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***** FRIDAY,OCTOBER 9, 2020 ~VOL. CCLXXVI NO.85 WSJ.com HHHH $4.00

DJIA 28425.51 À 122.05 0.4% NASDAQ 11420.98 À 0.5% STOXX 600 368.31 À 0.8% 10-YR. TREAS. (Re-opening) , yield 0.764% OIL $41.19 À $1.24 GOLD $1,888.60 À $5.00 EURO $1.1761 YEN 106.03 Conflicts in Russia’s Orbit Intensify, Upending Kremlin Plans Stimulus What’s News Talks Are On Again, Business&Finance But Deal MD is in advanced talks Ato buy Xilinx in adeal that could be valued at Is Elusive morethan $30 billion and mark the latest big tie-up in the rapidly consolidating Negotiations show semiconductor industry. A1 signs of life after  AT&T’s WarnerMedia is Pelosi ties airline aid restructuring itsworkforce

as it seeks to reducecostsby S to broad agreement as much as 20% as the pan- PRES demic drains income from

TED BY KRISTINA PETERSON movie tickets, cable sub- CIA AND ALISON SIDER

scriptions and TV ads. A1 SO AS

 MorganStanleysaid it is RE/ WASHINGTON—Demo- buying fund manager Eaton LU cratic and WhiteHouse negoti- TO Vancefor $7 billion, continu- atorsresumed discussions over

ing the Wall Street firm’s N/PHO acoronavirus relief deal Thurs- shifttoward safer businesses YA day, but gavenoindication AR

likemoney management. B1 AS they were closer to resolving

GHD deep-seated disputes that led  IBM plans itsbiggest- BA President Trump to end negoti- ever businessexit, spinning AM ationsearlier this week.

off amajor part of itsinfor- HR FewonCapitol Hill were op- mation-technologyservices VA SHATTERED:Armenia accused Azerbaijan on Thursday of shelling ahistoric cathedral in the separatistterritory of Nagorno- timistic that Congressand the operations as the company Karabakh. Aseries of crises in Russia’s neighborsistesting the Kremlin’s goal to build deeper ties in the region. A7,A8 WhiteHouse would reach an sharpens itsfocus on faster- agreement beforethe Nov.3 growing businesses. B1 election. Still, negotiations that  U.S. unemployment claims had been frozenshowedsigns remained elevated above of lifeafter House Speaker pre-pandemic highs last week, NancyPelosi (D., Calif.) on as layoffs persist and the la- Chip Company AMD Pursues Thursdaymorning ruled out bor-market recovery flashes moving forwardwith special signs of a slowdown. A2 support forthe batteredair- lines industrywithout a  The average cost of em- broader agreement. ployerhealth coverage sur- Rival for $30 Billion Tie-Up In acall Thursdayafternoon, passed $21,000 forafamily TreasurySecretarySteven plan this year,according to Mnuchin made clear that Mr. anew survey from the Kai- BY CARA LOMBARDO the people said. Thereisno income jumped morethan four- $30 billion. Trump wasinterested in reach- ser Family Foundation. A2 AND DANA CIMILLUCA guarantee they will getthere, fold to $157 million on the back AMD,based in SantaClara, ing an agreement on abroader  U.S. stocks rose, with especially given that the talks of record notebook and server- Calif., is led by Chief Executive bill, according to Mrs. Pelosi’s the S&P 500, Dow indus- Advanced MicroDevicesInc. had stalled beforerecently re- processor sales,AMD said. Lisa Su.Inaddition to desktop spokesman, Drew Hammill, and trials and Nasdaq posting is in advanced talks to buy ri- starting,according to some of Thesurge in AMD shares and notebook computers, it an administration official. gains of 0.8%, 0.4% and valchip maker Xilinx Inc., ac- the people. could embolden the company makes componentsused in TheWhiteHouse has turned 0.5%, respectively. B10 cording to people familiar with AMD’smarket value now to makeanacquisition using gaming systems such as Xbox hot and cold on howbroad a the matter, in adeal that could tops $100 billion afterits itsstock as currency. Xilinx and PlayStation that have been deal to pursue.After ruling out  McDonald’ssaid U.S. sales be valued at morethan $30 shares soared 89%this year as has amarket value of about in high demand as the pan- moretalks Tuesdayafternoon, have rebounded from the ini- billion and mark the latest big the coronavirus pandemic $26 billion, with itsshares up demic forces people to stay at Mr.Trump said Tuesdayeve- tial shock of the pandemic, tie-up in the rapidly consoli- stokes demands forPCs,gam- about 9% so far this year,just home.Italso has agrowing ning and reiterated in recent thanks to sped-up drive- dating semiconductor industry. ing consoles and other devices ahead of the S&P 500’s7%rise. data-center-processor business PleaseturntopageA2 throughs and apromotion Thecompanies arediscuss- that use the company’schips. With atypical takeover that increasingly rivals that of with musician Travis Scott. B1 ing adeal that could come to- Second-quarter revenue rose premium, adeal would value Intel Corp., long the dominant  Layoffs continue, stalling jobs gether as soon as next week, 26%to$1.93 billion, while net the companyatmorethan PleaseturntopageA6 recovery...... A2 World-Wide Governor PlotTarget, U.S. Says  Democratic and White Parent of Trump Shuns Debate House negotiatorsresumed discussions over acorona- virus relief deal but gaveno HBO, TBS Over Virtual Format indication they were closer to resolving deep-seated disputes that led Trump to Plans Big BY ELIZA COLLINS format of aplanned Oct. 15 de- end talks earlier this week. A1 AND MICHAEL C. BENDER batesothat the two candi- dates would participatefrom  Plans forTrump and Bi- Plans forPresident Trump remotelocations.The presi- den to meet fortwo more Job Cuts debates this month were in andJoe Biden to meet fortwo dent and agrowing number of moredebates this month were people in the WhiteHouse re- question afterthe president AT&T Inc.’sWarnerMedia is in question afterthe president cently tested positivefor the refused to participateina restructuring itsworkforce as refused to participateinavir- coronavirus. virtual debatenextweek. A1 it seeks to reduce costs by as tual debatenextweek,leading Thefirst presidential debate  Trump speculated that much as 20% as the coronavi- the Democratic nominee’scam- and Wednesdaynight’svice-

he contracted the coronavi- X PleaseturntopageA4

ruspandemic drains income FO paign to schedule atownhall in rusfromone or moreofthe from movie tickets, cable sub- U.S. prosecutorssaid Michigan Gov. Gretchen Whitmer wasthe Philadelphia forthe same day. Gold Starfamilies with scriptions and television ads, target of akidnap plotaspartofaplan to overthrow elements Thedebateschedule wasup  Trump suggests infection came whom he met recently. A6 people familiar with the mat- of the government. Six men were arrestedand charged. A3 in the air afterthe Commission from Gold Star families...... A6  Six men were arrested ter said. on Presidential Debates said  Facebook cuts network linked and chargedwith plotting Theoverhaul, which is ex- Thursdayitwas changing the to conservative group...... A4 to kidnap Michigan’sgov- pected to begin in the coming ernor as part of aplan to weeks,would result in thou- overthrow elementsofthe government, according to a By Drew FitzGerald, Wisconsin HasNoOil, Ye tSuffersFracking Crash federal criminal complaint. A3 Joe Flint  GOP fundraiser Broidy is and Benjamin Mullin expected to plead guilty to violating aforeign lobbying sands of layoffs acrossWarner Mines that sent ‘Northern White’ sand to West Texas sit idle, costing jobs law, the latest development Bros.studios and TV channels in asprawling investigation likeHBO, TBS and TNT,the people said. BY ALEXANDER OSIPOVICH next door in Blair,Wis., which had rum- ingsCorp., an Ohio companywith Wis- intothe 1MDB scandal. A4 Rivalsincluding Walt Disney AND RYAN DEZEMBER bled since2015 to supply drillerswith consin mines, did so in June.Other  TheJusticeDepartment Co.and Comcast Corp.’sNBC- silicathey blasted intoshale to let out mines have closed or cut hours. “This sued Yale, alleging that the Universal have also cut jobs in TREMPEALEAUCOUNTY,Wis.—For oil and gas. Thecoronavirus pandemic has been the most peaceful summer of school discriminated recent months as the film and years, MaryDrangstveit could feel the and aswitch by drillerstocheaper sand the last six years,” Mrs. Drangstveit said. against Asian-American TV businessstruggles. shale boom reverberating in her kitchen. accomplished what locals likeMrs. Thepeacehas been disquieting forlo- and white applicants. A3 “Likethe rest of the enter- This spring,oil prices crashed and the Drangstveit, 77,couldn’t in their efforts cals likeJoshua Brush, who mowed  TheLabor Department tainment industry, we have rattling ceased. to fight the mine at town meetingsand grassatHi-Crush properties.Helost his PleaseturntopageA9 is investigating companies not been immune to the signif- It brought relief forher and distress court. with federal contractsthat icant impact of the pandemic,” forsome othersinher community. Themine’sowner,Hi-Crush Inc., filed aWarnerMedia spokesman Digging stopped at the sand mine forbankruptcy in July.Rival Covia Hold-  OPEC sees lasting shift in oil market.... B1 have included specific nu- said, adding that the company merical goals in their pledges would reorder its operations to hiremorediverse staff. A3 to focus on growth opportuni- Zoom Frog Dissection  TheU.S.blacklisted 18 Ira- ties. “We are in the midst of INSIDE nian banks as part of an eco- that processand it will involve Elicits Vomit Emojis nomic pressurecampaign. A7 increased investmentsinpri-  American poet Louise ority areas and, unfortunately, iii Glück was awarded the No- reductions in others.” The coronavirus pandemic Students take virtual field trips bel Prizeinliterature. A3 is splitting the U.S. economy. Manywhite-collar workers to museums, zoos, volcanoes CONTENTS Markets...... B10 have been able to work from Arts in ReviewA10-11 Opinion...... A13-15 Business News.. B3,5 Sports...... A12 home,while manyservicejobs BY MAYA GOLDMAN from the U.S. and Canada, Crossword...... A10 Technology...... B4 have been lost. Sectorssuch as watched as the instructor Equities...... B7 U.S. News...... A2-6 entertainment and travel have On arecent virtual field made an incision and removed Heard on Street.. B11 Weather...... A10 been hobbled, while grocers trip runbythe DenverMu- the frog’sstomach contents, a Mansion...... M1-16 World News...... A7-8 andcloud-serviceproviders seum of Nature & Science, an dark brownglob including lar- have had an unexpected boost instructor talked via Zoom vae and insect wings. > in demand. about the digestivesystembe- Asteady stream of puking U.S. airlines arepreparing to fore switching over to her emojis immediately appeared cut thousands of jobs after “dissection camera.” Adead in the Zoom chat. their federal stimulus funds frog,rendered yellowand rub- “I feel likeIamgoing to THE FUTURE OF EVERYTHING ranout. Theowner of Regal berybychemicals,popped up faint,” one student wrote; s 2020 Dow Jones & Company, Inc. Hacksare evolving—and hospitals,schools and All Rights Reserved Cinemas,the No.2U.S.theater on the screen. “*sad violin music*” another kitchen appliances arejustthe beginning. R1-10 PleaseturntopageA8 Morethan 170students, PleaseturntopageA9 P2JW283000-5-A00200-1------XA

A2 | Friday, October 9, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS Layoffs Continue, Stalling Recovery Health Coverage BY SARAH CHANEY ing to the Labor Department. Initial unemployment claims and implement fraud preven- As soon as he was laid off, So-called continuing claims sinceMarch tion technology, the Labor De- the Utah resident slashed U.S. unemployment claims declined throughout the sum- partment said. spending on nonessentials like Costs remained elevated above pre- mer,indicating manyunem- 7 million As aresult, this week’sjob- soda and Netflix and applied pandemic highs last week, as ployedpeople arereturning to lessclaims report reflectsCal- for jobless benefits. Mr. Lam- 6 layoffs persist and the labor- work as the recovery contin- ifornia’s level during the last bert is collecting regular state Are Rising market recovery flashes signs ues. week beforethe pause,the unemployment benefitsof 5 of a slowdown. But some of the recent de- federal agency said. about $550 aweek while BY ANNA WILDE MATHEWS Unemployment claims fell clines in continuing claims 4 Thelabor market and econ- searching foranew job.But slightly to 840,000 last week, represent individuals who omymorebroadly appear to his outlook forfinding work is Theaverage cost of em- Thursday’sLabor Department have exhausted the maximum 3 Last week be slowing.Monthly job gains bleak after having applied for ployerhealth coverage sur- report said. Weekly jobless duration of paymentsavailable 840,000 and job postings have cooled, morethan 100 jobs sinceJune passed $21,000 forafamily claims aredownsharply from through regular statepro- 2 and morelayoffs arebecoming in roles such as operations plan this year, according to a apeak of near seven million in grams and are now collecting permanent. Household income management and business newsurvey,arise reflecting March but have clocked in be- money through a federal pro- 1 fell at the end of summer be- consulting. ratescalculated beforethe tween 800,000 and 900,000 gram that provides an extra13 cause of adropinfederal sup- “There areaton of unem- pandemic upended normal for more than a month. weeks of benefits. 0 plementstojoblessbenefits, ployed, and the jobs just aren’t patterns of medical care. Claims remain abovethe “It’s more of the same, but April June Aug. Oct. and consumer spending is also quite there yet,” Mr. Lambert Annual premiums rose 4% pre-pandemic peak of 695,000 it’salso still jaw-dropping that growing more slowly. said. “Especially in the upper- to hit $21,342 foranem- and arehigher than in any we have that manynew claims Note:Seasonally adjusted. The most recent Leland Lambert, age 38, of management side,the compe- ployer-provided family plan in national figurereflects the levelCalifornia previous recession forrecords even nowaswe’resix,seven reported during the lastweek prior to a Salt Lake City, was laid off in tition is pretty tough.” 2020, up from $20,576 last tracing back to 1967. months into this whole reces- two-week pause in claims processing. June from his job as an opera- He decided to pursue an on- year,according to the yearly The number of people col- sion and recovery,” said Eliza Source:Labor Department tions director at aday-care line master’s degree program poll of employers conducted lecting unemployment benefits Forsythe, an economics pro- center when the nonprofit ex- in management and leadership by the nonprofit Kaiser Family through regular statepro- fessor at the University of Illi- the processing of new claims hausted federal aid through while continuing to seek em- Foundation. grams fell to 11 million in the nois, Urbana-Champaign. for two weeks. The state will thePaycheck Protection Pro- ployment. He expectsitwill be On average, employees paid week ended Sept. 26 from 12 Thursday’sdatawas com- use this time to clear a back- gram, which was designed to several moremonths beforea $5,588 of the totalthis year, million the prior week,accord- plicated by California pausing logofunemployment filings keep workers on payrolls. job comes his way. with the rest of the cost borne by theemployers.The amount of the employee contribution U.S. WATCH wasstatistically unchanged from 2019. Theaverage cost of an em- TECHNOLOGY ployer health plan foranindi- vidual for2020 was$7,470, also U.S. Fights Ruling up about 4% from last year. Halting TikTok Ban TheKaiser survey also found that employers were The Trump administration is tapping the brakes on deduct- appealing afederal court injunc- ibles,which have risen tion blocking it from imposing a steadily over the past decade. download ban on TikTok, the Chi- The average 2020 general de- nese-owned video-sharing app ductible forindividual-worker thatthe governmentcontends coverage was $1,364, accord- poses anational-securitythreat. ing to the survey,which was In court papers filed Thurs- statistically no different from day, the federal government last year’s figure of $1,396. asked the U.S. Court of Appeals TheKaiser survey,which

in Washington to review a Sept. S wasconducted between Janu-

27 ruling from a U.S. District PRES aryand July of 2020 and drew Court judge who halted the responses from 1,765 employ- download ban hours before it TED ers, doesn’t reflect the impact OCIA

was scheduled to take effect. SS of Covid-19.

President Trump ordered the /A Thepandemic pushed down ban, saying that the data TikTok AT overall health spending collects from U.S. users could be sharply,particularly in the shared with the Chinese govern- spring and early summer,as ment. TikTok has said it would hospitals shut down manytyp-

never hand over such data. TRIBUNE-DEMOCR ical procedures and nervous

In their appeal on Thursday, THE patients steered clear of clin- Justice Department lawyers Y/ ics and emergencydepart- SK

didn’t say why the injunction CO ments. should be lifted. U.S. lawyers had RU Employers’plan designs are

argued previously that the fed- JOHN generally set on an annual ba- eral government was trying to GREAT PUMPKIN MEETS TEAM SPIRIT: Penn Highlands Community College students and a staff member painted a bear, the school’s sis.When they buy plans from protect TikTok users’ personal mascot, inside a pumpkin on the former Glosser Brothers Department Store in Johnstown, Pa., on Thursday. insurers, the premiums are data and stop new users from also generally in forcefor a potentially putting even more ment battled a global pandemic Receipts totaled $3.4 trillion, a SUPREME COURT Administration regulations requir- year, and don’t go down even data at risk. that plunged the country into a 1% decline from the previous ing women to pick up abortion if medicalcostsdropduring TikTok didn’t respond to a re- recession. year,with much of the drop oc- Justices Opt Not to pills in person from adoctor. that span. That dynamic ledto quest for comment. The budget gap in fiscal 2020 curring sinceMarch, when the vi- Rule on Abortion Pill Thursday’sorder said the outsizeprofits formanyinsur- The video-sharing app has widened to $3.1 trillion from $984 rus began spreading acrossthe court would benefit from “a ers in the second quarter. more than 50 million daily active billion ayear earlier,the nonparti- country. The Supreme Court put off morecomprehensiverecord” on Some insurersoffered limited U.S. users and 100 million san CBO said. As ashareofeco- Outlays hit $6.5 trillion, a47% the Trump administration’sre- the issue. It returned the case to rebates or discountstocus- monthly users. nomic output, the annual deficit increase from the prior year,as questtoreinstate restrictions on ajudge in Maryland. tomers. —Katy Stech Ferek reached 15.2%, the largestsince the governmentramped up medication abortions during the The coronavirus pandemic Employers’health-care 1945, when the country wasfi- spending on emergency loans for coronavirus pandemic, sending prompted the FDAtorelax in- costsfor 2020 arelikely to be FEDERAL BUDGET nancing massivemilitary opera- small businesses, enhanced job- the case back to alowercourt person pickup requirements for between 3.3% and 8.8% lower tions to help end World WarII. lessbenefits and stimulus pay- and likely ensuring the issue other drugs beginning in March. than had been projected be- Deficit Tripled A surge of federal spending ments forAmerican households. won’treturn to the justices be- But the Trump administration, fore the virus,said Trevis Par- In Last Fiscal Year to combat the coronavirus and SinceMarch, Congresshas ap- fore Election Day. which opposes abortion rights, son, chief health actuaryat cushion the U.S. economy, cou- provedroughly $4 trillion in new The court’sunsigned order, left in placethe in-person pickup Willis Towers Watson. The U.S. budget deficit tripled pled with a drop-off in federal spending, according to the Com- overthe dissentoftwo conser- requirementfor the abortion Therangerepresentsanar- in the fiscal year ended Sept. 30, revenues amid widespread shut- mitteefor aResponsible Federal vativejustices, leavesinplacea drug mifepristone, also known ray of potential outcomes for the Congressional Budget Office downs and layoffs, contributed Budget. federal district judge’sJuly deci- by the brand name Mifeprex. the continued impact of said Thursday, as the govern- to the widening deficit in 2020. —Kate Davidson sion suspending Food and Drug —Jess Bravin Covid-19.

lief package. On Thursday, two Republi- payerresourcesare used in an Stimulus Democratshavegenerally cansenatorssignaled concerns appropriateand equitable man- opposedpassing stand-alone with astand-alone packagefor ner,” GOP Sens.MikeLee of bills,saying that approach airlines,saying it wasunsus- Utah and PatToomey of Penn- Deal Is would leave out some of their tainable to continue to provide sylvania wroteinastatement. S priorities,including funding for grantstomaintain the indus- —Andrew Duehren,

PRES stateand local governments, try’spayroll. “No one wantsto Gordon Lubold

Elusive TED food-stamp assistanceand see layoffs,but we have are- and Kate Davidson

CIA child care. sponsibility to ensurethat tax- contributed to this article. SO Theparty has been willing ContinuedfromPageOne AS to consider astand-alone air- days that he would support in- line relief bill. Last week,House CORRECTIONS  THE WALL STREET JOURNAL dividual relief bills,including Democrats attempted to pass (USPS 664-880)

aid forairlines and another APPLEWHITE/ separatelegislation to prevent (Eastern Edition ISSN 0099-9660) T AMPLIFICATIONS (Central Edition ISSN 1092-0935) round of direct checks. OT tens of thousands of layoffs in (Western Edition ISSN 0193-2241) SC

“I shut down talks two days J. the industry, but it wasblocked Editorial and publication headquarters: agobecause they weren’t work- Mrs. Pelosi said Democrats were open to further talks on a deal. by Republicans,who said they J.C. Penney Co., Neiman 1211 Avenue of the Americas, ing out. Nowthey’restarting to hadn’t hadachancetovet it. Marcus Group Inc., GNC Hold- NewYork, N.Y. 10036 work out,” Mr.Trump,aRe- said it wasamistaketoaban- Bloomberg, she said the airline GOP lawmakersargued the ings Inc.and Brooks Brothers Published daily except Sundays and publican, said on FoxBusiness don effortstomitigatethe aid and the broader bill “don’t House should have advanced a Inc.collectively have closed general legal holidays.Periodicals postage Network.“We’retalking about blows of the pandemic,espe- have to happen at the same separateairlines bill with bi- hundreds of stores sinceMay. paid at NewYork, N.Y.,and other mailing offices. airlines and we’retalking about cially weeks beforeanelection moment, but it has to be hap- partisan support. ABusiness&Financearticle Postmaster:Send addresschanges to abiggerdeal than airlines,” he wherecontrol of both the pening with the assurancethat Airlines have warned it will Wednesdayabout the retail in- The Wall Street Journal, 200 BurnettRd., said, mentioning the $1,200 WhiteHouse and Senateare at we will go beyond this assis- become moredifficult to delay dustryincorrectly said the re- Chicopee, MA 01020. stimulus checks as well as un- stake. Mrs. Pelosi has been un- tancetothe airlines.” or undo changes to their net- tailershaveclosed hundreds of AllAdvertising published in The Wall specified other items. der pressurefromDemocratsto Mrs. Pelosi said Thursday works the longer they go with- stores each. Street Journal is subject to the applicable Thetwo sides have been at remain at the negotiating table. Democratswereopen to fur- out aid. Airlines agreed to con- rate card, copies of which areavailable odds over howmuch money to Unemployment claims fell ther talks on abroader deal, tinue providing servicetomany Heliogen says itstechnol- from the Advertising Services Department, DowJones &Co. Inc.,1211 spend, as well as howtoallo- slightly to 840,000 last week, but therewerefew indications small cities as acondition of ogycan generateacontinuous Avenue of the Americas, NewYork, N.Y. cate it. Democratspassed last the Labor Department said such an agreement could be theaid they received earlier powerflowof5megawatts. A 10036. The Journal reserves the rightnot week afar-reaching $2.2 tril- Thursday, well off the peak of reached beforeElection Day. this year. graphic with aTechnologyar- to accept an advertiser’s order.Only publication of an advertisementshall lion bill, down from a$3.5tril- nearly 7million in March but SenateMajority Leader “Wesupport alargerbill, we ticle Wednesdayabout Bill constitutefinal acceptanceofthe lion bill passed in May, while well abovepre-pandemic highs. Mitch McConnell (R., Ky.) said think that makes sense forthe Gross’sinvestmentsingreen advertiser’s order. Mr.Mnuchin proposed last Thenew focus on abroader Thursdayhehoped to see talks largereconomy,” American Air- energy incorrectly said Helio- Letters to the Editor: week a$1.6trillion offer. bill came afterMrs.Pelosi said continue but said the impend- linesGroup Inc.Chief Executive gen’stechnologycould gener- Fax: 212-416-2891; email: [email protected] WhiteHouse spokeswoman aid forairlines,which arefac- ing election wasmaking com- Doug Parker said on CNBC ate5megawattsofelectricity Need assistancewith your AlyssaFarah said Thursday ing deep job losses,must go promise moredifficult. “Wedo Thursday. “But what we know every 24 hours. subscription? that Mr.Trump wasinterested hand-in-hand with alarger agree another rescue package is,ifthat can’t happen before By web: customercenter.wsj.com; By email: [email protected] in legislation that included package. Airline stocks slid on is needed. We have vast differ- the election, that’sgoing to By phone: 1-800-JOURNAL checks,aswell as assistancefor the news shortly beforenoon, ences about howmuch we have aseriously detrimental Noticetoreaders (1-800-568-7625) small businesses and airlines butrecovered by the close of should spend,” he said at an impact on ourability to con- Wall Street Journal staff Reprints &licensing: but not “a largerpackage.” trading,and the S&P 500 edged eventinKentucky. tinuetoprovide essential ser- membersare working remotely By email: [email protected]; Later, she said the WhiteHouse up 0.8% to itshighest level Airlines areatthe center of vicetothe country.” during the pandemic.For the By phone: 1-800-843-0008 was“open to going with some- sinceSept. 3. stimulus negotiations after Mrs. Pelosi said she had foreseeable future, please send WSJback issues and framed pages: thing bigger” but not the $2.2 “Thereisnot going to be months of lobbying forasec- made the case to Democrats reader commentsonly by email wsjshop.com trillion packageDemocratspro- anystand-alone bill unless ond round of government funds that airline workersmerited or phone,using the contacts Our newspapers are100% sourcedfrom posed. She said Mr.Trump had thereisabiggerbill and it can to continue paying workers. special attention because there below, not via U.S. Mail. sustainably certified mills. made calls to Republicans on be part of that, or it could be in Despitebipartisan support, were national-security con- CapitolHill. addition to these negotiations,” their effortssofar haven’t been cerns and lengthycertification Readers can alert The Wall Street Journal to any errors in news articles GOTATIP FORUS? Mr.Trump had faced push- Mrs. Pelosi said of the airline enough to break an impasse requirementsfor those jobs, by emailing [email protected] or SUBMIT IT AT WSJ.COM/TIPS back from Republicans who aid. In commentslater to over elementsofabroader re- she said on Bloomberg. by calling 888-410-2667. P2JW283000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Friday, October 9, 2020 | A3 U.S. NEWS Six Accused of Plot to Kidnap Governor

Six men were arrested and announced chargesunder Ms. Whitmer said in a pre- Trump had created an atmo- phoneonThursday. Parker Douglas,alawyer chargedwith plotting to kidnap stateantiterrorism laws pared statement: “When Iput spherethat encouraged the al- Federal officials said in the for Mr. Harris, said his client Michigan’sgovernor as part of against seven others who she my hand on the Bible and took leged plot, saying he has con- complaint unsealed Thursday is “presumed innocent until aplan to overthrow elements said aremembersorassoci- the oath of office22months tinually sown seeds of division that theFederal Bureau of In- adjudicated otherwise.” Mr. of thegovernment and attack ates of amilitia group called ago, I knew this job would be and failed to condemn white vestigation became aware of Fox’sattorney declined to law-enforcement personnel, ac- the WolverineWatchmen. The hard, but I’ll be honest, Inever supremacists and hategroups the alleged plot early this comment. Lawyersfor Mr. cording to afederal criminal men were accused of plotting could have imagined anything likethe ones targeting her.Re- year, when some suspects be- Croftand Mr.Garbin didn’t complaint unsealed Thursday. to attack the stateCapitol and like this.” searcherswho study far-right gandiscussing overthrowing immediately respond to re- take Ms.Whitmer and other Thefirst-term governor has andmilitia-style groups have elementsofthe government quests for comment. Lawyers By Joe Barrett, officials hostage. Their goal, been afrequent target of said Mr.Trump’scomments and attacking law-enforcement forthe other men weren’t yet Erin Ailworth she said in apress release, right-wing groups forher sup- encouragethese groups to take personnel. Thecomplaint says known, but court recordsindi- and Rachael Levy wastoinstigateacivil war port of gun-control measures violent action, such as his the case is built on cooperat- cate they had requested court- leading to societal collapse. and her response to the coro- comment during last week’s ing informants, undercover appointed representation. Thecomplaint says the sus- On June 25,one of the men navirus pandemic,including presidential-campaign debate agentsand recorded texts, on- In an initial meeting that pectshad conducted surveil- named in the federal com- declaring astate of emergency that afar-right group should line chats and phone calls. included some membersofthe lanceonthe summer home of plaint live-streamed avideo to with statewide mask require- “stand back and stand by.” Thecomplaint identifies the group,they and otherspresent Democratic Gov.Gretchen aprivateFacebook group in ments, limitations on public “President Trump has con- six suspectsasAdam Fox, Ty discussed creating asociety Whitmer at least twiceinprep- which he complained about gatheringsand restrictions on tinually condemned whitesu- Garbin,Kaleb Franks,Daniel based on the U.S. Bill of aration foranattack.Their goal the judicial system and the restaurants and bars. Heavily premacistsand all forms of Harris and Brandon Caserta, all Rights, and considered waysto wastotakeMs. Whitmer to a state of Michigan controlling armed groups have protested hate,” said WhiteHouse press of Michigan, and BarryCroft,a achievethat, including the securelocation in Wisconsin things such as the opening of en masse at the Michigan Cap- secretaryKayleigh McEnany. resident of Delaware.Ifcon- murdering of “tyrants,” the and“try” her fortreason be- gyms,according to the com- itol numerous times this year. Democratic presidential victed on the kidnapping complaint says.Itdetails ase- fore the presidential election in plaint.Itsaid he called Ms. Last week, the state’s high nominee JoeBiden said that he charges, the men could faceup ries of meetings in Michigan, November,the complaint said. Whitmer “this tyrant bitch” court declared her emergency and his running mate, Califor- to lifeinprison, according to a Ohio and elsewhere, wherethe LaterThursday, Michigan and asked his followers for order unconstitutional. nia Sen. Kamala Harris,had court filing.Apreliminaryhear- conspiratorsallegedly at- Attorney General Dana Nessel ideas about what to do. Ms.Whitmer said President spoken with Ms.Whitmer by ing has been set forOct. 13. tempted to recruit others. Hurricane Delta Strengthens as It Threatens Louisiana

BY CAMERON MCWHIRTER at HurricaneDeltareally is a AND ERIN AILWORTH scaryproposition forLake Charles,” he said. Officials urgedpeople to Thestorm wasexpected to evacuatepartsofsouthern weaken somewhat beforehit- Louisiana as Hurricane Delta ting southwest Louisiana on strengthened Thursdayover Friday, very close to where the Gulf of Mexico, heading to- Hurricane Lauracame ashore ward asection of the statestill on Aug.27, said Louisiana Gov. recovering from Hurricane John Bel Edwards. LaurainAugust. Delta, aCategory3storm Residents of Calcasieu Par- with maximum sustained ish, where Lake Charles is lo- winds of 115 miles an hour as cated, and several other par- of Thursday evening, was ishes in south Louisiana were about 370miles south of Cam- told they must evacuate. In eron, La.New Orleans pre- Lafayette, people filled sand- pared forstorm surges, power- bags. fulwinds and heavy rain. Lake Charles MayorNic TheNational HurricaneCen- Hunter urged everyone in the tersaid Hurricane Deltacould city to leave,calling his plea bring storm surgesofupto11 CHMAN/REUTERS BA “a last call,” in avideo on feet to some partsofthe Loui-

Facebook Thursday. “With siana coast. Thestorm wasex- THAN what we have been through pected to hit partsofthe Texas JONA with Hurricane Laura, looking and Mississippi coasts, as well. Keith Pierson and Elle Grimes filled sandbags on Thursday in Lafayette, La., as Hurricane Delta barreled over the Gulf of Mexico. American DOJ Sues Ya le, Alleging Bias in Admissions

Poet Wins BY MELISSA KORN University, and the Education partment’sclaims were “based or ethnicity,” President Peter achievementsand not the AND SADIE GURMAN Department last month said it on inaccuratestatistics and Salovey wroteinanemail to color of their skin,” said Eric would investigateracism at unfounded conclusions.” students, faculty and staff. Dreiband,assistant attorney Nobel in TheJusticeDepartment Princeton University. “Yale does not discriminate “Our admissions practices are general forthe Civil RightsDi- filed alawsuit against Yale Uni- Yale said the JusticeDe- against applicantsofany race completely fair and lawful. vision. “To do otherwise is to versity,alleging the school vio- Yale’sadmissions policies will permit our institutions to fos- Literature latedfederal civil-rightslaw by not changeasaresult of the terstereotypes,bitterness, discriminating against Asian- filing of this baseless lawsuit. and division.” BY JAMES HOOKWAY American and whiteapplicants We look forwardtodefending TheJusticeDepartment be- in undergraduateadmissions. these policies in court.” ganinvestigating Yale in 2018, American poet Louise Glück In the complaint, filed TheJusticeDepartment’s based on a2016 complaint won the Nobel Prize in litera- Thursdayinfederal district Civil RightsDivision said in filed with the Justiceand Edu- ture forwhat the judges de- court in Connecticut, the Jus- 2017that it would redirect re- cation Departmentsbyagroup scribed as “her unmistakable ticeDepartment alleged that for JOURNAL sourcestoward probing and of Asian-American organiza-

poetic voicethat with austere the past few decades Yale’s REET suinguniversities over their tions,led by the Asian Ameri- beauty makes individual exis- “oversized, standardless, inten- ST affirmative-action policies, can Coalition for Education. tence universal.” tional useofracehas subjected LL part of abroader rightward Thefederal government WA With Ms. Glück, the judges domestic,nontransfer appli- shiftthe division has taken threatened the suit in August, THE

selected alaureatesuited to cantstoYale Collegetodiscrim- R underPresident Trump.The when it issued the findings of the transforming world of the ination on the ground of race.” FO division has made other atwo-year reviewofYale’sun- pandemic era. One of the 77- Thelawsuit marks an esca- AS sweeping changes to policyon dergraduateadmissions prac-

year-old poet’ssignificant top- lation of the Trump adminis- NTRER civil-rightsenforcement, po- tices. At the time, the Justice

ics is “radical change,” they tration’s scrutiny of elite col- CO lice reform and other areas. Department said Yale discrimi- wrote, “wherethe leap for- leges over their policies on “All persons who apply for nated based on race and na-

ward is made from adeep race and admissions.The Jus- MOLINA admission to colleges and uni- tional origin,and that race sense of loss.” ticeDepartment has also sup- versities should expect and wasthe “determinativefactor” EVEN

The committee praised the ported legal efforts to end af- ST knowthat they will be judged in hundreds of admissions de- poet’s“almost brutally firmativeaction at Harvard The Trump administration has escalatedits scrutinyofelitecolleges. by their character,talents, and cisions. straightforwardimages of painful family relations,” and noted that her sometimes grim subjectswereleavened Corporate Diversity Targets Attract U.S. Scrutiny by “a voice full of humor and biting wit.” Renewalisanother of Ms. BY LAUREN WEBER confirm that companies aren’t whether itsJune pledgeto Yethiring goals cancross as afederal contractor is Glück’smotifs,offering hope AND KHADEEJA SAFDAR using race-orsex-based hiring double the number of Black the line intoquotas if they in- somehowgoing to land youin amid the sometimes bewilder- preferences or quotas. managersand leadersinits volve fixed numbers, said On- hot water.” ing and wounding tangle of TheU.S.Labor Department “Companies must take affir- U.S. workforce by 2025 vio- dray Harris,special counsel at In July,itsaid the SanJose human relations. is investigating companies mativeaction but must not lates federal laws prohibiting Hunton AndrewsKurth LLP officeofMphasis Corp., a Born in New York City, Ms. with federal contractsthat discriminateindoing so,” the discrimination based on race. andformer director of the technology services firm, had Glückmade her debut in 1968 have included specific numeri- spokesman said. Wells Fargoalso pledged in OFCCPunder President discriminated against white with “Firstborn” and soon es- calgoals in their pledges to Thescrutiny, along with a June to double Black leaders Trump. applicants “infavor of Asian tablished herself as one of the hiremorediverse staff,argu- recent WhiteHouse directive over thenextfiveyearsand Companies candrawthe applicants, particularly Asian ing that these resemble illegal to limit racial-sensitivity train- said it would tie certain bo- scrutinyofthe federal govern- Indians,based upon race in its quotas and could potentially ing,has caused confusion for nuses to achieving that goal. It ment if they fall short in hir- hiring practices” forcomputer Louise Glück discriminateagainst whiteap- manybusinesses that have fed- tooreceived aletterfromthe ing Black employees, but also systemsanalyst positions.The has explored plicantsand other groups,ac- eral contractsbecause federal same agencyreminding the if they take the wrong ap- companyagreed to pay themes of cording to people familiar with rules not only allow, but en- bank that it maynot discrimi- proach to fixing the problem, $171,000 in lost wagesand in- trauma and the matter. courage, companies to set di- nateonthe basis of race to Mr.Harris said. “You may terest to some whiteappli- loss as well as Thedepartment, which sent versehiring goals,said David provide additional opportuni- need ascalpel and not a cants who weren’t hired. The healing and letters to Microsoft Corp.and Cohen, co-founder of the Insti- ties andthat quotas arepro- sledgehammer.” companydenied OFCCP’sfind- rebirth. Wells Fargo &Co. last week tutefor WorkplaceEquality,a hibited. “Affirmativeaction is OK as ingsand allegations,according about their stated goals to hire trade association forfederal Both companies said they long as youare taking quali- to the agreement Mphasis moreBlack employees into contractorsthat countsMicro- areconfident their efforts fied individuals and throwing signed with the agency. U.S.’s most prominent contem- management roles,isnow softand Wells Fargoasmem- comply with U.S. employment them into the pool of candi- Thecase,focusing on dis- porary poets. looking morebroadly and may bers. Therules were put in laws. dates,” he said. “Anything that crimination againstwhitejob Ms.Glück has received sev- contact other companies soon, placetohelp expand the pools Some topcontractorsthat looks likeconcretenumbers, candidates,was unusual in eral awardsalready,including those people said. Thedepart- of job candidates considered to announced recent diversity ini- set-asides or quotas is going OFCCPinvestigations,said the Pulitzer Prize in 1993 and ment has asked fordocuments moreclosely mirror the avail- tiatives,including Boeing Co., to create a problem.” close observersofthe agency. the National Book Awardin relating to these initiatives go- able workforce,headded. said they haven’t received sim- JennyYang,the chair of the Mphasis didn’t respond to are- 2014. From 2003 to 2004, she ing back to Jan. 1, 2020,and Rules forfederal contrac- ilar letters from the OFCCP. Equal Employment Opportu- quest to comment. wasthe U.S. Poet Laureate. hasgiven the companies until tors saythey must identifythe Boeing pledged to increase its nity Commission under Presi- “OFCCPhas entered into She is currently aprofessor of theend of this month to de- gaps between their workforces number of Black employees in dent Obama, said the rules re- manyconciliation agreements English at Yale University. liverareport. and available labor pools,then the U.S. by 20% without giving garding diverse hiring aren’t where whites or men were in Throughout her career Ms. ALabor Department establish placement goals and atime frame. as complicated as some people the protected class,” the Labor Glück has explored themes of spokesman wouldn’t comment plansfor meeting them. Enforcing racial or other di- make them out to be. Department spokesman said. trauma and lossaswell as on other possible inquiries,but Microsoftsaid the Officeof versity quotas in hiring is ille- “Goals areflexible,” she “OFCCPcontinues to strongly healing and rebirth, oftenin said the agencywill send let- Federal Contract Compliance gal, but spelling out hiring said.“Iworrythe OFCCPis support affirmativeaction for stripped down, unadorned lan- ters to other contractorsifit Programs,adivision of the La- goals is not, several labor law confusing matters by suggest- minorities and women in em- guage. feels an inquiryisneeded to bor Department, is questioning expertssaid. ing that simply having a goal ployment.” P2JW283000-4-A00400-17FFFF5178F

A4 | Friday, October 9, 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 GuiltyPleaExpected From GOP Fundraiser

BY ARUNA VISWANATHA temptsin2017toarrangea Republicanlawyersand con- golf game between President sultantswith ties to Mr. Republicanfundraiser El- Trump and the then-Malaysian Trump. Mr. Low worked with liottBroidy is expected to prime minister and to push for former Fugees rapper Pras plead guilty to violating afor- the removal of aChinese fugi- Michel to movemoney into eign lobbying law, according tive in the U.S., the document the U.S. with the help of a to people familiar with the said. then-Justice Department em- matter, the latest development Theyearslong investigation ployee to vouch for the funds in asprawling investigation intothe alleged 1MDB fraud to U.S. banks,using those into amultibillion-dollar al- has led to a series of criminal funds to payMr. Broidy and /REUTERS leged fraud at aMalaysian andcivil cases that outline a others, some of the partici- HARRIS fund that has ensnared a cast scheme in which Mr.Low al- pants have acknowledged.

of characters, from Goldman legedly orchestrated the si- Mr.Low faces multiple OLIVIA Sachs Group Inc.toarap star. phoning off of at least $4.5 criminal cases in the U.S. He is The investigation into the alleged 1MDB fraud has led to a series of criminal and civil cases. Mr.Broidy waschargedina billion from the 1Malaysia De- believed to be under the pro- criminal-information docu- tection of China, the Journal May2017todiscussthe re- distributedpublicly in 2018. minister,Najib Razak, who ment filed Thursdayinfederal has reported. moval from the U.S. of the fu- Mr. Broidy had blamed Qatar was sentenced to 12 yearsin court in Washington, D.C., Elliott Broidy Thecase against Mr.Broidy gitive, Guo Wengui. forthe hack,which came after prison in Malaysia this sum- with conspiring to violate the wascharged comes one month afterhis Thenew filing says that the Mr.Broidy sponsored two con- mer forhis role in the 1MDB Foreign AgentsRegistration with conspiring businesspartner in the work group also discussed the po- ferences critical of Qatar and scandal. Act,alaw that requires lobby- to violate the forMr. Low, Nickie LumDavis, tential return to the U.S. of obtained acontract with the Mr. Broidy had also sought istsfor foreign nationals to Foreign Agents pleaded guilty to similar Americans held in China. Gulf country’srival, United the meeting in hopes that it register that work. The docu- Registration charges in Hawaii. According At the time of his alleged Arab Emirates.Qatar hasde- could help bring his firm new ment accused Mr.Broidy of Act. to court documentsfiled in work for Mr. Low, Mr. Broidy nied involvement in the hack. businessfromMalaysia, the failing to report work for connection with her case,Ms. was deputy finance chairman Thedocument, filed against document said. which he was paid at least $6 Davis admittedshe violated of the Republican National Mr.Broidy on Thursday, al- Messrs. Najib and Trump million by the man accused of velopment Bhd. sovereign- theForeign AgentsRegistra- Committee. Earlier,Mr. Broidy leged Mr. Broidy and the oth- met at the WhiteHouse in masterminding the alleged wealth fund, some of which tion Act by not reporting both wasavicechairman forthe ers met with Mr. Low in May September 2017, and a White fraud, Jho Low, to trytoinflu- Mr.Low spent on lavish par- her work forMr. Lowand fora Trump campaign’sjoint fund- 2017inahotel in Bangkok, Houseofficial has previously encethe JusticeDepartment ties,artwork and real estate then-senior Chinese govern- raising committeewith the whereMr. Broidy agreed to said the JusticeDepartment investigation intothe scandal. he has sinceforfeited to the ment official who wasseeking RepublicanParty during the lobby the Trump administra- probe wasn’t raised. The next Prosecutorsusually use that U.S.,investigatorsallege. He the return in 2017ofone of 2016 campaign, helping it tion fora“favorable result” month, Mr.Broidy met with type of document when they has denied wrongdoing. China’smost-wanted fugitives bring in more than $108 mil- forMr. Lowwhile “concealing the president, later telling Mr. have reached an agreement Cases emerging from an in the U.S. lion. He also runs a company the fact” that he wasworking Lowthat he had raised the with adefendant, and Mr. offshoot of that investigation, In the newcharging docu- that provides open-source in- on Mr. Low’s behalf. 1MDB investigation, according Broidy is expected to plead along with reporting by The ment, Mr.Broidy is accused of telligenceresearch and analy- As part of that effort, the to Ms.Davis’splea agreement. guilty to the charge in the Wall Street Journal and other working on behalf of Mr.Low, sis forforeign governments document alleged, Mr. Broidy Thenew charging document coming days,according to peo- publications,havealso laid and not the Chinese official. and other clients. soon beganasking the White says Mr.Broidy didn’t raise ple familiar with the matter. bareanextensiveeffort by Mr. Ms.Davis said that she and Mr.Broidy has also gar- House for a meeting and golf the1MDB matters with Mr. Mr.Broidy’s lobbying effort Lowtotry to scale back the Messrs. Broidy and Lowmet in neredpublic attention after session between Mr.Trump Trump, even though he told included unsuccessfulat- U.S. investigation, hiring top ahotel suiteinShenzhen in his emails were hacked and andMalaysia’sthen-prime Ms. Davis otherwise. Court Rejects Longer Wisconsin Mail-In Vote Facebook Cuts Network BY BRENT KENDALL changes to voting rules, add- Supreme Court decisions that travesty, saying thousands of Under statelaw,Wisconsin AND ALEXA CORSE ing that it wasuptothe blocked judicial ordersimpos- Wisconsin citizens would voters’ballotsmust be re- elected branches of govern- ing moreaccommodating vot- likely lose their right to vote ceived by 8p.m. on Election Linked to Adivided federal appeals ment to decide if voting ac- ing rules because of Covid-19, despitemaking reasonable ef- Day. Afederal trial judgein court ruled that mail-in ballots commodations should be made over stateofficials’ objections. forts to exercise it, citing “an September ordered mail-in Conservative in Wisconsin must be received in light of the pandemic. In the Wisconsin case,the overwhelmed election appara- ballots in Wisconsin to be ac- by Election Day, blocking atrial- “Votershavehad many state’sGOP-controlled legisla- tus and Postal Service.” cepted if received by Nov.9as court order that had provided a months since March to regis- tureopposed the accommoda- “Good luck and G-dbless, long as they arepostmarked Yo uth Group six-dayextension in lightofcon- terorobtain absentee ballots; tions and asked the appeals Wisconsin,” JudgeRovner on or before Nov.3.Healso tinuing coronavirus concerns. reading the Constitution to ex- court to block them. Republi- wrote. “You aregoing to need orderedahandful of other BY DUSTIN VOLZ Thursday’s 2-1 decision by tend deadlines near the elec- cans have argued that main- it.” changes,including giving citi- the Seventh U.S. Circuit Court tion is difficult to justifywhen taining existing voting rules is Wisconsin is among ahand- zens an extraweek to register Facebook Inc.said it re- of Appeals could have implica- the voters have had along important forprotecting fair fulofstatesthat have seen online or by mail to vote. moved anetwork of accounts tions forvoter turnout in a time to cast ballotswhile pre- and orderly elections.Demo- cases increase by morethan Thursday’s ruling prevents with links to aU.S.conserva- key battleground state. It also serving social distancing,” the cratsand their allies have 10% over the past seven days. thosechanges from taking ef- tivepolitical youth group for means the public might not court’smajority said in an brought litigation in Wiscon- Gov.TonyEvers imposed new fect. If Wisconsin’sprimary posing as fakeuserstopraise have to wait as long forthe opinion by Judges Frank East- sin and elsewhereseeking curbs on indoor public gather- election in April is any guide, President Trump and criticize election results there. The erbrook and Amy St. Eve. pandemic-related adjustments. ingsthis week,after declaring the lack of an extension could his Democratic rival, JoeBiden. court said judges generally Thecourt said it was In adissent, JudgeIlana that the statehad become a lead tens of thousands of bal- Thecompanysaid it had re- shouldn’t impose last-minute guided in large part by recent Rovnercalled the ruling a “hot spot” fornew infections. lots to be disallowed. moved 200 Facebook accounts, 55 Facebook pages and 76 In- stagram accountsthat were run by RallyForge,amarketing Campaigns firm, forviolating rules against “coordinated inauthentic be- havior.” Rally Forge, which Spar Over Facebook said is nowbanned permanently,was working on behalf of two clients, including Debates Turning Point USA,aconser- vativeyouth organization. Turning Point USAwas ContinuedfromPageOne founded by Charlie Kirk,a presidential event were held in prominent conservativeactivist person but included social-dis- and Trump supporter who tancing measures craftedin spokeatthe Republican Na- consultation with the Cleveland tional Convention in August. Clinic. Thesocial-media campaign “I’m not going to wastemy included usingfakeaccounts time on avirtual debate,” Mr. that posed as conservativepeo- Trump,aRepublican, said on ple in the U.S. to comment on FoxBusinessonThursday. This week’s socially distanced debate between Sen. Kamala Harris and Vice President Mike Pence. Below, the president on Monday. content shared by others, Face- Trump campaign manager book said. In 2018 the operation Bill Stepien, who also tested formoredebates,including as erator C-Span Network’s Steve also included posing as left- positivefor coronavirus in re- recently as last week,aspolls Scully and town hall partici- leaning individuals,itsaid. cent days,said the decision to showhetrails Mr.Biden. Mr. pantslocated in Miami. Facebook said the campaign makethe Oct. 15 debate—which Trump told Fox’sSean Hannity This wouldn’t be the first deployed thinly veiled perso- wasplanned as an in-person S Thursdaynight that “ifwecan time Mr.Trump skipped ade- nas in which the account

town hall—a virtual event was PRES have enough time to put it to- bate. During the 2016 primary, names used were slight varia-

“pathetic.” He said Mr.Trump UMA gether,” he wantstohold arally the then-candidateheld acam- tions of the real names of indi-

wouldn’t be ill with coronavirus /Z in Florida on Saturdayand one paign event instead of attend- viduals operating them. NP

by then and that the campaign /C in Pennsylvania the following ing aRepublican debate be- Turning Point USAsaid the would hold arally instead. night. cause of adisputewith the activity at issue wasaproject ONIS Mr.Stepien later Thursday Campaign aidessaid they host,Fox News.During the forTurning Point Action, an af- called forthe town-hall debate KLEP were considering options for 2016 general election, Mr. filiated organization that has

to be pushed back aweek and CHRIS Mr.Trump to return to the Trump criticized the debate greater freedoms concerning forathirdpresidential debate campaign trail. commission, calling the biparti- political advocacyand lobbying. to be rescheduled forOct. 29. GES; Some campaign aides had san panel biased because one of “Turning Point Action Mr.Trump’sphysician, Dr. IMA said therewas achanceMr. itsleadershad worked in the works hard to operate within Sean Conley,also released a Trump could changehis mind Clintonadministration. social platforms’ [terms of GETTY

memo saying thepresident SE/ about participating in avirtual Thedisputeoverdebates service] on all of itsprojects might be able to hold in-person debate. Other advisersaround erupted the morning afterthe and communications and we events by Saturday. That Mr.Trump questioned the wis- firstdebatebetween vice-presi- hope to work closely with FB

prompted Mr.Stepien to renew ANCE-PRES dom of refusing to participate dential candidates on Wednes- to rectifyany misunderstand- his call foranin-person debate FR in adebatejust weeks away day, which took placeinperson ing,” the group said.Rally in Miami. from the election. Morethan 70 with added protections from Forgedidn’t respond to are- GENCE

Mr.Biden’scampaign ini- /A million people watched the first the week before. Both Vice quest to comment. tially said he would participate CK debate, while Mr.Trump’sral- President MikePenceand Dem- Facebook took action follow- BE

in the virtual debate. AfterMr. N lies arerarely carried liveon ocratic vice-presidential nomi- ing aWashingtonPost article Trump said he wouldn’t at- BY cable networks. nee Sen. Kamala Harris of Cali- last month reporting that Turn- RO

tend, ABC News said that Mr. P: Last week’sdebate—in fornia have so far tested ing Point Action was paying Biden would participateinan TO which Mr.Trump repeatedly in- negativefor the virus. teenagerstopost spam-like OM

Oct. 15 town hall in Philadel- FR terrupted Mr.Biden and the Mr.Trump attacked Ms. content on social media in a phia moderated by George moderator,and both candidates Harris Thursday, calling her a manner that some expertslik- Stephanopoulos. dates.I’m sticking with the word from both campaigns that lobbed insults—appeared to communist and a“monster.” ened to adomestic troll farm. TheBiden campaign also re- dates, I’m showing up.I’ll be they’renot going to do it,” he benefit Mr.Biden. AWall Street In Arizona, Mr.Biden re- Facebook banned Rally Forge jected the Trump team’sre- there. And in fact, if he shows said.Mr. Fahrenkopf said the Journal/NBC News poll re- sponded that the president was because it found clear evidence quest foranother debateatthe up,fine.Ifhedoesn’t, fine.” commission wasalso continu- leased Sundayfound Mr.Biden “delusional,” while Ms.Harris the group’sbehavior violated end of the month. Biden’sdep- Frank Fahrenkopf Jr., co- ingits plans forthe debatein ahead of the president nation- said sherefused to respond to itsplatforms’ terms of service, uty campaign manager,Kate chairman of the debatecom- Nashville on Oct. 22. ally,53%-39%. That wasMr. Mr.Trump’s“childish remarks.” Nathaniel Gleicher, Facebook’s Bedingfield, said that Mr. mission, said his group was Mr.Trump has been looking Trump’sweakest support of the Mr.Pencecampaigned in the head of cybersecurity policy, Trump can’t “pick newdates of moving forwardwith plans for to getback in front of voters. year. West on Thursday, but he can- said. Though Turning Point his choosing” and that the final the Miami debatebecause he Although he has been sidelined Thesecond debatewas celed atrip to Indiana on Friday, USAheld some on-platform debateshould be held Oct. 22. hadn’t received official notice from the campaign trail due to planned as atown-hall-style aspokesman said. “Nobody’s links to the inauthentic cam- “Weagreed to three debates from either the Trump or Biden his illness, he had said he event. Thedebatecommission sick,there’snopositivetests,” paign, Mr.Gleicher indicated back in thesummer,” Mr.Biden campaigns about not partici- would participate in the town- said the newformat would spokesman Devin O’Malley said. Facebook didn’t have sufficient said during acampaign swing pating.“We’renot going to hall-style debateinMiami next have both candidates appearing —Sabrina Siddiqui evidencetopenalizethe con- through Arizona. “Weset the stop that until we officially get week.Hehas repeatedly called virtually,with the debatemod- contributed to this article. servative group as well. P2JW283000-0-A00500-1------XA

THE WALL STREET JOURNAL. Friday, October 9, 2020 | A5

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A6 | Friday, October 9, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS Religious Groups Sue New Yo rk to Undo Virus Rules

BY PAUL BERGER ven’t been anycases traced to AND KATIE HONAN churches since they reopened months ago, according to the Religious groups filed two suit. Thediocese’slawsuit said lawsuits challenging the con- the restrictions targeted reli- stitutionality of NewYork Gov. gious practiceand violated Andrew Cuomo’s order limit- First Amendment rights. ingthe sizeofgatherings in- OrthodoxJewish leaders side houses of worship in have said they have been un- communities seeing arise in fairly targeted by the state. Covid-19 cases. Several hundred membersof

HOUSE The order was part of new the community have taken to lockdown restrictions after the streetsofBorough Park in

WHITE city and stateofficials have for recent nights to protest the

THE weeks tracked increases in restrictions. T/ cases in sections of Brooklyn, Community officials admit OT

SC Queens and Rockland and Or- therehavebeen some issues angecounties.Most of the af- with mask complianceand so-

DELANA fected areas arehome to large cial distancing in recent The WhiteHouse on Sept. 27 held areception to honor 20 deceased servicemembers, and dozens of family members attended. OrthodoxJewish populations. months,driven in part by a Thelawsuitswerefiled Thursdayinfederal court in Brooklyn on behalf of the Dio- Trump Suggests His Infection cese of Brooklyn, which repre- sentsthe Roman Catholic 25% community,and Agudath Is- rael of America, an umbrella Limit of attendance capacity in Came From Gold Star Families group representing prominent spots with highest positivity. Orthodox rabbis. The restric- tion took effect in the city on Thursday. BY GORDON LUBOLD tions available quickly and at In itslawsuit, Agudath Is- belief that thecommunity, President’sDoctor has been conducting, I fully an- no charge forsenior citizens. rael said that Mr.Cuomo im- which was hit hard by the vi- WASHINGTON—President ticipate the president’s safe re- “I want youtoget the same posed the restrictions on the rusinthe spring,had devel- Trump speculated that he con- Says TherapyIsDone turn to public engagement at care that Igot,” he said, add- eve of three Jewish holidays, oped herd immunity. tracted the coronavirus from that time.” ing that Democratic presiden- which fall on Friday, Saturday They saythat President one or moreofthe Gold Star Later, Mr. Trump told Fox’s tial nominee JoeBiden and Sunday, depriving tens of Trump’s playing down the vi- families with whom he met re- President Trump’s recovery Sean Hannity, “If we can have wouldn’t be able to provide thousands of people of reli- rus has also contributed to a cently,suggesting on Thurs- continued to progress on enough time to put it together, the same results. gious worship and observance. sense among some in the com- daythat his infection could Thursday as he completed his we want to do a rally probably “Ifitwereuptohim, you “We’ve been sued virtually munity that mask wearing have come from families of therapy for the coronavirus in- in Florida on Saturday night, wouldn’t have this,you everyday forevery action isn’t important. Videos of the survivorsofthe combat dead fection, White House physician and might come back and do wouldn’t have anywherenear taken,” Rich Azzopardi, a protests on Wednesday night who gottoo close. Sean Conley said in a memo. one in Pennsylvania the follow- it foryears,” Mr.Trump said. spokesman forMr. Cuomo, showedultra-OrthodoxJews “They come within an inch Dr. Conley said he antici- ing night.” TheSept. 27 Gold Star said in astatement. “We’re dancing and singing while of my facesometimes and pated Mr. Trump would be able Dr. Conley has remained gathering came aday afterthe concentrating on reducing the holding Trump 2020 flags. they want to hug me,they to hold public events again by optimistic about Mr. Trump’s RoseGarden ceremonywhere virus in these hot spotsand Nevertheless, communal want to kissme, and they do, Saturday. recovery since the president Mr.Trump formally nomi- saving lives, period.” leadershavetried to publicize and frankly,I’m not telling “Overall he’s responded ex- was hospitalized on Friday af- nated AmyConey Barretttobe Thenew regulations limit the risks of coronavirus and to them to back up,I’m not do- tremely well to treatment, ter being given supplemental the next Supreme Court jus- attendanceatall houses of increase mask compliance. ingit,” Mr.Trump said on an without evidence on examina- oxygen at the White House. tice.Several people whoat- worship to varying degrees,de- Last week,Agudath Israel of appearance on FoxBusiness. tion of adverse therapeutic ef- His blood oxygen level tended that event have tested pending on the severity of the America, the umbrella group “But it’sobviously dangerous.” fects,” Dr. Conley wrote, adding dropped Saturday and he was positive, and public-health of- outbreaks.Inhot spotswith that filed Thursday’s lawsuit, Mr.Trump had previously that “Saturday will be day 10 taking a steroid typically pre- ficials have criticized the the highest positivity rates, the participated in an event in speculated that topaide Hope since Thursday’s diagnosis, and scribed to Covid-19 patients White House forthe lack of limit is 25% capacity or amaxi- Borough Park to distribute Hicks might have caught the based on the trajectory of ad- who are seriously ill. masksand distancing at the mum of 10 people.Houses of 400,000 masks to residents. virusfromclose contact with vanced diagnostics the team —Michael C. Bender event, as well as itsoverreli- worship in lessseverehot AviGreenstein, chief execu- amember of the militaryor ance on rapid testsasasafe- zones arecapped at 33% capac- tiveofBoroPark Jewish Com- lawenforcement. guard. ity or at most 25 people. munity Council, said in an WhiteHouse doctorstreat- AlyssaFarah, aspokes- Thepast health and safety Mr.Trump said that numer- TheBrooklyn diocese, email to the community on Oct. ing Mr.Trump forCovid-19 woman forthe WhiteHouse, measures in placeatthe White ous family memberscame up which also includes houses of 2that people had areligious haven’t made public any said later Thursdaythat Mr. House drew criticism Thurs- to him at the Gold Starevent worship in Queens, said their obligation to stay safe. “This theoryofwherehemight have Trumpwasn’t blaming Gold dayfromSenateMajority to tell stories of the sacrifices churches areadhering to strict means following social distance contracted the virus.The ad- Starfamilies forexposing him Leader Mitch McConnell (R., of their loved ones. safety guidelines and thereha- protocols,” the email said. ministration hasn’t shared de- to coronavirus but was point- Ky.). He said he hadn’t been to Mr.Trump said he couldn’t tails about anytracing efforts ing to it as one of aseries of the WhiteHouse sinceAug.6 cancel such an event because that would be used to identify events in which he had con- “because my impression was of itsimportance, but didn’t the source of the outbreak at tact with people. theirapproach to howtohan- saywhat precautions were the WhiteHouse,which has “Webynomeans areblam- dle this wasdifferent from takentomitigatethe health resulted in morethan adozen ing anyone who waspresent,” mine and what Iinsisted we risks.Most attendees weren’t aides testing positivefor the she told reporters. “Based on do in the Senate, which is to wearing masks. virus. contact tracing,the datawe wear masks,topracticesocial TimothyDavis,president TheGold Starevent Mr. have,wedon’t think it arose distancing.” and chief executiveofthe Trumphosted at the White from that event." Mr.Trump has released a Greatest Generations Founda- House Sept. 27 washeld to TheWhiteHouse relied series of undated videos since tion in Denver, said everyone honor 20 deceased service heavily on testing to protect he returned Mondaytothe wastested beforethey went members, and dozens of fam- the president and other offi- WhiteHouse from athree-day into the event and has tested ily membersattended inside cials from contracting stay at Walter Reed National negativesince.

theEast Room. Covid-19,and until the past MilitaryMedical Center in “You cannot pin it on the GES

TheWhiteHouse has said week,few staffersregularly which he has said that he feels Gold Starpeople because it’s IMA Mr.Trump firsttested posi- wore masks and therewas lit- healthyand has praised the been 12 days sincethe event tive on Oct. 1but has refused tle social distancing. medications he wasgiven, andeveryone is doing great,” ETTY /G

to disclose when he last tested Mr.Trump held large cam- saying he viewedthe experi- said Mr.Davis,who sent mem- TT

negativefor the virus or to re- paign rallies both indoorsand mental therapeuticasacure. bersofhis organization to the PLA spond to some other ques- outdoors, and regularly met In avideo released Thurs- eventatthe WhiteHouse. with people withoutwearing dayafternoon, Mr.Trump —Kristina Peterson

tions about his condition and SPENCER treatment sincethen. anyfacecoverings. pledged to makesuch medica- contributed to this article. Protesters against the restrictions in Brooklyn, N.Y., on Wednesday. Moderna Says It Won’tEnforce Covid-19 Va ccine Patents

BY PETER LOFTUS Themovemeans other notenforcing itspatentrights injecting molecular couriers, Moderna said that beyond the companylicensed rightsto drugmakersorgovernments during the pandemic because known as messenger RNA or itsown vaccine,other patents, held by Cellscript LLC Moderna Inc.said it wouldn’t need to fear that the companyhad been getting mRNA,toteach human cells to Covid-19 vaccines in develop- and mRNA RiboTherapeutics wouldn’t enforce patentsre- Modernawould trytoblock questions from investors makethe spikeprotein found ment may use Moderna-pat- Inc.,that arebased on mRNA lated to itsexperimental anyother Covid-19 vaccines about its patents. on the surfaceofthe newcor- ented technologies,though it research conducted at the Uni- Covid-19 vaccine while the the companyargues arebased Modernaisayoung biotech onavirus.This,inturn, is de- didn’t specifywhich ones. versity of Pennsylvania. BioN- pandemic continues and is on anyproprietarytechnology. company that has sought to signed to induce an immune Moderna’sisone of two Tech also licensed patents willing to license the patents “We’requitestudiously not develop drugsand vaccines response that can build peo- leading mRNA-based Covid-19 based on the Penn research. to others after the pandemic. asserting infringement,” Mod- based on a gene-based tech- ple’sdefenses. vaccines in advanced testing. TheNational InstituteofAl- TheCambridge, Mass.,com- erna President Stephen Hoge nology that has never yielded Thecompanyistesting The other was developed by lergy and Infectious Diseases panyhas at least seven U.S. said. “We’re doing the oppo- an approved product. How- whether the vaccine safely Pfizer Inc. and partner BioN- has said it is seeking patent patentsrelated to itsvaccine, site of creating that kind of ever,itseeks to furnish one of protectspeople from Covid-19 Tech SE and also is in late- protection forits work related including one forthe invention anxiety forfolks.We’renot in- the first Covid-19 shots that in alarge,Phase 3trial.It stagetesting.APfizerspokes- to spike-protein technology, to of avaccine using agene-based terested in using that IP to de- would help people return to could have initial resultsinthe woman said BioNTech owns preservethe U.S. government’s technologytoprotect against a crease the number of vaccines schools,businesses and other coming weeks,with the poten- patentscovering their vaccine. rights and to provide an incen- family of coronaviruses.The available in a pandemic.” establishments. tial forgovernment authoriza- Moderna has takenout pat- tive for commercial partners family of viruses includes the Dr. Hoge said Moderna de- Thecompany’sexperimen- tion of the vaccine’suse if re- entstocover itsmRNA-based to develop vaccines and make one that causes Covid-19. cided to publicly commit to talCovid-19 vaccine works by sultsare positive. drugsand vaccines.In2017, them available to the public.

communications,datacenters gies wherethereisn’t enough on Intel in recent years, releas- Should AMD and Xilinx however, it has shown signs of AMD Seeks and industries such as automo- time to go through ayearslong ing newgenerations of proces- reach an agreement, three of lifeascompanies gain confi- tiveand aerospace. Itsshares development processneces- sorsthat match or beat its theyear’s largest deals so far dencetomakebig strategic have been hurt by trade ten- saryfor other chips. largerrival’sonmanyperfor- would be in the semiconductor moves.NextEraEnergy Inc.re- To Acquire sions between the U.S. and FPGAsare commonly used mancebenchmarks.AMD had industry, according to Dealogic cently approached DukeEn- China, and especially the in newsuperfast 5G telecom- around a20% shareinper- data. Analog Devices Inc.in ergy Corp.with atakeover Trump administration’slimita- munications infrastructure, al- sonal computer CPUsasofthe July agreed to paymorethan proposal that would likely Chip Rival tions on shipmentstoChina’s though they maybereplaced second quarter,according to $20 billion forMaxim Inte- value the North Carolina utility HuaweiTechnologies Co.be- later by standardchips once MercuryResearch,upfrom grated ProductsInc. and at well over $60 billion and cause of security concerns.An- the technologyismoremature. around 8% three yearsago. Nvidia Corp.inSeptember count as the year’s largest ContinuedfromPageOne alystsestimated Huaweiac- They arealso oftenused in Consolidation has swept agreed to pay$40 billion for deal. playerinthat segment. counted forroughly 6% to 8% militarycommunications and through the semiconductor in- Arm Holdings, the British chip That activity hascon- Theaddition of Xilinx,led of Xilinx’srevenue. radar systems. dustryaschip makersseek designer backed by SoftBank founded predictions that the by CEO Victor Peng,would put Xilinx makes microchips Intel is the other main scale and expand their product GroupCorp. loomingelection would cause AMD on amoreevencompeti- called field-programmable gate playerinthe FPGA market, portfolios to support the in- Merger-and-acquisition ac- deal makerstosit on their tivefooting with Intel and give arrays,orFPGAs.Unlikestan- having built itsbusinessbyac- creasing number of everyday tivity generally has been slug- hands awaiting clarity on what it abiggerposition in fast- dardchips,they canberepro- quiring AlteraCorp.in2015. items that areconnected to the gish in 2020 as aresult of the kind of administration is likely growing telecommunications grammedafter they arepro- AMD, which specializes in internet. Xilinx,for one,has pandemic,with announced to be calling the shotsfor the anddefense markets. duced. That makes them central processing unitsthat considered anumber of poten- global and U.S. volume down next four years. SanJose,Calif.-based Xil- valuable in rapid prototyping serveascomputers’ digital tial tie-ups in recent yearsthat 18% and 40%, respectively,ac- —Asa Fitch inx’schips areused in wireless and in fast-emerging technolo- brains,has been gaining share didn’t come to fruition. cording to Dealogic.Lately, contributed to this article. P2JW283000-0-A00700-2------XE

THE WALL STREET JOURNAL. Friday, October 9, 2020 | A7 WORLD NEWS U.S. Hits 18 Iran Banks With Sanctions

Proponents saymove tire sector. Iran Foreign Minister Javad ing the U.S. to ease pressureon Those calls have grownas in asanctions-evasion scheme Most of Iran’sfinancial sec- Zarif condemned the sanctions. Iran, aperson familiar with the the regime struggles with the worth tens of billions of dollars. aims to financially choke torhas already been sanc- “Amid Covid19 pandemic, mattersaid. Covid-19 pandemic,with top In 2018,President Trump regime by fully cutting tioned,including itscentral U.S. regime wants to blow up With aconsensus growing United Nations officials calling withdrew the U.S. from the bank.But proponentssay that our remaining channels to pay among U.S. analysts that Iran forthe U.S. to ease or suspend multilateral Iran nuclear foreign-currency flows the action could financially as- forfood &medicine,” he wrote wouldn’t likely mount an at- the sanctions campaign. agreement, under which Teh- phyxiate the regime by freez- on Twitter. “Culprits&en- tack ahead of the U.S. election, Theadministration and its ranagreed to limitsonits nu- BY IAN TALLEY ingthe few foreign-currency ablers—who block our ranking Republican senators supporterscounter that Wash- clear program in return for flowsthe economystill has money—WILL face justice.” and Iran-policyhawks outside ingtonallows humanitarian sanctions relief. WASHINGTON—TheTrump andneeds to import goods Theadministration signaled the administration called for trade such as agricultural com- Critics of Mr.Trump’sIran administration blacklisted 18 needed to prevent a collapse. the expansion of sanctions newsanctions.The rial subse- modities,food and medicine, policysay it has yettodeliver Iranian banks that remain un- TreasurySecretarySteven against Iran’sfinancial sector quently plumbed record lows andhas set up aspecial chan- on itsprimarygoal of getting sanctioned under its pressure Mnuchin said the action showed in an executiveorder issued in in recent weeks. nelfor financing that enables Tehran to negotiateanew ac- campaign. the administration’scommit- January afteravolley of mili- Opponentsofthe adminis- planned deals to be vetted by cord with even further con- Thursday’smove, weeks be- ment to blocking Iran’saccess tary actions between the two tration’s Iran-sanctions policy the U.S. firsttoensurethe straintsonits nuclear program, fore the Nov. 3 U.S. presiden- to U.S. dollars. “Our sanctions nations.But officials had been warn that blacklisting Iran’sre- transactions aren’t being mis- as well as controls on develop- tial election,aims to sever the programs will continue until concerned it could fuel addi- maining unsanctioned banks used by the regime.U.S.au- ment of ballistic missiles and few financial connections Teh- Iran stops itssupport of terror- tional retaliatoryattacks by could exacerbatethe difficulties thoritiesuncovered evidence commitmentstocease regional ranstill has to the world by ist activities and ends itsnu- Iran andfoment further fric- Tehran has had in getting hu- Tehran has used the guise of interventions the U.S. says are effectively blacklisting the en- clearprogram,” he said. tion with European allies urg- manitarian aid to the country. humanitarian trade in the past fomenting conflict. ChaosCircling Russia TestsKremlin’s Regional Pull

BY THOMAS GROVE Morerecently,Russia has used conflictsinthe Middle East to MOSCOW—A series of cri- expand itsfootprint in Syria ses in Russia’sneighborsisup- and Libya, and has also tried to ending the Kremlin’splans for interfere in U.S. elections, deeper economic and defense marking itsreturn as aformi- ties with the former Soviet re- dable competitor to Washing- publics,leaving avacuum for tononthe world stage. regional competitorssuch as But Russia has found it Chinaand Turkey to exploit. harder to maintain itsgrip on Russian PresidentVladimir much of the former Soviet Putin has long tried to Union, partly because of its strengthen economic and de- geographic sizebut also be- fense relations acrossEastern cause of the cost of maintain- Europe and Central Asia, from ing asecurity presenceacross Belarus in the west to Kyrgyz- itsso-called near-abroad. stan in the east. Russia still “Russia doesn’t have the hasmilitarybases in Central money or the militarycapabil- Asia and the South Caucasus, ities to be involved every- and thereare strong commer- where,” said Maximilian Hess, cial and cultural ties with head of political risk at Haw- those regions. thorne Advisors. But the chaos encircling That holdsparticularly true Russia—including an upsurge in CentralAsia, whereRussia in fighting between Armenia has watched Chinese President and Azerbaijan—together with Xi Jinping deepen diplomatic subtle diplomatic and eco- ties,underwritetens of billions nomic shifts is eroding Mos- of dollarsofloans,boost energy

cow’s monopoly on powerin REUTERS investmentsand even begin the region. While China has talks over security with Turk- leveragedits economic clout A Belarusian opposition backer menistan,Uzbekistan, Kazakh- to build influence and Europe argues with a police officer in stan, Kyrgyzstan and Tajikistan. has feddemocratic aspira- Minsk at an election protest. Kyrgyzstan is another head- tions, Russiahas clung to Right, a woman heads to the ache. Russia has maintained hard-power politics. Armenian capital after she fled good relations with political In recent days,apolitical fighting in Nagorno-Karabakh. partiesacrossthe spectrum upheavalinresource-rich Kyr- there, and a prevailing anti- gyzstan has seen opposition Azerbaijan says it won’t Chinese sentiment makes Mos- parties attempt to wrest power stop until it reclaims the dis- cow the more-trusted partner. from the pro-Russia leadership puted region, which it lost But Mr.Putin told state following allegations of voter during the collapse of the So- television on Wednesdayhe fraud during elections last viet Union. That hasraised the couldn’t help but be alarmed weekend, with the outcome pressureonMoscow to sup- afterKyrgyzstan President still far from clear. port Armenia, whereitmain- Sooronbai Jeenbekov fled the Along Russia’s border with tains amilitarybase and which presidential palace aftervio-

Europe,another Putin ally,Be- it is bound to defend as part of GES lent street protestsoverthe

larusian President Alexander amutual defense treaty. IMA handling of last weekend’s Lukashenko, has failed to “Escalation of the situation election. Russia maintains a

quash weeks of protests over raises increased concern not GETTY major air base therenear another disputed election, only because of itssizebut be- China’s border, a prized asset MAN/ stirring concern in Moscow cause of the effect of newexter- that allows it to project power that the disarray could set nal factors,” SergeiNaryshkin, HOFF near itsbiggest regional rival. back itsplans to integratethe head of Russia’sinternational AN Moscow remains sensitive

two countries more closely. intelligenceagency, wasre- BREND to international perception of Most notably,perhaps, Tur- ported by news agencyInterfax itshold over the former Soviet key’s support forAzerbaijan in as saying.“Turkey has openly no obligation to defend Arme- forces sincethe 1990s,and foreign-policysuccesses have states.IfMoscow feels it is itsconflict with Armenia over andunequivocally supported nia as part of the CollectiveSe- therehavebeen limited strikes come from Mr.Putin’sability to truly losing influenceinthe re- the enclave of Nagorno-Kara- Azerbaijan forthe firsttime.” curity Treaty Organization be- on Armenia itself,the Arme- use instability overseas to Mos- gion, it will likely respond with bakh has galvanized Azeri Mr.Putin, 68 yearsold, cause fighting had been limited nian Defense Ministryhas said. cow’s advantage. In 2014, Rus- force, said Mr.Hess: “Ifthe forces,frustrating Russia’s spokewith the leadersofAr- almost entirely to Nagorno- Still, it is an awkward turn sia took advantageofunrest in perception arises that Russia goal of keeping the peace be- menia and Azerbaijan early Karabakh. Theenclave has of events for the Kremlin. Ukraine’scapital of Kyiv to an- actually haslost power, you tween the two antagonists. Wednesday. He said Russia had been controlled by Armenian Until now, manyofRussia’s nexthe Crimean peninsula. canexpect astrong reaction.” Indonesia Struggles With LowTestRates

BY JON EMONT 4,000 by lateSeptember—a period during which the num- Seven months sinceits first ber of testsaday also dou- coronavirus case wasre- bled. Therateofpositivetests ported, the world’sfourth- has remained fairly constant most-populous countryisstill throughout, at around 15%.

largely flying blind. S That is well abovethe rate Indonesia, an archipelago public-healthexpertsconsider PRES nation of 270million people, awarning that cases aregoing has tested asmaller shareof UMA undiagnosed and moretesting /Z itspopulation than every is needed.

other major economy. It has MANIK Therise in cases prompted conducted Covid-19 tests on DA newrestrictions in Jakarta, AN

eightout of every1,000 peo- IV the capital, in mid-September, ple—fewerthan less-developed T which the government says

Philippines,which has tested ALBER has helped bend the curve 34 people per 1,000,according Aworker in the Melati Traditional Market at Medan in North slightly. Indonesia has avoided to Our World in Data, anon- Sumatraischecked to makesurehedoesn’thave coronavirus. nationwide lockdowns,although profit research project based some regions have adopted re- at theUniversity of Oxford. methodologies to calculatena- tech-companydirector,said he strictions on movement. Mexico, seen as alow-test- tional testing totals, so coun- rushed to the emergencyroom Thereisnoone reason for ing country,has tested 13 out try-to-countryfigures maynot in September with ahigh fever. Indonesia’stesting problem. Re- of 1,000 people—about 60% be directly comparable.None- He wasgiven an antibody test searchersand doctorsvariously higher than Indonesia. India, theless, they giveageneral in- that came back negativeand blame shortages of trained lab- which reportsthe number of dication of the degree to wasprescribed antibiotics.He oratorypersonnel, difficulties samples tested rather than peo- which different governments went home,mainly keeping to in acquiringchemical reagents ple tested, has done 60 tests are tracking the pandemic. his room, but still leaving to buy fortest kitsand apaucity of per 1,000 people.That is more In Indonesia, the paucity of necessities.When his condition machines to processtests. than four times the number of proper testing also means didn’t improveafter afew days, “They don’t knowhow to samples per 1,000 people that many people with Covid-19 he went to amedical clinic and solvethis problem,” said Indonesia has reported testing. aren’t getting diagnosed and gotaPCR test, which came back Pandu Riono, an infectious- Theresult: Policymakers don’t knowwhen to isolate, ex- positivethree days later. disease expert at the Univer- and public-health expertsinIn- acerbating the spread of the ill- “It created averylarge risk sity of Indonesia, referring to donesia—which with more ness, public-health expertssay. because it gavemeafalse the government. than 11,000 deaths from In some cases, Indonesians sense of security,” Mr.Chatab TheIndonesian Health Min- Covid-19 has morethan any hospitalized with symptoms said of the antibody test. istrydidn’t respond to re- countryinEast Asia—don’t are given rapid antibody blood Indonesia has reported just queststocomment. Agovern- quiteknowwhereand how tests that can’t reliably diag- over 300,000 cases—similar to ment Covid-19 task force said widely the virus is spreading, nose the disease, rather than Germany, which has lessthan a in aSeptember posting that making it much harder to con- saliva- or nasal-swab-based thirdthe population. One sign the countryhad been “quite tain the disease.Low testing polymerasechain-reaction infections arebeing missed is successful” at increasing test- also is an impediment to decid- tests, also known as PCRtests, that the moreIndonesia tests, ing capacity while acknowl- ing when and wheretorestrict that are considered the gold the morecases it finds. edging that testing ratesfell or reopen economic activity. standard for diagnosis. Daily case-countsrose from belowWorld Health Organiza- Countries use different Yasha Chatab, an Indonesian 2,000 in early August to about tion standards. P2JW283000-0-A00800-2------XA

A8 | Friday, October 9, 2020 THE WALL STREET JOURNAL. WORLD WATCH FROM PAGE ONE Parent of HBO, TBS GES To Cut Jobs IMA ETTY /G GES ContinuedfromPageOne IMA

chain, has suspended itsopera- GC tions because studios arede- laying newreleases.Onthe flip side,FedEx Corp.posted record UER-GRIFFIN/ GES

quarterly revenue from asurge BA

IMA in ecommerce packages,and In August, WarnerMedia eliminated more than 500 jobs at Warner McDonald’s Corp.said Thurs- Bros., the Burbank, Calif., film studio known for ‘Casablanca.’ GETTY dayits U.S. sales have bounced SE/ back because of itsrestaurants’ all HBO subscriptions,which “Dune,” which wassupposed to drive-through windows. include viewers watching the open during the holidayseason, AT&T’s 2018 acquisition of slimmer premium channel won’t premiereuntil next year ANCE-PRES

FR Time Warner exposed it to through cable TV bundles,still at the earliest and “The Bat- some of the uncertainty of run- rose to about 36 million. man” has been bumped to 2022. ENCE

AG ning an entertainment business. That early growth hasn’t While much of the cutting Fans of Iran’slegendary entertainer Mohammad-Reza Shajarian gathered outside the Jam Hospital in Thecompany’sDirecTV satellite offset deeper declines at the is tied to the effect of the vi- Tehran, wherehereportedly died on Thursday. He had battled kidneycancer fornearly twodecades. unit has lost millions of cus- commercial entertainment ca- rusonWarnerMedia’score tomersoverthe past two years ble networks TNT,TBS and businesses,the companyis OBITUARY gether with the same type of nental ballistic missile or showoff and itscable networks aresuf- TruTV,which used to be also pivoting itscontent strat- communal power one finds in other shorter-range missiles it has fering along with the rest of the knownasthe Turner net- egy and consolidation opera- Famed Iranian Singer houses of worship. testedduring the past18months, industryascord-cutting pushes works.The company’sother tions as a result. Shajarian Dies at 80 During his lastdaysinTehran, securityexperts say. viewers toward cheaper online cable networks include news Warner Bros.TV, which has residents gathered outside his — Timothy W. Martin entertainment options. channels CNN and HLN as well historically produced content When Mohammad-Reza hospital to sing verses from This is the second wave of as Cartoon Network. forall broadcast, cable and Shajarian, Iran’s most celebrated “Morghe Sahar” (“BirdofDawn”), ARMENIA significant cutsatthe company. TBS and TNT dodged disas- streaming platforms,isnow contemporary singer, threw his aPersian ballad about abirdthat In August, WarnerMedia elimi- terthis summer onceprofes- being encouraged to focus widespread popularity behind sings to end the nightofoppres- Azerbaijan Denies nated morethan 500 jobs at solely on making content for pro-democracy protesters in sion and bring about the dayof Attack on Cathedral Warner Bros., the studio famous sister platforms likeHBO Max. 2009, he was neither arrested liberation. Toward evening, some for“Casablanca” and the “Harry Wa rnerMedia That has driven the company nor forced to flee the country mourners turned to chanting Armenia accused Azerbaijan Potter” series. to cut staff,particularly on the like many of his countrymen. againstthe Islamic leadership, on Thursdayofshelling ahistoric WarnerMedia employed employed nearly distribution side. Instead, such washis stature according to online video footage. cathedral in the separatistterri- nearly 30,000 people earlier 30,000 people NBCUniversal has under- in the Islamic Republic thatitwas The singer gained interna- tory of Nagorno-Karabakh, where this year,aperson familiar gone asimilar streamlining Mr.Shajarian who told stateme- tional acclaim as well. He was nearly twoweeksofheavy fight- with the mattersaid. Itsparent earlier this year. process. It has combined pro- dia to stopbroadcasting his voice. nominated for two Grammys. ing has killed hundreds of people. companyemployed243,000 gramming operationsfor its Mr. Shajarian died Thursday —Sune Engel Rasmussen The Holy Savior Cathedral, also people at theend of June,al- broadcast, cable and stream- at a hospital in Tehran at the known as the Ghazanchetsots Ca- though theoverall head count ing platforms under one um- age of 80, according to his son NORTH KOREA thedral, had its dome piercedbya has declined in recent years sional baseball and basketball brella, which has led to signifi- Homayoun, after battling kidney shell thatalso damaged the inte- through layoffs and attrition. games returned, bringing cant cuts in staff. cancer for nearly two decades. Parade Is Potential rior.Media reports said some chil- Themoveisthe latest by viewers and ad dollarsback af- AT&T Chief ExecutiveJohn “He is the most important Weapons Showcase dren were inside the cathedral in WarnerMedia chief Jason Kilar termonths of reruns.But the Stankey said in arecent inter- Iranian cultural figure of the last the town of Shusha at the time to remakethe Hollywood icon TV advertising market has yet view with TheWall Street three decades,” said Nahid Siam- North Korea’s first military of the shelling, and theyweren’t sincehetook control of the di- to recover, and the networks Journal that the company’s doust, author of “Soundtrack of parade in two years is expected wounded. Hours later, the cathe- vision in May. Theformer areexpected to report higher media betswill take yearsto the Revolution: The Politics of to feature throngs of spectators dral came under moreshelling Hulu boss ousted manyofthe sports-rightscostsinthe third payoff but were the right Music in Iran.” “He was a sub- and plenty of propaganda, but thatwounded twoRussian jour- unit’stop executives in August quarter that could further choices long-term. He also said lime figure that inhabited his art. the most closely watched ele- nalists, said Armenian officials. androlled all production oper- erode their profitability. the companywas reviewing all He was also extremely respected ment will be what, if any, new The Armenian Foreign Minis- ationsintoasingle unit under Thevirus has also wreaked itsoperations.“There’snothing for speaking truth to power.” weapons leader Kim Jong Un try denounced the shelling as a Warner Bros., suggesting more havoconWarner Bros.movie that’ssacred anywhereinthe Mr. Shajarian became revered puts on display for the world. “monstrous crime,” warning Azer- positions could be at risk. business. It released the ex- business,” he said. “WarnerMe- for his swooping, undulating The event, aSaturdaycelebra- baijan thattargeting religious AT&T has staked much of pensivescience-fiction movie dia is no exception to that.” voice. The melodies he sang tion marking the 75th anniversary sites amounts to awar crime. its media-focused strategy on “Tenet” when theatersaround AT&T agreed to payabout were traditional, but he embel- of the ruling Workers’ Partyfound- Azerbaijan’s Defense Ministry HBO Max since the streaming the countrywerejust starting $85 billion forTime Warner in lished them with trills and slides ing, presents Pyongyang with a denied attacking the cathedral. video service launched in late to reopen, agamble that didn’t 2016,but the deal was held up and a level of improvisation that chancetoshowcase its latest mis- The latest fighting between May. About 4.1 million sub- payoff as boxofficeresults fornearly two yearsbyafed- could match any instrumental sile technology during aquiet time Azerbaijani and Armenian forces scribershad activated the en- were disappointing,although eral antitrust challenge.AT&T solo. He popularized lyrics from fordiplomacy and justweeksbe- began Sept. 27 and marksthe big- tertainment app about a it performed betterabroad. shares have fallen about 28% Sufi poetry about love as a fore the U.S. presidential election. gestescalation of the decades-old month afterits launch, lagging Thestudio recently pushed this year,lagging behind rivals manifestation of the divine. His Pyongyang could use the conflict overNagorno-Karabakh. behind cheaper rivals from “Wonder Woman 1984” from an likeComcast and missing out on concerts drew strangers to- eventtounveil anew interconti- —Associated Press Netflix Inc. and Disney. Over- October open to year’s end. the stock market’srecordrun.

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THE WALL STREET JOURNAL. Friday, October 9, 2020 | A9 FROM PAGE ONE

tual field trip won’t necessar- ancient ruins.Its subscriber and floral prints. “My favorite some of them are, you know, School ily allowvisitorstosee the base has gone up from about part wasprobably getting to swatting in front of their same animals they would see 1,000 teachersand schools last eat the pineapple,” Olivia said. face,” she said. in person, said Ms.Hoormann. fall to nearly 10,000 today, Ms. Kristi Arbic,afirst-grade On a virtual trip to a Penn- Field Trips Virtual trips can’t tour the Petersen said. teacher at Woodland Elemen- sylvania farm, they signed up zoo’s sea lion tunnel because One big plus: Location isn’t tary in Lafayette, Ind., is to adopt acalf.The calf isn’t zoo educators can’t get a Wi- a limiting factor. teaching in person this fall, born yet, but when it arrives, Go Virtual Fi signal there, she said. At NuevaVistaLanguage buthas used her school dis- Ms. Briel’s school will receive Schools still have to pay Academy, an elementary trict’svirtual-reality headsets anotewith itsbreed, name, $150 for a live virtual tour at school in Delano,Calif., stu- to take her classonatrip to mother’s name and other in- ContinuedfromPageOne theMilwaukee Art Museum, dents haven’t returned to in- Japan. Some of the first-grad- formation. Studentswill ex- typed. but they don’t have to payfor person classes, but they have ersalmost fell backward when changeletters with the farm Thepandemic has put in- busing to and from the build- gone to Hawaii and Franceon she asked them to look up to to keep in touch, and at the person school outingsonhold, ing,said AmyKirschke, direc- virtual field trips this fall. the topofMount Fuji; some end of the school year, they’ll so schools around the country torofadult, docent and school In Hawaii, they took avideo Now on Zoom kept their arms outstretched Zoom with thecalf,she said. have traded yellow buses and programs at the museum. tour of the Dole Plantation to as if they could touch every- Studentslooking forwardto parent chaperones forthis “Wesort of always had it learn howpineapples are lava through the volcano, thing they were seeing the online outings have taken contradictoryconcept: the vir- on our wish list to have adis- grownand harvested. Fourth- eventually leadingthem out through the VR goggles. They to wearing their school T- tual field trip. tance-learning program,” Ms. grader Olivia Trigosaid it sur- onto its top, said Vice Princi- liked to pretend they were shirts that they used to wear Foravirtual field trip to the Kirschke said. “Nothing like a prised her to learn pineapples pal Casey Rivas. falling off the cliffs, she said. to in-person field trips on the Saint Louis Zoo,classes can pandemic to movethat up the sprout up from the ground, “It was really cool because StudentsatSummit-Questa virtual trips, Ms. Briel said. choose from alist of options. list of opportunities.” growing on the central stem of we were able to see the lava Montessori School in Davie, Her next field trip theme is One is the “mascot adven- Teachers have used virtual aplant with long,swordlike flowing and abunch of Fla., have virtually traveled to outer space. In arecent hint to ture”—if aschool’smascot is a field trips before, but they leaves. magma,” said sixth-grader China and Canada on field studentsabout wherethey’ll bear,aneducator would take have growninpopularity since TheNuevaVistastudents Mya Garcia. trips this fall, said teacher Jes- be headed, she told them studentsaround the zootoin- schools moved to online in- also explored an erupting vol- At lunch time,Mya,Olivia sicaBriel. She also took them they’ll need to use something troducethem to the polar bear, struction. Websitetraffic for cano via Google Arts and Cul- and their classmates were on avirtual trip to Disney’s faster than aplane to get Kali, and grizzly bearsHuckle- VirtualFieldTrips.org has in- ture, a platform with content driven to school to pick up Ha- Epcot theme park,wherethey there—virtually. berryand Finley,said Kimberly creased 30-fold sincethe pan- from more than 2,000 muse- waiian leis,books and fresh took avirtual ride to getthem “Maybe we canuse the Hoormann, the zoo’smanager demic began, said founder ums and archives. The virtual pineapples in front of the to their next trip,asimulated rocket ship to fly out of Flor- of learning experiences. Dale Petersen, who produces exhibit started from the bot- school, which was decked out safari in Africa. ida, flyintoCalifornia, and Although the hope is that travel videos that take stu- tom of the mountain, and the in Hawaiian décor. Principal “There’sapart when one of then land on the biggest beach studentswill feel likethey are dentstoplaces including the viewallowedstudentsto Joshua Herrera and other ad- the animals kicks dirt up,soI of all!” said ElanaTriplett, a6- at theSaint Louis Zoo,avir- Amazon rainforest and Rome’s travel the tubes that transport ministratorsdressed up in leis would look at the camera, and year-old student at the school.

about the bankruptcy.Covia de- Fracking clined to comment. Localgovernmentsare hurt- ing.Beyondbusinessand prop- Bust Hits erty taxes, minersoften paid a feefor everyton they exca- vated, which added up to hun- Wisconsin dreds of thousands of dollarsa year forsome communities. In Blair,taxes from Hi-Crush ContinuedfromPageOne coveredabout one-tenth of this topcustomer and says year’s $1.4million municipal $6,530.45ofunpaid invoices budget. That doesn’tinclude an are“ahugefinancial hardship annual $300,000 payment Hi- formeand my family.” Crush agreed to paythe city as The collapse in oil prices long as the mine runs. this year has squeezedenergy- Blairofficials saythey are centric economies from Russia bracingfor the possibility that to Venezuela, idled drilling rigs revenues from Hi-Crush next in the North Sea and Gulf of year mayfall short, as they Mexico, bankrupted U.S. shale hold meetings this week to producers and helped push drafta2021 spending plan. “Hi- Exxon Mobil Corp. out of the Crush has been good to work DowJones Industrial Average. with in the yearsthey have Wisconsin doesn’t producea CompletedU.S. U.S. frack-sand been here,” said Susan Fred- drop of oil or gas, but therehas oil and gas wells consumption erixon, Blair city clerk and trea- been abust there, too, as there surer. has been along the entirein- 3,000 well 20 billion pounds TheHi-Crush spokeswoman dustrial ecosystem that sup- said the companyiscommitted ported fracking.Dozens of idled to paying all taxeswhen due open-pit sand mines dot the 2,400 and will honor agreementswith farmland near whereWiscon- 15 municipalities. sin, Minnesota, Iowa and Illi- nois meet along the Mississippi 1,800 River.Hundreds of mine work- Environmental toll ersinthe sparsely populated 10 While the sand mines gavea region have lost jobs.Many boost to local economies,they others, likeMr. Brush, aresuf- 1,200 also took an environmental toll. fering alongside them. Neighborsworrychemicals Companies that supplied 5 used in sand processing could trucks,lubricantsand drilling (3) 600 leach intodrinking water. In tools have been bankrupted. 2018,Hi-Crush deliberately

SteelworkersinYoungstown, JOURNAL breached aretention pond in Ohio,havelost jobs providing 0 0 an effort to rescue atrapped REET

pipe to the oil patch. Apart- ST bulldozeroperator,releasing 2015 ’16 ’17 ’18 ’19 ’20 2015 ’16 ’17 ’18 ’19 ’20 mentsand hotels hastily built LL some 10 million gallons of or- to house roustaboutsinNorth WA Source:PlattsAnalytics ange-hued waterontofarmers’

Dakotaand remotepartsof THE fields and the nearby Trempea- R

Texas have emptied. FO tors the companywas saving as coronavirus lockdowns and a leau River. Fewofthe shale boom’s much as $900,000 awell, or Saudi-Russian production feud Testing by stateofficials sideshows have flamed out UBER $100 million ayear,using what- sent crude prices tumbling. found no immediaterisk to hu- GR quitelikeWisconsin’sNorthern ever sand wasnearby. Hoursworked in Wisconsin’s man health, though it did find White sand. Localgovernments TIM Hi-Crush opened mines in mines during the firsthalf of elevated levelsofarsenic and that envisioned the mines AND Texas,piling moresand onto 2020 fell morethan two-thirds some heavy metals.Hi-Crush bringing long-term prosperity the market. In September 2018, from the same period in 2018, said the release savedthe oper-

arelooking at budget crunches. KERMAN Hi-Crush laid off 37 workersat according to the federal Mine ator’s lifeand committedto Investorshavelost morethan AC amine in Whitehall. Layoffs Safety and Health Administra- clean up afterward. “Weare in

$10 billion on sand-mining JENN spread in 2019 and accelerated tion. By July,Wisconsin and thefinal stages of the restora- stocks. Northern Whitesand at aHi-Crush facilityinBlair,Wis., top; Duane this year with the pandemic. neighboringstateshad lost tion process,” the spokes- Wilke, above,losthis job at aWisconsin sand plantinMarch. In March, sand supplier U.S. morethan 650 mine jobs,ac- woman said. SilicaHoldingsInc.laid off cording to public layoff notices. In a2018 study,University Mixed blessing had to deal with.” panies laid spurstomines.In Duane Wilkefromhis job as an About adozenmines remain of Wisconsin-Eau Clairere- Minersofthe region’s Some residentssaw spoiled 2016,shale driller Chesapeake environmental health and operating in Wisconsin, down searchersfound air samples Northern Whitesand became countryside and worried about Energy Corp.revealedgood re- safety manager when it idled from 69 in 2016,according to takennear two sand mines had stock-market stars adecade dust and noise.Otherssaw sultsfrom pumping morethan itsplant in Sparta, Wis. The54- the Wisconsin Department of elevated levels of aparticulate agowhen oil-industryengi- starting wagesthat were $5 to 50 million pounds of sand— year-old found anew job at a Natural Resources. During a matterassociated with in- neerssettled on the pebbly $8 an hour morethan the typi- about 1,000 truckloads—intoa heating and ventilation com- September visit, just afew creased lung-cancer risk. grains ideal forhydraulic frac- caljobs around that didn’t re- single Louisiana well. Other panythat offered asimilar base workerscould be seen at Hi- And while sand-mining com- turing. quireacollegedegree.By2012, producersramped up their salarybut inferior benefits, he Crush’ssand mine in Blair.A panies in Wisconsin arere- Frackersblast aslurryof therewereabout 60 frack-sand sand use,especially in West said. Former colleagues arestill mound of sand toweredovera quired to set aside money for sand, waterand chemicals into mines in Wisconsin and 20 Texas’ Permian Basin. unemployed. U.S. Silicasaid it cornfield, and dozens of rail- reclamation, such effortsin fossil-fuel-bearing rocks.The moreonthe drawing board. Nearly half of what drillers expectssand demand to re- cars sat idle. open-pit mines rarely succeed, grains prop open fissures to let Mining companies provided paid forNorthern Whitewas coverwith oil prices. When it filed forbankruptcy, said TedAuch, an environmen- oil and gasflowout. Energy local governmentswith tax spent getting it from Wisconsin Beforethe slump,mining Hi-Crush said it had $699 mil- talscientist at FracTracker Alli- companies prized Northern payments, royalty checks and to the West Texas desert, said companies had paid annual bo- lion of debt and obligations,in- ance, anonprofit that tracks Whitefor itscrush strength, contributions to civic projects. ReneSantos,ananalyst with nuses,matched 401(k) contri- cluding amonthly bill of more fracking’s impact: “The inher- grain sizeand roundness, which In Blair,acity with acheese S&PGlobal Platts. butions and raffled off prizes than $2.3million forleases on entfertility of these sites is helps prevent plugs. Thereisa factoryand about 1,350 resi- By 2017, oil producersknew likehunting rifles and ice-fish- roughly 5,000 railcarsitwas lost.” sea of such sand beneath west- dents, funds from Hi-Crush shale wells petered out quickly. ing shacks at holidayparties. barely using.Covia claimed $1.6 Some mining companies be- ern Wisconsin topsoil. helped payfor anew public ThePermian’ssmaller-grain When Mr.Wilkebegan working billion, including a$5.9million- lievethe biggest and most effi- Thesand waslong mined for swimming pool afterthe city brownsand could keep frac- in sand mining in 2011, he said, a-month railcar bill. cient mines will rumble again glassmakersand cranberry annexedland forthe company’s tures open long enough and “I thoughtthe job wasgoing to Hi-Crush has said it expects once oil demand picks up.In growers. Suddenly,oil compa- 1,285-acremine.The annexa- came with smaller freight bills. be pretty secureuntil retire- to emerge from bankruptcy September,workersshuttled nies wanted trainloads deliv- tion let Hi-Crush avoid the per- Chesapeakeexecutives who ment.” proceedingsbymid-October. around loadersatSmart Sand ered 1,200miles away in West mitting processinsurrounding packed wells with Northern Awaveofjob losses hit the Thecompanyspokeswoman de- Inc.’smine near Oakdale,Wis., Texas as well as to drilling Trempealeau County,which Whitewerenow telling inves- sand industrythis spring after clined to comment further which remained open with re- fields in Appalachia and North had ahistoryofputting up ob- duced staff thanks to itsscale Dakota.Small farming towns stacles to miners. andaccesstotwo major rail- allowedminerstogougeaway AHi-Crush spokeswoman roads,the companysaid. at thecountryside,hoping to said: “The entireannexation “Will all the mines come payfor public services,create processwas completed openly, back?Probably not,” said high-paying jobs and keep publicly,and in afashion that Thomas Young,aSmart Sand young people from leaving. provided all residentswith the manager and president of the Thesand mines were a opportunity to participate.” Wisconsin Industrial Sand As- mixed blessing,with disputes In nearby Independence, sociation. He sees hope in re- breaking out between residents Wis.,the companygavethe po- search showing wells aremore wanting to participateinthe lice$27,000 to buy adog, productiveovertime when shale-drilling boom that was named Crush in the donor’s fracked with Northern White helping to liftthe economy honor. than with Texas sand. from the 2007-09 recession and TheOrganization of the Pe- Wall Street and energy ana- thosedecrying the environmen- troleum Exporting Countries lystsare lessoptimistic.Even talimpact. sent oilprices tumbling on afterthe mine closures,sand “Wewereinthe hot seat, so Thanksgiving 2014when it de- supply is about double demand, to speak,infiguring out what cided it wouldn’t hold back its said Mr.Santos of S&P Global to do about these mines,” said output against the flood of U.S. Platts. Thecombined stock- Jeff Hauser,mayor of White- shale oil. Frackersfought fall- market value of the remaining hall, Wis. “During all my time ing prices by boosting produc- miners is under $300 million on thecity council, it wasone tion. They drilledbiggerwells these days,off morethan $10 of the most emotional issues I and used moresand. Rail com- Mary Drangstveit and her husband, Leland Drangstveit, on their farm next door to a Hi-Crush mine. billionfromtheir peak. P2JW283000-4-A009A0-1------NS

A9A | Friday, October 9, 2020 NY **** THE WALL STREET JOURNAL. GREATER NEW YORK Outreach Was Lacking, City Won’t Give Teachers Back Pay, Community Leaders Say Cites Budget Shock NYC didn’t prioritize BY LESLIE BRODY taxrevenue forced MayorBill most hot spots in de Blasio and the NewYork trying to contain New York City can’t afford City Council to reduceor to payalump sum due its eliminateservices in the city Covid-19, they contend teachers because of the coro- budget they approved in June. navirus pandemic,city offi- To cut costs, the mayorhas BY PAUL BERGER cials said Thursday, reflecting mandated weeklong furloughs AND KATIE HONAN afiscal crisis that has already forabout 9,000 government led to budget cutsand service workers.Healso has warned This summer NewYork reductions. that he will have to layoff City’s public-hospital system Thecity teachersunion, 22,000 employees if statelaw- identified the areas most at which putsthe amount due this makersdon’t givethe city the risk of aresurgenceof month at $900 million, called authority to borrow billions of Covid-19 and enlisted commu- S forimmediatearbitration. dollars. nity-based organizations to PRES FirstDeputy MayorDean When Mr.deBlasio took of- help educateresidentsand Fuleihan sent the union a let- fice in 2014, he agreed to give ZUMA

test and trace for the virus. S/ tersaying the budget impact teachersraises they had long

Now, with the coronavirus PRES of the pandemic was“debili- sought but said the city resurgent in pocketsofthe tating and not yetfully couldn’t paythe money all at IFIC

city,some saythose efforts AC known,” and the city couldn’t once.The UFT signed anew were insufficient and focused afford to pay a lump sum due contract in 2018 that incorpo- DIN/P

on the wrong neighborhoods. RA to active and retired teachers

Earlier this week,New York LEV scheduled for this month un- Gov.Andrew Cuomo ordered A man distributes personal protective gear in New York City to stop the spread of coronavirus. der a 2014 agreement. The union, saying newrestrictions on communi- “It is the City’s desireto ties around the statewhere grantsunder the program in local newspapers in multi- Fordays beforeSunday, Mr. avoid the necessity forlayoffs, members are owed the virus has rebounded. The were from the Orthodoxcom- ple languages,community de Blasio said the situation and to makearetroactivepay- $900 million, called affected areas have higher munity. But officials said that round tables and talks with wasunder control with out- ment at this time would positivity ratesofCovid-19 manyorganizations have now leaders, including rabbis.In reach. He said he only realized thereforebefiscally irrespon- for arbitration. than the rest of the state and been enlisted to help with the lateAugust, officials began the severity of the situation sible,” Mr.Fuleihan’sletter include neighborhoods in nine response to the surge in Or- distributing masks at syna- afterabriefing with health of- said. ZIP Codes in Brooklyn and thodox neighborhoods. gogues and conducting testing, ficials about rising case num- Thedisputecomes during a Queens that the city has been One aim of the city’s out- the health department said. bers on Saturday. “It was the hectic and tense back-to- ratedlump-sum retroactive tracking for weeks. Large Or- reach to community-based or- City officials said they re- datawesaw that we analyzed school season.InAugust, the payments. thodoxJewish communities ganizations is to address cently increased testing in on Saturdaythat convinced all unionthreatened to strikeif Aletterfromthe union’s reside in most of these areas. structural conditions of racism these communities. of us it was time to do some- the city didn’t meet itsstan- general counsel, Beth Norton, Of thenine ZIP Codes tar- that exacerbated the effectsof Carlina Rivera, chairwoman thing more rigorous,” he said dards formaking schools safe, seeking arbitration said the getedbythe city,only one was the pandemic,officials of NewYork City Council’s in a TV interview Monday. prompting adelayinreopen- anticipated final payment, due listed as ahigh priority this said. City datashowthat the committeeonhospitals,said State officials have identi- ing. Manyteachershaveex- Oct. 1, would cost the city summer by the Health + Hos- pandemic disproportionately the hospital system hasn’t been fied 20 ZIP Codes across pressed frustration with are- some $900 million. She said pitals system in a request for affected low-income neighbor- forthcoming about the meth- Brooklyn, Queens and partsof opening that has been full of the UFT understood the city’s grant applications from com- hoods and people of color ods it used to prioritizecertain Rocklandand Orangecounties confusion over classsched- fiscal challenges but members munity-based organizations to compared with higher-income areas or about howmanycon- with surges in virus cases.Mr. ules,job assignmentsand in- “have already worked for and help test and trace the virus. neighborhoods and whites. tact tracersspeak languages Cuomo said Wednesdaythat sufficient technology for chil- been waiting forthese pay- Five of the nine ZIP Codes Christopher Miller,asuch as Yiddish. Health +Hos- those ZIP Codes had a5.1% dren studying online from ments for a decade.” were listed as alow priority spokesman forthe city’s hospi- pitals doesn’t “haveahistory positivity rate overall, com- home. Union officials said the and three weren’t listed at all. talsystem, Health +Hospitals, of dealing with community en- pared with the rest of the “We’reinfor another amount due to an individual Health officials said the said: “Wecontinue to identify gagement and trust building at state, which had a 1.05% rate. fight,” Michael Mulgrew, teacher varies from afew hun- neighborhoods under scrutiny neworganizations to partner this level and on such adiffi- Councilman Donovan Rich- United Federation of Teachers dred dollarstothousands,de- nowweren’t as high apriority with as positivity increasesin cult issue,” she said. ards, who represents Queens’ president, told members pending on salarylevel and in the summer when other ar- certain neighborhoods.” MayorBill de Blasio first FarRockaway,which includes Thursdaynight in avideo time in service. eas were experiencing worsen- Thecity’s health depart- asked the statetolock down one of the ZIP Codes identified message. TheUFT representsabout ing numbers or were improv- ment said sinceFebruaryit the nine ZIP Codes in Brooklyn by the mayorasrequiring Thepandemic has brought 120,000 city Department of ingataslowerratethan the has done extensiveoutreach in and Queens on Sunday. Mr. lockdown, said he hasn’t seen on the worstfiscal crisis in Education employees. citywide average. the communities that arenow Cuomo eventually agreed to the evidenceofsufficient commu- thecity sincethe 1970s.It City Hall officials said they None of the community- under lockdowns.The out- restrictions but broadened the nity-based outreach in the faces a$9billion deficit over agreed to arbitration and were based organizations awarded reach includes advertisements areas under the shutdown. communities he represents. the next two years. Dwindling working on scheduling it.

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THE WALL STREET JOURNAL. ** NY Friday, October 9, 2020 | A9B GREATER NEW YORK ForSome,Outdoor Dining Isn’t on Menu NYPD Officers BY CHARLES PASSY When NewYork City re- Shoot cently said that restaurants could offer outdoor dining year-round, it was a decision Suspect theseestablishmentsquickly lauded. But for Roni Mazum- BY EMMA TUCKER dar, who owns Indian restau- rants, the news wasaharsh NewYork PoliceDepart- reminder that the playing field ment officers fatally shot a isn’t the same forevery dining man in Queens on Thursday establishment. afterhefired ahandgun at Mr.Mazumdar is limited by them, as they tried to arrest the fact that he can’t set up an himfor his alleged role in a outdoor platform in front of separateshooting,policeoffi- two of his places. At Rahi, lo- cials said. catedinManhattan’sGreen- The 24-year-old, a suspect wich Village neighborhood, a in the nonfatal shooting of fire hydrant stands in his way. four people on Sept. 20,was And at Adda Indian Canteen in killed afterofficersfromthe the Long Island City neighbor- NYPD’swarrantsdivision went hood of Queens,abus stop to aJamaica, Queens,home blocks the area. wherethey were told he was Fornow,Mr. Mazumdar is staying, the officials said. offering outdoor dining at Theman, whose name spaces nearby to both of these wasn’t immediately released,

restaurants, but he isn’t confi- S wasseen leaving the house

dent those areas will always NEW and entering awhitevehicle at remain available to him. Like G about 12:30 p.m. Thursday, ac- manyrestaurant owners, he cording to the officials. When

never considered the outdoors OOMBER officers tried to stop him, he as afactor when he signed his fled in avehicle foralmost a

leases,but nowheworries his ONE/BL mile before crashing into an-

situation will put him at an CHIC other car, the officials said. unfair disadvantage in the fu- OC Theman then took off on

ture and makeitchallenging PHER foot, as officerschased him for

to keep the businesses going. TO two blocks,when additional

“There arelives being de- CHRIS uniformed officers and mem- stroyed” because of the issue, Greenwich Village’sRahi offers outdoor seating nearby, but the restaurant’sowner isn’tcertain thatspacewill remain available to him. bers of the NYPD’s 113th Pre- he said. cinct DetectiveSquad arrived. Mr.Mazumdar isn’t alone on the roadway.Meanwhile,he “Wewon’t compromise Streets: Restaurantsprogram, dining on the street because a “It is at this time the suspect in facing such problems.Many is making do with some seat- transit or public safety,” said a which provides access to space Citi Bikestand stood in the displays two handguns,and the of the city’s restaurants have ing on the sidewalk. spokesman forMayor Bill de by closing streetstotraffic at way.But the restaurant got officerscan be heardonbody- been able to offer outdoor ser- Mr.Ozhas gotten the sup- Blasio. timesthroughout the week. the city’s attention after worn cameras telling the sus- vicewithout complications, port of NewYork stateSen. City Councilman Keith Pow- Bessou, a Japanese restau- speaking to a local television pect numerous times to drop and plan to keep doing so even Brad Hoylman, aDemocrat ers, who representspartsof rant in Manhattan’sNoHo reporter during the summer. the guns,” Chief of Department as the weather turnschilly. who representspartsofMan- Manhattanand who pushed neighborhood, is one of the Actress Sarah Jessica Parker, TerenceMonahan said Thurs- Butothersare challenged by hattanand has writtentothe for outdoor dining to be con- restaurantsthat has been able who lives in Greenwich Vil- dayatanewsconference. the city’s rules that govern the city on Mr.Oz’sbehalf regard- tinued year-round, said he rec- to serveoutdoorsthrough the lage,also voiced support for Seven uniformed officers pandemic-era outdoor dining ing the roadway issue.While ognizes the problem and sees Open Streetsprogram. Other- Gene’sonsocial media, adding shot at the man after he fired program, known as Open Res- Mr.Hoylman said in an inter- possible solutions in making wise,the dining spot would to the awareness. at them at leastfour times, taurants, that has been made viewthat he applauds the outside areas available else- have been unable to do so be- Shortly thereafter, the city Chief Monahan said. permanentyear-round. Previ- Open Restaurantsinitiative wherefor restaurantsthat cause itsstreet area is in ano- movedthe bikestand to an- Theman wastaken to Ja- ously,the program wassched- andhow it has allowedthe don’t have available spacein standing zone,according to other part of the street. David maicaHospital Medical Center uled to end Oct. 31. “streetstobereclaimed,” he front of their establishments. owner Maiko Kyogoku. Ramirez,one of the restau- in Queens,wherehewas pro- ForDaveOz, owner of Bath- also noted the program’sinher- “I do want us to figure this At least one establishment rant’sowners, said having the nounceddead. Chief Monahan tub Gin, a bar and restaurant ent inequities when it comes to issue out,” Mr. Powers said. also has been able to gain outdoor option has been in- said the suspect wasonparole in Manhattan’sChelsea neigh- arestaurant’slocation. Thecity does allowrestau- some valuable outdoor real es- valuable,especially because and had prior felonyconvic- borhood, the obstacle is his “I guess it’s the luck of the rantstomoveintoavailable ad- tate aftergoing public with its indoor dining wasn’t allowed tions,including one forcriminal establishment’slocation front- draw at this point,” he said. jacent property foroutdoor din- plight: Gene’sRestaurant, a until recently and indoor ca- possession of aloaded firearm. ing aturn lane forvehicles. City officials said the rules ing,aslong as the owner of Greenwich Villagedining spot pacity is limited to 25%. None of the officersin- Mr. Oz has tried to lobby the governing Open Restaurants that location agrees.Some din- that has been afixturefor The“outdoor tables are volved in theshooting were city,saying he thinks he can aredesigned with safety in ing establishmentsalso cantake more than a century. Initially, producing enough to coverour hurt, but they were takento still set up something safely mind and keeping roads clear. advantageofthe city’s Open Gene’s couldn’t offer outside costs,” he said. the hospital for evaluation. FIND THE PERFECT VIEW

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A10 | Friday, October 9, 2020 THE WALL STREET JOURNAL. ARTS IN REVIEW (2) S UDIO ST ON AZ AM FILM REVIEW |JOE MORGENSTERN ‘Time’: Portrait of aMatriarch on Fire

A documentary celebrates transformation, perseverance, and a decades-long commitment to the pursuit of justice

arrett Bradley’s “Time,” She is a wonder, and the film is the moment when she tells her lit- sweetheart since high school. charge of how Ms. Bradley’s cam- which truly is about a beauty, a Black filmmaker’s por- tle boy Remington that “they are “Time” isn’t long, only 81 min- era portrays her. (The filmmaker time, makes its abstract trait of a Black family beset by lev- requiring me to go to prison”; her utes, yet it can seem long, just as also shows her rehearsing for a subject tangible, even els of stress that could tear the release from prison; her pregnancy it’s meant to, because of present- complicated shot: Fox isn’t over- corporeal. This power- tightest ties asunder. Ms. Bradley with twins (named Freedom and tense shots of Fox waiting on the bearing, just formidably smart.) G has made several films before, var- phone for news about progress, or ful, poetic documentary, Justus, as in “just us”); her young, When the time finally comes for us opening in select theaters in ad- ied in subject matter but always determined motherhood; one of the lack of it, in her campaign for to see Rob in full, he, too, proves vance of its Oct. 16 launch on Am- managing to mix the personal with her kids going off to his first day the governor to grant Rob clem- to be another portrait in growth, azon Prime Video, follows the life the sociopoliti- ency. She waits along with fidelity, tenacity and of a loving family, all of them do- cal. “Time” won with an awareness unfathomable geniality. ing time in their fashion. her a Best Direc- that the clerks or A sociologist might call “Time” Thehusband and father,Rob G. tor award in the secretaries on the a longitudinal study, a document Rich, hasbeen serving a60-year U.S. Documen- other end of the whose value is enhanced by the sentencefor armed robberyinthe tary category at line consider her a decades it spans. I’d call it a joy- Louisiana State Penitentiary—a this year’s Sun- nuisance, or a re- ous tribute to love and resilience, sentenceremarkable forits sever- dance Film Festi- current chore at and a case study in eclectic tech- ity,sincenoone washurt. His val. It comes on best. “Man,” she nique. Ms. Bradley builds her wifeand mother of their six sons, like a rough-cut says to the camera, scenes and montages, her electri- Sibil, known as Fox, washis driver mosaic, with dis- “these people have fying narrative poems, out of all and accompliceinthe robbery junctures that no respect for sorts of images and sounds, so morethan 20 yearsago, and are hard to fol- other people’s long as they’re charged with feel- 1 served a3/2-year sentence. Since low for a while, lives.” She waits si- ings that serve the dramatic flow. then she has devoted her own then reveals it- lently, the seconds She’s been assisted by gifted col- time to—and the list of her accom- self to be an in- trudging by. (At leagues. The film editor was Ga- plishmentswill seem outlandish tricately crafted one point I thought briel Rhodes. Nisa East, Zac Ma- until yousee her in action—sup- tapestry of the of Richard Burton, nuel and Justin Zweifach did the porting herself and her children; family’s upheav- the narrator of Dy- cinematography. Some of the mu- guiding their educations with what als, heroic strug- lan Thomas’s lyri- sic was written by Edwin Mont- appearstobegreat success; mov- gles and hard- Fox and Rob G. Rich, above; a scene from Garrett Bradley’s ‘Time,’ top cal radio play “Un- gomery and Jamieson Shaw. Most ing earth and maybe abit of won triumphs. der Milk Wood,” elements of the score, exquisitely heaventosecureRob’sfreedom; Fox not only intoning “Time delicate piano passages, sound like growing herself intoanentrepre- narrates, and dominates a here in kindergarten; the boys forming passes…time passes.”) Jelly Roll Morton in one of his re- neur,author,ardent feminist, ea- and now conveyed in elegant a help corps at home, and visiting But the film might also have flective moods. In fact they were geragitator,virtuoso performer black-and-white photography. She their father, though only twice a taken its title from time’s byprod- written and performed by Emahoy and quasi-preacher; and, through turns out to have been her own month as the prison’s implacable uct in this instance, and called it- Tsegué-Maryam Guèbrou, the Ethi- it all, advocating fiercely for videographer in the troubled past, rules dictate. And she keeps a self “Growth.” We see Remington’s opian nun who was born in 1923 prison reform with special atten- documenting—on grainy black- video diary of her calls to Rob, her graduation from dental school. We and currently lives in Jerusalem. tion to incarceration’simpact on and-white MiniDV tapes—events in yearning for him, declarations of watch as his mother, now a woman Just another surprise in an aston- families of color. her life both pivotal and mundane: love for the man who’s been her of style and sophistication, takes ishing documentary.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 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THE WALL STREET JOURNAL. NY Friday, October 9, 2020 | A11 ARTS IN REVIEW

THEATER REVIEW |TERRYTEACHOUT version of “Twelve Angry Men” on dressed in a knight-in-shining-ar- YouTube, meticulously restored mor white suit, plays Juror No. 8, from a surviving kinescope film of telegraphing his everyman-style the original 1954 telecast—and you nobility in the most painfully pre- ‘TwelveAngryMen’: know what? It’s better than the dictable way imaginable. As for movie. A lot better. the monstrous Juror No. 3, he is The biggest difference between Lee J. Cobb, who is no less self-ev- the small- and big-screen “Twelve idently the heavy—a role that he FirstDeliberations Angry Men” is that on TV the tele- played in countless other movies. play runs for 60 very tightly Yes, they were both great actors, The 1954 teleplay outshines the later movie and stage adaptations wrought minutes (including com- but their performances in “Twelve mercials and credits). Within that Angry Men” are on the nose,de- span of time, we void of subtlety to a near-cartoon- watch a dozen ish degree. jurors wrangle On TV, by contrast, Juror No. 8 over the fate of is played by Robert Cummings, a a 19-year-old handsome, affable man who is now slum kid who is mainly remembered for having on trial for mur- starred in flyweight sitcoms. But dering his fa- Cummings had also appeared in ther. At first, leading-man roles in such A-list only one man, Hollywood dramas as Alfred Hitch- Juror No. 8, be- cock’s “Saboteur” and “Dial M for lieves there to Murder” and Sam Wood’s “Kings be reasonable Row,” and in “Twelve Angry Men” doubt of his he shows that he was up to the guilt. The rest challenge of a dead-serious part. are more than He is, in fact, vastly more believ- ready to convict able than Fonda, whose way-too- him, with Juror good-to-be-true performance No. 3, an aggres- makes the film feel preachy. sive, opinion- In an even bigger reversal, Ju- ated business- ror No. 3 is played by Franchot man, leading the Tone, a Hollywood star (he is best charge. But as remembered for playing opposite the group delib- Clark Gable and Charles Laughton erates, Juror No. in “Mutiny on the Bounty”) who 8 patiently by 1954 had made the shift into brings his fellow middle-aged character roles. Tone colleagues has all of Cobb’s forcefulness with- around one by out any of his over-the-top pre- one to his point dictability, and his confrontations

GES of view, and the with Cummings are all the more

IMA young man is compelling as a result. set free. Those who speak in hushed

GETTY That’s a great tones of the “First Golden Age of plot, and in the Television” tend to forget that TV CHIVE/

AR film version, programming in the ’50s consisted

TO Rose and Lumet for the most part of low-budget

PHO blew it up to a mysteries, sitcoms, westerns and

CBS playing time of wrestling. Even the best live-TV 96 minutes. To anthology series like “Studio One,” ost people know in 2004 for a successful run. To A scene from the live-TV drama be sure, it doesn’t feel as obvi- “Philco Television Playhouse” and “Twelve Angry Men,” this day it is a regional-theater version of Reginald Rose’s work, ously padded as does Delbert “Playhouse 90” aired more than in which Reginald staple, as well as the sixth most aired on ‘Studio One’ and Mann’s 1955 big-screen adaptation their share of standard-issue fare. Rose dramatized the frequently staged full-length play directed by Franklin J. Schaffner of “Marty,” but once you’ve seen But when they were good, they Mcontentious delibera- in American high schools (where it the original hour-long telecast, were extraordinarily fine—and tions of a New York is performed with women in the you’ll be startled by how fast-mov- “Twelve Angry Men” proves it. jury, from Sidney Lumet’s 1957 cast and is known as “Twelve An- Abby Mann’s “Judgment at Nurem- ing and dramatically taut it is—a film version, whose screenplay gry Jurors”). berg,” JP Miller’s “Days of Wine tautness heightened still further Twelve Angry Men was written by Rose and which But many fans of the film are and Roses” and Rod Serling’s “Re- by the fact that the “Studio One” Studio One (viewable online at You- featured a top-flight ensemble cast unaware that “Twelve Angry Men” quiem for a Heavyweight” as one version was performed live and in Tube, free). To watch, go to you- led by Henry Fonda, Martin Bal- began life as a live-TV drama di- of a small number of live-TV dra- real time. As a result, the original tube.com/watch?v=HlaXebUi72A sam, Lee J. Cobb, E.G. Marshall rected by Franklin J. Schaffner mas from the ’50s that were “Twelve Angry Men” makes an im- and Jack Klugman. More recently, that aired on CBS’s “Studio One” turned into artistically and com- pression strikingly similar to that Mr. Teachout, the Journal’s drama the Roundabout Theatre Company in 1954. It ranks alongside Paddy mercially successful movies. of a stage play. critic, is the author of “Satchmo at brought Rose’s stage adaptation of Chayefsky’s “Marty,” Horton I mention all this because it is No less significant is the cast- the Waldorf.” Write to him at “Twelve Angry Men” to Broadway Foote’s “The Trip to Bountiful,” now possible to watch the live-TV ing. In the film, Henry Fonda, [email protected].

TELEVISION REVIEW |JOHN ANDERSON AMidlifeReinvention

FORTYISTHE NEW 90, would, and will, alter the character intosuch an oh-so- judging by “The Forty-Year- DNA of her play. But stran- obvious pothole on her route Old Version.” Itsaging wun- gling one’sproducer is not a to self-rediscovery. derkind is fast approaching good career move. But even when it falters the four-decade mark and Throughout itsfirst act, “The Forty-Year-Old Version” having an existential crisis of “The Forty-Year-Old Version” exudes confidence—the di- epic proportions; viewers of seems likeasad storyofa rector has confidenceinher even riper vintagewill won- sad woman with sad pros- lead actress, and viceversa; der if they shouldn’t just lie pects. But of course Ms.Blank both trust the writer,whose down and assume the fetal has suckered us: When she moreamusing lines areoften position. At the same time, connectswith aBrooklyn beat contained in asides between the film belies everymes- maker named D(Oswin Benja- charactersdiscussing,say, sageitpretends to send min), who also thinks her an Josh’ssuccessfulproduction about age: Radha Blank not unlikely rapstar, she delivers of an all-female “TwelveAn- only plays alead role that’s aperformancesolyrically po- gryMen” or his plans fora at least partly autobiograph- tent and rhythmically taut Harriet Tubman musical— ical, but also wrote, produced and directed the film, and proves herself apotent screen presence/ comic actressin her directorial de- but. She also dis- plays an instinct about capturing NewYork that suggestsWoody Allen at his most Manhattan-esque. Though certainly without the Cole Porter. “I’m thinking about doing hip- hop,” the charac- terRadha says to her agent and lifelong friend, Archie (Peter Radha Blank in her ‘Forty-Year-Old Version,’ available on Netflix Kim), forwhom the idea is alittle tooweirdtoregister.“Doing that Dhimself,who usually which becomes an Ida B. what to it?” he asks.His cli- says almost nothing,isswept Wells musical, which be- ent is,after all, aplaywright: away.Asare we. comes aShirley Chisholm Tenyearsearlier,she wasin- Proving that she has previ- musical. This is funnystuff, cluded among the “30 Under ously untapped talent, resil- contained in afilm with ter- 30” most promising play- iencyand flexibility—toD,or rific timing,punctuated by wrightslist and it’shaunted to us—isn’t enough foratwo- adoring surveysofNew York her.Nothing sincehas hour-plus movie: She has to City,some moody jazznotes clicked. She teaches play- proveittothe world, and es- and cutaways to commen- writing to abunch of ulti- pecially those kids in her tary from the movie’sGreek mately endearing but clue- class. HowMs. Blank gets her chorus of neighborsand lesshigh-school kids for character to that point in- merchantsinHarlem, cri- whom the stageisone more volves afew standard-issue tiquing Radha’sprogress channel forinarticulaterage. plot devices: Backstageata through her newlife. Her mother has died. She rapclub,prepping foran As an exasperated Dsays, can’t paythe rent. And when open-mic night, she takesan in reaction to some of the Radha’slong-in-the-process ill-advised hit off someone terrible rapperswho pass play, “Harlem Ave.,” gets a else’sblunt and the result is through his studio,“Some- hearing from Broadway big- an excruciating onstagemelt- times youneed some story- shot Josh Whitman (a ter- down. Thescene will make telling.” Ms.Blank delivers. rific Reed Birney) she tries youcringe. So will the fact to chokehim. Granted, the that awriter of Ms.Blank’s The Forty-Year-Old Version Netflix NETFLIX changes he’ssuggesting obvious gifts has steered her P2JW283000-2-A01200-1------XA

A12 | Friday, October 9, 2020 ** THE WALL STREET JOURNAL. SPORTS

JASONGAY The 2020 Season Counts.NoAsterisks.

This is a year of strange pandemic championships, but those trophies are just as valid as all the ones that came before

This is astrangesports year,tosay the least— Rafael Nadal is sliding around the Parisian red dirt in the second week of October; the Masters tees off in November; collegefoot- ball is even morebonkersthan usual—and there’sbeen some won- derment as to whether or not championships earned in 2020 should, youknow, count as much as they usually do: They’re not playing atraditional season! Some players aren’t playing! They’re not playing before fans! Ijust like being mad and yelling about stuff! Arrrrghhh!! I’m yelling!! And so on. Some of this is the usual hothouse of sportstalk—noth- ing big canhappen in sportswith- out someone trying to pooh-pooh and diminish it. People still argue about the TomBrady Tuck Ruleand the Kevin Durant Warriorsand Game 6ofthe 1985 World Series, and the arguing is part of the joy. What else do youwant to argue about? Theelection? Come on. It’struethis is an odd sportssce- nario.Summer is gone,and the fall has brought ahistoric dogpile of ac- tion. Thereweredays in which it waspossible to The Lightning hoisted the Stanley Cup, while the Storm won the WNBA title. watchabaseball double- header,aStanley Cup Final, a Chiefs,but Ithink we’rebarely to say“self-care” and “takeiteasy Tour de Francestage,aPre- scratching the surfaceathow on yourself” but standards persist mier League match, and my stressful and psychologically taxing in everyprofession. Do youthink cattrudge20feet from my it is.The Lakers have achanceto the Journal corrections dept. is go- bedroom to the kitchen. Some close out the NBAFinals Friday, and ing to cut me anyslack if Isay the of these eventshavebeen ag- Ibet LeBron James will keep aGulf- Detroit Tigerswon the 2020 Stan- gressively modified (baseball stream warm on an Orlando tarmac. ley Cup? playedatiny60-game sea- As soon as the confetti falls,he’s (The Detroit Tigersdidn’t win son). Some arehappening in going to grab his duffel: See ya all the 2020 Stanley Cup. TheTampa adifferent climate. The later! BayLightning did,and from the French Open, usually con- Letmebeclear: Manyprofes- looks of that post-tournament pa- tested in the long light of sional athletes aremillionaires with rade,itseemed pretty meaningful June,isbeing playedinlong guaranteed contracts, and I to hockey fans down in Tampa.) sleeves. wouldn’t comparetheir inconve- This stuff counts. TheWorld Se- Still, Isay these games niencing to the grim expectations ries champ will count, Collin count. No asterisks,noparen- we have thrust upon essential Morikawa’s PGAChampionship thesis,nowhining.When we workersfromDay 1ofthis crisis.A counts,the Seattle Storm’s fourth look back at these pandemic lot of lives have been turned upside WNBAtitle counts,and if Nadal victories yearsfromnow, down, and sportsistiniest fraction wins his 13th men’ssingles title at REUTERS

they might feel even more of it. Roland Garros, that will count, too. T/

impressivethan the ones earned in abackpack,feels likeadaily decath- isn’t easy.It’shard. It doesn’t mean it’seasy,though. Very much so.Ifcollegefootball ac- HOL ordinary, non-pandemic seasons. lon, as if getting the kids dressed Even in sports, it’shard. Ithink Despiteall the adjustmentsand re- tually manages to wobble itsway to Y This isn’t just asportsthing.No- and out the door to school in the it’sharder than the players arelet- seedingsin2020,the end results— achampionship—get ready forthat MAR body’s getting an asterisk in 2020. morning didn’t already feel likea ting on—they’relargely committing and failures—count. Idon’t hear a tournament to widen, it feels inevi- We’veall had to hunker down in or- decathlon. We’reall nowused to to the shift, going along with the lot of slack being cut forthe under- table—whoever winds up on topde-

der to keep it together.The ordi- standing on the little social-distanc- protocols and precautions and, in whelming bubble L.A. Clippers(Doc serves to stand shoulder pad-to- ON/REUTERS; naryrituals of everyday lifehave ing stickersinline at the supermar- some cases,bubbles,and we amuse Riverslost his job!) or Novak Djok- shoulder pad with everyone who’s NELS

been altered—simply getting my ket. Working from home feels like ourselves with stories about Jimmy ovic’simplosion at the U.S. Open, done it before. Maybe even ashoul- Y kids dressed and out the door to an increasingly permanent state— Butler pouring gourmet coffee in and I’m surewhatever manager der pad above. PERR

school in the morning,temperature- that is,ifyou’reluckytobeworking his hotel room and the Covid- makes abrain blunder in the 2020 No asterisks,noquestions.This P: checked, app-screened, with amask, at all. alarmed Patriots flying two air- World Series is going to be haunted is 2020,after all, ahellish year that TO OM

and abackup mask tucked away in Adaptation is the norm. And it planes foragame against the about it foralong time.It’svoguish already feels likeadecade. FR

BY JARED DIAMOND The Astros’ George Springer hits a home run in Game 2 of the ALDS. THE HOUSTON ASTROS’ sudden postseason resurgence seems like offs—in some waysevenmore an upset. Their two opponents than in the regular season. Be- thus far—the MinnesotaTwins cause of the relentlessparade of and Oakland Athletics—tied for top-tier starting pitchersand the second-best record in the much moreaggressivebullpen American League.The Astros lost management this time of year,the moregames than they won, fin- percentageofruns scored via the ished in the middle of the pack in home runincreases in October. both runs and ERAand barely Theteam that out-homersthe sneaked intothe expanded post- other in apostseason series al- season field. most always wins. Yetthe Astros do one thing bet- Hitting morehome runs in the terthan everybody else that might regular season doesn’t always explain their unexpected turn- carryoverintoashort postseason around: They strike outlessfre- matchup,however. TheChicago quently than anybody in the sport, Cubs homered onceevery 26 at- an unheralded skill that has pro- batsinthe regular season on their pelled them intothe championship way to adivision crown. TheMi- series forthe fourth consecutive ami Marlins,their playoff oppo- year.And in an eraofbaseball de- nent last week,homered every32 fined by advanced analytics and at-bats. Yetwhen they squared off, measuring everyconceivable thing the Marlins hit three homers. The that happens on the field, no data Cubs hit one.The Marlins went on point means moretopredict suc- to playinthe NLDS,while the cess in October. Cubs’ season is over. Theteam with the lowerregu- While homerscome and go, the lar-season strikeout rate went 7-1 ability to put the ball in play in the best-of-three wild card largely remains in October,acriti- round last week,anemphatic re- calskill when one runcan make sult reinforcedbyhistory. In all all the difference. TheAstros en- postseason series consisting of at teredThursdayhaving struck out least three games since2000,the Strikeouts Matter in October in just 17.6%oftheir postseason squad that whiffed lessoften from plateappearances,betterthan in April through September won63% the regular season and easily the of the time. anyoftheir competitors. their plateappearances in 2020.In Therevelation this past offsea- best of anyplayoff team. No other metric offersnearly as “You put aball in play, some- his 19 seasons as aplayer, Baker sonofthe Astros’ infamous 2017 Thecounterpoint to the Astros much forecasting power. Theteam thing canhappen,” said Dusty neverstruck out morethan 89 sign-stealing scheme didn’t stop is the Tampa BayRays,the top that averaged moreregular-season Baker,the 71-year-old Astros man- times.Twins firstbaseman Miguel them from consistently making team in the American League. runs won55% of their series.The ager.“Astrikeout, nothing can Sanó fanned 90 times in this contact in 2020. They struck out 27% of the time in team that hit moreregular-season happen.” year’s two-month schedule. They were again the only team the regular season, second-most in home runs won51%. Theteam That attitude held by baseball’s to whiff lessthan 20% of the time, baseball, yetstill managed to beat with the betteroverall ERAinthe oldest activeskipper goes against though Baker said it “didn’t seem the TorontoBlue Jays in the wild- regular season won50.7%, or es- certain tenetsofmodern conven- likeit.” Informed recently that the card series.Their manager,Kevin sentially acoin flip,throwing a tional wisdom. Astros’ strikeout rate was19.7%, Cash,acknowledged that his team wrench intothe longstanding During Baker’s career as an All- 63% he responded, “That’sstill too strikes out toomuch forhis liking, maxim that “pitching wins cham- Staroutfielder in the 1970s and high forme.” but pointed out it hasn’t hurt pionships.” ’80s,strikeoutswereseen as Since 2000, the postseason series “Whether it’shard-hit contact them yet. It turns out the saying should shameful and an outcome to avoid win percentage for teams with the or youget jammed and break your “You’vegot to makethe most of probably be,“Putting the ball in at all costs. Thecurrent thinking lower regular-season strikeout rate bat and put it in play, youstill howwe’rebuilt,” Cash said. S playwins championships.” The is that strikeoutsare an unavoid- have that opportunity to tryto “That’spart of our offense,we PRES

WashingtonNationalsand Astros, able consequenceofthe pursuit of beat out aground ball,” Houston recognizethat.” TED last year’s World Series partici- power, anecessity in the faceof outfielder Kyle Tucker said. “If It’sworked well enough so far, CIA SO

pants,ranked 26th and 30th in vast improvementsinfastball ve- TheAstros buck that trend. you’reputting the ball in play, with the Rays also in position to AS strikeout percentage, respectively. locity,breaking ball movement They’rethe only team in the ma- good thingshappen.” moveontothe ALCSand poten-

Thechampion in 2018,the Boston and bullpen usage. jorswith astrikeout rate under None of this is to saythat line- tially facethe Astros,setting up NCHEZ/ Red Sox, was28th. Theyear be- Theupshot of this is that MLB 20% since2017, registering at ups should return to the days of the possibility of atruetest: a SA SE

fore that, the Astros claimed their has set arecordfor strikeout rate 18.5%. They’renow 8-2inplayoff sacrificebuntsand hitters looking great team that strikes out alot JO

franchise’sfirst title in aseason in each of the last 13 seasons,with series during that span afterclos- to slap aground ball the other versus an averageone that hardly CIO

they again struck out lessthan batters striking out in 23.4%of ing out the A’sonThursday. way.Powermatters in the play- strikes out at all. MAR P2JW283000-0-A01300-1------XA

THE WALL STREET JOURNAL. Friday, October 9, 2020 | A13 OPINION Sanders Haunts Biden-Harris BOOKSHELF | By Bertrand M. Patenaude

ThePlexiglas progressivebase Mr.Biden Page didn’t let that one go, come clean on packing the Hoover at Wednes- needs to turn out. and asked Ms.Harris to ex- Supreme Court. Average day’svice- Which is whyevery Pence plain howher campaign can Americans reject this; pro- presidential exposé of Biden plans leftMs. simultaneously tout the Green gressivesdemand it; the Bi- debatemade Harris responding with half- NewDeal on itswebsiteand den campaign says it will ex- Was Furious forsome truths or nonanswers.No- disavow it. Ms.Harris’sre- plain itsown viewonly after POTOMAC strangere- wherewas this moreondis- sponse wastotalk about the election. Threetimes Mr. WATCH flections. playthan the vicepresident’s taxes, and wildfires,then the Pencechallenged Ms.Harris The Nazi Spy Ring in America Squint hard deep diveintothe Biden en- SenateEnvironment Commit- to saywhether aPresident By Kimberley enough,and ergy plan, which has become tee. Mr.Pencereferred to the Biden would add “seatstothe By Rhodri Jeffreys-Jones A. Strassel youmight aproblem foraDemocrat in Green New Deal 11 times; Ms. Supreme Court, which has (Georgetown, 308 pages, $29.95) even have search of blue-collarsworkers Harris not once—and youcan had nine seatsfor 150 years, seen the ghostly imageofthe in states likePennsylvania. bet smart voters noticed. if youdon’t getyour way.” t was the FBI’s first major espionage case. On Feb. 14, evening’sthird, silent partici- “The both of yourepeatedly Mr.Pencecalled out the $4 Threetimes Ms.Harris I 1938, a U.S. Army deserter named Guenther Rumrich, pant: Bernie Sanders. committedtoabolishing fossil trillion in taxhikes Mr.Biden dodged, along the way telling the Chicago-born son of a European diplomat, was Debates rarely produce fuel and banning fracking,” would impose to payfor Ber- acanned but irrelevant story arrested after trying to secure 35 blank United States pass- clear winners, though they of- stated Mr.Pence. “That’snot nie-style programs likefree about Abraham Lincoln. ports by posing as Secretary of State Cordell Hull. British tenproduceclear wins.Vice true,” retorted Ms.Harris. Morethan 20 million intelligence had meanwhile intercepted a letter sent to a President MikePence’svic- But it is true,and Mr.Pence Americans watched Wednes- mail drop in Scotland revealing a plot to steal the U.S. tory of the evening wassuc- wasable to provide the cita- Pence corners Harris day’sdebate, and manywere military’s defense plans for the Atlantic Coast. The sender cessfully exposing forviewers tions. “You yourself said on likely getting the factsabout turned out to be Rumrich, who confessed to being an agent who is really running today’s multiple occasions when you on Biden’s embrace of theBernie-Biden agenda for of the Abwehr, Germany’s military intelligence service. Democratic Party.And give were running forpresident the Vermont senator’s the firsttime.Such is today’s FBI director J. Edgar Hoover assigned the case to a him credit. Just three weeks that youwould ban fracking. media. Thebig question is veteranagent, Leon Turrou, whose investigations uncovered from an election, not one JoeBiden looked his sup- radical agenda. whetherDonald Trump was an extensive Abwehr network engaged in the theft of U.S. member of the Beltway me- porter in the eyeand pointed also taking notes.Granted, secrets, such as blueprintsfor airplanes and navy destroyer- dia, including the debate and said: ‘I guarantee,Iguar- the president has averydif- saswell as codes and ciphers. As Rhodri Jeffreys-Jones moderators, has been willing antee,that we will abolish public-collegetuition. Ms. ferent style than Mr.Pence. tells us in “The Nazi SpyRing in America”—his chronicle to challengeJoe Biden on his fossil fuels.’ ” This is aclip Harris made the mistakeof At the same time,the formula of alittle-remembered but once-sensational episode—most leftward lurch. It wasleftto anynoviceYouTuber caneas- promising Mr.Biden would the vicepresident laid out is of the spies in the network were German-Americans. Mr.Pencetotakethe Bernie ily find. repeal the Trump taxcuts“on as simple as is it effective: Highly prized recruitswere wraps off. Mr.Pencealso pointed out dayone” while also promising Point out the Biden-Harris machinistsand engineerswith Kamala Harris had her that Ms.Harris is an original he would “not raise taxeson radicalism; contrast it to a access to militarytechnology. good moments, but it was Senateco-sponsor of the anybody who makes lessthan positiveTrump agenda. German passenger ships these exchanges on Mr.Bi- GreenNew Deal, aBernie- $400,000 ayear”—two state- Themedia intends to whose captains and stewards den’sagenda that were mem- promoted $16 trillion regula- mentsthat cannot both be spend the next 25 days mak- served as intelligenceagents orable forher nonanswers. tory straitjacket that would true.“Is he only going to re- ing everymoment about Mr. were used to convey And no surprise,sinceThe (among otherthings) getrid peal part of the Trump tax Trump. While it goes against documentstoGermany. Socialist WhoMust Not Be of coal, oil, natural gas, gas- cuts?” Mr.Pencequipped. his instincts, Mr.Trump One of the leaders of the Named poses the true liability poweredcarsand potentially Thevicepresident also called needs to makeevery one of spy ring turned out to be a forthe Harris-Biden ticket. cheeseburgers.That’sacam- out Mr.Biden’stimid history those momentsinstead about German-born Manhattan Mr.Biden rolled over for paignkiller,evenasit’salit- on fighting terrorism. Ms. Mr.Biden and Ms.Harris— physician and zealous anti- manyofMr. Sanders’smore mustest forthe left. Mr.Bi- Harris’s response? To com- their plans,their inconsisten- Semite named Ignatz Griebl. radical policyideas (and den’sanswerhas been to plain Mr.Trump wasn’t nice cies,their refusal to answer Special Agent Turrou, who picked alefty running mate) claimdisingenuously that the to soldiers. questions.Mr. Penceproved had made his reputation at to keep the party peace. To Green NewDeal is the “cru- Thestand-out moment of on Wednesdaythat this can the FBI by solving high-profile broadcast this agenda now cial framework” forhis own thedebate(as even liberal done.But it will be up to the cases but wasnew to would risk scaring off middle- plan, which is nonetheless commentatorswereforcedto Trump campaign alone to do espionage, made the mistakeof of-the-road Americans.But to somehow“different.” acknowledge) wasMs. Har- it. alerting Griebl that he would be subpoenaed to appear disavow it risks alienating the Even moderator Susan ris’srefusal—yet again—to Write to [email protected]. beforeagrand jury. Of the 18 people indicted in June 1938, only four were in custody.The othershad either fled, like Griebl, or remained abroad. Thepress excoriated the FBI forbungling the case.The vaunted G-men who had A Former Catholic Dances With the Torah rocketed to fame as dauntlesscrimebustersnow looked likethe Keystone Cops of counterespionage. HOUSES OF Stephen Sabbath service. Everyweek world so absurdly performed appreciatehow,inthe faceof On the daythe indictmentswereissued, Turrou quit the WORSHIP Dubner,ait is escorted from the dark.A as this.” Centuries later Har- life’strials,itisthe Book of FBI in order to publish his storyinthe NewYork Post. “Ace By Meir co-author of portion is read aloud in the vard theologian Harvey Cox Booksthat sustains us. G-man Bares German ConspiracytoParalyze United States!” Soloveichik “Freakonom- synagogue,and the scroll is wasmoreappreciative, de- Strikingly,this point about blared the Post headline hyping the forthcoming series of ics,” is the reverently returned to its scribing it as a“gamboling Jewish learning wasmade by articles.Hoover wasfurious.The FBI claimed that Turrou’s son of Jew- place. On the next Sabbath, with God.” one of America’smost in- exposé would jeopardizethe case,and acourt injunction ish parentswho converted to we pick up the text wherewe That we dancewith our sightful Catholic thinkers, blocked publication. President Franklin Roosevelt questioned Catholicism and raised him in leftoff; and this weekend, on scrolls indicates that, forthe who experienced amoment the “patriotism and ethics” of Turrou and of the Post. their newfound faith. Mr. aholidayknown as Simchat people of the book,sacred that mirrorsMr. Dubner’s rev- At the spy trial that opened in October 1938,the defense Dubner’s 1998 memoir,“Tur- Torah, or “The Joy of the To- text is more than law; it is elation in asynagogue.Ade- attorneystried to destroy Turrou’scredibility,his contract bulent Souls,” recountshis rah,” we achievethe annual ourfriend. When we finish cade ago, Charles Chaput, with the Post serving as Exhibit A. On the witnessstand, laterreturn to Judaism. His completion of the scroll. reading the scroll, we en- then archbishop of Philadel- he wasforcedtorebut accusations that he tricked the turningpoint came when his What Jews celebrateon sconceour beloved Torahin phia, visited the study hall of defendantsintosigning false confessions and connived at then-girlfriend suggested that this dayisnot only that the what mayseem to be a“last NewYork’sYeshivaUniver- Griebl’sescape.Guilty verdictsweredelivered nonetheless, he visit asynagogue.Mr. Dub- Torahiscompleted, but that dance”—but then suddenly, sity,wherehundreds of stu- and the Post then proceeded to publish Turrou’sself- ner did so reluctantly,and on we canbegin it again. While unable to tear ourselves away, dentsspend much of their day dramatizing articles.These were collected in book form as arriving instantly regretted Christians oftencall their we begin reading again. learning Torah. Archbishop “Nazi Spies in America,” the basis forthe 1939 movie the decision, surprised by reading of scripture“Bible Chaput returned to church to “Confessions of aNazi Spy,” starring EdwardG.Robinson “how little it felt likeChurch,” study,” Jewish parlancerefers deliver ahomily about what in the role of the aceG-man. and feeling “likeanintruder, to “learning Torah.” It’snot a For Jews, the people he saw. He said he realized perhaps an imposter.” review, but a constant search how“the Jewish people con- Then the Torahcame out fornew insights. “One cannot of the book, sacred tinue to exist because their The New Yo rk Post headline read: ‘Ace G-man of the ark.Suddenly,Mr. Dub- compare,” the Talmudic rab- text is more than law; covenant ...isthe founda- Bares German Conspiracy to Paralyze United ner writes,“Theair itself bis reflected, “one who has tion andglue of their rela- seemed to grow lighter,easier learned one-hundred times to it is our friend. tionship with oneanother, States!’ Anger, and a movie, followed. to breathe.” As all in atten- one who has done so forthe with their past, and with their dancehurried over to kissthe one-hundredand first.” The future. And the morefaithful scroll bearing the firstfive biblical books contain every- Given the social distancing they aretoGod’sWord, the Mr.Jeffreys-Jones,anexpert on the historyof books of the Hebrew Bible,he thing we could ever know. mandated by the current pan- morecertain they canbeof intelligenceand espionage, drawsonnewly declassified did likewise.“Aresonance, a Thenight of Simchat Torah demic,this will be aSimchat their survival.” FBI documentsand on the FBI’sfile on Turrou. He pitches gratefulness, arelief,blistered is usually one of the most Torahunlikeany other.InIs- Mr.Dubner and Archbishop his book as apacyspy thriller,but he letstrivial details itsway inside me: It is the raucous of the Jewish year. rael, currently mired in an in- Chaput, former and current from his documentsimpede the storytelling.“Aboardship,” book they arevenerating Jubilant songsare sung,and tense lockdown, manysyna- Catholic alike, discovered the we’retold about one Abwehr agent, “hewrote to his here.” Mr.Dubner todayhas a dancing suffuses the sanctu- gogues will be closed. Around heart of our faith. When all sister-in-law, saying all waswell except forashortageof Jewish family.His son, Solo- aryasthe Torahscroll is this side of the world, what- else fails, it is the Torahthat underwear,and he expected to reach the fatherland on mon, is namedfor Mr.Dub- passed from JewtoJew. ever dancing takesplacewill sustains us.Weknowthat October 22.” Thenarrativeadvancesatthe speed of an ner’s father,who went by It cansurprise outsiders be muted. Nevertheless, the nowmorethan ever.This ocean liner. Despite the new archival documents, the author Paul. His rediscoveryofhis that Jews would dancewith fragilityoflifewe’veexperi- year,what is usually ajubi- often relies on Turrou’s self-serving account of his investi- rootsbegan with asynagogue their lawand that abook of enced in the past months al- lant song on ourlips will be- gation. The book’s coverage of the spy trial should have experience: “The way aJew revelation could inspiresuch lows us to appreciatebetter come aclarion call in our been a high point but is instead cursory and anticlimactic. greeted the Torah, as though seemingly irreverent joy. In what the Torahmeans to us. hearts. The most puzzling aspect of “The Nazi Spy Ring in it contained everything he the17th century, the London Thepandemic has made us America” is the author’s decision to cast Turrou in the role would ever need, everything socialiteSamuel Pepyscame understand what we often Rabbi Soloveichik is direc- of anti-Nazi crusader. Turrou’s reckless self-promotion is that had ever been known or acrossaSimchat Torahcele- took forgranted: howthe tor of the Straus Center for presented as a harmless penchant for “publicity” that could ever be known.” bration and wrote: “I never abilitytogather weekly in Torahand Western Thought helped propel his “propaganda campaign” to awaken the TheTorah scroll is the did see so much, or could synagogue and study the To- at Yeshiva University and American people to the Nazi menace. Even Turrou’s denial most sacred object of Jewish have imagined therehad been rahtogether is one of our rabbi of Congregation of his Jewish heritageismade to fitthis heroic image. lifeand the centerpieceofits anyreligion in the whole greatest gifts.And we better Shearith Israel in New York. Mr.Jeffreys-Jones states without evidence that Turrou “claimed to be a gentile to strengthen his campaign to save Jews and the rest of humanity from the evils of Nazism.” He dismisses the FBI’s dossier on Turrou as a smear job, Shear Heaven on a Brooklyn Sidewalk but Turrou had left behind a trail of aggrieved parties ready to talk, including associates from his time in Moscow By Tunku Varadarajan hairstyles never seen on liv- adog walker passed by.The dresser afteremigrating to on the staff of the American famine-relief mission to Soviet ing persons all giveoff an most laggardly of his NewYork five yearsago. And Russia in 1921–23. Citing my book about the mission, the Brooklyn, N.Y. unsanitarywhiff,causing my charges—a foot-dragging bull- no,she’dnever imagined that author quotes me saying that its director “raved about ikemanymen of acer- inner Covid goblin to scream, dog—lingered to look at me one dayshe’dbecutting hair Turrou’s talents.” But he leaves out the context of the L tain age, I’vehad my “Do Not Enter.” with bafflement. street-side in the Land of remark—that the shape-shifting Turrou was a “confidence hair cut in these last Picturemydelight, then, as I’vehad street-corner hair- Opportunity. man of a higher breed” who had committed acts of few months by my wife, a Ipassed my barbershop in cutsinmynative Delhi, and in Snip-snip-snip she went, treachery. The FBI rejected Turrou’s resignation and professor by trade.Asshe’s downtown Brooklyn earlier Guatemala City,Hanoi, Kara- and passersby couldn’t resist instead dismissed him “with prejudice.” Hoover, the author hacked at me with apair of this week and sawthree chi and Caracas.But the idea the spectacle.Achild says, “turned against the ace detective who had once been householdscissors, my grati- chairsset up on the sidewalk. of receiving such public stopped, transfixed, and his his favorite,” as if the rogue agent were an innocent victim. tude to her—and there’sbeen grooming in prosperous mother explained why“that Thebook’ssubtitle refers to “the case that stirred the plenty of that—has always brownstone Brooklyn waslit- man” wasgetting ahaircut nation,” the moment when Americans began to turn away been mixed with an apprehen- I finally went out tle short of miraculous.The outside.(She gotitright by from neutrality and against Germany. But not everyone sion that she might sawoff a for a haircut. I got shop’smanager,who observed intuition.) Ismiled at her waspersuaded by the screaming headlines.ANew York lobe or mangle ahelix (the from adistance, told me that through my mask,and as they Times editorial, describing the espionagetrial as a“petty, outerrim of the ear’s upper one without going in. she’ddecided to emulatethe spoke, Ifelt agentle confir- sordid and oftenfaintly humorous drama,” concluded that curvature). Her skills have im- local restaurantsand apply mation that the little,milli- “the spy problem is no real problem at all.” “The Nazi Spy proved with practice, and the forapermit from the city to metric changesinour lives RinginAmerica” shows that the threat wasreal, even as haircut she insisted on giving Iwas on my daily constitu- servecustomersoutdoors. “If have become just as profound it fails to deliver an engaging narrativeworthyofthis me beforeabeloved friend’s tional, with one eyeonahot- restaurantscan, whynot us?” as all the Big Thingsthat we fascinating episode. recent funeral wasthe tonso- dog stand nearby; but drawn she said. It took two weeks to read about and fear.Haircuts rial equivalent of homemade by the sight of those chairs, I getpermission, all online. on aBrooklyn sidewalk won’t Mr. Patenaude, aresearch fellow at the Hoover Institution, wine—not remotely as good crossed the street foracloser My barber,awoman as makeheadlines.But on a is the author of “The Big Show in Bololand: The American as the real thing,but it served look.“Youwant haircut?” dour as her hometown—in- sunnyOctober day, they’re Relief Expedition to Soviet Russia in the Famine of 1921.” itspurpose. asked the masked Slavic lady dustrial Kremenchuk,incen- proofthat the unraveling of Although barbershops standing by the door.“Inside tral Ukraine—spokelittle ourlives by Covid isn’t al- have reopened in NewYork, or outside?” Seemingly be- English. Butshe wielded a waysugly or unpleasant. Coming in BOOKSthis weekend I’vestayedaway.The dank witched, Imumbled “out- pair of scissorswith adeft- ‘Bowling Alone’ at 20 •The lifeand thought of Spinoza • air,the lank hair on the floor, side”—acleansing word in nessthat wasasidewalk ver- Mr. Varadarajan, aJournal Louis Armstrong: Thebig band years•Philip of Macedon the jarsofblue germicide these times—and wasbeck- sion of heaven. She’dbeen in contributor, is afellow at New and Alexander the Great •Plantsonthe move•The last with combs in them, and the oned to aseat. As Isat in a collegeinUkraine,she said, York University Law School’s of the libertines •Sam Sacks on new fiction •&more fading photographs with barber’s bib on aswivel chair, and learned to be ahair- Classical Liberal Institute. P2JW283000-0-A01400-1------XA

A14 | Friday, October 9, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Judiciary Grabs the Census Joe Biden: The Economic Growth Candidate?

hough buried by other news,aCensus bureau’sprediction in 2018. Regarding Jason Furman’s “Biden’s Trump tax cuts, which directly bene- case is moving through the courtswith Thebureau has also introduced technologies, Tax Plan Would Spur Economic fited millions of low- and middle-in- T significant implications forexecutive includingthe use of administrativerecords,that Growth” (op-ed, Oct. 6): What Mr. come workers. Furman fails to prove is the idea that Also, eliminating the step-up basis authority and the separation the director says have im- A bad John Roberts state redistribution of resources at death will create an accounting of powers.Progressiveplain- proved efficiency. As of Thurs- grows the pool of real resources. nightmare for most taxpayers, as well tiffs and the courtsare trying ruling is leading to day, 99.8%ofthe U.S. popula- Clearly the proposal increases GDP, as bankrupting many who have few to hijack Congressional reap- tion had been enumerated and which arbitrarily records government liquid assets but live in highly appre- portionment. more legal mischief. 99.9%in35states. An accurate spending as growth. ciated houses. TheCensus Bureau in April population count matters for The rich aren’t actually hoarding PETER LINDQUIST said it would extend the sched- reapportionment, redistricting wads of dollars under their mat- Sunnyvale, Calif. ule it had set in December 2018 forcounting the and federal funding. tresses. Mr. Furman suggests that the population to Oct. 31 from the end of July.Italso But as Ninth Circuit JudgePatrick Bumatay Biden tax code would “increase the Jason Furman ignores powerful, asked Congresstoextendits statutorydeadline noted in adissent last week to the court’sdeci- incentive for productive innovation direct, empirical evidence in the re- forpresenting the final reapportionment count sion not to stay the lower-court’spreliminary instead of tax avoidance.” I think not. cent Federal Reserve report that Either way, the common man under- shows real record gains in income to the President to April 30 from Dec.31. Con- injunction, “determining what level of accuracy stands that he must first ensure that and wealth by the less-advantaged gressdeclined. is sufficient is simply not something that the ju- his resources haven't been seized by under President Trump’s economy be- Thebureau then compressed itstimeline to dicial branch is equipped to do.” Courts, he the IRS before he can productively in- fore Covid. Mr. Furman asks us to finish the population count to provide ample added, do not have “license to act as a super vest them. disbelieve our lying eyes. time to meet the Dec.31deadline.Liberal groups Census Bureau.” JOHN WILK He also talks of closing tax loop- and Democratic cities sued, claiming this sched- Other judges sawthis coming.JusticeClar- Racine, Wis. holes. But Joe Biden’s plan would re- ule violated the AdministrativeProcedureAct enceThomas,joined by Justices BrettKa- open one of the largest: the full de- (APA). Athree-judgepanel on the Ninth Circuit vanaugh and Neil Gorsuch, warned that Chief Mr. Furman repeats one of the ductibility of state and local taxes. Court of Appeals agreed on Wednesday. JusticeJohn Roberts’sdecision last year block- most misleading statements of the Bi- That loophole benefits chiefly those This is no meretrivia over timing.The Consti- ing acitizenship question on the Census under den campaign, i.e., only those making who earn more than three times the tution empowers Congresstoconduct the Census the APA“reflectsanunprecedented departure over $400,000 will see a tax increase median income. He also predicts under the Biden plan. His own article greater tax collection efficiency and in “such manner as they shall by Lawdirect.” Con- from ourdeferential reviewofdiscretionary states most of the ways that this isn’t less tax avoidance; but higher tax gressinturn has granted the Census Bureau broad agencydecisions.And, if takenseriously as a true. First, increasing the wage base rates always inspire greater tax discretion over methods,timing and technical is- rule of decision, this holding would transform for payroll tax affects anyone making avoidance, not less. sues.Yet the Ninth Circuit upheld alower-court administrativelaw.” over about $138,000. Second, and JEFF SOURBEER orderrequiring the bureau to continue counting And hereweare.The Ninth Circuit decision more important, increasing corporate Belleair, Fla. people through the end of October. is inviting morelegal challenges intohow the taxes affects everyone, even the half Census Bureau officials have said this would Census is conducted that could delayfor years of the country that pays no personal Jason Furman isn’t fooling anyone makeitimpossible to meet the Dec.31deadline the population tallies forreapportionment and federal income tax. Corporations when he uses the positive-connota- without skipping some procedures to verify redistricting. don’t pay tax, people do. Where does tion word “share,” when he really the accuracyofthe data. In which case,liberal Afterthe 2000 Census,Utahsued the Com- he think that money comes from? means the negative-connotation word Third, eliminating the step-up in ba- “redistribute.” He reminds me of a groups could sue the government again under merce Department forusing imputation to infer sis at death will be a tax increase on Christmas many years ago when my the AdministrativeProcedureAct. Courts howmanypeople lived at aresidencewhen peo- anyone, regardless of income, who in- mother-in-law received a five-pound could then order the government to redo the ple didn’t respond to the survey.Utahclaimed herits a stock or other asset. So how chocolate bar. It was huge. When she reapportionment. this cost the stateaHouse seat and asked courts are the Biden tax increases limited unwrapped it and showed it to every- TheNinth Circuit’sopinion explains that data to order the bureau to reprocessthe Census only to those earning over $400,000? one, a 5-year-old boy’s eyes went canbereprocessed “ifthe Bureau meetsthe De- data.North Carolina then intervened because HAROLD COHEN wide as dinner plates. He went over cember 31 datebyusing procedures that violate such an injunction would have cost it aHouse Atlanta to her and said, “Grandma, I’ll share anyaccuracyrequirement embedded in the Enu- seat. Eventually in 2002 an 8-1majority on the with you.” meration Clause,orproceeds in an arbitraryand High Court rejected Utah’sargument, holding The only thing that kept President ROBERT ALLAN SCHWARTZ capricious manner.” Yetthe Enumeration Clause the Enumeration Clause gives the bureau broad Obama’s economy from tanking was Lexington, Mass. of the Constitution, which requires apportion- discretion over datacollection. the fracking-based oil and gas boom—which progressives want to I only have one question: Were you ment to be based on the Census count, has no Yetthe Ninth Circuit cites the Chief Justice’s kill. Isn’t that killing the goose that better off under the Obama/Biden such accuracyrequirement. majority opinion in the citizenship-question lays the golden eggs? years or during the past 3½ pre- Obtaining an accuratecount maybemore case to claim that courtscan nowreview discre- HAL DANTONE Covid years under President Trump’s challenging this year because some city dwellers tionarydecisions by the Census Bureau under Kingsville, Texas administration? I would especially have fled to the country. Manyyoung adults the APA. TheJusticeDepartment is asking the ask that question of our Hispanic and movedinwith their parents. But the self-com- Supreme Court forastay, and the Chief should It’s hard to see how Joe Biden’s tax African-American citizens. Seems to pletion rate—a key gaugefor accuracy—forthis help to rein in the legal mischief that his earlier plan would grow anything except the me a simple choice. year’s Census is similar to 2010 and exceeded the opinion has unleashed. government. The author doesn’t men- ROBERT BROWNING tion Mr. Biden’s vow to eliminate the Metairie, La. The Plot Against Gretchen Whitmer

ix men have been chargedbyfederal militia member. In June conspirators met in a Transracial Adoption and Helping Children prosecutorsfor allegedly planning to basement “accessed through atrapdoor hidden Jason L. Riley’s “The Left’s Un- Anne Proano is right (Letters, Oct. S kidnap Michigan Gov.Gretchen Whitmer, under a rug,” the court filing says. Cellphones healthy Interest in Amy Coney Bar- 6) to question the hypocrisy of Ibram apparently in an insane plot were collected beforehand to rett’s Adopted Kids” (Upward Mobil- X. Kendi’s own racist attitudes in de- againstoverreaching state The recourse is the law, prevent monitoring.Yet acon- ity, Sept. 30) cites a part of our 2018 nouncing Judge Amy Coney Barrett government. Seven others, not violence, when a fidential source waswearing a book that summarized the evidence as a “white colonizer,” but her mis- linked to a militia group, are wire. on the effects of transracial adoption. take is to expect any consistency at facing state charges. The de- politician overreaches. Ms.Whitmer has exceeded Outcomes such as behavior, school all. So-called “antiracists” are rarely tails in an FBI affidavit suggest her legal authority in the pan- performance, mental health, self es- interested in justice or equality—it is teem and adult racial-identity forma- often a self-serving tool, a pseudo-re- these people were serious. demic, and often in arrogant tion don’t statistically differ between ligious dogma securing permanent si- The federal court filing says a group of men fashion. But the recourse forher critics is poli- black children adopted by white par- necures for a new theocracy of man- scoped out Ms. Whitmer’s vacation home and tics and the law, not violence and kidnapping. ents and those adopted by black par- agement consultants who exert estimated policeresponse times.They built an TheMichigan Supreme Court proved that point ents. But, as Mr. Riley points out, the social-media control: an immanent, explosive, wrapped it in pennies, and tested it last week by ruling that Ms. Whitmer violated adoption of two Haitian children by omnipresent online priesthood hand- “inaclearing surrounded by human silhouette statelaw in redeclaring the same pandemic Amy Coney Barrett has stimulated ac- ing down judgments. targets.” One of them said he bought astun gun emergency after 28 days without the consent tivists on the left, including Ibram X. “Whiteguilt” and the vain exhibi- recently. He referred to the Governor as a “ty- of the Legislature. Kendi, to speak, or tweet, in opposi- tionism of “woke” virtue-signalling rant” and spoke of taking her to a secure loca- This shouldn’t be apolitical story. And tion to such adoptions. is an exact replicaofthe masochism tion for “trial.” though Ms. Whitmer is a Democrat, leaders of We are white parents of two adult onceenjoyedbyflagellantsand by This is tin-hat crazy, and authorities have a theGOP Legislaturedidn’t mincewords.“A black sons who think of ourselves as wearing sackcloth. “Whiteprivi- liberals and striving antiracists. But lege” repackages original sin for duty to act when basement conspiracy chatter threat against our Governor,” the SenateMajor- given our research results we think secular millennials: Youare perma- becomes overt actstoward acriminal violation. ity Leader said, “is a threat against us all.” leftist activists should focus, as we nently stained by the fact of your Threatsagainst public officials in particular For her part, Ms. Whitmer thanked law en- do, on such problems as the criminal- birth and social origin. By “checking need to be taken seriously in these polarized forcement. Then she couldn’t resist essentially justice system, health care and voting your privilege” youmust be perpet- times. Recall the shooting by a Bernie Sanders blaming the plot on President Trump. At last rights, where racism is doing major ually ashamed of your ownexis- supporter that grievously wounded GOP Rep. week’sdebate, she said, he “refused to condemn harm, rather than on opposing tran- tence, moreunyielding than any Steve Scalisein 2017. whitesupremacistsand hategroups,likethese sracial adoption. “Catholic guilt.” Thankfully, police, undercover agents and two Michigan militia groups.” PROFS. IRENE POWELL AND “Whitefragility” is apernicious the U.S. JusticeDepartment were ontothe plot But Mr.Trump has condemned such groups MARK MONTGOMERY expression of circular logic.Todeny in the Whitmer case.Credit as well to their con- numerous times.Ms. Whitmer should be thank- Grinnell College that youare racist is itself aself-evi- fidential sources, one identified as adisaffected ing the Trump Justice Department. Grinnell, Iowa dent confession of racism, likehow youcouldn’t question holy writ be- cause it washoly.Violatorsare frog- My Recent Postal Ballot marched through Twitterand pub- Who Needs Debate Moderators? Was the Best I’ve Ever Cast licly humiliated in an electronic auto-da-fé. hursdaymorning the Commission on Mr.Pencewas right to makehis ownpoints This year,Iexecuted the best vote The fundamental dishonesty of the Presidential Debates made headlines rather than debateMs. Page’s economic misinfor- Ihaveevercompleted. Even if you “antiracists” is illustrated by the T when it announcedthat the next presi- mation, but when amoderator drops aloaded don’t agree with my choices,you companion letter from June Rogers dential debatescheduled for question or bases aquestion on would certainly agree that it wasan showing how the people condemning Oct. 15 would be virtual. Min- Or, for that matter, who afalse premise,itstacks the excellent vote.Onmyballot there Amy Coney Barrett for adopting black utes later,Donald Trump made debate. Whocares what amod- were judgeships at risk,state consti- children are silent over left-coast ac- elected the Commission tutional amendmentstoconsider, tors doing the same. Critical race moreheadlines when he told erator thinks in anycase? on Presidential Debates? city council seatsIhad never heard theory was never about moral princi- Maria Bartiromo on FoxBusi- That’sone reason we favor of,state representatives and awhole ple; it is a cynical tool to shame and nessthat if it’sgoing to be vir- doing away with moderators plethoraofpeople Ihad never heard smother political enemies. tual, he’ll skip it. and having microphones that of or from. YetIwas expected to ROBERT FRAZER Thecommission “didn’t even tell us about the giveeach candidate, say, two minutes to speak vote fororagainst them. Isat quietly Salford, Lancashire, U.K. debate,” Mr.Trump said. “They called up two at atime.The candidates canuse their time as at my computer with acup of coffee minutes agoand it wasannounced.” If it’strue they see fitbeforethe microphone goes dead and researched everysingle candi- that the debatestructurewas imposed rather when the time runs out. Thequestions would date, everysingle issue and made Pepper ... than decided by the campaigns,that’saproblem come from the candidates and their campaigns, much betterchoices than Iever And Salt in itself. not some outside party who mayhaveher own could have made in avoting booth. Sincethe insult-fest that wasthe first agenda. Surely thecandidates knowthe best Theremay or maynot be significant THE WALL STREET JOURNAL fraud associated with mail-in voting, Trump-Bidenshowdown,the commission has questions to put to their rivals. but overall Ifelt betterabout my been considering changes—such as giving TheCommission on Presidential Debates vote than Ihaveatany time during moderators even more control over the candi- doesn’t control these eventsasabirthright. It’s my 50-plus-year voting history. Fur- dates.But maybe the real solution is to getrid anonprofit, supposedly nonpartisan outfitrun thermore, Iwas given the means to of the commission, as well as the moderators by Washingtongrandees and firstsponsored de- track my vote online,soIhaveconfi- who aremaking themselves toomuch apart bates in 1988.Its debatesponsorship has since dencethat this system is worth per- of the proceedings. become atradition, but itsjudgment on modera- fecting,flaws and all (“ErrorsSeen in In the Pence-Harris debate, moderator Susan tors and timing is suspect. By the time of this Mail-in Ballots,” U.S. News,Oct. 5). Page of USATodayasserted as fact that the year’s firstdebateonSept. 29,millions of people LEE RUSHLOW “rapid androbust recovery” predicted by the had already voted. Itsunilateral decision Thurs- Tavernier, Fla. Trump administration is “not happening.” But dayfor avirtual debateisanother example of Lettersintended forpublication Federal ReserveChairman Jerome Powell noted itshigh-handedness. should be emailed to [email protected]. Tuesdaythat “the recovery has progressed Thecandidates and parties ought to take Please include your city, stateand more quickly than generally expected.” The back control over these debates,and let the can- telephone number.All letters aresub- economyhas regained half of the 22 million jobs didates go at it mano amano without some Belt- ject to editing,and unpublished letters it lost during the March and April lockdowns. way referee. cannot be acknowledged. P2JW283000-0-A01500-1------XA

THE WALL STREET JOURNAL. Friday, October 9, 2020 | A15 OPINION An American Coup Attempt The Trump Treatment By Ron Johnson opened CrossfireHurricane,its intel- ligence probe into the Trump cam- he U.S. is in aconstitu- paign, basedonthe Papadopolous For Covid Is tional crisis.Itbegan on information. the dayofPresident The FBI received Mr. Steele’s ini- T Trump’selection, when tial reports on July 5, 2016. The bu- Coming Soon unelected bureaucratsmo- reau soon became aware the Steele bilized against his presidency. This is dossier wasopposition research acrisis in the executivebranch, per- compiled and paid forbythe Demo- By Scott Gottlieb petrated by subordinateofficials who craticNational Committeeand Clin- And Mark McClellan don’t see themselves as answerable ton campaign. By October 2016, the

to the president. They have effec- GES FBI wasaware that one of Mr. resident Trump has been criti- tively established afourth branch of IMA Steele’ssubsourcesworked forRus- P cized forreceiving experimen- government—a permanent, unac- sian intelligenceservices.InDecem- talCovid-19 treatmentsthat countable bureaucracy. ETTY ber 2016,the FBI learned that Mr. aren’t available to ordinaryAmeri- /G

Thefirst public displayofinsur- FP Steele’sprimarysubsource was cans.But man-made antibodies like /A

rection began with leaked transcripts EB someone it had investigated in 2009 those Mr.Trump received maysoon

of Mr.Trump’sphones call with Mex- LO as a suspected Russian asset. be rolled out forbroader public use. UL

ican President Enrique Peña Nietoon SA In January2017, the FBI inter- Such treatmentsmay be abridgetoa Jan. 27,2017, and Australian Prime Trump at his victory party in New York, Nov. 9, 2016. viewed the primary subsource, who vaccine. Minister Malcolm Turnbull the fol- described his reporting as the kind Covid vaccines arebeing devel- lowing day. As the SenateHomeland ney,Mark Zaid, did in aJan. 30, may be hidden forever. of conversation you’dhave“with oped at abrisk pace, but their wide- Security Committee reported,the 2017, tweet: “#coup has started. First Here’swhat we knowsofar: On friends over beers.” Around that spread use is on track fornextyear. Trump administration wasplagued of manysteps.#rebellion. #impeach- July 5, 2016,then-FBI Director same time, the FBI received intelli- Even if the Food and Drug Adminis- with 62 leaks possibly endangering ment will follow ultimately.” James Comey overstepped his au- gence reporting that the Steele dos- tration authorizes avaccine this win- national security in itsfirst 125 days, Throughout this constitutional thority and publicly exonerated Hil- sier contained Russian disinforma- terfor those at high risk of Covid crisis,manyjournalistsabettedthe laryClinton while criticizing her tion. YetinMarch 2018,the FBI complications,the immunity benefit plotters by abandoning even the pre- conduct. Thesame dayinLondon, briefed the SenateSelect Committee to the population will come gradually Time may be running out tense of objectivity and claiming that the FBI met with Christopher Steele, on Intelligencethat information in as access is expanded and more Mr.Trump poses agrave threat to author of the now-debunked anti- the Steele dossier was reliable. Americans arevaccinated. to expose the effort to the country. These membersofthe Trumpdossier. We have reached the moment of overthrow Trump, which presswerewilling recipientsofleaks U.S. intelligenceagencies received truth. Foryears, our effortstoob- Antibody drugs like the began before his election. that created and perpetuated the reporting that Russians believed Hil- tain documentsand testimonyfrom false narrativethat the Trump cam- laryClinton approved aplan on July federal intelligenceagencies,includ- one the president took may paign colluded with Russia. Not one 26,2016,to“stir up ascandal” by ty- ing the FBI and CIA,havebeen member of the media has exposed ing Trump to the Russian hacking of stonewalled. NowMr. Trump has au- be a bridge to a vaccine. compared with nine such leaks under these sourcesoffalse information. aDemocratic National Committee thorized his subordinates to declas- George W. Bush and eight under Ba- They know who the leakersand plot- email server.Then-CIA Director John sifyand provide all information rel- rack Obama.In2019 a“whistle- ters are; they won’t tell you. Brennan later briefed President evanttoour investigations.Will Onegoal has been to have drugs blower” upped the antebyleaking Fortunately,thereare people who Obama about this reporting.Also on they comply with his directive, or likeantibody treatmentsavailable details of Mr.Trump’sphone call areworking to uncover the truth. July 26,a“friendly foreign govern- will theinsurrection continue? We this fall. Instead of using avaccine to with Ukrainian President Volodymyr Former House IntelligenceCommit- ment” gave the chargé d’affaires at will hear howling and screaming spur our bodies to produceantibod- Zelensky. This fueled Mr.Trump’s teeChairman Devin Nunes,Attorney the U.S. Embassy in London informa- that the president is politicizing the ies,these drugsdeliver synthetic ver- impeachmentinDecember. General William Barr, former acting tion that George Papadopoulos “sug- agencies and threatening national sions that aim to neutralizethe virus Between those examples of mu- Director of National Intelligence gested the Trump team had received security.But what is the greater beforecomplications develop.Mr. tinyagainst the president, corrupt Richard Grenell, his successor,John some kind of suggestion” that Russia threat to our democracy—transpar- Trump probably benefited from the actors within the Federal Bureau of Ratcliffeand my committee, along might release information damaging ency, or the continued coverupofan antibody cocktail he received, devel- Investigation—and apparently,based with the SenateFinanceand Judi- to the Clinton campaign, according to attempted coup against the duly oped by Regeneron. These drugs on recent disclosures,other partsof ciarycommittees,are working to de- aDecember report from the Justice elected president? could also rescue patientswhen vac- the intelligencecommunity—used classify important information and Department’sinspector general. cination doesn’t work or treat those their powertosabotagethe adminis- makeitpublic.Unfortunately,uncov- At that time, according to public Mr. Johnson, aRepublican, is a who getsick afterdeclining to be tration. Their actions canonly be de- ering the truth isn’t easy, and time reports, Gina Haspel,now CIA direc- U.S. senatorfrom Wisconsin and vaccinated. Regeneron and Eli Lilly scribed as an attempted coup—as may be running out. Should Joe Bi- tor, wasthe agency’schief of station chairman of the Homeland Security have submitteddatafromclinical tri- theUkraine whistleblower’sattor- den win the presidency, the truth in London. On July 31, 2016,the FBI and Governmental Affairs Committee. als as abasis foremergencyuse au- thorization.Amgen and VirBiotech- nologyalso have such drugs in advanced development. Jerome Powell’s Big Political Gamble Eli Lilly’s submission wasbased on trial resultsreported earlier this Federal Reserve modern economy, given itsability to Mr.Powell’spolitical-economysin target to make up for periods when week showing that itsantibody treat- Chairman Jerome steer capital to different cornersof is that he kicked it up acouple inflation runs belowthe target. This ment reduces hospitalizations and se- Powell’s stock has the market. Theoretically that makes notches,intwo ways.One is his lob- averageissomalleable in practice rious complications.The antibodies risen steadily on the central bank tooimportant to be bying on behalf of fiscal stimulus as to be no target at all. appear to be most helpful to those at Capitol Hill in re- free of full democratic oversight. Po- legislation.Inthe most generous Note the dangerous interaction highest risk.Earlier datashowedthat cent months as he litically,itmakes the central bank reading,perhaps the chairman hopes between this newframework and the antibodies bring down virus lev- POLITICAL lobbied aggres- tootempting atarget, whether from that if he goads Congressintopass- Mr.Powell’slobbying forcoronavi- els in infected patientswith no obvi- ECONOMICS sively formorefis- aDonald Trump tweeting about in- ing another relief bill, he’ll somehow russtimulus.With the enormous ous safety risks. calstimulus in the terest ratesoraJoe Biden promis- relievethe political pressureonthe newdebt forwhich the chairman is These applications come lessthan By Joseph C. faceofthe pan- ing to use the Fed as atool for“ra- Fedtoact moreaggressively in lieu pleading will come unbearable polit- amonth beforethe election and right Sternberg demic.This is one cial justice.” of legislation. Yetafundamental ical pressureonthe Fedtosuppress afterMr. Trump received an antibody “market signal” Americans gavethe Fedrelatively part of Mr.Powell’sjob is to do the interest rateslest it increase the treatment. Thescienceofantibody that should makeeveryone nervous, free rein anyway,because doing so opposite—toimpose some discipline, government’sdebt-servicing costs. drugs could thus devolve into an- not that manywill admit it. seemed to solvemoreproblems than howeverlight, on political spending Thecentral bank’sold inflation tar- other political dispute. But the FDA Mr.Powell is popular because he’s it created. One is that, in our fiat- decisions.He’snot fulfilling that getoffered some measureofpoliti- should and will weigh the benefitsof telling lawmakers—primarily Demo- money world, the powertoinflateis duty if he argues forlimitlessfiscal calcover forraising rates. Without the therapy against the risks and crats—what they want to hear.To the powertotax—inflation saps pur- expansion (and then, by the way,be- it, the Fedwill have little recourse judgethe application on the scien- wit, he has become Washington’s chasing powerfor the sakeofreduc- comes amajor buyer of the Trea- to resist Congress’sdebt-happy tific merits, hopefully without politi- most eminent advocatefor aphase- ing the inflation-adjusted burden of surysthe government will issue to ways. calinterference. four spending blowout. “The recov- the government’sdebt. Afterthe payfor it all). Thechairman dodged abullet this Thenew data, paired with past erywill be stronger and movefaster 1970s,wefigured out that vesting so Worse, at theend of August the week when negotiations on the stim- dataand the drug’ssafety profile, much taxing authority solely inside Powell Fedadopted anew inflation ulus fell apart. TheFed and elector- would seem to support timely autho- what at the time acted likeanexecu- target that will permanently politi- atealikeshould understand the con- rization forCovid patientsatrisk for The Fed is independent as tive agency—at the beck and call of cizeAmerican central banking.The sequences if Americans next month complications.But making the most thepresident—was abad idea. “average inflation targeting” regime vote in Democratswho revivethe of these treatmentswill requirefur- a safeguard against fiscal Theother problem Fedindepen- gives the Fedinfinitescope to allow stimulus bill andgiveMr. Powell ther steps ahead of what could be a indiscipline. The chairman dencewas supposed to solverelated inflation to runhotterthan its2% what he says he wants. swell of infections this winter. to adifferent consequenceofadopt- First, it is essential to ramp up is shirking that duty. ingfiat money—a totallack of disci- supply.Regeneron has said the com- pline on whichever of the world’s panycan have as manyas300,000 governmentsisluckyenough to FDR, Coronavirus and doses by the end of the year,and Lilly if monetarypolicyand fiscal policy managethe world’sreservecur- says it canchurn out morethan a continue to work side by side to pro- rency. Congress, step forwardto million. That isn’tenough. We esti- vide support to the economyuntil it claim your prize: Global investors The Politics of Bravado mateatleast 12,000 of the newCovid is clearly out of the woods,” he seem to have limitlessfaith in the cases each daywould be indicated for opined Tuesday. He warned that the U.S. government’sability to payits By Lance Morrow relationship to the truth and the the drug based on ageand risk fac- failuretoprovide such stimulus bills.Inthis environment, acentral- workingsofhis presidency. It’salso, tors,evenifthere’snofurther surge would be “tragic.” bank commitment to pricestabil- o understand Donald Trump’s in part, the secret of America’s suc- of infection. Tuesday’sspeech wasthe latest ity—to heck with the consequences T behavior as aCovid-19 patient cess as acountry. All miracles come Earlier this year we wroteon in astring of pronouncementsby forCongress’sborrowing costsifthe (leaving Walter Reed to wave with a risk of charlatanism. No one these pages about the likely short- which Mr.Powell lobbied formore central banker needs to raise inter- at hissupportersthrough the win- bothers to hate an ineffectual man. ages of antibody drugsabsent a pandemic spending.Last month he estrates to tame inflation—is the dowofhis SUV, or checking out of Think of acontrarydynamic.The “Warp Speed” operation to increase told eager membersofCongress, “I only “market” check on fiscal policy the hospital early and posing mask- TetOffensiveinearly 1968,amas- manufacturing capacity.It’sstill pos- think that it is likely that morefiscal in America. lessonthe WhiteHouse balcony), siveNorth Vietnamese assault on cit- sible to convert U.S. biomanufactur- support will be needed.” And before Until Mr.Powell came along. youmight liberateyour mind from ies and American strongholds in ing plants to producemoreofthese that, he insisted on National Public Monetary independencealready the distracting context of 2020 and SouthVietnam, wasobjectively a drugsfor 2021. Radio that the time to worryabout wasendangered, with central banks consider two moments in history. failure. But, especially as interpreted It will be important to use the lim- government debt is “not right now.” doing most of the endangering since Thefirst is March 4, 1933,the day in the richly dramatic media version, ited supply of antibodies thought- This is moredangerous than most 2008.Expansiveasset-purchase pro- of Franklin Roosevelt’s firstinaugu- Tet became a traumatic U.S. loss—a fully.Apriority processsimilar to the people on Wall Street areprepared grams and ever moreintrusivebank- ration. He told the American people, psychological catastrophe.Itwas the one underway forvaccines canhelp to admit. TheFed fordecades has ing regulation have draggedthe “The only thing we have to fear is turning point of the long war. ensurethese drugsgotothe patients jealouslyguarded itspolitical inde- world’scentral banks intofunda- fear itself.” That brave, inaccurate American defeatism hardened into who need them most. This should in- pendence. That autonomyisatough mentally political debates about the line became inspiring—especially as American defeat. Vietnam wasamis- clude planning with statepublic sell. Acentral bank is one of the distribution of credit and wealth in it wasuttered by aman who had begotten war anyway—one that the health authorities to avoid the com- most powerful institutions in any their economies. spent adecade fighting his way back U.S. deserved to lose; defeat there plications in allocating limited rem- from thecatastrophe of polio. He ac- became a defining event in the his- desivir supplies over the summer. complished that feat by acting in tory of the American self-image. The Public andprivateinsurersshould public as if he were not, in fact, Biden-Trump generation remembers promptly coverthe drugsand their PUBLISHED SINCE 1889 BY DOWJONES&COMPANY crippled; he had trained himself to Tet as if it were yesterday. intravenous administration forhigh- Rupert Murdoch Robert Thomson put on apainful showofwalking Bravado and defiant panache have priority patients, while awaiting fur- Executive Chairman, News Corp Chief Executive Officer, News Corp normally. their uses in the conduct of leader- ther studies. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher The“fear itself” statement, like ship.Think of Lord Nelson at the Acrucial caveat: Monoclonal anti- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: the “walking,” wasavaliant lie.In Battle of Copenhagen, when he put bodies don’t confer lasting immunity. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; truth, there was everything to fear. his telescope to his bad eye so that They don’tprevent spread, and until Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; TheU.S.economyhad collapsed. Hit- he might claim he did not see his they areinsufficient supply,they News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; ler had become chancellor of Ger- commander-in-chief’s signal flagsor- won’t protect all Americans from se- Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer many. Doomy weather was settling dering retreat. He then led on to vic- rious complications.But they’relikely Andrew Dowell, Asia; AnthonyGalloway, Video & upon the world. tory.Amedical emergencylikea to reducehospital admissions and Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; I do not claim that Mr. Trump is pandemic calls morefor prudence save lives.The best waystoextend Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; FDR.The current president’sbehav- than forshowmanship and morefor thesupply of these treatmentsare Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; ior suggestsother precedents— truth than forgallant lies.Uptoa the ones you’vebeen hearing about Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News touches of RoyCohn,Norman Vin- point. Mr.Trump always errsonthe for months: wear masks, avoid Thomas SanFilippo, Customer Service; cent Peale and George Patton as he side of bravado. But he isn’t wrong crowds, expand testing and isolateif GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; might have been reimagined by Da- to urge Americans to be brave, and infected. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; mon Runyon. When Mr. Trump tells nottodisable their lives and econ- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International his fellow citizens not to be intimi- omy by surrendering to fear itself. Dr. Gottlieb and Dr. McClellan WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: dated by the coronavirus,not to let it served as FDA commissioners, from LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head “dominate” them, he does aperfectly Mr. Morrow is a senior fellow at 2017-19 and 2002-04, respectively.

EDITORIAL AND CORPORATEHEADQUARTERS: Trumpian thing: He invites them to theEthics and Public Policy Center Both serve on the boards of companies 1211 Avenue of the Americas, New York, N.Y., 10036 shareinanoptative, mind-over-mat- and author of “God and Mammon: developing Covid vaccines and work- Telephone 1-800-DOWJONES termetaphysics that is the key to his Chronicles of American Money.” ingonthe response to the pandemic. P2JW283000-0-A01600-1------XA

A16 | Friday, October 9, 2020 THE WALL STREET JOURNAL. P2JW283000-5-B00100-1------XA BUSITECHNOLOGNEY: SHAQUILLESSO’NEAL JOINS&FNEW BLANK-CHEINCK MEDIAANCOMPANY B4 CE

© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Friday, October 9, 2020 | B1

S&P 3446.83 À 0.80% S&P FIN À 1.36% S&P IT À 0.45% DJ TRANS À 0.62% WSJ $ IDX g 0.09% LIBOR 3M 0.221 NIKKEI (Midday) 23613.20 g 0.14% See more at WSJ.com/Markets Morgan Stanley Sets $7 Billion Deal for Eaton

Wall Street firm ing before, offering similarly would double assets it large premiums to acquire E*Tradeand, beforethat, a manages for pensions companycalled Solium that and other clients manages employeestock plans. “People who hang around

/IBM BY LIZ HOFFMAN trying to buy great companies

ZHOU cheaply never getanything MorganStanley said it is done,” Mr.Gorman said Thurs- NNIE

CO buying fund manager Eaton day. MorganStanley shares The companysaid it would separateoperations thatgenerated about $19 billion in sales overthe pastyear and have about 90,000 employees. Vance Corp.for $7 billion, opened lowerbut ended the continuing the Wall Street dayslightly higher.Eaton IBM plans to shedpart of atechnology services unit whererevenue has fallen to focus on growing its cloud-computing business. firm’sshifttoward safer busi- Vance’sshares jumped nearly nesses likemoney manage- 50%, baking in a$4.25-a-share Global market shareofcloud infrastructureand platform Revenue forIBM's global Year-to-dateshare ment. special dividend that wasmade services,2019 technology services unit performance Thedeal, made public public as part of the takeover. $8 billion 100% Thursday, comes just days af- In Eaton Vance, Morgan Amazon Microsoft Alibaba Amazon terMorganStanley completed Stanley gets another midsize 49.6% 22.9% 8.1% its$11 billion takeover of playerinanincreasingly tough 75 E*Trade Financial Corp.and is business. Investorsoncegravi- 6 another leg in adecadelong tatedtoward the kind of funds 50 turnaround projectfor Chief that the Boston-based firm is ExecutiveJames Gorman, who known for, wherewell-paid has closed riskytrading opera- stock-and-bond pickersdig 4 25 tions and doubled down on intofinancial recordsinhopes Microsoft wealth and asset management. of outperforming the market. 0 Itspivot mirrorsabroader Butinrecent years, inves- Google Tencent IBM shiftinpowerand profitson tors have shiftedtoward pas- 2.3% 2 6.9% 2.8% –25 IBM Wall Street. Thetrading profits sive funds runbygiantslike of the 2000s arelong gone, VanguardGroup and Black- sapped by newregulations and Rock, which mirror the market Others 4.5% 0 –50 Oracle 2.8% shifting investor preferences. and charge tinyfees.The busi- 2018 ’19 ’20 JFMAMJ JASO Asset management, which pro- nesshas become agame of Sources: Gartner (market share); S&P Capital IQ (revenue); FactSet (shareperformance) Luis Santiago/THE WALL STREET JOURNAL duces steady fees and requires scale,prompting awaveof little capital to run, has be- mergers meant to trim costs come apriority forbanks in- andimprovemargins.Janus cluding Goldman Sachs Group Capital Group Inc.and Hender- IBM to Spin Off IT Services Unit, Inc.and JPMorganChase & son Group PLC mergedin2017, Co. Invesco Ltd. later bought Op- MorganStanley is amidsize penheimerFunds; Janus Hen- playerinthat space, toosmall derson and Invescoare now Focus on Faster-Growing Cloud to reap the cost savingsofbe- underpressurefromanactiv- ing agiant like BlackRock Inc. ist hedgefund to merge. but toobig to credibly style it- MorganStanley’s asset- BY ASA FITCH ThemoveIBM announced Chief ExecutiveArvind Krishna $77. 15 billion in totalrevenue self aboutique.Byacquiring management arm is the small- AND DAVE SEBASTIAN Thursdaywould separateits said Thursday. Thecompany, for2019 and 352,600 totalem- Eaton Vance, it will join the est of the firm’sfour busi- unit that manages clients’ IT he told TheWall Street Jour- ployees. club of $1 trillion money man- nesses,contributing lessthan International BusinessMa- infrastructureand accountsfor nal, hasseen major growth in Investorswelcomed the agersand bulk up in specific 10% of itsrevenue last year. chines Corp.plans itsbiggest- nearly aquarter of itssales and client numbersand large deals news,sending IBM’sshares up productswhereitisweaker, But Mr.Gorman has long had a ever business exit, spinning off staff.But the businesshas in cloud computing,proving it nearly 6% in Thursdaytrading. such as municipal bonds and softspot foritbecause it has amajor part of itsinformation- shrunk as customershaveem- could be competitivethere. Thestock had been down 7% sustainableinvesting. higher returns,requires little technologyservices operations braced cloud computing and IBM said it would separate this year through Wednesday’s MorganStanley is paying capital to run and rarely to acceleratethe 109-year-old hasbecome an earningsdrag operations that generated close,lagging cloud rivals that $56.50per Eaton Vanceshare screwsup. tech pioneer’s focus on faster- forBig Blue. about $19 billion in sales over have seen big gains during the in cash and stock,about 40% Morgan Stanley onceowned growing businesses likecloud “Weare redefining the fu- the past year,haveabout pandemic with companies abovethe fund manager’s clos- an in-house fund business, Van computing and artificial intelli- tureofIBM and wherewewill 90,000 employees and aback- shifting morework online. Mi- ing priceWednesday. Mr.Gor- Kampen Investments, but sold gence. put our focus moving forward,” log of $60 billion. IBM reported PleaseturntopageB2 man has been seen as overpay- PleaseturntopageB2 OPECExpects Global Drive-Throughs Boost McDonald’s Demand forOil Won’t BY HEATHER HADDON times at drive-throughs,which AND MICAH MAIDENBERG it haslong sought to improve. Peak forTwo Decades McDonald’ssaid asimpler menu McDonald’s Corp.said its during the pandemic and the U.S. sales have bounced back closureofmost dining rooms

BY DAVID HODARI Thesteep forecast drop in from theinitial shock of the S increased labor efficiencyand AND REBECCA ELLIOTT demand amongthe Organiza- coronavirus pandemic,thanks helped drive-throughs operate tion forEconomic Cooperation to sped-up drive-throughs and a faster.

Theworld’sthirst foroil is andDevelopment,aclub of the meal promotion with musician MCDONALD’ In recent weeks,McDonald’s R

unlikely to peak fortwo more world’srichest economies, Travis Scott. FO has mixed up itsmenu and mar- decades but mayalready have marks “anevolutionaryshiftin Theburgergiant said Thurs- keting as it seeks to regain crested in the U.S. and other demand from developed to de- daythat comparable sales at GES ground in particular with youn- wealthier countries,according veloping countries,” said OPEC U.S. restaurantsrose 4.6% in the IMA gercustomers.

to aforecast by OPEC. Secretary-General Mohammed three months ending in Septem- ETTY Thechain said earlier this Thedemand estimate, from Barkindo, during an online ber compared with the same pe- /G week that it wasadding break-

one of the oil market’smost pressconferenceunveiling the riod last year.Inthe preceding CLARK fast pastries such as blueberry persistent bulls,punctuates the report Thursday. quarter,U.S.sales by that met- muffins and apple fritters to

speed at which the coronavirus In recent years, developing ric were down 8.7% from ayear JERRITT stores on Oct. 28,the firstbak- pandemic has upended the world demand has outpaced earlier,asthe chain shut dining Rapper Travis Scott, who had a promotional meal named after him. eryadditions to itsstandard world’senergy mix. that of the developed world, as rooms and people stayed home. menu in eight years. TheOrganization of the Pe- consumersinfast-growing It remains to be seen recent yearstoboost sales in its Operational changes and new Last month, it introduced troleum Exporting Countries ex- economies,particularly China, whether the sales growth will home market. Thechain has ex- marketing in recent months spicyMcNuggets,the firstfla- pects demand forits core prod- drivecars, take vacations and translateintomoreprofit. perienced rising competition, have given the chain momen- vorfor that item sincethey uct to fall over 10% among the buy and runair conditionersat McDonald’sdidn’t release profit particularly at breakfast. Efforts tum, McDonald’ssaid. Thecom- were introduced to U.S. menus world’srichest economies this apacestarting to approach figuresfor the quarter.The including all-daybreakfast and panyattributed the third-quar- in 1983,the chain said. year,and says it will never re- their traditionally moreaffluent companyisexpected to release burgers with customizable top- tersales growth to the On Monday, McDonald’s turn to pre-pandemic 2019 lev- counterpartsinthe West. full resultsNov.9. pings boosted U.S. sales,but partnership with Mr.Scott and added amarketing deal with els. Theshifthas been magnified McDonald’shas struggled in they later fell again. areduction in averagewait PleaseturntopageB2 Over thecourse of the next by sloworstagnant population 25 years, it expectsdemand in growth in richer countries,de- those most developed countries cades of fuel-efficiencyefforts to fall by about 27%, according and an accelerated embraceof Wells FargoCEO Finds Himself on Defense to itsclosely watched annual oil alternatives to fossil fuels for supply and demand survey. PleaseturntopageB2 BY BEN EISEN Then there are the self-in- everyone of itsbusinesses. while also dealing with the flicted wounds.Mr. Scharfhas TwoCEOs had already re- negativeimpactsofthe Along list of challenges drawnfirefromemployees signed afterfailing to convince Covid-19 pandemic and provid- INSIDE confronted Wells Fargo &Co. and Washingtonlawmakersfor Washingtonregulatorsand ing support forour customers Chief ExecutiveCharles Scharf filling top jobs with a largely lawmakers that the bank was and communities.” when he wasbrought in to re- white, largely male cadreof on the mend. When he became CEO,Mr. storethe bank’starnished rep- former colleagues—and for As he heads intohis second Scharf, aonetime protégé of utation. In the year since, his saying therewerefew Black year on the job,Mr. Scharf JPMorgan Chase &Co. CEO problems have only multiplied. candidates with the required finds himself in a position fa- James Dimon,acknowledged America’sfourth-largest experiencefor those positions. miliar to his predecessors: the mistakes of the past and bank is in the grip of a reces- The episode damaged morale playing defense. swiftly attempted to remake sion that threatens to deliver within the bank,especially Mr.Scharfis“focused on the bank’sinsular culture. “We steeploan losses.Near-zero among Black staffers, current resolving important regulatory need to be moredirect with interest ratesare straining and former employees said. issues created by past miscon- each other,” he said at his first BUSINESSNEWS HEARD ON STREET profit margins. And the bank Mr.Scharfhad little room duct, putting the right leader- employee town hall last fall. Dollar General plans Largechemicals is still in hot waterwith regu- forerror when he came to ship team in place, and build- He encouraged decisiveness. newchain to attract operation sets Exxon lators, which imposed a Wells Fargo last October from ing an organizational He mandated morerigorous growth cap as a result of the BankofNew York Mellon foundation forWells Fargo’s performancereviews. In some moreaffluent Mobil apartfromother bank’s four-year-old fake-ac- Corp., pledging to clean up a futuresuccess,” aspokes- cornersofthe bank,people call shoppers. B3 energy firms. B11 count scandal and the plethora messthat started in its woman said in astatement. him “ChainsawCharlie,” accord- of problems it exposed. branches and spread to nearly “He and his team did this PleaseturntopageB10 P2JW283000-4-B00200-1------XA

B2 | Friday, October 9, 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 Exxon Mobil...... B11 Marathon Petroleum..B2 Banks’ Arctic Financing Retreat Accenture...... B4 F McDonald's...... B1 Microsoft...... B1 AIG...... B10 Facebook...... A4,B11 Morgan Stanley.....A1,B2 Air Liquide...... B11 Fitbit...... B11 Air Products & N Rattles Allies of Energy Industry Forest Road...... B4 Chemicals...... B11 G Neiman Marcus...... A2 Alibaba...... B4 Netflix...... A8 Gartner...... R8 Alphabet...... B11 Nike...... B2 General Mills...... B2 BY CHRISTOPHER M. MATTHEWS the U.S. economyisabsurd,” Bank financing forArctic provide fair access to financial Amazon.com...... B2,B11 O American Airlines...... A2 GNC...... A2 AND ORLA MCCAFFREY Mr.Sullivan said in an inter- oil-and-gas companies services.Mr. Brooks said in a Goldman SachsA1,A4,B2 1Malaysia Development view. “I thought it wasimpor- lettertoMr. Sullivan that the Apple...... B11 $2.5 billion AT&T...... A1 Greensill Capital...... B10 ...... A4 Defendersofthe oil-and-gas tant to push back.” OCC, part of the TreasuryDe- B H R industryinWashingtonare TheAmerican Petroleum In- partment, would request infor- fighting back against big stitute, one of the industry’s mation from the banks to ex- Big Hit Entertainment Hi-Crush...... A1 Rally Forge...... A4 2.0 banks who want to stop fi- most influential lobbying plain their decisions...... B11 Hino Motors...... B11 Regeneron BlackRock...... A6 HollyFrontier...... B2 Pharmaceuticals.....B10 nancing newArctic-drilling groups,has said it is working BryanHubbard, an OCC Renewable Energy Boeing...... B6 Huawei TechnologiesB11 projects, fearing it could be a with the Trump administration 1.5 UniCredit spokesman, said the officeis Group...... B2 BP...... B2 Hyundai Motor...... B11 harbinger of an unbankable fu- on the issue,which it called a MUFG still gathering information I Robert Bosch Stiftung turefor fossil-fuel companies. “bad precedent.” API, Mr.Sulli- Deutsche from the banks. C ...... B1 IMC Financial Markets Five of the six largest U.S. vanand othershavealso sug- 1.0 Bank Some believethe OCCmight Chevron...... B11 S Citadel Securities...... B3 ...... B3 banks—Citigroup Inc., Gold- gested the WhiteHouse should Citigroup not be able to do much on the Samsung...... B11 Citigroup...... B2 Infosys...... B4 man Sachs Group Inc., JP- examine whether it could cut off JPMorgan matter. Daniel Stipano,who SAP...... B4 Coca-Cola...... B6 International Business MorganChase &Co., Morgan the banks’ access to funding un- 0.5 Chase served as the agency’sdeputy Machines...... B1,B10 SoftBank...... B10 Cognizant Technology Stanley and Wells Fargo & der coronavirus relief packages. chief counsel from 2000 to Solum Partners...... B10 Solutions...... B4 Invesco...... A6 Co.—have pledged over the Representatives of the 2016,said the fair access pro- S&P Global Platts...... A9 Covia...... A1 J past year to end funding for banks declined to comment. 0 vision applies to the OCCitself, T D Janus Henderson Group newdrilling and exploration WhiteHouse spokesman Judd 2016 ’17 ’18 ’19 not individual lenders. Because ...... A6 Toyota Motor...... B11 Dell Technologies...... B2 projects in the Arctic. Deeresaid President Trump financial institutions’ decisions J.C. Penney...... A2 Turning Point USA.....A4 Note:Datarepresentfinancing forthe 30 Delta Air Lines...... B6 Alaska Sen. Dan Sullivan “has strong concerns if road- to curtail lending don’t neces- JPMorgan Chase...... B2 V companies with the largestoil and gas reserves Deutsche Telekom...... B4 and agroup of fellowRepubli- blocks arebeing thrownupto in the Arctic. sarily violatethe statute, the K Dollar General...... B3 Vanguard...... A6 canlawmakers, mostly from specifically harm the oil-and- Source:Banking on Climate Change report OCCislimited in itsability to DXC Technology...... B2 Kakao Games...... B11 Verizon Communications energy-producing states,have gas industry.” push banks to provide credit E L - M ...... B11 been lobbying the Trump ad- Wall Street has been pulling year following acollapse in oil to certain industries or proj- Eaton Vance...... A1,B10 Lenovo...... B2 W ministration to examine back from the oil-and-gas indus- prices because of the newcor- ects,Mr. Stipano said. Eli Lilly...... B10 Linde...... B11 Walt Disney...... B4 whether the federal govern- tryafter yearsofdismal returns onavirus and an oil-price war Some environmentalists Epic Games...... B2 Lufax...... B4 Wells Fargo...... B1,B2 ment canprevent the banks from it and is under increasing between Saudi Arabia and criticized the politicians’ op- from cutting off financing, or pressure from environmental- Russia. While manyexpect an position to the bank policies punish them for doing so. istsand otherstolimit fossil- oil recovery oncethe global as legally groundless. Mr. Sullivan said banks are fuel lending.While broader economy picks up, the indus- “A growing number of banks INDEX TO PEOPLE unfairly discriminating against market conditions during the try is worried about its long- aremaking the obvious business oil-and-gas producersincoronavirus pandemic this year term access to capital. decision not to financemore C L Russell, Mark...... B4 Alaska, and that lendersought have dried up capital fornew In July,the acting head of drilling in the Arctic because it Caufield, Frank...... M3 Lindberg, Greg...... B3 S to examine loans on a client- exploration, some analystshave the Officeofthe Comptroller of would threaten their bottom Cushing, Ben...... B2 M Scharf, Charles...... B1 by-clientbasis instead of de- said alack of bank financing the Currency, Brian Brooks,said line andexpose them to numer- nying financing to an entire could deter drilling in the Arctic the regulator would examine ous risks,” said Ben Cushing, D McDermott, Devin....B11 Smead, Cole...... B10 Dauenhauer, Scott...... B6 McNally, Robert...... B2 Stipano, Daniel...... B2 category of customers. National WildlifeRefuge, which whether the banks curtailing who leads the SierraClub’sfi- “That these banks would the administration opened to lending fornew Alaska projects nancial advocacy campaign. Dimon, James...... B1 Milton, Trevor...... B4 T discriminateagainst one of exploration in August. were violating afederal lawthe “The idea that this constitutes Dwek, Esty...... B10 P Taylor, Emily...... B3 the most important sectorsof Theretreat hastened this agencysays requires banks to discrimination is ludicrous.” H Parson, Trevis...... A2 W Hylland, Matt...... B6 Perlman, David...... R2 Wekerle, Michael.....M14 K R Welch, Spencer...... B1 Kudla, David...... B6 Reichenstein, Bill...... B6 Wu, Avril...... B11

Chief ExecutiveLou Gerstner’s IBM Plans driveinthe 1990s to transform the companyfromalumbering computer-hardwaregiant to a Services hugeplayerinservices that were booming at the time. Thespinoff news comes a Spinoff few months afterthe Armonk, N.Y.,companysaid it wascut-

ting an unspecified number of GES

ContinuedfrompageB1 jobs in the firstmajor work- IMA crosoft Corp.shares areup forcereduction under Mr. ETTY

morethan 30% and shares in Krishna. He assumed the role in /G online retailer Amazon.com April and is trying to revive ST PO

Inc., the largest cloud-services growth.The layoffs were made N provider,are up morethan against the backdrop of the TO

70%. Covid-19 pandemic,which has SHING

Themovemarks one of the caused manyIBM customersto WA biggest shifts in the historyof dial back investmentsand hold acompanythat has takenother off on big software deals. /THE major pivots. Oncesynonymous Even before the health cri- MOUNT

with the personal computer fol- sis, IBM has been struggling JO lowing the debut of the IBM PC through ayearslong effort to in the 1980s, it sold itsopera- reposition the company. Sales BONNIE tions to China’s LenovoGroup have fallen around 25% in the Wall Street has been pulling back from the oil-and-gas industry following dismal returns.Anoil pipeline outside Prudhoe BayinAlaska. Ltd. in 2005 afterfalling be- past eight years, and the com- hind morenimble rivals such as panytrails the likes of Ama- Dell Technologies Inc.In2014, zon.comand Microsoftincloud world will eventually resume andrenewables likewind and said thecountryisconsidering it exited itsunprofitable semi- computing—wherecompanies OPECSees and exceed the level of itsthirst solar,will makeup27. 5% of the canceling OPEC plans fora conductor business, paying $1.5 rent rather than buy computing foroil reached last year,before world’senergy demand by crude output increase early next billion to GlobalFoundries Inc. horsepower. the pandemic hit, OECD demand 2045,upfromlast year’s 18.7%. year as Covid cases rise around to take over the operations. Shedding alegacybusiness AShiftin “isalready past itspeak.” It said oil demand forfeeding the world and the expected re- Butnone of those transac- that is performing poorly at a Mr.Welch pointstoastill the world’selectricity grids— turn of Libyan oil threatens to tions wasaslarge in scale rela- time when IBM’sclientsare small but fast growing shiftto one of the world’sbiggest swell global supplies. tive to IBM’ssizeasthe spinoff adopting cloud computing is Oil Markets electric vehicles in pocketsof sourcesofdemand—has also al- OPEC forecast oil demand announced on Thursday, which probably awise bet, said Dan- the West. Sales of electric cars ready peaked. will plateau in 2040 at 109.3 would fundamentally alter the iel Elman,ananalyst at Bos- accounted forjust 2.6% of RobertMcNally,aformer ad- million barrels aday—some 10% makeup of one of America’s ton-based Nucleus Research. ContinuedfrompageB1 global carsales but were up viser in the George W. Bush ad- aboveits 2019 level. It said that oldest and most iconic technol- “They were latetothe cloud powering everything from cars 40% from the previous year,ac- ministration and president of in 25 yearsnon-OECD oil de- ogycompanies. party, and this is nowthem to electricity grids.Oil demand cording to the International En- consulting firm Rapidan Energy mand will have increased 43% TheITservices operations doubling down and saying this peaked in the OECD about ade- ergy Agency. That growth is Group,said manyWestern gov- from last year’s levels,partly that IBM is nowpartly shed- is the direction of the com- cade agoand fell steeply amid most pronounced in the devel- ernmentsare already laying out driven by economic boomsin ding were central to former pany,” he said. the global financial crisis.Since oped world. During the second plans to use the crisis as an op- China and India, too,. bottoming out, though, it had quarter,electric vehicles and portunity to rethink energy pol- American producersare al- recently resumed aslowup- plug-in hybrids made up about icy. ready wrestling with the pros- cess to sought-afterdeals,like ward climb. Then Covid-19 hit. 7% of totalnew carsales in the OPEC didn’t have all bad pect of shrinking demand. Two- Eaton privatefundraisingsfor Silicon Spencer Welch,director of European Union, according to news forbig crude producers thirds of oil and natural gas Valley startups. oil marketsatconsulting firm the European Automobile Man- like itsmembers, led by oil gi- executives in arecent survey by MorganStanley has been in IHSMarkit, expects the eco- ufacturers’ Association. antSaudi Arabia. Theworld’s the Federal ReserveBank of Vance the asset management busi- nomic shutdown related to the Advances in alternativeen- overall appetitefor crude won’t Dallas said they think U.S. oil ness sincethe 1940s,when it pandemic andchanges in how ergy likewind and solar,mean- reach itsapexfor another two production peaked earlierthis carved out aniche offering U.S. people work and liveafterward while,haveincreasingly taken decades,itsaid, offering amuch year around 13 million barrels a Acquired investorsexposuretoforeign to permanently reduceglobal market sharefromoil in global moreoptimistic viewofglobal day. stocks. oil demand by some 3%—or markets. TheOPEC report fore- long-termdemand than other —Summer Said, Benoit By 1999,itwas among the about 3million barrels aday. cast that globally,nonfossil fu- forecasts. Faucon and Pat Minczeski ContinuedfrompageB1 largest asset managersinthe While much of the rest of the els,such as nuclear,biomass Still, senior Saudi advisers contributed to this article. it to Invescoin2009.Atthe world with $425 billion. But time,MorganStanley needed yearsofneglect and the 2009 to raise cash to recoverfrom sale of VanKampen dropped it Quarter Pounder with cheese, ADVERTISEMENT the financial crisis,and the outside the top40. McDonald’s lettuceand bacon, fries with practiceofselling itsfunds to Mr.Gorman in 2015 tapped barbecue sauceand aSprite— The Marketplace itscaptiveretail clientshad Dan Simkowitz,acapital-mar- wasonsale forabout amonth, To advertise: 800-366-3975orWSJ.com/classifieds raised concerns about conflicts kets banker who advised the Drive-Ups ending Oct. 4. of interest. U.S. Treasuryduring the finan- Mr.Travis,ahip-hop artist Sincethen, the industryhas cial crisis,toimprovethe busi- with a knack forpartnering BUSINESSOPPORTUNITIES COMMERCIAL REAL ESTATE moved toward integrated fi- ness. He has been cleaning up Lift Sales with big consumer companies, nancial superstores,similar to legacymesses,including writ- including General Mills Inc., *<-9(Q$,>&Q(>#MQ>9; !9<-';6 7>Q@ O5?6N'( (N!9(P grocerystoresselling their ing down portfolios of old Nike Inc.and Epic Games’ '& =N'PN( >; 9LB!N -(9PM!Q& >;PM&Q(6 >& '8'>='#=N L9( )/6$0 0$%!0!6& ownprivate-label goods along- hedge-fund and private-equity ContinuedfrompageB1 “Fortnite,” released anew sin- &'=N #6 -(>8'QN 97;N( !9;QN<-='Q>;A (NQ>(N;N&&>;)M>(6:O5O5%A<'>=+!9< ? *<83%8+&7; /37.) navigatethose conflictsagain, billioninannual revenue. rity to be featuredonthe menu stagram post that included a ensuring that its15,000 finan- Morgan Stanley already is sincebasketball star Michael photoofhim eating a 587# "41'.,+(7-*(3+-2 8*'-'+ THE cial advisersdon’t improperly the largest distributor of Eaton Jordan, who lent his name to a McDonald’ssandwich next to a %@., 43?D=7 F 17//K !'2 ?3+/G@3;1 MARKETPLACE steer retail clientstoward in- Vancefunds,through itsretail McJordan meal in 1992. worker at afry station. E.24 &/3KK 6/?7K 951E"0 house funds over those runby wealth-management arm, Mr. “We’vebeen pushing our- One Ohio restaurant manager 38101>,8 3&1I=:K.B8-;5+;?+?L 0&1=8=1> ADVERTISE TODAY rivals.(JPMorganChase paid a Gorman said. Eaton Vance’s selves recently to go beyond our said the restaurant’skitchen 3!>8KBB1D *5;==.=,0 4,/;2,)=)> 7+LAA 8% (800)366-3975 3(=2K019K11D (K110 80>,= (K11)1,5> (==;+">00>+ %>>) $300 million regulatoryfine in funds aremostly sold in the traditional comfort zone,” said wasoverwhelmed at times by Formoreinformation visit: 2015 fordoing so.) U.S.,while MorganStanley MorganFlatley, the chain’sU.S. demand forthe Travis Scott 821=8+$;2/ 0$>%>>) 0&=11>!=G #2I=, '>K,0D+'6> wsj.com/classifieds And itsinvestment bankers does abulk of itssales abroad. chief marketing officer,inre- meal. Some customersplayed 47/C :/33@G/-?7H6G/3;. *//;<1 :8$(') 9I>4".>... must be cautious about giving —Dawn Lim sponse to questions about the Mr.Scott’s music at the drive- ©2020Dow Jones &Company,Inc. internal funds preferential ac- contributed to this article. campaign. up speaker or asked fora“Fort- &//C :/D@GG)5I.1J4I14."" #/G,7/@;7 (D//C)5I.15FI1000J All Rights Reserved. TheTravis Scottmeal—a niteburger.” P2JW283000-0-B00300-1------XA

THE WALL STREET JOURNAL. Friday, October 9, 2020 | B3 BUSINESS NEWS Trader Insurance Tycoon Ordered to Jail Citadel to Lindberg, guilty of his businessventures,hehad risk from the coronavirus. complied with all bail condi- That facility reported no BuyRival’s bribery, seeks to delay tionsand waswearing an an- activeinfections among its Oct. 20 sentence start kle bracelet. Therewas no evi- 358inmates and one earlier dencehewould flee,his positivetest foraninmate, ac- NYSE Unit over coronavirus fear attorney said. cording to the Bureau of Pris- U.S. District JudgeMax O. ons website. BY ALEXANDER OSIPOVICH BY MARK MAREMONT Cogburn Jr.said at the August Athree-judgefederal ap- hearing that he would allow pealscourt panel last month

Electronic trading giant Cit- Convicted insuranceexecu- S Mr.Lindbergtoremain out on unanimously rejected an ear- adel Securities will bolster its tiveGregLindberghas been bail and could delayincarcera- lier motion by Mr.Lindbergto already hugepresenceatthe orderedtoreport to federal PRES tion depending on the remain on bail pending his ap- NewYork Stock Exchangeby prison on Oct. 20 to begin TED Covid-19 situation. peal.

buying the NYSE market-mak- servingasentenceofmore OCIA Mr.Lindbergisaself-pro- Mr.Lindbergthis month SS

ing businessofsmaller rival than seven yearsfor at- /A claimed billionairewho bought sued DowJones &Co.,pub- PR

IMC Financial Markets,the tempted briberyofNorth Car- N astring of small insurers lisher of TheWall Street Jour-

companies said. olina’selected insurancecom- OW starting in 2014and lent $2 nal, alleging defamation and

Thedeal would solidifyCita- missioner,according to acourt BR billion of their assetstohis other claims stemming from T

del Securities’ status as the filing. BER own enterprises. He was con- two Journal articles in 2019.

largest designated market Mr.Lindbergdisclosed the RO victed in March on two crimi- Thearticles focused on Mr. maker at the exchange. DMM dateinafiling Wednesdaythat G/ nal counts related to ascheme Lindberg’sinsuranceempire firms aretasked with ensuring asked afederal judgetodelay to bribe the insurancecom- and his use of surveillanceop- orderlytrading of stocks listed his imprisonment so he can LINDBER missioner to obtain morefa- eratives to spy on women.A G

on the NYSE. They gain certain moreeasily consult with his at- GRE vorable regulatory treatment Lindbergspokesman has ex- trading privileges in return, torneysonanappeal of his con- Prosecutors have said Greg Lindberg may flee the country. for his insurers. plained the surveillanceas and their blue-jacketed traders viction, and because of con- In the newfiling,Mr. Lind- “background checks” on women occupy aprominent position in cerns about contracting Covid- “He has no ties to any- jetand yacht that could allow berg’sattorney said the Federal Mr.Lindbergmight consider for the center of the exchange’s 19,the disease caused by the place,” afederal prosecutor himtoflee to anyofthose lo- Bureau of Prisons had ordered along-term relationship. historic trading floor. novelcoronavirus,inprison. said at Mr.Lindberg’sAugust cations,the prosecutor ar- him to report to FPCMont- In astatement, aDow Jones Thedeal is subject to ap- Federal prosecutors previ- sentencing hearing,arguing gued. gomery, aminimum-security spokeswoman said, “Weare proval by the NYSE. If it is com- ously have raised concerns that the defendant has access An attorney forMr. Lind- facility in Montgomery, Ala. confident in the Journal’s re- pleted, Citadel Securities would that Mr.Lindbergcould flee to bank accountsin18foreign bergatthat hearing replied Thefiling said Mr.Lindberg, 50 porting and will mount a vig- oversee trading formorethan the countrybeforehis impris- countries and no permanent that the defendant’soverseas yearsold, suffersfromsevere orous defense against Greg half of thesecurities listed on onment. address. He also has aprivate accountswereconnected to sleepapnea and is at elevated Lindberg’s claims.” theexchange. It would also re- duce the number of DMM firms at theBig Boardtothree from four,potentially raising con- Dollar General SeeksHigher-Income Shoppers cerns that the DMM businessis becoming overly concentrated. IMC,aglobal trading firm BY SARAH NASSAUER based in Amsterdam, runs the third-largest DMM businessat Dollar General Corp., the the NYSE. This year,itoversaw rapidly growing discount chain trading in 18% of NYSE-listed with over 16,300 stores dot- stocks,while Citadel Securities ting therural American land- had a44% share, according to a scape, wantstoattract more NYSE spreadsheet viewedby high-income shopperslooking TheWall Street Journal. The to splurge. spreadsheet listed DMM as- Thecompanyplans to open signmentsfor morethan 3,000 anew brand of stores called securities,including closed-end Popshelf that mostly sells funds and preferred shares as thingsshoppersdon’t need but well as the common stock of might want, such as party sup- NYSE-listed companies. plies, home decor or beauty NewYork-based GTS, which products. Storeswill be in the is seen as Citadel Securities’ suburbs of largercities,with main rival in the DMM busi- two planned forthe Nashville, ness, oversaw trading in 37% Tenn., area in the next few of the stocks on the list. GTS weeks and 30 by the end of AL is currently the largest DMM next year.Items will be priced

basedonthe totalcombined low, mostly under $5,but de- GENER market capitalization of its signed to appeal to women companies. But after the IMC from households that earn as deal, if approved, Citadel Se- much as $125,000 ayear. curities would be largerby Arecordnumber of stores TEMAN/DOLLAR

that measure, too. closed in the firsthalf of the BA

Citadel Securities is the year and 18 retailersfiled for ERIC DMM for such stocks as Nike chapter 11 protection, putting A new chain called Popshelf will sell things such as beauty treatments, home decor and party supplies, mostly priced at under $5. Inc., Uber Technologies Inc. this year on a pace for new andWalmart Inc.With the highs forbankruptcies and liq- changing course because of soared throughout the pan- ing roughly $40,000 ayear,ex- what retailers call treasure- IMCdeal, Citadel Securities uidations. While many pan- the pandemic,Ms. Taylor said. demic, drawing shoppersei- ecutives say. hunt items,productsthat are would add such stocks as Boe- demic lockdowns and tempo- Manyofthe categories Pop- ther looking fordeals in stores In recent yearsDollar Gen- only sold forshort periods to ing Co.and Verizon Communi- rary closures have been lifted, shelf will sell have experienced closer to home, or trying to eral has added morenoncon- encouragemorefrequent trips cations Inc. to its collection. bricks-and-mortar chains are an uptick in sales during the hunt down an elusivepack of sumable items that tend to to the store, he said. Thecom- Under NYSE rules,exchange bracing formuch of the spend- pandemic,such as home decor, toilet paper or disinfecting have higher margins,such as pany hired a team to source officials must consider how a ing that moved online to stay and shoppersare likely to be wipes.Inthe most recent holidaydecorations and productsfor the chain and proposed combination of two there. hunting forbargains in a quarter,the company’scompa- beauty products. Based on plans to advertise on social DMM firms would affect com- Dollar General expectseven weakened economy, she said. rable sales—those from stores what they learnedthrough media. petition,and they canreject a cash-strapped shopperstolike “The need forthis storeis anddigital channels operating that effort, executives felt they “It’samuch different con- deal if they deem it to cause a the idea of “treating them- very relevant nowand maybe at least12months—rose 19%. could attract even moreafflu- cept, look and feel, than atra- detrimental level of concentra- selves without the guilt associ- increasingly so.” Dollar General foryearshas ent shoppersifthey focused ditional Dollar General,” Mr. tion. Therule doesn’t spell out ated with overspending,” said Thestore will carryitems worked to attractmorehigh- lessonfood and inexpensive Vasos said. “Thereisnothing what countsastoo much con- Emily Taylor,Dollar General’s such as beauty treatments, pet income shopperstoexpand its everyday purchases and cre- wrong with that traditional centration. “Wewill review executivevicepresident and supplies, a “vast array of $1 market share, often backing ated abrand unassociated Dollar General,” he added. anyproposed combinations as chief merchandising officer. itemsfor crafting” and party away from those effortsand with Dollar General, said the “But customer-facing-wise,we required by exchangerules,” Executives started working on supplies,including food such refocusing on itsrural roots. company’schief executive, aregoing to do our best to NYSE Chief Operating Officer the newchain about two years as charcuterie trays,she said. Thechain’scorecustomersare Todd Vasos. keep those two brands sepa- Michael Blaugrund said. ago, but the companyisn’t Dollar General’ssales have women from households earn- Popshelf will carrymoreof rated.” BUSINESS WATCH

DOMINO’S Higher Costs Dent Gains in Sales Domino’s Pizza Inc. posted stronger sales for the latest TRIO KIT quarter as people ordered more takeout during the coronavirus pandemic, but higher expenses from its efforts to adapt to the pandemic cut into the company’s JOURNAL

bottom line. REET The Ann Arbor, Mich., com- ST pany’s revenue grew to $967.7 LL WA million in the fiscal third quarter THE

from $820.8 million in the same R three-month period a year ear- FO lier. The results included a 17.5% YO MA

year-over-year increase in same- TA store sales, the company said VELLE

Thursday. JO Like many other companies Domino’s had to spend more on ingredients such as cheese amid volatile commodity markets. adapting to the pandemic, Dom- ino’s has faced new expenses on the conference call, citing year earlier. Revenue increased projects better-than-expected Co.

during the public-health crisis, in- higher cheese prices as the to $530.9 million from $414 mil- sales volumes in third quarter Cigar cluding $11 million in cleaning, la- most prominent contributor. lion in the year-ago quarter. sales as demand improved in bor and other costs in the July- —Matt Grossman Online sales grew by about several end-use markets. Thompson to-August period. 32%, as people shopped at home The paints, coatings and ma-

Those costs are likely to lin- HELEN OF TROY more during the pandemic. E- terials company sees sales vol- ©2020 ger as the pandemic continues, commerce represents 24% of the umes falling about 5%, narrower Chief Executive Ritch Allison told Strong Revenue, company’s total sales, Helen of than the drop of 6% to 11% that * analysts on a conference call. Profit Growth Seen Troy said. it previously forecast. Earnings were $2.49 a share, Chief Financial Officer Brian L. PPG also said it sees third- ONLY $9.99 up from $2.05 a share in last Helen of Troy Ltd. on Thurs- Grass will leave the company on quarter adjusted earnings of •3Gurkha Beauty year’s third quarter but below day posted year-over-year profit Nov. 1, 2021, to pursue entrepre- $1.90 a share to $1.94 a share, COMPARE ultra-premium cigars SAVE the estimate from analysts sur- and revenue growth in the latest neurial interests. Mr. Grass will higher than the company and •Triple torch lighter veyed by FactSet. quarter on strong online sales of have worked at Helen of Troy analysts had previously forecast. $104.95 •Guillotine cutter 91% In addition to labor and clean- its household and personal-care for 15 years. The company expects high-teen Call 1-800-237-2559 ing, Domino’s also had to spend products. —Matt Grossman percentage operating margins in or visit www.thompsoncigar.com/TCSA410 more on ingredients as the pan- The company, parent to PPG INDUSTRIES both of its reporting segments demic brought volatility to com- brands such as Braun, Pur and for the quarter, helped by im- Promo Code TCSA410 OFFER VALID UNTIL 11/15/2020 –*Add $5.99 Paint Maker Sees for Shipping –(TCASST179-SP). Purchase may be subject to state, modity markets. Year-over-year OXO, recorded a second-quarter proving sales and cost cuts, local or excise taxes where applicable. First-time purchasers only. One per customer. No sales to anyone under the age of 21.Wedonot ship to input prices rose 3.8% in the net profit of $87.3 million, or Improving Demand Chairman and CEO Michael Mc- Utah and South Dakota. While supplies last. third quarter for Domino’s, Chief $3.43 a share, compared with Garry said. Financial Officer Stu Levy said $46.1 million, or $1.83 a share, a PPG Industries Inc. said it —Dave Sebastian P2JW283000-4-B00400-1------XA

B4 | Friday, October 9, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech H-1B Visa Overhaul To PressOutsource Business,Clients

BY ANGUS LOTEN sourcespractice. They areable TheTrump administration’s to offer a relatively similar overhaul of the H-1B visa pro- service at a more efficient gram forhighly skilled foreign cost, according to Mr.Kropp. tech workerswill pressurethe “This harms those organiza- businessmodel of companies tions’ abilities to arbitragela- that makelow-cost tech work- bor costs,” he said. “Therewill ersfromIndia and elsewhere be net fewerprojects. And the available in the U.S. projectsthat getdone will be Thevisas areespecially at ahigher price,” he said. “It’s prized by technologyfirms and adragonbusiness.” Lower- information-technologyde- endprojectssuch as routine partmentsatcorporations. software updates might be Therestrictions, announced dropped or executed by artifi- this week,requireU.S.employ- cial intelligenceagentsinstead erstopay H-1B workershigher of human labor,hesaid. wages, narrow the types of Moreprofitable projects,

A/REUTERS credentials needed forforeign such as “the next generation of

AD job applicantstoqualifyand technology, the next big AI

TER shorten the length of visas for model,” will still makeeco- LE

KY certain contract workers. nomic sense foroutsourcing Basketball’s Shaquille O’Neal, Martin Luther King III and three former Disney executives will seek to raise $250 million for deals. Trump administration offi- companies,Mr. Kropp said. cials said the changes were necessarytoprotect American workers, who the administra- Administration O’Neal Joins Team Creating tion says arebeing undercut by foreign workersonH-1Bvi- officials say the sas who arepaid lowerwages changes protect to perform similar jobs. Blank-Check Media Company Demand forthe visas is American workers. high. U.S. employers last year filed atotal of 201,011 applica- tions forH-1Bvisas,upfrom BY JOE FLINT TheSPAC, Forest Road Ac- Capital Advisors, will be chief chises,will serveasastrategic 190,098 in 2018,according to Access to alargerpool of quisition Corp., said in aSecu- executive. adviser.Healso owns night- U.S. Citizenship and Immigra- skilled tech workershas Threeformer high-ranking rities and ExchangeCommis- TomStaggs, aformer Dis- clubs in LasVegas and is active tion Services.Inboth years, helped U.S. firms driveinnova- Walt Disney Co.executives are sion filing that it would raise ney chiefoperating officer, in esports. In the SEC filing, the maximum number of visas tion and growth, said Rob At- teaming up with basketball leg- $250 millionfor deals forthe will serveaschairperson of Mr.O’Neal is described as wascapped at 65,000,along kinson, president of the Infor- end Shaquille O’Neal and one blank-check company. Potential the entity’s strategic-advisory someone who has “a keen eye with 20,000 set aside for mation Technologyand of Martin Luther King Jr.’s acquisitions could include in- committee. Kevin Mayer, who forinvesting in successfulven- highly qualified applicants Innovation Foundation. The sons to makeacquisitions in tellectual property and “audi- most recently waschief execu- tures,having invested in with advanced degrees in sci- boardofthe Washington- the media and technologyin- ence aggregation platforms” tive of the social media plat- Google prior to itsinitial pub- ence, engineering and IT, based tech policythink tank dustries. such as streaming platforms, form TikTok and previously licoffering and Ring prior to among other fields.The caps includes representatives from Thegroup created aspecial- Forest Road Acquisition said in oversawDisney’s streaming itssale to Amazon.” remain the same forthe cur- Amazon.comInc., Microsoft purpose acquisition company, itsThursdayfiling. platform Disney+, is astrate- Martin Luther King III,the rent fiscal year. Corp.and other large tech or SPAC—an increasingly pop- Forest Road Acquisition is a gic adviser.Former Disney eldest son of Martin Luther German industrial company firms.“Trump to me is taking ular way to raise money and shell companyformed by the strategyexecutiveSalil Mehta King Jr.and acivil-rightsac- Robert Bosch GmbH said it asledgehammer to an issue list acompanypublicly without film-financing firm Forest has been tapped as chief fi- tivist, has been tapped as adi- uses the H-1B visa program for that needs ascalpel,” he said. having to file foraninitial pub- Road Co.Its chief executive, nancial officer. rector.Inrecent years, Mr. itsU.S.operations.The com- “Accesstoforeign talent is lic offering.SPACs areknown ZacharyTarica, will serveas Mr.O’Neal, who is abasket- King III has become activein panysaid it is “still evaluating critical forthe recovery and as blank-check companies be- chairman of the SPAC.Keith ball commentator on Warner- the media industryasaco- the full impact of the latest growth of all sectorsofthe cause they areessentially big Horn,aformer chief operating Media’sTNT network and founder of BounceTV, abroad- changes,” adding,“liberties U.S. economy,” said Alvina pools of cash the sole purpose officer of ElliottManagement owns manyPapa John’sPizza cast network that caters to such as the free movement of Antar,chief information offi- of which is to do deals. Corp.and founder of Loring and Auntie Anne’spretzel fran- Black viewers. vetted people acrossbordersis ceratcloud identity-manage- an integral part of creating a ment companyOkta Inc. stable businessenvironment.” Charlie Giancarlo, chief ex- While some corporations ecutiveofPureStorage Inc., EU to Link Virus Contact-Tracing Apps hireH-1Bvisa holdersdirectly, which sells systems forstoring otherstap their labor through corporatedata, said workers business-services companies on H-1B visas areacrucial part BY CATHERINE STUPP Telekom AG’s T-Systems unit Germany’sCorona-Warn EU this year,now has three such as Accenture PLC, Cogni- of the company’steam. “With- to createthe so-called gateway App,Ireland’sCovid Tracker separateapps forEngland and zant TechnologySolutions out their contributions,the BRUSSELS—Most European to connect different apps’ and Italy’s Immuni app, Wales,Scotland and Northern Corp.and Infosys Ltd. These American tech sector would Union countries have created back-end servers, allowing launched in June and July,are Ireland. business-services firms will be notbeatthe cutting edgeof mobile apps in the last few datatobeexchanged between expected to be connected to New apps and the gateway directly affected by the revi- innovation,” he said. months to track the spread of the systems so userscan con- the EU gateway by Oct. 17 and come as Europe faces asecond sions in thevisa program, in- SteveYale-Loehr, aCornell Covid-19,but these separate tinue to receivealertswhen moreare expected to join in wave of the new coronavirus. dustryexpertssay. University LawSchool profes- systems don’t automatically they travel around the bloc. the following weeks,according Most European countries Accentureand Infosysde- sor who specializes in immi- talk to each other. A technol- Integrating apps from to EU officials. used technologyfromAlpha- clined to comment. Cognizant gration law, said companies ogy“gateway,” due to start acrossthe 27-countryunion is Months afterGermany, It- betInc.’sGoogle and Apple didn’t respond to arequest for mightopt to avoid the costs limitedoperation next week, “essential to break cross-bor- aly,Franceand several other Inc. as the basis of their con- comment. associated with morefrequent will allowcontact-tracing apps der infection chains,” one offi- European countries created tact-tracing apps,making it Outsourcing companies ar- visa renewals or higher wages to exchangedetails about in- cial told journalistslast week. contact-tracing apps,Belgium easier to connect them, ac- bitrage the labor price be- by establishing offices in other fections between three EU Many European countries re- and England and Wales intro- cording to officials overseeing tween companies in India, the countries such as Canada, to countries. stricted residents’ travel dur- duced their own systems last the new gateway. Philippines and other places access overseas tech talent. European Union officials ing early phases of the pan- week.Nineteen EU countries It will be moredifficult to with the cost of labor in the —Sara Castellanos, contracted with software giant demic,but those rules started nowhaveapps to track the vi- integrate France’s app, which U.S.,according to Brian Kropp, Jared Council SAP SE and telecommunica- to ease in manyplaces over rus, and moreare in the doesn’t use the technology chief of research forconsul- and Steven Rosenbush tions carrier Deutsche the summer. works.The U.K.,which leftthe from Apple and Google. tant Gartner Inc.’shuman-re- contributed to this article. Nikola ReleasesPlans Chinese Fintech Firm Plans Listing in U.S.

To Reassure Investors BY JOANNE CHIU

BY BEN FOLDY seller’s report misleading and One of China’slargest finan- false,and Mr.Milton has said cial-technologycompanies, Lu- An executiveatelectric-truck he would defend himself fax Holding Ltd., is planning company Nikola Corp.gavethe against allegations involving an initial public offering in the hydrogen industryacloser look him. U.S.,evenassome other Chi- at thecompany’sprototypes and Thepresentation Thursday nese companies areopting to plans amid questions over its continued an effort by Nikola sell stock closer to home. technology. executives sinceMr. Milton’s Lufax,which operates online JesseSchneider,Nikola’s departuretoreassureinvestors investment and lending plat- head of hydrogen and fuel cells, while simplifying and focusing forms,onWednesdayfiled to highlighted the company’sin- itsstrategy as atechnologyin- list American depositary volvementindevelopingfuture tegrator. shares on the NewYork Stock fuel cell and fueling station Nikola plans to build zero- Exchange. It didn’t disclose any technology. emission trucks forcommercial fundraising details and used a “Nikola owns alot of the [in- customers and lease them at placeholder $100 million sum tellectual property] related to prices that would be cost-com- to calculateits registration fee. vehicle integration, storageand petitivewith the diesel-powered Thecompanyplans to list fueling,” Mr.Schneider said in a trucks that nowdominatethe by the end of October,people presentation to an online hydro- market. Thecompanyalso plans familiar with the situation

gen-technologyconference. to generatethe hydrogen fuel said. REUTERS He provided an overviewof and build out itsown network Thetiming is meant to Lufaxisseen as the world’sfourth most valuable $1 billion-plus startup. eight patent applications on of refueling stations.Ithas avoid anymarket volatility which Nikola is aparty and two signed brewing company An- sparked by the U.S. presiden- that went public in August and year,onrevenue of $3.6 billion. China cracked down on the in- Energy Department-affiliated heuser-Busch InBev SA and re- tial election on Nov.3,one of raised $2.44 billion. As of June,its wealth-manage- dustry, which sawscandals and research projectswith aca- fuse hauler Republic Services the people said, adding that its U.S. politicians have threat- ment clientsheld $53 billion of awaveofpublic protestsin demic and corporatepartners Inc. as potential customers. target is to sell about $3 billion ened to step up financial scru- assets, and individuals had 2018.Shares of U.S.-listed peer that the companyexpectsto Chief ExecutiveMark Russell of stock. tinyofChinese firms,aprocess $73.5billion of loans outstand- lenderssuch as YirenDigital contributetoits technology told TheWall Street Journal With aU.S.listing,Lufax is that could lead to possible del- ing that had been enabled by Ltd. and Qudian Inc.havetum- later this decade. last week that the company targeting what it sees as a istings, and some Chinese com- itsplatforms. bled. Executives at the Phoenix- waslooking forareset and em- moresophisticated and spe- panies have recently obtained Those figuresmade it Last year,Lufax stopped of- basedstartup arelooking to phasizing itsplans forthe cialized investor base forfin- secondarylistingsinHong China’sthird- and second-larg- fering peer-lending products, steady the companyafter a heavy truck and hydrogen fuel tech, this person added. In Kong. est nontraditional provider of and stopped taking funds from short seller published areport markets. “Our partnersand our contrast, itsbiggerpeer,the Shanghai-based Lufax was online wealth management and small investorstoback loans Sept.10alleging Nikola wasan institutional shareholders, they Alibaba Group Holding Ltd.- valued at $39.4 billion in early retail credit, respectively,ac- to other individuals. “intricatefraud” and raising continue to support us,” Mr. backed Ant Group Co., is plan- 2019,after it raised $1.4billion cording to analysis from con- By June,peer-lending prod- questions over howproprietary Russell said. “This is our at- ning concurrent listings on the of funding,according to filings sultantsOliver Wyman cited in uctshad fallen to 12.8% of total the company’stechnologywas. tempt to makesurethe rest of Hong Kong stock exchangeand by Ping An Insurance(Group) itslisting document. client assets, and no newloans By the end of the month, the world understands the on Shanghai’snascent STAR Co., the giant insurer that is a Lufax had previously consid- this year were funded by peer- Nikola’sdeals with two key part- story.” Market. major shareholder in the com- ered listing in Hong Kong.In lending investors, itslisting nershad been delayed, federal Thestock has regained some This could be the biggest pany. It is the world’sfourth 2016,its chief financial officer document said. Loans arenow authorities had opened probes of what it lost in September, ChineseIPO in the U.S. since most valuable unicorn, or $1 told reportersthat it wasgear- funded by banks and others. intothe claims,its valuation had rallying 22%sincethe start of Alibaba’s$25 billion debut in billion-plus startup, according ing up foranIPO in the city UnitsofGoldman Sachs, been halved, and founder Trevor the month to $25 Thursday. 2014, Dealogic datashows.The to areport this year by Hurun, potentially by the end of 2017. Bank of America, UBS, HSBC Milton resigned as executive next-largest such sharesale aChina-based research firm. Lufax wasonce amajor andPing An arethe main un- chairman.  Heardonthe Street: Hydrogen wasbyKEHoldingsInc., an Lufax made $1 billion of net playerinpeer-to-peer lending derwriters forthe IPO.Lufax Nikola has called the short has along waytogo...... B11 online real-estatebrokerage profit in the firsthalf of this but has reinvented itself after will usethe ticker LU. P2JW283000-0-B00500-1------XA

THE WALL STREET JOURNAL. Friday, October 9, 2020 | B5

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B6 | Friday, October 9, 2020 THE WALL STREET JOURNAL. BUSINESS NEWS

Savers RETIREMENT REPORT | By Anne Tergesen Face A Buyout Offer Means Doing the Math

Limited More com- If you are entitled to a panies are of- pension, ask your company fering work- for the projected benefit as- Options ers cash this suming you leave now. year to walk “Fewer years of service often BY JULIA CARPENTER away from mean lower benefits,” said their jobs—a daunting pros- Mr. Kudla. ManyAmericans are sav- pect in a recession. There may be conse- ing morethan ever before dur- Often called early retire- quences for your Social Se- ing the pandemic,but the Fed- ment, voluntary severance or curity as well. eral Reserve’s long-term low buyout packages, such deals The Social Security Ad- rates have them wondering: often target people with se- ministration’s annual state- Whereisthe best placetostore niority, a group that tends to ment estimates benefits by cash? earn higher salaries. assuming you continue to Competition to gain custom- Taking such an offer can earn your current salary un- ersand depositshas softened. be a no-brainer for some S til you reach one of three re-

High-yield savingsaccountsthat workers, including those PRES tirement ages—62, 70, or so-

oncedrewcustomerswith yields who are ready to retire or TED called full-retirement age,

higher than 2% nowtypically of- change jobs, or fear for their CIA which is 67 for people born ferrates as lowas0.6%.That is companies’ survival. SO after 1959. AS

well abovethe national average “For people close to re- N/ Theformula takesanaver-

fortraditional savingsaccounts tirement who are well pre- OW ageofthe 35 highest yearsin of 0.05%, according to the FDIC, pared financially, it’s a gift,” BR your earningshistory, ad- but is still ameager return. said Matt Hylland, an ad- justed forwageinflation be- TTHEW

So savers areconsidering viser at Arnold & Mote MA fore age60, “soifthe last other options.Looking formore Wealth Management LLC in Adeadline can makedeciding on aseverancepackage difficult. AretirementcommunityinBillings, Mont. few yearsare zeros, it can yield, however, oftenmeans Hiawatha, Iowa. lowerbenefits,” said Mr. taking on morerisk and sacri- But for many others, de- such as six months, said Da- claim, said Mr. Kravetz. tirement, he would have ad- Kravetz.Toassessthe im- ficing liquidity. ciding whether to stay or go vid Kudla, CEO of Mainstay (Companies generally pay vised against it. pact of taking apay cut, en- Nina O’Neal, investment ad- is a complicated and emo- Capital Management LLC in severance only after employ- teryour ownestimates of fu- viser with Archer Investment tionally fraught decision that Grand Blanc, Mich. ees sign waivers releasing Doing the calculations tureincome in the online Management, recommends cli- may require weighing the Under afederal lawknown them from legal liability.) Consider whether the sev- benefitscalculator at ssa.gov. entswho arewaryoftaking on risks of two unappealing op- as Cobra, companies with 20 eranceislikely to last until morerisk instead consider giv- tions: giving up a paycheck or moreemployees generally Should Itakeit? youfind another job or reach Revamping your ing priority to daily liquidity. when jobs are scarce or must allowdeparting work- The next step is to project your desired retirement age. retirementplan She said some clientsdon’t clinging to an insecure job erstostayenrolled in the the impact of taking the Include in your budget any If you decide to take the want to take on moremarket without any guarantee of health plan, typically forup package on your finances. extrayou will spend on offer, consider ways to mini- risk,sothey instead put some severance if layoffs continue. to 18 months.But while many Typically, the closer you health insuranceorincome mize potential damage. cash in amoney-market fund Adding to the pressureis firms subsidizeworkers’ pre- are to retirement, the more tax, sincethe severancepay- If you can continue to and the rest in some fixed-in- the generally tight deadline miums,they canrequirefor- likely it is that a buyout will ment might push youintoa work, even if only on a part- come exchange-traded funds. to makeadecision. Under mer employees to payupto make financial sense, said higher taxbracket. Then es- time basis, you may be able Those provide ayield oftenbe- federal law, employees often the entirepremium, plus 2%. Scott Dauenhauer, a financial timatethe potential hit to to delay or minimize tapping tween 1% and 2%. have up to 45 days to con- Some firms offer out- adviser in Murrieta, Calif. In your retirement income. retirement savings and post- sider such an agreement, plus placement services or accel- 2017, Mr. Dauenhauer ad- “Accepting a buyout offer pone Social Security. Personalsaving as 35% seven days aftersigning in erated vesting of stock op- vised his mother-in-law to can mean lower Social Secu- Social Security increases apercentageof which to changetheir minds. tions, said Dana Kravetz, an take an early-retirement rity benefits, lower pension its payouts by 6.7% to 8.3%, disposable 30 Since March, several em- employment lawyer at Mi- package offering her almost benefits, and increased early plus an additional increment personal income ployers have extended offers, chelman & Robinson LLP. If a full pay to leave her teaching 401(k) withdrawals,” said Mr. for inflation, for every year a including Delta Air Lines buyout is aimed at older job one year early. Hylland. beneficiary between ages 62 25 Inc., Boeing Co., Coca-Cola workers with pensions, the “It wasn’t aslam dunk,” If you put your 401(k) and 70 refrains from collect- Co. and Dartmouth College. employer may let them start he said, adding that she contributions on hold or ing a check, according to Bill 20 Here’s what to consider benefits at a younger-than- would have earned alittle have to tap your retirement Reichenstein, a professor and how to adjust your fi- normal age or retain a morebystaying,plus an ex- savings early to make ends emeritus at Baylor Univer- 15 nancial plan if you take a higher benefit, despite work- tra$240amonth in pension meet, estimate how much sity and a founder of Social buyout offer. ing fewer years. benefits. “But she felt it was less you are likely to amass Security Solutions, which 10 When a buyout is offered worth it, plus she had a for retirement. (Remember sells advice on claiming So- Is it agood offer? to a group of employees, whole extrayear that she that you will owe income tax cial Security. The first step is to under- there is generally little room didn’t have to teach,” he said. on withdrawals from a tradi- Formarried couples,it 5 stand the offer. to negotiate higher sever- Forothers, though, buyouts tional IRA or 401(k), plus maymakesense forthe RECESSION A typical severance pay- ance unless you have a maynot makemuch sense. generally a 10% penalty if lower-earning spouse to 0 ment might amount to two strong legal claim, such as a Indeed, Mr. Dauenhauer you are under 59½—or 55 claim benefitsearly,while the 2012’15 ’20 weeks of pay for every year whistleblower, sexual harass- said that if his mother-in-law in the case of many higher-earning spouse delays, Source:Federal ReserveBank of St.Louis of employment, up to a cap ment or discrimination had been five years from re- 401(k) plans.) said Prof.Reichenstein.

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THE WALL STREET JOURNAL. Friday, October 9, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 28425.51 s122.05, or 0.43% Trailing P/E ratio 27.89 19.01 3446.83 s27.38, or 0.80% Trailing P/E ratio * 36.94 22.60 11420.98 s 56.38, or 0.50% Trailing P/E ratio *† 35.86 24.31 High, low, open and close for each P/E estimate * 23.97 17.27 High, low, open and close for each P/E estimate * 24.82 17.60 High, low, open and close for each P/E estimate *† 30.41 21.15 trading day of the past three months. Dividend yield 2.16 2.32 trading day of the past three months. Dividend yield * 1.81 1.93 trading day of the past three months. Dividend yield *† 0.79 1.04 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3550 12100

27500 3400 11450

26000 3250 10800

Session high 24500 3100 10150 DOWN UP 65-day moving average 65-day moving average Session open Close t 65-day moving average 23000 2950 9500 Close Open t

Session low 21500 2800 8850

Bars measure the point change from session's open 20000 2650 8200 July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. *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 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 797,863,657 32,736,151 Industrial Average 28459.13 28265.56 28425.51 122.05 0.43 29551.42 18591.93 7.3 -0.4 7.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 682,640,911 26,882,824 Transportation Avg 11786.38 11647.42 11762.56 72.54 0.62 11762.56 6703.63 16.8 7.9 6.0 Most-active issues in late trading Decl. volume* 105,758,570 5,123,454 Utility Average 876.98 862.34 875.30 15.31 1.78 960.89 610.89 0.4 -0.4 6.2 Volume After Hours Issues traded 3,133 273 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 35395.61 35205.50 35391.94 287.23 0.82 36434.12 22462.76 17.9 7.1 10.2 Advances 2,313 172 iShares Russell 2000 ETF IWM 10,447.3 162.82 0.96 0.59 162.95 161.68 Barron's 400 754.22 748.95 754.22 8.48 1.14 754.22 455.11 13.3 3.0 3.2 Declines 723 87 GameStop Cl A GME 9,841.3 14.15 0.66 4.89 14.93 13.16 Unchanged 97 14 Playa Hotels Resorts PLYA Nasdaq Stock Market 9,065.7 4.19 ...... 4.23 4.17 New highs 162 1 Nasdaq Composite 11448.23 11384.33 11420.98 56.38 0.50 12056.44 6860.67 43.6 27.3 20.1 iShares MSCI Germany ETF EWG 6,167.3 30.04 ...... 30.04 29.96 New lows 14 … Nasdaq 100 11582.78 11510.24 11550.94 47.75 0.42 12420.54 6994.29 49.2 32.3 24.0 Sinclair Broadcast Cl A SBGI 6,022.8 19.35 ...... 19.35 19.35 Closing Arms† 0.59 0.22 SPDR S&P 500 SPY 5,583.8 345.01 1.23 0.36 345.13 343.48 S&P Block trades* 4,966 182 Finl Select Sector SPDR XLF 4,270.5 25.32 0.12 0.48 25.33 25.13 500 Index 3447.28 3428.15 3446.83 27.38 0.80 3580.84 2237.40 17.3 6.7 10.6 Nasdaq NYSE Arca PlayAGS AGS 4,000.5 3.49 ...... 3.49 3.49 MidCap 400 1991.72 1977.45 1991.54 20.42 1.04 2106.12 1218.55 5.7 -3.5 3.1 Total volume*3,498,604,100 178,148,554 SmallCap 600 922.85 912.32 922.07 13.58 1.50 1041.03 595.67 0.4 -9.7 0.3 Percentage gainers… Adv. volume*2,131,278,504 151,067,602 Decl. volume*1,335,544,791 26,444,650 Other Indexes Extreme Networks EXTR 123.0 4.90 0.79 19.22 4.97 4.03 Issues traded 3,567 1,406 Russell 2000 1630.33 1615.27 1628.55 17.51 1.09 1705.22 991.16 9.6 -2.4 2.5 Selecta Biosciences SELB 474.5 2.24 0.31 16.06 2.35 1.92 Advances 2,333 1,211 NYSE Composite 13191.01 13100.97 13190.58 148.25 1.14 14183.20 8777.38 3.3 -5.2 2.3 Just Energy Group JE 1,409.3 6.24 0.64 11.43 6.64 5.50 Declines 1,141 173 GenMark Diagnostics GNMK 355.4 15.70 1.40 9.79 17.00 14.25 Value Line 487.85 480.53 487.77 7.24 1.51 562.05 305.71 -3.3 -11.7 -3.6 Unchanged 93 22 HCA Healthcare HCA 71.4 141.54 9.71 7.37 143.00 131.83 NYSE Arca Biotech 5585.05 5529.83 5564.21 9.84 0.18 6142.96 3855.67 33.6 9.8 9.1 New highs 165 87 NYSE Arca Pharma 663.62 655.94 662.65 9.78 1.50 675.64 494.36 14.4 1.4 6.2 ...And losers New lows 10 22 KBW Bank 79.84 78.50 79.82 1.25 1.59 114.12 56.19 -17.5 -29.6 -7.5 DPW Holdings DPW 298.9 2.39 -0.18 -7.00 2.58 2.31 Closing Arms† 1.28 1.49 § PHLX Gold/Silver 144.25 141.88 143.33 2.48 1.76 161.14 70.12 55.6 34.1 18.2 AgeX Therapeutics AGE 968.4 2.33 -0.15 -6.05 2.49 2.29 Block trades* 19,805 993 § PHLX Oil Service 30.07 28.88 30.05 1.52 5.34 80.99 21.47 -51.9 -61.6 -39.9 Philip Morris Intl PM 207.4 73.87 -4.46 -5.69 78.49 73.87 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2359.96 2340.97 2356.16 27.32 1.17 2370.18 1286.84 51.4 27.4 25.5 Otis Worldwide OTIS 67.4 62.64 -2.07 -3.20 64.71 62.64 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 27.99 24.88 26.36 -1.70 -6.06 82.69 11.54 50.0 91.3 39.8 CNDT Conduent 59.5 3.43 -0.08 -2.28 3.51 3.43 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.86 World The Global Dow 3059.13 26.21 –5.9 Eaton Vance EV 60.65 19.71 48.14 60.85 23.59 42.3 Cytokinetics CYTK 16.00 -11.66 -42.14 30.14 7.73 48.6 0.77 DJ Global Index 442.95 3.39 2.1 GameStop Cl A GME 13.49 4.13 44.12 13.64 2.57 167.1 Ocean Power Techs OPTT 1.95 -1.03 -34.56 3.72 0.33 19.6 DJ Global ex U.S. 252.98 1.83 0.73 –4.0 Consumer Portfolio Svcs CPSS 4.69 1.36 40.84 5.12 1.00 42.1 Westwater Resources WWR 7.80 -3.92 -33.45 14.50 0.25 208.3 Americas DJ Americas 804.86 6.73 0.84 5.8 Alphatec Holdings ATEC 9.42 2.54 36.92 9.55 2.19 89.3 Pioneer Power Solutions PPSI 5.15 -1.74 -25.25 9.43 0.90 26.5 Brazil Sao Paulo Bovespa 97919.73 2393.47 2.51 –15.3 FTS International FTSI 4.42 1.12 34.00 39.40 1.01 -87.3 Sky Solar Holdings ADR SKYS 7.17 -2.11 -22.74 12.49 1.01 446.3 Canada S&P/TSX Comp 16534.54 106.24 0.65 –3.1 SCYNEXIS SCYX 6.15 1.56 33.99 14.40 4.20 -39.1 Taiwan Liposome ADR TLC 4.83 -1.11 -18.69 12.65 2.48 -3.4 Mexico S&P/BMV IPC 38404.05 985.26 2.63 –11.8 Mexco Energy MXC 6.00 1.39 30.01 14.63 1.53 44.4 American Resources AREC 2.12 -0.48 -18.46 4.93 0.32 226.2 Chile Santiago IPSA 2515.16 42.67 1.73 –24.6 Cardiff Oncology CRDF 17.30 3.79 28.05 17.56 0.70 1458.6 CVD Equipment CVV 4.79 -0.95 -16.55 7.47 1.95 53.5 Jumia Technologies ADR JMIA 10.52 1.99 23.33 23.90 2.15 46.3 Enlivex Therapeutics ENLV 11.44 -2.01 -14.94 16.94 3.59 34.6 EMEA Stoxx Europe 600 368.31 2.86 0.78 –11.4 GeoVax Labs GOVX 3.65 0.67 22.48 120.00 2.30 -95.2 Aziyo Biologics AZYO 14.50 -2.50 -14.71 18.00 13.75 ... Eurozone Euro Stoxx 362.76 2.86 0.79 –10.2 Belgium Bel-20 3369.84 44.11 1.33 –14.8 KLX Energy Services Hldgs KLXE 5.11 0.84 19.67 49.90 2.53 -87.7 Capstone Turbine CPST 5.78 -0.94 -13.99 6.80 1.00 24.8 Denmark OMX Copenhagen 20 1388.66 12.57 0.91 22.3 Tilray TLRY 6.15 0.95 18.27 25.69 2.43 -70.2 ReneSola ADR SOL 3.02 -0.48 -13.71 3.64 0.85 114.2 France CAC 40 4911.94 29.94 0.61 –17.8 Northern Oil Gas NOG 6.32 0.95 17.69 24.30 4.93 -66.6 ANGI Homeservices ANGI 11.04 -1.70 -13.34 17.05 4.10 63.2 Keros Therapeutics KROS Peck Holdings PECK Germany DAX 13042.21 113.64 0.88 –1.6 46.32 6.32 15.80 65.50 19.10 ... 9.20 -1.30 -12.38 14.42 1.49 146.6 Danaos DAC 8.95 1.20 15.48 13.12 2.50 -13.7 Sunworks SUNW 3.58 -0.48 -11.82 8.50 0.29 42.6 Israel Tel Aviv 1364.80 14.96 1.11 –18.9 Italy FTSE MIB 19582.43 147.36 0.76 –16.7 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 559.94 5.34 0.96 –7.4 Russia RTS Index 1158.82 14.87 1.30 –25.2 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 54554.85 –194.92 –0.36 –4.4 Spain IBEX 35 6992.80 82.70 1.20 –26.8 AgeX Therapeutics AGE 331,210 72541.7 2.48 193.80 3.93 0.67 fuboTV FUBO 10,719 33074 10.00 2.67 22.00 5.00 Sweden OMX Stockholm 737.85 1.78 0.24 8.4 BIO-key International BKYI 122,224 1480.9 0.55 31.64 2.58 0.35 IQ Chaikin U.S. Small Cap CSML 661 5234 24.00 1.35 28.05 13.30 Camber Energy CEI IQ Candriam ESG US Equity IQSU Switzerland Swiss Market 10270.24 82.36 0.81 –3.3 113,594 3204.4 1.25 78.32 7.60 0.46 2,673 5151 29.58 0.54 31.01 19.75 General Electric GE 102,918 13.8 6.65 5.39 13.26 5.48 CIIG Merger CIIC 1,878 3103 9.98 -0.15 10.40 9.30 Turkey BIST 100 1150.49 –1.92 –0.17 0.5 Gevo GEVO 98,534 168.3 1.02 -15.70 2.95 0.46 Alphatec Holdings ATEC 11,205 2984 9.42 36.92 9.55 2.19 U.K. FTSE 100 5978.03 31.78 0.53 –20.7 U.K. FTSE 250 17946.16 144.41 0.81 –18.0 American Airlines Group AAL 88,149 32.3 13.16 0.65 31.67 8.25 Inspire Intl ESG ETF WWJD 268 2923 26.32 0.75 31.00 17.49 Apple AAPL 82,463 -51.9 114.97 -0.10 137.98 53.15 IQ Candriam ESG Intl IQSI 213 2662 24.49 0.67 25.51 17.45 Asia-Pacific NIO ADR NIO 77,282 -37.5 21.44 -0.56 22.59 1.36 Inspire Sml/MC Impact ISMD 445 2522 24.47 1.62 28.86 16.08 Australia S&P/ASX 200 6102.00 65.62 1.09 –8.7 GameStop Cl A GME 70,680 947.7 13.49 44.12 13.64 2.57 Eaton Vance EV 14,650 2491 60.65 48.14 60.85 23.59 China Shanghai Composite 3218.05 … Closed 5.5 FuelCell Energy FCEL 67,252 313.4 2.38 10.19 3.50 0.23 Eaton Vance FR Incm Plus EFF 186 2000 14.59 3.99 16.17 8.78 Hong Kong Hang Seng 24193.35 –49.51 –0.20 –14.2 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.76 India S&P BSE Sensex 40182.67 303.73 –2.6 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23647.07 224.25 0.96 –0.04 Singapore Straits Times 2543.11 4.75 0.19 –21.1 Track the Markets South Korea Kospi 2391.96 5.02 0.21 8.8 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12887.19 1.10 7.4 global stock indexes, bond ETFs, 140.82 currencies and commodities at Currencies Thailand SET 1274.83 11.12 0.88 –19.3 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Thurs YTD chg Thurs YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004312 23192 0.1 Argentina peso .0130 77.1190 28.8 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1786 5.5988 39.3 Czech Rep. koruna .04324 23.129 2.0 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7578 1.3196 1.6 Denmark krone .1580 6.3284 –5.0 notes and bonds major U.S. trading partners Chile peso .001252 798.60 8.0 Euro area euro 1.1761 .8503 –4.6 A consumer rate against its New car loan Colombiapeso .000260 3839.50 17.0 Hungary forint .003290 303.95 2.9 Ecuador US dollar 11unch Iceland krona .007223 138.44 14.3 benchmark over the past year 2.50% Bankrate.com avg†: 4.14% 10% Mexico peso .0468 21.3803 13.0 Norway krone .1080 9.2577 5.4 Uruguay peso .02352 42.5250 14.5 Poland zloty .2619 3.8187 0.7 First Command Bank 2.75% One year ago 2.00 Russia ruble .01293 77.354 24.6 t Asia-Pacific

5.00% Fort Worth, TX 888-763-7600 5 Euro Sweden krona .1128 8.8636 –5.4 1.50 s Australian dollar .7167 1.3953 –2.1 Switzerland franc 1.0905 .9170 –5.2 New car loan First Savings Bank of Hegewisch 2.75% China yuan .1473 6.7902 –2.5 t 4.50 0 Turkey lira .1259 7.9454 33.6 Chicago, IL 773-646-4200 1.00 Hong Kong dollar .1290 7.7503 –0.5 Ukraine hryvnia .0354 28.2500 19.3 Tradeweb ICE India rupee .01364 73.300 2.7 4.00 Cambridge Savings Bank 3.24% UK pound 1.2939 .7729 2.5 Thursday Close 0.50 –5 s s Indonesia rupiah .0000680 14710 6.0 Cambridge, MA 888-418-5626 Middle East/Africa Prime rate t Yen WSJ Dollar index Japan yen .009432 106.03 –2.4 t 3.50 PNC Bank 3.34% 0.00 –10 Kazakhstan tenge .002335 428.24 12.2 Bahrain dinar 2.6522 .3771 ... Macau pataca .1252 7.9880 –0.4 Egypt pound .0637 15.7073 –2.1 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2019 2020 3.00 month(s) years Malaysia ringgit .2408 4.1530 1.5 Israel shekel .2950 3.3901 –1.8 O N D J F M A M J J A SO Chase Bank 3.84% New Zealand dollar .6583 1.5191 2.3 Kuwait dinar 3.2650 .3063 1.1 maturity 2019 2020 New York, NY 800-CHA-SE24 Pakistan rupee .00611 163.750 5.6 Oman sul rial 2.5974 .3850 unch Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.490 –4.4 Qatar rial .2746 3.642 –0.05 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7362 1.3583 0.9 Saudi Arabia riyal .2666 3.7512 ... Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008686 1151.22 –0.3 South Africa rand .0603 16.5903 18.5 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0054265 184.28 1.6 Yield (%) 52-Week Total Return (%) Taiwan dollar .03491 28.643 –4.2 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.00 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03208 31.170 4.7 WSJ Dollar Index 88.59 –0.08–0.09 –1.08 Libor, 3-month 0.22 0.23 0.22 l 2.00 -1.13 U.S. Treasury, Barclays 2465.690 0.540 0.490 1.870 0.400 6.46 5.38 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.22 0.22 0.22 l 0.73 -0.13 Five-year CD, annual yield 0.62 0.63 0.62 l 1.53 -0.83 U.S. Treasury Long, Barclays 4775.230 1.430 1.330 2.370 0.980 12.20 11.41 Commodities 30-year mortgage, fixed† 3.03 3.02 2.93 l 4.22 -0.90 Aggregate, Barclays 2271.110 1.200 1.180 2.410 1.020 6.08 5.22 Thursday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.55 2.59 2.48 l 3.57 -0.66 Fixed-Rate MBS, Barclays 2225.590 1.300 1.270 2.690 0.930 4.02 3.74 Jumbo mortgages, $510,400-plus† 3.06 3.05 2.93 l 4.43 -1.38 DJ Commodity 641.77 7.10 1.12 647.86 433.70 5.36 -0.08 High Yield 100, ICE BofA 3184.352 4.503 4.960 10.740 4.235 3.039 3.613 Five-year adj mortgage (ARM)† 3.24 3.21 2.85 l 4.61 -0.30 TR/CC CRB Index 151.22 1.66 1.11 187.39 106.29 -12.88 -18.61 Muni Master, ICE BofA 584.725 1.129 1.074 3.441 0.838 3.448 3.914 New-car loan, 48-month 4.14 4.14 4.14 l 4.65 1.07 Crude oil, $ per barrel 41.19 1.24 3.10 63.27 -37.63 -23.08 -32.54 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 894.034 4.739 4.824 7.480 4.523 3.299 3.621 Natural gas, $/MMBtu 2.627 0.021 0.81 2.862 1.482 18.44 20.01 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1888.60 5.00 0.27 2051.50 1452.10 26.34 24.29 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW283000-0-B00800-1------XA

B8 | Friday, October 9, 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'21 2,449 2,474 2,440 2,459 18 65,683 Dec .9443 .9447 .9431 .9439 .0001 160,729 Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD Contract Open Agriculture Futures Dec 110.15 112.15 107.90 110.25 .65 101,546 Oct .7539 .7579 .7539 .7574 .0037 202 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. March'21 112.40 114.30 110.15 112.55 .75 67,886 Dec .7542 .7580 .7539 .7575 .0037 110,987 Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 389.00 394.50 386.50 387.00 –1.75 769,859 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Oct 3.0160 3.0450 3.0160 3.0420 0.0075 1,771 March'21 397.25 402.25 394.25 394.75 –2.50 277,232 March 14.09 14.24 14.08 14.17 .03 429,485 Oct 1.2932 1.2970 1.2893 1.2932 .0020 749 Dec 3.0315 3.0475 3.0115 3.0420 0.0090 136,942 Oats (CBT)-5,000 bu.; cents per bu. May 13.67 13.79 13.67 13.74 .01 157,797 Dec 1.2921 1.2974 1.2895 1.2935 .0020 150,687 Gold (CMX)-100 troy oz.; $ per troy oz. Dec 295.75 296.00 289.00 292.75 –1.25 4,708 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Oct 1893.00 1893.00 1882.70 1888.60 5.00 10,362 March'21 292.00 294.25 290.00 292.75 –1.50 606 Nov 26.70 26.70 26.70 26.70 …1,334 Dec 1.0928 1.0939 1.0891 1.0922 –.0002 45,125 Dec 1890.60 1905.30 1885.30 1895.10 4.30 444,189 Soybeans (CBT)-5,000 bu.; cents per bu. March'21 27.48 27.50 s 27.48 27.49 –.01 2,884 March'21 1.0943 1.0968 1.0927 1.0952 –.0002 138 Feb'21 1897.70 1911.90 1893.00 1902.70 5.00 45,041 Nov 1051.25 1069.00 s 1048.50 1050.00 –1.00 368,365 Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD April 1902.80 1916.20 1899.00 1908.40 5.20 21,598 Jan'21 1051.00 1068.00 s 1046.50 1048.00 –3.50 203,598 Oct 66.19 66.19 66.19 66.19 –.10 70 Oct .7131 .7169 .7124 .7164 .0023 348 June 1907.80 1922.80 1905.60 1913.70 5.00 12,469 Soybean Meal (CBT)-100 tons; $ per ton. Dec 67.77 68.29 67.10 67.49 –.10 126,387 Dec .7142 .7172 .7124 .7166 .0024 130,380 Dec 1916.50 1929.10 1912.90 1922.10 5.50 7,716 Oct 362.80 369.80 s 356.60 359.20 –1.80 721 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 362.50 372.10 s 355.70 359.60 –2.20 183,370 Nov 112.45 115.50 111.90 113.05 .25 6,118 Oct .04644 .04676 .04650 .04663 .00013 163 Oct …… …2393.80 20.90 ... Soybean Oil (CBT)-60,000 lbs.; cents per lb. Jan'21 114.85 117.05 114.25 115.05 .15 3,475 Dec .04618 .04650 .04616 .04634 .00013 118,151 Dec 2374.00 2437.30 2366.20 2403.00 20.90 9,380 Oct 33.30 33.30 33.26 33.24 –.07 160 Euro (CME)-€125,000; $ per € March'21 2404.50 2420.00 2404.50 2408.00 20.30 223 Dec 33.03 33.45 32.81 33.00 –.03 177,060 Interest Rate Futures Oct 1.1767 1.1783 1.1735 1.1760 –.0011 2,934 Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 1.1783 1.1797 1.1748 1.1773 –.0011 642,108 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Oct 863.50 871.10 857.40 858.20 –3.00 577 Nov 12.64 12.73 12.64 12.66 –.01 8,720 Dec 216-030 217-120 215-310 217-060 31.0 983,942 Jan'21 868.80 878.70 861.10 864.00 –2.80 49,894 Jan'21 12.90 12.91 12.83 12.84 –.01 1,325 Index Futures Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Dec 173-190 174-100 173-180 174-060 17.0 1,193,984 Mini DJ Industrial Average (CBT)-$5 x index Dec 608.75 616.75 s 593.25 595.25 –12.25 215,942 Oct 24.070 24.175 23.925 23.837 –0.011 206 March'21 175-140 175-190 174-310 175-160 17.0 7,023 Dec 28179 28452 28151 28310 131 87,917 Dec 23.925 24.355 23.775 23.876 –0.020 131,805 March'21 611.50 618.00 s 597.25 598.75 –11.25 74,947 Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'21 28148 28359 28072 28222 132 1,244 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. Dec 138-225 138-300 138-225 138-295 6.5 3,267,379 S&P 500 Index (CME)-$250 x index Nov 39.99 41.33 39.76 41.19 1.24 268,430 Dec 546.50 552.75 s 527.50 528.75 –15.75 120,748 March'21 138-155 138-185 138-120 138-185 6.5 1,664 Dec 3426.70 3446.20 3406.90 3437.50 30.70 12,409 Dec 40.23 41.59 40.05 41.47 1.24 331,252 March'21 555.00 561.00 s 536.25 537.50 –15.50 62,697 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index Jan'21 40.61 41.92 40.40 41.81 1.22 184,302 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 125-215 125-247 125-212 125-245 3.2 3,159,750 Dec 3406.25 3447.25 3405.50 3437.50 30.75 2,460,030 March 41.37 42.52 41.12 42.43 1.16 154,657 Oct 138.175 138.875 137.800 138.050 –.450 4,400 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March'21 3397.25 3438.00 3397.25 3428.75 30.75 18,144 June 42.17 43.15 41.91 43.09 1.03 191,876 Nov 137.725 138.100 136.350 136.450 –1.425 17,287 Dec 110-131 110-137 110-131 110-136 .6 2,003,483 Mini S&P Midcap 400 (CME)-$100 x index Dec 42.88 43.75 42.68 43.59 0.82 226,945 Cattle-Live (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 1968.50 1992.60 1967.10 1986.80 20.00 56,907 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Oct 110.250 110.350 109.650 109.700 –.475 12,358 Oct 99.9150 99.9150 99.9125 99.9125 –.0025 219,414 March'21 …1982.10 1966.10 1985.30 20.00 ... Nov 1.1638 1.1939 1.1581 1.1923 .0315 103,257 Dec 113.000 113.300 112.525 112.625 –.475 121,218 Jan'21 99.9250 99.9300 99.9250 99.9250 –.0050 177,593 Mini Nasdaq 100 (CME)-$20 x index Dec 1.1748 1.2050 1.1696 1.2032 .0309 74,491 Hogs-Lean (CME)-40,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec 11473.25 11578.75 11469.75 11539.00 69.00 275,594 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Oct 77.225 77.575 s 77.000 77.350 .475 13,451 Dec 101-180 101-220 101-150 101-215 5.5 132,059 March'21 11479.00 11566.00 11462.00 11530.25 69.00 1,312 Nov 1.2060 1.2376 1.2025 1.2316 .0307 101,427 Dec 65.275 67.450 65.225 66.850 2.275 94,366 Eurodollar (CME)-$1,000,000; pts of 100% Mini Russell 2000 (CME)-$50 x index Dec 1.1748 1.2050 1.1717 1.2007 .0295 77,126 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Oct 99.7800 99.7850 99.7800 99.7850 .0025 278,791 Dec 1610.30 1633.70 1609.60 1626.70 16.90 523,218 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Nov 573.50 586.30 570.20 586.30 19.00 2,069 Dec 99.7600 99.7600 99.7550 99.7600 … 1,003,038 Mini Russell 1000 (CME)-$50 x index Nov 2.590 2.651 2.508 2.627 .021 249,429 Jan'21 486.30 496.50 480.30 496.50 19.00 957 March'21 99.7900 99.7950 99.7850 99.7900 … 1,031,345 Dec 1914.00 1921.10 1909.20 1921.30 15.40 9,011 June 99.7950 99.7950 99.7850 99.7950 .0050 855,025 Dec 3.105 3.160 3.075 3.149 …152,188 Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index Jan'21 3.251 3.304 3.225 3.299 .005 140,833 Oct 20.57 20.67 20.39 20.63 .25 4,456 Dec 93.67 93.82 93.53 93.65 –.03 29,294 Currency Futures March'21 93.66 93.78 93.54 93.62 –.03 598 March 3.097 3.147 3.072 3.146 .016 129,535 Nov 19.41 19.47 19.12 19.30 –.06 4,478 April 2.782 2.829 2.771 2.830 .026 82,488 Cocoa (ICE-US)-10 metric tons; $ per ton. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Oct 2.830 2.856 2.811 2.861 .031 79,358 Dec 2,465 2,492 2,454 2,473 21 86,328 Oct .9438 .9441 .9425 .9433 .0001 381 Source: FactSet

Bonds | wsj.com/market-data/bonds/benchmarks Cash Prices | wsj.com/market-data/commodities Thursday, October 8, 2020 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Tracking Bond Benchmarks separate from the futures price on an exchange, which reflects what the commodity might be worth in future Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week months. highs and lows for different types of bonds Thursday Thursday Thursday Total Total Energy Aluminum, LME, $ per metric ton *1745.5 Wheat,No.1soft white,Portld,OR-u 5.6250 return YTD total Yield (%) return YTD total Yield (%) Copper,Comex spot 3.0420 close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 123.2 Food Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 283 Beef,carcass equiv. index Steel, HRC USA, FOB Midwest Mill-s 645 6.6 U.S. Aggregate 2225.59 3.6 Mortgage-Backed 1.300 0.930 2.690 Metals choice 1-3,600-900 lbs.-u 181.81 2271.11 1.200 1.020 2.410 Fibers and Textiles select 1-3,600-900 lbs.-u 169.65 U.S. Corporate Indexes Bloomberg Barclays 2171.59 3.4 Ginnie Mae (GNMA) 0.770 0.290 2.660 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6324 1314.64 3.7 Fannie mae (FNMA) 1.110 2.690 Burlap,10-oz,40-inch NY yd-n,w 0.6175 3358.54 6.7 U.S. Corporate 2.000 1.820 4.580 1.490 Engelhard industrial 1898.00 Butter,AA Chicago 1.3950 Cotton,1 1/16 std lw-mdMphs-u 0.6374 3.7 Freddie Mac (FHLMC) Handy & Harman base 1887.45 Cheddar cheese,bbl,Chicago 200.50 3063.33 5.8 Intermediate 1.340 1.230 4.400 2017.60 1.470 1.080 2.710 Handy & Harman fabricated 2095.07 Cotlook 'A' Index-t *72.30 Cheddar cheese,blk,Chicago 264.75 4934.35 8.4 Long term 3.070 2.730 4.930 584.73 3.3 Muni Master 1.129 0.838 3.441 Hides,hvy native steers piece fob-u n.a. LBMA Gold Price AM *1888.00 Milk,Nonfat dry,Chicago lb. 111.75 Wool,64s,staple,Terr del-u,w n.a. 688.27 6.9 Double-A-rated 1.510 1.300 3.360 412.92 3.5 7-12 year 1.132 0.771 3.447 LBMA Gold Price PM *1884.50 Coffee,Brazilian,Comp 1.0233 Krugerrand,wholesale-e 1967.78 Grains and Feeds Coffee,Colombian, NY 1.5557 885.83 5.9 Triple-B-rated 2.370 2.210 5.350 469.07 3.6 12-22 year 1.629 1.224 3.690 Maple Leaf-e 1986.71 Eggs,large white,Chicago-u 0.9750 Barley,top-quality Mnpls-u n.a. High Yield Bonds ICE BofA 451.91 2.5 22-plus year 2.365 1.765 4.123 American Eagle-e 1986.71 Flour,hard winter KC 15.20 Bran,wheat middlings, KC-u 120 Global Government J.P. Morgan† Mexican peso-e 2289.30 Hams,17-20 lbs,Mid-US fob-u 0.57 470.87 0.8 High Yield Constrained 5.363 5.151 11.400 Corn,No. 2 yellow,Cent IL-bp,u 3.6350 Austria crown-e 1857.64 Hogs,Iowa-So. Minnesota-u 75.39 Triple-C-rated n.a. n.a. Global Government n.a. n.a. n.a. Corn gluten feed,Midwest-u,w 122.3 412.34 -5.8 11.256 10.735 19.071 Austria phil-e 1986.71 Pork bellies,12-14 lb MidUS-u 1.6833 Corn gluten meal,Midwest-u,w 434.5 3184.35 -0.3 High Yield 100 4.503 4.235 10.740 n.a. n.a. Canada n.a. n.a. n.a. Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.1283 Cottonseed meal-u,w 288 Engelhard industrial 24.0500 Steers,Tex.-Okla. Choice-u 108.50 425.04 0.8 Global High Yield Constrained 5.406 4.893 11.310 n.a. n.a. EMU§ n.a. n.a. n.a. Hominy feed,Cent IL-u,w 100 Handy & Harman base 23.8810 Steers,feeder,Okla. City-u,w 148.50 Meat-bonemeal,50% pro Mnpls-u,w 210 323.42 -1.6 Europe High Yield Constrained 3.879 2.464 8.183 n.a. n.a. France n.a. n.a. n.a. Handy & Harman fabricated 29.8510 Oats,No.2 milling,Mnpls-u 3.0325 U.S Agency Bloomberg Barclays Germany LBMA spot price Fats and Oils n.a. n.a. n.a. n.a. n.a. *£18.2900 Rice, Long Grain Milled, No. 2 AR-u,w 29.25 U.S Agency (U.S.$ equivalent) *23.5300 Sorghum,(Milo) No.2 Gulf-u 5.8700 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.2500 1863.14 5.2 0.520 0.470 1.950 n.a. n.a. Japan n.a. n.a. n.a. Coins,wholesale $1,000 face-a 18316 SoybeanMeal,Cent IL,rail,ton48%-u 358.60 Grease,choice white,Chicago-h 0.2950 1623.81 3.9 10-20 years 0.390 0.340 1.850 n.a. n.a. Netherlands n.a. n.a. n.a. Other metals Soybeans,No.1 yllw IL-bp,u 10.2950 Lard,Chicago-u n.a. 4265.11 11.8 20-plus years 1.550 1.170 2.480 n.a. n.a. U.K. n.a. n.a. n.a. LBMA Platinum Price PM *868.0 Wheat,Spring14%-pro Mnpls-u 6.7750 Soybean oil,crude;Centl IL-u 0.3363 Platinum,Engelhard industrial 874.0 Wheat,No.2 soft red,St.Louis-u 6.0525 Tallow,bleach;Chicago-h 0.3200 2874.40 5.1 Yankee 1.540 1.430 3.500 894.03 1.4 Emerging Markets ** 4.739 4.523 7.480 Palladium,Engelhard industrial 2415.0 Wheat - Hard - KC (USDA) $ per bu-u 5.3875 Tallow,edible,Chicago-u n.a. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 10/7 Global Government Bonds: Mapping Yields Source: Dow Jones Market Data Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Exchange-Traded Portfolios | WSJ.com/ETFresearch Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Closing Chg YTD Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 0.125 U.S. 2 0.129 t l 0.157 0.145 1.424 Thursday, October 8, 2020 Closing Chg YTD SPDR DJIA Tr DIA 284.29 0.48 –0.3 0.625 10 0.769 t l 0.795 0.678 1.533 ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 362.88 1.06 –3.3 Closing Chg YTD l SPDR S&P 500 SPY 343.78 0.89 6.8 5.750 Australia 2 0.145 s 0.142 0.255 0.647 1.6 -1.5 -77.7 ETF Symbol Price (%) (%) iShMSCI EAFE EFA 65.17 0.70 –6.1 SPDR S&P Div SDY 97.69 2.02 –9.2 2.500 10 0.829 s l 0.802 0.983 0.901 0.6 -63.2 CommSvsSPDR XLC 59.97 1.30 11.8 iShMSCIEmgMarkets EEM 45.52 0.82 1.4 6.0 TechSelectSector XLK 118.37 0.52 29.1 CnsmrDiscSelSector XLY 151.81 0.66 21.0 iShMSCIJapan EWJ 59.47 0.03 0.4 UtilitiesSelSector XLU 63.49 1.83 –1.7 0.000 France 2 -0.665 t l -0.654 -0.625 -0.694 -79.4 -81.1 -211.7 CnsStapleSelSector XLP 65.23 0.66 3.6 iShNatlMuniBd MUB 115.20 –0.08 1.1 VanEckGoldMiner GDX 38.97 1.62 33.1 l FinSelSectorSPDR XLF 25.20 1.37 –18.1 iSh1-5YIGCorpBd IGSB 54.89 0.04 2.3 0.000 10 -0.256 t -0.231 -0.191 -0.300 -102.5 -102.6 -183.3 VangdInfoTech VGT 318.00 0.44 29.9 FT DJ Internet FDN 193.50 0.53 39.1 iShPfd&Incm PFF 37.01 0.19 –1.5 VangdSC Val VBR 119.62 1.65 –12.7 0.000 Germany 2 -0.699 t l -0.684 -0.703 -0.787 -82.8 -84.0 -221.1 GSActiveBetaUSLC GSLC 69.80 0.75 7.9 iShRussell1000Gwth IWF 220.83 0.40 25.5 VangdSC Grwth VBK 228.41 0.72 15.0 HealthCareSelSect XLV 107.39 0.49 5.4 iShRussell1000 IWB 192.59 0.87 7.9 0.000 10 -0.520 t l -0.491 -0.492 -0.592 -128.9 -128.6 -212.5 VangdExtMkt VXF 138.15 0.92 9.7 IndSelSectorSPDR XLI 80.41 0.99 –1.3 iShRussell1000Val IWD 123.07 1.31 –9.8 VangdDivApp VIG 132.19 0.74 6.0 1.000 Italy 2 -0.307 t l -0.293 -0.081 -0.262 -43.6 -45.0 -168.5 InvscQQQI QQQ 281.41 0.53 32.4 iShRussell2000 IWM 161.86 1.14 –2.3 VangdFTSEDevMk VEA 41.96 0.74 –4.8 InvscS&P500EW RSP 113.40 1.48 –2.0 iShRussellMid-Cap IWR 60.61 1.15 1.7 1.650 10 0.761 t l 0.792 1.046 0.843 -0.8 -0.3 -69.0 VangdFTSE EM VWO 44.57 0.75 0.2 iSh3-7YTreasuryBd IEI 133.21 0.07 5.9 iShRussellMCValue IWS 85.90 1.45 –9.4 VangdFTSE Europe VGK 53.98 0.93 –7.9 0.100 Japan 2 -0.130 t l -0.124 -0.135 -0.321 -28.1 -174.5 iShCoreDivGrowth DGRO 41.15 1.03 –2.2 iShS&P500Growth IVW 235.59 0.59 21.7 -25.9 VangdFTSEAWxUS VEU 51.84 0.72 –3.6 iShCoreMSCIEAFE IEFA 61.76 0.72 –5.3 iShS&P500Value IVE 116.77 1.26 –10.2 0.100 10 0.039 t l 0.042 0.038 -0.201 -72.9 -75.4 -173.4 VangdGrowth VUG 231.95 0.60 27.3 iShCoreMSCIEM IEMG 54.44 0.78 1.3 iShShortTreaBd SHV 110.69 ... 0.2 VangdHlthCr VHT 209.28 0.49 9.1 l iShCoreMSCITotInt IXUS 59.89 0.79 –3.2 iShSilver SLV 22.18 0.41 33.0 0.400 Spain 2 -0.527 t -0.512 -0.458 -0.516 -65.6 -66.9 -194.0 VangdHiDiv VYM 84.04 1.22 –10.3 iShCoreS&P500 IVV 344.98 0.90 6.7 iShTIPSBondETF TIP 126.21 0.40 8.3 1.250 10 0.205 t l 0.241 0.328 0.121 -56.4 -55.5 -141.3 iShCoreS&P MC IJH 198.42 1.05 –3.6 iSh1-3YTreasuryBd SHY 86.42 ... 2.1 VangdIntermBd BIV 93.15 0.12 6.8 iShCoreS&P SC IJR 75.68 1.50 –9.7 iSh7-10YTreasuryBd IEF 121.07 0.18 9.8 VangdIntrCorpBd VCIT 95.84 0.22 4.9 0.500 U.K. 2 -0.016 t l -0.008 -0.130 0.324 -14.5 -16.4 -110.0 VangdLC VV 160.59 0.92 8.6 iShS&PTotlUSStkMkt ITOT 77.96 0.98 7.2 iSh20+YTreasuryBd TLT 160.12 0.54 18.2 4.750 10 0.289 t l 0.305 0.191 0.417 -47.9 -49.1 -111.7 iShCoreUSAggBd AGG 117.69 0.13 4.7 iShRussellMCGrowth IWP 180.68 0.57 18.4 VangdMC VO 184.80 1.26 3.7 iShSelectDividend DVY 86.96 1.74 –17.7 iShUSTreasuryBdETF GOVT 27.77 0.18 7.1 VangdMBS VMBS 54.17 –0.11 1.9 Source: Tullett Prebon iShEdgeMSCIMinEAFE EFAV 68.91 0.35 –7.6 JPM UltShtIncm JPST 50.77 ... 0.7 VangdRealEst VNQ 83.35 1.67 –10.2 Corporate Debt iShEdgeMSCIMinUSA USMV 65.30 0.94 –0.5 PIMCOEnhShMaturity MINT 101.93 0.01 0.3 VangdS&P500ETF VOO 315.77 0.88 6.8 iShEdgeMSCIUSAMom MTUM 150.02 0.39 19.5 SPDR BlmBarcHYBd JNK 105.32 0.31 –3.9 VangdST Bond BSV 82.87 0.02 2.8 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific iShEdgeMSCIUSAQual QUAL 106.56 0.92 5.5 SPDRBloomBar1-3MTB BIL 91.52 ... 0.1 VangdSTCpBd VCSH 82.83 0.06 2.2 expectations iSh5-10YIGCorpBd IGIB 60.83 0.18 4.9 SPDR Gold GLD 177.85 0.36 24.5 VangdSC VB 165.01 1.21 –0.4 iShGoldTr IAU 18.08 0.50 24.7 SchwabIntEquity SCHF 32.21 0.69 –4.2 VangdTotalBd BND 87.92 0.17 4.8 Investment-grade spreads that tightened the most… iShiBoxx$InvGrCpBd LQD 134.62 0.25 5.2 SchwabUS BrdMkt SCHB 82.28 0.90 7.0 VangdTotIntlBd BNDX 58.18 0.18 2.8 Spread*, in basis points iShiBoxx$HYCpBd HYG 84.76 0.22 –3.6 SchwabUS Div SCHD 58.37 1.50 0.8 VangdTotIntlStk VXUS 53.65 0.69 –3.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iShJPMUSDEmgBd EMB 112.17 0.97 –2.1 SchwabUS LC SCHX 82.92 0.83 8.0 VangdTotalStk VTI 175.84 0.88 7.5 … –15 n.a. iShMBSETF MBB 110.23 –0.05 2.0 SchwabUS LC Grw SCHG 117.42 0.52 26.4 VangdTotlWrld VT 83.09 0.83 2.6 Pacific Gas and Electric 4.500 4.11 July 1, ’40 254 iShMSCI ACWI ACWI 82.12 0.81 3.6 Schwab US TIPs SCHP 61.49 0.38 8.6 VangdValue VTV 108.32 1.24 –9.6 Jackson National Life Global Funding JACLIF 3.875 1.03 June 11, ’25 70 –12 n.a. Unilever Capital UNANA 2.000 0.80 July 28, ’26 47 –12 n.a. Bank of Nova Scotia BNS 4.500 1.29 Dec. 16, ’25 96 –9 105 | Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks Nordea Bank Abp NDASS 0.750 0.75 Aug. 28, ’25 42 –9 53 Nomura Holdings NOMURA 3.103 2.28 Jan. 16, ’30 151 –9 165 Money Rates October 8, 2020 Valero Energy VLO 1.200 1.23 March 15, ’24 104 –9 110 General Motors GM 6.250 4.70 Oct. 2, ’43 313 –8 338 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. …And spreads that widened the most Deutsche Bank DB 3.950 1.60 Feb. 27, ’23 141 22 159 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Athene Global Funding … 2.800 1.24 May 26, ’23 105 14 n.a. Aug. index Chg From (%) Morgan Stanley MS 3.750 0.56 Feb. 25, ’23 37 11 45 level July '20 Aug. '19 Federal funds Libor Intesa Sanpaolo ISPIM 4.000 2.81 Sept. 23, ’29 204 9 n.a. Effective rate 0.0900 0.0900 1.9200 0.0600 One month 0.14688 0.13950 1.92125 0.13950 General Electric Capital … 6.750 3.91 March 15, ’32 313 7 325 U.S. consumer price index High 0.1000 0.1500 1.9500 0.1000 Three month 0.22050 0.23400 2.00325 0.21788 6 All items 259.918 0.32 1.3 Low 0.0500 0.0500 1.7700 0.0100 Six month 0.24638 0.25050 1.98588 0.23375 International Business Machines IBM 3.500 1.60 May 15, ’29 83 84 Core 268.756 0.39 1.7 Bid 0.0800 0.0800 1.7800 0.0100 One year 0.34950 0.35988 2.01200 0.34388 BNP Paribas BNP 4.400 2.00 Aug. 14, ’28 123 5 n.a. Offer 0.1100 0.1100 1.8500 0.0500 FMR FIDINV 4.950 1.79 Feb. 1, ’33 102 5 104 International rates Euro Libor Treasury bill auction One month -0.563 -0.571 -0.360 -0.621 High-yield issues with the biggest price increases… Week 52-Week 4 weeks 0.090 0.085 1.720 0.000 Three month -0.520 -0.525 -0.142 -0.539 Latest ago High Low Bond Price as % of face value 13 weeks 0.095 0.100 1.680 0.000 Six month -0.496 -0.496 -0.052 -0.504 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 26 weeks 0.110 0.105 1.690 0.080 One year -0.441 -0.437 0.008 -0.443 Prime rates Carnival CCL 6.650 9.84 Jan. 15, ’28 83.710 2.21 84.438 U.S. 3.25 3.25 5.00 3.25 Secondary market Secured Overnight Financing Rate American Airlines AAL 3.750 19.98 March 1, ’25 54.000 1.75 51.000 Canada 2.45 2.45 3.95 2.45 0.09 0.08 2.05 0.01 Sprint Capital … 8.750 3.36 March 15, ’32 150.750 1.50 148.138 Japan 1.475 1.475 1.475 1.475 Fannie Mae PulteGroup PHM 1.48 126.339 30-year mortgage yields Value 52-Week 6.375 3.50 May 15, ’33 129.030 Policy Rates Latest Traded High Low 30 days 1.952 1.975 3.388 1.751 ZF North America Capital ZFFNGR 4.750 3.48 April 29, ’25 105.275 1.06 103.084 Euro zone 0.00 0.00 0.00 0.00 60 days 1.981 2.014 3.403 1.804 DTCC GCF Repo Index ADT Security ADT 4.875 4.41 July 15, ’32 104.270 0.80 102.520 Switzerland 0.00 0.00 0.50 0.00 Occidental Petroleum OXY 7.875 8.19 Sept. 15, ’31 97.750 0.78 96.750 Britain 0.10 0.10 0.75 0.10 Treasury 0.121 37.900 2.170 0.002 Other short-term rates 0.78 Australia 0.25 0.25 0.75 0.25 MBS 0.126 56.250 2.093 0.011 Netflix NFLX 4.375 2.50 Nov. 15, ’26 110.530 109.200 Week 52-Week Weekly survey Overnight repurchase Latest ago high low …And with the biggest price decreases U.S. 0.07 0.12 2.01 -0.07 Latest Week ago Year ago Call money Navient NAVI 6.750 5.93 June 15, ’26 103.895 –0.92 100.480 American Airlines AAL 5.000 29.92 June 1, ’22 69.500 –0.88 67.875 U.S. government rates 2.00 2.00 3.75 2.00 Freddie Mac 30-year fixed 2.87 2.88 3.57 Springleaf Finance … 6.875 3.58 March 15, ’25 113.375 –0.84 111.155 Discount Commercial paper (AA financial) 15-year fixed 2.37 2.36 3.05 Ford Motor Credit … 3.370 3.72 Nov. 17, ’23 99.000 –0.75 98.648 0.25 0.25 2.50 0.25 90 days 0.13 n.a. 2.53 0.04 Five-year ARM 2.89 2.90 3.35 MGM Resorts International MGM 6.000 3.55 March 15, ’23 105.625 –0.39 104.381 BACR –0.38 Notes on data: Barclays Bank 7.625 2.47 Nov. 21, ’22 110.500 110.385 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates Nokia Oyj NOKIA 4.375 3.00 June 12, ’27 108.275 –0.29 106.470 aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of Cablevision Systems CVC 5.875 2.66 Sept. 15, ’22 105.989 –0.26 105.750 October 7, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more Tullett Prebon Information, Ltd. Source: MarketAxess P2JW283000-0-B00900-1------XA

THE WALL STREET JOURNAL. Friday, October 9, 2020 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. EnergyTransfer ET 5.92 0.43 IdexxLab IDXX 393.51 7.28 Mastercard MA 345.15 1.65 PioneerNatRscs PXD 89.48 0.54 Smartsheet SMAR 52.79 1.28 UltaBeauty ULTA 237.42 7.93 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. s EnphaseEnergy ENPH 105.50 -2.32 IHS Markit INFO 78.24 0.32 MaximIntProducts MXIM 71.44 1.37 PlainsAllAmPipe PAA 6.37 0.61 s SmithAO AOS 56.75 2.67 Unilever UN 60.91 0.02 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four s Entegris ENTG 82.15 0.39 ING Groep ING 7.86 0.15 McCormick MKC 194.33 0.15 s PlugPower PLUG 17.88 -0.35 Smith&Nephew SNN 39.62 0.06 Unilever UL 62.22 0.18 that include primary market trades as well as quarters. Entergy ETR 107.21 2.51 IPG Photonics IPGP 179.83 3.38 McDonalds MCD 225.80 -0.68 Polaris PII Smucker SJM 117.13 -0.32 UnionPacific UNP 203.78 -0.84 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. 101.06 -2.94 EnterpriseProd EPD 17.14 0.74 IQVIA IQV 164.49 0.30 McKesson MCK 153.99 5.86 s Pool POOL 340.85 9.21 Snap SNAP 27.05 0.38 UnitedAirlines UAL 37.00 0.62 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing s Nasdaq ISE. standards Equifax EFX 161.79 0.72 IcahnEnterprises IEP 52.02 1.11 MedicalProp MPW 18.70 0.32 PostHoldings POST 91.57 1.94 SnapOn SNA 158.39 -0.01 UnitedMicro UMC 5.41 0.18 The list comprises the 1,000 largest companies lf-Late filing s Equinix EQIX 824.40 21.14 s Icon ICLR 208.43 1.73 Medtronic MDT 107.80 2.14 PrincipalFin PFG 43.45 0.36 Snowflake SNOW 240.19 -5.81 s UPS B UPS 174.21 -0.78 based on market capitalization. q-Temporary exemption from Nasdaq Equinor EQNR 14.63 0.29 s IDEX IEX 190.00 0.82 MelcoResorts MLCO 15.86 -0.31 s Procter&Gamble PG 141.65 0.95 s SOQUIMICH SQM 35.43 0.39 s UnitedRentals URI 199.49 0.53 Underlined quotations are those stocks with requirements. Equitable EQH 21.14 0.97 IllinoisToolWks ITW 200.98 1.34 MercadoLibre MELI 1160.37 15.37 s Progressive PGR 97.97 1.56 s SolarEdgeTech SEDG 289.00 -16.15 US Bancorp USB 39.50 0.71 large changes in volume compared with the t-NYSE bankruptcy EquityLife ELS 65.00 0.85 Illumina ILMN 333.78 9.44 Merck MRK 80.48 0.44 s Prologis PLD 106.84 1.08 SolarWinds SWI 21.12 0.22 s UnitedHealth UNH 322.41 -0.76 issue’s average trading volume. v-Trading halted on primary market. EquityResdntl EQR 56.19 1.43 Immunomedics IMMU 85.73 0.37 MetLife MET 39.85 0.51 Proofpoint PFPT 107.84 -0.66 Sony SNE 74.13 0.76 UnitySoftware U 91.40 2.75 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ErieIndemnity A ERIE 221.29 0.96 ImperialOil IMO 12.83 0.76 s MettlerToledo MTD 1012.08 0.81 PrudentialFin PRU 68.27 0.48 Southern SO 58.71 0.91 UnivDisplay OLED 197.24 6.08 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, EssentialUtil WTRG 41.71 0.68 Incyte INCY 92.78 2.33 MicrochipTech MCHP 111.58 2.79 Prudential PUK 30.10 0.41 SoCopper SCCO 47.43 0.28 UniversalHealthB UHS 112.89 3.39 previous closing price was $2 or higher. or securities assumed by such companies. EssexProp ESS 215.98 5.57 s Infosys INFY 14.80 0.26 MicronTech MU 49.90 1.49 PublicServiceEnt PEG 58.40 1.37 SouthwestAir LUV 38.99 0.40 VEREIT VER 7.01 0.12 s EsteeLauder EL 224.21 2.73 IngersollRand IR 37.23 0.57 Microsoft MSFT 210.58 0.75 PublicStorage PSA 232.02 1.98 Splunk SPLK 209.05 2.97 VF VFC 78.33 1.37 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s Etsy ETSY 139.54 -3.12 s Insulet PODD 247.71 3.36 MidAmApt MAA 124.88 1.93 s PulteGroup PHM 48.97 1.84 Spotify SPOT 249.80 -1.71 VICI Prop VICI 24.02 0.30 changes in the closing prices from 4 p.m. the previous day. EverestRe RE 204.09 5.76 Intel INTC 53.37 0.70 s MiratiTherap MRTX 184.67 4.50 QTS Realty QTS 66.67 1.24 s Square SQ 183.50 3.32 VailResorts MTN 237.04 3.62 Evergy EVRG 53.36 0.91 InteractiveBrkrs IBKR 51.43 0.82 MitsubishiUFJ MUFG 4.13 ... Qiagen QGEN 54.07 -0.31 s StanleyBlackDck SWK 173.59 1.59 Vale VALE 11.05 0.30 EversourceEner ES 92.43 1.03 ICE ICE 101.44 0.59 MizuhoFin MFG 2.54 ... s Qorvo QRVO 135.41 0.77 Starbucks SBUX 89.53 1.08 ValeroEnergy VLO 44.36 2.01 Thursday, October 8, 2020 Net Net s ExactSciences EXAS 108.38 -0.05 InterContinentl IHG 55.72 -0.37 MobileTeleSys MBT 8.54 0.15 s Qualcomm QCOM 122.34 -0.69 StateStreet STT 65.00 1.59 VarianMed VAR 171.83 -0.12 Net Stock Sym Close Chg Stock Sym Close Chg Exelixis EXEL 24.80 0.94 IBM IBM 131.49 7.42 Moderna MRNA 72.93 0.56 s QuantaServices PWR 59.00 0.64 SteelDynamics STLD 32.84 0.90 Vedanta VEDL 6.46 -0.26 Stock Sym Close Chg Exelon EXC 39.32 1.47 IntlFlavors IFF 116.20 -0.31 MohawkInds MHK 109.01 2.63 QuestDiag DGX 116.28 -0.17 s Steris STE 186.75 1.46 VeevaSystems VEEV 290.75 3.34 BHP Group BBL 43.01 0.25 Chewy CHWY 58.67 1.63 Expedia EXPE 95.95 2.46 IntlPaper IP 42.49 0.68 s MolinaHealthcare MOH 199.75 -3.78 Quidel QDEL 276.78 -1.04 s STMicroelec STM 33.53 0.21 Ventas VTR 45.05 1.07 BP BP 17.49 0.46 ChinaEastrnAir CEA 22.71 0.73 A B C ExpeditorsIntl EXPD 91.66 0.92 Interpublic IPG 18.34 0.31 MolsonCoorsB TAP 36.80 1.12 s StoneCo STNE 58.42 0.43 VeriSign VRSN 205.47 1.65 B2Gold BTG 6.55 0.17 ChinaLifeIns LFC 11.77 0.17 ExtraSpaceSt EXR 113.75 1.22 Intuit INTU 334.99 0.67 Mondelez MDLZ 56.50 0.31 R S Stryker SYK 219.09 1.69 VeriskAnalytics VRSK 184.90 1.87 Baidu BIDU 126.75 0.40 ChinaMobile CHL 32.61 -0.08 ABB ABB 26.54 0.24 ExxonMobil XOM 35.26 1.76 IntuitiveSurgical ISRG 723.02 2.74 MongoDB MDB 252.86 -0.25 SumitomoMits SMFG 5.70 -0.03 Verizon VZ 59.19 0.21 BakerHughes BKR 13.38 0.41 ChinaPetrol SNP 41.39 0.34 RELX RELX 21.80 0.12 AcadiaPharm ACAD 43.18 0.29 F5Networks FFIV 128.06 0.43 s s MonolithicPower MPWR 303.00 4.68 SunComms SUI 150.58 2.08 VertxPharm VRTX 268.53 2.71 s Ball BLL 89.00 2.45 ChinaSoAirlines ZNH 28.38 0.78 Invitae NVTA 52.83 2.75 RH RH 376.08 -1.64 ADT ADT 8.41 -0.01 FMC FMC 106.06 -0.22 MonsterBev MNST 79.17 0.41 SunLifeFinancial SLF 42.31 -0.05 ViacomCBS B VIAC 29.61 0.76 BancoBilbaoViz BBVA 2.84 0.03 ChinaTelecom CHA 30.41 0.21 InvitatHomes INVH 29.87 0.64 s RPM RPM 86.71 -0.64 AECOM ACM 46.08 0.82 Facebook FB 263.76 5.64 Moody's MCO 292.14 3.89 SuncorEnergy SU 12.92 0.64 ViacomCBS A VIACA 31.56 0.64 BancoBradesco BBDO 3.39 0.13 ChinaUnicom CHU 6.69 -0.04 IonisPharma IONS 46.86 0.44 RaymondJames RJF 78.25 1.57 AES AES 19.44 0.69 FactSet FDS 328.60 3.22 MorganStanley MS 49.00 0.29 SunRun RUN 70.54 -7.51 Vipshop VIPS 15.25 -0.04 BancodeChile BCH 15.16 0.21 Chipotle CMG 1281.75 3.07 iQIYI IQ 23.73 -0.67 RaytheonTech RTX 60.80 1.11 Aflac AFL 38.24 0.33 FairIsaac FICO 439.19 -7.25 s iRhythmTechs IRTC 244.77 -0.49 s Morningstar MORN 178.38 8.38 Suzano SUZ 8.78 0.22 Visa V 202.98 0.51 BancSanBrasil BSBR 5.47 0.43 Chubb CB 121.28 2.17 RealtyIncome O 63.75 1.04 AGNC Invt AGNC 14.22 0.23 Farfetch FTCH 26.70 -0.59 IronMountain IRM 28.24 1.14 Mosaic MOS 19.72 -0.02 SynchronyFin SYF 29.15 0.85 Vistra VST 18.28 0.45 BcoSantChile BSAC 13.62 0.01 ChunghwaTel CHT 36.85 0.03 RegencyCtrs REG 40.44 1.01 ANGI Homesvcs ANGI 11.04 -1.70 Fastenal FAST 46.00 -0.21 MotorolaSol MSI 162.77 2.46 s Synnex SNX 152.61 -2.18 VMware VMW 150.25 2.50 BancoSantander SAN 2.02 0.04 Church&Dwight CHD 91.14 0.21 ItauUnibancoITUB 4.27 0.28 RegenPharm REGN599.88 8.19 Ansys ANSS 333.54 3.14 s Fastly FSLY 115.72 -4.61 Mylan MYL 15.72 0.81 Synopsys SNPS 219.03 -0.50 Vodafone VOD 14.57 0.35 BanColombia CIB 26.03 0.36 ChurchillDowns CHDN 175.96 2.62 RegionsFin RF 13.04 0.33 ASETech ASX 4.33 0.14 s FedEx FDX 271.06 2.80 J K L MyoKardia MYOK220.67 -0.72 Sysco SYY 67.84 1.56 VornadoRealty VNO 36.67 1.00 BankofAmerica BAC 25.24 0.36 Ciena CIEN 42.38 0.50 ReinsGrp RGA 104.45 2.70 ASML ASML 380.89 5.09 Ferrari RACE 181.32 -2.08 NICE NICE 230.30 -1.50 VoyaFinancial VOYA 50.47 1.16 BankofMontreal BMO 62.30 0.75 Cigna CI 177.87 1.57 RelianceSteel RS 112.00 2.54 AT&T T 28.61 0.33 FiatChrysler FCAU 12.61 0.02 JD.com JD 78.15 0.03 NIO NIO 21.44 -0.12 T U V Vroom VRM 49.65 -1.26 BankNY Mellon BK 37.18 0.72 CincinnatiFin CINF 80.64 1.20 RenaissanceRe RNR 173.03 3.29 AbbottLabs ABT 108.54 0.80 FidNatlFin FNF 33.52 0.14 Joyy YY 81.32 -1.46 NRG Energy NRG 32.35 0.96 s VulcanMatls VMC 153.09 6.61 BkNovaScotia BNS 42.99 0.31 Cintas CTAS 337.98 2.28 Repligen RGEN 164.18 -0.85 TAL Education TAL 78.58 -1.18 AbbVie ABBV 87.34 0.27 FidNatlInfo FIS 146.60 2.00 JPMorganChase JPM 101.78 2.05 s NVR NVR 4348.40139.58 Barclays BCS 5.54 0.15 CiscoSystems CSCO 39.79 0.39 RepublicSvcs RSG 93.50 0.58 TC Energy TRP 43.91 1.95 Abiomed ABMD 271.20 2.66 FifthThirdBncp FITB 23.71 0.38 JackHenry JKHY 164.32 -0.12 NXP Semi NXPI 134.83 1.23 W X Y Z BarrickGold GOLD 27.27 0.32 Citigroup C 44.72 -0.12 ResMed RMD 172.70 2.00 s TE Connectivity TEL 106.01 1.46 AcceleronPharma XLRN 114.19 1.37 FirstRepBank FRC 123.76 1.03 JacobsEngg J 98.99 1.66 Nasdaq NDAQ 124.60 1.62 BaxterIntl BAX 78.85 -2.80 CitizensFin CFG 28.56 0.44 RestaurantBrands QSR 59.96 1.86 Telus TU 18.38 0.32 WEC Energy WEC 99.03 0.98 Accenture ACN 225.61 2.16 FirstSolar FSLR 77.12 -1.59 s JamesHardie JHX 25.40 0.68 Natera NTRA 71.40 -1.16 BectonDicknsn BDX 236.21 0.51 CitrixSystems CTXS 135.51 2.00 RexfordIndlRealty REXR 50.91 1.18 TJX TJX 58.30 -0.06 WEX WEX 147.00 2.07 ActivisionBliz ATVI 77.80 -0.67 FirstEnergy FE 31.28 0.72 s JazzPharma JAZZ 154.82 11.50 NationalGrid NGG 61.02 0.40 BeiGene BGNE 301.49 3.94 Clarivate CCC 32.17 -0.70 ReynoldsCnsmr REYN 30.97 0.38 T-MobileUS TMUS 115.49 1.27 W.P.Carey WPC 68.88 1.22 s AdaptiveBiotech ADPT 50.78 0.35 Fiserv FISV 103.39 0.97 JFrog FROG 73.37 0.37 NatlRetailProp NNN 36.39 0.83 BentleySystems BSY 30.37 0.30 Clorox CLX 212.86 -2.27 RingCentral RNG 281.33 -8.07 TRowePrice TROW 140.83 3.60 WPP WPP 42.80 0.99 Adobe ADBE 490.84 -2.31 FiveBelow FIVE 132.46 4.20 J&J JNJ 148.89 1.01 Natura&Co NTCO 16.80 0.12 Berkley WRB 63.18 1.37 Cloudflare NET 43.41 0.03 RioTinto RIO 61.52 0.32 s TaiwanSemi TSM 87.80 0.88 Wabtec WAB 64.84 0.22 AdvanceAuto AAP 157.66 0.85 s Five9 FIVN 136.38 -3.19 JohnsonControls JCI 43.21 0.71 NatWest NWG 2.92 ... BerkHathwy A BRK.A 3232753704.00 Coca-Cola KO 50.46 0.90 RitchieBros RBA 63.73 0.30 TakeTwoSoftware TTWO 160.42 -0.54 WalgreensBoots WBA 37.07 0.58 AdvMicroDevices AMD 86.51 -0.18 FleetCorTech FLT 245.12 4.22 JuniperNetworks JNPR 22.64 0.35 nCino NCNO 78.68 2.38 BerkHathwy B BRK.B 215.15 1.86 Coca-Cola Euro CCEP 40.40 0.98 RobertHalf RHI 57.74 0.67 TakedaPharm TAK 17.77 0.48 Walmart WMT 141.36 0.47 Aegon AEG 3.04 0.08 s Floor&Decor FND 79.01 2.51 KB Fin KB 34.20 -0.18 NetApp NTAP 46.26 2.15 BerryGlobal BERY 50.08 0.40 Cognex CGNX 68.38 0.22 RocketCos. RKT 22.73 1.03 s TandemDiabetes TNDM 114.45 -2.26 WarnerMusic WMG 27.78 -0.22 AgilentTechs A 104.16 0.28 FomentoEconMex FMX 59.51 2.41 KE Holdings BEKE 64.84 2.18 NetEase NTES 88.42 1.48 BestBuy BBY 114.92 0.43 s CognizantTech CTSH 72.91 0.67 s Rockwell ROK 241.12 4.70 s Target TGT 161.86 1.18 WasteConnections WCN 103.36 -0.36 AgnicoEagle AEM 78.55 0.95 FordMotor F 7.35 0.12 KKR KKR 36.05 0.80 Netflix NFLX 531.79 -2.87 s BeyondMeat BYND 193.38 4.24 ColgatePalm CL 78.74 0.61 RogersComm B RCI 41.09 0.89 TataMotors TTM 9.67 -0.06 WasteMgt WM 114.70 0.82 AirProducts APD 299.66 -2.45 Fortinet FTNT 121.64 0.95 KLA KLAC 206.69 3.79 Neurocrine NBIX 103.68 1.82 BigCommerce BIGC 91.11 -1.69 ColumbiaSportswr COLM 93.14 1.16 s Roku ROKU 223.84 11.29 TeckRscsB TECK 13.91 0.43 Waters WAT 201.19 1.10 AkamaiTech AKAM 111.08 1.40 Fortis FTS 42.13 0.24 KSCitySouthern KSU 184.06 0.68 NewFortressEner NFE 46.54 -1.74 Bilibili BILI 46.60 -1.07 Comcast A CMCSA 45.30 0.34 Rollins ROL 57.02 -0.09 TeladocHealth TDOC 221.48 -1.37 Watsco WSO 236.48 -0.33 Albemarle ALB 96.95 0.26 s Fortive FTV 81.79 0.75 Kellogg K 65.22 0.36 s NewOrientalEduc EDU 167.71 2.25 s Bill.com BILL 110.44 0.71 CommerceBcshrs CBSH 61.05 0.68 RoperTech ROP 403.67 -1.33 TeledyneTech TDY 325.50 7.63 Wayfair W 304.07 -4.41 Albertsons ACI 14.02 0.12 s FortBrandsHome FBHS 89.33 1.73 KeurigDrPepper KDP 28.70 0.10 NYTimes A NYT 45.56 0.03 Bio-Techne TECH 261.90 -2.04 ConagraBrands CAG 37.25 -0.13 RossStores ROST 97.86 0.72 Teleflex TFX 354.34 6.31 Weibo WB 41.40 -0.11 Alcon ALC 59.92 1.74 FoxA FOXA 29.56 0.59 KeyCorp KEY 13.31 0.15 NewellBrands NWL 18.10 0.40 s Bio-RadLab A BIO 551.10 5.71 ConchoRscs CXO 45.59 1.00 RoyalBkCanada RY 74.02 0.45 Ericsson ERIC 10.79 0.14 WellsFargo WFC 25.30 0.49 AlexandriaRlEst ARE 166.09 2.97 FoxB FOX 29.63 0.52 KeysightTechs KEYS 103.18 2.02 Newmont NEM 61.72 0.55 Biogen BIIB 286.92 1.17 ConocoPhillips COP 35.53 1.20 RoyalCaribbean RCL 69.29 1.27 TelefonicaBras VIV 7.89 0.15 Welltower WELL 57.22 1.12 s AlexionPharm ALXN 123.14 -2.19 Franco-Nevada FNV 137.19 1.56 KilroyRealty KRC 54.27 1.06 NewsCorp A NWSA 14.44 0.21 BioMarinPharm BMRN 79.61 1.90 ConEd ED 82.27 1.44 RoyalDutchA RDS.A 26.44 0.85 Telefonica TEF 3.88 0.13 WestPharmSvcs WST 291.26 -1.45 s Alibaba BABA 300.54 4.04 FranklinRscs BEN 22.32 0.58 KimberlyClark KMB 150.31 -0.54 NewsCorp B NWS 14.34 0.18 BioNTech BNTX 87.95 1.72 ConstBrands A STZ 185.15 3.67 RoyalDutchB RDS.B 25.16 0.75 TelekmIndonesia TLK 18.59 0.25 WesternDigital WDC 38.70 1.15 AlignTech ALGN 327.57 3.95 FreeportMcM FCX 16.80 -0.08 KinderMorgan KMI 13.13 0.54 s NextEraEnergy NEE 301.04 3.92 BlackKnight BKI 89.36 -0.56 Cooper COO 354.75 3.88 RoyalGold RGLD 118.77 1.31 s 10xGenomics TXG 152.01 6.17 WesternUnion WU 22.32 0.30 Alleghany Y 553.87 14.55 FreseniusMed FMS 43.19 ... KingsoftCloud KC 30.50 -0.34 s Nike NKE 129.71 -0.35 BlackRock BLK s Copart CPRT 114.00 2.68 RoyaltyPharma RPRX 44.10 -0.49 TencentMusic TME 14.29 -0.01 WestlakeChem WLK 67.93 0.37 Allegion ALLE 103.69 2.13 604.44 12.39 KinrossGold KGC 8.62 0.19 Nikola NKLA 25.00 -0.72 s Corning GLW 35.23 0.17 Ryanair RYAAY 88.59 1.23 Teradyne TER 82.48 0.19 WestpacBanking WBK 12.91 0.16 AlliantEnergy LNT 55.18 1.10 Blackstone BX 55.09 0.63 G H I KirklandLakeGold KL 48.27 0.63 NiSource NI 22.36 0.31 s Corteva CTVA 32.33 1.80 SAP SAP 156.12 1.80 Tesla TSLA 425.92 0.62 WestRock WRK 37.77 0.58 Allstate ALL 93.58 0.29 Boeing BA 168.00 3.39 Knight-Swift KNX 41.28 -0.03 Nokia NOK 3.95 0.05 CoStar CSGP 868.89 -6.83 GCI LibertyA GLIBA 84.07 0.91 S&P Global SPGI 357.20 2.30 TevaPharm TEVA 9.94 0.39 Weyerhaeuser WY 30.26 0.74 AllyFinancial ALLY 27.91 0.31 BookingHldgs BKNG 1788.81 29.96 KoninklijkePhil PHG 47.16 -0.07 NomuraHoldings NMR 4.72 0.03 s Costco COST 365.09 2.07 GDS Holdings GDS 86.02 -2.06 SBA Comm SBAC 315.32 2.01 TexasInstruments TXN 148.06 1.31 WheatonPrecMet WPM 48.08 0.29 AlnylamPharm ALNY 146.04 0.64 BoozAllen BAH 81.36 -0.23 KoreaElcPwr KEP 9.10 0.26 Nordson NDSN 200.57 0.05 CoupaSoftware COUP 291.38 -3.48 GFLEnvironmental GFL 22.33 -0.21 SEI Investments SEIC 55.01 2.07 Textron TXT 37.02 0.58 s Whirlpool WHR 200.19 4.04 Alphabet A GOOGL 1483.43 24.29 BorgWarner BWA 40.09 -1.45 KraftHeinz KHC 31.22 0.38 NorfolkSouthern NSC 216.39 -0.47 Credicorp BAP 127.71 2.28 GSXTechedu GSX 102.15 -1.47 SK Telecom SKM 22.93 0.03 ThermoFisherSci TMO 453.54 1.18 Williams WMB 19.99 0.60 Alphabet C GOOG 1485.93 25.64 BostonBeer SAM 920.01 6.01 Kroger KR 34.29 0.26 NorthernTrust NTRS 84.25 2.01 CreditSuisse CS 10.57 0.09 Galapagos GLPG 141.25 2.44 SS&C Tech SSNC 63.32 0.30 ThomsonReuters TRI 81.63 0.44 Williams-Sonoma WSM 98.84 2.11 Alteryx AYX 146.92 3.24 BostonProps BXP 84.17 1.79 s L Brands LB 32.58 -0.41 NorthropGrum NOC 319.68 5.79 Cree CREE 69.03 1.11 Gallagher AJG 107.11 0.69 StoreCapital STOR 28.41 0.55 3M MMM 167.71 1.22 WillisTowers WLTW 211.07 -0.05 AlticeUSA ATUS 27.31 0.78 BostonSci BSX 40.49 0.31 s LHC Group LHCG 221.06 0.27 NortonLifeLock NLOK 20.91 -0.05 CrowdStrike CRWD 142.97 -1.60 Gaming&Leisure GLPI 38.24 0.71 s SVB Fin SIVB 273.20 6.67 Tiffany TIF 117.97 0.27 s WiproWIT 5.23 0.26 Altria MO 40.38 -0.15 BrightHorizons BFAM 153.79 1.20 Line LN 51.01 -0.02 Novartis NVS 87.54 1.60 CrownCastle CCI 165.78 0.86 s Gap GPS 19.83 0.05 Salesforce.com CRM 260.22 0.24 s Toro TTC 86.99 0.62 Wix.com WIX 279.67 -2.14 AlumofChina ACH 5.57 0.17 BristolMyers BMY 61.62 1.20 LKQ LKQ 30.72 0.40 Novavax NVAX 111.02 1.02 s CrownHoldings CCK 82.20 2.16 Garmin GRMN 98.13 1.21 Sanofi SNY 50.36 0.86 TorontoDomBk TD 47.49 0.35 Workday WDAY 224.04 -3.17 Amazon.com AMZN 3190.55 -5.14 BritishAmTob BTI 35.31 -0.17 LPL Financial LPLA 82.05 2.12 s NovoNordisk NVO 71.24 2.56 CubeSmart CUBE 34.35 0.29 Gartner IT 126.83 1.21 SantanderCons SC 19.72 0.34 Total TOT 34.93 0.36 WynnResorts WYNN 74.32 -0.74 Ambev ABEV 2.46 0.03 Broadcom AVGO 373.33 6.59 L3HarrisTech LHX 178.14 2.74 s Novocure NVCR 129.28 2.26 Cummins CMI 221.01 -0.51 Generac GNRC 204.50 -2.54 SareptaTherap SRPT 144.70 -1.16 ToyotaMotor TM 132.95 0.52 XP XP 42.98 1.22 Amcor AMCR 11.34 0.11 BroadridgeFinl BR 139.05 1.54 LabCpAm LH 194.26 1.75 NuanceComms NUAN 33.80 -0.22 CureVac CVAC 55.42 -1.04 GeneralDynamics GD 145.04 1.27 Schlumberger SLB 16.43 0.48 TractorSupply TSCO 149.22 3.43 XPO Logistics XPO 95.90 0.75 Amdocs DOX 58.90 0.62 BrookfieldMgt BAM 35.54 0.47 LamResearch LRCX 355.43 9.66 Nucor NUE 49.44 0.79 CyrusOne CONE 80.72 1.86 SchwabC SCHW 37.74 -0.04 TradeDesk TTD 605.55 12.12 XcelEnergy XEL 72.51 0.42 Amedisys AMED 242.72 0.11 BrookfieldInfr BIP 47.34 -0.41 GeneralElec GE 6.65 0.34 LamarAdv LAMR 71.02 1.20 Nutrien NTR 40.76 0.36 ScottsMiracleGro SMG 156.76 1.58 Tradeweb TW 59.14 2.31 Xilinx XLNX 105.99 0.16 Amerco UHAL 362.13 -1.77 BrookfieldPropREIT BPYU 14.61 0.69 GeneralMills GIS 61.39 0.31 LambWeston LW 74.33 2.12 NVIDIA NVDA D E F 553.55 -5.01 s Ameren AEE 81.73 1.04 s BrookfieldRenew BEPC 63.43 -1.55 GeneralMotors GM 32.21 0.59 LasVegasSands LVS 46.11 -0.07 Sea SE 169.29 1.87 TraneTech TT 129.80 1.86 XPeng XPEV 19.86 -0.30 s Xylem XYL AmericaMovil A AMOV 12.79 0.36 Brown&Brown BRO 46.71 0.44 DISH Network DISH 27.58 0.08 Genmab GMAB 37.20 0.47 Lear LEA 129.83 1.03 O P Q Seagate STX 51.33 0.88 TransDigm TDG 490.97 2.47 89.83 1.63 Yandex YNDX 60.79 -0.06 AmericaMovil AMX 12.89 0.35 Brown-Forman A BF.A 70.15 0.35 DTE Energy DTE 121.87 7.36 Genpact G 38.89 0.39 Leidos LDOS 89.19 0.71 SealedAir SEE 42.87 0.91 TransUnion TRU 88.54 0.81 YumBrands YUM 95.41 1.53 AmerAirlines AAL 13.16 0.08 Brown-Forman B BF.B 78.00 0.85 DadaNexus DADA 27.13 0.03 Gentex GNTX 27.23 0.17 Lennar B LEN.B 68.18 3.21 OGE Energy OGE 32.74 0.70 SeattleGenetics SGEN 198.73 -2.30 Travelers TRV 115.62 1.82 YumChina YUMC 53.72 0.35 AEP AEP 89.38 0.77 Bruker BRKR 41.64 0.91 Danaher DHR 220.71 -1.32 GenuineParts GPC 101.15 2.40 Lennar A LEN 84.01 3.58 ONEOK OKE 29.41 1.60 SempraEnergy SRE 126.71 3.99 Trex TREX 76.330.68 ZTO Express ZTO 28.92 -0.02 AmerExpress AXP 106.06 3.11 Bunge BG 49.02 -0.04 Darden DRI 103.38 2.22 Gerdau GGB 3.97 0.05 LennoxIntl LII 276.82 -0.91 OReillyAuto ORLY 453.36 8.46 SensataTechs ST 46.95 0.69 Trimble TRMB 51.10 0.59 s ZaiLab ZLAB 91.80 1.27 AmericanFin AFG 72.94 1.34 BurlingtonStrs BURL 218.45 -0.57 s DarlingIngred DAR 40.54 0.83 GileadSciences GILD 63.32 0.48 LeviStrauss LEVI 15.56 0.07 OakStreetHealth OSH 52.84 -0.34 ServiceCorp SCI 44.75 0.07 Trip.com TCOM 32.74 0.27 s ServiceNow NOW 496.50 -3.50 TruistFinl TFC 43.06 1.03 ZebraTech ZBRA 279.09 2.51 AmHomes4Rent AMH 30.04 0.57 CBRE Group CBRE 50.99 2.04 Datadog DDOG 102.66 -1.77 GSK GSK 37.16 0.57 LiAuto LI 17.93 0.16 OccidentalPetrol OXY 11.18 0.90 ShawComm B SJR 18.16 0.06 Twilio TWLO 299.10 0.92 s Zendesk ZEN 107.83 -1.02 AIG AIG 30.26 0.70 CDW CDW 126.20 0.27 DaVita DVA 88.60 1.41 GlobalPayments GPN 181.55 4.74 LibertyBroadbandA LBRDA 146.06 1.52 Okta OKTA 237.57 0.97 SherwinWilliams SHW 688.28 -3.52 Twitter TWTR 46.01 0.14 Zillow C Z 105.04 -0.47 AmerTowerREIT AMT 243.56 1.79 CF Industries CF 31.86 0.91 s DeckersOutdoor DECK 245.26 4.92 s Globant GLOB 191.21 -3.65 s LibertyBroadbandC LBRDK 146.85 1.59 OldDomFreight ODFL 197.11 4.18 ShinhanFin SHG 24.46 -0.11 TylerTech TYL 378.43 2.67 Zillow A ZG 105.09 -0.70 s AmerWaterWorks AWK 155.85 1.34 CGI GIB 69.18 1.00 s Deere DE 234.24 3.67 GlobeLife GL 82.97 0.83 LibertyGlobal C LBTYK 20.43 -0.12 Ollie'sBargain OLLI 93.38 0.24 Shopify SHOP 1069.21 -4.22 TysonFoods TSN 58.99 0.22 ZimmerBiomet ZBH 146.66 1.83 AmericanWell AMWL 35.84 -2.90 s CH Robinson CHRW 106.14 -0.02 s DellTechC DELL 68.66 1.25 GoDaddy GDDY 75.05 -0.35 LibertyGlobal A LBTYA 20.80 -0.19 OmegaHealthcare OHI 31.68 0.46 Sibanye-Stillwater SBSW 11.38 0.45 UBS Group UBS 11.78 0.03 Zoetis ZTS 163.17 3.26 AmericoldRealty COLD 37.98 0.70 CME Group CME 170.90 1.40 DeltaAir DAL 32.68 0.53 GoldFields GFI 12.28 0.42 LibertyGlobal B LBTYB 21.66 0.72 Omnicom OMC 53.15 1.00 SimonProperty SPG 70.07 0.34 UDR UDR 35.74 0.89 ZoomVideo ZM 478.55 -2.06 Ameriprise AMP 169.31 4.42 CMS Energy CMS 63.87 0.86 DentsplySirona XRAY 46.06 1.01 GoldmanSachs GS 207.98 4.38 LibertyFormOne C FWONK 37.59 -0.22 s ON Semi ON 26.04 2.69 SiriusXM SIRI 5.96 0.14 UGI UGI 35.18 1.08 ZoomInfoTech ZI 43.28 -1.93 AmerisourceBrgn ABC 98.49 2.90 CNA Fin CNA 31.26 0.54 DeutscheBank DB 9.36 0.13 GoodRx GDRX 54.96 -1.50 LibertyFormOne A FWONA 34.65 -0.29 OneConnectFinTech OCFT 21.24 -0.56 Skyworks SWKS 151.55 1.69 Uber UBER 37.34 0.56 Zscaler ZS 147.66 -0.02 Ametek AME 106.50 -0.04 CNH Indl CNHI 8.25 0.09 DexCom DXCM 387.50 -6.32 s Graco GGG 63.98 0.65 LibertyBraves A BATRA 22.45 0.78 OpenText OTEX 41.82 0.04 SlackTech WORK 29.99 0.55 Ubiquiti UI 187.49 3.99 Zynga ZNGA 9.30 -0.28 Amgen AMGN 240.09 -17.58 CNOOC CEO 99.87 1.19 Diageo DEO 140.86 0.33 s Grainger GWW 385.99 9.59 LibertyBraves C BATRK 22.34 0.68 Oracle ORCL 60.89 0.30 s Amphenol APH 113.50 0.47 CRH CRH 39.80 0.77 DigitalRealty DLR 156.85 4.27 Grifols GRFS 17.75 0.08 LibertySirius B LSXMB 39.67 5.22 Orange ORAN 10.87 0.21 AnalogDevices ADI 120.34 1.67 CRISPR Therap CRSP 95.39 -2.29 DiscoverFinSvcs DFS 65.41 1.69 Grubhub GRUB 73.88 -0.64 LibertySirius C LSXMK 36.15 0.66 Orix IX 65.30 -0.09 Anaplan PLAN 62.25 0.19 CSX CSX 77.71 -0.98 DiscoveryB DISCB 33.05 -0.46 GuardantHealth GH 107.43 0.54 LibertySirius A LSXMA 36.18 0.57 OtisWorldwide OTIS 64.71 -0.34 s AngloGoldAsh AU 26.53 1.04 CVS Health CVS 60.47 1.05 DiscoveryA DISCA 22.77 0.58 Guidewire GWRE 114.28 2.17 EliLilly LLY 153.50 4.54 OwensCorning OC 74.65 -0.35 Dividend Changes AB InBev BUD 59.63 1.19 CableOne CABO 1830.13 -19.70 DiscoveryC DISCK 20.47 0.48 HCA Healthcare HCA 131.83 2.76 LincolnNational LNC 35.63 0.91 PG&E PCG 10.57 0.31 PNC Fin PNC AnnalyCap NLY 7.38 0.11 CabotOil COG 18.49 0.23 Disney DIS 123.09 0.18 HDFC Bank HDB 54.85 0.90 Linde LIN 237.75 -1.20 116.54 1.36 Dividend announcements from October 8. Anthem ANTM 293.29 0.17 CadenceDesign CDNS 109.32 0.88 DocuSign DOCU 220.39 -3.66 HD Supply HDS 42.92 0.62 LithiaMotors LAD 281.01 -2.78 POSCO PKX 44.65 0.26 Aon AON 208.07 -0.30 CaesarsEnt CZR 54.74 -1.00 DolbyLab DLB 68.71 1.85 HP HPQ 19.40 0.17 PPD PPD 36.69 0.02 LiveNationEnt LYV 56.27 1.45 Amount Payable / ApolloGlbMgmt APO 46.95 0.95 CamdenProperty CPT 98.06 1.56 s DollarGeneral DG 218.88 4.35 HSBC HSBC 20.32 -0.05 s PPG Ind PPG 134.99 6.05 LivongoHealth LVGO 141.72 -1.09 Company Symbol Yld %New/Old Frq Record Apple AAPL 114.97 -0.11 CampbellSoup CPB 48.42 0.17 DollarTree DLTR 91.53 0.98 Halliburton HAL 12.81 0.88 LloydsBanking LYG 1.43 0.04 PPL PPL 29.11 0.35 ApplMaterials AMAT 62.60 1.48 CIBC CM 77.67 0.73 DominionEner D 82.06 1.04 HartfordFinl HIG 39.33 1.38 LockheedMartin LMT 388.59 5.65 PRA HealthSci PRAH 109.76 0.48 s Increased Aptargroup ATR 116.52 1.54 CanNtlRlwy CNI 109.41 -0.31 Domino's DPZ 401.01 -30.04 Hasbro HAS 87.96 3.03 Loews L 36.99 0.89 PTC PTC 84.06 0.85 Educational Dev EDUC 2.1 .10 /.06 Q Dec08 /Nov19 s Aptiv APTV 97.97 -1.22 CanNaturalRes CNQ 17.97 1.20 Donaldson DCI 50.82 0.23 HealthcareAmer HTA 26.46 0.38 LogitechIntl LOGI 77.01 0.71 Paccar PCAR 89.94 0.05 Aramark ARMK 28.28 0.35 CanPacRlwy CP 309.98 0.30 Dover DOV 112.93 1.23 HealthpeakProp PEAK 29.04 0.70 Lowe's LOW 170.87 2.40 PackagingCpAm PKG 113.81 1.84 Great Elm 6.5% Nts 2022 GECCL 6.8 .4108 /.40174 Q Jul31 /Jul15 ArcelorMittal MT 14.57 0.17 Canon CAJ 16.45 -0.15 Dow DOW 49.38 1.08 Heico A HEI.A 97.20 0.98 lululemon LULU 337.94 -0.97 PagSeguroDig PAGS 40.88 0.88 Great Elm 6.5% Nts 2024 GECCN 7.5 .4063 /.40174 Q Sep30 /Sep15 ArchCapital ACGL 31.50 1.26 CapitalOne COF 80.28 2.04 DrReddy'sLab RDY 70.40 1.75 Heico HEI 111.78 1.30 LumenTech LUMN 10.13 0.05 PalantirTech PLTR 10.00 ... Great Elm 6.5% Nts 2024 GECCN 7.5 .4108 /.40625 Q Dec31 /Dec15 PaloAltoNtwks PANW 249.51 -1.45 s ArcherDaniels ADM 48.85 0.54 CardinalHealth CAH 48.68 1.53 DraftKings DKNG 51.13 -2.20 HenrySchein HSIC 61.09 1.63 Lumentum LITE 82.05 1.56 Great Elm 6.75% Nts 2025 GECCM 7.8 .4219 /.41719 Q Sep30 /Sep15 s AresMgmt ARES 42.97 0.91 Carlisle CSL 128.28 0.26 Dropbox DBX 19.67 0.01 Herbalife HLF 50.87 0.35 PanAmerSilver PAAS 32.28 0.65 Lyft LYFT 27.21 0.94 Great Elm 6.75% Nts 2025 GECCM 7.8 .4266 /.42188 Q Dec31 /Dec15 s arGEN-X ARGX 272.22 -1.87 Carlyle CG 26.70 0.78 DukeEnergy DUK 93.15 1.85 Hershey HSY 143.51 0.10 s ParkerHannifin PH 217.91 0.36 LyondellBasell LYB 79.26 -0.15 SIRI AristaNetworks ANET 222.49 10.50 CarMax KMX 95.94 1.84 DukeRealty DRE 39.67 0.68 Hess HES 38.59 0.91 Paychex PAYX 82.07 1.55 Sirius XM Holdings 1.0 .0146 /.01331 Q Nov30 /Nov06 ArrowElec ARW 83.65 -0.78 Carnival CCL 15.61 -0.38 s Dun&Bradstreet DNB 28.13 2.21 HewlettPackard HPE 9.99 0.22 M N s PaycomSoftware PAYC 359.53 7.70 Reduced AscendisPharma ASND 160.97 -2.78 Carnival CUK 13.62 -0.12 Dunkin' DNKN 83.25 1.05 HighwoodsProp HIW 35.83 0.59 s Paylocity PCTY 180.43 1.43 AspenTech AZPN 128.90 1.15 CarrierGlobal CARR 31.95 -0.17 DuPont DD 59.27 1.61 Hilton HLT 92.54 0.82 M&T Bank MTB 101.78 0.13 PayPal PYPL 193.06 -1.55 Great Elm 6.5% Nts 2022 GECCL 6.8 .4063 /.41076 Q Oct31 /Oct15 Assurant AIZ 125.63 1.82 Carvana CVNA 214.00 -2.96 Dynatrace DT 41.53 -0.15 Hologic HOLX 68.29 -0.64 MGMGrowthProp MGP 28.21 0.20 Pegasystems PEGA 128.90 -1.21 AstraZeneca AZN 54.09 0.56 CaseysGenStores CASY 182.77 1.78 ENI E 16.31 0.44 HomeDepot HD 284.52 1.73 MGM Resorts MGM 21.93 0.43 s Peloton PTON 115.00 -1.96 Initial Athene ATH 37.39 0.53 Catalent CTLT 92.71 1.18 EOG Rscs EOG 37.67 0.96 HondaMotor HMC 24.68 -0.13 MKS Instrum MKSI 116.70 2.09 PembinaPipeline PBA 22.60 1.24 DTE Energy 4.375% Db 2080 DTB 4.3 .316 Jan15 /Dec31 Atlassian TEAM 188.78 -4.26 s Caterpillar CAT 156.66 1.89 s EPAM Systems EPAM 334.64 -9.68 Honeywell HON 173.78 2.23 MPLX MPLX 17.26 1.29 PennNational PENN 65.69 -2.76 AtmosEnergy ATO 96.79 0.41 Celanese CE 117.95 1.49 EastmanChem EMN 85.40 1.88 s HorizonTherap HZNP 83.45 2.91 MSCI MSCI 346.40 3.59 s Pentair PNR 48.83 0.72 Foreign MagellanMid MMP Autodesk ADSK 234.31 1.30 Centene CNC 64.68 0.06 s Eaton ETN 107.48 0.53 HormelFoods HRL 49.10 -0.23 36.93 1.53 PenumbraPEN 207.98 10.08 Atlas ATCO 5.4 .125 Q Oct30 /Oct20 s Autohome ATHM 99.79 0.76 CenterPointEner CNP 21.32 0.67 eBay EBAY DR Horton DHI 77.71 1.95 MagnaIntl MGA 52.73 1.04 PepsiCo PEP 137.85 0.84 52.08 1.14 Atlas 7.95% Pfd. D ATCOpD 8.2 .49687 Q Oct30 /Oct29 Autoliv ALV 82.48 -0.89 CentraisElBras EBR 5.58 -0.03 Ecolab ECL 201.46 0.06 HostHotels HST 11.85 0.24 ManhattanAssoc MANH 100.48 0.94 PerkinElmer PKI 127.61 -0.63 ATCOpG Q ADP ADP 147.01 3.28 s CeridianHCM CDAY 87.89 -0.11 Ecopetrol EC 10.18 0.26 HowmetAerospace HWM 18.73 0.62 ManulifeFin MFC 14.68 0.02 Perrigo PRGO 45.80 0.68 Atlas 8.2% Pfd. G 8.2 .5125 Oct30 /Oct29 AutoZone AZO 1150.00 10.01 Cerner CERN 71.84 0.36 EdisonInt EIX 56.10 1.16 HuanengPower HNP 16.18 ... MarathonPetrol MPC 31.12 1.91 PetroChina PTR 29.64 0.48 Atlas Perp. Pfd. I ATCOpI 8.5 .50 Q Oct30 /Oct29 s Avalara AVLR 145.27 2.48 s CharlesRiverLabs CRL 236.49 -0.86 EdwardsLife EW 81.65 0.15 Huazhu HTHT 44.51 0.05 Markel MKL 998.00 16.05 PetroleoBrasil PBR 7.38 0.27 Atlas Pfd. Series E ATCOpE 8.3 .51563 Q Oct30 /Oct29 Avalonbay AVB 160.10 3.25 CharterComms CHTR 629.08 5.35 ElancoAnimal ELAN 32.13 0.06 Hubbell HUBB 143.10 1.85 MarketAxess MKTX 518.42 8.19 PetroleoBrasilA PBR.A 7.29 0.25 Atlas Pfd. Series H ATCOpH 8.1 .49219 Q Oct30 /Oct29 Avangrid AGR 55.63 0.94 CheckPoint CHKP 123.33 0.71 s Elastic ESTC 119.24 0.18 HubSpot HUBS 309.73 5.12 Marriott MAR 100.31 1.30 Pfizer PFE 36.89 0.42 Pembina Pipeline PBA 8.5 .1578 M Nov13 /Oct23 Avantor AVTR 24.30 0.05 Chegg CHGG 79.94 0.22 ElectronicArts EA 125.99 0.98 s Humana HUM 427.32 -2.09 Marsh&McLen MMC 114.26 0.04 PhilipMorris PM 78.33 -0.72 Toronto-Dominion Bank TD 5.0 .59463 Q Oct31 /Oct09 AveryDennison AVY 132.06 2.50 Chemed CHE 479.46 1.76 EmersonElec EMR 69.28 0.40 JBHunt JBHT 135.30 2.73 MartinMarietta MLM 275.82 11.06 Phillips66 PSX 53.64 1.71 AxonEnterprise AAXN 97.07 1.00 CheniereEnergy LNG 48.34 2.01 Enbridge ENB 30.32 1.11 HuntingtonBcshs HBAN 10.03 0.15 s MarvellTech MRVL 42.75 0.19 Pinduoduo PDD 73.41 -1.39 BCE BCE 42.26 0.47 CheniereEnerPtrs CQP 35.76 0.78 EncompassHealth EHC 66.85 1.02 s IAA IAA 56.98 1.46 Masco MAS 57.34 1.59 PinnacleWest PNW 83.54 0.59 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: BHP Group BHP 52.52 0.58 Chevron CVX 75.22 1.44 EnelAmericas ENIA 6.38 0.08 ICICI Bank IBN 10.81 0.18 Masimo MASI 241.06 -4.68 Pinterest PINS 43.61 0.25 spin-off.

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

Deere DE 234.81 1.6 FortBrandsHome FBHS 89.61 2.0 JinkoSolar JKS 59.62 -1.7 NextEraEnergyUn NEEpP 50.34 1.1 PublicStoragePfK PSApK 28.25 ... StokeTherap STOK 38.48 0.3 VulcanMatls VMC 153.88 4.5 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE DellTechC DELL 69.22 1.9 Franchise7.5%PfdA FRGAP 25.05 0.2 KornitDigital KRNT 67.27 4.1 NextEraEnergy NEE 301.98 1.3 PublicStoragePfJ PSApJ 28.00 0.3 StoneCo STNE 58.87 0.7 Whirlpool WHR 200.41 2.1 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low DenaliTherap DNLI 40.35 2.6 FreedomHolding FRHC 26.06 0.4 KuraOncology KURA 34.25 -1.6 NextEraEnergy NEP 68.13 3.8 PulteGroup PHM 49.29 3.9 SunPower SPWR 18.25 -2.5 Wipro WIT 5.32 5.2 in the latest session. %CHG-Daily percentage change from the previous trading session. DigitalTurbine APPS 37.31 -2.0 GameStop GME 13.64 44.1 L Brands LB 33.66 -1.2 Nike NKE 130.93 -0.3 PurpleInnovWt PRPLW 8.34 -0.7 SuperiorGroup SGC 25.92 ... WorthingtonInds WOR 47.92 3.0 Diodes DIOD 62.88 2.2 Gap GPS 20.07 0.3 LHC Group LHCG 222.94 0.1 NorthernGenesis NGA.U 10.19 1.8 PurpleInnovation PRPL 28.38 -0.9 Synnex SNX 156.36 -1.4 Xylem XYL 89.87 1.8 Thursday, October 8, 2020 DollarGeneral DG 219.40 2.0 GibraltarInds ROCK 73.22 0.9 LSI Inds LYTS 7.53 0.3 NovoNordisk NVO 71.81 3.7 Qorvo QRVO 137.34 0.6 TE Connectivity TEL 106.26 1.4 ZaiLab ZLAB 93.32 1.4 Dun&Bradstreet 28.42 8.5 Globant 197.50 -1.9 Leaf 7.23 5.8 Novocure 131.14 1.8 Qualcomm QCOM 124.43 -0.6 TFI Intl 47.78 -0.2 Zendesk ZEN 109.80 -0.9 52-Wk % 52-Wk % 52-Wk % DNB GLOB LEAF NVCR TFII elfBeauty 21.17 3.1 GoldmanSachsPfA 23.93 -0.5 LexingtonRltyPfC 60.18 0.7 O2MicroIntl 4.98 13.7 QuantaServices PWR 59.25 1.1 TG Therap 31.10 -0.7 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ELF GSpA LXPpC OIIM TGTX EPAM Systems EPAM 348.13 -2.8 GoldmanSachsPfD GSpD 24.22 -0.3 LibertyBroadbandC LBRDK 147.18 1.1 OcularTherapeutix OCUL 11.47 3.7 Quanterix QTRX 46.00 4.4 TPIComposites TPIC 36.29 -2.9 Lows ArenaPharm ARNA 81.40 0.7 CasellaWaste CWST 59.99 0.9 EastGroup EGP 144.07 2.1 GoPro GPRO 6.53 -3.1 LifeSciAcqnUn LSACU 16.23 3.3 OmegaFlex OFLX 173.51 0.1 RPM RPM 90.84 -0.7 TaiwanSemi TSM 88.86 1.0 AziyoBiologics AZYO 13.75 -14.7 AresMgmt ARES 43.24 2.2 CastleBiosci CSTL 54.69 -0.1 Eaton ETN 107.92 0.5 Graco GGG 63.99 1.0 LiquiditySvcs LQDT 10.43 3.9 ON Semi ON 26.06 11.5 RenewableEnergy REGI 62.29 0.7 TandemDiabetes TNDM 118.80 -1.9 Highs CCNeubergerIIWt PRPB.WS 1.30 -6.5 arGEN-X ARGX 275.88 -0.7 Caterpillar CAT 156.73 1.2 EatonVance EV 60.85 48.1 Grainger GWW 389.17 2.5 LiveOakBcshs LOB 31.27 2.8 OrionEnergySys OESX 9.30 5.9 ResoluteForest RFP 5.29 2.7 Tantech TANH 2.75 0.4 Rockwell 241.35 2.0 CoreCivic CXW 7.80 1.0 A-MarkPrecMet AMRK 36.10 0.8 ArtisanPtrsAsset APAM 42.92 6.8 CenturyComm CCS 46.46 6.3 EchoGlobalLog ECHO 28.42 1.7 GreenBrickPtrs GRBK 18.85 8.0 Livent LTHM 12.53 -2.1 OspreyTechUn SFTW.U 11.00 1.4 ROK Target TGT 163.32 0.7 Roku ROKU 228.33 5.3 D8 A DEH 9.70 -0.3 AclarisTherap ACRS 4.28 10.7 AtlasAir AAWW 67.630.6 CeridianHCM CDAY 89.39 -0.1 eGain EGAN 16.26 1.4 GreenDot GDOT 64.73 3.9 MDC Holdings MDC 50.98 4.8 Owens&Minor OMI 27.44 3.8 TechTarget TTGT 48.94 0.3 RushEnt A RUSHA 57.75 -0.5 D8 Wt DEH.WS 0.55 ... AdaptHealth AHCO 26.42 6.4 Autohome ATHM 100.25 0.8 CharlesRiverLabs CRL 238.63 -0.4 Elastic ESTC 121.93 0.2 GriffinIndlRealty GRIF 60.45 4.4 MSA Safety MSA 142.41 1.2 OwensCorning OC 76.08 -0.5 10xGenomics TXG 152.47 4.2 RushEnt B RUSHB 50.37 0.3 dMYTechII Wt DMYD.WS 1.23 -3.9 AdaptiveBiotech ADPT 51.67 0.7 Avalara AVLR 146.56 1.7 Chemours CC 23.69 3.1 Empower EMPW.U 9.89 -0.2 HannonArmstrong HASI 45.98 -0.2 MYR Group MYRG 42.96 0.7 PG&EUn PCGU 107.77 2.1 Tenable TENB 42.13 -3.4 SI-BONE SIBN 26.41 -0.6 DragoneerGrwWt DGNR.WS 3.00 3.0 AdvDrainageSys WMS 68.71 1.0 Avaya AVYA 18.96 3.6 Clarus CLAR 15.73 -0.1 EnphaseEnergy ENPH 109.80 -2.2 HavertyFurn A HVT.A 24.13 5.8 MadrigalPharm MDGL 132.73 2.2 PJT Partners PJT 64.97 1.5 Timken TKR 60.12 0.6 SPS Commerce SPSC 85.57 -0.8 E.MergeTechA ETAC 9.72 ... AffiliatedNts60 MGRB 26.10 1.9 AziyoBiologics AZYO 18.00 -14.7 Clearfield CLFD 23.89 0.6 Entegris ENTG 82.86 0.5 HavertyFurn HVT 24.58 1.3 MarvellTech MRVL 43.72 0.4 PPG Ind PPG 136.51 4.7 TopBuild BLD 186.54 1.7 SVB Fin SIVB 273.71 2.5 Empower EMPW.U 9.80 -0.2 AgeX Therap AGE 3.93 193.8 Ball BLL 89.40 2.8 ClearwayEnergyA CWEN.A 28.26 2.9 Equinix EQIX 835.59 2.6 HibbettSports HIBB 51.34 6.3 Matson MATX 45.28 -0.4 PacBiosciCA PACB 13.21 4.1 Toro TTC 87.42 0.7 Saia SAIA 143.24 3.1 FastAcqn FST.U 9.90 -0.1 AlexionPharm ALXN 126.73 -1.7 BeyondMeat BYND 197.50 2.2 ClearwayEnergyC CWEN 30.79 2.8 EsteeLauder EL 224.81 1.2 HorizonTherap HZNP 84.17 3.6 MesaLab MLAB 277.88 1.6 PacificEthanol PEIX 9.19 1.2 TravelCenters TA 23.90 2.6 SciPlay SCPL 18.50 -7.7 FortressValueII FAII 9.88 ... Alibaba BABA 302.30 1.4 Etsy ETSY 145.15 -2.2 Humana HUM 434.07 -0.5 MettlerToledo MTD 1024.92 0.1 ParkerHannifin PH 218.77 0.2 TriumphBncpPfdC TBKCP 26.00 0.2 Big5SportingGds BGFV 8.86 0.5 CognizantTech CTSH 73.45 0.9 Sea SE 172.00 1.1 ForumMergerIII FIII 9.70 -0.2 AllstatePfdG ALLpG 28.58 -0.3 Bill.com BILL 111.41 0.6 ComfortSystems FIX 57.79 2.5 ExactSciences EXAS 110.74 ... IAA IAA 57.16 2.6 MiratiTherap MRTX 187.26 2.5 PaycomSoftware PAYC 361.92 2.2 ServiceNow NOW 505.00 -0.7 TurningPtTherap TPTX 99.09 4.0 ForumMergerIIIWt FIIIW 1.38 -6.7 AllstatePfdI ALLpI 27.45 0.3 Bio-RadLab A BIO 551.14 1.0 ConsumerPtfo CPSS 5.12 40.8 Fastly FSLY 122.24 -3.8 IES Holdings IESC 39.45 -0.9 MolinaHealthcare MOH 206.10 -1.9 Paylocity PCTY 181.71 0.8 SiyataMobileWt SYTAW 1.51 1.4 US BancorpPfdB USBpH 23.74 0.4 GoAcqnA GOAC 9.70 0.5 Alpha&OmegaSem AOSL 17.30 -1.3 BlackLine BL 98.45 -0.6 Copart CPRT 114.01 2.4 FateTherap FATE 45.30 2.1 Icon ICLR 209.40 0.8 MonolithicPower MPWR 303.69 1.6 Peloton PTON 119.89 -1.7 SmithAO AOS 57.01 4.9 UltragenyxPharm RARE 96.58 0.2 GoAcqnWt GOAC.WS 0.81 -1.2 Alphatec ATEC 9.55 36.9 BloomEnergy BE 22.55 -4.7 CornerstoneBldg CNR 10.20 7.7 FedEx FDX 272.52 1.0 IDEX IEX 190.96 0.4 Morningstar MORN 178.60 4.9 Pentair PNR 48.86 1.5 SOQUIMICH SQM 36.41 1.1 UnitedMicro UMC 5.91 3.4 GoresV Wt GRSVW 1.30 -3.7 AltairEngg 46.22 -0.7 ALTR BrainstormCell BCLI 17.85 4.2 Corning GLW 35.83 0.5 FifthThirdPfdB PNFPP 27.35 0.7 Infosys INFY 14.90 1.8 NL Industries NL 5.40 8.1 Personalis PSNL 30.49 -0.4 SolarEdgeTech SEDG 314.00 -5.3 UPS B UPS 175.98 -0.4 LongviewAcqnA LGVW 9.72 1.0 AmerFinDeb2060 AFGD 27.61 0.3 BrightSphere BSIG 14.92 4.3 Corteva CTVA 32.64 5.9 FirstCitizensPfdA FCNCP 27.75 0.5 InnovativeIndProp IIPR 132.25 -0.1 NVR NVR 4376.78 3.3 PlugPower PLUG 19.02 -1.9 SouthernNts2020C SOJE 25.30 0.2 UnitedRentals URI 202.00 0.3 MetenEdtechX METX 3.90 -7.4 AmerWaterWorks AWK 156.39 0.9 BrookfieldRenew BEPC 65.30 -2.4 Costco COST 365.97 0.6 FirstMidwestPfdA FMBIP 27.490.1 Insmed INSM 35.69 2.9 Natuzzi NTZ 3.07 -0.7 Pool POOL 342.88 2.8 SpringWorks SWTX 56.00 -0.2 UnitedHealth UNH 325.35 -0.2 NewHoldInvestment NHIC 9.64 -0.9 Amphenol APH 114.55 0.4 BrookfdRenewPfdA17 BEPpA 27.50 1.1 CrownHoldings CCK 82.29 2.7 FirstRepBkPfdI FRCpI 27.79 0.1 InspireMedical INSP 135.20 -3.8 Nautilus NLS 22.15 -1.4 PopularPfd BPOPN 27.77 0.9 SproutSocial SPT 46.00 2.5 Upwork UPWK 20.63 1.7 NextGenAcqn NGACU 9.85 0.2 Appian APPN 75.25 -0.9 CH Robinson CHRW 106.75 ... 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B10 | Friday, October 9, 2020 ***** THE WALL STREET JOURNAL. MARKETS HarvardFund Spins Out Farm Portfolio Group

BY DAWN LIM inherited and itsongoing repo- AND JULIET CHUNG sitioning,” Mr.Narvekar wrote in an internal HarvardManage- HarvardUniversity’s en- ment memo Thursdayviewed dowment has spun out itsnat- by TheWall Street Journal. “It ural-resourcesteam intoanin- has been no small feat.” dependent investment firm Solum is hoping to raise un- that will take over some of the der $1 billion forfurther bets endowment’sportfolio of or- on theagricultureand food- chards,farms and plantations. production industry, said aper- HarvardManagement Co. son familiar with the matter. It and insurer American Interna- also will advise Harvard’sen- tional Group Inc., or AIG, are dowment on managing and S expected to contributesome selling the remaining natural- $200 million each as anchor resourcesassetsitholds. PRES

investorstothe newBoston Mr.Narvekar joined the en- TED firm, Solum Partners,people dowment in 2016 afteraseries CIA SO

familiar with the matter said. of leadership shuffles and AS

They will also invest in aport- years of lagging returns. ON/ folio of assetsthe firm is buy- In anotelast week to the GENER

ing from Harvardthat includes Harvardcommunity announc- RE fruit orchards,soybean planta- ing the endowment’s 7. 3% re- Shares of Regeneron rose after PresidentTrump said the company’sexperimental coronavirus treatmentwas keytohis recovery. tions and stakes in companies turn in the fiscal year ended that distributeavocados and June,hesaid much work re- make olive oil. mains in transforming its S&P RisestoHighest LevelinaMonth Thespinout shrinks the portfolio. $41.9billion endowment’scon- The endowment’s multibil- troversial natural-resources lion-dollarnatural-resources BY ANNA HIRTENSTEIN 4% forits experimental treatment. portfolio and marks the exit of portfolio wasoncethe envy of AND BEN EISEN S&P500 Shares of Eli Lilly,another the last group inside Harvard the endowment world, marked IndexperformanceThursday energy drugmaker mentioned by the tasked with running an entire by an early,lucrativebet on Stocks climbed to their sector president in aWednesdayeve- New Zealand timberland. But highest levels sinceearly Sep- 3 ning video posted on Twitter, Mr.Narvekar took amore tember. climbed $4.54, or 3%, to bearish viewofitthan his pre- Investors have remained $153.50. decessors. Just months into cautiously optimistic that Con- Shares of EatonVance his tenure, he wrotedownthe gresswill reach an agreement 2 surged $19.71, or 48%, to portfolio’s value by roughly $1 on fiscal stimulus measures $60.65after MorganStanley billion, itsbiggest losssince aimed at partsofthe economy, S&P500 said it was buying the fund its 1997 inception. though thereare few indica- airlines manager for$7billion.Morgan He said in Harvard’s2019 tions an agreement could be 1 industry Stanley,which is pushing fur-

UNIVERSITY annual report that the endow- reached beforeElection Day. S&P500 ther intothe money-manage- RD ment had too much exposure “It’sstill all about stimulus ment business, rose 29 cents, VA to natural-resource invest- at this point: We’re seeing or 0.6%, to $49. ments, which include emerg- markets move on optimism 0 Overseas,the pan-continen- ing-market assetsthat are that some kind of packageis talStoxxEurope 600 rose CHELL/HAR

MIT harder to sell and pricethan going to getdone,” said Esty 0.8%. At middayFridayinTo- stocks and bonds. Dwek, head of global market kyo, the Nikkei 225was down –1 Mr.Narvekar also said in strategyat 0.1%. U.S. stock futures were

EPHANIE 10 a.m. 11 noon 1p.m. 234

ST thereport that the endow- THURSDAY’S Natixis Invest- up 0.5%. Endowment chief N.P. Narvekar ment had sold more than $1.1 MARKETS ment Manag- Source:FactSet billion in natural-resourcesas- ers. “It’sjust asset classdirectly without setsand expected to sell more. aquestion of howmuch the the airline industry,sending Capital Management, avalue- AUCTION RESULTS Here are the results of Thursday's Treasury auctions. outside fund managers. Solum He wrotethat he wasdisap- Republicans will agree to.” carriers’ stocks higher. On investing firm. All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference is led by Colin Butterfield,a pointed by persistent losses in TheS&P 500 rose 27.38 Thursday, Mrs. Pelosi signaled Thursday’srise wasled by between that price and the face value. 47-year-old Brazil native who the portfolio. points, or 0.8%, to 3446.83, she wouldn’t support such a energy companies.The S&P FOUR-WEEK BILLS before Harvard managed Bra- The portfolio dragged Har- pushing the broad-market in- bill without abroader corona- 500 energy sector gained 3.8%. Applications $102,582,466,500 zilian farmland for an invest- vard intodisputes including dextoits highest level since virus aid package. Oil prices climbed on the pros- Accepted bids $32,439,307,500 " noncompetitively $948,987,600 ment ventureofTIAA-CREF whether the endowment was Sept. 3. TheDow Jones Indus- Applications for jobless pect of aboost to U.S. growth, " foreign noncompetitively $373,000,000 and Cosan SA. disrupting local fauna in Chile trial Averageclimbed 122.05 benefitslast week remained with the U.S. crude benchmark Auction price (rate) 99.993000 (0.090%) Theshiftcompletes Har- and if it wasdisplacing local points, or 0.4%, to 28425.51, elevated at 840,000,higher adding 3.1% to $41.19 abarrel. Coupon equivalent 0.091% vard endowment chief N.P. farmersinBrazil. It also at- and the tech-heavy Nasdaq than economists’ expectations Shares of International Bids at clearing yield accepted 42.49% Cusip number 9127964R7 “Narv” Narvekar’s push to re- tracted scrutinyoverhow it Composite advanced 56.38 for825,000,reflecting aslow Business Machines gained The bills, dated Oct. 13, 2020, mature on Nov. 10, 2020. make the largest U.S. endow- was accumulating waterrights points, or 0.5%, to 11420.98. pace of recovery in the labor $7.42, or 6%, to $131.49 after ment by dismantling the in drought-ridden California. President Trump made en- market. This metric remains the companysaid it wasspin- EIGHT-WEEK BILLS Applications $123,500,722,500 teams of in-house investors Harvardrecently sold most of couraging commentsonFox high, despitedropping sharply ning off its managed infra- Accepted bids $37,845,887,300 that were aHarvardendow- itsCalifornia vineyards,losing Businessand earlier this week from apeak of near seven mil- structureservices unit intoa " noncompetitively $189,191,600 " foreign noncompetitively $901,000,000 ment hallmark foryears. In- the accompanying waterrights tweeted his support forindi- lion in March. newpublic companyaspart of Auction price (rate) 99.986000 stead, Mr.Narvekar has fa- attached to the land, aperson vidual spending packages Meanwhile, the market’s astrategytobuild up itscloud (0.090%) Coupon equivalent 0.091% voredanapproach that familiar with the matter said. aimed at small businesses,air- continued rise has made some computing business. Bids at clearing yield accepted 32.44% involves distributing the Harvardhas held talks with lines and delivering checks to investorsnervous that specu- Regeneron Pharmaceuti- Cusip number 9127965B1 fund’sassetstooutside money a number of potential buyers households. lativebuying has pushed cals shares rose $8.19,or1.4%, The bills, dated Oct. 13, 2020, mature on Dec. 8, 2020. managerstoinvest. Themove forsome of itsnatural-re- Discussions appear to be stocks to expensivelevels, put- to $599.88, afterMr. Trump 29-YEAR, 10-MONTH BONDS wasanacknowledgment of sourcesassetsinrecent years. continuing,though Republi- ting them at risk forareversal said an experimental coronavi- Applications $53,262,282,500 Accepted bids $23,643,373,500 challenges that even sophisti- Theconversationsovera cans and Democratsremain at even if theeconomycontinues rus treatment made by the " noncompetitively $3,849,000 catedinstitutions faceactively spinout took place in fits and odds over details. to improve. companywas key to his recov- " foreign noncompetitively $0 Auction price (rate) 95.183187 managing assetsontheir own. starts,partly because of the House Speaker NancyPelosi “We spend half our time ery.Aspokeswoman forthe (1.578%) “Having arrived just challenge of transferring and (D., Calif.) and TreasurySecre- right nowtelling people how drugmaker on Wednesdaysaid Interest rate 1.375% months beforemeinlate2016, valuing acomplexportfolio, tary Steven Mnuchin spoke dangerousthingsare,” said Regeneron appliedtothe Food Bids at clearing yield accepted 18.34% Cusip number 912810SP4 Colin was instrumental in the people familiar with the mat- briefly Wednesday about a Cole Smead, president and and Drug Administration for The bonds, dated Oct. 15, 2020, mature on Aug. 15, assessment of the portfolio he ter said. stand-alone stimulus bill for portfolio manager at Smead emergency-use authorization 2050.

Wells Fargorevenue Share-priceand index Thecompanyinitially tweeted this response from Wells Fargo First half Second half performance, year to date SoftBank-Backed Mr.Scharf: “I am sorrymy $100 billion 0% comment has been misinter- CEOPlays preted.” Later, in aletterto –10 Greensill Seeks Cash 80 employees,hewrote:“Iapolo- KBWNasdaq gizefor making an insensitive Defense –20 Bank Index comment reflecting my own BY JULIE STEINBERG off afterthe 2008-09 financial 60 unconscious bias.Thereare AND DUNCAN MAVIN crisis and is prized by some –30 many talented diverse individ- companies forcreating finan- ContinuedfrompageB1 40 uals working at Wells Fargo LONDON—SoftBank Group cial flexibility.Ithas also at- ing to people inside the bank. –40 and throughout the financial Corp.-backed Greensill Capital, tracted notice from the U.S. Se- Mr.Scharf’sdefenderssaid services industry and I never aprovider of specialty finance curities and Exchange 20 he is laying the groundwork –50 Wells Fargo meant to imply otherwise.” that helpscompanies manage Commission and ratingsfirms forthe company’srebound. On aSept. 25 call arranged cash, said it is asking investors forits potential to disguise a Much of theprogress, they foraBlack employeegroup,he forfresh capital to bolster its company’slevel of debt. 0 –60 said, is happening behind the took amoment to acknowledge balancesheet. Greensill, founded by Aus- scenes—in the vast webof 2016 ’17 ’18 ’19 ’20 2020 some of the many“well-writ- Themovecomes aftersev- tralian banker LexGreensill,at- systems and technologythat is Sources: the company(revenue); FactSet (performance) ten” letters he had received eral Greensill clientshit finan- tracted backing from private- meant to catch problems like from people around the bank in cial troubles,partner compa- equity firm General Atlantic, the 2016 sales scandal. quarter resultsnextweek,but executives and senior managers response to his comments, ac- nies loosened ties with the firm which invested $250 million in He had some early wins.In still lower than a year earlier. were 87% whiteand lessthan cording to people familiar with and itsbanking arm came un- 2018,and SoftBank’sVision February, the bank reached a Mr.Scharfhas imposed 3% Black, according to com- the call. That further angered derscrutinyfromregulators, Fund, which invested nearly $3 billionsettlement to end steep cost cuts to help the bank pany data.Inrecent months, some employees,who likened according to filingsand people $1.5billion last year.Both com- civil and criminal investigations weather thedownturn. Layoffs, Mr.Scharfhas hired three se- it to when Black people are familiar with the matter. panies declined to comment on tied to the sales scandal that expected to ultimately number nior Blackexecutives,two of praised forbeing articulate. Acompanyspokesperson the possible fundraising. had doggedthe bank foryears. in the tens of thousands,have whom serveonthe bank’spow- AWells Fargospokes- said the fundraising efforts Greensill aims to raise funds He testified beforethe House set employees on edge. Job erfuloperating committee. woman said: “While some may emerge from aposition of that could value the company Financial Services Committee cutsoften happen on Tuesdays, In aJune memo committing have heardCharlie’scom- strength amid booming demand at about$7billion, the spokes- the following month and—un- according to people familiar to diversify the company and mentsdifferently,his intention forits financing tools during person said, double the valua- likehis predecessors—emerged with the matter, and anew pol- itssenior ranks,heasked that wastoconveythat he was the coronavirus pandemic, tion it achieved in afunding largely unscathed.Heraised icyinstituted during Mr. employees withhold judgment moved by the thoughtful per- which help companies stretch round in October 2019.Itis minimum hourly payinmost of Scharf’stenurerequires laid-off until afterhehad two yearson spectives and insightsthat he paymentterms with suppliers. early in the process, however. the bank’sU.S.markets. employees to leave immedi- the job to make progress. had received.” Thecompanypointed to an Greensill declined to say But 2020 has tested Mr. ately,instead of in 30 days. “The unfortunatereality is On the call, he also offered increase in assetsinGreensill- howmuch money it planned to Scharf in unexpected ways. Most recently,Mr. Scharf that thereisaverylimited morecontextaround his June linked investment funds and raise.The companyprovided Thecoronavirus recession wascriticized forcomments pool of Black talent to recruit comments. said itsclient base has grown $143 billion of financing to threw Wells Fargo for a loop. he made about the lack of from with this specific experi- “Ifyou look at the full para- during the pandemic. companies in 2019,according to The bank, whose revenue has Black talent at the most senior ence,” he said,referring to the graph and the full intent, there Founded in 2011 and advised itswebsite. been fallingfor afew years, levels of finance. expertise needed to manage wasstill plenty wrong with it, by former U.K. Prime Minister While Greensill says business reported itsfirst losssince Mr.Scharfhas brought in Wells Fargo’sregulatoryissues. but I certainly didn’t mean it David Cameron, closely held is strong,several companies 2008 in the second quarter newleadership consisting Manyworkerswereupset by theway it’sbeing portrayed Greensill provides what is that use Greensill’sfinancing and slashed its dividend. The largely of whitemen he previ- his commentsatthe time,par- morebroadly,” he said, ac- known as supply-chain financ- have runintodifficulties.Com- bank,likeits peers, has set ously worked with in other fi- ticularly Black employees who cording to arecording re- ing.Greensill pays acompany’s modities trader Agritrade Inter- asidebillions of dollarsto nancejobs,including at JP- were rising through the ranks. viewedbyThe Wall Street suppliersfaster than normal national (PTE) Ltd. and NMC cover bad loans. Its stock has Morgan. Thebank,meanwhile, When the comments resurfaced Journal. “Having said that, I andatadiscount to the in- Health PLC both collapsed. Rent- lost morethan half of itsvalue has lost some of itshighest- in aReutersstory in Septem- do understand it, and Ithink it voiced amount. Thecompany to-own businessBrighthouse sincethe beginning of 2020. ranking Black female employ- ber,Mr. Scharfwas widely crit- is important that we use it as then repays Greensill later,al- Ltd. filed forrestructuring ear- Analystspolled by FactSet ex- ees,the Charlotte Observer re- icized. Stafferssaid they felt an opportunity, and I’ve used lowing the companytocon- lier this year.AGreensill spokes- pect the bank to post amodest cently reported. uncomfortable having to defend it as an opportunity, to react servecash foralonger period. person said credit insurancewas profit when it reportsthird- As of last year,Wells Fargo’s the bank to people outside it. to all the thingswe’veheard.” Thesupply-chain world took in placefor each company. P2JW283000-0-B01100-1------XA

THE WALL STREET JOURNAL. Friday, October 9, 2020 | B11 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Samsung’s Success Rides Huawei’s Woes

U.S. action against Chinese company gave Korean firm a quarterly windfall that may not last

JOURNAL Call it Samsung’s schadenfreude dorssuch as Oppo and Xiaomi try quarter: Thecompany’sblowout re- to fill the vacuum leftbyHuawei. REET

ST sultsowe alot to the travails of TheHuaweiban has likely also

LL Chinese rival Huawei.Not all of the benefited Samsung’ssemiconductor

WA good bad news will last, however. business, which accounted forhalf of

THE The Korean technology giant itsoperating profit in 2019.The Chi- R

FO said Thursday that it expects its nese companyprobably stockpiled

UX operating profit last quarter to be componentsahead of the U.S. chip around 12.3 trillion won, the ban in September.Rising exports equivalent of $10.6 billion, a 58% from Taiwan, also amajor semicon- THIBODEA jump from a year earlier and the ductor exporter,can be partly attri- highest since 2018. That also buted to Huawei’sstockpiling as ANDON

BR handily beat analysts’ average esti- well, according to the island’sFi- Exxon is among the largestchemical producersinthe world. One of the company’sfacilities in Baytown, Texas. mate of 10.1 trillion won, according nanceMinistry. Apart from Huawei, to S&P Global Market Intelligence. other Chinese smartphone makers Detailed figureswill be released likely have stocked up,too,tocap- later this month, but Samsung has tureHuawei’slost market share, said Chemicals SetExxon Apart likely done betterinmost of itsseg- Avril Wu,ananalyst at Trendforce. ments. It will probably regain its But demand for memory chips spot as the world’slargest smart- will likely drop again after these phone maker afteritwas overtaken rush orders. Trendforce expects Higher crude prices could magnifysegment’searnings,company’sfortunes by Huaweiinthe second quarter. memory prices to fall around 10% MorganStanley estimates Samsung this quarter. shipped morethan 80 million Samsung’stelecom equipment Oil companies naturally arede- forchemicals in general has held partly because new supply addi- smartphones last quarter,about business could reap longer-lasting lighted when oil prices rise,but steady despitethe stall in economic tions have slowed. 50% morethan the quarter before. benefits from Huawei’stroubles.The Exxon Mobil’s futureseems even activity globally,softening the im- Exxon is one of the largest chem- Part of that gain representsfortu- Korean company signed a$6.65bil- moretightly wound to it foranaddi- pact on all petrochemical produc- ical producersinthe world and the itous timing: Theban on selling lion deal with Verizon last month to tional reason: itschemicals business. ers. Thepandemic might have most exposed of the major global oil chips made using U.S. technologyto provide network equipment through Higher crude prices aregood for curbed people’sdesiretotravel, but companies to apotential rebound in Huaweikicked in last month, and the end of 2025,taking it astep petrochemical producersweighted not their need forplastic packag- margins,according to Mr.McDer- Apple has delayedits iPhone launch, closer to being amajor 5G supplier. moreheavily toward North Amer- ing.Demand forpolyethylene,one mott. That is compared with itsU.S. usually held in September,tonext TheHuaweifallout handed Sam- icaand the Middle East—such as of Exxon’smain chemicals prod- peer Chevron,for which chemicals week.Competition likely will rise sung awindfall in the thirdquarter, Exxon—because those gains make ucts, has been “incredibly resilient accountsfor roughly 3% of revenue. again this quarter as newiPhones but not all of it looks permanent. their productsbased on natural-gas throughout the Covid-19 pandemic, Chemicals have been the bright- hit stores and other Chinese ven- —Jacky Wong liquids morecompetitive. Unlikefa- despitebeing historically somewhat est spot in Exxon’searningsstate- cilities in Asia and Europe that use correlated to overall GDP,” accord- ment this year,asthe company Monthly exports,change from ayearearlier oil- or naphtha-based feedstock, ing to areport from Citi. Exxon it- overall swung to anet lossinthe U.S. and Middle Eastern petro- self acknowledged afterposting a firsttwo quarters. 30% chemical plantstend to use natu- second-quarter loss that itschemi- Despitebeing notoriously cyclical ral-gas liquids.Morethan 60% of cals businesswas relatively cush- itself,the chemicals businessac- 20 Exxon’schemicals production ca- ioned by “resilient demand in the counted forroughly one-quarter of pacity waslocated in North Amer- packaging and hygiene segments.” Exxon’snet earningsonaverage in 10 Taiwan icaand Saudi Arabia as of 2019. Moreover, petrochemicals de- the past five yearsand has been far So far this year,the dynamics mand tends to grow at a faster lessvolatile than the upstream seg- haven’t been favorable.Sustained pace than gross domestic product, ment that produces oil and gas. In a 0 lowoil prices have improved the whereas oil and refined-products tough year such as 2016,when competitivenessofnaphtha-based demand grows at a slower pace, Exxon’srevenue fell morethan 50%, –10 producersinAsia and Europe,ac- roughly half of GDP’s rate histori- chemicals accounted foralmost 60% cording to areport from Morgan cally, according to Devin McDer- of the company’searnings. South Korea Stanley. At the same time,many mott, head of North American oil In ayear wheremost other en- –20 analystsare forecasting that natu- and natural-gas research at Mor- ergy-industrysegmentslook grim, ral-gas prices will continue to rally, gan Stanley. Profit margins—the Exxon’schemicals businesslooks –30 chipping away at theU.S.petro- spread between the price of feed- likeapotential bright spot. An oil- chemical producers’ advantage. stock and the polyethylene prod- pricerecoverycould supercharge it. 2019 ’20 Thegood news is that demand uct—are expected to recover —Jinjoo Lee Source:CEIC Hydrogen Has a Long Way to Go to Be Green OVERHEARD By almost any standard, the forgame developer KakaoGames, level of enthusiasm for Big Hit which wasmorethan 1,000 times Despite all the hype over green Median production costsofhydrogen Entertainmentwas extraordinary. oversubscribed lastmonth. hydrogen, most of the gas supplied Perkg: $0 $5 $10 $15 $20 But this is South Korea, and the K-Popisahuge phenomenon now is decidedly not green. The music label thatrepresents red-hot and manyfans of the band, who path to cleaning it up is long. Gray* boyband BTSwas expected by call themselves ARMY, put up Hydrogen announcements are Blue† some to see record demand from moneyfor sentimental rather coming thick and fast. This week individual investors in its initial than financial reasons. If the alone, hydrogen-powered double- Green: public offering this week. The shares, which start trading on decker buses arrived in Aberdeen, U.S. grid‡ shares on offer were oversub- Oct. 15, matchKakao’sperfor- Britain’s oil capital; Hyundai deliv- U.S. direct‡ scribed by about 600 times. With mancethen fans and speculators ered seven fuel-cell hauling trucks investors required to put down half alikewill feel likedancing—they to Switzerland; and Toyota joined U.S. curtailed‡ their subscription as adeposit, bro- nowfetch 53,000 won, equivalent with Hino to develop hydrogen- EU curtailed‡ kers were temporarily left holding to $45.79—morethan double their powered big rigs for the U.S. EU grid‡ $50 billion, some of it borrowed. offering priceof24,000 won. Using hydrogen in a fuel-cell ve- Thatwas enough to cause ripples The stock market is no video- hicle doesn’t create emissions, but EU direct‡ in the country’sfinancial system. M/REUTERS game, though, and past perfor- CO

producing it can. That means *Made with gas †Made with gas &carbon capture As impressiveasthatsounds, in- VIA mance might not be indicative of green credentials for these proj- ‡Renewable energy,which can be a) connected direct vestordemand failed to matchthat South Korean band BTS future results. ects rely on the availability of to the H2 producer b) taken from the electricitygrid, or c) excess electricitythatwould be curtailed. clean hydrogen fuel. In the short Source:International Council on Clean Transportation, run, this is very limited. There are Liberum plans for more than 60 gigawatts of green hydrogen production supply most of the world’shydro- globally, but less than half will be genfuel, nearly all of it gray.Itisa Big Tech Buyout Fantasies Look to Be on Hold available by 2035, say researchers small businessline forthem, sup- at Rystad Energy. Making the gas plying mostly refineries and ammo- generates more carbon emissions nia makers. TheHydrogenCouncil While much remains uncertain denced by an internal document book’s pickup of GIF search engine globally than the airline industry, estimates usageofthe gascould in- about the federal government’s prepared by Facebook’s legal team Giphy—the last which went for a according to Bank of America. crease nearly sevenfold by 2050. ambitious case against big tech, at that described breaking up as a price too small to warrant disclo- Colorsdenotehow hydrogen is Gray hydrogen is likely to domi- least one outcome seems highly “nonstarter.” sure. It even mentioned Apple’s produced. Green versions aremade nate at the start. To reach any- likely: Tech giants won’t be able to And hyperpartisan Washington buyout of Beats Electronics from by electrolyzing waterusing renew- thing near those growth ambitions buy their way to growth anytime remains far too divided to amass 2014. able energy—wind, solar or bio- while meeting climate goals, how- soon. support for such an ambitious None of the above deals add any mass. Gray uses natural gas, which ever, both green and blue hydro- Late Tuesday saw the release of plan. The Republican side of the significant revenue to the compa- becomes blue if the carbon dioxide gen will be needed in abundance. the much-awaited report from the panel issued its own report, focus- nies’ existing business lines, but is captured and stored. Right now, Local resources influence the color Democratic staff of the House An- ing on their frequent claims that the report still argued that such in most places,green hydrogen is chosen: Green will be more cost- titrust Subcommittee following a the tech giants censor conserva- moves “strengthens their market much moreexpensivetoproduce, effective in windy Northern Eu- 16-month investigation into Apple, power and can close off market costing between $9 to $19 akilo- rope or sunny Australia, while the Amazon.com, Facebook and Al- entry.” Google’s Fitbit acquisition gram, according to an International gas-rich Middle East, Russia and phabet Inc.’s Google. As expected, Freezing out deal is already drawing scrutiny from Council on Clean Transportation the U.S. will likely focus on blue. the 449-page report was highly regulators. study.That compares with $3/kg Big rigsand buses arelikely to critical of the market power making by withholding Freezing out deal making by forblue and $1.50/kg forgray, ac- be the firstmarket to matureas amassed by the four tech giants approvals is an easier withholding approvals is an easier cording to Adam Collins at broker- they scramble to meet tightening whose combined market value still goal to accomplish politically. ageLiberum Capital. emission standards.Hydrogen-pow- tops $5 trillion, even after the goal to accomplish. That won’t stop the tech giants Whatever the color, making hy- ered trains arebeing tested in Eu- market’s selloff in the last month. from racking up strong growth or- drogen is energy-intensive and rope.EvenAirbus recently unveiled It also advanced the argument for ganically, but it still could have a power accounts for most of the long-term plans to build hydrogen- breaking the companies up, calling chilling impact on the mergers- production costs. The competitive- powerplanes.Such projectsare get- for “structural separation and line tive online speech. and-acquisitions market generally. ness of the production methods ting biggerand appearing in a of business restrictions.” But limiting Big Tech’s efforts The four companies sit on a com- will therefore depend on how local rangeofindustries.However, it will Actually splitting the companies to expand into new business lines bined wallet of more than $248 prices of power, gas and carbon be yearsbeforemanyreach an in- is a tall order. It would amount to is possible. billion in cash net of debt and evolve. The cost of green hydrogen dustrial scale,and their capacity to actions like Apple separating from The report highlighted several sport highly valuable shares of is expected to halve by 2030 as reduceemissions depends on the its App Store and the other three recent transactions such as their own stock and are frequent the technology is scaled up and re- evolving technology. Clean versions unwinding businesses that are Google’s pending acquisition of fit- subjects of deal rumors. newables become more plentiful. of the gasdohold great promise, deeply intertwined. ness-device maker Fitbit, Amazon’s They might have to find other Threeindustrial gasgiants—Air but thereare quiteafew stops The companies would strongly deal to buy autonomous-vehicle ways to put all that money to use. Liquide, Air Products and Linde— along the way. —Rochelle Toplensky oppose such measures, as evi- company Zooxand even Face- —Dan Gallagher P2JW283000-0-B01200-1------XA

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Rebounded Ethan Hawke U.S. wealthy saw Growing up as an net worth return only child stoked to near pre-Covid his creativity. levels. M6 MANSION M16

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, October 9, 2020 | M1

NEW YORK $238 MILLION Amount paid in 2019

VALUE CH)

Covid-19’s effect on BEA

global travel and ALM (P KenGriffin high-rise living, Y condo oversupply. OMETR PICT ); ONS

Buys theWorld MPT (HA

No one in the real-estate industry can recall JOURNAL REET

anyone purchasing so much, so fast ST LL WA THE R

BY KATHERINE CLARKE FO KEN GRIFFIN DERE

OWNS AT LEAST nthe early 1900s,the country’swealthiest FO businessmen including William Randolph ALEXIA

12 Hearst and John D. Rockefeller built );

PROPERTIES sprawling,gilded estates.Living at that CPS

Ikind of boundlessscale fell out of favor (220 with subsequent generations,however, and these kinds of estates were either subdivided or

ACROSS JOURNAL turned over to the stateortopreservationists. Now, hedge-fund multibillionaire Ken Griffin REET 5 ST STATES appears to be mounting a single-handed cam- LL paign to bring that level of extravagance back WA

into vogue. Over the past five years or so, Mr. THE T/

Griffin, an ambitious 51-year-old businessman OT AND who started his initial trading business from MAL T

his Harvard University dorm room as a fresh- KA 1 man, has developed a reputation among real-

INTERNATIONAL estate insiders as the luxury market’s whale, RIFFIN); CITY racking up a string of purchases that tally up (G to over $1 billion. MY ALA Thedeals oftenhaveafew thingsincommon: :

VALUED AT Mr.Griffin typically buysthe most expensive LEFT P

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$1 neighborhoods around the world. He oftenas- OM FR BILLION sembles numerous apartmentsorsites to ex- pand his footprint, and typically breaks aprice WISE PleaseturntopageM8 OCK CL

PALM BEACH VALUE THE HAMPTONS VALUE $350 $84.45 MILLION Covid-19-related MILLION Covid-19-related Amount paid over market surge. Amount paid boom in Hamptons roughly a decade in 2020 sales.

Wherethe Cows Came Home

This former milk depot near London was converted into a spacious, bright home

BY RUTH BLOOMFIELD

VICTORIAN LONDONERS were of- ten woken by the clip-clop of horse-drawn wagons delivering fresh milk in the early morning. Before refrigeration became com- monplace, milk had to be deliv- ered straight from the cow, and it was common for city neighbor- hoods to each have their own mini-dairy serving the local com- munity. Larry Osborne and Daniel “Upstairs was the hay loft Reynolds have made one of these where the food for the animals defunct milk depots into a stylish was stored, and at the back there home. Now, the house, recently was a sort of covered yard, which listed for $1.62 million, has found is where the cows would have a buyer. been.” “When we moved in, we were Although techniques for refrig- able to talk to older people on the eration had been developed in the

(2) street who remember it, and we 18th century—the Scottish profes- think that the horse would have sor William Cullen had demon-

HOUSE been stabled at the front of the strated a small refrigerator at the house, with the milk cart,” said University of Glasgow in 1748, ac-

MODERN Mr. Osborne, 63, who retired from cording to university records—the his job as creative director of an technique came into mass usage THE The living room of a renovated home that was a former milk depot in East Dulwich, 5 miles from central London. advertising agency two years ago. PleaseturntopageM4 P2JW283000-0-M00200-1------NS

M2 | Friday, October 9, 2020 NY THE WALL STREET JOURNAL. PRIVATE PROPERTIES Ron Perelman Lists The larger of the two homes is available for $65 million. A Pair of New Yo rk Townhouses

Ron Perelman has re- listed separately, but could cently moved to sell one of FOR SALE also be sold as a pair. Mr. his Gulfstream jets, a small Perelman moved out of the portion of his art collection $75 larger property several and his yacht. MILLION years ago and to another Now he is shopping an One 19,000-sq.-ft. home, property in the neighbor- adjacent pair of Upper East one 7,000-sq.-ft. home, hood, according to a person Side townhouses for $75 connected via a familiar with his activities. million, according to three doorway and The larger of the two people familiar with the sit- stairs houses is asking $65 million. uation. The roughly 40-foot-wide The financier heads the Upper East Side mansion is investment company Ma- “I have spent my entire about 19,000 square feet. It cAndrews & Forbes, a ma- career making deals and is neo-Georgian in style and jority shareholder in the have been through tough cy- was designed as the Hangar beauty giant Revlon, which cles before, and while this is Club, a club for aviators, has been struggling with certainly a challenging time, around 1930, according to changing consumer tastes it is just that,” Mr. Perelman New York’s Landmarks Pres- and with competition from said. ervation Commission. It has startups by social- “This period has given an iron entrance portico, media celebrities me the space to think care- Flemish-bond brick and a

GES. like Kylie fully about myself and my slate mansard roof, accord-

IMA Jenner. More business, and to reset my ing to the commission. recently, the priorities. I realized a less The smaller of the two GETTY

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P spokesman for Mr. Perelman The homes, which are is marketing the homes on TO referred back to a previ- connected via a doorway Mr. Perelman’s behalf. M

RO ously issued statement. and a set of stairs, are being —Katherine Clarke

Actor Rob Lowe and his SOLD Rob Lowe Scores wife, jewelrydesigner Sheryl Lowe,havestruck adeal to $45.5 Big on His sell their East Coast-style es- MILLION tate in the affluent enclave of 10,000 sq. ft., six Montecito, Calif., foraround bedrooms, home Montecito Estate $45.5 million, according to office, screening people familiar with the deal. room, terraces The deal is one of the priciest ever to close in the celebrity-studded commu- Journal reported, nity that has drawn the but it does not likes of Ellen DeGeneres and appear to have Oprah Winfrey. been publicly Thebuyersare retired listed at the time health-careprivate-equity ex- of the deal. ecutiveJack McGinley and Theroughly his wifeJulie McGinley, 10,000-square- those people said. In August, foot house was

YF the McGinleysput their 10- inspired by the acreMassachusetts estate architectureof

OMETR designed by Robert A.M. the Virginia PICT

; Stern Architectsonthe mar- countryside,whereMr. Lowe has appeared in shows like flecting pool, a koi pond, ketfor $18.9 million, The spent time as achild, the “The West Wing,” has been rose and vegetable gardens, GETTY Wall Street Journal reported. Journal reported. It has six known to sing. a swimming pool, a fire pit CHE/ At the time,they said they bedrooms,formal living and The property was built by and a tennis court. HA

Y were planning to spend more dining areas,ahome office, the Lowes, who purchased Mr. Lowe has recently ap- LER time in California. ascreening room, awine the land in 2005, records peared in the television VA : TheLowes’ property came cellar and numerous ter- show. shows “9-1-1: Lone Star” and LEFT on the market in 2018 for races. Thereisalso apiano The property also in- “Parks and Recreation.” OM $47million, TheWall Street bar,whereMr. Lowe,who cludes a guesthouse, a re- —Katherine Clarke FR

Over $2 BillioninTotal SalesVolume* Delray Beach Oceanfront Estate The Randy &Nick Team at Douglas Elliman Real Estate •Newly completed fivestarcustomestateinthe heartofPalmBeach County Nicholas Malinosky •Gated resort-style grounds, Tshapedpool, spa, loggia &summerkitchen Realtor Associate M855.588.5008 •Approx. 1,800sfguest housewithkitchen,livingarea andbalcony randyandnick.com [email protected] •Private master wing,chef’skitchen,winecellar, elevator &5car garage •BlockstoAtlanticAvenue’sboutiques &eateries 6Bedrooms|7Baths &2HalfBaths |Approx. 18,906 SF |$15,950,000

900 EAST ATLANTICAVE, DELRAYBEACH, FL 33483. 561.278.5570 ©2020 DOUGLASELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY.WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT,ITISREPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWALWITHOUTNOTICE. ALL PROPERTY INFORMATION,INCLUDING,BUT NOTLIMITED TO SQUARE FOOTAGE, ROOM COUNT,NUMBER OF BEDROOMSAND THE SCHOOLDISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWNATTORNEY,ARCHITECT OR ZONING EXPERT. EQUALHOUSINGOPPORTUNITY. *SALES LISTED AND/ORSOLDBYRANDY&NICKUNDER BROKER OF RECORD. P2JW283000-0-M00300-17F7DF7178F

THE WALL STREET JOURNAL. Friday, October 9, 2020 | M3 PRIVATE PROPERTIES

SAN FRANCISCO Two California Homes of a Purchased for $1.45 million in 1986. Famed Venture Capitalist

The house was renovated several times.

Rooftop solarium with spa

Two California properties Italian villas,including Villa Gam- Mr. Caufield purchased the capitalist, and daughter Kirsten of his childhood in Europe,where owned by the late venture capital- beraia near Florence, according to roughly 8,000-square-foot house Caufield. his father,who wasinthe U.S. mili- ist Frank J. Caufield are sepa- Sotheby’s research. Thelandscape in 1986 for $1.45 million, records Frank Caufield said his father, a tary,was based. rately coming on the market for includes the biggest dragon tree in show. He renovated it several West Point graduate, enjoyed sit- The Montecito home is listed $39.75 million and $19.5 million. SantaBarbara, according to a times, adding Moorish details, a ting on the roof of his San Fran- by Eric Lavey and Dusty Baker of Mr.Caufield, who died last year search conducted by local growers fitness center and a rooftop solar- cisco home during Fleet Week to Sotheby’s International Realty and at 80,co-founded Silicon Valley in 2014, Sotheby’s said. At 43½ feet ium with an outdoor spa, accord- admire the stealth bombers and Michael Dreyfus of Golden Gate powerhouse Kleiner Per- tall, the tree is listed in ing to Sotheby’s. The property, the Blue Angels. Sotheby’s International Realty. kins Caufield &Byers, TWO HOMES the California Big Tree which has Edwardian design influ- Frank Caufield said his father The San Francisco home is listed which made investments FOR SALE Registry. ences, also has a media room, a li- bought the Montecitohome around by Steve Gothelf and Neill Bassi of in some of tech’sbest- The property asking brary and office and a ground 2000 and lovingly maintained it. Sotheby’s International Realty. known companies in- $59.25 $19.5 million is a cen- level Japanese-style garden with EveryEaster,hehosted an Easter —Katherine Clarke cluding Amazon. Mr. MILLION tury-old home in San bay views. egghunt forfriends and family. Caufield stepped away Francisco’s tony Pacific The homes are being sold by Frank Caufield said his father was A colorful Canadian reality star 12-acre estate from his daily role at Heights neighborhood. Mr. Caufield’s children: son Frank perhaps drawntothe European- lists his Florida estate. M14 the firm, nowknown as in Montecito Its four levels are con- R. Caufield, who is also a venture style home because he spent much Kleiner Perkins,in2000. and a home in nected by an elevator, The pricier of the San Francisco and it has views of San two properties is a Francisco Bay and the nearly 12-acre estate in Montecito, Golden Gate Bridge. Its interior Calif. The roughly 18,500-square- has Venetian plaster walls, period foot, nine-bedroom Italian Renais- moldings, stained-glass windows, sance-inspired villa was designed and seven fireplaces all with elab- around 1927 by George Washing- orate surrounds. ton Smith, a prominent Santa Bar- 2) TER

bara architect, according to re- CA

search by Sotheby’s International VIN Realty, which is listing both OM:GA

homes. TT

The home still has many of its BO original details including inlaid 3); TY golden travertine floors in the en- trance gallery, hand-carved walnut REAL paneled walls in the library and TIONAL carved limestone arched windows in the dining room. The property INTERNA

has three separate wine cellars: S Y’ one for white wine, one for red THEB

wine and one for aging, as well as MONTECITO SO a solarium with a 38-foot pool

The property NGHI/

and a beamed ceiling and a study. LU was inspired by TheMontecitoproperty also has Italian villas. NIEL

extensivegardens; both the gardens DA and the house were inspired by P: TO

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M4 | Friday, October 9, 2020 NY THE WALL STREET JOURNAL. MANSION

The couple paid $227,000 for the property in 1997. LIST PRICE $1.62 MILLION 1,408 sq. ft., 2 bed, 2 bath, interior courtyard, backyard

Larry Osborne and Daniel Reynolds, above, sit in their living room. The home, bottom left, dates to A view of the interior courtyard. the Victorian era, when milk Mr. Reynolds, 59, a sculptor, was delivered Where Cows wanted to move to south London fresh daily to to be closer to his studio and per- each customer. suaded Mr. Osborne to house hunt Came Home in East Dulwich, 5 miles southeast of central London. ContinuedfrompageM1 East Dulwich has recently un- in the 1930s. Only then did the lo- dergone a Williamsburg-style gen- cal milk depots begin to close trification, but when the men first down. looked for homes there, the area Mr. Osborne and Mr. Reynolds was rough around the edges. The lery, used as a second living learned from a neighbor that their charms of the $227,000 milk de- space, which overlooks the main home had been converted from a pot more than made up for that. living room. milk depot to a car repair shop. The two got home from the view- The ground floor has high ceil- An old photo of the place showed ing and said “we have got to have ings and in the guest room, the “it was in a very sorry state by it,” Mr. Osborne said. couple added a sleeping gallery then,” said Mr. Osborne. Luckily for them, the conver- tucked into the pitch of the roof In the early 1990s, the site was sion of the 1,408-square-foot to maximize space. bought and redeveloped into a building met their needs. The en- With the bare bones in place, house. Mr. Osborne and Mr. Reyn- trance hall leads into an open- the problem became the décor. olds, meanwhile, were living in a plan kitchen and adjacent double- “The real issue was that it was small apartment in the central height living room, with timbered terribly, terribly cluttered,” said London neighborhood of Bayswa- ceilings, exposed brick walls, and Mr. Reynolds. “We wanted to strip ter and by 1997 were eager to find an open fireplace. it back to clear modern lines.”

a home with more space and a An internal courtyard has been This meant replacing the floor- (6) backyard. punched through the building roof ing, rough coir matting made

“We definitely did not want an to provide a lightwell into the from coconut fiber, with timber HOUSE ordinary-looking house,” said Mr. heart of the house. boards and removing built-in

Osborne. “When it is raining or snowing seating and cabinets. A new white MODERN A gallery above the living room. it is like it is bathroom and a new kitchen, with THE raining or white cabinets and timber work snowing right tops, were installed. Pre-pandemic, the men used that sparked. They accepted an offer inside the The couple particularly loves house on the weekends, but on the property on Sept. 2, just house,” said the house’s outside spaces. In ad- moved in full time during lock- three weeks after listing it. Mr. Osborne. dition to the small internal court- down. They loved the experience Part of the reason for the popu- Upstairs is a yard, the living room leads, and have decided to make it their larity of the property is its now- mezzanine through French doors, to what permanent base. Their London fashionable location. East Dulwich level with a looks like a tiny backyard just house is now one house too many. is full of independent cafes, gas- bright master large enough for a bistro table Mr. Reynolds says that he tropubs, bars, and boutiques. bedroom with and chairs. But a small doorway thinks he’s going to come into “It has become a desirable windows on in the back wall leads to a second, London only when he feels like it area, but we are less and less in- two sides and more spacious 316-square-foot and set up his studio near the clined to join the melee,” said Mr. two Juliet bal- yard filled with greenery. couple’s Seasalter home. Reynolds. “When we come to Lon- conies, two The couple also owns a home The East Dulwich house was don, we just see crowds, and we bathrooms and in the coastal village of Seasalter, listed in August and the couple want to be somewhere nice and an open gal- about 55 miles west of London. was astonished by the interest it quiet.” THE NEW NIGHT LIFE

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THE WALL STREET JOURNAL. Friday, October 9, 2020 | M5

Art. Beauty.Provenance.

WEST CHELSEA, NEW YORK CITY LENOX HILL, NEW YORK CITY UPPER EAST SIDE, NEW YORK CITY Full-floor 4-bed, 5.5-bath, 4,512 sq ft Magnificent and timeless residence on a Masterfully restored 7-story townhouse home with twin terraces and private ele- high floor of the mythical Hotel Pierre. designed by Rogelio Cambiasso. $14.5M. vator in The Fitzroy,new development. $15.75M. Brian Meier +1 212 641 3732. $21M. Brian Meier +1 212 641 3732. Erin Boisson Aries +1 212 974 4551. Kate Meier +1 212 641 3736. Catherine Juracich +1 212 641 3767. Nic Bottero+1212 636 2638. Christie’sInternational Real Estate Group Christie’sInternational Real Estate Group Christie’sInternational Real Estate Group

MAHWAH, NEW JERSEY WEST CHELSEA, NEW YORK CITY SUTTON PLACE, NEW YORK CITY JUPITER ISLAND, FLORIDA 43+ acresecluded family compound, only 40 minutes from NYC. This English-style country es- Duplex condo with 3,000 sq ft Townhouse of celebrated architect I.M. Magnificent 2.5-acreoceanfront estate. tate on the Ramapo River is impeccably designed with 7bedrooms, 9baths in the main house, of private outdoor living featur- Pei, 3,848 sf ft home blends Pei’ssigna- 221 ft unobstructed oceanfront, 10,000 and 2beds, 1bath in the carriage house above a20-stall barn. Sports field, basketball court, ing aprivate 50-foot pool. $12.45M. turestyle with original architecture. $8M. a/c sq ft, 7beds, 7full, 21/2 baths, tennis, infinity pool and private master spa, 10-seat theater,English pub, video game room, gym, Erin Boisson Aries +1 212 974 4551. EdwardJoseph +1 212 974 4434. poolpool&s&spa.pa.$13.85M.$13.85M. sauna, and steam room. $18.9M Vicki Gaily 1201 934 7111 [email protected] Nic Bottero+1212 636 2638. Herbert Chou +1 212 468 7118. Adrian Reed +1 772 263 2699 Special Properties div.ofBrook HollowGroup,Inc. Christie’sInternational Real Estate Group Christie’sInternational Real Estate Group Fenton &Lang

BRIELLE, NEW JERSEY BLOCK ISLAND, RHODE ISLAND JUPITER ISLAND, FLORIDA VERO BEACH, FLORIDA NEWPORT, RHODE ISLAND Opulent waterfront estate on 2.9 acres. The most coveted location in Watch Hill, 2.5 tropical acres from river to 131 ft of 1±-acrelot with 104± feet of ocean front- Ker Arvor is ameticulous 12,500 sq ft Like nothing else available in New Jersey. this estate is sited on apeninsula with oceanfront. Classic 3-bed, 5.5-bath Ber- age on apristine beach. 5bedrooms, French-inspired estate sited on 9+ private 818linden.com 360-degree water views on 4.71 acres. muda-style w/ 2-bed, 2-bath guest house. guest house, summer kitchen &pool/spa. acres. Adjacent to Newport Country Club. $9.9M.$9.9M.BrianBrianChurChurch. $9.2M. Lori Joyal. WebID: 1263542 $8M. Adrian Reed +1 772 263 2699. $7.945M. Cindy O’Dare. $7.6M. Kate Leonard. WebID: 1253702 +1 732 449 0671 +1 401 742 1225 Joanne Wagner +1 561 373 3127. +1 772 713 5899 +1 401 952 3461 Christie’sInternational Real Estate Lila Delman Real Estate Fenton &Lang Premier Estate Properties Lila Delman Real Estate

BLOCK ISLAND, RHODE ISLAND JAMESTOWN, RHODE ISLAND NORTH PALM BEACH, FLORIDA NEWPORT, RHODE ISLAND NORTH PALM BEACH, FLORIDA Captivating estate nestled on almost Private 5,000+ sq ft waterfront home with 8,900 AC sq ft unique Seminole Landing Rockry Hall is an 8,000+ sq ft renovated Private tropical escape, 6beds, 7full &1 12 acres of rolling hills, pastures, stone dock, an infinity-edge pool, 6garage stalls, estate. 1.15 acres, 5beds, 5full &2half estate featuring agunite pool, design- half baths on 1+ acrelot in Seminole Land- walls &outstanding equestrian facilities. and sensational water views. $6.495M. baths, new roof, private beach access. er kitchen, and every modernamenity. ing. Coastal community with private beach $6.785M. WebID: 1261775 Bob Bailey.Web ID: 1260628 $6.299M. Denice Sexton. $5.7M. Alex Thursby.Web ID: 1261484 access. $5.65M. Denice Sexton. Rosemary Tobin +1 401 741 1825 +1 401 413 6928 +1 561 662 8344 +1 401 266 9900 +1 561 662 8344 Lila Delman Real Estate Lila Delman Real Estate Lost Tree Realty Lila Delman Real Estate Lost Tree Realty

WALL, NEW JERSEY NORTH PALM BEACH, FLORIDA DUNEDIN, FLORIDA CHARLESTON, SOUTH CAROLINA RIDGEFIELD, CONNECTICUT Luxurious 8-acreestate with every amen- Tropical Island Colonial, 5-bed, 5-bath on MoveToDunedin.com. Waterfront com- Georgian Revival-style home situated on a Walk to town from one of Main Street’s ity.Country living, yet only 2miles to the large lot, 1-bed guest house in premier pri- pound offers spectacular views of St Jo- double lot in premier downtown location. most admired in-town properties. 6-bed, beach. 2827wlliamsburg.com $4.995M. vate community.Tennis &private beach seph Sound, detached 4-car garage with Radiates classic Southerncharm with im- beautifully appointed, gorgeous 1.13 Brian Church. access. $3.85M. Peter Erdmann. guest quarters. $3.499M. Kerryn Ellson. peccable finishes. $3.25M. Helen Geer. acres w/ pool. 1hr to NYC. $2.2M. +1 732 449 0671 +1 561 329 2383 +1 727 408 4888 [email protected] Karla Murtaugh +1 203 856 5534 Christie’sInternational Real Estate Lost Tree Realty Coastal Properties Group International William Means Real Estate Neumann Real Estate

RIDGEFIELD, CONNECTICUT RIDGEFIELD, CONNECTICUT RIDGEFIELD, CONNECTICUT RIDGEFIELD, CONNECTICUT RIDGEFIELD, CONNECTICUT Best commute location 1hr to NYC. Open Custom home on 2level acres. Open Nantucket gem w/ amazing pool at NY High-end, maintenance-free condo living Resort-like setting in N. Ridgefield. Stately concept, 5-bed custom home. Chef’s concept floor plan for entertaining. Prima- border.New kitchen, multiple offices, en on Main St, 1hrtoNYC. All en suite beds, presence w/ 4finished floors, 6ensuite kitchen, nanny suite, spacious primary ry suite w/ balcony &spectacular guest suite beds, wine cellar +guest suite &6 chef’s kitchen, media room &gym. Walk to beds including nanny suite, multiple offic- suite. Prestigious setting. $1.895M. house. Easy commute to NYC, $1.895M. garages on 4private acres. $1.795M. town from best location. $1.745M. es, incredible pool. 1hr to NYC. $1.45M. Karla Murtaugh +1 203 856 5534 Karla Murtaugh +1 203 856 5534 Karla Murtaugh +1 203 856 5534 Karla Murtaugh +1 203 856 5534 Karla Murtaugh +1 203 856 5534 Neumann Real Estate Neumann Real Estate Neumann Real Estate Neumann Real Estate Neumann Real Estate

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M6 | Friday, October 9, 2020 NY THE WALL STREET JOURNAL. MANSION

hat pandemic? Despiteasteady 20 drumbeat of Covid-19 cases Number of months Waround the coun- of supply of homes try, the net worth of the wealthi- on the market est Americans dramatically re- in New York City. bounded in the five months ended in August—far outpacing growth in other partsofthe world. According to a new report by wealth research firm Wealth-X, the richest North Americans— classified as those with a net worth of at least $30 million— have already recovered much of their pre-pandemic wealth. Their collective net worth grew 37%, to about $12.5 trillion from the end of March, a Collective net time when parts of the

worth of the GES country were wealthiest IMA North operating un- der shelter-in- ETTY Americans /G place orders,

grew HERS

to the end of OT August. CR

37% OR

While that YL

To TA is a net de- C. $12.5 crease of 3% from the end THE MARKET | KATHERINE CLARKE TRILLION of 2019, it dra- matically out- paces the re- covery of ultrahigh-net-worth TheSuper Wealthy AreBack individuals overseas. Global wealth is still 9% down from its levels at the end of 2019, accord- ing to the report. really extreme,” Ms. Imberg said ing to a recent report by Douglas ing shadow new development in- that sales of higher-end apart- The number of individuals in of the recovery. Elliman. There are currently more ventory that is not publicly listed, ments are outpacing those of en- North America worth at least $30 “Unlike in ‘typical’ recessions, than 20 months of supply of the report shows. try-level units. Sales of homes million also rose 28% to 104,440 the bulk of the damage to wealth homes on the market, not includ- Elliman’s numbers do show priced at $5 million and above during that same period. That holdings from the pandemic will were down only 23.2% overall. represents a major recovery from most likely have been front- TopUltrahigh-Net-WorthCities Before the pandemic, the su- the first quarter, when the num- loaded,” the report says. “As the perwealthy had a strong year in The number of individuals with anet worth of $30million or morejumped ber of high-net-worth individuals global economy rebounded in the 2019, according to the Wealth-X in some major cities in 2020,manyofthem in the U.S. around the country had dropped second and third quarters of 2020 CHANGE FROM report. Overall, the number of ul- by 23% from the end of 2019. The from its temporary cessation of Number of ultrawealthyindividuals PREVIOUS YEAR trahigh-net-worth individuals rose number of ultrahigh-net-worth in- activity, helped by extensive stim- NewYork +16.2% globally by 9.5% last year to dividuals in both the U.S. and ulus and support programs, there nearly 291,000 individuals, a Hong Kong +11.2 globally is down by roughly 3% was a broad bounceback in finan- sharp acceleration from the previ- since the end of 2019. cial markets and renewed oppor- Tokyo +10.0 ous year. North America recorded Maya Imberg, senior director of tunities for wealth creation.” LosAngeles +16.1 the strongest expansion of the ul- thought leadership and analytics The report offers a glimmer of Paris +18.1 trahigh-net-worth population at Wealth-X, attributed much of hope to New York City developers London +12.4 world-wide, posting an increase of that rise to the stock-market who are grappling with an excess Chicago +16.1 14.5% in its ultrahigh-net-worth boom, which despite high unem- of high-end condominium proj- population and a 14.4% uptick in SanFrancisco +16.6 ployment numbers and lower cor- ects. their collective net worth. porate profits has essentially re- Manhattan residential sales Washington, D.C. +16.0 On the whole, North America covered all of the losses initially were down 46.3% in the third Dallas +17.0 has a 36% share of the world’s ul- suffered at the beginning of the quarter of 2020, compared with 03,000 6,000 9,000 trahigh-net-worth population, the pandemic. “In the U.S., it’s been the same period last year, accord- Sources: Wealth-X; OxfordEconomics numbers show. 73 VT09

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THE WALL STREET JOURNAL. NY Friday, October 9, 2020 | M7

100 11th Ave, NY J.QN ,Q+G*QJ=9 EPaS=BLY ]LBZ& V:SS[F BaS2`dBaT_LB& Pamela D’Arc • [email protected] Alexa Lambert • [email protected] Alexa Lambert • [email protected] L. Dauber • [email protected]

530 Park Ave, 4D,NY •3BD 3BA•$6,995,000 155 Steele St, 1117,CO J1QN .Q+J<.F1',FKKK 8375ShoreRd, NY J,QN ,Q+J<.FG,KFKKK 117 E57th St, 41CD,NY •2BD 2BA•$3,550,000 ]aB>a#=F ;BLSeF dB8Ua ]LBZ +`a1QN #2BSaB #2Se2& Stunning designer penthouseinDenver. QL[ X8e;a ULSA82S 2S dBaA=8;82:A V92BaX2Le& C:^987BF A:SS[F P] `8a_A& 0V G.9B eBUS #2Se2& Johnson &Nommaz Team • [email protected] HWH Team • [email protected] A. Salavantis • [email protected] C. Miller Martin • [email protected]

58B=:LYY[ V=L;ae

29 E64th St, 6A,NY •3BD 2BA•$3,295,000 1941 CursonPl, CA • .QN,Q+ •$3,095,000 860 UN Plaza, 13C, NY •2BD 2BA•$1,095,000 117 E57th St, 41E, NY •1BD 1BA•$999,999 PYLAA8# 'dBaT_LB #2T2d&V2:=9 E4aA=a^d2A:BaA& Hollywood Hills entertainershome,private, views. VdL#82:A E%B8;9=F 2daS #8=[`8a_AF >:YYTAaB`8#a& CLB;aF A:SS['IG V0 #2Se2F `8a_AF ;LBF06eBUS& J. Callahan • [email protected] S. Wolski • [email protected] Pamela D’Arc • [email protected] C. Miller Martin • [email protected]

Manhattan Manhattan Manhattan Manhattan+Rentals

146 CPW,2E!.QN.Q+I*Q! P]&0VF G.9B eBUS& ]BaT_LB #9LBUaBFA:STRYYae eBUSF P2Y:U%8L `8%a& Catherine Harding • [email protected] Eland Blumenfeld Team • [email protected] Alexa Lambert • [email protected] Lori Glick • [email protected]

555 Park Ave, 5W |5BD5BA1HB|$9,000,000 435 E52nd, 10A2 !1QN1Q+I*Q!<1F.,KFKKK 230 E18th St, 1C |3BD2BA|$2,150,000 60 E96th St, 6C |2BD1BA|$895,000 VdL#82:A I1 BU dBaT_LB _LB#9ea=L8YA& P2TM^#Y& (UdBaAA8`aF BaS2`_,KO 2> e8Ba#= B8`aB >B2S=L;a& I'KK V0 dLBY2B 722B =B8dYa^& ]BaT_LB ea=L8YA& VdL#aF Y8;9=F YL[2:=b dBaT_LB 8S PLBSa;8a *8YY& N@& S. Hackley • [email protected] Eland Blumenfeld Team • [email protected] Cornelia V. • [email protected] E. Frommer • [email protected]

784Park Ave, 9B !.QN.Q+I*Q!<)F$,KFKKK 2Horatio St, 3G |2BD2BA|$3,295,000 430 E57th St, 13D |3BD3BA|$1,995,000 200 E74th St, 14D |1BD1BA|$895,000 P98# EA2d98A=8#L=ae e:dYa^8S=2d #2T2d& 458YYL;a GDG 8S Q8S; EQ8S;& 0DVF dBaT_LB ea=L8YA. PYLAA8# )V:==2S ]YL#a& V:SS[CX_8=9 _%>dY#& XLBa BaS2`L=ae98722B cB ._8=9 ?2B=9aBS `8a_A& Alexa Lambert • [email protected] Cornelia V. • [email protected] C. Miller Martin • [email protected] Elizabeth Goss • [email protected]

340 E72nd St, PH |3BD 3BA|$5,800,000 530 E86th St, 5A |3BD3BA|$3,150,000 333 W22nd St, 4B |2BD2BA|$1,975,000 320 CPW,5M|1BD1BA|$895,000 0:YY 7F A:SS[F dBaT_LBF`:AF G_%>dY#AF _BLd =aBB& Mintclassic mod style. Kit open to sitting room. ExquisiteChelsea triplexwfab terr &wbfplcs. QB8;9=F A2:=9 >L#8S;F _8Se2_aeZ8=F 9e_e7BA&N@& CarolMann • [email protected] Rema Parachini • [email protected] Marcy Grau • [email protected] Maureen M. • [email protected]

136 E19th St, 4E |3BD2BA1HB|$5,500,000 25 EEnd Ave, 8E |3BD3BA1HB|$3,050,000 320 CPW,8H|2BD2BA|$1,965,000 35 Park Ave, 5F |1BD1BA|$799,000 MintGramercy duplexTHcondo wpriv roof deck. +ddB2^ GF1',V0F 'BUdBaT_LBFG$O 2> B8`aB `:A& -BL#82:AF BaS2`F U2eaBS _dBaT_LB #9LBU& C2_aB ]LBZ +`a& 333 U8S=& 6:BSTZa[&5:A& 0VF;LB& Cornelia V. • [email protected] Eland Blumenfeld Team • [email protected] Stacey Bradie • [email protected] Julie Perlin • [email protected]

1016 5th Ave, 5B !1QN1Q+!<.F"",FKKK 1235 Park Ave, 8C |3BD3BA|$2,795,000 860 UN Plaza, 15B |2BD2BA|$1,875,000 261W71stSt, 8 |1BD1BA1HB|$799,000 V8^ BU #2T2dF YB;_8Se2_AFe8Ba#= `:A 2> =9a @a=& PLBSa;8a *8YY dBaT_LB #YLAA8# )#2Se2F 2daS `:A& Elegantly renovated, cityviews, 2expos. DM. P9LBU8S; EA:STRYYae e:dYa^_8=9 98 #a8YAF _%>dY#& Elsie Nelson • [email protected] Cornelia V. • [email protected] Julie Perlin • [email protected] C. Appelbaum • [email protected]

9535th Ave, 5/6 !,QN.Q+!<.F$,KFKKK 35 E75th St, 10C |2BD2BA1HB|$2,750,000 308 E79th St, 4A |3BD2BA|$1,825,000 1160 3rdAve,3E|1BD1BA|$725,000 MYa;LS=e:dYa^_8=9 e8Ba#= P] `8a_AEdB8` aYa`& MYa;LS=,BUF P] `8a_AF eaaeae dBZ;F Y2_UL8S=& @2eaBS EA:SS[=:BS Za[F dBaT_LB ea=L8YA& NBUS& 6:BSTZa[F=2d 2> =9a Y8Sa BaS2`L=ae& P9a>OAZ8=& Elizabeth Goss • [email protected] Marcy Grau • [email protected] Cornelia V. • [email protected] Eland Blumenfeld Team • [email protected]

115 CPW,9B!.QN.Q+!<.F',KFKKK 65 E96th St, 8B |3BD2BA1HB|$2,750,000 515E72nd St, 9B |3BD2BA|$1,795,000 311 E71stSt, 9B |1BD1BA|$635,000 0L%dBaT_LB #2T2d L= 69a @L\aA=8#& P2Ta^#Y& XaS2`EA:SS[dBaT_LB #2Se2&*8#a8YA& ?aLB P]& Condo wterr,privatepark, extensiveamenities. 0L%2OA8Wae 0V #2T2d&4LYY 2> _8Se2_AFY:^ %L=9& RosetteArons • [email protected] Rema Parachini • [email protected] JenniferP.Bowden • [email protected] A. Bergman Bonomi • [email protected]

25 CPW,10N !GQNGQ+I*Q!<.F.",FKKK 812Park Ave, 12A |2BD3BA|$2,750,000 117 Beekman St, 4E |2BD2BA|$1,698,000 155 E76th St, 6F |1BD1BA|$599,000 V8^ BU _98=a;Y2`a dBaT_LB #2Se2F G)O2>P]`:A& V:SS[F 9:;aF98;9 7B )B22U dBaT_LB 0V #2T2d& Stunning, boutique full servicecondo in Seaport. 5LY:a& C2#L=82S& VdL# YL[2:=F 14(P& C2_ UL8S=& Eland Blumenfeld Team • [email protected] Eland Blumenfeld Team • [email protected] AmyBergman Bonomi • [email protected] Julie Perlin • [email protected]

1112 Park Ave, 4B |3BD3BA1HB!<.FI",FKKK 1200 Broadway,PHG |2BD1BA|$2,650,000 125 E74th St, 4A |2BD2BA|$1,675,000 153 East57th Street, 19D !V=:e82 IQ+!<,."F"", ]LBZ +`a;aU 8S =9a 9aLB= 2> PLBSa;8a *8YY& ]B8`L=aB22>=2d 2LA8A& ?2@Le Y2>= _8=9 _%>dY#& 0V ,B22U dBaT_LB #2T2d&CX__%>dY#F 98 #a8YA& Triple mint, south facing, open vus, perfect loc. S. Hackley • [email protected] RobertFaust • [email protected] S. Nolop +J.Silver • [email protected] Julie Perlin • [email protected]

336 WEnd Ave, 12C !.QN.Q+!<.FI,KFKKK 515WEnd Ave, 9D !1QN1Q+!=TY8ZaF $B22UA _8=9 2OA8Wae _8Se2_A& @8S=#2Se8=82S 1QN1Q+& 48Se2_aeaL=T8STZ8=& XaS2`L=ae)B22U dBaT_LB #2T2d 8S dB8Ua M5& 0:YY[ >:BS8A9ae #2Se2F dB8` =aBBFP]F -4Q`:A& Eland Blumenfeld Team • [email protected] Pamela D’Arc • [email protected] Pamela D’Arc • [email protected] Shari Cohen • [email protected]

26 E10th St, 8CD |3BD2BA1HB|$3,995,000 400 Park AveS,23A !GQNGQ+!

213 W23rdSt, 5N |3BD3BA1HB|$3,850,000 333 E68th St |3BD3BA|$2,395,000 2MtMorris Park W |3BD2BA1HB|$1,500,000 200 E95th St, 26C !1QN1Q+!= _06eBUS& VdL#82:A _98=a;Y2`a dBaT_LB e:dYa^F G_%>dY#A& Spectacular duplexcondo in Harlem, park views. QB8;9=EAdL# Sa_ #2Se2F SaLB P] EU:Aa:UA& Eyal Zabari • aWL%LB8H#2UdLAAU Anna Hall • [email protected] Jamie Seidner • [email protected] Eyal Zabari • a[LY&WL%LB8H#2UdLAAU

180 E79th St, 18B |3BD3BA|$3,700,000 1112 Park Ave, 8C |2BD2BA1HB|$2,395,000 33 5th Ave, 4C !GQNGQ+I*Q!dY#& XaS2`L=ae-BaaS_8#9 58YYL;a dBaT_LB #2T2d& Ca=#BaL=8`8=[eaRSa [2:B 92Ua 2B _2BZdYL#a& Elizabeth Goss • [email protected] Eland Blumenfeld Team • [email protected] Pamela D’Arc • [email protected] Eyal Zabari • a[LY&WL%LB8H#2UdLAAU

40 E84th St, 5D !1QN.Q+I*Q!<1F,KKFKKK 450 WEnd Ave, 16B |2BD2BA|$2,325,000 169E78th St, 2B |2BD2BA|$1,395,000 123 Washington St, 52D !GQNGQ+!<,FI1,DU2 MS2BU2:A 1QN.Q+F UL8eA BUF 8S %aA=Y2#L=82S& -BLSe 98 7BF2daS `:AF G=aBBAF ,BUA& 0V dBaT_LB& V:SS[F eBLUL=8# e2:%Ya 9a8;9=& CX __%>dY#F 4DN @2eF VV LddY8F #8=[AZ[Y8Sa `:A& G.9B N@& ?2 >aa& C. Miller Martin • [email protected] Marcy Grau • [email protected] Anna Hall • [email protected] Eyal Zabari • a[LY&WL%LB8H#2UdLAAU Find exclusivelistings only at compass.com

Compass is alicensed real estate broker and abides by Equal Housing Opportunitylaws. All material presentedherein is intendedfor informational purposes only.Information is compiled from sourcesdeemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statementismade as to the accuracy of anydescription. All measurements and squarefootages areapproximate. This is notintended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional adviceoutside the realm of real estate brokerage. P2JW283000-0-M00800-1------NS

M8 | Friday, October 9, 2020 NY THE WALL STREET JOURNAL. MANSION

titans Jeff Bezosand Mark Ken Zuckerberg—with acombi- MIAMI nation of wonder and baffle- ment. Whypay record-break- Griffin $60 ing sums forall these homes at atime when manyspecu- ContinuedfrompageM1 MILLION latethat the market wasat record in the process. Amount paid itspeak? Some said his indi- Some of his buys include in 2015 vidual spending has been so a $238 million apartment at extreme that it mayhaveac- 220 Central Park South, the VALUE tually served as awide-rang- ultraexpensive tower on ing boon to the luxurymar- New York’s Billionaires’ ketacrossthe country, Row, which set a record setting anew benchmark for Covid-19’s effect on last year for the most ex- values. global travel and pensive home ever sold in “When youadd it up,for high-rise living, the United States. Mr. Grif- one person in this erait condo oversupply. fin has also spent roughly seems somewhat unprece- $350 million assembling a dented,” said appraiser Jon- massive waterfront site in athan Miller of Miller Sam- Palm Beach, Fla., $84 mil- uel. “I think manypeople lion on a Hamptons com- arescratching their heads, pound, and he has set re- likewe’renot surewhat the cords for the most plan is here.” expensive apartments ever Mr.Griffin, who lives pri- sold in Miami and Chicago. marily in Chicagoand is di- In London, he purchased vorced with three children, a $122 million mansion declined an interviewre- near Buckingham Palace quest. Aperson familiar last year. He has also had with Mr.Griffin’ssearch said talks about purchasing an Owners like former Goldman Sachs Chief Executive Lloyd Blankfein gave Faena House the moniker ‘Billionaires’ Bunker.’ he oftenbuysproperties apartment at the Peninsula near his companies’ offices London, an under-construc- properties, including a $125 Thecoronavirus didn’t Estefan, according to aper- Mr.Griffin also owns an or family,and said his re- tion condo project widely million Bel-Air mansion slowhim down. In August, son familiar with the deal. oceanfront home at the Four cent purchase on StarIsland considered to be one of the owned by plastic surgeon Mr.Griffin spent acombined Thesites included one that Seasons Hualalai resort in came in advanceofCitadel city’s most luxurious, ac- and rhinoplasty specialist $69.5 million to purchase had been in contract to be Hawaii, which he bought for opening an officeinMiami cording to people familiar Dr. Raj Kanodia and Owl- three sites on Miami’sStar sold to entertainer Jennifer just under $17million in in the next year or two.He with the market. wood, a historic Holmby Island, atinyenclave of Lopezand former NewYork 2011. Theproperty includes isn’t investing forthe short In Los Angeles, luxury Hills estate once owned by roughly 30 homes and whose Yankee AlexRodriguez, ac- aroughly 5,600-square-foot term or looking forquick re- real-estate agents said Mr. Sonny and Cher and listed residentshaveincluded cording to the person famil- Balinese style home with turns,that person said. Griffin has eyed several for $115 million. Rosie O’Donnell and Gloria iar with the deal. four bedrooms.Healso owns Mr. Griffin’s spending an additional 4-acresiteon has occurred amid a back- the resort, which he bought drop of success for his com- for$11.38 million in 2009. pany. In recent years, his During the early months hedge fund Citadel has of the pandemic,Mr. Griffin grown its assets under P3-;N( \3 J.3A= remained mostly at his home management to roughly $35 in Chicago, while some of his billion. Last year, its pri- 8!;N" %\!@8!;N" #&&L!(Q3\(G: tradersholed up at the Four mary fund posted returns Seasons hotel in Palm Beach, of 19.4%, beating industry wherethey were guarded by rivals. off-duty policeofficersfrom A spokesman for Mr. the Palm Beach PoliceDe- Griffin pointed to his phi- partment hired by one of Mr. lanthropy, noting that he Griffin’scompanies,Citadel recently donated $40 mil- Securities.Noone lion to Covid-19 re- other than employ- CHICAGO lief, specifically for ees of the company personal protective or the hotel were $58.75 equipment, human- allowedinside the MILLION itarian aid and entirehotel, and funding for scien- )

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965J6I6&C67 O= #3J5A& 96F+C"JI Listed by Lourdes AlatristeofEngel &Völkers ConciergeAuctions.com |+1646.760.7823 2"++= #"&6J"/ ,F+6I )II"LAFC6 G-HNNNHM'NH!!$' This property is listed forsale by Lourdes Alatriste (BK693485) of Engel&Voelkers Coconut Grove (1060840) –3162 CommodorePlaza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

THE WALL STREET JOURNAL. NY Friday, October 9, 2020 | M9 MANSION

ASPEN $22.8 O

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LEFT A pair of adjacent homes, above, have a combined 12 bedrooms on Tiehack Mountain in the exclusive Maroon Creek Club, a OM high-end golf course community. Mr. Griffin bought one of London’s most expensive homes, left, at the heat of Brexit talks. FR

Wall Street Jour- LONDON Britain since2011. Brexit, and there was so on adeal he initially made in Thebuilding,developed supply of residential nal in 2015, “but Mr.Griffin negoti- much uncertainty.” 2015 to payabout $238 mil- by Vornado Realty Trust, has inventoryalong Billionaires’ we do manufac- $122 ated the pricedown Mr.Griffin has also eyed lion foranapartment in 220 interiorsbyThierryW.Des- Row, taxchanges in New ture money.” MILLION from the original an apartment at the Penin- Central Park South. It is still pont. Thebuilding has also York that target buyersof Readonfor a asking priceof sula London, an under-con- the priciest residential sale drawncelebrities likethe luxuryproperties and the re- Amount paid closer look at Mr. roughly $160 mil- struction development less ever closed in the U.S.,and performer Sting and finan- cent onslaught of Covid-19. in 2019 for a Griffin’smost im- lion. than 2miles away.Designed is morethan twicethe re- cial titans such as hedge He decided to buy the mansion pressivehomes Theproperty is by the leather-clad bad-boy funder Dan Och, TheWall units “at the height of the around the coun- on Carlton Place, architect PeterMarino,the Street Journal reported. market in 2015,” Mr. Miller VALUE tryand howtheir which has three 25-unit project has aprivate Industry veterans Real-estate expertssaid said. But the market “isn’t value has likely mansions,the other portecochère, a25-meter Mr.Griffin’spurchase helped what it was.” fluctuated. two of which are swimming pool, ascreening view the spate of fuel legislation that ulti- Mr.Griffin’snew pent- Covid-19’s effect on home to the U.K. room and agym and spa. deals with a mately increased taxeson house is still under construc- LONDON global travel and foreign secretary Mr.Gee called it one of the buyersofluxuryhomes in tion. Meanwhile,Mr. Griffin Mr.Griffin made a high-rise living, and to the Privy most important newbuild- combination of NewYork,and came to per- also still owns afull-floor major splash in Brexit. Council of the ingsinthe city. wonder and sonifythe issue of wealth in- apartment at 820 FifthAve- London when he United Kingdom. He could “choose depend- bafflement. equality in the city. nue,astoried co-op building bought one of the city’s Mr.Griffin’swas formerly ing on the mood he’sin “I consider that sale awa- off Central Park,which he most expensivehomes dur- used by MI6,the U.K.’s intel- which one he wantstostay tershed moment wherepoli- bought from philanthropist ing the heat of Britain’s ligenceservice, to interview in,” he joked of Mr.Griffin. tics and real estateinter- Lily Safrafor $40 million in Brexit negotiations in Janu- recruitsand had been re- Mr. Gee said the London cord foraNew York home. sected,” said luxuryreal- 2009,records show. ary2019,according to peo- cently revamped by British luxury market has since Roughly 24,000 square estateagent Donna Olshan. ple familiar with the trans- luxuryreal-estatedeveloper been hobbled by Covid-19, feet across three floors, the “It wassignificant not just MIAMI action. Mike Spink. since the high-rolling for- apartment is the best in the forthe price, but forthe Also in 2015,Mr. Griffin pur- At the time,the $122mil- “It was an extraordinary eign buyers who power that city, many real-estate sentiment that wasstirred chased apair of apartments lion deal forthe property,a deal for the times,” said segment of the market agents said, with unob- up around it. It triggereda at the topofFaena House,a landmark Georgian mansion Jeremy Gee, managing di- aren’t traveling to the U.K. structed views of Central series of political events.” then under-construction con- overlooking St.James’sPark rector of London-based to shop for real estate. Park. It was delivered as a Despitethe building’s dominium in Miami Beach, and the Mall, the ceremonial real-estate firm Beauchamp white box so Mr. Griffin prestige, real-estateinsiders for$60 million. Though they routeleading to Buckingham Estates, who wasn’t in- NEW YORK could customize it to his believethe value of Mr.Grif- have not yetbeen combined, Palace, wasthe most expen- volved in the deal. “We Last year,Mr. Griffin tastes, according to people fin’scondo likely has suf- the resulting penthouse is sivesale to have closed in were in the middle of grabbed headlines by closing familiar with the deal. feredthe effectsofanover- PleaseturntopageM10

Beautifullistings in the DALLAS AREA

9207 Sunnybrook Lane 9918 Avalon CreekCourt 9115 DevonshireDrive Preston Hollow |$6,850,000 Preston Hollow |$4,495,000 Devonshire|$3,495,000 Erin Mathews Susan Baldwin Erin Mathews 214.520.8300 214.763.1591 214.520.8300 [email protected] [email protected] [email protected]

5817 CountryWay Meadowbrook Drive 3505 Turtle Creek Blvd#PH 18E Colleyville |$1,150,000 Preston Hollow |PriceUpon Request Uptown |$4,500,000 Nanette Ecklund-Luker AllieBeth Allman &Alex Perry Simone Jeanes 817.235.8260 214.354.1099|214.926.0158 214.616.9559 [email protected] [email protected] |[email protected] [email protected]

4125 Turtle Creek Boulevard 5335 Meaders Lane 6809 Golf Drive Downtown Vicinity |$6,850,000 Preston Hollow |Price Upon Request University Park |$3,450,000 Rachel Trowbridge Terri Cox &Kyle Crews Erin Mathews 214.395.3702 972.841.3838|214.538.1310 214.520.8300 [email protected] [email protected] |[email protected] [email protected]

Theseproperties are offeredwithoutrespecttorace, color, national origin,religion, sex, familial status or disability.All alliebeth.com listing information, either printorelectronic,isfurnishedbythe property ownersubjecttothe best of hisorher knowledge; it is deemed reliable butisnot guaranteed andshould be independently verified. P2JW283000-0-M01000-1------NS

M10 | Friday, October 9, 2020 NY THE WALL STREET JOURNAL. MANSION

ContinuedfrompageM9 located has been the center of un- oftencited as the most expensive rest in the city following the kill- unit ever sold in Miami. STAR ISLAND ing of George Floyd, and many of He wasone of astring of finan- the stores and restaurants closed cial titans to buy in the building,in- $69.5 because of the pandemic. cluding Apollo Global Manage- “Atthis point in time,you would ment’sLeon Black and former MILLION not be in agood spot,” he said. Goldman Sachs chief executive Price paid for “The situation downtownistaking Lloyd Blankfein. They earned the several lots in the air out of the market abit.” building themoniker “Billionaires’ August Bunker.” THE HAMPTONS The building was designed by In February, Mr. Griffin bought a Pritzker Architecture Prize-win- 7-acre estate on Meadow Lane, an ning firm Foster + Partners. Mr. exclusive oceanfront enclave, for Griffin’s roughly 12,500-square- $84.45 million. The seller was foot apartment has nearly 10,000 fashion designer Calvin Klein. square feet of terraces and a 70- The modern oceanfront com- foot-long rooftop pool. pound comprises three buildings Sincethen, the Miami condo that are connected underground: market has takenanosediveamid a a main building, a studio wing flood of newinventory, and prices and a guest wing. at the building have suffered. Some The property is on the site of of the big names who have tried to an old mansion known as Dragon sell their unitshavetaken signifi- Head, which had been owned by cant losses. the wealthy du Pont family and Art dealer LarryGagosian sold later by Jane Holzer, better his apartment at the building for known as “Baby Jane” or Andy $12 million in 2017, alossofnearly Warhol’s muse. $1 million, and Mr.Black sold his Since Mr. Griffin’s purchase, unit at the building for$12.5mil- One of severalsites purchased by Mr.Griffin in August, above.Star Island is tiny enclave of roughly 30 homes.Its the Hamptons market, which had lion, far lessthan the $16.5 million residents have includedRosieO’Donnell and Gloria Estefan. been sluggish for about two he paid, recordsshow. years, has picked up dramatically Mr. Griffin tried his own luck CHICAGO because of the pandemic, as New $250million KenGriffin’s Buying Blitz selling his unit in 2016, listing it Mr. Griffin broke the record for a Yorkers flee to less dense locales. for $73 million, but didn’t attract The Citadel CEObestedthe second-priciest Chicago home sale in 2017 when a buyer. The property has since purchases at these NewYork,Miami and Chicago he paid $58.75 million for a pent- ASPEN 200 been taken off the market. buildings by along shot. house apartment atop the No. 9 In Aspen, Colo., records show Mr. “They thought they could get in Closing price WhatGriffin Paid Next BiggestBuy Walton, the city’s then under-con- Griffin owns a pair of adjacent early and get out early, but these struction luxury condo tower. homes with a combined 12 bed- out-of-towners got snookered,” 150 Mr. Griffin made a deal with rooms on Tiehack Mountain in said Peter Zalewski, a principal the building’s developer, Jim the Maroon Creek Club, a high- with real-estate consulting firm Letchinger, to design a penthouse end golf course community. He Condo Vultures. 100 for him, increasing its size to four pieced together the compound He added that Mr. Griffin’s unit full floors from two, said Nancy over several years, buying the has likely lost further value since Tassone of Jameson Sotheby’s Re- first house for $10 million in 2013 then. While neighboring areas like 50 alty, who headed sales at the and the second for $12.8 million Palm Beach have seen an enor- building. It would again be deliv- in 2015, records show. mous uptick in deal flow since the ered as a shell so that Mr. Griffin The estate has several wine pandemic began, high-rise build- could customize. rooms, two home theaters, fire 0 ings in Miami Beach are still suf- Meanwhile, Mr. Griffin main- pits and an outdoor pop-up fering, he said. 220CPS Faena House No.9Walton tains his former Chicago home, a screen for watching movies, ac- Source:Public Records massive full floor penthouse at cording to a listing video for the JOURNAL PALM BEACH the Waldorf Astoria private resi- property.

REET For roughly a decade, Mr. Griffin on 3.6 acres owned by former Los has been more recently com- dences across the street, which he Values in Aspen have soared ST

LL has been buying parcels of land in Angeles Dodgers owner Frank Mc- pounded by the pandemic, which bought for $6.884 million in 2010, since the coronavirus pandemic,

WA Palm Beach to assemble one of Court. The land is about a quarter sent well-heeled New Yorkers records show. as wealthy buyers flee to the area

THE the largest private waterfront of a mile south of President fleeing to Florida in search of Local agent Ken Dooley of Com- for its vast open spaces. R

FO sites in the county, with plans to Trump’s Mar-a-Lago private club. oceanfront homes. pass, who wasn’t involved in the In September, new signed con-

REZ build a grand estate. The total Local agents said Mr. Griffin’s “He has managed to bring sale, said Mr. Griffin’s new pent- tracts for homes priced $10 mil-

VA price tag: $350 million before activities in Palm Beach have more attention to Palm Beach house is so unusual in its scale lion to $19.99 million were up AL construction. lifted up the market and ce- than all the other billionaires that it is hard to know what the 800% from the previous year,

KEANE Mr. Griffin has slowly pieced mented Palm Beach as a place combined,” said Gary Pohrer of resale value would be. while two homes sold for more the land together, most recently that can command nine-figure Douglas Elliman, who has no con- He noted that the downtown than $20 million, according to a ONY paying $99.1 million for a mansion sums for luxury homes. That lift nection to Mr. Griffin’s deals. Chicago area where the building is recent report by Douglas Elliman. ANT

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1116North Ocean Blvd,Pompano Beach, FL 33062 Publish: November16•Close: October12 (754)812-3309•SolemarBeach.com Foradvertising opportunities, please contact: Deborah Falcone at [email protected] 917.225.6076 ORAL REPRESENTATIONS CANNOTBERELIEDUPONASCORRECTLY STATINGREPRESENTATIONS OF THE DEVELOPER. FORCORRECT REPRESETATIONS, MAKE REFERENCE TO THEDOCUMENTSREQUIREDBYSECTION 718.503, FLORIDASTATUTES, TO BE FURNISHED BY ADEVELOPER TO ABUYER OR LESSEE.Solemar is developed by PRH1116North Ocean, LLC(“Developer”). This offering is made onlybythe Developer’s Prospectusfor theCondominium.Thisadvertisement is asolicitation forthe sale of UnitsinSolemar perN.J.Reg.No. 20-04-0016.ThisCondominium has beenregisteredwiththe Massachusetts BoardofRegistration of Real Estate Brokers and SalespersonsF-1271-01-01.The Developer is not incorporated in, locatedin, nor aresidentof, NewYork. This offering is not directedtoany person or entity in NewYorkby, or on behalf of,the developer.Thisisnot an offer to sale nor asolicitation to purchaseacondominium directedtoany person wheresuch an offer or solicitation is prohibited by law. All photographs, renderings, or other depictionsare conceptual and may differfromthe completed Condominium.Consult theProspectusfor all terms, conditions, specifications, and Unit dimensions. Developer has alicense to usethe trade namesand marksofThe Related Group®. 2020 ©PRH 1116North Ocean LLC. ©2020Dow Jones &Company, Inc. All Rights Reserved. P2JW283000-0-M01100-1------NS

THE WALL STREET JOURNAL. NY Friday, October 9, 2020 | M11 MANSION

COUNTING HOUSE | BETH DECARBO BE A BETTER BOSS

The National Domestic Work- ers Alliance, an advocacy Preventing aStaff Infection group, gives these tips to help make staff and home safer.

Have a conversation. Spell out safety protocols and The onus is on both homeowners and household employees to check the spread of Covid-19 ensure everyone understands the risks when they’re not fol- lowed. Is your house- keeper going to Be flexible. kill you? Or could Be open to changing employ- you be the killer? ees’ hours or days off so they In a pandemic, can manage personal matters every person who like child care. walks through the door of your house poses a health Keep a safe house. risk to the people inside—and vice Make sure masks, hand sani- versa. That is why homeowners tizer and disposable gloves are who employ domestic staff need available and used properly, to implement, enforce and follow and that the home cleaning procedures to keep everyone safe. regimen includes EPA-ap- Recognize that staffers have proved disinfectants. their own issues and, in some cases, economic hardships. Being Keep it legit. flexible with schedules and com- Paying staff as employees and pensating staff for the extra effort withholding taxes from their will help the household run paychecks makes it easier for smoothly for the duration of the them to claim unemployment pandemic. insurance and other benefits. In March, Frank Riviezzo asked his 91-year-old mother-in-law’s Offer health insurance. caretaker to move in with her to This benefit makes it more reduce the risk of outside expo- likely that a domestic staffer sure. For over two months, the will seek medical treatment caretaker and mother-in-law lived when they feel ill. If the staffer 24/7 in a cottage adjacent to Mr. already receives Medicare Riviezzo’s home in Huntington, health benefits, ensure their N.Y. “It was a godsend. It gave my pay covers the cost of supple- wife peace of mind knowing that mental health insurance. [her mom] was insulated from the virus,” says Mr. Riviezzo, a Man- hattan-based CPA. Eventually, his compensate them for continuing typical domestic worker in the suring staff members can cost their hands enough or wearing in-law’s two other caretakers re- to work and agreeing to change U.S. is paid a median $12.01 per homeowners as little as $3,000 to masks correctly,” Ms. Leigh says, sumed working after passing a their schedules. He also continued hour. And just one in five domes- $5,000 a year per person, Ms. but the close relationships that Covid-19 test. Now, three caregiv- to pay the family’s longtime tic workers receives health-insur- Leigh estimates. Homeowners develop between staff and em- ers work a rotation of weeklong cleaner, even when stay-at-home ance coverage through his or her willing to pick up a greater per- ployers often interferes with con- shifts to reduce comings and go- orders stopped her from working. job. centage of the premium might pay sistent enforcement. ings from the cottage. In their “If you have someone good, pay “To attract great talent who $12,000 a year per person. Bosses need to follow their own home, Mr. Riviezzo and his wife them properly because you don’t will stay with you a long time, it’s Moreover, dental and vision rules as well, she adds. Some of wear masks if they are around want to lose them. Turnover cre- worth it to offer [health] insur- benefits are really important to her clients say that family mem- when the cleaner comes to work. ates all kinds of problems,” he ance,” says Teresa Leigh, owner of domestic workers, she adds. “It’s bers aren’t using masks and other Separately, he provided a car to says, adding that his clients gen- advisory firm Teresa Leigh House- really inexpensive, as little as an protective gear when dealing with the person who cares for his own erally pay domestic staffers $250 hold Risk Management. extra $25 a month” per person. staff. 86-year-old mother, who lives in a day. “Do you really want to be “You do not have to offer 100% As the pandemic has stretched “Many homeowners seem com- Oyster Bay, N.Y., so the employee stingy with people who are deal- of coverage,” she says. “You could into fall, clients are telling Ms. pletely oblivious to the risk, even wouldn’t need to get rides from ing with your loved ones?” consider in the beginning 50% or Leigh that adherence to basic pre- if they themselves have con-

other people. A report released in May by the 75% of coverage.” Depending on cautions has slipped. tracted Covid,” she says. “It is a SE AU

All of the Riviezzo caregivers Economic Policy Institute, a left- the policy, the age of the staffer “Employers and homeowners very odd scenario within the high KR received a 20% pay increase to leaning think tank, found that the and level of coverage provided, in- don’t feel like the staff is washing net-worth world.” JON

799GrubbsMill Road,Willistown $17,500,000 |5BD|5.2 BA |11,498SF|58.7ACRES Guiding youhome.

LaviniaSmerconish LicensedRealEstateSalesperson M610.547.6637|O610.615.5400 385WLancaster Avenue,Suite103 Haverford,PA19041

1820 AlohaLane, Gladwyne Compass RE is alicensedreal estate broker andabidesbyEqual Housing Opportunitylaws. All material presentedherein is intended forinformational purposesonly.Information is compiled from sourcesdeemed reliable but is subjecttoerrors, omissions, changesinprice, condition, sale,orwithdrawal without notice. No statementismade as to theaccuracy of anydescription. All measurements andsquare footagesare approximate. This is notintended to solicit property already listed. Nothing herein shall be construed as legal, accounting or $4,800,000 |7BD|8.3 BA |12,728SF|2.61ACRES otherprofessional adviceoutside therealmofreal estate brokerage. P2JW283000-0-M01200-1------XA

M12 | Friday, October 9, 2020 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Friday, October 9, 2020 | M13

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M14 | Friday, October 9, 2020 NY/NE THE WALL STREET JOURNAL. PRIVATE PROPERTIES

in 2010, fell in love with the house Reality Star Lists in Florida on first sight as they passed it by boat many years ago. When he saw it come on the market after her death, he couldn’t resist buy- ing it. “I’m a romantic at heart,” he said. Mr. Wekerle, who has been coming to Florida for the last 35 years and usually spends a few months a year there, said he de- cided to sell in part because he doesn’t foresee visiting until the FOR SALE 1960 George pandemic is over. Travel from Wells film Canada to the U.S. is complicated, $19.25 “Where The and currently would require him MILLION Boys Are,” to quarantine once he arrives. Op- which tells erating his Toronto music club 14,000 sq. ft., the story of has also been a challenge during on Intracoastal four co-eds the pandemic, and it has become Waterway, who visit more important to remain close to original details Fort Lauder- his business and family, he said. dale and Known for his appearances on helped inspire the idea of spring “Dragon’s Den,” Canada’s version break as a rite of passage for col- of “Shark Tank,” Mr. Wekerle is a (2) lege students. merchant banker whose former It sits on the Intracoastal Wa- company Difference Capital was

ELLIMAN terway with its own dock and still acquired by Mogo Finance Tech- S has many of its original details, nology, a fintech company in Can- Mr. Wekerle paid $12.5 million in 2014. though Mr. Wekerle injected his ada, last year. DOUGLA own personality as well. Much of Ruchel Coetzee of Douglas Elli- Michael Wekerle, a Canadian caused by the pandemic, is put- terranean-inspired home was built his art collection is also for sale man has the listing. banker and reality-television ce- ting his colorfully decorated Fort in the 1930s, at the end of Prohi- for an additional sum, he said. —Katherine Clarke lebrity, makes no secret of his os- Lauderdale, Fla., estate on the bition, by Adolphus Busch III, Mr. Wekerle, 56, bought the tentatious tastes or his love of market for $19.25 million. then president and chief executive property for $12.5 million in 2014,  See more photos of notable rock ‘n’ roll and fast cars. Now Known as Manga Reva, the of brewing company Anheuser- records show. He said his late homes at WSJ.com/RealEstate. Mr. Wekerle, citing the disruption roughly 14,000-square-foot Medi- Busch. It also appeared in the wife Lea-Anne Wekerle, who died Email: [email protected]

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

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THE WALL STREET JOURNAL. Friday, October 9, 2020 | M15

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M16 | Friday, October 9, 2020 NY THE WALL STREET JOURNAL. MANSION

HOUSE CALL | ETHAN HAWKE ETHAN’S EDGES

What’s “The Good Lord Bird” about? John Brown’s 1859 at- MultiplexKid tempt to start a slave revolt at Harpers Ferry, W.Va., based on James McBride’s novel

To Improv Whiz Biggest challenge? Playing the John Brown  of McBride’s book

The ‘Good Lord Bird’ actor was an only child How so? who found his calling performing after school He’s not a history textbook John arly on Christmas to Georgia and finally to Brooklyn, Brown. morning in 1974, when N.Y. We lived in a one-room apart- He’s incen- I was 4, my mother ment with 14-foot ceilings. There diary, mer- took me out of bed was a sleeping loft for me that curial, hu- Eand put me in the car. was like a paradise fort. I was 10. man and We drove around our neighbor- My mother was always intellec- hysterical. hood in Farmington, Conn. tually curious. She read Pauline My mother was so upset, she Kael’s New Yorker film reviews at Favorite movie as a kid? “The began talking to herself to work the dinner table. She loved mov- Man Who Would Be King” out what had just happened. ies, poetry and books on political (1975) When we returned about a half- history. When we lived in Brook- hour later, my father was out lyn, she worked for a college pub- What are you reading now? front. My mother asked why he lishing company. McBride’s latest, “Deacon King was still there. Iwas an only child of asingle Kong” What I remember most is the mother,and the impact of her in- contrast between the confronta- fluencewas profound. She was tion outside and walking inside and is an old-fashioned do-gooder part. Thefilm bombed. But failure and seeing all the wrapped pres- and remains disarmingly idealistic. is agreat teacher.Icame to the re- ents. Very few things are more Shealso wasextremely inde- alization early that if Iwanted to terrifying to a child than parents pendent. Iwas the ideal child in be in serviceofthe arts, therewas falling out of love. that Ihad the same inclination. I no such thing as failure. WTIME HO

spent aton of time alone, Today, my wife, Ryan, and I live /S AY

and that wasexactly with our kids in Brooklyn. We GR what Iwanted. My sitter love it out here. We spend part of M wasthe local multiplex. the year on an island I bought in WILLIA I’dwatch onemovie after Ethan Hawke in July in New Milford, Conn., and, left, at age 10, riding the Nova Scotia. Our house sits on 8 the next, moving from subway in New York City. acres, and the landscape is like GAZINE;

theater to theater. the coast of Maine. Our family has MA As a result of time the happiest time there. J WS

spent alone watching ac- painter, a rebel, a tree surgeon ton’s McCarter Theatre Center, My mother and Patrick divorced R FO

tors on a screen, my and a serious religious thinker Nagle Jackson, came to do a guest in the early 1990s.In2012, she T

imagination developed. who taught me about the arts, talk. After, he ran a little improv married an old collegefriend. Mom -HAR

My father and I re- faith and music. Later, he believed session. When we finished, he is very dramatic,and reuniting TULK mained close. He was an in me as an actor. asked if I’d be interested in being with someone she knewsomany

insurance actuary and a In junior high school, my best in a play. yearsago has all the makingsofa ANCES FR

man of integrity and hu- friend, Brandon, lived nearby and He was directing “Saint Joan,” saga. There’ssomething movielike ); mility. He was a constant we did everything together. When by George Bernard Shaw. I played about everything my mother does. TO PHO

My mother, Leslie, was 18 and presence in my life, psychologi- I was 12, Brandon was taking act- Dunois’s page. Listening to a —As told to Marc Myers Y IL

my father, James, was 20 when cally and emotionally, even ing classes at the Paul Robeson group of professional actors wear- AM they had me. No one taught them though we were far apart. He Center for the Arts in Princeton. I ing chainmail armor and swords Ethan Hawke, 49, is an actor, (F

how to cope or achieve their ex- lived in Texas. went with him to keep busy. I talk about faith, love and injustice writer and director who has ap- WKE pectations of happiness, which When I was 12, my mother re- wasn’t playing a winter sport in was as much fun as one could peared in “Dead Poets Society,” HA probably were very different. married. We moved to Princeton school so I’d get out at 3:30 p.m., have. I felt my life calling. “Boyhood” and “Before Midnight.” ETHAN After they divorced, my mother Junction, N.J. My stepfather, Pat- and my mom didn’t get home Thefollowing year Iwent into He co-created and stars in “The : and I relocated several times. rick, was an amazing agent of from work until 7. NewYork to audition forthe movie Good Lord Bird,” a Showtime LEFT First, we moved to Vermont, then healing. He’s a musician, a One day, the head of Prince- “Explorers” and landed amajor miniseries. OM FR

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ILLUSTRATION BY JUSTIN METZ or plan Ho PL sec Sw THE to smar no wc Wha urit to A re t— US ipe omp LO y plac Ha spend— on tphone OK tw R8 anies ck AHEAD Up eb ould sa allo to apps FR re it OM ts ta ev Vo with ? NEX ke ol THE R6 te ving WA ar .H LL ej us os ST Cr tt pit co REE vie Quantum yp Be mput he da super als, TT TJ to to ta be at gr OU pr fr schools er ginning fa apher ing ot om RN s st ec AL. R9 t s AR . and R4 -5 kit ve Af chen Wa of rs GET ormer ficial ions to ra applianc co of la nd Whit me CY ys cyber BER Fr Pe out R10 ida eH es SE y, sp ac Oct tw CURITY ous S ac ober IS o e THE SUE e e 9, 2020 | R1 P2JW283000-0-R00200-1------XA

R2 | Friday, October 9, 2020 THE WALL STREET JOURNAL. THE FUTURE OF EVERYTHING | CYBERSECURITY

spreading disinformation and the howtorespond to them. Arethey SOFT HACKS: EXPLOITING wide-open nature of social media dealing with agrass-rootsboycott or platforms,these experts worry something more sinister, like disin- thatadversaries mayresorttoex- formation?Isthe information reach- HUMAN BEHAVIOR treme tactics,such as deepfakes— ing their customers or not? video,audio and photographs doc- Mr.Perlman believesthatsocial tored using advanced techniques. media companies such as his former This kind of problem is starting employer, Twitter, could one daysell Campaigns to spread bad information on social media are emerging as to pop up.Sofar,attacks don’t ap- these types of services too. a new online security problem for companies. By Robert McMillan pear to be criminally motivated. Social-media companies are used In July,false rumorsstarted to blocking spam or banning users spreading on Twitterand Instagram forinappropriate content. They have thatthe online home-goods retailer been caught flat-footed by efforts to nunscrupulous company David Perlman, a fortsevolved intomorecomplicated Wayfair Inc.was engaging in child manipulate the platform with con- uses Twitterbotsto former Twitter data “social engineering” techniques, sexual exploitation through high- spiracy-minded content thatdoesn’t spread rumorsthata scientist, says that wherehackersfirst conduct back- price, industrial-grade cabinets. A look like spam, Mr. Perlman says. competitor is sharing companies need to ground research and then call em- Wayfair spokeswoman says thatthe Twitter aims to “limit the spread data with China. Ashort take aggressive ployees pretending to be co-workers, companyacted quicklytodebunk of potentially harmful and mislead- Aseller spreads lies about steps to fight the forexample,and trick them into theclaims and remove the listings ing content,” a spokeswoman says. acompany’sbusinesspractices in a spread of disinfor- handing over data granting access to of the cabinetsinquestion, but Corporations can’tsimplywait for conspiracy-minded online community mation before it corporatenetworks. months later, the conspiracytheory social-media companies to act and to drivedownthe stock price. Both goes viral. Agrowing group of cybersecurity continues to generatepostsonso- must develop aplaybook forthwart- could cause harm, and both areex- thinkersbelievesthatdisinformation cial media. ing weaponized disinformation, data amples of anew threatpoised to hit is anew weapon in these psychologi- Theorigin of the Wayfair inci- scientists say. businesses,cybersecurity experts say. callydriven attacks—one thatwill be dent—whether partofastrategic Businesses will need to do morein For years online security has fo- used by cyberattackerstoo,perhaps cused on technical problems: forextortion, market manip- Fixingsoftwarebugsorcon- ulation or to damagearival’s cealing data with cryptogra- reputation. Attackerscan wreakhavoc online phy. Today, anew front is “Inthe last 10 years, the without the technical skills to break emerging: Disinformation at- information agehas really tacks.Oncethe near-exclusive matured,” says MarcRogers, into corporatenetworks. provenanceofnation-stateat- vicepresident of cybersecu- tackersand activists, theyare rity strategy with the secu- starting to become a problem rity companyOktaInc. “Now campaign to damagethe company’s the ageofdisinformation warfare. for corporations. forjust afew thousand dol- brand or an instanceofrumorsrun They will need to be more transpar- “Right noweverybodyisim- lars youcan invest in some amok—is unclear.Itispossible,Mr. ent in disclosing information that plicitlyassuming thatthe only infrastructure and youcan Perlman andMr. Breuer say, thatit could be weaponized—listing politi- possible victim is an election,” launch adisinformation cam- wasatest runfor futureattacks. caldonations,for example,Mr. says David Perlman,aformer paign thatwill bring acoun- Thepoint is thatinthe ageofsocial Breuer says. Disinformation attacks TwitterInc.datascientist who try thesizeofAmericatoits media, hackers, competitorsand begin with a kernel of truth (a com- is nowdeveloping ways for knees.” other bad actorshaveanew tool to panydonatedtoacandidate)but corporations to counter disin- Pablo Breuer,aformer wreak havoconline,without ever spin that information to come to a formation at the computer se- Navy officer,was amission needing the technical prowess to false conclusion (the donation was curity companyLeviathan Se- director at the National Secu- break intocorporatenetworks. payback forapolitical favor).Self-

curity GroupInc. “There’sno rity Agencyinthe early Companies aregoing to need to disclosure could help stop disinfor- LEE

reason thatacompany 2000s when aseries of global take aggressivesteps,such as mon- mation beforeitspins out of control. ON

couldn’t be avictim.” computer worms served as a itoring social media fordisinforma- Cyber teams will need to work JAS Disinformation is similartoits wake-up call about the importanceof tion and deepfakes,sothattheyare with communications departmentsto BY ION

sister term, misinformation: Both re- cybersecurity.Hethinks thatcompa- awareofpotential problems before run exercises where disinformation AT

fertofalse or misleading informa- Defenses nies areonthe vergeofasimilar issues go viral. While research is in campaigns aredetected and de- TR US

tion. But disinformation is spread against awakening—this time on the disin- itsearlydays, theycall defenses bunked. ILL with theintent to deceive. these formation threat. against these attacks “cognitivese- To fight back against deepfakes,a Disinformation is the newest man- attacksare Though hackersand nation-states curity” or “misinfosec.” defender could seed the internet with ifestation of the shadyart of mental called have createddisinformation cam- Companies including Reston, intentionallyfakephotographs of JOURNAL; manipulation, which alreadyhas a paigns to swaypublic opinion Va.’sMandiant, New York’s himself,Mr. Perlman says.Itisanex- REET “cognitive ST

historyinthe world of cybersecurity. around issues,such as the 2016 elec- GraphikaInc.and Washington, trememeasure, but it could minimize LL

First therewerephishing attacks, security” or tion, there is no clear evidence that D.C.-based Alethea Group special- the impact of further deepfakere- WA

wherevictims would getbogus email “misinfosec.” theyhavetargetedcompanies.Still, izeinproviding earlywarningsand leases, he says. THE R

messages designed to trick them into potential threats aremyriad, cyber- analysis of online disinformation, “If thereare no police, and you FO divulging passwords or downloading security experts say. helping their clientsget aclear areliving in the Wild West, then you N OW

malicious software. These earlyef- With fewlegal restrictions on pictureofonline discussions and have to arm yourself,” he says. BR ELL SS RU QUINN BY ION AT

FORWARD LOOKING Deepfake Analyst This role will require an academic understanding of the AI tech- TR US

Aviral videoshows apresidential candidate changing niques used to generate content but will also be research-intensive as ILL Safety at her stanceonacrucial issue the daybeforevot- the technology progresses and doctored media become TO ershead to the polls.Avideoadmittedasevi- harder to detect. PHO denceinacourt case shows aman entering a The analysts’ toolboxwill need to include Work building whereacrime waslater committed. fact-checking,contextual analysis and visual in- These are some of the ways malicious vestigativeskills,according to Robert McArdle, JOURNAL;

In the coming years, actors could use deepfakes—video or audio adirectorinJapan- and U.S.-basedITsecurity REET ST

professions will clips manipulated through artificial intelli- companyTrend Micro’sforward-looking threat LL emerge to tackle new gence—to compromise a business, put inno- research team. Forinstance, do the shadows WA cents behind bars or interfere in the electoral in surveillancefootage matchwherethey THE R

cyber threats. process. should be in relation to the sun? FO Enter deepfake analysts. Large organizations, “A good deepfake analysis person should

By Benoit Morenne CHOU news companies and courts will hire experts who be able to put all of thatstuff apart,and use the latest technologies to spot instances notjustgiveyou the technical read- SICA JES

where someone’s face, voice or movements have outs,” Mr.McArdle says. P: been altered using AI. Continues on page R6  TO OM FR P2JW283000-0-R00300-17FFFF5178F

THE WALL STREET JOURNAL. Friday, October 9, 2020 | R3

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R4 | Friday, October 9, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, October 9, 2020 | R5 THE FUTURE OF EVERYTHING | CYBERSECURITY

HACKING’S NEXTTARGETS 1 Systems we use every day may not be secure tomorrow. Here’s what cybersecurity experts say could be a future focus for attacks.

11

Hackerswill tell youthatjust which models have the best about anything with software and crash-safetyratings.And if the an internetconnection canget carcrashes becauseofamanu- hacked.The next decade will test facturer error,governmentagen- howmuch thatistrue,and the cies,dealerships and even law- challenge it poses to everyday life. yers canhelp makethings right. Security experts expect cyber- Equivalents don’t existto, for attacks to increase in frequency example,assessthe relativevul- and severity in the coming nerabilities of vehicle infotain- years, as more consumer goods mentsystems,ortoassign lia- are sold with internet connectiv- bilityorget compensation if ity embedded by default. At the someone hacksthatsystemand same time, cyberattacks have immobilizes your car. become a commodity—“ransom- “As a society, we haven’t fig- ware-as-a-service,” says Keren ured any of this stuff out,” Mr. Elazari, a security researcher Moss says. “Over the next de- and “friendly” hacker, also known cade, I bet we will.” as a “white-hat” hacker, who To getasenseoffuturethreats, typically hacks to educate or to The Wall Street Journal compiled demonstrate security vulnerabili- alistofcommon devices,equip- 10 ties rather than commit crimes. mentand infrastructurevulnera- For cyberattackers, hacks are ble to attacksinthe coming years, getting more accessible: based on the assessmentofcy- Attacks that once cost bersecurityresearchers, national- $100,000 go for a mere securityexperts and white- $1,000 now, says Jeff hathackers. Moss, founder of DEF CON, Keep in mind: This is an annual conference for only asmall sample of hackers. Devices that are whatcould be threatened. secure today may not be Experts consider the fol- tomorrow. lowing to be likely future Adding to the problem is focuses forcriminals.In thatmanufacturershavebeen some cases, researchers reluctanttoacknowledge and have already demon- addresscybersecurityflaws, stratedthattheyare though experts saythatis vulnerable.Attackers slowly changing. Still, technol- areinnovative. “Things areonly 9 ogy is advancing faster than impossible until the first person public policy,leaving consumers does it,” says Beau Woods, acy- without clear ways to evaluate bersafety innovation fellowwith the relativecyber safety of the Atlantic Council. products.Inother words, if you By Leigh Kamping-Carder 2 3 buy acar,you cancompare and Kevin Hand 8

4 7

IMPLANTED 1 DEVICES 6 10 HOSPITALS Implanted medical devices, such as insulin Ransomware attacks have compromised pumps, pacemakers and cochlear implants, hospitals in the past few years. Experts have been hacked repeatedly, but so far 5 say attacks could get more dangerous. In only by researchers, ethical hackers and September, malware disrupted emergency fictional characters. The risk of criminals care at Düsseldorf University Hospital in targeting these devices is expected to in- Germany, and a 78-year-old patient died crease as more come equipped with inter- after her ambulance was diverted to an- net connectivity. other facility—believed to be the first re- The devices also pose a “potential un- ported death related to a cyberattack witting insider threat to national security,” against a hospital. according to research from Virginia Tech. Attacks on hospitals to date have Unlike smartphones or fitness trackers, 3 SMART-HOME DEVICES vehicles. “Have I ever heard of this being 7 AIRPLANES ties to implement cybersecurity measures. mostly focused on ransomware, essentially these devices cannot be removed when Connected smart-home devices such as used in the wild? No. Can it be done? Security researchers and hobbyists have Instead of using hardware to manage net- holding the hospital’s data hostage by en- members of the intelligence community doorbells, locks, lights, ovens and coffee Yes,” Mr. Mitnick says. Hackers have demonstrated hacks on commercial-avia- work functions, 5G uses software, which crypting it, and then releasing it upon pay- enter secure facilities, offering a way for makers can be highly vulnerable to cyber- also exploited weaknesses in dealer- tion systems, says the Atlantic Council’s has historically proven to be more vulnera- ment. In the coming years, attackers could malicious actors to remotely gain access. attacks. Many lack basic security features, ship software, GPS tracking apps and Mr. Woods. According to Mr. Clarke, there ble. Lastly, artificial intelligence and other take control of the hospital’s online sys- such as the ability to change the default car-alarm systems. is no evidence that a commercial aircraft automation will be used to oversee more tems to manipulate machines (such as in- 2 THE HOME OFFICE password. Manufacturers, which mostly The fear is that cars could become has been criminally hacked, but he says it of this complex infrastructure, opening up creasing the dosage on intravenous drips) compete on speed-to-market and price, a target for ransomware. Criminals is possible though difficult, requiring an another avenue of attack. and data (swapping blood types in patient The pandemic-related shift to remote have little incentive to safeguard their would disable the car from afar and understanding of the aviation industry. records), Mr. Clarke says. work has created more opportunities for products. force people to pay a bitcoin or two to And an airplane’s flight-control system cyber attackers, as home offices are typi- 9 SCHOOLS That is changing in some jurisdictions. get it moving again, says Andrew Grotto, isn’t the only target. Systems managing cally less secure than corporate work- Though malicious actors have immobilized 11 THE ENERGY GRID In 2018, the U.K. passed a list of 13 best director of the program on geopolitics, ground-crew personnel, air-traffic control, places. Even old-school phishing attacks, schools’ systems in the past, they typically The U.S. energy grid is vulnerable to cy- practices for smart-device manufacturers, technology and governance at Stanford airport kiosks, aircraft catering, baggage where a bad actor cons victims into open- didn’t steal or expose sensitive informa- berattacks that could destroy generators, service providers and mobile-app develop- University and a former senior director for claim and plane-to-ground communication ing malicious links or email attachments tion. Lately, they have begun to do both—a transformers, and oil and gas pipelines. ers to create more secure products. As of cybersecurity policy in the Obama and steady stream of cyclists. The vulnerable other and with stations, and often have could all be attacked—all of which could to steal data, are poised to become more trend that experts say will continue as ed- Hackers working for foreign governments, Jan. 1, California also began requiring man- Trump administrations. systems have been taken offline, says their own Wi-Fi networks. “Positive train prevent flights from taking off. serious, says Kevin Mitnick, chief hacking ucators are beholden to online technology. including Russia, have penetrated the U.S. ufacturers of connected devices to include Zolder co-founder Erik Remmelzwaal. Still, control” technology, which slows or stops officer of KnowBe4, a Clearwater, Fla.- Nevada’s Clark County School District, grid, U.S. officials have said. So far, how- certain security features. Oregon has a criminals could target traffic lights if such trains to avoid accidents caused by human based security-awareness training com- 5 CITIES 8 5G NETWORKS which has about 320,000 students, dis- ever, they haven’t flipped any switches, Mr. similar law. attacks prove remunerative. “As soon as error, is a particular concern. A nation- pany. Hackers could gain access to more Cities are vulnerable as they connect more Ultrafast 5G wireless networks could open closed an attack in August. Officials had Clarke says. Systems that use predictive bad guys figure out how to monetize this, state or terrorist group could target this information by targeting personal email infrastructure to the internet. In August, the door to a new world of cyberattacks. refused a ransom demand in return for maintenance—which monitors when they’ll do it,” says Mr. Grotto. system, causing a train to speed up accounts while people are using work 4 CARS Dutch security researchers from a com- First, 5G is expected to bring billions of unlocking district computer servers. In re- equipment is degrading so it can be fixed around a curve instead of slowing down, computers, he says. There doesn’t appear to be evidence that pany called Zolder revealed that they new devices online, vastly expanding the sponse, hackers released records including before breaking—are another weakness. says Richard A. Clarke, an author and for- criminals have hacked into individual cars could remotely manipulate bike-traffic 6 TRAINS number of targets for malicious actors, Mr. employee Social Security numbers and Such attacks would likely be part of an mer White House counterterrorism and yet, but it may happen in the future as in- lights in 10 municipalities in the Nether- Trains are like “computers on rails,” Mr. Grotto says. The distributed nature of 5G student grades and addresses, the Journal ongoing, broader conflict, Mr. Clarke says. cybersecurity chief. ternet connectivity becomes standard for lands by tricking the lights into sensing a Grotto says. They communicate with each networks also provides fewer opportuni- has reported. P2JW283000-0-R00600-1------XA

R6 | Friday, October 9, 2020 THE WALL STREET JOURNAL. THE FUTURE OF EVERYTHING | CYBERSECURITY

again in next month’s election. Mr. expensivethan participating in it and THE PROMISE AND PERIL Tusk has also financed mobile-vot- earning rewardsinbitcoin.The entire ing pilot testsinDelaware, Uma- transaction historyiskept public,but tilla and Jackson counties in Ore- it typicallyisn’t worthsomebody’s OF VOTING BY PHONE gon, King County in Washington, time to trytopiecetogether the iden- and Utah County in Utah. This tities of buyers and sellers. year,New Jersey used mobile vot- For voting, these incentives work ing for residents with disabilities in reverse. Because there is no cost Limited experiments in mobile voting aretaking placenationwide.Whether in its May elections. deterrent, thereisnoway to dis- Severalcompanies,such as suade malicious actorsfromtrying to theyprove securefor wider adoption is an open question. By Paul Vigna Voatz,DemocracyLiveand Votem, take over the network.Because every aretrying to build and sell mobile- vote is valuable, critics fear there is voting systems to the nation’s more no good waytokeep auser’s identity radleyTusk made mil- malwareand other threats? Can vot- than 10,000 election jurisdictions. and vote separate. lions as an earlyinvestor ers’ identities be protected?Can Theessential elementsare similar “The thing that intuitively seems in Uber.Now,he’sdevot- hackersalter the vote count? Can the forthem all: Usersdownload an likeitmight help in reality doesn’t,” ing achunk of thatfor- system be audited afterthe election? app, verifytheir identity initially says Michael Specter,aresearcher at tune to acause he says Because of that, groups likethe with some combination of adriver’s the Internet Policy Research Initia- Bgoes to the heartofde- nonprofit Verified Voting Foundation, license,biometric scan, or PIN sup- tive, which published two reports on More than mocracy: Mobile voting. which is focused on modernizing the plied by election officials,and then the Voatz app. Filling outaballot on asmart- election system, have takenahard find their election and fill out adig- West Virginia, which had used phone makes intuitivesense: We al- 10,000 line againstinternet-based voting. ital version of the physical ballot. Voatz in 2018,dropped it forits readywork,bank and socialize Thecomplications aremyriad, March primaryand went with De- through the glowing screens in our The number though. Voatz,for instance, relies on mocracyLive, which relies on aweb- pockets. ManyAmericans can’tor of election thirdparties forparts of itssystem. based rather than blockchain-based don’t make it to the polls. Histori- jurisdictions That opens up doorsfor malicious system. New Jersey used Democracy cally, onlyabout half of U.S. citizens in the U.S. Mobile Voting actors to forcetheir waythrough, Live’s system in its May primary. who are registered to vote actually according to agroup from the Mas- DemocracyLive’ssystemrevolves do,though election watcherspredict Experiments sachusetts InstituteofTechnology’s around aportalhosted on Amazon higher turnout in November. Mobile voting alreadyexistsincon- Internet Policy Research Initiative. Web Services servers, where data is Staunch partisanship and the elec- trolled experiments. At least eight Some critics also worrythattak- stored and secured. While AWSsecu- toral college effectively mean that jurisdictions in the U.S. have experi- ing voting out of aphysical location rity has atrack record,thathasn’t roughly a quarter of American vot- mented with mobile-voting systems, allows voters to be coerced. Some- satisfied critics,who still worry ersdetermine who gets intothe mainly for either overseas military bodymay be looking over the about the overall concept. White House. Both trends could be At least personnel or forcitizens with dis- voter’sshoulder,either influencing Mac Warner, West Virginia’s sec- magnified this year by a pandemic abilities.Severaldozenprivateor- or outright buying avote. Physical retary of state, says he didn’t have that has kept people at home. ganizations aredabbling with mobile polling stations will likelyendureto security concerns with either Voatz ForMr. Tusk,abetterpolitical 8 voting.Atleast half adozencoun- servepeople who don’t have smart- or DemocracyLivebut wanted to try system means increasing turnout tries have tried it as well. phones or lack internet access. a different system. and forcing politicians to respond to The number Thecity of Denverused amobile- Despitethatsetback,West Virginia the will of the people. of jurisdictions voting system from aBoston startup officials were “incrediblyhelpful,” “We have to givethem different thathas called Voatz in its2019 municipal Voatz founder and chief executive inputsand incentives if we want experimented elections.Colorado alreadyallows Nimit Sawhneysays, and the company different outputs,” he says. with mobile- every registered votertovoteby Blockchain’s is planning to runmorepilots, despite Mr.Tusk has financed morethan mail, but the city’s director of elec- criticism from MIT and elsewhere. adozenmobile-voting pilot pro- voting tions, JocelynBucaro, waslooking Shortcomings “The criticism is to be expected,” gramsthrough anonprofit called systems forabetteroption to offer voters Blockchain wassupposed to solve he says. “Ourgoal is to keep pushing Tusk Philanthropies.Theyand oth- overseas or with disabilities. at least some online-voting issues. the needle forward.” ersexpect thatoverthe next five to In the May7,2019,municipal elec- The basic idea of ablockchain is to With mobile voting still in the pi- 10 years, the generations that have tion, 156eligible Denvervotersin36 create an open ledger in which a lot stage, the risk of swaying an elec- grownupontheir smartphones will different counties used the Voatz series of transactions arestored tion is minimal. Fewerthan 1,000 demand services forvoting as well. app,and 119 ballotswerecounted. publiclyfor anybodytoverify, while people in totalhavevoted from their They are testing systems now that Thevotersreturned both asigned protecting the identity of the indi- phones in live elections on the Voatz make use of mobile phones, the in- Roughly affidavit and the ballot. Both arere- vidual users. Forvoting,thatosten- app, Mr. Sawhney says. ternet and blockchain technology, corded digitally but can be printed siblyshould result in asystem It’sclear eventoproponentsof with the goal of having these sys- out. One particular benefit, Ms. Bu- whereanybodycould verifythe va- mobile voting that no system is se- tems in place in the coming years. 1/2 caro says,was thatthe system sepa- lidity of the election while individ- cure enough yettobetrusted fora Convincing skeptical election offi- ratedthe affidavit from the ballot in ual voters’ choices arekept private. general election. Forittotakeoff,it’s cials won’tbeeasy. Thereare al- The number away thatprevented election judges On apractical level, though, it going to have to win the trust of offi- readywell-founded concerns about of U.S. from seeing who votedfor whom, maynot work.The reason bitcoin, cials, voters and candidates. hackingexisting election systems. citizens keeping the votesanonymous and theoriginal blockchain, works isn’t “The goal is to convince the loser Carting voting ontomobile devices registered providing away to audit the system. necessarilythe powerofits cryptog- thattheylost,” MIT’s Mr.Specter and the internet opens the ballot box West Virginia startedtesting mo- raphy, but anumber of incentives says. “If youcan’t do that, it doesn’t up to the myriad security vulnerabil- to vote who bile voting in 2018,for militaryper- and disincentives built intothe pro- matter howmuch cryptographyor ities. Can phones be secured against actually do sonnel overseas,and will use it gram. Attacking the system is more research has gone into it.” ) ONS Driverless-Car latedincidents in real time. (IC Security Specialist “We’re dealing with all these new scenarios TO

that simply do not exist in the IT world,” says CKPHO

As your self-driving car makes its way through Dan Sahar, vice president of product at Up- TO IS highway traffic at rush hour, it suddenly slows to a stream Security, a cloud-based cybersecurity LEE; crawl in the middle lane. Hackers have just turned platform for auto makers. ON

the engine off. Driverless-car securityspecialists will be re- JAS Auto makerswill hirearmies of driverless-car se- quired to have inside-out knowledge of the auto- FFER,

curityspecialists to avoid this terrifying scenario. manufacturing supply chain—cars canbemade of AU

These experts will help securetechnologies specific up to 30,000 differentcomponents—and be profi- ST to autonomous vehicles—such as lidar sensors, which cientatemerging technologies such as 5G, according to BRIAN

procurea3-D laser viewofthe environment—and will AndreWeimerskirch, vicepresidentofcybersecurityand PL monitor fleetsoncetheyhit the road, treating software-re- functional safety at auto-parts supplier Lear Corp.  TO OM FR P2JW283000-0-R00700-1------XA

THE WALL STREET JOURNAL. Friday, October 9, 2020 | R7 THE FUTURE OF EVERYTHING | CYBERSECURITY

struggling to protect themselves. Cy- bersecurity is advancing year after year, so even if they manage to cre- ateanew type of protection or evolveinsome way, bad hackerswill alwaysberunning the race and they will be discovering and preparing different new ways to make compa- nies vulnerable.

You’re really effectiveatwhatyou do.Whatdoes this sayabout corpo- rate cybersecurity? They’renot investing moneyortime or work in trying to grow their cy- bersecurity team. Alot of companies, if youreportbugstothem, they don’t have the expertise to fixthem. Softwarethattheybuild themselves has morebugsbut softwaregenerally is vulnerable,always. If softwarehas access to important data,then en- crypt it.

How do different industries com- pare? Banks and companies thatare all digitalare good. Universities don’t care about security because maybe theydon’t have sensitivity to cus- tomers. Health care?They’re not in- vesting so much in cybersecurity,but theyshould. They have privateinfor- mation. Overall, cybersecurity teams need more money.

What kinds of technology changes are coming that will create cyber- security problems? Artificial intelligencehas helped us a lot to optimizetasks,process data and makedecisions much faster than ahuman being could. However, new technologies,including artificial intel- ligence, create big cybersecurity risks, as potential vulnerabilities arenot fullyunderstood when theyare found. This means thatwith moreor- ganizations relying on machine learn- ing to perform business-critical ac- tions,AIsystems aresuretobecome amajor target forhackers.

Should companies be worried? If an attacker had the opportunity to control an AI algorithm, it would be ahugeproblem sincephysical objects could be controlled forthe firsttime. An AI attack cantransform astop sign intoagreen light in the eyes of an autonomous car. Thedatacould also be controlled so that the way it is collected, stored and used can be changed. Imagine an AI attack could control the waythatGoogle or Face- book collectsyour personal data and the hacker could save or manipulate the data as he pleased. canaccess with thatfailure. And it A HACKER’S LESSONS FOR is what gives the most reward. Whatabout quantum computing, which experts saywill be able to Hacking has surgedduring the crack today’sencryption? CORPORATE AMERICA Covid-19 pandemic,asthe Journal That’s wayinthe future. It’snot easy has reported. Whateffects will to crack encryption code,sofor now, thathaveinthe future? that’sagood guardagainst hackers. Employees areonline and informa- Thelargerproblem is thatpeople are Santiago Lopez uncovers weaknesses in company networks. tion is morevulnerable.Hackers not being cautioned about cybersecu- Now 21, he expects to keep going for years to come. By Kim S. Nash are trying to get those employees rity.Are all employees having training to click to load malicious software. in cybersecurity?Itdoesn’t seem like Hackersare learning alot, some it. Employees,when theyclick on

antiagoLopezstarted in- Mr. Lopez, above, ing in on $2 million in total, he says. vading corporatecomputer started hacking cor- In avideo chatfromBuenos Ai- systems at age 16, after he porate computer res, where Mr. Lopez has hunkered learnedtohack from You- systems at age 16. down with his familyfor the corona- STube videos and like- virus pandemic, he talked with The He has hunkered minded friends. down in Buenos Ai- FutureofEverything about howcor- Now 21, he says he neverwanted res with his family, porateleaderscan up their cyberse- to commit crimes.Rather,heisa right, during the cor- curity game. bounty hunter,invited by companies onavirus pandemic. to find holes in their businessnet- Nighttime mustbethe besttime works and burrow intotheir vulner- to hack U.S. companies because able data.The idea is thatacom- fewersecurity teams areawake. panywill then fixwhat’swrong to Abit in the afternoon and evening, harden itself against bad actors— $1 butpreferablyatnight. Isee hacking “black-hat” hackers—looking to steal as anormal job,soItend to hack be- data,conduct espionageand disrupt tween six and sevenhoursper day. business operations.Likeothersina Million stable of “white-hat” attack experts The amount One large company gave you associatedwith bug-bounty firm that Mr. Lopez $10,000 for finding a way to ma- HackerOne,Mr. Lopezgetspaid nipulate one of its servers to ac- commensuratewith the severity of made last cess data it shouldn’t have been the weaknesses he identifies.Heand year in bug able to. Was that challenging? newwaystoget people’s money. links,makeabig hole forahacker to other membersswarm applications bounties, or It took me afull daytoclose that It’sgetting worse. Ihavenot yet enter.Ifyou’renot training people and websites to look forsecurity rewards for bug and preparemyreport. It wasn’t experienced anycompanywhereI well, no matter whattechnologyyou holes missed by customersthatcon- finding holes long to identify the area [that was] have not been able to find abug, have,you’reonlycreating futureprob- tract with the SanFrancisco-based in company vulnerable.Ittook much longer to no matterhow minimal. Evenif lems.Customersaren’thappywhen firm. Big problems paybig money. cybersecurity see whatkind of secret information thereisacompanywhereyou feel their data is hacked. They will go to a Mr.Lopezisgood at his job: Last Icould access.Thatcan be the most likeyou can’tfind abug,itdoesn’t competitor.Makethe investment. year,hereached $1 million in boun- shields difficult task at times,being able to mean thatsomeone else can’tfind This interview has been

ties sincehestarted and is nowclos- identify how much information you it. Without adoubt, companies are condensed and edited. LEE ON JAS BY ION AT TR US ILL

Anti- Billions of online videogame play- gence. But algorithms may generate false positives and (2); Cheat ers roam labyrinthine universes, miss sophisticated cheats.

slaying hordes of enemies and Anti-cheat referees will complement AI to track down JOURNAL Referee collecting in-game currency in en- suspicious behavior, thinking such as developers to identify REET

vironments that have become vir- flaws in the game. While the referees exist today in a lim- ST tual economies. ited capacity, their skill set will evolve to draw heavily on LL Not everyone plays by the rules. Unscrupulous gamers the basics of economics and psychology to identify abusers WA THE

have long exploited bugs and cheated to enrich themselves, and ban players who cheat en masse, operating such as law R trading fictional money against hard cash. “Those systems enforcement planning a sting operation. FO are abusable in quite a few games,” says Kevin Johnson, the “Humans have to make the final call on whether a player UEZ ZQ

CEO of cyber consulting firm Secure Ideas. is cheating or not,” says Stijn Volckaert, an anti-cheat expert VA

As games become more evolved, developers will rely on and assistant professor of computer science at KU Leuven CIA LU

advanced anti-cheat systems powered by artificial intelli- university in Belgium.  P: TO OM FR P2JW283000-0-R00800-1------XA

R8 | Friday, October 9, 2020 THE WALL STREET JOURNAL. THE FUTURE OF EVERYTHING | CYBERSECURITY

Investing in Security Annual cybersecurityspending Where by companies and governments world-wide is projected to grow the to $207 billion in 2024. $225 billion Smart $207.7 billion MoneyIs 200 Headed 175 150

146.7 125 Howbusinessesplan to 2020 2021 2022 2023 2024

budgetfor cybersecurity Source:Gartner By MikeCherney

Making It Rain ompanies face an uncer- Cloud securityisexpected to be tain futureinfighting cy- the fastest-growing segmentof ber threats to their sys- projected cybersecurityspending tems,and it’sgoing to world-wide. Ccost them. Cybersecurity spending,mostly $2.5 billion by companies and governments, is $2.1 forecast to grow about 9% ayear billion 2.0 from 2021 to 2024,when it is pro- jected to hit $207billion, accord- ing to one measurefromresearch 1.5 firm Gartner Inc., which updated its estimates in July. Though 0.7 growth is projected at only5%in 1.0 2020,reflecting disruption from the pandemic,the longer-term 0.5 rate is high, considering that 2020 2021 2022 2023 2024 manycompanies have alreadyin- vested heavilyincybersecurity Source:Gartner andthe market is saturated with security providers, says Ruggero Contu, senior research director at ing your valuables as if the thief Gartner. has alreadybrokenintothe “Thegrowthcomes from the house,” says Rob Suarez,vice need to keep updating security to president and chief information the newest requirements, given security officer at BD. thatthe threats out thereare Cybersecurity chiefsare also constantlyevolving,” Mr.Contu focused on navigating the in- says.Certain sectors, such as big creasingly blurred lines between banks,havetraditionallyinvested thedigital and physical worlds, more in cybersecurity, but com- oftencalled the Internet of panies in industries such as man- Things. Each connected deviceis ufacturing arenow trying to apotential entrypoint fora catchup, he says.The increasing would-be hacker, and many lack relianceoncloud networks,the sufficient security. proliferation of internet-con- New Jersey-based Covanta nected devices and newtechnolo- runs about 40 powerplants gies such as artificial intelligence world-wide thatburn trash to all pose thorny challenges. generateelectricity.One long- Some companies areconsider- some struggling companies, at says Damien Manuel, chairman recentlyinvested in what’s term goal is to further develop its ing significant increases,which least in the short term. In the of theAustralian security asso- known as adaptive multifactor useofnetwork-connected devices could mean millions of dollars Australian state of New South ciation and director of the Cen- authentication to ensurethat to gather data so itspowerplants moreinspending at big firms.At Wales,about 20%ofcybersecu- trefor Cyber Security Research only authorized users log onto can operate more autonomously TelstraCorp., Australia’s biggest rity workers were laid off, had and Innovation at Deakin Uni- its network. and be monitored remotely. communications provider,Chief theirsalaryreduced or hours versity. Such asystemasks the user ForTammyKlotz, the com- Executive Andrew Pennsays the cut, while about 5% saw an in- Many companies were cau- for additional information if it pany’schief information security companycould boost itscyberse- crease in salaryorpaid work, tiouslymoving to the cloud be- detectsanything unusual about officer, one key consideration is curity spending by adouble-digit according to agovernment- fore the pandemic,but now asign on, and will analyze vari- making sure that any devices in- percentage in the coming years. funded survey from the Austra- theyare learning theyshould ables such as the location, the side thepowerplantsare sepa- One neweffort, which could be lian Information Security Asso- move as much intothe cloud as time of dayand the device, Mr. ratedfromthe company’sback- expanded, involves filtering out ciation. possible, says Kelly Bissell, se- Mayers says. office network.Thatway,ifan scam text messages thatpurport “Theability to ramp up— officeworker does fall fora to be from government agencies whatIliketocall turn up the phishing email and the officenet- before theyreach Telstra’scell- volume—gives us alot of flexi- work is compromised, the power- phone customers. “It’s an arms race betweenthe malicious bility,” says Mr.Mayers. “We plant operations won’tbeaf- “It’sanarms race between the actors...and the good guys.” —TelstraCEO Andrew Penn have elements of that capabil- fected. malicious actorsonthe one hand, ity, but we have invested over Looking further ahead, Mr. who’vebecome increasinglyso- thelast 60 days in the newca- Manuel says companies will also phisticated—and there’smoreof pability to take thatevenfar- have to protect AI systems from them—and the good guys,who are Looking ahead,.however, the nior managing director at Ac- ther.” unique threats.One potential trying to build the capabilities and shifttoremotework has under- centureSecurity,which pro- Other companies plan to danger,Mr. Manuel says,isthata the defenses to keep them out,” scored the importanceofallow- vides cybersecurity services continue modeling their cyber- hacker could begin feeding erro- says Mr.Penn, noting thatTelstra ing workerstoeasilyaccess around the globe. “Which security strategyonso-called neous data to an AI thatthen cre- alreadyemploys morethan 500 corporatenetworks from home. means they’re going to have to zero-trust principles, which is ates undesired outcomes.Acom- cybersecurity professionals. Thefastest-growing segment, think a little differently about the idea thatevery user and pany’sonline customer-service Notall companies areplanning albeit from alow base,isex- security,” he says. device must be rigorouslyau- chatbot, forexample,could be a large increase. Before the new pected to be cloud security, Cloudsecurity is one main thenticated each time they log trained to recommend acompeti- coronavirus spread, asurvey of wherespending is forecast to focus forSeattle-area health in- on. That is particularly impor- tor’s products. cybersecurity workersconducted increase by morethan 30% a surer PremeraBlue Cross, tant foracompanysuch as But therecould be moredire late last year by Isaca, an associa- year, according to Gartner. which agreed to payabout $90 Becton Dickinson & Co., which results. tion forITprofessionals,found Thecloud canbedifficult to million in legal settlements makes some medical devices “Imagine youhaveAIsystems that58% of respondentsantici- securebecause the tech compa- stemming from alarge data thattransmit data through the used in health care wheretheycan patedanincrease in their organi- nies thatprovide cloud-based breach thatoccurred in 2014. cloud. look at X-rays,and theycould di- zation’s cybersecurity budget services each configuretheir Adrian Mayers, vice president “To use the analogy of pro- agnose tumors,” Mr.Manuel says. over the next 12 months.Now serversdifferently, and compa- and chief information security tecting your home,it’slike “Those systems could be manipu- thereissome evidencethat nies may need to use multiple officer,who joined afterthe lockingyour front door,but latedtomakemistakes or errors spending mayhavebeen cut at vendorsfor different tasks, data breach, says the company zero-trust means you’re guard- which could then be catastrophic.”

Years from now, when your doctor prescribes a cyber threats and malwares. Just such as we Chief Digital brain-enhancement implant, a cyber analyst will consult physicians for routine checkups, we look into the security risks that come with it. might visit our guardians several times a year Identity In the future, hackers could use implanted to assess our implants’ vulnerabilities through Officer devices such as a memory-boosting brain chip, tailored body scans, Ms. Moe says. as a recording device and eavesdrop on sensi- These technicians will also suggest or rec- tive conversations or drain its battery by send- ommend against software updates after having Every time an employee, con- bilities currently ing a tsunami of signals from a fake base sta- conducted a cost-benefit analysis. tractor or third-party logs in to a fall to chief informa- tion, with potentially company-linked platform, it creates tion security officers, pan- Implanted- serious consequences. an entry point into the organiza- demic-inspired remote-work poli- “The physicians tion’s network and an opportunity cies will reshape how employees Device won’t have the for bad actors to steal information. access their workplaces and push Guardian relevant back- In the future, a chief digital the need for strong authentication. ground to identity officer will join the C-suite This will require a “spiritual evaluate cy- with a single focus: To make sure leader” in the company, says Ann (2) bersecurity risks,” says Marie Elisa- users accessing the firm’s plat- Johnson, corporate vice president LEE

beth Gaup Moe, a senior security forms are who they say they are. of business development, security, ON

consultant at the Norway-based They will promote the latest verifi- compliance and identity at Micro- JAS cyber consulting firm mnemonic, cation technologies—unlocking soft Corp. “That might not even be

who identified security flaws in your smartphone by pressing your the most technical person, but the MPBELL; CA

her own pacemaker. ear across the screen, for exam- person that’s making sure we have Y Implanted-device guardians ple—to employees, suppliers and adherence to the policies and stan- HARR

will have some medical back- contractors. dards that are set by the more P: ground and know about the latest While some of these responsi- technical folks.” TO OM FR P2JW283000-0-R00900-1------XA

THE WALL STREET JOURNAL. Friday, October 9, 2020 | R9 THE FUTURE OF EVERYTHING | CYBERSECURITY

THE CONTESTTO PROTECTTHE INTERNET’S DATA

The world’stop cryptographers arecompeting to develop algorithms that canwithstand attacks from a quantum computer.

By Sara Castellanos

ryptographersare in the Microsoft’s Brian who is leading the post-quantum collecting massiveamountsofdata, maining submissions,including those businessofbeing paranoid, LaMacchia, above, cryptographycompetition. waiting to attack when aquantum based on lattices. “It would be really but their fearsoverquan- is part of a Thegoal of the competition is to computer comes intoexistence, a cool to discover this algorithm, but tum computersmight be competition to replacetoday’scommonlyused pub- practiceknown as “harvest and de- then youspent so long working to justified. Within the next develop new lic-key cryptographymethods,includ- crypt.” build this,itwould be ashame to C10 to 15 years, aquantum encryption standards. ing apopular one called RSAthat “We gotveryunluckythatthe break it,” says Dr.Player, who wasin- computer could solve some problems He worked on an would be particularlyatrisk if and one thing thatquantum computers volved in alattice-based submission manymillions of times faster than a algorithm called when apowerfulquantum computer canhavethis exponential speedup thatdidn’t makeittothe finals. classical computer and, one day, FrodoKEM, anod comes to market. Named afterits de- forisexactlywhatwebased our Two of the finalist algorithms are crack manyofthe defenses used to to ‘The Lord of the velopersRon Rivest, AdiShamir and cryptographyoninthe 1980s,” says named Crystals Dilithium and Crystals securethe internet. Rings’character LeonardAdleman, RSAisused to se- Vadim Lyubashevsky, acryptogra- Kyber.Crystals is shortfor Crypto- “Theworst-case scenario is quite Frodo Baggins. curethingssuch as email, online pher at IBM Research Europe,ase- graphicSuitefor Algebraic Lattices. bad,” says Chris Peikert, associate banking,e-commerce and electronic curity department of IBM. Dr.Ly- Crystals Kyber is used to securely professor of computer scienceand communications such as those in the ubashevskyisaco-author on three sharekeys, and Crystals Dilithium is engineering at the University of health-careindustry. of the finalist submissions. used forauthentication. Fans mayrec- Michigan,who has been studying RSAisvulnerable to quantum Severalofthe most promising ognizethe names from “Star Wars” cryptographyfor two decades. (lightsabersare made from kyber crys- That is whyDr. Peikert and hun- tals) and “Star Trek” (dilithium crys- dreds of the world’s topcryptogra- tals areused in the warp drive). phersare involved in acompetition “We have some funwith it,” says to develop newencryption standards Brian LaMacchia, adistinguished en- forthe U.S.,which would guard gineer at MicrosoftCorp., who leads against both classical and quantum- the MicrosoftResearch security and computing cyberattacks. cryptographyteam. This summer,federal officials an- Dr.LaMacchia is aco-author on nounced the 15 algorithms thatwill two of NIST’salternates, including be considered forstandardization, onecalled FrodoKEM. Thename is a meaning the winnerswould become nod to Frodo Baggins in J. R. R. Tol- apartofthe architectureofthe in- kien’s “TheLordofthe Rings.” The ternet, protecting people’s sensitive cryptographic scheme is based on data. prior work thatused alatticethatin- Next, researcherswill spend about cluded an algebraic ring,Dr. LaMac- ayear trying to break them to see chia says.Researchersdecided to which ones hold up,and test them to ditchthe ring to strengthen the secu- getthe best balanceofperformance rity of the algorithm, and theymade and security. another modification in adding akey Quantum computersare still in encapsulation model, or KEM. the earlystagesofdevelopment. The Other organizations around the machines harnessthe properties of world, such as the European Telecom- quantum physics,including superpo- munications Standards Institute, are sition and entanglement, to radically researching algorithms thatare resis- speed up complexcalculations re- tant to quantum computing attacks latedtofinance, health care and and areproviding industryguidance. manufacturing thatare intractable So areprivatecompanies,particu- fortoday’scomputers. These ma- larlyinfinancial services,including chines arebeing built by startups Visa Inc.and JPMorganChase &Co. andtechnologycompanies such as Research in the area of post-quantum International BusinessMachines cryptographybegan nearlysix years Corp.and Alphabet Inc.’sGoogle. ago, says RajatTaneja, president of

They arestill severalyearsaway technologyatVisa. “Thedatawehave JOURNAL from being fullycommercialized. is sensitive, and it is vast in quantity, REET

While traditionalcomputersstore so protecting thatdataisjob number ST

information as either zerosorones, one forus,” he says. LL quantum computersuse quantum Visa and JPMorganplan to begin WA THE

bits, or qubits, which represent and adopting NIST’snew standards when R storeinformation as both zerosand theybecome available,which will re- FO

ones simultaneously. quirecoordination with industryor- CHER

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lion qubitstobreak today’spublic- cured by the newencryption methods, MONIK & keycryptography. Today’searly- experts say.

stagequantum computershavea TheNISTchallengeisunique be- CHLER tinyfraction of thatpower. ‘We got very computersbecause it is based on in- cryptographic systems in the NIST cause it is mostlytheoretical. These AS BR

Theinitiativeisbeing managed by unlucky,’ says Vadim tegerfactorization, which is essen- competition arebased on so-called experts aretrying to design crypto- S

the National InstituteofStandards Lyubashevsky of tiallyreversemultiplication, using mathematical lattices,which canre- graphic systems thatwill be secure THIA and Technology, an agencyofthe IBM Research numbersthatcan be about 1,000 dig- semble geometric shapes thatcan againstquantum computers, which MA U.S. Department of Commerce.NIST Europe, above. itslong. have morethan 1,000 dimensions. theydon’t knowhow to build and can

has asked entrantstodesign encryp- One of today’s It is not possible forregular com- Researcherstodatehaven't onlyassume will exist, Dr.Peikertsays. JOURNAL; tion algorithms thattheythink could encryption methods puters, evensupercomputers, to found an algorithm thatcan solve, Formanycryptographers, coming REET

withstand acyberattack from a is vulnerable to the quicklyfactor numbersthatare that and thereforebreak,anencryption up with newencryption standards by ST quantum computer.The competition ultrafast speeds of long.Quantum computers, though, method based on asecurelattice, ei- 2023 will represent the culmination of LL began in 2017 with about 70 algo- quantum computers. arecapable of solving integer factor- ther on aclassical or quantum com- 10 or 15 yearsofwork in the area WA THE

rithms. ization problems perhaps manymil- puter.Itwould be surprising if known as post-quantum cryptography. R FO

The15remaining algorithms in- lions of times faster than aclassical someone did: Lattices have been “Isee standardization as abitter- N

clude sevenmethods thatcould be computer. studied in cryptographyfor about 25 sweet moment,” says Dr.Peikert, who OW standardized by 2023,and eight al- If bad actorsevergot their hands years, says Rachel Player,alecturer wasalso aco-author on the Fro- BR ELL

ternates, which would take more on apowerfulenough quantum com- in information security at RoyalHol- doKEM submission. “It means we’re SS

time to studybut still showpromise. puter,theycould break intoanything loway, University of London. effectivelydone with something.It’s RU “We can’tprove thattheywon’t encrypted with RSA, representing a Still, Dr.Playerand other cryp- over.And forresearcherslikeme, who QUINN

everbebroken, but that’sthe case hugeswath of the internet. The tographerswill spend the next year work moreonthe theoretical side, P: with allcryptography,” says Dustin threatisreal evennow,cryptogra- or so trying to come up with algo- we’remuch moreexcited by what’s TO Moody, amathematician at NIST pherssay,because hackerscould be rithms thatattack and test the re- going to be great15yearsfromnow.” OM FR P2JW283000-0-R01000-1------XE

R10 | Friday, October 9, 2020 THE WALL STREET JOURNAL. THE FUTURE OF EVERYTHING | CYBERSECURITY

willing to go to cyberwar CYBERWAR OR than kinetic conflict. Un- fortunately,the physical, financial and military CYBER PEACE? damagedone by acyber- attack could be so great thatitwould forcethe hand of leaderstore- Former White House cybersecurity chief spond with conventional Richard A. Clarke outlines two visions of 2030. weapons.Thus,cyberwar may be the entryway for broader conflict. he Fates, it sometimes terdefenses,and then drop a Some nations have al- seems, prefer extreme payload. Thepayload, lines of ready loaded their cyber outcomes.While hu- self-executing code,defeats in- weapons.Senior intelli- mans usually reject ternal protections,finds the genceofficials believe predictions of futures targeted information, and ex- thatforeign adversaries Tdramaticallychanged tractsit. Or,rather than merely including Russia and from thepresent, information stealing data,the algorithm China have secured hid- technologyhas produced anever- maybedesigned to eatdata, den footholds in the U.S. ending stream of upheavals in the encrypt data in aransom electric grid and could economy, warfare, our very way scheme or cause machines to usethataccess to cause of life. Thus, cyberspace in 2030 malfunction or self-destruct. blackouts in the future. could be averydifferent place Moreover, newCon- than it is today, forgood or ill. The Potential of AI gressional authorities Howwedeployartificial intelli- Despitesciencefiction fearsof backed by presidential di- genceand machine learning to at- Skynet and the Borg, AI has the rectives have given both tack and to defend networks will potential to makecyberspace the Pentagon’s Cyber make the difference. safer forhumans.Machine learn- Command and the CIA Today cyberspace is a hostile ing holds out the theoretical pos- the authority to lace po- environment. Most corporations sibility of humans yielding con- tential adversaries’net- andgovernmentshavesecurity trol of network security works with adestructive operations centers that look like management, indeed all network program thatcan be acti- hospital emergency rooms doing operations,toadaptivealgo- vatedinthe event of war. triage, as theyare hit by thou- rithms.Thus far, however, ma- While astrong case can sands of automated and human- chine-learning techniques and be made for such prepa- directed attacks every day. To narrow AI systems have only ration, many nations ex- deal with this problem, Silicon been incorporated intoanoma- isting in this perpetual Valley startups have created yet lous activity detection, fraud pre- stateofhigh readiness more softwaretoprioritizesecu- vention, and identity and access createscrisis instability rity incidentsand automate oper- management tools.The master and incentives to go first. ational responses. Even with the AI to “rule them all” hasn’t been If thereweretobea added software, however, humans aproject anyventure-capital full-scale cyberwar,we cannot alwaysact with the speed firm nor government grant-giver could expect thatmany and discernment necessarytore- has been willing to fund. parts of the U.S. would be spond to attacks and remediate Thebiggest barrier has been without networked elec- vulnerabilities. human distrust. Executives of- mayfeel compelled to let go of though this concept wasfirst tric powerfor months.Swaths of One reason humans cannot re- tenincorrectlyintuit thathav- the reins,and will develop a introduced to most people in thecountrywould rely on afew act quicklyenough is thatthey ing humans in the loop will raise master AI fordefense.By2030 movie thrillers like “Live Free small backup generatorsathospi- arealreadycompeting against at- the probability of successfulde- such anetwork-defense and net- or Die Hard” (2007),weap- tals.Stricken regions would de- tackers which aren’t human, but fense,eventhough humans can- work-control master algorithm onized softwareexistsand is in scend intochaos as the thin veneer rather machine-learning algo- not keep up with an automated might greatlyreducecyber risks. the hands of militarycyber of civilization rapidlydeteriorated. rithms thathaveincorporated all attack program. No enterprise Cyber peacemight break out. commands and intelligence Will either of these outcomes of the tricks known to hackers has been willing to volunteer its Alternatively, by 2030we unitsinmorethan ascore of occur? TheFates,itsometimes anddeploythose techniques at operational network as aclass- mayhavehad our firstcyber- nations, including the U.S. seems,preferextreme outcomes. machine speed. Think of it as cy- room formachine learning to war, a hyper-speed conflict in- MPBELL

ber AI thatgoes on the offensive. educateitself on howtomake volving widespread nation- RichardA.Clarke is theco-author CA Afterobserving network features thedecisions necessarytopro- stateattacks on each other’s An Entryway for of “The Fifth Domain: Defending Y

from the outside,offensivebots tect the organization in real- critical infrastructure, includ- Broader Conflict OurCountry, OurCompanies,and HARR

makeeducated guesses about a time at machine speed. ing telecommunications, pipe- Thebelief thatcyber conflict is Ourselves in theAge of Cyber BY

network’svulnerabilities,persis- Given the increased advan- lines,financial systems,and antiseptic and creates few ca- Threats,” and aformer White ION AT

tentlytry every attack technique tage thatthe offense nowgets electric-power generation and sualties mayresult in leaders House counterterrorism and TR until they penetrate the perime- from AI, somedaysoon someone transmission networks.Al- around the world being more cybersecuritychief. US ILL

Maryland is acybersecuritypowerhouse.

Home to 11,600 IT businesses,16NSA/DHS Certified Centers of Academic Excellence in Cyber Defense, theU.S.Cyber Commandand theNSA,Marylandhas provenitselftobea secureneighborhood.Let’s talk business.

Open.Maryland.gov