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****** WEDNESDAY, JANUARY 20, 2021 ~ VOL. CCLXXVII NO. 15 WSJ.com HHHH $4.00

DJIA 30930.52 À 116.26 0.4% NASDAQ 13197.18 À 1.5% STOXX 600 407.92 g 0.2% 10-YR. TREAS. À 1/32 , yield 1.092% OIL $52.98 À $0.62 GOLD $1,839.50 À $10.20 EURO $1.2131 YEN 103.90 As Covid Toll Hits 400,000, Biden and Harris Lead Memorial Trump What’s News Pardons Ex-Aide Business&Finance Bannon ellen made the case Yfor another sweeping economic aid package at In Fraud her hearing to be the next Treasury secretary, pushing back against Republican Clemency for 2016 skepticism about the need campaign boss among for more deficit spending to bolster the recovery. A1 dozens expected in Netflix ended 2020 with president’s final hours more than 200 million sub- scribers, a milestone pow- BY REBECCA BALLHAUS ered by homebound con- sumers and rising demand President Trump pardoned in international markets. A1 his former chief strategist, Goldman said fourth- Steve Bannon, who had been quarter profit more than charged in connection with a doubled as it posted reve- scheme to defraud donors to a nue of $11.74 billion, results crowdfunding campaign for a that were much better than border wall, according to a analysts’ expectations. B1 White House official. The pardon was one of sev- BofA’s profit fell 22% in eral dozen expected in the the latest quarter as a drop president’s final hours in of- in interest income helped fice. The president has drag down earnings. B2

EVAN VUCCI/ASSOCIATED PRESS changed his mind several times Embattled billionaire REFLECTIONS: President-elect Joe Biden with his wife, Jill Biden, right, and Vice President-elect Kamala Harris with her in recent days, and on Tuesday Jack Ma made his first husband, Doug Emhoff, attended a memorial for Covid-19 victims Tuesday in Washington. A3 was still calling advisers to ask public appearance in them how he should proceed nearly three months. B1 on a pardon for Mr. Bannon. At various points on Tuesday, ad- Office Depot rebuffed an visers believed Mr. Bannon unsolicited takeover offer wouldn’t get one. from Staples but indicated it is Yellen Calls Virus Aid Crucial Mr. Bannon was charged in open to an alternative deal. B1 August in connection with an MGM Resorts said it is alleged plan to siphon hun- no longer pursuing a deal dreds of thousands of dollars to buy British gambling To U.S. Economic Recovery from a crowdfunding cam- company Entain. B3 paign to build a wall along the southern U.S. border—one of U.S. stocks rose, with the president’s signature cam- the S&P 500, Dow and BY KATE DAVIDSON Reserve chairwoman, said the America, that they can put President-elect Joe Biden’s top paign promises. Mr. Bannon Nasdaq gaining 0.8%, 0.4% incoming Biden administra- food on the table, that they’re personnel choices to face Sen- pleaded not guilty and was re- and 1.5%, respectively. B11 WASHINGTON—Janet Yel- tion’s priority is to relieve suf- not losing their homes and ate hearings Tuesday on the leased after agreeing to a $5 Microsoft is investing len made the case for another fering caused by the coronavi- ending up out on the street eve of the inauguration of the million bond as he awaits trial. in General Motors’ driver- sweeping economic aid pack- rus pandemic, including because of evictions,” Ms. Yel- nation’s 46th president. Ant- The New York Times earlier less-car startup Cruise as age at her hearing to be the providing aid for families, len told lawmakers on the ony Blinken, Mr. Biden’s choice reported that the president part of a strategic tie-up. B1 next Treasury secretary Tues- businesses and communities Senate Finance Committee. PleaseturntopageA6 had signed the pardon. day, pushing back against Re- hardest hit by the downturn “We really need to address A former investment banker Rivian has raised an- publican skepticism of the as well as spending to bring those forms of suffering, and I Biden sets agenda for first PleaseturntopageA7 other $2.65 billion, bol- need for more deficit spending the virus under control. think we shouldn’t compro- 100 days...... A4 stering the electric-vehicle to bolster the recovery. “We need to make sure that mise on it.” Inauguration speech will call McConnell blames Trump for startup’s balance sheet. B4 Ms. Yellen, a former Federal people aren’t going hungry in Ms. Yellen was just one of for unity...... A4 provoking Capitol attack..... A7 World-Wide Netflix Trading Boosts Goldman Profit Trump pardoned Steve Goldman Sachs’s fourth-quarter profit more than doubled from VW Struggles Bannon, his former chief a year earlier to $4.51 billion, beating analysts’ expectations. strategist, who had been Subscriber Trading revenue for 2020 reached a 10-year high. B1 charged in connection with To Catch Tesla an alleged scheme to de- Bank stocks and index fraud donors to a crowd- Count 5% Goldman Sachs funding campaign for a border wall. The pardon KBW bank index German auto maker’s $50 billion bet on was one of several dozen Reaches 4 Bank of America electric vehicles hits software speed bump expected in the president’s final hours in office. A1 Milestone 3 BY WILLIAM BOSTON Thomas Ulbrich, leader of McConnell for the first time publicly cast blame on the ID.3 effort. ZWICKAU, Germany—Five Trump for the attack on the 2 The car, however, didn’t BY JOE FLINT years and nearly $50 billion work as advertised. Capitol earlier this month, AND MICAH MAIDENBERG into the auto industry’s big- It could drive, turn cor- as he moved to preserve 1 gest bet on electric vehicles, ners and stop on a dime. But Republican sway in the Sen- Netflix Inc. ended last year Volkswagen CEO Herbert the fancy technology fea- ate on the final day of the with more than 200 million Diess and his guest, Chancel- tures VW had promised were party’s majority status. A7 0 lor Angela Merkel, stood in Prosecutors filed con- subscribers, a milestone pow- either absent or broken. The anticipation as the first ID.3, spiracy charges related to ered by consumers left home- company’s programmers Germany’s long-awaited an- the mob that stormed the bound by the pandemic eager –1 hadn’t yet figured out how for entertainment and rising de- swer to Tesla, rolled off the Capitol, saying in a new to update the car’s software mand in international markets assembly line. complaint that three rioters remotely. Its futuristic head- where the streaming giant has a –2 The event at the com- PleaseturntopageA10 had acted in an “organized head start over many rivals. pany’s flagship EV plant just and practiced fashion.” A8 Jan. 12 Jan. 13 Jan. 14 Jan. 15 Jan. 19 The company said it is now over a year ago marked a Microsoft invests in GM’s Biden will take office with able to generate more cash than Source: FactSet “systemic shift from the robot cars...... B1 a far-reaching set of plans for it needs and no longer antici- combustion engine to the Electric-truck maker Rivian his administration’s first 100 pates having to borrow money electric vehicle,” said raises further $2.65 billion... B4 days. He plans to emphasize to fuel its growth strategy. Net- themes of unity and recovery flix shares were up 12% in after- in his inaugural address. A4 hours trading. This Winter, Happiness Is The U.S. topped 400,000 Netflix’s continued sub- scriber growth comes amid Salesforce. Covid-19 deaths, as the pace A Warm Computer heightened competition from of fatalities has accelerated iii after a fall surge that left new streaming services includ- few corners of the country ing Walt Disney Co.’s Disney+, #1 CRM. Apple Inc.’s Apple TV+, AT&T Gamers and bitcoin miners find their PCs untouched by the virus. A3 Inc.’s HBO Max and Comcast The Trump administra- Corp.’s Peacock, all of which are dandy heaters; a toasty chicken coop Ranked #1 for CRM Applications based on tion concluded that China weren’t around a little over a IDC 2020H1 Revenue Market Share Worldwide. has committed “genocide year ago. The company got a 19.8% and crimes against humanity” boost from the coronavirus BY SARAH E. NEEDLEMAN border, now has a new con- against the country’s Uighur pandemic, which forced con- cern: “It’s getting too warm.” Muslim minority group. A9 sumers to cut back on a host of As winter approached, Dan With the health crisis keep- The DOJ won’t pursue leisure activities—from dining van der Ster worried his annual ing people home, computer charges against Sen. Burr af- out and vacations to visiting utility bill would skyrocket gamers and bitcoin miners are ter ending its investigation theaters and concert venues— since his family of taking greater of stock trades he made in as economies locked down. five was home- advantage of a bound with the pan- advance of the coronavirus With many people spending cold-weather more time at home, streaming demic. perk. The more market turmoil last year. A3 demand jumped. It hardly budged. they use their 5.3% While the majority of televi- While the elec- high-powered 4.8% CONTENTS Personal Journal A11-12 sion networks continue to be tric portion shot up machines, the 3.9% Arts in Review... A13 Property Report... B6 3.8% Business News.. B3,5 Sports...... A14 without most of their original in 2020, the gas- more heat the de- Crossword...... A14 Technology...... B4 content because of production heat expense sur- vices give off. Heard on Street. B12 U.S. News...... A2-8 shutdowns due to Covid-19, Net- prisingly declined. In the pan- 2016 2017 2018 2019 2020H1 Markets...... B11 Weather...... A14 flix’s well-stocked content arse- He thinks that’s demic’s early Opinion...... A15-17 World News...... A9,18 Source: IDC, Worldwide Semiannual nal lifted it to new heights. Net- largely thanks to days, photogra- Software Tracker, October 2020. flix signed up what it said was a the beefy new com- pher Thomas > record 37 million subscribers in puter he uses to Ah, purrfection Smith funneled 2020 and had a total of 203.7 mine cryptocur- heat through a million users when the year rency and on which his teen- tube from a computer he uses PleaseturntopageA2 age son plays videogames. mainly for mining bitcoin to salesforce.com/number1CRM Mr. Van der Ster, a 40-year- maintain a small greenhouse in CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management, s 2021 Dow Jones & Company, Inc. Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce All Rights Reserved Applications. © 2020 salesforce.com, inc. All rights reserved. Salesforce.com is a registered trademark of Heard on the Street: Netflix old engineer who lives in his garage. It yielded fresh salesforce.com,inc.,asareothernamesandmarks. surprise tempers outlook... B12 France near the Switzerland PleaseturntopageA10 .

A2 | Wednesday, January 20, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Trump Power-Plant Rules Axed Tens of Thousands Get Small-Business Aid BY TIMOTHY PUKO the ruling would undo a major emissions, putting them in the meaning few were facing im- AND BRENT KENDALL Trump administration environ- crosshairs of attempts by gov- mediate changes to comply. In BY AMARA OMEOKWE with the fallout from the pan- mental initiative that intended ernment to address global recent years, the power sector AND RUTH SIMON demic. WASHINGTON—A federal to give states and electric utili- warming. The rules vacated has fallen from the country’s One-third of small busi- appeals court on Tuesday va- ties more flexibility in how Tuesday were an attempt by leading source of greenhouse- Roughly 60,000 borrowers nesses surveyed between Jan. cated the Trump administra- they reduced their emissions of the Trump administration to gas emissions to No. 2, just be- were approved for more than 4 and Jan. 10 said they would tion’s rules that eased restric- heat-trapping gasses. overhaul the first-ever U.S. low the transportation sector. $5 billion in forgivable loans need financial assistance or tions on greenhouse-gas The decision could make it rules on these emissions, the The biggest ramifications during the first week of the additional capital in the next emissions from power plants, easier for President-elect Joe Clean Power Plan, put in place may be political because of the reopened Paycheck Protection six months, according to the potentially making it easier for Biden to fulfill a campaign by the Obama administration. decision’s timing. It arrives the Program, the Small Business Census Bureau, up from nearly the incoming Biden administra- promise to put more stringent The legal and political un- day before Mr. Trump is to Administration said Tuesday. 25% in mid-November. tion to reset rules targeting cli- limits on the power industry’s certainty that has lingered for leave office, meaning his ad- The small-business corona- The average PPP loan size mate emissions. emissions. Mr. Biden has called years around these rules ministration won’t be able to virus relief effort relaunched was below $20,000 for first- A 2-1 majority on the U.S. for eliminating carbon-dioxide means little will change imme- pursue an appeal. Mr. Biden Jan. 11 after closing last Au- time borrowers and below Court of Appeals for the Dis- emissions from the power sec- diately for power plants be- has indicated his administra- gust. $75,000 for second-time bor- trict of Columbia Circuit de- tor by 2035, and Tuesday’s rul- cause of Tuesday’s decision. tion will oppose the Trump ap- The first wave of applica- rowers for applications pro- cided to send the Affordable ing would allow him to push The Obama-era rules had been proach. tions was largely handled by cessed through Jan. 17, accord- Clean Energy rule back to the toward doing so without first put on hold by the Supreme “The D.C. Circuit has pro- community and small lenders ing to an SBA spokesman. Environmental Protection trying to repeal or overhaul a Court, and Mr. Trump’s over- vided the Biden administration after the SBA set aside time The applicants range from Agency, ruling the Trump ad- set of rules put in place by haul from 2018 was immedi- a clean slate upon which to for them to process the loans day-care operations to hair sa- ministration adopted an unlaw- conservatives. ately challenged as well. craft new regulations,” said exclusively. lons to mom-and-pop retailers, fully narrow view of federal Power-plant emissions have Utilities have also made Kevin Minoli, the EPA’s former The program’s restart with roughly three-quarters of clean-air law. long been one of the top two emissions reductions on their acting general counsel and cur- comes as many small busi- would-be borrowers seeking If upheld or unchallenged, U.S. sources of greenhouse-gas own over the past decade, rent partner at Alston & Bird. nesses continue to struggle their second PPP loan.

Pipeline's Progress The 645-mile Line 5 feeds refineries in the Midwest and Canada. Superior Lake Superior 100 miles 100 km Ino Saxon Gogebic CANADA Iron River Gould City Naubinway

Rapid River Mainistique Mackinaw City Indian River WISCONSIN Lewiston U.S. Lake Huron

Green Bay West Branch

ONTARIO Bay City Lake Michigan MICHIGAN North Branch Line 5 liquids pipeline Sarnia Grand Rapids Flint Marysville Crude storage and terminals Milwaukee Lansing Pump stations Detroit RICHARD TSONG-TAATARII/STAR TRIBUNE/ASSOCIATED PRESS An Enbridge pipeline leading to its terminal in Superior, Wis. Source: Enbridge U.S., Canada at Odds Over Great Lakes Pipeline

BY VIPAL MONGA berta, feeds refineries in Michi- countries during Mr. Biden’s tion of the 67-year-old pipeline the Great Lakes. She gave the has filed suit in the U.S. District gan, Ohio, Pennsylvania, On- tenure. Canadian officials said that runs under the Straits of company until May 12 to shut Court for the Western District TORONTO—Canadian and tario and Quebec. they expect Mr. Biden to stick Mackinac has never leaked and the pipeline. of Michigan to stop the closure U.S. officials are at odds over “Pipelines are so vital to the with his plans to scrap the that it is taking steps to further A spokesman for Canada’s and is lobbying government of- the fate of a pipeline under- economy and the recovery,” project. protect the lakes after negotiat- natural resources department ficials. neath the Great Lakes, exacer- said Chris Bloomer, president Calgary-based TC Energy ing a plan with former Michi- said the government “supports Michigan is also suing En- bating disagreements over en- of the Canadian Energy Pipeline this month started taking bids gan Gov. Rick Snyder to encase the continued safe operation of bridge in the same court to af- ergy policy between the two Association, a trade group. for space on the pipeline, say- the pipes in a tunnel. Enbridge’s Line 5.” firm its order. No date has been nations as the Biden adminis- “We’re hoping for some prag- ing that it was confident the Michigan Gov. Gretchen Doug Ford, the premier of set for proceedings in either tration prepares to take of- matism.” project would get built. TC En- Whitmer said in November that Ontario, sent a letter to Ms. case fice. The dispute adds another ergy has also proposed over- Whitmer last month saying “Enbridge cannot unilater- Citing environmental con- point of conflict in the energy hauls—including a pledge to that closing the pipeline would ally decide when laws and cerns, Michigan state officials relationship between the U.S. use only renewable energy—in The dispute adds a threaten union jobs in Ohio and binding agreements apply and have told Enbridge Inc. to close and Canada. a bid to win Mr. Biden’s sup- Michigan. when they don’t,” said Dan its Line 5 pipeline, which car- Officials, companies and en- port for the project. point of conflict in It could also force compa- Eichinger, director of Michi- ries more than half a million vironmentalists in both coun- Environmental groups op- the countries’ nies to transport fuel on trucks, gan’s Department of Natural barrels of oil and natural-gas tries have clashed in recent pose the pipeline because of trains and ships, worsening Resources, in a statement. liquids each day from Superior, years over how to balance en- the threat of damage from energy relationship. congestion on busy cross-bor- Closing the pipeline could Wis., to Sarnia, Ontario. ergy security with environmen- spills and because they want to der routes and increasing lead to the loss of thousands of Canadian officials say clos- tal concerns. reduce the amount of oil ex- greenhouse-gas emissions, Mr. jobs at refineries and related ing the pipeline would choke President-elect Joe Biden’s tracted from Canada’s oil sands. Ford said. companies in Sarnia, said Mike off more than half the supply team has said he opposes a Enbridge’s Line 5 pipeline she was revoking a permit al- Enbridge has said that only Bradley, mayor of the town of used to make gasoline, jet fuel proposed extension of TC En- has drawn criticism from lowing the pipeline to run a court order or the federal 75,000. and home-heating oil for the ergy Corp.’s Keystone pipeline, groups including the National along the bottom of the Straits Pipeline and Hazardous Materi- He predicted that its closure most populous parts of the which would carry oil from Al- Wildlife Federation and the Si- of Mackinac, between Lake als Safety Administration could would push up prices for gaso- country. berta to Nebraska. Canadian erra Club, which say a spill Michigan and Lake Huron. shut the pipeline down. A line, home heating oil, and jet The 645-mile pipeline, which Prime Minister Justin Trudeau, would be catastrophic for the Michigan’s government said PHMSA spokesman declined to fuel supplied to Toronto’s Pear- is part of Enbridge’s mainline who has long advocated for the ecology of the Great Lakes. Enbridge had violated public comment. son Airport. system that conveys oil and extension, has said it would be Enbridge, which is also trust and cited “the unreason- Enbridge spokesman Mike “There will be ripples all the natural gas liquids from Al- a key issue between the two based in Calgary, said the sec- able risk” the pipelines pose to Fernandez said the company way through,” Mr. Bradley said.

Among the strong perform- Total Netflix streaming subscribers, quarterly ular option, by $1 to $13.99. It ery+ from Discovery Communi- Netflix Hits ers for Netflix was the racy his- still has a less-expensive basic cations Inc., which launched torical drama “Bridgerton,” the 200 million offering, as well as a premium earlier this month and Para- miniseries “The Queen’s Gam- Asia Pacific one now priced at $17.99 a mount+ from ViacomCBS Inc. Subscriber bit,” a new season of “The month. which is scheduled to debut in Crown” and the George Clooney 150 Latin America Netflix isn’t the only stream- March in the U.S., Canada and movie “Midnight Sky.” ing service benefiting from the Latin America. Milestone The company already has pandemic. Disney+ is already Competition is in part “why new successes in season three Europe, Middle near 90 million subscribers we have been moving so quickly of “Cobra Kai,” a show it res- 100 East and Africa since its launch in November to grow and further strengthen ContinuedfromPageOne cued from YouTube and the 2019. The company recently our original content library ended—more than twice as French crime drama “Lupin,” projected reaching 260 million across a wide range of genres many as three years earlier. which has quickly become one subscribers world-wide by and nations,” Netflix said in its While Covid continues to the most popular programs on 50 2024. Like Netflix, Disney+ also letter to shareholders. “Our wreak havoc on movie and tele- the platform. Neflix currently U.S. and Canada raised its monthly fee by $1 to strategy is simple: if we can vision productions, Netflix cur- anticipates 2021 cash flow at $7.99 effective this March. continue to improve Netflix ev- rently has more than 500 titles break-even, an upgrade from its WarnerMedia’s new HBO ery day to better delight our 0 in post production or ready to earlier projection, which was Max streaming platform, which members, we can be their first launch on the platform, the minus $1 billion to break-even. 2018 ’19 ’20 launched last May, hasn’t grown choice for streaming entertain- company said. Last week, it un- Netflix said it is considering re- Source: the company as fast as its rivals. However, ment.” veiled a movie slate that will turning some cash to sharehold- the company recently unveiled Netflix reported stronger see a new release on the plat- ers through stock buybacks. to FactSet. For the quarter company had said it expected. plans to release the entire slate subscriber growth in interna- form every week of 2021. The Los Gatos, Calif., com- ended Dec. 31, Netflix added Netflix sent employees a bot- of Warner Bros. theatrical mov- tional markets in the fourth Netflix creates its content pany said it generated $6.64 bil- more than 8.5 million subscrib- tle of champagne and confetti ies on HBO Max simultaneously quarter than domestically, con- much further in advance than lion in fourth-quarter revenue, ers on a net basis, a gain that to celebrate surpassing the 200 in the hopes of boosting sub- tinuing a trend it has seen fre- broadcast and cable channels, up from $5.45 billion for the surpassed its forecast. million subscriber mark, ac- scribers. WarnerMedia is a unit quently of late. It added which allowed the company to year earlier, exceeding forecasts The bulk of the growth in cording to a person familiar of AT&T. Comcast’s streaming 860,000 subscriptions in the be better prepared to offer from analysts. But profit de- 2020 occurred in the first two with the matter. platform Peacock, which offers U.S. and Canada in the period, fresh content when the pan- creased to $542 million, or $1.19 quarters, as Covid-19 trans- In October, Netflix raised the a variety of price plans includ- but gained 2 million subscribers demic struck—something other a share, from $587 million, or formed daily life around the monthly price of its most popu- ing a free option, has 26 million in Asia, more than 1.2 million in streaming services that were $1.30 a share, the year earlier. world. Subscriber gains fell, lar subscription plan, bumping sign-ups. Latin America and 4.5 million in still in their infancy weren’t in a Analysts predicted $1.36 a share meanwhile, year over year in up the cost of its standard The newest entries to the the region covering Europe, the position to do. for the latest period, according the latest period, a decline the streaming service, its most pop- streaming wars include Discov- Middle East and Africa.

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THE WALL STREET JOURNAL. **** Wednesday, January 20, 2021 | A3 U.S. NEWS SAT Drops U.S. Covid-19 Deaths Top 400,000

20 Subject BY LUKAS I. ALPERT

The U.S. on Tuesday sur- Tests as passed 400,000 deaths from the coronavirus pandemic, as the pace of fatalities has accel- Unneeded erated following a fall surge BY MELISSA KORN that left few corners of the AND DOUGLAS BELKIN country untouched by the vi- rus and overwhelmed hospi- The College Board is elimi- tals in many parts of the U.S. nating SAT subject tests, as After topping 100,000 re- the pandemic accelerates a ported fatalities in May, it push for changes in college ad- took the U.S. roughly four missions. months to reach 200,000 con- The 20 subject tests have firmed deaths on Sept. 21, ac- been offered for decades in ar- cording to a Wall Street Jour- eas including math, English lit- nal analysis of data compiled erature, world history and by Johns Hopkins University. physics, but have fallen out of It took 2½ months to reach favor as a requirement for col- 300,000 deaths, and just over lege applications. Between a month to add another 2016 and 2019, registrations 100,000. As of Tuesday eve- for the test fell by 8%—and ning, more than 401,000 peo- dropped sharply last year, as ple had died from the Covid-19 test sites were closed due to virus, according to Johns Hop- the coronavirus pandemic. kins data. The College Board said The tally of deaths equals a Tuesday that Advanced Place- loss of life from a single event ment courses are more suitable not seen in the country since measures of a student’s knowl- World War II. During the three edge in specific subject areas years and nine months that the these days, as they “provide U.S. fought in World War II,

the type of hands-on learning the country lost 405,399 ser- LYNNE SLADKY/ASSOCIATED PRESS experiences and practical, real- vicemen and women, according People lined up to receive the Pfizer-BioNTech Covid-19 vaccine at John Knox Village in Pompano Beach, Fla., on Tuesday. world work that colleges want to the Department of Veterans to see from students.” Affairs. In 1941, the U.S. popu- U.S.’s daily confirmed Covid-19 cases and deaths, The nonprofit group said lation was about two-fifths of seven-day rolling average Moderna Prepared partner BioNTech SE also are the AP’s ‘“widespread avail- what it is today, so the loss of supplying doses of their vac- Cases Deaths ability for low-income stu- life as a percentage of popula- To Meet Dose Goal cine to the U.S. 300,000 3,000 dents and students of color tion was far greater. World “I think from a supply means the Subject Tests are no War II deaths were concen- standpoint from industry, we longer necessary for students trated among younger people, Moderna Inc.’s leader said are well on track to deliver to to show what they know.” while the pandemic’s victims the drugmaker is on track to the president’s goal,” Mr. Ban- The decision doesn’t affect tend to be far older. produce enough doses of its cel said in an online interview the main SAT. Dr. Rochelle Walensky, Pres- 200,000 2,000 new Covid-19 vaccine to help for The Wall Street Journal’s There has been a broad shift ident-elect Joe Biden’s nomi- meet President-elect Joe Bi- Executive Membership Series. away from standardized tests in nee to head the Centers for den’s goal to administer 100 Mr. Bancel cautioned that admissions in recent years. Disease Control and Preven- million vaccine doses in the first there are some issues beyond Schools are also reconsidering tion, forecast over the week- 100 days after he takes office. his company’s control, such as the value of the main SAT, cit- endthattheU.S.couldreach 100,000 1,000 Chief Executive Stéphane last-mile distribution hiccups in ing concerns that test scores 500,000 Covid-19 deaths by Bancel said Tuesday that Mod- getting shots into arms, as are often closely tied to a stu- mid-February. erna plans to deliver 100 mil- well as the timely delivery of dent’s race and wealth and hurt The heightened deaths and lion doses of its shot, which raw materials used to produce the admissions odds of low-in- hospitalizations resulted from requires two doses per person, Moderna’s vaccine. “We are al- come students and communities a surge in new cases that fol- 0 0 for use in the U.S. by the end ways,youknow,adayaway of color. lowed the holiday season, March 2020 ’21 March 2020 ’21 of March, with additional doses from a stumble,” he said. About half of four-year col- when people increasingly trav- to follow. Pfizer Inc. and its —Peter Loftus leges and universities made the eled and attended family gath- Source: Johns Hopkins CSSE test optional for admissions this erings, said Angela Clendenin, year after the pandemic closed an assistant professor of epi- pitalizations appear to be de- data showed. California, the and could fuel exponential of the vaccine, according to test sites around the country. demiology and biostatistics at clining in recent days, though country’s most populous state, growth in new cases. the CDC. Some said they would return to Texas A&M School of Public they remain at high levels. leads the nation in Covid-19 The rising Covid-19 death Dr. Clendenin said she requiring the test once public Health. On Jan. 12, the U.S. set a re- deaths, with a seven-day aver- toll comes as the U.S. has be- didn’t expect to see a signifi- health concerns wane. The number of people hos- cord daily death toll, with age of 466.6 fatalities a day. gun in earnest a gargantuan cant impact from the vaccina- The College Board is also pitalized with Covid-19 in the 4,462 people dying from the Federal health authorities effort to vaccinate its entire tion campaign on overall num- discontinuing the optional es- U.S. hit a record 132,474 on virus, according to Johns Hop- last week warned that a highly population of about 330 mil- bers until the fall. say portion of the SAT begin- Jan. 6, according to Covid kins data. Over the past seven transmissible coronavirus vari- lion people against the virus. “We still have a while to go ning after the June 2021 test Tracking Project, after a sus- days, an average of 3,237 peo- ant first identified in the U.K. As of Friday, 12.3 million peo- before we are out of the administration date. tained, monthslong rise. Hos- ple have died each day, the is spreading rapidly in the U.S. ple had received the first dose woods,” she said. U.S. Won’t New CDC Director Pledges to Restore Trust BY BETSY MCKAY say they don’t want the vac- “You’d hear from the news and the agency made its own Charge cine, whether that is due to that a guideline got changed, mistakes, such as botching the Rochelle Walensky, the in- convenience or concerns about not from the CDC as to why it rollout of a diagnostic test for coming director of the U.S. the science or of missing work, got changed,” she said. “We detecting Covid-19. Senator Centers for Disease Control and Dr. Walensky said. need the people who did the She also expressed hope the Prevention, said she will start “Right now is the time to do science telling us what’s the incoming Biden administration her new job with a big to-do that outreach, to do that edu- new science that led to the can set a new tone about the On Trades list: helping states fix Covid-19 cation, to understand why it is change.” fight against the virus. BY ARUNA VISWANATHA vaccination programs and per- they may not want it and what Dr. Walensky vowed to re- “I think they will be able to suading exhausted Americans it is that they need to under- store public trust in the CDC, turn on the news and see that The Justice Department to wear masks and take other stand in order to want it,” she which surveys show sagged af- there’s pedal to the metal in

won’t pursue charges against precautions. SUSAN WALSH/ASSOCIATED PRESS said. ter the Trump administration terms of our working to get GOP Sen. Richard Burr after In an interview with The Rochelle Walensky Dr. Walensky, 51 years old, interfered in decision making this under control,” she said. ending its investigation of stock Wall Street Journal, Dr. Walen- comes to the CDC as a physi- trades he made in advance of sky said the agency will try to ers, public health officers and cian and researcher known for the coronavirus market turmoil help people overcome doubts others to administer the shots. her analyses showing the bene- last year, the North Carolina about Covid-19 vaccines, and The plan also includes mak- fits of early treatment for HIV lawmaker said. she vowed to increase public ing vaccines easier for people patients and generic-based “The Department of Justice trust in the CDC. to get, particularly those in un- drug regimens for them. She informed me that it has con- Dr. Walensky will take the derserved communities. hadn’t worked at the agency cluded its review of my personal helm of the CDC on Wednesday, “We want to do mobile clin- before. financial transactions conducted as a highly transmissible mu- ics, because not everybody is Citing the urgent needs cre- early last year,” Mr. Burr said. tant, or variant, of the novel going to be able to get to a sta- ated by the pandemic, some “The case is now closed. I’m coronavirus threatens to cause dium,” Dr. Walensky said. “We public health experts argued glad to hear it. My focus has a new surge in infections in the want to bring those clinics to the new CDC director should be been and will continue to be next few weeks. the people, to the communities a veteran of the agency or a working for the people of North Meanwhile, the vaccination where they otherwise wouldn’t public-health department. Carolina during this difficult campaign to stop the pandemic have had adequate outreach.” Dr. Walensky said she be- time for our nation.” is off to a slow start, and sur- Mr. Biden has pledged to de- lieves she was chosen as an The Federal Bureau of Inves- veys show many people in the liver 100 million doses within outsider to the system on pur- tigation began looking into re- U.S. are hesitant to get vacci- his first 100 days, which may pose. ports in March that several nated. be an easy target, depending As chief of infectious dis- members of Congress, their “This is an emergency,” Dr. on supply. Secretary of Health eases at Massachusetts General spouses or their investment ad- Walensky said, as she got pa- Hospital in Boston, she was at visers sold hundreds of thou- perwork for her new job done the forefront of fighting sands of dollars in stock after so she could get right to work The vaccination Covid-19 for months both on lawmakers attended closed- after the change in administra- the hospital floor and in policy- door briefings about the threat tions. New presidents often campaign to stop making. She described experi- posed by the virus as it was be- wait weeks or months to name the pandemic is off ences that shape how she ginning to reach the U.S. Some CDC directors. thinks the CDC should tackle of those trades spared lawmak- Dr. Walensky will replace toaslowstart. the pandemic. ers as much as hundreds of Robert Redfield, the CDC’s di- She saw early on, she said, thousands of dollars in losses rector since 2018. the impact of the new disease as stocks sank by mid-March. Stopping the pandemic will on underserved populations. Mr. Burr, who sat on two require convincing people to and Human Services Alex Azar Reviewing patient lists, “all of committees that received de- wear masks and follow other said last week that about the names were Hispanic,” she tailed briefings on the growing measures to slow the virus, 700,000 vaccinations were be- said. Many didn’t speak Eng- pandemic, including the Senate while picking up the pace of ing administered daily on aver- lish. Intelligence Committee, which vaccinations, she said, particu- age, and the nation was on She also saw, she said, the he had chaired, had sold shares larly as variants like the one track to hit one million shots a impact of changes to CDC rec- of companies valued at as much first identified in the U.K. pro- day in the coming days. “We ommendations while serving as $1.7 million, which he owned liferate. would prefer to underpromise on Covid-19 advisory groups with his wife. The sale saved “The less disease out there, and overdeliver,” Dr. Walensky for Massachusetts’ Republican the couple at least $250,000 in the less work we have to do, said. Gov. Charlie Baker and helping losses based on what those the fewer variants we are going Demand for vaccines cur- devise strategies to safely re- stocks were worth at the close to see,” she said. rently outstrips supply. Yet open the state’s economy. SHOP ONLINE of trading March 19. The incoming administration about 27% of U.S. adults don’t In her roles, she said, she re- WWW.LONGINES.COM A spokesman for the Justice of President-elect Joe Biden plan to get a shot, according to lied on recommendations from Department confirmed that the plans to accelerate vaccinations a December survey by the Kai- the CDC on risks of transmis- investigation had been closed by boosting supplies, matching ser Family Foundation, and sion and other matters. Those but declined to comment. the number of people who are many health-care workers de- documents were sometimes al- —Sadie Gurman eligible for vaccines to the clined one when offered. tered by White House officials and Kristina Peterson number of doses available and It is important for the CDC seeking to control broad ele- contributed to this article. hiring retired health-care work- to reach out to people now who ments of the Covid-19 response. .

A4 | Wednesday, January 20, 2021 PWLC101112HTGKRFAM123456789OIXX **** THE WALL STREET JOURNAL. U.S. NEWS RACHEL BUJALSKI FOR THE WALL STREET JOURNAL SANDY HUFFAKER/AGENCE FRANCE-PRESSE/GETTY IMAGES President-elect Joe Biden plans a number of policy moves to address the coronavirus crisis and has promised legislation outlining broad immigration changes. Biden Has Full Agenda for First 100 Days BY CATHERINE LUCEY the charge that he incited the and during interstate travel on promised legislation outlining nity centers and mobile clinics gear or investing in mitigation AND ALEX LEARY mob that stormed the U.S. airlines, trains and transit sys- broad immigration changes in- for delivering shots. He plans efforts. Capitol seeking to keep him in tems; and extending restric- cluding a path to citizenship to expand the use of the De- While most bills require 60 WASHINGTON—President- power. tions on evictions and foreclo- for the 11 million immigrants fense Production Act to boost votes to advance in the Senate, elect Joe Biden takes office A new administration’s first sures. in the U.S. who lack perma- manufacturing of vaccines and Democrats could pass some of this week with a far-reaching 100 days are typically scruti- Mr. Biden’s executive ac- nent legal status. A transition vaccination supplies. Mr. Biden’s proposed policies set of plans for his first 100 nized for signs of a president’s tions might not go as far as official said Monday that the If companies’ earlier projec- through a process called rec- days, but he must grapple with governing style and priorities. some in his party’s liberal plan would include an eight- tions hold up, Mr. Biden’s 100- onciliation. That path comes narrow Democratic majorities Mr. Biden will have narrower wing would like. For example, year path to citizenship, con- million dose goal should be with restrictions, including a in Congress and an unsettled margins in Congress than Mr. while he plans to extend a sus- firming details reported in the achievable by his target date, limit on how many times it country as he seeks to roll Trump did when he took of- pension of interest-free stu- Washington Post. according to manufacturing can be used. back some of his Republican fice. dent-loan payments, some On the coronavirus, Mr. Bi- and supply-chain experts. Ef- On foreign policy, Mr. Biden predecessor’s policies and curb “It’s a difficult 100 days. Democrats have pushed for an den has pledged 100 million forts to significantly accelerate is expected to continue many the pandemic. They always are. Even though order to forgive most or all of vaccine doses in his first 100 vaccinations and slow the of Mr. Trump’s policies toward Mr. Biden’s agenda includes Democrats control Congress, Americans’ $1.6 trillion in fed- days and reopening most K-8 spread of the virus will also China. He told the New York some moves he can make it’s not an overpowering ma- eral student debt. schools during the same time. depend on state partnerships Times that he wouldn’t make quickly, like executive orders jority,” said Princeton Univer- In the following days, Mr. He is promising to work with and public support for some any immediate moves to re- reversing some of President sity history professor Julian Biden also plans a number of Congress on the $1.9 trillion public-health measures. move tariffs Mr. Trump placed Trump’s actions and rejoining Zelizer. moves on the coronavirus cri- relief package, which would Mr. Biden’s $1.9 trillion plan on some Chinese imports or to international agreements. He Mr. Biden is planning a rush sis and economic relief. And in expand vaccinations, improve includes funding to expand alter the outgoing administra- also has goals that require of executive actions for his the subsequent week he is ex- testing and treatment, provide testing at schools, as well as tion’s “phase one” trade deal congressional cooperation, in- first 10 days. On Inauguration pected to take actions on crim- more economic aid and deliver $130 billion to help schools re- with China. cluding a $1.9 trillion Covid re- Day, that includes rejoining inal justice, climate change funding to cities and schools. open. Because reopening deci- Mr. Biden plans to return to lief package and getting cabi- the Paris climate accord; re- and immigration, including ef- To speed up vaccinations, sions are made at the local the 2015 Iran nuclear deal net nominees confirmed, that versing a travel ban from sev- forts to reunite families that he is planning to increase the level, that funding is described from which Mr. Trump with- will play out as the 50-50 Sen- eral majority-Muslim and Afri- the Trump administration sep- government’s role in distribu- as flexible and could go to re- drew using executive author- ate takes up the president’s can countries; requiring masks arated at the border. tion, including by setting up ducing class sizes, modifying ity, though the timing isn’t second impeachment trial over to be worn on federal property The president-elect has federally supported commu- facilities, buying protective clear.

Washington, D.C., Prepares to Welcome a New Administration Under Tight Security

FROM LEFT: STEPHANIE KEITH/GETTY IMAGES; SUSAN WALSH/PRESS POOL COUNTDOWN: A worker adjusts decorative flags on the National Mall. At right, increased security measures are in place for Inauguration Day due to greater threats after the attack on the U.S. Capitol. Inauguration Speech Will Call for Unity BY KEN THOMAS with the help of speechwriter President Barack Obama, some- the Capitol on Jan. 6. Mr. AND JOHN MCCORMICK Vinay Reddy and Mr. Biden’s one viewed by many Democrats Trump is breaking with tradi- longtime aide Mike Donilon, as one of the party’s greatest tion by skipping his successor’s WASHINGTON—President- who will serve as a senior orators in modern history. inauguration. elect Joe Biden, taking office at White House adviser, according Douglas Brinkley, a presiden- In his own inaugural speech a time of national crisis, plans to people familiar with the tial historian, said it would be four years ago, Mr. Trump de- to emphasize themes of unity plans. wise for Mr. Biden to be him- scribed the U.S. as a nation in and recovery in his inaugural Mr. Biden’s top aides haven’t self in the speech and not try decline and said that “the address, messages that he re- released details about his re- too many rhetorical flourishes. American carnage stops right turned to repeatedly on the marks, which the people famil- “There are always low expecta- here and stops right now.” campaign trail on his way to iar with his plans said Mr. Bi- tions with Joe Biden,” he said. Matt Teper, who served as victory over President Trump. den has been drafting since the “People are now used to the Mr. Biden’s speechwriter at the Mr. Biden’s outdoor address start of his presidential transi- fact that he sometimes stutters start of his vice presidency, will come in unusual circum- tion in November. But aides and that he is not golden- said he expected the next presi- stances: secured by 25,000 Na- have said his speech will be in tongued like Bill Clinton or dent to use the moment to at- tional Guard troops before an keeping with the major themes Ronald Reagan.” tempt to help the nation move empty National Mall only two of his campaign, including forward in an optimistic way— weeks after supporters of Mr. unity, bipartisanship and opti- what he described as the in- Trump stormed the U.S. Capi- mism. Mr. Biden verse of Mr. Trump’s inaugural tol. With that historic event as “He wants to use the mo- plans to use address. a backdrop, Mr. Biden will fo- ment to call Americans to the address to “American carnage will not cus on his approach to the cor- unity,” said Jen Psaki, Mr. Bi- ‘reach out to be his theme. It will be about onavirus pandemic ravaging den’s incoming press secretary. all Americans,’ American hope and American the U.S. and attempt to calm a Better known for some- his advisers optimism and for the ability of nation grappling with racial times-meandering asides than said. Americans to come together,” and political divisions, his aides for soaring oration, Mr. Biden Mr. Teper said. have said. won the presidency on his third Carolyn Curiel, the senior Mr. Biden’s advisers said try and has delivered thou- Mr. Brinkley called the mo- speechwriter for Mr. Clinton Tuesday that his address, ex- sands of speeches on the cam- ment a “crisis inauguration” during his first term, said she pected to last 20 to 30 minutes, paign trail, the Senate floor and that is similar to those faced by sees similar inaugural address would be a “forward-looking vi- at times of loss and tragedy. He Franklin D. Roosevelt and Abra- challenges for Mr. Biden as sion for his presidency” and favors storytelling and simple, ham Lincoln. “It’s not quite Lin- those faced by Mr. Roosevelt. that he would “speak about the direct language and sometimes coln or F.D.R., but it’s awful “He’s in a very similar posi- need to bring the country to- gets emotional while speaking. close,” he said. tion to F.D.R., where he inher- gether during an unprece- “He’s extremely involved in Mr. Biden’s transition team ited a hot mess from Herbert dented moment of crisis.” his speeches,” said Dylan has said the start of his presi- Hoover,” she said. “He’s got a Mr. Biden planned to “reach Loewe, who served as a speech- dency will focus on fighting the tough task ahead of him.” out to all Americans, and call writer for Mr. Biden during his pandemic, boosting the econ- Ms. Curiel said Mr. Biden on every citizen to be part of vice presidency. “He’s an exact- omy, addressing climate change will need to acknowledge the meeting the extraordinary chal- ing speechwriter. He knows and moving toward racial eq- assault on the Capitol, but she lenges facing all of us,” the ad- how much words matter and he uity. Much of it also could be said she thinks it would be a visers said. really cares a lot about shadowed by Mr. Trump, who mistake to focus too much on The inauguration’s theme is speeches.” is awaiting a Senate trial after that topic. “I would dwell in- “America United,” and Mr. Bi- As vice president, Mr. Biden he was impeached over allega- stead on the new direction that den’s speech is being written spent eight years serving under tions he incited the violence at is going to be taken,” she said. . THE WALL STREET JOURNAL. Wednesday, January 20, 2021 | A5 .

A6 | Wednesday, January 20, 2021 ****** THE WALL STREET JOURNAL. U.S. NEWS Pentagon Pick Pressed on Civilian Control Retired Gen. Austin cers instead, diminishing the role of civilian policy makers. needs congressional In his testimony Tuesday, Gen. waiver to lead Austin said he would fully staff the Pentagon with competent Defense Department civilians, not just retired com- manders like him, and ensure BY NANCY A. YOUSSEF they are empowered and will AND GORDON LUBOLD work to rebalance collabora- tion between the civilian and WASHINGTON—Gen. Lloyd military sides of the Pentagon. Austin appeared before the During Tuesday’s hearing, Senate Armed Services Com- Gen. Austin declined to provide mittee on Tuesday and sought detailed answers on major pol- to address concerns on Capitol icy questions before the de- Hill about installing a recently partment, including proposals retired general to lead the to expand the size of the naval Pentagon. fleet, the U.S. nuclear-force “The safety and security of posture and what an accept- our democracy demands com- able outcome for the war in Af- petent civilian control of our ghanistan would look like. He armed forces, the subordina- said he wanted more time be- tion of military power to the fore outlining his policy views. civil,” Gen. Austin told law- On China, Gen. Austin de- makers during the hearing for scribed the U.S.’s primary his confirmation as President- Asian rival as a “pacing chal- elect Joe Biden’s secretary of lenge” for the U.S. military. defense. “I spent my entire life “My job…is to make sure committed to that principle. In that we develop the capabili- war and in peace I imple- ties, the plans and the opera- mented the policies of civil- tional concepts to ensure that ians elected and appointed we maintain a competitive

over me.” JIM LO SCALZO/EPA/SHUTTERSTOCK edge,” he said, when asked by The modern Defense De- Retired Gen. Lloyd Austin, center, spoke with Sen. Joe Manchin, left, and Sen. Dan Sullivan before the committee hearing. Sen. Roger Wicker (R., Miss.) partment was designed to have about a Department of De- a civilian leader and a team of questioned Gen. Austin about cent Pentagon leader to require ceptable for senior officers to that civilian control of the mili- fense assessment that China senior uniformed officers, the his commitment to civilian a congressional waiver, follow- compete for the Pentagon’s tary is not at risk in America,” aims to achieve military parity Joint Chiefs of Staff, advising control and his intention to in- ing retired Marine Gen. Jim top job, undermining the apo- he said. “I believe the related or superiority over the U.S. by the president. Gen. Austin re- stall civilians at the Defense Mattis, who was President litical nature of their military but opposite problem should be midcentury. “I would, again if tired from the U.S. Army only Department’s upper reaches. Trump’s first defense secretary. work. He said he had come to of more concern today: no mili- I’m confirmed, would intend in 2016, so the law requires Laws safeguarding civilian Gen. Austin is expected to regret voting for the waiver tary experience in the top ranks to make sure that never hap- him to receive a waiver from control of the military require get the waiver, but several leg- for Mr. Mattis. of our government.” pens,” Gen. Austin said. Congress to hold the job of the top Pentagon civilian job to islators expressed reservations But Sen. Dan Sullivan (R., Lawmakers, policy makers The nominee spoke assert- secretary of defense, in addi- be held by someone out of uni- about voting for it. Alaska) said Gen. Austin’s re- and even some military offi- ively on personnel issues, say- tion to winning the Senate form for seven years, unless Sen. Tom Cotton (R., Ark.) cent service in uniform would cers accused Mr. Mattis of mil- ing that he supported ending confirmation required of most Congress votes to waive the said he opposed granting the serve him in the civilian role. itarizing jobs usually held by the Trump administration’s cabinet-level appointees. rule. Gen. Austin, 67 years old, waiver in part over concerns it “The very nature of this con- civilians in the Pentagon by in- ban on transgender service The senators on the panel would become the second re- would gradually make it ac- firmation hearing is evidence stalling former military offi- members. Blinken Backs Keeping Tough China Policy Spy Choice BY WILLIAM MAULDIN agreed with GOP senators by the Obama administration, AND MICHAEL R. GORDON about a series of issues ranging and several GOP senators Discounts from Russia’s aggressive moves sharply criticized that adminis- WASHINGTON—President- in Eastern Europe to the deals tration’s intervention in Libya elect Joe Biden’s pick for secre- that the Trump administration and the nuclear deal with Iran. Domestic tary of state backed a tough brokered for Arab states to rec- Mr. Blinken said Iran would approach to China and found ognize Israel. represent a greater threat if it common ground with Republi- Senators on Tuesday didn’t wields nuclear weapons or Mission cans on issues ranging from Is- ask Mr. Blinken about his ten- reaches the threshold of using BY DUSTIN VOLZ rael to Venezuela, hinting at a ure at WestExec Advisors LLC, nuclear weapons, and he said AND WARREN P. STROBEL more unified approach to for- the national security consulting the Biden administration would eign policy in the next four firm he co-founded that has seek to move toward a “longer WASHINGTON—President- years. generated concerns among and stronger” agreement with elect Joe Biden’s pick to lead Antony Blinken, who served some Republicans about poten- Iran. The next steps would de- the nation’s sprawling intelli- as deputy secretary of state tial conflicts of interest. pend on what happens with gence community was cau- during the Obama administra- Sen. Marco Rubio (R., Fla.) Iran, Mr. Blinken said, without tious about expanding spy

tion, agreed with GOP senators GRAEME JENNINGS/PRESS POOL probed Mr. Blinken on Cuba elaborating on plans for engag- agencies’ role in countering in his confirmation hearing Secretary of State pick Antony Blinken at his Senate panel hearing. and Venezuela, and Mr. Blinken ing with Tehran. threats from domestic extrem- that previous optimistic ap- said he supports the Trump ad- He addressed North Korea’s ism, saying the prime respon- proaches to China were flawed Mr. Blinken said there are ghur ethnic group; he backed ministration’s recognition of nuclear program but didn’t sibility should remain with the and backed the tougher ap- cooperative aspects to the rela- military and global diplomatic Juan Guaidó as Venezuela’s specify plans for addressing it Federal Bureau of Investiga- proach—if not the tactics—that tionship with China, and aides support for Taiwan as it faces democratically elected leader. other than helping with a re- tion and Department of Home- President Trump adopted. to Mr. Biden have suggested pressure from Beijing; he ques- More targeted sanctions might view in the incoming adminis- land Security. “There was a broad consen- they could work with Beijing tioned the future of Hong Kong be a way to put more pressure tration. “The intelligence community sus that economic liberaliza- on curbing climate change and as a center for global busi- on the regime of Nicolás Ma- Mr. Blinken said he would of course would not be in the tion in China would lead to po- some other issues. nesses; and he echoed Mr. duro, Mr. Blinken said. work closely with U.S. allies lead,” Avril Haines, Mr. Biden’s litical liberalization—that did Yet Mr. Blinken said he sup- Trump and others in criticizing Mr. Blinken also said he rec- and international organizations nominee to be director of na- not happen,” Mr. Blinken said. ports Tuesday’s finding by China for misleading the world ognizes Jerusalem as the capi- on global programs. Mr. Trump tional intelligence, said at a Sen- “There is no doubt that [China] Mike Pompeo, the current sec- about the origin of the corona- tal of Israel and will keep the frequently criticized United Na- ate confirmation hearing where poses the most significant chal- retary of state, that China has virus pandemic, contributing to U.S. Embassy there. tions agencies and U.S. alli- Democratic lawmakers pep- lenge of any nation-state in the committed genocide in Xinjiang its spread. Much of the disagreement ances such as the North Atlan- pered her with questions follow- world to the United States.” with its policies toward the Ui- Beyond China, Mr. Blinken was about past positions taken tic Treaty Organization. ing a pro-Trump mob’s storm- ing of the U.S. Capitol on Jan. 6. In the wake of the chaos, borrowing more affordable, which left five people dead, and she said. warnings that went unheeded, Yellen Calls She assured senators that lawmakers and others have the Biden team doesn’t imme- raised questions about how the diately plan to pursue tax in- federal government is orga- For Further creases but would consider nized to detect and combat them as part of a later package homegrown extremist threats. that focuses on long-term in- Since 1970s-era intelligence Spending vestments. Asked whether she overhauls, however, American would support a repeal of the spy agencies have been largely ContinuedfromPageOne cap on state and local tax de- barred from operating inside for secretary of state, Gen. ductions, which Democrats U.S. borders, and Ms. Haines Lloyd Austin, his defense sec- sought in earlier economic aid indicated the incoming Biden retary pick, and Avril Haines, packages, Ms. Yellen said it is administration has little appe- who would be his director of important to study the effect tite for changing that. national intelligence, also of the cap before making a de- The role of the 18 agencies faced hearings as the Senate cision. and units Ms. Haines would returned from a recess 13 days The Senate confirmation oversee is to detect evidence of after a pro-Trump mob hearing is Ms. Yellen’s fifth foreign support for domestic

stormed the Capitol building. ANDREW HARNIK/PRESS POOL during her three decades at extremists, she said. “We have That led to outgoing President Sen. Dianne Feinstein listened as Janet Yellen spoke via videoconference at Tuesday’s hearing. the forefront of economic pol- seen, as I understand it, some Trump’s second impeachment icy-making. If confirmed, she [foreign] connections,” she told by the Democratic-led House. that, Ms. Yellen said, long-term and illegal practices.” Mr. additional government borrow- will be the first woman to the Senate Intelligence Com- Mr. Biden has said he would investments will be needed in Blinken, in his hearing, said, ing and the wisdom of tax in- serve as Treasury secretary mittee, without elaborating. appoint acting agency heads areas such as infrastructure “There is no doubt that creases. and the first person to have Her remarks came during a across the federal government and workforce training. [China] poses the most signifi- “The only organizing prin- led the Fed, the Treasury and largely nonconfrontational once he takes office because of Delayed or inadequate sup- cant challenge of any nation- ciple that I can discern is it the White House Council of hearing in which Republicans delays to his transition and port, she warned, could lead state in the world to the seems to spend as much Economic Advisers. and Democrats raised no ob- Senate consideration of his to a more-protracted economic United States.” money as possible, seemingly Ron Wyden (D., Ore.), who jections to her confirmation. picks, at a time when the na- recovery and cause long-term Ms. Yellen affirmed the for the sake of spending it,” will become Finance Commit- Breaking from the Trump tion faces down the deadly economic damage in the form U.S.’s commitment to market- Sen. Pat Toomey (R., Pa.) said tee chairman when Demo- administration’s recent prac- pandemic. Mr. Biden, a Demo- of permanent job losses and determined exchange rates, of the latest plan. crats take control of the Sen- tice, Ms. Haines said she crat, is expected Wednesday to business closures. and she made clear the U.S. GOP senators also objected ate, said he hoped Ms. would appear annually before emphasize themes of unity in “It’s really critically impor- doesn’t seek a weaker dollar to what outgoing Finance Yellen’s nomination would the panel for a hearing on an inauguration address to be tant to provide this relief for competitive advantage, re- Committee Chairman Chuck reach the Senate floor for world-wide threats. She also held in unusual circumstances, now,” she told lawmakers on peating comments The Wall Grassley of Iowa called a confirmation by Thursday. promised to release, as re- secured by 25,000 National the Senate panel, who will Street Journal reported Mon- “laundry list of liberal struc- Though she sometimes quired by law, an unclassified Guard troops before an empty vote on her nomination. day. She added that efforts by tural economic reforms” in Mr. sparred with Republicans in report naming those responsi- National Mall in the wake of Stocks rose Tuesday as Ms. countries to manipulate their Biden’s relief package. Such her previous role leading the ble for the killing of Saudi the Capitol attack and ongoing Yellen’s testimony spurred ex- currencies are unacceptable. measures include a $15 mini- Fed, her hearing Tuesday was journalist Jamal Khashoggi in security threats. pectations for additional stim- China has been accused by mum wage, as well as aid to cordial. Saudi Arabia’s Istanbul consul- If confirmed as expected, ulus spending, with the Dow successive administrations of state and local governments— Ms. Yellen would take the ate. President Trump declined Ms. Yellen would become the Jones Industrial Average gain- keeping its currency artifi- a sticking point in recent talks reins of a recovery that is fal- to release the document. administration’s top economic- ing 116.26 points, or 0.4%, to cially weak. in Congress. tering amid a monthslong If confirmed, Ms. Haines policy spokesperson responsi- 30930.52. Some Republicans balked at Ms. Yellen acknowledged surge in virus cases and would be the first woman to ble for selling Mr. Biden’s $1.9 Like Mr. Biden’s other picks Ms. Yellen’s call for further the government’s debt, which deaths, which have topped oversee the country’s intelli- trillion aid proposal, which in- appearing before lawmakers spending on top of the trillions stands at $21.6 trillion. But 400,000 since the pandemic gence community, which in- cludes more stimulus pay- Tuesday, Ms. Yellen sounded a of dollars Congress authorized she urged lawmakers to put began. After seven months of cludes the Central Intelligence ments, extended jobless bene- hawkish note on China, calling last year, including a $908 bil- those concerns aside for now. job gains, U.S. employers shed Agency and the National Secu- fits, grants for small it “our most important strate- lion package enacted in Decem- Interest rates are at historic 140,000 jobs in December, rity Agency, and employs hun- businesses and a nationwide gic competitor” and promising ber. And they questioned her lows and expected to remain while retail sales fell for a dreds of thousands of federal vaccination program. After to address its “abusive, unfair about the limits and risks of there for some time, making third straight month. workers and contractors. . THE WALL STREET JOURNAL. Wednesday, January 20, 2021 | A6A

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Theinsurrectionwewitnessedon from politics, establishes campaign 2021, it is clear that diverse communities Wednesday,January6,2021,asamob financereform,removesunjustbarriers andelectedofficialsacrossthecountry including white supremacists stormed for countless people caught up in the must mobilize in an organized method ournation’scapitaltostageacoup, judicial system, and addresses the to protect and solidify this nation’s wastheculminationofPresidentTrump, systemic racism imbued in this nation. positive trajectory. his enablers, and supporters slowly Thepeople’swillhasbecomestifledby chipping away at our democracy. For thepresentingissuesfueledbypartisan Likewise, our corporate and business thepastseveralyears,we’veseenhim whiplash and the debasement of our communityshouldbeaforceforpositive downgradeourcountrywithdangerous founding institution. Policies that are change.Asthe2021EdelmanTrust and radicalized rhetoric. He inten- Barometerindicated,businessesare tionally deepened and exacerbat- uniquely positioned to take a lead- ed division along racial, cultural, ership role in establishing trust in and economic lines. His continuous our societal institutions. In addition and unfounded assertion that the to withdrawing support from bad presidential election was “rigged” actors,weurgeyoutouseyour or “stolen” was nothing more than a formidable voices and resources ploytoprovokehisbaseandcause to support tangible initiatives animplosionofourdemocracyso that advance justice, equality and that he can seize power. The veil on opportunityforall.Itistimeforall ourfragilenationhasbeenliftedat ofus,asAmericans,tofocuson the expense of so many lives. It is working together to bridge the more evident than ever before that divisions. democracy reform must happen, anditmusthappennow. Thepastfouryearshaveexposed agreatdealofwhatiswrongwith Time and time again, Donald our country. We stood on the brink Trump and his enablers have of losing our fight against tyranny shownusthattheyprioritize andbigotry.Wehavestared power over people, profits over hatred in the face and realized justice, and politics over the what power and greed look like greater good. Since its founding, our backed by dark money and corporate onanationalscale.Aswebegintopull democracy has favored the privileged. interest harm the most vulnerable ourselvesbackfromtheprecipice,we Inthewakeofaglobalpandemic populationsbyremovingthemfrom find ourselves at an inflection point andanattemptedcoup,manyfound theconversationaltogether.When thatpromptsustopauseandfigure out what Black people already knew: wedismissthepeople’swill,welose outwhattypeofsocietywewanttobe thesustainedpresenceofhistoricalin- an integral part of what makes this moving forward. We have a chance to equality and longstanding policies have nationunparalleled.Wemustnotallow learn from our failings while fixing the disproportionately impacted the Black that to continue. It is pivotal that we problems that got us here. We need community. What has been recognized address this nation’s ills before moving notignorethismomentortreatitas by Black people for decades is now forward, lest we find ourselves back in something fleeting, because it can and being fully understood by others. This this predicament facing equal or dire will come back with a vengeance. We countryrarelygetsitrightwhendealing consequences. must all remain vigilant and continue with the vestiges of its stolen people’s to call attention to the inequalities we history and continues to falter on its While we are witnessing a changing witness.Itistheonlywaywecantruly progress to rectify its transgressions. If we oftheguardinWashington,D.C., ensure that the universe’s long moral areindeedaleaderontheworldstage, with the historic election of President arc bends toward justice. we must embody equality and justice for JoeBidenandVicePresidentKamala all. To do that requires a comprehensive Harris, we must remember that we still TheNAACPlooksforwardtoworking and ongoing conversation about our ills haveworktodo.Wearestillreeling with congressional leaders, state legis- andthepathwaytoredemption. fromtheimpactofaglobalpandemic, lators and the business community to economic downturn, and racism on a harnessthepowerofthishistorictime Tobeginsavingourdemocracy,we penetrating scale. The task to build our to create real change. need to create and pass legislation countrybackbetterdoesnotrestsolely that institutes fair voting rights for all ontheshouldersofthoseintheWhite –Derrick Johnson, people, eliminates corporate interest House.Afterlivingthrough2020into President and CEO

naacp.org | @naacp Paid for by NAACP . A6B | Wednesday, January 20, 2021 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. ****** Wednesday, January 20, 2021 | A7 U.S. NEWS Memo Seeks to Limit Scope of LGBT Decision

BY SADIE GURMAN rights law provides no protec- AND JESS BRAVIN tion to LGBT employees. The new memo, dated Sun- WASHINGTON—The Justice day and sent by the acting head Department has issued a of the Justice Department’s memo that aims to limit the civil rights division, John Dau- impact of a landmark Supreme kas, acknowledges the court’s Court ruling protecting gay ruling was sweeping, but says and transgender people in the the department should not ex- workplace, a last-ditch attempt tend it further to areas such as from the Trump administra- housing and education, where tion to hinder policy shifts ex- longstanding gender-based pol- pected as President-elect Joe icies on bathrooms and sports

Biden begins assembling new teams could come into play. JUSTIN SULLIVAN/GETTY IMAGES leadership at the agency. The 23-page memo also sug- Senate Majority Leader Mitch McConnell, center, on Tuesday underscored his effort to preserve the legislative filibuster. The Supreme Court’s June gests that some employers ruling, Bostock v. Clayton could cite religious beliefs that County, said a bedrock federal would allow them to discrimi- civil-rights law prohibits em- nate against LGBT employees. McConnell Says Trump Fueled Riot ployers from discriminating The memo likely will be re- against workers on the basis scinded by the incoming Biden WASHINGTON—Senate Ma- impeachment trial last year, barring Mr. Trump from hold- That would enable Democrats of their sexual orientation or administration. jority Leader Mitch McConnell Mr. McConnell took pains to ing federal office again. The to pass many of President-elect gender identity. The 6-3 opin- A Justice Department for the first time publicly cast corral all 53 Republican sena- White House didn’t respond to Joe Biden’s agenda items with- ion rejected administration ar- spokeswoman declined to blame on President Trump for tors into voting against a con- a request for comment. out Republican support. But be- guments that federal civil comment. the violent attack on the Capitol viction and succeeded with all As Democrats prepared to cause some Democrats are wary earlier this month, as he moved but one of them, Sen. Mitt take control of the Senate with of jettisoning the filibuster, it to preserve Republican sway in Romney (R., Utah). the seating of the two new isn’t clear the party would have the Senate on the final day of How Mr. McConnell votes Democratic senators from the votes to change the rules by Trump the party’s majority status. will be central to whether Georgia, Raphael Warnock and simple majority, a process so enough Republicans join Dem- Jon Ossoff, Mr. McConnell un- contentious it is referred to as By Lindsay Wise, ocrats in the Senate to convict derscored on Tuesday his ef- “the nuclear option.” Pardons Siobhan Hughes Mr. Trump, a Republican. A fort to preserve the legislative On Tuesday, as Messrs. and Andrew Duehren two-thirds supermajority is filibuster, a longstanding rule McConnell and Schumer met needed to convict in impeach- to iron out the details of a Bannon “The mob was fed lies. They ment trials, meaning 17 Repub- power-sharing agreement in a were provoked by the presi- licans would need to support ‘The mob was fed 50-50 Senate, Mr. McConnell

MARK KAUZLARICH/BLOOMBERG NEWS dent and other powerful peo- conviction for it to succeed. wrote in an email to GOP col- ContinuedfromPageOne Steve Bannon, shown last year. ple and they tried to use fear Some Republicans have said lies. They were leagues that he intended to and media executive, Mr. Ban- and violence to stop a specific they don’t believe holding an provoked by protect the legislative filibus- non parlayed his understand- other probe. Federal and state proceeding of the first branch impeachment trial for someone ter. “I believe the time is ripe ing of conservative media into authorities are investigating a of the federal government who left office is constitutional. the president.’ to address this issue head on top positions in Mr. Trump’s media company linked to Mr. which they did not like,” the Senate Democratic leader before the passions of one 2016 campaign and then the Bannon and exiled Chinese Kentucky Republican said on Chuck Schumer of New York particular issue or another White House. The president businessman Guo Wengui that the Senate floor Tuesday. left little doubt on Tuesday arise,” he wrote. removed him in 2017, just raised more than $300 million Mr. McConnell’s rebuke fol- that a second impeachment that empowers the minority Mr. McConnell wants to seven months into his job. in the spring, The Wall Street lowed an earlier statement trial would happen. “President party to block most bills be- pre-emptively address the is- The two men didn’t speak Journal has reported. that he is considering whether Trump is a threat to our consti- fore the Senate. The rule re- sue and settle it so Democrats for years, and Mr. Bannon was During the deliberations to vote to convict Mr. Trump tutional order, whether he is in quires that three-fifths of all won’t later try to change the quoted in Michael Wolff’s book over whether to pardon Mr. during his second impeach- or out of office,” Mr. Schumer senators—usually 60—vote to rules, said a person familiar “Fire and Fury” as saying be- Bannon, some advisers ex- ment trial, which will take said in his floor remarks. “Even proceed before a bill can be with the matter. havior by the president’s son pressed concern given that he place after Mr. Trump leaves now he has not accepted re- brought to the floor for a vote. But it isn’t clear what lever- Donald Trump Jr. was “treason- had promoted a Jan. 6 rally office and the Democrats take sponsibility for what he has There is momentum among age Mr. McConnell has now. ous,” and calling his daughter where Mr. Trump urged sup- effective control of the body done and still falsely maintains Democratic lawmakers and pro- He supported ending the right Ivanka “dumb as a brick.” Mr. porters to march to the Capi- with 50 senators and new Vice that the election was stolen.” gressive activists to eliminate to filibuster on Supreme Court Trump subsequently said Mr. tol. The march culminated in President Kamala Harris If the Senate does convict or lower that initial threshold nominees in 2017 but he has Bannon had “lost his mind.” the riot that led to Mr. breaking any ties to their ad- Mr. Trump, Mr. Schumer said to 51 votes, equal to the simple long opposed any changes to Mr. Bannon also faces an- Trump’s second impeachment. vantage. At Mr. Trump’s first the chamber would vote on majority needed to pass a bill. the legislative filibuster. Homeland Security Nominee Vows to Target Extremism

BY MICHELLE HACKMAN

WASHINGTON—Alejandro Mayorkas, President-elect Joe Biden’s pick for Homeland Secu- rity secretary, told a Senate hear- ing Tuesday he would work to ensure that an attack like the Jan. 6 riot at the Capitol wouldn’t be repeated, though his confirmation by Inauguration Day appeared to be delayed. Mr. Biden’s team had named Mr. Mayorkas as one of a hand- ful of national-security nomi- nees it wanted confirmed on Inauguration Day because of

continuing domestic threats. In JOSHUA ROBERTS/PRESS POOL 2017, the Senate confirmed Alejandro Mayorkas testified Tuesday at his confirmation hearing both President Trump’s home- on Capitol Hill to become secretary of Homeland Security. land security and defense nom- inees on Inauguration Day. Sen. day, one of five scheduled in recent years because of a Chuck Schumer (D., N.Y.), who ahead of Mr. Biden’s inaugura- lack of Senate-confirmed lead- is set to become the chamber’s tion on Wednesday, focused on ership. DHS hasn’t had a Sen- majority leader Wednesday, immigration matters. The hear- ate-confirmed secretary since said on the Senate floor he ing also touched on the range April 2019, when Kirstjen Niel- hoped Mr. Mayorkas would be of the Department of Home- sen was forced to resign. MASTERPIECE OF PRECISION confirmed on Inauguration Day. land Security’s responsibilities, A number of its leadership ITALIAN MICROMOSAIC That timeline appeared less from investigating the govern- posts, including at the three pri- likely Tuesday after Sen. Josh ment’s failure to adequately mary immigration agencies, also Hawley (R., Mo.) said he would anticipate the Capitol riot to a haven’t had permanent leaders. Painstaking detail. Masterful object to an attempt to fast- cyberattack against several Several GOP senators privately workmanship. Remarkable artistry. track the nomination, one of a government agencies and the have expressed to colleagues number of Republicans to do coronavirus pandemic. that the situation made confirm- Intricately crafted from minuscule so. Mr. Hawley expressed con- The hearing was mostly de- ing a new leader all the more ur- pieces of glass and stone, this cern about the incoming Biden void of the fireworks seen at gent, according to people famil- impressive micromosaic shows a administration’s plan to undo iar with the matter. panoramic view of the Roman forum, much of Mr. Trump’s immigra- If confirmed, Mr. Mayorkas the epicenter of ancient Roman life. tion agenda, along with an ex- Alejandro Mayorkas would become the first Latino pected push to create a path- and first immigrant to hold the Micromosaics displaying this level way to citizenship for 11 says he would work job. Mr. Mayorkas discussed of detail and artistry were costly and million immigrants without a to prevent an attack during the hearing how his required immense skill to create, permanent legal status. like the Jan. 6 riot. personal story shaped his view making such masterpieces exceptionally Mr. Hawley, who was the of the job. Mr. Mayorkas’s Ro- rare. Circa 1850. 17”h x 21”w. #31-2507 first senator to announce he manian-born mother fled the would formally object to certi- Holocaust in the 1940s, and fying the election results on less than 20 years later, he Jan. 6, has faced a backlash many DHS hearings during the said, she fled Fidel Castro’s from colleagues and donors Trump administration, with Re- Cuba with her husband and Mr. since that day. Many Senate publican senators pressing Mr. Mayorkas, then just a year old. Republicans blame him for Mayorkas to work with them on They eventually settled in Los what they see as his role in in- combating cyber threats, natural Angeles. stigating the riot that resulted disasters and human trafficking. “My father and mother in the deaths of five people. Mr. Mayorkas, deputy DHS brought me to this country to Senate Majority Leader secretary during the Obama ad- escape communism and to pro- Mitch McConnell (R., Ky.) and ministration, singled out right- vide me with the security, op- Mr. Schumer met Tuesday to wing extremism as a threat. He portunity and pride that Amer- iron out details of a power- said DHS has a central role in ican citizenship brings to each 622 Royal Street, New Orleans, LA • 877-677-2801 • [email protected] • msrau.com sharing agreement in a Senate gathering information about ex- of us,” Mr. Mayorkas said. divided evenly along party tremists and disseminating it to Mr. Mayorkas said he would Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry. lines. Under a similar agree- state and local law enforcement. halt construction of President Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. ment in 2001, nominees and Sen. Rob Portman of Ohio, Trump’s border wall, as Mr. Bi- bills could advance to the floor the top Republican on the Sen- den has said he would do, but even if a committee vote tied. ate Homeland Security Com- wouldn’t commit to disman- The 2½-hour hearing Tues- mittee, said DHS has struggled tling existing barriers. . A8 | Wednesday, January 20, 2021 THE WALL STREET JOURNAL. U.S. NEWS U.S. WATCH

SUPREME COURT FDA Justices Weigh Limits Interim Commissioner Charges Filed Over Capitol Riot On Media Ownership To Oversee Agency BY ARUNA VISWANATHA The Supreme Court on Tues- Janet Woodcock, who has led day stepped into the middle of a the Food and Drug Administra- WASHINGTON—Prosecu- long-running battle over federal tion’s drug review efforts for tors filed conspiracy charges limits on media ownership in lo- years, is slated to oversee the related to the mob that cal markets, weighing whether a agency on an interim basis after stormed the U.S. Capitol Jan. recent regulatory rollback suffi- current Commissioner Stephen 6, saying in a new complaint ciently addressed concerns about Hahn leaves Wednesday. that three rioters had acted in racial and gender diversity. President-elect Joe Biden has an “organized and practiced At issue was the Federal Com- yet to nominate an FDA com- fashion” and at one point ap- munications Commission’s 2017 missioner. Dr. Hahn has desig- peared to suggest the possibil- decision to loosen ownership re- nated Dr. Woodcock as interim ity of gassing lawmakers in strictions by making it easier for commissioner at least until a the tunnels below the building. one entity to own multiple TV permanent commissioner is A search of the home of stations in the same market. The nominated and confirmed, a des- one of the three people also rollback also repealed bans on ignation that is expected to be turned up directions for mak- common ownership of both a TV seconded Wednesday by the Bi- ing explosives from bleach, ac- station and a newspaper in the den transition team. cording to the affidavit filed in same market, or a TV station —Thomas M. Burton support of the complaint. and a radio station. Some owner- The three were allegedly ship limits had been in place for GEORGIA part of a group that approached decades to prevent concentration the east side of the Capitol and and preserve viewpoint diversity U.S. Soldier Faces tried to push their way through in local markets. Terrorism Charges a set of center doors in be- A federal appeals court in tween the House and the Sen- 2019 found the FCC’s new ap- Federal authorities unsealed

ate wings as a separate mob of JIM URQUHART/REUTERS proach didn’t adequately assess terrorism charges against a 20- pro-Trump supporters battled a Supporters of President Trump climb a wall at the Capitol on their way to invading the building. whether the rollback would harm year-old U.S. Army cavalry scout thin line of police officers on ownership of broadcast media by based in Fort Stewart, Ga., who the west entrance during the also of conspiring to injure of- ganized collection of militia Mr. Caldwell wrote, telling the women and minorities. The FCC allegedly sympathized with Is- riot. The complaint is among ficers and destroying govern- who believe that the federal person: “Really, press this and a group of media companies, lamic State in Syria and pro- the first to charge multiple al- ment property. An attorney for government has been co-opted home, just get somebody to including News Corp, owner of vided tactical military advice to leged members of the mob with Mr. Caldwell couldn’t immedi- by a shadowy conspiracy that put it on a credit card.” The Wall Street Journal, appealed an undercover federal agent pos- conspiracy in connection with ately be located for comment. is trying to strip American cit- One hotel room for those to the high court. ing as a jihadist. the events of Jan. 6. During the riot, Mr. Caldwell izens of their rights.” dates was booked by a “Jessica Justices pressed both sides, Pfc. Cole James Bridges was About eight to 10 people allegedly received a Facebook Investigators have pursued Wagkins,” the affidavit said. but several appeared sympathetic charged with attempting to give wearing helmets, reinforced message that said: “All mem- charges against more than 100 A woman named Jessica to claims by the FCC and the me- support to a terrorist organiza- vests and clothing with para- participants of the riot to Watkins was arrested on Sun- dia companies that the old limits tion and attempted murder of phernalia identifying them- date. They are examining day on charges of being a mem- were outdated and didn’t take U.S. military service members. selves of the right-wing militia nearly 400 subjects as the in- ber of the Oath Keepers group into account a changing media The FBI and Army Counterintelli- group Oath Keepers moved in Three people accused vestigation has shifted from that targeted the east entrance landscape. A group of 22 states gence arrested Pfc. Bridges on a tactical fashion and forced of conspiring to targeting those who broadcast of the building and now faces is supporting the challenge and Tuesday. He will make his first their way to the front of the their intentions on social me- the new conspiracy charges in urging a ruling against the FCC, court appearance in court in crowd, a video cited in the attack lawmakers dia to those who may have en- the new complaint. Her Parler saying media consolidation in Georgia on Thursday. A lawyer complaint shows. meeting on Jan. 6. gaged in advanced preparation account identified her as com- many markets already has led to for Pfc. Bridges couldn’t immedi- During the breach, one of to breach the Capitol as Con- manding officer of the “Ohio less local news and fewer voices. ately be identified. the members allegedly com- gress met to confirm Presi- State Regular Militia,” which —Brent Kendall —Jacob Gershman municated: “We have a good dent-elect Joe Biden’s victory. the affidavit filed against her group. We have about 30-40 of bers are in the tunnels under Mr. Caldwell, described as describes as a “dues-paying us. We are sticking together capital seal them in. Turn on an alleged leader of the Oath subset of the Oath Keepers.” and sticking to the plan,” the gas,” the affidavit said. Keepers group, was taken into The investigation into Ms. new complaint said. In another message, Mr. custody Monday. The initial Watkins appeared to have led The three alleged members Caldwell was allegedly also affidavit filed against him al- FBI agents to Mr. Caldwell. of that military formation, in- told: “Tom all legislators are leges he planned before Jan. 6 An attorney for Ms. Watkins cluding Thomas Edward down in the Tunnels 3floors to coordinate participants and couldn’t immediately be iden- Caldwell, a 65-year-old from down,” and “Do like we had to mask their identities. tified for comment. Clarke County, Va., already had do when I was in the core On Jan. 1, according to that An Ohio man, Donovan been arrested in the past few start tearing oit florrs go from affidavit, Mr. Caldwell sent a Crowl, also arrested on Sun- days on charges of disorderly top to bottom,” the affidavit Facebook message providing a day, was identified in the new conduct, obstructing an offi- said, replicating apparent number for the Comfort Inn in affidavit as a third member of cial proceeding and other spelling errors. Arlington, Va., and urged the the Oath Keepers team that at- crimes. Mr. Caldwell and the Several affidavits described recipient, who isn’t identified, tacked the east side of the U.S. two others he allegedly collab- the Oath Keepers, which re- to arrive on the 5th and depart Capitol. Ms. Watkins had re-

orated with were charged in cruit primarily from military on the 7th. “This is a good lo- ferred to Mr. Crowl as a mem- MARTHA ASENCIO RHINE/TAMPA BAY TIMES/ZUMA PRESS an amended complaint filed and law-enforcement person- cation and would allow us to ber of her militia, the affidavit ONE OF THEIR OWN: Sheriff’s deputies on Tuesday paid respects Monday that accused them nel, as a “large but loosely or- hunt at night if we wanted to,” said. to Cpl. Brian LaVigne, who was killed by a fleeing suspect in Lutz, Fla.

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LIVE COVERAGE LIVE Q&A POLITICS VIDEOS Getliveanalysisfromnewsroomexperts ListentoaplaybackofourJan.14livediscussion Dive into our visual coverage on topics from covering the day’s events and sharing insights onthefutureoftheconservativemovementand Biden’s Covid-19 and economic relief plans, to onthefutureofAmericanpolitics. theGOPaftertheTrumppresidency. this inauguration’s place in history. WSJ.COM/INAUGDAY WSJ.COM/LIVEQA WSJ.COM/POLITICSVIDEO

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THE WALL STREET JOURNAL. ***** Wednesday, January 20, 2021 | A9 WORLD NEWS U.S. Slams ‘Genocide’ by China WHO Faulted Trump administration, in final day, criticizes For Virus crackdown against Uighur Muslim group Response

BY MICHAEL R. GORDON BY DREW HINSHAW AND EVA XIAO The World Health Organiza- WASHINGTON—The Trump tion was poorly prepared to administration concluded that prevent a disease like Covid-19 China has committed “genocide from becoming a pandemic, and crimes against humanity” and wasn’t adapted for a glob- against the Uighur ethnic alized era of easy travel and group, delivering a forceful extensive trade, an interna- condemnation to Beijing over a tional panel said. mass-repression campaign that Years of warnings that the has yet to prompt tough inter- United Nations agency’s inter- national action. national system wasn’t ready The determination, which for a respiratory pandemic went was announced on Tuesday by unheeded, said former New Secretary of State Mike Zealand Prime Minister Helen Pompeo, accuses China of im- Clark, a co-chairwoman of the prisoning, torturing and carry- Independent Panel for Pandemic ing out forced sterilization Preparedness and Response. against the Uighurs, a Muslim Ms. Clark is leading a panel minority group. that was set up last year, after “I believe this genocide is a group of governments, orga- ongoing, and that we are wit- nized by Australia, pushed for nessing the systematic at- a probe into how a virus first

tempt to destroy Uighurs by THOMAS PETER/REUTERS detected in the Chinese city of the Chinese party-state,” Mr. The U.S. views as concentration camps what China calls vocational-skills education centers, including one in Xinjiang. Wuhan managed to spread and Pompeo said. He said Commu- claim two million lives. nist Party authorities “are en- senators that the incoming ad- “Xinjiang-related issues are attributed to militant Islamic have declined to condemn Chi- The panel’s preliminary gaged in the forced assimila- ministration would look at not about ethnicity, religion or terrorists in the past decade, nese policies in Xinjiang, ham- findings, presented to the tion and eventual erasure of a ways to express its disap- human rights, but about anti- China embarked on a mass pering collective action by in- WHO on Tuesday, puts less vulnerable ethnic and religious proval, including barring the violence, anti-terrorism, anti- surveillance and detention ternational bodies. blame on individual decisions minority group.” import of products made with separatism and de-radicaliza- program of Uighurs and other Members of Congress as taken by the agency’s leaders The genocide designation, forced labor in China and not tion,” the statement said. Muslims. Since late 2016, au- well as human rights and Ui- than on the weak international which also applies to other exporting technology that Accusations of genocide by thorities in Xinjiang have built ghur activists said the U.S. bureaucracy they inherited. minority groups in Xinjiang, China can use to further re- the State Department are rare, thousands of police stations, genocide declaration could Global health laws requiring doesn’t carry any automatic pression at home. and while the State Depart- installed billions of dollars in prod other countries to follow that countries rapidly share all legal consequences, but it puts Striking other themes that surveillance technology and suit and lead to more coordi- pertinent information on an pressure on other nations, and suggested the Biden adminis- set up internment camps that nated international action. emerging threat “lacked U.S. allies in particular, to con- tration would take a firm the U.S. says have incarcerated More than 150 countries, in- teeth,” one of the panelists sider sanctions and take other stance in managing relations The designation more than a million Uighurs. cluding China, are signatories said. Complex bureaucratic steps to condemn Beijing’s with Beijing, Mr. Blinken de- puts pressure on The Trump administration of a United Nations convention rules, created to prevent the policies. nounced Beijing’s crackdown in recent months has placed that calls for the trial and WHO from making hasty deci- Antony Blinken, President- in Hong Kong and said the U.S. other nations to sanctions on Chinese officials punishment of those who com- sions that could hurt the elect Joe Biden’s choice for should strive to “outcompete consider sanctions. and agencies involved in the mit genocide. global economy, meant several secretary of state, told the China.” crackdown and last week “We hope that this designa- weeks were lost before the Senate Foreign Relations Com- The Chinese Embassy, in a banned imports of cotton and tion will lead to real strong agency could declare Covid-19 mittee on Tuesday that he statement, said Mr. Pompeo’s tomato products from Xinjiang. actions to hold China account- an international public-health agreed that “forcing men, accusation of genocide “is ment has criticized China’s ac- U.S. condemnation of able and bring an end to emergency, Ms. Clark said. women and children into con- simply a lie” and a “farce used tions in Xinjiang in recent China’s treatment of Uighurs China’s genocide,” said Salih “We all have lessons to centration camps” constituted to discredit China.” The em- years, the genocide declara- has been joined at times by Hudayar, the Washington, D.C.- learn from the pandemic,” genocide. The Biden campaign bassy statement defended the tion came on the Trump ad- other Western governments. based prime minister of a self- WHO Director-General Tedros said in August that China’s ac- policies taken in Xinjiang, the ministration’s last full day. Mr. In response Beijing has declared government-in-exile Adhanom Ghebreyesus said, tion constituted genocide and region where most Uighurs Pompeo said he arrived at the mounted an international cam- for East Turkistan, the name adding that he agreed with added that Mr. Biden “stands live, as necessary actions to determination following a paign to justify its actions and many Uighurs use to refer to some of the report’s findings. against it in the strongest stop terrorist attacks and pro- careful review of the facts. pressure foreign governments. their homeland. His group, he “We are committed to ac- terms.” vide stability to preserve lives After a series of bombings Many developing nations, in- said, has pushed for the desig- countability and we will con- Mr. Blinken also told the and economic development. and other attacks that Beijing cluding in the Muslim world, nation since 2018. tinue to learn.” Cautious Consumers Muddle Chinese Economic Rebound dog•ger•el BY STELLA YIFAN XIE Reduced Appetite China's consumer market was catching up to the U.S., but it lost HONG KONG—One thing is /'dôg r l/ momentum in 2020, as consumption lagged behind income missing from China’s other- growth amid the Covid-19 pandemic. wise remarkable economic re- noun covery: a strong rebound in Retail sales Change from a year earlier consumer spending. China* U.S.† Disposable income** I’venevermetyou,butIloveyoumore THE NATIONAL DISASTER Even though China was the SEARCH DOG FOUNDATION $6 trillion 10% Consumption only major economy to expand Thanwaveslovesandupontheshore. Strengthening disaster response during the Covid-19 pandemic in America by rescuing dogs and last year, its growth remains AndsoI’llneverstopsearchingforyou, partnering them with first responders highly unbalanced, relying to save lives. Be Part of the Search™ 4 0 That’s why I’m here. heavily on exports of manufac- today. Call (888) 4K9-HERO, visit tured goods to the U.S. and If you’re ever trapped under rubble, SearchDogFoundation.org, or write to elsewhere. Domestic consump- SDF, 6800 Wheeler Canyon Road, tion has lagged, with retail I promise to find you there. SantaPaula,CA93060. sales shrinking 3.9% in 2020 2 –10 and demand for imported goods falling slightly. There are many reasons for the weakness. While China’s 0 –20 unemployment rate never shot ’10 ’12 ’14 ’16 ’18 ’20 ’16 ’17 ’18 ’19 ’20 up as much as unemployment *Converted from yuan at a rate on Dec. 31, 2020 †Figure for Dec. 2020 is an estimate. did in the U.S. and Europe, **For urban households many employers cut salaries Sources: China's National Bureau of Statistics, U.S. Census Bureau (sales); Wind or hours, leaving consumers anxious. Many opted to save city of Chongqing, said she $6.24 trillion, based on data more—a common tendency in plans to keep cutting back from the Census Bureau. China. on what she calls unnecessary Economists say Covid-19 China’s government also goods, such as snacks and has also exacerbated struc- didn’t hand out checks to con- clothes, in part because she tural problems that have long sumers as the U.S. did, choos- worries that a possible resur- curbed Chinese consumers’ ing instead to focus stimulus gence of the pandemic could spending power, and correct- on helping factories and other threaten her job stability. ing them requires strong polit- businesses. While her income has returned ical resolve. Those issues in- Many economists now be- to its pre-pandemic level, her clude a widening wealth gap, a lieve spending weakness will monthly salary dropped to heavy reliance on inefficient persist in 2021. If it does, it only about $460, or a third of state-owned enterprises, and could mean Chinese demand its usual level, during the the lack of a comprehensive does less than hoped to help lift height of the pandemic last social safety net. other economies out of trouble. year, as the elementary school Although China’s household It would also set back closed temporarily. “The pan- savings rate edged down from China’s long-term goal of demic made me realize the im- a peak of 25% of gross domes- building an economy that de- portance of saving,” she said. tic product in 2010 to 23% in pends less on investment and China’s economy still has 2018, it remains far above the factories. The export growth considerable momentum, with global average, according to that lifted China in 2020 could growth expected to hit 7% or the International Monetary ebb in 2021, as Western con- more this year, far outpacing Fund. A survey by China’s cen- sumers resume travel and the U.S. and other major econ- tral bank in the third quarter spending in restaurants and omies. Some economists be- of 2020 found that 50% of potentially buy fewer toys and lieve China’s growth could households said they plan to gadgets from China. turn into a virtuous cycle that save more, up from 45% a year “You have real restraints on eases consumers’ concerns and earlier, while fewer said they Delta where this recovery could go fuels more robust spending. intend to spend or invest more. Active Search Dog in China and how much its Wealthier Chinese, like their A recent outbreak of Photographed by Shaina Fishman economy can speed up, if [the U.S. counterparts, have largely Covid-19 cases in Hebei prov- at SDF’s National Training Center. government] doesn’t do more kept buying, providing a rare ince and fresh lockdowns have on the consumption side,” said source of growth for some added to fears that retail sales Leland Miller, chief executive Western brands. But China will soften during China’s com- officer of China Beige Book, a failed to overtake the U.S. as ing Lunar New Year holiday. research firm that conducts the world’s biggest retail mar- “It’d be highly unlikely for private surveys on the Chinese ket in 2020 as some analysts consumption to return to pre- economy. had expected. Retail sales in pandemic level in 2021,” said Yan Ling, a 25-year-old the U.S. are estimated to have Dan Wang, chief economist at teacher living in the central edged up slightly in 2020 to Hang Seng Bank China. . A10 | Wednesday, January 20, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

date,” Mr. Ulbrich said. “Up- VW Fails dating the vehicle’s core soft- ware is a complex process and we have to make sure at any To Catch time that our vehicles are safe.” VW didn’t make Mr. Senger Tesla available for comment. Karsten Michels, the senior Continental engineer working ContinuedfromPageOne on the project, said the main up display that was supposed problem was the teams simply to flash speed, directions and ran out of time. “Maybe we other data onto the windshield underestimated how much didn’t function. Early owners work is involved and how little began reporting hundreds of we could actually rely on ex- other software bugs. isting legacy software,” Mr. After years of development, Michels said in an interview. Volkswagen decided in June Mr. Diess restructured the last year to delay the launch software development teams. and sell the first batch of cars He tapped Audi CEO Markus without a full array of soft- Duesmann, poached earlier ware, pending a future update, from BMW, to be VW’s new which is now scheduled for software czar. mid-February. Tens of thou- Mr. Diess also reached out- sands of ID.3 owners will have side VW for help. He asked to bring their cars in for ser- Dirk Hilgenberg, a BMW exec- vice to have the new software utive and IT specialist focused installed. on tech turnarounds, if he

“After that the software KRISZTIAN BOCSI/BLOOMBERG NEWS would replace Mr. Senger as will be regularly updated over Angela Merkel posed with Volkswagen CEO Herbert Diess in 2019 as the company began mass-producing its ID.3 electric car. head of the software division. the air,” Mr. Ulbrich said in an interview. Mr. Diess is drawing lessons Electrifying Performance Volkswagen, the world’s from the mistakes on the ID.3 No hesitation largest car maker, has out- project as he overhauls the Although Volkswagen is the world’s largest auto maker, Tesla outproduces the company Mr. Hilgenberg said he had spent all rivals in a global bid company’s software effort to in electric-vehicle sales and has a market cap almost eight times Volkswagen’s. no hesitation. He had spent 28 by auto incumbents to beat prepare for a successor model, Unit sales of battery and plug-in hybrid years at BMW and his track Tesla. For years, industry lead- dubbed ID.4, which goes on electric vehicles, top 10 manufacturers* Market cap record most recently included ers and analysts pointed to the sale in the U.S. later this year turning around production of German company as evidence and will be produced at first Tesla 407,710 $800 billion BMW’s X-series SUV in Spar- that, once unleashed, the old in Europe and China and next tanburg, SC. In recent years, VW Group 333,427 guard’s raw financial power year in Chattanooga, Tenn., as however, he said he had be- paired with decades of engi- well. VW says the ID.4, its first R-N-M Alliance 203,483 600 come frustrated by the Mu- neering excellence would make all-electric car to be sold nich-based auto maker’s reluc- short work of Elon Musk’s world-wide, will deliver on its Hyundai Motor 178,379 tance to dive headlong into scrappy startup. predecessor’s promises. electric cars. “In order to be successful in GM 166,369 400 BMW declined to comment. this new world and secure the BMW Group 164,625 “I’d been watching what Coding savvy prosperity of many peo- Diess was doing in terms of What they didn’t consider: ple…VW must completely BYD 156,213 turnaround at VW,” he said. “I 200 Electric vehicles are more change,” Mr. Diess wrote in a really liked it because it was about software than hardware. recent LinkedIn post. Daimler AG 142,029 decisive, bold, consistent. I’ve And producing exquisitely en- When Mr. Diess, then head PSA Group 106,965 seen nothing in the auto in- gineered gas-powered cars of the VW brand, launched his 0 dustry that even comes close doesn’t translate into coding first EV effort five years ago, Geely-Volvo Car Group 102,981 Tesla Toyota VW GM Ford to that.” savvy. he asked Fredmund Malik, an Mr. Hilgenberg’s first day at The ID.3 debacle is raising Austrian economist, to hold a *Data for 2020 through November Sources: EV-volumes.com (sales); FactSet (market cap) VW was August 1 and he im- the temperature at Volks- “syntegration workshop” for mediately started work on fix- wagen. Mr. Diess nearly lost senior brand executives. The distributed system in the car, ers working on developing the In April, he brought back Prof. ing VW.os. The first version, his job last year amid a revolt goal, Prof. Malik said, was to dozens if not hundreds of ap- system. Malik for a three-day work- 1.0, is a blend of open source of Germany’s powerful IG Met- persuade managers lulled into plications, and centralizing ev- Typically, car makers order shop with about 40 of his top software and custom code by all labor union and share- complacency by their com- erything,” says Danny Shapiro, finished components from executives. Prof. Malik said Continental and VW. To fix the holder anger over the botched pany’s high profitability that senior director of automotive suppliers and install them in Mr. Diess posed a simple ques- current glitches, VW said it launch of the Golf-8, the VW Tesla represented an existen- at Nvidia Corp., the graphics the vehicle on the assembly tion for the group: What do would publish an update of brand’s breadwinner, and the tial threat. chip maker that has become a line. But the software for a we have to do to catch up with the software, version 1.1, in bungled launch of the ID.3. He player in self-driving car tech- connected car is never fin- Tesla by 2024? February. A more advanced was stripped of his leadership nology. “This is very complex, ished. Like an iPhone, it is The CEO opened the gath- version—VW.os 2.0—is tar- of the VW brand, VW’s biggest Second workshop especially with a car where constantly evolving and re- ering with a blistering critique geted for 2024 and will in- business, but kept on as CEO A second workshop was the safety level is critical. You quires the supplier and cus- of VW’s progress. He showed a clude advanced self-driving of the entire company without held a month later, after VW can’t just flip a switch and be tomer to work interactively, slide comparing the ID.3 to the car features. day-to-day operational respon- was exposed for cheating on a software company.” something that VW and Conti- Tesla Model 3, pointing out VW’s goal is to eventually sibility. diesel emissions. Mr. Diess In the early years of the nental first had to learn as the that while VW’s car excelled in build at least 60% of automo- The ID.3 is gaining traction, wanted to use the jolt of the ID.3 effort, the task to code ICAS project was under way. old-world features such as tive software in-house. outselling Tesla’s Model 3 in crisis to overcome internal op- software for the car was scat- VW and its suppliers had to spaciousness and design, Tesla The biggest challenge, said Europe in December, according position to electric vehicles, tered across the organization. adopt new ways of working to- beat VW hands down on such Mr. Hilgenberg, isn’t the tech- to Jato Dynamics, with sales Prof. Malik said. It was at this VW’s appointment of Christian gether to build the ICAS and metrics as battery range and nology, it is the mind-set of fueled by a price tag that is meeting that VW decided to Senger, previously head of dig- connect the ID.3 to the cloud. advanced computing. the people—their reluctance to about $12,000 less than Tesla’s build what would become the ital services and electric mo- At the end of the workshop, embrace radical change until model, and by Germany’s deci- ID.3, complete with custom bility products, as leader of the management team had the circumstances force them to. sion last year to increase in- software to run the vehicle VW’s entire software develop- ‘The Germans have outlines of a reboot. It would “In the middle of success centives for EV purchases. The and in-car apps. ment, came only in 2019, produce a new fully electric it’s not easy to understand ID.3 has also garnered nega- Software has been running months before the vehicle’s finally come, and and largely self-driving car by why you need to change now,” tive trade-press reviews and is in gas-powered cars for years. planned launch. they’re not as good 2025, shift more resources he says. still missing key features. An average passenger vehicle The group’s first task was from the company’s old busi- Another component of the Ever since Tesla launched typically includes about 80 to create a coherent organiza- as Tesla.’ ness to EVs and digitization, reboot was the Artemis proj- its first car in 2008 “there was parts fitted with chips that tion out of the thousands of expand battery manufacturing, ect, a new in-house design this feeling that the really se- perform discrete tasks. These programmers spread around and explore new revenue team that would take the soft- rious players are going to chips run code that remains the group and begin to shift streams and payment systems. ware developed by Mr. Hilgen- come,” said Peter Rawlinson, static over a car’s lifetime. critical development in-house. They created integrated teams As the summer 2020 launch berg’s group and integrate it CEO of electric car startup Lu- With the shift to electric, The first major project was that met in workshops at reg- date for the ID.3 approached, in a new electric, self-driving, cid Technologies and the for- computing has become the VW.os, an operating system ular intervals to assess the VW told Continental to focus and internet-connected vehicle mer chief engineer of Tesla’s heart of the vehicle, with a for ICAS1, the car’s central state of play and plot out the on critical functions. By then, within three years. Model S. Now, he says, “the central processor managing computer that could be up- next steps. During these work- Mr. Ulbrich and senior VW ex- “We fairly quickly came to Germans have finally come, the battery, running the elec- dated remotely. shops, VW often placed new ecutives concluded that the the conclusion that we needed and they’re not as good as tric motors, brakes, lights and Another source of complex- demands on the group as its ID.3’s remote updates weren’t a separate unit and needed to Tesla.” other critical systems as well ity was that VW picked differ- requirements of the ID.3 yet secure enough to go on the give it the freedom to develop, Other legacy car manufac- as additional features such as ent vendors to develop differ- evolved, Mr. Ulbrich said. road, Mr. Ulbrich said. The up- a bit like a rocket,” said Alex- turers including General Mo- entertainment or heating in ent parts of its software “The iPhone today is not dates not only changed apps ander Hitzinger, a Porsche and tors, Ford, Renault, Peugeot the seats. Just like a gas-pow- ecosystem. To build its indus- the same product it was in the and kept the navigation up-to- Apple veteran who presented and Toyota are bringing new ered car should be serviced trial cloud for factories, VW beginning. It has evolved, it is date, they also made changes the idea to the meeting. electric models to market this regularly, a modern electric teamed up with Amazon Web an evolutionary process. And to core functions such as the Change is coming, Mr. Diess year. Failure to keep up could vehicle may receive software Services. For the automotive that is the process that VW is electric powertrain. wrote on his LinkedIn page, redraw the global auto map, updates to improve safety and cloud connecting its cars, it going through now,” Mr. Ul- “In mid-2020 we had to and VW must move faster. costing German car makers— performance, offer new in-car joined with Microsoft Corp. brich said. make the decision that we “The global transformation of Volkswagen, BMW and Daim- services, or unlock sources of And to build ICAS1, VW turned The experience convinced would have to ask the first the industry will take roughly ler—their leadership status in revenue for the manufacturer. to Continental AG, the lead Mr. Diess that he needed to re- 50,000 vehicles to come to the 10 years,” he wrote. “With or high-end products. “The key here is taking this partner in a team of 19 suppli- boot VW’s software business. service stations for an up- without Volkswagen.”

“When a raid is going on, KFC hasn’t announced a his gaming rig to help warm his Happiness my PC is struggling,” said Ms. price or release date for the drafty one-bedroom Chicago Ratchford, 27, which means it “KFConsole,” but a representa- apartment this winter. “It’s bet- will work harder—and pump tive said the device is “a real- ter than a space heater,” he IsaWarm out more heat—to keep up life product.” said, “because you can’t play with the action. Some people rely on power- games on a space heater.” In warmer months, the ma- ful computers for mining digi- A financial-product de- Computer chine’s excess heat will usually tal currency such as bitcoin, signer temporarily working prompt her to crack open a whose value has more than from home, Mr. Burger thinks window, though she generally quadrupled from a year ago. his computer runs hotter than ContinuedfromPageOne doesn’t mind the temperature Miners and gamers tend to most because it is about eight basil and heirloom cherry to- changing. Her Snowshoe cat butt heads trying to get hold years old. It has to work hard matoes. “It was like those heat- Yachi loves it and often naps of new graphics cards—essen- to support even games that ers on a restaurant patio,” he alongside her computer, while tial computer parts that gen- don’t have complex graphics, said. “I made a caprese salad.” her mixed-breed dog Dash has erate lots of heat—which are he said: “With every new

Now Mr. Smith, who lives in a seasonal affection for the GADO IMAGES often in short supply. game I get I feel like I’m flying Lafayette, Calif., is experiment- heat, usually in the winter. Thomas Smith of Lafayette, Calif., is experimenting with using In Portugal, the home in the closer to the sun.” ing with using his computer to How warm a high-perfor- his computer to heat a chicken coop. fishing village where Jon Austin Evans, a YouTube heat at night a coop he recently mance computer can get de- Standen is staying lacks a built- creator in Los Angeles, last set up in his backyard for two pends on the type of cooling to computer gaming on the so- sion,” said Mr. Zmick, a help- in heating system. As a tester year made a video in which he chickens. “It’s chilly out there,” and other components in it, cial-media platform Reddit, desk assistant in Charlottes- of graphic cards for a living, he fried an egg atop a gaming he said, though he is concerned andwhatitisusedforand though mostly in the summer, ville, Va., adding that the air- said, he is fortunate because computer he purposely assem- about the birds’ safety. “I don’t how long, said Matthew Jus- said Jesse Zmick, 30, one of its conditioning system in his his high-end computer is doing bled without the kind of cooling want to overheat them.” tice, a software engineer and moderators. Aside from mak- apartment is subpar. “But in a good job of filling the gap. features most machines have Rebecca Ratchford hasn’t author of “How Computers Re- ing under-the-hood upgrades the winter it’s quite nice.” “It’s essentially a 350-watt for safety and performance. “It had to raise the thermostat ally Work.” It could make a to components that keep the Fast-food company KFC re- heater,” said the 40-year-old, was a little runny on the top,” this winter in her three-bed- large, spacious home just a lit- machine from overheating, he cently co-developed a gaming originally from London, add- he said, “but the bottom was room Cary, N.C., home, where tle bit toastier, he said, or turn often recommends simply in- computer with a chamber for ing that lately a cold snap has white and tasted good.” she has been working remotely a small one with minimal ven- vesting in a good desk fan to keeping its chicken warm. brought the temperature at Mr. Evans, 28, doesn’t rec- as an administrative assistant tilation into a sauna. The prob- improve airflow. “Never risk letting your night down to around 37 de- ommend that people attempt since the pandemic began. Her lem is acute for gamers and “Fans are your friend,” he chicken go cold again,” reads a grees Fahrenheit. The com- the same at home, even with a custom-built computer gives miners in warm climates, he said, adding that sometimes promotional website from the puter, he said, “puts a lovely properly built computer. “It’s off plenty of warm air, she said, as both tend to use their extra steps may be necessary. Yum Brands Inc. unit, which warm draft of air across my not practical for any kind of said, especially during intense pricey machines year-round. During the summer, “I’ll strip made the machine in partner- desk and my keyboard so I can long-term use, but it was an in- battles in “Destiny 2,” the sci- Coping with the heat is a down to shorts and a T-shirt if ship with hardware manufac- keep typing.” teresting experiment,” he said. ence-fiction shooter game. hot topic on a forum dedicated I’m playing an extended ses- turer Cooler Master Co. Kyle Burger, 25, is leaning on “It technically does work.” .

THE WALL STREET JOURNAL. ** NY Wednesday, January 20, 2021 | A10A GREATER NEW YORK Cuomo Proposes Tax Rise for Wealthy

New York’s highest veiled Tuesday for the fiscal that exceeds $100 million. ofaidtomakeupforrevenue sures are only projected to business and investment tal- year that starts on April 1. Currently, single filers pay lost as a result of the corona- generate, respectively, $49 mil- ent will be highly incentivized income-tax rate would He said the increase would an 8.82% state tax rate on in- virus pandemic. lion and $20 million next year. to permanently relocate to increase to 10.82% from raise around $1.5 billion in tax come over $1.08 million. “If the federal government President-elect Joe Biden lower-taxed jurisdictions,” revenue, and would be coupled New York City’s top income doesn’t fund state and local has proposed a $1.9 trillion said Kathryn Wylde, chief ex- 8.82% under the plan with federal aid and operating tax is 3.88%. That means some governments, it’s going to hurt coronavirus relief bill that sets ecutive of the business group cuts to cover a projected $15 city residents could face a all New Yorkers,” he said. “The aside $350 billion for state Partnership for New York City. BY JIMMY VIELKIND billion deficit in the current combined state and city in- new government didn’t cause and local governments. A coalition of labor unions and coming fiscal years. come tax of 14.7% under Mr. the damage. But they are le- Business groups expressed and progressive groups has New York Gov. Andrew New York’s top income-tax Cuomo’s proposal. California gally, ethically and politically concern about raising income been pushing state lawmakers Cuomo proposed raising the rate would rise to 10.82% from currently has the highest top responsible for correcting it.” taxes. The wealthiest 2% of to raise income taxes by an state’s top income-tax rate by 8.82% under the proposal, income-tax rate, 13.3% on in- The governor said he is state taxpayers—or roughly even greater amount, and im- 2 percentage points, an in- state officials said, adding that come over $1 million. seeking $15 billion in aid from 188,000 filers—provide about pose taxes on financial trans- crease that would mean New they would create five new tax Mr. Cuomo said at a Tues- Washington over the next two half of the state’s income tax actions and unrealized wealth. York City residents in the top brackets that would last for day news conference that he is fiscal years, which is the size revenue. Thousands of people They said Mr. Cuomo’s pro- bracket would pay the highest three years. concerned his move would of the state tax revenue short- have left New York City and posal is inadequate. combined local tax rate in the The new surcharge would prompt high-income earners fall his office attributes to the are working remotely, and Democrats who control the country. apply to all New Yorkers whose to leave the state, and added pandemic. Mr. Cuomo also said higher rates could prevent state Assembly and Senate Mr. Cuomo, a Democrat, in- returns report more than $5 that the tax proposal could be he would raise revenue by le- their return, the groups said. have said they are open to in- cluded the tax increase as part million in income, and the top avoided if the federal govern- galizing mobile sports betting “It makes economic recov- creasing taxes to cover the of a $193 billion budget he un- rate would apply to income ment approves a large amount and marijuana, but the mea- ery almost impossible, since current budget deficit. MTA State Attorney General Blasts the NYPD Postpones BY BEN CHAPMAN Increase AND KATIE HONAN New York Police Department officers used excessive force in In Transit response to a Black Lives Mat- ter demonstration honoring Martin Luther King Jr., New Fares York state Attorney General Letitia James said Tuesday. Officers on Monday night BY PAUL BERGER arrested 29 protesters at the demonstration outside City The operator of New York Hall in lower Manhattan, said City’s subway and bus systems, NYPD officials. The charges in- as well as two regional com- cluded disorderly conduct and muter rail lines, will delay a fare resisting arrest, they said. increase planned for this spring. The protest, which drew New York Metropolitan hundreds of participants, began Transportation Authority outside the Barclays Center Chairman Patrick Foye said arena in Brooklyn and moved the economic struggles of rid- over the Brooklyn Bridge into ers and the possibility of fur- lower Manhattan, where offi- ther federal relief were the cers clashed with demonstra- reasons to postpone increases tors at City Hall Park. for at least several months. Eleven officers suffered mi- Some authority board mem- nor injuries in the incident, ac- bers said earlier this month cording to the officials, includ- that they would like to delay ing a captain who was struck raising fares until later this by a bottle.

year or early next year. Ms. James, who last week KARLA ANN COTE/NURPHOTO/ZUMA PRESS The MTA, which instituted filed a lawsuit against the Police officers arrested 29 protesters who marched across the Brooklyn Bridge to City Hall in lower Manhattan on Monday night. a pattern of fare and toll in- NYPD over its response to creases every two years a de- Black Lives Matter protests in NYPD Commissioner Der- few videos of Monday’s arrests host of changes are happening tween protesters and police cade ago, was scheduled to New York City last year, said mot Shea in a television ap- in City Hall Park. He said the right now at the NYPD.” have sometimes occurred. The raise prices in early 2021. Tuesday that videos circulating pearance Tuesday defended police response was height- The NYPD has made thou- NYPD’s response to the pro- The agency held a series of on social media showed that the arrests made by officers. ened because of the deadly sands of arrests in large-scale tests has been the subject of public hearings on the propos- officers acted too aggressively. “People need to have conse- Jan. 6 riot at the Capitol in demonstrations against police multiple official investigations. als at the end of last year “Once again, we are seeing quences,” Mr. Shea said. Washington, D.C. brutality and racism that have A report by New York City’s ahead of a vote that was ex- and hearing accounts of NYPD NYPD officials declined to “It was a small protest, it occurred in New York City since Department of Investigation in pected Thursday. officers infringing on the rights comment on Ms. James’s was in close proximity to City the May 25 killing of George December found the police “What we heard at these of New Yorkers,” Ms. James statement on the arrests. Hall and that was obviously a Floyd, a Black man, in the cus- mishandled some of the dem- hearings was that people are said. “The images of officers New York City Mayor Bill concern after what happened tody of Minneapolis police. onstrations. suffering and cannot shoulder using excessive force against de Blasio, who has enacted a at the Capitol just 12 days ago,” Although the demonstra- Mr. Shea said he read the even a modest fare increase peaceful protesters is alarming number of NYPD policing the Democratic mayor said. tions have been mostly peace- report and would incorporate right now,” Mr. Foye said. and cause for deep concern.” changes, said he had seen a “But the bottom line is a ful, violent confrontations be- its recommendations. A vote on proposals to raise tolls at the authority’s two bridges and seven tunnels will go ahead in February, he said. Many New Yorkers Won’t Get Vaccine, Poll Shows The MTA, which has an op- erating budget of $17 billion, faces multibillion-dollar defi- BY JIMMY VIELKIND health clinics that is partnering cits over the next several with the state on some vaccina- years caused by a reduction in More than a quarter of New tion sites. revenues from taxes and a York state residents don’t plan On Monday, the Democratic drop in ridership. to get vaccinated against the governor said 903,131 people Weekday subway ridership coronavirus, according to a in the state had taken their has fallen to about 1.6 million poll released Tuesday. first vaccine dose. trips, down more than 70% A Siena College Research In- According to the Centers compared with pre-pandemic stitute survey of 804 state vot- for Disease Control and Pre- levels. ers found that Black, Latino and vention, the federal govern- The authority has received younger New Yorkers were the ment has sent New York 1.9 $7.9 billion in federal aid so most likely to say they don’t million vaccine doses. far during the pandemic. MTA plan to get a shot, which first Mr. Cuomo has faced criti- officials are hopeful of secur- became available on Dec. 14. cism from local officials over ing a further $4 billion under Seven percent of poll re- the state’s vaccine rollout. He President-elect Joe Biden’s spondents said they had al- has followed a federal recom- Covid-19 relief package. ready been vaccinated. Of the mendation for a sudden ex- Andrew Rein, president of remaining voters surveyed, pansion of who is eligible to the nonpartisan fiscal watch- 69% said they planned to get take it and blamed the federal dog Citizens Budget Commis- vaccinated, 27% said they government for the ensuing sion, said it is reasonable for didn’t plan to get a shot and frustration among New York- the MTA to delay fare in- 4% refused to answer. The ers who struggled to secure an

creases by a few months be- poll, taken last week, has a KENA BETANCUR/AGENCE FRANCE-PRESSE/GETTYappointment. IMAGES cause of riders’ economic margin of error of plus or mi- People registered at a vaccination site in Manhattan’s Harlem neighborhood earlier this month. Last week, Mr. Cuomo said hardship during the pandemic. nus 4.1 percentage points. the vaccination-refusal rate He added that biennial fare in- “New York—like the coun- cent of Latino respondents Gov. Andrew Cuomo has Black and Latino neighbor- among health-care workers var- creases are a smart way for try—has a long way to go on said they wouldn’t take the said that there is skepticism hoods where there is a dearth ied among regions of the state, the MTA to balance its budget getting people vaccinated for vaccine, and 36% of Black re- and mistrust of vaccination of health facilities. from 13.3% in New York City to and that the delay shouldn’t Covid-19,” poll spokesman Ste- spondents, as well as people programs among some Black “These are New Yorkers who 28.5% in the Hudson Valley. last longer than necessary. ven Greenberg said. between ages 18 and 34 said New Yorkers, in part because would never go to a hospital to The Siena poll also found “As the economy revives we The poll showed 35% of they wouldn’t take the shot. of a legacy of medical experi- be vaccinated. But they’ll come 57% of New Yorkers surveyed need to ensure there is regular both self-identified Republi- A Siena poll taken in No- mentation on the community. to see their family doctors. And viewed Mr. Cuomo favorably fare and toll increases no mat- cans and political indepen- vember found 24% of voters State officials said Monday that’s who we are,” said Dr. Ra- and 56% approved of the job he ter what federal aid comes,” dents said they wouldn’t get surveyed said they wouldn’t that they were opening eight mon Tallaj, chairman of SOMOS is doing, little changed since Mr. Rein said. vaccinated. Thirty-nine per- take the vaccine. vaccine-distribution points in Community Care, a network of the college’s November poll. .

A10B | Wednesday, January 20, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METRO MONEY | By Anne Kadet In NYC, It’s Let’s Make a Deal for Survival

Kelly kind of don’t like, says Mr. Wang’s new Mack: “Everyone is sharing store almost the pain.” didn’t survive On the bright side, the the pandemic. pandemic is creating oppor- Five weeks af- tunities for entrepreneurs ter she opened Rue Saint looking to open new stores. Paul, her Brooklyn sustain- While asking rents for able-fashion and beauty bou- storefronts across the metro- tique, the lockdown forced politan area fell by just 4.5% her to close for three last year, according to infor- months. Because the store mation provider CoStar was new, it didn’t qualify for Group, that doesn’t reflect a federal PPP loan. what’s happening behind the “I was just panicking. It scenes. was my first commercial Commercial landlords lease and I was nervous and don’t like to drop face rents timid about my options,” she on their properties, and says. some are prevented from do- Thank goodness her land- ing so by mortgage agree- lord—a retired woman who ments requiring a minimum lives upstairs—said she rental income, says CoStar didn’t have to pay rent until Associate Director of Market the spring lockdown ended. Analytics Rachel Johnson. In July, when Ms. Wang So rather than dropping asked about the back rent, the rent 20%, for example, a the landlord said she’d only landlord might offer a year’s have to pay half, spread over free rent on a five-year the remainder of the lease. lease, or fund a custom “We wanted to make sure space renovation. Kelly had the opportunity to Entrepreneurs scouting be successful in the space,” storefront spaces, mean- says Salvatore Licata, the while, tell me that many

landlord’s son. “And in turn, JEAN TUTTLE FORlandlords THE WALL STREET JOURNAL are entertaining my mom hopefully would offers at a sharp discount to have a long-term tenant that in Manhattan, Brooklyn and Group that has become in- obvious reasons, new tech- ron, says that in 90% of the their asking price. she would benefit from as Queens. creasingly popular among nology can provide a full ac- cases, the parties strike an Hemant Chavan, co- well.” “The cost of replacing a city landlords during the counting of a tenant’s re- agreement allowing mutual founder of Brik + Clik, a re- Ms. Wang, meanwhile, de- retail tenant is very high and pandemic: percentage of ceipts. survival. tailer offering merchandise cided against requesting ad- there is a lot of uncertainty sales deals. “They don’t trust each “Given where the commer- typically available only on- ditional discounts. Sales are as to how long the space will These lease arrangements other, but we like to say we cial real-estate market is in line, says that in past years, strong and she’s able to pay be empty,” says Mr. Gold- typically reduce the rent by are referees in the sandbox,” New York City right now, he would have had a hard the full $3,800 monthly rent berg. 25%-100%. In exchange, the you’re better off making a time nailing a first-class re- on the 550-square-foot store or restaurant tenant deal, and there are a lot of tail space in New York City, space, she says. iven this reality, he’s pays the landlord a cut of its Some landlords and creative ways of doing that,” given his relatively unproven For those of us concerned G offered many of his sales, often 5%-20%. Mr. Mack says. concept. about our city’s mom-and- tenants—which in- Amish Tolia, co-CEO and retail tenants are In many cases, he says, But last fall, he landed a pop shops and retail strips, clude restaurants, drug- co-founder of Leap, a busi- landlords forgave the rent high-profile slot in an up- it’s heartening to hear about stores, nail salons and dry ness that rents storefronts devising creative during the spring lockdown, scale Manhattan mall, and he landlords and small-business cleaners—short-term rent re- that it then manages for var- ways to stay afloat. or agreed to tack it on to the is now closing in on a per- tenants working in good ductions of 30%-100%. ious brands, is delighted end of the lease. centage-of-sales deal on a faith to ensure each other’s “I’d rather see a tenant with the percentage deals prime Midtown location. survival. And it’s not as rare open for business, paying he’s negotiated with his any deals also in- “They wouldn’t be talking you might think. nothing, than have an empty Manhattan landlords. says Jay Norris, the CEO of M clude a renewable to us before the pandemic,” “Our strategy has been to space,” he says. “If you have a really good Guesst, a third-party sales rent reduction for a Mr. Chavan says. go as far as we can to keep As a result, his vacancy month, you pay more; a verification platform. specific duration—typically He then offered a view spaces occupied,” says Josh rate is roughly 5% compared slower month, you pay less,” Sometimes the lawyers four to six months—or one that sounds nutty, but may Goldberg, co-principal with with rates topping 20% along he says. “You give up a little have to get involved in a tied to a government action, very well prove prescient: his wife, Deborah Reich, and many Manhattan retail bit on the upside, but it pro- thorny lease negotiation, of such as reopening indoor “It’s a very good time to get son Xan at the Goldberg strips. tects you on the downside.” course. But William Mack, a dining at full capacity. into retail.” Group, which owns several One option employed in And while landlords have Manhattan business attorney The pacts typically create dozen storefront properties some cases by the Goldberg been leery of such deals for with Davidoff Hutcher & Cit- an agreement that both sides [email protected]

DIFFERENT NATIONAL ORIGINS.

SAME FAIR HOUSING RIGHTS.

It is illegal for landlords and real estate agents to deny you housing opportunities because of your ethnicity. The Fair Housing Act prohibits housing discrimination based on national origin. If you believe you have experienced a violation of your rights, file a complaint.

Go to hud.gov/fairhousing or call 1-800-669-9777 Federal Relay Service 1-800-877-8339

FAIR HOUSING: THE LAW IS ON YOUR SIDE.

A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. . WELLNESS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, January 20, 2021 | A11

WHAT’S YOUR WORKOUT? | JEN MURPHY Test YourselfWith This Six-Week Regimen

Join The Wall Street Journal Fitness Challenge, a program of exercises made for all ability levels that emails you a new workout each week FROM TOP: ILLUSTRATION BY JON KRAUSE; DANIEL BRENNER FOR THE WALL STREET JOURNAL (2)

eady to challenge your- Park. They sampled the step-up who specializes in exercise and ag- self to feel healthier test, a dynamic warm-up, core ing at Duke University, and Mi- and stronger? strength series, cool-down and six chael Rogers, a professor in human The Wall Street weeks of workouts designed to im- performance studies at Wichita R Journal is launching its prove your step count. State University, will field ques- first fitness challenge, a “We’ve all been out of our rou- tions once the challenge six-week program of step-up exer- tines and sitting more than we begins. cises designed for people of all normally do,” the Sign up for ages and fitness levels who want 60-year-old Mr. the weekly to dial their workout up a notch. Kander says. newsletter. Test Developed by veteran NBA sports “Any kind of in by seeing performance coach Arnie Kander, movement has how many this six-week program doesn’t re- Arnie Kander, right, Lynn Hill, benefits.” At the steps you can quire equipment and can be per- rear, and Nell Rojas, above and end of the pro- take up and formed anywhere, even in small far right, lead the exercises. gram, he says, down in 20 sec- spaces. you’ll see a no- onds. You can Mr. Kander spent 25-plus years ticeable differ- use a curb, a working with NBA teams, includ- enceinhowyou stair step or an ing the Minnesota Timberwolves SOME SAMPLE STEPPERS walk,goup old-school aer- and Detroit Pistons, for whom he steps, sit and obic step. Each still serves as a consultant. The squat. week for six 20-second step-up became his gold We asked a handful of regular Jim Snizer, pro cyclist, 27, At- The fun part weeks you’ll re- standard for measuring an ath- What’s Your Workout readers, as lanta, 35 steps of the challenge ceive an email lete’s baseline level of fitness. “I’ve well as some pro athletes, to test Lauren De Crescenzo, pro cyclist, is comparing with a new probably used it 1,000 times on in early and share their scores: 30, Atlanta, 25 steps your numbers workout aimed professional athletes,” he says. It’s with the scores at improving a very simple test that tells a lot Arnie Kander, 60, Boulder, Colo., Trina Hosmer, 75, retiree, Stowe, of other partici- your number of about a person’s movement effi- 29 steps Vt., 22 steps pants, be it desk steps, as well ciency, balance response, coordina- Nell Rojas, 33, Boulder, Colo., 28 Charlotte Milan, 45, publicist, jockeys or pro as tips on top- tion, reflexes, ankle flexibility and steps San Francisco, 19 steps athletes, by re- ics including core strength. plying to the Sign up for The WSJ core training Lynn Hill, Last spring, he challenged 60, Boulder, Colo., 27 Benoit Duboscq, 47, strength newsletter after Fitness Challenge at and recovery. friends. A 94-year-old woman he steps and conditioning coach, Redondo signing up. Mr. We’ll also in- knows completed eight steps up Jen Murphy, What’s Your Work- Beach, Calif., 29 steps Kander suggests wsj.com/fitnesschallenge clude the songs and down in 20 seconds. A former out columnist, 40, Boulder, Colo., Elie Hirschfeld, 70, real-estate taking the 20- pro athletes like professional soccer player 31 steps developer, New York City, 21 second test at soccer star Me- achieved 41 steps, up and down in the end of each gan Rapinoe, Owen Lynch, 17, student and son steps 20 seconds. That’s about two steps week. If you haven’t seen improve- NFL kicker Justin Tucker and golf- of Lynn Hill, Boulder, Colo., 40 May Selby, 49, publicist and DJ, per second. ment halfway through the pro- ing great Greg Norman turn on steps Aspen, Colo., 22 steps For The Wall Street Journal gram, or are struggling with some when they need a boost. Fitness Challenge, Mr. Kander, Thon Maker, 23, Cleveland Cava- Valerie Caveney, 38, director of of the exercises, email questions At the program’s end, you’ll re- who lives in Boulder, Colo., en- liers, 29 steps executive programs, First Repub- to [email protected] and we’ll do take your 20-second test. Share listed local athletes including Nell Richard Hamilton, 42, former lic Bank, Sonoma, Calif., 25 steps our best to answer them. your results on social media using Rojas, 33, an elite long-distance NBA player, 30 steps Braxton Browne, 3, child, Chel- Mr. Kander, along with our ex- #WSJFitnessChallenge or by email. runner, and Lynn Hill, 60, one of sea, Mich., 15 steps pert panel, including Andrew And we’ll send expert tips on how the most accomplished female Grant Hill, 48, co-owner of the Jagim, director of sports medicine you can take your gains and apply climbers in the world and the first Atlanta Hawks and former NBA Joan Klumpp, 88, retiree, Troy, research at Mayo Clinic Health them to a new set of functional fit- person to free-climb the Nose on player, 20 steps Mich., 4 steps System in La Crosse, Wis., Miriam ness goals. El Capitan in Yosemite National Morey, a professor of medicine Good luck!

CAREERS wanted a fresh start. A Surreal Pursuing ‘Positive Change’ Ms. Oyewole, who had a mer- The year 2020 tested Justin Gall chandising job at an apparel com- so much that he decided “to make pany, started interviewing for jobs 2020 Sparks 2021 the year in which I will make in February and was in the process my next professional leap.” of closing on the purchase of a Ambitious Mr. Gall, 41, a senior au pair ser- townhouse. Then, in May, she got a vices coordinator in San Diego, said job offer—in Seattle. She’s planning Resolutions pandemic-related travel restrictions a cross-country move next month to led to layoffs, furloughs and budget start a new job as an account man- cuts at his global-exchange com- ager for an online retailer. BY RAY A. SMITH pany. Although his job was spared, The past year “was definitely the fallout meant he had to take on an awakening for me,” she said. he challenges of 2020, one of more responsibilities. “I’m grateful I had time to slow T the most surreal years in re- “I’ve been stretched pretty down and really figure out what I cent memory, prompted thin,” he said. Concerned about wanted and go after it with inten- some individuals to make ambi- the future of his industry, getting tion and preparation.” tious resolutions. married and watching his new “It is leading some people to wife, a teacher, work on her mas- RELATIONSHIPS think it’s time to say, ‘I ter’s degree prompted Long-Distance No Longer see that life can be frag- Mr. Gall to consider get- Wanyoung Kim, 27, and Daniel ile, I need to re-priori- ting a teaching certifi- McArthur, 30, have been in a long- tize what’s important to cate himself. Justin Gall, above, Morayo Oyewole, top left, and Alix Teague, bottom left distance relationship for about 2½ me.’ ” said John C. Nor- “It’s something that years. The two last saw each other cross, a professor and has been building in me in July, when Mr. McArthur, who chair of the psychology for a little while, but True-Crime Career Change wanted to combine her interests lives in Fort Worth, Texas, sponta- department at Pennsyl- there are certain experi- Alix Teague, an accounts-payable with her skills. This week, she’ll neously proposed to Dr. Kim, who vania’s University of ences and factors stem- specialist in the health-care indus- begin classes toward earning a lives in Toledo, Ohio. Scranton. ming from 2020 that try, decided last year to go back to bachelor’s degree in accounting To bridge the distance, they While some people have given me that ex- school in 2021 to beef up her ac- with a minor in criminology and frequently messaged each other found themselves too tra awareness and real- counting skills. The pandemic and forensic accounting. “Having the and connected using FaceTime. overburdened by the de- ization and kind of working from home gave her time education will open other oppor- “We just hoped for the other mands of 2020 to caused me to step back to acknowledge she wasn’t fulfilled tunities for me.” person not to get sick,” said Dr. bother making resolu- and evaluate things, to professionally. Kim, a freelance editor and transla- tions, “others are recali- take inventory of where “During the summer is when I ‘Awakening’ Leads to Move tor who has a Ph.D. in philosophy, brating in their own I am at personally in life started to really kind of sit with For Morayo Oyewole, moving into art and critical thought. “Realizing way, whether it’s less and professionally in myself,” said the 27-year-old, who a place of her own for the first that the other person was one of screen time and family- life,” he said. lives in Franklin, Ind. Ms. Teague, time “feels like a small victory af- the few people that we would really game night or saying, ‘I appreci- Broader social upheaval in who already has undergrad and ter last year.” rely on during this pandemic in ate the need to slow down,’ ” Dr. 2020 also motivated him. Organi- graduate degrees in theater and Ms. Oyewole, 25, lived with her some ways did strengthen” the rela- Norcross, author of “Changeology: zations that address issues such as English, researched schools in her parents in Atlanta last year to tionship, she said. 5 Steps to Realizing Your Goals poverty, racial justice and food in- area that offered classes in foren- help take care of her ailing mom “She’s my life and everything,” and Resolutions,” added. To that security have inspired him to want sic accounting, a specialized field and save money for a place of her added Mr. McArthur, who owns an end, here’s a look at a few indi- to enter public service and bring that examines financial reporting own. But after watching her electronics store. The couple plans viduals undertaking big life about “some positive change to and misconduct. An “admitted mother’s health rebound and get- to get married this year and live

FROM TOP:changes ABBY SMITH; AYO OYEWOLE; ALIX TEAGUE in 2021. our world,” he said. true crime junkie,” Ms. Teague ting furloughed in April, she together at last in Fort Worth. . A12 | Wednesday, January 20, 2021 THE WALL STREET JOURNAL. PERSONAL JOURNAL.

age 13, due to a children’s privacy protection law. Now, though, Dis- cord requires new users to enter a birth date. Kids can, and do, lie about their age, but if they register for an account with a birth date that puts them anywhere between ages 13 and 18, they’re blocked from entering servers dubbed “NSFW,” aka “not safe for work.” They also can’t receive direct messages with images containing nudity, as deter- mined by Discord’s filtering algo- rithms. Discord says it will respond to any child-safety complaint within two hours. If the moderator suspects that someone under the age of 13 is in a server and reports it, Discord sus- pends the suspected child’s account until he or she can show proof of age. Discord also has created a training program to teach modera- tors how to look out for younger children in their servers, how to en- courage good behavior and how to block or report bad actors. Modera- tors can also create bots to detect inappropriate content. While Discord currently only scans images for nudity and porn, it plans to expand the scope of the in- appropriate imagery it can detect. The company recently joined the Global Internet Forum to Counter Terrorism, which will give it access to examples of violent and extreme content to train its filters.

FROM TOP: ILLUSTRATION BY DANIEL DOWNEY; DISCORD Since the Nov. 3 election, Dis- cord has been monitoring its serv- ers for signs of activity that might indicate organized violence. After Discord App Aims for Safer Space the Capitol riot, Discord banned a Trump-themed server. Although there was no evidence it had been used to organize the riots, it was FAMILY tors were overwhelmed with the communicate with minors. messages from strangers. Parents connected to another online plat- &TECH number of posts as the service ex- “We’re having a moment over also can request to see all of their form that had been used to incite JULIE perienced rapid growth. trust and safety on social-media teen’s account data. violence. “Discord was not used by JARGON Discord has stayed out of the platforms,” Mr. Balkam said. “Be- However, parents tell me what the organizers of the January 6th headlines this month, but that cause Discord had one earlier with they really want is a way to con- attack on the Capitol,” Mr. Smith hasn’t always been the case. Charlottesville, they’re better pre- trol which Discord servers their said. “For us this validates several iscord, the popular “Discord did not come to safety pared now for the world we’re in.” children can and can’t enter. Mr. years of our persistent commitment chat service used right away; it took a bumpy road But are parents prepared to let Smith said it doesn’t have plans to to make our platform an unfriendly largely by teenage and for them to acknowledge that trust their children loose in what I de- introduce parental controls, be- place for anyone who promotes or young-adult gamers, is and safety were absolutely core to scribed back in 2019 as a virtual cause its philosophy is to put us- glorifies violent extremism.” D trying to reinvent itself their business model because if not, “Lord of the Flies,” where adoles- ers first—not The changes ap- as a friendly place to as in the case of Parler, you’re run cent boys ruled and where harass- their parents. pear to be showing hang out—a virtual space where out of town,” said Stephen Balkam, ment and porn were commonplace? One mom, some results, albeit anyone can gather for karaoke chief executive of the nonprofit In my earlier Discord column, who told me that minor ones. Bark, a nights, group painting sessions or Family Online Safety Institute, the company said it took a laissez- a lack of parental parental-control yoga classes. which works with tech companies faire approach to enforcement and controls is why and online-moni- On Discord, anyone can create a and lawmakers to make the internet wouldn’t interfere in a private she won’t let her toring service that private chat room—a “server,” in safer for children. The organization server unless someone made a children join Dis- monitors Discord’s Discord parlance—and invite allowed Discord to become a mem- complaint. That has changed. Dis- cord, said, “I direct messages on friends in to talk live via video, au- ber earlier this month, after what cord has created a team of seven think putting the Android and Ama- dio or text and to share pictures Mr. Balkam described as a rigorous machine-learning experts develop- user first is fine zon devices, ranked and videos. This made Discord a application process. ing algorithms to detect harmful for people 18 and Discord the fourth content free-for-all that many par- activity and identify suspected older but not for most-abusive plat- ents have been leery of allowing child predators. Upon detection, anyone under 18.” form last year. Be- their children to access. Discord deletes the servers used Discord termi- Discord shows users a warning fore that, it was No. But over the past six months, by the suspected predators and nated more than about pornographic content 2. Bark measures the service, with more than 140 8.2% bans members of those groups four million ac- and blocks teens from it. abusiveness by the million monthly active users, has from rejoining its platform. counts in the amount of activity instituted changes and is taking a of Discord activities in 2020 were Last year, Discord shut down first half of 2020 it flags for bullying, more proactive approach to polic- flagged as abusive, down from 2019 more servers for sexual content for violating its terms of service or sexual content and violence, among ing the site for child predators and based on its own policing than on community guidelines, with the other issues. Last year, 8.2% of all blocking minors from seeing porn. user complaints. It is also doing majority of the violations related Discord activities that Bark moni- These changes come as social- more to train human moderators to to spam, according to its most re- tored were flagged for being abu- media platforms are increasingly Discord’s bumpy road included spot trouble; it says 15% of its em- cent transparency report. Of the sive, down from 12.6% in 2019. Bark scrutinized, from both the political a role in the 2017 “Unite the ployees now work on trust and non-spam violations, most account just issued its latest annual report right and left, for their handling of Right” rally in Charlottesville, Va., safety and monitor certain servers deletions were for exploitative on children and technology. content. They are seen as having that erupted in violence and left for problematic activity. content, including child sexual- Bark can’t monitor activity within played a role in the riot at the U.S. one counterprotester dead. The “Discord is not about growth at abuse material and nonconsensual the servers, nor any text chats on Capitol earlier this month; Face- FBI obtained a warrant for the Dis- all costs,” said Clint Smith, Dis- pornography. While few termina- Apple devices. Titania Jordan, Bark’s book and Twitter are also receiv- cord account of the leader of a cord’s chief legal officer, who joined tions were for harassment—Dis- marketing chief, cautioned that it is ing criticism for deplatforming white supremacist group, after the company in August and over- cord says harassment is better ad- too soon to celebrate. President Trump and some of his chats suggesting the leader en- sees its trust and safety team. “We dressed by users blocking other Mr. Balkam, of the Family On- supporters. As they look to con- couraged violence at the rally were want to be an inclusive platform for users—harassment did make up line Safety Institute, pointed to the gregate elsewhere, options are lim- leaked on a left-wing media site. healthy engagement with friends the largest share of complaints in way some popular content cre- ited. One preferred network, Par- Discord said afterward that it and communities, and we have no the first half of 2020. ators on TikTok share videos on ler, was evicted by web-service banned servers promoting neo- problem banning people who don’t Discord now also limits what mi- how to stay safe on the app and provider Amazon and app stores Nazi ideology. come here for that reason.” nors can access on the platform. It said Discord should do more to ed- run by Apple and Google, on the There have also been some high- Discord launched an online previously didn’t ask people to en- ucate its youngest users. grounds that it didn’t do enough profile cases in which child preda- safety center, where parents and ter a date of birth when they cre- “I would give them a B+ for the to stop the promotion of violence. tors were alleged to have used Dis- users can find tools to filter ex- ated an account—social-media sites improvements they’re making to Parler said its volunteer modera- cord to share child pornography or plicit content and block direct aren’t supposed to have users under the platform,” he said.

MY RIDE | A.J. BAIME His Ideal Porsche Wasn’t Sold Here. So He Built One.

Eric Pasia, 42, a Phoenix-based buying Japanese cars that I could management consultant and afford and modifying them. founder of Last Era, a clothing When I got my first job, I could brand inspired by motorsports, on afford my first real sports car, a his 1995 Porsche 911 Carrera RS 1999 BMW M3. Then I got a 2001 tribute, as told to A.J. Baime. BMW M3, then a BMW M5. Ulti- mately, I decided to switch over to hen I was young, my Porsche in the early 2000s. I W mother said to me, “Hey, bought a 2002 911 Turbo, and did you know your birth- started learning about the Porsche day is the same as Mario An- platform and history. That is when dretti’s?” I did not know who that I started hearing so much about was, so I went to find out. I soon air-cooled Porsches. became fascinated with him and There is a whole lineage of fan- with motorsports. All my child- tastic Porsches that everyone talks hood, I followed racing and the about, driven by air-cooled engines, Andretti family, and I got really before the company switched over into cars and modifying cars. In to water-cooled engines, toward the high school and college, I started end of the 1990s. So many people told me I Eric Pasia with his 1995 Porsche 911 Carrera RS tribute. He has been modifying it for more than three years. needed to own an air-cooled Porsche to re- cooled Porsches. The amazing version of this generation of 911, namic exterior parts, wheels, a ally experience thing about the 911 is that Porsche called the 911 Carrera RS. Very few number of suspension upgrades. I what it meant launched this model in the 1960s, were made and it was never of- spent $10,000 on the suspension to be a Porsche and ever since, the company kept fered new in the United States. I alone, and added the rear wing. I enthusiast. refining this single flagship model. came to believe that this was the modified the interior, and I light- In 2017, I So I felt like the last generation of ultimate air-cooled 911 driving ex- ened the car, attempting to recre- sold my 2002 the air-cooled 911 was the most re- perience—more raw, more sporty. ate this 911 Carrera RS. Porsche and fined, and the most beautiful air- Going back to my childhood love At this point, I am three-and-a- bought a 1995 cooled 911 of all. for modifying cars, I decided to half years into this journey, and Porsche 911 For me, the joy is about chasing build my car into a 911 Carrera RS there is a lot left to do. I think of Carrera, from an experience. I asked myself: tribute. it as a continued pursuit of the the last gener- What else was out there? I came I began buying and collecting perfect, raw, analog driving

CAITLIN O’HARA FOR THE WALL STREET JOURNAL (2) ation of air- to find out that there was another all the parts I needed—aerody- experience. . THE WALL STREET JOURNAL. Wednesday, January 20, 2021 | A13 ARTS IN REVIEW

Canadian producer Mike Milosh

MUSIC REVIEW | MARK RICHARDSON For Love and All Things Holy Rhye’s latest imbues sleek electro-pop about seduction with liturgical overtones FERDY DAMMAN/EPA/SHUTTERSTOCK

ate in 2012, a new musical ularly on the European festival fluence explicit. In between the that an aesthetically pleasing sur- You’re on the tip of my tongue,” entity called Rhye released circuit. Thus far, the project has heavenly sounds of “Intro” and face—whether it’s a person’s body while in “Come in Closer” he two intriguing songs, “Open” been marked by its consistency, “Outro,” “Home” offers variations or a lush musical arrangement—is pleads “Show me all your pretty” and “The Fall,” with a dis- which detractors might call pre- on established Rhye templates. its own reward. Songs like “Come to a potential paramour. Lorienting lack of context. In dictability. The new Rhye album, Almost all of Mr. Milosh’s work in Closer,” with its bubbling But even though “Home” is nar- terms of emerging acts, the “Home” (Loma Vista), out Friday, as Rhye is inspired by and de- bassline driving the midtempo row in tone and a touch shallow early years of the 2010s were rich gestures toward fresh territory but signed for sex and romance. The groove, and “Beautiful,” a sleepier emotionally, it has its pleasures, with authorial mystery—artists like ultimately fits squarely within Mr. songs describe the flutter of early and dreamier song that, yes, is especially on the level of its pro- the Weeknd, the R&B project from Milosh’s initial remit. attraction and the deep physical about a gorgeous woman, offer an duction. “Black Rain,” a buoyant Abel Tesfaye, often had several Every Rhye album cover fea- connection of long-term commit- image of longing that’s skin-deep. disco track that ranks as the re- widely shared songs before anyone tures a photo of a beautiful woman Two tracks in the album’s first cord’s best, is one of several with a knew who was behind them. in a dramatic pose right out of a half, “Safeword” and “Hold You lush and appealing string arrange- The Rhye songs were exquisitely perfume ad in a high-end fashion A glossy surface— Down,” hint at a kinkier side of de- ment; both “Hold You Down” and rendered pop with minimalist incli- magazine—Mr. Milosh has worked sire, but there’s no musical change “Holy” deploy the Danish choir to nations, and the singer’s silky, as a photographer, and he shot whether a person’s body to accompany the shift in tone. moving effect; and Mr. Milosh has high-pitched, ethereal coo was hard several of the covers himself. The or a lush arrangement— Even when Mr. Milosh veers from an ear for graceful piano parts that to place. The clearest musical influ- motif fits perfectly with the proj- love and lust, the backing remains convey yearning. The engineering ence was the chilled and jazzy R&B ect, as each album seems like a canbeitsownreward consistent. “Sweetest Revenge” is outstanding and the mix, by vet- of Sade, and many assumed ini- new issue of a periodical, where contains the line “My body’s filled eran Alan Moulder, finds each ele- tially that the singer was a woman. the basic structure never changes with such rage” but such a senti- ment placed perfectly. “I don’t But Rhye’s voice turned out to be but the specific details do. ment has never been delivered so knowifitevenmatterswhoIam,” that of man, Canadian producer One fresh wrinkle on “Home” is ment. Few qualities in music are softly. Mr. Milosh’s whisper sounds Mr. Milosh told the magazine DIY Mike Milosh, who had been making evident from the opening track, “In- as personal as what a given lis- like air slowly escaping from an in 2015, speaking about the proj- low-key electronic records under tro,” which features the Danish Na- tener finds sexy—one person’s inflatable mattress, even when ex- ect’s mysterious early days. “It his own name for several years. tional Girls’ Choir. In Mr. Milosh’s aphrodisiac is another’s cold pressing what seems to be anger. should be about the music.” For The pair of tunes appeared on the work as Rhye, the carnal drive of shower—so it’s difficult to judge The words throughout are a better or worse, he got his wish: acclaimed 2013 album “Woman,” R&B meets the disembodied grace these songs using that criterion. secondary consideration, and one Almost a decade on, he’s still a and two releases, 2018’s “Blood” of liturgical music—he makes bed- While it’s easy to imagine couples can get the full Rhye experience blank presence crafting consis- and 2019’s “Spirit,” established Mr. room slow jams mixed with the as- in bedrooms cuing a Rhye album without decoding individual lines. tently lovely albums that seem to Milosh as a master of sleek elec- ceticism of Gregorian chant. By on the streaming service of their Mr. Milosh’s lyrics are often frag- come from nowhere. tronic pop about seduction and bookending his album with pieces choice, others might find his style mented, as if he’s so overcome heartbreak. While his studio profi- for choir—the closing “Outro” of- far too wispy and antiseptic for with feeling he can’t finish a Mr. Richardson is the Journal’s ciency was obvious, Rhye also be- fers variations on the first track— such a setting. thought. In “Holy,” he sings “Your rock and pop music critic. Follow came a popular touring act, partic- he renders this long-simmering in- The music embodies the idea taste is running through my / him on Twitter @MarkRichardson.

IF YOU’RE LOOKING for whompin’, TELEVISION REVIEW | JOHN ANDERSON only has Mr. Padalecki’s character stompin’, kung-fu-administered thus been cast as less than forth- rear-end alignments of the Chuck right and take-charge, it is sug- Norris variety, “Walker” may come gested that he ran away at precisely as a surprise. It will be an under- ‘Ranger’ Gets a Reboot the time his kids needed him. standable surprise: The show is a re- Rather than rush home to see them boot, pun intended, of the old Norris when he gets back from his mysteri- vehicle “Walker, Texas Ranger,” in Lindsey Morgan, ous mission, he parks his enormous which acting, dramaturgy and plau- Coby Bell and pickup truck in a public park. sibility took a back seat to the mar- Jared Padalecki in Where he starts drinking. Only to be tial-arts prowess of Mr. Norris, the ‘Walker’ taken into custody by State Trooper instant gratification that comes with Micki Ramirez (Lindsey Morgan), bad guys being righteously thumped who, just coincidentally, is about and the moral justification of vio- the become a Texas Ranger and— lence, judiciously applied. gasp—Walker’s partner. In “Walker,” Jared Padalecki The moral grayness of “Walker” (“Supernatural”) plays a far more will give the show’s writers no end nuanced edition of Cordell Walker, of material, especially since the se- Texas ranger—lawman, father and ries seems positioned to be family widower, though not necessarily in friendly, moralistic, vaguely Chris- that order; Walker’s priorities are tian and averse to the kind of may- poised to be a central part of the se- hem that distinguished the pro- ries’ plotlines and motivations. gram’s predecessor: Walker does Where Mr. Norris was largely im- beat down one deserving, smart- penetrable, Mr. Padalecki is a wide- mouthed drug smuggler, but then open book, riven with uncertainties, gets chastised by everyone includ- apt to make the wrong move. His ing his supervisor (Coby Bell) and Walker is established as something has to promise to be better. You quite unusual: a law-and-order hero have to ask yourself, what would with no sense of authority. Chuck Norris do? This may well change, as only The new Walker might ask him- the pilot was available to review self the same thing and come up and, as with most new shows, the with several conflicting answers. introductory episode is hampered Depending on your outlook, by the task of having to introduce “Walker” is either progressive or everything. That said, the show’s feel-good, since it changes the ba- creator, Anna Fricke, might have sic thrust of the original and takes done this more tidily. The opening place not in Dallas but in that bas- moments of the first episode in- tion of Texas liberalism, Austin—a volve the death of Walker’s wife, choice that likely had more to do Emily (Genevieve Padalecki), under with the financial incentives of- circumstances that go unexplained, fered to the production by the city as do the man’s anguished cries Walker is late for his own wel- long. He mutters something about help with the details. than any political statement. But if when he hears gunshots over her come-home party, an event that “more than a month,” someone Everyone’s mad at Walker, at any you’re looking for an agenda, cellphone while appearing other- provides some shorthand on the else later says “three months” but rate, especially his kids, Stella (Vio- “Walker” will provide. wise paralyzed into inaction. The rest of the cast and their interrela- it’s hard to tell: All this soft-spo- let Brinson) and Augie (Kale Culley), next thing we know, we’ve leapt tionships, but not on where ken Texas muttering may be re- since he seems to have disappeared Walker

ahead, to an evening in which Walker’s been, why or for how gionally authentic, but it doesn’t right after their mother died. Not Begins Thursday, 8 p.m., The CW THE CW . A14 | Wednesday, January 20, 2021 THE WALL STREET JOURNAL. SPORTS Mets Fire General Manager Jared Porter Owner Steve Cohen announced the move following publication of accusations that he sent explicit texts to a reporter

BY JARED DIAMOND

he New York Mets fired general manager Jared Porter on Tuesday Tmorning just hours af- ter publication of accu- sations that he sent sexually ex- plicit, unsolicited texts and images to a female journalist in 2016 when he worked for the Chicago Cubs. The firing, which comes barely a month after Porter’s hiring, is the first crisis of billionaire hedge- fund manager Steve Cohen’s own- ership of the Mets. It also revives questions about how baseball treats women in its workplace. Major League Baseball also in- tends to launch an investigation into Porter, which could lead to him being suspended from the sport, a person familiar with the matter said. Former Houston As- tros assistant GM Brandon Taub- man was indefinitely banned from baseball last January after he made inappropriate comments to- ward female reporters at a post- game celebration during the 2019 playoffs. ESPN reported that Porter, who was then working as the Cubs’ di- rector of professional scouting, sent more than 60 unanswered messages to the woman, including one of a naked penis. The woman—who was not named and came from a The New York Mets who bought the Mets with the previously signed free-agent foreign country to cover fired general manager promise that he would fix what catcher James McCann to a four- baseball—told ESPN she Jared Porter, left, on had long been a culture noted for year deal worth $40.6 million. believed Porter’s initial in- Tuesday. The Porter its dysfunction. Porter’s firing leaves the Mets teractions with her were of scandal is the first Last January—under the previ- without a general manager only a a typical journalist-source major test of ous owners and former general month before they are scheduled relationship, but that his leadership for Mets manager Brodie Van Wagenen—the to report to Port St. Lucie, Fla., for tone quickly turned inap- owner Steve Cohen. Mets fired manager Carlos Beltrán spring training. When Cohen as- propriate. before he worked a single game sumed control, he hired Alderson, In the ESPN story, which following revelations of his in- who previously served as Mets GM came out around 11 p.m. that says something volvement in the Astros’ sign- from 2011 through 2018. Alderson ET Monday night, Mets very loudly.” stealing scandal as a player in immediately fired Van Wagenen president Sandy Alderson Until now, Porter 2017. Now the Mets have dismissed and many of his top aides in the said Porter acknowledged had been seen as a their general manager before Por- executive suite. He initially had “his serious error in judg- rising star among ter ever reported to his first sought to hire a president of base- ment” and that the organi- baseball executives. spring training at the helm, with ball operations to oversee the zation would “review the He started his ca- Cohen taking little time before tak- front office, but changed course af- facts.” Just before 8 a.m., reer as an intern for ing action. ter the Mets were unable to obtain Cohen posted on his Twit- the Boston Red Sox Alderson on Tuesday defended permission to interview several ter account that he had before joining the the Mets’ hiring practices. He said, potential candidates. terminated Porter, who fi- Cubs. He later be- “I’m confident this is not some- Instead, the 73-year-old Alder- nalized a four-year contract in came the first woman to become a came an assistant general manager thing that we should have known son took over baseball operations mid-December. MLB general manager. for the Arizona Diamondbacks. He about, should have found about it” and brought in Porter to report to “In my initial press conference I Before joining the Mets, Porter was a part of four World Series- and that it doesn’t reflect “a fun- him. The plan was for Alderson to spoke about the importance of in- worked for three other major- winning teams. damental flaw in the process.” The groom Porter so that he could one tegrity and I meant it,” wrote Co- league organizations, receiving fre- The Cubs said in a statement Mets ran a routine background day lead the baseball operations hen, who completed his purchase quent promotions on his way to that they “were not aware of this check on Porter before hiring him, department. Alderson said that of the Mets from the Wilpon fam- earning one of the 30 coveted GM incident ever being reported to the leaving Alderson to wonder if a there are no immediate plans to ily in November. “There should be positions. Some of the many refer- organization” and that “had we more rigorous investigation could replace Porter, though assistant zero tolerance for this type of be- ences the Mets solicited knew the been notified, we would have be required in the future. GM Zack Scott is expected to as- havior.” 41-year-old Porter as far back as taken swift action.” The Diamond- “We have to do whatever we sume greater responsibility. Porter, who couldn’t be reached college, and “There wasn’t really a backs said, “We were obviously think is necessary to ensure that With a net worth of close to $14 for comment by The Wall Street dissenting voice,” Alderson said. not aware of these allegations we’re hiring well-vetted employ- billion, Cohen is the wealthiest Journal, told ESPN in an interview None of those recommendations from 2016 and had we been, we ees, and I think what this situation owner in baseball and has vowed on Monday that the sexual photo- came from a woman. would have investigated and ad- suggests is that we need to rethink to turn the Mets into perennial graphs were “joke-stock images” “That’s one of the unfortunate dressed the situation immedi- what constitutes well-vetted,” Al- contenders after nearly 35 years and declined to speak further. circumstances that exists in the ately.’’ ESPN said the woman had derson said. without a World Series champion- The situation rekindles ques- game today. There aren’t women connected at the time with a Cubs The Mets under Cohen have ship. tions about the treatment of in those positions with whom one employee from her home country, been one of the most aggressive “When I came here, my goal women working in baseball, an in- can have a conversation.” Alderson who said he had discussed the sit- teams in the sport this offseason, was to put a good team on the dustry dominated by white men at said. He added, “That’s a reflection uation with her and Porter. recently swinging a blockbuster field and change the culture,” Al- the leadership level. In November, of the demographics of the game The Porter scandal was the first trade with Cleveland for superstar derson said Tuesday. His first key

Kim Ng of the Miami Marlins be- today in front offices, so I think major test of leadership for Cohen, shortstop Francisco Lindor. They hire lasted all of five weeks. FROM TOP: KATHY WILLENS/ASSOCIATED PRESS; ASSOCIATED PRESS

Weather TheWSJDailyCrossword| Edited by Mike Shenk Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. 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New York City 38 27 sf 39 33 pc Dublin 42 34 r 41 33 pc Warsaw 38 33 r 39 33 pc s MAUV E E RMA F R E E Oklahoma City 50 40 c 57 41 c Edinburgh 39 33 r 39 33 r Zurich 36 25 c 40 33 c Solve this puzzle online and discuss it at WSJ.com/Puzzles. PORES RE I N KEDS . THE WALL STREET JOURNAL. Wednesday, January 20, 2021 | A15 OPINION America the Unextreme BOOKSHELF | By Richard Norton Smith My father Harold Macmillan ill-advis- marched on the Capitol. If the that Mr. Trump called Nazis A Pledge said Demo- edly told the truth when asked crowd had been half its size, and white supremacists “very crats weren’t what plans he intended to would the Capitol Police have fine people.” Every time he re- better than pursue as prime minister. He held? Contingency. What if a peated this canard, he loosed a Republicans said he expected to be primar- group had cornered Nancy deluge of links among voters To Serve but the two- ily occupied with “matters Pelosi or Mike Pence in a hall- pointing to transcripts, videos, BUSINESS party system that arise.” way? You don’t want to think mashups and the University of WORLD was an You didn’t know what to about it. The hinge of history. Pennsylvania’s FactCheck.org The First Inauguration By Holman W. American expect from Donald Trump ex- Mr. Trump might not have showing Mr. Trump, unbidden, By Stephen Howard Browne Jenkins, Jr. strength and cept chaos, a short word for been president in the first had plainly said he was not re- he supported unpredictability. place if not for the antic ac- ferring to these groups who (Penn State, 229 pages, $29.95) it by voting In the weeks since Election tions of James Comey in re- “should be condemned totally.” a straight party ticket. It al- Day, a New York Times writer sponse (as we later learned) If extremists want to be- t ranks with the filibuster and the chaplain’s prayer ways made sense to me. Later, has said Joe Biden can now to dubious Russian “intelli- lieve they are secretly in I among the hoariest traditions of the United States Senate: as a commentator, you quickly acknowledge the strength of gence.” league with mainstream poli- Every year since 1896, on or about Feb. 22, a member appreciate the two-party sys- the Trump economy, Fareed ticians, they get enough help reads into the record George Washington’s Farewell Address. tem for what it is and isn’t or Zakaria says we can admit the already. Digital microtargeting Washington’s prose, as honed by his ghostwriters James you become an idiot. When “dirty little secret” that his Politicians need to was expected to worsen the Madison and Alexander Hamilton, does not easily translate 330 million people must find administration was tough on temptation of politicians to be into the parlance of soundbite politics. But the dangers homes in just two parties, Russia, and countless Demo- relearn the wisdom all things to all people. Now identified by the retiring president—excessive partisanship, those parties can be many cratic foreign-policy wonks of not denigrating it’s doing the opposite. A New sectional over national loyalties, misplaced allegiance to things except a source of co- are rubbing their hands at Mr. York Times decision to de- foreign powers—are as contemporary as the latest tweetstorm. herence, consistency, wisdom, Biden’s inheritance of Mr. voters by the millions. fenestrate an editor because According to Stephen Howard Browne, a professor of truth or reason. Trump’s Mideast peace deals. social media didn’t like an op- communications at Penn State, the lawmakers may be listen- History also suggests that In an eloquent piece in the ed now seems pregnant. Five ing to the wrong speech. To Mr. Browne it is Washington’s you can’t know in advance New York Review of Books, Joe Biden had high aspira- years ago it wouldn’t have first inaugural address, delivered on April 30, 1789, that offers which of two presidential can- Perry Link champions many of tions so didn’t join the collu- happened. Every editor and a classic defense of republican virtue as the linchpin of popular didates the country will fare China’s most illustrious dissi- sion bandwagon. Neither did newspaper owner would have government. “I walk on untrodden ground,” the new president better under, though politics dents for applauding Mr. Bill Clinton and Barack known that to surrender to there acknowledged, his every action defining the scope of is the passionate illusion that Trump’s “demotion of [a] U.S. Obama, because ex-presidents the mob was death to our executive authority for all who would follow. In the years you can. You could not have policy elite” that resisted the value their dignity. A corollary business. since, countless writers have guessed that Jimmy Carter truth about the Communist is irresistible: Many who par- But the episode is disposi- retraced his footsteps, lead- would start the transforma- Party. ticipated in the collusion hoax tive. Cowardice is in charge of ing Mr. Browne himself to tion that Ronald Reagan Mr. Trump was notoriously did so because they had a many newsrooms. Fear in- wonder: “Have we not had would continue, legislatively incapable of admitting error written document to hide be- stead of reason—fear of losing quite enough of George deregulating much of the or fault but was a great recog- hind—the Steele dossier. Con- a job in the next Twitter erup- Washington?” American transportation and nizer of contingency. His fa- tingency. tion, fear of being knifed by The question answers itself energy sectors, introducing a vorite verbal punctuation was, Normally nothing would ideologically obsessed col- in this deceptively slender Milton Friedman-style regime “We’ll see, we’ll see, we’ll horrify a politician more in leagues—determines what you volume, in which Mr. Browne to the Federal Reserve to save see,” whether the subject was our two-party system than to can see, hear or be taught in skillfully synthesizes biography, the dollar. You could not have the pandemic or a trade deal. be heard excommunicating certain of our institutions. travelogue, social and political guessed George W. Bush’s leg- Two previous Trump rallies large numbers of voters as Jefferson said a free press is history, and rhetorical analysis acy would be two wars or in D.C. had ended in brawls Hillary did with her “deplor- democracy’s indispensable to reach fresh conclusions that, after the monumental between Trump supporters ables” comment. Mr. Trump bulwark. If so, returning cour- about the relationship between collapse of his signature and opponents rather than himself consistently resisted age to our newsrooms may be individual and national char- health-care initiative, Bill with police. advice to stop rhetoric that more important to bringing acter. Long before he took the Clinton’s would be to husband Trump organizers expected revolted millions of voters. America back and restoring a oath of office on the balcony the Carter-Reagan capital to 3,000 and then 5,000 people Mr. Biden likely lost more semblance of consensus than of New York’s Federal Hall, preside over another eco- for his speech on the ellipse. voters than he gained by bas- any job Mr. Biden will for- Washington had enshrined duty over self-advancement in his nomic boom. A Journal estimate says 8,000 ing his campaign on the claim mally accept on Wednesday. personal code. He demonstrated as much at the close of the Revolution, when mutinous officers in the Continental Army contemplated marching on Congress, until they were shamed out of it by their victorious general. Covid Control Will Make or Break Biden “That Americans have been spared the trauma of the military coup d’état,” writes Mr. Browne, “is owing in no Describing his Members of Congress quickly Americans. The public has en- monitor progress constantly. small measure to a general insistent on the privilege of civil plan to get learn that constituent services dured a lot over the past year Second, Mr. Biden must es- authority, who, wielding the sword in battle, laid it down in the Covid-19 in their local offices matter at and is increasingly impatient; tablish realistic goals—and peace and left it there.” Can there be any stronger proof on pandemic un- least as much as voting re- waiting is especially hard meet them. For example, he this Inauguration Day of Washington’s continuing relevance? der control, cords. Helping constituents when what you want is barely has publicly pledged 100 mil- For him, no less than for his 20th-century admirer Dwight Joe Biden navigate complex bureaucra- out of reach. lion inoculations in his first Eisenhower, the presidency was no promotion. On the eve of POLITICS was blunt. cies affects not only them but On the other hand, Mr. Bi- 100 days. Whether or not this his investiture, fearing the toll of public controversy on his & IDEAS “You have my the stories they tell their den has a foundation he can promise was wise, it is too reputation, Washington confessed to emotions “as painful... By William word,” the friends and neighbors. build on. Most Americans late to pull it back. His team as they are pleasing.” That he should nurse such feelings A. Galston president- You never get a second agree that a full return to nor- must make it happen. while being rowed across New York Harbor to the deafening elect declared chance to make a first impres- mal economic and social life is Third, he must rebuild cheers of his countrymen says much about this 18th-century last week. sion, and managing the pan- impossible until Americans working relationships be- idealist without illusions. “We will manage the hell out demic will be the first impres- are confident that they are tween the federal government Hero worship exacted a high price, as Mr. Browne illus- of this operation.” He had sion President Biden makes. If protected against Covid-19. and the states. There should trates in tracking Washington’s triumphal two-week “inaugural better. Anything less would he gets it right, he will be a hot line connecting the journey” from Mount Vernon, Va., to New York City. Since be a body blow to his admin- strengthen his hand in dealing White House with the nation’s visits from local notables would inconvenience private home- istration and the country. with a divided Congress, and To succeed, he’ll have governors. President Biden owners, the traveler opted to stay in “public houses” every- When there is widespread he will begin the long task of should talk with the leaders of where along his route. In Philadelphia, a massive parade agreement on a course of ac- rebuilding public trust and to establish a chain the National Governors Asso- ushered him down Market Street to City Tavern and yet tion, leaders are judged on confidence in government. If of command and level ciation daily and ask them to another celebratory dinner, culminating in a toast (his 14th of how well they carry it out. In his team botches the job, he serve as conduits between the the evening) to “government without oppression, and liberty her 2016 book, “Why Presi- will bear the brunt of public with the public. states and the White House without licentiousness.” The author enlivens Washington’s dents Fail,” my Brookings In- disappointment. for especially urgent requests road trip with revealing detours into the president-elect’s stitution colleague Elaine Ka- Mr. Biden has inherited a from individual governors. spiritual outlook (he reserved his most fervent belief for reli- marck shows how monumental challenge. The Despite some understandable As anyone who has ever gious tolerance and faith itself as a bulwark of public order); management failures can Trump administration’s Oper- but overwrought fears about been trapped in an airport his attitude toward “the people”; and the seeds of American make or break presidencies. ation Warp Speed encouraged the safety of newly authorized understands, not knowing exceptionalism. Jimmy Carter never recovered the development of vaccines vaccines, there is broad sup- why your plane is delayed or from the failed mission to res- in record time, but then hit a port for mass inoculations. how long you will have to cue American hostages in snag in logistics. The feds Republicans and Democrats wait can be harder to take For President Washington, holding public Iran, nor did George W. Bush have shipped vaccines more may not agree about how than the delay itself. Mr. Bi- office was a responsibility assumed, not an from his botched response to slowly than expected. Many much money to spend, but se- den or his team should create Hurricane Katrina. The implo- states have been inadequately rious requests for more assis- a public dashboard of impor- opportunity exploited. sion of the Affordable Care prepared to pass out the vac- tance from states, localities tant production and distribu- Act’s website significantly cines they receive. Highly and public health agencies are tion metrics and communi- weakened the Obama presi- publicized instances of line- likely to be received favorably. cate specific information to Not until he reaches New York, where reportedly one of dency. jumping threaten to weaken To meet the moment, Mr. the country on a regular ba- five households owned slaves, does Mr. Browne confront “the This is all the more impor- confidence in the fairness of Biden faces three crucial man- sis. If there are glitches in the terrible paradox—the manifold hypocrisies”—of human bondage. tant when policies affect indi- the process. agement tasks. First, he must vaccine production line, tell Half the presidential household consisted of enslaved persons. viduals directly, because these Some Americans, including establish a clear chain of com- us. If a corporation or gov- Yet even then, philanthropic stirrings were beginning to ques- policies inform how society many health-care workers, are mand within his administra- ernment agency isn’t doing tion this stain on the American experiment. A decade would perceives the competence of hesitant to get vaccinated. tion. His team must know its job, level with us and take pass before ex-President Washington, in the last summer of its institutions and leaders. Those who want the vaccine who is empowered to speak responsibility for fixing it. If his life, drafted a will granting freedom to his Mount Vernon Savvy politicians understand have struggled to find out and act on the president’s be- a state isn’t doing its fair slaves on the death of his wife, Martha. that attitudes toward govern- how to obtain it, as confusing half. His point person must share and quiet persuasion Posterity has been far too inclined to take Washington at ment are shaped by motor-ve- appointment websites have organize a whole-of-govern- fails, call out its leaders. his word that he was no politician. His first inaugural address hicle departments and Veter- stumped those without tech ment team, give each member Treat Americans as adults is a skillfully worded brief for the untried government to ans Affairs hospitals. savvy, particularly older specific responsibilities, and who can stand the truth. which he lent his vast credibility. To be sure, its six para- graphs contain no policy agenda and no economic program— nothing, in fact, to rouse the sleeping dogs of controversy. The tone throughout is deferential toward those who fear the Biden Destroys Restaurants to Save Them Constitution as a blueprint for executive dominance. Thus, Washington yields to “the voice of my Country” summoning By Michael Saltsman ing minimum, $7.25 an hour. a 30-hour workweek. With back years of declining em- him out of his Mount Vernon retirement. He acknowledges The separate minimum for payroll taxes, that’s roughly ployment in 2018 and 2019, ac- “the invisible hand, which conducts the Affairs of men,” and oe Biden proposes $15 tipped workers is $2.13 an $100,000 in new annual costs, cording to data from the praises the constitutional framers of Philadelphia, who J billion in relief grants for hour, and the president-elect compared with the average Quarterly Census of Employ- straddled the line between freedom and authority. America’s Covid-crushed proposes to raise that to $15 Covid relief grant of $15,000 ment and Wages. In Seattle, a “There is no truth more thoroughly established, than that businesses. But he also wants too—an increase of more than per small business. research team linked to the there exists...anindissoluble union between virtue and to mandate a new minimum 600%. Tipped workers are al- A recent study from econ- University of Washington happiness, between duty and advantage.” This, the most wage that for many restau- ready required to earn the full omists at Miami and Trinity found a 13% increase in the explicitly autobiographical passage in the speech, precedes rants would wipe out the ben- federal minimum between universities finds a plan like rate of businesses closing or the most politically disarming expression: Reminding his efit and then some. their base wage and tips, and Mr. Biden’s would cost the leaving the city associated with audience that Article Five of the Constitution provides for the Restaurants shed some six most earn far more. hospitality industry more a rising minimum wage. document’s amendment, Washington issues a veiled invitation million jobs in the first two than one million jobs—in- Mr. Biden has dismissed to James Madison and like-minded lawmakers intent on months of the pandemic. As a cluding nearly 700,000 held the point. “There’s no evi- crafting a bill of rights. Finally, in proclaiming his desire to consequence of continued Abolishing the tipped by tipped workers. A Census dence that when you raise the serve without pay—an offer rejected by the First Congress— Covid-related closures and a Bureau study shows that res- minimum wage, businesses go Washington embraces the contemporary principle that, in Mr. decline in customer traffic, minimum wage would taurant workers see lower out of business,” he said in Browne’s words, “office holding ought to be understood as a the industry ended 2020 with wipe out the benefit tips in states with a higher his second debate with Presi- responsibility assumed rather than an opportunity exploited.” 2.5 million fewer jobs than minimum wage, a likely con- dent Trump. But the nonpar- The sobering final chapter of Mr. Browne’s book traces the before the pandemic. They re- of his Covid grants. sequence of restaurants’ tisan Congressional Budget diminished fervor with which the New York inaugural has ceived a temporary lifeline transition towards self-ser- Office reviewed decades of re- been commemorated through the years. On its 1989 bicenten- through the Paycheck Protec- vice models. Unsurprisingly, search on the subject and re- nial, George H.W. Bush, at the Federal Hall National Memorial, tion Program, but have advo- The relief grants wouldn’t tipped workers oppose Mr. affirmed the consensus view looked on as an actor portraying Washington re-enacted the cated without success for come close to offsetting this Biden’s plan. that wage hikes cost jobs. In- oathtaking—without quoting so much as a line of the first more-substantial relief. Mr. new mandate. Consider the These national studies are creasing restaurants’ labor inaugural address. But then, Bush’s own remarks were Biden’s recovery plan ac- math for a small full-service supported by local data from costs is no way to help them scarcely heard over the protesting voices of AIDS activists. knowledges restaurants were restaurant location in West left-leaning cities and states recover from a pandemic. Perhaps such peaceful (if occasionally noisy) dissent is the “disproportionately” harmed Virginia with five servers, that have already raised the ultimate tribute to the Washingtonian republic, where rights by Covid. where the tipped-wage mini- tipped minimum to $15 or Mr. Saltsman is managing and responsibilities maintain gyroscopic balance and virtue But he also proposes to mum is $2.62 an hour. Mr. Bi- nearly that. After years of ro- director of the Employment is its own reward. raise the federal minimum den’s plan would raise the bust full-service restaurant Policies Institute, which re- wage to $15 an hour, which hourly cost of each server by growth, both New York City ceives some support from res- Mr. Smith, the author of “Patriarch: George Washington and more than doubles the exist- $12.38, or $19,313 annually for and San Francisco saw back-to- taurants. the New American Nation,” is at work on a life of Gerald R. Ford. . A16 | Wednesday, January 20, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR How Will Biden Govern? Impeachment and Healing a Divided Country oe Biden begins his Presidency at a mo- known to the public because few in the media Regarding your editorial “The cal prism and demanded an end to ment of deep political division, but para- covered it. Preoccupied with Mr. Trump, the Seven-Day Impeachment” (Jan. 14): self-aggrandizing attacks on the J You make the point that President- millions of our fellow citizens who doxically this gives him a rare opportu- media barely asked Mr. Biden any questions at elect Biden could have calmed polit- voted for President Trump. nity. No doubt his Inaugural all. Despite all we know about ical temperatures and enhanced his How could the social-media mo- Address will echo his cam- By his own instincts, Mr. Biden’s past as a Senator approval ratings by the simple act guls and the Amazons, Citibanks paign theme of unity and heal- or the desires of his and Vice President, we really of suggesting that Democrats pass and Targets of the world refuse ing, but his success in that don’t know how he will choose on an impeachment trial. But Mr. such a request for unity? It would mission will depend on resist- party’s progressives? to govern as President. Biden has already passed on an have been, and still might be, as ing the divisive progressive On that score, it is some- even greater opportunity. When historic a gesture as Abraham Lin- domination sought by his what reassuring that Mr. Bi- Facebook, YouTube, Twitter and Ap- coln’s call for unity as the Civil War party’s left. den’s Cabinet appointees are figures of the ple shut down competing social me- drew to a close. But our newly Mr. Biden has been around long enough to Democratic establishment. They are liberals of dia; as banks declined to do busi- elected president has done none of appreciate the good fortune that has brought the sort who can recognize policy limits if they ness with President Trump; as these things. If “great moments are him to the Oval Office. Covid-19 accentuated truly want cross-party support. pundits called for ostracizing all born from great opportunities,” Mr. Trump administration officials from Biden is passing one up right now. Donald Trump’s leadership flaws and ruined the Other portents are not encouraging. Mr. Bi- future employment; as CEOs at ma- TODD M. JOHNSON strong pre-pandemic economy. Mr. Biden was den’s rhetoric in particular has been more con- jor American corporations rushed to Edina, Minn. going nowhere in the Democratic primaries un- demning than unifying. He was right to blame decline commerce with people who til Bernie Sanders emerged as the front-runner Mr. Trump for contributing to the Jan. 6 Capitol dared voice their worry about the If knowingly inciting people to and the party turned to the former Vice Presi- riot, but comparing Sens. Josh Hawley and Ted fairness of the presidential election, acts of violence is the new standard dent in political desperation. Cruz to Joseph Goebbels is Trump-like excess. Mr. Biden could have taken the for impeachment, then fine, im- Now as he takes office, the vaccines are roll- His speech writers seem infused with woke ide- stage and shouted that enough was peach President Trump. But this of- ing out and the economy is ready to soar once ology, as they cast the riot and most other enough. He could have pounded the ficial new standard of political the Covid scourge eases. He will get political events in the language of identity politics. podium and told social-media com- speech must apply to everyone or credit for the rebound simply by being there as Mr. Biden’s early legislative priorities also panies to “stand down” and open else it’s a mere partisan ploy. their channels to all Americans Shouldn’t Kamala Harris be im- the pandemic pall lifts. Unlike a Republican, Mr. seem odd given that he has no great election again; scolded businesses that it peached for her vocal support of Biden will also have nearly all of the media and mandate and a narrowly divided Congress. isn’t “American” to close your mar- BLM rioters last summer? The key the commanding heights of American culture Ron Klain, his new White House chief of staff, kets to people with differing politi- to a healthy functioning democracy behind him. A majority of Americans want an described the top priorities as addressing four cal opinions; declared that we don’t is one standard of free speech for end to the furious rancor of recent years, and “overlapping and compounding crises”— deny people who serve this country all. No exceptions. Mr. Biden is poised to benefit. Covid, the economy, climate and racial justice. future employment because we see PHILLIP RULAND Left to his own political instincts, Mr. Biden The rhetoric of “crisis” is the familiar progres- the world through a different politi- Newport Beach, Calif. could be the man for this moment. He is a mod- sive trope to scare the public into accepting erate liberal with sympathy for the working radical change. class who is inclined to reach across the politi- The only urgent crisis is the pandemic and cal aisle. With a 50-50 Senate and a narrow the economic distress that flows from the gov- The Electoral College the Next Time Around House majority, he also has good practical rea- ernment lockdowns and social distancing. Regarding Christopher DeMuth’s anywhere else in the Constitution. It son to do so. At 78 years old, he realizes he is Speed up vaccinations and the economy will re- “The Electoral College Saved the is a creature of state law. likely to serve only one term and could create bound on its own. Mr. Biden’s economic Election” (op-ed, Jan. 9): Yes, the col- Finally, if even without the mis- an admirable legacy as the man who calmed the agenda—more spending, regulation and taxes— lege “can elect someone who didn’t conceptions one is still impelled to Trump-era furies. That, at least, is our hopeful is a threat to sustaining what otherwise should win the nationwide popular vote.” abolish the Electoral College, there is case for the Biden years. be a buoyant recovery. The more substantial distortion, no reason to stop there. The Elec- iii On foreign policy, Mr. Biden is a liberal inter- however, is the “winner take all” ap- toral College perfectly mirrors Con- Yet Mr. Biden also comes to power with a nationalist who will try to restore the pre- proach adopted by 48 of the 50 gress, and the Senate should be the Democratic Party whose ascendant progres- Trump multilateral order. But that order was states. This is the more significant next to go. JOHN J. RONAYNE sives have other ideas. Their goal is to use the fast eroding under Barack Obama as China, Rus- reason for a result at odds with the federal government as a battering ram to drive sia and Iran asserted themselves and worked popular vote. Plymouth, Mich. The Electoral College “causes can- economic and cultural “transformation.” Pro- together to seek regional dominance and erode didates to campaign heavily in ‘bat- The issue I see with Mr. DeMuth’s gressives in the House and Senate, urged on by U.S. influence. Mr. Biden’s great challenge will tleground states’ while ignoring logic for keeping the Electoral Col- the Democratic media complex and Silicon Val- be China. That could become a crisis sooner those they think they are certain to lege is an assumption that it would ley, view the defeat of Donald Trump as the than he thinks if President Xi Jinping senses carry or not.” Battleground states are require a federal election system. He opening to assert a new level of government U.S. weakness and moves on Taiwan by block- entirely the result of “winner take states that a federal system would control over the economy and cultural domi- ade or invasion. all.” Take California—the most popu- have to regulate voter and candidate nance over American society. iii lous state and one that is overwhelm- qualifications along with voting pro- Mr. Biden has always been a party man, Policy aside, if Mr. Biden really wants to ingly Democratic. Under “winner take cedures. Mr. DeMuth gives no reason floating with its ideological currents. As a can- unite the country he will have to reach out all” it is a miracle that any presiden- why the current state-run voter sys- didate he did not put his stamp on the party to the 74 million Americans who voted for tial candidate, Republican or Demo- tems can’t be retained. Let the states cratic, campaigns there. If, on the report their numbers as they cur- with ideas of his own. His big themes were end- Donald Trump. One way to do it would be to other hand, electoral votes were allo- rently do to a national election sys- ing the pandemic and national division. In the speak out against the burgeoning progressive cated proportional to the statewide tem that simply tallies all the states’ debates he bobbed and weaved to avoid being desire to punish, black list, and censor the vote, essentially as in Maine and Ne- popular votes—most votes wins— pinned down on the details of his “unity” political opposition. Americans will be listen- braska, both candidates would spend yielding no Electoral College drama agenda with Sen. Bernie Sanders. ing to his Inaugural Address for such a con- a lot of time in California. Under a later. The fine print of that agenda is largely un- structive signal. proportional allocation even the DAVID WEINER loser in California could garner a Arlington Heights, Ill. substantial number of electoral votes. “Winner take all” is not part of the Addicted to Trump Electoral College nor is it to be found Investors Must Understand onald Trump’s Presidency ends on ness when they did that at the incitement of SPACs’ Time Constraints Wednesday at noon, as the Constitu- an insurrection by the President of the United D Getting Talent to and From In their critique of the dubious tion stipulates. One question to pon- States.” When Mrs. Clinton asked whether the Wall Street fad of special-purpose der is who will miss him country needs “a 9/11-type The Modern Factory Floor acquisition companies (SPAC), Mi- more—his friends or his foes? Clinton and Pelosi can’t commission to investigate Regarding “Help Wanted on the chael Klausner and Emily Ruan attri- Our guess is the latter. And and report everything that Factory Floor” (Exchange, Jan. 9): In bute the poor subsequent stock per- if you doubt it, consider the let go of their enemy. they can pull together,” Mrs. Syracuse, N.Y., we have many jobs formance of SPACs to shareholder chat between Nancy Pelosi Pelosi responded “I do.” open but the low-income worker lacks dilution (“The SPAC Bubble May and Hillary Clinton Monday Though she says she doesn’t transportation to and from the job. Burst—and Not a Day Too Soon,” on Mrs. Clinton’s “You and Me Both” podcast. know what it is, she suggested Mr. Putin must Five-plus years ago our nonprofit saw op-ed, Jan. 7). True, IPO investors They’re addicted to the man. have something on him “politically, financially the impediment and started a shuttle- who redeem their shares are typi- “I would love to see [Mr. Trump’s] phone re- or personally.” to-work transportation program. cally able to keep their rights and We received some small grants and warrants for free, thus getting a free cords to see whether he was talking to Putin the Maybe they should have a special counsel bought vans, hired drivers and began ride on any upside, and sponsors of day that the insurgents invaded our Capitol,” spend years investigating Mr. Trump’s ties to taking people to/from jobs. Several the SPAC get 20% founders stock, Mrs. Clinton said. The former first lady, who Russia. Wait, they already did that. companies sponsored shuttles and we further diluting ordinary sharehold- has never accepted the results of the 2016 elec- Democrats have spent five years defining have helped about 350 people get or ers. Yet all of this is fully disclosed tion, is immune to the irony that in claiming he themselves in opposition to Mr. Trump. It’s the keep a job. in advance, so what’s the problem? really won the election President Trump is fol- one idea that unites them. As he recedes into It benefits the worker, company The problem is that a SPAC is like lowing her pre-election advice to Joe Biden to history, they will have to deal with the symp- and government. For each $1 of grant Cinderella’s carriage. When the two- “not concede under any circumstance.” toms of political withdrawal. Watch for the funding, the county receives $65 in year deadline to make an acquisition Mrs. Pelosi said during the podcast that she shakes, anxiety, insomnia, loss of appetite, taxes from people working. Our pro- has expired, the 20% stock for which once told Mr. Trump that “with you, Mr. Presi- even depression—and falling ratings on CNN gram can solve a lot of problems in the sponsors have been working is unemployment, and it benefits every- worth less than a pumpkin. When dent, all roads lead to Putin.” She added that and MSNBC. Promoting Joe Biden’s tax in- one. the clock approaches midnight, the Capitol rioters “were doing Putin’s busi- creases won’t provide nearly the same rush. We are willing to share the “secret there’s no such thing as an ugly sauce” if a community would like to prince or an overpriced, underper- set up a program to help their busi- forming target company. Yellen vs. Yellen on the Minimum Wage nesses and their unemployed. JAMES TALEVICH DEBORAH HUNDLEY Los Gatos, Calif. e have our policy disagreements paid workers, and the second is “there would President W with Janet Yellen, but there’s no be some amount of negative impact on em- Providence Services of Syracuse Inc. denying she is a fine economist. So ployment.” How much is a matter of “consider- Gresham’s Law, 2021 Style it was startling to hear her able debate,” she said, adding The 19th-century version of speak like a fact-hedging pol- Biden’s Treasury that she “wouldn’t argue” Lincoln Project Should Try Gresham’s law succinctly stated that itician on Tuesday during her with the Congressional Bud- Lincoln’s Healing Approach bad money drives good money out of nominee adapts and circulation. Andy Kessler’s “How the Senate confirmation hearing get Office estimate that Mr. Regarding your editorial “The Fed Stifles Lending” (Inside View, to be Joe Biden’s Treasury extends her views. Obama’s hike would cost Lincoln Blacklist” (Jan. 13): Perhaps Jan. 4) provides a very enlightening secretary. To wit, she did 500,000 jobs. the Lincoln Project might consider explanation of how that process takes some on-the-fly editing of the That impact won’t be the words President Lincoln chose place in 21st-century America. economic literature to justify an increase in “very minimal” if you’re among those who to conclude his second inaugural ad- AARON M. BERNSTEIN dress: “With malice toward none; the national minimum wage to $15 an hour. might have had one of those 500,000 lost jobs. Lawrence, N.Y. “Very minimal,” Ms. Yellen said in reply to And that number is likely to increase substan- with charity for all; with firmness in a question by South Carolina Sen. Tim Scott tially if the minimum wage more than doubles the right, as God gives us to see the about the employment impact of Mr. Biden’s to $15. right, let us strive on to finish the Pepper ... proposal to raise the federal minimum to $15 The increase would come as employers are work we are in; to bind up the na- tion’s wounds; to care for him who And Salt from $7.25. As evidence, she cited studies com- trying to recover from a recession that has left shall have borne the battle, and for paring employment in states that raised their millions of low-wage workers in the hospital- his widow, and his orphan—to do all THE WALL STREET JOURNAL minimum wage with neighboring ones that ity and leisure industry unemployed. Espe- which may achieve and cherish a didn’t. cially harmed would be those in the 21 states, just, and a lasting peace among our- But those studies have yielded conflicting mostly in the South and Midwest, with mini- selves, and with all nations.” findings, and the economic literature over- mum wages that match the federal rate. What a noble thing this would be, whelmingly shows that raising the minimum Ms. Yellen no doubt feels she has to sell her not only for the Lincoln Project, but wage reduces employment among teens and new boss’s economic policies, and on Tuesday for us all. JIM LEMUNYON unskilled or inexperienced workers. Ms. Yellen she also endorsed his gigantic Covid relief bill acknowledged as much during a Congressional of $1.9 trillion. The huge increase in the fed- Oak Hill, Va. hearing in 2014 when she was asked about Ba- eral debt held by the public, which is already Letters intended for publication should rack Obama’s proposal to raise the federal about 100% of the economy and rising, is no be emailed to [email protected]. Please minimum wage to $10.10. longer of much concern to America’s political include your city, state and telephone “I think almost all economists think that class. But the main message of Ms. Yellen’s number. All letters are subject to the minimum wage has two main effects,” she testimony is that she is no longer speaking as editing, and unpublished letters cannot be acknowledged. replied. One is increasing pay for some low- an economist. She’s a politician. “Don’t lie to me, you’re smirking!” . THE WALL STREET JOURNAL. Wednesday, January 20, 2021 | A17 OPINION Net Neutrality and Big Tech’s Speech Hypocrisy

By Allysia Finley Facebook and Twitter turned out tem—virtually all of them except to be more threatening than under iPhones—would have to use tech- ocial-media giants are un- threat. Broadband providers haven’t nological back doors or buy an der attack for censorship, attempted to block content or com- iPhone to install the app. Vice but a few years ago they petitors since the FCC repealed net versa for Apple. Because of the S positioned themselves as neutrality. But social media, app high costs of switching phones, Ap- champions of free speech. stores and cloud providers, which ple and Google can essentially At issue was “net neutrality,” the were never subject to the rules, all block or restrict apps with impu- Obama-era policy that treated inter- have engaged in censorship repeat- nity. If both do, as with Parler, it’s net service providers like Comcast edly in recent weeks. finished. and AT&T as common carriers—akin Facebook, Twitter and Snapchat There’s more competition in to the old Ma Bell monopoly—by moved in lockstep to shut down cloud services, but websites face prohibiting them from discriminat- Donald Trump’s accounts. Google serious technical and financial hur- ing among content providers, includ- and Apple banned the social-media dles in migrating to other provid- ing the social-media sites. app Parler, which promotes itself as ers if they get booted. Cloud pro- “Net neutrality is the idea that the a free-speech alternative to Twitter. viders that selectively shut down internet should be free and open for Amazon Web Services booted Parler websites are unlikely to lose cus- everyone,” Facebook CEO Mark Zuck- from its cloud, banishing it from the tomers to competitors in the near

erberg declared in July 2017 after web until it could arrange service BARBARA KELLEY term, though they may draw fewer the Federal Communications Com- from another provider. new ones. mission’s then-chairman, Ajit Pai, Appeals by big tech companies to Mr. Pai’s deregulation encouraged month. Cable companies no longer All of which is to say big tech moved to repeal the regulation, protect an “open and free Internet” broadband investment, which helps enjoy a monopoly in fixed broad- companies today more closely re- were always dubious. They had an explain why carriers haven’t had to band, since wireless carriers now semble the old telephone monopo- interest in supporting net neutrality slow speeds amid increased user de- offer at-home service too. Satellite lies that Congress sought to regu- Facebook and Twitter once because it put them at an advantage. mand for bandwidth. Mr. Pai also upstarts like Elon Musk’s Starlink late as common carriers in 1930s Among other things, the rule pro- required carriers to make public dis- are also getting into the broadband than broadband providers do. They positioned themselves as hibited broadband providers from closures of their network-manage- business, thanks in part to other have used their market power to champions of an open charging bandwidth guzzlers like ment practices, performance and deregulation by Mr. Pai’s FCC. suppress speech and competitors, Google’s YouTube, Amazon and commercial terms of service and Tech companies, on the other even while pretending to defend an internet. No longer. Facebook more to upload their con- asked the Federal Trade Commission hand, boast far more market power “open and free Internet.” They sup- tent at faster speeds. to take action against those that en- because of so-called network ef- ported a legal challenge to Mr. Pai’s Broadband providers also gaged in anticompetitive or unfair fects. Customers of different phone deregulation, which the U.S. Circuit which the FCC had adopted two couldn’t “zero rate” content—mean- and deceptive practices. and internet carriers can call, text Court of Appeals for the District of years earlier. Twitter’s public-policy ing they were barred from selec- All this has served consumers and email one another, but social- Columbia mostly dismissed. manager, Laura Culbertson, wrote: tively excluding content from their well. The nation’s three large wire- media platforms aren’t interopera- Democratic states including Cali- “Free expression is part of our com- data caps. So AT&T couldn’t offer less providers compete fiercely on ble. This makes it harder for start- fornia and Washington have since pany DNA. We are the platform that free unlimited streaming of its own price and service. They also face ups to compete. Facebook and imposed their own net-neutrality lets users see what’s happening and HBO Max service or be paid to do stiff competition from cable compa- Twitter have to worry less about policies. Which leads to an idea: to see all sides....Without Net Neu- so by Disney+, Hulu or streaming nies that offer mobile service and losing ground to competitors if they While Republicans now have little trality in force, ISPs would even be startups. The Obama rules made it many small prepaid services that censor or unfairly treat users. clout in Washington, those in Flor- able to block content they don’t like, harder for telecom carriers that don’t require annual contracts. As for Apple and Google, they ida or Texas might consider impos- reject apps and content that compete owned content providers to com- If AT&T were to slow or block enjoy an app-store duopoly due to ing their own neutrality rules on Big with their own offerings, and arbi- pete with tech giants and finance YouTube to promote HBO Max, cus- policies locking out competitors. If Tech. trarily discriminate against particu- network expansions. This is one tomers could move to another car- Google bans an app from its Play lar content providers by prioritizing reason broadband investment de- rier. Between 1% and 3% of users Store, users with smartphones that Ms. Finley is a member of the certain Internet traffic over theirs.” clined in 2016. switch wireless carriers each run on its Android operating sys- Journal’s editorial board. Can the New President Avoid Obama’s First-Term Mistake? When Barack Obama whether the political left intends to mate agreement or prioritized se- gressive Democrats may want to genarian presidents come fully and Joe Biden en- let him do that. The progressive curing the southern border or erase the border, but polling shows grown. Mr. Trump leaves office as tered the White wing of the Democratic Party is banned travel to the U.S. from coun- that most voters want it repaired. ill-suited for the presidency as he House 12 years ago, much stronger than it was in 2009, tries with a history of coddling ter- Mr. Biden says he wants to heal wasondayone. the economy was in and its members of Congress are far rorists. Liberals who insist other- the country, and I don’t doubt that Still, he left his mark on the GOP. recession, unem- more numerous. Back then, Bernie wise aren’t only kidding themselves he does. Mr. Trump’s refusal to ac- Republican elites in Washington and UPWARD ployment was push- Sanders and Elizabeth Warren did but risk repeating the mistakes of a knowledge his electoral defeat pres- the media had been living in a bubble MOBILITY ing 8%, and their not command the national attention decade ago. ents the biggest barrier to the coun- of their own that left millions of vot- By Jason L. fellow Democrats that they do today, and Alexandria try moving forward, and the 147 ers out of the political conversation. Riley controlled the Ocasio-Cortez wasn’t old enough to Republicans in Congress who in- Mr. Trump heard their voices, and House and Senate. buy beer. The left will try to dulged the president by voting to even in his re-election defeat won Sound familiar? On the campaign trail, Mr. Biden overturn the election results are more votes than any previous Repub- We know what happened next. In- tried to put some rhetorical distance convince Biden he has a also to blame. Still, a Biden agenda lican presidential candidate. stead of focusing on economic between himself and more radical mandate for progressive that stays focused on the pandemic The president’s gains among growth, the Obama administration proposals like the Green New Deal and the economy—and avoids in- blacks and Hispanics, especially, advanced an expensive but ineffec- and Medicare for All. It’s a strategy change. He doesn’t. dulging the excesses of the far left— shocked the political establishment tive stimulus package and then went that obviously served him well in the could go a long way toward lower- and demonstrated that the GOP all in on a partisan transformation election, but how well will it work ing the volume. need not concede minority support of the U.S. health-care system. The for him in the White House? NBC News reported earlier this Republicans lost the White to Democrats. His pre-Covid econ- upshot was the slowest economic When George W. Bush left office, week that one of Mr. Biden’s first House, but the evenly split Senate omy sported record low unemploy- recovery since World War II. Demo- his job-approval rating was in the executive actions will be to ease and shrunken Democratic House ma- ment and poverty rates, and wages crats lost their House majority in mid-30s, and the incoming Obama asylum restrictions that force mi- jority make it clear that voters draw rose fastest for the least-skilled 2010, and Republicans won the Sen- administration interpreted Mr. grants from south of the border to some distinction between Mr. workers. “It may not have been the ate four years later. Bush’s unpopularity as a mandate wait in Mexico while their claims Trump and the GOP. One lesson of best economy ever, as he has repeat- We’re about to find out what, if for its progressive agenda. That mis- are being vetted. It’s been clear for the past four years for Republicans edly claimed, but it was easily the anything, Mr. Biden and his more calculation cost Democrats control years that America’s asylum laws is that there are only so many char- strongest since the late 1990s, and liberal allies took away from that ex- of Congress, and Republicans today are being exploited by phony appli- acter flaws you can overlook in the before that you have to go back to perience. Mr. Biden has said that his are anticipating more such over- cants, and the better course for the name of political expediency. Many the late 1960s to find similar condi- first order of business as president reach under President Biden. Donald incoming administration would be Trump supporters deluded them- tions,” the New York Times reported will be addressing Covid-19 and the Trump didn’t lose re-election be- to fix the loopholes, not return to selves into thinking that Mr. Trump last week. How it must have pained economy. What we don’t know is cause he pulled out of the Paris cli- the pre-Trump status quo ante. Pro- would grow on the job, but septua- the Gray Lady to print that. Biden’s Stimulus Hits All the Right Notes By Alan S. Blinder plans suggest that he will. together in December, after months another $1,400 to the $600 already sent full $1,200 checks to joint fil- Public health is not my bailiwick, of dithering. The president-elect in the works. But neither the origi- ers earning as much as $150,000, now have an inkling of how the so I’ll concentrate on the econom- called that measure a “down pay- nal $1,200 checks from the spring and the new $600 checks use the I French must have felt when Al- ics. The national economy today is ment,” and we now see that he nor the recently passed $600 same formula. But tax filers earning lied troops liberated Paris in in passable shape given the unfold- meant what he said. checks were well-targeted. that much have weak claims on August 1944. Things were terrible; ing health catastrophe, and the • Don’t withdraw too soon.The support from taxpayers, especially there was wreckage all around, and Cares Act of March 2020 is one ma- Biden plan should provide enough if they suffered no income losses yet a sense of optimism must have jor reason why. The law showed relief to carry the economy through His American Rescue from Covid. It would be easy to re- been pervasive. that Congress had learned two cru- the worst of the pandemic. One structure the next round of checks One part of our long national cial lessons about fighting crises: concrete example is the supplemen- Plan builds on what in a more progressive manner: less nightmare ends Wednesday as Don- Go fast, and go big. The Cares Act tal unemployment benefit, which worked in the Cares Act money at the top and more at the ald Trump slinks off to Mar-a-Lago did both—and as a result it wasn’t Mr. Biden proposes to increase bottom. in disgrace, and Joe Biden takes as meticulously designed as it could from $300 a week to $400. More and corrects what didn’t. A second instance of poor tar- over as president. Yet Mr. Trump have been. important, the extra benefits will geting under the Cares Act was the leaves behind a second national There’s a third lesson: Don’t last at least through September, Paycheck Protection Program, nightmare: a raging pandemic and, withdraw emergency support too then phase out automatically as the The biggest targeting problem which offered forgivable loans to largely for that reason, a sputtering soon. Mr. Biden clearly understands labor market improves. Both comes at the bottom: Millions of small businesses that kept their economy. all three. changes are wise. low-income families didn’t receive a employees on payroll. It was a When it comes to handling the • Go fast. Mr. Biden announced So Team Biden got all the big cent—largely because they weren’t great idea, but as is now well pandemic, Mr. Trump has set the comprehensive plans for dealing things right, and Congress should on tax rolls. The Internal Revenue known, PPP loans went to many bar very low. Doing a better job with both the raging pandemic and pass something close to the Ameri- Service realized that most of these large businesses, left out many than his predecessor will be a piece the ailing economy six days before can Rescue Plan quickly. But the people have very low incomes and small businesses that lacked estab- of cake for Mr. Biden. But “better” his inauguration. Cares Act got a few things wrong, tried to reach them—but with lim- lished banking relationships, and is not nearly good enough when re- • Go big. Mr. Biden’s American and this is a wonderful opportunity ited success. Team Biden must and cost too much for each job saved. cord numbers of Americans are fall- Rescue Plan is more than twice as to build it back better. will try harder. Rather than pour even more ing ill and dying. Mr. Biden must do large as the $900 billion-plus pack- Start with the famous “stimulus” The other targeting problem money into PPP, the Biden plan vastly better. His comprehensive age that Congress finally cobbled checks. Mr. Biden proposes to add comes at the top. The Cares Act smartly asks for $15 billion in new money for the hardest-hit small businesses. Last but certainly not least, the PUBLISHED SINCE 1889 BY DOW JONES & COMPANY new president proposes a great Rupert Murdoch Robert Thomson Notable Quotable: Genocide Executive Chairman, News Corp Chief Executive Officer, News Corp deal of sorely needed aid to state Matt Murray Almar Latour From “Genocide in Xinjiang” by ernment and nongovernment part- and local governments, which em- Editor in Chief Chief Executive Officer and Publisher Secretary of State Mike Pompeo, ners to document this nightmare, as ploy most of the frontline workers, Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: WSJ.com, Jan. 19: well as the bipartisan support of must distribute vaccines, and con- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Congress. tinue to be burdened by unusually Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; The Chinese Communist Party, The facts are chilling. Since 2017, heavy expenses and sagging reve- News Strategist, Product & Technology Officer Edward Roussel, Chief Innovation Officer; like other authoritarian regimes, has the Communist Party has forced nues. These governments have al- Thorold Barker, Europe; Elena Cherney, Coverage; Christina Van Tassell, Chief Financial Officer never cherished human life. . . . more than a million people into in- ready been forced to lay off more Andrew Dowell, Asia; Anthony Galloway, Video & Today, after careful deliberation, ternment camps in the Xinjiang re- than a million workers. Yet Republi- Audio; Brent Jones, Culture, Training & Outreach; OPERATING EXECUTIVES: Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; I have determined that the People’s gion, on the pretext that they need cans have fought tooth and nail Features & Weekend; Emma Moody, Standards; Frank Filippo, Print Products & Services; Republic of China, under the direc- “re-education.” Arbitrary and indefi- against helping them. For the good Shazna Nessa, Visuals; Matthew Rose, Kristin Heitmann, Chief Commercial Officer; tion and control of the Chinese nite detentions lasting months or of both red and blue states, Mr. Bi- Enterprise; Michael Siconolfi, Investigations; Nancy McNeill, Corporate Sales; Stephen Wisnefski, Professional News Communist Party, has committed years at a time are common inside den must win this fight. Thomas San Filippo, Customer Service; Gerard Baker, Editor at Large genocide and crimes against hu- this modern gulag. Survivors tell of None of this is rocket science. Josh Stinchcomb, Advertising Sales; manity against the predominantly torture, sexual abuse including rape, And if we manage to build back Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Muslim Uighurs and other ethnic forced labor, the use of electric better, our second long national and religious minority groups, in- shock to extract false confessions, nightmare may soon be over. WALL STREET JOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: cluding ethnic Kazakhs and Kyrgyz. and unexplained deaths in custody. Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head This announcement is the result of Uighurs scarcely fare better outside Mr. Blinder, a professor of eco-

EDITORIAL AND CORPORATE HEADQUARTERS: an exhaustive yearslong investiga- the camps—Xinjiang has become a nomics and public affairs at Prince- 1211 Avenue of the Americas, New York, N.Y., 10036 tion that has spanned the globe and proving ground for an Orwellian ton, served as vice chairman of the Telephone 1-800-DOWJONES benefited from the efforts of gov- surveillance state. Federal Reserve, 1994-96. . A18 | Wednesday, January 20, 2021 THE WALL STREET JOURNAL. WORLD NEWS EU Faces Dark ’21 as Virus Efforts Stumble

Death toll rise, slow Daily confirmed Covid-19 cases and deaths per 100,000 people, vaccine rollout mean seven-day rolling average wide immunity is France Germany Italy Spain U.K. U.S. unlikely before fall Cases Deaths 80 2.0 Covid-19 infections and deaths remain stubbornly high across much of Europe while 60 1.5 vaccination efforts are moving so slowly that widespread im- munity is unlikely in the re- 40 1.0 gion before the fall, raising the prospect of a bleak 2021 for hundreds of millions of Euro- 20 0.5 peans.

By Margherita 0 0 Stancati in Rome March 2020 '21 March 2020 '21 and Bojan Pancevski in Berlin Notes: The omission of some of Spain's data in May reflects a change in methodology; Data as of Jan. 17, except Spain (Jan. 16) With between 3,000 and Sources: Johns Hopkins University CSSE (cases, deaths), European Center for Disease 4,000 people dying from the Prevention and Control (populations) disease every day across the European Union in recent €20 [billion] to €30 billion We now have the worst of the weeks, according to the Euro- [$24.2 billion to $36.2 bil- pandemic in front of us in the pean Center for Disease Pre- lion]—would have been negli- next three months,” Prof. Lau-

vention and Control, govern- ROBIN VAN LONKHUIJSEN/EPA/SHUTTERSTOCK gible compared with the price terbach said. ments are prolonging and Protesters demonstrated in Amsterdam on Sunday against the Dutch government’s coronavirus response. of a continuous Europe-wide A spokesman for the Euro- tightening antivirus measures lockdown,” said Karl Lauter- pean Commission on Monday such as curfews, remote learn- pressing companies to allow ther lockdowns. But there was our costs. If we don’t open bach, a German epidemiologist said the bloc had placed firm ing and restaurant closures. most employees to work from no real plan and we haven’t now, we will be forced to shut and legislator. orders for nearly 1.5 billion Fears are growing, too, of home. Slovakia will allow com- received enough financial help. down forever,” he said. The EU, with a population of doses in a diverse vaccination more-contagious variants of muting to work only with a And it’s clear to us that the European authorities prom- around 450 million, had by late portfolio, with the option to the virus taking hold before negative coronavirus test. vaccine won’t cover the bulk ised in late 2020 that mass December ordered 300 million order more if needed. But governments can scale up France has imposed a nation- of the population before Sep- vaccinations would soon end doses of the vaccine developed most of those are vaccines that their vaccination programs. wide curfew of 6 p.m. Italians tember,” said Umberto Carri- the pandemic. But countries by BioNTech SE and Pfizer haven’t been approved yet. “We will be very challenged are barred from traveling out- era, who owns several restau- haven’t yet mounted large- Inc., the first to be authorized The vaccination effort at least for the next 10 weeks, side their home region for at rants in the Italian city of scale inoculation campaigns. in Western countries. That would be bolstered by the pos- and this will be the hardest least another month. Pesaro and is the chief orga- The EU executive, which its amount, expected to be deliv- sible authorization on Jan. 29 phase of the pandemic,” Rudolf The tightening restrictions nizer of the protest. member countries tasked with ered by the fall, is sufficient of a shot developed by Astra- Anschober, Austria’s health are fueling frustration, and Many of the restaurants purchasing vaccines for the for 150 million people, since in- Zeneca PLC and the University minister, said on Sunday as he compliance is dwindling. Since and bars that opened, includ- whole bloc, mishandled the job oculation requires two doses. of Oxford, with the bloc having announced a toughening of his Friday night, thousands of ing one owned by Mr. Carriera, of acquiring enough doses, The bloc is now negotiating preordered 300 million doses. country’s lockdown. Italian restaurant and bar have been fined and forced to critics say. the order of another 200 mil- Some experts say the conti- Germany on Tuesday ex- owners have kept their busi- shut after police intervened. “The EU bought far too few lion doses, which would start nent squandered an opportu- tended its lockdown, in force nesses open as a protest. But the protest has continued. vaccines. They should have or- to become available late this nity to suppress the virus since November, while adding “We expected the govern- “We need to stay open not dered at least 10 times as year. when infection rates fell after further measures, including ment to be able to avoid fur- to make money but to cover many, and the price for that— “This was a huge mistake. springtime lockdowns. Italian Premier Survives Confidence Vote Swiss

BY GIOVANNI LEGORANO Mr. Conte garnered 156 If Mr. Conte lost the Senate last year, when Italy became cause of the economic fallout votes in favor of his left-lean- vote, he would have been the first Western country to of the pandemic. Are Urged ROME—Italian Prime Minis- ing government and 140 forced to resign, paving the be severely hit by the corona- The economy is likely to ter Giuseppe Conte survived a against, with Mr. Renzi’s party way to either a new governing virus. have contracted by around 9% confidence vote in the coun- abstaining. coalition or to a snap election, His approval ratings rose last year and will grow by To Reject try’s Senate but fell short of Falling short of an abso- which opinion polls suggest after he imposed the world’s only 3.5% in 2021, according an outright majority, weaken- lute majority in Italy’s 321- first national lockdown and to the Bank of Italy, making It- ing his government as it member Senate, Mr. Conte used rigorous measures, such aly one of Europe’s worst-hit Burqa Ban searches for a way to tame the could struggle in the future as stay-at-home orders and economies amid the pan- BY JAMES HOOKWAY Covid-19 pandemic and revive when he seeks to pass legisla- Giuseppe Conte is the suspension of gatherings demic. the economy. tion. left with a thin and nonessential business, Italy is the biggest benefi- Switzerland’s government The vote in the Senate was The government previously that were soon adopted ciary of the EU’s massive eco- is urging voters to reject a triggered by the decision of a relied on Mr. Renzi’s group for governing margin around the world. nomic-recovery funds. proposal to ban burqas and small centrist party led by for- its Senate majority. over Covid handling. But after containing the vi- But the scale of the fund- other full-face coverings in a mer premier Matteo Renzi to “We will have a weak gov- rus by the summer, virus in- ing, and the sense it could be referendum set for March 7, in withdraw from the governing ernment precisely when we fections and deaths in Italy re- a unique opportunity to revi- what could be another conten- coalition. would need a very strong bounded late last year. talize an economy that has tious vote in the country’s Mr. Renzi said he objected one,” said Valentina Meliciani, the right-of-center opposition Renewed restrictions on ev- struggled to grow for the unique system of direct de- to Mr. Conte’s plans for spend- an economics professor at LU- parties would win. eryday life have led to wide- past two decades, have mocracy. ing more than €200 billion, ISS University in Rome. Mr. Conte, a little-known spread public weariness and fueled instability in the gov- Some cantons, or regions, equivalent to $243 billion, in The government on Monday law professor who was chosen mounting fears for the na- ernment. of the Alpine nation have al- European Union loans and won a confidence vote in the to lead two unwieldy coalition tional economy. Mr. Renzi regularly at- ready outlawed full-face cov- grants to support the eco- lower house of Parliament, governments in 2018 and Italy’s national debt is ex- tacked Mr. Conte’s economic erings in regional votes. A na- nomic recovery after the pan- where it has a stronger major- 2019, has become an unex- pected to rise to around 160% proposals before pulling out of tionwide referendum in 2009 demic. ity. pectedly stable premier since of gross domestic product be- the government last week. also saw Swiss voters support a proposal to ban the con- struction of minarets for WORLD WATCH mosques. This time voters are being asked whether Switzerland IRAN should ban full-face coverings nationwide after a group in- Tehran Sanctions cluding members of the right- Trump, Nine Others wing Swiss People’s Party gathered more than 100,000 Iran imposed sanctions on signatures, passing the thresh- President Trump and nine other old required for a popular vote U.S. officials, in a parting shot on changing the constitution. against an administration that The same group initiated the has pummeled the country and 2009 vote, describing mina- its top officials with sanctions. rets as foreign to Swiss cul- Iran’s foreign ministry said tural traditions, sparking a the U.S. officials were desig- wider debate in Europe about nated for their role in terrorist the integration of Muslims at activities against Iran, including a time when there was grow- sanctions and last year’s killing ing concern over the influence of Iranian Maj. Gen. Qassem So- of Islamist extremists. leimani in Iraq. The debate continues in The Iranian sanctions also tar- many parts of Europe, notably geted Secretary of State Mike France, where President Em- Pompeo, former and current spe- manuel Macron has proposed cial representatives for Iran Brian legislation to outlaw what he Hook and Elliott Abrams, as well calls “Islamist separatism,” as former national-security ad- and which includes preventing viser John Bolton. the indoctrination of children “This is a transparently politi- during home schooling and cal stunt by the Iranian govern- online hate speech. ment that does not deserve the France previously prohib- seriousness of a substantive re- ited wearing full-face veils in

sponse,” a State Department KYODO NEWS/REUTERS public as a way to support its spokeswoman said. FATAL PILEUP: One person was killed and 17 were injured Tuesday in a pileup of at least 134 cars on a highway during a snowstorm secular values, as have other The Iranian sanctions will in northern Japan. About 200 people were stranded after a truck hit a car in Miyagi prefecture, shutting the highway for hours. European countries. have limited impact as the tar- The Swiss government, in geted U.S. officials have no The Bangkok Criminal Court GUATEMALA piled atop chronic poverty and Daily reported that the request contrast, on Tuesday said vot- known commercial links to Iran. found the woman guilty on 29 gang violence. That, combined came after a telephone line was ers should reject a ban on full- Yet the move shows Tehran’s counts of violating the country’s Security Forces Stop with a hope that the new Biden dropped to the group of 11 inside face coverings, pointing to desire for a last-minute public- lèse-majesté law for posting audio Migrant Caravan administration would be more the mine’s No. 6 chamber. An- Switzerland’s relatively small relations blow to Mr. Trump, clips to Facebook and YouTube welcoming, gave birth to the other survivor of the mine explo- Muslim population, which who leaves office on Wednesday. with comments deemed critical of A once large caravan of Hon- year’s first caravan. sion is inside an adjoining cham- makes up about 5% of its 8.5 —Sune Engel Rasmussen the monarchy, the group Thai duran migrants that pushed its —Associated Press ber while the fate of 10 others million people, and the impact Lawyers for Human Rights said. way into Guatemala last week remains unknown, said officials in it could have on the tourism THAILAND After King Maha Vajralongkorn had dissipated by Tuesday in the CHINA the city of Yantai, in the eastern industry. took the throne in 2016 following face of Guatemalan security province of Shandong. The government suggested Criticism of King his father’s death, he informed forces. Small groups pressed on Trapped Miners People’s Daily reported two of a counterproposal requiring Brings 43-Year Term the government that he didn’t toward the Mexican border, Await Rescue the miners were recovering from people to show their face to wish to see the lèse-majesté law while others accepted rides from exhaustion and another was in- authorities if necessary for A court in Thailand sentenced used. But as protests grew last authorities back to Honduras. Workers trapped for more jured by the explosion that ripped identification purposes. a former civil servant to a record year, and the criticism of the Many of the migrants were than a week in a Chinese gold through the mine on Jan. 10. The referendum proposes prison term of 43 years and six monarchy got harsher, Prime driven by an increasingly desper- mine asked for pickles and por- Medicine, food and liquids have outlawing all full-face cover- months for breaching the coun- Minister Prayuth Chan-ocha ate situation in Honduras, where ridge to be dropped to them twice been delivered to the work- ings in public places, with ex- try’s strict law on insulting or warned a line had been crossed the economic ravages of the while they wait to be rescued, ers, enough to last at least two ceptions for places of worship. defaming the monarchy, lawyers and the law would be used. Covid-19 pandemic and two ma- state media reported. days, Yantai Mayor Chen Fei said. There are no exceptions for said. —Associated Press jor hurricanes in November have The website of the People’s —Associated Press tourists, however. . BUSINESSTECHNOLOGY: ELECTRIC-TRUCK MAKER & RIVIAN FINANCE RAISES $2.65 BILLION B4

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S&P 3798.91 À 0.81% S&P FIN À 0.43% S&P IT À 1.31% DJ TRANS g 0.36% WSJ $ IDX g 0.19% LIBOR 3M 0.224 NIKKEI (Midday) 28504.38 g0.41% See more at WSJ.com/Markets Trading Fuels Goldman’s Profit Rise Jack Ma, BY PETER RUDEGEAIR year earlier. Both quarterly economy has held up better cords in 2020, all trends that Goldman Sachs’ Out of net income and quarterly reve- than expected. Goldman capitalized on. quarterly revenue ( ) For many Americans, 2020 nue of $11.74 billion were On Friday, JPMorgan Chase Trading revenue rose 23% and net income ( ) Gold- was a year to forget. For much better than the expecta- & Co. said fourth-quarter profit from a year earlier to $4.27 $12 billion man Sachs Group Inc., it was tions of analysts polled by soared 42% to a record $12.14 billion, and the firm’s invest- Sight for one for the record books. FactSet, who forecast profit of billion after the bank released ment bankers brought in $2.73 Fueled by the markets’ $7.39 a share on revenue of $2.9 billion from its stockpile of billion in revenue, a 49% in- 10 quick recovery from the worst $9.99 billion. funds previously set aside to crease from 2019’s fourth Months, of the pandemic-induced re- For the U.S. banking indus- cover soured loans. On Tues- quarter. The boom in stock of- cession, Goldman generated try, 2020 was a roller-coaster day, Bank of America Corp. said ferings, including IPOs of tech 8 $44.56 billion in annual reve- year. Markets plunged and profit fell 22% but topped ana- companies and so-called nue, the most since 2009, economic activity declined in lysts’ expectations after it re- blank-check companies, was 6 Emerges harking back to the last time the spring as the coronavirus leased $828 million from its particularly lucrative for Gold- the bank successfully navi- spread across the country. loan-loss reserves. man: The fees it earned in the BY JING YANG gated a crisis and its after- With many businesses closed With its relatively small fourth quarter from under- 4 math. Trading revenue for and many consumers out of loan book and heavy exposure writing stocks were a record Embattled billionaire Jack 2020 reached a 10-year high. work, banks girded themselves to underwriting and trading and exceeded the fees it Ma made his first public ap- 2 The $4.51 billion in fourth- for widespread defaults. A ro- securities, Goldman was better earned from advising on deals pearance in nearly three quarter profit that the Wall bust federal spending program placed than peers for the envi- for the first time. Chief Execu- months, speaking via a video Street firm reported on Tues- helped forestall the worst-case ronment of the past several PleaseturntopageB2 0 link at a philanthropic event on day, or $12.08 per share, was economic scenario, and in months. Initial public offer- 2019 ’20 Wednesday, according to a Chi- more than double Goldman’s earnings reports last week, ings, corporate borrowing and LowratesdragdownBankof nese media report. profit from the same quarter a bank executives signaled the major stock indexes hit re- America’s earnings...... B2 Source: the company Spokespeople for the Jack Ma Foundation and Ant Group Co., the financial-technology gi- ant Mr. Ma. controls, confirmed the report. Microsoft Fried-Chicken Sandwiches Become “Jack Ma participated in the online ceremony of the annual Rural Teacher Initiative event Invests in on January 20,” the billionaire’s New Battleground for Burger Chains foundation said in a statement to The Wall Street Journal. Robot Cars BY HEATHER HADDON The event saw Mr. Ma ad- AND JACOB BUNGE dressing 100 village teachers receiving accolades from the From GM The hottest item in the foundation. burger business is chicken. BY MIKE COLIAS At least 10 major U.S. fast- food chains have introduced Jack Ma Microsoft Corp. is invest- fried-chicken sandwiches in infuriated ing in General Motors the past three months, or are China’s Co.’s driverless-car startup set to shortly. Many of those leadership Cruise as part of a strategic peddling the new poultry with a speech tie-up, another sign of re- items are better known as criticizing newed interest in the autono- hamburger chains, including regulators. mous-technology space after a McDonald’s Corp., Shake relatively quiet period. Shack Inc. and Jack in the Microsoft is among a group Box Inc. Another video embedded in of companies that will invest Restaurant operators, grap- the same Chinese media report more than $2 billion in San pling with slowdowns and re- showed Mr. Ma on what it said Francisco-based Cruise, which strictions brought on by the was a “recent” visit to a pri- has been majority-owned Covid-19 pandemic, aim to mary school in Tonglu County, by GM since early 2016. The fi- capture consumers’ enthusi- near Hangzhou, where Ant and nancing brings Cruise’s valua- asm for crispy, breaded- its affiliate, Alibaba Group

tion to $30 bil- chicken sandwiches. That fer- SHAKE SHACK/THE PALM BEACH POST/ZUMA PRESS Holding Ltd., have headquar- lion, Cruise said Tuesday, up vor helped build Chick-fil-A Shake Shack, McDonald’s and Jack in the Box are among the chains hoping to cash in on chicken. ters. It didn’t specify when Mr. from an estimated $19 billion Inc. into one of the nation’s Ma, who was shown wearing a in spring 2019. top fast-food chains over the Burgers are the top sellers at fast-food restaurants but breaded-chicken black cap and padded winter GM is adding to its Cruise past decade, and made Pop- sandwiches have been gaining ground. jacket, visited the school. investment as part of the eyes Louisiana Kitchen Inc.’s It was the first time Mr. Ma funding round and will retain offering a social-media sensa- U.S. sales of burgers and chicken sandwiches Change in number of servings appeared in public since Oct. a majority stake, a Cruise tion after its 2019 debut. at fast-food restaurants from a year earlier* 24, when the founder of Ali- spokesman said. The invest- The chicken-sandwich war, baba and controlling share- ment also includes current as industry competitors de- Breaded chicken Burgers holder of Ant made a speech at stakeholder Honda Motor Co. scribe it, means diners have 900 million sandwiches 20% a financial forum in Shanghai and other institutional inves- lots of options—such as a Ko- 800 and criticized regulators for sti- tors that Cruise declined to rean-style iteration at Shake Breaded chicken fling financial and technological name. Shack, a McDonald’s version 700 10 innovation. Under terms of Tuesday’s topped with spicy pepper 600 deal, Cruise will use Micro- sauce and a new KFC offering 0 soft’s Azure cloud-computing that the chain bills as its “best 500 service to help it roll out au- chicken sandwich ever.” 400 Burgers tonomous-vehicle services. The sandwich craze also –10 Office Cruise for years has been test- might bring lasting changes to 300 ing driverless cars in San the restaurant business, with 200 –20 Francisco and plans an even- owners spending thousands of Depot tual robot-taxi service. It dollars on new equipment for 100 is also is exploring commercial battering chicken filets to 0 –30 Rebuffs delivery. compete for what some fran- 2019 ’20 Jan. 2020 Nov. Driverless cars are expected chisees say is the future of to throw off troves of data for eating out. Annual U.S. per capita meat consumption† Average annual price for jumbo boneless, Staples autonomous-service operators Shake Shack began selling skinless chicken breasts to capture, store and eventually its new fried-chicken sandwich BY CARA LOMBARDO 100 pounds monetize, analysts say. Even on in the burger chain’s South Chicken $2.00a pound today’s cars, auto makers and Korean restaurants during the Office Depot rebuffed an tech companies are mobilizing fall, before it made its debut 90 unsolicited takeover offer PleaseturntopageB4 in the U.S. this month. One of from Staples but indicated it 1.50 the first limited-time items it is open to an alternative deal, put on menus during the pan- 80 the latest twist in a yearslong INSIDE demic was a spicy chicken dance between the office-sup- sandwich, also during the fall. 70 1.00 ply retailers. “We just want to sell more Staples on Jan. 11 proposed chicken,” said Shake Shack to buy Office Depot’s parent, 60 Chief Executive Randy Garutti Beef ODP Corp., for more than $2 in an interview. “People are al- 0.50 billion or $40 a share. Staples ways going to love burgers 50 said it would pursue a public and chicken, and we want to Pork tender offer for ODP’s shares be known for both.” in March if the companies The largest restaurant and 40 0 don’t reach a deal. convenience-store chains pro- 19902000 ’10 ’20 19902000 ’10 ’20 ODP concluded that a sale moted 213 chicken sandwiches *Chicken-sandwich growth fell in November because of a surge of Popeyes sales the prior year. †2020 is an estimate; 2021 is a forecast of its retail and consumer-fac- PleaseturntopageB2 Sources: NPD Group (sales); USDA (consumption); Urner Barry (prices) ing e-commerce operations to CASINOS Staples or a joint venture is MGM ends its effort to preferable to a full takeover, purchase British according to a letter sent by ODP’s chairman to an official gaming company Confidence Fuels Corporate-Bond Rally of the private-equity firm that Entain. B3 controls Staples. It said in the BY SEBASTIAN PELLEJERO the pandemic, boosted by vac- raise record amounts of cash to rate bonds account for about letter, seen by The Wall Street cine rollouts, economic stimulus protect balance sheets from the 40% of the yield investors are Journal, that such a deal Hopes for an economic re- and easy money from the Fed- pandemic’s blows. earning now in global invest- would afford the same cost bound and a slowdown in bor- eral Reserve. Spreads had wid- Now Wall Street economists ment-grade fixed-income mar- savings as a full-company sale rowing powered U.S. corporate ened sharply during 2020’s are projecting a pickup in eco- kets, which cover other assets but be less likely to attract bonds to a strong start in 2021. early-year market turmoil, when nomic growth later in 2021 as including mortgages and gov- prolonged regulatory scrutiny. As of Thursday, the average many investors feared the pan- vaccination efforts accelerate. ernment debt, according to Staples’ recent bid marks the extra yield, or spread, investors demic would spark a wave of de- Investment-grade mutual and BofA analysts. third time it tried to acquire its demanded to hold investment- faults and bankruptcies, fueling exchange-traded funds have Bond sales are slowing down rival. Previous efforts, including grade corporate bonds over U.S. losses in corporate debt. taken in more than $12 billion after a burst of new issuance at a $6.3 billion proposal five Treasurys was 0.93 percentage The Fed’s intervention, this year as of Jan. 13, according the start of the year, another years ago, were blocked by an- point, according to Bloomberg which included cutting interest to Refinitiv Lipper, after posting boost for prices. After last year’s titrust enforcers. Staples was PROPERTY REPORT Barclays data. That was down rates and buying billions of dol- the largest one-year inflow ever surge, investment-grade compa- taken private by Sycamore A London from 1.05 percentage points one lars of bonds, helped fuel a re- in 2020. “There’s still a lot of de- nies raised more than $74 billion Partners in 2017 and is now neighborhood month ago and the narrowest covery. With rates near zero, mand because of the lack of so far in January, according to controlled by a subsidiary of gap since January 2020. investors chased extra yield in yield globally,” says Hans Mik- S&P Global Market Intelligence’s buyout firm USR Parent Inc. becomes one of the The move reflects investors’ the investment-grade market, kelsen, high-grade strategist at LCD. That is roughly in line with In a sign that investors an- city’s hottest areas. B6 growing confidence that highly helping companies refinance Bank of America. the $75 billion issued during the ticipate a deal of some sort, rated U.S. companies will endure debt at lower interest rates and U.S. investment-grade corpo- PleaseturntopageB11 PleaseturntopageB2 .

B2 | Wednesday, January 20, 2021 ****** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Estun Automation....B12 N ABB...... B12 F NIO...... B4 Aberdeen Standard.....B6 Fanuc...... B12 O Acacia Communications FedEx...... B3,B4 ODP...... B1 ...... B3 Fidelity Investments..B4 P Amazon.com...... B1,B4 Fisker...... B4 Ant...... B5 Ford Motor...... B4 Panasonic...... B12 Apple...... B4,B6 FTI Consulting...... B10 Popeyes Louisiana Aurora Innovation...... B4 G Kitchen...... B1 B R General Motors.....B1,B4 Ballymore...... B6 Goldman Sachs...... B1 Restaurant Brands Bank of America International...... B2 H ...... B2,B11,B12 Rivian Automotive.....B4 Berkshire Hathaway.B11 Hong Kong Exchanges & S Biglari...... B10 Clearing...... B11 Sanderson Farms...... B2 Blackstone...... B6 Hyatt Hotels...... B6 Scorpio Bulkers...... B5 Brookfield Property Hyundai Motor...... B4 Partners...... B6 J Shake Shack...... B1 C Shenzhen Inovance Jack in the Box...... B1 Technology...... B12 Chick-fil-A...... B1 JPMorgan Chase..B2,B12 Siemens Gamesa Cisco Systems...... B3 L Renewable Energy....B5 Citigroup...... B2,B12 London Metal Exchange Staples...... B1 Coatue Management..B4 ...... B11 Stellantis...... B4 Cooler Master...... A10 T D Lordstown Motors...... B4 M Tesla...... B4 Diebold Nixdorf...... A2 T. Rowe Price Group...B4 E McDonald's...... B1 MGM Resorts U BESS ADLER FOR THE WALL STREET JOURNAL Eco World International International...... B3 The bank’s deposits grew about 25% in the quarter, with nervous consumers and companies looking for a safe place to stash their money. USR Parent...... B1 ...... B6 Microsoft...... B1 Y Enbridge...... A2 Moonbeam Capital Entain...... B3 Investments...... B6 Yaskawa Electric...... B12 Bank of America’s Earnings INDEX TO PEOPLE A F P Dragged Down by Low Rates Adye, Belinda...... B5 Floyd, Tom...... B6 Pandya, Jignesh...... B6 Ammann, Dan...... B4 Foster, Tony...... B5 Pekowitz, Bill...... B6 BY BEN EISEN B G Petkova, Galya...... B5 ers including Bank of America, Bank of America is particularly vision posted fee growth of Povlsen, Andreas...... B5 which make money on the dif- dependent on U.S. interest 26% from a year ago, fueled by Barra, Mary...... B4 Garutti, Randy...... B1 The biggest U.S. banks have ference between what they pay rates given its large base of underwriting of initial public S Biglari, Sardar...... B10 L withstood the recession to depositors and what they U.S. deposits and loans. offerings. Total fees of $1.86 Black-Roberts, Felicity Sanderson, Joe...... B2 brought by the coronavirus earn from lending. Bank of Chief Financial Officer Paul billion compared with $1.47 bil- Lauro, Emanuele...... B5 ...... B6 Scaringe, RJ...... B4 pandemic, but they haven’t America’s net interest income Donofrio said on a call with lion a year earlier. M C Scherr, Stephen...... B2 been immune to the low rates fell 16% from a year earlier to journalists that he expects loan Goldman, meanwhile, said Caplan, Kenneth...... B6 Ma, Jack...... B5 Segev, Shay...... B3 the crisis ushered in. $10.25 billion, though it was up balances to rise this year. “I Tuesday that profit was lifted D-E Mason, Mark...... B12 Short, Mayrow...... B6 A drop in interest income slightly from the third quarter. think it will start slow and be by a 23% rise in its trading rev- Mikkelsen, Hans...... B1 Siddiqui, Sami...... B2 helped drag down earnings at Deposits at the bank grew more in the back half of the enue and 68% jump in under- Dimon, Jamie...... B12 Bank of America Corp., which by about a quarter over the year,” he said. writing fees. Moynihan, Brian...... B2 Solomon, David...... B2 Donofrio, Paul...... B2 fell 22% in the fourth quarter. past year, with nervous con- Wall Street powered earn- Bank of America’s revenue N T Egenberg, Jens...... B5 The second-largest bank in the sumers and companies looking ings at JPMorgan Chase &Co. totaled $20.1 billion in the Engh, Svein...... B5 Nadella, Satya...... B4 Tavares, Carlos...... B4 U.S. said Tuesday that its profit for a safe place to stash their and Citigroup Inc. despite rel- fourth quarter, down 10% from totaled $5.47 billion in the final money. But the economic fall- atively weak showings in their the fourth quarter of 2019. three months of the year, ver- out from the coronavirus crisis consumer banks. Buoyant mar- That missed the $20.58 billion profitable cut. The average sus $6.99 billion a year earlier. has sapped customer demand kets also benefited Bank of expected by analysts polled by weekly price for a boneless, Per-share earnings of 59 for loans. The bank’s book of America’s trading arm, but not FactSet. Fast Food skinless chicken breast last cents topped analyst estimates outstanding loans and leases, as much as its rivals. Adjusted Noninterest income fell 4% year was about $1.01 a pound, of 55 cents. Still, the year-over- which had initially grown at trading revenue of $3.06 bil- to $9.85 billion and noninterest the lowest level in more than year profit decline was the the beginning of the pandemic, lion in the fourth quarter was expenses were 5% higher than Vies With 30 years. The price had lan- worst showing of any big bank shrunk to $927.86 billion at up 7% from $2.86 billion a a year earlier, totaling $13.93 guished below $1 since August, to report earnings so far. Gold- year-end, its smallest in more year ago. The bank’s fixed-in- billion. until it crept back above that man Sachs Group Inc. said on than three years. come traders brought in less Bank of America shares fell Chicken level this month, according to Tuesday its fourth-quarter The Federal Reserve cut its revenue than a year earlier, 0.7% on Tuesday. data compiled by market-re- profit jumped 135%. benchmark interest rate to though its equity trading reve- ContinuedfrompageB1 search firm Urner Barry. Rock-bottom interest rates near-zero in March to try to nue was up. Heard on the Street: Banks through November last year, up Sit-down-restaurant clo- have been a challenge for lend- stave off an economic collapse. The investment-banking di- need to lend more...... B12 22% from a year earlier, indus- sures and export slowdowns try research firm Technomic have helped build supplies. Inc. said. Many of those sand- The quantity of frozen breast tions could generate significant sibility regulators would again ODP’s business-facing unit to wiches have found a permanent meat in U.S. cold-storage facil- cost-savings if the combined block a deal aren’t adequate address potential regulatory place on menus. ities in late November stood Office Depot company reduces its footprint and that if it proceeds with a pushback. Fast-food restaurants re- 23% above last year’s level. by closing overlapping stores. full-blown takeover, it should Since the companies’ last main bastions of beef, with Big Some in the chicken indus- In addition to Office Depot, assume all of the antitrust risk attempt to merge, the retail Macs, Whoppers and other try said the sandwich launches Spurns ODP owns the OfficeMax chain by agreeing to a “hell or high landscape has changed as Am- burgers outselling breaded- could send prices higher. and CompuCom, an IT-services water” provision. azon.com Inc. expanded chicken sandwiches by roughly Hailing the new chicken business. Its business-facing It said in the letter that a deeper into office supplies, po- 3-to-1, according to data from competition are poultry execu- Staples segment accounted for about process is under way to sell tentially altering the antitrust market-research firm NPD tives, who face pandemic-con- half of its revenue in 2019. CompuCom after a previously calculus. Group. strained dining and surging ContinuedfrompageB1 That compares with more than announced strategic review. Office Depot’s revenue has Beyond fast food, though, grain prices. ODP shares climbed 24% since 40% from its retail operations Under its proposal, the re- suffered as the pandemic kept chicken has been Americans’ “We wish all the partici- USR disclosed its bid, closing at and 9% from CompuCom. maining ODP would focus on many corporate offices closed. meat of choice for decades. pants much success,” said Joe $45.86 Friday. A tie-up of the Office Depot said Staples’ commercial sales. Staples had Closely held Staples doesn’t Chicken overtook beef in Sanderson, chief executive of office-suppliers’ retail opera- assurances regarding the pos- said it was prepared to sell disclose its financial results. 1992 as the most-consumed Sanderson Farms Inc., the meat per capita in America, third-largest U.S. poultry pro- according to the U.S. Depart- ducer, after Tyson Foods Inc. fected by large provisions for ment of Agriculture. Consum- and Pilgrim’s Pride Corp. Trading future expected charge-offs, ers bought 1.4 billion more Chicken sandwiches tend to given the nascency of its corpo- For more information: units of chicken than beef last be more profitable than beef rate-banking and consumer-fi- wsj.com/inmemoriam year in grocery stores, accord- ones sold in chain restaurants, nance offerings. Goldman held In Memoriam ing to Nielsen figures. as they draw on a cheaper Fuels Profit about $8 billion in consumer- The number of fast-food commodity, according to in- loan balances, split roughly      !       % % ! ..  !.   customers who ate a chicken dustry research firm Revenue At Goldman equally between its personal-        % !  +    sandwich rose 21% last year Management Solutions. loan business and co-branded  8!    !  *  from 2019, outpacing burgers, Chicken sandwiches typically credit card with Apple Inc., but   &  !  !!   *  .      !!! roast beef and other similar cost less on menus than big ContinuedfrompageB1 performance has been better ; )$$1   !!  & items, according to Technomic burgers, a possible draw for tive David Solomon told ana- than executives expected.  !!    +   ' !  , ! surveys. budget-conscious consumers, lysts on a conference call that Like other banks, though, the 5 *%   .    < “It’s hard not to succumb to the firm said. some of the business Goldman profitability of Goldman’s lend- ! *  **   %   !  +   %   .   % * temptation,” said Mimi Finley, Restaurant chains and fran- won with top trading clients ing and deposit-taking business  !*     /  % & a Florida stay-at-home mom chisees are investing heavily in should be more sustainable has been crimped by low inter-     +  % . ! . * and former restaurateur who the battle. KFC said it worked than in 2009 given that they est rates and stricter loan-ap-   +%    &   +  , - &    !  . !! likes to sample chicken sand- with six bakeries to find a bun occurred in a more competi- proval standards. Mr. Solomon  &   !   & wiches from fast-food chains. able to handle its quarter- tive environment. In invest- said that Marcus, as Goldman’s -*  %!  *,  &  & + Chick-fil-A’s signature pound white-meat filet that ment banking, Mr. Solomon consumer-banking division is   &   !!    chicken-breast sandwich, will make its nationwide debut said he expected activity levels known, is likely to report a !  !   *,  & 3 "&   5,!  ! 4 served with pickles on a but- in February, a chicken patty in 2021 to be below those in larger pretax loss in 2021.  !+  *  .  % % tered, toasted bun, helped about 20% larger than its exist- 2020, due in part to investors Shares in Goldman rose *, % !  !     make the Georgia-based com- ing crispy option. starting to cool off on blank- some 60% between the end of  !  -! .      *    &! - *  pany the third-biggest U.S. Church’s Chicken owners check companies, also known October and mid-January, hit-  ' !  , ! / !  !   restaurant chain by domestic spent about $3,000 per restau- as special-purpose acquisition ting an all-time high of          / %    - *  sales, behind McDonald’s and rant to buy equipment to make companies, or SPACs. $307.87 last week and vaulting         ! / ! & ; %   - ; )$(# Starbucks Corp. Fanatical din- the chain’s new chicken sand- “You have something here the bank’s market value above " !  #$ ' !  , !  % : 8!          + %  *  ers camp out ahead of the wich, while Burger King own- that is a good capital markets $100 billion. The rally in Gold-    %&  ! %             "   . * ! %   chain’s new restaurant open- ers are buying battering sta- innovation,” Mr. Solomon said man’s stock followed news    '& ()   !  *  +  %!     % : % *   ings, and Chick-fil-A overtook tions to install in kitchens as of SPACs. “But like many inno- that the firm reached a $2.9  , - &   % . #$  % *    " ! !  . ' ! KFC as the leading U.S. the Restaurant Brands chain vations, there’s a point in time billion settlement with the . * &! / ! &  (#01  2!  , ! !      *   .* & . ** %!  %   %  %!  %  +&    chicken chain by domestic tests a hand-breaded chicken as they start where they have Justice Department over a . %   !  *&  ,!   & % . *  **  sales in 2011, according to sandwich. a tendency maybe to go a little yearslong investigation into its    %  '   !  *!       Technomic. At McDonald’s, which hasn’t bit too far and then need to be role assisting a corrupt Malay-  !  !    ! %   *  ! + ,  !!& +   The 2019 launch of the Pop- had a Southern-style battered- pulled back or rebalanced.” sian government fund known  %  3 4  +   ! . *  *  * +! 3 ! 4 &  * . %  ! 2% %  * eyes Chicken Sandwich chicken sandwich on its U.S. Compared with its rivals, as 1MDB.     5  6 5 +!     !*  ! + , .   *  '+ ! spawned long lines at restau- menus nationwide for years, Goldman’s profit was less af- Shares slipped $6.81, or   ,! .  &+  % & - **  +! 3!. *  .   rants and a temporary short- franchisees have been pushing 2.3%, to $294.20 on Tuesday.  + ,  ! +&       % : 4   + ! . ! "            6 7* "   ! age that sent the chain search- for one. “We cannot afford to One big change at Goldman    !+ %&  < !  .     + :    ! ing for supplies. The be last in a category that from the last time it reported *  %!  , 3! " 8 9:   ! !  &  ! + .   Restaurant Brands Interna- clearly is the future of fast revenue this high is how much  -* 4 . %        ! ! !  7   !   +!    tional Inc.-owned chain’s sales food,” the National Owners of it went into employees’ + *  .  * !  % : !   !  *   9 , +   * "  7  * & * grew by double-digit percent- Association, a group of pockets. In 2009, the size of ! +        9  ' !  : ages, and have remained ele- McDonald’s franchisees in the Goldman’s bonus pool was a   &   *  +  **  ! ;   . = +!       vated since. U.S., said in an email to mem- source of populist outrage. For        8! *%   8! ** &   *     /! *! .  -* ! > !!  “Others have seen that suc- bers last month. 2020, compensation expenses  *  *  ,   .  ! &!   ! %        ? cess and are catching up,” Responding to customer de- totaled $13.31 billion, or Sami Siddiqui, president for mand, McDonald’s said it roughly 30% of revenue, a re- the Americas at Popeyes, said would begin selling a Crispy cord low ratio, said Chief Fi- in an interview about the com- Chicken Sandwich next month nancial Officer Stephen IN MEMORIAM pany’s sandwich. with crinkle-cut pickles on a Scherr. EVERY WEDNESDAY AND SATURDAY The jumbo-size boneless, buttered potato bun, while The bank’s return on equity, For more information visit: wsj.com/InMemoriam skinless breast meat favored adding two other chicken SIMON DAWSON/BLOOMBERG NEWS a measure of how profitably it for such products is typically sandwiches to the permanent CEO David Solomon expects uses shareholders’ money, was © 2021 Dow Jones & Company, Inc. All Rights Reserved. the poultry industry’s most menu. the blank-check boom to cool. 21.1% in the fourth quarter. . THE WALL STREET JOURNAL. Wednesday, January 20, 2021 | B3 BUSINESS NEWS FedEx Set MGM Ends Bid for U.K.’s Entain To Reduce BY ADRIANO MARCHESE Workforce AND ADRIA CALATAYUD MGM Resorts Interna- tional said Tuesday it is no In Europe longer pursuing a deal to buy British gambling company En- BY DAVE SEBASTIAN tain PLC, a deal that would have bolstered the casino op- FedEx Corp. plans to cut up erator’s presence in online to 6,300 jobs in Europe as it gambling. completes the process of com- Earlier this month, the Las bining its Express network Vegas-based casino operator with the package-delivery op- offered 0.6 MGM share for each erations of its TNT unit. Entain share, for a value of The delivery company said £8.09 billion, the equivalent of Tuesday that it will lay off be- $10.99 billion. The Wall Street tween 5,500 and 6,300 work- Journal first reported on ers in operational and back-of- MGM’s takeover approaches. fice roles as it seeks to Entain, known as GVC Hold- address the overlap resulting ings until recently, had said from operating two European that the deal, representing a networks connecting similar 22% premium, undervalued geographies. the company. The proposed cuts could af- “After careful consideration fect up to 2.6% of FedEx Ex- and having reflected on the press’ roughly 245,000 em- limited recent engagement be- ployees, including about tween the respective compa- 43,000 at TNT, as of May 31, nies regarding MGM’s rejected 2020. The job cuts will differ all-stock proposal at an ex-

by country and could be in the change ratio of 0.6 times, it PAUL SANCYA/ASSOCIATED PRESS form of reassignment to other does not intend to submit a With no deal in the cards, Entain said it looks forward to continuing to work with MGM through their U.S. joint venture BetMGM. roles and priority access to revised proposal and it will open positions. not make a firm offer for En- pence. In New York, shares of given the relationship between year, MGM rival Caesars En- pand in the fast-growing Bal- FedEx said it expects sever- tain,” MGM said. MGM rose 2.45% on Tuesday Entain and MGM. The compa- tertainment Inc. reached a $4 tics region. ance-benefits costs of between Entain, which owns the to $30.53 apiece. nies launched a U.S. joint ven- billion deal to buy another Entain, which also houses $300 million and $575 million, British gambling brand Lad- Ahead of MGM’s withdrawal ture in 2018 to tap into sports- British sports-betting com- the bwin, PartyPoker and before taxes, that are expected brokes, said it looks forward Tuesday, Entain shares were betting opportunities. pany, William Hill PLC. Coral brands, said on Jan. 11 to be incurred through fiscal to continuing to work closely trading above the price of- A tie-up between MGM and After MGM’s proposal was that Chief Executive Shay Se- 2023. The company sees sav- with MGM through their U.S. fered by the casino operator, Entain would have created one made public on Jan. 4, Entain gev planned to leave the com- ings of $275 million to $350 joint venture BetMGM. suggesting there were hopes of the few large gambling agreed to buy Swedish gam- pany to become co-chief exec- million annually beginning fis- In London trading Tuesday, for a higher bid. However, an- companies in the world with a bling company Enlabs AB for utive of sports-streaming cal 2024 as a result of the job shares in Entain finished down alysts at Numis had previously significant online and bricks- around 2.80 billion Swedish platform DAZN. The company reductions. 12%, or 168.50 pence, at 1245 said a counterbid was unlikely and-mortar presence. Last kronor ($333.5 million) to ex- has yet to appoint a new CEO. FedEx bought TNT, a Dutch company, in 2016. At that time FedEx had a sizable air-ex- press delivery operation in Eu- China Clears Cisco-Acacia Deal With Conditions rope, but it lagged behind in the ground-delivery business. Acquiring TNT gave it an es- BY STEPHANIE YANG fill existing contracts with 2019, claiming Cisco hadn’t re- ter it failed to gain Chinese could mitigate that effect. The tablished door-to-door net- Chinese clients and keep com- ceived timely approval from approval before the deal ex- restrictions will remain in work in Europe, saving the China’s antitrust regulator mercial terms unchanged. The Chinese authorities. Cisco dis- pired. Applied Materials Inc. place for five years, it said. U.S.-based company the time approved Cisco Systems Inc.’s conditions, stipulated in a puted the claim but raised the recently raised its bid for Cisco and Acacia didn’t re- and money required to build acquisition of Acacia Commu- statement on the agency’s web- purchase price by 64%, ce- Kokusai Electric Corp. to $3.5 spond to requests for com- one from scratch. nications Inc., clearing the site, required that Cisco and menting a new deal. billion—from $2.2 billion of- ment. Cisco will pay $115 a The integration of TNT has deal for completion under sev- Acacia continue supplying cer- The need for Chinese regu- fered in June 2019—as the share to acquire Acacia, a 64% been drawn out, including a eral conditions aimed to pro- tain products without discrimi- latory approval loomed large semiconductor-equipment increase on the original price setback from a 2017 cyberat- tect supply to the companies’ nation and unreasonable terms. over some major tech deals as companies await approval. of $70 a share agreed to in tack on its operations that dis- Chinese customers. The announcement Tuesday waiting times increased and China’s top market regula- July 2019. The deal values rupted service and added hun- The State Administration for removed a regulatory barrier U.S.-China relations soured. tor said it believes the deal for Maynard, Mass.-based Acacia dreds of millions of dollars in Market Regulation said the U.S. that nearly doomed the deal In 2018, a $44 billion deal Acacia could undermine com- at about $4.5 billion on a fully extra costs. telecommunications-equip- earlier this month. Acacia between Qualcomm Inc. and petition in the market for op- diluted basis. —Paul Ziobro ment companies and subse- moved to terminate the agree- Dutch chip maker NXP Semi- tical transmission systems and —Lekai Liu contributed to this article. quent merged entity must ful- ment, first announced in July conductors NV fell through af- that the conditions it named contributed to this article.

NOTICE TO INVESTORS & INTERESTED PARTIES OF PROPOSED SALE OF RECEIVERSHIP ASSETS UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF FLORIDA CASE NO.: 16-CV-24678-COOKE/TORRES SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. ONIX CAPITAL LLC, et al., Defendants. Melanie E. Damian, Esq., as Receiver(the “Receiver”) for Onix Capital, LLC and the Relief Defendants, hereby gives noticethat shewillsellthe following Receivership assets: i. Open English Holdings, Inc. (“Open English”),acompany that provides online teaching of theEnglish language in Latin America and theHispanicmarket in theU.S.Prior to the commencement of the receivership, Onix acquired 105,409 shares of Common Stockfor $988,736.42, and 301,825 shares of Series Next U Preferred Stockof Open English throughconvertible note transactions totaling $1,664,886.13 (the “Open English Shares”).The Open English Shares weresubsequentlytransferred to Relief Defendant Next U Ventures LLC. ii. Dialpad Inc. (“Dialpad”),isacompany that provides cloud-based business phone systemsthat power voice, video, messages, and meetings across existing devices. In February 2015, Onix purchased 364,843 Series C Preferred Shares in Dialpad, then known as Switch Communications Inc., a Delaware corporation (the “Dialpad Shares”),for $1 million. In April 2015, Onix transferred its interest in the Dialpad Shares to Relief Defendant Next Call Ventures LLC. TheReceiverhas determined that thebestmethod to sell theDialpadShares and Open English Shares is at a competitive bidding process with qualified Stalking Horse biddersasapprovedbytheCourt on November 3, 2020 and November 18, 2020, respectively. TheReceiverhas entered into separate Asset Purchase Agreements with qualified Stalking Horse bidders(“StalkingHorse Bidders”), who have offered DR. PARVEEN CHOPRA (RETIRED) $407,234.00 as a starting bid for the Open English Shares and $200,000.00 as a PLANNING COMMR., CHAIR H.R. COMM. starting bid for theDialpadShares. PROF. HOFSTRA UNIV., KEAN UNIV. TheAssetPurchase Agreements contain many termsandconditions that are LANI CLICK, MFA ENTP., CONSULTANT, PLAYWRIGHT described in greater detail in the Receiver’s Motions to Approve Stalking Horse YALE SCHOOL OF DRAMA Purchase Agreement and Bidding Procedures filed on September 1, 2020 and 2021 - 2022 MOHIUDDIN ALI KHAN, PHD, DIC November 3, 2020. Copies are available on the Receiver’s website, at PROFESSOR, AUTHOR, OWNER www.onixcapitalreceivership.com or by requesting a copy fromcounsel to the ALI KHAN ASSOC. CONSLTG. ENGRS. Receiver Attn: Farola Saint-Remy, Kozyak Tropin & Throckmorton, 2525 Lifetime Achievement Award DR. YOUNG SUH KIM th PROFESSOR EMERITUS PonceDeLeon,9 Floor,Miami, Florida 33134 and [email protected]. Marquis Who’s Who is proud to honor its UNIVERSITY OF MARYLAND In order to maximize thevalueoftheshares, the sale to each Stalking Horse most distinguished listees based on their Bidder will be subjecttohigher and better offersandtheReceiver will solicit RODOLFO R. LLINÁS, MD, PHD career longevity, philanthropic endeavors, UNIVERSITY PROFESSOR other purchaserstosubmit such offerspursuant to the Bidding Procedures to be NYU MEDICAL CENTER no later than 5:00 p.m. (EST) February 10, 2021 and lasting contributions to society. Out received by on .Ifother IGNACIA B. MALLON, EDD qualified offersaresubmittedinaccordancewith the Bidding Procedures, an of 1.5 million biographees, only a small EDUCATIONAL CONSULTANT UNESCO auction will be conducted on February 15, 2021 at 10:00 a.m. via Zoom Video percentage are selected for the Albert JESSICA N. SAULS Conferencing and theReceiver will present the highest and best offer obtained at Nelson Marquis Lifetime Achievement OWNER BY JESSICA & CO. BEAUTY LOUNGE the conclusion of such auction to theCourtfor approvalataSaleHearing to be Award. Among that prestigious group, a February 17, 2021 at 10:30 a.m. conducted on (the “SaleHearing”) via a RONALD C. WHITTEMORE handful is chosen to represent Marquis as SR. OLYMP., PROG. ANLYST. remote hearing through Zoom Video Conferencing. If no qualified offersare DATAMANN, WILDER received in accordancewith theBiddingProcedures, no auction will be advertised in The Wall Street Journal. It is our great pleasure to present them here. JONATHAN R. YAROWSKY conducted and thesaletoeach Stalking Horse Bidder pursuant to theAsset PARTNER Purchase Agreements will be presented for approval at theSaleHearing. Congratulations to our prestigious listees! WILMERHALE .

B4 | Wednesday, January 20, 2021 NY THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Stellantis CEO Sees Strength in Brands Chief of combined auto annual savings—achieving Tavares said he believes the sess what went wrong and The Chrysler brand lives on, but the name of the auto giant's founder has maker plans to sell about 80% of the cost cuts by combined scale of PSA and draft a turnaround plan. He dropped off after its most recent merger. the end of 2024. FCA, which gives the new com- said the company is considering vehicles under 14 In all, he said his plan for pany a major presence in mar- all options right now, including Big events in Chrysler’s history the new company, which in- kets like North America and exiting the country altogether. lineups in 130 nations 1925 cludes Jeep, Ram, Citroën and Europe, is an asset but isn’t it- “At this stage we do not ex- 1928 Peugeot among its brands, self the end goal. clude any scenario,” he said. Chrysler is incorporated from the Buys Dodge Brothers assets of the Maxwell Motor Co. BY NORA NAUGHTON aims to deliver about $30 bil- “We believe Stellantis The newly created Stellan- lion in shareholder value over needs to be great, rather than tis also enters an auto indus- Stellantis NV’s new Chief the first four years. big,” Mr. Tavares said in his try that is quickly being re- Executive Carlos Tavares out- He reiterated Stellantis first public remarks as CEO. shaped by new rivals and 1979 lined his vision for the newly wouldn’t close factories or Stellantis’s stock closed at technologies, such as electric U.S. government approves combined auto maker Tuesday, eliminate brands as a result of $16.91 in trading Tuesday in and self-driving vehicles. Mr. $1.5 billion bailout for 1987 saying he would preserve fac- the merger, working instead to New York, up around 11% from Tavares said the merger was Chrysler Corp Acquires the Jeep brand tories, draw more distinctions lower costs by combining the the former Fiat Chrysler’s pre- as much an offensive move as with the purchase of between brands and reassess underlying engineering and vious close. Its shares closed a defensive one, and the scale 1998 American Motors troubled operations in China. creating more pricing power up 3% in Europe on Tuesday, it will deliver will help the car Merges with Daimler-Benz Shares of the new auto- within the lineups—a tactic he giving Stellantis a market val- company pursue different making company, created had taken with Opel after pur- uation of about $51 billion. business models and ap- 2009 through the merger of Fiat chasing it from General Mo- The tie-up creating Stellan- proaches that could eventually 2007 Files for chapter 11 bankruptcy; Chrysler Automobiles NV and tors Co. several years ago. tis is the auto industry’s larg- deliver additional revenue. Cerberus Capital announces partnership with Fiat agrees to take majority Peugeot maker PSA Group As for Peugeot, Mr. Tavares est merger since 1998. Mr. Ta- Meanwhile, he believes the Group stake in Chrysler from 2011 over the weekend, began trad- said he hasn’t yet made a deci- vares still faces a litany of planned cost cuts will help Daimler ing in New York on Tuesday sion on reviving the brand in challenges in fitting the two protect factory jobs and free Repays rescue loans morning, following its debut the U.S. He had previously companies’ operations to- up cash needed to revive from U.S., Canadian governments on the Paris and Milan stock contemplated reintroducing gether, particularly as car brands that have faltered in 2014 exchanges on Monday. the French brand to the U.S. manufacturers try to rebuild recent years. 2019 Fiat acquires 100% of FCA and PSA Mr. Tavares, the former after a three-decade hiatus. momentum while the pan- “We will not shutdown Chrysler to create Fiat (Peugeot) agree to merge PSA chief now leading Stellan- Rather, the focus will be first demic continues to depress ve- plants as a consequence of the Chrysler Automobiles 2020 tis, emphasized the company on generating savings and try- hicle demand. merger. I can tell you that,” he 2021 Stellantis name debuts would use the group’s com- ing to reposition existing In China, where both FCA said. Rather, he described the Fiat Chrysler and PSA complete bined heft, selling vehicles un- brands to better capitalize on and PSA have long struggled, tie-up as acting like a shield to merger to create Stellantis der 14 brands and in 130 coun- their diversity, he said. In tak- Mr. Tavares said he has as- preserve factories and fill tries, to generate $6 billion in ing the helm at Stellantis, Mr. signed an executive team to as- them up with new work. Source: the company; staff reports Microsoft Electric-Truck Invests in Maker Rivian GM Unit Raises Fresh Funds ContinuedfrompageB1 to harness data from the grow- BY BEN FOLDY 2020, making it the world’s ing number of vehicles with in- most valuable auto maker, with ternet connections. Electric-vehicle startup Riv- a market valuation of $783 bil- Cruise Chief Executive Dan ian Automotive LLC has raised lion as of Friday’s close. Ammann said Microsoft’s in- an additional $2.65 billion, bol- Shares in Chinese electric volvement will help Cruise stering its balance sheet as it vehicle maker NIO Inc. regis- commercialize its technology. looks for an edge in the nascent tered a similar run, gaining Microsoft Chief Executive Sa- market for electric trucks. 1,112% in 2020.

tya Nadella said the tech giant ANDREJ SOKOLOW/DPA/ZUMA PRESS Asset manager T. Rowe Several startups including wants to help autonomous The $2 billion investment brings San Francisco-based startup Cruise’s valuation to $30 billion. Price Associates Inc. led the Fisker Inc. and Lordstown Mo- cars go mainstream. round, which also included Fi- tors Corp. have sought to take GM also said Microsoft capacity and software tools to scale computing needs,” said electric vehicles, the South delity Investments, Coatue advantage of the enthusiasm, would be its preferred cloud customers. It has been in a Sanjay Ravi, a general man- Korean car company has said. Management and Ama- going public through reverse provider and help it stream- heated battle with Ama- ager of Microsoft’s automo- GM spent around $1 billion zon.com Inc., all of which have mergers with special-purpose line supply chains and roll out zon.com Inc., the leader in the tive-focused business.” in early 2016 to acquire Cruise, already backed the auto maker, acquisition companies, or new digital services to cus- cloud, and trying to tap Big-tech companies gener- which was then a 40-person Rivian said Tuesday. SPACs. tomers. The auto maker’s emerging sectors. The autono- ally have jumped into the au- startup. The company now has The influx of capital for the Rivian, still private, plans to shares rose nearly 10% Tues- mous-vehicle market, once it tonomous-vehicle space, which nearly 2,000 employees. Irvine, Calif., company came at offer consumers electric pickup day to close at a record becomes real, promises a new some analysts say could even- GM Chief Executive Mary a valuation of $27.6 billion, ac- trucks and SUVs with off-road $54.84. Microsoft shares were and rapidly growing market tually be valued in the trillions Barra has pegged her growth cording to a person familiar capabilities, taking aim at De- up close to 2%. for the kind of number- of dollars. Amazon last year strategy on electric cars and with the matter, and adds to troit’s dominance in the two The tech giant in recent crunching services Microsoft acquired driverless-technology expanding into services, in- the $5.35 billion that the com- highly profitable categories. years has been aggressively offers. “With this strategic re- firm Zoox. Apple Inc. has held cluding connected-car features pany raised in five earlier fund- The company anticipates pushing its cloud-computing lationship, we are looking to talks with Hyundai Motor Co. and a future autonomous-vehi- ing rounds dating to 2019. launching its first model, an all- business, where it rents server further address these hyper- about working on driverless, cle network. In recent years Ford Motor Co. also holds a electric pickup called the R1T, in investors have largely put stake in Rivian after investing June. A full-size SUV called the their faith in Tesla Inc. and $500 million in 2019. It wasn’t R1S is set to follow in August. ADVERTISEMENT other newcomers instead of clear whether Ford participated By the end of the year, Riv- GM, despite the auto maker’s in this round. The new money ian also plans to deliver the The Marketplace progress on advanced technol- will allow Rivian to focus on first of 100,000 delivery trucks To advertise: 800-366-3975 or WSJ.com/classifieds ogies, which has drawn praise launching three products this the company has contracted to from analysts. year while scaling up for growth, provide Amazon.com Inc. by But GM’s shares have risen said RJ Scaringe, Rivian’s 2030. BUSINESS OPPORTUNITIES CAREERS NOTICE OF SALE sharply in recent months as founder and chief executive. General Motors Co. plans to investors warm to the com- The funding round illus- revive its Hummer brand in               9 ,  !.             pany’s growth bets, analysts trates that the torrent of new 2021 as an all-electric luxury ' /    #$                say. investment into electric-vehicle pickup truck and said last week      +  $               (          ' :4  # %          (        The investment is Cruise’s companies shows no signs of that the company has a new      !   "#      $     #%& &   %%        $%& !  !  '  (() first significant infusion in slowing so far in 2021. electric delivery truck it will     +    &  $  4  )  "#         # %      $2' * ;  *%&+     *&%  #  ,   -  more than 18 months. The Investors are betting smaller begin selling to customers such    +   2 :2 * % :   & "           >"#  # company pulled in about $7 challengers can take on legacy as FedEx Corp. by the end of 6 $   4 /1 .%;  +                   2 :2 * % :   & " < $      #  #     "# !  billion in 2018 and 2019 from auto makers, causing valua- the year. Ford says it also will  )                 4' /    4' *  %    >              big investors including Japan’s tions for all electric-vehicle enter the commercial-vehicle 4 =  $' (        ,   -  )       & :+  $ (   ' (     &       (  "#         SoftBank Group and Honda. companies to balloon over the market with a new electric ver- :+  ' (     &  %        I   ! .$"    $%& !  —Aaron Tilley past year. Shares of Tesla Inc. sion of its popular Transit van &2' ,2=! 4' :+  $=   !        $%%$*        4' : $   $    &              contributed to this article. gained more than 740% in in 2021.                  &2 4 =+2 ' - $  >            (   / +,  !& - %. &# /+/ 0  -$  #1$.  2,/ % =='> ' = ==             $& *%*$  *0%%  !"#$%&' '# (!)"$* &  $  ># 537786?@6' :/:               AA: *==(=9' B',' * !%     , >L   1     ADVERTISEMENT    & B,* !%  !' -% !%  2                     *%  .    #$ & B',' * !    /            34  5        !           !%  !' C 5776 B',' * !%  !'                      A %   ' '> %'   6          /    Showroom            7    ((  7 ) To advertise: 800-366-3975 or WSJ.com/classifieds 7     )(    $8988:8     !"       4   9%; (   ! *%%    #       $ !!%$&'    /              ( ) #                 -  PORSCHE COMMERCIAL REAL ESTATE                   !   )   >  !      * +,-./(,,' , !  7 )   /    0 *$*# 9$;1<*%% >0  1=               $%&!          /                 !         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Many individuals bought the Atlantic Discovery is one of EQUINOR need to find new farms under funds via Alipay, the popular a growing number of vessels The need to finance ships to service wind farms has lured money managers. A vessel in the U.K. construction, and can return payments and financial-ser- catering to offshore wind as much as 20%. vices app owned by Ant. The farms, which are proliferating ment Ltd., used loans from Net additions of offshore-wind capacity, in gigawatts Vessels that transfer techni- Hangzhou-based company had as the world reduces its reli- private individuals and a fund. cians to maintain and repair 4 China Germany Netherlands U.K. Other earlier struck agreements to ance on fossil fuels. The need Castle Ship, which is raising turbines are typically a safer allocate a portion of its Shang- to finance the ships has lured capital to expand and upgrade investment because they are hai IPO to the funds, which money managers chasing in- its fleet, expects private funds FORECASTS chartered for years at a time, told investors they would also vestments that check the envi- to contribute most. producing at least high single- invest in other stocks. ronmentally friendly box and Vessels that install turbines 3 digit returns. Ant, which is controlled by provide yield. Their interest can cost between $250 million In a sign the overall fleet is billionaire Jack Ma, on Nov. 3 suggests appetite for cleaner and $350 million to build, set to grow, New York-listed suspended plans to list in both investments extends beyond while those that service them Scorpio Bulkers Inc. plans to Hong Kong and Shanghai after the ubiquitous green bonds of can cost up to $50 million, sell its dry-bulk vessels, which 2 coming under pressure from recent years. said Andreas Povlsen, head of transport coal and iron ore, Chinese officials. At the time, Ships clear the seabed of the maritime team at Hayfin and replace them with tur- domestic and international in- debris, lay foundations and Capital Management LLP. bine-installation vessels. vestors had committed more build turbines—often far from Some managers are cur- “There’s nothing uncertain than $34 billion to its IPOs, shore in treacherous condi- rently participating in a ten- 1 about the global energy transi- and their funds were subse- tions. A financing gap exists der to provide ships for Dog- tion toward renewables,” said quently returned. because banks have pulled ger Bank wind farm, off the Chief Executive Emanuele Investors in the five mutual back from the shipping indus- northeast coast of England, Lauro, adding that existing funds earlier agreed to lock up try after losses since the whose owners SSE Renewables 0 vessels won’t be able to han- their money for 18 months. Af- and Equinor ASA say it will be dle the bigger turbines of the 2008-09 financial crisis. 2016’20 ’16 ’20 ’16 ’20 ’16 ’20 ’16 ’20 ter Ant’s IPO was suspended, a Galya Petkova sees this in the world’s biggest. J.P. Mor- future. Another impetus for public outcry ensued, and the her job at Siemens Gamesa gan Asset Management, Ma- Source: International Energy Agency Scorpio’s change of tack: Many asset managers agreed to let Renewable Energy SA, leasing rine Capital Ltd. and North investors aren’t allowed to investors withdraw their vessels to service turbines. Star, a Scottish shipping oper- environmental maritime strat- gent regulation there. Some own coal-related companies. money between Nov. 23 and She is encountering more pri- ator owned by Basalt egy that includes offshore 26,000 offshore wind turbines To be sure, most offshore- Dec. 22 without incurring fees. vate funds that own or finance Infrastructure Partners LLP, wind vessels. will be active globally in 2030, wind ships emit their own pol- Regulatory filings from the ships compared with three have submitted bids, according Belinda Adye, a partner at nearly four times the current lutants, and a push is under funds over the weekend years ago, she says. to people familiar with the consulting firm Marsoft Inc., number, says shipbroker way to reduce these. showed that nearly 2.6 million Investors include shipping- process. says investing in green ship- Clarksons Platou. Basalt, which manages individuals have exited their dedicated and infrastructure Vessels can be retrofitted ping assets is a priority for Clarksons valued the global more than $4 billion, in 2017 investments, and withdrew funds and multistrategy gener- after serving oil-and-gas rigs most private funds. fleet of vessels at €11 billion, bought North Star, which more than $3 billion. The mu- alists. They lend to shipowners or built from scratch, accord- Most offshore wind farms equivalent to $13.3 billion, last works on North Sea oil plat- tual funds’ assets under man- or join with them to build and ing to Elbe Financial Solu- are in Europe and Asia. The year, and says it must rise to forms. With oil production in agement totaled $7.2 billion on own ships. Atlantic Discovery’s tions, a firm that previously U.S. is on track to become one €23 billion by 2025 to satisfy the region in long-term de- Jan. 18, thanks in part to in- overhaul, undertaken by invested in traditional ships. of the largest markets, though demand. cline, it is rejigging to serve vestment gains. owner Castle Ship Manage- Two years ago it shifted to an overseas investors face strin- Yet the sector’s complexity wind farms.

May 11-13, 2021 / Online Buy now: wsj.com/print

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B6 | Wednesday, January 20, 2021 ** THE WALL STREET JOURNAL. THE PROPERTY REPORT Ex-Industrial Area Turns Into a Draw

London neighborhood emerges as one of the city’s hottest, luring Apple, other big names

BY RUTH BLOOMFIELD tion, a decommissioned coal- fired power plant on the west President Trump once dis- side of the neighborhood that missed the London neighbor- is being renovated. hood of Nine Elms as “lousy” About 1,400 employees and “horrible.” from around London will be Mr. Trump made his re- based at the landmark build- marks in 2018, after the Amer- ing, owned by a consortium of ican Embassy left its historic Malaysian investors, making it base in upscale Mayfair for a one of the tech giant’s largest newly constructed building 3 sites outside North America. miles south. A new metro station, link- Today, Nine Elms is emerg- ing the neighborhood to the ing as one of London’s hottest London Underground network, real-estate markets. The 561- is also poised to open this a square foot, a similar rate as acre tract of formerly indus- year. Hyatt Hotels Corp. said in London’s prime central trial land beside the Thames is it plans to open a 203-room zone, which includes Mayfair. luring big technology names Park Hyatt hotel in Nine Elms Battersea Power Station like Apple Inc., an American as early as next year. will offer a shopping mall with book publisher and luxury ho- “It’s an area we believe will high-end brands including tel operators. The district will see huge demand for both lei- Hugo Boss and MAC Cosmet- soon be home to what a devel- sure and business travel,” said ics, bars and restaurants, an oper says will be the world’s Felicity Black-Roberts, Hyatt’s art-house movie theater and first “sky pool,” which will sit vice president of development, event spaces. suspended between two tow- Europe. There are also plans for the ers. New residential projects in- refurbishment of New Covent Nine Elms’ redevelopment clude Embassy Gardens, which Garden Market, the U.K.’s larg- started a decade ago and now features the sky pool. The est wholesale fruit, vegetable features more than 40 individ- joint development by Irish and flower market, with more ual projects with a combined homes, offices, retail and lei- cost of £15 billion, equivalent sure facilities. to $20.5 billion. When the Nine Elms features Not every Londoner dis- projects are completed around agrees entirely with Mr. 2030, more than 25,000 peo- more than 40 Trump’s assessment. Tom ple are expected to work in projects with a total Floyd, sales director at real- the district and as many as estate agent Winkworth, said a 40,000 people will call it cost of £15 billion. majority of homes at Nine home. Elms are owned by overseas Home prices have been ris- investors who rent them out. ing, despite the pandemic, Its transient population which slowed overall sales ac- house builder Ballymore and means, he added, the area tivity. EcoWorld International will lacks a sense of community The average price of a Nine include 1,500 apartments upon and some buildings are appar- Elms apartment crossed the $1 completion later this year. It ently largely empty. million mark for the first time will also be home to offices for “If you drive past there are last year. That price was New York-based publisher no lights on in the evening,” $1,086,180 at the end of 2020, Penguin Random House. Mr. Floyd said. up 13% from the end of 2019, The initial focus at Nine But he is hopeful. “I think according to property portal Elms has been apartment that when Battersea Power Zoopla. buildings. Mayrow Short, head Station opens it will really be Apple plans to take posses- of real-estate agent Savills’ lo- the epicenter of Nine Elms, be- sion of a building in Nine Elms cal office, said the best apart- cause it will become a destina-

this year, taking 500,000 ments—those on upper floors tion,” Mr. Floyd said. “I think ECOWORLD BALLYMORE (2) square feet of office space with views of the Thames— it will be great. It is just not a New residential projects include Embassy Gardens, which will feature a ‘sky pool.’ Renderings of within Battersea Power Sta- change hands at up to £2,500 finished product.” the pool that will be suspended between two buildings in London’s Nine Elms neighborhood. Developers Struggle in Their Efforts to Rethink Malls BY ESTHER FUNG their approval. Owners will sion strategy, but the real-es- field said at that time that the firm, which specializes in buy- on terms, according to a per- need to seek rezoning and enti- tate investor often struggled long-term nature of the devel- ing nonperforming loans son familiar with the matter. Many developers look at tlements permits that can take to make this approach work. opment’s next phase didn’t fit backed by commercial proper- In December, county offi- failing malls and envision years, during which economic Brookfield last week handed with its funds mandate. Ana- ties, planned to build apart- cials agreed to buy the mall modern office campuses, bus- conditions can deteriorate. over its North Point Mall in lysts said office and retail ten- ments and offices after demol- for $23 million rather than see tling warehouses or residen- Consequently, many recent Alpharetta, Ga., to a lender, ants are turning more cautious ishing a department store at this valuable site go unused by tial buildings. But some are conversion efforts have gone despite having secured rezon- about signing new leases, which the mall. But Moonbeam ran the community. It couldn’t be finding that converting these awry, forcing the owner to sell ing approvals to add hundreds made redevelopment projects out of money and didn’t pro- determined if Moonbeam, shopping centers isn’t so easy. the property at a discount. In of residential units to the site like this less of a sure bet. ceed, according to a person fa- which didn’t respond to re- Repurposing a mall is ex- other cases, local government in 2019. Yet with the two-story An investor’s ambitious miliar with the matter. quests for comment, made pensive. New owners typically authorities lost patience and property losing tenants in re- plan to turn the struggling In 2019, an investor pro- money on the sale after in- need to shell out hundreds of bought the owners out. cent years, its value has sunk Gwinnett Place Mall outside posed buying the site and cluding investment costs. millions of dollars on con- Brookfield Property Part- below its loan balance of Atlanta into a 20,000-seat turning it into a cricket sta- Not all conversions fail. struction and labor, develop- ners LP made converting all roughly $200 million—thereby cricket stadium didn’t work dium, hoping to appeal to the Some dying malls have be- ers and brokers say. or part of malls one of its making little economic sense out, either. The 1.7 million- region’s large Indian popula- come warehouses, prized by Razing and redeveloping a prime real-estate strategies. In for Brookfield to continue re- square-foot mall thrived in the tion and its enthusiasm for the logistics companies since they space that spans dozens of 2018, the firm bought the two- paying the loan and investing 1980s and ’90s but later suf- British sport. The investor, are located near major high- football fields is filled with po- thirds of mall operator GGP in the mall’s redevelopment. fered from competition by Philadelphia-based business- ways and have ample parking tential land mines. The new in- Inc. it didn’t own, valuing The property firm in July neighboring malls and went man Jignesh Pandya, hoped a fields. In rare instances, tired vestor may own the mall but GGP’s property portfolio at canceled plans for the redevel- into foreclosure in 2012. stadium would be a part of a shopping centers draw tech- not the department stores or around $15 billion. The acqui- opment of a former Vermont Moonbeam Capital Invest- proposed U.S. cricket league. nology firms seeking a site for parcels in the parking lot, sition reflected Brookfield’s mall after securing permits to ments LLC purchased the mall But the sale fell apart when their headquarters or an office which means an owner needs confidence in the mall-conver- tear down the property. Brook- in 2013 for $13.5 million. The the two sides couldn’t agree campus. Blackstone Benefits From Portfolio Shifts

BY PETER GRANT from firm investment deci- call right. Its real-estate port- while industrial increased to sions and changes in market folio includes European malls 20.5% from 13.5%, according to The pandemic slammed valuations. that face problems. The in- the index. some of the major property Hotels account for 7% of the vestment firm also has a small Blackstone’s strategy has types, but changes Blackstone equity value, down from 23% investment in senior housing, been to look for ways the busi- Group Inc. made to its real-es- in 2015. Lodging was nearly a property type that has got- ness-world shifts affect de- tate portfolio over time have half the portfolio’s equity ten clobbered during the pan- mand for commercial prop- helped the investment firm value in 2010, when Blackstone demic because of escalating erty, Mr. Caplan said. One of navigate through the fallout. controlled Hilton Worldwide expenses and falling revenues. those shifts has been in the In the years before Covid-19, Holdings Inc. and owned many “Obviously not everything’s growth of e-commerce. That Blackstone altered its property lodging properties. perfect,” said Kenneth Caplan, trend accelerated during the mix based on changes taking Blackstone said traditional co-head of Blackstone Real Es- pandemic. “You had multiple place in the economy and U.S. office space—which doesn’t tate. “But we feel great about years of expected growth [in technologies. While investors have specialized features such our portfolio.” online retail] compressed into at the firm weren’t preparing as labs for pharmaceutical com- Blackstone isn’t the only the past year,” he said. for a pandemic, their moves to panies—accounts for 5% of its big investor with pre-pan- Blackstone’s appetite for gradually reduce exposure to equity value, compared with demic changes paying off now. traditional office space de- certain real-estate categories 19% in 2015. Most office space Aberdeen Standard, one of clined partly because busi- have served them well. has remained unoccupied dur- the largest real-estate inves- nesses were using amenity- Retail and lodging have ing the pandemic, and many tors in the U.K., has about 24% rich spaces to lure workers. been the two hardest-hit com- analysts remain skeptical it can of its portfolio invested in re- These businesses have been mercial-property types during return to previous levels even tail compared with over 40% passing the cost of space im- the pandemic, as travel nose- after the pandemic. one decade ago, according to provements onto landlords. dived and consumers migrated The firm increased industrial Bill Pekowitz, a portfolio man- Blackstone focused on of- to online shopping with many space to 36% of its real-estate ager with the firm. fice space that specialized in stores closed or limiting ca- equity value, from 9% in 2017, And most real-estate inves- certain tenants, such as bio- pacity because of Covid-19 re- boosting its exposure to this hot tors have been moving in a technology lab space and en- strictions. category. Industrial real-estate similar direction. Retail prop- tertainment companies in Hol- In a global real-estate port- investment trust shares gained erties accounted for 23.5% in lywood that want to be close folio that Blackstone values at 12.2% last year, according to an the first quarter of 2014, ac- to studios. Those bets turned $341 billion, retail real-estate index from real-estate data ana- cording to an index of the Na- out well, as billions of dollars holdings make up 5% of equity lytics firm Green Street, com- tional Council of Real Estate flooded into research on

INFLIGHT SOLUTIONS value, compared with 19% in pared with a 5.1% decline in its Investment Fiduciaries, a Covid-19, and demand soared Blackstone focused on office space for certain tenants, such as 2015, according to the firm. general REIT index. benchmark for many firms. for streaming series and other biotech lab space, as seen in a photo illustration, in Cambridge, Mass. Changes in equity value result Blackstone didn’t get every Retail is now down to 18.9%, movie and television content. . THE WALL STREET JOURNAL. Wednesday, January 20, 2021 | B7

COMMODITIES wsj.com/market-data/commodities

Contract Open Contract Open Contract Open Futures Contracts Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures May 128.75 130.80 126.80 129.25 –1.00 52,313 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Jan .7840 .7861 .7835 .7839 –.0018 588 Contract Open Agriculture Futures March 16.50 16.70 16.06 16.10 –.35 403,542 March .7842 .7866 .7836 .7856 –.0003 152,659 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. May 15.64 15.79 s 15.21 15.25 –.33 207,987 British Pound (CME)-£62,500; $ per £ Copper-High (CMX)-25,000 lbs.; $ per lb. March 531.50 534.25 523.25 526.00 –5.50 763,830 528.25 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Feb 1.3603 1.3637 1.3582 1.3634 .0051 892 Jan 3.6200 3.6400 3.6160 3.6360 0.0330 1,648 May –6.50 375,019 March 28.99 29.00 s 28.99 28.95 .15 2,900 March 1.3586 1.3641 1.3583 1.3636 .0051 145,503 March 3.5930 3.6535 3.5500 3.6335 0.0315 156,727 Oats (CBT)-5,000 bu.; cents per bu. March 365.75 367.50 360.50 362.50 –3.50 3,690 Cotton (ICE-US)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Gold (CMX)-100 troy oz.; $ per troy oz. May 356.25 –3.25 559 March 80.88 81.85 80.75 81.15 .45 119,650 March 1.1244 1.1299 1.1232 1.1272 .0032 48,419 Jan 1802.00 1842.90 t 1802.00 1839.50 10.20 31 Soybeans (CBT)-5,000 bu.; cents per bu. May 81.95 82.73 81.65 82.07 .45 59,051 June 1.1298 1.1327 1.1264 1.1302 .0032 140 Feb 1828.80 1845.00 t 1800.80 1840.20 10.30 235,934 March 1419.00 1421.25 1383.25 1385.75 –31.00 375,156 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD March 1830.60 1846.00 t 1804.20 1842.00 10.30 888 1383.25 t 118.70 May 1417.50 1419.25 1380.75 –31.50 172,516 March 122.45 123.00 118.60 –3.15 8,662 Feb .7687 .7726 .7681 .7697 –.0014 353 April 1832.30 1848.40 t 1804.70 1844.00 10.30 229,703 Soybean Meal (CBT)-100 tons; $ per ton. May 123.70 123.70 t 120.00 120.00 –3.15 971 March .7683 .7727 .7681 .7698 –.0014 144,159 June 1834.90 1850.70 t 1810.00 1846.50 10.00 44,291 March 463.30 464.00 450.20 450.50 –12.70 168,771 Mexican Peso (CME)-MXN 500,000; $ per MXN Aug 1832.80 1853.20 t 1810.00 1849.00 10.00 14,496 May 458.50 459.10 446.60 447.00 –11.50 87,837 Interest Rate Futures Feb .05060 .05082 s .05058 .05066 .00027 50 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. t 41.70 March .05046 .05072 s .05036 .05048 .00027 146,587 Jan 2359.70 –30.10 23 March 41.99 42.31 41.01 –.15 189,212 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% t 41.19 Euro (CME)-€125,000; $ per € March 2394.50 2408.00 2353.00 2365.00 –30.10 9,133 May 41.64 41.95 40.65 –.30 91,867 March 205-230 206-050 204-120 205-250 19.0 1,075,286 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Feb 1.2088 1.2152 t 1.2082 1.2134 .0048 1,213 Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 13.09 13.27 13.08 13.20 .08 9,739 March 1.2091 1.2160 t 1.2088 1.2141 .0049 672,008 Jan 1083.00 1083.00 1083.00 1088.40 2.70 352 March 169-010 169-080 168-100 168-310 5.0 1,162,303 May 13.37 .09 208 1092.00 167-120 April 1079.80 1109.70 1072.00 2.10 57,424 Wheat (CBT)-5,000 bu.; cents per bu. June 5.0 57 Index Futures Silver (CMX)-5,000 troy oz.; $ per troy oz. March 683.75 691.25 668.75 672.25 –3.25 186,628 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Jan 24.915 24.920 24.915 25.279 0.454 228 July 658.25 .50 93,190 March 136-295 136-315 136-210 136-300 2.5 3,325,396 Mini DJ Industrial Average (CBT)-$5 x index t 25.320 30828 March 24.835 25.480 24.040 0.454 131,715 Wheat (KC)-5,000 bu.; cents per bu. June 135-295 2.5 6,201 March 30742 30982 30737 108 86,389 644.00 30722 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 649.75 657.00 638.75 1.00 109,578 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 30661 30864 30612 110 113 52.98 July 651.00 657.50 641.25 646.25 .75 47,982 S&P 500 Index (CME)-$250 x index Feb 52.11 53.13 52.11 0.62 69,513 March 125-232 125-252 125-197 125-245 1.5 3,177,100 52.98 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 3811.80 3795.20 3766.00 3790.60 28.30 16,042 March 52.15 53.18 52.15 0.56 436,260 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 52.90 Jan 133.875 136.000 133.700 134.400 –.175 2,365 Mini S&P 500 (CME)-$50 x index April 52.11 53.09 52.09 0.54 194,172 110-147 March 135.500 138.650 135.375 136.800 .975 20,982 March 110-145 110-147 110-140 .3 1,934,815 March 3769.25 3797.00 3767.75 3790.50 28.25 2,574,704 May 51.92 52.90 51.92 52.75 0.52 107,798 Cattle-Live (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 3759.50 3786.75 3757.00 3780.50 28.25 17,695 June 51.73 52.66 51.72 52.52 0.48 245,605 Feb 112.925 113.900 112.100 113.325 .550 61,224 Jan 99.9125 99.9125 t 99.9100 99.9100 168,394 Mini S&P Midcap 400 (CME)-$100 x index Dec 50.00 50.80 50.00 50.73 0.20 290,054 s 119.350 2441.30 April 118.225 119.725 117.925 1.150 128,574 Feb 99.9150 99.9200 t 99.9150 99.9150 157,367 March 2430.20 2449.80 2428.50 21.00 54,049 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June … 2432.70 2432.00 2451.50 19.70 n.a. Hogs-Lean (CME)-40,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Feb 1.5843 1.6089 1.5843 1.5987 .0058 61,579 Feb 67.775 68.000 66.425 66.475 –1.450 36,790 Mini Nasdaq 100 (CME)-$20 x index March 96-105 1.5 126,901 March 1.5869 1.6105 1.5840 1.6002 .0060 89,950 April 72.500 72.800 t 71.300 71.425 –1.225 82,522 March 12812.00 13032.75 12810.75 12985.50 183.25 235,813 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100% June 12800.00 13016.50 12792.00 12971.75 182.75 1,971 t 99.8000 Feb 1.5190 1.5489 1.5190 1.5381 .0097 69,980 March 657.00 683.70 651.40 668.00 5.10 1,771 Feb 99.8075 99.8100 99.8000 –.0100 151,054 Mini Russell 2000 (CME)-$50 x index 615.00 99.8150 2147.30 March 1.5175 1.5477 1.5175 1.5379 .0102 121,992 May 597.80 625.00 597.80 9.40 558 March 99.8200 99.8250 99.8150 –.0050 1,102,062 March 2130.50 2150.80 2130.10 26.50 556,280 2143.00 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. June 99.8250 99.8300 99.8200 99.8250 –.0050 967,290 June 2133.80 2145.60 2124.00 26.20 424 Jan 16.28 16.28 16.22 16.22 –.01 3,592 Mini Russell 1000 (CME)-$50 x index Feb 2.630 2.673 t 2.523 2.546 –.191 78,996 Sept 99.8150 99.8250 99.8150 99.8200 … 804,452 Feb 19.12 19.13 18.48 18.48 –.75 3,600 March 2143.00 2152.40 2134.40 2149.90 17.70 8,622 March 2.611 2.641 t 2.507 2.529 –.167 299,759 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index t 2.554 Currency Futures April 2.624 2.656 2.537 –.141 106,266 March 2,546 2,605 2,521 2,590 63 86,706 March 90.70 90.75 90.38 90.48 –.28 35,281 t 2.596 May 2.674 2.690 2.579 –.128 72,534 May 2,497 2,556 2,480 2,541 59 63,111 Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 90.68 90.73 90.39 90.45 –.28 750 Sept 2.827 2.832 t 2.732 2.744 –.116 49,039 Coffee (ICE-US)-37,500 lbs.; cents per lb. Feb .9630 .9650 .9611 .9631 … 481 Oct 2.855 2.855 t 2.756 2.773 –.106 110,797 March 126.00 128.75 124.65 127.15 –1.00 97,644 March .9650 .9654 .9612 .9633 … 193,487 Source: FactSet Corporate Debt | wsj.com/market-data/bonds/benchmarks Bonds Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Tracking Bond Benchmarks Investment-grade spreads that tightened the most… Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Spread*, in basis points highs and lows for different types of bonds Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Total Total Phillips 66 PSX 3.700 0.35 April 6, ’23 22 –19 37 return YTD total Yield (%) return YTD total Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High El Paso Energy … 7.750 2.62 Jan. 15, ’32 153 –12 n.a. General Motors GM 6.250 3.91 Oct. 2, ’43 205 –10 225 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays 0.003 1.220 Caterpillar Financial Services … 0.800 0.70 Nov. 13, ’25 25 –6 30 2276.29 -0.7 U.S. Aggregate 1.180 1.020 2.310 2231.60 Mortgage-Backed 0.930 2.690 Credit Suisse Group Funding … 4.875 2.80 May 15, ’45 95 –6 98 U.S. Corporate Indexes Bloomberg Barclays 2177.05 -0.1 Ginnie Mae (GNMA) 1.010 0.290 2.660 FedEx FDX 3.875 2.94 Aug. 1, ’42 108 –6 123 3427.74 -0.9 U.S. Corporate 1.830 1.740 4.580 1318.41 0.03 Fannie mae (FNMA) 1.290 1.110 2.690 Glencore Finance Canada GLENLN 6.900 3.61 Nov. 15, ’37 175 –6 200 -0.3 Intermediate 1.150 2023.06 0.01 Freddie Mac (FHLMC) 1.280 1.080 2.710 3104.40 1.080 4.400 Pacific Gas and Electric … 3.150 1.65 Jan. 1, ’26 120 –6 135 5093.03 -1.9 Long term 2.920 2.730 4.930 596.05 0.1 Muni Master 0.853 0.838 3.441 …And spreads that widened the most 693.87 -1.2 Double-A-rated 1.510 1.300 3.360 422.12 0.1 7-12 year 0.841 0.771 3.447 0.56 43 11 916.03 -0.7 Triple-B-rated 2.080 2.010 5.350 482.57 0.03 12-22 year 1.251 1.224 3.690 Constellation Brands STZ 4.250 May 1, ’23 n.a. BHP Billiton Finance … 5.000 2.55 Sept. 30, ’43 69 8 68 High Yield Bonds ICE BofA 469.38 0.2 22-plus year 1.896 1.765 4.123 Wells Fargo WFC 3.450 0.57 Feb. 13, ’23 43 6 38 497.84 0.5 High Yield Constrained 4.171 4.171 11.400 Global Government J.P. Morgan† Jefferies JEF 5.125 0.56 Jan. 20, ’23 43 5 n.a. 465.75 2.0 Triple-C-rated 7.747 7.747 19.071 610.75 -0.7 Global Government 0.630 0.390 0.990 Sumitomo Mitsui Financial SUMIBK 3.936 0.51 Oct. 16, ’23 37 5 n.a. 3336.97 0.2 High Yield 100 3.448 3.448 10.740 855.73 -0.9 Canada 0.950 0.590 1.590 Baylor Scott & White Holdings BSWHLD 1.777 1.72 Nov. 15, ’30 62 4 n.a. 0.2 4.248 419.23 -0.4 EMU§ 0.088 0.010 0.794 448.51 Global High Yield Constrained 4.248 11.310 Georgia–Pacific … 0.625 0.56 May 15, ’24 36 4 36 -0.5 -0.070 339.25 0.5 Europe High Yield Constrained 2.745 2.464 8.183 789.84 France -0.160 0.430 AstraZeneca AZN 3.375 0.88 Nov. 16, ’25 43 3 40 U.S Agency Bloomberg Barclays -0.3 Germany -0.430 550.31 -0.740 -0.120 High-yield issues with the biggest price increases… 1863.53 -0.2 U.S Agency 0.520 0.460 1.800 294.51 -0.2 Japan 0.320 0.040 0.320 Bond Price as % of face value 1625.59 -0.1 10-20 years 0.400 0.340 1.700 615.80 -0.4 Netherlands -0.350 -0.540 0.080 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 4227.50 -1.2 20-plus years 1.730 1.170 2.330 1081.46 -1.3 U.K. 0.640 0.390 1.130 United States Steel X 6.650 6.91 June 1, ’37 97.500 3.66 90.000 16.89 73.250 2.50 2915.01 -0.7 Yankee 1.450 1.370 3.500 919.42 -1.5 Emerging Markets ** 4.515 4.295 7.480 WeWork WEWORK 7.875 May 1, ’25 68.147 5.37 111.123 1.40 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Dish DBS … 7.750 July 1, ’26 110.125 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan GrafTech Finance … 4.625 4.18 Dec. 15, ’28 102.968 0.88 101.625 L Brands LB 5.250 4.09 Feb. 1, ’28 107.000 0.88 105.700 Global Government Bonds: Mapping Yields Netflix NFLX 5.375 2.99 Nov. 15, ’29 118.342 0.82 117.625 5.81 122.250 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Lumen Technologies LUMN 7.650 March 15, ’42 0.80 121.000 7.53 115.813 0.63 selected other countries; arrows indicate whether the yield rose(s)orfell(t) in the latest session American Airlines AAL 11.750 July 15, ’25 114.750 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points …And with the biggest price decreases Coupon (%) Maturity, in years Latest(l)-2 -101234Previous Month ago Year ago Latest Prev Year ago FirstEnergy FE 7.375 3.06 Nov. 15, ’31 139.500 –0.88 139.376 0.125 U.S. 2 0.131 t l 0.137 0.123 1.569 Sprint Capital … 8.750 3.11 March 15, ’32 152.814 –0.79 153.500 0.875 10 1.092 t l 1.097 0.947 1.834 Sensata Technologies ST 5.625 2.42 Nov. 1, ’24 111.500 –0.78 n.a. 5.500 Australia 2 0.110 s l 0.109 0.117 0.785 -2.7 -2.0 -77.9 Telecom Italia Capital TITIM 7.721 4.37 June 4, ’38 140.500 –0.75 140.000 1.000 10 1.067 s l 1.038 0.999 1.186 -2.7 -5.2 -63.7 Embarq … 7.995 5.81 June 1, ’36 121.978 –0.52 122.625 0.000 France 2 -0.601 s l -0.615 -0.689 -0.560 -73.8 -74.4 -212.4 Continental Resources CLR 5.750 4.23 Jan. 15, ’31 111.750 –0.50 112.720 0.000 10 -0.305 t l -0.299 -0.332 0.045 -139.9 -138.9 -177.9 ADT Security ADT 4.125 1.83 June 15, ’23 105.375 –0.38 105.875

0.000 Germany 2 -0.705 s l -0.709 -0.712 -0.584 -84.2 -83.8 -214.7 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Data are for the most active issue of bonds with maturities of two years or more -0.524 s l -203.4 0.000 10 -0.524 -0.569 -0.211 -161.9 -161.5 Source: MarketAxess 0.050 Italy 2 -0.340 t l -0.300 -0.417 0.083 -47.7 -42.9 -148.0 0.900 10 0.588 t l 0.635 0.572 1.383 -50.7 -45.5 -44.1 Dividend Changes 0.100 Japan 2 -0.127 t l -0.127 -0.134 -0.131 -26.4 -25.6 -169.4 Dividend announcements from January 19. t l 0.100 10 0.047 0.049 0.013 0.001 -104.8 -104.1 -182.3 Amount Payable / Amount Payable / Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record 0.000 Spain 2 -0.511 t l -0.504 -0.635 -0.344 -64.8 -63.3 -190.8 Increased Foreign 0.068 t l -135.8 1.250 10 0.081 0.047 0.465 -102.7 -101.0 Kaiser Aluminum KALU 2.8 .72 /.67 Q Feb12 /Jan25 Hoegh LNG 8.75% Pfd A HMLPpA 8.7 .54688 Q Feb16 /Feb08 Monmouth Real Es Inv Cl A MNR 4.1 .18 /.17 Q Mar15 /Feb16 Hoegh LNG Partners HMLP 10.8 .44 Q Feb12 /Jan29 U.K. -0.121 s l -112.9 0.125 2 -0.135 -0.077 0.434 -25.8 -26.4 IHS Markit INFO 0.9 .20 Q Feb12 /Jan29 Reduced 0.291 t l -80.4 -116.4 4.750 10 0.292 0.250 0.659 -79.8 GEO Group GEO 11.0 .25 /.34 Q Feb01 /Jan25 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close NuSTAR 7.625% Nts 2043 NSS 8.1 .436 /.44536 Q Apr15 /Apr01 S2:1: stock split and ratio; SO: spin-off. ADVERTISEMENT ADVERTISEMENT Business Real Estate & Services Business Real Estate & Auctions To advertise: email [email protected] or WSJ.com/classifieds To advertise: email [email protected] or WSJ.com/classifieds
 
  
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  6  E    G% '%'7H%'7C8'&  $$3I.3A3,.3 . B8 | Wednesday, January 20, 2021 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30930.52 s116.26, or 0.38% Trailing P/E ratio 30.45 21.76 3798.91 s30.66, or 0.81% Trailing P/E ratio * 40.98 26.00 13197.18 s 198.68, or 1.53% Trailing P/E ratio *† 39.98 28.95 High, low, open and close for each P/E estimate * 25.45 19.57 High, low, open and close for each P/E estimate * 24.15 19.45 High, low, open and close for each P/E estimate *† 30.48 23.99 trading day of the past three months. Dividend yield 1.95 2.19 trading day of the past three months. Dividend yield * 1.56 1.80 trading day of the past three months. Dividend yield *† 0.75 0.95 All-time high 31097.97, 01/08/21 All-time high 3824.68, 01/08/21 All-time high: 13201.98, 01/08/21

Current divisor 0.15198707565833 32200 3875 13100

31000 3750 12650

29800 3625 12200

28600 3500 11750

Session high 65-day moving average 65-day moving average DOWN UP 27400 3375 11300 65-day moving average Session open t Close Close Open t 26200 3250 10850 Session low Bars measure the point change from session's open 25000 3125 10400 Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. *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 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,069,882,966 63,993,248 Industrial Average 31086.62 30865.03 30930.52 116.26 0.38 31097.97 18591.93 5.9 1.1 5.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 654,323,619 55,823,176 Transportation Avg 13108.97 12890.44 12900.15 -46.13 -0.36 13113.11 6703.63 16.5 3.1 4.5 Most-active issues in late trading Decl. volume* 405,413,270 7,567,921 Utility Average 865.40 855.76 857.45 -3.64 -0.42 960.89 610.89 -6.5 -0.8 7.9 Volume After Hours Issues traded 3,254 289 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 40084.27 39852.21 40039.29 341.87 0.86 40122.82 22462.76 18.0 2.1 11.3 Advances 1,979 185 Senseonics Holdings SENS 14,497.3 2.96 0.11 3.86 3.23 2.72 Barron's 400 902.53 896.96 901.66 8.09 0.91 901.66 455.11 21.7 5.8 6.3 Declines 1,194 98 Finl Select Sector SPDR XLF 9,094.6 31.04 0.02 0.06 31.06 31.00 Unchanged 81 6 VanEck Vectors Gold Miner GDX unch. Nasdaq Stock Market 6,574.6 34.87 ... 34.93 34.63 New highs 203 19 13197.18 1.53 40.8 21.6 0.46 Nasdaq Composite 13206.86 13078.70 198.68 13201.98 6860.67 2.4 Cisco Systems CSCO 6,359.8 45.40 0.21 45.40 44.87 New lows 30 12996.54 1.50 41.8 23.9 Nasdaq 100 13012.09 12861.30 192.60 13105.20 6994.29 0.8 Baker Hughes BKR 6,198.2 22.98 0.11 0.48 23.24 22.62 Closing Arms† 0.90 0.15 SPDR S&P 500 SPY 6,169.5 378.85 0.20 0.05 379.00 377.15 S&P Block trades* 6,025 385 ViacomCBS Cl B VIAC 5,835.2 43.63 -0.12 -0.27 43.99 43.52 500 Index 3804.53 3780.37 3798.91 30.66 0.81 3824.68 2237.40 14.4 1.1 10.6 Nasdaq NYSE Arca Lumen Technologies LUMN 5,269.7 11.10 0.04 0.36 11.16 11.06 MidCap 400 2450.17 2433.76 2444.10 20.07 0.83 2448.88 1218.55 17.3 6.0 7.3 Total volume*6,223,356,565 240,451,904 SmallCap 600 1227.43 1215.44 1224.30 12.39 1.02 1232.70 595.67 18.9 9.4 7.8 Percentage gainers… Adv. volume*4,829,890,850 202,340,836 23.09 Decl. volume*1,346,648,107 36,930,377 Other Indexes PCTEL PCTI 1,354.8 10.93 2.05 13.49 8.27 20.25 Issues traded 3,938 1,477 Russell 2000 2152.35 2125.51 2151.14 27.94 1.32 2155.35 991.16 27.6 8.9 10.4 Gritstone Oncology GRTS 4,729.6 26.78 4.51 28.89 20.92 12.02 Advances 2,632 1,186 NYSE Composite 15037.49 14958.72 14987.34 93.17 0.63 15044.38 8777.38 6.2 3.2 3.8 Netflix NFLX 4,882.1 562.06 60.29 568.76 489.51 Declines 1,228 267 603.08 0.81 8.3 1.1 Broadmark Realty Capital BRMK 94.5 11.28 0.77 7.33 11.31 10.51 Value Line 604.46 598.24 4.85 605.19 305.71 6.0 Unchanged 78 24 6127.50 1.75 19.8 10.7 AgEagle Aerial Systems UAVS 280.4 13.10 0.80 6.50 13.20 12.19 NYSE Arca Biotech 6141.06 6087.55 105.47 6142.96 3855.67 6.8 New highs 410 141 NYSE Arca Pharma 719.22 712.87 718.22 9.23 1.30 718.22 494.36 7.4 4.2 7.9 ...And losers New lows 14 8 KBW Bank 107.83 106.41 107.39 0.47 0.44 110.43 56.19 -2.1 9.7 -2.0 AcelRx Pharmaceuticals ACRX 919.6 2.03 -0.32 -13.62 2.35 1.96 Closing Arms† 0.60 1.01 § PHLX Gold/Silver 139.68 137.64 139.00 1.49 1.08 161.14 70.12 34.6 -3.6 16.5 Document Security DSS 136.3 5.03 -0.47 -8.55 5.51 4.66 Block trades* 40,997 1,054 § PHLX Oil Service 52.61 51.71 52.25 0.19 0.36 72.75 21.47 -28.2 17.9 -31.2 Perion Network PERI 159.9 12.80 -1.16 -8.31 13.96 12.30 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3097.53 3034.99 3093.32 100.55 3.36 3093.32 1286.84 61.5 10.7 31.1 Lithium Americas LAC 688.5 24.84 -1.98 -7.38 26.99 24.12 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.56 22.53 23.24 -1.10 -4.52 82.69 12.85 80.9 2.2 27.3 PLM -5.07 Polymet Mining 62.9 3.93 -0.21 4.11 3.90 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 661.09 0.83 World MSCI ACWI 5.44 2.3 Gritstone Oncology GRTS 22.27 15.88 248.51 22.47 2.54 106.4 ProPhase Labs PRPH 11.93 -4.07 -25.44 16.04 1.20 562.7 338.36 0.84 MSCI ACWI ex-USA 2.82 3.6 Aclaris Therapeutics ACRS 18.83 12.95 220.24 19.95 0.70 988.4 Technical Communications TCCO 4.52 -0.96 -17.52 13.63 1.72 -11.0 2732.48 0.70 MSCI World 18.99 1.6 Gevo GEVO 11.03 4.63 72.34 11.68 0.46 413.0 Yield10 Bioscience YTEN 11.55 -2.16 -15.75 16.48 3.50 58.4 1.64 MSCI Emerging Markets 1381.31 22.33 7.0 TransEnterix TRXC 3.49 1.42 68.60 4.01 0.28 151.1 Collplant Biotech ADR CLGN 13.50 -2.26 -14.34 16.32 6.00 22.7 53.48 370.4 -13.93 -37.9 Americas MSCI AC Americas 1487.64 11.05 0.75 1.4 EHang Holdings ADR EH 61.39 21.39 61.60 7.59 NeuroBo Pharmaceuticals NRBO 5.19 -0.84 30.00 4.82 Canada S&P/TSX Comp 17957.37 12.49 0.07 3.0 Kaspien Holdings KSPN 43.99 13.00 41.95 45.00 2.17 1717.8 Cardiff Oncology CRDF 11.60 -1.86 -13.82 25.50 0.70 638.9 Latin Amer. MSCI EM Latin America 2475.93 –41.54 –1.65 1.0 Westwater Resources WWR 7.00 2.00 40.00 14.50 0.25 209.7 World Acceptance WRLD 121.72 -19.33 -13.70 151.38 43.16 33.7 Brazil Sao Paulo Bovespa 120636.39 –605.24 –0.50 1.4 IZEA Worldwide IZEA 4.38 1.18 36.66 4.75 0.07 1405.2 ProSh Ult Bloombg Nat Gas BOIL 20.83 -3.24 -13.44 68.30 17.05 -67.8 Chile Santiago IPSA 3194.39 31.21 0.99 11.8 PCTEL PCTI 8.88 2.34 35.78 9.65 3.95 -0.4 Direxion China Bear 3X YANG 12.05 -1.80 -13.00 70.38 11.97 -69.9 Mexico S&P/BMV IPC 45495.41 –962.61 –2.07 3.2 Calyxt CLXT 8.11 2.05 33.72 8.66 2.40 21.2 PetMed Express PETS 30.33 -4.40 -12.67 42.89 21.20 18.4 33.45 153.3 -11.02 21.2 EMEA Stoxx Europe 600 407.92 –0.76 –0.19 2.2 Airgain AIRG 25.81 6.47 27.55 5.63 Lumentum Holdings LITE 94.60 -11.72 112.08 59.06 33.20 187.1 -10.52 154.1 Eurozone Euro Stoxx 403.85 –0.87 –0.22 1.6 Ceragon Networks CRNT 6.46 1.61 6.90 0.99 MoneyGram International MGI 6.51 -0.77 8.93 1.15 31.50 ... -10.05 759.4 Belgium Bel-20 3713.33 –32.00 –0.85 2.5 Presidio Property Trust SQFT 4.30 1.03 10.24 2.72 Fiverr International FVRR 240.28 -26.85 285.56 20.42 AMC 31.33 -57.4 SOXS -10.04 -94.3 Denmark OMX Copenhagen 20 1483.67 19.91 1.36 1.3 AMC Entertainment Hldgs 3.06 0.73 7.78 1.91 Direxion Dly SCOND 3 Bear 12.90 -1.44 462.00 12.86 Lithium Americas LAC 26.82 6.29 30.64 28.75 1.92 516.6 Poshmark POSH 74.90 -8.30 -9.98 104.98 74.36 ... France CAC 40 5598.61 –18.66 –0.33 0.9 Germany DAX 13815.06 –33.29 –0.24 0.7 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1610.77 10.31 0.64 7.5 Italy FTSE MIB 22441.72 –57.17 –0.25 0.9 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 651.28 0.98 0.15 4.3 402,786 80.38 19683 220.24 Russia RTS Index 1470.63 –4.23 –0.29 6.0 Senseonics Holdings SENS 3801.0 2.85 2.98 0.35 Aclaris Therapeutics ACRS 114,016 18.83 19.95 0.70 254,623 123.01 16503 248.51 South Africa FTSE/JSE All-Share 63603.26 –110.61 –0.17 7.1 Inuvo Inc INUV 5849.1 1.45 1.70 0.09 Gritstone Oncology GRTS 70,205 22.27 22.47 2.54 AMC Entertainment Hldgs AMC 249,317 31.33 Xtrkrs Russ 1000 US Qual QARP 11764 0.26 Spain IBEX 35 8199.00 –55.50 –0.67 1.6 751.6 3.06 7.78 1.91 1,170 34.35 34.98 19.61 Sundial Growers SNDL 242,956 -17.9 0.69 -3.31 3.88 0.14 iSh iBonds Dec 2023 Trea IBTD 701 7002 25.71 0.02 27.94 25.27 Sweden OMX Stockholm 794.15 0.62 0.08 3.4 TransEnterix TRXC 208,299 1525.9 3.49 68.60 4.01 0.28 iSh Cur Hdg MSCI ACWI US HAWX 360 4409 30.87 1.28 30.91 19.57 Switzerland Swiss Market 10876.98 –11.56 –0.11 1.6 Turkey BIST 100 1565.01 8.24 0.53 6.0 Zomedica ZOM 196,468 56.6 1.08 10.76 1.48 0.06 Orgenesis ORGS 1,773 3120 5.91 13.87 8.20 2.76 181,653 1.58 2987 -6.98 U.K. FTSE 100 6712.95 –7.70 –0.11 3.9 Castor Maritime CTRM 201.5 0.34 2.60 0.11 Cellcom Israel CEL 409 4.80 5.49 1.86 146,231 72.34 2562 29.65 U.K. FTSE 250 20602.89 –36.45 –0.18 0.6 Gevo GEVO 461.6 11.03 11.68 0.46 Coherent COHR 5,020 197.01 213.05 78.21 Bionano Genomics BNGO 131,920 117.3 9.14 8.42 9.95 0.25 JPMorgan US Value Factor JVAL 1,029 2388 31.31 0.73 31.55 17.31 Asia-Pacific MSCI AC Asia Pacific 211.17 3.20 1.54 5.6 Aclaris Therapeutics ACRS 114,016 19683.4 18.83 220.24 19.95 0.70 ProPhase Labs PRPH 2,451 2215 11.93 -25.44 16.04 1.20 Australia S&P/ASX 200 6742.60 79.56 1.19 2.4 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 3566.38 –0.83 China Shanghai Composite –29.84 2.7 5,000 shares =Has traded fewer than 65 days 29642.28 2.70 Hong Kong Hang Seng 779.51 8.9 Track the Markets S&P BSE Sensex 49398.29 1.72 India 834.01 3.4 1.39 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28633.46 391.25 4.3 global stock indexes, bond ETFs, Singapore Straits Times 2995.92 5.52 0.18 5.3 currencies and commodities at South Korea Kospi 3092.66 78.73 2.61 7.6 wsj.com/graphics/track-the-markets Currencies 1.70 Taiwan TAIEX 15877.37 265.37 7.8 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1522.59 12.46 0.83 5.1 Get real-time U.S. stock quotes and track most-active stocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) CREDIT MARKETS Americas Vietnam dong .00004335 23071 –0.04 Argentina peso .0116 86.1801 2.5 Europe Brazil real .1866 5.3581 3.2 Czech Rep. koruna .04637 21.566 0.4 Canada dollar .7852 1.2736 unch Denmark krone .1630 6.1337 0.7 Consumer Rates and Returns to Investor TreasuryBenchmark yield Yields curve Forex Race Chile peso .001356 737.30 3.8 Euro area euro 1.2131 .8244 0.7 U.S. consumer rates Selected rates andYield to Rates maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000286 3491.66 2.0 Hungary forint .003388 295.14 –0.6 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007724 129.46 1.3 A consumer rate against its 5-year CDs Mexico peso .0509 19.6649 –1.1 Norway krone .1171 8.5391 –0.5 –0.05 0.2 benchmark over the past year 2.50% Uruguay peso .02362 42.3350 Poland zloty .2675 3.7389 Bankrate.com avg†: 0.48% 10% Asia-Pacific Russia ruble .01355 73.821 –0.3 1.4 Lone Star Bank 0.71% One year ago 2.00 –0.04 Sweden krona .1198 8.3471 Australian dollar .7695 1.2995 0.4 1.60% Houston, TX 713-358-9400 t 5 –0.8 Switzerland franc 1.1252 .8887 China yuan .1543 6.4790 0.5 1.50 s ... Turkey lira .1338 7.4741 Colorado Federal Savings Bank 0.75% Hong Kong dollar .1290 7.7526 –0.4 1.20 0 Yen 0.2 Ukraine hryvnia .0354 28.2500 Greenwood Village, CO 1.00 India rupee .01366 73.192 0.2 877-484-2372 0.1 UK pound 1.3633 .7335 Tradeweb ICE Indonesia rupiah .0000711 14065 Five-year CD yields 0.80 CFG Community Bank 0.82% 0.6 Middle East/Africa t Tuesday Close 0.50 –5 s s Japan yen .009624 103.90 Baltimore, MD 888-205-8388 t Euro Kazakhstan tenge .002381 420.03 –0.3 Bahrain dinar 2.6524 .3770 –0.01 t Federal-funds WSJ Dollar Index unch –0.2 0.40 TAB Bank 0.85% 0.00 –10 Macau pataca .1251 7.9910 Egypt pound .0637 15.7059 target rate Malaysia ringgit .2469 4.0500 0.7 Israel shekel .3073 3.2538 1.3 Ogden, UT 800-355-3063 1 3 6 1 2 3 5 7 10 20 30 0.00 2020 2021 New Zealand dollar .7118 1.4049 0.9 Kuwait dinar 3.2999 .3030 –0.4 0.96% month(s) years F M A M J J A S O N D J First Internet Bank of Indiana Pakistan rupee .00623 160.550 0.1 Oman sul rial 2.5972 .3850 0.01 maturity 0.1 –0.03 2020 Indianapolis, IN 888-873-3424 Philippines peso .0208 48.042 Qatar rial .2747 3.640 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7525 1.3289 0.6 Saudi Arabia riyal .2666 3.7514 –0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009071 1102.43 1.5 South Africa rand .0667 14.9889 2.0 l Interest rate Last ( )Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051666 193.55 4.5 –0.3 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 .03571 28.005 Yield (%) 52-Week Total Return (%) –0.2 WSJ Dollar Index 0.42 l Thailand baht .03336 29.980 85.36 –0.16 –0.2 Prime rate* 3.25 3.25 3.25 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.22 0.23 0.20 l 1.81 -1.52 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2434.330 0.660 0.690 1.710 0.400 6.442 5.221 Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.24 1.710 12.152 Five-year CD, annual yield 0.48 0.55 0.48 l 1.40 -1.04 U.S. Treasury Long, Barclays 4559.330 1.750 2.200 0.980 9.648 Commodities 30-year mortgage, fixed† 2.91 2.89 2.83 l 4.22 -1.12 Aggregate, Barclays 2276.290 1.180 1.230 2.310 1.020 6.263 5.438 Tuesday 52-Week YTD Pricing trends on someClose raw materials, Net chg % Chg or commodities High Low % Chg % chg 2.38 l -1.08 15-year mortgage, fixed† 2.36 2.32 3.43 Fixed-Rate MBS, Barclays 2231.600 1.220 1.310 2.690 0.930 3.548 3.998 2.94 l -1.48 DJ Commodity 760.01 -2.36 -0.31 770.54 433.70 20.61 3.89 Jumbo mortgages, $548,250-plus† 2.93 2.85 4.36 3.448 3.919 High Yield 100, ICE BofA 3336.968 3.727 10.740 3.448 5.082 Refinitiv/CC CRB Index 174.85 -0.23 -3.70 Five-year adj mortgage (ARM)† 3.18 3.08 2.85 l 3.69 -0.86 -0.40 181.56 106.29 4.20 Muni Master, ICE BofA 596.049 0.853 0.871 3.441 0.838 4.181 4.615 Crude oil, $ per barrel 52.98 1.18 -9.19 New-car loan, 48-month 4.02 4.03 4.02 l 4.50 0.76 0.62 58.34 -37.63 9.19 2.546 -6.98 34.35 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 919.424 4.515 4.540 7.480 4.295 3.293 4.480 Natural gas, $/MMBtu -0.191 3.354 1.482 0.28 banks.† Excludes closing costs. Gold, $ per troy oz. 1839.50 10.20 0.56 2051.50 1477.30 18.19 -2.83 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services .

THE WALL STREET JOURNAL. * Wednesday, January 20, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. Cree CREE 120.09 2.93 Farfetch FTCH 58.78 0.79 HuntingtonBcshs HBAN 14.88 0.12 LithiaMotors LAD 307.10 -2.52 NICE NICE 271.31 -2.39 Paccar PCAR 89.21 1.05 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CrowdStrike CRWD 221.92 2.41 Fastenal FAST 50.42 -0.06 IAA IAA 59.76 0.02 s LiveNationEnt LYV 76.54 4.97 NIO NIO 58.44 2.17 PackagingCpAm PKG 139.68 -2.85 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CrownCastle CCI 159.39 2.14 Fastly FSLY 95.31 7.10 ICICI Bank IBN 15.08 0.11 LloydsBanking LYG 1.93 0.01 NRG Energy NRG 41.23 0.41 PagSeguroDig PAGS 54.89 2.38 that include primary market trades as well as quarters. CrownHoldings CCK 93.78 -1.42 FateTherap FATE 114.31 0.72 IdexxLab IDXX 484.93 -4.53 LockheedMartin LMT 341.50 -5.77 NVR NVR 4160.00150.05 PalantirTech PLTR 26.62 0.98 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Cummins CMI 238.36 1.12 FedEx FDX 249.52 -3.04 IHS Markit INFO 87.49 1.98 Loews L 47.56 0.37 NXP Semi NXPI 175.00 2.78 PaloAltoNtwks PANW 364.05 -0.82 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CureVac CVAC 103.23 2.88 Ferrari RACE 210.43 0.36 s II-VI IIVI 92.94 4.67 LogitechIntl LOGI 97.73 -3.18 Nasdaq NDAQ 142.26 2.22 ParkerHannifin PH 288.80 3.63 Nasdaq ISE. standards CyrusOne CONE 72.52 0.19 FidNatlFin FNF 39.34 0.01 ING Groep ING 9.33 -0.13 Lowe's LOW 170.76 0.02 s Natera NTRA 123.90 3.74 Paychex PAYX 88.34 -0.03 The list comprises the 1,000 largest companies lf-Late filing FidNatlInfo FIS 128.06 -1.67 Invesco IVZ 20.25 0.25 LufaxHolding LU 14.37 0.36 NationalGrid NGG 59.78 0.31 PaycomSoftware PAYC 397.33 -1.67 based on market capitalization. q-Temporary exemption from Nasdaq DEF FifthThirdBncp FITB 32.07 0.21 s IPG Photonics IPGP 258.58 14.66 lululemon LULU 342.25 -2.25 Natura&Co NTCO 19.01 0.36 Paylocity PCTY 194.51 5.14 Underlined quotations are those stocks with requirements. FirstHorizon FHN 15.05 0.02 IQVIA IQV 188.97 1.18 LumenTech LUMN 11.06 -0.37 NatWest NWG 4.25 -0.05 PayPal PYPL 247.25 7.46 DISH Network DISH 32.69 -0.43 large changes in volume compared with the t-NYSE bankruptcy FirstRepBank FRC 155.00 1.29 IcahnEnterprises IEP 56.97 1.22 Lumentum LITE 94.60 -11.72 NetApp NTAP 64.28 -0.38 Pegasystems PEGA 137.96 3.79 DTE Energy DTE 120.88 -2.64 issue’s average trading volume. v-Trading halted on primary market. FirstSolar FSLR 100.24 3.66 s Icon ICLR 215.12 4.77 Lyft LYFT 48.96 1.08 NetEase NTES 110.10 5.02 Peloton PTON 150.14 -7.67 DadaNexus DADA 44.89 1.89 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FirstEnergy FE 31.11 -0.56 IDEX IEX 193.43 -0.61 LyondellBasell LYB 93.82 -1.09 Netflix NFLX501.77 3.79 PembinaPipeline PBA 28.31 0.93 Danaher DHR 236.11 -0.64 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Fiserv FISV 107.67 -0.53 IllinoisToolWks ITW 204.81 1.62 Neurocrine NBIX 108.78 1.09 PennNational PENN 100.42 1.31 Darden DRI 124.12 3.04 previous closing price was $2 or higher. or securities assumed by such companies. FiveBelow FIVE 184.66 -5.15 Illumina ILMN 390.21 13.86 MN NewFortressEner NFE 49.55 0.57 Pentair PNR 58.46 0.87 DarlingIngred DAR 66.47 2.13 Five9 FIVN 169.84 -0.07 ImperialOil IMO 21.16 0.14 NewOrientalEduc EDU 175.09 2.28 Penumbra PEN 236.88 8.42 Datadog DDOG 99.09 -0.75 M&T Bank MTB 146.20 1.43 FiverrIntl FVRR 240.28 -26.85 Incyte INCY 93.96 3.40 NYTimes A NYT 48.39 -0.63 PepsiCo PEP 142.06 0.67 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and DaVita DVA 118.10 -0.65 MGMGrowthProp MGP 31.11 0.43 FleetCorTech FLT 266.78 1.55 Infosys INFY 18.12 -0.05 NewellBrands NWL 24.21 0.07 PerkinElmer PKI 149.29 0.77 changes in the closing prices from 4 p.m. the previous day. DeckersOutdoor DECK 323.10 -2.90 MGM Resorts MGM 30.53 0.73 Flex FLEX 18.24 0.11 IngersollRand IR 46.29 0.38 Newmont NEM 61.85 -0.01 t PetcoHealth WOOF 26.85 -0.86 Deere DE 294.99 -0.41 MinisoGroup MNSO 30.32 1.73 Floor&Decor FND 97.50 -5.06 s Inphi IPHI 177.66 7.24 NewsCorp A NWSA 18.75 0.05 PetroChina PTR 34.28 1.23 DellTechC DELL 74.86 0.60 s MKS Instrum MKSI 188.12 10.52 Tuesday, January 19, 2021 Net Net FomentoEconMex FMX 74.84 -0.91 s Insulet PODD 284.46 3.26 NewsCorp B NWS 18.33 0.01 PetroleoBrasil PBR 10.88 -0.02 DeltaAir DAL 40.31 0.33 MPLX MPLX 24.22 -0.43 Net Stock Sym Close Chg Stock Sym Close Chg s FordMotor F 10.02 0.19 Intel INTC 57.99 0.41 NextEraEnergy NEE 82.81 0.77 PetroleoBrasilA PBR.A 10.74 0.13 DenaliTherap DNLI 75.98 2.95 MSCI MSCI 411.48 -3.82 Fortinet FTNT 148.21 1.68 InteractiveBrkrs IBKR 69.70 0.68 NielsenHoldings NLSN 22.28 0.15 Pfizer PFE 36.73 0.03 Stock Sym Close Chg 45.67 0.53 192.20 0.38 DentsplySirona XRAY 58.32 -0.12 MagellanMid MMP 45.85 0.32 AresMgmt ARES CME Group CME Fortis FTS 41.02 0.05 ICE ICE 114.88 -0.31 Nike NKE 139.27 -1.45 PhilipMorris PM 81.90 0.96 287.00 7.78 58.25 -0.37 DeutscheBank DB 11.25 -0.37 MagnaIntl MGA 72.48 -0.42 arGEN-X ARGX CMS Energy CMS Fortive FTV 70.38 0.16 InterContinentl IHG 66.51 0.87 NiSource NI 22.46 -0.47 Phillips66 PSX 74.78 3.04 ABC 317.96 0.89 40.90 0.52 DevonEnergy DVN 20.00 0.43 ManulifeFin MFC 19.31 0.28 AristaNetworks ANET CNA Fin CNA FortBrandsHome FBHS 88.52 0.20 IBM IBM 129.02 0.63 Nokia NOK 4.13 0.05 Pinduoduo PDD 168.79 7.59 105.38 1.49 13.65 0.33 DexCom DXCM 357.64 3.44 MarathonPetrol MPC 46.09 2.11 ABB ABB 29.50 0.15 ArrowElec ARW CNH Indl CNHI FoxA FOXA 30.01 -1.48 IntlFlavors IFF 120.34 2.62 NomuraHoldings NMR 5.60 -0.11 PinnacleWest PNW 78.00 -0.55 ARWR 82.15 1.41 109.89 6.88 Diageo DEO 159.76 2.07 Markel MKL 1002.10 -3.34 AcadiaPharm ACAD 53.37 -0.29 ArrowheadPharm CNOOC CEO FoxB FOX 29.17 -1.22 IntlPaper IP 50.38 0.13 Nordson NDSN189.50 -3.75 Pinterest PINS 71.01 1.26 ASND 158.28 0.35 45.00 0.52 DiamondbkEner FANG 60.02 0.79 MarketAxess MKTX 515.89 -7.11 AECOM ACM 54.94 1.21 AscendisPharma CRH CRH Franco-Nevada FNV 121.29 0.09 Interpublic IPG 24.93 -0.01 NorfolkSouthern NSC 249.84 -3.11 PioneerNatRscs PXD 132.04 4.66 s AspenTech AZPN 144.15 2.35 198.29 -1.59 DigitalRealty DLR 137.99 1.51 Marriott MAR 126.86 0.06 s AES AES 28.06 0.46 CRISPR Therap CRSP FranklinRscs BEN 27.14 0.58 Intuit INTU 384.95 13.94 NorthernTrust NTRS 97.36 0.92 PlainsAllAmPipe PAA 10.17 -0.16 s Assurant AIZ 142.98 2.81 92.66 -0.76 s DiscoverFinSvcs DFS 99.07 1.31 Marsh&McLen MMC 112.22 0.38 Aflac AFL 47.05 0.57 CSX CSX FreeportMcM FCX 31.71 1.36 IntuitiveSurgical ISRG 778.41 -0.01 NorthropGrum NOC 298.02 -2.73 PlainsGP PAGP 10.45 -0.20 AstraZeneca AZN 52.57 1.23 126.83 -7.32 DiscoveryA DISCA 36.15 -0.61 MartinMarietta MLM 307.00 3.42 AGCO AGCO 115.91 1.78 C3.ai AI FreseniusMed FMS 41.42 -0.19 Invitae NVTA 55.86 3.27 NortonLifeLock NLOK 20.78 0.33 PlugPower PLUG 66.47 6.33 Athene ATH 44.66 0.29 75.40 -0.86 DiscoveryC DISCK 31.85 -0.50 s MarvellTech MRVL 53.81 3.04 AGNC Invt AGNC 15.79 0.14 CVS Health CVS s Futu FUTU 81.07 11.69 InvitatHomes INVH 29.44 -0.15 NorwegCruise NCLH 25.30 -0.08 Pool POOL 360.63 1.23 Atlassian TEAM 226.74 3.81 CABO 2000.10 14.35 Disney DIS 172.26 0.82 Masco MAS 56.40 0.31 96.69 1.06 Ansys ANSS 369.51 5.23 CableOne IonisPharma IONS 61.03 -0.25 Novartis NVS PrincipalFin PFG 54.32 1.01 AtmosEnergy ATO 90.08 0.05 CDNS 137.62 2.98 DocuSign DOCU 256.57 7.29 Masimo MASI 261.00 -0.37 128.00 0.57 s ASETech ASX 7.67 0.56 CadenceDesign GHI iQIYI IQ 19.49 -0.27 Novavax NVAX Procter&Gamble PG 133.60 -1.18 Autodesk ADSK 310.97 2.46 s CaesarsEnt CZR 80.67 0.67 DolbyLab DLB 93.58 -0.04 Mastercard MA 325.94 2.68 73.02 0.99 s ASML ASML549.50 22.00 IronMountain IRM 29.52 -0.50 NovoNordisk NVO Progressive PGR 96.19 1.39 Autohome ATHM 106.51 3.63 CamdenProperty CPT 99.82 -0.76 DollarGeneral DG 206.06 -5.38 s GDS Holdings GDS 106.20 1.16 MaximIntProducts MXIM 96.90 1.76 168.28 0.73 AT&T T 28.95 -0.22 ItauUnibanco ITUB 5.80 -0.16 Novocure NVCR Prologis PLD 98.01 0.33 ADP ADP 161.98 0.86 46.38 -0.04 DollarTree DLTR 108.05 -0.29 s 31.50 1.50 McAfee MCFE 19.20 0.69 AbbottLabs ABT 112.57 1.27 CampbellSoup CPB GFLEnvironmental GFL NuanceComms NUAN 49.99 1.19 Proofpoint PFPT 136.84 1.47 AutoZone AZO 1238.29 -10.04 89.15 -0.14 DominionEner D 70.96 -1.12 65.96 6.36 McCormick MKC 93.01 -0.42 AbbVie ABBV 112.18 1.66 CIBC CM GSXTechedu GSX JKL Nucor NUE 55.88 0.41 PrudentialFin PRU 84.86 1.25 Avalara AVLR 161.52 4.39 CanNtlRlwy CNI 109.68 -1.90 Domino's DPZ 372.65 -2.58 117.40 1.29 McCormickVtg MKC.V 92.94 0.24 53.47 -0.17 AbCelleraBio ABCL 49.08 4.67 Gallagher AJG Nutrien NTR Prudential PUK 39.15 0.15 Avalonbay AVB 162.41 -1.59 CanNaturalRes CNQ 24.76 -0.01 DoorDash DASH 198.75 11.60 40.29 0.46 91.15 3.38 McDonalds MCD 209.09 -0.82 521.01 6.63 58.18 -1.20 s Abiomed ABMD 336.30 6.61 Gaming&Leisure GLPI JD.com JD NVIDIA NVDA PublicServiceEnt PEG Avangrid AGR 45.41 -0.30 CanPacRlwy CP 351.21 -6.00 Dover DOV 125.51 0.13 21.81 -0.25 138.04 -0.60 McKesson MCK 182.47 -1.95 220.62 -3.77 AcceleronPharma XLRN 132.47 6.28 Gap GPS JPMorganChase JPM PublicStorage PSA Avantor AVTR 29.69 0.74 Canon CAJ 21.05 -0.32 Dow DOW 57.55 0.24 122.69 1.68 155.81 1.26 MedicalProp MPW 21.35 0.16 44.01 1.31 Accenture ACN 255.84 2.19 Garmin GRMN JackHenry JKHY OPQ PulteGroup PHM AveryDennison AVY 159.77 0.44 CanopyGrowth CGC 33.56 0.17 DrReddy'sLab RDY 69.64 -1.42 Gartner IT 159.44 -0.97 JacobsEngg J 111.69 1.50 Medtronic MDT 118.31 1.50 54.16 0.96 s ActivisionBliz ATVI 93.15 2.46 16.25 -0.18 44.11 -0.06 Qiagen QGEN AxonEnterprise AAXN 159.36 8.59 CapitalOne COF 112.86 0.33 DraftKings DKNG 51.29 -2.41 s Generac GNRC 267.46 14.65 JamesHardie JHX 29.09 0.72 MelcoResorts MLCO ONEOK OKE s 185.67 8.38 s AdaptiveBiotech ADPT 67.34 2.25 s 1913.21 61.43 463.94 -2.75 Qorvo QRVO BCE BCE 43.43 -0.46 CardinalHealth CAH 54.81 -0.63 Dropbox DBX 21.77 -0.31 GeneralDynamics GD 153.13 -0.04 s JazzPharma JAZZ 167.00 -0.71 MercadoLibre MELI OReillyAuto ORLY s 163.77 6.68 Adobe ADBE 456.50 -1.58 83.19 -0.19 53.72 0.37 Qualcomm QCOM BHP Group BHP 71.44 0.83 Carlisle CSL 154.04 1.04 DukeEnergy DUK 90.38 -1.73 GeneralElec GE 11.43 0.10 s J&J JNJ 162.78 2.48 Merck MRK OakStreetHealth OSH s 78.25 2.09 AdvanceAuto AAP 165.93 0.68 52.12 0.98 23.07 0.68 QuantaServices PWR BHP Group BBL 57.99 0.35 Carlyle CG 34.28 0.58 DukeRealty DRE 38.69 -0.21 GeneralMills GIS 55.67 -0.57 JohnsonControls JCI 51.63 -0.18 MetLife MET OccidentalPetrol OXY 125.99 2.16 AdvMicroDevices AMD 89.45 1.24 1231.16 12.72 260.84 7.85 QuestDiag DGX BP BP 24.65 0.39 s CarMax KMX 116.43 9.99 Dun&Bradstreet DNB 25.01 0.01 s GeneralMotors GM 54.84 4.87 JonesLang JLL 149.71 1.41 MettlerToledo MTD Okta OKTA 201.24 -3.25 Aegon AEG 4.27 -0.11 153.25 4.69 207.51 0.12 Quidel QDEL Baidu BIDU 250.42 11.55 Carnival CCL 20.87 0.08 DuPont DD 84.46 2.12 Genmab GMAB 44.33 -0.07 JuniperNetworks JNPR 24.51 0.07 MicrochipTech MCHP OldDomFreight ODFL AffirmHldgs AFRM 110.99 -6.01 s 85.50 4.78 35.65 -0.20 BakerHughes BKR 22.87 ... Carnival CUK 18.01 0.22 Dynatrace DT 43.80 0.50 Genpact G 40.85 -0.13 KB Fin KB 40.90 -0.05 MicronTech MU OmegaHealthcare OHI AgilentTechs A 127.35 1.14 216.44 3.79 63.10 -0.02 RS Ball BLL 90.42 ... CarrierGlobal CARR 40.37 -0.01 ENI E 21.47 0.20 Gentex GNTX 35.69 -0.19 KE Holdings BEKE 63.37 0.99 Microsoft MSFT Omnicom OMC AgnicoEagle AEM 68.49 -0.16 130.61 -1.40 s 38.52 1.81 24.91 0.13 BallardPower BLDP 35.86 5.04 Carvana CVNA 275.00 -12.57 EOG Rscs EOG 60.48 1.29 GenuineParts GPC 99.55 -2.60 KKR KKR 40.97 0.25 MidAmApt MAA ON Semi ON RELX RELX AirProducts APD 285.66 -1.25 216.32 1.85 22.48 0.97 500.99 -6.37 BancoBilbaoViz BBVA 4.92 -0.03 Catalent CTLT 119.83 4.33 EPAM Systems EPAM 351.41 3.40 Gerdau GGB 4.78 -0.09 s KLA KLAC 314.08 9.95 MiratiTherap MRTX OneConnectFinTech OCFT RH RH Airbnb ABNB 173.69 4.42 4.42 ... 4.78 -0.03 46.66 0.46 86.93 0.66 BancoBradesco BBDO Caterpillar CAT 194.06 0.47 s EastWestBncp EWBC 63.00 1.48 GileadSciences GILD 67.07 3.74 KSCitySouthern KSU 211.66 -1.14 MitsubishiUFJ MUFG OpenText OTEX RPM RPM AkamaiTech AKAM 110.01 3.56 22.07 0.56 132.54 -1.54 2.74 -0.03 28.16 2.13 107.25 -2.82 BancodeChile BCH Celanese CE EastmanChem EMN 104.87 0.09 GSK GSK 38.54 0.07 Kellogg K 58.46 -0.57 MizuhoFin MFG OpendoorTech OPEN RalphLauren RL Albemarle ALB 185.25 5.11 7.98 -0.23 s 6.68 0.29 9.23 -0.03 61.29 -0.49 103.86 0.92 BancSanBrasil BSBR Cemex CX Eaton ETN 125.50 2.33 GlobalPayments GPN 187.75 -3.63 KeurigDrPepper KDP 31.82 -0.04 MobileTeleSys MBT Oracle ORCL RaymondJames RJF Albertsons ACI 17.79 0.50 s 22.12 0.63 6.19 0.06 125.01 -4.64 11.77 -0.05 RaytheonTech RTX 69.36 0.16 s BcoSantChile BSAC CenovusEnergy CVE EatonVance EV 71.71 -0.11 Globant GLOB 212.99 4.17 KeyCorp KEY 18.55 0.14 Moderna MRNA Orange ORAN Alcon ALC 72.73 2.56 3.29 ... 62.79 -1.20 148.90 -0.07 86.27 -0.19 86.89 -0.14 BancoSantander SAN Centene CNC eBay EBAY 56.98 1.56 GlobeLife GL 96.88 0.80 KeysightTechs KEYS 147.07 0.78 MohawkInds MHK Orix IX RealPage RP AlexandriaRlEst ARE 166.51 -1.86 38.50 -0.26 21.69 0.23 219.10 -1.64 65.37 -0.16 58.14 -0.51 BanColombia CIB CenterPointEner CNP Ecolab ECL 215.91 5.14 GoDaddy GDDY 80.41 -0.50 KimberlyClark KMB 131.65 0.36 MolinaHealthcare MOH OtisWorldwide OTIS RealtyIncome O AlexionPharm ALXN 158.71 2.01 32.77 -0.24 6.20 -0.27 52.03 -0.51 s 84.45 1.48 76.68 -0.09 BankofAmerica BAC CentraisElBras EBR Ecopetrol EC 14.05 0.18 GoldFields GFI 9.02 0.13 KinderMorgan KMI 15.55 0.06 MolsonCoorsB TAP OwensCorning OC Redfin RDFN Alibaba BABA 251.65 8.19 s 78.90 -0.17 101.96 0.72 57.14 -0.08 s 54.01 1.40 46.94 -0.13 BankofMontreal BMO CeridianHCM CDAY EdisonInt EIX 60.87 -1.00 GoldmanSachs GS 294.20 -6.81 KingsoftCloud KC 44.46 1.95 Mondelez MDLZ OzonHoldings OZON RegencyCtrs REG AlignTech ALGN 557.41 -9.82 45.82 0.25 79.51 -0.70 368.00 6.74 12.03 -0.21 REGN 533.89 15.96 BankNY Mellon BK Cerner CERN EdwardsLife EW 87.91 0.04 GoodRx GDRX 42.49 -0.41 KinrossGold KGC 6.99 0.03 MongoDB MDB PG&E PCG RegenPharm Alleghany Y 601.21 -4.73 55.57 0.42 s 278.89 5.17 391.32 12.09 156.00 1.22 RF 18.42 0.19 BkNovaScotia BNS CharlesRiverLabs CRL ElancoAnimal ELAN 31.16 -0.35 s Graco GGG 75.33 1.79 KirklandLakeGold KL 40.20 0.88 MonolithicPower MPWR PNC Fin PNC RegionsFin Allegion ALLE 114.71 0.30 7.98 -0.05 633.27 4.36 90.08 -1.57 61.67 0.07 RelianceSteel RS 128.18 0.55 Barclays BCS CharterComms CHTR Elastic ESTC 169.65 6.64 Grainger GWW 394.49 5.83 KodiakSciences KOD 164.47 5.93 MonsterBev MNST POSCO PKX AlliantEnergy LNT 49.63 0.16 23.39 0.25 127.63 0.02 269.29 2.64 PPD 35.95 -0.56 RenaissanceRe RNR 159.25 -0.49 BarrickGold GOLD CheckPoint CHKP ElectronicArts EA 141.43 2.43 Grifols GRFS 19.78 0.70 KoninklijkePhil PHG 54.62 0.40 Moody's MCO PPD Allstate ALL 110.27 1.87 27.52 1.15 99.63 1.86 74.99 -0.25 PPG 145.04 -3.00 s Repligen RGEN 222.19 6.72 BauschHealth BHC Chegg CHGG s EmersonElec EMR 83.43 0.68 GuardantHealth GH 159.94 0.65 KoreaElcPwr KEP 11.32 -0.15 MorganStanley MS PPG Ind AllyFinancial ALLY 41.28 0.40 78.83 -1.21 531.95 2.75 MORN 223.73 1.66 PPL 28.14 -0.43 RepublicSvcs RSG 94.67 0.86 BaxterIntl BAX Chemed CHE Enbridge ENB 35.08 -0.18 Guidewire GWRE 126.15 1.15 KraftHeinz KHC 32.36 0.37 Morningstar PPL AlnylamPharm ALNY 168.41 2.05 260.77 -0.97 67.63 1.36 MOS 28.71 0.07 s PRAH 132.93 2.09 ResMed RMD 214.90 3.28 BectonDicknsn BDX CheniereEnergy LNG EncompassHealth EHC 83.16 -0.26 HCA Healthcare HCA 166.10 -2.67 Kroger KR 33.62 -0.08 Mosaic PRA HealthSci Alphabet C GOOG 1790.86 54.67 s 356.68 11.68 39.00 -0.25 MSI 171.77 -1.78 PTC PTC 125.55 1.43 BeiGene BGNE CheniereEnerPtrs CQP EnelAmericas ENIA 7.86 -0.11 s HDFC Bank HDB 74.91 0.03 L Brands LB 45.73 0.53 MotorolaSol Continued on Page B10 Alphabet A GOOGL 1784.47 56.85 50.50 -1.07 94.51 2.42 BentleySystems BSY Chevron CVX EnergyTransfer ET 6.85 -0.16 HPQ 25.14 -0.03 LKQ LKQ 37.15 -0.70 Alteryx AYX 124.44 3.79 65.62 -0.52 107.32 -0.79 HP Berkley WRB Chewy CHWY EnphaseEnergy ENPH 201.28 10.69 HSBC 28.01 0.66 LPL Financial LPLA 119.56 0.83 AlticeUSA ATUS 36.61 1.21 s 3524742153.99 21.35 0.80 HSBC BerkHathwy A BRK.A ChinaEastrnAir CEA s Entegris ENTG 109.62 2.05 HAL 20.54 -0.20 L3HarrisTech LHX 190.10 1.52 Altria MO 41.23 0.03 s 234.55 1.06 11.58 0.28 Halliburton BerkHathwy B BRK.B ChinaLifeIns LFC Entergy ETR 95.12 -0.13 HIG 52.66 0.99 s LabCpAm LH 225.74 2.03 AlumofChina ACH 8.34 -0.32 111.62 -2.38 52.73 1.99 HartfordFinl BestBuy BBY ChinaPetrol SNP EnterpriseProd EPD 23.29 0.35 Hasbro HAS 96.29 -0.91 s LamResearch LRCX 580.02 32.49 Cash Prices Tuesday, January 19, 2021 Amazon.com AMZN 3120.76 16.51 141.64 1.54 29.29 1.40 BeyondMeat BYND ChinaSoAirlines ZNH Equifax EFX 176.02 -0.98 HealthcareAmer HTA 28.20 -0.39 LamarAdv LAMR 83.22 0.07 Ambev ABEV 3.07 0.02 s 127.88 5.25 1429.48 23.74 Bilibili BILI Chipotle CMG Equinix EQIX 716.32 8.56 HealthpeakProp PEAK 29.15 -0.81 LambWeston LW 77.09 -1.41 These prices reflect buying and selling of a variety of actual or “physical” Amcor AMCR 10.95 -0.10 128.50 0.76 155.36 0.17 Bill.com BILL Chubb CB Equinor EQNR 19.81 0.59 HEI 136.01 0.95 LasVegasSands LVS 54.45 1.01 Amdocs DOX 70.23 0.21 s 351.78 4.07 39.56 -0.08 Heico commodities in the marketplace—separate from the futures price on an Bio-Techne TECH ChunghwaTel CHT Equitable EQH 27.71 0.21 HEI.A 119.25 0.30 Lear LEA 163.05 3.26 Amedisys AMED298.10 4.21 608.97 7.82 85.16 -0.08 Heico A Bio-RadLab A BIO Church&Dwight CHD EquityLife ELS 59.77 -0.24 HSIC 70.43 -1.03 Leidos LDOS 109.09 1.93 exchange, which reflects what the commodity might be worth in future Amerco UHAL 470.08 -3.09 273.84 -2.00 210.27 2.94 HenrySchein Biogen BIIB ChurchillDowns CHDN EquityResdntl EQR 60.31 -1.28 Hershey HSY 148.75 0.29 Lemonade LMND142.64 -5.10 Ameren AEE 72.99 -1.40 85.77 2.80 52.62 -0.69 months. BioMarinPharm BMRN Ciena CIEN ErieIndemnity A ERIE 242.41 -5.49 62.14 1.10 Lennar B LEN.B 63.06 1.24 AmericaMovil A AMOV 14.48 0.11 104.70 3.11 220.80 1.90 Hess HES BioNTech BNTX Cigna CI EssentialUtil WTRG 46.80 0.65 12.31 -0.23 Lennar A LEN 78.24 1.65 AmericaMovil AMX 14.26 -0.13 85.79 1.06 93.77 0.07 HewlettPackard HPE Tuesday Tuesday BlackKnight BKI CincinnatiFin CINF EssexProp ESS 237.18 -3.34 40.31 -0.51 LennoxIntl LII 281.80 0.36 AmerAirlines AAL 15.97 0.21 733.65 5.89 322.04 -4.03 HighwoodsProp HIW BlackRock BLK Cintas CTAS EsteeLauder EL 248.44 -0.69 HLT 107.93 -0.48 LeviStrauss LEVI 21.13 -0.21 Bran,wheat middlings, KC-u 164 AEP AEP 80.71 0.24 64.41 1.06 45.19 -0.24 Hilton Energy Blackstone BX CiscoSystems CSCO s Etsy ETSY 221.31 16.89 Hologic HOLX 75.99 -0.11 LiAuto LI 35.44 2.84 Corn,No. 2 yellow,Cent IL-bp,u 5.1500 AmerExpress AXP 126.75 4.60 Boeing BA 210.71 6.39 Citigroup C 63.69 -0.54 87.82 0.12 EverestRe RE 232.74 1.54 HomeDepot HD 273.19 -2.40 LibertyBroadbandC LBRDK 151.37 0.77 55.100 168.0 AmericanFin AFG BookingHldgs BKNG 2163.04 43.81 CitizensFin CFG 40.83 0.20 53.38 -0.92 27.48 0.08 150.52 1.23 Coal,C.Aplc.,12500Btu,1.2SO2-r,w Corn gluten feed,Midwest-u,w AmHomes4Rent AMH 30.44 0.20 s 93.90 1.72 135.36 3.36 Evergy EVRG HondaMotor HMC LibertyBroadbandA LBRDA 11.400 601.9 BoozAllen BAH CitrixSystems CTXS EversourceEner ES 87.14 -1.43 Honeywell HON 206.76 0.79 LibertyGlobal A LBTYA 24.76 -0.01 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w Corn gluten meal,Midwest-u,w AIG AIG 42.25 0.90 BorgWarner BWA 39.30 0.70 Clarivate CCC 29.23 -0.19 216.88 -3.01 ExactSciences EXAS 148.83 2.86 HorizonTherap HZNP 81.20 2.48 LibertyGlobal B LBTYB 24.71 -0.08 Cottonseed meal-u,w 445 AmerTowerREIT AMT BostonBeer SAM 917.79 10.57 Clorox CLX 196.51 -1.01 42.82 -0.54 44.75 -0.12 24.41 -0.04 Metals AmerWaterWorks AWK 159.27 -0.45 93.29 -1.86 81.44 3.59 Exelon EXC HormelFoods HRL LibertyGlobal C LBTYK Hominy feed,Cent IL-u,w 118 BostonProps BXP Cloudflare NET Expedia EXPE 142.82 2.13 DR Horton DHI 71.31 1.95 LibertyFormOne C FWONK 40.36 0.63 AmericoldRealty COLD 34.17 0.01 BostonSci BSX 36.27 -0.06 Coca-Cola KO 48.51 -0.19 330 s ExpeditorsIntl EXPD 93.06 -0.13 HostHotels HST 14.76 0.07 LibertyFormOne A FWONA 36.30 0.61 Gold, per troy oz Meat-bonemeal,50% pro Mnpls-u,w Ameriprise AMP 212.99 4.71 BBIO 69.38 0.77 CCEP 48.06 -0.53 BridgeBioPharma Coca-Cola Euro ExtraSpaceSt EXR 111.66 -0.52 HowmetAerospace HWM 27.75 -0.20 LibertyBraves A BATRA 25.97 0.22 Engelhard industrial 1841.00 Oats,No.2 milling,Mnpls-u 3.6850 AmerisourceBrgn ABC 103.50 -3.30 BFAM 159.17 0.82 Cognex CGNX 85.39 1.35 BrightHorizons ExxonMobil XOM 48.84 0.95 HuanengPower HNP 15.68 0.59 LibertyBraves C BATRK 25.74 0.22 n.a. Ametek AME 118.95 -0.05 BristolMyers BMY 66.74 0.20 CognizantTech CTSH 79.76 -0.48 Handy & Harman base 1834.70 Rice, Long Grain Milled, No. 2 AR-u,w F5Networks FFIV 196.80 1.70 Huazhu HTHT 48.11 2.58 LibertySirius A LSXMA 40.94 1.06 Amgen AMGN 248.27 2.78 BritishAmTob BTI 37.67 -0.21 ColgatePalm CL 80.85 -1.03 2036.52 Sorghum,(Milo) No.2 Gulf-u 7.3600 FMC FMC 116.57 -3.48 Hubbell HUBB 165.54 2.97 LibertySirius C LSXMK 40.75 0.90 Handy & Harman fabricated Amphenol APH 132.35 0.61 s Broadcom AVGO 459.27 13.42 Comcast A CMCSA 48.85 0.16 Facebook FB 261.10 9.74 HubSpot HUBS 388.48 3.90 s EliLilly LLY 198.48 7.71 LBMA Gold Price AM *1833.95 SoybeanMeal,Cent IL,rail,ton48%-u 449.00 AnalogDevices ADI 160.54 2.79 BroadridgeFinl BR 151.56 -0.01 Comerica CMA 63.90 0.12 FactSet FDS 319.35 1.15 Humana HUM 407.31 0.50 LincolnNational LNC 52.61 1.21 *1833.05 13.7600 Anaplan PLAN 72.35 1.45 BrookfieldMgt BAM 38.28 -0.46 CommerceBcshrs CBSH 71.12 0.62 LBMA Gold Price PM Soybeans,No.1 yllw IL-bp,u FairIsaac FICO 483.72 0.42 s JBHunt JBHT 148.52 -2.99 Linde LIN 259.04 0.95 AngloGoldAsh AU 22.25 0.17 s BrookfieldInfr BIP 53.09 -0.36 CiaSiderurgica SID 6.13 -0.28 Krugerrand,wholesale-e 1916.72 Wheat,Spring14%-pro Mnpls-u 7.6350 68.34 -0.30 AB InBev BUD BrookfieldPropREIT BPYU 17.29 0.08 ConagraBrands CAG 33.63 -0.23 Maple Leaf-e 1935.15 Wheat,No.2 soft red,St.Louis-u 7.1725 AnnalyCap NLY 8.23 -0.06 59.66 1.64 46.00 0.88 BrookfieldRenew BEPC ConocoPhillips COP American Eagle-e 1935.15 6.6900 Anthem ANTM 323.69 -2.73 Brown&Brown BRO 46.73 0.43 ConEd ED 69.48 -0.12 Wheat - Hard - KC (USDA) $ per bu-u Aon AON 209.16 1.23 Brown-Forman A BF.A 69.24 -0.33 ConstBrands A STZ 222.91 2.92 Mexican peso-e 2230.11 Wheat,No.1soft white,Portld,OR-u 6.8400 ApolloGlbMgmt APO 48.19 0.24 Brown-Forman B BF.B 74.23 0.33 ContextLogic WISH 26.09 1.25 Key Interest Rates Austria crown-e 1809.51 182.91 13.21 s s Appian APPN Bruker BRKR 60.66 1.62 Cooper COO 387.42 10.53 Data are annualized on a 360-day basis. Treasury yields are per annum, Austria phil-e 1935.15 Food Apple AAPL 127.83 0.69 BuildersFirstSrc BLDR 40.40 -0.47 Copart CPRT 116.09 0.31 s ApplMaterials AMAT 109.22 6.08 Bunge BG 70.65 -0.01 Corning GLW 38.53 0.73 on actively traded noninflation and inflation-indexed issues that are Silver, troy oz. Beef,carcass equiv. index Aptargroup ATR 137.26 -1.57 BurlingtonStrs BURL 252.06 -1.86 Corteva CTVA 43.53 -0.22 Engelhard industrial 25.2500 choice 1-3,600-900 lbs.-u 184.29 142.57 -0.18 63.61 0.09 871.97 18.25 adjusted to constant maturities. Data are from weekly Federal Reserve Aptiv APTV CBRE Group CBRE CoStar CSGP Handy & Harman base 25.2800 select 1-3,600-900 lbs.-u 172.73 Aramark ARMK 36.19 -0.36 CDW CDW 132.97 -0.69 Costco COST 354.47 -7.69 release H.15. 22.96 -0.99 44.99 -0.57 333.92 5.16 Handy & Harman fabricated 31.6000 Broilers, National comp wtd. avg.-u,w 0.8231 ArcelorMittal MT CF Industries CF CoupaSoftware COUP Week Ended ArchCapital ACGL 34.18 -0.51 CGI GIB 78.68 0.67 Credicorp BAP 155.49 1.59 52-Week Week Ended 52-Week LBMA spot price *£18.3500 Butter,AA Chicago 1.4050 53.10 0.90 96.44 1.23 13.63 -0.17 Jan 15 Jan 8 High Low Jan 15 Jan 8 High Low ArcherDaniels ADM CH Robinson CHRW CreditSuisse CS (U.S.$ equivalent) *24.8650 Cheddar cheese,bbl,Chicago 156.00 6-month 0.10 0.09 1.57 0.06 Coins,wholesale $1,000 face-a 18691 Cheddar cheese,blk,Chicago 180.00 Federal funds (effective) 1-year 0.11 0.10 1.55 0.09 0.09 121.50 0.09 1.59 0.04 2-year 0.14 0.13 1.58 0.11 Other metals Milk,Nonfat dry,Chicago lb. 1.1980 3-year 0.22 0.20 1.58 0.13 LBMA Platinum Price PM *1076.0 Coffee,Brazilian,Comp BANKRATE.COM® MMA, Savings and CDs Commercial paper 1.7637 5-year 0.49 0.42 1.63 0.21 Platinum,Engelhard industrial 1095.0 Coffee,Colombian, NY Nonfinancial 0.81 Palladium,Engelhard industrial 2390.0 Eggs,large white,Chicago-u 0.8250 Tuesday, January 19, 2021 7-year 0.73 1.74 0.39 Average Yields of Major Banks 1-month 0.09 0.09 1.60 0.07 1.13 Aluminum, LME, $ per metric ton *1979.5 Flour,hard winter KC 17.15 0.09 10-year 1.03 1.82 0.55 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR 2-month 0.10 1.57 0.07 20-year 1.67 1.57 2.13 0.99 Copper,Comex spot 3.6360 Hams,17-20 lbs,Mid-US fob-u n.a. 3-month 0.10 0.10 1.84 0.09 National average Iron Ore, 62% Fe CFR China-s 170.3 Hogs,Iowa-So. Minnesota-u 69.01 Financial n.a. Savings 0.08 0.06 0.06 0.08 0.11 0.16 0.20 0.16 0.29 Treasury yields (secondary market) Shredded Scrap, US Midwest-s,m 460 Pork bellies,12-14 lb MidUS-u 1-month 0.10 0.10 2.15 0.08 0.17 0.07 0.07 0.09 0.12 0.18 0.22 0.17 0.30 1-month 0.09 0.09 1.58 0.00 Steel, HRC USA, FOB Midwest Mill-s 1094 Pork loins,13-19 lb MidUS-u 0.8815 Jumbos 2-month n.a. 0.12 2.27 0.08 0.09 Steers,Tex.-Okla. Choice-u n.a. Weekly change 3-month 0.15 0.14 2.44 0.11 3-month 0.09 1.55 -0.01 0.10 Fibers and Textiles 151.38 Savings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 6-month 0.09 1.53 0.06 Steers,feeder,Okla. City-u,w Discount window primary credit Jumbos 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 TIPS Burlap,10-oz,40-inch NY yd-n,w 0.6500 Fats and Oils 0.25 0.25 2.25 0.25 Cotton,1 1/16 std lw-mdMphs-u 0.7915 5-year -1.58 -1.61 0.41 -1.61 *87.10 43.2500 Corn oil,crude wet/dry mill wtd. avg.-u,w 7-year -1.23 -1.30 0.35 -1.30 Cotlook 'A' Index-t Treasury yields at constant n.a. n.a. Consumer Savings Rates maturities 10-year -0.95 -1.02 0.35 -1.05 Hides,hvy native steers piece fob-u Grease,choice white,Chicago-h -0.49 Wool,64s,staple,Terr del-u,w n.a. Lard,Chicago-u n.a. Below are the top federally insured offers available nationwide according to Bankrate.com's 1-month 0.09 0.09 1.61 0.01 20-year -0.56 0.47 -0.70 0.09 -0.36 Soybean oil,crude;Centl IL-u 0.4283 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please 3-month 0.09 1.58 0.01 Long-term avg -0.42 0.62 -0.50 Grains and Feeds Tallow,bleach;Chicago-h n.a. visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. Notes on data: Barley,top-quality Mnpls-u n.a. Tallow,edible,Chicago-u n.a. High yield savings Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Bank Yield Bank Yield KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; Phone number Minimum (%) Phone number Minimum (%) discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window H=American Commodities Brokerage Co; primary credit rate is charged for discounts made and advances extended under the Federal M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; Money market and savings account Six-month CD Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U=USDA; W=weekly; Z=not quoted. *Data as of 1/18 TAB Bank $0 0.65 Presidential Bank, FSB $1,000 0.50 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Source: Dow Jones Market Data (800) 355-3063 (800) 799-1424 yields for all TIPS with remaining terms to maturity of 10 years or more; Synchrony Bank $0 0.60 Goldwater Bank $5,000 0.50 Sources: Federal Reserve; for additional information on these rate data and their derivation, (800) 677-0718 (480) 281-8200 please see, www.federalreserve.gov/releases/h15/data.htm Live Oak Bank $1 0.60 BankDirect $10,000 0.50 (866) 518-0286 (877) 839-2737 One-month CD One-year CD Borrowing Benchmarks Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.71 wsj.com/market-data/bonds/benchmarks (713) 358-9400 (800) 845-5025 State Bank of India California $1,000 0.15 CFG Community Bank $500 0.67 (877) 707-1995 (888) 205-8388 Money Rates January 19, 2021 SAVE Washington Savings Bank $500 0.10 BrioDirect $500 0.65 (978) 458-7999 (877) 369-2746 Key annual interest rates paid to borrow or lend money in U.S. and $ Two-month CD Two-year CD international markets. Rates below are a guide to general levels but 100 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.81 don’t always represent actual transactions. (713) 358-9400 (800) 845-5025 Reg. $29999 | SALE $199 99 State Bank of India California $1,000 0.15 Goldwater Bank $5,000 0.80 Week —52-WEEK— (877) 707-1995 (480) 281-8200 Inflation Latest ago High Low VirtualBank $10,000 0.15 Comenity Direct $1,500 0.75 Dec. index Chg From (%) (877) 998-2265 (833) 755-4354 level Nov. '20 Dec. '19 Other short-term rates Three-month CD Five-year CD U.S. consumer price index $500 0.50 $5,000 1.01 All items 260.474 0.09 1.4 Week 52-Week BrioDirect Connexus Credit Union Latest high low (877) 369-2746 (800) 845-5025 Core 269.226 –0.09 1.6 ago Goldwater Bank $5,000 0.35 First Internet Bank of Indiana $1,000 0.96 Call money (480) 281-8200 (888) 873-3424 International rates 2.00 2.00 3.50 2.00 Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 (713) 358-9400 (480) 281-8200 Week 52-Week Commercial paper (AA financial) Latest High Low ago 90 days n.a. 0.13 2.53 0.04 High yield jumbos - Minimum is $100,000 Prime rates Libor Money market and savings account Six-month CD U.S. 3.25 3.25 4.75 3.25 One month 0.12950 0.12725 1.67088 0.12600 2.45 2.45 3.95 2.45 CFG Community Bank 0.68 Merrick Bank 0.50 Canada Three month 0.22363 0.23375 1.80625 0.20488 (888) 205-8388 (866) 638-6851 Japan 1.475 1.475 1.475 1.475 Six month 0.23588 0.24763 1.83438 0.23375 0.65 0.50 One year 0.31300 0.32563 1.91900 0.31238 BrioDirect BankDirect Policy Rates Can’t Hear (877) 369-2746 (877) 839-2737 0.00 0.00 0.00 Luana Savings Bank 0.60 Goldwater Bank 0.50 Euro zone 0.00 Euro Libor (800) 666-2012 (480) 281-8200 Switzerland 0.00 0.00 0.50 0.00 One month -0.587 -0.595 -0.360 -0.621 Voices On TV? Britain 0.10 0.10 0.75 0.10 -0.554 -0.559 -0.142 -0.574 One-month CD One-year CD Three month ® Australia 0.10 0.10 0.75 0.10 Six month -0.533 -0.536 -0.052 -0.540 New AccuVoice AV157 Speaker uses Lone Star Bank 0.20 Connexus Credit Union 0.71 One year -0.499 -0.491 0.008 -0.501 (713) 358-9400 (800) 845-5025 Overnight repurchase patented hearing aid technology to create 0.15 0.67 State Bank of India California CFG Community Bank U.S. 0.08 0.08 1.65 -0.07 Secured Overnight Financing Rate 12 levels of dialogue clarity. (877) 707-1995 (888) 205-8388 0.08 0.09 1.64 0.01 VirtualBank 0.10 Live Oak Bank 0.65 U.S. government rates Flat-screen TVs use tiny speakers with tinny sound. So many people (877) 998-2265 (866) 518-0286 Value 52-Week have to use closed-captioning to watch a movie or sporting event. Discount Latest Traded High Low Two-month CD Two-year CD 0.25 0.25 2.25 0.25 Our patented hearing aid technology lifts voices out of the soundtrack Lone Star Bank 0.20 Connexus Credit Union 0.81 DTCC GCF Repo Index and clarifies them. The result is remarkable. The AV157 has 12levels (713) 358-9400 (800) 845-5025 Federal funds 0.089 52.162 1.720 0.002 0.15 0.80 Treasury of voice boost – in case you need extra clarity. Only 17" wide, it fits State Bank of India California Goldwater Bank 0.109 54.200 1.703 0.011 (877) 707-1995 (480) 281-8200 Effective rate 0.0900 0.0900 1.6200 0.0600 MBS just about anywhere. Hookup is simple – one connecting cord. 0.1200 0.1000 1.6500 0.1000 VirtualBank 0.15 Comenity Direct 0.75 High (877) 998-2265 (833) 755-4354 Low 0.0400 0.0400 1.5800 0.0100 Notes on data: 0.0800 0.0800 1.6000 0.0100 Bid U.S. prime rate is the base rate on corporate “It’s Like A Hearing Aid You Plug Your TV Into.” Techhive Three-month CD Five-year CD Offer 0.1000 0.1000 1.6300 0.0500 loans posted by at least 70% of the 10 largest BrioDirect 0.50 Connexus Credit Union 1.01 U.S. banks, and is effective March 16, 2020. (877) 369-2746 (800) 845-5025 Treasury bill auction Other prime rates aren’t directly comparable; Goldwater Bank 0.35 First Internet Bank of Indiana 0.96 4 weeks 0.075 0.080 1.575 0.000 lending practices vary widely by location; Discount rate is effective March 16, 2020. (480) 281-8200 (888) 873-3424 13 weeks 0.085 0.090 1.550 0.000 0.25 0.95 Secured Overnight Financing Rate is as of Lone Star Bank Goldwater Bank 26 weeks 0.095 0.090 1.535 0.080 January 18, 2021. DTCC GCF Repo Index is (713) 358-9400 (480) 281-8200 Depository Trust & Clearing Corp.'s weighted Great Sound. Made Simple. Secondary market average for overnight trades in applicable Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of CUSIPs. Value traded is in billions of U.S. dollars. 866-367-9869 compounding and rate stated for the lowest required opening deposit to earn interest. CD Fannie Mae Federal-funds rates are Tullett Prebon rates as 60-Day Home Trial | Free Shipping figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of of 5:30 p.m. ET. ® ZVOX & AccuVoice are registered trademarks of ZVOX Audio. which may be checks. Rates are subject to change. 30-year mortgage yields 2.035 2.105 3.123 1.751 Sources: Federal Reserve; Bureau of Labor Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 30 days Statistics; DTCC; FactSet; ORDER THE AV157 AT ZVOX.COM Internet: www.bankrate.com 60 days 2.069 2.137 3.141 1.804 Tullett Prebon Information, Ltd. . B10 | Wednesday, January 20, 2021 THE WALL STREET JOURNAL. BANKING & FINANCE Steak ‘n Shake Hires Adviser for Revamp

BY ALEXANDER GLADSTONE for the third quarter of 2020, 2008 and invested heavily in AND AISHA AL-MUSLIM down from $141.4 million over expanding the business the same period the prior year. throughout the U.S. and abroad. Steak ‘n Shake Inc. is pre- Biglari Holdings said in No- Mr. Biglari, 43 years old, paring for a possible financial vember in its third-quarter who serves as Steak ‘n Shake’s restructuring and has hired an earnings report that after hav- chief executive, built a sprawl- advisory firm to evaluate op- ing had to close many of its ing empire. In addition to tions as the Covid-19 pan- Steak ‘n Shake dining rooms Steak ‘n Shake and Western demic continues to hit the ca- as Covid-19 began spreading, Sizzlin, Biglari Holdings owns sual-dining sector hard, the company is aiming to shift men’s magazine Maxim, insur- according to people familiar from a full-service model to a ance firms First Guard Insur- with the matter. self-service model when re- ance Co. and Southern Pioneer The Indianapolis-based opening them, to save costs. Property & Casualty Insurance burger-and-milkshake chain But the company said it needs Co., and oil-and-gas driller hired FTI Consulting Inc. to to make capital investments to Southern Oil Co. advise on a restructuring complete these conversions, One of Mr. Biglari’s invest- strategy, the people said. while lenders are blocking it ment vehicles, Biglari Capital Steak ‘n Shake, owned by en- from accessing the needed Group, also currently holds a trepreneur Sardar Biglari’s funding. sizable stake in Cracker Barrel eponymous holding company, Biglari Holdings’ restaurant Old Country Store Inc.

has struggled with restrictions DIANE BONDAREFF/AP IMAGESdivision, FOR STEAK N SHAKE which includes four Many casual-dining compa- on indoor dining and has a Like other casual-dining chains, Steak 'n Shake has been hit hard by the pandemic. Western Sizzlin Corp. steak- nies have posted double-digit $153 million loan coming due houses that the company oper- sales declines during the coro- in March, they said. taurants across the U.S., Eu- ers’ trustee Wilmington Trust ter Kaye Scholer LLP and ates itself and 48 Western Siz- navirus pandemic, with those Steak ‘n Shake, Biglari rope and the Middle East, in NA in New York federal court AlixPartners LLP. zlin franchises, saw same- that built operations around Holdings Inc., and FTI didn’t addition to more than 200 in August but dropped the The company is now explor- store traffic decline by 54% serving customers in dining respond to requests for com- franchises, sparked a fight with complaint last week. ing a possible out-of-court re- during the quarter, largely due rooms facing the most severe ment. Biglari Holdings said in lenders over the summer by Law firm Latham & Watkins structuring of its debt and to the pandemic, according to threat. Some, including Ruby a November securities filing putting 15 locations up for sale. LLP, which handled the litiga- lease obligations or a bank- the earnings report. Tuesday Inc., California Pizza that Steak ’n Shake may not Lenders said any proceeds tion for Steak ‘n Shake, contin- ruptcy filing, the people said. Steak ‘n Shake traces its Kitchen Inc. and Sizzler USA be able to refinance its loan from the sale had to be used to ues to advise the company, the The pandemic has taken a roots to a hamburger stand Inc., have filed for bankruptcy before the March maturity. pay down debt and couldn’t be people familiar with the mat- heavy toll on Steak ‘n Shake’s founded in 1934. It passed protection. The company, which as of reinvested in the business. ter said. The lenders are ad- business. The company re- through a series of owners be- —Jonathan Randles September operated 260 res- Steak ‘n Shake sued the lend- vised by law firm Arnold Por- ported $78.3 million in revenue fore Mr. Biglari took control in contributed to this article.

| WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % New Highs and Lows 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 Cresud CRESY 6.48 9.4 FulgentGenetics FLGT 77.74 8.5 IderaPharm IDRA 5.85 20.5 ManTechIntl MANT 99.50 2.0 Polaris PII 113.43 4.9 Sonos SONO 27.59 2.7 UnionAcqnII LATNU 11.50 2.3 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE CuriosityStream CURI 20.01 10.6 FullHouse FLL 4.74 16.2 Immunogen IMGN 8.10 10.1 MarroneBioInnova MBII 1.65 5.9 PorchGroupWt PRCHW 5.68 8.4 SouthwesternEner SWN 4.02 -2.3 UnionAcqnII LATN 10.54 0.2 American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Curis CRIS 13.44 -3.6 Futu FUTU 84.80 16.8 InariMedical NARI 99.08 3.1 MarvellTech MRVL 54.35 6.0 PorchGroup PRCH 18.59 3.1 SpartanAcqnII SPRQ.U 12.69 0.2 UnionAcqnIIWt LATNW 1.39 -8.1 in the latest session. % CHG-Daily percentage change from the previous trading session. DanimerScientific DNMR 31.67 6.1 GATX GATX 92.11 0.7 InfinityPharm INFI 3.55 9.4 MaxarTech MAXR 56.00 12.5 PrecisionBio DTIL 14.73 29.6 SpecialOppFdPfB SPEpB 26.73 0.9 UnitedMicro UMC 10.28 13.8 DareBioscience DARE 2.68 63.9 GDS Holdings GDS 107.70 1.1 InMode INMD 59.44 -0.2 MaxeonSolar MAXN 41.32 13.4 PriorityTechn PRTH 8.14 1.4 SproutSocial SPT 62.70 12.1 UnitedNatFoods UNFI 23.47 3.3 DCRB 12.48 3.9 GFL 32.25 5.0 INMB 28.19 8.2 MDLA 40.22 -2.1 PGNY 50.30 2.2 SRACU 30.50 26.6 UAMY 0.84 13.4 Tuesday, January 19, 2021 DecarbonizaPlusA GFLEnvironmental INmuneBio Medallia Progyny StableRoadUn US Antimony DelekLogistics DKL 37.50 6.0 GFL Env Un GFLU 76.76 4.7 Inphi IPHI 179.05 4.2 MercadoLibre MELI 1938.17 3.3 ProspectorCap PRSRU 11.93 1.7 StableRoadAcqn SRAC 26.78 26.6 UnitedTherap UTHR 176.31 -0.7 52-Wk % 52-Wk % 52-Wk % DesktopMetalWt DM.WS 13.49 12.3 GS Acqn II GSAH.U 14.72 7.2 InspireMedical INSP 224.83 6.6 Merus MRUS 25.49 6.0 PulseBiosciences PLSE 30.69 1.9 StableRoadWt SRACW 9.39 39.0 Uniti UNIT 12.92 2.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DesktopMetal DM 26.30 1.9 GS Acqn II A GSAH 13.81 8.9 Insulet PODD 289.45 1.2 MicronTech MU 85.68 5.9 PurpleBiotech PPBT 5.09 13.3 StrPeakEnerWt STPK.WS 15.00 10.4 UnivDisplay OLED 262.32 3.9 DMAC 10.88 2.6 GSAH.WS 4.05 17.6 IART 69.55 1.0 AVO 16.54 3.5 QADA 67.64 0.4 SPLP 14.10 1.3 UEIC 58.23 2.4 AZPN 145.90 1.7 PRPB 10.86 2.9 DiamedicaTherap GS Acqn II Wt IntegraLifeSci MissionProduce QAD A SteelPartners UnivElectro AspenTech CCNeubergerII DFS 100.21 1.3 GVP 1.95 8.4 IDN 13.24 3.1 MC 55.96 -0.3 QTWO 133.25 2.4 STRL 24.49 4.4 TIGR 15.86 7.3 AIZ 143.37 2.0 CEVA 65.68 17.3 DiscoverFinSvcs GSE Systems Intellicheck Moelis Q2Holdings SterlingCnstr UpFintech Assurant CEVA DOMO 74.74 2.8 GLEO.WS 1.14 6.1 IGT 19.11 1.6 MWK 23.79 -2.0 QELL 15.07 6.2 SFIX 84.47 13.7 VGAC 14.70 9.3 Highs ASTE 68.68 -0.3 CFIVU 10.98 0.9 Domo GalileoAcqnWt IntlGameTech MohawkGroup QellAcqnA StitchFix VG Acqn A AstecIndustries CF Acqn IV DFIN 20.60 0.9 GME 45.52 10.9 INUV 1.70 123.0 MOTV.U 11.10 1.6 QELLU 16.11 6.3 STOK 71.09 4.9 VGAC.WS 3.78 12.7 AAON AAON 72.00 0.2 ATKR 50.50 2.0 CNO 23.93 0.6 DonnelleyFin GameStop Inuvo MotiveCapital QellAcqn StokeTherap VG Acqn Wt AtkoreIntl CNO Financial DVD 2.62 0.4 GTES 14.84 1.0 IVA 18.29 12.8 EGOV 28.80 4.2 QRVO 186.15 4.7 SSYS 35.84 12.5 VGAC.U 15.95 10.0 AEA-Bridges IMPX.U 11.78 1.2 ATOM 36.20 20.4 CONXU 11.12 0.6 DoverMotorsports GatesIndustrial Inventiva NIC Qorvo Stratasys VG Acqn Atomera Conx DGNR 14.75 -0.5 GNSS 7.67 3.5 IRDM 49.23 3.9 NVEE 97.24 -0.6 QCOM 164.10 4.3 SSBI 16.49 6.9 VMI 215.00 3.5 AES AES 28.41 1.7 AEACU 10.58 0.4 CONX 10.66 0.7 DragoneerGrwA Genasys IridiumComm NV5Global Qualcomm SummitStateBk ValmontInds AuthenticEquity CONX DLNGpA 24.44 2.7 GNRC 269.59 5.8 ISR 2.66 21.7 NNDM 11.61 5.4 PWR 78.37 2.7 SPWR 37.77 15.3 VVV 25.01 3.6 AGBAAcqnRt AGBAR 0.49 2.4 AVAN 11.00 2.7 CSWI 127.64 0.5 DynagasLNG PfdA Generac IsoRay NanoDimension QuantaServices SunPower Valvoline AvantiAcqnA CSW Industrials EWBC 63.13 2.4 GM 55.14 9.7 ITOS 37.61 3.6 NTRA 125.32 3.1 QTRX 79.58 6.4 SUNW 13.95 18.0 VRNS 180.88 4.3 AMC Networks AMCX 43.79 3.9 AVAN.U 12.03 2.6 CZR 82.15 0.8 EastWestBncp GeneralMotors iTeosTherap Natera Quanterix Sunworks VaronisSystems AvantiAcqn CaesarsEnt EBIX 44.21 0.4 GTH 23.75 16.8 JELD 28.68 3.8 NSH 10.70 0.9 QUMU 8.63 1.9 SUPN 29.85 1.8 VBLT 2.67 ... ARC Document ARC 2.27 3.3 AVGR 2.14 33.3 CALX 35.29 7.0 Ebix Genetron JELD-WEN NavSightA Qumu SupernusPharms VascularBiogenics Avinger Calix EH 61.60 53.5 GEVO 11.68 72.3 JACK 104.00 1.5 NSH.WS 2.65 -0.6 RICK 42.74 9.0 SURF 13.55 9.1 VACQU 10.99 -0.5 ASETech ASX 7.75 7.9 BBQ 5.49 3.1 CLXT 8.66 33.7 EHang Gevo JackintheBox NavSightWt RCI Hospitality SurfaceOncol VectorAcqn ASML 550.48 4.2 BBQ Holdings Calyxt EGHT 39.17 0.8 ROCK 102.30 5.1 JAZZ 168.22 -0.4 NSH.U 11.50 1.9 RMBS 21.11 4.9 STRO 28.09 -0.1 VNE 23.93 0.8 ASML BJRI 49.28 3.5 CAMT 24.95 2.0 8x8 GibraltarInds JazzPharma NavSight Rambus SutroBioph Veoneer AZEK 42.62 2.5 BJsRestaurants Camtek eMagin EMAN 2.60 18.4 GlacierBancorp GBCI 50.91 -0.2 J&J JNJ 163.04 1.5 NeoPhotonics NPTN 12.72 9.7 ReinventTechZ RTPZ.U 12.54 -0.4 Suzano SUZ 12.31 5.3 VCEL 39.98 -0.1 Azek BMTX 17.59 14.8 CARA 20.26 8.1 Vericel ABMD 338.99 2.0 BM Tech CaraTherap EmersonElec EMR 85.39 0.8 Glaukos GKOS 89.41 2.5 Joint JYNT 29.99 -0.3 NetScout NTCT 30.70 0.3 Repligen RGEN 226.53 3.1 SynchronyFin SYF 39.96 2.4 VRNT 73.22 1.7 Abiomed BMTX.WS 4.15 45.6 CDNA 93.49 5.9 VerintSystems ACIA 114.76 0.3 BM Tech Wt CareDx EmpowerA EMPW 10.60 -0.4 GlbShipNts24 GSLD 25.58 0.9 KBR KBR 32.27 0.1 Network1Techs NTIP 3.90 0.1 ResoluteForest RFP 8.15 6.8 SyneosHealth SYNH 77.34 2.3 VSSYW 5.50 100.0 AcaciaComms DOOO 70.87 2.0 KMX 116.70 9.4 VersusSystemsWt ACTG 5.76 8.5 BRP CarMax Entegris ENTG 111.11 1.9 GoldenFalconAcqnUn GFX.U 10.99 0.3 KinsTech KINZU 10.70 1.1 Neuronetics STIM 17.06 20.6 Resonant RESN 6.74 18.3 Synopsys SNPS 268.64 3.6 VRT 20.64 5.6 AcaciaResearch RILYP 26.70 0.2 CSV 34.57 1.2 Vertiv ACRX 2.94 13.0 BRileyFinlPfdA CarriageSvcs EquitablePfdC EQHpC 25.08 0.8 GoldenOcean GOGL 5.59 5.2 KLA KLAC 316.80 3.3 NewProvidenceA NPA 17.20 11.9 RigNet RNET 7.50 4.1 Systemax SYX 39.34 ... VIAV 16.17 1.3 AcelRxPharm RILYL 27.02 0.9 CASA 8.38 5.3 ViaviSolutions ACAC 11.55 2.5 B.RileyPfdB CasaSystems EssaPharma EPIX 17.30 5.4 GooseheadIns GSHD 143.15 4.0 KVH Inds KVHI 12.55 1.5 NextEraEnergy NEP 84.48 0.7 RiminiStreet RMNI 7.19 9.2 TFF Pharm TFFP 21.14 9.5 VIPS 30.88 5.0 AciesAcqnA BW 5.32 10.8 CAS.U 11.00 0.5 Vipshop ACRS 19.95 220.2 Babcock&Wilcox CascadeAcqn EstablishLabs ESTA 54.97 1.1 Graco GGG 76.53 2.4 KaleidoBiosci KLDO 14.44 1.6 NiuTech NIU 44.93 16.9 Roku ROKU 438.36 6.3 TayshaGene TSHA 33.35 4.8 VSH 23.57 4.6 AclarisTherap BSAC 22.59 2.9 SAVA 13.68 22.7 Vishay ATVI 93.37 2.7 BcoSantChile CassavaSciences EthanAllen ETH 23.83 3.3 GreenroseAcqn GNRSU 14.41 -5.3 Kaleyra KLR 11.65 2.9 Novan NOVN 1.57 3.1 RothCHAcqnIWt ROCHW 5.02 8.1 TechTarget TTGT 70.56 1.5 VMACU 11.29 0.6 ActivisionBliz BMO 80.40 -0.2 CSTL 80.40 5.6 VistasMediaAcqnUn ADPT 71.25 3.5 BankofMontreal CastleBiosci EtonPharm ETON 9.49 4.0 GreenVisionAcqnWt GRNVW 1.14 -0.5 Kaspien KSPN 45.00 41.9 NovusCapital NOVSU 38.77 16.2 RushEnt A RUSHA 45.40 0.9 TeckRscsB TECK 21.04 6.6 WAT 273.96 1.3 AdaptiveBiotech BGNE 359.96 3.4 CELC 14.12 11.0 Waters ATGE 38.74 4.8 BeiGene Celcuity Etsy ETSY 221.34 8.3 GritstoneOncology GRTS 22.47 248.5 KewauneeSci KEQU 13.25 6.6 NovusCapital NOVS 28.98 12.8 RushEnt B RUSHB 41.50 1.6 Telos TLS 40.40 5.1 WCC 87.85 0.4 AdtalemGlbEduc BRK.B 236.24 0.5 CLLS 34.20 7.6 WescoIntl ADTN 17.09 1.7 BerkHathwy B Cellectis EveloBiosci EVLO 15.53 7.3 HDFC Bank HDB 76.12 ... Koppers KOP 36.69 0.5 NovusCapitalWt NOVSW 10.50 17.2 S&W Seed SANW 4.10 6.6 Tenable TENB 58.45 4.6 FREE 12.40 0.3 Adtran BRK.A 354837 0.6 CELH 69.70 6.6 WholeEarthBrds AEIS 124.52 7.4 BerkHathwy A CelsiusHldg EvercoreA EVR 121.24 1.4 H.I.G.AcqnWt HIGA.WS 1.90 7.0 KornitDigital KRNT 97.08 0.7 OcaAcqn OCAXU 10.50 0.6 SLM SLM 14.11 0.9 TencentMusic TME 27.00 21.0 WOW 11.49 0.8 AdvEnergyInds BWACU 12.30 2.6 CX 6.72 4.5 WideOpenWest AVAV 134.41 12.4 BetterWorldAcqn Cemex EvolentHealth EVH 18.11 ... HalozymeTherap HALO 48.61 1.8 Kulicke&Soffa KLIC 39.68 1.6 Orbcomm ORBC 9.21 7.1 SMART Global SGH 41.65 5.3 TenetHealthcare THC 48.45 0.6 WSM 127.63 0.1 AeroVironment BCYC 31.09 10.8 CVE.WS 4.04 1.4 Williams-Sonoma AMG 112.15 1.6 BicycleTherap CenovusEnergyWt ExOne XONE 18.99 21.6 HarleyDavidson HOG 42.10 3.5 LGL Systems Un DFNS.U 12.25 ... OaktreeSpec OCSL 5.85 -0.5 SVB Fin SIVB 474.90 2.0 Teradyne TER 141.57 2.4 WK 100.74 3.6 AffiliatedMgrs BILI 134.28 4.3 CRNT 6.90 33.2 Workiva AgEagleAerial UAVS 12.58 22.9 Bilibili Ceragon ExtremeNetworks EXTR 8.05 2.2 HarpoonTherap HARP 25.24 3.2 LSI Inds LYTS 9.05 1.9 Omnichannel OCA.U 11.20 0.9 Safehold SAFE 76.76 -0.1 TexasInstruments TXN 174.70 3.0 YTEN 16.48 -15.8 TECH 354.32 1.2 CRNC 126.12 -1.0 Yield10Bio Agilysys AGYS 43.93 -3.0 Bio-Techne Cerence FGNewAmericaA FGNA 10.95 1.4 HealthCatalyst HCAT 48.61 -3.3 LabCpAm LH 227.32 0.9 ON Semi ON 38.71 4.9 Saia SAIA 200.48 1.2 TheBancorp TBBK 16.75 0.8 YAC 10.54 1.0 BIOX 8.30 2.5 CHAQ.U 12.36 0.2 YucaipaAcqnA Airgain AIRG 27.55 33.5 BioceresCrop ChardanHlthcr2 FG NewAmerica FGNA.U 11.72 2.7 HealthcareCap HCCCU 10.39 -0.4 LakelandFin LKFN 60.58 -0.1 one AONE.U 11.96 -1.0 ScienceApplicat SAIC 100.71 1.8 3D Systems DDD 33.50 9.7 ZGYHU 11.49 5.2 BCRX 9.35 3.0 CRL 280.10 1.9 YunhongIntl AkariTherap AKTX 3.45 8.2 BioCryst CharlesRiverLabs FarPeakAcqn FPAC.U 10.95 1.8 Heidrick&Strug HSII 34.88 0.3 LamResearch LRCX 582.48 5.9 1LifeHealthcare ONEM 48.21 11.8 ScIONTechGrowthI SCOAU 11.00 ... TItanIntl TWI 7.80 2.9 ZLAB 185.03 8.1 BDSX 30.36 2.0 CSSEN 25.87 0.8 ZaiLab AkoustisTechs AKTS 14.88 9.8 Biodesix ChickenSoupNts FarmlandPtrs FPI 10.77 3.9 HelenofTroy HELE 231.94 4.5 Lands'End LE 29.91 5.7 OneMain OMF 55.16 -0.5 SeaportGlb SGAMU 10.95 0.9 TitanMachinery TITN 23.31 3.9 ZNTEU 12.85 4.7 BNGO 9.95 8.4 IMOS 26.61 5.3 ZaniteAcqn Alcon ALC 73.04 3.6 BionanoGenom ChipMOSTechs Ferroglobe GSM 2.55 1.4 HennessyCapV HCICU 11.85 6.9 LandstarSystem LSTR 154.27 2.5 OntoInnovation ONTO 58.94 4.6 Seer SEER 86.55 5.4 TopBuild BLD 211.30 4.9 ZNTE 11.37 5.5 BNGOW 7.31 25.7 CHUY 34.37 2.7 ZaniteAcqnA AldeyraTherap ALDX 14.62 -1.1 BionanoGenomWt Chuy's FiestaRestaurant FRGI 15.59 1.0 Heska HSKA 168.69 2.7 LeMaitreVascular LMAT 44.90 4.4 OptimizeRx OPRX 47.00 5.8 Semtech SMTC 80.43 3.6 TorchlightEner TRCH 1.58 10.2 Zscaler ZS 217.15 0.4 BIVI 42.25 11.0 CNNB 12.00 2.1 Alkermes ALKS 23.02 2.1 BioVie CincinnatiBncp FinTechAcqnV FTCVU 11.00 0.3 HighPeakEner HPK 21.82 5.3 Leslie's LESL 29.81 5.9 OptionCare OPCH 19.10 7.2 Senseonics SENS 2.98 80.4 ToughBuiltWt TBLTW 0.57 11.9 ZUMZ 45.87 -0.5 12.39 25.5 101.67 2.6 Zumiez AllscriptsHlthcr MDRX 17.02 1.1 BlackBerry BB CirrusLogic CRUS Flagstar FBC 45.30 1.2 HighPeakEnerWt HPKEW 8.90 8.9 LexariaBioWt LEXXW 4.22 ... OrionGroup ORN 6.05 2.1 SharpsCompliance SMED 11.61 3.7 TowerSemi TSEM 29.93 4.4 AlphaHlthcrAcqnUn AHACU 10.85 0.8 BloomEnergy BE 40.24 9.5 CitiTrends CTRN 64.50 2.6 Flanigans BDL 22.32 3.9 Hilltop HTH 33.24 16.0 LigandPharm LGND 131.57 6.0 Orphazyme ORPH 13.79 8.0 SharpSpring SHSP 20.16 5.5 TraneTech TT 155.31 2.7 AltimeterGrwA AGC 15.83 -0.8 BlueBird BLBD 26.88 11.0 ClearPtNeuro CLPT 20.56 10.1 FlexSolInt FSI 4.00 2.2 HinghamSvg HIFS 230.49 0.8 EliLilly LLY 199.52 4.0 Oshkosh OSK 96.95 1.6 ShockwaveMed SWAV 143.79 3.8 Transcat TRNS 36.70 3.7 Lows AltimeterGrw AGCUU 16.20 2.4 BlueWaterAcqn BLUWU 10.69 ... ClearsideBiomed CLSD 4.32 4.7 FlexShopper FPAY 3.51 7.1 HudsonExecUn HECCU 13.48 3.2 Limbach LMB 15.20 8.6 OspreyTechWt SFTW.WS 1.94 1.8 SierraWireless SWIR 18.70 2.5 TransEnterix TRXC 4.01 68.6 DrivenBrands DRVN 25.30 7.3 Ameriprise AMP 213.73 2.3 BlueLinx BXC 38.46 4.5 ClearSignTech CLIR 4.18 ... Fluor FLR 21.31 4.0 HudsonExecWt HECCW 2.89 4.4 LineageCell LCTX 2.58 14.3 OwensCorning OC 84.77 1.8 SiliconLab SLAB 141.51 3.3 TransMedics TMDX 23.86 17.7 GenesisParkWt GNPK.WS 1.53 4.2 AmerSvcFncl pf ASRVP 30.21 ... BootBarn BOOT 58.88 2.3 ClimateChgCrisisA CLII 15.01 5.3 FocusFinPtrs FOCS 51.26 2.7 JBHunt JBHT 156.74 -2.0 LionsGate B LGF.B 12.47 3.5 OzonHoldings OZON 56.48 2.7 SilverSpikeUn SSPKU 23.45 12.5 Travelers TRV 144.29 0.2 GenesisParkA GNPK 10.06 -0.3 Amyris AMRS 12.21 0.5 BoozAllen BAH 94.04 1.9 ClimateChgI CLII.U 16.56 5.4 FoleyTrasimII BFT.U 19.58 6.2 HysterYaleMatls HY 80.87 0.4 LionsGate A LGF.A 13.96 2.9 PAM Transport PTSI 61.83 3.1 SilverSpikeAcqnWt SSPKW 6.09 6.4 TrepontAcqnI TACA.U 10.75 2.4 GracellBiotech GRCL 21.08 -6.3 AndinaAcqnIII ANDA 11.42 1.4 BostonPrivFin BPFH 13.38 3.9 Codexis CDXS 26.90 4.3 FoleyTras II A BFT 17.98 6.2 IAC/InterActive IAC 201.00 0.8 LiquiditySvcs LQDT 21.11 14.1 PJT Partners PJT 81.82 1.8 SilverSpikeAcqn SSPK 19.98 9.6 Trex TREX 94.19 2.7 HamiltonLaneI HLAHU 10.57 -0.1 ApogeeEnt APOG 38.30 2.7 BrilliantAcqn BRLIU 11.46 0.1 CoffeeHolding JVA 5.20 10.1 FoleyTrasII Wt BFT.WS 5.25 8.4 IEC Elec IEC 16.52 0.6 LithiumAmericas LAC 28.75 30.6 PRA HealthSci PRAH 135.45 1.6 SiTime SITM 142.70 -0.5 TribunePub TPCO 15.27 1.3 HealthcareCap HCCCU 10.22 -0.4 ApplMaterials AMAT 109.58 5.9 BrilliantAcqnRt BRLIR 0.45 2.2 Coherent COHR 213.05 29.7 FordMotor F 10.21 1.9 II-VI 6% Pfd IIVIP 382.17 4.6 LiveNationEnt LYV 78.00 6.9 PTK Acqn Un PTK.U 11.64 3.4 SkillzWt SKLZ.WS 13.82 5.2 TriCoBancshares TCBK 41.19 0.2 MediromHlthcr MRM 12.70 1.0 AppliedMolecular AMTI 37.88 5.8 Broadcom AVGO 459.49 3.0 Cohu COHU 48.09 6.1 ForesightAuto FRSX 11.22 27.7 II-VI IIVI 93.63 5.3 Livent LTHM 23.86 4.1 PagerDuty PD 49.66 5.8 Smith-Midland SMID 10.75 6.5 Tronox TROX 16.94 11.5 MonumentCircle MONCU 10.32 0.5 ApyxMedical APYX 10.23 2.5 BrookfieldInfr BIP 53.86 -0.7 CommScope COMM 15.05 0.9 ForestRoadAcqn FRX.U 11.58 -0.3 INSU Acqn II Wt INAQW 4.90 4.6 Lovesac LOVE 52.36 6.0 PalatinTech PTN 0.96 15.0 SocialCapHedV Wt IPOE.WS 9.23 13.2 TurmericAcqn TMPMU 10.90 -1.0 OcaAcqn OCAXU 10.35 0.6 AquaMetals AQMS 5.00 30.1 Brooks Auto BRKS 81.97 5.4 Concentrix CNXC 123.48 -4.4 FormFactor FORM 50.57 2.1 InsuAcqnII INAQU 19.69 -1.3 MGP Ingredients MGPI 53.92 -0.3 ParTechnology PAR 73.10 6.3 SocialCapHedV A IPOE 24.22 12.1 21 Vianet VNET 40.88 1.3 PetcoHealth WOOF 25.51 -3.1 ArcLightCleanA ACTC 31.06 10.3 Bruker BRKR 60.93 2.7 ConcordAcqn CND.U 10.71 1.4 Forterra FRTA 20.80 3.5 INSU Acqn II A INAQ 18.09 0.8 MKS Instrum MKSI 189.89 5.9 PeridotAcqnWt PDAC.WS 3.00 7.2 SocialCapHedV IPOE.U 26.39 13.5 26CapAcqn ADERU 10.75 0.9 PopulationHlthA PHIC 10.20 -0.3 ArcLightCleanWt ACTCW 9.39 8.7 BurgundyTechWt BTAQW 2.94 -2.2 ConturaEnergy CTRA 14.37 1.5 FortressTransport FTAI 24.25 2.5 IPG Photonics IPGP 262.55 6.0 MP Matls Wt MP.WS 20.96 7.7 Personalis PSNL 49.27 11.9 SocialCapHedVI A IPOF 15.90 2.9 TwistBiosci TWST 207.12 13.3 Poshmark POSH 74.36 -10.0 ArcLightClean ACTCU 35.50 9.9 BurningRockBio BNR 37.97 3.7 Cooper COO 389.27 2.8 FortressValueII FAII.U 12.64 2.6 IZEA IZEA 4.75 36.7 Magnite MGNI 35.00 15.5 PetraAcqn PAICU 11.41 0.8 SocialCapHedVI IPOF.U 17.02 2.7 US Lime&Min USLM 129.80 2.2 Q&K Intl QK 2.32 -7.2 Arvinas ARVN 92.77 0.8 CAI Intl CAI 36.27 4.1 CorceptTherap CORT 29.28 2.2 FortressValueII FAII 12.12 3.3 Ichor ICHR 41.94 5.2 MaidenHldgsPfdC MHpC 11.18 2.8 Phreesia PHR 64.61 1.6 SoftwareAcqnGrpII SAIIU 11.24 0.3 USWellServicesWt USWSW 0.16 35.5 SocTelemed TLMD 6.75 5.1 Asana ASAN 40.11 2.8 CASI Pharm CASI 3.60 2.2 CornerstoneBldg CNR 12.11 8.1 ForwardAir FWRD 81.19 0.6 iClickInteract ICLK 14.97 17.9 MaidenHldgsPfdA MHpA 11.46 4.5 PitneyBowesNt43 PBIpB 23.73 0.5 SoftwareII A SAII 10.45 0.8 UltaBeauty ULTA 310.49 -2.9 Spartan II A SPRQ 10.80 -0.1 AspenAerogels ASPN 21.56 -7.6 CCNeubergerII PRPB.U 11.37 2.9 CreatdWt CRTDW 3.09 19.7 4D Molecular FDMT 51.00 6.8 Icon ICLR 216.96 2.3 MakeMyTrip MMYT 31.99 0.7 Plantronics PLT 34.64 1.7 SonicAutomotive SAH 49.04 -0.7 UltraClean UCTT 42.96 7.1 UcommuneIntl UK 4.85 -4.4

| WSJ.com/stocks Net Net Net Net Net Net Biggest 1,000 Stocks Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Continued From Page B9 Net Net SunLifeFinancial SLF 48.09 1.36 Ericsson ERIC 11.73 -0.03 Trip.com TCOM 33.67 0.54 UniversalHealthB UHS 130.40 -2.08 WEX WEX 202.24 1.34 Wipro WIT 6.33 -0.06 Net Stock Sym Close Chg Stock Sym Close Chg SuncorEnergy SU 18.28 -0.05 TelefonicaBras VIV 8.25 -0.30 TruistFinl TFC 52.15 0.18 VEREIT VER 35.70 -0.34 W.P.Carey WPC 66.91 -0.33 Wix.com WIX 249.84 8.56 Stock Sym Close Chg 85.62 1.37 TEF 4.59 0.03 TWLO 382.25 -6.40 VF VFC 81.95 -1.96 WPP 54.06 -1.24 Woodward WWD 123.98 1.21 Salesforce.com CRM 216.76 3.62 Smucker SJM 115.65 1.56 SunRun RUN Telefonica Twilio WPP s 12.14 0.61 TelekmIndonesia TLK 24.39 -0.52 s 205.49 24.14 VICI Prop VICI 25.37 0.21 Wabtec WAB 81.63 -0.27 Workday WDAY 221.04 -1.52 61.77 -1.14 Sanofi SNY 50.51 1.12 Snap SNAP 50.39 0.08 Suzano SUZ TwistBiosci TWST RestaurantBrands QSR s 39.70 0.93 10xGenomics TXG 182.22 2.55 45.93 0.75 VailResorts MTN 272.00 -6.50 WalgreensBoots WBA 48.15 -0.77 WynnResorts WYNN 107.17 0.94 372.94 0.01 25.42 0.51 SNA 172.47 3.90 SynchronyFin SYF Twitter TWTR RingCentral RNG Schlumberger SLB SnapOn s 77.13 1.71 16.44 -0.01 423.61 1.29 Vale VALE 17.61 -0.03 143.39 -1.25 43.31 3.52 Tenaris TS TylerTech TYL Walmart WMT XP XP 81.60 1.13 SchwabC SCHW 59.23 0.48 Snowflake SNOW 286.21 -5.09 SyneosHealth SYNH RioTinto RIO s 268.20 9.28 s TencentMusic TME 26.87 4.66 TysonFoods TSN 63.90 -0.85 ValeroEnergy VLO 60.54 2.24 WarnerMusic WMG 36.15 1.18 XPO Logistics XPO 121.07 2.21 19.54 -0.06 ScottsMiracleGro SMG 218.76 -2.13 SOQUIMICH SQM 58.10 1.60 Synopsys SNPS RocketCos. RKT 74.87 -0.70 s Teradyne TER 140.63 3.33 UBS Group UBS 14.90 -0.23 VarianMed VAR 175.75 0.28 WasteConnections WCN 102.50 0.63 XcelEnergy XEL 64.71 -0.25 261.00 5.40 Sea SE 231.64 5.59 SolarEdgeTech SEDG 295.05 12.79 Sysco SYY Rockwell ROK Tesla TSLA 844.55 18.39 UDR UDR 38.68 -0.74 Vedanta VEDL 9.60 0.02 WasteMgt WM 115.01 0.29 Xilinx XLNX 139.36 2.76 47.32 -0.28 STX 61.22 0.71 Sony SNE 102.23 0.18 278.05 7.04 RogersComm B RCI Seagate TevaPharm TEVA 12.55 0.59 UGI UGI 37.29 -0.34 VeevaSystems VEEV s Waters WAT 271.82 3.49 XPeng XPEV 53.84 6.02 s 434.14 25.84 188.78 3.03 61.06 1.40 TUV 47.77 -1.21 Roku ROKU Seagen SGEN Southern SO s TexasInstruments TXN 174.19 5.00 US Foods USFD 35.11 -0.55 Ventas VTR Watsco WSO 243.45 6.47 Xylem XYL 104.26 0.76 36.86 -0.38 121.48 -0.68 70.90 1.79 197.08 1.81 Rollins ROL SempraEnergy SRE SoCopper SCCO TAL Education TAL 68.33 2.73 Textron TXT 49.37 0.43 Uber UBER 56.30 0.78 VeriSign VRSN Watsco B WSOB 240.79 14.28 Yandex YNDX 68.08 0.76 55.33 0.61 46.91 0.25 191.37 1.35 RoperTech ROP 414.43 2.81 SensataTechs ST SouthwestAir LUV TC Energy TRP 44.43 0.02 ThermoFisherSci TMO 507.38 4.24 Ubiquiti UI 251.19 3.90 VeriskAnalytics VRSK Wayfair W 299.85 -0.15 20.00 1.51 50.33 0.29 172.96 2.99 57.05 -0.33 YatsenHolding YSG RossStores ROST 113.98 -2.99 ServiceCorp SCI Splunk SPLK TE Connectivity TEL 129.52 1.57 ThomsonReuters TRI 80.49 ... s UltaBeauty ULTA 293.17 -8.68 Verizon VZ Weibo WB 41.56 0.46 107.39 0.77 519.42 5.66 319.75 -0.07 231.91 6.36 YumBrands YUM RoyalBkCanada RY 84.67 -0.39 ServiceNow NOW Spotify SPOT Telus TU 20.82 -0.02 3M MMM 169.12 3.57 UltragenyxPharm RARE 138.87 0.90 VertxPharm VRTX WellsFargo WFC 32.63 0.59 YUMC 59.29 2.13 17.51 -0.15 227.26 -0.49 43.75 -1.55 YumChina RoyalCaribbean RCL 73.48 0.56 ShawComm B SJR Square SQ TJX TJX 67.18 -1.28 Toro TTC 98.29 0.92 UnderArmour C UA 15.56 -0.03 ViacomCBS B VIAC Welltower WELL 61.00 -3.25 ZTO Express ZTO 30.14 0.62 725.61 0.06 176.56 3.93 129.85 2.57 VIACA 43.97 -1.88 RoyalDutchA RDS.A 40.65 0.46 SherwinWilliams SHW StanleyBlackDck SWK T-MobileUS TMUS TorontoDomBk TD 58.87 -0.39 UnderArmour A UAA 18.13 0.04 ViacomCBS A WestPharmSvcs WST 300.12 0.88 s ZaiLab ZLAB 184.69 13.79 30.27 -0.05 102.54 0.21 158.48 2.06 Viatris VTRS 17.44 0.39 RoyalDutchB RDS.B 38.65 0.50 ShinhanFin SHG Starbucks SBUX TRowePrice TROW Total TOT 44.98 0.75 Unilever UL 59.38 -0.30 WesternDigital WDC 51.99 0.78 ZebraTech ZBRA 405.84 -3.38 1173.97 3.50 78.40 1.22 s Vipshop VIPS 29.64 1.40 RoyaltyPharma RPRX 51.85 -0.10 Shopify SHOP StateStreet STT TaiwanSemi TSM 131.30 6.07 ToyotaMotor TM 148.13 -0.28 UnionPacific UNP 215.28 -1.32 WesternUnion WU 22.37 0.44 Zendesk ZEN 145.73 2.39 16.53 0.46 39.73 0.53 Visa V 201.66 0.07 Ryanair RYAAY 106.15 -1.99 Sibanye-Stillwater SBSW SteelDynamics STLD TakeTwoSoftware TTWO 198.73 2.45 TractorSupply TSCO 157.45 -0.03 UnitedAirlines UAL 44.75 0.86 WestlakeChem WLK 85.28 -0.33 Zillow C Z 143.97 6.47 Vistra VST 21.71 0.20 SAP SAP 127.08 2.08 SignatureBank SBNY 155.32 0.99 Stellantis STLA 16.88 1.65 TakedaPharm TAK 17.44 ... TradeDesk TTD 780.62 -4.74 s UnitedMicro UMC 9.99 1.21 WestpacBanking WBK 16.52 0.17 ZG 149.98 6.08 VMware VMW 132.30 -2.51 Zillow A S&P Global SPGI 313.14 7.19 SimonProperty SPG 92.67 -0.33 Steris STE 188.71 4.33 Tapestry TPR 33.34 -0.28 Tradeweb TW 65.65 1.03 UPS B UPS 156.28 -2.62 WestRock WRK 44.66 -1.02 159.93 -0.19 Vodafone VOD 17.46 0.10 ZimmerBiomet ZBH SBA Comm SBAC 269.14 0.04 SiriusXM SIRI 5.95 0.15 s StitchFix SFIX 84.00 10.13 Target TGT 188.16 -6.64 s TraneTech TT 153.49 3.98 260.83 5.69 32.70 0.18 49.33 0.19 UnitedRentals URI VornadoRealty VNO 37.72 -0.84 Weyerhaeuser WY ZionsBancorp ZION SEI Investments SEIC 60.22 0.55 Skyworks SWKS 161.39 9.39 STMicroelec STM 40.52 0.73 TataMotors TTM 17.68 0.12 573.41 -11.58 48.07 -0.33 40.28 0.39 162.57 1.26 TransDigm TDG US Bancorp USB VulcanMatls VMC 158.86 -2.06 WheatonPrecMet WPM Zoetis ZTS SK Telecom SKM 24.78 -0.26 SlackTech WORK 42.07 0.27 StoneCo STNE 79.92 1.69 s TeckRscsB TECK 20.92 1.29 TransUnion TRU 91.37 0.10 s UnitedTherap UTHR 171.61 -1.21 Whirlpool WHR 198.71 4.17 ZoomVideo ZM 393.87 9.34 SS&C Tech SSNC 67.00 0.61 Smartsheet SMAR 71.66 1.39 Stryker SYK 242.07 0.08 TeladocHealth TDOC 232.72 7.47 s Travelers TRV 143.51 0.27 UnitedHealth UNH 352.19 0.89 WXYZ Williams WMB 22.45 -0.05 ZoomInfoTech ZI 46.60 1.26 StoreCapital STOR 30.74 -0.12 SmithAO AOS 57.20 0.37 SumitomoMits SMFG 6.66 -0.05 TeledyneTech TDY 387.22 4.63 s Trex TREX 93.63 2.48 UnitySoftware U 144.89 -3.72 s Williams-Sonoma WSM 124.99 0.13 s Zscaler ZS 212.00 0.94 s SVB Fin SIVB 470.66 9.23 Smith&Nephew SNN 44.79 1.86 SunComms SUI 141.22 -1.21 Teleflex TFX 385.83 -2.54 Trimble TRMB 69.19 -0.27 s UnivDisplay OLED 260.29 9.69 WEC Energy WEC 87.87 -0.82 WillisTowers WLTW 208.50 1.85 Zynga ZNGA 9.94 0.27

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 ACWI ACWI 93.03 0.93 2.5 iShTIPSBondETF TIP 127.47 0.24 –0.1 DIA 309.32 0.39 1.2 VangdHlthCr VHT 234.67 1.02 4.9 Tuesday, January 19, 2021 Closing Chg YTD SPDR DJIA Tr iShMSCI EAFE EFA 74.94 0.73 2.7 iSh1-3YTreasuryBd SHY 86.38 0.03 ... SPDR S&PMdCpTr MDY 445.23 0.90 6.0 VangdHiDiv VYM 95.07 0.45 3.9 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 55.25 1.66 6.9 iSh7-10YTreasuryBd IEF 118.52 0.06 –1.2 SPDR S&P 500 SPY 378.65 0.79 1.3 VangdIntermBd BIV 92.14 0.04 –0.8 ETF Symbol Price (%) (%) iShCoreS&P500 IVV 380.05 0.78 1.2 iShMSCIJapan EWJ 69.12 0.58 2.3 iSh20+YTreasuryBd TLT 152.31 0.32 –3.4 SPDR S&P Div SDY 109.40 0.14 3.3 VangdIntrCorpBd VCIT 96.47 0.03 –0.7 146.13 2.97 17.4 iShCoreS&P MC IJH 243.72 0.88 6.0 117.10 ... –0.1 105.96 1.03 3.2 178.06 0.78 1.3 ARKInnovationETF ARKK iShNatlMuniBd MUB iShRussellMCGrowth IWP TechSelectSector XLK 129.08 1.30 –0.7 VangdLC VV 66.47 1.81 –1.5 iShCoreS&P SC IJR 100.51 0.95 9.4 55.08 0.02 –0.2 27.11 0.07 –0.5 213.59 0.52 3.3 CommSvsSPDR XLC iSh1-5YIGCorpBd IGSB iShUSTreasuryBdETF GOVT UtilitiesSelSector XLU 62.75 –0.38 0.1 VangdMC VO CnsmrDiscSelSector XLY 166.74 0.57 3.7 iShS&PTotlUSStkMkt ITOT 88.14 0.85 2.2 38.30 0.60 –0.5 50.80 –0.03 0.0 54.02 –0.02 –0.1 iShPfd&Incm PFF JPM UltShtIncm JPST VanEckGoldMiner GDX 34.87 1.04 –3.2 VangdMBS VMBS CnsStapleSelSector XLP 65.34 –0.44 –3.1 iShCoreUSAggBd AGG 117.41 0.14 –0.7 iShRussell1000Gwth IWF 241.19 1.15 0.0 PIMCOEnhShMaturity MINT 102.10 ... 0.1 VangdRealEst VNQ 84.37 –0.28 –0.7 VangdInfoTech VGT 353.98 1.25 0.1 EnSelectSectorSPDR XLE 43.61 2.01 15.1 iShSelectDividend DVY 101.19 0.29 5.2 iShRussell1000 IWB 215.23 0.76 1.6 SPDR BlmBarcHYBd JNK 108.98 0.27 0.0 VangdS&P500ETF VOO 348.10 0.79 1.3 VangdSC Val VBR 151.65 0.59 6.6 FinSelSectorSPDR XLF 31.02 0.26 5.2 iShESGAwareUSA ESGU 87.39 0.85 1.6 iShRussell1000Val IWD 141.23 0.44 3.3 SPDRBloomBar1-3MTB BIL 91.52 ...... VangdST Bond BSV 82.79 0.04 –0.1 VangdSC Grwth VBK 285.64 1.53 6.7 HealthCareSelSect XLV 117.85 0.75 3.9 iShEdgeMSCIMinUSA USMV 67.64 0.52 –0.4 iShRussell2000Gwth IWO 313.15 1.95 9.2 SPDR Gold GLD 172.58 0.85 –3.2 VangdSTCpBd VCSH 83.13 0.02 –0.1 175.20 1.04 6.4 IndSelSectorSPDR XLI 89.12 0.33 0.6 iShEdgeMSCIUSAMom MTUM 166.52 1.14 3.2 iShRussell2000 IWM 213.45 1.28 8.9 SchwabIntEquity SCHF 37.09 0.68 3.0 VangdExtMkt VXF VangdSC VB 207.73 1.15 6.7 141.08 0.23 –0.1 InvscQQQI QQQ 316.41 1.46 0.9 iShEdgeMSCIUSAQual QUAL 116.13 0.79 –0.1 iShRussell2000Val IWN 142.96 0.69 8.5 SchwabUS BrdMkt SCHB 92.98 0.89 2.2 VangdDivApp VIG VangdTotalBd BND 87.47 0.14 –0.8 48.56 0.71 2.9 InvscS&P500EW RSP 131.85 0.48 3.4 iShGoldTr IAU 17.55 0.86 –3.2 iShRussellMid-Cap IWR 71.12 0.54 3.7 SchwabUS Div SCHD 66.30 0.65 3.4 VangdFTSEDevMk VEA VangdTotIntlBd BNDX 58.34 0.01 –0.4 iShCoreDivGrowth DGRO 45.70 0.31 2.0 iShiBoxx$InvGrCpBd LQD 136.38 0.18 –1.3 iShS&P500Growth IVW 63.82 1.24 ... SchwabUS LC SCHX 92.39 0.82 1.6 VangdFTSE EM VWO 53.45 1.81 6.7 VangdTotIntlStk VXUS 62.47 1.00 3.8 iShCoreMSCIEAFE IEFA 70.92 0.77 2.6 iShiBoxx$HYCpBd HYG 87.36 0.29 0.1 iShS&P500Value IVE 131.42 0.34 2.7 SchwabUS LC Grw SCHG 128.01 1.16 –0.3 VangdFTSE Europe VGK 61.80 0.90 2.6 VangdTotalStk VTI 198.86 0.91 2.2 iShCoreMSCIEM IEMG 66.07 1.44 6.5 iShJPMUSDEmgBd EMB 113.59 0.14 –2.0 iShShortTreaBd SHV 110.51 ... –0.0 SchwabUS SC SCHA 96.64 1.18 8.6 VangdFTSEAWxUS VEU 60.70 0.95 4.0 VangdTotlWrld VT 95.10 0.87 2.7 iShCoreMSCITotInt IXUS 69.79 1.00 3.9 iShMBSETF MBB 110.16 –0.01 0.0 iShSilver SLV 23.38 1.87 –4.8 Schwab US TIPs SCHP 62.02 0.24 –0.1 VangdGrowth VUG 252.89 1.11 –0.2 VangdValue VTV 122.85 0.43 3.3

Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Mutual Funds 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 51.16 +0.50 -1.2 GroCo 34.12 +0.42 3.8 IntlEq NA ... NA PIMCO Funds I2 ExplrAdml 126.74 +1.65 5.9 WndsrAdml 74.57 +0.33 4.4 IdxIntl 20.10 +0.21 3.6 Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity GrowCoK 34.21 +0.42 3.8 Invesco Funds Y Income NA ... NA ExtndAdml 132.88 +1.41 6.5 VANGUARD FDS MdCpGrAdml 93.53 +0.80 2.5 131.75 +1.07 1.2 11.85 +0.01 -0.5 55.94 +0.94 4.6 10.73 +0.01 -0.1 32.82 ... -1.3 65.15 +0.41 6.7 e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e 500IdxInstPrem InvGrBd DevMktY PIMCO Funds Instl GNMAAdml DivdGro SmValAdml 18.86 +0.23 -0.1 51.11 +0.09 5.1 NA ... NA 11.36 +0.01 -0.8 and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Contrafund K6 LowP r JPMorgan I Class IncomeFd GrwthAdml 130.21 +1.45 -0.2 INSTTRF2020 26.54 +0.13 1.1 TotBd2 12.21 +0.01 NA 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ExtMktIdxInstPre 88.90 +0.94 6.5 Magin 12.80 +0.10 -1.9 CoreBond Price Funds HlthCareAdml r 94.89 +0.78 4.3 INSTTRF2025 27.83 +0.16 1.4 TotIntlInstIdx r134.47 +1.44 3.6 apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not FidSerToMarket 13.18 +0.11 2.1 NASDAQ r 165.65 +2.50 2.4 EqInc 20.24 +0.08 NA BlChip 164.79 +2.12 -0.4 HYCorAdml r 5.98 ... 0.2 INSTTRF2030 28.59 +0.19 1.6 TotItlInstPlId r134.50 +1.44 3.6 available due to incomplete price, performance or cost data. NE-Not released by Lipper; IntlIdxInstPrem 46.65 +0.28 2.3 OTC 17.85 +0.29 1.9 JPMorgan R Class DivGro 60.29 +0.22 0.5 InfProAd 28.32 +0.06 ... INSTTRF2035 29.27 +0.21 1.9 TotSt 96.75 +0.83 2.2 data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. MidCpInxInstPrem 28.04 +0.18 3.8 Puritn 26.48 +0.26 1.8 CoreBond 12.23 +0.01 NA EqInc 32.59 +0.22 4.3 IntlGrAdml 170.46 +3.68 6.3 INSTTRF2040 29.98 +0.24 2.1 VANGUARD INSTL FDS SAIUSLgCpIndxFd 19.87 +0.16 1.2 SrsEmrgMkt 26.93 +0.59 7.9 Lord Abbett A Growth 97.43 +2.34 0.5 ITBondAdml 12.49 +0.01 -0.7 INSTTRF2045 30.60 +0.26 2.4 BalInst 44.80 +0.25 1.0 SeriesBondFd 10.70 +0.01 -0.6 SrsGlobal 14.89 +0.15 3.8 ShtDurIncmA p NA ... NA HelSci 105.56 +1.37 6.8 ITIGradeAdml 10.41 +0.01 -0.5 INSTTRF2050 30.69 +0.26 2.4 DevMktsIndInst 15.62 +0.10 2.4 Tuesday, January 19, 2021 SeriesOverseas 12.49 +0.08 0.7 SrsGroCoRetail 23.63 +0.28 3.8 Lord Abbett F LgCapGow I 61.81 +1.42 1.0 LTGradeAdml 11.51 +0.04 -2.2 INSTTRF2055 30.77 +0.26 2.4 DevMktsInxInst 24.42 +0.17 2.5 Net YTD Net YTD Net YTD 27.22 +0.36 9.0 17.99 +0.20 1.2 ShtDurIncm NA ... NA MidCap 117.19 +1.55 3.6 264.64 +1.49 3.2 41.40 +0.22 2.9 132.87 +1.41 6.5 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem SrsIntlGrw MidCpAdml IntlVal ExtndInst TMktIdxInstPrem110.04 +0.95 2.2 SrsIntlVal 10.42 +0.03 3.3 Metropolitan West NHoriz 83.80 +1.01 1.8 MuHYAdml 11.99 ... 0.4 LifeCon 22.83 +0.09 0.7 GrwthInst 130.22 +1.45 -0.2 25.74 +0.46 6.1 American Century Inv Baird Funds EmMktCorEq USBdIdxInstPrem 12.35 +0.01 -0.7 TotalBond 11.26 +0.01 -0.4 TotRetBdI 11.11 +0.01 -0.6 R2020 23.12 +0.15 1.6 MuIntAdml 14.85 ...... LifeGro 41.08 +0.32 2.1 InPrSeIn 11.54 +0.03 ... 75.82 +0.78 -0.2 11.70 +0.01 -0.6 14.91 +0.09 2.3 Ultra AggBdInst IntlCoreEq Fidelity Advisor I Fidelity SAI TRBdPlan 10.42 +0.01 -0.6 R2025 19.74 +0.15 1.9 MuLTAdml 12.23 +0.01 0.1 LifeMod 32.09 +0.19 1.4 InstIdx 335.49 +2.72 1.2 12.08 +0.01 -0.5 American Funds Cl A CorBdInst IntSmCo 20.65 +0.17 1.8 NwInsghtI 37.82 +0.51 0.3 TotalBd 10.70 +0.01 -0.4 MFS Funds Class I R2030 29.08 +0.26 2.2 MuLtdAdml 11.26 ... 0.1 PrmcpCor 30.64 +0.41 5.7 InstPlus 335.50 +2.72 1.2 39.70 +0.44 1.5 AmcpA p BlackRock Funds IntSmVa 19.53 +0.11 2.1 Fidelity Freedom Fidelity Selects Growth I 159.78 +1.85 -1.2 R2035 21.77 +0.21 2.5 MuShtAdml 15.95 ...... 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NA Freedom2040 K 12.18 +0.11 3.7 FrankTemp/Franklin A PGIM Funds Cl Z VANGUARD ADMIRAL 96.78 +0.83 2.2 15.02 +0.05 0.6 TotStInst 96.80 +0.83 2.2 NA ... NA TotStAdml TgtRetInc IncoA p 24.12 +0.11 2.4 LargeCapGrowth 20.62 +0.18 0.2 Income NA ... NA Fidelity Invest Growth A p 136.10 +1.35 0.5 TotalReturnBond 500Adml 350.77 +2.84 1.2 TxMCapAdml200.75 +1.63 1.6 TotIntBdIxInv 11.67 ... -0.3 ValueInst 47.92 +0.20 3.3 PIMCO Fds Instl N PerA p 62.52 +0.80 3.4 LargeCapValue 15.08 +0.06 2.4 Intl Stk 45.66 +0.15 4.5 Balanc 28.78 +0.21 1.8 RisDv A p 81.04 +0.31 1.1 BalAdml 44.79 +0.25 1.0 TxMIn r 15.60 +0.10 2.4 USGro 66.54 +0.67 1.4 WCM Focus Funds AllAsset NA ... NA NEcoA p 60.63 +0.73 1.9 Columbia Class I Stock 203.89 +1.27 5.9 BluCh 168.41 +2.51 3.3 Guggenheim Funds Tru CAITAdml 12.34 ... -0.1 USGroAdml 172.33 +1.72 1.4 WellsI 28.42 +0.06 0.3 WCMFocIntlGrwIns 25.59 +0.38 3.4 InvGrdCrBd NA ... NA NwWrldA 91.02 +1.48 3.5 DivIncom I 26.49 +0.16 2.6 DoubleLine Funds Contra 16.77 +0.22 0.1 TotRtnBdFdClInst 29.49 +0.03 -0.6 CapOpAdml r190.03 +3.38 7.0 ValAdml 47.92 +0.20 3.3 Welltn 44.62 +0.25 0.6 Western Asset TotRt 10.53 ... -0.6 SmCpA p 82.73 +0.98 4.0 Dimensional Fds CoreFxdIncmI NA ... NA ContraK 16.80 +0.21 0.1 Harbor Funds DivAppIdxAdm 38.28 +0.08 -0.2 WdsrllAdml 71.14 +0.64 3.6 WndsrII 40.10 +0.36 3.6 CoreBondI NA ... NA PIMCO Funds A TxExA p 13.64 +0.01 0.3 5GlbFxdInc 10.90 ... 0.1 TotRetBdI 10.70 ...... CpInc r 10.88 +0.04 1.6 CapApInst 104.33 +0.63 0.1 EMAdmr 44.56 +0.97 6.9 WellsIAdml 68.85 +0.15 0.3 VANGUARD INDEX FDS CorePlusBdI NA ... NA IncomeFd NA ... NA WshA p 51.28 +0.36 2.2 EmgMktVa 30.28 +0.53 5.7 Edgewood Growth Instituti DivIntl 48.62 +0.47 2.0 Harding Loevner EqIncAdml 81.75 +0.32 3.1 WelltnAdml 77.04 +0.42 0.6 ExtndIstPl 327.91 +3.48 6.5 CorePlusBdIS NA ... NA .

THE WALL STREET JOURNAL. ****** Wednesday, January 20, 2021 | B11 MARKETS Yellen’s Call for Stimulus Lifts Stocks

BY ANNA HIRTENSTEIN unless Congress approves more S&P 500 sectors performance, Tuesday oculations to the most vulnera- to $261.10. Twitter added 75 AND ALEXANDER OSIPOVICH aid and encouraged lawmakers S&P 500 ble segments of the population. cents, or 1.7%, to $45.93. to “act big” to shore up the re- A swath of the country must be Overseas, the pan-continen- Stocks climbed as Janet Yel- covery. Energy vaccinated before the economy tal Stoxx Europe 600 declined len endorsed higher coronavi- President-elect Joe Biden Communications can return to prepandemic lev- 0.2%. Jeep owner Stellantis, the rus relief spending and some of unveiled a plan for a $1.9 tril- services els of activity, particularly in recently combined business of the country’s biggest banks lion fiscal stimulus package last Technology the travel and leisure sectors. Fiat Chrysler and PSA Group, beat expectations for fourth- week, which would include di- “That normalization date gained 2.6%, extending Mon- quarter earnings. rect payments of $1,400 to Health care keeps getting pushed out with day’s increase after it made its The Dow Jones Industrial most households and spending Consumer the various logistical challenges debut on French and Italian ex- Average rose 116.26 points, or on vaccine distribution. Passing discretionary of rolling out the vaccines,” changes. 0.4%, to 30930.52. The S&P 500 it through Congress is one of Financials said Ben Kirby, co-head of in- In Asia, most major bench- advanced 30.66 points, or 0.8%, the first major tests for the in- vestments at Thornburg Invest- marks rose by the end of trad- Materials to 3798.91. The technology- coming leader, who will be in- ment Management. ing. Early Wednesday, Hong heavy Nasdaq Composite augurated Wednesday. Industrials Eight of the S&P 500’s 11 Kong’s Hang Seng Index, which jumped 198.68 Ms. Yellen will be the sectors rose. Energy stocks advanced 2.7% Tuesday, was up TUESDAY’S points, or 1.5%, “holder of the keys of unprece- Utilities posted the biggest gains, abut 1%, Japan’s Nikkei 225 in- MARKETS to 13197.18. dented spending,” said Ludovic Consumer staples boosted by rising oil prices. Fu- dex, which rose 1.4% Tuesday, The gains Subran, chief economist at Alli- tures on Brent crude, the global was down 0.4% at midday marked an upbeat start to the anz. “It will be reassuring for Real estate oil benchmark, gained 2.1% to Wednesday. U,S. stock futures week, following a long holiday people to see she’s very prag- settle at $55.90 a barrel on were up 0.2%. weekend with markets closed matic in the way that she ad- -0.5% 0 0.5 1 1.5 2 hopes that stimulus and vacci- on Monday, after all three in- dresses the crisis, similarly to Source: FactSet nations will boost energy de- dexes fell last week. The Dow, how she was in her role at the mand. AUCTION RESULTS S&P 500 and Nasdaq are all Fed.” She is a former Federal those gains. are “seeing the economy stabi- General Motors stock ral- Here are the results of Tuesday's Treasury auctions. All bids are awarded at a single price at the market- within 1% of records set this Reserve chairwoman. Earnings season kicked into lize; their worst-case scenarios lied $4.87, or 9.7%, to a record clearing yield. Rates are determined by the difference month. The S&P 500 is up nearly high gear. Bank of America haven’t been met,” said Shaniel $54.84 after its driverless-car between that price and the face value. Ms. Yellen backed major fis- 13% since Nov. 3, putting the in- shares slipped 24 cents, or Ramjee, a multiasset fund man- startup, Cruise, said it had en- 13-Week 26-Week cal stimulus to help workers dex on track for its best perfor- 0.7%, to $32.77 after the bank ager at Pictet Asset Manage- tered into a partnership with Applications $168,990,581,900 $164,725,947,300 and businesses battered by the mance from Election Day to In- reported a 22% profit decline ment. “Even if the virus is still Microsoft. The technology giant Accepted bids $61,621,441,600 $58,197,433,500 " noncomp $767,907,100 $497,723,900 coronavirus pandemic as she auguration Day since Herbert for the fourth quarter but still with us, banks are seeing an is also joining a group of com- " foreign noncomp $400,000,000 $314,000,000 testified before the Senate Fi- Hoover’s election victory in beat analysts’ forecasts. uplift in the economy.” panies set to invest more than Auction price (rate) 99.978514 99.951972 (0.085%) (0.095%) nance Committee, which will 1928 and its best-ever perfor- Goldman Sachs slumped Investors are keeping an eye $2 billion in Cruise. 0.086% 0.096% vote on her nomination for mance during that stretch for a $6.81, or 2.3%, to $294.20 de- on the rollout of Covid-19 vac- Shares of big tech and so- Bids at clearing yield accepted 81.43% 6.69% Treasury secretary. In prepared Democrat. Upbeat news on the spite releasing earnings that cines, which has hit early snags cial-media companies climbed, 9127962Q1 912796C49 Both issues are dated Jan. 21, 2021. The 13-week bills remarks, she said the U.S. risks effectiveness of new Covid-19 significantly beat expectations. as the U.S. has struggled to de- after faltering last week. Face- mature on April 22, 2021; the 26-week bills mature on a longer, more painful recession vaccines played a major role in Banks’ earnings suggest they liver limited supplies of the in- book shares rose $9.74, or 3.9%, July 22, 2021.

STREETWISE | By James Mackintosh Beware When Investors Forget Market Fundamentals

Sometimes price stock to create more at The prospect of more stimulus Performance of U.S. stocks* fore, if not in such an ex- Microcap it’s hard to ar- a lower price, without mak- boosted tiny stocks the most, this year, by share price at treme way. A rush into the 40% gue that mar- ing any difference to the in- with the very largest lagging. startofyear junkiest small stocks available ket capitalism trinsic worth of the company. Next 2000 is common at the start of the Russell stock-index change Below has any Equally, it can consolidate its % year, according to a 2015 since end of October $ chance of cor- shares to reduce the number, study by AQR, which found rectly allocating money to increasing the share price 30% - low-quality stocks—measured the companies that can use but again without any effect by factors such as profitabil- -3 6 it best. Case in point: Stock- on how much the company ity, growth and credit rat- market performance this should be worth. 3-4 7 ing—strongly outperformed year has been driven by the The fact that the stock 20 higher-quality stocks in Janu- raw share price, with lower- price at the start of the year 4- 99 ary, and especially so for price stocks doing better and is a near-perfect determi- Top 1000 smaller companies. - 99 higher-price stocks worse. nant of how a stock has per- Russell Forget a careful evaluation formed is depressing, but at 10 Top 50 - 74 he pattern of lower- of future cash flow, valua- least in part explainable. T price stocks doing tion, brand power, manage- The depressing part is the - 66 better is neater in ment skill or even political unknown extent to which it is 2021 than in past years, per- sensitivity. I repeat: The best due to the rising popularity - 46 haps because 2020 brought 0 Above explanation for how stocks of trading by individual in- 6 a flood of new stock traders have moved so far this year vestors, who are more likely Nov. 2020 Dec. Jan. ’21 $ armed with stimulus checks. is the price of the stock, an to be new to the stock mar- *For constituents of Russell 3000 index There is a reason to take almost meaningless number. ket and regard a low-price Source: Refinitiv more risk, as vaccine roll- share as cheap, even though outs promise a return to a tocks priced below $1 it should be irrelevant to a The result is that a very the junkiest stocks helps those one of them. But even these functioning economy; Presi- S have performed the company’s prospects. low stock price is taken as a with a very low price, too. are no longer out of the reach dent-elect Joe Biden prom- best, followed by those The explainable part is sign of a poor-quality stock, of the ordinary investor, ises another round of stimu- between $1 and $2, and so that the pattern could partly even though it could just do a t shouldn’t make any dif- thanks to fractional share pro- lus, some of which will find on up almost perfectly. The be the result of the wide- reverse stock split to consoli- I ference once stocks are grams run by many brokers. its way into stocks; and the worst performers have share spread willingness to pile on date its shares and push up out of the danger zone, It isn’t a good sign that the Federal Reserve promises prices above $100. It looks risk, because rules on penny the price again. Usually being though—and yet it does. stock market is being driven not even to think about rais- remarkably like investors are stocks and delisting make poor quality works against a Logic fails, and this is worri- by investors misinterpreting ing interest rates. treating a low-price share as certain types of stocks riskier. stock, but there has been a some. Stocks continue to do what the stock price means But I’m concerned. Stocks an indicator that the stock is Penny stocks are those general dash for trash across worse as the price rises, with and a rush to buy rubbish. that fit popular themes such a bargain, and a higher price that persistently trade below the market since the prospect the most expensive being the The first makes the market as solar and electric vehicles as a sign that it is worse $5, and for which brokers of more stimulus began to be worst performers of all. function badly, as no one are already wildly over- value for money. have to provide warnings, priced in ahead of the No- There used to be an expla- should be allocating capital valued, while signs of opti- The share price on its own with some exceptions. This vember election, with riskier nation for why very expensive based on the price alone. The mism abound in the wider carries virtually no useful in- makes them less attractive stocks doing better. stocks—such as the A shares second is a classic sign of too market. Add in prices driven formation: It depends en- to investors. Below $1 they Because regulations and ex- of Warren Buffett’s Berkshire much risk taking, raising the up fast purely by the arbi- tirely on how many shares run the risk of being delisted change rules mean a very low Hathaway, which trade at danger the rally ends badly. trary measure of how many the company has issued. A by Nasdaq and NYSE, making price is an indicator of trouble $350,320—might lag: Private My only reassurance is dollars they cost and there is company can split a high- them much harder to trade. at a company, the rush into investors couldn’t even afford that this has happened be- good reason to worry. Corporate LME Weighs Closing Open-Outcry Trading Ring Bond Rally BY JOE WALLACE The ring has proved contro- versial at times, particularly as LONDON—The London the metals industry has tried to Rolls On Metal Exchange is proposing clean up its image. In 2019, the closing its open-outcry ring, LME banned drinking on the job where traders have swapped amid mounting criticism of an ContinuedfrompageB1 metals like copper and lead us- alcohol-fueled, male-dominated same period a year earlier. ing shouts and hand signals for working environment. Analysts expect the slow- 144 years, in a bid to attract Though much trading had down in borrowing to last more financial players to its migrated to the LME’s elec- through the year and that com- marketplace. tronic platform before the pan- panies will start using the cash The LME temporarily closed demic, many market partici- they raised to reduce debt or the ring when Covid-19 ripped pants still routed orders expand their business, all of through the U.K. in March, through ring members. which could support existing judging the tight circle of red Marc Bailey, chief executive bond prices. Last year’s record couches that traders crowd of Sucden Financial Ltd., one of $1.7 trillion in new bond sales around to be a health risk. The nine ring members, said open- helped bring the amount of exchange, owned by Hong Kong outcry remains the best way to debt relative to earnings—or Exchanges & Clearing Ltd., is conduct closing auctions as well leverage—on corporate balance now floating the idea of shut- as trades that involve buying sheets near record levels, rais- ting the ring for good. metal at one date and selling it ing concerns about companies’ The ring began life when the at another. “For that reason ability to weather downturns. LME was founded above a Lon- we’re a little bit disappointed to

Still, some investors are steer- don hat shop in 1877, though its JASON ALDEN/BLOOMBERG NEWS see the consultation focus on ing clear. With bond prices at origins date to sawdust circles The London Metals Exchange said electronic pricing had served the market well during the pandemic. the closing of the floor,” Mr. pre-pandemic levels, there are around which merchants Bailey said. Miners, metal con- limits to the upside investors can bought and sold metals in the in the face of electronic trading of rising metals prices. lower Manhattan in 2016. The sumers and physical traders expect from holding investment- early 1800s, when they were in has long been debated. The LME ring prices are widely LME expects to make a decision will lose out, he added. grade debt, says Lisa Shalett, high demand as the industrial LME had previously experi- used as reference points in met- on the future of the ring in Others said the smooth shift chief investment officer at Mor- revolution gathered steam. It mented with setting closing als contracts, performing a sim- April. to electronic trading during gan Stanley Wealth Management. survived two world wars, the prices electronically on a small ilar function to Brent-crude Since being bought by HKEX Covid-19 made the proposal to With interest rates so low, decline of the U.K. as the scale in the nickel market. prices in the oil market or 10- in 2012, the LME has worked to consign the ring to history all many borrowers opted to sell world’s leading industrial econ- Covid-19 prompted the ex- year Treasury yields in setting attract more hedge funds and but inevitable. bonds that mature further in the omy and the rise of China as change to run that trial across borrowing costs. When trading other financial players. Some “It’s more transparent, more future. That puts investors in a the largest metals consumer. the gamut of metals and con- moved online during the pan- have been put off by the unique reflective [of supply and de- vulnerable position, because However, the coronavirus tract dates. “The fear of the un- demic, new players were able to nature of LME contracts that mand],” said Malcolm Freeman, bonds with lower coupons and pandemic may prove to be its known has receded,” Chief Ex- buy and sell in the windows cater for the delivery of metals chief executive of Kingdom Fu- longer maturities are more sen- undoing. Launching a consulta- ecutive Matthew Chamberlain when closing prices are deter- daily out to three months, tures. “What you would lose sitive to changes in interest tion on the proposed closure said. “We know we’re not going mined and volumes rose sub- rather than monthly, as on the with the ring going is a sort of rates, a measure known as dura- Tuesday, the LME said elec- to destroy our market by going stantially, Mr. Chamberlain said. CME. Mr. Chamberlain said the community spirit.” tion. One rule of thumb is that a tronic pricing had served the electronic.” If the change goes through, exchange was committed to re- “Everyone knows everyone bond’s price will move 1% in the market well during the pan- He hopes electronic-only the LME would join CME taining that date structure, else. Sometimes you’re into sec- opposite direction of a compara- demic and would bring greater trading would make the LME Group’s New York Mercantile which evolved to mirror physi- ond or third generations of ble move in interest rates for ev- transparency around pricing. more attractive to investors Exchange, which closed its cal rather than financial trading families who have worked on ery year of duration. The ring’s long-term survival looking to capitalize at a time open-outcry trading floor in in metals. the floor,” Mr. Freeman said. . B12 | Wednesday, January 20, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS & COMMENTARY Banks Need to Lend Netflix Tempers Subscriber Outlook Without new loan demand, revenue growth will still be hard to come by With a Surprise Heading into 2021, it appears that things aren’t getting any worse for bank stocks. But it may be some Streaming company expects to break even time before they get much better. on a cash-flow basis this year Bank of America executives on Tuesday suggested that the bank’s net interest income likely bottomed All its years in Hollywood have The company even bolded a claim in the third quarter, rising about 1% clearly taught Netflix the value of in its quarterly letter to sharehold- sequentially in the fourth quarter, tweaking the screenplay. ers that it believes it will no longer and that the fourth quarter of 2021 Wall Street’s script for Netflix need to raise external financing for will likely look much better than has been simple to date: a singular its day-to-day operations. Its the first. JPMorgan Chase last focus on user numbers. And the shares were up more than 13% fol- week reported 2% quarter-over- streaming giant has clearly deliv- lowing the report. quarter growth in net interest in- ered on that recently, thanks in The reaction suggests Netflix come, and expects a pickup in 2021 part to the pandemic that confined and its investors are ready to grow versus 2020. The two banks had re- people to their homes. up a bit. The company has burned ported 2020 declines of 11% and 5% The company said Tuesday that cash since 2013 in a race to build in net interest income, respectively. it added a record 36.5 million paid up exclusive content on the correct One reason for optimism, widely subscribers in 2020, with fourth- assumption that studios that pro-

cited across banks, is how much BESS ADLER FOR THE WALL STREET JOURNAL quarter additions of 8.5 million duced the top-flight programming cash banks can still shift into their The companies may have passed the peak in their Wall Street businesses. subscribers beating its own projec- would eventually create their own securities portfolios. Even absent tion by 42%. streaming outlets. That has played any pickup in loan demand, banks U.S. Treasury yields Over the previous five years, out vividly over the past 18 can continue to put cash generated 3.0% Netflix had averaged about 22.5 months with the launch of services by deposits into fixed-income se- million paid subscriber additions such as Disney+, HBO Max and curities that pick up more yield. annually. Peacock. New rivals also have cost Still, the road to much improved 2.5 But the unique circumstances of Netflix access to popular comfort- interest income across banks isn’t Netflix’s recent pace mean it is viewing programs such as straightforward. One challenge is 2.0 very unlikely to continue. Indeed, “Friends” and “The Office.” that mortgages continue to be pre- Netflix projected only 6 million Fortunately, Netflix now has paid because of a surge in refi- subscriber additions for the first plenty of popular shows of its own. nancing, which affects mortgage- 1.5 quarter, which was the low end of Moreover, the company’s tenure in backed securities. Bank of America Wall Street’s forecasts. But the streaming gives it unique insight cited this as having a significant company offset the disappointment 1.0 10-year into what audiences actually want impact on its net interest yield. with the target of breaking even to see. Who else would have given Banks have so much cash to de- on a free-cash-flow basis this year, the green light to a hit show with ploy that they can still make gains 0.5 compared to its earlier projection washed up “Karate Kid” charac- in yields net of this effect. But of burning as much as $1 billion. ters? —Dan Gallagher where mortgage rates go could be 0 Two-year a huge swing factor. 2016 ’17 ’18 ’19 ’20 ’21 There is certainly hope in the shape of the yield curve. Banks Source: FactSet across the board noted the recent steepening of the curve, as long- cline at the end of the fourth quar- trading share, via scale and digiti- term rates have risen, as a big ben- ter, “providing hope that increased zation, as “trench warfare.” Citi- efit. For example, the spread be- loan demand will soon follow.” group Chief Financial Officer Mark tween two-year and 10-year Bigger stimulus may or may not Mason said trading activity was Treasuries is as wide as it has been help matters, particularly for con- still robust in January, but it will since 2017. However, banks have sumers, who have used a lot of likely normalize going forward. reasons to be cautious about simply their payouts to pay down debts. S&P 500 bank shares are now buying longer-term fixed-income Meanwhile, banks may possibly down just 10% from where they securities, as this could cause them have passed the peak in their Wall started 2020, but their multiples to miss out on future rate increases. Street businesses. So far, big have actually expanded, from un- So even a steeper curve isn’t as banks’ trading desks have reported der 12 times forward earnings to much help as it could be unless less revenue in the fourth quarter nearly 14 times. That isn’t unrea- banks add more loans, which can than in the third quarter. This sonable, given the pent-up capital have floating rates or generate matches the typical seasonal return that is forthcoming, albeit higher yields at shorter durations. trend, but bankers also were sig- at an uncertain pace. But without And loan growth remains a wait- naling that overall gains may be some improvement in underlying

and-see prospect. Bank of America hard to come by in 2021. JPMor- loan conditions, banks are no lon- LIAM DANIEL/NETFLIX noted that commercial loans vol- gan Chief Executive Jamie Dimon ger much of a bargain. Phoebe Dynevor, star of Netflix’s series, ‘Bridgerton’ ume stabilized and halted their de- described the fight for growth in —Telis Demos Emerging Markets Have Less Reason to Fear Fed

Recent ructions in U.S. govern- 10-year U.S. Treasury inflation- ment bond markets revived talk of protected securities, real yield a potential “taper tantrum,” mir- 1.5% roring the expectations of a sud- den rise in interest rates that came in 2013 as the Federal Re- 1.0 serve signaled its intention to cut back its enormous bond-buying 0.5 program. At the time, the news took in- 0 vestors by surprise and rocked emerging markets. There is less –0.5 prospect of that this time: Federal Reserve Chairman Jerome Powell says he wants the Fed to signal –1.0

CHINATOPIX/ASSOCIATED PRESS any tapering well in advance. But It may take a while before Chinese robotics companies catch up with foreign rivals. Equipment in a factory in Jiujiang, China. just as important, developing –1.5 markets look better insulated 2012 ’14 ’16 ’18 ’20 than in 2013. Robot Battle Still Favors Japan, Europe—for Now It wasn’t just the taper tantrum Source: FactSet itself that mattered for emerging markets but the currency-market sensitive to refinancing risk from Covid-19 has accelerated auto- control nearly three-quarters of not yet. Japan and Europe still en- shifts during the subsequent year. rising interest rates, was negative mation in factories, especially in China’s industrial-robot market, joy a big technological advantage The ICE Dollar Index rose by as during the first nine months of manufacturing powerhouse China. according to Citi. But hopes are overall. Mean time between failure, much as 25% from the spring of 2020. So though developing econo- Foreign companies have long dom- running high in China that the gov- a performance measure of indus- 2014 to the spring of 2015. That mies would be hit in secondary inated the market for industrial ro- ernment will push more strongly trial equipment, is usually two to 10 surge disrupted years of planning markets for debt and equity if the bots and automation tools there— for local content in the robotics times longer among leading foreign by corporations and governments, dollar jumped back to pre-pan- but there are signs that dominance and automation supply chain. brands, according to Bernstein. which anticipated a relatively demic levels, it doesn’t look like is fraying around the edges. Stocks of Chinese automation com- That means manufacturers, which weak dollar, something that actual new issuance has signifi- As the factory for the world, panies have rallied. Shares in have to compete in the global mar- seemed like the new normal for al- cantly risen to capitalize on a China is unsurprisingly far and Shenzhen Inovance Technology, ket, may not opt for Chinese suppli- most a decade. weaker dollar. away the largest market for indus- for example, have tripled since the ers. The U.S. also doesn’t also have That wouldn’t be the case now. Nonresident portfolio flows into trial robots. Before the pandemic, beginning of 2020. Industrial robot a chokehold on critical technology, For one, the dollar’s decline in equity markets also weren’t over- however, the U.S.-China trade war maker Estun Automation’s shares unlike in semiconductors, so geopo- 2020 was far smaller than its whelming in 2020. Excluding was slowing growth. New installa- have also rallied. litical tensions are less threatening. mid-2000s plunge. A similar climb China’s stock market, foreign buy- tions of industrial robots Some Chinese automation-equip- But there are pockets where Chi- would take the dollar into rare ter- ing of emerging-market equities amounted to 140,500 in 2019, a 9% ment companies won market share nese domestic companies have man- ritory seen only between 2000 and fell, according to the Institute of decline from the previous year, but last year as Covid-19 disrupted sup- aged to narrow the technological 2002. That isn’t impossible but International Finance. Inflows still almost three times the number ply chains for foreign rivals. Citi gap—like in servo motors, according doesn’t seem likely. picked up toward the end of the for second-place Japan, according estimates Inovance’s China market to Bernstein. Inovance won market Nor have emerging markets year, but the stocks broadly ha- to the International Federation of share in servo motors, which are share from rivals such as Panasonic binged on dollar debt during the ven’t received the sustained hot Robotics. Last year was likely used to control precise movements, and Yaskawa due to Covid-19, and pandemic: On average, govern- money flows that would pose a much better: Credit Suisse esti- has jumped to more than 16% in new customers may stick around if ments and companies in develop- real risk. Though Indian equities mates that China’s industrial-ro- 2020, against 11% in 2019 and 3% in they don’t notice a quality gap. Even ing countries issued around $77.25 were popular with international botics market grew 9.5% in 2020. 2013. The company also recorded in fields where Chinese companies billion in longer-term dollar bonds investors last year, frothy-looking Covid-19 initially shut down fac- strong growth in its electric-vehicle may not be able to catch up, consol- between the first and third quar- equity markets such as South tories in China, but as the country motor business, which shares some idating market share from local ri- ter of 2020 according to Bank for Korea’s have been lifted by domes- gradually got the pandemic under similarities with servo motors. The vals could still help drive growth. International Settlements data. tic trading. control, demand for automation company’s net profit nearly dou- It may take a while before Chi- That isn’t much higher than the With a more cautious Fed, mem- equipment bounced back. Surging bled year-over-year in the first nese robotics companies catch up $67.96 billion they issued each ories of the last panic and fewer sales for consumer electronics and nine months of 2020. with foreign rivals in the market quarter on average for the previ- signs that emerging-market issuers electric vehicles have also driven While China’s intention to de- as a whole—but overseas robots in ous three years. are borrowing dollars with aban- demand for automation products. velop localized high-end manufac- China should still be watching The same countries’ net issu- don, the prospect of a panicked Foreign companies such as turing is clear, full-blown import their backs. ance of bonds with less than a market reaction this time around Japan’s Fanuc and Europe’s ABB substitution won’t happen, at least —Jacky Wong year’s maturity, which are most seems less likely. —Mike Bird