3%, to 3819.72. The forSupply Management 1.6% Hertz after yields on DowJones Industrial Average 1.47% showedthe services sector ac- government bonds fell 121.43 points, or 0.4%, to tivity expanded foraninth move higher 31270.09. consecutivemonth in Febru- Shares Theyield on the 10-year 1.4 ary. U.S. Treasury note rose to TheFed’sbeigebook re- BY CAITLIN MCCABE BY WILL HORNER 1.469% from 1.413% Tuesday— vealed the U.S. economycon- AND AMBER BURTON though off from last Thurs- tinued to grow modestly at the Shares of HertzGlobal day’shigh of 1.513%. Yields rise 1.2 start of the year,but some in- Holdings Inc.continued their Technologystocks dropped when bond prices fall. dustries such as leisureand tumble toward zero Wednes- sharply again as government- Topcentral-bank officials hospitalitycontinued to be day, one dayafter the car- bond yields ticked higher. have said the rise in yields re- challenged by Covid-19 restric- rental companyunveiled are- Investorshavebeen jittery flectsoptimism about eco- 1.0 tions. structuring proposal to exit in recent days,with the major nomic prospectsand that they In commodity markets, from bankruptcy that will wipe stock indexesswinging be- plan to keep monetarypolicy Brent crude,the international out existing shareholders. tween losses and gains. loose to support the economy 0.8 benchmark foroil, rose 2.2% to Shares of Hertz fell to 88 Some money managershave forthe foreseeable future. $64.07 abarrel. Gold prices Jan. 2021 Feb. March cents, losing 26% on the day. grownconcerned that stimulus Fedgovernor Lael Brainard fell 1%. Thefall marked the second day measures will lead to an in- said Tuesdaythat the recent Source:TullettPrebon . of bruising losses forthe com- crease in in- tumult in the bond market is In currencymarkets, the pany’sstock afterittumbled WEDNESDAY’S flation.Wor- on her radar. She said she Covid-19 vaccines forall Amer- That includes bankingand WSJDollar Index, which mea- 28% on Tuesdayto$1.19. MARKETS ries about would be concerned if she ican adults by the end of May, energy stocks,which areout- sures the greenback against a Under Hertz’s restructuring inflation also “saw disorderly conditions or two months earlier than he performing the technology basket of currencies, rose proposal, shareholderswill re- have triggeredbetsthat the persistent tightening.” had previouslysaid. sector this year. 0.2%, snapping atwo-daylos- ceivenodistribution, meaning Federal Reservewill start to “This higher volatility is to “The vaccine rollout is go- “Wecan see light at the end ing streak. they will receivenorecovery raise interest ratesinthe next be expected,” said Seema ing extremely well compared of the tunnel of the pandemic,” Theeurofell 0.2% to from theproposed deal. Hertz twoyears. Shah, chief strategist at Princi- to manyexpectations,” said Mr.Dyersaid. “The progress $1.2063.The dollar has been said it plans to be aprivate “It’sgeneral nervousness pal Global Investors. “What Mrs. Shah. “And at atime that hasbeen made on vacci- up againstthe common cur- companywhen it leavesbank- about the rise in interest hastaken us unawaresisthe when it looks likethe economy nations has led to confidence rencyfor three of the last four ruptcy.The car-rental company, rates,” said TomMartin, senior timing of it because most peo- could recoveronits own, we in the economic recovery and sessions. one of manycompanies deeply portfolio manager at Globalt ple were expecting to see also have the prospect of fiscal youhaveseen companies Digital currencybitcoin rose wounded by the coronavirus Investments, of the volatile these issues come later in the stimulus in the background, geared intothat economic re- 7. 3% to $50,952.37. pandemic,filed forbankruptcy market.“Clearly todaywe’re year or early next year.” and it is leading manypeople covery do well in the last Overseas,the pan-continen- protection last May. back at favoring value over Sentiment wasbriefly to upgrade their U.S. growth months.” talStoxxEurope 600 climbed But unlikemanycompanies growth and that makes sense buoyedearlier in the dayby expectations.” In companynews, Lyft rose lessthan 0.1%. whose businesses suffered due in the contextoftoday’s signals that Democratswill Optimism about the better $4.70,or8.2%, to $61.76 after Asian stocks sold off to stay-at-home restrictions, changeininterest rates.” seek to bridgedifferences over economic prospectsisfueling the ride-sharing companydis- sharply early Thursday. Hertz’sstory took on newlife TheNasdaq Compositelost joblessbenefitsand other is- demand forshares of compa- closed strong Februaryride Japan’sNikkei Stock Average afterindividual investorspiled 361.04 points, or 2.7%, to sues as they aim to completea nies that would benefit when figureslateTuesday. wasdown1.9%, Hong Kong’s intothe stock.Inanevent that 12997.75, falling forasecond $1.9trillion relief packagein theeconomyreturns to nor- Competitor Uber Technolo- Hang Seng Indexwas down 2% preceded the GameStop Corp. consecutiveday.The tech- coming days. mal, said ChrisDyer, director gies rose $1.46,or2.7%, to and South Korea’sKospi was phenomenon,individual inves- heavy indexhas slumped 7.8% President Biden also said of global equities at Eaton $56.11. down 1.3%. U.S. stock futures tors sent shares of Hertz soar- from itsFeb.12peak. the U.S. would have enough Vance. Dataonactivity in the ser- were down 0.4%. ing over several days last June afterthe companyentered chapter 11 proceedings. In the trading session fol- Capital Relief Fuels Bank Appetitefor Bonds lowing Hertz’s filing forbankruptcy protection, shares crashed to 56 cents. They then BY PAUL J. DAVIES Treasury yields vs. Ownership of Treasurys introduced asimilar exemp- surgedabove$5.50 lessthan inflation expectations tion to cut central bank re- twoweeks later—a nearly Treasuryprices have stabi- serves from leverageratio 900% rally.Inthe days after, lized following last month’s 2.5% $25 trillion measures last September that however, shares tumbled. They rout,but manyinvestorssay a Inflation expectations All is due to runout at the end of others have sincelargely traded below continued recovery likely 2.0 20 June.Thereisconcern among $2 this year beforefinally slid- hinges on an imminent decision analyststhat an end to the ing below$1Wednesday. on U.S. capital rules forbanks. ECB’sexemption could hurt Hertz’s eye-poppingrally A special exemption allow- 1.5 15 Foreign activity in repo marketsagain last year wasone of the earliest ing banks to hold less capital holders because banks will likely look signs of the growing forceof compared with the sizeof 10-year yields to shrink their balancesheets. individual investorsinthe stock their balance sheets is due to 1.0 10 To be sure, the selloff in market—though the sagaalso expireMarch 31, nearly ayear Federal Treasury marketslast week highlightedhow frenzied and after its adoption to facilitate Reserve wasn’t driven primarily by speculativeretail investing can the Federal Reserve response 0.5 5 banks: Thereare other poten- be.Eveninthe months after to the coronavirus pandemic. Mutual tial culprits such as a big un- the sharp rise and decline of Theexemption enables funds winding of hedge-fund trades Hertz shares,manyindividual large banks to exclude their 0 0 Banks using borrowed money to bet investorscontinued to discuss holdingsofTreasurys and cen- Sept. 2020 Jan. ’21 1996 2000 ’05 ’10 ’15 ’20* on relativepricemoves,which andtout the stock online,with tral bank reserves when work- *Through the end of September Mr.LeBas forone thinks wasa some predicting that thecom- ingout howmuch capital they Sources: FactSet; (yield, inflation expectations); Sifma (ownership); big contributor. panycould makeacomeback. need to meet astandard However, banks areakey Alawyer forHertz acknowl- known as the Supplementary Theexemption wascreated emption then. ingmistakes with their risk- source of demand forTrea- edged last year that the shares Leverage Ratio.The banks will to help the Fedinject vast Several senators question- based models forsetting capi- surysand if the exemption “might ultimately be worth- need morecapital to hit the amountsoffresh money into ing Mr. Powell on an esoteric tal requirements. ends,big banks will likely sig- less” around the time that the same ratio levels if the exemp- capital markets, giving com- bank capital rule shows they Theexemption has had a nificantly reducetheir buying car-rental companysought to tion is allowedtoexpire, are- mercial banks a dispensation aregetting pressurefrom sizable impact forsome banks. just as issuancegrows in sup- sell morestock afterthe rally. quirement they could meet by forthe rapid growth in their some important constituents, Citigroup’sleverageratiowas port of the government’s Hertz ultimately raised mil- trimming their balance balancesheetsthat is aby- said Guy LeBas, chief fixed-in- 7% at the end of the fourth growing spending plans,ac- lions of dollarsbeforesuspend- sheets—which oftenmeans product of large-scale central come strategist at Janney quarter,but dropped to 5.9% cording to Blake Gwinn, head ing the stock sale oncethe Se- selling Treasurys. bank bond-buying programs. MontgomeryScott.“Should without the exemption, it told of U.S. ratesstrategyat curities and Exchange February’sselloff took the Both Citigroup Inc.and JP- the exemption be extended it bond investorsatthe end of NatWest Markets. Commission said it had ques- yield on the 10-year Treasury MorganChase &Co. called for will spur demand forthree- January. At JPMorgan, the ef- “Banks have absorbed more tionsabout the offering. notetoits highest level in a the exemption to be made per- year to seven-year Treasurys fect wassimilar: Areported than their ‘fair share’ of in- Hertz’s restructuring pro- year,inaninvestor retreat manent or at least extended in especially,” he added. That 6.9% leverageratiowas just creasedTreasurysupply the posalrequires approval from driven by expectations of fourth-quarter calls with in- covers the part of the yield 5.8% without the exemption, last year,which has inarguably theU.S.Bankruptcy Court in stronger growth and inflation vestors. curvethat sold off most heav- according to its earnings pre- helped to keep yields in Wilmington, Del., and could be and concern about rising U.S. FedChairman Jerome Pow- ily last week. sentation. check,” he said. challenged by creditorsand in- debt issuance. Some investors ell was asked several times in TheSLR measures the total Mark Mason,Citigroup’s Between the end of 2019 vestors, including junior bond- saybanks selling Treasurys last week’scongressional sizeofabank balancesheet chief financial officer,said the and the thirdquarter of 2020, holders. Under the proposal, would stand to push yields hearings whether this capital andsetsaminimum capital Fedhad been thoughtfulabout banks increased their holdings Knighthead Capital Manage- higher still. relief would be extended. He requirement. Forthe biggest the leverageratioexemption of Treasurys by more than all ment LLC, Certares Manage- If capital relief is made per- said only that the Fedwas U.S. banks,capital must be on thebond investor call in other types of investorsapart mentLLC andother co-inves- manent, “banks can go ahead looking at it and had made no equaltoatleast 5% of their January. “I would hope that from mutual funds and the tors would paybetween $2.3 and buy moreTreasurys,” said decision. Mr. Powell is due to totalassetsunder the SLR they’d give additional consid- Fed, according to datafrom billionand $4.2 billion fora Zoltan Pozsar, money-market speak ThursdayatTheWall measure. Thepoint of this eration around extending it or Sifma. Banks’ shareofthe controlling equity stakeinthe strategist at Credit Suisse.If Street Journal Jobs Summit measureistoact as aback- even making it permanent,” he market rose from lessthan rental-car company. Hertz now not, he added, they could do andsome Fedwatcherssus- stop that guards against banks said. 5.4% to more than 5.5% of the trades over the counter. the opposite. pect he might address the ex- being too aggressive or mak- TheEuropean Central Bank market.

highest level sinceAugust. George.“Theinitial move from the thirdquarter but Shares of Detroit-based Rocket is the made some sense,but since well abovethe 3.41% it re- Insurer Oscar Health largest mortgagelender in the then, fundamentals haven’t corded ayear earlier.Itex- U.S.,according to research been driving it,” Mr.George pects its first-quarter margin Declines in Market Debut New Meme firm Inside MortgageFinance. said. “It’sother factorsthat to be between 3.6% and 3.9%. Its$323 billion in home loans we have aharder time assess- Cleveland Cavaliers owner BY ALLISON PRANG Health serves customersin18 in 2020 easily surpassed the ing.” Dan Gilbert helped found states around the country, Rocket Soar $221 billion originated by its Shortly beforeits public- Quicken Loans in the 1980s Shares of health insurer Os- from Arizona to Missouri to closest competitor,Wells market debutlast summer, and still holds the majority of carHealth Inc.fell 11% Virginia. Totalrevenue in Fargo&Co.Its sizeand strong Rocketannounced an ambi- its shares. Wednesday, the company’s 2020 was$462.8million, ContinuedfrompageB1 brand—it rantwo Super Bowl tious expansion target: corner- Ali Habhab has watched the firstday of trading on the down morethan 5% from a sawthe moveasaway to fend commercials—set it apart ing 25% of the mortgagemar- stock’s recent ride with interpublic marketsand during a year earlier,while the com- off short sellers. Short sellers from other nonbank lenders. ketoverthe next decade.Its est but doesn’t plan to sell his massiveyear forinitial public panyreported a$406.8 million are obliged to payany divi- BeforeRocket’sblastoff, market sharecurrently stands shares anytime soon. Mr. offerings. loss, wider than itslossof dends to the broker they bor- shares of nonbankmortgage Habhab,who is 25 yearsold, TheNew York-based com- $261.2 million in 2019. rowed shares from. lenders haddone little to im- instead hopes his returns will pany’sstock made itsdebut at Morethan 36 million of the Thecompany’sexcesscapi- pressinvestors in recent Its $323 billion in bring him closer to his goal of $36, compared with its initial shares being offered are from talatthe end of the fourth months.Some of the lenders retiring at 40.Hebought 1,000 public offering price of $39 a the company, equaling net quarter made the dividend that listed theirshares on the home loans in 2020 shares in Rocket shortly after share. Shares on Wednesday proceeds of $1.42 billion. Ex- possible, Rocket Chief Execu- public market in recent months surpassed Wells the company’s IPO in August. closed at $34.80,valuing the isting shareholdersare selling tive Jay Farner said at a con- significantly downsized their Mr.Habhab,who works in companyat$8.7billion based morethan 600,000 shares in ference Wednesday morning. offerings. Some never made it Fa rgo’s $221 billion. automotivemanufacturing, on 250 million shares out- the offering.The stock is trad- “Wewereprettyproud to to market because of tepid in- said he wasfamiliar with standing. ing under the ticker “OSCR” be able to offer that to our vestor interest. Quicken Loans long before The company was founded on the NewYork Stock Ex- shareholders,” Mr.Farner said. Shares of Rocket hadn’t parent companyRocket de- in 2012 by Mario Schlosser change. “Wethink moreofdividends strayed toofar from their list- at aboutathirdofthat, ac- cided to go public.Mr. Habhab and Joshua Kushner, the youn- This has so far been abig as special dividends because ing priceof$18 in the seven cording to Inside MortgageFi- lives in Detroit, where Rocket ger brother of the son-in-law year forcompanies to go pub- we want that flexibility to months sincethe company’s nance. is based, and has friends who of former President Donald lic.Sofar in 2021, 265 compa- makethe right investment for IPO.The stock soared to more Rocketsaid last week that started careersatthe com- Trump, Jared Kushner. nies have done U.S.-listed ini- the long-term growth of the than $31 in itsfirst month but itsmortgageoriginations panyorone of itssubsidiaries. Oscar Health wasstarted tial public offerings, according organization.” quickly returned to near $20. morethan doubled in 2020.It “With all that factored in, it with the aim of serving the in- to Dealogic.That compares Rockethas other upsides. Thefirst sign of liftoff came said it expectscontinued high was a no-brainer to put some suranceexchanges that the Af- with 32 at this point last year. Risingmortgagerates are latelast week,when Rocket origination levels despite of my money whereitbelongs fordable CareAct, known as Other companies that have boosting earning potential for reported impressivefourth- weakening margins. and whereitwill grow,” Mr. Obamacare, supported. The started trading on the public mortgagelendersjust as the quarter results. Shares rose al- Theamount lendersearn Habhab said. companyworks primarily with marketsin2021 include mo- crucial spring home-selling sea- most 10% on Friday. Thenews when they sell each loan has Another major nonbank urban customersand sells both bile game companyPlaytika son kicks off.The averagerate of asizable dividend prompted started to drop.Quicken’s mortgage lender, UWM Hold- businessand individual plans. Holding Corp.and secondhand on the 30-year fixed-ratemort- Rocket’s initial jump in stock gain-on-sale margin was4.41% ingsCorp.isup27% so far It had 529,000 members at merchandise seller Poshmark gage rose to 2.97% recently,its price, said KBW analyst Bose in the fourth quarter,down this week. the end of January. Oscar Inc. P2JW063000-2-B01200-1------XA

B12 | Thursday, March 4, 2021 ** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Chips’ Political Moment Needs to Last

A shortage of semiconductor manufacturing capacity is a complex problem that government dollars alone won’t solve

Fixing the production shortage manufacturing equipment have av- Semiconductorcapital spending pacity.Along-term solution may to be underused over the long term. plaguing the chip industry will eraged again of nearly 17%inthat per year requirerethinking just-in-time Government support could mean take a lot of money. It will also time. Applied Materials,the larg- manufacturing practices that mini- amoresustained spending uptick take a lot more than money. est chip-equipment maker by an- $150 billion PROJECTIONS mizeinventoryonhand. Christo- forthe notoriously cyclical chip- President Biden signed an exec- nual revenue,has seen itsshares pher Danely of Citigroup noted to equipment industry.Wes Twiggof utiveorder last week requiring a jump 34% this year—making it the 125 clientslast week that “the only way KeyBanc Capital Marketscalculates 100-dayreview of key supply best-performing tech on the S&P to eliminateordampen shortages that therehas been acyclical chains,including semiconductors. 500,according to FactSet. 100 is higher inventorythroughout the downturn in semiconductor capital He also said he would seek $37 bil- But government money alone supply chain, which would cost spending everytwo to three years lion in funding to help the domes- won’t solvethe problem—and cer- tens of billions of dollarsper year.” since2008.Heprojectsa14% rise 75 tic chip industryboost capacity. tainly not quickly.Chip fabrication Another potential solution would this year to arecord$122.7billion, Thetime frame on that proposed plantstakeyearstobuild and equip. be to simply build moreproduction with an additional 12% rise next spending wasn’t given—and it And catching up on atechnological 50 capacity than is needed. But having year even without government amountstoalittle over half of the basis isn’t simply amatterofdol- chip fabs underused or idle is also subsidies as chip makerswork to capital expenditures the chip-mak- larsspent. Intel has fallen behind 25 an expensiveproposition, especially catchupwith growing demand. ing industryisalready projected to Taiwan Semiconductor Manufac- given their relianceontechnical tal- But government support will need spend globally on waferfabrication turing in the most-advanced pro- 0 ent that can’t simply be brought on to be sustainable—lasting afterthe equipment forjust this year alone. duction processes,eventhough the as temps when demand jumps.And urgencyofthe current auto-chip Still, the prospect forincreased American chip maker has outspent 2008 ’10 ’15 ’20 acquiring the necessarystaff in the shortagefades. Even newdomestic government largess to augment itsTaiwanese rival by an averageof Source:KeyBanc Capital Markets firstplacetorun moredomestic chip fabrication plantsbreaking growing investmentsfromwithin nearly 6-to-1onresearch and devel- fabs will be achallenge. RickWal- ground this year wouldn’t be fully the industryhas resonated with in- opment annually over the past 10 forpartsearly in the pandemic, lace, chief executiveofchip-equip- operational beforethe end of Mr.Bi- vestors. The PHLX Semiconductor years, according to datafromS&P when carsales plunged. By the ment maker KLA told aMorgan den’sterm. Thechip industry’s Index has been the best-perform- Global Market Intelligence. time autodemand bounced back Stanley investment conferenceon shortageisyearsinthe making,and ing tech subsector so far this year, Thereare also businesspractices and carmakersneeded chips,semi- Mondaythat “it’snot likewehave will take yearstoaddress. It may rising morethan 6% relativetothe to consider.Abig part of the cur- conductor manufacturerswere an abundanceofthat talent in the not be agreat match foracountry Nasdaq’s1%gain. The10stocks on rent shortagestems from automo- busy making componentsfor other U.S.” He added that “the economics whose politics have become very of- that indexspecializing in chip- tivemanufacturersthat cut orders end marketsand lacked excess ca- doesn’t makesense” forchip fabs the-moment. —Dan Gallagher

Measures of proﬁtability, efficiency and growth forFY2020 Operating margin Return on invested capital Five-year compound average growth rate,revenue Jeep Maker Stellantis -5 0% 5101520253035 Is in Need of Some Kohl’s Technology Star Dust Macy’s Operating margin and return on invested capital are4.7%

Nordstrom Stellantis,the companyresult- Volkswagen, Stellantis hasn’t yetar- ing from the mergerofFiat Chrys- ticulated much of atech strategy. ler and Peugeot owner PSA, is When the company unveiled its TJ Maxx starting itsjourney on strong foot- new management structure in Jan- ing.With the carindustryand uary, only one job remained un- stock market gripped by technology filled: chief technology officer. Ross fever, though, that isn’t enough. That suggests Stellantis needs Fiat Chrysler and PSAboth re- something that neither Fiat Chrys- Note:Fiscal year ended Feb1,2020. Sources: S&P Global Market Intelligence; FactSet ported their last numbersasstand- ler nor PSA could provide. Neither alone entities Wednesday. PSA company was a leader in electric- passed the financial test posed by vehicle technology, the foundation Off-Price Retail Is Fully Priced the pandemic with flying colors, in- for other digital technologies that cluding record second-half margins. will transform the car this decade. On acombined basis,Stellantis, The company committed to a which owns brands ranging from software push Wednesday. This Jeep and RAMtoCitroënand makes sense, but leaves big ques- Retailers such as TJX and Ross Stores are already valued for perfection Maserati, made an operating mar- tions unanswered. For example, gin of 5.3% last year,behind Gen- will Chief Executive Carlos Tavares eral Motors but ahead of Ford. expand the deal with Alphabet’s Despite their gravity-defying Still, both managed to stay profit- market share from department Stock analystsunderstandably Waymo for driverless cars into a sales record, the holidays were a able overall for the year. That is a stores and intend to do more of likethe Stellantis story. It expectsto more comprehensive partnership? reminder of just how much off- testament to the cost efficiency of that this year by continuing to achievemorethan €5 billion, the Stellantis is promising a capital price retailers’ fates are tied to their business models. Pre-pan- open new stores. equivalent of $6 billion, in savings markets day late this year or early physical stores. demic, both TJX and Ross Stores Thereare some wild cardsthat through the merger, which would next. Along with a plan for Both TJX and Ross Stores’ boasted operating margins that the pandemic has introduced, how- boost operating profitsroughly 70% China—the gap in an otherwise sales during the holiday season were roughly double that of de- ever.Several apparelbrands—in- from 2020 over the coming years. balanced portfolio—comprehensive were lower than analyst expecta- partment stores. cluding Under Armour—have None of this is factored intothe responses to the challenges raised tions, down 10% and 4%, respec- The popularity of home goods shiftedaway from selling to off- shareprice, which trades at adis- by the car’s digitization are the tively, in the quarter ended Jan. 30 has been both a gift and a burden priceretail to preservemargins go- count to GM and Ford on most mea- priority. Until a clearer tech road compared with a year earlier. For to these retailers. While such ing forward. TJXargued in itsearn- sures.But the reality is that inves- map emerges, it is hard to see TJX in particular, its international goods have helped lift sales, TJX ingscall that this isn’t an issue tors these days aremoreinterested Stellantis exciting investors about footprint was a burden: At certain noted in its earnings call last week because it canbuy from other, in growth driven by newtechnology its future in the way its Detroit times in the quarter, the retailer that the shift to nonapparel cate- newerbrands.Still, it is arisk that than industrial consolidation. Unlike peers have lately. had to temporarily close all stores gories has added pressure to mar- needs to be monitored; the value companies such as GM, Hyundai and —Stephen Wilmot in Europe and the majority of Ca- gins. For the full fiscal year, the proposition of discountersgoes nadian stores, leading to substan- home category accounted for al- away if they stop carrying brands tial sales declines. Ross Stores, most 40% of overall sales at TJX, that customerswant. Theother risk which only operates in the U.S., up from 33% the prior year. Of is that customersare much more said on a Tuesday earnings call course, that also means that when comfortable shopping online and that California, its largest market, the pandemic lifts and consumers directly from brands nowthan they underperformed because of shel- return to clothes shopping, TJX were beforethe pandemic.Both S ter-in-place restrictions. could get a margin boost. Macy’s and Best Buy noted in their The good news is that restric- The long-term picture for off- respectiveearningscalls last week PRES tions are becoming less likely as price retailers undoubtedly looks that digital sales could account for TED CIA

vaccination efforts get under way. good; they have a record of per- 40% of totalsales going forward. SO

For the full year ended Jan. 30, forming well during and after eco- Despitethese uncertainties,TJX AS both retailers saw their total reve- nomic downturns. While the S&P and RossStores’ shares areeach KI/ WS

nue decline more than 20%, which 500 lost more than 14% of its trading at roughly 27 times forward BO

isn’t terrible considering that nei- value from December 2007 to De- earnings. Both were valued at LU ther have significant online sales. cember 2010, TJX and Ross Stores roughly 20 times forwardearnings ZA VID

Net income declined more dramat- gained 55% and 147%, respectively. beforethe pandemic.Nodiscounts DA ically, by at least 95% for both. Both have been steadily gaining to see here. —Jinjoo Lee Stellantis, which owns RAM, made an operating margin of 5.3% last year. More Interest-Rate Scares Ahead for the Stock Market

The convolutions that the Trea- S&P500’sforward price/earnings ratio months after the last recession and keep buying Treasurys and sury market sent stocks into over ended, the S&Ps forward P/E ratio mortgage securities until the econ- the past couple of weeks are some- 25 times was about 14. omy is well on the way to health, thing investors should probably RECESSION As a result, even relatively mod- but if the Covid crisis really does get used to. est moves upward in Treasury fade, Treasury investors may ques- 20 With Covid-19 cases falling,mil- yields, and therefore the relative tion the Fed’s commitment to keep lions of Americans receiving vacci- attractiveness of bonds to stocks, buying assets in particular. That nations each week and another can cause market spasms. This is could lead to paroxysms in the 15 round of government relief looking particularly true of the richly val- bond market that agitate stocks as likely,expectations areratcheting ued technology shares that have well. higher forhow quickly the econ- 10 been among the biggest market It isn’t hard to envision situa- omywill grow this year.Atthe winners since last spring. tions in the months ahead where start of January, economistspolled As long as rising Treasury the Fed worries the Treasury mar- by IHS Markit forecast grossdo- 5 yields are driven by an improving ket is getting ahead of itself and mestic product would be up 4% in outlook for the economy, the stock feels a need to calm the waters. the fourth quarter from ayear ear- market may be able to absorb If the economy really does im- lier; nowthat figure stands at 5.5%. 0 higher long-term rates. But that prove through the course of the Expectations of astronger econ- doesn’t mean the process will be year—an eventuality that depends omycount as apositivedevelop- 2000 ’05 ’10 ’15 ’20 smooth. One issue is that rather on the fight against the pandemic ment forcompanies’ earningspros- Source:FactSet than gradually drift up, Treasury going well—the stock market could pects, but they are pushing long- yields may instead have long peri- be in for a period of general opti- term interest rateshigher,with the the economy’sprospectsimprove, times analysts’ expected earnings ods where they stay relatively mism punctuated by panicked, 10-year Treasuryrecently yielding but then again stocks haven’t over the next year, according to steady, and then jump quickly. rates-driven selloffs. In other 1.41% versus 0.93% at the start of tended to be as expensiveatthe FactSet, which is close to its high- Officials at the Federal Reserve words, the market’s recent dis- the year.That isn’t unusual, since start of recoveries as they arenow. est forward price-earnings ratio in have made clear that they plan to placements could be just a preview long-term ratestypically go up as The S&P 500 trades at about 22 20 years. In December 2009, six leave short-term rates near zero of what is to come. —Justin Lahart