P2JW358000-5-A00100-17FFFF5178F

***** WEDNESDAY,DECEMBER 23,2020~VOL. CCLXXVI NO.148 WSJ.com HHHH $4.00

DJIA 30015.51 g 200.94 0.7% NASDAQ 12807.92 À 0.5% STOXX 600 391.25 À 1.2% 10-YR. TREAS. À 7/32 , yield 0.917% OIL $47.02 g $0.95 GOLD $1,866.60 g $12.60 EURO $1.2162 YEN 103.64 Volcano Spews Back to Life on Hawaii’s Big Island Walmart What’s News Sued by U.S. Over Business&Finance Opioid he Trump administration Tsued Walmart, accusing the retail giant of helping to Epidemic fuel the opioid crisis by in- adequately screening for questionable prescriptions Retailer says the DEA despiterepeated warnings is to blame for letting from itsown pharmacists. A1 some doctors  Elon Musk said that he had reached out to Tim overprescribe drugs Cook about the possibility of Apple buying Tesla when BY TIMOTHY PUKO the effort to bring out the AND SADIE GURMAN Model 3pushed the electric carmaker near collapse. A1 WASHINGTON—TheTrump  Thenation’sdrugstores administration sued Walmart and groceries are rushing Inc. Tuesday, accusing the re- to hire pharmacists and tail giant of helping to fuel the

pharmacy technicians to CK nation’sopioid crisis by inade- administer Covid-19 vacci- TO quately screening forques- nations to the masses. A7 tionable prescriptions despite HUTTERS repeated warningsfromits  Airlines arepreparing to /S own pharmacists. call back tens of thousands of TheJusticeDepartment’s workersthey had let go, af- HANDOUT suit claims Walmart sought to

terCongressapproved as- GS boost profitsbyunderstaffing sistancetocover payrolls US HOT SPOT: A handout photo made available by the U.S. Geological Survey on Tuesday shows the view of the new eruption itspharmacies and pressuring through the end of March. B1 site in the mouth of the Kilauea volcano on Hawaii’s Big Island. The volcano hadn’t erupted since 2018. employees to fill prescriptions  U.S. stocks were mixed, quickly. That made it difficult with the Dowand S&P 500 forpharmaciststoreject in- losing 0.7% and 0.2%, re- valid prescriptions,enabling spectively,while the Nasdaq widespread drug abuse nation- rose 0.5% to arecord. B11 wide, the lawsuit alleges. Trump Pardons 15,Including Walmart responded in a  States across the U.S. public filing,saying the law- have received millions of suit “inventsalegal theory unemployment-insurance that unlawfully forces pharma- requests that officials be- ciststocome between patients lievetobetied to fraud. A2 Campaign, BlackwaterFigures and their doctors, and is rid-  Foot traffic to physical dled with factual inaccuracies stores fell 39.1% on Super Sat- and cherry-picked documents urdayand wasdownnearly BY REBECCA BALLHAUS Thelist wasthe firstina paign adviser whose bar side lying to law-enforcement offi- taken out of context.” 40% forthe weekend from AND BYRON TAU wave of pardons the presi- commentstoanAustralian cials,while Mr.Hunter “Blaming pharmacistsfor ayear earlier,datashow. B1 dent is expected to announce diplomat helped triggerwhat pleaded guilty to one count of notsecond-guessing the very President Trump on Tues- in his final weeks in office. would become Robert Muel- campaign-financeviolations. doctors[the Drug Enforcement  Existing-home sales in daygranted 15 pardons and Mr.Trump has discussed ler’s Russiainvestigation. Mr.Stockman wassen- Administration] approved to November fell 2.5% from five commutations to individ- with advisersthe prospect of He also granted clemency tenced to 10 yearsinprison prescribeopioids is atranspar- October, marking the first uals including aformer cam- pardoning several individuals to former NewYork Rep. in 2018 formisuse of charita- ent attempt to shiftblame decline in six months. A3 paignadviserwhose activi- involved in theRussia inves- Chris Collins,former Califor- ble funds.Messrs. Collins and from DEA’s well-documented  IAC plans to spin off on- ties set off the Russia tigation as well as members nia Rep.Duncan Hunter and PleaseturntopageA4 failures in keeping bad doctors line-video platform Vimeo investigation, three former of his family and his personal former Texas Rep.Steve from prescribing opioids in the as an independent public congressmen and several for- attorney,Rudy Giuliani. Stockman, all Republicans.  President says Covid aid bill PleaseturntopageA2 company next year. B3 mer militarycontractorscon- Among those he pardoned Mr.Collins pleaded guilty isn’t enough...... A4 victed of wartime killing of on Tuesdaywas George Papa- last year to conspiracyto  Biden vowstough response to  Sacklers debatedsuit risk to World-Wide Iraqicivilians. dopoulos,his former cam- commit securities fraud and suspected Russian hack...... A4 opioid fortune in 2007...... A2

 Trump granted 15 par- Consumers Wary on Recovery dons and five commutations Amazon’sProblem: It’s a to individuals including afor- A drop in consumer confidence and a decline in home sales mer campaign adviser whose are the latest signs of worries for the economy. A3 activities set off the Russia investigation, three former Giant Acting Like aStartup The ConferenceBoardConsumer ConfidenceIndex(1985=100) congressmen and several former militarycontrac- 140 tors convicted of wartime killing of Iraqi civilians. A1 Jeff Bezoscompetes with the driveofasmall-firm CEOtrying to survive 120  Thepresident criticized the coronavirus relief deal 100 BY DANA MATTIOLI market share from rivals—is often a hall- passed by Congressand mark of a successful business. It’s also why called forlawmakerstoin- Jeff Bezosbuilt Amazon.comInc. from his the tech-and-retail giant is the target of ri- crease direct paymentsto 80 garage with an underdog’s ambition to take vals, regulators and politicians who say its Americans to $2,000. A4 on the establishment. He imbued staff with tactics are unfair for a company its size, and 60  Thefederal government an obsession to grow fast by grabbing cus- potentially illegal. As the company has is advancing toward adeal tomers using the biggest selection and low- grown, so has its capacity to take on an RECESSION with Pfizer to secure100 mil- est prices. Today, he has more than 1.1 mil- ever-growing array of competitors. 40 lion moredoses of the com- lion employees and a market valuation To keep customers happy, which Mr. Be- pany’sCovid-19 vaccine. A7 around $1.6 trillion. zos has long said is Amazon’s fixation and 20 But Amazon never really grew up. Mr. Be- growth strategy, executives behind the  Franceand Britain said zos still runs it with the drive of a startup scenes have methodically waged targeted 2010 ’12 ’14 ’16 ’18 ’20 they would reopen their bor- der to trucks from the U.K. af- trying to survive. campaigns against rivals and partners Source:The ConferenceBoard terthe frontier wasclosed due That ethos helps keep Amazon booming. alike—an approach that has changed little PleaseturntopageA10 to avariant of the coronavi- Aggressive competition—including wresting rusthat has hit England. A8  Biden promised a force- Now There’s ful response to the sus- Musk Says He Sought Tesla Sale to Apple pected Russian hack of the federal government and A Line for faulted Trump for not pri- BY TIM HIGGINS the Model 3program, I bring out an electric carofits rizon. Thespecter of adriver- oritizing cybersecurity. A4 Everything reached out to Tim Cook to own, amid anew report the less, electric carmade by tech  Thepresident-elect said Tesla Inc.’seffort to bring discuss the possibility of Ap- company is pushing for 2024 giant Apple could provethe he would nominate Con- iii outits Model 3brought the ple acquiring Tesla (for 1/10 of production. kind of fierce competition that electric carcompanynear col- our current value),” Mr.Musk On Twitter, Mr.Musk called traditional automakers, such as necticut education chief lapse in 2018.Now Chief Execu- said in atweet on Tuesday. the report “strange, if true.” General MotorsCo. and Volks- Miguel Cardona to be U.S. Capacitylimitsgive tiveElon Musk has divulged a But the Apple CEO,hesaid, Tesla has built abrand for wagenAG, have yettomuster. education secretary. A5 velvet-rope feel newtwist: He says he contacted “refused to take the meeting.” itself as aSilicon Valley auto PleaseturntopageA2  California Gov.Newsom his Apple Inc.counterpart, Tim Mr. Musk revealed the lat- maker offering high-tech cars named Alex Padilla, the to shoe stores,gyms Cook, to save his company. est detail as he questioned the with promises of fully self-driv-  Heard on the Street: Apple state’s secretary of state, “During the darkest days of seriousnessofApple’splans to ing technologyonthe near ho- needs one more thing...... B12 to fill Vice President-elect BY TE-PING CHEN Harris’sU.S.Senateseat. A4  Israel’s parliament was Barbara Ann Rogers, 61, wasshopping forstationery, INSIDE For Hunter Biden, Family dissolved afterthe Netanyahu- aware that otherswerewatch- led unity government failed to passanew budget, sending ing. Name Aided Foreign Deals the countrytoafourth elec- Shehad waited in line for 15 minutes on acold dayto tion in lessthan two years. A9 getintoatinyBrooklyn statio- BY JAMES T. AREDDY rangements with a Romanian nery shop, which had capped AND ANDREW DUEHREN property magnateand overall CONTENTS Personal Journal A11-12 capacity at just one customer allowedhim to maintain a Arts in Review... A13 Property Report... B6 BusinessNews... B3,5 Sports...... A14 as acoronavirus safety pre- Hunter Biden ramped up globe-trotting lifestyle,ac- Crossword...... A14 Technology...... B4 caution. Nowshe wasthe business activities with Euro- cording to interviews,docu- Markets...... B11 U.S. News...... A2-7 store’ssole customer,examin- pean andChinese tycoons as mentsand communications re- HeardonStreet... B12 Weather...... A14 ing racks of pens and note- his father exited the vicepres- viewedbyThe Wall Street Opinion...... A15-17 World News...... A8-9 books,conscious of othersstill idencyfour yearsago. Forhim Journal. lined up outside in their win- it wasapotential path to in- AChinese energy tycoon > ter coats, peering within. PERSONAL JOURNAL SPORTS come; for the tycoons, the Bi- gaveMr. Biden a2.8 caratdia- After10minutes,she made Readerssharestories No practice, no den family name promised to mond, and entities linked to asmall purchase and exited. “I of the bestadvicethey problem as NFL teams burnish their reputations. him wired nearly $5 million to just wanted a new notebook,” The dealings got the youn- Mr.Biden’slaw firm, accord- says Ms. Rogers, a real-estate received from their learn theycan do more gerMr. Biden adiscounted ing to an investigation by Sen- s 2020 Dow Jones & Company, Inc. All Rights Reserved broker, adding that she felt a elders. A11 with less. A14 stake in a private-equity firm ate Republicans. PleaseturntopageA5 in China and consulting ar- PleaseturntopageA6 P2JW358000-4-A00200-1------XA

A2 | We dnesday, December 23, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Sacklers Debated Suit Risk to Opioid Fortune in ’07

In July 2007, a few months and remains adirector,is tively insolvent foryearsbe- sponse to it. same time,without admitting huge risk.” after Purdue Pharma pleaded among hundreds of emails and fore it filed forbankruptcy, Sackler family memberssaid anyliability. “Contingent liabilities con- guilty to federal chargesof other documentsrecently un- which they arguemakes any the internal documentsshow TheSacklershaveoffered a tinuetohover over the busi- misleading the public about sealed in Purdue Pharma’s dividend payment to the Sack- the distributions they collected $3 billion settlement to resolve ness,” he said. the addictiverisks of OxyCon- bankruptcy case at the request lersimproper.The Sacklers were legitimate, that they al- the lawsuitsfiled by states and Less than six months later, tin, aconfidential memo of TheWall Street Journal and deny the company was insol- wayslefthundreds of millions local governmentsand to Jonathan Sackler again warned one of the company’s other news organizations rep- vent and saythe allegation of dollarsincash in the com- transform the companyintoa emailed family membersabout ownersthat itsassetswere resented by attorneysatthe isn’t supported by documents panybusiness, and that they public-benefit corporation “a number of risks” that best protected overseas. nonprofit ReportersCommit- the committee cites. stoppedreceiving dividends owned by itscreditors. Some “we’re not really braced for,” teefor Freedom of the Press. Family membersdescended oncethey knewthe severity of creditorswant moremoney, including “[t]he emergenceof By Jonathan Randles, AcommitteeofPurdue from the lateco-founders the lawsuitsthe company saying thereisstrong evidence numerous newlawsuits.” He Sara Randazzo creditorsinvestigating the Mortimer and Raymond Sack- faced. Family membersre- the Sacklers“perceived and wrote: “Ifthere’safutureper- and Andrew Scurria Sacklerssays the recordssup- tained lessthan half of the feared” the threat of ruinous ception that Purdue has ply evidencefor their probe money being questioned, the litigation when they took divi- screweduponcompliance, we Thefamily-owned company into whether Sackler family A memo warned one family has said in court filings, dends from Purdue,leaving it could get murdered.” faced “uncapped liabilities” membersunlawfully moved with $4.7billion going to pay insolvent and unable to cover Days afterthe 2007 plea and had to protect itself from $10.3billion in profitsout of of Purdue’s owners taxesand $1.5billion invested the full costsofthe damageto deal, David Sackler,then a27- the risk of a wave of lawsuits the companyfrom2008 to that assets were best in international ventures. communities from addiction. year-old hedge-fund employee, akin to the decadeslong asbes- 2017tothwart futurejudg- David Sackler, aformer Theunsealed documents asked his father,Richard, a tos litigation, said the memo, ments, an allegation the Sack- protected overseas. Purdueboardmember and showthe Sacklersdiscussed boardmember,and uncle Jon- writtenbyPeter Boer,then an lers deny. Purdue is trying to grandson of Raymond Sackler, Purdue’slegal exposureand athan,“howlong it will take adviser to Jonathan Sackler, resolvethose lawsuitsthrough told aHouse committeelast debated howtorespond to these lawyerstofigureout the Purdue co-owner and a bankruptcy. week that family members opioid-related liabilities before that we might settle with board member. Those dividend distribu- ler and who nowown the com- didn’t anticipatethe wave of and afterthe 2007 guilty plea them if they canfreezeour as- “For thefamily,itmay be tions have become aflashpoint pany said they supported the litigation that began in 2017. and $634.5million settlement. sets and threaten us.” that overseas assetswith lim- in bankruptcy court and in documentsbeing released. A Purdue pleaded guilty In November 2006,Jona- “[W]e’reliving in America,” ited transparencyand jurisdic- hundreds of lawsuits filed Purdue spokeswoman said the again in November,admitting than Sackler wroteinanemail David Sackler wroteinan tional shielding from U.S. against Purdue by states and company cooperated in turn- to three felonies brought by to his brother Richardthat the email to them. “This is the judgments will be less attrac- municipalities.They accuse the ing over documents. theU.S.JusticeDepartment, pharmaceutical industryhad land of the free and the home tivetolitigantsthan domestic companyoffueling an opioid Attorneys for Mr. Boer and including illegal kickbacks been “enshrined as aperma- of theblameless. We will be assets,” Mr.Boer wroteinthe addiction crisis that has killed Purdue sayhewas an outsider and deceiving drug-enforce- nent whipping boy” forpoliti- sued.” Sackler family lawyers memo to Mr. Sackler, analyz- 450,000 people in the U.S. without knowledgeofPurdue’s ment officials.Sackler family cians, regulators and lawyers pointed to an email his uncle ing a possible sale of Purdue. The creditors contend that ownership structure when he membersagreed to a$225 and cautioned that “getting sent earlierthat day: “[Y]ou Thememo by Mr.Boer,who the company’s legal exposure wrotethe memo and that no million civil settlement with caught in the crossfire of the should rest assured that there joined Purdue’sboardin2008 wassolarge that it waseffec- changes were made in re- the JusticeDepartment at the warondrugs is obviously a is no basis to sue ‘the family.’”

among other federal crimes, Number of people claiming Walmart andsentenced to 20 yearsin unemployment benefits, federal prison, the suit said. by program Other In itsresponse,Walmart 30 million Is Sued said that it blocked thousands of questionable doctors from having theiropioid prescrip- 25 By U.S. tions filled at its pharmacies. Pandemic “By demanding pharmacists 20 assistance† and pharmacies second-guess ContinuedfromPageOne doctors, the JusticeDepart- 15 firstplace,” Walmart said, add- ment is putting pharmacists ing that it “always empowered and pharmacies between a 10 Extended

our pharmaciststorefuse to S rock and ahardplacewith fill problematic opioids pre- statehealth regulatorswho say benefits* scriptions,and they refused to PRES they arealready going toofar 5 fill hundreds of thousands of TED in refusing to fill opioid pre- Regular state CIA programs such prescriptions.” SO scriptions,” the companysaid. 0 Thecountry’slargest re- AS In itsown lawsuit, Walmart A/ Jan. Nov. tailer by revenue,Walmart has UP said nearly 70%ofthe doctors

been expecting this complaint KR that the federal government *Reflects Pandemic Emergency Unemployment andsued the federal govern- identified as problematic con- Compensation forthose who exhaustedother programs. †Reflects Pandemic Unemployment

ment in October to fight the al- CHARLES tinue to have activeDEA regis- Assistancefor self-employedand others not legations pre-emptively.That Walmart is accused of allowing its pharmacies to become a leading supplier of addictive painkillers. trations. typically eligible. suit accusesthe JusticeDe- Walmart is one of several Source:Labor Department partment and DEA of attempt- tially droveshopperstoits shareinformation between by suspect prescriptions from other large companies that ing to scapegoat the company stores,the government alleges. stores,and in manycases re- adoctor in East Texas who have been targeted in such forwhat it says arethe federal Middle managers—under direc- fused requeststogiveblanket wasunder federal investiga- lawsuits, filed by morethan government’sown regulatory tion from executives at com- rejections to suspect prescrib- tion and that other stores had two dozenstatesand manylo- Jobless and enforcement shortcomings. panyheadquarters—pressured ersevenafter rival retailers cut off his clients. One of the calgovernmentsthat claim ag- TheJusticeDepartment’s pharmaciststowork faster,the had done so,the suit says. pharmacistssaid the doctor gressivemarketing of painkill- lawsuitalleges Walmart cre- suit says,believing quick-fill “Rather than analyzing the refused to answerquestions ers helped fuel the crisis. Programs ated a system that turned its prescriptionsdrewcustomers refusal-to-fill reports, the from the pharmacy. TheJusticeDepartment network of 5,000 in-storeU.S. to stay and keep shopping. complianceunit viewed In reply to one of the alleged previouslylaunched aparallel pharmacies intoaleading sup- Manyofthe alleged prob- ‘[d]riving sales and patient warnings, aWalmart compli- criminal investigation, based AreHit plier of highly addictive pain- lems centered in Walmart’s awareness’ as ‘a far betteruse ance officer wroteina2014 out of the U.S. attorney’s of- killers. Theallegations dateto complianceunit, which over- of our Market Directorsand email that “aninvestigation of fice forthe Eastern District of June 2013,according to the sawdispensing nationwide Market Manager’s time,’ ” the itself is notagood reason to Texas,related to Walmart’s By Fraud lawsuit. from the company’smain office JusticeDepartment said, quot- discontinue filling legitimate dispensing of opioids.The de- “Manyofthese prescription in Bentonville,Ark., the suit ing acompanycompliancedi- prescriptions,” the suit says. partment decided in 2018 Awaveofattempted fraud drugswould never have hit says.Walmart allegedly ig- rector. “Given the nationwide Thegovernment alleges that against bringing charges, fo- is hitting stateunemployment thestreetsifWalmart phar- nored repeated warningsthat scale of those violations,Wal- Walmart pharmacies continued cusing instead on a civil law- benefitsprograms afterthey macies had complied with the companyhad understaffed mart’sfailures to followbasic filling this doctor’s prescrip- suit, according to aperson fa- struggled to processrecord- their obligations,” said Maria itspharmacies as pressureto legal rules helped fuel ana- tions foranother three years— miliar with the matter. high claims from layoffs dur- ChapaLopez, aU.S.attorney sell quickly caused mistakes tional crisis.” roughly 14,700 from 2014to The U.S. saw about 50,000 ingthe economic turbulence in Tampa, Fla., who is one of and put patients’ health at risk, In one instance, the suit 2017, an averageofmorethan fatal opioid overdoses in 2019, triggeredbythe pandemic. several prosecutorsinvolved according to the complaint. says,pharmacistsallegedly 13 aday,for morethan 1.5mil- according to federal data, are- Statesacrossthe country— in the suit. Pharmacistsallegedly got warned superiorsthat Wal- lion doses.The doctor was cord high. Walmart started with cut- little help from compliance mart stores in Texas and Okla- later convicted of Controlled —Sarah Nassauer By Sarah Chaney rate prices on opioids that ini- managerswho foryearsdidn’t homa were “getting slammed” Substances Act violations, contributed to this article. Cambon, Alejandro Lazo and Paul Kiernan

headed up by Doug Field, a In August 2018,Mr. Musk tors who have sent the com- ties.Amazon.comInc.inJune including California, Louisi- Musk Says longtime Apple executivewho shocked investorswith the pany’sshares soaring and said it wasbuying autonomous ana, Illinois,Maryland and leftthe companyfor about five idea of taking the electric-car made the companythe most car-developer Zoox. others—have collectively re- yearstowork at Tesla, where maker privateinwhat would valuable automaker in the Talk of an Apple-Tesla tie ceived millions of unemploy- He Sought he oversawthe development of have been the biggest buyout world with avalue of more up has oftencirculated around ment insurancerequeststhat the Model 3. He leftin2018 in history. Mr.Musk at the than $600 billion. It was added Silicon Valley.During a2015 officials believetobetied to and returned to Apple,where time wroteonTwitter: “Am to the S&P 500 index,akey shareholder meeting,Mr. Cook fraud, with losses likely in the Tesla Sale he began work on the carproj- considering taking Tesla pri- benchmark,onMonday. sidestepped shareholders billions of dollars. ect. vate at $420.Funding se- Excitement around the com- pushing foradeal. “Quite Morethan $500 billion in Apple declined to comment. cured.” Thedeal didn’t happen, pany has allowedTesla to raise frankly,I’d liketosee youguys regular and pandemic-related ContinuedfromPageOne Mr.Musk on Tuesdaydidn’t and the tweet spurred aSecu- billions of dollars forwhat Mr. buy Tesla,” one investor told unemployment aid has been In 2014, Apple began work- specifyexactly when he ap- rities andExchangeCommis- Musk hasdescribed as his war Mr.Cook during the meeting— distributed so far,according to ing on itsown carproject, proached Mr.Cook. sion probeand legal battles chest. asentiment met with laughter TreasuryDepartment data. dubbed Project Titan, details of Launched in 2017, the Model with the regulator. Mr.Musk didn’t respond to and applause. Thenation’s unemployment which emergedinearly 2015. 3provedharder to build than As Mr.Musk tried to makea questions about his latest Apple typically has es- insurancesystems arerun Theproject has gone in fits Mr.Musk expected. Costly de- deal work to take Tesla private, tweet. chewedbig acquisitions.It through apatchwork of state- and starts. lays mounted beforeTesla his adviserssought funding TheModel 3wasn’t Tesla’s bought BeatsElectronics LLC runprograms wherefraud has Apple has been making eventually worked through from several places,including firsttroubled carintroduc- for$3billion in 2014, though “dramatically increased during plans to begin production of an production and deliverysnags Volkswagen. He eventually tion—all vehicles up to that has never done atransaction the pandemic,” aU.S.Labor De- electric carassoon as 2024, a in 2018,when it posted profit- scuttled his effort. point had been painful. The near thescale of what Tesla partment spokeswoman said. person familiar with the effort able quartersinthe second By the thirdquarter of 2019, company’sfirst vehicle,the would have cost. Thecar-mak- Thedepartment, which ad- said. Reutersearlier reported half of that year.Itcontinued Tesla had turned the corner Roadstersportscar,almost led ing businessisnotorious for ministersfederal components the newtimeline. to struggle in the early part of and kicked off astring of prof- to the company’scollapse in itshigh costs. Apple,though, of aidprograms in addition to TheApple project is being the following year,however. itable quarters, exciting inves- 2008 and the Model Slarge se- hasample financial muscle. compiling dataonstate bene- dan in 2012 wasalso trouble- Thecompanyhad around $192 fits,said thieves have targeted some.During that period, Mr. billion in cash and marketable temporarypandemic-related THE WALL STREET JOURNAL CORRECTIONS  Musk turned to Google about a securities on hand at theend programs extending unemploy- (USPS 664-880) (Eastern Edition ISSN 0099-9660) potential deal,people familiar of itslatestfinancial year that ment aid to millions of workers. (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) AMPLIFICATIONS with the situation have said. closed in September. Thedepartment is working Editorial and publication headquarters: When sales of the Model S Sincehis earliest days as with states to track denials 1211 Avenue of the Americas, New York, N.Y. 10036 kicked in during the firstquar- CEO, Mr.Musk has turned to whereidentities couldn’t be Published daily except Sundays and general legal holidays. Tove Jansson’s last name terof2013,Mr. Musk wasable Apple forkey hiresand inspi- verified, the spokeswoman said. Periodicals postage paid at New York, N.Y., and other mailing offices. was misspelled as Jannson in to post the company’sfirst ration from storedesigns,toa Thieves oftenuse stolen So- Postmaster: Send address changes to The Wall Street Journal, the credit with a photo of her quarterly profit and he quickly large,flat-screen, touchpanel cial Security numbers, birth 200 Burnett Rd., Chicopee, MA 01020. painting “LynxBoa” that ac- raised moremoney amid the in the Model S. As Apple be- dates and other personal in- All Advertising published in The Wall Street Journal is subject to the applicable rate companied the Flower School excitement about the com- came moreinterested in cars,a formation to apply forbene- card, copies of which are available from the Advertising Services Department, Dow column in Saturday’sOff Duty pany’sfuture. warfor talent ensued. Mr. fits.Fraud has led states to Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal section. Mr.Musk’ssuccess with Musk complained to temporarily freeze unemploy- reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. Tesla has spurred investor en- BloombergBusinessweek in a ment payments, at timesaf- Letters to the Editor: Fax: 212-416-2891; email: [email protected] Noticetoreaders thusiasm in electric cars and 2015 article that Apple was fecting hundreds of thousands Wall Street Journal staff other advanced driving tech- trying to poach his engineers of claims,including legitimate Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] membersare working remotely nologies.Itisalso leading to with offersof$250,000 signing ones forlaid-off workers. By phone: 1-800-JOURNAL (1-800-568-7625) during the pandemic.For the morecompetition forTesla. bonuses and 60% salaryin- Illinois has detected and Reprints &licensing: foreseeable future, please send Traditional car-making rivals creases. blocked341,000 fraudulent By email: [email protected] reader comments only by areramping up their electric- Still, it has been clear that claims during thepandemic, By phone: 1-800-843-0008 email or phone,using the con- vehicle efforts. And rivals Apple has been in Mr.Musk’s while Michigan has fielded WSJback issues and framed pages: wsjshop.com tactsbelow, not via U.S. Mail. working on self-driving car sights.That year,healso told morethan 190,000 reports Our newspapers are100% sourcedfromsustainably certified mills. technology, such as Waymo investorsthat he sawapath sinceMarch.InArkansas,Lit- Readers can alert The Wall Street LLC,aunit of Google’sparent forTesla by 2025 to be as valu- tle Rock policesaid they have Journal to any errors in news articles GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or Alphabet Inc. also aresecuring able as Apple wasatthe time, been inundated with unem- by calling 888-410-2667. funds to ramp up their activi- which then was$700billion. ployment fraud reports. P2JW358000-0-A00300-1------XA

THE WALL STREET JOURNAL. We dnesday, December 23, 2020 | A3 U.S. NEWS MigrantsWait ForChanges to Asylum Rules

CIUDAD JUÁREZ, Mexico— shouldn’t viewchanges to im- Transition officials forthe in- migration rules as an open in- coming Biden administration vitation to come to the border. warned that it would take “Migrantsand asylum seek-

time to unwind the Trump ad- ersshouldn’t at all believethe JOURNAL ministration’s asylum restric- people in the region who are REET

selling the idea that the bor- ST

By Michelle Hackman, der will suddenly be wide LL Santiago Pérez open to processeveryone on WA

and Alicia A. Caldwell the firstday.Itwon’t be so,” THE R

Ms.Ricetold EFE, citing the FO E

tions, even as they are poised logistical challenges of the TJ

to begin processing some of pandemic and an overwhelmed RA UL

the 25,000 migrants stranded border system. PA in Mexicoafter taking officein An estimated 25,000 asy- PedroLuis Ruiz, aCuban migrantwho has waited nearly twoyears forhis asylum case to be heard, stands outside ashelter in Mexico. January. lumseekersare waiting in As acandidate, President- Mexico, ofteninsome of the Nationality of migrants with Nationality of migrants not More than 69,000 foreignershave been sent back to elect JoeBiden vowed to world’smost dangerous cities. pending courtcases present at lasthearing who Mexicotowait forU.S.court hearings.About 25,000 quickly end the program known The pandemic shut most U.S. arebelievedtohavegiven up still have casespending. 100 miles as the Migrant Protection Pro- courtsthat processasylum re- 100 km and returnedhome tocols,which has forced tens of quests, prolonging await of CALIF. thousands of asylum seekers months into a year or longer. ARIZ. N.M. Cuba Honduras arriving at the U.S. border to While tens of thousands of Calexico Honduras return to Mexicoand wait— asylum seekers, mostly from SanYsidro sometimes foryears—as the Central America, have returned El Paso TEXAS Guatemala Guatemala American court system pro- home,manyothershaven’t, in- U.S. Ports of cesses their requests. cluding thousands from Cuba, Total migrants in the entry Ecuador El Salvador But on Tuesday, Biden aides Venezuela and Nicaragua flee- MigrantProtection MEXICO cautioned that ending the pro- ing oppressivedictatorships. Protocols program Laredo El Salvador gram, which they describe as Thelargest group com- COAHUILA Ecuador 20 thousand CHIHUAHUA Venezuela having caused ahumanitarian prises thousands of Cubans 10 crisis,would take time.“The likePedroLuis Ruiz,apolitical 5 Brownsville Cuba transformation that is really activist who has been waiting DURANGO Nicaragua needed at the border isn’t go- in Mexiconearly two years. He 0 2.5 5.0 7.5 0 5 10 15 ing to happen overnight,” had an initial court dateinthe thousand thousand transition officials told report- U.S. in January, just beforethe Source:Transactional RecordsAccess Clearinghouse, Syracuse University ers during a conference call. pandemic.His second hearing, Thecautionarynotereflects originally set formid-June, and faces persecution from the lowedin—given the continu- the program should be allowed Prior to the change, mi- some of the difficult trade-offs has been canceled several Communist regime. ingpublic-health crisis and intothe U.S. to pursue their grants who requested asylum the newadministration faces times.Heisnow scheduled to Transition officials said the need to social distancein- claims—sothey’renot sub- generally were allowedinto when it comes to immigration, see a judge in May. they plan to identifythe most side border facilities. jected to anymoredanger,” the U.S. to work legally while includingthe challengeofroll- Mr.Ruiz is relatively lucky: vulnerable migrantsinMexico, Meanwhile,Mr. Ruizand said ShawDrake, policycounsel their claims wound their way ing back some of the Trump-era Other migrantshavebeen with help from local aid or- othershavebeen forced to wait at theAmerican Civil Liberties through the courts. Even if restrictions without prompting given court dates later in 2021 ganizations,and allowthose in border cities riven by orga- Union’sBorder RightsCenter. those claims were eventually newwaves of migrantstoar- or even stretching into 2022, people to come to the border nized crime—some with travel Theprogram waslaunched turned down—on average, riveatthe border from Central according to immigration law- and be let into the U.S. where warningsfromthe U.S. State in 2019 as the Trump adminis- roughly 85% of Central Ameri- Americaand elsewhere. yers and advocates. their asylum cases cancon- Department equivalent to those tration sought to curb asurge canasylum claims arere- This week,two topincoming “I won’t throw in the towel, tinue.The officials said the Bi- given to Syria or Afghanistan. of Central American families jected—migrantscould return administration officials,Jake much lessnow that there’sa den team is working on aplan Migrantshavebeen routinely seeking asylum. Officials said home with a nest egg. Sullivan, Mr.Biden’spick for changeofadministration in to ensurethese migrantsar- targeted by criminal cartels and they wanted to end what they Thereisapending Supreme national security adviser,and theU.S.,” said Mr.Ruiz,who riveatthe border with anega- became victims of violent described as alegal loophole Court case about the legality Susan Rice, domestic policyad- added that he can’t return to tiveCovid-19 test. But they crimes or kidnappings, accord- foreconomic migrantsto of the program, which the viser,told Spain’snewsagency Cuba because he belonged to stressed that not everyone ing to human-rightsgroups. falsely claim asylum as the court could take up early in EFE that Central Americans an opposition political party waiting will immediately be al- “People who arealready in easiest way in the U.S. 2021. Home Sales Decline for First Time in Six Months

Number of months it would BY NICOLE FRIEDMAN “Without adoubt, thereare paceofgrowth in the final 2006.Fearsofvirus transmis- And retail sales fell in Novem- taketoexhaustexisting-home AND GWYNN GUILFORD toomanybuyersinrelation to three months of 2020. sion have made people wary of ber forthe second straight supply at current sales pace the sellers,” said LawrenceYun, Record-lowinterest rates putting their homes up forsale. month. TheConferenceBoard Homes sales slipped in No- NAR’s chief economist. “That is have boosted home-buying de- Thesupply of homes on the said itsconsumer-confidence 6months RECESSION vember as the supply of prop- probably the main driver as to market at the end of November indexfell to 88.6 in the first erties forsale fell to anew low, whythe sales declined.” wasthe lowest on record going two weeks of December,froma 5 the latest sign strong economic Separately, U.S. consumers’ Separately, U.S. back to 1982. Awidespread revised 92.9inNovember. momentum in the middle of the outlook on the economydark- shortageofhomes forsale has “Consumers’ assessment of 4 year is easing in 2020’sfinal ened in December as coronavi- consumers’ outlook pushed prices higher.The me- current conditions deteriorated months. ruscases climbed nationwide, on theeconomy dian existing-home pricerose sharply in December,asthe re- 3 Existing-homesales in No- the ConferenceBoard, aprivate 14.6%fromayear earlier to surgenceofCovid-19 remains a vember fell 2.5% from October research group,said Tuesday. darkened this month. $310,800,NAR said. drag on confidence,” said Lynn 2 to aseasonally adjusted annual And economic growth in the Theeconomyhas shown Franco, senior director of eco- 2.3months rate of 6.69million—the first summer months wasrevised signs of cooling.Initial claims nomic indicatorsatthe Confer- 1 decline in six months,the Na- slightly higher to a33.4% an- forjoblessbenefits, aproxyfor enceBoard. “It appearsthat tional Association of Realtors nual pace, the Commerce De- mand in recent months.Exist- layoffs, rose in early December growth has weakened further said.November sales of previ- partment said. Thegain came ing-home sales rose forfive to the highest level sinceSep- in [the fourth quarter], and 0 ously owned homes,which afterthe economycontracted straight months through Octo- tember.Private-sector datain- consumersdonot foresee the 2018 2019 2020 makeupmost of the market, during the firsthalf of the year. ber to the highest seasonally dicated the number of job economygaining anysignifi- Source:National Association of Realtors rose 25.8%fromayear earlier. Economistsproject aslower adjusted annual rate since openingsslipped in this month. cant momentum in early 2021.”

COLLECTION Villeret

NEW YORK ·697 FIFTH AVENUE BETWEEN 54TH &55TH STREET ·212 396 1735 LAS VEGAS ·THE FORUM SHOPS AT CAESARS PALACE ·702 369 1735 P2JW358000-5-A00400-17FFFF5178F

A4 | We dnesday, December 23, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS Trump Says Covid Aid Bill Not Enough

President calls on Thepresident’sannounce- and had been expected to be which Mr.Trump had played wasteful and unnecessaryitems forts. Thestimulus paymentsto ment stunned Washington, signed by thepresident. If he little role in the negotiations. from this legislation, and to individuals in the bill were Congress to boost whereMonday’svoteonthe vetoes the bill, lawmakers Aides said they viewthe tweet send me asuitable bill, or else smaller than the $1,200 and relief checks, raising deal—with concessions from would need to either passnew moreasthe president voicing the next administration will $500 paymentsinthe spring. both parties—had capped abit- legislation meeting his demand his displeasurewith the bill have to deliver aCovid relief Mr.Trump’sstatementsmet doubt on deal’s fate ter, monthslong fight. Demo- forlargerstimulus checks or than an actual veto threat. One package,” he said. “And maybe resistancefromsome of his cratssaid they would pressto vote to override his veto— aide said Mr.Trump’san- that administration will be me, GOP allies on Capitol Hill. “The BY REBECCA BALLHAUS passmoreassistancenextyear. which requires atwo-thirds nouncement amounted to an ef- and we will getitdone.” He #COVID19 package, while im- AND KRISTINA PETERSON Mr.Trump’sresistanceis threshold in each chamber. fort to makeCongresssquirm. will leave officeJan. 20. perfect, will save jobs and lives. likely to delaypaymentsto Both chambersonMonday Most lawmakershaveal- Thebill passed by Congress Thesooner the bill becomes President Trump on Tuesday Americans,upending aplan un- also passed aseven-day exten- ready leftWashingtonfor the approved another round of di- law—the better,” Sen. Lindsey criticized the roughly $900 bil- veiled by TreasurySecretary sion of government funding, holidays afterthe bill passed. rect checks of $600 per adult Graham (R., S.C.)tweeted. lion coronavirus relief deal Steven Mnuchin—akey negoti- which Mr.Trump signed. If Mr. TheWhiteHouse didn’t re- and$600 per child, adds $300 Democratssaid Mr.Trump passed by Congress, saying the ator on thepackage—for the Trump doesn’t sign the aid spond to aquestion about to weekly unemployment pay- should sign the bill and then bill has “almost nothing to do firstbatch to go out at the be- packageorhaveavetooverrid- whether the president planned mentsfor 11 weeks and extends work with them to passaddi- with Covid” and calling forlaw- ginning of next week. den by next Mondaythe govern- to veto the bill. But the presi- two other unemployment pro- tional aid. “Wespent months makerstoincrease direct pay- Thelegislation, which in- ment could shut down briefly.If dent—who is scheduled to grams,supplies morethan trying to secure$2000 checks mentstoAmericans to $2,000 cludes a$900 billion in corona- Mr.Trump doesn’t sign or veto leave WashingtononWednes- $300 billion in relief forsmall but Republicans blocked it,” from $600. virus relief,aswell as $1.4tril- the bill within 10 days afterits daytospend the holidays at his businesses,including asecond SenateMinority Leader Chuck “I am asking Congressto lion spending bill funding the passage, it would become law Florida resort, Mar-a-Lago—in- round of the Paycheck Protec- Schumer (D., N.Y.)tweeted. amend this bill and increase the government through Septem- withouthis signature. dicated he wouldn’t sign the tion Program, and poursmore “Trump needs to sign the bill to ridiculously low$600 to $2,000 ber,passed both chambersby Thepresident’stweet sur- current version. than $50 billion intodistribut- help people and keep the gov- or $4,000 foracouple,” he said wide margins—92-6 in the Sen- prised many of his ownaides, “I am also asking Congress ing coronavirus vaccines,as ernment open and we’reglad to in atweeted video. ateand 359-53 in the House— following alengthyprocess in to immediately getrid of the well as testing and tracing ef- passmoreaid Americans need.”

‘lie’ Iwas chargedwith…cer- Ex-Adviser, tainly wasn’t intentional.” Padilla Named Thepresident also par- doned two former Border Pa- 14 Others trol agents, Ignacio Ramos and Jose Compean, who were To Fill Harris’s convicted in the shooting of a Pardoned suspected drug smuggler and accused of lying about the shooting and trying to cover SeatinSenate ContinuedfromPageOne it up Hunter received pardons, Themen were accused at whileMr. Stockman’ssen- trial of picking up spent shell BY CHRISTINE MAI-DUC Leaders in the Latino com- tencewas commuted. casingsaspart of an effort to AND NATALIE ANDREWS munity had argued that the TheWhiteHouse said the conceal the incident. group’s sheer numbers—40% pardons forMessrs. Collins During the trial Mr.Com- Gov. Gavin Newsom named of thestate’s population and and Hunter had been re- pean testified that he didn’t California SecretaryofState growing—and the role its quested by many members of report the shooting because Alex Padilla to fill the Senate growth playedinturning Cali- Congress. he didn’t think he would be seat being vacatedbyVice fornia solidly blue warranted a Mr.Trump also pardoned believed. Mr.Ramos testified President-elect Kamala Harris, seat in the Senate. four militarycontractorsac- that he “messed up” in not giving the stateits first-ever As Mr.Padilla, 47 yearsold, cused of killing morethan a reporting the incident. Latino senator. emergedasafront-runner in dozenIraqi civilians in a Both former agentsserved Ms.Harris,the second non- recent weeks,several groups 2007 incident in aBaghdad roughly two yearsbefore whitesenator elected to repre- of activists, church leadersand trafficcircle at the height of theirsentences were com- sent California, is set to vacate politicians mobilized in an at- the Iraq war, an international muted in January2009 by the seat when she takeshigher tempt to convinceMr. Newsom incident that badly strained then-President George W. officeonJan. 20 and Mr. to instead appoint aBlack U.S.-Iraq relations. Bush. Newsom had been under in- woman. They pointedtothe Paul Slough, Evan Liberty Other pardon recipientsin- tense pressuretoappoint a fact that Ms.Harris’sdepar- andDustin Heardwerecon- cluded Philip Lyman, aUtah person of color to replaceher. ture will leave no other Black victed in 2014ofmanslaugh- legislator who wassentenced “Through his tenacity,integ- women in the U.S. Senate. Rep. ter, while afourth contractor, to 10 days in prison afterhe rity,smartsand grit, California KarenBass, who waswidely Nicholas Slatten, wasfound protested the closureofa is gaining atested fighter in discussed as apossible candi- guilty of murder in a2018 canyon to ATVriders; Otis their corner who will be a datefor the post, said allowing trial. Gordon, who sincehis convic- fierce ally in D.C.,lifting up our that to happen would be All four at the time worked tion forpossession of con- state’svalues and making sure “shameful.” Rep.BarbaraLee forBlackwaterUSA,aprivate trolledsubstances has be- we securethe critical resources hadalso expressed interest. firm that wascontracted to come apastor; and Weldon to emerge stronger from this “Gavin Newsom made adis- offer support forU.S.military Angelos,who wassentenced pandemic,” Mr.Newsom said of personnel in Iraq and else- to 55 yearsinprison in 2002 Mr.Padilla. where. GES forselling marijuana and car- Mr.Padilla previouslyserved California Thecompanyatthe time IMA rying ahandgun while doing eight yearsinthe stateSenate, Secretary of wasowned by Trump ally so.Mr. Angelos wasreleased wherehebuilt areputation as StateAlex GETTY Erik Prince. Mr.Prince’ssis- after13yearsand is acrimi- abusiness-friendly moderate, Padilla

ter, Betsy DeVos, serves as CALL/ nal-justice-reform advocate. beforebeing elected as secre- emerged as a Mr.Trump’ssecretaryofedu- LL Mr.Trump also commuted tary of statein2014. He was front-runner in RO

cation. Q five sentences,including in re-elected in 2018.Some Cali- recent weeks. In astatement released by /C threecases that were sup- fornia activistslobbied against

the WhiteHouse,press secre- CLARK ported by PamBondi, the for- his selection forMs. Harris’s tary Kayleigh McEnanysaid mer Florida attorney general seat because they believed he appointing decision that leaves BILL

Mr.Papadopoulos had been CK; who defended the president wasn’t liberal enough. us with one lesswoman and

chargedwith a“process-re- TO during his Senateimpeach- He has been alongtime ally not asingle Black woman in lated crime” and that his par- ment trial. of Mr.Newsom, chairing his the U.S. Senate,” said Aimee Al- don “helps correct the wrong Morepardons areexpected short-lived firstrun forgover- lison, founder of She the Peo- that Mueller’s team inflicted SHUTTERS from the president beforehe nor in 2010.California’sother ple,agroup aimed at boosting EFE/

on so manypeople.” A- leavesoffice. senator,Dianne Feinstein, for women of color in politics. Mr.Papadopoulos wassen- In November,Mr. Trump whom Mr.Padilla onceworked, Mr.Newsom said Tuesdayhe tenced to two weeks in prison pardoned his former national had endorsed him forthe seat. would nominateShirley Weber, in September 2018. LANE/EP security adviser,Michael “Fromthose struggling to amember of the California Democratic lawmakers TIN Flynn, whohad pleaded guilty makeends meet to the small stateAssembly,tofill Mr.Pa- criticized the president’spar- JUS to lying to the FBI. businesses fighting to keep dilla’sposition. She would be don announcement. “Trump Mr.Flynnhad cooperated their doorsopen to the health- California’sfirst Black secretary

is doling out pardons,not on JOURNAL; in Mr.Mueller’s inquiryinto care workerslooking forrelief, of state. the basis of repentance, resti- Russian interferenceinthe please knowthat Iamgoing to TheSenateseat is safely REET

tution or the interestsofjus- ST 2016 election and anylinks to the Senatetofight foryou,” Democratic and Mr.Padilla will

tice, but to reward his friends LL the Trump campaign. Demo- Mr.Padilla said. “Wewill get have to runfor it in 2022; he and political allies, to protect WA cratssaid the president’sde- through this pandemic to- filed paperwork Tuesdaywith

those who lie to coverup /THE cision to pardon Mr.Flynn gether and rebuild our econ- theFederal Election Commis-

him, to shelter those guilty of ENS amounted to corruption and omyinaway that doesn’t sion to createacampaign com-

killing civilians,and to under- OW abuse of power. leave working families behind.” mittee. mine an investigation that Other presidentshave uncovered massivewrongdo- made controversial pardon ANGELA

ing,” said House Intelligence P: choices, oftenwaiting until CommitteeChairman Adam TO rightbeforeleaving office.

OM Biden Vows Tough

Schiff (D., Calif.). FR Then-President Bill Clinton Mr.Trump also pardoned From top to bottom, former Trump campaign adviser George pardoned fugitivecommodi- Alex van der Zwaan, a lawyer Papadopoulos served jail time for lying to investigators in the ties trader Marc Rich, whose who in 2018 admittedtolying Russia investigation, and former Reps. Chris Collins (R., N.Y.) and ex-wifewas amajor donor to Response to Hack to federal investigatorsinthe Duncan Hunter (R., Calif.) pleaded guilty in corruption cases. the Democratic Party and Mr. Russiaprobe about his contact Clinton’spresidential library, with a Trump campaign aide. sands of emails” worth of those effortsand the Trump on his last dayinoffice. BY DUSTIN VOLZ Mr.Biden declined to elaborate, In the firstcase brought “dirt” on then-Democratic campaign. President Barack Obama saying he didn’t want to tele- by Mr.Mueller,Mr. Papado- presidential candidateHillary Mr.Papadopoulos in a commuted the sentenceof WASHINGTON—President- graph options forthe adversary. poulos pleaded guilty to lying Clinton. book last year said he didn’t Chelsea Manning,convicted elect JoeBiden promised a Speaking in Wilmington, to Federal Bureau of Investi- That April2016 meeting actually lie to investigators— on chargesrelated to passing forceful response to the sus- Del., Mr.Biden said that he be- gation agentsabout his inter- ultimately led the FBI to start contradicting what he told a classified documentstopected Russian hack of the fed- lieved Russiawas responsible actions with an “overseas an investigation in July 2016 federal judgeunder oath a WikiLeaks,just days before eral government,faulting Presi- forthe hack,which involved professor,” later identified as intoRussia’seffortstointer- year earlier afterpleading leaving the WhiteHouse. dent Trump fornot prioritizing corrupting asoftware update Joseph Mifsud, who allegedly fere in the presidential elec- guilty—and said he realized —Alicia Caldwell cybersecurity and saying digital provided by thenetwork-man- told him Russians had “thou- tion and anylinks between he “misspoke” andthat “the contributed to this article. threatswereamong the most agement companySolarWinds graveproblems facing the U.S. that enabledhackerstoinfil- Mr.Biden spokeofthe hack tratescoresofcomputer sys- in far moredireterms than tems without detection. Solar- FBI Says Iran Behind Site Urging U.S. Unrest Trump administration officials Winds boastscustomers across have publicly,saying that he the federal government and U.S. BY DUSTIN VOLZ dozenofficials had engaged in dividuals and planned an an- tential violenceinthe U.S. saw“no evidencethat it is un- businesses,giving the hackersa treason because they “aided nouncement with the Cyberse- around the election result fol- der control” and that he had no rangeofespionagetargets. WASHINGTON—TheFederal and abettedthe fraudulent curity and Infrastructure lows an effort to interfere in assurances that the problem Thepresident-elect blamed Bureau of Investigation has de- election against” Mr.Trump. Security AgencyonWednesday, the presidential contest by Iran, would be addressed by the time Mr. Trump for an insufficient termined that Iran is responsi- Thewebsite, which is no the people said. TheWashing- U.S. security officials say. he takesofficenextmonth. focus on cybersecurity,noting ble foranonline attempt this longer online,featured tonPost earlier reported that Theadministration in Octo- “The question of the dam- the elimination two yearsago month to inciteviolence crosshairsoverphotos of peo- the FBI had concluded Iran was ber announced that Iran was agedone remains to be deter- of aWhiteHouse cybersecu- against FBI Director Chris Wray pleitsaid should be targeted responsible forthe operation. behind an election-interference mined,” Mr. Biden said of the rity coordinator position and and federal and stateofficials forreprisal because they de- Aspokesman forthe Iranian operation that sent threatening SolarWinds hack,which has an effort to downgrade cyber- who pushed back on election- fended the election result de- mission to the United Nations emails to registered Democrats compromised at least six cabi- security effortsatthe State fraud claims advanced by Presi- claringPresident-elect JoeBi- didn’t respond to arequest for in several states.Those emails net departmentsand an un- Department. “The Trump ad- dent Trump and some of his den the winner as legitimate. It comment. sought to incitesocial unrest known number of corporate ministration failed to priori- supporters, according to people also included photos of homes Thereisnoevidenceof by appearingtobesent by the networks. But addressing the tize cybersecurity,” Mr. Biden familiar with the matter. and street addresses wherethe widespread fraud in the 2020 far-right group the Proud Boys fallout would be an “over- said. “This happened on Don- Awebsitecalled “Enemies of individuals lived as well as per- election,and various federal and by telling recipientstovote whelming focus formyadmin- ald Trump’s watch.” the People” and some associ- sonal email addresses. andstate organizations have forMr. Trump “orwewill come istration,” he said. AWhiteHouse National Se- ated social-media accountssur- TheFBI declined to com- said the contest wasthe most afteryou.” Thehackers“canbeassured curity Council spokesman faced about two weeks agothat ment.The bureau wasinthe secureinU.S.history. —Alexa Corse contributed to that we will respond and proba- didn’t respond to arequest to alleged Mr.Wrayand about a processofbriefing targeted in- Theattempt to promotepo- this article. bly respond in kind,” he said. comment. P2JW358000-5-A00500-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, December 23, 2020 | A5 U.S. WATCH U.S. NEWS

LABOR DEPARTMENT “I will be helpful through a Rule May Require period of time,” she said in the Biden Taps Connecticut Schools Chief interview. “And then I will have Tips to Be Shared to say that this experience has been a bit overwhelming. It’s BY ANDREW RESTUCCIA Servers and other workers been very difficult on my family.” who receive tips could be re- Dr.Birx, who is 64 years old, WASHINGTON—President- quired by their employer to alluded specifically to an Associ- elect JoeBiden said he would share that gratuity with non- ated Pressarticle on Monday nominateConnecticut Educa- tipped staff members such as thatsaid she had traveled, along tion Commissioner Miguel Car- dishwashers, under a final regu- with three generations of her dona as education secretary. lation the Labor Department an- family,toavacation home on If confirmed, Dr.Cardona nounced Tuesday. Delaware’s Fenwick Island over would be tasked with imple- The rule is the culmination of the Thanksgiving weekend. The menting Mr.Biden’spledgeto morethan three years of work report included astatementfrom expand resourcesfor public by the Trump administration to Dr.Birx thateveryone who ac- schools,makepublic collegetu- deliver the regulation long sought companied her had been apart ition-free forfamilies making by the restaurantindustry. of her “immediate household.” less than $125,000 annually, The rule provides claritytoem- —Michelle Hackman and restoreObama-eracivil- ployers and “could increase payfor rightsguidelines that the S

back-of-the house workers, like LOUISIANA Trump administration re- PRES

cooksand dishwashers, who have scinded. TED

been excluded from participating in Man Who Died on Dr.Cardona would take over CIA tip pools in the past,” said Cheryl theEducation Department dur- SO Flight Had Covid-19 AS Stanton, the Labor Department’s ing atime of uncertainty for wage and hour administrator. A passenger who died on a the country’sschools.The cor- Advocates for low-wage United Airlines flight last week onavirus pandemic has forced CITIZEN/ workers, however, said the new had Covid-19, according to a cor- millions of studentstotake rules allow businesses to use oner’s report Tuesday. classes virtually and the presi-

tips, rather than wage increases, United Airlines flight591 bound dent-elect will need to deter- SIAN/BERLIN to compensate dishwashers, forLos Angeles from Orlando,Fla., mine howquickly to reopen cooks and janitors. wasdiverted to NewOrleans on schools.Mr. Biden has pledged —Eric Morath Dec. 14 foramedical emergency. to open amajority of U.S. LEITH-YES

The passenger waspronounced schools by the end of his first DEVIN WHITE HOUSE dead at alocal hospital. Gerry Cvi- 100 days in office. Miguel Cardona, shown this pastJanuary,was appointedConnecticut education commissioner in 2019. tanovich, the coroner of Jefferson “In Miguel Cardona, Amer- Birx Says She Plans Parish, La., listedrespiratory failure icawill have an experienced commissioner,Dr. Cardona has dent of the American Federa- public school districts. To Retire Soon and Covid-19 as the causes of the and dedicated public school been an advocateofreopening tion of Teachers, the nation’s ManyAmericans and policy 69-year-old man’sdeath. teacher leading the way at the schools during the coronavi- second-largest teachersunion, makersviewthe Education De- Deborah Birx, the WhiteHouse United requires passengers to Department of Education—en- ruspandemic but has leftfinal said she worked closely with partment as primarily oversee- coronavirus response coordinator, affirm that they haven’t tested suring that everystudent is decisions up to local leaders. Dr.Cardona during his time in ing K-through-12 education. In said she would soon retirefrom positive for Covid-19 or experi- equipped to thriveinthe Fran Rabinowitz,executive the Meriden school district. reality,the agency’sbiggest the government. enced recent symptoms before economyofthe future, that director of the Connecticut “Ifyou want an example of role is in higher education. In an interview with the news flying. The airline said on Friday everyeducator has the re- Association of Public School howlabor and management can Theagencyisthe primary site Newsy, Dr. Birx said she that it had later learned that the sourcesthey need to do their Superintendents, praised Dr. come together to improve lender forAmerica’scollege wanted the incoming administra- passenger was feeling sick be- jobs with dignity and success, Cardona’spursuit of avariety learning and student achieve- and graduatestudents. Its$1.6 tion of President-elect Joe Biden fore his flight. It declined to and that everyschool is on of perspectives and recom- ment, youneed only look at trillion student loan portfolio “to be successful” but her public comment further on Tuesday. track to reopen safely,” Mr.Bi- mendations when the state Meriden,” Ms.Weingarten said. is one of the biggest consumer- role had taken a toll. —Alison Sider den said. began planning howtoreopen “His deep respect foreducators loan portfolios in the world. Dr.Cardona wasappointed schools this fall. and their unions will travel Forty-three million Americans Connecticut’seducation com- Officials initially thought a with him to Washington.” owe federal student loans. missioner in August 2019.Be- statewide plan that brought Asked about charter Dr.Cardona could be in- fore that, he wasafourth- elementarystudentsinto schools in a2019 interview volved in several key decisions gradeteacher in Meriden, schools while eighth- through with the Connecticut Post, Dr. about student loans that will Conn., and later became an el- 12th-graderscontinued to Cardona said, “Asaparent face the Biden administration ementary-school principal. learn remotely would be best, myself Iwant to makesureI early next year.The firstis Dr.Cardona, who report- she said. have options formychildren.” whether to extend abenefit edly spokeonly Spanish when But afterhearing feedback He added that public schools that has allowedAmericans to he started school and whose from superintendents, as well and charter schools should suspend their monthly pay- grandparentsare from Puerto as parentsand families and have to meet the same metrics mentsonstudent loans,inter- Rico, would be the second La- mental-healthprofessionals, foraccountability. est-free,during the pandemic.

GES tino to runthe Education De- Dr.Cardona agreed that aone- TheAFT has criticized the That benefit—first put in

IMA partment afterLauroCavazos size-fits-all plan wouldn’t proliferation of charter placebyPresident Trump last

ETTY in the late1980s.The Con- work, Ms.Rabinowitz said. schools as sometimes driven spring,codified by Congress

/G gressional Hispanic Caucus, “It wasawise moveto notbychildren’seducational as part of theCares Act, and

DER which backed Dr.Cardona for movetolocal control, letting needs but rather by corporate later extended by Mr.Trump— RY the job,has been pressing Mr. local superintendentsand de- or political interests, and said is set to expireJan. 31. VID

DA Biden to choose moreLatinos partmentsofhealth make charter schools cancreatea —Josh Mitchell, DERAILMENT: A train carrying crude oil burned after seven cars forhis cabinet. their owndecisions,” she said. competitivesystemofwinners Eliza Collins and Kate King went off the tracks in Custer, Wash., near the Canadian border. As Connecticut’seducation Randi Weingarten, presi- and losersthat is damaging to contributed to this article. FROM PAGE ONE

Iwaited in line,Idon’t have to through—through the window, More leave,” she says.“No one is go- she watched asalesperson ing to kick me out.” pick up the phone.But she Ms.Palacios says she tends wasunsuccessfulinpleading Shoppers to makeextralaps and wander her case. down random aisles to ensure With tighter capacity,some she hasn’t missed anything. restaurantshaveadopted time Line Up On arecent day, she wasin- limits.Mikey Ramirez,who spired to buy blackout cur- owns a record shop in Miami tains,aswell as staples such with areduced capacity of 10, ContinuedfromPageOne as milk.“I’m morepatient takesasoftertack.“We’rea little stressed to be keeping than Iused to be,” she says of digger’sshop,” he says,mean- others waiting. the experience, adding that ing customersliketosift ManyAmericans have expe- she’sglad stores aretrying to through his collection and rienced lines this year at the keep people safe. maketheir owndiscoveries. grocery store or while await- DannyTurner, global senior But if someone has been lin- ingCovid tests. But particu- vicepresident of creativepro- gering and thereisaline out- larly during the holidays—and gramming at Mood Media, side,hewill occasionally as capacity limits have tight- which helps retailersselect gently ask if acustomer has ened—lines arepopping up all background music,says retail- anyidea howmuch moretime over.Insome cases,especially ersoften pick moreup-tempo they need.“They’llbe, like, I at smallbusinesses,that has music during the holidays to need 10 more minutes, is that made the experiencefeel akin try to ensure customers keep cool? And I’ll say, that’scool,” to shopping in afishbowl. In he says. others, it has meant lines out- Some places have encour- side certain establishments— ‘I haven’twaited in aged customerstopreparefor the hardwarestore,the gym— await. With the onset of the that were oncethe provinceof line likethat sinceI winter chill, ReRoot, aDenver trendy bars or restaurants. used to line up for plant shop, recently posted a As cases rise acrossthe notice online suggesting cus- country, manycities and nightclubsinmy30s.’ tomersdress warmly in case states arepermitting retail op- thereisaline.“When you’re erations to remain open, but shopping foraplant, it’sa with reduced capacity.Last very therapeutic,intuitiveex- month, Philadelphia required moving,something he’sseen perience,” says owner Paige stores to operatewith amaxi- more retailers do earlier this Briscoe,adding that she is re- mum density of 5customers year as well. “You want to try luctant to hurrypeople along. per 1,000 square feet. In Cali- to avoid thingsthat aremaybe Her storehas capped capacity fornia, newregulations this too pensive and will have the at four customers. monthcapped capacity for potential to cause folks to lin- Vanessa Raptopoulos, nongroceryretailersinregions ger,” he says. owner of Awesome Brooklyn, a badly hit by Covid at 20%. In LasVegas,Michelle Fen- giftshop,says she has had her In LosAngeles,Charles Pat- delander,35, recently waited busiest year ever,with sales rick,47, wasrecently sur- an hour to enter aChanel up 30% in November,com- prised to encounter aline out- storetopurchase perfume re- paredwith the same period side his local Foot Locker. fills.While waiting,Ms. Fende- last year.She creditsthe de- “I haven’t waited in line like lander,aproduction assistant, sireofmorepeople to support that sinceIused to line up for called the store to see if they small businesses,along with nightclubs in my 30s,” says would let her jump the line.“I the fact that more people are Mr.Patrick, amilitaryveteran. waslike, I’m not alooky-loo,I working from home nearby Mr.Patrickwaited 15 minutes knowexactly what Iwant,” and caneasily pop in. “I’m just beforegetting inside,wherehe she says. She was able to get trying to getpeople out as fast examined some sportssandals as Ican by being as niceasI without purchasing anything. can,” she says. “Atleast this time,Iwasn’t In San Diego, Dorian Edler, worried about getting turned a32-year-old medical assis- away by a bouncer,” he jokes. tant, says he has grownaccus- Kimberly Palacios,22, a tomed to waiting in lines of up postal worker in Albuquerque, to 45 minutes to getintohis N.M., says she has takentoen- local gym. Mr.Edler says it’s suring her phone is fully worth the wait, and that he chargedbeforeheading to her had gained 25 pounds during nearby Walmart,soshe can lockdown before the gymre- watchvideos while waiting in opened this summer. S

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A6 | We dnesday, December 23, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

from otherBHR principals, Biden Son according to people familiar with thesituation. AfteraBHR-invested com- Used Name pany, lithium-battery giant ContemporaryAmperex Tech- nologyLtd., went public on In Deals the Shenzhen Stock Exchange in June 2018,aportion of IPO proceeds duetoHunter Biden ContinuedfromPageOne wascredited instead toward These arrangementsnow repaying the debt and went to loom over President-elect Joe aprincipal at the private-eq- Biden. Afederal criminal tax uity firm. investigation intoHunter Bi- The principal named Wang den’sbusinessdealingsisun- Xin confirmed the arrange- der way,with findingspoten- ment andsaid the lending tially trickling out in coming was“perfectly legal, reason- months.His businessties to able,and as far from corrup- well-connected people in tion or anyofthe suggested China and other places could fallacies as the sun is far add to scrutinyofforeign- from the earth.” policydecisions takenbythe Chinese IPOs arehighly Biden administration over sought afterand areroutinely possible conflictsofinterest. aone-way bet forthose who All arelikely to provide am- getaso-called cornerstone munition to Republicans. S slice, as BHR did with shares

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nal concerns related to Mr. MIKULA Astatement released by Biden’sbusinessdealings. Shanghai energy entrepreneur Ye Jianming, center, and Hunter Biden struck up a relationship that eventually led to the formation of Mr.Biden’slawyer last year “Based on all the facts a joint venture, SinoHawk Holdings. Below, Mr. Biden at a World Food Program event in Washington, D.C., in 2016. said Mr.Biden “has not re- known to date, JoeBiden has ceived anyreturn on his in- alot of explaining to do,” Mr. tions can’t be verified with- vestment” in BHR. Grassley said recently. out Mr.Biden and other part- Hunter Bidenhas said he ners, who declined to answer takesthe taxinvestigation questions when contacted by Personal Challenges “veryseriously” and is “confi- theJournal. Interviews,pub- Theinternational activity dent that aprofessional and lic recordsand findingsof coincided with personal and objectivereview of these mat- SenateRepublicans support financial challenges forMr. ters will demonstratethat I manyofthe eventsthey de- Biden. handled my affairslegally and scribe. Mr.Biden had been dis- appropriately.” He declined to SinoHawk looked for infra- chargedfromthe Navy re- comment forthis article,and structureprojectsthat CEFC serves when he failed adrug his lawyer,George Mesires, would fund, and the venture test in 2014, and in 2017di- didn’t respond to questions. produced abusinessplan that vorceproceedings, Mr.Bi- A

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“deeply proud of his son.” PA strategysummarybythe TheSinoHawk venture He told reportersTuesday SinoHawk team that was never gotoff the ground. But he had not and would not dis- reality because I’m the only Theinvestigation didn’t “I washis firstguest at his marked as sensitiveand con- starting in August 2017, enti- cussthe federal taxinvestiga- one putting an entirefamily support Mr.Trump’sclaims newapartment he cooked me fidential. ties linked to CEFC’sMr. Ye tion with prospectiveattor- legacy on the line,” he wrote that JoeBiden had distorted lunch himself and we atein executed the wiretransfers ney-general candidates. in a2017textmessagetoan U.S. policytofavor his son. the kitchen together,” Hunter listed as covering legal and “The attorney general of associateinthe ventureand As hisfather prepared to Biden wroteinone message World Travels advisory coststotaling $4.79 the United StatesofAmerica viewedbythe Journal. leave officeand political life to abusinessassociateafter In the spring of 2017, Mr. million to Mr.Biden’sWash- is not the president’slawyer,” AgraduateofYale Law in early 2017, Hunter Biden’s visiting Mr.Ye’s$50 million Biden moved between LosAn- ington lawfirm, OwascoPC, the incoming president said. School, Hunter Biden wasfor overseas business activities NewYork penthouse.“He has geles,Miami and NewYork as according to the SenateRe- “I will appoint someone who aperiod aregistered lobbyist picked up,moving beyond di- me helping on anumber of part of the push to getSino- publicans report. Thetrans- Iexpect to enforce the lawas in Washington. He also rectorships intoshareholding his personal issues.” Hawk going. fers also coveredover the lawiswritten, not guided worked in boutique invest- and consulting arrangements, That associate, aLos Ange- In May2017, textsand $100,000 forbills on credit by me.” ment andproperty develop- primarily with Chinese enti- les businessman named Tony other communications show cardsissued to Hunter,James JoeBiden has previously ment firms along with Ameri- ties. Bobulinski, wasapartner Mr.Biden traveled to Bucha- and James’swife, Sara Biden, said that his family members canpartnerswho sometimes Central to this wasthe Chi- along with Hunter and James rest to connect with CEFCex- the report said. won’t be involved in busi- triedtoraise capital among nese energy tycoon, Mr.Ye. Biden and several othersin ecutives.CEFCwas in the TheJournal has reported nesses that appear to createa thenewly well-heeled in the His CEFCChina Energy Co. SinoHawk HoldingsLLC,a midst of apush intoCentral that government investigators conflict of interest and also former Soviet Union and wasChina’slargest privateoil ventureinwhich CEFCwould Europe, and in Bucharest, the zeroed in on Hunter Biden in won’t have “a businessrela- China. company, riding aglobal ac- hold a50% stakeand prom- executives met with the response to suspicious-activ- tionship with anyone that re- quisition bingetobuy up oil ised to fund in whole with prime minister,according to a ity reportsbyabank in the lates to aforeign corporation fields in Chad, production Romaniangovernment state- U.S. that handled foreign or aforeign country.” GOP Effort rights in the United Arab ment, as the companywas transactions forhim. In their President Trump and some Emirates and aswath of fi- No reporting found looking to expand beyond gas investigation, SenateRepubli- Republicanallies have tried nancial holdingsinthe Czech stations and refineries and cans requested suspicious-ac- Mixed Record over the past two yearsto Republic. Mr.Yehad links to that Joe Biden was moveintolocal infrastructure tivity recordsfromthe Trea- Some of Hunter Biden’s draw attention to Hunter Bi- Chinese militaryintelligence involved in his son’s and finance. suryDepartment. businessdeals appeared to go den’sbusinessactivities—an and in manycountries worked At the same time Mr.Biden TheDepartment of Justice nowhere. Sometimes his con- effort that took off as JoeBi- to nurtureties with politically business activities. wastrying to help CEFCex- has declined to comment on tribution mainly consisted of den emergedasalikely presi- influential people to aid deal- pand, he wasadvising a the matter, which is being making introductions to im- dential challenger. making. wealthyRomanian facing le- handled from the U.S. attor- portantpeople in business Aparticular focus was galtroubles and trying to off- ney’sofficeinDelaware. and government, according to Hunter Biden’sboardseat $10 million. load property assets. Gabriel people involved anddocu- with Ukrainian natural-gas Closer Ties Mr.Bobulinski said he was “Puiu” Popoviciu turned to ments. companyBurisma Holdings. By 2017, Mr.Yeand Hunter initially excited about work- Mr.Biden forlegal and busi- Burisma Exit Still, legal and consulting When he joined the boardin Biden had struck up arela- ing with Mr.Biden and CEFC, nessadvice when acorrup- By the time Hunter Biden services he provided offered a 2014, Burisma’sfounder tionship leading to the forma- so agreed to handle the leg tion conviction threatened his pledged in October 2019 that way to generateincome; the Mykola Zlochevskywas look- tion of the joint venture, work of establishing the joint real estateempire, and aper- he wouldn’t serveonany for- SenateRepublicans’ report ing to raise the company’s which also included Mr.Bi- venture. In October,Mr. Bob- son familiar with the situa- eign boardofdirectorsifhis says the millions of dollarsin standing in Washington, as he den’suncle,James Biden, who ulinski shared hundreds of tion says the pair met afew father were elected, he had wiretransfersfromentities parried legal inquiries abroad owns an investment firm and emails, texts and other corre- times ayear over champagne already stepped down from linked to Shanghai energy en- and at home,wherethe gov- has been associated with his spondencefromMr. Biden at ahigh-end Bucharest club, Ukraine’s Burisma. CEFC had trepreneur Ye Jianming were ernment wasvowing to clean brother’s political campaigns. andhis partnerswith the Loft Diplomat. virtually collapsed. Mr.Yehad described as payment for up corruption. James Biden said he and Journal. He said he wasfrus- Another Chinese business- disappeared morethan ayear such services. Mr.Biden waspaid roughly Hunter helped Mr.Yeget his trated that SinoHawk never man who had fetedMr. Biden earlier following the prosecu- Thetycoons who sought $50,000 amonth from 2014 daughter intoanexclusive got the seed money promised wasBeijing financier Jona- tion in NewYork of one of his outMr. Biden as abusiness to 2019.For the firstthree Manhattanprivateschool, ac- by CEFC, and the frustration than Li,founder of private- deputies on corruption partner were looking to build years, then-Vice President Bi- cording to text messages the grew when he read in the equity firm Bohai Harvest charges. ties to the Washingtonestab- den served as the Obama ad- Journal reviewed. James Bi- Senatereport about wire RST(Shanghai) Equity Invest- Mr.Biden’sOctober 2019 lishment that JoeBiden in- ministration’spointman for den didn’t respond to ques- transferstoMr. Biden. ment Fund Management Co. statement, issued through his habitedfor decades,and by international anticorruption tions. Manyofthe communica- Mr.Biden had been an unpaid lawyer,Mr. Mesires,stopped doing so,smooth the way for effortsinUkraine. director of BHR from itsin- short of promising he would major deals or ward off legal Mr.Trump and his allies ception in 2013 when plans divest himself of foreign troubles,according to inter- have alleged corruption by called forittotargetU.S.in- holdings. Corporaterecords views,documentsand com- theBidens.Mr. Trump’sre- vestments, though his lawyer in Chinasuggest he hasn’t. munications. quest to Ukraine’spresident and othersinvolved have pre- A Delaware-registered cor- Forbusinessmen in some in 2019 to announceaninves- viously said he had virtually poration, Skaneateles LLC, countries,paying forintro- tigation intothe Bidens fig- no role. controlled by Mr.Biden, still ductions and getting close to ured intoMr. Trump’sim- Then in October 2017, owns 10% of the Chinese pri- people in powerortheir rela- peachment; the GOP- Mr.Biden joined Mr.Liasa vate-equity firm BHR,the re- tives is anormal part of do- controlled Senateultimately shareholder in BHR,accord- cordsshow. ing business, and the son of a acquittedhim. ingtoregulatoryfilingsin Asale of Mr.Biden’sBHR veteranAmerican politician Joeand Hunter Biden de- China. 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THE WALL STREET JOURNAL. **** We dnesday, December 23, 2020 | A7 U.S. NEWS Pfizer NewStrain TestsEfforttoCurbSpread Nears Deal Scientistsaround the world areracing to assessthe dangers For More posed by anew variant of the coronavirus that has spread rapidly in Britain, as more Doses countries shut their bordersto travelersfromthe U.K. in an ef- BY PETER LOFTUS fort to keep it out. AND REBECCA BALLHAUS By Daniela Hernandez, Thefederal government is Joanna Sugden advancing toward adeal with and Betsy McKay Pfizer Inc.tosecure100 mil- lion more doses of the com- Epidemiologistsand virolo- pany’sCovid-19 vaccine,ac- gistsadvising theBritish gov- cording to people familiar with ernment sayinitial evidencein- the matter, an agreement that dicates the newstrain is more would bolster the vaccination contagious than older variants, campaign under way in the U.S. but that so far thereare no Under the terms in discus- signsthat it causes morese- sion,Pfizerwould provide the vere disease. additional doses by July for Transmissibility—howeasily nearly $2 billion, according to the virus spreads from one per-

one person familiar with the son to another—and the seri- /REUTERS discussions. ousnessofthe illnessitcauses AY

An agreement could be an- areboth important metrics for MCK nouncedassoon as Wednes- gauging the potential threat.

day, according to the person, And scientistssay thereis HANNAH though otherpeople said they much they don’t know. People waited outside agrocery store on MondayinLondon. British scientists have been actively monitoring mutations in the virus. weren’t aware negotiations Viruses mutatenaturally, were that far along or were for particularly RNA viruses like gen, will protect against the Worrisome Mutations much moretransmissible it is 100 million doses. the newcoronavirus.Many newvariant. andthe biologybehind it. “We TheNew York Times earlier variantsofthe newcoronavirus Ugur Sahin, the chief execu- Anew coronavirus strain spreading in the U.K. has genetic still don’t understand the exact reported that the U.S. was have surfaced sinceitraced tiveofBioNTech SE, which changes that could make it better at infecting cells. biological mechanisms of that, close to an agreement with around the world. partnered with Pfizer Inc.ona thereisstill alot of uncertainty Severalchanges,or Spikeproteins bind Scientists arestill Pfizer foradditional doses. AnthonyFauci, director of the vaccine,said Tuesdayhe about exactly howit’soccur- mutations,werefound to receptorsonthe studying the In July,the U.S. government U.S. National InstituteofAllergy thought the shot would work ring.” in genes thatcode for surfaceofcells, effects of these agreed to payPfizerand its and Infectious Diseases,said he againstthe newversion of the British scientistshavebeen the spikeproteins on aiding viral entry. mutations on how German partner, BioNTech SE, expectsthe variant will come to virus,but that if it is indeed actively monitoring mutations the virus’s surface. quickly the virus $1.95 billion forthe first100 circulateinthe U.S. if it isn’t in moretransmissible,itcould in the virus and have sequenced spreads. million doses of the vaccine,or the countryalready,but said he raise the threshold needed to the genomes of 10% of all the $19.50adose,with options to didn’t believeithas been afac- protect the community. Coronavirus Spikeprotein Viral cases of Covid-19 in the coun- reproduction buy an additional 500 million torinthe current surge in infec- “Ifthe virus becomes more Genes try. All told, British researchers doses. tions in the U.S. efficient in infecting people,we saytheir work accountsfor half The firstsuch doses started He said he doesn’t believethe might need even ahigher vacci- of all the coronavirus genomes to be distributed in the U.S. af- U.S. needs to halt flightsfrom nation rate to ensurethat nor- sequenced around the world terthe Food and Drug Admin- the U.K.,but that “I think you mallifecan continue without RESPIRATORYCELL sincethe start of the pandemic. istration authorized emergency might want to consider the pos- interruption,” he said. As they looked at the new use of the Pfizer vaccine this sibility of requiring people who YetDavid Dowdy, an epide- variant, researchersfound it month. getonaplane and flyfromEng- miologist at the Johns Hopkins had 23 mutations,17ofwhich Receptor But Pfizer had offered to land to have been tested in the School of Public Health, said could have an effect on the vi- provide additional doses to the last 48 to 72 hours.” higher ratesofvaccination rus’sbehavior.Despitethe find- government in the summer, Dozens of countries around wouldn’t be necessary, even if ings, manyresearcherssay and federal officials declined. the world have moved to curb the variant proves moretrans- morework needs to be done to Morerecently they began dis- travel from the U.K. TheU.S. missible,aslong as enough spreading between 50% and “All those three strands of figure out whether the changes cussions foradditional doses. has not.New York has asked people getinoculated. 70%morerapidly than other evidencereally all point in the have areal-world impact. TheOperation Warp Speed airlines to requireall passen- “Ifweare able to success- strains of the virus. same direction that this virus is “The newvariant is concern- chiefadviser, Moncef Slaoui, gers from the U.K. to have a fully vaccinatealarge fraction Britishscientistslooked at anew variant that is slightly ing,but there’sstill alot we told reportersMondaythat the negativeCovid-19 test before of the population, Idon’t think howfrequently the newvariant moretransmissible than the ex- don’t know,” said Angela Ras- government has continued to boarding flightstothe state. the added transmissibility of wasdetected, whether changes isting virus,” said PeterHorby, mussen, avirologist at the Cen- have conversations with Pfizer Health expertsand drug in- this variant will be sufficient to in itsreplication might makeit aprofessor at the University of terfor Global Health Science “tosupport their effortstoen- dustryofficials saythey expect overcome that very strong ef- moretransmissible and what Oxfordwho is chairman of the andSecurity at Georgetown surethat they would be able to newly authorized vaccines, fect,” he said. dataonthe correlation be- Nervtagpanel, which advises University.“Idon’t think we provide us with an additional which inducevirus-busting re- TheU.K.government was tween the increase in case theBritish government. canmakeany conclusion about 100 million doses in the second sponses aimed at different ar- alerted in recent days to data numbersand increase in detec- Yet, he added, moreresearch this besides that we need to quarter of 2021.” eas on the surfaceofthe patho- suggesting the newvariant was tion of the newvariant showed. wasneeded to figure out how look intothis more.” Rollout Sparks Rush to HireWorkers to Give Shots

BY SHARON TERLEP professionals. CVS, which em- when it comes to technicians. cistshas been bleak foryears, two decades as apharmacist, in- the field, the newjobs—many AND JAEWON KANG ploys 34,000 pharmacistsand Technicians aretypically hourly with the number of pharmacy- cluding at CVS, said he plans to of which areshort-term forthe 65,000 technicians,declined to workerswho arelicensed to as- school graduates far outnum- remain in retirement. duration of vaccination ef- Thenation’s drugstores and sayhow manyworkersitis sist pharmacistswith filling bering jobs.The U.S. Depart- Walgreens,CVS and Rite forts—arelessattractivethan a groceries areracing to hire hiring.The companyislooking prescriptions,such as counting ment of Labor expectsthe job Aid Corp., the third-largest U.S. long-term spot. Median annual thousands of pharmacistsand forboth short-term and per- pills or answering customer market forpharmaciststo drugstorechain, combined payfor apharmacist was technicians to administer manent workers. questions. shrink by 3% in the next de- have about 21,300 U.S. stores, $128,090 in 2019; pharmacy Covid-19 vaccines to the Walgreens said it plans to “There’snot enough people cade,according to datafrom about 1,000 fewerthan five technicians made $33,950 a masses. hireabout 25,000 people to immunize. It’sgoing to take 2019. yearsago. Thenumber of gro- year,according to the Labor Pharmacies big and small acrossthe U.S.,including 8,000 Hundreds of independent and cery pharmacies declined for Department. were laying off pharmacistsas to 9,000 pharmacistsand other grocery-based pharmacies have the firsttime in years in 2017, Themedian hourly wage for recently as summer,asthe pro- health-careworkers, to admin- Wa lgreens said it closed,unable to handle high the latest year forwhich data pharmacistsrose 4.8% between fession’soutlook grew dim. ister the vaccine.Itemploys operating costsand make is available,to9,026,down 2016 and 2019 while wages Nowsome of those same phar- 75,000 pharmacistsand techni- plans to hire about money.Big chains have either from 9,344 in 2016. rose 7. 5% forall occupations, macies and supermarketsare cians. 25,000 people slowedstore growth or begun to “It’sasupply and demand according to Labor Department making public pleas,reaching Executives at both chains downsizeasconsumer purchas- thing—we didn’t have enough statistics. outtoretired workersand of- said they areconfident they across the U.S. ing, even of prescription drugs, supply [a decade agofrom Pharmacistsrequireadoc- fering signing bonuses.Several will have adequatemanpower has moved online.Meantime, pharmacyschools] and nowwe toralorprofessional degree. retail pharmacychains,includ- to administer the vaccines. decliningdrug-reimbursement have toomuch supply,” said Pharmacytechnician jobs re- ing CVSHealth Corp.and Wal- “Thereisasense of pride,of rateshavepinched profits. The ScottKnoer,president of the quireahigh-school diploma or greens BootsAlliance Inc., wanting to step up,” said Rick all hands on deck,” said Aaron fallout forworking pharmacists American PharmacistsAssocia- equivalent. Employers mayre- have agreed to work with the Gates, asenior vicepresident Wiese,chief health officer at has been fewerjobs and lower tion. That oversupply will quireadditional training or ed- U.S. government to serveas at Walgreens.“We have people Hy-Vee Inc. TheMidwest gro- pay, along with arougher work- likely be enough to ensure ucation. Covid-19 vaccination sites. coming out of retirement say- cer, which has roughly 1,300 load. enough workerstovaccinate Pharmacies have looked to “Calling all pharmacists, ing,‘Iabsolutely want to pharmacytechnicians in more “I’m notreally interested in themasses starting next year, hiremoretechnicians in recent nurses and pharmacytechs,” help.’ ” than 270pharmacies,isseeking going back just to giveshots,” he said. yearstofreeuppharmacists read amassemail to custom- Smaller chains and grocers, to hire1,000 morefor the dis- said MichaelWest,apharmacist And the hiring spree is a from administrativetasks.The ersfromCVS,inwhich the manyofwhich have pharmacy tribution of Covid-19 vaccines who waslaid off in July from bright spot forpharmacy pace of that hiring is intensify- companysaid it is urgently hir- counters, arelesscertain they’ll and tests. Walgreens in North Carolina. school graduates and techni- ing ahead of the Covid-19 vacci- ing thousands of health-care find the workers, particularly Thejob market forpharma- Mr.West, who spent morethan cians, he said. But formanyin nation drive. Hospitals Face Questions On Who Gets Va ccine First

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facing calls formoretranspar- worked itspriority list after reportsthat manyamong /Z

encyinto howthey decide protestsonFridaybydoctors their ranks hadn’t been of- TER

who gets the earliest shots,as in specialty training who said feredvaccines.“We all had a GIS manufacturersracetodistrib- they had been unfairly over- lot of questions about howdid RE

utelimited early supply of looked. this happen, what wasdone, UNTY vaccine. “Our revised approach, what wasinthis algorithm?” CO Thesector is among the driven by the same principles said JessicaBuesing,aStan- ANGE

firsttoconfront tensions,as of equity and ethics,priori- ford resident. OR

hospitals launch immunization tizeshealth-careworkersin Physicians at the start of ON/ campaigns acrosstheir work- our clinical settings, including their careershavelittle power PIERS

force. In manycases,plans residents, fellows,nurses,en- in the workplacebut do much Y

were hastily completed in the vironmental services and oth- of the front-line work in hos- TERR days beforefederal regulators ers, to ensurethey will be pitals,said Sean Li, aresident Nguyen Bui, a doctor, was vaccinated at Redlands Community Hospital in Redlands, Calif., on Friday. approved the firstCovid-19 vaccinated first,” Niraj Sehgal, physician and president of the vaccine. StanfordHealth Care’schief union of residentsand fellows trust in afair process, said ex- vaccine supply is forcing sentialtothe economyand at Overall, initial rollout of medicalofficer,said Sunday. at UC SanDiegoHealth. The pertsinlaw and ethics.“Be- tough decisions by federal high risk be vaccinated next. the vaccine has been rockyin The original algorithm fac- physicians areseeking avoice cause they haven’t explained panels and stateagencies over Theadvisory panel, which some spots, with hospital sys- toredinage and other criteria in the plan to distributefur- their policy, youcan’t give which industries to immunize has held itsmeetingspublicly tems in NewYork and Califor- to calculateoverall risks from ther allocation of the vaccine, them the benefit of the next afterheath care.Anadvi- and released information on nia changing course afterbe- Covid-19,hesaid. he said. doubt,” said Govind Persad, an sorypanel Sundayrecom- dataand methods used to ginning to immunizeworkers. Physicians in training, Privateemployers maynot assistant professor at the Uni- mended the nation’soldest, makeits recommendations, Mount Sinai Health System in known as residentsand fel- publicly disclose details of versity of DenverSturm Col- alongwith teachers, grocery has stressed the need for NewYork said it halted vacci- lows,atStanfordand the Uni- howthey gavepriority to legeofLaw. storeworkers, policeand fire- transparency in itsdecision nations at some clinics mis- versity of California SanDiego workersbut risk undermining Rollout of initialCovid-19 fightersand other sectorses- making. P2JW358000-5-A00800-1------XA

A8 | We dnesday, December 23, 2020 ***** THE WALL STREET JOURNAL. WORLD NEWS France to Reopen Border to U.K. Trucks

Closure led to lines of leading to English Channel Truck drivers, irrespective country, provided they had a by the French authorities. cases arealso rising fast, says ports. of nationality,will need to sub- Covid-19 test with documenta- TheBritish government had it assumes the variant is al- thousands of trucks Around aquarter of British mit to arapid coronavirus test tion showing anegativeresult feared that forcing truck driv- ready in the country. on roads leading to goods trade takes place from beforedeparture. So-called lat- in the previous 72 hours that erstotakeaPCR test at the Earlier in the day, the Euro- the port of Dover, along with eral flow,orantigen, testscan they would have to show border would be impractical pean Commission advised all English ports the nearby Channel Tunnel, detect coronavirus—including ahead of departure. because resultscan take up to 27 European Union countries and itsusual speed means it is the newvariant described by Also allowedtotravelon 48 hourstoreturn from alab- to bar nonessential travel from BY STEPHEN FIDLER the preferred routefor fresh British scientistslast week—in essential businessare other oratory. Antigen testsare the U.K.,but it recommended produce, such as fish, vegeta- 30 minutes.Astandardtest, categories of people,including quicker but tend to be lessac- that they should keep their TheBritish and French gov- bles and fruit. At this time of knownasaPCR test, cantake truck drivers, the office said, curate. bordersopen fortransport ernmentssaid they would re- year,British supermarketsare 24 hourstoreturn results. adding that the specific details Dozens of countries in Eu- workers, without quarantine open their border to trucks heavily dependent on the TheFrench government will would be spelled out soon. rope and farther afield have ordersortesting,inorder to from theU.K.after the busy routetobring in tomatoes,let- also carry out sample testing Thenew arrangementswill closed their borderstotravel- keep supply chains going. frontier wasclosed for48 tuce and soft fruit. on drivers bringing freight to last until at least Jan. 6. ersfromthe U.K.,hoping to Formanytruck drivers, the hoursinanattempt to keep Rail, air and sea services the U.K. Theofficesaid that either a prevent the introduction of delays portend holdups they out avariant of the coronavi- will resume Wednesday, with Astatement from the office PCRtest, which is short for the variant, which is spreading have been expecting from Jan. rusthat is spreading rapidly allpeople traveling to France of French Prime Minister Jean polymerase chain reaction, or rapidly in London and partsof 1when Britain leavesthe EU’s in England. from the U.K. required to show Castex said that starting from a more rapid antigen test southeast England. Some customs union and single mar- Theborder closureled to proof of anegativecoronavirus midnight Wednesday, French would be adequate, though the countries including Denmark ket, necessitating significant lines of thousands of trucks, test takenwithin the previous nationals and others who live antigen test had to be sensitive and the Netherlands have border checks on importsand some carrying fresh produce 72 hours, the U.K. Department in the European Union would to the newvariety of the virus noted ahandful of cases,while exportsfor the firsttime in which wasspoiling,onroads of Transport said Tuesday. be permittedtoenter the and from asupplier approved the Irish government, where decades. Beijing TracksDissent Over Ubiquitous App Canada

BY JING YANG Chinese smartphone usersare free of government interference. Won’t Let increasingly adopting apps Aftermembersofthe group China’sdo-everything app, thatoffergreater protection of had persuaded afew hundred WeChat, has become one of the their communications. userstojoin Telegram, statese- China Buy most powerful tools in Beijing’s curity officials began calling arsenal formonitoring the pub- Cumulativemonthly down- them andtheir families in for lic,censoring speech and pun- loads in ChineseiOS stores questioning.Those involved say Gold Mine ishing people who voicediscon- 5million Telegram they ended the campaign in tent with the government. March and told authorities they BY VIPAL MONGA Authorities areincreasingly had no political motives,but se- AND PAUL VIEIRA 4 using the app from Tencent curity officials have continued Holdings Ltd. to justifyarrests to question and monitor them. OTTAWA—Canada blocked or issue threats, dissidents, 3 China’sinternet firewall has Chinese state-owned Shan- consumersand security re- long blocked foreign sites and dong Gold Mining Co.from searchers say. 2 messaging apps,including buying a gold mine in the Ca- Wang Shengsheng,alabor GES Google,WhatsApp,Telegram nadian Arctic as PrimeMinis-

Signal IMA and women’srightslawyer,said 1 and Facebook,but these can terJustin Trudeau faces grow-

authorities were monitoring her ETTY be accessed via virtual private ing pressure to curb Beijing’s /G

WeChat and text messages this ER networks,orVPNs. Signal, an- rising influenceinthe country 0 year so they could gather evi- AY other messaging app,isavail- and the polar region. dencetothwart her legal career. ’15 ’16 ’17 ’18 ’19 ’20 FR able to usersofApple Inc.’s Monday’s decision was the

Localpublic-security and Note:DataasofDec. 13 KEVIN iOS, but not Android users. second time Mr. Trudeau has party-discipline officials in her Source:Apptopia Acustomer used WeChattopay at aBeijing market in September. Thehassle of setting up a vetoed a China-led deal since hometown also tracked down VPN keeps most people from coming to power in late 2015, her father as part of their ef- have flocked to WeChat Work, “I was shocked and befud- One Beijing-based user said using the sites and apps, backtracking in part on his fortstotarnish her reputa- acommunication tool forbusi- dled,” aChinese student he was taken in for question- which means those who tryto Liberal administration’sinitial tion, she said. “People always nesses that is integrated with studying in Australia said of ing several days after migratetomore-secureapps policygoal of developing say that all of your communi- the WeChat app.Inthe first his reaction when his account his WeChat account was canhavetrouble persuading closer economic ties with cations on WeChat are out in quarter this year,governments, wasblocked this year forpost- blocked forcriticizing China’s others to join them. China. the open. Inever fully grasped businesses and individuals ing commentscritical of the foreign policy. During the two- But disenchantment Themovecould worsen re- what that meant until the re- used WeChat QR codes more government’s handling of the hour interrogation, policeoffi- with WeChat appears to have lations between the two coun- cent incident,” she said. “Now than 140billion times,accord- outbreak in Wuhan. cers held printoutsofgrownoverthe past year,as tries,which arealready I’m terrified.” ing to Tencent. AWeChat QR Although he wasable to set his WeChat chat logsand read moreevidenceemergedthat strained over Canada’srole in Aspokesman forTencent code is used to makepayments up anew account with adif- out parts that were critical of authorities were increasingly the arrest of senior Huawei declined to comment. TheCy- and also when logging ontode- ferent mobile number within a the Chinese leadership.Hewas relying on WeChat to control Technologies Co.executive ber Administration of China vices and accounts. released aftersigning apledge speech and surveil dissidents. Meng Wanzhou, the daughter and China’sMinistryofPublic The Chinese government that he wouldn’t criticize the DownloadsofTelegram and of Huawei’sfounder,inVan- Security didn’t respond to re- also tapped Tencent and Ali- For many users, government again. Signal in China iOSstores couver in 2018 over the com- quests to comment. baba Group Holding Ltd. to de- Theproblem formanyus- have been growing steadily pany’s alleged violations of Releasedin2011, Tencent’s sign health-rating systems that shutting off We Chat ersisthat the app has so thor- over the past few years, ac- U.S. sanctions on Iran. WeChat and its domestic sis- makeupone of the main con- would be like giving oughly permeated everyday cording to app tracker Appto- China subsequently de- terapp Weixin nowhavemore tact-tracing tools to contain life that shutting it off would pia, though they still have only tained two Canadians foral- than 1.2 billion monthly active the spread of the coronavirus. up water or air. be like giving up water or air. afraction of WeChat’suser legedly violating national se- users, the majority of them in That utilityhas come with a “Thereare manyfunctions base. Both apps provide end- curity laws,which Mr. China, whereits pervasiveness cost. WeChat wasone of the in WeChat that we just can’t live to-end encryption that pre- Trudeau has described as re- extends beyond any app used primaryvenues wheregovern- without,” said Zhang Qingfang, ventsany third-party access to taliation forMs. Meng’sarrest. in the U.S. In addition to mes- ment censors tried to restrict few days,helost access per- aBeijing-based human-rights communications between the Shandong,one of the saging,Chinese consumersuse information during the out- manently to tens of thousands lawyer,adding that his WeChat sender and the receiver. world’slargest gold miners, it to share photos, pay utility break in Wuhan. of chat messages with his fam- communications have also come “I’vebeen calling on my had proposed buying TMAC bills,hail taxis,get news,book In addition to taking down ily, friends and scores of pro- under surveillance. friends in mainland China to Resources Inc., which owns a doctors' appointmentsand use content that wasdeemed sensi- fessional contacts. Disturbed by their overde- switch to Telegram forthe last mine almost 120 miles north government services. tive, userssay WeChat routinely “It putsmeinaveryawk- pendence on the app,several few years,” auniversity pro- of the Arctic Circle,for ItsdominanceinChinese blocks accountsfor discussing ward situation because having usersstarted acampaign this fessor in Hong Kong said. “A roughly $150 million. societyhas become moreen- issues ranging from the pan- your WeChat blocked means year called “Free lot of them used to think using But former Canadian na- trenched this year because of demic to human-rightsabuses telling othersyou have dis- From WeChat,” in which they a VPN service to get over the tional security and militaryof- remoteworking and learning in the Xinjiang region. Afterus- senting political views, which called on peerstomigrateto firewall wassuch abother. ficials came out against the during thecoronavirus pan- ers’ accountsare blocked, police is frowned upon when youare other platforms—likeTele- Nowmoreand moreofthem deal. They argued that it demic.Companies and schools will oftenquestion them. looking for a job,” he said. gram—that arebelieved to be don’t mind this bother.” would giveChina toomuch ac- cess to the Arctic, a sensitive region where China has been WORLDWATCH investing because of itsgrow- ing importance as a shipping routeand asource of valuable RUSSIA-CHINA minerals. Under Canadian law, the Joint Patrol Shows government must review any Closer Military Ties acquisition by aforeign state- owned enterprise and can Russian and Chinese bombers block it to protect national se- flewajointpatrolmission overthe curity,aterm that is leftunde- Western Pacific on Tuesdayina fined in lawtogiveofficials showofincreasingly close military some flexibility on howtouse ties between Moscow and Beijing. the veto.

The Russian military said that S Although it doesn’t have

a pair of its Tu-95 strategic PRES anyoversight authority on ac- bombers and four Chinese H-6K quisitions in Canada, the U.S. TED bombers flew over the Sea of SenateEnergy and Natural Re- OCIA

Japan and the East China Sea. SS sourcesCommitteealso was The Russian Defense Ministry /A tracking developmentsonthe

said the joint mission was in- VICE proposed TMAC deal.

tended to “develop and deepen SER TMACsaid lateMonday the comprehensive Russia-China S that the government had com-

partnership, further increase the PRES pleted its review and blocked Y

level of cooperation between the TR the deal from going ahead. two militaries, expand their abil- “TMACand Shandong arein ity for joint action and MINIS discussions regarding termina- strengthen strategic stability.” tion of the transaction,” the

The ministry added that the DEFENSE Canadian company said.

patrol flight “wasn’t directed IAN A spokesman for the Cana- against any third countries.” SS dian minister in charge of in- RU Tuesday’s mission was the A photo from a Russian Defense Ministry video shows a Chinese H-6K bomber during the countries’ joint patrol on Tuesday. vestment policyconfirmed the second such flight since a July transaction wasvetoed. Shan- 2019 patrol over the same area. The court’sdecision rendered as a result of a petition by 16 AFGHANISTAN appear to have any markings on dong didn’t respond to an It follows Russian President invalid avotebylawmaker Etem lawmakers from the opposition it that indicated that its passen- email seeking comment. The Vladimir Putin’s statement in Arifi from the minorityAshkali left-wing Self-Determination Roadside Bomb Kills gers were medical workers. The Chinese Embassy in Ottawa October that the idea of a fu- Partyfor Integration. Mr.Arifi’s Movement. The party had been 3 Doctors, 2 Others vehicle was almost completely said Canada should provide a ture Russia-China military alli- vote had given the government part of a short-lived coalition destroyed in the blast. fair and nondiscriminatory ance can’t be ruled out. of Prime MinisterAvdullah Hoti with Mr. Hoti’s Democratic A roadside bomb tore Farhad Bayani, a spokesman market environment forenter- —Associated Press 61 votesinthe 120-seatchamber. League of Kosovo until June, but through a vehicle in the Afghan for the office of the prison ad- prises from all countries,in- The country’s president is quit after a falling-out. capital of Kabul on Tuesday, kill- ministration, said that four cluding China. Any politiciza- KOSOVO now expected to announce the Mr.Arifi wassentenced to 15 ing at least five people, three of prison staff were killed in the tion or interference “with the date of the election, which must months in jail in August2019 for them doctors, police said. blast, including the three doctors excuse of national security is Court Orders New take place within 40 days. illegally using €26,000 ($31,800) The doctors worked at the and their driver. He said that wrong,” the embassy said. General Election Acting PresidentVjosa Osmani of public moneygiven to anon- Puli Charkhi prison, Kabul’s main among those killed was Nazefa Thefirst time Mr.Trudeau’s began consulting Tuesdaywith governmental organization for penitentiary, and were killed as Ibrahimi, the acting health direc- government vetoed a Chinese Kosovo’s Constitutional Court partyleaders foranelection date, personal profit. Nevertheless, he they were on the way to their tor of the prison. Another doctor deal wasin2018.Canada ruled that the country must hold which will likely be at the end of ranfor the newparliamentin office in the city’s Doghabad was in serious condition. blocked the proposed acquisi- a new general election because January or early February under October 2019 and wasautomati- neighborhood. No one claimed responsibility tion of Toronto-based Aecon parliament’s June confirmation lockdown conditions as aresult of cally elected to parliamentas It wasn’t clear if the doctors for the attack, which damaged Group Inc. by CCCC Interna- of the cabinet passed because the coronavirus pandemic. leader of aRoma minorityparty. were targeted in the attack. buildings and shops. tional Holding Ltd., citing na- of an invalid vote. The court’s ruling was made —Associated Press Their car, a white sedan, didn’t —Associated Press tional security concerns. P2JW358000-2-A00900-1------XA

THE WALL STREET JOURNAL. ** We dnesday, December 23, 2020 | A9 WORLD NEWS Israel FacesAnother Election After Knesset Is Dissolved

BY DOV LIEBER cooperating on little except for AND FELICIA SCHWARTZ combating Covid-19. Messrs. Netanyahu and TEL AVIV—Israel’sparlia- Gantz have each blamed the

ment wasdissolved afterthe other forthe collapse of the GES

short-lived unity government government and forforcing an- IMA led by Prime Minister Benja- other national vote on the

min Netanyahu failed to passa country. GETTY newbudget, sending the coun- “Netanyahu is taking us to SE/ trytoafourth election in less elections just so he won’t enter than two years. acourthouse.Every other ver- ANCE-PRES

Theparties making up Mr. sion is atrick or ashtick,” Mr. FR Netanyahu’scoalition—which Gantz tweeted Tuesday.

have been squabbling over se- Hadabudget been passed, GENCE /A

nior judicial appointmentsand Mr.Netanyahu would have CO

power-sharing sincethe gov- been obligated to hand over OC

ernment’sinception this past the prime minister’s seat to Mr. MOR

spring—failedtoagree on a Gantzinlate2021, according to IN Y

newbudget in time foramid- apower-sharing agreement the SS night deadline on Tuesday. The two struck this spring. EMBA

result wasthe automatic disso- Mr.Netanyahu’spolitical ri- US lution of the Knesset, Israel’s vals and analystssay the pre- Jared Kushner, left, and Israeli national security adviser Meir Ben-Shabbat disembarked in Morocco’s capital Rabat on Tuesday. parliament,which triggered mier used hispoweroverthe fresh national elections that financeministrytoprevent a areset to be held on March 23, budget from passing and re- Kushner Signs AccordsinMorocco according to the parliament’s main the prime minister. speaker. “The reason we’reheading It presentsafresh challenge to an election is because Ne- BY DION NISSENBAUM House on Jan. 20. forasecret meeting with but fighting between Morocco forMr. Netanyahu, who is fac- tanyahu refused to passabud- The deal between Morocco CrownPrinceMohammed Bin andPolisario fightersbased in ing possibly the toughest phase getasrequired by lawand RABAT—Senior White and Israel is the fourth such Salman,but the talks failed to neighboring Algeria unexpect- of astoried political career. He honor political agreementsso House adviser Jared Kushner agreement Mr.Kushner and produceadiplomatic break- edly flared up last month right is standing trial forcorruption, that he canremain in power,” flew Tuesday aboard the first the Trump administration through. before the U.S.-brokered deal even as he oversees arapid said Yohanan Plesner,president direct commercial Israeli flight have secured with Arab na- Moroccan officials played was announced. rollout of aCovid-19 vaccine of the Jerusalem-based Israel from Israel to Morocco,possi- tions this year. down the significanceofTues- TheWhiteHouse decision and works to stem the eco- DemocracyInstitute. bly the capstone of his four- In August, Israel and the day’sagreementsbynoting to recognizeMorocco’s hold nomic damagethe pandemic Mr.Netanyahu denies using year campaign to help Israel United Arab Emirates agreed that Moroccowas merely re- on Western Saharaupended haswrought. the budget to stay in power. shiftpowerdynamics across to establish diplomatic rela- establishing low-level diplo- decades of U.S. policyinNorth Thecollapse bringstoan Thecoalition pact called fora the Middle East. tions. That breakthrough that Africa, but Trump administra- end agovernment that wases- two-year budget for2020 and In Rabat, Mr.Kushner and a was soon followed by similar tion officials said the rewards tablished only in May,when 2021 to be passed this year. delegation that included his deals with Bahrain and Sudan. TheU.S.envoy took of the deal outweighed risks BennyGantz,leader of the cen- But Mr.Netanyahu argued that White House team and Israeli Mr.Kushner is also trying that the shiftmight become trist Blue and Whiteparty,set the lack of economic clarity officials met with Moroccan to broker adifficult deal to thefirst direct Israeli the spark foropen warbe- aside his opposition to joining generated by the pandemic leaderstosign diplomatic and end a rift between Qatar and flight to Rabatand tween Morocco and militants aNetanyahu government and called fordelaying the passing economic agreementsbetween itsregional rivals that has basedinAlgeria fighting for agreed to form aunity coali- of the2021 part of the budget. the U.S., Israel and Morocco. hampered U.S. effortstoiso- met theking. Western Saharaindependence. tion that would guide the Mr.Netanyahu said that “It is nowtime to put the late Iran. Mr. Kushner’s focus on the countrythrough the twin coro- while he had hoped to avoid an region and all of itspeople on Earlier in December,Mr. Middle East in the waning navirus and economic crises. election, he wasconfident he atruly transformativepatch Kushner flew from Saudi Ara- weeks of the administration is That agreement came after would emerge victorious.He toward stability, security and bia to Qatar in abid to end the matic relations it had with Is- areflection of his drivetolock three elections in the spaceof will remain prime minister un- prosperity,” Mr. Kushner said feud, but forging an agree- rael until 2000. down morediplomatic gains ayear produced astalemate, in til the next vote but can’t fire aftermeeting with King Mo- ment has proven to be achal- As part of the deal, Mr. that will be harder for the Bi- which Mr.Netanyahu’sright- Mr.Gantz or anyministers hammed VI of Morocco. lenge. Trump agreed to recognize den administration to undo. wing Likud party wonthe most brought intothe government Mr.Kushner,who is also U.S. officials also hoped to Morocco’s disputed hold on U.S. officials expressed con- votesbut fell short of enough by Mr.Gantz under the rules of President Trump’sson-in-law, secureanagreement between Western Sahara, aformer fidencethe next administra- parliamentaryseatstoform a their coalition agreement. is devoting much of his time Israel and Saudi Arabia to nor- Spanish colony that Morocco tion was unlikely to roll back coalition. Polls currently proj- “The majority of the public in the final days of the Trump malizeties,but that appeared sought to annexin1975. many of the Trump adminis- ect asimilar deadlock. sees our great achievements administration trying to ad- to be out of reach. Israeli United Nations peacekeepers tration deals, such as backing Thepartnership wasfraught and leadership,” Mr.Netanyahu vance his Middle East agenda Prime Minister Benjamin Ne- have kept peaceinthe remote Morocco’s claim to Western from the start, with the parties said Tuesday. beforeheleavesthe White tanyahu flew to Saudi Arabia corner of Africafor decades, Sahara.

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What’syour approach to leading with tangible and emotional benefits. And it’s Whatare youmost proud of in your empathy and awareness? clear,intelligentand an invitation into a current role? conversation or arelationship with It’s aflexible approach because at abrand. I’msoproud of the team thatIserve. the core of empathyisrelating to and Theyhave proventobesoresilient, understanding another person, so you When it’s time to getcreative, whatdo so focusedonaddressing our clients’ need to be adaptive. But the approach youdotoget inspired? needs, so generous to one another. has three dimensions.The first is We’velaunchedmultiple content genuine curiosity, whether that’sabout The first thing thatIdoisclose the programs,omnichannel campaigns one of my team membersoraclient; laptopand turn off the phone so that and digital products in this COVID-19 Ibelieve I’mheretoservethem. The there’ssome silenceand open space environment, all alignedtoour long- second dimension is empowerment, formymind to wander.Ithink that so that people closesttoaproblem at the core of creativityisemotion term marketing transformation EmilyPachuta have the responsibilityand information and storytelling. So,because Ihave a strategy.And these programs surpassedall of our previous metrics Chief Marketing & theyneed to solve the problem. The background in film, Igravitate to movies benchmarksso, of course,I’m proud of Analytics Officer,Americas thirddimension is being aconscious whereIcan lose myselfinboththe story communicator —transparentand and the craftitself — The Godfather those accomplishments.But I’mtruly Invesco frequent. We’veentered an eraof (Parts 1and 2), 12 YearsaSlave, Rear humbledbyhow the team has gone empathy, borne out of the challenges Window, Nashville, Roma —the listgoes about these accomplishments. It really we’veall facedand observed, and that’s on and on. It’s the holidays,soIwould is true whatPeter Druckersaid, that adifferentand higher standardfor all of add It’s aWonderful Life,too. cultureeatsstrategyfor breakfast. us as leaders. Whatnew technology areyou most Whatdoyou value most in a Whatdoes authentic marketing look excited about? businesspartner? likefor you? Howdoyou bring meaning and purpose intofocus? Our organization is very focusedondata In asset management, the potential and deriving insights from data to drive of marketing as arevenue driver is I’mveryluckytowork in apurpose-led moreeffective clientengagements. While notalwayswell-understood. Ivalue organization whereweunderstand thereare some very necessarytechnical abusinesspartner who comes to thatthe products and the experiences skill sets required to conduct the most the conversation with an open mind, we deliver canhelp create greater advanced analytics,there’sanopportunity possibilities forpeople.Asset to democratizedataand the use of data curiosityabout whatmarketing is all Membership is by invitation: management products,market dynamics, so thatthis essential and actionable about and awillingnesstochallenge [email protected] economic environments, these canbe information is in the hands of all who need me.When someone is willing to take highly technical subjects.Authentic it.I’m very excited about technologies that the time to learn and also challenge Read theextended version: marketing puts the person —not the simplifyand organizedatacapture, as your thinking, it means we nowshare CMONetwork.wsj.com/ companyorthe product —atthe center. well as technologies thatdemocratizethe acommitmenttoour clients’and our membervoicesinvesco It demystifies complexityand focuses on access to, and use of,data. firm’s success.

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A10 | We dnesday, December 23, 2020 **** THE WALL STREET JOURNAL. FROM PAGE ONE

der 18% in 2016, according to Amazon market-research company 1010data. Amazon’smarket sharestayedsteady,atjust Acts Like over half of online furniture sales,including itsdirect sales and those of outside vendors A Startup on itsplatform. TheAmazon spokesman, declining to com- ment on the Wayfair Parity ContinuedfromPageOne Team, said part of earning through the years, from dia- customer loyalty is making se- pers to footwear. lection and pricing as good or No competitor is too small better than competitors’. to draw Amazon’ssights. It cloned aline of cameratripods that a small outside company Powerful tool sold on Amazon’ssite, hurting In targeting competitors, the vendor’s sales so badly it Amazon’sprivate-label team is nowafraction of itsoriginal hasaccesstoapowerful tool: size, the little firm’sowner Amazon’s database of search said. Amazon said it didn’t vi- terms customers frequently olatethe company’sintellec- use. Theteam canadd those tual-property rights. terms to their product descrip- When Amazon decided to tions and detail pages to gain competewith furnitureretailer a boost on Amazon’s search

Wayfair Inc.,Mr. Bezos’sdepu- OL engine,some former Amazon PO

ties created what they called S private-label employees said. the Wayfair Parity Team, When employees on Ama- which studied how Wayfair zon’sprivate-label team in

procured, sold and delivered NGAN/PRES 2017launched itsGoodthreads bulkyfurniture, said people line of apparel,they sought to who worked on the team. Am- create an aesthetic similar to MANDEL azon and Wayfair declined to Amazon CEO Jeff Bezos testifies remotely during a House Antitrust Subcommittee hearing on antitrust in July. that of J.Crew, one of the for- comment on the matter. mer employees said. Parent Amazon set itssightson among retailers to choose Bull Market prices by 30%, Quidsi execu- companyJ.CrewGroup for Allbirds Inc., the maker of pop- which productsthey promote. tives were shocked and ranan yearsavoided selling on Ama- ular shoes using natural and The JusticeDepartment last Amazon has continually expandedintonew categories analysis that determined Ama- zon. J.Crew’s then-Chairman recycled materials,and last year launched abroad investi- in its online store. zonwas losing $7 forevery box Mickey Drexler in a 2017 con- year launched ashoe that looks gation of the market powerof of diapers, former Quidsi board ferencesaid he wouldn’t sell Amazon annual sales and major additions nearly identical to Allbirds’ large technologycompanies in- 1997 memberssaid. Senior Quidsi on Amazon because: “No.1, to products and services bestseller—without theenvi- cluding Amazon. Europe’santi- CDs, DVDs executives were even more sur- they ownthe customer” and ronmentally friendly materials. trust regulatorslast month prised when, the dayofthe would “takeevery bestseller Consumer electronics,toys,home-improvementgoods “You can’t help but look at a chargedAmazon with violating pricecuts, Jeff Blackburn,atop and put it intotheir privatela- trillion-dollar companyputting competition law. Amazon said 2000 lieutenant to Mr.Bezos, ap- bel collection.” their muscle and their pockets it disagreed with the allega- proached aQuidsi boardmem- So the Goodthreads manag- and their machinations of their tions and would continue to Officeproducts,clothing ber saying the companyshould erstook steps to help searches algorithms and reviewers and engagewith the commission. sell itself to Amazon, said a for“J.Crew” showresultsthat Sporting goods private-labelmachine all be- In October,the House Anti- person familiar with the mat- included Goodthreads,accord- hind something that you’veput trust Subcommitteeconcluded Jewelry, beauty products ter. Quidsi wasn’t forsale. ing to the person. Goodthreads your career against,” said All- a16-month investigation into 2005 Amazon Prime Quidsi started to unravel af- is nowone of Amazon’stop 10 birds Co-CEO Joey Zwillinger. tech companies with areport Baby products,cloud-computing services terAmazon’spricecuts, said private-label brands,according An Amazon spokesman said accusing Amazon of exerting LeonardLodish,aQuidsi to e-commerce intelligencefirm Amazon Kindle,firstown-brandedgadget the company’s shoe didn’t in- “monopoly power” over sellers boardmember at the time, MarketplacePulse.The Amazon fringeonAllbirds’ design, add- on itswebsite. “It’sveryclear missing itsinternal monthly spokesman said Goodthreads ing that the companyhas pre- that they use the enormous AmazonBasics electronics accessories projections forthe firsttime targetsanaesthetic common viously said: “Offering market powerthat they have to 2010 Amazon Studios to develop movies since 2005. The company felt among multiple brands and productsinspired by the maintain dominance,” Rep.Da- it had no choice but to sell it- isn’t unique to J.Crew. J.Crew trends to which customersare vid Cicilline (D., R.I.), chairman self because it couldn’t com- declined to comment. responding is acommon prac- of the subcommittee, said in an Wine petewith what Amazon was Allbirds launched itsfirst ticeacrossthe retail industry.” interview. Fine art doing and survive. Amazon shoe, “Wool Runner,” in 2016. This year,Amazon has ze- Amazon has denied exerting Music-streaming service, Echo smart speaker bought Quidsi in 2010 for The lightweight shoe became roed in on ShopifyInc., afast- monopoly power. In response 2015 Amazon Handmade storefront about $500 million. It shut an instant success.Amazon growing Canadian company to the investigation, it pub- down Diapers.comin2017, consistently contacted Allbirds that helpssmall merchants lished ablog post saying that saying it was unprofitable. between 2017and 2019 to sell createonline shops.Amazon “large companies arenot domi- BuysWhole Foods “What Amazon did was on itssite, said Mr.Zwillinger. has established asecret team, nant by definition, and the pre- Shipping with Amazon against the law. They were Allbirds always declined. “Project Santos,” to replicate sumption that success canonly selling diapersfor belowcost,” Allbirds’ team in mid-2017 partsofShopify’sbusiness be the result of anti-competi- said Mr.Lodish. “But what began noticing that, on model,said people familiar tivebehavior is simply wrong.” 2020 Prescription medicine were we going to do? SueAm- Google’ssearch engine,the top with the project. 0100 200 $300 billion azon for antitrust?” resultsfor “Wool Runner” were

Amazon executives often Note:2020sales is aFactSet estimate. TheAmazon spokesman de- knockoffs from outside vendors initiated effortslikethese on Amazon’s version Sources: FactSet; the company; staff reports clined to comment on the spe- on Amazon, Mr.Zwillinger their own, though in some At itsheight about adecade cifics of the Quidsi acquisition, said. Allbirds believed Amazon cases examined by TheWall ago, Pirate Trading LLC was lectual-property rights. when Amazon set up ateam to saying Diapers.comwasn’t wasbuying advertisementson Street Journal, Mr.Bezoshim- selling morethan $3.5 million a Several Amazon sellerssaid focus on it, according to profitable when Amazon ac- Google to siphon demand for self wasinvolved, according to year of itsRavelli-brand cam- they have received notifica- emails released as part of con- quired it.Mr. Blackburn de- the shoes to itself,hesaid. former Amazon executives and eratripods—one of itsbestsell- tions from Amazon that say gressional hearings. Amazon clined to comment. Then came Amazon’sGalen internal emails. ing products—on Amazon, said theirproductsare used or wanted to know how the New shoe.Mr. Zwillinger said he be- From its start as an online owner Dalen Thomas.In2011, counterfeit. Amazon suspends Jersey e-commerce company lieves search dataguided Ama- bookstore 26 years ago, Ama- Amazon began launching its their selling accountsuntil could deliver bulkypackages Wayfair Parity Team zon’sdecision to clone his hit zon has expanded into an on- ownversions of six of Pirate they can prove that the prod- of diaperssoquickly,said peo- In 2016,Wayfair wasanon- product, whichhesaid looks line retailer with apresencein Trading’stop-selling tripods ucts are legitimate, they said. ple familiar with the matter. line retailer of furniturewith “eerily similar” to his shoe. nearly everymajor category.It underits AmazonBasics label, To turn their accountsback Amazon in 2009 developed $3.4 billion in revenue that “I’m not saying whether they is also the leading provider of he said. He ordered one of the on, Amazon oftenrequests a12-step plan to take on year,compared with Amazon’s did or didn’t infringe. We didn’t cloud-computing services,a Amazon tripodsand found it that the sellersprovide details Quidsi, according to the emails $136 billion. Amazon had less getalawyer involved,” he said. gadget maker, a major enter- had the same componentsand on who manufactures their released by Congress. Action furniture selection than Way- TheAmazon spokesman tainment playerand arival to shared Pirate Trading’sdesign. productalong with invoices items in emails included “Beat fair,and itsso-called S-team said that the companydidn’t United Parcel ServiceInc.and Forits AmazonBasics products, from the manufacturer so that or meet Diapers.com’s6PM or- of senior vicepresidents— target Allbirds on Google ad- FedEx Corp. Mr.Bezosisthe Amazon used the same manu- Amazon can verify authentic- der time cutoff.” An internal some directly under Mr.Be- vertising and that it wasobvi- world’s richest man. facturer that Pirate Trading ity.Several sellerstold the email that year from atop zos—made the market aprior- ous wool shoes were trending. He still exhorts employees hadused. Amazon priced one Journal they provided those ity,said the people who Now, Amazon is targeting to consider Amazon astartup. of itsclone tripods belowwhat details to Amazon,only for worked on the team. one of the biggest pandemic “It is always dayone,” he likes Mr.Thomas paid his manufac- Amazon to introduce its own Jeff Bezos originally That year,Amazon launched beneficiaries,Shopify. With to say. Day two is “stasis, fol- turertohavePirateTrading’s version of their productsusing itsWayfair Parity Team, which the coronavirus causing store lowedbyirrelevance, followed version made,hesaid. the same manufacturer. considered calling analyzedWayfair’s business shutdowns, manysmaller re- by excruciating,painful de- Amazon suspended Pirate TheAmazon spokesman his company with the goal of eventually tailershaveinvested in creat- cline, followed by death.” Mr. Tradingcameratripod models said the companyrequestsin- selling on Amazon 90% of fur- ing online stores using Bezosoriginally considered that competed with the Ama- voices when thereisacoun- ‘Relentless.’ niture Wayfair offered, the Shopify’stechnology. calling his companyRelent- zonBasics versions repeatedly, terfeit claim and doesn’t use people said. Theteam grew to Earlier this year,Amazon less, and www.relentless.com Mr. Thomas said, alleging his information it requests about around 100 people.Itstrug- created atop-secret task force still redirectstoAmazon’ssite. tripods had authenticity is- aseller’s manufacturer to pro- gled to find Wayfair’s suppli- dedicated to studying the Ca- Mr.Bezosdeclined to be in- sues.Amazon rarely sus- cure private-label products. Amazon retail executivecalled ers. Wary of competitors, Way- nadian company and copying terviewed. Amazon declined to pended the tripod models that Mr.Bezosset out to make Quidsi “our #1 short term fair was buying items from partsofit, said the employees. provide an overall comment didn’t compete with Amazon- Amazon adestination where competitor,” and said: “we manufacturersand rebranding Amazon declined to com- on the topic of this article and Basicsversions,hesaid. In consumerscan find everything need to match pricing on these them to mask their identity, ment on Project Santos. responded only to specific ex- 2015,Amazon suspended all they want and continues that guys no matterwhat the cost.” said the people.The team Shopify didn’t respond to re- amples. Ravelli products, he said, and push. “Ifacompanyisoffering In aJune 2010 email chain eventually identified the man- quests for comment. Some rivals and partners even though the suspension something that Amazon thinks that included Mr.Bezos, ase- ufacturersbyordering Wayfair In October,the team pre- sayAmazon’scompetitivezeal ended, hiscompany’stripod they can do better, or can do nior executivelaid out tactics, productstocheck manufactur- sented its work to Mr. Bezos, lookslikeunfair practices.The businessisnow afraction of lessexpensively,then they will saying “Wehavealready initi- ing information and by going who wasenthusiastic that the Journal this year reported that thesizeitwas.Mr. Thomas trytodoit,” said Patrick Win- ated amoreaggressive‘plan to to trade shows to find Way- project could help stem the Amazon employees used data said he found being aseller on ters, an Amazon Prime Video win’ against diapers.cominthe fair’s suppliers, they said. defection of sellers to its Ca- about independent sellers on Amazon tooriskyand has manager who leftthis summer diaper/babyspace,” aplan that Amazon didn’t stop Way- nadian rival, said the employ- itsplatform to develop com- largely pivoted to real-estate to work for Albertsons Cos. included doubling Amazon's fair’s growth. Thesmaller ees.Amazon hasn’t launched peting products and that it investing.The Amazon spokes- Quidsi, parent of Dia- discountsondiapersand baby companyincreased itsshareof the project yet, they said. hasused the investment and man said the AmazonBasics pers.comand Soap.com, be- wipes to 30% off. online furnituresales in the —Sebastian Herrera deal-making process in ways tripods don’t violateany intel- came atargetadecade ago, When Amazon cut diaper U.S. to 25% last year from un- contributed to this article. that entrepreneursand others said helped it develop prod- ucts that competed with its would-be partners. Journal re- porting showed how Amazon has limited some competitors’ ability to promoterival streaming devices and other gadgetsonits dominant e- commerce platform. Mr.BezosinJuly testimony

to the House Antitrust Sub- S

committee about the Journal’s PRES private-label article,said: “I UMA

can’t guarantee youthat that /Z

policy has never been vio- TER

lated.” TheAmazon spokesman GIS said the companydoesn’t use RE

confidential information that UNTY companies sharewith it in the CO mergers-and-acquisitions and ANGE

venture-capital processes to OR

build competing products. Am- ON/ azon didn’t directly address PIERS

the question of whether it Y hobbles rivals’ marketing,say- TERR ing it is common practice Mr. Bezos still exhorts employees to consider Amazon a startup; ‘It is always day one,’ he likes to say. Above, an Amazon Fulfillment Center in Eastvale, Calif., in May. P2JW358000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, December 23, 2020 | A10A GREATER NEW YORK Hunt Is on for Signs of New Virus Strain

NewYork stateasks Concerns about the strain prompted Mr.Cuomo on Mon- hospitals to check for day to request travelers from Covid-19 variantthat the U.K. be tested forthe virus beforelanding at NewYork has emerged in the U.K. airports. Covid-19 cases continued to BY JIMMY VIELKIND rise acrossNew York,with AND KATIE HONAN 6,661 hospitalized statewide on Mondayand 139 people dy- NewYork health officials ing of the virus, according to areasking hospitals around state data. thestate to test forthe new Of the 164,868 Covid-19 coronavirus strain that has testsreported to stateofficials emerged in the U.K., Gov. An- on Monday, 5.89% were posi- drew Cuomo said Tuesday. tive, Mr. Cuomo said. Although therewas no evi- NewYork City MayorBill de dence the strain has made its Blasio introduced on Tuesday way to New York, Mr. Cuomo an outreach campaign to edu- said health officials believe it cate residentsabout the could have traveled globally. Covid-19 vaccine,which the city “Ifit’sherewewant to started administering last week. knowit—wewant to isolateit Morethan 22,000 people immediately,” the Democratic have been vaccinated so far, governor said during aconfer- Mr.deBlasio said, with ence call with reporters. health-careworkersthe first “Chances are, if it’sbeen to receive doses. moving globally,itcame here,” “Weare launching amas- Mr. Cuomo said. A/REUTERS sivevaccination campaign at UR

Thestate-run Wadsworth AM breakneck speed, guaranteeing

Center laboratory in Albany IW that avaccine will be safe,

already has started aggressive YUKI free,and easy to getfor all research intothe newerstrain A Crown Heights Center for Nursing and Rehabilitation employee received the Pfizer-BioNTech vaccine in Brooklyn on Tuesday. New Yorkers,” he said. of the virus that causes Mr.deBlasio said thou- Covid-19, and has joined with looked at more than 3,700 vi- Thetest is complicated, the provide authorization and the U.K. researcherssay they sands more New Yorkers will sixother hospitals to obtain russequences found in New governor said, but if a hospi- necessary materials. believethe variant could be as receivethe vaccine in the other samples,the governor York and haven’t found the tal-based laboratorysome- Thenew strain wasfirst de- much as 70%moretransmissi- coming months,and the city is said. U.K. variant yetinsamples, where in the state has the ca- tected in England in September ble than moreestablished focused on neighborhoods Workersatthe lab have Mr. Cuomo said. pacity to do it, the statewill and identified last week. strains. hardest-hit by Covid-19. New Yo rk Is Set to City Moves to Expand Camera Use Close Three Prisons BY PAUL BERGER AND KATIE HONAN

BY JIMMY VIELKIND closed 26 adult and juvenile NewYork City will ask the detention facilities as the statefor permission to operate NewYork stateofficials will number of inmateshas de- speed cameras around the clock close three upstate prisons in clined by about 21,000,accord- as deaths of drivers, motorcy- coming weeks,amovethey ing to the governor’s office. As clistsand passengersappear said wasjustified by adeclin- of Dec. 1, therewere35,353 in- poised to reach their highest ing inmatepopulation and a mates in New York state pris- annual levels in nearly 15 years. looming budget deficit. ons, according to DOCCS. MayorBill de Blasio said Thestate Department of State SenateMinority Leader Tuesdaythat almost three- Corrections and Community RobertOrtt, aNiagaraCounty quartersoftraffic deaths this Supervision said Mondayit Republican, called on the de- year occurred at times or in S would close the prisons at the partment to reverseits deci- places whereautomated speed PRES

end of March.They arethe sion. “It is no secret that Albany cameras aren’t allowed. He TED Gowanda Correctional Facility has buckled under the pressures said one-thirdofnon-highway CIA SO

in Erie County,the Watertown of pro-criminal special interest deaths happened in speed- AS Correctional Facility on the groups,but to makethis an- camerazones at times when II/ outskirtsofthat city and the nouncement the week of Christ- the cameras can’t issue tickets. Clinton Annexnear Plattsburgh. mas is distasteful,” he said. NewYork staterestricts ANKLIN FR Republicanpoliticians criti- As of Dec.7,DOCCS officials whereand when the city can ANK

cized the move, saying the clo- said, 277people worked at operatecameras.According to FR sureswould cause hundreds of Clinton Annex, 671 at Gowanda statelaw,they canonly be City officials say the pandemic has caused an increase in speeding and other reckless behavior. job losses in struggling areas. and 306 at the WatertownCor- placed within aquarter mile of Theadministration of Gov. rectional Facility.Mr. Mailey aschool and operated on week- the number of crashes involv- said the program is working. influence. She said she would Andrew Cuomo said the closures said the department doesn’t days from 6a.m. to 10 p.m. ing injuries or deaths falling He cited a decline in the an- join the administration in lob- would save about $89 million a anticipatelayoffs,and would Mr.deBlasio said he would about 30% during the pan- nual number of pedestrian bying Albanytoexpand the year and that the nearly 1,500 work with guards to transfer appeal to the stateLegislature demic,according to arecent deaths. The toll for the year use of speed cameras. inmates in the facilities would them to other facilities. to allowthe city to operate Wall Street Journal analysis of through Dec.21was 98 and is Thecity deploys the cam- be transferred to other prisons. NewYork State Correc- the cameras round the clock. Transportation Department on track to be the lowest since eras at 750school zones. Theclosures were autho- tional Officers and Police Be- He acknowledged at anews data. For every 1,000 serious recordsbegan in 1910.The to- Speed-camera tickets peaked rized as part of the statebud- nevolent Association President conference that many drivers tal number of road deaths in in Aprilatjust over 500,000 get adopted in April. Michael Powers, who repre- don’t likethe cameras and the city so far this year is 238. that month, according to city DOCCS spokesman Thomas sentsofficersand sergeants that even he has received tick- Mayor will ask state It is on track to be the highest data. Sincethen, they have de- Mailey said theclosures con- working in state prisons, said ets. “But youknowwhat, they fatality count since2014. creased to about 300,000 tick- tinue Mr.Cuomo’s push to “additional closures will only change behavior,” he said. Legislature to allow This year’s rise in fatalities ets issued in November. changecriminal-justicelawsand servetocondense the prison City transportation and po- NYC to operate the has been fueled by deaths of Ed Pincar,the interim se- close unused prisons—manyof population within adecreasing lice officials saythe pandemic 117 drivers, motorcyclists and nior borough commissioner for which were constructed or ex- number of facilities,further has caused an increase in devices 24­7. passengers, a72% increase the city’s Transportation De- panded when his father,the late jeopardizing the safety of NY- speeding and other reckless from the same period last year partment, said the current rate 1 Mario Cuomo,was governor SCOPBA members and the in- behavior,especially at night and the highest number of of ticketsisabout 1/2 times from 1983 to 1994. mate population as a whole.” when roads are less busy. Re- such deaths since 2006. more than the same period Mr.Mailey said the decision Jose Saldana,director of searchersatthe federal Na- crashes from April through NYPD Chief of Transporta- last year.Hesaid city data to shut the prisons wasbased the Release Aging People in tional Highway Traffic Safety November,therewere8.6 tion Kim Roystersaid at asep- showedcameras have reduced on the condition of the facili- Prison Campaign, said Mr. Administration have noted an deaths—almost twiceasmany aratenewsconferenceTuesday speeding in school zones by ties andprograms that were Cuomo should go further and increase in speeding and in as in the past three years, the that additional officerswould morethan 70%and cut injuries offered, the locations of prior grant clemencytoolder in- road fatality ratesnationwide analysis found. be deployedonhighwaysand by 17%. He added that two- prison closures and the ability mates who are at risk of seri- during the pandemic. NewYork City launched an local streetsoverthe holiday thirds of driverswho receivea to reuse the sites. ous health problems if they Fatalities in New York City initiative in 2014 to get road period to monitor speeding violation don’t receiveanother Since2011, the statehas become infected with Covid-19. have risen this year despite deaths to zero. Mr. de Blasio and people driving under the ticket within acalendar year. Iconic City Newspaper, the Village Vo ice, Is Slated to Return

BY LUKAS I. ALPERT from PeterBarbey,anheir to bring it back to print as aquar- Voice’sassets, except forthe “Though we were not able Jonas Mekas,Robert Christgau the fortune behind fashion terly starting at the end of Obie Awards foroff-Broadway to overcome the economic and Michael Musto. It won TheVillageVoicewill be brands North Face and Timber- March. Itsprint frequencymight theater productions. conditions facing the news- three Pulitzer Prizes forinves- heard again. land who bought the publication increase over time,hesaid. Sinceclosing the Voice, Mr. media industry, we have since tigativefeatures on politics Theiconic NewYork alter- in 2015,but closed it three years “I believeitissomething Barbeyhas worked to digitize worked tirelessly to ensure and corruption,and washome native weekly,which closed in later.The pricewasn’t disclosed. that is going to be needed itsarchives,which dateto that the VillageVoiceinspires, to muckraking reporterslike 2018 aftermorethan half a Brian Calle,the chief execu- when NewYork begins to fully 1955, when it was founded by informs and educates future Wayne Barrett, Jack Newfield centuryofchronicling the tiveofStreet Media and pub- reopen next year,” he said. agroup that included author generations,” Mr.Barbey said. and Tom Robbins. city’s cultural life, will return in lisher of LA Weekly and itssis- Mr.Calle said he plans to Norman Mailer.Mr. Calle said Fordecades,the Voiceset Thepublication created the early 2021 with anew owner. terpaper,Irvine Weekly,said he begin with a handful of staff- the work is about 90% finished the pacefor artscoveragein templatefor alternativeweek- Street Media, aCalifornia in- intends to begin publishing new ersand would add moreasthe and when it is done,the ar- NewYork City,featuring work lies,typically offering left- vestment group that owns LA content on the VillageVoice publication re-establishes it- chivewould be donated to a by well-known columnistsand wing perspectives not found in Weekly,has acquired the Voice websiteinJanuaryand will self. The sale includes all the public institution. critics including Nat Hentoff, the mainstream press.

In-house self-winding movement, 40mm steel case P2JW358000-2-A010B0-1------NS

A10B | We dnesday, December 23, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet The Naked CowboyDisplays True N.Y.C. Grit

The Naked a genius to come here,’” he Cowboy is says. “But it’s the very last turning 50 place I went.” this week. His focus shiftedashis no- And if you ask toriety grew.Now,hewants me, he’s got morethan fame—he wants plenty to celebrate. Every fame and fortune.“Money, single day through the pan- money,money,” he says. demic, the one-man tourist “Richest man in the world.” attraction showed up to do He’s tried everything from what he’s always done—per- selling Naked Cowboy figu- form in the middle of Times rines and recording three al- Square wearing only his hat, bums to serving as a wed- boots and tight, white under- ding officiant—a Times wear. He was out strumming Square ceremony costs $500. and singing even when the His current goal: To land a district was deserted and he multimillion-dollar deal by wasn’t making a dime. Christmas. “With a $100,000 “He is, absolutely, an in- signing bonus,” he says. “It’ll the-flesh representation of happen, it’ll happen.” the resilience of Times But first, another day in Square and New York,” Tim Times Square. After chang- Tompkins, president of the ing into his costume in a Times Square Alliance, said. parking garage, the 6-foot-2-

“A representation of how we GRI/REUTERS inch Mr. Burck—suddenly 6 just keep going.” inches taller in his hat and ALLE

But most of us aren’t O boots—boldly stepped out

showing up near-naked in a CARL into the freezing drizzle, snowstorm, like the cowboy Robert Burck, better known as the Naked Cowboy, performed during a recent nor'easter. His Times Square appearance made him a singing and strumming. did last week. How does he global symbol of the lockdown. The 50-year-old routinely works out, below, at a bare-bones gym in Queens, where he lives. “Well, I’m the Naked Cow- continue? boy, you gotta do what you Irecently stopped by the tourists vanished from the abottle of vodka and ducked gotta do!” he belted, stroll- NakedCowboy’sapartment in city. Licensing revenue from intoa7-Eleven forasecond ing up Broadway. Queens to watchhim prepare his eponymous oyster brand breakfast: sliced turkey and a As NewYorkerswill do, forthe day. Theperformer, plunged. And the extra in- protein shake. most of the locals ignored him Robert Burck,was already pe- come he typically earns from Driving to Manhattan, we as they passed, ducking their rusing his “Naked CowboyDi- appearances and product en- listened to his X-ratedcoun- heads as if they didn’t see the alogue,” the lengthy, self-mo- dorsements—such as the trysongsbeforetuning in to handsome,shining,near-na- tivational pep talk he reads to long-running TV commercial aconservativeradio talk kedsinger in their path. himself everymorning. he shot for a Queens car show. Abig Trump supporter, Their stubborn determina- “I want unlimited wealth, dealership—all but dried up. Mr.Burck remains ared-state tion to pretend nothing odd

financial independence, and JOURNAL cowboyinabright blue town. was happening—and Mr.

anything Iwant, whenever I his year,for the first REET Burck’s cheerful determina-

want, as oftenasIwant, with time sincehestarted ST r. Burck grew up tion to ignore the fact that T LL whomever Iwant,” he read performing in Times near Cincinnati and almost everyone was ignor- Square22yearsago, he had WA M aloud from atatteredprintout. was “a crazy, out-of- ing him—suddenly made me THE

The dialogue went on and to borrow from his retire- R whack kid who was always in love New York City more

on: “I want my fortune to be ment account to paythe rent. FO trouble.” He studied political than I ever have in my life.

unequaled in the history of But he looks on the bright DET science in college and Happily, he soon bumped mankind…I am committed to side: His fame rose to new KA worked as a stripper before into a band of tourists from

leaving an indelible mark on heights this year as shots of ANNE inventing his Naked Cowboy Colombia. He sang to them this world…” him playing a desolate Times persona while performing on in Spanish and posed with “I’ll do this and get com- Square became a global sym- aweek.Hehas no children, his sushi and coffee. Now, California’s Venice Beach them for a photo. They pletely jacked out of my bol of the lockdown and no lease,and says all his pos- she joins him for much of his boardwalk in 1998. He loved laughed and smiled and mind, excited to go,” Mr. landed him on the cover of sessions would fitinthe back daily routine, appearing, at the attention. “I was ready slipped him a $20. He asked Burck said. New York Magazine. of his SUV: “I’m not tied to times, as the Naked Cowgirl. to be the Naked Cowboy for how long they planned to The relentlessly positive Another strategyfor stay- anything and never will be.” Dialogue finished, Ifollowed the rest of my life,” he says. stay in New York. Mr. Burck won’t say this, but ing motivated? Atotal com- One exception: Eight years Mr.Burck as he prepared He spent the next year “I’ll see you at Christmas, I will: It’s been a tough year mitment to being the Naked ago, he married Patricia breakfast—seven eggs gobbled performing in public spaces then,” he called as they de- for the Naked Cowboy. Cowboy. Mr.Burck follows a Cruz, a belly dance instruc- straight from the frying pan— across the U.S. New York parted. “I’ll still be here!” His tips, which can top strict, taxing exercise,diet tor he met at a Times Square drovetohis bare-bones gym, City was the end of a long $500 a day, plummeted as and work routine seven days cafe when she served him stopped by the liquor storefor road. “People say, ‘You were [email protected]

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FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. We dnesday, December 23, 2020 | A11

Clockwise, from top left: Sidney Bernstein, Josephine Garcia de la Renta, Claudia Rosen and Sylvia Cahan, Eric Pagremanski and his mother, Anna, in 1937, Margaret Knowlton Bach and Nancy Smith.

TheBest Advice Our Elders

BONDS Ever Gave Us ELIZABETH BERNSTEIN best hard-times advice they ever food forthe holidays.Appreciate grets,” says Ms.Olson. Find joy. got from an older family member the day, no matterhow difficult.” Kelly Miller,aretired teacher in Marcy Clark’s grandmother, Jose- few years ago in a mo- or friend. Here it is. Platte City,Mo.,says her grand- phine Garcia de la Renta, showed ment of terror, I called Manage your emotions. motherstaught her to imagine that her how memories can lift you up. my Uncle Sidney. Hurri- Think positive. Orville Bach, a Yellowstone Na- “tomorrow will be better.” They both This summer Ms. Clark found a cane Irma was bearing Claudia Rosen, a licensed clinical tional Park ranger and retired pro- “lost everything” in the Depression, transcript of a lecture her grand- down on South Florida, social worker in Evanston, Ill., says fessor, says his mother, Margaret yetremained positive. She’sfollowed mother gave to her church. She A her mother, Sylvia Cahan, taught Knowlton Bach, taught him how to their example during difficult times, talked about her travels and career where I live, forecast as a Category 5. I didn’t evacuate be- her that she has control over her ease tension in a relationship: “Go such as job searches or parenting as a nurse, but also about losing cause I planned to report on the mood. Her mom was an English out and water the garden.” Rather challenges.“Thecornerstone of their her mother at age 11, her little aftermath. Much of what I hold teacher who often quoted Shake- than take her frustrations out on adviceishope,” Ms.Miller says.“If brother, most of her possessions dear—my family, home and be- speare: “For there is nothing ei- her husband when she was upset— youcan manifest hope,then youcan during the Depression, and a son loved old sailboat—was in its path. ther good or bad, but thinking say, when he tracked mud in the have the strength and the fortitude to AIDS. Ms. Clark read it crying in Uncle Sidney—a former sur- makes it so.” “I was raised to be- house—she tended to her plants. to carryon.” bed. “It helped me see that you Y geon and Vietnam veteran, who lieve that even when I don’t have It’s been helpful advice for the The family friend whom Davia can experience the worst loss MIL

FA lost ason and whose parents control over external events, such quarantine, when “we’re cooped imaginable and still there can be GE lived through poverty in the Great as the pandemic, my attitude can up more with just our spouse, joy, adventure, success and happi- PA Depression—listened to me pour significantly affect my experience,” frustrated over restrictions, and ness in your life,” says Ms. Clark,

SEN; Many of us are relying out my fearsfor afew minutes. says Ms. Rosen. it’s easy to be ‘chippy’ or nag at who owns a public relations com- RO When he spoke, he wasdirect: Anne Smith, a music teacher in the very people we love most,” now on wisdom we pany. UDIA “Pull yourself together,” he said. Jupiter, Fla., recalled her mother’s says Mr. Bach, who lives in Boze- received long ago from Ken Page’s father, Eric Pagre- CLA “You need to be the person your advice on how to cope with uncer- man, Mont. manski, a Holocaust survivor, Y; 17-year-old self always wanted tainty. Years ago while her mom older family members. taught him to find happiness even MIL

FA youtobe.” was frosting a cake, Ms. Smith Look to the future. in the darkest times. Throughout My uncle reminded me of how worried she would run out of ic- Charise Olson, an executivedirec- his life, his dad told a story of CLARK badly I’d wanted to be a writer ing. Nancy Smith—who raised nine torfor anonprofit in Cleburne, when he was a child in Lithuania and to be adventurous. He called children on her husband’s Texas,says her grandfather Temin considers her “second in the late 1930s. One day an old CHEL; the storm an “opportunity of a teacher’s salary—replied: “Always taught her to think long-term. mother” has often advised her that friend came to visit the family, and

MURS lifetime” for a reporter. And he proceed as if there will be When she was20, he gaveher ad- “nothing lasts forever.” The friend told them: “Now comes a time of J. told me to focus. “Go find your enough.” viceasshe decided between stay- told her stories of the polio epi- great joy.” Someone asked what he safety,” he said. “Then suck it up ing in her stable job or moving demic, when she had to avoid meant and he said: “Every day

MICHAEL and start composing.” Focus on what matters. several states away forafun tem- swimming pools and large gather- that we are safe there will be joy. Y; Think of the best advice you’ve TamaraWilson’sgrandmother poraryone.Heasked her to con- ings and stay indoors more than Every time we can eat and our MIL

FA received. Chances are it came from taught her to simplify. AfterMs. sider what she would most value she liked. children can eat there will be joy.

CH someone older and wiser, who Wilson’sSeattle marketing firm lost when she looked back yearslater: “Her message was that the Every day that we survive, moving BA knows a thing or two about get- businessthis year,her mother having afun newexperienceor world returned to normal,” says us one step closer to freedom, ting through tough times. You’ve passed along her grandmother’s De- sticking with stability.“As Ifaced Ms. Temin, who owns a crisis man- there will be joy.” SMITH; probably channeled it during the pression-erarecommendations: incredible challenges around agement consultancy in New York. “My dad survived a concentra-

ANNE pandemic—just as I’ve done with “Buy only thingsyou need. Treat work due to the pandemic,I “And the best thing is to stay re- tion camp, and that message was : Uncle Sidney’s guidance. yourself onceinawhile with an ice thought of him and the idea of lentlessly focused on the upside of part of what helped him,” says Mr. LEFT As we close out this toughest of cream cone or beer.(They’reafford- pursuing the option that would the future, and what you can ac- Page, a licensed clinical social OM

FR years, I asked readers to share the able.) Usethe library. Givegifts of leave me with the fewest re- complish in it.” worker in New York.

MY RIDE |A.J.BAIME 13,Ispentalot of time helping my the other half.Wegot grandpa. He had this 1949 Chevro- the truck in December let Styleline sitting behind his of 2013. This Vintage house thatIhad alwaysloved. So Ispentalot of time in exchange forthe work,hegave with my dad working me thatcar.Ithadn’t run sincethe on it.Ithad the wrong Ford F-100 Is early ’60s.Istill have it.The body engine in it,sowe is off, and Iamtaking my time found a302 cubic inch StraightOut with it. V-8likethe one thatit Thatsame year,Iwas on Craigs- should have had. I Of the 1970s listlooking at old truckswhen an spentalot of time re- ad forthis 1970 Ford came up,for building thatengine. $700.Iwas instantly attracted to The interior of the Josh Fear, 20, a classic-car repair- the body.Those trucksdid notal- truck wasingood man from Howell, Mich., on his 1970 wayshold up so well in Michigan shape,but the seats Ford F-100, as told to A.J. Baime. because of rust, so youdonot see needed reupholstering. them oftenhere. To me it looked By the end of the lot of people think it’s funny unique,and greenhas alwaysbeen summer in 2014,Ihad Athat a person my age would one of my favoritecolorsoncars. thattruck moving and spend so much time working We calledthe guy who ownedit; stopping. Icould drive on cars that were made years be- he wasinNew Mexico. Ihad half around our yard.Iwas Josh Fear spent years rebuilding his 1970 Ford F-100. He got it when he was 13. fore I was born. I spend a lot of the moneyand Isold aminibikefor still along way away time with people a from getting my lot older than me. I driver’s license. Motor City Rockets Oldsmobile club. one else said, “Hey can you fix like it that way. Iamreally into NOSstuff,which While I was working on that car, I this?” I said, “Yeah, I can.” I have (2) Growing up in means newold stock.Thatmeans would drive my Ford truck to Olds- been working so long on my 1949 Michigan, it seemed things that would have been pur- mobile events and the guys would Chevy, I applied and was accepted

JOURNAL likeeveryone I chasedfor avehicle when it was laugh and say I was their token to be the technical adviser for 1949 knew—everyfam- neworafew yearsold, thatwere Ford guy. I am still working on that and 1950 Chevrolets for the Vintage REET

ST ily—was somehow neverused. Forexample,for my Ford, Oldsmobile. The Ford truck is the Chevrolet Club of America.

LL connected to the IboughtaRadio Shack CB radio one vehicle that I have put enough I never imagined that I could ac-

WA autoindustry. My from 1977,and an 8-track cassette time into that I can really drive and tually work on vintage cars for a job

THE dadwas into clas- playerfrom1975. Ihave acouple car- enjoy. I drive it regularly in the sum- in the future, but now that seems R

FO sic cars.Mostof rying casesof8-tracks. Ifound a mertime. realistic to me. I have also made a my uncles were bumper sticker from 1976 celebrating One day an Oldsmobile club lot of great friends. In almost all the into classic cars.In the country’sbicentennial. member asked me if I would help conversations I have about cars, I

KIRKLAND the summer of Later, I bought a 1953 Oldsmobile him fix the power windows on his am the youngest person there. I

ERIN 2013,when Iwas Super 88 and I joined the vintage convertible. I said sure. Then some- guess that’s just the way it goes. P2JW358000-0-A01200-1------NS

A12 | We dnesday, December 23, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL.

pressure is really difficult.” One mother in Southern California said that both of her teenage sons, who had never cheated in person, did so re- cently in remote school. She said they attend a highly competitive school where many students go on to top uni- versities, and both were caught plagia- rizing in different classes. She said one son’steacher gavehim an Fonthe assignment, significantly af- fecting his overall grade in the class, and is upholding the school’szero-tolerance policyfor cheating despiteher effortsto disputethe grade.“Idon’t think the cheating wasjustified,” she said, “but I don’t think his collegeopportunities should be affected by one moment dur- ing such achallenging time.” Some parents have told me their children have had to “collaborate” with friends on assignments and tests be- cause they feel it’s the only way they are learning much this year. Jen Norton, of suburban Fort Worth, Texas, said the school year has been chaotic, with numerous teachers at her daughter’s school resigning. She said her daughter—a junior taking five Advanced Placement classes—has some great teachers but has one who only

T posts assignments online and doesn’t give any lectures. FEIND

N “I told her that the teachers who JA are giving her their best deserve her BY respect and that she should give them ION

AT everything she has, and that means not

TR cheating,” she said. But she waived US

ILL that advice for the seemingly less-en- gaged teacher. “I said, ‘You give to her what she’s giving to you, and if that means goo- gling an answer on a quiz, I’m fine dren to getintotop schools. with that, or if that means asking a Cheating Is theNorm in Colleen Morris, an English teacher at friend something over text, I’m fine North Allegheny, changed the way she with that because she’s not giving you assesses studentsthis fall to curb cheat- her best,’ ” Ms. Norton said. “I didn’t ing.She said cheating wasrampant well think I’d ever be OK with telling my kid beforethe pandemic but waseasier to to use her resources and google things, Some Virtual Classes manage. Theusual deterrents, such as but that’s where I am right now.” walking around the classroom during tests, arenow gone. ith high-school students She says that teachershavetold stu- Ms.Morris decided to switch from fresh off exams,many dentsthey areaware that cheating is multiple-choiceexams to writtenand Googling or teacherswill be eyeing happening and some have said they feel oral tests. She uses Flipgrid, avideo app Tests texting for their test answers care- powerlesstostopit. Some teachershave foreducators, in which she sends stu- might be done via fully.Remoteschool has imposed time limitsontests, making it dentsaquestion about their reading as- video to combat W signment and gives them 15 minutes to answers is made certain kinds of harder to cheat. Lucie said it’seasier to cheating, with pervasive, cheating easier than ever,leading stu- have actually studied the material in record themselves answering it. dentswho maynever have considered it those cases,because looking up answers Still, nothing cantotally prevent students recording teacherssay beforethe pandemic to google answers, in books or on Google takestoo long. cheating.Just last week,she caught spoken answers text friendsorpeek at their notes. Other teachers, she said, have switched two studentsplagiarizing on awritten The difficult situations students to open-notes tests. test. She said they liftedtextstraight face this year raise a question: Is it Lucie said teachersather school from SparkNotes,anonline study guide Ethicistsfear that cheating won’t ever OK to cheat? Should the normal don’t requirestudents’ cameras to be on that states on itswebsite, “We’rehereto suddenly stop oncestudentsreturn to rules apply in a year that has been during tests. Some schools do.Other help youlearn, not to help youcheat.” in-person classrooms.“Theproblem anything but normal? districtsare using sometimes-controver- Ms.Morris said she is certain cheat- with saying cheating is acceptable here “I know a lot of kids who will Face- sial tech to catchorprevent cheating, ing in her classes would be moreperva- is it becomes an ethical slipperyslope, Time during tests and take them to- such as AI-poweredonline proctoring sivethis year if she hadn’t changed her wherecheating on one exam maylead gether, or kids who have a Google tab services and software that canlock approach. Under her school’scode of to cheating on other exams or in the FAMILY open during tests,” said Lucie Flagg, a down browsers. Theprincipal at her conduct, the penalty forcheating is a workplace,” said Steven Mintz,aprofes- & TECH high-school senior in Wexford, Pa. “I school, North AlleghenySenior High zero on the assignment plus detention— sor emeritus at California Polytechnic JULIE think everyone knows it’s probably not School, declined to comment. but detention isn’t an option anymore, State University in SanLuis Obispo who right, but it’s also the easy way out. A Educatorsand ethicistssay cheating sincethe school is fully remote. writes an ethics blog.“Cheating canbe- JARGON lot of kids are just done with remote in high school is driven largely by the “Usually the parents fight hard to come habitual. With kids,you’retrying learning and have no motivation to put competitivenature of collegeadmissions get their students at least some to develop good habitssothey canap- in the work this year.” and the pressureparentsplaceonchil- points,” said Ms. Morris. “The parental ply them to later situations in life.”

MUSIC REVIEW |MARK Mr. Mathers’s appeal can be One thing youcan sayisthat Mr. Matherscompares his rhymes to the thrilling to hear Mr.Mathersdoing RICHARDSON traced to the catharsis of his an- Mathersunderstands everycom- coronavirus,because both canbe his thing on the microphone,un- ger, the humor of his insults and plaint about his music and lays it transmitted“right off the bat.” In spooling intricaterhymes that work the virtuosity of his rapping. Occa- out in detail, responding to his crit- “She LovesMe,” alusty number through everypossibility of avowel Wordplay sionally, he’ll tackle a longer narra- ics.On“These Demons,” he says “I about awoman, he raps “I put the sound or the rhythmic variations tive or extended metaphor—his want youtochange, but don’t moves on youlikeaU-Haul,” while found in specific clustersofwords. ThatWears 2000 hit “Stan,” about the danger change/Iwant youtogrowup, but “So let’scut to the chase likeOJ/In On tracks like“Tone Deaf” his of obsessive fandom, being the don’t age/Iwant the rage,but his Broncogoin’ up the roadway” in verses areliketable-sized jigsaw Thin most famous example—but these don’t gettoo angry,” while on “Book “These Demons” wasalready dated puzzles being solved at high speed, forays are hit-or-miss. “Darkness,” of Rhymes” he adoptsthe thinking by the time of his firstmajor-label and it’shardnot to marvel at how a track from the original “Music to of his nemeses and wonders“What album. Given the enormous number all the pieces fittogether. sthey grow older,rappers Be Murdered By,” tried to get in- happened to Slim? He wasnocap of wordsfound in these songs— Still, finding these pleasures Atend to transition to other side the mind of Stephen Paddock with the pen /Heused to raplike manyhaveover takesagreat deal of work and en- ventures,whether acting, during his 2017 mass shooting in the people his music wasfor /He 1,000—thereare durance. Likesomuch of Mr. business, production or some dif- LasVegas,but it carried no in- wasexactly likethem /The dude dozens of ex- Mathers’soutput sincehis 2009 al- ferent pursuit—for artistslikeDr. sight. “Side B” is alower-stakes who used to be poor,why can’t he amples like bum, “Relapse,” “Side B” is exhaust- Dre, JayZand 50 Cent, making collection without an ambitious tapintohim?” His main point—that these. ing.The final song,“Discombobu- recordshas become just part of a set-piece. These songs, several of he’sdoomed whether he growsand Even with lated,” featuresproduction from Dr. diversified portfolio.And then which feature productions by Mr. changes or tries to recapturehis all this crude Dre, the mogul who firstsigned him there’sEminem, born Marshall Mathers, exist to showcase his prankster past—is astutebut not and tossed- in the late1990s and produced some Mathers, who is not only the big- wordplay, settle afew scores,and much funtolisten to repeatedly. off humor, of his biggest early hits. It’sadelib- gest-selling rapper of all time but crack awhole lot of jokes,asig- Thereare afew solid jokes here it’socca- erateattempt to recapturethe play- also one of the most influential. nificant percentageofwhich are and there, but the embar- sionally fulnessofthat formativework,but At age48, he still seems inter- cringe-inducing. rassing ones arethe Mr.Mathersdoesn’t convincingly ested in hip-hop aboveall else. Like the record from earlier this most memorable. convey joyinhis music these days. While his work over the past 10 year, “Side B” features an opening Take “Gnat,” in Afterrunning through stories about yearshas shown flashes of matu- track and interludes that sample which Mr. his formativeyearsand then joking rity,onthe whole it’sassilly and Alfred Hitchcock, setting the stage about an AIDS test, he shoutsout offensiveashis earliest work,if for a collection of horrorcore rap Eminem his mentor and 50 Cent over the far lessentertaining. in which songs unfold with the performing in outro. Then comes the blissful relief S In January, Mr. Mathers re- grisly imagery of slasher films. It’s February of silence. It’snot quiteright to call PRES leased “Music to Be Murdered By,” the kind of subject matter 13-year- “Side B” unnecessary, sinceit’s

TED his 11th full-length LP, and on Fri- olds are instinctively drawn to, but about on par with “Music to Be CIA day he bookended the year with for older listeners it gets dull Murdered By.” Bettertosay this SO

AS its surprise-release sequel. “Music quickly. Another frequent topic on one is strictly forfans only. O/ to Be Murdered By—Side B” the record, which Mr. Mathers has (Shady/Aftermath/Interscope) is a returned to often throughout his Mr. Richardson is the Journal’s PIZZELL complete album with 16 songs of career, is his annoyance at those rock and pop music critic. Follow

CHRIS new material. who dismiss his work. him on Twitter @MarkRichardson. P2JW358000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, December 23, 2020 | A13 ARTS IN REVIEW

FILM REVIEW |JOE MORGENSTERN Quiet Ballad of theLostand Found

TomHanksstarsinPaul Greengrass’slatest, about an impoverishedwidowerwho tries to help asilent, abandonedgirl in 1870

om Hanks gets the best lines in “News of the World,” playing exclu- sively in theaters. He Tdoes them justice, as al- ways, but his co-star, an extraordinary 12-year-old named Helena Zengel, gets the best si- lences. They give the film its di- mension of mystery. Theyear is 1870, only afew yearsafter the Civil War, and the placeisnorthern Texas,whereMr. Hanks’sCapt. Jefferson Kidd is trav- eling by horse and wagonlikeacir- cuit-riding preacher,except that his gospel consistsofnewslaced with political opinion and racy gossip.In an erawhen the word “infotain- ment” would have meant that the person saying it couldn’t speak Eng- lish, this impoverished widower ekes out aliving reading broadsheet newspapersaloud in meeting halls forspectatorswho have each paid a silver dime to hear him. Kidd is an affecting character plying an interesting trade that’s made all the moresobyhis edu- catedself-awareness; astoryteller who understands the powerofsto- ries,healso tries to be aconcilia- tor—can youhear Mr.Hanks’scalm- ing voice?—at atime when the nation is much younger and smaller than it is now, but no lessbitterly divided. Still, the man’seducation and inherent decencycan’t suggest acourse of action when, on the trail leaving town, he comes acrossa blond child with fierce blue eyes, evidentlymuteand obviously aban- doned, who fightsoff his effortsto

help her.(Ican’t resist likening her PICTURES

to the central figure of an all-but- AL forgottenmasterpiece, François

Truffaut’s“TheWild Child,” which UNIVERS is available on Amazon forstream- Tom Hanks as Capt. Jefferson Kidd and Helena Zengel as Johanna in ‘News of the World’ ing.Inthat film, based on historical fact, aphysician in 18th-century Francetries to civilizeaferal boy federal authorities, from whom she isn’t a lot of excitement in “News ity of integrity from what seems to straight line, but she makes a ges- who’s been found living alone in a recently fled. In other words, an of the World.” In truth there isn’t be an inexhaustible source—is ture, which he understands, of all- forest.) orphan twice over. In Kidd’s gen- enough, notwithstanding a gun- Kidd’s steadfast effort to cross the embracing circularity. It’s not spoiling anything to tell tler words, “The little girl is lost. fight that constitutes a mini-semi- divide of mistrust between him The poetry of that moment is a you that the girl turns out to have She needs to be home.” nar in how to stage, shoot and edit and the girl, and her opening up bit forced, but it’s perfectly pure two names, Johanna and Cicada, The director was Paul Green- an action sequence. (The top-of- after unimaginable years of shut- in another wordless scene when and a tortured history laid out in grass; he and Luke Davies adapted the-line cinematographer and edi- down. Or was Johanna shut down she stands alone at twilight, gaz- somewhat awkward exposition— the screenplay from a novel by tor were, respectively, Dariusz during the time she was Cicada, ing out at the land that, until re- taken from her German immigrant Paulette Jiles. An accomplished Wolski and William Goldenberg. spoke Kiowa and comprehended cently, had been her home. You parents six years earlier by Kiowa documentarian early in his career, James Newton Howard did the the life around her as her captors know a movie has you hooked kidnappers in retaliation for white Mr. Greengrass established himself music.) did? There’s a wordless exchange when you catch yourself wonder- settlers’ crimes against their tribe; as an action-adventure virtuoso What makes the film very much when she tries to explain her per- ing, with sudden intensity, what in renamed by the Kiowas and living with “The Bourne Supremacy” and worth seeing—in addition to Mr. spective. A strong-hearted Ameri- the wide and circular world she with them until her discovery by two Jason Bourne sequels. There Hanks dispensing his special qual- can, Kidd thinks of progress as a must be thinking.

SIGHTINGS nale, one in which Emily Webb, TERRYTEACHOUT who in the play dies giving birth to a child, turns out to have dreamed the whole last part of the Turning play. A happy ending for “Our Town”? Preposterous—which is why the film, for all its consider- GreatPlays able virtues, is largely forgotten. Everybody did it Into Bad Like Agatha Christie’s “Murder on the Orient Express,” in which the 11 suspects took turns stabbing Films the victim, Irving Rapper’s 1950 film version of Tennessee Wil- liams’s “The Glass Menagerie,” the THE UNIVERSAL critical acclaim original 1944 stage version of that greeted George C. Wolfe’ssu- which is as great a play as “Our perlativeNetflix screen version of Town,” was serially murdered by August Wilson’s“Ma Rainey’s everyone who worked on it. The Black Bottom” is rare.First-rate casting is all wrong, especially Ar- plays,after all, almost never get thur Kennedy as Tom and Kirk turned intoequally good films, Douglas as the Gentleman Caller. and on occasion the result is a As for the script, on which Wil- duck-and-cover disaster.What’s liams worked briefly but which he more, virtually all such disasters subsequently disowned, it’s a per- arecaused by the same fatal error version of the play, one in which, in judgment: Somebody in Holly- among other things, Laura (played wood thought he knewbetter on screen by Jane Wyman) is not a than the playwright, and so de- painfully introverted wallflower cided to rewritethe very play with a pronounced limp but a reg- whose excellenceisthe main rea- ular-enough kind of girl who gets son people thought it should be asked out on dates frequently made intoafilm. and—yes—lives happily ever after. In such fiascoes, the question, Small wonder that Williams him- then, is not so much what went self called the film “dishonest,” wrong as who deserves the blame. though Bosley Crowther put it Since filmmaking is a collective even better in his New York Times art, it can be tricky to tag the review: “It is regrettable that Di- guilty party, but in most of the rector Irving Rapper was com- truly ignominious cases, you can pelled, it appears, to kick around pin the tail on the donkey with Viola Davis in George C. Wolfe’s first-rate screen version of August Wilson’s ‘Ma Rainey’s Black Bottom’ the substance of a frail, illusory embarrassing ease. drama as though it were plastic Here are four of the most noto- and not Venetian glass.” rious offenders, categorized by Lubitsch affected to be de- word of the dialogue whose spar- played the part.” To be sure, certain kinds of culprit: lighted with the results. “The crit- kle and fizz are what keeps mod- changes canactually makea ics will not like our picture,” he ern audiences coming back to de- The producer did it filmed playwork better. “Ma The screenwriter did it blithely assured the cast and crew. light anew in Coward’s sharp wit. Sam Wood’s 1940 film version Rainey’s Black Bottom,” forexam- “Design for Living,” Noël Cow- “They will say we have ruined of Thornton Wilder’s “Our Town,” ple,was substantially cut by Ru- ard’s suavely funny 1933 stage Noël Coward’s play, and it is true The director did it one of the two greatest American ben Santiago-Hudson, the screen- comedy about the making of a mé- that our picture will be quite dif- When Frank Capra got his stage plays, is for most of its writer,and it actually profitsfrom nage à trois, was ideally suited— ferent. But the people who do not hands on “Arsenic and Old Lace,” length exceptionally successful in the tightening (Wilson wasnotori- on paper—to the talents of Ernst read reviews or care about them Joseph Kesselring’s long-running finding workable cinematic equiva- ously long-winded). But nothing Lubitsch, the most sophisticated of will love it, and Noël Coward 1941 stage comedy, he cast Cary lents for Wilder’s non-naturalistic Messrs. Santiago-Hudson and screen directors. But then Lubitsch means nothing to most of them.” Grant as Mortimer Brewster, the masterpiece, which is staged with- Wolfedid to the letterof“Ma brought in Ben Hecht, one of Hol- No such luck: Not only was the drama critic whose little old out sets. It also preserves the cele- Rainey” wasinany wayfalse to lywood’s top screenwriters, to film version of “Design for Living” maiden aunts are mass murderers. brated performance of Frank Cra- itsspirit, or to August Wilson’s work on the film, and gave him li- a box-office flop, but Coward’s So far, so good—Grant was Holly- ven, who created the role of the theatrical genius.That’sRule No.1 cense to completely rewrite Cow- play became a classic of 20th-cen- wood’s premier farceur—but Capra Stage Manager, the central charac- of adapting aplayfor the screen: ard’s original script. When the film tury stage comedy that continues instructed Grant to give an exag- ter, in 1938, and was scored by Trust the material. came out, Hecht bragged that he’d to get done frequently. As a result, gerated performance full of whin- Aaron Copland, whose gentle mu- left intact only one of Coward’s anyone who bothers to see the nying, rubber-faced mugging that sic is ideally suited to its small- Mr. Teachout, the Journal’s drama lines and dared him to find it. “I film is likely to be familiar with killed the charm of the original town setting. But Sol Lesser, the critic, is the author of “Satchmo at shall not even bother to find the the original play, and dismayed play. “I was embarrassed doing it,” producer, decided that Wilder’s the Waldorf.” Write to him at

film,” the playwright retorted. that Hecht rewrote every single Grant admitted years later. “I over- masterpiece needed a cheerful fi- [email protected]. NETFLIX P2JW358000-0-A01400-1------XA

A14 | We dnesday, December 23, 2020 THE WALL STREET JOURNAL. SPORTS No Practice, No Problem for NFL Teams

Disruptions and the canceled preseason stoked fears of a sloppy season. But teams learned they can do more with less.

BY ANDREW BEATON sponse to positiveCovid-19 tests, turning practices intoZoom meet- ittsburgh Steelersquar- ings. PlayerslikeRoethlisberger— terback Ben Roethlis- and sometimes entireposition bergernoticed some- unitsfor teams—wereisolated for Pthing surprisingly days at atime due to contact trac- pleasant aftercontact ing and still playedonSundayany- tracing sidelined him in November. way. He missed aweek of practice, and Thefootball looked likefootball then stepped ontothe field and anyway,and it wasnoticeably playedphenomenally. clean. Afterhethrew forfour touch- Afteraveraging 6.7penalties per downs and morethan 300 yardsin game last season, that has fallen to that game,Roethlisbergersug- 5.7in2020.Teams areaveraging gested something curious.He 24.8 pointsper game,the most didn’t playsowell in spiteofmiss- ever.And that’snot because de- ing practice. He playedsowell pre- fenses have forgottenhow to cisely because he wasforcedto tackle.Teams averaged 6.7missed loaf all week. tackles per game in 2019—and 6.5 “I didn’t do anything,” he said. in 2020,according to Stats LLC. It’sanodd takeaway from the “A little lessismore,” said Rex coronavirus pandemic but figures Ryan, the former Jets and Bills to last in the NFL long aftersocial coach who’s an analyst forESPN. distancing has been eradicated “Assoon as youshowthat you from casual conversation. Players don’t need Xamount of practices, practiced less. It didn’t seem to af- then as soon as it’slesser,it’sgo- fect their playatall. ing to be implemented.” It wasn’t long agothat the foot- Not everycoach felt that way— ball world wasfretting about the especially when their teams disap- exact opposite. It wasone of the pointed. Afterthe NewEngland Pa- two chief fearshanging over the Pittsburgh Steelers quarterback Ben Roethlisberger had one of his best games this season after missing practice. triotslost to the DenverBroncos season beforeiteverstarted. The following acluster of cases in Oc- firstwas whether the season would think you’ll see,moving forward, becomes pointless. From the moment commissioner tober,the most successfulcoach in successfully finish. Thesecond was some tweaks intothe weekly Somehow, this idea had hardly Roger Goodell conducted the NFL football historysaid they needed if the playonthe field would prove schedule as opposed to,‘This is the crept intothe world of football, draftfromhis basement in April, morepractice. “Weneed moretime disastrously ugly because of the way we’vealways done it.’ ” wherepracticeschedules areas however, it wasclear that this sea- together,” Bill Belichick said. “We avalanche of disruptions that cap- In manyways the game has rigid as goal posts. son would look likenothing before. need to practicetogether.” (The Pa- sized the NFL calendar and rav- been moreaesthetically pleasing When Doug Pederson, coach of During the early part of the pan- triotsalso lost their next two aged the normal amount of prepa- than ever before. Scoring is at an the analytically minded Philadel- demic,team workoutsand mini- games afterthat and were elimi- ration players have. all-time high. Penalties areattheir phia Eagles,replaced aWednesday camps were canceled. Formonths, nated from playoff contention this Nowanew consensus has lowest in morethan adecade. practicelast year with alight walk- players weren’t even allowedinside past Sunday.) emergedafter an offseason without Moregames have been within one through, he wasgrilled as if he had team facilities. Other teams were able to man- team workouts, apreseason with- scoreinthe fourth quarter than al- just besmirched cheesesteaks.“I Even when they returned, it was age. Also in October,the Tennessee out preseason games and aregular most anyseason in recent history. want these guys fresh as possible,” remarkably stripped down. After Titans suffered the league’sfirst season in which teams routinely It took this global pandemic to Pederson explained afterward. “I’ve negotiations between the league widespread outbreak,which closed canceled practices because of the forceNFL teams intoalesson the gottothink of the big picture and itsplayers union, practices their facility formorethan aweek. virus.The playonthe field hasn’t smartest teams in other sportshad here.” with contact were banned at the When they returned afterbarely suffered—and has instead thrived already learned. Tension over this issue had been start of training camp.Every exhi- having practiced, they thumped the in such aresounding fashion that it NBAteams cut back on shoot- simmering foryears. NFL coaches bition game wasscrapped. The Buffalo Bills. will inevitably influencehow arounds.MLB teams cut back on have spent the last decade lament- start of the regular season wasex- Roethlisberger, who has strug- coaches and teams viewthe simple batting practice. They believed in ing changes to the collectivebar- pected to be about as pretty as a gled at times this season including idea of practicefor yearstocome. thescientific value of rest and the gaining agreement that reduced normal NewYork Jets game. in Mondaynight’slosstoCincin- “It looks strong in spiteofall of slightly lessscientific idea that practicetime acrossthe league. Those planned disruptions were nati, had perhaps his best game of that,” says Dan Quinn, who was there’sonly so much agroup of They bemoaned howfundamentals nothing compared with the un- the year against the same Bengals firedasthe AtlantaFalcons coach professional athletes canpractice had deteriorated and tackling had planned ones.Teams routinely aftermissing that practicetime midway through the season. “I do something over and over beforeit become alost art. shutteredtheir facilities in re- back in November.

Washington Football tate developer,topublicly dissemi- In arecently unsealed court fil- Lynch Joins Team owner Dan Snyder nateinformation that would hurt or ing,Snyder’s lawyersaccuse Schar defame Snyder,the people familiar of working with aformer team em- attempting to sell their with the mattersaid. Lynch served ployeetodisparageSnyder in a S Probe of stakes,worth approxi- as attorney general from 2015 to scheme in which the parties used PRES mately 40% of the club, 2017and is nowapartner at Paul, burner phones to communicateand TED but their issues with Weiss, Rifkind,Wharton &Garrison plant damaging news stories about CIA SO Washington Snyder have instead pro- LLP.Lynch could not be reached for him. “Schar resorted to conduct AS duced afirefight be- comment. morereflectiveofagangster than

tween the parties.The Lawyersfor Snyder,who pur- an NFL owner,” the filing says. ANDON/

BY ANDREW BEATON disputeincludes afed- chased the team in 1999,haveac- Alawyer representing the lim- BR eral-court case that has cused the minority ownersoftrying ited partnersdid not immediately ALEX

THE NATIONAL FOOTBALL LEAGUE included numerous alle- to forceSnyder to sell the team and respond to request forcomment. S;

has brought in former U.S. Attorney gations of misconduct engaging in asmear campaign Theminority partnersfiled the law- PRES General LorettaLynch to help inves- against both sides.Re- against him when he refused. The suit in the U.S. District Court in TED

tigateallegations of misconduct cent court documents Wall Street Journal previouslyre- Maryland alleging that Snyder had CIA

among the ownersofthe Washing- also indicatethat Snyder ported their attemptstooust Sny- breached their shareholder agree- SO tonFootball Team, people familiar owners, including FedEx Corp.chief settled asexual harassment claim der,which is seen as potentially en- ment when he exercised his right of AS

with the mattersaid. executiveFredSmith, Black Dia- with aformer female employee, for hancing the value of their minority firstrefusal to buy their shares— OCIC/ TheNFL is in the midst of an ar- mond Capital chairman Robert asum the WashingtonPost re- shares because the would-be buyer but only Smith and Rothman’s, not AK SR bitration involving afeud between Rothman and Dwight Schar,the ported to be $1.6million. could then have control of the team, Schar’s.

Washingtonprincipal owner Dan boardchairman of NVR Inc. Lynch’sinvestigation centerson people familiar with the matter An NFL spokesman declined to KEITH P:

Snyder and the team’sminority Theminority ownershavebeen alleged attemptsbySchar,areal-es- said. comment. TO

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THE WALL STREET JOURNAL. We dnesday, December 23, 2020 | A15 OPINION A Deterrent for the Next Hackers BOOKSHELF | By Gerard Helferich

“SolarWinds portant but moreim- has been extensively re- How to Carve hack ex- portantwill be deter- vealed in the public do- plained” is a ring and shaping the main. Awaited is only a popular in- incentives of attackers. Western government’s ternet search A security expert or intelligenceagency’s A Civilization term. Sadly, tells Reutershealerted decision to out Mr.Pu- BUSINESS very little the Texas companySo- tin forthe crime. WORLD has yetbeen larWinds last year to a Let’suse the right The Age of Wood explained. sloppy password vul- word,with the right as- By Holman W. Thewords nerability,but Reuters sociations—not hacker By Roland Ennos Jenkins, Jr. “inside job” wasquick to add the CTION but attacker.IfRussia is (Scribner, 318 pages, $28) have been defect didn’t play a LLE the culprit, the regime’s CO bandied mainly on expert blogs role.The latest attacker second-greatest sensi- uman historyhas traditionally been divided into and online forums,not yetin likely had no placein tivity (afterits inability H three “ages,” according to the materials—stone, the mainstream press. But we his plan forserendipity; to keep secrets) is sanc- bronzeand finally iron—that our ancient ancestors

might suspect the human fac- his goal from the start MGM/EVERETT tions that prevent re- used to fashion their tools. But until very recently,Roland torwill turn out to have played wastotargetand break ‘WarGames’ (1983) gime favorites from Ennos reminds us,mankind’smost versatile resource akey role.EdwardSnowden aspecific companybe- traveling in the West grew on trees.In“TheAge of Wood,” he takesafresh wasthe security flaw that led cause itssoftware offered ac- ama Papers” and “Paradise Pa- and securing their wealth un- look at the familiar substance, wielding it likeawedge to aprevious government data cess to the networks of thou- pers” leak of banking docu- der Western laws.Sanctions to pryopen our past, examine our present and even disaster.John Podestawas the sandsofother companies and mentsin2016 and 2017was work,contrarytoshibboleth: glimpse our future. unwitting flaw that put Demo- government agencies. plainly seen by the Kremlin as Governmentscarefully weigh Structurally, wood is a marvel. It is pound for pound as cratic campaign emails in the Russiaisthe likely culprit aWestern attempt to embar- the potential costsoftheir ac- stiff, strong and tough as steel yet relatively easy to shape, handsofpresumptively Rus- according to SecretaryofState rass Vladimir Putin and his fi- tionsevenifthose costsdon’t such as by splitting and carving.Nowonder our prehistoric sian hackers. MikePompeo and others. A nancial cronies.This month a alwaysdeter them. So maybe forebears chose wood (not stone) for their first tools and blog post by MicrosoftPresi- troveof16-year-old emails arrest afew children of Rus- weapons—pointed sticks for digging tubers and hunting dent Brad Smith is widely came intopublic viewshowing sian oligarchs living in the game. The earliest houses, plows, wheels and boats were Today the attacker is quoted in pressaccounts, urg- howone of Mr.Putin’scrony West as accessories to money also made from this accessible, adaptable material. And- ing cooperation between gov- scions,Kirill Shamalov,be- laundering.Maybe seizeafew without firewood forwarming themselves,cooking food and a nation state and not ernment and privatefirms to came an overnight billionaire yachtsand FifthAvenue man- keeping predatorsatbay,Mr. Ennos suggests, our ancestors Matthew Broderick detect and fight off intrusions, aftermarrying Mr.Putin’s sions.Makesurethe names of maynever have come down which is fine but ought to be a daughter. Russian cybercriminals appear from the trees at all. in ‘WarGames.’ secondaryconcern. Russia’shands behind the conspicuously on the terrorist Toward the end of the TheSolarWinds hackersdid Malaysian airliner shootdown, listsfromwhich names occa- Stone Age, people discovered not seek to disable the systems the polonium murder of a sionally disappear fordrone- that if logs were left for a Software code and network they accessed as North Korea Russian émigré in the U.K., related reasons. long time in a controlled fire systems mayhaveinherent did in its2014Sonyhack.To the attempted murder of an- MatthewBroderick in “War- (between 600 and 900 vulnerabilities but as systems Russia, thecost would have other with anerveagent, Games” isn’t the prototype. degrees Fahrenheit), they become morecomplexand outweighed the potential ben- were all exposed with ease in When the hacker we worried would be reduced to charred harder to penetrate, corrupt- efit, sincethe U.S. wasex- the world press. Even the aboutwas the random teen- chunks that burned hotter ing or fooling an authorized pected to be able to identify names and photos of individ- ager we could never identifyin than regular wood. Using human will increasingly be the and retaliateagainst such an ual suspectswerepublished. advance, investment in de- these lumps of pure carbon— cost-effectiveavenue of attack. attacker. In the past few days,the pri- fense wasthe way to go. The charcoal—artisans were able Onceupon atime,wecould Incentiveand deterrence, vate outfitBellingcatex- problem is different now. Rus- to fire clay into harder, more tell ourselves anyholes in our the usual tools of statecraft, ploited the corruption of Rus- sia needs to be kept in its waterproof pottery and to fuse network systems were bound areworking hereevenifwe sia’sdomestic datamarketsto place, with apunch in the nose sand and ashes to create the to be discovered and exploited. don’t see it. Indeed, only after name and persuasively de- if necessary, not least because first glass. Then, around 5,000 Not unreasonably,our sotto it wasdiscovered did the latest scribe the activities of the the real long-term challengeis B.C., craftsmen in Eastern voce response was: Thanks for attack likely begin to serveits Russian agentsallegedly in- China. Russia is stuck with a Europe and the Near East began to purify copper ore by letting us know. Praise God the deepest purpose forRussia: to volved in August’sattempted leader who, with options lim- burning it in charcoal fires and pouring it into ceramic vulnerability wasdiscovered intimidateand coerce U.S. murder of opposition politi- ited, is focused on regime sur- molds to form chisels,axheads and other tools.Some sooner rather than later. elites.Onthe media hysteria cian Alexander Navalny. vival aboveall, at the expense 1,500 years later, they learned that mixing a little tin with Industrial-strength corrup- front Russia maybewinning Looming over all, the role of even of Russia’snational inter- the copper produced a sharper, stronger blade, which could tion and sabotageofnetworks the spy vs.spy wars.Onevery Kremlin agentsina1999 spate ests. TheRussian people will cut through trees twice as fast as stone. The Bronze Age by stateactorsisthe concern other front Russia has been of domestic terrorist bombings be amongthe beneficiaries of had begun. now. Closing holes is still im- losing.The mysterious “Pan- that cemented Mr.Putin’srise setting limitsonhis behavior. Farfromreducing mankind’srelianceonwood, Mr. Ennos notes,copper and bronzespurred demand by making it easier to convert logsintohouses,furniture, fences and myriad other items. With new metal tools, Can Team Biden Prevent a Recession? carpenters also built the first wheels and plank ships, launching an era of unprecedented trade, travel and TheCovid-19 Manyfamilies arefacing hun- vaccine distribution. And the hospitalizations and deaths cultural exchange. In the Americas, by contrast, metallurgy relief legisla- gerand eviction. deadline forspending funds from Covid-19. didn’t develop, the plank ship was unknown, and the only tion Congress Thenew relief bill ad- appropriated under the Cares TheBiden administration wheels were made of clayand fitted to children’stoys. passed on dresses the most urgent prob- Act passed in March wasex- must respond with aprogram “The result,” Mr. Ennos writes, “was to give the people of Mondaypost- lems.Federal unemployment tended ayear,tothe end of that seeks to accelerateeco- the Old World a massive lead in logistics, one that five pones—but benefitshavebeen extended 2021. Statescan keep tens of nomic growth, provide new thousand years later was to help them discover the New POLITICS doesn’t re- until March 14,atareduced billions of dollarsthey would opportunities forthe victims World and subdue its people.” & IDEAS solve—two butstill significant level of otherwise have forfeited on of economic change, and nar- Around 1,500 B.C., workers in the Near East began to questions, $300 aweek.Inaddition, indi- Dec.30. rowthe gaps that the pan- smelt a metal much more plentiful than copper or tin— By William which the new viduals with lessthan $75,000 Yetthe eviction crisis will demic has widened. iron. Since its melting point is above 2,200 degrees A. Galston Congressand in annual income and couples not end by Jan. 31, and the In aclosely divided Con- Fahrenheit (some 200 degrees hotter than burning the Biden ad- making lessthan $150,000 will level of long-term unemploy- gress, these measures will charcoal), iron couldn’t be poured intomolds but had to ministration will faceearly in receivechecks of $600 aper- ment will still be very high in need bipartisan support. This be heated, then hammered into shape. But iron tools were 2021: Howmuch should the son. Families with two chil- March. No doubt the Biden ad- will notbeeasy,because the more durable than those of bronze, making it easier than federal government spend to dren canreceiveupto$2,400. ministration will seek to ex- political parties have different ever to craft all manner of objects from wood. As Mr. Ennos mitigatethe suffering Covid-19 Businesses will gethelp, tend—and perhaps expand— views about the appropriate observes: “It is atestament to our ancestors’ ingenuity, has produced? And what must mainly through the Paycheck federal assistanceinthese role of the federal government and to the merits of a new metal—iron—that they managed be done to avoid adouble-dip Protection Program, which has areas. We’ll see howSenate in the economy. But most peo- to carve out a whole new wooden world to give them recession and promoteeco- been extended at a cost of Republicans will respond. ple should agree that ahigh warm, comfortable lives.” nomic recovery? $285 billion. Newrestrictions rate of participation in the la- Theeconomyand society will ensure that paymentsgo bor forceisgood foreveryone. can’t return to normal until to small businesses as in- The Covid relief If displaced workersstaystuck Each advanceintool making made it easier to the pandemic recedes.This tended, and the program’s on the sidelines,everyone will build from wood and exploit itsadvantages. will take time,evenwith the benefitswill receivemore-fa- package is welcome, be worseoff.The same is true development and approval of vorable taxtreatment. Airlines but the new president if women retreat from the la- Plank shipsalone launched anew eraoftrade. two newvaccines at arecord will receiveanother round of bor forcebecause their fami- pace. Americaisunlikely to help to limit layoffs. will have to do more. lies can’t affordchild care. reach the necessarylevel of Thebill contains help for Americans canalso agree that As these examples show, one of the appealing features of immunization until summer at the hardest-hit families,in- the higher the shareofwork- “The Age of Wood” is that it is about much more than its the earliest. cluding a$13 billion expansion But the countrycannot af- erswho earn enough to sup- nominal subject. Wood is so central to human history that Meanwhile,statesand lo- of nutrition assistanceand $25 ford another slowrecovery port themselves and their it serves as an entrée to dozens of disparate but related calities arecoping with re- billion in rental relief.Amora- from adeep recession. This is families,the lowerthe burden topics, ranging over millennia. And so a discussion of the cord levels of infections and torium on evictions will be ex- not an ordinarydownturn. The will be on government and pri- early use of fire leads to a passage on the chemistry of hospitalizations.Manyare re- tended, but only until Jan. 31. pandemic has accelerated vate philanthropy.Similarly, combustion, and an examination of wooden spears prompts imposing the restrictions they Despitethe effortsofgover- structural changes long in the helping formerly incarcerated a glimpse at the mechanics of the human arm. We’re also relaxed during the summer, nors, mayors and county exec- making.Online businesses felons re-enter the workforce reminded that the monumental stone pyramids of Egypt dealinganew blowtoentire utives,statesand localities have prospered while bricks- will rebuild stronger families couldn’t have been constructed without humble wooden industries.Restaurantsare didn’t receivethe funding they and-mortar establishments and communities as well as lo- wedges to split the blocks and sturdy wooden sleds to closing,travelisdeclining, requested. Still, they didn’t have disappeared. Educated caleconomies. haul them into position. and applications forunem- come away empty-handed. workershavebeen sheltered An economic program built Even when the focus is exclusively on wood, the author ployment insuranceare on Schools will getadditional from the worsteffectsofthe on common ground across offers intriguing insights, such as why tropical woods tend the rise again. Afterflattening help,aswill the transit sys- pandemic while those without partisan and ideological lines to be more colorful than those from temperate climates in October,retail sales fell by tems on which manyessential degrees have struggled. Eco- would servethe needs of the (they are loaded with more defense chemicals, such as 1.1% last month. Thepaceof workersdepend to gettotheir nomic gaps have expanded be- American people.Asimpor- tannins, to protect them from fungus and rot) and why job growth has declined for jobs.State and local health tween whiteAmericans and tant, it would help heal the di- wood is an ideal material for musical instruments (its five straight months and may agencies will receiveaid for other groups.Minorities have visions that have disfigured lightness and stiffness make it an excellent conductor of have ceased in December. testing,contact tracing and also suffered disproportionate American politics. sound). Throughout, Mr. Ennos writes with an amiable voice and a readable style. A visiting professor of biology at the University of Hull, in England, he knows how to explain technical subjects for the layperson. Even so, some Facebook’s Censors and the Ingredients List readers may have appreciated more definitions of scientific terminology and fewer historical examples from the U.K. By Michael Segal ported little black objects cine ingredient list” also hin- Mr.Moreton and Iare sci- Despite wood’s manifold benefits, it would eventually be floating in the bottles.Further, dersserious discussion of what entists, and Facebook’spolicies superseded in construction and manufacturing by longer- acebook has announced a howcould one microchip per is causing the rare allergic re- would suppressour brain- lived, often cheaper alternatives, such as wrought iron, F policyto“removefalse person be extracted from asin- actions to the Pfizer vaccine. storming.Thereare waysof steel, concrete plastic and aluminum. As a fuel it would be claims that COVID-19 vac- gle bottle containing multiple That inquiryhas centered dealing with such controver- replaced by more energy-rich sources—first peat and coal, cines contain microchips,or doses? And whywould anyone on oneofthe official ingredi- sies without censorship.Insci- later natural gas and oil. “It was the switch from wood to anything else that isn’t on the bother to tagpeople nowthat ents, polyethylene glycol, ence, we have journals,semi- coal . . . ,” Mr. Ennos writes, “that was to propel first official vaccine ingredient list.” we all carrycellphones with which is very rarely an aller- narsand conferences in which Britain, and eventually the rest of the world, into an This seems reasonable,until you unique identifiers? gen. We should also consider all sortsofhypotheses are industrialized and urban society, and move it out of the think through the details. the possibility of trace floated and assessed. We have Age of Wood, with huge environmental consequences for One difficulty is that ban- amountsofother allergens ac- adecentralized processby the planet.” ning discussion is aterrible A policy aimed at companying the officially which good ideas canrise to In a final chapter, the author considers a few ways that way to counter aconspiracy listed ingredients. To assess the top. trees and wood might be used to ameliorate environmental theory; the censorship is seen conspiracy theories this,Ishowedthe ingredient Facebook’sprotection from degradation and climate change: reforestation; more as further evidenceofacon- could hit scientific list to adrug-formulation sci- legal liability under Section sustainable forest management; urban green belts; greater spiracy. Bettertoacknowledge entist,Chris Moreton.Here- 230 of the Communications use of high-tech, low-carbon engineered woods in new the factsand test the theory’s brainstorming. sponded that some of the lipid DecencyAct is predicated on buildings. But as much as Mr. Ennos might long to “return plausibility.Radio-frequency ingredientsare typically de- the notion that the web to the more gentle delights of the Age of Wood,” he admits identification chips can be as rived from plants such as doesn’thavestrong central that all these solutions are partial and imperfect. In the narrow as 0.15 millimeter, Thenotion that thereare beans,and traces of proteins control. Asocial network is end, our reliance on coal and oil has brought with it small enough to fitthrough the microchips in vaccines is ari- from theseplantsshould be morelikeanewsstand than a daunting ecological challenges, and our old benefactor 25-gaugeneedle used forvacci- diculous conspiracytheory, considered as potential causes publisher.Facebook should act wood, howevergenerous in the past, cannot be counted nations.But objectsthat size best dealt with by facts, sci- of the allergic reactions.That as amarketplaceofideas,not on to help us meet them. canbeseen with the naked ence,logic and ridicule,not is a forbidden thought on the MinistryofTruth. eye. Thousands of medical per- censorship.But Facebook’spol- Facebook because bean protein Mr. Helferich’s most recent book is “An Unlikely Trust: sonnel have administered the icyofrestricting discussion to isn’t on the official vaccine in- Dr. Segal is aneurologist Theodore Roosevelt, J.P. Morgan, and the Improbable vaccines,and none have re- substances on the “official vac- gredientslist. and neuroscientist. Partnership That Remade American Business.” P2JW358000-0-A01600-1------XA

A16 | We dnesday, December 23, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The State Covid Windfall Financial Regulators Versus Climate Change

osooner had Congresspassed Covid re- 2019 to the thirdquarter of 2020. It isn’t clear whyaddressing cli- characterizethe push forfinancial lief and a budget bill totaling $2.3 tril- At the same time,wages and salaries in- matechangeisuptothose regula- regulatorstoprotect the U.S. econ- N lion on Monday than Democrats were creased significantly moreinstatesthat allowed tors whose mission is to regulatefi- omyfromclimatechangeasatro- nancial institutions and jan horse fora“green agenda.” But already demanding more. Joe morebusinesses to reopen They plead poverty but transactions,and whose expertise risk is risk.Calling forthe Trea- Biden called it a mere “down such as Arizona (4.7%), South certainly doesn’t extend to the at- sury, Federal Reserveand Securi- payment” and Speaker Nancy their revenue and federal Dakota (5.5%), Florida (1.7%) mosphere. “Your NewClimate ties and ExchangeCommission to Pelosi said it is “a first step.” andWisconsin (2.9%) than in 401(k)” (Review&Outlook,Dec.15) acknowledge, assessand mitigate They want bailoutsfor the aid show otherwise. states that maintained stricter notes that even the Commodity Fu- the risks that climatechangeposes states in particular,evenas lockdowns likeNew York tures Trading Commission, which to our financial system isn’t about the latest Census report shows (-1.6%), NewJersey (-1%), Illi- regulates exotic financial transac- “social engineering” at the expense states are doing far better than they claim. nois (0.2%) and California (2.3%). tions involving futures and swaps, of the U.S. economy. It’sabout pro- Statesare also doing very well in this latest Florida took an earningshit because itshospi- has gotten intothe climate-change tecting the economyand the peo- Covid bill. Start with the $26 billion fortransit tality industrywas slammed especially hardby business, with aspecial committee ple who undergirdit. agencies,airportsand shovel-ready public works. the pandemic.Silicon Valley,onthe other hand, convened by one of itsDemocratic TheU.S.has suffered morethan memberscalling forfinancial firms $500 billion in direct losses over the This will help NewYork’stransit and port author- has remained buoyant, with California’sprofes- to conduct climate-changestress past five yearsfromclimate-related ities reducetheir financial holes. sional, scientific and tech serviceearningsup tests. Thecommittee, led by aGold- extreme weather,including $45 bil- There’salso $22billion forthe states for 4.5% year-over-year,though lessthan in Idaho man Sachs alumnus no less, con- lion in 2019 alone.The fossil-fuel in- Covid testing and contact tracing,though insur- (7.4%) and Utah (8.5%), which have benefited from cluded that “financial marketstoday dustrywrote down $60 billion in re- ers and the feds cover the cost of tests. States California’stech job outsourcing. arenot pricing climaterisk.The fi- cent months.These losses will will useitfor morebudget backfill. TheLos An- TheGolden State is also rolling in taxreve- nancial marketscannot do that on increase as the climateimpact wors- geles Times reported last month that 25 LA nue amid the stock market’sboom and tech ini- their own. Until this fundamental ens. County firefightershad made morethan tial public offerings. ItsNovember revenues flaw is fixed, capital will flow in the Thebanking system is particu- $100,000 on average in overtime by ferrying were 16.4%higher year-over-year and so far wrong direction.” larly vulnerable.Arecent report test supplies,most of which wasreimbursed by this fiscal year are20.4%abovethe state’s Does anyone familiar with the fi- found that everymajor U.S. bank is federal Cares Act funds. spring estimate. nancial markets, especially the fu- far moreexposed than it is disclos- tures markets, believethat they are ing—and that this risk could trigger Education will get a whopping $82 billion, TheCensus Bureau reported last week that unable to offer financial instruments hundreds of billions in losses,set- about $54 billion of which will go to K-12 totalstate and local government taxrevenues to hedgeagainst and pricefor cli- ting up acrisis that could dwarfthe schools though manyare closed and employ forthe 12 months ending in September were materisks,orthat commercial firms 2007-09 recession. fewerstaff.That’sabout as much as the federal up $46.4 billion (3%) year-over-year.Personal such as insurers, which have alot to While climatechangeisasocial government spends on K-12 in a normal year. income taxrevenue hasincreased 3.3% and lose in aclimateapocalypse,lack and environmental issue,that Thebill also provides $3.2 billion forbroadband property taxrevenues4.7%while sales taxes sufficient self-interest to preparefor doesn’t mean it isn’t also aclear forlow-income families,sopublic schools don’t have dipped amere0.4%. the futurewithout being told to by danger to the U.S. financial system. have to pay for that. TheFederal Reserve’sinterventions have the government? That’swhy investorsare advocating Stateswill also benefit from the federal en- lifted housing prices and stock-market capital It’sbad enough that such regula- climate-related financial regulation hanced $300 weekly unemployment benefits, gains.Increased asset values have also pro- tors want to getintoanareathat and financial regulatorsare starting they really knownothing about. It’s to act. TheU.S.economywill be which aretaxable income in most states.The duced a “wealth effect,” which in addition to worsethat they have so little faith stronger,moreresilient and better joblessbenefit sweetener will especially help government transfer paymentshas boosted in the ability of the marketsthey positioned forgrowthasaresult. states with higher unemployment such as spending. The bottom 20% of households ac- oversee to addressthe risks they STEVEN M. ROTHSTEIN NewJersey (10.2%), Hawaii (10.1%), NewYork count for 9% of consumer spending compared professtobeconcerned about. Ceres (8.4%), Connecticut (8.2%) and California to 39% by the top 20%. ROBERT ZWIRB Boston (8.2%). Democrats aren’t talking about all this be- McLean, Va. NewBureau of Economic Analysis datashow cause they want to plead poverty as the Biden Mr. Zwirb was counsel to the Rather than attempting to price howblue states that shut down morebusi- Administration takespower. But stateand local chairman of the CFTC (1988-92, in unknowable political risks,why nesses have reaped largerfederal payments. governments have already received plenty of 2004-05) not merely priceinthe knowable Transfer receiptsgrewsignificantly morefor federal Covid cash. They want moresothey can political risk of having liberals in NewJersey (67.6%), California (54.6%), Illinois payoff public unions and avoid reforming their Your editorial and Walter Russell charge of government? Mead’s“ClimateFinanceMay Foul DAVE ERCHULL (51.7%), and NewYork (44.7%) than forArizona runaway pensions.The next Congressshould do the Economy” (Global View,Dec.8) Tucson, Ariz. (35.4%), Florida (26.5%), Wisconsin (22.5%) and taxpayers a favor and just say no, we already South Dakota(20.9%) from the thirdquarter of gave at the office. More Firms Should Fight We Were Right to Wait fora The House Fight Heats Up Bogus Government Lawsuits Demonstrably SafeVaccine ow bloody-minded will Democrats be One political vulnerability forthe Hart cam- I had two main takeaways from Holman W. Jenkins, Jr. has done a with their precariously thin House ma- paign is that it did not exhaust its Iowa court your editorial “Secrets of the Oracle phenomenal job critiquing the me- H jority? We’reabout to find out as challenges before asking the House to inter- Prosecution” (Dec. 16): First, it is dia’s avoidance of Covid-19’s actual Speaker NancyPelosi’scaucus considersan vene.The campaign said therewasn’t time for both sad and outrageous that re- mortality rate. And reading his col- gional solicitor Janet Herold wasn’t umn “Vaccines vs. Lockdowns” (Busi- election challengefromIowa’s 2nd Congressio- judicial relief in the one-week windowbetween fired outright for being so wrong in ness World, Dec. 16), it was refresh- nal district. certification and the Dec.8deadline forafive- her analysis of the case against Ora- ing to see someone argue that the On Nov.30, Iowa certified Republican candi- member state“contest court” ruling.But if only cle. When she thinks the case is vaccine development was too slow in- date Mariannette Miller-Meeks the winner of 22 ballotsare at issue, the complaint could have worth at least $150 million but a stead of too rushed. thedistrict, which extends southeast of Des been presented to Iowa judges. judge dismisses it completely, it’s ob- Nevertheless, we should all be Moines and is currently held by a Democrat. Thelast time Congressoverturned astate- vious to me that she was taking a thankful that corners weren’t cut in The margin was six votes. certified House election result waswhen the flyer and thinking more like a plain- the making of the vaccine. Mr. Jen- On Tuesday Democrat Rita Hart submitted Democratic majority didn’t seat an Indiana Re- tiff’s lawyer—hoping to strike it big kins states that the vaccine was de- a brief asking the House of Representatives to publican in 1985.The GOP anger over that deci- by threatening a big company with veloped in January. Although the overturn that outcome.Authored by Demo- sion mayhavecontributed to Newt Gingrich’s bad press—than a fair enforcer of the composition of the vaccine was law. How fortunate she is to have known by then, the proper dosage cratic election lawyer MarcElias,itsays count- populist success in the House,and overturning been reassigned to another govern- and schedule for administration ing 22 mostly absentee ballots would give Ms. an election in 2021 would also guarantee a ment job, where hopefully she can do weren’t determined until Phase Two Hart anine-votelead. Thebrief asks the House backlash. less damage. was analyzed over the summer. to order another recount and use its constitu- Thestakesare also high because JoeBiden Second, this is a helpful example of Patience in waiting for the most tional authority to seat Ms. Hart instead. has appointed three Democratic House Mem- how statistical “proofs” of racism can rapidly developed vaccine in history Among the reasons the ballotswerewrongly berstohis Administration, meaning that if Re- fall apart under careful judicial scru- has yielded several safe options, more excluded, the brief says, are signature place- publicans hold the seatsinIowa’s 2nd and New tiny of the facts of the case. It’s un- effective than many of our current ment, envelope seal and timeliness. Ms.Miller- York’s22nd districts, the Democratscould tem- fortunate that these types of cases vaccines, including for measles. I am Meeks’s campaign must file a response, which porarily have amere219 seatsatthe start of the settle before trial so often. We would happy to recommend it confidently to could raise other ballot disputes,within 30 term, with 218 needed foranabsolutemajority. be better off if more of them were lit- my patients, and I am happy that cor- days. Her campaign said in a statement: “Con- That could createanextraincentivefor Mrs. igated and determined publicly. That ners weren’t cut—denying anti-vaxx- might challenge the statistics-based ers ammunition in their campaign gresswoman-elect Mariannette Miller-Meeks Pelosi to abuse House rules for fear of falling narrative of systemic racism through- against our best weapon to fight in- wonthe vote on election night, wonthe 24- short in key progressive votes. Alternatively, out the U.S. fectious disease. county audit and official canvas, won the 24- the GOP’sHouse success in 2020 might remind JASON SCHAUER PAUL BOWER, M.D. county recount, and wasunanimously certified Democratsofthe public’swarinessoftheir tac- Boise, Idaho Port St. Lucie, Fla. by the State of Iowa as the winner of the elec- tics—and the political risks for2022ofstealing tion by a bipartisan council.” a House seat. The Slow-Moving Philanthropic Status Quo A Sincere Government Apology Iamdisappointed by Elise West- those assetsgrow, the burden for hoff’sop-ed (“TheLeftWantsa help gets shiftedontothe taxpayer. failed, nobody else failed.” Youdon’t aremultiple steps from manufacturing to Philanthropy of the Few,” Dec.15) Rather than defending the status in opposition to the Initiativeto quo,philanthropic advocacygroups hear that often, or ever,fromagov- inoculation including final-assembly and AccelerateCharitable Giving,are- should be brainstorming waysto ‘I ernment official. But that’swhat Oper- storagesites.Pfizerhas planned dozens of form initiativeIco-founded. In this maximizedonation of these monies ation Warp Speed logistics chief Gen. Gustave cargoflightsand hundreds of truck trips ev- unprecedented time of need, pri- by reforming out-of-daterules. Perna said Saturdaybyway of apologizing to eryday. vate foundations and donor-advised They should also be working to ex- states forshipping fewerPfizerCovid vaccine United Airlines, FedEx, UPS and DHL are funds could be helping millions of pand taxdeductions forcharitable doses than expected. Kudos to Gen. Perna— among the companies assisting the massive people.The sad truth is that too giving to the 90% of Americans and all the moresosinceoverall the vaccine operation. Manyliberals believegovernment manyassetsare sitting in ac- currently leftout of the system. rollout is ahistoric success. canrun most thingsbetterthan privateac- counts, accumulating interest. More TheInitiativetoAccelerateChari- Close collaboration between government tors.But as Gen. Perna explained this week- than $1 trillion remains sheltered table Giving aspires to fixthese de- and privateindustryhas made avaccine avail- end, the vaccine shortfall that manystatesex- in these tax-advantaged vehicles, fectsinour taxcode and empower doing little to help anyone.While the charitable sector to improve able in record time and now is proving essen- perienced last week was due to a government lives. tial to distribution logistics.The militaryhas planning failure. JOHN ARNOLD been chargedwith coordinating distribution Pfizer’s vaccine requires two doses three Local Solutions AreBetter Initiative to Accelerate Charitable with states and privatecompanies acrossa or so weeks apart. Operation Warp Speed Than Bureaucracy in D.C. Giving long supply chain including drug makers, air- won’t release firstdoses until the second are Houston lines,freight companies,pharmacies,hospi- available and thus incorrectly forecast how Howveryrefreshing to read Ger- tals and nursing homes. manywould be sent to each state. “It wasmy ald Seib’s“FarFromWashington, All of this involves meticulous planning, fault. Igaveguidance. Iamthe one that ap- Americans AreFinding Solutions” Pepper ... which has been in the works sinceearly proved the forecast sheets,” Gen. Perna ex- (Review, Dec.12). It is preposterous And Salt spring.Operation Warp Speed accelerated plained. “Execution is wherewelearn, and we to believethe large,sclerotic,bu- vaccine development by removing financial adapted accordingly.” reaucratic government in Washing- THE WALL STREET JOURNAL toncan understand, let alone solve, risk fordrugmakersand helping them line up Howrefreshing foragovernment official the problems of 330 million citizens, facilities to manufacturevaccine candidates to assume responsibility foramistake, even 50 states and countlesscounties,cit- and sites to conduct trials.Ithas also acceler- when it doesn’t involvelapses in personal be- ies and towns therein. Manywill re- ated andfacilitated distribution. havior likethe politicians caught flouting member Ronald Reagan’srousing Drug makersusually wait until their vac- theirown social-distancing rules.New York declaration: “The nine most terrify- cines areapproved beforebuying rawmateri- Gov.Andrew Cuomo still hasn’t apologized ing wordsinthe English language als and establishing manufacturing lines and forsending hospitalized Covid patientsback are: I’m from the government, and supply chains.Operation Warp Speed worked to nursing homes this spring despitethe I’m heretohelp.” with and provided funding fordrugmakers deadly results. JACK LOCHRIE to do all of this months ahead of time.Soonce Moredifficulties no doubt will occur during Farmington Hills, Mich. vaccines areapproved, shipmentscan begin vaccine distribution, which will requirerapid Lettersintended forpublication should immediately. adaptation. But the rollout so far has been be emailed to [email protected]. Please Pfizer has done most of the logistical faster and betterthan anyone could have ex- include your city, state and telephone groundwork forits vaccine,which is espe- pected. Credit to Gen. Perma and Operation number.All letters aresubject to cially trickybecause it must be transported Warp Speed forhelping privateindustrydo editing,and unpublished letters cannot “I just paid for my bitcoin be acknowledged. and stored at ultra-cold temperatures.There what it does best. with Beanie Babies.” P2JW358000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, December 23, 2020 | A17 OPINION Soviet Politics, American Style

By David Satter which all coverage wasorganized to to death by relatives. confirm amendacious ideology. Ithought of PavelMorozov when nChristmas Day1991, Afriend of mine in Moscow, Iread aJune op-ed in the NewYork Mikhail Gorbachev,presi- Vladimir Fyodorov,went to work for Times by Chad Sanders, ablack dent of the Soviet Union, the TASS news service, which of- writer.Hetold his whitefriends that O gavehis farewell speech feredreadersnot news but a“cor- he didn’t need their “lovetexts” and and morethan seven de- rect” depiction of events, especially suggested that instead they cut off cades of Russian revolutionaryso- regarding the U.S. and the “ulcersof contact with family membersuntil cialismcame to an end. Agenera- capitalism”—racism, crime and un- they sent money to Black Lives Mat- tion later,the spirit of the Soviet employment. terorjoined their protests. Union has re-emergedwith mass On his firstday at TASS, Vladimir When Mr. Gorbachev began the support in the U.S. washanded aUnited PressInterna- reforms that destroyed the Soviet When Iarrived in Moscow in tional storyabout aU.S.company Union, he said, referring to the U.S.: 1976tobegin asix-year stint as a that waspromoting ahigh-quality “We’regoing to do something terri- correspondent, Iwas struck by the tireand offered to replaceolder ble to you. We’re going to deprive

redflagsflying from government tires free of charge.Vladimir GES youofanenemy.” Twenty-nine years

buildingsand the somber streetsde- wanted to kill the storybut his boss IMA later,it’sclear he wasright. Without void of advertising except forgarish rewroteit. Thenew version read: the ideological challengeofthe So- postersshowing workerswith “In the crafty capitalist market, GETTY viet Union, we have become im- clenched fists demanding an end to firms frequently offer low-quality mersed in internal conflictsand have CHIVE/

the arms race. products. This is whyawell-known AR made an ideologyout of them. American firm wasforcedtoreplace N It is true that Marxism is amore TO

tires that were of inferior quality.” HUL coherent system of thought than A propagandistic press, Theheadline was“Deception of Young Communists march past Lenin’s tomb in Moscow, 1924. “wokeism.” But even an intellectual Buyer.” hodgepodgecan engender totali- the crushing of academic Afew weeks later,Vladimir was TheTimes also advanced an ideo- TheSoviet style has become are- tarian habitsifitfulfills an emo- freedom and the shattering given areport that prisons in Fiji logical account of U.S. history, ac- ality in the U.S. Speakersare rou- tional need and becomes adevice were so comfortable that people cording to which the American Rev- tinely canceled on ideological of interpretation. of family loyalties. preferred to stay therethan to be at olution wasundertaken to defend grounds: In July the Collegeofthe Theantidoteisfidelity to higher liberty.Heproduced areport that slavery,and promoted it over the Atlantic in Bar Harbour,Maine,can- values.But that requires amoral se- lifeinFiji wassounbearable that objections of historians and the pa- celed avirtual talk with Leonard riousnessthat aworld at peaceand When the Soviet Union fell, it people preferred to liveinprison. per’s ownfact-checkers. Leoofthe Federalist Society be- in thrall to superficialities does not seemed theSoviet attempt to im- His colleagues congratulatedhim. TheSoviet system also relied on cause of “the moment of reckoning inspire. “The West does not know pose adeluded version of reality He told himself: “I’m going to go out the completeliquidation of aca- our society is going through.” At my anddoes not want to knowwhat had died with it. Francis Fukuyama, of my mind here.” demic freedom. Marxism-Leninism alma mater,the University of Chi- shaped it,” writes Cardinal Robert in his 1989 essay“TheEnd of His- Soviet practices would have once wastreated as aperfect science. cago, the English department an- Sarah, aGuinean prelate. “This self- tory,” said that Marxism-Leninism been unthinkable in the U.S. media. But the ideologyraised obvious nouncedthat it would “only accept asphyxiation leads to newbarbaric wasdoomed as an alternativetolib- But in August 2016, Jim Rutenberg, questions: In a“classlesssociety,” applicantsinterested in working in civilizations.” eral democracy. Iargued at the time media columnist forthe NewYork whyweretherespecial stores for and with Black Studies.” The Soviet Union is dead, but its that the drivetomakeareligion out Times, wrotethat if journalistsbe- officials? If socialism ended war, TheSoviet Union finally counted ghost wandersanunsettled world. of politics had not disappeared. lieved that Mr.Trump wasa“dema- whydid the Soviet Union and China on the readinessofpeople to betray Finding alodestar forsociety’s Forthe past four years, potted gogueplaying to the nation’sworst go to warin1969 over Damansky even family andfriends.The regime moral development is the most im- histories have warned about the rise racist and nationalist tendencies,” it Island? held up PavelMorozov (1918-32) as portant challengefacing the U.S. of fascism in the U.S. But the real wasnecessaryto“throw out the If astudent tried to raise these amartyr.Helived in avillageinthe today. danger is the transformation of “tol- textbookofAmerican journalism.” questions,hewas expelled from the Urals when the regime wascollec- erance” intoanideologywith its TheTimes started to characterize Komsomol, the communist youth tivizing agriculture. When Pavel Mr. Satter is author of “Age of owncourts, informersand punish- Mr. Trump’s statements as “lies” in league.That ended anyhope of aca- learned that his father washelping Delirium: the Decline and Fall of the ments, all of them reminiscent of news stories and suppressnewsthat reer.Iknewayoung man in Moscow peasants hide grain, he walked 35 Soviet Union” and amember of the theSoviet Union. worked to Mr.Trump’sadvantage, who refused to be intimidated and miles to the nearest town to report academic advisory board of the Oneofthe pillarsofthe Soviet such as the Hunter Biden storythis continued to ask questions.Hewas him to the secret police. His father VictimsofCommunism Memorial Union wasacontrolled pressin fall. committedtoamental hospital. wasarrested and Pavelwas stabbed Foundation. Laws Governing Online Speech Need Reform, Not Repeal

By Rick White their views,and another,Google, endupwith aKafkaesque process companies ownthe entiremarket- several groups need to step up: the controls most of the information governed by tort lawyers, political placeofideas,they should be held internet businesscommunity,par- fyou had told me 24 yearsago Americans receivewhen they search correctnessand hidden agendas. liable forfailing to post speech that ticularly the medium-sizeand I that the internet pornography the internet. This isn’t the right solution fora citizens have aconstitutional right smallercompanies that have lawIwas working on would be We need to re-evaluateSection free society. to express. We have lotsofexperi- avoided the lawsuitsand contro- the main obstacle to defense spend- 230 in light of today’sverydifferent Another option that won’t work enceand case lawabout what versyfaced by the largest online ing in 2020,Iwould have called you internet. But there’sone thing we is thepublic-utility model. In this speech is protected in public parks, companies; the nonprofit internet crazy.Yet forthe past several weeks shouldn’t re-evaluate: the provi- scenario,onceaplatform reaches a stateuniversities and other public community,with itslong tradition President Trump has repeatedly sion’srole in supporting and nurtur- certain size, it would be subject to places.Wemay need to modifythe of advocacyfor free speech online; warned that he will veto the $740 ing an open and free marketplaceof regulation by apublic commission, rules to asmall extent, as we have and FirstAmendment advocates of billiondefense appropriation bill if ideas.Every election cycle,and al- done forradio and television broad- all political stripes. Section 230 of the Communications most everynewscycle,reminds us casting,but they present agood If these groups can’t producea DecencyAct isn’t repealed. howdifficult it is to defend the Section 230 has its flaws, framework. consensus on their own, Congress Thecongressional committee free-speechrightsofthose with We could also establish aplan for will have to do it. But the country that draftedthe 1996 act’sfinal lan- whom we disagree.Our tradition of but those are nothing self-regulation by the online indus- would getamuch betterresult if guageknewthat Section 230 wasa free expression is threatened every compared with what Big try. As we’vealready seen, self-reg- the people who understand and critical lawatthe dawn of the inter- day, and we must remain vigilant ulation by individual companies work with these issues everyday net, and we passed it foraspecific aboutpreserving it. Brother would bring. doesn’t work because one company canagree among themselves before reason: to protect the internet’srole Simply repealing Section 230 is acting alone doesn’t have enough sending it through the political pro- as afreemarketplaceofideas.What the worstpossible solution. If web- credibility with the public.But an cess. went wrong? We succeeded too siteownersare held liable forev- which would decide whether the industrywide plan, analogous to the We canrise to the challenge. The well. erything that appearsontheir plat- platform is allowing afreeand fair Generally Accepted Accounting Prin- American people deserveanonline In recent years, Section 230 has forms,they will have to create flow of content. Americans don’t ciples,orthe Motion PictureAssoci- marketplace of ideas that is consis- become apolitical punching bag, systems forreviewing and editing want the government acting as an ation film-rating system, could be tent with our fundamental princi- with some saying it allows big tech all posted content beforeitgoes up. arbiter of truth, deciding what credible,flexible and effective. ples of free speech. companies to censor political views, This is an impossible task.Atbest it speech is fair or not. This is pre- Theright solution will come from and otherssaying it enables the would createanenvironment that cisely what the FirstAmendment is some combination of these ideas. Mr.White, aRepublican, served spread of disinformation. Nearly a allows only the most limited and in- designed to prevent. Assuming that Section 230 survives as aU.S. representative from Wash- quarter centuryago, we couldn’t offensivespeech. At worstitwould Thereare betterways to fixSec- the debateoverthe defense bill, ington, 1991-99. He is amember of have anticipated today’sinternet, forceoperatorstoshut down many tion 230.Normally,the First there’sstill agood opportunity to the strategic advisory board at alli- whereone privatecompany, Face- social-media sites and drastically Amendment doesn’t protect against fixit. In aperfect world, the inter- antgroup,atax-consulting firm, and book,controls most of the public fo- limitthe ability of privatecitizens speech restraintsimposed by pri- net community would arriveatits principal at the Woodbay Group, a rums that Americans use to express to expressviews online.Wewould vate entities,but if two or three ownconsensus.For this to happen, consulting firm for startups. Will Biden’s Education Nominee Stand for Students or for Unions?

By Karl Zinsmeister that operates in Connecticut, says choose to resist, he’ll have evi- liftupmillions of at-risk children by squeezing off paymentsfor each of Mr.Cardona: “I haven’t found denceonhis side.People who de- initially elated politicalprogres- child they educate. Anew study oe Biden has chosen an educa- himtobedriven by ideologyand mand morespending on social pro- sives.Not long ago, Democratslike from the University of Arkansas J tion secretarywho maybe politics.Heismorefocused on grams lovetochatterabout CoryBooker and Barack Obama called “Charter School Funding: In- open to reforms that enhance making sureevery kid gets an ex- “evidencebased” policymaking. praised chartersfor closing racial equity Surges in the Cities” shows studentachievement, even at the cellent education than the type of Follow the science! goes the famil- achievement gaps.But as poor par- that, over the past 15 years, the gap cost of ruffling feathersinthe edu- school they go to.” iar cry. Alas,this sloganeering is entseagerly shiftedtheir children between howmuch atypical char- cation bureaucracy. Miguel Car- Let’shope he canmaintain that oftenlip service. and chartersgrewtoservemore terschool is reimbursed foreach dona,Connecticut’seducation com- evenhandedness, tastefor excel- One sad reality about “evidence- than 3.3million pupils at 7, 500 pupil and what conventional missioner,pressed to getchildren lence, and opennesstoreform. For based social policy” is that aston- schools (manyofthem so popular schools gethas doubled. In the past back in school while teachers if Mr.Cardona ends up running the ishingly few interventions showany they have long waiting lists), the two years, the shortchanging of unions wanted them closed. Rather Education Department, he will face proof that they work.Beginning in educational empirestruck back. studentsincharterswidened by than followthe “collegeorbust” heavy pressuretofocus lesson 2001,some very smart economists 28%. monomania, he hasurged equal children and moreonwhat is polit- and social scientistsworked for In Chicagoin2018,aconven- supportfor children “who need ically expedient. Advocatessur- morethan adecade to build the Cardona will face pressure tional school wasreimbursed hands-on experiences,who want to rounding him will demand lots Coalition forEvidence-Based Policy. $27,859 foreach student, while a build things, who want to manufac- moremoney forthe status quo and These carefulinvestigatorsre- to abandon charterschools, charter school received only ture.” an end to disruption of existing viewedmanyhundreds of academic one of thefew government $14,600.Inthe District of Colum- Dacia Toll, CEO of the Achieve- K-12 systems. assessments, and commissioned bia, conventional schools received ment Firstcharter-school network If aSecretaryCardona does some original ones of their own. In innovations that work. $36,266 ahead while charterswere the end, they were able to identify paid $24,896.InAtlanta, district only 12 domestic programs that schoolsgot twicewhat charters clearly helped the population they Public schools area$750billion a did: $20,861 versus $10,020. PUBLISHED SINCE 1889 BY DOWJONES&COMPANY were aimed at. Another 16 pro- year bureaucracy, and their eight This is discrimination. It has Rupert Murdoch Robert Thomson grams showedpartial signs of ef- million government employees nothing to do with resultsorevi- Executive Chairman, News Corp Chief Executive Officer, News Corp fectiveness, and 31 morehad out- provide the most important volun- dence. It is political protection pro- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher comes that were somewhat teersand funding forliberal activ- vided by progressivepoliticians to Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: encouraging though indefinite. That ism today. their powerful allies in the public- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; wasit. Afterdecades of interven- Under pressurefromteachers employeeunions. Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; tions consuming billions of dollars, unions and district administrators, Systematic bias against charters News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; agrand totalof59programs could politicians put caps on the number is creating atwo-tiered system of Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer demonstrateany positiveeffect. of charter schools allowed. Thus in public schooling,separateand un- Andrew Dowell, Asia; AnthonyGalloway, Video & Butone social invention of the Boston,wherecharter schools pro- equal. That is grossly unfair to Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; past generation stands out in rigor- duceimpressiveresultsfor children youngsterswithout other options. Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; ous evaluations as aclear success: ill-served by conventional schools, Urban mayors,blue-stategover- Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; charter schools and educational charter operatorsare prevented nors, President-elect Biden, Secre- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News choice. In randomized-control trials from expanding.New York Mayor tary-designateCardona: Does dis- Thomas SanFilippo, Customer Service; similar to those used to test new Bill de Blasio has resisted charter crimination against vulnerable GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; drugs, chartersproducehardproof success and growth by denying children bother you? Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; of their effectiveness. For instance: them access to buildings. In many Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International KIPP—the largest charter-school other cities,public officials refuse Mr. Zinsmeister, author of “From WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: provider in the U.S.,whose stu- to allowcharter-school studentsto PromisingtoProven: AWise Giver’s LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head dentsare roughly 90% black or His- ride public school buses. Guide to Expanding on the Success

EDITORIAL AND CORPORATEHEADQUARTERS: panic—was shown to liftachieve- Most recently,the educational of Charter Schools,” was an aide to 1211 Avenue of the Americas, New York, N.Y., 10036 ment in both reading and math. establishment has crimped charters Sen. Daniel Patrick Moynihan and Telephone 1-800-DOWJONES Theability of charter schools to in an even morethreatening way: President George W. Bush. P2JW358000-0-A01800-1------XA

A18 | We dnesday, December 23, 2020 THE WALL STREET JOURNAL.

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© 2020 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. We dnesday, December 23, 2020 | B1

S&P 3687.26 g 0.21% S&P FIN g 0.96% S&P IT À 0.86% DJ TRANS g 0.21% WSJ $ IDX À 0.54% LIBOR 3M 0.238 NIKKEI (Midday) 26470.94 À0.13% See more at WSJ.com/Markets Publishers Laud Google Antitrust Suit Aid Lets

BY KEACH HAGEY News Media Alliance, anews- ees were aware Google adver- and serious risks of negative people familiar with the matter Airlines publisher trade group.The suit tising tools didn’t always help media coverage” if it were “ex- said. Formorethan adecade, showed“they also controlled publisher clientsmakemore posed externally.” Thefiled Most publishersdepend on Google assured publishersits everything about the market, money than other ad tools,ac- suit redactsthis employee’s Google’sadproductstogener- Rehire online advertising tools were and that has had really bad and cording to the suit. comment. aterevenue. Google controls designed to help them make profound effectsonpublish- Last week’slawsuit said Google has called the suit morethan 90% of the market moremoney.Manywereskep- ers,” he said. “Google employees agreed meritless. AGoogle spokes- forthe tools that large publish- tical. Several publishers cooper- that, in the future, they should woman on Mondaysaid the ersuse to put their ad space Workers Last week, an antitrust law- ated with thestatestobuild a not directly lie to publishers,” suit wasdrafted from the point up forsale and dominates ev- suit by Texas and nine other case,people familiar with the citing Google employees’ of viewofGoogle’scritics and erylink in the chain that con- states against Google gave situation said, and much of the largely redacted expressions of their consultants, adding that nectspublisherstoonline ad- BY ALISON SIDER publishers’ frustrations alegal suit lines up with the com- worryoverthe way ad tools the ad-tech industry is vertisers. voice, alleging that the tech gi- plaintspublishershavemade had been positioned to pub- crowded and competitive. Some publishers, including Airlines arepreparing to ant runs adigital advertising about Google forseveral years. lishers. Wall Street Journal pub- News Corp, areintalks to li- call back tens of thousands of monopoly and rigsthe market Publishing executives say According to asection of an lisher News Corp,anoutspo- cense content to Google fora workersthey let go in October in itsfavor. they were surprised by the vol- unredacted draftversion of the ken Google critic,was among product called Google News nowthat Congresshas ap- “One of the messages news ume of internal Google docu- suit viewedbyThe Wall Street thecompanies contacted by Showcase,people familiar with proved government assistance publishersalways getis, ‘Stop mentation included in the suit. Journal, one senior Google em- antitrustinvestigators, along the situation said. to covercarriers’ payroll complaining.Google just has Communications between ployeefretted that one of with NewYork Times Co., Gan- MatthewSchruers, presi- through the end of March. The betteradproducts,’” said David Google employees,much of it Google’stools “generates sub- nett Co., NexstarMedia Group dent of the Computer &Com- question is howlong employ- Chavern,the president of the redacted, suggest the employ- optimalyields forpublishers Inc., Condé Nast and others, PleaseturntopageB2 ees will be able to keep their jobs. The$900 billion relief package forhouseholds and Store Traffic Plunges Ahead of Christmas businesses batteredbythe coronavirus pandemic in- cludes $15 billion forairlines to payall their workers. BY SUZANNE KAPNER Newdatashowthe Christmas shopping seasongot off to amuted startthis year. Carriersare hoping—for AND PAUL ZIOBRO the second time—that the Americans reinedinspending in November as theyfaced asurge in Covid-19 infections government assistancewill Super Saturdaywasn’t so and newbusinessrestrictions in some states. serveasabridgethrough a superfor bricks-and-mortar rockyperiod. stores,and the U.S. Postal Ser- —ByKatherine Riley Many travel executives be- viceisstarting to buckle un- lievethereispent-up demand der the flood of holidayorders Change in spending from previous year Online In-store fortravelthat could be un- that shifted online. leashed next summer.Ifthey TheSaturday beforeChrist- Clothing Dept. Discount Electronics Grocery Home Sporting Wholesale areright, airlines will need as mas is usually one of the busi- stores stores stores stores supply goods clubs manypilots, flight attendants, 300% est of the holidayseason, as mechanics,and baggage han- last-minute shoppers rush to dlersasthey canget in order Black Friday stores.But with Covid-19 cases to keep up.Airlines fur- mounting and several states 250 loughed over 32,000 workers tightening restrictions, many in October when the govern- people chose to stay home and ment aid they received last shop online as they did on spring ranout. Black Friday. 200 But anew strain of corona- Foot traffic to physical virus in the U.K. has illus- stores fell 39.1% on Super Sat- trated howquickly prospects urdayand wasdownnearly forarecoveryintravelcould 40%for the entireweekend, 150 change. Thestrain has compared with the same days prompted awaveoftravelre- last year,according to Sensor- strictions in Europe and else- matic Solutions,which has where, raising fresh questions cameras and software used to 100 about when borderswill re- track visitstothousands of open and when people will be malls and shopping centers. comfortable traveling again. “Super Saturdayweekend Thefunding bill covers air- wasperceived to be the begin- 50 line employees’ wagesand ning of a return to brick-and- benefits retroactively from mortar duetoconcerns over Dec.1through the end of online shipping cutoffs,” said March, and barsairlines from Brian Field, senior director of 0 furloughing or laying people Sensormatic’sglobal retail offagain during that period. consulting practice. “However, United Airlines Holdings manyconsumerselected to Inc.said that it plans to bring stay home.” −50 itsworkersback but cau- Sensormatic loweredits tioned that it maybeonly Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. holidayfoot-traffic forecast to temporary. adecline of 34% to 36% forthe “The truth is,wejust don’t six weeks ending Jan. 2, from Change in U.S. daily foot traffic from previous year Average weekly discount see anything in the datathat aprevious estimateofdown shows ahugedifferencein 22%to25%. It still expects Clothing and Entertainment General Beautyand 10% 20 25 30 35 40 50 Data notyet available bookingsoverthe next few bricks-and-mortar stores to be accessories and hobby retail grooming months,” Chief Executive busy in the final days before Black Friday Oct. Nov. Black Friday Christmas ScottKirby and President Christmas. 0 4–10 1–7 Week Week BrettHart wroteinamessage Theonline shiftistesting shared with employees and Apparel and footwear the ability of merchantsand −25 the media on Monday. delivery giantsFedEx Corp. Airlines received $25 bil- and United Parcel ServiceInc. Crafts lion under the pandemic-relief to handle arecordvolume of −50 Cares Act last spring to cover packages.The deliverycompa- Electronics workers’ payand benefits. In nies have experienced chal- −75 exchange, they agreed not to lenges morerecently with on- Sporting goods layoff or furlough employees time ratesafter handling the until Oct. 1. post-Thanksgiving surge well. −100% Toys and games Buttraveldidn’t rebound For parcels expected to ar- Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec. over the summer.Airlines PleaseturntopageB2 Sources: Facteus (Spending); Unacast(foot traffic); Numerator (discounts)Erik Brynildsen and Todd Lindeman/THE WALL STREET JOURNAL warned that job cutswould be coming and pleaded foran- other round of aid. When it didn’t arrivein Calpers Seeks Investment Chief Who Will Stay time,they furloughed tens of thousands of workers, includ- ing 19,000 at American Air- BY HEATHER GILLERS investment officersoverthe yearsonaverage at the25 70%ofthe assets needed to The role of Calpers invest- lines Group Inc.and over past two decades.Its most re- largest U.S. pension systems, payfuturepension benefitsfor ment chief is marked by its 13,000 at United. The nation’s largest public cent investment chief,Ben according to 2018 research by more than two million police prestige and its difficulty. “Atleast it will getmeto pensionfund has aretention Meng, lasted just 19 months. Funston AdvisoryServices,a officers, firefightersand other ThenextCIO will managea March,” said AlexWhitney,a problem, an especially press- His tenureended this summer governance consultant. public workersand retirees. roughly $440 billion global United flight attendant who ing issue given the deep hole in the midst of questions Calpers is hoping to find a Annual pension bills for Cali- portfolio of assetsranging wasfurloughed. it and other retirement plans about whether his personal in- replacement by early next year fornia towns arerising so from skyscraperstoforests, Doug Parker,American Air- are in. vestmentscreated aconflict of and is trying to getonalon- quicklythat some have re- will command the attention of lines’ chief executive, and The California Public Em- interest. ger-term footing. sorted to borrowing and mari- high-profile investorsworld- RobertIsom,its president, ployees’ Retirement System Elsewhere, investment Theneed forstability is juana legalization to help wide and will build arésumé said Tuesdaythat the airline hasburned through six chief chiefs stay forsix to seven acute: Calpers has only about cover the cost. PleaseturntopageB2 PleaseturntopageB5 INSIDE IPO Demand Tilts Power to Tech Founders

BY ELIOT BROWN boardofPalantir Technolo- The percentage of tech companies that 40% gies Inc., formerly of Silicon have gone public with dual-classshare Demand fornewly listed Valley,geared up forits public structures has jumpedinrecentyears. tech stocks is booming—and so, listing this fall by bestowing 30 too, is the poweroffoundersof the data-analysis company’s the Silicon Valley companies. three founderswith enough In the run-up to this special shares that one of month’slisting of DoorDash them canexert control with as 20 Inc., the deliverycompany’s little as 0.5% of the stock. boardgaveco-founders20 Morethan adecade ago, BUSINESS PROPERTY REPORT votesper share, up from one such sharestructures—in 10 Netflix aims forahit in London development vote in the most recent invest- which leadersget morevoting Africabut is challenged to test design where ment round. At Airbnb Inc., potencythan other sharehold- the company’sco-founders’ ers—were largely reserved for by slowinternet, everything one needsis 0 votesper sharedoubled to 20 atinynumber of startups,typ- 1995 2000 ’05 ’10 ’15 ’20 piracy and poverty. B3 within ashortwalk. B6 in recent months,according to ically the ones most coveted Note:2020datathrough Dec. 17 securities filings. And the PleaseturntopageB5 Source:Jay Ritter, UniversityofFlorida P2JW358000-4-B00200-1------XA

B2 | We dnesday, December 23, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Facebook...... B5 Palantir Technologies.B1 Aecon Group...... A8 G Peloton Interactive...B12 Pfizer...... A7,B11 Airbnb...... B1 Gannett...... B1 Pinduoduo...... B4 Albertsons...... A10 General Motors...... A1 Precor...... B3,B11,B12 Alibaba Group...... B4 Goldman Sachs GroupB6 Alphabet...... A2 R H Amazon.com...... A1,A2 Related Companies.....B6 American Airlines Group Huawei Technologies..B4 Rite Aid...... A7 B1 Hy-Vee...... A7 S Amer Sports...... B3 I Anta Sports Products Semiconductor IAC/InterActiveCorp...B3 B12 Manufacturing Apple...... A1,B11,B12 J International...... B4 B JD.com...... B4 Slate Asset Management...... B6 K Big Lots...... B6 SoftBank Group...... B12 BioNTech...... A7,B11 Kairos Investment Southwest Airlines....B5 C Management...... B6 SVF Investment...... B12 C3.ai...... B5 Koninklijke Ahold T California Public Delhaize ...... A7

Tencent Holdings..A8,B4 S M Employees' Retirement Tesla...... A1,B11

System...... B1 PRES Meituan...... B4 TMAC Resources...... A8 CarMax...... B12 Multichoice Group...... B3 U TED Carvana...... B12 N CIA CCCC International United Airlines.....A7, B1 SO Holding...... A8 Netflix...... B3 V AS Chevron...... B11 News Corp...... B1 Vivo Living...... B6 HUH/ CVS Health...... A1 Norwegian Cruise Line Y. Volkswagen...... A1 D Holdings...... B11 M W NA Delta Air Lines...... B5 O Socially distanced shoppers lined up outside a Sephora in Skokie, Ill., on Saturday. Many people are avoiding stores in the pandemic. Walgreens Boots Oak Street Real Estate Didi Chuxing Technology Alliance...... A1,B6 B4 Capital...... B6 Walmart...... A1 worked throughout the week- Sincethe pandemic prompted on orders over $35 placed by DoorDash...... B1,B12 Opendoor...... B12 Westbrook Partners...B6 Foot Traffic end to movepackages.“We temporaryclosures in the Dec. 24 in certain areas. F P WeWork...... B12 are accepting all volume that spring,most have offered Despite aslowdownincon- is presented to us,which is curbside or contactlesspickup sumer spending in November, In Stores adding to our challenges,” he forshopperswho don’t feel the National Retail Federation said. comfortable browsing inside still expectsholidaysales to INDEX TO PEOPLE FedEx said the carrier is ex- stores. rise 3.6% to 5.2% compared Plummets ecuting seven-daydeliveryand Macy’sInc.loweredthe with last year. A I Needell, Jonathan...... B6 implementing contingencies priceofits DoorDash same- “Sales arestill much higher Ahmed, Salman...... B11 Isom, Robert...... B5 Norville, Dan...... B6 forweather.UPS said because daydeliveryserviceto$5 relativeto2019,” said Matthew ContinuedfrompageB1 it is operating afaster ground- from $10 forDec.15through Shay, the trade group’sCEO. Allaway, Spenser...... B6 K Ntintili, Busisiwe...... B3 rive between Dec. 13 and Dec. deliverynetwork,some orders Dec.23. It is also offering con- “Mid- and higher-income S B Kinahan, JJ...... B11 17, on-time scores were 92.1% can still be placed using that tactlesscurbside pickup households arestill spending. Bezos, Jeff...... A1 Knoer, Scott...... A7 Sahin, Ugur...... B11 at FedEx,94.9% at UPS and option. through Christmas Eve, where And consumersare repurposing C L Vogel, Jim...... B11 86.1% at the Postal Service, ac- Payments firm Klarna sur- items areplaced directly in spending intoretail that would W cording to ShipMatrix, a soft- veyedmorethan 40,000 U.S. car trunks. normally flow to travel, enter- Cook, Tim...... A1 Levitt, Brian...... B11 ware provider that analyzes shoppersinmid-December. Gap Inc.customerswho tainment and restaurants.” G M Wiese, Aaron...... A7 shipping data. All scores have Morethan three-quarters missed the Dec. 20 free-ship- According to the NPD Group Garnry, Peter...... B11 McGrath, John...... A7 Y declined in the previous two hadn’t finished their holiday ping deadline for orders over Inc., which tracks point-of-sale Gordon, Elan...... B6 Meng, Ben...... B1 Yruma, Edward...... B12 weeks. shopping yet. With the win- $50 canstill gettheir gifts de- receipts, retail sales increased Cutoff times forlower- dowfor shipping deadlines for livered by Christmas Eveif 3% in the week ending Dec.12, Musk, Elon...... A1 H Z priced ground-shipping ser- guaranteed Christmas delivery they order by noon Pacific compared with the same week Halpenny, Derek...... B11 N Zahr, Marc...... B6 vice have mostly passed, and closing,shoppershavefewer Time on Dec.22for a$22 fee. last year.Including the nine shippers arenow turning to options to ensuretheir gifts Ordersfor curbside pickup can prior weeks, holiday sales are the higher-price air networks arrive on time. be placed through 2p.m. local up 2% year-over-year. changes when usersclicked, forlast-minutedeliveries that “I’m arranging backup op- time on Dec. 24. In-storepurchases continue Publishers thereby boosting their ad could still reach homes before tions formybackup options Walmart Inc. lists items on to lag,down7%inthe second prices. Christmas. because of the difficulties I’ve itswebsitethat it says canbe week of December compared Publishing executives say ThePostal Serviceisbeing experienced with online order- picked up from local stores on with ayear ago. But online Cheer Suit they were aware Google was taxedasUPS and FedEx limit ing,” said BeckyOlson, a38- Christmas Eve, if the order is salesfor that week were up working against header bid- thevolume of packages they year-old public-relations con- placed online by 4p.m. local 33% compared with last year, ding but were surprised at the accept intotheir systems.Ship- sultant. time on Dec.23. T.J. Maxx, according to NPD. Vs. Google deception alleged in the suit. Matrix estimated that about six Insulated mugsshe ordered which has asmall online busi- Lauren Levy is still looking Google kept itsown ex- million extrapackages aday online the Fridayafter ness, sent an email to custom- for last-minute gifts but says change, AdX, out of the were being added to the Postal Thanksgiving hadn’t arrived ers on Dec. 13 urging them to she didn’t shop in physical ContinuedfrompageB1 header-bidding auctions.In- Servicebecause of the restric- by last week,sothe Grand visit itsstoresfor “takehome stores over the weekend be- munications IndustryAssocia- stead, publishers held an auc- tions imposed by the large pri- Rapids,Mich., resident dashed ready-to-give gifts.” cause she wasafraid they tion, atrade association that tion involving everyone but vate carriers. to Dick’s Sporting Goods Inc. Few traditional chains can would be toocrowded. The includes Google,said that the Google,and then Google had Truckersare waiting up to to hunt for an alternative set. competewith Amazon.com SanFranciscoresident plans digital-advertising marketplace the option to topthe highest 48 hoursoutside some Postal “I knowthat the post office Inc., which has spent heavily to visit T.J. Maxx,Marshalls has gained ground over more bid,getting what industryex- Servicefacilities to drop off and other carriersare to build its own delivery net- andother stores during the traditional forms of advertising ecutives refertoasalast look. packages,Postal Serviceem- slammed, so I’m trying to visit work,making it lessreliant on week,when she hopes the in recent yearsbecause adver- Google said in 2017itwould no ployees said on aconference stores during off-peak hours, UPS and other carriers. crowds will be thinner. tisersfind it is oftenthe best longer getalast look,but ac- call Monday. either early in the morning or Amazon is still promising to “I have astrict rule,” the return on their investment. cording to the suit, the com- APostal Servicespokesman lateinthe evening,when they ship millions of items in time 38-year-oldsaid. “Ifitlooks “The priceofdigital ads has panysecretly maintained adif- said record shipping volume won’t be so crowded,” Ms.Ol- forChristmas.Prime members like thereare lotsofpeople fallen dramatically over the ferent version of the last-look combined with employee son said. canget free shipping on items and it’snot possible to keep a past decade,” he said. feature. shortages due to Covid-19 ill- Retailers arerolling out eligible forone-daydeliveryif reasonable distance, Ileave This trend had been good In an alternativetoheader nesses or exposures is causing newservices intended to make they order by Dec.23. They whatever is in my cart and foradvertisers but lesssofor bidding,Google began to allow thedelays and that employees last-minuteshopping easier. canget free same-daydelivery walk out of the store.” publishers, he said. competition between multiple Much of the states’ suit fo- ad exchanges through apro- cuses on Google’sadserver,a gram called ExchangeBidding, Public pension returns foryears endedJune 30 man’sremarks questioning his tool that helps publishersput which occurred inside Calpers ties to China and Calpers’s ad spaceupfor sale,and how Google’sadserver.Google col- Calpers Median forpensions of $5 billion or more holdingsofChinese companies. it interactswith the other key lected afee of at least 5% for Calpers Mr.Meng is from China and 20% outperforms elementsofGoogle’sempire: ad spacepublisherssold on a Plagued by peersfor the became aU.S.citizen. No for- itsadexchange, the market- non-Google exchange, accord- 15 first time in mal allegations were ever filed. placewhereaddeals arestruck ing to the suit, and added a 10 six years In an unrelated incident in real time; and the buying feature “that made it so Turnover this year,Calpersbegan an in- tools used by advertisers. A Google’sAdX exchangewon 5 ternal probe intoMr. Meng’s key advantagethat Google has publishers’inventoryeven 0 personal holdingsofBlack- over rivals is that it cankeep over another exchange’smuch ContinuedfrompageB1 stone Group Inc.shares during track of internet userswith a higher bid.” that canbeparlayedintoalu- –5 aperiod when Calperscom- single identifier in all these ExchangeBidding is the crative future on Wall Street. –10 mittedmoney to aprivate-eq- products. Google feature that the senior TheCIO will also facethe uity fund managed by the –15 Thesuit highlighted “dy- Google employeewas refer- unyielding glareofthe na- firm. ACalifornia panel that namic allocation,” afeatureof ring to in the unredacted draft tional spotlight and answerto –20 fines public officials forcon- Google’sadserver that allowed complaint as generating “sub- demanding groups with some- flicts of interests said in mid- –25 advertisersusing Google’sad optimal yields forpublishers.” times conflicting interests: vo- August that it would look into exchangetobid in real time for Theunredacted complaint said calpension beneficiaries and a 2009 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 the matter. ad spaceonpublishers’ web- Google executives referred to fractured board of elected of- Sources: Calpers; WilshireTrustUniverse Comparison Service(medians) Thereisnoevidencethat sites, armed with information their attemptstoundermine ficeholders, union officials and Mr. Meng expected to benefit about prices publishershad set header bidding and forcepub- political appointees. jumpersbecause they members have earned.” from the private-equity com- forother exchanges,ensuring lishersback ontotheir ad “There is no effectivebar- “jumped” acrossthe Sacra- At Calpers, past investment mitment. He had disclosed his that bids through Google could server as the“Holy Grail.” rier between boardpolitics mentoRiver from one pension chiefs have swung between in- ownership of the Blackstone always win. Publishershad This phrase is redacted from and the investment staff,” said headquarterstothe other, vestment pros and savvypoli- shares upon taking the CIO long complained this feature the filed complaint. Charles Skorina, arecruiter people familiar with the mat- ticians. job,and no one at Calpershad hurt competition that drove This same disputeover forinstitutional investors. “It’s ter said. Investment-focused CIOs at flagged it as a potential issue down their ad prices. header bidding led to Google’s apolitical stew and not avery Calpersofficials have said times clashed with the board at the time, according to peo- Thesuit said internal deal with Facebook,which the tasty one.” in internal discussions that before the 2008-09 financial plefamiliar with the matter. Google discussions showed suit alleges involved Facebook Calperslost several high- they arelooking firstand fore- crisis over issues ranging from Mr. Meng resigned Aug. 5 af- that “Google knewthat dy- agreeing to forgoheader bid- ranking investment-office ex- most foranother investment choosing certain investment terthe blog NakedCapitalism namic allocation prevented ding in exchangefor secret ad- ecutives in 2020 and 2019,in- professional to serveasthe partners to avoiding invest- called attention to the invest- competition among exchanges vantages in Google’sauction. cluding itshead of real assets, next CIO, according to aper- ments in controversial areas, ments, saying in aCalpers and did not maximizepub- On Tuesday, TheWall Street itshead of sustainable invest- son familiar with the matter. such as tobacco.Then, from statement he wanted “tofocus lisher revenue.” Journal reported that an unre- mentsand itsNo. 2invest- But the new investment chief 2009 to 2018,the fund re- on my health and on my fam- TheGoogle spokeswoman dacted draftofthe lawsuit said ment official, who lasted alit- should also be accustomed to tained two successiveCIOs ily and moveontothe next said the dynamic-allocation that Google and Facebook tle morethan six months. the public eye, boardmember who had held multiple posi- chapter in my life.” feature wasbuilt by Double- agreed to “cooperateand assist Calperswent morethan two MargaretBrown said at an Oc- tions in stategovernment but At an investment-commit- Click, the ad-tech company one another” on antitrust mat- years without apermanent none investing money on Wall teemeeting the following that Google acquired in 2008 ters as part of their agreement. private-equity head despite Street. But in eight of those 10 month, Theresa Taylor,the and used as the foundation for “The idea that we’rerigging pinning high hopes on the $30 The board is years, Calpers’sperformance chair, credited him with posi- itsbusinessoftools forbuying ad auctions in Facebook’sfavor billion portfolio’s returns. fell short of medians forpublic tioning Calpers’s investments and selling ads. is nonsense,” said the Google NowCalpers’sboardisdis- weighing a bonus of pensions of $5 billion or more to excel. “It’sashame that Thebulk of the suit deals spokeswoman. She said the cussing abonus of up to up to $850,000 for as tracked by WilshireTrust we’velost Mr.Meng,” she said. with howGoogle reacted when suit’scharacterization of why $850,000 foranew CIO based Universe Comparison Service. After six years of the Calp- the industrytried to sidestep Google built ExchangeBidding, on long-term investment per- an investment chief. Under Mr. Meng, a veteran ers CIO reporting only to the the companywith atechnology later called Open Bidding,is formance, amovethat could of Barclays Global Investors CEO,who reportstothe board, known as “header bidding.” In untrue,arguing that it wasat- encouragelonger tenures.The and MorganStanley,Calpers’s the boardvoted in September automated online advertising, tempting to offer clientsa fund is looking foraminimum returns beat peer pension per- to again play a formal role in when auser clicks on aweb- faster-loading product. five-year commitment, Calpers tober meeting,and arecruiter formanceby2percentage hiring andfiring the invest- page, the publisher putsad AFacebook spokesman said: Chief ExecutiveOfficer Marcie said the job will likely include points. He arrived in the CIO ment chief. spaceupfor sale on an ex- “Our processes and agreements Frost said at avirtual meeting appearing on national media post from ajob at China’sfor- TheCIO-to-CEO reporting change. Foryears, Google’sad forbidding on advertising pro- of the TorontoGlobal Forum outlets. eign-exchangeregulator and structurecreated abuffer,at server sent publishers’ ad motechoiceand createclear this fall. “The CalpersCIO holds a immediately began streamlin- least on paper,between the spacetoone exchangeata benefitsfor advertisers, pub- TheCalifornia State Teach- public job in the public spot- ingCalpers’sportfolio and in- boardand the CIO.But some time,meaning exchanges lishers, and small businesses— ers’ Retirement System, the light, andall the candidates vestment staff. boardmembersfelt shut out couldn’t competeagainst one anyallegation that this harms nation’ssecond-biggest public we’retalking with knowthat,” Being apublic official was when they learned of the inves- another. competition or anysuggestion pension fund, has held on to Ms.Frost said.“They also moredifficult forhim. He had tigation of Mr.Meng only after Header bidding,which re- of misconduct on the part of itsCIO formorethan 18 years. know that we’refocused on to spend moretime dealing his resignation, according to quired inserting abit of code Facebook is baseless.” Some staffersatthe teachers’ hiring an expert investor who with boardmembersand pen- people familiar with the matter. intowebsites,allowedpublish- —Lukas I. Alpert, fund refertoformer Calpers can skillfully guide our global sion beneficiaries than he had —Dawn Lim erstohold simultaneous auc- Jeff Horwitz and Ryan Tracy investment-officeemployees portfolio and help us deliver expected and waspersonally and Vipal Monga tions acrossmultiple ex- contributed to this article. who come to work thereas theretirement security our hurt by an Indiana congress- contributed to this article. P2JW358000-0-B00300-1------XA

THE WALL STREET JOURNAL. We dnesday, December 23, 2020 | B3 BUSINESS NEWS IAC to Spin Off Video Platform Vimeo Next Year

BY MATT GROSSMAN million operating lossinthe year-ago period. Vimeo,anonline-video plat- Founded in 2004, Vimeo is form that has seen a surge of rooted in hosting videos. Like revenue as businesses rely Alphabet Inc.’sYouTube,ital- more on the internet to reach lows people and businesses to customersduring the pan- upload digital clips forstream- demic,will be spun off from ing and sharing. IAC/InterActive Corp.asan But diverging from You- independent public company. Tube,Vimeo has steered away Theconglomeratesaid from an advertising-based

Tuesdaythe spinoff would model, focusing on selling sub- NETFLIX likely be completed in the sec- scriptions forasuiteofvideo- Dancedrama ‘JIVA!’ is slatedtodebut on Netflix in 2021. It is one of severalnew series Netflix hopes will scorenew subscribers in Africa. ond quarter of 2021, with IAC creation and editing tools shareholders receiving a pro- pitched at helping businesses portionateamount of Vimeo and other content creators stock. build an online presence. Netflix Targets Africa Growth Shares of IACrose 14%to Vimeo would become the $183.73 Tuesday. 11th companytobespun off Vimeo’s subscriber base from IACand itspredecessors, and revenue have grownthis IAC said. But Faces Several Challenges year as businesses have Two years ago, IAC agreed boosted efforts to build their to fully separate from Match webpresenceduring the pan- Group Inc., which runs dating demic. services.Expedia Group Inc., a BY ALEXANDRA WEXLER Africans areforecast to flock to streaming in varying qualities. In every month from April travel-booking provider,was video-on-demand services. Netflix leads Africa, with through November,Vimeo’s spun off from IAC in 2005. On stageinamarine park just shyoftwo million sub- revenue wasatleast 40% IAC last month said it was stadium, adirector yells “Ac- SubscribersinAfrica, in millions scribers, according to Digital higher from the same month exploring aspinoff of Vimeo tion!” and the cameras roll as a 0 1 2 3 4 5 6 TV Research. of 2019.Its third-quarter reve- and announced the platform young woman in aturquoise 2020 Showmax comes in second Netflix nue was $75.1 million. had raised $150 million in eq- wetsuit startstodanceand a 2025* with 688,000 direct subscrib- At the end of September, uity from technology-invest- sealion leaps from acobalt- ers, but that figure doesn’t take Vimeo had 1.46 million sub- ment firm Thrive Capital and blue tank and twirls in front of Disney+ intoaccount subscribersto scribers,up21% from ayear Singaporesovereign-wealth her. MultiChoice’spay-TV service, earlier. fund GIC. It is one of the final scenes Showmax DStv,for whom Showmax is of- Thebusinessrecorded a The fundraising round val- being filmed for“JIVA!,” a Net- feredasafreeordiscounted third-quarter operating lossof ued the business at $2.75 bil- flix Inc.original series about a iRoko add-on to certain subscribers. $3.3 million, from an $11.2 lion. talented dancer who realizes MultiChoice, which wasspun hermoves could be her ticket Amazon offlast year from internet and outofaworking-classneigh- mediagiant NaspersLtd., Af- borhood in coastal Durban, Apple TV+ rica’slargest company, said Peloton Buys Precor, South Africa. It is one of sev- Showmax and sister brands eral newseries the global Others GOtvand DStv have 20.1 mil- streaming giant hopes will lion subscriberscombined. AFitness-Gear Firm scoremillions of newsubscrib- *Forecasts Source:Digital TV Research Other international competi- ersacrossthe world’syoungest tors arelagging.Amazon Prime and fastest-growing continent. loon to 13 million by 2025 Africans and only acceptsdol- Video has about 100,000 sub- BY KIMBERLY CHIN Pacific region. “I pitched the story, they from 3.9million in 2020. lar paymentsinmanymarkets, scribers, according to Digital Peloton said the deal will loved it and then they greenlit This month, Netflix ap- which limitsittoaneliteaudi- TV Research. Disney+ isn’t yet Peloton Interactive Inc. also help it expand itsre- it. It waslikeone,two,three,” pointed Zimbabwean business- ence. available on the continent. has agreed to acquirecommer- search-and-development capa- said BusisiweNtintili,creator, man StriveMasiyiwa, the Simon Murray,principal an- Most of Netflix’sEurope, cial fitness-equipment pro- bilities, as well as advance its showrunner and executivepro- chairman and founder of Afri- alyst at Digital TV Research, Middle East andAfricamar- vider Precor Inc.for $420 penetration in commercial ducer of the show, slated to de- cantelecom and technology said that Netflix will need to kets,including sub-Saharan Af- million in cash, in amovethat marketssuch as in hotels, but world-wide on the stream- companyEconet Group,toits spend moreifitistodominate rica, aremanaged from Am- will help it break intocom- multifamily residences,and ing servicein2021. “It shows board. the continent. Netflix has com- sterdam, but the companyis mercial marketsand boost its collegeand corporatecam- that Netflix really knows what Netflix said that viewing in missioned some original con- stepping up itslocal fare. manufacturing capacity at a puses. they want.” SouthAfrica, the continent’s tent in Africa, he said, but Thecompanylaunched its time when the companyisrac- When the deal closes,Pelo- Sub-Saharan Africaisone of most-developed economy, more hasn’t made afinancial com- firstoriginal African series ear- ing to meet demand. ton’sproductswill be made the final frontiersinNetflix’s than doubled from Januaryto mitment to open itsown studio. lier this year,aspy drama Months into the pandemic, available to Precor’s commer- bid forworld domination of the November versus the same pe- Netflix’schief rival is home- called “Queen Sono,” which Peloton, known forselling cial customersinPeloton’sex- $100 billion video-streaming riod in 2019. grownstreaming champion made Netflix’stop 10 listsin $2,000-plus stationarybikes isting markets, the company market. Its1.1 billion citizens To win African eyeballs and Showmax,part of Johannesburg- multiple countries. equipped with screens that said. represent avast untapped op- wallets, Netflix is also investing listed MultiChoiceGroup Ltd., Afterinitially renewing the showsubscription workout Peloton also plans to make portunityfor the company. In moreinoriginal African pro- which has led the way on the showfor asecond season, Net- classes, has struggled both several connected fitness January, Netflix said it had sur- gramming;the companyde- continent with original African flix canceled the series,with with reducing delivery delays productsinthe U.S. next year. passed 100 million subscribers clined to comment on how content that makes up around thecreator indicating pan- and long wait times forcus- “By combining our talented outside the U.S. forthe first much it is spending. 40%ofShowmax viewing. demic-related logistical issues. tomer-service support as the and committed R&D and sup- time. Challenges forstreaming Showmax waslaunched be- Netflix said it scoursthe pandemic drives asurge in de- ply-chain teams with the in- Streaming in Africaisex- services on the continent are fore Netflix wasavailable on continent forthe greatest Afri- mand forits connected sta- credibly capable Precor team pected to grow rapidly.Digital many: piracy, expensivemobile the continent and wasthe first canstories and storytellers, tionary bikes and treadmills. andtheir decades of experi- TV Research, aLondon-based dataand slowinternet speeds of the two streaming services then equips them with the re- Peloton has attributed the ence, we believewewill be industry forecaster,estimates as well as poverty.Netflix is to offer downloads foroffline sourcestomakethe best ver- delays to shipping logjams, able to lead the global con- subscriptions in Africawill bal- still seen as expensivebymany viewing as well as downloads sions of their series or films. particularly at portsasthe nected fitness market in both bikesare transported to the innovation and scale,” said U.S. from manufacturers that Peloton President William are overseas. Lynch. Formoreinformation: Thedeal with Precor will Precor,ofWoodinville, wsj.com/inmemoriam help bring some of that manu- Wash., will runasabusiness In Memoriam facturing home.Precorhas unit within Peloton, the com- two U.S.-based manufacturing panysaid. Precor President !.'-,) !* 3.((.$ ('!!'%# +'-"#, 5JNahgG-Cg5 KC bG,b IGg /IGCJ 5JN5EE5CN5 6Gh5Nd-hg -2 85dC# ?G25#C6 4#ga#EdI5 KC facilities,which will join Pelo- Rob Barkerwill hold the titles K#gh5N-JCGH56 PI !565h#E 8`G#dG-C ,BfB7 6#hP#h#M#NPD#C !h#CPEGC F-GC56 ton’snetwork of third-party of chief executiveofficer at "-1-02-( +/ %#%# )#%#0&#-.*$ &*&* 86DGCGgdh#dG-C7 KIGNI J#`5IGD dI5Gh dI#d P-#h65 9I5 #C6 &#EEIg5h`56 d-J5dI5h manufacturersand itsTonic Precor and general manager at +h5gdGJG-ag &hGJId6h-dI5hg >#gd5h ;GE-d 2-hI5#hg #C6 dI5C D#hhG56 GC ,B3e #2d5h -[00]X+4,D 4\]]i =Y>B B;BEMO)LB 8K#h62-hg#25EI /IGCJ 2-hfGI5#hg5 &#EEI # dK-HI5#h N-ahdgIG+56-dII#`5g#G67 1Kd facilities in Taiwan, the com- Peloton Commercial. He will E#&&)OOBBD F#WTCW%C SOWAA #A ^#TT#< K#g P-hC-C>#hNI bb7,Bbe7#C6 Jh5K K#g C-d E-`5#d1hgd gGJId5 &5 1hgd P5N#D5 pany said. report to Mr. Lynch. Z#CW') &#MT%O>B !WSS)%? #A *#SB!> *i a+GC6hGgd-E7 4-CC5NdGNad7 d-?GEEG#C *C45 N-EE5#Ja5g #C6 2hG5C6g5/ KC dI5 2-EE-KGCJ “Bymaking fitnessequip- Precor is aunit of Finnish ^#TT#B FMS)%BSSAT#&SETWOE> 0P5C5H5h6#hC5g7 KI- P5N#D5 dI5 1hgd 95Nh5d#hI -2 4-DD5hN5 aC65h ;h5gG65Cd memberssooner,” the com- includes Tencent Holdings )%O# W% )%CMSOT: 'BWCBTEM'&)%WO)%? +5hD#C5Cdg5ddE5h -2 6hGgd-E GC ,fb35 M5 O5-hJ5 M5&56agI5 O>B &BT?BT<)O> Z#CW') )% N7"QD O# K#g #C 5JN5EE5Cdgda65Cd7#dd5C656 6hGgd-E :-Ih7KCN579#C 2G5J-7 487 KI5h5&#EEI ETBWOB ^#TT#< Z#CW')D O>B ?'#FW' 'BWCBT +aPEGN gNI--Eg7 K#g #C 0#JE5 9N-ad7#C6 g5h`56 #g4I#GhD#C *,BB.H,BB3)7 ?-NdGd5 Peloton’sshares,which Ltd., FountainVest Partners, )% E#T!#TWOB ?#LBT%W%EBD S>WTB>#'CBT Jh#6a#d56 2h-D 255h15E6 8N#65DI GC 4-h+-h#dG-C7 dI5 :-J5hg 4-h+-h#dG-C7 have surged475%this year, and Anamered Investments B%?W?B&B%OD !T#;:S#')E)OWO)#%D ^V8 W%C ,B..5 KDD56G#d5EI #2d5h Jh#6a#dG-C7 KGdI dI5 KCgGEN- 4-h+-h#dG-C7 #C6 8h#65KGC6g rose 12% to $161.21 on Tues- Inc. CBFO WCL)S#T: SBTL)EBSi *#B EWTBC CBB!': &-hE6 &#h KK h#JGCJ7 I5 5CEGgd56 GC dI5 8ahPGC5 4-h+-h#dG-C58D-CJ IGg D#CI NG`GN 8hDI #C6 g5h`56 GC dI5 8hDI8Gh4-h+gaCH #C6 +IGE#CdIh-+GN 5C65#`-hg7&#EEIK#g day. Thedeal is slated to close WF#MO O>B E#&!W%:D)OS B&!'#:BBS W%C >)S E#&&M%)O:i,BWT)O)BSD )%E'MC)%? 4W'LWT: ,#S!)OW' 65d#@#++#7 NaDE#a657 GC ,B.B #C6 K#g C5NdGNad 0D+E-ID5Cd #C6 8h#GCGCJ 4-DH theAmericas,Precorhas of- <>)E> )S CBL#OBC O# !T#L)C)%? EWTBO#WCM'O ficesinEurope,the Middle  Heard on the Street: Peloton dI5 4-DD5CN5D5Cdg+5#P5h5 !h-D dI5h5 DGggG-C *4084)7 KIGNI 65`5E-+56 K-hP5h !WO)B%OS)%O>B WCLW%EBC SOW?BS #A EW%EBTi I5 5Cd5h56 %#E5 ?#K 9NI--E7Jh#6a#d56 dh#GCGCJ +h-Jh#Dgd-I5E+ +5-+E5 J5d F-Pg East and Africa, and the Asia- pays to gain speed...... 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B4 | We dnesday, December 23, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Loophole Seen in China Chip-Firm Ban

Shanghai giant’s listing “was done forshowand needs to keep pacewith rivals. parochial commercial interests The company said it opposes biggest-selling items at theexpense of U.S. national the blacklisting and said it has unaffected by U.S. security.” never been involved in mili- TheCommerce Department tary activities. curb on export tech said it could revisit the SMIC It isn’t unusual for the U.S. restrictions to further protect to revise export rules.The U.S. BY ASA FITCH U.S. national security.“We are last year placed China’stele- AND DAN STRUMPF prepared to take such action com giant Huawei Technolo- and amend the entity listing,” gies Co. on an export blacklist. TheU.S.government’s move it said. It subsequently tightened the to denyChina’sleading chip Thespat over export limits restrictions. maker access to advanced comes as the U.S. and China Thelimitsaren’t the first

manufacturingtechnology GES areinanintensifying technol- time the Trump administration

comes with exceptions that IMA ogycold war that has chip has targeted SMIC over allega- mean itsimpact maybe technology as one of its prin- tions it supplies China’smili- mainly political and have lim- GETTY cipal battlefields.“TheU.S. tary.The Pentagon this month ited effect on the company’s hasagain used itsnational added SMIC to alist of military business. MEDIA/ powertosuppressChinese companies,restricting U.S. in- Under the restriction the OFT companies,” the Chinese Min- vestment in the chip company. Commerce Department im- CR istryofCommerce said in a In September,the Commerce BAR

posed last week on Semicon- O/ statement afterthe U.S. added Department applied anew li-

ductor ManufacturingInter- FOT SMIC and otherstothe entity censing standardonSMIC and ST

national Corp., or SMIC,over CO list. “China is firmly opposed warned itssuppliers that ex- the company’salleged links to Semiconductor Manufacturing International said the U.S. listing won’t hurt in the short term. to this,and will take necessary portstothe companyrisked be- the Chinese military, suppliers measures to resolutely safe- ing used formilitaryactivities. need an export license to sell ingthe most advanced chips canbeused to produceboth Republican on the House For- guardthe legitimaterights The implementation of ex- technologyoriginating in the in the world with transistors older technologyand morecut- eign AffairsCommittee, Mi- and interestsofChinese com- port limitsonSMIC will U.S. to the Shanghai-based chip 10 nanometersorsmaller,the ting-edgechips.Some tools chael McCaul of Texas,on panies,” it added. largely fall to the Biden ad- maker.The movetoput SMIC department said, using amea- that canhandle moreordinary Mondayasked Commerce Sec- SMIC said in aregulatory ministration. Representatives on the so-called entity list ef- surement loosely referring to 14-nanometer designs canalso retary Wilbur Rossto rewrite filing Sundaythat the entity for the president-elect didn’t fectively gives Washingtonthe semiconductor size. be used to build high-end, 7- the SMIC restrictions to close listing would have “no mate- respond to arequest forcom- powertoblock equipment crit- But the chips SMIC cur- nanometer chips,said Handel “dangerous loopholes” that rial adverse effect” on its ment. Biden policyadvisers ical formanufacturing. rently sells generally arelarger Jones,chief executiveofre- would allowthe Chinese com- short-term operations or fi- previously have said they ex- Theregulation applies the and not coveredbythat rule. search firm International Busi- panytocontinue operating nances.However, it said the pect to confront China on sev- toughest licensing standard—a And, industryofficials said, the nessStrategies Inc. without anyinterruption. The listing would damageits work eral technology issues. presumption of denial—to tougher U.S. restrictions don’t Republican Sen. Marco Ru- lawmakersinalettersaid they on the moreadvanced10- —Bob Davis equipment dedicated to mak- covermoreversatile tools that bio of Florida and the ranking were deeply concerned the nanometer chips—effortsit contributed to this article. Beijing Warns InternetCompaniesonPricing Tactics

BY LIZA LIN munity group buying and sought to develop itsown government subsequently chat group enabling members nies from pricing productsbe- warned the companies against global technologychampions. drafted newantitrust rules to buy productsatcheaper lowcost forgroup buying to China’smarket regulator illegal actions such as preda- But as the companies have fortechnologycompanies to prices. squeeze out competitors. has ordered the country’stech tory pricing,abusing con- grownpowerful, armed with protect consumer interests This bulk-buying model Last week,Chinese regula- giants to tighten oversight of sumer datafor profit and sell- massiveconsumer data, au- and prevent monopolistic be- shot up in popularity after tors fined both Alibaba and an emerging e-commerce pur- ing fraudulent products. thoritiesare increasing scru- havior.China’sleadersalso China locked down cities as Tencent 500,000 yuan, equiva- chasing model, the latest in a Representatives from food- tinytokeep them in check. have publicly called for the coronavirus hit in the first lent to about $76,400,for fail- string of moves by authorities deliveryapp operator In early November,China strengthened antitrust ef- quarterofthe year.Manyresi- ing to properly report past ac- to rein in the powerful inter- Meituan,e-commerce compa- suspendedAnt Group Co.’s forts. dentscouldn’t leave home and quisitions.While the fines net sector. nies JD.com Inc.and Pin- blockbuster initial public of- Community group buying relied on such chat groups and were relatively small, observ- TheState Administration duoduo Inc.and ride-hailing fering afterJack Ma, the fi- involves agroup leader ap- e-commerce sites to buy gro- erssaid regulatorswereen- forMarket Regulation sum- platform Didi Chuxing Tech- nancial technologygiant’sbil- pointedbye-commerce plat- ceries. forcing these rules on foreign- monedsix of China’slargest nology Co.also attended the lionaireco-founder, angered forms,typically aresident in Such purchasing also offers listed Chinese companies for consumer internet businesses, meeting. Beijing by criticizingPresi- an apartment complexora lowprices.Onone group-buy- the firsttime,indicating a including Alibaba Group Thesession marks Beijing’s dent Xi Jinping’ssignature grocerystore owner.These ing platform Tuesday, 500 newdetermination to Holding Ltd. and Tencent latest salvoasitincreases campaign to control financial leadersare incentivized to grams,orabout 1.1 pounds,of strengthen control over tech Holdings Ltd., to ameeting pressureonChina’smajor risks. createlarge social-media chat oranges were selling for1.4 firms listed overseas—likeAli- Tuesday, according to astate- consumer internet companies. Shortly after, authorities groups with as manyashun- yuan, or about 21 cents, and baba, from which Ant Group ment on itswebsite. Theregu- Manyofthem enjoyedrela- unveiled guidelines to tighten dreds of participants, usually 30 eggs for10.9yuan. sprang. lator said it would more tively unchecked growth over oversight of aburgeoning people living nearby.Links are In itsstatement Tuesday, —Raffaele Huang closely monitor so-called com- the past decade as China live-streaming sector.The frequently shared within the the regulator banned compa- contributed to this article. 7 J800 6D ed. rv se re ts righ ll .A nc ,I o. &C Jones ow 0D 02

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THE WALL STREET JOURNAL. **** We dnesday, December 23, 2020 | B5 BUSINESS NEWS

PilotsatDeltaand United Tech Firm AidWill had agreed to accept cuts in ordertoprevent furloughs. Provisions in those agree- Founders Let Airlines mentswill be paused so pi- lots’ paywill be restored through March, unions have Gain Clout RehireStaff said. Thelegislation mayhalt contentious negotiations be- ContinuedfrompageB1 ContinuedfrompageB1 tween Southwest Airlines Co.

by investors, likeGoogle and S would be able to cut checks to and several of itslabor

Facebook Inc.Airbnb,Door- NEW furloughed workersbyChrist- unions: Thecompanyhad told Dash, Palantir and a string of G mas EveonThursday. While workersthat furloughs in other recent listingsshowhow payand benefitswill be re- 2021 would be unavoidable so-called founder control has OOMBER stored immediately,employ- unlessthe unions agreed to effectively become the norm. ees will return to work in concessions or the govern- ZZI/BL

Themoves by the large TA phases. ment provided moreaid. newly listed companies are Tracking down all the fur- ASouthwest spokesman stirring concern among propo- ALBER loughed workerscould be a said theairline is “veryen-

nentsofstrong corporategov- TINA daunting task. couraged” but needs to exam-

ernance, particularly as they MAR Theemployees have relin- ine the final terms surround- come just over ayear afterthe Tony Xu, co-founder and CEO of DoorDash. Three co-founders control 75% of the company’s votes. quished their corporateemail ing the payroll funding.He failed IPO of WeWork Cos. addresses and mailed back declined to sayTuesday WeWork co-founder Adam “They have earned the right company-provided phones and whether the airline will call Neumann had full control over Risk Posed to Rule democracy is abetterway.” to have that control,” he said. ID badges.Some mayhave off itsplanned job cutsnext the business—so much so that Founder controltook off as Smart, strong-willed founders moved. In manycases,work- year. potential investors jettisoned By Shareholders startups were deluged with should be able to focus on erswill need training before Airlines hadasked forthe the offering afterbeing moneyfromprivateinvestors “building an enduring busi- they canreturn to their posi- CaresAct funding to be ex- spooked by his management hoping to find the next Face- ness,” he said. tions. tended with no changes to the style and mounting losses, Founder control—wherein- book or Alphabet Inc. Besieged DoorDash’sthree co-found- Not all airlines cut staff terms,and the newlegislation among other issues. vestors effectively hand over with demand from investors, erscontrol 75%ofthe com- once aid ranout in the fall. closely tracks the previous Thehigh-profile debacle led the keys of giantcompanies founders were able to dictate pany’s votes, according to se- DeltaAir Lines Inc.didn’t agreement. manyinvestorsinSilicon Val- to asingle person or small terms of funding rounds, said curities filings. Airbnb’sco- furlough anyworkers, though Airlines must agree not to ley to question the wisdom of group—brings large newrisks Renee Jones, an associate founderscontrol 43%, manyhavebeen working re- buy back shares or paydivi- granting founderssomuch forshareholders. dean at BostonCollege Law although that amount is ex- duced hours. dends, and to limit executive power early on. They worried Even acompetentfounder School who has researched pected to grow as early inves- Deltasaid earlier this compensation. TheTreasury that a measure once reserved can tireoftheir job, yetshare- governanceatlarge startups. tors sell their ownhigh-po- month that it planned to bring previouslyrequired that air- forahandful of standoutswas holders of companies where “There’smoremoneythan tency shares. Palantir’s three all itsworkersback to full linesrepayabout 30% of the being shared toowidely and founders have outsizecontrol thereare good deals,” she co-founders control 49.99% of schedules by Jan. 1, though it job support funding. without discernment. Forin- wouldn’thave anyreal ability said, leading to persuasiveor the votes in a complex struc- also sought morevolunteers Thepackageonceagain re- stance, few of the large start- to unseatthe CEO, said Nell compelling founders having turethat increases their share to take unpaid leavesofab- quires airlines to maintain ups going public had ever pro- Minow, vicechair at Val- the upper hand in negotiations potencyasthey sell stock in sence. servicelevelstoensurethat duced an annual profit. ueEdge Advisors and along- and leverage overhow much the company, which decamped “Weknowthe recovery ruralareas don’t lose air ser- Now, the mood has shifted time advocate forshareholder controltheywant. Such struc- to Denver this year. continues to be choppy,” Chief vice,which could mean that amid asizzling market for rights. tures, she said, areprecarious, Many adherentsofstrong ExecutiveEdBastian wrotein carriershavetorestoreflights IPOs—one whereAirbnb’s “I want them to be on and have led to aseries of corporategovernancequestion aDec.9messagetoemploy- that have been cut in recent shares more than doubled on their toes all the time,” she high-profile missteps likeWe- the shift. Some marquee stock ees. months. theirfirst dayoftrading.In- said, rather than mimicking a Work, given the lack of over- indexeslikethe S&P 500 won’t vestorssay the strong market monarchy. “For all its faults, sight. include newcompanies that helps strengthen the hands of have multiple classes of co-founders of hot tech com- shares,while shareholder panies that aregoing public, went public with astructure terviews that they didn’t re- groups such as the Council of giving them greater leverage that gives the founder 20 ceiveany questions about InstitutionalInvestorsadvo- over those who push formore votes per share. their high-voting stock during cate against it because it hin- democratic structures where So far this year,41.5% of meetingswith investorsbefore dersaccountability forcorpo- everyshareholder has the the41tech companies that their IPOs. rate leadership. same voting power. have gone public had dual- Backers of founder control The rise in founder control Thefounder of artificial in- classshares,with one class sayitisappropriatetogive cutsagainst the general trend S

telligencecompany C3.aiInc., holding higher voting potency some visionary CEOs room to elsewhereincorporateAmer- NEW which went public this month, than the other,said JayRitter, experiment and take risks that ica, whereshareholdersinre- G has 50 votesper sharecom- aUniversity of Florida busi- Wall Street might not always cent decades have been gain- pared with the morestandard nessprofessor who tracks appreciate. Alfred Lin, a part- ing abiggersay,said Nell OOMBER

10 votes. That is down from IPOs.That figure is just shyof ner at Sequoia Capital who Minow, vicechair at Value- ON/BL

the 100 votes per share listed the record 43.3%seen in 2017 sits on the boards of both EdgeAdvisors and alongtime LL FA

in early drafts of the com- and well above the 7. 2% over- Airbnb and DoorDash, said in advocatefor shareholder T. pany’sprospectus filed with all seen since 1980. an interviewthis month that rights. TRICK

the Securities and Exchange Both the CEO of DoorDash, those firms’ CEOs have proven —Maureen Farrell PA Commission. Last week,e- Tony Xu,and the CEO of Wish, they areresponsible after and Heather Somerville American Airlines, which furloughed 19,000 workers in the fall, commerce siteWish’sparent Peter Szulczewski, said in in- years of expansion. contributed to this article. said it should be able to start paying them again on Thursday.

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B6 | We dnesday, December 23, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Goldman Division Invests in Buying, Leasing Back Sites

BYPETER GRANT strategyfor raising cash while retaining control of property A Goldman Sachs Group they need forstores, office Inc.unit that buysstakesin buildingsand warehouses. alternativeinvestment manag- Since 2014, over $6 billion in ershas made itslatestpush net lease real estate has been intothe real-estateindustry acquired per year alone by by investing in afirm that ac- public companies tracked by quires stores,warehouses and GreenStreet, acommercial (2) other properties from big real-estateanalytics firm. TED companies and then leases These companies include W.P.

RELA them back. Carey Inc., Vereit Inc., Realty The unit, Petershill, in No- Income Corp.and National Re- GENT

AR vember purchased a minority tail Properties Inc. RelatedCompanies is building BrentCross Town (artistrenderings), with parks, officebuildings, storesand other urban amenities. stake in OakStreet Real Es- Some of these companies tate Capital LLC,which has took their lumps during the raised over $6.5 billion since coronavirus pandemic when launching in 2009.Oak tenants stopped paying rent. London Development Built on Street’sfunds have purchased In April, only 75% of tenants, hundreds of stores,ware- on average, paid rent at the houses and officebuildings public companies followed by sold and leased back by com- Green Street. Ideal of Being Fully Walkable panies such as Walgreens Manyofthese eventually BootsAlliance Inc.and Big paid what they owedbut the Lots Inc. tenants“were being alittle Thesizeofthe stakeand cautious” early in the pan- BY RUTH BLOOMFIELD thepricepaid by Goldman demic,said Spenser Allaway,a weren’t disclosed, but the deal Green Street analyst. “They Thehot newtrend forEuro- valued Oak Street at $2 bil- said,‘Hey,Iwant to keep my pean development is neighbor- lion,according to people fa- liquidity. Can you provide me hoods whereeverything ares- miliar with the matter. a deferral to help me sleep at ident needs is within ashort SincePetershill was night for the summer?’” walk.Now,aprominent U.S. founded in 2007, it has in- Rentcollections forthe sec- developer is building one of vested over $8 billion for torhavesincebounced back to London’slargest versions of stakes in morethan 32 invest- over 90%, according to Green this type of megaproject. ment managers. Other real-es- Street. Shares of the sale- RelatedCompanies is lead- tate firms in Petershill’sport- leaseback real-estateinvest- ing a development costing £5 folio include Westbrook ment trusts, which are about billion, equivalent to $6.7 bil- Partners and Slate Asset 80% invested in single-tenant lion, to transform 180 acres Management. stores, restaurants and other into what it calls a model ur- Joining with Goldman has a retail on averageare now ban neighborhood, whereresi- rangeofbenefitsfor invest- dents would be able to work, ment firms.Fundraising be- rest and playall within a15- comes easier because they minute stroll from their front have access to Goldman’s doors. global network of investors. $2B Work began earlier this Goldman’scontactsalso year on Brent CrossTown, a mayprove useful when Value of Oak Street Real joint venturebetween Related searching fornew invest- Estate Capital, under deal and the U.K. developer Argent. ments. Oak Street currently Thefirst of 6,700homes are limits itsproperty purchases slated to be ready in 2024. A fortably work from home,and Broadcasting Corp. and other without getting intotheir cars. to the U.S. and Canada. newtrain station with service if people aregoing intothe of- major television companies But it wasn’t until the turn But with Goldman at its down 20% sincethe beginning to central London taking just fice in the middle of town less are among the tenants. of the 21st centurythat devel- side,Oak Street is nowcon- of the pandemic,compared 12 minutes should be com- often, they also want some of Kopvan Zuid, an aban- opersbegan to invest in creat- sidering reaching out to drug- with 35% formalls and 23% pleted in 2022. that infrastructure—the gyms, doned 309-acreport 3miles ing brand-new urban villages storechains,retailers, logis- forstrip centers, Green Street ButBrent Crossresidents restaurants, bars—closer to from central Rotterdam, is be- in central London locations tics firms and other said. might not choose to travel to home.” ing transformed intoone of likeKing’sCross and Padding- businesses globally that Sale-leaseback firms tend to the city center that often. The Buyers are willing to pay a the largest 15-minutecities in ton, both previouslyneglected might be interested in sale- do betterthan other retail be- project would include 3mil- premium of at least 30% to Western Europe.The former neighborhoods blighted by leasebacks,said MarcZahr, cause they aremoreconve- lion squarefeet of officespace live close to these amenities, head officeofthe Holland- proximity to major transport Oak Street’sco-founder and nient and cater to immediate and about 50 acres of parks Mr. Grace said. Amerika Lijn, ashipping com- interchanges. chief executive. “Ifyou have needs.“If you’redriving home and playing fields. Plans also TheBrent CrossTownblue- pany,isnow afour-star hotel. Brent CrossTowndoes the right partner,you can from work you might want to call forstores, restaurants, a print isn’t completely new, Other buildingstherehave have challenges to overcome, take abusinesslikeoursand stop at aconveniencestore movie theater and three said KenWong, Related’schief been designed by topEuro- including the financial uncer- turbocharge it,” Mr.Zahr and getsomething youneed schools. operating officer and director pean architects like Renzo Pi- tainty caused by Britain’stur- said. right now,” Ms. Allaway said. Takentogether,they repre- of international development. ano, Norman Foster and Rem bulent exit from the European Mr.Zahr estimated that in- “You’renot going to order that sent what Europeans call a15- Modern satellitetowns around Koolhaas. Union. vestment-grade businesses in on Amazon.” minute city. most U.S. cities already offer Thephrase “15-minutecity” Even beforethe coronavi- the U.S. and Canada alone Oak Street’sportfolio is These projectshavebeen an amenity-packed lifestyle. wascoined by Prof.Carlos ruspandemic,Hammerson owncommercial property about 35% retail, 50% indus- taking off in recent years be- Themain differenceis Moreno of the Sorbonne Busi- PLC and Aberdeen Standard worth $8.3 trillion that could trial and 15% office. The firm cause it has become clear that Brent Cross Town’s proximity nessSchool in Paris.Headvo- Investments, ownersofthe be sold and leased back.Glob- also focuses on buying and suburban and outer-city and connectivity to central catesreorganizing the city’s dated 1970s Brent CrossShop- ally the figure is $24trillion, leasingback property from homeownerswant the same London, which Mr.Wong said arrondissementsintoanet- ping Centrejust north of he said. businesses with investment- access to amenities as those will particularly appeal to work of self-sufficient neigh- Brent CrossTown, had “There’samassiveopportu- grade credit ratings. who liveincity centers, said businesses looking to relocate borhoods. shelved plans to expand and nity to unlock value and shift Sincethe pandemic started, Dominic Grace, head of Lon- to modern and less expensive Theconcept has been em- renovatethe indoor mall. That real estatefromthe balance Mr. Zahr said, Oak Street has don residential development environmentsthan the city braced by Paris MayorAnne project wasoriginally seen as sheetofcompanies that are collected 100 centsonthe dol- at real-estate firm Savills. center. Hidalgo. Her first step was to an integral part of the plan, not in the business of owning lar on rents. “That’sthe value “Covid-19has accelerated Other15-minutestyle proj- sacrifice on-street parking to and itslossillustrates just real estatetoour balance of having an investment-grade that realization,” he said. ectsinclude the 200-acreMe- install cycle paths on every howharditcan be to coordi- sheet,” Mr. Zahr said. tenant. Adefault on alease “Peoplewant to livesome- diaCityUK,3miles from Man- street and bridge, to help Pari- nateredevelopment on such a Corporations have long canand will affect the com- wherewherethey cancom- chester.The British sians reach local amenities grand scale. used sale-leasebacksasa pany’s credit rating.” Empty Hotels Get a New Life Recast as Rental Apartments

BY WILL PARKER building recycling company,” studiosinnew buildingshas AND KONRAD PUTZIER said Dan Norville,president of crept over the $1,000 amonth Vivo Living.The company mark. Investorsare buying hotels converted itsfirst hotel into Hotel-room-sizestudios can and turning them intorental apartmentsinlate2019 with competewith those apart- apartments, in the latest sign theformer Bigelowhotel in mentswith a20% discount on of howthe Covid-19 pandemic Ogden, Utah, aproperty origi- rents. is changing the American real- nally built in 1927 with about “Weare working within the estate market. 112 rooms. market circumstances to kind These buyers are trying to Since the start of the pan- of solveanaffordable-housing take advantageofthe hospital- demic, Vivo has added three problem, even though it’s not ity industry’s crisis by taking morehotel conversion projects our businessplan to createaf- over struggling or foreclosed in Mesa, Ariz., South Bend, fordable housing,” Mr.Gordon properties at bargain prices. Ind., and Winston-Salem, N.C. said. They arealso looking to profit Thecompanyisincontract to Extended-stay hotels are from rising demand forcheap buy afourth hotel, outside San ideal for creating the cheaper housing from households Antonio early next year. apartments, Mr. Gordon said, forced to downsizeduring the Manyofthe properties Vivo because while they typically recession. is looking at are older motels measure smaller than the av- Thesmall but growing with open-air corridorsand erageapartment, they already number of hotel conversions— staircases shunned by big ho- have bathrooms and kitchen-

some properties arealso being telbrands.“Thereare so many ettes built into them. LIVING O

turned intooffices—is a of these exterior-corridor mo- Moreconventional hotels VIV symptom of the turmoil the tels throughout the U.S.,and need amoreexpensivere- Among several properties that Vivo Living has converted is a former Ramada Inn in Mesa, Ariz. pandemic has caused in the it’safunctionally obsolete build, but even that often hotel sector. Many properties product type for the hotel in- takeslessthan ayear and is ernmentsthat his apartments rent of about $1,500 amonth, Mr.Stuart wasparticularly areshut down or running dustry,” Mr.Norville said. “But much faster than building would be among the most af- according to datafromYardi budget-conscious this spring steep losses because of a drop when youlook at them, and from the ground up,investors fordable in the market. Matrix,alevel that makes it when he wasapartment hunt- in travel. youlook at agarden-style say. Sincethe pandemic began, In manycases,hotel rooms difficult for many young pro- ing because he wasfurloughed Theshareofhotels with se- multifamily right next to it, Mr.Gordon is in contract to are just large enough to qual- fessionals to have places of early in the pandemic.The curitized mortgages that were they’realmost the exact same convert aconventional hotel ifyasthe smallest housing their own. $700 rent is much cheaper delinquent on their loans was property footprint and type.” in Austin, Texas,intoapart- units allowable under zoning “The whole millennial thing than the typical apartment in 19.66% as of November,up Elan Gordon,principal of ments, having previously fin- law, said Jonathan Needell, of spending 40% or 50% of his neighborhood. from 1.52% a year earlier, ac- real-estateinvestment com- ished three others. president of real-estateinvest- your income on rent, it just Hisplan is to use his sav- cording to Trepp LLC.Even pany SHIR Capital, which has These conversions some- ment firm Kairos Investment doesn’t makeany sense,” said ings from the lowerrent to before the pandemic, a surge converted hotels intohun- times require zoning changes Management Co., which has LeeStuart,a32-year-old con- buy his own place eventually. of hotel construction over the dreds of apartments in South that canbetime intensive. Mr. lent money to converters. cert promoter who lives in a “IfIdothis forayear or past decade had leftsome cit- Carolina and Texas,said the Gordon said he has accom- Austin has been a particu- 300-square-foot studio at the two…I could go buy atwo-bed- ies with a room glut. business plan works best in plished this in some locations larly hotmarket forconvert- Hedge, aformer hotel north of room apartment or condo,” he “Weconsider ourselves a marketswherethe priceof by demonstrating to local gov- ers. Thecity has an average downtown Austin. said. P2JW358000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, December 23, 2020 | B7 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. CanNtlRlwy CNI 108.87 -0.32 EversourceEner ES 83.57 -0.14 KLA KLAC 257.59 -3.18 OldDomFreight ODFL 198.66 0.84 SS&C Tech SSNC 71.46 0.15 s Trimble TRMB 66.18 -0.45 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CanNaturalRes CNQ 23.06 -0.43 s ExactSciences EXAS 142.12 1.08 KSCitySouthern KSU 195.97 -1.87 OmegaHealthcare OHI 37.12 0.02 StoreCapital STOR 33.13 0.64 Trip.com TCOM 32.95 -0.65 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CanPacRlwy CP 339.44 -0.38 Exelon EXC 41.76 0.25 Kellogg K 61.19 -0.34 Omnicom OMC 59.79 -0.75 s SVB Fin SIVB 368.20 0.70 TruistFinl TFC 46.03 -0.29 that include primary market trades as well as quarters. Canon CAJ 19.65 -0.15 Expedia EXPE 123.15 -0.21 KeurigDrPepper KDP 31.07 0.30 ON Semi ON 31.85 0.27 Salesforce.com CRM 231.17 4.70 s Twilio TWLO 370.75 5.93 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. CanopyGrowth CGC 25.86 0.32 ExpeditorsIntl EXPD 94.70 0.32 KeyCorp KEY 15.74 -0.01 OneConnectFinTech OCFT 22.33 -0.63 Sanofi SNY 47.81 0.79 s TwistBiosci TWST Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing 167.89 15.89 CapitalOne COF 94.99 -0.30 ExtraSpaceSt EXR 115.19 0.97 s KeysightTechs KEYS128.69 1.72 OpenText OTEX 45.42 0.54 s SareptaTherap SRPT Nasdaq ISE. standards 178.74 1.72 Twitter TWTR 54.91 0.27 CardinalHealth CAH 53.63 -0.39 ExxonMobil XOM 41.24 -0.71 KimberlyClark KMB 132.67 -1.57 s Oracle ORCL 65.15 0.67 Schlumberger SLB 21.36 -0.42 TylerTech TYL 438.52 4.53 The list comprises the 1,000 largest companies lf-Late filing s based on market capitalization. q-Temporary exemption from Nasdaq Carlisle CSL 156.28 -2.23 F5Networks FFIV 175.64 1.35 KinderMorgan KMI 13.78 -0.21 Orange ORAN 11.73 -0.07 SchwabC SCHW 51.64 -0.11 TysonFoods TSN 62.48 -1.37 Underlined quotations are those stocks with requirements. Carlyle CG 30.98 0.14 FMC FMC 113.67 -1.65 KingsoftCloud KC 42.16 -3.77 Orix IX 74.96 -1.08 ScottsMiracleGro SMG 199.93 1.35 UBS Group UBS 13.68 -0.12 large changes in volume compared with the t-NYSE bankruptcy CarMax KMX 92.33 -8.13 Facebook FB 267.09 -5.70 KinrossGold KGC 7.20 -0.29 OtisWorldwide OTIS 65.41 -0.74 Sea SE 200.65 3.75 UDR UDR 37.37 0.43 issue’s average trading volume. v-Trading halted on primary market. Carnival CCL 19.81 -1.25 FactSet FDS 331.00 -1.65 KirklandLakeGold KL 41.08 -0.34 s OwensCorning OC 77.45 -0.10 Seagate STX 63.71 -0.67 US Foods USFD 32.84 -0.40 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Carnival CUK 17.10 -0.86 FairIsaac FICO 515.62 -0.61 s KodiakSciences KOD 151.71 2.24 OzonHoldings OZON 42.32 -1.52 Seagen SGEN 196.91 -0.93 Uber UBER 53.78 1.98 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, CarrierGlobal CARR 38.03 -0.37 s Farfetch FTCH 64.84 0.44 KoninklijkePhil PHG 53.52 0.32 PG&E PCG 12.44 0.18 SempraEnergy SRE 126.27 -0.44 s Ubiquiti UI 281.31 7.14 previous closing price was $2 or higher. or securities assumed by such companies. s Carvana CVNA 291.52 12.92 Fastenal FAST 49.47 -0.14 KoreaElcPwr KEP 11.85 -0.73 PNC Fin PNC 143.73 -0.87 SensataTechs ST 50.74 -0.04 UltaBeauty ULTA 265.09 -3.05 Catalent CTLT 104.89 1.22 Fastly FSLY 104.77 3.56 KraftHeinz KHC 34.39 -0.18 POSCO PKX 60.31 -1.85 ServiceCorp SCI 48.50 -0.24 s UltragenyxPharm RARE 173.00 5.60 Caterpillar CAT 176.58 -3.58 PPD PPD 35.99 0.63 ServiceNow NOW Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FateTherap FATE 100.95 6.89 Kroger KR 30.89 0.09 561.72 10.90 UnderArmour C UA 14.68 -0.41 changes in the closing prices from 4 p.m. the previous day. Celanese CE 130.21 -0.55 FedEx FDX 273.28 1.34 L Brands LB 38.00 -0.66 PPG Ind PPG 144.70 -1.40 ShawComm B SJR 17.31 -0.11 UnderArmour A UAA 16.88 -0.47 Cemex CX 5.01 -0.12 s Ferrari RACE 227.54 2.90 Line LN 51.67 -0.31 PPL PPL 26.33 -0.38 SherwinWilliams SHW 737.07 7.90 Unilever UL 58.02 -0.05 Centene CNC 58.07 -0.62 s FiatChrysler FCAU 17.79 0.25 LKQ LKQ 35.98 0.06 PRA HealthSci PRAH 122.03 1.19 ShinhanFin SHG 29.74 -0.54 UnionPacific UNP 201.52 -0.97 Tuesday, December 22, 2020 Net Net CenterPointEner CNP 20.82 -0.23 FidNatlFin FNF 38.42 0.08 LPL Financial LPLA 103.61 0.45 s PTC PTC 120.02 -0.12 s Shopify SHOP 1277.08 79.82 UnitedAirlines UAL 42.97 -1.09 Net Stock Sym Close Chg Stock Sym Close Chg CentraisElBras EBR 6.92 -0.08 FidNatlInfo FIS 134.81 -5.10 L3HarrisTech LHX 184.11 -0.93 Paccar PCAR 84.87 -0.98 Sibanye-Stillwater SBSW 15.32 -0.47 UnitedMicro UMC 8.16 -0.26 Stock Sym Close Chg s CeridianHCM CDAY 108.42 9.60 FifthThirdBncp FITB 26.93 -0.23 LabCpAm LH 203.39 -1.53 PackagingCpAm PKG 133.81 0.04 SignatureBank SBNY 132.16 -0.41 UPS B UPS 174.56 1.97 AmerTowerREIT AMT 220.49 0.71 BarrickGold GOLD 22.52 -0.50 Cerner CERN 77.38 0.79 FirstRepBank FRC 136.65 0.90 LamResearch LRCX 476.95 -6.28 PagSeguroDig PAGS 54.80 0.73 SimonProperty SPG 83.72 0.07 UnitedRentals URI 227.39 -2.16 A B C AmerWaterWorks AWK 148.06 -1.05 BauschHealth BHC 19.98 -0.71 CharlesRiverLabs CRL 252.62 1.90 s FirstSolar FSLR 105.16 8.75 LamarAdv LAMR 82.18 0.49 PalantirTech PLTR 28.04 -0.47 SiriusXM SIRI 6.27 -0.04 US Bancorp USB 45.59 0.26 AmericoldRealty COLD 36.75 0.62 BaxterIntl BAX 78.66 -0.39 CharterComms CHTR 641.10 -13.59 FirstEnergy FE 29.95 -0.04 LambWeston LW 77.34 -0.13 s PaloAltoNtwks PANW 372.06 16.04 Skyworks SWKS 149.43 1.72 UnitedHealth UNH 335.01 -1.07 ABB ABB 27.08 -0.32 Ameriprise AMP 185.06 -1.70 BectonDicknsn BDX 245.90 -1.96 s CheckPoint CHKP 133.42 6.45 Fiserv FISV 110.52 -1.97 LasVegasSands LVS 56.25 -0.63 ParkerHannifin PH 267.58 -5.21 SlackTech WORK 42.88 0.31 s UnitySoftware U 172.29 6.92 AcadiaPharm ACAD 55.59 -1.10 AmerisourceBrgn ABC 96.72 -0.95 BeiGene BGNE 261.44 0.02 s Chegg CHGG 93.89 3.28 FiveBelow FIVE 156.70 0.33 Lear LEA 158.83 0.30 s Paychex PAYX 96.63 0.04 Smartsheet SMAR 73.86 1.89 UnivDisplay OLED 238.19 -2.28 AECOM ACM 47.93 -0.05 Ametek AME 117.66 -0.45 BentleySystems BSY 38.86 1.39 Chemed CHE 532.01 8.42 s Five9 FIVN 186.65 7.22 Leidos LDOS 102.35 -0.78 s PaycomSoftware PAYC 465.13 19.54 SmithAO AOS 55.36 -0.46 UniversalHealthB UHS 135.80 -0.01 s AES AES 22.82 0.20 Amgen AMGN 220.99 -6.32 Berkley WRB 65.38 -0.07 CheniereEnergy LNG 57.58 -0.19 s FiverrIntl FVRR 223.38 1.51 Lennar B LEN.B 64.47 0.69 s Paylocity PCTY 212.80 8.68 Smith&Nephew SNN 41.78 0.20 VEREIT VER 37.02 1.03 Aflac AFL 43.03 -0.56 Amphenol APH 128.87 -0.49 BerkHathwy B BRK.B 221.88 -1.61 CheniereEnerPtrs CQP 34.01 0.03 FleetCorTech FLT 269.46 -2.39 Lennar A LEN 80.34 0.83 s PayPal PYPL 243.49 5.77 Smucker SJM 114.73 0.35 VF VFC 82.88 -2.05 AGCO AGCO 103.10 -0.17 AnalogDevices ADI 144.28 1.69 BerkHathwy A BRK.A 335779-2640.00 Chevron CVX 84.36 -1.73 s Flex FLEX 18.000.19 LennoxIntl LII 272.82 -4.54 s Pegasystems PEGA 137.07 3.23 Snap SNAP 52.09 -0.27 VICI Prop VICI 25.93 0.56 s Anaplan PLAN AGNC Invt AGNC 15.43 ... 73.66 2.36 BestBuy BBY 104.13 0.83 s Chewy CHWY 106.69 -0.80 Floor&Decor FND 100.78 1.84 LeviStrauss LEVI 21.12 -0.41 s Peloton PTON 161.21 16.82 SnapOn SNA 167.54 -2.17 VailResorts MTN 271.39 0.67 AngloGoldAsh AU 22.53 -0.63 s Ansys ANSS 362.31 6.36 BeyondMeat BYND 138.68 0.11 ChinaEastrnAir CEA 21.49 -0.45 FomentoEconMex FMX 73.17 -0.90 LiAuto LI 31.29 -1.57 PembinaPipeline PBA 23.94 -0.63 Snowflake SNOW 341.16 -8.69 Vale VALE 16.80 -0.20 AB InBev BUD 69.65 -0.36 ASETech ASX 5.53 -0.11 s Bilibili BILI 85.88 -1.73 ChinaLifeIns LFC 10.72 -0.14 FordMotor F 8.79 -0.14 LibertyBroadbandC LBRDK154.66 -4.35 s PennNational PENN 95.72 3.00 s SOQUIMICH SQM 49.74 2.06 ValeroEnergy VLO 53.70 -0.35 AnnalyCap NLY 8.33 -0.01 ASML ASML 476.18 3.92 s Bill.com BILL 153.80 5.76 ChinaMobile CHL 28.21 0.04 s Fortinet FTNT 152.15 6.19 LibertyBroadbandA LBRDA152.07 -4.19 Pentair PNR 52.60 0.16 s SolarEdgeTech SEDG 322.52 3.90 VarianMed VAR 174.52 -0.09 Anthem ANTM 303.30 -3.08 AT&T T 28.40 -0.61 s Bio-Techne TECH 320.56 -1.31 ChinaPetrol SNP 43.31 -0.51 Fortis FTS 40.39 -0.14 LibertyGlobal A LBTYA 23.78 -0.08 PepsiCo PEP 144.02 -1.38 Sony SNE 97.46 -1.94 VeevaSystems VEEV 286.44 15.61 Aon AON 209.23 0.08 AbbottLabs ABT 108.28 0.19 Bio-RadLab A BIO 583.48 -7.38 ChinaSoAirlines ZNH 29.31 -0.88 Fortive FTV 68.46 -1.35 LibertyGlobal C LBTYK 23.22 0.09 PerkinElmer PKI 139.86 -0.76 SoteraHealth SHC 27.36 0.87 Ventas VTR 49.24 0.41 ApolloGlbMgmt APO 47.93 1.17 AbbVie ABBV 102.80 -0.91 Biogen BIIB 247.87 -0.45 ChinaTelecom CHA 27.90 -0.16 FortBrandsHome FBHS 87.78 -0.89 LibertyFormOne C FWONK 40.13 -0.75 PetroChina PTR 29.92 -0.58 Southern SO 59.72 -0.28 VeriSign VRSN 216.34 1.45 Appian APPN 159.38 1.09 AbCelleraBio ABCL 47.12 1.82 BioMarinPharm BMRN 88.35 0.84 ChinaUnicom CHU 5.70 0.04 FoxA FOXA 27.27 -0.45 LibertyFormOne A FWONA 36.46 -0.64 PetroleoBrasil PBR 10.83 0.07 SoCopper SCCO 63.10 -0.69 VeriskAnalytics VRSK 201.93 -0.84 Apple AAPL 131.88 3.65 Abiomed ABMD 302.33 6.52 BioNTech BNTX 100.56 -5.90 s Chipotle CMG 1426.30 8.31 FoxB FOX 26.98 -0.41 LibertyBraves A BATRA 25.16 0.40 PetroleoBrasilA PBR.A 10.57 0.04 SouthwestAir LUV 45.32 -0.48 Verizon VZ 58.99 -0.50 ApplMaterials AMAT 85.64 -0.77 AcceleronPharma XLRN 132.50 -1.21 BlackKnight BKI 88.77 -1.40 Chubb CB 150.17 -1.58 Franco-Nevada FNV 128.17 -3.02 LibertyBraves C BATRK 24.98 0.38 Pfizer PFE 36.74 -0.64 Splunk SPLK 177.00 2.63 VertxPharm VRTX 234.90 0.35 s Aptargroup ATR 134.50 -0.39 Accenture ACN 259.47 -1.95 s BlackLine BL 140.28 4.64 ChunghwaTel CHT 38.74 -0.13 FranklinRscs BEN 24.55 -0.27 LibertySirius C LSXMK 42.45 0.13 PhilipMorris PM 82.19 -0.78 Spotify SPOT 321.96 -3.61 ViacomCBS B VIAC 34.89 0.04 s Aptiv APTV 125.04 1.72 ActivisionBliz ATVI 89.42 0.61 BlackRock BLK 693.52 -5.31 Church&Dwight CHD 86.56 0.02 FreeportMcM FCX 24.25 -0.61 LibertySirius A LSXMA 42.28 -0.10 Phillips66 PSX 67.51 1.02 s Square SQ 241.58 8.08 ViacomCBS A VIACA 35.95 0.21 Aramark ARMK 37.06 -0.08 s AdaptiveBiotech ADPT 65.39 3.04 Blackstone BX 64.84 0.39 ChurchillDowns CHDN 203.13 1.50 FreseniusMed FMS 41.22 -0.19 EliLilly LLY 166.72 -2.06 Pinduoduo PDD 139.02 -7.85 StanleyBlackDck SWK 179.02 -2.25 Viatris VTRS 17.74 0.35 ArcelorMittal MT 23.05 0.05 Adobe ADBE 504.17 5.78 Boeing BA 218.78 -0.53 Ciena CIEN 52.19 0.80 LincolnNational LNC 47.97 -0.46 PinnacleWest PNW 77.78 0.49 Starbucks SBUX 102.41 -0.53 Vipshop VIPS 25.73 0.23 ArchCapital ACGL 34.58 0.21 AdvanceAuto AAP 159.40 -1.09 BookingHldgs BKNG 2052.82 -15.38 Cigna CI 194.97 -2.41 G H I Linde LIN 253.46 -0.71 Pinterest PINS 72.35 2.50 StateStreet STT 70.19 -0.15 Visa V 205.84 -3.17 ArcherDaniels ADM 48.73 -0.64 AdvMicroDevices AMD 93.16 -0.07 BoozAllen BAH 87.20 -0.47 CincinnatiFin CINF 83.96 -0.09 LithiaMotors LAD 279.28 -7.01 PioneerNatRscs PXD 108.44 -2.45 SteelDynamics STLD 36.34 -0.61 Vistra VST 18.13 0.57 AresMgmt ARES 49.22 -0.29 GDS Holdings GDS 93.50 0.10 Aegon AEG 3.66 0.01 BorgWarner BWA 39.11 0.57 Cintas CTAS 348.00 1.87 LiveNationEnt LYV 72.01 -0.17 PlainsAllAmPipe PAA 8.78 0.21 Steris STE 182.59 -1.53 VMware VMW 140.54 -1.69 arGEN-X ARGX 306.37 -1.24 GFLEnvironmental GFL 27.42 0.62 AgilentTechs A 117.37 -0.41 BostonBeer SAM 1023.06 58.28 CiscoSystems CSCO 44.69 -0.19 LloydsBanking LYG 1.81 0.01 s PlugPower PLUG 35.69 3.32 s StitchFix SFIX 71.65 0.80 Vodafone VOD 16.26 -0.14 AristaNetworks ANET 290.82 3.56 GSXTechedu GSX 53.06 -2.14 AgnicoEagle AEM 70.16 -1.54 BostonProps BXP 92.89 -1.16 Citigroup C 59.26 -1.97 LockheedMartin LMT 347.92 -1.43 Pool POOL 369.73 7.72 STMicroelec STM 36.81 0.91 VornadoRealty VNO 35.41 -0.77 ArrowElec ARW 95.86 -0.89 Gallagher AJG 123.81 -1.19 AirProducts APD 264.01 -0.48 BostonSci BSX 34.36 -0.46 CitizensFin CFG 34.24 -0.52 Loews L 43.05 -0.72 PrincipalFin PFG 47.40 -0.10 s StoneCo STNE 85.54 0.57 VulcanMatls VMC 143.27 -1.27 s ArrowheadPharm ARWR 82.83 0.80 Gaming&Leisure GLPI 42.76 0.73 s Airbnb ABNB 163.19 0.17 s BridgeBioPharma BBIO 67.91 2.16 CitrixSystems CTXS 132.72 1.61 s LogitechIntl LOGI 95.02 -0.04 Procter&Gamble PG 136.55 -0.97 Stryker SYK 235.29 0.43 AscendisPharma ASND 178.75 1.75 Gap GPS 20.07 -0.33 AkamaiTech AKAM 106.64 0.66 BrightHorizons BFAM 161.94 -5.23 Clarivate CCC 30.49 0.49 Lowe's LOW 164.61 0.28 Progressive PGR 97.99 0.05 SumitomoMits SMFG 5.96 -0.10 W X Y Z AspenTech AZPN 131.95 0.94 Garmin GRMN 119.14 0.96 s BristolMyers BMY 61.43 -0.58 Clorox CLX 201.39 -1.06 LufaxHolding LU Albemarle ALB 146.27 4.25 Assurant AIZ 131.49 0.67 13.85 -0.91 Prologis PLD 97.65 0.40 SunComms SUI 147.18 3.28 BritishAmTob BTI 36.54 -0.42 s Cloudflare NET 86.56 0.35 Gartner IT 156.43 -0.07 WEC Energy WEC 89.47 -0.59 Albertsons ACI 15.81 0.46 AstraZeneca AZN 48.73 -0.95 lululemon LULU 360.07 -13.33 s Proofpoint PFPT 136.87 6.47 SunLifeFinancial SLF 42.87 -0.44 Broadcom AVGO 433.10 4.22 Coca-Cola KO 52.76 -0.05 Generac GNRC 227.31 -2.98 WEX WEX 199.94 0.17 Alcon ALC 64.46 0.42 Athene ATH 41.08 -0.55 LumenTech LUMN 9.78 -0.14 PrudentialFin PRU 75.00 -1.20 SuncorEnergy SU 16.44 -0.46 BroadridgeFinl BR 148.48 -0.88 Coca-Cola Euro CCEP 45.98 -0.42 GeneralDynamics GD 146.50 -3.17 W.P.Carey WPC 70.30 0.83 AlexandriaRlEst ARE 175.89 1.27 Atlassian TEAM 247.01 -1.18 LuminarTech LAZR 37.37 2.22 Prudential PUK 35.44 0.13 SunRun RUN 69.27 3.09 BrookfieldMgt BAM 39.56 -0.12 s Cognex CGNX 80.51 -0.30 GeneralElec GE 10.61 -0.16 WPP WPP 53.18 0.33 AlexionPharm ALXN 153.81 -1.02 AtmosEnergy ATO 92.33 0.31 Lyft LYFT 49.51 -0.40 PublicServiceEnt PEG 56.39 -0.08 Suzano SUZ 11.22 0.50 BrookfieldInfr BIP 49.54 -0.41 CognizantTech CTSH 81.02 0.55 GeneralMills GIS 58.60 -0.39 Wabtec WAB 72.21 -0.79 Alibaba BABA 255.83 -4.60 Autodesk ADSK 303.86 2.98 LyondellBasell LYB 89.81 -0.58 PublicStorage PSA 232.19 3.48 SynchronyFin SYF 33.26 -0.12 BrookfieldPropREIT BPYU 14.91 -0.10 ColgatePalm CL 84.40 -0.91 GeneralMotors GM 40.90 -0.31 WalgreensBoots WBA 39.27 -1.40 s AlignTech ALGN 536.59 5.88 Autohome ATHM 97.11 -1.02 PulteGroup PHM 45.41 0.66 s Synopsys SNPS 258.05 3.81 s Comcast A CMCSA 50.02 -0.35 Genmab GMAB 39.99 0.06 M N Walmart WMT 144.20 -1.77 s Allakos ALLK 144.01 0.01 Autoliv ALV 92.07 0.56 BrookfieldRenew BEPC 57.65 4.20 Qiagen QGEN 52.23 -0.97 Sysco SYY 71.92 -0.55 Comerica CMA 54.15 0.21 Genpact G 41.80 -0.18 WarnerMusic WMG 37.60 0.08 Alleghany Y 582.90 -9.99 ADP ADP 176.34 -1.15 Brown&Brown BRO 45.69 -0.31 Qorvo QRVO 163.26 2.15 CommerceBcshrs CBSH 64.97 0.86 Gentex GNTX 33.81 0.30 M&T Bank MTB 121.14 -2.90 WasteConnections WCN 102.72 1.08 Allegion ALLE 112.39 -0.40 AutoZone AZO 1190.19 -2.72 Brown-Forman B BF.B 77.76 -0.96 Qualcomm QCOM 146.34 -0.46 T U V CiaSiderurgica SID 5.82 -0.15 GenuineParts GPC 98.64 1.28 MGMGrowthProp MGP 31.71 0.04 WasteMgt WM 117.92 1.41 AlliantEnergy LNT 50.18 -0.17 s Avalara AVLR 183.79 3.80 Brown-Forman A BF.A 72.62 -1.29 QuantaServices PWR 69.13 0.55 ConagraBrands CAG 35.99 0.02 Gerdau GGB 4.66 -0.08 MGM Resorts MGM 30.35 -0.14 TAL Education TAL 68.89 -0.78 Waters WAT 246.29 -1.10 Allstate ALL 106.19 0.02 Avalonbay AVB 158.56 0.60 Bruker BRKR 54.00 -0.46 QuestDiag DGX 121.20 0.36 ConchoRscs CXO 56.77 -1.80 t GileadSciences GILD 57.00 -1.54 MinisoGroup MNSO 27.74 -0.11 TC Energy TRP 40.74 -0.50 Watsco WSO 232.95 2.64 AllyFinancial ALLY 34.20 -0.53 Avangrid AGR 44.43 -0.34 Bunge BG 64.09 -0.73 Quidel QDEL 203.60 -1.85 ConocoPhillips COP 39.03 -1.21 GSK GSK 36.09 -0.13 MKS Instrum MKSI 148.38 -1.14 TE Connectivity TEL 116.79 -0.26 Watsco B WSOB230.62 0.50 AlnylamPharm ALNY 138.31 -1.12 Avantor AVTR 27.26 -0.02 BurlingtonStrs BURL 245.88 5.11 ConEd ED 69.65 -0.30 GlobalPayments GPN 197.83 -2.59 MPLX MPLX 21.92 -0.20 Telus TU 19.68 -0.02 Wayfair W 284.84 1.84 Alphabet C GOOG 1723.50 -15.87 AveryDennison AVY 151.76 -0.32 CBRE Group CBRE 62.57 0.18 R S ConstBrands A STZ 212.95 -1.51 s Globant GLOB 222.70 6.21 MSCI MSCI 437.58 2.54 s TG Therap TGTX 54.41 -0.49 Weibo WB 45.94 0.19 Alphabet A GOOGL 1720.22 -14.34 s AxonEnterprise AAXN 128.50 0.63 CDW CDW 130.75 -0.24 ConstBrands B STZ.B 213.75 -0.46 GlobeLife GL 91.75 -0.50 MagellanMid MMP 43.12 -0.13 RELX RELX 24.02 -0.07 TJX TJX 66.97 -0.27 WellsFargo WFC 28.96 -0.59 Alteryx AYX 132.40 3.59 BCE BCE 42.33 -0.31 CF Industries CF 36.22 -1.32 ContextLogic WISH 22.19 -0.96 GoDaddy GDDY 85.30 1.11 s MagnaIntl MGA 66.36 2.62 RH RH 464.59 5.26 T-MobileUS TMUS 132.25 2.03 Welltower WELL 62.67 0.02 s AlticeUSA ATUS 36.20 0.89 BHP Group BHP 64.63 -0.95 CGI GIB 78.37 -0.22 Cooper COO 352.69 4.13 GoldFields GFI 9.26 -0.31 ManulifeFin MFC 17.20 -0.10 RPM RPM 89.12 0.79 TRowePrice TROW 147.42 -1.24 WestPharmSvcs WST 282.91 6.82 Altria MO 42.55 -0.39 BHP Group BBL 52.32 -0.91 CH Robinson CHRW 94.39 0.91 Copart CPRT 123.04 0.86 GoldmanSachs GS 250.09 -6.89 MarathonPetrol MPC 39.67 -0.08 RalphLauren RL 98.84 -2.49 TaiwanSemi TSM 103.94 -0.89 WesternDigital WDC 49.72 -2.49 AlumofChina ACH 8.52 -0.43 BP BP 20.48 -0.20 CME Group CME 181.00 -0.77 Corning GLW 36.07 0.12 GoodRx GDRX 48.32 1.63 MaravaiLifeSci MRVI 30.86 1.33 RaymondJames RJF 93.74 -0.21 TakeTwoSoftware TTWO 201.86 0.09 WesternUnion WU 21.80 -0.25 Amazon.com AMZN 3206.52 0.34 Baidu BIDU 191.26 -1.82 CMS Energy CMS 57.60 -0.40 Corteva CTVA 38.98 -0.57 s Graco GGG 72.47 0.48 Markel MKL 980.80 -7.70 RaytheonTech RTX 69.25 -0.42 TakedaPharm TAK 18.46 -0.14 WestlakeChem WLK 81.14 -1.39 Ambev ABEV 3.03 -0.01 BakerHughes BKR 21.19 -0.06 CNA Fin CNA 37.95 -0.49 CoStar CSGP 905.33 -10.53 Grainger GWW 410.33 -1.45 MarketAxess MKTX 590.32 11.88 RealPage RP 87.53 0.20 Tapestry TPR 30.17 0.80 WestpacBanking WBK 14.73 -0.23 Amcor AMCR 11.50 0.03 Ball BLL 92.49 -0.24 s CNH Indl CNHI 12.30 0.14 Costco COST 362.03 -2.94 Grifols GRFS 18.93 -0.19 Marriott MAR 126.26 -1.06 RealtyIncome O 60.93 1.16 Target TGT 172.35 0.59 WestRock WRK 43.83 -0.19 Amdocs DOX 69.16 -0.08 BancoBilbaoViz BBVA 4.77 ... CNOOC CEO 92.69 0.60 CoupaSoftware COUP 361.15 6.53 s GuardantHealth GH 135.93 5.93 Marsh&McLen MMC 114.40 -0.65 s Redfin RDFN 82.11 3.58 TataMotors TTM 11.06 -0.13 Weyerhaeuser WY 33.35 0.02 Amedisys AMED 288.91 2.22 BancoBradesco BBDO 4.75 0.14 CRH CRH 42.02 0.36 Credicorp BAP 161.90 3.60 Guidewire GWRE 126.99 1.56 MartinMarietta MLM 273.30 -2.37 RegencyCtrs REG 45.24 ... TeckRscsB TECK 17.34 -0.59 WheatonPrecMet WPM 41.32 -1.27 s Amerco UHAL 453.02 7.16 BancodeChile BCH 20.60 0.26 CRISPR Therap CRSP170.08 3.24 CreditSuisse CS 12.17 -0.15 HCA Healthcare HCA 163.27 0.18 MarvellTech MRVL 47.15 -0.04 RegenPharm REGN 490.06 -6.68 TeladocHealth TDOC 206.04 6.29 Whirlpool WHR 187.79 1.17 Ameren AEE 76.55 -0.53 BancSanBrasil BSBR 8.54 0.09 CSX CSX 89.55 -0.14 Cree CREE 103.41 4.06 HDFC Bank HDB 68.42 0.07 Masco MAS 56.63 0.86 RegionsFin RF 15.43 -0.11 TeledyneTech TDY 378.83 0.48 Williams WMB 20.61 -0.09 AmericaMovil AMX 13.85 -0.22 BcoSantChile BSAC 19.62 0.04 s C3.ai AI 177.47 16.58 s HD Supply HDS 55.87 -0.02 Masimo MASI 266.59 1.29 ReinsGrp RGA 111.59 -1.65 Teleflex TFX 396.84 -2.18 Williams-Sonoma WSM 107.84 -1.12 AmericaMovil A AMOV 13.50 -0.64 BancoSantander SAN 3.04 0.03 CVS Health CVS 67.22 -1.49 CrowdStrike CRWD 224.90 14.25 HP HPQ 24.16 0.16 Mastercard MA 332.24 -2.13 RelianceSteel RS 117.51 -1.16 Ericsson ERIC 11.78 0.06 WillisTowers WLTW209.62 1.91 AmerAirlines AAL 15.48 -0.62 BanColombia CIB 40.08 0.37 s CableOne CABO 2245.43 32.02 CrownCastle CCI 153.49 0.23 HSBC HSBC 25.53 -0.05 MaximIntProducts MXIM 86.41 1.21 RenaissanceRe RNR 160.44 -1.31 TelefonicaBras VIV 8.77 -0.06 Wipro WIT 5.48 0.22 AEP AEP 81.40 -0.72 BankofAmerica BAC 29.21 -0.53 s CadenceDesign CDNS 134.37 2.64 CrownHoldings CCK 97.35 -0.34 Halliburton HAL 19.12 -0.23 McCormick MKC 92.96 -0.73 Repligen RGEN 194.11 1.01 Telefonica TEF 3.93 ... Wix.com WIX 272.19 2.56 AmerExpress AXP 114.55 -1.86 BankofMontreal BMO 74.87 -0.43 CaesarsEnt CZR 74.31 0.48 Cummins CMI 223.54 -1.18 HartfordFinl HIG 47.64 0.14 McCormickVtg MKC.V 92.55 -0.20 RepublicSvcs RSG 95.82 0.58 TelekmIndonesia TLK 23.70 -0.92 Woodward WWD 119.27 1.27 AmericanFin AFG 84.64 -0.25 BankNY Mellon BK 40.28 -1.14 CamdenProperty CPT 98.10 0.90 CureVac CVAC 108.84 -2.46 Hasbro HAS 92.38 -1.22 McDonalds MCD 211.92 0.25 ResMed RMD 211.67 -1.80 10xGenomics TXG 149.64 -0.27 s Workday WDAY 257.71 15.39 AmHomes4Rent AMH 29.84 0.34 BkNovaScotia BNS 52.65 -0.17 CampbellSoup CPB 47.76 -0.56 CyrusOne CONE 74.60 3.77 HealthcareAmer HTA 27.70 0.45 McKesson MCK 170.01 -1.41 RestaurantBrands QSR 60.61 -0.95 Tenaris TS 15.88 -0.12 WynnResorts WYNN 112.61 0.07 AIG AIG 36.80 -0.57 Barclays BCS 7.73 0.09 CIBC CM 86.29 -0.66 D E F HealthpeakProp PEAK 29.67 0.29 MedicalProp MPW 21.57 0.62 s RingCentral RNG 402.51 9.26 TencentMusic TME 18.88 0.08 XP XP 40.31 -0.42 Heico A HEI.A 117.10 -0.75 Medtronic MDT 114.63 0.18 RioTinto RIO 75.29 -0.99 Teradyne TER 118.57 -1.16 XPO Logistics XPO 117.85 -0.51 DISH Network DISH 28.88 -0.89 Heico HEI 129.09 -2.58 MelcoResorts MLCO 18.27 -0.22 RitchieBros RBA 70.09 0.73 Tesla TSLA 640.34 -9.52 XcelEnergy XEL 64.83 -0.13 Borrowing Benchmarks DTE Energy DTE 118.92 0.58 HenrySchein HSIC 66.10 -0.36 s MercadoLibre MELI 1732.39 34.50 RocketCos. RKT 21.70 0.10 TevaPharm TEVA 9.60 -0.19 Xilinx XLNX 144.16 -1.12 DadaNexus DADA 37.00 -0.83 Hershey HSY 148.62 -1.04 Merck MRK 79.42 0.13 Rockwell ROK 247.64 -1.72 TexasInstruments TXN 162.52 0.09 XPeng XPEV 45.05 -1.92 wsj.com/market-data/bonds/benchmarks Danaher DHR 222.93 -3.23 Hess HES 52.09 -2.20 MetLife MET 45.21 -0.25 RogersComm B RCI 45.71 -0.40 Textron TXT 46.82 -0.30 Xylem XYL 99.40 -1.32 Darden DRI 119.64 2.72 HewlettPackard HPE 11.61 -0.06 MettlerToledo MTD 1125.53 -9.80 s Roku ROKU 354.71 0.71 ThermoFisherSci TMO 465.20 2.32 Yandex YNDX 67.11 0.02 DarlingIngred DAR 55.44 -0.08 HighwoodsProp HIW 39.14 0.18 MicrochipTech MCHP 136.95 -1.05 Rollins ROL 40.85 1.08 ThomsonReuters TRI 79.53 -0.52 YatsenHolding YSG 16.69 -0.38 December 22, 2020 Datadog DDOG 111.07 4.61 Hilton HLT 102.95 -1.04 MicronTech MU 70.44 -1.03 RoperTech ROP 412.92 -9.46 3M MMM 174.78 -0.88 YumBrands YUM 107.40 -1.23 Money Rates s DaVita DVA 115.18 -0.57 Hologic HOLX 74.67 -0.56 Microsoft MSFT 223.94 1.35 RossStores ROST 116.74 -0.05 Tiffany TIF 131.15 0.02 YumChina YUMC 57.21 -0.40 DeckersOutdoor DECK 293.96 -6.06 HomeDepot HD 270.04 -0.95 MidAmApt MAA 125.28 0.68 RoyalBkCanada RY 80.13 -0.61 Toro TTC 94.23 0.08 ZTO Express ZTO 28.00 -0.10 Key annual interest rates paid to borrow or lend money in U.S. and Deere DE 269.26 1.51 HondaMotor HMC 28.81 -0.19 Middleby MIDD 128.49 -2.74 RoyalCaribbean RCL 69.69 -2.13 TorontoDomBk TD 55.00 -0.63 s ZaiLab ZLAB 130.50 1.78 DellTechC DELL 72.73 -0.33 Honeywell HON 207.94 -2.72 MiratiTherap MRTX 238.13 10.16 RoyalDutchA RDS.A 34.94 -0.60 Total TOT 42.19 -0.35 ZebraTech ZBRA 379.96 4.05 international markets. Rates below are a guide to general levels but DeltaAir DAL 38.94 -1.20 HorizonTherap HZNP 68.14 1.14 MitsubishiUFJ MUFG 4.33 -0.05 RoyalDutchB RDS.B 33.51 -0.44 ToyotaMotor TM 150.77 -1.00 s Zendesk ZEN 143.49 2.92 s don’t always represent actual transactions. DenaliTherap DNLI 93.56 3.08 HormelFoods HRL 47.03 -0.61 MizuhoFin MFG 2.54 ... RoyalGold RGLD 109.15 -1.26 TractorSupply TSCO 149.77 1.10 s Zillow C Z 140.66 4.26 DentsplySirona XRAY 51.81 -0.63 DR Horton DHI 72.32 -0.19 MobileTeleSys MBT 8.75 -0.01 RoyaltyPharma RPRX 48.32 2.33 s TradeDesk TTD 971.12 35.59 s Zillow A ZG 146.69 5.33 DeutscheBank DB Week —52-WEEK— 10.62 -0.03 HostHotels HST 13.62 -0.15 Moderna MRNA 125.88 -12.42 Ryanair RYAAY 104.20 0.02 Tradeweb TW 65.41 -0.77 ZimmerBiomet ZBH 150.83 2.23 DexCom DXCM Inflation Latest ago High Low 354.23 5.38 HowmetAerospace HWM 26.46 ... MohawkInds MHK 135.67 -0.93 SAP SAP 125.93 0.61 TraneTech TT 143.00 0.85 Zoetis ZTS 161.83 0.99 Diageo DEO 157.92 -0.03 Nov. index Chg From (%) HuanengPower HNP 13.80 -0.15 MolinaHealthcare MOH 205.73 3.57 S&P Global SPGI 318.93 -0.65 TransDigm TDG 596.23 -4.48 ZoomVideo ZM 409.00 0.03 DigitalRealty DLR 138.54 3.89 Huazhu HTHT 44.69 -1.87 MolsonCoorsB TAP 44.42 -0.16 level Oct. '20 Nov. '19 Other short-term rates SBA Comm SBAC 275.92 1.00 TransUnion TRU 98.78 -0.35 ZoomInfoTech ZI 46.51 2.31 DiscoverFinSvcs DFS 86.84 -0.19 Hubbell HUBB 157.88 0.88 Mondelez MDLZ 57.16 -0.52 SEI Investments SEIC 55.89 -0.22 Travelers TRV 136.48 -1.67 s Zscaler ZS 206.78 7.16 DiscoveryB DISCB 31.01 0.49 s HubSpot HUBS 418.22 8.01 s MongoDB MDB 396.00 12.71 SK Telecom SKM 24.44 -0.32 s Trex TREX 86.031.22 Zynga ZNGA 9.99 0.12 U.S. consumer price index Week 52-Week DiscoveryA DISCA 27.21 -0.16 Humana HUM 388.44 -0.57 MonolithicPower MPWR 354.06 7.49 DiscoveryC DISCK 23.86 -0.16 All items 260.229 –0.06 1.2 Latest ago high low JBHunt JBHT 139.86 -0.92 MonsterBev MNST 88.27 -0.70 Disney DIS 170.45 -0.24 HuntingtonBcshs HBAN 12.13 -0.13 Moody's MCO 281.27 2.41 Core 269.473 0.05 1.6 DocuSign DOCU 251.60 3.60 HyattHotels H 71.32 -1.03 MorganStanley MS 66.64 -1.19 Call money s DolbyLab DLB 92.73 -0.29 IAA IAA 64.42 0.13 Morningstar MORN 220.52 -0.10 International rates 2.00 2.00 3.50 2.00 DollarGeneral DG 213.07 2.11 ICICI Bank IBN 13.66 -0.02 Mosaic MOS 21.87 -1.27 DollarTree DLTR 108.98 -2.54 s IdexxLab IDXX 499.15 9.47 MotorolaSol MSI 167.45 2.23 Week 52-Week DominionEner D 73.50 -1.02 IHS Markit INFO 86.87 -0.32 s NICE NICE 276.60 5.01 Commercial paper (AA financial) Domino's DPZ 398.72 1.54 Latest ago High Low s II-VI IIVI 78.11 3.51 NIO NIO 47.58 -1.37 *&,#!)(+"#!' *($%# 90 days n.a. 0.22 2.53 0.04 DoorDash DASH 156.79 -3.44 ING Groep ING 9.17 0.03 NRG Energy NRG 34.55 0.85 Dover DOV 123.44 -0.43 Prime rates Invesco IVZ 16.98 -0.44 NVR NVR 4202.30 -22.34 Libor Dow DOW 54.67 -0.41 s IPG Photonics IPGP 218.76 2.43 NXP Semi NXPI 156.38 -0.65 U.S. 3.25 3.25 4.75 3.25 DrReddy'sLab RDY 69.31 1.13 IQVIA IQV 176.98 0.23 Nasdaq NDAQ 129.90 1.85 One month DraftKings DKNG 52.40 -0.94 Canada 2.45 2.45 3.95 2.45 0.14325 0.15250 1.80475 0.12663 IcahnEnterprises IEP 50.66 -0.26 s Natera NTRA 111.32 5.71 Three month 0.23813 0.22875 1.96050 0.20488 s DropboxDBX 24.87 1.32 Icon ICLR 194.39 0.86 NationalGrid NGG 56.79 -0.35 Japan 1.475 1.475 1.475 1.475 DukeEnergy DUK *!1+,/400 %! 8!.!.%!8!" 9+8 Six month 0.26275 0.25175 1.92125 0.23375 89.53 0.43 IDEX IEX 196.39 -1.94 Natura&Co NTCO 19.36 0.03 DukeRealty DRE 39.41 0.42 IllinoisToolWks ITW 202.39 -1.47 NatWest NWG 4.19 0.09 Policy Rates One year 0.33725 0.33125 2.01200 0.32763 Dun&Bradstreet DNB 26.96 -0.30 Illumina ILMN 370.96 8.33 nCino NCNO 82.66 3.26 546 78!&34,3!00!$3# 4,3!7843-# Euro zone 0.00 0.00 0.00 0.00 DuPont DD 70.42 -0.03 ImperialOil IMO 18.26 -0.29 s NetApp NTAP 66.18 1.64 Euro Libor Dynatrace DT 44.51 0.42 Switzerland 0.00 0.00 0.50 0.00 Incyte INCY 87.99 1.02 NetEase NTES 92.50 -0.43 One month -0.595 -0.586 -0.360 -0.621 ENI E 20.24 -0.02 s Infosys INFY 16.58 0.65 Netflix NFLX 527.33 -1.58 Britain 0.10 0.10 0.75 0.10 EOG Rscs EOG 48.85 -1.23 78&$!#0+1! &," $+.)&664+,; Three month -0.573 -0.568 -0.142 -0.573 s IngersollRand IR 45.56 -0.10 Neurocrine NBIX 98.67 -1.62 Australia 0.10 0.10 0.75 0.10 EPAM Systems EPAM355.46 14.83 Inphi IPHI Six month -0.533 -0.533 -0.052 -0.540 158.47 -0.15 NewFortressEner NFE 53.54 1.52 EastmanChem EMN 100.97 -1.61 Insulet PODD 254.46 17.05 NewOrientalEduc EDU 170.00 0.47 Overnight repurchase One year -0.486 -0.497 0.008 -0.501 Eaton ETN 116.61 -0.37 Intel INTC 46.17 -0.19 NYTimes A NYT 49.32 0.80 EatonVance EV 66.81 -0.75 U.S. 0.05 0.09 1.65 -0.07 s InteractiveBrkrs IBKR 60.44 1.52 NewellBrands NWL 21.08 0.40 Secured Overnight Financing Rate eBay EBAY 51.62 0.05 ICE ICE 113.16 0.62 Newmont NEM 59.41 -1.31 Ecolab ECL 215.21 -0.60 (3 /&6&,5+,+8 3+ 2,+/54.; 0.09 0.08 1.64 0.01 InterContinentl IHG 61.37 -0.44 NewsCorp A NWSA 17.64 -0.01 U.S. government rates Ecopetrol EC 13.01 -0.02 IBM IBM 123.61 0.22 NewsCorp B NWS 17.52 0.01 Value 52-Week EdisonInt EIX 61.32 -0.56 IntlFlavors IFF 114.96 0.67 NextEraEnergy NEE 74.71 0.31 Discount s Latest Traded High Low EdwardsLife EW 88.00 2.36 IntlPaper IP 49.40 -0.08 Nike NKE 142.45 -1.57 0.25 0.25 2.25 0.25 ElancoAnimal ELAN 30.21 0.68 Interpublic IPG 23.06 -0.36 NiSource NI 21.71 0.18 s DTCC GCF Repo Index Elastic ESTC 159.08 2.87 Intuit INTU 379.97 4.04 Nokia NOK 3.88 -0.02 Federal funds ElectronicArts EA 139.43 -1.58 s IntuitiveSurgical ISRG 815.25 25.98 NomuraHoldings NMR 5.11 -0.02 '! /400 .466 Treasury 0.074 65.026 1.720 0.002 EmersonElec EMR 79.33 -1.24 Invitae NVTA 53.08 3.08 Nordson NDSN 198.64 2.82 Effective rate 0.0900 0.0900 1.6200 0.0600 MBS 0.091 48.950 1.763 0.011 Enbridge ENB 31.90 -0.43 InvitatHomes INVH 29.02 0.33 NorfolkSouthern NSC 230.50 0.36 High 0.1000 0.1000 1.6500 0.1000 EncompassHealth EHC 82.36 0.24 IonisPharma IONS 58.59 3.25 NorthernTrust NTRS 90.60 -0.45 *!1+,:6984!,"654); EnelAmericas ENIA Low 0.0500 0.0500 1.5800 0.0100 8.12 0.07 iQIYI IQ 16.97 -0.04 NorthropGrum NOC 296.32 -1.29 Notes on data: EnergyTransfer ET 6.46 -0.14 IronMountain IRM 29.59 0.44 NortonLifeLock NLOK 21.34 0.36 Bid 0.0800 0.0800 1.6000 0.0100 s EnphaseEnergy ENPH U.S. prime rate is the base rate on corporate 177.27 6.49 ItauUnibanco ITUB 6.06 -0.02 NorwegCruise NCLH 23.08 -1.70 Offer 0.0900 0.1100 1.6300 0.0500 Entegris ENTG loans posted by at least 70% of the 10 largest 97.60 -0.30 Novartis NVS 88.18 -0.28 Entergy ETR 96.01 -1.01 U.S. banks, and is effective March 16, 2020. J K L Novavax NVAX 115.37 -8.69 Treasury bill auction EnterpriseProd EPD 20.18 -0.04 Other prime rates aren’t directly comparable; NovoNordisk NVO 70.62 -1.28 Equifax EFX 194.03 -0.52 JD.com JD 82.79 2.15 4 weeks 0.075 0.065 1.575 0.000 lending practices vary widely by location; Novocure NVCR 171.00 1.54 Equinix EQIX 713.44 9.04 JPMorganChase JPM 121.67 -1.88 Discount rate is effective March 16, 2020. s NuanceComms NUAN 43.99 -0.40 13 weeks 0.090 0.075 1.555 0.000 Equinor EQNR 15.89 -0.33 JackHenry JKHY 154.72 -3.49 Secured Overnight Financing Rate is as of Nucor NUE 53.09 -1.05 26 weeks 0.090 0.085 1.570 0.080 Equitable EQH 24.84 -0.01 JacobsEngg J 106.11 -0.55 December 21, 2020. DTCC GCF Repo Index is Nutrien NTR 46.51 -1.17 EquityLife ELS 61.82 0.91 JamesHardie JHX 28.59 -0.17 Depository Trust & Clearing Corp.'s weighted NVIDIA NVDA 531.13 -2.16 EquityResdntl EQR JazzPharma JAZZ 151.51 1.38 Secondary market average for overnight trades in applicable 57.85 -0.01 s ErieIndemnity A ERIE 250.04 1.57 J&J JNJ 152.72 -0.30 CUSIPs. Value traded is in billions of U.S. dollars. O P Q EssentialUtil WTRG 45.24 -0.03 JohnsonControls JCI 45.64 -0.31 Fannie Mae Federal-funds rates are Tullett Prebon rates as EssexProp ESS 234.73 0.90 JonesLang JLL 149.07 2.42 ONEOK OKE 38.63 -0.76 30-year mortgage yields of 5:30 p.m. ET. EsteeLauder EL 257.46 2.94 JuniperNetworks JNPR 22.37 -0.12 OReillyAuto ORLY 453.39 0.80 Sources: Federal Reserve; Bureau of Labor 30 days 1.928 1.891 3.342 1.751 s Etsy ETSY 197.38 8.18 KB Fin KB 39.83 -0.91 s OakStreetHealth OSH 63.70 0.61 Statistics; DTCC; FactSet; EverestRe RE 228.14 -1.00 KE Holdings BEKE 67.66 0.84 OccidentalPetrol OXY 16.92 -0.55 60 days 1.951 1.919 3.353 1.804 Tullett Prebon Information, Ltd. Evergy EVRG 52.65 -0.13 KKR KKR 39.49 -0.21 s Okta OKTA 285.60 10.06

ADVERTISEMENT Cash Prices | wsj.com/market-data/commodities Tuesday, December 22, 2020 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future BusinessReal Estate&Auctions months. To advertise: email [email protected] or WSJ.com/classifieds Tuesday Tuesday Tuesday Energy Aluminum, LME, $ per metric ton *2012.5 Wheat,No.1soft white,Portld,OR-u 6.4000 Copper,Comex spot 3.5180 MARYLAND Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 167.0 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 371 Beef,carcass equiv. index Steel, HRC USA, FOB Midwest Mill-s 996 Metals choice 1-3,600-900 lbs.-u 178.20 7<:(D E3 +-+@O Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8178 Burlap,10-oz,40-inch NY yd-n,w 0.6400 Engelhard industrial 1880.00 Butter,AA Chicago 1.5200 #/+&$0/*%+& )%$(!/- Cotton,1 1/16 std lw-mdMphs-u 0.7207 COMMERCIAL Handy & Harman base 1877.10 Cheddar cheese,bbl,Chicago 162.50 Cotlook 'A' Index-t *83.85 Handy & Harman fabricated 2083.58 Cheddar cheese,blk,Chicago 167.50 $/0%.'!), ." Hides,hvy native steers piece fob-u n.a. PROPERTIES LBMA Gold Price AM *1869.25 Milk,Nonfat dry,Chicago lb. 114.75 &#% '28,5/!1 644 Wool,64s,staple,Terr del-u,w n.a. LBMA Gold Price PM *1880.00 Coffee,Brazilian,Comp 1.1680 EVERYWEDNESDAY *- .%018"441 Krugerrand,wholesale-e 1938.87 Grains and Feeds Coffee,Colombian, NY 1.7223 /K<06<:H .!,6<:!A=C06HM( Maple Leaf-e 1957.52 Eggs,large white,Chicago-u 0.7050 Barley,top-quality Mnpls-u n.a. )>364;3< 7>6<. American Eagle-e 1957.52 Flour,hard winter KC 15.90 Bran,wheat middlings, KC-u n.a. 04!6A?M( &<: 988!86(* F!2!=$ JA,!M!6H Mexican peso-e 2255.79 Hams,17-20 lbs,Mid-US fob-u n.a. Corn,No. 2 yellow,Cent IL-bp,u 4.3750 F<,A6(* 96 Austria crown-e 1830.39 Hogs,Iowa-So. Minnesota-u 61.49 Corn gluten feed,Midwest-u,w n.a. LISTYOUR PROPERTY TODAY 5!*!- '.,9/804..< =4/< Austria phil-e 1957.52 Pork bellies,12-14 lb MidUS-u n.a. 310"814()2,-% $+7 Corn gluten meal,Midwest-u,w n.a. Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.8031 G

B8 | We dnesday, December 23, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures March 39.60 40.10 s 39.23 39.96 .41 200,346 Eurodollar (CME)-$1,000,000; pts of 100% March 1.2271 1.2291 1.2185 1.2194 –.0086 652,063 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Jan 99.7900 99.7975 99.7875 99.7925 –.0025 215,651 Contract Open Index Futures Open High hi lo Low Settle Chg interest Jan 12.36 12.44 12.33 12.37 .01 2,509 March 99.8250 99.8250 99.8200 99.8200 –.0050 1,100,167 March 12.54 12.58 12.46 12.51 .00 7,778 June 99.8300 99.8300 99.8250 99.8250 –.0050 946,651 Copper-High (CMX)-25,000 lbs.; $ per lb. Mini DJ Industrial Average (CBT)-$5 x index Wheat (CBT)-5,000 bu.; cents per bu. Sept 99.8250 99.8250 99.8200 99.8200 –.0050 791,526 March 30100 30150 29879 29912 –201 81,464 Dec 3.5760 3.5760 3.5100 3.5180 –0.0550 1,656 March 615.50 619.75 603.00 617.00 5.75 182,639 June 29915 30018 29764 29790 –200 72 March'21 3.5805 3.5925 3.5050 3.5200 –0.0575 161,732 July 610.00 611.00 598.50 609.50 3.50 77,980 Currency Futures S&P 500 Index (CME)-$250 x index Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (KC)-5,000 bu.; cents per bu. March 3694.70 3694.70 3664.80 3677.30 –8.50 3,908 Dec 1882.20 1882.20 1861.00 1866.60 –12.60 609 Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 574.50 581.50 563.00 579.25 4.75 120,871 Mini S&P 500 (CME)-$50 x index Jan'21 1883.70 1885.40 1861.60 1867.70 –12.60 2,079 Jan .9683 .9692 .9651 .9656 –.0030 1,057 May 579.25 584.50 567.00 582.50 4.25 36,420 March .9691 .9699 .9656 .9662 –.0031 194,910 March 3685.00 3695.00 3663.75 3677.25 –8.50 2,471,841 Feb 1883.00 1889.40 1863.70 1870.30 –12.50 415,098 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD June 3676.50 3684.75 3654.00 3666.75 –8.75 3,984 April 1886.90 1893.30 1868.00 1874.50 –12.50 80,499 Jan 140.750 141.025 139.650 139.900 –.725 10,704 Jan .7772 .7790 .7738 .7757 –.0044 1,290 Mini S&P Midcap 400 (CME)-$100 x index June 1889.90 1895.90 1871.20 1877.20 –12.50 34,321 March 2278.10 2293.10 2255.70 2288.00 10.90 54,398 March 143.425 143.425 141.550 141.875 –1.250 20,502 March .7783 .7792 .7739 .7758 –.0043 150,534 Aug 1891.10 1897.20 1875.20 1880.00 –12.20 12,075 June …2290.00 2278.40 2301.60 11.30 n.a. Cattle-Live (CME)-40,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Palladium (NYM) - 50 troy oz.; $ per troy oz. Mini Nasdaq 100 (CME)-$20 x index Dec 110.450 110.500 110.200 110.325 –.275 2,987 Jan 1.3429 1.3479 1.3317 1.3366 –.0105 419 Dec ...... 2311.10 6.70 9 March 12698.25 12760.00 12593.50 12710.00 26.50 211,698 Feb'21 114.450 114.575 113.300 113.450 –1.200 112,983 March 1.3469 1.3485 1.3319 1.3370 –.0105 142,180 Swiss Franc (CME)-CHF 125,000; $ per CHF June ...... 12694.75 26.00 999 March'21 2323.00 2356.00 2307.50 2323.10 6.70 8,950 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Platinum (NYM)-50 troy oz.; $ per troy oz. March 1.1320 1.1341 1.1266 1.1271 –.0069 53,139 Mini Russell 2000 (CME)-$50 x index Feb 66.375 66.600 65.725 66.025 .100 78,805 March 1964.10 1989.00 1944.90 1985.00 18.90 524,676 Dec ...... 1008.50 –6.50 22 June 1.1391 1.1370 1.1299 1.1302 –.0069 80 April 70.200 70.350 69.650 70.025 .025 41,388 June 1940.20 1980.10 1940.20 1981.90 21.10 9 April'21 1018.40 1029.10 995.80 1015.80 –5.90 43,032 Australian Dollar (CME)-AUD 100,000; $ per AUD Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 1000 (CME)-$50 x index Silver (CMX)-5,000 troy oz.; $ per troy oz. Jan .7594 .7596 .7526 .7539 –.0062 725 Jan 892.30 900.50 s 871.00 884.60 2.30 950 March .7593 .7601 .7529 .7543 –.0062 134,467 March 2085.70 2091.60 2078.80 2086.30 –.20 7,974 Dec 26.475 26.670 25.275 25.434 –0.844 542 March 782.40 806.80 s 774.40 783.80 17.60 1,455 Mexican Peso (CME)-MXN 500,000; $ per MXN U.S. Dollar Index (ICE-US)-$1,000 x index March'21 26.420 26.815 25.225 25.535 –0.844 145,533 Milk (CME)-200,000 lbs., cents per lb. Jan .04922 .05002 .04944 .04952 –.00058 100 March 90.10 90.62 89.95 90.55 .60 34,217 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 15.68 15.72 15.68 15.70 .01 4,058 March .04963 .04968 .04908 .04920 –.00057 142,680 June 90.06 90.55 90.06 90.51 .60 528 Feb 47.93 47.96 46.60 47.02 –0.95 389,343 Jan'21 15.75 16.38 15.70 16.38 .75 3,970 Euro (CME)-€125,000; $ per € March 48.00 48.07 46.72 47.16 –0.93 263,082 Cocoa (ICE-US)-10 metric tons; $ per ton. Jan 1.2258 1.2275 1.2171 1.2179 –.0086 1,871 Source: FactSet April 48.08 48.17 46.81 47.26 –0.91 117,870 March 2,579 2,579 2,504 2,535 –20 98,560 May 48.14 48.19 46.84 47.32 –0.88 98,117 May 2,527 2,527 2,450 2,470 –27 54,568 June 48.13 48.16 46.82 47.32 –0.84 218,026 Coffee (ICE-US)-37,500 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks Dec 47.29 47.36 46.11 46.66 –0.71 268,997 March 123.90 126.60 122.90 124.20 –.10 111,674 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 125.45 128.50 124.85 126.15 –.05 45,767 Jan 1.4769 1.4779 1.4459 1.4616 –.0158 35,063 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Tracking Bond Benchmarks Feb 1.4780 1.4787 1.4467 1.4630 –.0152 85,319 March 14.55 14.64 14.40 14.54 .01 380,820 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 13.90 13.94 13.76 13.85 –.04 215,091 highs and lows for different types of bonds Jan 1.3584 1.3602 1.3216 1.3395 –.0209 43,381 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Total Total Feb 1.3524 1.3546 1.3167 1.3355 –.0193 112,304 March 28.35 28.35 28.35 28.35 .10 3,004 return YTD total return YTD total Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Cotton (ICE-US)-50,000 lbs.; cents per lb. Yield (%) Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High Jan 2.703 2.806 2.690 2.780 .075 48,079 March 74.76 75.22 74.28 74.82 .06 128,367 Feb 2.688 2.775 2.672 2.749 .060 201,276 May 75.45 75.93 75.02 75.43 –.05 42,217 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays March 2.670 2.750 2.655 2.726 .056 248,293 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 2229.27 3.8 Mortgage-Backed 1.300 0.930 2.690 April 2.691 2.752 2.673 2.725 .040 103,920 Jan 118.80 120.00 118.00 118.90 1.00 2,316 2287.10 7.3 U.S. Aggregate 1.160 1.020 2.350 May 2.701 2.756 2.687 2.732 .035 61,357 March 120.70 122.60 120.70 121.55 .85 7,650 U.S. Corporate Indexes Bloomberg Barclays 2176.25 3.6 Ginnie Mae (GNMA) 0.780 0.290 2.660 Oct 2.848 2.897 2.832 2.875 .032 99,157 Interest Rate Futures 3442.46 9.3 U.S. Corporate 1.800 1.800 4.580 1316.61 3.9 Fannie mae (FNMA) 1.480 1.110 2.690 Agriculture Futures Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 3103.11 7.1 Intermediate 1.150 1.150 4.400 2020.69 3.8 Freddie Mac (FHLMC) 1.460 1.080 2.710 Corn (CBT)-5,000 bu.; cents per bu. March 212-090 213-110 212-000 213-060 1-10.0 1,020,413 5152.34 13.1 Long term 2.830 2.730 4.930 595.35 5.2 Muni Master 0.871 0.838 3.441 March 440.00 444.25 s 437.25 443.50 3.50 845,125 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 172-190 173-030 172-140 173-010 21.0 1,133,861 May 441.75 445.25 s 438.75 444.50 2.50 251,932 699.90 8.5 Double-A-rated 1.440 1.300 3.360 421.30 5.6 7-12 year 0.859 0.771 3.447 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Oats (CBT)-5,000 bu.; cents per bu. March 137-255 138-000 137-245 137-315 7.0 3,119,441 917.45 9.3 Triple-B-rated 2.060 2.060 5.350 481.94 6.4 12-22 year 1.270 1.224 3.690 March 337.50 338.50 335.00 336.75 –1.00 4,020 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% May 334.25 334.75 332.00 334.25 –.25 447 Dec ...... 125-245 2.7 53,055 High Yield Bonds ICE BofA 468.20 6.2 22-plus year 1.899 1.765 4.123 Soybeans (CBT)-5,000 bu.; cents per bu. March'21 125-312 126-025 125-310 126-020 2.7 3,125,436 491.68 5.3 High Yield Constrained 4.526 4.439 11.400 Global Government J.P. Morgan† Jan 1244.50 1252.25 s 1236.75 1247.25 4.00 118,882 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec ...... 110-152 .2 23,139 March 1248.50 1256.25 s 1241.00 1250.00 2.50 389,479 452.05 3.3 Triple-C-rated 8.754 8.649 19.071 615.41 5.6 Global Government 0.550 0.390 1.060 March'21 110-150 110-155 110-150 110-153 .4 1,869,194 Soybean Meal (CBT)-100 tons; $ per ton. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 3303.99 3.5 High Yield 100 3.893 3.589 10.740 861.47 7.2 Canada 0.850 0.590 1.740 Jan 412.30 416.90 s 408.60 415.00 2.70 42,861 Dec 99.9075 99.9100 99.9075 99.9100 .0025 119,420 EMU§ March 412.70 416.30 s 408.40 414.30 2.20 180,838 Jan'21 99.9100 99.9150 99.9100 99.9100 154,138 444.82 5.5 Global High Yield Constrained 4.439 4.369 11.310 420.89 5.2 0.043 0.010 0.794 Soybean Oil (CBT)-60,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 337.12 2.6 Europe High Yield Constrained 2.881 2.464 8.183 793.59 4.6 France -0.120 -0.160 0.430 Jan ...... 40.55 .59 49,261 March ...... 97-290 6.0 101,795 U.S Agency Bloomberg Barclays 553.08 3.2 Germany -0.490 -0.740 -0.050 Dividend Changes 1866.44 5.4 U.S Agency 0.490 0.460 1.920 295.76 -0.8 Japan 0.280 0.040 0.320 1626.81 4.1 10-20 years 0.370 0.340 1.810 619.24 3.9 Netherlands -0.410 -0.540 0.080 Dividend announcements from December 22. 4267.80 11.8 20-plus years 1.640 1.170 2.450 1097.38 9.2 U.K. 0.530 0.390 1.180 Amount Payable / Amount Payable / 2926.36 7.0 Yankee 1.400 1.400 3.500 929.53 5.4 Emerging Markets ** 4.365 4.351 7.480 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Increased Diana Ship 8.875 Pfd B DSXpB 8.8 .55469 Q Jan15 /Jan14 Gerdau ADR GGB 0.5 .02671 Dec22 / ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan PennyMac Mortgage Inv Tr PMT 10.5 .47 /.40 Q Jan29 /Dec31 Special Foreign Aerojet Rocketdyne AJRD ... 5.00 Mar24 /Mar10 Global Government Bonds: Mapping Yields Cervecerias Unidas ADR CCU 2.4 .08636 SA Dec22 / Granite Point Mtg Trust GPMT 12.6 .25 Jan22 /Dec31 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points ADVERTISEMENT Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.119 t l 0.123 0.161 1.627 Showroom 0.875 10 0.917 t l 0.941 0.828 1.916 2.250 Australia 2 0.095 t l 0.098 0.105 0.886 -2.6 -2.7 -75.0 To advertise: 800-366-3975orWSJ.com/classifieds 1.000 10 0.965 t l 0.973 0.875 1.296 4.4 3.7 -62.3 0.000 France 2 -0.703 t l -0.693 -0.682 -0.625 -82.4 -81.8 -226.1 0.000 10 -0.353 t l -0.338 -0.346 0.057 -127.4 -127.4 -186.1 BMW 0.000 Germany 2 -0.736 t l -0.731 -0.752 -0.629 -85.7 -85.6 -226.4 0.000 10 -0.594 t l -0.579 -0.580 -0.250 -151.5 -151.5 -216.8 0.050 Italy 2 -0.410 t l -0.398 -0.393 -0.170 -53.1 -52.3 -180.6 0.900 10 0.554 t l 0.575 0.633 1.412 -36.8 -36.1 -50.6 0.100 Japan 2 -0.137 t l -0.130 -0.147 -0.090 -25.8 -25.5 -172.5 0.100 10 0.010 t l 0.014 0.017 0.011 -91.1 -92.2 -190.7 0.400 Spain 2 -0.611 s l -0.622 -0.585 -0.399 -73.2 -74.7 -203.5 1.250 10 0.050 t l 0.059 0.070 0.445 -87.1 -87.8 -147.3 "%1%./ *7!'% /"5-!7-"% *19; 0.125 U.K. 2 -0.147 t l -0.105 -0.040 0.550 -26.8 -23.0 -108.5 4.750 10 0.184 t l 0.207 0.305 0.785 -73.7 -72.9 -113.4 75 3*)9%7-/$51 6: &*)/ 51 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Corporate Debt :062 *31 $!7*7'!7# $51?A95/0 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations 57 *<<=:4,8=:4> (9+'%1-!$!%& 95&%, 3&F:6+9): "*! Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Paypal Holdings PYPL 1.350 0.26 June 1, ’23 10 –14 19 ,[J_N% A!_C%$ DC]W**2X.>$ Eaton Vance EV 3.625 0.49 June 15, ’23 32 –10 n.a. .>$>3. P_[%D GlaxoSmithKline Capital … 3.375 0.36 May 15, ’23 20 –8 21 BNP Paribas BNP 3.500 0.53 March 1, ’23 36 –7 39

Chubb INA Holdings … 2.700 0.35 March 13, ’23 18 –7 n.a. Lloyds Banking LLOYDS 4.582 1.52 Dec. 10, ’25 116 –7 118 /9*1- -9@/B1)8 Morgan Stanley MS 3.700 0.75 Oct. 23, ’24 38 –7 49 31!'% Toronto–Dominion Bank TD 3.500 0.23 July 19, ’23 6 –7 14 90,C ($A >< 3&F:6+9): "*! …And spreads that widened the most Marathon Oil MRO 6.600 4.75 Oct. 1, ’37 309 22 307 *[,']D,JJ!_F% P%C,[[_'$ DuPont de Nemours DD 2.169 1.49 May 1, ’23 132 8 132 DC]W**2X>>$ /.$2>/ P_[%D Verizon Communications VZ 4.522 2.93 Sept. 15, ’48 127 7 126 Enel Finance International ENELIM 3.625 1.42 May 25, ’27 50 6 52

BMW US Capital … 3.800 0.52 April 6, ’23 35 5 35 5 /9*1- Georgia–Pacific … 0.625 0.60 May 15, ’24 23 n.a. - 8 4 31!'% 9B/11) Morgan Stanley MS 3.750 0.45 Feb. 25, ’23 28 36 HSBC Holdings HSBC 4.250 1.44 Aug. 18, ’25 107 3 104 90,C ($A >B +&F:6+3&F:6+@0+ :#+FD.F7;42+ High-yield issues with the biggest price increases… "*! Bond Price as % of face value ,[J_N% A!_C%$ DC]W**2XE>$ Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week //$2\\ P_[%D HCA HCA 5.875 1.43 May 1, ’23 110.250 0.60 109.750 Continental Resources CLR 5.750 4.42 Jan. 15, ’31 110.250 0.51 110.250 American Airlines AAL 5.000 14.12 June 1, ’22 88.500 0.50 88.500 Sprint S 7.125 2.24 June 15, ’24 116.250 0.50 117.010 /9*1- - 8 Navient NAVI 6.625 2.32 July 26, ’21 102.500 0.46 102.500 31!'% <9/)1) Dish DBS … 5.875 4.32 Nov. 15, ’24 105.500 0.44 106.500 Ford Motor Credit … 5.875 1.57 Aug. 2, ’21 102.580 0.33 102.125 %+F5 '=;75+FE($A .D (.E?.4 Netflix NFLX 5.875 3.08 Nov. 15, ’28 119.430 0.31 119.400 UU2\ 'VZZVYK^-70; ,M^R$ *V40VY$ P, E.U/= …And with the biggest price decreases Dish DBS … 7.750 5.27 July 1, ’26 111.750 –0.50 114.249 \\\:2UX:3X3. (!^5)';-Z)^54*PAR&VZ United Airlines Holdings UAL 4.875 5.86 Jan. 15, ’25 96.500 –0.50 99.604 +J59&9Y< ^I&7O"^4 0-I$ 0907^$ 5^<9405-09VY -Y" "V& ?^^R PO40 QO-79?GK90; *PA #9Y-Y&9-7 D^5M9&^" Prime Security Services Borrower PRSESE 5.750 3.93 April 15, ’26 108.625 –0.41 109.500 0V )^ ^79<9)7^R F^)-0^ M-59^4 )G ZV"^7 -Y" G^-54R J7^-4^ &VY0-&0 "^-7^5 ?V5"^0-974R ++ _Y0^5^40 K977 -&&5O^ "O59Y< XE:"-GT^59V" 0V ?9540T-GZ^Y0 -Y" K977 )^ "O^ T59V5 0V Z-0O590GV?0;^ &VY05-&0R Dell DELL 7.100 2.42 April 15, ’28 131.162 –0.34 131.000 C;94 V??^5 94 -M-97-)7^ VY 4^7^&0 ZV"^7:G^-5 .EU3:.EU\ 'JL *PA ZV"^74 K90; /2:0V:3. ZVY0; Ford Motor Credit … –0.30 5^0-97 &VY05-&04 ?9Y-Y&^" 0;5VO<; *PA #9Y-Y&9-7 D^5M9&^4 N,$[['$^I&7O"9Y< D^7^&0 &VY05-&04R 3.350 2.57 Nov. 1, ’22 101.399 101.622 CV )^ ^79<9)7^$ QO-79?9^" &O40VZ^54ZO40 ;-M^^I&^77^Y0 &5^"90 ;940V5G-Y" Z^^0 *PA #9Y-Y&9-7 Sprint S 6.000 1.89 Nov. 15, ’22 107.595 –0.28 107.871 D^5M9&^46 &5^"90 5^QO95^Z^Y04R NV0 -77 &O40VZ^54K977 QO-79?GR L0;^5 5-0^4 -Y" 0^5Z4 -M-97-)7^R ,77 American Airlines AAL 3.750 11.43 March 1, ’25 75.000 –0.25 V??^544O)8^&0 0V M^;9&7^ -M-97-)9790GR #5VZ ERXS ,JF OT 0V /2 ZVY0;4 -0 `.\RU2 T^5 ZVY0; T^5 75.625 `U$EEE ?9Y-Y&^" -TT79^4 0V -77 [email protected]\ *PA '^509?9^" J5^:LKY^" ZV"^74R NV "VKYT-GZ^Y0 GrafTech Finance … 4.625 4.53 Dec. 15, ’28 100.625 –0.25 100.537 94 5^QO95^"R HO-79?9^" &O40VZ^54K90; ^I&^77^Y0 &5^"90 ;940V5GK;V Z^^0 *PA #9Y-Y&9-7 D^5M9&^4 N,$[[' &5^"90 5^QO95^Z^Y04R B-79" 0;5VO<; U1=1.E.UR *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 Source: MarketAxess P2JW358000-0-B00900-1------NS

THE WALL STREET JOURNAL. NY We dnesday, December 23, 2020 | B9

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American 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 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest session. %CHG-Daily percentage change from the previous trading session. FoleyTras II A BFT 15.46 -0.9 JawsSpitfire SPFR.U 11.28 0.4 NICE NICE 277.28 1.8 Precigen PGEN 10.63 5.4 ShockwaveMed SWAV 105.09 2.2 ThunderBridgeIIA THBR 11.70 2.3 FoleyTrasII Wt BFT.WS 4.19 4.6 JohnsonOutdoors JOUT 109.24 4.4 NanoDimension NNDM 9.54 8.0 PreludeTherap PRLD 83.39 6.3 Shopify SHOP 1285.19 6.7 ThunderBridgeIIWt THBRW 3.10 8.0 FoleyTrasimII BFT.U 17.37 -2.6 JPMorganPfdGG JPMpJ 27.82 -0.3 NanoStringTech NSTG 74.10 4.2 ProfoundMed PROF 22.91 12.0 SigilonTherap 54.32 9.2 TortoiseAcqnII SNPR.U 12.15 1.3 Tuesday, December 22, 2020 SGTX ForesightAuto FRSX 3.40 83.5 JumiaTech JMIA 48.16 14.2 NantKwest NK 19.37 9.9 Proofpoint PFPT 136.97 5.0 SilvergateCapital SI 68.38 20.9 TottenhamAcqnIRt TOTAR 0.68 28.0 52-Wk % 52-Wk % 52-Wk % Fortinet FTNT 153.33 4.2 JuniperIndlA JIH 11.14 6.3 Natera NTRA 111.73 5.4 PropertySolns PSACU 11.05 ... SimplyGoodFoods SMPL 29.49 10.9 TradeDesk TTD 972.80 3.8 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FortressValueII FAII 10.97 1.5 JuniperIndlWt JIH.WS 2.13 1.2 NatlGeneralPfdB NGHCO 25.68 0.3 PropTechAcqnWt PTACW 3.34 14.6 SiriusIntlIns SG 12.60 0.8 TravelCenters TA 35.99 1.8 FortressValueII FAII.U 11.35 1.5 JupiterWellnessWt JUPWW 0.99 13.0 NatrlOrderAcqn NOACU 11.85 1.7 PropTechAcqnA PTAC 15.24 18.2 SiteOneLandscape SITE 159.22 1.0 TrebiaAcqn TREB.U 11.60 -0.4 Big5SportingGds BGFV 11.92 17.5 CommVaultSys CVLT 56.20 1.4 Franchise FRG 28.97 5.1 KinsTech KINZU 10.30 1.0 NatureSunshine NATR 15.20 0.5 PropTechAcqnUn PTACU 15.50 11.9 SiyataMobileWt SYTAW 5.75 5.7 TrebiaAcquisition TREB 10.93 0.2 Highs BigRockPtrsUn BRPAU 70.85 54.3 ConcordAcqn CND.U 10.25 0.6 FreedomHolding FRHC 50.40 9.8 KenonHoldings KEN 27.48 3.2 NeoGames NGMS 31.71 6.0 ProtagonistTherap PTGX 25.65 7.0 Smith-Midland SMID 9.36 -1.3 Trex TREX 86.481.4 BigRockPtrsRt BRPAR 1.83 75.0 ContainerStore TCS 12.17 20.3 AconS2Acqn STWOU 12.77 3.8 Freshpet FRPT 145.87 2.8 KeysightTechs KEYS 129.74 1.4 NeoGenomics NEO 56.66 4.5 ProtoLabs PRLB 186.63 12.1 SocialCapHedV Wt IPOE.WS 3.50 12.5 Trimble TRMB 67.48 -0.7 BigRockPtrs BRPA 76.99 55.9 CorceptTherap CORT 27.31 1.8 AES AES 23.16 0.9 fuboTV FUBO 62.29 25.3 KingswoodAcqn KWAC.U 10.34 0.5 Net1UEPS UEPS 4.70 8.2 PrudentialNt58 PRS 28.50 -0.1 SocialCapHedII IPOC.U 15.49 ... TrinityIndustries TRN 26.69 1.1 BigRockPtrsWt BRPAW 8.95 57.8 Covetrus CVET 30.94 4.4 AMCIAcqnWt AMCIW 3.30 33.0 FuelCell FCEL 11.50 14.6 Kirkland's KIRK 20.88 1.5 NetApp NTAP 66.68 2.5 PrudentialNts2060 PFH 26.12 -0.1 SocialCapHedIII IPOC 14.17 1.5 Trinseo TSE 48.75 2.3 Bilibili BILI 90.19 -2.0 Criteo CRTO 20.17 5.6 AMCI Acqn AMCI 15.25 12.7 FusionAcqnWt FUSE.WS 1.90 2.9 KodiakSciences KOD 153.58 1.5 Network1Techs NTIP 3.50 -0.7 PrudentialPfd PUKpA 28.69 -0.1 SocialCapHedIV IPOD.U 15.39 0.8 Trupanion TRUP 122.34 4.2 Bill.com BILL 154.03 3.9 CrowdStrike CRWD 225.75 6.8 Ansys ANSS 362.58 1.8 GRAVITY GRVY 239.90 -0.9 Kopin KOPN 3.00 5.0 Neuronetics STIM 10.05 4.9 PublicStoragePfM PSApM 26.81 -0.5 SocialCapHedIV A IPOD 14.77 1.5 TurningPoint TPB 44.99 1.2 Bio-Techne TECH 324.38 -0.4 CuriosityStream CURI 15.30 5.2 AT&T PfdC TpC 27.01 0.1 GalileoAcqnWt GLEO.WS 0.94 11.9 KornitDigital KRNT 91.33 1.2 Nevro NVRO 185.71 1.8 Pulmonx LUNG 60.65 8.4 SocialCapHedosIVWt IPOD.WS 4.84 -2.9 TurningPtTherap TPTX 134.92 -0.6 BioanalyticalSys BASI 10.68 11.3 CyberArkSoftware CYBR 163.18 11.1 A10Networks ATEN 10.56 3.8 GameStop GME 20.04 25.3 KymeraTherap KYMR 79.32 3.5 NewBeginnings NBA.U 10.90 0.9 PureStorage PSTG 23.82 2.9 SocialCapHedV IPOE.U 13.20 2.1 Tuscan THCB 18.73 22.9 BioLifeSols BLFS 47.03 1.7 D8 Holdings DEH.U 10.80 ... AcaciaComms ACIA 72.50 0.5 Gentherm THRM 67.89 3.3 LGLSysAcqnWt DFNS.WS 1.78 7.0 NewBeginningsWt NBA.WS 0.95 12.5 Q2Holdings QTWO 129.40 2.5 SocialCapHedV A IPOE 12.14 1.9 TuscanWt THCBW 4.96 45.7 BlackLine BL 141.81 3.4 D8 Wt DEH.WS 1.21 4.8 AcademySports ASO 20.24 7.4 GeorgiaPwrNt77 GPJA 28.34 0.3 LandcadiaII LCAHU 29.40 17.7 NewProvidenceA NPA 12.47 4.2 QellAcqnWt QELLW 3.97 4.6 SocialCapHedVI IPOF.U 12.85 0.8 21 Vianet VNET 34.47 3.4 BlinkCharging BLNK 48.70 28.9 D8 A DEH 10.12 0.7 AciesAcqnA ACAC 11.28 -0.4 Gevo GEVO 3.12 0.3 LefterisAcqnA LFTR 10.87 3.4 NewProvidenceWt NPAWW 3.79 12.1 Qualys QLYS 125.92 8.1 SocialCapHedVI A IPOF 12.05 1.1 Twilio TWLO 374.49 1.6 BlinkChargingWt BLNKW 44.27 32.7 DPCM Capital XPOA.U 11.15 0.3 AckrellSPACPtrsIUn ACKIU 10.20 0.4 GigCapital2Rt GIXr 0.51 11.2 Lemonade LMND 119.50 9.2 NewProvidenceAcqn NPAUU 14.17 7.7 QuantumScape QS 132.73 38.7 SocialCapHedVI Wt IPOF.WS 3.58 3.6 TwistBiosci TWST 168.49 10.5 BloomEnergy BE 31.45 10.1 DTE EnergyDeb80 DTB 27.31 ... AclarisTherap ACRS 7.09 16.1 Glaukos GKOS 75.74 -0.7 Leslie's LESL 25.93 9.8 NewHoldInvt NHIC 10.19 2.4 QuantumScapeWt QS.WS 43.48 57.6 SOQUIMICH SQM 50.28 4.3 USA Tech USAT 11.40 -0.3 BlueLinx BXC 29.96 2.8 DailyJournal DJCO 334.98 -0.3 11.34 1.9 4.98 39.9 22.42 2.0 AdaptiveBiotech ADPT 65.50 4.9 GlobalShipLease GSL LightpathTech LPTH NoahHoldings NOAH 42.80 1.7 QuinStreet QNST SoftwareAcqnGrpII SAIIU 10.45 0.5 Ubiquiti UI 282.11 2.6 BlueprintMed BPMC 124.39 1.7 DaqoNewEnergy DQ 68.62 5.8 Globant GLOB 223.26 2.9 LightspeedPos LSPD 68.05 10.6 Qumu QUMU 7.06 1.3 AdvDrainageSys WMS 81.86 2.1 NorthernGenesisAcqnWt NGA.WS 4.33 6.3 SolarEdgeTech SEDG 335.80 1.2 UltragenyxPharm RARE 175.58 3.3 BluescapeOpps BOAC.U 12.39 0.9 DaVita DVA 116.40 -0.5 GoldenFalconAcqnUn GFX.U 10.50 0.2 Limbach LMB 13.86 0.5 RMG Acqn RMG.U 30.90 6.7 AdvantageSolns ADV 13.69 0.6 NorthernStar STIC.U 15.60 10.1 Sonos SONO 25.29 2.5 Unisys UIS 18.66 1.1 BostonOmaha BOMN 26.66 6.4 DecarbonizaPlusA DCRB 10.67 0.7 GoldenMinerals AUMN 0.79 -3.3 Lindsay LNN 126.64 -0.3 RMGAcqn RMG 27.10 6.2 AegonNts2049 AEFC 27.00 0.4 NorthernStarAcqnWt STIC.WS 5.47 12.1 SouthMtnWt SMMCW 4.45 2.0 UnitySoftware U 173.59 4.2 BreezeHldgs BREZU 10.77 2.6 DenaliTherap DNLI 93.94 3.4 GoldmanSachsPfC GSpC 25.09 -0.5 LiveOakAcqnWt LOAK.WS 8.10 7.1 RMG Acqn Wt RMG.WS 9.70 14.5 AequiAcqn ARBGU 10.19 0.4 NorthernStarAcqn STIC 17.51 10.3 SouthernNt2016A SOJB 26.93 0.6 UpFintech TIGR 8.32 33.6 BridgeBioPharma BBIO 68.28 3.3 DermTech DMTK 21.26 19.8 Graco GGG 72.76 0.7 LiveOakAcqnUn LOAK.U 26.12 11.3 RMGAcqnII RMGBU 10.70 ... AgEagleAerial UAVS 7.30 30.6 NovusCapitalWt NOVSW 5.74 1.9 SouthernNts2020C SOJE 26.39 -0.4 Upwork UPWK 41.42 -1.5 BridgetownUn BTWNU 16.67 3.7 DigitalMediaWt DMS.WS 1.95 21.7 GreatLakesDredge GLDD 12.55 2.3 LiveOakAcqn LOAK 21.37 9.6 R1RCM RCM 23.47 2.5 Airbnb ABNB 174.97 0.1 NuanceComms NUAN 44.93 -0.9 SpartacusAcqnWt TMTSW 1.20 8.9 UtzBrands UTZ 22.94 5.1 BridgetownWt BTWNW 4.42 1.6 DigitalMedia DMS 12.97 13.3 GreencityAcqn GRCY 10.29 1.4 Livent LTHM 19.80 7.3 RadaElectronic RADA 10.05 6.5 Airgain AIRG 15.41 2.3 OTR Acqn OTRAU 11.11 1.2 SpartacusAcqnUn TMTSU 11.14 1.7 UtzBrandsWt UTZ.WS 11.37 10.4 BrighthouseDeb58 BHFAL 28.08 -0.1 DigitalTurbine APPS 61.24 2.1 GrowGeneration GRWG 42.39 3.6 LivePerson LPSN 67.98 4.5 RadiusGlbInfr RADI 14.20 7.8 AjaxI AJAX.U 12.82 2.5 OakStreetHealth OSH 64.39 1.0 SperoTherap SPRO 23.45 14.5 VPC Impact VIHAU 10.55 ... BrighthousePfdB BHFAO 28.44 -1.8 dMY Tech DMYT.U 25.90 2.6 GuardantHealth GH 136.25 4.6 LogitechIntl LOGI 95.94 ... Radware RDWR 27.18 3.9 AjaxI AJAX 12.75 2.8 OaktreeAcqn OAC.U 14.70 8.6 SpringValleyA SV 10.82 4.2 VaronisSystems VRNS 176.25 5.0 BrighthouseFinlPfC BHFAN 26.50 -0.5 dMY TechWt DMYT.WS 7.50 1.0 HPX A HPX 10.12 -0.1 LongevityAcqnWt LOACW 0.94 18.4 Rapid7 RPD 94.60 4.5 AkoustisTechs AKTS 12.59 11.5 OaktreeAcqn OAC 13.90 7.8 SpringWorks SWTX 79.33 1.8 VascularBiogenics VBLT 2.05 -2.1 BrilliantAcqn BRLIU 11.00 0.8 dMYTechA DMYD 16.84 -3.3 HVBancorp HVBC 17.48 -0.3 LongviewAcqn LGVW.U 20.8015.8 RealReal REAL 22.03 10.3 Alarm.com ALRM 100.51 4.7 OaktreeAcqnII A OACB 11.62 4.1 Square SQ 243.38 3.5 VeecoInstr VECO 19.34 2.8 BrilliantAcqn BRLI 10.06 -0.2 dMY Tech II DMYD.U 19.00 -3.1 HannonArmstrong HASI 63.95 3.6 LongviewAcqnA LGVW 18.7015.5 RechargeAcqn RCHGU 10.60 ... Albemarle ALB 147.99 3.0 OaktreeAcqnIIWt OACB.WS 2.12 23.0 St.Joe JOE 45.41 5.5 VelodyneLidarWt VLDRW 14.41 20.0 BrinkerIntl EAT 58.64 3.5 dMYTechIII Un DMYI.U 10.91 -1.1 Headhunter HHR 31.80 4.5 LongviewAcqnWt LGVW.WS 5.50 26.9 Redfin RDFN 83.71 4.6 AlignTech ALGN 536.60 1.1 OaktreeAcqnII OACB.U 11.64 4.1 StableRoadAcqn SRAC 18.25 7.6 Vericel VCEL 28.51 2.4 BrookfieldInfr BIPC 70.96 1.8 DolbyLab DLB 93.35 -0.3 HealthAssurance HAACU 12.50 3.9 Lovesac LOVE 45.85 6.6 ReinventTechWt RTP.WS 3.72 13.1 Allakos ALLK 151.82 ... OcwenFinancial OCN 32.11 14.6 StrPeakEnerA STPK 20.75 8.6 VerintSystems VRNT 64.06 3.2 BrookfieldRenew BEPC 57.77 7.9 Domo DOMO 72.07 5.9 HealthCatalyst HCAT 43.55 3.4 LumberLiqu LL 34.87 4.0 ReinventTechPtrs RTP.U 12.45 2.3 AlloVir ALVR 47.72 17.3 Okta OKTA 285.91 3.7 StrPeakEnerWt STPK.WS 5.23 4.4 Vertex VERX 36.59 5.3 BrunswickNts2049 BCpB 28.48 -1.2 DragoneerGrowth DGNR.U 15.48 1.2 HighPeakEner HPK 19.90 24.0 Lumentum LITE 98.41 9.0 ReinventTechZ RTPZ.U 11.85 ... AllstatePfdG ALLpG 28.64 ... 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B10 | We dnesday, December 23, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30015.51 t200.94, or 0.67% Trailing P/E ratio 29.53 21.21 3687.26 t7.66, or 0.21% Trailing P/E ratio * 42.08 25.23 12807.92 s 65.40, or 0.51% Trailing P/E ratio *† 39.27 27.12 High, low, open and close for each P/E estimate * 24.84 18.99 High, low, open and close for each P/E estimate * 26.25 19.58 High, low, open and close for each P/E estimate *† 32.85 23.75 trading day of the past three months. Dividend yield 2.01 2.23 trading day of the past three months. Dividend yield * 1.63 1.83 trading day of the past three months. Dividend yield *† 0.72 0.98 All-time high 30303.37, 12/17/20 All-time high 3722.48, 12/17/20 All-time high: 12807.92, 12/22/20

Current divisor 0.15198707565833 32200 3750 12800 Session high DOWN UP Session open Close 31000 3625 12400 t

Close Open t 29800 3500 12000 Session low

28600 3375 11600 65-day moving average

65-day moving average 27400 3250 11200 65-day moving average

26200 3125 10800

Bars measure the point change from session's open 25000 3000 10400 Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 909,070,552 21,530,069 Industrial Average 30200.20 29992.89 30015.51 -200.94 -0.67 30303.37 18591.93 5.3 5.2 6.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 333,073,464 11,326,947 Transportation Avg 12506.79 12416.13 12459.81 -25.72 -0.21 12803.02 6703.63 14.1 14.3 5.3 Most-active issues in late trading Decl. volume* 566,257,474 9,590,539 Utility Average 846.25 840.22 842.22 -2.74 -0.32 960.89 610.89 -3.4 -4.2 5.3 Volume After Hours Issues traded 3,247 281 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 38843.04 38594.07 38750.10 8.69 0.02 38947.55 22462.76 17.5 17.3 11.7 Advances 1,335 123 General Electric GE 7,043.8 10.60 -0.01 -0.09 10.65 10.58 Barron's 400 848.39 843.58 846.08 1.08 0.13 848.18 455.11 15.2 15.5 5.8 Declines 1,812 145 AT&T T 6,882.9 28.38 -0.02 -0.07 28.54 28.35 Unchanged 100 13 SPDR S&P 500 SPY Nasdaq Stock Market 5,278.8 366.93 -0.31 -0.08 367.30 366.84 New highs 296 14 Nasdaq Composite 12840.57 12695.31 12807.92 65.40 0.51 12807.92 6860.67 43.1 42.7 22.5 iShares MSCI Brazil ETF EWZ 5,056.1 36.60 ... unch. 36.72 36.43 New lows 42 Nasdaq 100 12761.23 12606.42 12717.56 27.30 0.22 12752.06 6994.29 46.2 45.6 25.3 ZoomInfo Tech ZI 4,833.3 46.50 -0.01 -0.02 46.62 45.98 Closing Arms† 1.30 0.48 VanEck Vectors Gold Miner GDX 4,498.3 35.27 -0.02 -0.06 35.36 35.26 S&P Block trades* 5,055 208 Cincinnati Financial CINF 4,401.5 83.96 ... unch. 83.96 83.96 500 Index 3698.26 3676.16 3687.26 -7.66 -0.21 3722.48 2237.40 14.4 14.1 11.2 Nasdaq NYSE Arca Schlumberger SLB 4,317.0 21.36 ... unch. 21.55 21.20 MidCap 400 2296.66 2279.89 2292.19 10.01 0.44 2297.91 1218.55 11.2 11.1 6.4 Total volume*5,682,590,404 188,407,713 SmallCap 600 1111.85 1102.00 1109.45 4.85 0.44 1116.74 595.67 8.3 8.6 5.7 Percentage gainers… Adv. volume*3,792,776,914 48,454,938 Decl. volume*1,861,707,174 139,676,222 Other Indexes Magnite MGNI 2,556.6 31.36 4.22 15.55 33.28 27.11 Issues traded 3,842 1,439 Russell 2000 1992.50 1971.18 1989.88 19.55 0.99 1989.88 991.16 18.6 19.3 8.8 Clean Energy Fuels CLNE 1,143.6 9.18 0.98 11.95 9.55 8.20 Advances 2,052 624 NYSE Composite 14368.99 14305.62 14321.34 -57.51 -0.40 14516.73 8777.38 3.1 2.9 3.8 AgEagle Aerial Systems UAVS 522.2 7.17 0.38 5.60 7.21 6.55 Declines 1,701 793 Longview Acquisition Cl A LGVW 199.3 18.15 0.89 5.16 18.20 17.20 Value Line 563.70 560.71 562.30 0.28 0.05 568.70 305.71 1.7 1.8 -0.1 Unchanged 89 22 Colonnade Acqn Cl A CLA 192.6 14.50 0.67 4.84 14.64 13.70 NYSE Arca Biotech 5980.81 5917.92 5940.43 2.34 0.04 6142.96 3855.67 13.3 17.2 12.2 New highs 433 134 NYSE Arca Pharma 676.53 670.76 673.27 -3.31 -0.49 691.70 494.36 2.8 3.0 7.4 ...And losers New lows 12 4 KBW Bank 95.48 94.08 94.11 -1.06 -1.12 114.12 56.19 -16.9 -17.0 -4.5 cbdMD YCBD 508.5 2.50 -0.38 -13.19 3.06 2.33 Closing Arms† 0.59 1.97 § PHLX Gold/Silver 145.66 139.84 140.53 -4.81 -3.31 161.14 70.12 34.3 31.4 18.7 Spectrum Pharmaceuticals SPPI 1,158.4 3.85 -0.40 -9.41 5.50 3.45 Block trades* 41,713 922 § PHLX Oil Service 44.03 43.23 43.34 -0.42 -0.96 80.99 21.47 -45.6 -44.6 -33.4 AbCellera Biologics ABCL 82.9 44.00 -3.12 -6.62 47.12 42.50 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2750.96 2722.68 2743.97 -3.32 -0.12 2816.27 1286.84 47.4 48.4 29.2 Ashford Hospitality Trust AHT 504.8 2.29 -0.15 -6.15 2.45 2.15 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 25.56 23.53 24.23 -0.93 -3.70 82.69 12.10 91.2 75.8 34.8 MVIS MicroVision 3,171.3 8.72 -0.55 -5.93 9.45 8.50 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. WklyPctChg Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World MSCI ACWI 633.65 –0.95 –0.15 12.1 MicroVision MVIS 9.27 3.50 60.66 9.74 0.15 1187.5 Soligenix SNGX 1.39 -1.35 -49.27 3.54 1.21 ... MSCI ACWI ex-USA 317.75 –0.83 –0.26 5.3 Big Rock Ptrs Acqn BRPA 38.36 13.76 55.93 76.99 9.80 260.2 China Customer Relations CCRC 3.38 -2.84 -45.66 10.99 3.32 -62.9 MSCI World 2643.07 –1.90 –0.07 12.1 Aurora Mobile ADR JG 4.79 1.60 50.16 6.06 1.40 125.9 SOS ADR SOS 1.30 -0.83 -38.97 6.00 0.51 -29.0 MSCI Emerging Markets 1248.70 –8.31 –0.66 12.0 Cyclacel Pharmaceuticals CYCC 6.40 2.12 49.53 19.60 3.12 -40.7 Ashford Hospitality Trust AHT 2.44 -1.07 -30.48 29.44 1.27 -91.6 Americas MSCI AC Americas 1447.46 –0.86 –0.06 15.9 Lightpath Techs A LPTH 4.80 1.37 39.94 4.98 0.62 576.1 Venus Concept VERO 1.89 -0.65 -25.59 9.00 1.84 -59.5 Canada S&P/TSX Comp 17552.46 51.57 0.29 2.9 Sportsman's Warehouse SPWH 17.66 5.01 39.60 18.46 4.08 112.8 Wunong Net Technology WNW 41.06 -11.98 -22.59 160.68 7.31 ... Latin Amer. MSCI EM Latin America 2412.01 12.20 0.51 –17.3 QuantumScape QS 131.67 36.77 38.75 132.73 9.74 ... Scopus BioPharma SCPS 13.10 -3.10 -19.14 47.86 5.34 ... Brazil Sao Paulo Bovespa 116636.18 813.61 0.70 0.9 Clean Energy Fuels CLNE 8.20 2.26 38.05 8.35 1.05 248.9 Ra Medical Systems RMED 7.30 -1.52 -17.23 67.20 4.25 -68.6 Chile Santiago IPSA 2867.09 18.52 0.65 –14.1 Second Sight Medical Prod EYES 2.81 0.77 37.75 6.40 0.69 -53.2 CNS Pharmaceuticals CNSP 2.10 -0.37 -14.98 5.62 1.26 -45.5 Mexico S&P/BMV IPC 42601.71 –644.53 –1.49 –2.2 Colonnade Acqn Cl A CLA 13.83 3.75 37.20 15.25 9.54 ... NiSun Intl Ent Devt NISN 18.90 -2.84 -13.06 23.99 5.10 243.6 EMEA Stoxx Europe 600 391.25 4.56 1.18 –5.9 Aemetis AMTX 3.19 0.83 35.17 5.10 0.37 246.8 Washington Prime Group WPG 7.12 -1.07 -13.06 34.29 4.41 -77.6 Eurozone Euro Stoxx 391.44 5.36 1.39 –3.1 Up Fintech Holding ADR TIGR 7.88 1.98 33.56 8.32 2.03 120.7 DAVIDsTEA DTEA 2.82 -0.40 -12.42 3.25 0.32 88.0 Belgium Bel-20 3607.72 37.56 1.05 –8.8 Riot Blockchain RIOT 14.65 3.61 32.65 15.70 0.51 1017.9 Kinsale Capital Group KNSL 218.53 -30.58 -12.28 252.70 80.93 119.5 Graybug Vision GRAY MannKind MNKD Denmark OMX Copenhagen 20 1452.58 10.59 0.73 27.9 33.16 7.87 31.12 37.88 12.50 ... 3.28 -0.44 -11.83 4.21 0.80 144.8 AgEagle Aerial Systems UAVS 6.79 1.59 30.58 7.30 0.19 1556.1 Processa Pharmaceuticals PCSA 7.26 -0.86 -10.59 18.00 3.40 -51.6 France CAC 40 5466.86 73.52 1.36 –8.6 Germany DAX 13418.11 171.81 1.30 1.3 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1441.64 17.80 1.25 –14.4 Italy FTSE MIB 21844.33 433.82 2.03 –7.1 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 617.50 8.11 1.33 2.1 Russia RTS Index 1351.43 15.50 1.16 –12.8 Ocugen OCGN 668,376 7811.7 0.81 173.88 0.96 0.17 Colonnade Acqn Cl A CLA 15,048 16952 13.83 37.20 15.25 9.54 South Africa FTSE/JSE All-Share 58619.75 –95.12 –0.16 2.7 Sundial Growers SNDL 195,125 -9.4 0.48 -5.04 3.88 0.14 Steel Partners Holdings SPLP 3,052 16318 9.27 1.91 12.54 4.31 Apple AAPL Big Rock Ptrs Acqn BRPA Spain IBEX 35 7934.17 144.41 1.85 –16.9 168,093 39.8 131.88 2.85 137.98 53.15 2,532 11215 38.36 55.93 76.99 9.80 MicroVision MVIS 157,038 1953.4 9.27 60.66 9.74 0.15 Gl X Emg Mkts Bd EMBD 402 6885 27.97 0.25 28.04 25.50 Sweden OMX Stockholm 755.95 7.42 0.99 11.0 NIO ADR NIO 116,915 -31.0 47.58 -2.80 57.20 2.11 Juniper Indl Cl A JIH 8,007 4861 11.00 6.28 11.14 9.10 Switzerland Swiss Market 10403.37 97.85 0.95 –2.0 Turkey BIST 100 1404.97 20.54 1.48 22.8 Jaguar Health JAGX 98,773 484.5 0.40 16.04 1.08 0.19 China Customer Relations CCRC 5,882 3399 3.38 -45.66 10.99 3.32 U.K. FTSE 100 6453.16 36.84 0.57 –14.4 FuelCell Energy FCEL 93,550 84.2 10.75 14.55 11.50 0.81 Tottenham Acquisition I TOTA 488 3250 10.97 0.09 11.50 10.30 U.K. FTSE 250 19950.72 258.61 1.31 –8.8 General Electric GE 88,884 -16.9 10.61 -1.49 13.26 5.48 Amer Cent Qual Divrs Intl QINT 231 3183 47.13 -0.35 47.89 28.11 American Airlines Group AAL 74,235 -2.1 15.48 -3.85 30.78 8.25 Invsc Financial Preferred PGF 15,092 2029 19.11 -0.57 19.33 12.30 Asia-Pacific MSCI AC Asia Pacific 193.25 –2.42 –1.23 13.2 Riot Blockchain RIOT 69,835 364.5 14.65 32.65 15.70 0.51 MicroVision MVIS 157,038 1953 9.27 60.66 9.74 0.15 Australia S&P/ASX 200 6599.60 –70.29 –1.05 –1.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3356.78 –63.79 –1.86 10.1 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 26119.25 –187.43 –0.71 –7.3 Track the Markets 0.99 India S&P BSE Sensex 46006.69 452.73 11.5 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 26436.39 –278.03 –1.04 11.8 global stock indexes, bond ETFs, Singapore Straits Times 2827.32 –19.20 –0.67 –12.3 currencies and commodities at Currencies South Korea Kospi 2733.68 –44.97 –1.62 24.4 wsj.com/graphics/track-the-markets Taiwan TAIEX 14177.46 –207.50 –1.44 18.2 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1424.39 22.61 1.61 –9.8 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004324 23128 –0.2 CREDIT MARKETS Argentina peso .0120 83.2795 39.1 Europe Brazil real .1938 5.1587 28.3 Czech Rep. koruna .04619 21.650 –4.5 Canada dollar .7747 1.2908 –0.6 Denmark krone .1635 6.1161 –8.2 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001384 722.70 –2.2 Euro area euro 1.2162 .8223 –7.8 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000289 3465.00 5.6 Hungary forint .003357 297.85 0.9 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007800 128.20 5.9 A consumer rate against its Money Market/Savings Accts Mexico peso .0496 20.1432 6.4 Norway krone .1144 8.7450 –0.4 benchmark over the past year 2.50% Uruguay peso .02369 42.2100 13.7 Poland zloty .2699 3.7057 –2.3 Bankrate.com avg†: 0.20% 10% Russia ruble .01317 75.934 22.3

s Asia-Pacific One year ago Euro Sweden krona t .1199 8.3424 –10.9 ableBanking, a division of Northeast Bank 0.50% 2.00 Australian dollar .7525 1.3289 –6.7 Switzerland franc 1.1241 .8896 –8.1 1.60% Lewiston, ME 877-505-1933 5 China yuan .1528 6.5433 –6.0 1.50 Turkey lira .1306 7.6562 28.7 Colorado Federal Savings Bank 0.50% s Hong Kong dollar .1290 7.7527 –0.5 t Federal-funds Ukraine hryvnia .0351 28.4500 20.2 1.20 0 Yen India rupee .01352 73.943 3.6 target rate Greenwood Village, CO 877-484-2372 1.00 UK pound 1.3365 .7482 –0.8 Tradeweb ICE Indonesia rupiah .0000704 14205 2.3 First Internet Bank of Indiana 0.50% Middle East/Africa 0.80 Tuesday Close t 0.50 –5 s Japan yen .009649 103.64 –4.6 Money market Indianapolis, IN 888-873-3424 WSJ Dollar index Kazakhstan tenge .002377 420.68 10.2 Bahrain dinar 2.6522 .3770 unch account yields 0.40 0.00 Macau pataca .1251 7.9910 –0.3 Egypt pound .0638 15.6654 –2.4 t Lone Star Bank 0.50% –10 Malaysia ringgit .2462 4.0610 –0.7 Israel shekel .3095 3.2310 –6.5 Houston, TX 713-358-9400 1 3 6 1 2 3 5 7 10 20 30 2020 New Zealand dollar .7044 1.4196 –4.4 Kuwait dinar 3.2798 .3049 0.6 0.00 month(s) years J F M A M J J A S O N D Sallie Mae Bank 0.55% Pakistan rupee .00622 160.650 3.6 Oman sul rial 2.5976 .3850 –0.01 maturity 2020 Salt Lake City, UT 877-346-2756 Philippines peso .0208 48.113 –5.1 Qatar rial .2746 3.642 –0.04 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7481 1.3367 –0.7 Saudi Arabia riyal .2665 3.7519 0.02 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009009 1109.95 –3.9 South Africa rand .0681 14.6838 4.9 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0052840 189.25 4.4 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.25 Taiwan dollar .03552 28.152 –5.9 Yield (%) 52-Week Total Return (%) Thailand baht .03307 30.240 1.6 WSJ Dollar Index 85.79 0.46 0.54 –4.22 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.24 0.23 0.20 l 1.96 -1.45 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2457.710 0.580 0.590 1.840 0.400 8.038 5.349 Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.14 Five-year CD, annual yield 0.58 0.58 0.58 l 1.41 -0.92 U.S. Treasury Long, Barclays 4715.810 1.520 1.530 2.340 0.980 16.991 10.476 Commodities 30-year mortgage, fixed† 2.89 2.86 2.86 l 4.22 -1.08 Aggregate, Barclays 2287.100 1.160 1.170 2.350 1.020 7.456 5.447 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.38 2.41 2.37 l 3.57 -1.01 Fixed-Rate MBS, Barclays 2229.270 1.300 1.320 2.690 0.930 4.007 3.807 DJ Commodity Jumbo mortgages, $510,400-plus† 2.89 2.87 2.87 l 4.36 -1.46 714.96 -4.66 -0.65 725.56 433.70 11.57 11.31 High Yield 100, ICE BofA 3303.991 3.893 3.840 10.740 3.589 3.530 4.985 TR/CC CRB Index -1.21 187.39 106.29 -11.94 Five-year adj mortgage (ARM)† 3.19 3.19 2.85 l 4.59 -0.81 163.61 -0.74 -11.82 Muni Master, ICE BofA 595.353 0.871 0.880 3.441 0.838 5.309 4.646 Crude oil, $ per barrel -0.95 63.27 -37.63 -22.99 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.69 47.02 -1.98 -23.06 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 929.534 4.365 4.398 7.480 4.351 5.642 4.898 Natural gas, $/MMBtu 2.780 0.075 2.77 3.354 1.482 27.99 27.00 banks.† Excludes closing costs. Gold, $ per troy oz. 1866.60 -12.60 -0.67 2051.50 1477.30 24.51 22.84 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW358000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** We dnesday, December 23, 2020 | B11 MARKETS DowFalls as Infection Levels Rise Yields on Treasurys BY CAITLIN OSTROFF futures,the benchmark in in- Share-priceand indexperformance, Tuesday dicatethat investorsare start- AND CAITLIN MCCABE ternational energy markets, ing to take profitsafter a dropped 1.6% to $50.08abar- PelotonInteractive blockbuster year,especially as Move TheDow Jones Industrial rel. they consider the possibility of Averagetumbled as concerns Investorsare trying to Apple taxchanges afterPresident- about elevated Covid-19 infec- gaugewhether the newstrain elect JoeBiden takesoffice, Lower tion levels and anew strain of of Covid-19 will affect the ef- said JJ Kinahan,chief market S&P500 Technology sector the virus in Europe overshad- fectivenessofvaccines that are strategist at TD Ameritrade. BY SEBASTIAN PELLEJERO owedCongress’sapproval of a being rolled out this month. The S&P 500 is up 14% in Covid-19 relief package. BioNTech Chief Executive S&P500 2020,and the Nasdaq Compos- U.S. government-bond Theblue-chip indexfell Ugur Sahin said the vaccine itehas catapulted 43%. yields fell Tuesday, with in- 200.94points, developed by his company, in Tesla Additionally,Mr. Kinahan vestorsshrugging off new TUESDAY’S or 0.7%, to partnership with Pfizer, would noted, Tuesday’sworse-than- stimulus measures passed MARKETS 30015.51, its likely work against the variant S&P500 Energy sector expected consumer-confidence overnight in Congress. largest one-day and is being tested. If anew report mayalso be weighing Theyield on the bench- point and percentagedecline mutation would makethe cur- Chevron on markets. mark 10-year Treasurynote in December.The S&P 500 slid rent vaccine ineffective, BioN- TheConferenceBoard, a finished Tuesday’ssession at 7.66 points, or 0.2%, to 3687.26, Tech candevelop anothertai- American Airlines privateresearch group,said its 0.917%, according to extending itslosing streak to lored to the newvariant in six indexofconsumer confidence Tradeweb, down from 0.941% three sessions. weeks,hesaid. dropped to 88.6 in the first at Monday’s close.The 30- Norwegian CruiseLine Holdings Thetech-heavy Nasdaq “The big unknown is to two weeks of December from a year Treasurybond yield fell Composite, in contrast, rose what degree could the new -10% -5 0510 15 revised 92.9inNovember. to 1.652% from 1.683%. 65.40points, or 0.5%, to are- strain makethe efficacyofthe Source:FactSet Economistssurveyed by The Yields,which fall when cord 12807.92. vaccine lower,” said PeterGar- Wall Street Journal had ex- bond prices Much of the stock market nry, head of equity strategyat Levitt, global market strategist Norwegian Cruise Line Hold- pected alevel of 97.5. CREDIT rise,wereun- haslost steam this week as Saxo Bank. “Ifitjust turns out at Invesco. ings slid $1.70,or6.9%, to Still, thereweresmall signs MARKETS moved over- some nations began curtailing to be moreinfections,and it Still, Mr.Levitt maintains a $23.08. Chevron fell foran of optimism. night after travel to contain the emer- doesn’t have an effect on the positiveoutlook on equities. eighth consecutiveday,losing Datafromthe Commerce lawmakerspassed aroughly genceofafast-spreading vari- vaccine,then the market will “In my opinion, betting $1.73, or 2%, to $84.36.That Department showedthat U.S. $900 billion Covid-19 stimu- ant of coronavirus from Eng- be less concerned.” against stocks over the next marks the longest losing streak grossdomestic product—the lus package. land. TheU.K.restricted social Late Monday, afresh $900 year and beyond is betting forthe oil giant sinceOctober value of all goods and services Theemergencyspending and businessactivity,prompt- billion fiscal stimulus package against medicine,scienceand 2013. produced acrossthe econ- measureshould help support ing concern that morecoun- waspassed by Congress, end- policymakers,” he said. “And Meanwhile, Tesla tumbled omy—increased at an annual- the U.S. economythrough a tries mayalso adopt measures ing weeks of anticipation from I’m not willing to makethose $9.52, or 1.5%, to $640.34, ex- ized rate of 33.4%inthe third difficultwinter and intothe that would hamper the global investorsabout whether law- bets.” tending itslosses forthe week quarter,slightly stronger than newyear,analystssaid. economic recovery. makerscould end their stale- In corporatenews, Apple to nearly 8%. Theelectric-car the previous estimateissued Yields then declined dur- “It would be abrave man to mate. Thebill includes direct rose $3.65, or 2.9%, to $131.88 maker made itsS&P 500 debut last month. ing the early-morning session suggest this will just remain a checks to households and relief afterReutersreported that the Monday. Overseas,European shares as morenationscurtailed U.K.-specific issue,” said Derek forsmall businesses.President iPhone maker intends to move Moves in stocks could be rebounded afterMonday’s travel to contain afast- Halpenny, head of research for Trump critIcized the bill in a forwardwith itsown self-driv- big and marketsmay be espe- losses.The pan-continental spreading variant of the coro- global marketsinthe European Tweet afterthe market closed. ing cartechnology. cially choppy in coming days StoxxEurope 600 gained 1.2%. navirus. region at MUFGBank.“Arewe Even so,the bill’spassage Exercise-equipment maker because fewerpeople aretrad- The WSJ Dollar Index, TheU.K.has imposed new going back intoanother phase wasn’t enough to propel the Peloton Interactive gained ing as the holidayperiod which measures the dollar restrictions on social and of morepronounced global broader stock market. $16.82, or 12%, to arecord starts, said Salman Ahmed, against 16 rivals,rose 0.5%. business activity, raising con- lockdowns again?” “We’vehad the positive $161.21 afteritagreed to buy global head of macroatFidel- Early WednesdayinAsia, cerns about other countries Oil prices slipped forasec- news on the vaccines and the commercial fitness-equipment ity International. Japan’sNikkei wasup0.1%, following in itssteps and ond dayamid worries over the fiscal deal, so there’sprobably provider Precor for$420 mil- Thefinal stretch of trading Hong Kong’sHang Seng was pushing some investorsinto newrestrictions imposed on not acatalyst to drivestocks lion. in December is historically up 0.1% and South Korea’sKo- havens such as Treasurys. travelersfromthe U.K. to meaningfully higher in the Travel stocks and shares of positivefor the stock market. spi wasup0.6%. U.S. stock fu- Uncertainty surrounding other countries. Brent crude next few weeks,” said Brian energy companies tumbled. But this week’slosses mayin- turesweredown0.4%. trade talks between the U.K. and European Union is also driving some investorsinto the relativesafety of U.S. Other S&P Index Thanks Tesla for the Ride government bonds,analysts said. TheU.K. will leave the EU’scommon market and BY MICHAEL WURSTHORN Performance, year to date back following their massive customs union on Jan. 1un- run-up ahead of inclusion, sim- lessPrime Minister Boris Alesser-known stock index 40% ilar to Yahoo Inc., whose mar- Johnson canstrikeadeal in lost its biggest driver after S&PCompletion Index ketvalue peaked shortly after little morethan aweek. Tesla Inc.joined the S&P 500, the tech giant joined the S&P Manyinvestorsexpect S&P500 potentially undercutting the 20 500 in 1999.Apullback in yields to trade in arelatively performanceofthe highflying Tesla shares could potentially tight rangeinthe near term, benchmark and several ex- hurt the performanceofthe in- as immediatechallenges are change-traded funds that track dexinvestorswho track the balanced by hopes foravac- 0 it. S&P 500 and missed out on all cine-fueled economic re- TheS&P Completion Index of Tesla’sgains this year. bound. tracks allU.S.stocks except Otherbenchmarks that al- “There’sanelement of un- S thoseinthe S&P 500.The in- –20 ready included Tesla were able certainty and concern, but we dexistypically associated with PRES to ride the shares higher this don’t sense anydread regard- mid, small and microcap stocks year and will remain subject to ing next year,” said Jim Vo- ZUMA that fail to meet certain crite- the carmaker’s swingsgoing gel, interest-rates strategist –40 DIN/

ria forinclusion in the S&P RA forward. TheMSCIUSA index, at FHN Financial. Jan. Dec.

500.The presenceofTesla, the LEV forexample,issimilar to the Actions by theFederal Re- biggest stock in the completion Source:FactSet Tesla’s 665% surge helped the completion index to gain 33%. S&P 500 in that it tracks the serveare expected to limit indexand the sixth-largest performanceofbig U.S. compa- the moves in yields foryears publicly traded companyinthe S&P 500 at the end of Friday’s ThepresenceofTesla in the noticeable impact, as the elec- nies.Tesla has been amember to come.Inaneffort to keep U.S.,was something of an trading session, thereby re- completion indexwas aboon tric carmaker’s stock has of that indexoverthe past de- U.S. borrowing costslow,the anomaly. moving the stock from the forthe ETFs and mutual funds, fallen 7.9% over the last two cade,thanks to itslessstrin- central bank cut interest Theelectric carmaker’s completion index. Trading of including the Fidelity Extended trading days.Fidelity’s ex- gent rules. rates to near zero and is buy- 665% surge this year propelled the reconstituted indexes Market IndexFund and the tended market fund has risen Tesla’sinclusion partly ex- ing billions of dollars’ worth the completion indexup33%, started Monday. VanguardExtendedMarket 1.2% over that period, while plains whythe MSCI USAindex of Treasurys,aprogram that morethan doubling the gain of “It wasthe odd stock out,” ETF, that tracked it. Together Vanguard’sproduct added 1.7%. is beating the S&P 500 by manyinvestorsexpect to con- the S&P 500 over the same pe- said BenJohnson,director of those funds account formore TheS&P 500,which now morethan 3percentagepoints tinue until the economygets riod. global ETFresearch at Morn- than $100 billion in assetsand houses Tesla, has declined 0.6% in 2020,the widest perfor- back to prepandemic levels. Tesla owedits massive ingstarInc.“It’saversion of offered indexinvestorsanop- over Mondayand Tuesday. mancegap over the course of a In onepositivesign, data weighting in the indextoits the 1990s ChicagoBulls having portunity to profit off Tesla in Although the funds won’t year sincethe inception of the from the Commerce Depart- sizeand the fact that it took Michael Jordan sitting on the their 401(k)s and other ac- enjoyany upside from Tesla MSCI indexin1970, according ment on Tuesdayshowedthe about adecade from itspublic- bench for40minutes of a countsahead of itsinclusion in shares going forward, itsdele- to FactSet. ETFs that track the U.S. economygrewslightly market debut to meet guide- game and has everything to do the S&P 500. tion will allowthem to miss MSCI indexhaveoutperformed stronger than previouslyesti- lines forinclusion in the S&P with the unique way S&P Dow Theshuffling of Tesla from out on anyfurther losses as those that track the S&P 500, mated during the thirdquar- 500. S&P DowJones Indices Jones Indices manages that the completion indextothe well. Some analystsand inves- including the iShares MSCI ter, with grossdomestic formally added Tesla to the benchmark [the S&P 500].” S&P 500 is already having a tors expect Tesla shares to pull USAUCITSETF. product increasing at an an- nual rate of 33.4%seasonally and inflation adjusted, versus Exchange-Traded Portfolios | WSJ.com/ETFresearch the last estimateof33.1%. Closing Chg YTD Closing Chg YTD Closing Chg YTD Thepositiverevision was Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) spurred by higher-than-esti- iSh1-5YIGCorpBd IGSB 55.06 0.16 2.7 SPDR Gold GLD 174.49 –0.79 22.1 VangdFTSE EM VWO 48.70 –0.73 9.5 Tuesday, December 22, 2020 Closing Chg YTD mated consumer and business ETF Symbol Price (%) (%) iShPfd&Incm PFF 38.06 –0.31 1.3 SchwabIntEquity SCHF 35.25 –0.31 4.8 VangdFTSE Europe VGK 59.25 –0.19 1.1 Closing Chg YTD iShRussell1000Gwth IWF 239.72 0.46 36.3 SchwabUS BrdMkt SCHB 89.95 0.07 17.0 VangdFTSEAWxUS VEU 57.03 –0.35 6.1 spending. ETF Symbol Price (%) (%) iShCoreS&P SC IJR 91.12 0.63 8.7 iShRussell1000 IWB 209.05 0.02 17.2 SchwabUS Div SCHD 63.15 –0.55 9.0 VangdGrowth VUG 252.22 0.42 38.5 Still, consumers’ views of iShRussell1000Val IWD 133.69 –0.57 –2.0 VangdHlthCr VHT 221.56 0.00 15.6 ARKInnovationETF ARKK 135.05 2.82 169.8 iShS&PTotlUSStkMkt ITOT 85.26 0.02 17.3 SchwabUS LC SCHX 89.77 –0.08 16.9 iShRussell2000 IWM 197.46 1.14 19.2 VangdHiDiv VYM 89.51 –0.74 –4.5 CommSvsSPDR XLC 65.81 –0.93 22.7 iShCoreUSAggBd AGG 117.96 0.14 5.0 SchwabUS LC Grw SCHG 127.70 0.54 37.4 theeconomyhavesoured in iShRussellMid-Cap IWR 68.28 0.29 14.5 VangdIntermBd BIV 93.45 0.15 7.1 CnsmrDiscSelSector XLY 157.21 –0.43 25.3 iShSelectDividend DVY 93.72 –0.62 –11.3 SchwabUS SC SCHA 89.56 0.97 18.4 iShRussellMCValue IWS 95.09 –0.26 0.3 VangdIntrCorpBd VCIT 97.04 0.18 6.3 December,according to new CnsStapleSelSector XLP 66.17 –0.71 5.1 iShESGAwareUSA ESGU 84.84 –0.05 19.0 Schwab US TIPs SCHP 61.80 0.06 9.1 iShEdgeMSCIMinUSA USMV 66.87 –0.31 1.9 iShS&P500Growth IVW 63.01 0.27 30.2 SPDR DJIA Tr DIA 300.07 –0.69 5.3 VangdLC VV 173.99 –0.11 17.7 datafromthe Conference EnSelectSectorSPDR XLE 37.49 –1.68 –37.6 iShS&P500Value IVE 124.86 –0.79 –4.0 VangdMC VO 207.42 0.24 16.4 iShEdgeMSCIUSAMom MTUM 162.85 0.64 29.7 SPDR S&PMdCpTr MDY 417.02 0.46 11.1 FinSelSectorSPDR XLF 28.44 –0.97 –7.6 iShShortTreaBd SHV 110.51 –0.01 0.0 VangdMBS VMBS 54.16 –0.04 1.9 Board. iShEdgeMSCIUSAQual QUAL 113.94 –0.22 12.8 SPDR S&P 500 SPY 367.24 –0.17 14.1 HealthCareSelSect XLV 111.07 –0.31 9.0 iShSilver SLV 23.43 –3.90 40.5 VangdRealEst VNQ 85.04 0.70 –8.4 iShGoldTr IAU 17.76 –0.73 22.5 SPDR S&P Div SDY 104.12 –0.31 –3.2 IndSelSectorSPDR XLI 87.53 –0.47 7.4 iShTIPSBondETF TIP 127.14 0.09 9.1 VangdS&P500ETF VOO 337.54 –0.20 14.1 Theresearch group’scon- iShiBoxx$InvGrCpBd LQD 137.27 0.28 7.3 TechSelectSector XLK InvscQQQI QQQ 309.76 0.27 45.7 iSh1-3YTreasuryBd SHY 86.37 ... 2.1 129.19 0.87 40.9 VangdST Bond BSV 82.91 0.02 2.9 sumer-confidenceindexfell InvscS&P500EW RSP 125.11 –0.38 8.1 iShiBoxx$HYCpBd HYG 86.48 0.13 –1.7 iSh7-10YTreasuryBd IEF 119.88 0.17 8.8 UtilitiesSelSector XLU 60.90 –0.20 –5.8 VangdSTCpBd VCSH 83.17 0.07 2.6 iSh3-7YTreasuryBd IEI 132.90 0.07 5.7 iShJPMUSDEmgBd EMB 115.03 0.12 0.4 iSh20+YTreasuryBd TLT 157.76 0.52 16.4 VanEckGoldMiner GDX 35.29 –2.92 20.5 VangdSC VB 195.48 0.84 18.0 to 88.6 in December from iShCoreDivGrowth DGRO 43.91 –0.52 4.4 iShMBSETF MBB 110.06 –0.05 1.9 iShRussellMCGrowth IWP 104.78 0.95 37.3 VangdInfoTech VGT 353.77 1.08 44.5 VangdTotalBd BND 88.25 0.16 5.2 92.9inNovember and below iShCoreMSCIEAFE IEFA 67.78 –0.24 3.9 iShMSCI ACWI ACWI 89.06 –0.17 12.4 iShUSTreasuryBdETF GOVT 27.37 0.11 5.5 VangdSC Val VBR 140.73 –0.06 2.7 VangdTotIntlBd BNDX 58.65 0.09 3.7 iShCoreMSCIEM IEMG 59.90 –0.71 11.4 iShMSCI EAFE EFA 71.56 –0.25 3.1 JPM UltShtIncm JPST 50.81 ... 0.8 VangdSC Grwth VBK 272.28 1.48 37.0 VangdTotIntlStk VXUS 58.78 –0.29 5.5 the 97.5 level expected by iShCoreMSCITotInt IXUS 65.59 –0.38 6.0 iShMSCIEmgMarkets EEM 49.84 –0.80 11.1 PIMCOEnhShMaturity MINT 102.05 0.01 0.5 VangdExtMkt VXF 167.91 0.98 33.3 VangdTotalStk VTI 192.95 0.02 17.9 iShCoreS&P500 IVV 368.56 –0.19 14.0 iShMSCIJapan EWJ 65.82 –0.05 11.1 SPDR BlmBarcHYBd JNK 107.85 0.13 –1.5 VangdDivApp VIG 138.61 –0.32 11.2 VangdTotlWrld VT 90.96 –0.10 12.3 economistssurveyed by The iShCoreS&P MC IJH 228.37 0.47 11.0 iShNatlMuniBd MUB 117.12 0.05 2.8 SPDRBloomBar1-3MTB BIL 91.52 ... 0.1 VangdFTSEDevMk VEA 46.13 –0.32 4.7 VangdValue VTV 116.86 –0.74 –2.5 Wall Street Journal.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret DoubleLine Funds CpInc r 10.66 +0.02 9.2 CapApInst 105.35 +0.94 56.1 PIMCO Funds A EMAdmr 40.55 -0.28 12.1 WelltnAdml 80.29 -0.13 9.2 ExtndIstPl 314.56 +3.28 34.5 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. CoreFxdIncmI 11.33 +0.01 5.4 DivIntl 46.37 -0.09 15.6 Harding Loevner IncomeFd NA ... 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NA GrwthAdml 129.77 +0.47 39.2 INSTTRF2025 27.71 -0.02 12.1 TotIntlInstIdx r126.22 -0.63 8.2 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; 500IdxInstPrem127.75 -0.25 16.2 Magin 12.88 +0.02 26.7 CoreBond 12.28 +0.01 NA Price Funds HlthCareAdml r 89.64 -0.21 11.1 INSTTRF2030 28.30 -0.03 12.7 TotItlInstPlId r126.25 -0.63 8.2 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. Contrafund K6 18.73 +0.01 29.7 NASDAQ r 161.80 +0.83 43.6 EqInc 19.36 -0.12 NA BlChip 164.67 +0.03 34.0 HYCorAdml r 5.95 ... 4.7 INSTTRF2035 28.86 -0.04 13.2 TotSt 93.90 +0.02 19.4 ExtMktIdxInstPre 84.89 +0.91 34.4 OTC 17.33 +0.07 45.2 JPMorgan R Class DivGro 58.80 -0.20 11.6 InfProAd 28.22 -0.28 9.4 INSTTRF2040 29.42 -0.05 13.7 VANGUARD INSTL FDS FidSerToMarket 12.75 +0.01 19.3 Puritn 25.81 +0.01 19.6 CoreBond NA ... NA EqInc 30.53 -0.22 -1.0 IntlGrAdml 157.26 -0.25 56.7 INSTTRF2045 29.91 -0.05 14.2 BalInst 44.54 +0.02 15.5 Tuesday, December 22, 2020 IntlIdxInstPrem 44.50 -0.19 5.5 SrsEmrgMkt 24.05 -0.16 20.2 Lord Abbett A Growth 96.64 +0.14 36.5 ITBondAdml 12.56 -0.08 8.7 INSTTRF2050 29.99 -0.05 14.4 DevMktsIndInst 14.83 -0.06 7.2 YTD YTD YTD Net Net Net MidCpInxInstPrem 26.89 +0.06 16.6 SrsGlobal 13.97 -0.07 7.9 ShtDurIncmA p 4.21 ... 2.9 HelSci 100.28 +0.80 32.0 ITIGradeAdml 10.71 +0.01 10.0 DevMktsInxInst 23.17 -0.10 7.2 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret INSTTRF2055 30.11 -0.05 14.4 SAIUSLgCpIndxFd 19.26 -0.04 16.0 SrsGroCoRetail 23.09 +0.17 72.1 Lord Abbett F LgCapGow I 60.84 +0.04 38.7 LTGradeAdml 12.11 +0.03 14.9 IntlVal 39.05 -0.11 5.7 ExtndInst 127.46 +1.33 34.5 GrwthInst 129.78 +0.48 39.2 American Century Inv Baird Funds DivIncom I 25.38 -0.08 6.0 SeriesBondFd 10.77 +0.01 7.5 SrsIntlGrw 17.38 -0.02 15.9 ShtDurIncm 4.21 +0.01 3.0 MidCap 113.17 +0.37 24.3 MidCpAdml 256.94 +0.69 18.0 LifeCon 22.95 ... 10.6 MuHYAdml 11.98 ... 5.3 InPrSeIn 11.49 -0.12 9.4 Ultra 75.25 +0.39 48.4 AggBdInst 11.77 +0.02 8.4 Dimensional Fds SeriesOverseas 12.10 -0.01 13.6 SrsIntlVal 9.82 -0.04 2.1 Metropolitan West NHoriz 84.38 +1.10 61.7 LifeGro 40.78 -0.06 13.7 MuIntAdml 14.86 ... 5.1 InstIdx 330.08 -0.66 16.2 American Funds Cl A CorBdInst 12.14 +0.01 8.5 5GlbFxdInc 10.89 ... 1.5 SmCpIdxInstPrem 25.16 +0.25 20.9 TotalBond 11.30 +0.01 9.0 TotRetBdI 11.16 +0.02 8.9 R2020 22.52 -2.25 NA LifeMod 32.13 -0.03 12.2 MuLTAdml 12.28 ... 6.2 InstPlus 330.10 -0.66 16.2 AmcpA p 38.57 +0.02 19.7 BlackRock Funds EmgMktVa 27.51 -0.26 -1.4 TMktIdxInstPrem106.40 +0.04 19.3 Fidelity SAI TRBdPlan 10.46 +0.01 8.8 R2025 NA ... NA PrmcpCor 28.47 -0.16 10.1 MuLtdAdml 11.26 ... 3.3 InstTStPlus 80.39 +0.02 19.5 AMutlA p 43.71 -0.22 2.6 HiYBlk 7.74 +0.01 4.8 EmMktCorEq 23.39 -0.15 9.7 USBdIdxInstPrem 12.43 +0.01 7.6 TotalBd 10.74 +0.02 8.7 MFS Funds Class I R2030 28.10 -1.58 14.5 STAR 32.67 -0.01 NA MuShtAdml 15.95 ... 1.9 MidCpInst 56.76 +0.15 18.0 BalA p 29.79 -0.07 9.4 HiYldBd Inst 7.73 ... 4.9 IntlCoreEq 14.20 -0.08 5.0 Fidelity Advisor I Fidelity Selects Growth I 160.97 +0.27 31.0 R2035 20.95 -1.05 15.4 TgtRe2015 16.63 ... 9.6 PrmcpAdml r151.18 -0.79 15.3 MidCpIstPl 279.93 +0.74 18.0 BondA p 14.20 +0.02 10.5 BlackRock Funds A IntSmCo 19.68 -0.11 6.0 NwInsghtI 37.48 +0.01 23.3 Softwr r 27.18 +0.26 45.7 ValueI 44.08 -0.28 1.6 R2040 30.00 -1.56 16.4 TgtRe2020 36.09 -0.02 10.9 RealEstatAdml120.60 +0.96 -6.0 SmCapInst 93.62 +0.65 19.1 CapIBA p 61.91 -0.16 1.5 GlblAlloc p 21.29 ... 19.4 IntSmVa 18.57 -0.14 -2.1 Fidelity Freedom Tech r 26.88 +0.32 63.8 MFS Funds Instl PRIMECAP Odyssey Fds SmCapAdml 93.62 +0.65 19.1 TgtRe2025 22.22 -0.02 12.0 STIGradeInst 11.02 ... 5.1 CapWGrA 58.03 -0.17 12.7 BlackRock Funds III LgCo 27.62 -0.06 16.2 FF2020 17.66 -0.02 12.3 First Eagle Funds IntlEq 29.92 +0.06 8.5 AggGrowth r 53.98 +0.14 29.7 SmGthAdml 95.78 +1.46 37.6 TgtRe2030 41.05 -0.05 12.6 STIPSIxins 25.58 -0.16 4.1 EupacA p 67.49 +0.02 21.5 iShS&P500IdxK436.01 -0.88 16.2 TAUSCoreEq2 22.63 -0.02 14.0 FF2025 15.79 -0.02 13.1 GlbA 60.06 -0.30 6.2 Northern Funds Schwab Funds STBondAdml 10.87 +0.01 4.6 TgtRe2035 25.49 -0.03 13.2 TotBdInst 11.61 ... 7.4 FdInvA p 68.09 -0.17 13.2 BlackRock Funds Inst US CoreEq1 29.24 -0.02 14.7 FF2030 19.73 -0.02 13.9 Franklin A1 StkIdx 41.21 -0.08 16.1 1000 Inv r 82.33 -0.07 18.9 STIGradeAdml 11.02 ... 5.1 TgtRe2040 44.49 -0.07 13.7 TotBdInst2 11.54 +0.01 7.2 GwthA p 66.68 +0.03 36.1 StratIncOpptyIns 10.36 ... 6.8 US CoreEq2 26.56 -0.02 13.9 Old Westbury Fds S&P Sel 56.35 -0.11 16.2 Freedom2020 K 17.65 -0.02 12.3 CA TF A1 p 7.82 ... 5.2 TotBdAdml 11.61 ... 7.4 TgtRe2045 28.25 -0.05 14.4 TotBdInstPl 11.61 ... 7.4 HI TrA p 10.12 +0.01 6.1 Bridge Builder Trust US Small 38.03 +0.12 10.0 Freedom2025 K 15.77 -0.02 13.1 IncomeA1 p 2.26 -0.01 1.8 LrgCpStr 16.88 ... 13.6 TSM Sel r 65.65 +0.02 19.2 TgtRe2050 45.51 -0.08 14.4 Parnassus Fds TotIntBdIdxAdm 23.39 -0.04 4.3 TotIntBdIdxInst 35.10 -0.05 4.4 ICAA p 43.60 -0.16 12.4 CoreBond 10.78 +0.02 8.4 US SmCpVal 33.67 -0.10 ... 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B12 | We dnesday, December 23, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Apple Needs One More Thing Again

Report on renewed car effort lights up richly valued stock following busy launch period

It is a testament to the busy “breakthrough battery technology.” year Apple Inc. has had that inves- This isn’t the firsttime Apple has tors are now falling back on a fa- seemed on the threshold of chal- miliar playbook. lenging Detroit. TheWall Street In just the past few months, Ap- Journal reported in 2015 that the ple has launched its first 5G companyplanned to launch an elec-

GES iPhones, Mac laptops with the tric carin2019.Ayear later,the

IMA company’s own processors, a rede- companywas laying employees off signed smart speaker and its first from the project and rethinking its

GETTY set of over-ear headphones under plans.Automobiles have indeed W/ its flagship brand. proved to be atrickyareafor tech SHA They allhavedifferent pros- giants. And Apple investorswho A

EZR pects; the newiPhones will lead a treasurethe company’s38% gross The purchase will add 625,000 square feet of U.S. manufacturing capacity, which had been limited to Taiwan. businesssegment expected to gen- margins would be in forarough eratemorethan $165 billion in rev- ride; the world’stop-10 automakers enue this fiscal year alone, while by market value averagegross mar- the $550 headphones will likely ap- gins of 15%, according to datafrom Peloton PrimesIts Workout peal only to moredevoted fans.But S&P Global Market Intelligence. all were previouslysubjectsofthe Apple certainly has some inter- ever-present rumor mill that con- esting thingscooking.The company stantly swirls around the world’s spent arecord$18.8 billion in re- Precor deal gives investorshope forfasterdeliverytimes and better growth largest consumer electronics com- search and development forthe fis- pany. Apple has supposedly been calyear ended September.That working on headphones sinceit equates to just under 7% of annual Home-fitness giant Peloton weeks forits most expensivebike. moreaccessible to bolster growth. bought BeatsElectronics in 2014. revenue—the highest portion since wants to be homemade. That could Thepurchase of Precor will add In addition to helping the company Hence, Apple’sinvestorsnatu- 2003,when Apple wasinthe early significantly expand the flywheel 625,000 squarefeet of U.S. manufac- churn out moreofits productstoits rally wonder what’snext. This days of developing the firstiPhone. of a company that already has turing capacity to Peloton’sarmory, current well-off demographic,Pelo- week brought afamiliar possibility, Afterrunning up morethan 78% grown at lightning speed this year which had been limited to third- tonsays it expectsPrecor’sglobal in the form of a report by Reuters this year,Apple shares nowtrade at amid the pandemic. party manufacturersand facilities in network and expertise to help fur- that the companyhas revived 33 times forwardearnings—more Peloton said on Mondayiten- Taiwan. With the newreal estate, ther itsown international expan- plans to getintothe carbusiness. than triple itsmultiple in 2015 teredinto an agreement to buy ma- Peloton says it plans to start manu- sion. Precor will also add about 100 Citing unnamed sources, the re- when the firstcar rumorswere jor fitness-equipment manufacturer facturing itsown connected fitness research-and-development employ- port says Apple is aiming to pro- swirling.Which means investorsare Precor Inc. for$420 million in cash. devices in the U.S. by the end of ees,which could lead to newPelo- duceapassenger vehicle by already banking on dreams of the While that pricemakes it Peloton’s next year.While the acquisition tonproducts. KeyBanc analyst Ed- 2024—one that will include next big thing. —Dan Gallagher largest acquisition ever,the differ- won’t immediately alleviate lengthy ward Yruma notes Precor’s encebetween the value of 40-year- wait times,itshould at least solve knowledgeinstrength equipment Apple'sR&D as apercentageofannualrevenue* old commercial-fitnessstaple and the problem in the longer term. could lead to anew vertical within Peloton’scurrent market value of Peloton has bought itsway into Peloton’sconnected-fitnessarsenal. 8% $47billion shows just howvaluable commercial settingsjust as vaccines With the commercial-fitness home fitnesshas growntobein begin to roll out and the end of the market ravaged by the pandemic, comparison and howfrothytoday’s pandemic comes intoview.Inits Peloton may have picked up Precor 6 technologymarket has become. news release,Peloton said it ex- on the cheap. Last year, Precor Peloton has been capitalizing on pectstoleveragePrecor’srelation- owner Anta Sports was reportedly the closureofgyms and other ships with hotels,multifamily resi- looking to sell the company for workout facilities,growing itscon- dences and collegeand corporate about $500 million. 4 nected-fitnesssubscriptions by campuses to makeits owntechnol- Thequestion is whether that 137% year over year in the quarter ogymoreprevalent. Conspicuously businessisworth the approximately ended Sept. 30.The fact that digital missing from this list arehealth $5.7 billion in market-value appreci- 2 subscriptions (which don’t require clubs,but the companysays it will ation the deal gavePeloton as its Peloton hardware) grew 382% over continue to honor Precor’s existing shares rose nearly 12% on the news. the same period suggeststhe only ordersand serviceagreements. Peloton already had rallied more thing limiting Peloton’sgrowthin Peloton, which recently expanded than 400% in the year to date. 0 the pandemic might be supply con- itsproduct offeringstoinclude two Even with a smart deal, share- FY2000 ’10 ’20 straints. According to Peloton’s tiersofpricing forits hardware, has holders have reason to sweat. *Fiscal year ends September website, wait times areover10 been working to makeits products —Laura Forman Source:S&P Global Market Intelligence Don’t Hit the Brakes SoftBank Joins the SPAC Bandwagon On CarMax SoftBank and the special-pur- ment Corp., is runbythe company IPO this month brought windfalls pose acquisition company make a that oversees its$100 billion Vision forSoftBank and itsVision Fund. great couple. Fund.Two executives from the fund SPACscould also be away for CarMax hinted at atough De- Share-priceperformance, The Japanese technology con- will sit on the SPAC’s board. The SoftBank’sportfolio companies to cember.Its investorsseem to have year to date glomerate filed Monday to raise up target could be anything related to come to the market. House-flipping overreacted. Carvana to $604 million for a SPAC. Some- technology: Thecompanysaid it startup Opendoor,backed by Soft- Theused-car specialist reported 200% times called blank-check compa- would look to acquirea“disrupter” Bank,went public through ablank- that revenue grew 8.2% in the quar- nies, these publicly traded cash in sectorsincluding artificial intelli- check companythis month. Soft- terended Nov.30fromayear ear- shells are formed with the sole genceand financial technology. Bank isn’t prohibited from merging lier—higher than the 4.6% increase purpose of taking over a yet-to-be- Launching aSPACisano-brainer with acompanywith which it is al- analystspolled by FactSet had ex- named operating company. forSoftBank,which is renowned for ready associated, according to the 100 Lithia pected. Net income increased 6.4%, Motors Theonly surprise is that Soft- making bold betsonstartups.The prospectus,though it doesn’t in- which slightly laggedbehind expec- Bank didn’t moveearlier.SPACs plan could open up anew funding tend to use it that way,according tations,and the shares sold off have been one of the hottest assets channel forsome of SoftBank’s to aperson familiar with the situa- sharply in response. of 2020,with 234 U.S. initial public moreunorthodoxinvestment ideas. tion. SoftBank also said itsportfo- It wasCarMax’swholesale sales 0 CarMax offeringsraising $81 billion, accord- SoftBank failed to attractoutside lio of companies could offer oppor- to dealers—not those sales to retail ing to Dealogic.Therewere59last investors forthe second Vision tunities forcooperation and deals. customers—that really shined last year.Investorshaveflocked to the Fund after last year’s WeWork de- The SPAC craze seems likely to quarter.Wholesale customers vehicles as away to access busi- bacle.With the pandemic boosting cool at some point. SoftBank is seemed morereceptivetoonline –100 nesses with disruptivepotential. technologybets, SoftBank has fared wise to strike while it’s still hot. buying than retail customers. Al- SoftBank’sSPAC, SVF Invest- much betterin2020.The DoorDash —Jacky Wong though all wholesale auctions were Jan. Dec. conducted virtually last quarter,the Source:FactSet segment sawsales soar 36% last quarter from ayear earlier.Used- that demand softened following a vehicle sales to retail customers surge in Covid cases around the Banks Need Spenders to Be Stimulated grew by amoremodest 4.5%. countrythat led to occupancyre- CarMax’swholesale auctions tend strictions in some stores.Compara- to predominantly sell older,higher- ble-storesales fell year over year in Americans are poised to getmore Netpercentageofbanks reporting tighter credit-cardloan standards, mileagevehicles,whereas itscom- the early weeks of December. stimulus in their pockets. Bankin- quarterly petitorssell vehicles of all ages.That One bright spot seems to be that vestorswill be hoping that this time mayhaveworked in CarMax’sfavor Atlanta, CarMax’soldest omnichan- consumersopen up their wallets. 80% last quarter as used-car prices re- nel market, has continuously out- The first round of stimulus ap- mained elevated, increasing the rela- performed the rest of the store pears to have bolstered many con- 60 tiveappeal of older vehicles as new- fleet. Theretailer is betting that sumers’ balance sheets. A survey carproduction is ramping back up. moreawarenessofits e-commerce by the Federal Reserve Bank of But retail sales were relatively capabilities will lead to bettersales. New York found that more than 40 weak,despiteCarMax’srollout of CarMax plans to double down on two-thirds of the first round of omnichannel selling capabilities,ac- advertising in the current quarter to households’ stimulus was saved or 20 cording to aresearch notefrom draw attention to itsomnichannel went to paying down debt. The up- Scot Ciccarelli, equity analyst at platform. Alternativedeliveries—in- shot is that even now, months af- RBC Capital Markets. That also cluding home deliveryand curbside ter those checks went out, credit- 0 seemed to be aconcern in the pre- pickup—accounted forlessthan 10% performance measures continue to ceding quarter,when CarMax’s of CarMax’soverall retail sales. be better than expected at present sharepriceplunged even moredra- And, despitethe latest Covid-re- levels of joblessness. –20 matically despitebetter-than-ex- lated slowdown, thereare reasons While delinquencies areticking 2005 ’10 ’15 ’20 pected results. to be optimistic.Stimulus checks up slightly,they remain quitelow Note:Fromthe Senior Loan Officer Opinion Survey on Bank Lending Practices. Investorsweredisappointed that will be arriving soon afterCongress by historical standards.Acrosspub- Source:Federal Reserve CarMax didn’t measureuptodigital passed its$900 billion relief bill licly reported U.S. credit-cardport- competitorssuch as Carvana,which Mondayevening. folios,the totaldelinquencyrate Meanwhile,loan growth is fal- balances areshrinking at about a likely increased sales morethan Following Tuesday’sselloff,Car- rose 0.05percentagepoint from Oc- tering. Banks and consumers, 2% annualized rate this quarter af- 40% in the comparable period, ac- Max shares areonly up about 6% tober to November,according to whose spending has remained teradjusting forseasonal trends, cording to aresearch notefrom year to date. Competitors, such as figurestracked by Jefferies ana- muted, both playarole here. Net according to Autonomous Research. Evercore ISI. Though that is afair bricks-and-mortar based Lithia Mo- lysts. However, that reading is still tightening of banks’ credit-card TheNew York Fedsurvey found concern, CarMax commands alarger tors,which has surged89%, and morethan 0.75 point belowwhereit standards reached quiteelevated that people aremorelikely to save shareofthe market—itsannual rev- online carseller Carvana, up 215%, wasayear prior.The same trend is levels in the second quarter, and paydowndebt if therewas enue base is five times as high. might makeCarMax look likea evident in autoloans: Delinquencies though therehas been lesstighten- morestimulus. That maybegood An added concern seems to be cream puff in the postpandemic were up about 0.4 percentagepoint ing morerecently,according to the news forhousehold balancesheets around newCovid-related storere- world. from October to November,but are Federal Reserve’sOctober survey of but will be little help to banks’ rev- strictions.CarMax noted Tuesday —Jinjoo Lee still down 3pointsfromayear ago. loan officers. Banks’credit-card enue growth. —Telis Demos