P2JW339000-5-A00100-17FFFF5178F

***** FRIDAY,DECEMBER 4, 2020 ~VOL. CCLXXVI NO.132 WSJ.com HHHH $4.00

DJIA 29969.52 À 85.73 0.3% NASDAQ 12377.18 À 0.2% STOXX 600 391.72 À 0.01% 10-YR. TREAS. À 9/32 , yield 0.919% OIL $45.64 À $0.36 GOLD $1,836.80 À $11.10 EURO $1.2149 YEN 103.84 Wildfires Erupt Anew in California, Forcing Evacuations Detained What’s News Huawei Executive Business&Finance In Talks PEC and agroup of ORussia-led oil producers agreed to increase their col- With DOJ lectiveoutput by 500,000 barrels aday next month, signaling that they arebet- Proposed deal would ting the worstofapan- resolve charges demic-inspired shock to de- mand is behind them. A1 against finance chief  Chevron said it would over Iran sanctions cut itsannual capital spend- ing budget by 26% next year and sharply through the TheU.S.JusticeDepartment middle of the decade. B1 is discussing adeal with Hua- weiTechnologies Co.finance  AT&T’s Warner Bros. chief Meng Wanzhou that will release itsentire2021 would allowher to return to slateoftheatrical films si- S China from Canada, in ex- multaneously in theatersand

PRES changefor admitting wrongdo- on itsHBO Max streaming

TED ing in acriminal case that service, the studio said. A1 strained Beijing’srelations with OCIA

 TheSenate confirmed SS the U.S. and Canada, people fa- Waller foraseat on the Fed’s /A miliar with the mattersaid. boardinavotethat reflected GER increased partisan tensions BER By Jacquie McNish, AH

over issues related to the NO Aruna Viswanatha, looming change in presi- FIERYWAIT:Aproperty owner in Silverado watches as wind gusts push the flames through partsofOrange County on Jonathan Cheng dential administrations. A2 Thursday.Utilities cut powertohundredsofthousands of customersand manyneighborhoods were ordered to evacuate.A8 and Dan Strumpf  Ryanairagreed to buy Lawyersfor Ms.Meng,who 75 of Boeing’s737 MAX faces wireand bank fraud jets, aboost forthe trou- chargesrelated to alleged vio- bled plane maker following lations of U.S. sanctions on the aircraft’sgrounding. B1 U.S. Virus Deaths Hit Record Iran on Huawei’s behalf, have  Southwest told more spoken to JusticeDepartment than 6,800 employees that officials in recent weeks about their jobs are at risk with- the possibility of reaching a out concessions from labor Amid Strain on Hospital ICUs “deferred prosecution agree- unions or morefederal aid. B2 ment,” the people said. Under such an agreement,  TheDow rose 0.3%, whichprosecutorsusually use while the Nasdaq set an- BY MELANIE EVANS topped 200,000 forthe second close some businesses and re- squeezing extrabeds onto with companies but rarely other record,gaining 0.2%. time in lessthan aweek.More strict otherswhen hospital floorsand, in some cases,mov- grant to individuals,Ms. Meng TheS&P 500 fell 0.1%. B10 Covid-19-related deaths re- than 100,000 people were hos- ICUshavelessthan 15% capac- ing patientsacrossstate lines would be required to admit to  Walmart said it would ported in asingle dayhit are- pitalized with Covid-19 as of ity.The restrictions would last to find room forthe critically some of theallegations against payanother round of bonuses cord in the U.S. as hospitaliza- Wednesday, according to the for three weeks. ill. In some overrunpocketsof her but prosecutorswould to U.S. workersasitseeks tions surpassed 100,000 for Covid Tracking Project, includ- “The bottomline is if we the country, these emergency agree to potentially defer and to retain and reward staff- the first time this week, leav- ing arecordnumber of people don’t act now, our hospital measures arenolonger enough, later drop the chargesifshe ersduring the pandemic. B3 ing hospitals in some regions in intensive care and near-re- system will be overwhelmed,” doctorsand nurses said. cooperated, the people said. of the countrywithout enough cord numbersofpatients on said Mr.Newsom, aDemocrat. An estimated one in four in- Ms.Meng has so far re-  Luminar started trading beds in intensive-careunitsto ventilators. At overstretched hospitals tensive-carebeds nationallyis sisted the proposed deal, be- publicly Thursdayand made meet their patients’ needs. California Gov.Gavin in regions of the U.S.,some occupied by Covid-19 patients, lieving she did nothing wrong, its25-year-old founder and TheU.S.recorded 2,804 Newsom said most of the state patients who need intensive PleaseturntopageA8 some of the people said. She chief executiveabillionaire. B1 deaths on Wednesday, Johns would face new stay-at-home care can’t receive it. declined to comment through Hopkins University reported ordersinthe coming days un- Hospital officials said they  Virus doubts challenge health aHuaweispokesman. AJus- World-Wide and newly reported infections der anew mandatethat would areracing to hiremorenurses, workers...... A8 PleaseturntopageA4

 TheU.S.Justice Depart- Layoffs Show Sign of Easing ment is discussing adeal OPEC, Covid Squeezes with Huaweifinancechief New applications for unemployment benefits fell last week, Meng Wanzhou that would but some economists warned the drop might be an anomaly allowher to return to China Partners because of volatile data during the Thanksgiving holiday. A11 from Canada in exchange Labor Market foradmitting wrongdoing Initial unemployment Continuingunemployment- in acriminal case that To Boost claims,weekly benefitsrecipients* strained Beijing’srelations 7million 25 million with the U.S. and Canada. A1 Women, baby boomers are pushed out  Covid-19-relateddeaths Oil Output Week ended Week ended 6 reported in asingle dayhit Nov. 28 Nov. 21 20 BY GWYNN GUILFORD February, a loss of 3.7 mil- arecordinthe U.S. as hospi- 712,000 5.52 million BY BENOIT FAUCON AND SARAH CHANEY CAMBON lion workers. talizations surpassed 100,000 5 AND SUMMER SAID The labor-force participa- forthe firsttime this week, leaving hospitals in some re- 15 Since spring lockdowns tion rate, or the share of OPEC and agroup of Rus- 4 were lifted, the demand for Americans 16 years and over gionswithout enough beds in sia-led oil producersagreed to workers has snapped back working or seeking work, intensive-careunitstomeet increase their collectiveout- faster than many economists was 61.7% in October, down their patients’ needs. A1 3 put by 500,000 barrels aday 10 expected. Between April and from 63.4% in February.  Lawmakers dived into next month, signaling the October the unemployment Though up from April’s negotiations over the two world’s biggest producers are 2 rate fell by more than half, trough, that is near its low- thorniest components of a betting the worstofapan- 5 to 6.9%, undoing more than est since the 1970s, when far new coronavirus aid pack- demic-inspired shocktode- 1 two-thirds of its initial rise. fewer women were in the age as momentum grew mand is behind them. But unemployment data workforce. *Regular stateprograms for a roughly $900 billion Thedeal marks acompro- 0 0 overstates the health of the The supply of workers and compromise proposal. A2 mise after sharp disagree- labor market because the their productivity are the mentsearlier in the week March Nov. March Nov. supply of people either building blocks of economic  Congress moved via a among agroup of producers Note:Seasonally adjusted Source:Labor Department working or looking for a job growth. A smaller labor provision in the annual defense authorization bill that have acted in relativecon- has declined. The U.S. labor force leaves fewer workers PleaseturntopageA11 to stop Trump from reduc- cert formonths,agreeing to force is 2.2% smaller than in ing the number of U.S. cut production deeply to stabi- lizeoil markets. Thecoronavi- troops in Germany. A10 ruspandemic sapped global En Vogue at  The Trump administra- demand early this year,tank- Warner Films to Open INSIDE tion sued Facebook,accusing ing prices and straining the fi- it of illegally reserving high- nances of big producerssuch Gucci: The paying jobs forimmigrant as Saudi Arabia and Russia. In Homesand Theaters workersitwas sponsoring Thepricerout has also laid Over-40 Set forpermanent residence. A3 lowbig,publicly traded oil BY ERICH SCHWARTZEL “Dune” and anew installment  Wisconsin’s top court companies likeExxon Mobil iii AND JOE FLINT in the “Matrix” franchise.HBO dealt another setback to Corp.and RoyalDutch Shell Max will host the movies for PLC,triggering big losses and LOSANGELES—Warner only their first month of the- Trump’sbid to overturn his Fashion house job cuts. Shell and BP PLC both Bros., the Hollywood studio atrical release beforethe films election defeat, turning away recently cut their dividend for courts older buyers founded as aPennsylvania followtheir usual distribution alawsuit challenging the va- BUSINESS&FINANCE lidity of hundreds of thou- the firsttime in yearstopre- nickelodeonin1903 and re- pattern. servecash. Chevron Corp.said with Jackie O sponsible forclassics like Thedecision follows recent sands of mail-in ballots. A6 Makersofdry icebrace on Thursdayitwas joining “Casablanca,” signaled Thurs- similar moves by other studios fordemand becauseof  Trump’s campaign and peersinslashing spending. BY MATTHEW DALTON daythat the entertainment in- and cementsanew reality in the RNC have raised more In recent weeks,interna- dustry’sfutureisn’t in the the- Hollywood: Subscriptions are shipping needsfor than $207.5 million in the tional oilprices have started Twoyearsago, Gucci embla- ater, but in the living room. moreimportant than boxoffice. Covid-19 vaccine. B1 weeks afterElection Day, to bounceback,climbing some zoned itsclothes with the New TheAT&T-owned studio What began as an effort to the campaign said. A4 25% sincethe start of last York Yankees logoand the face said it would release itsentire counterbalancethe dominance month. Asian economies have of BugsBunny. Now, the Italian 2021 slateoftheatrical films of Netflix Inc.has rewritten CONTENTS Markets...... B10 been recovering strongly, fashion house is embracing simultaneously in theatersand the strategies at every major Arts in ReviewA12-13 Opinion...... A15-17 Banking &FinanceB9 Sports...... A14 boosting oil demand there. Oil PrincessDiana and Jackie O. on itsHBO Max streaming ser- studio with ahome streaming Business News.. B3,5 Technology...... B4 investors, meanwhile,havebet Gucci is courting older, vice, the most drastic step yet service of its own. The reori- Crossword...... A13 U.S. News...... A2-8 on futuredemand growth else- wealthier clientele to stabilize takenbyamajor studio as the entation was accelerated by a Heard on Street.. B11 Weather...... A13 whereafter aseries of promis- revenue as itsfive-year runof coronavirus pandemic contin- pandemic that has closed most Mansion...... M1-14 World News...... A10 ing milestones hit by several remarkable growth, fueled by ued to moveHollywood’sfocus movie theatersand all but Covid-19 vaccines in develop- younger shoppers, petersout. away from movie theatersand eliminated whatever leverage > ment. This week, the U.K. au- CreativeDirector Alessandro toward in-house streaming their owners once had. MANSION thorized one foremergency Michele—hailed as avisionary services. Thehead of AMC Entertain- Homeownersrethink use,setting in motion the foreclectic,pop-cultureinfused Thestrategycoversall 17 ment HoldingsInc., the the walk-in pantryto PleaseturntopageA6 designs that lit up social media movies scheduled for release PleaseturntopageA6 and attracted millennials and by the studio next year,in- beautifyfood-storage s 2020 Dow Jones & Company, Inc. All Rights Reserved  Chevron to slash capital Gen Z—is shifting to moresub- cluding big-budget films like  AMC Plans stock sale, warns spaces. M1 spending...... B1 PleaseturntopageA2 the science-fiction adaptation of chapter 11...... B5 P2JW339000-5-A00200-1------XA

A2 | Friday, December 4, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS Lawmakers Edge Closer to an Aid Deal

BY KRISTINA PETERSON about the packagewith Presi- Wednesdaythe newbipartisan were “both interested in get- tions would last through ersworked to craftaformula dent Trump.“Thepresident’s proposal should serveasthe ting an outcome” on acorona- 2024. fordistributing aid to state WASHINGTON—Lawmak- of the mind-set abill would be basisofnegotiations,signal- virus packageand spending Democratshavelong op- and local governments, one of ersdived intonegotiations good forthe country, he ing awillingnesstoembracea legislation needed to keep the posed the idea of extending Democrats’ toppriorities and over the two thorniest compo- would liketosee it happen, smaller bill. government funded. additional legal protections to an area of concern formany nentsofanew coronavirus aid butit’sgot to have the right “That is at least movement Differences over liability employers,instead pushing Republicans. packageasmomentum grew policy,” he said. in theright direction,” Senate protections forbusiness, forlegislation that would bol- Rep.Tom Reed (R., N.Y.)— foraroughly $900 billion Both Mr.Trump and Presi- Majority Leader Mitch McCon- health-careprovidersand ster safety standards for co-chair of the Problem Solv- compromise proposal de- dent-elect JoeBiden have nell (R., Ky.) said Thursdayon schools have proved difficult workersduring the pandemic. ersCaucus,abipartisan group signed to break the congres- urgedCongresstoreach a the Senatefloor.“Theunder- to bridge. Shielding compa- Thebipartisan proposal of 50 House lawmakersthat sional stalemateintime for deal. “I think we aregetting lying reality is still with us: nies andnonprofit organiza- nowatthe center of the nego- endorsed the $908 billion pro- the Christmas holiday. very close,” Mr.Trump said thereare manyimportant pol- tiations calls foroffering a posal—said he expected the Earlier this week,abiparti- Thursday. “I want it to hap- icies that have strong biparti- short-term liability shield, but distribution would look simi- san group from the House and pen. And Ibelieveweare get- san support; thereare many State assistance and lawmakersare still crafting lar to aframework put for- Senatehad reached broad ting very close to adeal.” others that do not.” specifics, according to aides. ward earlier by Sens.Bill consensus around anew $908 Mr.Biden said he sup- SenateMinority Leader liability protections Some Republican senatorson Cassidy (R., La.) and Robert billion aid package that in- ported the $908 billion com- Chuck Schumer (D., N.Y.)said remain key issues in Thursdaysaid they had seen a Mendendez(D.,N.J.), though cluded fundingfor stateand promise proposal and said any Democratshad demonstrated version of the proposal that details remained in flux. local governmentsand legal deal nowwould be afirst step theirwillingnesstocompro- the negotiations. would offer legal protections Theframework from Mr. protections forbusinesses and ahead of morelegislation mise and nowexpected to see forsix months. Cassidy,who helped writethe other entities operating dur- oncehetakes office. “I think Republicans reciprocate. “I’m alittle disappointed bipartisan proposal, and Mr. ing the pandemic. it should be passed, and I “The need to act is urgent with some of the liability pro- Menendezwould divvy up the Lawmakerswrestled Thurs- think,infact, we’regoing to and we believethat with tions from lawsuitsstemming tections because they’rereally funding based on population dayoverthe details of those need more,” he said Thursday good-faith negotiations we from coronavirus exposures just asix-month period, it size, each state’srelative partsofthe proposal, which on CNN. could very well come to an has been a central goal of Mr. doesn’t have enduring value,” shareofthe nation’sinfection also includes money forunem- Congressional leaderssaid agreement,” he said Thursday. McConnell throughout much said Sen. Thom Tillis (R., rate and each state’sshareof ployment insurance, small Thursdaythat acoronavirus “For some reason, in the of 2020. N.C.). the totalrevenue loss this businesses and vaccine distri- aidcompromise waswithin midst of this generational cri- Aproposal put forwardby During ameeting with a year.State and local govern- bution, among other measures. reach, but that lawmakers sis,Republican Leader McCon- Republicans gives federal group of Republicans working mentswould be prohibited “The number is not the would have to resolvethe nell does not seem inclined to courtsjurisdiction over cases on the bipartisan proposal from using the money on un- problem,” said Sen. Lindsey sticking pointsthat have sty- compromise,toactually get involving people allegedly ex- Thursday, Mr.McConnell out- funded liabilities or pensions. Graham (R., S.C.). “It’spolicy mied them formonths.Expec- something done.” posed to coronavirus at busi- lined his views on the liability Thebipartisan proposal in- differences.” tations built this week after Mr.McConnell spokewith nesses or schools—and makes protections,according to Sen. cluded $160 billion forstate Mr.Graham, anew voicein Democratic leaders, who had House Speaker NancyPelosi it moredifficult forpeople to MittRomney (R., Utah), who and local governments, which support of the bipartisan pro- backed a$2.4trillion bill (D., Calif.) on the phone successfully sue in those attended the meeting. some Republicans said might posal, said he had spoken passed by the House,said Thursday. He said later they cases.The temporaryprotec- On aparallel front, lawmak- be toohigh. U.S. Service-SectorActivityPicksUp Waller Is Confirmed to

BY GWYNN GUILFORD Purchasing managersbusinessactivity indexesfor services largest economies is set to Fill FedBoard Va cancy AND PAUL HANNON continue. 60 IHS Markit on Thursday BY NICK TIMIRAOS Department last month de- U.S. services businesses,a EXPANDING U.S. said its purchasing managers clined to renewemergency China key driver of economic 50 India indexfor the eurozone’sser- TheSenateconfirmed one Fedlending facilities that will growth, gained ground forthe vices sector fell to 41.7 in No- of President Trump’spicks expire on Dec. 31. sixth straight month in No- CONTRACTING vember from 46.9 in October, Thursday to a vacancy on the Five of 12 Democratshad vember,adding to signs the 40 Italy its lowest level since May. Federal Reserve’sboardof votedinJuly to advanceMr. recovery is continuing. France While the recent surge of governorsinavotethat re- Waller’s nomination out of the Surveysofpurchasing man- 30 virusinfections has been a flected increased partisan ten- SenateBanking Committee, agersreleased on Thursday setback in Europe,the increas- sions over issues related to but he received no backing showedapickup in services ingly likely prospect of an ef- the looming changeinpresi- activity in the U.S., where re- 20 fective vaccine becoming dential administrations. strictions on businesses have widely available in 2021 has Christopher Waller, the re- The Senate’s been limited during afresh 10 liftedspirits, with servicepro- search director at the Federal vote to confirm wave of coronavirus infec- vidersreporting that they are Reserve BankofSt. Louis,was economist tions,and in Asia, wherethere more confident about the fu- confirmed on a48-47 vote to a Christopher have been few cases. 0 ture than in recent months. term that runs through Janu- Waller was ActivityinEurope con- 2019 2020 Thereare also signs that ary 2030. largely along tracted, surveysshowed. Euro- consumersare willing to He hasattended meetings partylines. Note:Readings below50indicate contraction, above,expansion. pean governments put in place Sources: IHS Markit; Caixin (China) spend, if they areallowedto of the rate-setting Federal tough newrestrictions on or aren’t fearfulofinfection. Open Market Committeethis businesses and households in low 50 signals contraction. proxyfor layoffs, fell to Retailsales in the eurozone year in his capacity at the St. from Democrats on Thursday. lateOctober,measures that “The recent improvement in 712,000 last week,the Labor were 1.5% higher in October Louis Fed. He headed the Uni- One Republican, Sen. Rand are now being eased. demand and the brightening Department said. than in September, and up versity of NotreDame’seco- Paul of Kentucky, also opposed Privatedatafirm IHS outlook encouraged firms to Europe appearsset to end 4.3% from the same month of nomics department before his confirmation. Markit said on Thursdayits take on extrastaff at arate 2020 as aweak spot forthe 2019,the European Union’s joining the regional Fed bank The Trump administration U.S. services indexwas 58.4, not previously seen since the global economy, as business statisticsagencysaid Thurs- in 2009. hadstruggled to securesup- the fastest uptick in activity survey began in 2009, under- surveysindicatethat service day. Purchases of electrical Analystssaid the largely port forfiveearlier selections, sinceMarch 2015 and up from scoring howincreased opti- providerssaw another decline goods and furniturewere party-line confirmation vote three of which were formally 56.9 the prior month. The In- mism is fueling investment in activity during November. again strong,and 11.5% higher may have had less to do with submittedfor Senateconfir- stitutefor Supply Manage- andexpansion,” said Chris By contrast, some Asian than in October 2019. specific objections to Mr.Wal- mation, to fill two vacancies. ment’s services index—which Williamson, chief business countries have largely con- Eurozone serviceproviders ler’s qualifications,but The nomination of Judy Shel- measures activity in industries economist at IHS Markit. tained the pandemic, and are said they continued to cut jobs showedDemocrats’ broader ton, an economic commentator such as restaurants, travel, PerformanceofU.S.service easing thelesssevererestric- in November,asign of contin- frustrations with howthe who previouslyserved as U.S. health care, and real estate— businesses in November fits tions they retained. Theresult ued wariness. By contrast, Trump administration has envoy to the European Bank was55.9inNovember from with other signs that the econ- is that while Europe’s largest theircounterpartsinChina managed financial-policy and forReconstruction and Devel- 56.6 the prior month. omyisexpanding,though at a economiesare likely to con- and India added to their pay- personnel issues during the opment, failed to advance dur- Areading above50indi- slowerpace. Newapplications tract in the final quarter of the rolls as activity continued to lame-duck period. ing aprocedural vote two catesgrowth, while alevel be- for unemployment benefits, a year,the recovery in Asia’s increase at a rapid pace. Forexample,the Treasury weeks ago.

CORRECTIONS  AMPLIFICATIONS younger shoppersfromNew Over-40s York to Beijing.Fashion shows became spectacles that popped In some editions Thursday, custody in county jails. on social media. Revenue in aPageOne article about the Are In 2018 rose to €8.3 billion, rising college-debt burden for During the fiscal year that equivalent to $10 billion, from parents omitted the $125,000 ended Sept. 30, the U.S. bud- €3.9 billion in 2015. income ceiling forfamilies get deficit was the equivalent At Gucci At the brand’sMilan fashion who would qualifyfor college- of 14.9%ofeconomic output. A showinFebruary2018,Mr. Mi- CTION debt forgivenessfor tuition at World News article on GES chele combined 17th-century- LLE IMA

public colleges and historically Wednesdayabout Canada’sfis- ContinuedfromPageOne CO stylelacecollarsand other an- Black colleges under apro- calposition said the U.S. defi- tle designs that playonthe tique stylingswith the logos of GETTY posal by President-elect Joe cit wasthe equivalent of 16.1% brand’sdecades of heritage. the Yankees,the SanFrancisco GE/ Biden. of economic output, afigure “They aregoing afterthe Giantsand the LosAngeles that wasbased on an earlier largest, yetmost neglected, Dodgers. Models walked California has paid out projection. segmentofluxurybuyers— through areconstruction of an more than $140 million in baby boomers,” said Pauline operating room carrying repli- GOODENOUGH/EVERETT fraudulent unemployment Noticetoreaders Brown, professoratColumbia casoftheir ownheads. MCINTYRE/WIREIMA

claims made in the name of in- Wall Street Journal staff BusinessSchool and former ABETH At the Gucci showthat year

mates in stateprisons,accord- membersare working remotely head of the North American di- EMMA ELIZ in Paris,Mr. Michele debuted a ing to stateand federal prose- during the pandemic.For the vision of LVMH MoëtHennessy Actress Elle Fanning carries a Gucci Jackie 1961 bag; actor and handbag in the shape of a cutors. ANov.25U.S.News foreseeable future, please send Louis VuittonSE, one of Gucci’s singer Drake Bell wears a Gucci Bugs Bunny sweater. Mickey Mouse head. One article about the claims incor- reader comments only by major rivals.“Older consumers model walked the runway with rectly said that sum included email or phone,using the con- not only have the means to buy TheItalian brand is both one of the brand’shandbags acockatoo on her shoulder. paymentsmade to those in tactsbelow, not via U.S. Mail. their products, but they’reliv- working to retain the huge made famous when Princess From 2019, growth slowed ing longer,healthier,more numbersofcustomersitat- Dianacarried it in the 1990s. substantially.One incident Readers can alert The Wall Street Journal to any errors in news articles by fashionable lives.” tracted in recent years—partic- Thelabel’sJanuarymenswear loomed large:The brand was emailing [email protected] or by calling 888-410-2667. Executives at Gucci and its ularly older millennials who collection also unveiled the denounced forselling ablack parent, Kering SA,say they are arenow turning 40—and court “Jackie 1961,” areinterpreta- sweater that coveredthe lower counting on the newaesthetic lesstrend-focused wealthy tion of aGucci handbag carried half of the face, with bright red THE WALL STREET JOURNAL to broaden the label’sclient buyers among Generation X by Jacqueline Kennedy Onas- lips surrounding acutout of (USPS 664-880) (Eastern Edition ISSN 0099-9660) base and drivegrowth, follow- and the baby boomers. sis. the mouth. Critics likened the (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) ing afour-year runfrom2015 Thechangewas evident in Mr.Michele hasn’t aban- garment to blackface. Gucci Editorial and publication headquarters: when revenue morethan dou- Mr.Michele’slatestcollection, doned his penchant forenve- pulled theitemand quickly 1211 Avenue of the Americas, New York, N.Y. 10036 bled. That plan hasgrown which wasshown in November lope-pushing and streetwear apologized but faced abarrage Published daily except Sundays and general legal holidays. more urgent sincethe pan- in asix-part online movie di- that drew in younger shoppers. of criticism. Periodicals postage paid at New York, N.Y., and other mailing offices. demic,asrevenue plungedand rected by U.S. filmmaker Gus Manyofthe designs in the new Gucci executives said the Postmaster: Send address changes to The Wall Street Journal, flocks of touristsfrom VanSant. Sportslogos and collection areandrogynous. controversy depressed sales in 200 Burnett Rd., Chicopee, MA 01020. abroad—avid Gucci custom- cartoon characterswereno- Sneakersare in abundance, the U.S. foranumber of All Advertising published in The Wall Street Journal is subject to the applicable rate ers—stayed at home.When a wheretobefound; looks and and the collection featuresa months,with North American card, copies of which are available from the Advertising Services Department, Dow second wave of lockdowns silhouettesweresimpler than Gucci skateboardand basket- sales rising just 1.1% in the Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an swept the West, brands across in yearspast. Themovie also ball. But those touches areless firsthalf of 2019 afteryearsof advertisement shall constitute final acceptance of the advertiser’s order. the luxurysector scrambled to featuresanumber of older prominent than in previous double-digit growth. Letters to the Editor: Fax: 212-416-2891; email: [email protected] replacethe tourist revenue. models and ahost of items seasons. In December,Mr. Michele Gucci has lost market share with traditionalGucci flour- “Weare opening anew unveiled acollection that was Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] during the pandemic to two of ishes, such as the horsebit chapter at Gucci,” Mr.Duplaix asignificant departure: one By phone: 1-800-JOURNAL (1-800-568-7625) itsrivals,Louis Vuittonand loafer. said in October. heavy on formal wear,lacking Reprints &licensing: Dior,both owned by LVMH. “A lot of the subtext is Sales were flagging when manyofthe embellishmentsof By email: [email protected] Those brands have morewell- linked to the heritageand Mr.Michele wasplucked from his previous collections. By phone: 1-800-843-0008 established customer bases those partsofthe collection Gucci’sdesign team and in- “Moreofthe same is clearly WSJback issues and framed pages: wsjshop.com than Gucci, with betterconnec- that will have astronger ap- stalled as creativedirector in not going to getyou places,” Our newspapers are100% sourcedfromsustainably certified mills. tion to nontourist customers, peal to high net-worth individ- 2015.His off-the-wall, heavily said LucaSolca, an analyst at especially in Europe,said Jean- uals,” said aGucci executive. embroidereddesigns and the Bernstein. “Knowing youhave GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS MarcDuplaix,Kering’schief fi- In the collection, Gucci in- brand’sdigital marketing cam- aproblem is halfway to solving nancial officer. troduces areinterpretation of paigns attracted droves of it.” P2JW339000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Friday, December 4, 2020 | A3 U.S. NEWS Federal Suit HitsFacebook CK TO SHUTTERS

Over Visas A/ /EP

TheTrump administration the salaries that companies URENT has sued Facebook Inc.,accus- arerequired to paytheir H-1B LA ing the social-media company visa workers. Both moves were of illegally reserving high-pay- overturned by federal courts. ETIENNE ing jobs forimmigrant workers “This is a new tactic under S; it wassponsoring forperma- the guise of protecting Ameri- PRES

nent residence, rather than canworkers,” said JesseBless, UMA searching adequately foravail- aformer JusticeDepartment /Z NG

able U.S. workerswho could official who is nowdirector of SC fill the positions. federal litigation at the Ameri- M/ can Immigration Lawyers As- By Michelle sociation.Normally the gov- Hackman, Deepa ernment would seek to work BIRMINGHA or settle with acompanybe-

Seetharaman KEITH

and Sadie Gurman fore suing them, he said. “It P: tells me that, since they took TO OM

The lawsuit reflects a con- this route, they aretrying to FR tinuing Trump administration set an example.” Discordbetween Alex Villanueva,who runs the U.S.’s largestsheriff’s department, and the BoardofSupervisors has turned into apublic feud. push to crack down on alleged JusticeDepartment officials displacement of American said their investigation kicked workers. off when Facebook filed an ap- In Los Angeles, Political Leaders In a17-pagecomplaint filed plication with the Labor De- Thursday, the Justice Depart- partment to hireaforeign ment’scivil-rightsdivision worker as an art director,a said Facebook inadequately role that requires abachelor’s Press to Remove Elected Sheriff advertised at least 2,600 posi- degree and two yearsofexpe- tions between 2018 and 2019 rience. Theofficials said Face- that were filled by foreign book should have been able to professionalsonH-1Bvisas find an American to fill this BY ZUSHA ELINSON appear beforethe department’s when the company was look- type of job.Other positions in- Civilian Oversight Commission ingtosponsor them forper- cluded anumber of software Political leaders in Los An- in MaytodiscussCovid-19 in manent residencypermits, jobs as well as nontechnical geles are trying to find a way thejails,triggering another known as green cards. positions. to oust their sheriff,asignal court battle.Ahearing is set Companies sponsoring Thelawsuit alleged that, that calls for changes in law- forJanuaryinwhich Mr.Vil- workersfor employment- though Facebook followedthe enforcement leadership are lanuevamust showwhy he based green cardsare required advertising and recruiting re- moving beyond policechiefs to shouldn’t be held in contempt. to showaspart of the applica- quirementsfor these jobs,it leaderswhose positions are Tensions increased on June tion processthat they couldn’t didn’t publicize the openings elected and designed to be im- 18 when two deputies fatally find anyqualified American as extensively as it normally mune to such pressures. shot 18-year-old Andres Guar- workers to fill the job. would. Forexample,Facebook Disagreementsbetween Alex dado in the back,sparking AFacebook spokesman said didn’t advertise the positions Villanueva, who commands the protests.The deputies said the company“has been coop- on itswebsiteand required nation’slargest sheriff’s de- they saw him with a gun out- erating with theDOJ in itsre- candidates to mail in their ap- partment, and the elected side abusiness, and when they viewofthis issue and while we plications rather than accept- BoardofSupervisors, who run approached, he ran away. Mr. disputethe allegations in the ing them online,the suit said. the county,haveescalated into Guardado’s family said he was complaint, we cannot comment As aresult, the companyre- abitterpublic battle.The two Protesters confronted sheriff’s deputies at a demonstration over working as a security guard. further on pending litigation.” ceived no morethan one ap- sides have feuded over an in- the shooting death of Andres Guardado in June. Mr.Villanuevahas said that Thelawsuit adds to a plication from aU.S.worker in crease in shootingsofcivilians the department is doing a broader set of actions by the nearly all the jobs at issue, by deputies during the sheriff’s BoardofSupervisorsvoted 3-2 supportivepolitical establish- thorough investigation. He administration against the rather than the hundreds who tenure, potential budget cuts, to instruct county lawyersto ment, Ican report that we said he is outfitting deputies tech industry, including ongo- normally apply foropen Face- and calls forgreater civilian look forways to makethe have done exactly that: reform with body cameras in an effort ing antitrust investigations book postings, the complaint oversight of adepartment that sheriffs appointed or to getrid amassiveoperation where to increase transparency. intoFacebook and other com- said. patrols partsofthe county of Mr.Villanueva, who was previous sheriffs failed.” Melina Abdullah, head of panies and scrutinyofthe so- When U.S. workers did ap- without their ownpoliceforces elected to lead the 18,000-em- A32-year veteranofthe de- BlackLives MatterL.A.,said cial-media platforms’ liability ply,the suit said Facebook and that guards jails. ployeeagencyin2018 with 53% partment, Mr.Villanuevaupset her group plans to oppose Mr. shield known as Section 230. hired them intodifferent jobs, Unlikepolicechiefs,who of the vote.“Theboardhas incumbent Jim McDonnell in Villanueva’sre-election in The Trump administration reserving the open position typically report to mayors and been deeply frustrated by 2018 in part by highlighting 2022, but wants him to leave has viewed the H-1B visa pro- for the H-1B worker. have in numerous cities lost Sheriff Villanueva’slack of that he wasaDemocrat in a office sooner. gram forforeign profession- “Simply put, Facebook re- their jobs amid this year’s transparency, fighting back on year when the party did well The deputies’ union, which als—the primary pathway in- serves these positions fortem- Black Lives Matter-led pro- everysmall matter, refusal to in LosAngeles.Mr. McDonnell, backed Mr.Villanuevain2018, ternational graduates of U.S. porary visa holders,” the suit tests,sheriffs aretypically balancehis budget, refusal to an independent and former says morale at the department colleges remain in the coun- alleged. electedindependently.That deal with an uptick in deputy- Republican, had helped the de- is up under him. try—with antagonism, believ- Tech companies such as makes it nearly impossible for involved shootings,” said Sheila partment recoverfromascan- Thesupervisors’ biggest ing that employers aredis- Facebook saythey rely on other elected officials to fire Kuehl, acounty supervisor who dal that landed the previous success in their battle came at placing American workers H-1B visastoplug gaps in them or force changes. co-sponsored the motion. sheriff, LeeBaca, in federal the ballot boxlast month. A with foreign staffers who de- their technical workforce, That hasposed achallenge Aspokesman forMr. Villan- prison. Shootingsbydeputies measureco-writtenbyMs. mand smaller salaries. which they say is essential to in LosAngeles,wherecalls for uevapointed to avideo the dropped during his tenure. Kuehl to dedicate10% of the It rejected 21% of newH-1B building the software that an overhaul have been loud sheriffposted on Twitter, in One of Mr.Villanueva’sfirst county’s unrestricted general visa applicantsin2019,com- powers productslikethe Face- this year and the sheriff plays which he said that “the voters’ actsupon assuming officewas funds to affordable housing, pared with 6% in 2015,accord- book news feed. alargerrole in local lawen- rights and will need to be re- to rehireadeputy who worked job training and alternatives to ing to an analysis of govern- Tech executives have said forcement than some other spected by the board.” on his campaign and had been incarceration wonwith 57% of ment databythe National therearen’t enough American largeurban areas. The only Mr.Villanuevahas also firedbyMr. McDonnell over al- the vote.County officials said Foundation for American Pol- students graduating with sci- other metroareawhereasim- posted an essayfront-and-cen- legations of domestic violence it would likely result in cutsto icy, anonpartisan Washington enceand engineering degrees ilar fight has takenplacethis teronthe LosAngeles County that the deputy has denied. the sheriff department’s$3.4 think tank. to meet their demand, aprob- year is Seattle. Residents of Sheriff’s webpage, titled “The Themove, which alocal judge billion annual budget. Theadministration banned lem they sayisonly worsening surrounding King County Truth about LASD.” In it, he said in October violated civil- Mr.Villanuevapreviously the visas outright in June due as productsgrowmorecom- votedlast month to maketheir wrote that he is delivering on servicerules,sparked abattle tweeted that if it passed, the to the coronavirus pandemic plexand reliant on advanced sheriff an appointed position. promises of reform: “After between the sheriff and county streetsofLos Angeles would andimposed newrules that technologylikeartificial intel- In L.A.,the conflict esca- twenty-two months, one pan- officials that hasn’t ceased. look likea“scene from ‘Mad would have significantly raised ligence. lated last month when the demic,civil unrest, and an un- Mr.Villanuevachose not to Max.’ ” SenatePassesLong-Awaited Green-CardBill

BY MICHELLE HACKMAN party memberswould be granted visas with amaximum WASHINGTON—TheSenate duration of one month; previ- unanimously passed abill ously those documentswere aimed at clearing a backlog of valid for up to 10 years, a de- green cardsfor primarily In- partment official said. dian immigrants,after more Thedirectiveapplies to vis- than ayear of wrangling fol- itor visas,not visas used by lowing House passageofa studentsoremployees.The similar measure in 2019. State Department didn’t re- The bill lifts caps on the spond to questions about the number of permanent-resi- number of individuals affected dencypermits, commonly by the change. known as green cards, Current immigration law awarded to immigrantsfrom barsmembersofthe Chinese anyone countrywho come to CommunistParty from immi- GES

the U.S. with job offers. That IMA grating to the U.S.,though would allowpeople who have thereare numerous exceptions,

waited in the backlog the lon- GETTY including forinvoluntarymem- gest—primarily Indian immi- bership of children of party grants on H-1B high-skill vi- members. Mr.Scott’s measure

sas—toreceivegreen cards MODEVILLA/ contains no such exceptions.

firstunder arevampedsystem. SO TheHouse version of the

The bill was approved late CHIP per-countrycaps bill, passed Wednesdayunder aprocedure The most recent objection to the bill came from Sen. Rick Scott, in July 2019 with awide bi- known as unanimous consent, who inserted two measures backed by the White House. partisan margin, doesn’t con- which allows legislation with tain similar provisions,and di- no opposition to passwithout specific demands.Asaresult, who canreceivegreen cards. visions over their inclusion moving through the normal thebill that passed contains a Thesecond could severely re- could hold up the bills from processofroll-call votesand small carve-out intended for strict futureimmigration from beingmergedbyearly Janu- hearings. Considerable differ- nurses from the Philippines—a China. That provision, depend- ary, when anew session of ences exist between the Senate key demand from hospital ing on howitisinterpreted, Congress begins. and House bills,and the short groups backed by Sen. Rand barsany would-be Chinese im- A White House spokesman windowfor consolidating Paul (R., Ky.)—and provisions migrants with ties to the Chi- declined to saywhether Presi- them in the current session of imposing restrictions on com- nese Communist Party or the dent Trumpisinclined to sign Congress clouds the prospect panies that employhalf their Chinese militaryfromqualify- anyversion of the measure of a law taking effect soon. workersonH-1Bvisas. ing forvisas or green cards, that reaches his desk. Sen. MikeLee (R., Utah), the Themost recent objection potentially banning aswath of “It’s a miracle,” said Aman bill’ssponsor,has attempted to came from Sen. Rick Scott(R., the Chinese population. Kapoor,asoftware-business bring up the country-caps Fla.),who inserted two mea- TheSenatemeasurepassed owner and founder of Immi- measureonfour previous oc- sures backed by the White as the State Department gration Voice, agrass-roots casions in the last 18 months, House.The firstwould impose moved to tighten restrictions groupofIndian immigrants. though each time adifferent anew capofsortsfor the next on travel visas issued to Chi- He said he hoped the House senator objected, forcing Mr. decade on the overall number nese CommunistParty mem- would passthe Senate’sver- Leetoalter the bill to meet of immigrantsonH-1Bvisas bers. Under the revised policy, sion of the bill. P2JW339000-4-A00400-37FFFF5178F

A4 | Friday, December 4, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Trump, RNC Had Windfall After Election

BY JULIE BYKOWICZ AND CHAD DAY

President Trump’scampaign and the Republican National Committeehaveraised more than $207.5 million in the weeks afterElection Day, his campaign said Thursday, as their claims of voting fraud have generated afinancial windfall that could be deployed in futurepolitical ventures. Despiteanaggressivelegal

GES effort by the president’sattor-

IMA neysinmanystates, therehas been no evidenceofwidespread ETTY

/G fraud and numerous federal

NG and stateofficials have dis-

WO puted the campaign’sfraud

ALEX claims. President-elect Joe Biden, speaking on Tuesday in Delaware, has named key members to his economic team including Janet Yellen to be secretary of the Treasury. Thesizeofthe postelection fundraising haul between Nov.4 and Nov.23isunprecedented for alosing candidate, much lessan DemocratsPressureBiden on Cabinet outgoing president. Thefund- raising totalensures Mr.Trump will have aconsiderable war BY SABRINA SIDDIQUI the interior secretaryrole,the chest at his disposal as amajor AND NATALIE ANDREWS Ex-Obama Adviser Mr.Deese held senior eco- Mr.Biden appeared earlier two attendees said. Mr. Klain figure in the Republican Party, nomic roles in the Obama ad- this week with other members expressed regret over the mat- especially as he contemplates a WASHINGTON—President- Gets Economic Post ministration, including as deputy of his chosen economic team,led ter, one of the people said. second WhiteHouse bid. elect JoeBiden is under pres- director of the NECand as dep- by Treasury secretary nominee A spokesman for Mr. Luján Bill Stepien, Mr.Trump’s surefromseveral groups utydirector of the WhiteHouse Janet Yellen, the former chair- didn’t return arequest for 2020 campaign manager,nod- within the Democratic Party as WASHINGTON—President- OfficeofManagementand Bud- woman of the Federal Reserve, comment. ABiden transition ded at that ambition in ajoint he weighs morecabinet picks, elect Joe Biden appointed Brian get. He helped oversee the 2009 and Princeton Universityecono- spokesman declined to com- statement with RNC Chair- with Black and Latino lawmak- Deese, who was an economic federal rescue of General Mo- mistCecilia Rouse, his choiceto ment. woman Ronna McDaniel an- ersdiscussing coordinating ef- adviser to President Obama, to tors Co.and Chrysler through lead the Council of Economic Ad- In astatement, CHC chair- nouncing the fundraising total, forts to try to sway his selec- serve as the director of the Na- the administration’sautomotive visers. Mr.Deese is a“trusted man Joaquin Castrosaid the saying Mr.Trump “remains the tions for top jobs. tional Economic Council. task forceand helped negotiate voiceIcan countontohelp us transition meeting was“produc- leader andsource of energy for Membersofthe Congressio- Mr. Deese’s post, which the Paris climate accord. end the ongoing economic crisis, tiveand positive” and included the Republican Party.” nal Black Caucus and Congres- doesn’t require Senate confir- After leaving the White build abettereconomythat discussion of immigration re- Most politicalcommittees, sional Hispanic Caucus have mation, will be central to Mr. House, Mr. Deese joined Black- deals everybody in, and takeon form, the economyand the im- includingfor presidential can- been in touch with Mr.Biden’s Biden’s economic agenda as the Rock Inc., the world’s largest the existential threatofclimate pact of Covid-19 on Latino com- didates,had to file postelection transition team to encourage incoming administration at- asset manager, as global head change,” he said. munities,inaddition to Latino fundraising reportsbymid- him to increase diversity at tempts to rebuild the economy. of sustainable investing. —Ken Thomas representation in Mr.Biden’s night Thursdaytothe Federal the highest levels of the gov- cabinet and administration. Election Commission. Those re- ernment. Some of those mem- Membersofthe Black caucus portsinclude moredetails bersare nowdiscussing tac- partment of Homeland Security, considered to be in the top caucus had made the same re- have encouraged Mr.Biden to about howthe $207.5 million tics to elevate their preferred and Cecilia Rouse,who would four, haven't been filled. quest in alettertoMr. Biden choose aBlack nominee forde- hasbeen deployed. contenders, including possibly be the firstBlack chair of the Membersofthe Hispanic this week that wassigned by fense secretary. At least two That totalisspread across aligning their endorsements. CouncilofEconomic Advisers. caucus met virtually with se- morethan 30 lawmakers. Black candidates,retired Army the Trump campaign, two joint- They haven’t reached an Mr.Biden named another Black nior Bidenaides on Thursday, Mr.Biden has considered Gen. Lloyd Austin—who ranthe fundraising committees,the agreement on their strategy, woman, Linda Thomas-Green- including incoming chief of several people forthe attorney military’sCentral Command RNCand anew political com- people familiar with the dis- field,ashis nominee forambas- staff Ron Klain and transition general job, including former during the Obama years—and mitteeMr. Trump set up in the cussions said, but one ap- sador to the United Nations, co-chairs Ted Kaufman and Massachusetts Gov.Deval Pat- former DHS SecretaryJeh John- days afterthe election. proach would be to choose one and has appointed morethan a Jeffrey Zients. Lawmakerson rick, who is Black. son, areunder consideration. SinceNov.3,the campaign Black or Latino candidateto dozenpeople of color to senior the call reiterated their re- During Thursday’stransi- At least two CBC members, has been flooding supporters recommend forahandful of WhiteHouse roles. quest that the Biden team en- tion meeting,some CHC mem- Reps. AnthonyBrown (D., Md.) with emailand text-message top remaining positions. Mr.Biden said in an inter- surethat Latinos account for bersalso continued to advo- and MarcVeasey (D., Texas), appeals fordonations as Mr. “The African-American and viewwith CNN Thursdaythat 20% of the federal workforce cate forNew MexicoGov. backed Michèle Flournoy, afor- Trump challenges the election Latino communities rallied be- his initial selections were form- and that five Latinos areap- Michelle Lujan Grisham to mer Defense Department official outcome.Stateshavemoved hind this administration and ing “the most diverse cabinet pointed to the cabinet, with at lead the Department of Health under PresidentsBarack Obama forwardincertifying victoryfor their expectations aretobein- anyone in American historyhas and Human Services. She was and Bill Clinton, in aThursday President-elect JoeBiden. cluded at all levels,” said Rep. ever announced,” adding that offered the role of interior lettertoMr. Biden, signaling Portions of those donations Bennie Thompson (D., Miss.), he would “keep my commit- Thepresident­elect’s secretary but turned it down, differing views within the cau- initially went to retirecam- whohas spoken with the Bi- ment that theadministration, aperson close to Mr.Biden’s cus.Ms. Flournoyhad been seen paign debt from the general den transition team. both in theWhiteHouse and team includes firsts transition said. She remains by manydefense expertsasa election despitebeing billed as The efforts underscore the outside in the cabinet, is going for women and under consideration for HHS, favoritefor that job,but she has funding Mr.Trump’slegal chal- pressuresMr. Biden faces as to look likethe country.” but faces competition from come under scrutinyfromsome lenges to the resultsinseveral he builds out his administra- Jamal Brown, aspokesman minorities. other candidates,according to in the moreliberal wing of the swing states. tion. In addition to demands forthe transition, said meet- people familiar with the pro- Democratic Party because of her Thecampaign’sfirst “elec- that he increase diversity ingswith outside groups and cess.One person said to be role as aboardmember of Booz tion defense fund” pitch to acrosshis cabinet nominees, leaderswould continue over under consideration, Rhode Is- Allen Hamilton Holding Corp., a small donorscame the dayaf- Mr.Biden is navigating the the coming weeks. least one in atop position, two land Gov.Gina Raimondo,on Pentagon contractor,and her terthe election. One early text party’s progressivebase and Mr.Biden has filled two top people who attended said. Thursdaysaid she wouldn’t be supportofthe surge of troops messagesaid Mr.Trump was his pledgetogovern as acon- cabinet positions with Antony Some participants pushed Mr.Biden’sHHS secretary, cit- in Afghanistan during the demanding arecount in Wis- sensus builder. Blinken at the State Depart- forMr. Biden to nominateei- ing her need to focus on coro- Obama administration. consin. “Pres. Trump is calling Mr.Biden’steam has in- ment and Janet Yellen at the ther Democratic National navirus in her state. Aperson close to Ms. on YOUtogiveusthe resources cluded anumber of firsts for Treasury Department. Both CommitteeChairman Tom Rep.Ben RayLuján (D., Flournoysaid her private-sec- to FIGHT BACK,” the message women and minorities.They in- arewhite; Ms.Yellen would be Perez, who waslabor secretary N.M.) told Mr.Biden’saides torwork doesn’t influenceher said.But the linked donation clude his choiceofAlejandro the firstwoman to servein in the Obama administration, during the Thursday meeting policy views. pagenoted in the fine print Mayorkas,who is Cuban-Ameri- that position. The roles of at- or California Attorney General that he andother lawmakers Mr.Johnson hasn’t com- that half of anydonation would can, to be the firstLatino and torney general and defense Xavier Becerratolead the Jus- were hurt by leaks about Ms. mented aboutany potential be used forcampaign debt re- firstimmigrant to lead the De- secretary, the other positions ticeDepartment. TheHispanic Lujan Grisham turning down role in the administration. tirement.

Huawei U.S. Boosts China in the FY21 budget to increase China spending by nearly 20 Spying Budget percent,” the Officeofthe Direc- And U.S. torofNational Intelligencesaid in astatement, referring to the WASHINGTON—The U.S. is government’sfiscal year 2021, In Talks increasing the portion of the which began Oct. 1. spying budget devotedtoChina In an interview, Director of by nearly one-fifth this year,U.S. National IntelligenceJohn Ratc-

ContinuedfromPageOne S officials said on Thursday, re- liffesaid the shift involves ticeDepartment spokesman flecting rising concern overwhat “moneyand manpower,” and PRES declined to comment. A the Trump administration says suggestedthatsome spy- spokeswoman forCanada’s TED is atop economic, securityand agency analystsfocused on CIA

foreign minister also declined SO counterintelligence threatfrom counterterrorism would be refo- AS

to comment. S/ Beijing. cused on China. “When the evi- Arrested two yearsago While the precise amounts denceissoclear,and increas- while transferring planes in PRES areclassified, the officials said ingly clear,thatChina and China Vancouver,Ms. Meng has been spending on China is being alone can competewith us in all confined to the city,whereshe boostedacrossthe roughly $85 spaces, when we’velooked at all CANADIAN has ahome.She has fought billion annual intelligencebudget of the differentthreat

extradition to the U.S.—a pro- /THE to glean secrets from the coun- streams…the resourcesneeded CK

cess allowing multiple appeals DY try,analyzeits currentactions to be shifted,” Mr.Ratcliffesaid.

that cantakeyearstoresolve. YL and predict its futurecourse. —Warren P. Strobel RR

An agreement wouldn’t DA “Wehave shifted resources and Dustin Volz only allowher to return to Huawei CFO Meng Wanzhou, shown in Vancouver last week, faces wire and bank fraud charges. China, it would remove an is- suethat has caused Beijing’s wrongdoing. The U.S. actions JoeBiden didn’t respond to a Huawei, aglobal pacesetterin she lied to Huawei’sbanks In May, a British Columbia relations with Ottawa to plum- enraged Beijing,which accuses request forcomment. telecommunications gear that during a presentation in 2013 judgeruled the U.S. had met a met and added to adownward Washington of discriminating Ms.Meng’slawyersand Jus- theU.S.has alleged engages in about the Chinese company’s key test to extraditeher,but spiral in ties with Washington. against Huawei and called on ticeDepartment officials are technologytheftand mayabet businessties to Iran. Thefi- additional hearingsare ex- A deal could pave the way for Canada to release Ms. Meng. working to determine whether espionagebyBeijing.The com- nancial institutions subse- pected to continue later this China to return two Canadian Negotiatorsfor Ms.Meng thereare terms that both sides panyhas denied theallegations. quently cleared hundreds of month and through next year. men who were detained there and the JusticeDepartment are canagree to,two of the people Ms.Meng has argued she millions of dollars in transac- She is currently on bail and soon afterMs. Meng’sarrest, a speaking again this week in said. Ms.Meng recently de- has been wrongly accused and tions that potentially violated must wear an ankle monitor. factor that is in part motivat- hopesofreaching agreement clined to approveadraft agree- the extradition request is im- U.S. sanctions against Iran. Her arrest touched off ama- ing the talks, the people said. beforethe end of the Trump ad- ment because she didn’t agree properly based on political Lawyers for Ms. Meng told jor diplomatic standoff,during The Trump administration ministration, some of the peo- with the way her communica- motivations at atime when the Canadian court in June whichtwo Canadians were de- sees Huawei as a national se- ple said. Huaweiofficials are tions with some of Huawei’sfi- the U.S. wasseeking the upper that the U.S. made “reckless tained and chargedthis year curity threat and has said Ms. holdingout hope that aBiden nancial institutions were de- hand in prolonged trade ten- misstatements” by excluding a with espionage. Prime Minister Meng’s activities on behalf of administration might be more scribed, oneperson said. sions with China. portion of her bank presenta- Justin Trudeau of Canada said Huawei’swork in Iran arepart lenient, some of the people said. Ms.Meng is the daughter of The case against Ms. Meng tion that they said cited Hua- in June that the detentions are of apattern of corporate Aspokesman forPresident-elect Ren Zhengfei, the founder of is centered on allegations that wei’s business in Iran. unacceptable. P2JW339000-0-A00500-1------XA

THE WALL STREET JOURNAL. Friday, December 4, 2020 | A5

PAID ADVERTISEMENT There is no way to prevent Climate Change— Solutions anyone?

ince climate change is here already, it The second question to ask is, When should would be like saying, “let’sprevent the we start? Sinvention of cars.” Ah…you might be a Being an entrepreneur,the question of when is little late. always answered by one word: Now. Trying to predict the future may be In anyendeavor,you always want to get ahead entertaining, but it’snot veryuseful for making of the problem while it’sstill relatively small. decisions. The only useful predictions are those Delaying always causes alot more work and alot you can approach with certainty –ifyou light a more pain. Of course, we could pretend thatthere fire under wet leaves, you will get smoke. If your is no problem and then act surprised like we did house is burning down, you will not be sleeping with the pandemic, rushing around trying to fix there tonight. Climate change is like that. Many something thatweknew was coming. When no of the chronic problems we’ll face because of water comes out of the tapisnot the time to start climate change are predictable because they’re working on water issues. alreadyoccurring. Now for some good news. Most places While we may be able to slowthe progression have plenty of unusable water. of climate change or reduce its severity if we stop driving, shutter most factories, and shut down Brackish (salt-contaminated) wells are pretty electric utilities (not happening), the effects of much everywhere, as are dirty water sources pollution, population growth, and climate change thathavebecome polluted by human activities. are here to stay. So, there’sactually no shortage of water,just a shortage of clean, fresh water. About 10 years ago, we recognized this and To quote Elvis, thought, “Wecan fix this.” Obviously,wewere completely unrealistic (and insane), but it was more “…a little less conversation, useful than trying to go to Mars. So, we spent afew alittle moreaction...” hundred million dollars, and then we got lucky. The Stage 2Design and Engineering Team We came up with an appliance that’sabout This announcement is to recognize and honor the size of adishwasher.But instead of cleaning More than just drinking water. Clean water our engineering team’swork and invite potential dishes, it cleans water.Itisthe one solution that is not only essential for drinking, but also for partners to work with us. This project may take This essay is to remind people thatcreating is effective, affordable, efficient, and can serve at bathing. An independent study(not ours) showed twenty years to execute, but fresh water and workable solutions is the best way to approach anyscale, from ahome, afactory, offices, farms thatmost water contaminants absorbed by the clean energyare the two biggest requirements problems related to climate change. It’sbetter or even countries. Here are some of the features bodycome through the shower.HPW attaches to for humanity.Wedefinitely need some help from than complaining about them, better than arguing of the HANS™ Premium Water (HPW) invention: the main water line, so everyfaucet and shower partners who can help us achieve execution. about howthey could have been prevented, Sustainability in ahome or building flows with purified water. (Although my ego and stubbornness are better than making people feel guilty for not doing suggesting we can do it on our own). Plastic Bottles. The only solution to plastic more. Awareness campaigns thatlead to more Approved for health. HPW is the only water bottle waste is to not have them in the first In the next decade, we expect to give away awareness campaigns may be veryfashionable, comprehensive water device approved in the place. If everytap in abuilding, arestaurant, or a abillion dollars’ worth of HPW devices to the but they don’t seem to lead to results. To quote State of California for health (and if you know store delivers water as good as bottled water,we poorest in the world. Our commercial and Elvis, “…a little less conversation, alittle anything about California, it’sone of the toughest will go back to the time when everyone drank wealthy customers who purchase the device will more action...” states to get anything approved). tapwater. subsidize even more giveaways (it’ssort of like taking from the rich and…). Ipersonally believe thatit’saduty for those of us who have wealth to become servants of those who have too little. But thatduty is to do something useful. Forme, that’smeant creating and funding an invention shop called Stage 2, thatdevelops real-world, on-the-ground, practical solutions to the world’smost fundamental problems in the areas of energy, water,and health for the poor. Our other projects We have adevice thatprovides free electricity for the poor,apromising treatment for Alzheimer’s and afree system thatallows poor farmers to make their ownfertilizer,increasing their wages as much as ten times. We have lots of other useful gadgets also in the works. We don’t do cool, entertaining or convenient, just useful (thatwas meant as ashot to the Bay Area businesses). Philanthropy in its definition means love (philos) for humanity (anthropos). Survival of humanity and upliftment of those who really need it seems ahigher purpose than, say,donations to rich universities, among other fashionable projects. We hope to inspire those who want to improve the world to work on practical solutions rather than Asolution to the coming clean water shortage just talking alot (awareness campaigns and such). Energy-efficient. HPW runs on standard Ingenuity is one of the greatstrengths of America. HPW can be used to recycle over 80% of So the first question to ask is, What 110V electricity or can use solar power. contaminated water from industryand up to But perhaps it needs to be channeled toward problem, if solved, could have the greatest more useful purposes (just sayin’) —not just to positive impact? 80% of greywater in ahome (no toilet water High flow rate. HPW cleans brackish or recycling, please). Did you knowthat20-25% contaminated water at arateof6-10 gallons per make more money,put our names on buildings, Climate change is associated with several of water piped from water utilities leaks out minute, depending on incoming water quality. do moon shots, go to Mars, or studythe mating serious issues, but most are fundamentally tied before it reaches you? Did you think the leaks habits of bugs. All of those may be important, but to the availability of fresh water. Modular. Asingle HPW device will serve a are one way? Youare showering and washing probably don’t rate high on humanity’scurrent list home but for larger buildings, villages, cities, of priorities. Much of the world is on track to run out your organic vegetables with water thatis water districts, or even countries, multiple of reliable fresh water due to climate change contaminated with chemicals thatutilities cannot devices can be hooked together (sort of like a My ambition (when Igrowup) is to become a coupled with industrial development and remove and from contaminants thatleak into server farm) to produce whatever quantity of servant of humanity.There is alot of work ahead population growth.* We’re not talking about water supply pipes. In this case, conservation, clean water is desired. of us on the essential needs of humanity.Nothing the weather.This is about the production of recycling, and health go hand in hand. is going to matter much if we have poor food, everything we take for granted: food, clean Our story Water and health are two poor water and poor health. drinking water,hygiene, clothes, medicines, We gathered ateam of tinkerers, you know, Let’sget together and work on serving transportation, manufacturing, and above all, intertwined crises. the kind thatbuilt the might of this country. These humanity. making aliving. If even one sizeable country are people who make things, create inventions for Half the world’shospital beds are occupied by Thank you, faces debilitating water scarcity,the whole people sick from bad water.So, if we are to tackle fun (usually cool stuff that’scompletely useless). world will go into arecession. global health and yet are ignoring unsafe water, We were able to get these amazing people and Manoj We’re alreadyseeing this in various ways we’re ignoring the elephant in the room (even in point them toward useful projects. Our mission here in the U.S. There are areas near Houston the U.S.). is to invent solutions for the poorest third of the world. Projects include free electricity,fresh and Dallas where everyday the homes get three Here in the U.S., San Jose, CA has possibly water,and agriculture innovations, as most of the pounds of dirt (silt) with their water.Overdrawing the worst chemically contaminated water in the poor are farmers. of groundwater is causing the homes to wash U.S. there are millions of people living with and their vegetables and cook their food in dirt (and drinking contaminated water.EPA.gov warns that The water project started with adevice that they do not even knowit). All of this means contaminants in our water may cause dozens of would be modular and convert ocean water thatthe usual sources of clean freshwater major diseases.** into fresh water and require much less energy are disappearing. Water and air are the first than current large-scale desalination projects. It doesn’t take aNobel Prize winner to casualties of anyindustrial society (there is We were successful, but before we started understand thatifyou put poison in your body, always payback). production, something happened. Billy,who is our eventually something bad is going to happen (we chief engineer,came to me and told me he could Low-lying coastal cities such as New Orleans, humans as agroup aren’t particularly bright). One make adevice as small as adishwasher that Miami, Houston, and Virginia Beach are already key to good health is not to put bad things in the could clean contaminated water. facing rising sea levels. When seawater pushes body. If you believe that, then this device is the inland and contaminates local water supplies, greatest invention for wellness. He said it could even clean brackish water thatwater becomes brackish (a term to describe (slightly salty water which exists in enormous Asolution is something thatpeople will do if salty water that’snot as salty as the ocean) and quantities across the world), and thatitcould be it’seasy,they can see an immediate benefit, and Manoj Bhargava is co-founder of the HANS effectively becomes worthless. run on lowpower,even solar. it saves them money. Foundation, and founder of Billions in Change, The situation in other parts of the world is My response was, “I don’t believe you. Showme.” Stage 2Innovations, HANS Power &Water, even worse. Globally,atleast abillion people are Removes contaminants. HPW removes So, we spent years working on it and enormous Shivansh Farming, and 5-hour ENERGY® (that’s running out of fresh water.The most populated viruses, bacteria, hundreds of chemicals known amounts of money (it hurts me to count how where the money comes from). His aim is to islands of Indonesia are facing both drought by the EPAtobewater pollutants, and hundreds much). The result is whatpeople in the water create, produce, and distribute useful devices and and contamination of fresh water supplies. 80% more thatare not tested in standard water industryare calling the biggest disruptive device solutions thatserve the poorest third of the world. of the water in China is contaminated. India’s quality assessments. If the next pandemic is for water in 50 years. It will solve the world’sfresh Please visit us today at HANSclimate.com biggest health and economic issue is freshwater waterborne… water shortage. Our creative and driven engineers availability.Almost all of the coastal water along Makes useless water useful. HPW takes have done aremarkable job. (My only contribution the Mediterranean is brackish. Clean drinking brackish or contaminated water and turns it was to find flaws in everything they did). water is also amajor issue for half of Europe, into quality water that’sasgood as the best most of Southeast Asia, and most of Africa. bottled water.

The Wall Street Journal newsroom was not involved in the creation of this content. Paid for by HANSTM Power &Water,LLC ©2020 HANS Power &Water,LLC, aMichigan company. *Global Risks Report 2019 –World Economic Forum **EPA.gov,Drinking Water Contaminant Human Health Effects Information P2JW339000-2-A00600-17F7DF7178F

A6 | Friday, December 4, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS GOP’sGeorgia WorriesMount Wisconsin’s High

Trump rally is set for Court Turns Away Saturday as Senate runoff looms, but Trump Lawsuit party is divided BY JACOB GERSHMAN evidence of widespread voter BY CAMERON MCWHIRTER fraud that would alter the out- AND LINDSAY WISE Wisconsin’shighest court come of the election. dealt another setback to Presi- TheWisconsin court ruling ATLANTA—Georgia’sRe- dent Trump’s efforts to over- held that it wasn’t the right publican Party is split by in- turn hisdefeat to President- venue to initially handle the fighting ahead of President elect Joe Biden, turning away case.Itdidn’t rule on the mer- Trump’sfirst postelection alawsuit challenging the va- itsofthe president’scomplaint. rally in the state on Saturday, lidity of hundreds of thou- “I understand the impulse as he and his supportersat- sands of mail-in ballotscast in to immediately addressthe le- tack topstate Republicans and the battleground state. galquestions presented by two pro-Trump attorneys call Twodays afterthe Trump this petition to ensure the re- CK

on voters to boycott two cru- TO campaign brought the lawsuit, cently completed election was cial Senate runoffs. the Wisconsin Supreme Court conducted in accordancewith Mr.Trump’svisit is in- in adivided 4-3ruling said the law,” Justice Brian Hage-

tended to support incumbent SHUTTERS state law required the case to dorn, previouslyachief coun- RepublicanSens.David Perdue A/ start at a lower court. sel to former Republican Gov. and Kelly Loeffler in the Jan. 5 Mr.Trump’slawsuit sought Scott Walker, wrote in a brief runoffs, which will determine to void certification of the concurring opinion. “But chal-

control of the Senate. Mr.Per- CHAPPELL/EP election in Wisconsin, which lenges to election resultsare MI

due is facing Democrat Jon TA Mr.Biden won by around also governed by law.” Ossoff,adocumentaryfilm- Vice President Pence at a Canton, Ga., rally with Sens. Kelly Loeffler and David Perdue last month. 21,000 votes. It claimed that He also said a circuit court maker,and Ms.Loeffler is run- the collection and counting of would be bettersuited to sort ning against Democrat Ra- plishments. Republicanlawmakersplan a ity to intervene in elections. absentee ballots in two popu- out the factual disputes in the phael Warnock, a pastor. “I’m not surewhat he’sgo- bus tour in Georgia this month. At a“Stop the Steal” pro- lous andheavily Democratic matter. WhiteHouse officials and ing to say,” one Trump adviser This week,Mr. Trump test on Wednesday in the At- counties,Milwaukee and Dane, Jim Troupis,aTrump cam- Trump campaign aides saythey said. “He’s super pissed.” vented his increasing agitation lantasuburb of Alpharetta, were marred by systemic vio- paign attorney in Wisconsin, knowthe president could go off Both parties arepumping afterweeks of legal challenges pro-Trump lawyersL.Lin lations of state election laws, said the president would file script to criticizeGOP Gov. hundreds of millions of dollars failed to reversehis losstoMr. Wood and Sidney Powell en- and that around 220,000 of his complaint in Dane and Mil- Brian Kemp and other Republi- intoGeorgia’sturnout war, Biden, tweeting that “massive couraged hundreds of people three million votescast state- waukee counties. canofficials—as he has repeat- blanketing the airwaves with voterfraud in Georgia” must in attendancenot to vote in wide should have been ex- “It wasclear from their edly—at Saturday’srally in Val- ads and stuffing voters’mail- be exposed. Tensions in the therunoffs and promoted an cluded from recount totals. writingsthat the court recog- dosta. They know he could boxeswith fliersand absentee- stateare so high that Republi- unsupportedallegation that Thursday’sruling follows a nizes the seriousnessofthese fixateonhis complaintsthat ballot applications.Thousands canelection officials and even the state’svoting machines string of unsuccessfullawsuits issues,and we look forwardto the election wasrigged, though of canvassersare knocking on low-level election workersface were riggedand must be fixed. elsewhereand comes after taking the next step. We fully Georgia has certified President- millions of doors. Membersof threats to their safety. Mr.Wood suggested Trump battleground states have certi- expect to be back in front of elect JoeBiden as the winner Congressare touring the state Oneofthe president’stop supporterscircle Mr.Kemp’s fied resultsshowing Mr.Biden the Supreme Court very soon,” of the state’s16electoral votes. and tapping their owndonor targetsisMr. Kemp,oncean house and honk their horns. won the election, leaving Mr. said Mr. Troupis. No evidenceofwidespread liststofundraise. ally forwhom the president He also criticized Mr. Perdue Trump with no known path to At anewsbriefing Thurs- voterfraud,inGeorgia or else- Sen. TedCruz(R.,Texas) campaigned in 2018.Inrecent and Ms. Loeffler. reversing the outcome in the day, Wisconsin’sDemocratic where, has emerged. said that if disillusionedGOP days,Mr. Trump has slammed Former House Speaker courts. It also came as aDec.8 governor,TonyEvers,said the But they remain hopeful voters stay home they would the governor as “hapless” for Newt Gingrich (R., Ga.) pushed deadline approaches forstates lawsuit would have disenfran- that Mr.Trump will deliver ensureaDemocratic win. “The not taking action to overturn back on TwitterThursday: to finalizeelection resultsand chised hundreds of thousands the agreed-upon message: Re- simplest solution forthe Geor- Georgia’sNov.3election re- “Lin Wood and Sidney Powell choose electorsahead of a of people in the state of Wis- publicans must vote,sothey gia runoff is to win the races sults, which Mr.Kemp certi- aretotally destructive,” he meeting of the Electoral Col- consin. “And frankly, I’m sur- can keep both senators in of- by abig enough margin that fied on Nov. 20. said. lege a week later. prised that some in the court fice and ensureaRepublican they can’t steal the election,” Aspokesman forthe gover- Mr.Wood and Ms.Powell Attorney General William were seemingly willing to do Senate majority that can pro- Mr.Cruzsaid. To energize nor said earlier this week that didn’t respond to requestsfor BarronTuesdaysaid the Jus- just that,” he said, referring to tect the president’saccom- their base,Mr. Cruz and other Mr. Kemp didn’t have author- comment. tice Department hasn’t found the dissenting justices.

agreed to asmall increase— againstopposition from other posal to extend existing curbs, OPEC, amounting to about ahalf per- members, who wanted to start currently at 7.7million barrels cent of pre-pandemic global de- pumping again amid the recov- aday.The compromise comes mand—during an online eryinoil markets—a view afterattemptstocompletea Allies to meeting Thursday. They also shared by Russia. deal almost collapsed twice agreedtoamonthly reassess- Saudi Arabia and Russia this week amid deep fissures ment to decide whether to open clashed earlier this year over oil inside OPEC and between Up Output the taps wider,stayput or rein S policy, effectively triggering a OPEC and its Russia-led part-

in production.The group in- PRES global pricewar when each ners. Forweeks,the United tends to gradually increase pro- opened their spigotsand Arab Emirates has pushed the UMA

ContinuedfromPageOne duction by two million barrels a /Z flooded the market. That un- group to open up the taps.The SS

West’s first mass vaccination dayatsome stage, said Alexan- TA folded just as the coronavirus U.A.E. has recently invested drive. der Novak,Russia’sdeputy V/ wasspreading from China to heavily in new production ca-

By agreeing to ramp up out- prime minister,atavirtual ONO the rest of the world. Govern- pacity and wanted to take ad- put again, membersofthe 13- pressconference. mentsaround the world started vantageofthe recent pricere- ANDR strong Organization of the Pe- “Weneed to be in acautious locking down their economies, bound, according to people

troleum Exporting Countries, mode,” said PrinceAbdulaziz ALEXEI and oil demand tumbled. familiar with its thinking. led by Saudi Arabia, and a bin Salman,the Saudi energy The two sides also agreed to a monthly reassessment to decide Amid asteep pricedrop, On Monday, PrinceAbdu- group of 10 other big producing minister. He said futureoil de- whether to open the taps wider, stay put or rein in production. Saudi Arabia and Russia aban- laziz, the Saudi energy minister, nations led by Russia, areeffec- mand would depend on how doned their rivalry,and OPEC- lashed out at Nigeria’sminister tively betting the pricerecovery widely people would start trust- slated to meet on Tuesday, but Thecompromise bridges plus agreed to record cutsof over what he said wasNigeria’s will continue.The wider group ing and using vaccines. postponed the meeting until deep differences between the 9.7 million barrels a day. Part overproduction, according to calls itself OPEC-plus. Oil prices rose afterThe Wall Thursdayamid astandoff over producersoverwhether the of the deal called forthe even- people who were present. Nige- “They arelooking at apost- Street Journal reported the deal whether to boost output. time is right to start rolling tual reinstatement of produc- ria has said it is trying to com- vaccine world wheredemand on Thursday. While anyboost Brent crude,the interna- back cuts they had agreed to tion in incrementsof2million ply with cutsbut itslarge popu- grows,” said Kathleen Kelley, to production would add more tional benchmark,spiked about earlier in the year.Earlier this barrels aday.The firstcame lation and lack of infrastructure the head of NewYork advisory global supply—pressuring 1% on the news,beforeeasing week,manyOPEC delegates online over the summer.The makethat difficult. Timipre firm Queen Anne’sGateCapital. prices—an agreement wasseen back to trade about 0.6% higher, were leaning toward keeping next installment wassupposed Sylva, Nigeria’senergy minister, Thegroup has concluded the by oil market watchersasbull- at $48.53 abarrel.West Texas existing cuts in placefor as long to happen in January. said he didn’t see the comments worstisover, she said. ish forcrude by showing cohe- Intermediatefutures,the U.S. as three moremonths,accord- Thursday’s deal represents as critical. TheSaudi energy Underscoring lingering un- sion among the producers benchmark,wereup0.8%, at ing to people familiar with their amiddle ground between that ministrydidn’t reply to re- certainty,though, the two sides group.The two sides had been $45.64abarrel in NewYork. deliberations.That ranup plan and a Saudi-backed pro- questsfor comment.

sumersgrowaccustomed to debut in theatersbeforebeing panies like Warner Bros.and New Films seeing first-run films at home able to watch it at home. Universal Pictures would push and studios continue to make WarnerMedia Chief Execu- to competewith Netflix,which streaming the No. 1 priority. tiveJason Kilar said in amemo has maintained astreaming- To Open on Warner Bros.’ decision and explaining the movesaid that firststrategysinceday one.By SAVE like-minded strategy shifts at “wesee an opportunity to do releasing big-budget franchise $ rival studios not only disrupt something firmly focused on films like“Matrix 4,” “Dune” 100 HBO Max an entire distribution chain. thefans,which is to provide and “Godzilla vs.Kong” on They also force a re-examina- choice. Whether that choiceis HBOMax,Warner Bros.has Reg. $29999 | SALE $199 99 tion of what constitutes suc- to enjoyagreat newmovie out blasted a massive shot across ContinuedfromPageOne cess in Hollywood—and how at thecinema, to open up HBO their bow. Netflix has spent world’s largest movie theater major players should be paid Max,ortodoboth.” prodigiously on making and chain, said the chain was accordingly.Theater owners, Having aslateofexpensive acquiring films but hasn’t es- reaching out to begin an ur- already struggling to stay theatrical-quality releases could tablished anyname brand gent dialogue with WarnerMe- afloat aftermonths of clo- help drivesubscriber growth to movie franchises of its own. dia about the studio’s decision. sures, have rarely faceda HBO Max,which has struggled HBO Max is paying alicense AMC Chief ExecutiveAdam moreexistential challenge to find breakthrough content in feefor its30-daywindow, a Aron said he signed on to ac- than the one nowpresented by portion of which will be cept simultaneous streaming the studios’ changes in priori- shared with the stars and top and theater release for“one ties and the persistenceofthe With many theaters creativetalent who have deals film only,‘Wonder Woman pandemic. entitling them to a cut, a per- 1984,’ ” at Christmas. He said Warner Bros.executives shut, Wa rnerMedia sonfamiliar with the matter WarnerMedia must be willing emphasized that the changes looks to lure viewers said. By paying talent upfront, Can’tHear to giveup“aconsiderable por- made public Thursdayapplied WarnerMedia is hoping to tion of the profitability” of its only to 2021 films.Outside the to streaming service. avoid complicated formulas to Voices On TV? studio division to “subsidize” U.S.,the films will be released determine the financial suc- HBO Max,adding that “wewill exclusively in movie theaters cess of aparticular movie New AccuVoice® AV157 Speaker uses do all in our power to ensure and later move to streaming. based on itsperformanceon patented hearing aid technology to create that Warner does not do so at “It’sthreading aneedle in acrowded marketplace. its streaming service. 12 levels of dialogue clarity. our expense.” the middle of apandemic,” Some major releases on While the $14.99 monthly Thequestion nowiswhat said Carolyn Blackwood,the Warner Bros.’ 2021 schedule pricetag forHBO Max has Flat-screen TVs use tiny speakers with tinny sound. So many people changesbecome permanent studio’s chief operating officer. cancost in excess of $150 mil- been seen as adetriment in have to use closed-captioning to watch amovie or sporting event. afterthe pandemic,ascon- “We weren’t comfortable sit- lion to produce. Tens of mil- the streaming world, having a Our patented hearing aid technology lifts voices out of the soundtrack ting on our hands or punting lions of dollarsmorecould be steady flow of big-budget and clarifies them. The result is remarkable. The AV157 has 12 levels these movies into oblivion.” spent on marketing campaigns movies available might make of voice boost –incase you need extra clarity.Only 17" wide, it fits Still, the decision is the ex- geared toward convincing the cost easier for consumers just about anywhere. Hookup is simple –one connecting cord. Crafted in gold &platinum Order by clamation point on ayear of moviegoerstohead to the the- to swallowand help the fledg- 12/22 steady moves away from tradi- ater in its debut weekend. ling serviceinits battle “It’sLike AHearing Aid YouPlug Your TV Into.” Techhive for the tional Hollywood operations. Under a traditional model, against other services. Holidays Walt Disney Co.offered big-budget movies like“Dune” On the theatrical side,War- “Mulan” forapremium rental would need to grosshundreds ner Bros.’ decision is likely to feeonits streaming service. of millions of dollarsatthe contributetomorepessimism Comcast Corp.’sUniversal Pic- domestic box office to turn a about the futureofthe U.S. Great Sound. Made Simple. tures struck adeal on simulta- profit. Now Warner Bros. will movie theater industry, which 866-367-9869 neous releases that cut major judgeafilm on two merits: struggled with flat attendance 60-Day Home Trial |FreeShipping theater chains in forafilm’s box-officegrosses and sub- even before the pandemic as ®ZVOX &AccuVoice areregistered trademarks of ZVOX Audio. Your Anniversary Immortalized firstthree weekends.Inthe scribers driven to HBO Max. consumers embrace the ever- ORDER THE AV157 AT ZVOX.COM In Roman Numerals past, moviegoers had to wait ManyHollywood insiders growing roster of in-home-en- JOHN-CHRISTIAN.COM 888.646.6466 about 2½ months afterafilm’s have speculated whether com- tertainment options. P2JW339000-0-A00700-1------XA

THE WALL STREET JOURNAL. Friday, December 4, 2020 | A7

)'"$ '$%#*&"(#!#+& P2JW339000-4-A00800-1------XA

A8 | Friday, December 4, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Covid-19 Doubt Is Challenging Health Workers

Doctors, nurses worry lief that coronavirus is no moreserious than acold, or a that public skepticism belief that facemasks aren’t is hurting efforts to effectiveatslowing the spread, to the idea that the contain the illness pandemic is an elaboratehoax. An Axios-Ipsos survey in BY SARAH KROUSE September found 36% of people believefewerAmericans are Michaela Schulteworks dying from Covid-19 than the overnight shifts at St.Luke’s number of deaths reported, an S

Health System hospitals near increase from 23% who be- PRES

Boise,Idaho,treating some of lieved that wasthe case in May. TED

the hundreds of critically ill University of Southern Cali- OCIA

Covid-19 patientsfilling hospi- fornia researcherssurveyed SS tal beds. 5,770people in November and /A She,likemanyother health- found 4.6% agreed or strongly ALD care workers, faces yetanother agreed that “wearing amask HER ON

challengeinkeeping up with is unnecessary because coro- ST therecent surge in cases: A navirus is not aserious threat number of people in her com- to people likeme,” down from LANE/BO munity saythe coronavirus about 5% in June.

isn’t as bad as public-health As hospitalizations nation- NANCY and news reportsindicate— wide hit record highs,many Protesters questioned the existence of the coronavirus and rallied against mandatory flu vaccinations in Boston in August. and some sayitisn’t real. institutions have canceled Outside the hospital—at the elective procedures to pre- aggerating the threat. nated,according to aGallup wearing and social distancing. said he believes coronavirus grocerystore or through fam- servecapacity and arestrug- She told him he wasthe Panel survey of 2,985 adults Her talk came after presenta- denial is in some cases fueled ily friends—Dr.Schultesays gling to keep up with staffing first Covid-19 patient she had conducted between Oct. 19 and tions from two other speakers by the anger manypeople feel she hearspeople calling the vi- demands forintensive-care treated allday who wasable Nov. 1. Most of those who said who advocated forunproven aboutjob losses that occurred rusahoax and saying medical nurses and respiratorythera- to converse with her. And she they would refuse cited the fast treatmentsand made asser- during lockdowns,especially in professionals areexaggerating pists. Manyclinicians worry told him that she wastreating development timeline and safety tions that thereisnoevidence places wherethe virus wasn’t the severity.The disbelief,in about the toll that widespread the sickest patientsshe had concerns; othersnoted distrust that masks help prevent the yetspreading.Mixed messages addition to the relentless public doubtsand misinforma- seen in 10 years as a nurse. of vaccines in general, politiciza- spread of Covid-19. from political leaders and pub- physical and mental demands tion about the virus aretaking He appeared to grasp the tion of the shot or the belief Aspokeswoman forIdaho’s lic figuresabout the meritsof of theirjobs during the pan- on their institution’sability to seriousnessofthe virus,she that avaccine isn’t necessary. Southwest District Health said mask wearing have further demic,isdraining many provide medical care,because said, adding that he thanked Some medical professionals the board“has encouraged the confused the public,hesaid. hands-on medical workersand individuals who don’t take pre- her forsharing her experience saythey have disengaged from inclusion of differing perspec- Some of his family members making it even harder for cautions risk becoming ill and and said he had been mistaken. family group chatswherefalse tives on the impact of have posted on social media them to provide care,they say. contributing to the spread. “The gravity of it was so information is shared, or Covid-19.” that the virus isn’t real, or was “Wesee what is happen- Ashley Bartholomew, who heavy,” said Ms.Bartholomew, stopped using social media. In Idaho,with apopulation created because of the presiden- ing—and then to reconcile recently lefther job as anurse who recently stopped working Some have appeared at public- of morethan 1.6million, the tial election, or that reported that with some of the disbelief in El Paso,Texas,recalled a to care forher three children health meetingstoadvocate seven-day average of new re- numbersofcases and deaths that yourun intoisvery Covid-19 patient in early No- She remains concerned for mitigation measures. ported Covid-19 cases reached areinflated, he said. “I do be- hard,” Dr. Schulte said. “It’s a vember who,asshe wheeled about the effectsofCovid-19 Dr.Schulterecently at- arecordhigh of morethan lievethat youcan makechoices parallel universe.” himout of the intensive-care misinformation when avaccine tended a virtual meeting of a 1,400 on Nov.25, according to and do with your lifeasyou see Covid denial, as some unit wherehehad been treated, becomes available. local public-health boardin Johns Hopkins University. fit,” he said. “But it’sfrustrat- health-careworkerscall it, can equated the coronavirus to the Some 42% of Americans have southwest Idaho and spoke Brian Kendall,who works in ing...knowing some of these take forms ranging from abe- fluand said the media wasex- said they wouldn’t getvacci- about the importanceofmask aWest Texas emergencyroom, people aregoing to getsick.” Facebook to Pull Bogus Va ccine Information U.S. WATCH WHITE HOUSE TRANSITION BY SARAH E. NEEDLEMAN wide,the companyisdent fact-checkers to 40 mil- sharpening itsfocus on public- lion postsinthe month of Harris Names Three Facebook Inc.updated its health-related misinformation. Marchalone.She also said To Her Senior Staff misinformation policyaround Health expertssay inocula- Facebook wasdistributing au- the coronavirus crisis to in- tions arecritical to help end thoritative health information Vice President-elect Kamala clude vaccine-related content, the pandemic,yet surveysshow acrossits apps and directing Harris named three women to as the company looks to con- manypeople arehesitant or itsuserstoappropriatere- her White House senior staff tinueits fight against claims S opposed to getting vaccinated. sources. Thursday.

that it isn’t doing enough to PRES In April, NewsGuard, a Morerecently, the company Tina Flournoy, who serves as

protect its billions of users. TED group that ratesnewssites removed a post in October by chief of staff to former Presi-

Thesocial-networking giant OCIA based on trustworthiness of President Trump that played dent Bill Clinton, will be Ms. Har- said Thursdaythat over the SS information, accused Facebook down the deadlinessofris’s chief of staff. She previously /A coming weeks it would start re- of promoting bogus cures for Covid-19.The movecreated worked for the American Feder- moving false claims and con- the coronavirus and conspir- turmoil among political circles ation of Teachers and for several spiracytheories about Covid-19 PENNINK acytheories about itsorigins. as Mr.Trump has repeatedly Democrats in top positions

vaccines that have been de- HANS Forexample,millions of Face- argued that Facebook unfairly throughout her career. bunked by public-health experts A person received an injection in July as part of a vaccine study. book usersweretouting high censors conservative voices. Rohini Kosoglu, Ms. Harris’s on Facebook and Instagram. doses of vitamin Cand silver Facebook has said it added longtime adviser, will serve as “This is another way that The company said the pol- distributed in limited quanti- particles as cures for the vi- warning labels to about 167 her domestic policy adviser. She we are applying our policy to icyupdatereflectsanticipa- ties imminently. rus, according to NewsGuard. million pieces of false has been working as a senior removemisinformation about tion of vaccines becoming Facebook has come under Neither treatment has been Covid-19-related content on its adviser to Ms. Harris during the the virus that could lead to available soon. Earlier this fire in recent yearsbygovern- scientifically proven to work. flagship platform and Insta- transition and in the Biden-Har- imminent physical harm,” week the U.K. became the first ment agencies,politicians and At the time,aFacebook gram between March and Oc- ris campaign. She previously Facebook said in a blog post, Western nation to grant emer- others for its handling of the spokeswoman said the com- tober,based on research by its served as Ms. Harris’s chief of adding that theeffort would gency-use authorization for a spread of misinformation. panyhad removed hundreds of independent fact-checking staff in her Senate office. take time to implement and Covid-19 vaccine.Ashot devel- With additional Covid-19 vac- thousands of pieces of harmful partners. Nancy McEldowney was maychangebased on guidance oped by Pfizer Inc.and Ger- cines expected to gain ap- misinformation and applied —Robert McMillan named national security adviser from public-health authorities. many’s BioNTech SE could be proval from regulatorsworld- warning labels from indepen- contributed to this article. to Ms. Harris and previously served as U.S. ambassador to Bulgaria and as chargé d’affaires as they did in the spring,to and deputy chief of mission in Surging avoid the potential harm of de- Turkey and Azerbaijan. layedmedical care and steep fi- —Tarini Parti nancial losses.But some are Cases Tax halting or curbing those proce- CALIFORNIA durestocreatemoreroom and free up staff forCovid-19 pa- Residents Flee as Hospitals tients,doctorssaid. Wind Fans Wildfires “Even with the continued canceling of nonemergent sur- Powerful gusts pushed flames ContinuedfromPageOne geries,westill won’t be able from awildfirethrough Southern up from one in 10 in Septem- to keep the same standard of California canyons on Thursday, ber, according to the Univer- care unlessthe general public one of severalblazes that sity of Minnesota’sanalysis of changes their approach to burned near homes and forced U.S. Department of Health and stopping the spread of the vi- residents to flee amid elevated Human Services data. rus,” Dr. Maslonka said. firerisk formostofthe region That hasraised overall ICU Hospital trends forcoronavi- thatprompted utilities to cut off occupancy, according to federal ruscases suggest the prolonged powertohundreds of thousands. estimates,which is further surge and strain could also be The biggestblazebegan late GES constrained by staffing short- raising the bar forwho is ad- Wednesdayasahouse fireinOr- IMA ages as health-careworkersare mittedtohospitals,said ange County’s Silverado Canyon,

exposed or infected. Morethan GETTY Thomas Tsai, an assistant pro- wheregusts topped 70 mph. 1,000 hospitals on Wednesday A/ fessor of surgery and health The fire grew to more than 6 UR

reported acritical staffing AM policyatBrigham and Women’s square miles and blanketed a shortage, federal datashow. Hospital and HarvardT.H. Chan wide area with smoke and ash. NAK

High demand forthe most GO School of Public Health. Firefighters struggled in steep intensivecareinhospitals is Staff at Houston’s United Memorial Medical Center prepare a helmet-based ventilator for a patient. Dr.Tsai and Ashish Jha, terrain amid unpredictable Santa crowding specialized unitsin dean of the Brown University Ana winds that sent flames rac- some places,leaving doctorsto the nursing chief forthe 25-bed U.S. health-care and public- worsens when hospitals become School of Public Health, ing across major roads. triagethose in greatest need. Goodall-Witcher Hospital in health officials raised alarms overextended, research sug- tracked hospitalization rates Evacuations were ordered for Otherpatients who arelessse- Clifton, Texas.Not now, as in- Covid-19 could overrun hospi- gests. Theburdens canunder- fornew coronavirus cases several canyon and foothill vere but would normally be in tensive-carebeds fill with those talcapacity in the U.S.,which mine treatment that has helped within aweek.The rate neighborhoods near the city of intensivecareare nowinrural with even moresevereillness. has fewer hospital beds per Covid-19 patientssurviveand slipped in November to 2.1% Lake Forest and residents of hospitals or other hospital units, “They’rehaving to downgrade person than other countries. leave the hospital morequickly. from 3.5% earlier in the pan- other nearby areas were told to some of which lack the skilled the level of care forsome of That fear is morepro- Hospitals canadd only so demic, Dr. Tsai said. be ready to get out. staff and technologytypically these other patients,” she said. nounced for ICUs, which have much additional capacity, Several factorslikely con- It wasn’t known how many found in ICUs, doctorssaid. Thebar is nowhigher for specialized staff and technol- known in health care as surge tributed, including morewide- people were affected. Texas hospitals had no room patientswho need intensive ogy. Newtherapies and better capacity,beforereaching limits spread testing and positivere- California already has experi- on Tuesdayfor an elderly care,said MattMaslonka, who understanding of Covid-19 in of space—and morecritically sultsamong younger people enced its worst-ever year for emergency-room patient with works in intensivecareathos- the months sincehaverelieved skilled staff—doctorsand disas- andthose without symptoms wildfires. dangerously lowblood pres- pitals around Nebraska’scapi- some pressureonhospitals by terpreparednessexpertssaid. who won’t need hospitalization, More than 6,500 square sure,known as septic shock. tal of Lincoln. Hospitals typi- shortening hospital stays,and “You can’t surge your way he said. But as hospitals be- miles have been scorched, a to- Thepatientwas instead admit- cally define which patients hospitals have grownmoread- out of this problem,” said come crowded, thresholds for tal larger than the combined tedtoarural hospital without need intensivecare. Previ- ept at boosting capacity on James Lawler,co-director of admitting patientstohospitals area of Connecticut and Rhode an ICU,the small hospital’s ously, doctors admitted those thefly.But an unrelenting the Global Center forHealth could also be consciously or un- Island. At least 31 people have nursing chief said. who met criteria, but now surge of coronavirus patients Security with the University of consciously different. been killed and 10,500 homes Last year,such apatient must hold out for the sickest will outpace those gains, doc- Nebraska Medical Center. “I don’t think it’s overt ra- and other structures damaged “was easily considered an ICU- of the sick,Dr. Maslonka said. tors and epidemiologistssaid. Hospitals haven'twidely tioning,” Dr.Tsai said. “It’s or destroyed. level patient,” said Gena Speer, From the earliest outbreaks, Medical care forpatients halted nonessential surgeries, probably all of the above.” —Associated Press P2JW339000-0-A00900-17DFFF6178F

THE WALL STREET JOURNAL. Friday, December 4, 2020 | A9

EXPERIENCES OFFERS EVENTS INSIGHTS

DiscoverOnline Masterclasses From WSJ+ and Indagare EnhanceHome Decor In anew series of Global Classroom events, With Saatchi Art your friends or family canlearn from experts in art,history and architectureand more. Treatsomeone youknowwith an exclusive rate on the Saatchi Art online galleryof prints and original workstoelevate their living space.

EnjoyanExclusive Collection of FestiveWines

WSJwine’s exclusivecollection includes Upskill With Language 12 celebratorybottles and abonus Classes From Babbel Dartington Crystal decanter. Givelessons in one of 14 languages with up to 50% off on the world’sbest-selling learningapp.

RelaxonRetreats From WSJ+ and Indagare

Discovertrips to getaway havens where Upgrade Outdoor Spaces guests canunwind with spa treatments, With Handmade Fire Pits yoga, skiing and more. Letfriends and family enjoyevening bonfires with 25%offlong-lasting, easy-to-assemble firepitsfrom H. BeeFire.

Learn Piano With Playground Sessions Give aWhiskyGift Shareinteractiveclasses with the top-ratedpiano learning app for From TheMacallan

someone youknow. Elevate your whiskytasting experience with The Macallan IceBall Maker for yourself or to gift.

Give aGift From WSJ+ This HolidaySeason

From online learningopportunities, to wellnessretreats, fine wines andmore, WSJ+ hashand-pickedholiday giftsfromour selectionofoffers.

Thesemember-exclusivebenefitsfeature somethingfor everyone,soyou cangiveyourlovedonesthe perfectpresent.

Explorethe full collection in our2020Holiday Gift Guideon WSJplus.com. 6DJ8183 ved.

reser WSJMEMBEREXCLUSIVE rights

All EXPLOREMOREATWSJPLUS.COM/GIFTGUIDE20 Inc. o., &C Jones Dow 020 ©2 P2JW339000-4-A01000-1------XA

A10 | Friday, December 4, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS U.K.’s NHS Faces a Vaccine Test Shots Are ‘Liquid State health agency countries.Asurvey by Ipsos in Seasonal influenza vaccination coverage ratesinthe train 30,500 volunteerstoad- October showed79% of Britons 65 yearsand overage group,bywinter season minister the shotsand support aims to inoculate all would get Covid-19 shots if othersindoing so between Gold’ to Britons over age 50 in available,compared with 64% 2016–'17 2015–'16 now and the spring. in the U.S. and 54% in France. SamRogers, a26-year-old Scotland a matter of months Under aplan drawnupby nurse,said his volunteer work Criminals, medical experts, Britons have Northern Ireland with St John Ambulanceusually BY JASON DOUGLAS been prioritized forvaccination England involved treatingfalls and the AND STEPHEN FIDLER in nine tiersbased on their risks Wales occasional cardiac arrest at Police Say of dying from Covid-19.First in Netherlands sporting events,villagefairs LONDON—Britain’sauthori- line are staff and the morethan Portugal andair shows.Hewill nowbe B Y J AMES HOOKWAY zation of a Covid-19 vaccine, 400,000 residentsinnursing Spain in charge of training as manyas the firstinthe West, setsin homes,followedbyother health Ireland 400 volunteerstoadminister Criminal gangslikely will motion an ambitious plan that workersand the estimated 3.4 theshot. His dayjob has put attempt to get their hands on

Italy get will test the capabilities of its million people over 80.People him on the front line of the pan- the Covid-19 vaccines,interna- state-run National Health Ser- arethen be prioritized accord- Sweden tar demic in ahospital emergency tional police organization In- vice: Inoculateeverybody in the ing to ageindecreasing five- Denmark EU department in Dorset, England. terpol warned, potentially dis- countryover50within months. year intervals,downtopeople Finland “Hopefully nowthis vaccine rupting supplies of the shots TheU.K.has been laying the aged 50 and over. Germany* will giveussome positivity, as they become available. groundwork forsome time.Of- Alogistical wrinkle that offi- Norway some light towardsthe end of The agency issued a global ficials organized test runs to cials saythey arerushing to Lithuania the tunnel,” he said. orangenotice—which it de- refine the logistics of deliver- iron out: Thevaccine comes in Slovenia TheU.K.has ordered more scribes as aserious and immi- ing ashot that, in the case of packs of almost 1,000 doses, Poland than 350 million doses of seven nent threat to public safety— the vaccine developed by and regulatorshaven’t yetgiven experimental Covid-19 vaccines. to its194 members, calling the Latvia Pfizer Inc.and BioNTech SE, approval to split them up into It has ordered 40 million doses vaccines “liquid gold.” It has to be stored at an ultralow smaller lotsthat canbeferried 0% 25 50 75 of the Pfizer and BioNTech jab warned that counterfeit vac- temperature. Thegovernment to nursing homes.The very first authorized Wednesday, which is cines or fakecoronavirus tests *60 years and over changed the lawtoallowstu- vaccinations next week will Source:European Center forDisease Prevention and Control enough to vaccinate20million could become agrowing prob- dent doctors, physiotherapists thereforecover over-80s and people.Its biggest order,for 100 lem as international travel and dental workerstoadminis- other high-priority groups who nation efforts, such as for degree Fahrenheit) will be million doses,isfor the shot de- gradually resumes. terthe jab.Scientistsadvising cantravelto50hospital hubs, smallpoxinthe 1960s and swine used to distributethe shot veloped by AstraZenecaPLC “Asgovernmentsare pre- the government have drawnup Mr.Stevens said, with nursing- fluin2010,weredelivered pri- where it is needed. (For up to andthe University of Oxford. paring to roll out vaccines, aprovisional list of who home residentsreached as soon marily by family doctors. five days,the shotscan be TheU.K.’smedicines regulator is criminal organizations are should getvaccinated first. as possible thereafter. Family doctorswill again be kept in temperatures between reviewing dataonthat vaccine, planning to infiltrateordis- Thescale and urgencyof Nobody under 50 is on the pressed intoservicetoadminis- 2 and 8 degrees Celsius.) which officials hope could be rupt supply chains,” Interpol the task is such that the NHS list, except forthose classified terCovid-19 vaccinations to Thegovernment has said it available beforethe end of the Secretary-General Jürgen Stock has appealed for retired doc- as clinically extremely vulner- people in their care,including also planstorepurpose sports year if it gets the green light. said lateWednesday. “It is es- tors and nurses to rejoin the able and who will be vacci- frail residentsofnursing homes centersand conferencehalls By targeting those who are sential that lawenforcement is serviceand forthousands of nated along with the over-70s, andotherstoo ill to travel. Doc- intomassvaccination centers. most vulnerable,the govern- as prepared as possible for volunteerstotrain as vaccina- plus over-16s in at-risk groups, tors have been told to offer vac- Pharmacies,schools and munic- ment is hoping to reducepres- what will be an onslaught of tors and support staff. such as people who aremor- cinations seven days aweek, ipal gyms and libraries mayalso sureonhospitals and diminish alltypes of criminal activity.” Theproject will be “the big- bidly obese or have diabetes. and to aim to administer at be used, according to the Royal the need forlockdowns and Interpol issued the warning gest vaccination campaign in Nadhim Zahawi, the gov- least 975vaccinations aweek. CollegeofGeneral Practitioners, other restrictions.This,com- afterthe U.K. became the first our history,” NHS Chief Execu- ernment minister in charge of Thegovernment has said which representsthe U.K.’s fam- bined with bettertreatments, countrytogrant emergency- tiveSimon Stevenssaid vaccine deployment, said Mon- regional vaccination centers ily doctorsand is advising them moreeffectivetesting and a use authorization foravaccine Wednesday. daythat the health service capable of storing the Pfizer- on vaccination logistics. measureofimmunity in the that could start rolling out One major help: Vaccine was“ready to go as soon as BioNTech vaccine at the re- St John Ambulance, achar- community from those who next week. The agencydidn’t skepticism is lowerinthe U.K. the vaccine is approved.” quired temperatureofminus ity that provides first-aid ser- have had the virus,could reduce respond to questions about than in manyother Western Past emergencymass-vacci- 70 degree Celsius (minus 94 vices and training,plans to the need forsocial distancing. whether thereisevidencethat criminal organizations had ob- tained the equipment needed to distribute vaccines safely. Media Mogul Lai Denied Bail in Hong Kong Criminal groups have at- tempted to take advantage of thepandemic,hoarding sup- BY JOYU WANG challenges over his involve- pliesofpersonal protective ment in the protest move- equipment in some instances, HONG KONG––Media mogul ment,including joining un- Interpol said, or illegally sell- JimmyLai faces months in jail lawful assemblies,aswell as ing medicines online. afteraHong Kong court on the continuing national secu- As legitimatevaccines are Thursdaydenied him bail rity investigation, the offenses rolled out, criminals mayat- while awaiting trial on afraud forwhich canresult in maxi- tempt to sell or advertise fake charge, the latest in a proces- mum sentences of lifein vaccines or counterfeit sion of China critics to be put prison. Covid-19 tests, the organiza- behind bars. Hong Kong’snational secu- tion warned, which could un- PoliceonWednesday rity law,which Beijing im- derminetrust in the broader chargedMr. Laiand two aides posedonthe city this year, supply chain and, potentially, with fraud related to the lease criminalizes activities deemed risk lives. of aproperty,about three as secessionist, subversive or months afterahigh-profile terrorist and gives China the raid involving nationalsecu- authority to deploystate secu- rity police on the offices of his rity agencies in the city. Congress pro-democracynewspaper,Ap- Backinthe 1990s,Mr. Lai S ple Daily. founded Next Media, which Mr.Lai has long been atar- PRES became Next Digital, acon- TripsUp getofChinese officials forhis TED glomeratethat owns anumber

rhetoric against Beijing.Prose- OCIA of publications in the region, SS

cutors said the national secu- /A including the Apple Daily Troop Cuts rity investigation is continuing newspapersinHong Kong and

and opposed bail forthe 73- CHEUNG Taiwan.

year-old, local media reported. KIN Alongtime critic of the In Germany MagistrateVictor So Wai- JimmyLai will be held in prison until April while awaiting his next court appearanceonafraud charge. Communist Party,Mr. Laiwas takdeclined bail while setting named by Chinese statemedia BY MICHAEL R. GORDON the next court appearancefor Thedecision comes aday Chowand Ivan Lamwerealso a Hong Kong government en- as one of a“newGang of AND LINDSAY WISE April 16, meaning Mr. Lai will after Joshua Wong, a leading given prison sentences. tity hadn’t been used as in- Four”—a reference to China’s be held for4½months in faceofHong Kong’sprotest Theindictment against Mr. tended, and the trio were in Cultural Revolution period— Congress moved Thursday prison. movement, was sentenced to Laiand Next Digital senior ex- breach of the lease. that wasallegedly colluding to stop President Trump from Cheung Kim-hung,the chief morethan ayear in prison for ecutives ChowTat-kuen and Messrs. Chowand Wong with the West to inciteviolent reducing U.S. troops in Ger- executive of Apple Daily par- inciting and organizing adem- Wong Wai-keung alleges that a were both granted bail, while street demonstrations in the many, dealing asetback to the entNextDigital, said Mr.Lai onstration last year. property leased by an Apple Mr. Lai wasn’t. former British colonylast WhiteHouse’sattempt to pun- will appeal. FellowactivistsAgnes Daily-affiliated companyfrom Mr.Lai faces other legal year. ish the countryfor itsmodest level of defense spending. ThePentagon announced in U.S. WATCH July that it plannedtoremove nearly 12,000 troops from Ger- many,approximately one-third FRANCE of the level at the time. Aprovision in the final ver- Mosques Probed for sion of the bipartisan National ‘Islamist Separatism’ Defense Authorization Act says the number of troops in France launched investiga- Germanyshouldn’t be reduced tions into dozens of mosques belowits current level of across the country on Thursday 34,500 until 120 days afterthe as part of a contentious crack- secretary of defense provides down on what the government an assessment to Congresson of President Emmanuel Macron the implications of the action. considers “Islamist separatism.” That would delayany po- France’sInterior MinisterGérald tential troop withdrawaluntil Darmanin told French radio that President-elect JoeBiden authorities were probing 76 differ- takes office. A spokesman for entmosques, digging into their fi- Mr.Biden wassharply critical nances as well as activities such of Mr.Trump’sdecision during as Islamic schooling forchildren. the campaign, saying it would Mr.Darmanin said authorities sus- wastemoney by requiring the pected some imams of spreading militarytomovetroops,build hate againstother religions or crit- newheadquartersand CK

icizing values of the French Repub- TO wouldn’t serve U.S. interests. lic such as gender equality. Author- The NDAA is an annual de- ities also suspect some worshipers fense-policybill that would SHUTTERS

who attend these mosques of A/ authorize$740.5billion in fis-

condoning terrorism, he added. /EP cal year 2021 for the Defense Next week the government is Department’s and Energy De-

expected to propose a bill that WITTEK partment’s national security would require imams to be programs.Itincludes a3%pay NALD

trained in France, ban home RO raise for U.S. troops. schooling and would monitor MOURNING: People paytheir respects at amemorial to honor the fivepeople killed in Trier,Germany, after acar plowedintopedestrians Lawmakershavecompleted foreign investment in religious on Tuesday. Policearrestedthe driver,a51-year-old local man who wasfound to have consumed asignificantamountofalcohol. negotiations to reconcile organizations in France. It would House and Senate versions of also improve public services in AZERBAIJAN firsttime it has disclosed its mil- ties until Thursdaywhen the De- Wednesdaythatatleast2,718 the bill, and released the com- the working-class suburbs, itary casualties. fense Ministry said 2,783 troops Armenian servicemen were killed promise text on Thursday. known as banlieues, where Nearly 2,800 Soldiers The hostilities ended Nov. 10 were killed and morethan 100 in the fighting. Scores of Arme- Both chambersare expected to many French Muslims reside. Perished in Fighting with aRussia-brokered peace arestill missing. An additional nian civilians were also killed. passthe legislation next week. Some Muslim leaders in France deal thatsaw Azerbaijan reclaim 1,245 arebeing treatedinmedi- Nagorno-Karabakh lies within Languageinthe newde- saythe measures risk stigmatiz- Azerbaijan said Thursdayit the territories thatArmenian cal facilities. The government Azerbaijan but has been under the fense bill describes Germanyas ing France’sMuslim community, lost nearly 2,800 soldiers in 44 forces had controlled formore also said 94 of its civilians were controlofethnic Armenian forces an important ally and says the one of Europe’slargest, and strip days of fighting with Armenian than aquarter-century. killed and morethan 400 were backed by Armenia sinceasepa- 34,500 troops thereare impor- them of their identity. forces overthe separatistterri- Azerbaijan hadn’treleased in- wounded in shelling. ratistwar thereended in 1994. tant forNorth Atlantic Treaty —Noemie Bisserbe tory of Nagorno-Karabakh, the formation on its military casual- Armenia’sHealth Ministry said —Associated Press Organization operations. P2JW339000-0-A01100-1------XA

THE WALL STREET JOURNAL. Friday, December 4, 2020 | A11 FROM PAGE ONE Jobless Claims Decline Amid Slow Recovery

BY KIM MACKRAEL of nearly seven million—but spokeswoman said the depart- cording to the Commerce De- Department will release No- terIllinois Gov.J.B.Pritzker,a wasstill higher than anylevel ment didn’t anticipateany partment,albeit at aslower vember’s jobs report, its Democrat, placed a statewide Newapplications forunem- recorded before2020. changes in methodology. pacecompared with prior broadest accounting of the la- ban on indoor dining this fall. ployment benefitsfell last Several economistssaid they TheGovernment Account- months.Sales of newly built bor market, on Friday. Econo- She said some people are week afterarecent jump,an see the latest decrease as a ability Office said in a report homesinOctober remained mistssurveyed by TheWall staying out of the workforce indication that layoffs areeas- possible anomaly related to last Monday that states have pro- near their highest level in Street Journal forecast em- because their child-careop- ing but remain high as the la- week’sThanksgiving holiday. vided inconsistent data to the more than a decade. ployers added 440,000 jobs in tions arelimited, while others bor market continues to re- Thedatatend to be volatile Labor Department and inci- TheInstitutefor Supply November,aslowdownfrom seem reluctant to moveintoa coverfromthe effectsofthe around holidays,which affect dents of fraud have distorted Management said Thursday the 638,000 jobs added in Oc- different industry. “There are coronavirus pandemic and re- states’ ability to processclaims. the numbers. that U.S. services activity ex- tober. They expect the unem- jobs,” Ms. Greeno said. “Any- lated restrictions. Theweekly claims data, While Thursday’sjobless panded forthe sixth straight ployment rate to decline to thing in supply chain manufac- Weekly initial claims forjob- which policymakersand inves- claims were betterthan antici- month in November, and em- 6.7% from 6.9% in October. turing or distribution is ex- lessbenefits, aproxyfor lay- tors have relied on throughout pated, “we have to be careful ployment in the sector grew. Aresurgenceinvirus cases tremely busy.” offs, fell by 75,000 to aseason- the pandemic fortimely infor- getting used to these num- Earlier this week,ISM said this fall poses arisk to the la- Thursday’sreport showed ally adjusted 712,000 in the mation about the labor market, bers,” said Oxford Economics U.S. manufacturing activity bor-market recovery.Governors continuing claims,anapproxi- week ended Nov.28, the Labor came under scrutinythis week economistKathyBostjancic. grew in November,for the in multiple states,including mation forthe number of peo- Department said Thursday. afteragovernment watchdog “We welcome the downtrend, seventh straight month, but Kentucky, NewYork,Illinois ple collecting unemployment That follows two consecutive said the datawereflawed. A clearly,but thereare still very employment in that sector de- and Washington, tightened re- benefitsthrough regular state increasesand comes amid evi- Labor Department spokes- high levels of unemployment.” clined last month. A Federal strictions in recent weeks to try programs,which covermost dencethat the economycontin- woman said the agencyis Still, the decline in last Reserve report Wednesday to curb the virus’sspread. workers, decreased by 569,000 ues to recoverfromthe spring’s working to makechanges to week’s unemployment claims said the economy’srecovery Terri Greeno,who owns to about 5.52 million forthe shutdowns,but at aslower the weekly jobless-claims re- fits with arangeofrecent picked up this fall. four ExpressEmployment Pro- week ended Nov.21. That is pace. Last week’slevel wasonly port to clarifywhat the num- datasuggesting the economic Through October,U.S.em- fessionals staffing offices in the lowest level sinceMarch 1,000 morethan the lowest bers represent; however, no recovery has continued. Con- ployers recovered12.1 million the Chicagoarea, said employ- and well below a peak of 24.9 level recorded sinceMarch, and substantivechanges were made sumer spending and retail of the 22 million jobs lost in ersinsome industries arestill million in May—but still three well down from this year’s peak in Thursday’sreport. The sales both rose in October,ac- Marchand April. TheLabor struggling to fill jobs,evenaf- times the pre-pandemic level. Pandemic Shrinks Labor Pool

ContinuedfromPageOne to build machines and clean tables,restraining the econ- omy’s long-term prospects. “Ifwedon’t getall the workersback,wecan never have aV-shaped recovery,” said Betsey Stevenson, eco- nomics professor at the Uni- versity of Michigan, referring (2) to aquick and sustained

bounce-back afterasharp de- JOURNAL cline.“Everybody should be REET

worried about making sure ST that we don’t leave workers LL behind,” she said. WA

Manyeconomistssay it’s Erin Stout, above, and with her THE R

toosoon to conclude this family, right, lost her job in FO year’s decline in participation March, then had another baby. is permanent. They note labor- ‘I think returning to work is

forceparticipation usually going to be very hard for me,’ SHARRETT KE

falls in recessions.The lack of she said. LU good-paying job opportunities prompt manyofthe unem- comeback harder.Third, it is The coronavirus pandemic erasedhard-won gains in Change in shareofU.S. ally funded extra$600 weekly ployedtogiveupthe job falling particularly heavily on labor-force participation. Black working mothershave seen population ages 25-54 unemployment benefit ended search, return to school or workerswith lesseducation theirlabor supply reduced the most, and babyboomershave working or looking forwork, in late July, she and her hus- simply retireearlier than they and skills.These workersoften leftthe workforce in droves. February to October 2020 band are reluctant to look for had planned. When labor mar- struggle to find well-paying newjobs soon because they’re kets tighten, rising wagesand work and manydropout of Change in shareofU.S.population working or looking forwork With young children† worried about contracting the better hours pull people back the workforce. sinceJanuary 1980 Without young children virus and sickening their chil- into the workforce.Heading Participation fell sharply af- dren. –6 –3 0pct. pts. 3 intothe pandemic,labor-force terthe 2007-09 recession and 6 pct. pts. Some economistsworry participation rateshad im- never fully recovered. This RECESSION Black that the pandemic’soutsize women proved; unemployment fell to partly reflected demographics 4 impact on women—particu- 50-year lows and wagesrose as the firstbaby boomers Ages larly working mothers—could during the last economic ex- qualified forSocial Security in 25-54 Hispanic set back yearsofgains in fe- women pansion. 2008.The recession damped 2 male labor forceparticipa- participation of “prime-age” tion. The climb back could be workers, those 25 to 54, which White particularly difficult for women Disproportionate hit didn’t return to 2007 levels 0 prime-ageBlack mothers. Par- Many who have left the la- until2019,when the labor ticipation forthis group plum- bor force had worked in low- market wasstrong.Lowerpar- Annual increase in number Black men meted 6.7percentagepoints wage sectorslikeretail, hospi- ticipation reduced averagean- -2 of retired babyboomers All adults* from February to October. tality and personal-care nual economic growth by 0.6 3million Others notethe reopening services disproportionately hit percentagepoint from 2009 to Whitemen of schools and the availability by the pandemic.Oncethe vi- 2017, according to S&P Global. -4 2 of telework could ease the rusiscontained, manyof This recession appearsto 1 Hispanic pressureonparentslikeMs. those jobs and workersmay be speeding up retirements. In men Stout. 0 return, boosting participation. the third quarter of this year, -6 “Firms do need women. For Older workerswho leave about3.2 million morebaby 2012 ’15’20 example,morewomen than *Ages 16 and up the labor forcefor good might boomerssaid they were out of -8 men have collegedegrees,” mean employers turn to hiring the labor forcedue to retire- †Household has at leastone child under 13 said Claudia Olivetti, econom- moreyounger workersat ment than in the same period 1980 '85 '90 '95 2000 '05 '10 '15 '20 ics professor at Dartmouth lowerwages when the econ- ayear earlier,according to Note:Labor-force participation ratesare seasonally adjusted. Retirementdatabased on average of July,Augustand September population figures. College. omyrecoversmorebroadly. PewResearch. From 2011 Sources: Bureau of Labor Statistics (change since1980);Federal ReserveBank of Dallas (change by demographic); PewResearch Center analysis of But that’s not the same thing through 2019,the number of Census Bureau data (retirement) LindsayHuth/THE WALL STREET JOURNAL as the creation of newjobs, retired baby boomersrose at a Risk of ‘scarring’ whichisthe engine of eco- rate of about two million an- spends herdays reading fic- the return of older adultsto Some seven millionadults One of the biggest risks to nomic growth. nually. tion books,growing vegetables the labor force. said they weren’t working be- the labor forceis“scarring”: Some economistssay the Labor-force participation and knitting Christmas pres- Unlikeprevious recessions, cause they were home caring that unemployment perma- extent to which participation among workersaged55and ents. Those, like Ms. Naranjo, this one is making it especially forchildren who weren’t in nently hobblesthe ability of revives depends on how over loggedinat38.7% in Oc- who canaffordtoretirebut difficult forparents, women in school or day care, according some to find work, especially swiftly demand rebounds.Joel tober,downfrom40.3% in would rather remain an active particular,towork because of to recent U.S. Census survey those with less education. Prakken, chief U.S. economist February. part of the workforce,still school closures and the lossof dataconducted in lateOctober Thenumber of workers at IHS Markit, believes that represent acontraction of the child care.Participation has and early November, up from who said their layoff wasper- the combination of falling un- labor market. fallen much morefor prime- around six million in May. manent, rather than tempo- employment and the reversal Older workers “I feel regret forthe things agewomen than men, and (Pre-pandemic dataisn’t avail- rary,rose to 3.7million in Oc- of virus-related economic ef- “It’salways harder forolder that I’m not going to be able even more among those who able.) tober from 1.3million in fectswill gradually restore workerstofind jobs when to do,” said Ms. Naranjo. areparents. Among mothers February. Such permanent job participation to pre-pandemic they’re pushed out,” said Te- Studies of the 1918 flupan- in this group with children un- losers are more likely to drop levels. resa Ghilarducci, labor econo- demic suggest it reduced labor der13yearsold, it plunged 3.4 New baby out of the labor forcethan Theeconomyhas already mist at the NewSchool in New supply by sickening or killing percentagepointsbetween With her firstthree chil- those on temporarylayoff, recoveredfaster than many York City. manyprime-ageworkers, par- Februaryand October,while dren, Erin Stout, age35, wroteStephanie Aaronson and predicted in the spring,and That’sespecially true for ticularly men. Covid-19 isn’t dropping 1.4for prime-agefa- worked until the dayshe went Wendy Edelberg, economists advances in vaccine develop- older workerswho entered the having that effect: Deaths rela- thers, according to analysis by intolabor,taking off at most at theBrookingsInstitution, in ment suggest the potential for pandemic already in avulnera- tivetototal U.S. population economistsfromthe Federal four weeks aftertheir birth. a recent analysis. astrong recovery as the ble position. At the start of aremuch lower, and morecon- ReserveBank of Dallas.That By contrast, she hasn’t worked This recession has been health threat ebbs. theyear,Karen Naranjo,age centrated among the elderly. compares with a1.2 percent- or looked forwork sinceher particularly hardonlow-wage Newapplications forunem- 65,was unemployed, network- However the virus, especially age-point decline among fourth was born in August. “I jobs that oftenrequirein-per- ployment benefitsdeclined ing at charity eventswhile at thecurrently elevated level prime-ageadultswithout think returning to work is go- son interaction in sectorslike last week,asign layoffs are preparing to look forajob at a of infections,could discourage younger children. ing to be very hardfor me retail, hospitality and personal easing butremain high. U.S. nonprofit serving homelessor [because] I’vebeen with my care services.Manyofthose services businesses,akey at-risk youth that used her kids this manymonths,” she jobs should return when the driver of economic growth, project-management skills.But said. pandemic is contained. gained ground forthe sixth then the pandemic upended After13yearsasashift However, some jobs will straight month in November, her plans. manager at DairyQueen in permanently disappear,asnew adding to signs of acontinued Jobprospectsbecame slim, Lexington, Ky., Ms.Stout left consumer habits stick and as recovery. and she didn’t see a pressing in Februaryfor morefulfilling the coronavirus accelerates Nonetheless, some econo- need to competewith the mil- work at a horse farm and, for theshifttoward automation, mistssee three reasons the lions of other Americans in afew hoursaweek,sewing at virtual interactions,and e- pandemic’s depressing effect desperateneed of work.The a rug repair shop. But by late commerce,said David Autor, on the labor forcecould linger. Chicago resident had enough March, Ms. Stout was laid off economist at the Massachu- First, it appears to have sped savingstoretire, thanks to a from both jobs.She and her setts Institute of Technology. up some baby boomers’ deci- buoyant stock market and husband, who had also lost his Forexample,hesaid, de- sion to retire, shrinking the yearsofpreparation. Thevirus job as acleaner,began receiv- mand forpeople to provide number of productiveworkers risk also made returning to ing unemployment benefits meals, transportation, clean- in the economyprematurely. work less appealing. and focused on caring for ing, and security fordown- Second, it is forcing some par- In October,Ms. Naranjo their three elementaryschool- town officeworkersmay never entsofyoung children, in par- completed atemporaryjob ANJO aged children and preparing fully recoverifwhite-collar

ticular women, to reducetheir knocking on doorsfor the U.S. NAR for their new baby. workerscontinue to work TE

hoursorstopworking alto- Census’ population count. KA Though their finances have from home afterthe pandemic gether,which could makea Then she retired. She now With job prospects slim, Karen Naranjo decided to retire. been strained sincethe feder- recedes. P2JW339000-4-A011A0-1------NS

A11A | Friday, December 4, 2020 NY **** THE WALL STREET JOURNAL. GREATER NEW YORK As Cases Rise, Officials Await Vaccine Doses

De Blasio warns a 174, slightly below the bench- mark of 200. fresh outbreak is near Hitting the three bench- and urges residents to marks doesn’t triggernew so- cial-distancing restrictions, observe precautions but Mr.deBlasio has cau- tioned in recent weeks that BY PAUL BERGER the state likely would impose AND BEN CHAPMAN newlockdown measures if cases of the virus continue to MayorBill de Blasio warned rise. that asecond wave of the cor- New York’s daily statewide onavirus is closing in on New positivity rate reached 4.8%

York City, as officials prepare Wednesday, Gov.Andrew GES

to accept enough vaccines this Cuomo said at a news confer- IMA month to begin inoculating enceonThursday, up from ETTY

more than 460,000 people. 4.6% on Tuesday. /G Mr.deBlasio,aDemocrat, Mr.Cuomo said hospital ca- said Thursday that the city of pacity would be crucial to con- morethan eight million people trolling the pandemic, noting BENNETT UCE

is aboveormoving toward the that 4,036 patients were hos- BR three main benchmarks set pitalized with Covid-19 state- Health-care workers attended to people on Thursday looking to take coronavirus tests at ProHealth Care in Jericho on Long island. earlier this year to warn of a wide on Wednesday, compared second surge. with roughly 19,000 patients tured by two companies, ployees and residents, Mr. de challenges in distributing vac- would invest $20 million in a “It’squiteclear at this at thepeak of the outbreak in Pfizer Inc., in partnership with Blasio said. cines and building public buy- newPandemic Response Insti- point that this second wave, the spring. BioNTech SE, and Moderna Mr.Cuomo,who announced in forvaccination programs, tutetobeset up in the next unfortunately,isright upon Mr. de Blasio said hospital Inc. Each vaccine needs to be the state’s vaccination-distri- the governor said Wednesday. year to fight futurepandem- us,” he said at a news confer- systems and patientswerefar- administered twice. The bution plansonWednesday, Given those challenges,and ics. ence. ing betterthan in the spring 466,000 doses will be for the also said that health-care thelimited supply of vaccines, JayVarma, senior adviser Thecity’s seven-dayaver- when facilities were over- first of the two shots needed workersand residentsoflong- he said he expectsacritical forpublic health in the ageofdaily newCovid-19 whelmedand tens of thou- in the immunizing process. term care facilities would be massofNew Yorkerstobein- mayor’soffice, said the city cases rose to almost 2,000 on sands of people died. But he Both Pfizer and Moderna the firsttoreceivevaccine oculated by as early as June or would seek partnerships with Tuesday, three times the repeated recent calls for peo- have asked the Food and Drug doses. as late as September. privatecompanies,research benchmark set by officials. ple over 65 yearsold, who are Administration to authorize Thegovernor said he was On Thursday, Mr. de Blasio institutions and othersfor the Theseven-day averagepositiv- at greatestrisk if they con- use of their vaccines, and the following the advice of a fed- said residentsneed to con- center, which would be based ity rate rose abovethe 5% tract Covid-19, to stay indoors distribution is contingent eral advisorypanel that rec- tinue to social distance, wear initially at the Alexandria Cen- threshold to 5.2%. as much as possible. upon that approval. ommended that these popula- masks and follow rules as the terfor LifeScience—a Daily hospital admissions The city expects to receive Thecity will givepriority to tions be the firsttoreceive vaccine is morewidely distrib- 728,000-square-foot campus of forCovid-19,which usually lag 466,000 doses of vaccines this high-risk health-care workers vaccine doses. uted. life-sciencelabs and offices on behind infection rates, rose to month, officials said, manufac- as well as nursing-home em- Thestate faces serious Mr.deBlasio said the city Manhattan’s East Side. Staten Island Bar Rally Was Political, Mayor Says

BY BEN CHAPMAN prompted ademonstration at the mayorsaid. NewYork City Councilman the establishment Wednesday Themanager of Mac’sPublic Joseph Borelli, aRepublican Arally in support of a night that wasattended by House,Daniel Presti, was who representsStatenIsland, StatenIsland bar that was membersofthe far-right group chargedwith offenses includ- said in an interviewthat closed fornot complying with the Proud Boys,authorities ing obstructing governmental Wednesdaynight’sdemonstra- social-distancing mandates was said. administration, according to tion reflected the frustration of politically motivated and didn’t At anewsconference, Mr. his attorney Louis Gelormino. city residentswho aresuffer- represent the sentiment of de Blasio said people and busi- In an interview, Mr.Gelorm- ing under restrictions on eco- most NewYork City residents, nesses in NewYork arelargely ino said that Mr.Presti, who is nomicactivity meant to con- MayorBill de Blasio said following social-distancing alimited partner in the bar, trol thepandemic. Thursday. rules and guidelines,though he wascomplying with deputies “This is what people will do TheSheriff’s OfficeofNew acknowledged that, nine at thetime of his arrest. when they areattheir break- York City closed the bar,Mac’s months intothe pandemic,fa- “The ownersofMac’sPublic ing point,” Mr.Borelli said.

Public House,onTuesdayand tigueisreal. House and other small busi- “The pandemic hasbeen too MOON/REUTERS arrested itsmanager fornot “I don’t want to getlost in nesses just want to be able to easy on politicians who have

following stateCovid-19 lock- what afew folks do when Isee open and conduct their busi- never had to skip apaycheck, JEENAH down restrictions. the vast majority really paying nessinasocially responsible or dip intotheir savings, or People protested Wednesday outside Mac’s Public House after it Thearrest and closure attention and buckling down,” manner,” Mr.Gelormino said. max out acredit card.” was closed for not complying with N.Y. coronavirus restrictions. Museum Art Is Hitting NYC Streets Current and Ex-MTA Employees Charged BY CHARLES PASSY

Forits latest high-profile exhibit, the Jewish Museum is With Overtime Fraud presenting a large-scale work by LawrenceWeiner,acon- BY PAUL BERGER tors said. ceptual artist who uses lan- Alawyer forMr. Caputo, guageashis medium. In this Five current and former who retired from the MTA in case,Mr. Weiner created a NewYork Metropolitan Trans- April 2019,couldn’t be reached piecethat emphasizes our portation Authority workers to comment. Anthony Simon, shared humanity,with the were chargedwith falsely general chairman of the Sheet phrase,“All the starsinthe claiming hundreds of hoursof Metal, Air,Rail and Transpor- skyhavethe same face” dis- overtime pay. tation Union, which represents playedboldly in English, He- Federal prosecutorssaid manyLIRR workers, noted in a brew and Arabic. the five claimed almost physi- statement Thursdaythat the Butvisitorswon’t have to cally impossible levels of over- accusations of overtime abuse payfor admission to see the time,often while they were at as well as other pending in- work.For that matter, they home or elsewhere, which con- vestigations areapproaching

won’t have to enter the build- MUSEUM tributed to each of them earn- two yearsold. “They have ing, along the famed Museum ing hundreds of thousands of worked tirelessly throughout Mile on Manhattan’sFifth Ave- dollars in overtime in 2018. thesedifficult times and are JEWISH nue.The pieceisagigantic Thomas Caputo, an MTA innocent until proven other- banner,displayedacrossthe Long Island Rail Road track in- wise,” Mr. Simon said. institution’s avenue facade. spector,fromHolbrook,N.Y., Investigations were launched LIGON/THE

“It doesn’t hide anything,” LIZ received overtime equivalent in early 2019,ayear afterMTA said Mr.Weiner,aNew York Lawrence Weiner’s ‘All the stars in the sky have the same face’ decorates the Jewish Museum. to working 10 additional hours annual overtime expenses rose City nativewhose career spans aday,every day, for365 days, to $1.4billion, about $400 mil- six decades,speaking of the It took the bare-bones form previouslydisplayedonly pro- and culture, said that show- prosecutorssaid in astatement lion morethan budgeted. Tran- idea behind such apublic of two bannersdisplayedon motional banners, meaning casing art in places beyond in- accompanying the unsealing of sit officials at the time said statement. itsfacade—one with the word ones that advertise exhibitsin- terior spaces sends an invalu- criminal complaintsThursday. most of theovertime costs It is an idea being em- “Dream,” the other with the side,according to aspokes- able signal that institutions Mr.Caputo, who is 56 years were driven by the expansion braced by several museums word “Together”—in what the woman. don’twant to be hidebound. old, waspaid $344,000 in over- andacceleration of repair and and cultural institutions in the museum billed as amessageof Thelibrary, meanwhile,has “It’sreally the democratization time in 2018,taking his salary modernization work acrossthe city.These days,the facades “hope and unity.” shown video presentations on of cultural spaces,” he said. to $461,000 and making him MTA’stwo commuter rails,sub- or other exterior walls and More recently, the Met has the facade of its Grand Army Mark Walhimer, aveteran the highest-paid MTAemployee way and bus systems. spaces of these buildingsare used an exterior wall facing Plazastructureinrecent museum planner,sees it is a that year.MTA Chairman Pat- Some MTAboard members being seen as the ultimate Central Park to project a years. And it currently is pitch forrelevanceatatime rick Foye’s totalcompensation said they were concerned that canvas,particularly forwork video,“Street,” by British- when ayounger generation is that year was$347,000. widespread time and atten- by artistsoftodaythat chal- born artist and longtime New redefining what they seek in a Theother defendants, three danceissues and overtime lenges the norms and aims to York resident James Nares ‘Contemporary cultural setting,asevidenced of whom worked forthe LIRR abuse also were to blame. speak to the broadest audi- that captures lifeinthe city. by the wave of experiential, In- and one subway-maintenance Asubsequent report com- ence possible. And the museum has plans to work should not be stagram-minded exhibits,such supervisor,wereeach paid more missioned at the request of “Contemporarywork should do morepublic-facing projects limited to the white­ as the Museum of IceCream than $240,000 in overtime, boardmembersfound the au- not be limited to the white- in the future, including those or theMuseum of Pizza. prosecutorssaid. Each was thority’s leadership had failed cube gallery,” said Metropoli- involving sculptures, Mr. Hol- cube gallery.’ And Mr.Walhimer believes chargedwith one count of fed- to addresswell-known prob- tanMuseum of Art director lein said. this trend of rethinking mu- eral-program fraud.The charge lems, leaving the authority MaxHollein,referring to the TwoBrooklyn institutions, seum spaceisheretostay, es- carries amaximum prison sen- vulnerable to fraud and abuse. traditional interior museum theBrooklyn Museum and the pecially if nonprofit institu- tenceofupto10years. Theauthority’s inspector spaces. Brooklyn Public Library, are showcasing an exhibit it calls tions,such as the Met and Investigatorsused MTA general, Carolyn Pokorny, said TheMet has embraced this also exploring the idea of art “Outdoor Living Room”—es- Jewish Museum, not only want building access card data, cell- Thursdaythat the chargesun- approach with aparticular fer- on the outside.For the first sentially,high-concept outdoor to competewith these for- phone-location data, bank re- derscorealack of manage- vor. Around the time the mu- time sincethe museum opened furnituresourcedfromavari- profit exhibits, but also if they cordsand other personal in- ment systems and controls at seum reopened this summer,it in 1897 it is displaying abanner ety of trees—at the same loca- want to showtheir donors formation to showthe five the agency. greeted the public with anew artwork on itsfacade,aseries tion. The exhibit is fully func- they arereaching out to anew were often not at work when A spokesman for the MTA, work from avant-garde artist of images and text by Brooklyn- tional in that the public cansit public. they reported being present. Tim Minton, said the authority Yoko Ono that was created in based artist Kameelah Janan on the pieces. “The walls of these muse- Mr. Caputo was sometimes at has implemented aggressive response to the coronavirus Rasheed called “Are We Read- Laszlo Jakab Orsos,the li- ums aregoing to come down,” a bowling alley where he par- overtime controls that boost pandemic. ing Closely?” Themuseum had brary’svicepresident of arts he said. ticipated in aleague,prosecu- oversight and accountability. P2JW339000-2-A011B0-1------NS

THE WALL STREET JOURNAL. ** NY Friday, December 4, 2020 | A11B GREATER NEW YORK WATCH GREATER NEW YORK

NEW YORK There were 14 infected in- mates with symptoms at York Rapper Is Arrested Correctional Institution in East In Racketeering Case Lyme and another nine inmates who tested positiveas of The rapper Casanova has sur- Wednesday evening, department rendered to law-enforcement fol- spokeswoman Karen Martucci lowing his indictment in a gang- said. All of them were in medical related federal racketeering case, isolation, she said. authorities said Thursday. Statewide, more than 290 in- The rapper, whose legal name mates and nearly 140 employees is Caswell Senior, was charged in currently have Covid-19. an indictment unsealed against —Associated Press 18 members of the Untouchable

Gorilla Stone Nation gang, which NEW JERSEY S authorities say operated in New York City and other parts of Pair Face Charges PRES

New York state. Over Abandoned Dog ZUMA The gang is charged with a litany of crimes, including the A New Jersey couple who killing in September of a 15- left their dog tied to a backyard BANNON/ year-old in Poughkeepsie and de- fence for days after they moved AN

frauding programs meant for out of state have been charged BREND people suffering economic hard- with animal cruelty, authorities Buffalo was spared an extensive coronavirus outbreak in the spring, but that has changed as colder weather moves gatherings inside. ship because of the pandemic. announced Thursday. The 34-year-old rapper,who Curtis Swan, 27 years old, wasraised in Brooklyn’sFlatbush and Aaleyah Clay, 29, moved section, pleaded notguiltyThurs- from Roselle to Sandy Springs, Covid-19 Pummels Buffalo daytocharges of conspiracy to Ga., on Nov. 15 and told a neigh- commit racketeering, conspiracy bor they planned to eventually to distributecontrolled substances return to pick up the dog, a BY JIMMY VIELKIND news conference. has said he wouldn’t collect director of UB’sInstitutefor and firearms possession. He isn’t young male husky, according to Thenumber of people hos- fines on businesses.Mr. Polon- Healthcare Informatics,said charged with killing the teen. the Union County Prosecutor’s Public-health officials in pitalized in Erie County rose carz accused him of putting dataindicatethe rise in hospi- Emails were sent to the rap- Office. The dog had a severe, in- Buffalo, NewYork’ssecond- to 432 on Wednesday, arecord politics ahead of science. talizations started in lateOcto- per’s representative and defense fected open wound covering most populous city,are fighting sincethe outbreak in NewYork Thomas Russo, a professor ber.“I’ll giveyou the short an- attorney seeking comment. much of his neck when an ani- asurge in coronavirus cases wasfirst detected in March. of infectious diseases at the swer: This is Buffalo.Itgets —Associated Press mal-control officer found him at with the normal calls forresi- On Nov.20, Gov.Andrew University at Buffalo’s Jacobs cold here,” he said. And when the home on Nov. 20, prosecu- dentstoavoid social gatherings Cuomo imposed an “orange School of Medicine &Biomedi- it did, people who were holding CONNECTICUT tors said. The dog has been and wear masks in public. zone” designation—which lim- calSciences,acknowledged small gatheringsinbackyards moved to an animal shelter in And yes, that includes going itsattendanceinhouses of noncomplianceinthe county moved inside their homes.That Outbreak in Prison south Jersey, where he contin- to afriend’shouse to watch worship,bans indoor dining butsaid he didn’t believeit includes everything from card Prompts Lockdown ues to recuperate. the Bills game, they say. and mandates the closureof wasmoreextensive than in games to watching the Bills, Mr. Swan and Ms. Claycould Hospitalizations forCovid-19 schools,gyms and hair salons— other areas. who are8-3 this year and lead- Nearly two dozen inmates at each face up to five years in in the city and surrounding on Buffalo and itssurrounding Dr.Russo hypothesized that ing their NFL division. Connecticut’s only women’s prison if convicted. Telephone Erie County continue to rise, towns.The zone has seen one No fans have been allowed prison recently tested positive numbers for the pair couldn’t be public-health officials said this of the state’shighest Covid-19 at thefootball team’shome for the coronavirus, prompting a found Thursday, and it wasn’t week.They urgedall residents positivity ratesfor weeks. ‘Unfortunately, there games this year in the Buffalo partial lockdown, Department of known if either has an attorney. to limit contact with anyone While announcing the re- suburb of Orchard Park. They Correction officials said. —Associated Press outside their households and to strictions last month, the gov- doesn’tappear to be arenormally raucous affairs wear masks if they have to ernor said infection rateswere anyend in sight,’says with morethan 70,000 fans in leave. If compliancefalls short, abnormally high in the region the stadium and thousands abroader swath of nonessen- because it “never lived the full countyexecutive. moretailgating or watching at tial businesses and activities pain” of the pandemic that area bars and restaurants. mighthavetoclose. New York City did. Some of that activity has Buffalo authorities’ advice While the number of deaths shiftedtoprivatehomes,espe- mirrors that of state and fed- is far lower than in New York Erie County wasbeing harder cially as the Bills have played eral public-health officials.But City,atleast 842 people in hit nowbecause the coronavi- well. Erie County Health Com- medical and political leaders Erie County have died from rusdidn’t spread as exten- missioner Gale Burstein was

S have advanced different hy- the virus, state data show. sively thereinthe spring as it explicit on Wednesday as she potheses about whyErie Mr. Poloncarz and medical did in NewYork City,and warned against “living room PRES County’s numbersare trending officials said that a“vocalmi- therefore fewer Western New spread,” which stateleaders TED abovethe stateaverages—hit- nority” of people who oppose Yorkershad developed natural sayisaccounting fortwo- CIA

SO ting the third-highest seven- restrictions on businessopera- immunity from prior exposure. thirds of transmission. AS day average positivity rate in tions and mask-wearing is While infections are rising “Don’t invitepeople over to New York as of Thursday. contributing to the spread. everywhere, the seven-dayav- watchthe Bills game.Don’t go “Unfortunately,there Erie County Comptroller eragepositivity rate in Erie out to other people’shouses to LENNIHAN/ doesn’t appear to be any end Stefan Mychajliw,aRepubli- County on Thursdaywas 7.6%, playcards—playvirtual

MARK in sight,” said Erie County Ex- canwho opposes the curbs, while the same measurefor games,” she said. “Hopefully it MASKED TITAN: Skaters took a spin on the rink Thursday ecutiveMark Poloncarz, a said people should be free to New York City was 3.6%. won’t take alockdown to beneath the statue of Prometheus at Rockefeller Center. Democrat, at aWednesday maketheir owndecisions and PeterWinkelstein,executive change our behavior.”

LUXURYAPARTMENT RESIDENCES

Jacob Sanchez Diagnosed with autism

THE WEST COAST IS CALLING

RESERVE ATOUR | 833-777-1660 1221OCEAN.COM | SANTAMONICA, CA Lack of speech is asign of autism. Learn the others at autismspeaks.org/signs. IRVINE MANAGEMENT COMPANY,ALICENSED REAL ESTATEBROKER DRE LIC. #02041810 P2JW339000-0-A01200-10FF7F3178D

A12 | Friday, December 4, 2020 THE WALL STREET JOURNAL. ARTS IN REVIEW

The stars are obviously having great fun in their roles, and we’re up for sharing it: Who doesn’t want to see a cast like this suc- ceed? Yet the characters and situa- tions are oversold from the open- ing scenes, and it’s not a problem of technique—these virtuosos can do anything that’s asked of them— but of directorial choice in a movie that still has one foot on a theater stage. The performances are many sizes too big for the camera, not- withstanding Matthew Libatique’s elegant lighting and cinematogra- phy. This too-muchness extends to the Hoosier conservatives, who are drawn as crude cartoons, and to the Broadway invaders’ attitude toward them. “There must be a way to rid this community, and by extension the nation, of this can- cer of intolerance,” Trent declares loftily. The line is meant to be a witty comment on the character’s pretentiousness, but here, as else- where in the film, wit falls victim to unsubtle tone. Genuine feelings shine through from time to time. A romantic sub- plot involves Dee Dee and the open-minded high-school princi- pal, Mr. Hawkins (Keegan-Michael James Corden, Key), a longtime fan who has ad- Nicole Kidman, mired her from afar. And the film, Andrew Rannells which ends with Emma and Alyssa and Meryl Streep kissing publicly and passionately,

NETFLIX is equally ardent in its pursuit of inclusiveness and representation. FILM REVIEW |JOE MORGENSTERN Nowhere, though, do its good in- tentions and stylistic aspirations find better expression than in the show-stopping sequence that ‘The Prom’: Sitting This One Out comes on ever so quietly when Ms. Kidman’s Angie tries to shore up young Emma’s courage in the face eldom does a show-stop- truly delightful minutes. the head of the high school PTA in dent caught in the crossfire. (Her of adult bigotry. per also serve as a show- The main action begins with an a small Indiana town has forbid- name is Emma Nolan and she’s As a dancer—not a star but a starter. That’s what hap- open-and-shut case on Broadway. den a student from bringing her played appealingly by Jo Ellen chorus girl down on her luck—An- pens in “The Prom,” but A couple of aging stage stars, Ms. girlfriend to the senior prom. Mis- Pellman. Ariana DeBose is Emma’s gie does what comes naturally. She Sit’s no cause for celebra- Streep’s Dee Dee Allen and Mr. sion identified. The fallen stars closeted girlfriend, Alyssa Greene. tells Emma a story about the peer- tion, even though this Corden’s Barry Glickman, open in will journey to the American Alyssa’s mother, the PTA lady, is less choreographer Bob Fosse try- Netflix version of the recent “Eleanor!”—a would-be rollicking heartland with two other friends played by Kerry Washington.) But ing to shore up the courage of a Broadway musical has been musical about Eleanor Roosevelt. whose careers are on the rocks— there are challenges as well, start- dancer who’s got the steps, and equipped with an exceptional cast The reviews are so brutal that the Angie Dickinson, not the actress ing with the need for a sharp but the notes, but hasn’t yet found that includes Meryl Streep, Nicole show closes the same night, with but a dancer played by Ms. Kid- generous take on the actors’ vanity “The Zazz,” as Angie sings it while Kidman and James Corden. For the most withering critical scorn man, and a Juilliard-trained thes- and condescension. I didn’t see the she dances. And Ms. Kidman, who much of its 130-minute running directed at the actors them- pian, Trent Oliver (Andrew Ran- well-received Broadway show, but was never a Fosse dancer but cer- time the production, directed by selves—not for choosing a ludi- nells)—and they’ll support the I have the word of my colleague tainly knows how to play one, does Ryan Murphy, suffers from exces- crous vehicle but for being insuf- beleaguered girl with all the well- Terry Teachout who, in his review, what comes organically in a film sive self-delight, chronic glee and ferable narcissists. publicized selflessness they can wrote that Dee Dee, Barry and the that’s short on slow-burn develop- a surfeit of joyishness, along with How, then, can they revive their muster. others were “drawn with wicked ment. She is funny, slyly sexy, splotches of sentimentality, and careers? By becoming celebrity ac- The premise is a good one be- exactitude.” pleasantly trashy, thoroughly en- doesn’t start to come alive with tivists, they decide in a flash, and cause it sets up a collision be- Many words could be used to dearing and wonderfully entertain- unforced energy until one of its finding a cause to champion. Their tween the smug Broadway liberals describe the movie’s approach, but ing. What a joy “The Prom” might stars launches into a song-and- vague notion quickly turns specific and the resolutely conservative lo- exactitude isn’t among them. Un- have been if the rest of the film dance number that lasts for four when Dee Dee and Barry learn that cals, with the earnest lesbian stu- tethered exuberance comes closer. had been up to her moves.

THEATER REVIEW |TERRYTEACHOUT GIFTABLE INTERIOR Fallout of an Affair

IN SPITE OF ALL the the- earnestness and inspiration. both of whom (as theater ater-related traveling I did It’s a bioplay that tells how people liketosay)really in the years before the pan- Mme. Curie (Rebecca Har- knowhow to deliver the mail. demic struck, there are still ris)—the Polish-French Not only does Ms.Harris PROTECTION plenty of drama companies physicist who discovered ra- bear astriking resemblance of consequence that I have dium, coined the word “ra- to Mme.Curie,but her bina- yet to see. I’ve been hearing dioactive” and won two No- tional accent is impeccable Add WeatherTech FloorLiner to your holiday shopping good things about Arkan- bel Prizes, in 1903 and 1911 and her performanceisboth list for agift that’sAmerican-made,custom-fit, and keeps sas’s TheatreSquared for —was persecuted by compelling and entirely be- your vehicle’sinterior clean and dry all winter long! With some time now, and it was France’s press when it be- lievable.Sofully does she long my plan to see a play came known that she was embody her role that it WeatherTech, it’salways worth it. there after paying a visit to having a passionate affair hardly seems as if she’sact- the Crystal Bridges Museum with a married man. Hertha ing at all. (Newsreel footage of American Art, which is Ayrton (Leontyne Mbele- of Mme.Curie exists, and I’d just 30 miles away be surprised if Ms. and which I also Harris hadn’t have yet to see. screened it while But life kept get- preparing forthis ® ting in the way, show.) Floorliner and the coming of Ms.Mbele- Covid-19 finished Mbong is no less the job: I haven’t convincing,and seen a play in a the production, theater, in or out whose skeletal sets of New York, since arebyAshleigh March. So when Burns and whose TheatreSquared sound design is by announced that it Michael Prieto, is would be webcast- sparebut exceed- ing a production ingly handsome. of Lauren Gunder- Dawn Monique son’s “The Half- Williams,the di- Life of Marie Cu- rector,isthe asso- rie” taped in an ciateartistic direc- empty theater, I torofBerkeley’s immediately put it LeontyneMbele-Mbong and RebeccaHarris AuroraTheatre on my schedule. Company. Her Ms.Gunderson’swork is Mbong), a British colleague work is newtome, but if this rarely staged in NewYork, and part-time suffragette, beautifully staged showis but she wasthe most fre- comes to France to look af- representative, then I’ll defi- quently produced playwright ter her old friend as the ac- nitely seek it out in the fu- in America(not counting tion gets under way. Alas, ture. Shakespeare) in 2017and much of the dialogue that I also plan to keep an eye 2019,and it’seasy to see ensues amounts to little on TheatreSquared, which is why. Not only does she spe- more than undramatized clearly worthy of its fine cializeinfeminist-angled pulpit-pounding and ill-di- reputation. I can’t wait for plotswhose protagonistsare gested biographical data the pandemic to subside so women, but she makes aspe- (“I’m sorry—you won an- that I can resume seeking cial point of writing emi- other Nobel Prize?”) with a out first-class theater all nently practical plays that few glaring anachronisms over America—especially arecarefully tailored to the thrown in for good measure from outstanding drama specific needs of theater (I cannot imagine that a Brit companies like The- companies.Likeall prolific with so well-bred an accent atreSquared, Dallas’s Under- artists, Ms.Gunderson’swork would have used the word main Theatre and Syracuse is uneven—she canbeear- “bullshit” in casual conver- Stage that I first savored nest to afault when she has sation in 1911). Nevertheless, through their webcasts. apolitical point to make— the situation portrayed by but at her best, she is afine Ms. Gunderson has the ad- The Half-Life of Marie Curie craftsman whose shows are vantage of being inherently TheatreSquared, Fayetteville, Auto. Home. Pet. Find Your Fit. always solidly made and on dramatic, and “The Half-Life Ark. (viewable online through Made in the USA occasion inspired. of Marie Curie” is the kind Dec. 20, $20). To watch, go to ©2020 MacNeil IP LLC 1-800-441-6287 or 1-630-769-1500 “The Half-Life of Marie of story that can easily take theatre2.org/marie-curie Curie,” a two-hander first wing so long as the two ac-

performed off Broadway in tors are first-rate. Mr. Teachout is the Journal’s HITT 2019, falls somewhere in be- This bringsustoMs. Har- drama critic. Write to him at

tween the extremes of over- ris and Ms.Mbele-Mbong, [email protected]. WESLEY P2JW339000-0-A01300-1------XA

THE WALL STREET JOURNAL. Friday, December 4, 2020 | A13 AIR IN REVIEW

y episode 3 of “Your NancyCostello (AmyLandecker), Honor,” Bryan Cranston’s that the carwas stolen the dayof beleaguered Judge Mi- TELEVISION REVIEW |JOHN ANDERSON the accident. Everyone is so un- chael Desiato is sitting in cannily efficient at what they do Ba New Orleans dive, that Kofi is arrested beforethe drinking whiskey and lis- Crashing IntoaCrime Family dayisout, amotorcycle part falls tening to Leonard Cohen—worse, from the car’sundercarriage, and discussing Leonard Cohen with the the boyishung out to dry. All this only other barfly in the place. Do by the end of episode 2. we feel sorry for him? One of the Mr. Cranston has played other distinguishing characteristics of morally ambiguous characters, “Your Honor” is how little sympa- most notably Walter White in thy we’re meant to feel for anyone, “Breaking Bad,” but Michael Desi- other than the dead being left be- ato is different, a victim of fate hind. and his own hubris: We first meet Motives, miscues and the best him in his courtroom, humiliating intentions gone horribly awry pro- a police officer who’s blatantly lied vide the dramatic momentum of on his witness stand, and what we this 10-part thriller, created by the see is a jurist with a fierce sense U.K.’s Peter Moffat, whose charac- of both justice and theatricality. ters here are all morally amor- And likely few friends on the po- phous entities doing what they lice force (which may come into think is best and making up for it play later). He’s a man in total later. Everyone is calculating his control, who knows his mind—un- or her next move; nothing is ca- til his son’s life is on the line, and sual. The reason Michael goes to then he scrambles, making mis- that New Orleans bar at all is in takes and watching his not-so- pursuit of the questionable objec- well-plotted plan go pffft. An- tive he’s had all along: preventing guished by Kofi’s situation, he his son, Adam (Hunter Doohan), seeks help from his former law from being revealed as the culprit clerk and now scourge of the New in a horrific hit-and-run that Orleans criminal courts, Lee De- claimed the life of a young motor- Bryan lamere (Carmen Ejogo), another cyclist named Rocco (Benjamin Cranston example of someone being so good Hassan Wadsworth). and Hunter at her job it leads to disaster. The Michael knows that he and Doohan irony runneth over. Adam should go to the police. But So does the acting talent. Ms. before they can, he realizes who Ejogo is magnetic. Margo Martin- the dead kid was—the child of dale is her usual piquant self as Jimmy and Gina Baxter (Michael pulses of the players are under- Adam is en route to the cemetery pal, local congressman Charlie Fi- Michael’s mother-in-law, and Mr. Stuhlbarg and Hope Davis), vicious standable. And even though the when he has an asthma attack, garo (a terrific Isiah Whitlock Jr.), Stuhlbarg is a fearsome, grimacing mobsters with tentacles every- means are ruthless and the ends drops his inhaler, tries to retrieve to makethe damaged cardisap- Jimmy Baxter. But even he is where in the city’s underworld. seemingly inevitable, one can still it and collides with Rocco—who pear.Charlie,who’s about to run scared by Gina Baxter, whom Ms. The judge knows what will happen be startled by how things play out. goes tumbling across an empty in- formayor,can makesuch things Davis makes operatic in her gothic if the facts come out. He has to The introductory calamity itself, tersection. Adam stops. Rocco ex- happen, and Michael tells him only Catholicism and ferocious mater- save his son. So he constructs a foreshadowed luxuriously by direc- pires. Adam panics. Adam flees. that the carholds bad memories— nal grief. She’s the righteously ill wobbly tower of lies and misdirec- tor Edward Berger (who handles Without giving much away,not it belonged to his wife. Charlie ar- wind that blows through the series tion that threatens to crush the several episodes), is a stomach- that Ican (only four episodes ranges forastreet-gang-allied kid, and has me anticipating episodes lives—professional, political and churning convergence of bad luck, were available forreview), Mi- Kofi Jones (Lamar Johnson), to 5-10 with gleeful dread. otherwise—of everyone he knows. bad timing and vehicular malprac- chael looks at the situation and steal the car; Michael, trying to

“Your Honor” is complicated, tice: On the anniversary of his his son’spathetic attemptsto createaplausible timeline for Your Honor WTIME Begins Sunday, 10 p.m., Showtime but good complicated: The im- mother’s murder, the unsettled coverhis tracks and asks his old Adam, tells adetectivefriend, SHO

FILM REVIEW |JOE MORGENSTERN Saoirse Ronan and Kate Winslet Opening aClosed Heart in ‘Ammonite’ realization on INSTEAD OF GETTING BLOOD to see what’sinside.She is far Mary’s part that from stones, Mary Anning, the from ancient herself—Ms.Winslet Charlotte, once English paleontologist played by gives her an outwardly calm recovered, will go Kate Winslet in “Ammonite,” gets beauty born of physical strength— back to her hus- fossils, insights and wisdom. And but she could hardly be more band in London, behind the heroine’s stony visage closed off when we firstmeet her. and to whatever lurks ardor that’s unfulfilled until An angryeccentric within sight of world she can another woman comes into her middle age, she is living with her make for herself. life. Francis Lee’s film, which co- elderly mother in acoastal town in Or will she? If stars Saoirse Ronan, is many West Dorset and supporting herself there’s any fault things, all of them remarkable: a with alittle shop whereshe sells to be found with queer romance that finds passion touristsfossils of no scientific in- “Ammonite,” it’s in austerity; a biopic that strips terest that she has found in the in the film’s de- away most details of Anning’s ca- nearby cliffs.(She has already liberateness. Ev- reer while honoring its spirit; and made aspectacular discovery, an ery step of the a portrait of genius thwarted by ichthyosaur skeleton that is dis- way is plotted gender—a scientist whose lonely playedinthe British Museum, but with a clear pur- existence is sustained by love of her name on the label has been re- quisitely by Ms. Ronan, would That may suggest prompt bond- pose, and color-coded in Stéphane learning, even though, as a woman placed by that of the man who pur- have a classic pre-Raphaelite radi- ing and a rapid thawing of Mary’s Fontaine’s cinematography, which in the mid-19th century, she has chased the fossil and donated it.) ance if she weren’t suffering from demeanor, but the opposite is true. is oppressively bleak until it achieved only a small fraction of Mary’s life changes when a what her husband calls mild mel- In keeping with the spareness of warms and brightens in keeping the recognition, let alone fame, young married couple show up at ancholia and seems to be serious the film as a whole, Mary’s bewil- with Mary’s evolution. Yet the that she deserves. (The film, which her shop. The husband, Roderick depression provoked by a miscar- derment at her attraction to Char- ending isn’t clear at all. It’s a mar- has been playing in select theaters, Murchison, is a geologist at the riage. Whatever the case, a fairly lotte gives way only gradually to velous moment in which the only is newly available on premium beginning of a European tour; he abrupt plot turn sends Roderick her awakening. Their love starts as clarity comes from knowing that video on demand.) knows of Mary by reputation and off on his tour while Charlotte re- a mother-child relationship. When whatever may happen next, Mary Thetitle derives from Mary’s declares his pleasure in meeting mains behind to convalesce in it finally opens out into physical will remain her own singular ON

work,cracking open ancient rocks her. The wife, Charlotte, played ex- Mary’s care. rapture there’s still an anguishing woman. NE

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. PUZZLE 123456 78910111213 71 Like pairs of 40s 30s Edmontond <0 crossword CONTEST 10s 0s VVancouver CalgaryCalgary 14 15 16 answers whose 10s Winnipegip 17 18 19 clues cross- Seattttlle 20s referenceeach 32 Chapel PPortlandd 20 21 22 23 20s Montreal 30s other confirmation Helena Ottawa 30s Bismarck Down Billingslings 30s 40s AAugustg ta 40s 24 25 26 27 33 Attended Eugene 20s 30s TToronto 1Can’t-miss conferences, e.g. Mpp/plsls.//SSttP.P. auaul AAlbanyb y Bostot n 50s 50s Boise 20s Buffalo 28 29 30 experiences 34 Trytodraw Detroit Hartfordrtford 60s 50s Pierre Milwaukkee 30s 2Likeswinging 36 Have yetto Siouxoux FFalls Newew YYorkk 70s 31 32 33 34 35 36 37 Reno 30s Salt Lake City ClevelandCleveland doors settle up with Cheyenney Chicagoh PhPhiladelphiahilh dllphi Omahah Pittsburggh 80s Sacramento 30s Deses Moines IndianapolisIndianapolis 38 39 40 41 42 3Island near 37 Hauntedhouse Denver 60s Springfield Washingtonhingtgtonon D.D.CDCC.. 90s Bonaire decoration Sanan Francisco CharlesCharlestonh 43 44 45 46 47 CColoraddo Topeka Richmondh d 100+ 4Winterholiday LLas Springsp Kansas St..LLoLouuis LoLLouisu ville 50s 40 Nudge Vegas CitCitytyy Raleighliih 48 49 50 5Firecracker 40s Wichithita 40s Nashvilleh 41 Genesis spot LosAAlngeeles residue Santaanta Fe Memphisphi CharlottChltte 44 Part of alocking 70s Little Rockk 51 52 53 54 55 56 60s PPhoenixh AlAlbuquerqueb qq Oklahomahomaom City 6With 9-Down, San Diego CColumbial bib Warm Rain mechanism TTuccson Birminghamh AtA lantta 57 58 59 60 Home Depot DlDallasl 47 Before,inthe El Paso FtFt..WWoorthrth 60s purchase 50s Jackson Cold T-storms past Jacksonville 61 62 63 64 65 0s Mobilebil 7Commotion 49 Folks AAustin Houston Stationary Snow 66 67 68 8Shelters for 50 See 63-Down -0s0s NeewwOrleans Orlandold Tampa savers AAnchorh age 80s Sanan AntonioAtA 70s 51 Preside over Showers Flurries 69 70 71 20s Honolulull 60s Miami 9See 6-Down 52 Designer Ashley 30s 10s 70s 10 “Ben-Hur”star 53 Cuatro halved 40s Ice CONNECT FOUR |ByMattGaffney 11 World Series 54 Use your head climax, 55 Shade U.S. Forecasts TodayTomorrow TodayTomorrow The answerto 22 Reznor of Nine 48 Judge mentioned sometimes City Hi Lo WHiLoW City Hi Lo WHiLoW 56 Scored one more s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’scontest Inch Nails in “Rain Man” Omaha 49 24 s4525s Frankfurt 41 34 sh 39 33 c 12 Patchthings up pointthan t...t’storms; r...rain; sf...snowflurries; sn...snow; i...ice crossword is a 24 Dignified 50 Apiece Orlando 77 63 pc 70 48 pc Geneva 38 31 sh 38 28 c 13 Slacks 58 Ling, Loeb or TodayTomorrow two-word phrase. 27 Sound effects 51 See 31-Across Philadelphia 50 45 c4733r Havana 83 64 sh 83 65 sh 18 Forinstance Lopes City Hi Lo WHiLoW Phoenix 66 41 s7044s Hong Kong 69 56 s7161pc 28 Long-handled 53 Breakfastnook Across 23 Costa___ 59 Greenland lacks Anchorage 14 4s 11 5pc Pittsburgh 43 33 r3928sf Istanbul 60 47 pc 61 49 c tool 57 Winfrey’s Atlanta 59 38 r5433pc Portland, Maine 47 37 c4231r Jakarta 90 77 t8777r 1Japanese 25 Notmerely “a” them 29 See 16-Across production Austin 62 31 s6438pc Portland, Ore. 52 38 s4939pc Jerusalem 61 44 pc 53 41 pc roadsters 26 Such along time 63 With 50-Down, 31 With 51-Across, company Baltimore5244r 48 33 r Sacramento 65 34 s6340pc Johannesburg7954t 69 53 t 7Sound of defeat 27 With ___ acare pieceofSummer Boise 38 22 s3920pc St.Louis 50 28 s4529s London 42 34 r4333sh placefor 58 Neighbor of 11 Pass through the (untroubled) Olympics Boston5443c 46 33 r Salt LakeCity 39 22 s4223s Madrid 46 31 sh 46 34 pc pillowcases China mountains 29 Croc’scousin equipment Burlington 45 35 c3826sn SanFrancisco6443s 60 46 pc Manila 85 76 c8676t 34 Thieves’ hangout 60 Tried to conceal Charlotte 59 45 r5631pc SantaFe4923s 51 22 pc Melbourne 75 60 s8253c 14 Turmoil 30 Claim on an 64 Fleischer on Fox Chicago 43 31 s4129pc Seattle5338s 51 39 pc MexicoCity 73 48 pc 73 48 s 15 “Good point” 35 Admit openly 61 Common puffin, A-frame, e.g. News Cleveland 43 33 c3830c Sioux Falls 47 23 s4326s Milan 39 35 r4235r 16 With 29-Across, 38 Lines of adulation e.g. Dallas 57 34 pc 60 40 pc Wash., D.C.5548c 49 35 r Moscow 26 23 c2915pc 31 Shotthatcould 65 DDE grew up immediately 39 Z’s 62 Done with great be deep there Denver5628s 50 28 s Mumbai 93 74 c9375pc care Detroit 42 28 pc 37 23 c International Paris 45 34 c4336sh 17 Pakistanis, e.g. 42 She maybe Honolulu 85 72 pc 86 71 pc Rio de Janeiro8675pc8075t 19 Three before sheared 66 Outrage Previous Puzzle’sSolution Houston5838pc6041pc TodayTomorrow Riyadh 79 62 pc 81 62 pc 43 One and the 67 Santa carries one City Hi Lo WHiLoW Thu. WA CO EBBS SOBIG Indianapolis 47 29 s4126c Rome 60 56 r6450r 20 Margarine other 68 California county IRON URAL IRENE Kansas City 51 29 s4926s Amsterdam 45 33 sh 42 32 pc SanJuan 83 73 pc 84 72 s RIME CRATEELGIN Las Vegas 59 36 s5837s Athens 65 52 sh 64 53 pc Seoul 40 25 pc 45 30 pc container 45 Skillet material 69 Totally awesome YAMAHA ODORINT Little Rock 50 33 pc 57 32 s Baghdad 70 49 s6750pc Shanghai 52 41 pc 55 47 pc 21 Scores for 46 Northern Cross 70 Times often LOSINGCRANKS PMSPIN ETATS LosAngeles 71 45 s7047s Bangkok 86 69 c8468pc Singapore8576t 85 78 t Jordan Spieth star studied OATCRACK TUSH Miami 79 68 pc 82 62 pc Beijing 40 17 pc 41 24 pc Sydney8868s 87 76 t CLARA HIPHIPPO Milwaukee 43 30 s3928pc Berlin 40 33 pc 44 36 pc Taipei City 68 63 r7167c s Email your answer—in the subject line—to [email protected] OTTO RUDECO IL Minneapolis 37 22 c3523pc Brussels 45 34 sh 42 30 pc Tokyo5345pc5047r by 11:59 p.m. Eastern Time Sunday, Dec. 6. Asolver selected at random will EN IACMET NNE Nashville 49 35 r4929pc BuenosAires 73 57 pc 70 60 s Toronto3829c 32 24 c LOVERCLEAVES win aWSJ mug. Lastweek’swinner: Carl Smith, Arlington, VA.Complete UP IIKEAIRA ISE NewOrleans 59 44 pc 60 47 pc Dubai 85 74 pc 86 72 pc Vancouver 48 34 pc 47 39 pc ME SAS ASHCOFFER NewYork City 50 46 r4734r Dublin 43 40 sh 44 33 sh Warsaw4339pc5041pc contestrules at WSJ.com/Puzzles.(No purchase necessary.Void where PR ICETYREESSO Oklahoma City 54 29 s5529s Edinburgh 45 40 r4536sh Zurich 40 32 sh 38 33 sh prohibited. U.S. residents 18 and overonly.) SATES SASSROSS P2JW339000-0-A01400-1------XA

A14 | Friday, December 4, 2020 THE WALL STREET JOURNAL. SPORTS NFL TestsRapid Covid Tests

The NFL has quietly been using its personnel to study a PCR test for Covid-19 that can be turned around in 30 minutes

BY ANDREW BEATON AND LOUISE RADNOFSKY

he Baltimore Ravens woke up in Pittsburgh on Wednesday morning Tin need of a Covid-19 test that was both im- mediate and accurate. Ravens per- sonnel had registered new posi- tives for 10 straight days, causing their game against the Steelers to be rescheduled three times. The teams needed to know quickly and for certain whether it was finally safe to play. The NFL and a pair of biotech companies, BioReference Laborato- ries and Mesa BioTech, believed they had a solution. In recent weeks, they have quietly studied a different kind of Covid test: one that they say delivers on-the-spot results, in 30 minutes, with as much accuracy as existing tests that are sent out to labs for pro- cessing that can take days. The NFL’s rapid PCR test, devel- oped by Mesa, has been tested on a selection of league per- sonnel across five teams, who also submitted their usual samples for standard PCR tests. The 917 tests using both methods each produced 27 positive samples and 890 nega- tive samples, a per- fect match. The league used the rapid PCR test to clear the Ravens and Steelers to play on Wednesday, and it’s the type of development these companies hope could have broad public- CamNewton, above,testedpositivefor Covid-19 earlier this year.The Broncos’Kendall Hinton, left, wasafill-in quarterback. health implications soon be- yond football—possibly help- It’s an investment that can’t be on a population that was already more than the first six weeks of ing airlines, schools and easily replicated, however. Cohen being given a standard PCR test, the season combined. more safely return to a wouldn’t put a price tag on how to compare the results. Since Aug. The results have been messy. semblance of normalcy. much it cost to run each test, not- 1, the league has conducted more The Denver Broncos were forced to “When you do a trial, ing that it would depend on the than 700,000 tests on its players play without a quarterback on GES you don’t expect results scale of an operation. For now, and personnel. Sunday after a backup tested posi- IMA that accurate,” said Chris- The NFL running it requires the use of a The NFL is now planning to use tive and the others were sidelined

topher Halpin, NFL execu- worked as a designated machine for 30 minutes this as its point-of-care option for due to contact tracing. The San GETTY tive vice president and testing for each person tested, with labo- all 32 teams, and its ever-evolving Francisco 49ers were forced to re- chief strategy and growth ground be- ratory staff on hand to interpret pandemic protocols may continue locate to Arizona because of local OCKMAN/

officer. cause its the results. With enough machines to change around this new test, health restrictions. ST There are two widely highly re- and a very large staff, Cohen said, Halpin said. The league doesn’t Commissioner Roger Goodell

available Covid-19 testing sourced, highly it would be possible to run several plan to use the tests for every took the extraordinary step of TTHEW

options, and each has a criti- motivated own- thousand in a day, or 600 an hour player, every day. closing most team facilities on MA cal shortfall. PCR tests are ers wanted an “if we had to.” Instead, the NFL sees it as a Monday and Tuesday to regroup S;

seen as the gold-standard for unrivaled level of “Eventually we want to be in tool to swiftly test personnel in from Thanksgiving. There was also PRES

accuracy but often have turn- testing to play people’s homes,” said Ingo Chakra- circumstances where near-instant the outbreak on the Ravens, which TED

around times that can last many through a pandemic, varty, Mesa Biotech’s president turnarounds are critical, such as mounted each day as their game CIA SO

days for the general public, and which also provided and chief executive. In the interim during outbreaks, to confirm posi- against the Steelers was post- AS even for the NFL are described as the infrastructure that it could have broad applications tive results or to check potential poned from Thanksgiving, to Sun-

“overnight.” allowed for a quick for institutions willing to invest in false positives. day, to Tuesday and then to SMITH/ Antigen tests provide turn- study of this new test. it. He said other clients examining The league is still weathering a Wednesday. arounds in a matter of min- “All of this information the technology include major hos- series of pandemic-caused crises. On Wednesday morning, the Ra- TIAN

utes, but research has continued is because we had essentially a pitals, care facilities, first respond- As cases have reached all-time vens received these new tests to CHRIS to indicate they are not nearly as captured population of people that ers and an island. highs in the country, they also determine whether the 3:40 p.m. ERIC

sensitive as the PCR tests and can we were testing every day,” said That NFL was a natural test have risen in the NFL. From Nov. game that day could go forward. P: fail to detect the virus, particularly BioReference’s executive chairman partner for these biotech compa- 21 to Nov. 28, the NFL had 86 By noon, they had the results: all TO OM

in asymptomatic people. Jon Cohen. nies because it could run the test players and staff test positive— negative. FR José Mourinho Leads Unexpected Title Chase

BY JOSHUA ROBINSON at the top of the Premier League and mounting a genuine title chal- EARLYINHIS TENURE as man- lenge. ager of Tottenham Hotspur, José Ahead of Sunday’s North Lon- Mourinho sat down the most le- don Derby against Arsenal, Spurs thal English striker of his genera- have knocked off Manchester City tion to tell him he wasn’t famous at home and earned a draw at enough. The problem, he lectured Chelsea that put them in first Harry Kane, was that people didn’t place. Mourinho registered dis- believe the sport’s truly elite play- pleasure. ers belonged at a club like Spurs, “That point keeps us top of the in a league like England’s. league and we are not happy with “They still think that movie that,” he said after the Chelsea stars of football belong to other game. places,” Mourinho told him in Tottenham is in on the joke— 2019, while being filmed by Ama- the club is invested in both the zon’s “All or Nothing” documen- tactician and the movie star. tary crew. “We have to build your Would Spurs publish highlights of status in that direction.” its “Manager Cam” after games if Luckily, Mourinho added, he the team had Arsenal’s coach, the could help. Mourinho was already impossibly serious Mikel Arteta?

a soccer movie Maybe. But it HALL/REUTERS star. would have all José In José Mourinho, the drama of NEIL Mourinho has mid-afternoon Tottenham manager José Mourinho, left, chats with Harry Kane. A season poised for disaster has Spurs at the top. been playing the Tottenham has a C-Span. role of José manager who loves the In Mourinho, ther of them in two years. Their “Mourinho’s teams are like £150 million ($200 million),” chair- Mourinho for so Spurs have a dominance was reshaping how the this,” Guardiola said after losing man Daniel Levy said last month. long now that limelight. manager who rest of England played soccer. 2-0 to Spurs, despite City’s 22 “Clearly this would be an irrecov- it’s hard to tell loves the lime- Any ambitious team aligned it- shots and 66% possession. “You erable loss of income.” where the vet- light and is self with one of two schools of make a mistake and they punish That situation will begin to im- eran soccer hoping to end play: either aim for overwhelming you on the counterattack.” prove this weekend, when regula- manager ends and the rule-break- his longest spell without a league control and careful buildup like Tottenham’s surge couldn’t tions allow for Tottenham to bring ing, smirking caricature begins. title since he left his native Portu- Pep Guardiola’s City, or smother come at a stranger time. The club back 2,000 fans for the Arsenal Especially when Mourinho does gal. Yet of all the jobs Mourinho opponents high up the field, break has spent much of 2020 on the game. It’s only a fraction of the things like hold an illegal workout has taken since 2004—from two quickly, and try to maintain the fu- brink of crisis due to the financial 61,000 that would normally pack in a London park during Britain’s stints at Chelsea, to Inter Milan, to rious pace of Jürgen Klopp’s Liv- losses related to Covid-19. Every into the stadium, but it means that spring lockdown. Or lose a bet to Real Madrid, and Manchester erpool. Premier League club faced the the Mourinho show will have an one of his players and shell out United—Tottenham was by far his Mourinho has put Tottenham in same problem, but only Spurs audience again. And even as his $650 for an Iberian ham. most surprising landing spot. He contention by doing neither. De- opened a $1.5 billion stadium less career spans into a third decade of The act can be grating to fans arrived part-way through last sea- spite their 2.1 goals per game, than 12 months before a pandemic. the Premier League, he has proven of any club that he isn’t currently son to repair a club that has never Spurs aren’t a relentless offensive On top of regular match-ticket in- he can still play the hits, particu- coaching. But Mourinho is remind- won the Premier League, at a time force—they rank 12th in touches in come, money-spinning events such larly when it comes to his favorite ing them why he gets away with it when the summit seemed un- the attacking third of the field— as concerts and NFL games all topic: where his team sits in the nearly two decades after he first touchable. nor do they press like crazy. For went down the drain. horse race for the title. shook up European soccer. Under- The gap from Manchester City the most part, Tottenham prefers “Our estimate for the current fi- “We’re not even in the race,” neath the caricature, there re- and Liverpool to the rest of the to sit deep and build from what is nancial year of the potential loss Mourinho said, reprising a line mains a serial winner. Ten games league was so large that no one so far the tightest defense in the of revenue, should the stadium re- from his Chelsea days. “We are into the season, he has Tottenham had finished within 15 points of ei- league. main closed to fans, is in excess of just a pony.” P2JW339000-0-A01500-1------XA

THE WALL STREET JOURNAL. Friday, December 4, 2020 | A15 OPINION McConnell’s Spending Line BOOKSHELF | By Paul Dickson

JoeBiden ment benefit, and bail out has been warning ever since lic-employeepension fund or A Choice isn’t yetinpublic transport. Andal- Cares passed that without an NewYork’satrociously man- the White though that bill wasnegoti- even bigger follow-up,both aged transit system? House,but ated in good faith, it has al- demand and the economy Mostly,doyou want to as- we areabout ready been takenhostage. would fall off acliff. sureMr. Biden that Republi- Of Players to witnessa Mrs. Pelosi and Mr.Schumer Yetthe real problem was cans will scatterinany tough POTOMAC crucial test of explained that they’vead- government itself—state-im- futurespending fight? The WATCH his ability to opted it only as their “basis” posedlockdowns.Americans former vicepresident has The National Baseball Hall of Fame roll aclosely forfurther negotiation, and have recoveredfine in their barely engagedthe debate By Kimberley dividedSen- arealready promising “im- absence, without trillions because he views whatever Collection A. Strassel ate. Republi- provements”—likely hundreds moreingovernment aid. Un- Congressmanages this fall as By James Buckley Jr. cans canhold of billions of them. employment hit 6.9% in Octo- ameredown-payment on leg- the line on Covid relief,ora Thepress is weighing in, ber and is falling.The Atlanta islation to be enacted during (Epic Ink/Quarto, 192 pages, $40) divided GOP cansignal that casting the McConnell bill as Federal Reservepredicts his tenure. ABiden adminis- BidenDemocratswill hold Scrooge-likeand inadequate. 11.1% annualized economic tration intends to milk the vi- quotation often trotted out this time of year comes the whip hand on spending. Mrs. Pelosi is again warning rusfor all it’sworth, teeing A from Baseball Hall of Famer Rogers Hornsby, who Majority Leader Mitch that “the economywill fall up arangeofspending bills playedinhis last game in 1937:“People ask me what McConnell drew the line this into double-dip recession Can he hold it? The underthe guise of “building Ido in winter when there’s no baseball. I’ll tell you what I week,circulating astraight- without additional federal re- back better.” do. I stare out the window and wait for spring.” forwardvirus-relief bill that lief from Congress.” Even answer will set the If Republicans do manage This winter the virus will put everything baseball into checks bipartisan boxes. As some Republicans arguethe course of Biden’s to hold the Senate, they will serious doubt, including the ritual countdown to the day Mr. McConnell noted, the bill party canwin the two out- have aslender majority of 51 in February when pitchers and catchers are scheduled to delivers“right away on all standing Georgia Senate presidency. or 52. Only they will stand report to spring training. For those who love the game and the subjectswhereeverybody seatsonly by one-upping between Democratsand tril- its past and have hope forits near- and long-term future, agrees”—morefunding for Democratsonspending. lions in spending and higher agood companion during small businesses,vaccine dis- This fight is rapidly coming growth forthe fourth quar- taxes—for climate, health this “off” off-season is tribution and extended unem- to represent something much ter, following 33.1% growth in care,welfareprograms,and “The National Baseball Hall ployment aid, as well as legal moresignificant than asim- the third. Most voters under- the like. Mr.McConnell has of Fame Collection,” a slim, certainty forhospitals, pledollar figure.Internally, stand all this and won’t re- done an admirable job of oversize, heavily illustrated schools and religious groups. smart Republicans areargu- ward Republicans who spend keeping has caucus united on book by James Buckley Jr. Betteryet, the bill repur- ing that this is about the GOP forthe sakeofgood press. judges and other key votes. Turning itspages is akin to posessome $569 billion of standing forbasic principles Only amonth ago, those vot- But the GOP’sweak spot—its astroll through the Hall of unused virusfunds—offset- and good governance, even as ersthanked Republicans in point of disarray—has always Fame itself. Mr. Buckley has ting theentirety of his bill’s it setsthe tone forfuture the House and Senatefor not been spending.And don’t given us apotent souvenir of cost. Immediate, targeted aid spending negotiations with a rolling over to Mrs. Pelosi’s Democratsknowit. that remarkable institution forthose Americans still Biden administration. demands. This virus-relief fight is an in Cooperstown, N.Y. hurting,atnoadditional ex- Want to surrender to Dem- Want to reward blue states early test of whether Repub- The Hall of Fame complex pense to the U.S. taxpayer. ocrats’ Keynesian philosophy forpoor policydecisions or licans have the discipline to comprises the hall itself, a What’snot to like? that only moregovernment forfailing to tighten their unitearound abedrock con- museum and the A. Bartlett Yetpressureismounting spending cansaveAmerica? beltseveninacrisis? Why servativeprinciple: fiscal dis- Giamatti Research Center, on the GOP to double or qua- Vote forabiggerbill. Demo- should Utah taxpayers bail cipline.Mr. Biden hopes it’sa which includes a library, an druple the dollars. Speaker cratsare already rewriting outNew Jersey,which in- test the GOP fails.But the archive and a vast photo col- NancyPelosi and SenateMi- history, claiming the spring’s creasedspending during a party canwin, and in doing lection. The center, named after the baseball intellectual nority Leader Chuck Schumer $2.2 trillion Cares Act is the pandemic? Whyshould Kan- so send apowerful message who in the late 1980s served as the game’s seventh com- have climbed aboarda$900 sole reason anybusinessnow sas rescue LosAngeles (including to Georgia voters) missioner, is a researcher’s dream come true. It can boast, billion bipartisan Senatepro- opens itsdoors. Never mind County—which just banned that it will be aforce forthe among much else, of a dedicated file containing clippings posal that would throw that some of the Cares provi- outdoor dining,despitezero Bidenpresidencytoreckon and other biographical raw material for every major-league money at stateand local gov- sions (especially enhanced evidenceitspreads Covid? with.All it has to do is hold player who appeared in any game since 1871. ernments, revivethe ill-con- unemployment) did more Whyshould anyone contrib- the line. Between 1982 and 2012, Ivisited the Hall of Fame and ceived “enhanced” unemploy- harm than good. Mrs. Pelosi utetoIllinois’ssinking pub- Write to [email protected]. Museum seven times.The most memorable visit wasmyfirst, in June 1982, when Idid research forthe firstof10baseball- related books Iwould writeoverthe next three decades.It wasathrill to see the placeand enjoythe wonderfulFrank Macron Seeks an Enlightened Islam Capraambianceofthe town in which it is located. It was during that firstvisit that the death of Satchel Paige, the first HOUSES OF Emmanuel religion. (The word means anticlerical program. Passed oneexample.Aspart of his black pitcher to playinthe American League,was announced. WORSHIP Macron has “secularism.”)Atameeting in 1905,itaimed to drivethe antifundamentalist push, Mr. As befittedbaseball’sequivalent of Westminster Abbey,the By Christopher resolved to with the French Council of the Catholic Church out of Macron has called formore flagsonthe front plazawereloweredtohalf-staff and alarge Caldwell be the pres- Muslim Faith (CFCM), an offi- France’sinstitutional and edu- Arabic instruction in schools. portrait of Paige, draped in black crepe,was displayedonan ident who cial Islamic umbrella group cational life. Adecade before, TheFrench leaderswho in- easel inside the main entrance. finally eases created almost two decades the church had takenthe side vented laïcité knewthe Paige’s passing capped a movement for inclusion that tensions over France’syoung agobythen Interior Minister of the armyinthe Dreyfusaf- church.They were often had begun on July 25, 1966, when slugger Ted Williams was and growing Muslim popula- Nicolas Sarkozy, Mr.Macron fair,ascandal in which senior lapsed Catholics themselves. inducted into the Hall. When Williams took the podium, he tion. Everypresident since addedmoredetail. TheCFCM officerscollaborated in the Nowwhen they sing the was tanned and in great shape—one writer said he looked Valéry Giscardd’Estaing in would createa“national coun- framingofaJewish captain praises of an “Islam of the En- like Rock Hudson and sounded like John Wayne. After the1970s has resolved to do cil of imams.” Preacherswould on espionagecharges. lightenment,” one wonders thanking a number of people and speaking on the virtue of that. None succeeded, and the be accredited, or licensed, like Devout Catholics have often whether this is arealistic hard work, he brought up the subject of Willie Mays, who stakes have risen with each doctorsand lawyers. By next chafed under laïcité.But hav- prospect or afigment of their had just hit his 522nd home run, which put him ahead of failure. week the CFCM is expected to ing either lived through or ideological imaginations.Mus- Williams. “He has gone past me, and he’s pushing, and I say On Oct. 16,aChechen-born createa“Charter of Republi- studied the Dreyfusera,they lims maypreferthe real Islam to him, ‘Go get ’em, Willie.’ Baseball gives every American 18-year-old living west of canValues” to which the or- understood laïcité’s historic they have studied and lived to boy a chance to excel. Not just to be as good as someone Paris decapitated the school- ganizations that makeitup the licensed, accredited Islam else, but to be better than someone else. This is the nature teacher Samuel Paty,who had will adhere. “Some will sign of “Republican values” that of man and the name of the game.” lately shown cartoons mock- and some will not,” the presi- Laïcité worked well Mr.Macron is proposing. Afterpraising Mays,Williams paused. He then swept ingthe Prophet Muhammad dent reportedly said at the EveryWestern countryhas his hand toward the hall behind him and expressed an to junior-high-agekids in a meeting.“We will be watching. with Catholicism, but aversion of this problem. All unexpected wish: “I hope that some daySatchel Paige civics classonfreespeech. On Either youare with the Repub- how hard is it to tame our treasured “values” were and Josh Gibson will be votedintothe Hall of Fame as Oct. 29,a20-year-old Tuni- lic or youare not.” formulated forasociety more symbols of the great Negroplayers who arenot hereonly sian,who had been refused In recent weeks Mr.Ma- a domestic religion? uniform and moreorderly because they were not given the chance.” asylum in Italy afterarriving cron has takentobrowbeating than today’s. Whydoweas- by boat the month before, the Anglophone press, notably sume these values will survive showedupinthe south of the Financial Times and the logic.Today’syoung Muslims diversity? Whydoes France An oversize, lavishly illustrated celebration France. He stabbed to death NewYork Times.They mis- have no such folk memory. assume that asystemdevised of America’s favorite trading-card icons and two worshipersand asacris- take his hostility to Islamism And historyhas moved on. In to subordinateits historic re- taninthe NotreDame Basilica forahostility to Islam, he 1905,massmovements—so- ligion canservejust as well theshrine createdfor them in Cooperstown, N.Y. in Nice. complains,and misunderstand cialism aboveall—wereready to mediatebetween itsmore Even beforethe incidents the logic by which laïcité me- to provide antireligious muscle recent secularism and a(ris- Mr.Macron had made amajor diates between religion and forthe state. Todaythey are ing) foreign religion? Fora This watershed moment sparked a movement to admit speech about Islamist “sepa- the state. Do they really? weaker,and they faceadiffer- long time laïcité has rested into the Hall those who’d excelled in the Negro Leagues, ratism.” He aims to limit the Morelikely they have simply entreligion, one that does not lessonits ownlogic than on and in 1971 the Hall of Fame’s newly formed 10-member sponsoring of imamsbyfor- looked at France’sIslam pol- feature “turn the other cheek” the forbearanceofits citi- Committee on the Negro Leagues named Paige its first eign governments. He has dis- icyoverthe past two decades among itsprecepts. zens.Under conditions of honoree.Atfirst these players were to be admittedonly solved organizations allegedly and begun to question Nor does Islam have any globalization, massmigration as honorary members whose plaques would be hung in a sympathetic to Islamic radi- whether laïcité is the right hierarchythrough which the and the ethnic and religious separate gallery, but in the weeks between Paige’s selection calism, such as the charity Ba- tool forit. state’scommands caneffi- recomposition of that citi- and his induction, the outcry from both press and public rakaCity and the “antiracist” Laïcité wasnot enacted ciently resonate. When zenry, such forbearancecan against token membership grew so loud that the Hall Collectiveagainst Islamopho- prospectively as ameans of Combes told the church to no longer be assumed. granted him full membership, and his plaque was hung in bia. He plans to ban home securing religious freedom, close thousands of schools, the main area. schooling,popular among reli- the way America’sFirst bishops obliged. Laïcité re- Mr. Caldwell is acontribut- A few summers later, my wife and I led a three-genera- gious Muslims. Amendment was. TheLeft- quires such institutional inter- ing editor of the Claremont tional pilgrimagetoCooperstown. It included our two sons, Mr.Macron is putting al- Bloc government of Radical locutors. WhereFranceonce Review of Booksand author their cousin and my mother,whose interest in baseball was most all his eggs in the basket Prime Minister Émile Combes tore down Catholic institu- of “The AgeofEntitlement: certainly lesskeen than that of the youngsters. But she of laïcité, the 115-year-old conceived of laïcité as the tions,itmust nowbuild up America Since the Sixties” (Si- washappy to be therebecause,inoursasinsomany French system forregulating centerpieceofanexplicitly Muslim ones.The CFCM is mon &Schuster, 2020). other American families,thereweremeaningfullinks to the game. In her case, the connection dated back to her childhood and her grandfather, who had been a business associate of Charles Ebbets, of Ebbets Field fame, and by Unemployment Bonus Proves Its Harm extension a fan of the Brooklyn Dodgers and baseball. She had grown up with the old man’s own wall of fame, which By Casey B. Mulligan mentsthan they would earn fits—which would have been We estimatethat Mr. included photos of Jimmie Foxx, Lou Gehrig and Babe Ruth. And Stephen Moore from working.Manyworkers optimalfor job growth—but Trump savedbetween three If my mother were still with us,paging through “The could gettwiceasmuch in- he did cut them to $300 a million and five million jobs National Baseball Hall of Fame Collection” would have ongressional Democrats come forstaying unemployed. week.Americans subse- by refusing to cave in to Dem- again reminded her of her grandfather’s wall. Thebook, C and some Republicans Yetthe CBO and manyaca- quently rushed to fill jobs and ocratic demands for six more though it’sindeed aspur to manywonderfulbaseball arefrantically trying to demic economistsstrangely the unemployment rate fall months of supplemental bene- memories,isnot without itsshortcomings. To start, it lacks stitch together another $1 concluded that continuing rapidly.Somuch foreconomic fits. an index, which is the only way to tell which of the 333 Hall trillion “stimulus” bill. Why? these payments(on topof ruin. What’sthe lesson? Extend- of Famersare included—or leftout. Mr.Buckley,aprolific Theeconomyand jobs market normal unemployment bene- Bureau of Labor Statistics ing the $300 weekly bonus book packager and writer on sports, profiles only about half have far exceeded expecta- fits)would be good forthe datashowthat from May benefitsfor 18 moreweeks in of the inductees.Most of the trading-cardicons arehere, of tionsofrecoveryevenwith- through July—when unem- the “slimmed down” biparti- course,but Ifound myself asking why19th-centurypitcher out the spending spree first ployment benefitswere san bill would payalmost half James “Pud” Galvin ratesaprofile and apicturewhile the proposed by Speaker Nancy Jobopeningsdeclined high—job openingssurged. As of all unemployedworkers Negroand Major League great MonteIrvin doesn’t get Pelosi in July. the Journal reported,employ- morefor staying home than even amention. In addition, some of the photos lack clarity, Sincethen, employers have sharplyinAugust, erscomplained they were forgoing back on the job.We especially in details of the players’faces,and afew of those added six million jobs—more afterthe $600 weekly having troublerehiring work- estimatethis would reduce images don’t quitematch up on thepagewith their profiles. than the Federal Reserveand ers. employment by about three On the plus side, the prose is punchy, and the book is a the Congressional Budget Of- paymentsstopped. Oncethe high benefitsex- milliontofour million work- beckoning call to all fans to make their own pilgrimage to fice predicted they would. The pired in August, job openings ers. Democratsbeware:This Cooperstown once the vaccine goes to bat against the virus. unemployment rate fell from fell forthe firsttime sincethe would happen on JoeBiden’s 13% to 6.9% in six months,no economybecause of their ef- start of the pandemic.This watch. That’sastimulus the Mr. Dickson’s latest book is “The Rise of the G.I. Army, stimulus necessary. fect on consumer spending. certainly wasn’t because the economydoesn’t need. 1940-1941: The Forgotten Story of How America Forged a In July we warned on these Paul Krugman predicted in economywas faltering.Third- Powerful Army Before Pearl Harbor.” pages that six moremonths of August that the consequences quarter gross domestic prod- Mr. Mulligan is aprofessor $600-a-week bonus unem- of not extending the benefits uct surgedata33% annual- of economics at the University ployment benefitswould keep were “terrifying” and would ized rate.The warningsfrom of Chicago. Mr. Moore is a Coming in BOOKSthis weekend millions of Americans out of “push overall consumer the CBO and Mr.Krugman member of President Trump’s Conservatism: The fight foratradition •LifeinaCornish the workforce.The CBO calcu- spending ...downbymore were all wrong: Even as the Economic Recovery Task fishing village•PrincePhilip revealed •The fiction of lated that “roughly five of six than 4percent.” bonusbenefitswerecut in Force. Both are affiliated with Shirley Hazzard •Rereading Proust •Agatha Christie’s recipients” were getting more President Trump didn’t half,retail sales increased 3% the Committee to Unleash Christmas crimes •Holidaybooks forchildren •&more from unemployment pay- fullysuspend bonus bene- from July through October. Prosperity. P2JW339000-2-A01600-1------XA

A16 | Friday, December 4, 2020 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Trump and the Georgia Runoffs Can Biden Bring Unity, Restrain Far Left?

he most important storyinpolitics for and absentee ballot drives.Republicans and in- William Galston’srecommenda- gressand myriad Never-Trump Re- the next month isn’t the foregone out- dependents who voted for Mr. Biden might be tions to JoeBiden (“Biden’sTough publicans outside of public office, T come of the presidential race.It’sthe willing to vote for the two GOP Senators with Job: Uniting Americans,” Politics & his political achievementswould Ideas,Nov.18) offer several areas have been far greater.Their reluc- two Georgia runoff raceson the President no longer on the The President will get of compromise and amorethought- tanceoroutright resistancetothe Jan. 5that will determine who ballot. But Mr.Trump won’t fulapproach to governing,but like president undermined what Trump controls the Senateand the di- the blame if the GOP let the election go. Meanwhile, manysimilar polemics,fall short by voters sought from aTrump admin- rection of U.S. policyfor the his claims that the vote is their limited scope. istration. Republican politicians’ next two years. If Republicans loses the Senate. rigged forthe Democrats To reuniteAmerica, we must re- squishinessissomething President lose those seats, President could cause manyofhis voters turn to legitimategoverning that Trump’ssupportersdetest as much Trump will be the main reason, to stay home. respectsour system and the laws as they do Democrats’ unsavory and the main casualty will be his legacy. All the more so because voluble attorneys as they exist. To accomplish this, tactics.Such Trump-supporter dis- Thetwo Republicans should be favorites. LinWood and Sidney Powell aretelling pro- JoeBiden should submit the gust is what spinelessGOP politi- Georgia is changing and Mr. Trump narrowly Trump media and Georgia voters their votes Dreamer exception, which President cians should nowfear. lost the state, but it still leans center-right. In- aren’t secure and are also attacking state GOP Obama initiated via executiveorder, GREGORY MARSHALL to the legislativeprocess whereits Marietta, Ga. cumbent David Perdue nearly won the 50% he officials.The President’sson, Donald Trump Jr., violation of current lawcan be needed to avoid arunoff,and Democratic chal- has said voters should still support the two Sen- dealt with; promise to submit the When Ihear that Mr.Biden lenger Jon Ossoff couldn’t win a House race in ators. But don’t be surprised if Democrats try Iran nuclear agreement to the Sen- wantstounitethe country, all Ican the Atlanta suburbs in 2017. to suppressthe ruralTrump vote by playing up atefor ratification if he decides to envision is NancyPelosi petulantly Appointed incumbent Kelly Loeffler survived these GOP divisions. reinstateitand, finally,apply the tearing up her copy of the presi- abrutalprimarychallengefromRep.Doug Col- Thestakesare high. Thedifferencebetween same treatment to anyclimate- dent’sState of the Union speech. lins, but the state party is now united behind a Senate led by Republican Mitch McConnell changeagreementshewishes to That is themost perfect example of her. Her challenger, pastor Raphael Warnock, and one led by Democrat Chuck Schumer recalls join that bind the U.S. to action. what is wrong with the countryand is a genuine man of the left who has been ar- Mark Twain’s line about the differencebetween These would be powerful steps in causing division. Letusget back to rested at social-justiceprotestsand believes in lightning and a lightning bug. A 50-50 Demo- returning the nation to the consti- being civilized people,practicethe the Bernie Sanderscanon. craticSenate, with aVicePresident Kamala tutional government that has both TenCommandmentsand use the unified us in the past and propelled “golden rule.” We were fine until Theargument that the countryneeds aGOP Harris breaking ties, means a rollback of the us to unimagined stability and the emergenceofthe notion that Senatetocheck aPresident Biden and Speaker Trump taxcuts. That'sacertainty.Italso means prosperity. it’salways someone else’sfault, not Nancy Pelosi should resonate with voters now Democratscould use the Congressional Review LT. COL. FRITZ MEHRTENS, USA (RET.) ours. Letusaccept responsibility. that it’s clear President Trump has lost. The Act to repeal most of Mr.Trump’sderegulatory Irvine, Calif. We who have lived in this coun- problem is that Mr. Trump keeps stepping on actions of the last year or longer. tryand have loved it and fought for that argument, and muddling the GOP message, Republicans would no longer chair Senate Mr.Galston’scolumn could be re- it don’t want to have anymoreof with his claims that Democrats in Georgia and committees that could vet Biden nominees or cast as “Trump Voters Sour on the turmoil of the last four years. elsewherestole the election. Thepolls show investigateadministration actions.Don’t think SquishyRepublicans.” Had Presi- Can we try? tight races that Democrats could win. West Virginia’sJoe Manchin will resist the dent Trump not been hampered by MARTIN SAMPSON Mr.Trump has tweeted endorsementsofthe Democratic majority when he’s really needed. unsupportiveRepublicans in Con- Austin, Texas two Republicans,and he plans to attend arally He might oppose acarbon tax, but he’ll be there in Valdosta on Saturday evening. But he’s also for most everything else. attacking GOP Gov. Brian Kemp and Secretary Mr.Trump is already sounding likehewants What Do We Expect From Our Corporations? of State Brad Raffenspergerfor not overturning to run again in 2024, and his stolen-election the result in astate he lost by 12,670votes.It’s claims sound likeanopening bid forcampaign In “Woke Capitalism in aSecular not mentioned is that companies and an unfair rap, as the stateconducted ahand re- donations.Atleast fornow he cansay,with jus- World” (Houses of Worship,Nov. their CEOs arelikely substituting count of every ballot. Mr. Trump lost the race tification, that he helped the GOP gain seatsin 27), Andrew Abela says that success these actions forthe moresubstan- by doing worse in the Atlanta suburbs than in the House and avoid a rout in the Senate. But of acorporation “cannot be reduced tiveones that the BusinessRoundta- 2016,ashealso did in manyother suburbs that narrativechanges forthe worseifthe GOP solely to profitability.” And whynot? ble recommended: “Rather than sim- around the country. loses in Georgia after Mr. Trump divided his Mr.Abela claims that corporations ply working in the interest of Theattacks on fellowRepublicans arecaus- ownparty to servehis personal political inter- should be driven by “principles” de- shareholders, the organization af- rived from faith or “some other last- firmed that companies also should ing asplit in the party that could help the Dem- est. He needs a GOP Senate nearly as much as ing,existential commitment” instead commit to delivering value to cus- ocrats, who are flooding the state with money Mr. McConnell does. of the latest progressivecauses.But tomers, investing in employees,deal- the principles of faith, at least as ing fairly and ethically with suppli- understood in 2020 America, are ers, and supporting local The FDA’s Political Inoculation subjective, subject to shifting social communities.” TheBusinessRound- mores and the differing beliefs of in- table’sprinciples were abandoned in he U.K. on Wednesdayapproved Pfizer- essentially aplacebo to reassurethe public it will dividual corporateexecutives.Profit- the 1970s when American corpora- BioNTech’svaccine,and no doubt many be safetoget inoculated. There’snoevidence ability has the benefit of being more tions embraced Milton Friedman’s T Americansare wondering as thousands that athree-week reviewisneeded. TheU.K.’s objectivewhile,asany student of pronouncement that businesses’ die each daywhy the U.S. Food Medicines and Healthcare Milton Friedman knows,providing main purpose is to makeasmuch and Drug Administration Why the U.K. has productsRegulatoryAgency the most social utility. money as possible forits sharehold- ANTHONY KROGER ers. Had they not pursued Fried- wasn’t first. Blame politicians approved a vaccine with 1,320 employees scruti- Houston man’spolicy, it is likely that we who promoted public skepti- nized Pfizer’s dataonarolling would not even be having adiscus- cism of avaccine that U.S. reg- faster than the U.S. basis,and the FDAwith 17,000 Mr.Abela lamentsthe Business sion of “wokecapitalism” today. ulatorsnow feel they must staff could do the same. Roundtable’sredefined purpose of a We areall part of the fabric of remedy. Defending the FDA’sslower corporation as having been hijacked humankind, and anydisproportion- Twoweeks agoPfizerand BioNTech applied review, AnthonyFauci of the National Institutes by awokemovement that has com- ateallocation of resourcestoone to the FDAfor emergencyuse authorization of of Health explained “wehavethe gold standard panies becoming politically active. group at the expense of another their vaccine,which they reported was95% ef- of a regulatory approach with the F.D.A.” and He suggeststhat companies should group will cause that fabric to tear, fective. TheFDA then scheduled an online pub- “the U.K. did not do it as carefully and they got not be engaging in political activism, weakening or destroying the entire lic meeting on Dec. 10 with outside experts to a couple of days ahead.” But vaccine makers but instead should “work on the fabric. good that they were established to NANCY J. KINER discussthe authorization and allowedthe pub- have no incentive to conceal safety problems do.” But the moreimportant point Homosassa, Fla. lic to submit comments. given their reputation risk, and there’s no evi- FDA Commissioner Stephen Hahn tweeted dence Pfizer cut corners. Thursday: “Send your commentsinbeforethis Inoculating health-careworkersisbecoming What’sWrong With AccurateVoter Rolls? group of outside expertsmeetstodiscussapo- increasingly urgent as manyget sick or have to tential emergencyuse authorization fora quarantine afterbeing exposed to the virus. Jana Morgan’sletter“H.R.1Will to criticizeOhio’s “purge” of its #COVID19 vaccine.” This is a nice gesture to- Hospitals arestrained by surging cases,and MakeAmericaMoreDemocratic” voterrolls.Shortly aftervoter rolls ward transparencyand democracy, but isn’t this staffing problems arelikely to worsen. Nursing (Nov.25) is typical of progressives’ were updated there, Ohio voting pat- supposed to be a scientific review? home residents who would be prioritized for demonization of those who disagree terns moved in aconservativedirec- These outside “experts” will also have less Pfizer’s vaccine makeup40% or so of U.S. with their plans to corrupt election tion. Afterthe messofthis Nov.3 knowledgethan FDAscientistswho have been deaths.Delaying vaccine approval even acouple protocol. She accuses Kimberley election in Democratic-controlled Strassel of making apartisan attack states,Imust conclude that the pro- working alongside vaccine makersoverthe last of weeks could lead to thousands,ifnot tens of on “any effort to improveour elec- gressives’ desireto“count every nine or so months providing real-time feedback thousands, of more deaths. tion system” (“Harvesting the 2020 vote” really means “count everyvote on their clinical trials.Mr. Hahn, however, com- The FDA has long been cautious when ap- Election,” Potomac Watch, Nov.13). that lands in aballot box” regard- mitted to this process in the fall as Democrats proving new medicines, which has resulted in Ms.Morganhas made the classic er- lessofits chain of custody or the le- like Kamala Harris and New York Gov. Andrew delayedtreatments forlife-threatening dis- rorofconflating anyattempt to crit- gality of itsarrival there. Ohio has Cuomo warned the Trump Administration was eases likecancer.But itsself-protectiveinstinct icizeher pet bill with resisting any done the right thing in cleaning up rushing approval. and desire to compensate for reckless politi- attempt at reform. She has the gall itsvoter rolls as an effectivemethod In other words, this regulatoryrigmarole is cians endanger public health. of ensuring fair and honest elections forall itscitizens. Yes, Cheers for Dow 30,000 JIM COX Jimmy Lai, China’s Lie But Consider the Debit Side Xenia, Ohio Your editorial “TheDow Hits Ms.Morganresponds to Ms. oone is betterknown acrossthe world bly of the citizens of Hong Kong.” 30,000” (Nov.25) notes that since Strassel’scolumn on voter-integrity foradvocating democracyinHong Kong Theoriginal sanctions list of 11 announced in the 2016 election the Dowhas in- legislation proposal H.R.1byinclud- N than publisher JimmyLai.Sowhen August included Carrie Lam, Hong Kong’schief creased from 18,000.Beforewecel- ing the assertion that the bill would Hong Kong policepicked him up Wednesdayon executive, and Chris Tang,the policecommis- ebratetoo much, should we con- outlawpurging of voterrolls in any dubious fraud charges, China wassending aclear sioner.InNovember four morenames were added, sider that in that same period total stateofthe names of those who message: If youoppose us anywhereinthe notably officials Edwina Lau, head of the National public debt has increased from $18 have died or moved, including to an- world, we will crush you. Security Division of the Hong Kong PoliceForce, trillion to $27 trillion (a 50% in- other state. She states this as if that In Mr.Lai’scase the decision to arrest him and SteveLi, the senior superintendent. crease) while America’scorporate representsaprima facie improve- over the terms of abusinesslease sends the ad- TheU.S.should consider adding moreoffi- debt is approaching $11 trillion and ment to election laws.Ifhaving a consumer debt rose to over $14 long-dead person’sname listed on ditional messagethat anychargeswill do. cials to the list. It might also announceitis trillion through the firstquarter of active-voter rolls aides vote integ- Though the fraud charge is not as serious as taking asecond look at Hong Kong’slegal sys- 2020? Is this just acase of the rity,itcertainly isn’t apparent why some of theothershealready faces,especially tem. If lease disputes canbecriminalized to go debitsequaling the credits? What that is.Ifthat condition helps po- on national security,its purpose is to dirty him afterpolitical opponents, perhaps the govern- happenswhen all this forward tential cheaters, that appearsobvi- up beforehegoes to trial on the others. The71- ment should advise U.S. courtsthat contracts spending ceases or,heavenforbid, ous.Her assertion indicates achasm year-old wasdenied bail. in Hong Kong should no longer be presumed has to be paid back? What happens in thought that leavesmebaffled. It’snocoincidencehewas detained the reliable.The sooner Mr.Biden makes clear to the DowJones Industrial aver- JAMES W. BENEFIEL same daythree other pro-democracychampi- theseand other moves enjoybipartisan sup- agethen? Dunedin, Fla. ons—Joshua Wong,Agnes Chowand Ivan port, the betterhewill be in his owncoming MARK R. SPENCER Lam—pleaded guilty and were sentenced to dealingswith China. Flagstaff, Ariz. prison forparticipating in 2019 protests Themost powerful messagethe U.S. cansend Pepper ... againstaproposed extradition law. House to China is moral. In his famous 1974essay “Live CORRECTION And Salt Speaker NancyPelosi rightly denounced the Not By Lies,” Alexander Solzhenitsyn said the THE WALL STREET JOURNAL sentences as “appalling.” best way to resist wastorefuse to participate Theclassic Dave Brubeck Quartet We trust JoeBiden is paying attention. No in the everyday lies all Communist regimes de- broke up in 1967 and saxophonist Paul doubt he’snot eager to start trouble with China. pend on. This is particularly true with regard to Desmond died in 1977. A Monday Arts But Chinese leader Xi Jinping has his ownpriori- Mr.Xi, who demands that the world accept in Reviewstory marking the centenary ties.Heistesting whether aBiden Administra- China’slies about everything from the origins of Brubeck’sbirth, “Brubeck at 100: Be- tion—especially one seeking aclimateaccord— of the coronavirus to his incarceration of more yond ‘Take Five,’” misstated the dates. will look the other way on China’sbehavior in than amillion Uighurs. Hong Kong and elsewhere. China is nowclaiming that JimmyLai, Joshua Lettersintended forpublication should TheTrump Administration,inparticular Wong,Agnes Chowand Ivan Lamare criminals be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, SecretaryofState MikePompeo,has spoken up fortaking astand fordemocracy. Insisting on the or emailed to [email protected]. Please forMr. Lai. TheAdministration has also sanc- truth maynot immediately set them free.But the includeyour cityand state. All letters tioned Chinese and Hong Kong officials for lack of moral credibility is the regime’sbiggest aresubject to editing,and unpublished “undermining Hong Kong’sautonomyand re- vulnerability,and refusing to accept itslies must letters canbeneither acknowledged nor stricting the freedom of expression or assem- be the starting point of anyU.S.China policy. returned. P2JW339000-0-A01700-1------XA

THE WALL STREET JOURNAL. Friday, December 4, 2020 | A17 OPINION China Is National Security Threat No. 1

By John Ratcliffe head of Harvard’sChemistryDe- intentions and activities. partment wasarrested earlier this Within intelligenceagencies,a sDirector of National In- year,China wasallegedly paying healthydebateand shiftinthinking telligence, I am entrusted him$50,000 amonth as part of a is already under way.For the tal- with access to more intel- plan to attracttop scientistsand re- ented intelligenceanalystsand oper- A ligencethan anymember ward them forstealing information. ators who came up during the Cold of the U.S. government Theprofessor has pleaded not War, the Soviet Union and Russia other than the president. I oversee guilty to making false statementsto have always been the focus.For oth- the intelligenceagencies,and my of- U.S. authorities.Three scientists erswho rose through the ranks at fice produces the President’sDaily were ousted in 2019 from MD An- the turn of this century, counterter- Brief detailing the threatsfacing the derson Cancer Center in Houston rorism has been topofmind. But to- country. If Icould communicateone over concerns about China’stheftof daywemust look with clear eyes at thing to the American people from cancer research. TheU.S.govern- the facts in front of us, which make this unique vantage point, it is that ment estimates that China’sintel- plain that China should be America’s the People’sRepublic of China poses lectual-property theftcostsAmerica primary national security focus go- the greatest threat to Americatoday, as much as $500 billion ayear,or ing forward. and the greatest threat to democracy between $4,000 and $6,000 per U.S. Other nations must understand and freedom world-wide sinceWorld household. this is true forthem as well. The War II. China also steals sensitiveU.S.de- world is being presented achoice fense technologytofuel President Xi between two wholly incompatible Jinping’s aggressiveplan to make ideologies.China’sleadersseek to Resisting Beijing’s attempt China the world’sforemost military subordinatethe rightsofthe indi- power. U.S. intelligence shows that vidual to the will of the Communist to reshape and dominate China has even conducted human Party.They exert government con- the world is the challenge testing on members of the People’s trol over companies and subvert Liberation Armyinhope of develop- the privacyand freedom of their of our generation. ing soldierswith biologically en- citizens with an authoritarian sur- hanced capabilities.Thereare no veillancestate. ethical boundaries to Beijing’s pur- We shouldn’t assume that Bei- Theintelligenceisclear: Beijing suit of power. jing’seffortstodragthe world back intends to dominatethe U.S. and the China is also developing world- intothe dark will fail just because rest of the planet economically,mili- class capabilities in emerging tech- the forces of good have triumphed tarily and technologically.Manyof nologies.Its intelligenceservices use beforeinmodern times.China be- China’s major public initiatives and their access to tech firms such as lieves that aglobal order without it prominentcompanies offer only a Huaweitoenable malicious activi- at the topisahistorical aberration. layerofcamouflagetothe activities ties,including the introduction of KLEIN It aims to changethat and reverse VID

of the Chinese Communist Party. vulnerabilities intosoftware and DA the spread of liberty around the Icall itsapproach of economic es- equipment. Huaweiand other Chi- world. pionage“rob, replicateand replace.” nese firms denythis,but China’sef- Consider this scenario: AChinese- his members, but in that moment Beijing is preparing for an open- China robs U.S. companies of their fortstodominate5Gtelecommunica- owned manufacturing facility in the he’s doing China’s bidding, and the ended period of confrontation with intellectual property, replicates the tions will only increase Beijing’s U.S. employs several thousand Amer- congresswoman is being influenced the U.S. Washington should also be technology, and then replaces the opportunities to collect intelligence, icans.One day, the plant’sunion by China, whether she realizes it or prepared. Leadersmust work across U.S. firms in the global marketplace. disrupt communications and leader is approached by arepresen- not. partisan divides to understand the Take Sinovel. In 2018 afederal threaten user privacy world-wide. I tativeofthe Chinese firm. Thebusi- Ourintelligenceshows that Bei- threat, speak about it openly,and juryfound the Chinese wind-turbine have personally told U.S. allies that nessman explains that the local con- jing regularly directsthis type of in- take action to address it. manufacturer guilty of stealing trade using such Chinese-owned technol- gresswoman is taking ahard-line fluenceoperation in the U.S. I This is our once-in-a-generation secretsfromAmerican Superconduc- ogywill severely limit America’s position on legislation that runs briefed the House and SenateIntelli- challenge. Americans have always tor. Penalties were imposed but the ability to sharevital intelligence counter to Beijing’s interests—even gencecommittees that China is tar- risen to the moment, from defeating damagewas done.The theftresulted with them. though it has nothing to do with the geting membersofCongresswith six the scourge of fascism to bringing in the U.S. companylosing more China already suppresses U.S. web industrythe companyisinvolved times the frequencyofRussia and 12 down the Iron Curtain. This genera- than $1 billion in shareholder value content that threatens the Commu- in—and says the union leader must times the frequency of Iran. tion will be judged by itsresponse to and cutting 700jobs.TodaySinovel nist Party’s ideological control, and urge her to shiftpositions or the To addressthese threatsand China’s effort to reshape the world sells wind turbines world-wide as if it is developing offensive cyber ca- plant and all itsjobs will soon be more, Ihaveshiftedresourcesinside in its own image and replace Amer- it built alegitimatebusinessthrough pabilities against the U.S. homeland. gone. the $85 billion annual intelligence icaasthe dominant superpower. The ingenuity and hardwork rather than This year China engaged in amas- Theunion leader contactshis budget to increase the focus on intelligenceisclear.Our response theft. siveinfluencecampaign that in- congresswoman and indicates that China. This shiftmust continue to must be as well. TheFBI frequently arrestsChi- cluded targeting several dozenmem- his members won’t support her re- ensure U.S. intelligence has the re- nese nationals forstealing research- bers of Congress and congressional election without achangeinposi- sourcesitneeds to givepolicymak- Mr. Ratcliffe is U.S. director of and-development secrets. Until the aides. tion. He tells himself he’sprotecting ersunvarnished insightsintoChina’s national intelligence. Look Forward to a Biden on the Rhine

RememberGer- default and on the strength of her Merzisthe most free-market of the tles that breakout beneath arela- most recently the financial firm many? It’sthe efficacyrather than herinspiration. three,which sadly won’t count in his tively weak leader to shape the Wirecard,beforethat Volkswagen’s largest economyin Both the CDUand itsBavarian favor. Nor will Mr.Röttgen’shawkish party’s futurepath. Dieselgate—have exposed atoxic in- Europe,ananchor cousin on the right, the CSU, have foreign-policyviews necessarily Don’t despair entirely,however, terplaybetween privatebusiness of the European hemorrhaged voters over the past proveanadvantage forhim. because if Germanycan’t have an in- andgovernment. On foreign policy Union and the eu- decade.Sohas the SPD on the left. Their party still is likely to spiring ruling party,atleast it can the Greens aren’t exactly pro-NATO POLITICAL rozone, and (theo- But the CDUand CSUhavelost emerge with aplurality come Octo- aspiretoanenergetic opposition. or pro-American, but nor arethey ECONOMICS retically) an im- somewhat fewermembers. TheSPD ber,and Germanywill have achan- That meansthe likely runner-up entirely naive. They areconspicuous portantU.S.ally. looks likeashell of itsformer self as next October,the Green Party, Russiahawks,for instance. By Joseph C. It’s also an indus- economic transformation erodes the buoyedbywhat used to be the TheGreen game plan is to Sternberg trialpowerhouse blue-collar workforce that used to Merkel’s successor will be SPD’surban progressivewing.The emerge as the king-making coalition engaged in adiffi- be acoreofthe party’s support and party’s policyapproach is surpris- partner forwhichever party wins a cult transition to whatever economy the Green Party woos what wasonce a figurehead, but Germany ingly hard to categorize, which is plurality in October.Astring of will come aftermanufacturing,and the party’s urban progressive wing. will at least get a credible probably thekey to itssuccess. good stateand local election results still the fiscal backbone of Europe. Thequestion nowiswhether any- TheGreen Party still hews to its in recent years, their strategic mod- Andits politics have been frozenin thing canshakeupthis drearysta- left-wing opposition. environmentalist roots, although eration of elementsoftheir mani- amber foraround 15 years. tus quo.Ifchangecomes,itprobably some easing of itsanticarbon pas- festo, and ageneral appearanceof At last, changeiscoming.Chan- won’t be from the conservatives. sions in itsnew manifestomay seriousnesssuggest they canpull it cellor Angela Merkel of the center- TheCDU is in the middle of alead- cellor.But the countrymay not have broaden itsappeal in acountry off. right Christian Democratic Union is ership race that has draggedonfor aleader in the sense of apolitician dominated by manufacturing.Many Even if they don’t, Germanyat in the last year of what will have nearly ayear as the pandemic keeps who has managed to inspireanelec- of the party members’ economic least nowhas something it hasn’t been a16-year tenurewhen she delaying the party convention. The toralmandatefor something or views aretraditional left-wing. had forawhile: acredible left-wing leavesafter next October’s election. three candidates—Friedrich Merz, other.Think of this person as aBi- But they arelesshostile to capi- party.Ifthat electoral pressureacti- Whatever Germanstell pollsters Armin Laschet and Norbert Rött- den on the Rhine.What will matter talism than to crony capitalism. vatesmorevisionarythinking they think of Ms.Merkel—she tends gen—aredistinguished forlong po- alot morethan the identity of the That distinctionmatters in an econ- within the CDUtostaycompetitive, to rate highly,especially afterher litical serviceand not much else.Mr. figurehead will be the internal bat- omywhereastring of scandals— so much the better. professorial pressconferences dur- ing this year’s pandemic—their vot- ing behavior over the past decade suggeststhey’ll be ambivalent at Software Ate the World, and Soon It Will Write Itself best about her departure. Germany’selectoral rebellions By Daniel Kroening ware development struggled to nies arebeing eaten alivebynew level developer as asoftware engi- (primarily the rise of the right-wing keep pacewith demand. Thecob- competitorsemploying automated neer at Google made about Alternativefor Germany) have been oftware is eating the bler’s children need shoes. strategies to writesoftware faster, $190,000 including stock compen- nowherenear as successfulasthe ‘S world,” tech investor Marc Butsoftware production is be- shipping updates everyday to de- sation. Yet, despitebeing among Donald Trumps,BrexitsorMatteo Andreessen observed in ginning to benefit from the auto- liver newcapabilities to customers. the most expensiveemployees in Salviniselsewhere. YetMs. Merkel’s these pages in 2011. Nowsoftware mation that has driven the produc- Netflix deploys newcode an aver- anyorganization, software devel- extreme longevity in officeisn’t is writing itself. tion of hardware. Artificial ageof4,000 times aday. opersspend nearly athirdoftheir compelling evidenceofher popular- Mr.Andreessen’spoint wasthat intelligence, abroad category of time on ancillarytasks other than ity as an alternativetothe electoral the commoditization and miniatur- software that mimics human intelli- writing software. drama in other countries.Only once, ization of computer hardwarewas gence, is being applied to basic,re- Developers are in short Take software testing.Asdevel- in 2009,has she managed to win a allowing software to runnearly ev- petitiveand time-consuming tasks. operswriteprograms,they must parliamentaryplurality capable of erything.Sincethen, software has Get ready foranexplosion of soft- supply, but their products also writeprograms to test those forming an ideologically coherent penetrated everyaspect of life, ware-writtensoftware. may acquire the capacity programs.Ifthere’sanerror in coalition. Most of the time her elec- from cameras to health care and Thetrend is triggering acom- thecode,it’scheaper and easier toralresultshavebeen so poor she’s even social interactions. plete makeover of the information- to replace them. to find and fixerrorswhile the been stuck governing incoherently While software allowedhard- technologyindustry. Writing soft- software is still in development with thecenter-leftSocial Demo- ware to be manufactured automati- ware quickly is acritical rather than afterthe software has crats. cally,software itself continued to competitivemarket advantagein Moresoftware needs to be been shipped to users. Instead, Ms.Merkel has wonby be built by hand. As aresult, soft- anyindustry. Established compa- writteninthe next 10 yearsthan AI tools arenow automating thereare people to writeit. Re- that and other aspectsofsoftware search firm Gartner predicted four creation and maintenance, leaving Notable & Quotable yearsago that software-develop- the developersfreer to focus on PUBLISHED SINCE 1889 BY DOWJONES&COMPANY ment demand will be five times the morecreative partsofwhat Rupert Murdoch Robert Thomson Harvard law professor Michael J. development capacity through they arehired to do: writebetter Executive Chairman, News Corp Chief Executive Officer, News Corp Klarman writing in the November 2021. That hasn’t changed. Man- software,faster. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher 2020 Harvard Law Review: agement consulting firm Korn Today, the automation is fo- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Ferrypredictsaglobal shortageof cused on saving developerstime Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Thesecond way to pursue afairer 85.2 million skilled workersby so they canpay moreattention to Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Senateapportionment would be sim- 2030,including ashortfall of 4.3 the most difficult partsoftheir News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; ply to ignorethe constitutional pro- million workersinthe technology, jobs.Intime,researchersbelieve Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer vision mandating two senatorsfor media and telecommunications they will be able to createsoft- Andrew Dowell, Asia; AnthonyGalloway, Video & everystate as aparticularly egre- sector. ware that writes software pro- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; gious example of dead-hand control. It takestime to train people for grams completely.The ultimate Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; TheSenatecould then be reappor- these jobs.Schools arestruggling goal is to makeitpossible for Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; tioned through statuteorperhaps a to find qualified teacherswho anybodytowritesoftware simply Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News national referendum. Ignoring a want to teach instead of earning by describing what they intend Thomas SanFilippo, Customer Service; clear constitutional provision would $200,000 ayear or moreasdevel- the program to do.Software will GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; trouble manyAmericans,but the opers. According to global soft- democratizethe creation of soft- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Court has done this itself morethan ware technologycompanyiTexico, ware. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International oncewhen societal consensus only 35% of American high schools WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: strongly backed the move, such as offer computer scienceasa Mr. Kroening is afellow at LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head by ...applying the FirstAmend- course,though 58% of all new Magdalen College,University of

EDITORIAL AND CORPORATEHEADQUARTERS: ment to the Executive and the judi- STEM jobs areincomputing. Oxford,and aco-founder of Diff- 1211 Avenue of the Americas, New York, N.Y., 10036 ciaryeventhough itsreach is plainly Theresult has been higher de- blue,anAI-automation software Telephone 1-800-DOWJONES limited to “Congress.” veloper salaries.In2019 an entry- company. P2JW339000-0-A01800-1------XA

A18 | Friday, December 4, 2020 THE WALL STREET JOURNAL.

7WaystoGenerateRetirementIncome

Ultra-low interest rates and uncertain markets have retirees worried about generating much-needed portfolio income. Relief is here: This guide provides 7strategies high net worth investors use to generate income in retirement, free of charge.

Discover how much cash flow See which investments may Learnthe pros and cons of you can take from your portfolio help your portfolio last longer your retirement income options

The income strategies in The Definitive Guide to Retirement Income can help grow your portfolio despite unpredictable markets and ultra-low interest rates today or any day.Learn7 ways to create retirement income and build your wealth in this FREE guide. Written specifically for investors with $500,000 or more, this exclusive guide reflects 40+ years of investingexperience from Fisher Investments, and these financial tips have helped thousands of successful, high net worth investors retirewell. It can help you, too.

Investorswith$500,000+, claimyourfreeguide! Call toll-free 866-601-9824, text* “Guide”to68658 or visit FisherRetire.com

*Terms and Conditions at fisherinvestments.com/en-us/text-terms-and-conditions. Message and data rates may apply.Please see our Privacy Policy at fisherinvestments.com/en-us/privacy.

©2020 Fisher Investments. 5525 NW Fisher Creek Drive, Camas, WA 98607. Investments in securities involve the risk of loss. Past performance is no guarantee of futurereturns. P2JW339000-4-B00100-1------XA BUSITECHNOLNEOGY: AI RESEARSSCHER SAYS &FGOOGLE FIRED HERINAFTER DISPUTEANB4 CE

© 2020 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Friday, December 4, 2020 | B1

S&P 3666.72 g 0.06% S&P FIN À 0.01% S&P IT g 0.10% DJ TRANS À 0.32% WSJ $ IDX g 0.38% LIBOR 3M 0.225 NIKKEI (Midday) 26690.47 g 0.44% See more at WSJ.com/Markets Boeing Wins New737 MAX Order Chevron

Ryanair agrees to buy $7 billion at current list passenger flightsagain, issuing year.Boeing has said it be- lifteditNov.18. Foreign regu- To Slash prices. Ryanair chose to exer- aset of safety directives and lieves hundreds moreofits re- lators areexpected to lifttheir 75 of the jets, marking cise theoption it had to buy noticestoairlines globally. maining more than 4,000 or- MAXflight bans in coming abrightspotfor plane additional aircraftontop of Michael O’Leary, the air- ders could be in jeopardy months. Capital 135 it had previouslyagreed to line’s chief executive, said it because of the financial health Boeing is expected to re- maker after flightbans buy from Boeing. would accelerateits delivery of some customers. sume MAXdeliveries this TheRyanair deal is are- schedule forthe jets, saying Manycustomershavebeen month. United Airlines Hold- BY ANDREW TANGEL prievefor the struggling Chi- the order would help the air- able to walk away from their ingsInc.has been expected to Spending cago-based aerospacegiant, line’sgrowthastraveldemand orderswithout penalty,as be the firstcustomer to re- RyanairHoldings PLC on whichhas lost hundreds of returns. generally allowedbyBoeing ceiveanew MAXsinceAmeri- Thursdaysaid it agreed to buy MAXordersamid anearly two- “We’re proud to buy them. sales contracts, because their can regulators ended the U.S. BY CHRISTOPHER M. MATTHEWS 75 of Boeing Co.’s737 MAX year grounding following two We’reproud to flythem,” he deliveries were morethan a grounding,people familiar jets,aboost forthe troubled fatal crashes of the jet—and is said. year late. with the mattersaid. One of Chevron Corp.said it plane maker following the air- nowstruggling amid apan- As of last month, airlines TheMarch 2019 ground- PleaseturntopageB2 would cut itsannual capital craft’s prolonged grounding. demic that has sapped demand and aircraft-leasing firms had ing—after two crashes took spending budget by 26% next TheEuropean budget air- forair travel.The U.S. last canceled about 10% of Boeing’s 346lives—lasted nearly two  Heard on the Street: Max year and sharply through the line’sdeal is worth morethan month approved the MAX for outstanding MAXordersthis yearsuntil U.S. regulators pressure on jet’s margins.. B11 middle of thedecade,asthe coronavirus pandemic forces an industrywide reappraisal of fossil-fuel investment. Luminar Chevron said it would spend $14billion next year and no morethan $16 billion ayear Makes through 2025.Itpreviously said it would spend $19 billion to $22billion ayear through Yo ung 2024 beforethe pandemic. The reductions by the U.S. oil giant followthose an- Founder a nounced this week by rival Exxon Mobil Corp., which on Monday said it wasreducing Billionaire its yearly capital spending by about $5 billion to $10 billion

(2) each year through 2025. BY MATT GROSSMAN Exxon, which has lost more than $2.3billion over the first Luminar Technologies Inc., JOURNAL three quartersofthis year,

which produces sensor tech- REET also said it would slash the nology forself-driving cars, ST book value of its assets by up started trading publicly Thurs- LL to $20 billion. WA day and made its 25-year-old By some measures,the pan- THE

founder and chief executive a R demic hit the energy industry billionaire. FO harder than anyother major Austin Russell began Lumi- TIS segment of the U.S. economy nar in 2012 at age17, when he CUR in 2020.Oil-and-gas compa- leftStanfordUniversity and nies collectively lost more

accepted afellowship from the WHITNEY market value,onapercentage foundation of entrepreneur Dry-icepellets (left and below) used fortransporting food and vaccine, and dry-icerice, used in industrial cleaning, at CeeKay Supply. basis,fromthe beginning of and venturecapitalist Peter the year than anyother major Thiel to develop the company. sector.Dozens of companies Mr. Russell will retain 83% of ‘Mad Scramble’ Is On for Dry Ice, sought chapter 11 protection thevoting powerinLuminar from creditors, while tens of and serve as its chairman. thousands of oil workershave Luminar “spent ahuge lost their jobs. amount of time just figuring Needed to Ship Covid-19 Vaccine Thesizable spending cuts outwhat waspossible,” Mr. by Exxon and Chevron this Russell said.“In some ways, week mean that there will be it’s awesome and surreal to be even less work forthe oil-field apart of this,going public.In BY JESSE NEWMAN Carbon dioxide usedtomake services companies that em- other ways, it just makes alot dryice is abyproduct of ploy manyofthe industry’s of sense.” Covid-19 vaccines awaiting ethanol output,which has ground-level workers, and that Thecompanymakes lidar regulatoryapproval will re- recoveredafter falling early oil regions in manypartsof scanners, which use pulsed la- quireultracold temperatures in the pandemic. the world will see reduced serstosense distances to for shipping and storage,and economic activity. nearby targets. In self-driving makersofdry iceare bracing U.S. ethanol production “Chevron remains commit- cars,the technologyhelps on- forasurge in demand. tedtocapital discipline with a boardcomputerscreateapic- Frozen carbon dioxide,or 1.25 million barrels aday 2021 capital budget and lon- ture of surrounding obstacles dryice,isone pieceofa ger-term capital outlook that such as other cars and pedes- sprawling supply chain being arewell belowour prior guid- trians in order to avoid colli- assembled by businesses from 1.00 ance,” Chevron Chief Executive sions. The technology has no- airlines to grocerstodeliver Michael Wirth said. table critics—including Tesla the shots. Acrossthe country, In October,Chevron told in- Inc. CEO Elon Musk—but Lu- dry-icemakersare planning to 0.75 vestorsitwould spend around minar has said it sees itstotal boost production of the frigid $14billion in 2021 and indi- addressable market growing storagematerialneeded to catedits long-term budget from about $5 billion currently ship hundreds of millions of 0.50 could be reduced as well. to $150 billion by 2030. doses to hospitals,pharmacies Chevron has lost nearly $5 bil- Luminar is another example and physicians’ offices. lion this year,but unlikeExxon of acompanymaking itsmar- Brad Dunn, vicepresident of 0.25 has managed to avoid taking ketdebut aftergetting ac- Cee KaySupply Inc., which drive that will eventually in- temperatureofdry iceis on large amountsofnew debt quired by aspecial-purpose makes dryice at threeMissouri clude other shots. Thedrug- around minus 78 degrees Cel- due to arelatively strong bal- acquisition company, or SPAC, plants, said he has fielded calls maker expectstodistribute25 sius.Avaccine Moderna Inc.is ance sheet. 0 which arepublicly traded shell from public-health depart- million doses in the U.S. this developing must also be stored The company’s share price companies formed to pursue ments, medical-supply and lo- year and another 1.3billion at cold temperatures,though Jan. June Nov. is down about 5% over the deals.Luminar wasacquired gistics companies planning to globally in 2021. notaslow as those Pfizer’s Source:Energy Department past six months and closed at in August by Gores Metropou- take part in what Pfizer Inc. Fewpharmaceutical prod- shot requires. $89.78, up 0.1%, Thursday. los Inc. Other companies that has called its biggest vaccina- ucts have required such low Once thawed, Pfizer’s vac- KaySupply canmake. He has PierreBreber,Chevron’s have gone public via aSPAC tion campaign ever. temperatures forstorage and cine canberefrigerated forup added insulated tanks to store chief financial officer,said the this year include Nikola Corp., Pfizer is expected to have transit. Pfizer’s vaccine must to five days. morecarbon dioxide and more company’sspending plans rep- DraftKingsInc.and Fisker Inc. the firstCovid-19 vaccine be shipped and stored at mi- Mr.Dunn bought amachine than 100 industrial coolersca- resent an expectation of lower Shares in Orlando-based clearedbyU.S.regulators, nus 70 degrees Celsius to re- in November to boost the vol- pable of transporting roughly commodity prices over the PleaseturntopageB4 kickingoff a massvaccination main stable and effective. The ume of dry-icepelletsthat Cee PleaseturntopageB2 PleaseturntopageB10 Salesforce-Slack Deal INSIDE Many Firms Resume Matches Faces Post-Virus Test To 401(k)Retirement Plans

BY AARON TILLEY architects of the $27.7 billion deal, including cash and debt, BY ANNE TERGESEN Mark Guinan said on a recent fit cuts to previous levels. Salesforce.com Inc.’s said that howits customers call with Wall Street analysts. “The steps we took [earlier planned purchase of work- and the wider business world Morecompanies that cut Quest isn’t alone in restor- this year] to strengthen our fi- place-collaboration software reacted to the health crisis,by the contributions they made to ing the status quo foremploy- nancial position combined pioneer Slack Technologies more rapidly adopting digital employees’ 401(k) retirement ees. T. Rowe PriceGroup Inc. with thestrong recovery of Inc.was prompted by the pan- tools, drovethe two compa- plans earlier this year arere- said 9% of the retirement automotivedemand and our demic,but itssuccess will nies together. versing course as their busi- plans it administerswith as- employees’ hardwork enabled hingeonwhether it deliversin “The technology that Slack nesses rebound and aCovid-19 sets above$25 million sus- us to end the temporarysalary the post-lockdown world. made felt more relevant than vaccine is on the horizon. pended or reduced their reductions and reinstatethe Salesforce foryearshad ex- ever before. That really moti- Consider Quest Diagnos- 401(k) matching contributions 401k match,” CEO Tim Myers plored potential deals with vatedustoget intothese dis- TECHNOLOGY tics Inc. The lab-testing com- between mid-March and Oct. said. Slack, including investing in cussions now,” Mr.Taylor said. Cell-grownchicken panysuspended the matching 31. One-thirdofthose have ei- HewlettPackardEnterprise the company, according to Thedeal will transform made in alab is contributions it made to its ther already reinstated the announced cost-cutting mea- people familiar with the talks. Salesforce intoone of the larg- $4.59 billion 401(k) plan in payments or plan to do so by sures in May, including sus- But it wasn’t until Covid-19 est players in businesssoft- approvedfor sale in April, as part of acost-cutting the end of this month. pending its401(k) match from sent millions of people home ware,and, analystssay,help Singapore. B2 initiativedue to reductions in Among the companies re- July 1toDec.31for the nearly to work remotely that Sales- turn it intoamoreformidable testing volumes. versing pandemic-related sus- 16,500 savers in its$8.5billion force came to terms with the opponent against Microsoft But when patientsreturned pensions of 401(k) matches are plan. On Jan. 1, the company appmaker—agreeing to pay Corp., which has been pushing CREDIT CARDS to medical appointments this Arconic Corp.and Hewlett planstoreinstateits 401(k) morethan 50% aboveSlack’s itsTeams software suite— Airline cardshavelost summer and Quest’s business PackardEnterprise Co. match at theprior level of closingpricethe daybefore which includes Slack-likefunc- their lusteraspeople recovered, it restarted those Arconic, a manufacturer of 100% of the amount workers TheWall Street Journal broke tions—as a newoperating sys- contributions on Aug.23, four metals and productsfor the put into their accounts, up to news of the talks. tem for companies. don’t need their perks months sooner than planned. transportation, aerospaceand 4% of pay. Salesforce Chief Operating Butthe acquisition comes amid the pandemic. B5 “Wereinstated to nor- construction industries,on “Wefirmly believeinthe Officer Bret Taylor,one of the PleaseturntopageB4 malcy,” Chief Financial Officer Sept. 1restored payand bene- PleaseturntopageB9 P2JW339000-4-B00200-1------EC

B2 | Friday, December 4, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Frontier Airlines...... B5 R Southwest Airlines Outlines Plans Amazon.com...... B3,B11 G Reliant Dry Ice...... B2 AMC Entertainment...B5 General Motors...... A4 Royal Caribbean...... B10 American Airlines Goldman Sachs...... B9 Ryanair...... B1,B11 For Its First Potential Furloughs ...... B5,B10 H S American Express...... B5 HBO...... A1 Salesforce...... B1 Arconic...... B1 Hewlett Packard Santa Monica Seafood Ascensus...... B9 BY ALISON SIDER tions with unions have stalled, suming and costly retraining stimulus packagethat could Enterprise...... B1 ...... B2 AstraZeneca...... B11 but added that the company when demand returns.South- include morefederal aid for Home Depot...... B9 Shopify...... B9 AT&T...... A1 Southwest Airlines Co.told would be willing to pick talks west has planned an ambitious airlines.Aproposal under dis- J Slack Technologies.....B1 morethan 6,800 employees up again. “Our absolutegoal is expansion strategy next year. cussion would include $17bil- B Johnson & Johnson..B11 Southwest Airlines....B2 that their jobs areatrisk to preserveevery job at Thefinal number of fur- lion in funds forairlines to Barclays...... B9 JPMorgan Chase...... B5 Southwest District without concessions from la- Southwest Airlines,” he said in loughs could end up being coverworker salaries through BioNTech....A10,B10,B11 Health...... A8 K bor unions or morefederal aid a statement Thursday. smaller than the 6,828 notices March. Southwest said fur- Boeing...... B1,B11 Square...... B9 as the coronavirus pandemic Leadersofunions that rep- issued by Southwest, which loughs could be avoided if Kering...... A2 C Stripe...... B9 continues to decimatedemand resent Southwest’s pilots and employs about 60,000 work- Congressenacts“satisfactory” Kroger...... B3 Sun Capital Partners..B3 Chevron...... B1,B10 for air travel. flight attendantssaid they be- ers. Some rival carrierssent extension of aid. L Temporarylayoffs,ifthe lieved the notices were meant Airlines employed 29,000 Chime Financial...... B9 T companygoes through with to pressureemployees.“We fewer people in mid-October, Citigroup...... B5,B9 Luminar...... B1 Target...... B9,B11 them, would be afirst for see it as aheartlessand cut- when restrictions on job cuts M Tesla...... B10 Rival carriers have D Southwest, which has never throat negotiating tactic,” said that accompanied federal aid 3M...... B4 Delta Air Lines...... B5 MarketAxess...... B10 furloughed or laid off employ- JonWeaks,president of the furloughed tens of were lifted, than they did in Tradeweb Markets....B10 Dollar General...... B11 Mastercard...... B9 ees in its 53-year history. unionthat representsSouth- mid-September,according to T. Rowe Price Group...B1 thousands of Dollar Tree...... B11 Moderna...... B11 The airline had pledged to west’s pilots. federal data. Theindustryem- U E N avoid those measures this Rival carriershavefur- workers. ploys 82,000 fewerpeople United Airlines...... B5 year. But in October the com- loughed tens of thousands of than it did in March, including Eat Just...... B2 Noble Energy...... B10 panytold unions that the com- workersasthe industrycon- thousands of early retirements Etsy...... B11 P V panywould need them to tinues to bleed cash and exec- and voluntary departures. Evolve Bancorp...... B9 Visa...... B5 Petroleo Brasileiro....B10 agree to the equivalent of a utives believeitwill take years similar notices, which are re- Southwest’snotices of po- Vitol Group...... B10 Exxon Mobil...... B1,B10 Pfizer...... A10,B10,B11 10% payreduction to offset fortraveldemand to return to quired under federal labor tential furloughs include pi- F Pinterest...... B11 W overstaffing costs. Without the same levels as before the rules, to tens of thousands of lots, flight attendantsand Facebook...... A3 Q Walmart...... B3,B9 that, the companysaid, job pandemic. workersand ended up fur- ramp workers, among others. Family Dollar...... B11 Quest Diagnostics...... B1 Willis Towers WatsonB9 losses in 2021 would be inevi- Still, airlines have sought to loughing smaller numbersof Thefurloughs would go into table. avoid job cutsand several car- employees. effect March 15 or April 1, de- Russell McCrady, South- riershavestruck deals with Southwest’sannouncement pending on the type of job. west’s vice president of labor pilotstoprevent furloughs,in could ramp up pressureon Theairline’sunions have INDEX TO PEOPLE relations,said the notices hopes of being able to quickly lawmakers, who have resumed opposed the company’scost- were necessaryasnegotia- ramp up without time-con- negotiations over another cutting proposals so far. A Guinan, Mark...... B1 O Alarik, Daniel...... B11 H O'Leary, Michael..B1,B11 B Hardy, Russell...... B10 Olesky, Lee...... B10 Benioff, Marc...... B4 J P Breber, Pierre...... B1 Johnson, Gregg...... B4 Pichai, Sundar...... B4 Butterfield, Stewart...B4 K R C Koerner, Daniel...... B2 Rathbun, Anna...... B10 Cheung, Kim-hung....A10 L Repetto, Rich...... B10 Collison, John...... B9 Roman, Mike...... B4 Lai, Jimmy...... A10 Cooke, Gene...... B2 Rosenthal, Brian...... B3 Leder, Marc...... B3 Credico, Robyn...... B9 Lyon, Chad...... B9 S D M Sankey, Paul...... B10 Dean, Jeff...... B4 McCrady, Russell...... B2 T - W Dixon, Peter...... B10 McMullen, Rodney...... B3 Taylor, Bret...... B1 CK

Dunn, Brad...... B1 TO Michele, Alessandro...A1 Tetrick, Josh...... B2 G Munnell, Alicia...... B9 Thiel, Peter...... B1 Grund, John...... B5 Myers, Tim...... B1 Wirth, Michael...... B1 SHUTTERS A/ /EP HEAR

Cell-GrownChicken, AS BR EPHEN

Made in Lab, Gets Nod ST Grounded Boeing 737 MAX airplanes, including one for Ryanair, stored in a lot near Boeing Field in Seattle, Wash., in November. ForSalesinSingapore Boeing last received new While the precise terms of regulatorsbeforeplacing an Boeing Gets MAXordersinAugust—two Ryanair’s deal weren’t dis- order for additional planes. from Poland’sEnter Air and closed, the airline has a repu- Beforethe pandemic and BY JACOB BUNGE food regulatory framework to threefromanunidentified tation for snatching up cheap government lockdowns hob- assesswhether such novel Big Order customer,the only previous aircraft while the aviation in- bled global air travel, the California food company foods meet safety standards.It sales this year. dustryisinadownturn, in- MAX’sflight ban had hurt EatJust Inc.won Singapore said aworking group including Themanufacturer hasn’t cludingplacing an order for Ryanair’s profit and prompted government approval to sell expertsinfood toxicology, epi- ForMAX wonalarge MAXdeal since 100 of the older generation the carrier to lay off employ- chicken grownfrompoultry demiologyand public health June 2019,when British Air- 737inthe months following ees and close bases. cells, a step forward for a na- reviewedcompanydataon ways’ parent companyan- the 9/11 attacks in the U.S. Ryanair first signed a deal scent technology that aims to howthe chicken waspro- ContinuedfrompageB1 nounced it had signed aletter Mr. O’Leary has repeatedly with Boeing forthe aircraftin revolutionizemeat production. cessed, manufactured and the people said United could of intent to buy up to 200 of expressed confidenceinthe 2014, when it agreed to pur- The SingaporeFood tested forsafety beforegrant- take anew MAXassoon as the planes.The deal hasn’t MAXafter itsgrounding,but chase 100 variantsofthe MAX Agency, which oversees food ing the approval. next week,but added the translated into afirm order said he would wait until the 8jets, known as the MAX200, safety and security in the Eat Just, formerly known as schedule was in flux. formally reported by Boeing. plane had been recertified by which carry 200 passengers. country, deemed the chicken— Hampton Creek Foods,said produced using cell-culture the SingaporeFood Agency technology—safefor human granted its approval in a pri- cesses likeethanol and fertil- tiveofCalifornia-based Santa canDry IceCorp., said he consumption at the levels Eat vate letter issued Nov. 26. Demand izer production.Supplies of MonicaSeafood,recently might have to ration supplies Just intends to use in chicken Thecompanyisindiscus- carbon dioxide tightened last paid $35,000 foradry-ice to food companies next year nuggets. The agency said the sions with U.S. regulatorsona spring as stay-at-home orders maker to ensurethe company to givepriority to vaccine dis- meat canbesold in Singapore potential commercial launch in Increases took effect and manyAmeri- canship boxesoffrozen tributors. as an ingredient in Eat Just’s the U.S., a spokesman said. In cans stopped driving, slashing shrimp and salmon to custom- “It’satrickysituation,” he nuggets product. 2018,the Food and Drug Ad- demand forethanol,acorn- ersthrough itsnew e-com- said.“We’ll have dryice for Eat Just said theapproval ministration and the Depart- For Dry Ice based biofuel blended into merce division as the vaccina- the vaccine over anything followed two years of discus- ment of Agriculture agreed to gasoline. tion drivegetsunder way. else.” sion and review. It opens the shareU.S.oversight of the Ethanol production has Daniel Koerner,co-owner of —Jared S. Hopkins way forthe firstcommercial technology,though no prod- ContinuedfrompageB1 sincerecovered. Carbon-diox- Massachusetts-based Ameri- contributed to this article. sales of such cell-cultured ucts have been launched yet. $30,000 worth of dryice. ide suppliersare confident meat, which uses self-replicat- “Working in partnership Requestsfor dryice arepre- they canmeet the coming de- ing animal cells to grow mus- with the broader agriculture liminary, Mr.Dunn said, since mand fordry ice, said Rich cle tissue that canbehar- sector and forward-thinking the Food and Drug Administra- Gottwald,chief executiveof vested as meat. policymakers, companies like tion hasn’t yetauthorized a the Compressed Gas Associa- Distinctive Holiday Gifts Developershavesaid the ourscan help meet the in- shot foremergencyuse,though tion,atrade group.Heesti- technologystill is in itsin- creaseddemand foranimal both Moderna and Pfizer are mated the vaccination drive That AreSureToImpress fancy, and producing meat in protein,” said Josh Tetrick,Eat seekingthat approval. would boost demand forcar- bioreactor tanks from animal Just’s co-founder and CEO. “They’reasking,‘Howmuch bon dioxide from dry-iceman- cells remains far more expen- An Eat Just spokesman said canyou makeand how ufacturersby5%nationally. sive than raising and slaugh- the first products likely to be quick?’” Mr.Dunn said. “We Mr.Gottwald said big car- tering chickens,cattleand served to consumerswould be could be busy in December.” bon-dioxide suppliersthat Special Offer hogs. Thetechnologyhas fried-chicken “bites,” to be in- United Parcel ServiceInc. also manufacturedry iceha- $20OFF drawninvestments from major troduced in aSingaporeres- said in November that it had ven’t begun increasing pro- meatpackers likeCargill Inc. taurant.Dinerswill payabout increaseddry-iceproduction duction yetbecause the prod- any purchase of $99 or more use code WHOLIDAY and Tyson Foods Inc., as well the same prices as fortradi- capacity at itsown facilities in uct has ashort shelf life. “As by 12/31/20 as such investorsasBill Gates tional chicken, the spokesman the U.S. and Canada to 1,200 soon as the demand is there, and Richard Branson. said,though it maybeseveral pounds an hour.Pfizersaid it we will ramp up,” he said. Proponentssay the method yearsbeforeEat Just canpro- has also purchased equipment Buddy Collen, general man- canease the environmental ducemeat at the same cost as to producedry iceatits facili- ager of Texas-based Reliant impact of producing meat for the traditional kind. ties in Kalamazoo,Mich., and DryIce,said he is getting calls The Smartphone agrowing world population, Eat Just said it would work Pleasant Prairie,Wis. from hospitals and health de- Photo Printer though farmers and ranchers with manufacturers in Singa- Cold JetLLC hasquadru- partmentsaswell as existing Item 95439 have been skeptical of con- pore, including the Food Inno- pled production of dry-ice customersseeking to ensure sumers’ appetitefor hamburg- vation and Resource Centre, to making equipment this year to supplies.ManyofReliant’s ersand chicken breastsdevel- produce the chicken, which it meet a“mad scramble” forca- eight plantsnationwide areal- oped in laboratories. plans to sell under the brand pacity from vaccine manufac- ready running 24/7 because of Singaporecreated anew Good Meat. turers, logistics companies high demand from food ship- andothers, said chief execu- pers,Mr. Collen said. He said tive Gene Cooke. he is working to add shifts to The Monogrammed “It’sbeen likeaherdof runice machines longer. Award Winning Glencairn mustangs,” Mr.Cookesaid. “Asthe time gets closer to Whisky Glasses Some hospitals and clinics the vaccine rollout, it’sgoing Item 12961 that areexpected to serveas to getfrantic,” he said. early vaccination sites are Demand fordry icetoship The Army Air Corps Leather Flight Jacket worried about potential dry- food has ballooned during the Item 84340 iceshortages. pandemic as consumersorder Like most health systems, moregoods online and pro- Massachusetts-based Baystate ducersintroduceorexpand Health doesn’t normally keep home delivery, executives dryice on hand and is search- said. Cee Kay’sMr. Dunn said Browse allour unique holidaygifts ing foralternativesources, dry-iceordersfromfood com- Online: Hammacher.com/giftguide said chief physician executive panies selling everything from Andrew Artenstein. pies to steak online have risen “Everyone at the same time as much as 50% this year com- Toll Free: 1-866-409-5548 is going to need the same pared with 2019.Evenhis own REUTERS

T/ thing,” he said. companywill use moredry ice

JUS Dryice,used in frozen-food than beforetosend steaks to Hammacher Schlemmer T

EA shipmentsand fogmachines, its130 employees in lieu of a Guaranteeing theBest, theOnly, andthe Unexpected for 172 years. A fillet made from lab-grown Eat Just chicken. The company is in is made from carbon dioxide, Christmas party. discussions with U.S. regulators on a possible launch. abyproduct of industrial pro- Roger O’Brien, chiefexecu- P2JW339000-0-B00300-1------XA

THE WALL STREET JOURNAL. Friday, December 4, 2020 | B3 BUSINESS NEWS Walmart Kroger Quarterly Sales Grew 11% Sets More Increase was slower of popularproductsintheir warehouses and buying holi- Worker than in recent periods; dayitems earlier in the year. stockpiling rises again Kroger said it secured an addi- tional 5,000 truckloads of in- Bonuses with more Covid cases ventoryand increased itsabil- ity to distributeby20% in the BY SARAH NASSAUER BY JAEWON KANG latest quarter. Kroger said itsdigital sales Walmart Inc.said it would Sales growth at Kroger Co. have more than doubled from payanother round of bonuses slowedduring the latest quar- ayear agoasconsumersorder to U.S. workersasthe retailer, terdespitepeople eating moregroceries online and likerival Amazon.com Inc., mostly at home,illustrating avoid going to stores.The dig- seekstoretain and reward mounting competition among ital businesswas “incremen- staffersmanaging asurge in food sellers to reach consum- tally profitable” during the sales during the coronavirus ersduring the coronavirus S latest quarter as Kroger cut

pandemic. pandemic. NEW costs, Mr.McMullen said. Digi- Walmart said it would pay While much higher than a G talsales arelessprofitable $300 cash bonuses to full-time year ago, the 10.9%increase in than in-storesales because of workers and $150 bonuses to sales excluding fuel at stores OOMBER extracostsassociated with BL

part-time associates in the open at least15months that Y/ packing and transporting

U.S. on Dec.24. Last week, Kroger reported forits quarter PERR these orders.

Amazon.comsaid it would pay on Thursdaymarked aslow- TY But doing businessduring OT

itsemployees around of cash down from earlier in the pan- SC thepandemic is costly.The bonuses. demic.The nation’sbiggest su- Kroger said it added 250 new items in the latest quarter, the most ever in a three-month span. companysaid it has spent It would be Walmart’s permarket operator posted nearly $1.3 billion on pay fourth special cash bonus paid 14.6%growthinsame-store 9.3% the quarter prior.Costco products like bigger blueber- part of the countrythan in the raises,bonuses and safety to U.S. staff since the start of sales during the prior quarter. Wholesale Corp.reported a ries and that Kroger added Midwest, he said, partly be- measures since March. the pandemic.The company Shares fell 4.4% to $30.88, 14.6% increase in comparable 250new items in the latest cause of tighter restrictions on Kroger and other grocers said theChristmas Evebo- though the quarterly sales fig- sales for November. quarter, the most ever in a public activity there. Kroger aregearing up to distribute nuses will cost $388 million. ure and profit of $631 million “Customersacrossthe three-month span. recently reintroduced purchase Covid-19 vaccinations when Walmart also paid $319 million both beat expectations. countryare still staying at Mr.McMullen said some limits on some items including they become available. in regular quarterly bonuses Other food sellershavealso home,and cooking at home is customersappear to be stock- bath tissue and hand soap. Kroger raised itsguidance on Nov.24, which the com- indicated that big sales gains nowpart of their routine,” piling again amid the latest Grocersand distributors forfiscal 2020.Itexpectstotal panyhas long paid employees areslowing.Walmart Inc.said Kroger Chief ExecutiveRodney surge in Covid-19 cases,but also have been stockpiling gro- same-storesales to rise based on store performance. in November that itscompara- McMullen said during acall not as much as this past ceries to preparefor higher around 14%. On an adjusted Walmart has reported blesales rose 6.4% in their lat- with analysts. He said that spring.Consumersare stock- demand this winter.They have basis, it expects a 50% to 53% strong sales and profit figures est quarter compared with customersare also trying new piling moreinthe Western been storing extrainventory growth in earnings per share. in recent quartersasshoppers flock to stores offering food, one-stop shopping and online- order pickup.Including typical Friendly’s Owner Hastens Restaurant Exit quarterly bonuses,Walmart said it has paid morethan $2.8billion in cash bonuses BY AISHA AL-MUSLIM buyout firm pivoted away talsought bankruptcy protec- “We’vereally learned in the have to payoff.Some of these this year. AND LAURA COOPER from the restaurant industry tion forfamily dining chain last seven or eight years that struggling businesses caved Thecompanysaid about 1.5 several yearsago following its Friendly’s,the firm agreed to a if the underlying industryisn’t during the coronavirus pan- million workerswould getthe Theowner of Friendly’s and acquisition of the largest fran- sale priceofroughly $2 million. growing and healthy, that im- demic, when local and state latest bonuses,including staff Smokey Bones restaurant chisee of hot-pot chain HuHot SunCapital acquired the for- provement is not sustainable,” lockdowns shut down busi- at Walmart stores and distri- chains is accelerating itsre- Mongolian Grill restaurantsin mer parent Friendly IceCream Mr. Leder said. nesses and kept patrons away bution centersand itsSam’s treat from the casual-dining 2016.The firm has had 13 res- Corp.in2007 forroughly Restaurant chains have in for weeks and even months. Club warehouse chain. Drivers business, hastened by astring taurant holdingsinits portfo- $337.2 million, and recovered recent yearsgrappled with in- As of the end of November, and assistant managerswould of bankruptcies among the lio over the last 15 years. some of that investment when tense competition, consumer 917 restaurants have filed for also receiveaspecial cash bo- private-equity firm’sportfolio TheBocaRaton,Fla., firm it sold Friendly’s manufacturing preferencefor healthier op- bankruptcy compared with nus, it said. companies and ongoing diffi- has faced mixed resultswith and retail ice-cream businessto tions,proliferation of food-de- 624during the period in 2019, Walmart employedmore culties for restaurants. itsrestaurant holdings, which then Dean Foods Co.for $155 liveryservices and rising labor according to Bankruptcy- than 2.2 million world-wide as Sun Capital Partners Inc., could undermine its track re- millionin2016. costs, squeezing the already Data.com. They include several of Jan. 31. previously an active investor cord in the sector. Among its Barbecuechain Smokey tight profit margins for these private-equity-backed chains: Amazon said last week it in dining chains,isexpected to holdings, six were sold Bones is likely to be the only businesses, said Brian Rosen- California PizzaKitchen Inc., would givestaff aDecember sell five restaurant holdingsin through bankruptcy,while the restaurant holding leftinSun thal, aprincipal at Atlanta- majority owned by Golden Gate bonusof$300 forfull-time 2020 alone,ifitgetscourt ap- othertransactions were tradi- Capital’sportfolio by year’s basedturnaround advisory Capital; Craftworks Holdings workersand $150 forpart- proval forasale of bankrupt tional exit deals, including its end, and the firm eventually firm Meru LLC. Inc., backed by Centerbridge time workers. Its last corona- Friendly’s by year’s end. After sale of Boston Market and plans to sell that too, said Marc Private-equity-backed res- Partners; and Rubio’s Restau- virus-related bonus came in yearsofbuying and turning Johnny Rockets this year. Leder, co-founder and co-chief taurantsalso oftencarrya rantsInc., backed by Mill Road June. thesebusinesses around, the Last month, when SunCapi- executiveofSun Capital. heavier debt load that they Capital and Golub Capital.

Give Steak PERFECTION Exquisite. One-of-a-kind. Memorable.

Make an impression that lasts with the gift of great taste OurbreathtakingMurano and exceptional craftsmanship. Every bite is perfectly aged and trimmed for asuperior steak experience. glassbeadnecklacefromItaly Give Omaha Steaks, agift like no other. Indulge in theluxuryofItalian jewelry with ourvibrant necklace! Skillfully handcrafted by master artisans,Muranoglass beadsbeam in amultitude of shapes and shimmeringcolors, adding alively look andacheerfulfeeltoany outfit.

$139 Private Reserve® Filet Mignon Plus Free Shipping

An Exceptional Gift Omaha Steaks Private Reserve® is hand-selected, extra-aged, 6 Private Reserve Filet Mignons (7 oz.) and impeccably trimmed to 4 Private Reserve Ribeye Crowns (7 oz.) deliver only the very best. 4 Private Reserve Boneless Strips (11oz.) 12 Private Reserve Angus Burgers (6 oz.) 66977KGA | Separately $950.42* 12 Individual Scalloped Potatoes (3.8 oz.) Package Price 12 Chocolate Molten Lava Cakes (4.2 oz.) $ 99 1 Private Reserve Rub (2.35 oz.) 599 Multicolored Murano GlassBead Necklacein 18kt Gold Over Sterling Silver from Italy Shop gifts online or call now to order 4-18mm Murano glassbeads.18" with a2"extender. www.OmahaSteaks.com/memorable Lobster clasp. Murano glassbeads are uniqueand mayvary. Also available in 20"$149 1.800.811.7832 ASK FOR OFFER 66977KGA

*Savings shown over aggregated single item base price.Photos exemplary of product Ross-SimonsItem #936976 advertised. Free standard shipping and handling will be applied to any shipment including An Exceptional Gift package (66977). Free shipping does not include express, rush, Saturday rush, or surcharges for deliveries to Alaska, Hawaii, Canada, Puerto Rico To receivethisspecial offer, use offercode: BRILLIANT42 and the Virgin Islands. Offer available while supplies last. Items may be substituted due to inventory limitations. Cannot be combined with other offers. Other restrictions may 1.800.556.7376 or visitross-simons.com/brilliant apply.All purchases acknowledge acceptance of Terms of Use.Visit omahasteaks. com/termsof-useOSI or call 1-800-228-9872 for acopy.Expires 1/28/21. SRC0767 In collaboration with the Italian Trade Agency,the Ministry of Foreign THE EXTRAORDINARY Affairs and International Cooperation and Confindustria -Federorafi ITALIAN JEWELRY P2JW339000-6-B00400-1------XE

B4 | Friday, December 4, 2020 ****** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Salesforce’s10largestacquisitions Dealvalues in billions Researcher Says Krux Digital $0.7 Vlocity $1.2 Buddy Demandware $2.9 Tableau Software $16.3 Google Fired Her Media $0.7 2011 ’12 ’13 ’14 ’15 ’16 ’17 ’18 After AI Dispute ’19 ’20 ExactTarget $2.6 Quip $0.6 MuleSoft $7.0 BY ROB COPELAND In her tweets, Ms.Gebru ClickSoftware Technologies $1.4 said thecompanysought to Aprominent artificial-in- characterize her departure as *Pending Slack Technologies* $27.7 Note:Only acquisitions greaterthan $0.6 billion areshown. Doesn’tinclude acquisitions prior to 2012. telligenceresearcher says she aresignation. Mr.Dean said Sources: Dealogic; the companies wasfired by Google aftershe that Ms.Gebruthreatened to refused to retract aresearch resign if he wouldn’t reveal that relationship sinceI’ve paper and complained about whoatGoogle had reviewed Salesforce- been at Salesforce,” Mr.Taylor thecompanyinanemail to her work.Ms. Gebru, 37 years said. “That has been really an colleagues. old, didn’t respond to re- asset in these discussions.” Computer scientist Timnit questsfor comment. Slack Deal Mr.Butterfield, at Sales- Gebru, the co-head of Ms.Gebruheld skeptical force’sannual customer meet- Google’sEthical Artificial In- viewsonartificial intelli-

S ing Wednesday, said, “This is a telligenceteam, said her de- gencethat were unusual in- pivotal moment and the op- partureappearstohavebeen side Google,according to

Faces Test NEW

G portunity to really transform precipitated by her email, people who knowher.She the way that we work so that sent last week to awide wasanoutspoken critic of

ContinuedfrompageB1 OOMBER we’renot as reliant on the group inside the search giant tools used by lawenforce-

with challenges, and risks. /BL physical office.” and reviewedbyThe Wall ment to predict and prevent “Slack is anicestart, but When Mr.Taylor and Mr. Street Journal. Theemail crimes,having said she found

it’s not the end,” said Gregg MORRIS Butterfield put forwardtheir opened with “Hi friends,” and that they discriminated

Johnson, a former Salesforce UL idea foradeal, Mr.Benioff said went on to criticize her supe- against darker-skinned peo- executivewho led develop- PA he waseasily convinced to pay riors. Google executives ple.For example,she pub- VID

ment of the company’sprivate DA topdollar forSlack.“This is squelched her research, she lished widely disseminated social-network product called Slack commanded a high price from its buyer. biggerthan I’veeverthought it wrote, and ignored her feed- research showing that facial Chatter and left the company could be,” he told analysts back on issues like thepro- recognition algorithms are in 2016.“If Salesforce wants around 14%sincethe Slack integration in part out of con- Tuesday, as Salesforce posted portion of female employees more likely to misidentify to competehead-to-head with deal news first surfaced. cern moving quickly could be record quarterly sales. in the company. people of color. Microsoft, they need more Mr.Taylor arrived at Sales- disruptive. Theproposed transaction is Google’shead of AI,Jeff Ms.Gebruwrote in her than what Slack has to offer.” forcethrough one of those ac- Slack had long been consid- the latest this year in which a Dean, in an internal email, email, earlierreported by One area the companymay quisitions,when the company ered an acquisition target,but big tech companyhas used its told staff that an internal technologypublication Plat- need to beef up, Mr. Johnson bought document collabora- Chief ExecutiveStewart But- pandemic-fueled stock priceto team determined that Ms.Ge- former,that Google told her said, is video technology—a tion startup Quip Inc. in 2016 terfield pursued asolo path as help pay for an acquisition. bru’s most recent AI research nottopublish newresearch feature forwhich Microsoft formorethan $500 million. he preached a vision of an of- Graphics chip maker Nvidia wasinsufficiently rigorous. anddidn’t provide asatisfy- and Zoom Video Communica- TheQuip acquisition waspart fice in which collaboration Corp.said it would use stock He also said sheencouraged ing explanation as to why. tions Inc.havedrawn investor of an earlier effort by Chief software wasanalternativeto in its planned $40 billion ac- colleagues not to participate Theresearch concerned AI, enthusiasm while Slack largely ExecutiveMarcBenioff to email and aplatform around quisitionofchip-design spe- in Google’s diversity,equity thosepeople say. AI is apri- missed out. break into the workplace-col- which companies could inte- cialist Arm Holdings.And Ad- andinclusion programs,and ority of Google Chief Execu- ThepriceSalesforce is pay- laboration market, though an- grate various business tools. vanced Micro Devices agreed that he wasdisappointed tive Sundar Pichai,who fre- ing forSlack “seems rich,” UBS alystssay it hasn’t become a Slack rejected atakeover to buy chip maker Xilinx Inc. about that. quentlycites it as key to the analyst Karl Keirstead said, meaningful success. proposal from Microsoftin for $35 billion with shares. Writing about how company’sfuture. driving up the stakes to deliver Thecompanydidn’t re- 2015,and the startup went Salesforce shares were up Google’sactions made her Google,whose parent Al- an attractivereturn forthe in- spond to arequest to com- public last year. around 50% this year when the feel, Ms.Gebruwrote:“you phabet Inc.employs more vestment. Analystsbroadly ment on how Quip is doing. To assemble the deal,Mr. Journal firstreported the arenot someone whose hu- than 132,000 full-time work- trimmed their expectations for Salesforce said it would Taylor,aformer chief technol- companywas in advanced manity…is acknowledged or ers, has struggled with its Salesforce’s profitability to re- makeSlack aprimaryinterface ogyofficer at Facebook Inc., talks to buy Slack.Mr. Benioff valued in this company.” Ms. fractious workforce in recent flect the addition of Slack, itscustomerswill use to tap andMr. Butterfield drew on said the company’ssuccess Gebru, who is Black,often years. Thecompany, which which has been posting losses. intoits broader suiteofsoft- personal ties built up over during the pandemic embold- spokepublicly about what long tolerated spirited debate Salesforce,which spent $15 ware tools.But some analysts more than a decade. The two ened it to strike. When the vi- she called the failingsofthe among colleagues,has more billion last year on data-ana- arguethat bringing Salesforce’s executives gottoknoweach rusfirst struck,Salesforce was technologyindustryonequal- recently made rules intended lytics platform Tableau Soft- software together with Slack’s other,Mr. Taylor said, when cautious, he said. ity and diversity issues. to curb political conversa- ware Inc., has drawnanalyst could be achallengeortake Mr. Butterfield ran Flickr, the “Wewerehiding,and we By this Wednesday, she tions.Google has also added and investor criticism for time.When Microsoftbought social photo-sharing platform were likeeveryone else under said she wasfired. “I was corporatemoderatorsto some of itsdeal making and the business-focused social-me- that wasbought by Yahoo Inc. our desks.Then we’vereal- firedby@JeffDean formy manyofits internal affinity the impact on itsprofitability. dia network LinkedIn Corp. in “I’veknown Stewart for ized, wait aminute, we can email,” she wroteinaTwitter groups,which it says is de- Salesforce shares aredown 2016,itmoved slowly on the many years, and I’ve retained succeed through this.” post that tagged Mr.Dean. signed to reducestrife.

ADVERTISEMENT 3M Cuts 2,900 Jobs as SalesDrop TheMarketplace BY BOB TITA and industrial businesses.Sales tied to the aerospaceindustry To advertise: 800-366-3975orWSJ.com/classifieds of 3M’sofficesupplies,indus- also have declined. 3M Co.said it plans to cut trialproductsand other goods “The pandemic has advanced 2,900jobs to reflect slumping have slumped as people stayed the paceofchangeand dis- PUBLIC NOTICES NOTICE OF SALE demand forsome of itsprod- home from work and post- rupted end marketsaround the

-GXA#% BA,A#B %XBACX'A 'F-CAGFCAZ#CG %XBACX'A F! XKKXGFXB #,BA#CG %X+XBXFG !$+&'($'"**#&' ,,#( $' '$##,+(-,# uctsduring the coronavirus poned dental appointments and world,” Chief ExecutiveMike pandemic. medical procedures. Roman said. F]*X02 YX8X0Y Y04FZ*X*0Y 5 4TLTQ 8)dT;O ];3 :NU)LUG!N!g "#(,,( +,%( !$+&'() L8U-4# 46L6=!1, 6<14# KO8O# L3 5 ,F%%!,,U- &? 2!-9!- LU 46L6=!1, 6<14 U\ G!11,?3D<16<# trialconglomeratehas experi- medical procedures areunlikely $171.83, Thursday. ]\ZX+Z*2,0 +\_2*],Y' _X23' 0X 8_3' 5 <, <"2616,L-U-4 %U-SU- 3:? '7$9W 95 VT3 VT/ =.?@Y 79N19@$3?@Y T6 ]?63$9VO A:? TV7L ?.]?R39TV5 3T 3:? 6?N196?W?V3 3T 51"W93 $]7$9W $6? S-US-6!L<-? 3!<,! &? <1" &!LB!!1 @U-4,S<%!# Z1%O <1" asliver of the hundreds of plies,such as 3M’sScotchtape year were down 1.8%, compared %id@=QTiVTOW !?"61$6L T63: 9V 3:? GT39]? T> '7$9W5 *$6%$3? $V@ E6T]?@16?5 products3Mmakes forcon- and Post-it Notes.Sales in 3M’s with the same period ayear >T6 B1"W9339V; $E6TT> T> '7$9WO S-US!-L? %U22U13? 41UB1 <, 0,-UF1" -3UU- ES<%! VT/ 7dV% /4Q@TPi 6@j2@d%.5 @i dV% Q@id &@d% #;j 3U%U-4# K!B >U-4 T;;TH# sumers, health-careproviders electronics lines and products earlier. 4Q@TP@Odi @O& 8&PTOTidj@dTL% 4Q@TP@Odi' KV; ,%%XAXFG,K XG!FCI,AXFG ,G% ,ECFF! F! 'K,XI !FCI ,C# LU9!L8!- B6L8 <33 62S-UD!2!1L, 3U%U-4 L62!# &? -!2UL! 4248 X6%!1,! KUO _TO);QO _TPTd%& [@jdO%jiVT9h f:G _TO);QO XjMid Q@d%j dV@O dV% 4Q@TPi 6@j2@d%' ;j T# i%Od =I P@TQ Ti 9;idP@jR%& O; T:J::W:# B6L8 U\[%!, U-4# K!B >U-4O C8! 4U33@QTJ9@jdO%ji3);P3 <1" B633 1UL &! "6D6"!" U- ,U3" 61 <1? 3!,,!- <2UF1L,O Z1L!-!,L!" S<-L6!, B8U 61L!1" LU &6" U1 L8! <&UD! YMjj%I _TPTd%& [@jdO%jiVT9h :Gf YMjj%I [j;;# ;# 4Q@TP -;jPi iV;MQ& O;d =% "Q%& KTdV dV% 4;Mjd' ;j i%Od d; In Debut 4U33

4j%%R E%OdMj%i _TPTd%& [@jdO%jiVT9h @O& #MjdV%j ;=QTW@dT;O d; 9j;LT&% O;dT)%i d; I;M @O& dV% Z%)%TL%jiVT9 'SS25$'%2\ S-UD5,5UW, U[ L7\ @W5[U-1 4U11\-$5'2 4U!\ SD 0id@d% Ti &Ti)V@jW%& #j;P @OI @O& @QQ TO&%=d%&O%ii;jQT@=TQTdI KTdV ', \W'$L\! 5W K\B

[@jRK@I 6@OR @O& XjMid 4;P9@OI'_@O& market value is about $7.8 bil- NA XjMid ]MP=%j :l:Gfh +@jjTi 6@OR' ]383' _@O& j%i9%)d d; iM)V 4Q@TP3 %? 1\-8\- LU 45L5=\W, 6'W3 U[ G\WW,?2D'W5'" ', XjMid ]MP=%j +X6:g$fh ^T&d;KO XK;FOTd '$R93$79J?@ 3?6W5 9V 3:95 VT39]? 5:$77 :$0? 3:? W?$V9V; $5 @?=V?@ '!15W5,L-'L5D\ '8\WL 'W! 2\W!\- R0C\$F-\! G'-L?/Q B522 lion.Mr. Russell’s stakerepre- Austin Russell, 25, virtually ringing Nasdaq’s opening bell. +:GGc [@jdO%jiVT9' __4h @O& XTP=%jK;;& :?6?9V T6 9> VT3 @?=V?@ :?6?9VY 3:?V $5 5?3 >T63: 9V 3:? '7$9W5 U[[\- [U- ,'2\" 'L SF%25$ 'F$L5UW" '22 U[ );, TJJ ,-\\W\ sentsnearly athirdofthe Z%)j%@dT;O@Q 4%Od%j'*O)3 IT39TVY /:9]: ]$V "? >T1V@ 9V 3:95 ]$5? $3 %T]8?3 G1W"?6 S4UO CL-\\L IBW\- XX4., R02\%LU-/Q" 5W 'W! LU R'Q T9OHVP U[ L7\ ,7'-\, RH ,7'-\,Q U[ 658 2\'2 UW ,-\\W\ CL-\\L" ZW$O" company, according to filings help cars makethe leap from very far intothe distanceand &T1W$L /95: 3T ]TV5173 $V $33T6V?L ]TV]?6V9V; 3:95 W$33?6O 'K\B 1E B(@6?E;.>:5 %D>@>1 0- $/[email protected]+ 72.6@6:1 $6D;E@6:1 '09.@657 K\B /. 488 (/??/ %260@/ :7,/,3 @#1=E@D?@ A6D;E@6:1 :09.@657@64 -\2'L5W8 L7\-\LU" 'W! L7'L L7\ G2\!8\! 0WL5L? 5, L7\ L\W'WL FW!\- L7\ G-US-5\L'-? X\',\,O A7\ SF%25$ 'F$L5UW itorsthat have used off-the- tems,Iwould say100%, you he wouldn’t use the technology (.69;/, 791 [email protected]@./-.6<7!69+ #,?791 &,B7B/ @8)0<<5C08614 D;=DA4A@E5 0- B522 %\ 7\2! UW 2\$\1%\- HH" H;H; 'L J#J; SO1O" K\B #"F>AF= *FN @"H [)H CZB E"(+ &@6:1 $6D;E@6:1 '09.@6A1D7 $6:, C \%0e shelf lidar scannersinneed very high-performanceli- even if it wasfree. G2'L[U-1 U- B\%6%',\! D5!\U $UW[\-\W$5W8 'W!(U- &D< !NB((- !Z$ '-F) ,(>FJ %] &&DC? Y!%!$!"#$!### !" (@6?E;.>:5 '0;E> -0E >)1 &AD>EA:> 0- L\2\S7UW5$ $UW[\-\W$5W8 S-U8-'1 ,\2\$L\! %? C\$F-\! autonomous-vehicle research. dar capability,” Mr.Russell said. Tesla didn’t respond imme- #1=E@D?@7 '@D1 #0, 2+C//2+3 G'-L?OA7\ 4U22'L\-'2 B522 %\ ,U2! LU L7\ 7587\,L NF'25Y\! Thetechnologyiscrucial to “You need to be able to see diately to an inquiry. %5!!\-+ S-UD5!\!" 7UB\D\-"L7'L C\$F-\! G'-L? -\,\-D\, L7\ -587L LU $'W$\2 L7\ ,'2\ 5W 5L, \WL5-\L?"U-LU'!4UF-W Last month, Luminar agreed *?4 +B.?4D'E+?B!#?BE'#E AVIATION L7\ ,'2\ LU '[FLF-\!'L\O A7\ ,'2\ B522 %\ $UW!F$L\! to collaborateonautonomous )"4')$(6+4"BB"D'B! %? M'WW5UW 8F$L5UW," XX4"%?M'LL7\B 2OM'WW5UW" 8F$L5UW\\-"K<4248 X5$\W,\ KUO T9J99V9" B5L7 U[Y$\, vehicles with Mobileye, an Is- #?AB1") .?4 E/" E4A1E"" 'L J;: 6-U'!B'?"CF5L\ H;;" K\B >522 C52D\-1'W" M'W'85W8 25-\$LU-"A\2\S7UW\# RHTHQ erized driving.Mr. Russell cited JT:6*H;;" 01'52# B,52D\-61'W&\',L!52,\$F-\!O$U1+ the Mobileyedeal as evidence 8#4/& "%! .#4! (3/ ,5%=:3> BBBOTJJ,-\\W\F$$[U-\$2U,F-\O$U1OLU -\$\5D\ L7\ ,-%1%, (!",.) $/&1%,%!"%#,*!%+,-% A\-1, U[ GF%25$ C'2\ 'W! %5!!5W8 5W,L-F$L5UW,O @SUW that companies focusing on *!:31:$5#= +-0. \e\$FL5UW U[ ',L'W!'-! WUW6!5,$2U,F-\'8-\\1\WL" ,/21 # .# $2!( &(!41 (24+(3 0+( '!/2 !' '!!5L5UW'2 !U$F1\WL'L5UW 'W! 5W[U-1'L5UW B522 %\ camera-based solutions sawli- 00.*#)+5'0&+/106! "%-2( (2&*(*-,)  #) 8>28)5/.8#77#= <6 'D'52'%2\O ZWL\-\,L\! S'-L5\, B7U !U WUL $UWL'$L L7\ #,#7: ,/))/)3 ,/)85 37<,) +84)%64?< 2((% ,'(&#;;(' ! #> (I;->4;; 01 F7;: ADVERTISE TODAY year,Luminar’s revenue was 30R91 *1 (+";& =4+0 &0%*8#48% 8W 82 &UO7R $12.6million, up from $11.7mil- +W8P/A< +287828A6 "W/277W0A7\K ,;VV! 6<73/&!8";8+;<>H-GG4 *74; (800)366-3975 3 TGR0T *1 'UXX '9T/+287828A6 "W/6A7O 4O77W\U ,TR;8 8%5*/9* #%4).5. 8%(.90!$ 8+4)(3%4**5. lion in 2018.Mr. Russell said 3 VR10 *' :UWA8$09T/ 4GQ +W826/.A.AO3?72AO3 /) "4-(% 79'5%*4%,5!$ 2(!15% %5!4/+5%$ Formoreinformation visit: $55 with free shipping for thecompanyhad aforward- %7A12O8172.82A/ 277X 'U762 ,V10! /) 7(9!154$! 67& wsj.com/classifieds the holiday. Order online looking order book worth $1.3 3 59*12O8XA$OUW27:A/ +. T/4OXUW\ *OA7 ,59!371 0#) &#%,2' #6*'0.9'6. 3*8OSUO2/;7W\/ 099#7W:7O6/4O77W\U *OA7 ,;RG8 at rogue-industries.com billion and expected strong 3$7UUO8W: (8I ,TR;83.SUO2657O ,@GG! '#%$. &#%,2' 53352.,6#.= ©2020Dow Jones &Company,Inc. 'UW2712 ?726UW 0A772K 'UOS>-AM23'777 1@491;T9G;01 *($$ ,/'' (#"!"#%!$&(& All Rights Reserved. or call 1-800-786-1768. profit margins on each unit of itslidar system it sold. P2JW339000-0-B00500-10FF7F3178D

THE WALL STREET JOURNAL. Friday, December 4, 2020 | B5 BUSINESS NEWS AMC Plans Airline Cards Lose Their Luster Stock Sale, BY ANNAMARIA ANDRIOTIS but completely dependent on a AND ALISON SIDER travel industrythat continues Warns of to sputter. Kimberley Moorecalled JP- Rachel Lauren recently Morgan Chase & Co. in Octo- downgraded from an AmEx Chapter 11 ber to ask if it would lower Deltacard, which carried a the $450 annual feeonher $250 annual fee, to afreever- BY ALEXANDER GLADSTONE United Airlines Holdings Inc. sion of the card. credit card.AUnited card- She nowputsmost of her AMC Entertainment Hold- holder forroughly 15 years, spending on aChase Sapphire ings Inc., the world’slargest Ms.Mooretraveled often. Preferred card,which carries a movie-theater chain, has Then the coronavirus pan- $95 fee. Ms.Lauren, who is 24 launched effortstosell more demic hit and Ms.Moore, 53 and aventure-capital investor, than $700 million of stock yearsold, scaled back her said she prefers the new card while warning that failing to spending and canceled travel because it offersmoreflexibil- raise enough liquidity might plans. ity to redeem points with dif- force it into bankruptcy. Ms. Moore, a senior direc- ferent airlines.She plans to Theequity sale could help toratanational health-care travel frequently oncethe pan- AMCavoid adebt default, if organization in Washington, demic ends. the companycan generate D.C., decided to keep the card Gordon Haff of Lancaster, enough dollarstolast it until after JPMorgan offered her a Mass.,canceled his United card widespread Covid-19 vaccina- $200 statement credit. But she with JPMorganinOctober.“It tion helpsbring moviegoers has barely used the card since, makes no sense formetobe back intotheaters, Chief Execu- and is instead mostly using paying money foraUnited club /REUTERS

tiveAdam Aron said Thursday. debit cards. TT that I’m probably not going to If AMC can’t obtain the li- Nearly nine months intothe step foot in foranother possi- quidity needed to stay afloat pandemic, banks and airlines MOHA bly closeto12months,” said

untilmovie attendancegets arescrambling to rescue their KEVIN Mr.Haff,who is 61 and works back to normal, the company airline rewardscards.The Banks and carriers are trying to rescue their rewards cards. Travelers at the airport in Denver. in software marketing. would likely need to restruc- companies have deployed the For banks, the cards repre- ture its balance sheet, poten- cardsfor years to win big- wasup20% in itsmost recent Average sign-up bonuses “You can’t get enough gro- sent an important way to tially causing a “total loss” of spending customers, but the quarter. offered with airline credit cery purchases to offset reach affluent cardholders, stockholders’ investment, ac- perksthey offer—likeflight As moreairline credit cards card solicitations,quarterly travel,” said John Grund,a market other services to them, cording to asecurities filing upgrades andairport lounge come up forrenewal, more managing director of pay- and charge them high annual Thursday. Equity ranks below access—areall but obsoletein people arerethinking whether 50,000 ments at Accenture PLC. fees.They canalso account for debt in priority and oftengets a global pandemic. the hefty annual fees are Issuersdon’t publicly dis- alarge shareoftheir card wiped out in abankruptcy re- Typically,cardcompanies worth it. Some aresticking 40,000 close swipe fees collected from business. At AmEx, for exam- structuring. don’t disclose the volume of theircards in adrawer, or their airline co-branded cards. ple, DeltaAir Lines Inc.cards AMC is aiming to sell up to spending on their airline cards downgradingtolower-frills But overall swipe-fee revenue accounted forabout 20% of to- 30,000 200 million shares,ormore versus other,moregeneral- versions.And while airlines at majorcardissuersisfalling. talcardbalances at the end of than $700 million based on purpose cards. But travel pur- andissuersexpect consumer It totaled $5 billion at AmEx in last year. the$3.63 stock priceThurs- chases were down about 70% travel to eventually return, 20,000 the thirdquarter,down24% Theairlines makemoney by day. Thecompanyproposed on Visa Inc.cards in the last they worrythat business from ayear prior.Itwas down selling miles to the banks, stock sales in September and quarter compared with ayear travel might never fully 10,000 6% at JPMorgan, and 20% at which dole them out to cus- November,filing two separate ago. Travel and entertainment bounce back. Citigroup Inc. tomersasrewards. Theair- shelf registrations to sell 30 purchases were down 69% on Some banks have launched Cardissuerssay the decline linesalso shareinthe swipe million and 20 million shares, American Express Co. cards. newairline cardsthat don’t 0 in travel spending has been fees. respectively. Other categories are faring charge annual fees and rolled 2019 ’20 partly offset by airlinecard- The airlines and their card Despitereopening the bulk better. At AmEx,spending out- out largersign-up bonuses. Note:Bonuses areeither points or miles; holders’ spending on other partnersare tied together in of itsmorethan 1,000 cinemas side of travel and entertain- Airline-card solicitations that solicitations aremailed or emailed categories, like groceries and other waystoo.Inpast crises, world-wide,AMC is burning ment wasup1%inthe third were emailed or mailed in the Source:Competiscan home improvement. Airlines airlines have asked their card cash as capacity restrictions quarter.(AmEx says this cate- thirdquarter had an average saythe declines in travel-card issuerstobuy miles in bulk in limitmovie attendanceand gory representsthe majority sign-up bonus of 50,037 miles fortravelpurchases,increased spending have been much advance, which cangivethe Hollywood studios delaybig- of its cardholder purchases.) or points, up 53% from the pointsfor grocerypurchases smaller than the declines in airlines a quick cash infusion. ticket flicks or send them People moved away from prior quarter,according to andother nontravel catego- overall ticket purchases,which This summer,when airlines straight to streaming.Ithad credit cards in general during Competiscan, which tracks ries. have plummeted. like American Airlines Group just over $500 million of cash the pandemic and the accom- credit-card offers. Still, everyday purchases But the situation is particu- Inc.and Frontier Airlines at theend of August and was panying economic downturn, Theairlines have adjusted areusually smaller than larly fraught forthe airlines. were negotiating loans from burning an averageof$115 mil- oftenusing debit cardsinstead frequent-flier programs to travel-related purchases.That Manybig banks have weath- the U.S. Treasury,the govern- lion amonth. It said in October as they sought to avoid incur- makeiteasier to earn and cantranslatetolessswipe-fee ered the coronavirus crisis ment asked the airlines to ne- it may runout of cash by year’s ring new debt. hold on to status,which allows revenue.Merchantspay swipe surprisingly well, in part be- gotiateextendedcardagree- end if it couldn’t raise more At Visa, the largest U.S. forearly boarding and free fees whenever acustomer cause Wall Street trading has mentsasacondition of funds or if industryconditions card network,credit-card seat upgrades.And some re- pays via card, with the dollar thrived in the crisis. Airlines, getting the bailout loans,ac- didn’t improve. AMC’sstock spending volume wasdown wards programs, which often amount basedpartly on pur- which gotfederal aid this year cording to people familiar closed down 16% Thursday. about 9% and debit volume give cardholders extra points chase price. worth up to $50 billion, areall with the matter.

PAID ADVERTISEMENT Naomi Maathis Sacred Stone of the Southwest is on the Brink of ExtinctionB. enturies ago, CPersians, Tibetans and Mayans considered turquoise agemstone of the heavens, believing the striking blue stones were sacred pieces of sky. Today, the rarest and most valuable turquoise is found in the American Southwest–– but the future of the blue beauty is unclear. On arecent trip to Tucson, we spoke with fourth generation turquoise traders C. who explained that less than five percent of turquoise mined worldwide can be set into jewelry and only about twenty mines in the Southwest supply gem-quality turquoise. Once athriving industry, many Southwest mines have run dry and are now closed. A. We found alimited supply of turquoise from Arizona and snatched it up for our Sedona Turquoise Collection.Inspiredbythe work of thoseancient craftsmen and designed to showcase the exceptional blue stone, each stabilized vibrant cabochon features aunique, one-of-a-kind matrix surrounded in Bali metalwork. You could drop over $1,200 on aturquoise pendant, or you could secure 26 carats of genuine Arizona turquoise for just $99. Your satisfaction is 100% guaranteed. If you aren’t completely happy with your purchase, send it back within 30 days for acomplete refund of the item price. The supply of Arizona turquoise is limited, don’t miss your chance to own the Southwest’s brilliant blue treasure. Call today! JewelrySpecifications: •Arizona turquoise •Silver-finished settings 26 carats “Myvictoryisfacing my PTSD so Ican be here for my children.” Sedona Turquoise Collection After returning from service in Iraq, Naomi could still hear the A. Pendant (26 cts) $299 $99* Save $200 of genuine booms and see the tracer fire. With the right supportfrom DAV, B. 18" Bali Naga woven Arizona turquoise she began to heal. DAVhelps veterans of everygeneration get the sterling silver chain $149 benefits they’veearned—helping more than one million veterans C. 11/2" Earrings (10 ctw) $299 $99* Save $200 ONLY $99 each year.Supportmore victories forveterans®. Go to DAV.org. Complete Set** $747 $249 Save $498 ** Complete set includes pendant, chain and earrings. “With depleting mines, turquoise, Call nowand mentionthe offer codetoreceiveyour collecion. the most sacred stone to the 1-800-333-2045 Navajo,has become increasingly rare.” Offer Code STC357-01 –– Smithsonian.com You mustuse the offer code to get ourspecial price. *Special price only for customers using the offercode versus the price on Stauer.com without your offer code.

® 14101Southcross Drive W., Ste 155, Dept. STC357-01, Rating of A+ Stauer Burnsville,Minnesota 55337 www.stauer.com Afford the Extraordinary.® P2JW339000-1-B00600-1------XA

B6 | Friday, December 4, 2020 * THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 29969.52 s85.73, or 0.29% Trailing P/E ratio 29.50 20.60 3666.72 t2.29, or 0.06% Trailing P/E ratio * 41.34 24.58 12377.18 s 27.82, or 0.23% Trailing P/E ratio *† 37.92 26.21 High, low, open and close for each P/E estimate * 24.58 18.67 High, low, open and close for each P/E estimate * 25.95 19.12 High, low, open and close for each P/E estimate *† 31.45 23.17 trading day of the past three months. Dividend yield 2.05 2.27 trading day of the past three months. Dividend yield * 1.65 1.85 trading day of the past three months. Dividend yield *† 0.74 0.99 All-time high 30046.24, 11/24/20 All-time high 3669.01, 12/02/20 All-time high: 12377.18, 12/03/20

Current divisor 0.15198707565833 31700 3750 12300 Session high DOWN UP Session open Close 30500 3625 11900 t

Close Open t 29300 3500 11500 Session low

28100 3375 11100

26900 3250 10700 65-day moving average 65-day moving average 65-day moving average 25700 3125 10300

Bars measure the point change from session's open 24500 3000 9900 Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 973,220,257 17,128,393 Industrial Average 30110.88 29877.27 29969.52 85.73 0.29 30046.24 18591.93 8.3 5.0 7.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 630,822,762 7,451,465 Transportation Avg 12711.82 12555.96 12586.82 40.28 0.32 12715.38 6703.63 19.0 15.5 7.3 Most-active issues in late trading Decl. volume* 328,578,866 9,474,919 Utility Average 874.83 864.14 866.89 -7.77 -0.89 960.89 610.89 1.2 -1.4 4.2 Volume After Hours Issues traded 3,218 279 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 38221.04 37968.57 38058.13 48.41 0.13 38058.13 22462.76 19.3 15.2 11.6 Advances 2,034 132 Intel INTC 12,015.4 51.04 0.05 0.10 51.10 49.90 Barron's 400 817.45 810.68 813.43 2.98 0.37 813.45 455.11 14.6 11.1 4.9 Declines 1,083 129 SPDR S&P 500 SPY 8,549.0 366.81 0.12 0.03 367.08 366.14 Unchanged 101 18 Boston Scientific BSX Nasdaq Stock Market 6,344.4 33.88 0.07 0.21 34.11 33.65 New highs 181 11 Nasdaq Composite 12439.02 12356.99 12377.18 27.82 0.23 12377.18 6860.67 44.4 37.9 21.8 Apple AAPL 5,487.2 122.81 -0.130 -0.11 123.05 116.53 New lows 20 Nasdaq 100 12538.92 12445.36 12467.13 10.72 0.09 12467.13 6994.29 50.1 42.8 25.3 Ally Financial ALLY 5,205.8 31.48 0.31 0.99 31.57 31.17 Closing Arms† 1.00 1.77 Bank of America BAC 4,014.3 28.96 0.050 0.17 29.00 28.82 S&P Block trades* 6,306 170 American Equity AEL 3,829.7 27.39 ... unch. 27.39 27.39 500 Index 3682.73 3657.17 3666.72 -2.29 -0.06 3669.01 2237.40 17.6 13.5 11.5 Nasdaq NYSE Arca iShares MSCI Australia EWA 3,453.0 23.43 0.06 0.27 23.43 23.43 MidCap 400 2216.72 2191.83 2203.48 11.61 0.53 2217.84 1218.55 10.0 6.8 5.2 Total volume*5,197,321,936 212,890,898 SmallCap 600 1066.52 1053.49 1059.03 7.34 0.70 1069.41 595.67 7.2 3.7 4.2 Percentage gainers… Adv. volume*2,951,223,057 153,337,210 Decl. volume*2,197,090,335 55,537,213 Other Indexes Sutro Biopharma STRO 299.7 21.50 4.50 26.47 22.00 16.88 Issues traded 3,724 1,446 Russell 2000 1860.35 1838.52 1848.70 10.67 0.58 1855.27 991.16 14.5 10.8 6.3 Xinyuan Real Estate ADR XIN 166.5 2.89 0.37 14.68 3.11 2.52 Advances 2,183 1,038 NYSE Composite 14283.73 14184.49 14217.18 28.94 0.20 14249.50 8777.38 5.5 2.2 4.1 PagerDuty PD 496.5 36.80 4.44 13.72 38.50 32.30 Declines 1,424 385 HC2 Holdings HCHC 160.7 3.80 0.31 8.88 4.06 3.47 Value Line 553.33 546.94 550.63 3.69 0.67 562.05 305.71 3.5 -0.3 -0.4 Unchanged 117 23 Cloudera CLDR 2,923.0 12.57 0.99 8.55 13.09 11.41 NYSE Arca Biotech 5602.76 5552.20 5569.80 -0.50 -0.01 6142.96 3855.67 10.2 9.9 9.4 New highs 315 325 NYSE Arca Pharma 678.93 673.45 675.79 -3.75 -0.55 679.55 494.36 7.8 3.4 7.5 ...And losers New lows 10 34 KBW Bank 94.73 93.18 94.09 0.10 0.11 114.12 56.19 -13.9 -17.0 -3.5 Yext YEXT 193.5 17.15 -2.17 -11.23 19.52 15.95 Closing Arms† 1.14 1.05 § PHLX Gold/Silver 141.93 138.67 139.60 -1.04 -0.74 161.14 70.12 41.9 30.6 20.6 Ollie's Bargain Outlet OLLI 393.3 81.68 -7.82 -8.74 90.65 73.53 Block trades* 45,180 1,080 § PHLX Oil Service 42.78 41.62 42.16 0.32 0.77 80.99 21.47 -38.2 -46.1 -32.6 Lizhi ADR LIZI 1,887.5 4.47 -0.32 -6.68 4.93 4.40 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2745.91 2713.61 2716.15 -0.20 -0.01 2716.35 1286.84 60.0 46.8 29.2 Marvell Tech Group MRVL 1,680.6 42.85 -2.67 -5.87 45.95 42.80 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 21.88 20.72 21.28 0.11 0.52 82.69 12.10 46.6 54.4 23.0 ULTA Ulta Beauty 507.9 275.12 -14.41 -4.98 293.70 265.00 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 0.75 World The Global Dow 3453.64 25.75 6.2 Ever-Glory Intl Group EVK 5.25 3.15 150.00 8.30 0.61 169.2 Splunk SPLK 158.03 -47.88 -23.25 225.89 93.92 8.1 0.40 DJ Global Index 481.11 1.94 10.9 Lizhi ADR LIZI 4.79 2.43 102.97 15.25 1.95 ... Cinemark Holdings CNK 13.30 -3.74 -21.95 35.74 5.71 -61.1 DJ Global ex U.S. 279.48 2.18 0.79 6.0 Kinnate Biopharma KNTE 39.03 19.03 95.15 43.03 20.00 ... ProSh Ult Bloombg Nat Gas BOIL 21.56 -4.57 -17.49 105.00 21.03 -78.7 Americas DJ Americas 864.66 1.33 0.15 13.6 Waddell Reed Financial WDR 25.59 8.58 50.44 25.63 9.87 58.0 Lands' End LE 20.68 -4.38 -17.48 25.90 4.05 43.6 Brazil Sao Paulo Bovespa 112291.59 413.06 0.37 –2.9 Nesco Holdings NSCO 6.00 1.65 37.93 7.97 1.38 88.7 AMC Entertainment Hldgs AMC 3.63 -0.69 -15.97 8.78 1.95 -53.9 Canada S&P/TSX Comp 17398.02 39.81 0.23 2.0 Enlivex Therapeutics ENLV 11.40 3.13 37.85 16.94 3.59 45.2 Dada Nexus ADR DADA 45.21 -8.39 -15.65 61.27 14.60 ... Mexico S&P/BMV IPC 43934.21 259.38 0.59 0.9 Luminar Technologies LAZR 22.98 4.98 27.67 24.97 9.45 126.0 Duluth Holdings Cl B DLTH 11.94 -2.10 -14.93 17.30 2.82 22.7 Chile Santiago IPSA 2877.46 21.76 0.76 –13.7 Aemetis AMTX 2.89 0.62 27.09 5.10 0.37 185.6 Petros Pharmaceuticals PTPI 3.45 -0.54 -13.53 4.99 1.80 ... Zscaler ZS 185.61 38.82 26.45 189.65 35.00 285.8 Scholar Rock Holding SRRK 43.34 -6.61 -13.23 51.25 7.91 442.4 EMEA Stoxx Europe 600 391.72 0.03 0.01 –5.8 Jiayin Group ADR JFIN 4.10 0.79 23.87 30.00 1.60 -44.1 Marcus Corp MCS 11.22 -1.69 -13.09 33.96 6.84 -64.5 Eurozone Euro Stoxx 391.51 –0.47 –0.12 –3.1 Belgium Bel-20 3714.79 5.10 0.14 –6.1 Kubient KBNT 4.88 0.90 22.61 5.26 2.10 ... Precision Biosciences DTIL 10.23 -1.38 -11.89 23.67 4.46 -44.7 Denmark OMX Copenhagen 20 1369.94 –21.08 –1.52 20.6 Arlo Technologies ARLO 6.79 1.16 20.60 7.75 1.20 117.6 SPI Energy SPI 8.92 -1.18 -11.68 46.67 0.55 348.6 France CAC 40 5574.36 –8.65 –0.15 –6.8 Michaels Cos. MIK 12.33 2.08 20.29 12.43 1.00 102.8 Funko Cl A FNKO 8.46 -1.04 -10.95 17.76 3.12 -41.8 Lemonade LMND iHuman ADR IH Germany DAX 13252.86 –60.38 –0.45 0.03 80.35 13.52 20.23 96.51 44.11 ... 22.59 -2.71 -10.71 31.58 12.12 ... Allied Healthcare Prods AHPI 5.72 0.93 19.42 45.00 0.96 444.8 Codexis CDXS 17.04 -1.84 -9.75 19.30 8.43 11.3 Israel Tel Aviv 1447.02 10.67 0.74 –14.0 Italy FTSE MIB 22007.40 35.20 0.16 –6.4 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 610.48 –0.46 –0.08 1.0 Russia RTS Index 1339.41 3.97 0.30 –13.5 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 58947.48 665.50 1.14 3.3 Spain IBEX 35 8200.70 –20.10 –0.24 –14.1 Sundial Growers SNDL 939,761 536.5 0.77 -4.37 3.88 0.14 Vince Holding VNCE 1,032 6162 5.77 6.26 27.63 3.16 Sweden OMX Stockholm 758.40 –1.54 –0.20 11.4 Lizhi ADR LIZI 228,925 10526.0 4.79 102.97 15.25 1.95 Community West BancsharesCWBC 338 4528 9.14 4.46 11.81 5.27 NIO ADR NIO Waddell Reed Financial WDR Switzerland Swiss Market 10342.63 –92.73 –0.89 –2.6 172,284 7.4 45.35 -5.48 57.20 2.11 30,921 3158 25.59 50.44 25.63 9.87 American Airlines Group AAL 168,161 148.3 16.09 8.28 30.78 8.25 IQ Ultra Short Duration ULTR 675 2744 49.76 0.03 53.12 47.63 Turkey BIST 100 1330.85 5.36 0.40 16.3 Ever-Glory Intl Group EVK 107,711 3585.3 5.25 150.00 8.30 0.61 Galileo Acquisition GLEO 1,084 2361 10.10 0.10 10.34 9.20 U.K. FTSE 100 6490.27 26.88 0.42 –13.9 U.K. FTSE 250 20132.44 254.67 1.28 –8.0 Iterum Therapeutics ITRM 99,363 1431.4 0.84 29.38 7.19 0.45 ETRACS Q 1.5X Lev WF BDC BDCX 131 2211 30.28 1.82 30.48 22.31 Carnival CCL 92,311 89.4 22.88 8.13 51.94 7.80 Splunk SPLK 30,272 1793 158.03 -23.25 225.89 93.92 Asia-Pacific General Electric GE 91,108 -19.1 10.60 1.63 13.26 5.48 Global X MSCI China CnStp CHIS 152 1509 31.19 0.89 31.71 18.40 Australia S&P/ASX 200 6615.30 25.10 0.38 –1.0 Palantir Technologies PLTR 85,162 30.6 24.03 6.75 33.50 8.90 PIMCO Enh Sh Maturity ESG EMNT 81 1320 100.77 0.00 110.67 98.26 China Shanghai Composite 3442.14 –7.24 –0.21 12.9 Zomedica ZOM 81,664 88.9 0.18 -7.09 0.50 0.06 Luminar Technologies LAZR 30,803 1314 22.98 27.67 24.97 9.45 Hong Kong Hang Seng 26728.50 195.92 0.74 –5.2 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.03 India S&P BSE Sensex 44632.65 14.61 8.2 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 26809.37 8.39 0.03 13.3 Singapore Straits Times 2822.34 11.39 0.41 –12.4 Track the Markets South Korea Kospi 2696.22 20.32 0.76 22.7 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 13977.09 –0.09 16.5 global stock indexes, bond ETFs, –12.05 currencies and commodities at Currencies Thailand SET 1438.32 20.37 1.44 –9.0 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Thurs YTD chg Thurs YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004322 23135 –0.2 Argentina peso .0123 81.5003 36.1 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1941 5.1522 28.2 Czech Rep. koruna .04597 21.753 –4.1 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7774 1.2864 –1.0 Denmark krone .1631 6.1294 –8.0 notes and bonds major U.S. trading partners Chile peso .001332 750.60 1.5 Euro area euro 1.2149 .8231 –7.7 A consumer rate against its Five-year ARM, Rate Colombiapeso .000288 3468.50 5.7 Hungary forint .003401 294.02 –0.4 Ecuador US dollar 11unch Iceland krona .007928 126.14 4.2 benchmark over the past year 2.50% Bankrate.com avg†: 3.20% 10% Mexico peso .0503 19.8916 5.1 Norway krone .1141 8.7629 –0.2 Uruguay peso .02348 42.5850 14.7 Poland zloty .2718 3.6796 –3.0 5-year Hanscom Federal Credit Union 2.50% One year ago 2.00 s Russia ruble .01343 74.441 19.9 adjustable-rate s Euro Asia-Pacific 4.00% Hanscom AFB, MA 800-656-4328 t 5 Yen Sweden krona .1184 8.4433 –9.9 mortgage (ARM) 1.50 Australian dollar .7442 1.3437 –5.7 t Switzerland franc 1.1228 .8906 –7.9 Haven Savings Bank 2.50% China yuan .1528 6.5429 –6.0 3.00 0 Turkey lira .1286 7.7753 30.7 Hoboken, NJ 201-659-3600 1.00 Hong Kong dollar .1290 7.7511 –0.5 Ukraine hryvnia .0353 28.3500 19.7 Tradeweb ICE India rupee .01354 73.868 3.5 2.00 Andigo Credit Union 2.75% UK pound 1.3450 .7435 –1.4 Thursday Close 0.50 –5 s Indonesia rupiah .0000707 14140 1.9 Schaumburg, IL 847-576-5199 WSJ Dollar index Middle East/Africa 5-year Treasury t Japan yen .009630 103.84 –4.4 1.00 0.00 Kazakhstan tenge Bahrain dinar note yield People's United Bank 3.00% –10 .002360 423.73 11.0 2.6518 .3771 0.02 t Macau pataca .1252 7.9890 –0.4 Egypt pound .0638 15.6680 –2.4 Hartford, CT 800-772-1090 1 3 6 1 2 3 5 7 10 20 30 2020 2020 0.00 month(s) years Malaysia ringgit .2454 4.0755 –0.4 Israel shekel .3062 3.2655 –5.5 D J F M A M J J A S O ND Bath Savings Institution 3.13% New Zealand dollar .7078 1.4128 –4.9 Kuwait dinar 3.2869 .3042 0.4 maturity 2020 Bath, ME 800-964-8108 Pakistan rupee .00624 160.355 3.5 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.012 –5.3 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7496 1.3340 –0.9 Saudi Arabia riyal .2666 3.7514 ... Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0009156 1092.21 –5.4 South Africa rand .0659 15.1716 8.4 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0053752 186.04 2.6 Yield (%) 52-Week Total Return (%) Taiwan dollar .03518 28.427 –5.0 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03313 30.180 1.4 WSJ Dollar Index 85.77 –0.33–0.38 –4.24 Libor, 3-month 0.23 0.22 0.20 l 1.96 -1.27 U.S. Treasury, Barclays 2452.660 0.610 0.590 1.860 0.400 6.680 5.093 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.13 Five-year CD, annual yield 0.58 0.58 0.58 l 1.42 -0.91 U.S. Treasury Long, Barclays 4697.300 1.530 1.480 2.340 0.980 12.877 9.818 Commodities 30-year mortgage, fixed† 2.90 2.91 2.90 l 4.22 -1.00 Aggregate, Barclays 2282.920 1.190 1.190 2.380 1.020 6.692 5.267 Thursday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.37 2.38 2.37 l 3.57 -0.95 Fixed-Rate MBS, Barclays 2224.990 1.340 1.330 2.690 0.930 3.712 3.681 Jumbo mortgages, $510,400-plus† 2.91 2.95 2.90 l 4.36 -1.38 DJ Commodity 691.33 0.11 0.02 694.81 433.70 11.57 7.63 High Yield 100, ICE BofA 3294.955 3.775 3.961 10.740 3.589 5.271 4.903 Five-year adj mortgage (ARM)† 3.20 3.21 2.85 l 4.61 -0.45 TR/CC CRB Index 159.31 -0.11 -0.07 187.39 106.29 -11.53 -14.25 Muni Master, ICE BofA 592.822 0.949 0.970 3.441 0.838 4.975 4.486 New-car loan, 48-month 4.04 4.04 4.04 l 4.50 0.86 Crude oil, $ per barrel 45.64 0.36 0.80 63.27 -37.63 -21.89 -25.25 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 921.527 4.450 4.502 7.480 4.450 6.516 4.663 Natural gas, $/MMBtu 2.507 -0.273 -9.82 3.354 1.482 3.30 14.53 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1836.80 11.10 0.61 2051.50 1459.10 24.37 20.88 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW339000-1-B00700-1------XA

THE WALL STREET JOURNAL. * Friday, December 4, 2020 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Oats (CBT)-5,000 bu.; cents per bu. March 28.51 28.51 28.51 28.51 –.38 3,359 March'21 .7746 .7784 s .7731 .7782 .0041 7,640 Dec ...... 303.75 9.25 44 Cotton (ICE-US)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Contract Open Dec 1.3374 1.3502 s 1.3353 1.3450 .0091 144,781 Open High hi lo Low Settle Chg interest March'21 295.00 301.75 295.00 300.75 4.25 3,710 Dec 69.85 69.85 69.25 69.42 –.57 64 Soybeans (CBT)-5,000 bu.; cents per bu. March'21 71.60 71.98 71.07 71.11 –.49 133,285 March'21 1.3382 1.3512 s 1.3366 1.3461 .0091 5,864 Copper-High (CMX)-25,000 lbs.; $ per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Jan 1154.25 1170.75 1152.00 1168.25 15.25 297,028 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Dec 3.4800 3.5055 s 3.4580 3.4790 0.0040 4,633 Dec 1.1179 1.1249 s 1.1171 1.1221 .0058 51,043 March 1156.00 1172.50 1154.00 1170.25 15.50 261,969 Jan 125.85 127.50 125.30 126.80 1.15 6,289 March'21 3.4935 3.5230 s 3.4695 3.4905 0.0015 167,647 March'21 1.1215 1.1282 s 1.1206 1.1255 .0058 1,165 Soybean Meal (CBT)-100 tons; $ per ton. March 127.40 128.20 126.55 127.95 1.20 3,942 Gold (CMX)-100 troy oz.; $ per troy oz. Australian Dollar (CME)-AUD 100,000; $ per AUD Dec 389.80 394.00 389.40 392.80 3.30 2,204 Dec 1829.20 1842.00 1825.30 1836.80 11.10 15,718 Dec .7414 .7451 s .7399 .7448 .0046 129,494 Jan'21 385.60 391.00 384.70 390.00 4.40 125,693 Interest Rate Futures Jan'21 1830.50 1844.00 1824.00 1838.40 10.80 2,428 March'21 .7419 .7456 s .7405 .7453 .0045 2,845 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Feb 1833.90 1847.40 1826.70 1841.10 10.90 396,152 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN Dec 37.81 38.72 37.81 38.68 1.21 1,218 April 1837.00 1850.70 1830.50 1844.70 10.80 69,763 Dec ...... 213-290 1-19.0 30,469 Dec .05001 .05030 .04988 .05020 .00032 145,745 Jan'21 37.09 37.80 36.88 37.73 .81 142,999 March'21 .04957 .04984 .04943 .04974 .00032 3,882 June 1839.50 1852.90 1832.90 1847.10 10.80 31,294 March'21 211-050 212-180 210-210 212-060 1-19.0 1,003,784 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per € Aug 1843.60 1854.40 1836.10 1849.00 10.60 8,469 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec ...... 171-290 22.0 51,139 Dec 1.2116 1.2177 s 1.2103 1.2145 .0043 622,031 Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan 12.41 12.42 12.31 12.33 –.13 8,267 March'21 172-140 173-040 172-050 172-280 23.0 1,109,512 March'21 1.2146 1.2205 s 1.2132 1.2174 .0042 29,764 Dec 2360.00 2360.00 2225.10 2302.10 –95.30 102 March 12.61 12.61 12.50 12.52 –.12 810 Wheat (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'21 2417.60 2431.60 2228.00 2317.90 –90.30 9,561 Dec 137-305 138-065 137-275 138-025 7.5 79,375 Dec 573.50 576.00 568.00 571.75 –6.25 161 Index Futures Platinum (NYM)-50 troy oz.; $ per troy oz. March'21 137-165 137-260 137-140 137-210 7.5 3,107,347 March'21 588.50 591.00 579.75 584.50 –4.00 196,463 Dec ...... 1037.00 26.60 1 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index Wheat (KC)-5,000 bu.; cents per bu. Jan'21 1020.20 1042.10 1005.00 1038.60 26.50 48,031 Dec 125-150 125-185 125-140 125-167 2.7 81,914 Dec 29886 30092 29755 29932 64 88,990 Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec ...... 545.00 –5.50 78 March'21 125-242 125-282 125-230 125-262 3.2 3,043,284 March'21 29782 29990 29659 29830 62 7,438 Dec 24.100 24.340 23.935 24.087 0.062 3,337 March'21 553.50 556.25 544.75 549.75 –4.00 123,486 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index March'21 24.220 24.420 23.850 24.137 0.057 127,183 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 110-126 110-133 110-126 110-132 .7 40,276 Dec 3668.40 3673.40 s 3658.30 3664.60 –2.70 32,600 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Jan 141.725 142.000 139.225 139.800 –2.000 19,379 March'21 110-122 110-130 110-120 110-126 .6 1,805,095 March'21 …… …3656.80 –2.70 26 Mini S&P 500 (CME)-$50 x index Jan 44.99 45.84 44.66 45.64 0.36 377,052 March 140.925 141.100 138.600 139.325 –1.650 10,095 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 3671.00 3682.00 s 3655.25 3664.50 –2.75 2,494,833 Feb 45.14 45.98 44.84 45.79 0.35 205,147 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 99.9125 99.9150 99.9125 99.9125 120,495 March'21 3663.25 3674.00 s 3647.50 3656.75 –2.75 133,159 March 45.24 46.07 44.98 45.91 0.34 192,213 Dec 110.600 110.600 108.950 109.600 –1.100 19,012 Jan'21 99.9200 99.9200 99.9150 99.9150 150,645 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index April 45.42 46.13 45.07 45.96 0.32 97,163 Feb'21 113.750 113.750 111.675 112.575 –1.350 112,256 Dec 2194.20 2216.20 2183.40 2202.70 12.20 53,476 June 45.46 46.08 45.06 45.93 0.29 214,184 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec ...... 100-235 8.0 157,513 Eurodollar (CME)-$1,000,000; pts of 100% March'21 2191.00 2210.00 2186.70 2198.90 11.60 2 Dec 44.86 45.18 44.46 45.00 0.01 282,937 Dec 66.425 66.450 65.850 66.025 –.325 16,568 Dec 99.7575 99.7625 99.7525 99.7625 .0050 1,103,367 Mini Nasdaq 100 (CME)-$20 x index NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb'21 67.875 68.050 66.725 66.925 –.950 84,333 March'21 99.7900 99.8050 99.7900 99.8000 .0050 1,133,884 Dec 12472.00 12540.25 s 12444.00 12462.25 8.00 238,420 Jan 1.3612 1.3984 1.3541 1.3933 .0271 110,717 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 99.8000 99.8100 99.7950 99.8050 .0050 847,506 March'21 12474.50 12535.00 s 12443.00 12459.50 8.25 6,117 Feb 1.3721 1.4049 1.3633 1.3999 .0246 49,764 Jan 657.50 663.40 653.60 660.00 11.00 1,846 Dec 99.7500 99.7550 99.7450 99.7500 .0050 824,964 Mini Russell 2000 (CME)-$50 x index Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 626.90 638.50 626.00 636.00 16.00 735 Dec 1842.30 1860.80 1830.30 1847.20 9.70 550,108 Jan 1.2376 1.2664 1.2239 1.2617 .0218 125,665 Milk (CME)-200,000 lbs., cents per lb. Currency Futures Mini Russell 1000 (CME)-$50 x index Feb 1.2447 1.2749 1.2357 1.2705 .0191 46,848 Dec 15.14 15.50 15.14 15.45 .26 4,864 Dec 2046.30 2070.60 s 2057.50 2060.80 1.30 9,047 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Jan'21 15.60 16.06 15.50 15.98 .34 3,509 Japanese Yen (CME)-¥12,500,000; $ per 100¥ U.S. Dollar Index (ICE-US)-$1,000 x index Dec .9578 .9647 .9567 .9620 .0054 181,520 Dec 91.07 91.10 t 90.51 90.72 –.40 35,676 Jan 2.760 2.768 2.484 2.507 –.273 298,896 Cocoa (ICE-US)-10 metric tons; $ per ton. March'21 .9589 .9661 .9582 .9634 .0054 3,971 March'21 91.03 91.03 t 90.44 90.65 –.41 1,773 Feb 2.756 2.769 2.486 2.515 –.263 96,590 Dec 2,897 2,897 2,897 2,897 –10 80 Canadian Dollar (CME)-CAD 100,000; $ per CAD March 2.706 2.711 2.441 2.476 –.247 195,204 March'21 2,648 2,726 2,630 2,651 13 95,344 Dec .7742 .7781 s .7727 .7779 .0041 136,425 Source: FactSet April 2.637 2.644 2.393 2.434 –.223 86,784 Coffee (ICE-US)-37,500 lbs.; cents per lb. May 2.636 2.649 2.405 2.449 –.210 54,769 Dec 117.65 117.65 117.65 117.65 .80 136 Oct 2.761 2.792 2.560 2.614 –.184 92,144 March'21 119.65 121.00 118.60 120.05 .95 116,177 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks Agriculture Futures March 14.62 14.89 14.58 14.71 .11 413,003 Corn (CBT)-5,000 bu.; cents per bu. May 14.03 14.19 13.94 14.04 .07 223,217 Tracking Bond Benchmarks Dec 419.25 423.25 417.75 422.50 3.50 6,680 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March'21 424.00 427.50 422.00 426.50 2.75 900,392 Jan 28.50 28.50 28.50 28.50 …1,610 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds Total Total | return YTD total Yield (%) return YTD total Yield (%) Cash Prices wsj.com/market-data/commodities Thursday, December 3, 2020 close return (%) Index Latest Low High close return (%) Index Latest Low High These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays separate from the futures price on an exchange, which reflects what the commodity might be worth in future 3.6 Mortgage-Backed months. 2282.92 7.1 U.S. Aggregate 1.190 1.020 2.380 2224.99 1.340 0.930 2.690 Thursday Thursday Thursday U.S. Corporate Indexes Bloomberg Barclays 2172.13 3.4 Ginnie Mae (GNMA) 0.820 0.290 2.660 Energy Aluminum, LME, $ per metric ton *2051.5 Wheat,No.1soft white,Portld,OR-u 6.1750 3441.87 9.3 U.S. Corporate 1.810 1.800 4.580 1313.98 3.7 Fannie mae (FNMA) 1.520 1.110 2.690 Copper,Comex spot 3.4790 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 52.750 Iron Ore, 62% Fe CFR China-s 137.8 Food 3098.27 6.9 Intermediate 1.170 1.170 4.400 2016.80 3.6 Freddie Mac (FHLMC) 1.500 1.080 2.710 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 287 Beef,carcass equiv. index 13.3 Long term 592.82 4.8 Muni Master 0.949 0.838 3.441 Steel, HRC USA, FOB Midwest Mill-s 5162.51 2.810 2.730 4.930 Metals 840 choice 1-3,600-900 lbs.-u 196.57 5.1 7-12 year Fibers and Textiles select 1-3,600-900 lbs.-u 176.63 700.51 8.6 Double-A-rated 1.430 1.300 3.360 419.31 0.933 0.771 3.447 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8383 916.08 9.1 Triple-B-rated 2.080 2.080 5.350 478.89 5.7 12-22 year 1.374 1.224 3.690 Engelhard industrial 1840.00 Burlap,10-oz,40-inch NY yd-n,w 0.6300 Butter,AA Chicago 1.4775 Handy & Harman base 1832.35 Cotton,1 1/16 std lw-mdMphs-u 0.6836 Cheddar cheese,bbl,Chicago 142.00 High Yield Bonds ICE BofA 465.25 5.6 22-plus year 1.993 1.765 4.123 Cotlook 'A' Index-t *78.85 Handy & Harman fabricated 2033.91 Cheddar cheese,blk,Chicago 158.50 489.12 4.7 High Yield Constrained 4.519 4.519 11.400 Global Government J.P. Morgan† LBMA Gold Price AM *1832.95 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 115.75 LBMA Gold Price PM *1822.60 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1120 444.26 1.5 Triple-C-rated 9.017 9.017 19.071 612.97 5.2 Global Government 0.590 0.390 1.060 Krugerrand,wholesale-e 1911.62 Coffee,Colombian, NY Grains and Feeds 1.6671 3294.96 3.2 High Yield 100 3.775 3.589 10.740 859.27 6.9 Canada 0.880 0.590 1.740 Maple Leaf-e 1930.01 Eggs,large white,Chicago-u 0.9350 American Eagle-e 1930.01 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.35 441.90 4.8 Global High Yield Constrained 4.505 4.505 11.310 419.38 4.8 EMU§ 0.082 0.050 0.794 Mexican peso-e 2224.20 Bran,wheat middlings, KC-u 148 Hams,17-20 lbs,Mid-US fob-u n.a. Europe High Yield Constrained 791.57 4.3 France -0.090 -0.160 0.430 Austria crown-e 1804.71 Corn,No. 2 yellow,Cent IL-bp,u 4.1900 Hogs,Iowa-So. Minnesota-u 64.81 336.46 2.4 2.889 2.464 8.183 Austria phil-e 1930.01 Corn gluten feed,Midwest-u,w 149.5 Pork bellies,12-14 lb MidUS-u n.a. U.S Agency Bloomberg Barclays 550.78 2.8 Germany -0.440 -0.740 -0.050 Silver, troy oz. Corn gluten meal,Midwest-u,w 545.1 Pork loins,13-19 lb MidUS-u 0.7639 Cottonseed meal-u,w 420 1862.67 5.2 U.S Agency 0.530 0.470 1.950 295.37 -0.9 Japan 0.290 0.040 0.320 Engelhard industrial 24.0000 Steers,Tex.-Okla. Choice-u 111.22 Hominy feed,Cent IL-u,w 120 Handy & Harman base 23.9930 Steers,feeder,Okla. City-u,w 155.94 1624.18 3.9 10-20 years 0.410 0.340 1.850 616.26 3.4 Netherlands -0.350 -0.540 0.080 Meat-bonemeal,50% pro Mnpls-u,w n.a. Handy & Harman fabricated 29.9910 Oats,No.2 milling,Mnpls-u 3.4525 4242.10 11.2 20-plus years 1.690 1.170 2.450 U.K. LBMA spot price *£17.9800 Fats and Oils 1072.25 6.7 0.700 0.390 1.180 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 (U.S.$ equivalent) *23.9800 Sorghum,(Milo) No.2 Gulf-u 6.3250 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.0000 2918.16 6.7 Yankee 1.440 1.420 3.500 921.53 4.5 Emerging Markets ** 4.450 4.450 7.480 Coins,wholesale $1,000 face-a 18078 SoybeanMeal,Cent IL,rail,ton48%-u 389.50 Grease,choice white,Chicago-h 0.2900 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Other metals Soybeans,No.1 yllw IL-bp,u 11.5950 Lard,Chicago-u 0.4100 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan LBMA Platinum Price PM *1010.0 Wheat,Spring14%-pro Mnpls-u 6.7600 Soybean oil,crude;Centl IL-u 0.4031 Platinum,Engelhard industrial 1026.0 Wheat,No.2 soft red,St.Louis-u 6.1200 Tallow,bleach;Chicago-h 0.3250 Palladium,Engelhard industrial 2413.0 Wheat - Hard - KC (USDA) $ per bu-u 5.7475 Tallow,edible,Chicago-u 0.3500 Global Government Bonds: Mapping Yields

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in 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 12/2 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Source: Dow Jones Market Data Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.153 t l 0.172 0.168 1.544 Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.875 10 0.924 t l 0.935 0.898 1.718 Closing Chg YTD 2.250 Australia 2 0.112 s l 0.107 0.108 0.801 -4.0 -6.5 -74.3 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 1.000 10 1.028 s l 0.995 0.783 1.207 10.4 5.9 -51.1 Thursday, December 3, 2020 Closing Chg YTD SPDR DJIA Tr DIA 300.06 0.29 5.2 SPDR S&PMdCpTr MDY 402.24 0.57 7.2 0.000 France 2 -0.676 s l -0.686 -0.716 -0.592 -82.9 -85.8 -213.6 Closing Chg YTD ETF Symbol Price (%) (%) SPDR S&P 500 SPY 366.69 –0.03 13.9 ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 50.33 1.15 12.2 0.000 10 -0.314 t l -0.283 -0.343 -0.044 -123.8 -121.9 -176.2 SPDR S&P Div SDY 105.13 0.26 –2.3 ARKInnovationETF ARKK 114.28 1.73 128.3 iShMSCIJapan EWJ 65.76 0.24 11.0 TechSelectSector XLK 124.79 –0.06 36.1 0.000 Germany 2 -0.734 t l -0.712 -0.792 -0.621 -88.7 -88.4 -216.5 CommSvsSPDR XLC 66.92 –0.45 24.8 iShNatlMuniBd MUB 116.70 0.14 2.4 UtilitiesSelSector XLU 63.04 –1.04 –2.4 CnsmrDiscSelSector XLY 157.88 0.28 25.9 iSh1-5YIGCorpBd IGSB 55.03 0.05 2.6 0.000 10 -0.554 t l -0.517 -0.617 -0.346 -147.8 -145.2 -206.5 VanEckGoldMiner GDX 35.51 –1.28 21.3 CnsStapleSelSector XLP 67.11 0.25 6.6 iShPfd&Incm PFF 37.80 0.27 0.6 VangdInfoTech VGT 337.91 0.06 38.0 0.050 Italy 2 -0.412 t l -0.378 -0.349 -0.102 -56.5 -55.0 -164.6 EnSelectSectorSPDR XLE 38.53 1.05 –35.8 iShRussell1000Gwth IWF 232.97 –0.00 32.4 VangdSC Val VBR 137.42 0.76 0.3 FinSelSectorSPDR XLF 28.63 0.03 –7.0 iShRussell1000 IWB 206.79 0.12 15.9 0.900 10 0.605 t l 0.641 0.703 1.289 -32.0 -29.4 -42.9 VangdSC Grwth VBK 248.96 0.63 25.3 HealthCareSelSect XLV 111.35 –0.13 9.3 iShRussell1000Val IWD 134.60 0.21 –1.4 VangdExtMkt VXF 156.21 0.92 24.0 0.100 Japan 2 -0.125 s l -0.126 -0.120 -0.152 -29.8 -169.6 IndSelSectorSPDR XLI 88.16 0.26 8.2 iShRussell2000 IWM 183.92 0.56 11.0 -27.8 VangdDivApp VIG 138.52 –0.29 11.1 InvscQQQI QQQ 304.28 0.14 43.1 iShRussellMid-Cap IWR 66.58 0.57 11.7 0.100 10 0.026 t l 0.026 0.046 -0.019 -90.9 -173.7 VangdFTSEDevMk VEA 46.29 0.35 5.1 -89.8 InvscS&P500EW RSP 125.07 0.56 8.1 iShRussellMCValue IWS 94.74 0.49 –0.0 VangdFTSE EM VWO 49.01 0.99 10.2 l iSh3-7YTreasuryBd IEI 132.76 0.11 5.6 iShS&P500Growth IVW 62.11 –0.14 28.3 0.400 Spain 2 -0.577 t -0.566 -0.580 -0.388 -72.9 -73.9 -193.2 VangdFTSE Europe VGK 59.31 0.30 1.2 iShCoreDivGrowth DGRO 44.30 –0.07 5.3 iShS&P500Value IVE 126.77 0.24 –2.6 1.250 10 0.072 t l 0.103 0.110 0.416 -83.2 -130.2 VangdFTSEAWxUS VEU 57.22 0.53 6.5 -85.3 iShCoreMSCIEAFE IEFA 67.98 0.31 4.2 iShShortTreaBd SHV 110.51 ... 0.0 VangdGrowth VUG 245.53 –0.05 34.8 iShCoreMSCIEM IEMG 60.48 1.02 12.5 iShSilver SLV 22.43 0.45 34.5 0.500 U.K. 2 -0.036 t l -0.010 -0.032 0.501 -18.8 -18.2 -104.3 VangdHlthCr VHT 218.27 –0.00 13.8 iShCoreMSCITotInt IXUS 66.03 0.58 6.7 iShTIPSBondETF TIP 126.44 0.28 8.5 4.750 10 0.325 t l 0.356 0.276 0.670 -59.9 -58.0 -104.8 iShCoreS&P500 IVV 368.03 –0.02 13.9 iSh1-3YTreasuryBd SHY 86.37 0.02 2.1 VangdHiDiv VYM 90.77 0.08 –3.1 iShCoreS&P MC IJH 220.14 0.57 7.0 iSh7-10YTreasuryBd IEF 119.79 0.27 8.7 VangdIntermBd BIV 93.21 0.17 6.9 Source: Tullett Prebon iShCoreS&P SC IJR 87.05 0.66 3.8 iSh20+YTreasuryBd TLT 157.51 0.81 16.3 VangdIntrCorpBd VCIT 96.91 0.22 6.1 Corporate Debt iShS&PTotlUSStkMkt ITOT 84.07 0.18 15.7 iShRussellMCGrowth IWP 196.86 0.74 29.0 VangdLC VV 171.86 0.05 16.2 iShCoreUSAggBd AGG 117.91 0.17 4.9 iShUSTreasuryBdETF GOVT 27.36 0.27 5.5 VangdMC VO 202.08 0.65 13.4 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific iShSelectDividend DVY 96.08 0.28 –9.1 JPM UltShtIncm JPST 50.78 –0.02 0.7 VangdMBS VMBS 54.10 0.06 1.7 expectations iShESGAwareUSA ESGU 84.07 –0.02 17.9 PIMCOEnhShMaturity MINT 101.97 –0.01 0.4 VangdRealEst VNQ 85.12 0.84 –8.3 iShEdgeMSCIMinUSA USMV 66.80 –0.18 1.8 SPDR BlmBarcHYBd JNK 107.83 0.06 –1.6 VangdS&P500ETF VOO 336.91 –0.03 13.9 Investment-grade spreads that tightened the most… iShEdgeMSCIUSAMom MTUM 156.07 0.31 24.3 SPDRBloomBar1-3MTB BIL 91.52 ... 0.1 VangdST Bond BSV 82.81 0.10 2.7 Spread*, in basis points iShEdgeMSCIUSAQual QUAL 113.90 0.11 12.8 SPDR Gold GLD 172.81 0.79 20.9 VangdSTCpBd VCSH 83.03 0.05 2.5 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iShGoldTr IAU 17.56 0.80 21.1 SchwabIntEquity SCHF 35.57 0.37 5.8 VangdSC VB 185.11 0.82 11.8 iShiBoxx$InvGrCpBd LQD 137.76 0.39 7.7 SchwabUS BrdMkt SCHB 88.65 0.16 15.3 VangdTotalBd BND 88.10 0.19 5.1 Ally Financial ALLY 4.625 1.21 March 30, ’25 81 –15 98 iShiBoxx$HYCpBd HYG 86.49 0.06 –1.6 SchwabUS Div SCHD 64.07 0.22 10.6 VangdTotIntlBd BNDX 58.43 0.24 3.3 Shell International Finance RDSALN 4.375 2.62 May 11, ’45 94 –11 123 iShJPMUSDEmgBd EMB 114.68 0.42 0.1 SchwabUS LC SCHX 88.97 0.18 15.8 VangdTotIntlStk VXUS 59.01 0.46 6.0 BAC –10 iShMBSETF MBB 109.91 ... 1.7 SchwabUS LC Grw SCHG 124.24 –0.09 33.7 VangdTotalStk VTI 189.61 0.20 15.9 Bank of America 4.450 1.18 March 3, ’26 78 84 iShMSCI ACWI ACWI 88.90 0.17 12.2 SchwabUS SC SCHA 84.00 0.79 11.1 VangdTotlWrld VT 90.44 0.33 11.7 Delta Airlines, Inc. Retirement Plan … 4.500 3.06 Oct. 20, ’25 266 –10 290 iShMSCI EAFE EFA 71.93 0.17 3.6 Schwab US TIPs SCHP 61.56 0.28 8.7 VangdValue VTV 117.71 0.20 –1.8 Wells Fargo WFC 3.550 0.98 Sept. 29, ’25 58 –9 69 BNP Paribas BNP 3.800 0.82 Jan. 10, ’24 42 –8 n.a. Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Banco Santander SANTAN 3.490 2.06 May 28, ’30 113 –8 129 Sumitomo Mitsui Financial SUMIBK 2.130 1.62 July 8, ’30 70 –8 n.a. Money Rates December 3, 2020 …And spreads that widened the most

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a British Airways IAGLN 3.350 4.26 June 15, ’29 334 8 n.a. guide to general levels but don’t always represent actual transactions. GlaxoSmithKline Capital … 3.375 0.38 May 15, ’23 18 6 n.a. BNP Paribas BNP 3.250 0.27 March 3, ’23 7 5 15 Inflation Week —52-WEEK— Week —52-WEEK— Latest ago High Low Latest ago High Low J.M. Smucker SJM 3.500 0.79 March 15, ’25 39 5 n.a. Oct. index Chg From (%) level Sept. '20 Oct. '19 Federal funds Libor Toronto–Dominion Bank TD 0.750 0.43 June 12, ’23 23 5 21 Effective rate 0.0900 0.0900 1.6200 0.0600 One month 0.15275 0.14675 1.80475 0.12663 Georgia–Pacific … 0.625 0.60 May 15, ’24 40 4 40 U.S. consumer price index High 0.1000 0.1000 1.6500 0.1000 Three month 0.22538 0.22438 1.96050 0.20488 Coca–Cola KO 3.200 0.31 Nov. 1, ’23 10 4 10 All items 260.388 0.04 1.2 Low 0.0500 0.0500 1.5800 0.0100 Six month 0.25738 0.25500 1.92438 0.23375 Core 269.328 0.10 1.6 Bid 0.0800 0.0800 1.6000 0.0100 One year 0.33638 0.33300 2.01200 0.32763 Altria MO 4.000 0.80 Jan. 31, ’24 39 4 44 Offer 0.1100 0.1100 1.6300 0.0500 International rates Euro Libor High-yield issues with the biggest price increases… Treasury bill auction One month -0.586 -0.579 -0.360 -0.621 Week 52-Week Bond Price as % of face value 4 weeks 0.075 0.080 1.575 0.000 Three month -0.554 -0.546 -0.142 -0.554 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Latest ago High Low 13 weeks 0.085 0.085 1.560 0.000 Six month -0.519 -0.515 -0.052 -0.526 Sprint S 7.125 1.23 June 15, ’24 120.250 3.82 116.625 Prime rates 26 weeks 0.090 0.090 1.570 0.080 One year -0.479 -0.477 0.008 -0.479 Xerox XRXCRP 4.800 4.68 March 1, ’35 101.270 1.55 99.860 U.S. 3.25 3.25 4.75 3.25 Secondary market Secured Overnight Financing Rate Bombardier BBDBCN 6.125 7.83 Jan. 15, ’23 96.738 1.49 93.375 Canada 2.45 2.45 3.95 2.45 0.08 0.08 1.64 0.01 Japan 1.475 1.475 1.475 1.475 Fannie Mae FirstEnergy FE 7.375 2.96 Nov. 15, ’31 140.968 1.47 135.644 30-year mortgage yields Value 52-Week Policy Rates Latest Traded High Low L Brands LB 6.750 5.72 July 1, ’36 110.500 1.25 108.220 30 days 1.894 1.887 3.362 1.751 1.13 Euro zone 0.00 0.00 0.00 0.00 60 days 1.920 1.913 3.370 1.804 DTCC GCF Repo Index CF Industries CF 5.150 3.03 March 15, ’34 123.000 121.060 Switzerland 0.00 0.00 0.50 0.00 Transocean RIG 7.500 30.97 April 15, ’31 28.000 1.00 28.000 Britain 0.10 0.10 0.75 0.10 Other short-term rates Treasury 0.109 48.700 1.720 0.002 Australia 0.10 0.10 0.75 0.10 MBS 0.122 61.800 1.763 0.011 …And with the biggest price decreases Week 52-Week Overnight repurchase Latest high low Weekly survey ago Cleveland–Cliffs CLF 6.250 7.14 Oct. 1, ’40 90.600 –2.35 n.a. U.S. 0.10 0.08 1.65 -0.07 Latest Week ago Year ago Call money Seagate HDD Cayman … 4.750 2.23 Jan. 1, ’25 109.731 –1.27 110.900 U.S. government rates 2.00 2.00 3.50 2.00 Freddie Mac Telecom Italia Capital TITIM 6.000 4.17 Sept. 30, ’34 119.040 –0.96 n.a. 30-year fixed 2.71 2.72 3.68 Discount Netflix NFLX 4.875 2.76 April 15, ’28 114.000 –0.91 114.710 Commercial paper (AA financial) 15-year fixed 2.26 2.28 3.14 0.25 0.25 2.25 0.25 90 days 0.17 n.a. 2.53 0.04 Five-year ARM 2.86 3.16 3.39 Ford Motor Credit … 5.875 2.38 Aug. 2, ’21 102.250 –0.58 102.125 Howmet Aerospace HWM 5.950 4.35 Feb. 1, ’37 118.475 –0.53 116.596 Notes on data: Barclays Bank BACR 7.625 2.12 Nov. 21, ’22 110.500 –0.50 n.a. U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of Embarq … 7.995 5.91 June 1, ’36 121.000 –0.50 120.490 December 2, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *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. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more Tullett Prebon Information, Ltd. Source: MarketAxess P2JW339000-1-B00800-1------XA

B8 | Friday, December 4, 2020 * THE WALL STREET JOURNAL. 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. Deere DE 252.68 -6.32 GSXTechedu GSX 61.20 -0.96 s KLA KLAC 257.39 1.07 NRG Energy NRG 33.10 -0.50 RaymondJames RJF 94.35 -0.35 Steris STE 192.69 -0.11 UnitySoftware U 145.67 4.62 Market listed securities. Prices are composite dd-Indicates loss in the most recent s DellTechC DELL 70.91 0.39 Galapagos GLPG 122.64 -2.18 KSCitySouthern KSU 189.10 -0.27 NVR NVR 4000.00100.90 RaytheonTech RTX 73.29 1.35 STMicroelec STM 40.64 -0.01 s UnivDisplay OLED 233.48 1.37 quotations that include primary market trades four quarters. DeltaAir DAL 42.95 1.88 Gallagher AJG 115.77 -0.21 Kellogg K 63.00 0.28 s NXP Semi NXPI 158.79 -1.75 s RealPage RP 68.33 -0.04 StoneCo STNE 71.14 0.42 UniversalHealthB UHS 132.40 0.39 as well as trades reported by Nasdaq BX FD-First day of trading. DenaliTherap DNLI 66.24 3.72 Gaming&Leisure GLPI 42.28 0.66 KeurigDrPepper KDP 30.10 0.02 Nasdaq NDAQ124.90 -3.97 RealtyIncome O 61.09 0.31 Stryker SYK 234.78 0.52 VEREIT VER 7.47 0.24 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing DentsplySirona XRAY 52.15 -1.21 Gap GPS 21.20 0.28 KeyCorp KEY 15.96 0.01 Natera NTRA 88.97 -1.79 RegencyCtrs REG 48.36 0.83 SumitomoMits SMFG 5.93 -0.05 VF VFC 86.22 0.74 Cboe, NYSE National and Nasdaq ISE. standards s DeutscheBank DB 11.77 0.19 Garmin GRMN 119.24 0.76 s KeysightTechs KEYS 122.64 0.76 NationalGrid NGG 57.58 -0.31 RegenPharm REGN 498.84 -6.29 SunComms SUI 144.40 2.20 VICI Prop VICI 26.06 0.75 The list comprises the 1,000 largest lf-Late filing DexCom DXCM 344.63 11.43 Gartner IT 152.70 -1.40 KilroyRealty KRC 62.14 0.39 Natura&Co NTCO 19.02 0.19 RegionsFin RF 16.03 0.02 SunLifeFinancial SLF 43.96 -0.33 VailResorts MTN 274.45 3.16 companies based on market capitalization. q-Temporary exemption from Nasdaq Diageo DEO 156.02 0.14 Generac GNRC 207.58 -3.16 KimberlyClark KMB 137.82 0.55 NatWest NWG 4.53 0.11 ReinsGrp RGA 119.49 -1.67 SuncorEnergy SU 16.60 0.38 s Vale VALE 15.34 0.01 Underlined quotations are those stocks with requirements. t-NYSE bankruptcy DigitalRealty DLR 133.65 1.49 GeneralDynamics GD 153.88 0.53 KinderMorgan KMI 14.49 0.15 nCino NCNO 83.47 2.66 RelianceSteel RS 119.47 0.38 SunRun RUN 58.24 -2.75 ValeroEnergy VLO 57.91 -0.16 large changes in volume compared with the DiscoverFinSvcs DFS 80.84 -0.85 GeneralElec GE 10.60 0.17 KingsoftCloud KC 41.47 0.17 NetApp NTAP 58.49 -0.74 RenaissanceRe RNR 165.74 -3.30 Suzano SUZ 10.06 -0.32 VarianMed VAR 174.41 0.15 issue’s average trading volume. v-Trading halted on primary market. vj-In bankruptcy or receivership or DiscoveryB DISCB 31.61 0.13 GeneralMills GIS 60.44 0.22 KinrossGold KGC 7.30 -0.05 NetEase NTES 87.83 -0.11 Repligen RGEN 187.21 0.21 SynchronyFin SYF 32.35 0.02 VeevaSystems VEEV 273.90 1.50 Boldfaced quotations highlight those issues being reorganized under the DiscoveryA DISCA 28.24 -0.13 GeneralMotors GM 44.09 -0.49 KirklandLakeGold KL 40.51 -0.71 Netflix NFLX 497.52 -5.86 RepublicSvcs RSG 94.75 -1.00 Synopsys SNPS234.47 9.75 Ventas VTR 48.82 1.14 whose price changed by 5% or more if their Bankruptcy Code, or securities DiscoveryC DISCK 25.12 -0.12 Genmab GMAB 38.35 0.03 Knight-Swift KNX 40.32 -1.03 Neurocrine NBIX 98.77 1.60 ResMed RMD 207.40 -1.86 Sysco SYY 74.68 1.93 VeriSign VRSN 200.81 0.57 previous closing price was $2 or higher. assumed by such companies. s Disney DIS 153.24 -0.37 Genpact G 40.01 -0.93 KoninklijkePhil PHG 52.00 0.01 NewFortressEner NFE 43.52 0.86 RestaurantBrands QSR 58.82 0.63 VeriskAnalytics VRSK 193.85 -2.14 DocuSign DOCU 231.01 13.31 Gentex GNTX 33.17 0.13 KoreaElcPwr KEP 10.11 0.30 NewOrientalEduc EDU 162.09 4.13 s RingCentral RNG 337.21 8.03 T U V Verizon VZ 61.74 0.38 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s DolbyLab DLB 90.21 0.12 GenuineParts GPC 97.26 1.07 KraftHeinz KHC 33.45 0.67 NYTimes A NYT 46.32 1.15 s RioTinto RIO 72.57 2.38 VertxPharm VRTX 226.87 0.17 TAL Education TAL 70.39 0.38 changes in the closing prices from 4 p.m. the previous day. DollarGeneral DG 214.49 -3.05 Gerdau GGB 4.37 -0.10 Kroger KR 30.88 -1.41 s NewellBrands NWL 21.77 0.55 RitchieBros RBA 69.83 0.25 ViacomCBS A VIACA 37.48 0.18 TC Energy TRP 45.18 0.19 s DollarTree DLTR 112.12 0.49 GileadSciences GILD 60.86 -0.27 L Brands LB 38.35 -0.32 Newmont NEM 59.51 -0.45 RobertHalf RHI 64.69 -0.10 ViacomCBS B VIAC 36.59 0.22 s TE Connectivity TEL 117.97 2.11 DominionEner D 78.40 -1.25 GSK GSK 37.27 -0.13 Line LN 51.89 0.59 s NewsCorp A NWSA 18.57 0.18 RocketCos. RKT 20.31 0.21 Viatris VTRS 17.37 0.25 Thursday, December 3, 2020 Net Net Telus TU 19.72 0.35 Stock Sym Close Chg Stock Sym Close Chg Domino's DPZ 383.38 -4.45 GlobalPayments GPN 195.75 0.37 LKQ LKQ 36.18 0.34 s NewsCorp B NWS 18.57 0.13 Rockwell ROK 245.24 -1.45 Vipshop VIPS 25.08 -0.05 Net s TJX TJX 65.91 0.91 Dover DOV 121.14 -1.15 Globant GLOB 183.67 -1.55 s LPL Financial LPLA 98.64 3.51 NextEraEnergy NEE 73.35 -0.96 RogersComm B RCI 47.48 1.03 Visa V 208.05 -2.13 Stock Sym Close Chg AtmosEnergy ATO 96.52 0.33 CanNtlRlwy CNI 106.85 0.38 T-MobileUS TMUS 131.19 -1.95 Dow DOW 53.60 0.40 GlobeLife GL 94.95 -0.18 L3HarrisTech LHX 192.70 1.16 s Nike NKE 136.96 1.38 Roku ROKU 289.10 7.77 Vistra VST 18.77 -0.10 Autodesk ADSK 277.29 0.23 CanNaturalRes CNQ 23.89 0.45 s TRowePrice TROW 150.07 3.56 A B C DrReddy'sLab RDY 65.87 0.38 GoDaddy GDDY 81.67 0.29 LabCpAm LH 196.64 -2.20 Nikola NKLA 18.98 0.66 Rollins ROL 55.15 -0.01 VMware VMW 140.50 -0.82 Autohome ATHM 95.04 2.26 CanPacRlwy CP 324.47 3.27 TaiwanSemi TSM 99.50 -0.04 DraftKings DKNG 50.06 -1.04 GoldFields GFI 9.03 -0.20 s LamResearch LRCX 484.07 4.85 NiSource NI 24.36 -0.26 RoperTech ROP 409.21 -8.80 Vodafone VOD 17.12 0.09 Autoliv ALV 90.48 0.62 Canon CAJ 18.91 0.19 s TakeTwoSoftware TTWO 180.76 -0.54 ABB ABB 26.91 0.36 Dropbox DBX 20.23 0.12 GoldmanSachs GS 235.47 -2.18 LamarAdv LAMR 80.98 0.50 Nokia NOK 4.02 -0.04 RossStores ROST 113.06 1.48 VornadoRealty VNO 40.29 0.57 ADP ADP 172.09 0.51 CanopyGrowth CGC 28.63 0.45 TakedaPharm TAK 18.41 0.07 AcadiaPharm ACAD 53.28 -1.45 DukeEnergy DUK 92.35 -1.52 GoodRx GDRX 37.42 0.62 LambWeston LW 75.66 3.03 s NomuraHoldings NMR 5.39 -0.02 RoyalBkCanada RY 82.21 0.03 VoyaFinancial VOYA 60.11 0.63 AutoZone AZO 1154.01 1.79 CapitalOne COF 91.28 -0.11 Tapestry TPR 29.27 0.79 AECOM ACM 50.30 -2.24 DukeRealty DRE 37.80 0.07 Graco GGG 66.14 -0.51 LasVegasSands LVS 58.66 1.05 Nordson NDSN 195.31 -2.22 RoyalCaribbean RCL 84.40 3.76 VulcanMatls VMC 144.57 3.73 Avalara AVLR 167.83 -0.40 CardinalHealth CAH 55.43 -0.22 Target TGT 174.92 -1.49 AES AES 21.16 ... Dun&Bradstreet DNB 26.79 -0.13 Grainger GWW 402.68 -4.64 Lear LEA 149.02 4.34 NorfolkSouthern NSC 237.15 -2.52 RoyalDutchA RDS.A 36.71 0.32 Avalonbay AVB 171.13 1.85 Carlisle CSL 147.84 0.08 TataMotors TTM 12.66 0.02 Aflac AFL 45.69 0.38 Dunkin' DNKN 106.39 0.05 Grifols GRFS 18.77 -0.05 Leidos LDOS 102.89 -0.21 NorthernTrust NTRS 92.99 -0.91 RoyalDutchB RDS.B 34.99 0.34 W X Y Z Avangrid AGR 46.77 -0.09 Carlyle CG 28.81 -0.05 TeckRscsB TECK 17.43 0.75 AGCO AGCO 93.01 1.14 DuPont DD 64.19 0.23 GuardantHealth GH 122.00 2.35 Lennar B LEN.B 60.33 3.28 NorthropGrum NOC 303.43 4.66 RoyalGold RGLD 110.76 -1.19 Avantor AVTR 27.10 -0.08 CarMax KMX 96.27 -0.20 TeladocHealth TDOC 197.21 2.18 WEC Energy WEC 94.38 -1.38 AGNC Invt AGNC 15.41 0.09 Dynatrace DT 38.65 0.61 s Guidewire GWRE 126.41 2.68 Lennar ALEN 75.42 4.22 NortonLifeLock NLOK 19.10 0.51 RoyaltyPharma RPRX 42.29 0.51 AveryDennison AVY 149.87 -0.97 Carnival CCL 22.88 1.72 TeledyneTech TDY 383.63 -2.19 WEX WEX 181.00 -0.54 Ansys ANSS 337.54 2.61 ENI E 20.50 0.10 HCA Healthcare HCA 152.75 0.15 LennoxIntl LII 280.53 -0.46 NorwegCruise NCLH 25.42 2.02 s Ryanair RYAAY 109.59 2.99 AxonEnterprise AAXN 123.85 -0.07 Carnival CUK 20.19 1.22 Teleflex TFX 377.99 -2.39 W.P.Carey WPC 69.44 0.18 ASETech ASX 5.55 0.10 EOG Rscs EOG 48.17 0.35 HDFC Bank HDB 68.03 -1.70 LeviStrauss LEVI 19.40 0.53 Novartis NVS 90.24 -1.34 SAP SAP 122.41 -0.09 BCE BCE 44.09 0.56 CarrierGlobal CARR 36.69 -0.14 Ericsson ERIC 12.27 0.02 WPP WPP 51.66 1.50 s ASML ASML 452.90 1.90 EPAM Systems EPAM 319.69 -3.90 s HD Supply HDS 55.93 0.10 LiAuto LI 32.31 -2.44 Novavax NVAX 129.16 3.68 S&P Global SPGI 326.61 -6.67 s BHP Group BHP 61.59 1.46 Carvana CVNA 227.92 2.47 TelefonicaBras VIV 8.53 0.17 Wabtec WAB 73.13 0.55 AT&T T 29.23 0.14 EastmanChem EMN 98.15 -0.03 HP HPQ 23.24 0.42 s LibertyBroadbandA LBRDA 160.08 -0.13 NovoNordisk NVO 67.21 -0.93 SBA Comm SBAC 286.40 1.92 s BHP Group BBL 50.89 1.39 CaseysGenStores CASY 185.94 1.84 Telefonica TEF 4.52 -0.03 WalgreensBoots WBA 42.82 2.98 AbbottLabs ABT 107.53 -0.62 Eaton ETN 116.73 -2.19 HSBC HSBC 28.16 0.38 s LibertyBroadbandC LBRDK 161.40 0.27 Novocure NVCR 135.06 4.84 SEI Investments SEIC 55.18 0.33 BP BP 21.36 0.29 Catalent CTLT 93.47 0.26 s TelekmIndonesia TLK 22.97 -0.31 Walmart WMT 149.30 -1.22 AbbVie ABBV 104.74 -0.25 EatonVance EV 65.00 0.11 Halliburton HAL 18.02 0.41 s LibertyGlobal A LBTYA 24.40 0.41 NuanceComms NUAN 41.99 -0.20 SK Telecom SKM 23.96 -0.08 Baidu BIDU 144.24 0.54 Caterpillar CAT 174.63 0.76 s 10xGenomics TXG 145.22 0.41 WarnerMusic WMG 29.97 0.04 Abiomed ABMD 266.84 1.59 eBay EBAY 50.29 -1.06 HartfordFinl HIG 45.84 0.38 s LibertyGlobal C LBTYK 23.54 0.50 Nucor NUE 54.80 -0.30 SS&C Tech SSNC 70.20 0.18 BakerHughes BKR 20.42 0.75 Celanese CE 129.70 -0.95 Tenaris TS 16.08 0.13 WasteConnections WCN 101.24 -0.45 AcceleronPharma XLRN 118.53 1.76 Ecolab ECL 219.75 0.61 Hasbro HAS 92.66 -1.27 LibertyFormOne C FWONK 43.84 -0.36 Nutrien NTR StoreCapital STOR 32.83 0.83 Ball BLL 92.64 -1.36 s 49.29 0.35 TencentMusic TME 16.74 0.30 WasteMgt WM 117.14 0.56 Accenture ACN 249.93 0.27 Cemex CX 5.31 0.33 Ecopetrol EC 12.26 0.13 HealthcareAmer HTA 25.81 ... LibertyFormOne A FWONA 39.80 0.02 SVB Fin SIVB 356.47 3.32 BancoBilbaoViz BBVA 4.88 -0.09 NVIDIA NVDA 535.84 -5.78 s Teradyne TER 113.74 -0.22 Waters WAT 232.59 -2.53 ActivisionBliz ATVI 78.79 -0.36 Centene CNC 63.68 -0.16 EdisonInt EIX 61.54 -0.65 HealthpeakProp PEAK 30.07 0.57 LibertyBraves A BATRA 27.10 0.18 Salesforce.com CRM220.97 0.19 BancoBradesco BBDO 4.42 0.04 Tesla TSLA 593.38 24.56 Watsco WSO 217.98 -3.55 Adobe ADBE 484.28 3.02 CenterPointEner CNP 22.79 -0.14 EdwardsLife EW 83.65 -0.82 Heico A HEI.A 120.27 -0.09 LibertyBraves C BATRK 26.62 0.03 O P Q Sanofi SNY 50.11 -0.51 BancodeChile BCH 19.27 ... TevaPharm TEVA 9.98 0.32 Wayfair W 239.77 -2.92 AdvanceAuto AAP 150.14 1.69 CentraisElBras EBR 6.51 0.10 ElancoAnimal ELAN 29.20 -0.80 Heico HEI 131.56 1.90 LibertySirius C LSXMK 41.52 0.30 SantanderCons SC 23.20 -0.38 BancSanBrasil BSBR 8.02 -0.03 ONEOK OKE 38.49 1.02 TexasInstruments TXN 161.98 -0.74 Weibo WB 42.67 0.57 AdvMicroDevices AMD 92.31 -1.43 CeridianHCM CDAY 94.73 0.83 s Elastic ESTC 135.00 15.10 HenrySchein HSIC 66.47 -0.02 LibertySirius A LSXMA 41.68 0.41 SareptaTherap SRPT 153.33 3.36 BcoSantChile BSAC 18.84 0.07 OReillyAuto ORLY 446.50 4.09 Textron TXT 47.32 1.19 WellsFargo WFC 29.16 0.29 Aegon AEG 3.77 0.01 Cerner CERN 73.89 -1.58 ElectronicArts EA 128.38 -1.16 Hershey HSY 149.83 0.58 EliLilly LLY 144.11 -1.05 Schlumberger SLB 22.07 0.43 BcoSantMex BSMX 5.56 0.09 OakStreetHealth OSH 52.63 4.40 ThermoFisherSci TMO 477.20 -1.69 Welltower WELL 63.19 0.71 AgilentTechs A 113.58 -0.99 CharlesRiverLabs CRL 234.99 -0.47 EmersonElec EMR 75.48 -0.42 Hess HES 51.00 1.89 LincolnElectric LECO 114.23 -0.72 SchwabC SCHW 51.07 0.21 BancoSantander SAN 3.21 0.01 s OccidentalPetrol OXY 16.39 0.50 ThomsonReuters TRI 80.42 0.34 WestPharmSvcs WST 272.24 -3.15 AgnicoEagle AEM 69.04 -0.04 CharterComms CHTR 670.43 3.26 Enbridge ENB 32.73 0.56 HewlettPackard HPE 11.61 0.09 LincolnNational LNC 52.21 0.86 ScottsMiracleGro SMG 170.33 1.09 BanColombia CIB 33.41 0.47 s Okta OKTA 242.35 12.14 3M MMM 171.83 -0.02 WesternDigital WDC 48.48 0.76 AirProducts APD 267.25 -6.63 CheckPoint CHKP 119.76 1.64 EncompassHealth EHC 79.59 -0.33 HighwoodsProp HIW 39.27 0.25 Linde LIN 246.20 -4.80 s Sea SE 183.53 -0.35 BankofAmerica BAC 28.91 0.03 OldDomFreight ODFL 207.01 2.18 Tiffany TIF 131.39 0.06 WesternUnion WU 21.93 -0.39 AkamaiTech AKAM 104.09 0.63 Chegg CHGG 76.13 0.10 EnelAmericas ENIA 7.73 0.22 Hilton HLT 109.16 2.41 LithiaMotors LAD 293.15 2.82 Seagate STX 62.34 1.14 BankofMontreal BMO 75.90 0.58 OmegaHealthcare OHI 37.79 0.96 Toro TTC 89.34 0.36 WestlakeChem WLK 78.56 0.77 Albemarle ALB 131.72 -3.53 Chemed CHE 468.68 -8.01 EnergyTransfer ET 6.55 0.22 Hologic HOLX 72.49 1.63 LiveNationEnt LYV 69.22 -0.68 Seagen SGEN 180.16 3.12 BankNY Mellon BK 40.12 0.13 TorontoDomBk TD 54.94 0.17 WestpacBanking WBK 15.09 -0.09 Albertsons ACI 15.27 -0.25 CheniereEnergy LNG 58.32 0.94 EnphaseEnergy ENPH 127.67 -0.26 HomeDepot HD 268.14 -2.96 LloydsBanking LYG 2.08 0.05 Omnicom OMC 65.06 1.39 SealedAir SEE 44.79 -0.70 BkNovaScotia BNS 51.68 0.47 s Total TOT 43.85 0.03 WestRock WRK 42.86 -0.61 Alcon ALC 62.58 -0.61 CheniereEnerPtrs CQP 39.18 0.26 Entegris ENTG 93.39 0.20 HondaMotor HMC 29.35 0.22 LockheedMartin LMT 362.03 0.67 ON Semi ON 29.10 0.14 SempraEnergy SRE 132.01 0.58 Barclays BCS 7.91 0.09 ToyotaMotor TM 136.85 0.51 Weyerhaeuser WY 29.49 0.77 AlexandriaRlEst ARE 167.73 1.76 Chevron CVX 89.80 -0.07 Entergy ETR 106.64 -1.97 Honeywell HON 208.22 0.22 Loews L 42.62 0.05 OneConnectFinTech OCFT 21.15 -0.65 SensataTechs ST 48.89 -0.11 BarrickGold GOLD 23.61 -0.35 TractorSupply TSCO 134.80 -1.97 WheatonPrecMet WPM 40.61 -0.76 AlexionPharm ALXN 121.06 -1.69 Chewy CHWY 72.68 1.45 EnterpriseProd EPD 20.12 0.02 HorizonTherap HZNP 71.22 1.68 LogitechIntl LOGI 86.67 0.19 OpenText OTEX 45.15 0.57 ServiceCorp SCI 48.59 -0.31 BauschHealth BHC 19.24 0.19 TradeDesk TTD 887.18 20.26 Whirlpool WHR 186.89 3.11 Alibaba BABA 266.91 5.59 ChinaEastrnAir CEA 24.04 1.10 Equifax EFX 165.25 0.64 HormelFoods HRL 47.24 0.27 Lowe's LOW 151.97 0.16 Oracle ORCL 59.27 0.19 ServiceNow NOW 525.24 -1.28 BaxterIntl BAX 76.32 0.21 Tradeweb TW 60.23 1.30 Williams WMB 21.56 -0.09 s AlignTech ALGN 511.00 5.52 ChinaLifeIns LFC 11.53 -0.10 Equinix EQIX 692.65 2.03 DR Horton DHI 72.34 3.27 LufaxHolding LU 14.43 -0.67 Orange ORAN 12.34 -0.17 ShawComm B SJR 18.25 0.47 BectonDicknsn BDX 238.51 -3.36 TraneTech TT 141.72 -2.09 Williams-Sonoma WSM 111.11 0.96 Alleghany Y 596.74 3.40 ChinaMobile CHL 30.35 0.08 Equinor EQNR 16.08 -0.03 HostHotels HST 15.11 0.22 lululemon LULU 375.42 2.82 Orix IX 77.66 1.46 SherwinWilliams SHW 708.05 -7.60 BeiGene BGNE 221.31 -5.69 TransDigm TDG 598.64 3.80 WillisTowers WLTW 212.82 0.33 Allegion ALLE 113.77 0.23 ChinaPetrol SNP 46.56 -0.62 Equitable EQH 26.44 -0.14 HowmetAerospace HWM 25.05 0.79 LumenTech LUMN 10.51 0.01 OtisWorldwide OTIS 65.49 -0.20 ShinhanFin SHG 31.15 -0.08 BentleySystems BSY 33.36 -1.12 TransUnion TRU 93.76 0.38 Wipro WIT 5.27 -0.10 AlliantEnergy LNT 53.36 -0.46 ChinaSoAirlines ZNH 33.81 2.12 EquityLife ELS 59.49 0.75 HuanengPower HNP 15.44 0.02 Lyft LYFT 43.10 -0.30 OwensCorning OC 73.50 1.41 Shopify SHOP 1062.68-16.76 Berkley WRB 66.95 -0.33 Travelers TRV 135.09 1.05 Wix.com WIX 253.43 2.09 Allstate ALL 103.83 0.15 ChinaTelecom CHA 30.45 0.05 EquityResdntl EQR 61.95 1.59 Huazhu HTHT 51.20 0.90 LyondellBasell LYB 85.63 -0.29 PG&E PCG 12.60 0.07 Sibanye-Stillwater SBSW 14.41 -0.46 BerkHathwy A BRK.A 346689809.99 Trex TREX 76.182.33 Woodward WWD 116.73 1.39 AllyFinancial ALLY 31.17 0.12 ChinaUnicom CHU 6.01 0.01 ErieIndemnity A ERIE 219.47 -1.65 Hubbell HUBB 156.25 -0.95 PNC Fin PNC 141.25 -0.13 SimonProperty SPG 89.63 2.38 BerkHathwy B BRK.B 231.02 0.60 s Trimble TRMB 61.01 0.34 Workday WDAY 224.17 -1.26 AlnylamPharm ALNY 131.17 1.70 Chindata CD 17.89 -0.86 EssentialUtil WTRG 48.02 0.65 HubSpot HUBS 387.84 1.68 M N s POSCO PKX 57.17 0.19 SiriusXM SIRI 6.43 ... BerryGlobal BERY 53.59 -0.67 Trip.com TCOM 35.22 2.07 WynnResorts WYNN 108.49 3.36 s Alphabet A GOOGL 1821.84 -3.13 Chipotle CMG 1308.76 11.76 EssexProp ESS 248.85 0.15 Humana HUM 403.83 -1.92 PPD PPD 34.40 0.05 Skyworks SWKS 143.71 0.26 BestBuy BBY 106.54 -0.93 M&T Bank MTB 124.83 1.82 TruistFinl TFC 47.41 -0.15 XP XP 38.51 -1.90 s Alphabet C GOOG 1826.77 -1.18 Chubb CB 153.99 0.81 EsteeLauder EL 245.46 0.14 JBHunt JBHT 134.38 -0.65 PPG Ind PPG 145.43 -1.68 SlackTech WORK 42.51 -0.20 BeyondMeat BYND 139.35 0.82 MGMGrowthProp MGP 32.55 1.09 Twilio TWLO 319.75 -0.59 s XPO Logistics XPO 116.40 6.39 Alteryx AYX 116.76 -1.55 ChunghwaTel CHT 38.30 0.09 Etsy ETSY 154.74 0.12 HuntingtonBcshs HBAN 12.98 0.15 PPL PPL 28.46 -0.07 Smartsheet SMAR 60.42 4.32 Bilibili BILI 62.33 0.54 MGM Resorts MGM 29.91 0.56 Twitter TWTR 47.79 0.56 XcelEnergy XEL 67.31 -1.37 AlticeUSA ATUS 34.64 0.02 Church&Dwight CHD 86.59 0.33 EuronetWorldwide EEFT 134.30 -3.10 HyattHotels H 74.58 0.94 PRA HealthSci PRAH 110.78 -0.71 SmithAO AOS 54.96 0.09 Bill.com BILL 118.96 1.26 s MKS Instrum MKSI 143.21 -0.08 TylerTech TYL 417.53 -0.64 Xilinx XLNX 144.39 -2.72 Altria MO 40.42 0.40 ChurchillDowns CHDN 182.88 3.42 EverestRe RE 232.57 0.18 IAA IAA 59.39 -0.49 PTC PTC 107.98 0.72 Smith&Nephew SNN 40.38 0.26 Bio-Techne TECH 298.95 0.62 MPLX MPLX 22.12 0.32 TysonFoods TSN 69.13 3.03 XPeng XPEV 51.82 -4.18 AlumofChina ACH 9.00 -0.74 Ciena CIEN 46.50 0.83 Evergy EVRG 55.50 -0.60 ICICI Bank IBN 13.16 -0.11 Paccar PCAR 86.25 -0.90 Smucker SJM 116.48 1.61 Bio-RadLab A BIO 553.27 3.67 MSCI MSCI 419.30 3.14 UBS Group UBS 14.50 -0.04 Xylem XYL 96.75 0.61 Amazon.com AMZN 3186.73-16.80 Cigna CI 213.39 1.38 EversourceEner ES 86.81 -1.34 IdexxLab IDXX 460.07 -2.52 PackagingCpAm PKG 131.54 -0.44 s Snap SNAP 47.95 0.46 Biogen BIIB 244.09 -2.83 MagellanMid MMP 43.48 1.41 UDR UDR 40.00 0.62 Yandex YNDX 69.34 0.14 Ambev ABEV 2.89 0.01 CincinnatiFin CINF 81.70 1.77 ExactSciences EXAS 130.67 6.26 IHS Markit INFO 90.61 -1.94 PagSeguroDig PAGS 47.85 -0.12 SnapOn SNA 177.45 1.43 BioMarinPharm BMRN 79.10 -0.76 MagnaIntl MGA 62.02 0.97 UGI UGI 35.65 -0.47 YatsenHolding YSG 15.83 -0.17 Amcor AMCR 11.44 -0.03 Cintas CTAS 359.69 -1.22 Exelon EXC 41.05 -0.52 s II-VI IIVI 69.00 -0.70 PalantirTech PLTR 24.03 1.52 s Snowflake SNOW 339.89 47.20 BioNTech BNTX 118.68 -2.41 ManulifeFin MFC 17.59 0.20 US Foods USFD 33.00 0.44 YumBrands YUM 104.52 -0.46 Amdocs DOX 65.75 -0.25 CiscoSystems CSCO 44.11 0.22 Expedia EXPE 127.35 -0.52 ING Groep ING 10.00 -0.11 s PaloAltoNtwks PANW 296.63 3.40 SOQUIMICH SQM 45.09 -0.82 BlackKnight BKI 89.34 -0.12 MarathonPetrol MPC 40.99 0.41 s Uber UBER 52.52 -0.57 YumChina YUMC 56.81 0.19 Amedisys AMED 245.61 -1.82 Citigroup C 56.58 -0.62 ExpeditorsIntl EXPD 88.70 0.06 InvescoIVZ 17.80 1.04 ParkerHannifin PH 269.12 -0.99 SolarEdgeTech SEDG 272.33 -1.17 BlackLine BL 120.76 2.03 MaravaiLifeSci MRVI 27.68 -0.44 Ubiquiti UI 251.07 2.35 ZTO Express ZTO 28.80 -0.22 s Amerco UHAL 426.41 1.42 CitizensFin CFG 34.59 0.23 ExtraSpaceSt EXR 113.50 2.08 IPG Photonics IPGP 206.97 -0.72 Paychex PAYX 93.30 0.48 SolarWinds SWI 22.69 0.01 s BlackRock BLK 715.42 0.69 Markel MKL 978.62-13.10 UltaBeauty ULTA289.53 7.53 ZaiLab ZLAB 108.23 0.54 Ameren AEE 77.91 -0.58 CitrixSystems CTXS 127.87 0.56 ExxonMobil XOM 40.21 0.27 IQVIA IQV 167.63 -2.41 s PaycomSoftware PAYC 428.48 8.88 Sony SNE 93.83 1.21 Blackstone BX 61.40 -0.20 MarketAxess MKTX555.63 14.85 s Clarivate CCC 28.01 1.01 F5Networks FFIV 162.55 -1.71 IcahnEnterprises IEP 50.50 0.13 Paylocity PCTY 195.81 1.04 SoteraHealth SHC 27.95 -0.05 UltragenyxPharm RARE 124.14 6.16 ZebraTech ZBRA 372.37 5.16 AmericaMovil AMX 14.59 -0.16 Boeing BA 237.20 13.35 Marriott MAR 132.32 3.60 Clorox CLX 201.23 -0.48 s FMC FMC 118.38 0.22 Icon ICLR 199.33 0.22 PayPal PYPL 214.54 1.98 Southern SO 61.88 ... UnderArmour A UAA 17.00 0.68 Zendesk ZEN 135.09 2.69 AmericaMovil A AMOV 14.58 -0.05 BookingHldgs BKNG 2096.63 18.21 Marsh&McLen MMC 116.54 0.52 Cloudflare NET 74.13 2.23 Facebook FB 281.85 -5.67 IDEX IEX 190.26 0.38 Pegasystems PEGA 129.74 1.94 SoCopper SCCO 60.31 0.11 UnderArmour C UA 14.97 0.46 Zillow C Z 107.27 0.17 AmerAirlines AAL 16.09 1.23 BoozAllen BAH 88.38 -0.16 s MartinMarietta MLM 281.15 7.69 Coca-Cola KO 52.78 0.67 FactSet FDS 346.57 10.42 IllinoisToolWks ITW 203.45 -1.57 Peloton PTON 116.20 3.02 SouthwestAir LUV 47.82 0.38 Unilever UL 57.98 -1.13 Zillow A ZG 111.14 -0.74 AEP AEP 84.74 -1.13 BorgWarner BWA 38.69 0.08 MarvellTech MRVL 45.52 -0.10 Coca-Cola Euro CCEP 47.50 0.90 s FairIsaac FICO483.52 7.51 Illumina ILMN 346.00 5.18 PembinaPipeline PBA 25.80 0.16 Splunk SPLK 158.03-47.88 UnionPacific UNP 202.26 -1.30 ZimmerBiomet ZBH 146.31 -1.54 AmerExpress AXP 123.12 0.79 BostonBeer SAM 932.48 11.60 Masco MAS 52.06 0.24 s Cognex CGNX 74.59 -1.43 Farfetch FTCH 56.47 0.56 ImperialOil IMO 18.01 0.39 PennNational PENN 71.73 -0.11 s Spotify SPOT 316.43 -4.46 UnitedAirlines UAL 49.91 3.18 ZionsBancorp ZION 42.42 0.82 AmericanFin AFG 89.08 -1.07 BostonProps BXP 103.33 2.28 s Masimo MASI 261.47 6.94 s CognizantTech CTSH 78.76 0.64 Fastenal FAST 47.37 -0.21 Incyte INCY 82.90 0.63 Pentair PNR 50.92 -0.46 Square SQ 205.53 3.53 s UnitedMicro UMC 7.75 0.47 Zoetis ZTS 157.07 -1.88 AmHomes4Rent AMH 28.86 0.06 BostonSci BSX 33.81 -0.34 Mastercard MA 335.14 -5.08 ColgatePalm CL 85.19 -0.55 Fastly FSLY 82.81 2.42 Infosys INFY 15.24 -0.17 Penumbra PEN 206.25 1.01 StanleyBlackDck SWK 179.02 0.40 UPS B UPS 167.83 -1.00 ZoomVideo ZM 413.54 0.68 AIG AIG 39.84 0.11 BrightHorizons BFAM 164.88 -0.36 s MaximIntProducts MXIM 84.01 -0.21 Comcast A CMCSA 51.59 0.54 FederalRealty FRT 91.81 1.85 IngersollRand IR 44.46 0.13 PepsiCo PEP 144.45 0.85 s Starbucks SBUX 100.11 1.20 UnitedRentals URI 236.95 5.55 ZoomInfoTech ZI 45.56 2.55 AmerTowerREIT AMT 226.22 -2.68 BristolMyers BMY 61.78 -0.40 McCormick MKC 92.65 1.23 Comerica CMA 52.77 0.75 FedEx FDX 292.70 0.98 Inphi IPHI 150.25 0.20 PerkinElmer PKI 138.02 -0.56 StateStreet STT 73.88 -0.18 US Bancorp USB 44.97 0.29 s Zscaler ZS 185.61 38.82 AmerWaterWorks AWK 152.48 -2.35 BritishAmTob BTI 36.54 0.55 McCormickVtg MKC.V 92.56 0.32 CommerceBcshrs CBSH 63.38 0.11 s Ferrari RACE 215.35 0.58 Insulet PODD 255.54 0.47 PetroChina PTR 31.84 -0.46 SteelDynamics STLD 37.61 0.45 UnitedHealth UNH 348.68 1.12 Zynga ZNGA 8.42 0.10 AmericoldRealty COLD 33.84 ... Broadcom AVGO 399.80 -3.93 McDonalds MCD 211.51 0.65 ConagraBrands CAG 35.38 0.21 s FiatChrysler FCAU 15.92 -0.05 Intel INTC 50.99 1.09 PetroleoBrasil PBR 10.55 0.36 s Ameriprise AMP 194.71 1.27 BroadridgeFinl BR 148.01 0.78 McKesson MCK 179.16 -1.69 ConchoRscs CXO 60.02 1.88 FidNatlFin FNF 36.90 0.66 InteractiveBrkrs IBKR 54.72 -0.09 PetroleoBrasilA PBR.A 10.33 0.41 AmerisourceBrgn ABC 101.50 -1.62 BrookfieldMgt BAM 41.22 0.30 MedicalProp MPW 20.01 0.41 ConocoPhillips COP 41.20 1.23 FidNatlInfo FIS 147.28 -1.31 s ICE ICE 107.46 0.90 Pfizer PFE 40.09 -0.71 Ametek AME 114.43 -0.59 BrookfieldInfr BIP 50.06 0.32 Medtronic MDT 112.47 -1.13 ConEd ED 75.91 -1.12 FifthThirdBncp FITB 26.83 0.24 InterContinentl IHG 65.37 1.88 PhilipMorris PM 78.50 0.43 Amgen AMGN 226.91 0.35 BrookfieldPropREIT BPYU 15.78 0.11 MelcoResorts MLCO 18.89 0.68 Dividend Changes s ConstBrands A STZ 209.78 4.79 FirstHorizon FHN 12.86 0.01 IBM IBM 123.61 -1.01 Phillips66 PSX 65.02 0.59 Amphenol APH 131.70 0.61 BrookfieldRenew BEPC 73.51 -0.43 MercadoLibre MELI 1560.34 37.48 Cooper COO 337.98 3.37 FirstRepBank FRC 129.81 -1.87 IntlFlavors IFF 112.64 0.13 Pinduoduo PDD 145.16 1.10 AnalogDevices ADI 139.75 -0.29 Brown&Brown BRO 44.61 -0.46 Merck MRK 81.45 -0.38 Dividend announcements from December 3. Copart CPRT 115.00 1.70 FirstSolar FSLR 88.92 -1.57 IntlPaper IP 48.24 -1.62 PinnacleWest PNW 81.40 -1.49 s Anaplan PLAN 70.78 1.28 Brown-Forman B BF.B 78.60 -1.10 MetLife MET 47.71 ... Corning GLW 37.12 -0.68 FirstEnergy FE 27.90 0.58 Interpublic IPG 23.69 0.49 s Pinterest PINS 69.70 1.69 Amount Payable / AngloGoldAsh AU 22.65 -0.31 Brown-Forman A BF.A 73.20 -0.69 MettlerToledo MTD 1132.00 -7.75 Corteva CTVA 38.21 -0.06 Fiserv FISV 116.05 0.53 Intuit INTU 363.70 8.21 PioneerNatRscs PXD 105.35 3.82 Company Symbol Yld %New/Old Frq Record AB InBev BUD 68.91 0.91 Bruker BRKR 52.31 0.59 s MicrochipTech MCHP 138.51 1.13 CoStar CSGP 870.70 1.97 s FiveBelow FIVE162.80 6.73 IntuitiveSurgical ISRG 758.72 7.44 PlainsAllAmPipe PAA 9.00 0.70 AnnalyCap NLY 8.19 0.09 Bunge BG 60.78 1.47 s MicronTech MU 69.90 0.79 Costco COST 374.05 -9.45 Five9 FIVN 155.15 0.15 Invitae NVTA 50.07 0.72 PlugPower PLUG 23.85 -0.22 Increased Anthem ANTM 323.03 4.58 BurlingtonStrs BURL 229.25 3.02 Microsoft MSFT 214.24 -1.13 CoupaSoftware COUP 319.18 -2.52 FiverrIntl FVRR 207.00 7.11 InvitatHomes INVH 29.38 0.50 Pool POOL 330.24 -8.89 Agree Realty ADC 3.7 .62 /.60 Q Jan06 /Dec23 Aon AON 210.18 1.10 CBRE Group CBRE 63.78 1.93 MidAmApt MAA 123.65 -0.08 Credicorp BAP 164.56 3.26 FleetCorTech FLT 262.23 -1.58 IonisPharma IONS 50.97 -0.34 PrincipalFin PFG 51.36 0.50 ApolloGlbMgmt APO 46.63 0.63 CDW CDW 131.25 0.04 Middleby MIDD 137.41 0.16 Toro Co TTC 1.2 .2625 /.25 Q Jan13 /Dec22 CreditSuisse CS 13.03 0.16 Flex FLEX 16.68-0.13 iQIYI IQ 22.81 -0.04 Procter&Gamble PG 137.34 -1.02 Appian APPN 147.10 10.84 CF Industries CF 38.13 0.28 MiratiTherap MRTX 231.51 5.04 Cree CREE 91.82 2.13 Floor&Decor FND 83.87 3.17 IronMountain IRM 28.09 0.65 Progressive PGR 88.30 -0.90 Apple AAPL 122.94 -0.14 CGI GIB 75.47 1.33 MitsubishiUFJ MUFG 4.36 -0.04 Stocks s CrowdStrike CRWD 161.19 19.35 FomentoEconMex FMX 75.85 -1.74 ItauUnibanco ITUB 5.85 0.08 Prologis PLD 97.10 -0.42 s ApplMaterials AMAT 86.10 0.81 CH Robinson CHRW 92.53 0.23 MizuhoFin MFG 2.61 -0.01 Nabriva Therapeutics NBRV 1:10 /Dec03 CrownCastle CCI 167.44 0.60 FordMotor F 9.21 0.01 PrudentialFin PRU 78.87 0.19 Aptargroup ATR 125.87 -0.39 CME Group CME 181.71 -0.17 MobileTeleSys MBT 8.46 -0.04 CrownHoldings CCK 96.61 -0.09 Fortinet FTNT 126.09 3.21 J K L Prudential PUK 32.52 -0.28 Aptiv APTV 121.16 0.16 CMS Energy CMS 60.95 -0.84 Moderna MRNA 157.26 14.26 Cummins CMI 220.34 -6.84 Fortis FTS 40.43 0.57 PublicServiceEnt PEG 57.63 -0.07 Foreign Aramark ARMK 36.71 0.24 CNA Fin CNA 36.21 0.57 JD.com JD 86.29 1.91 MohawkInds MHK 132.28 7.52 CureVac CVAC 102.50 -0.16 Fortive FTV 68.83 -0.82 PublicStorage PSA 226.04 1.52 FirstService FSV 0.5 .165 Q Jan07 /Dec31 s ArcelorMittal MT 20.40 0.55 CNH Indl CNHI 11.07 -0.01 Joyy YY 84.99 -0.71 MolinaHealthcare MOH 208.12 0.08 CyrusOne CONE 68.68 0.17 FortBrandsHome FBHS 81.78 1.60 PulteGroup PHM 43.17 1.62 ArchCapital ACGL 32.59 -0.52 CNOOC CEO 99.00 -2.58 JPMorganChase JPM 121.24 -0.80 MolsonCoorsB TAP 46.67 1.38 Imperial Oil IMO 3.8 .17 Q Jan01 /Dec03 FoxA FOXA 30.32 -0.28 Qiagen QGEN 47.84 0.10 ArcherDaniels ADM 49.81 0.32 CRH CRH 41.29 1.13 JackHenry JKHY 158.01 -1.97 Mondelez MDLZ 58.56 0.42 Navios Marit Acq NNA 34.3 .05 Q Feb10 /Jan12 D E F FoxB FOX 29.77 -0.28 s Qorvo QRVO 159.13 -0.42 s AresMgmt ARES 46.48 0.61 s CRISPR Therap CRSP 140.46 8.92 JacobsEngg J 107.79 0.90 MongoDB MDB 272.01 4.10 Royal Bank of Canada RY 4.0 .835 Q Feb24 /Jan26 Franco-Nevada FNV 132.44 -1.19 Qualcomm QCOM 149.91 -0.07 arGEN-X ARGX 286.75 -1.14 CSX CSX 90.43 -0.25 DISH Network DISH 37.17 0.19 JamesHardie JHX 27.96 -0.50 MonolithicPower MPWR 324.14 3.31 Royal Bank of Canada PfC2 RYpT 5.9 .42188 Q Feb05 /Jan26 FranklinRscs BEN 22.96 0.47 QuantaServices PWR 69.37 0.80 AristaNetworks ANET 269.69 -1.89 CVS Health CVS 72.52 2.89 DTE Energy DTE 126.83 -1.92 JazzPharma JAZZ 151.00 6.45 MonsterBev MNST 86.52 0.26 s FreeportMcM FCX 24.39 0.31 QuestDiag DGX 122.82 -1.56 Suncor Energy SU 3.9 .16227 Q Dec24 /Dec03 s ArrowElec ARW 94.38 0.73 s CableOne CABO 2063.41 24.39 DadaNexus DADA 45.21 -8.39 J&J JNJ 149.00 0.86 Moody's MCO 279.88 1.91 FreseniusMed FMS 41.61 -0.50 Quidel QDEL 200.99 2.01 AscendisPharma ASND 164.92 -3.33 CabotOil COG 15.92 -1.13 Danaher DHR 223.34 -1.46 JohnsonControls JCI 45.73 -0.16 s MorganStanley MS 64.06 0.04 Special AspenTech AZPN 132.65 0.72 CadenceDesign CDNS 116.68 0.25 Darden DRI 112.79 3.16 JonesLang JLL 138.94 3.73 Morningstar MORN 200.63 -1.41 G H I R S Tredegar TG 2.2 5.97 Dec18 /Dec11 Assurant AIZ 132.18 0.60 CaesarsEnt CZR 71.13 2.63 DarlingIngred DAR 48.39 0.45 JuniperNetworks JNPR 21.63 -0.01 Mosaic MOS 21.23 -0.01 AstraZeneca AZN 52.78 -0.61 CamdenProperty CPT 100.07 0.86 Datadog DDOG 97.36 3.86 s GCI LibertyA GLIBA 93.41 0.19 KB Fin KB 43.20 0.45 MotorolaSol MSI 171.12 0.06 RELX RELX 23.77 0.13 Athene ATH 45.75 -0.05 CampbellSoup CPB 48.74 -0.33 DaVita DVA 105.42 -2.94 GDS Holdings GDS 89.99 -0.48 KE Holdings BEKE 63.12 0.45 NICE NICE 241.72 3.17 RH RH 458.15 3.72 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and s Atlassian TEAM 226.19 -1.80 CIBC CM 85.72 0.62 DeckersOutdoor DECK 280.06 10.87 s GFLEnvironmental GFL 28.14 0.41 KKR KKR 39.22 ... NIO NIO 45.35 -2.63 RPM RPM 86.90 -0.21 ratio; SO: spin-off.

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 EnergyFuels UUUU 2.42 -2.2 HL Acqns HCCHU 26.25 11.7 LiveOakAcqnUn LOAK.U 16.31 8.3 OncoSecMedical ONCS 5.84 -1.8 Ryanair RYAAY 111.53 2.8 TailwindAcqnWt TWND.WS 1.17 -6.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Entravision EVC 3.06 1.4 HighlandTransI HTPA.U 10.38 2.9 LiveOakAcqnII LOKB.U 10.25 1.5 OntoInnovation ONTO 45.86 0.5 RyderSystem R 61.75 0.2 TakeTwoSoftware TTWO 184.43 -0.3 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest EucratesBio EUCRU 10.13 0.9 HookerFurniture HOFT 32.42 4.7 LouisianaPacific LPX 36.29 5.9 Oppenheimer A OPY 31.10 1.0 SK Telecom SKM 24.21 -0.3 Teradyne TER 117.22 -0.2 session. %CHG-Daily percentage change from the previous trading session. Ever-Glory EVK 8.30 150.0 HorizonGlobal HZN 8.28 3.4 LuminarTech LAZR 24.97 27.7 OptimizeRx OPRX 28.87 9.7 SPX SPXC 54.91 1.7 TowerSemi TSEM 26.14 ... EvercoreA EVR 95.27 2.2 HudbayMinerals HBM 7.07 1.5 LuminarTechWt LAZRW 7.50 29.9 OzonHoldings OZON 49.40 15.2 SS&C Tech SSNC 70.98 0.3 TridentAcqns TDACU 25.00 6.6 Thursday, December 3, 2020 Evertec EVTC 39.17 -1.3 IBEX IBEX 20.50 4.6 Lydall LDL 29.55 -0.1 POSCO PKX 57.98 0.3 Sabre6.5%Pfd SABRP 159.00 5.7 Trimble TRMB 61.99 0.6 EvolentHealth EVH 15.46 0.7 IEC Elec IEC 10.55 1.5 Macom Tech MTSI 46.93 3.3 ProgHoldings PRG 60.11 -1.3 SachemNts2025 SCCC 25.63 0.4 TrineAcqnUn TRNE.U 16.89 8.8 52-Wk % 52-Wk % 52-Wk % ExecutiveNtwkWt ENPC.WS 3.02 23.4 IES Holdings IESC 39.59 4.6 MKS Instrum MKSI 144.65 -0.1 PTC Therap PTCT 64.67 0.5 Saia SAIA 178.87 1.8 TrineAcqn TRNE 15.18 8.3 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FARO Tech FARO 68.86-1.4 IG Acqn IGACU 10.20 0.5 MYR Group MYRG 54.31 1.4 PacBiosciCA PACB 19.22 5.3 SanaraMedTech SMTI 40.00 1.4 TriumphBncpPfdC TBKCP 27.06 0.8 FMC FMC 120.68 0.2 IG Acqn A IGAC 9.85 1.0 Magnite MGNI 20.35 5.0 PaloAltoNtwks PANW 298.98 1.2 ScorpioTankersNts SBBA 25.09 -1.4 Tronox TROX 14.30 2.5 AtaraBiotherap ATRA 24.20 0.5 Ceragon CRNT 3.02 9.5 FtacOlympus FTOCU 10.29 0.9 II-VI IIVI 70.85 -1.0 MallardAcqn MACUU 10.14 0.7 ParatekPharma PRTK 6.86 1.8 Sea SE 192.36 -0.2 TwistBiosci TWST 123.99 6.3 Highs AtlStreetAcqn ASAQ.U 10.06 0.4 CerevelTherap CERE 15.73 2.3 FairIsaac FICO 491.39 1.6 IderaPharm IDRA 5.37 -3.3 Manning&Napier MN 5.30 8.8 PartyCity PRTY 5.16 3.9 SeaportGlb SGAMU 10.14 0.4 Uber UBER 53.49 -1.1 Atlassian TEAM 234.44 -0.8 CerevelTherapWt CEREW 4.38 5.3 AconS2AcqnA 9.99 ... FateTherap FATE 61.72 -0.2 Impinj PI 44.76 -0.1 MartinMarietta MLM 282.84 2.8 Patterson PDCO 33.18 0.2 SilverSpikeAcqnWt SSPKW 1.40 6.7 UltragenyxPharm RARE 124.55 5.2 STWO Avaya AVYA 20.00 2.2 CharterComms CHTR 675.74 0.5 AEA-BridgesWt IMPX.WS 1.25 ... Fathom FTHM 26.80 2.5 InfinityPharm INFI 2.33 1.9 Masimo MASI 266.69 2.7 PaycomSoftware PAYC 437.00 2.1 SilverSpikeUn SSPKU 11.37 2.3 UnionAcqnII LATN 10.15 1.7 AvidBioservices CDMO 11.59 16.4 Chemours CC 26.10 0.7 ASML ASML 459.22 0.4 Ferrari RACE 216.50 0.3 InfuSystems INFU 16.80 1.4 MaximIntProducts MXIM 85.03 -0.2 Pearson PSO 9.11 1.8 SilvercrestAsset SAMG 14.15 1.5 UnitedMicro UMC 7.95 6.5 BHP Group BHP 62.21 2.4 CitiTrends CTRN 36.87 -0.8 AcamarPtrsWt ACAMW 1.55 11.5 Ferroglobe GSM 2.17 24.8 Inhibrx INBX 35.72 5.9 MaxLinear MXL 32.23 0.4 Pennant PNTG 53.87 0.1 SilvergateCapital SI 40.88 0.8 USCopperIndex CPER 21.80 -0.5 BHP Group BBL 51.29 2.8 CitizensFinPfdE CFGpE 26.10 0.4 Adient ADNT 35.03 5.7 FiatChrysler FCAU 16.16 -0.3 InspireMedical INSP 194.50 1.1 MesabiTrust MSB 25.00 1.6 Phreesia PHR 45.24 2.1 Smith-Midland SMID 8.76 0.6 US GlobalInv GROW 4.26 4.7 BRP DOOO 62.67 5.1 Cleveland-Cliffs CLF 12.60 -3.8 Adtran ADTN 14.58 11.8 FiestaRestaurant FRGI 13.67 6.0 IntelliaTherap NTLA 43.73 4.5 Michaels MIK 12.43 20.3 Pinterest PINS 71.37 2.5 Snap SNAP 48.60 1.0 UnivDisplay OLED 234.16 0.6 BassettFurniture BSET 18.97 7.3 Cognex CGNX 76.65 -1.9 AdvDrainageSys WMS 76.49 5.2 Fitbit FIT 7.34 ... ICE ICE 108.04 0.8 MicrochipTech MCHP 140.52 0.8 PopulationHlth PHICU 10.25 ... Snowflake SNOW 343.00 16.1 Vale VALE 15.73 0.1 BeamTherap BEAM 59.00 2.2 CognizantTech CTSH 79.13 0.8 AdvEnergyInds AEIS 101.37 -2.1 FiveBelow FIVE 167.53 4.3 InterPrivate IPV 11.68 1.7 MicronTech MU 71.12 1.1 PowerIntegrations POWI 74.70 -0.9 SocCapHedII Wt IPOB.WS 8.24 4.5 Veoneer VNE 21.33 2.4 BioanalyticalSys BASI 7.10 1.4 CohnRobbins CRHC.U 10.32 ... AffiliatedMgrs AMG 95.39 3.5 FiveStarSrLiving FVE 6.99 5.8 InterPrivate IPV.U 12.76 5.6 MonakerGroup MKGI 3.55 15.1 Precigen PGEN 9.15 -0.9 SocialCapHedVI IPOF.U 10.79 -0.7 Veracyte VCYT 57.39 1.5 BlackRock BLK 721.82 0.1 Cohu COHU 35.20 14.6 AjaxI AJAX.U 10.75 -0.2 Fluent FLNT 4.17 0.5 InterPrivateWt IPV.WS 2.50 19.4 MorganStanley MS 64.62 0.1 PriceSmart PSMT 84.39 1.7 Sonos SONO 23.28 2.3 Vertiv VRT 19.75 -0.8 BlueknightEnPtrsA BKEPP 6.30 -0.3 ColliersIntl CIGI 93.30 1.1 Alcoa AA 22.89 -1.5 FlyingEagle FEAC 17.68 6.4 IridiumComm IRDM 33.90 2.6 MountainCrest MCACU 11.78 7.6 PriorityTechn PRTH 7.93 18.3 SouthMtnWt SMMCW 3.50 7.7 VirtusInvtPtrs VRTS 200.79 8.2 BridgetownUn BTWNU 10.95 0.4 ColonnadeAcqn CLA.U 10.09 0.3 AlignTech ALGN 516.29 1.1 FlyingEagleAcqn FEAC.U 19.33 9.5 JMP JMP 3.74 5.1 NXP Semi NXPI 162.15 -1.1 PropertySolns PSACU 10.55 0.3 SouthernNts2020C SOJE 26.19 ... VivintSmartHmWt VVNT.WS 11.00 2.4 Brightcove BCOV 17.60 8.5 ColonnadeWt CLA.WS 0.75 12.4 AllegroMicro ALGM 28.56 5.5 FocusFinPtrs FOCS 43.88 8.6 JanusHenderson JHG 32.40 10.5 NanoDimension NNDM 7.72 18.4 PropSolnsWt PSACW 0.80 4.0 SperoTherap SPRO 17.89 1.0 Vonage VG 14.20 2.9 BrightSphere BSIG 19.35 7.6 ComputerTask CTG 7.30 2.1 AlloVir ALVR 46.85 8.9 Forterra FRTA 19.44 2.4 JawsAcqnA JWS 12.48 5.9 NanoStringTech NSTG 58.13 1.0 PublicStoragePfH PSApH 28.86 0.2 Spotify SPOT 332.00 -1.4 Waddell&ReedFin WDR 25.63 50.4 BrilliantAcqn BRLIU 10.70 1.7 ConstBrands A STZ 211.64 2.3 AlphaHlthcrAcqnUn AHACU 10.03 -0.4 FreedomHolding FRHC 41.25 3.0 JawsAcquisition JWS.U 13.03 3.6 Natuzzi NTZ 12.20 4.6 PublicStoragePfI PSApI 28.13 0.3 StableRoadAcqn SRAC 14.95 9.3 WintrustFinPfdE WTFCP 28.08 0.6 BrilliantAcqnRt BRLIR 0.34 ... CoreMoldingTech CMT 13.00 5.1 Alphabet A GOOGL 1843.83 -0.2 FreeportMcM FCX 24.70 1.3 JawsSpitfire SPFR.U 10.63 4.7 NaviosMaritime NMCI 2.99 6.8 PublicStoragePfdO PSApO 25.25 0.2 Starbucks SBUX 101.00 1.2 WirelessTel WTT 1.79 2.3 BrinkerIntl EAT 53.64 3.3 Cowen COWN 25.42 2.4 Alphabet C GOOG 1847.20 -0.1 FriedmanInds FRD 7.18 9.4 Joint JYNT 27.91 0.7 NavSight NSH.U 10.26 0.1 QAD B QADB 40.01 2.9 StifelFinancial SF 73.68 -0.1 WisdomTreeInvs WETF 5.26 14.6 BroadstoneAcqnA BSN 9.82 0.3 Crocs CROX 63.89 2.0 AltimarAcqn ATAC.U 10.75 5.6 GCI LibertyA GLIBA 94.18 0.2 KLA KLAC 261.85 0.4 NeoGenomics NEO 48.42 1.4 QAD A QADA 61.59 2.3 Strats USC GJH GJH 10.74 0.2 XPEL XPEL 42.76 4.2 Broadstone BNL 18.53 0.1 CrowdStrike CRWD 165.75 13.6 AlussaEnergyWt ALUS.WS 1.00 -1.6 GFL Env Un GFLU 69.08 1.3 KeysightTechs KEYS 123.09 0.6 Nesco NSCO 7.97 37.9 Q2Holdings QTWO 117.67 2.7 Strattec STRT 47.12 1.0 XPO Logistics XPO 119.71 5.8 BurgundyTechA BTAQ 9.90 0.6 Cyanotech CYAN 3.45 7.5 Ambarella AMBA 90.16 3.3 GFLEnvironmental GFL 28.90 1.5 KinnateBio KNTE 43.03 95.2 NescoWt NSCO.WS 1.18 115.1 Qorvo QRVO 162.00 -0.3 StreamlineHlth STRM 1.92 -5.3 Yeti YETI 65.49 2.7 BurgundyTechWt BTAQW 0.87 6.2 Decarbonization DCRBU 10.30 0.2 Amerco UHAL 431.01 0.3 GRAVITY GRVY 182.00 6.3 Kirkland's KIRK 19.98 19.3 NewellBrands NWL 21.90 2.6 QuinStreet QNST 18.81 2.3 SunOpta STKL 10.34 2.1 Zscaler ZS 189.65 26.4 CHP MergerWt CHPMW 1.79 -0.1 DeerfieldHlthcA DFHT 11.35 -1.8 AmerEagle AEO 19.08 2.9 GabelliEqPfdG GABpG 25.95 0.6 KratosDefense KTOS 22.44 2.9 NewHoldInvt NHIC 10.00 1.3 R1RCM RCM 21.52 1.2 SuperiorIndsIntl SUP 5.75 7.3 Zumiez ZUMZ 38.95 0.8 Ameriprise AMP 196.69 0.7 CompassPath CMPS 54.09 11.2 DellTechC DELL 71.51 0.6 GeneralFinNts25 GFNSZ 26.65 1.8 LG Display LPL 7.29 0.8 NewsCorp A NWSA 18.60 1.0 RadaElectronic RADA 8.89 12.8 SurgeryPartners SGRY 26.84 4.0 Amrep AXR 7.30 -5.8 CRISPR Therap CRSP 147.82 6.8 DeutscheBank DB 11.90 1.6 Gentherm THRM 59.31 2.3 LPL Financial LPLA 100.00 3.7 NewsCorp B NWS 18.63 0.7 RadiantLogistics RLGT 6.31 2.7 SyndaxPharm SNDX 24.57 5.9 Lows Anaplan PLAN 72.64 1.8 CableOne CABO 2099.00 1.2 Digimarc DMRC 52.62 -2.9 Glaukos GKOS 71.96 1.9 LamResearch LRCX 491.75 1.0 NextGenAcqn NGACU 10.06 0.2 Rapid7 RPD 78.60 -0.2 Systemax SYX 32.00 3.1 APi Group APG 16.60 3.2 CaliforniaRscs CRC 25.77 6.8 Diodes DIOD 71.28 ... GlobalShipLease GSL 10.30 1.6 LandcadiaIII LCYAU 10.25 0.1 Nike NKE 137.95 1.0 RayonierAdvMatls RYAM 7.72 -0.1 TE Connectivity TEL 118.03 1.8 AltimeterGrwA AGC 11.80 0.7 ApplMaterials AMAT 87.03 0.9 CallawayGolf ELY 23.16 2.7 Disney DIS 154.44 -0.2 GoldenMinerals AUMN 0.62 -4.0 LandcadiaII LCAHU 23.79 10.5 nLIGHT LASR 35.51 -3.3 RealPage RP 69.88 -0.1 TJX TJX 66.00 1.4 EastRscsAcqnA ERES 9.68 -0.1 AquaBountyTech AQB 6.68 10.7 CambiumNtwks CMBM 32.38 2.8 DolbyLab DLB 90.82 0.1 GoldmanSachsPfA GSpA 24.12 0.2 LarimarTherap LRMR 24.90 6.8 NomuraHoldings NMR 5.42 -0.4 ResideoTech REZI 20.78 4.6 TPGPaceBenFin TPGY.U 10.55 ... FalconCapWt FCACW 1.25 -3.7 ArcBest ARCB 44.04 1.4 CapitalOnePfdK COFpK 27.18 1.4 DollarTree DLTR 114.32 0.4 GoldmanSachsPfD GSpD 24.60 0.4 LibertyBroadbandC LBRDK 162.82 0.2 Norbord OSB 40.67 3.8 ResoluteForest RFP 6.00 4.3 TPGPaceBenA TPGY 10.86 2.5 HF Ents HFEN 5.45 -2.3 ArcelorMittalNts MTCN 50.02 2.5 CapitolInvtV CAP.U 10.06 -0.3 DonnelleyFin DFIN 16.94 3.3 Greenlane GNLN 4.98 4.6 LibertyBroadbandA LBRDA 162.10 -0.1 NovaMeasuring NVMI 66.76 0.7 RiceAcqn RICE.U 11.00 2.6 TPGPaceTechA PACE 10.67 4.2 Histogen HSTO 1.15 -3.9 ArcelorMittal MT 20.72 2.8 CarParts.com PRTS 17.29 4.6 EVI Industries EVI 35.09 2.9 GriffinIndlRealty GRIF 74.94 4.7 LibertyGlobal A LBTYA 24.77 1.7 NovusCapital NOVS 13.88 7.1 RingCentral RNG 339.99 2.4 TPGPaceTechWt PACE.WS 1.90 7.1 LongevityAcqn LOAC 10.30 -0.3 AresMgmt ARES 46.77 1.3 CasaSystems CASA 6.64 10.5 EasternBankshares EBC 15.62 2.4 Guidewire GWRE 127.17 2.2 LibertyGlobal C LBTYK 23.84 2.2 OasisPetrol OAS 37.10 3.2 RioTinto RIO 73.14 3.4 TPIComposites TPIC 45.78 -6.0 Progenity PROG 3.08 -0.6 ArrowElec ARW 94.73 0.8 Cellectis CLLS 29.53 9.9 Elastic ESTC 143.00 12.6 HD Supply HDS 55.98 0.2 LightspeedPos LSPD 61.05 4.5 OcularTherapeutix OCUL 19.48 1.4 RiotBlockchain RIOT 10.14 13.5 TRowePrice TROW 150.99 2.4 Root ROOT 14.02 -2.7 ArtisanPtrsAsset APAM 48.30 3.4 Cemex CX 5.38 6.6 ElementSolns ESI 14.81 2.4 HIG Acqn HIGA.U 10.10 0.8 LiveOakAcqn LOAK 14.60 3.5 Okta OKTA 258.75 5.3 RothCHAcquisitionI ROCHU 13.55 5.4 TS Innovation TSIAU 10.97 2.0 SocialCapHedV Wt IPOE.WS 1.85 -3.5 AsburyAutomotive ABG 133.53 6.3 CenturyAluminum CENX 11.59 1.8 Emcore EMKR 4.59 5.3 HLAcquisitionsRt HCCHR 1.87 13.8 LiveOakAcqnWt LOAK.WS 4.24 15.3 ON Semi ON 29.75 0.5 RothCHAcqnI ROCH 12.33 7.3 TTEC TTEC 70.79 2.9 SocialCapHedosophiaHldgsCorp.IVWt IPOD.WS 2.48 -0.8

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 52.99 -0.02 37.6 InvGrBd 11.86 +0.03 9.2 JPMorgan I Class PIMCO Funds I2 CapOpAdml r188.05 -0.11 19.2 ValAdml 45.90 +0.07 0.5 WndsrII 40.24 +0.08 11.4 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity LowP r 49.71 +0.50 6.7 CoreBond 12.46 +0.03 7.7 Income NA ... NA DivAppIdxAdm 37.60 -0.08 12.7 WdsrllAdml 71.40 +0.14 11.4 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem127.54 -0.05 15.5 Magin 12.68 -0.04 24.3 EqInc 19.46 -0.01 2.0 PIMCO Funds Instl EMAdmr 40.52 +0.23 11.4 WellsIAdml 69.77 +0.12 7.8 IdxIntl 18.96 +0.07 7.6 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 18.44 -0.05 27.5 OTC 17.02 +0.05 41.9 JPMorgan R Class IncomeFd NA ... NA EqIncAdml 78.72 -0.01 1.4 WelltnAdml 80.33 -0.04 9.3 SmValAdml 59.07 +0.49 1.8 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 79.73 +0.78 25.0 Puritn 26.06 +0.03 18.2 CoreBond 12.48 +0.03 7.9 Price Funds ExplrAdml 119.29 +0.82 22.7 WndsrAdml 75.54 +0.46 5.6 TotBd2 11.54 +0.03 7.0 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 12.71 +0.02 17.1 SrsEmrgMkt 24.50 +0.18 18.8 Lord Abbett A BlChip 164.59 -0.45 32.4 ExtndAdml 118.53 +1.15 25.0 VANGUARD FDS TotIntlInstIdx r126.83 +0.45 7.7 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 45.25 +0.15 5.3 SrsGlobal 14.15 +0.07 7.4 ShtDurIncmA p 4.20 ... 2.5 DivGro 58.68 -0.13 11.1 GNMAAdml 10.72 ... 3.5 DivdGro 33.33 ... 10.1 TotItlInstPlId r126.86 +0.46 7.7 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. MidCpInxInstPrem 26.61 +0.15 13.3 SrsGroCoRetail 29.13 +0.15 64.1 Lord Abbett F EqInc 31.39 +0.15 -0.2 GrwthAdml 126.39 -0.04 35.6 INSTTRF2020 26.56 +0.06 10.2 TotSt 92.19 +0.14 17.2 SAIUSLgCpIndxFd 19.70 -0.01 15.3 SrsIntlGrw 20.00 +0.01 14.2 ShtDurIncm 4.20 ... 2.6 EqIndex 97.62 -0.04 15.3 HlthCareAdml r 94.44 -0.37 10.7 INSTTRF2025 27.47 +0.06 11.1 VANGUARD INSTL FDS SeriesBondFd 10.79 +0.03 7.4 SrsIntlVal 10.15 +0.05 2.5 Lord Abbett I Growth 97.33 -0.30 32.7 HYCorAdml r 5.95 +0.01 4.5 INSTTRF2030 28.03 +0.07 11.6 BalInst 44.02 +0.07 14.1 Thursday, December 3, 2020 SeriesOverseas 12.13 +0.02 12.5 TotalBond 11.28 +0.03 8.6 ShtDurInc p 4.20 ... 2.7 HelSci 101.74 +0.27 24.9 InfProAd 28.35 +0.08 9.9 INSTTRF2035 28.57 +0.07 12.0 DevMktsIndInst 14.89 +0.04 6.7 Net YTD Net YTD Net YTD Fidelity SAI Metropolitan West LgCapGow I 59.46 -0.20 35.0 DevMktsInxInst 23.28 +0.07 6.8 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 23.55 +0.14 12.2 IntlGrAdml 156.07 +0.54 51.8 INSTTRF2040 29.10 +0.07 12.4 TMktIdxInstPrem105.76 +0.15 17.1 TotalBd 10.72 +0.03 8.3 TotRetBd 11.68 +0.02 8.3 MidCap 113.57 +0.22 19.1 ITBondAdml 12.65 +0.03 9.4 INSTTRF2045 29.56 +0.07 12.9 ExtndInst 118.52 +1.15 25.0 GrwthInst 126.40 -0.04 35.6 American Century Inv WshA p 50.21 +0.02 5.9 EmgMktVa 27.80 +0.09 -1.1 USBdIdxInstPrem 12.46 +0.03 7.5 Fidelity Selects TotRetBdI 11.68 +0.02 8.6 NHoriz 89.26 +0.67 50.3 ITIGradeAdml 10.70 +0.02 9.7 INSTTRF2050 29.63 +0.06 13.0 InPrSeIn 11.55 +0.03 10.0 Ultra 74.90 +0.02 43.6 Baird Funds EmMktCorEq 23.25 +0.12 8.7 Fidelity Advisor I Softwr r 26.44 +0.04 37.5 TRBdPlan 10.99 +0.02 8.7 R2020 24.51 +0.04 11.0 LTGradeAdml 12.17 +0.08 15.3 INSTTRF2055 29.76 +0.07 13.1 InstIdx 328.01 -0.14 15.5 American Funds Cl A AggBdInst 11.87 +0.02 8.1 IntlCoreEq 14.18 +0.06 4.2 NwInsghtI 39.54 -0.06 20.9 Tech r 29.41 -0.04 53.8 MFS Funds Class I R2025 19.95 +0.04 12.2 MidCpAdml 250.33 +1.51 14.9 IntlVal 39.54 +0.25 5.4 InstPlus 328.03 -0.14 15.5 AmcpA p 38.79 +0.04 17.6 CorBdInst 12.23 +0.03 8.3 IntSmCo 19.75 +0.14 5.0 Fidelity Freedom First Eagle Funds Growth I 162.32 -0.26 27.7 R2030 29.30 +0.05 13.1 MuHYAdml 11.92 +0.02 4.6 LifeCon 22.80 +0.05 9.9 InstTStPlus 78.91 +0.11 17.3 AMutlA p 44.36 -0.02 3.6 BlackRock Funds IntSmVa 18.79 +0.16 -2.5 FF2020 17.50 +0.06 11.3 GlbA 60.00 +0.10 6.1 ValueI 44.90 -0.07 2.0 R2035 21.70 +0.04 14.0 MuIntAdml 14.82 +0.01 4.7 LifeGro 40.34 +0.09 12.5 MidCpInst 55.30 +0.33 14.9 BalA p 30.62 +0.03 9.2 HiYBlk 7.72 ... 4.4 LgCo 28.20 -0.01 15.4 FF2025 15.63 +0.06 11.9 Franklin A1 MFS Funds Instl R2040 31.08 +0.04 14.9 MuLTAdml 12.24 +0.01 5.7 LifeMod 31.86 +0.08 11.3 MidCpIstPl 272.73 +1.64 14.9 BondA p 14.18 +0.03 10.2 HiYldBd Inst 7.71 ... 4.3 TAUSCoreEq2 22.30 +0.06 12.0 FF2030 19.50 +0.07 12.6 CA TF A1 p 7.80 +0.01 4.8 IntlEq 30.06 +0.06 7.9 PRIMECAP Odyssey Fds MuLtdAdml 11.25 ... 3.2 STAR 32.20 +0.11 18.5 SmCapInst 88.63 +0.66 12.7 CapIBA p 62.68 +0.14 1.7 BlackRock Funds A US CoreEq1 28.85 +0.06 12.8 Freedom2020 K 17.48 +0.05 11.3 IncomeA1 p 2.27 ... 2.2 Old Westbury Fds AggGrowth r 55.62 -0.11 23.9 MuShtAdml 15.94 ... 1.8 TgtRe2015 16.52 +0.03 8.8 STIGradeInst 11.01 +0.01 4.9 CapWGrA 57.77 +0.10 12.0 GlblAlloc p 21.78 ... 16.8 US CoreEq2 26.15 +0.06 11.8 FrankTemp/Frank Adv LrgCpStr 16.88 +0.02 12.0 Putnam Funds Class Y Freedom2025 K 15.61 +0.05 12.0 PrmcpAdml r164.21 +0.62 13.9 TgtRe2020 35.81 +0.08 10.1 STIPSIxins 25.60 +0.02 4.2 EupacA p 66.19 +0.35 18.9 BlackRock Funds Inst US Small 36.52 +0.24 5.2 IncomeAdv 2.25 ... 2.4 Parnassus Fds StDurInc 10.10 ... 1.4 Freedom2030 K 19.49 +0.07 12.7 RealEstatAdml120.65 +1.06 -6.0 TgtRe2025 22.03 +0.05 11.0 TotBdInst 11.62 +0.02 7.4 FdInvA p 67.67 +0.07 11.7 StratIncOpptyIns 10.30 ... 6.0 US SmCpVal 33.13 +0.23 -2.9 FrankTemp/Franklin A ParnEqFd 52.57 -0.08 18.6 Schwab Funds Freedom2035 K 16.64 +0.07 13.8 SmCapAdml 88.63 +0.66 12.7 TgtRe2030 40.67 +0.09 11.6 TotBdInst2 11.54 +0.03 7.0 GwthA p 67.57 +0.32 32.2 Bridge Builder Trust USLgVa 37.22 +0.16 -1.8 Growth A p 130.11 +0.04 25.5 PGIM Funds Cl Z 1000 Inv r NA ... NA Freedom2040 K 11.75 +0.05 14.5 SmGthAdml 87.48 +0.57 25.7 TgtRe2035 25.23 +0.06 12.0 TotBdInstPl 11.62 +0.02 7.4 CoreBond 11.00 +0.03 8.3 RisDv A p 77.84 -0.38 12.9 TotalReturnBond NA ... NA HI TrA p 10.05 +0.02 5.2 Dodge & Cox Fidelity Invest S&P Sel NA ... NA STBondAdml 10.86 ... 4.5 TgtRe2040 44.00 +0.10 12.4 TotIntBdIdxInst 35.05 +0.07 4.2 CorePlusBond 10.78 +0.02 8.9 Guggenheim Funds Tru PIMCO Fds Instl ICAA p 43.69 -0.02 12.2 Balanced 105.33 +0.44 7.0 Balanc 27.82 +0.03 18.7 TSM Sel r NA ... NA STIGradeAdml 11.01 +0.01 4.9 TgtRe2045 27.92 +0.07 13.0 TotStInst 92.24 +0.13 17.3 Intl Eq 13.24 +0.04 10.4 IncoA p 23.48 +0.03 3.5 Income 14.95 +0.03 8.9 BluCh 160.08 +0.49 54.9 TotRtnBdFdClInst 30.23 +0.08 14.2 AllAsset NA ... NA TIAA/CREF Funds TotBdAdml 11.62 +0.02 7.4 TgtRe2050 44.98 +0.11 13.1 ValueInst 45.90 +0.07 0.5 IntBdA p 14.24 +0.01 7.1 LargeCapGrowth 20.68 -0.01 30.6 Intl Stk 43.83 +0.32 0.5 Contra 17.57 -0.04 29.0 Harbor Funds HiYld 9.02 +0.02 4.3 BdIdxInst 11.67 +0.03 7.2 TotIntBdIdxAdm 23.36 +0.05 4.2 TgtRet2055 48.82 +0.12 13.0 WCM Focus Funds N PerA p 60.29 +0.24 27.6 LargeCapValue 14.46 +0.07 7.1 Stock 199.01 +1.03 6.0 ContraK 17.60 -0.05 29.0 CapApInst 112.30 +0.04 48.3 InvGrdCrBd NA ... NA EqIdxInst 27.34 +0.03 17.1 TotIntlAdmIdx r 31.71 +0.11 7.7 TgtRetInc 15.10 +0.03 8.7 WCMFocIntlGrwIns 24.04 +0.02 27.1 NEcoA p 58.37 +0.24 27.7 Columbia Class I DoubleLine Funds CpInc r 10.65 +0.03 8.0 Harding Loevner ShortT 9.86 ... 2.5 VANGUARD ADMIRAL TotStAdml 92.23 +0.14 17.3 TotIntBdIxInv 11.68 +0.02 4.1 Western Asset NwWrldA 84.04 +0.37 19.1 DivIncom I 25.43 -0.04 5.7 CoreFxdIncmI NA ... NA DivIntl 46.40 +0.03 14.6 IntlEq 27.34 +0.04 14.9 TotRt 10.96 +0.02 8.5 500Adml 339.36 -0.15 15.4 TxMCapAdml192.66 +0.18 17.6 USGro 65.31 +0.21 51.8 CoreBondI NA ... NA SmCpA p 75.23 +0.81 27.9 Dimensional Fds TotRetBdI 10.70 +0.01 3.8 GroCo 34.64 +0.18 62.2 Invesco Funds Y PIMCO Funds A BalAdml 44.02 +0.08 14.1 TxMIn r 14.87 +0.04 6.7 WellsI 28.80 +0.05 7.7 CorePlusBdI NA ... NA TxExA p 13.59 +0.01 4.2 5GlbFxdInc 10.89 ... 1.5 Edgewood Growth Instituti GrowCoK 34.72 +0.18 62.3 DevMktY 51.62 +0.26 13.2 IncomeFd NA ... NA CAITAdml 12.36 ... 4.4 USGroAdml 169.30 +0.54 52.0 Welltn 46.51 -0.03 9.2 CorePlusBdIS NA ... NA P2JW339000-2-B00900-1------XA

THE WALL STREET JOURNAL. ** Friday, December 4, 2020 | B9 BANKING & FINANCE Stripe to Team With Goldman, Citigroup

Online payment and Barclays PLC internation- also looked to partnerships ally to storeand movecus- with technologycompanies as processor sets deal to tomer funds. amoreefficient way to gather offer banking services Digital banks like Square depositsthan mailed-out of- Inc.’sCash App and startup fers or branch traffic.Starting formerchants, vendors Chime Financial Inc.havere- next year,Alphabet Inc.’s cently earned big followings— Google will allowusersto BY PETER RUDEGEAIR and multibillion-dollar valua- open checking and savingsac- tions—by providing consumers counts at Citigroup and other Stripe Inc.isteaming up with alternatives to checking banks through the Google Pay with banks including Goldman accounts. app.

Sachs Group Inc.and Citigroup S Stripe,onthe other hand, is Coronavirus stay-at-home Inc.tooffer checking accounts focused on automating busi- orders and shutdowns have NEW

and other business-banking ser- G ness banking, specifically for boosted Stripe this year.More vices,the startup’slatestat- platforms that themselves than 500,000 new businesses

tempt to become the internet’s OOMBER have existing ties to scores of have signed up forStripe ser-

financial supermarket. /BL other businesses. vices sinceMarch, and exist- Stripe,which processes Anumber of financial-tech- ing Stripe customerslike

paymentsfor millions of on- MORRIS nology companies offer bank- Shopifyand DoorDash Inc.ex-

line businesses and e-com- UL ing and lending services perienced a surge of demand. merce platforms,will soon PA alongside their signature “For the partner banks VID

give its customers the option DA products. Square, forexample, we’reworking with, our intent of offering insured, interest- Stripe CEO and co-founder Patrick Collison, left, and John Collison, president and co-founder. offerscommercial loans to us- for it is to be a shockingly ef- bearing bank accounts, debit ers based in part on signals fectivecustomer-acquisition cardsand other cash-manage- vendorsthat do businesswith starting early next year,will ance accounts will be held at about creditworthiness channel forthem wherethey ment services. Stripe’scustomers. offer ShopifyBalanceaccounts Memphis,Tenn.-based Evolve gleaned from processing pay- end up with many, manymore These productsaren’t meant Among the early adopters to manyofthe hundreds of Bancorp Inc., but Stripe is ments, a business that Stripe customers,” said John Colli- forconsumers. Rather,they are of Stripe’snew banking ser- thousandsofmerchantsthat also teaming up with Goldman also entered last year. son, Stripe’sco-founder and designed forthe merchantsand vices is Shopify Inc., which, use its software. Shopify Bal- in the U.S. and with Citigroup Fortheir part, banks have president. Audit Measure Raises Stakes for China Firms Matches

BY JOANNE CHIU Companies from China have raised large sums on U.S. stock exchanges, securities partner at lawfirm Return AND FRANCES YOON but the tide maybechanging. MayerBrown,said some Ameri- caninvestorsalready have ac- $30 billion HONG KONG—Newlegisla- Funds raised from Total market capofChinese cess to the Hong Kong market, To 401(k)s tion that is likely to forcesome U.S. equity capital Alibaba’s IPOisthe largest companies with U.S. listings but others, particularly individ- Chinese companies off U.S. ex- marketsdeals U.S. listing on record ual investors, could be cut off changes will accelerateamigra- from investing in Chinese com- ContinuedfrompageB1 tion under way sincelast year. IPOs panies that leave the U.S. and importanceofthis benefit to 20 $2 trillion On Wednesday, the U.S. Follow-on deals* move their listingstoAsia. team member well-being,” a House of Representatives unan- It maynot come to that, spokesman said. imously approved abill that though, if the U.S. and China At Ascensus,arecord- would ban trading in shares of canreach acompromise before keeper, 21% of the employers foreign companies whose audit 10 1 the three-year deadline for that use its401(k) administra- papersaren’t inspected by U.S. companies to comply with the tion services suspended their regulatorsfor three consecutive newlaw,Mr. Elder added. 401(k) contributions between years. The measurepassed the TheSecurities and Exchange March 1and Sept. 30,and two- SenateinMay and is expected Commission is working on a thirds of those have since re- to be signed intolaw by Presi- 0 0 proposal that could allowChi- started them. dent Trump. 2010 2015 2020 2010 ’15 ’20 nese companies to comply with- Generally,“they aregoing China’sgovernment and fi- out running afoul of Chinese back to what they had before,” Funds raised in Hong Kong nancial regulatorshavelong re- 0 laws that limitinformation said PamSandelin, vicepresi- secondary listings by selected sisted U.S. demands to see the sharing. That could involve a dent of insights and analytics U.S.-listedChinesecompanies audit papersofChinese compa- second reviewofcompany at Ascensus.Employers “are nies whose shares aretraded on Alibaba $12.9 billion books by accounting firms over- trying to help employees navi- the NewYork Stock Exchange 10 seen by the U.S. Public Com- gate the uncertainty of Covid” or theNasdaq Stock Market. JD.com 4.5 panyAccounting Oversight and keep their retirement sav- While therehavebeen cases Board. TheChina Securities ings on track, she said. of accounting chicanery such as NetEase 3.1 RegulatoryCommission has sig- In contrast to the 2008-09 Value of take-private by Luckin Coffee Inc., the risks 11 Chinese naled opennessfor selected financial crisis, fewer compa- deals forU.S.-listed YumChina haven’t deterred investorslarge companies taken $20 billion 2.2 companies to have their audit nies have reduced or sus- and small from buying shares of Chinesecompanies privateasofDec.2 recordsinspected by U.S. regu- pended their matching contri- GDS 1.9 Chinese technologyheavy- lators. Last month, CSRC offi- butions this time. weightssuch as Alibaba Group Note:2020figures arethrough Dec. 2. *Include sales of stock and convertible bonds. cialssaid they arelooking for- During thelast recession, HoldingLtd.and JD.Com Inc. Sources: Refinitiv (U.S. listings); S&P Global Market Intelligence(market value); Dealogic (take-pivatedeals); Refinitiv,companies (secondary listings) ward to talks with their U.S. thelow point foremployer- Thecombined market capital- counterpartsassoon as possi- matching contributions wasin ization of themorethan 200 Hong Kong or Shanghai. “Eligi- buy and sell stocks in Hong a10-year high in 2020. ble on specific plans. 2010,months afterthe eco- U.S.-listed Chinese companies ble Chinese companies with Kong,and the city is primed to Louis Lau, director of invest- In aNov.20statement, the nomicrecoverytook hold in wasrecently up 53% forthe American depositaryreceipts become an even more impor- mentsatBrandes Investment regulator said it believes the mid-2009,according to Van- year,according to S&P Global will continue to push forward tant trading venue and hub for PartnersinSan Diego, said two sides “will adopt an open guardGroup Inc., record- Market Intelligence, topping theirplans to launch asecond- Chinese companies’ fundraising. House passageofthe audit bill and professional attitude to keeper forabout 1,500 401(k)- $2.2 trillion. arylisting in Hong Kong,ina American investment banks and didn’t come as asurprise.Ifen- reach aconsensus on ajoint in- type plans.Among companies In thepast decade Chinese bid to hedgeagainst anyregula- other securities firms have been acted, he added, it will benefit spection plan” to promoteau- that used Vanguard’s401(k) companies have collectively tory risks arising from the new making money hand over fist by investorsbyimproving the ac- dit-supervisioncooperation. services,12% provided no em- raised tens of billions of dollars rules,” said John Lee, vice helping Chinese companies sell counting standards and disclo- Sean Taylor,chief invest- ployer 401(k) contribution in in U.S. initial public offerings, chairman and head of Greater stock and other securities in sures of Chinese companies.Mr. ment officer forAsia Pacific at 2010, up from 6% in 2008. and follow-on sales of stock and ChinaatUBS Global Banking. Hong Kong. Lausaid his firm has already asset manager DWS, said state- In the yearssince, many convertible debt. IvyWong, Asia Pacific chair BeforeAnt Group Co.’s dual converted some long-term hold- owned Chinese companies that U.S. companies have raised But sinceNovember 2019,10 of lawfirm Baker McKenzie’s IPO in Hong Kong and Shanghai ingsofChinese stocks into arelesslikely to sharedata contributions to employees’ U.S.-listed Chinese companies capital-marketspractice, said washalted by Chinese regula- Hong Kong-listed shares,while with U.S. regulatorsand some 401(k) accounts, to attractand have added secondarylistings smaller Chinese companies are tors last month, the financial- continuing to trade other com- smaller companies—which may retain workersand compen- in Hong Kong,raising atotal of contemplating similar moves as technologygiant had secured panies’ American depositaryre- not be eligible to add secondary satefor the lossoftraditional $29.9 billion, according to Re- well as other options.“We ex- more than $34 billion in inves- ceiptsinthe U.S. “Potentially in listingsinHong Kong—will be pensions. finitiv.Led by Alibaba, their pect this trend to continue torcommitmentsfor itsshares the long term, this could be a moreaffected by the newrules This year 7% of Vanguard’s market capitalizations nowto- giventhe regulatoryuncer- while bypassing U.S. exchanges. positivefor companies who than large technologycompa- clients have announced plans talabout $1 trillion. Bankers, tainty,” she said. Even without Ant, funds raised choose to be listed in the U.S.,” nies that have moreoptions. to suspend their company analystsand securities lawyers Many U.S. and global asset from IPOs and secondarylist- he said. —Jing Yang matches.Atthe end of 2019, expect moretofollow, either in managersare already set up to ingsinHong Kong have reached Jason Elder,acorporateand contributed to this article. 4% offered no employercon- tribution. Companies aren’t required to make 401(k) contributions, E-Commerce Strength Boosts Retailers’ Sales but most do, Vanguard says. With vaccines on the hori- zon, the worstislikely over, BY MATT GROSSMAN said Alicia Munnell,anecono- mist and director of Boston U.S. retail spending edged College’sCenter forRetire- higher last month despite the ment Research. “Employers continuing coronavirus pan- with 401(k) plans really aren’t demic,asasurge in online under so much pressurethat shopping boostedsales,ac- they have needed to reduceor cording to data from Master- eliminate the match this time card Inc. around,” she said. ThedatafromMastercard’s Robyn Credico, defined con- SpendingPulse report—which tribution consulting leader at covers cash and check pay- Willis Towers Watson,acon- mentsaswell as credit cards— sulting and risk-management showthat consumer spending firm, said government-stimu- rose 3.1% year over year in No- lus money, including the Pay- S vember,excluding carsales. check Protection Program for Excluding gasoline as well, PRES businesses,helped most com-

spending rose 5.1%, according UMA panies ride out the storm to Mastercard. /Z without touching their 401(k) NG

Shoppersspent moreon SC plans. Some businesses were furniture, groceries and hard- M/ aided as some states didn’t ware in the month, with each fully shut down. of thosecategoriesrising by Awaveofemployers cut double-digit percentages. Ap- BIRMINGHA their401(k) matches in the

parel spending fell by 21%, and KEITH firsthalf of the year.But since department-storesales de- Shoppers spent more on furniture, groceries and hardware in the month with each category rising by double-digit percentages. economic growth rebounded clined by 15%. at an annual rate of 33.1% in As shopping continues to Holidayshopping—moreof ernmentrestrictions by stock- this year have leftbuyers commerce spending on ap- the thirdquarter,“very few” shiftonline during the public- which took placebeforeBlack ing up on groceries and con- clamoring forproductssuch as parel rose 13% year over year of Willis Towers Watson’scli- health crisis,e-commerce Friday this year—droveapor- tinuing to spend moreon refrigeratorsand dishwashers, in November. ents, which tend to be large spending rose by 53% compared tion of the November spending home goods,Mastercard said. stretching applianceshow- Online jewelrysales jumped employers,haveinitiated sus- with November 2019 to make growth, according to Master- Grocerysales rose 10% year rooms thin, said Chad Lyon,a 46%. pensions, Ms. Credico said. up 18%ofthe month’stotal re- card.Because of the pandemic, over year in November, while Wells Fargo&Co. banker In a sign that fashion com- Onereason employers are tail sales,excluding cars.Big re- manyretailerslaunched sea- spending on furnitureand fur- whose group finances appli- panies aremorefocused on quickly reinstating 401(k) tailerswith robust online sales sonal promotions well before nishings climbed 16%. ance retailers’ inventories. their internet presenceduring matches is greater awareness platforms such as Walmart the holidayshopping season’s Thesame mind-set also “You’vereally seen retail de- the pandemic,Swissluxury- of the long-term costs associ- Inc., Target Corp.and Home traditional start on the Friday drove more spending on elec- mand spike,” Mr.Lyonsaid. goods giant Cie.Financière ated with delayedretirements, Depot Inc.have experienced afterThanksgiving,toavoid tronics and appliances,for “The manufacturershavebeen Richemont,which owns the including higher payroll and booms in digital shopping this attracting large crowds. which sales rose 8.2% year playing some level of catch-up.” Cartier jewelrybrand, said last health-insurance expenses. year as people hoping to avoid Customersalso reacted last over year in November. More Soaring online sales also month it planned to invest Delayedretirement is crowdsduring the pandemic month to rising virus cases cooking at home and more extended to fashion. Despite $550 million in Farfetch,a “pretty expensive for compa- placeordersfromhome. and the prospect of moregov- newresidential construction falling apparel sales overall, e- French fashion website. nies,” said Ms. Credico. P2JW339000-4-B01000-1------XA

B10 | Friday, December 4, 2020 **** THE WALL STREET JOURNAL. MARKETS Treasury Dow Gains as Jobless Claims Fall Vo latility BY ANNA HIRTENSTEIN pectstoship half of the AND GUNJAN BANERJI Covid-19 vaccines it originally Boosts planned forthis year because The Dow Jones Industrial of supply-chain problems. Averageedged higher as Pfizer and BioNTech SE Tradeweb weekly joblessclaims declined had hoped to roll out 100 mil- and investorslooked ahead to lion vaccines world-wide by BY MATT WIRZ Friday’sjobs report. year-end. That plan has now Theblue-chip indexrose been reduced to 50 million. Sharp moves in Treasury 85.73points, or 0.3%, to This development weighed on bonds have whipsawedinves- 29969.52. TheNasdaq Com- some of the enthusiasm sur-

tors recently,but the volatil- positeclimbed 27.82points, or S rounding the vaccine latein ityhas made awinner out of 0.2%, to 12377. 18, setting an- the trading session. PRES TradewebMarkets Inc., a otherrecord. In other corporatenews,

large electronic marketplace TheS&P 500 rose formuch ZUMA Tesla shares gained $24.56,or forU.S.government debt. of the daybeforeedging lower A/ 4.3%, to $593.38after Gold-

Averagedaily trading vol- ahead of the closing bell, INHU man Sachs upgraded the umeonthe company’selec- snapping a /X stock’srating to buy and tronic plat- THURSDAY’S two-session ONG raised the pricetargetto$780. CREDIT form hit $959 MARKETS streak of ANS That is abouta31% jump from HU MARKETS billion in No- gains.The whereshares closed Thursday.

vember,the broad stock-market gauge ZHENG Tesla will be added to the S&P second-busiest months ever closed down 2.29 points, or Tesla’s shares rose 4.3% after Goldman Sachs upgraded the stock’s rating to buy. 500 this month, which would forTradewebbehind March 0.1%, to 3666.72. prompt passivefunds that when panicked investors Major U.S. stock indexes higher,seeing 2021 as the year Share-priceand indexperformanceThursday trackthe indextoadd the piled intothe Treasurymar- have repeatedly eked out re- economies will snap back,” stock to their portfolios. ket. Increasedvolatility be- cordsonthe back of investors’ said PeterDixon,aneconomist 8% Overseas,the pan-continen- fore and afterthe election optimism that Covid-19 vac- at Commerzbank. “Thereis talStoxxEurope 600 waslittle fueled much of the surge, cines will accelerate the eco- concern alot of the good news 7 changed. along with the growing adop- nomicrebound next year.But is already priced in, so Idon’t European regulatorsare ex- 6 tion of electronic trading,the rich valuations forstocks and expect marketstogoshooting Boeing pected to makeadecision on companysaid. elevated infection levels are intothe stratosphereany time approving the use of coronavi- 5 “The vast majority of folks tempering some of that cheer, soon, but we could see agen- rus-vaccine candidates at the inside Tradeweband at our leading to moresubdued eral grind higher.” end of the month. Speedier 4 Tesla clientsare working remotely, moves in recent days. Shares of airlines,cruise moves by the U.K.and the U.S. and that changeinenviron- Weekly joblessclaims,seen operatorsand small compa- 3 will givethose nations an edge ment provided an opportu- as aproxyfor layoffs, dropped nies—sectorsthat have bene- and could make their stocks nity forfirms likeus,” said to 712,000 forthe week ended fitedfromenthusiasm about a 2 moreattractive, investorssaid. LeeOlesky, Tradeweb’schief Nov.28. That waslowerthan vaccine—outperformed the In Asia, most major bench- executive. “You don’t have economistshad expected, re- broader market. 1 marks ended the trading ses- anyone sitting next to you, flecting amoderateimprove- American Airlines stock Russell sion higher.The Shanghai and youdon’t have as many ment in the pace of recovery gained $1.23,or8.3%, to 0 2000 CompositeIndexwas an ex- screens and datasources. of the labor market. The $16.09. RoyalCaribbean’s S&P500 ception, edging down 0.2%. Having agood digital source monthly jobs report will be re- stock added $3.76, or 4.7%, to –1 American lawmakerson of information and ability to leased Friday. $84.40. Wednesdayapproved legisla- 10 a.m. 11 noon 1p.m. 234 executeiskey.” Meanwhile, activity in the TheRussell 2000 indexof tion that could result in a Theboom in electronic U.S. services sector expanded small companies advanced Source:FactSet trading ban on the shares of bond trading comes amid a forthe sixth straight month in 0.6%. U.S.-listed Chinese companies wave of growth and consoli- November,asign that activity Anna Rathbun,chief invest- part because of optimism investors,” Ms. Rathbun said over concerns about their au- dation among providers of fi- held up despitethe rise in ment officer of CBIZ Invest- about the economic recovery of therecovery. dit quality. Early Friday, the nancial dataand services. Covid-19 cases,IHS Markit ment Advisory Services, said and the vaccine. Uncertainty surrounding Shanghai benchmark was S&P Global Inc.announced on datashowedThursday. she increased exposureto “Weunderstand that it may the vaccine wasondisplay down 0.6%. U.S. stock futures Monday aplanned purchase “Marketshavebeen driving small companies recently, in be rocky, but we arelong-term Thursday, as Pfizersaid it ex- were up 0.2%. of IHS Markit Ltd., adeal val- ued at $44 billion that would form one of the largest finan- cial- dataprovidersinthe Energy Firm to Settle U.S. Charges Chevron world. Tradeweb’sshare pricehas risen 30% this year, according to FactSet. BY DAVE MICHAELS cerRussell Hardy said in a included weekly reports con- volved employees in the state- Spending Competitor MarketAxess AND DYLAN TOKAR statement. taining the oil company’spro- controlled oil producer’s Hous- Holdings Inc.reported on Thedeal includes ade- duction volume and antici- tonand Rio de Janeirooffices. Wednesdaya37% increase in Swissenergy firm Vitol ferred-prosecution agreement pated imports, as well as “last Following that announce- Slashed credit trading in November. agreed to pay $163 million to with the Justice Department, look” information that re- ment, Petrobras in 2018 tem- Thefirm’smarket sharein settle criminal and civil allowing Vitoltoescape vealed confidential bids by porarily suspended trading investment-grade corporate chargesthat itsemployees chargesifitstays out of trou- competing companies,accord- with the three companies. ContinuedfrompageB1 bond tradingwas 23%, and paid bribes to gain an advan- ble for three years. The com- ing to the settlements. AGlencorespokesman de- next five years. itshigh-yield-bond market tage when bidding foroil in panywill paya$90 million Tradersused the informa- clined to comment. Glencore “It also reflectsthat we are sharehit arecordof17. 3%, a Brazil, Mexico and Ecuador. fine to the department and an tion to determine the exact disclosed in August it has spent an industryperforming poorly companyspokesman said. Vitol’sdeal with the Justice additional $45 million in aco- pricethey would need to bid $56 million in the firsthalf of relativetoother investment TradinginTreasurys has Department, announced ordinated settlement with Bra- to buy from Petrobras. 2020 defending itself from var- opportunities,” Mr.Breber risenlater in theyear,after Thursday in Brooklyn federal zilian authorities,according to In Mexicoand Ecuador,Vitol ious government investigations. said. “Everything [Chevron is] yields stalled near all-time court, is the firstinwhat is U.S. prosecutors. traderspaid morethan $2 mil- A spokesperson for Trafig- looking at is through the lens lows, in part because the U.S. expected to be aseries of set- Vitol, accused of paying lion in bribes to officials at the urasaid it had responded to of capital discipline and gener- government has been selling tlementsinvolving global com- millions in bribes over ade- state-owned oil Petróleos Mexi- information requestsfromau- ating higher returns.” unprecedented amountsof modity trading companies. cade,also settled aprobe by canos, known as Pemex, and thorities and hired lawyersat Covid-19 has gutted demand newbonds to fund itseco- Some of the claims grew out the Commodity Futures Trad- Petroecuador,prosecutorssaid. Quinn Emanuel Urquhart & foroil and gasasautomobile nomic response to the coro- of asweeping corruption scan- ing Commission. It will payat Thescheme in those countries Sullivan to investigate allega- and plane travel declined navirus pandemic.Atthe dal in Brazil that focused on least $28 million to the CFTC, wascontinuing as recently as tions of improper payments sharply amid global lockdowns same time,contentious elec- briberyofofficials at state- a civil regulatory agency. July 2020,they said. concerning Petrobras. and other measures to contain tions followedbyboth an in- controlled Petróleo Brasileiro Other trading companies Brazilian prosecutorssaid “Based on itsreview to date, the virus.Chevron has let its crease in infection ratesand SA, known as Petrobras. that have faced similar corrup- in 2018 that they were probing which is ongoing,Quinn Eman- production slide due to the astring of successfulvaccine Vitol said it cooperated ex- tion investigations include Vitol, Glencore and Trafigura uel believes anyallegations weakened demand, choosing to trials have sparked swingsin tensively with authorities, GlencorePLC andSingapore- forpaying bribes that won that current management were givepriority to directing its investors’ expectations. yielding asettlement that is based TrafiguraGroup Pte. Ltd. them better terms on trading involved in,orhad knowledge cash flow to dividend pay- Theyield of the bench- morelenient. “Weunderstand Vitoladmittedpaying more contracts. Theauthorities said of,alleged improper payments ments. It reiterated Thursday mark 10-year Treasurynote the seriousnessofthis matter than $8 million in bribes to at bribes were paid to executives to Petrobras areunsupported itscommitment to itsdividend. has been climbing toward 1% andare pleased it has been re- least nine Petrobras officials of Petrobras’s marketing and by theevidenceand untrue,” Even before the pandemic, in recent weeks and wasset- solved,” Chief Executive Offi- to getinside information that trading department and in- thespokesperson said. the fossil-fuel industrywas tled at 0.919% on Thursday, contending with an oversupply belowthe Wednesdayclose of oil and gas unleashed by of 0.948%. Theyield has U.S. frackers, increased com- risen from 0.677% at the Oil Gauge Weighs Adding U.S. Crude petition from renewable-en- start of October as investors ergy sourcesand electric vehi- bet on areopening of the cles,while also contending U.S. economyin2021. BY JOE WALLACE trading area, where you have with the prospect of increased “There’s been morevola- imports and exports and con- climate-change regulation. tility in the Treasurymarket, Brent crude,the interna- sumption allgoing through,” Sincethe end of last year, and that is an important tional gaugefor oil prices, said Jonty Rushforth, senior Chevron has been implement- driver of Tradeweb’sbusi- maybeoverhauled to reflect director at Platts.“U.S. ex- ing a year-long restructuring ness,” said Rich Repetto,a the growing importanceof portshavebecome amainstay in response to an anticipated managing director in Piper U.S. exportsinglobal energy into Europe.” period of prolonged low com- Sandler’s research depart- markets. The U.S. oil-and-gas indus- modity prices.Itisinthe pro-

ment. “Given optimism for By March 2022, S&P Global S tryhas been batteredbythe cess of cutting up to 15% of its

the potential recovery of the Platts is likely to start using NEW slump in energy demand 45,000-person staff. economyfromthe pandemic, crude drilled from wells near G caused by the coronavirus In July, Chevron agreed to we think therecould be con- Midland, Texas,insetting the pandemic, pushing dozens of acquire Noble Energy Inc.for

tinued movement in long- price of Dated Brent, a gauge OOMBER smallerproducersintobank- about $5 billion, one of the term rates.” that has historically reflected /BL ruptcy and leading Exxon Mo- larger energy deals this year.

Tradeweb’sdaily volume physical oil prices in Europe’s ANT bil Corp.and Chevron Corp.to Chevron didn’t sayThursday of interest-ratederivatives North Sea. Theprice-reporting slash their spending plans this howmuch of itscapital spend- MORD that investorsuse to bet on agencyonThursdaybegan week.Still, the U.S. is expected ing would be directed to No- the direction of Treasury consulting market participants to remain a leading producer ble’sassets. It previouslysaid ANGUS yields jumped to $225 billion on the proposed change, and American oil exports have ballooned since a ban ended in 2015. andexporter of crude in the it expects about $300 million in November,a26% increase aims to conclude the review coming years. in annual cost savingsfromin- from last year. by February. Set daily by sponded by introducing differ- signed to resolvethat prob- “There’snoreason why tegrating Noble. —Sam Goldfarb contributed Platts,Dated Brentisapivotal ent varieties of crude oil pro- lem, creatingabenchmark WTIshouldn’t be deliverable Paul Sankey,lead analyst at to this article. coginthe global oil market. It duced in the North Sea intoits that betterreflectsthe reality intoBrent,” said AdiImsirovic, Sankey Research, said Chev- bearsparallels to the role of calculations. Dated Brent has of the underlying oil market. It senior research fellowatthe ron’scapital cutsare signifi- the Libor interest-ratebench- evolved into abasket of underscores the rapid emer- Oxford Institutefor Energy cant, especially because Noble AUCTION RESULTS mark in itsheydays,orthat of crudes,including not just its genceofthe U.S. as the Studies.“Brent desperately wasn’t factored into the prior Here are the results of Thursday's Treasury auctions. All bids are awarded at a single price at the market- 10-year Treasuryyields in namesakebut Forties,Ekofisk, world’s key swing supplier of needstoget some moreli- spending guidance. Still, Mr. clearing yield. Rates are determined by the difference global credit markets. Troll and Oseberg. But sup- oil over the past half decade. quidity because we’re getting Sankey said Chevron is in a between that price and the face value. Since the late 1980s, Dated plies of other North Sea ShipmentsofAmerican down to those critical levels.” better position than manyof FOUR-WEEK BILLS Applications $103,463,192,800 Brent has acted as the bench- crudes arealso depleting crude to Europe and elsewhere Othersare skeptical that its peers. “Chevron came into Accepted bids $32,425,292,800 mark on which the majority of alongside those of Brent. have ballooned sinceafour- themakeover would createa 2020 best prepared in terms " noncompetitively $915,641,900 traded barrels of oil in the That has led to a situation decade ban on exports of U.S. morereliable referencefor the of capexand balancesheet, " foreign noncompetitively $551,000,000 Auction price (rate) 99.994167 world arepriced. It also helps in which prices formost oil waslifted in 2015.That de- price of oil. and leaves2020 in best (0.075%) to determine prices forthe traded barrels of oil in the cision was taken after the ad- “Brent wasagood tool in shape,” he said. Coupon equivalent 0.076% Bids at clearing yield accepted 6.74% Brent-crude futures contracts world areset with referenceto vent of fracking technology its day, but it’s being held to- Chevron said it would in- Cusip number 912796A58 that oil producers, commodity arapidly shrinking market. unlocked vast amountsofoil gether with cellotape and crease investmentsinits The bills, dated Dec. 8, 2020, mature on Jan. 5, 2021. tradersand investorsbuy and Fewerthan 10 cargoes of from under the Permian Basin. chewing gum,” said Liz Boss- stronger assets, including off- EIGHT-WEEK BILLS sell on Intercontinental Ex- crudes in the Dated Brent bas- Around 443,000 barrels aday ley, chief executive of Consil- shoredrilling in the Gulf of Applications $120,085,764,300 Accepted bids $37,828,765,500 changeInc.’s marketplace. ketchanged hands in the main of WTIMidland have arrived ience Energy Advisory Group Mexico and in U.S. shale,in- " noncompetitively $188,602,300 Foryears, however, Dated Platts trading windoweach in Europe so far in 2020,ac- Ltd. and aformer North Sea cluding in the Permian Basin " foreign noncompetitively $369,000,000 Auction price (rate) 99.988333 Brent has faced amajor prob- monthfromAugust through cording to Platts. trader.“It’sanother pieceof in NewMexicoand Texas.It (0.075%) lem. Brent, drilled from under- November. “The North Sea has moved chewing gum,” she said of also said it would invest $300 Coupon equivalent 0.076% Bids at clearing yield accepted 54.26% neath the East Shetland Basin Theproposal to include over the last few de- WTI’s potential inclusion. million in projectsrelated to a Cusip number 912796B65 off the coast of Scotland, is West Texas Intermediate cades…from being acorepro- Shefavorsthe creation of transition to a lower-carbon- The bills, dated Dec. 8, 2020, mature on Feb. 2, 2021. fast running out. Platts re- crude in Dated Brent is de- duction area to being acore an entirely newbenchmark. energy economy. P2JW339000-0-B01100-1------XA

THE WALL STREET JOURNAL. Friday, December 4, 2020 | B11 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Dollar Stores Start Moving Upmarket

Two companies see a bright future in the treasure-hunt shopping experience GES Earlier this year, consumable through an initiative it started last IMA goods like food were what was year to add more assortment. It is

GETTY driving sales growth at dollar leaning in now with a new store

SE/ stores. Now these discount retail- concept, Popshelf, carrying discre- ers are raising their sights to tionary items under $5. The dis- higher-margin items such as party counter is betting that the trea-

ANCE-PRES goods and home accessories. sure-hunt experience will appeal to FR Take Dollar General,which said a suburban audience of higher-in- Thursdaythat net sales rose 17% come customers. It has opened GENCE

/A and net income expanded 57% in the two new stores near Nashville, YO

BA quarter ended Oct. 30 from ayear which performed better than the

RO earlier.Home productssold particu- company’s expectations. Dollar IS

LU larly well. That helped boostDollar General plans to have 30 Popshelf Johnson & Johnson could have interim efficacy data on its Covid-19 vaccine candidate in January General’sgross margins,which ex- stores by the end of 2021. panded forsix consecutivequarters Dollar Tree,too,said in itsmost on ayear-over-year basis.Onan recent earningscall that it will roll earningscall, Chief ExecutiveTodd out 500 higher-priced stores—with Va ccine Contest Isn’t Over Vasos said it wasthe 10th consecu- goods priced between $1 and $5— tivequarter of year-over-year beginning next spring.While Dollar growth in non-consumables sales. Tree is familiar with the discre- The greater profitability of tionarybusiness, the risk forDollar Pfizer,Moderna maybefirst pastfinish line,but otherscould grab market share these items makes for a strong General is that venturing intonew draw. Rival Dollar Tree has two territoryadds one morespinning brands, its namesake brand, which platewhen it is managing several. The race to develop the first the success of the vaccine pro- ary. Importantly, that vaccine re- sells discretionary items for a dol- Still, it could be arisk worth tak- Covid-19 vaccines has been de- grams bodes well for other treat- quires one shot, improving its lar each, and Family Dollar, which ing.Asamature retailer,itcan be- cided. The battle for market share ments the companies are develop- convenience and appeal to the is more like Dollar General in sell- come difficult to keep adding stores is just beginning. ing that rely on similar technology. general public. Unlike Pfizer’s vac- ing a mix of goods at value prices. at the impressivepacethat Dollar Regulatorsinthe U.K. authorized Still, investorsexpecting these cine, it can be stored with normal The former’s gross margins came General has over the years. Plus,the Pfizer and BioNTech’s Covid-19 two companies to dominatethis refrigeration, which makes global in at 34.9% in its latest quarter, pool of competition has likely vaccine foremergencyuse,and U.S. market indefinitely aregetting ahead distribution a far-less daunting while the latter’s were 26.8%. Dol- shrunk as the pandemic washardon regulatorsare scheduled to com- of themselves.Key questionsabout proposition, especially at a single lar General’s gross margin is some- small businesses selling nonessential pletetheir reviewassoon as late the long-run value of each vaccine dose. If that vaccine is safe, those where in between, at 31.3%. products. Thetreasure-hunting audi- next week.U.S.vaccinations should program areyet to be resolved. advantages mean it could be useful Dollar General started introduc- encecould be agold mine forthese begin shortly afterward, and regu- For starters, the rollout of as a public-health tool even if effi- ing more discretionary goods dollar stores. —Jinjoo Lee latorswill likely authorize Mod- Pfizer and Moderna’s shots will cacy isn’t quite as strong as with a erna’s vaccine beforeChristmas. take time: Pfizer forecast it will two-shot regimen. 40% Both vaccines have been shown manufacture 1.3 billion doses by What’s more, key scientific Non-consumables sales at Dollar General, to be morethan 90% effectivein the end of next year, while Mod- questions that will affect vaccine change from ayearearlier preventing symptomatic Covid-19 erna forecast another 500 million developers’ stock prices have yet 30 in late-stageclinical trials,which to 1 billion by then. Since both to be answered. It is unknown, for raises the bar that futurecandi- vaccines require two shots for im- example, how long immunity given dates will need to meet. Avaccine munization, that would be enough by any Covid-19 vaccine will last. A 20 developed by OxfordUniversity and to vaccinate about one billion peo- long-lasting vaccine would be won- AstraZeneca has shown far less ple. That is a very rapid pace by derful news for the economy and impressiveresults.Investorsvoted normal standards, but urgency has for stocks most affected by the 10 with their wallets: BioNTech’sNew never been higher due to the pan- pandemic. But that would be bear- York-traded shares rallied more demic. ish for vaccine developers: Even than 30% over the past month, There will likely be strong de- windfall revenues and profits 0 while Moderna’sstock morethan mand for other programs that can won’t get far with investors if doubled over that same period. meet a suitable efficacy bar. For those sales are expected to wind That reaction makes some instance, Johnson & Johnson down quickly. –10 sense: After all, initial doses will could have interim efficacy data on For happy shareholders sitting be sold to governments at fixed its vaccine candidate sometime in on huge gains, it might be time to 2017 FY1Q ’18 ’19 ’20 prices, which means that huge January, which would lead to a re- protect against the risk of a vac- Note:Fiscal year 2019 ended Jan. 31 profits are likely next year. And quest for emergency use in Febru- cine plot twist. —Charley Grant Source:FactSet Etsy Can Stay Healthy Without Face Masks OVERHEARD Business isn’t war, but it isn’t a campaign by Mr. Alarik was dishon- pany’s website informs those in- picnic either. est. terested in using its blood & guts Etsy seems to have cornered Online spending forCyber Monday The founder of Grunt Style, a If those actions seem brusque, designs that “you can try to copy 2020’s key fashion accessory. 2020,change from ayearearlier military-themed apparel seller, has they are at least in keeping with the us, but then we’ll waterboard you Thecompanygenerated more found himself on the outside ethos Mr. Alarik created. The com- with freedom.” than $600 million in grossmerchan- Etsy 73% looking in. Media reports have emerged dise sales on facemasks alone in the Retired Army drill sergeant with embarrassing details of a second and thirdquarters, helping Daniel Alarik lost control of the chaotic, alcohol-soaked, politically itssharepricemorethan triple this Target 43 company last year to its lenders incorrect work culture under Mr. year.Sowhat happens when mask and got canned from his advisory Alarik. He didn’t respond to re- sales,which areonthe decline,go Walmart 36 role this summer. He is suing quests for comment.

away?Early holidaysales dataare Grunt for ending his medical cov- GES The company, which didn’t re-

encouraging,suggesting Etsy could erage while his wife battles can- IMA spond to queries, has to tread a Amazon 19 continue to climb, buoyedbymore- cer, prompting some customers to fine line between not looking cal-

sustainable categories and adefensi- say they would boycott the brand. GETTY lous to a veteran while selling ap- ble businessmodel. Best Buy 1 Grunt Style responded by releas- G/ parel that blends guns, patriotism In itsthird-quarter report, Etsy ing a screenshot of an email of- and mocking those with hurt feel- said masks’ percentageofgross eBay 1 fering to continue his insurance, GINSBER ings. That last part is easier on a

merchandise sales dropped to 11%. It suggesting that a GoFundMe GABE T-shirt than in real life.

cited asteady monthly deceleration, Note:Includes analysis of morethan expecting mask sales to be substan- 230,000 online transactions in the U.S. only tially lowerinthe fourth quarter Source:Edison Trends compared with aquarter earlier. Still, datafromEdison Trends do only if it had confidence the showEtsyexpanded online cus- heavy spending would pay off. Boeing 737 MAX Question Is Price, Not Sales tomer spending on Cyber Monday Etsy has guided Wall Street to ex- by 73%year-over-year—well ahead pect 65% to 85% gross merchan- of retailerssuch as Target and Am- dise sales growth in the quarter Everything has its price. Boe- away with subtle rebranding in fu- purchase commitments. There are azon,at43% and 19%, respectively. versus last year, which means ing’s chief concern is just how low selages and onboardsafety cards. fewer buyers out there, and the Sinceitisunlikely that masks there could be more upside to Wall it needs to be. Ryanair labels itscustom high-ca- MAX still can’t compete with Air- were abig holidaygiftdraw, Etsy’s Street’s estimate of 78%. Twoweeks afterthe Federal Avi- pacity MAXthe “737-8200.” bus’s stretched A321 for medium- recent growth seems to imply Meanwhile,evenasmanycon- ation Administration approved the Fordecades,airline economics range flights. Ultimately, though, broad interest in nonmask products sumersare just nowdiscovering Boeing 737MAX forpassenger have revolved around fuel savings. the real problem facing Boeing that cancontinue afterthe pan- Etsy,the platform has long included flights, the jet already has abig firm Airlines that flyolder 737s will isn’t whether the MAX will sell, demic. Etsy says topsellers some structural advantages over its order on the table.OnThursday, Eu- gladly buy the MAXtoreplacethem but at what price. throughout itsrecent cyber-week rivals.For one,itcan handle mas- ropean low-cost leader Ryanair con- if they canaffordit, because it Ryanair’s option to purchase the sale included such thingsascustom sivedemand sinceits sellersship firmed that it would exercise the burns around 15% lessfuel. Theef- planes waspart of acompensation ornamentsand blankets. from their homes to buyers. option to buy afurther 75 units, on ficiencies carriersextractfrom packageagreed to due to the It also seems that Etsy has been Etsy,much likesocial network topof135 previouslyordered. grounding.Ryanair Chief executive benefiting from social movements Pinterest,isinvesting in technology Shares in the Chicago-based Michael O’Learyiswell known for around supporting small businesses, to personalizeits platform better.It plane maker, which has estimated Airlines that fly older putting in opportunistic orders: A which have struggled during the is investing in video featuresto the cost of the MAX debacle at key part of itsexpansion strategy18 pandemic,and Black-owned busi- help sellersmarket productsand around $20 billion, rose almost 737s will gladly buy the yearsago wasbuying 100 jetsfrom nesses in particular.Etsysaid betterconnect with buyers. 6%. To meet scheduled production MAX to replace them if Boeing right afterthe 9/11 aviation searches forBlack-owned shops The mask craze will eventually rates, the company needs to ship crisis.Each MAXcostsaround $125 were about 30 times higher in June die with the virus. But demand for out the 450 MAX planes it has in they can afford it. million, but planes areusually sold than in the previous month and other categories such as wedding storage, about 100 of which no at around half of their list price. were up 56% from the previous week receptions, bachelorette parties, longer have a prospective buyer While no details have been revealed, midway through itscyber-week sale. baby showers and birthday cele- and need to be remarketed. it is almost certain that Mr.O’Leary For the fourth quarter, at least, brations—all of which have been Yet it shouldn’t be a surprise maintaining fleetswith fewermod- gotamuch betterdeal than that. Etsy’s investments in marketing largely sidelined in 2020—will that the plane is selling again. els mean that switching to the com- Aerospace analystsestimatethe are a strong tell that the company bloom again in its wake. Because aircraftaren’t consumer petitor plane,the Airbus A320neo, MAXprogram’smargins to have expects another standout period. That, of course,would playinto products, even thebiggest scandals is an option fraught with problems. been around 30% in 2018. They may At an investor conference last another one of Etsy’s strengths: How areunlikely to push amodel out of This doesn’t mean the MAX can stay in the low20s going forward. month, Chief Financial Officer Ra- easily canmanyofthe 60,000 face- the market. Theinfamous McDon- easily make up lost ground. Be- Ryanair’s announcement could chel Glaser said Etsy will be in- mask sellerswhom Etsy mobilized in nell Douglas DC-10 carried passen- cause of delivery delays, carriers encourageother financially healthy vesting in marketing at a record April pivot? An Etsy search for gers fordecades afterbeing that are suffering in the current airlines to knock on Boeing’sdoor. level for the fourth quarter—some- “wedding” returns morethan seven grounded. Airlines facing anycus- downturn have been able to walk Therub is that they will be seeking thing she said the company would million results. —Laura Forman tomer backlash could probably get away from more than a thousand adiscount. —Jon Sindreu P2JW339000-2-B01200-1------XA

B12 | Friday, December 4, 2020 ** THE WALL STREET JOURNAL.

It’s already tomorrow in Shanghai.

Stay astep ahead with theDeloitte Insights mobileapp,which gives you thelatest business news, research, and analysis from two of the world’s most trusted sources, side-by-side: Deloitte and Dow Jones.

Choose an industry or topicfor instant access to what matters most to you and yourbusiness, whatever yourtime zone.

Scan theQRcodeto download theapp today.

Copyright ©2020 Deloitte Development LLC. All rights reserved. P2JW339000-0-M00100-1------XA

FOOD & WINE

Hey, Fine Vines Bartender Vineyard estates These home bars in Germany’s bring the party Moselle region to you. M5 MANSION offer value. M4

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, December 4, 2020 | M1

Rethinking the Homeowners are organizing and beautifying bulging food-storage spaces, throwing out unsightly packaging and Wa lk‑In Pantry creating stadium seating for cans

$35,000 Estimated cost of the 128-square-foot pantry

Water hyacinth baskets (3)

Bamboo JOURNAL storage bins REET ST LL

Root-vegetable bin WA THE R FO AR LAZ SA Y SA LIND Above, Everly Hatch hands a snack to her brother, Jaxon, from the library ladder in their grandfather Brent Hatch’s pantry in his home south of Provo, Utah, while their sister, Lennon, looks on. The pantry has a small refrigerator/freezer for drinks and ice-cream snacks.

BY AMY GAMERMAN shelving all the way across, how do you organize it?” When Tara Jenson began Before the family moved into the planning a$1.5million 6,000-square-foot home last year, Ms. home in Gilbert, Ariz., Jenson spent an extra $900 for custom with her husband, Kend- pantry shelving that was inspired by the all Jenson, therewas Instagram posts of the reality-television one dream amenity she star Khloé Kardashian. Then she hired wouldn’t compromise Shalae Price, a professional organizer, to on: awalk-in pantry. And create a Dewey Decimal-style system not just anypantry, but one with multi- within the 8-by-11-foot pantry, sectioning level shelves arrayed with custom-labeled the dry goods into zones and displaying clear canistersfor snacks and airtight them in a battalion of whitewashed rat- bins of decanted Froot Loops and bran tan bins, clear canisters and turntable flakes.Apantry, in other words, that caddies. The total cost was about $5,000. would makeCostco bulk goods look as “People say, ‘Oh my gosh, Tara, your glamorous as arow of Christian Loubou- pantry!’ ” said Ms. Jenson, who elicited tins in adesigner shoe closet. gasps from her friends when she went in “My husband wanted to do straight to grab a Snickers bar during a group rows of shelving, all the same height, all FaceTime call. “They all ended up saying, the way across. I was crying. I said, ‘I ‘Send me pictures.’ ” can’t do it, that’s not what I envi- The home pantry is in the spotlight. sioned,’ ” recalled Ms. Jenson, 37, who As the coronavirus pandemic surges and shares four children and one stepdaugh- more school-age children and working Shelves rise to A pebble-ice ter with Mr. Jenson, 48, a dermatology adults are stuck at home, food-hoarding 11-foot ceiling machine physician assistant. “If you have straight PleaseturntopageM8

Wine‑CountryLife, Johann and René Slee built a five-bedroom home on a half-acre lot in Stellenbosch SouthAfricaStyle in the Western Cape.

An architect and a gardener built a rustic house that takes in the views

BY J.S. MARCUS veranda,” Mr. Slee says. Mrs. Slee planted Magenta Lilly GRAPE GROWERS IN South Af- Pilly, a flowering tree from Aus- rica’s wine country are blessed tralia, to further act as a shelter, with a strong southeasterly wind while also blocking the views and blowing off the Atlantic during noise from the street. In the win- the growing season. The dry wind, ter, when northwesterly winds known as the Cape Doctor be- bring rain, the couple warm up cause of its supposed healing with a hanging French fireplace in properties, is credited with keep- the living room. APHY

ing grapes free of mold and pests, Nowboth 60,Mr. Slee,anarchi- GR but it can be a challenge to home- tect specializing in upscale single- TO owners. family homes,and his wife, agar- PHO

Johann and René Slee gave dener and afreelanceinterior TREE their three-story house in Stellen- designer,finished building and fur- PEAR bosch, in the heart of the wine re- nishing their 8,600-square-foot, gion, massive glass walls to act as five-bedroom house in 2013 at a Their property line runs along plants. ties at garden centers to see if she a shield on windy days. When the cost of about $1.3million. But they a nature reserve, which gave Mrs. Though that effort took some can find a home for them. wind dies down, they open up have continued to perfect the land- Slee the chance to expand the lot planning, Mrs. Slee regards her- Her latest idea: using wine bar- their living space to the outdoors. scaping,spending about $60,000 visually by mimicking on her side self as an impulsive gardener at rels as garden potsfor waterlilies, “The whole house can become a on the grounds over the years. of the divide the reserve’s wild heart, prone to picking up oddi- PleaseturntopageM6 P2JW339000-0-M00200-1------NS

M2 | Friday, December 4, 2020 NY THE WALL STREET JOURNAL. PRIVATE PROPERTIES

The property listed for $39.75 million in October.

$32.25 MILLION 18,500 sq. ft. Italian Renaissance home with original details, three wine cellars Sold: Another MontecitoEstate

A nearly 12-acre estate in Mon- The solarium contains a 38-foot pool. tecito, Calif., that was owned by the late venture capitalist Frank J. Caufield sold for $32.25 million after two months on the market, according to one of the listing agents. Theproperty,which includes a roughly 18,500-square-foot, nine- bedroom Italian Renaissance-in- spired villa dating to the 1920s, came on the market in October for $39.75million. Thedeal is the latest in astring of high-end home sales in the tony SantaBarbaraareaoverthe last few months.Listing agent Dusty Baker of Sotheby’s International Realty attributed the high levels of interest in part to amigration to MontecitofromLos Angeles and home for$45.5 million. Valley’s most successfulcompa- SanFranciscoamid the pandemic. Thenine-bedroom property nies.The house wassold by his This property, for example, at- previouslyowned by Mr.Caufield children, son Frank R. Caufield tracted 12 showings and multiple sitsonaflat parcelofland with and daughter Kirsten Caufield. offers. In pre-Covid times, he said extensivegardens inspired by Ital- Frank R. Caufield said in an he would have expected only ian villas.Itstill has manyofits email that his father’s SanFran- about one showing a month on a original details including golden ciscohome,listed around the property with such a high price travertine floorsinthe entrance same time for$19.5 million, is also tag. “Any other year, this would gallery, walnut-paneled walls in in escrow to be sold. probably have been the most ex- the libraryand carved limestone Mr.Baker listed the home with pensive sale of the year in Mon- arched windows in the dining colleague Eric Laveyand with Mi- tecito,” he said. room. It has three wine cellarsand chael DreyfusofGolden GateSo- Among other recent big-ticket asolarium with a38-foot pool. theby’s International Realty.Nancy (3) deals were the sale of Rancho San Mr.Caufield, who died last year Kogevinas of BerkshireHathaway TER Carlos,aroughly 240-acreestate at 80,was the co-founder of HomeServices California Proper- CAR in Montecito, for$63.25 million Kleiner Perkins Caufield &Byers,a ties represented the buyer. VIN and the sale of actor Rob Lowe’s major investor in some of Silicon —Katherine Clarke GA THE NEW MORNING RUSH

1.5 MILES OF RIVERFRONT STREET LIFE. Anew riverfrontdestination is coming to the edgeofSleepy Hollow. Steps from Metro-North and only 37 minutes from Grand Central. Featuring urban townhomes,condos,apartments,lush parks and trails. EDGE-ON-HUDSON Afuturewaterfrontpromenade,boutique hotel, shops,dining and ANew View On The River office lofts.With views from the newGovernor Mario M. Cuomo (Tappan Zee) Bridgetothe Manhattan skyline. edgeonhudson.com

The information provided in this advertisementisnot an offering of homesfor sale.Edge-on-Hudson is soliciting interest in the overall project and will shareyour interest with builders constructing and selling homes. No offering of homesfor sale can be made by an individual builder and no deposits can be accepted,orreservations,binding or non-binding, can be made untilthe builder’soffering plan is approved by the New York State Department of Law. P2JW339000-0-M00300-1------NS

THE WALL STREET JOURNAL. NY Friday, December 4, 2020 | M3 PRIVATE PROPERTIES The Highly International Manhattan Townhouse of the ‘Oprah of China’

Yue-Sai Kan—a television and Painted gold mural of beauty magnate whose fame in a dragon and a phoenix Asia has earned her the moniker the “Oprah of China”—is listing her Manhattan townhouse for $28 million. Located in Sutton Square, which has been home to residents like Anne Vanderbilt, Aristotle Onassis and architect I.M. Pei, the townhouse is one of 14 that share a private garden overlooking the East River. The home FOR SALE was at one time owned by Peter $28 Sprague, the MILLION former chair-

8,500 sq. ft., GES man of National

seven IMA Semiconductor bedrooms,

and onetime GETTY rooftop terrace, co-owner of As- on a private ton Martin, and garden shared

later by Jean MCMULLAN/ with 13 other Stein, the late homes RICK media heiress AT and author. It is steps from the official residence ANN/P of the U.N. secretary-general, an elaborate double-wide townhouse PRESLEY built in 1921 for Anne Morgan, the (3);

daughter of J.P. Morgan. Kofi An- OUP GR nan and Boutros Boutros-Ghali AN

both lived there during Ms. Kan’s OR RC

time at the property. CO Ms. Kan said she has owned the /THE house since 1989, when she first spied the shared garden from the REPS shore of Roosevelt Island across /DD

the river. She sought out the ELLIS neighborhood when she returned WILL to Manhattan and found that The master there was a floor atop the home for sale. townhouse in- Ms. Kan re- cludes a sit- members the ting area and roughly 8,500- library, a spa square-foot, and a massage seven-bedroom room. home was “very Ms. Kan is the run down” when founder of Yue-Sai Cosmet- she and her for- ics, now part of L’Oréal, and the mer husband owner of the Miss Universe China bought it. franchise. Her many other entre- She said she preneurial interests include her renovated it own collection of Yue-Sai dolls; multiple times one was modeled after her signa- throughout the ture bob and bright-red lips. three decades, Ms.Kan, who has lived pri- most recently marily in the U.S. for45years completing a $9 but goes back and forth to China million renova- and travels frequently,said she tion in 2015. As in Indonesia, its carvings depict Ms. Kan’s collection of teapots is selling the property because part of that the story of Ramayana, the great from around the world. she is planning amovetoHa- work, she had epic about the Hindu god Ram’s “It’s a great conversation piece, waii. She spent moretime at her the top floor of battle to rescue his wife from a everyone loves it,” she said. home thereasaresult of the the house torn demon. Carvings of two barongs, Sometimes, if a guest points out a pandemic and has decided to down and re- mythical panther-like creatures, particular teapot, she tells them makeither morepermanent res- built with a are supposed “to protect the they can take it home, she said. idencetobecloser to family in rooftop terrace house,” Ms. Kan said. For the library, which has a bay Asia, she said. for parties. She The entrance lobby has a mar- window overlooking the garden, The Carrie Chiang team at the A figure stands at the exit to the shared garden. also updated the ble mosaic floor done “in the Ms. Kan commissioned a Dutch Corcoran Group has the listing. HVAC systems, original Georgian style” and dis- artist to paint a gold mural on the —Katherine Clarke built a new elevator and added all property is a colorful reflection of plays stone figures of a Buddha ceiling of a dragon and a phoenix. new windows and wiring. Ms. Kan’s international lifestyle. and monks purchased from Tai- “It makes the whole room feel A California clifftop estate Behind the conservative red- Its entrance door is carved wan. In the center of the grand warm, elegant and with motion,” seeks $58 million. M12 brick Neo-Georgian facade, the teak. Made by a master craftsman mahogany dining room table is Ms. Kan said. Luxury Real Estate Auction

NO RESERVE|DEC 12 |11AM

Ritz-Carlton Residences 10710 Stacumny Drive 4BEDROOMS |4FULL AND 1HALF BATHS |$2,850,000

WaterfrontPenthouse This home is beautifullysituated in Windsor’scentral village. Throughout thegroundfloor, tall French doors, floor-to-ceiling 801Key Hwy, #P-10A windowsand exquisitelycrafted bright whitemillwork contrastwith Baltimore, MD dark stainedfloors,creatingacheerfullytailoredappearance.

Auction Dec 12 |11AM|On-site Tour This Weekend|1-4 PM Call 844.94.ELITE to Schedule

REMOTE BIDDING AVAILABLE

View virtual tour &film at EliteAuctions.com 844.94.ELITE |Brokers welcome| 772 388 8400 WINDSORFLORIDA.COM P2JW339000-0-M00400-1------NS

M4 | Friday, December 4, 2020 NY THE WALL STREET JOURNAL. MANSION | FOOD & WINE

THE MARKET WhereVineyardsCome Cheap

Relatively speaking, estates along Germany’s Moselle River offer deals not seen in other European wine regions

BY CECILIE ROHWEDDER summershavegottenhotter and longer,causing grapes John and Pam to ripen sooner and more Pfeiffer spent dependably,making the yearstouring the vineyards amoreattractive grand vineyards investment than they once of France, Italy were.The warmer weather and Argentina. also allows fornew vari- But when it etals,such as temperature- came time to sensitivePinot Noir grapes. buy their own, “Climatechangemay re- they chose asmall winery sult in considerable in- in Lieser,atowninGer- creases in the value of the manywith half-timbered Moselle vineyardregion be- houses,afairytale castle cause of improving wine and verdant Riesling vines quality,” says Karl Storch- Weingut Clüsserath-Eifel along the Moselle River. mann, an economics profes- LIST PRICE In 2016,Mr. Pfeiffer, sor at NewYork Uni- originally from Al- versity and $4.2 MILLION bany, N.Y. and GERMANY executivedi- 9 bedrooms, 12 acres of vineyards Mrs. Pfeiffer, R rector of the Koblenz h i n

from central e American LU R iv Illinois, XEMB r e Association e r iv Ediger-Eller John Pfeiffer tends the vineyards of bought R of Wine purchase,renovation, land- e ll

OUR Weingut Gindorf, the estate he owns e Lieser Weingut os Econo- scaping and auxiliarybuild- M with his wife in Lieser, Germany, Gindorf, a G Trier Trittenheim mists, a ingscost $8.9 million. along the Moselle River, below. winery Kanzem nonprofit Karén Steinhauer, a Ger- founded in GERMANY organiza- man architect and urban S a a 1756 with an r tion. planner, and her partner FRANCE R i eight-bedroom, ver Along the Richard Marks, a civil engi- 3,300-square-foot most scenic neer from London, were house and 10 acres of stretch of the meander- used to bold building grapes foraround $1.2 mil- ing Moselle,between the projects when, in lion. They spentafurther cities of Trier and Koblenz, $1.2 2014, they bought $298,000 on upgrades to the very best vineyards cost MILLION a riverfront win- the vineyards and the between $17and $22a Cost of home ery, Weingut house,which they liveinon squarefoot, but most less, and vineyard Freiherr von Lan- weekends.Their son and according to Valentin Brod- in 2016 denberg, in Ediger- daughter-in-law, Mattand becker,owner of Wine- Eller. Mosel-Immo- Brittany Braun, stay full Land, aconsulting firm in bilien-Service, which time,running the winery Mainz that advises buyers has English-speaking agents and asmall, seven-room and sellersofwineries and working with international inn. helps family-owned winer- buyers, helped them to find Along with river views ies find successors. the romantic, castle-style and steep,neatly home, assisted with build- combed vineyards, ing permits and recom- the Moselle region mended workers for the comes with more renovation, which was ex- affordable real es- tensive even for Ms. Stein- tate than that in $3.6 hauer, 51, and Mr. Marks, FranceorItaly. MILLION 74. More international The27,000-square-foot, Expected cost, and German buy- 13-bedroom compound, they including purchase ersare picking up discovered, had been dis- and renovations wineries,historic connected from the public houses and vint- sewage system. Roof beams ners’ homes at a were crumbling,and walls fraction of what needed to be opened for

they would cost in newelectric lines.The cou- (2) Europe’sbetter- The family installed a ple paid $760,000 forthe

known wine re- professional kitchen and house and 4.9acres of land MÜLLER

gions. two dining rooms. They with vineyards and an or- AN EF

“Fromareal-es- also converted the historic chard, and spent $1.4mil- ST tate perspective, vaulted cellar into an event lion on renovations. Karén Steinhauer and Richard Marks, right, AIT); Moselle and Ger- space and split the upper When the entireproperty TR

own Weingut Freiherr von Landenberg, above and left, OR

man vineyards are floor and attic into three is modernized, Ms.Stein- (P which has sections that are over 550 years old. underpriced com- guest rooms and a three- hauer expectsatotal cost VICE pared with their bedroom apartment for the of around $3.6 million. famous cousins in Bordeaux Mr.Brodbecker is cur- town of Trittenheim, on a 7, 500-square-foot house Reimanns. “For the Moselle,it and Burgundy,” says Mr. rently selling 11 wineries in horseshoe bend in the Mo- with Swiss architect Max For the technical equip- wasn’t alot of money,but Pfeiffer,50, who,during the Germany, four of them on selle,for $4.2 million. The Dudler, and the 1.7-acre- ment and another two we had to invest alot,” says ) -IMMOBILIEN-SER

week,works as ahuman-re- the Moselle.Three are property comes with 12 grounds with landscape ar- guest rooms, they built a Ms.Steinhauer,who lives SEL (MAP

sourcesconsultant in Essen, small and cost around $1.2 acres of vines—some very chitect Bernhard Korte, who small, minimalist coach full time in athree-bed- MO LEE 150 miles away. million. Thefourth is abou- steep with Riesling grapes also designed the park at house nearby, made of room wing of the house G); ON In recent years, German tique wineryinthe small over acenturyold—a the German Embassy in rammed concrete in the with Mr.Marks and their JAS 4,900-square-foot art nou- Washington, D.C. Mr. warm earth tone found in cat, Lady Grey. LANDENBER

veau villa with romantic Thoma, now 76, knew the surrounding vineyards. On In therest of the sprawl- N

towers,and ahistoric, house had healthy bones the other side of the main ing property,she runs an VO ALAVIEILLE RUSSIE vaulted cellar.Winemaker but needed renovations house, the family added a inn with light, modern

Stefan Lergenmüller,owner ranging from roof repairs steel and glass orangery. All rooms,designer lamps and FREIHERR Established 1851 of three other German win- to modern fire protection. in, Mr. Thoma says, the colorfulupholstery. eries,bought the property, Thehouse also bore ASPECIAL EXHIBITION Weingut Clüsserath-Eifel happy surprises,such as a WEINGUT Anna and Stephan Reimann’s (2, last year. grape pressfrom1641 in Weingut Cantzheim and its andy “There are many small the front yard.“We don’t EarC dining room. ARNOLDI 250 YEARS OF STYLE wineries on the Moselle, regret anything.The house

which is why it’s still rela- has incredible charm,” says PHER NOVEMBER 7-DECEMBER 23 tively easy to find some- Ms.Steinhauer. TO

thing,” says Mr. Lergenmül- Her favoritepartsofthe CHRIS ler, whose best-known house areold oven plates

winery, Schloss Reinhart- attached to the facade,a RIVER); shausen, is over 600 years tile mosaic spelling out the old and based in a castle Latin greeting “Salve” at SELLE (MO near Wiesbaden. the front door and a400- The Moselle’s small vine- year-old chapel with origi- yards have their origin in nal stained-glasswindows. PFEIFFER

the Napoleonic Code, a set “You feel,” she says,“like JOHN of laws written in 1804. you’reinadifferent world.” Among other rules, they H-EIFEL);

stipulated that estates had AT

to be divided equally SER

among all heirs. This led to CLÜS ever smaller vineyards as $8.9 descendants divided them.

MILLION (WEINGUT Anna and Stephan Rei-

Cost of purchase, BER mann started the Weingut renovations and two FA Cantzheim winery on the new buildings

river Saar in 2016, along ARMIN with a bed-and-breakfast in a late Baroque building

from 1740, where they live (PFEIFFER); full time with their children APHY

Celebratethe timelessbeauty of earrings ranging Emil, 10, and Helena, 5. GR from antique to contemporary, in diamonds, Ms. Reimann’s father, TO vibrant gemstones, and glittering gold. Georg Thoma, originally PHO

bought the property in /VRE

June 2007. Mr. Thoma, a ANS 745Fifth Avenue corporate lawyer with EV th th th Shearman & Sterling and

(Between 57 &58 Streets,4 Floor) VERENA

former member of the su- P: ALVR.com •212.752.1727 pervisory board at TO Deutsche Bank, restored the OM FR P2JW339000-0-M004A0-1------NS

THE WALL STREET JOURNAL. NY/NE Friday, December 4, 2020 | M4A

Art. Beauty.Provenance.

WEST CHELSEA, NEW YORK CITY LENOX HILL, NEW YORK CITY GREENWICH VILLAGE, NEW YORK WEST CHELSEA, NEW YORK CITY UPPER WEST SIDE, NEW YORK CITY Full-floor 4-bed, 5.5-bath, 4,512 sq ft Magnificent and timeless residence on Impeccable SoHo-Greenwich Village Impeccably designed 2-bed, 2.5-bath Elegant four-story Renaissance Reviv- home with twin terraces and private ele- a high floor of the mythical Hotel Pierre. loft featuring 5bed &4full and 2 half home with library perfectly located on al townhouse, 5,000 sq ft brownstone vator in The Fitzroy, new development. $15.75M. baths, spread over 5,000 sq ft. $11M. the West Chelsea waterfront. $7.8M. with a rear garden and rooftop terrace. $21M. Brian Meier +1 212 641 3732. Erin Boisson Aries +1 212 974 4551. Erin Boisson Aries +1 212 974 4551. Erin Boisson Aries +1 212 974 4551. $5.995M. EdwardJoseph. Catherine Juracich +1 212 641 3767. Nic Bottero+1212 636 2638. Nic Bottero+1212 636 2638. Dustin Crouse +1 212 636 2234. +1 212 974 4434 Christie’sInternational Real Estate Group Christie’sInternational Real Estate Group Christie’sInternational Real Estate Group Christie’sInternational Real Estate Group Christie’sInternational Real Estate Group

DELRAYBEACH, FLORIDA NEWPORT, RHODE ISLAND ASPEN, COLORADO DELRAYBEACH, FLORIDA NEWPORT, RHODE ISLAND Resort living on 1.3 acres across from the Seawardisaprivate oceanfront com- One-of-a-kind Monarch on the Park and Contemporary architectural estate across TreeHouse is aspectacular property that ocean in Delray Beach. $12.5M WebID: pound spanning 45 acres w/ 2houses mountain views. Completely remodeled, from Atlantic Ocean. Ocean views from ev- sits on 1.38 acres of parklike grounds f389473492. Pascal Liguori. and a 2-lot subdivision pending approval. full automated, and turnkey,top-floor ery level. $5.995M. Pascal Liguori. Web within walking distance to Bailey’s Beach. $35M. Kendra Toppa. WebID: 1266657 penthouse. $18.95M. Scott Davidson. ID: f982857308 $5.5M. Kate Leonard. WebID: 1264764 +1 561 789 8300 +1 401 339 6233 +1 970 948 4800 +1 561 789 8300 +1 401 952 3461 Premier Estate Properties Lila Delman Real Estate Christie’sInternational Real Estate Premier Estate Properties Lila Delman Real Estate

BARRINGTON, RHODE ISLAND RIDGEFIELD, CONNECTICUT NAPLES, FLORIDA VERO BEACH, FLORIDA WILTON, CONNECTICUT Waterfront elegance &modernamenities Spectacular offering w/ impeccable de- Grey Oaks, resort living. 4-bed home w/ Absolutely stunning waterfront estate. Spectacular presence on 2.8 exquisite abound this 9,000+ sq ft home with views tailing &design. Picturesque setting, all en views of golf course &lake, plus pool/spa. 4beds, 4.5 baths, his &her offices, fine acres w/ pool, pool house &2-bed guest of Narragansett Bay on 4acres. $4.475M. suite bedrooms, media room, spa w/ in- Club offers amenities for all. $3.499M. millwork detail throughout, 2-bay garage. quarters. 5beds, multiple offices, wine cel- Alex Thursby. WebID: 1256314 door lap pool &gym. 1hr to NYC. $3.5M. Jeanne Lesch. WebID: 220036022 $3.2M. Cindy O’Dare. lar,5-car garage. 1hr to NYC. $2.995M. +1 401 266 9900 Karla Murtaugh +1 203 856 5534 +1 203 858 4429 +1 772 713 5899 Karla Murtaugh +1 203 856 5534 Lila Delman Real Estate Neumann Real Estate William Raveis Real Estate Premier Estate Properties Neumann Real Estate

NEWPORT, RHODE ISLAND RIDGEFIELD, CONNECTICUT BRANFORD, CONNECTICUT NAPLES, FLORIDA RIDGEFIELD, CONNECTICUT Located in the Point, this 1719 Colonial Incredible setting on nearly 3private acres Iconic 4-bed residence w/ apt. in Pine Gulf Bay home in Fiddler’sCreek. Nearly Incredible opportunity in the heart of mansion spans 3,400 sq ft, meticulous- close to town. 5-bed Colonial w/ perfectly Orchard, ashort walk from Long Island 3,300 sq ft &southernviews from pool or Ridgefield. Only 2stand-alone condos in ly restored with every modern amenity. proportioned rooms including multiple of- Sound & the Pine Orchard Club. $1.475M. hot tub. $1.465M. Joey M. Burch. Web “The Elms” left. Top-of-the-line finishes & $2.55M. Doug Kohler.Web ID: 1268397 fice spaces. 1hrtoNYC. $1.77M. John Campbell. ID: 220067637 design. 1hrtoNYC. $1.449M. +1 401 602 2507 Karla Murtaugh +1 203 856 5534 +1 203 415 5439 +1 239 571 5050 Karla Murtaugh +1 203 856 5534 Lila Delman Real Estate Neumann Real Estate Page Taft Real Estate William Raveis Real Estate Neumann Real Estate

RIDGEFIELD, CONNECTICUT WOODSIDE, CALIFORNIA WESTCHESTER COUNTY,NEW YORK ST.CROIX, US VIRGIN ISLANDS MOORESVILLE, NORTH CAROLINA Fabulous staycation home on Westchester Green Gables, 74-acreSilicon Valley Westchester’slargest equestrian estate, Pyramid Point, an architectural tour de Opportunity to build on this private 1.6- border,1hrtoNYC. Incredible 2-acreset- estate. 1911 main house designed by Stonewall Farm sits on 740 acres, eques- force commanding aprivate peninsula on acreLake Norman peninsula lot with 1,200 ting w/ pool, spa &tennis court. Turnkey, Greene &Greene, +six other dwellings, 3 trian facilities, breathtaking owner’scom- St. Croix. Motivated seller.Price upon re- feet of shoreline. Multiple-boat pier includ- 5beds, gym &bonus room. $1.295M. pools, tennis court, stunning gardens. pound. 1hrfromNYC. Kathleen Coumou. quest. Danielle Austin. ed. Price upon request. Annie Livingston. Karla Murtaugh +1 203 856 5534 Zackary Wright +1 310 385 2680 +1 212 468 7140 +1 561 307 8208 +1 704 996 2744 Neumann Real Estate Christie’sInternational Real Estate Christie’sInternational Real Estate Christie’sInternational Real Estate Ivester Jackson Distinctive Properties

MIDDLETOWN, NEW JERSEY EASTON, MARYLAND MAHWAH, NEW JERSEY LOS CABOS, MEXICO CORNELIUS, NORTH CAROLINA Elegant French-inspired estate magnifi- Historic Chesapeake estate, 74 waterfront Darlington Mansion -Fully restored 58- Palmilla Norte, dazzling waterfront estate Opportunity to build on adjacent Lake Nor- cently designed by renowned architect acres. Main house, manor,golf course, room, 50,000 sq ft opulent mansion sited at exclusive One&Only resort, on Los Ca- man waterfront lots. Offered individually Robert A.M. Stern. Direct Navesink River tennis, pool, 2,100 ft Miles River shoreline. on 12 acres of grounds framed by the Ra- bos’ best swimming beach. Lovely views, but if combined, the property totals 1.66 waterfront. Price upon request. Cornelia Heckenbach +1 410 745 0283. mapo Mountains. Price upon request. outdoor spaces, lush landscaping, pool. acres. Price upon request. Kathleen Coumou +1 212 468 7140 Kornelia Stuphan +1 202 944 8400. Sonja Cullaro+1201 675 5799 Zackary Wright +1 310 385 2680 Annie Livingston +1 704 996 2744 Christie’sInternational Real Estate Long &Foster Real Estate Christie’sInternational Real Estate NorthernNJ Christie’sInternational Real Estate Ivester Jackson Distinctive Properties

London Hong Kong New York Los Angeles Palm Beach Moscow christiesrealestate.com +44 20 3826 8908 +852 5808 5310 +1 877 727 1810 +1 877 726 4304 +1 877 726 2380 +7 495 937 6364 P2JW339000-0-M004B0-1------XN

M4B | Friday, December 4, 2020 THE WALL STREET JOURNAL.

Travel theWorld With Our Journalistsand Experts

Your Experts forKyoto Join National Geographic experts and Wall Street Journal reporters and editors, including trip hosts Journal EMEA Editor Thorold Barker and National Geographic Editor in Chief Susan Goldberg, on an exclusiveprivatejet expedition foraonce-in-a- lifetime opportunitytomeetinnovativeleaders and experienceawe-inspiring sites.

Days 3-5: Kyoto, Japan YumikoOno Arthur Huang WSJAsia National Geographic Digital Editor Emerging Explorer

To getanin-depth look at the FutureofInnovation, we’ll visit pioneersinx-ray and medical technology, explorethe principles of Japanesecraft with traditional artisans,walk the aromatic alleys of Nishiki Market,enjoyacooking classinamachiya, experiencemeditation and much more.

This is justthe startofyour incredible journey.

Seattle, Washington Kyoto, Japan•Seoul, SouthKorea Shenzhen andHong Kong,China ExploringGlobal InnovationbyPrivate Jet Ulaanbaatar Or Gobi,Mongolia Samarkand, Uzbekistan • Tallinn,Estonia August21-September 13, 2021 HelsinkiAnd Lapland, Finland • Reykjavík, Iceland Boston,Massachusetts

24 Days from $94,995* Book todayorcall formoreinformation 888-205-5621|natgeoexpeditions.com/wsj

Health Notice: Our privatejet trip will followenhanced health and safety measures,and aphysician will be on boardfor the duration of the journey.

*Priceisper person, double occupancy,and subject to change.Plus an extra$9,495for asingle room. Airfare to Seattle,Washington and return from Boston, Massachusettsisnot includedinthe expedition cost. This trip will be operated by National Geographic Partners Chicago,the tour operations branch of National Geographic,onflightsoperated by Icelandair.Pleasevisit natgeoexpeditions.com/privatejetterms to seethe Operator-Participant Contract andTerms and Conditions forthis trip.©2020DowJones &Co.,Inc.All rightsreserved. ©2020National Geographic Partners,LLC.All RightsReserved. NATIONALGEOGRAPHIC EXPEDITIONS and the Yellow Border aretrademarksofNational Geographic Societyand used with permission. P2JW339000-0-M00500-1------NS

THE WALL STREET JOURNAL. NY/NE Friday, December 4, 2020 | M5 MANSION | FOOD & WINE

COMPARISON SHOPPING ABar of One’sOwn

These luxurious and eclectic home bars bring the party to you and yours

PARK CITY, UTAH // $11.5 MILLION BY HANNAH SELINGER PRESCOTT VALLEY, ARIZ. // $7.5 MILLION

If you’re considering adding a bar to your home but don’t know where to begin, con- sider adopting the guiding principles of the standard restau- rant bar: utility and storage. Vivian Bencich, founding principal of Square Feet Studio, an architecture and design firm in Atlanta with bar and restaurant clients, suggests thinking about “every linear foot, every linear Six bedrooms, 11,500 sq. ft., bar with stone fireplace

U inch” of your space as potential YO

R for both form and function. FO The home bar, Ms. Bencich KISSIMMEE, FLA. // $5 MILLION OT

SP says, is also a room where home-

CT owners can feel comfortable tak- ing design risks, by mixing mate- PERFE rials, exploring new motifs, and THE

S; being more daring than they

AND might be in the rest of their BR Five bedrooms, 7,700 square feet, bar with beer taps and pool table home. “You could have so much fun with that,” she says, “because

MICHAEL you don’t have to worry about INDEPENDENCE, MO. // $4.99 MILLION 200 patrons in a night.”

DESIGN; Add visual interest to the bar

ORE space with zinc or leather-

/DEV wrapped bar tops, backlit shelves, decorative ladders, or even luxury AKER materials, like onyx, Ms. Bencich APT

AM suggests. “A lot of bars do the Five bedrooms, 11,000 sq. ft., two bars

AD backlit onyx,” she says. “That’s an

ON; opportunity in the bar to under

GNUS light it, so it glows.” ASPEN, COLO. // $39.995 MILLION

MA As for stocking the bar itself, Marilee Foster, farmer and one of

CARRIE the managers of the Hamptons’

OOK; Sagaponack Farm Distillery, rec- BR ommends drawing inspiration TA

ES from where the home is located. C “You can drink where you are,” MAR : she says.

LEFT Stocking a bar with locally P

TO sourced spirits, Ms. Foster says, is

OM a way to connect with a place FR long-term. “The potato season

WISE will have eclipsed itself, but you OCK can really hold an entire season in CL Six bedrooms, 16,000 square feet, bar featuring decorative barn doors a bottle of spirits,” she says. Nine bedrooms, 14,000 sq. ft., bar with billiards table 0322 NY

Pure &Extraordinary. Discover beachfront elegance. ME INTRODUCING SOLEMAR, POMPANO BEACH’S 1437 Nimaha Bassett Mountain NEWEST BEACHFRONT LUXURY ADDRESS. 1.91±Acres, Rockport, ME |$6,975,000 1,140± Acres, Wilmington, NY |$6,950,000 Terry Sortwell VincentMcClelland 207-236-3543 •[email protected] 518-576-2297 •[email protected] 1845 ME MA 2815 One SearsRoad SealLane 5.5± Acres, Southborough, MA |$2,949,000 2.6± Acres, Yarmouth, ME |$3,250,000 AmyDonovan John Saint-Amour 617-892-1100 •[email protected] 207-776-5563 •[email protected] 2793 MA VT 1018 StoneMeadowFarm WolcottWoods 24.33Acres,WestWindsor, VT |$2,150,000 Milton, MA |Starting at $1,385,000 Story Jenks GretaGustafson Currentlyselling two&three bedroom 802-238-1332 •[email protected] 617-686-6258 •[email protected] 0361 residences starting from $1.4 Million. NY 1116North Ocean Blvd,Pompano Beach, FL 33062 (754)812-3309•SolemarBeach.com MA 2956

ORAL REPRESENTATIONS CANNOTBERELIEDUPONASCORRECTLY STATINGREPRESENTATIONS OF THE 32 Candleberry Lane Unger Tract DEVELOPER. FORCORRECT REPRESETATIONS, MAKE REFERENCE TO THEDOCUMENTSREQUIREDBYSECTION 718.503, 1.5± Acres, Harvard,MA|$998,000 152± Acres, Hamilton,NY|$340,000 FLORIDASTATUTES, TO BE FURNISHED BY ADEVELOPER TO ABUYER OR LESSEE.Solemar is developed by PRH1116North Ocean, LLC(“Developer”). This offering is made onlybythe Developer’s Prospectusfor theCondominium.Thisadvertisement J. StanleyEdwards David Speirs is asolicitation forthe sale of UnitsinSolemar perN.J.Reg.No. 20-04-0016.ThisCondominium has beenregisteredwiththe 617-948-8057 •[email protected] 207-874-4982 •[email protected] Massachusetts BoardofRegistration of Real Estate Brokers and SalespersonsF-1271-01-01.The Developer is not incorporated in, locatedin, nor aresidentof, NewYork. This offering is not directedtoany person or entity in NewYorkby, or on behalf of,the developer.Thisisnot an offer to sale nor asolicitation to purchaseacondominium directedtoany person wheresuch an offer or solicitation is prohibited by law. All photographs, renderings, or other depictionsare conceptual and may differfromthe completed Sound Advice, Exceptional Results Condominium.Consult theProspectusfor all terms, conditions, specifications, and Unit dimensions. Developer has alicense to usethe trade namesand marksofThe Related Group®. 2020 ©PRH 1116North Ocean LLC. www.landvest.com P2JW339000-0-M00600-1------XA

M6 | Friday, December 4, 2020 THE WALL STREET JOURNAL. MANSION | FOOD & WINE

The home’s master suite has a SOUTH view of Stellenbosch Mountain. AFRICA

Atlantic Ocean Stellenbosch Cape Mostertsdrift Town

South Africa )

Wine Culture (MAP LEE ON

ContinuedfrompageM1 JAS wateririses and lo- tuses.Meanwhile,a TING); (LIS

small coraltreeshe S planted in 2016 is now nearly 20 feet tall. WINELAND

Thehouse wasdesigned to have TY four barnlikesections,with bed- REAL rooms on the toplevel foreach of the couple’snow-grownchildren TIONAL and aspacious master suitefor them. From the master bedroom, INTERNA S

the Slees have aframed viewof Y’ Stellenbosch Mountain, asymbol of THEB

the country’spremium wine cul- SO ture. Theorientation of the house allows an emphasis on mountain ULPTURE);

vistas at everyturn. SC An open-plan second floor is used for seating, cooking and din- GARDEN, ,

ing. Mr. Slee also added a studio IT

with skylights, where he works on RA RT

a second career as an artist. The PO

lower level serves as the entrance. (3,

Outside, the stonemasonry SLEE walls and corrugated-metal roofs ARD

recall the longstanding rural ar- GÉR chitecture of the area. The home’s AND verandas are shaded from the sun by the cantilevered bedrooms. SLEE

Locatedinthe Western Cape RENÉ

province, the greater municipality (4); of Stellenbosch, which includes APHY

the wine resort of Franschhoek,is GR home to manyofSouth Africa’s TO best-known wine producers. Other PHO Cost to build, furnish: $1.3 million

regions in the province, such as TREE Cost of landscaping: $60,000 Swartland, aregaining acclaim. PEAR NewYork wine writer Jim Clarke, author of “The Wines of veloping their Stellenbosch prop- Bedrooms are on upper floors South Africa,” says the Western erty forrentals,and selling alocal Cape’ssoils areolder and moredi- countryproperty with vineyards. versethan premium wine areas in At firstglance, the Mostertsdrift Europe or the U.S. He says sub- property wasanything but promis- strates of claythat hold ontomois- ing.The couple didn’t want the turecombine with the wind and 1970s ranch home or the shabby the mountains forideal conditions. tennis court that wasonthe land. TheSlees relocated to the area They tore down the house and re- from Johannesburgin2007 and placed it with their rustic-style firstsettled in an 18th-century modern house.The tennis court house in the center of town. Later, wasreplaced with an expanse of they opted fortheir current half- terraced gardens. acreinthe Mostertsdriftneighbor- The Slees divide their time be- hood. They purchased that prop- tween the Cape Winelands—as erty in 2012 for$950,000. Stellenbosch and neighboring “Stellenbosch doesn’t have many towns are known—and the Au- big properties,” says Mr.Slee,add- vergne region of France, where ing that the lot’ssizewas aselling they have a vacation home that Wine barrels hold water lilies point. Thecouple ended up rede- dates to the Middle Ages. The couple like to try all kinds of wine René and Johann Slee and the when they are in France, they say, Living room with hanging fireplace five-bedroom, 8,600-square-foot but back in Stellenbosch they home they built in the heart of stick to South African reds. Mr. wine country. Mrs. Slee focused on Clarke says the Slees’ choice is landscaping. Mr. Slee built himself fitting because their corner of a studio. Below, a sculpture by Stellenbosch is best-suited for South African artist Theo Megaw. Cabernet Sauvignon reds. These days,South Africais known internationallymostly for itsChenin Blanc whites,otherwise associated with France’sLoireVal- ley,and, among die-hardwine afi- cionados,for alegendarydessert wine named forConstantia, a17th- centurywine estatethat later lent itsname to asuburb of Cape Town that has grand mansions,sea views and continuing wine production. Mr. Slee occasionally designs wine-tasting rooms for his resi- dential clients, who forgo wine cellars for cozier spaces equipped with temperature-controlled cabi- nets. But special wine-storage ar- eas in homes aren’t that neces- sary in the region, he jokes, “We drink it up too fast.”

SOUTH AFRICA’S LIFESTYLE FARMS says Cape Town architect Jed Kritzinger. Wide, whitewashed and Change is afoot in South Africa’s east of Cape Town, such as Stellen- gabled are the style’s signature, he wine country. Homeowners are bosch, Franschhoek and Paarl, to says. Another category of lifestyle converting onetime vineyards into other Western Cape areas, heading client, he adds, is now looking for upscale residential compounds, north and along the South Coast. off-grid solitude on properties with while a new generation of wine- Meanwhile, upscale home- barnlike structures. makers is venturing into new terri- owners, fleeing Cape Town traffic, Some of the country’s most tories. or Johannesburg tumult, are stak- talked-about winemakers have set South Africans date their first ing claims in the Winelands proper, up shop in Swartland, north of wine harvest back to the 1650s turning agricultural lots into es- Cape Town and the Winelands, and the early days of European tates known as lifestyle farms. finding success with grape varietals settlement on the Cape of Good Generally ranging in size from 5 from France’s Rhône and Portugal’s Hope. Enjoying world-wide prestige to 10 acres, a lifestyle farm is a Douro valleys. in the 18th and 19th centuries, and loose category of residential real Now, high-end buyersare starting Stellenbosch lifestyle farm, then nearly drowning in 20th-cen- estate covering any piece of land to follow. Swartland’sSadie Family listed for $2.5 million tury doldrums, the industry got a zoned for agriculture but primarily maybeSouth Africa’shottest wine- bump over the past few years. used for upscale living. maker,making Riebeek Kasteel, a The new wave of winemakers is The owners “want the feeling of town,” says Chris Cilliers, CEO of High-end homes in the small town 20 minutes away,anup- moving beyond the Cape living in the country while having Lew Geffen/Sotheby’s International Winelands are often historic home- and-coming setting foralifestyle Winelands and its exclusive areas the convenience of being close to a Realty Winelands’ franchises. steads in the Cape Dutch style, farm, says Mr.Kritzinger. P2JW339000-0-M006A0-1------NS

THE WALL STREET JOURNAL. NY/NE Friday, December 4, 2020 | M6A

69 E82ndSt, NY •6BD 6BA•$16,400,000 252 E57th St, NY •3BD 3BA1HB•$9,225,000 171 E80th St, NY • 5BD4BA1HB • $9,000,000 45 E22ndSt, 38A,NY •2BD 2BA•$7,250,000 Renov20’ wide brownstone TH. Garden &terr. Lux2,996 SF,vus from walls of glass in everyrm. Eleganttownhousewith architecturaldetails. Glamorous Flatiron condowith panoramic views. Alexa Lambert • [email protected] Pamela D’Arc •[email protected] Alexa Lambert • [email protected] Elizabeth Goss • [email protected]

25 CPW,NY, 10N •2BD 2BA1HB•$4,175,000 40 E84th St, NY •3BD 4BA1HB•$3,500,000 520E86th St, NY • 3BD2BA1HB • $2,995,000 70 Cedar Cliff Rd,CT •5BD 3BA•$2,950,000 Six rm whiteglove pre-war condo, 26’ofCPvus. Enormous 3BD4BA, maids rm, in best location. Grandliving in afullservicepre-war co-op. Coastalliving in this Colonialona.69 acre. ElandBlumenfeld Team • [email protected] C. Miller Martin • [email protected] KathyKaye • [email protected] JennyAllen • [email protected]

1Irving Pl, 14FG, NY •3BD 2BA•$2,300,000 308E79th St, 4A,NY •3BD 2BA•$1,825,000 515E72ndSt, 34C, NY •1BD 1.5BA•$1,600,000 35 Park Ave, 5F,NY •1BD 1BA•$799,000 Light-filled renovation in premier luxurycondo. Modern &sunnyturn key, pre-war details. Drmn. Spectacular views, privatebalconyinlux condo. LowerPark Ave. XXX mint, turn-key,vus. DM, gar. A. Coatsworth • [email protected] Cornelia V. • [email protected] A. Coatsworth • [email protected] Julie Perlin • [email protected]

Manhattan+BrooklynManhattan +QueensMManhattan+Brooklyn anhattan +Rentals

80 Columbus Cir |6BD5BA2HB |$25,000,000 336WEnd Ave |4BD 4BA|$3,900,000 1112 Park Ave, 8C |2BD2BA1HB|$2,395,000 465 Park Ave, 9E |1BD1BA1HB|$1,350,000 Triple mint5,300 SF condowith River &CPviews. Sunny, loft-like, 8roomswith oversized windows Large2,350 SF 6room pre-war. LR with wbfplc. Old world charm with modamenities. Primeloc. Alexa Lambert • [email protected] ElandBlumenfeld Team • [email protected] ElandBlumenfeld Team • [email protected] CarolMann • [email protected]

7855th Ave, 12AB |6BD4BA1HB|$19,900,000 27 W19th St |3BD2BA1HB|$3,850,000 535Park Ave, 2C |2BD3BA|$2,250,000 180 W58th St, 6B |1BD1BA|$1,250,000 Prime5th Aveloc, CP views. Whiteglove co-op. Flatiron Condo duplexw500 SF privategarden. Fab&grand,E&W viewsfrom5windows,wbfplc. Huge 1BDwith DR, EIK &spacefor home office. Alexa Lambert • [email protected] Julie Perlin • [email protected] ElandBlumenfeld Team • [email protected] Marilyn Eiges • [email protected]

193-195 CongressSt|7BD3BA|$12,750,000 9005th Ave, 4A |3BD4BA1HB|$3,700,000 200E89th St, 40D |3BD2BA1HB|$2,150,000 108E91stSt, 8A |2BD1BA|$1,075,000 PrimeCobble Hill 25’ twnhswith 25’ adjacentlot. Corner co-op with viewsofCP&The Frick. Sunny, hi flr crnr condo, vus of CP.FS, 24hr drmn. Hi flr,sunnyCarnegie Hill boutique pre-war co-op. John Barbato • [email protected] Doris Benedek • [email protected] Alexa Lambert • [email protected] Cornelia V. • [email protected]

146 CPW,2E|4BD4BA1HB|$10,000,000 222 CPS, 1620 |2BD2BA|$3,600,000 970Park Ave, 8S |2BD2BA|$2,150,000 117 E57th St, 41E |1BD1BA|$999,999 Classic &grand San Remo 10 room co-op on CP. Double heightLRwwbfplc &Central Park views. Pristine, spacious &light, facing Park Ave, FS. Large, sunny712 SF condo, views, gar,FTdrmn. CatherineHarding • [email protected] SassyJohnson • [email protected] Laurie Stolowitz • [email protected] C. Miller Martin • [email protected]

21 E79th St, PH | 2BD4BA|$7,500,000 117 E57th St, 41CD |2BD2BA|$3,550,000 230E18th St, 1C |3BD2BA|$2,095,000 860 UN Plaza, 13C |2BD2BA|$995,000 Astonishing penthouse, wrap terrace. 2wbfplcs. Luxhiflr, sunny, CP views. FS 24hr drmn condo. Unique 1,700SFparlour flr triplex. Pre-war details. Spacious &bright, open cityviews, full-service. ElandBlumenfeld Team • [email protected] C. Miller Martin • [email protected] Cornelia V. • [email protected] Pamela D’Arc • [email protected]

455 W20th St |4BD4BA1HB|$7,250,000 50 W96th St, 16A |3BD2BA1HB|$3,450,000 860 UN Plaza, 15B |2BD2BA|$1,875,000 250 E54th St, 7D |1BD1BA1HB|$950,000 Expansive3,231 SF Chelsea condo, 25 windows. To pflr, sunny, turn-key,contemp 7room pre-war. Elegantly renovated, cityviews, 2expos. DM. Crnr,quiet, large condowith open views, drmn. M.Cashman • [email protected] ElandBlumenfeld Team • [email protected] Julie Perlin • [email protected] Sim Meem • [email protected]

29 E64th St, 2A/B |5BD5BA1HB|$6,900,000 435 E52nd, 10A2 |3BD3BA1HB|$3,450,000 145 CPW,1B|1HB|$1,750,000 345 E57th St, 16B |2BD1BA|$939,500 Flexfloor plan, canbeusedas2apts, lib, office. Impressive, renovwith 50’ of directriver frontage. San Remo prof’l 1stfloor officespaceonCP. Sutton Place5into4pre-war gem. Fplc, drmn. Kirk Henckels • [email protected] ElandBlumenfeld Team • [email protected] CatherineHarding • [email protected] RichardBrown • [email protected]

1080 5th Ave, 7BC |4BD4BA|$6,500,000 82 Tennis Pl |5BD4BA1HB|$3,298,000 125 E74th St, 4A |2BD2BA|$1,575,000 100W12th St, 5J |1BD1BA|$915,000 Fifth Ave3,000SFw65’ sweep CP &reservoir vus. Forest Hills primeblk, freestanding colon2lots. FS 5room pre-warco-op.LRwith wbfplc, hi ceils. WV turn-key,spacious &sunny, lrgrms,hiceils. Marcy Sigler • [email protected] Lauren Pelletier • [email protected] S. Nolop +J.Silver • [email protected] ElandBlumenfeld Team • [email protected]

784Park Ave, 9B |4BD4BA1HB|$6,395,000 2Horatio St, 3G |2BD2BA|$3,295,000 755WestEnd Ave, 9B |2BD2BA|$1,525,000 784Park Ave, 11E |1BD1BA|$900,000 Chic &sophisticated duplexintop co-op. WV 2/2 in Bing &Bing. F/S, pre-war details. High flr open LR/DR, home office, lndryrm, drmn. Perfectly shaped andexpensivelydecorated. Alexa Lambert • [email protected] Cornelia V. • [email protected] Stacey Bradie • [email protected] ElandBlumenfeld Team • [email protected]

385Atlantic Ave |7BD7BA1HB|$5,995,000 1112 Park Ave, 15B |3BD3BA|$3,250,000 141E3rd St, 5BC |3BD2BA|$1,490,000 311E71stSt, 9B |1BD1BA|$635,000 Boerum Hill mixed-use, elev, 3apts+1retail unit. Approx 2,725SFlight-filled 8room apartment Renovated6room pre-warco-op in primeEV. Fabo’sized FS co-op.Wallofwindows,lux bath. M.Cashman • [email protected] ElandBlumenfeld Team • [email protected] Pamela D’Arc • [email protected] A. Bergman Bonomi • [email protected]

340E72ndSt, PH |3BD3BA|$5,800,000 530E86th St, 5A |3BD2BA|$3,150,000 25 PlazaStW,5B|2BD2BA|$1,475,000 153East57th Street, 19D |Studio 1BA|$524,900 Full flr,sunny, pre-war,views, 2wbfplcs, wrap terr. Classic modstyle. Kit open to entertainmentrm. Gracious Park Slope co-op, 16 windows,4expos. Triple mint, south facing, open views, perfect loc. CarolMann • [email protected] Parachini +Church • [email protected] Cornelia V. • [email protected] Julie Perlin • [email protected]

136 E19th St |3BD2BA1HB|$5,500,000 25 EEnd Ave, 8E |3BD3BA1HB|$3,050,000 2MountMorris Park W |3BD2BA|$1,450,000 16 E77th St, 1 |3BD3BA|$16,000/mo MintGramercyduplexTHcondo, priv roof deck. 28’ of immediateand impressiveEastRiver views Spectacular duplexcondo in Harlem, park views. 2,200 +SFloft with priv outdoor space. Live/work. Cornelia V. • [email protected] ElandBlumenfeld Team • [email protected] Jamie Seidner • [email protected] Eyal Zabari • [email protected]

246WBroadway |2BD1BA3HB|$4,998,000 27 LeonardSt, 2 |3BD2BA|$2,998,000 234E23rdSt, 5D |1BD1BA|$1,399,000 51 5th Ave, 16A |2BD2BA|$11,995/mo Rare Tribeca4flrTHw500 SF buildable space. PrimeTribecaloft, exposedbrk, 2expos, hi ceils. Gramercy modern loft-like, FS boutiquecondo. PrimeGVwglorious views, classic pre-war details. A. Bergman Bonomi • [email protected] A. Bergman Bonomi • [email protected] C. Miller Martin • [email protected] Elizabeth Goss • [email protected]

346 W15th St |5BD4BA1HB|$4,995,000 131E69th St, 11/12B |3BD4BA|$2,695,000 169E78th St, 2B |2BD2BA|$1,395,000 9591st Ave, 22H |3BD2BA1HB|$9,500/mo Chelsea 2fam Greek reviv TH, yard,3wbfplcs. Duplex with terrace, LR with fplc &5windows. Sunny, dramatic double height. LR with wbfplc. TheSutton, 3exposures&fabulous views. JaneGardner • [email protected] Kirk Henckels • [email protected] A. Hall +J.Hall • [email protected] Julie Perlin • [email protected]

630Park Ave, 10C |3BD3BA|$4,250,000 400Park AveS,23A |2BD2BA|$2,425,000 117 Beekman St, 4E |2BD2BA|$1,358,000 160 E22ndSt, 15C |2BD2BA|$7,500/mo Sun-filled, high floor modern pre-war co-op. NoMad hi flr whiteglove condo. Great amenities Stunning, boutique full servicecondo in Seaport. New lux condonear Gramercy Park. Drmn. Cian Connor • [email protected] Cian Connor • [email protected] A. Bergman Bonomi • [email protected] S. Nolop +J.Silver • [email protected] Find exclusivelistings only at compass.com

Compass is alicensedrealestatebrokerand abidesbyEqualHousing Opportunitylaws. All materialpresented herein is intended forinformational purposes only.Information is compiled from sourcesdeemed reliable but is subjecttoerrors, omissions, changesinprice, condition, sale,orwithdrawal without notice. No statementismade as to theaccuracy of anydescription. All measurements andsquarefootagesare approximate. This is notintended to solicit property already listed. Nothing herein shallbeconstrued as legal, accounting or otherprofessional adviceoutside therealm of real estate brokerage. P2JW339000-0-M006B0-1------NS

M6B | Friday, December 4, 2020 NY/NE THE WALL STREET JOURNAL.

See NewYorkCity's Best Properties

2

1 3

1. Te rracedTriplexPenthouse 1158 Fifth Avenue. 4BR. 2.5 Bath. $15M. Web# 20393179. Daniella G. Schlisser 212-906-9348 Jasna Perucic 212-588-5628

2. Best Gold Coast 4-5 Bedroom Greenwich Village. 4BR. 4.5 Bath. $6.295M. Web# 19097682. Amanda S. Brainerd 212-452-4515 Gerard Ryan 212-452-6262 Simone Mailman 212-452-6209

3. Dream Penthouse with Panoramic Views Midtown East. 4BR. 4Bath. $5.5M. Web# 20383671. 45Lauren Cangiano 212-381-3397

4. Penthouse Living at the Beekman Regent Midtown East. 5BR. 4.5 Bath. $8.5M. Web# 18965925. Christopher Kromer 212-381-2334 Norhana “Nora” Ariffin 212-381-2249

5. Sprawling Greenwich Village Loft Greenwich Village. 3BR. 3.5 Bath. $6.495M. Web# 19882478. Richard Orenstein 212-381-4248

6. ContemporarySophistication Upper East Side. 3BR. 3.5 Bath. 67 8$5.35M. Web# 20197065. Elizabeth Abbott 212-381-3349

7. TrophyHome in the Sky Upper West Side. 3BR. 2Bath. $4.695M. Web# 20460201. Emma Kerins 212-381-2318 Michael Kerins 212-381-2398

8. Stunning Duplexwith Private Backyard Upper East Side. 4BR. 3.5 Bath. $4.25M. Web# 20442890. Richard Rosenthal 212-381-3264 Mark D. Friedman 212-381-2379

9. 20 Year Ta xAbatement! East 95th. 5BR. 4.5 Bath. $8,701,000. Web# 20298444. Paul Anand 212-452-6275 Bonnie Goldner 212-452-6205

10. Crown Jewelwith Private Rooftop Carroll Gardens. 3BR. 2Bath. $1.398M. Web# 20488366. Kris Sylvester 212-381-6557

91011. Triple Mint 3BR Condo East 63rd. 3BR. 3Bath. $2.995M. Web# 20297862. Wendy J. Sarasohn 212-906-9366 Jamie S. Joseph 212-906-9369

12. Owner’s Triplex+Rental Duplex Bed-Stuy.6BR. 5.5 Bath. $2.95M. Web# 20462902. JevonGratineau 212-317-3669

13. South Facing Duplexwith Private Garden Park Slope. 2BR. 2.5 Bath. $2.295M. Web# 20488508. Angely Lilibeth Rangel 718-613-2824 11 12 13 AguayoTeam 718-878-1784

14. Unbeatable Value! East 89th. 2BR. 2Bath. $1.935M. Web# 20268868. Joanne Greene 212-906-9341 Nada Rizk 212-317-7705

15. Dazzling and Direct River Views Upper West Side. 2BR. 2Bath. $1.4M. Web# 20483343. Keith A. Prince 212-588-5627

16. Gracious Home w/ Park and Water Views Park Slope. 1BR. 1Bath. 14 15 16 $850K. Web# 20483535. Joan Goldberg 212-452-4471

Allinformationisfromsources deemed reliable butissubjecttoerrors,omissions, changesinprice,prior sale or withdrawalwithout notice.All rights to content, photographsand graphicsreservedtoBroker.Equal HousingOpportunityBroker. P2JW339000-0-M00700-1------NS

THE WALL STREET JOURNAL. NY/NE Friday, December 4, 2020 | M7 MANSION

Complicating efforts are conflicting tactics among policy makers. For example, New York’s Department of Environmental Conserva- tion allows some home- owners on Fire Island to feed deer corn at special- ized bait stations that apply a tickacide. But the Park System dis- approves of these devices and forbids them on park land. “That’screating afood source over the winter,when some deer would otherwise die off,” Ms.Ries says.

‘To bring people in and hunt and shoot, that’s inflammatory.’ —Jeff Christensen

Whatever the strategy, deer-management plans must be ongoing and in- clude a systematic analysis of the results, Dr. Blossey says. Otherwise, the solu- O tions will be both haphaz- NDR

SA ard and highly contentious. “The big thing is ac- ALES D’ countability,” he says. Y “Please show me how a lot GAB of killing has made a differ- ence. If it doesn’t, then kill- COUNTING HOUSE | BETH DECARBO ing is just killing. That’s when it becomes question- able.” For anything to work, Deer,OhDeer however, humans must stop contributing to the prob- lem. Some Fire Islanders personally feed deer in the winter so they won’t starve. The doe-eyedwildlifecarries ahostoftroubles forhumans,but homeownersoften makethe problems worse On particularly cold winter nights, one resident is known to shelter deer in his Let’s talk cine was non-surgically ad- ployed sharpshooters, have now more plentiful. living room. about FAREWELL, MY DEER ministered with darts. The a greater chance of success The solution may be to Homeowners should also Bambi, the Park Service rejects the compared with recreational deploy numerous methods, fence their gardens and precious lit- Some tips to discour- idea, saying the earlier ef- hunting, but only if culls re- sterilization, hunting and avoid cultivating tasty or- tle fawn of age deer from the fort had mixed results and duce the doe population by culls, fencing and even the namental plants. “If you film fame Cornell Cooperative that a 10-plus year timeline a minimum of 60%, he introduction of predators like to plant hostas, you’re that in real Extension. for population reduction is adds. But even then, he like wolves and mountain giving a salad bar to the life is wreaking havoc on unacceptable. says, it is likely that does lions in less densely popu- deer,” says Mayor Dahlgard. • Foravegetablegar- suburban neighborhoods Elsewhere on Long Is- that survive will have even lated areas, Dr. Blossey con- “When they’re well fed, den, the only reliable overrun with white-tailed land, a village called Head more fawns because food is tends. they have more fawns.” method is the construc- deer. of the Harbor is two years tion of at leastan8- While most homeowners, into a six-year deer-control foot-high, woven-wire environmentalists and local study using high-tech tools fencethatcompletely governments agree on the like facial-recognition tech- encloses planting beds. need for deer-management nology and thermal imaging Severaltypes of electric programs, they can’t agree via drones. Field teams cap- 3,500 BeautifulAcres fencing provide aless- on what that means. ture and tag the deer, then expensive, yeteffective, The deer divide is partic- inject an immunocontracep- alternative. Elsewhere, Where Social Distancing ularly heated on Fire Island, tive via a dart. nonelectric fences may N.Y., where small beach cot- Overseen by the Humane be sufficienttokeep is aPleasure tages on the Atlantic Ocean Society of the United States deer out of an area if can cost millions. Here, and Cummings School of their densityisn’t par- Your own private estate in nearby Rhode Island many deer are so docile Veterinary Medicine at ticularly high. and habituated to human Tufts University, the re- contact that they can be • Individual cages or searchers plan to test deer- seen ambling along the plastic netting can pro- identification systems, such boardwalk. To reduce the tect smaller plantings. as implantable microchips, population, 130 deer were herd-estimation techniques, slain by professional sharp- • Deer repellents func- and contraceptives to help shooters in March, with the tion either as taste or other communities consid- meat donated to local food odor repellents, but ering a deer-sterilization banks. The move outraged thereisnothing on the program. some of the residents. market thatprovides Head of Harbor, a village “People love the deer absoluteprotection.Re- of about 1,200 people, de- and know the herd should pellents contain ablend ployed the contraception be managed,” says Jeff of ingredients (putres- program as a nonlethal so- Christensen, whose family cent whole eggsolids, lution to herd management, owns a beach home in Fair clove oil, garlic oil, am- says Mayor Douglas Dahl- Harbor. “But to bring peo- monium soaps of higher gard. ple in and hunt and shoot, fatty acids and capsai- “We went to sterilization that’s inflammatory.” cin),soread thelabel to because the majority of res- The Fire Island National ensuretheyare safe on idents didn’t want hunting,” Seashore, part of the Na- edible fruits and plants. he says. “It’s an extremely tional Park Service, com- To keep repellents from emotional topic. Some peo- missioned the hunt to help washing offwhen it ple don’t want the deer NowAvailable reverse damage caused by rains,use an anti- harmed,” even those who Introductory Pricing transpirant, aspray that deer. acknowledge that they are Tiny Homes Starting at $549k “We’re seeing a huge dries to aclear,flexible damaging the landscape, lack of regeneration of veg- protectivecoating. carrying deer ticks that po- to Luxury Homes at $5m etation in the maritime for- • Adog of sufficient tentially cause Lyme dis- est,” says Lindsay Ries, a ease, and result in deadly sizeand temperament Preserve Sporting Club &Residences wildlife biologist with the maybekeptonaleash deer-car collisions. Park Service. “We’re trying (orcontainedwith a According to State Farm Enjoy the most amenity rich, four-season to restore this vegetation. buriedelectrical “invisi- Insurance, there were over private sporting destination and lifestyle Deer are the primary herbi- ble” fence) near the gar- 1.9 million animal collision community on the East Coast. Earn income through our vore that’s causing the insurance claims in the U.S. resort rental program den and allowedtostay •Gated, securecommunity problem.” The Park Service outdoorsovernight. between July 1, 2019, and overseen by luxury plans another professional June 30, 2020, with the ma- •Sporting clays and the largest indoor hospitality brand Ocean cull in 2021. • Noise-making devices jority involving deer. range in the U.S. House Management Still, killing 130 deer on (i.e.,exploders, sirens, Prof. Blossey doubts that •Naturetrails, rock climbing, golf, Collection. Receive 50% Fire Island to regenerate whistles,etc.) aren’t rec- any single herd-reduction zipline &fishing of income generated by woodlands “isn’t even a ommendedfor the strategy will work. Last overnight resort guests. drop in the bucket,” says home garden because of year, he and his collabora- •Access to Ocean House’sprivate Bernd Blossey, professor in the disturbanceto tors released the results of oceanfront beach Special offer: Preserve the Department of Natural neighborsand lack of a 10-year study that quanti- •Only 130 miles from NewYork and Resources at Cornell Uni- effectiveness. Deer read- fied the effects of a number Club Membership 1½hours from Boston versity. “For vegetation and ily acclimate to the of different deer-manage- (value $350,000) with a insects, birds and plants to noise and arelittle dis- ment strategies: fertility Plan your getaway and complimentary 2020 home purchase. recover, sometimes you turbedafter afew days control using surgical ster- tour today. need to reduce deer popula- of exposure. ilization, recreational hunt- tion down to almost noth- ing and bow hunting. • Consult your local ex- ing.” The findings were disap- tension officefor alist In public comments and pointing. Neither the steril- of ornamental plants town-hall style forums with ization nor hunting meth- thatdeerdislike. But re- the Park Service, many Fire ods effectively reduced member thatnoplant Island residents favored the whitetail deer populations is completely deer- return of a fertility-control and the pressure they place 87 Kingstown Road, Richmond, Rhode Island 02898 proof, particularly when strategy deployed from on native vegetation. deer densities arehigh. PRESERVESPORTINGCLUB.COM l 888.976.0694 l [email protected] 1993 to 2009 in which an Large-scale culls, such as immunocontraceptive vac- ones on Fire Island that de- P2JW339000-0-M00800-1------XA

M8 | Friday, December 4, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, December 4, 2020 | M9 MANSION | FOOD & WINE MANSION | FOOD & WINE

A door for passing in grocery SPINNING AND STACKING YOUR WAY TO A GREAT PANTRY bags from the garage Bev and Brent So youwantyour pantrytobean ‘When Iput this boxofcereal back, Hatch, right, in Instagram sensation?Professional it goes in the breakfaststation.’ ” the kitchen of home organizersoffer tips forturn- their Utah ing avisit to your walk-in pantry Ditch the packaging home with into afeel-good experiencerather Save spacebyloading your pasta grandchildren than ascavenger huntfor thatcan and Goldfish crackersintoairtight Lennon, Jaxon of tomato soup. containersand throwing away the and Everly boxes. Clear canisters areaestheti- Hatch. Their 8- Clean it out cally pleasing and also let yousee by-16-foot “Weneed ablank canvastostart at aglancewhen youneed to re- pantry off the with, so the first thing we always stock.Glassapothecary jarsgivea kitchen, left, do is takeeverything out,” said pantryaboutique look;flip-top Spin it,stack it was organized Shalae PriceofAZHouse of Order acrylic is morefamily friendly.“If Lazy Susans,orturntables,create Granddaughter Payton Jones using the concealed by a in Mesa, Ariz.Tossthe expired in- youneed things thatyour kids can storage spaceintightspots and kitchen-to-pantry door professional. stantmashedpotatoes and stale reach, we’reprobably notgoing to come in manysizes.“We use turnta- ‘There’s a fair spices. use alot of fragile glassjars,” said bles to access shelves thatare up amount of cold Brandie Larsen of Home Sort,in high and in corners, so acorner isn’t cereals and Shelveit Sacramento, Calif. adead space,” Ms.Pricesaid. An- instant hash An ideal pantryshelf is 15 inches other pantryhack:Three-tiered,ex- browns, and deep,according to Tracy pandable shelf units create big jars of Bowers of OrganizeSim- stadium seating foryour candies and ply in Salt Lake City. “It’s cans. pretzels for the the perfectdepth forthe grandkids,’ said basketsand containers Bin tags and labels Mr. Hatch, 70, we oftenuse in thepan- Use adesktopcutting ma- who has 22 try,” she said. “You don’t chine to create customvi- grandchildren. want shelves thatare too nyllabels foryour canis- deep,wherethings get ters,basketsand bins. lostinthe back.” And be- “Theyare pretty and they cause needschange over tell youexactlywhereto time,having adjustable find everything and where shelves is amust, she to put everything back,” added. said Ms.Price. Ms.Bowers been a lifeline during the pan- stored. The word pantry comes is partial to handwritten The New demic. There are phalanxes of from “paneterie,” a Medieval Categorize bin tags—black metal in- boxed mac and cheese and ramen French derivation of the Latin Create zones within your scribedwith awhitepen noodles—and more concealed in word for bread. Elaborately pantry, such as “baking,” foramodernistpantry, or Food Pantry backstock bins behind them. Con- carved and spindled panetières— after-schoolsnacks” or chalkboardlabels for tainers of emergency food cabinets for bread—were status “breakfast.” The breakfast countrifiedlarders. ContinuedfrompageM1 pouches line the top shelves. “I symbols in 18th- and 19th-century station, forexample,could has become something did a big grocery run at the be- France. featurepancakemix,oat- Don’t overstuff of a national pastime. Today, a walk-in pantry has be- meal packetsand maple Leave spacearound all of Pictures of aspirational come the most desirable kitchen syrup groupedinaclear your bins and containers larders with cork- feature for home buyers, accord- bin or bamboo basket.“If so thattheyare easyto topped calligraphy A walk­in pantry has ing to a survey published by the youthink about whypeo- grab.“If youlove the look spice bottles and become the most National Association of Home ple become disorganized, of this pantryand you apothecary jars of dog Builders in 2019. A report by the it’s because theydon’t don’t knowwhy,it’sbe- treats are rampant on desirable kitchen NAHB’s economics and housing knowwheretoput things cause it’s notstuffed to Instagram, with feature for home buyers. policy group last year found that back,” said Ms.Price. the brim,” Ms.Larsen hashtags like #pantry- more than 85% of new large “Evenlittle kids know, said. inspo and #pantrygoals. homes (more than 3,500 square “Get Organized with the Home feet) featured walk-in pantries. Edit,” a home-organizing reality ginning of corona, and apart from “We’ve been offering pantries show that made its debut on Net- milk and eggs, I did not do an- for a number of years, but the flix in September, featured a ce- other for four or five months,” luxury pantry is the new must- lebrity pantry makeover for Ms. Jenson said. “We probably have. For some of our buyers it Brent Hatch, a semiretired energy singer-songwriter Kane Brown. could live off this pantry for a serves as a Pinterest or Insta- Tara and Kendall Jenson, right, had executive and venture capitalist (Spoiler alert: He has a s’mores year.” gram-ready organizational space,” the pantry in their Arizona home who lives south of Provo, Utah. shelf.) The earliest pantries were clos- said Lisa McClelland, national vice professionally organized. Bottom The pantry is an attention-getter Ms. Jenson said her pantry has ets or cupboards where bread was president of design studios for photos: the couple with children in the 13,000-square-foot home Toll Brothers, the upscale-home Kate, Parker, Riggs, Emery and that Mr. Hatch, 70, built with his builders. Ellie. Riggs, 5, enjoying a snack. late wife, Darlene, an ardent baker Toll Brothers recently unveiled and cook who died before it was Heather Boger’s pantry in Truckee, Calif. its new Porter home model— completed in July. Higher up: Emergency supplies Airtight canisters Categories of food Lazy Susans priced between $635,000 and The 8-by-16-foot pantry is $779,000—which features a 70- equipped with a deep freezer, a square-foot walk-in pantry with pebble-ice machine, an instant options for built-in shelves, $5,000 hot-water tap for coffee and hot quartzite countertops and hard- cocoa, cabinets that extend to an Approximate cost wood floors. Buyers can further 11-foot ceiling and a library ladder of the Jensons’ accessorize the pantry with spice- on rails to reach them. A small 8-by-11-foot pantry rack pullouts, wine-storage col- door opens to the garage so that umns and built-in lazy Susans for groceries can be passed straight extra storage in tight corners. into the pantry. Mr. Hatch said it Amita and Mark Riksen, who cost about $35,000 to create and both work in the energy sector, professionally organize the space. relocated from Orange County, Ca- lif., to a $1 million Toll Brothers home in Spring, Texas, outside of Houston, in May as coronavirus More than 85% of new Pantry in Toll Brothers Colfax-model home in Rocklin, Calif. infection rates began to soar. Ms. large homes (more than Riksen, whose two college-age 3,500 square feet) children are at home studying re- motely, is glad that she opted to featured walk­in extend the 7-foot-2 by 5-foot-2 pantries. walk-in pantry by several feet to include space under a stairway. (2)

N “We wanted to make it as big TO as possible. I’m not a person who “There’s a fair amount of cold

JOHNS overstocks, but I like to see what cereals and instant hash browns,

TY we have so we can plan. It’s like and big jars of candies and pret- going into your own little grocery zels for the grandkids,” said Mr. CHRIS store,” Ms. Riksen said. “Also, the Hatch, a member of the Church of (5); kids are not standing in front of Jesus Christ of Latter-day Saints the fridge with the door open. who has 22 grandchildren, all of JOURNAL They’ve got their snacks in the whom like to visit. “We have a

REET pantry so they hang out there.” nice sliding barn door and you ST

LL Some homeowners view an ex- can hear that in use quite often.

WA pansive pantry as a home essen- They sneak in and grab their

THE tial, not a frill. Members of the wares. And they love the ladder.” R

FO $15,000 Church of Jesus Christ of Latter- Mr. Hatch also has a well- Estimated cost day Saints are encouraged to keep stocked cold-storage room on the TIAN of 6-by-8-foot pantry a minimum three-month food sup- home’s lower level. He said the MAR ply in their homes, with longer- pantry was meant for daily use TT

MA term food storage as a goal. and as a fun place for his family.

(2) “Here in Utah, there are big In October, the pantry got a Lower: Overstock bins Flip-top dispensers Basket clip labels Tiered expandable shelves Ms. Boger’s home organizers gave her options for storage bins, clip labels families, big homes and lots of workout when Mr. Hatch married HERS

OT and canisters in a range of textures, materials and colors. food storage—people love a beau- his new wife, Bev, 69, hosting a BR Pantry in Toll Brothers Valen-model home in Spring, Texas

LL tiful pantry,” said Tracy Bowers, a reception for more than 50 guests

TO home organizer based in Salt Lake in the home. “There’s lots of

(06); City, adding that many home- counter space for preparing owners have additional cold stor- meals, and it’s handy having that and other staples, while bulky ap- Ms. Boger’s home organizers, age space in cement-walled base- sink and a big ice machine right pliances are tucked out of view in Brandie Larsen and Ryan Eie- JOURNAL ments. “You don’t want your there,” he said. closed cabinets beneath the coun- sland, prepared a vision board REET pantry overstuffed. If there’s Heather Boger designed a 6- tertops. A band of low windows with options for storage bins, clip ST

LL overflow we bring it down to cold by-8-foot pantry for her new run along two sides of the pantry, labels and canisters in a range of

WA storage,” she said. home in Truckee, Calif., near Lake making it bright and airy. LED textures, materials and colors.

THE Ms. Bowers, who works with a Tahoe, where she moved last De- strip lights under the shelves add Each of her sons has his own wo- R

FO team of 10, creates different pan- cember with her husband, Tom a touch of drama at night. ven sea-grass basket of snacks. AR try zones for items like breakfast Boger, 53, a marketing executive, Ms. Boger, who likes to mix Treats for Gumbo, the family dog, LAZ foods and baking supplies, tossing and two teenage sons. “I was su- cocktails in the pantry, installed are stored in an Anchor Hocking SA Y out all the boxes and packaging as per excited. I never had a pantry an ice-maker; there is also a Vita- glass jar with an oak lid. SA she goes. “That creates tons of before. It was really going to be a mix blender and a Breville convec- “Everything is right there and LIND : space. We put things in acrylic or gift to myself,” said Ms. Boger, 47. tion oven. “It’s where we do our accessible. I can go, ‘Oh, we’re out

LEFT glass containers so you see what The pantry is concealed from smoothies each day, and it’s of granola,’ or ‘Gumbo needs new P

TO you have,” she said. “Instead of an the kitchen by a door panel clad where the boys bake their cook- dental sticks,’ ” Ms. Boger said.

OM ugly package of fruit snacks, you in the same Neolith stone used on ies,” said Ms. Boger, who esti- “It’s a frivolous luxury, but I’m FR have a beautiful basket.” the countertops in both rooms. mated the cost of the pantry, in- super appreciative of it. Unload-

WISE Ms. Bowers stocked and orga- Floating shelves are lined with cluding setup, at just under ing groceries in that pantry is OCK nized a 128-square-foot pantry for large glass jars of pasta, beans $15,000. fun.” CL WSJ_20201204_M10_postt_NA-NONE_V1-0STAR_cmyk_MANSON-4223036_20201203163107_1739

M10 | Friday, December 4, 2020 THE WALL STREET JOURNAL.

ADVERTISEMENT

,1/+()*< &.**.((.. 1$$.'&.#8 "$1).1;6 %.#);/%8 $',(!();*#+* *', +)"%

*!=&:(C(6@,#<@@R#;B<>

'@@7 ?'>'ERT +B>R +@'>;';B<>" $**1,"4':741.& @ !9,0I?) -> >9MI1?0LI?M>"?>IF,Q/ 9> I1? 2?LI?M> '/4(0.. *);:91 2 ,8"55@"?5DJ7 2B<3:3F)"?@7 5D;!7@>"89 D8J7=5;785 =D5/"579 ;D';#RT 'ERC#@'"" ";$:#;:$R '>T &:'@B;7 E$<8B>E "B;R" <9R$ ,AA?31?>/ 8A0I?0F+(99>? 80MQA0>)L -L 0 H5+676N/0,M? ,550A0,1-0> !75I778 &"A7 %85"@D6 "89 5*7 ,9D@689"?A= 6117@D8, =5@68, ($' "55@D!/57=4 U!=-S( '#$R") *DR +$<+R$;7 D'" %RR> ?'>'ERT '" '8<$AB>E! B>9R";?R>;C I-@.?MA0>)K%4# ->1?LI@?>I0-I10A9>3 1-LI9M/ 9: 0,I-1?:9M?LI @0>03?@?>I ?68=7@J"5D68< ?"@!68 =7C/7=5@"5D68 065785D">< 5*D@9)0"@5E ?7@5D.?"5D68H E$'TR ;B?%R$@'>T P<$ TR#'TR" 8B;D 'P<#:" <> "B@9B#:@;:$'@ B?+$<9R?R>; '>T L50>>->3 @FAI-5A? 90>?ML1-5LO 6?) 90Q+ /?AA90595A0M+,1?LI>FI 90Q+ 01-I? #*7 5D;!7@ @7=6/@?7 D= ?6;06=79 61 J"@D"!>7)",7 86@5*7@8 *"@9I669 #<>;B>:<:" B>#'ER?R>;) 90Q+0>) 1-,Q9M/ 0,,9F>I :9M I -0@796;D8"85>E ;"0>7< !D@?*< "89 ?*7@@E+< =0@/?7< "89 ;DG79)I669 =5"89=H LI9,Q->3 -L ?LI-@0I?) 0I =5+..7;($ 4&9/A?3 9: L00I-@.?MO #--%-33%333 666+7(1$9"C<+&/4A<=4'")7(1$ -)+0!..0... 000(741.5,&#(2*4?#=43,'741. !8#76=#=== ,,,<.&+"-:91<$),510,%:;.&+" '$9"%!3/ *'$&(%-, *'!&(%.- (79$/;$9 &#*5$/; ),%+% *'1,#!%" +',#& )$%#". +;-1$& #"4)2:#).2:/ $3*95& 73'!=*6;(5*1%0$<6)'-3 +#)1$& 2,')#'!)8($#$3*+5& <%*"&#+$=(5*1%*$<&)')3 ,,*-$& #!%(#%"("+## $/*20&%&)$2'&(0*-%"$&$('*/

>?D4: AD@:%09@?#A=1 "BA%:%1A@ 4@!5 -E441@@0 A=1B? )!**!!!'' $1%'&")*#

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

0343""4""" 9#4&#-)1 4# ,:%# (83&5!...... 6/-#3#4-+*+:2'0(* -7.%+B.BBB ,,,)"*',/!D)0*4 '00/- () )00!--0,"&.-0<8*<+.0< !(-,0 3*'%)&# ,+0

4#:C%:= 5!%%:0 4?@?#1=? #:= @:=7:C0 B:5:# $1@@:'0!%1B C1@!=10D?#%B 41#?@AD1

$:;02 3'7;0 7. ?+0 !0:/1 88 %7<9?:)9 &)>)9, %:,:5)904 %$7+A0 "/2.)1 "/$1%3,1 #,9,10.!K4$.HJ7>!4445 &M)*,0L3:4@H #157;+5* A-2*C;7*C I;7A 3F*97A798;/D J;*IC. .29D 1A)< AC $;0-@$D< >83, $"0<. $D D1< #$.< A9 'ABCD (0<.D?DKG" $36+9 G744KH9 <48 7/E7HG-K<49 KG.HG"7 K87<6 ;:?0 "0:=02 *)2 ;;;5>2>(7/0-?&:90567; 5$3)$,103$--+2" 7+/#+/0+C+1/4 87"0;;";;; <<<536$+163,$!,-19315#9) 1,. ',.*,- 11.+01'$3')(1'%# "*$/&)'& *#$,'-% ('"% &* )+!%# ((, "0/),/ 4.$1 !+.,- 30(*-/ 2'6&)8.&8'82-+5.,/"*4(38.8#(%-$!75*-&1(+ %,&(+/ 0!2$82:$06'6 54*+<3"+-#+-.+<$1&) )"-1.1 +"/'35,'$(5/ !41,#2&,45%,&14.1-%-&%'0-3

CA@$:#%B?#D:04?@?#1=? ))2 #%*%!& %! 3 &"(1+'#$"%)1 #$/1+%$!, C1#1C?%109@?#A=1

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

To Advertise email [email protected] or visit classifieds.wsj.com WSJ_20201204_M11_postt_NA-NONE_V1-0STAR_cmyk_MANSON-4223037_20201203163138_4728

THE WALL STREET JOURNAL. Friday, December 4, 2020 | M11

&/./$-!#$0)#&'#+,#%

,CE#GV'FZ?:PV;..V... B,HE,V !I Z?2PV...V... I, JFII,V',Z?25V...V... I, JFII,V',Z?N5VPP;V... -,UI -UII,Y#V'FZ?N3VPPPV... `&\];& Tc>+&E #3S+Sc I;S= \Kc5 [a$---3A+]e 'M3S\^ ec3;>]ce Y5;K+Sc c3S+Sc \] Q?@ AccS T+ U\__+ c3S+Sc (M;_S ;] O-[Q \] [X? +&5c3 T+ U\__+ Rce;Sc55+]c+] S5\Y=E c3S+Sc 3;Sce \] F=c Y;]]+&_c \A D+;_ D;__+>c \I]c53=;YX cGS5+\5e;]+5E ;]e\\5/\MSe\\5Ac+SM5c3X \A \Yc] (+E \] %+K;3 `3_+]e3 ;] F+^Y+$ !TX I/ \&c+] K;cI3$ Y\\_ )[aW &+5 >+5+>cX [+&5cI;S= K;cI3 +]e Y\\_X CS7<>L CR748 $!L&RM4OQ D>&S #K4&4> CS7<>L CR748 $!L&RM4OQ D>&S #K4&4> CR748 $,KKOX7&4>K D>&S #K4&4> +7SS7K ,SS>Q D>&S #K4&4> +7SS7K ,SS>Q D>&S #K4&4> DQ C<8>:$NJGQ !<5/>$N+:& YPS7L. 4LK L7"K IN

!FDB +FDBWV B) Z?N.VP;.V... YAI! *D##(#V!IZ?5VP..V... +#CB !,IHFABWVH,Z?5VN2;V... +UIHUGYBFGVG'Z?;V2;.V... 'W,DI#CBFGV C' Z?:VP;.V... d+Sce 1X0<+&5c5c3;ec]&c;]J;Kc5&5c3SX L5;K+Sc I+Sc5A5\]S c3S+Sc \] S=c #^c5+_e '\+3S '=+Y\VM\;S I+Sc5A5\]S cGY+]ece &+Yc I;S= %M&9 L\;]S$ S=c M_S;^+Sc 5cS5c+S I/ ?XQO +&5c3 d5+]e d5cc9 JcK;K+_ (5;&9 ^+]3cMc3S =\M3c$ &\__c&S\563>+5+>cX \A !_\5;e+X ,(\+Sc563e5c+^ =\^cB 3IccY;]> K;cI3$ +33\&;+S;\] e\&9 )(c+&=X \Kc5_\\9;]> S=c `]S5+&\+3S+_ .+Sc5I+EX 9;S&=3<@?--3VAS/?*5/?Z*+X #""/W&SS7@&/D>&S4OLK I>07Q D7QT>D>&S4/ DO">L4E&1S ELOM>L47>K UQ4L&XO&K4&S D>&S4/'OLMOL&47OQ '&LL7&9> ELOM>L47>K ,:YPS7S. 343 ""U. '=+N:$M B2::<1+8 YPS"?4 4KL "".L '7"/8! )#3+: '7"/8! 04-&: '7"/8! ($"$: '7"/8! 37,3: '7"/8! %5/+:

'W,DI#CBFGV C' Z?:V=:.V... 'W,DI#CBFGV C' Z?:V6;.V... 'W,DI#CBFGV C' Z?:VN;.V... 'W,DI#CBFGV C' Z?3VP;.V... !,IHFABWVH,Z?3VP..V... Lc5Ac&S_E_\&+Sce$ c3S+Sc 3c&S;\]$H\\A*5\+e$ b;3S\5;& %;3S5;&SX ';5&+ [1?-X d5+]e =\^cX [aS= &c]SX H\Y=;3S;&+S;\]$ (c+MS;AM_ 5c]\K+S;\]$ &[1QOX T;3Sce K+_M+(_c ;] 8F=;3 `3 '=+5_c3S\]X7 #_cK+Sce )3Y+&;\M3 I+Sc5A5\]S =\^c \] R+;] =\M3c/>Mc3S$ >+5+>c/eccY >+5ec]X T+5>c 5\\^3X @*J/?X@*,/@$a@a HV!SX ?(5$?Z(+$ Y\\_$ c_cK+S\5$Y+59;]>X #GVM;3;Sc I\\eI\59/F\S+__E 5c]\K+SceX *MCC+5e3 *+E I;S= e5+^+S;& \&c+] K;cI3X '&LL7&9> ELOM>L47>K '&LL7&9> ELOM>L47>K '&LL7&9> ELOM>L47>K '&LL7&9> ELOM>L47>K DO">L4E&1S ELOM>L47>K '=+N:$M B2::<1+8 YPS"?4 4KL "".L H+2N<$ A+N:$568 YPS"?4 43? U3L3 '=+N:$M B2::<1+8 YPS"?4 4KL "".L T2&0 A+N:$568 YPS"?4 L37 33UU H088 EOF$<:: YPSU." U3? L43U '7"/8! 8)8.: '7"/8! *#"9: '7"/8! 02)5: '7"/8! ,8#&: '7"/8! "8+1:

+UIHUGYBFGVG'Z?3V;6;V... 'W,DI#CBFGV C' Z?3V;..V... 'W,DI#CBFGV C' Z?3V2P;V... E#GC,'FI,V!IZ?3VN;.V... B,HE,V !I Z?3VN;.V... T+]eA+__63^\3S 3Yc&S+&M_+5 I+Sc5A5\]S Y5\Yc5SE TMGM5;\M3 b;3S\5;& %;3S5;&S S\I]=\M3cMc3S =\M3cX b+5(\5 K;cI+5+>c$ Q(5$QZ(+X _;K;]> \] S=c .+]e\ J;Kc5X@(5$0Z(+X 0$1--3A$ I/ Y\\_ )O3_;Y (\+S =\M3cX O--?<-@ I;S= Y\\_$ e\&9$ +]e (\+S _;ASX UQ4L&XO&K4&S D>&S4/'OLMOL&47OQ '&LL7&9> ELOM>L47>K '&LL7&9> ELOM>L47>K I>07Q D7QT>D>&S4/ CR748 $,KKOX7&4>K D>&S #K4&4> @+8($-628>YPS7S. 343 ""U. T2&0 A+N:$568 YPS"?4 L37 33UU *+NN0I+:<8M;0YPS"?4 ??3 733L I$<5= V+NN6& YPS"U. USK 33LU T$88

+DUYWBC-UII#*'WV+UIHUGYBFGVG'Z?2V;..V... %#GGUCV H, Z?2V;..V... 'W,DI#CBFGV C' Z?2V:P;V... +UIHUGYBFGVG'Z?2V:;.V... +UIHUGYBFGVG'Z?2V2;.V... ?*J/?*,$ ?[--W 3V AS =\^c I/&\Kc5ce Y\5&=$ #G&cYS;\]+_ 0*J +]S;VMc '+Yc I/ +I+5e< Jc]\K+Sce<3\Y=;3S;&+Sce+]SX 0*J/@ *,$ @*J/1*, =\^c _\&+Sce \] +=;>= (_MAA .+Sc5 )>\_A K;cI3 A5\^ cKc5E 5\\^ ;] S=;3 c_cK+S\5$I\593=\Y$ +]e cGY+]3;Kc E+5eX I;]];]> +ee;S;\] )5c]\K+S;\] \] [XQW +&5c3X O<&+5 >+5+>c$ Y;+CC+3$ O*J>Mc3S =\M3cX \Kc5_\\9;]> T+]eA+__63Y5;3S;]c b\Ic '5cc9X &\+3S+_<;]3Y;5ce =\^c I/ >Mc3S +Y+5S^c]SX UQ4L&XO&K4&S D>&S4/'OLMOL&47OQ DO">L4E&1S ELOM>L47>K '&LL7&9> ELOM>L47>K UQ4L&XO&K4&S D>&S4/'OLMOL&47OQ UQ4L&XO&K4&S D>&S4/'OLMOL&47OQ @+8($-628>YPS7S. 343 ""U. '<8&0 V+NN<8>568 YPSU." LLK "S"S C<(=+N&V+:M$0 YPS"?4 "L. U.?. @+8($-628>YPS7S. 343 ""U. @+8($-628>YPS7S. 343 ""U. '7"/8! &760: '7"/8! *+8*: '7"/8! 2#"0: '7"/8! '0/.: '7"/8! /515:

C,D,CFB,V!IZ?NVPPPVPP; +UIHUGYBFGVG'Z?NVP;.V... 'FBAUBVH,Z?NV6N;V... *,DGCB,*I#VH,Z?NV3:PV... CFABWEFDBVG'Z?PPPV... F5M_E \]c<\A<+<9;]e =\^c SM&9ce +I+E ;] + @*J/0*,$ (c+MS;AM__E<+YY\;]Sce 1$---3A R+3Sc5AM_ K;__+>c &\^Y\M]e (\+3S3 cGVM;3;Sc HY+&;\M3 ?*J '\_\];+_ ;] &+YS;K+S;]> 3cSS;]>X '+Yc !c+5 J;Kc5 A5\]S I;S= (c+&=X [XO@ +&$ Y;c5 + _M3= Y5\Sc&Sce A\5c3S 3cSS;]>X =\^c I/^+53= )P;&9_+M3 >\_A &\M53c K;cI3X A;];3=c3$ >Mc3S =\M3c +]e _M3= >5\M]e3X '+Yc '\e _;Ac3SE_c S C&1Q@>LK$'ORM&Q/ UQ4L&XO&K4&S D>&S4/'OLMOL&47OQ DO">L4E&1S ELOM>L47>K DO">L4E&1S ELOM>L47>K H&L9&L>4D1@@ $,KKOX7&4>K A68< A2N8$N YPS7?S L". .S7S @+8($-628>YPS7S. 343 ""U. D+2: #Q XN61$NYPSU." 4K? 4U.. A$+9 %+1$ ),90 YPSLL? 34" .3U3 I+0T6::

&/./$-(#%*" )$#%

"O-O- TMGM5E L\5SA\_;\ `]Sc5]+S;\]+_4 #VM+_ b\M3;]> NYY\5SM];SEXNAAc5;]> ;3 3M(:c&S S\ c55\53$ \^;33;\]3$ &=+]>c \A Y5;&c$ \5 I;S=e5+I+_ I;S=\MS ]\S;&cX ,__ ;]A\5^+S;\] &\]3;ec5ce 5c_;+(_c2 =\IcKc5$;S=+3 (cc] 3MYY_;ce (E S=;5eY+5S;c3 +]e 3=\M_e ]\S (c 5c_;ce \] +3 +&&M5+Sc \5 &\^Y_cScX P2JW339000-0-M01200-1030041020C

M12 | Friday, December 4, 2020 THE WALL STREET JOURNAL. PRIVATE PROPERTIES A California Clifftop Contemporary

A large contemporary home sit- Atrium with 24-foot-tall ceilings ting on a jagged cliff in Califor- nia’s Corona Del Mar is coming on the market for $58 million, be- coming one of the most expensive homes listed on this tony swath of Newport Beach. Designed in the 1990s by late modernist architect Fred M. Briggs—who also designed an oft- photographed lifeguard tower in (2)

Laguna Beach—the main house is T

10,554 square feet and has pan- FIRS oramic views of the ocean and Arch Rock, a distinctive coastal PREVIEW rock formation, according to Vala- ree Wahler, the seller. FOR SALE the house because she is ready to The home has a distinctive teak move on with her new partner, entryway with a Japanese-in- $58 Jeff Sherwood, a technology exec- spired garden. The garden’s koi MILLION utive. “I’ve met this wonderful pond appears to vanish under the man, and I’m ready to start a new 10,554 sq. ft., home and reappear on the other, chapter with new memories and panoramic ocean-facing side. Once inside, build a new home,” she said. ocean views, visitors encounter a massive guesthouse and a seven-car ga- real-estate agent Josh Altman of died in 2014. If it sells for close to its asking dramatic entry, atrium with 24-foot ceilings, sky- rage, which doubles as an enter- Douglas Elliman, who is listing The couple pur- price, Ms. Wahler’s home would koi pond lights and lush vegetation, includ- taining and party room. Water the property with his brother chased the site be among the most expensive ing palm trees and orchids. cascades from an infinity edge Matt Altman and colleague Doug in the late ever sold in Orange County. The property also has large pool onto a lower terrace with a Skoro. 1980s and lived in an older home —Katherine Clarke wraparound terraces, a wet sauna, five-hole putting green. Ms. Wahler is a philanthropist. there for several years before re- a climate-controlled wine room, a “I like to call it, by price-per- Her late husband is Robert placing it with this one, Ms.  See more photos of notable crafts-and-painting room, a gym square foot, the most expensive Wahler, who founded an air pollu- Wahler said. homes at WSJ.com/RealEstate. as well as an outdoor shower, a putting green in the world,” joked tion-control systems company and Ms. Wahler said she is selling Email: [email protected]

ADVERTISEMENT DistinctiveProperties To advertise: email [email protected] or WSJ.com/classifieds

VIRGINIA =&*'/ %@= *(#*!$&E

"+(-.& */ *$&-11),!0%-0' $!+*/,!("%#&%$%! (/)0*,#+!'&

"@5!8 ;#*=@! ) (:CD-F.6A ) @C-1 )"2?16)^^[.[UW)Y)"2?)8? )K)[Y)&Y?5 ! H)WU2)X[" K[?I1 ! 9C X[WM.?1 =2UX '7)2YU..?1K[YY? ! T4: 7UM21=2UX+)17[W8.UW`%4'4

&'$&"@!8 ) (:CD-FA.> ) *7+?4-C7? (,3190B2:C<:1:- L).[UW)Y)W^ D.).? _[1.U2[" F?8[1.?21 ! ,X?2[")W H)YY)^[)W 8?X ! N)8W[;"?W. 8)2^?W1 ! :0O 2UYY[W8 )"2?1 D?S)2).? ?G?"M.[K? U<"? ! HUUY` SUUY 7UM1?` .?WW[1 "UM2. ! N)W)8?2317UM1? ! BI U8M?1. 7UM1?1 ! D.)&Y?1 )W^ *)2W PU").?^ T: X[Y?1 1UM.7 U= '7)2YU..?1K[YY?` .7? AW[K?21[.EU=-[28[W[)` )W^ ?G"?S.[UW)Y 7U1S[.)Y1

!)2X` #1.).? )W^ F?1[^?W.[)Y*2UZ?21 !JF %#B,]PD ,L% NJF# H_JBJD` -]D]BN'P#,L!,AP'JL#F4'JN D.?S7?WB4N"P?)W$1X"Y?)W(X"Y?)W=)MY"UW?24"UX $9Q94V>T4T>/Q

DISTINCTIVEPROPERTIES SELECT RESIDENTIAL LISTINGS FRIDAYSINMANSION

LISTYOUR PROPERTY TODAY (800) 366-3975 | [email protected] Formoreinformation visit: wsj.com/classifieds

©2020 Dow Jones &Company,Inc. All Rights Reserved. P2JW339000-0-M01300-1030041020C

THE WALL STREET JOURNAL. Friday, December 4, 2020 | M13

ADVERTISEMENT DistinctiveProperties To advertise: email [email protected] or WSJ.com/classifieds

VIRGINIA

/-04'+*') 0/'1!1" #"#!

3J>6 DN/-JC2

)!,+0&'- 2($(-#0%.)!%%'-'1*3!1) !5D750-H$>6-E-0N/H$- HN7- H5 J55L (50D>082 %6H058F;N6&@-#>H$-0N6AC/56/9 ?N0&N6N>) >(50D>08"H$N6LN6&8-/HN6>HN56 (50H$5/- .G >68<-HH-02 '50&-H D$>H C5FH$5F&$H C5FL6-D><5FH /-6N50JNEN6&2 %61FN0-H58>C2

+7=2)28"<27:0 % 46#1&46#;4,9-/9<$-1

%#$#) (" &'!

'5;4.&3 */!-;1&45-/ (#15/&; AF -/8>C9 ,-;-7<-0 +9 44:BB>272 *A2KI?M >H H$-7>H$-0HC/56/2;57 50 -7>NJN6(5=H$-7>H$-0HC/56/2;572

AUCTIONS AUCTIONS %4*45' $.1( &0#1#. 74"#-/9

;8 2%/%2+%D&%' C6 DCC*=

$-#8,315(#/9 $.0-2.9".0 !1#.5)5/9# +.9#6/40. :GC !

*3B94E, &49< "5=/ ",)- !22<294 83+. $% *:;; 0..17.1(&'"( >5 #6,24=;2

2%=8-% ("&&";$ *+*"@*(@%

#/6=,/50."+ 09.5 !2/+) "0 '+/06*.80/9<3789) 4117;17'%&$' :(59-653 =6+89)6:

NORTH CAROLINA NEW YORK

,"+&0/-$0&.&'($ 2%$-$0 *( *(#+ "*&%# 5 %)@>$5 9?,.! 9"22 -A"22 NOTABLE !0-#.'&$) 13 7%+)::3 *::#/ &@! COMMERCIAL PROPERTIES *$+C+@1 ';));8 5K7F+H=+?@ %D=.+?HC5<@=K?C EVERYWEDNESDAY 'GJH+JH=K (2 /G7H=3 #=+H=@ /+DHE+H=K Visitusat: 6O??MA -:3?(N9M N)@ $:)?M >NL:O@?OQM $NON@:M?" "?F.K UU+U@E FK(( "> B&K)( <9!0=4!222 #6-BK$ %"$B= '"-K$ K9 T9K> RBK& !BK( *=9K9B ©2020Dow Jones &Company,Inc. S7@7Q<78+U;7A 'D$DE4 ',!$L4 5.02VJ11V/H33 All Rights Reserved. (6-BK$I=9K>9BK&>BK(B=9K9B?F"& (;);@53)C56#;B P2JW339000-0-M01400-1------NS

M14 | Friday, December 4, 2020 NY THE WALL STREET JOURNAL. MANSION

HOUSE CALL | JASONBUTLER HARNER wanted to cast me as Conrad. But she feared I’d get too deep into a character who attempts suicide. At Virginia Commonwealth Uni- Seeking Calm in versity, I majored in acting. Drama chairs Gary and Liz Hopper offered discipline and slight pa- rental mentorship. They prized The‘Me’Decade courageous work and sensed I was a kid with feelings and ingenuity. My firstcollegeplaywas “What GES

IMA IDid Last Summer.” During re- The ‘Next’ star found tranquility on stage and hearsals,Garypulled me aside and acting advice from top theater instructors GETTY explained that Iwas overacting. He said when youcreateacharac- CHIVE/

AR ter, it’sabalanceofyour lifeand he silence is what I re- years after we arrived. They imagination.

member most when I agreed that Dad would get cus- MANN After VCU, I attended NYU’s

watched my dad work tody. Mom was fighting to be a BETT Tisch Grad Acting program. Ron on home-design proj- woman with a career. T; Van Lieu taught me, “You are Tects. As a child, the As the sole parent of two sons, WES enough.” Meaning my experience quiet made me think, giving me a my dad worked hard for us. It was is inherently interesting, that I al-

work ethic and sense of pride in a a formidable task for him to raise MANTHA ready have all the tools to develop SA

job well done. us alone. The family of my best ); a character. I also learned that projects take friend, Scott, took care of me if TO My first big film was “Change- PHO

time and stamina. A project is Dad worked late. Y ling” in 2008. But the part that IL

about accomplishment, not in- At home, Dad learned to cook AM moved the needle was playing an stant gratification. Those lessons and taught us table manners, how (F FBI agent in the Netflix series came in handy later as an actor. to set the table, how to use tools “Ozark.” My family lived first in Elmira, properly and how to design a gar- HARNER Today, my partner, Mickey, and N.Y., but moved to Alexandria, Va., den. He had an artistic eye. I live in the Los Feliz section of when I was 5. My mother, Sandra, My mother remarried right af- BUTLER Los Angeles. Our house was built was recruited by United Way to ter they split, and I immediately ON in 1932. I have a habit of spotting JAS become their gained three : things that need fixing and want first female VP, stepbrothers. LEFT to do the job myself. Mickey pre- in communica- Mom and her OM fers we hire someone. FR tions. new husband, We strikeabalance. Iknowit’s Mom was 5 Donald, lived time to start interviewing repair feet tall, which alone in a two- ted my mom and stepfather walk- and spent most of my time back- people when Mickey is quiet. As in served her well. bedroom apart- ing toward the building’s en- stage building sets. childhood, silenceisthe message. She was a pixie ment until I trance. I screamed out to my Ibecame president of the —As told to Marc Myers with a lot of moved in with mother, laughing. school’sdrama club and thespian moxie. My fa- them in the Mom looked up 24 stories. Ev- society.Iwanted to act, but Iwas Jason Butler Harner, 50, is an ac- ther, Ed, stud- seventh grade. erybody got in trouble that night. self-conscious with zero self-es- tor who has appeared on TV’s ied for his de- My step- I thought it was funny. I loved teem. Leadership skills came easier. “Homeland,” “Scandal” and gree in brothers lived heights and adventure. When we performed “Ordinary “Ozark.” He co-stars in Fox’s economics and with their Despite the daredevil stunts, People” that year, the teacher crime-drama series “Next.” eventually mom. We were my stepbrothers loved having a worked at a se- Jason Butler Harner, above, with together during younger kid brother. I was good at nior level for his father, Ed, in Elmira, N.Y., in their visits. pranks and retribution. FEMA. 1971, and, top, in L.A. in July. By then, Mom had ingenuity and sur- JASON’SJOURNEY lings, like  Walt My parents Mom and Don- vival skills, people skills and and Roy Disney married when ald owned their salesmanship. We had profound What’s “Next” about? A and Serena and they were very young. My brother, own event-planning business for conversations. She was a strong- tech billionaire and an FBI Venus Williams. Kevin, is six years older than me nonprofits. willed woman. Dad was more in- agent go after a rogue arti- and arrived soon after Mom grad- Their apartment building was troverted but highly supportive. ficial-intelligence program Afraid of tech? uated from high school. 23 stories tall. One day, when I I never blamed one parent or that tries to kill them. Absolutely. I as- In Alexandria, we moved into a was7,Iwas up on the roof with the other for their breakup. I was sume everything is recording. development called Pinewood Donald’seldest son. Joking an inherently sensitive and com- Your role? I’m the brother and cor- Lake. A lot of military and govern- around, he held me by my ankles passionate child who relied on hu- porate partner of the eccentric bil- Solution? I update all security set- ment families lived there. over the building’sedge. mor to get by. lionaire. tings and passwords, cover all de- But my parents had their dif- I was fearless and trusting, so I In school, my grades were all vice cameras and remove phone ferences, and they divorced two just giggled. Upside down, I spot- over the place, but I loved theater Prep? I researched business sib- apps like Facebook.

It’s notsimplythe form,the aspectorthe viewsthatwill ASUBLIME stir you. Norisitjustthe serenity or theintimacyofthe restaurant. Betweenthe subtletyand depthofPiero Lissoni’sinteriors,the comfortand care of 5star COMPOSITION amenities,you’llalsofind inspirationfromseven of the world’sleading contemporaryartists.

10201CollinsAvenue Butmuchmorethanthat... You’ll findhome. BalHarbour, FL 33154 Beachfront residencesatOceanaBal Harbour. oceanabalharbour.com Limitedselection available. 786414 2914

Ballerina(seated)–JeffKoons

Nothing herein shall constituteanoffer to sell real estate in jurisdictions whereprior qualification is required unless we have metsuchqualifications.The sketches,renderings,graphic materials,specifications,terms,conditions and statements contained in this brochureare proposed only, and the Developer reserves the righttomodify,revise or withdraw anyorall of same in its solediscretion and without prior notice.The photographs contained in this brochurehave been taken off-siteand aremerelyintended as illustrations of the activities and concepts depictedtherein. ForNew York Residents: Allprices areestimates. This advertisement is notanoffering.This advertisement is asolicitation of interestinthe advertised property.Nooffering of the advertised units can be made and no deposits can be accepted, or reservations,binding or non-binding, can be made until an offering plan is filed with the NewYork State Department of Law. This advertisement is made pursuant to CooperativePolicyStatement No.1,issued by the NewYork State Department of Law. (Oceana Bal Harbour Condominium CPS No.-140057,Sponsor: Consultatio Bal Harbour,LLC,Sponsor’s Address: 10201 Collins Avenue,Bal Harbour,Florida 33154).Copyright2015 Consultatio Bar Harbour,LLC –All Rights Reserved. EQUALHOUSING OPPORTUNITY