Tech-Fund Turnaround Powers Softbank to $11 Billion Profit

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****** TUESDAY,FEBRUARY 9, 2021 ~VOL. CCLXXVII NO.32 WSJ.com HHHH $4.00

DJIA 31385.76 À 237.52 0.8% NASDAQ 13987.64 À 0.9% STOXX 600 410.78 À 0.3% 10-YR. TREAS. À 3/32 , yield 1.159% OIL $57.97 À $1.12 GOLD $1,831.90 À $21.00 EURO $1.2052 YEN 105.23 Thousands ProtestinMyanmar Before MilitaryBans Rallies Tesla What’s News Makes Big Bet Business&Finance In Bitcoin esla said it bought T$1.5 billion in bitcoin, a disclosure that follows Electric-car maker CEO Musk’s promotion of buys $1.5 billion of the the cryptocurrency and other digital-currency al- digital money, plans to ternatives on Twitter. A1 accept it as payment  Theelectric-vehicle maker has been summoned by Chinese authorities cit- BY CAITLIN OSTROFF ing consumer complaints AND REBECCA ELLIOTT about quality issues. B1 Tesla Inc.said it bought  SoftBank posted net $1.5billion in bitcoin, adisclo- profit of about $11 billion surethat follows Chief Execu- for its latest quarter, un- CK

TO tiveElon Musk’s promotion of derpinned by investment the cryptocurrency and other gains at its Vision Fund digital-currencyalternatives

and asmaller successor. A1 SHUTTERS on Twitter. A/  Boeing’sboard failed to Theelectric-vehicle com- challengeMuilenburgonthe pany said it expectstostart NLAN/EP

safety of the 737MAX or his LO accepting bitcoin as payment campaign to counter nega- for its products soon. Bitcoin tivenewsreportsbetween UNG prices jumped more than 10% MA two fatal crashes,according to DIVIDING LINE:RiotpoliceonMondayfaceoff againstdemonstrators in Naypyitaw,Myanmar,protesting the military coup. afterthe announcement, ac- alawsuit by shareholders. B1 Thousands attendedrallies beforethe military rulersissueddecrees banning protestsinthe country’s twobiggestcities.A9 cording to cryptocurrency research and news siteCoin-  Major U.S. stock indexes Desk. closed at records, with the Tesla disclosed itsbitcoin S&P 500,Dow industrials purchase in itslatestannual and Nasdaq rising 0.7%, 0.8% report, saying the move aims and 0.9%, respectively. B11 Tech-Fund Turnaround Powers to “diversifyand maximizere-  Raising the federal min- turns on our cash that is not imum wage to $15 an hour required to maintain adequate by 2025 would lift900,000 operating liquidity.” Tesla said Americans abovethe pov- SoftBank to $11Billion Profit aboardcommitteeapproved erty line but cost 1.4million changes to company rules on jobs,aCBO study said. A2 investments, adding it canalso invest cash in gold bullion and  TheDOJ dropped itschal- BY PHRED DVORAK gains of $13 billion in the three Mr.Son said at aTokyo news turns arecritical forMr. Son, gold exchange-traded funds lengetoCalifornia’snet-neu- AND MAUREEN FARRELL months ended December,their conference, standing in front whohopes to roll out aseries among other assets. trality law,inwhat maysig- best quarter ever.Those gains of aslide showing agoose lay- of successor funds,but has Thebitcoin purchase,likely nal ashiftback to an Obama- TOKYO—SoftBank Group underpinned a net profit of ing golden eggs, representing found investorstoo skeptical of among the largest by a public erapolicyaimed at equal Corp.’smassivetech funds are ¥1.17 trillion forSoftBank, SoftBank’shit IPOs and exits. A the firstfund’sperformanceto company, comes afterarally access to the internet. A3 finally starting to produce equivalent to about $11 billion. later slide depicted the golden contributetoasecond. in 2020 when the price more  Reddit, which playeda golden eggs. That is how Mr.Son said he expected eggs marching out of the goose Anticipation of strong re- than quadrupled. Tesla is join- role in the recent stock- Masayoshi Son, SoftBank’s SoftBank’sfunds—which have to the tune of Tchaikovsky’s sults pushed SoftBank’s stock ing ahandful of other compa- trading frenzy,doubled its ebullient chief executive, char- investmentsin164 companies “March of the ToySoldiers.” price up 4.4% to ¥9,485 Mon- nies that have disclosed bit- valuation to $6 billion in a acterized arecord-breaking when athirdcapital pool fo- Asuccessfulrun could revive day, alevel last seen in Febru- coin holdings. Software newround of funding. B1 quarter forthe Japanese com- cused on Latin America is in- the reputation of Vision Fund, ary2000,when the company’s PleaseturntopageA2 pany’ssignature$100 billion cluded—could producebe- aftermissteps and the market’s shares peaked during thein-  Electronic Arts said it Vision Fund. tween 10 and 20 initial public decline early in the pandemic PleaseturntopageA2  China rebukes Tesla on is acquiring Glu Mobile in That fund, along with a offerings a year. left it with anearly $17billion quality issues...... B1 a$2.4 billion deal. B1 smaller successor, rode red- “We’vefinally entered the investment lossfor the year  Heardonthe Street: SoftBank’s  Heardonthe Street: Bitcoin hotmarkets to investment harvest phase” forthe funds, ended March 2020.Good re- vision when markets rise.... B12 purchase raises concerns... B12 World-Wide Netanyahu Pleads Not Guilty in Corruption Case  Lawyersfor Trump ar- Trump’sLawyers gued it is unconstitutional forthe Senatetohold an impeachment trial forafor- mer president and de- LayOut Defense nounced the case as “politi- caltheater,” while Democrats said Trump wastrying to On EveofHis Trial escape accountability forallegedly inciting last month’s riot at the Capitol. A1 BY REBECCA BALLHAUS several days of presentations AND LINDSAY WISE that could include witnesses.  Theelaboratenational Mr.Trump,who last month be- security network set up after WASHINGTON—Lawyersfor came the firstpresident to be 9/11 to identifyand thwart Donald Trump argued it is un- impeached twice, is the firstfor- threatsfailed ahead of the Capitol riot,aslaw enforce- constitutional forthe Senateto mer president to faceaSenate hold an impeachment trial fora impeachment trial. ment didn’t act on intelligence former president and denounced In their brief Mondaythat about potential violence OL

PO the case as “political theater,” offeredthe fullest pictureof

and prevent the assault. A6 S while Democratssaid Mr.Trump their defense,the former presi-

 House Democrats re- /PRES wastrying to escape account- dent’steam argued that the

leased the biggest pieceof RO ability forallegedly inciting last Senatecan’t convict Mr.Trump, ST

their coronavirus relief bill, CA month’sriot at the Capitol. aRepublican, because he is no offering ameasurethat Thepretrial filingscame a PleaseturntopageA6 would extend a$400-a-week daybeforethe Senatetrial for- REUBEN unemployment insurancebo- Israeli Prime Minister Benjamin Netanyahu, right, speaking to a member of his legal team mally begins,with abrief debate Impeachment puts Trump nus through Aug.29and in court in Jerusalem, pleaded not guilty Monday to charges of corruption. A10 and vote on the constitutionality back in center of GOP...... A4 send $1,400 per-person pay- of trying the former president  Warnings of Capitol riot mentstomost households. A3 set forTuesday, followedby weren’tacted upon...... A6  WHO officials expressed confidencethat AstraZeneca’s Covid-19 vaccine canprevent Trade Fracas severecases of the disease,de- TheBill ComesDue spitequestions about the protection it offersagainst Snares Wrong afast-spreading strain first ForMall Theme Parks detected in South Africa. A9 Robin Hood

 U.S. prosecutors are in- iii vestigating Honduras’spres- Operators spentbillions to wooshoppers Plans change. ident forallegedly accepting Historical society bribes to protect drug traf- with entertainment. It’smade matters worse. fickerswho shipped tons of mistaken for the PowerStore cocaine to the U.S.,accord- BY ESTHER FUNG Adding theme-park-like ing to a court filing. A10 online brokerage attractions was a strategy  Theacting U.S. attorney SYRACUSE, N.Y.—Destiny that Pyramid viewed as cru- BY JAMES HOOKWAY USA is New York’s largest cial to drawing foot traffic adapts. general plans to ask hold- shopping mall, a six-story and reversing the yearslong over U.S. attorneysap- Theday Robinhood Markets structure by Onondaga Lake. struggles of mall operators pointed by Trump to resign, Storage that’salwaysin exempting two topprosecu- Inc.brokerage restricted trad- Its feature attraction is Won- battling online shopping. tors overseeing politically ing in GameStopCorp., ahowl derWorks, a 40,000-square- Now, the strategy looks less sync with the needs of rose among the small-time foot theme park where chil- like a lifeline and more like a sensitiveinquiries. A6 traderslooking to take a dren can experience a millstone. your business. swing at Wall Street big shots simulated earthquake, learn Even as new pandemic CONTENTS Opinion...... A17-19 during the market’send-of- about space travel wearing measures have allowedthe Arts in Review... A14 Personal Journal A12-13 Business News...... B3 Sports...... A16 January frenzy. an astronaut suit or play la- mall’sstorestoreopen, regu- Capital Journal...... A4 Technology...... B4 Thetrading folderol caught ser tag. lations have kept manyofits Crossword...... A14 U.S. News...... A2-8 the attention of Robin Hood They could, that is, until entertainment attractions Heard on Street.B12 Weather...... A14 enthusiastsinNottingham, the state made the mall closed. Pyramid, which is pri- Markets...... B11 World News..... A9-10 England, where legends swirl close many of the attractions vately held,borrowedheavily of past campaigns to squeeze in November for the second to expand and to build enter- > the rich. time last year to counter tainment extravaganzas at Bob White, at home that Covid-19. Only 18% of the DestinyUSA and another day, Jan. 28,was the firstto space leased to entertain- mall, Palisades Center in Learn moreat see opportunity.His phone ment tenants is open cur- West Nyack,N.Y., and the DellTechnologies.com/PowerStore started beeping and wouldn’t rently, said a spokesman for bills arecoming due. s 2021 Dow Jones & Company, Inc. All Rights Reserved let up.Aschairman of the the mall’s owner, Pyramid In April, the Pyramid enti- PleaseturntopageA11 Management Cos. PleaseturntopageA11 P2JW040000-2-A00200-1------XA

A2 | Tuesday, February 9, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS Wage Rise Would Cut Jobs, Study Says

BY ERIC MORATH from awidely cited 2019 CBO Estimatedeffect of raising Projected netchange AND ANDREW DUEHREN study. While manyAmericans the federal minimum wage in deﬁcit spending Budget Gap Grows $900 billion aid package signed to $15 an hour by 2025 would see raises,the analysis $14 billion into lawatthe end of 2020 Raising the federal mini- showedaminimum-wagein- As Spending Surges began taking effect. Among the Federal mum wage to $15 an hour by crease would cause prices to $12billion spending 12 costliestprovisions was$142 2025 could deliver raises for rise,the federal budget deficit billion in stimulus checkspaid 27 million workersand lift to widen and overall economic 10 10 WASHINGTON—The U.S. out in January and $25 billion 900,000 Americans abovethe output to slightly decrease 8 8 federal budget deficit widened in rental-assistancegrantsto poverty threshold—but the over the next decade. sharply last month, the Con- stateand local governments. policy would cost 1.4million Whether to include the 6 6 gressional Budget Office said, Spending on unemployment Americans their jobs over the minimum-wageincrease in the as the latest coronavirus-relief benefits rose to $34 billion last next four years, according to a $1.9trillion Covid-19 relief 4 4 package from Congress sent month from $28 billion in De- study released by the nonpar- packagehas divided Demo- 2 2 direct stimulus payments to cember and $3 billion in January tisan Congressional Budget Of- crats, who can’t affordtolose millions of Americans. 2020, beforethe pandemic fice on Monday. asingle vote in the evenly 0 0 The monthly deficit widened struck the U.S. economy. President Biden and many split Senate. Sen. JoeManchin Taxrevenue to an estimated$165 billion in The surging deficit comes as Democrats arepursuing legis- (D., W.Va.) has publicly said he –2 –2 January,compared with $33 bil- the Biden administration negoti- lation to morethan double the is opposed to raising the mini- 2021 ’25 ’30 2021 ’25 ’30 lion in January 2020 and $144 ates another round of Covid-19 current federal minimum wage mum wage to $15 an hour, Source:Congressional Budget Office billion in December,the nonparti- aid with Congress, with critics of $7.25 an hour in phases,say- while progressivelawmakers san CBO estimatedonMonday. saying it jeopardizes the U.S.’s ing it would liftmanylow-wage have pushed for the increase. lion workerswho earn slightly cause amodest negativeover- For the first four months of long-term fiscal health. Policy workersout of poverty and de- Higher wageswould increase morethan $15 an hour could all impact on economic growth. the 2021 fiscal year—which makers including Treasury Secre- liver payincreases to manyes- the cost of producing goods also potentially see pay rises. Thestudy found amuch started Oct. 1—the federal bud- tary Janet Yellen saythe poten- sential employees during the and services,and businesses Thestudy assumes aJune 1 smaller impact on the federal get deficit rose 90% to $738 tial costsofdoing toolittle to pandemic,including workersat would passsome of those costs effectivedatefor the bill, rais- budget. Thecumulativefederal billion, the CBO added. prop up the economyare greater grocerystoresand warehouses. on to consumersinthe form of ing the federal minimum wage budget deficit from 2021 to Federal spending surged in than the risk of doing toomuch. Republicans and some busi- higher prices,resulting in re- to $9.50anhour.Under the 2031 would increase by $54 January as elements of the —Paul Kiernan nesses and economists have duced demand, the CBO said. plan, the wage would be in- billion if a$15 federal mini- warned that such an increase “Employers would conse- creased annually until reaching mumwas enacted largely be- could cost jobs as the U.S. re- quentlyproducefewergoods $15 an hour in 2025,after cause higher prices forgoods those workersare paid higher taxespaid by workers covers from pandemic layoffs. and services,and as aresult, which, the payfloor would be and services would contribute through programs such as who would receiveraises. While the CBO study finds they would tend to reduce adjusted based on the changeto to an increase in federal spend- Medicaid and Medicare. Businesses aredivided on poverty-reducing effects, its their employment of workers the median wage of all workers. ing,the report found. That im- Thestudy found the gov- the $15 minimum wage.Some, broader findingscould makeit at allwagelevels,” the report From 2021 to 2031, the plan pact is small relativetothe last ernment would spend moreon including Amazon.comInc. difficult forproponentsofan said. “Young,lesseducated would increase paymentsto fiscal year’s $3.1 trillion deficit. health-careprograms,unem- and Target Corp.have raised increase to rally enough votes people would account foradis- workersbyanet $333 billion, That includes increased ployment insurancecompen- their starting wages to $15 an among moderateDemocrats proportionateshareofthose afteraccounting forwagein- health-careexpenditures.The sation and Social Security,and hour.Other businesses haven’t and Republicans in Congressto reductions in employment.” creases and job losses,the study noted that by 2025 that arelatively small number endorsed a$15-an-hour pay raise the federal minimum wage While morethan one mil- study found. That would allow thereare expected to be three of federal workerscould re- floor,especially those in rural forthe firsttime since2009. lion would lose jobs,the re- low-income workerstospend million workersinthe home ceivearaise.Those increased areas wherethe cost of living Thestudy reaffirms afind- port said 17 million U.S. work- more, but would increase labor health-careand nursing-care outlays would be only partially is lower. Walmart Inc., the na- ing that a$15 minimum wage ers, or about 10% of the labor costsfor businesses and raise industries who would earn offset by lessspending on nu- tion’slargest privateem- could cost the U.S. jobs,slightly force, would have their payin- prices,especially at restau- less than $15 an hour,ifthe trition programs,the earned- ployer, startsworkersat$11 increasing ajob-lossestimate creased. An additional 10 mil- rants. Thelossofjobs would lawisn’t changed. Manyof income taxcreditsand by an hour.

ing to CoinDesk.Its priceaver- taled around $19.4 billion at DoorDash $8.31billion SoftBank TeslaBuys aged $34,730.12 in January the end of last year,upfrom Beike 5.08 andiscurrently morethan around $6.3 billion at the end eighttimes higher than bit- of 2019. Profit Hits Uber 3.67 $1.5 Billion coin’s 2020 low of a little un- Mr.Musk’stweetshave GuardantHealth 2.42 der $5,000. drawnregulatoryscrutiny, in- Mr. Musk has shown inter- cluding from the Securities $11 Billion Privatecompanies 2.05 In Bitcoin est in bitcoin, including chang- andExchangeCommission ing his Twitterbiography over a 2018 post in which the Opendoor 1.22 SoftBank Vision around Jan. 29 to “#bitcoin,” CEOsaid he secured funding ContinuedfromPageOne RelayTherapeutics 0.86 Funds’gross proﬁt/ ContinuedfromPageOne which sent prices forithigher, to take Tesla private. Mr.Musk ternet bubble. developer MicroStrategyInc. beforeremoving that refer- and the SEC settled in a deal Slack 0.67 lossoninvestment Thepush to harvest gains through Dec. 31, 2020 acquired about $425 million of ence. requiring Tesla to sign off on looks set to makeSoftBank a Ping An Good Doctor 0.43 bitcoin last summer,and its “I think bitcoin is really on anywrittenstatementshe major supplier of startups to CEO, Michael Saylor,became the vergeofgetting broad ac- made that could be deemed the public marketsthis year. Vir Biotechnology 0.41 an outspoken proponent. ceptancebysort of the con- material. He has sinceused An eagerly anticipated listing Companies holding bitcoin ventional finance people,” he Twittertomock the regulator. 10x Genomics 0.31 is that of South Korean e-com- in their treasuries face an ac- said last week on the social- Tesla didn’t respond to a merce company Coupang, Seer 0.11 counting risk: Because bitcoin networking app Clubhouse. request to comment about which is expected as early as and other digital assetsare Mr.Musk said he needed to be whether Mr. Musk sought ap- March at a valuation that OneConnect –0.01 considered “indefinite-lived cautious with his public state- proval forhis bitcoin com- could reach in excess of $50 ZhongAn –0.16 Note:Includes Vision Fund 1and 2 intangible assets,” rather than mentsabout cryptocurrencies ments. billion, people familiar with Source:the company currencies,any decrease in because “some of these things TheSEC is unlikely to chal- the mattersaid. At that valua- theirvalue belowwhat the can really move the market.” lengeMr. Musk over his bit- tion, Vision Fund’s38% stake $11.8billion—and itsSouth- vestorsafraction of what it companypaid forthem—even Tesla didn’t respond to a coin tweets, said John Coffee in it would be valued at about east Asianequivalent, Grab needstogenerate—$15.2 bil- a temporary one—can force a request to comment. Thecom- Jr., aColumbia University law $19billion, seven times what Inc.Both were hit by the pan- lion as of theend of Decem- companytowritedownthe pany said in its report that it professor who specializes in thefund paid forit. demic,and latelast year their ber.The fund might have to value,taking an impairment updatedits investment policy securities law, especially after Coupang didn’t respond to valuations were still belowVi- generateasmuch as $190 bil- charge. MicroStrategy posted in Januarybut didn’t disclose afederal judgerebuked the requests to comment. sion Fund’s cost, a person fa- lion by the end of its12-year alossinthe thirdquarter of the exact timing of either its agencywhen it sought to hold Soaring marketsare al- miliar with the mattersaid. term to achievea20% return, 2020 because the priceofbit- boarddecision or itsbitcoin the CEO in contempt in 2019. ready buoying Vision Fund’s Still, both could list in the sec- according to aWall Street coin dropped in September. purchase. Recently, Mr.Musk’stweets prospects. Thefund’s12ond half of this year, the per- Journal calculation, although Tesla said it would analyze “He’salready telegraphed it about dogecoin,acryptocur- listed portfolio companies son said. that amount could be alot its holdings in the cryptocur- to the market,” said Meltem rencystarted as ajokein2013, hadgenerated about $25.5 Didi haslargely recovered lowerifthe fund pays back in- rencyeach quarter to see Demirors, chief strategy offi- have helped driveupits price. billion in realized and paper from the pandemic lockdowns vestorsquicker. whether impairmentsare war- ceratLondon asset manage- Mr.Musk tweeted in early gains as of Feb. 5, SoftBank and itsChina operations are About half of the Vision ranted based on bitcoin prices. ment firm CoinShares,refer- 2018 that he didn’t own cryp- said Monday. That included a now profitable, said a person Fund is invested in a handful “If we hold digital assets and ring to Mr.Musk’smentioning tocurrencyother than aquar- gain of $5.2 billion on Uber familiar with the business. The of big companies,some of their values decrease relative bitcoin in his Twitter biogra- terofabitcoin that afriend Technologies Inc., which is companyexpanded intosix which—such as office-share to our purchase prices,our fi- phy. “One of the world’s larg- gavehim. At today’svaluation, one of Vision Fund’sbiggest newoverseas marketsin2020, company WeWork and Indian nancial condition maybe est corporations doing this—I that would be worth more investmentsand whose share the person said. hotelier OyoHotels &Homes— harmed,” the company said. think it opens the floodgates.” than $10,000. pricehad flaggedfollowing ADidi spokesperson said have seen their value plummet Sharp changes in the digital Tesla previously struggled PaymentscompanySquare itsIPO,weighing on the the company doesn’t have an as the pandemic exacerbated a currency’svaluation might be to maintain cash while ramp- Inc., which shares bitcoin advo- fund’sperformance. IPO plan. host of businesstroubles.The whycompanies have acquired ing up vehicle production. But cate Jack Dorsey as itsCEO Vision Fund’ssmaller suc- Vision Fund could struggle to millions, rather than billions, itsshares soared some 480% with TwitterInc., acquired cessor,inwhich SoftBank is deliver high returns if those of dollarsworth of the crypto- in the year ended Fridayasin- about $50 million worth forits sole investor,had an estimated Vision Fund has biggest betsdon’t perform currency, said Michel Rauchs, vestors piled into electric-ve- treasuryinOctober.Massachu- paper gain of $5.3 billion on well. founder of Luxembourgdigi- hicle makersand Tesla re- settsMutual LifeInsuranceCo. its three listed portfolio com- returned to investors One blemish last quarter: tal-assetsconsulting firm Par- ported astring of quarterly acquired $100 million worth in panies, SoftBank said. afraction of what it Performancewasn’t so good at adigma Sarl: “It is definitely profits. Thecompanytook ad- December to hold in itsgeneral Tworecent star Vision SoftBank’snewest investment greater risk butgreater re- vantage of that surge by sell- investment account. Fund performers were food- needs to generate. unit, an asset-management ward there.” ingbillions of dollarsinnew Theadded wrinkle with delivery companyDoorDash firm named SB Northstar run Bitcoin recently traded stock, shoring up its cash po- Tesla is the plan to accept bit- Inc. and German online used- by Mr.Son that investsin Mondayat$43,602.68,accord- sition. Itscash holdingsto- coin from customers. Few cardealer AUTO1 Group, listed tech companies.The companies nowaccept bitcoin which both listed in the past Grab’sride-hailing business, unit, in which Mr.Son has a Tesla shareprice Bitcoin price directly as payment; Over- few months and had generated likewise,has started to re- one-thirdstake,made waves stock.comInc.isamong the paper gains of $10.7 billion coverfromthe pandemic,and last year when it made abig $880 $44,000 few that do.Anumber of large and $1.8 billion, respectively, it has been pushing more options bet that the stock companies experimented with as of Feb. 5. heavily intofood delivery. prices of some large tech com- 42,000 bitcoin payments in 2014 and 860 SoftBank also has rolled out Moody’s InvestorsService, panies would go up. 2015,likeDell Technologies or filed listing applications for which last month gave Grab a Those betsracked up steep Inc. and Expedia Group Inc., 40,000 at leastfour special-purpose rating of B3,six levels below losses,and the unit wound but most dropped it forlack of 840 acquisition companies, blank- investment grade,said its down itsoptions trades at the use. check firms that go public first ride-hailing businesses was end of last year,people famil- 38,000 While Tesla’smovewould and then find acompanyto breaking even but it didn’t ex- iar with the matter said at the 820 be high profile, amoresub- take over the listing later.In pect the companytobeprofit- time. Between its derivatives 36,000 stantial development is ex- total, the four areslated to able before 2023. trades and stock investments, pected later this year,when raise as much as $1.4billion AGrabspokesperson de- SB Northstar posted an invest- 800 PayPal HoldingsInc. plans to when they list. clined to comment on the pos- ment lossofalmost $1.6bil- 34,000 allowits customerstouse Twoofthe biggest question sibility of an IPO. lion, in the latest quarter. their bitcoin holdingsfor pay- marks in Vision Fund’sportfo- Vision Fund also faces Mr.Son said he wasstill 780 10-minuteintervals 32,000 ments. lio areChinese ride-hailing gi- some big challenges in getting testing out SB Northstar and —Micah Maidenberg Feb. 1FFeb. 8 eb. 2Feb. 8 ant Didi Chuxing Technology itsperformanceback on track. as of Mondayitwas posting and Paul Vigna Co.—its largest investment at So far,ithas returned to in- gains. Sources: FactSet (shareprice); CoinDesk (bitcoin) contributed to this article.

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THE WALL STREET JOURNAL. ***** Tuesday, February 9, 2021 | A3 U.S. NEWS House Plan Keeps Checks At Same Levels

BY RICHARD RUBIN funding forK-12schools,$40 AND ANDREW DUEHREN billionfor colleges and universities and $39 billion forchild- WASHINGTON—House Dem- care providers. Mr.Biden has ocratsreleased the biggest also proposed offering funds pieceoftheir coronavirus relief forvaccine distribution, unem- bill Monday, offering ameasure ployment programs and state that would extend a$400-a- andlocal governments, among week unemployment insurance other measures. bonus through Aug.29and Thelegislation will also in- send $1,400 per-person pay- corporate aminimum-wagein- mentstomost households with- crease to $15 an hour although S out lowering the income thresh- some Democrats, including Mr. olds from earlier rounds. Biden, have questioned whether PRES Democratshavebeen debat- it would be possible to passin ZUMA ing whethertoreducethose in- the final legislation. come levels,but the version Rep.KevinBrady of Texas, MAN/

headed foraWays and Means the topRepublican on the com- DORF

Committeevotethis week gives mittee, criticized the plan. “Our SUE the full amountstoindividuals focus should be on crushing the Election workers opened mail-in absentee ballots for tabulation in Lawrenceville, Ga., on Jan. 6, a day after two Senate runoff races. with incomes up to $75,000 and virus and rebuilding our economy,” he said. “Unfortunately, the bill placed beforeusatthis Post-Election Battle Over Mail-In The Covid19 relief latehour doesn’t fitthat effort.” One of the largest pieces is measure would send the $1,400 payments, which are $1,400 per person to similar to the $1,200 checks is- Voting Rules Set to Begin in Georgia sued afterthe March economic- most households. relief lawand the $600 pay- mentsissued afterDecember’s BY CAMERON MCWHIRTER Votesinpresidential Trump’sdefeat—and his re- sentee-ballotdropboxesand law. This round of payments AND JON KAMP elections,bytype and party of peated, unsupported claims setlimitsonwho canmail ab- would total$422billion. candidate* that the election wasrigged— sentee applications to voters. married couples with incomes Thereare some key differ- ATLANTA—Georgia lawmak- have amplified along-running One proposal would require Election day Advancevoting up to $150,000.The legislation ences,however. This time,chil- ersare gearing up forabrawl politicaldebateoverelection people to provide proof of also expands the child taxcredit, dren and adult dependents over proposed election-law Mail-in Republican laws.Proponentsofadding identification when applying 2.5million Democratic broadens child-careassistance would be eligible forthe full changes,following key Demo- voterrequirementsorrestric- formail-in ballotsand when and bolsterstax creditsfor $1,400.Those adult dependents cratic victories in this longtime tions oftensay they areneeded they send in ballots. People health insurance. haven’t been previouslyeligible. Republicanstronghold. 2.0 to guardagainst fraud. Oppo- voting in person in Georgia are It will be combined with Amarried couple with two Republicanlawmakersare nentsofthe restrictions say required to provide an I.D. pieces advancing through other children under 17 would getas pitching newbills that would 1.5 fraudisrareand such laws GOP-backed legislation House committees with the aim much as $5,600,compared with addrequirementsorrestric- makeitharder to vote. stretches beyond voting by of getting through the full $3,400 from the firstround of tions to mail-in voting,which 1.0 Georgia has allowedno-ex- mail,including proposals to Houselater this month. To- paymentsand $2,400 in the wasused heavily by Georgia cuse absentee voting under a end automatic voterregistra- gether,the measures makeup second round. Asingle parent voters during the coronavirus 0.5 2005 lawpassed by aRepubli- tion when people getadriver’s President Biden’s $1.9trillion with acollegestudent would pandemic and helped President can-controlled Legislature. The license and to expand poll aidplan,which Democratsare getupto$2,800,compared Biden and two Democratic sen- 0 pandemic caused this method watchers’ access in tabulating trying to push quickly through with $1,200 from the firstround atorssecurewins. 2012 2016 2020 to surge in popularity.About centers. Congress. and $600 in the second round. Republicans saychanges are 849,000 of the 1.3million resi- Similar fightsare brewing in “Our nation is struggling, Compared with previous ver- needed to shoreupshaken *Provisional ballots arenot shown, but make dentswho votedbymail chose other states that flipped blue up lessthan 1% of ballots. the virus is still not contained, sions,the paymentsphase out public faith in the voting pro- Source:Georgia Secretary of State Mr.Biden; about 450,000 voted in theNovember election. A andthe American people are faster as incomes rise,respond- cess.“Therehas been so much forMr. Trump.The Democrat Republican-backed bill in Penn- counting on Congresstomeet ing to lawmakers’ concerns noise and misinformation loserstogame the system. wonthe statebyabout 12,000 sylvania would dial back provi- this moment with bold, imme- about higher-income households about the election that Ithink Georgia held two recountsand a votesout of five million cast. sions the GOP-controlled Legis- diateaction,” said Rep.Richard possibly getting money.Accord- we’vegot to restoreconfi- forensic partial audit and found Several bills proposed by laturepassed two yearsago Neal (D., Mass.), the committee ing to acommitteesummary, in- dence,” Georgia stateSen. no widespread fraud. “Those RepublicanGeorgia statelegis- allowing all voters the option chairman whose panel will be- dividual paymentsgotozero LarryWalker III, vicechairman [Republican] policies arenot latorswould changerules for to request and cast amail-in gin considering the bill on onceindividual income reaches of the Republican Senatecau- based on anykind of evidence,” mail-in voting,including one ballot without giving areason. Wednesday. $100,000 and married couples’ cus,said in an interview. said stateRep.Bee Nguyen, a that would requirevotersto AGOP-sponsored measurein Other sections of the relief payments go to zero when in- Democratssaid the proposals Democrat from Atlanta. supply areason to vote absen- Arizona would requiremail-in plan will provide $130 billion in come hits$200,000. areattemptsbyrecent election Former President Donald tee. Other bills would ban ab- ballotstobenotarized. U.S. Drops Challenge to California’s Net-Neutrality Law

BY JOHN D. MCKINNON one-sentencenoticeinfederal Net-neutrality rules are addressing broadband afford- anotherDemocratic commis- substitutednew rules that re- district court in California that aimed at preventing internet ability problems, for instance sioner canbeconfirmed by quired providers to be trans- WASHINGTON—TheJustice the case wasbeing dismissed. providers—mostly cable and through eventual rate regula- the Senate. parent about practices that fa- Department dropped its chal- “By taking this step,Wash- phone companies—from favor- tion of the service. Under former President vorordisfavorparticular lenge of California’s net-neu- ingtonislistening to the ing some internet content over But the path forwardonnet Donald Trump, the FCCrolled content. trality law,inwhat maysignal American people,who over- others, forinstancethrough neutrality forthe Biden ad- back the Obama-era net-neu- In response,California ashiftback to an Obama-era whelmingly support an open higher speeds. ministration remains unclear. trality regulations in 2017, passed its own net-neutrality policyaimed at equal access to internet, and is charting a Reinstating the Obama-era The FCC is currently dead- with the support of much of law. the internet. course to onceagain makenet rules has taken on added im- locked along party lines at 2-2, the telecommunications indus- TheJusticeDepartment TheFederal Communica- neutrality the lawofthe land,” portance forsome advocates making it unlikely that any try. challenged that law, on tions Commission’sacting said JessicaRosenworcel, who since the Covid-19 pandemic, net-neutrality rules could be Telecom companies argued grounds that the federal gov- chairwoman applaudedthe wasdesignated as the FCC’s because the regulations,which approved in theshort term. that the sweeping Obama-era ernment and not states has Justice Department decision, interim leader by President Bi- treated carrierslikeutilities, That leaves possible next steps rules would deter broadband sole authority to regulate the which wasconveyedthrough a den. could help form the basis for up to Congress, at least until investment. TheTrump FCC internet. d.

Hacker TampersWith Florida WaterSystem ve er es sr ht

BY ARIAN CAMPO-FLORES ig lr Al

A water-treatment plant in a. ur

Oldsmar,Fla., washacked, and rd Ve

the intruder briefly increased © the amount of lyeused to treat watertoadangerous level, authorities said Monday. Aplant operator noticed the alteration Friday and immediately reversed it, avoiding adverse effectsonthe city’s S watersupply.But the breach PRES

highlightsthe exposureofutil- UMA ities to cyberattacks. /Z “Water systems, like other TIMES

public utility systems,are part Y of the nation’scritical infra- BA PA

structure and can be vulnera- AM ble targetswhen someone de- sires to adversely affect public SKE/T MA

safety,” said Pinellas County DA

Sheriff Bob Gualtieri at anews JIM conferenceMondayabout the The amount of lye used to treat water at the plant was briefly raised to a dangerous level. incident. Thehacking began on Fri- and network machines,Sheriff thesystemremotely.Aplant Even if the employee daymorning at the plant in Gualtieri said in an interview. operator observed the in- hadn’t caught the intrusion, Oldsmar,acity of about 15,000 Though the utility had truder opening various soft- other checks in placewould people in the Tampa Bayarea, switched to adifferent tool six ware functions that control have alerted operatorsof Sheriff Gualtieri said. Around months ago, he said, the the waterbeing treated in the problems ahead of waterbe- 8a.m., aplant operator no- TeamViewerprogram re- system, the sheriff said. ingreleased to residents. So ticedthat someone remotely mained in placebut unused, Oneofthem regulates the the public wasnever in dan- THECRISS CROSSCUFF accessed acomputer system providingthe door through level of sodium hydroxide, or ger, the sheriff said. Verdura’ssignature bracelet,woven in 18kgold he wasmonitoring that con- whichthe intruder entered lye—amain ingredient of Thesheriff’s office Yellow gold,$19,000 • Rose gold,$19,950 trols chemicals used to treat and gained full access to the draincleanersthat also is launched acriminal investiga- Whitegold, $20,950 wateraswell as other func- system. used to control water acidity tion, and adigital forensics tions.The computer system Theintrusion wasbrief,and and removemetals from unit is trying to find out how hasasoftware program that the operator didn’t think much drinking water, Sheriff Gualt- the breach occurred and who allows authorized userstoac- of it because his supervisor ieri said. Thehacker increased is responsible,Sheriff Gualtieri 745FIFTH AVENUE,12THFLOOR cess it remotely. and othersremotely access his the amount of lye from about said. It is unclear whether the 212.758.3388 •VERDURA.COM Theintruder gotintothe computer screen to monitor 100 partsper million to 11,100 intrusion originated in the U.S. utility’s industrial control sys- the system, Sheriff Gualtieri parts per million, he said. or outside the country, or why temthrough TeamViewer, a said at the news conference. “This is obviously asignifi- the Oldsmar plant wastar- Original gouachebyDukeFulco di Verdura tool that allows engineersto Then at around 1:30 p.m. Fri- cant and potentially dangerous geted, he said. No suspect has monitor and repair computers day, someone again entered increase,” Sheriff Gualtieri said. been identified. P2JW040000-4-A00400-17FFFF5178F

A4 | Tuesday, February 9, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Biden’s Aid Push Need NotKill Bipartisanship

off in the opening hoursof the Biden term, will set a tone of partisanship that sticks. Maybe partisanship is inevitable in today’sdivisive political climate; maybe it is simply naivetothink other- CAPITAL JOURNAL wise.The partisan divides of By Gerald F. Seib 2021 aren’t created simply by attitudes but by the changing natureofthe Democratic and When President Barack Republican parties from the Obama took officein2009, ground up. the countrywas in the throes of afinancial crisis requiring he PewResearch Cen- immediateaction. Theresult terlast year produced wasaquick,$831 billion eco- T abroad study of the nomic stimulus plan, pushed changing faces of the two through Congressinlessthan parties over the past quarter amonth. century, which chronicled Theplan waspassed al- howthey increasingly aredi- most entirely vided along racial, gender with Demo- and educational lines. cratic votes; “The Republican and Dem- not asingle ocratic coalitions,which bore House Repub- at least some demographic lican sup- similarities in past decades, ported it, and have strikingly different pro-

just three SenateRepublicans BARRIA/REUTERS files today,” the Pewanalysis

did so.Politically,the prob- OS concluded. It found “profound

lem with that outcome was CARL shifts” in party identification that it set apartisan tone The risk is that the stimulus debate in the opening hours of President Biden’s term will set a tone of partisanship that sticks. over the past two decades. that lingered, making it hard TheDemocratic Party is in- forthe Obama administration WhiteHouse wantsand what continue to pursue bipartisan ible support in both parties canbase,sees movement to- creasingly racially diverse,fe- and Republicans to come to- Republicans think is neces- outcomes—and that other forabig plan to improve ward green energy as inevita- male and focused in urban ar- gether on subsequent initia- sary is yawning. items on the early to-do list American infrastructure. In ble,and it wantsgovernment eas along the coast. The tives.The residue of mutual Onceagain, the risk is that should attract support in particular,heartland lawmak- support. RepublicanParty is increas- bitternessand mistrust had the outcome could set apar- both parties. ersinboth parties want a Twoobvious obstacles ingly male,populated by vot- lasting effects. tisan tone that colorsthe rest Indeed, at least in theory, plan to expand broadband stand in the way of post- erswithout collegedegrees Fast forwardto2021, and of the Biden term. thereshould be grounds for serviceinrural sectors. The stimulus bipartisanship.The and focused in the heartland the capital is in asimilar situ- cross-party cooperation on grounds forabipartisan ef- firstisthat theresimply outside of coastal urban ar- ation. TheBiden administra- dministration officials some big items on the coun- fort in both areas were there won’t be enough money left. eas. tion has takenofficeincrisis saythey hope that try’spost-pandemic list of in the Trump years, but bit- Thenew coronavirus package Yetevenwithin these mode,facing acoronavirus A isn’t the case.Evenif needs.Inthe morepopulist, ternessoverDemocratic in- is just the latest of ahandful changes lies some hope for pandemic that it believes re- the stimulus plan is passed Donald Trump-influenced Re- vestigations of the president of such pandemic plans fi- common ground. Thenew Re- quires immediateaction— under special reconciliation publican Party,thereissup- gotinthe way. nanced, in effect, with bor- publican Party is full of work- specifically,anew economic rules in the Senatetoavoid a port forthe kinds of help for Thereevenisthe basis for roweddollars. ing-classAmericans who stimulus plan that canbein Republican filibuster and al- manufacturing industries that some bipartisanship on build- Republicans,having essen- should shareDemocrats’ af- placebeforesupplemental lowittobepassed with only President Biden has promised ing up the country’sso-called tially looked the other way at finity forgovernment help federal unemployment bene- Democratic votes, officials in his so-called “Build Back “green infrastructure”—a net- asea of redink unleashed in during the pandemic,and Mr. fits expireonMarch 14.Once hope it still will pick up some Better” economic plan, as work of charging stations for the past four years, noware Biden’spromises to help again, thereisthe prospect Republican votes, giving it at well as forhis calls forbuy- electric cars,for instance, and paying moreattention to the manufacturing in the long that action will be takenen- least apatina of bipartisan- American steps to luremanu- an expanded solar-powernet- rising federal debt load. But run. Thetrick will be to pre- tirely,oralmost entirely,with ship. facturing and supply chains work.Increasingly,the busi- so aresome Democrats. vent hopes forbipartisanship Democratic votes, because Perhaps moreimportant, back to the U.S. nesscommunity,atraditional Thebroader risk is that from being extinguished in the gapbetween what the officials saythat they will Likewise,thereisdiscern- core element of the Republi- the stimulus debate,kicked these early days. Shelby Pick of Bank Regulator Divides Democrats

Won’t Run BY ANDREW ACKERMAN Gensler to head the Securities the likely pick to lead the OCC, AND BEN EISEN and ExchangeCommission— progressivepoliticians and ac- suggest he favors experience tivistsorganized on social me- Again in WASHINGTON—Adispute in Washington. Ms.Baradaran dia to raise questions about over the choiceofatop bank- hasn’t previouslyhad aregula- his record dealing with the ing regulator is highlighting tory role in Washington, while 2008 financial crisis and its

Alabama fault lines among Democrats— JOURNAL Mr.Barr served in the Trea- aftermath. on issues from racial diversity suryunder Barack Obama and In op-ed articles and letters REET

BY KRISTINA PETERSON to ties to the Obama adminis- ST helped craftthe 2010 Dodd- to Mr. Biden, lawmakers pro-

tration—as President Biden LL Frank Act. moted Ms.Baradaran’screden- WASHINGTON—Sen. Rich- fills out his leadership team. WA Sen. ElizabethWarren (D., tials,including her calls to of- THE

ardShelby (R., Ala.), the top Michael Barr,anObama and APHY Mass.), in a2014book,defer financial services through R GR

Republican on the Appropria- Clinton administration alum- FO scribed Mr.Barr as a“hero” post offices to reach people TO tions Committee, said he nus who leads the University of N forhelping createthe Con- wholack bank accountsor TO wouldn’t runfor re-election Michigan’spublic policyschool, PHO sumer Financial Protection Bu- credit cards. Though banking- MEL

next year. is the leading contender to A reau as part of the legislation. industrygroups oppose the DR

Mr.Shelby,86yearsold, is head the Officeofthe Comp- AU MICHIGAN “Michael has consistently idea, Mr.Biden embraced it on currently serving his sixth trollerofthe Currency, which Some Democratsare pitching Mehrsa Baradaran, left, rather than come down on the side of the the campaign trail. term in the Senate. He is the oversees companies including Michael Barr to head the Officeofthe Comptroller of the Currency. underserved,” said Bill Bynum, Thecontest also reflects latest in astring of SenateRe- JPMorganChase &Co. and the chief executiveofHope growing attention to the bur- publicans to announcethat Wells Fargo&Co. includingOhio Sen. Sherrod cordsorskepticism of Credit Union in Jackson, Miss., geoning financial-technology they don’t plan to runfor re- But some progressiveDem- Brown, have lined up to sup- businessand finance. Their fo- who has known Mr.Barr since industry. Mr.Barr served as an election in 2022,joining Sens. ocratsare making alast-ditch port Ms.Baradaran, while oth- cus on financial regulatory the 1990s, when they worked adviser to financial-technology Richard Burr of North Caro- effort to install Mehrsa Bara- ersback Mr.Barr.Mr. Brown postsstems from their view together to boost investment firms Ripple Labs Inc.and lina, PatToomey of Pennsyl- daran, an Iranian-born law chairsthe SenateBanking that theObama administra- in impoverished communities LendingClub Corp.Some crit- vania and Rob Portman of professor at the University of Committee, which will have to tion’sresponse to the financial when Mr.Barr served in the ics on the leftsay he is too Ohio. California, Irvine and author green-light the nominee. crisis did toolittle to help Clinton Treasury. close to the industryand that While Republicans areex- of “The Color of Money: Black Mr.Biden has emphasized homeowners and relied heav- TheOCC is an independent his ties could conflict with pected to retain Mr.Shelby’s Banks andthe Racial Wealth building a diverse leadership ily on people from Wall Street. bureau of the Treasury. It over- OCC’s supervision. seat in Alabama, the seatsin Gap.” team and has made a number “Animmigrant of color is sees about 1,200 banks with to- Mr.Barr’s defenderssay the Pennsylvania and Ohio areex- Their records suggest that of barrier-breaking selections. key,and particularly in this talassetsofabout $14trillion, alleged conflictsare contrived. pected to be competitive, Mr.Barr and Ms.Baradaran Progressives have been push- moment,” said freshman Rep. some two-thirds of the totalin He advised both firms on con- given that Democratshold one are likely to pursue racial eq- ing candidates forseveral key Jamaal Bowman (D., N.Y.). the U.S. banking system, mak- sumer protection and financial seat apieceinthose two uity and expand financial ser- postswith some,but not com- YetMr. Biden’sother ap- ing it apowerful regulator. inclusion and had no responsi- states.North Carolina also has vices in low-income communi- plete, success—looking fordi- pointments—including Obama AfterThe Wall Street Jour- bility forrunning the firms, playedhost to tight racesin ties.Several progressives, versity and left-leaning re- and Clinton alumnus Gary nal reported that Mr.Barr was they say. recent elections. So far,noDemocratsupfor re-election have announced theirretirements. Theparty Impeachment Puts Trump Back at Center of GOP split in the Democratic-controlled Senateiscurrently 50-50,with Vice President Ka- BY JOSHUA JAMERSON election challenges, or having swamp messaging in 2016 was GOP in Utah County,Utah, said among Republicans nationwide, mala Harris able to break any AND LINDSAY WISE to comment on his often con- refreshing and he thinks it is a the outcome of the looming down from 89% in December. ties. troversial pronouncements. winning messagefor Republi- Senate trial shouldn’t dictate Mr.Trump has been barred Mr.Shelby wasfirst elected WASHINGTON—A reporter “Membersdefinitely don’t cans.“He had avision, and he the futureofthe party be- from manysocial-media outlets to the U.S. House in 1978asa couldn’t even finish saying miss it,” said one GOP Senate had the personality to carryit cause Republicans should fo- and has put out only ahandful Democrat, beforeswitching former President Donald aide.Some Republican law- through,” Mr.Shaffer said, cus moreonpolicy. “Regard- of statements. He has kept in partiesand running as aRe- Trump’sname beforeSen. makersand strategistsare pri- adding that Democratsare lessofwho the leader is,we touch with topRepublicans, publican in 1994. John Cornyn (R., Texas) inter- vately hoping Mr.Trump’sex- pressing for conviction in the need to getback to pushing from House Minority Leader Mr.Shelby said he has rupted mid-question. ile from Twittermight makeit impeachment trial to damage conservative ideals and away Kevin McCarthyofCalifornia served in the Senatelonger “So, Donald—” easier forthe party to move Mr.Trump politically.“Why from personality-based poli- to freshman Rep.Marjorie Tay- than anyother senator from “We’restill doing that?” on from him to focus on the areyou concerned with him tics,” he said. lor Greene of Georgia and Sen. Alabama. said Mr. Cornyn, cutting off a policyissues at hand—and on running again? Let him go!” According to aMarist poll Lindsey Graham of South Caro- “Although Iplan to retire, I TV journalist asking about de- countering Mr. Biden. conducted in lateJanuary, after lina, who said he talked to the am not leaving today. Ihave velopmentsahead of Mr. But the start of Mr.Trump’s Mr.Trump leftoffice, 90% of president in recent days. two good yearsremaining to Trump’s Senate trial. trial this week not only has Senate Republicans Republicanvoterssurveyed said SarahChamberlain, presi- continue my work in Washing- Nearly three weeks after kept the former president at the Senateshould acquit Mr. dent of the centrist group Re- ton,” Mr.Shelby said Monday. President Biden stepped into the forefront of the Washing- face another public Trump,compared with 5% who publican Main Street Partner- “I have the vision and the en- the Oval Office, Republicans ton agenda but means Senate test of loyalty to the thought he should be convicted. ship,said that Ms.Greene’s ergy to giveitmyall.” arestill adjusting to lifebeing Republicans faceanother pub- Other polls of Republicans promotion of conspiracytheo- shut out of powerinthe White lic test of their loyalty to him, former president. giveamixed picture. Surveys ries had replaced Mr.Trump’s House and both chambersof with base voters watching. by RemingtonResearch Group tweetsasapolitical headwind Congress. Republicans on Cap- Theformer Republican pres- showedMr. Trump’spopularity forthe GOP,particularly in itol Hill, wherethe Senateis ident will stand trial afterthe among Republicans holding suburban areas. beginning on Tuesday itssec- House impeached him forincit- Tami Martinek, co-chair of steady in several Housedis- “Marjorie Greene is sucking ond impeachment trial of Mr. ing the Jan. 6riotsonCapitol the Boone County Republicans trictsafter Jan. 6.For example, up all the air,” Ms.Chamber- Trump in two years, continue Hill,aslawmakerswerecerti- in central Iowa,said she wants in South Carolina’s7th Dis- lain said. “Trump is gone,he Day order by to hone what the GOP repre- fying President Biden’selection her state’sRepublican sena- trict—home to Rep.Tom Rice, is out of office and out of the 2/10! sentswith Mr.Trump out of win. Mr.Trump and his allies tors—Joni Ernst and Chuck one of 10 House Republicans day-to-day, but he has been re- officebut broadly popular have denied anywrongdoing. Grassley—tovotetoacquit Mr. who votedtoimpeach Mr. placed by her.” She pointed to among the party rank and file. Charlie Shaffer, the former Trump.“It is acompletewaste Trump—83% of GOP primary ads in competitivedistrictsby They have found functional chair of the Piscataquis of time,itisunconstitutional, voters gaveMr. Trump afavor- the Democratic Congressional upsides.Republicans arefor County Republican Committee and Ithink they have more able rating Feb. 1. But ana- Campaign Committee, the Your Date the firsttime in four yearsliv- in aGOP stronghold in Maine, pertinent thingstobefocusing tional Quinnipiac poll released party’s House of Representa- in Roman Numerals Earrings crafted in sterling silver w/solid 14K pink gold hearts -$450 ing without fear of presiden- said he still supportsMr. on,” Ms. Martinek said. Jan. 18 indicated Mr.Trump tives campaign arm, featuring JOHN-CHRISTIAN.COM 888.646.6466 tial tweetsinviting primary Trump because his drain-the- Stewart Peay,chair of the had a73% approval rating Ms. Greene. P2JW040000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, February 9, 2021 | A5 P2JW040000-6-A00600-2------XA

A6 | Tuesday, February 9, 2021 ****** THE WALL STREET JOURNAL. U.S. NEWS GES IMA ETTY /G DIS PO TO KA S SO TA Workers on Monday repair glass on the East Front rotunda doors that was damaged during the deadly Jan. 6 assault at the U.S. Capitol. Capitol Riot WarningsWeren’t ActedOn

System broke down Washingtonwas never fully paratus wasoverhauled fol- federal domestic terrorism hadn’t done fortwo earlier the call. As is protocol, the prepared, leaving the usually lowing theSept. 11 attacks statute gives officials greater pro-Trump marches. participant said, the informa- as officials dismissed heavily guarded city center nearly two decades ago. That power. That meansauthorities Aspokeswoman forDHS’s tion wasfunneled through the or missed indicators vulnerable to attack. That as- restructuring created DHS and can do little to intervene pre- intelligenceunit declined to Washington, D.C., fusion cen- sault came Jan. 6when apro- itsintelligencebranch, among emptively without evidenceof comment on the Jan. 5sum- tertothe federal and local of potential violence Trump mob stormed the Capi- other changes,tobetterpin- aplanned violent act or other marythe unit issued. She said agencies handling security for tol as Congresswas preparing point threatsand coordinate crime. the unit didn’t knowinad- Jan. 6. Theelaboratenational se- to certifyPresident Biden’s responses. Thetorrent of online and vance what Mr. Trump would “Weall assumed therewere curity network set up afterthe election victory. Thereweremanyreasons social-media communications say at the rally and that “na- going to be problems based on 9/11 terrorist attacks to iden- “Nothing significant to re- whythe mob wasable to also means it can be difficult tional figureswould be en- the various issues we were tify and thwart threats failed port,” read aJan. 5national reach the Capitol and over- to distinguish online bravado couraging action against the hearing,” the participant said. ahead of last month’s Capitol summaryfromDHS’sOfficeof whelm asecurity force chiefly from agenuine threat. And Capitol and government offi- Thefusion centershavenosay Intelligence and Analysis that made up of membersofthe some current and former officials.” Mr.Trump has denied in howtheir intelligenceis By Rachael Levy, wassent to lawenforcement Capitol Police. Washington, cials pointed to abroad reluc- responsibility forthe violence, used, and it is unclear what Dan Frosch across the country, according D.C.,Mayor Muriel Bowser on tancetotakeany pre-emptive and his lawyershavesaid he steps were taken in response and Sadie Gurman to acopy reviewedbyThe Jan. 5 urged federal agencies action against President Don- didn’t incite it. to sharing the information. Wall Street Journal. Theoffice nottosend additional forces aldTrump’ssupporterswho JusticeDepartment and TheDHS intelligenceagency riot,aslaw enforcement didn’t is responsible for monitoring without consulting local po- came to Washingtonfor aper- Capitol Policeofficials have spokeswoman declined to say act on intelligenceabout po- threatsonline and sharing lice, afterracial-justicepro- mittedpolitical rally on the El- sincesaid that they underesti- whether the department, tential violenceand prevent them with federal, stateand testsinwhich heavily armed lipse near the WhiteHouse mated the potential forTrump which participated in the call, the assault. local law enforcement. security forces clashed with where Mr. Trump spoke. supporterstorampage took anyaction based on the Officesspread acrossthe Some of the Jan. 6violence, protestersoutside Lafayette through the Capitol, thinking information. TheFBI said it countrythat shareintelligence in which five people died, was Square near the White House the event would be liketwo discussedthe likelihood that among federal, stateand local spontaneous and chaotic. But last summer.The Capitol Po- ‘This was a systemic other recent pro-Trump rallies protesters would come armed lawenforcement pointed out the government’sprosecutions lice declined Pentagon offers in Washington, which sawonly during aseparatephone call alarming online discussions of alleged rioterscite some ev- of National Guardreinforce- failure,’ said a isolated violent incidents. with otherlaw-enforcement about weapons in the days be- idenceofcoordination and mentsahead of time,though a retired Air Force MayorBowser has acknowl- agencies the same daythat the fore the Jan. 6 rally in Wash- planning to disrupt Congress small group of D.C. Guard edgedsecurity failures oc- fusion centersheld their call. ington. AFederal Bureau of In- by membersoffar-right fringe troops wasdeployedtoaug- brigadier general. curred and called forCongress TheFBI said such information vestigation field office groups such as the Proud ment policing in other partsof to appoint anonpartisan com- waswidely known. reported arallying call forwar Boys,Oath Keepersand Three the city. mission to hold officials ac- “The issue herewas not the and the sharing of maps of the Percenters. But the inability of law en- countable. lack of intelligenceorthe lack Capitol. TheDepartment of “There’snoexplanation forcement to fully mobilize Both the FBI and DHS said One changeimplemented of information,” Christopher Homeland Security warned that I can give for the failure demonstrates howasystem they didn’t issue ajoint intelli- almost two decades agotoim- Rodriguez,aWashington, D.C., about the heightened potential to produceanalytical products chiefly designed to protect gencebulletin—a widely dis- proveintelligence-sharing be- official who oversees the dis- forviolenceinthe rally’s run- that would have predicted against terrorist attacks ema- seminated alert to lawen- tween local, state and federal trict’sfusion center,said in up,though mentioned no spe- what wasgoing to happen. nating from abroad struggles forcement nationwide— lawenforcement and emer- congressional testimony. “The cific threat for Jan. 6. Youcould see it building,” said to confront violent domestic because they had no specific, gency-response agencies was issue herewas the inability,or While the information was Frank Taylor,aretired Air extremism, which the FBI and credible threats about Jan. 6. the creation of “fusion cen- the unwillingness, to act on shared, this multipoint warn- Forcebrigadier general who DHS have identified as among Both agencies said they shared ters” in every state and terri- the intelligence.” ing system brokedown, failing led DHS’s intelligence branch the most serious terror threats information they had with tory.OnJan. 4, the heads of Thechief of the Capitol Po- to generate sufficient follow- from 2014to2017. “And the facing the country. other law-enforcement agen- the fusion centersconvened a lice, Steven A. Sund, who has up,asofficials spottedand fact that we didn’t means that Combating domestic terror cies.The FBI, aware of the po- rare national call to discuss sinceresigned,said the de- dismissed these signals while we failed, along with several vexedlaw enforcement long tential fortrouble,discour- alarming information they partment lacked intelligence missing othersentirely,ac- other agencies.This wasasys- beforeJan. 6. U.S. officials are aged some people thought to were gathering about the com- that suggested a coordinated cording to interviews with temic failure.” constrained in their ability to be violent agitatorsfromtrav- ing Trump rally. attack on the Capitol was be- currentand former officials Four government watch- monitor communications be- eling to Washington. It set up The offices were seeing an ing planned, according to a and a review of internal gov- dogsand several congressional tween those who maybein- 24-hour command postsatthe unsettling amount of online letterhesent to congressional ernment documents. committees arenow scrutiniz- tent on violence, lacking the Washingtonfield officeand postsabout people planning to leaders this month. Theresult: Theextensive ing aresponse that amounts sweeping surveillancepowers headquarters about amile bring weapons to the event, —Michelle Hackman, Warren local and federal law-enforce- to one of the biggest lapses against U.S. citizens that they from the Capitol and put tacti- raising the potential forvio- P. Strobel and Brett Forrest ment network that protects since the federal security ap- canuse overseas.Nocatchall, calteams on standby,which it lence, said one participant in contributed to this article.

tol“did so of their ownaccord Trump’s and fortheir ownreasons.” The Prosecutors lawyerssaid that in Mr. Trump’sspeech that dayhe To Be Asked Team Lays used the word “fight” a“little more than ahandful of times and each time in the figurative To Resign Out Case sense,” making no explicit men- tion of rioting.The lawyerssaid BY SADIE GURMAN the president wasexercising ContinuedfromPageOne his FirstAmendment rights. ActingAttorney General longer in office. Democratshave Much of the brief focused on Monty Wilkinson plans to ask said they areonsolid constitu- the argument that aformer holdover U.S. attorneysap- tional ground, writing in abrief presidentcan’t faceanim- pointedbyformer President last week that Congresswasn’t peachment trial. Trump attor- Donald Trump to resign, offi- rendered “defenselessagainst a ney BruceL.Castor Jr.said in cials familiar with the matter president’streacheryinhis fi- an interviewthe defense is ar- said, as the Biden administra-

nal days…simply because he is a guing that “weare in the same GES tion moves to put itsstamp on

lame duck.” spot as we would be if Donald IMA the Justice Department. TheHouse votedtoimpeach Trump had died and they were Exempt from the decision, ETTY

Mr.Trump last month, alleging stilltrying to impeach him.” Le- /G however, aretwo topprosecu- he encouraged the mob that galexpertshavenoted that re- tors overseeing politically sen- stormedthe Capitol on Jan. 6 moving apresident from office sitiveinquiries,including Dela- SILBIGER

as part of alast-gasp effort to isn’t the only consequenceof H ware U.S. Attorney David RA

overturn President Biden’selec- impeachment; the Senatecould SA Weiss, whose officeisconduct- tion victory. Thearticle of im- also vote to disqualifyaperson House impeachmentmanagers walked through the Capitol Rotunda to the Senate chamber Monday. ing acriminal taxinvestigation peachmentcites aspeech Mr. from holding futureoffice. intoPresident Biden’sson, Trump gaveatarally preceding Thelawyersmade no men- accountability areentirely un- tion againstthe government.” that therewas bipartisan sup- Hunter Biden,asenior Justice the riot whereheurged sup- tion of the unfounded claims of availing,” wroteRep.Jamie SenateMajority Leader port forthe structure. It said Department official said. portersto“fight” and march to election fraud that Mr.Trump Raskin (D., Md.) and the other Chuck Schumer (D., N.Y.)said he the structurewill allowhis de- Another prosecutor,John the Capitol. pushed formonths afterElec- managers. had reached an agreement with fense to showthat it is “absurd Durham, is expected to remain Some of that day’sviolence, tion Day, and Mr.Castor said he Themanagersalso said that Sen. Mitch McConnell of Ken- and unconstitutional to hold an as aspecial counsel oversee- in which five people died, ap- doesn’t plan to raise them. “It’s Mr.Trump’salleged incitement tucky, the chamber’s GOP leader, impeachment trial against a ing awide-ranging inquiry pearstohavebeen spontane- such apolarizing issue,Idon’t wasitself “a frontal assault” on over the parametersfor the privatecitizen.” into the origins of the FBI’s ous.Morethan 170people have seeany tactical advantagein the FirstAmendment. trial. “All parties have agreed to Thetrial will include up to 2016 Russiainvestigation, been charged, and the prosecu- injecting aproblem intothe Thecase against Mr.Trump astructurethat will ensurea four hoursofdebateonthe while relinquishing his positions of alleged rioterscite case,” he said. is about inciting insurrection, fair and honest Senateimpeach- constitutionality of the trial, tion as Connecticut’sU.S.at- some evidenceofcoordination TheDemocratic House im- not about protected speech, the ment trial of the former presi- followedbyavoteatasimple torney,the official said. For- to disrupt Congressbymem- peachment managers, acting as managerswrote.“TheHouse dent,” Mr.Schumer said.He majority threshold, and start- mer Attorney General William bersoffar-right fringegroups. prosecutorsduring the trial, re- did not impeach President called the Trump team’sclaims ing on Wednesday, up to 16 Barrnamed him special coun- On Monday, Mr.Trump’s sponded in their ownfive-page Trump because he expressed an that the trial wasunconstitu- hoursper side forpresenta- sel in October and announced lawyerssaid Mr.Trump didn’t brief,saying Mr.Trump “has no unpopular political opinion. It tional a“fringelegal theory.” tionsbyMr. Trump’sdefense the decision in December. incite the crowd and that the valid excuse or defense” forhis impeached him because he will- Mr.Trump’sofficeissued a andthe House managers, act- Theplanned action wasre- rioterswho breached the Capi- actions.“His effortstoescape fully incited violent insurrec- statement saying it waspleased ing as prosecutors. ported earlier by CNN. P2JW040000-6-A00700-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, February 9, 2021 | A7 U.S. NEWS Texas Lawmaker With Virus Dies

BY KRISTINA PETERSON go to work, to motivate those announced that they had re- lawmaker himself. This year, around him, or to offer fa- ceived the shots. he votedtoobject to President Rep.Ron Wright (R., Texas) therly advice,” his campaign Brian Monahan, the attend- Biden’selectoral victories in GES died on Sundayafter contract- said Monday. ing physician of the Capitol, no- both Arizona and Pennsylvania IMA ing Covid-19,his campaign of- Mr.Wright wasstarting his tified lawmakersinmid-De- and votedagainst the im- GETTY fice said, making him the first second term in Congress. He cember that the National peachment of former Presi-

member of Congresstodie previouslyserved as amember Security Council had notified dent Donald Trump. CALL/ from the coronavirus in office. of the Arlington, Texas,City himthat Congresswould be He had been undergoing LL RO

Mr.Wright’sdeath at the Council and as chief of staff provided with vaccines forpur- cancer treatment for the past Q /C ageof67came two weeks after for former Rep. Joe Barton, a poses of continuity of govern- few years, while continuing to

he wasadmittedtoBaylor Hos- fellowTexas Republican who ment. Sincethen, manylaw- work in both Washington and CLARK

pital in Dallas,his campaign previouslyrepresented the makershavebeen vaccinated. in Texas, his office said. BILL said. He said on Jan. 21 that he district, south of Dallas. In lateDecember,GOP Loui- “Throughout his time in Rep. Ron Wright (R., Texas), 67 years old, was starting his had tested positivefor Covid-19 Mr. Wright hadn’t received siana Rep.-elect Luke Letlow Congress, he worked to save second term in Congress and had also been treated for cancer. aftercoming intocontact with the Covid-19 vaccine,his died of Covid-19, just days be- small businesses,honor our someone who wasinfected. He spokesman said. It wasn’t im- fore he wasset to be sworn in veterans,and protect our most gressional leadershaveinsti- Speaker Nancy Pelosi (D., Ca- wasalso being treated forcan- mediately known whythe law- as anew member of Congress, vulnerable citizens,” House tuted newpractices intended to lif.) said of Mr.Wright on cer, his officesaid. maker hadn’t been vaccinated. at the age of 41. Minority Leader Kevin McCar- curb itsspread, such as holding Monday. “Despiteyearsofpainful, MembersofCongresshave Mr.Wright, oftenseen thy (R., Calif.) said Monday. House votesinsmaller groups. Mr.Wright is survived by sometimes debilitating treat- been eligible to be vaccinated sporting abow tie,spent more Morethan 50 lawmakers “While his tenureinthe hiswife, Susan, their three ment forcancer,Ron never sincemid-December,and lead- than adecade as acongressio- have tested positivefor the Housewas brief,his service children andnine grandchil- lacked the desiretoget up and ersfromboth parties publicly nal staffer before becoming a coronavirus,evenafter con- will be missed,” House dren. U.S. WATCH

NEW YORK Giuliani Associate Gets Prison Term

Afederal judge sentenced a businessman to ayear and aday in prison forlying to federal election authorities and forduping investors in afraud-insurancecom- panyafter convictions that stemmed from an investigation PRATT INDUSTRIES thatensnared severalassociates of Rudy Giuliani. David Correia pleaded guilty last fall to one count of making IS PROUD TO BE false statements to the Federal Election Commission about the source of a $325,000 donation to a pro-Trump super PAC and THE FOUNDING SPONSOR to one count of conspiracy to commit wire fraud in connection with the fraud-insurance company, Fraud Guarantee. OF THE WSJ GLOBAL FOOD FORUM Mr.Correia admittedtowork- ing with Mr.Giuliani’sassociate, LevParnas, to persuade investors to put morethan $2.3 million into Fraud Guarantee. The company nevergot off the ground, and Messrs. Parnas and Correia used much of the funds to payfor personal expenses, prosecutors said. Mr.Parnas has pleaded notguilty. Messrs. Correia and Parnas were arrested on campaign-finance charges in October 2019, and the investigation expanded to include scrutiny of Mr. Giu- liani’s business affairs and his efforts to push for investigations in Ukraine that could benefit former President Donald Trump. Those efforts helped lead to Mr. Trump’s first impeachment; he was acquitted by the Senate. Mr.Giuliani wasnever charged SINCE ITS INCEPTION IN 2016 and has denied wrongdoing. Mr. Correia also must pay $2.3 million in restitution. A law- yer for Mr. Correia declined to comment. —Rebecca Davis O’Brien 6,800 WASHINGTON, D.C. Suit Over Ex-Aide’s Book Is Dropped The JusticeDepartment NEW AMERICAN movedtodismissalawsuit againstaonetime aide to former firstlady Melania Trump that had soughtthe proceeds of her tell-all book, in the latest Biden administration shift away from FOOD FACTORIES the priorities of the Trump era. In a brief one-sentence order, the agency said it “voluntarily dismisses this action,” filed in October against Stephanie Win- ston Wolkoff. HAVE BEEN BUILT The lawsuit accused Ms. Wolkoff of violating a nondisclo- sure agreement she had signed with the government. Ms. Wolkoff argued the provisions ended when the White House terminated her job, and that the suit was an effort to silence her. —Aruna Viswanatha and Sadie Gurman

PHILADELPHIA School Reopening In Hands of Mediator Amediatorwill decide if Phila- delphia teachers mustreturn to their classrooms despitesafety concerns as the district plans to resume some in-person instruction laterthis month. Teachers protesting outside their buildings Mondaysaid they feared the ventilation systems in the city’saging schools weren’t sufficienttoaddressthe potential spread of the coronavirus. The district had ordered lower- grade teachers to report to their schools Monday, but then backed off while amediatorreviewedis- sues raised by the teachers union. Laterinthe day, the cityan- nounced ajointeffort with Chil- dren’sHospital of Philadelphia to start vaccinating teachers and other school staff in late February. MayorJim Kenneysaid the city planned to hold pop-up vaccination sites at schools. SOURCE: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages 2020 —Associated Press P2JW040000-0-A00800-1------XA

A8 | Tuesday, February 9, 2021 THE WALL STREET JOURNAL. U.S. NEWS Demand for Shots Overwhelms States

Federal guidanceto 18 to people 75 and older and groups including educa- broaden eligibilityhas tors—860,000 people.Aweek createdafree-for-all; later,heopened eligibility to adults65and older and essen- ‘likethe Hunger Games’ tial workers—773,000 people. Mr.Hogan expected supply BY JARED S. HOPKINS would increase,aspokesman AND ARIAN CAMPO-FLORES said, and also consulted with public-health officials two days Federal guidancetorapidly beforetoget input. But the expand eligibility for Covid-19 statereceived only 10,000 vaccines has caused skyrocket- doses aday,and local providers ing demand in some states, were inundated with phone overwhelming local providers calls and emails. and frustrating people seeking “Most of us were somewhat shots. takenaback” by Mr.Hogan’s

In Pennsylvania, vaccine de- JOURNAL decision,said Howard County mand has local health offices ExecutiveCalvin Ball. REET

contending with crashed ap- ST Thecounty is still working pointment systems and flooded LL through the morethan 70,000 phone lines.InMaryland, some WA health-careworkers, teachers

counties and providersstruggle THE and othersinearlier groups be- R

to handle newly authorized FO fore vaccinating adults65and groups.InMissouri—whereof- older. It’simpossible with the ficials made vaccines available current supply to vaccinate

to firstrespondersonaThurs- DESHAZER groups recently prioritized, daylast month, and then to M said MauraRossman, the How-

millions morethe following WILLIA ardCounty health officer.“It’s Monday—one provider has The Covid-19 vaccine being administered to drive-through participants inside Broadbent Arena in Louisville, Ky., last month. like, ‘Which 65-year-old do I 100,000 residentsonawaiting pick?’ It’simpossible math.” list with no moredoses to give. populations,and ensuredoses Territorial Health Officials. layedgovernors’ prioritization questsinthree days. Missouri Gov.MikeParson “It’slikethe Hunger Games didn’t go unused. Although stateofficials often plans to focus on people previ- “The sudden changedid cre- expanded eligibility to seniors forCovid vaccines,” said Clar- Theexpansion departsfrom cite limited vaccine supply, ously eligible.Some counties ateasignificant amount of and adultswith comorbidities enceLam, astate senator in recommendations latelast year manufacturersare producing arerequiring people to prove chaos,” Mr.Kraysaid. “It liter- on Jan. 14 because of the Maryland, which opened eligi- by the AdvisoryCommitteeon largely on schedule.PfizerInc. residency. Some hospitals are ally shut our businessdown. All Trump administration’ssugges- bility to large pools of people Immunization Practices,aand Moderna Inc.sinceDecem- combing patients’ recordsto we were doing wasanswering tion and promise of moresup- last month. “Peopleare just group of external medical ex- ber have supplied about 60 mil- inoculatethose most in need. vaccine questions.” ply.But his decision wasmade desperatetofind avaccine.” pertsthat advises the Centers lion doses,nearly one-thirdof Gov. TomWolf said Jan. 19 As aresult, he said, people withoutconsulting apanel of Thefree-for-all stems from forDisease Control and Preven- the 200 million the companies that Pennsylvania would ex- in their70s or 80s who might health experts, said panel mem- governorsand public-health of- tion. Because initial supply was together must deliver by the pand eligibility to people 65 not be computer-savvyhave ber LarryJones,executivedi- ficials implementing recom- expected to be limited, the end of March. Thefirms are andolder,aswell as people been crowded out by younger rector of the Missouri Center mendations made Jan. 12 by committeesuggested vaccines also ramping up to supply an- with serious medical condi- people. forPublic Health Excellence. the Trump administration—and firstgotohealth-careworkers other 200 million combined tions—a movethat some pro- Mr.Wolf said at arecent CoxHealth Chief Executive continued by the Biden admin- and long-term care facility resi- doses in the spring.The U.S. viders saycame with no ad- news conferencethat the state Steven Edwardssaid Missouri’s istration—toimmediately make dents, with adults75and older could see moredoses should vancenotice. Chuck Kray, expanded eligibility under the expansion is helping ensure people 65 and older and adults and essential workersnext. Johnson &Johnson’s vaccine, owner of Hershey Pharmacy, assumption that the federal doses don’t go unused. But due with comorbidities eligible to Butthe U.S. “kind of threw nowunder reviewfor emer- said the announcement trig- government would increase to high demand and limited start the two-shot vaccine regi- the ACIP recommendations out gencyuse,becleared in the geredabout five to six calls and supply.“That didn’t material- supply,his hospital network will men. Thefederal government of the window,” said Marcus coming weeks. one to two emails aminuteat ize,” he said. prioritizehigh-risk segments. wanted to speed up vaccina- Plescia, chief medical officer of Respondingtodemand, each of two locations.His staff In Maryland, Gov.LarryHo- —Julie Wernau tions,particularly forhigh-risk the Association of State and some local providershavede- loggedabout 10,000 vaccine re- ganexpanded eligibility on Jan. contributed to this article. Differing Aims NewCases Dip Below Test Va ccine Push 100,000 BY STEPHANIE ARMOUR pedimentscould draw reaction from other communities. President Biden took office “Theremay be pushback,” Dr. DailyMark promisingtoaddressthe pan- Fauci said. “That’sunfortu- demic with plans that included nate.” aswifternationwide rollout of Thevirus has killed Black, BY DAVID HALL vaccines and a focus on getting Latino,Native Americans and them to minority and lower-in- Pacific Islandersatdouble the Newly reported coronavirus come people who have been hit rate of Asian-Americans and cases in the U.S. fell below S hardbyCovid-19. whites,according to adjusted 100,000 forthe firsttime this NEW

As newvariantsincrease the mortality ratesfromAPM Re- G year,and hospitalizations con- urgency forvaccinations,com- search Lab, which analyzesna- tinued to decline,asvaccina-

peting pressures aretesting his tional data. OOMBER tion rolloutspicked up speed. administration’scapacity to ac- TheBiden administration TheU.S.reported 88,044

complish both goals. has said addressing those dis- YLE/BL newcoronavirus cases forSun- Theadministration has said parities is crucial forits em- DO day, according to the latest RY

it wantstonotch 100 million phasis on health equity. RO datacompiled by Johns Hop- vaccinations in itsfirst 100 Race and ethnicity informa- A Covid-19 vaccine was given at a site in Greenville, Miss., on Jan. 15. kins University.Overall, more days,has increased itsweekly tion wasknown foronly about than 27 million people in the vaccine supply to states to at half of the individuals vacci- ing measures that take housing RepublicanGov.Asa Hutchin- cause they liveinaspecific U.S. have tested positivefor least 10.5 million doses,and is nated. From the known data, or access to transportation into sononJan. 26. area could raise legal concerns. Covid-19 sincethe pandemic buying enough doses to inocu- 5.4% of individuals vaccinated account when identifying com- Finding the balanceisn’t In another case,Dallas began, accounting formore late most of the U.S. population during thefirst month of the munities formore-targetedout- easy.InWashington, D.C.,early County commissionersinJanu- than aquarter of all confirmed by the end of the summer. rollout were Black and 11.5% reach. Asocial vulnerability in- dataindicated people in lower- arydecided to prioritizevac- cases world-wide,according to At the same time,the ad- were Latino,based on available dexbythe Centersfor Disease income and minority neighbor- cinesfor eligible people in ZIP Johns Hopkins data. ministration is launching aplan federal data, which showedthat Control and Prevention pro- hoods moreaffected by the vi- Codesthat included minority TheU.S.also reported its to send about one million vac- about 40% of those vaccinated vides an algorithm with 15 fac- rusweren’t getting vaccinated neighborhoods.But the Texas lowest daily death toll from the cines aweek to pharmacies overallwereracial and ethnic tors that identifymorevulnera- as frequently as residentsof Department of State Health disease sincethe beginning of that initially will be selected minorities. ble populations. moreaffluent neighborhoods Services told the county its the year.The countryadded based on proximity to minority Roughly half of thestates TheCDC under the Trump that have seen fewercases. vaccine allocations could be re- 1,276fatalitiestothe death toll, and underserved communities, with publicly available vaccina- administration also called for Thedistrict in mid-January duced if it solely prioritized bringing the totaltomorethan wherepeople have been hit tion plans factored addressing more-equal vaccine distribu- began allowing only individuals certain ZIP Codes. 463,000,according to Johns harder than the broader popu- racial disparities intotheir tion, and while the federal gov- in specific,generally lower-in- Thecommissionershad to Hopkins. lation. These communities have strategies,according to aNo- ernment largely isn’tforcing come ZIP Codes to register on rescind the plan. Astate health While supplies of Covid-19 populations that traditionally vember analysis by the Kaiser states intoany action, it can some days.When the district department spokesman said vaccines arestill limited, states highly distrust medical treat- Family Foundation. choose which pharmacies get failed to publicly clarifythat prioritizing vaccines is fine but areramping up vaccinations. mentsand broadly have lessac- “Covid-19 took advantageof vaccines first. additional appointmentswould the county can’t bar people About9.5%ofthe U.S. popula- cess to everything from digital wherethereare gaping inequi- Myriad reasons exist forthe soon be available to all senior from getting ashot based on tion has been given at least one technologytoeasy transporta- ties,” Marcella Nunez-Smith,an disparities,sothereisnoone- residentswho were eligible, wherethey live. dose.The ratesvaryfromstate tion. associateprofessor of medicine size-fits-all fix. Each statehas some were “angered and Some Texas commissioners to state, from roughly 6% of the “You’retalking about people and epidemiologyatthe Yale takenits ownapproach to the alarmed,” City Councilwoman disagreed. “Wehad already population in Alabama to more who don’t have access to com- School of Medicine who is head rollout because the Trump ad- MaryCheh said in aJan. 15 erred in the other way pretty than 12% in Alaska, according puters, don’t have good trans- of Mr.Biden’snew Health Eq- ministration allowedstate gov- tweet. badly of it going to mostly rich to datafromCentersfor Dis- portation,don’t have amotor uity Task Force, said in an in- ernmentstodetermine vaccina- Walter Olson,asenior fellow whitepeople,and we were go- ease Controland Prevention. vehicle,” said AnthonyFauci, terview. tion strategies. at theCatoInstitute, said pol- ing to prioritizethese hard-hit Therewereanaverage of 1.1 chief medical officer forthe Bi- TheBiden administration “You have to balanceeffi- icymakersneed to tread care- communities,” said J.J. Koch, a million doses administered den administration. will asksome states to revise ciencyingetting the vaccine fully because excluding people Republicancommissioner who daily in the U.S. forthe week But focusing on those im- their vaccination plans by add- out with equity,” said Arkansas from getting vaccinated be- backed the plan. endedSaturday. Bucs’Win at Home SpursWorryofaSpreading Event

BY ANDREW BEATON preceded by aweek of grow- game itself featuredareduced Lightning wonthe Stanley Cup ing crowds inside the city. capacity crowd of 24,835, last fall. That celebration also TAMPA, Fla.—Carhorns “I’m worried nowthat we which included 7, 500 vacci- featuredcrowdsthat raised blared intothe weehoursof might see another surge,” said nated health-care workers. eyebrows,including when fans the morning.Large crowds Marissa Levine,aprofessor of But that couldn’t control the joined in on drinking from the spilled intothe streets. Fans public-health practiceatthe throngsoffans eager to cele- actual Stanley Cup. gathered for a historic Super University of South Florida brateTom Brady and Rob Ms.Castor and the city Bowl celebration—manywith- and former state health com- Gronkowski afterthe entirecity made concerted efforts in an- out facecoveringsinthe missioner in Virginia. “We teemed with mounting antici- ticipation of the Super Bowl’s throes of this Covid-19 pan- never knowuntil afterthe fact pation throughout the week. breadth. Themayor noted demic. if an event has been asuper “It is alittle frustrating be- mask giveaway effortsand an TheTampa BayBuccaneers spreader.” cause we have worked so executive order she signed in became the first NFL team to This Super Bowl itself wasa hard,” Ms.Castor said Monday Januarythat temporarily re-

/REUTERS ever winthe Super Bowl on its testament to pandemic-related morning of those who opted to quired facecoveringsincer- TS home field when the team safety measures in numerous not wear masks.“At this point tain outdoor areas and enter- OR

SP throttled the Kansas City ways. TheNFL reached this in dealingwith Covid-19,there tainment districtssurrounding Y

DA Chiefs 31-9 Sundaynight. It point as scheduled only after is a level of frustration when Super Bowl event zones.

TO wasacause forsuch wide- pouring tens of millions of yousee that because it canbe Themajority of individuals A

US spread celebration that some, dollarsintodaily testing for passed on to those individuals understood the significanceof T/ including Tampa Mayor Jane its personnel, contact tracing whoare least likely to recover wearing amask,Ms. Castor HOL

Y Castor,are nowexpressing forinfected individuals and safely from it.” said,adding that the excite-

MAR concern about potential coro- protocols that mandated social This is the second pan- ment around the game was Fans celebrated in the streets of the Ybor City area of Tampa, navirus spread in the wake of distancing and mask wearing demicchampionship for also aboost forlocal busi- Fla., after their team’s Super Bowl win Sunday night. anight of partying that was inside team facilities.The Tampa Bayafter the NHL’s nesses. P2JW040000-4-A00900-17F6DF7178F

THE WALL STREET JOURNAL. **** Tuesday, February 9, 2021 | A9 WORLD NEWS WHO Backs AstraZeneca Vaccine Trials of China’s Officials say efficacy against severe cases New Shot could clear agentfor emergency use soon ShowHope

World Health Organization BY CHAO DENG officials expressed confidence that AstraZeneca PLC’s TAIPEI, Taiwan—Early clin- Covid-19 vaccine can prevent ical trial results from several severecases of the disease,as countries showedthat a well as hospitalizations and Covid-19 vaccine candidate deaths,despitequestions jointly developed by the Chi- about the protection it offers nese militaryand aprivate against afast-spreading strain Chinese firm was 65.7% effec- of the virus firstdetected in tive at preventing symptom- South Africa. atic cases of the coronavirus, potentially giving China a By Gabriele third effective vaccine candi- Steinhauser dateinfighting the pandemic. in Johannesburg Theresultsfromlate-stage and Jenny Strasburg trials—which were firstmade in London public in atweet by Faisal Sul- S tan, special assistant on na-

The remarks followed a re- NEW tional health to Pakistan’sprime lease of information over the G minister—come as global pub- weekend about asmall clinical lic-health expertshavecalled trial of the vaccine in South OOMBER formoretransparencyfrom Africa, which prompted the /BL Beijing and Chinese drugmakers

government there to halt a GERS on the efficacyand safety of IE

planned rollout of the shot. SW their Covid-19 vaccines. Thepreliminarydata, which Thesingle-shot candidate, LDO

hasn’t been published in de- WA developed by CanSino Biolog- tail, suggested the vaccine People on Monday lined up outside a hospital in Pretoria, South Africa, as the nation grapples with a new variant of the coronavirus. ics Inc.inconjunction with maynot prevent mild and the Chinese military, is being moderatecases of Covid-19 vere cases less often. Emergency-use listing from Recenttrials of other the virus. tested in five countries: Paki- from anew variant that has “Looking at the evidenceon the WHO would serveasarec- Covid-19 vaccines in South Af- Many countries’ hopes are stan, Russia, Argentina, Mex- become the dominant version the AstraZenecavaccine, ommendation forarangeof rica, including forshotsdevel- riding on the AstraZenecavac- ico and Chile. of the virus in South Africa acrossanumber of trials,itis countries, particularly poorer oped by Johnson & Johnson cine,developed in collabora- Based on amulticountry and the broader southern Afri- very clear that [the AstraZen- ones,tomoveforwardwith and Novavax Inc., also found tion with the University of Ox- analysis, Mr.Sultan tweeted, can region. ecavaccine] has efficacy adopting the vaccine,speeding lowerefficacyrates against ford.AstraZenecahas CanSino’s vaccine is 90.98% ef- TheWHO’sdirector-gen- against severe disease, hospi- itspath to widespread use the newvariant, compared promised to deliver more fectiveatpreventing severe eral, Tedros Ghebreyesus,said talizations and deaths,” said around the globe. with predecessor versions of doses this year—roughly three diseases.Hewrote that the the trial’sfindingswere Katherine O’Brien, director of It would also allow for the the virus. That has prompted billion—than anyother vac- global analysis included “clearly concerning news,” but the WHO’simmunization pro- firstshipment of some 340 vaccine makers to begin work- cine maker. The partners said 30,000 participantsand 101 stressed that they came with gram. million doses of the vaccine ing on newshots to bettertar- last week they hope to have an confirmed cases of Covid-19, “important caveats.” Dr.O’Brien and other senior from the WHO-supported Co- getemerging coronavirus updated version of the vac- though he didn’t disclose de- Those included the small WHO officials suggested that vax facility to poor countries, strains. cine,targetedatnew variants tails of what wasconsidered a number of volunteersinthe the body would list the Astra- including several in southern Large-scale human trials for such as the South African one, symptomatic case, and which trial—around 2,000—and their Zenecavaccine—seen as acor- Africa where the B.1.351 vari- Covid-19 vaccines already in ready by autumn. of those would then count as relatively young median ageof nerstone in the world’s fight ant has driven powerful waves use, such as the ones devel- SouthAfricasaid it would severe. just 31 years. WHO officials against the pandemic thanks of infections in recent weeks. oped by Moderna Inc. and speedupthe deployment of A person familiar with the andoutside researcherssaid to itslow cost, high-volume “It is vastly tooearly to…be Pfizer Inc., were largely com- the J&Jand Pfizer vaccines matterconfirmed the efficacy the trial wastoo small and its target and easy storage—for dismissing this vaccine,” said pleted beforemorecontagious untilithas moredataabout figures. The Chinese military volunteers too young to draw emergency use this week. Richard Hatchett, chief execu- newerversions of the virus the AstraZeneca shot’s effect couldn’t be reached to com- clear conclusions about the “There was a very positive tiveofthe Norway-based non- came to driveinfections in the on severe illness. Other coun- ment after working hours. vaccine’s efficacy against the viewabout proceeding with profit Coalition of Epidemic U.K., South Africa and Brazil. triesinthe southern African Aheadline efficacyrateof variant, known as B.1.351, es- the use of the vaccine,includ- PreparednessInnovations, Drugmakerssay newvaccines region, such as Zambia, Ma- 65.7%would put CanSino’s pecially when it comes to pre- inginsettingswherevariants which is funding Covid-19 vac- will be ready in coming lawi or Mozambique,have vaccine abovethe 50% re- venting more severe cases of arecirculating,” she said. The cines.“This is averyimpor- months,and updated shots feweroptions.They arealmost garded by international public- Covid-19.Younger people tend South African strain has been tant part of the global re- could come to serveasannual entirely dependent on free As- health expertsasthe thresh- to suffer from milder versions detected in at least 32 coun- sponse to the current boosters, altered based on traZeneca doses from the Co- oldfor avaccine’sability to of Covid-19 and experiencese- tries, including the U.S. pandemic.” emerging characteristics of vax facility. control the spread of a virus. Coup and Coronavirus Hinder Myanmar’sGarment Factories

BY JON EMONT

SINGAPORE—Adecade ago, as Myanmar wasturning toward democracyfrommilitary

rule,Western governmentsbe- GES

gandropping crippling sanc- IMA tions—drawing fast-fashion la- bels to the country. Factories GETTY sprang up,employing hundreds SE/ of thousands of people making shirtsand dresses forconsum- ANCE-PRES

ersinEurope and elsewhere. FR Last week’smilitarycoup threatens to turn back the ENCE AG clock.Factoryownersfear po- Protesters in Yangon held portraits of Aung San Suu KyionMonday. litical instability will push Western clientsaway,and that Myanmar's apparel exports arewarning against measures anyWestern effortstopressure that could hurt Myanmar’s the generals by restoring broad $5 billion poor and civilian businesses, sanctionsorwithdrawing trade such as withdrawing EU trad- preferences would be crushing. ing preferences. “I am very afraid of going 4 EU officials said the bloc back to that time because Ial- will exploreall options.The ready knowwhat the situation EU considered doing just that waslikewith sanctions,” says in 2018 over human-rights Aung MyoHein, who opened a 3 concerns. In the end, it didn’t garment factoryinMyanmar act against Myanmar. in 2013,when the European If the trade benefits disap- Union gaveMyanmar’s gar- 2 pear in response to the coup, ment exportsduty-free access. factorieswould be forced to On Monday, protesterstook close, Mr. Aung said. His fac- to the streetstooppose the tory makes mainly shirts, sell- military’sseizureofpowerfor 1 ing 85% of itsproduction to athirdstraight day, with tens Europe. of thousandsattending rallies “I will consider switching to and marches.They included another business” if EU orders 0 teachers, engineers, retail fall, he said. Adifferent kindof workersand othersrespond- ’11 ’13 ’15 ’17 ’19 Western countries seeking ing to activists’ strike calls. A Source:U.N. Comtrade to pressurethe generals don’t palm reading. messageonstate television in have much leverage. The U.S. the afternoon said action of Spain, Next PLC of the U.K. says it is reviewing its aid to would be taken against those and Primark,aretailer with Myanmar,but most of the Be the first to know the latest business news, seen as disturbing the nation’s stores across Europe. money goes to civil society live market updates, and real-time insights stability and authorities later Myanmar’s garment indus- and no programs directly ben- and analyses with the Deloitte Insights app, issued decrees that effectively tryhas asmall shareofthe efit the military. Senior mili- powered by Dow Jones. banned public protestsin global business, but it has been tary leadersare under sanc- partsofthe country’stwo big- seen as apromising,low-cost tions foradeadly 2017 Get all that and more in the palm of your gest cities. alternativetoChina forcloth- militaryoperation against the Only athirdofthe 1,200 ing from simple shirtstomore country’s Rohingya minority. hand, and you just might be able to predict people Mr.Aung employs re- complexjacketsand coats. According to State Depart- what the future holds. ported forwork on Monday, Retailers buying clothes ment officials,the U.S. is re- while othersjoined the dem- in Myanmar haven’t yetsaid viewing its sanctions posture onstrations, he said. what they will do aboutthe toward companies associated Scan the QR code to The coronavirus pandemic militarytakeover.Primark has with military leaders, which download the apptoday. has wiped out orders and no current plans to changeits are involved in industries in- caused layoffs.Beforeithit sourcing strategy, it said, but cluding mining and construc- last year, apparel exports had is closely monitoring the situ- tion. But even targeting mili- been rising sharply—to about ation.H&M said it is con- tary interestshas to be done $5 billion in 2019,15times the cerned but wouldn’t comment delicately,Western research- 2010 total—creating an indus- on howitwill respond. Next ersand consultantsfamiliar trythat employed700,000 and Mangodidn’t answerre- with Myanmar’s economysaid, Copyright ©2020 Deloitte Development LLC. All rights reserved. people.Brands include fast- quests for comment. as they include portsand fashionretailers Hennes & As Western governments other infrastructureused by Mauritz AB of Sweden, Mango weigh their options,experts civilian industry. P2JW040000-4-A01000-1------XA

A10 | Tuesday, February 9, 2021 **** THE WALL STREET JOURNAL. WORLD NEWS Russia Snub GivesU.S.anOpening Investigation Targets TheEuropean Union’slatest Honduran President clash with Russia has pre-

sented an opportunity forthe GES BY JOSÉ DE CÓRDOBA venge or to reduce their sen-

U.S. to advocateajoint posi- IMA tences.” tion on Moscow,asofficials MEXICOCITY—U.S.prosecu- Mr.Hernándezwasn’t

GETTY tors areinvestigating the presi- named in the court filing by By Laurence Norman SE/ dent of Honduras forallegedly name.Rather,hewas de- in Brussels accepting bribes to protect scribed as CC-4,orco-conspir- and Thomas Grove drug traffickerswho shipped ator 4, in acourt document ANCE-PRES

in Moscow FR tons of cocaine to the U.S.,ac- filed late Friday in the South- cording to acourt filing. ern District of New York. on both sides of the Atlantic ENCE Thelatestfiling came in the Thedocument said the U.S. AG

consider howtohold the T/ criminal case of an alleged investigation wastargeting UR

Kremlin accountable forthe CO Honduran drug trafficker,Geo- “high-ranking officials,such as treatment of opposition leader vannyFuentes Ramírez,who CC-4,” identified as the

AlexeiNavalny. TRICT prosecutorssay paid President brotherofJuan Antonio DIS

EU foreign-policychief Jo- Y Juan Orlando Hernándezlarge “Tony” Hernández, the presi- sep Borrell visited Moscow last bribes to fund the Honduran dent’syounger brother.The week,the latest moveinapush leader’s 2013 presidential cam- younger Mr.Hernándezis to bolster ties with Russia led paign in exchange for protec- awaiting sentencing in New by French President Emmanuel BABUSHKINSK tion of his drug business. York after being convicted in

Macron that has prompted OW While the Honduran leader 2019 of trafficking 200 tons of SC

anxiety among some member MO has been implicated in several cocaine to the U.S. states that border Russia. The jailing of opposition leader Alexei Navalnyhas intensified tensions between Moscow and the West. drug trials in the U.S., the fil- President Hernández, who But Russian Foreign Minister ing marks the firsttime Amer- wasalso named as an unin- SergeiLavrovused ajoint news sought to divide the U.S. and tenced to 3½ yearsinprison, it from Washington’sperspec- ican prosecutorshavemade dicted co-conspirator in his conferencetoscold Mr.Borrell the EU,its biggest trading sidelining himfromgrowing tiveand itsdesiretoboost the public that they areinvestigat- brother’strial, hasn’t been forcriticizing Mr.Navalny’s partner,exploiting warinessin protest against the rule of Pres- trans-Atlantic partnership,the ing the president. charged with any crime. sentencing.Hourslater,Mr. some EU capitals about eco- ident Vladimir Putin. trip went quite well.” The Honduran government One of the poorest countries Borrell learned during ameet- nomic sanctions imposed on U.S. officials joined EU,U.K. LaterFriday, as three hours denied theallegations.“The in the hemisphere, Honduras ing with Mr.Lavrovthat Mos- Moscow after Russia’s2014in- and other counterpartson of talks with Mr.Lavrovwere claim that Pres.Hernández posesadifficult challengefor cow was expelling three Euro- tervention in Ukraine. MondaytodiscussMr. Navalny. ending,Mr. Borrell learned supposedly accepted drug the Biden administration. The pean diplomats.Mr. Borrell on But last week’sdevelopments “Russia has long had an il- from social media that Russia money from a Geovanny Dan- newadministration says it Sundaywrote in his blog that have given an opportunity to lusion that it candeal with in- planned to expel diplomats ielFuentes Ramírez,orgave wantstofocus on lowering “Russia is progressively discon- the Biden administration. Sec- dividual capitals construc- from Sweden, Poland and Ger- protection or coordination to corruption and improving the necting itself from Europe and retary of State AntonyBlinken tively but that Brussels is the manyfor allegedly attending drug traffickersis100% false,” rule of lawaspart of adriveto looking at democratic values as said last week that Washington unreliable actor here,” said pro-Navalnyrallies. said the Honduran government lowerillegal migration from an existential threat.” He said wantstocoordinateclosely Andrey Kortunov, head of the On Monday, Sweden, Ger- Twitteraccount. Theallega- the Northern Triangle coun- the bloc could impose sanctions with itsEuropean allies over Russian International Affairs manyand Poland said they tions, the government said, tries of Central America—Hon- over Mr.Navalny’sjailing. Moscow’s handling of Mr.Na- Council, agovernment-sanc- were each kicking out aRus- were “based on lies of con- duras, Guatemala and El Salva- Moscow in recent yearshas valny, who last week wassen- tioned think tank.“Looking at sian diplomat in response. fessed criminals who seek re- dor. WORLDWATCH

ISRAEL gifts from rich businessmen in spark arareoutpouring of free- it would resume cooperating with exchange forofficial favors and wheeling debate on taboo topics the United Nations Human Rights Netanyahu Formally offered twomedia moguls regu- in the Chinese-speaking world. Council and seek to overhaul the Pleads Not Guilty latory and financial benefits in On Monday evening, Club- group, which critics sayamplifies exchange forpositivenewscov- house users from Beijing to rights concerns about Israel, while Israeli Prime Minister Benja- erage. He facesupto10years in Shenzhen said their chats were sweeping apparentviolations by min Netanyahu formally pleaded prison if convicted of bribery,the disconnected mid-conversation, other countries under the rug. not guilty to charges of corrup- most serious charge. replaced by an error message. Secretary of State Antony tion Monday, setting the stage —Dov Lieber Calls to Beijing’s internet reg- Blinken said Monday the U.S. for a lengthy legal fight to de- ulator, the Cyberspace Adminis- would begin working with the termine the political fate of the CHINA tration of China, went unan- council as an observer in the im- country’s longest-serving leader. swered. mediate term. He didn’t say In his second appearancein Censors Appear to —Wenxin Fan whether Washington would seek the Jerusalem courtroom since Block Audio-ChatApp a seat on the council when a po- the trial began in May,Mr. Ne- UNITED NATIONS sition becomes available. tanyahu referred to his defense Beijing’scensors appeared to The Trump administration MAHE/REUTERS team’ssubmission to the court slam the door on Clubhouse, Sili- U.S. to Resume Ties to withdrew from the council in EPHANE

denying wrongdoing. conValley’slatestsocial-media Human Rights Council 2018, saying it was a failure and ST The charges center on allega- hit, after afrenzied week in which calling it hypocritical. RISING WATERS: Rescue workers help people after several days tions thatheaccepted expensive the audio-only chatapp helped The Biden administration said —William Mauldin of rain caused the Charente River to overflowin western France.

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THE WALL STREET JOURNAL. Tuesday, February 9, 2021 | A11 FROM PAGE ONE The Bill Comes Due For Malls

ContinuedfromPageOne ties that operatethe two malls became delinquent on securi- tized debt called commercial mortgage-backed securities,or CMBS,according to real-es- tate-dataprovider Trepp LLC, eventually negotiating extensions and deferrals. It’s a plight facing another privately held major mall owner that bet on on-site entertainment, Triple Five Group. It owns Mall of Amer- ica in Minnesotaand aNew Jersey mall,American Dream, S that have invested heavily in attractions from giant water- PRES

slides to an indoor ski slope. TED

Pyramid and Triple Five OCIA SS

have gone much further than /A othermall ownersinadding grand spectacles to their biggest U.S. properties, racking WILLENS up debt they arenow having THY KA troublerepaying.Last year, Mall operators began looking to experiential games and rides to woo foot traffic; waterslides at the American Dream mall in New Jersey after it reopened in October. threeoftheir four big U.S. malls defaulted on some CMBS retailer bankruptcies and com- malls,these attractions area Footfall sadesCenter has experienced debt, according to Trepp; the petition from nearby proper- small pieceofbusiness: Enter- declining income since2017, ac- fourth mall is delinquent on ties can contribute to a mall’s tainment tenantsoccupy about Quarterly vacancy ratesatU.S. …when the pandemic hit foot cording to Standard&Poor’s. some local-government bills. default, analysts said, owners 2% of U.S. mall space, accord- malls were already rising… traffic*atthe DestinyUSA mall. APyramid spokesman said: Among all CMBS mall loans that borrowed to build entering to CoStarGroup, aprovider 12% 20% “While Pyramid has not been that ratings firm DBRS Morn- tainment attractions aremore of commercial-real-estatedata immune to the past decade’s ingstar tracks,about 14%of vulnerable in the pandemic. and analytics. fluctuation trends,which were $50.6 billion were delinquent Still, they said, lendersare Pyramid and Triple Five 11 0 exacerbated by the pandemic, at the end of 2020,upfrom lessinclined to foreclose on have bet more. About 12.5% of we have confidenceinthe 2.7% at 2019’s end. malls with large-scale enter- Destiny USA’s square footage 10 –20 long-term outlook,based on Entertainment typically tainment venues because tak- is entertainment attractions our diversification strategy.” drawsfoot traffic,but todayit ing the keys back means tak- and about 12.2% of Palisades 9 –40 When NewYork stateim- has become an unsustainable ing on the complexities of Center’s,said the Pyramid plemented shutdowns in running such acenter or find- spokesman. Pyramid’sother 12 March, DestinyUSA closed. 8 –60 ing another buyer. malls areinsmaller markets Tenantsstruggled to payrents ‘We’re concerned Thepain goes further at and have entertainment and Pyramid became delin- Pyramid, which owns 14 malls: squarefootageranging from 7 –80 quent on the repayment of its about the Entities that operate11of 3.8% to 18.1%, he said. mortgages forDestinyUSA survivability of the those malls, including the big When American Dream 6 –100 and Palisades Center starting two,missed repaymentsstart- opened in 2019,Triple Five 2012 ’14 ’16 ’18 ’20 2020 ’21 April. Pyramid secured defer- business here.’ ing April on $1.2 billion of said it would feature 55% en- rals on debt servicepayments *change from year earlier their$1.6billion in CMBS tertainment. It said that year Note:DestinyUSA wasclosed between late March and early July. and delayedthe maturity debt, according to Trepp.Des- that Mall of AmericainBloom- Sources: REIS Moody’s Analytics (vacancies); Placer.Ai(foot traffic) dates for the loans. tinyUSA defaulted on $430 ington, Minn., which opened in “We’reconcerned about the expense, said Nick Egelanian, millionand Palisades Center 1992, has 25% entertainment, tion or arewaiting formore To help fill the spaceand survivability of the business president of retail-consulting on $418.5 million. including roller coastersand a people to get the vaccines. wootraffic,itadded experi- here,” said Nicole Montgom- firm SiteWorks.“This is one of Pyramid negotiated exten- giant sea aquarium. Other attractions that haven't encestypical of amusement ery, general manager of Won- the great dilemmas,” he said. sions and deferrals with its Mall of America’sroller- opened include the aquarium, parks: indoor go-kart opera- derWorks at Destiny USA, re- “You think about all the things lendersand resumed making coaster rides closed in March, Legoland and mirror maze. tion, the WonderWorks theme ferring to the theme park’s we’reexperimenting with to paymentsinNovember,ac- reopened in August, closed Triple Five is on the hook park including aropes course. operations. take the placeofthe depart- cording to Trepp.Pyramid said again on Nov 21 and reopened for$2.7billion in loans,includ- DestinyUSA’s foot traffic in DestinyUSA is nowaround ment store anchor, entertain- itsremaining three malls on Jan11. ing through municipal bonds, 2012 rose by morethan a 70%occupied, down from as ment is the most expensive. aren’t in default. Triple Five missed multiple forthe mall, according to mu- third, and sales per square high as 97% in 2013,said the Anything that requires mass “These difficulties arevery Mall of Americamortgage nicipal-market information foot were 25% over the prior spokesman. AJ.C.Penney gatheringsisn’t agood idea consistent with the entiremall paymentsonits $1.4billion provider Electronic Municipal year, Pyramid said. store shut in October, Lord & during a pandemic.” industry,” aPyramid spokes- loan last year.After negotia- Market Access.The Journal DestinyUSA,which also Taylor closed thereinDecem- These burdens will become man said. “Weexpect to work tions with itslenders, the loan couldn’t determine whether added laser tag, amirror ber as part of itsbankruptcy benefitsagain afterthe pan- out financial restructurings, as wasmodified and it secured Triple Five wasdelinquent on maze, bowling and simulated and Best Buy said it is closing demic,Mr. Egelanian said, as- needed, as we have done so interest-only repayment terms anypaymentsonthat debt; the rides,became atourist attrac- itsDestinyUSA storein suming vaccines are effective successfully in the past.” until maturity and is deemed firm didn’t take out anyCMBS tion. ShoppersfromBuffalo, March. Macy’sand TJ Maxx and something akin to normal current sinceDecember,ac- forAmerican Dream. N.Y., and Canada drove hours stores arestill there, men’s life can resume. cording to Trepp. American Dream is delin- to experienceit. “People were apparel maker Untuckit said it Pyramid and Triple Five Mall malaise Triple Five’s American quent on payments of $1 mil- curious to see what it would is in talks about opening have morepaymentscoming Malls have been staples of Dream, in East Rutherford, lion in 2019 and $2 million in be like,” said Frank Cerio,who there, and Women’sclothing due this year without a clear suburban life since the 1950s, N.J., across the Hudson River 2020 in a payment-in-lieu-of- grew up nearby and is chief retailer Anthropologie said it idea of how long Covid-19 re- but big department stores and from Manhattan, became one taxesdeal with East Ruther- operating officer of 5Wits, is opening a store this year. strictions will affect revenue. retailersstarted closing out- of the firstU.S.malls to de- ford,said AnthonyBianchi, the which runs interactiveand Depending on each tenant’s ATriple Five spokesperson letsasconsumersshiftedto- vote more space to entertain- borough’s chief financial offi- fantasy games at DestinyUSA sales and circumstances, Des- didn’t respond to requestsfor ward shopping online and at ment,restaurantsand theme- cer. Triple Five,ofEdmonton, and other Pyramid malls. tinyUSA said, the mall has comment. independent stores,and park rides than to traditional Alberta, also operates amall Pyramid began offering day agreed to consider granting Pyramid Chief Executive spending on experiences in- retail when the $5.7 billion in Canada. passes foraccesstoentertain- rent reductions. Stephen J. Congel said he is stead of goods.Ofthe roughly project opened—the costliest ment sitesatDestinyUSA and One afternoon in December, confident DestinyUSA will 1,500 U.S. properties that were U.S. mall ever, analysts said. developed a209-room Em- yellowtape cordoned off the makeitthrough. During the onceenclosed shopping malls, Attractions include a1,000- Pyramid’s bet bassy Suites hotel nearby.Girl mall’s arcades, shutters were summer,hesaid, when Destiny at least500 no longer are, foot-long indoor ski slope and Mr.Congel’sfather co- Scoutsheld sleepoversat down on alaser-tag area and a USAreopened, traffic wasas said Ellen Dunham-Jones,a it planned to open agiant in- founded Pyramid in 1968 as a WonderWorks.Pyramid spent peek inside Dave &Buster’s high as 80% of itsyear-ago Georgia InstituteofTechnol- door wave pool in March but Syracuse construction com- hundreds of millions bringing sportsbar and videogame numbers, as overworked par- ogyprofessor who studies the closed that monthunder pan- pany. It built its first mall, in on moreentertainment attrac- rooms revealed mostly dark- entsand bored children retrofitting of dying malls. demicrestrictions.The mall NewYork,in1971 and by 1976 tions to DestinyUSA and other ness. The arcades and Dave & streamed through its doors. Mall operatorsbegan look- partially reopened in October; had completed 22. In 1990, it properties, Mr. Congel said. Buster’s remain closed. They will again, he said,af- ing to experiential games and two-thirds of itsstoresare op- opened amall on aformer Themall’snet operating in- Adam Liu, a22-year old terthe vaccine becomes ridestowoo foot traffic and erating,its websitesays.The scrapyard, naming it Carousel come rose 16.7%from2010 Syracuse University student, widely available.“That seg- help curethe mall malaise.Sev- waterpark,Nickelodeon theme Center forthe merry-go-round through the firstquarter of stoppedbyDestinyUSA but ment hasbeen hit hard,” he eral hundred malls nowfeature park,minigolf and the ice that was the main feature. In 2014, according to aStandard& said he wasn’t taking chances said of the entertainment afew attractions—minigolf, skating rink areopen. Other 2012, Pyramid expanded it by Poor’s report in 2014. But Des- with the ropes course,the only business. “But it will eventu- karting,bowling lanes,gaming attractions have yettoopen 883,000 squarefeet to itscur- tinyUSA suffered declining net part of WonderWorks open ally return to be healthy.” arcades—that consumerscan’t even foraday,because they rent 2.4million, renaming it operating income everyyear af- that day. “Not today,” he said, While manyfactors, such as replicateathome.For most areeither still under renova- Destiny USA. ter2016,and Pyramid’sPali- “because of the pandemic.”

“Lovely to have all these new performance, historyand com- ham Castle is set to reopen Traders followers,” another member, edy while leading his owncity this spring,after a £30 million Lisa Douglas,tweeted from the tours, hopes the attention renovation (about $41 mil- group’s Twitter account. helps local tourism oncethe lion), he added. Aim at the “Weonly knowabout old pandemic eases.“This could Historians suspect there fashioned stock I’m afraid,” be the moment we have been might have been outlaws who Ms.Douglas said in another waiting for,” he said. operated in the forestsaround Wrong Guy tweet, referring to the wooden Localtourism chiefs are Nottingham hundreds of years restraintsused to shame crim- keeping close watch. ago. Traveling troubadours inals back in the day. “We noticed that our web- likely augmented the stories ContinuedfromPageOne Manywho wrotetocom- site traffic increased quitea with the idea of sharing spoils World Wide Robin Hood Soci- plain decided to followthe so- lot, about 24% up on the pre- with the poor, as well as add- ety—a band of some 10 peo- ciety’s Twitteraccount after vious week,sowesat down ingnew characters, said Mr. ple—Mr.Whitehandles the learning it wasconnected to and had abit of athink about White, who gathershistory group’sTwitteraccount, the Robin Hood of lore. The how we could take advantage andlorefor the Robin Hood @robinhood. Most days,he group’sTwitterfeed ballooned of this,” said Sophie Milne, society. said, he gets one or two pings. to nearly 62,000 followers who works with Visit Notting- Newmerrymen continue to Furious tradersmessaged from 350 or so. hamshire, a regional group. surface. In the 1980s,aBritish him as the feud between Red- Among those joining the Townspeople areupbeat, TV network made aseries that dit usersand Wall Street blew bandwagon wasFour Seasons too. “It’s been a dreadful few included amysterious fig-

up,thinking his wasthe Twit- TotalLandscaping in Philadel- FILMS months with the lockdown and ureknown as the Sara- teraccount of Robinhood, the phia, the outfitconfusingly se- everything,sothis has been a cen, who wascaptured and brokerage, not Robin Hood, lected—instead of,say,the good distraction,” said Lindsey brought back to England dur- HUNTER the legendaryoutlaw’sbooster city’s Four Seasons hotel—for Ezekial Bone, a Robin Hood performer, posing in costume. Hall, 51. ing the Crusades before join- group. anewsconferencetoclaim If all goes well, Nottingham ing Robin Hood’sband of out- “The thingwas just going fraudinthe Nov.3presiden- theWorld Wide Robin Hood said. “It’snot just the name of might be able to catchsuch laws.The character showedup ping,ping,ping,ping,” the 77- tial election. Society explorethe legacyof the app.” popular visitor spotsasOxford in the Kevin Costner movie, year-old author and amateur “Huzzah! Letusknowif the outlaw’slegend, compiling With itsnewfound celeb- and Cambridge. Datafrom “Robin Hood: Princeof historian said. “All these mes- Sherwood Forest needs any studies about howthe tales rity,the Robin Hood society is 2019 shows that besides Lon- Thieves,” and wasplayedby sages were just scrolling off tree pruning done,” acompany originated.The group also publicizing Nottingham and don, Liverpool lures tourists Morgan Freeman. thescreen, about howthey tweet said. sellsfelt green hatsand re- the surrounding area, where, through itsassociation with “Even our lifetime,the couldn’t trade these stocks.” “All sortsofpeople have lated souvenirs online. legend has it, Robin Hood, TheBeatles,while Manches- storyisstill evolving,” said Mr.Whiteand his associ- been getting in touch,” said “The storyofRobin Hood Maid Marian, Little John and ter’s draw is its soccer teams Mr.Pollard, the tour ates decidedtouse the case of TimPollard, 56.Beforethe absolutely speaks to what’s Friar Tuck and others among Manchester United and Man- guide. “Who knows, maybe in mistaken identity to spread pandemic lockdown, he going on in the markets, or themerrymen in Sherwood chester City. 100 or 200 years, therewill be the word about their Robin dressed as Robin Hood and led theheadline news at least, Forest went toe-to-toe with “Robin Hood is the biggest a bunch of day traders added Hood, the one who stole from historical toursofNottingham. about the small guytaking on the Sheriff of Nottingham. name in England, though,” Mr. to the storyinstead of the the rich to givetothe poor. Mr.Pollardand othersin the hedge funds,” Mr. Pollard Ezekial Bone,who blends Bone said. By chance, Notting- merry men.” P2JW040000-2-A011A0-1------NS

A11A | Tuesday, February 9, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK NYCIndoor Dining Returns Friday Middle Schools Cuomo moves up the start date by two days To Resume as both state, city plan live-arts programming In-Person

BY MELANIE GRAYCE WEST Classes NewYork City restaurants can begin indoor dining with BY LEE HAWKINS limited capacity on Friday, two days earlier than planned, and NewYork City’s public mid- aprogram to provide live-arts dle schools will reopen for programming will begin later some in-person learning on Feb. this month, NewYork Gov.An- 25 aftertheir studentshad been drew Cuomo said Monday. receiving fully remoteinstruc- Themoves came as both Mr. tion formorethan two months, Cuomo and NewYork City MayorBill de Blasio said. MayorBill de Blasio expressed About half of the city’s 471 optimism forthe months ahead, middle schools will operateon saying that artsand cultureare afive-day-a-week schedule, key to the state’sreopening and city officials said. Theother return to normalcy. half will operate on a remote Mr. Cuomo said testing for or hybrid basis until they are Covid-19 would be crucial to ready to fully reopen. reopening Broadway,noting City officials said they are the success of arecent Buffalo still formalizing aplan for Bills game where7,000 fans when high schools canreopen. were tested beforehand and Mr.deBlasio closed all pub-

allowedtowatch in-personat MOON/REUTERS lic schools in November after Bills Stadium. an increase in the number of

“You can open a Broadway JEENAH Covid-19 infections.Elementary stagewith aset percentageof New York City restaurants had been set to resume indoor dining at 25% capacity on Valentine’s Day, but the date has been moved up. schools reopened forsome in- occupants, wherepeople have person learning in December. tested prior to walking in,” talking about our economy holidaypeak of 9,200 people Chamber of Commerce presi- state’ssites on Feb. 14,with Under the plan announced said Mr.Cuomo.“Would Igo coming back, our life coming on Jan. 19. dent andchief executive, ap- vaccinations to begin state- Monday, middle-school teachers see aplayand sit in aplay- back,Ithink you’rethinking At the same time, 391 New plauded Mr.Cuomo’s decision wide forthat group on Feb. 15. and staff will return aday early house with 150 people? If the about this summer and fall.” Yorkers per million residents to moveupindoor dining,say- NewYorkerswill have to to preparethe schools and will 150 people were tested, and all The mayor also announced are hospitalized, according to ing it offers“afew days’head provide proof of eligibility for be vaccinated on aprioritized negative, yes, Iwould do that.” that anew mass-vaccination data from the Covid Tracking start forstruggling small busi- the pre-existing condition, basisatcity hubs during the Thestate’s newartsinitia- sitewould open Wednesdayat Project. Only Arizona has nesses and workers to earn a which could be adoctor’s Feb. 12 to Feb. 21 winter break tiveisababy step toward re- Citi Field stadium to vaccinate moreresidentshospitalized little more money to support note, medical information not- forpublic schools,the city’s Ed- starting liveperformances,with Queens residents, taxi drivers per million, with 413 people. themselves and their families.” ing the comorbidity or a ucation Department said. 300 free pop-up performances and food workers. Mr. Cuomo previously said Mr.Cuomo also said Mon- signed certification, the gover- “When we talk about the acrossthe statethat will begin Theoptimism—and plan- NewYork City restaurants daythat approximately 10 mil- nor said, adding that the state city coming back strong,so on Feb. 20 and runthrough the ning—come as the state’s could roll out indoor dining on lion NewYorkersare eligible will audit health departments much of it depends on our pub- summer.The idea is to have seven-dayrolling averageof Feb. 14,operating at 25% ca- to get a vaccine, but the com- to makesurethe eligibility lic schools,” Mr.deBlasio said. lotsofperformances all over people testing positivefor pacity.That had frustrated petition is extreme, and frus- rules are followed. Theannouncement comes as the statewith small audiences, Covid-19 fell to 4.4%, arate some restaurant owners who trating,aspeople vie for “This is aprecious re- the mayoraims to have five the governor’s officesaid. not seen since November and said they could, and needed to, roughly 300,000 doses aweek. source.Therewill be fraud, million NewYorkersvaccinated In rolling out aseparate down from arecent January open sooner. NewYorkerswho have therewill be mistakes,there by June,which he sees as a artsinitiativethat permits high of 7.9%. Indoor dining in the city health conditions that arecon- will be inefficiency,” said Mr. critical benchmark toward re- outdoor performances on New About 7,700people arehos- has been restricted sinceearly sidered comorbidities for Cuomo.“Everybody wantsthis turning the city to businessas York City streets, Mr.deBlasio pitalized acrossthe state, December. Covid-19 will be able to sign vaccine,but the rules should usual. Reaching that also would said Mondaythat “ifyou’re which is lowerthan apost- Randy Peers, Brooklyn up for a vaccine at one of the be followed.” movethe city’s Education De- partment closer to itsgoal to reopen schools forthe city’s nearly one million studentsfor PoliceHunt forKiller in Yale Student’sDeath five-day-a-week,in-person instruction by September. Schools Chancellor Richard BY BEN CHAPMAN tipletimes,according to police ing that school officials were Carranzasaid the agencyis officials. working with authorities on hiring additional staff to con- Connecticutinvestigators Chief Reyes said police are the investigation, and that duct weekly Covid-19 testing in are searching for clues in the investigating whether Mr. Ji- counseling would be made middle schools and continue fatal shooting of aYale Uni- ang wasthe intended target of available to studentsand staff. the testing already being done versity graduatestudent, New the shooter and whether the Mr.Jiang wasengaged to in elementaryschools.Mr. de HavenPoliceDepartment offi- killing may have been related be married and had served in Blasio said the city “had the cials said Monday. to aconflict involving another the U.S. ArmyNational Guard, pieces we needed” to reopen Kevin Jiang,26yearsold, motorist. Mr.Salovey said. Thevictim’s middle schools,but that the re- wasshot to death in acar at Mr. Jiang’s family couldn’t LinkedIn page said he served opening of high schools would about 8:30 p.m. on Saturdayin be reached for comment. as a tank operator in the Na- be “a morecomplexsituation.” NewHaven’sEast Rock neigh- New Haven has seen a rise tional Guard and was serving “I want to getour high borhood, the policeofficials in crime in the past year,Chief as an officer at the time of his schools back during the course said. Mr. Jiang was a second- Reyessaid. Policeofficials re- death.Representatives forthe of the current school year,but year student in the forestry corded 122shootingsand 20 National Guarddidn’t respond there’sgoing to be morework program at the university’s homicides in 2020,upfrom77 ENT to a request for comment. TM

School of the Environment, ac- shootingsand 11 homicides in AR Mr. Salovey said Mr. Jiang cording to university officials. 2019. DEP had akeen sense of public ser- Some NYC students

Mr.Jiang’skilling wasthe Thedozenshootingsre- LICE vice and had volunteered at a

city’s sixth homicide of the corded in the city so far this PO homeless shelter. will be allowed to

year, police officials said. year outpaces the same period VEN Mr.Jiang’sresearch at Yale return to classrooms NewHaven PoliceDepart- in 2020, Chief Reyes said. HA had recently focused on the

ment Chief Otoniel Reyes said “We’reexperiencing aspate NEW presenceofmercuryinfish starting on Feb. 25 at a Monday news conference of violence, but Ihavefull con- New Haven police officials are investigating the death of Kevin from the Quinnipiac River, he outside the department’s fidencethat we’regoing to Jiang, a 26-year-old graduate student found fatally shot in a car. said. headquartersthat officersdis- turn this around,” Chief Reyes “The Yale community is coveredMr. Jiang with gun- said. in crime because it has not been forCovid,” Mr. grieving right now,” Mr.Sa- needed,” Mr. de Blasio said. shot wounds after several 911 NewHaven MayorJustin strained peoples’ finances and Elicker said. “There’s a lot of lovey said. “This is the lossof Themayor said parents callers reported hearing gun- Elicker said at Monday’sbrief- left them stranded at home. speculation as to why exactly an extraordinary young man. would still have the option to fire and seeing aman injured. ing that he believes the coro- “Wewouldn’t be seeing the that’s happening.” He wascommittedtoapplying keep their children fully remote. Mr.Jiang wasoperating a navirus pandemic is one of the significant increase in violent Yale University President his talentstoimproving the Mr. de Blasio said the Feb. vehicle when he wasshot mul- driving factorsbehind the rise crime around the nation had it PeterSalovey said at the brief- world.” 25 reopening datemeans edu- cators will be asked to return before receiving their second GREATERNEWYORKWATCH vaccination dose but that “schools are amongst the saf- est places in all of NewYork.” CONNECTICUT CENTRAL NEW YORK Mr.Carranzasaid that the roughly 235 schools that might State Weighs Letting Brindisi Concedes in not be immediately ready to MoreStaff GiveShots Congressional Race offer in-person instruction to all students will give priority Connecticut legislators were Democratic U.S. Rep. Anthony to studentswith disabilities, urged Monday to pass a bill that Brindisi conceded Monday that it multilingual learnersand would allow certified medical as- was “time to close the book on those living in shelters. sistants to perform vaccinations, this election,” hours after New Mr.deBlasio said the city with the Connecticut Hospital York officials certified Republican has the capacity to conduct Association noting the “difficult Claudia Tenney’s razor-thin vic- weekly testing at middle

undertaking of vaccinating every GES tory in the nation’s last unde- schools,having already reached

resident of the state” with the IMA cided congressional race. acitywide testing capacity of Covid-19 vaccine without more Thestatementcame three about120,000 testsaday. trained staff. GETTY days after astate judge ruled Michael Mulgrew,president But the concept is receiving SE/ thatMs. Tenneywon the race of United Federation of Teach- some pushback, especially from forcentral NewYork’s22nd Con- ers, which represents120,000 nurses, who question whether gressional District by 109 votes. DOE employees, said the UFT ANCE-PRES

certified medical assistants are FR Mr.Brindisi said he congratulated “will be monitoring to ensure properly trained forthe task and Ms. Tenneyand offered to make that thetesting regimen, the ENCE

would receiveadequate oversight. AG the transition as smooth as pos- presenceofpersonal protec- “Certified medical assistants S/ sible after severalmonths of le- tiveequipment and social-dis-

are a valuable part of the health WEIS gal wrangling overthe results. tancing requirementsare care team, however the adminis- JusticeScott DelConte on Fri- strictly adhered to as new

tration of a medication requires ANGELA daydirected NewYork to certify grades and buildingsreopen.” more than technical skill of in- ART FOR ART’S SAKE: Visitors looked at paintings Monday at the Metropolitan Museum of Art, results immediately.Commission- Mr.Carranzasaid that even serting a needle,” said John which is open at reduced capacity. Visitors must reserve timed tickets online and wear a mask. ers with the stateBoardofElec- when schools areable to re- Brady, a registered nurse and tions approvedthe results Mon- turn to full-time in-person in- vice president of the union AFT The Connecticut Hospital As- NEW JERSEY after being stopped by Camden dayinlessthan twominutes. struction, some form of re- Connecticut, during a public sociation suggested that certi- County police on Saturday night, Ms. Tenney had been the dis- mote learning will “stay with hearing held by the General As- fied medical assistants first be Fleeing Motorist’s the attorney general’s office said. trict’s representative for one us well beyond the end of the sembly’s Public Health Commit- required to complete a vaccina- Death Is Probed The driver crashed in an under- term, until she was defeated by pandemic.” tee. “It requires the ability to as- tion training program approved pass, ran up an embankment Mr. Brindisi in 2018. “We’relooking at this being sess the patient before, during by the state Department of Pub- State officials launched an in- onto Interstate 676 and was JusticeDelConte’s ruling came acomponent of what the new and after the administration of lic Health commissioner. vestigation after a motorist struck by several vehicles and after he spentthree months re- normal looks likepost pan- that medication.” The bill awaits further action stopped by police ran off and killed, authorities said. viewing ballotchallenges and demic,inagood way,” he said. He noted that training for a in the General Assembly’s Public was struck and killed on a high- Authorities haven’t released trying to fix aseries of problems “Not to replacein-person certified medical assistant can Health Committee. way in New Jersey, officials said. the man’s name. with vote tabulations. learning, but to keep the best vary greatly. —Associated Press The 26-year-old drove away —Associated Press —Associated Press partsofwhat we really built.” P2JW040000-2-A011B0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, February 9, 2021 | A11B GREATER NEW YORK Sovereign-Debt Tactics Under Scrutiny in N.Y.

BY ALEXANDER GLADSTONE national framework for struggling countries and terri- Some NewYork lawmakers tories to moreeasily restructure areplanning legislation de- their debtsand obtain financial signed to blunt hedgefunds’ relief,according to the activist ability to resist sovereign-debt group, which includes Center restructurings, while easing fi- forPopular Democracyand New nancial settlementsfor gov- York Communities forChange. ernment borrowers in distress. Membersofthe group em- NewYork stateSen. Gustavo phasized that NewYork is home S

Riveraand Assemblywoman to manyimmigrant communi- PRES

MaritzaDavila, both Demo- ties from countries in which TED crats, plan to introducelegisla- sovereign restructuringswere OCIA

tion as soon as this week to al- drawnout by financial investors SS low a supermajority of a seeking to boost recoveries. /A

nation’screditorstoamend or “NewYork has the powerto SIKES

restructureits debt contracts completely changeand restruc- BILL andbind anydissentersthat turethe way vulturefunds op- The New York State Thruway Authority has spent about $3.7 billion to build the Mario M. Cuomo Bridge, which fully opened in 2018. could otherwise hold out. erateacrossthe world,” said Manysovereign bonds in Sen. Rivera. “That’swhy Iam Latin America, Africa, and currently working on apieceof BridgeBuildersSue N.Y. Authority other emerging markets con- legislation that will hold multi- tain collective-action clauses billion-dollar hedgefunds ac- that requireall creditorsto countable forthe destruction BY JIMMY VIELKIND said Mondaythe authority the most experienced compa- to issue anoticetoproceed, honor agreements that a ma- that comes with betting on a doesn’t comment on litigation, nies away from doing business pushing the start of construc- jority of them make with the nation’s economic failureand Aconsortium of contracting adding all valid invoices from with the State.” tion to winter 2013. borrower. But otherslack such close some of the loopholes firms that built the Mario M. the consortium had been paid Theauthority has spent The authority hired HNTB, mechanisms,leaving no ready that allowthese hedgefunds CuomoBridgesued the New in full and the consortium’s roughly $3.7 billion forthe an engineeringfirm, to help way forsettlementsmade with to rake in such profits.” York State Thruway Authority claim is still being evaluated. bridge and plans to borrow oversee the process. TZCsays majority support to become Democratscontrol the New on Monday, accusing the au- “The Authority is commit- another $312 million this year in the lawsuit that HNTB re- bindingonall membersofa York Senateand Assembly. thority of interferenceinthe ted to protect the interests of to pay for it, according to au- peatedly interjected in the creditor class. Representatives forAssembly construction of the $4 billion itstoll payers and the public thority budget documentsap- consortium’sdesign activities This means that financial Speaker Carl Heastie and Sen- project, leading to delays and by making certain that itscon- proved in December.Higher in a way that was inappropri- investorscan buy distressed ateMajority Leader Andrea extra expenses. tractorsperform in accor- toll rates took effect in Janu- atefor adesign-build project. sovereign debt at a discount, Stewart-Cousins said they Tappan Zee Constructors dancewith all contract re- aryfor vehicles crossing the Thecompanyisn’t aparty then refuse to accept are- would review the legislation. LLC is seeking morethan $961 Cuomo bridge, with discounts in TZC’slawsuit. An HNTB structuring negotiated by Aspokesman forDemo- million in the suit, plus inter- forlocal residents. Non-E- spokeswoman didn’t respond othercreditors, push fora craticGov.Andrew Cuomo est, which the consortium says Thruwayinterfered in ZPassusersacrossthe 570- to requests for comment. higher recovery and possibly also said he would review it. came after nearly three years mile Thruway system also are In an April 2014lettertothe litigate for full repayment. Arisk of the legislation is of effortstosettle the dispute Cuomo span project, paying higher tolls to cover authority,TZC expressed con- Unsustainable sovereign that investorswould sue to privately.The lawsuit was leading to higher rising debt-service costs. cern that the authority wasre- debt burdens can limit access challengeitbecause it could filed in the NewYork State If successful, the suit would quiring itsapproval of all TZC to capital markets, driveup retroactively changecertain Court of Claims,which han- costs, lawsuit says. increase the cost of aproject responses to the authority’s borrowing costsand restrict a contractsalready in place. dles legal actions against the that Gov.Andrew Cuomo named commentsbeforedesign work developing nation’s ability to Changing contract rightscan be state and certain authorities, in honor of his latefather and could progress. Theauthority fund capital projectsorfi- justified under certain circum- including the Thruway. has touted as amodel forama- “regularly performed unneces- nance essential services. stances,ifdoing so advances a TheCuomo bridgewas com- quirements,” Ms. Givner said. jor infrastructureproject com- sary, detailed reviews of TZC’s Prolongeddebt restructur- compelling stateinterest. missioned by the Thruway and In alettersent to the author- pleted “ontime and on budget.” design, which significantly im- ingsalso have exacerbated Bill componentsalso in- carries the highway over the ity last week,Sam Choy, the In 2012, the Thruway Au- peded and disrupted the de- hardships forthe populations clude giving new lenders pri- Hudson River north of NewYork TZCexecutiveincharge of the thorityselected Tappan Zee sign-development process, in of struggling countries,includ- orityoveranation’s existing City.Itfully opened in 2018 and project, said the authority had Constructors—a consortium of breach of NYSTA’sobligation to ing deepening afamine in the creditors, mandating an audit replaced the Tappan Zee Bridge. breached the contract and dam- Fluor Enterprises Inc., Ameri- collaboratively work with TZC,” Democratic Republic of Congo, before any restructuring, and Thruway officials have said aged the consortium members. can BridgeCompany, Granite the suit says.TZC also says it according to activistswho sup- empowering the NewYork the consortium’sallegations, “Ignoring debtsdue does Construction Northeast Inc. asked fortime extensions after port the NewYork legislation. State Department of Financial which were referenced in a not make them go away,” Mr. and Traylor Bros.Inc.The severeweather eventsand a Sinceroughly half the Services to oversee elements 2020 TZClawsuit seeking doc- Choy said in the letter, which consortium says in the new crane collapse.The requests world’ssovereign debt is gov- of the negotiating process. uments from the authority,are wasreviewedbyThe Wall lawsuitthat delays began al- were denied, leading contrac- erned by NewYork law, the leg- —Jimmy Vielkind a negotiating tactic. Thruway Street Journal. “Interest ac- most immediately when the tors to hasten their work at a islation could provide an inter- contributed to this article. spokeswoman Jennifer Givner crues and the behavior drives authority waited three months higher cost, the suit said.

Millions of Americans losttheir jobs in the pandemic, and nowmillions morechildren arefacing hunger.

Your donation can help. NoKidHungry.org P2JW040000-0-A01200-1------XA

HEALTH & WELLNESS PERSONAL JOURNAL.

BY ELLIE AUSTIN Clockwisefromnearleft: Lindsay Smith booked fertility assessment; elli Wheeler Victoria Mathewaims to pursue always knew adoption and fostering; Kelli she wanted to Wheeler plans to freeze eggs. have children. K But in April, her boyfriend ping point. She had dated on and brokeupwith her right off throughout her 30s but hadn’t as the pandemic set off been in aserious relationship for social-distancing man- adecade.InMarch, she lefther dates that makedating apartment in NewYork City for much more complicated. her parents’ home in West Ches- The34-year-old decided ter, Pa., whereshe has been living she would have to re- ever since. think her path to moth- She spent the firstfew months erhood. of the pandemic consumed by her “Even if Imet aguy job in program management fora quitequickly,Iwas three medical devicecompany—often or four yearsaway from working 100-hour weeks,she says. having kids because I’d By the time November came want some time whereit around, she found her- wasjust the two of us,” self in amoreintro- says Ms.Wheeler,adigi- spectivemood. tal-content producer in “Although Iloved LosAngeles.“Ibegan so much about my life, looking intoways Icould Iwas feeling down be- take control of my fertil- cause Ididn’t have a ity,without aman.” She family of my own,” booked aconsultation at she says.“Thepan- afertility clinic and demic pushed me to plans to freeze her eggs the brink from awork this spring. perspective, but it’s Ms.Wheeler is one of also given me the time manysingle women in foralot of soul- their 30s and 40s who searching around an have found themselves alternativeapproach reassessing their plans to what my lifecould forhaving children in be in the future.” the past year.The pan- Ms.Smith is hoping demic has both made it to undergo acycle of harder to meet apartner and pro- embryo freezing,whereher eggs vided time forintrospection. For will be fertilized with donor some women, that has sparked a sperm soon afterthey arere- realization that they want to pri- trieved. Her doctor advised this oritizemotherhood, regardlessof New Fertility Decisions course so that she knows immedi- whether they areinarelation- ately whether she’scapable of cre- ship.Plenty of men, of course, ating healthyembryosbefore have had similar epiphanies,but spending thousands of dollarsto biologyforceswomen to take ac- storeher frozeneggs. tion within amorelimited win- ForSome Single Women Victoria Mathew, a43-year-old dowoftime. scienceteacher in Baltimore, “For asingle person who spent 2020 wrangling with adi- thought they wanted to have chil- lemma which had dominated the dren within an established rela- The pandemic has made dating tougher and fueled more introspection second half of her 30s: Howwould tionship,Covid has put ayear- she have children when she long hold on their ability to meet couldn’t find apartner who someone,” says LauraLindberg, mon way that women without part- BrookeHodes-Wertz,areproduc- given me the time to sit down and wanted the same futureasshe principal research scientist at the nersseek to preservetheir options. tiveendocrinologyand infertility processbig decisions about my did? All her closest friends had Guttmacher Institute, aresearch NYU Langone’sFertility Center in specialist at NYU Langone. future,” she says.“Could Ibea children and as the holidays ap- and policyorganization. “That NewYork reported a33% increase Dr.Hodes-Wertz says she has single mother? Iknowitwouldn’t proached, she felt increasingly iso- maylead to some difficult deci- in women starting egg-freezing cy- seen moresingle women coming be easy and I’dliketomeet some- lated. “Experiencing Christmas on sion making.” cles year-over-year between June to her sincethis past summer.“A one beforeIhavetomake my owninapan- In aJune report from Gutt- and November 2020.Shady Grove lot of women in NewYork City that decision, but giving demic just set me

THEW macher,morethan 40% of women Fertility,which has 36 clinics who have stable incomes have had myself the choicefeels so off,” she says.

MA surveyed said the pandemic had acrossthe U.S.,saw a22% increase time to reflect during the pan- powerful.” 33 She decided she changed their plans about when to in eggfreezing retrievals from Jan- demic,and they’vealso had the Freezing eggs without the Percent rise in wanted to pursue fos- ORIA have children and howmanythey uarytoNovember last year com- physical time to start acycle be- support of apartner canbe women starting tering and adoption. VICT wanted to have.The survey looked pared with the same period in 2019 cause they’renot traveling.” daunting,both financially egg-freezing “I thought, ‘I want to at women overall, not single (figures forDecember aren’t yet Following afertility assess- and emotionally.The cost of cycles at NYU stuff astocking.I SMITH; women specifically.Thirty-four available). Kindbody,with clinics in ment, aconsultation whereaspe- eggfreezing ranges from Langone Fertility want to cook abig

DREY percent of women said they were locations including California, New cialist evaluates the health of a around $6,500 to $18,000, June to November Christmas meal for AU putting motherhood on hold or York and NewJersey,says it sawa woman’sreproductivesystem, fertility clinics say, depend- 2020 versus the my children,’” she planning to have fewerchildren “tremendous uptick” in eggfreez- usually via blood work and an ul- ing on factorssuch as how year-earlier period says.“Idecided then because of the disruption caused ing in 2020. trasound, Ms.Wheeler decided manyeggsapatientwants and therethat I WHEELER; by the virus. Some increase in interest likely that she would freeze her eggs to freeze and forhow long. wasn’t going to wait

KELLI Yetfor other women, the pan- stems from pent-up demand after with aviewtohaving them Manyinsuranceplans don’t fully around foraman anymore. I’m go- : demic has accelerated fertility deci- spring lockdowns,but the numbers thawedinabout three yearsifshe coverelectiveegg freezing,ifatall. ing to provide ahome on my own LEFT sions.Anumber of fertility clinics arehigher than manyfertility ex- is still single.She would then have Some largeremployers,however, forkids who really need one.This OM

FR acrossthe countrysay they have pertsexpected. “Wethought we’d them fertilized with donor sperm have expanded their fertility bene- pandemic makes youput your life seen an increase in eggfreezing re- see adecrease in people coming to and implanted. fits in recent years. under amicroscope and gettothe WISE trievals.These patientsaren’t all us as starting acycle might not be “Because I’m not rushing to ForLindsaySmith, her 38th core of what youreally want. I’m OCK

CL single,but eggfreezing is one com- apriority in apandemic,” says work everyday,the pandemic has birthdayinNovember wasatip- not wasting anymoretime.”

companies that make Mask Strategies to N95 respirators, which must have an approved label on or within the packaging. If there is Combat Covid Variants no marking or TC number or NIOSH is spelled wrong, that’s a red YOUR ing at Virginia Tech. flag. So far, experts say HEALTH they’re not aware of SUMATHI What’s the best way to double widespread counterfeit- REDDY mask? ing of KF94s or stan- Most experts say a cloth mask dard surgical masks, over a surgical mask is the way to but it’s wise to remain IT’S TIME TO up your mask game. go. A cloth mask can also help vigilant about labeling. As new, more-contagious coro- when worn over a KF94 mask, navirus variants circulate, doctors which are certified in South Korea How effective are the say it’s important to improve the to filter at least 94% of very small widely available blue effectiveness of your mask prac- particles, says Dr. Marr. KF94s can surgical masks? tices—such as by “double mask- be somewhat loose on the sides, so Thefiltration of blue ing” to wear two at once. Numer- a cloth mask can help pull it More experts are recommending ‘double masking’ to better protect against the virus. surgical masks can ous studies have found that masks tighter to your face. vary.Look forASTM help protect the wearers as well as Asecond mask is generally not certification on surgical mask those around them from the virus necessarywhen wearing an N95, says filters should be replaced ter than the other? boxes. “Those areverygood at fil- that causes Covid-19. which arecertified to filter out at when they are damp or soiled. Dr. Dr. Allen says a close second to tering out aerosols of all sizes,” “Nowmorethan ever,the next least 95% of very small particles,or Volckens recommends masks with N95s are KF94s, a mask certified says Dr.Marr.Level two and three four to six months arethe most aKN95,the Chinese equivalent of an a permanent built-in filter. in South Korea that American con- areespecially good. Thedownside critical time to really N95.But it could sumers can easily find online. “We of surgical masks is they don’t fit up your mask,” says help protect the I have an N95. Should I wear it? can have a lot of confidence in snugly on most faces.“Thereare John Volckens,apro- N95’smaterialand More experts are recommending these masks,” says Dr. Allen. “They inevitably gaps on the side so fessor of mechanical extend itsuse. wearing an N95 if you have one to capture 94% of particles and they they leak likecrazy,” says Dr. engineering at Colo- It’simportant better protect against new vari- are a lot more comfortable.” Marr.This is wheredouble mask- rado State University to maintain ants, although the CDC has said Another popular option is the ing canbehelpful.

GES in Fort Collins,Colo. breathability when they should be reserved for medi- KN95 masks,the Chinese equivalent

IMA But how exactly double masking, cal workers. Legitimate N95s can of an N95.But Dr.Allen warns that How can I tell if my mask has a do you mask better? says Dr.Volckens. be difficult for regular consumers thereare asignificant number of good fit? GETTY And what other guid- “Ifamask isn’t to find. fakeKN95s on the market. “These When you breathe in, the mask ance on masking has changed? breathable,one of two thingshap- Therisk level of your setting is masks concern me,because if you should press in or flex into your Here’s what you need to know. pens,” he says.“If there’stoo much important, says Joseph Allen, direc- don’t do your homework youmay face with the air flow. You can also JOURNAL; resistancethe mask will leak,orif torofthe HealthyBuildingsPro- end up getting amask that is worse breathe out. There shouldn’t be air

REET What is double masking and why it’stoo uncomfortable youwill take gram at the HarvardT.H. Chan than acloth mask,” says Dr.Allen. gaps coming out the mask’s sides. ST

LL are people talking about it? it off.” School of Public Health. Youproba- TheOccupational Safety and Health If your glasses fog up, that means

WA Double masking is wearing one bly don’t need to wear an N95 if Administration warns against air is escaping around the top of mask over another. This blocks Whatabout cloth masks with filters? you’regoing on awalk with afriend KN95s from China unlesstheir man- your mask by the nose bridge, says /THE more particles, because you have A large filter that fits over your or to the playground outside.But if ufacturer has certification from the Dr. Volckens. If you don’t wear

CHETT two layers and the fit is more nose and mouth can improve fil- you’reworking indoorsinarestau- U.S. National Institutefor Occupa- glasses, put on a pair of sunglasses

BUR snug, creating a tighter seal tration, says Mark Rupp, chief of rant or grocerystore,orgoing to an tional Safety and Health (NIOSH). to see if they fog up. A around your face with fewer gaps. the division of infectious diseases indoor location with manypeople, Another good test: Stand in

ERICK “Double masking is really short- at the University of Nebraska Med- it’sagood idea to wear one. Do I need to be worried about front of a mirror and breathe out : hand for improving your mask,” ical Center in Omaha. But if the fil- counterfeit N95s, KF94s or surgi- forcefully. Did you blink? If so, LEFT says Linsey Marr, a professor of ter is covering only a small area, What’s the difference between a cal masks? that means air hit your eyelids and OM

FR civil and environmental engineer- it’s probably not very helpful. He N95, KN95 and KF94? Is one bet- In the U.S., NIOSH certifies the is escaping around the mask. P2JW040000-0-A01300-2------NS

THE WALL STREET JOURNAL. NY Tuesday, February 9, 2021 | A13 PERSONAL JOURNAL. | HEALTH & WELLNESS

WHAT’SYOUR WORKOUT? | JEN MURPHY He Spent Less Than $300 On aDIY Gym

ames Thomp- son is proof that a home gym doesn’t J have to cost a fortune or take up a ton of space. When Jim McNally Boxing in North Read- ing, Mass., closed in March due to Covid-19, Mr. Thomp- son set up a boxing gym at home for less than $300. Instead of investing Mr. Thompson with his TRX suspension system, in aheavy punching above, and the punching bag he made himself. bag,hemade his own from acommercial TAKING CARE OF we develop certain elements of ar- geryinNew York and medical di- fishing buoyfilled with waterand has been astressreliever during YOUR KNEES thritis, he says. Dr. Boublik esti- rector forthe Brooklyn Netsbas- hung it from his back deck.“The the pandemic.“It’sbeen great for mates that 30% of his patients in ketball team and RedBulls soccer majority of boxing brands sell wa- my mental health,” he says.Mostly s people age and begin to their 60s have some form of symp- team says he encourages patients ter-filled heavy bags, marketing working from home,hesays sneak- “A experience knee pain, they tomatic knee arthritis either caused to strengthen the quadriceps, them as having moregiveand being ing in amiddayworkout between usually don’t want to exercise by repetitive trauma over the years hamstrings,gluteal muscles and easier on the arms and shoulders Zoom calls bringshis energy back. anymore, which is the opposite or a specific injury. To help these the core muscles of the abdomen than traditional bags,” he says. “It deliversthat quick jolt of dop- of what they should be doing to patients, he recommends nonimpact when dealing with debilitating “They all looked identical to the amine so youcan push through the help their knees,” says Martin activities such as biking and swim- kneepain. buoybut with apricetag morethan rest of the day,” he says. Boublik, an assistant professor in ming, as well as stretching and Dr. Boublik says lifelong run- three times what Ipaid.” He also Mr. Thompson had been work- the department of orthopedics at strengthening exercises. “The goal ners don’t have to give up the bought ajump rope,aTRX suspen- ing out on his deck, but recently the University of Colorado and isn’t to regain the knees you had in sport, but he suggests decreasing sion trainer,aresistanceband and moved his DIY boxing bag into the team physician for the Denver your 20s but to stay active and mileage and intensity, incorporat- boxing gloves. basement to prevent the water Broncos. As we get older, we ex- manage the symptoms,” he says. ing recovery days, replacing Mr.Thompson and his wife from freezing. perience loss of muscle mass and RileyWilliams,asports-medicine sneakers every 200 to 300 miles have four sons aged 18 to 27.He our joints begin to get stiffer as surgeon at Hospital forSpecial Sur- and running on softer surfaces. is the general counsel of apublic The Workout companyinCambridge, Mass., Mr.Thompson’sworkout takes30 and says the demands of his job to 45 minutes and generally con- requireanefficient, effective sistsofacombination of jumping workout. Boxing combines cardio rope to warm up,body-weight Round 1: Jump rope warm-up the heart rate up to 130-140 beats Breakfast: Yogurt and muesli and strength and doesn’t aggra- suspension exercises using the Round 2: Band work for shoulders per minute Splurge: A thick steak with a glass vate age-related body aches,he TRX, resistance-band work forthe Round 3: 15 fly-to-chest presses Round 8: More bag work of pinot noir JOURNAL says.“Ihavealot of knee and shoulders, floor work and two to followed by 15 high shoulder pulls Round 9: 50 leg-raised crunches,

REET shoulder issues from auniverse four rounds of heavy-bag work. with the TRX 50 toe touches and plank pose Essential Gear ST

LL far,far away when Iwas acom- He completes nine to 11 setsof Round 4: TRX tricep extensions Jump rope: $6 from Walmart

WA petitiveswimmer and waterpolo three-minuterounds with one and biceps curls The Diet Heavy bag: Polyform LD-3 low- player,” he says. minuteinbetween. Round 5: One-legged TRX squats, Seasonal Flux: “We grill in the drag buoy $51 THE

R Mr.Thompson, who is 60 years Mr. Thompson uses an app 15-20 per leg and regular squats summer, but during the winter we Mat: “I bought a moving blanket FO old, jokes that he doesn’t dream of called Interval Timer to track Round 6: 50 hip thrusts followed eat less healthfully,” he admits. for $5,” he says.

SNIC turning pro. “I’venever hitanyone rounds. He aims to get in four to by 100 superman leg lifts “I’ve definitely gained the Covid KA and Idon’t relish the thought of be- five workouts a week. “I keep a log Round 7: Freestyle on the bag 10” [pounds]. Playlist VID

DA ing hit,” he says.Hitting the bag to keep myself honest,” he says. working on combinations to get Essential Food Group: Coffee Old-school metal or punk rock GES IMA GETTY Talk with grandparents before a visit to make sure everyone is comfortable with the terms.

PERSONAL ing disease. And those vac- mission afterone dose,the ASK cines, which were cleared for first data to showavaccine JOURNAL use in the U.S. in December mightbeable to slowthe before certain new variants spread of the disease,not were identified, appeared to only preventpeople from de- provide at least some protec- veloping symptoms of it.But VISITING GRANDMA tion against emerging strains the data waspreliminaryand in lab tests. Yet they weren’t notpeerreviewed. Is it safe to visit the grand- tested in humans exposed to At the same time,spend- parents once they have been the new strains. And vaccines ing time with family is im- vaccinated against Covid-19? from Johnson & Johnson and portant,too—especially with Novavax recorded lower ef- grandparents who have been The bottom line fectiveness levels in studies isolatedfor months and may The risksofgettingsick are in South Africa that took nothave manyyearsleftto lowerfor grandparents after place after a new variant was seetheir lovedones.“That’s theyhave been vaccinated. identified there, compared nottrivial,” says Arthur Ca- But vaccination doesn’t elim- plan, directorofthe division inate risk—tograndparents of bioethics at the NewYork or to their visitors—so it’s a It’s safer, but not UniversityGrossman School good idea to assessyour cir- of Medicine.“Some arethink- cumstances,continue to take riskfree, to visit ing…‘I’mnot sureI’ll be here some precautions and make grandparents once another year,’ ” he says. sureeveryone is comfortable If youdecide to visit,it’s with the terms of the visit. they’re vaccinated. still agood idea to takepre- cautions,such as masking or The details meeting outdoors. If an out- The virus thatcauses side visit isn’t possible,staying Covid-19 continues to mu- with their performance in morethan 6feetaway,adding tate,raising the prospect other regions. (Vaccine mak- ventilation and washing hands thatcertain variants may ers are readying new shots canhelp reducerisks. makethe vaccines lesseffec- that would zero in on the And don’t justshowup. tive.And it’s notyet clear new variants more precisely.) Come to aconsensus about howmuch protection vac- Scientists also don’t yet whateach generation is cines offeragainsttransmis- have enough information to comfortable with beforethe sion of the virus—so it may fully determine howmuch meeting, says Dr.Caplan. De- be possible forgrandparents protection the vaccines offer cide howlong you’re staying, to spread Covid-19 to their againsttransmission. One determine the exactlocation visitorsevenifthe vaccine encouraging sign came re- and makesureeveryone is keeps them from getting sick cently when researchers clear on whether you’re still themselves. from theUniversityofOx- planning to socialdistance Vaccines from Pfizer and ford said its Covid-19 vaccine and wear masks. “It needsto Moderna have been shown to could have asubstantial ef- be amutually agreed upon be highly effective in prevent- fect on curbingvirus trans- visit,” he says. —Alina Dizik P2JW040000-0-A01400-1------XA

A14 | Tuesday, February 9, 2021 THE WALL STREET JOURNAL. ARTS IN REVIEW

The British rapper Tyron Frampton, who performs as Slowthai, in 2019; his new album, out Friday, is ‘Tyron,’ below

another world musically,one wheresamples of old soul grooves and fingerpicked guitars arewelcome.But though the sonic backing and subject matter take aturn, Slowthai’svoicepro- vides the through-line.Instead of projecting outward,these songs look within to find pain and flick- ersofhope.“With broken dreams and broken bones /Ifwalls could scream /Earswould bleed,” goes asection of “I Tried,” and the lyr- ics in this half of “Tyron” aregen- erous,empathetic and sharply observed. “Terms” featurescameos from apair of Floridians—a cho-

rusfromsinger Dominic Fike and afew phrases from rapper Denzel Curry—on asong that explores self-acceptanceinthe faceofself- loathing. It’sarisk when an artist known

S forspitting bile takesasofterand moreemotional turn. Themusic PRES caneasily come off as manipula-

ZUMA tiveoroverly precious.“Push,”

DD1/ which featuresacoustic guitar and achorus by LosAngeles MUSIC REVIEW |MARK RICHARDSON singer Deb Never,comes close to crossing that line.Atfirst listen, it sounds likeageneric indie tune,but Slowthai’senergy offers ARapper’sTwo Sides just enough contrast. “Feel Away,” the record’s penultimatetrack, moves the billowy emoting of “Push” to amorefruitfulplace Slowthai tries to reconcile his angry past with his hope for a more grounded future and might be the best song on “Tyron.” Therapper gives half of “Feel he distinctivevoiceof keeping open the possibility of to makeabig commercial splash opening “45 Smoke” finds the Away” over to English singer- British rapper Slowthai redemption. on these shores.But it’sanexcel- rapper spitting his wordsdefi- songwriter James Blake, whose is simultaneously a In 2019,when Slowthai re- lent collection of songsthat antly over an ominous,bass-heavy viscous tone radiates sadness. Ac- squeak and ascream. leased his debut LP,“Nothing builds on and broadens the sound U.K. drill beat by Kwes Darko, companied by glitchyproduction T It’sasifthe 26-year-old Great About Britain,” that rage of itspredecessor while maintain- who handles most of the produc- from Dom Maker of the experi- MC,born Tyron Framp- wasdirected at the political situa- ing the artist’sessential identity. tion here. He raps lines about be- mental electronic duo Mount Kim- ton, knows that making his vocal tion in the U.K.,specifically the In an interviewwith the British ing misunderstood as evil but also bie,Slowthai raps about the per- tone slightly annoying will also country’spending exit from the magazine Dazed from June, drawing powerfrombeing feared, ils of an intimaterelationship and makeitimpossible to ignore. His European Union. He vented about Slowthai described the newwork using it as akind of armor.The the difficulty of giving yourself to moniker is unrelated to his eth- income disparity and violent as reflecting “two sides of Tyron following “Cancelled” likely another,and his call is answered nicity—Mr.Frampton grew up be- street life, but leavened his grimy as aperson,” by which he meant pointstoacontroversy from early beautifully by alovely melody ing called Ty in council estates in tales with momentsofoptimism. the person he used to be and the 2020 whereheacted boorishly at from Mr.Blake. “I leave the dent and around Northampton, Eng- He called his tour the “Brexit Ban- person he hopes to become.The an awardsshow, and it featuresa in my car/Toremind me what I land, and he spokeslowly; his dit,” and in his homeland he be- structureofthis album makes the chorus and versefromBritish MC could‘velost,” the lattersings. It’s rootsare Irish, English and Bar- came astarashis album was concept literal. Its14tracks are Skepta, whose voiceisdeep,con- one of several poignant couplets badian. And he will never be mis- nominated forthe MercuryPrize split intotwo halves: Thesongs trolled and forceful. They areex- that encapsulate“Tyron” as a takenfor an American—his ac- and hit the U.K. Top10. But he re- on the firstare driven by fury cellent partnersasvocal oppo- whole,capturing the heady mix of cent is thick,and some of his mains apromising curiosity in the and resentment, while those on sites,and though the track seems righteous indignation and humble slang is incomprehensible to non- U.S.,respected by his American side two arecomparatively tender at firstastraightforwardriff gratitude that arethe essenceof Brits. But if certain phrases are peersand morededicated fans of and nuanced. about “cancel culture,” Slowthai Slowthai’sart. hardtomakeout and some im- global hip-hop but obscuretothe This division works on “Tyron” alludes to his role in the dust-up ages difficult to decode,the mainstream. His newrecord, “Ty- because the songsare tight and and expresses regret. Mr. Richardson is the Journal’s deeper meaning of his music is ron” (AWGE/Interscope/Method), focused, with few weak moments When “I Tried” begins the re- rock and pop music critic. Follow clear: It’sfueled by anger,while comes out Fridayand is unlikely in the record’s 35 minutes.The cord’s back half,we’reinstantly in him on Twitter @MarkRichardson.

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THE WALL STREET JOURNAL. Tuesday, February 9, 2021 | A15 P2JW040000-0-A01600-1------XA

A16 | Tuesday, February 9, 2021 THE WALL STREET JOURNAL. SPORTS HowTom BradyLastedtoWin ASeventhSuper Bowl at Age43

The NFL began changing its rules to protect quarterbacks at the start of his career. It helped him claim another ring.

BY ANDREW BEATON ing these playoffs,has remained the engineer of eliteoffenses in nawarm Sundayafter- NewOrleans.Aaron Rodgerswas noon almost 20 years crowned MVP this year afterturn- ago, NewYork Jets ing 37.The oldest MVP:Brady Olinebacker Mo Lewis threeyearsago. loweredhis shoulder It’snocoincidencethat the and delivered abrutalblowtoa greatest passing eraofall time has NewEngland Patriotsquarterback aligned with an unprecedented run scrambling to the sideline.Drew forquarterback longevity.Inthe Bledsoe crumpled to the ground. same erathat NFL teams have em- Soon, alittle known 24-year-old braced passing more, and passing named TomBrady steppedontothe has become moreefficient, quarter- field. backs areprotected unlikeeverin Football wasnever thesame. the game’shistory. Brady,now finishing his first Quarterbacks were sacked on season with the Tampa BayBucca- just 5.9% of dropbacks in 2020, neers, wonhis record seventh Su- near the lowest in league history. per Bowl on Sundayinadominant Net yardsper passattempt arethe 31-9 thumping of Patrick Mahomes highest in the Super Bowl era. and the Kansas City Chiefs.The ti- Passer ratingsreached an all-time tle follows six championships he high. It’saprogression that has wonwith NewEngland. been the undercurrent of Brady’s Looking back,the one playthat career. happened to launch football’s It wasin2002, fresh off Brady’s greatest career wasn’t simply a firstSuper Bowl title,when the grisly hit. It explains whyBrady, NFL accelerated aseries of reforms now43, is still atop the sport to designed to improveplayer this day: football’srules changed to safety—and quarterbacks in partic- safeguardplayers likehim ular.Aminor tweak made it il- right as he embarked on legal to hit aquarterback his unrivaled career. helmet-to-helmet any Brady changed the time afterachangeof NFL.The NFL also possession. But it changed in ways 34‑11 foreshadowedyears that helped extend of far moreexten- Brady’s greatness. Tom Brady’s postseason sive overhauls. “I haven’t had a record, after going 4-0 Lowhitsonquar- lot of time to think in this season’s terbacks,when they about all the things playoffs could be avoided, likethat,” Brady said of were banned in 2006. winning this Super Bowl In 2007,the 2002 change at this stageofhis career. wasamended to include hits “I’m just blessed.” to aquarterback’shead not just by He’sblessed because his career an opponent’shelmet, but also happened to dovetail with an evo- from their forearm and shoulder. Tom Brady has long suggested that he wanted to play football until he was 45, an idea that once seemed crazy. lution inside the sport that has Those were just some of the 50 never made it moresustainable to changes the NFL has made since the quarterbacks who runthem sweeping changes to avoid hitsin lor-made to longevity were to his playthe game’smost important po- 2002 to protect players in recent have exploited this phenomenon. the pocket and playlonger than detriment. He dumped off short sition forlonger.AsBrady rewrote years, with the vast majority of They both happened to be on dis- anyone at his position ever has. passes,threw the ball away to football’srecordbook,the league them protecting offensiveplayers. playinthis Super Bowl. Thefour quarterbacks with the avoid hitsand his numberssuffered rewrotefootball’srulebook to pro- TomBrady enteredprofessional One is embodied by Mahomes, lowest sack percentagethis season: last year. tect itsplayers—and particularly football at amoment when it was the forefront of ageneration of mo- Ben Roethlisberger, Brees,Brady Then, when he became afree itsquarterbacks. getting safer than ever beforetobe bile and freewheeling quarterbacks. andPhilip Rivers. They’reall 38 or agent, he chose the perfect team to TheNFL wanted quarterback TomBrady.His body absorbed They runmorethan their predeces- older.They all made the playoffs breathe newlifeintohis career. safety.Ithas produced Brady fewer, and lesscrushing,blows sors. They runside-to-side more this year. TheBuccaneershad one of the claiming four Super Bowls—after than his predecessors. Brady has forthe purpose of passing.They Thedifference: Brady wasbetter NFL’s best offensivelines and the he turned 37.Quarterbacks like suffered just one injuryinhis en- candothis both because modern than them. passing weapons he sorely lacked Brady,and ahost of his peers, have tirecareer that kept him out of ac- offenses increasingly embracethis He beat Brees and the NewOr- near the end of his Patriotstenure. lasted longer than ever because tion, aknee injuryin2008. style—and because they’reshielded leans Saintsinthe NFCdivisional That wasclear in the Super Bowl, they’rehit lessoften and less Brady has been sacked on 4.7% from so manyofthe crushing round. when he completed 21 of 29 passes hard. Brady has also credited his of his dropbacks in his career, blows that would have oncebeen He beat Rodgersand the Green for201 yardswith three touch- well-publicized diet and training which is 11th lowest rate ever,but leveled on them. BayPackersinthe NFCChampion- downs while getting sacked only methods forhis durability. what’smoretelling is the rest of “I want to playaslong as they ship. once. Brady is only the forefront of an the list. Of the top15quarterbacks let me,” Mahomes said ahead of the Then, to topitoff,hebeat the Brady has long suggested that he eraofquarterbacks who have per- in that stat, seven of them have game.“In order to do that, Ihave 25-year-old Mahomes in the Super wanted to playuntil he was45, an sisted and playedbetteratanolder playedsince2015.This is an era to take care of my body as much as Bowl. idea that onceseemed crazy.Ahead agethan anybody could have imag- when quarterbacks aresimply hit Ican and leave everything else on Therewas abrief time,inbe- of Sunday’sgame,hewas asked if ined in the wake of these over- less, and that doesn’t include the the field.” tween Brady’s Super Bowl win two he would consider playing longer. hauls.PeytonManning wonhis sec- other blows that have been weeded Brady plays nothing likeMa- yearsago with the NewEngland Suddenly,his answerdoesn’t seem ond Super Bowl five yearsago at out of the game. homes.Heleads agroup that has Patriotsand his one Sunday, when so crazy.“Iwould definitely con- 39.DrewBrees,who turned 42 dur- Thereare two ways offenses and takenadvantage of football’s the traitsthat made his game tai- sider that,” he said.

What TomBrady’s JASONGAY The Tampa Bay defense kept the done is absurd. His ca- high-powered Chiefs offense out of reer wasabsurdbefore the end zone in Super Bowl LV. this,ofcourse,mock- HowAbout ThatTampaBay Defense? ing the standardtrajec- fairly impeccable Sunday: 21 for29, tory forafootball 201 yards, no interceptions,three quarterback,but the absurdity has touchdown passes.Those numbers truly become something to behold. areafraction of his Super Bowl He’sreally gone and done it heights, but he doesn’t need big now. TheBrady reverencewas suf- statstoprove apoint anymore. focating in the weeks heading into Brady plays within his limits—he this Super Bowl, and it will be even doesn’t trytoexert his will on the moresuffocating nowthat he’s game; he will take the incomplete done it, wonSuper Bowl No.7, passand simply moveontothe with anew team, in anew city,in next play—and maybe that’sreally anew conference, afterleaving Bill his secret, not the protein shakes Belichick and aPatriots dy- or deep-tissue massages. nasty…and even still, Iwonder if Aging canbetough, but wisdom we’remoderately underselling it, is aformidable counterweight. howamazing it is,what he’sac- Brady found TheGronk,Rob complished, at the defiant ageof Gronkowski, twicefor touchdowns. 43. That hadtobeanawkward feeling With Tampa Bay, Brady’s added up in NewEngland, watching that adeeply personal chapter. combination do it again in the first To win and win throughout your week of February, in newlaundry, career,but to do it in the same forsome other town. shop,repeatedly,abit mechani- That’sthe risk of letting aleg- cally,tothe point that people start end walk out the door. to wonder if it’smoreabout the Theretelling matters now. An- shop,and lessabout you, and then other Super Bowl will fade intothe

to leave,bittersweetly,for another rear view, and the NFL will push S

shop,anew coach, and awhole on to anew season and afresh set PRES fresh set of co-workers, and win it of Roman numerals.Beforewe UMA

again, right away? knowit, what happened on Sunday /Z Brady is not the type of athlete is going to look likeanother gray to publicly parse his emotions,but set of statsonapage, and we are /TNS it’sgot to be one of the most satis- going to have to be the ones who HEYING

fying feelingsinsports. remind that Tampa Baywon this IS Not revenge—something more game because itsdefense wasmag- AV TR

elevated, sweeter. nificent, and so wasthe newguy S;

And yet, Tampa Bay’sdefense under center,who gotanother one, PRES wonthat game.Ithink that’san in Florida, afterleaving it all be- UMA

important thing to say, up high. makeitathing,but it never hap- Tampa Baydefensivecoordinator beaten in along time,” Mahomes hind. /Z Brady maytell youthat himself, pened. Todd Bowles—became aforce in said afterward. It’saperfect exit, were he to that the Buccaneersoffense lived “They stepped up to the chal- these playoffs,winning on the road It wasarough and tumble mas- exit. TomBrady is notonscript. TIMES Y

up to itsexpectations Sunday, and lenge,” Brady said of his team’s in NewOrleans vs.DrewBrees, terpiece. TheTampa BayDde- He indicated on the championship BA

that it wasthe defense which de- defense. then Lambeau vs.Aaron Rodgers, serves abow.And perhaps,the Su- stagehewantstokeep going,at PA AM

livered the critical edge. Kansas Nine points? No touchdowns? then finishing it off at home,mak- per Bowl MVP. age44—“Oh yeah, we’recoming /T City gotshut down early,and Nobody does that to the Chiefs.It ing apotent defending Super Bowl Of course,the way it works in back”—so it appearswewill getit

stayed shut. Patrick Mahomes is wasthe lowest scoring output in champ seem mortal, pressuring football is that the quarterback is again. There’snever been anyone SHADD the most magical talent in the NFL, Mahomes’sprofessional career. and overwhelming apatchwork the CEO,who gets the blame,and in sportsquitelikehim; we don’t DIRK

and he never gotgoing.Ikept That Bucs defense—names like Chiefs line and giving Mahomes lit- also the credit, and the MVP.Brady really have the languagefor what P: waiting forthe Chiefs to surge,to Devin White, Shaq Barrett, Jason tle room to operate. didmorethan simply steer the gal- he’sdoing.Let’sstick to “absurd.” TO OM

rally for21infiveminutes,and Pierre-Paul, LavonteDavid, led by “The worstIthink I’vebeen leon intoport, however. He was Moreabsurdity,due this fall. FR P2JW040000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, February 9, 2021 | A17 OPINION How to Keep America Polarized BOOKSHELF | By Bryan Burrough

As the Senate 1998.But in the spaceof13 From lawmakers’ calls to weren’t going to give. Johnstown convenes months,Speaker NancyPelosi abolish the Electoral College Instead, they opted to use Tuesdaytohas managed to impeach Mr. or kill thefilibuster to Presi- the budget-reconciliation pro- tryDonald Trump twice, equaling all the dent Biden’sflurryofexecu- cess to getaround the 60 Trump for previous presidential im- tiveordersand the unprece- votesthey would have After Dark “inciting vio- peachmentsinU.S.history. dented movebyDemocratsto needed to overcome afilibus- MAIN lenceagainst Both impeachmentshave strip GOP Rep.Marjorie Tay- ter. Though reconciliation is STREET the Govern- been rushed affairs, the first lor Greene of her committee permitted—and both Republi- Smalltime ment of the launched by thespeaker’s de- assignmentsoverflakystate- cans and Democratshave By William United cree rather than avoteofthe mentsshe made beforeenter- used it before—it isn’t un- By Russell Shorto McGurn States,” the House.AsSen. Mitch McCon- ing Congress, today’sDemo- bounded. TheByrdRule,for (Norton, 259 pages, $26.95) big question nell complained that firsttime cratic majority has no example,limitsthe processto isn’t whether he’sguilty.It’s ’round, “the House Democrats’ patiencefor anyrule,prac- measures such as taxesand owereally need another Mafioso-in-the-family memoir? whetherthe Senatehas the impeachmentinquiryisbreak- ticeorconvention that stands spending,which have adirect D Imean, seriously,we’vehad books that could be called righttotry him at all. ing critical precedents, deny- in itsway. effect on budget outlays or Mafia Wife,Mafia Dad, Mafia Son, Mafia Stepdaughter, Questionsabout the con- ing the administration impor- spending.This is to prevent Mafia Uncle,Mafia Dachshund, Mafia Goldfish—okay, well, stitutionallegitimacyofthis tant rightsthat were afforded senatorsfromusing reconcili- Imade up acouple of those,but youget the point. When Al impeachment areagood hint other presidents, and violat- Democrats are happy ation to sneak through extra- Capone’spurported grandson publishes amemoir,and he has, whythe nation is moving fur- ing basic rules of due pro- neous items they’d otherwise Ithink it’ssafetosay we’vereached saturation. ther away from the healing cess.” This time is no better. to throwoverany rule, find difficult to pass. Which is whyIwas surprised howthoroughly Ienjoyed and unity JoeBiden called for Theranking member of the custom or convention Some Democratsnow find Russell Shorto’s “Smalltime: AStory of My Family and the in his victoryspeech. Cer- House Rules Committee, Rep. theByrdRule tooconfining, Mob.” Even moresoonceIrealized amoreaccuratesubtitle tainly the policies of the Bi- TomCole,pointsout that that gets in their way. and they want to throw it forthe book would be “Searching forGrandpa: Second-in- den administration will take Democrats chose “to race to overboardbecause some of Command of the Johnstown(Pa.) Mob.” In other words, this the countryinanew direc- thefloor with anew article of the measures they hope to in- is not Mafia historythat will send Geraldo Riverascrambling tion. But if divisions between impeachment, forgoing anyin- This is especially true for clude in the relief package— to open aShortofamily safeanytime soon. Americans deepen, it will be vestigation, anycommittee rules designed to encourage e.g.,a$15 hourly minimum And that, oddly, is part of the book’s charm. The author less because of the policies processorany chancefor compromise and ensurethat wage—would likely fall afoul of well-received histories of Amsterdam and New York City, themselves than the means memberstofully contemplate amajority cannot simply run of it. So some arecalling on Mr. Shorto has produced something that feels altogether used to ramthem through. this course of action before roughshod over the minority. Ms.Harris to overrule the fresh, a street-level portrait of how his late grandfather Start with impeachment. proceeding.” Even the loserscan accept Senateparliamentarian, helped build what amounted to a Mafia small business—or Giventhe Constitution’slack Adding to the auraofca- the outcome of afight in opening the door to using businesses, actually, every- of clear-cut languageonthe priciousnessisthat the whole which they have been fairly reconciliation to passall thing from the numbers and issue,thereare legitimatear- purposeofimpeachment is to voteddownafter being al- manner of legislation unre- rigged card and dice games gumentsfor impeaching and removeapresident from of- lowedtomaketheir case.But latedtothe budget process. (Grandpa’s specialty) to pool trying apresident who’s al- fice.Again, thereexistsare- when people believethey lost Republicans and Demo- halls, a cigar store, bars, ready leftoffice. Surely,how- spectable argument that a because the rules of the game cratsare never going to bowling alleys and pinball ever,anhonest debatewould president who has leftoffice were changed, it makes them agree on the big policies.But arcades. There’s a murder begin by at least conceding canstill be impeached, if only start looking forrevenge,and what people want and what mystery here—there has to that onereason thereare so to bar him holding officein the tit-for-tat canturn our they will settle forare two be, right?—but make no manyunresolved questions is the future. But thereisalso partiesintoHatfields and different things. Thereal mistake, this is a spry little that what we have in this an argument that impeaching McCoys. hope forunity isn’t that one book about small business. case is so outside the norm. and trying apresident after Take the $1.9trillion side will surrender to the As Mr.Shortotells it, he had It wasn’t until 1868,79 he has leftisgratuitous and Covid-19 relief packagethat other’s policyagenda but that only the vaguest notion of his yearsafter George Washing- will settroubling precedents passed the Senatewith atie- both will work within aclear, namesakegrandfather Russell ton’sfirst inaugural, that the of itsown. breaking vote cast by Vice fair and honest process. “Russ” Shorto’scareer until an nation had itsfirst presiden- Unfortunately,impeach- President Kamala Harris. This But it can’t work if the elderly cousin buttonholed him tial impeachment, of Andrew ment isn’t the only area could have been abipartisan majority gets the outcomes it and urgedhim to writeabook. Johnson. It took another 130 wherethe extraordinaryhas bill. But that would have re- wantsbychanging all the Mr.Shortoisreluctant—“not my yearsuntil President Bill become the order of the day quired some giveand take. rules of the game. thing,” he avers—but soon finds himself in aJohnstown Clinton’s impeachment in in Mr.Biden’sWashington. Democratsdecided they Write to [email protected]. PaneraBread, surrounded by agang of ancient, white-haired wise guys dying to tell him about the old days.Grandpa Russ, it seems,had along runasamid-level Mafia bureaucrat, running asportsbook and crooked card games among other The Antidote to Trump Isn’t Obama Redux things, until his drinking gotout of control and the lawfinally came calling. In his first cades made as manyinspiring Washington. Americawill up by morethan 50% since ForMr. Shorto, the challengeisGrandpa Russ’spersonality, major for- speeches about democracy postureand strut, but it will October and arelikely to rise or lack of one.Hewas aquiet man and, despiteall the Panera eign-policy andhuman rightsasPresi- not or cannot act. further as the Covid-19 reces- chats, remains acipher formuch of the book.The storyopens addressasdent Obama—and yetnoad- And it will be hardfor Mr. sion ends.Probably this will up onceMr. Shortogoes in search of the public Russ, tracing president, Joe ministration in recent decades Biden to makethese particu- morethan offset the effect of his family from itsSicilian rootsand cataloging his newspaper Bidensawauthoritarian powers lar demands stick.With re- anynew sanctions.Shutting clippingsand arrest and FBI records. What emergesisthe GLOBAL couldn’t have make so many gains.In2011 gard to the Kremlin, economic down the Keystone XL pipe- gritty tale of atalented card-and-dicecheat who gets his VIEW been clearer: Mr.Obama put down a sanctions have so far done line while work on the Nord break in the late’30s when abuttoned-down Mafioso named There’sanew marker in Syria: “The time nothingtochangeits policy Stream 2pipeline from Russia Joseph “Little Joe” Regino, who made his bones in Phila- By Walter sheriff in has come forPresident Assad on Crimea,Syria or anything to Germanyresumes sends a delphia, marries intoRuss’sfamily and opens aMafia Russell Mead town. Not to step aside.” Adecade later, else.Ifanything,Moscow is more powerful signal to the franchise in Johnstown. only did his propped up by Russia and more defiant than ever.Rus- Kremlin about Western inten- This wasindustrial-agePennsylvania, and postwarJohns- speech last week announce Iran, Bashar Assad is still sia is escalating cyberattacks tions than empty demands town wasacity of steel factories,whose workersquickly reversals of high-profile there. on the U.S. about Mr.Navalny. cottoned to the backroom gambling and after-hoursplaces Trump policies; it criticized It is very well forMr. Biden In Myanmar,unlessstreet Russand Regino opened. Russ’smasterstrokewas something theneglect “and, Iwould ar- to sayheisn’t Mr.Trump,but protestssucceed in overturn- they called the “G.I. Bank,” athrumming numbersoperation gue, abuse,” of American alli- what he needs to demonstrate U.S. allies worry that ing the coup,American op- that proved acash machine.They invested the profitsina ances in the,ahem, recent to the world is that he isn’t tions arelimited. Beijing dozenlocal businesses and paid off the mayorand cops, past. In describing arecent Mr.Obama. TheObama ad- Biden may turn out to stands ready,checkbook in while allowing them to makeperiodic “raids” to satethe phone conversation with Rus- ministration’smix of tough be all posturing and hand, to demonstrateits newspapers. Ahandful of foot soldierswould getpinched, sian President Vladimir Putin, wordsand fumbled deeds in worth as an ally not only to a few hundred dollars in fines would be paid, and they the newcommander in chief places like Egypt and Syria— talk, no action. Myanmar but to regimes any- would do it all again the next year. said he conducted himself “in alongwith itsserial failures whereonearth concerned This is the kind of backwaterMafia businessthat doesn’t amanner very different from to curb Russian and Chinese about U.S. human-rightsdi- makeitintomanyhistorybooks,yet it thrived in places as far my predecessor.” powerplays from Crimea to When EU foreign policy plomacy. India and Japan afield as Rochester,N.Y., and Hot Springs, Ark.What hitsyou TheBiden team is driven the South China Sea—badly chief Josep Borrell defied hu- viewtheir relationships with in “Smalltime” is the near-wholesale absenceofviolence. Yes, by conviction. It really be- diminished American prestige. man-rightscampaignersinMyanmar’s militaryascritical the occasional debtor gets beaten up,but it’snot likeRegino lieves that America’sleading Theprospect that the newad- Europe by refusing to cancel a elementsintheir anti-China and Russrule by fear.They were providing aservice—the position in the world restson ministration will similarly dis- scheduled meeting with Rus- strategy. Under the circum- “juice” of Johnstownnightlife, Shortocalls it—and fora global admiration forU.S.val- sipateWashington’senergy sian foreign minister Sergei stances,the generals mayfeel halcyon15yearsitwas all good. ues.The administration and credibility in empty ges- Lavrov afterthe Navalnyar- they have even less to fear thinks America’salliancenet- tures and moralistic word sal- rest, Mr.Lavrovresponded by from President Biden than Mr. work is based on those values ads quietly worries U.S. allies treating Mr.Borrell with ex- Assad had to fear from Presi- A distinguished author’s search for Grandpa, and Washington’scommit- (and delightsand encourages traordinaryrudeness. After dent Obama. arafﬁsh‘supplier of nightlife’ to aMaﬁa-run ment to amultilateral ap- American adversaries). Mr.Lavrovcalled the EU an Human rightsand democ- proach. President Trump’s Mr.Biden made two clear “unreliable partner” at ajoint racy promotion have aneces- backwaterincentral Pennsylvania. “AmericaFirst” foreign policy, demands in his speech, calling press conference, the hapless saryplaceinAmerican for- in this view, wasanall-out as- on Russia to release Alexei Mr.Borrell learned from Twit- eign policy. But it is extremely sault on the foundations of Navalnywithout conditions terataworking lunch with difficult to succeed at them. That murder? It’sreally an anomaly,the only one Mr. U.S. power. and Myanmar’s militaryto Mr.Lavrovthat Russia was Theworld will be watching Shortoevenmentions,and it’sabit of aMacGuffin anyway. Letushope that Mr.Bi- roll back itscoup.The inevita- expelling three European dip- Russiaand Myanmar to assess Therewas never anyserious evidenceGrandpa Russwas den’sleadership will ble question: What happens lomats. These arenot the acts the newpresident’sforeign involved,but the incident proves auseful devicetoexplore strengthen alliances and rally now? If this turns out to be of agovernment worried policyskills.Mr. Biden’s the fringylives of scads of forgottencharacterswho peopled the rattled forces of democ- another empty “Assad must about Western opinion. wordsmust lead to deeds, the mob ladder manyrungsbelowthe Capones of the world. racy against rival authoritar- go” moment, then manyob- DespiteRussia’seconomic and his deeds must drive Much of the funin“Smalltime” is accompanying Mr. iangreat powers.But talk is serversaround the world may problems,Mr. Putin evidently events.That is howhis ad- Shortointonursing homes,retirement communities and easy;work is hard. conclude that Obama Syn- believes he has little to fear ministration canrebuild U.S. tumbledown rowhouses as he gently grills these wheezing No president in recent de- drome has again takenhold in from theWest. Oil prices are powerand prestige. octogenarians—everyone seems to be on oxygen—about the details of bygone sitdowns and arrestsand, yes, that single murder.Myfavoriteisthe 89-year-old, anotorious leg- breaker back in the day, who chuckles as he reminisces of Biden Fumbles Early on Opioid Addiction pistol-whipping those behind in their debts. Ah, good times. When Mr.Shortosummons the couragetoask if this man By Brian Barnett increased tenfold, and opioid regulators’ concerns about us- Hospitals aresodesperatefor could be the murderer he is seeking,the old gent replies: “Me? And Jeremy Weleff overdose deaths droppedby ing buprenorphine,anopioid, moreprescribersthat some Ididn’t want to getinvolved in killing.Iwas toogood-natured! 80% in four years.Yet to the to treat opioid addiction. arepaying physicians nearly Iwas mean ...but Iwas good-natured.” And then, forthe mong the Trump admin- astonishment of the medical Thereisnosimilar require- $750 to completethe X-waiver thirdorfourth time,alook comes over his faceand he says, A istration’s last and best community,the Biden adminis- ment for prescribing opioids course.The federal govern- “What’dyou sayyour name was?” decisionswas to allow tration abruptly reversed the to treat pain. As physicians ment hasalso tried to im- Grandpa Russ’sMafia career ended around 1960,when a almost all physicians to pre- changeonJan. 27,arguing it who prescribe buprenorphine, provebuprenorphine access newmayor,inspired by Bobby Kennedy,began to clean up scribe buprenorphine, one of didn’t passlegal muster and we can see why treating opi- by extending prescribing the town. It’s at this point that the book loses a measure of the most effectivetreatments the WhiteHouse budget office oidaddiction with an opioid rightstonurse practitioners its energy, focusing more on Russ’s boozy downward spiral foropioid addiction. Previ- hadn’t signed off. mightinviteconcern. But it and physician assistants who and his tangled home life; according to Mr. Shorto, he sired ously,only doctorswho had makes sense.Buprenorphine’s complete24hoursoftraining at least two illegitimate sons, one discreetly raised by his completed an eight-hour chemical structureallows it to and obtain an X-waiver. Still, partner Regino. This kind of thing proves startlingly training course and obtained a He rolls back a Trump reducecravingsfor other opi- the need forthe treatment far common, the author discovers; these people move children license from the Drug En- reform to increase oids likeheroin while decreas- outpaces supply. among families like checker pieces. forcement Administration ing the risk of overdose Perhaps the Biden adminis- Theweakest sections of the book crowd toward the end, as could do so.Only 7% of physi- access to treatment. should patientsrelapse on tration will eliminatethe X- Mr.Shortodescribes his effortstosussout his ailing father’s cians arecertified to prescribe them.Just as impressive, it waiver in itsown manner.But involvementinall this.Family loreholds that Grandpa Russ the drug, and more than half doesn’t cause the intense eu- how can it justify further de- forbade his son from entering the Mafia; the truth turns out of ruralcounties lacked asin- We hope this about-face phoria of other opioids,and it laywith overdose deaths in- to be morecomplicated. Thereare strained father-and-son gle prescriber as of 2018. wasn’t political. But if the is usually formulated in com- creasing amid the pandemic? discussions,leading to the inevitable hospital vigil, but the President Biden had prom- only issue is procedural, why bination with naloxone,aIf the administration lacks the thrill of sleuthing family historyebbs. ised during the campaign to not let the changestand until medication that blocks bu- couragetoact now, we im- Ididn’t much mind. Mr.Shortoisaterrific storyteller, abolish the licensing require- Congresspasses legislation to prenorphine’seffectsifin- ploreCongresstodoso. It especially in his brevity.His sentences areshort, crisp and ment, known as the “X-waiver,” regularizeit? Thereisevery jected, making misuse rare. should use the next Covid-19 unshowy;few of his wordsare wasted, adelight these days. which President Trump’sDe- reason to do so: Nearly 130 Given busy schedules,in- relief package as an opportu- Extradetails aresunk intofootnotes.At259 pages,“Small- partment of Health and Human Americans die of opioid over- timidation stemming from the nity to end the X-waiver’s time” is abook youcan knock back in acouple of flights— Services moved to nix aweek doses on an average day, and unusual training requirement, deadly reign. that is,ifweevertakeflightsagain. beforeheleftoffice. After abipartisan bill has already and DEA scrutinyofbuprenor- Franceeliminated asimilar been proposed, with plans for phine prescribers, convincing Dr. Barnett is apsychiatrist Mr. Burrough’s next book, “Forget the Alamo: The Rise regulation, the number of pa- reintroduction. physicians to obtain an X- and Dr. Weleff is aresident in and Fall of an American Myth,” written with Chris Tomlinson tientsreceiving buprenorphine TheX-waiver stems from waiver is adaunting task. psychiatry in Cleveland. and Jason Stanford, will be published in June. P2JW040000-0-A01800-1------XA

A18 | Tuesday, February 9, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Why Democrats Want a Trump Trial Truth, Not a Truth Ministry, Will Set Us Free

he SenateonTuesdaybegins the second Democratssay it will deter futureimpeach- Regarding your editorial “Liberal- Bolshevik vanguard elite, the chosen impeachment trial of Donald Trump, able acts late in a President’s term, but that is ism’s Ministry of Truth” (Feb. 4): I ones, would be the definers of truth T now the former President. Democrats unlikely if Mr. Trump is acquitted, as he likely am struck again by how much closer going forward and would harbor no our political environment is now to competition. say the trial is crucial to pun- will be. He will claim vindica- They already know the that described in George Orwell’s This harks back to my old combat ishing Mr. Trump for the Jan. tion. Thegreater rebuke book “1984” than when I first read it days in Vietnam when I heard: “We 6Capitol riot, but it seems result, but they think it would come from letting him in the 1960s. I recently reread it and had to destroy the village to save it.” morelikely to do the opposite suffer in isolation, without found disturbing how rapidly we are Keep up the good work. by acquitting him. It also will hurt the GOP. power and with the stigma of moving to the world Orwell imagined. BILL KLEIN looks like a needless partisan a bipartisan House impeach- Anyone who read “1984” years ago Springfield Ill. exercise that will further po- ment vote. and forgot about it should reread it larize America’s political factions. Democratssay aconviction would also allow now. It is depressingly prescient. In “YouTube Cancels the U.S. Sen- iii a simple majority vote to bar Mr. Trump from JAMES R. DANIEL ate” (op-ed, Feb. 3), Sen. Ron Johnson As we’vesaid several times,Mr. Trump’sac- holding federal office again. That is tempting Fredericksburg, Va. says that Dr. Pierre Kory stated be- tions that dayand afterthe November election to some GOP Senators who know Mr. Trump’s fore a Senate committee hearing that I find your editorial extremely an antiparasitic drug, ivermectin, pre- were disgraceful. He made false claims about party dominance has cost them control of the frustrating, especially after reading vented Covid in health-care workers astolen election and later about overturning House and Senate. But he probably won’t be that the Republican members of the in Argentina. What he doesn’t men- the Electoral College count. He also misled his convicted, and in anycase voters should decide House did nothing to rebuke Rep. tion is that the Argentinean study supportersabout Vice President MikePence’s if they want him in office again. Mr. Trump’s Marjorie Taylor Greene’s opinions used ivermectin with another pre- solely ceremonial role in presiding over the electoral defeatsare amorecompelling rebuke that have been broadcast on social sumed antiviral drug, Iota-carra- vote count. than a partisan ban by Congress. media and in the news over the past geenan, so the results don’t show that By rallying his supporters to march on the Most SenateRepublicans seem poised to few years. Your editorial gives people ivermectin was the effective drug. Capitolinthe false hope of overturning the vote for acquittal on grounds that impeaching like her free rein to express whatever The NIH is currently looking at election result, and then refusing for hours to a former President is unconstitutional. There they choose. I won’t pass judgment ivermectin and its effect on viruses, ask them to stand down, Mr. Trump tolerated aregood argumentsonboth sides of the ques- on content, only that there has to be and in particular the Covid-19 adeno- an assault on aconstitutional branch of govern- tion, but the courts are unlikely to rule on the a filter for information that is false, virus. Up to this point, there are no slanderous, racist, derogatory and in- U.S. or world-wide studies that have ment. Republicans who think this is impeach- matter. The prudential point is that the trial flaming. been completed. able conduct will get no criticism from us. won’t have the deterrent or censuring effect To say that liberals are trying to There may be a good reason Yetthe House impeachersdon’t limit them- that Democrats claim to want. censor conservatives is missing the Google removed the YouTube video of selves to that charge.Intheir single and sloppy iii point. Everyone should be working at the Senate committee meeting that impeachment article,they accuse Mr.Trump of So whyhold this trial? Theansweristrans- stopping the spread of disinformation was hearing testimonies on the treat- “incitement of insurrection.” This is a stretch, parently political. Hatred for Donald Trump is and oppose usurping democracy and ment of Covid-19. not least because Mr.Trump called on the theDemocratic Party’s single most unifying the promoting of suppression. ROY LEVIT, M.D. marcherstobehave “peacefully.” TheHouse principle.Democratshaveprospered politically ROGER PARRISH New York managersmention this only in passing in their sinceMr. Trump waselected, and they’d liketo Taos, N.M. trial brief. It is doubtful that Mr. Trump’s Jan. keep him as a foil for as long as they can. To threaten physicians with sanc- What citizens and taxpayers want tion, firing or some form of retribu- 6 remarks would qualify as incitement under They know he divides Republicans,and they to know are the facts. Truth has be- tion is the way of politics. To act in the criminal code. hope atrial will cross-pressurethe GOP in 2022. come subjective in left-wing and pro- the best interest of one’s patients has The assault on the Capitol was a riot, and a Witnessthe stateparty censures of Rep.Liz gressive circles. We all want to know always fortified doctors to make deci- violent one, but it wasn’t an “insurrection.” It Cheney and Sen. Ben Sassefor their criticism the facts, whether or not we ever sions in context, acting as the pa- wasn’t acoup.Law enforcement wasover- of Mr. Trump’s post-election conduct. If GOP learn the truth. There is a difference tient’s guide and advocate. As an em- whelmed but it was all on the side of the Con- Senatorsvotetoconvict, they will faceMr. between facts and truth. Truth can- ployee in many, if not most, health- gress. Once the mob was dispersed, the Mem- Trump’swrath in futurecampaigns.Ifthey vote not be looked up in a reference book. care corporations or a virtual bers returned to the House chamber to count to acquit, Democrats will run against them as JOHN MCGILL employee of the government in a so- the votes. Therewas never anychancethat Joe apologists for the Capitol riot. Frankfort, Mich. cialist single-payer system, the Biden would not become President on Jan. 20, Perhaps the trial will turn up some newevi- threats to any physician who deviates whatever the fantasies of Mr. Trump and his dencethat moves the Senatetoward conviction. Regarding the suggestion that we from the financial, political or current need a “reality czar” to determine social orthodoxy adds intervening courtiers. But don’t count on it. TheHouse rushed im- what is acceptable speech, and con- nonmedical threats to decision-mak- We advised Mr.Trump to resign and take re- peachment without hearings, and the only wit- servatives need not apply: Only the ing. For the medical profession to ac- sponsibility forthe eventsofJan. 6, but he rode nessthe managershavecalled is Mr.Trump—an New York Times, the bastion of truth, quiesce to these political or corporat- out his term, wasimpeached by the House obvious political stunt. The irony of this trial could propose this with great sincer- ist demands will destroy the within aweek,and is out of office. Therelevant is that Republicans would liketomoveontode- ity. Has anyone ever reminded the profession and the very institution of issue three weeks intoanew Presidencyiswhat bating Mr.Biden’sagenda, but Democratscan’t people there that when the Bolshe- medicine in the eyes of our citizens, purpose does a trial serve now? let Mr. Trump go. viks took over Russia, journalists their patients. were one of the first groups taken to ALLAN DOBZYNIAK, M.D. Biden’s Ye men Gamble the wall and executed because the Eastport, Mich.

he State Department told CongressFri- would pull itsassistancefor “offensiveopera- daythat it will reversethe Trump Ad- tions” andcancel “relevant arms sales.” Mr.Bi- Inflation’s Fire Next Time May Soon Be Here T ministration’s designation of Yemen’s denparadoxically promised the U.S. still would Phil Gramm and MikeSolon makea pent-up demand that will driveveloc- Houthi rebels as aforeign ter- help Saudi Arabia defend itself convincing case forlooming inflation ity higher.This will occur in an econ- rorist organization. By Sunday The Houthis escalate from Houthi attacks. in “TheRisks of TooMuch ‘Stimulus’” omythat is in reasonably good shape, FoggyBottomwas asking the against the Saudis after TheState Department also (op-ed, Feb. 3), yetthe Federal Re- contrarytothe portrayal by hysterical group to stop behaving likea appointedanenvoy to begin a serveappearscluelessabout the dan- media elements. terrorist organization. a U.S. concession. freshpush to end the conflict. gers.The Federal Open Market Com- What happenswhen we getanew “Asthe President is taking Seeking anegotiated peacefor mitteeprojectsthat personal- round of stimulus checks,along with steps to end the warinYemen awar that has killed nearly a consumption expenditureinflation rising costsdue to aweak dollar in won’t even reach 2% until 2023. import markets, asurge in antibusi- and Saudi Arabia has endorsed anegotiated set- quarter-million people is important.But in the Someone is very wrong here, and ba- nessregulations and perhaps an in- tlement, the United Statesisdeeply troubled by Middle East, adversaries read unilateral conces- sic monetarytheorysuggestsitisthe crease in the minimum wage?Add in continued Houthi attacks,” aState Department sions as weaknessunlessthey aremade from a Federal Reserve. the 28% increase in M2 last year spokesman said Sunday. “Wecall on the Houthis dominant position. TheFed nowtotally ignores mone- with moretocome,and the result is to immediately cease attacks impacting civilian These early moves will have ramifications be- tary trends.Itstill publishes the data, clear to anyone who remembersthe areas inside Saudi Arabia and to halt anynew yond Yemen. In an interviewrecorded Friday, except forthe M3 aggregatewhich inflation of the late1960s and the militaryoffensives.” Mr.Biden said the U.S. won’t liftsanctions until wasdiscontinued in 2006.Asaresult ’70s,and to anyone who has studied Yemen’scivil warhas been ahumanitarian di- the Iranian regime ends itsviolation of the 2015 of this lack of analysis,ithas failed to the monetaryanalysis of Milton saster sincethe Iran-backed Houthis seized the nuclear deal. Supreme Leader AyatollahAli realizethat much of the recent mone- Friedman. capital city of Sana’amorethan six yearsago. Khamenei responded that Iran won’t comply tary increase is in household accounts, EM. PROF, ROBERT F. STAUFFER Saudi Arabia, with U.S. assistance, has led aco- with theaccorduntil sanctions arelifted. The as stimulus checks have and arebeing Roanoke College savedand deposited. This is entirely Salem, Va. alitiontosupport the country’sinternationally Iranians believeMr. Biden will blink first. different from the quantitative-easing recognized government. Democratsand some Backed by an Iran that expectstobecourted joltstothe accountsofbond traders Ilaughed out loud reading “The isolationist Republicans,critical of Saudi con- by the U.S.,the Houthis think they’rewinning and financial institutions.All that is Risks of TooMuch ‘Stimulus.’” To the duct, tried and failed to forcethe Trump Admin- and will trytogain ground as Americaretreats. needed is arapid increase in the ve- progressivemind, thereisnosuch istration to end itsinvolvement. Undermining friends and emboldening adver- locity of money to cause rapid in- thing as “too much.” If the spending Last week President Biden announced the U.S. saries is not agood formula forpeace. creases in aggregatedemand. fails to achieveits objectives,then Theattainment of herdimmunity progressives will simply say: “It to Covid-19 will guarantee arelease in wasn’t enough.” Reality Check for a $15 Minimum Wage EDWARD J. KMIEC Black Mountain, N.C. The Filibuster Really Isn’t resident Biden says his priority is creat- that depend on varying standards of living,the ing newjobs and he wants“to grow the kinds of employers,and the availability and skill Much Help for Democracy Look for Huge Job Gains P economyfor all Americans.” But look at of the workforce.Some 20 states have amini- In “The Senate’s Byrd Call” (Poto- Ahead for Reprogrammers howthe Congressional Budget mum wage no higher than the mac Watch, Jan. 29), Kimberley A. Officesizes up his proposal for How many jobs for the current national minimum of Strassel defends the filibuster as a Regarding the New York Sun edito- a$15 federal minimum wage. young and unskilled do $7.25. means of achieving bipartisanship, rial cited in “Program” (Notable & Phasing in this mandatory Thegood news is that the and she further argues against under- Quotable, Jan. 28) on reprogramming wage floor by 2025,according Democrats want to lose? $15 wage’s routethrough Con- mining the so-called Byrd rule, which Trump deplorables: I live in Califor- to the CBO’snew averageesti- gresslooks bumpy.Mr. Biden places limits on the Senate’s use of nia and my sisters live in Missouri. mate,would result in alossof told CBS he’swilling to push a budget reconciliation to circumvent We haven’t seen each other for some 1.4million jobs. $15wagefloor in separatelegislation, but he the filibuster. time. May we respectfully request But the mereinvocation of former that we be placed in the same repro- Theidled workerswould be disproportion- doesn’t think it’ll passburied in his $1.9trillion Sen. Robert Byrdillustrates pre- gramming camp? ately younger and lesseducated, and CBO proj- Covid bill: “Apparently that’snot going to occur cisely whythe filibuster should be JUDY HOVIS ectsthat half of them would drop out of the la- because of the rules of the United StatesSenate.” done away with. Byrdinfamously Lincoln, Calif. bor force. Prices would also rise forgoods and Mr.Biden is referring to the ByrdRule.The spokefor over 14 straight hoursina services that rely on entry-level labor,“such as Senateaims to approvehis Covid bill using the futile attempt to derail the Civil food prepared in restaurants.” Thefederal bud- budget reconciliation process, which bypasses RightsAct of 1964. He presumably Pepper ... getdeficit through 2031 would increase $54 afilibuster and requires only 51 votes. Under the came to reject his regressiveresis- And Salt billion, CBOsays,asthe government spent ByrdRule,however, the Senateparliamentarian tancetoracial equality,but the ex- more on unemployment benefitsand health- should and probably will saya$15 minimum ample serves to illustratethat the THE WALL STREET JOURNAL care programs. wage isn’t germane to the budget. point of the filibuster is not—and Low-wageemployees luckyenough to keep It won’t be forlack of trying.“We have aroom has never been—toachievebiparti- san consensus; it is instead atool theirjobs would getaraise.CBO says 17 million full of lawyers,” Bernie Sanderssaid over the that aims to,and succeeds at, disem- workerswould be “directly affected” by the $15 weekend, “working as hardaswecan to make powering the majority. minimum, and poverty “would be reduced by 0.9 thecase to the parliamentarian that, in fact, In short, the filibuster is pro- million.” This is not afreelunch, no matterhow raising the minimum wage will have significant foundly and effectively antidemo- oftenMr. Biden and Bernie Sanderssay so.Those budget implicationsand, in fact, should be con- cratic. For that very reason, it should gains would come at ahigh cost forthe young and sistent with reconciliation rules.” be buried in the ash heap of history, unskilled who will have aharder time grabbing If the parliamentarian won’t bend, Democrats regardless of which party controls the firstrung of the economic ladder. could hold avotetooverrule her.But in an inter- the Senate. Even those figuresare aguess, sincesetting viewlast week with the Bipartisan PolicyCenter, PROF. DAVID R. DOW the minimum wage at ahigh of $15 would essen- Sen. JoeManchin put his cardsonthe table.“I’m University of Houston Law Center tially put the country through an economic ex- not going to let the Byrdrule be decimated,” he Lettersintended forpublication should periment.This would mean imposing the urban said. Can youblame him? West Virginia’smini- be emailed to [email protected]. Please labor costsofSan Franciscoand Manhattanon mum wage is $8.75anhour.Its median hourly include your city, state and telephone everyout-of-the-way gasstation in ruralAmer- wage,$16.31inthe 2019 data, is only atick above number.All letters aresubject to ica. TheU.S.economyismade up of local and re- what Mr.Sandersinsistsstarting sandwich art- editing,and unpublished letters cannot “When you’re at a loss for words, be acknowledged. gional labor marketswith prevailing wage rates istsmust be paid. the trick is to stop talking.” P2JW040000-0-A01900-1------XA

THE WALL STREET JOURNAL. Tuesday, February 9, 2021 | A19 OPINION The Political Statesman of the Century Logic of the By Paul Wolfowitz and Foreign Minister Eduard egyrequires reflection. That Shevardnadze. means confronting what Trump Trial eorge Shultz wasperhaps “Trust is the coin of the Shultz’s friend and colleague the 20th century’smost realm,” Shultz believed, an Paul Nitze, called the “ten- consequential secretaryof adageheused as the title for sion between opposites”— By Charles Lipson G state, agroup that includes an essay reflecting on his between reflection and ac- George Marshall, Dean 100th birthdayinDecember. tion.The flood of decisions hat do Democratshope to Acheson andHenryKissinger.Be- With trust, good thingshap- demandingthe secretary’s W gain from Donald Trump’s tween 1982 and 1989 Shultz and Pres- pen. Without it, they don’t. attention leave little time to impeachment trial? Acon- ident Ronald Reagan forged arela- Characteristically,when think about the big picture. viction could prevent him from hold- tionship with Soviet leader Mikhail Shultz called out China on Accordingly,Shultz created ing federal office again, but it isn’t Gorbachev that brought apeaceful thesepages last August for his “Saturdayseminars,” to clear they benefit from keeping him end to the Cold Warand relativefree- “wrecking Hong Kong,” he which he would inviteadi- off the ballot. They beat himin dom to some 400 million Soviet sub- emphasized that Chinahad versegroup of expertstoex- 2020,and his looming presence jects—an impossible dream when “lost international trust,” plorewith him forseveral could impede anew generation of Reagan took officein1981. making it “difficult to form hourskey aspectsofimpor- Republican candidates. futuredeals with China’s tant issues. But atrial will galvanizeand leadership.” Third, even with the best unifythe Democrats. It keeps the Strategy, reflection and Even beforeMr. Gorba- effort to set the right direc- hated Mr.Trump in the spotlight chev’s ascent, Shultz began tion, manyfactorsare out- and distracts from the central issue restraint made George building trust with the Sovi- side adiplomat’scontrol. dividing Democrats: Howprogres- Shultz one of the greatest etsonhuman rights, an is- Forhim, it wasapursuit sivewill President Biden’sagenda sue on which therewas no morelikegardening than ar- be? Even more important, they ex- diplomats of his era. agreement on fundamentals. chitectureorengineering, pect the trial to split the other party. To resolveanimpasse over a whereyou canbuild accord- Divide and conquer—pit pro- and group of persecuted Pente- ing to aplan. “Ifyou keep anti-Trump Republicans against each Reaganhad asign on his desk: costal Christians sheltering the weeds out and apply fer- other, not only now but for coming “Thereisnolimit to what aman can in the U.S. Embassy in Mos- tilizer regularly,” he would elections. do,orhow far he cango, if he doesn’t cow and seeking asylum, say, amazing thingsmay mind who gets the credit.” Shultz Shultz made adeal to get grow.Hewas anything but SHOFFNER

washappy to credit Reagan fortheir them out of the Soviet Union Y flashy: The press corps

Democrats seek to divide joint achievements, which the secre- in exchangefor Reagan’s TERR might have preferred excit- tary attributed to the president’s promise not to “crow” about ing speeches,but Shultz was Republicans and see little willingnesstochallengeconventional it. “It wassignificant,” he said years nouncement, that the Sovietswould moreinterested in resultsthan head- downside. That may turn wisdom and change“the national and later,“that Ronald Reagan’sfirst dip- leave Afghanistan. That made it pos- lines.And he remembered that sign international agenda on issue after lomatic achievement with the Sovi- sible to begin discussing howthe two on Reagan’sdesk. out to be a miscalculation. issue.” Shultz viewedhis role as pro- ets—largely unknowntothe public— countries would deal with their re- Shultz displayedsomuch energy viding the diplomacytorealizethat wasonanissue of human rights.” spective Afghan allies after the So- and good humor at the teleconfer- vision and to improveit. Sometimes That smallsuccess provided the viet withdrawal. ence celebration of his birthdaylast To recapture Congress next year that meanttelling the president he basis foralargerone under Mr.Gor- Shultz’s successorswould do well December and he waswriting so andthe WhiteHouse in 2024, the waswrong,aswith the Iran-Contra bachev—a breakthrough was to remember three aspectsofhis di- thoughtfully,eveninhis 100th year, GOPneeds not only to retain Mr. scandal or the president’serroneous reached on the emotionally and po- plomacy. First, he knewthat diplo- that it seemed reasonable to hope we Trump’s voters but to add to them. statement that therehad been “fraud litically chargedissue of the “refuse- macyrequires strategy, setting goals could have the benefit of his wisdom Republicans seen as anti-Trump fear on both sides” in the 1986 Philippine niks,” Soviet Jews who had long andworking toward them over time. forafew moreyears. Fortunately we losing contested primaries.Inthe election. been denied permission to emigrate “Confronting tremendous problems” canstill learn from his writingsand general election, Trump supporters Shultz would be the firsttosay he to Israel. on coming intooffice, Shultz wrote, from his example. could lose swing voters.For the wasluckytowork with agreat leader. Theconfidenceestablished be- “the economist in me asked, ‘Where Democrats, by contrast, trying Mr. Both men recognized they were lucky tween Reagan and Mr.Gorbachev arewetrying to go, and what kind of Mr. Wolfowitz served as assistant Trumpseems alow-cost gesture. to have Mikhail Gorbachev as acoun- andtheir foreign ministerswas so strategyshould we employtoget secretary of state for East Asian and The only price, they believe, will be terpart. Shultz seized that luck to strong that Shevardnadzetold Shultz there?’ recognizing that resultswould Pacific Affairs (1982-86), ambassador abrief delayinapproving Mr.Bi- forgeatrusting relationship between privately in the fall of 1987,almost oftenbealong time in coming.’ ” to Indonesia (1986-89) and deputy den’snominees and momentarydis- the two leadersand between himself five months beforethe public an- Second, he understood that strat- defensesecretary (2001-05). traction from his agenda. This isn’t to deny the bipartisan outrage over the assault on Capitol Hill, or the Democrats’ genuine be- Talk About Putting Politics in the Bedroom! lief (sharedbymanyRepublicans) that Mr.Trump’sactions afterNov.3 mercial—is MikeLindell,the founder choice, workplacerelations or inter- munity arenow manifestations of the breached the bounds of constitu- of My Pillow, who recently moved actions with neighborsare to be sub- malevolencedriving us apart. tional propriety. It is simply to rec- from the other side of the commer- ordinated to our divergent ideologi- There’sblame on all sides forour ognizethat Democratsand Republi- FREE cial break on right-leaning television caloutlooks,itnolonger even makes disintegrating social compact. Mr. cans arepolitical creatures who EXPRESSION news programming to become avo- sense to speak of acommunity. Hoggisentitled to his progressive must makehard-nosed political cal- By Gerard Baker calpromoter of Donald Trump’s ef- ALos Angeles Times columnist re- pillowenterprise.It’simpossible not culations. fortstonullifythe election. counted aharrowing storylast week to have some sympathywith ayoung Yetthe Democratsmay end up reat conflictsare manyyears Americans,itseems,will now about her experienceatthe hands of man whose life-altering tragedy was paying a higher political price than G in the making.It’soften arev- have to be identified by the brand of afamily of Trump supporters. It hijacked by afuturemember of Con- they anticipate. Thetrial won’t only olutionaryspark or an unac- downyfluffinessthey rest their seems the Republican neighborsat gresswhose publicly professed skep- delayMr. Biden’sprogram. It will countable misjudgment that tumbles heads on at night. Do yougotobed ticism about the outragehelped pro- tarnish his image as a “unifier” ea- the participantsintoall-out strife. with aprogressivepilloworacon- pel her to Republicanstardom. gertowork acrossparty lines.That But the long descent intohostilities servativecounterpane? Do Ineed to Activist David Hogg says But the underlying problem is the identity will be much harder to sus- is usually marked by events,large replacemywhite-privileged mattress softprogressivetotalitarianism that tain after Democratic senators vote and small, that serveasgrim histori- or shall Ijust getafuton that pro- he’ll start a pillow maker seeks to compel submission to its in lockstep to convict Mr.Trump and calmilestones on the road to war. motes racial equity? Wheredoes this to compete with Mike creed. Apowerful cultural establish- push through amammoth Covid re- Some of these areself-evidently end? What do Idointhe next toilet- ment, nowreinforcedbypolitical do- lief bill without anyRepublican consequential, large political acts papershortagewhen all that’savail- Lindell. Where does it end? minion in Washington, won’t tolerate votes. that drivethe wedgedeeper between able in the local storeisabrand that deviance. Instead of learning to live With all or almost all Democrats the parties.But some aresymbolic reifies the patriarchy? at peacewith the reality of pluralism, supporting Mr. Trump’s conviction, yetcapturemorevividly the widen- Imight be overreacting.The Pil- her countryresidencehad—unbid- the essenceofasuccessfuldemoc- the president will be pressed to de- ing cleavage. lowWarsmay not amount to much in den—plowedmountains of snow racy,itdemands concordancewith clarehis position. Whether Mr.Bi- TheBritish Parliament’spassage the end. Our politics areatanunusu- away from her driveway.The trauma- all of itsever-changing strictures.It den speaks out or not, he signaled of theTownshend Actsin1767and ally contentious moment amid apro- tized writer compared this act of ascribes dissent not to honest dis- his position when he refused to dis- 1768 imposed onerous levies on the longed public-health and economic simple human kindnesstosomething agreement, differing experiences,di- suade Mrs. Pelosi from transmitting American colonistsand fueled the se- crisis.The temperaturemay drop. the Mafia might do. verseintellectual traditions or the the House’s article of impeachment cessionist zeal. But it’sthe Boston Deepening conflict, secession and all- Underlying her disorientation was basichuman instinct forautonomy, to the Senate. Thespeaker wouldn’t TeaParty most people think of when out fighting arenot inevitable. the evident cognitivedissonancein but to maliceand ignorance. have done so over the newpresi- they seek an imageofwar made in- But the trends arenot promising. her mind that Trump supporters It won’t succeed—at least not in dent’s opposition. evitable by intolerable acts. More Societies cannot coherewhen differ- could possibly be kind people.Inthis itsmonolithic objective. It will suc- As the trial unfolds,Mr. Biden and than 80 yearslater,the Kansas-Ne- ences over politics penetrateevery we have the very distillation of our ceed only in driving us further and Vice President Kamala Harris (who braska Act hastened the path to civil creviceoftheir members’ lives.If current plight: What were oncethe further apart, clutching our ideologi- has begged off from presiding over warbyabolishing the Missouri Com- simple,quotidian actsofconsumer little actsthat bonded us as acom- cally congenial pillows. thetrial) will trytokeep alow pro- promise on the admission of new file while avoiding any criticism of slave states.But John Brown’sRaid this party-line effort to denounce on HarpersFerrystill does moreto andconvict Mr.Trump.That tacit fire the imagination, enshrined in Will Biden Stop Trump’sAfghan Retreat? approval will be universally ap- popular memoryasthe moment the plauded by Democratsand their me- just cause of abolitionism made con- By Vance Serchuk shocking even by Taliban standards. dated intobetraying these principles dia allies.But it leavesMr. Biden fac- flict necessary. Insurgentshavelaunched aKhmer and the people forwhom they area ing backward, avenging grievances When historians look back at the nthe list of crises confronting Rouge-style campaign of targeted matterofsurvival. from the Trump years, not forward, disintegration of the U.S. in the 21st O theBiden administration, Af- murdersagainst journalists, judges, Thebetterapproach is to tell the advancing his ownprogram. Partisan century, Iwonder if they might iden- ghanistan has steep competi- human-rights activistsand civil ser- Taliban that the priceofpeacewith revengeishardtoreconcile with bi- tifythe Great PillowFight as one of tion. Amid apandemic,asuperpower vantsinKabul. Thestrategybehind the U.S. is acomplete, verifiable break partisan restoration. thosesymbolic momentsthat pre- contest with China, and ascourge of this killingspree is clear: to extermi- with al Qaeda and other terrorists— JoeBiden and the Democrats sagedalooming catastrophe. domestic extremism, policymakers nate, as aclass, the modern-minded and that Washingtonwon’t be bullied surely understands these costs but Last week David Hogg, asurvivor could be forgiven formissing the days Afghan professionals who oppose the intowithdrawal. will pay them anyway because they of the 2018 Parkland, Fla., school when Washington’sbiggest worryin Taliban’sextremistagenda. Mr.Biden should further insist the expect to impose far higher ones on shooting,announced adream to the world wasaninsurgencyinCen- TheBiden administration says it is U.S. won’t leave Afghanistan until Republicans.That political logic launch apillow-manufacturing com- tral Asia. reviewing whether the Taliban is liv- thereisadurable negotiated settle- drives the impeachment trial. pany. In aseries of tweetsMr. Hogg Yetasmuch as the WhiteHouse ing up to itsobligations.If, as public ment between the Taliban and the promised aproduct that would be might prefer to set aside Afghanistan, evidencesuggests, it is not, the obvi- rest of Afghan society. Mr. Lipson is aprofessor emeritus union-made,support progressive the conflict therecannot wait. Thanks ous consequenceshould be to sus- This wouldn’t requireWashington of political science at the University causes and, aboveall, “not attempt a to the flaweddeal the Trump admin- pend the U.S. exit. to send tens of thousands of combat of Chicago,where he founded the whitesupremacist overthrow of the istration struck with the Taliban a troops back to Afghanistan. Afghans ProgramonInternational Politics, United Statesgovernment.” year ago, the Biden team inheritsa themselves arebearing the over- Economics, and Security. Histarget—rhetorical and com- ticking time bomb it must quickly TheTaliban has givenevery whelming burden of this fight. But the disarm. sign that it will harbor WhiteHouse should entertain modest Specifically,the Taliban agreement adjustmentstoU.S.force posture, if committedWashingtontowithdraw terrorists again afterApril. recommended by the commander on PUBLISHED SINCE 1889 BY DOWJONES&COMPANY all itsforcesfromAfghanistan by the the ground. Rupert Murdoch Robert Thomson end of April—lessthan 100 days from TheBiden administration canalso Executive Chairman, News Corp Chief Executive Officer, News Corp now. In exchange, the Taliban pledged Some in Washingtonmay be pressU.S.allies to increase their con- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher not to allowterror groups to use Af- tempted to acquiesce. This would en- tributions to the Afghan mission. A Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: ghan territorytothreaten the U.S. or able Mr.Biden to extricateAmerica NATO ministeriallater this monthwill Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; itsallies. from “foreverwar,” while blaming provide aforum to do so. Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; TheU.S.has upheld itsend of anything that goes wrong on the deal Aboveall, American leadership is News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; thebargain to the point that only leftbehind by Mr.Trump. indispensable—most concretely,inthe Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer 2,500 American troops remain in Yetthis would be ahistoric mis- wherewithal to keep asustained, sus- Andrew Dowell, Asia; AnthonyGalloway, Video & Afghanistan. take.Turning ablind eyetothe Tali- tainable counterterrorism presencein Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; TheTaliban, on the other hand, has ban’scontinued entanglement with Afghanistan. That’sameasureMr. Bi- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; made no sign of splitting with al terroristswould all but guarantee the den rightly endorsed as acandidate. Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; Qaeda. TheU.S.TreasuryDepartment return of an extremist sanctuaryto Toooften in foreign policy, the in- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News warned last month that al Qaeda in- Afghan soil. BeforeMr. Biden’sterm stinct of anew administration is to Thomas SanFilippo, Customer Service; fluenceinAfghanistan is actually in- is out, it is asafebet that Afghani- reversethe strategyofits predeces- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; creasing under Taliban protection. stan will againexplode,dragging sor,provoking acrisis.Inthe case of Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Taliban officials nowspeak of hosting Washingtonback in—at much greater Afghanistan today, it is the essential Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International al Qaeda membersas“refugees”—the cost than the U.S. presencetherenow firststeptoward defusing one. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: same rationale they used to shelter entails. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head thegroup before9/11. Abandoning Afghans would also Mr.Serchuk is an adjunct senior

EDITORIAL AND CORPORATEHEADQUARTERS: Farfromfacilitating awider peace send the messagethat despiteMr. Bi- fellow at the Center for aNew Ameri- 1211 Avenue of the Americas, New York, N.Y., 10036 in Afghanistan, the U.S. drawdown den’srhetoric on democracyand hu- can Security and executive director of Telephone 1-800-DOWJONES has coincided with asurge in violence man rights, Washingtoncan be intimi- the KKR Global Institute. P2JW040000-0-A02000-1------XA

A20 | Tuesday, February 9, 2021 THE WALL STREET JOURNAL.

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S&P 3915.59 À 0.74% S&P FIN À 1.22% S&P IT À 1.04% DJ TRANS À 0.68% WSJ $ IDX g 0.09% LIBOR 3M 0.195 NIKKEI (Midday) 29497.51 À 0.37% See more at WSJ.com/Markets Boeing Board Draws Fire on CEO EA to Buy

Shareholders in suit say initial crash in late2018,Mr. to an automated flight-control seeking to dismissthe share- clined to comment. Thecom- Makerof Muilenburgdevised“apublic system implicated in that holders’ suit, which he said panydeclined to makecurrent directors failed to relations,investor relations and crash. Thesystem, called lacked merit. He said Boeing executives and directorsavail- challenge Muilenburg lobbying campaign,” according MCAS,later also ledtoasec- wasdedicated to safety,quality able.Former directorsand ex- Mobile to the lawsuit, partly designed ond MAXcrash in early 2019 in andintegrity and that the com- ecutives either declined to on postcrash media plan to push back against the bad Ethiopia. pany’ssenior management and comment or couldn’t be publicityand criticism by U.S. Thenew details,contained boardhad engaged in “robust reached. Afterthe crashes,Boe- Games BY ANDY PASZTOR airline-pilot groups attacking in arecently amended version safety oversight,” including ex- ingrevampedits internal struc- AND ANDREW TANGEL Boeing’s disclosures regarding of ashareholder lawsuit filed tensivereviewsofengineering, turetogivethe boardgreater BY SARAH E. NEEDLEMAN thejet’sdesign. He discussed against Boeing’sboardinDela- airplane-development andpro- oversightofsafety matters. Boeing Co.’sboardfailed to theplan with then-lead direc- ware’s Court of Chancery, in- duction processes.Hesaid Boe- TheWall Street Journal pre- Electronic Arts Inc.said challengethen-Chief Executive torKenneth Duberstein and cluded inner workingsatthe ing had improved safety,qual- viously reported on an earlier Monday it is acquiring Glu Dennis Muilenburgonthe boardmember David Calhoun, highestlevelsofthe company ity and compliancesincethe version of the suit that had Mobile Inc. in a$2.4billion safety of the 737MAX or his nowBoeing’sCEO,according to as it became embroiled in one MAXcrisis. been heavily blacked out. The deal aimed at expanding an campaign to counter negative internal emails cited in the suit. of the biggest corporatecrises “Itshould come as no sur- suit, which relies on atrove of area of business in which the news reportsbetween two fatal Around the same time,Boe- in modern American history. prisethat afiling by plaintiffs internal Boeing documents, in- videogame giant has had crashes that claimed 346 lives, ing waspublicly pointing to pi- U.S. regulatorslatelast year al- seeking to gain advantageina cludes communications such as mixed success. according to newly released lot and maintenanceerrorsas lowedthe MAXtoresume pas- lawsuit presentsamisleading emails among executives and The all-cash deal, which is portions of ashareholders’ law- important factorsinthe fatal senger flights, ending anearly andincompletepictureofthe directorsduring the nearly expected to close in the June- suit that citesinternal company plungeofLion Air Flight 610 in two-year grounding. activities of Boeing and its five-month period between the ended quarter,will bring Glu’s documents. Indonesia, even as it waspri- ABoeing spokesman on boardofdirectors,” the spokes- two crashes and their after- mobile games such as “Kim About two weeks afterthe vately beginningwork on afix Mondaysaid the companywas man said. Mr.Muilenburgde- PleaseturntopageB2 Kardashian: Hollywood,” “Diner Dash” and “MLB Tap SportsBaseball” to EA.Glu HNA Group grew rapidly by shareholderswill receive acquiring assets around the $12.50 ashare, representing a world, beforeitwas forced to 36% premium to Glu’s closing downsizeunder the weightof price Friday, EA said. large debts. Glu shares rose 34% to 1.2 trillion yuan $12.56 in extended trading Monday. “Wedid this deal because 1.0 we believe mobile is the fast- est-growing platform on the 0.8 planet” forvideogames,EA Chief ExecutiveAndrew Wil- son said. “The combination of 0.6 thesetwo companies creates a market leader in lifestyle and 0.4 sports.” PleaseturntopageB4 0.2 Assets 0 Reddit 2015 ’16 ’17 ’18 ’19 0.8 trillion yuan Doubles 0.6 Va luation S 0.4 NEW G 0.2 In Funding

OOMBER Liabilities BY SARAH E. NEEDLEMAN /BL 0 NG

CO 2015 ’16 ’17 ’18 ’19 Reddit Inc. doubled itsval- N

YA Note:1trillion yuan=$154 billion uation to $6 billion in anew Hainan Airlines is one of three listed carriers controlled by China’s HNA. They said billions of dollars were misappropriated. Source:S&P Capital IQ round of funding that comes as the social-media companyhas added usersthrough the pan- Deal-Making SpreeCatchesUpWithHNA demic and morerecently gained attention forits role in the Wall Street trading frenzy. BY MARTIN MOU sprawling webofmorethan creditors, which include state- onavirus pandemic dented its became China’sbiggest private RedditonMondaysaid it 2,000 subsidiaries,affiliates owned financial firms,have core airlines business. airline by expanding and ac- raised $250 million in alate- From 2015 to 2017, as the and shell companies. asked acourt in Hainan to reor- Mr.Gu, who heads aworking quiring other regional airlines, stagefunding round led by Chineseconglomerate HNA Threepublicly listed compa- ganizethe company and disen- group that spent much of the and added other businesses, venture-capital firm Vy Capi- Group Co.collected stakes in nies controlled by HNA,includ- tangle the manycomplexfi- past year developing aplan to from travel agencies and hotels tal.Previously it wasvalued at overseas hotels,financial insti- ing itsflagship carrier Hainan nancingarrangementsthat defuse the company’srisks, to shipbuilding and logistics. $3 billion afterits last funding tutions and officetowers in a Airlines,said in lateJanuary once poweredits aggressive said HNA found itself in adeep Thegroup made headlines round in February2019,ac- $40 billion deal-making frenzy, that billions of dollarswere global expansion. HNA,which hole because of itswild growth globally over the past decade cording to PitchBook,apro- aquestion lingered: Howdid misappropriated from their wassunk by massivedebt, said and poor past decisions.“When when it bought stakes in vider of privatemarket data. the companyget so much businesses and that their cof- it would submit to the legal Ithought about having to ex- Deutsche Bank AG and the Hil- Current investorsinReddit money to spend? fers were drained by HNA’s ac- process. amine each and everyasset tonhotel chain and took con- also includeventure-capital Now, following the downfall tivities.The three firms said Gu Gang, atop official at that waslost as aresult…I trol of California-based elec- firm Andreessen Horowitz of one of China’smost acquisi- theirassetswerealso used to Hainan’sstate-owned develop- would be filled with anger and tronics distributor Ingram andinternet conglomerate tive companies,the findingsof guarantee debtsofHNA andits ment agencywho wasrecently resentment. Howdid such a Micro, among amultibillion- Tencent Holdings Ltd. aprovincial government work- related entities. named as the topCommunist good group become likethis to- dollar portfolio of trophyassets Thecompany, founded in ing group areshedding some An HNA spokeswoman de- Party official overseeing HNA, day?” it assembled. During itsheyday, PleaseturntopageB2 light on the unorthodoxways clined to comment. said in an open letterthat the Thecompanygrewout of an HNA executivecompared that money wasmoved around Therecent disclosures are company’sproblems began ac- Hainan Airlines,which started the firm with Warren Buffett’s  Heard on the Street: How not within HNA,which has a just the tip of the iceberg. HNA cumulating well beforethe cor- operating in the early 1990s.It PleaseturntopageB2 to ‘democratize’ finance.... B12 Stock Clearing Process China Rebukes Tesla on Quality Issues

Challenged on Speed BY TREFOR MOSS AND YOKO KUBOTA BY ALEXANDER OSIPOVICH Menlo Park,Calif., startup and will be scrutinized in ahearing SHANGHAI—Tesla Inc.has When Robinhood Markets on Capitol Hill next week. Ini- been summoned by Chinese au- Inc.and other brokersabruptly tially,manyinvestorsassumed thorities citing consumer com- restricted trading in GameStop the firm’sdecision to limit plaintsabout quality issues,a Corp., it cast aspotlight on a buying GameStopshares was warning forthe electric-vehicle normally obscurecorner of the directed by hedgefunds that maker in acountrywhereit financial markets: the clearing- had bet against the stock or by has enjoyedawelcome rarely housethat processes U.S. stock high-frequencytrading firms. seen forforeign companies. trades. In fact, the movewas TheState Administration for Robinhood’s moveinfuri- prompted by something more Market Regulation, China’stop ated itscustomers, prompted mundane—a $3 billion margin market regulator,said Monday dozens of lawsuitsagainst the PleaseturntopageB10 that it and four other regulators had instructed Tesla to abide by Chinese laws and reg- S

ulations and strengthen inter- NEW G INSIDE nal management to ensurethe quality and safety of itsprod- ucts. OOMBER It wasararerebukefor Tesla, the firstforeign auto SHEN/BL

maker to operateawholly QILAI owned plant in China. A sales assistant driving a Tesla Model Y last month in Shanghai, where production is ramping up. In astatement lateMonday in China, Tesla Shanghai said it struck in itsresponse to Chi- local authorities in California called the agency’srules “sincerely accepted the guid- nese regulatorsdiffered that temporarily ordered his “anachronistic.” ance of government depart- sharply from the stanceChief lone U.S. carplant closed to China’shighly public mes- ments.” It said it had “deeply ExecutiveElon Musk has taken slowthe spread of the corona- sageofdissatisfaction with reflected on shortcomings” and in the U.S. when he has come virus. Tesla’squality issues comes as FOOD DELIVERY SHIPPING wasworking on strengthening in forgovernment scrutiny. In When aU.S.car regulator the Palo Alto, Calif., electric-car DoorDash is acquiring Container lines are itsoperations.Italso said it 2018,hesparred with the Secu- this year requested the recall maker ramps up production of aroboticsstartup to looking foralternate would investigateChinese con- rities and ExchangeCommis- of some ModelSand Model X the Model Y compact crossover sumers’ complaintsand abide sion, whichinvestigated his vehicles,Tesla agreed to fixaf- vehicle at itsplant in Shanghai. automate production paths to getaround by Chinese laws and regula- tweetsabout taking Tesla pri- fected models,but said it dis- It also follows recent global re- processmore. B3 bottlenecks. B5 tions. vate,amovethat didn’t hap- agreed that touch-screen fail- calls of the U.S.-made Model X Thetone the carmaker pen. Last year, he battled with ures constituted adefect and PleaseturntopageB5 P2JW040000-4-B00200-1------XA

B2 | Tuesday, February 9, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. “This whole event is show- Reddit ing the poweroflarge commu- A GameStop Primark...... A9 nities of everyday people,” said Advance Publications.B2 ...... B1,B10,B11,B12 Pyramid ManagementA1 Mr.Huffman. “Not just massive Alibaba...... B12 General Motors...... B12 Q Stands by institutional and professional AMC Entertainment Grubhub...... B3 Quest Diagnostics...... A2 investorsget to participatein the stock market.” ...... B11,B12 H R Apex Clearing...... B10 Approach Social-media companies Hennes & Mauritz...... A9 Reddit...... B1,B12 Apple...... B4 have long grappled with how HNA Group...... B1 Ripple Labs...... A4 Auto1...... A2 best to moderateand curate I Robinhood Markets ContinuedfrompageB1 their content and nowfacethe B Interactive Brokers...B10 ...... A2,B1,B10 2005,has raised roughly $800 prospect of lawmakers’ chang- BlackBerry...... B12 International Business S million sinceits inception. ing howthey do business. One

Boeing...... B1 JOURNAL Machines...... B11 Sanderson Farms...... B3 “It’sagood market to fund- possibility is an overhaul of C J raise,” Reddit Chief Executive Section 230 of the Communica-

Smithfield Foods...... B3 REET

SteveHuffman said in an inter- ST tions DecencyAct, which since CanSino Biologics...... A9 JBS USA...... B3 SoftBank...... A1,B11,B12 view. “Valuations areveryhigh LL 1996 hasshielded social-media Cargill...... B3 JPMorgan Chase...... A4 Space Exploration WA Chowbotics...... B3 Technologies...... A2 right now. It never hurtsto companies from civil liability

L THE Square...... A2 raise money when there’san potentially resulting from con- CMA CGM...... B5 R

LendingClub...... A4 opportunity to do so and Red- FO tent that userspost on the Codemasters Software State Street...... B11 Loews...... B11 dit had astrong year.” AK platforms.Acongressional

...... B4 T CZ Forexample,advertising hearing on the recent market

M YM D TD Ameritrade...... B12 revenue forthe companyshot SZ gyrations has been scheduled Massachusetts Mutual Tencent...... B4 Dell Technologies...... A2 NA Life Insurance...... A2 up 90%inthe quarter ending forFeb.18. Mr.Huffman said Depository Trust & Tesla...... A1,B1,B11,B12 YA MicroStrategy...... A2 in December from ayear ear- KA Fridayhehadn’t yetbeen Clearing...... B10 Twitter...... A2,B2 lier,hesaid. The toydiamonds represent‘diamond hands,’orholding astock for asked to participate. DoorDash...... B3,B12 N Tyson Foods...... B3 SanFrancisco-based Reddit the long term, and an image WallStreetBets users have embraced. Reddit’srelationship with its E Next...... A9 U is known forits message volunteer moderatorshasn’t al- eBay...... A2 O Uber Technologies boards on amultitude of topics itsemployeeheadcount this The37-year-old Reddit co- waysbeen harmonious.Hun- Enel...... B11 Occidental Petroleum ...... B3,B12 as well as its“ask me any- year to around 1,400,Mr. Huff- founder recently changed his dreds of communities shut thing” digital town halls with man said, noting that one rea- Reddit profile imagetoWall- down in 2015 to protest the Engine No. 1...... B12 ...... B12 V celebrities,politicians and sub- son the companyraised new StreetBets’ cartoonish mascot sudden firing of apopular Red- E*Trade...... B12 P Volkswagen...... B2,B12 ject-matterexperts. Thecom- fundingwas to help it attract of aWall Street trader with so- dit employee. Thecompany’s Expedia...... A2 Palantir Technologies W - X pany, which isn’t profitable, talent. Reddit recently hired a called diamond hands,ina CEO at the time,Ellen Pao, Exxon Mobil...... B12 ...... B11 Webull Financial...... B10 wassold to Condé Nast in handful of executives who will showofsupport forthe group. apologized forhow Reddithan- F - G Paradigma Sarl...... A2 Wells Fargo...... A4 2006 and the magazine pub- start in the coming months,he Redditletsusersrateall dled the matterand resigned Facebook...... B2 PayPal...... A2 WeWork...... B12 lisher’s parent, AdvancePubli- added, declining to specify postsand commentsonthe shortly after.Mr. Huffman took Ford Motor...... B12 Perdue Farms...... B3 Wirecard...... B11 cations Inc., spun Reddit off in their titles or name them. platform and relies on tens of over the position. Foster Farms...... B3 Pilgrim's Pride...... B3 XPeng...... B2 2011 and remains ashare- Thefinancing deal comes thousands of itsown usersto RedditinJune banned holder. afterReddit’sWallStreetBets voluntarily policespeech. By “The_Donald,” acommunity de- Mr.Huffman said Reddit community gained attention as contrast, largersocial-media votedtoformer President Don- INDEX TO PEOPLE plans to use the newfunding some memberssuccessfully platforms such as Facebook ald Trump,saying moderators to invest in areas such as eggedonpeople to buy shares Inc.and TwitterInc.rely frequently ignored content that B E Pao, Ellen...... B2 video,advertising andcon- of heavily shorted stocks such mainly on algorithms and paid violated the platform’srules. sumer productsaswell as to as GameStopCorp.U.S.regula- help to do that kind of work. “Itwas apolitical community Peterffy, Thomas...... B10 Beaver, Jeremy...... B2 Eichelmann, Thomas B11 expand intointernational mar- tors areprobing whether the Themost recent user num- dedicated to apresident, so Braun, Markus...... B11 F Pirrong, Craig...... B10 kets.Latelast year Reddit ensuing market upheavalre- bersfromReddit put the daily there’saheavy weight to that,” Pozmanter, Murray...B10 C Freis, James...... B11 bought video-sharing app Dub- sulted in securities-law viola- averageat52million as of Oc- Mr.Huffman said. “Wegave S smash to expand itspresence tions. tober,which wasup44% from them manyopportunities to be Caldwell, Jessica...... B2 H in user-created video,one of Theincident has helped the same month ayear earlier. good citizens of Reddit, and Calhoun, David...... B1 Huffman, Steve...... B2 Smith, Greg...... B2 Son, Masayoshi...... A1 the hottest cornersofthe in- bring Reddit millions of new Mr.Huffman said the Wall- they were never able to do so.” Cascarilla, Charles....B10 M - P ternet, foranundisclosed sum. usersaswell as newadvertis- StreetBetsepisode has demon- Themembership of Wall- T - W Christopher, Paul.B4,B11 Morris, Daniel...... B4,B11 “Our strategyisn’t materially ers, which provide the com- strated the durability of the StreetBetsalone morethan Contopoulos, Michael Muilenburg, Dennis....B1 Tenev, Vlad...... B10 changing,” Mr.Huffman said. pany’smain source of revenue, company’smodel, as it matures quadrupled to 8.7million sub- ...... B11 Musk, Elon.....A1,B1,B12 Wood, Cathie...... B12 Reddit also plans to double Mr.Huffman said. and grows. scribersthis year.

otherssuch as Anbang Insur- Deal Spree anceGroup,Dalian Wanda Group and CEFCChina Energy, which also spent heavily on Caused overseas deals beforebeing reined in by authorities. In February2020,when the HNA Woes coronavirus pandemic ravaged the airline industry, HNA was effectively takenover by the ContinuedfrompageB1 Hainan government, which sent BerkshireHathaway Inc., The aworking group to take control Wall Street Journal previously of the company’sboardand reported, seeking to model it- comb through the books and self afterthe Omaha, Neb., con- shareholding structures of nu- glomerate’scollection of profit- merous HNA-linked companies. able,diverse and cash- Thegoal of the court-led generating businesses. bankruptcy and reorganization But unlikeBerkshire, HNA is to return HNA to financial piled on debt as it made acqui- stabilitysoitcan continue to sitions,getting loans from do- operateasChina’sfourth-larg- mestic andforeign banks and est aviation company. sellingbonds that oftendidn’t In all, HNA and related com-

S have credit ratings. At one panies obtained about 60 bil- point, HNA estimated that it lion yuan, the equivalent of PRES hadthe equivalent of around $9.3 billion, in funding and loan TED $100 billionindebt. Chinese guarantees from Hainan Air- OCIA

SS authorities began scrutinizing lines,Ccoop Group Co.and

/A itsactivities, prompting foreign HNA InfrastructureInvestment lenders and investorstoback Group Co., the filingsfromthe

HARNIK away.Under government pres- three mainland-listed firms sure, the companyshed the ma- showed. Theunitssaid funds

ANDREW jority of itsoverseas assets. were misappropriated, because Boeing’sex-CEO, Dennis Muilenburg, right, at a2019 Senate hearing on the crashes. In the back, family members hold up victims’ photos. HNA wasone of anumber of the money didn’t go toward sprawling,hyperacquisitive their ownoperations. according to the suit, “the afterthe Lion Air crash, the point when looked at from a conglomerates that have fallen —Jing Yang Boeing boardsupported the public re- suit said that Mr.Muilenburg flying public—the passengers from favorinChina, alongside contributed to this article. lations campaign” of Mr. wasmoreconcerned with po- and voters—point of view,” she Muilenburg“to attack accurate tential cash-flowdisruptions said in the March 14,2019 note. Board media coverage respecting the than safety matters.“We need She encouraged Mr.Muilen- 737MAX.” to be careful” that the FAA’sin- burgto“start the journey to Among the news articles terest in the contentsofflight rebuilding our reputation— Draws Fire discussed inside the company manuals,hewrote to Greg which we will and have done wasaNov.12, 2018,Journal ar- Smith,the company’schief fi- beforewith real dataand not ticle that said Boeing withheld nancial officer,“doesn’t turn based on our tendencytowant ContinuedfrompageB1 information about the MAX’s intoacomplianceitemthat re- to only see the good.” math. Previously redacted por- newflight-control feature from strictsnear-term deliveries.” In aMarch 15,2019,email tions of the earlier version of airline pilots. That feature was Therisk-management up- exchangebetween boardmem- the suit became public Monday part of the FAA’sinitial safety datetothe boardafter the first bersArthur Collins and Mr. afterthe Journal asked the certification. crash didn’t include oversight Calhoun, Mr.Collins discussed court to release the informa- Thefollowing day, according of airplane safety,according to howwhen he wasCEO of tion. to the latest version of the suit, the suit, nor did safety issues Medtronic PLC,the medical-de- Morgan Zurn, vicechancel- Mr.Muilenburgsent an update surfaceaspart of aDecember vicemaker,every boardmeet- lor of the Delaware statecourt, to the boardcalling the Journal 2018 meeting of the board’sau- ing started with aproduct- said in her Feb. 1order that article “categorically false.” dit committee. safety discussion. He suggested Boeing’sinternal “communica- By early December 2018,ac- Boeing focus an entireboard tions areatthe very heart of cording to the suit, Mr.Muilen- meetingonreviewing quality, this boardoversight case.” Say- burginstructed Anne Toulouse, Mr.Muilenburg’s according to an email cited in ing that little had been re- then the company’schief the suit. vealed about howBoeing’s spokeswoman, to “keep push- chief of staff urged Mr.Collins said: “I recognize boardresponded to the MAX ingback” on coverage by the him to addresssafety this type of approach needs to crashes,she added: “The public Journal, telling her “the only be communicated carefully so interest favors disclosure.” engineeringand PR problem problems objectively. as to not givethe impression Thelawsuit sheds light on a we have is the pseudo problem that the boardhas lost confi- key period of Boeing’srecent fabricated by the WSJ!” denceinmanagement (which historythat resulted in Mr.Cal- AJournal spokesman said: we haven’t) or that thereisa houn,adirector since2009,be- “The Journal’sreporting on Thecommittee, then headed systematic problem with qual- coming Mr.Muilenburg’ssuc- Boeing has been fair,accurate, by director LarryKellner,afor- ity throughout the corporation cessor as CEO.Aformer top and we stand by our conclu- mer airline executivewho is (which Idon’t believethere executiveataircraftengine sions.Wewill continue to nowBoeing’schairman, dis- is),” Mr.Collins wrotetoMr. maker General Electric Co., Mr. coverBoeing in the same re- cussed aplan to further ramp Calhoun, who previouslyserved Calhoun became the board’s sponsible manner.” up MAXproduction and sup- on Medtronic’sboard. chairman afterthe second MAX Earlier this year, Boeing plierdisruptions that affected Thelawsuit said Mr.Cal- crash beforedirectorsousted struck a$2.5billion deal with aircraftdeliveries,according to houn forwarded the emails to Mr.MuilenburginDecember the U.S. JusticeDepartment to meeting materials cited by the Mr.Muilenburg, who said he 2019. settle acriminal investigation suit. would addressthe issues in Afterthe Lion Air crash in centered on two companyem- Safety concerns gained boardmaterials. October 2018,which wassoon ployees who allegedly misled prominenceinternally with the In April 2019,vicepresi- followedbythe Federal Avia- FAAtraining specialistsabout March 2019 crash of Ethiopian dentsincharge of engineering tion Administration’sconclu- the suspect flight-control sys- Airlines Flight 302. Just days and safety forthe commercial sion that MCAS “posed an un- tem. later, Mr.Muilenburg’schief of aircraftunit provided their acceptably high risk of As part of that settlement, staff,Ann Schmidt,urged the firstreport directly to the catastrophic failure,” the suit Boeing acknowledged that por- CEO to addresssafety problems board, according to the suit: alleges directorsdidn’t order tions of itsflight manuals gave objectively,telling him not to “The presentation opened with an immediatesafety investiga- pilotsfalse,inaccurateand in- “drink [Boeing’s] ownbath wa- aprimer titled: ‘What is Certi- tion of the system or howit completeinformation. ter.” Thereputation of Boeing fication?’” wasapproved by regulatorsor In discussing an emergency and the 737“has been severely —Alison Sider contributed to investigateits safety.Instead, safety bulletin the FAAissued hit if not destroyed at this this article. P2JW040000-5-B00300-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, February 9, 2021 | B3 BUSINESS NEWS DoorDash to Buy Meal-Prep Startup

Chowbotics purchase bowls,among other things, tions,including universities, and DoorDash is exploring hospitals and grocery stores. is part of growing howtodeployitacrossrestau- While automating food pro- interest in automating rants, aperson familiar with ductioncould save restaurants

the matter said. time andcost, it’sunclear how S food production Ideas include using the amenable potential dinersare technologytohelp restaurants to these technologies. PRES BY PREETIKA RANA expand their menus or to al- Uber Technologies Inc.in- TED CIA

lowasalad bar to tryout new vested in building delivery SO

DoorDash Inc.said it is ac- locations,such as at an airport drones forits Eatsbusiness, AS quiring robotics startup kiosk,without the need for but dialed back those ambitions CHEA/

Chowbotics,signaling in- more manpower. amid arestructuring last year. Y

creased interest in automating “We’reworking on solu- Food deliverygrewata TERR food production when order- tions to help merchants grow blistering paceduring the pan- Chowbotics’ kiosks with their meal-making robots can create and dispense a customized salad. ing in is at ahigh. in an ever-challenging and demic.DoorDash Chief Execu- Thecompanies didn’t dis- changing landscape, and with tiveTonyXusaid in December mid-October,upfromone- Drizly for$1.1 billion last Takeaway last year while Uber closethe terms of the deal. Chowbotics we hope to en- that the companybecame thirdayear earlier, giving it a week.Both Uber and Door- acquired Postmates Inc. Chowbotics wasvalued at $46 hancethat level of support,” moreoperationallyefficient lead over Uber Eats, Grubhub Dash made forays intogro- Founded in 2014, Hayward, million in 2018,when it last DoorDash said in ablog post during the crisis, resulting in Inc. and other rivals. cery-delivery last year. Calif.-based Chowbotics’ sig- raised money,according to announcing the acquisition. faster deliveries. Food-deliverycompanies Thecrisis pushed the nature robot, called Sally, has data firm PitchBook. Thecompanysaid Chow- TheSan Franciscocompany expanded their offerings dur- money-losing industrytocon- 22 compartments that can be Chowbotics’ technologycan botics installed its meal-mak- controlled almost half of the ing the lockdown. Uber agreed solidate. Grubhub agreed to used to stock greens, vegeta- whip up salads and poke ing robotsinhundreds of loca- U.S. food-deliverymarket as of to buy alcohol-deliveryservice merge with the U.K.’s Just Eat bles, fruits, nuts and more. Stellantis Dealers Seek Brand Fixes

BY NORA NAUGHTON Dodgehas some popular muscle cars,but manymodels U.S. autodealersselling haven’t been redesigned in Chrysler,Dodge, Fiat andother years. Meanwhile,attemptsto brands under the recently reboot Alfa Romeo and Maser- formed auto-making company ati in the U.S. remain a work Stellantis NV have amessage in progress. While Alfa Romeo forthe newleadership: Help us has had some recent sales suc- fixthe ailing partsofthe cess,the two premium Italian lineup or consider cutting back. brands together still ac- Foryears, Fiat Chrysler Au- counted forlessthan 2% of the tomobiles NV,the carcompany U.S.’s totalluxurymarket in that recently merged with Peu- 2020,according to J.D. Power. S

geot-maker PSAGroup to cre- Mr.Kelleher said he hopes PRES

ateStellantis,has operated Mr.Tavares will givepriority TED

seven vehicle brands in the to the better-known U.S. CIA SO

U.S.—morethan manyofits brands, such as Chrysler and AS closest rivals. While some Dodge, that have heritagebut S/ OD

marques likeJeep and Ram need moremodels and fresher FO have thrived, othershavewith- offerings. ered in recent years, dinged by “I don’t want to see them

alack of newinvestment, ag- die on the vine,but right now, SMITHFIELD ing models and sluggish sales, they are limited,” he said. Manyindustry employees remain unsureofthe vaccines’ safetyand effectiveness. ASmithfield Foods plantinSioux Falls, S.D., lastyear. analystsand dealerssay. Thebrand challengeStel- The question of how to re- lantis faces in the U.S. mirrors viveFiat Chrysler’s weaker one that Mr.Tavares will con- Meatpacking Workers Are Wary of Va ccine brands has lingered foryears, front globally: In merging the and it nowfalls to Stellantis two carcompanies,hewill Chief ExecutiveCarlos Tavares have to figure out howto BY JACOB BUNGE Some plant workersand advo- cials saycertain jobs can’t be so- dressing common questions to answer it. Mr. Tavares has managea collection of 14 au- catessaid meat companies lost cially distanced, due to how about the vaccine,inbreak tomotivebrands—some of Meatpacking workersare credibility afterwhat critics processing lines aredesigned. rooms and training sessions. them in need of repair,indus- amongthe next wave of people called their sloworweak efforts Infection ratesamong workers Last year,Sanderson ana- The auto maker has try analysts say. eligible forCovid-19 vaccina- to protect workersasinfections have declined, companies say, al- lyzedemployees’ acceptance Theautomaker,now the tions in some states.Their spread through plantslast year. though plantscontinue to suffer ratesfor the free fluvaccines to compete against world’s third largest by sales, bosses want to makesurethey “Thereisthis distrust in the outbreaks. the companyhas offered at rivals with smaller is also competing against ri- getthe shots. company,” said Magaly Licolli, Chicken company Foster plantsinyearspast. Thedata vals that have over time culled Meat-industryofficials said co-founder of the worker-advo- Farms and beef producer Cargill showedthat fewerthan 10% of lineups. theirbrand lineups,inpart be- vaccines nowbeing provided to cacy group Venceremos,which Inc. temporarily closed plants in workerstook them, prompting cause they were toocapital-in- some essential workersoffer works with Arkansas chicken- December afterinfections Sanderson to begin acampaign tensive to sustain. the best chanceofensuring plant employees.Ms. Licolli spread among workers. JBS in promoting the Covid-19 shots. Ford Motor Co. began sell- safety foremployees who cut said she is encouraging workers November removed hundreds of “Therewerealot of miscon- said he doesn’t plan to cut any ingoff brands during the fi- meat, standing shoulder to to be vaccinated, but said meat employees from aColorado ceptions,” said Mr.Sanderson, brands,and aStellantis nancial crisis,amovethat shoulder,for hoursatastretch plantsshouldn’t mandatethe plant afteranoutbreak. 73 yearsold, referring to the spokesman added that the helped it avoid bankruptcy. each day. Vaccination rates shots. At Sanderson Farms,the flushotsonaDecember confer- companyvalues itsdiverse General MotorsCo. halved the among plant workerscould de- Meat companies said they third-largest U.S. chicken com- encecall. “Wedonot want that lineup of brands,ranging from number of brands it sold dur- termine whether the $213 bil- have spent hundreds of millions pany, Chief ExecutiveJoe Sand- to happen with the Covid vac- off-roaders at Jeep to family- ing itsgovernment-led re- lion U.S. meat sector canmove of dollarsonCovid-19 safety erson received aCovid-19 vaccine.” haulers at Chrysler. structuring in 2009. beyond the crisis that has up- measures,providing workers cine in mid-Januarywhile a At Tyson, Mr.Browersaid Chrysler,anearly 100-year- Other major carmakers, like ended the industrythis past with masks,screening them for camerarolled. TheMississippi- employeesurveysshowama- old badgethat oncewas the Toyota Motor Corp.and Honda year,sickening thousands of symptoms and spacing out cafe- based companywill soon play jority have interest in the vac- company’snamesake, now Motor Co.havelong only sold workersand killing morethan teria seats. Some companyoffi- the video,with doctorsad- cines. sells three models—two mini- two brands: aluxurymakeand 130, according to labor union vans and alarge sedan—about one formass-market models. estimates. half the number of nameplates Former CEO Sergio Mar- Manymeatpacking-plant em- it sold in showrooms adecade chionne,who took control of ployees remain unsureofthe ago. ItsU.S.sales have steadily Chrysler from bankruptcy in vaccines’ safety and effective- slid: last year, it sold roughly 2009,had adifferent tack.He ness, according to companysur- 110,500 vehicles,about one- reintroduced Fiat andAlfa Ro- veys,worker groups and some thirdits volume in 2015,ac- meo to the U.S., hoping to ex- workers. Some worryabout hav- cording to company figures. pand global sales of those to ing to provide proof of immigra- Fiat, a maker of small cars brands and fill factories in It- tion status to getashot, worker reintroduced to the U.S. in aly that were being underused. advocates said, while otherswho 2011, has also struggled with a He also splintered off Ram don’t speak or read English limited lineup,quality woes from the Dodgelineup in might struggle to find out where and a sharp drop-off in sales. 2009,making it intoits own to getone. “I don’t think anyone would separate truck-focused brand. “Thereisnodoubt that if we cryifFiat leftthe U.S. market- Mr.Marchionne died in the canget very high acceptanceof place,” said David Kelleher, a summer of 2018. the vaccine,itwill be instrumen- Chrysler,Dodge, Jeep and Ram Mr.Tavares has said he talinhelping us bring the pan- dealer in Pennsylvania who wantstorefocus investment demic under control,” said Tom also chairs the automaker’s on low-priority marques and Brower, senior vicepresident of U.S. dealer council. usethe group’sengineering health and safety for Tyson But thereare still some hefttoquickly redesign models Foods Inc., the largest U.S. meat dealerswho have sunk money and freshen stale lineups. processor by sales.The Arkan- intostand-alone Fiat-brand “You will see some of those sas-basedcompanylast week stores,and would liketosee a brands rebound based on the administered vaccines to 45 em- return on that investment, he clarification of the vision,” he ployees in aNorth Carolina said. said. chicken-processing plant, among the firstshotsoffered to the Jeep and Ramhave thrived in recent yearswhile other brands hundreds of thousands of U.S. have struggled. meatpacking workers. So far,meat companies have Stellantis U.S. vehicle sales by brand said they won’t requireworkers to be vaccinated. Instead, com- 1,000,000 panies including Tyson, Pil- grim’sPride Corp., Sanderson Farms Inc., Smithfield Foods 750,000 Jeep Inc. and Perdue Farms Inc.are producing educational videos, Ram postersand presentations to 500,000 promotethe shots, joining employers in other industries in taking abiggerrole to share public-health information with 250,000 Dodge workers. Pilgrim’sand JBS USA Holdings Inc., the country’sbig- Chrysler gest beef processor,will offer 0 AlfaRomeo employees cash bonuses forget- Fiat 2015 ’16 ’17 ’18 ’19 ’20 ting vaccinated, and about 500 have takenthe shotssofar,a Note:Excludes Maseratisales spokeswoman said. Source:Edmunds.com Trust could be an issue,too. P2JW040000-0-B00400-1------XA

B4 | Tuesday, February 9, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Joanna Stern EA to Buy Unlock iPhone When Face ID Can’t Mobile Game Firm Apple in lock the phone again. 2017: “Noth- Plus, this Apple Watch ing has ever shortcut is good only for un- ContinuedfrompageB1 been simpler, locking your iPhone. If Mr. Wilson added that Glu, more natural, you’re wearing a mask while which has about 800 employ- more effort- trying to buy something via ees,will be able to build less. We call this Face ID.” Apple Pay, App Store or games based on EA’s intellec- This is an actual executive iTunes, the phone will still tual property and take advan- quote, from back when the require your passcode. tage of itsmarketing expertise company introduced facial You know what does all and global presencetogrow. recognition on the iPhone X. that and doesn’t require an Glu will be integrated into EA Apple in 2021: “Nothing extra $200-and-up acces- but continue to work indepen- has ever been…less natural sory? A fingerprint sensor. dently on the games in its or more difficult. We call That’s obviously a better op- portfolio,with Chief Executive this Face No ID.” This is a tion when wearing a mask, Nick Earl,who onceserved as very made-up quote, reflect- but the only current iPhone the head of EA’s mobile divi- ing the breakdown of facial that still has Touch ID is the sion, remaining in charge. recognition now that masks low-price iPhone SE. Accord- “Assuccessfulasthey’ve are essential apparel. ing to my reporting and been,they haven’t had great The pandemic threw a what others have written, international reach yet,” Mr.

wrench into Apple’s cutting- JOURNAL Apple is considering adding Wilson said. “This is an oppor- edge, lickety-split mug scan- an in-screen fingerprint sen- tunity forustohelp them un- REET

ner: Our faces can’t be our ST sor along with facial recogni- lock that door.”

passwords when our faces LL tion to future iPhones. Sam- EA is the second-largest can’t be seen. And typing WA sung’s latest Galaxy already U.S. videogame publisher by

passcodes in full view of /THE has both. Apple declined to market capitalization afterAc-

strangers and co-workers US comment on future products. tivision Blizzard Inc. can be a security risk. SS Thevideogame industryhas WA Well, mask or no mask, HowDoIGet It? benefited greatlyoverthe past

Apple’s Face ID works KENNY This feature requires your year from pandemic-fueled de- again—sort of. A new iOS feature lets your Apple Watch unlock your iPhone while you're wearing a mask. iPhone to run iOS 14.5 and mand forat-home entertain- With the iOS14.5update— your Apple Watch to run ment, which has led to asurge released Thursdaythrough fast and easy to set up.I’ve the top of your iPhone’s your watchinthe firstplace! Watch OS 7.4. Once you have in investment and acquisition the company’spublic beta been testing aprerelease ver- screen—what Apple calls the Still, it’s a good moment that software, turn on the activity. software program, and ex- sion forthe past few days, TrueDepth camera—tries to to remember the cardinal feature by going to Settings Mobile games accounted for pected to go intowide release unlocking my iPhone while identify you as usual. If it rule: Don’t share those codes > Face ID & Passcode > Un- about half of the nearly $175 this spring—you canunlock wearing all sortsofmasks,in can’t see your nose and with people you don’t trust lock with Apple Watch. billion that consumers world- your iPhone without typing a all sortsofconditions.Inan- mouth, it looks for your un- with your life. And choose While Apple says the soft- wide spent on videogame soft- passcode,evenifyour faceis ticipation of your questions, locked watch to unlock your strong numeric passwords. ware is coming this spring, ware last year,according to obscured. Just one expensive I’vegathered theanswers: iPhone. If it doesn’t see any Amorerealistic fear? That you can get it now if you estimates from analytics firm little catch: Youneed an Ap- face—or sees an unmasked amasked person picks up sign up for Apple’s beta pro- Newzoo BV. ple Watch—and it needs to be HowDoes It Work? face it doesn’t think is your phone and is able to un- gram, where you test new Last week,both EA and Ac- unlocked and on your wrist. If your watch is unlocked yours—it stays locked. lock it just by being close to software versions and pro- tivision reported holiday-quar- Talk about awell-engineered on your wrist and your the unlocked watchonyour vide feedback. Anyone can ter results showing increased Apple trap.That aside,this iPhone can’t read your face, HowSecureIsIt? wrist. While the iPhone does join at beta.apple.com. After revenue and net bookings synergy is great. your watch will gently buzz This solution is only as se- check forthe presenceofa you sign up, you’ll need to from ayear earlier that ex- I’ve followed the develop- and your iPhone will unlock. cure as your passcode. Re- face, it could be anyone under install a special profile to ceeded Wall Street analysts’ ments of this crucial, life-al- And it does it really fast. member, this isn’t using bio- the mask (and your eyes don’t your iPhone and follow the expectations. tering struggle for nearly a Check out the stats: metrics to authenticate you. even have to be open). Itested steps. You’ll have to do the On Monday, Take-TwoIn- year now. Last April, there Unlocking with no mask, Butlet’spretend some bad this with several people. same for the Apple Watch. teractiveSoftware Inc.also was an effort to create Face using Face ID: 0.8second guystole your Apple Watch The person would have to Usually, I guide the unini- reported increased revenue ID-compatible masks. (Sur- Unlocking with mask, and thought that washis be pretty close—within tiated against this. There can andnet bookingsfor the De- prise! They didn’t catch on.) using watchtrick: 1.4seconds ticket intoyour iPhone.First, about 10 feet, according to be bugs and battery drain cember-ended quarter. Soon after, with iOS 13.5, Ap- Unlocking iPhone SE he’dhavetoput on your my tests. The proximity, like with unfinished software. Glu on Mondaysaid its ple made the passcode with Touch ID fingerprint watchand enter your watch much of this software, isn’t That said, I’ve been using it fourth-quarter revenue rose screen come up faster when scanner: 0.7 second passcode.(It locks whenever final, an Apple spokeswoman for five days, and haven’t 25% from ayear earlier to the phone can’t see your Unlocking with a pass- youremoveitfromyour told me. Apple also seems to seen these issues so far. For $141.4million, while net book- face. (It’s still a pain.) code: a year. Fine, three wrist.) Then, to getthis have anticipated this: You those who constantly wear ingsrose 15% to $124.8mil- Compared with those,this whole seconds whole auto-unlock trick to get an alert on your Apple masks, and who own both an lion. newwatch-dependent solu- Here’s what’s happening work,he’dhavetoenter Watch saying your iPhone iPhone and Apple Watch, I Profit morethan doubled tion is almost as good as the behind the scenes: The array your passcode.Atthat point, has been unlocked. You can can understand wanting to from the year-earlier period to naked-facereal thing.It’s of sensors in that notch at he’drealizehedidn’t need tap a button in the alert to get rid of Face No ID ASAP. $23.9 million.

Member Vo ices TheWall Street Journal CMO Network connectsleadersofthe world’smost inﬂuential brands to examine what —and who—isdriving trends and provide thefactstheyneed to chart thepathforward.

Whomakes up your most important our existing infrastructuretokeep change,create—toofferinnovative communities, and howdoyou employees safe and ensurebusiness and customer-centric experiences. connect with them? continuityfor our customers, “Revive” In addressing the immediate needs aims to reintegrateour workforce of the businessecosystem, awell- Our mostimportantcommunities with workplacesafetybypracticing intended, empathetic and trustworthy areour stakeholders, the customers physical distancing, enhanced “connect”tops the list. The next crucial we work for, the communities we cleanlinessand adoption of newtech stephas been awelcoming “change,” help grow and the societywelive solutions.“Thrive” will reimagine the which is notrestricted to the adoption in. We strivetocreateacultureof workplaceofthe futurewith science- of anew set of decision-makersand technology-ledinnovation where basedsolutions thatintegrate businesspriorities,but which diversityofthoughtiscelebrated — emerging technology to deliver safety also spans acrossthe core thought HarshvendraSoin empowering our associates, clients and higher levels of mental and process—developing from the and partner ecosystemacrossthe physical well-being. narrowly ledtofocusing on supporting Global Chief People world to RiseTM. the full buyer journeyisthe way Officer and Head of We areguidedbythe cultureof ahead. In “create,”brands mustcreate Marketing, Our associatesare at the core of driving positivechange,celebrating differentiatedomnichannel touch Tech Mahindra everything we do,and their well-being each momentand empowering all points in the newnormal, while is our toppriority. When it comes to to “RiseTM to dream, do and become creating self-serviceplatforms. customers, we provide an elevated more.”Our associates, clients, experiencetoeachone of them. We stakeholdersand shareholdersare Imagine you’re notGlobal Chief put them at ease by focusing on all branches of the Tech Mahindra People Officer and Head of hyperpersonalization by adapting to tree, which stands firm againstthe Marketing —whatwould youdo? the specifications of their industry ravages of the pandemic and finally and speaking in their language.We bearsfruit. As achild, Iwas enthralledby also work in the areas of education, the thoughtofbeing an athlete employabilityand disabilitythrough Howhas your marketing team been representing my country, watched our skill developmentprograms, able to differentiate itself in these by millions acrossthe globe.Ialways which have impacted over conditions and forthe future? dreamtofservingmycountry. 200,000 beneficiaries. Therewas something irresistibly We lived our brand philosophy mesmerizing about these athletes, Howdid your organization overcome of “Connected World. Connected carrying the hopes and dreams of the adversities COVID-19brought on? Experience,”finding newdigital millions.Every time theyhit the field, Membership is by invitation: solutions forour customers. We theyportrayedthe spirit of never [email protected] Strong leadership,people-centricity completely reconfigured our strategy giving up till the clock ranout.Some and our mantraof“Survive, Revive& to align with newbusinessneeds of thatspirit has permeatedintome Thrive” were the keyenablersin and challenges while maintaining and has carriedmeforward in every CMONetwork.wsj.com/ steering us through uncertain customer focus.Wewill continue aspect of my life. Iwonder,can Istill membervoicestechmahindra times.While “Survive” leveraged our focus on the 3Cs —connect, switch careers?

The Wall Street Journal news organization was notinvolved in the creation of this content.

THE WALL STREET JOURNAL. **** Tuesday, February 9, 2021 | B5 BUSINESS NEWS

ing competition in the booming Tesla Given Chinese electric-vehicle market from domestic rivals.Chinese electric-vehicle startup NIO Inc. Warning unveiled afourth production model last month.Two rival Chineseelectric-vehicle start- In China ups that listed in the U.S. last year arealso building momen- tum. Li AutoInc.has one model ContinuedfrompageB1 on sale and has said asecond sport-utility vehicle and Model will become available next year. Ssedan, which affected im- XPeng Inc.has two models in ported models in China. production, and has announced TheChina market, whereMr. plans foranew sedan. Musk has been widely feted,has Vehicle recalls arecommon become increasingly important in the autoindustry. However, forTesla. Deliveries in the coun- Tesla has oftenperformed trylast year helped the com- poorly in quality surveyscon- pany achieveroughly 500,000 ducted by market-research vehicle deliveries globally,are- companyJDPower. In one such cord.And Tesla said the in- survey last year,itplaced last crease in Model Yproduction in out of 32 vehicle brands in AIRLINES China would help offset lower terms of quality.

SPIRIT volume of Model Sand Model X While vehicles built in Spirit Airlines updated its Free Spirit frequent-flier program last month to emphasize the amount spent over the distance traveled. vehicles in the U.S. as the com- Shanghai weren’t affected by pany transitions to introducing the latest recalls,the summons updated versions of those mod- by regulatorswas seen as a Airlines Lure Yo unger Mile-Seekers els. warning to Tesla to getits act Public scrutinyofWestern together as it expands local companies that catertoChi- output,said Tu Le,managing BY KATIE DEIGHTON deem and spend air miles than membersspend. Memberscan up to eight friends and family nese consumersisn’t unusual director of Sino AutoInsights. they do about their steady,pre- earn creditsfrombuying up- members. “Wedidn’t want to and is oftenfueled by stateme- Some of China’sbiggest U.S. airlines areupdating dictable accrual, and they also grades forbaggage and seat se- restrict it to just family,like dia. Chinese broadcastershave state-owned banks were instru- their loyalty programs to appeal care about the perks that come lections as well as flights. The points pooling traditionally put the spotlight on Apple Inc. mental in funding Tesla’soper- to younger consumers, both de- with membership in loyalty switch aims to help customers does,because we knowthat Gen and Volkswagen AG over some ationsinthe country, while lo- spiteand because of the pan- programs,said Sid Krishna, accrue pointsand morequickly Zand millennials lovetraveling of their businesspractices in calauthorities issued permits demic’seffectsontravel. Some head of loyalty and co-brand at improvetheir status level in with friends,” Mr.Krishna said. thecountry. with unusualspeed, allowing carriersare adding perks such Spirit Airlines Inc. the program, gaining access to Air travel largely remains Starbucks Corp.has come Tesla to start making the as e-book andvirtual-exercise “They want that instant betterperks,Mr. Krishna said. grounded by the coronavirus. in for criticism related to pric- Model 3sedan at itsShanghai subscriptions, while othersare gratification,” Mr.Krishna said. Theairline also introduced a TheInternational Civil Aviation ing.All three companies re- plant only ayear afterthe Jan- overhauling the way frequent Spirit on Jan. 21 updated its “pointspooling” program that Organization last month responded with conciliatory uary2019 groundbreaking. fliersearn and spend air miles. Free Spirit frequent-flier pro- letspremium Free Spirit mem- ported 1.8billion passengers statements. —Rebecca Elliott Younger flierscaremore gram to shiftits emphasis from berswith Spirit credit cards took flightsin2020,compared Thescrutinyfor Tesla comes and Raffaele Huang about quick,flexible waystore- distancetraveled to howmuch combine and sharepointswith with 4.5billion in 2019. at thesame time it faces grow- contributed to this article.

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Y/ *Q@ d !Nk,(Q* II d e(NQ :,#%I?'098#% >/5A$98#% *A0"18%A6`]`#`bH d (KN ;Gg/ 0')(= ag` fN J/ e*J(J/L% af` )(g(N(KN /g0N g/O gOO*N)) .P (KN .fLNP(J/L >.(Q/(MkJ qQj(.*` d nU.J/( #O0J/J)(*g(J./ 7. "N:N+'N)(NOm ,g*(c g/O (KN /g('*N .P (KN !GgJ0 .* Z+'J(c V/(N*N)( .P )'PK ,g*(c% aP` )(g(N eJ(K atorswhile well-capitalized Independent truckersand one-truck carriersoroperators ,g*(JP'Gg*J(c (KN GNLgG g/O PgP('gG fg)J) g/O /g('*N .P g/c.fLNP(J./ (. (KN ;Gg/% 1.'8(# ." 583 &#,&481# ".+(,)'81! $.'#) '. ,((#-' .+ +#6#(' g/O aO` fN lGNO eJ(K (KN "g/K*',(Pc !.'*(_?EC Q.*(K Rg*KN( 9(*NN(_7KJ*O biggertruckersheld on and small trucking companies make with only ahandful of trucks, -+.-.)#&181'9 ,2#1&#& 6.81' -4,1 ." +#.+!,187,'8.105883 YG..*_2JG0J/L(./_ lNGgeg*N F>?[F(.LN(KN* eJ(K ,*..P .P )N*&JPN AB A> D'%A>' found stronger financial footing up the majority of U.S. freight said Todd Spencer,president of 9#,+81! '. (.1)8&#+ (.1"8+2,'8.1 ." -+.-.)#& 6.81' -4,1 9:A ,#%I?'098#% >/5A$98#% *A0"18%A_g/O )N*&NO ',./ (KN ,g*(JN) fNG.e ." +#.+!,187,'8.10,1& 58883 +#4,'#& 2,''#+) e(NQ :MA:!+' 4F>:!'<6`_ eKJPK )N*&JPN 0gcfN(K*.'LK (KN !R_Z!Y )c)(N0_ eJ(K as the economyreopened. carriers, with 91% of fleetsop- the Owner-Operator Indepen- >V]#;] 9#W] T?9Y!] 9Z#9./Xk/'k*gHCb H^HIb Y1Q*g) 9kJS #1Q*MSkb Y/S` S.'*(Q)g S.,MQ) jg Qa1kMJ@ ekd S.'/)QJ (. (NQ qQj(.*)b eMd Vk(Nk1 -4k(HM/) e:R0=8db Y1Q*g) 9kJS 6Q*1./(b Y/S` e:R0.dk/R Y1Q*g) 9kJS !k/kRk Y/S` e:R098 SS;_DEE 9.'(K [*g/O #&N/'N_ 9'J(NF[[_ S.) #/LNGN)_ !gGJP.*/Jg>[[@F a#((/= Some 3,140fleetsshut down erating six or fewertrucks and dent DriversAssociation, which k/Rb (.OQ(NQ*iM(N Y9#k/R Y96b (NQ :MA>:" =C'>!+FB 7'D:A><6` lGNO= UNPP*NcZ]"L.*K aLNPP]fL.*K$Ge]P.0`_ TJ0fN*Gc #] ;.)J/ aKJ0],.)J/$Ge]P.0`_ 1 (NQ ->&?@ /(F&"F" 2#>&? ,@3!?FD66A73& #E %3?>#& #E k/R ZQJQ/k X`9)Q*QO.'/M) eNQJQ/k`()Q*QO.'/M)$Ji`S.1dd k/R eMMd $3+ 5&$) 3&" 5?B *F1?#D /E07>3?FB 4&"FD ,@3!?FD66#E?@F Vkg(./ -\M/OQ*b >`#`b?/Q <.R/Qg;+'k*Qb AH^ T.*(N WM/O ;(*QQ(b 4MJ1M/O(./b 2019,according to transporta- cording to the American Truck- “The market canbepretty .3&9D=!?$',#"F nl.PKN( Q.] E?EEme(.OQ(NQ* iM(N kJJ )SNQR'JQ) k/R QhNMjM() lNGgeg*N F>?[Fa#((/= Rg*K l] !.GGJ/) aP.GGJ/)$*GP]P.0`bUMSNkQJ X` UQ*SNk/( (KN*N(._g/O g) 0gcfN0.OJlNO_ g0N/ONO_ .* )',,GN0N/(NO P*.0(J0N (. a0N*PKg/($*GP]P.0`_ g/O #0g/Og :] 9(NNGN a)(NNGN$*GP]P.0``% af` P.'/)NG (. tion industrydatafirm Brough- ing Associations,anindustry brutal,” Mr.Spencer said. (M1Qb (NQ :4[FB8d%G k/R V0N*c) 9]#]g/O J() Q./^lNf(.* #PlGJg(N)_ W'LKN) W'ffg*O-:NNO SS;_B$7#B=DF :?3?F(F&? E#D->&?@ /(F&"F" 2#>&? ,@3!?FD66"g((N*c;g*K ;Ggfg_ QNek.*K_QNe k.*K F[[[C a#((/=!K*J)(.,KN* TJ,G.K tonCapital LLC.Roughly half of group. “When the pandemic hit…it A73& #E %3?>#& #E 5(FD'B 837$ /(FD>$3+ 5&$) 3&" 5?B *F1?#D /E07>3?FB eSN*M)(.,NQ*`HM,J.H$N'ONQ)N'jjk*R`S.1db q')(M/ >` ;1M(N eR')(M/`)1M(N$ 4&"FD ,@3!?FD66#E?@F .3&9D=!?$' ,#"F nl.PKN( Q.] E?EDm a(.LN(KN*eJ(K N'ONQ)N'jjk*R`S.1db k/R]*M/ qMQ*) eQ*M/`RMQ*)$N'ONQ)N'jjk*R`S.1dd% the 2020 failures came in the Those smaller operatorstyp- created almost overnight atre- gGG )PKNO'GN)g/O NdKJfJ() (KN*N(._g/O g) 0gcfN0.OJlNO_ g0N/ONO_ .* eSd S.'/)QJ (. (NQ 9.*( !JkM1k/()5 !.11M((QQb eMd <.jM/)./ -!.JQ VV>bIHÎ second quarter,when freight ically have slimmer margins mendous overcapacity.The )',,GN0N/(NO P*.0(J0N (. (J0N_ (KN 87!<+[A<8>' 2:F:'C'B:8d` T` Uk*HQ( ;(*QQ(b ;'M(QIFÂb4MJ1M/O(./b qQJkik*Q IABÎe#((/@ Tk(kJMQq` >V]#;]9#W] \7<9Z]< T?9Y!] 9Z#9@ :g0)Nca/*g0)Nc$*P]P.0` g/O Rg*K #] YJ/K a0l/K$*P]P.0`` g/O aJJ` 2JGGKJN volumes plummeted amid wide- than big truckers, which can trucks were all there, but what F] 7KN 5/J(NO 9(g(N) "g/K*',(Pc !.'*( P.* (KN lJ)(*JP( .P lNGgeg*N Yg** - [gGGgLKN* SS;_@?@ 9N&N/(K #&N/'N_ QNek.*K_QNe k.*K F[[F> e(NQ :;FB]>8@:+U 9A8>:8d Nk))SNQR'JQR kNQk*M/O ./ Q8B' *,H**H FB) *(H e#((/@'6F![!B# YF<:'>B 0!C'J e(NQ :,#%I?'098#% 2A0?8%=8d aOP.*0g/$eJGGKJN]P.0``%aO` P.'/)NG (. (KN Y!:_ k.'/L !./gegc9(g*Lg(( - (. P./)JON* P./l*0g(J./ .P (KN ;Gg/] 7KN !./l*0g(J./ WNg*J/L eJGG fN KNGO 9kgJ.*bVV>b<.R/Qg;+'k*Qb I^^^ T.*(N WM/O ;(*QQ(b 4MJ1M/O(./b qQJkik*Q limiting the spread of Covid-19. purchasing costsfor items from about half,” he said. fNP.*N (KN W./.*gfGN Sg'*JN 9NGfN* 9JG&N*)(NJ/_ 5/J(NO 9(g(N) "g/K*',(Pc IABÎe#((/@ <.jQ*(;`"*kRg e*j*kRg$gS)(`S.1db ]RiM/ X` Zk**./ eQNk**./$ “Wehad arecordnumber go tires to employeehealth insur- Theaverage cost to hirea X'ROQb k( (NQ "k/H*',(Sg !.'*(bJ.Sk(QR k( BHFT.*(N Uk*HQ( ;(*QQ(b ;Mh(N cP)(]P.0`_ g/O 9Kg*./ R] oJNLa)fJNL$cP)(]P.0``% g/O aN` (KN A+')8>'< 5>)'>6` g,,*.&J/L (KN lJ)PG.)'*N F>?[Fa#((/= U'GJN( R] 9g*KN))Jg/ aL'GJN(]0])g*KN))Jg/$')O.L]P.0` g/O SJ/Og quarter and arecordnumber in also tend to getmorebusiness plunged 12% in April from the 9(g(N0N/( g/O ,*.PNO'*N) P.* ).GJPJ(J/L &.(N) (. gPPN,( .* *NLNP( (KN ;Gg/ a(KN :JPKN/ON*PN* aGJ/Og]*JPKN/ON*PN*$')O.L]P.0``] themonth of May,” said Donald from the spot market, where previous month, to $1.64 a :2A[!+!:F:!AB 4>A+')8>'<8d k) (. (NQ T.*(N #1Q*MSk/ qQj(.*)./Jg`9NQ "k/Ha >/5A$98#%< %#9 98'A1& I1A" 0%" ') DU :"' ;FB]>8@:+U 9A8>:FB) CFUD')''C') A6'>>8[') Broughton,Broughton Capital’s shippersbook last-minute mile,and bottomed out in May ;*.PNO'*N) g) (. V7V] W.eN&N*_JP(KN *N+'J)J(N/'0fN* .P ;Gg/ gPPN,(g/PN) X!:"A8: %8>:"'> BA:!+'G g*N *NPNJ&NO P*.0K.GON*) .P !GgJ0) J/ !Gg))C_V7V eJGG P.00N/PNgPKg,(N* T5-055;0=RM 954RY2 5W 4O=M =M7 7R29O52/3Y 20=0YNYM0G VP managing partner. transportation and prices tend at $1.60, according to online FF Pg)N g/O eJGG )NNK (. Kg&N(KN 9.GJPJ(g(J./ ;*.PNO'*N) <*ON* 0gON g,,GJa c.' e.'GO GJKNP.,JN) .P (KN ;Gg/_ (KN lJ)PG.)'*N 9(g(N0N/(_ (KN 9.GJPJ(g(J./ PgfGN (. J( g( .* ,*J.*(.(KN !./l*0g(J./WNg*J/L] ;*.PNO'*N) <*ON*_.*.(KN* O.P'0N/() *NGg(NO (. (KN ;Gg/_ P*NN .P PKg*LN_ c.' Smaller trucking companies to be morevolatile than in con- freight marketplaceDAT Solu- G` >'*)'k/( (. 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SC A> !B:'>'<:"F< D''B )!<+"F>#')H >'['F<')H XF!6')H <'::[')H A> )''C') <098!#": @8><8FB: :A :"' 4[FBJG 6#?9:A

OR >'['F<'< FB) !B_8B+:!AB< @>A6!)') %A>!B:"' 4[FBH FB) :"' @>'+!<' <+A@' Y1Q*g) 9kJS 6Q*1./(b Y/S` eA^B^dbk/R Y1Q*g) 9kJS !k/kRk Y/S` eACFBd` 9NQ #@ 9:A ,108'< 0%" *A'0%"< 9# /A $:0%%A1A"+ !1A0 C!D') D'[AXG G^^CA` D]7KN ;Gg/ ,*.,.)N)N)(gfGJ)KJ/L g(*')( (. *N).G&NgGG 7gGP ;N*)./gG H Y1Q*g) 9kJS Y(kJg ;`,`#`e:R0R6` 0gc lGN af'(Kg) /.(cN( lGNO` gPKg,(N* FF ONARD V/L'*c !GgJ0) gLgJ/)( (KN lNf(.*)] ;N*)./) g/O N/(J(JN) eJ(K 7gGP ;N*)./gG Pg)N] VP g/O eKN/ V7V lGN) gPKg,(N* FF Pg)N_ (KN lNf(.*)eJGG )NNK N/(*c .P LE V/L'*c !GgJ0) eJGG fN P.*N&N* fg**NO P*.0g))N*(J/L (KNJ* !GgJ0) gLgJ/)( (KN g/ .*ON* fc (KN "g/K*',(Pc !.'*( ag) ONl/NOfNG.e` L.J/(GcgO0J/J)(N*J/L V7V3) Container ships anchor off the Port of Long Beach, wherethe wait time to dock is aweek on average. lNf(.*)g/O (KN .(KN* ;*.(NP(NO ;g*(JN) ),NPJlNO J/ (KN ;Gg/] VP (KN ;Gg/ PKg,(N* FF Pg)N eJ(K (K.)N .P (KN lNf(.*) '/ON* !g)N Q.] F>^F[E?> aS99`] J) g,,*.&NO fc (KN "g/K*',(Pc !.'*(_gGG P'**N/( g/O P'('*N K.GON*) .P 7gGP G !g,J(gGJfNO (N*0) ')NO f'(/.( .(KN*eJ)N ONl/NO KN*NJ/ Kg&N(KN ;N*)./gG V/L'*c !GgJ0) gLgJ/)( (KN lNf(.*) Pg/ *N+'N)( g/O *NPNJ&N0./Nc 1Qk/M/O) k)S*MjQR (. )'SN (Q*1) M/ (NQ >Jk/ .* (NQ ;.JMSM(k(M./ >*.SQR'*Q) ./Gc P*.0(KN (*')(] k.' )K.'GO *NgO (KN ;Gg/ g/O lJ)PG.)'*N 9(g(N0N/( ag) ONl/NO fNG.e`_ g) g,,GJPgfGN] Pg*NP'GGc P.* ON(gJG) gf.'(K.e (KN ;Gg/_ JP g,,*.&NO_ eJGGgPPNP( c.'**JLK()] F :7'D:A><60Ng/) (KN Q.*(K #0N*JPg/lNf(.*)g/O_ J/ (KN N&N/( J( lGN) g Lines Bid to Bypass Busy California Ports C` 9NQ "k/H*',(Sg !.'*( Nk) M))'QR (NQ ;.JMSM(k(M./ >*.SQR'*Q) ?*RQ* &.G'/(g*c,N(J(J./ P.* *NGJNP'/ON* PKg,(N* FF .P (KN "g/K*',(Pc !.ON fNP.*N ON)P*JfJ/L K.e(.&.(N./(KN ;Gg/ g/O (KN lJ)PG.)'*N 9(g(N0N/( P./(gJ/) (KN !./l*0g(J./ lg(N_ V7V] BY COSTAS PARIS Thebackups have tied up mated the ships waiting off- inventories forweeks in some shoreatthe start of this BUSINESSOPPORTUNITIES NOTICEOFSALE

Some container lines and cases as ships wait to reach month had capacity for 1.'8(# ." -%*48( ),4# / >JQk)Q (kHQ/.(MSQ (Nk(!.iQ/k/R !.1,k/gb VV!e(NQ :VM+'MRk(M./ their importing customersare berths while cargothat has 336,500 20-foot shipping con- #OQ/(8db./jQNkJM .M 7`;` "k/H Tk(M./kJ#)).SMk(M./ M/ M() Sk,kSM(g k) M/RQ/('*Q (*')(QQ eM/)'SN 4(/F,D4,AF :HH:4FDAEF6 Sk,kSM(gb(NQ :9*')(QQ8db iMJJ jQ S./R'S(M/O k,'jJMS )kJQ .M SQ*(kM/ S.JJk(Q*kJ ,JQROQR jg k/ M))'Q* (. (NQ looking for alternate paths to been unloaded sitsfor long tainers. '6/22/+9 2= 89-="$29 2= $#06/)966178/9);-> 62$29 9*')(QQ M.* SQ*(kM/ S.JJk(Q*kJMbQR RQj( .jJMOk(M./) k( (NQ .MhSQ) .M (NQ VM+'MRk(M./ #OQ/(@ BAA VQhM/O(./ get around bottlenecks at the periods at packed freight ter- “The waiting time to dock ,/23 239 7$62962158=,/)5 "/2> /) 239 &/;,962: #&Q/'Qb HI)( \J..*bTQi p.*HbTpI^^HH` 9NQ )kJQ iMJJ .SS'*./(NQ Rk(Qk/R (M1Q M/RMSk(QR jQJ.i` 9NQ (-$331*! 44== %' 328--! $-- .0/-/0/83! +8"2$)/"$-! S.JJk(Q*kJ (. jQ ).JR k( (NQ )kJQ S./)M)() .M (NQ M.JJ.iM/O k))Q() e(NQ :#))Q()8d@ main U.S. trade gatewaysin minals,whereoperations have is up to seven days on aver- ,/02 -/7.<5 -/"8)38 6<5 5830$.5$)0 /) ;-$"89 48D[!+2F['\ 0"8><)FUH W'D>8F>U ,,H*E*,F:^\(E =N KYF<:'>B 0!C'J +"6 *88<6 (4;;<$6 7-; Southern California, wherean slowedasdockworkershave age, depending on the ship *=,)2=,) %/=0@ ($--6 %*! )9, #0/-;/)5! "=8)98 ' (.2/7/884< )-&< 1%!< :;595$-0 3-#< ,-04< armada of cargovessels is an- coped with an outbreak of cor- type,” said Mario Cordero, ex- 58=0); -9.9- 7=8 -9$69< &8)85<.3 #./-:1<.0 IHI^CB4#cA !?T9YU9X ]=7 VT 9< B`BIB0IH\IB\HA ;% @"$+/:(-$358(>5=)7'#8(>;1&38 GG^HFG9#]^ \Y<;9YT9V "#TW IÀAGB0F\IB\HA ABHH^F>#=HV]#;] YT6];9U]T9 9^`^^^Î0 C\IB\GI #"; 1CB^b^^^`^^ 1AFAbHF^`BH moving some operations to ships waiting to getintothe in the fourth quarter of 2020, jQ*.a -?GJ<@? *@?#!BG C BAHIBB#V^ U]9?VY9#T #;;]9 A`ÂHCG0 B\HB\HA \kS(.* 1Ib^^^b^^^`^^ 1^`^B smaller portsand have can- neighboring Southern Califor- up 23% from the year-earlier BBBCGAC##B 9YU]; ;=7#<] Z?9]V B`BHB0B\Î\HA !U"; 1IbB^^b^^^`^^ 1AGBbBIG`^C celed some sailingsaltogether nia portshas grownbeyond period. *0 !28( 53'&+(! #3&5 718'' "%,&,24 9NQ M/M.*1k(M./ kj.&QM)S'**Q/( k) .M Xk/'k*gGIb H^HIk/R M) )'jIQS( (. SNk/OQ` #JJ jMR) M.* (NQ ,'jJMS )kJQ 1')( jQ )'j1M((QR jg (NQ (M1Q /.(QRkj.&Qk/R M/ kSS.*Rk/SQ iM(N (NQ (Q*1) k/R S./RM(M./) .M kjMR to avoid the backups that have the number that were an- Thebackups have grownas .+-,)4$) "&(%7&%(81 '&2216 '&83('6 ,kSHkOQ e:"MR >kSHkOQ8d` ]kSN jMRRQ* 1')( jQ k h/k/SMkJ M/)(M('(M./ .* .(NQ* Q/(M(g (Nk( Nk) (NQ h/k/SMkJ iNQ*QiM(NkJ (. kS+'M*Q (NQ #))Q()`Y/kRRM(M./b QkSN jMRRQ* 1')( jQ kjJQ (. ,'*SNk)Q )'SN #))Q() k( (NQ tied up dozens of ships and chored during labor strifein strong demand has persisted (8313-.'6 /3'7 3(+- 40),$? !4"65 *Q),QS(M&Q,'*SNk)Q ,*MSQ M.* )'SN #))Q()M/O..R M'/R) ./ (NQ Rk(Q.M)kJQ` 9NQ #))Q() k*Q jQM/O ).JR ./ k/ :#;Y;#Tq 4Z]<] Y;8 "#;Y;b #Tq 4Y9Z?79 #Tp <]><];]T9#9Y?T; ?< 4#<<#T9Y]; e4Z]9Z]< hundreds of thousands of con- 2014. since the middle of last sum- 3$220,%#1(1002/''B.'* ]3><];;]q ?< YU>VY]qd ?\ #Tp WYTq U#q] "p#Tp ;]!7<]q >#<9pb 9Z] 9<7;9]]b 9Z] VY=7Yq#a tainers stuffed with goods off According to the Marine mer as retailers started to re- 9Y?T #X]T9 ?< #Tp ?9Z]< >]<;?T #!9YTX \?]<;?T` #/g)'SSQ))M'JjMRRQ*1')( )k(M)MgkJJ (*k/)MQ* theportsofLos Angeles and ExchangeofSouthern Califor- stock inventories depleted in *Q)(*MS(M./)k/R .(NQ* +'kJMhSk(M./)b k/R RQJM&Q* )'SN M/&Q)(1Q/( JQ((Q*) k/R JQOkJ .,M/M./)b k) 1kgjQ *Q+'M*QR '/RQ* (NQ k,,JMSkjJQ O.&Q*/M/O R.S'1Q/() *QJk(M/O (. (NQ #))Q()` \.* M'*(NQ* M/M.*1k(M./ *QOk*Ra Long Beach. nia, which monitorsship traf- the early days of the coronavi- M/O (NQ #))Q() .* )kJQ k/R (. .j(kM/(NQ "MR >kSHkOQb ,JQk)Q S./(kS( Xk1Q) "'*HQjg(QJQ,N./Q k( eHIHd France’s CMA CGM SA,the ficatthe state’sports, 37 ruspandemic.Shipping vol- HÎaFBGC.*jgQa1kMJ k( IM1`j'*HQ$S.iQ/`S.1` #/gi*M((Q/ S.11'/MSk(M./ (. (NQ VM+'MRk(M./ #OQ/( S./SQ*/M/O (NQ #))Q() .* (NQ )kJQ 1')( M/SJ'RQ (NQ /k1Q .M (NQ h/k/SMkJ M/)(M('(M./ .* Q/(M(g M/(Q*Q)(QR world’sfourth-largest con- container ships were an- umes that usually wind down M/ jMRRM/O k/R (NQ /k1Qb Qa1kMJ kRR*Q))k/R kRR*Q)) .M (NQ ,Q*)./ k( )'SN M/)(M('(M./ .* Q/(M(g (Nk( (NQ tainer operator by capacity, chored off the sprawling Los close to the holidays and in THE VM+'MRk(M./ #OQ/( Sk/ S./(kS(M/.*RQ* (. ,*.&MRQ M'*(NQ* M/M.*1k(M./ *QOk*RM/O (NQ #))Q() k/R (NQ )kJQ` said it wasreplacing aweekly Angeles and Long Beach com- the early part of the year have MARKETPLACE six-ship servicefromChina to plexonFeb.2,while 27 ves- remained highly elevated. BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES LosAngeles with aseparate sels were at berths,loading Cargo handling has slowed ADVERTISE TODAY /)%%&!' ,$.0 +./&!)// 2 sailing to Oakland, Calif., and and unloading cargo. In the as Covid-19 has depleted dock- ,(-)0+ 1G%,#G*'#(*0$-'( (800)366-3975 &I8;1 '17.5 &I-3 $,%);+"I& +.0"I)00 Seattle. firstweek of Februaryayear worker ranks. Port of Los An- ! /'& %0+G .! 2"(G& Formoreinformation visit: +17M)1;&) ;I+ #9, (1K3 (%$'"###&## “The newGolden Gate ago, the group counted one geles officials said last month -#4 &,, ?8C): 94?.5?.)8,.. )..4:/ Bridgeservicedoes not in- ship waiting offshoreand 17 that nearly 700dockworkers wsj.com/classifieds -&.,,!7:?7C)48 "0)8)48 #(-&; 1,** &9%,5)' 0)"*3;9% clude L.A. because of the con- at thedocks. had tested positivefor the dis- -*89 (?.)8,.. +9,;84< (?9,.. 2(3%9 () 4'$ -"&9%! -); ©2021Dow Jones &Company,Inc. '7:: $79 %857. /).,3C162,+,,2+66A6 !-&9"-+9&! .-)7(&; /'!'! gestion,” acompanyspokes- Paris-based shipping re- ease, leaving cargo terminals All Rights Reserved. man said. search group Alphaliner esti- with fewer handlers. ===3&!+,0'0$."3*$# .+&#."+#"+"'( !,)/% *$!-! P2JW040000-0-B00600-1------XA

B6 | Tuesday, February 9, 2021 THE WALL STREET JOURNAL.

CELEBRATING OUR

Army SGT Nathan Shumaker Hillsboro, MO September 2020 Youcan help provide homes to injured Veterans

Give NowAw At:t: HFOTUSA.ORG -8- 866.7866.787.6677

OUR MISSION To build and donate specially adapted custom homes nationwide for severely injured post-9/11 Veterans, to enable them to rebuild their lives.

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THE WALL STREET JOURNAL. Tuesday, February 9, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 31385.76 s237.52, or 0.76% Trailing P/E ratio 31.37 22.80 3915.59 s28.76, or 0.74% Trailing P/E ratio * 43.92 26.10 13987.64 s 131.35, or 0.95% Trailing P/E ratio *† 39.55 28.43 High, low, open and close for each P/E estimate * 20.61 18.48 High, low, open and close for each P/E estimate * 22.71 19.11 High, low, open and close for each P/E estimate *† 30.06 24.13 trading day of the past three months. Dividend yield 1.94 2.15 trading day of the past three months. Dividend yield * 1.50 1.81 trading day of the past three months. Dividend yield *† 0.73 0.92 All-time high 31385.76, 02/08/21 All-time high 3915.59, 02/08/21 All-time high: 13987.64, 02/08/21

Current divisor 0.15198707565833 32200 4050 14100

31000 3925 13550

29800 3800 13000

28600 3675 12450 Session high DOWN UP Session open Close 65-day moving average t 27400 3550 11900 65-day moving average Close Open 65-day moving average t 26200 3425 11350 Session low Bars measure the point change from session's open 25000 3300 10800 Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 970,335,088 71,692,590 Industrial Average 31386.10 31191.20 31385.76 237.52 0.76 31385.76 18591.93 7.2 2.5 9.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 716,739,401 70,326,498 Transportation Avg 12894.87 12782.84 12874.92 86.41 0.68 13126.00 6703.63 18.5 2.9 8.2 Most-active issues in late trading Decl. volume* 243,045,418 1,364,566 Utility Average 873.85 862.75 865.41 -6.84 -0.78 960.89 610.89 -7.4 0.1 10.1 Volume After Hours Issues traded 3,308 281 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41459.93 41223.33 41459.82 385.82 0.94 41459.82 22462.76 21.2 5.7 15.8 Advances 2,353 229 Zomedica ZOM 27,178.8 2.42 -0.28 -10.37 2.85 2.20 Barron's 400 929.78 907.39 929.77 15.00 1.64 929.77 455.11 27.8 9.1 10.7 Declines 861 50 Zynga ZNGA 12,012.6 11.83 0.81 7.35 12.50 10.95 Unchanged 94 2 Kinross Gold KGC Nasdaq Stock Market 7,271.4 7.39 ... unch. 7.39 7.36 New highs 315 33 Nasdaq Composite 13987.74 13894.15 13987.64 131.35 0.95 13987.64 6860.67 45.3 8.5 27.3 Intel INTC 4,878.0 59.45 0.29 0.49 59.45 58.90 New lows 21 Nasdaq-100 13698.41 13607.96 13695.02 91.06 0.67 13695.02 6994.29 43.9 6.3 29.5 Microsoft MSFT 4,785.1 242.32 -0.15 -0.06 242.54 232.13 Closing Arms† 0.98 0.05 Tencent Music Ent ADR TME 4,281.0 26.20 -0.02 -0.08 26.22 26.03 S&P Block trades* 5,647 428 DuPont de Nemours DD 4,102.4 76.25 0.49 0.65 76.64 75.75 500 Index 3915.77 3892.59 3915.59 28.76 0.74 3915.59 2237.40 16.8 4.2 14.9 Nasdaq NYSE Arca ICICI Bank ADR IBN 3,972.7 17.65 ... unch. 17.65 17.60 MidCap 400 2517.02 2481.37 2517.02 40.35 1.63 2517.02 1218.55 22.1 9.1 11.8 Total volume*8,379,601,412 190,921,095 SmallCap 600 1287.27 1256.86 1287.27 34.52 2.76 1287.27 595.67 28.0 15.0 13.0 Percentage gainers… Adv. volume*7,384,283,665 164,129,354 Decl. volume* 977,060,379 25,936,930 Other Indexes Glu Mobile GLUU 3,774.9 12.50 3.11 33.12 13.65 9.39 Issues traded 4,051 1,477 Russell 2000 2289.76 2234.35 2289.76 56.43 2.53 2289.76 991.16 37.3 15.9 16.1 SelectQuote SLQT 129.1 27.65 3.29 13.51 28.08 24.36 Advances 3,107 1,262 NYSE Composite 15226.65 14975.43 15226.61 157.01 1.04 15226.61 8777.38 8.9 4.8 7.5 Protalix BioTherapeutics PLX 64.5 6.36 0.54 9.28 6.38 5.76 Declines 874 194 Catabasis Pharmaceuticals CATB 1,090.0 3.80 0.30 8.57 4.29 3.41 Value Line 624.95 609.06 624.95 11.08 1.80 624.95 305.71 15.4 9.9 5.4 Unchanged 70 21 Navidea Biopharm NAVB 454.5 3.02 0.21 7.47 3.90 2.70 NYSE Arca Biotech 6326.54 6148.70 6319.77 81.84 1.31 6319.77 3855.67 22.3 10.1 12.8 New highs 706 538 NYSE Arca Pharma 701.79 699.09 701.95 1.32 0.19 725.03 494.36 4.9 1.8 10.4 ...And losers New lows 948 KBW Bank 108.12 106.62 108.08 1.80 1.69 110.43 56.19 -0.5 10.4 0.6 Infinity Pharmaceuticals INFI 799.5 3.94 -1.42 -26.49 5.41 3.68 Closing Arms† 0.47 1.48 § PHLX Gold/Silver 145.05 142.99 144.57 3.05 2.15 161.14 70.12 40.6 0.3 21.9 Zomedica ZOM 27,178.8 2.42 -0.28 -10.37 2.85 2.20 Block trades* 60,998 935 § PHLX Oil Service 52.68 51.48 52.58 1.57 3.07 65.40 21.47 -17.0 18.6 -27.3 DHT Holdings DHT 306.4 5.61 -0.54 -8.78 6.19 5.54 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3079.28 3010.71 3078.48 93.47 3.13 3132.17 1286.84 62.6 10.1 36.2 T2 Biosystems TTOO 627.1 3.55 -0.24 -6.33 3.79 3.50 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 22.07 21.23 21.24 0.37 1.77 82.69 13.68 41.2 -6.6 -14.1 SPI SPI Energy 159.8 11.72 -0.69 -5.56 12.41 11.24 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 0.74 World MSCI ACWI 675.53 4.97 4.5 Ocugen OCGN 15.81 10.56 201.14 18.77 0.17 2723.2 Erytech Pharma ADR ERYP 9.55 -2.03 -17.50 13.95 3.50 44.5 0.75 MSCI ACWI ex-USA 341.13 2.54 4.5 ARYA Sciences Acqn III ARYA 22.43 11.22 100.09 25.89 10.06 ... DAVIDsTEA DTEA 4.43 -0.87 -16.42 7.45 0.32 238.8 MSCI World 2795.89 22.44 0.81 3.9 CRH Medical CRHM 3.92 1.74 79.82 4.40 0.86 -9.9 MicSec US Big Oil 3X InLv NRGD 3.22 -0.58 -15.26 304.72 3.15 -93.6 MSCI Emerging Markets 1399.81 4.46 0.32 8.4 BSQUARE BSQR 5.69 2.50 78.37 8.80 0.83 321.5 Direxion S&P Biotech Bear LABD 12.47 -1.86 -12.98 575.00 12.47 -94.5 Americas MSCI AC Americas 1533.02 11.35 0.75 4.4 Baosheng Media BAOS 8.86 3.86 77.20 10.20 5.00 ... Wah Fu Education Group WAFU 6.58 -0.97 -12.85 15.39 1.20 183.6 Canada S&P/TSX Comp 18330.26 194.36 1.07 5.1 Alset EHome International AEI 10.55 4.50 74.38 17.48 4.60 ... Direxion S&P Oil Gas Br DRIP 15.17 -2.23 -12.82 596.52 15.02 -82.8 Latin Amer. MSCI EM Latin America 2413.81 3.51 0.15 –1.5 Sino-Global Shipping Amer SINO 11.00 4.32 64.67 11.30 1.37 430.1 CN Energy Group CNEY 5.10 -0.64 -11.15 8.80 4.58 ... Brazil Sao Paulo Bovespa 119696.36 –543.90 –0.45 0.6 voxeljet ADR VJET 36.00 13.57 60.50 36.00 2.92 304.3 MOGU ADR MOGU 2.75 -0.34 -11.00 6.85 0.88 38.2 Chile Santiago IPSA 3066.99 25.73 0.85 7.3 Esports Entertainment GMBL 11.98 4.26 55.18 13.50 2.40 135.8 Yellow YELL 4.57 -0.54 -10.57 6.56 1.29 97.8 Mexico S&P/BMV IPC 44197.51 51.81 0.12 0.3 Outlook Therapeutics OTLK 3.31 1.13 51.83 3.62 0.50 227.7 CBAK Energy Technology CBAT 7.28 -0.84 -10.34 11.40 0.36 989.5 EMEA Stoxx Europe 600 410.78 1.238 0.30 2.9 OpGen OPGN 3.55 1.18 49.79 5.76 1.45 101.7 Hall of Fame Resort Ent HOFV 2.80 -0.30 -9.68 12.31 1.09 ... Eurozone Euro Stoxx 411.29 1.37 0.33 3.5 Marker Therapeutics MRKR 3.19 1.04 48.37 3.35 1.32 18.6 PubMatic PUBM 50.13 -5.34 -9.63 58.60 22.42 ... Belgium Bel-20 3832.50 –1.64 –0.04 5.8 Purple Biotech ADR PPBT 6.99 2.23 46.85 7.19 0.22 926.4 CPS Technologies CPSH 20.38 -2.16 -9.58 30.00 0.88 1517.5 Bit Digital BTBT AMC Entertainment Hldgs AMC Denmark OMX Copenhagen 20 1467.62 –7.36 –0.50 0.2 25.60 8.09 46.20 33.00 0.28 6306.4 6.18 -0.65 -9.52 20.36 1.91 -9.0 aTyr Pharma LIFE 8.06 2.52 45.49 8.33 2.13 103.0 Freeline Therapeutics ADR FRLN 15.70 -1.64 -9.46 21.69 14.62 ... France CAC 40 5686.03 26.77 0.47 2.4 Germany DAX 14059.91 3.19 0.02 2.5 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1612.83 –5.48 –0.34 7.6 Italy FTSE MIB 23425.92 342.50 1.48 5.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 656.39 3.15 0.48 5.1 Russia RTS Index 1462.22 30.46 2.13 5.4 Ocugen OCGN 711,147 1033.0 15.81 201.14 18.77 0.17 ARYA Sciences Acqn III ARYA 13,544 24923 22.43 100.09 25.89 10.06 South Africa FTSE/JSE All-Share 65059.16 769.68 1.20 9.5 Castor Maritime CTRM 512,573 318.5 0.99 31.03 2.60 0.11 Nemaura Medical NMRD 6,233 8032 9.78 40.92 16.50 3.00 Sundial Growers SNDL NextGen Acquisition Cl A NGAC Spain IBEX 35 8219.00 4.30 0.05 1.8 502,184 11.6 1.28 13.27 1.70 0.14 12,652 7455 13.49 29.34 16.00 9.70 Zomedica ZOM 383,839 145.6 2.70 41.36 2.91 0.06 Tortoise Acqn II Cl A SNPR 20,061 3804 17.24 33.64 18.33 9.46 Sweden OMX Stockholm 813.40 3.87 0.48 5.9 AEterna Zentaris AEZS 211,993 2239.1 3.34 200.90 3.62 0.29 Churchill Cap V Cl A CCV 2,288 3769 11.95 -1.97 13.88 11.13 Switzerland Swiss Market 10778.83 23.36 0.22 0.7 Turkey BIST 100 1534.91 7.74 0.51 3.9 Tonix Pharmaceuticals TNXP 147,921 431.6 1.55 22.05 2.46 0.39 Hennessy Advisors HNNA 464 3083 11.09 28.51 12.50 5.69 U.K. FTSE 100 6523.53 34.20 0.53 1.0 InspireMD NSPR 131,946 1157.1 1.22 48.78 1.34 0.28 Atlas Tech Consultants ATCX 2,098 2829 8.77 -5.60 14.14 4.95 U.K. FTSE 250 21086.55 19.68 0.09 2.9 AMC Entertainment Hldgs AMC 127,393 13.5 6.18 -9.52 20.36 1.91 BiomX PHGE 594 2321 7.01 1.89 11.05 4.52 Naked Brand Group NAKD 107,668 -50.8 1.14 3.64 3.40 0.07 Gores Holdings VI Cl A GHVI 10,639 2003 13.48 9.95 13.50 10.50 Asia-Pacific MSCI AC Asia Pacific 214.75 1.96 0.92 7.4 Nxt-ID NXTD 103,248 324.1 1.67 36.89 2.12 0.21 Esports Entertainment GMBL 7,387 1750 11.98 55.18 13.50 2.40 Australia S&P/ASX 200 6880.70 40.17 0.59 4.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3532.45 36.11 1.03 1.7 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29319.47 30.79 0.11 7.7 Track the Markets 1.22 India S&P BSE Sensex 51348.77 617.14 7.5 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29388.50 609.31 2.12 7.1 global stock indexes, bond ETFs, Singapore Straits Times 2931.40 24.30 0.84 3.1 currencies and commodities at Currencies South Korea Kospi 3091.24 –29.39 –0.94 7.6 wsj.com/graphics/track-the-markets Taiwan TAIEX 15802.40 … Closed 7.3 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1516.43 19.82 1.32 4.6 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004350 22988 –0.4 CREDIT MARKETS Argentina peso .0113 88.1700 4.8 Europe Brazil real .1864 5.3660 3.3 Czech Rep. koruna .04691 21.315 –0.7 Canada dollar .7850 1.2739 0.02 Denmark krone .1620 6.1721 1.3 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001360 735.50 3.5 Euro area euro 1.2052 .8298 1.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000280 3571.00 4.4 Hungary forint .003360 297.60 0.2 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007809 128.05 0.2 A consumer rate against its 30-year mortgage, Rate Mexico peso .0497 20.1109 1.2 Norway krone .1176 8.4999 –0.9 benchmark over the past year 2.50% Uruguay peso .02348 42.5850 0.5 Poland zloty .2692 3.7149 –0.5 Bankrate.com avg†: 2.86% 10% Asia-Pacific Russia ruble .01345 74.368 0.5

s Sweden krona .1192 8.3889 2.0 Astra Bank 2.63% One year ago 2.00 Euro Australian dollar .7705 1.2979 –0.2 30-year ﬁxed-rate 4.00% 5 Switzerland franc 1.1122 .8991 1.6 Scandia, KS 785-335-2243 t China yuan .1551 6.4487 –1.3 t mortgage 1.50 Turkey lira .1415 7.0693 –4.9 s Hong Kong dollar .1290 7.7524 –0.01 Prairie State Bank and Trust 2.75% Ukraine hryvnia .0362 27.6500 –2.5 3.00 0 Yen India rupee .01371 72.935 –0.1 Mt Zion, IL 800-597-2977 1.00 UK pound 1.3743 .7276 –0.6 Tradeweb ICE Indonesia rupiah .0000714 14000 –0.4 2.00 Raccoon Valley Bank 2.75% Japan yen .009503 105.23 1.9 Middle East/Africa Monday Close 0.50 –5 s 10-year Treasury Perry, IA 515-645-3521 t Kazakhstan tenge .002388 418.81 –0.6 Bahrain dinar 2.6525 .3770 –0.01 t note yield WSJ Dollar Index 1.00 WSB Municipal Bank 2.75% 0.00 –10 Macau pataca .1251 7.9910 unch Egypt pound .0639 15.6597 –0.5 Malaysia ringgit .2448 4.0855 1.6 Israel shekel .3068 3.2598 1.5 Watertown, NY 800-870-8510 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7220 1.3850 –0.5 Kuwait dinar 3.3018 .3029 –0.4 0.00 month(s) years M A M J J A S O N D J F TBK Bank, SSB 2.85% Pakistan rupee .00625 160.125 –0.2 Oman sul rial 2.5974 .3850 ... maturity 2020 2021 Dallas, TX 214-365-6900 Philippines peso .0208 48.070 0.1 Qatar rial .2746 3.642 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7503 1.3328 0.9 Saudi Arabia riyal .2666 3.7514 –0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008951 1117.23 2.9 South Africa rand .0672 14.8806 1.3 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051279 195.01 5.3 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03572 27.995 –0.3 Yield (%) 52-Week Total Return (%) Thailand baht .03336 29.980 –0.2 WSJ Dollar Index 85.68 –0.07–0.09 0.80 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.20 0.20 0.19 l 1.71 -1.62 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2420.900 0.700 0.650 1.590 0.400 4.129 5.387 Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.23 Five-year CD, annual yield 0.48 0.47 0.47 l 1.39 -1.08 U.S. Treasury Long, Barclays 4454.950 1.820 1.710 2.050 0.980 4.461 10.172 Commodities 30-year mortgage, fixed† 2.86 2.90 2.83 l 4.22 -1.47 Aggregate, Barclays 2267.970 1.210 1.170 2.310 1.020 4.487 5.676 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.36 2.37 2.32 l 3.43 -1.40 Fixed-Rate MBS, Barclays 2233.570 1.230 1.180 2.690 0.930 3.105 4.394 DJ Commodity Jumbo mortgages, $548,250-plus† 2.89 2.95 2.85 l 4.36 -1.73 792.54 10.98 1.40 792.54 433.70 34.92 8.33 High Yield 100, ICE BofA 3355.375 3.400 3.747 10.740 3.358 4.589 5.729 Refinitiv/CC CRB Index 2.16 183.55 106.29 9.39 Five-year adj mortgage (ARM)† 3.18 3.22 2.85 l 3.69 -1.00 183.55 1.19 8.69 Muni Master, ICE BofA 599.202 0.758 0.768 3.441 0.758 4.237 5.109 Crude oil, $ per barrel 1.12 57.97 -37.63 19.48 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.46 57.97 1.97 16.95 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 925.735 4.447 4.468 7.480 4.295 3.029 5.293 Natural gas, $/MMBtu 2.882 0.019 0.66 3.354 1.482 63.19 13.51 banks.† Excludes closing costs. Gold, $ per troy oz. 1831.90 21.00 1.16 2051.50 1477.30 16.33 -3.23 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW040000-0-B00800-1------XA

B8 | Tuesday, February 9, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures April 142.250 142.750 141.150 141.475 –.725 7,463 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini S&P 500 (CME)-$50 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. March 1.1135 1.1143 1.1097 1.1138 .0012 50,894 March 3889.00 3911.25 s 3885.50 3908.00 27.75 2,586,070 Contract Open Feb 116.450 117.200 116.200 116.575 –.150 19,409 June 1.1165 1.1170 1.1127 1.1166 .0012 781 June 3879.50 3900.00 s 3876.00 3897.75 27.75 41,878 Open High hi lo Low Settle Chg interest April 123.650 124.775 s 123.425 123.950 .175 144,226 Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Feb .7700 .7715 .7653 .7704 .0035 211 March 2481.70 2517.50 s 2477.20 2514.00 39.90 51,353 Feb 3.6475 3.6775 3.6460 3.6790 0.0400 2,110 Feb 71.475 72.325 71.150 72.175 1.200 11,288 March .7673 .7716 .7653 .7705 .0035 138,350 June 2434.40 2500.10 s 2484.20 2523.20 39.20 1 March 3.6390 3.6745 3.6225 3.6660 0.0400 135,339 Mexican Peso (CME)-MXN 500,000; $ per MXN April 80.700 81.075 s 79.950 80.650 .350 101,053 Mini Nasdaq 100 (CME)-$20 x index Gold (CMX)-100 troy oz.; $ per troy oz. Feb .04952 .04972 .04940 .04968 .00004 35 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 13623.75 13693.00 s 13596.00 13683.00 85.00 228,628 Feb 1816.30 1836.70 1806.20 1831.90 21.00 10,265 March .04956 .04962 .04921 .04952 .00004 151,082 March 950.00 951.00 s 905.60 940.00 24.40 1,574 June 13625.25 13678.50 s 13585.00 13670.00 85.25 3,281 March 1816.60 1838.70 1806.60 1833.00 21.10 2,364 Euro (CME)-€125,000; $ per € May 805.00 810.00 s 780.00 788.40 –6.30 741 Mini Russell 2000 (CME)-$50 x index April 1818.10 1840.60 1807.30 1834.20 21.20 394,342 Feb 1.2052 1.2068 1.2022 1.2058 .0012 1,006 Milk (CME)-200,000 lbs., cents per lb. March 2234.00 2290.30 s 2230.80 2285.80 55.50 559,774 June 1818.90 1842.20 1809.90 1836.80 21.20 60,621 March 1.2054 1.2075 1.2029 1.2065 .0012 659,443 Feb 15.60 15.73 15.52 15.61 –.03 3,331 June 2237.00 2284.20 s 2226.20 2280.70 55.70 538 Aug 1820.70 1844.50 1812.10 1838.90 21.10 18,042 March 16.74 16.91 16.35 16.54 –.15 3,524 Mini Russell 1000 (CME)-$50 x index Oct 1820.00 1845.00 1814.00 1840.50 20.80 7,635 Index Futures Cocoa (ICE-US)-10 metric tons; $ per ton. March 2208.90 2218.00 s 2203.50 2218.00 15.90 10,249 Palladium (NYM) - 50 troy oz.; $ per troy oz. Mini DJ Industrial Average (CBT)-$5 x index March 2,597 2,614 2,555 2,577 –10 41,967 U.S. Dollar Index (ICE-US)-$1,000 x index Feb …… …2335.40 10.40 March 31126 31296 s 31050 31268 226 98,034 May 2,473 2,476 2,433 2,445 –27 96,979 March 91.00 91.23 90.88 90.92 –.11 35,008 June 31019 31174 s 30938 31154 228 325 March 2344.50 2357.50 2322.00 2336.70 10.40 6,987 Coffee (ICE-US)-37,500 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index June 90.93 91.19 90.85 90.89 –.11 930 Platinum (NYM)-50 troy oz.; $ per troy oz. March 124.20 124.80 123.30 124.10 –.40 72,394 Feb 1172.40 42.10 1 March 3882.60 3910.20 s 3885.40 3908.10 27.80 22,005 May 126.15 126.85 125.40 126.25 –.40 76,850 June …… …3897.80 27.70 22 Source: FactSet April 1138.70 1186.90 s 1137.50 1175.20 42.20 63,061 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Silver (CMX)-5,000 troy oz.; $ per troy oz. March 16.46 16.61 16.26 16.27 –.15 309,359 Feb 27.280 27.540 27.280 27.570 0.556 550 May 15.72 15.88 s 15.60 15.61 –.09 280,059 March 27.200 27.700 26.930 27.576 0.557 111,454 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 29.55 29.55 29.55 29.55 .20 889 March 57.06 58.14 s 57.00 57.97 1.12 365,668 Cotton (ICE-US)-50,000 lbs.; cents per lb. April 56.95 57.98 s 56.86 57.83 1.13 274,078 March 83.00 84.76 82.73 84.28 1.54 69,043 Tracking Bond Benchmarks May 56.57 57.69 s 56.54 57.55 1.15 211,560 May 84.32 85.85 84.05 85.60 1.58 87,328 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week June 56.16 57.28 s 56.15 57.15 1.14 257,140 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. July 55.79 56.80 s 55.79 56.68 1.12 140,971 March 112.40 113.70 111.25 113.20 1.95 7,562 highs and lows for different types of bonds Dec 53.47 54.32 s 53.36 54.23 0.96 292,795 May 114.90 115.75 113.80 115.35 1.60 3,916 Total Total NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. return YTD total Yield (%) return YTD total Yield (%) March 1.7149 1.7530 s 1.7148 1.7478 .0341 108,631 Interest Rate Futures close return (%) Index Latest Low High close return (%) Index Latest Low High April 1.7085 1.7434 s 1.7063 1.7386 .0333 66,935 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays March 1.6517 1.6800 s 1.6517 1.6748 .0255 114,670 March 200-010 201-250 199-050 201-110 1-00.0 1,095,903 2233.57 0.1 Mortgage-Backed 1.230 0.930 2.690 April 1.7601 1.7877 s 1.7553 1.7835 .0297 80,557 June 197-310 200-010 197-170 199-210 1-00.0 401 2267.97 -1.0 U.S. Aggregate 1.210 1.020 2.310 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2173.31 -0.2 Ginnie Mae (GNMA) 1.130 0.290 2.660 March 2.909 2.985 2.844 2.882 .019 242,021 March 166-220 167-120 166-030 167-040 13.0 1,178,123 Fannie mae April 2.880 2.946 2.822 2.862 .021 112,777 June 165-020 165-240 164-160 165-180 13.0 5,754 3406.94 -1.5 U.S. Corporate 1.880 1.740 4.580 1320.77 0.2 (FNMA) 1.260 1.110 2.690 Treasury Notes (CBT)-$100,000; pts 32nds of 100% May 2.895 2.961 2.850 2.892 .025 110,109 3103.07 -0.3 Intermediate 1.170 1.080 4.400 2026.48 0.2 Freddie Mac (FHLMC) 1.250 1.080 2.710 June 2.941 3.000 2.900 2.941 .028 57,094 March 136-215 136-250 136-145 136-220 3,510,059 Sept 2.986 3.038 2.956 2.992 .032 62,678 June 135-185 135-230 135-130 135-200 80,492 5017.10 -3.3 Long term 3.030 2.730 4.930 599.20 0.6 Muni Master 0.758 0.758 3.441 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Oct 3.004 3.057 2.974 3.010 .032 130,611 7-12 year March 125-260 125-260 125-225 125-237 –1.7 3,469,960 686.03 -2.2 Double-A-rated 1.600 1.300 3.360 424.78 0.7 0.747 0.747 3.447 Agriculture Futures June 125-155 125-162 125-130 125-142 –1.7 44,870 911.07 -1.2 Triple-B-rated 2.120 2.010 5.350 486.13 0.8 12-22 year 1.131 1.131 3.690 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Corn (CBT)-5,000 bu.; cents per bu. March 110-161 110-162 110-155 110-157 –.3 2,174,994 High Yield Bonds ICE BofA 474.45 1.3 22-plus year 1.735 1.735 4.123 March 548.75 565.75 s 548.75 563.75 15.25 553,608 June 110-156 110-156 110-147 110-150 –.3 15,119 May 548.00 563.50 s 548.00 562.00 14.50 503,837 501.39 1.2 High Yield Constrained 4.024 4.024 11.400 Global Government J.P. Morgan† 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Oats (CBT)-5,000 bu.; cents per bu. March 349.50 358.00 349.50 355.00 5.75 2,786 Feb 99.9350 99.9375 99.9300 99.9350 184,701 472.78 3.5 Triple-C-rated 7.090 7.090 19.071 606.92 -1.4 Global Government 0.700 0.390 0.930 April 99.9300 99.9350 s 99.9250 99.9300 141,304 May 349.25 356.00 348.00 354.25 6.00 1,285 High Yield 100 849.05 -1.7 Canada 1.070 0.590 1.470 Soybeans (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3355.38 0.8 3.400 3.358 10.740 March 1368.75 1392.50 1364.75 1387.75 21.00 270,906 March 94-230 95-015 94-205 94-310 .5 136,093 451.92 1.0 Global High Yield Constrained 4.108 4.108 11.310 416.71 -1.0 EMU§ 0.160 0.010 0.794 May 1367.25 1389.75 1362.75 1386.00 20.25 206,118 Eurodollar (CME)-$1,000,000; pts of 100% Soybean Meal (CBT)-100 tons; $ per ton. Feb 99.8225 99.8250 99.8150 99.8175 –.0075 226,858 342.08 1.3 Europe High Yield Constrained 2.609 2.464 8.183 782.47 -1.4 France 0.040 -0.160 0.430 March 430.50 438.80 428.50 436.60 6.10 120,171 March 99.8400 99.8400 99.8350 99.8400 … 1,185,742 U.S Agency Bloomberg Barclays -1.2 Germany May 429.50 437.40 427.50 435.60 6.10 108,226 June 99.8400 99.8450 99.8350 99.8400 –.0050 1,061,927 545.53 -0.340 -0.740 -0.120 Soybean Oil (CBT)-60,000 lbs.; cents per lb. March'23 99.6950 99.6950 99.6750 99.6850 –.0100 993,708 1860.92 -0.3 U.S Agency 0.550 0.460 1.700 293.99 -0.4 Japan 0.340 0.040 0.340 March 44.89 45.77 s 44.66 45.63 .97 143,166 May 44.26 45.04 s 44.07 44.93 .88 128,638 Currency Futures 1624.77 -0.2 10-20 years 0.420 0.340 1.610 609.37 -1.4 Netherlands -0.240 -0.540 0.080 Rough Rice (CBT)-2,000 cwt.; $ per cwt. March 13.00 13.10 12.97 12.97 –.03 7,758 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 4185.76 -2.1 20-plus years 1.850 1.170 2.180 1054.29 -3.8 U.K. 0.840 0.390 1.130 May 13.30 13.35 13.26 13.23 –.04 1,956 Feb .9472 .9515 .9465 .9505 .0020 648 2905.08 -1.0 Yankee 1.480 1.370 3.500 925.73 -0.9 Emerging Markets ** 4.447 4.295 7.480 Wheat (CBT)-5,000 bu.; cents per bu. March .9493 .9521 .9466 .9507 .0020 187,794 March 643.00 657.50 642.50 655.75 14.50 142,273 Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds July 634.00 645.25 633.50 643.00 11.00 106,271 Feb .7839 .7852 .7824 .7849 .0017 558 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Wheat (KC)-5,000 bu.; cents per bu. March .7838 .7854 .7824 .7849 .0017 150,399 March 627.75 642.00 626.25 639.50 14.25 77,829 May 633.75 646.50 631.50 644.25 14.25 69,983 British Pound (CME)-£62,500; $ per £ Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Feb 1.3707 1.3749 1.3681 1.3745 .0016 693 Global Government Bonds: Mapping Yields March 1.3738 1.3751 1.3681 1.3746 .0016 161,657 March 138.325 138.800 137.200 137.450 –.825 17,157 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Cash Prices | wsj.com/market-data/commodities Monday, February 8, 2021 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 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.125 U.S. 2 0.111 s l 0.105 0.135 1.399 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.875 10 1.159 t l 1.168 1.105 1.578 months. 5.500 Australia 2 0.116 t l 0.117 0.079 0.762 -0.2 0.4 -64.1 Monday Monday Monday 1.500 10 1.281 s l 1.207 1.100 1.056 12.0 3.8 -52.8 Energy Aluminum, LME, $ per metric ton *2007.5 Wheat - Hard - KC (USDA) $ per bu-u 6.6450 Copper,Comex spot 3.6790 Wheat,No.1soft white,Portld,OR-u 7.2500 0.000 France 2 -0.650 t l -0.637 -0.669 -0.588 -76.7 -75.0 -199.1 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.650 Iron Ore, 62% Fe CFR China-s 159.8 Food 0.000 10 -0.222 s l -0.222 -0.316 -0.130 -139.1 -171.4 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.300 Shredded Scrap, US Midwest-s,m 460 -138.2 Metals Steel, HRC USA, FOB Midwest Mill-s 1180 Beef,carcass equiv. index 0.000 Germany 2 -0.710 t l -0.709 -0.697 -0.636 -82.7 -82.2 -203.9 choice 1-3,600-900 lbs.-u 196.56 Fibers and Textiles 0.000 10 -0.440 s l -0.446 -0.518 -0.382 -161.5 -196.6 Gold, per troy oz select 1-3,600-900 lbs.-u 181.91 -160.1 Engelhard industrial 1833.00 Burlap,10-oz,40-inch NY yd-n,w 0.6575 Broilers, National comp wtd. avg.-u,w 0.8222 0.050 Italy 2 -0.420 t l -0.395 -0.405 -0.206 -53.7 -50.8 -160.9 Handy & Harman base 1835.25 Cotton,1 1/16 std lw-mdMphs-u 0.8228 Butter,AA Chicago 1.2800 Cheddar cheese,bbl,Chicago 0.900 10 0.515 t l 0.541 0.529 0.947 -64.5 -62.8 -63.7 Handy & Harman fabricated 2037.13 Cotlook 'A' Index-t *90.90 150.00 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1808.55 Hides,hvy native steers piece fob-u n.a. 166.50 0.100 Japan 2 -0.125 s l -0.132 -0.121 -0.144 -24.2 -24.6 -154.7 Milk,Nonfat dry,Chicago lb. 112.50 LBMA Gold Price PM *1802.95 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.100 10 0.070 s l 0.060 0.039 -0.036 -109.0 -110.9 -161.9 Krugerrand,wholesale-e 1908.09 1.1706 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1926.44 1.7453 0.000 Spain 2 -0.522 s l -0.527 -0.575 -0.401 -63.9 -64.0 -180.4 Eggs,large white,Chicago-u 1.2650 American Eagle-e 1926.44 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.65 1.250 10 0.133 s l 0.126 0.035 0.288 -102.8 -104.3 -129.6 Mexican peso-e 2220.10 Bran,wheat middlings, KC-u 180 Hams,17-20 lbs,Mid-US fob-u 0.65 Austria crown-e 1801.37 0.125 U.K. 2 -0.040 t l -0.014 -0.137 0.496 -15.7 -12.7 -90.7 Corn,No. 2 yellow,Cent IL-bp,u 5.5300 Hogs,Iowa-So. Minnesota-u 72.84 Austria phil-e 1926.44 Corn gluten feed,Midwest-u,w 170.7 Pork bellies,12-14 lb MidUS-u 1.5643 4.750 10 0.479 t l 0.484 0.288 0.596 -68.2 -68.4 -98.8 Silver, troy oz. Corn gluten meal,Midwest-u,w 616.5 Pork loins,13-19 lb MidUS-u 0.9672 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Engelhard industrial 27.5000 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u 114.00 Handy & Harman base 27.5550 Hominy feed,Cent IL-u,w 155 Steers,feeder,Okla. City-u,w 155.75 Handy & Harman fabricated 34.4440 Meat-bonemeal,50% pro Mnpls-u,w 333 Corporate Debt Fats and Oils LBMA spot price *£19.3800 Oats,No.2 milling,Mnpls-u 3.7000 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific (U.S.$ equivalent) *26.5300 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.2500 expectations Coins,wholesale $1,000 face-a 21124 Sorghum,(Milo) No.2 Gulf-u 7.7375 Grease,choice white,Chicago-h 0.3800 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 435.10 Lard,Chicago-u n.a. Investment-grade spreads that tightened the most… LBMA Platinum Price PM *1121.0 Soybeans,No.1 yllw IL-bp,u 13.7650 Soybean oil,crude;Centl IL-u 0.4688 Spread*, in basis points Platinum,Engelhard industrial 1165.0 Wheat,Spring14%-pro Mnpls-u 7.5525 Tallow,bleach;Chicago-h 0.4300 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Palladium,Engelhard industrial 2371.0 Wheat,No.2 soft red,St.Louis-u 6.9325 Tallow,edible,Chicago-u 0.5300 Marathon Oil MRO 6.600 4.31 Oct. 1, ’37 235 –22 n.a. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 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 2/5 International Business Machines IBM 3.500 1.59 May 15, ’29 43 –13 Source: Dow Jones Market Data 63 Delta Airlines, Inc. Retirement Plan … 4.500 2.65 Oct. 20, ’25 218 –11 242 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks DuPont de Nemours DD 2.169 1.86 May 1, ’23 175 –11 176

Money Rates February 8, 2021 United Airlines UAL 4.875 4.26 Jan. 15, ’26 407 –11 n.a. –10 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a General Motors GM 6.250 3.75 Oct. 2, ’43 180 193 guide to general levels but don’t always represent actual transactions. Westpac Banking WSTP 3.350 0.95 March 8, ’27 n.a. –10 58

Week —52-WEEK— Week —52-WEEK— Entergy Utility Affiliates … 5.590 0.56 Oct. 1, ’24 37 –9 49 Inflation Latest ago High Low Latest ago High Low Dec. index Chg From (%) level Nov. '20 Dec. '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction …And spreads that widened the most Britain 0.10 0.10 0.75 0.10 4 weeks 0.030 0.055 1.575 0.000 U.S. consumer price index Australia 0.10 0.10 0.75 0.10 Sumitomo Mitsui Financial SUMIBK 1.474 0.89 July 8, ’25 41 7 13 weeks 0.035 0.065 1.550 0.000 50 All items 260.474 0.09 1.4 Overnight repurchase 26 weeks 0.050 0.070 1.510 0.050 7 Core 269.226 –0.09 1.6 Toronto–Dominion Bank TD 3.500 0.25 July 19, ’23 14 15 U.S. 0.03 0.07 1.65 -0.07 Secondary market International rates Daimler Finance North America DAIGR 1.750 0.45 March 10, ’23 34 6 36 U.S. government rates Fannie Mae Caterpillar Financial Services … 0.800 0.78 Nov. 13, ’25 31 5 34 Week 52-Week Discount 30-year mortgage yields Latest ago High Low 0.25 0.25 2.25 0.25 30 days 2.010 1.975 3.017 1.751 General Motors Financial … 1.700 0.68 Aug. 18, ’23 57 5 66 Prime rates 60 days 2.046 2.001 3.081 1.804 U.S. 3.25 3.25 4.75 3.25 Federal funds Credit Suisse CS 3.625 0.57 Sept. 9, ’24 38 4 42 Canada Effective rate 0.0800 0.0800 1.6100 0.0600 Other short-term rates 2.45 2.45 3.95 2.45 4 Japan 1.475 1.475 1.475 1.475 High 0.0900 0.1200 1.6500 0.0900 Chevron CVX 0.426 0.31 Aug. 11, ’23 20 20 Low 0.0200 0.0100 1.5800 0.0100 Week 52-Week Latest high low 4 Policy Rates Bid 0.0800 0.0800 1.6000 0.0100 ago Lockheed Martin LMT 7.000 0.55 Sept. 15, ’23 44 42 Euro zone 0.00 0.00 0.00 0.00 Offer 0.0900 0.1100 1.6300 0.0500 Call money 2.00 2.00 3.50 2.00 High-yield issues with the biggest price increases… Bond Price as % of face value Key Interest Rates Commercial paper (AA financial) Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Data are annualized on a 360-day basis. Treasury yields are per annum, 90 days 0.08 n.a. 2.53 0.04 Transocean RIG 6.800 17.24 March 15, ’38 43.000 2.00 on actively traded noninflation and inflation-indexed issues that are Libor 37.500 adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.12050 0.11300 1.65850 0.11300 United Airlines Holdings UAL 4.875 5.06 Jan. 15, ’25 99.348 1.35 96.440 release H.15. Three month 0.19538 0.19550 1.71313 0.19088 Six month 0.20750 0.21500 1.72538 0.20700 Genworth Holdings … 4.800 6.29 Feb. 15, ’24 95.970 0.97 93.812 Week Ended 52-Week Week Ended 52-Week One year 0.30638 0.30550 1.81275 0.30413 Feb 5Jan 29 High Low Feb 5Jan 29 High Low Carnival CCL 6.650 5.27 Jan. 15, ’28 107.946 0.92 106.625 Federal funds (effective) 6-month 0.07 0.08 1.57 0.06 Euro Libor 1-year 0.07 0.09 1.49 0.07 One month -0.579 -0.579 -0.360 -0.621 L Brands LB 6.750 4.80 July 1, ’36 121.000 0.75 115.000 0.07 0.08 1.59 0.04 2-year 0.11 0.12 1.42 0.11 Three month -0.538 -0.543 -0.142 -0.574 3-year 0.18 0.18 1.40 0.13 0.70 Commercial paper Six month -0.539 -0.533 -0.052 -0.540 Springleaf Finance … 7.125 3.22 March 15, ’26 118.200 117.450 5-year 0.45 0.42 1.42 0.21 Nonfinancial One year -0.495 -0.511 0.008 -0.511 7-year 0.80 0.75 1.52 0.39 Intesa Sanpaolo ISPIM 5.710 2.54 Jan. 15, ’26 114.602 0.54 113.130 1-month 0.07 0.07 1.60 0.07 10-year 1.14 1.06 1.61 0.55 2-month 0.08 1.57 0.07 Secured Overnight Financing Rate 0.07 20-year 1.72 1.63 1.91 0.99 American Airlines AAL 11.750 6.96 July 15, ’25 118.000 0.50 116.500 3-month 0.08 0.09 1.84 0.08 0.02 0.06 1.64 0.01 Financial Treasury yields (secondary market) Value 52-Week 1-month 0.10 0.12 2.15 0.08 …And with the biggest price decreases 1-month 0.04 0.06 1.58 0.00 Latest Traded High Low 2-month 0.13 0.13 2.27 0.08 3-month 3-month 0.12 0.14 2.44 0.11 0.05 0.07 1.55 -0.01 DTCC GCF Repo Index 6-month 0.07 0.08 1.53 0.06 American Airlines AAL 4.000 6.64 July 15, ’25 90.000 –1.00 91.250 Discount window primary credit Treasury 0.062 52.000 1.720 0.002 TIPS MBS 0.090 51.600 1.703 0.011 CIT –0.82 0.25 0.25 2.25 0.25 CIT 6.125 2.25 March 9, ’28 125.250 124.485 5-year -1.79 -1.74 0.41 -1.79 Notes on data: Treasury yields at constant 7-year -1.41 -1.38 0.35 -1.41 Netflix NFLX 5.875 2.43 Nov. 15, ’28 124.270 –0.53 125.000 maturities 10-year -1.03 -1.04 0.35 -1.05 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest HCA HCA –0.38 1-month 0.04 0.06 1.61 0.01 20-year -0.49 -0.55 0.47 -0.70 U.S. banks, and is effective March 16, 2020. 5.375 1.96 Feb. 1, ’25 113.000 112.250 3-month 0.05 0.07 1.58 0.01 Long-term avg -0.40 -0.44 0.62 -0.50 Other prime rates aren’t directly comparable; lending practices vary widely by location; Ford Motor Credit … 3.664 2.35 Sept. 8, ’24 104.500 –0.13 103.500 Notes on data: Discount rate is effective March 16, 2020. Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Navient NAVI 5.875 3.73 Oct. 25, ’24 107.375 –0.13 106.625 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by February 5, 2021. DTCC GCF Repo Index is discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted Sprint Communications S 11.500 1.42 Nov. 15, ’21 107.625 –0.11 average for overnight trades in applicable 107.688 primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. –0.06 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Bombardier BBDBCN 6.125 4.65 Jan. 15, ’23 102.688 100.750 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *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; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess P2JW040000-0-B00900-1------XA

THE WALL STREET JOURNAL. Tuesday, February 9, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. s Disney DIS 190.00 8.84 GoldmanSachs GS 300.15 6.65 LibertyGlobal B LBTYB 24.92 0.92 Seagen SGEN 177.15-13.46 Teleflex TFX 398.63 -0.14 ViacomCBS A VIACA 54.57 0.51 Market listed securities. Prices are composite dd-Indicates loss in the most recent DocuSign DOCU 248.90 -1.47 GoodRx GDRX 55.59 -1.04 LibertyGlobal A LBTYA 24.98 0.36 O P Q SempraEnergy SRE 124.85 -1.39 Ericsson ERIC 13.33 0.18 ViacomCBS B VIAC 54.50 0.46 DolbyLab DLB 92.03 0.92 Graco GGG 72.21 0.42 LibertyGlobal C LBTYK 24.78 0.42 SensataTechs ST 54.77 1.90 TelefonicaBras VIV 8.90 -0.09 Viatris VTRS 18.00 0.11 quotations that include primary market trades four quarters. ONEOK OKE 43.43 0.59 DollarGeneral DG 198.38 4.56 Grainger GWW 378.81 10.91 LibertyFormOne C FWONK 45.14 0.81 ServiceCorp SCI 52.53 0.06 Telefonica TEF 4.64 0.01 Vipshop VIPS 33.70 0.60 as well as trades reported by Nasdaq BX FD-First day of trading. OReillyAuto ORLY 452.50 4.21 DollarTree DLTR 107.07 1.43 Grifols GRFS 17.41 0.18 LibertyFormOne A FWONA 40.60 0.73 s ServiceNow NOW 587.91 -1.82 TelekmIndonesia TLK 23.57 0.01 VirBiotech VIR 75.20 8.48 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing OakStreetHealth OSH 53.62 0.09 Cboe, NYSE National and Nasdaq ISE. standards DominionEner D 73.83 0.09 GuardantHealth GH 162.08 -0.51 s LibertyBraves A BATRA 30.07 0.64 ShawComm B SJR 17.75 0.04 10xGenomics TXG 181.70 -3.84 VirginGalactic SPCE 56.25 1.91 OccidentalPetrol OXY 25.45 2.89 The list comprises the 1,000 largest lf-Late filing Domino's DPZ 380.06 2.83 Guidewire GWRE 123.70 2.33 LibertyBraves C BATRK 29.32 0.60 SherwinWilliams SHW 724.01 7.43 Tenaris TS 17.21 0.65 Visa V 206.89 -1.88 Okta OKTA 281.15 -1.79 companies based on market capitalization. q-Temporary exemption from Nasdaq DoorDash DASH 177.43 -3.80 HCA Healthcare HCA 178.94 2.15 LibertySirius C LSXMK 42.94 0.17 ShinhanFin SHG 29.30 0.80 TencentMusic TME 26.22 0.57 Vistra VST 21.04 -0.01 s OldDomFreight ODFL 212.25 2.80 requirements. Dover DOV 120.89 -0.17 s HDFC Bank HDB 82.50 0.55 LibertySirius A LSXMA 43.69 0.31 s Shopify SHOP 1345.09 57.34 Teradyne TER 129.09 2.97 VMware VMW 146.80 1.08 Underlined quotations are those stocks with OmegaHealthcare OHI 36.34 -0.51 t-NYSE bankruptcy Dow DOW 57.35 0.11 s HP HPQ 27.30 1.15 LightspeedPos LSPD 72.01 -0.48 s Sibanye-Stillwater SBSW 17.27 0.42 Tesla TSLA 863.42 11.19 Vodafone VOD 18.45 -0.14 large changes in volume compared with the Omnicom OMC 66.75 0.87 v-Trading halted on primary market. DrReddy'sLab RDY 65.92 0.33 HSBC HSBC 26.83 0.09 EliLilly LLY 205.77 4.00 s SignatureBank SBNY 195.43 12.53 TevaPharm TEVA 12.71 0.47 VulcanMatls VMC 154.18 1.24 issue’s average trading volume. s ON Semi ON 39.81 1.42 vj-In bankruptcy or receivership or s DraftKings DKNG 61.97 -1.90 Halliburton HAL 20.04 1.06 LincolnNational LNC 52.55 1.47 SimonProperty SPG 98.94 2.19 TexasInstruments TXN 175.12 5.19 s OpenText OTEX 49.26 0.52 Boldfaced quotations highlight those issues being reorganized under the s Dropbox DBX 24.82 -0.02 HartfordFinl HIG 50.31 -0.13 Linde LIN 257.34 -0.03 SiriusXM SIRI 6.06 -0.05 Textron TXT 49.74 1.68 W X Y Z OpendoorTech OPEN 27.30 0.70 whose price changed by 5% or more if their Bankruptcy Code, or securities DukeEnergy DUK 93.60 -1.14 Hasbro HAS 93.15 -4.13 s LithiaMotors LAD 378.05 8.80 Skyworks SWKS 181.57 2.62 ThermoFisherSci TMO 495.76 3.20 previous closing price was $2 or higher. assumed by such companies. Oracle ORCL 63.11 -0.49 WEC Energy WEC 85.17 -1.65 DukeRealty DRE 41.61 0.23 HealthcareAmer HTA 28.61 -0.20 LiveNationEnt LYV 76.39 2.05 SlackTech WORK 43.24 ... ThomsonReuters TRI 83.50 -0.71 Orange ORAN 11.87 -0.07 WEX WEX 207.69 8.71 Dun&Bradstreet DNB 24.78 -1.05 HealthpeakProp PEAK 30.26 -0.24 LloydsBanking LYG 2.02 0.04 s Smartsheet SMAR 76.49 0.30 3M MMM 180.76 1.75 Orix IX 86.82 -1.22 W.P.Carey WPC 68.25 0.39 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and DuPont DD 75.76 -0.08 Heico HEI 131.84 2.87 LockheedMartin LMT 337.84 0.80 s SmithAO AOS 61.38 1.38 Toro TTC 99.99 1.81 OtisWorldwide OTIS 63.73 -0.20 WPP WPP 56.01 0.08 changes in the closing prices from 4 p.m. the previous day. s Dynatrace DT 56.11 0.65 Heico A HEI.A 116.41 2.76 Loews L 48.42 0.62 Smith&Nephew SNN 43.11 0.24 TorontoDomBk TD 58.97 0.53 OwensCorning OC 84.58 2.43 Wabtec WAB 82.54 1.95 ENI E 21.20 0.51 HenrySchein HSIC 70.78 0.65 s LogitechIntl LOGI 113.82 1.97 Smucker SJM 115.12 0.66 Total TOT 43.51 1.19 s OzonHoldings OZON 66.64 3.65 WalgreensBoots WBA 49.93 0.12 EOG Rscs EOG 59.41 2.80 Hershey HSY 149.33 2.73 Lowe's LOW 179.17 4.14 Snap SNAP 63.78 0.14 ToyotaMotor TM 152.93 2.07 Monday, February 8, 2021 Net Net PG&E PCG 11.89 0.03 Walmart WMT 145.03 0.67 s EPAM Systems EPAM 390.33 12.90 HessHES 60.38 3.44 LufaxHolding LU 17.25 -0.10 SnapOn SNA 185.48 1.11 TractorSupply TSCO 157.25 5.75 Net Stock Sym Close Chg Stock Sym Close Chg PNC Fin PNC 158.79 1.85 WarnerMusic WMG 38.48 0.56 s EastWestBncp EWBC 65.88 1.58 HewlettPackard HPE 13.50 0.36 lululemon LULU 339.71 5.63 Snowflake SNOW 304.50 -1.55 TradeDesk TTD 852.31 -2.75 Stock Sym Close Chg POSCO PKX 60.53 1.06 WasteConnections WCN 98.95 0.01 Autohome ATHM 129.47 -0.75 CardinalHealth CAH 52.91 -1.35 EastmanChem EMN 107.46 2.96 HighwoodsProp HIW 41.09 1.00 LumenTech LUMN 12.37 0.14 SOQUIMICH SQM 55.04 2.58 Tradeweb TW 66.28 1.28 PPD PPD 35.57 -0.01 WasteMgt WM 114.38 0.65 Autoliv ALV 94.98 0.49 Carlisle CSL 151.47 -0.47 Eaton ETN 120.22 -1.72 Hilton HLT 112.32 0.65 s Lyft LYFT 53.41 0.29 SolarEdgeTech SEDG 318.83 10.59 TraneTech TT 148.98 -0.37 A B C PPG Ind PPG 140.22 0.11 Waters WAT 284.50 1.02 ADP ADP 167.92 0.64 Carlyle CG 36.61 0.01 EatonVance EV 71.32 0.62 Hologic HOLX 82.28 -0.52 LyondellBasell LYB 95.52 2.26 Sony SNE 115.62 -1.09 TransDigm TDG 600.17 -4.83 AutoZone AZO 1224.95 4.52 CarMax KMX 126.85 0.68 PPL PPL 27.87 ... TransUnion TRU 93.64 0.05 Watsco WSO 254.35 12.12 ABB ABB 29.08 0.26 eBay EBAY 63.84 1.61 HomeDepot HD 280.03 1.17 Southern SO 60.73 -0.15 Avalara AVLR 176.60 4.60 Carnival CCL 21.61 0.30 s PTC PTC 142.92 0.19 Travelers TRV 146.20 1.36 Wayfair W 289.48 0.18 AcadiaPharm ACAD 51.28 -0.42 Ecolab ECL 217.05 4.27 HondaMotor HMC 28.76 0.57 M N s SoCopper SCCO 71.23 -0.23 Avalonbay AVB 173.33 1.11 Carnival CUK 18.86 0.11 Paccar PCAR 96.77 0.51 s Trex TREX 103.44 3.45 Weibo WB 52.66 1.59 AECOM ACM 55.22 0.85 Ecopetrol EC 12.37 0.24 Honeywell HON 203.86 0.94 SouthwestAir LUV 52.24 2.19 Avangrid AGR 47.40 -0.45 CarrierGlobal CARR 39.70 0.55 M&T Bank MTB 142.90 2.50 PackagingCpAm PKG 133.03 -0.27 Trimble TRMB 73.99 1.72 WellsFargo WFC 33.40 0.84 AES AES 27.68 0.82 EdisonInt EIX 57.73 -0.92 s HorizonTherap HZNP 88.46 3.24 Splunk SPLK 169.56 -0.68 Avantor AVTR 29.74 -0.12 Carvana CVNA 288.16 0.01 MGMGrowthProp MGP 32.82 -0.15 PagSeguroDig PAGS 57.23 1.01 Trip.com TCOM 35.40 0.48 Welltower WELL 63.21 -0.81 Aflac AFL 46.28 0.83 EdwardsLife EW 86.08 0.98 HormelFoods HRL 49.80 0.74 Spotify SPOT 323.79 13.02 s AveryDennison AVY 174.89 1.80 Catalent CTLT 113.50 -0.03 s MGM Resorts MGM 35.60 1.35 PalantirTech PLTR 36.05 2.00 TruistFinl TFC 52.97 0.28 s WestFraserTimber WFG 70.52 1.58 AGCO AGCO 121.84 2.15 ElancoAnimal ELAN 28.45 0.07 DR Horton DHI 82.96 2.94 s SquareSQ259.97 19.59 s AxonEnterprise AXON 182.39 5.21 Caterpillar CAT 197.45 4.45 s MinisoGroup MNSO 34.77 4.47 s PaloAltoNtwks PANW 385.40 5.55 s Twilio TWLO 399.51 -0.55 WestPharmSvcs WST 294.46 3.11 AGNC Invt AGNC 16.28 -0.02 Elastic ESTC 165.00 -1.83 HostHotels HST 14.30 0.11 StanleyBlackDck SWK 175.68 -0.96 BCE BCE 43.65 0.22 Celanese CE 130.04 3.40 MKS Instrum MKSI 149.24-13.09 ParkerHannifin PH 278.64 -0.83 s Twitter TWTR 58.20 1.42 WesternDigital WDC 62.12 2.38 s ANGI Homesvcs ANGI 18.07 1.82 ElectronicArts EA 142.46 1.24 HowmetAerospace HWM 27.74 0.61 Starbucks SBUX 106.26 -0.22 BHP Group BHP 69.65 1.87 Cemex CX 6.43 ... s MPLX MPLX 23.94 0.38 Paychex PAYX 91.71 0.08 TylerTech TYL 427.42 5.30 WesternUnion WU 23.25 0.28 Ansys ANSS 381.97 2.49 EmersonElec EMR 86.52 0.41 HuanengPower HNP 13.14 0.24 StateStreet STT 76.07 1.30 BHP Group BBL 58.13 1.58 CenovusEnergy CVE 6.46 0.11 MSCI MSCI 422.73 -7.08 PaycomSoftware PAYC 429.48 -4.74 TysonFoods TSN 67.95 1.77 WestlakeChem WLK 85.82 1.57 s ASETech ASX 8.19 0.39 Enbridge ENB 35.81 0.64 s Huazhu HTHT 58.32 0.77 Stellantis STLA 16.49 0.32 BP BP 22.03 1.22 Centene CNC 58.24 -0.64 EncompassHealth EHC 82.06 -0.19 MagellanMid MMP 40.60 0.01 Paylocity PCTY 207.64 4.60 UBS Group UBS 15.34 0.41 WestpacBanking WBK 17.16 0.21 ASML ASML 564.00 11.19 Hubbell HUBB 164.23 2.32 Steris STE 183.85 0.67 s Baidu BIDU 276.60 6.47 CenterPointEner CNP 21.03 -0.37 EnelAmericas ENIA 7.73 0.12 MagnaIntl MGA 77.17 0.70 s PayPal PYPL 282.17 12.73 UDR UDR 40.96 0.89 WestRock WRK 42.72 -0.36 AT&T T 28.77 -0.16 s HubSpot HUBS 418.99 3.64 StitchFix SFIX 80.73 -1.33 BakerHughes BKR 22.55 0.65 CentraisElBras EBR 5.68 -0.08 s ManhattanAssoc MANH 134.49 4.03 s Pegasystems PEGA142.79 2.81 UWM UWMC 9.51 -0.48 s Weyerhaeuser WY 35.16 0.76 s AbbottLabs ABT 124.50 0.47 EnergyTransfer ET 7.06 0.34 Humana HUM 378.34 -0.96 s STMicroelec STM 41.93 1.41 CeridianHCM CDAY 102.00 0.16 ManulifeFin MFC 19.20 0.30 Peloton PTON 144.99 -3.31 s Uber UBER 59.29 0.71 WheatonPrecMet WPM 41.63 0.99 AbbVie ABBV 106.84 -1.89 Ball BLL 89.72 0.33 EnphaseEnergy ENPH 197.87 4.67 JBHunt JBHT 146.02 1.37 s StoneCo STNE 88.58 2.87 s Cerner CERN 78.50 -1.32 MarathonPetrol MPC 49.48 1.83 PembinaPipeline PBA 28.26 0.62 Ubiquiti UI 346.64 7.64 Whirlpool WHR 200.43 6.86 AbCelleraBio ABCL 45.03 -1.52 BallardPower BLDP 40.99 2.31 Entegris ENTG 96.70 2.33 HuntingtonBcshs HBAN 14.22 0.15 Stryker SYK 242.45 3.67 CharlesRiverLabs CRL 276.65 0.89 MaravaiLifeSci MRVI 34.98 0.49 PennNational PENN 121.23 -7.68 s UltaBeauty ULTA 315.95 13.92 Williams WMB 22.50 0.41 Abiomed ABMD 325.86 -1.99 BancoBilbaoViz BBVA 5.42 0.13 Entergy ETR 94.47 -2.16 IAA IAA 65.11 1.65 SumitomoMits SMFG 6.80 0.27 CharterComms CHTR 615.53 -2.12 Markel MKL 1090.13 -9.38 Pentair PNR 56.04 0.88 UltragenyxPharm RARE 165.84 3.62 Williams-Sonoma WSM 128.64 -0.11 Accenture ACN 257.31 3.77 BancoBradesco BBDO 4.24 0.02 EnterpriseProd EPD 21.38 0.34 s IAC/InterActive IAC 251.54 2.98 SunComms SUI 147.29 -1.53 CheckPoint CHKP 117.65 -0.61 MarketAxess MKTX 569.72 -1.94 Penumbra PEN 268.77 9.40 UnderArmour C UA 17.70 -0.04 s WillisTowers WLTW 225.70 1.79 ActivisionBliz ATVI 101.19 -0.42 BancodeChile BCH 20.78 0.25 Equifax EFX 179.41 0.77 s ICICI Bank IBN 17.65 0.09 SunLifeFinancial SLF 48.02 0.30 s Chegg CHGG 102.00 -0.15 Marriott MAR 129.09 -0.39 PepsiCo PEP 140.40 -0.56 s UnderArmour A UAA 20.77 0.07 Wipro WIT 6.59 0.16 AdaptiveBiotech ADPT 61.36 ... BancSanBrasil BSBR 7.52 -0.22 Equinix EQIX 747.41 -6.88 IdexxLab IDXX 495.76 -6.88 SuncorEnergy SU 17.66 0.40 Chemed CHE 510.46 0.89 Marsh&McLen MMC 113.87 0.27 PerkinElmer PKI 144.55 -0.48 Unilever UL 55.02 ... Wix.com WIX 282.21 5.08 Adobe ADBE 493.76 1.64 BcoSantChile BSAC 21.00 0.43 Equinor EQNR 18.47 0.18 IHS Markit INFO 89.42 0.10 SunRun RUN 75.40 0.32 CheniereEnergy LNG 67.13 0.74 MartinMarietta MLM 300.91 3.31 PetcoHealth WOOF 26.74 0.39 UnionPacific UNP 204.12 -0.08 s Workday WDAY 272.79 8.84 AdvanceAuto AAP 158.44 1.16 BancoSantander SAN 3.44 0.09 Equitable EQH 27.18 0.43 II-VI IIVI 88.73 0.73 Suzano SUZ 12.31 -0.11 CheniereEnerPtrs CQP 39.34 0.76 MarvellTech MRVL 51.60 1.55 PetroChina PTR 31.41 0.30 UnitedAirlines UAL 44.35 2.21 WynnResorts WYNN 117.41 0.42 AdvMicroDevices AMD 91.47 3.57 BanColombia CIB 36.76 0.32 EquityLife ELS 63.07 0.28 ING Groep ING 9.45 0.15 SynchronyFin SYF 37.67 0.38 Chevron CVX 91.48 2.22 Masco MAS 57.33 0.91 PetroleoBrasil PBR 10.61 -0.46 UnitedMicro UMC 10.06 0.44 XP XP 48.73 0.18 Aegon AEG 4.32 0.01 BankofAmerica BAC 33.09 0.72 EquityResdntl EQR 66.08 1.12 s Invesco IVZ 22.28 0.32 SyneosHealth SYNH 77.24 0.62 Chewy CHWY 107.76 -2.94 s ErieIndemnity A ERIE 258.71 1.18 Masimo MASI 261.82 1.53 PetroleoBrasilA PBR.A 10.48 -0.33 UPS B UPS 163.45 -0.93 XPO Logistics XPO 120.47 2.53 AffirmHldgs AFRM 122.76 19.31 BankofMontreal BMO 76.79 0.15 IPG Photonics IPGP 243.12 4.69 Synopsys SNPS 276.48 3.56 ChinaEastrnAir CEA 21.83 0.33 EssentialUtil WTRG 47.86 -0.27 Mastercard MA 337.03 -1.72 Pfizer PFE 34.82 -0.10 s UnitedRentals URI 272.23 6.50 XcelEnergy XEL 62.25 -1.19 AgilentTechs A 123.41 0.23 BankNY Mellon BK 41.95 -0.08 IQVIA IQV 186.91 0.81 Sysco SYY 76.92 -0.16 ChinaLifeIns LFC 10.54 -0.05 EssexProp ESS 260.57 2.47 s MatchGroup MTCH 159.00 -0.82 PhilipMorris PM 85.99 1.71 US Bancorp USB 47.40 1.05 Xilinx XLNX 141.43 4.95 AgnicoEagle AEM 72.56 1.57 BkNovaScotia BNS 55.59 0.74 IcahnEnterprises IEP 60.58 0.87 ChinaPetrol SNP 49.03 -0.13 s EsteeLauder EL 280.54 7.73 MaximIntProducts MXIM 91.58 2.38 Phillips66 PSX 75.79 3.75 UnitedHealth UNH 324.34 -0.17 XPeng XPEV 47.61 0.68 s Agora API 98.72 -0.28 Barclays BCS 8.09 0.06 Icon ICLR 202.19 2.01 T U V ChinaSoAirlines ZNH 31.16 1.13 Etsy ETSY 231.69 0.57 IDEX IEX McAfee MCFE 20.27 -0.30 Pinduoduo PDD 188.26 -7.90 UnitySoftware U 124.89 -3.75 Xylem XYL 100.96 2.77 AirProducts APD 253.64 0.49 BarrickGold GOLD 22.46 0.13 198.43 6.08 Chipotle CMG 1504.00 -2.88 EverestRe RE 225.19 5.79 McCormickVtg MKC.V 89.58 -0.28 PinnacleWest PNW 76.94 -0.84 TAL Education TAL 79.92 -0.45 UnivDisplay OLED 235.83 4.83 Yandex YNDX 68.38 1.40 Airbnb ABNB 200.43 5.12 s BauschHealth BHC 28.86 0.73 IllinoisToolWks ITW 204.24 2.05 s Chubb CB 166.18 3.63 Evergy EVRG 54.22 -0.67 McCormick MKC 90.83 0.54 Pinterest PINS 79.81 -2.15 TC Energy TRP 43.16 0.03 UniversalHealthB UHS 131.45 0.76 s YatsenHolding YSG 23.20 -1.35 AkamaiTech AKAM 117.28 2.61 BaxterIntl BAX 77.60 0.30 Illumina ILMN 451.06 22.15 ChunghwaTel CHT 38.98 0.01 EversourceEner ES 85.51 -2.29 McDonalds MCD 211.58 -1.00 PioneerNatRscs PXD 133.05 4.81 TE Connectivity TEL 129.99 1.93 VEREIT VER 37.29 0.01 YumBrands YUM 103.36 -1.98 Albemarle ALB 161.56 4.39 BectonDicknsn BDX 256.82 2.14 ImperialOil IMO 20.38 0.15 Church&Dwight CHD 82.33 -0.54 ExactSciences EXAS 148.48 3.89 McKesson MCK 183.80 0.74 PlainsAllAmPipe PAA 9.27 0.34 s Telus TU 21.39 0.27 VF VFC 81.70 -0.16 YumChina YUMC 59.66 2.27 Alcon ALC 74.78 -0.88 BeiGene BGNE 369.05 -2.84 Incyte INCY 93.62 3.38 s ChurchillDowns CHDN 216.07 -3.66 Exelon EXC 43.74 0.06 MedicalProp MPW 22.23 0.35 Playtika PLTK 32.30 1.30 TJX TJX 69.97 1.64 VICI Prop VICI 26.73 -0.22 ZTO Express ZTO 36.61 1.25 AlexandriaRlEst ARE 170.42 -1.28 BentleySystems BSY 46.34 -0.34 Infosys INFY 17.96 0.33 Ciena CIEN 56.26 0.93 s Medtronic MDT 118.07 -0.33 PlugPower PLUG 66.19 0.42 T-MobileUS TMUS 126.10 0.82 VailResorts MTN 286.28 4.81 ZaiLab ZLAB 183.60 6.08 AlexionPharm ALXN 154.50 0.58 Berkley WRB 66.11 0.36 eXpWorld EXPI 150.19 15.22 IngersollRand IR 44.05 0.27 Cigna CI 206.05 2.62 MelcoResorts MLCO 17.53 0.16 Pool POOL 359.40 0.08 TRowePrice TROW 163.39 3.53 Vale VALE 17.65 0.39 s ZebraTech ZBRA 420.31 13.20 Alibaba BABA 262.59 -3.08 s BerkHathwy A BRK.A 3571002699.00 Expedia EXPE 145.42 4.02 Inphi IPHI 169.33 3.83 CincinnatiFin CINF 87.66 0.95 MercadoLibre MELI 1900.89-17.24 PrincipalFin PFG 54.06 1.45 TaiwanSemi TSM 132.55 4.77 ValeroEnergy VLO 64.79 3.07 Zendesk ZEN 155.97 -2.03 AlignTech ALGN 602.44-18.01 s BerkHathwy B BRK.B 237.42 2.26 ExpeditorsIntl EXPD 94.64 1.73 Insulet PODD 280.89 -0.28 Cintas CTAS 349.15 4.17 Merck MRK 75.04 -0.76 Procter&Gamble PG 129.17 -0.40 s TakeTwoSoftware TTWO213.34 5.85 s VarianMed VAR 176.36 -0.04 s Zillow C Z 163.27 6.50 Alleghany Y 604.69 3.51 BestBuy BBY 117.90 3.37 ExtraSpaceSt EXR 117.18 0.56 Intel INTC 59.16 0.98 CiscoSystems CSCO 48.94 0.86 s MetLife MET 54.18 1.60 Progressive PGR 86.17 -1.30 TakedaPharm TAK 17.42 0.24 Vedanta VEDL 10.01 0.17 s Zillow A ZG 169.08 5.32 Allegion ALLE 117.03 3.24 BeyondMeat BYND 169.09 0.17 ExxonMobil XOM 52.10 2.15 InteractiveBrkrs IBKR 71.98 0.06 Citigroup C 63.65 1.07 MettlerToledo MTD 1209.27 14.07 Prologis PLD 107.08 0.38 s Tapestry TPR 38.35 0.80 VeevaSystems VEEV 297.57 -0.58 ZimmerBiomet ZBH 159.81 -0.08 AlliantEnergy LNT 49.06 -0.62 Bilibili BILI 144.04 5.06 F5Networks FFIV 205.79 6.65 ICE ICE 113.46 -0.73 CitizensFin CFG 40.48 0.54 MicrochipTech MCHP 152.47 7.03 PrudentialFin PRU 80.91 0.75 Target TGT 193.95 5.09 Ventas VTR 48.15 -0.32 Zoetis ZTS 160.02 0.74 Allstate ALL 107.38 0.46 Bill.com BILL 179.01 -5.68 FMC FMC 116.65 1.47 InterContinentl IHG 69.02 -0.75 CitrixSystems CTXS 134.07 2.25 MicronTech MU 84.01 2.91 Prudential PUK 34.06 0.54 s TataMotors TTM 23.37 1.83 VeriSign VRSN 200.52 1.00 ZoomVideo ZM 410.81 -8.78 AllyFinancial ALLY 41.77 0.13 Bio-Techne TECH390.57 9.90 Facebook FB 266.58 -1.52 IBM IBM 123.61 1.82 Clarivate CLVT 29.75 ... Microsoft MSFT 242.47 0.27 PublicServiceEnt PEG 58.81 -0.51 TeckRscsB TECK 19.42 1.09 VeriskAnalytics VRSK 188.86 1.43 ZoomInfoTech ZI 57.41 -0.67 AlnylamPharm ALNY 165.15 0.04 Bio-RadLab B BIO.B 635.00 51.80 FactSet FDS 320.95 2.98 IntlFlavors IFF 127.25 0.19 Clorox CLX 190.00 -1.25 MidAmApt MAA 135.49 0.77 PublicStorage PSA 232.51 3.17 s TeladocHealth TDOC 294.54 9.51 Verizon VZ 55.05 -0.27 Zscaler ZS 215.87 -0.91 s Alphabet A GOOGL 2084.52 -4.31 Bio-RadLab A BIO 628.68 12.20 FairIsaac FICO 477.68 -0.24 IntlPaper IP 47.84 0.81 s CloudflareNET 91.13 5.57 s MiratiTherap MRTX 210.15 2.62 PulteGroup PHM 49.26 1.13 TeledyneTech TDY 387.06 1.90 VertxPharm VRTX 214.37 -0.89 s Zynga ZNGA 11.02 0.34 s Alphabet C GOOG 2092.91 -5.09 Biogen BIIB 268.93 3.84 Farfetch FTCH 63.32 -3.19 Interpublic IPG 26.61 0.63 Coca-Cola KO 49.92 0.27 MitsubishiUFJ MUFG 5.00 0.14 s Qiagen QGEN 55.78 1.75 Alteryx AYX 135.99 2.69 BioMarinPharm BMRN 86.29 1.07 Fastenal FAST 47.47 0.17 Intuit INTU 389.74 0.36 Coca-Cola Euro CCEP 50.81 0.14 MizuhoFin MFG 2.96 0.09 Qorvo QRVO 170.76 3.62 AlticeUSA ATUS 36.95 0.08 BioNTech BNTX 119.50 1.93 Fastly FSLY 111.65 -1.50 IntuitiveSurgical ISRG 769.99 7.74 s Cognex CGNX 88.58 1.56 MobileTeleSys MBT 9.14 -0.09 Qualcomm QCOM 147.38 1.54 Altria MO 42.97 0.50 BlackKnight BKI 86.73 0.93 FateTherap FATE 108.50 3.31 Invitae NVTA 50.81 1.11 CognizantTech CTSH 75.85 1.35 FedEx FDX 257.45 2.44 InvitatHomes INVH 30.09 0.07 s Moderna MRNA 185.98 9.74 QuantaServices PWR 76.58 0.63 AlumofChina ACH 8.58 0.49 s BlackLine BL 148.10 -0.41 Dividend Changes ColgatePalm CL 79.70 -0.17 Ferrari RACE 208.68 6.00 IonisPharma IONS 59.73 -0.46 s MohawkInds MHK 153.10 0.58 QuestDiag DGX 121.64 -0.15 Amazon.com AMZN 3322.94-29.21 BlackRock BLK 726.45 0.12 Comcast A CMCSA 51.85 0.74 FidNatlFin FNF 39.07 0.31 iQIYI IQ 23.55 0.34 MolinaHealthcare MOH 202.54 -2.16 Quidel QDEL 232.88 -4.12 Ambev ABEV 2.83 -0.09 Blackstone BX 70.55 -0.29 Comerica CMA 63.20 0.56 FidNatlInfo FIS 133.43 1.20 IronMountain IRM 33.09 0.69 MolsonCoorsB TAP 48.72 -0.26 Dividend announcements from February 8. Amcor AMCR 11.47 ... Boeing BA 211.95 4.02 CommerceBcshrs CBSH 72.42 1.36 FifthThirdBncp FITB 32.57 0.48 ItauUnibanco ITUB 5.13 -0.10 R S Amdocs DOX 76.53 1.52 BookingHldgs BKNG 2099.56 3.14 Mondelez MDLZ 56.02 -0.19 CiaSiderurgica SID 6.46 0.31 FirstHorizon FHN 15.53 0.38 Amount Payable / Amedisys AMED 305.02 6.19 BoozAllen BAH 81.95 -0.14 MongoDB MDB 410.78 -1.88 RELX RELX 25.26 0.07 ConagraBrands CAG 34.80 0.18 FirstRepBank FRC 156.34 0.55 J K L Company Symbol Yld %New/Old Frq Record Amerco UHAL 493.43 16.97 BorgWarner BWA 43.44 0.34 MonolithicPower MPWR 368.62 9.11 RH RH 500.01 13.08 ConocoPhillips COP 46.78 2.36 FirstSolar FSLR 100.33 2.93 MonsterBev MNST 90.88 -0.22 Ameren AEE 72.59 -1.61 s BostonBeer SAM 1151.38 28.05 JD.com JD 94.57 -2.07 RLX Tech RLX 22.04 -2.19 Increased ConEd ED 71.28 -0.22 FirstEnergy FE 32.13 -0.15 Moody's MCO 278.39 1.42 AmericaMovil AMX 13.51 -0.01 BostonProps BXP 95.35 3.23 s Joyy YY 119.29 4.51 RPM RPM 87.30 0.84 ConstBrands A STZ 228.63 1.45 Fiserv FISV 113.40 1.18 MorganStanley MS 74.23 1.01 Activision Blizzard ATVI 0.5 .47 /.41 A May06 /Apr15 AmericaMovil A AMOV 13.73 0.25 BostonSci BSX 39.57 0.61 JPMorganChase JPM 140.14 2.16 s RaymondJames RJF 110.22 0.81 ConstBrands B STZ.B 224.80 12.03 FiveBelow FIVE 192.20 1.40 Morningstar MORN 238.81 1.46 Avista AVA 4.4 .4225 /.405 Q Mar15 /Feb19 AmerAirlines AAL 17.77 0.58 s BridgeBioPharma BBIO 72.35 4.07 JackHenry JKHY158.21 5.30 RaytheonTech RTX 72.49 0.16 ContextLogic WISH 28.21 -0.39 Five9 FIVN 174.72 1.50 Mosaic MOS Exponent EXPO 0.9 .20 /.19 Q Mar26 /Mar12 AEP AEP 80.98 -1.21 BrightHorizons BFAM 172.60 1.47 JacobsEngg J 109.13 1.68 29.09 1.44 RealPage RP 86.74 0.04 Cooper COO 384.92 -2.05 s FiverrIntl FVRR 279.50 5.21 MotorolaSol MSI AmerExpress AXP 127.99 1.71 BristolMyers BMY 60.23 -0.69 JamesHardie JHX 31.36 0.89 182.54 0.45 RealtyIncome O 60.90 -0.28 Gilead Sciences GILD 4.2 .71 /.68 Q Mar30 /Mar15 Copart CPRT 120.78 1.39 FleetCorTech FLT 258.23 0.87 NICE NICE 279.38 8.35 AmericanFin AFG 103.04 2.89 BritishAmTob BTI 37.43 0.19 JazzPharma JAZZ 166.01 9.10 s Redfin RDFN 88.67 5.97 Hartford Financial HIG 2.8 .35 /.325 Q Apr02 /Mar01 Corning GLW 37.68 0.26 Flex FLEX 19.550.81 NIO NIO AmHomes4Rent AMH 31.38 0.44 Broadcom AVGO 472.70 6.69 J&J JNJ 164.92 0.47 59.07 2.40 RegencyCtrs REG 48.96 -0.15 KSU Q Corteva CTVA 43.61 -0.29 Floor&Decor FND 105.29 1.72 Kansas City Southern 1.1 .54 /.44 Apr07 /Mar08 AIG AIG 42.29 0.61 BroadridgeFinl BR 143.09 -1.04 JohnsonControls JCI 51.71 0.66 NRG Energy NRG 42.07 0.23 RegenPharm REGN 494.90 -4.08 CoStar CSGP 900.34 -7.84 FomentoEconMex FMX 69.00 -0.55 s Microchip Technology MCHP 1.0 .39 /.3685 Q Mar08 /Feb22 AmerTowerREIT AMT 232.79 -0.20 BrookfieldMgt BAM 41.22 0.31 JuniperNetworks JNPR 25.15 0.60 NVR NVR 4740.93 72.52 s RegionsFin RF 19.54 0.61 Costco COST 359.83 4.66 FordMotor F 11.56 0.05 s Monolithic Power Systems MPWR 0.7 .60 /.50 Q Apr15 /Mar31 AmerWaterWorks AWK 162.22 -2.79 BrookfieldInfr BIP 53.69 -0.26 KB Fin KB 39.79 0.61 NXP Semi NXPI 188.12 6.13 RenaissanceRe RNR 161.13 1.78 CoupaSoftware COUP 359.65 8.65 s Fortinet FTNT 159.43 3.95 PennyMac Finl Svcs PFSI 1.2 .20 /.15 Q Feb25 /Feb12 AmericanWell AMWL 35.24 0.17 BrookfieldPropREIT BPYU 18.00 0.13 KE Holdings BEKE 62.20 -0.42 Nasdaq NDAQ 142.45 -0.14 Repligen RGEN 219.14 -2.92 Credicorp BAP 159.06 0.97 Fortis FTS 40.48 0.08 AmericoldRealty COLD 36.19 -0.33 BrookfieldRenew BEPC 56.94 0.44 s KKR KKR 45.27 0.62 Natera NTRA 118.56 -0.51 RepublicSvcs RSG 91.78 0.85 Pioneer Natural Resources PXD 1.7 .56 /.55 Q Apr14 /Mar31 CreditSuisse CS 13.78 0.15 Fortive FTV 67.68 -1.22 Ameriprise AMP 213.31 2.25 Brown&Brown BRO 45.50 0.73 KLA KLAC 302.26 14.23 NationalGrid NGG 58.24 -0.40 ResMed RMD 201.55 -0.62 Piper Sandler PIPR 1.5 .40 /.375 Q Mar12 /Mar03 Cree CREE 123.02 5.29 FortBrandsHome FBHS 91.57 3.04 AmerisourceBrgn ABC 108.49 -1.20 Brown-Forman A BF.A 70.19 0.93 KSCitySouthern KSU 203.95 -5.23 Natura&Co NTCO 18.89 0.06 RestaurantBrands QSR 59.90 0.29 Prudential Financial PRU 5.7 1.15 /1.10 Q Mar11 /Feb16 CrowdStrike CRWD 222.36 -1.17 FoxA FOXA 32.69 1.27 Ametek AME 119.89 2.89 Brown-Forman B BF.B 75.89 1.33 Kellogg K 57.74 -0.29 NatWest NWG 4.72 0.12 s RingCentral RNG 409.24 2.07 CrownCastle CCI 160.90 -1.36 FoxB FOX 31.55 1.24 Rexnord RXN 0.9 .09 /.08 Q Mar08 /Feb19 Amgen AMGN 237.57 1.25 Bruker BRKR 57.91 2.15 KeurigDrPepper KDP 32.10 -0.43 NetApp NTAP 69.73 2.35 RioTinto RIO 80.29 1.81 CrownHoldings CCK 93.69 0.94 Franco-Nevada FNV 122.50 1.44 Amphenol APH 132.30 2.80 s BuildersFirstSrc BLDR 43.41 0.82 KeyCorp KEY 18.92 0.35 NetEase NTES 124.13 0.11 RobertHalf RHI 72.10 1.28 Reduced Cummins CMI 238.61 8.98 FranklinRscs BEN 26.59 0.73 AnalogDevices ADI 153.20 4.44 s Bunge BG 74.11 1.02 KeysightTechs KEYS 144.70 1.75 Netflix NFLX 547.92 -2.87 RocketCos. RKT 21.62 -0.01 CureVac CVAC 126.29 5.86 FreeportMcM FCX 32.12 0.39 Sabine Royalty Tr UBI SBR 6.6 .1553 /.16714 M Feb26 /Feb16 s Anaplan PLAN 82.99 2.54 BurlingtonStrs BURL 263.85 7.86 KimberlyClark KMB 132.19 0.02 Neurocrine NBIX 117.63 1.49 Rockwell ROK 247.26 4.37 CyrusOne CONE 75.09 0.42 FreseniusMed FMS 34.10 0.05 AngloGoldAsh AU 23.35 0.30 CBRE Group CBRE 67.93 0.51 KinderMorgan KMI 14.73 0.58 NewFortressEner NFE 51.73 2.12 RogersComm B RCI 46.74 0.38 Futu FUTU 128.00 12.00 Initial AB InBev BUD 65.07 -0.56 s CDW CDW 150.39 -0.58 s s NewOrientalEduc EDU 186.93 2.39 s Roku ROKU 434.63 -5.26 D E F KingsoftCloud KC 67.44 3.49 Pactiv Evergreen PTVE 2.6 .10 Feb24 /Feb14 AnnalyCap NLY 8.63 0.06 CF Industries CF 43.97 0.83 G H I KinrossGold KGC 7.39 0.15 NYTimes A NYT 50.59 -0.22 Rollins ROL 37.23 -0.32 Anthem ANTM 287.70 -3.15 CGI GIB 79.45 -0.68 DISH Network DISH 31.52 0.31 KirklandLakeGold KL 39.29 0.95 s NewellBrands NWL 26.56 0.43 RoperTech ROP 407.16 2.21 Foreign Aon AON 225.64 2.42 CH Robinson CHRW 89.97 1.13 DTE Energy DTE 121.00 -0.72 GDS Holdings GDS 108.50 -2.10 KoninklijkePhil PHG 56.39 -0.47 Newmont NEM 60.42 1.12 RossStores ROST 120.66 1.94 Autohome ADR ATHM 0.6 .87 A Mar05 /Feb25 ApolloGlbMgmt APO 50.94 0.25 CME Group CME 191.74 0.35 DadaNexus DADA 46.36 -0.08 GFLEnvironmental GFL 30.00 -1.01 KoreaElcPwr KEP 10.80 0.25 NewsCorp B NWS 21.40 0.58 RoyalBkCanada RY 84.09 0.57 Appian APPN 207.37-18.97 CMS Energy CMS 56.44 -1.01 Danaher DHR 235.65 0.06 GSXTechedu GSX 91.40 1.63 KraftHeinz KHC 33.91 0.11 NewsCorp A NWSA 21.70 0.48 RoyalCaribbean RCL 70.70 -0.88 Banco Bradesco Pref ADR BBD 3.5 .003 Apr08 /Mar03 Apple AAPL 136.91 0.15 CNA Fin CNA 42.69 1.93 Darden DRI 130.27 -1.71 Gallagher AJG 117.68 -0.72 Kroger KR 33.28 0.13 NextEraEnergy NEE 83.40 -0.20 RoyalDutchA RDS.A 38.53 1.05 Brookfield Bus Partners BBU 0.6 .0625 Q Mar31 /Feb26 ApplMaterials AMAT 106.19 5.48 s CNH Indl CNHI 14.39 0.22 s DarlingIngred DAR 71.80 4.06 Gaming&Leisure GLPI 43.10 -0.51 s L Brands LB 50.78 1.39 NielsenHoldings NLSN 22.82 0.13 RoyalDutchB RDS.B 36.26 0.99 Brookfield Infr Pfd. A 14 BIPpB 4.9 .1875 Mar15 /Feb26 s Aptargroup ATR 141.98 1.32 CNOOC CEO 111.13 1.51 Datadog DDOG 116.42 1.52 Gap GPS 22.27 -0.38 LKQ LKQ 38.24 0.33 Nike NKE 143.41 -1.70 RoyaltyPharma RPRX 48.36 1.32 Brookfield Renew Pfd A 17 BEPpA 4.9 .32813 Q Apr30 /Apr15 Nikola NKLA 23.50 -0.10 Aptiv APTV 148.77 1.64 CRH CRH 43.18 0.25 DaVita DVA 110.20 1.02 Garmin GRMN 124.14 3.81 LPL Financial LPLA 123.85 -1.83 Ryanair RYAAY 106.21 1.69 Cent Ele Brasil pfd. ADR EBR.B .26914 Feb11 / Aramark ARMK CRISPR Therap CRSP 169.23 0.42 DeckersOutdoor DECK 320.20 3.47 NiSource NI 22.32 -0.26 SAP SAP 131.50 1.21 37.00 0.31 Gartner IT 168.11 3.61 L3HarrisTech LHX 186.27 3.44 Centrais Elet Brasil ADR EBR .24285 Feb11 / ArcelorMittal MT 23.05 0.84 CSX CSX 87.26 -1.29 s Deere DE 317.04 7.80 Generac GNRC 279.00 8.42 LabCpAm LH 225.97 -0.58 Nokia NOK 4.26 0.04 S&P Global SPGI 325.44 1.42 Lazard LAZ 4.5 .47 Q Mar02 /Feb19 ArchCapital ACGL 34.15 0.35 C3.ai AI 150.80 4.20 s DellTechC DELL 79.94 0.33 GeneralDynamics GD 159.64 0.82 LamResearch LRCX 532.78 23.02 s NomuraHoldings NMR 5.90 0.23 SBA Comm SBAC 267.01 -6.85 ArcherDaniels ADM 53.65 0.72 CVS Health CVS 72.98 0.80 DeltaAir DAL 43.24 2.09 GeneralElec GE 11.61 0.21 LamarAdv LAMR 88.28 0.78 Nordson NDSN 190.00 1.93 SEI Investments SEIC 56.40 0.48 Open Text OTEX 1.6 .2008 Q Mar26 /Mar05 AresMgmt ARES 49.11 0.44 CableOne CABO 2064.24 0.86 DenaliTherap DNLI 76.96 6.39 GeneralMills GIS 57.70 0.30 LambWeston LW 79.71 0.21 NorfolkSouthern NSC 243.80 -1.86 SK Telecom SKM 24.99 -0.33 RenaissanceRe Hldgs RNR 0.9 .36 Q Mar31 /Mar15 arGEN-X ARGX 367.10 -3.91 CadenceDesign CDNS 137.58 1.78 DentsplySirona XRAY 55.88 0.64 s GeneralMotors GM 56.88 2.47 LasVegasSands LVS 55.30 -0.27 NorthernTrust NTRS 97.65 0.49 SS&C Tech SSNC 68.92 -0.47 RenaissanceRe Pfd. E RNRpE 5.3 .33594 Q Mar01 /Feb26 s AristaNetworks ANET 320.09 -1.82 CaesarsEnt CZR 82.85 -0.03 DeutscheBank DB 10.56 0.24 Genmab GMAB 40.56 -0.01 Lear LEA 160.06 4.35 NorthropGrum NOC 300.13 1.34 StoreCapital STOR 32.39 -0.58 RenaissanceRe Pfd. F RNRpF 5.2 .35938 Q Mar01 /Feb26 ArrowheadPharm ARWR 88.41 -2.06 CamdenProperty CPT 101.96 0.16 DevonEnergy DVN 18.75 0.85 Gentex GNTX 35.28 0.40 Leidos LDOS 108.09 1.33 NortonLifeLock NLOK 20.56 -0.51 s SVB Fin SIVB 504.16 13.25 Royal Dutch Shell ADR A RDS.A 2.9 .333 Q Mar29 /Feb19 CampbellSoup CPB 47.12 -0.38 DexCom DXCM Novartis NVS 91.00 0.47 AscendisPharma ASND 153.93 1.21 403.30 -7.73 GenuineParts GPC 103.58 1.93 Lemonade LMND 141.79 -3.03 Salesforce.com CRM 238.93 0.04 Royal Dutch Shell ADR B RDS.B 3.6 .333 Q Mar29 /Feb19 s AspenTech AZPN 157.03 5.59 CIBC CM 88.90 0.41 Diageo DEO 163.92 1.10 GileadSciences GILD 67.97 -0.49 s Lennar A LEN 95.22 4.26 s Novavax NVAX 319.93 29.75 Sanofi SNY 48.63 0.42 Assurant AIZ 135.44 1.08 CanNtlRlwy CNI 106.37 0.26 DiamondbkEner FANG 68.93 4.48 GSK GSK 35.46 0.20 s Lennar B LEN.B 76.35 3.38 NovoNordisk NVO 70.89 -0.51 Sasol SSL 13.62 0.23 Special AstraZeneca AZN 50.06 0.33 CanNaturalRes CNQ 25.69 0.44 DigitalRealty DLR 146.37 0.81 GlobalPayments GPN 200.33 2.06 LennoxIntl LII 283.78 9.52 s Novocure NVCR 183.96 8.11 Schlumberger SLB 25.99 0.98 Piper Sandler PIPR 1.5 1.85 Mar12 /Mar03 Athene ATH 45.27 0.82 CanPacRlwy CP 355.43 -0.63 DiscoverFinSvcs DFS 94.34 1.50 Globant GLOB 218.34 2.83 LeviStrauss LEVI 19.45 -0.54 s NuanceComms NUAN 50.51 0.13 SchwabC SCHW 55.85 0.11 s Atlassian TEAM 244.38 0.58 Canon CAJ 22.73 0.21 DiscoveryB DISCB 43.24 0.57 GlobeLife GL 94.10 0.44 LiAuto LI 30.36 -0.04 Nucor NUE 53.70 0.72 ScottsMiracleGro SMG 239.52 2.99 AtmosEnergy ATO 89.08 0.03 CanopyGrowth CGC 43.87 0.94 DiscoveryA DISCA 43.25 0.58 GoDaddy GDDY 89.32 2.28 LibertyBroadbandC LBRDK 150.03 1.42 s Nutrien NTR 54.77 1.21 s Sea SE 263.46 6.70 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and Autodesk ADSK 302.81 -3.05 s CapitalOne COF 116.00 1.52 DiscoveryC DISCK 37.00 0.58 GoldFields GFI 9.44 0.15 LibertyBroadbandA LBRDA 147.90 1.27 NVIDIA NVDA 577.55 33.91 Seagate STX 71.41 1.97 ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

Endava DAVA 87.64 0.2 GridDynamics GDYN 14.82 2.6 Kforce KFRC 47.41 4.6 NatlEnerSvs NESR 12.30 3.3 Progyny PGNY 50.69 1.5 SilenceTherap SLN 26.24 4.6 TrinityIndustries TRN 32.39 2.3 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE EnduranceIntl EIGI 9.51 0.1 GrowGeneration GRWG 62.97 8.3 KimballElec KE 25.12 4.7 NatlEnerSvsWt NESRW 2.22 9.7 PropSolnsWt PSACW 4.96 8.0 SiliconLab SLAB 145.92 4.5 Trinseo TSE 57.66 2.0 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low Energous WATT 4.90 14.2 HDFC Bank HDB 82.62 0.7 KingsoftCloud KC 70.76 5.5 NatlPrestoInds NPK 98.74 4.8 ProspectCapital PSEC 6.96 -1.8 SiliconMotion SIMO 64.13 7.1 TripAdvisor TRIP 37.00 1.1 in the latest session. %CHG-Daily percentage change from the previous trading session. EnergyFuels UUUU 5.60 15.0 HEXO HEXO 8.72 11.2 KingswoodAcqn KWAC.U 10.74 0.8 NaviosMaritime NMCI 6.85 1.9 ProtalixBio PLX 5.87 18.5 SilverBowRscs SBOW 6.79 1.2 TriplePtVent TPVG 14.69 -1.2 EnergyFuelsWt UUUU.WS 3.20 26.0 HP HPQ 27.36 4.4 KludeInIAcqn INKAU 10.80 -0.2 NaviosMaritime NM 5.40 6.4 Prothena PRTA 15.73 6.9 SilvergateCapital SI 155.36 14.7 TriumphBancorp TBK 66.03 2.8 Monday, February 8, 2021 EnlivexTherap ENLV 29.40 21.6 Haemonetic HAE 141.39 0.2 Knowles KN 21.35 ... NaviosMaritime NMM 18.00 3.7 PublicStoragePfdO PSApO 25.75 0.4 SimulationsPlus SLP 90.92 3.3 TriumphBncpPfdC TBKCP 27.95 -0.5 EnovaIntl ENVA 29.08 1.7 HalozymeTherap HALO 50.53 3.0 Kohl's KSS 51.46 3.1 NavSightA NSH 10.86 -0.7 PulseBiosciences PLSE 45.82 0.3 SixFlags SIX 40.49 2.7 Tronox TROX 18.87 1.4 52-Wk % 52-Wk % 52-Wk % Entercom ETM 5.70 5.2 HamiltonLane HLNE 85.26 2.5 Kopin KOPN 8.25 4.5 Neogen NEOG 88.41 2.7 PurpleBiotech PPBT 7.19 46.8 SkylineChamp SKY 42.58 3.9 TurningPoint TPB 56.63 2.7 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EnvivaPartners EVA 53.01 1.7 HarrowHealth HROW 11.10 12.2 KornFerry KFY 53.72 4.5 NescoWt NSCO.WS 1.60 10.6 PzenaInvtMgmt PZN 9.56 4.1 SleepNumber SNBR 120.14 4.2 TurningPtTherap TPTX 141.30 5.0 AxonEnterprise AXON 182.48 2.9 Chegg CHGG 105.12 -0.1 ErieIndemnity A ERIE 265.88 0.5 HarvardBioSci HBIO 5.21 5.7 KornitDigital KRNT 101.45 3.2 NetScout NTCT 31.46 2.8 QAD A QADA 74.13 5.5 SmartSand SND 2.50 15.3 TurtleBeach HEAR 31.29 5.8 Highs AxosFinancial AX 44.69 1.1 ChemoCentryx CCXI 68.93 3.4 EsportsEnt GMBL 13.50 55.2 Hawkins HWKN 60.53 6.8 KuraSushiUSA KRUS 26.47 3.8 NeuBaseTherap NBSE 12.10 8.1 QEP Resources QEP 3.46 6.9 Smartsheet SMAR 79.17 0.4 Twilio TWLO 407.77 -0.1 BCLS Acqn BLSA 12.77 0.5 Children'sPlace PLCE 78.46 4.0 EsportsEntWt GMBLW 8.49 68.2 Headhunter HHR 33.75 2.9 L Brands LB 51.04 2.8 NewFrontierWt NFH.WS 2.44 8.0 Q2Holdings QTWO 143.75 0.7 SmithAO AOS 61.42 2.3 Twitter TWTR 59.60 2.5 AAON AAON 80.64 3.6 BJsRestaurants BJRI 53.15 0.9 Chimerix CMRX 10.83 7.3 EstablishLabs ESTA 59.75 3.8 HealthCatalyst HCAT 53.44 2.9 LCI Inds LCII 151.94 4.9 NewOrientalEduc EDU 189.60 1.3 QellAcqnA QELL 15.53 2.1 SmithMicro SMSI 8.05 -4.2 UMB Fin UMBF 77.74 1.1 ACI Worldwide ACIW 41.02 1.2 BK Tech BKTI 3.87 12.2 Chubb CB 166.28 2.2 EsteeLauder EL 284.66 2.8 HealthSciences2 HSAQ 13.52 13.8 LGL Systems Un DFNS.U 12.70 -5.4 NewProvidenceA NPA 20.55 16.0 QellAcqnWt QELLW 4.44 3.6 Sonos SONO 32.00 1.2 US Lime&Min USLM 136.70 5.1 ALJ Regional ALJJ 1.42 3.0 BOK Fin BOKF 81.81 1.1 ChurchillCapCorp.V CCV.U 13.75 1.5 EtonPharm ETON 10.29 1.7 HeliosTechnologies HLIO 62.05 3.0 LGLSysAcqnWt DFNS.WS 2.79 9.4 NewProvidenceWt NPAWW 6.66 19.1 QellAcqn QELLU 16.90 2.0 SoCopper SCCO 73.19 -0.3 US PhysTherapy USPH 137.47 3.6 ANGI Homesvcs ANGI 19.17 11.2 BOS BetterOnln BOSC 3.79 10.2 ChurchillDowns CHDN 221.80 -1.7 EvaxionBiotech EVAX 10.34 0.6 HennessyAdvsrs HNNA 12.50 28.5 LGLS ysAcqn DFNS 11.40 0.7 NewProvidenceAcqn NPAUU 23.58 10.6 Qiagen QGEN 59.00 3.2 SouthwesternEner SWN 4.43 6.8 Uber UBER 60.11 1.2 ARC Document ARC 2.36 5.0 BRP DOOO 75.80 3.0 Chuy's CHUY 43.35 4.7 Everi EVRI 15.55 -1.4 Herbalife HLF 56.00 3.7 LMFAcqnOpps LMAOU 10.58 0.2 NewAge NBEV 4.07 13.2 QuakerChemical KWR 287.81 3.9 SparkEnergy SPKE 12.16 3.1 UltaBeauty ULTA 316.21 4.6 ARYASciencesAcqIII ARYA 25.89 100.1 B RileyFin RILY 54.92 1.5 CimarexEnergy XEC 50.52 4.3 Evogene EVGN 9.40 10.2 Heska HSKA 206.44 7.3 LakelandFin LKFN 64.22 3.5 NewellBrands NWL 26.62 1.6 Quantum QMCO 8.72 7.8 SparkNetworks LOV 8.09 14.6 UltraClean UCTT 46.98 5.7 ASETech ASX 8.32 5.0 BTRS BTRS 18.03 3.9 CitiTrends CTRN 66.03 4.1 EvolentHealth EVH 20.00 3.0 HibbettSports HIBB 61.82 0.5 LakelandInd LAKE 42.42 13.4 NewtekNts2026 NEWTZ 27.67 5.6 Qudian QD 3.29 6.7 SpringValleyAcqn SVSVU 13.01 6.3 UnderArmour A UAA 21.05 0.3 ASGN ASGN 92.83 4.1 BTRS Wt BTRSW 6.12 9.2 Clarus CLAR 17.92 2.6 EvolvingSystems EVOL 2.90 17.0 HimaxTechs HIMX 15.16 20.3 Lantheus LNTH 20.20 4.3 NexGenEnergy NXE 3.96 6.0 Qumu QUMU 10.45 12.1 SpringValleyWt SVSVW 2.85 28.6 UnitedRentals URI 274.12 2.4 A10Networks ATEN 11.41 7.1 Baidu BIDU 282.00 2.4 CleanEnerFuels CLNE 18.42 37.8 ExOne XONE 55.08 35.9 Hims&HersWt HIMS.WS 12.99 6.7 LendingClub LC 14.28 1.0 NextGenAcqn NGACU 15.95 34.7 RENN Fund RCG 2.20 6.8 SpringValleyA SV 12.27 5.7 USComdtyIndxFd USCI 34.90 0.9 Azek AZEK 43.60 2.4 BallardPower BLDP 41.16 6.0 ClearSignTech CLIR 4.75 2.5 eXpWorld EXPI 156.22 11.3 Hims&HersHealth HIMS 25.40 2.0 Lennar A LEN 95.60 4.7 NextGenAcqnWt NGACW 4.55 107.4 RMGAcqnII RMGBU 13.14 -3.1 SpringWorks SWTX 94.48 5.2 Upwork UPWK 53.83 3.4 AbbottLabs ABT 125.80 0.4 BaoshengMedia BAOS 10.20 77.2 ClearwaterPaper CLW 43.30 3.6 ExperienceInvt EXPCU 17.48 0.2 HinghamSvg HIFS 250.00 2.6 Lennar B LEN.B 76.65 4.6 NicholasFin NICK 11.49 0.4 R1RCM RCM 28.76 1.7 SproutSocial SPT 74.57 1.2 Usio USIO 6.62 -1.9 Abercrombie&Fitch ANF 26.67 -2.1 Baozun BZUN 50.33 4.1 Cloudflare NET 91.95 6.5 ExtremeNetworks EXTR 10.07 9.0 HireQuest HQI 14.44 -2.1 LibertyBraves A BATRA 30.07 2.2 NicoletBankshares NCBS 73.76 3.2 RadaElectronic RADA 12.69 11.5 Square SQ 264.27 8.1 UtzBrands UTZ 25.80 6.3 AbsoluteSftwr ABST 13.97 0.8 Barnes&NobleEduc BNED 8.26 -0.4 CodaOctopus CODA 8.65 5.2 FARO Tech FARO 81.973.8 HolicityUn HOLUU 24.02 8.0 LigandPharm LGND 209.95 2.6 908Devices MASS 75.34 5.2 RadiantLogistics RLGT 6.65 3.4 St.Joe JOE 55.37 3.5 VPCImpactA VIH 20.26 12.4 AcaciaComms ACIA 114.89 0.1 BauschHealth BHC 28.89 2.6 Cognex CGNX 88.60 1.8 FB Financial FBK 39.20 1.2 HolicityA HOL 22.08 9.2 LindbladExped LIND 19.10 4.6 NobleRockAcqn NRACU 10.59 0.3 RadiusHealth RDUS 23.56 2.5 StaarSurgical STAA 124.23 6.0 VPC Impact VIHAU 22.84 13.3 Accuray ARAY 5.75 5.8 BeamTherap BEAM 126.90 4.0 Coherent COHR 227.18 13.6 Fabrinet FN 90.61 0.7 HomeBancShares HOMB 22.56 0.8 Lindsay LNN 158.39 4.8 NomuraHoldings NMR 5.93 4.1 Rafael RFL 29.79 6.1 StableRoadUn SRACU 33.50 4.8 VaalcoEnergy EGY 3.06 -0.7 AckrellSpacUn ACKIT 10.44 -0.4 Belden BDC 53.94 3.8 ColliersIntl CIGI 99.21 1.0 FarPeakAcqn FPAC.U 11.65 1.7 HomeStreet HMST 41.07 1.7 LiqTechIntl LIQT 12.70 9.3 Novan NOVN 1.82 26.8 RaymondJames RJF 110.85 0.7 StableRoadAcqn SRAC 27.97 3.1 ValleyNatlBncp VLY 11.49 3.1 Acushnet GOLF 47.25 1.8 BerkHathwy A BRK.A 357100 0.8 Collplant CLGN 22.90 20.1 Fathom FTHM 46.70 16.2 HorizonAcqnA HZAC 11.21 2.4 LithiaMotors LAD 385.96 2.4 Novanta NOVT 139.19 2.9 RayonierAdvMatls RYAM 9.00 9.4 Stantec STN 39.22 0.7 ValmontInds VMI 220.42 3.6 AddusHomeCare ADUS 129.01 2.1 BerkHathwy B BRK.B 237.56 1.0 ColonyCapital CLNY 5.56 2.0 FibroGen FGEN 54.69 2.2 HorizonBancorp HBNC 17.50 1.5 LiveOakAcqnII LOKB.U 13.38 1.8 Novavax NVAX 329.99 10.3 Rayonier RYN 34.21 2.5 StarPeakEner STPK.U 45.16 8.5 VandaPharm VNDA 15.72 3.0 AEternaZentaris AEZS 3.62 200.9 BerryGlobal BERY 59.73 4.1 ColumbiaBanking COLB 43.19 3.6 FinTechAcqnV FTCVU 11.79 -1.3 HorizonTechFin HRZN 14.40 2.9 LiveOakII A LOKB 11.98 2.3 Novocure NVCR 189.68 4.6 RealNetworks RNWK 3.10 -4.0 StrPeakEnerA STPK 40.35 16.4 VarianMed VAR 176.44 ... AffiliatedMgrs AMG 132.78 17.5 BetterWorld BWAC 10.70 ... ColumbusMcKinn CMCO 49.00 4.5 FinVolution FINV 4.46 9.5 HorizonTherap HZNP 89.05 3.8 LivePerson LPSN 72.23 -2.4 NovusCapII NXU.U 11.36 -0.4 Realogy RLGY 17.21 3.1 StrPeakEnerWt STPK.WS 16.99 13.7 VaronisSystems VRNS 194.12 -3.5 Agora API 108.98 -0.3 BigRockPtrsWt BRPAW 16.30 27.8 ComfortSystems FIX 64.80 11.5 FirstBank FRBA 12.09 9.6 HovnanianPfdA HOVNP 13.35 2.7 LogitechIntl LOGI 114.75 1.8 NuSkinEnts NUS 61.85 2.4 RedRockResorts RRR 28.06 4.1 StarboardValue SVACU 11.75 2.8 VentouxCCM Rt VTAQR 0.94 53.0 Agrify AGFY 21.24 0.3 BioAtla BCAB 51.98 4.1 CommVehicle CVGI 10.28 5.9 FirstCitizBcshA FCNCA 692.44 3.6 Huazhu HTHT 59.23 1.3 LongviewAcqn LGVW.U 27.4922.2 NuanceComms NUAN 51.62 0.3 Redfin RDFN 89.29 7.2 StifelFinancial SF 55.87 1.2 VentouxCCMAcqn VTAQU 11.60 3.5 AkernaWt KERNW 2.49 9.5 BioLineRX BLRX 4.23 14.6 CommVaultSys CVLT 68.16 1.5 FirstFinBkshs FFIN 41.78 2.2 HubSpot HUBS 430.53 0.9 LongviewAcqnA LGVW 24.0018.2 Nutrien NTR 55.21 2.3 RegionsFin RF 19.55 3.2 STMicroelec STM 42.08 3.5 Veracyte VCYT 80.29 5.8 Alkermes ALKS 23.32 3.2 Birks BGI 1.99 3.2 CorceptTherap CORT 30.98 3.9 FirstInternetBncp INBK 34.75 0.3 HudsonExecUn HECCU 14.10 0.3 LongviewAcqnWt LGVW.WS 9.72 30.6 ODP ODP 48.24 1.6 ReinventTechA RTP 14.40 7.1 StoneCo STNE 88.79 3.3 Vericel VCEL 49.78 5.3 AllianceBernstein AB 39.52 2.7 BlackLine BL 154.61 -0.3 Criteo CRTO 25.94 -0.6 500.com WBAI 22.98 14.4 HudsonExecWt HECCW 3.30 4.0 LouisianaPacific LPX 42.20 1.0 OFSCapNts2023 OFSSG 25.50 0.6 ReinventTechPtrs RTP.U 15.34 8.0 Stratasys SSYS 56.95 5.1 VerifyMeWt VRMEW 1.80 16.7 AllscriptsHlthcr MDRX 17.53 2.3 BloomEnergy BE 44.95 0.7 Cronos CRON 12.93 6.7 FiveStarSrLiving FVE 9.25 2.9 HudsonExecA HEC 12.45 -0.1 LuciraHealth LHDX 34.28 15.7 OaktreeAcqnIIWt OACB.WS 2.70 0.8 RekorSystems REKR 17.25 4.9 SummitTherap SMMT 12.30 24.9 Veritone VERI 48.10 6.6 Alphabet A GOOGL2115.00 -0.2 BlueWaterAcqn BLUWU 11.00 0.4 Cubic CUB 70.22 10.0 FiverrIntl FVRR 286.45 1.9 Huntsman HUN 29.41 2.7 LunaInnov LUNA 12.00 4.6 OaktreeAcqnII OACB.U 12.51 -2.7 RenalytixAI RNLX 29.12 0.2 SunlinkHealth SSY 2.04 10.3 Veru VERU 15.70 27.8 Alphabet C GOOG 2123.55 -0.2 BlueLinx BXC 44.16 4.9 CustomersBancorp CUBI 26.14 5.0 FlexShopper FPAY 3.75 12.4 HysterYaleMatls HY 100.74 3.9 Luxfer LXFR 18.95 -2.9 OasisMidstream OMP 16.14 -1.2 RenewableEnergy REGI 114.34 13.0 SustDevtAcqnI SDACU 11.39 0.3 VillageFarms VFF 16.83 9.4 Alphatec ATEC 16.25 -1.5 BlueRiverAcqn BLUA.U 10.73 -0.2 Cutera CUTR 31.10 5.3 Fluent FLNT 7.90 3.8 IAC/InterActive IAC 252.81 1.2 Lyft LYFT 54.75 0.5 OasisPetrol OAS 50.60 6.1 Rent-A-Center RCII 52.716.2 SutroBioph STRO 28.304.2 ViomiTech VIOT 8.56 12.1 AlsetEHome AEI 17.48 74.4 BoltBiotherap BOLT 34.88 1.4 D&ZMedia DNZ.U 10.88 -0.2 FocusFinPtrs FOCS 53.20 2.2 ICICI Bank IBN 17.67 0.5 Macom Tech MTSI 66.11 3.0 OccidentalPetrolWt OXY.WS 11.84 16.3 RepublicFirstBncp FRBK 3.44 3.0 SwitchbackEnerWt SBE.WS 21.44 2.5 VirtuosoAcqn VOSOU 10.60 1.3 AltaEquipment ALTG 10.96 4.2 BostonBeer SAM 1180.00 2.5 DPCM Capital XPOA.U 13.12 -1.6 FootLocker FL 51.48 2.9 IDEAYA Bio IDYA 21.07 8.8 MDC Holdings MDC 61.21 3.3 Ocugen OCGN 18.77 201.1 ResideoTech REZI 26.21 4.1 Synlogic SYBX 4.95 17.2 Vishay VSH 24.26 4.2 AltairEngg ALTR 67.25 1.3 BostonOmaha BOMN 43.65 5.3 DPCM Cap A XPOA 11.96 -0.8 Forestar FOR 24.09 3.9 IDT IDT 19.30 8.1 MDC Partners MDCA 3.36 0.3 OfficePropNts2050 OPINL 27.05 -0.5 ReWalkRobotics RWLK 4.19 18.6 SyprisSolutions SYPR 3.90 23.6 VoceraComm VCRA 49.18 4.6 AltimarAcqnII ATMR.U 10.94 -0.4 BoydGaming BYD 54.64 2.9 Dana DAN 23.57 6.7 Forterra FRTA 21.87 2.8 IG Acqn Wt IGACW 2.50 1.9 MDH Acqn MDH.U 10.42 1.3 OldDomFreight ODFL 214.00 1.3 RibbonComms RBBN 10.68 19.8 Telus TU 21.40 1.3 VolitionRX VNRX 6.50 20.4 AltitudeAcqn ALTUU 11.40 -0.4 BridgeBioPharma BBIO 72.73 6.0 Danaos DAC 34.50 0.3 Fortinet FTNT 160.93 2.5 IG Acqn IGACU 13.48 1.5 MEI Pharma MEIP 4.58 12.8 Omnichannel OCA.U 12.01 3.0 RigNet RNET 10.42 6.4 TLG Acqn One TLGA.U 10.44 1.2 voxeljet VJET 36.00 60.5 AltusMidstream ALTM 56.15 2.5 Bridgetown2 BTNB 14.00 0.7 DanimerSciWt DNMR.WS 44.23 3.3 FortressBioPfdA FBIOP 23.70 -1.4 InsuAcqnII INAQU 21.33 8.9 MGM Resorts MGM 35.70 3.9 OmnichannelA OCA 11.06 1.2 RiminiStreet RMNI 8.67 8.0 TPGPaceBenWt TPGY.WS 11.95 11.3 VyGlblGrowthA VYGG 12.63 0.2 Ambarella AMBA 117.99 4.6 BridgewaterBcshs BWB 14.16 1.0 DanimerScientific DNMR 62.54 -1.4 FoxFactory FOXF 141.34 2.9 INSU Acqn II Wt INAQW 6.00 13.2 MGP Ingredients MGPI 65.00 4.2 OmnichannelWt OCA.WS 2.28 0.5 RingEnergy REI 2.39 41.1 TPIComposites TPIC 73.90 4.7 VyGlblGrowth VYGG.U 12.99 0.1 Ameresco AMRC 69.624.1 BrilliantAcqn BRLIU 11.57 2.1 DarioHealth DRIO 27.59 8.5 Franchise FRG 37.80 -0.8 INSU Acqn II A INAQ 19.37 8.5 MI Homes MHO 56.34 6.8 ON Semi ON 39.96 3.7 RingCentral RNG 420.00 0.5 TTEC TTEC 88.20 3.7 Welbilt WBT 15.06 0.5 AmericanAxle AXL 11.03 6.7 BrilliantAcqnRt BRLIR 0.59 13.1 DarlingIngred DAR 71.87 6.0 FranklinElec FELE 75.62 3.4 Invesco IVZ 22.37 1.5 MinisoGroup MNSO 35.19 14.8 one AONE.U 12.50 -0.9 RiotBlockchain RIOT 32.90 40.2 T2Biosystems TTOO 3.79 22.3 WescoIntl WCC 89.53 3.0 AmerEagle AEO 25.75 -0.5 BrooklineCap BCACU 10.70 0.5 Decarbonization DCRBU 22.81 10.2 FreedomHolding FRHC 57.64 17.4 icad ICAD 18.24 1.7 MSA Safety MSA 169.58 2.3 1LifeHealthcare ONEM 57.10 2.1 RocketPharm RCKT 67.48 2.7 TZP Strategies TZPSU 10.59 0.6 WestFraserTimber WFG 70.73 2.3 AmericanRscs AREC 7.55 19.2 BuildersFirstSrc BLDR 43.77 1.9 DecarbonizaPlusA DCRB 19.95 7.6 FreightCarAmer RAIL 4.55 5.9 Ichor ICHR 43.34 4.1 Magnite MGNI 59.98 6.7 111 YI 15.18 9.7 RodgersSilicVal RSVAU 19.99 5.5 TailwindAcqn TWND.U 12.28 -0.2 WestAllianceBcp WAL 75.90 2.7 AmerCarMart CRMT 131.07 ... Bunge BG 75.05 1.4 DecarbonizPlusWt DCRBW 6.05 14.4 FrequencyTherap FREQ 58.37 8.2 iClickInteract ICLK 18.60 4.8 ManhattanAssoc MANH 134.92 3.1 OneStopSystems OSS 6.41 13.7 Roku ROKU 449.19 -1.2 TailwindAcqnWt TWND.WS 2.25 -1.4 WestportFuelSys WPRT 12.95 40.6 AmkorTech AMKR 19.27 7.8 BurgundyTechWt BTAQW 2.59 ... Deere DE 317.19 2.5 Freshpet FRPT 165.36 3.6 Immersion IMMR 15.78 10.3 Manning&Napier MN 6.70 1.4 OneMain OMF 56.23 1.2 RothCHAcqnI ROCH 27.98 9.5 TailwindAcqnA TWND 11.13 0.6 Weyerhaeuser WY 35.19 2.2 AmnealPharm AMRX 6.10 13.7 CA Healthcare CAHCU 10.49 -0.1 DelcathSystems DCTH 21.45 8.8 FuelCell FCEL 26.52 10.3 Immunocore IMCR 58.92 30.4 MarathonPatent MARA 32.07 42.4 OpenLending LPRO 41.95 6.1 RothCHAcqnIWt ROCHW 14.00 23.4 TakeTwoSoftware TTWO 214.91 2.8 WholeEarthBrds FREE 13.30 0.5 Ampco-Pitt AP 8.80 8.6 CBRE Acqn CBAH.U 11.25 1.9 DelekLogistics DKL 41.00 2.5 FulgentGenetics FLGT 167.91 14.5 Immunogen IMGN 8.33 7.4 MarqueeRaineWt MRACW 3.40 4.5 OpenText OTEX 49.99 1.1 RothCHAcquisitionI ROCHU 38.90 20.9 Tapestry TPR 38.72 2.1 Wiley A JW.A 50.96 1.8 Ampco-PittsWt AP.WS 1.72 23.0 CCNeubergerII PRPB.U 12.00 ... DellTechC DELL 80.71 0.4 FullHouse FLL 7.41 8.8 Impinj PI 65.58 3.7 MarroneBioInnova MBII 2.90 14.9 OpiantPharm OPNT 13.95 3.8 RothCH II A ROCC 11.39 0.5 TasekoMines TGB 1.48 7.4 Willdan WLDN 54.82 3.1 AmtechSystems ASYS 8.39 6.6 CCNeubergerIII PRPC.U 10.84 0.2 DelwindsInsA DWIN 10.29 0.3 FutureFuel FF 15.83 8.5 InariMedical NARI 115.50 1.5 MasonIndlTech MIT.U 10.48 1.1 Oppenheimer A OPY 38.01 0.8 RothCHAcqnII ROCCU 12.28 1.5 TastemakerAcqn TMKRU 10.62 -0.7 WillisTowers WLTW 226.02 0.8 Amyris AMRS 13.80 10.0 CDK Global CDK 55.51 1.9 DelwindsInsWt DWIN.WS 1.35 -8.0 FVCBankcorp FVCB 18.18 3.4 IndlTechAcqns ITACU 11.50 1.2 MasoniteIntl DOOR 111.44 3.4 OptimizeRx OPRX 53.65 -0.4 RothCH II Wt ROCCW 2.65 13.1 TataMotors TTM 23.38 8.5 WirelessTel WTT 2.59 18.3 Anaplan PLAN 83.11 3.2 CDW CDW 153.95 -0.4 Denbury DEN 34.13 1.6 GAMCO Investors GBL 20.22 4.1 InfinityPharm INFI 5.49 36.4 MasTec MTZ 86.41-1.9 OrganiGram OGI 3.37 41.0 RotorAcqn ROT.U 10.90 1.3 TechTarget TTGT 93.01 4.5 Workday WDAY 273.34 3.3 Andersons ANDE 26.63 2.8 C4 Therap CCCC 46.58 -2.4 DenisonMines DNN 0.88 11.0 GAN GAN 30.86 8.3 InMode INMD 69.75 2.9 MatadorRscs MTDR 19.80 8.0 Organogenesis ORGO 13.75 5.7 RubiconTech RBCN 10.75 7.3 TejonRanch TRC 17.86 3.5 Workiva WK 110.20 -2.3 AndinaAcqnIIIWt ANDAW 1.70 3.7 CIIG MergerWt CIICW 10.70 0.3 DermTech DMTK 61.46 3.1 GATX GATX 98.82 2.3 Innodata INOD 7.23 6.8 MatchGroup MTCH 162.97 -0.5 OrmatTech ORA 124.99 3.3 RumbleON RMBL 53.00 9.3 TeladocHealth TDOC 296.36 3.3 WorthingtonInds WOR 59.41 3.6 AndinaAcqnIII ANDA 14.00 -2.2 CITICCapAcqn CCAC.U 12.93 -0.2 DesktopMetal DM 34.94 7.2 GOAcquisitionUn GOAC.U 11.35 1.3 InnovativeIndProp IIPR 217.49 1.7 Materion MTRN 72.53 4.0 OutlookTherap OTLK 3.62 51.8 SCE V Pfd SCEpK 26.27 0.1 TenetHealthcare THC 52.59 3.3 WyndhamDest WYND 51.71 0.7 AngioDynamics ANGO 21.09 4.3 CITICCapAcqnA CCAC 11.49 0.9 DesktopMetalWt DM.WS 22.87 22.3 GoAcqnWt GOAC.WS 1.95 -2.7 InsightEnt NSIT 85.58 1.8 MaxeonSolar MAXN 52.20 8.1 OutlookTherapWt OTLKW 3.49 109.0 SCVX SCVX.U 12.08 -0.6 Teradata TDC 49.99 30.1 Xencor XNCR 53.91 5.3 AnixaBiosci ANIX 5.63 17.3 CNH Indl CNHI 14.45 1.6 DicernaPharma DRNA 28.50 2.6 G1Therapeutics GTHX 30.78 7.9 InspireMedical INSP 233.44 0.4 Maximus MMS 82.30 2.4 Ovintiv OVV 20.16 7.7 SI-BONE SIBN 33.45 1.0 Terex TEX 40.62 4.2 XerisPharm XERS 7.94 -0.4 AntaresPharma ATRS 4.77 0.6 CONSOL Energy CEIX 10.00 9.4 Dick's DKS 78.39 2.5 G Squared I GSQD.U 11.20 -0.2 InspiredEnt INSE 8.00 11.6 Medifast MED 259.20 2.8 OysterEnts OSTRU 10.35 0.8 SLM SLM 15.54 -1.9 TernsPharm TERN 19.89 7.6 Xunlei XNET 6.87 23.1 AnteroResources AR 8.15 7.2 CONXWt CONXW 2.27 2.9 DigiIntl DGII 25.28 2.6 GTY Tech GTYH 8.28 0.6 InspireMD NSPR 1.34 48.8 Medpace MEDP 153.09 4.0 OzonHoldings OZON 68.77 5.8 SMART Global SGH 42.83 4.2 TetraTech TTI 2.52 11.1 Yalla YALA 37.35 0.9 AptIncmREIT AIRC 41.85 2.5 CalWtrSvc CWT 58.10 0.6 DigitalMediaWt DMS.WS 3.19 42.9 G Willi-Food WILC 25.00 2.9 InspireMD Wt NSPR.WS 0.42 100.1 MercerIntl MERC 12.76 4.3 PDC Energy PDCE 27.61 6.3 SM Energy SM 12.08 5.8 TexasPacLand TPL 1020.00 2.7 YatsenHolding YSG 25.44 -5.5 Aphria APHA 19.14 13.9 CallawayGolf ELY 32.40 3.1 DigitalMedia DMS 15.27 17.0 Gaming&Hosp GHACU 10.49 0.5 InspireMDWtB NSPR.WS.B 0.08 49.4 MeridianBiosci VIVO 30.44 -0.9 PTC PTC 144.83 0.1 SVB Fin SIVB 504.90 2.7 TexasRoadhouse TXRH 89.88 1.0 YellowstoneAcqn YSACU 11.20 -0.4 AppliedMolecular AMTI 45.00 7.4 Calyxt CLXT 11.98 7.7 DigitalTurbine APPS 91.29 3.3 GeneralMotors GM 57.05 4.5 InsteelInds IIIN 28.75 4.7 MetaFinancial CASH 44.03 4.1 PagerDuty PD 57.32 2.0 SVF Invt Wt SVFAW 6.10 10.9 ThayerVentures TVACU 11.35 2.0 Yelp YELP 37.94 5.9 Aptargroup ATR 142.00 0.9 CambiumNtwks CMBM 43.07 6.1 Disney DIS 190.64 4.9 Genesco GCO 44.88 2.1 Intellicheck IDN 15.45 13.5 MetLife MET 54.26 3.0 PaloAltoNtwks PANW 390.90 1.5 SafeBulkers SB 2.39 -4.2 The9 NCTY 29.24 6.2 YunhongIntlWt ZGYHW 1.41 64.0 ArcBest ARCB 51.64 1.9 CambridgeBncp CATC 80.00 6.2 DixieGroup DXYN 4.40 -1.8 GenesisParkAcqnUn GNPK.U 13.15 2.1 IntelligentSys INS 52.94 8.0 MicroStrategy MSTR 1050.00 29.2 ParatekPharma PRTK 8.33 5.7 SafeBulkersPfdC SBpC 22.49 2.3 ThimblePoint THMAU 10.62 1.6 ZimIntShipping ZIM 15.40 2.8 ArcusBiosci RCUS 42.07 2.2 Camtek CAMT 28.52 5.1 Domo DOMO 79.00 -1.0 GenesisParkA GNPK 11.75 1.7 Interpublic IPG 26.65 2.4 MicroVision MVIS 15.53 27.6 ParkNational PRK 116.85 2.9 SafeBulkersPfdD SBpD 23.00 2.4 3D Systems DDD 52.88 9.2 Ziopharm ZIOP 5.78 6.7 AristaNetworks ANET 324.67 -0.6 CapitalOne COF 116.91 1.3 Donaldson DCI 62.23 1.2 GenesisParkWt GNPK.WS 3.40 3.5 Intra-Cellular ITCI 38.09 6.5 MiMedx MDXG 10.66 5.0 PartyCity PRTY 9.21 -2.3 Safehold SAFE 80.17 0.9 360DigiTech QFIN 20.98 2.8 ZaniteAcqn ZNTEU 16.97 4.0 Asana ASAN 40.20 2.4 CapitolInvtV CAP.U 10.90 -0.5 DonnelleyFin DFIN 20.89 3.9 Genetron GTH 29.50 2.6 Intricon IIN 21.28 1.8 Misonix MSON 20.71 4.2 PatriaInvts PAX 23.27 2.7 SalariusPharm SLRX 2.35 33.5 ThunderBridgeIII TBCPU 10.80 -0.4 ZaniteAcqnA ZNTE 14.95 1.8 AscendantDigital ACND.U 12.24 2.2 CapitolInvV A CAP 10.47 -0.2 DormanProducts DORM 102.59 2.8 Genprex GNPX 7.72 22.7 IridiumComm IRDM 54.65 0.8 MissionProduce AVO 21.28 2.0 PatrickIndustries PATK 78.02 3.2 SandersonFarms SAFM 149.63 5.8 Tilly's TLYS 11.20 2.2 ZebraTech ZBRA 420.31 3.2 AscendantDigA ACND 11.32 3.6 Capri CPRI 47.09 1.0 DraftKings DKNG 64.78 -3.0 GeoVaxLabsWt GOVXW 2.95 38.2 iTeosTherap ITOS 42.28 7.3 Moderna MRNA 189.26 5.5 PayPal PYPL 282.70 4.7 SandRidgeEnergy SD 5.40 12.7 Tilray TLRY 30.60 17.0 Zedge ZDGE 11.70 29.8 AspenAerogels ASPN 25.92 8.8 Cardlytics CDLX 152.84 4.1 Dropbox DBX 25.70 -0.1 GIIIApparel GIII 29.94 1.0 ItiquiraAcqn ITQRU 10.50 0.8 ModineMfg MOD 14.80 6.9 Pegasystems PEGA 147.91 2.0 ScholarRock SRRK 66.72 -5.9 TitanMachinery TITN 24.79 2.0 Zillow A ZG 169.27 3.2 AspenTech AZPN 157.12 3.7 CarGurus CARG 35.18 1.8 DuckCreekTech DCT 56.36 ... GilatSatellite GILT 19.09 21.7 JMPGroup6.875%SrNt JMPNZ 24.56 ... ModivCare MODV 180.86 4.9 PenskeAuto PAG 67.46 2.3 Schrodinger SDGR 104.75 4.9 TivityHealth TVTY 24.46 4.0 Zillow C Z 164.85 4.1 AtkoreIntl ATKR 62.82 7.0 CarneyTechII Wt CTAQW 2.48 4.0 DuddellStreetA DSAC 11.20 5.9 GladstonePfdD LANDM 26.14 -0.8 JoffFintech JOFFU 10.75 2.3 Mogo MOGO 7.54 28.3 Perficient PRFT 62.82 2.0 ScientificGames SGMS 48.62 -2.1 Toll Bros TOL 55.63 2.6 ZionsBancorpPfdH ZIONN 26.46 0.5 Atlas ATCO 12.81 3.7 CarneyTechII CTAQU 10.98 0.4 DuddellStreetWt DSACW 2.75 26.8 GladstoneLand LAND 17.51 3.1 Joyy YY 132.25 3.9 MohawkGroup MWK 42.00 20.5 PeridotAcqnA PDAC 13.75 2.2 Sea SE 269.14 2.6 TopBuild BLD 223.83 3.1 Zix ZIXI 10.15 1.9 AtlasCrestInvt ACIC.U 12.49 0.2 CarParts.com PRTS 21.94 7.9 DycomInds DY 93.49 1.7 Glaukos GKOS 97.19 0.9 JawsMustang JWSM.U 10.96 -0.3 MohawkInds MHK 154.36 0.4 PerionNetwork PERI 23.82 4.5 SeelosTherap SEEL 3.58 5.1 Tortoise II A SNPR 18.33 33.6 Zomedica ZOM 2.91 41.4 AtlasCrestInvtWt ACIC.WS 2.55 ... CascadeAcqnA CAS 10.44 0.3 DynagasLNG PfdB DLNGpB 22.45 1.8 GlobalWaterRscs GWRS 17.81 5.7 JohnsonOutdoors JOUT 127.79 2.4 Morphic MORF 40.25 5.1 PershingSquare PSTH 33.55 6.6 SelectInterior SIC 9.01 2.9 Tortoise II Wt SNPR.WS 6.16 62.9 Zumiez ZUMZ 47.96 3.6 Atlassian TEAM 251.28 0.2 CastleBiosci CSTL 99.85 0.1 Dynatrace DT 56.62 1.2 GlobisAcqnWt GLAQW 1.70 -0.9 Joint JYNT 38.19 6.8 MotiveCapA MOTV 10.87 1.8 PetraAcqn PAICU 12.74 2.4 SeniorConnectI SNRHU 11.01 0.2 TortoiseAcqnII SNPR.U 19.70 37.4 Zynga ZNGA 11.19 3.2 Atomera ATOM 47.13 12.6 CathayGenBncp CATY 37.19 2.8 EDAP TMS EDAP 9.15 5.6 GoldenFalconAcqnUn GFX.U 11.35 2.4 JounceTherap JNCE 14.08 -2.2 MotorcarParts MPAA 26.42 4.6 Phreesia PHR 77.52 3.7 SequansComms SQNS 9.57 -7.0 TowerSemi TSEM 32.24 2.7 AtriCure ATRC 61.581.3 cbdMD YCBD 5.46 11.9 EPAM Systems EPAM 391.23 3.4 GoodTimesRest GTIM 3.99 6.2 JuniperIndustrial JIH.U 15.11 2.4 MountainCrest MCACU 16.10 25.8 PinnacleFinPtrs PNFP 74.70 2.0 ServiceNow NOW 598.37 -0.3 Transalta TAC 9.14 1.4 Lows aTyrPharma LIFE 8.33 45.5 CedarRealtyPfB CDRpB 25.75 0.4 EVI Industries EVI 41.50 1.5 GooseheadIns GSHD 153.33 0.7 JuniperIndlA JIH 13.62 2.0 MountainCrestRt MCACR 1.42 8.8 PorchGroupWt PRCHW 10.43 23.8 SesenBio SESN 2.72 17.2 Transcat TRNS 44.46 1.0 AudioEye AEYE 44.15 34.0 Celestica CLS 9.38 2.7 EagleMaterials EXP 119.39 1.3 GoresVI A GHVI 13.50 10.0 JuniperIndlWt JIH.WS 3.50 7.1 MountainCrest MCAC 14.15 10.0 PorchGroup PRCH 22.00 10.8 SharpsCompliance SMED 14.50 2.1 TransGlobeEner TGA 1.32 3.9 AckrellSpacI Wt ACKIW 1.20 -3.2 AutoNation AN 79.40 2.8 CelldexTherap CLDX 25.73 1.7 Eargo EAR 71.32 9.2 GoresVI Wt GHVIW 4.54 13.6 KB Home KBH 45.21 5.9 Movado MOV 24.41 2.4 PowerbridgeTech PBTS 4.20 4.8 Shift4Paymts FOUR 81.12 3.1 TranslateBio TBIO 34.64 11.0 AngionBiomed ANGN 16.00 7.2 Avaya AVYA 25.83 4.2 CentennialRsc CDEV 3.51 1.8 EastWestBncp EWBC 65.94 2.5 GoresVI GHVIU 14.25 10.7 KinsTechWt KINZW 1.87 13.8 MudrickCapII MUDSU 10.90 1.8 PPlus GSC-2 PYT 24.46 0.9 Shopify SHOP 1348.26 4.5 TransMedics TMDX 27.78 14.6 CarLotz LOTZ 8.89 -5.3 AveryDennison AVY 175.58 1.0 CentrusEnergy LEU 30.97 6.0 EksoBionics EKSO 14.98 25.3 GoresHoldingsV GRSVU 12.44 0.9 KinsTech KINZU 11.20 1.2 MusicAcqn TMAC.U 10.88 0.9 PremierFinl PFC 29.66 2.6 Shyft SHYF 34.73 3.0 TrecoraResources TREC 7.43 1.6 E2open ETWO 9.58 -4.6 AviatNetworks AVNW 60.60 -0.2 CenturyComm CCS 63.07 3.9 ElevateCredit ELVT 4.90 8.2 GrahamHoldings GHC 598.71 1.3 KKR KKR 45.43 1.4 NV5Global NVEE 101.60 1.4 Primerica PRI 149.96 1.9 Sibanye-Stillwater SBSW 17.46 2.5 Trex TREX 104.46 3.5 GlobisAcqn GLAQ 10.12 -0.5 AvidBioservices CDMO 19.11 1.5 Cerence CRNC 131.80 -3.9 EmersonElec EMR 87.07 0.5 GreatLakesDredge GLDD 15.12 4.7 KKR Pfd C KKRpC 64.73 1.5 NVR NVR 4806.54 1.6 PrimoWater PRMW 17.85 0.5 Sientra SIEN 8.93 36.6 TriPointe TPH 22.09 3.3 HH&L Acqn HHLA.U 10.36 -0.5 AvidTechnology AVID 23.40 10.6 ChannelAdvisor ECOM 24.55 5.9 EmpowerWt EMPW.WS 1.68 -6.9 Greenbrier GBX 43.88 4.8 KarunaTherap KRTX 126.06 5.2 NXP Semi NXPI 188.15 3.4 PrimorisSvcs PRIM 32.81 1.7 Sigmatron SGMA 5.70 3.1 TridentAcqnsWt TDACW 3.25 1.0 MarqueeRaineA MRAC 10.51 -2.8 Aware AWRE 5.44 14.2 ChartIndustries GTLS 147.55 3.9 EncoreWire WIRE 64.65 3.7 GreencityAcqnWt GRCYW 1.10 -0.6 KelsoTechs KIQ 1.21 42.4 NantKwest NK 27.00 13.0 ProfoundMed PROF 28.97 -0.7 SignatureBank SBNY 196.18 6.9 TrinityBiotech TRIB 6.82 11.6 ViveonHealth VHAQ 10.09 -0.5 P2JW040000-1-B01000-1------XA

B10 | Tuesday, February 9, 2021 * THE WALL STREET JOURNAL. BANKING & FINANCE Robinhood Sued Over Trader’s Suicide

User panicked over AlexKearns’ death,” aRobin- waslimited to lessthan didn’t have the option of hood spokesman said in an $10,000,the complaint said. reaching aliveagent by negative $730,000 email. “Weremain committed Oneweekend in June,Robin- phone. balance, got no reply to making Robinhood aplace hood emailedMr. Kearns to “ThoughAlex’spanic and to learn and invest responsi- alert him that he needed to confusion were clearly caused to queries, family says bly.” deposit about $178,000 in a by Robinhood’smisleading Robinhood wasone of the few days’time to help rectify communications,Robinhood BY PETER RUDEGEAIR biggest beneficiaries of the anegativebalance, which the wasimpossible to reach at boom in retail trading during app showedwas roughly themost critical moment to Thefamily of a20-year-old pandemic lockdowns, which $730,000,according to the repair the damageithad cre- student who took his ownlife reached newheights last complaint. ated,” thecomplaint said. afterbelieving he racked up month with the mania around Mr.Kearns emailed Robin- SinceJune,Robinhood has bigtrading losses on Robin- GameStop Corp.and other hood’scustomer-support added moretools and educa- hood Markets Inc.filed a stocks favoredbyReddit’s team three times overnight tional materials around op- lawsuit against the company, WallStreetBetsforum. asking formoreinformation tions and revised itseligibil- saying its“recklessconduct Thecompanyamassed but received only auto-gener- ity requirementsfor options directly and proximately about 20 million usersbythe ated replies,the complaint trading,aspokesman said in caused the death of one of its end of last year,and execu- said.Hewrote anotetohis an email. Thecompanyalso victims.” tives have told investorsthat family asking howsomeone of changed itscustomer-service Thefather,mother and sis- Robinhood is planning an ini- his inexperiencewas allowed protocols to escalaterequests terofAlexKearns, aRobin- tial public offering in the to trade so easily,then killed forassistancewith the exer- hood user and an undergradu- firsthalf of 2021, TheWall himself,the complaint said. cise and early assignment of ateatthe University of Street Journal previouslyre- Robinhood’s emails failed options and added a“live Nebraska-Lincoln, said in a ported. to inform Mr. Kearns that the voicesupport” forcustomers Y complaint filed in California But amid Robinhood’s negative$730,000 balance with open or recently expired MIL

FA statecourt on Mondaythat growth, the companyattimes mayhavereferred to only one options positions,hesaid. Robinhood contributed to his failed to givepriority to leg of his trade and that he Robinhood is also facing death through “misleading thingslikecustomer service, had offsetting options that he class-action lawsuits from KEARNS communications” about his communications and risk could exercise that would dozens of customersoverits THE investmentsand “virtually management. have “morethan coveredhis decision last month to re- OF

Y non-existent” customer ser- Mr.Kearns initiated aso- obligation,” the complaint strict trading in GameStop

TES vice. They areseeking un- phisticated options trade said. Robinhood doesn’t and other highflying stocks. UR

CO specified damages. through Robinhood in which maintain hotlines forcustom- —Kirsten Grind Alex Kearns thoughthis maximum loss wascapped, the suit says. “Weweredevastatedby he believed his maximum loss erstocall, so Mr.Kearns contributed to this article.

ing of trades.The current sys- Robinhood wasn’t alone in ally in imposing trading curbs which might need to sell assets Clearance temforcescash to be tied up receiving steep margin calls on GameStop, they said. quickly to raise cash—poten- WordPress at theclearinghouse while in- from the DTCC. Other firms, “They should have been bet- tially exacerbating selloffs. vestorsare leftwaiting for such as Apex Clearing,faced terprepared forthis eventual- Last Februaryand March, Buys Content Challenged trades to clear,Mr. Tenev similarproblems.Apexpro- ity,” said Thomas Peterffy, forinstance, acoronavirus- wroteinablog post. vides clearing services to such chairman of InteractiveBro- fueled nosediveinmanymar- Such astancecould help brokersasWebull Financial kers Group Inc., which re- kets led clearinghouses world- Analytics On Speed Robinhood deflect blame as its LLC,which also curbed trading stricted trading in some popu- wide to demand hundreds of actions areprobed by regula- in GameStop. lar stocks.“Marketsdoget billions of dollarsinadditional Firm Parse.ly tors and politicians.Still, many Mr.Tenev has said Robin- volatile,and when they have collateral, according to FIA,a ContinuedfrompageB1 on Wall Street sayMr. Tenev is hood’soperations team learned large positions they must be futures-industrygroup.That BY ALLISON PRANG call from the DepositoryTrust right about T+2 settlement. of the DTCC’s $3 billion de- able to meet such calls by the “contributed to an abrupt and &Clearing Corp. “In this dayand age, there’s mand at 6:30 a.m. ET Jan. 28, clearinghouse.” disorderly ‘dash forcash’ WordPressVIP is buying Robinhood andothersare no reason it should take that an unusuallylarge margin call Theepisode has fueled an acrossthe financial markets content analytics company nowcalling foramoderniza- long,” said CharlesCascarilla, prompted by customerspour- arcane debateoverwhether that caused extreme disloca- Parse.ly in amoveaimed at tion of the way DTCC pro- chief executiveofPaxos,a ing intoafew volatile stocks. clearinghouses,rather than be- tions in the U.S. Treasurymar- boosting itscustomers’ access cesses nearly $1.7trillion of se- cryptocurrencystartup that is AfterRobinhood agreed to im- ingastabilizing force, cancon- kets,” FIA said in an October to information on howtheir curities trades each daytohelp leading apilot project to settle plement the trading restric- tributetorisk in the financial report. content performs on social prevent such an occurrence U.S. stock trades on block- tions,lowering itsriskinessac- system. Something similar happened media. from repeating. chain, the technologybehind cording to the DTCC’s Proponentsofcentral clear- in miniaturewith DTCC margin WordPressVIP,which is TheDTCCisresponsible for bitcoin. “You canorder any- formulas,the clearinghouse ing saythat requiring firms to calls at the peak of GameStop’s owned by Automattic Inc., clearing and settling U.S. stock thing from Amazon, from toilet cut itsdemand to $700 million. funnel trades through clearing- rally,said Craig Pirrong,apro- didn’t disclose theterms of trades.Inother words, after paper to toothbrushes,and get Robinhood hassincethen houses bolstersmarket cer- fessor of financeatthe Univer- the deal, but Automattic Chief everytrade,itensures that the it in one day. But youcan’t set- raised $3.4 billion in ahasty tainty and ensures aswift, sity of Houston. He pointed to ExecutiveMattMullenweg shares aredelivered to the tle stock trades.” fundraising spree,helping to clean resolution if afinancial sharp swingsinthe S&P 500 said in an interviewthat the buyer and cash is delivered to TheDTCC, which is owned ensureitcan meet futurecol- institutiondefaults. But some andthe Cboe Volatility Index, deal is Automattic’slargest by the seller,aprocess that takes by afinancial-industryconsor- lateral requirements. economistsand financial-lob- or VIX,around the time Robin- cost and revenue. Automattic twobusinessdays. tium, says it is in favorof Robinhood could have han- bying groups saycentral clear- hood and other brokerswere is also the parent of media To protect against the risk speeding up the settlement cy- dled thesituation better, ac- ing canfuel volatility during wrestling with the collateral platforms Tumblr and Long- that abuyer or seller will de- cle forstock trades,though it cording to current and former timesofmarket stress. demands. reads. fault during those two days,a has argued fornext-dayor brokerageexecutives.For in- That is because clearing- “It shows that some oddball Companies use platforms DTCC subsidiaryknown as the same-daysettlement, rather stance,Robinhood could have houses seek to amassthicker stocks canhaveconsequences likeWordPress VIP to publish National Securities Clearing than real-time settlement. had largercredit lines in place buffersagainst losses when throughout the financial sys- and managearticles and other Corp.maintains amultibillion- Even amodest acceleration with itsbanks to handle mar- marketsare volatile.That tem,” Mr.Pirrong said. “In content online.The platform dollar fund to be tapped in of the settlement process gin calls,oritcould have leadsthem to issue margin some respects, that is even cancost companies anywhere case of such afailure. Thefund would be aheavy liftinvolving moved earlier and moregradu- calls to banks and brokerages, moresobering.” from $25,000 ayear into is maintained by depositsfrom regulatorsand numerous seven figures. Automattic also brokerages including unitsof banks,brokeragesand finan- owns blogging siteWord- manyWall Street banks as well cial-software providers, which Press.com. as Charles SchwabCorp.and would all need to updatetheir Thedeal will allowcustom- Robinhood. systems to preparefor the ersofWordPress VIP to access Each day, the NSCC adjusts change. It took yearstopush dataanalytics from Parse.ly, thefund’ssizebased on such through the last big adjust- whosecustomersinclude or- factorsasmarket volatility and ment to the process, when ganizations likethe National trading volume,and it cande- Wall Street moved to two-day Basketball Association and mand additional funds from from three-daysettlement in Bloomberg. Parse.ly’s custom- anyofits member brokerages. 2017. ers can see how many people Typically such margin calls are “Weare very supportiveof are viewing their content. relatively small, but in extreme shortening the settlement cy- Parse.ly customerswill gain cases brokershaveamatterof cle,and to the extent that it’s access to WordPressVIP’s hourstoput up large amounts become alargertopic of con- platform.

of cash. versation in andaround the in- /REUTERS In adding Parse.ly,Word- Last week,Robinhood Chief dustry, we see that as anet PressVIP’scustomerscom- ExecutiveVlad Tenev called for positive,” Murray Pozmanter, bined will totalaround 800, that two-daytime frame, the DTCC’s head of clearing MCDERMID more than half of which will known as T+2 settlement, to be agency services and global AN be from Parse.ly,WordPress

replaced with real-time settle- businessoperations,said in an BREND VIP CEO Nick Gernert said in ment—or immediateprocess- interview. Robinhood CEOVlad Tenevseeksreal-time settlementoftrades instead of the currenttwo-dayperiod. an interview.

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShMSCI EAFE EFA 75.23 0.70 3.1 iShTIPSBondETF TIP 127.83 0.09 0.1 SPDR DJIA Tr DIA VangdHlthCr VHT 234.42 0.60 4.8 Monday, February 8, 2021 Closing Chg YTD 313.89 0.75 2.6 ETF Symbol Price (%) (%) iShMSCI EAFE SC SCZ 71.56 0.77 4.7 iSh1-3YTreasuryBd SHY 86.37 –0.01 –0.0 SPDR S&PMdCpTr MDY 458.38 1.56 9.2 VangdHiDiv VYM 95.41 0.93 4.3 Closing Chg YTD iShMSCIEmgMarkets EEM 56.34 0.18 9.0 iSh7-10YTreasuryBd IEF 117.88 0.04 –1.7 SPDR S&P 500 SPY 390.51 0.72 4.4 VangdIntermBd BIV 91.83 –0.01 –1.1 ETF Symbol Price (%) (%) iShCoreS&P MC IJH 251.10 1.61 9.3 iShMSCIJapan EWJ 70.49 1.79 4.3 iSh20+YTreasuryBd TLT 148.68 0.44 –5.7 SPDR S&P Div SDY 110.37 0.90 4.2 VangdIntrCorpBd VCIT 96.27 0.09 –0.9 ARKInnovationETF ARKK 153.31 2.58 23.2 iShCoreS&P SC IJR 105.78 2.77 15.1 iShNatlMuniBd MUB 117.63 0.07 0.4 iShRussellMCGrowth IWP 109.55 0.81 6.7 TechSelectSector XLK 136.74 1.05 5.2 VangdLC VV 184.14 0.73 4.8 iShS&PTotlUSStkMkt ITOT 91.23 0.88 5.8 CnsmrDiscSelSector XLY 173.21 0.57 7.7 iSh1-5YIGCorpBd IGSB 55.08 –0.02 –0.2 iShUSTreasuryBdETF GOVT 26.94 0.04 –1.1 UtilitiesSelSector XLU 63.10 –0.77 0.6 VangdMC VO 219.65 0.84 6.2 iShCoreUSAggBd AGG 116.83 0.10 –1.2 CnsStapleSelSector XLP 66.01 0.38 –2.1 iShPfd&Incm PFF 38.14 0.10 –1.0 JPM UltShtIncm JPST 50.79 ...... VanEckGoldMiner GDX 35.22 1.76 –2.2 VangdMBS VMBS 54.08 –0.02 0.0 iShSelectDividend DVY 102.62 1.11 6.7 iShRussell1000Gwth IWF 252.94 0.59 4.9 PIMCOEnhShMaturity MINT 102.10 –0.01 0.1 VangdRealEst VNQ 88.59 0.54 4.3 EnSelectSectorSPDR XLE 44.34 4.18 17.0 VangdInfoTech VGT 374.95 1.15 6.0 FinSelSectorSPDR XLF 31.29 1.29 6.1 iShESGAwareUSA ESGU 90.38 0.74 5.1 iShRussell1000 IWB 222.28 0.75 4.9 SPDR BlmBarcHYBd JNK 109.56 0.27 0.6 VangdS&P500ETF VOO 359.07 0.74 4.5 VangdSC Val VBR 156.84 1.98 10.3 HealthCareSelSect XLV 115.81 0.12 2.1 iShEdgeMSCIMinUSA USMV 68.03 0.46 0.2 iShRussell1000Val IWD 143.49 1.10 4.9 SPDRBloomBar1-3MTB BIL 91.52 ...... VangdST Bond BSV 82.74 ... –0.2 VangdSC Grwth VBK 297.82 1.64 11.3 IndSelSectorSPDR XLI 89.75 0.85 1.4 iShEdgeMSCIUSAMom MTUM 175.80 0.97 9.0 iShRussell2000Gwth IWO 334.41 2.37 16.6 SPDR Gold GLD 171.52 1.01 –3.8 VangdSTCpBd VCSH 83.13 0.04 –0.1 VangdExtMkt VXF 185.21 1.82 12.5 InvscQQQI QQQ 333.58 0.67 6.3 iShEdgeMSCIUSAQual QUAL 118.84 0.70 2.3 iShRussell2000 IWM 227.31 2.55 15.9 SchwabIntEquity SCHF 37.28 0.70 3.5 VangdSC VB 215.74 1.79 10.8 InvscS&P500EW RSP 134.10 1.17 5.1 iShGoldTr IAU 17.45 1.04 –3.8 iShRussell2000Val IWN 151.74 2.66 15.2 SchwabUS BrdMkt SCHB 96.22 0.91 5.7 VangdDivApp VIG 142.83 0.72 1.2 VangdTotalBd BND 87.06 0.11 –1.3 iShCoreDivGrowth DGRO 46.02 0.66 2.7 iShiBoxx$InvGrCpBd LQD 135.37 0.43 –2.0 iShRussellMid-Cap IWR 72.99 1.02 6.5 SchwabUS Div SCHD 66.82 1.20 4.2 VangdFTSEDevMk VEA 48.88 0.64 3.5 VangdTotIntlBd BNDX 57.99 –0.04 –1.0 iShCoreMSCIEAFE IEFA 71.43 0.63 3.4 iShiBoxx$HYCpBd HYG 87.78 0.30 0.5 iShS&P500Growth IVW 66.87 0.48 4.8 SchwabUS LC SCHX 95.52 0.78 5.0 VangdFTSE EM VWO 54.78 0.51 9.3 VangdTotIntlStk VXUS 63.25 0.62 5.1 iShCoreMSCIEM IEMG 67.58 0.28 8.9 iShJPMUSDEmgBd EMB 114.22 ... –1.5 iShS&P500Value IVE 133.15 1.05 4.0 SchwabUS LC Grw SCHG 135.60 0.45 5.6 VangdFTSE Europe VGK 61.80 0.28 2.6 VangdTotalStk VTI 205.94 0.90 5.8 iShCoreMSCITotInt IXUS 70.67 0.71 5.2 iShMBSETF MBB 110.16 –0.02 0.0 iShShortTreaBd SHV 110.52 –0.01 –0.0 SchwabUS SC SCHA 101.51 2.25 14.1 VangdFTSEAWxUS VEU 61.30 0.54 5.0 VangdTotlWrld VT 97.32 0.69 5.1 iShCoreS&P500 IVV 392.05 0.75 4.4 iShMSCI ACWI ACWI 95.20 0.75 4.9 iShSilver SLV 25.39 1.76 3.3 Schwab US TIPs SCHP 62.21 0.11 0.2 VangdGrowth VUG 266.50 0.57 5.2 VangdValue VTV 123.92 0.93 4.2

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 54.94 +0.39 6.1 GroCo 36.16 +0.48 10.0 IntlEq 29.31 +0.32 3.1 PIMCO Funds I2 ExplrAdml 131.55 +1.96 9.9 WndsrAdml 75.56 +0.88 5.8 IdxIntl 20.31 +0.16 4.7 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity GrowCoK 36.25 +0.48 10.0 Invesco Funds Y Income NA ... NA ExtndAdml 140.45 +2.49 12.6 VANGUARD FDS MdCpGrAdml 96.84 +0.70 6.1 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem135.88 +1.00 4.4 InvGrBd 11.82 +0.01 -0.6 DevMktY 57.53 +0.44 7.6 PIMCO Funds Instl GNMAAdml 10.72 -0.02 -0.1 DivdGro 33.11 +0.13 -0.4 SmValAdml 67.41 +1.30 10.4 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 19.64 +0.12 4.0 LowP r 51.87 +0.56 6.7 JPMorgan I Class IncomeFd NA ... NA GrwthAdml 137.21 +0.77 5.2 INSTTRF2020 26.82 +0.11 2.2 TotBd2 11.30 ... -1.2 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 93.94 +1.66 12.5 Magin 13.33 +0.07 2.1 CoreBond 12.16 +0.01 NA Price Funds HlthCareAdml r 93.61 +0.42 2.9 INSTTRF2025 28.20 +0.15 2.7 TotIntlInstIdx r135.86 +1.10 4.7 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 13.66 +0.13 5.8 NASDAQ r 175.61 +1.65 8.5 EqInc 20.22 +0.14 NA BlChip 173.71 +0.58 4.9 HYCorAdml r 5.99 ... 0.6 INSTTRF2030 29.03 +0.17 3.2 TotItlInstPlId r135.89 +1.10 4.7 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 46.86 +0.41 2.7 OTC 18.90 +0.15 7.9 JPMorgan R Class DivGro 60.99 +0.40 1.6 InfProAd 28.41 +0.03 0.3 INSTTRF2035 29.79 +0.19 3.7 TotSt 100.20 +0.92 5.8 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. 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THE WALL STREET JOURNAL. **** Tuesday, February 9, 2021 | B11 MARKETS Yield on All Major IndexesRise to Records Long Bond BY JOE WALLACE month. Indexperformance, Monday rose $11.19,or1.3%, to $863.42. AND ALEXANDER OSIPOVICH Thecombination of strong In other corporatenews, 2.5% Trades at quarterly earningsreports Russell 2000 Palantir Technologies surged Stocks rose to recordsasin- from some of the biggest U.S. $2, or 5.9%, to $36.05after the vestorswagered that anew companies and the possibility data-analytics companysaid it 2% Before round of stimulus spending of morerelief forthe economy 2.0 waspartnering with Interna- would bolster the economy. has given marketsashot in the tional BusinessMachines on TheDow Jones Industrial arm, according to Daniel Mor- cloud applications forbusi- Retreating Averageadded 237.52points, ris,chief market strategist at nesses. or 0.8%, to close at 31385.76, BNP Paribas Asset Manage- 1.5 Some stocks heavily favored BY MATT WIRZ continuing itsclimb afterthe ment. by online tradersonReddit fo- blue-chip indexposted its big- “It’slikeyour birthdayand rums continued to shed value, Theyield of the 30-year U.S. gest one-week advancesince Christmas on the same day, 1.0 Nasdaq Composite aftersteep losses last week. Treasurybond pushed past 2% November. and the marketsare all happy,” DowJones GameStopshares fell $3.77, or Mondayfor the firsttime since TheS&P 500 rose 28.76 said Mr.Morris. Industrial Average 5.9%, to $60. AMC Entertain- February2020,before the coro- points, or 0.7%, to 3915.59, Another round of stimulus ment dropped 65 cents, or S&P500 navirus pandemic roiled gov- while the technology-heavy spending in theU.S., anet im- 0.5 9.5%, to $6.18. ernment-debt markets. Nasdaq Compositegained porter,also would be aboon Overseas,the StoxxEurope Themovecomes amid are- 131.35 points, or 0.9%, to foroverseas stock markets, ac- 600 rose 0.3%. Early Tuesday cent surge in yields of longer- 13987.64. All cording to Mr.Morris.“If 0 in Asia, Japan’sNikkei wasup term Treasurybonds compared MONDAY’S three indexes you’vegot your…motorsof 9:30 a.m. noon 4p.m. 0.4%after rising 2.1% on Mon- with short-term debt, as trad- MARKETS ended the dayat growth in the U.S. and China day. Nikkei Asia reported that ersbet that government stimu- records. doingverywell this year,that Source:FactSet Japan will consider lifting a lus will acceleratearebound in Stocks have poweredhigher helps everyone,” he said. coronavirus stateofemergency economic growth. in recent sessions,putting the TreasurySecretaryJanet rally,pushing Brent crude fu- market strategy at theWells in some prefectures ahead of a Bond investorsclosely volatility sparked by swingsin Yellen told CNN on Sunday tures above$60 abarrel for FargoInvestment Institute. newdeadline.Also early Tues- watchthe differential between GameStop and other individ- that theU.S.could return to the firsttime sinceJanuary He chalked up investors’ day, the Shanghai Composite interest ratesonshort and lon- ual stocks in the rearviewmir- full employment next year if 2020,beforethe pandemic. bullish mood to stimulus wasup0.8%and South Korea’s ger-dated Treasurys as abell- ror. Investorsare focusing on lawmakerspassMr. Biden’s Theglobal energy benchmark hopes,substantial savingsthat Kospi wasup0.7%. U.S. stock wether forgrowthand infla- the prospect foranew batch of stimulus package. rose 2.1% to settle at $60.56a have piled up among U.S. con- futures were up lessthan 0.1%. tion, both of government spending.They Marketsalso have been barrel. Theoil rally helped sumersduring the pandemic CREDIT which canpush saythat could boost growth buoyedbyanupbeat set of makeenergy stocks the best- and hopes that Covid-19 vacci- MARKETS bond yields up as when large companies arere- earningsfor the holidayquar- performing sector of the S&P nations will let that money AUCTION RESULTS the Federal Re- porting robust profitsbut the terfromlarge U.S. companies. 500.Ten of the index’s11sec- come pouring back intothe Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- serveraises short-term rates broadereconomic outlook is Of the 295 companies on the tors ended Mondayinpositive economylater this year. clearing yield. Rates are determined by the difference and investorsdemand higher patchy. S&P500 that had reported by territory, with only utilities,a “There’salot of drypowder on between that price and the face value. returns to lend out capital. Democratstook aseries of earlyMonday, 81% had beaten traditionally defensiveplay, the sidelines waiting to be That bodeswell forcorpora- voteslast week unlocking a analysts’ expectations for declining. spent,” Mr.Christopher said. 13-Week 26-Week Applications $169,204,508,400 $158,506,244,200 tions,consumersand the banks processcalled reconciliation, earningsgrowth, according to Themarket is in the midst Bitcoin jumped 15% to Accepted bids $60,098,038,400 $56,760,040,200 that lend to them but poorly which will allowthe party to FactSet. of abroad “reflation trade” $44,597,according to Coin- " noncomp $648,691,200 $665,470,000 " foreign noncomp $476,000,000 $380,000,000 forinvestorswho buy Treasury approvePresident Biden’s$1.9 Shares of Loews gained 62 that is fueling gains in sectors Desk,after Tesla said it had in- Auction price (rate) 99.991153 99.974722 bonds in the near term. trillion relief plan without Re- cents, or 1.3%, to $48.42after that were beaten down by last vested $1.5billion in the digital (0.035%) (0.050%) 0.035% 0.051% “You getthese psychological publican support in the Senate. the insurance, hotel and en- year’s coronavirus slowdownas currency. Theelectric-vehicle Bids at clearing yield accepted 54.71% 29.77% levels and 2% is abig one for House lawmakersare aiming ergy companyreported an in- well as small-cap stocks and maker also said that it expects 912796A25 9127964B2 emerging markets, said Paul Both issues are dated Feb. 11, 2021. The 13-week bills the market,” said Michael Con- to finalizeand vote on arelief crease in profit. to begin accepting bitcoin as a mature on May 13, 2021; the 26-week bills mature on topoulos,director of fixedin- bill beforethe end of this Oil marketscontinued to Christopher, head of global form of payment. Tesla shares Aug. 12, 2021. come at RichardBernstein Ad- visorsLLC. When 30-year yields exceed 2% and inflation startstopick Flood of Cash Cuts Borrowing Costs in EU up at the same time,they serve as clear leading indicatorsof economic growth, he said. BY PAUL J. DAVIES Total assets in euro-area moneymarket funds to offer. A rolling four-week collateral, which Bank of The 30-year yield has averageofweekly commercial- Americaanalystsworrycould breached an important techni- Toomuch money chasing €1.5 trillion paper issuanceisdownalmost worsen as the ECB keeps buy- callevel,“which nowopens the toofew assetsiscreating some 40% sincethe start of 2020, ing moredebt. At the end of way towards[arangeof] strangephenomena at the according to CMDportal, a the year,when European 2.44% to 2.47%,” Citigroup Inc. heart of European markets. bond- and money-market data banks want to shrink their bal- analystswrote in aresearch One stark example: Some 1.0 aggregator. ancesheetstomeet regulatory report. “Weexpect the yield companies and most banks can Averagerates plungedin targets, the ratescan drop movecan extend in the me- now borrow at rates that are response,toabout minus sharply. Theovernight repo dium-term.” lower—and further below 0.55% during January, accord- rate using German bonds While long-term Treasury zero—than the rate set by the ing to David Callahan,money- dropped to minus 2.3% at the bond yields arerising,short- European Central Bank. 0.5 market fund manageratLom- end of 2020. term yields remain near all- Italy’s Enel SpA, one of Eu- bardOdier Investment It is a similar tale in unse- time lows,reflecting concerns rope’s biggest electricity pro- Managers. “Thereisalot of li- cured interbank lending mar- about aresurgenceofCovid-19 ducers,has short-term com- quidity sloshing around and kets, acorepart of financial cases in recent months and an mercial paper that recently 0 ratesare very low,” said Mr. plumbing wherebanks lend to accompanying economic slow- offered an annualized yield of Callahan.For investorswho each other. Rates such as the down. minus 0.61%, according to 2007 '10'15 '20 put their money in commercial overnight euroshort-term rate TheFed is keeping short- FactSet: That is 0.11 percent- Note:€1is$1.22 paper,“it feels abit likedeath and longer-term Euribor are term interest rateslow to agepoint lowerthan the ECB’s Source:European CentralBank by a thousand cuts,” he said. benchmarks forlending across boost activity. deposit rate of minus 0.5%. Enel is one of Europe’s the economy, including busi- Theyield spread between When interest ratesare neg- up to 1%, she added. spentmost of the time since largercommercial-paper issu- nessloans,mortgages and two-year and 10-year U.S. ative,borrowers payback less Borrowing costs below the last Septemberlowerthan the ersand has morethan €2 bil- credit cards. Treasurynotes rose as high as than they were lent when their central bank rate in anyecon- deposit rate although they lion outstanding in different Sincemid-December,bor- 1.074percentagepointsMon- debt comes due.AtEnel’srate, omyare unusual. Thereare moved back aboveitthis month. maturities.Ithas ashort-term rowers have oftenbeen able to day, the widest sincethe if it borrowed$100 forayear,it parallels with other distor- Central-bank support helped credit rating of A2 and anor- get a lower rate for a week— spring of 2017, according to would payback $99.39. Forthe tions in financial marketsthat companies to issue record mal credit rating of BBB-plus, minus 0.566% on average— datafromRyanALM and lender,inthis case the money- emergedsincecentral banks amountsoflonger-term bonds, near thelowerend of invest- than forovernight loans,at TradewebICE. Theyield on the market funds that buy commer- unleashed massivemonetary giving them enough money to ment grade. An Enel spokes- minus 0.562% on average, ac- 10-year noterose as high as cial paper,the oppositeistrue. support to help economies getthrough the lossofnormal person said the companywould cording to FactSet. That is odd 1.2% beforesubsiding to 1.159% They getback lessmoney. through Covid-19 lockdowns. revenue when economies are keep using commercial-paper because it is riskier to lend Monday, compared with aclose “It took acouple of years Distortionsinclude soaring in lockdown.Some aresitting marketswhen it is the most ef- money foralonger period of 1.168% Friday, while the forclientstoget their heads prices forstocks and high-risk on mountains of cash. ficient source of funding. than a short one. yieldofthe 30-year bond around theidea that they’d assets such as bitcoin. Thestop-start style of social Market borrowing costsbe- Bas vanGeffen, quantitative peaked at 2.006% Monday, have to paytoleave money in Negativerates have been a and economic lifehas curtailed lowthe ECB’sinterest rate are analyst at Rabobank,said this then retraced to 1.943%, com- asafespot,” said Kim Hoch- reality in the eurozone since spending by consumersand visible in other areas. In repo is asign that banks in particu- paredwith 1.973% at Friday’s feld,global head of State 2014, but in money markets, businesses,leading to abuildup markets, whereovernight lar just have toomuch cash and close. Street’s cash business. State they were driven even lower of savings. European money- loans aresecured against gov- areshifting it around to wher- Bond yields rise when prices Street’s EUR Liquidity LVNAV during the pandemic by the market funds,often used as an ernment bonds,the rate on ever they canminimizethe fall, and the widening differen- Fund—worth €6.6 billion, ECB’sbond buying and cheap alternativetobank deposits, borrowing against German losses from negativerates.“It’s tial indicates that the investor equivalent to $7.9 billion— lendingprograms.This pushed have hit record levels of €1.4 bonds,for example,isminus abit likepassing on the hot shiftaway from havenassets yields minus 0.68% after fees, some long-term government trillion, according to ECB data. 0.634% annualized. potato,” he said. to riskier securities is picking butthat compares with total bond yields belowthe deposit Companies and banks don’t That is partly down to a —Caitlin Ostroff up pace, analystssaid. costsonlarge bank depositsof rate:German 10-year yields need the cash these funds have shortageofbonds to use as contributed to this article. Wirecard Executive Says Warning Signs Were Clear

BY DYLAN TOKAR been haunted foryearsbyme- former Wirecard executives Wirecard’s business, which direction. It was, ‘Weneed peo- AND PAUL J. DAVIES dia reportsdetailing allega- engaged in wrongdoing rang- focused on extracting fees for ple who canlead us in that di- tions of accounting irregulari- ing from accounting manipula- processing credit-cardand on- rection.’ ” When James Freis agreed ties.Going intothe job,Mr. tion to money laundering. line paymentsonbehalf of other Instead, Mr.Freis became to oversee Wirecard AG’s le- Freis had been aware of the re- Prosecutorshavesaid they businesses,was largely unregu- the executive who would lead galand compliancefunctions, portsand of skepticism about suspect that Mr.Braun, former lated when it began. Onceit the unwinding of Wirecard. he sawitasanopportunity to the companybyasmall group Chief Operating Officer Jan reached acertain sizeand pro- The company faced a $1.3 bil- help bring managerial order to of investors. But it wasn’t until Marsalek and others colluded vided financial services in multi- lion revolving line of credit afast-growing fintech startup. his first day, when he was to inflatethe company’sre- ple countries,the company that was coming due soon af- Instead, he found himself given access to internal docu- sults by booking fake income needed adifferent type of man- ter he became CEO. thrust intoamuch different ments, that he realized the for years before the collapse. agement and control structure, Mr.Freis,working with the predicament. problems facing the company Former Wirecard head ac- supervisory board, ultimately Mr.Freis wasdue to join the were largerthan itsbiggest countant Stephan vonErffa decided that Wirecard should German paymentscompany’s skeptics might have imagined. and Oliver Bellenhaus,the for- Mr.Freis wascalled file forinsolvency, which it did management boardonJuly 1, Reviewing Wirecard’s fi- mer head of one of Wirecard’s on June 25,aweek afterhe but he wascalled in early,on nancials from ahotel room Dubai-based businesses,also in when thecompany had begun. June 18,when Wirecard said it outside Munich, Mr.Freis dis- have come under investigation. couldn’tverify AGerman court-appointed couldn’t verify$2billion in as- coveredsomething wasn’t Messrs. Braun, vonErffa and administratorhas sincesold a FREIS

sets. With Wirecard’s auditors right with the company’s ES Bellenhaus were arrested in July $2 billion in assets. string of the group’sbusinesses,

refusing to sign off on the com- claims that morethan $2 bil- JAM and remain in custody.Mr. Mar- including unitsinthe U.S.,U.K. pany’sfinancials,Mr. Freis was lion washeld in trust accounts CEO James Freis salek remains at large and is on and Brazil, as it attemptstore- asked to assessthe situation. in the Philippines.“Irapidly Interpol’smost wanted list. coverfunds forlendersand He reached aconclusion came to the conclusion that It wasthe beginning of a BurkhardLey,aformer Mr.Freis said. Thecompany bondholders, who areowed that he says othersshould therewas fraud here, but that whirlwind sequenceofevents Wirecard financechief,also outlined aseries of changes to about €3 billion, according to have made much earlier: The it involved internal fraud,” he forWirecardand Mr.Freis,an wasarrested in July.Hewas itsmanagement structurein the administrator’s report. highflying fintech company said. It didn’t take special ex- American who previouslyserved released on bail in November May2020 when it announced Membersofthe supervisory wasensnared in amassive pertise to reach that determi- as managing director of Ger- afterprosecutorsconcluded the appointment of Mr.Freis to board, includingMr. Eichel- fraud. “So manypeople could nation, he added. Thenext many’s Deutsche BörseGroup that most of the alleged mis- aseat on itsmanagement board. mann, resigned in August. have and should have stepped day, Mr.Freis placed an early- and as head of the U.S. Treasury conduct happened afterheleft Mr.Freis believed he would Former membersofWire- up and said something,” Mr. morning call to Thomas Department’santi-money-laun- the company’smanagement be given the support to help en- card’s now-disbanded supervi- Freis said in arecent interview Eichelmann,the chairman of dering watchdog.Within days, board in 2017. act real changeatthe company. soryboarddeclined to com- with TheWall Street Journal— Wirecard’s supervisoryboard, the company—oncevalued at al- Lawyersfor Messrs. Braun, His responsibilities included se- ment,citing confidentiality one of the few he has given to report his findings. most €24billion, equivalent to Marsalek and Ley declined to curing banking licenses forthe obligations or continuing inves- sincerelinquishing his last re- During an emergencymeet- about $29 billion, on Germany’s comment. Lawyersfor Messrs. group in countries such as the tigations.Other topexecutives maining responsibilities with ing later that day, the board leading stock index—wasfiling vonErffa and Bellenhaus U.S. “It wasnot meant to be, who oversawthe company’sfi- the companyinDecember ousted Wirecard’s longtime forinsolvency. didn’t respond to requestsfor ‘Wehavesome problems; bring nancials,internal controls and Wirecard,onceadarling of CEO,Markus Braun,and asked ProsecutorsinMunich are comment. Mr.Braun has previ- in someone to clean up,’ ” he legal affairsdidn’t respond to the German tech sector,had Mr. Freis to take over. investigating whether several ously denied wrongdoing. said. “It wasthe entirestrategic requestsfor comment. P2JW040000-0-B01200-2------XA

B12 | Tuesday, February 9, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Exxon Joins Carbon-Capture Trend

U.S. energy companies are getting into the business in time to help their reputations and their bottom lines

All the cool kids are doing car- sure, but they are timely for other U.S. large-scale carbon capture, That sounds like a lot but, start capturing carbon. bon capture. reasons, too: The stars are aligning utilization and storage facilities based on the conservative end of The stars have aligned in other Exxon Mobil is the latest to em- just so on the policy front. by application Exxon’s spending program, its allo- policy areas, too. A federal tax bracethe trend, announcing on Feb. The oil-and-gas industry has in cation toward low-carbon technol- credit for carbon capture has been 1that it formed anew businessunit fact been using carbon capture 25 million tons ogy would amount to roughly 3% around since 2008 but only be- to commercializeits low-carbon well before global warming be- Hydrogen of its capital expenditures over came a substantial carrot for new Bioethanol technologyportfolio,mostly com- came a concern, mainly to produce 20 that period. Even if the payoff is investment since 2018, when rules Power prising carbon captureand storage. even more hydrocarbons. Since the generation unclear, spending $600 million a were amended to increase the tax- Themovecomes on the heels of re- 1920s, the industry has used it to Synfuel year is a relatively modest price credit value and to remove annual portsthat apair of activist inves- sift out unprofitable carbon diox- 15 for calming investors’ sustainabil- caps on the amount of captured Fertilizer tors are pushing the companyfor ide that naturally occurs in natu- ity concerns and hedging against carbon that could use the subsidy. Natural-gas changes.One of those, Engine No.1 ral-gas reservoirs from valuable 10 processing any future costs that could be A tax-extender bill from last year LLC,reportedly is planning aproxy methane. Starting in the 1970s, placed on carbon emissions. For also pushed out the term of the fight forboardseats. drillers began using it to squeeze context, a sentiment-driven 1% tax credit by two years to Jan. 1, Exxon’s timing fits a pattern. more oil out of reservoirs. 5 price swing for Exxon means a 2026. On a state level, California Occidental Petroleum launched The difference today is that gain or loss in market capitaliza- in 2019 began allowing captured its low-carbon business—dubbed companies are committing sub- 0 tion of more than $2 billion. carbon to qualify for tradable Oxy Low Carbon Ventures—in stantially higher dollar amounts Oil-and-gas companies have credits under its low-carbon fuel 2018, a year after shareholders toward advancing expensive tech- 1980 ’90 2000 ’10 ’20 been laying the policy groundwork standard. pressured it to assess the long- niques for capturing carbon diox- Source:International Energy Agency for some time: Exxon was among Drillers are familiar with expen- term climate impacts of its busi- ide that is more dilute than the the first oil companies to lobby for sive bets with uncertain payoffs. ness. As the industry faces ques- concentrated forms that can be too. The company spent more than a national tax on carbon. Placing a Compared with their normal tions about its role in the energy found in natural-gas processing. $10 billion on lower-emission in- price on it would certainly in- course of business, carbon capture transition, many in the oil-and-gas Exxon said its low-carbon busi- vestments since 2000, so the new crease compliance costs for energy is a modest investment with pre- sector have announced some form ness unit plans to spend $3 billion commitment means the company companies, but it also opens up an dictable returns—if not in dollars, of investment in the technology. through 2025 and it is looking at would be increasing its investment entire market of emitters—includ- then in investors’ peace of mind. Both Exxon’s and Occidental’s projects and partnerships that into the space by roughly 20% on ing cement, steel and chemicals In other words, a no-brainer. moves followed shareholder pres- capture carbon from other sectors, an average annual basis. plants—that also would need to —Jinjoo Lee

Purchaseofequities by U.S. retailinvestors* Percentage of activefunds outperformedbytheir benchmark† SoftBank’s Vision $8 billion 1-year 3-year 5-year Is at Its Clearest 6 U.S.

Canada When Markets Rise 4 Europe Japan’s SoftBank, a big investor 2019, may finally be turning a cor- 2 in technology companies, has cerner. The company is in talks to Japan tainly regained its confidence after come to public markets to combine a humbling 2019. Whether that with a special-purpose acquisition Australia confidence persists through the company, The Wall Street Journal 0 next market downturn is another reported last month. Buoyant 2018 ’19 ’20 ’21 0 25 50 75 100% question. stocks mean SoftBank may keep *10-day rolling data †Data as of June 30,2020 SoftBank’s founder Masayoshi listing some of its investments at Sources: VandaTrack (equities); S&P Global SPIVAindex(activefunds) Son is clearly upbeat. During Mon- high valuations, bringing addi- day’s earnings briefing for the tional windfalls. quarter ended in December, he SoftBank’s net asset value, how- Easy Markets Access Has Risks compared SoftBank to a producer ever, fell by $37 billion last quar- of golden eggs. It is surely produc- ter, mostly because of the troubles ing a few lately. Food-delivery of the company’s biggest invest- company DoorDash netted $8.3 ment, Alibaba. The Chinese e-com- billion for SoftBank’s $100 billion merce giant’s stock fell 21% in the GameStop mania was the wrong way to ‘democratize’ finance Vision Fund after an initial public quarter as the company was em- offering in December was well re- broiled in antitrust investigations. ceived. The 40% rise in Uber’s SoftBank’s share price nonethe- Wasthe Reddit mania awin for whether amateur or professional to asurge in trading volumes by in- share price last quarter also less has continued to go up: It is “democratizing” investment? Or was investors won or lost more in the dividual investors, and pushed them pushed up the fund’s paper profits now just 6% off its record during it ademonstration that toomuch GameStop saga risks missing the to dabble in derivatives likeoptions. in the ride-hailing company to $3.6 the dot-com boom. SoftBank’s aspeople powerinfinancial markets point. Most asset managers make Research overwhelmingly shows billion. And SoftBank is in the pro- set sales and buybacks last year stokes dangerous bubbles? As with their money through fees. that day traders tend to lose rela- cess of selling chip designer Arm helped narrow the discount of its all democracy, it will depend on the The S&P Dow Jones SPIVA in- tive to more patient holders. From to rival Nvidia. The Japanese com- market value to its net asset value. outcome forthose lesspowerful. dex, which tracks active funds, January 2000 to December 2019, pany booked ¥1.77 trillion of in- Everything looks rosy when On Monday, GameStop closed shows 78% of large active funds in investors who missed out on the vestment gains last quarter, equiv- stocks keep going up. With a new at $60, 88% below its peak on Jan. the U.S. underperformed the S&P best 20 days of the S&P 500 made alent to $16.7 billion, mostly from round of stimulus and the Federal 28. Other companies recently tar- 500 over five years. Hedge funds’ zero returns, according to J.P. the Vision Fund and its $10 billion Reserve in the market’s corner geted by individual investors on- access to shorting and other com- Morgan Asset Management. successor. that could continue for a while. line, such as AMC and BlackBerry, plex trades doesn’t appear to give Robinhood andother brokersare Even WeWork, the office-shar- SoftBank probably has more also deflated. The Treasury De- them an edge: The Eurekahedge partially responsible fortripping up ing company that produced spec- golden eggs to serve up in the partment concluded on Thursday Hedge Fund Index returned 65% their clients, by allowing easy ac- tacular losses for SoftBank in meantime. —Jacky Wong that “the core [market] infrastruc- over the past decade, compared cess to leveraged trades only to ture was resilient.” with 250% for the S&P 500. stop the party when their own—in- Thereal fallout maybetocome. Savers arefleeing to cheaper ser- sufficient—resourcesgot stretched. Officials areinvestigating financial vices.Over90% of 2020 net fund Lowfees aregood, but not when misconduct, particularly by broker- flowswent intoindex-tracker funds, accompanied by opaque pricing agefirms that restricted purchases according to dataprovider Morn- practices,overly loose capital re- of some stocks last week.Politicians ingstar.E-traderssuch as TD Amer- quirementsfor brokersorgiving in- GES lamented that professional specula- itrade and E*Trade have been re- dividual investorsaccesstocomplex IMA tors were protected at the expense ducing fees foryears. Fintech productswithout suitability re- GETTY

of small traders. Brokerssaid they players likeRobinhood, launched to quirements. If people lose toomuch SE/ only took action because of risk lim- “democratizefinance,” helped usher money on their “free” trades,a itsimposed by clearing firms. in commission-free trading. backlash could prompt changes that

An explicit goal of Reddit gam- That canbegreat forinvestors, givepowerback to middlemen. ANCE-PRES blers was to torpedo hedge funds’ but it forces companies to find “Democratizing” finance should FR short bets, which they see as other revenue sources, potentially be about allowing small savers to GENCE

fraudulent manipulation by a Wall creating conflictsofinterest. Bro- invest their money without being /A

Street cabal. Yet trades by the keragesearn alot of money by ripped off. Enabling full-on gam- NG Reddit gang ended up benefiting charging wholesalerstodirect or- bling undermines that very goal. FO

many asset managers, including derstheir way—a practice nowun- —Jon Sindreu PHILIP hedge funds. But focusing on der scrutiny.Moreworryingly,itled and Rochelle Toplensky Buoyant stocksmean SoftBank maykeep listing some investments at high values. Tesla Buys $1.5 Billion in Bitcoin—What Could Go Wrong?

GameStop mania was a wake-up investors and businesses is highly tant Chinese market. call, but now the capital markets uncertain. That adds to the specu- While digital assets are rela- have truly reached ludicrous mode. lative fervor already gripping tively new, a tour of financial his- Electric-car maker Tesla said in a Tesla’s stock price in a feedback tory suggests similar speculative securities filing Monday that it has loop. Indeed, the manager of the use of an industrial company’s purchased $1.5billion of bitcoin and most popular active fund recently, funds aren’t—and they have ended that it expectstobegin accepting Cathie Wood of ARK Invest, has badly. About a century ago, Gen- payment in the cryptocurrencyfor made big bets on both Tesla and a eral Motors required a bailout due itsproductsinthe future. Tesla trust that owns bitcoin, fueling a to the stock speculation activities shares and bitcoin both traded record pace of inflows. of founder William Durant. In the higher afterthe announcement. This At amarket value of about 1980s, widespread corporate spec- follows social media postsbythe $800 billion, Tesla trades at about ulation on Japanese land prices automaker’s influential boss,Elon 6.5times the combined value of helped drive a stock bubble that Musk, that already had helped drive Ford and General Motors,despite eventually collapsed. bitcoin’spricetoarecord. Thean- /REUTERS controlling afraction of the global Those cautionarytales aren’t nouncement added roughly $100 bil- automarket. And Tesla lately has likely to concern investorswho are

lion to the combined market value GAILLARD been losing market share in West- enjoying agiant stock-market party.

of bitcoin and Tesla on Monday. ERIC ern Europe to competitorsinclud- But Tesla’smonetaryexperiment, The investment is more than The company said it expects to accept bitcoin for its products in the future. ing Volkswagen,which has begun coupled with the individual-inves- symbolic for the company, being to competeaggressively in the tor-driven stock-market madnessof equivalent to Tesla’s research-and- day, the decision introduces even prices for digital assets such as electric category.The news of recent weeks,should have investors development tab for 2020. And more risk to owning what is al- bitcoin have been volatile in the Tesla’sbitcoin investment concerned that the consequences of while uniting two of the most pop- ready one of the most speculative past. Cryptocurrencies are a fairly eclipsed anegativeheadline for staying at the party toolatewill be ular investment themes under one stocks of the current bull market. recent development and their the companyMondayabout qual- worsethan leaving early. roof is undoubtedly a winner to- As Tesla itself said in the filing, long-term adoption by consumers, ity issues identified in the impor- —Charley Grant