Oil Takes Historic Dive Below $0

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****** TUESDAY,APRIL 21, 2020 ~VOL. CCLXXV NO.93 WSJ.com HHHH $4.00

DJIA 23650.44 g 592.05 2.4% NASDAQ 8560.73 g 1.0% STOXX 600 335.70 À 0.7% 10-YR. TREAS. À 10/32 , yield 0.625% OIL -$37.63 g $55.90 GOLD $1,701.60 À $12.40 EURO $1.0864 YEN 107.62

What’s Oil Takes Historic Dive Below $0

News Producers face prospect $37.63. That effectively means traded U.S. futures contract, U.S. crude-oil futures,bycontract that sellersmust paybuyersto crude forJune deliverylost 18% of paying buyers as the take barrels off their hands. on Mondaytoclose at $20.43, $40 abarrel Business&Finance pandemic pushes prices Overseas early Tuesday, the con- while oil due to be delivered to November tract rebounded and wasback in the main U.S. trading hub in delivery to minus $37.63 abarrel positiveterritoryat$1.60 abar- Oklahoma in November ended at $31.66 .S.oil futures plunged rel. around $31.66. 20 June U below $0 for the first BY RYAN DEZEMBER Thehistoric lowpricereflects Those higher prices,likethe delivery time, a chaotic demonstra- uncertainty about what buyers recent surge in stocks,reflect in- $20.43 tion of the dwindling capac- U.S. oil futures plunged below would even do with abarrel of vestors’ optimism that the 0 ity to storeall the crude that $0 forthe firsttime Monday, a crude in the near term. Refiner- global economywill bounceback the world’sstalled economy chaotic demonstration of the ies,storage facilities,pipelines later this year,and that suffi- would otherwise be using. A1 dwindlingcapacity to storeall andevenocean tankershave cient demand will return to soak  Halliburton is cutting jobs, the crude that the world’s filled up rapidly sincebillions of up some of the glut that was –20 slashing costsby$1billion stalled economywould other- people around the world began building even beforeborders and reducing debt to girdit- wise be using. sheltering in placetoslowthe closed,factories idled and bil- self against the drop in invest- Thepriceofabarrel of West spread of the deadly coronavi- lionsofpeople stopped driving May delivery ment in the U.S. oil patch. B3 Texas Intermediatecrude to be rus. PleaseturntopageA10 –40 –$37.63 deliveredinMay,which closed Prices remain in positiveter-  Whether asmall business at $18.27 abarrel on Friday, ritoryfor barrels to be delivered  Halliburton pulls back, citing April 1April 6April 13 April 20 received aid under the gov- ended Mondayatnegative in June.Inthe most actively oil free fall...... B3 ernment’s$350 billion rescue Source:FactSet program oftencame down to howand whereitbanked. A1 Parking LotFills as People Wait Their Turn at Drive-Up Food Bank  U.S. stocks slid to start States another potentially volatile week, with the Dow, S&P 500 and Nasdaq falling 2.4%, Rapidly 1.8% and 1%, respectively. B11  IBM posted lower firstquarter sales and pulled an- Draining nual earningsguidance, highlighting the challenges facing newCEO Krishna. B1 Job-Loss  Neiman Marcus is preparing to file forbankruptcy protection. Theretailer Reserves hopes to reopen most of its stores afterthe pandemic. B1 BY SARAH CHANEY  Companies have adjusted executivecompensa- WASHINGTON—NewYork tion amid volatile markets statehas asked the federal and economic contraction. B1 government fora$4billion no-  TheTreasurysent $2.9 interest loan to coverunem- billion in aid to airlines,the ployment paymentsfor people firstpaymentsthe govern- put out of work by the corona- ment has made as part of a virus pandemic as it and other grant and loan program. B3 states burn through funds set aside forjoblessclaims.  Bondholder groups re- Statesare quickly depleting jected aproposal by Argentina funds set aside as millions of to restructuretens of billions laid-off workers apply for un- of dollarsinforeign debt. B11 employment-insurancebene-

 Antitrust officials are S fits offered by stategovern- nearing asettlement with a ments, according to aWall major dairycooperativethat PRES Street Journal analysis of

would allowittobuy dozens UMA Treasury Department data. of plantsfromDean Foods. B6 /Z Nearly half of U.S. states ETT have loggeddouble-digit per- LOV

World-Wide GG centagedeclines in their trust-

GRE fund balances sincethe end of HELPING HAND: In West Palm Beach, Fla., on Monday, cars assembled in the parking lot of the Palm Beach Outlets mall, February, the month beforethe  NewYork state has asked which partnered with Feeding South Florida to provide a week’s supply of groceries to the first 800 vehicles in line. coronavirus pandemic triggered the federal government for shutdowns that led to wide- a$4billion no-interest loan spread job losses and record to coverunemployment numbersofjoblessclaims. paymentsfor people put Loans from the federal gov- out of work by the pan- CompaniesImprovise Reopening Plans ernment offer abackstop for demic,asitand other states states faced with asurge in burn through funds set claims to keep money flowing aside forjoblessclaims. A1 to laid-off workersshould a staterun out of funds set  Trump said he plans to Employers have no clear-cut road map toward restarting the American economyfromlockdown sign an executiveorder aside forjoblessbenefits. After the 2008 crisis,statesturned temporarily suspending im- to the federal government for migration intothe U.S., BY JENNIFER MALONEY, MIKE COLIAS thermometerstomonitor themselves and red help in funding unemployment saying he was doing so to AND PAUL ZIOBRO bandannas as facecoversatwork. benefits, with some taking protect American jobs THE “A lot of this is reacting in real-time,” yearstopay back loans. amid the pandemic. A3 As America’sattention turns to reopening CORONAVIRUS said Jeffrey Honickman, chief executive of Statesuse their trust funds  U.S. governorstook steps itseconomy,manybusinesses aredeploying the Honickman companies, a group of East to pay regular unemployment to start reopening their arangeoftactics to attempt to shield their PANDEMIC Coast bottlers including Pepsi-Cola Bottling benefits, while the extra$600 economies and focused on workforcesfromthe coronavirus.For the Co. of New York. “I never thought we’d be paymentsrecently added for accelerating testing capac- most part, they aremaking it up as they go. doing any of these things. We’re learning as workerslaid off during the ity for the coronavirus, as With no single standard or clear-cut road Trump bans immigration, we go along.” pandemic are funded through infection rates slowed in map, safety procedures and implementation citing virus fight, A3 A spokeswoman for the Coke bottler, Lib- afederal stimulus package some hard-hit areas. A6 vary widely, particularly on how to handle Moreinfections than erty Coca-Cola Beverages LLC, said its poli- signed into law last month.  Governmentsacross Eu- confirmed Covid-19 cases in the workplace. thoughtinL.A. county,A6 cies would evolve as it identified best prac- From the end of February rope and in the U.S. saythey Pepsi-Cola bottling plantsinNew York are tices and received more guidance from to mid-April, NewYork had have driven down akey vari- giving factoryworkerssurgical masks and Shops begin to reopen health officials. used abouthalf of the trust- able to levels that suggest checking their temperatures at the door.Ari- in Germany, A10 Government guidelines so far have been fund money it had on tap, rep- lockdowns arecontaining valCoca-Cola bottler has given employees PleaseturntopageA8 PleaseturntopageA6 the coronavirus’sspread. A9  Facebook is banning postsand groups promoting The Fate of anti-lockdown proteststhat Small Businesses’Bank Ties don’t comply with government health directives. A3 Office Plants Help Determine Federal Aid  Netanyahu and rival Gantz agreed to form aunity Left Behind Dell Technologies BY RUTH SIMON with big banks.Otherswere government in adeal that AND PETER RUDEGEAIR customersofcommunity banks would keep the Israeli leader iii in powerwhile he faces trial that had long made loans ON DEMAND Theluckyonesget Thesmall businesses that through the Small BusinessAd- on corruption charges. A11 received aid under the federal ministration,which is guaran-  TheSupreme Court ruled adopted; ‘a tragic government’s$350 billion res- teeing loans made through the Pay fortechnology as youconsume it that defendantscan’t be con- cue program weren’t always government program. Thou- or as aservice,soyou can free up victed of serious crimes un- little Sahara’ the ones with the greatest sandsmorethat lacked the der the Constitution unless needs or the best chances to right ties weren’t approved. resources forcritical priorities. jurorsare unanimous,over- BY MATTHEW RIVA survive the coronavirus pan- As lawmakersand the turning laws in two states. A3 demic.Whether afirm made Trump administration neared In the rush to close offices thecut oftencame down to adeal Mondaytospend an ad- Learn moreat  Policewere investigating multiple crime scenes after as the newcoronavirus how and where it banked. ditional $310 billion on small- DellTechnologies.com/OnDemand agunman’srampageinNova spread,employees grabbed Some recipientswere pub- businessaid as part of alarger laptops, gymbagsand stray licly traded companies that al- rescue package, the inadver- Scotia leftatleast 19 dead. A11 Tupperware. ready had significant loans PleaseturntopageA4 Manyleftbehind their desk CONTENTS Markets...... B11 plants. Amonth later,they are Banking &FinanceB10 Opinion...... A15-17 Business News.. B3,6 Sports...... A14 wondering what’sbecome of Netanyahu Keeps Hold in Unity Pact Capital Journal...... A4 Technology...... B4 them. Crossword...... A13 U.S. News...... A2-3 “Those plantsare probably Heard on Street.B12 Weather...... A13

having conversations in their (2) Life & Arts...... A12-13 World News...... A11 own language, asking, ‘Where did everyone go?How long are > we going to be here?’ ” said

Julia Goldberg, BuzzFeed’s Los HEN/REUTERS Angeles-based head of facili- CO IR

ties and security. AM Skeleton crews of workers Israel’sPrime MinisterBenjamin Netanyahu, right,and Benny s 2020 Dow Jones & Company, Inc. All Rights Reserved securing andcleaning office Gantzformedanew government,with Mr.Netanyahu serving PleaseturntopageA2 first as prime minister, followedbyMr. Gantznextyear. A11 P2JW112000-0-A00200-1------XA

A2 | Tuesday, April 21, 2020 THE WALL STREET JOURNAL. U.S. NEWS U.S. Warns Its Rivals Not to Seek Advantage

While President Trump is ticularly troubling. and the strains on itsmilitary. stop exploiting the distraction stricken by Covid-19.One crew satellitemissile and twice absorbed with confronting the In recent weeks,Beijing has “Beijing is anet beneficiary or vulnerability of other states member has died. buzzedAmerican Navy planes coronavirus pandemic at conducted operations to gain of global attention diverted to- to expand itsunlawful claims in ThePentagon says it re- over the Mediterranean Sea, home,administration officials moreofafoothold in the wardsthe pandemic rather the South China Sea,” spokes- mains prepared despite 5,000 militaryofficials said. North Spratly and Paracelisland than military activities in the woman MorganOrtagus said. membersofthe Defense De- Koreaalso test-fired suspected By Gordon Lubold in chains,emblematic of China’s SouthChina Sea,” said Navy China’sForeign Ministry partment testing positive for short-rangecruise missiles— Washington and Dion attemptstoassert itsinfluence. Capt. MikeKafka, aspokesman said the vessel was fishing il- the disease, with 19 deaths. the firsttime it has used such Nissenbaum in Beirut Sincethe outbreak of the forIndo-Pacific Command, Ho- legally and, when confronted, “Our readinessisstill strong, missiles in nearly three years. global health crisis,China has nolulu. and we areable to deter and Militant rocket strikes in Iraq and their allies are seeking to begun operating military air- Officials at China’sembassy defeat anychallenges that may have continued,while Taliban head off anyattempt by adver- craftfromFieryCross Reefin didn’t respond to arequest to China has asserted trytotakeadvantage of these fighterscontinue to attack Af- saries around theworld to test the South China Sea, including comment, but the country’s opportunitiesatthis point of ghan forces as they seek politi- U.S. resolve. an airborne early warning and foreign ministryhas said it itself in the region crisis,” ArmyGen. Mark Milley, calleveragewhile the U.S. with- In public warnings, Mr. control aircraftthat has begun considersthe island chains its since the start of the chairman of the Joint Chiefs of drawsforces. Islamic State and Trump,his key aides,military to use an airstrip on the reef territoryand that itsactivities Staff,said last week. al Qaeda militantsare urging officials and allies in recent as a“forwardoperating base” on its territory are lawful. global pandemic. Thewarningscome as the their followers to strikeAmer- weeks have voiced concern that to conduct reconnaissance Chinese forces were ac- U.S. has faced aseries of fresh icaand itsallies while their attention to the health crisis by flights, military and State De- cused this month of sinking a tests elsewhere in the world. health-caresystems and mili- the WhiteHouse and military partment officials said. Vietnamese fishing vessel in Iran’sIslamic Revolutionary tary forces arebeing strained. could giverise to challenges. While some of the opera- the vicinity of the Paracel Is- rammed aCoast Guardship, GuardCorps Navy last week “The pandemic canbean “I think some of this stuff is tions might have been planned lands,prompting aprotest took on water and sank. made “dangerous and harass- opportunity forU.S.adversar- profoundly and clearly taking beforethe pandemic swept the from the State Department. China’slatestmoves come ing” moves near six American ies to test American resolve,” advantageofabad situation,” globe,U.S.officials said Amer- “Wecall on [China] to re- as aU.S.aircraftcarrier in warships in the Persian Gulf, said Lina Khatib,director of the said an administration official, ican rivals likeChina arecapi- main focused on supporting in- Asia, the USS TheodoreRoose- U.S. Navy officials said, the Middle East and North Africa who pointed to China’sactions talizing on the Trump admin- ternational effortstocombat velt, is sidelined in Guam, with firstsuch encounter since2018. Program at Chatham House, in the South China Sea as par- istration’s diverted attention theglobal pandemic,and to morethan 600 crew members Russiatest-fired an anti- the London-based think tank. U.S. WATCH

SOUTH left fivepeople wounded in Monsey, an OrthodoxJewish NewRound of Deadly communitynorth of NewYork Storms Hits Region City. The most critically injured victim, Josef Neumann, 72, died Suspected tornadoes killed at three months after the attack. least two people as severe Judge Cathy Siebel wrote weather blasted the South, and thatMr. Thomas should be a house fire believed to have committedtoatreatmentfacil- been caused by lightning claimed ityfor no morethan four a third person, officials said months to determine if he can Monday. reach “the capacitytopermit Jerry Oliver Williams, 61 criminal proceedings to go foryears old, of Henry County, Ala., ward againsthim.” died when the storm struck a The ruling applies only to rural area about 11:30 p.m. Sun- Mr.Thomas’strial forfederal day, coroner Derek Wright said. hate crimes. He has also been The area was under a tornado indicted on statecharges in-

warning when winds flipped his S cluding attempted murder.He mobile home. has pleaded notguilty. A suspected twister also re- PRES —Associated Press sulted in a death in Marion TED

County, Miss., said coroner Jes- OCIA WEST VIRGINIA SS

sie Graham. Jerry Johnson, 70, /A died when his home took a di- Three Children, Man rect hit from the storm. Killed in House Fire In south Georgia, Wilcox County coroner Janice Brown Firefighters in Huntington said a 95-year-old woman died CLARION-LEDGER found the bodies of three young in a house fire early Monday children and a man Monday that the state fire marshal’s of- morning while responding to a

fice suspected was caused by a BONELLI/THE house fire in which ammunition M

lightning strike. Heavy storms CA exploded. were in the area at the time. Penny Temples on Monday sat in the yard of her house heavily damaged by a suspected tornado in Baxterville, Miss., the day before. The children—an 8-year-old The Storm Prediction Center girl and two boys ages 3 and 2— received more than 250 reports CALIFORNIA ically in LosAngeles Superior Aperson who answeredthe NEW YORK were found inside the house and of possible tornadoes, high Court on behalf of three mem- phone at Island ExpressHelicop- the 30-year-old man was found winds, hail and storm damage Suits Filed in Bryant bers of one family,aswell as a ters declined to commentand Judge Says Stabbing dead outside, city spokesman from east Texas to central Flor- Helicopter Crash woman who helped coach Mr. an email requesting comment Suspect Unfit forTrial Bryan Chambers said. ida on Sunday and Monday. Bryant’s13-year-old daughterin wasn’treturned. Crews that initially responded Teams from the National Family members of four of basketball. The helicopter washeaded to Aman accused of stabbing to the home about 5:30 a.m. Weather Service will assess the eightpassengers killed in a The twolawsuits come abasketball tournamentonJan. fivepeople with amacheteat said ammunition inside the tracks to determine where tor- helicopter crash with Kobe Bry- about twomonths after Mr. 26 when it crashed in thick fog asuburban NewYork Hanuk- home started exploding, news nadoes struck. antand his daughterhave Bryant’swidow, Vanessa Bryant, northwest of LosAngeles. kahcelebration isn’tmentally outlets reported. The storms hit a week after joined the NBA star’s widowin also sued Island ExpressHeli- An initial National Transpor- fit to stand trial, ajudge ruled The house partially collapsed a two-day outbreak of more filing wrongful death lawsuits copters Inc., which operated the tation SafetyBoardreport said in adecision made public Mon- and heat from the blaze burned than 100 tornadoes that began againstthe companies that helicopter,and its owner,Island therewerenosigns of engine day. the siding off the house across Easter Sunday killed at least 36 owned and operated the air- ExpressHolding Corp. Allthe failurefromthe wreckage recov- Grafton Thomas, 37 years the street. The cause of the fire people across the region. craft. suits allege the twocompanies ered. old, is charged in an attack at a hasn’t been determined. —Associated Press The suits were filed electron- were carelessand negligent. —Associated Press rabbi’shome on Dec. 28 that —Associated Press

dent ZacharySavage, 24,said CORRECTIONS  The Fate of he and some colleagues took their personal plantshome but AMPLIFICATIONS couldn’t help the scores of Desk Plants othersintheir London lab. “Wework with plantsdaily for Sales at Walmart Inc.’s experiments,” he said. “In the stores rose nearly 20% in LeftBehind middle of South Kensingtonin March, and the company’s2020 London we have these big fiscal year ended Jan. 31. In chamberswegrowplantsto some editions Monday, a ContinuedfromPageOne use forresearch, and we had graphic with aBusiness&Fi- buildings have become care- to make a decision.” nancearticle about Walmart in- takers of other people’splants. Those indoor greenhouses correctly said that sales de- Other workershavegone on at Imperial CollegeLondon clined in March and that sales rescue missions to extricate will mostly have to start from figuresfor the thirdand fourth officegreeneryand let it shel- scratch. Mr.Savagesaid it quartersofthe 2020 fiscal year ter at home with them. would take about a month to were estimates. NewYork-based copy editor regrow everything. Adam LoBelia, 36,was on Lauren Seely,aNew York HE 6’srecording of “In-A- plant “patrol” last month at production coordinator,istry- Gadda-Da-Vida” wasreleased in his office. Manycolleagues ing to get others’ plants help 1971. An Off Duty article on given the option had de- remotely.Beforeshe leftthe Saturdayabout long songsin- camped for home. He decided NBC offices in Rockefeller correctly said 1968,which is to stay behind at the office, Center to socially distance in when Iron Butterfly’sversion wherehecarried out plant- Brooklyn, Ms.Seely,26, took wasrecorded. care requests; “ineveryone’s her snakeplant, named Keith, emails they specified exactly and afriend’sbasil plant for Readers can alert The Wall Street Journal to any errors in news articles how much water.” safekeeping.“Itold my co- by emailing [email protected] or That worked out well for worker, ‘Yo man, this plant is by calling 888-410-2667.

theplantsuntil the state’s es- FERNANDEZ dying!’ He left it on the heater,

sential-businesses-only order ALEX which is probably part of the came down and he had to Plants corralled by staff on a conference-room table this month at BuzzFeed’s New York office. problem, and he was like ‘Get THE WALL STREET JOURNAL (USPS 664-880) (Eastern Edition ISSN 0099-9660) leave.“Idid my best, and I her water, stat!’ ” she recalled, (Central Edition ISSN 1092-0935) think Isaved at least acouple she packed up it and est thing at the mo- Urban planner Jason Diaz beforetaking the basil with (Western Edition ISSN 0193-2241) Editorial and publication headquarters: lives,” he said. “Some of those, acouple of others ment is my cat sees worries about the six or seven her. 1211 Avenue of the Americas, New York, N.Y. 10036 I think, are gonna be OK.” from her desk.They them and says plants he left behind a month BuzzFeed’sMs. Goldberg Published daily except Sundays and general legal TheSan Franciscoe-com- were luckier than ‘Woo! Asalad bar!’ ” agoinhis MidtownManhattan said the idea of having a desk holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. merce companywhereMartha the40-some com- Ms.Goldberg’s office, including a pothos and plantisstill growing on her, Postmaster: Send address changes to The Wall Smith works was early to ask munal ferns and staff at BuzzFeed on Sansevieria, chosen long ago but she understands whypeo- Street Journal, 200 Burnett Rd., Chicopee, MA 01020. All Advertising published in The Wall Street Journal workerstostayhome,and she succulentsonapar- multiple continents for their resiliency. ple sneak in during a quaran- is subject to the applicable rate card, copies of which had been OK with her setup tition nearby. rooted out office Mr.Diaz,33, didn’t bring his tine to care forthem or beg are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of forthe firstfew days of “It’sgonna be a plants they could desk plantswith him to his remaining employees,whether the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. March. tragic little Sahara find and placed home in Queens.“My fiancée janitorsordoormen, to adopt Only publication of an advertisement shall constitute Ms.Smith, 38,had inher- when we come back,” them in conference would kill me if Ibrought more them for a while. final acceptance of the advertiser’s order. ited plants from aco-worker she said. “It’ll be a rooms wherethey plantshome.Wedid acount “People areverysensitiveto Letters to the Editor: Fax: 212-416-2891; email: [email protected] who moved to another job just very triumphant day could easily be wa- this week,and we have over 30 them, and they’reapart of our Need assistance with your subscription? weeks ago, and her company when Ican march teredwhile their plantsinour apartment, and family,” she said. “Wewill al- By web: customercenter.wsj.com; By email: [email protected] had offered employees the back in with my alive ownerswereaway. it’s all my fault,” he said. wayshavesecurity of some By phone: 1-800-JOURNAL (1-800-568-7625) chancetorun back in to get pothos.” Anyone here? Photos of the plants Beforeheleftlast month, he kind and they’regoing to water Reprints &licensing: By email: [email protected]; anything from their desks they Ms.Smith expects Anyone? spread likeweeds said manyother plantswere the plants.” They post plant By phone: 1-800-843-0008 needed. “I said, ‘I’m gonna the figand company on Twitter. Ms. still in the office. One window pictures on Slack,she said. WSJback issues and framed pages:wsjshop.com rescue the plants!’ ” to makeacomeback while re- Goldberg, nowworking from office had 20-or-so plants. He “Thereisquitearuckus if they Our newspapers are100% sourced from sustainably certified mills. When she gotintothe of- habilitating at home in Oak- home,said her staff nowcares gavethe plants“one last water- don’t post on aregular basis.” fice,her fiddle-leaf figwas on land, but:“We’reinverymuch forwell over 100 plantsleft ing” and “wished forgod to Until people getback, she GOTATIP FORUS? the outsfromnowater and atransitional period, getting behind. She has no desk plants have mercy on their souls.” said, “That conferenceroom SUBMIT IT AT WSJ.COM/TIPS more-than-partial shade,so to knoweach other.The hard- of her own. Plant-immunity Ph.D.stu- will have very clean air.” P2JW112000-6-A00300-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, April 21, 2020 | A3 U.S. NEWS Trump Declares Immigration Ban ‘Act of God’ Disputes President in tweet Administration officials said As with past effortsbythe In recent weeks,adebate executiveorder would ensure the order wouldn’t makesub- president to curb immigration, has unfolded inside the admin- these extravisas don’t become says temporary move stantial changes to current U.S. the executiveorder will likely istration over howmanymi- available. Are on will help protect policy. Even without an execu- face legal challenges. grant workerstoallowintothe At the same time,the ad- tive order,the administration Thepresident has already U.S. under aseparateseasonal ministration has prioritized against coronavirus has already all but ceased takenseveral stepstorestrict program, known as H-2B.Typi- continuing to detain and deport Upswing nearly everyform of immigra- whocan enter the countryas cally,these workerstakejobs unauthorized immigrants, hold- BY REBECCA BALLHAUS tion. Most visa processing has the coronavirus has spread that last afew months,atre- ing about 32,000 in detention AND MICHELLE HACKMAN been halted, meaning almost no around the globe.InJanuary, sorts, county fairsand land- centerswherethe virus has in- BY JACOB GERSHMAN one canapply to visit or move he imposed entryrestrictions scapingcompanies,and the fected at least 220people,ac- WASHINGTON—President to the U.S. Migrantscaught on foreign nationals who had number of visasiscapped at cording to datapublished by Companies are suspending Trump said he plans to sign an crossing theborder arenow traveled in China.InMarch, he 66,000,though the Department the U.S. Immigration and Cus- or terminating businessagree- executiveorder temporarily immediately expelled oncethey banned travel by foreign na- of Homeland Security has the toms Enforcement. mentsbyrelying on acommon suspending immigration into arefound. tionals from Europe to the U.S., authority to issue extravisas if Thepresident’sannounce- but rarely invokedescape the U.S.,saying he wasdoing so Theexecutiveorder is ex- with some exceptions. demand exceeds supply. ment, suggesting he believes hatch in the fine print of many to protect American jobs as the pected to include exceptions for Laterthat month, the ad- In March, DHS announced it coronavirus continues to pose a commercial contracts, as the novel coronavirus has takena migrant farmworkers, who ministration effectively closed would issue 35,000 extraH-2B severethreat to the country, new coronavirus and govern- sharp toll on the economy. makeupabout atenth of the the border with Mexicotoille- visas,overthe objections of se- comes in contrast to his comment measures to slowits In atweet Mondaynight, workforce on U.S. farms,and galborder-crossersand asylum nior WhiteHouse adviser Ste- mentsinthe past several days, spread upend the economy. Mr.Trump said he wassigning health-careworkers, particu- seekers. phen Miller and other immigra- when he has laid out plans for Knownas“act of God” the executiveorder “inlight of larlythose helping treat coro- Theoutcome wasone Mr. tion hard-liners. howtoreopen the country, in- clauses—or force majeure, the attack from the Invisible navirus patients, an administra- Trump and immigration hard- As the coronavirus crisis dicating he believes the threat French for “superior force”— Enemy”—a referencetocorona- tion official said. It is not linersinhis administration had worsened and millions of is dissipating.Last week,hebe- the provision has been cited in virus—“as well as the need to expected to addressthe re- long sought to achieve, and in Americans lost their jobs,the gantweeting that several court cases acrossthe U.S. and protect the jobs of our GREAT movalofimmigrantsalready in announcing the policy, he sug- agency announced it wasput- states,including Minnesotaand around the world in recent American Citizens.” He didn’t the U.S. or the visa renewal gested it might outlast his ting the extravisas on hold. An Virginia, should “liberate” weeks by companies large and providefurther details. process, the official said. emergencydeclaration. administration official said the themselves. small—from California devel- opers to global energy firms. The crisis is putting aspot- light on the clauses and test- Facebook Puts LimitsonProtest Organizers ingthe sanctity of contracts like no otherevent, lawyers say. Awaveoflitigation is ex- BY GEORGIA WELLS pected in the coming months. AND ANDREW RESTUCCIA “What we have hereisan unprecedented nationwide Facebook Inc.isbanning force-majeureevent,” said Da- postsand groups promoting vid Marmins,anAtlantareal- anti-lockdown protests that estatelitigator who works with don’t comply with government landlords and tenantsand has health directives,asorganizers handled force-majeurecases. of those eventsseek to recruit Force-majeureclauses are newmembersonsocial media. routine in contracts, from col- Dozens of protestshave lectivebargaining agreements takenplaceinrecent days,with to bank loans to drilling rights. participantscomplaining of They typically spell out extraor- shelter-in-placerestrictions and dinarycircumstances that can pushing forstate governments excuse aparty from contractual to allowmorefreedom to return obligations,including natural to normal activities as the coro- disastersand disruptions such navirus pandemic plays out. as war, rioting,terrorism or Most of the eventshavebeen government interventions. relatively small, but have drawn Live-performancecontracts outsizeattention on social me- aremorelikely to addresspan- diaasthe debateabout when demics—a lesson learned from and howtoreopen the economy earlier outbreaks such as SARS becomes increasingly political. that canceled concertsand left Facebook groups,some with eventpromotersinthe lurch. tens of thousands of members Some businesses say state- S and some using near-identical imposed restrictions on travel languageintheir descriptions, PRES and commerce have made it have popped up in states like TED closetoimpossible forthem

Michigan, Minnesotaand OCIA to deliver on contracts. SS

Pennsylvania. Thegroups raise /A Force-majeuredeclarations

concerns about what they see AR arealready sparking disputes.

as overly restrictiveordersim- PUSK In California, aretail devel- posed by state governors. J. oper is citing forcemajeurein

Polls showmost Americans GENE trying to delayits purchase of a worrymoreabout inflaming Demonstrators rallied Monday outside the Ohio Statehouse in Columbus to protest the state’s stay-at-home order. 120-acretract of land in Culver thecoronavirus pandemic by City from Exxon Mobil Corp. reopening the countrytoo soon New Jersey and Nebraska. forgardening supplies. tent related to the pandemic. of what youthink about the Thedeveloper,Pacific Collec- as opposed to the economic “Unlessgovernment prohib- Tworight-leaning groups— Some of thecontent also at- lockdowns or the protests tiveLLC,said government stay- impact of waiting toolong. itsthe event during this time, the Michigan ConservativeCo- tempts to erode trust in pub- against them, this is achilling.” home ordersprevented it from Facebook’sprohibition we allowittobeorganized on alition and the Michigan Free- lic-health authorities,who say The protest in Lansing last immediately bringing in con- doesn’t explicitly target posts Facebook,” the spokeswoman dom Fund—created aFacebook social-distancing rules have week wasorganized by the struction workers, architects, promoting anti-lockdown pro- said.“Forthis same reason, eventcalled Operation Gridlock slowedthe spread of the virus. Michigan Conservative Coali- inspectorsand otherstode- tests; rather,the companysaid events that defygovernment’s to protest the state’srestric- Themoveagain injects tion.The group wasfounded velop the land, according to its it is barring content that ad- guidance on social distancing tions.The April 15 event in Lan- Facebook intoanincreasingly by Michigan stateRep.Matt lawsuit filed in LosAngeles vocates for in-person gather- aren’t allowed on Facebook.” sing,Mich., drew morethan polarized national debate. Maddock and his wife, Me- County Superior Court. ingsthat don’t followgovern- Michigan has emergedasthe 3,000 protesters, manyincars While some governorshave shawn Maddock.The Mad- Pacific Collectiveclaimed ment health guidance. A center of the protests, with to bring traffic to astandstill. asked protesterstostayhome, docksdidn’t respond to re- meeting the agreement’sdead- spokeswoman forthe social- critics focusing their frustration Some participantslefttheir cars President Trump expressed his quests for comment. line would “pose adanger to hu- media giant said it is also tak- on the Democratic governor, and huddled in groups in viola- support fortheir actions in Thegatheringalso received man life” and expose the coming down claims designed to Gretchen Whitmer,who has im- tion of social-distancing rules. tweets over the weekend backing from the Michigan panytocriminal prosecution. discouragetreatmentfor coro- posed some of the most strin- Facebook’s decision to ban Thepresident’sson on Mon- Freedom Fund, aconservative Exxon disagrees.InanApril navirus infection or taking ap- gent coronavirus restrictions in content that promotes events daycriticized Facebook’smove. group started by Greg Mc- 3lettertoPacific Collective, a propriate precautions against the country. Ms.Whitmer has that risk defying health re- “Why is Facebook colluding Neilly. Mr.McNeilly said his lawyer forExxon said the its spread. putinplacemeasures limiting strictions is part of aseries of with stategovernmentsto group wasn’t the main orga- shutdown ordersdidn’t pre- Facebook removed content the number of shoppersin moves it has made to limit the quash peoples [sic] free nizer of the event, but paid for vent the companyfromclosing related to anti-lockdown pro- stores and closing off some sec- spread of what it sees as mis- speech?” Donald Trump Jr. $250 worth of Facebook ad- the transaction, according to testsplanned in California, tions of stores,including those information and harmful con- posted on Twitter.“Regardless vertising for it. court documents. Serious CrimesNeed Unanimous Convictions, CourtRules

BY JESS BRAVIN jurytoprevent the occasional ing away from the nonunani- “Weare heartened that the AND BRENT KENDALL African-American who made it mous-jury rule. Court has held, onceand for ontoajuryfrominterfering Louisiana voters abolished all, that the promise of the WASHINGTON—TheSu- with awhitemajority deter- it for future cases, while Ore- Sixth Amendment fully applies preme Court ruled that defen- minedtoconvict, the court gonisexpected to amend its in Louisiana, rejecting any dantscan’t be convicted of se- observed. constitution to the same end, concept of second-classjus- rious crimes under the Thecourt rejected achal- according to abrief from that tice,” said Ben Cohen, an at- Constitution unlessjurorsare lengetothat practiceinthe state. torney forMr. Ramos and with unanimous,overturning laws 1972case,Apodacav.Oregon, Themost significant as- the Promise of Justice Initia- in two states and calling thou- with a plurality opinion find- pectsofthe decision, there- tive, aNew Orleans nonprofit. sands of verdictsintoquestion. ing no constitutional problem fore,may turn out to be the “Louisiana’slaw wasbased But the court’sfractured with anonunanimous jury. To implications forthe weight the upon aprevious Supreme ruling Mondayhas little sig- overrule that case,Justice court ascribes to precedent in Court ruling that allowed for nificancefor cases outside Gorsuch rejected the reason- future cases. non-unanimous juries,” the Louisiana and Oregon, the ing of his mentor who wrote JusticeKavanaugh has Louisianaattorney general’s only states wherea10-2or thedecision, the lateByron wrestled with that issue be- officesaid. “Our lawhas since CK

11-1 jury can convict. Instead, White. TO fore and on Mondaypublished been changed and the Su- the justices’ remarks about JusticeWhitehad argued athree-part test forevaluat- preme Court has nowissued precedent—an issue of in- that an “impartial jury” ex- ing when prior cases should this new ruling, yet our focus creasing importance, as the isted, in the modern era, to SHUTTERS be overturned. remains the same: to uphold A/ abortion-rightsdecision Roe v. “safeguardagainst the corrupt To do so,hewrote,the the rule of lawand protect Wade and other liberal land- or overzealous prosecutor and M/EP precedent must be “egre- victims of crime.” RU

marks facechallenges—may against the compliant, biased, CO giously wrong,” should have In aseparatedecision Mon- be the decision’smost signifi- or eccentric judge.” That could “significant negativejurispru- day, the court addressed the MUEL

cant legacy. be something that could be ac- SA dential or real-world conse- cleanupofhazardous waste Justice Neil Gorsuch wrote complished with a10-2voteas Justice Neil Gorsuch wrote the Supreme Court opinion that quences” and shouldn’t “un- sites,limiting the ability of Monday’sopinion, overturning well as aunanimous one,he overturned a 1972 decision that left intact two states’ jury rules. duly upset reliance landownerstouse privateli- asplintered 1972decision that wrote. interests”—or the behavior of gation to forcerestoration had leftthe two states’ jury Justice Gorsuch wrote that JusticeClarenceThomas weren’t similarly tainted. individuals,businesses and measures beyond those re- rules intact. since the framers understood agreed with the outcome Moreover,hewarned, the others based on the expecta- quired by the Environmental TheSixth Amendment right verdictstorequireunanimity, through adifferent legal past 48 years have seen Loui- tion that the precedent accu- Protection Agency. to ajurytrial always has re- “asjudges,itisnot our role to framework. siana and Oregon conduct rately describes the law. In dissent, Justice Gorsuch quired unanimous verdicts, reassess” the wisdom of that JusticeSamuel Alitodis- “thousands and thousands of Theimmediatevictor in accused the court of stripping JusticeGorsuch wrote, aprin- choice. “With humility,we sented, joined in whole or part trials under rules allowing Monday’scase wasEvangelisto rightsfromlandownersand ciple tracing back through must accept that this right by Chief JusticeJohn Roberts non-unanimous verdicts. Now, Ramos,who wassent to forcing them to livewith toxic centuries of English lawand mayservepurposes evading and Justice Elena Kagan. Jus- those Statesfaceapotential prison without possibility of waste. recognized explicitly by the our current notice,” he wrote. ticeAlitowrote that the racist tsunami of litigation on the parole aftera10-2jurycon- “The implication hereis Supreme Court in the 19th Justices Ruth Bader Gins- and nativist motivations that jury-unanimity issue” and victed him of the 2014stab- that property ownerscannot century. Such was the case in burg, Stephen Breyer,Sonia ledtothe initial adoption of when it should apply retroac- bing murder of Trinece Fedi- be trustedtoclean up their Louisiana as well until the Sotomayorand BrettKa- the juryrules were irrelevant, tively to existing convictions. son, with whom prosecutors lands without causing trou- state’s Jim Crow constitution vanaugh joined all or part of sincethey were readopted Still, both Louisiana and Or- said he had been “sexually in- ble,” JusticeGorsuch, joined of 1898.Itadopted the 10-2 the Gorsuch opinion, while through processes that egon already have been mov- volved.” by Justice Thomas, wrote. P2JW112000-5-A00400-17FFFF5178F

A4 | Tuesday, April 21, 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. THE CORONAVIRUS PANDEMIC Young Voters Catch Another Bad Break

buying acar,buying ahouse tacks and the financial current stateofthe economy amongyoung Americans,de- ther away from the political and having children along the plungeof2008 and 2009. as good or excellent, com- scribes the attitude this way: process, or draw them into way.Bythe beginning of this Beyond those jolts, they pared with 28% of Americans “Anxiety caused by all these it. If they do showupto year,with the economyhum- also have seen rising income aged 35 to 49.They areless crises manifestsitself in abe- vote,it’sclear they will be a ming,you felt youfinally inequality,and emergedas likely than anyset of older lief that leaderscan’t really forcefor the presumptive caught up. perhaps the firstcohort in Americans to think the econ- ever be trusted—that it’s Democratic presidential nom- Then the coronavirus American historytobelieve omywill bounceback in the gottabeusthat makes a inee,former Vice President struck.You and your friends, lifefor them won’t be better next few weeks.Among the change.” He adds: “That JoeBiden. In the newJour- CAPITAL JOURNAL while lesssusceptible to the than it had been fortheir par- population at large,almost means no one is looking fora nal/NBC News poll, voters By Gerald F. Seib ravagesofthe virus itself, ents. As aresult, they don’t three-quarterssay the crisis singular leader to fixit. We aged 18 to 34 favoredMr. Bi- find youare the most likely seem as inclined as their el- is bringing out the best in don’t need ahero.” den over President Trump by to lose ajob,wages and derstosee silver liningsin America; only about half of Beforethe coronavirus hit, awhopping 23-point margin, Putyourself in the shoes health insuranceamid the cri- the current virus upheaval. those aged 18 to 34 feel that the shocks millennials already 54% to 31%. of a32-year-old American. sis.Your faith that the econ- way. had endured had leftthem Yetthat endorsement of Yougraduated from college omywill bounceback is,un- hat certainly is the pic- It’scommon, of course,for feeling “somewhat detached Mr.Biden apparently comes in the spring of 2009,loaded derstandably,lowerthan turethat emergesfrom younger people to be abit from the political system,” with no great enthusiasm. up with student-loan debt T jaded about the world being says Democratic pollster Just 25% of those young vot- everyone else’s—and your anew Wall Street Jour- because that’s cynicism about the political nal/NBC News poll.Itfound prepared forthem by their el- Celinda Lake.Indeed, areport ersreported having positive what the sys- and economic system that al- that voters aged 18-34 are ders. Fortoday’smillennials, by the GQR polling organiza- feelingsabout the former temencour- lowedall this to happen has morelikely than anyother the coronavirus pandemic tion prepared early this year vicepresident personally, aged youto deepened. agegroup to report having maysimply be adding to that forNextGen Americafound compared with 44% with do. As all that suggests, one of lost ajob during the current feeling.Young Americans are that amajority of voters un- negativefeelings. Youwalked the great aftershocks of the crisis.Infact, that agegroup the least satisfied with the der the ageof35were“unen- Broadly speaking,millenni- intothe worst coronavirus crisis will be its is most likely to have experi- federal government’sre- thusiastic” about voting in als areadvocates forwhat recession impact on the economic tra- enced at least one of four po- sponse,the poll indicates. 2020.“Abasic dislikeofpoli- Ms.Lakecalls “a major role sincethe Great Depression, jectoryand political attitudes tential economic shocks Thepolitical impact of tics keeps manyfromvoting,” forgovernment” in society, which prevented youfrom of millennials,roughly de- caused by the virus crisis: these cumulativeexperiences the report said. and that maybemoretrue moving ontothe professional fined as Americans born in lossofajob,lossofhealth is significant. Ben Wessel, a now. But, theremay be adis- track youwerepromised. For the 1980s and early 1990s. insurance, acut in payor young activist who leads t’simpossible to know connect, she notes: “You can’t adecade,you scratched and Beforethis,they already worryabout job and payloss. NextGen America, aprogres- right nowwhether the have abig role forgovern- clawedtocatch up,perhaps I ment if youdon’t take part in have lived through two major Overall, just 13% of these siveorganization dedicated to shock of the coronavirus putting off getting married, shocks,the 9/11 terrorist at- younger Americans rate the increasing voterturnout will driveyoung voters fur- picking the government.”

ing Program. Bank Ties Loans formorethan $1 million accounted forabout 4% of applications but nearly 45% of Affect Aid approved dollarsunder the program, according to SBA datareleased Friday. That sug- Program gestslargercompanies received adisproportionate share of aid. ContinuedfromPageOne JPMorganfunded about $14 tent winnersand losersofthe billion in payroll loans,and Paycheck Protection Program half of its loans were for less were becoming clearer. than $140,000,aspokeswoman ThePPP provides forgiv- said. Within JPMorgan, where able loans to small businesses businesses applied mattered. and nonprofitsthat use the CustomersofJPMorgan’s money forpayroll and certain small-businessunit submitted other expenses.Banks that al- 55 times moreapplications ready made SBAloans were than those of its commercial- the firstones authorized to bankingdivision, focused on submit applications to the midsizecompanies,according program; most gavepriority to JPMorgan’swebsite. That to existing customers. Some meant the commercial bank lenders have been faster than wasable to work through a otherstolaunch their pro- greater share of applications. grams; othershaveprioritized Ruth’ssaid it sought the certain customers. loans to ensurethe company Beforethe program was /REUTERS “is well positioned to emerge launched April 3, Alan Edelson from this situation astrong had worked with his accoun- SNYDER and viable entity.” Shake

tant to preparethe documents BRIAN Shack said it would return its needed to apply fora$120,000 Downtown Brattleboro, Vt., above,was mostly deserted Sunday, while asign at aboarded-up businessinSeattle encouraged social distancing. loan aftersecuring equity fi- loan forMetropolitan Furni- nancing on Friday. ture, his nearly century-old re- tal of more than $330 million Lily BirdInc., aReno,Nev.- tailer in Allen Park, Mich. He from the loan program, ac- based companythat makes un- wasn’t able to submit his ap- cording to Securities and Ex- derwear formenopausal plication because his bank, change Commission filings. women, couldn’t get a banker ComericaInc., was still work- JPMorganChase &Co. is- at Citigrouptoreturn itscalls ing on an online portal to take sued morethan $115 million in for technical help with its ap- applications when the money forgivable loans to at least plication, co-founder Jason dried up. two dozenpublic companies, Holloway said. Thebank’son- Mr.Edelson dipped into according to SEC filings. The line portal said Lily Bird’s ap- savings to meet his first pay- figures include $20 million in plication washeld up “pending roll afterheclosed the storein loans to two unitsofRuth’s additional ownership re- mid-March and he wascount- HospitalityGroup Inc., the sponses,” even though the ing on the loan to fund the owner of the high-end Ruth’s companyprovided Citigroup next set of paychecks.Hesaid Chris Steak House chain; and with the requested informa- he would payhis 10 employees $10 million each to Potbelly tion about its shareholders. againthis week nowthat more Corp. and to Shake Shack Inc. Mr.Holloway wasalso funding is likely from Con- Some of these companies turned away from other banks gress. But if the money already had significant loans because Lily Bird didn’t have doesn’t come through before with the bank.JPMorgancom- accountsthere. He said he is the next payperiod, he said, mitted $41.7 million to Ruth’s dipping into personal savings he will have to tell them to file on March 30 and at least to keep paying the company’s

retroactively forthe two /REUTERS $40 million to Potbelly last six employees. weeks of pay. August, according to securities “You neverthink when you “It’sinconceivable to me filings. Thebank wasalender open achecking account, that that the fateofyour businessis REDMOND to ShakeShack until August adecision likethat could be ON

decided by the incompetenceof JAS 2019,when the restaurant op- something as big as whether your bank,” Mr.Edelson said. erator refinanced with Wells or notyou getsaved in afi- Last Thursday, the Treasury tions through relationship to replenish the businesspro- Mitch McConnell (R., Ky.) said Fargo&Co. nancialcrisis,” Mr.Holloway Department said the $350 bil- managersand from those who gram and payfor other coro- he had asked senatorstocon- ThePPP wasdesigned to said. lion program had reached ca- expressed interest through its navirus-related priorities was vene Tuesday afternoon after help companies with 500 or ACitigroup spokesman said pacity,with morethan 1.6mil- website. Thebank received coming intoclearer focus,ne- adeal wasn’t reached on Mon- feweremployees,but some in an email that the bank lion loans approved on afirst- morethan 5,000 applications gotiations continued Monday day. President Trump said larger companies can receive worked with applicantstosub- come, first-served basis. forpayroll loans and gotap- over several details.Besides Mondayafternoon he hoped to loans under exceptions for mit their applications as In an email sent to custom- proval forhalf of the requested the $310 billion forthe small- have adeal with Congress restaurants and hotels. quickly as possible and “regret ersThursdayafter the money dollars; it is queuing up addi- businessprogram, the deal was “very soon.” Manyofthose companies that some of our clientsdid ran out, Comerica said it was tional applications to submit set to include $75billion in as- When the federal govern- also could borrow from sepa- not receivefunding beforethe “working hard to finalize our when morefunds areapproved. sistancefor hospitals and $25 ment rolled out the program, rate government effortsto SBA’sfunds being exhausted.” newonline application portal.” She declined to comment on billion to expand testing for more than 80 publicly traded support midsizebusinesses, —Theo Francis AComericaspokeswoman Metropolitan Furniture. the virus acrossthe country. companies were among the such as the Federal Reserve’s and Andrew Duehren said the bank accepted applica- While acongressional deal SenateMajority Leader firstinline.They secured ato- $600 billion Main Street Lend- contributed to this article. ShakeShack to Return Its $10 Million Small-Business Loan

ShakeShack Inc.said it from the program have said “Manywho need it most, ha- funds.The SBAsaid it ap- hundred moresmall businesses businesses with fewerthan would return a$10 million large, publicly traded chains ven’t gotten anyassistance,” proved morethan one million in the program,” she said. 500 employees,but language loan from afederal coronavirus shouldn’t have had access to Mr.Garutti said. applications forloans. Congressisdebating in the $2 trillion stimulus bill aid program that some small the $350 billion fund intended TomColicchio,aNew York Theagencyadded it didn’t whether to provide morefund- allowedrestaurantsand hotel restaurantssay shouldn’t have forsmall businesses.Manyres- City restaurateur who previ- keep track of whether compa- ing forthe program as part of chains to participateregardless made funds available to big taurantsand other small busi- ously co-founded Gramercy nies would scrap their loans. abroader coronavirus-related of howmanytotal people they companies. nesses said they didn’t get Tavern with DannyMeyer, “That is adecision forbusi- funding package. Therestau- employ. Around 9% of the funding from the program whose restaurant group rant industrywantsadedi- funds went to the hospitality By Heather Haddon in beforeitranout of funds last founded ShakeShack,said the catedpool of funding and sector,the SBAsaid. Chicago and Bob Davis week. program should have extended Theloans were changes to the payroll pro- Another large chain that rein Washington John DiBella, owner of bar- aid to independent restaurants gram, including allowing res- ceived aloan wasRuth’sHos- restaurant PJ Carney’s in Man- first. intended for taurantstotap the funds when pitality Group Inc., owner of Thepublicly traded burger hattan, said he applied for “This really exposed the businesses withfewer they reopen as opposed to a Ruth’sChris Steak House chain, which employs more funding the daythe program weaknessinthe program,” said current eight-week window. chain, which qualified for$20 than 8,000 people,isone of began accepting applications Mr.Colicchio,co-founder of an than 500 employees. Asurvey of 6,500 restau- million under aprovision that several largerrestaurant oper- but received nothing.“Shake advocacygroup pushing Con- rantsbythe National Restau- allowedittoseek loans for ators that have received funds Shack gotthe money; they just gresstochangethe loan pro- rant Association on Monday each of two subsidiaries. from the Small BusinessAd- opted to return it. Iwould like gram.“We need to quantify found that 60% of owners Ruth’ssaid it is following ministration’s Paycheck Protec- to have that option,” he said. what asmall businessis. I nesses to makeontheir own couldn’t keep their employees guidelines on howthe funds tion Program.The company When ShakeShack applied don’t think that’sapublicly accord,” an SBAspokeswoman working through existing fed- aretobespent. Thechain has said Mondaythat it would re- forthe forgivable loan, it traded company.” said. eral programs.Restaurantswill furloughed the majority of its turn itsPPP loan, afterraising wasn’t clear the program’s TheSBA said that Shake Ann Marie Mehlum, who ran lose $50 billion in sales this restaurant employees,includ- additional capital from stock funds could be exhausted be- Shack’sloan will go back in the SBA’slending under President month due to the crisis,the ing managersatthe 23 restau- investors. fore all applicantswereap- funding pool, but that new Obama, said she applauded group said, up from $30 billion rantsofits 150 restaurants Some independent restau- proved, Chief ExecutiveRandy loans can’t be made unless ShakeShack’sdecision. “Their last month. whereitdoesn’t have takeout rantsthat didn’t receivefunds Garutti said in astatement. Congressauthorizes new action alone will allowacouple Theloans were intended for operations. P2JW112000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, April 21, 2020 | A5

Taking Careofthe Families of HealthcareWorkers Who Risk Their Lives Every Day

Amessage from: TedMathas, New York Life Insurance Company Chairman and CEO David Cordani, Cigna Corporation President and CEO

The brave healthcareworkers in our communities have families who need our help. While many of us have the opportunity to seek shelter from the COVID-19 virus, healthcareworkers aredoing what they do best – saving the lives of others. Thereissimply no way for them to do their jobs today and help all of us without putting themselves directly in harm’sway.Asaresult, each of these courageous individuals and their families areliving with the growing fear and anxiety of what may happen if they become sick or succumb to COVID-19. This is playing out for millions of people across our country,inevery state and town we live in.

This is an unprecedented societal test, and Americans arerising to the occasion, revealing our shared values, and living up to our rich history of sacriﬁce for the common good. The fortitude of our healthcareworkers is in- spiring, as arethe actions of so many neighbors and friends ﬁnding ways to help, and the institutions that have retooled their factories or provided funding for ventilators, masks and other life-saving equipment.

Our two companies areuniquely positioned to be therefor people in times of need –providing them with peace of mind today,while also helping protect their futures with hope for abetter tomorrow.Asalife insurer, New York Life does this by helping families send their kids to college, pay their bills and stay together in their homes. As ahealth services company,Cigna supports every individual to live their healthiest life, both in body and mind.

That’swhy today,the New York Life Foundation and the Cigna Foundation arejointly launching the Brave of Heart Fund at E4E Relief, asubsidiary of Foundation For The Carolinas, to provide charitable grants to finan- cially support the families of healthcareworkers who lose their lives in the fight against COVID-19. Each of our foundations has agreed to seed the charitable Fund with an initial $25 million contribution. The New York Life Foundation will also provide adollar-for-dollar match on the first $25 million of individual donations received. And, beyond financial support, Cigna is providing these families with emotional and behavioral health services by phone and online. Our shared goal is simple: to ensurethat every family who has anurse, technician, or- derly,cafeteria worker,custodian, doctor,orother front line healthcareworker or volunteer who loses their life supporting the battle against COVID-19 has asafety net to rely on in the days ahead.

We know our efforts cannot begin to restorewhat these families have lost, but we can show our deep gratitude by offering ﬁnancial assistance to cover their basic needs such as housing, food, transportation, education and medical care, as well as support in the form of emotional and behavioral health services.

And just as our two companies and our foundations have come together,our sincerehope is we can do this together with you. With support from individuals and corporations across the country,weaim to raise more than $100 million for this critical cause so we can help maximize the impact we can have on these families’ futures.

If thereisone thing this global pandemic has taught us, it is that by working together,caring for each other, and supporting those in need, we can help address the monumental challenges of those who need us most. The Brave of Heart Fund offers apowerful way to demonstrate our unity and shared values by expressing our deepest gratitude to the families who areﬁghting the ﬁght of ageneration.

Please consider showing your support and donating to this important mission at www.braveofheartfund.com.

Sincerely,

TedMathas is Chairman and CEO David Cordani is President and CEO of New York Life Insurance Company of Cigna Corporation

B R A V E E H O T F

H D E A N R T F U

©2020, New York Life Insurance Company and Cigna. All rights reserved. The Fund will be administered by E4E Relief, asubsidiaryofFoundation For The Carolinas, a501(c)3 public charity. P2JW112000-5-A00600-1------XA

A6 | Tuesday, April 21, 2020 ***** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC States Press To Speed Up Their Testing

Some governors take May13. Gyms,bowling alleys, barbersand other “nonessen- steps toward lifting tial” businesses mayreopen Fri- business restrictions day, Mr.Kemp said, with some social-distancing restrictions and other measures and sanitation practices still required. Dine-in services at res- U.S. governorstook steps to taurantsmay resume next week. start reopening their economies “Today’sannouncement is a

and focused on accelerating small step forwardand should GES

testing capacity forthe new be treated as such,” Mr.Kemp IMA said.

By Jennifer Calfas, Tennessee’s stay-at-home GETTY Scott Calvert orders will also expire at the W/ end of the month, Gov.Bill Lee SHA and Phred Dvorak A

said, allowing the “vast major- EZR coronavirus,asinfection rates ity” of affected businesses to Covid-19 testsare given at adrive-through sitenear San Francisco. Gov. Gavin Newsom said California aims to conduct 25,000 testsdaily. slowedinhard-hit areas like reopen May1.The statehas NewYork and reported cases 7,070confirmed infections. Coronavirus Daily Update Significantly more testing globally rose above2.47million. South Carolina Gov. Henry will be key to accelerated re- In the U.S.,therewere1,433 McMaster, meanwhile, issued As of 9:39 p.m. EDT April 20 openings, most expertsagree, reported deaths from the cor- an order lifting restrictions on and some states aremoving onavirus in the 24 hours that some retailersand other busi- aggressively to expand their ended at 8 p.m. Monday, con- nesses.Healso eased limitson 786,638 42,295 72,687 capabilities to do so. tinuing arecent general down- access to public beaches,leav- Maryland Gov.LarryHogan ward trend, according to a ing the issue up to mayors and U.S. cases U.S. deaths U.S. recoveries said Mondaythe stateac- Wall Street Journal analysis of local leaders. quired 5,000 test kits—enough datafromJohns Hopkins Uni- Public-health expertssay to run500,000 coronavirus versity.Intotal, thereare anyreturn to something re- 2,475,841 170,261 646,433 tests—from aSouth Korean morethan 786,000 confirmed sembling normal lifewill re- companyfor about $9 million. cases of the new coronavirus quirefast and widespread World-wide cases World-wide deaths World-wide recoveries California Gov.Gavin in the U.S. and have been more testing, but state health offi- Newsom said the stateaims to than 42,000 deaths,according cials and laboratoryoperators Source: Johns Hopkins University Center for Systems Science and Engineering conduct 25,000 testsdaily by to Johns Hopkins. arenavigating supply short- the end of the month, with In Georgia, wherenearly ages,test backlogsand unreli- partmentsare also working to passed by Republican lawmak- will only increase thespread plans to increase that capacity 19,000 people have tested posi- able results.Adm. BrettGiroir, expand contact-tracing teams, erslast week that would have of the virus, place more lives “bymultiples” in Mayand June. tive, Gov.Brian Kemp said the the Trump administration’s which track down those sick partially repealed the Demo- at risk,increase the death NewYork,the statesuffer- state’sstay-at-home order testing coordinator,has said with Covid-19 and those they cratic governor’s order closing tolls,and extend the length of ing the most from the virus,be- would expireApril 30,and rec- the federal government is fully might have exposed. nonessential businesses. the economic hardships cre- gantestsMondayaimed at es- ommended morevulnerable engaged in fixing testing. On Monday, Pennsylvania “Reopening tens of thou- ated by this pandemic,” Mr. timating what percentageofits residentsstayathome until State and local health de- Gov.Tom Wolf vetoed abill sands of businesses too early Wolf said. population has been infected. Contact-Tracing Efforts Expand More Infections Than

BY DAN FROSCH groups again. Themorerestric- Health departments are What time didyou wake up? Thought in L.A. County AND JOSHUA JAMERSON tions areeased, these experts forming teams to identifyand What didyou do? Whodid you say, the morecontact-tracing isolate anyone exposedtoa see? Did youdriveyour own BY BRIANNA ABBOTT anose swabtosee if the virus SandraMelman asks the sick workerswill be needed. conﬁrmedCovid-19 patient. car? Did youtakepublic trans- AND ALICIA A. CALDWELL is present. person on the other end of the “The scale at which that is re- portation? Did youorder a Health authorities and re- phone to grab acalendar.She quired far supersedes what is The contact-tracingprocess Lyft?When youwent to get Manymorepeople in Los searchershavebegun rolling wantstoknoweverything the available right nowatpublic- Health officials call a your carserviced, did youtalk Angeles have likely been in- out the serologyteststogauge person did and everyone the health departments,” said Emily person who recently to the receptionist? Did you fected with the newcoronavi- howwidely the virus is spread- person spent time with during Toth Martin,aprofessor of epi- testedpositive. touch anything? rusthan previouslyknown, acing,and when it might be safe the 48 hoursbeforesymptoms demiologyatthe University of Patient describes “A lot of the time they’re cording to preliminaryblood to ease social distancing,lock- of the newcoronavirus began Michigan School of Public Health. everywheretheywent, just sitting therecoughing,” test resultsreleased Monday downs and other restrictions. to appear. Countries such as Singapore howtheygot thereand Ms.Booth said. by the LosAngeles County De- Theresultsecho other find- “Wewant to tryand figure and South Koreahaveleaned who theyinteracted with Apple Inc.and Alphabet partment of Health. ingsinthe U.S. and Europe, out howyou gotthe disease heavily on sophisticated, tech- starting 48 hoursbefore Inc.’sGoogle have said they in- Yetthe vast majority of the and point to alowerhospital- andwho could have been ex- driven contact tracing to suc- their symptoms appeared. tend to build software together county’s residents—morethan ization and mortality rate posed to you, so we canhelp cessfully slowcoronavirus out- that would alert people if they 94 out of every100 people— among the infected than cur- stop it from spreading,” said breaks.The U.S.,bycontrast, is were in contact with someone stillremain susceptible to the rent case countssuggest. Ms.Melman, an epidemiologist just gearing up itsefforts, which infected with the newcoronavi- novel virus,city health authori- Yetthe resultsalso suggest Taxi forthe NewMexicoDepartment areatthe stateand county— Bus Bike rus. Such mobile apps, which ties said. that LosAngeles county and of Health, about what she typi- rather than federal—level. have already been used in Some 863 adultsinthe other hot spotsare still vulner- cally tells the people she calls. In Arizona, public-health Asian countries,promise more county of about 10 million were able,because most people still Sincethe end of March, Ms. graduatestudentsatthe Uni- precision than relying on peo- tested forantibodies,and haven’t been infected. This Melman andateam of nearly versity of Arizona who track Grocery Post Relative’s ple’smemories,but have raised about 4.1% were positive, said means the virus could spread 100public-health workersin food-borne-illnesscases for store office house privacyconcerns and aren’t Barbara Ferrer,director of the among the uninfected within NewMexicohavespoken to Maricopa County recently be- ready forwidespread rollout in LosAngeles County Depart- communities if social-distanc- morethan 150,000 people as ganperforming Covid-19 con- the U.S. ment of Public Health. ing measures areliftedtoo part of contact-tracing efforts tact tracing forPima County, Health officials then call Public-health officials said Researchersatthe Univer- early. to stem Covid-19,the illness whichincludes Tucson. all businesses and laypeople canbetrained to sity of Southern California, Epidemiologistsestimate caused by the coronavirus. PartnersinHealth, aglobal individuals to inform them makethe calls and read off the who joined with the health de- that at least50% to 60% of a State health departmentsare nonprofit, recently forged a of exposure. scriptsprovided. But the work partment, then estimated that populationwould need to be quickly expanding similar con- partnership with Massachusetts requires trying to compel sick 2.8% to 5.6% of LosAngeles infected to build up alevel of tact-tracing teams,inhopes to hireand train nearly 1,000 Contacts who spentmore people to recall important County’s adult population has herd immunity that could po- they will help the states reopen people to do contact tracing. than severalminutes in events and assisting individuals been infected at some point. tentially stop the chain of close proximitytothe their economies sooner and In Utah’sSalt Lake County, patientare asked to exposed to the virus in figuring “It does,for me,reinforce transmission. lowerskyrocketing unemploy- the public-health department self-isolate for14days. out howbest to isolatethem- the need foreveryone to con- “What the dataare telling us ment.People who have come hasbeefed up itscontact-trac- selves. tinue to stay at home,” Dr.Fer- most clearly and most concern- intocontact with an infected ing team of 30—typically used Source:state public health officials Ms.Melman said that at rersaid. “Because thereare ingly is that asubstantial ma- LindsayHuth/THE WALL STREET JOURNAL person aretypically told by the againstchickenpoxand other first, her team typically gener- many, manypeople who are jority of individuals remain un- teams to isolatethemselves for common communicable dis- ated listsofbetween 10 and 30 positivethroughout the county affected,” said Joseph Lewnard, 14 days or consult with adoctor. eases—to130. tientstest positivefor the new people to call based on asick who maynot be showing symp- an assistant professor of epide- In lieu of avaccine,which LeeCherie Booth worked in coronavirus.Her mission is to person’scontacts. Thenumber toms.” miologyatthe University of mightnot be widely available aSalt Lake City immunization jog their memories about of contactsfromasingle case Thefindings, which inde- California, Berkeley,School of foratleast ayear,and mass clinic before switching to her wherethey were and with has sincedwindled to between pendent expertshaven’t yet Public Health. “Weremain at testing,public-health experts current contact-tracing job whom they were in contact as three and five people,she said. vetted, come from serology critical risk forsecond waves.” saytracking down sick people about amonth ago. She spends long as two days beforethe on- Still, the ability of the virus teststhat look forantibodies in Dr.Ferrer also said it is still and those they might have ex- morethan 10 hoursaday, set of symptoms. to transmit so easily wasstrik- the blood that have developed tooearly to ease social-distanc- posed to the virus will be criti- sometimes seven days aweek, Ms.Booth’squestions,all re- ing,Ms. Melman said. “Eventu- to fight off the coronavirus. ing requirements. “Weasking calinallowing the public to calling people referred by layedbyphone,can be pains- ally,everyone in that household Thetestsare different from the people to have morepatience,” work,shop and gather in health authorities afterthe pa- taking and personal. testspositive,” she said. diagnostic tests, which examine she said.

chusetts labor department, TheU.S.TreasuryDepart- Burning Cash prolonged downturn. Stettner,senior fellowatthe State Funds said the state“will continue to ment didn’t respond to re- Twenty-two states’ and ju- CenturyFoundation, adding, take anysteps necessaryto quests for comment. Unemploymenttrustfund risdictions’ unemployment “They may feel that pressure ensurethe solvencyofthe Stateshavestruggled to balances among states with trust funds were unprepared beforethe economyisfully re- ForJobless trust fund, including seeking processanunprecedented the largestfunding declines, to payout enough in unem- covered.” support from the federal gov- number of claims applications. percent change from February ployment benefitsinthe event Anotherpotential concern ernment.” Statesalso faceadded corona- through mid-April of arecession, according to is a further run-up of federal Drained California didn’t respond to virus-related spending, while –60% –40 –20 0 Labor Department data. debt. The federal government requests for comment. shutdowns of much of the Foratrust fund to be re- has started to pour money Economistssaid the cash economy, along with shifting Massachusetts cession-ready,itmust have intothe unemployment-insur- ContinuedfromPageOne drain means morestatesin deadlines forincome-tax fil- NewYork enough to paybenefits ancesystemtohelp supple- resenting one of the steepest coming weeks could runout of ings, have threatened to crimp through a yearlong recession. ment incomes forthe millions declines among states. money for paying regular un- state budget revenues. California Afterthe last recession, who have lost their jobs. “All benefits, including en- employment benefits and put More than 22 million peo- Illinois states eventually turned to the Thefederal-stimulus plan hanced benefits, arebeing in requestsfor loans from the ple have filed forunemploy- federal government as aback- signed intolaw last month will paid, and to help ensureitre- federal government. ment claims nationwide in the Ohio stop when their unemploy- add $1.76 trillion to federal mains that way the statehas Congressdoesn’t need to month that ended on April 11. Connecticut ment trust funds went broke. budget deficits over the com- applied foranupto$4billion, approveadditional federal Twoweeks ago, about 660,000 They later pursued different ing decade,the Congressional no-interest federal loan,” said loans to replenish state trust people applied for unemploy- West Virginia strategies to payback the Budget Officesaid Thursday. Deanna Cohen, aspokes- funds when they rundry.A ment benefitsinCalifornia. Kentucky money,often by either raising Of that, the CBO expectsthe woman forthe NewYork La- state’sgovernor submitsalet- Nearly 400,000 individuals employer taxes or cutting the expansion of the unemploy- bor Department. ter to the federal government filed in NewYork and 100,000 Texas duration of benefits. ment-insurancesystemwill Massachusetts also has asking forthe funds to be in Massachusetts. Minnesota Statescould repeat the add $268 billion to the deficit. used up about half of itsavail- placed in their state account. No statehas runout of same strategy of benefit cuts TheTreasurypaid out more able funds. “Tothe extent that their money, but state officials are Source:Treasury Department during the current downturn, than $11 billion in unemploy- California registered the ownreserves arerunning low, already planning forthe possi- perhaps on an expedited time- ment benefitslast week third-largest decrease over they have the ability to take bility.Connecticut will proba- Connecticut’sfunding for line. The recent surge in job- through Friday, morethan the this period: Itstrust-fund bal- an interest-free loan up from bly need to take out federal unemployment benefitshas less claims far outpaced the amount it spent on the assis- ance had dropped nearly 40% Treasury,” U.S. Labor Secre- loans for regular benefit pay- declined about 30% since the increase during the 2007-09 tanceprogram in the first since February to $1.9 billion tary Eugene Scalia said. “It outsnextmonth, said Danté end of February. recession. three months of the year. in mid-April. wouldn’t surprise me to see Bartolomeo,deputy commis- Manystatesentered the “The concern is that they’re —Anthony DeBarros Charles Pearce,communica- more avail themselves of that sioner of the state’s labor de- currentcrisis without suffi- going to feel pressuretore- and Eric Morath tions director forthe Massa- going forward.” partment. cientfunding to weather a strict benefits,” said Andrew contributed to this article. P2JW112000-0-A00700-1------XA

THE WALL STREET JOURNAL. Tuesday, April 21, 2020 | A7

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A8 | Tuesday, April 21, 2020 THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Firms Look at Testing Employees in Return to Work

BY SARAH KROUSE that the company has started ing beforetheir workerswould said Ryan Smith, CEO of Qual- could pop up in officebuild- nose or throat, and getting ac- gathering the equipment it feel comfortable returning to trics, a unit of German enter- ings, or at nearby facilities curateresultsrequires a Companies from Ama- needs to build aCovid-19 test- the office. Some executives on prisesoftware giant SAP SE. that provide occupational trained tester clad in full pro- zon.com Inc. to General Mo- ing lab for its employees. The the call indicated they were Mr.Smith said he is consider- health or primarycarefor tectivegear,said Dr.Jeff tors Co.are exploring waysto e-commerce giant has rede- looking intoproviding tests ing various testsfor his work- workers, said Dr.Neal Mills, Levin-Scherz, leader of Willis test their employees for ployedateam of scientists, forworkersand, potentially, force. chiefmedical officer at Aon Towers Watson’shealth-man- Covid-19 before they come in procurement specialistsand customers, according to peo- While temperature screen- PLC,which advises companies agement practice. to work. software engineerstowork on ple familiar with the matter. ing and masks remain the on workplacebenefitsand That nose or throat swab Regular testsfor workers alab fortesting front-line Despitebroad employerin- most common types of protec- sells retirement and insurance test oftenelicitsacough from could keep exposuretosick workers. terest in testing, some execu- tion companies are consider- products. With the arrival of the patient, which could employees to a minimum and “Regular testing on aglobal tives discussing these plans ing to protect their work- virus teststhat deliver results spread viral particles. “That’s boostemployees’ confidence scale,acrossall industries, saythat therefirst must be forces,asurvey earlier this in minutes, rather than days, not really good to do in the aboutcoming back to work, would both help keep people enough tests for health work- month of Fortune 200 compa- employees could report to lobbyofafactoryoroffice,” corporatemedical advisers safeand help getthe economy ersand people who aresick. nies by EmployerHealth Inno- those sites for virus tests be- he said. andhuman-resourcesexecu- back up and running,” Mr.Be- Manylabs have faced chal- vation Roundtable,abenefits- fore heading intowork,he In lieu of testing fornow, tives say. Yet companies face zoswrote in the shareholder lenges including a shortageof focused industrygroup,found said. businesses aretrying other hurdles in rapidly building letter. swabs and reagents, backlogs that aboutaquarter of the 40 Manyemployers provide waystogaugethe health of testing capacity.For one,tests Business leaders convened and unreliable results. survey respondents said they annual flushots, but testing their workers. Partners remain tough to obtain in by the Trump administration “I think the big question were considering some form for coronavirus is more inva- HealthCare in Boston, for ex- large quantities, those people last week to discussreopening we’reseeing that everyone of testing at worksites they siveand potentially hazard- ample, requires employees to say. the economysaid the U.S. wantstoknowishow much plan to reopen in the next ous, medical experts say. The sign an attestation saying they Jeff Bezos, Amazon’s chief needed to dramatically in- testing we need to do at the month. teststypically take aswab feel well within two hoursof executive, told shareholders crease the availability of test- individual employee level,” Corporatetesting sites from the back of aperson’s the start of their shifts.

Protocols on what to do Companies when aworker testspositive forCovid-19 vary,evenwithin the same industry. Plan for Liberty Coca-Cola in at least four cases has shut down an entireplant or warehouse when Reopening aworker therehad aconfirmed Covid-19 case,the spokeswoman said. Managerssent the ContinuedfromPageOne shifthome,and an outside firm broad on what employers disinfected everysurface, in- should do,leaving manycom- cluding printersand micro- panies to jury-rig internal waves, beforethe next shift. safety procedures to fight the Therival Pepsi bottler inter- coronavirus outbreak. Some views sick workers, asking common practices include regu- which partsofafacility they lar health screeningsaten- worked in recently and target- trances and requiring workers ing those areas fordeep clean- to wear facemasks and other ing. It reviews security-camera protective gear on the job,in- footagetoconfirm the cleaning dustry executives and consul- firm has addressed the spots, tantssay.Manycompanies are said the company’sMr. Honick- changing floor plans,rerouting man. In some cases,hesaid, it workersthrough separateen- hascleaned an entirefacility S trances and exits, and stagger- over aweekend without need- NEW

ingshifts to limit interaction. G ing to send workershome. Testing employees forthe “In aperfect world, I’dlove virus beforethey come to work to see more” guidancefrom OOMBER

has also emergedasapotential /BL public-health officials,hesaid. solution forbusinesses looking “When the guidanceisclear, to bettertrack the outbreak. it’seasier to implement.”

But executives saythereare SHARRETT In March, tobacco giant Al- KE

still manyhurdles to wide- LU tria Group Inc.said it wasclos- spread deployment, including With each newCovid-19 case, UPS informs co-workers in the immediate vicinityand informs local union officials. ing down itsMarlborocigarette whetherenough testscan be factoryfor two weeks aftertwo secured and workerswill agree and provide it. by public health officials.” Amazon.comInc.CEO Jeff common appliances such as mi- employees tested positivefor to take them. A CDCteam recently made FedEx said it removes from BezosonThursdaysaid in a crowavessometimes removed. the virus.When it reopened the Businesses that never closed an on-sitevisit to apork-pro- duty pilotswho test positiveor shareholder letterthe company Ford,atone plant making plant, it reduced the number of their facilities because they ductionplant in Sioux Falls, areexposed to an infected per- has started building test capac- protective gear formedical workersand implemented mea- were deemed essential areon S.D.,operated by Smithfield son. They self-isolatepending ity to diagnose all employees workers, is experimenting with sures such as closing the cafe- the forefront of these ad hoc Foods Inc.toevaluateworker- furthertesting and evaluation. forCovid-19,including those workerswearing wristbands teria and giving employees box efforts—with vastly mixed re- safety measures,said Smith- If aworker testspositiveinan- with no symptoms. that alert them if they come lunches instead, an Altria sultsand constant changes. field CEO Kenneth Sullivan. other facility,such as apack- within 6feet of another,aFord spokesman said. Others, such as manymajor car That team planned to visit age-sorting center,managers spokeswoman said. makers,plan to reopen facto- otherSmithfield plantsand work with human-resources Nervous employees Specific measures to main- ries in coming weeks. providesimilar guidance, he personnel to notifyother em- Whereworkersare coming tain 6-foot guidelines will re- ‘Balancing act’ Thepatchwork approach to said. Smithfield closed itsSioux ployees or vendorswho may in daily,managersare trying to quireautomakersand many “It is atruebalancing act safety is creating tensions with Falls pork plant, one of the in- have been exposed or who reassurenervous employees partssupplierstorejiggersome and we really said employee unions and debateover dustry’sbiggest, foranindefi- work closely with the infected that the companies aren’t put- tasks and maynot be feasible, safety first, with an eyeto- whether some companies are niteperiod afterthe state’s worker and ensurethey take ting them at risk,emphasizing said Kristin Dziczek, alabor ex- wardsbusinesscontinuity,” doing enough to protect work- governor said the facility was recommended precautions. effortstodeep-clean work- pert at the Center forAutomo- Billy Gifford, who wasnamed ers. Some employees in recent linked to morethan 200 cases If the case is in aretail loca- spaces,makehand sanitizers tiveResearch, aresearch group. Altria CEOlast week,said in a weeks have walked off the job, of the newcoronavirus. tion, FedEx said, it would close and protectivegear widely Forexample,bolting an engine March interview. “Our focus is saying theirworkplaces were FedEx Corp.and United Par- the storefor 24 hourstohavea available,and restrict visitors. intoavehicle typically requires on the health and welfareof putting them at risk. celServiceInc.have continued third-party cleaning company Tiremaker Bridgestone morethan one worker standing our employees so we’rebeing “Wedon’t have to put peo- operating their global-delivery sanitizethe spaceand reopen it Corp., which recently restarted underneath. very deliberativeinour ap- pleinspacesuits, but we have enterprises, even as the virus’s with staff from anearby store. five U.S. factories,said it sus- Thecar companies saythey proach,” the spokesman said. to do morethan hand sanitiz- spread led to infections and Last week, businessleaders pended rules regarding unex- arestill working out assembly- Reynolds American Inc.’s ers,” said Ford Motor Co.CEO death in their employeeranks. pressed President Trump to in- cused absencetoencourage line changes.Jim Glynn,GM’s procedurefor aconfirmed Jim Hackett. He said he didn’t When aUPS employeein crease virus-test availability to workersfeeling sick to remain workplace-safety chief,said Covid-19 case is to perform ad- see concerns about the virus SanDiegotested positivein help convincethe public it is home andhas installed parti- spacing workerswould be one ditional cleaning of the areas outbreak abating soon and the March, the companyquaran- safetoreturn to work.Mr. tions at some plantstomain- of the biggest hurdles to re- wherethe employeeworked, a companywas putting in placea tinedthe worker and disin- Trump has formed atask force tain 6feet between employees. suming work.GMwould give spokeswoman forthe cigarette global safety standardthat fected all affected workspaces of morethan 200 businessex- At GE Appliances factories, extraprotectivegear to those maker said. In one case,the should last until at least next before opening the area back ecutives and political leadersto nurses areavailable on site, working in proximity,hesaid. companyshut down asmall fa- spring.“We’vegot to getthat up,aUPS spokesman said. With advise on reopening the econ- and “social-distanceambassa- Some measures,such as cility aday early beforethe part really right,” he said. each newCovid-19 case,UPS in- omy. TheWhiteHouse said the dors” monitor behavior and ad- Easter holidayfor cleaning. Some companies aretaking forms co-workersinthe imme- CDC and the Department of dressemployeeissues that may University of Iowa professor their cues from what has diatevicinity and informs local Homeland Security have issued arise,acompanyspokeswoman ‘We have to do more RenéeAnthony, an industrial worked in China, whereefforts union officials.UPS doesn’t dis- specific guidancefor critical in- said. Thecompany, which Chi- hygienist, said while govern- to reboot businesses areahead close the sick employee’siden- frastructureworkers, which can nese appliancemaker Haier than hand sanitizers,’ ment guidelines offer some di- of other partsofthe globe be- tity nordoes it communicatea be applied broadly but arespe- Group bought from General says Ford CEO Jim rection, companies must fine- cause the countryhas been positivediagnosis to all work- cific forbusinesses in the first Electric Co.in2016,taped off tune responses to specific dealing with the virus outbreak ersatasite, the spokesman phase of the administration’s some factoryrestroom urinals Hackett. workplacesituations.The CDC longer.There, temperature said, adding: “This is beyond guidelines to reopen the coun- so workerswouldn’t stand too recommends people wear cloth checkpointsand employee- the scope of guidanceprovided try. close to each other,according facemasks in public places health screeningshavebecome to companymaterials. whereitisdifficult to maintain commonplaceatmost business VolkswagenAGhas rolled lengtheningtime between distancing,for example.But locations.Factoryworkerswear out alist of 100 workplace shifts and using fewerworkers cloth masks don’t provide suffi- masks and rubber gloves dur- changes it plans forbuilding in some areas,are expected to cient protection when employ- ing shifts,and companies have cars as it begins reopening its hamper productivity,consul- eeswork huddled together,she closed down break rooms and European factories this week tantsand executives say. “If said, whereindustrial-grade smoking areas to prevent em- andplantsinother countries, necessary, we will produceless masks would be moreeffective. ployees from congregating in including the U.S.,after April 27. rather than take anyrisks,” said N95 respirator masks also are onespot. Among them, workerswill no Andreas Tostmann,Volks- effectivebut areinshort sup- longer passmaterials to each wagen’sglobal production ply because of medical demand, other by hand, setting them chief.“We won’t have the en- she said. Federal guidance down instead. Employees will tireworkforce back in the early TheCDC’sMr. King said Thefederal Occupational line up single-filetoenter fac- days,but rather successively cloth facemasks were recom- Safety and Health Administra- tory gates, keeping a6-foot dis- increase capacity.” mended to potentially limit the tion has released guidanceon tance. Theoverhaul is so ex- TheUnited AutoWorkers spread of the virus to others. protecting workers,providing haustive, union officials have union in mid-March success- They shouldn’tbeconsidered a recommendations—some in- said, staff will have to take extra fully pressured Ford,GMand substitutefor protectivegear dustry-specific—on limiting the time to absorb the newrules. Fiat Chrysler to close U.S. fac- likerespiratorsorindustrial- virus’sspread. TheCentersfor Ford,General MotorsCo. tories as the virus spread. Since grademasks if the employer Disease Control and Prevention and Fiat Chrysler Automobiles then, UAWleadershavebeen deems aneed forthem, he said. offersworkplaceguidelines,in- NV said workerswould see vocalabout workplacechanges JoeVitta,president of cluding what to do if an em- changes when their U.S. facto- they want, such as testing pro- TeamstersLocal 812, which ployeehas been exposed. ries reopen in the coming tocols and assurancethat those representsworkersatthe Coke But OSHA stresses itsguid- weeks,such as arequirement with symptoms canself-quar- and Pepsi bottling plants, said

ance isn’t regulation, only an RK to fill out daily question- antine at home without penalty the union’spriority wasensur- advisory. In practice, executives YO naires—likely online beforear- to dissuade employees from ing workersget adequatepro-

and workplace-health experts NEW rival—about symptoms,and showing up sick.The carcom- tection against the virus.

say, much is leftopen to inter- OF temperaturechecks. panies and union arejointly de- “It’samoving target,” Mr.

pretation. OSHA didn’t respond ANY Thecompanies said they veloping the plans,they have Vittasaid. “9/11, it happened

to requestsfor comment. Brad- MP were taking steps to reducein- said. andwereacted. Sandy,ithap- ley King,aCDC industrial hy- CO teraction during the flow of TheUAW,representing pened and we reacted,” he said, gienist, said employers should factorylife. Wherepossible,de- roughly 150,000 factorywork- referring to the superstorm. TTLING

prioritize keeping employees BO parting workerswould use a ersatthe Detroit carcompa- “This is different. It changes separated to avoid the spread separateexit from those arriv- nies,has confirmed at least 22 daytoday.” OLA of Covid-19.Ifthat wasn’t pos- ing forthe next shift, instead of Covid-19 deaths among its —Bob Tita, Thomas Gryta,

sible,hesaid, the employer PEPSI-C filing by one another through membership,but it isn’t clear if Nora Naughton, Andrew must determine what protec- An employee's temperatureischecked at aPepsi-Cola Bottling Co. turnstiles.Seating in kitchen anycontracted the virus at Restuccia and William Boston tiveequipment workersneed of NewYork facility. areas would be spread out, with work,aunion spokesman said. contributed to this article. P2JW112000-2-A00900-11FFFF7178D

THE WALL STREET JOURNAL. ** Tuesday, April 21, 2020 | A9 THE CORONAVIRUS PANDEMIC Governments Zero In On an Essential Ratio

BY STEPHEN FIDLER ing and is an epidemic and an 3.86. outbreak and is out of con- TheR0estimates arebased GovernmentsacrossEurope trol.” on information about the and in the U.S. say they have In Europe,governments growth in number of con- driven down akey variable to have also said they have firmed cases and the number levels that suggest that the brought the ratio belowone, of people hospitalized. lockdowns that plunged their whileemphasizing that the Mr.Philippe,the French economies into the deep battle against the virus is far prime minister,said Sunday freeze are succeeding in con- from wonand that the ratio that the estimateofR0would taining the spread of the could surge again. be one of the testsFrance deadly new coronavirus. French Prime Minister Éd- would use as it phases out its

The variable measures the ouardPhilippe said on Sunday lockdown measures,which are RK averagenumber of other peo- that the variable in France in place until May 11. PA

ple each carrier of the new had fallen to 0.6, showing that In the U.K.,the govern- DISE RA

coronavirus infects. This infec- the spread “isslowing and ment’schief scientific adviser, PA tion ratio will be avidly slowing rapidly” thanks to the Patrick Vallance, said last Izzy Wheatleyhas been sharing abedroom with twopenguin chicksatParadise Park in Cornwall, U.K. watched as policymakerscali- confinement measures that week that it was highly likely brate the task of rolling back have been in placesince that theratiowas belowone measures that have kept hun- March 17. but probably above0.5,which SheStill Feedsthe Penguins, dreds of millions of people at The latest ratios represent meant that the epidemic is home. a significant decline from the nowshrinking but that it is If the reproduction ratio is averageofthree to four that unclear by how much. belowone,the epidemic pe- many studies estimate would He emphasized that allow- But NowCalls HerZoo Home ters out. Thecloser to one, have been the reproduction ra- ing it to rise above one again the slowerthe decline,and would be dangerous.“It may thegreater risk of aresur- be quitedifficult to predict As the new through the day while jug- the park for 2½ years, but gence. If the ratio sticks above In Europe and the and detect that growth and we coronavirus gling other duties, including this is her first time living one,the epidemic will gather run the risk of a second peak forces big feeding otters and exercising away from home. momentum. Thegood news is U.S., relaxation of with all of the damagethat changes in eagles, vultures and hawks. “At first it felt like one big acrossEurope and in partsof containment efforts that will cause to health and how we “I constantly smell of sleepover,” she said. The the U.S. the ratio has fallen to the economy,” he said, add- work, The Wall Street Journal whisked-up fish,” she said. group brought potted plants belowone. will be fraught. ing that in some places like is looking at how different Ms. Wheatley moved into and framed photos to feel Thetrouble is that the hospitals and care homes the people are coping with the the zoo because the park more at home. spread of the virus is highly reproduction ratio could be stresses and risks. For earlier was concerned about not Reality soon setinand sensitivetowhether the ratio higher. articles in the series, visit having enough staff if some squabbles brokeout. Sched- is just beloworjust above tio if nothing had been done. In Germany, the estimated wsj.com/makingitwork. were forced to self-isolate ules changed abruptly,and one. With an unmitigated rate of fall in the rate has encour- because of contact with sick the keepersfound it hardto That sensitivitymeans gov- spread, the serious symptoms aged the government to cau- BY SAABIRA CHAUDHURI family members. She also decompress. Ms.Wheatley ernmentswill have to estimate of Covid-19,the disease caused tiously movetoopen up some worried about contracting nowwakes up about an hour howproposed relaxation mea- by the newcoronavirus,suf- locked down partsofthe The first thing Izzy the virus at the park and earlier,and oftenfinishes sures such as opening schools, feredbyaminority of patients economy. Wheatley hears when she then infecting her parents. work an hour later because of restarting factories and re- would have overwhelmed TheRobert Koch Institut, wakes up in the morning is Thezoo canhost crowds staff shortages. opening stores will affect the health systems in most coun- which advises the German the sound of penguin chicks of hundreds daily,but is cur- “Stress levels completely ratio,and they will have to tries. government on the medical re- squeaking. rently closed to the public. spiked,” Ms. Wheatley said. continue to monitor the im- Areview of 12 modeling sponse to the pandemic, said The 20-year-old zoo- Still, it costsover £1,500 “Everybody was a bit pact in real time. If the num- studies cited by the European Sundaythat it estimated the keeper moved into Paradise ($1,875) aweek to feed the grumpy at each other, no- ber rises back aboveone, Centrefor Disease Prevention reproduction factor at 0.8. In Park—a zoo in the south- nearly 1,200 animals includ- body knew who was doing some restrictions mayhaveto and Control,which coordi- Italy,the firstEuropean coun- western British county of ing penguins,parrots, birds of what.” The on-site keepers be reimposed. nates disease responses in the trytobehit hardbythe crisis, Cornwall—just before the prey,red pandas,goats, otters and workers who commute In the center of the U.S. European Union,suggeststhat the rate is about 0.8, accord- U.K. went into lockdown to and redsquirrels.Ms. Wheat- to the zoo have since devel- health crisis,New York Gov. if the disease were lefttoits ing FrancoLocatelli, one of stem the spread of Covid-19. ley’s payhasn’t changed, but oped a routine. Andrew Cuomo said on Sun- owndevices, the reproduction the government’s main scien- She had been living with her she is encouraged to keep On her days off, Ms. day that the infection ratio in ratio—known as R0—would be tific advisers. parents, but in March joined track of overtime in case the Wheatley has a new appreci- thestate had been slowedto about 3.28.Astudy led by Chi- Scientists are still working three of her colleagues to zoocan eventually payher ation for a park she other- 0.9, but added, “Wehavea nese scientistsofthe experi- on models that mayhelp in hunker down with the army forthe extrahours. wise sees as a workplace. very small margin of error enceinWuhan in China, where calibrating measures to relax of animals that call the 14- The house Ms. Wheatley “There’s a cool breeze, the hereaswenavigategoing for- the virus appearstohaveorig- the lockdowns. acre park home. and three other female keep- sun shines and it’s like being ward.” If the reproduction ra- inated, suggeststhe severe —Jason Douglas The two penguin chicks ers live in is typically used on holiday,” said Ms. Wheat- tio were to rise slightly to 1.2, lockdown therecut the repro- and Bertrand Benoit sleep in her bedroom and for visiting conservationists. ley. “It does feel like you’re he said, “the virus is increas- duction number to 0.32 from contributed to this article. she hand feeds them hourly Ms. Wheatley has worked at in a bit of paradise.”

Staying home saves lives.

For moreinformation, visit coronavirus.gov P2JW112000-4-A01000-1------XA

A10 | Tuesday, April 21, 2020 **** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Small Shops Start to Open In Germany

BY RUTH BENDER “Wemustn’t allowour- selves forone second to be BERLIN—Shoppers flocked lulled into a false sense of se- back to stores acrossmost curity,” Ms.Merkel told a German states as Chancellor press conference on Monday. Angela Merkel warned that ex- The impact of the gradual re- iting lockdowns toofast could openingswill be visible only in jeopardize the country’sprog- two weeks,Ms. Merkel ress in curtailing the coronavi- warned, urging citizens and GES rus pandemic. states to remain vigilant and IMA

Germany’sgovernment last disciplined. “We mustn’t for- ETTY

week said it would start tip- getthat we’restill at the be- /G toeing itsway back to eco- ginning of this pandemic.” UP nomic normality,gradually re- Germanysofar has been GALL starting businesses this week spared the high death tolls SEAN that were closed by a month- seen in northern Italy or New Amother and son wore protectivemaskswhile shopping at ashoe store in Leipzig on Monday, as storesbegan to reopen in Germany. long lockdown. York state. It never fully shut Firstinline aresmaller down itseconomy, leaving fac- Germany’sRetail Federa- Hilbig,owner of aclothing Thecountry’s16statesvary ber of shoppersallowedinside shops, which can now reopen tories free to operate, and un- tion, Handelsverband Deutsch- store in Cologne. widely in their implementation to as few as four.Staff stood as long as they followstrict likeFranceorItaly,continued land, said it expected foot Ms.Hilbig said she wasstill of the reopening plan—with at the door, asking customers hygiene rules and put safe- to allowcitizens to go for traffic to ramp up slowly given concerned that the reopening some states allowing malls to disinfect their hands and guards in placetoprevent the walks outside. the safety restrictions put on mightbecoming alittle too and furniturestorestorestart offering gloves or masks. buildup of crowds. As of Mondayafternoon, shops. fast. She is allowed to let five while others are still banning Largefashion chains,de- Thegovernment is stress- figurescompiled by Johns But several shop owners people into her store at once them. Theexact reopening partment stores and cafes on ing that the relaxation wasno Hopkins University showed said on Monday they were but fornow she prefersto dateand safety measures also the Zeil, one of Germany’s license to stop practicing the Germanyhad 146,293 con- pleasantly surprised by the at- limit it to three. vary from one jurisdiction to busiest shopping boulevards, country’sstrict social-distanc- firmed Covid-19 cases and tendance. “It would be dramatic if the next. remained shut. People wan- ing measures,which arestill 4.683 deaths, about a quarter “It shows that people ha- this leads to a new rise in in- In downtown Frankfurt on dered down the street and sat binding, lest infection rates of the fatalities reported in ven’t been shopping fora fections and then we are Mondayafternoon, lines on benches,enjoying the begin rising again, forcing a France, which has asimilar month. I sold more than on a forced to close again,” she formed outside some stores spring sunshine.Veryfew renewed lockdown. number of confirmed cases. regular Monday,” said Iris said. that were restricting the num- wore masks. China Aims to Allow Some Business Travel Jews Face More Hatred BY CHUN HAN WONG Chinese officials have SincelateMarch, China has porting quarterly gross-do- be spared mandatoryquaran- raised the idea with counter- suspended entryfor nearly all mestic-product figuresintine measures at the destina- HONG KONG—China has ap- partsfromJapan, South Korea foreignersand limited interna- 1992. tion country, the diplomatssaid. Amid Crisis, proached anumber of countries and Southeast Asia, among tional air routes to weekly China’sForeign Ministry Multinational companies in to discussthe possibility of other governments, the diplo- flights—weeks afterBeijing didn’t respond to arequest to the automotive, electronics and Report Says easing border controls to allow matssaid. South Koreaand urgedother countries not to comment. chip industries need senior en- some businesstraveltoresume, Singaporehaveformally restrict travel to and from China’s proposal would ex- gineerstotraveltotesting cen- BY FELICIA SCHWARTZ part of broader effortstore- agreed to discuss ways to fa- China, saying such curbsgo empt certain travelers—such ters and labs in other countries starteconomic activity stalled cilitate essential travel with against World Health Organi- as business executives—from to makereal-time adjustments TEL AVIV—The newcorona- by the coronavirus pandemic. China, according to govern- zation guidance. existing travel bans and to productsorcomponents, ex- virus pandemic is fueling anti- With China signaling initial ment statements. The proposal to ease some streamline the health-screen- ecutives said. Companies also Semitic sentiment, Israeli re- success in containing itsdo- Beijing has also reached out of those controls comes as ing measures they need to go oftensend senior staff from searcherssaid Monday, as mestic contagion, its officials to some European countries China steps up effortstore- through, the diplomats said. their home countries to over- messages online and else- have in recent weeks proposed aboutallowing some travel storeeconomic activity and One possibility is to have see production processes in fa- where falsely blame Jews for effortstofacilitateessential necessaryfor sustaining supply repair global supply chains.On participating governmentsrec- cilities abroad. the spread of the disease and travel with foreign counter- chains,some diplomatssaid. Friday, China said its economy ognizethe resultsofeach China has started discus- the ensuing economic impact. partsfrommorethan adozen China’stravelcurbs are shrank 6.8% in the first three other’s coronavirus tests, so sions with South Koreaand Researchersfromthe Kan- countries across the Asia-Pa- amongthe strictest world- months of this year from a prospectivetravelerscould be Singaporeonhow to facilitate torCenter at TelAviv Univer- cific region, diplomatsfamiliar wide,imposed to halt the rein- year earlier—the firstcontrac- tested beforethey depart— essential travel, people famil- sity,which released itsannual with the matter said. troduction of the coronavirus. tion sinceBeijing began re- rather than afterarrival—and iar with the talks said. assessment of global anti-Sem- itism on Monday, said the vi- rusthat causes the Covid-19 illness had revived centuries- Muslims TrytoSafelySustain Ramadan Traditions old habitsoffaulting Jews for thingsthat go wrong,such as natural disasters, plagues, BY RAJA ABDULRAHIM Eastern and South Asian reci- world wars and economic cri- pes, hopes to avoid provoking ses.Far-right groups,ultracon- With Ramadan beginning envy by cooking forher virtual servativeChristian circles,Isla- this week,Sarah Farid- guests. “I think [we’re] still mistsand the far leftare seen Chaudhryisplanning forwhat surprised that this is what it’s as common sourcesofsuch ac- she has termed “e-iftars.” come to, though,” she said. cusations,the report found. Theclinical nutritionist and In New York, Imam Suhaib “Since the beginning of the her husband want to replicate, Webb is organizing virtual Covid-19 pandemic, there has as best they canamid the cor- events forevery night of Ram- been asignificant rise in accu- onavirus pandemic, the com- adan that he is calling BYOI— sations that Jews,asindividu- munaldinnersthat mark the bring your own iftar. als and as acollective, arebe- breaking of the fast aftersun- Manypeople already strug- hind the spread of the virus or set each dayduring Islam’s gle with loneliness, and both aredirectly profiting from it,” holy month of Ramadan. Ramadan and lockdowns can Moshe Kantor,president of JOURNAL Ms.Farid-Chaudhry, a30- highlight that isolation, said the European Jewish Con-

year-old mother of two in REET Imam Webb,anadjunct progress, said in connection with ST

Windsor,Conn., plans to cook LL fessor at NewYork University the report’sunveiling.“The

and drop off food—from asafe WA who runs his ownreligious-ed- languageand imageryused

distance—tofamily and THE ucation website. Thereisa clearlyidentifies arevivalof friends so they canall share R need to find alternatives to the medieval ‘blood libels’ FO the same meal over Zoom. gathering around one table for when Jews were accused of “I’m much moreonboard TEIN the sakeofpeople’smental spreading disease,poisoning with physical distancing ONS and emotional health, he said. wells or controlling econo- rather than social distancing,” BR Each BYOI will begin an mies.” she said. “Especially during ULA hour beforesundown with a Othershaveechoed the PA Ramadan, when it’sthe time Sarah Farid-Chaudhry plans to deliver food to people who will join her for communal dinners over Zoom. religious lesson, discussion findingsofthe TelAviv re- we spend moretime with fam- and prayer. searchers. ily and friends.” distancing precludes large Some saythe lack of some- of iftarenvy: Wishing you “You’re trying your best to “Weare already seeing cor- Likethe Christian and Jew- gatherings. times-gluttonous group din- were eating what is on the fill that social gapthat’sacru- onavirus being used as a pre- ish faithful who already have Thevirtual eventsare ex- nersoffersachancetofocus other side of the screen. cial part of Ramadan,” he said. text forviolent anti-Semi- celebrated Easter and Passover pected to be more popular in on the spiritual aspectsofthe Ms.Farid-Chaudhry, who “You don’t need to necessarily tism,” said Jonathan at adistance,Muslims are the West, where Muslims are month, including special just published an e-cookbook feed people with food. Some- Greenblatt, chief executiveof- planning virtual iftars as most more likely to liveoutside a nightly prayerscalled tarawih timed forRamadan, which times youcan feed people ficerofthe Anti-Defamation countries remain under some nuclear-family household. and reading from the Quran. starts around Thursday, with with your presenceand by League,which studies hate form of lockdown and social Not everyone is on board. Othersworryabout the risk healthierversions of Middle praying with people.” and anti-Semitism in the U.S.

change-traded funds,which con- makegood money,” said Reid $25.70abarrel. Thecontract for higher in the futurethan they years,” Mr.Giveans said. Oil Futures trol alarge number of futures I’Anson, economist formarket- November deliverysettled at areinthe present. Companies that ownand op- contracts, areamong those that data firm Kpler Inc. $36.39. The$10.69differenceis In 1990,Phibro, the oil-trad- eratepipelines and oil-storage must sell at expiration. The Lease rateshavesoared for lessthan the record spread of ingarm of Salomon Brothers, facilities could gain as well. Plunge forced selling adds downward very large crude carriers, the $13.45 reached on March 31 but loaded tankerswith cheap crude Consider the differencebe- pressuretoprices. two-million-barrel high-seas be- enough to justifya$100,000 day just beforeIraqinvaded neigh- tween Friday’sprices forWest President Trump said his ad- hemoths known as VLCCs.The rate. boring Kuwait and crude prices Texas Intermediatetobedeliv- Below $0 ministration again wasexploring averageday rate foraVLCCona At the end of March there surged. Thetrade’sarchitect, ered in May, which was$18.27 a taking oil off the market by six-month contract is about were about 109 million barrels of Andy Hall, rose to fame,bought barrel, and in May2021, which pumping barrels intothe Strate- $100,000,upfrom$29,000 a oil stowedatsea, according to acentury-old castle in Germany closed at $35.52: A$17.25 spread ContinuedfromPageOne gic Petroleum Reserve. “This is a year ago, according to Jefferies and became known fora$100 could be locked in by buying and flying.Yet prices around great time to buy oil,” he said at analyst Randy Giveans.Yearlong millionpayday.Present market contractsfor oil to be delivered $30 abarrel, which is below apress briefing Monday. contractsare about $72,500 a Prices remain in conditions have inspired emula- next month and then selling con- break-even formanyproducers, Though producersfromAl- day, compared with $30,500 a tors. tractsfor deliveryayear later. still suggest economic worries berta, Canada, to Midland, Texas, year ago. Spot charter rateshave positive territory for In the past four weeks,nearly Assuming monthly costsfor ahead, some analysts said. “It’s areracing to shut in productive risen sixfold, to nearly $150,000 barrels to be 50 long-term contractshave storageownersof10centsabar- absolutebedlam,” said Chris wells,they haven’t been able to aday. been signed forVLCCs,Mr. rel—as Bernstein Research ana- Midgley,director of analytics at close off the spigot fast enough Dayrates rise as thespread delivered in June. Giveans said. Jefferies has iden- lystsdid when they ranback-of- S&P Global Platts.“Ihatetohear and avoid running out of places between oil-futures contracts tified morethan 30 of them as the-envelope storagemath in a who’s on the wrong side of this.” to storecrude and petroleum widens.The basic math is that being intended forstorage,usu- recent notetoclients—and that Monday’s trading wasexacer- products,such as gasoline and everydollar in the six-month ally because they areleased leavesaprofitof$16.05abarrel. bated by the looming expiration jetfuel. spread equates to an additional Kpler.ByFridayitwas up to 141 without discharge locations.The Companies don’t usually disclose of the Mayfutures contract on Even beforethe pricewent $10,000 aday that canbepaid million barrels. coast of South Africaofferspop- unused storagecapacity,but it is Tuesday. Thepriceofoil futures negative, the spreads between foraVLCCoverthat time with- Thecollapse in current oil ular anchoragesinceitisrela- possible that biggerplayers such converge with the priceofactual oil to be delivered nowand later outwiping out all the oil-price prices,combined with the expec- tively equidistanttomarketsin as Energy Transfer LP, Enter- barrels of oil as the delivery were at record levels,presenting gains,Mr. Giveans said. tations that alot of economic ac- Asia, Europe and the Americas. prise ProductsPartners LP and dates approach. arareopportunity fortraders, Maydeliveryfutures of Brent tivity will resume by autumn, “We’ve seen morefloating- Plains All American Pipeline LP Contract expiration also who arefilling up tankerswith crude,the international bench- has resulted in amarket condi- storagecontractssigned for12 could have room fortens of mil- flushes out speculatorswho have crude and setting them adrift. “If mark typically used to pricewa- tion called contangoinwhich months in the last three weeks lions of barrels,the Bernstein no intention to take delivery. Ex- youcan find storage, youcan terborne oil, ended Mondayat prices foracommodity are than we’veseen in the last three analystssaid. P2JW112000-2-A01100-1------XA

THE WALL STREET JOURNAL. ** Tuesday, April 21, 2020 | A11 WORLD NEWS Netanyahu, Gantz Agree on Government

Israeli prime minister been signed afterweeks of Israel’shistoryinterms of min- Netanyahu in order to form a defense minister as well as ney general, would be frozen talks that had faltered in re- istersand deputy ministers. government that could tackle deputy prime minister until he forsix months.After that they will retain power while cent days. “I promised the countrya thefallout from the coronavi- assumes the role of prime will be chosen with the con- fighting charges, then Thedeal will see Mr.Netan- national emergencygovern- ruscrisis.Mr. Gantz said the minister. sent of both parties,giving Mr. yahu serving firstasprime ment that will work to save movewould allowthe country Mr.Netanyahu has been in- Netanyahu a veto. yield to rival next year minister, with Mr. Gantz tak- the lives and livelihoods of the to end itspolitical stalemate dicted on corruption charges, Thedecision prompted ing over the position in Octo- citizens of Israel,” Mr. Netan- while also preventing Mr. Ne- with his trial set to begin next quick criticism from lawmak- BY FELICIA SCHWARTZ ber 2021, according to a copy yahu wrote on Twitter. tanyahu from undermining Is- month. He denies any wrong- ers from the center and left. AND DOV LIEBER of the agreement. Should Mr. Thedeal cementsanim- doing. His efforts to find sup- Likud also sought waystoas- Netanyahu try to dissolve the probable marriage between port for immunity legislation suageMr. Netanyahu’sconcerns Israel’sPrime Minister Ben- government before Mr. Gantz two politicians who have spent The pair spent three or other legislative measures aboutwhat would happen if the jamin Netanyahu and his rival takes over, Mr. Gantz will au- three election campaigns deni- to insulatehim from the High Court ruled he would be BennyGantz agreed to form a tomatically become prime grating each other,with Israe- election campaigns chargeshefaces have contrib- unable to form agovernment unity government, amovethat minister forsix months before lis growing increasingly weary denigrating each uted significantly to the elec- whileunder indictment. would avert the prospect of a new election is called. of the country’spolitical stale- toralimpasse,though divi- If Mr. Netanyahu is legally another election as the coun- Under the deal’sterms,the mate and deep divisions. other. sions over religion and statein prevented from forming agov- try grapples with the corona- emergencygovernment is sup- Mr.Netanyahu oncecalled the countryalso playedarole ernment, the deal says the two viruspandemic and keep the posed to deal exclusively with Mr.Gantz,aformer armygen- in the earlier votes. sides will agree to dissolvethe Israeli leader in powerwhile the coronavirus forsix months, eral, unfit to be prime minister, One of the most sensitive Knesset and go to elections. he facestrial on corruption with one major exception: and Mr.Gantz said Mr.Netan- rael’sdemocracytoshield issues of thetalks revolved Analystssaid Mr.Netan- charges. Starting in July,Mr. Netanyahu yahu wasacorrupt leader who himself from the court. around the Likud’spowerto yahu agreed to step down af- On Monday, Mr.Netan- will be able to bring to avotea had been in powerfor toolong. “Weprevented afourth appoint senior judicial officials ter 18 months but won agree- yahu’sLikud party and Mr. bill to apply Israeli sovereignty Mr.Gantz in March re- election. We will preservede- that could have influenceover ment from Mr.Gantz on most Gantz’s Blue and White party in the West Bank under condi- versed course about serving in mocracy. We will fight the cor- Mr. Netayahu’s cases. of his demands,including issued astatement saying an tions agreed upon with the U.S. agovernment with Mr.Netan- onavirus,” Mr. Gantz wrote in Theparties agreed that backing annexation of the agreement fora“national government. Thegovernment yahu, breaking up Blue and a tweet Monday night. these appointments, such as West Bank and judicial ap- emergencygovernment” has is expected to be the largest in White to join forces with Mr. Mr. Gantz will serve as the the stateprosecutor and attor- pointments. ResidentsResist Saudi Arabia’s MegacityPlan

BY JARED MALSIN AND SUMMER SAID

Saudi Arabia’s government SYRIA Mediterranean is facing rare resistancetoone Sea of CrownPrinceMohammed LEB. IRAQ Bin Salman’ssignatureproj- ISR. ects, as members of a tribe in JORDAN

thekingdom’snorthwest say Cairo JOURNAL they won’t leave their homes Siteofplanned REET to makeway for anew megac- ST cityNeom ity,according to residents EGYPT LL there and rights activists. WA Red SAUDI Plans for the futuristic ur- Sea /THE ban development, Neom, were ARABIA unveiled by PrinceMohammed 200 miles JONES 200 km RY

in 2017aspart of an ambi- RO tious effort to reshape Saudi An abandoned boat on the Red Sea coastline that Saudi Arabia wants to develop into a futuristic city called Neom. Arabia’soil-dependent economy. It is expected to coveran given details. and kill me now.” economic-development pro- Dubai, whereless-restrictive royals.Men working forthe area nearly the sizeofBelgium Officials at the Saudi Em- Thekingdom’sState Security gram,despitestrains on the practices such as consumption princemurdered Saudi journal- along the Red Sea coast. bassyinWashingtonand at agencysaid Mr.al-Huwaiti was government budget from low of alcohol, which is forbidden ist Jamal Khashoggi in the king- Thesiteset aside forNeom the Neom project declined to killed in an exchangeofgunfire. oil prices, according to a per- by Islam, are permitted. dom’sconsulateinIstanbul in is home to about 20,000 peo- sayhow people would be com- Manymembersofthe Hu- son familiar with government Neom’smedia officesaid 2018.The crownprincehas de- ple,mostly membersofthe pensated. waitat tribe arearmed, and thinking on the project. the project remains on sched- nied involvementinthe killing. Huwaitat tribe.Residentsand Tensions mounted last some have suggested on social Part of awider effort by the ule to open to itsfirst resi- Some residentssaid unhap- rightsactivistssay policehave week aftersecurity forces shot media that they could sabo- crownprincetomodernize dents in 2023. pinesswith terms of the relo- arrested locals who wouldn’t and killed aman who had tage government infrastruc- Saudi Arabia and makethe Thefriction over Neom cations was widespread, even sign relocation documentsand mounted an online campaign tureasameans of fighting kingdom moreopen, Neom is raises the possibility of an es- if people weren’t opposed to detained othersfor protesting critical of the government and back against relocation. Other meanttoattract an interna- calating clash between the the development in principle. thelossofwhat they consider vowed in online videos to re- voices have aligned with the tional population.Itisone of government and membersofa “The reality is the follow- ancestral lands. sist eviction from his home in state. A statement attributed three such developmentsalong large tribe—something that ing: It is true we don’t object Officials have promised the town of al-Khuraybah. to tribal leader Sheikh Alyan the Red Sea that would displace could complicateeffortstoat- to Neom. This entire area has compensation and resettle- “This is my home and Iwill Ayed al-Zumhri waspublished conservativelocal communities. tract international investment been neglected foralong time ment assistance for displaced protect it,” the man, who iden- in aSaudi newspaper saying Plans forNeom include ale- in the project. and we need services, but we residents, manyofwhom work tified himself as Abdulrahim the tribe is loyaltothe House galsystemthat is distinct Thecrown princehas takena don’t want to leave our homes in government jobs or in small Ahmad Mahmoud al-Huwaiti, of Saud and supports Neom. from the rest of Saudi Arabia hardline against dissent in the either,” a tribe member said. shops and hotels.But locals said in one message. “I would Neom is ahigh priority as and is expected to mirror the past, overseeing the arrestsof —Rory Jones complain they haven’t been not be surprised if they come part of PrinceMohammed’s neighboring city-stateofpolitical activistsand dissident contributed to this article. Gunman Left Trail of Dead in Rampage WORLDWATCH BURKINA FASO colás Maduro discussed coopera- BY PAUL VIEIRA tion between the two countries AND KIM MACKRAEL Forces Kill Unarmed amid the coronavirus pandemic Men, Report Says over the phone on Monday, the OTTAWA—PoliceonMonday Kremlin said in a statement. were investigating 16 separate Burkina Faso’ssecurityforces Mr. Maduro thanked Mr. Putin crime scenes in Canada’smost reportedly killed 31 unarmed men for the support Moscow is pro- lethal shooting,after aman in the country’snorth earlier this viding to Venezuela during the dressed as aRoyal Canadian month, according to areport on pandemic, including a shipment Mounted Policeofficer went on MondaybyHuman Rights Watch. of tests for the virus. aspree of violence that left The killings occurred on April According to the Kremlin, Mr. five burned-down properties 9, hours after the men were de- Putin also reiterated Russia’s andatleast 19 people dead. tained during a government support for Mr. Maduro’s “ef- Theattack began lateSat- counterterrorism operation, the forts…to peacefully resolve do- urday night after gunfire was report said. mestic dispute” with the opposi- reported in arural, waterfront The West African nation con- tion that has been smoldering in community,and ended around tinues to be racked by violence the country since 2019, and midday Sunday after the sus- linked to Islamic extremists and pointed out that “destructive pect waskilled in agunfireex- local defense militias, which has foreign interference into Venezu- changewith policeabout 60 displaced nearly 840,000 people elan affairs” is unacceptable. miles away. /REUTERS within Burkina Faso. Both presidents hailed the Among the dead areapolice The country’s ill-equipped mili- global OPEC+ deal to pump less officer,anelementaryschool MORRIS tary previously has been accused crude oil in a bid to limit a crash

teacher,anurse,awaitressand JOHN by rights groups of committing in prices that has been straining an aspiring fiddler.Police The suspect in the violence that killed at least 19 people operated a denture clinic in Nova Scotia. human-rights atrocities in an at- some countries’ economies. warned the toll could climb tempt to combat the violence. —Associated Press furtherasthey searched the weapon or weapons the suspect Theshooting spree began reportedly droveeast, then The report’s writers inter- burned properties. used, and whether he had li- lateSaturday night in the com- south forroughly 60 miles. viewed 17 people with knowl- UNITED KINGDOM Some of the victims knew censes to use firearms. munity of Portapique in Nova Along the way,law-enforce- edge of the killings and found the suspect, Gabriel Wortman, ThekillingsinNovaScotia, Scotia’s Colchester County. ment officials said he was in- that all of the victims were eth- Harry and Meghan while otherstargetedwereun- aprovincewith apopulation TomTaggart, alocal coun- volved in a“serious criminal nic Fulani who have been tar- Rebuff Tabloids aware who he was, said Super- just shyofone million, has cilor who representsthe Por- event” wheretwo cars were geted for their alleged affiliation intendent Chris Leather, head “jolted” the country, Prime tapique area, said Wortman found burned. It wasthere with Islamist groups. The Duke and Duchess of of the RCMP’s criminal-inves- Minister Justin Trudeau said. owned one year-round prop- that Const. Heidi Stevenson, a On Monday, the Ministry of Sussex have announced they will tigation unit in NovaScotia. “Wewereall shaken by the erty in the community,located 23-year RCMP veteranand Defense said it doesn’t target its no longer cooperate with several Wortman, 51 years old, oper- senseless violence and evil in on Portapique Beach Road, mother of two, was killed. own people and that now more British tabloid newspapers be- ated a denture clinic in Dart- NovaScotia,” he said. This and at least two properties in Wortman, policesaid, used than ever success in ending the cause of what they call “dis- mouth, Nova Scotia. weekend’stragic rampage anearby subdivision. Mr.Tag- adifferent vehicle afterward, a crisis depends on “the confi- torted, false or invasive” stories. He said the suspect moved marks the deadliest shooting gart said he lost several close silver Chevrolet Tracker.Supt. dence and collaboration of local Meghan and Prince Harry told aboutincentral NovaScotia in modern Canadian history, friends and acquaintances in Leather declined to elaborate populations.” The ministry said the editors of the Sun, the Daily unimpeded because of his use surpassing the 14 women the shootings. on howthe suspect wasable that if these allegations are true Mail, the Daily Express and the of amocked-up policecruiser killed in December 1989 at a TammyOliver-McCurdie to getanother car“to circulate it will take action and noted that Daily Mirror in a letter that they and afacsimile of an RCMP uni- Montreal engineering school. said her sister, Jolene Oliver, around the provincesteps on April 10 it requested an in- won’t “offer themselves up as form, which let him passhim- Supt. Leather said police are brother-in-lawand niecelived ahead of our investigators.” vestigation into similar accusa- currency for an economy of click self off as lawenforcement. confident they identified all in a house next door to Wort- In ayearbook from Wort- tions against the army. bait and distortion.” The couple’s “Thereare still manyunan- relevant crime scenes,which man’s. Sunday night, Ms. Oli- man’shigh school published in —Associated Press representative released a copy sweredquestions.Wewill be in includethe five burned-down ver-McCurdie learned they 1986,Wortman wasdescribed of the letter on Monday. this formonths,” Supt. Leather properties.“We believethere were among the dead. “People as amotorcycle enthusiast, RUSSIA Ian Murray, executive director said of the investigation. maybevictims still within the don’t always see eye-to-eye whose future“mayinclude be- of Britain’s Society of Editors, RCMP Commissioner Brenda remains of those homes….That but that’snoreason to commit ing an RCMP officer.” Putin and Maduro said “there is no escaping their Lucki later said in Ottawa that speaks to whywedon’t have a this kind of act,” Ms.Oliver- RCMP officersconfronted Discuss Cooperation actions here amount to censor- Wortman was“not well known final [death] totalbecause we McCurdie told Canada’sCTV Wortman at agas station in ship and they are setting an un- to police.” She said it waspre- expect that to rise in the com- News network. Enfield, NovaScotia, where- Russian President Vladimir fortunate example.” maturetosay what type of ing days,” he said. AfterPortapique,Wortman Wortman was killed. Putin and Venezuelan leader Ni- —Associated Press P2JW112000-2-A011A0-1------NS

A11A | Tuesday, April 21, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Outbreak Hits New Phase in New York

Officials are trying to ernor added that some projec- Theillnesscontinued taking tions show the disease reach- atoll on NewYork City.Mayor determine next steps ing alow in two weeks and Bill de Blasio said at anews as data suggest virus’s others in a month. conferenceMondaythat the NewYork officials arepur- city would cancel all public spread is slowing suing expanded testing,includ- events forJune,including two ing at public-housing develop- of itsbiggest celebrations,the BY BEN CHAPMAN mentsinNew York City,the National PuertoRican DayPa- governor said. As of Sunday, rade and the NYCPride March. NewYork’sdaily death toll 633,861 people had been tested Mr. de Blasio said officials from the novel coronavirus is forthe virus in NewYork,offi- areinvestigating the deaths of continuing to drop,Gov.An- cials said, with 247, 512 of them three men over the weekend drew Cuomo said Monday, and testing positive. in a Times Square hotel. Each nowhealth officials areclosely Anyplans to loosen social- of them had been treated for studying the pandemic’strajec- distancing restrictions and re- the disease in separatehospi- tory to determine whether its open the state’seconomywill tals and then released to stay decline will be quick or gradual. proceed gradually and reflect at the hotel, the mayor said.

Thehard-hit state recorded GES progressinstopping the pan- Mr. de Blasio called on the

478deaths because of IMA demic’sspread, Mr.Cuomo said. federal government to aid in Covid-19 on Sunday, marking Last week the governor un- testing to inform strategies to ETTY

the fourth consecutive day of /G veiled atask forcetoplan a further reducecases of the vi- adecline in fatalities,Mr. reopening of the region’s rus, but said social distancing Cuomo said. New York has so GADO economy in coordination with has contributed to slowing it. DEL far counted 14,347 confirmed six other states.OnMonday, City hospitalsare in need of virus-related deaths. DEE he didn’t give details of when surgical gowns,although they VID

Therateofnew hospitaliza- DA nonessential businesses might had enough masks forstaff, tions for Covid-19, the illness Medical personnel attended to a person experiencing difficulty breathing on Monday. reopen and said thereisn’t a the mayor said. caused by the coronavirus,fell datetoreopen public schools. As part of reopening the Sundayto1,380 newadmis- ber of patientsinintensive soon be able to resume elec- an eyetoward reopening the He said plans to reopen public city’s economy, businesses sions, Mr.Cuomo said, the care and the number intubated tive medical procedures. economyand relaxing social- spaces such as beaches and mightbecalled on to check lowest daily number recorded with ventilatorsalso declined. As the datacontinued to sug- distancing restrictions. parks would be executed in the temperatureofemployees, sinceMarch. Thetotal number NewYork hospitals were gest aslowing in the spread of “The question is now, how partnership with other states. Mr.deBlasio said, but he cau- of people hospitalized for the able to keep pacewith newad- thevirus in the state, officials long is thedescent and how Hospitalizations forthe vi- tioned that alooming shortage disease fell by 110 on Sunday missions,Mr. Cuomo said, and begantoquestion howquickly steep is the descent,” Mr. rusalso declined in NewJer- of equipment might frustrate as discharges rose. The num- facilities in some areas may the disease would recede,with Cuomo said Monday. Thegov- sey,officials theresaid Monday. that effort. TransplantsWait During Pandemic

BY MELANIE GRAYCE WEST Adding to the complica- tions, patients who have died Thevolume of organtrans- from Covid-19 aren’t eligible plants across New York state to be organ-transplant donors. has dropped precipitously Living-donor transplants also with the outbreak of the novel have stopped in the Northeast, coronavirus,falling to 23 total and hundreds of people have organtransplantsduring April been inactivated from wait from an averageof220 trans- lists, according to UNOS.

CK plants, according to an official Brigitte Sullivan,executive

TO forone of the state’snonprofit director of the NYU Langone transplant organizations. Transplant Institute, told peers Hundreds of transplant re- during the same recent online SHUTTERS cipientshavecontracted coro- seminar that each patient was EFE/

A- navirus,and at least 200 were given arisk analysis at the be- hospitalized in the past week, ginning of the outbreak. according to Samantha Delair, “Our rule of thumb wasif LANE/EP the executivedirector of the the risk of mortality related to TIN

JUS NewYork Center forLiver Covid-19 wasgreater than the Nurses at Jacobi Medical Center protested their lack of personal protective equipment last week. A nurses union has sued several facilities. Transplantation, who shared risk of mortality without a the dataduring arecent online transplant within three seminar forpeersinthe organ- months—which is atime Nurses Sue Over Working Conditions transplant community.Re- frame we expect the Covid cently,64organ recipientshave outbreak to last and really set- died from the disease,she said. tle down enough to be safe— BY SHALINI RAMACHANDRAN health department said the about the same number as in versity Hospital, said in an af- In NewYork City and across then we would not proceed state“continues to take every late March. fidavit she had to use her N95 NewYork state, health-care with the transplant,” she said. TheNew York State Nurses step necessary” to ensure Part of the reason the union mask foraweek and storeit systems were ordered by Only ahandful of patients Association filed three lawsuits health-careworkers“have the decided to sue wasthat it in abrown paper bag in a“bin health officials in March to areactively on the waiting list against the stateand two hospi- support and supplies needed found the NewYork health de- filled with other N95 respira- halt elective surgeries except and being considered for talsystems on Monday, alleging to addressthis unprecedented partment wasn’t enforcing a tors,” without anyprotocols for the most urgent. transplant, Ms. Sullivan said. that dangerous work guidelines public health emergency.” recent guideline from the gov- for sanitizing them. Those ordersremain in place, With people staying home, and protective-gear shortages In astatement, aspokes- ernor’s officerequiring hospi- Ms.Torres eventually though some health-caresys- thereare fewertrauma-related exacerbated the spread of the man for the Westchester hos- tals to givehealth workersa tested positivefor the virus tems,including NYU Langone deaths,further limiting the novelcoronavirus. pital system said “the allega- newN95 mask dailyifthey and says her daughter also has Health and Northwell Health, pool of potential donors, ac- Thestate’s largest nurses tionsinNYSNA’s lawsuit are asked forit, said Patricia Kane, fallen ill. Hospital administra- arenow considering waysto cording to Helen Irving, the union filed suit in NewYork wrong” and that “our focus is, NYSNA’s executive director. tors told her to use her own bring back some surgeries that presidentand chief executive County Supreme Court against and has always been, protect- Theunion says that many sick days forleave,she said, aretime sensitiveand canno of LiveOnNY,the organ-pro- the statehealth department, ing our workforce.” of itsnurses have fallen sick and “strongly encouraged” her longer wait, officials said. curement nonprofit that ser- charging that it failed to ensure Aspokeswoman forMon- afterreusing masks and other to return to work after seven “Patients are stacking up,” vices the NewYork City region. that health-careemployees had tefioredidn’t respond to are- days,eventhough she contin- said David Battinelli, chief On atypical day, the organ- enough safety equipment, in- quest for comment. ued to experience symptoms. medical officer for Northwell ization follows about 30 to 35 cludingN95 respiratorsand Earlier this month, TheWall Some actions are TerenceLynam, aNorthwell Health.“We’realways trying donor referrals; nowthe or- fluid-resistant gowns. Street Journal reported that Health spokesman, said the to understand who canwait ganization is luckytofollow Theunion, which has 42,000 manyworkersinthe Mon- turning hospitals companydisputes that claim and who can’t wait.” four cases aday,she said dur- members, said the department tefioresystemwereangrywith into‘petri dishes,’ and said confirmed Covid-pos- During the firstfew months ing the online seminar. forced sick nurses to return to the hospital, saying it didn’t itiveemployees areeligible for of 2020,the U.S. sawsome of Fordeceased donors, hospi- work toosoon, turning hospi- take seriously early alarm bells theunion said. up to 14 days of paid leave. the highest transplant num- tals aren’t allowing family tals into“petri dishes” and and hadn’t done enough to pro- “Wewould never forcean bersever, according to a membersintohospitals to putting the public at risk. tect staff and patientsagainst employeetoreturn to work if spokeswoman forUnited Net- visit with loved ones during Theunion also filed suits transmission of the virus. they were still symptomatic,” work forOrgan Sharing,the their last moments, said Ms. against MontefioreMedical TheNYSNA lawsuits mark protectivegear fordays and he said. Northwell has “consis- nonprofit that manages the na- Irving during an interview. Center and Westchester one of the firstcollectivelegal have in turn infected relatives. tently put the safety of itsteam tion’sorgan-transplant system. Doctorsare nowcommunicat- County Health CareCorp., the actionsofhealth-careworkers At least 11 NYSNA nurses membersand the patientswe When coronavirus cases ing bad news over the phone, parent companyofagainst major hospital admin- have died so far from Covid-19, serveasthe highest priority.” surgedinmid-March, trans- and organ-donation counselors Westchester Medical Center. istrations and a state govern- 84 arehospitalized and 954 Theunion wantsthe stateto plant programs in the North- have had to call or visit the Theunion called the hospi- ment over theirresponse to have tested positive—numbers changeadirectiveallowing east decidedtoproceed with homesofnext-of-kin to have tals a“warzone,” claiming the coronavirus pandemic. that likely underreport the hospitals to call back sick work- surgeries on acase-by-case ba- conversations about donation. that they rationed gear and They come afterGov.Andrew true impact, the union said. ersafter seven days,which it sis, given the risk to patients Manydonor families,she failed to test the fitofwork- Cuomo on Saturdaysaid that it In affidavits, manynurses said has resulted in potentially and health-careworkers, in said, are feeling such sadness ers’ masks or to properly ven- appearsNew York is “past the described working conditions contagious and symptomatic addition to limited bed avail- rightnow with what’sgoing tilate Covid-19 patients’ areas. plateauand we arestarting to that made them feel unsafeat nurses returning to work and ability and staffing shortages. on in the world that saving a NYSNA filed the suit against descend,” with the totalnumber hospital systems including putting othersatrisk. Forthe week ended April lifethrough organdonation is Montefiore in the U.S. District of Covid-19 patientshospital- Montefiore, Northwell Health Nurses who test positive 13,22transplantsoccurred giving them comfort. Courtfor the Southern District ized below17,000,compared and Westchester Medical Cen- should get at least 14 days of across the Northeast, accord- Still, said Ms.Irving,“My of NewYork.Its suit against with about 18,000 at peak. ter. Northwell wasn’t aparty paid sick leave,NYSNA said,in ingtodataprovided by UNOS. fear is that we will see an in- WCHCCwas filed in Westchester Still, 2,000 people tested to the lawsuits. accordancewith another state Forthe week ended April 15, crease in deathsonthe wait County Supreme Court. positiveand were admittedto Cristal Torres,anurse at lawthat offersthe same for 2019,79transplantstook place list because of the lack of avail- Aspokesman forNew York’s NewYork hospitals on Friday, Northwell’sStatenIsland Uni- workers at large companies. in the region. ability foranorgan right now.” Le Cirque Creator Brought Ve rve to a Celebrity Favorite

BY CHARLES PASSY names as HenryKissinger,Jac- bia BusinessSchool who special- Manhattan. queline Kennedy Onassis,Rob- izes in the restaurant industry. Mr.Maccioni is widely Theringmaster’s runhas ert De Niroand Frank Sinatra. Not that Mr.Maccioni credited with creating pasta ended. It was also the rare restau- didn’t payheed to what was primavera,adish combining Sirio Maccioni, the larger- rant to become a mainstay in on the plateatLeCirque, pasta with spring vegetables, than-liferestaurateur behind NewYork’sever-competitive which had amenu focusing on that became wildly popular NewYork City’s dining scene.Itopened in 1974 French and Italian cuisine. decades ago. OBITUARY Le Cirque,died and survived until 2017, albeit Several celebrated chefs,in- Born in the Italian town of SIRIO Mondayinhis in three different Manhattan cluding Daniel Boulud, Jacques Montecatini, Mr.Maccioni was S MACCIONI nativeItaly locations over the years. Torres and Michael Lomonaco, orphaned at an early age, family 1932-2020 from natural At the center of it all was spent a portion of their early memberssaid. He found his way PRES causes,accord- Mr.Maccioni, who wasoften careers working for Mr. Mac- intothe dining world and later TED

ing to family members. He was dubbed the ringmaster forthe cioni at the restaurant. movedtoNew York,wherehe OCIA SS

88 yearsold. theatrical vervehebrought to “He had outstanding taste. spent his early days as awaiter. /A In Le Cirque,Mr. Maccioni the circus that wasLeCirque. He knewgood from bad and He moved through the industry OPER

created arestaurant known as “He made celebrities more best from better,” said Mr.Lo- ranks and established Le Cirque. CO

much forits see-and-be-seen celebrated and he made regulars monaco, now the chef behind Therestaurant became amini- JIM vibe as forits food. Regular pa- feel great,” said Stephen Zagor, Porter House Bar and Grill and empire, with Le Cirque loca- Sirio Maccioni in 1999. His Le Cirque restaurant, which first opened trons included such boldfaced an adjunct professor at Colum- the Hudson YardsGrill, both in tions from LasVegas to India. in Manhattan in 1974, was famed for its see-and-be-seen vibe. P2JW112000-2-A011B0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, April 21, 2020 | A11B GREATER NEW YORK

Steve Lunapiena, left, and Nick Diminno Jr., owner of Sip Fine Johnny Ryan sets up the bar at Lizzie King’s Parlor, a Fifth Erik Goetze prepares coffee for a customer at the Blue Sky Wines, where he says his once-floundering business is booming. Avenue bar and restaurant in Park Slope, for potential customers. Bakery, which has seen most of its wholesale business dry up. OnceBustling Brooklyn Street GoesQuiet Merchants close their doors and wait for aid; some subsistonpickup and delivery business

BY PETER GRANT AND JUSTIN LAHART

When NewYork shut down, Jennifer DeLucakept her Brooklyn Pilates studio open by offering virtual classes.Body Tonic had been around for20 yearsand she didn’t want to lose her staff or her clients. Amonth later,she said she sometimes asks herself whether she cankeep it up. “Doesitmakemoresense to just roll over and close?” Ms. DeLuca asked. Revenue is down but rent is due,she’sjuggling her two children whoaren’t in school, and she’splaying counselor to her staff. One of her toughest instructorsbroke down in (6) tearsduring astaff Zoom call, saying the sound of ambulance JOURNAL sirens at the hospital across the street from her home had REET ST

become too much. LL

Body Tonic is one of 520 WA

businesses along a stretch of THE what Brooklynresidentsjok- R FO

ingly call “the other FifthAve- JR.

nue.” Among the bars, shops DO

andrestaurants, 75 tried to RA VA

stay open, according to the AL

Park Slope Fifth Avenue Busi- A. SE

ness Improvement District. JO By thefirst week in April, Many businesses along a stretch of what Brooklyn residents jokingly call ‘the other Fifth Avenue’ in the Park Slope neighborhood are closed or struggling to remain open. the number wasdownto60, said Mark Caserta, the busi- “We’ll wait for him to gain terday resulting from compli- nessgroup’sexecutivedirec- his strength beforehehas a cations associated with the tor. Newcasualties included pint,” Mr. Reilly said. Covid-19 virus,” says asign Maya Taqueria, a block away But now many of those are with a photo of a young smil- from Body Tonic,which is finding the challenges insur- ing Chris Pittman in the win- amongseveral restaurants mountable. Nationally, small- dowofthe Prospect Bar & that gaveuponatakeout- and business credit-card data col- Grill. delivery-only strategy. “Every- lected by software and Mr. Pittman’s death “made one is taking a few weeks off business-services provider it personal,” said co-owner to see what happens,” he said. Womply shows that as of April John Griffin. He said another On Sunday, Mr.Casertasaid 14,38% of local restaurantsin employeearranged amemorial some of businesses that ini- the U.S. had gone three days on Zoom that wasattended by tially closed arenow trying without recording asingle about 50 people.“We were all takeout and other “ways to transaction—an indication in shock,” he said. bring some money in so as not they were closed. Nowthat they areclosed, to disappear.” He said the situ- BartDeCoursy tried to keep manybusinessownersare ation is so fluid, his group ad- Sidecar in businessafter the worried about the reopening. justsits list of who’s doing city lockdown order with take- While New York has imposed what several times a day. out and delivery. He gaveup an eviction moratorium, some Thedensity of small busi- and closed the bar and restau- saylandlords aremaking it nesses and the intensity of the rant that specializes in com- cleartothem that they have coronavirus outbreak in New fort food aftergetting atext to payeverything that is owed York means Brooklyn’sFifth from one of his cooks saying when the all-clear signal Avenue has been particularly he wasn’t coming to work any- sounds. hardhit as ownerswait for more. Thetextsaid: “Thank Mr. Hasid, who closed Mir- government stimulus money you for everything but some- iam on March 15,said last and the easing of lockdown re- times we have to look after Jennifer DeLuca says business at Body Tonic, a Pilates studio, has fallen 40% and she is ‘trying to week that he’sgoing to reopen strictions.Further battering ourselves,” Mr.DeCoursy said. keep it going.’ At LuLu’s Cuts & Toys, owner Brigitte Prat says she has been taking phone orders. forpickup and deliverypartly the neighborhood is the can- “I had to do some soul search- because no government subsi- cellation of professional ing on that. Iwas kind of put- dies have arrived. “Wewant to sports. FifthAvenue ends at ting [the staff] at risk.” keep supporting our staff,” he Barclays Center,home to the So far,Mr. Casertaand oth- said. “Weneed to createin- NBA’s Brooklyn Nets. erssay they knowofnoone come.” In the blocks around Body who has decided to go out of Ms. DeLuca, of Body Tonic, Tonic,businesses aretaking business permanently.Busi- said that as the crisis was small orderstokeep some ness ownersare banking on erupting in NewYork she cash coming in.AtLuLu’sCuts the federal government’s$349 “went intohigh gear.” She no- & Toys, on the corner of Fifth billion Paycheck Protection tified staff and customersthey and BergenStreet, owner Bri- Program, which is designed to would move all classes online gitte Prat hasbeen taking provide loans to small busi- immediately.She sent her cus- phone orders, sometimes from nesses.The program so far tomersshopping listsofthings people looking in the window has been bogged down in bu- they should order from Ama- of the store. Ahalf block away, reaucracy and overwhelmed zon.com—such as weights, tri- Blue SkyBakeryhas seen most with applications. pods and mats—so they could of itswholesale businessdry Some business owners say do Pilates at home. up and its retail business has that the loan program was Body Tonic’sbusinesshas been reduced to selling take- poorly craftedfor NewYork fallen 40% from where it was out coffee and baked goods. City retailersbecause no more last year. That is far less than Gerry Reilly, the co-owner than 25% of loans canbespent manyneighboring businesses, of Lizzie King’s Parlor, a Fifth on rent. That is notnearly giving Ms.DeLucahope that Avenue bar and restaurant, high enough forthe city’s she can tough it out. hand-deliverschicken sand- stratospheric rents, they say. But Ms.DeLucasaid she re- wiches to alawyer who had Mr.Casertasaid he knows alized howmuch the emo- been aregular customer and is of only one retailer along the tional and physical exhaustion nowrecovering from Covid-19 strip who has received a is hurting her at last week’s alone in his apartment. The check. Zoom staff meeting. She said restaurant throws in a soda. Residents who flocked to owner Rafi Hasid, and it shut sales aresoaring.“Ijust did saying it would stay that way theteacher who brokedown the neighborhood as it gentri- in mid-Marchwhen weekend the numbers for March and it for two to three weeks. wasthe strongest person on fied have tried to support the brunch attracted athirdofthe waslikeChristmas,” Mr.Dim- LikePizzatown, manyofthe her staff.“She could teach for CORRECTIONS  local businesses. usual crowd.Miriam put its inno said. “It’s totally turned closed shops and restaurants six hoursstraight without tak- ForRebecca Zellmer’s son’s perishable foods on tables out- the business around.” alongthe strip have signs in ing a sip of water, then go to AMPLIFICATIONS 10th birthdayinMarch, they side the restaurant for neigh- He has been ordering most theirwindows promising to rehearsal,” Ms. DeLuca said. ordered achocolatecakefrom bors to take for free. of his meals from the area res- return. One of the teacher’s clients Blue Skyand toys from Lulu’s. “Wehad nicemushrooms, taurants. One day earlier this “Wemay not be thereyet, lost three people she knew to Aphotothat appeared with “I’m worried about every- eggplantsand feta cheese and month, Mr.Diminno walked but we arecloser than we Covid-19.“She started to cry,” an April 6article about New thing closing down and won- milk and cream and butter,” into Pizzatowntoget lunch. were yesterday,” says achalk- Ms.DeLucasaid. “She had York coronavirus victims came dering howeverybody will Mr.Hasid said. “People were “The owner wasinthere. Isaid, boardinfront of Velvette trouble getting the words from the Koutsoudakis family. come back from it really,” she very appreciative.” ‘Howare youguysdoing?’ ” Mr. Brew, an espresso bar. out.” Thecredit misspelled the fam- said. Nick Diminno Jr., the owner Diminno recalled. “He said, Butsome of the notices in Theincident “revealed how ily’s name as Koustoudakis. Businesswas falling before of Sip Fine Wine,at67Fifth ‘Look around.’ And there was the windowreflect the tragedy deeply tragic and sad this all the lockdown. Ave., was thinking about sell- like nobody in there.” of the pandemic.“It is with is andhow desperately Iam Readers can alert The Wall Street At Miriam, aMiddle East- ingorevenclosing the store Thenextday Pizzatown greatsadnesstoinform you trying to keep it going,” Ms. Journal to any errors in news articles by emailing [email protected] or ern restaurant, sales started because of flagging sales when temporarily shut down. On its that our much beloved bar- DeLucasaid. “It’skind of by calling 888-410-2667. dropping in February, says the pandemic hit. But now metal gate therewas asign tender Chris passed away yes- hopeless in a lot of ways.” P2JW112000-0-A01200-1------XA

A12 | Tuesday, April 21, 2020 THE WALL STREET JOURNAL. LIFE&ARTS

One mode of travel: the road trip movie, including ‘The Trip to Greece’ (left) and ‘Sideways’ (below).

“Breathless”: French director Jean-Luc Godard’s influential fea- ture film debut in 1960 is a favorite, about a criminal who hides out in his girlfriend’s Paris apartment. “The Piano”: To go further in time and distance, she heads to 1800s NewZealand with Jane Cam- pion’s1993 drama starring Holly Hunter as amutewoman trapped in an unhappy relationship.

S Dee Rees (“Mudbound” and “The Last Thing He Wanted”) PRES “Escaping to a different world UMA doesn’t always mean going to a /Z place where the weather is sun- nier,” Ms. Rees says. “In difficult PICTURES times, I think going to a bleaker universe lends perspective. Kind of

CHLIGHT the same logic of listening to the blues when you’re feeling down— SEAR

X you feel a little better to know FO someone’s been where you are and survived the pain.” FILMS;

C “Mad Max Beyond Thunder- IF

P: dome”: Ms. Rees travels to the TO post-apocalyptic Australian desert OM

FR with this 1985 action picture. She is particularly transported by Tina Turner’s performance as Aunty Entity, a fierce ruler in a chain Travel Movies mail dress. “Aunty En- tity was the literal per- sonification of what I thought power looked like,” she says. “I’d To Escape Into watch it again and again for the climactic fight between Max and Master Blaster.” and of Five directors share the films that transport course my favorite line of the whole film: ‘You them to other times, other places think I don’t know the law? Wasn’t it me who wrote it?’ Cheering for BY ELLEN GAMERMAN picks for cinematic getaways. Most the villain is a guilty, of the movies are available via ma- delicious comfort.” he Trip to Greece,” jor digital outlets; viewing plat- amovie set along forms are listed only for more ob- Lulu Wang the sun-dappled scure recommendations. (“The Farewell”) Aegean, arrives at The director is busy “T Michael Winterbottom writing and keeps a amoment when no one cangoanywhere. Thetiming (“The Trip to Greece”) schedule during the of the newfilm is either perfect or “I think all films are aform of doc- Mr. Payne. “Sometimes in mo- Satyajit Ray, soon to become one day. Evenings are for escape. “Be- sadistic.Maybe both. umentary,” Mr. Winterbottom says. ments like this, it’s good to get of India’s greatest directors, fore all of this, I used to write at Movies can get on the planes, “What you’re trying to capture is a away. Fred Astaire used to say worked for Mr. Renoir as an assis- night,” she says. “Now cocktail book the hotels and drink in the miniature version of the experi- that he really liked a movie if it tant. “I remember being absolutely hour starts at 5 p.m., or earlier, landscapes for viewers whose only ence—like you’re on ajourney and made him want to have been transported by it, lulled almost followed by dinner and a movie.” travel right now is by armchair. the film crew is recording it.” there—there as they were shooting, hypnotically into its vision and “Belle de Jour”: Ms. Wang favors In “The Trip to Greece,” amiddle- “Fitzcarraldo”: Some of Mr. Win- and there within the world of the rhythms,” Mr. Payne says. classics like this one from the late aged bromantic odyssey,Steve Coo- terbottom’s favorite travel films film.” Here, three 1950s-era films 1960s, with Catherine Deneuve as ganand Rob Brydon playversions of include a voyage that is itself un- that make Mr. Payne feel that way. Sofia Coppola a bored Parisian housewife who themselves,trading celebrity im- enjoyable, like Werner Herzog’s “Summertime”: David Lean’s (“Lost in Translation”) slips away in the afternoons to her pressions and heckling each other in 1982 adventure about a madman 1955 film follows an American “Movies always let you travel to double life as a high-class prosti- away fans of “The Trip” franchise whose quest includes pulling a spinster (Katharine Hepburn) who places and other times, and help tute. “This erotic surrealist com- will recognize. Theseries started in 300-ton river boat over a moun- finds love and heartbreak on her you dream, and make you feel con- edy is all about fantasizing an al- England’slakedistrict in 2010,then tain in the Amazon. dream trip to Venice. “Who nected, especially when stuck at ternative reality than the one moved on to Italy and Spain in later “Aguirre, the WrathofGod”: The wouldn’t want to visit Venice in home,” she says. Here are her picks: you’re currently living,” Ms. Wang installments. On May22, the fourth director loves Mr. Herzog’s 1970s 1955?” Mr. Payne asks. “And with “Blade Runner”: Ridley Scott’s says. and final film is set to debut digi- film about a conquistador’s search Katharine Hepburn?” 1982 dystopian science-fiction “Tampopo”: The director calls tally and in select drive-in theaters for a fabled city of gold shot in the “The RedBalloon”: Another trip thriller starring Harrison Ford as a this a Japanese comedy about noo- still open through the pandemic. Peruvian rainforest. The Criterion back in time to Europe in the bounty hunter—and possible an- dles, but it also strikes a deeper But there are other ways to Channel calls the historical drama 1950s. The 34-minute film from di- droid—reminds Ms. Coppola of chord given the current social iso- travel by movie too—the road trip “a senses-shattering journey to the rector Albert Lamorisse tells the how Tokyo felt the first time she lation. “Food has taken up an even through wine country (“Side- edge of madness.” story of a young boy and a seem- visited the city. more significant role in our daily ways”), the meditation on a single “God’s Country”: French direc- ingly sentient balloon that be- “In the Mood forLove”: She lives—figuring out how to obtain place (“Lost in Translation”), the tor Louis Malle’s documentary friends him. It offers a great view gravitates to director Wong Kar- it, how to prepare it, how to eat it trip home to see family (“The about a Minnesota farming com- of Paris street life. wai’s stylized love story. Set in and how often to eat it,” she says. Farewell”) or even the search for munity. (iTunes) “The River”: French director 1960s Hong Kong, it is the story of “This film explores the many fac- danger abroad (“The Last Thing Jean Renoir traveled to the banks a man and woman who develop a ets of eating—personal and com- He Wanted”). Alexander Payne (“Sideways”) of the Ganges to make the 1951 relationship after discovering their munal, healthy and perverse.” Here, we talk to the directors of “Mindfulness teachers tell us al- movie, which is bathed in the gor- spouses are having an affair. (Am- “Gravity”: “If all else fails,” she all five movies to get their go-to ways to be in the moment,” says geous sheen of 1950s Technicolor. azon Prime Video, Kanopy) says, “go to space.”

Children’s Music Shows Move Online Knitting Factory gig,whereparents and caretakers were BY NEIL SHAH corded beforethe crisis hit. Ari the Singalong Guy, below, and encouraged to He’sa“rock star in the kids’ mu- Hopalong Andrew, right, turned their throw $10 intoa OF ALL THE MUSICIANS live sic scene,” says Lauren Adler, shows into live guitar case. streaming during the coronavirus founder of CalendarKiddo,adigital streams. Four months pandemic,the ones with the most platform that listschildren’sactivi- ago, Mr. Brand had powerful effect mayalso be the ones ties in Brooklyn and Queens. his second child, playing to the youngest audience. Theshiftofchildren’sconcerts while at the same Children’sperformersinNew to platforms likeInstagram Live, time juggling the York City,the epicenter of Amer- Facebook Live, Zoom and YouTube lead role in a New ica’sCovid-19 crisis,are taking their is part of abroader jump in the York production of concertsonline,tomeet surging de- popularity of children’smusic. a play he wrote. mand forchildren’sprogramming With kids at home,streaming of Then Covid-19 hit. and provide relief to parents children’smusic initially surged After canceling stressed out about occupying tod- 15% from pre-pandemic levels, his Knitting Fac- dlerswhile working from home. even as online playing of more tory show, the The live streams aren’t stand- popular genres likehip-hop, linchpin of his chil- ins for child care. But—just ask rock and Latin music declined, dren’s activities, he any parent—they are something: a due in part to fewerpeople lis- asked fans via Instagram whether brief interval in the routine that tening during their commutes,ac- Brand kicks off his they wanted a virtual version. children can count on every day cording to Nielsen Music.Video- show wearing a yel- They said yes. “I had to Google during an unsettling time. based streaming of children’s low headband and how to do it,” he says. Now Mr. Ari the Singalong Guy is among music,including on YouTube, strumming his guitar to Brand has a new morning routine. the children’s musicians making soared 30%. While the surge has build anticipation, often Around 10:40, he rummages the transition online. The 35-year- eased recently,children’svideo- with his back to the cam- through his apartment for ideas to old, whose real name is Ari Brand, based streams remain 11% above era. After warming up the au- spice up the show—displaying a is a New York theater actor who precrisis levels,based on the most dience with some clapping, he stuffed animal, putting on a fire- had been performing a weekly recent Nielsen data, which rely on a Covid-19. launches into a combination of man’s hat—and looks up lyrics for children’s morning show at Brook- revised methodology. “Online classes—music,martial classics like “You Are My Sun- his grown-up song. He frequently lyn’s Knitting Factory club. Roughly 70% of CalendarKiddo’s arts, dance, or read-aloud time—are shine” and easy-to-learn ditties he interrupts his songs to make jokes Sincelaunching an Instagram events, including children’s con- helping [parents] makethis new improvises. There’s a “grown-up” or urge kids to clap or do a “rock Liveshowfromhis Manhattan certs, now have virtual options, normal work,” says AudraTsanos, song every day, usually a classic jump.” (Imagine Bruce Springsteen apartment in early March, Mr. Ms. Adler says. With public 51. Her organization, AudraRox, like “Lean on Me” by the late Bill leaping exuberantly, legs perpen- Brand has tripled his followers to schools in New York City closed, teaches music and theater classes Withers. “Consistency is so key dicular to his body.) morethan 1,700from500.Every this migration online is expected and went online last month. with kids,” Mr. Brand says. During singalongs, he might weekday, he canattract roughly 100 to continue. The Rock and Roll Virtual concertscan’t replacethe Theson of an Israeli concert pia- mash up “Twinkle, Twinkle, Little CHANT

DE viewers at thesame time,with up Playhouse, a family-concert series feeling of being with other children, nist and amusic teacher,Mr. Star,” “Baa, Baa, Black Sheep” and to 500 unique visitorscatchinghis in music venues around the coun- Ms.Adler says.But she expectslast- Brand’sbiggest professional success the ABC jingle, observing that all

BERNIE 45-minuteshowover24hours. try, started offering a free daily ing effectsfromthe pandemic,such wasplaying the title role in the off- three have the same chords. Based on donationsfromfans,heis live stream in late March. New as moreperformersoffering online Broadway play“My Name is Asher He finishes with the day’s AND;

BR making roughly what he made be- York performer Hopalong Andrew options.During coming fluseasons, Lev.” Morerecently,hehas grown-up song, at times nixing re-

ARI fore Covid-19 suspended livemusic, recently took his cowboy-and-gui- forexample,children and parents branched out intotelevision and quests with “Nope, that’s a little : he says.OnFriday, Mr.Brand will tar routine online, though he might seek out online shows instead other acting roles,while ramping too grown-up.” One day, he settled LEFT release his firstchildren’salbum, briefly halted it because he has of just skipping liveones,she says. up his children’swork. Roughly 80 on a tune that felt appropriate: OM

FR “Everybody Jump,” which he re- been ill with what he suspects is Every weekday at 11 a.m., Mr. children were attending his weekly John Lennon’s “Imagine.” P2JW112000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, April 21, 2020 | A13 LIFE & ARTS

BY JOHN JURGENSEN off from the theater indefinitely. The durability of that relationship ONE MONTH afterclosing its will be key for the nonprofit the- doors, Chicago’sTheater Withas a ater as it tries to weather a fore- hit play—or what passes forone casted hit of $4.5 million for the when the roughly 300 theatersin fiscal year. “We don’t have a finan- the city and hundreds more cial cushion. We don’t have a cash around the countryare dark. reserve. There’s no way to absorb Ticket sales foranonline version that kind of sudden loss,” Ms. Biel- of “TeenageDick,” atwist on stein says. Shakespeare’s“Richard III” set in Meanwhile, even the trickle of ahigh school, were about 15% revenue from pay-per-view shows higher than typical sales foraplay is drying up for troupes, due to in itsfirst few weeks during nor- the parameters of their ad-hoc mal times. streaming agreements with rights More than a half of ticket buy- holders and unions. In most cases, ers have been from places outside a play’s online run can’t go longer Illinois, including Pakistan and than it was originally scheduled to

Japan. Online showings of “Teen- H run in the theater. Though ticket age Dick,” captured on camera SC buyers have some flexibility in

last-minute before the Wit shut GOET when they can stream the pre-re- down due to coronavirus fears, A corded shows, tickets are typically have brought in an average $3,400 LAR sold in scheduled time slots, with per week. That’s keeping the 11 sales capped at the number of GOOD;

people in the show’s cast and crew OS physical seats the theater has. paid, and warranted an extension That’show TimeLine Theatre, of the play’s virtual run into May. which has 99 seatsinits shuttered And yet, this relative success CHARLES theater in Chicago, “sold out” sev- also reveals a disaster unfolding eral online showingsof“Kill Move behind the scenes, the same one BERNE; Paradise,” James Ijames’splay

faced by performing arts organiza- KEVIN about charactersinaway station

tions of every size as bans on P: between death and afterlife. Tickets group gatherings go on indefi- TO went for$25 (half the previous box OM

nitely. The Wit, a 16-year-old com- FR officeprice) and included access to pany on Chicago’s north side, is aliveZoom discussion with direc- losing about $7,500 a week in WISE torWardell Julius Clark and other OCK

other revenues, such as bar sales CL membersofthe production. Sales and rentals of its three 98-seat in- forthe virtual “Kill MoveParadise” house theaters. Debts are deepen- generated about $10,000. ing, including a now-deferred “My short term response is, monthly rent of $10,000. Theaters Struggle Despite thank goodness there’s some dol- “This is acompletely untenable lars coming and there are people position,” says Jeremy Wechsler, still engaging with us,” says PJ the Wit’sartistic director.The Powers, co-founder and artistic di- companyhas applied forvarious Success of WebcastPlays rector of the TimeLine, which has sourcesofrelief funding,but none construction planned for a new has come through so building in the city’s far.Without that, pay- Uptown neighborhood. checks to staff will stop “The longer this goes in early May. on, the harder it will Arts and culture or- be to come out the ganizations have already other side looking like lost an estimated $4.5 the organization we billion, according to a spent 23 years work- recent survey of some ing to build.” 11,500 organizations by Though the corona- the group Americans for virus crisis forced in- the Arts. novation in theatrical Social-distancing webcaststhat was lockdowns have forced long overdue,partici- the theater world to im- pantssay,they’rea provise with digital per- stopgapfor liveper- formances in away that formances,the alpha would have seemed in- and omegaofthe art- conceivable pre-corona- Clockwise from above, plays such as ‘Toni Stone,’ form. virus.Asthe crisis de- ‘Teenage Dick’ and ‘Kill Move Paradise’ moved to the “Theater is theater. scended in March, internet as the coronavirus closed performance spaces. You’re in the room. companies scrambled to That’s the point,” says record performances of shows Roche Schulfer, executive director they had on stage, aprocess nor- sincelast month, when Actors’ Eq- Broadway shows,but typically only watch recorded versions of the of the Goodman Theatre, Chicago’s mally done only forarchival pur- uity Association, the union repre- at the end of their liveruns,when plays online, which were streamed oldest and largest non-profit stage. poses.Then they struck emer- senting actorsand stagemanagers, producersperceivelessrisk of can- by BroadwayHD. The company rushed to create a gencydeals with rightsholders introduced the temporarystream- nibalizing ticket sales. Wall Street Journal critic Terry three-camera recording of Jocelyn and labor unions that have long ing deals. In San Francisco, “Toni Stone,” Teachout called the “Toni Stone” Bioh’s “School Girls; Or, the Afri- put strict limitsonthe use of On Broadway, the major the- Lydia R. Diamond’s play about the webcast “hugely impressive.” can Mean Girls Play.” With tickets such recordings, and gotpermis- aters didn’t have time to shoot first black woman to break into A.C.T. says the online version sold starting at $15, the webcast has sion to put the shows online and their big-budget plays and musi- big-league baseball, opened in the 1,100 tickets. That, along with generated $18,000 in sales so far, sell ticketsfor streaming access. cals, even if they had wanted to. American Conservatory Theater’s sales for another A.C.T. webcast of and “closes” April 26, when online With an entirework forceofen- New York theaters closed at 5:00 historic 1,000-seat venue on March the play “Gloria,” grossed about access expires. tertainersidle,the internet is awash p.m. on March 12, the same day 11. It closed the following day $60,000. That’s slightly less than Looking ahead, theatersranging in free homemade performances, Gov. Andrew Cuomo announced when California banned gatherings what it cost the theater to shoot from scrappy storefrontstoBroad- from singerslive-streaming show- they would shut down. of more than 250 people. Antici- the show and pay for the stream- way palaces arestruggling to plan tunes from their living rooms,to “Nowthe opportunity is gone. pating such a shutdown, A.C.T. had ing arrangement, says executive forreopening dates they don’t yet actorsdoing script readingson We’renot going to be able to shoot teamed up with the nearby Berke- director Jennifer Bielstein. have.There’sconcern that social- Zoom. That’sdifferent from the rel- those shows,and many, I’m afraid ley Repertory Theatre to keep Despite that loss, she describes distancing rules or lingering fears atively small number of theater to say, will not be coming back,” their productions alive online. The the ticketed webcasts as a big suc- of infection will prevent patrons companies that areselling tickets says Stewart F. Lane, aBroadway companies reached agreements cess in the midst of a crisis. They from flocking back.Othersantici- forvirtual performances.About 90 producer and co-founder of Broad- with three separate unions, repre- helped the shows get seen, pre- patepent-up demand forthe com- theater producershavesigned wayHD,asubscription streaming senting actors, directors and de- vented refunds to existing ticket munal experienceoflivetheater.As agreementsallowing them to put service. Thefive-year-old company signers, to let the theaters’ sub- holders, and maintained ties with Mr.Schulfer putsit, “People staring interrupted productions online uses about 14 cameras to shoot scribers and other ticket holders an audience that is physically cut at screens? They’rereally over it.”

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A14 | Tuesday, April 21, 2020 ** THE WALL STREET JOURNAL. SPORTS

JASONGAY Jordan Will InterruptYour Quarantine

Amid a pandemic, a lengthy ESPN documentary assesses the impact of a basketball icon What would Idoright nowwithout Michael Jordan? IguessIcould do that 6,000-piece puzzle,the one with the baby ducks riding in the hot air balloons.Perhaps I could read—bleccchhh—a book.I could re-watch the Rolling Stones performing on aZoom call, like they did foracharity fundraiser a few nightsago. Isuppose Icould finally learn to makethat stupid sourdough bread everyone’stalking about. Instead, Michael Jordan is here, if not to save the world, then at least to offer areprievefromthe soul-sucking,sports-deprived tedium of quarantine.OnSunday night, ESPN premiered the firsttwo installmentsof“TheLast Dance,” itslengthydocumentaryabout Jor- dan’sfinal season with the Chicago Bulls.Itwill runfor 10 hoursand 10 episodes—one moreepisode than KenBurns needed to siftthrough the Civil War. If youhavespent the past four weeks or so marooned in the base- ment, watching Superstation-vin-

tage Braves twin bills on VHS, GES

searching forsemi-legal under- IMA ground otterracing on the internet, and re-enacting Kurt Russell’s“Mir- GETTY S/ acle” speech beforeyour bewildered family,then this is welcome news. NEW

ESPN is offering the attraction of TING OR

the new. Or at least newish. (This is SP adoc,ofcourse.It, too, is stuff that Michael Jordan is here, if not to save the world, then at least to offer a reprieve from the soul-sucking, sports-deprived tedium of quarantine. already happened.) I’m assuming you’vehearda some Bill Wennington, stat!—in or- the herd—you should hang up your Phil Jackson, pre-Gandalf era, look- aBulls bacchanal he onceleft.) This thing or two about this project. For der to getitready forits acceler- helmet and probably trysomething ing rakish in dark hair.There’sDen- is the MJ that’salways been there, the past several weeks,the whole of ated premiere. Thebet is that “The else.OKend rant.) nis Rodman, sui generis.Thereis, but has seldom been seen. It’sirre- ESPN has been hyping “The Last Last Dance” will become acultural As for“TheLast Dance,” I indeed, Bill Wennington. Thereisa sistible.Iwanted acigar and a Dance” as if it contained footageof moment—“ ‘The Thorn Birds’ of watched. Of course Idid. And from definite’90s je ne sais quoi. Scotch, too. (Or tequila.) Armstrong and Aldrin playing 2- sportsdocumentaries,” as the the start, director Jason Hehir’s doc This footageisdelightful—watch “Distraction” has become a on-2onthe lunar surfaceversus lit- Ringer’s BryanCurtis called it. slips on likeawarm sweater.The it with the young,ifyou can, simply vaguely dirty word in 21st century tle green men. Owned by Disney, (Briefly: Idowant to saysome- doc is putatively about the conflict to remind them that the NBA’swide sports—aboveall else,anathlete ESPN is no stranger to synergistic thing about the notion that thereis that nearly tore apart the 1997-98 reach did not begin with Kyrie Ir- doesn’t want to be adistraction, or tub-thumping—you don’t want to “nothing” happening in sports, be- Bulls season—in particular Jordan’s ving.But the revelation of the doc the jackals will descend—and yeta go near the placewhen a“Star cause it’slazy nonsense.It’strue combativerelationship with the thus far is,surprisingly,its inter- distraction feels very necessary Wars” or Marvel movie is coming— thereare no games,nostats,no club’slategeneral manager,Jerry views with the current-dayJordan, now. Watching “The Last Dance,” but even by those brazen standards, playoffs on the verge. But sports Krause—but the firsttwo episodes now57, including one conducted it’seasy to forget the heartbreak of this rollout has been unabashed. I’m news? There’snever been more. mostly delivered acomforting blast with achair-side cigar and asub- the time—until the commercials, surprised Bob Iger himself didn’t Thepandemic shutdown is nothing of nostalgia. stantial tumbler of what appearsto from the likes of State Farm and knock on my door to tell me what lessthan the most seismic disrup- Whodoesn’t lovewatchingMi- be Scotch. (Or,possibly,his tequila.) Facebook,which gently remind of time it wasonSundaynight. Or, tion in the historyofsports. The chael Jordan playbasketball? Come Jordan’snever been viewedas the crisis lurking out the front door. betterstill, Woj. economic impact of what’shappen- on. It’slikemaking acase against much of an off-script talker,atleast “The Last Dance” is not asubstitute Driving the excitement, of ing nowwill be vast; the way games pizza.Ifyou remember this stuff, publicly.(In the locker room, he forabig game with big stakes,and course,isthe circumstance. Thedoc at everylevel will be played and youremember it—for crying out could be aruthlessMamet charac- it maynot provetobelandmark wasoriginally supposed to air in viewedislikely to changeforever. loud, this wasonly 22 yearsago, ter.)Here, forHehir’s camera, he’s filmmaking,but it’shardtoargue it June,amid the NBAFinals; instead, Everyathleteonearth will remem- this isn’t ahistoryofthe Camden loose,profane and funny, especially doesn’t have value.ESPN maynot it’sbeen scrambled together fora ber this time forthe rest of their Skeeters—but nowthere’savault’s when asked to recall arriving as a have what youwant, but it’sgot national sportsfix during shelter- lives.Ifyou’reclaiming “nothing is worth of never-before-seen-footage. rookie to amoribund Bulls club what youneed. Ithink that’saline in-place. One imagines aWonka-like happening” in sports—or,worse, There’sJordan in aberet, visit- known as a“traveling cocaine cir- from asong—in fact, Isaw some assembly of editors, sleeping little, you’reone of the media executives ing Paris.There’sScottie Pippen, cus.” (Jordan, who says he did not old Britssinging about it, just the stitching together clips—get me out thereusing the pandemic to cull fuming about his contract. There’s partake, eruptsgiddily,and tells of other night, in quarantine.

ban’s head. There are doctors The Risk and Reward of whose evaluations can essentially kibosh whatever the coaches think. There’s also an owner who has to be willing to invest tens of mil- Drafting TuaTagovailoa lions of dollars and bet the franchise’s future on the player. Which is the same series of BY ANDREW BEATON tially great quarterback. Or they complex choices NFL teams will can play it safe with someone with have to weigh with Tua Ta- IT WAS14YEARSAGO, and yet less talent and a healthier track govailoa. the decision that resulted in Nick record. But even that’s a risk: They Tagovailoa was a top recruit to Saban leaving the Miami Dolphins could end up like the Miami Dol- Alabama and emerged as a sensa- and returning to college football phins. tion when he came off the bench still eats at him. The Dolphins had “The sky’s the limit,” Saban midway through the national the chance to sign the most pro- said. “I don’t think any of the championship in January 2018 to lific quarterback ever, but instead questions with Tua have to do lead the Crimson Tide on a furious of putting a blank check on the ta- with his ability to throw the ball comeback. ble and planning parade routes, and be effective.” He validated that with his play they did something else. They Before Brees became more pop- over the next two seasons, throw- passed. ular than beignets in New Orleans, ing 76 touchdowns and only nine “We failed Drew Brees on the he was a young quarterback for interceptions in 2018 and 2019— physical,” Saban says. “That’s why the San Diego Chargers, and every- until the hip injury ended his last he’s not Miami’s quarterback.” one quickly realized his future was season prematurely. Meanwhile, There’s a reason Saban is still somewhere other than San Diego. quarterback Joe Burrow broke out thinking about someone who With the No. 1 pick in the 2004 and led LSU to the championship, signed with the New Orleans draft, the Chargers took Eli Man- cementing him as the likely No. 1 Saints, won a Super Bowl and ning, who so clearly didn’t want to pick in this draft. threw for more yards and touch- play in San Diego that they traded In the time since, Tagovailoa downs than anyone in NFL history. him to the New York Giants for the has been working his way back. It’s that today’s NFL teams have No. 4 pick, Philip Rivers. Brees’s The Dolphins passed on Drew Brees, above,infreeagency in 2006 after he But the pre-draft process has been to make the same decision about departure clock was ticking the failed aphysical. Teams face asimilar proposition with TuaTagovailoa. particularly challenging for players the guy who has played quarter- moment Rivers like him. At the NFL’s scouting back for Saban at Alabama the last grabbed a clip- off Rivers be- other was the Dolphins, who were combine, where he went through a several years. board behind cause it run by one of the greatest minds full day of rigorous medical testing Tua Tagovailoa may be the most him. turned out in football history but were miss- with the results “all positive,” he talented quarterback in Thursday’s Brees was that the ing a single piece: the right quar- said he was looking forward to NFL draft, but teams have to able to hold barely 6-foot terback. During Nick Saban’s first getting cleared and showing off weigh his phenomenal ability to former second- season in Miami, the team went his abilities at Alabama’s Pro Day. throw a football with the unfortu- round pick was 9-7 despite starting a journeyman That was later canceled, just like nate reality that his final college quite good at named Gus Frerotte. similar events across the country, season ended because of a grue- playing quarter- The two teams made opposite in response to the coronavirus. some hip injury. He’ll be one back. The Char- calculations. The Dolphins failed Those restrictions also cut off S

of the first picks off the gers went 12-4 in Brees on the physical and opted to in-person visits between players PRES

board—very possibly 2004 and 9-7 in trade for Vikings quarterback and teams, further limiting oppor- TED

by the Miami Dol- 2005, when Daunte Culpepper, who was com- tunities for Tagovailoa to show he OCIA

phins who own the something hap- ing off a different injury and was back in shape. In lieu of that, SS fifth selection. The pened that wound up missing most of the Tagovailoa sent out a video of a /A AFT

Dolphins have used 14 would make a de- next season. The Saints signed taped workout to demonstrate his CR starting quarterbacks cision much easier Brees, who stayed healthy. The health. M SA

since passing on Brees. for them. In the final game of Saints became a powerhouse. Sa- The situation has left quarter- S; And they have won ex- that 2005 season, right before he ban left the pros after a 6-10 sea- back-hungry teams like the Dol- PRES actly zero playoff was set to become a free agent, son and moved to Tuscaloosa, Ala. phins and Chargers, who have the games. Brees was hit and tore the labrum “That decision was out of our fifth and sixth picks, mulling if TED CIA

It’s a risk-reward in his throwing shoulder. hands,” said Randy Mueller, the they should leap for him or take SO AS

calculation unlike any- Brees entered free agency as Dolphins’ GM at the time. “It’s a someone such as Oregon’s Justin Y/

thing else in sports: No damaged goods, and there were complete organization call when Herbert. RO player affects a team’s two teams that showed a keen in- you get to this level of decision There are two NFL quarterbacks PO success and failure as terest in signing him. One was the making.” who Tagovailoa says he tries to DENIS

much as a quarterback. Teams Saints, a moribund franchise that What Mueller means is that a model his game after. One is Rus- P: can stomach the injury risk had won just a single playoff game decision of that magnitude is so sell Wilson. TO OM

and roll the dice on a poten- in its 39 seasons in the NFL. The big that it goes over even Nick Sa- The other: Drew Brees. FR P2JW112000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, April 21, 2020 | A15 OPINION The Lockdown Rebellion BOOKSHELF | By Naomi Schaefer Riley

Therethey go these rules isn’t boosting sential items,” which means fected person will infect, and The Passionate again, ordi- trust in authorities,either, that youcan getthree scoops so on). nary Ameri- whether it be ChicagoMayor of chocolatechip from your Medical officials haven’t al- cans denying Lori Lightfoot going out to localice-cream shop but God waysbeen right, either.In scienceand gether hair done or New forbid Home Depot sell youa January, AnthonyFauci,the Classroom refusing to York MayorBill de Blasio be- bag of mulch. immunologist who serves as a MAIN defer to their ing driven to his gymevenas Though it is common to lead member of the presi- STREET betters. they were imploring everyone portray the protestersasput- dent’scoronavirus task force, Learning by Heart In state else to stay home.OnMonday ting profitsoverpublic assured Americathat By William capitals Mark Zuckerbergtold George health, these arehardly Covid-19 was“not something By Tony Wagner McGurn acrossthe Stephanopoulos on ABC News wealthyinvestorsworried that the citizens of the United (Viking, 340 pages, $28) country, citi- that Facebook nowclassifies about their portfolios.Unlike Statesright nowshould be zens areprotesting the con- “a lot of the stuff” protesters the roughly one-thirdofworried about.” nresponse to the shutdown, Randi Weingarten, the head tinued coronavirus lock- aresaying as “harmful misin- Americans who canwork at This is no slam on Dr. I of the American Federation of Teachers, has proposed downs. ACNN critic calls formation”—and that Face- Fauci. To the contrary, this is ending the school year by letting teachers put aside them “Covid-19 deniers,” book will “takethat down.” the way scienceworks,asex- their standardized-test assessments. Instead they canwork notwithstanding that the Lost in all this is that the Ordinary Americans pertsrevise andadjust to new with their studentsonterm projectsthat will “demonstrate sciencethey allegedly deny protesters arefor the most information. But it should be their learning forthe year.” If everycrisis is an opportunity, still lacks conclusivean- part simply struggling Ameri- protesting to reopen awarning not to regard these then the current crisis maygiveeducation leadersthe swers to some of the most cans who have concluded the economy face only expertsasoracles or science opportunity to eliminatethe government-mandated testing fundamental questions about that—atleast forthem—the as asource of unequivocal an- that they so deplore. Tony Wagner, forone,would like the coronavirus. cureisturning out to be contempt from elites. swers beyond dispute. Scien- nothing better. In the past week,demon- worsethan the disease. tistsshould have doubtsand Mr.Wagner,aformer teacher and administrator and now strations have broken out in “These protestersaren’t continue to put their hypoth- afellowatthe Learning PolicyInstitute, isn’t at all keen on Arizona, Colorado,Florida, rich or privileged,” says Ste- home and still draw pay- eses to the test. the way we educatekids in America. In “Learning by Heart,” Idaho,Kentucky, Michigan, phen Moore, aTrump eco- checks,for most Americans Theprotestsremain rela- amemoir entwined with policyanalysis and educational Minnesota, North Carolina, nomicadviser. “Most are the lockdowns aremorethan tively small. But they do ex- philosophy, he argues that thereistoo much testing,too Utah, Virginia and Washing- folks living paycheck to pay- an inconvenience. And the ur- pose the elitedisconnect with much memorization, toomuch competition, and toomany ton. In Pennsylvania the state check or small-businessown- gencyofreopening looks very ordinaryAmerica. Arecent teacherswho don’t enjoyteaching and arenot very kind to legislaturegot intothe act, ersseeing their livelihoods different forthe 22 million NewYork magazine article students. His diagnosis,bynow,may sound rather familiar. sendingGov.Tom Wolf abill destroyed, and they arethe American workerswho have captured the condescension As forhis solutions,they arenodoubt well-meant but often that would order much of the ones who arebearing the just lost their jobs—or the 1 andlack of empathywhen it feel likeplatitudes better statere-opened morequickly crushing burden of the lock- in 4small-businessowners declared the protestsare suited to an inspirational than he would like. Morepro- down in their states.” Mr. who, according to the U.S. probably “going to spread poster. testsare planned forthis Mooresays he’sformed an Chamber of Commerce, say nearly as rapidly as the coro- Most of “Learning by week. organization, Save Our Coun- they aretwo months or less navirus itself in the rich soil Heart” consistsofMr. So who arethese people? try, to help them ensuretheir away from shutting down of anti-government subcul- Wagner describing his own Some arefolks who fear a voices areheard. permanently. tures whereit’swidely ac- disappointing educational permanent expansion of gov- Feeding the sense of griev- Ditto forthe charge that cepted that ‘tyrants’ areex- experiences.His first ernment and worrywhen they anceisnot just the lockdowns they areantiscience. Surely ploiting the emergencyto teachers—that is,his parents— hear leaderssuch as NewJer- but the way they have been we could all use alittle more impose their godlesssocialist sound likea1950sparody.His sey Gov.Phil Murphysaying imposed. Start with the over- modesty.Any honest ap- views on freedom-loving but mother kept house and dabbled that constitutional consider- kill. This includes sheriff’s praisal would have to concede fearfulAmericans.” in photographyand watercolor. ationsabout lockdown mea- deputies arresting apaddle thereismuch that scientists Abettersense of this sub- His father,who leftearly for sures are“abovemypay boater aloneinthe ocean off have gotten wrong (the many culturemight be the words work,came home late, golfed on grade.” Othersare troubled Malibu, Calif., city officials in models whose estimates of, chanted by Kentuckyprotest- weekends and rarely smiled,told by theFirst Amendment im- SanClementefilling apopular say, deaths and ventilators ersoutside their governor’s him when he dropped him off at plications of politicians shut- skateboarding park with 37 needed proved wildly off), officelast week.Their outra- boarding school: “Work hard, son. Idon’t ting down churches. tons of sand, and various and much we still don’t know geous message? “Wewant to care what youdosolong as youare the best.” Thedo-as-I-say-not-as-I-do states restricting big-boxre- (the true lethality of Covid-19, work.” Mr.Wagner wasn’t the best. He would be kicked out of behavior of those imposing tailersfromselling “nones- the averagenumber an in- Write to [email protected]. high school and drop out of college. He read plenty,though: “Hemingway,Fitzgerald, Steinbeck—none of the books that were actually assigned.” Theproblem, he explains,was that “teachersruined good books by lecturing about their The Coronavirus Hits the Global South structure, while asking us nothing about what we thought or howthe books felt to read.” Thepandemic lions do not have reliable gangs, warlords and jihadist narycostsofthe pandemic. Enrolling at the Richmond Professional Institute, now mayhave access to clean water, much groups will be ready to step Andafter experiences with Virginia Commonwealth University, Mr. Wagner again grew peaked in lesstosoap or hand sani- in. HIV/AIDS and Ebola, rich bored. In the middle of an ancient-history course, he manycoun- tizer.After afew days with- Some blame national lead- countries have learned how interrupted the professor’s “droning monologue” by saying: tries,but for out work,hunger will drive ersand international institu- to collaboratewith countries “I don’t understand why we only study the kings and their much of the people back out ontothe tions fora“lack of interna- in the Global South to build wars. Why don’t we learn about how ordinary people lived GLOBAL world the streets. tional leadership.” That’s up their public health capaci- then?” This critique may have sounded profound in 1965, VIEW worstisyet Even if lockdowns could be more than alittle unfair. ties.Current support comes but in most classrooms today teachers ask students about to come.De- sustained, they would do little While the World Health Or- moreeasily because of past their feelingsall the time.And you’dbehard-pressed to By Walter spitehopes good. Thereare five ventila- ganization has not coveredit- successes. find many schools that teach about kings and wars, let Russell Mead that warmer tors in the Democratic Repub- self in glory, the Interna- But what these countries alone schools that do so to the exclusion of teaching about temperatures lic of Congo, one forabout 20 tional Monetary Fund,the really need to avoid or at least “ordinary people.” would slowCovid-19’sspread million people.Ten African World Bank,the U.S. govern- mitigatedisasterslikethis in It was only when Mr. Wagner got to a place called in the Global South, the dis- countries have no ventilators ment and the European Union the futureisthe most unfash- Friends World Institute, a Quaker college with daily ease is spreading with relent- at all. Even if thedisease’s have all been much morepro- ionable thing in the world seminars “and no grades,” that he began to feel at home. lessspeed in countries like spread could be slowed, medi- activeand generous in 2020 right now: morecapitalism. “Students kept a journal of their learning. . . . There were Kenyaand Brazil. Thestrate- calcapacity in the Global than any of them were in the We hear alot of loose talk in also regular meetings where students and faculty dealt with gies that have limited and South is so lacking that 2008-09 financial crisis. the rich world about the community concerns together.” He describes approvingly slowedthe virus in the Global there’snochanceitcould be downsides of economic growth the topics that professorscovered: “automation, concepts North won’t work forthe built up in time to help.The and the supposed immorality of labor, worker alienation, arbitration, conciliation, most part in the South. With- most stringent lockdown Only economic growth of thefreemarket, but with- mediation, Black Power, white thinking, urban blight, rural out avaccine or treatments, could not prevent amassive out the technological progress poverty, the destructive pressures of modern society.” His the people living therewill be public-health crisis in many can lift incomes and that capitalism promotes and only complaint was that the classes focused on problems almost as powerlessbefore countries,and no such lock- generate resilience the economic resourcesitpro- and not enough on solutions. the disease as humanity once down canendure. vides,the rich world would be wasagainst smallpox. Short of finding acheap after the pandemic. as helplessinthe faceof Take the “lockdown” strat- and simple therapy or avac- global pandemics as our an- Is theproblem withAmerican education too egy. Thepurpose of this ex- cine,thereisverylittle that cestorswereinthe times of much memorization, toomuch testing and tremely costly policyisto canbedone to prevent the Substantial debt relief is in theBlack Death. “flattenthe curve,” by shut- coronavirus from taking its the pipeline and morewill al- Economic growth is going toomuch competition? ting down much of the econ- natural course acrossmuch most certainly come.Asthe to be moreimportant than omytoensurethat health of theworld. Those who can supplies of vital medical ever as the world recovers systems aren’t overwhelmed self-isolatewill do so in their equipment ranging from per- from the pandemic.Only Though Mr.Wagner became involved in thecivil-rights by wavesofdesperately ill compounds or country sonal protectiveequipment to growth canhelp rich coun- and antiwar movements—“I wasgoing to stop reacting and patients. homes,much as rich London- ventilatorsand test kitsin- triesrecover from an eco- start acting”—he wasn’t enamored of the social dysfunction In much of the world, this ersfled the plague in the crease,much will be sold at nomic shock of this magni- and drug culturethat accompanied them and grew strategyisimpossible.Only 1660s,but formuch of the cost or given to needy coun- tude and servicethe vast frustrated. When he visited aprogressiveschool in San rich countries and rich peo- population exposurecannot tries.And anyvaccines or amountsofdebt they have Franciscowherehis girlfriend wasvolunteering,hefound ples canaffordlockdowns.In really be prevented, and treatmentswill be shared takenontomeet the emer- total chaos. Kids were fighting; there weren’t any books. much of the Global South a whatever care the infected and—thanks to what the gency. Forthe world’spoor And when he asked wherethe teacherswere, she told him: substantial percentage of the receivewill in manycases fall world learned in the fight and middle-income countries, “They believekids should be free to do whatever they want, population lives from hand critically short of what’s against HIV/AIDS—poor coun- economic expansion matters without adult interference.” Mr.Wagner wondered: “Were to mouth. Manypeople make needed. tries will have faster and even more.Without pro- thereany boundaries?” money selling thingsonthe In partsofthe Middle East cheaper access to these drugs growth policies in the rich As Mr. Wagner began his own teaching career, he kept street or in crowded infor- and Africa, statefailurecan- than ever beforeinworld world and pro-growth poli- confronting this paradox. On the one hand, he hated the mal markets. They draw notberuled out. As econo- history. cies at home,the Global structure of school as a student; on the other, he saw that, their waterfromcommunal mies collapse and the pan- Theshort-term priorities South will facethe next pan- without structure, students wouldn’t learn anything. His taps; they use community la- demic rages, weak states may areclear: These countries demic,asithas faced this solution, which seems not very workable on alarge scale, trines,ifthey have sanita- well lose control of some or need debt relief and aid to one,depending toomuch on is to meet with individual students to ask them what each is tion at all. Hundreds of mil- all of their territory. Drug help managethe extraordi- the kindnessofstrangers. interested in and then oversee each student’s own research project. Whether he is teaching in a public school or at an elite school like Sidwell Friends in Washington, Mr. Wagner finds that students lack “intrinsic motivation” to learn. PPP Loan Terms Amount to Legalized Fraud They want merely to get a diploma or, in other cases, to get good grades. What is the answer? Find each student’s By Pete Vegas thing in our powertomiti- Ark., plant could be next. This plicitly prohibitssuch behav- “passion,” Mr. Wagner urges. Instead of all that memori- gate that possibility. countsas“economic uncer- ior.This program creates— zation, he asks: “What if . . . school prepared us for ownafood-manufactur- In the PPP application, tainty.” even encourages—conduct revolution?” I ingbusinesswith more only one line pertains to the Iagonized over the deci- that would normally be con- Thereare flashes of insight in “Learning by Heart,” as than 200 employees that effectsofCovid-19.Insigning sion to apply forthe loan, but sideredfraud. Oncegovern- when Mr.Wagner realizes that his ed-school classes area wasrecently awarded a$3.4 the application, Iagreed to ultimately accepted it, placing ment officials figure this out, wasteoftime or when he notices that public-school teachers million loan through the the statement: “Current eco- it in aseparateaccount. We they might spend yearstrack- getjobs forlifewith little or no effort. But mostly he waxes Small BusinessAdministra- nomic uncertainty makes this have everyintention of repaying down fraudulent uses of poetic about antinukedemonstrations and the teacherswho tion.Fromwhat I’veob- loan request necessarytoing it in full. But if in 60 days thefunds (provided the loan wrotenicecommentsonhis grad-school papers—he quotes served, the Paycheck Protec- Imaintain my current payroll, agreement’sloose wording them. Some of his momentsofself-revelation arealmost tion Program is completely then the loan canbeforgiven. doesn’t makefraud impossi- embarrassing.Hedescribes howheemergedfromashiatsu flawedand will function as a Healthy companies Iassume the loan wasin- ble to prove). massageinManhattancrying,only to grasp that he wanted handout to companies that tended to help companies TheSBA has passed re- to leave his job at a nonprofit and go back to education: don’t need it. Billions of mis- can easily exploit aid that arecurrently shut down sponsibility fordisbursing “The massagehad stripped me of my armor.” spent dollarswill never be meant for those that or severely suffering remain PPPloans to banks,which What exactly students should learn, Mr. Wagner says, is paid back. in businessand keep their have everyincentivetopro- not his concern because “teachers have far more important As amaker of food prod- had to shut down. employees on the payroll. But tect themselves.Given the things to impart to our students than just subject matter.” ucts sold in grocerystores, the program doesn’t differen- time crunch to award loans, In the best cases that may be true, but our schools have my businesshasn’t yetbeen tiatebetween companies that banks were forced to focus on thrown “subject matter” under the bus, and it’s been a negatively affected by the support the ongoing opera- arecompletely shut down and larger existing clients, not the disaster. Studies show that teaching kids reading is much Covid-19 crisis,unlikemany tions of the Applicant.” We’re those operating at 50% or smaller companies that need harder without their having any understanding of a partic- other industries.Weare an incurring additional expenses 100% capacity. the money most. PPP loans ular topic, just as teaching kids “how to do math” without “essential serviceprovider,” to protect against apotential That meansprofitable areshaping up to be ana- having them memorize multiplication tables is a waste of so we’vebeen able to keep shutdown, but forthe mo- companies likemine,which tional scandal, in moreways time. As for tests, another study shows that students learn ourworkforce intact. We’re ment my businessisina mayweather this storm re- than one. more when teachers are tougher. A revolution may be worried about apotential strong financial position. Yet gardlessofthe stimulus,have needed, but not the sort that Mr. Wagner has in mind. shutdown if anyofour em- in light of recent shutdowns no incentiveorobligation to Mr. Vegas is owner of Sage ployees test positivefor the of meat-processing facilities, payback the money.NoVfoods, based in Boulder, Ms. Riley is aresident fellow at the American Enterprise virus,sowe’redoing every- we knowour Little Rock, wording in the application ex- Colo. Institute and asenior fellow at the Independent Women’s Forum. P2JW112000-0-A01600-1------XA

A16 | Tuesday, April 21, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Care to Store Some Oil? Biden and HisVicePresidential Candidate

fyou thought negativeinterest rateswere doesn’t begin until May1.The deal also depends Afterreading LanceMorrow’s “Bi- disgruntled supportersofElizabeth bizarre, howabout minus-$37 forabarrel on voluntarypledges,and in anycase no produc- den-Cuomo Is the WaytoBeat Warren, AmyKlobuchar,Kamala Har- I of oil? That wasthe going pricefor atime tion agreement canentirely offset such aglobal Trump” (op-ed, April 13) one could ris and even StaceyAbrams if Mr.Bi- conclude that no woman is better den goes with amale.Atleast aBi- on Mondayonthe futures collapse in demand. The real price of West qualified than Gov.Andrew Cuomo to den-Cuomo ticket would end the contract forabarrel of West TheTexas Railroad Com- getout the vote.Dangerous territory endlesscriticism of President Trump’s Texas Intermediatecrude de- Texas crude hasn’t mission,which regulates en- forboth Messrs. Biden and Cuomo so-called “lateresponse” to the pan- livered in May. To put it an- ergy in the state, is meeting should Mr.Biden changehis mind and demic,sinceGov.Cuomo refused to other way,itwould cost you fallen below $0. on Tuesdaytoconsider pro- pick aman. TheBiden box(men need shut down NewYork until March 20, lessunder that contract to fill duction quotas that haven’t not apply) wascreated when he de- well afteritwas obvious that New your bathtub with oil than to been imposed sincethe clared in Marchthat: “I will, in fact, York City wasgoing to have morecor- fill it with water. 1970s.The quotas arebeing pushed by some appoint awoman to be vicepresi- onavirus deaths than anywhereinthe So goes the continuing turmoil in oil mar- leading shale-oil producerssuch as Pioneer dent.” Under the same criteria, Mr.Bi- country. ABiden-Cuomo ticket would kets from the collapse in demand amid the cor- and Parsley. den wouldn’t have been chosen vice guarantee one thing—that millions of onavirus pandemic and global recession. The But it isn’t clear if lessproduction in Texas president by Barack Obama. No doubt American women would protest the Mr.Obama wasboth an “equal em- dayafter President Trump wins re- real priceofoil isn’t lessthan $0.The bizarre would affect global prices at this moment, and ployment opportunity” candidateand election. behavior in futures marketsisacombination API economist Dean Foreman suggestsnot that abetterpolitician. BOB SPEAR of crashing oil demand todayand expectations much. Thequotas would presumably apply to JORDAN CLARK Coronado, Calif. for higher oil prices later in the year when the everyone,which means the most efficient pro- Rockville, Md. economyisbeginning to recover. ducersand marginal wells would facethe same Ifound myself in astate of disbelief. Oil tradersare storing crude in the expecta- limits. Thequotas mayalso have to be in place I notice the recent editorial page Aside from implying that thereisno tion that they canget ahigher pricelater,but longer than producersthink unlessthereisa coverage of the president questions suitable female candidateout thereto storagecapacity is running out. Traderswho priceboom soon. why we all can’t just be more civil. runonthe Democratic ticket, Mr.Mor- arelong in the market arehaving trouble find- All of which signals considerable pain for Well the answer is in Mr.Morrow’s row’sdescription of Gov.Cuomo as being storagefor delivery, so they have to sell at American oil producers. The drilling rig count piece. He supports the Blue team’s ap- ing “blessedly nonideological” beggars afiresale price. Meanwhile,the oil pricefor in the oil patch is heading to itslowest level proach to the president as “Carthago belief—a man who told Christian con- delenda est.” The next time your edi- servatives to getout of his stateand contractsdue in June was$21.40 on Monday, since2015 or worse. Manymajor producersare torial writers wonder where all the ci- that Americawas never that great? and forAugust it was$29.15. hedged against falling prices,atleast forsev- vility went, tell them: “Carthage must JENNIFER W. HONIGMANN Fewtradersactually take deliveryonthese eral months.But some smaller and lessinte- be destroyed.” About 100 years after Blue Bell, Pa. contracts, so the tangible damagewill be losses grated drillersthat have borrowedheavily are Carthage was destroyed, the republic forthose on the bad end of the trades.These headed forbankruptcy. was replaced with the first Caesar. I I like and admire Gov. Cuomo, too. presumably include major banks,and regula- Already calls arerising fortariffs on foreign wonder if we will have that long. But women are not irrelevant to the tors will have to watchfor bank trading losses oil to help U.S. producers. But the foreign oil is TOM RITTENHOUSE purpose at hand. Women are never ir- in addition to losses that will be forthcoming being imported because U.S. refineries are Palm Harbor, Fla. relevant. Typical of a man to ask from loans to the oil patch. equipped to handle foreign crude morethan women to wait their turn, again and Thelargerproblem that won’t expirewhen they arethe light variety produced in the U.S. Even as JoeBiden is looking at again and again. massdefections from disgruntled Ber- BEVERLY GABRIELE thesecontractsdoisthe mismatch between Retrofitting refineries coststens of millions of nie Sanders’ supporters, imagine the Sacramento, Calif. supply and demand. TheAmerican Petroleum dollars. Tariffs will also raise oil prices in the Instituteestimates that global oil production U.S. abovethe rest of the world, which will hurt is still about 100 million barrels aday.But de- U.S. industries that consume oil. As painful as mand has fallen to 70 million barrels. job losses will be in the oil patch, U.S. industries Be Fair to African-American Small Business Storage—on the high seas especially,but that use oil employmoreAmericans. anywherepeople canfind aplacethat will take All of this is only one example of the struc- As a black CEO of a nonprofit dedi- These local organizations stepped in it—has been making up formuch of that mis- tural economic damagethat is occurring across cated to prosperity for all Americans, wherebanks stepped aside,dispens- match. But API estimates that storagecapacity the U.S. as the shutdown continues.The gov- I’m concerned that the Cares Act or- ing capital and financial counsel to in the U.S. is about 825 million barrels,and ac- ernment is slathering cash acrossthe economy phans most black-owned businesses minority-owned businesses in all 50 tual storagehas never previouslyexceeded 500 that will keep some businesses afloat. Some oil from small-business loans, particu- states and the District of Columbia. larly in neighborhoods that need Working with the Expanding Black million barrels.Now thereare fewerthan 100 companies maybeable to tapthe Paycheck these businesses to shore them up BusinessCredit Initiativeand the Al- million barrels of storageleft. Protection Programloans or the Federal Re- (“Negotiations Stall Over Virus Aid,” lianceofAfrican-American CDFI This will mean downward pricepressurefor serve’sMain Street lending facility if the Fed’s The Coronavirus Pandemic, April 14). CEOs,CDFIs knowbest to whom, weeks or longer until the pandemic eases and final terms aren’t tooonerous. Last year 2.6 million small businesses howand wherefederal funds can economic growth returns.The deal to limit oil But the longer this continues,the more owned by African-Americans gener- promotelocalized stability that will production that President Trump negotiated re- physical and human capital will be lost for ated $150 billion in revenue and sup- last long term. cently with Saudi Arabia and other oil nations years. Demand foroil will return when global ported nearly 3.6 million jobs. But Small businesses are the beating should help reducesupply somewhat, but it growth returns,and the sooner the better. even in better times, black business heart of African-American communi- owners were denied bank loans at tri- ties. Like an injection of plasma, fed- ple the rate of nonminority business eral funds targeted via CDFIs would owners, according to a 2016 report of be a fast, efficient method to revive Mia Land O’Lakes, 1928-2020 the U.S. Conference of Mayors. an economic engine now one virus Republicans need to addressthis away from financial death. and O’Lakes, the Minnesotafarm co-op Then he added: “But in our family,mydad’s inequity by targeting aportion of GARY L. CUNNINGHAM that sells itsbutterbythe tubful, has si- work is asource of pride forus. He brokebarri- federal funds to Community Develop- President and CEO, Prosperity Now L lently laid off itslongest-tenured sales- ersasanOjibweartist from Red Lake.Back ment Financial Institutions (CDFIs.) Washington woman: “Mia,” the figure of a then,you didn’t find native NativeAmerican maiden who The butter company’s people in those kinds of jobs, has enlivened itspackaging for Native American icon and this gavehim the opportu- The State Department Saw Us SafelyHome generations.Did the company nity to put his spin on awell- see the pandemic as an oppor- vanishes with no trace. known nativeimage.” Regarding SecretaryofState Mi- protected and medically takencare tune time to makethis sure-to- Mia wasn’t an ugly stereo- chael R. Pompeo’s “LeaveNoAmeri- of,and Ambassador Scot Marciel canBehind” (op-ed, April 16): It’s made atimely conferencecall to be newsworthychange? type.She wasasweet-looking true.FromAugust 17-22mywifeand calm our nerves acouple of days be- No,Land O’Lakes began to roll out itsnew woman holding abox of Land O’Lakes butter, I, with avolunteer serviceteam of fore our smooth and professional packaging in February, so maybe butterlovers on which she also appeared, recursively.Ifyour 28 (with only eight Americans) from rescue by Myanmar Air Forceheli- areonly receiving or noticing it now. Theco-op facewas on the side of afood package, all over the world, were in lockdown coptersand then amilitaryjet to wasfounded in 1921, and as it “looks toward our wouldn’t youbeproud to showitoff?But in in the town of Kutkai, Myanmar for Yangon. 100th anniversary,” the CEO said earlier this Americain2020,abox of butterisnever just six days because of safety hazards Ihad the unique experienceand year,“we’verecognized we need packaging that abox of butter. because of local battles that blocked privilegeofhandling the communica- reflectsthe foundation and heart of our com- What’snext, aprotest that LuckyCharms our only road access to alocal air- tions between our team leader and panyculture.” Therewas no mention of Mia’s trades in stereotypesand appropriates Irish- port 48 miles away. the U.S. Embassy and Irealized it is disappearing act. American culture? An actor who voiced the lep- Because the U.S. Embassy staff true that “leave no American be- Her rootstrace to 1928,but she wasrede- rechaun mascot on TV fordecades admittedin served us professionally from the hind” is one of the core values of our firstday Icontacted them on a nation. Iwant to expressour team’s signed in the 1950s by an Ojibweartist named 2005 that he wasn’t Irish. Nobody had asked weekend via Twitterand then calls appreciation forour successfulevac- Patrick DesJarlait, according to the Minneapolis about that back when he auditioned in 1963.But and texts, our lockdown waspre- uation that included 20 non-Ameri- Star-Tribune.“I’m sad to see it go,” his son Rob- during abrief period in the 1970s, Waldo the vented from escalating to ahostage cans.This is the apexofour nation’s ert told the newspaper,“but Ican understand Wizard wasaLuckyCharms pitchman. Maybe situation. Deputy Counsel Matt humanness, hospitality and profes- whyit’sgone.Weliveinapolitically correct it’stime to bring him back and makethe lepre- Scranton made sureweweresafe, sionalism. This is foreign diplomacy time,somaybe it wastime to getrid of it.” chaun socially isolatefor good. at itsbest. Thank you! MELVIN WONG, PH.D. Captain Crozier Followed San Francisco The Court’s Conservatives Clash USNS Roosevelt’s Namesake Regarding the April 11 letters re- Private Labs Should Just ith Republican-appointed judges re- tion, especially in cases involving individual sponding to your editorial “The Navy Start Testing for Covid-19 shaping the federal courts, Demo- rights. JusticeSamuel Alito, by contrast, would Captain and the Coronavirus” (April W cratshavedescribed legal conserva- have kept the Court’s1972ruling in place. 4) that asks: “What would motivate a Regarding Jack W. Lipton and Caryl tives as partisans who want Joined by Chief Justice John captain with more than 25 years in E. Sortwell’s“We Have aCovid Test— the same thingsand think the Gorsuch and Alito issue Roberts and JusticeElena Ka- the Navy to torch his own career?” LetUsUse It” (op-ed, April 16): It’s same way.Close Supreme dueling opinions on jury gan, his dissent emphasizes One need look no further than the time to ask forgivenessrather than Court-watchersknowthis is the damage to the rule of law name of the ship which Capt. Brett permission.Start testing people,re- false. Last term therewere trials and precedent. and stability when judges set Crozier commanded. cord the dataand maintain atranspar- more5-4 decisions when a precedent aside. In the weeks following the success- ent processthat canbeclearly audited conservativejoined the liber- Justice Alito also takes is- ful American invasion of Cuba in later.Idarethe FDAtoignoreresults als than when the conservatives were united. sue with the majority’s invocation of race. He 1898, then-Col. Theodore Roosevelt or impose fines on high-quality labs affixed his signature to two letters that provide unassailable data. When But if therewerestill anydoubt, Monday’s rul- notes that even if Louisiana and Oregon initially which assailed the Army’s high com- did Americans become so beholden to ing requiring unanimous juryverdictsoffersan adopted their rules under the influence of Jim mand and War Department for failing the bureaucracyinthe faceofsuch a illuminating look at the diversity of conserva- Crow,racism mayhavenothing to do with why to quickly evacuate American troops serious crisis? It’stime to recapture tive thought. states want to allow less than unanimous ver- who were suffering from yellow fever, the spirit of Admiral David Farragut: In 48 states, a conviction in court requires dictstoday. This reflectsJusticeAlito’sconser- malaria and dysentery. Roosevelt Full speed ahead! all jurors to agree. But in Oregon and until re- vative preference for narrow and incremental knew that he would earn the enmity ANNA JENSEN cently Louisiana, 10 of 12 jurorsweresufficient. rulings, which sometimes clashes with Justice of the Army leadership. He would Indianapolis In a 1972 decision, a majority of Justices had Gorsuch’s flags-flying originalism. subsequently be denied the Medal of approved non-unanimous verdicts, though they JusticeBrett Kavanaugh wroteseparately to Honor for which he had been nomi- did not agree an arationale. In Monday’scase, outline his principles forwhen the Court should nated, only to finally receive it post- Pepper ... Ramos v. Louisiana,the Court wasasked to overturn precedent. Court-watcherswill scruti- humously in the closing days of the And Salt Clinton administration. In a service overturn that decision and establish that the nizethat concurrencefor hintsonhow he’ll rule steeped in tradition and history, it is THE WALL STREET JOURNAL Sixth Amendmentguarantees the right to a on abortion precedents. not wild speculation to think that unanimous conviction. JusticeSonia Sotomayoralso wrotesepa- Capt. Crozier wrote his letter calling Six Justices agreed, and JusticeNeil Gorsuch rately to emphasize that this precedent should for aid for those under his command wrotethe controlling opinion. JusticeGorsuch be overturned only because it is egregiously because he knew that his ship’s has established himself as amuscular advocate wrong and non-unanimous juries are rooted in namesake expected no less. of theBill of Rights, and that has sometimes racism. She wantstobeable to criticizethe DUANE JUNDT aligned him with the liberal Justices in criminal Court’s conservatives for overturning precedent Orange City, Iowa cases.Hewrites that unanimity wasexpected in the next time she’sonthe losing side. criminal trials when the Sixth Amendment was Democratic threatsagainst the Supreme Lettersintended forpublication should ratified and notes the Jim Crow origins of some Court have been escalating in the last year. be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, laws allowing non-unanimous verdicts. They want to convincethe public that the Jus- or emailed to [email protected]. Please JusticeGorsuch is also among the most will- tices are glorified partisans so they can pack includeyour cityand state. All letters ing—along with Justice Clarence Thomas—to the Court or intimidate Justices to deliver lib- aresubject to editing,and unpublished setaside precedentsthat he believes areat eral outcomes.The Ramos decision is arebuttal letters canbeneither acknowledged nor returned. odds with the original meaning of the Constitu- to that partisan distortion. “Maybe it’s just playing dead.” P2JW112000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, April 21, 2020 | A17 OPINION ‘Elective’ Seven Fateful Coronavirus Decisions Surgery By Robert C. O’Brien to physicians on the front lines. Sixth, Mr.Trump announced on Saves Lives acing aonce-in-a-century April 3that the CDC would issue pandemic,acrisis that guidelines recommending that some have likened to a Americans use cloth masks to help By Bob Kerrey F world war, the U.S. is for- stop the spread of the virus and tunatetohavePresident pave the way to getback to work. ntimes of emergency, public offi- Trumpincharge.Ihavewitnessed While some health-careexpertshad I cials liveinfear of not doing him makethe tough decisions nec- dismissed the idea, the president enough. But sometimes doing essaryatevery turn to keep Amer- sawnew research on the benefitsof nothing is the right answer. And icasafe. Seven of these decisions masks and successfulexamples in sometimes doing something makes standout. South Korea, Hong Kong and Tai- theproblem alot worse. First, the president assembled a wan, and gotthis important infor- An example is the decision to shut team. On Jan. 29 he established the mation to the American people right down electivesurgery in U.S. hospi- WhiteHouse Coronavirus Task away.

tals and ambulatoryclinics.OnMarch Force. Nowunder Vice President S Seventh, sincethe extent of the 14,Surgeon General Jerome Adams Mike Pence’sleadership,the task danger became apparent, Mr.Trump NEW

urgedahalt in such procedures out forcehas consolidated the govern- G and his team have contracted with of concern they’d spread the corona- ment’spublic-health expertise and morethan 10 ventilator suppliersto

virus and strain hospital capacity.On responded in real time to the virus’s OOMBER ramp up production. Thesuppliers

March 18,the Centersfor Medicare spread. Deborah Birx, aworld-re- /BL will makemorethan 100,000 venti- and Medicaid Services released guid- nowned physician, wasdetailed on AS latorsoverthe 100-dayperiod start-

ancetolimit “electivesurgeries” and March 2fromthe State Department GRIP ing March 27.The president also

“nonessential procedures.” Thirty- to serveasthe coronavirus re- YURI initiatedapublic-privatepartner- five states followedthese directives. sponse coordinator,joining Anthony President Trump tours the NIH’s Viral Pathogenesis Laboratory, March 3. ship,Project Airbridge, to flyines- Administrator Seema Verma’s Sunday Fauci,director of the National Insti- sential personal protectiveequip- announcement that CMS is relaxing tuteofAllergy and Infectious Dis- to become Americans.” included strict social-distancing ment from around the globe. itsguidelines came none toosoon. eases,and Robert Redfield,director Third, on March 11 Mr.Trump guidelines and recommendations for Working with governors, mayors, of the Centersfor Disease Control suspended travel to the U.S. forfor- those with the highest risk of severe manufacturersand hospitals,the and Prevention,who were already in eign nationals who had recently illness. Mr.Trump understood the Trump administration has used ev- Temporary bans prevent the fight. been in 26 European nations,de- economic consequences but acted to erytool available,including the De- Second, on Jan. 31 Mr.Trump or- spiteconsiderable pressuretoex- protect American lives.After con- fense Production Act, to break treatment for cancer, heart dered travel restrictions barring empt allies.The president extended cluding that the damagetothe through bureaucratic redtape and disease, cataracts and foreign nationals who had recently these restrictions on March 14 to economywould be even greater if ensurethat critical supplies arepri- been in China from entering the travel from the U.K. and Ireland, thevirus were permittedtospread oritized and delivered to wherethey other serious ailments. U.S.,quarantines forAmericans who unabated,the president extended areneeded most. had visited China’sHubei province, these guidelines through April 30. These decisions took courage. and astrong advisoryagainst Amer- President Trump acted Because of the president’searly ini- Manysaid that the most significant Theterm “elective” is misleading. icans traveling to China. These tiative, the U.S. economywill soon among them would be unpopular It doesn’t mean “unnecessary” but moves bought time to preparefor with dispatch, to keep be in aposition to reopen carefully with the American people,harm the “capable of being scheduled.” There- thelarge-scale arrival of the virus Americans safe, even on arolling basis. economy, or even hurt the presi- sult of these ordersisthat Medicare, on U.S. shores,but they weren’t Fifth, formanyweeks the president’schances of re-election. Never- Medicaid and commercial health-in- popular at the time. when it was unpopular. dent pushed forthe innovativeuse theless, in each situation Mr.Trump surancecompanies won’t reimburse Thenextday,onFeb.1,Joe Bi- of therapies to fight the virus.On acted decisively and put the Ameri- patientsfor most surgical procedures den criticized the president’s“xe- March 19 Mr.Trump announced canpeople first. That’swhat Iwit- that don’t requireovernight stays,in- nophobia” and “fear-mongering.” two of America’sclosest partners. theavailability of remdesivir for nessed. cluding diagnostic biopsies,wound He stressed that “diseases have no This was, again, adifficult and con- patientsinemergencysituations In my assessment, the president’s care,removal of tubes,and treat- borders.” It took until April 3for troversial call at the time,given our and in anational clinical trial. decisions outlined herehavesaved mentsfor heart disease,cancer,vas- Mr.Biden to do a180 and come countries’ unique and longstanding While not yetprovedtowork,the tens or even hundreds of thousands cular conditions and orthopedic ail- outinsupport of the president’s ties. antiviral drug has shown promise of American lives.The waronthis ments. travel restrictions. The Washington Fourth, on March 16,asthe virus in academic research and in treat- virus isn’t over.But Iamconfident According to asurvey of statehos- Post editorial boardcondemned began to stretch the public-health ing asmall number of Covid-19 pa- that under Mr.Trump’sleadership, pital associations,the daily reduction the restrictions on Feb. 5, positing resourcesofmajor American cities tients, and the Food and Drug Ad- Americawill prevail. in revenue is $1,600 per bed. Not that “Mr.Trump’sgoal is to shut such as Seattleand NewYork,the ministration is also looking at counting the increased cost forhot offthe spigot of plucky, hopeful presidentissued the “15 Days to otherexperimental coronavirus Mr.O’Brien is White House na- spotslikeNew York and NewJersey, andambitious people who aspire Slowthe Spread” initiative, which treatmentstoprovide moretools tional security adviser. this impliesacontraction of $45 billion amonth forhospitals,which have been forced to furlough nurses, technicians and other workers. Am- Americans Need Forbearance, Not More Stimulus bulatorysurgical centersare simply closing their doors. By Peter J. Wallison terms.But Congresscould require Theprogram would be voluntary The forbearance would certainly It should be relatively easy to re- that landlords not foreclose because and short-term, intended only for cause some losses.Manybusinesses open ambulatorysurgical centers. essthan amonth afterthe of unpaid rent, nor banks forde- the two to four months until full re- will never makeitback to profitabil- They aren’t seeing coronavirus pa- L passageofthe Cares Act stim- faulted nongovernment mortgages. covery.Creditorssuch as banks and ity,and their unpaid rent or debtsto tients,and they typically operate12 ulus, Congress and the White Due dates would also be deferred for landlords would participatebecause supplierswill never be recovered. hoursaday and provide safe, sani- House arealready on the cusp of an car payments, electricity and other they might not otherwise be paid Some individuals may never return tary and effectiveoff-campus loca- extension. Their instinct is right— utility bills,and school tuition. unless Congress appropriates suffi- to jobs that had enabled them to tions to deal with outpatient de- the economywill recoverinafew Credit-cardcompanies could also cient funds.Individuals and busi- meet their financial obligations.But mands. months but will need massivetax- temporarily increase their borrowing nesses that areunable to meet their these losses areoccurring already, Hospitals deal with infectious dis- payersupport in that period. But limits. All these deferred obligations obligations would participateasa and the only other way to get ease as part of theirnormal routines there’safar betterapproach than would be treated as temporary pri- way to avoid foreclosure, or at least through the next few months would and knowhow to minimizerisk to pa- more blanket government stimulus vate-sector loans and bear aspecial stave it off. be to appropriate more unrecover- tientsand employees.Inaddition to payments: short-term credit forbear- interest rate higher than that of the able funds, burdening taxpayers for carefuland regular monitoring of the ance. Granting delays on payments deferred obligation. years to come. Covid-19 health status of patientsand would keep the economy’sgears Thespecial rate should be high Congressand theFed Americans arearesourcefulpeo- staff,itwill be critical to designate turning without forcing taxpayers to enough that those who take advan- ple,willing to take risks and work wardsand procedurerooms,work fund the entire effort. tage of the forbearance have an in- should makeitpossible hard. The current downward trend flowsand, when possible,the transit Though President Trump hopes to centivetopay off the deferred to payoff obligations later, in Covid-19 deaths strongly suggests paths to and from these areas,ac- reopen the economyinMay,thereis amountsbeforeother obligations. that in two to four months fear of cording to Covid status. reason to believe this recovery will Todaythe interest rate on aper- at aspecial interestrate. the infection will have subsided sub- Theconcept of a“certificateofim- be slowerthan he projects. People sonal bank loan to a borrower with stantially.Businesses will resume munity” mayultimately be useful will still be wary of the virus,and an averagecredit scorewould be hiring,and people nowunemployed once the sciencebased on serology many won’t return quickly to work, about 4%, so the special rate might When the crisis is finally over, will again be able to meet their studies is moreadvanced. Manymore restaurants, sporting eventsand be set at about 6%. Such arate most “borrowers” would quickly set obligations. testswill be needed, as Harvard’sSa- schoolsmerely because the presi- might be high enough to attractpri- about repaying their debts. This It would be far betterfor the fraCenter suggestsinarecent re- dent said they can. Governors who vate groups to buy the deferred obli- would encouragepeople to return to country’s future if this brief period port: “While 1[million] to 10 million have locked down their states may gations from creditors, gambling work even though they maybeearn- were financed by asystemofprivate testsper daymay sufficeifwehave be reluctant to take the political risk that the special rate will provide a ing morefromunemployment insur- forbearance rather than by further in placeaprecise tracing infrastruc- of easing the restraintsontheir profit after covering any losses. Al- ance. Those who had deferred their burdening taxpayers. ture,such as that provided by high- citizens. ternatively,any holder of the de- obligations would payback the bal- prevalenceand high-reliability Blue- That meansmillions of Americans ferred obligations could sell itsloans ance, plus interest at the special in- Mr. Wallison is asenior fellow at tooth-based apps or large scale and thousands of businesses will to the Federal Reserve, which has terest rate,until they became cur- the American Enterprise Institute manual tracing ...atargetoftens of need support in the coming two to been trying to assist the recovery by rent. They could then resume and author, most recently, of “Judi- millions of testsper day[is] agood four months to coverrent, mortgage acquiring non-investment-grade regular paymentsfor mortgages, cial Fortitude: The Last Chance to focalestimate.” Manylarge hospitals payments, carpayments, utilities debt. rent and other obligations. Rein In the Administrative State.” will be able to runtheir owntests. and countlessother timely expenses. But there’sanadditional problem If these funds were granted as stim- allemployers will faceasthey move ulus,the cost to the taxpayers would to reopen: patient privacyfor ex- be enormous,increasing the nation’s Stocking Shelves in Covid-19 America panded or required testing.We’ll debt substantially. The federal gov- need legislation to overrule existing ernment’seffortstorecover funds By Daniel Lee the company-issued masks.Iresist, that somebody else might need federal, stateand local laws,aswell from people who weren’t eligible to but Idowear gloves,which Iswab morethan Ido? And should Ikeep as employment contracts. receive them, or didn’t use them in Greenwood, Ind. everysooften with sanitizing showing up at a workplace where I Getting the hospitals open won’t theintended way,would go on for mployees nowreceivehealth wipes Ikeep in my pocket. might contract the virus? cost taxpayers anything.Itwill save years. E checks at the department As we work,wehear acanned Thefirst question is laughable. money and lives.Weall makemis- Those problems would be reduced storewhereIwork part-time. announcement reminding shoppers Stores likeoursare hiring anybody takes, and this one is understandable. substantially with ashort-term for- I’m asked about fevers and chills, to practicesocial distancing and they canget. There’sasign on the It won’t be understandable if officials bearance system. The Cares Act al- unexplained coughs,foreign trips good hygiene.Weknowwhen to door that says,“Apply today, start fail to correct it. ready allows homeownerswhose andthe like. Then they take my call out, “But howlong should we today.” mortgagesare held by the Federal forehead temperature. Pass,and I wash our hands?” just in time for Thesecond is irrelevant, at least Mr. Kerrey, aDemocrat, severed as HousingAdministration or other gettowork unloading asemi truck the announcer to respond “. ..for formyco-workers. Work isn’t a Nebraska’s governor (1983-87) and a government agencies to request de- and stocking itscontents. at least20seconds.” Abit flippant, choicefor them; it’sanecessity. U.S. senator (1989-2001). ferral of paymentsonverygenerous It takessome doing.Trucks can Iknow. And the question is serious,too.It run3,000 to 3,500 separate reflectsthe country’sdilemma as pieces; unloading one cantakea leadersconsider howquickly to re- good three hours. Thereceiving Retail and grocery workers versethe sharp economic shutdown PUBLISHED SINCE 1889 BY DOWJONES&COMPANY area reminds me of the Christmas that has cost 22 million jobs and Rupert Murdoch Robert Thomson rush. Palletsstacked eight feet persevere, wondering might equal or surpassthe hard- Executive Chairman, News Corp Chief Executive Officer, News Corp high with boxes. Stocking carts ship of the2007-09 recession. Matt Murray William Lewis which is worse: disease or Editor in Chief Chief Executive Officer and Publisher loaded andlined up 10 in arow, economic devastation? Calls to reopen the economyare Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: waiting forustoroll them out on becoming moreserious.And the Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; the floor and stock the shelves. mood in Indiana, which averages Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Customersare still good-tem- fewerCovid-19 cases than the nation News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; pered, but nowthat manyare But as we were stocking the as a whole, is passing resentment Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer wearing kerchiefs and bandanas, pharmacyshelves the other day, a andedging toward defiance. Satur- Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: they’vestarted to look likethe bleary-eyed customer asked me daybrought protestsatthe gover- Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Hole-in-the-Wall Gang. wherewekeep the thermometers nor’s mansion in Indianapolis. Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; Pressreportsclaim at least 41 (wewereout). Idecided to start So Icould stay at work and pos- Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; supermarketworkershavedied of wearing the mask,atleast in the sibly getthe virus.And the country Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; the virus.The United Food and sick-personpart of the store. could stay in shutdown and risk an- Thomas SanFilippo, Customer Service; Commercial WorkersInternational Honestly,Idothis job mostly to other Great Depression—not to GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Union says about 1,500 of itsmem- stay busy.Our finances arefairly mention asoftrebellion leading to Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International bers have tested positivefor secure, fornow.Mywifeisdoing the arrest of normally law-abiding Barron’s Group: Almar Latour, Publisher Covid-19. work deemed essential—cancer re- citizens.Ifwidespread testing WALL STREETJOURNAL MANAGEMENT: Professional Information Business: No one at work has turned up search at alocal children’shospital. doesn’tbecome available soon, Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head with thevirus,and people darkly But who among my co-workershas thingscould getugly.

EDITORIAL AND CORPORATEHEADQUARTERS: jokeabout it. Sneeze, and someone the financial wherewithal to wait 1211 Avenue of the Americas, New York, N.Y., 10036 will call out, “Go check your tem- this outathome? Mr. Lee is an Indianapolis Telephone 1-800-DOWJONES perature!” But moreare wearing So should Ibetaking up ajob writer. P2JW112000-0-A01800-1------XA

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Technology Shares Maintain Performance 40% this year IBM Sales Netﬂix Their AllureAmid Coronavirus 30 Amazon.com Drop Dents MARCH23 20 Trough of S&P500’s recent decline 10 Microsoft CEO’s Plans

0 Jan.2020Feb. March April Companywithdraws field while shedding moretra- Apple ditional but lessprofitable Alphabet annual profit guidance, partsofaglobal businessspan- –10 takes $900 million ning IT services,consulting and S&P500 hardware. It is amovethat be- Facebook restructuring charge ganunder Ginni Rometty,who –20 Indexperformancethis year* ranIBM formorethan eight –2.8% MSCI USAGrowth BY ASA FITCH years, beforeMr. Krishna took over as CEO on April 6. –19.1% MSCI USAValue –30 International BusinessMa- IBM’sadjusted earningsper chines Corp.posted lowerfirst- sharefor the quarter exceeded quarter sales,withdrew annual Wall Street forecaststhat had earningsguidancebecause of been revised downward in re- Performanceofthe S&P500 and itssectorsthis year –12.6% S&P500 uncertainty caused by the coro- cent months.Analystssurveyed navirus pandemic and took a by FactSet anticipated $1.81 in –44.9 Energy large restructuring charge, adjusted earningsper share. –28.6 Financials highlighting the challenges new IBM’ssales were roughly in line Projected 1Q 2020 netincome, –24.5 Industrials Chief ExecutiveArvind Krishna with Wall Street expectations. change from previous year* faces in trying to reviveBig IBM also took a$900 million –20.1 Materials Blue’sfortunes. charge against earnings, largely S&P500 –14.1 Real estate IBM on Mondaysaid it was to coverrestructuring costs Facebook –10.2 Communication withdrawing full-year earnings linked to itsGlobal Technology Netﬂix guidancethat included generat- Services division, which offers –7.5 Consumer discr. Alphabet ing at least $13.35inadjusted IT outsourcing.IBM in January Microsoft –9.9 Utilities earningsper share, citing the signaled it was planning Apple –5.8 Consumer staples Covid-19 crisis.The company changes at the unit to bolster Amazon said it would reassessthe situa- itscompetitiveness. Those –4.2 Technology –20% 0 20 40 60 80 100% tion at the end of the current moves should deliver grosssav- –2.0 Health care *asofFriday Source:FactSet quarter. PleaseturntopageB2 “It wasatough decision to BY CAITLIN MCCABE Thefour FANG stocks added Howwould the deep-seated Afterdriving much of the withdraw guidance,” Mr. IBM’s quarterly revenue, $251 billion in market value market leadersfareinadown- historic 11-yearbull runthat Krishna told analysts. “But change from previous year TheFANG trade hasn’t lost last week,their biggest gain turn? Manyanalystsand in- ended in March—Amazon’s these areunprecedented times, itsbite. on record dating to Facebook’s vestorsworried that an even- shareprice, forexample,has and this quarter is not the time 6% 1Q 2020 Big technologystocks are 2012 initial public offering. tual market rout could swelled 3,857% sinceMarch to declarewehaveclarity—that t3.4% again charging to newheights TheS&P 500,incomparison, is extinguish the FANG trade’s 2009—the tech companies does not benefit us,and it does 4 and propelling the broader down 13% in 2020 but has ral- flame,pulling the broader nowfaceone of their biggest not benefit youasinvestors stock market, which is swiftly lied 9% month-to-date. market down with it. testsyet. Although investors and analysts.” rebounding afterapunishing Thebig tech stocks “are like Thefour companies,along and analystshavesuggested TheArmonk,N.Y.-based com- 2 selloff. chicken noodle soup,” said with Apple and Microsoft that global stay-at-home or- panyalso said earningsper TheNYSEFANG+ index— MikeLarson, asenior analyst Corp., together accounted for ders have been aboon forthe sharefell 18% on an adjusted ba- 0 which comprises Facebook forWeissRatings. “They are roughly 20% of the S&P 500’s tech firms,their coming earn- sis to $1.84. Sales over the first Inc., Amazon.com Inc., Netflix the old reliable and old value in mid-February, giving ingsreportswill begin to re- three months amounted to –2 Inc.and Google parent Alpha- standby forportfolio manag- them outsizeinfluenceonthe veal the true damagefromcor- $17. 57 billion, down 3.4% from bet Inc., along with Apple Inc., ers…Nobody is going to get market’sdirection. onavirus. the same period last year,inpart Twitter Inc., Tesla Inc., Nvidia firedfor adding Apple stock in Their resiliencyduring the Theresultswill also likely dented by currencymovements. –4 Corp.and Chinese behemoths adownturn likethis.” coronavirus pandemic under- give clues about which of the IBM shares fell 1.3% in after- AlibabaGroup Holding Ltd. Thereturns forbig tech scores investors’ faith that companies arebest positioned hourstrading. –6 and Baidu Inc.—is up 11% year- companies have helped an- they have enough momentum to emerge stronger. Theresultscome as IBM is 2016 ’17 ’18 ’19 ’20 to-dateafter adramatic rally swer, at leastfor now, aques- to continue powering the mar- Investorsare already bet- trying to focus increasingly on last week. tion that has long swirled: ketrebound. PleaseturntopageB11 the booming cloud-computing Sources: the company; FactSet CompaniesRevamp Pressureon Executive PayWith Commercial Less Cash, More Stock Paper Persists Amid volatile marketsand businessreasons,and that any economic contraction, compa- potential upside from making nies have adjusted executive them when shareprices arelow Thenormally staid corner of compensation, with salarycuts is coincidental. As with anyeq- Wall Street wherecompanies uity investment, thereare risks, and banks borrow money for By Theo Francis, especially in avolatile market days or weeks at atime was Coulter Jones amid economic dislocation. and Susan Pulliam If shareprices fall further, By Paul J. Davies, stock awardslose value.Option Anna Isaac fortop leadersoften accompa- grantsmade at relatively low S and Caitlin Ostroff nied by newequity grants. shareprices canstill expire PRES As companies furloughed or worthlessifthe shareprice suddenly at the center of anear laid off workersand cut other neverrises,orifitrises and ZUMA financial meltdown last month. costs, manychief executives then falls again beforethe op- Some fund managersare con- SMITH/

have had their base salaries cut tions expireorthe executive N cerned problems remain despite YA

for2020 by anywherefrom exercises them. BR the quick work of central banks 50% to 100%. In manycases, “When the market stumbles, The luxury retailer hopes to reopen most of its 43 department stores after the pandemic. to ease the funding strains. they also have received stock or companies have atimely oppor- Knownascommercial paper, option awardsmeant to moti- tunity to award meaningful this morethan $1 trillion market vate and reward long-term per- stock grantstoexecutives be- Neiman to Seek Bankruptcy as of short-term loans,used by formance—in some instances, cause thereisbuilt-in potential companies to coverexpenses as stocks hit recent lows in forappreciation,” said Stewart such as payroll and paying sup- March. Companies that made Reifler, alawyer specializing in Creditors Weigh Sale, Closings pliers, froze during March’scor- Marchequity awardsincluded executivepay. onavirus-induced mayhem. Vornado Realty Trust, Gap Manyboards reviewcom- One problem, saymarket par- Inc.and Hess Corp. pensation arrangementsearly Neiman Marcus Group Inc. most of itsstoresintact, some ticipants: Trading wasdomi- Lowshareprices at grant in the year.Inrecent years is preparing to file forbank- By Soma Biswas, of the people said. nated by alimited cast of big in- times offer the prospect of Marchhas been the second ruptcy protection as soon as Miriam Gottfried Because of the coronavirus vestorswho were seeking to sell large gains if marketsrebound. most-common month forS&P Wednesday, with plans to re- and Suzanne Kapner pandemic,Neiman closed its big slugsofcommercial paper Generally,companies say 500 companies to makeequity structureits debt in hopes of stores in March and furloughed through asmaller number of awardsare set in advancefor PleaseturntopageB2 reopening most of the luxury ruptcy filing.One of the missed manyofits 14,000 workers, banksthat arrangethe financ- chain’sstoresafter the corona- paymentshad agrace period of while reducing hoursand pay ing, known as dealers. This led virus pandemic,according to just five days.Reutersearlier forthe rest. to bottlenecks. people familiar with the mat- reported that Neiman could Even before the virus shut “Like eightelephantstrying INSIDE ter. file forbankruptcy protection many U.S. stores,department to fitthrough three small Thelenderswho would as soon as this week. stores were struggling from in- doors,” said David Callahan, steer Neiman through bank- Apotential buyer is Saks creased competition from up- head of the money-market man- ruptcy areconsidering several FifthAvenue parent Hudson’s startsaswell as the brands agement team at LombardOdier options,including selling the Bay Co., which could makean they sell,which have opened Investment Managers. business outright or closing offer forthe troubled retailer their ownstoresand websites. TheFederal Reserveacted on some of Neiman’s 43 depart- afterNeiman tips intobank- Even wealthyshoppers are March 17 to prop up money- ment stores to continue oper- ruptcy,according to aperson scouring the internet fordeals market funds,the main inves- ating in aslimmed-down form, familiar with thematter. Saks as they purchase moreonline. tors in commercial paper.AFed they said. has tried unsuccessfully to Barneys NewYork wassold lending facility wasimmediately Thecompanyisnear a merge with itsrival three to alicensing company afterit used by Goldman Sachs Group debtor-in-possession financing times in the past decade,ac- filed forbankruptcy last year, Inc.and Bank of NewYork Mel- BUSINESSNEWS TECHNOLOGY agreement with existing lend- cording to other people famil- and itsbrand lives on in bou- lon Corp. to swapcommercial Unsold clothing piles As role-playing games ers, aperson familiar with the iar with the situation. tiques at Saks. J.C. Penney Co. paper held in funds they man- up forretailers move online,platforms mattersaid. Thecompanyhas Most of the negotiations be- missed adebt payment last aged in exchangefor cash. about $4.7billion in debt. tween Neiman and itslenders week,throwing itsfuturein Theextentofthe freeze who can’tfind ways makemovestoboost Neiman failed to makeinter- andcreditorshavesofar fo- doubt. SearsHoldings Corp. shocked money-market fund to clear it. B3 cybersecurity. B4 est payments last week,start- cused on shedding debt, and has closed most of itsstores managers. “Like: Wait aminute, ing aclock on apotential bank- exiting bankruptcy court with PleaseturntopageB2 PleaseturntopageB10 P2JW112000-4-B00200-17FFFF5178F

B2 | Tuesday, April 21, 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 Fidelity Investments B10 Netflix...... B1,B2,B11 ESPN Series on Michael Jordan Airbus...... B12 Flowers Foods...... B6 Nordstrom...... B3 Alibaba...... B1,B10 G Novavax...... B11 Nvidia...... B1 Alphabet...... A6,B1,B6 Gap...... B1 Amazon.com General Electric...... A8 O - P Scores Big Ratings for Premiere ...... A8,B1,B11,B12 General Mills...... B6 Occidental Petroleum Apple...... A6,B1 General Motors...... A8 ...... B12 B Goldman Sachs...... B1 Pepperidge Farm...... B6 BY BENJAMIN MULLIN viewers.The documentary’s ESPN said “The Last Dance” Disney Co.’sESPN,which are Baidu...... B1 H PepsiCo...... B6 ratingspale in comparison wasthe most-watched telecast sharing production costsand Bank of America...... B10 Halliburton...... B3 Prudential...... B12 Onceagain, Michael Jordan with major sportseventssuch among adultsbetween the ages distribution rightsfor the doc- Bank of New York Hasbro...... B4 PVH...... B3 put up impressivenumbersin as the National Basketball As- of 18 and 34 sincethe corona- umentary. ESPN has the exclu- Mellon...... B1 Hess...... B1 R - S Barclays...... B12 prime time. sociation Finals and the Super virus pandemic shut down ma- siverightstoshowthe docu- Honickman...... A1 Rolls-Royce...... B12 BlackRock...... B11 Thefirst two episodes of Bowl, but were betterthan last jor sportsleagues. mentaryinthe U.S. until July, HP...... B12 Ruth's Hospitality...... A4 Boeing...... B10,B11,B12 Hudson's Bay...... B1 ESPN’sdocumentaryseries on year’s NBAplayoffs leading up Despiteanindustrywide when Netflix canbegin stream- Burberry Group...... B3 Safran...... B12 I SAP...... A8 the former ChicagoBulls su- to the Finals,which averaged slowdowninTVadvertising, ing it forits U.S. subscribers. C Industrial Bank of Korea Sears...... B1 perstar averaged about 6.1mil- aboutfour million viewers. ESPN scored several sponsors Cancellation of sporting Cabot Oil & Gas...... B12 ...... B10 Shopify...... B11 lion viewers Sundaynight, ac- TheratingsvalidateESPN’s forthe documentary, landing events around the world be- Campbell Soup...... B6 Intel...... B12 SoftBank Group...... B12 cording to Nielsen, giving the decision to moveupthe re- ads forFacebook Inc., Hershey cause of the novel coronavirus Cargill...... B6 IBM...... B1 T - U Chevron...... B11 network amuch-needed shot in lease datefor “The Last Co.and State Farm Mutual Au- pandemic has sent ESPN’srat- Cinemark...... B12 J Tencent...... B10 the arm at atime the cancella- Dance,” adocumentaryseries tomobile InsuranceCo. Accord- ingstumbling as viewers seek Tesla...... B1 Citigroup...... B10 JBS USA...... B6 tion of livesportshas made it on Mr.Jordan’sfinal champi- ing to eMarketer,TVadspend- alternativeprograms in the ab- Comcast...... B6 J.C. Penney...... B1,B3 TJX...... B3 Comerica...... A4 J.Crew Group...... B3 T. Rowe Price Group.B11 hardtoattract audiences. onship runwith the Chicago ing will decline by at least senceoflivegames.ESPN av- Conagra Brands...... B6 JPMorgan Chase.A4,B10 Twitter...... B1 “The Last Dance” is the Bulls in the 1997-1998 season. $7.56billion in the firsthalf eraged about 420,000 prime CRH...... B12 K - L United Airlines...... B3 most-viewedtelecast on the Theshow, which will be aired compared with the same pe- time viewers between March D Kraft Heinz...... B6 V - W ratings-starved network since over the next five weeks,has a riod last year,a22% decrease. 16 and April 12, according to Danone...... B6 Liberty Coca-Cola Vanguard Group...... B10 January’sCollegeFootball budget of about $20 million, “The Last Dance” marks a Nielsen, adecrease of about Dean Foods...... B6 Beverages...... A1 Walmart...... A2,B6 Playoff championship game, according to people familiar large-scale collaboration be- 54% from acomparable period Walt Disney...... B2 Deutsche Lufthansa.B12 Lily Bird...... A4 which drew about 25.5 million with the matter. tween Netflix Inc.and Walt last year. E - F M - N Wells Fargo...... A4 Eaton Vance...... B10 Meggitt...... B12 X - Z eBay...... B11,B12 Microsoft...... B1,B12 Xerox Holdings...... B12 Exxon Mobil...... A3,B11 Mistras Group...... B2 Zoom Video Facebook...A3,B1,B6,B10 Neiman Marcus.....B1,B3 Communications...... B4 IBM Pulls INDEX TO PEOPLE Guidance;

A - F Holloway, Jason...... A4 Larson, Mike...... B1 Sales Drop Agrawal, Prashant...... B3 I - J M - O Fornaro, Celine...... B12 Icahn, Carl...... B12 Mortimer, Jeff...... B11 Frydenberg, Josh...... B6 ContinuedfrompageB1 Jackson, Paul...... B11 R - S G ingsofalmost $2 billion ayear, K - L Reifler, Stewart...... B1 Chief Financial Officer James Gamble, Sean...... B12 Kavanaugh, James...... B2 Robey, Tim...... B10 Kavanaugh said, adding that H Kernan, John...... B3 Roth, Steven...... B2 morerestructuring waslikely. Hess, John...... B2 Krishna, Arvind...... B1 Syngal, Sonia...... B2 Thecharge forGTS in the firstquarter wasmorethan offset by aone-time taxbenefit, Abankruptcy filing forNei- thecompanysaid. Neiman’s man would mark ablowfor IBM is one of the firstlarge S

private-equity firm Ares Man- tech companies to report quar- PRES

agement Corp.and the Canada terly resultssincethe corona- TED

Creditors Pension Plan Investment virus outbreak led to stay-at- CIA Board, which bought Neiman home ordersacrossthe U.S. SO AS Marcus in 2013 for$6billion, Tech companies arebroadly includingdebt. Theprevious expected to weather thedown-

Weigh Sale ANKLIN/

ownerswereprivate-equity turn better than manyother FR firms TPGand WarburgPincus businesses,aided by Ameri- D. ContinuedfrompageB1 SS

LLC,which paid about $5.1 bil- cans flocking to online ser- RO afterfiling forbankruptcy pro- lion forthe companyin2005. vices. The tech company has suffered through years of revenue declines. An IBM quantum computer. tection in 2018. Neiman wasonthe brink of IBM has asked almost all of In addition to its43name- embarking on arestructuring itsemployees to work remotely dersend, according to agroup demic and reorienting acom- growth, IBM last year closed sake stores,Neiman operates of itsdebt beforeitclosed its during the crisis.IBM execu- that tracks IBM layoffs and panythat has suffered through the roughly $33 billion acquisi- two BergdorfGoodman stores stores in the initial wave of the tivesrecently urgedsome em- posted the memos online. several yearsofdeclining rev- tion of open-source-software in NewYork City and 22 Last coronavirus pandemic.Neiman ployees to take aweek of vaca- IBM declined to comment on enue and an anemic share giant Red Hat, the biggest deal Call discount locations.Earlier has $120 million in interest tion during the current quarter the request to employees. price. in itshistory. this year,the companysaid it paymentsdue in April, includ- to avoid ashortageofstaff Mr.Krishna takesoveran IBM has been eager to cap- IBM said itscloud and cog- wasclosing most of itsLast ing those that it missed last later in the year oncecompa- IBM that faces the twin chal- turemorerevenue from cloud- nitivesoftware sales rose 5% in Call stores. week. nies ramp up as shutdown or- lenges of coping with the pan- computing. To help spur the firstquarter.

Roth stood to gain about $4.9 ment on the equity awardsbe- 2019.Gap shares have risen Executive milliononstock options from yond itsregulatoryfilings. sincethe awardstoFriday’s Vornado Realty Trust, the com- Equity awardshavemade up close of $8.35. mercial real-estategiant he the bulk of topexecutives’ pay Gap said the March equity Pay Gets runs.Heheld those options for foryears—nearly two thirds of awardsweretied to the ap- adecade and could have exer- it since2015 forthe chief exec- pointment of anew leadership cised them at aprofitbefore utives of S&P 500 companies, team, including CEO Sonia Syn- Revamp March9,when the company’s Journal analyses of CEO pay gal, and preceded the biggest sharepricefell belowthe op- have shown. impact of the pandemic on the tions’ exercise pricefor the In general, investorsprefer company’soperations,includ- ContinuedfrompageB1 firsttime in morethan ayear. topexecutives to be paid in ing storeclosures. awards, afterFebruary. This By March11, the options had stock,reasoning that it aligns “The timing of these awards March, 95 companies in the in- expired worthless. theirinterestswith those of is based on our company’sfis- dexmade awardsto615 execu- Thecompany’sshareprice shareholders.Awardstend to calcalendar and our standard tives backed by $2.2 billion in fell further.Vornado issued Mr. come in Februaryand March annual rewardsprocess that shares,according to aWall Rothnew equity awardson because that is shortly after happens at this time each Street Journal analysis of secu- March 30,when the shareprice manycompanies close the year,” Gap said. rities filingsand datafromS&P closed at $37.60, indicating a books on their fiscal years, giv- Some companies have made Global Market Intelligence. potential value of about $4.9 ing boards the time and infor- an effort to avoid making eq- At manyofthese companies, million—alater grant, anda mation they need to determine uity awardsatlowerstock the equity awardsweresimilar biggerone,than he has typi- prices. MistrasGroup Inc., in sizeand timing to ones made cally received in March in re- which provides asset-protection in yearspast, though at dra- cent years. He received simi- When the market services to the energy and in- matically lowershareprices larly valued grantsearlier in dustrial sectors, said in aregu- than last year,due to the mar- the year in prior years. falls, firms have an latoryfiling on April 6that it ketdowndraft. As the market and Vornado’s opportunity to would makeequity awardsto Some other companies shares have recovered, the executives at $9 asharedespite awarded executives stock pack- value of the shares underlying award stock grants. the company’sstock trading at ages largerthan at similar Mr.Roth’sMarch 30 award has prices ranging from $3.69to times last year or made grants risen 12% to around $5.5 mil- $5.13 during the relevant pe- at timesthey ordinarily ha- lion as of Friday’sclose.IfVor- riod.The company’sexecutive ven’t. At 48 companies in the nado shares return to their the sizeofthe awards. team also agreed to salarycuts S&P 500,the shares underlying Februaryclosing high of $67.89, Gap said on March 30 it ranging from 25% to 45% forits SM executiveequity awardshad a it stands to grow in value by would furlough employees and CEO,the filing said. Mistras IB SmartRouting totalvalue at least 20% higher about 80%, to just over $8.8 that itstop executives would didn’t respond to requestsfor than awardsmade in March million. take atemporarypay cut. A comment. 1 2019,according to the Journal On Monday, Vornado said in week earlier,the companyhad John Hess, CEO of Hess provides an average net benefit of analysis. aregulatoryfiling that Mr. issued options to six executives Corp., could makeupfor lost Thetotal value of an execu- Rothand other Vornado execu- at around $6 ashare, near are- stockoptions if his company’s tive’saward canbehigher even tives would take paycuts, ef- cent lowand down about 66% shares recoverfromMarch USD 4.42 per trade when shareprices arede- fectiveApril 1, forthe remain- from itsFebruaryhigh closing lows.Early in the year,he pressed if the companygrants der of 2020.The filing said Mr. priceof$18.68onFeb.5.The stood to gain about $2 million more stock or options at one Rothwaived 50% of his base optionsvest over four years. on options that were set to ex- time. salary, which has been $1 mil- TheMarch 23 awardswere pireonFeb.3.Hessshares Beforethe pandemic hit, lion ayear since2001. backed by 56%moreshares slipped belowthe exercise price real-estateinvestor Steven Vornado declined to com- than awardsinall of March on those options at the end of Januaryand closed belowthat Steven Roth, CEOofVornado RealtyTrust, held options on nearly 300,000 shares thatexpired level on Feb. 3, rendering them without value on March 10.Atthe end of the month, Vornado awarded Mr.Rothand sevenother worthless. executives newoptions,one of manylarge companies issuing equityawardsinMarch. In March, the company made stock and option grants Vornado Realty Truststock price Value of shares underlying to itstop executives backed by equity awardsbyS&P500 70% $35.5 million in shares,23% Start Investing Today! companies in March* morethan the $28.8 million it 65 $4.billion awarded to executives in March 2019.Ofthat, awardsbacked by 60 Mr.Roth’soptions expire about $16 million in shares ibkr.com/smarter went to Mr.Hess. If Hessshares 55 3 return to Februaryprices,the 50 options in Mr.Hess’sMarch 2020 award could yield gains of Interactive Brokers Rated #1 45 Newoptions awarded about $3.5 million. Therest of 2 Best Online Broker 2020 by Barron’s* the award could rise in value by 40 Exercisevalue of Mr.Roth’soptions as much as $2.6million if the is $4.9 million companymeetsvarious perfor- Member -NYSE, FINRA, SIPC –Supporting documentation for any claims and statistical 35 1 mancegoals; if the goals are information will be provided upon request. *Interactive Brokers rated #1, Best Online Broker missed, those shares could according to Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more 30 information see,ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IHS proveworthless. Markit reported that IBKR clients received $0.43 per 100 share net price improvement versus “The equity awardsgranted the industry as awhole during the second half of 2019.The average monthly stock order size 25 0 during that period was 1,557 shares and the average commission per cleared commissionable in early March were in recogni- order was $2.28. The average net benefit was calculated as follows: (1,557 shares)($0.0043 net Feb. March April 2012 ’14 ’16 ’18 ’20 tion of our company’sout- price improvement per share) =$6.70 average savings -$2.28 average commission =$4.42 net benefit. Access to IB SmartRouting for US listed securities is generally available only to IBKR Pro *Reflects grantdatevaluefor awards disclosed under most common reporting category. standing 2019 performance,” a accounts. For more information, see ibkr.com/bestexecution 04-IB20-1326CH1292 Sources: FactSet (Vornado); SECfilings; S&P Global Market Intelligence Hessspokeswoman said. P2JW112000-5-B00300-17FFFF5178F

THE WALL STREET JOURNAL. ***** Tuesday, April 21, 2020 | B3 BUSINESS NEWS Halliburton Pulls Back, Citing Oil ‘Free Fall’

BY COLLIN EATON

Halliburton Co.iscutting jobs, slashing costs by $1 billion andreducing itsdebt to girditself against the dramatic S drop in investment happening in the U.S. oil patch. PRES

Chief ExecutiveJeffrey TED Miller said the world’ssecond- CIA SO

largest oil-field services com- AS panyisconsolidating facilities and removing a layer of man- RREN/ WA

agement in itsNorth American S.

operations to conservecash as TED oil companies have cut spend- Mannequins and empty merchandise tables are visible through the window of the temporarily closed Nordstrom flagship department store in Seattle last week. ing in half. “Activity is in free fall in NorthAmerica,” Mr.Miller said, noting it is impossible to Unsold Clothing Buries Retailers know when U.S. shale drillers will recoverfollowing the coronavirus outbreak. BY SUZANNE KAPNER spring dresses at up to 70%off. Weekly online U.S. sales of remain closed, aren’t in aposi- “It will be abloodbath,” Co- As the largest supplier of Nordstrom Inc.isoffering up apparel and footwear,change tion to pick up the excess at the wenInc.analyst John Kernan U.S. oil equipment, Halliburton Clothing retailersare sitting to 40% off certain styles. from ayearago moment. T.J. Maxx has closed said.“Therewill be old inven- could gethit particularly hard on tens of billions of dollarsof J.Crew Group Inc.isoffering itswebsiteduring the pan- tory everywhere.” by asharp oil-patch downturn unsold merchandise,and the up to 60% off spring styles,and 0 demic,and RossStoresdoesn’t Shipping items overseas,an- in shale plays such as the usualmethods forclearing it the Gap brand is selling every- sell online.Burlingtonstopped other common method of dis- Permian Basin of West Texas outaren’t working while the thing for60% off. –5 selling online last month, part of posal, isn’tanoption because and the Bakken Shale of North coronavirus keeps most U.S. “It’sBlack FridayinApril,” aplan to permanently exit e- thecoronavirus pandemic has Dakota. stores closed. said Prashant Agrawal, chief commerce,aspokeswoman said. shut stores around theworld, U.S. sales made up more Retailers arediscounting executiveofImpact Analytics, –10 “No one is out therebuying executives said. One U.S. com- than half itsrevenue last year, heavily on their websites,but which tracked online prices in hugelotsofinventoryright pany considered shipping un- and sinceoil prices crashed, consumersaren’t rushing to Aprilfor 400 items and com- nowbecause everyone’sstores sold luggage overseas so it –15 U.S. drillers have stopped bil- buy spring clothes.Off-price paredthem with prices on the areclosed,” said Adam Freede, could clawback the 40% duty it lions in capital spending, the chains likeT.J.Maxx that would dayafter Thanksgiving,when chief of MadaLuxeGroup,adis- paid on the products—the re- lifeblood of oil-field services normally snap up theexcessare the holidayseason kicks off –20 tributor and retailer of luxury sult of U.S. tariffs on Chinese- companies that provide the in- also closed. Liquidators, oftena with bigpromotions.Two- goods.“No one has asense of made goods—but determined dustry’sequipment and crews. last resort, arealready saddled thirds of theitems,mostly ap- the pricing,because youdon’t the freight wastoo costly,ac- ThecompanyMondayre- with goods from bankrupt re- parelbut also shoes and jew- –25 knowwherethe floor will be.” cording to aperson familiar ported afirst-quarter net loss tailersthat have halted their elry, were selling at Black March 2A91623 30 pril 6 In normal times,apparel with the situation. of $1 billion, or $1.16 a share, going-out-of-businesssales. Fridayprices or below, Mr. WEEK ENDING companies typically recoverthe Luxurybrands tend to take compared with net income of “This is not likewine that Agrawalsaid. Source:Rakuten Intelligence full cost of goods,which in- back their goods,rather than $152 million, or 17 centsa gets betterwith age,” Manny Despitethe temptation of cludes manufacturing,shipping, see them widely discounted. In share, in the same period last Chirico, the chief executiveof deals,homebound shoppersstill needed cash. Manychains have warehousing and duties,when the past, these brands would year.Revenue droppedto$5 Calvin Klein and TommyHil- aren’t spending on apparel and drawndowncredit lines and unloading inventorytolarge destroy unsold items.But envi- billion from $5.7 billion. figerparent PVH Corp., said on footwear.Online sales forthe furloughed workerssince off-pricechains,according to ronmental groups have criti- Its earnings per share, ad- aconferencecall this month. category have declined each March. J.C. Penney Co.and industryexecutives.They might cized the practice. justed to exclude impairments “Yourinventorygetsworse.” week sinceMarch 9, including a Neiman Marcus Group Inc. recoverathirdtohalf of costs Another option forluxury and other charges, of 31 cents Some companies arepacking 20% drop in the week ended have skipped April interest paywith ajobber,amiddleman players is the growing number for the quarter beat analysts’ away goods with the intent of April6,compared with the ments, signs of deep distress. who resells the goods to of sellersofsecondhand goods. expectations of 25 centsa sellingthem next year,apro- same period ayear earlier,ac- Thefirst stop is normally off- smaller regional off-price TheRealReal Inc., aconsign- share, according to FactSet. cess known as hoteling.But cording to RakutenIntelligence, pricechains likeT.J.Maxx, chains.The recovery rate with ment companythat sells pre- Halliburton shares have this canbecostly and doesn’t which tracks electronic receipts. which is owned by TJXCos.; liquidatorswho runcloseout owned luxuryitems,had a30% fallen 69% this year as oil work forfashion items that go That meansretailerswill RossStoresInc.; and Burlington sales is around 10%, the execu- increase in supply from brands prices plunged because of a out of style,executives say. have to find other waystoget Stores Inc.But these chains, tives said. Recoveryrates could in the six weeks to April 14, historic drop in demand after Saks FifthAvenue ranaone- rid of unsold merchandise,and which aresitting on their own be much lowerinthe current compared with the same period the coronavirus pandemic dayflash sale last week with convert those goods intomuch- unsold goods while their stores environment, they added. ayear earlier. spurred stay-at-home orders across the U.S. TheHouston-based company’s North American sales, AirlinesGet U.S. Aid itsbiggest regional segment, fell 25% compared with the same period last year.Interna- Totaling $2.9 Billion tional sales increased 5%. Hal- liburton said it would lower capital spending to $800 mil- BY KATE DAVIDSON Together,the 11 large air- lion, down 50% from last year. lines represent 95% of U.S. air- Thecompanysaid it cut its WASHINGTON—TheU.S. line capacity,the Treasury totaldebt by $500 million and TreasuryDepartment sent said. extended some debt maturities $2.9billion in aid to airlines Air travel has plunged as out to 2030.Itissued $1 bil- Monday,the firstpayments governmentsaround the world lion in senior notes during the thegovernment has made as imposed travel restrictions to OUTLAST. quarter,using the proceeds part of a grant and loan pro- help contain the pandemic. andcash on hand to redeem gram to help the industry “The Payroll Support Pro- $1.5 billion in bonds due in weather disruptionscaused by gram is critical to supporting 2023 and 2025. the coronavirus pandemic. American workersand pre- THE VALUEOFALONG-TERM PERSPECTIVE. RIGHT NOW. It has about $5 billion in li- TheTreasurysaid it sent servingour airline industry, quidity from cash on hand and the paymentstotwo large air- which is avital part of the U.S. an undrawncredit facility, lines and 54 smaller passenger economy,” TreasurySecretary with $2.6billion lessindebt carriersand would continue to Steven Mnuchinsaid. “We than it had in the last down- disburse funds on arolling ba- continue to work quickly to turn in 2016. sis.Itdidn’t identifythe air- deliver this needed relief.” In January, Mr.Miller had lines. The $25 billion for airlines touted two yearsofgrowthin It also said that it had com- is part of the $2.2 trillion eco- 1 international sales in places pleted agreementswith six nomicrelief packageCongress INVESTMENT EXPERIENCE THROUGH 30 MARKET CYCLES likeAsia, Latin Americaand largecompanies: American passed in March. Europe,and said he expected a Airlines Group Inc., DeltaAir Southwest said Monday PORTFOLIO MANAGERS WHO AVERAGE 23 YEARS’ TENURE thirdconsecutiveyear of in- Lines Inc., United Airlines that it hadcompleted its creased oil-field spending in Holdings Inc., Southwest Air- agreement to receive$3.2bil- overseas markets. But any lines Co., Spirit Airlines Inc. lion under the program and 200 INSTITUTIONAL CLIENTSFOR 20+ YEARS hopes of growth in 2020 have and Allegiant Air. would receiveanimmediate been demolished in just afew Alaska Airlines, Frontier payment of $1.6billion with weeks. Airlines, Hawaiian Airlines, the rest paid in installmentsin Halliburton plans to cut JetBlue Airways Corp., and May, June and July. It takes conviction to see beyond the volatility in today’s more than 1,000 jobs in oil- SkyWest Airlines have indi- “Thisassistancewill sup- rich Texas and Oklahoma, ac- catedthat they plan to partici- port valuable jobs which exist markets. PGIM brings expertise across asset classes cording to stateregulatoryfil- pateinthe grant and loan pro- to serve the flying public and and risk management rigor to the search forconsistent ings from earlier this month. gram, which will allocate $25 the infrastructure, supply In March, the companysaid it billion forpassenger air carri- chain, and recovery of our na- long-termreturns. furloughed 3,500 employees in erstohelp them continue pay- tional economy,” Southwest Houston. It has also reduced ing workers’ salaries and ben- Chief ExecutiveGaryKelly said Find out moreatPGIM.com/longtermism executive salaries and is halt- efits through the summer. in a statement. ing pay raises for employees. Halliburton had 55,000 employees globally at the end of 2019,downfrom80,000 at the United Warns of Loss height of theoil boom in 2014. Halliburtonquarterly revenue, As Revenue Shrinks change from previous year BY ALISON SIDER that it says could linger for 100% months.The $2.1 billion pretax United Airlines Holdings lossisUnited’slargest since 75 Inc.expectstoreport a$2.1 bil- 2008,when airlines were rav- lion pretax lossinthe first aged by the financial crisis. quarter,asthe coronavirus pan- Excludingthe value of one- 50 demic decimated demand. time items, United said itsad- Theresultsare the firstindi- justed pretax loss wasover$1 1Q 2020 cation of the severity of the im- billion. Theairline reported 25 International pact that travel restrictions, revenue of $8 billion during the FIXED INCOME |EQUITIES |REAL ESTATE|ALTERNATIVES |PRIVATECREDIT |QUANT SOLUTIONS s5% stay-at-home orders, and grow- quarter,down17% from ayear ing fearsoftravel had on air- ago. 0 linesasthey accelerated in the Thepandemic arrived as air- last month of the quarter. lines were in the midst of adec- Data as of 12/31/19. 1Represents PFI’sasset management expertise through PGIM and its affiliates and its United said it lost about adelong stretch of profitability. predecessors. For additional information related to market cycles visit: www.nber.org/cycles. –25 $100 million in revenue aday in Nowtheir futureisuncertain, ©2020 Prudential Financial, Inc. (PFI) and its related entities. PGIM, Inc., is the principal asset management business of PFI and is aregistered investment advisor with the US Securities and Exchange Commission. PGIM is a the last two weeks of March with some analysts and execu- North America trading name of PGIM, Inc. and its global subsidiaries. The PGIM logo and the Rock symbol are service marks of PFI –50 t25% compared with the previous tives predicting it could be and its related entities, registered in many jurisdictions worldwide. year,and plans to cancel all but yearsbeforetraveldemand re- 2017 ’18 ’19 ’20 10% of flying in Maytomatch turns to the same level as be- Sources: S&P Capital IQ;the company severely diminished demand fore the virus hit. P2JW112000-0-B00400-1------XA

B4 | Tuesday, April 21, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Dungeons & Dragons Players Battle Intruders As They Migrate Online

BY JAMES RUNDLE Game’s Popularity hit with a breach in late 2018. Dungeon-delving is going The company disclosed the fol- digital as coronavirus shelter- Attracts Bad Guys lowing February that it af- in-place ordershavesent de- fected four million users. votedroleplayers online. With It then hired Kroll Inc., the the massappearanceofwiz- Dungeons & Dragons has cybersecurity forensics firm, to ards and warriors—manyof had a renaissance in popularity investigate after learning that them chil- in recent years and the shift to some data, including the last CYBERSECURITY dren—plat- online has been going on for four numbers of users’ credit form provid- some time, even before the cards, were offered for sale on ersare scrambling to expand coronavirus pandemic lock- the dark web. capacity and addresscyberse- downs accelerated the trend. Nolan Jones, Roll20’s man- curity risks. Wizards of the Coast said aging partner, said the com- Dungeons &Dragons,ata- the surge is thanks in part to pany continues to employ out- bletop classicsincethe 1970s, gamers broadcasting their side consultants and focus on is usually playedinperson, in campaigns on social-media how it stores customer data. after-school clubs,atfriends’ websites such as Alphabet “Our mind-set since the very dining-roomtables or in local Inc.’s YouTube and Amazon beginning [of this company] gaming stores,toweave tales, Inc.’s Twitch. Wizards of the has been that we would have roll diceand portray elves, Coast estimates roughly a target on our back,” he said. dwarfs and other characters. 16,000 campaigns were broad- Mr Jones said he suspected Though the game has occa- cast across the two services in Roll20 may have been targeted sionally been playedvirtually, 2019, with fans watching in a number of cyberattacks in online playhas takenoff since around 146 million hours of recent weeks. He has seen coronavirus lockdowns began. that content. possible denial-of-service activ-

But online tools such as Dis- This popularity has drawn ity; an abnormal number of re- LER cord,apopular gaming chat hackers. Roll20, a virtual table- quests were sent to Roll20 OX TR application,and Zoom Video top operated by the Orr Group servers, but the attacks didn’t CHA

Communications Inc.’stele- LLC in Overland Park, Kan., was disrupt service. SA conferencing product introduce Teak Esneault, 13, plays a password-protected online game through Zoom videoconferencing. privacyand security concerns. Online intruderslook for vulnerable,and the platforms dren ages 8to17yearsold pretty easy online,and not that systems or attempt to scrape Fla., that operates theFantasy “zoombombing” opportunities areaware of this.Wizards of makeuproughly 24%ofthe different.” data from his servers, but the Grounds virtual tabletop plat- to disrupt Zoom conferences the Coast, the Hasbro Inc.unit game’splayers,according to Theproliferation of users attacks didn’t disrupt service. form, said roughly 50,000 new with offensiveimages and com- that makes Dungeons &Drag- the company. has strained online systems. Housebound gamersare usershavejoined in the past mentsorspy on meetings. ons,and Fandom Inc.’sD&D Be- Teak Esneault, 13,plays a Roll20, avirtual tabletop oper- flocking to other services as month. That is a25% increase Zoom’schief executive, Eric yond, atool that allows players weekly game from his home in ated by theOrr Group LLC in well. “Wehaveabsolutely seen in users, he said. Yuan, has pledged to improve to managetheir characters, Dallas with his friends via Overland Park,Kan., said that all of the usagemetrics go up Beforethe pandemic hit, the theplatform’ssecurity. have posted guides on howto Zoom that in freer times used when Italy closed itsbordersin acrossthe boardsincethis companyhad decided to test a Forsome players,the desire rungames remotely.Both com- to rotate from one player’s March, traffic on Roll20’splat- started,” said Adam Bradford, newversion of itssoftware at to playgames canoutweigh panies saysecurity must be a home to another’s.His mother, form briefly overtook that in vicepresident of tabletop gam- about this time,Mr. Davison worries about cyber intrusion. priority,especially with minors Sacha Troxler,said she wassat- the U.S. Thecompanythen ing at Fandom Inc.and aco- said. Thecombined strain has “The privacyconcerns fall involved. isfied with the security of the started to expand server capac- creator of D&D Beyond. forced him to hiremorestaff to by the wayside because I’m just “Weencourageparentsto platform, as he himself ap- ity and hired additional staff in Mr.Bradfordsaid the num- keep up with customer demand trying to connect with my exercise caution and look care- proves anyplayerwho wantsto anticipation of broader de- ber of registered usershas tri- fortechnical support and other friends,and Ideal with that fully at what their kids aredo- join the call and it is password mand. pled in the past month, and the areas. stuff so frequently in everyday ing online,under all circum- protected. Nolan Jones,Roll20’sman- number of online players at any “It’sbeen hardonour infra- lifethat I’m just not worried stances,” said RayWinninger, Teak said he is likely to con- aging partner,said he sus- one time has doubled on aver- structuretokind of scale to about it,” said Joseph Andrews, thegame’sexecutiveproducer tinue using the platform for pected Roll20 mayhavebeen age. Theuptakehas forced the that. And we’vehad to spend a19-year-old freshman at at Wizardsofthe Coast. some games even aftercurbs targeted in anumber of cyber- companytoacceleratethe ex- many, manysleeplessdays just George WashingtonUniversity Thecompanyensures that on social gatheringsend. But attacks in recent weeks.Hehas pansion of itsinfrastructure, working on systems and diag- who started playing Dungeons the thirdparties it works with, he also wantstoget back to seen possible denial-of-service which otherwise would have nosing and debugging issues to &Dragons online with friends such as D&D Beyond, adhereto playinthe actual world. activity; an abnormal number takenplacemonths from now. trytowrapthingsup, and to in high school. the Children’sOnline Privacy “I still think Iwould likedo- of requestsweresent to Roll20 Doug Davison,president of getthe capacity to handle that Gamesoncesupervised by Protection Act and similar ing it in person more, just to servers. He doesn’t knowifthe SmiteWorks USALLC,acom- much of abig load all at once,” parentsorschool clubs arenow laws,Mr. Winninger said. Chil- see people,” he said. “But it’s intention wastoshut down his panybased in MerrittIsland, he said.

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THE WALL STREET JOURNAL. Tuesday, April 21, 2020 | B5

Leadersofthe Wo rld’s Most InfluentialBrands

Connecting to discusswhat—and who—is driving trends, then chartthe path forward.

Martha Boudreau, AARP Hernando Ruiz-Jimenez, NewYork-Presbyterian Hospital Melissa Brotz, AbbottLaboratories Maureen Bromwell, Northern Trust AmyFuller,Accenture Ramon Soto, Northwell Health Chris Farmer,Afiniti Aditi J. Gokhale,Northwestern Mutual Elizabeth Rutledge, American Express Partha P. Bose,OliverWyman Lori M. Lee, AT&T Charisse Ford Hughes, PandoraJewelry Riadh Dridi, Automation Anywhere RodneyBranch, PayCom SoftwareInc. Kathryn Ferrero, AxaFinancial Inc. ScottFinlow, PepsiCo Meredith Ve rdone,Bank of America Te resa Barreira, Publicis Sapient KingsleyWheaton, BAT PennyBaldwin, Qualcomm Kevin Iaquinto, Blue Yo nder Jonathan Bottomley, Ralph Lauren Corporation Catherine Roche,BMO Financial Group Michele Quintaglie,Raytheon Technologies Deborah A. Bussiere, BroadridgeFinancial Solutions Inc. TimYeaton, RedHat, Inc. RodManley, Burberry StaceyFeder,Related Companies RoddyYoung,Children's Hospital Boston TimLarimer,Ropes &Gray Chobani LLC Stephanie Buscemi, Salesforce Jennifer Breithaupt, Citi Alicia Tillman, SAP John Kooyman, Colgate-Palmolive Kinjil Mathur,Squarespace,Inc. Jennifer Wong,Convoy Lea Stendahl, Suffolk Construction Company, Inc. Diana O'Brien, Deloitte SusanJohnson, SunTrustBanksInc. SylSaller,Diageo Bart Schaller,SynchronyFinancial John Rudaizky, EY Global Services Ltd. Rick Gomez, Target Corporation Brian Maughan, FidelityNational Financial Kari Janavitz, TE Connectivity Ellyn Raftery,FIS Global Jagdish Mitra, Te ch MahindraLimited Stacy Simpson, Genpact Limited Lisa Choi Owens, TED Conferences Allison Va nHouten, Getaround Marc Pritchard, TheProcter &Gamble Company Amanda Rubin, Goldman Sachs Beth Sidhu, TheStagwell Group Lorraine Twohill, Google Lisa MCaputo, TheTravelersCompanies, Inc. Ralph Santana, Harman International Suzi Watford, TheWall Street Journal Arthur Filip,HCL America, Inc. SusanVobejda, theTradeDesk Kellyn Kenny, Hilton Worldwide Kathryn Frederick, Ticketmaster JoyTan, Huawei Technologies Michael Mendenhall, TriNet Group,Inc. GayleTroberman, iHeartMedia Asha Gupta, Tupperware Brands Corporation EmilyPachuta, Invesco AdvisersInc. BobbyPatrick, UiPath BarbaraGoose,John Hancock Ann Ruckstuhl, Unisys Corporation Spiros Fotinos, Lexus Julian B. Jacobs, United Talent Agency Jennifer Halloran, Massachusetts Mutual Life Insurance Company David Anderson, United Talent Agency Joseph Kelly, Mercy Kevin Warren, UPS Esther Lee, MetLife Matteo Atti, VistaJet Chris Capossela, Microsoft Corporation KarenA.David-Green, WeatherfordInternational Jeremy Skule,Nasdaq Gail Tifford,Weight Wa tchers Heidi Browning,National Hockey League Aimee Johnson, ZillowGroup MonicaGil, NBCUTelemundo Enterprises

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B6 | Tuesday, April 21, 2020 ** THE WALL STREET JOURNAL. BUSINESS NEWS Google, Facebook Will Have to Pay ForAustralian News

BY MIKE CHERNEY and storysummaries fora news service. SYDNEY—Australia plans to Google wasalso in talks require Alphabet Inc.’sGoogle with publishers about licensing and Facebook Inc.topay local their content in anewsprod- media organizations fortheir uct, TheWall Street Journal re- content, the latest development ported in February. in aglobal debateoverwhether And Apple Inc.last year the tech giantsare unfairly launched asubscription-based benefiting from news articles app,Apple News+, which pro- that appear on their platforms. vides access to articles from Details on howmuch the manymagazines and newspa- tech companies will need to pers, including TheWall Street payare still being decided. Journal. Australian government officials Facebook on Mondaysaid it said Mondaythat the country’s wasdisappointed with the Aus- S competition regulator would traliangovernment’sannounce- determine howthe payments ment, and Google said it sought PRES would be calculated, which the to work constructively with the ZUMA

government plans to passinto Australian media industry. Both G/

lawinParliament. companies were working to- BER “This is abattleworth fight- ward avoluntaryagreement re- TZ ing,” Australian Treasurer Josh garding possible compensation HER

Frydenbergsaid. “Webelieve fornewsorganizations and had MARK this is crucial forthe futurevi- met with publishers. A settlement with Dairy Farmers of America would allow the purchase of dozens of plants from bankrupt milk processor Dean Foods. ability of our media sector.” TheMedia, Entertainment & Publishershavelong sought ArtsAlliance, aunion forme- compensation from Google and dia professionals in Australia, Facebook,which collect ad rev- on Monday said it supported Justice Department Nears enue based on visitstotheir the government’smoveand sites and increase their traffic would scrutinizethe details by including links to news arti- when they areavailable. cles. Mr.Frydenbergsaid the Accord on Dean Foods Assets In thepast, the tech giants country’scompetition regula- have resisted paying forcon- tor—which wasoverseeing dis- tent, instead making donations cussions regarding avoluntary through philanthropic arms agreement—was pessimistic BY BRENT KENDALL milk demand as consumers Dean-DFAdeal would affect jected to the deal, saying it and arguing that publishers that avoluntaryagreement flock to other beverages,in- milk prices and competition in could lead to an excessivecon- benefit by getting large would be reached. WASHINGTON—JusticeDe- cluding milk alternatives made the dairybusiness. centration of milk buyersin amountsoftraffic directed to Australian officials said a partment antitrust officials are from soyand oats. Thedecline DFAsaid it wascontinuing partsofthe country. them. solution is needed soon given nearing asettlement with a hascaused ashiftinmilk pro- to work with the department. TheJusticeDepartment, in a They have softened their that economic disruption from major U.S. dairy-farming coop- ductiontoasmall number of “Aspart of our purchase lettertocreditorslast month, stanceinrecent months.Face- the coronavirus pandemic is erativethat would allowitto larger plants. agreement with Dean Foods,we said aDean-DFAdeal appeared book in 2019 said it would pay putting fresh financial pressure buy dozens of plantsfrom Dean’sbrands include Dairy- have committedtothe potential to threaten “serious risk of an- some news organizations—in on local news organizations. bankrupt milk processor Dean Pure,Land-O-Lakes and Tru- divestitureofsome Dean Food ticompetitiveharm” to farmers some cases millions of dollarsa —James Glynn Foods Co., according to people Moo. facilities in response to feedback and consumers. Theletter, year—tolicense their headlines contributed to this article. familiar with the matter. DFA, based in Kansas City, received from DOJduring the made public in court papers, Thesettlement with Dairy Kan., is the biggest U.S. dairy course of their reviewofthis said Dean and DFAwould need FarmersofAmerica,which cooperativebymembership.It transaction,” said Monica to agree to remedies likedi- could be announced soon, has been pursuing the bulk of Massey,DFA executivevice vesting assetstoaddressthe Walmart’sStreaming would requirethe cooperative Dean’sassetsfor months.Dean president and chief of staff.“We concerns,orelse faceapoten- to shed some assetsasacondi- said on March 31 that DFAhad believewewill finalizeanagree- tial lawsuit. Thedepartment in- tion of government approval wonabankruptcy auction with ment with DOJand close on this dicated it waslooking to move Unit Sold to Fandango forthe Dean Foods purchase, a$433 million bid to purchase transaction as anticipated.” quickly because of Dean’sli- thepeople said. Details of the 44 fluid- and frozen-dairypro- ADean spokeswoman re- quidity problems. settlement couldn’t immedi- cessing facilities. ferred to arecent pressrelease Thedairyindustry has seen BY LILLIAN RIZZO started its rollout to Comcast ately be learned. Afederal bankruptcy judge in which the companysaid it further turmoil sincethe new cable and internet customers. Dallas-based Dean Foods,the approved the purchase this anticipated completing the sale coronavirus pandemic,which NBCUniversal’sFandango Vudu’sad-supported service topU.S.milk processor by month, but it still needs anti- in early May. AJusticeDepart- has closed the nation’sschools movie-ticketingand video- will serveasacomplement to sales, sought chapter 11 protec- trust clearancefromthe Justice ment spokesman declined to and restaurants—major mar- rental business has agreed to Peacock,while itsmovie- tion in November afterstrug- Department, which formonths comment. kets formilk and other dairy buy streaming serviceVudu rental businesswill support gling foryearswith slumping has been considering howa Some farm groups have ob- products. from Walmart Inc., adeal that Fandango, which is said to comes as media giantslook to have morethan 30 million on- offer free or low-cost alterna- line and mobile monthly visi- tives forconsumerswho don’t tors,the Journal previously Closures Spread to Packaged Foods want to payfor streaming reported. subscriptions. Vudu, which Walmart said Walmart, which acquired is available on more than 100 BY JESSE NEWMAN Vudu in 2010 formorethan million devices acrossthe U.S., AND ANNIE GASPARRO $100 million, said Monday in 2016 launched afree, ad- that it signed the agreement supported servicethat in- Thepandemic is deepening to sell the servicetoFan- cludes thousands of movies challenges for the U.S. food sys- dango. Terms of the deal, andtelevision shows.Vudu’s tem,forcing plant closures and which will close in coming free servicefeatures movies infecting farmworkersaspack- months, weren’t disclosed. such as “March of the Pen- aged-food companies sayde- TheWall Street Journal re- guins,” “Black Hawk Down” mand forgroceries has never ported in February that NBC- and “Gone in 60 Seconds.” been higher. Universal, aunit of Comcast While manycompanies,in- Production wascurtailed at Corp., was in advanced discus- cluding Walt Disney Co.and facilities acrossthe country, in- sions to acquireVudu,aser- AT&T Inc.’sWarnerMedia,are cluding a KraftHeinz Co.mac- vicethat allows consumersto launching ad-free video ser- aroni-and-cheese plant and a buy or rent movies or shows. vices to compete with Netflix ConagraBrands Inc.frozen- The agreement comes less Inc.,the ad-supported video meal factory. At the same time,

than aweek afterNBCUniver- space has been heating up as food companies areinstituting S sal’sheavily ad-supported competitorslook to add free precautions to maintain or re- PRES streaming service Peacock streaming options. storeproduction so they can UMA

keep grocerystoresstocked. /Z

Conagrasaid 20 of the 700 TNS ADVERTISEMENT workersatits factoryinMis- Production at a Kraft Heinz Co. macaroni-and-cheese plant was curtailed. souri that makes chicken pot TheMarketplace pies and other frozenmeals had contracted the virus,prompting Farms Supplying A North Carolina farm- busy spring season is starting To advertise: 800-366-3975orWSJ.com/classiﬁeds the plant to close for10days worker tested positive, accord- to bring thousands of workers beginning April 17.Aspokes- Firms Are Affected ing to an email from a regional to farms where they live and PUBLIC NOTICES PUBLIC NOTICES man said the companyneeds health clinic viewed by The work in close proximity to one the time to conduct adeep Wall Street Journal. The worker another. In North Carolina last

*&B%/+!-%8%5+ 3$ "%*/!5# 3$ 3/!#!5*+!5# 53+!'% !5(!+!5# $3/8*; 1/33$ 3$ &%(+ 3/ ';*!8 cleaning and preparemorerig- Workers arefalling ill on was quarantined and is recover- year, nearly 22,000 migrant 53+!'% 3$ 83+!35 &*(!& #3"5 "3((- +/%'%!(%/ *113!5+%&D orous preventivemeasures. farms thatsupply packaged-food ing, the email said. workers, largely from Mexico, +"% "!#" '3)/+3$!/%;*5& %,5#JH%"'# :=+: (*,,9+*9%!, +8) *"),'<5'')&*$ Flowers Foods Inc.said it companies. Three agricultural The clinic has prepared hun- joined others on farms to har- '388%/'!*; 3'-' +WWY<8:') ++('/'<6'-+ Y8 29 !'2-7+-> 2=X92> CACA 52. 0AA '3- Y-)'- Y\ :='&7W-'9' 'Y7-: Y\ J'3 &Y7:= $+:'+ ++ closed abaking plant in Tucker, workers in Cayuga County in dreds of information packets in vest crops including tobacco, !5 +"% 8*++%/ 3$ *;;%/#*5 1;' ('/'<6'-+ Y\ :=' +++':+ Y\ %+6<)!Y=8 #Y22+ <8 ,7+:-+:<+T Ga., forafew weeks recently af- western NewYork testedposi- English and Spanish, as well as sweet potatoes and cucumbers. *5& !5 +"% 8*++%/ 3$ +"% '381*5!%- *'+CA07 '-')<:Y-+ Y\ %+6<)!Y=8 #Y22+* 3=Y+' )'2:+ Y-/:+<9+ terworkerstested positivefor tivefor the virus, one of whom— masks and gloves, for distribu- Some farms and labor con- *5& !5 +"% 8*++%/ 3$ *1/313-*; $3/*-'"%8% =+6' 8Y: +:-'+)> 2''8+)9<::')* +-' -'17<-') Y8 Y- 3$ *//*5#%8%5+ 1)/-)*5+ +3 1*/+ 4: '"*1+%/ 0 2'\Y-' :=' ?- 8*9?6?6 :YW-Y6' :='<-)'2:+ Y-/:+<9+ the virus.The company, whose aman in his 40s who worked tion to farmworkers through a tractors have been working to 3$ +"% '381*5!%- *'+CA07 +8):Y'+:+2:<+=+8>'8:<::'9'8::='> 9+> =+6' :Y brands include Wonder Bread on adairy farm—has died. faith-based group. The clinic is prevent the virus’s spread by *5& !5 +"% 8*++%/ 3$ +"% !/!-" +*>%3B%/ 1*5%; W- 2> )':<6'-<8> Y-+'8)<8> 6<+ '9+<: Y-:=-Y7>= :=' *'+044, WY+: :Y9'+:9>WY+:+: Y-'9+<: +))-'++ +!Y-9+: F-YY\ andTastykake, wouldn’t say The Cayuga County health planning a Zoom conference for checking migrant workers’ tem- 53+!'% !- "%/%(= #!B%5 1=+1 +8 H7<><8+1<8> JY1<(` Y\ %'2: Y- ':+<9 <8 +//Y-)+8/' 3<:=!Y-9@9@/Y8:+<8<8> howmanyofthe plant’s255 department says it conducted local farmers to provide infor- peratures before they cross the Y\ LY1= 'Y.71 Y\ [7`:+8" V1=` :='<--'+W'/:<6' )'2:+ Y-/:+<9+T "\ :='> )Y8Y::='> 3<:: workersweresick. contact tracing on farms and a mation about the pandemic and U.S.-Mexico border, spacing S'Y.71RU Y8 XX L+7(= /G/G$ 6``;<8> 1=` 'Y.71Q66+8(1`9`81 V1=` SC(=`9`RU Thedisruptions come amid team of nurses traveled to is opening its coronavirus help workers further apart in fields )`1M``8 ,::`7>+8 W:( V1=` S'Y9W+8IRU +8" 1=` ]Y:"`76 V+U :='2'8'A:Y\ +8>)<+:-<27: :Y :=')<+:-<27: =:28+3T/Y9T+7T nesses close meatpacking 1=` 7`".(1 +8" `K1<8>.<6=<8> +:: 1=` '+8(`::+1 #N* L+88 !7)) 1=` +.1=Y7<6`" 6=+7`(+W<1+: Y\ 1=` 'Y9W+8I$W.76.+81 1Y field Foods Inc.shut down its Food makersoutside the nesses at their plantsand those KraftHeinz’s macaroni-and- C`(1 +1 1=` !Y.7 'Y.716$ 2=; 5'8:&:-'': Sioux Falls,S.D., plant, which meat sector were initially able in their supply chain. cheese factoryinSpringfield, [886 E.+I$%.):<8 5$ [7`:+8" +1 XX&GG +T9T V[7<6= 1<9Ù Y8 &8%J#8 J&$ 2=== with hundreds of infected to avoid factoryclosures when “Everyone is most worried Mo., reported two Covid-19 4L+I /G/G V1=` S]`+7<8>RUT %':'W=Y8', V=2U Z=2= ?9?9 ,8I 6=+7`=Y:"`7 Y7 (7`"<1Y7 M<6=<8> 1Y 6.WWY71 Y7 YWWY6` #9+<:,-<\\+:4=:28+3T/Y9T+7 workershas become amajor vi- the coronavirus began spread- aboutfactoryworkers,” said cases last month and closed for 1=` 9+;<8> Y\ +8I Y7"`7 V+8 S[81`7`61`" F+71IRU 1=+1 rushot spot. ing throughout the U.S. in Patrick Criteser,chief executive afew days forcleaning. Camp- M<6=`6 1Y Y)1+<8 +(YWI Y\ 1=` H7<><8+1<8> JY1<(` Y\ LY1 ,\A"+O<1$ Y7 "`1+<:6 <8 7`:+1$ 6=Y.:" (Y81+(1 1=` CY:<(<1Y76 moreplant closures,some facil- processfor packaged food is Association. “Wecan find dif- idgeFarm bakeryinDenver, \Y7 1=` 'Y9W+8I +1 1=` +""7`66)`:YMT,8I [81`7`61`" F+71I 9+I +WW`+7 +1 1=` ]`+7<8> W`76Y8+::I Y7 )` ities that were closed because typically moreautomated than ferent packaging-materials or Pa., had five cases and “paused 7`W7`6`81`" )I +6Y:<(<1Y7 Y7 )I (Y.86`:T ,8I [81`7`61`" of the outbreak arereopening. work done on farms,slaughter- raw-materials suppliers, but we certain operations” foradeep F+71I <81`8"<8> 1Y 6Y +WW`+7 6=Y.:" > THE 1Y 1=` CY:<(<1Y76 \Y7 1=` 'Y9W+8I )I 8Y :+1`7 1=+8 @&0G In Pennsylvania this week, houses and meatpacking plants. need those plantstokeep oper- cleaning. WT9T V[7<6= 1<9Ù Y8 XL+I /G/G$ +8" +8I +\A"+O<1 <8 6.WWY71 Y\ +8I 6.(= +WW`+7+8(` 6=Y.:" )` A:`" M<1= 1=` MARKETPLACE meatpacking facilities runby Companies such as Kraft ating.” AFrito-Lay factoryinMo- '`817+: H\A(` Y\ 1=` ]<>= 'Y.71 Y\ [7`:+8"$ +8" 6`7O`" Y8 1=` CY:<(<1Y76 \Y7 1=` 'Y9W+8I$)I8Y:+1`7 1=+8 @&0G WT9T Cargill Inc., JBS USAHoldings Heinz, Danone SA and General Tillamook, adairycoopera- desto, Calif., shut down fora V[7<6= 1<9Ù Y8 XL+I /G/GT ADVERTISE TODAY Inc.and EmpireKosher Poul- Mills Inc.also took safety steps, tive based in Oregon, has im- couple of days foradeep clean- /X ,W7<: /G/G (800)366-3975 try Inc.will ramp back up with including taking workers’ tem- plemented newsafety measures ing afteranundisclosed num- */+")/ '3@ CY:<(<1Y76 \Y7 1=` 'Y9W+8I Formoreinformation visit: newsafeguards.The measures peratures and slowing produc- in itsplant, which helped keep ber of workerscontracted the B`8#+7:6\Y71 B`77+(` includefootprintspainted on tion wherenecessarytoallow the one Covid-19 case recorded virus.Frito-Lay,owned by Pep- %.):<8 / wsj.com/classifieds %G/ B0^G the floor to mark recommended forwider spacing and fewer therefrominfecting morepeo- siCo Inc., employs 600 people [7`:+8" VD`\& P-*3%B*U ©2020Dow Jones &Company,Inc. distances between employees, workers. ple.That employeehas recov- there. All Rights Reserved. and tentsset up forextracafe- Nonetheless, packaged-food ered from the coronavirus dis- —Jacob Bunge teria seating,companyand executives aregrowing con- ease andisback at work,Mr. contributedtothis article. P2JW112000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, April 21, 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 23650.44 t592.05, or 2.44% Trailing P/E ratio 18.57 18.50 2823.16 t51.40, or 1.79% Trailing P/E ratio * 22.10 21.78 8560.73 t 89.41, or 1.03% Trailing P/E ratio *† 26.86 23.75 High, low, open and close for each P/E estimate * 20.61 16.67 High, low, open and close for each P/E estimate * 20.75 17.62 High, low, open and close for each P/E estimate *† 25.77 21.34 trading day of the past three months. Dividend yield 2.79 2.21 trading day of the past three months. Dividend yield * 2.13 1.91 trading day of the past three months. Dividend yield *† 1.00 1.01 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809 30000 3500 10500

65-day moving average 27500 3250 9750 65-day moving average

25000 3000 9000

Session high 8250 DOWN UP 22500 2750 65-day moving average Session open Close t

Close Open 20000 2500 7500 t

Session low 17500 2250 6750

Bars measure the point change from session's open 15000 2000 6000 Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. *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*1,087,743,323 23,355,342 Industrial Average 24108.69 23627.19 23650.44 -592.05 -2.44 29551.42 18591.93 -10.8 -17.1 4.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 238,946,130 14,042,007 Transportation Avg 8162.22 7894.84 7969.73 -264.08 -3.21 11304.97 6703.63 -27.4 -26.9 -4.4 Most-active issues in late trading Decl. volume* 841,261,119 9,239,164 Utility Average 817.94 793.77 794.85 -29.13 -3.54 960.89 610.89 3.1 -9.6 4.3 Volume After Hours Issues traded 3,007 267 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 28803.58 28302.75 28346.72 -493.56 -1.71 34631.28 22462.76 -5.2 -14.2 5.0 Advances 670 102 HP HPQ 6,217.5 15.32 -0.04 -0.26 15.47 15.32 Barron's 400 583.91 571.32 574.14 -10.67 -1.82 746.64 455.11 -19.3 -21.6 -3.0 Declines 2,294 158 SPDR S&P 500 SPY 4,754.6 281.39 -0.20 -0.07 284.38 280.50 Unchanged 43 7 Plains All Amer Pipeline PAA Nasdaq Stock Market 4,620.3 7.00 -0.12 -1.69 7.12 7.00 New highs 19 1 Nasdaq Composite 8684.91 8553.37 8560.73 -89.41 -1.03 9817.18 6860.67 6.8 -4.6 13.1 ING Groep ADR ING 4,049.2 5.25 0.18 3.55 5.29 5.07 New lows 14 2 Nasdaq 100 8855.18 8725.32 8726.51 -105.90 -1.20 9718.73 6978.02 13.1 -0.1 17.0 Intel INTC 3,921.5 59.15 -0.03 -0.05 59.25 58.88 Closing Arms† 0.98 0.40 Kinder Morgan KMI 3,429.7 14.61 -0.08 -0.54 14.98 14.58 S&P Block trades* 5,781 165 GenMark Diagnostics GNMK 3,058.3 8.16 -0.10 -1.21 8.35 8.16 500 Index 2868.98 2820.43 2823.16 -51.40 -1.79 3386.15 2237.40 -2.9 -12.6 6.2 Nasdaq NYSE Arca Yamana Gold AUY 3,001.2 4.43 0.04 0.91 4.45 4.39 MidCap 400 1559.88 1525.43 1532.49 -28.94 -1.85 2106.12 1218.55 -21.3 -25.7 -3.8 Total volume*3,800,797,310 595,284,484 SmallCap 600 719.95 701.83 708.12 -14.46 -2.00 1041.03 595.67 -26.0 -30.7 -5.6 Percentage gainers… Adv. volume*2,003,498,283 94,658,109 Decl. volume*1,763,247,196 500,541,924 Other Indexes Tsakos Energy Navigation TNP 51.0 3.54 0.37 11.67 3.54 3.24 Issues traded 3,342 1,418 Russell 2000 1233.86 1202.22 1213.35 -15.75 -1.28 1705.22 991.16 -22.2 -27.3 -4.3 Nordic American Tankers NAT 1,304.4 5.31 0.51 10.63 5.50 4.71 Advances 1,256 278 NYSE Composite 11181.81 10985.06 11003.88 -204.41 -1.82 14183.20 8777.38 -14.8 -20.9 -1.2 Teekay TK 198.2 4.30 0.37 9.41 4.43 3.93 Declines 2,022 1,132 Aduro Biotech ADRO 122.7 3.39 0.28 9.00 3.39 3.11 Value Line 385.93 375.65 378.34 -7.59 -1.97 562.05 305.71 -30.7 -31.5 -10.0 Unchanged 64 8 Insulet PODD 84.5 220.00 16.02 7.85 220.00 203.98 NYSE Arca Biotech 5377.18 5174.70 5291.07 107.03 2.06 5313.05 3855.67 14.1 4.4 14.5 New highs 44 9 NYSE Arca Pharma 656.49 643.10 648.62 1.18 0.18 670.32 494.36 15.0 -0.8 9.0 ...And losers New lows 27 9 KBW Bank 70.81 67.17 69.15 -0.85 -1.21 114.12 56.19 -30.5 -39.0 -8.5 Infinera INFN 538.2 5.89 -0.21 -3.44 6.10 5.89 Closing Arms† 0.55 1.41 § PHLX Gold/Silver 108.11 104.24 106.39 2.11 2.02 111.51 66.14 48.5 -0.5 7.0 NovaGold Resources NG 93.3 11.15 -0.39 -3.38 11.57 11.15 Block trades* 25,809 5,073 § PHLX Oil Service 27.21 24.10 26.42 0.27 1.03 102.39 21.47 -74.1 -66.3 -45.0 IBM IBM 1,520.6 116.48 -3.93 -3.26 123.00 115.00 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 1704.35 1666.40 1667.57 -38.07 -2.23 1979.50 1286.84 7.0 -9.8 18.7 Axon Enterprise AAXN 446.2 74.50 -2.28 -2.97 76.78 74.50 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 43.83 39.88 43.83 5.68 14.89 82.69 11.54 252.9 218.1 45.8 MD Mednax 71.0 12.09 -0.31 -2.50 12.40 12.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World The Global Dow 2586.57 –21.81 –0.84 –20.4 Benitec Biopharma ADR BNTC 13.06 7.25 124.78 30.45 4.14 -50.0 VelocityShares 3x DGAZ 182.50 -57.33 -23.90 425.20 85.41 44.9 DJ Global Index 361.39 –3.60 –0.99 –16.7 Cyclacel Pharmaceuticals CYCC 8.64 2.37 37.80 20.40 5.63 -38.7 Liberty TripAdvisor B LTRPB 37.16 -10.67 -22.31 134.00 2.10 158.6 DJ Global ex U.S. 209.88 –0.09 –0.04 –20.4 DB Crude Oil Double Shrt DTO 191.92 51.93 37.10 206.75 42.00 331.3 Invesco Mortgage Cap IVR 2.90 -0.79 -21.41 18.30 1.82 -82.1 Americas DJ Americas 648.82 –10.79 –1.64 –14.7 Immuron ADR IMRN 3.20 0.85 36.17 7.25 1.55 -39.7 Summit Wireless Techs WISA 4.29 -1.01 -19.08 54.00 3.53 -89.1 Brazil Sao Paulo Bovespa 78972.76 –17.53 –0.02 –31.7 GasLog GLOG 4.98 1.13 29.35 16.77 2.67 -69.4 Playa Hotels Resorts PLYA 2.08 -0.49 -19.07 8.95 1.30 -74.4 Canada S&P/TSX Comp 14388.28 28.40 0.20 –15.7 Montage Resources MR 4.82 1.02 26.84 13.29 1.99 -63.0 Eros International EROS 2.50 -0.55 -18.03 9.04 1.10 -68.8 Mexico S&P/BMV IPC 34477.06 –266.04 –0.77 –20.8 Novavax NVAX 23.80 4.72 24.74 26.34 3.54 125.3 Genetic Technologies ADR GENE 1.90 -0.40 -17.39 6.32 1.41 -39.1 Chile Santiago IPSA 2640.76 –52.55 –1.95 –20.8 VelocityShares 3x Lg Nat UGAZ 35.65 7.03 24.56 277.00 19.26 -85.3 Seritage Growth Prop Cl A SRG 8.32 -1.63 -16.38 46.43 5.00 -80.6 Build-A-Bear Workshop BBW 2.51 0.49 24.26 6.29 1.01 -55.2 ATIF Holdings ATIF 1.91 -0.35 -15.49 5.10 1.38 ... EMEA Stoxx Europe 600 335.70 2.23 0.67 –19.3 Borqs Technologies BRQS 3.64 0.70 23.81 8.40 0.95 -19.1 Liquidia Technologies LQDA 6.18 -1.12 -15.34 10.45 2.65 -27.0 Eurozone Euro Stoxx 316.45 1.50 0.48 –21.7 Belgium Bel-20 3021.85 6.43 0.21 –23.6 Verastem VSTM 3.88 0.70 22.01 4.03 0.83 81.3 Independence Contract ICD 6.68 -1.20 -15.23 64.40 1.08 -89.0 Denmark OMX Copenhagen 20 1162.47 17.64 1.54 2.3 Exelixis EXEL 23.58 4.14 21.27 24.90 13.67 14.4 PS UlSh Bloomberg Nat Gas KOLD 43.48 -7.79 -15.19 72.16 21.59 73.7 France CAC 40 4528.30 29.30 0.65 –24.3 CNX Resources CNX 12.88 2.25 21.17 12.97 4.26 25.4 Utd Security Bancshares UBFO 6.51 -1.11 -14.57 11.45 5.04 -36.9 Teekay TK Marlin Business Services MRLN Germany DAX 10675.90 50.12 0.47 –19.4 3.93 0.67 20.55 5.76 2.04 -17.4 6.39 -1.08 -14.46 25.44 4.66 -70.9 Teekay Tankers TNK 24.03 4.09 20.51 25.74 7.68 180.7 AdvanSix ASIX 9.01 -1.50 -14.27 33.62 8.06 -70.0 Israel Tel Aviv 1377.52 –15.41 –1.11 –18.2 Italy FTSE MIB 17064.14 8.67 0.05 –27.4 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 512.76 6.94 1.37 –15.2 Russia RTS Index 1068.32 –10.37 –0.96 –31.0 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 48849.52 –285.13 –0.58 –14.4 Spain IBEX 35 6831.50 –44.30 –0.64 –28.5 PS Ult Bloomberg Crude UCO 558,317 1371.1 1.35 -14.56 26.20 1.28 Cyclacel Pharmaceuticals CYCC 11,988 99775 8.64 37.80 20.40 5.63 Sweden OMX Stockholm 585.25 3.11 0.53 –14.0 Taronis Technologies TRNX 211,448 567.5 0.36 7.89 3.77 0.11 ETRACS S&P GSCI Crude Oil OILX 3,330 20309 10.61 -10.39 39.50 10.14 Seanergy Maritime Hldgs SHIP Brand Value ETF BVAL Switzerland Swiss Market 9785.27 172.44 1.79 –7.8 157,916 2027.8 0.15 3.38 4.37 0.12 634 7933 14.24 -1.51 18.43 11.41 TOP Ships TOPS 137,578 388.5 0.28 21.11 15.00 0.08 Western Asset Shrt DurationWINC 672 4890 23.99 -0.64 27.49 21.13 Turkey BIST 100 98945.88 766.06 0.78 –13.5 General Electric GE 99,424 8.0 6.51 -4.82 13.26 5.90 Summit Wireless Techs WISA 293 3942 4.29 -19.08 54.00 3.53 U.K. FTSE 100 5812.83 25.86 0.45 –22.9 U.K. FTSE 250 15822.73 –36.55 –0.23 –27.7 SPDR S&P 500 SPY 98,780 -40.6 281.59 -1.76 339.08 218.26 Benitec Biopharma ADR BNTC 1,643 3182 13.06 124.78 30.45 4.14 XpresSpa Group XSPA 87,457 680.8 0.51 24.39 5.45 0.05 Invsc S&P SC Cons Stpls PSCC 150 2858 66.42 -0.26 80.82 55.25 Asia-Pacific Barclays iPath B Crude OIL 78,468 2615.0 3.73 -7.90 13.59 3.60 iPath PB Crude Oil OLEM 397 2639 9.52 -3.91 19.93 8.00 Australia S&P/ASX 200 5353.00 –134.54 –2.45 –19.9 Occidental Petroleum OXY 74,684 131.3 12.59 -7.63 63.42 9.00 KraneShs China Hlth Care KURE 859 2204 26.56 3.59 27.15 18.49 China Shanghai Composite 2852.55 14.06 0.50 –6.5 Bank of America BAC 74,284 -13.4 22.50 -3.35 35.72 17.95 iShares MSCI UAE ETF UAE 666 2008 9.91 0.30 15.71 8.30 Hong Kong Hang Seng 24330.02 –49.98 –0.21 –13.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.19 India S&P BSE Sensex 31648.00 59.28 –23.3 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 19669.12 –228.14 –1.15 –16.9 Singapore Straits Times 2597.85 –16.75 –0.64 –19.4 Track the Markets South Korea Kospi 1898.36 –16.17 –0.84 –13.6 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 10586.71 –0.10 –11.8 global stock indexes, bond ETFs, –10.33 currencies and commodities at Currencies Thailand SET 1266.40 27.16 2.19 –19.8 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Mon YTD chg Mon YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004264 23451 1.2 Argentina peso .0152 65.9271 10.1 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1881 5.3157 32.2 Czech Rep. koruna .03964 25.230 11.3 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7067 1.4151 8.9 Denmark krone .1457 6.8648 3.0 notes and bonds major U.S. trading partners Chile peso .001167 857.20 15.9 Euro area euro 1.0864 .9205 3.2 A consumer rate against its Money market accounts Colombiapeso .000252 3974.80 21.1 Hungary forint .003085 324.20 9.8 Ecuador US dollar Iceland krona benchmark over the past year 11unch .006910 144.71 19.5 Bankrate.com avg†: 0.32% 4.00% 8% Mexico peso .0416 24.0605 27.1 Norway krone .0956 10.4555 19.1 Uruguay peso .02297 43.5300 17.2 Poland zloty .2402 4.1638 9.8 American Express National Bank 1.60%

Yen Asia-Pacific Russia ruble .01329 75.250 21.2 Federal-funds One year ago 3.00 s 2.00% New York, NY 866-215-8754 4 Sweden krona .0998 10.0230 7.0 target rate t Australian dollar .6335 1.5785 10.8 Switzerland franc 1.0331 .9680 0.1 t First Internet Bank of Indiana 1.61% China yuan .1414 7.0735 1.6 1.50 2.00 0 Turkey lira .1441 6.9398 16.7 Indianapolis, IN 888-873-3424 Hong Kong dollar .1290 7.7503 –0.5 Money market Ukraine hryvnia .0369 27.0819 14.4 India rupee .01306 76.575 7.3 account yields 1.00 Citizens Access 1.70% Tradeweb ICE Monday Close 1.00 UK pound 1.2434 .8042 6.6 –4 s s Indonesia rupiah .0000649 15413 11.0 t t Westwood, MA 888-201-6505 WSJ Dollar index Euro Japan yen .009292 107.62 –0.9 Middle East/Africa 0.50 Goldman Sachs Bank USA 1.70% 0.00 –8 Kazakhstan tenge .002335 428.21 12.1 Bahrain dinar 2.6488 .3775 0.1 Macau pataca .1252 7.9846 –0.4 Egypt pound .0635 15.7474 –1.9 New York, NY 855-730-7283 1 3 6 1 2 3 5 710 30 2019 2020 0.00 month(s) years Malaysia ringgit .2286 4.3745 6.9 Israel shekel .2816 3.5514 2.8 M J J A S O N D J F M A TAB Bank 1.70% New Zealand dollar .6038 1.6562 11.5 Kuwait dinar 3.2131 .3112 2.7 maturity 2019 2020 Ogden, UT 800-355-3063 Pakistan rupee .00612 163.500 5.5 Oman sul rial 2.5957 .3853 0.1 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.750 0.1 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7038 1.4208 5.6 Saudi Arabia riyal .2664 3.7537 0.1 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008193 1220.62 5.7 South Africa rand .0530 18.8531 34.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0051937 192.54 6.2 Yield (%) 52-Week Total Return (%) Taiwan dollar .03328 30.044 0.4 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.50 3.25 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03077 32.500 9.2 WSJ Dollar Index 93.93 0.28 0.30 4.87 Libor, 3-month 1.10 1.22 0.74 l 2.59 -0.06 U.S. Treasury, Barclays 2482.920 0.520 0.600 2.510 0.500 14.84 5.76 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.32 0.32 0.31 l 0.78 ... Five-year CD, annual yield 0.86 0.88 0.86 l 2.01 -0.44 U.S. Treasury Long, Barclays 4984.060 1.180 1.320 2.940 0.980 39.22 13.45 Commodities 30-year mortgage, fixed† 3.57 3.69 3.52 l 4.34 -0.40 Aggregate, Barclays 2231.810 1.440 1.500 3.060 1.320 11.07 5.07 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 3.15 3.25 2.95 l 3.72 -0.03 Fixed-Rate MBS, Barclays 2210.010 1.330 1.310 3.250 0.930 7.45 3.83 Jumbo mortgages, $510,400-plus† 3.63 3.76 3.54 l 4.71 -0.89 DJ Commodity 472.02 -12.74 -2.63 647.86 451.81 -25.46 -26.51 High Yield 100, ICE BofA 2903.884 7.244 7.286 10.740 4.516 –4.098 1.654 Five-year adj mortgage (ARM)† 3.26 3.47 3.26 l 4.78 0.05 TR/CC CRB Index 118.76 -5.03 -4.07 187.92 118.50 -36.80 -36.08 Muni Master, ICE BofA 568.477 1.637 1.647 3.441 0.959 4.906 3.615 New-car loan, 48-month 4.28 4.26 4.26 l 4.81 1.07 Crude oil, $ per barrel -37.63 -55.90 -305.97 66.30 -37.63 -157.28 -161.63 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 789.488 6.418 6.358 7.480 4.523 –3.813 0.542 Natural gas, $/MMBtu 1.924 0.171 9.75 2.862 1.552 -23.77 -12.11 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. 1701.60 12.40 0.73 1756.70 1269.30 33.62 11.98 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW112000-0-B00800-1------XA

B8 | Tuesday, April 21, 2020 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/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 Aug 128.425 130.300 126.775 127.650 –.750 14,298 June 1.2506 1.2509 1.2421 1.2448 –.0045 152,347 Sept …… …2799.40 –63.20 11 Cattle-Live (CME)-40,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Mini S&P 500 (CME)-$50 x index Contract Open April 94.875 95.000 93.150 93.525 –1.125 4,132 June 1.0356 1.0377 1.0327 1.0350 –.0004 33,975 June 2861.50 2875.50 2804.25 2806.50 –63.50 Open High hi lo Low Settle Chg interest 3,356,812 June 86.825 87.300 84.875 85.100 –1.200 120,253 Sept 1.0363 1.0404 1.0366 1.0382 –.0004 68 Sept 2855.50 2867.00 2798.00 2799.50 –63.00 28,337 Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index April 2.3480 2.3515 2.3255 2.3345 –0.0190 1,139 May 38.500 41.375 38.425 40.600 2.675 3,117 May .6355 .6397 .6334 .6346 –.0007 646 June 1551.70 1560.80 1520.40 1527.20 –29.40 74,401 July 2.3555 2.3700 2.3290 2.3370 –0.0200 75,508 June 44.825 47.475 43.950 46.250 2.525 86,014 June .6366 .6398 .6333 .6347 –.0007 124,820 Sept 1434.70 1563.50 1528.40 1534.20 –29.40 1 Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Nasdaq 100 (CME)-$20 x index April 1686.00 1701.10 1680.00 1701.60 12.40 851 May 333.00 340.60 326.00 328.50 –13.20 838 May .04144 .04168 .04106 .04114 –.00070 948 June 1693.00 1718.40 1685.00 1711.20 12.40 341,443 June 8799.50 8846.00 8687.00 8692.00 –117.00 174,041 July 337.20 342.50 328.60 328.60 –18.00 1,071 June .04144 .04155 .04089 .04096 –.00070 104,750 Aug 1694.50 1719.30 1686.40 1712.60 12.50 68,322 Sept 8769.25 8834.00 8680.00 8682.25 –117.25 1,827 Milk (CME)-200,000 lbs., cents per lb. Oct 1692.00 1710.00 1690.70 1714.60 12.60 12,382 Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index April 13.43 13.43 t 13.39 13.41 …2,971 Dec 1697.20 1722.00 1689.20 1715.30 12.60 48,550 May 1.0868 1.0903 1.0849 1.0869 –.0007 2,025 June 1221.10 1233.50 1190.80 1206.40 –17.90 550,663 June 12.21 12.28 t 11.67 11.91 –.25 4,685 Feb'21 1696.50 1716.80 1694.60 1715.80 12.40 7,894 June 1.0891 1.0912 1.0856 1.0877 –.0007 535,261 Sept 1210.80 1231.30 1190.80 1205.60 –17.60 2,996 Cocoa (ICE-US)-10 metric tons; $ per ton. Palladium (NYM) - 50 troy oz.; $ per troy oz. Mini Russell 1000 (CME)-$50 x index May 2,304 2,320 2,284 2,338 –41 146 April 2156.00 –3.40 4 Index Futures June 1556.20 1569.80 1542.00 1544.60 –25.60 7,829 July 2,354 2,361 2,325 2,358 –10 80,887 June 2112.90 2159.20 2103.10 2127.50 –3.40 6,508 U.S. Dollar Index (ICE-US)-$1,000 x index Coffee (ICE-US)-37,500 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index Sept 2145.00 2150.00 2099.50 2117.80 –3.80 770 June 99.77 100.19 99.75 100.06 .22 28,790 May 116.30 116.75 113.05 113.65 –2.40 8,451 June 24088 24203 23441 23488 –671 60,471 Platinum (NYM)-50 troy oz.; $ per troy oz. Sept 99.93 100.12 99.84 100.03 .22 665 July 117.75 118.40 114.75 115.25 –2.30 73,615 Sept 24010 24114 23379 23419 –660 665 April 792.00 10.70 4 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index July 789.10 803.10 785.30 796.00 10.70 44,032 June 2855.70 2875.00 2806.70 2806.50 –63.60 93,239 Silver (CMX)-5,000 troy oz.; $ per troy oz. May 10.37 10.37 10.03 10.06 –.31 126,828 Source: FactSet April 15.556 0.319 23 July 10.53 10.55 10.22 10.26 –.27 344,344 July 15.425 15.805 15.325 15.750 0.305 73,470 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. July 26.02 26.02 t 26.00 26.00 …1,846 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Bonds | WSJ.com/bonds May 17.73 17.85 –40.32 –37.63 –55.90 108,593 Sept 26.05 26.05 26.05 26.05 .05 2,946 June 24.76 24.92 t 20.19 20.43 –4.60 538,038 Cotton (ICE-US)-50,000 lbs.; cents per lb. July 29.33 29.41 25.75 26.28 –3.14 330,373 May 52.77 54.27 52.51 54.03 1.26 8,840 Tracking Bond Benchmarks Aug 31.07 31.24 28.04 28.51 –2.69 146,830 July 53.07 54.30 52.52 54.02 1.16 101,091 Sept 31.90 32.09 29.20 29.84 –2.24 153,740 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 33.69 34.14 32.00 32.41 –1.41 295,314 May 105.85 109.40 105.15 108.70 2.10 2,767 highs and lows for different types of bonds NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 107.05 108.25 105.80 107.65 .25 6,230 Total Total May .9589 .9645 t .8855 .8878 –.0685 54,182 return YTD total return YTD total June .9814 .9883 t .9126 .9152 –.0648 80,753 Interest Rate Futures Yield (%) Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% May .7121 .7367 .6570 .6683 –.0424 69,789 June 225-050 227-000 224-310 226-120 1-25.0 1,040,492 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays June .7713 .7900 .7143 .7255 –.0391 97,242 Sept 225-020 225-070 223-110 224-270 1-24.0 2 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 2231.81 4.8 U.S. Aggregate 1.440 1.320 3.060 2210.01 2.9 Mortgage-Backed 1.330 0.930 3.250 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% May 1.774 1.970 1.701 1.924 .171 115,470 2161.97 2.9 Ginnie Mae (GNMA) 1.070 0.490 3.200 June 1.930 2.085 1.860 2.049 .146 236,140 June 180-070 181-060 180-010 180-240 28.0 1,007,391 U.S. Corporate Indexes Bloomberg Barclays Sept 179-010 179-180 178-150 179-050 28.0 149 July 2.110 2.257 2.051 2.231 .157 169,360 3179.22 1.2 U.S. Corporate 2.730 2.220 4.580 1303.36 2.9 Fannie mae (FNMA) 1.440 1.110 3.270 Sept 2.205 2.361 s 2.175 2.348 .164 108,076 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Oct 2.273 2.428 s 2.247 2.414 .164 99,179 June 139-005 139-075 138-295 139-035 7.0 3,210,577 2899.89 0.3 Intermediate 2.350 1.760 4.400 2002.65 2.9 Freddie Mac (FHLMC) 1.420 1.080 3.270 Jan'21 2.940 3.060 s 2.916 3.053 .125 73,890 Sept 138-285 139-005 138-235 138-290 7.0 44,633 0.5 Muni Master 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 4671.37 2.7 Long term 3.390 2.950 4.930 568.48 1.637 0.959 3.441 Agriculture Futures June 125-152 125-172 125-122 125-150 1.7 3,645,235 663.37 3.6 Double-A-rated 1.930 1.670 3.360 401.09 0.5 7-12 year 1.571 0.924 3.447 Sept 125-122 125-125 125-080 125-105 1.7 24,824 Corn (CBT)-5,000 bu.; cents per bu. 819.11 -1.3 Triple-B-rated 3.340 2.570 5.350 455.01 0.5 12-22 year 2.010 1.224 3.690 May 322.50 323.25 t 313.50 314.25 –8.00 236,285 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% July 329.25 329.75 t 321.50 322.25 –7.00 546,048 June 110-071 110-071 110-059 110-065 –0.1 2,597,529 High Yield Bonds ICE BofA 434.50 -1.4 22-plus year 2.818 1.765 4.123 Oats (CBT)-5,000 bu.; cents per bu. Sept 110-100 110-116 110-105 110-108 –0.1 11,333 May 289.25 294.50 286.00 293.25 5.25 1,098 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 425.51 -8.9 High Yield Constrained 7.966 5.151 11.400 Global Government J.P. Morgan† July 273.25 275.00 271.50 274.75 2.75 1,487 April 99.9475 99.9500 s 99.9450 99.9475 .0025 227,721 352.64 -19.5 Triple-C-rated 15.899 10.558 19.071 608.75 4.4 Global Government 0.630 0.390 1.450 Soybeans (CBT)-5,000 bu.; cents per bu. May 99.9200 99.9250 99.9200 99.9200 .0000 273,744 May 833.50 835.75 824.50 826.50 –6.00 140,606 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 2903.88 -9.1 High Yield 100 7.244 4.516 10.740 854.82 6.4 Canada 0.910 0.590 1.900 July 843.50 845.75 834.25 836.25 –6.00 278,318 June 105-145 105-215 105-095 105-180 12.0 68,378 Soybean Meal (CBT)-100 tons; $ per ton. Global High Yield Constrained 397.11 -0.8 EMU§ 0.637 0.109 1.012 Eurodollar (CME)-$1,000,000; pts of 100% 382.54 -9.2 8.073 4.893 11.310 May 288.20 289.40 t 285.10 285.60 –2.60 48,408 July 293.10 294.20 t 290.30 290.80 –2.30 158,627 May 99.3600 99.3600 99.2800 99.3050 –.0500 431,986 295.74 -10.0 Europe High Yield Constrained 5.840 2.464 8.183 762.02 0.4 France 0.300 -0.160 0.630 Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 99.5500 99.5550 99.4900 99.4950 –.0550 1,517,723 U.S Agency Bloomberg Barclays 546.91 2.1 Germany -0.330 -0.740 0.160 May 26.35 26.38 25.88 25.98 –.31 67,186 Sept 99.6550 99.6550 99.6200 99.6300 –.0250 1,544,543 July 26.73 26.76 26.25 26.37 –.30 160,498 Dec 99.6500 99.6550 99.6250 99.6350 –.0150 1,074,803 1849.17 4.5 U.S Agency 0.800 0.730 2.610 296.08 -0.7 Japan 0.250 -0.070 0.260 Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 1450.00 1473.00 1443.50 1456.00 6.50 4,336 Currency Futures 1611.09 3.1 10-20 years 0.650 0.640 2.490 604.27 1.4 Netherlands -0.130 -0.540 0.270 July 1416.00 1444.00 t 1416.00 1431.00 8.50 4,478 Wheat (CBT)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 4244.07 11.2 20-plus years 1.580 1.170 3.110 1091.67 8.6 U.K. 0.550 0.390 1.540 May .9277 .9307 .9270 .9296 –.0004 447 May 536.00 562.00 535.25 548.75 15.25 46,349 2732.29 0.1 Yankee 2.420 1.920 3.500 789.49 -10.5 Emerging Markets ** 6.418 4.523 7.480 July 536.00 561.50 535.50 547.50 13.75 171,152 June .9301 .9315 .9274 .9301 –.0004 123,188 Wheat (KC)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds May 480.00 507.75 480.00 495.25 16.50 33,872 May .7123 .7132 .7069 .7076 –.0056 1,349 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan July 487.00 514.00 486.50 502.25 17.00 117,214 June .7138 .7138 .7070 .7078 –.0056 110,225 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ April 119.950 120.750 117.900 118.325 –1.200 1,475 May 1.2511 1.2511 1.2420 1.2446 –.0044 1,564 Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Cash Prices |WSJ.com/commodities Monday, April 20, 2020 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.375 U.S. 2 0.214 s l 0.202 0.344 2.390 months. 1.500 10 0.630 t l 0.643 0.854 2.564 Monday Monday Monday 2.000 Australia 2 0.217 s l 0.214 0.270 1.517 0.3 1.2 -87.3 Energy Aluminum, LME, $ per metric ton *1482.5 Wheat - Hard - KC (USDA) $ per bu-u 5.0525 Copper,Comex spot 2.3345 Wheat,No.1soft white,Portld,OR-u 6.1500 2.500 10 0.839 t l 0.855 1.150 1.960 20.9 21.2 -60.4 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200 Iron Ore, 62% Fe CFR China-s 86.2 Food 0.000 France 2 -0.457 s l -0.495 -0.488 -0.510 -67.1 -69.7 -290.0 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 236 0.000 10 0.077 s l 0.022 0.101 0.370 -62.2 -219.3 Metals Steel, HRC USA, FOB Midwest Mill-s 479 Beef,carcass equiv. index -55.2 choice 1-3,600-900 lbs.-u 195.63 Fibers and Textiles 0.000 Germany 2 -0.678 s l -0.701 -0.678 -0.571 -89.1 -90.3 -296.1 Gold, per troy oz select 1-3,600-900 lbs.-u 183.19 s l Engelhard industrial 1684.00 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Broilers, National comp wtd. avg.-u,w 0.5000 0.000 10 -0.450 -0.471 -0.321 0.026 -108.0 -111.4 -253.8 Butter,AA Chicago 1.2000 Handy & Harman base 1686.20 Cotton,1 1/16 std lw-mdMphs-u 0.5077 1.200 Italy 2 0.908 s l 0.799 0.518 0.463 59.7 -192.7 Cheddar cheese,bbl,Chicago 69.5 Handy & Harman fabricated 1871.68 Cotlook 'A' Index-t *63.05 101.25 Cheddar cheese,blk,Chicago 1.350 10 1.943 s l 1.783 1.622 2.451 114.0 -11.3 LBMA Gold Price AM *1693.15 Hides,hvy native steers piece fob-u 25.000 100.75 131.3 Milk,Nonfat dry,Chicago lb. 84.00 LBMA Gold Price PM *1692.55 Wool,64s,staple,Terr del-u,w n.a. 0.100 Japan 2 -0.136 s l -0.140 -0.140 -0.152 -34.2 -254.2 Coffee,Brazilian,Comp -35.0 Krugerrand,wholesale-e 1767.17 1.1399 Grains and Feeds Coffee,Colombian, NY 0.100 10 0.013 t l 0.016 0.091 -0.026 -62.7 -259.0 Maple Leaf-e 1784.16 1.6598 -61.7 Eggs,large white,Chicago-u 1.4250 American Eagle-e 1784.16 Barley,top-quality Mnpls-u 0.400 Spain 2 0.102 s l 0.042 -0.150 -0.292 -16.0 -268.2 n.a. Flour,hard winter KC 14.75 -11.2 Mexican peso-e 2056.73 Bran,wheat middlings, KC-u 113 Hams,17-20 lbs,Mid-US fob-u n.a. 0.500 10 0.885 s l 0.802 0.728 1.061 15.8 -150.3 Austria crown-e 1668.56 25.5 Corn,No. 2 yellow,Cent IL-bp,u 2.9850 Hogs,Iowa-So. Minnesota-u 44.93 Austria phil-e 1784.16 0.500 U.K. 2 0.108 s l 0.088 0.130 0.770 -11.4 -162.0 Corn gluten feed,Midwest-u,w 123.8 Pork bellies,12-14 lb MidUS-u n.a. -10.6 Silver, troy oz. Corn gluten meal,Midwest-u,w 496.0 Pork loins,13-19 lb MidUS-u 1.2243 4.750 10 0.336 s l 0.303 0.563 1.198 -29.4 -34.1 -136.6 Engelhard industrial 15.2500 Cottonseed meal-u,w 285 Steers,Tex.-Okla. Choice-u 105.00 Handy & Harman base 15.4140 Hominy feed,Cent IL-u,w 105 Steers,feeder,Okla. City-u,w 140.94 Source: Tullett Prebon Handy & Harman fabricated 19.2680 Meat-bonemeal,50% pro Mnpls-u,w 300 Fats and Oils LBMA spot price *£12.1800 Oats,No.2 milling,Mnpls-u 3.2575 Corporate Debt (U.S.$ equivalent) *15.1600 Rice, Long Grain Milled, No. 2 AR-u,w 28.50 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.7500 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in Coins,wholesale $1,000 face-a 14297 Sorghum,(Milo) No.2 Gulf-u 7.5313 Grease,choice white,Chicago-h 0.3000 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 289.80 Lard,Chicago-u n.a. that same company’s share price. LBMA Platinum Price PM *780.0 Soybeans,No.1 yllw IL-bp,u 8.1500 Soybean oil,crude;Centl IL-u 0.2533 Investment-grade spreads that tightened the most… Platinum,Engelhard industrial 782.0 Wheat,Spring14%-pro Mnpls-u 6.3075 Tallow,bleach;Chicago-h 0.3350 Palladium,Engelhard industrial 2160.0 Wheat,No.2 soft red,St.Louis-bp,u 5.6400 Tallow,edible,Chicago-u 0.3800 Spread*, in basis points Stock Performance Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg

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; JPMorgan Chase JPM 5.150 May 1, ’49 397 –77 405 91.71 –3.65 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 4/17 Source: Dow Jones Market Data ViacomCBS VIAC 5.875 Feb. 28, ’57 888 –63 935 15.52 –1.77 Apollo Investment AINV 5.250 March 3, ’25 1025 –56 1177 7.55 –4.25 Medtronic MDT 3.500 March 15, ’25 32 –47 85 101.54 –1.73 Borrowing Benchmarks | WSJ.com/bonds Chubb INA Holdings CB 3.350 May 3, ’26 65 –44 ... … … Money Rates April 20, 2020 Hyundai Capital America HYNMTR 5.750 April 6, ’23 320 –40 ...... Amazon.Com AMZN 3.150 Aug. 22, ’27 38 –37 75 2393.61 0.78 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a EPR Properties EPR 4.950 April 15, ’28 703 –29 588 23.83 –3.05 guide to general levels but don’t always represent actual transactions. …And spreads that widened the most Inflation Week —52-WEEK— Week —52-WEEK— Latest ago High Low Latest ago High Low Morgan Stanley MS 5.550 July 15, ’49 480 337 39.58 38.36 –1.87 March index Chg From (%) level Feb. '20March '19 Switzerland 0.50 0.50 0.50 0.50 Offer 0.0800 0.0600 2.5000 0.0500 Societe Generale SOCGEN 7.375 Sept. 13, ’49 848 107 ...... Britain 0.10 0.10 0.75 0.10 Treasury bill auction Air Lease AL 4.250 Feb. 1, ’24 566 64 490 22.12 –6.90 U.S. consumer price index Australia 0.25 0.25 1.50 0.25 4 weeks 0.150 0.190 2.400 0.000 Goldman Sachs GS 3.500 April 1, ’25 195 47 170 180.40 –1.68 All items 258.115 –0.22 1.5 Overnight repurchase Core 267.312 0.02 2.1 13 weeks 0.125 0.280 2.400 0.000 Campbell Soup CPB 4.800 March 15, ’48 201 44 156 51.30 1.91 U.S. 26 weeks 0.01 0.08 3.40 -0.07 0.145 0.290 2.400 0.080 Enterprise Products Operating EPD International rates 3.900 Feb. 15, ’24 195 41 230 15.65 –4.22 U.S. government rates Secondary market Transcanada Pipelines TRPCN 4.875 Jan. 15, ’26 285 39 ...... Week 52-Week AT&T T 5.650 Feb. 15, ’47 253 35 30.19 30.98 –0.80 Latest ago High Low Discount Fannie Mae Prime rates 0.25 0.25 3.00 0.25 30-year mortgage yields High-yield issues with the biggest price increases… 30 days 2.377 2.337 3.857 2.281 U.S. 3.25 3.25 5.50 3.25 Federal funds Bond Price as % of face value Stock Performance 60 days 2.446 2.424 3.884 2.341 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Canada 2.45 2.45 3.95 2.45 Effective rate 0.0700 0.0800 2.4800 0.0700 Japan 1.475 1.475 1.475 1.475 High 0.1500 0.1500 3.0000 0.1400 Other short-term rates Cedar Fair FUN 5.250 July 15, ’29 100.375 11.88 20.72 25.70 8.21 Policy Rates Low 0.0300 2.4400 0.0200 0.0300 Patterson–Uti Energy PTEN 3.950 Feb. 1, ’28 60.262 8.01 42.000 2.07 0.49 Euro zone 0.00 0.00 0.00 0.00 Bid 0.0500 0.0500 2.4400 0.0100 Week 52-Week NGL Energy Partners NGL 6.125 March 1, ’25 57.000 7.13 50.000 3.03 –8.18 Latest ago high low Macy's Retail* M 3.875 Jan. 15, ’22 86.189 3.68 81.000 5.31 –10.30 Call money Voc Escrow VIKCRU 5.000 Feb. 15, ’28 76.000 3.00 ...... Key Interest Rates 2.00 2.00 4.25 2.00 Data are annualized on a 360-day basis. Treasury yields are per annum, Caesars Resort Collection CGPHLC 5.250 Oct. 15, ’25 86.488 2.99 ...... Commercial paper (AA financial) on actively traded noninflation and inflation-indexed issues that are Talen Energy Supply TLN 10.500 Jan. 15, ’26 86.750 2.75 ...... 90 days adjusted to constant maturities. Data are from weekly Federal Reserve n.a. n.a. 2.58 0.58 Oceaneering International OII 4.650 Nov. 15, ’24 54.750 2.50 3.81 3.20 –8.31 release H.15. Libor …And with the biggest price decreases Week Ended 52-Week Week Ended 52-Week One month 0.66738 0.81400 2.48588 0.61163 Apr 17 Apr 10 High Low Apr 17 Apr 10 High Low Three month 1.09763 1.21888 2.58638 0.74050 American Airlines AAL 5.000 June 1, ’22 60.500 –8.00 74.000 11.06 –4.41 6-month 0.21 0.21 2.47 0.06 Federal funds (effective) Six month 1.07588 1.22588 2.63850 0.73538 Nabors Industries NBR 5.750 Feb. 1, ’25 23.250 –6.75 30.030 0.27 0.66 1-year 0.21 0.22 2.44 0.15 One year 0.98213 1.05088 2.74638 0.74350 0.05 0.05 2.44 0.05 2-year 0.22 0.26 2.40 0.22 Transocean Sentry RIG 5.375 May 15, ’23 78.000 –5.75 93.000 1.17 –1.68 Commercial paper 3-year 0.27 0.34 2.37 0.27 Euro Libor Occidental Petroleum OXY 3.500 Aug. 15, ’29 59.000 –5.50 68.125 12.59 –7.63 5-year 0.38 0.45 2.39 0.38 One month -0.367 -0.379 -0.360 -0.621 Nonfinancial 7-year 0.55 0.62 2.48 0.54 Staples SPLS 7.500 April 15, ’26 73.685 –5.38 ...... Three month -0.167 -0.212 -0.167 -0.539 1-month 0.37 0.37 2.45 0.37 10-year 0.68 0.73 2.58 0.65 First Quantum Minerals FMCN 6.875 March 1, ’26 85.000 –5.00 ...... 2-month Six month -0.083 -0.139 -0.083 -0.491 0.58 0.65 2.46 0.58 20-year 1.11 1.14 2.79 1.08 3-month 0.91 0.97 2.47 0.91 One year -0.003 -0.126 -0.003 -0.441 Continental Resources CLR 4.375 Jan. 15, ’28 64.571 –4.93 78.000 10.72 –4.46 Financial Ford Motor F 4.346 Dec. 8, ’26 80.500 –4.50 5.16 4.98 –2.73 Treasury yields (secondary market) Value 52-Week 1-month n.a. n.a. 2.43 1.09 1-month 0.14 0.13 2.39 0.00 Latest Traded High Low 2-month n.a. n.a. 2.46 1.16 *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. 3-month 0.17 0.19 2.39 -0.01 3-month n.a. n.a. 2.48 0.98 DTCC GCF Repo Index Note: Data are for the most active issue of bonds with maturities of two years or more 6-month 0.21 0.21 2.40 0.06 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data Discount window primary credit TIPS Treasury 0.060 47.532 6.007 0.002 0.25 0.25 3.00 0.25 MBS 0.086 74.730 6.699 0.011 5-year -0.44 -0.42 0.54 -0.55 Treasury yields at constant 7-year -0.47 -0.45 0.57 -0.52 Notes on data: Dividend Changes maturities 10-year -0.47 -0.45 0.63 -0.47 U.S. prime rate is the base rate on corporate 20-year 1-month 0.15 0.13 2.43 0.01 -0.30 -0.27 0.82 -0.30 loans posted by at least 70% of the 10 largest Dividend announcements from April 20. 3-month 0.17 0.19 2.44 0.01 Long-term avg -0.13 -0.09 0.96 -0.13 U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; Amount Payable / Amount Payable / Notes on data: lending practices vary widely by location; Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Discount rate is effective March 16, 2020. DTCC on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by GCF Repo Index is Depository Trust & Clearing Reduced Foreign discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Corp.'s weighted average for overnight trades in Cedar Realty Trust CDR 5.4 .01 /.05 Q May20 /May08 Banco Santander ADR BSAC 1.8 .41538 A May11 /Apr27 primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of Green Plains Partners GPP 41.8 .12 /.475 Q May08 /May01 Credit Suisse Group ADR CS 0.9 .07161 A May21 /May08 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett Schlumberger SLB 13.1 .125 /.50 Q Jul09 /Jun03 Sociedad Quimica ADR SQM 3.7 .25414 SA May18 /Apr30 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET. Targa Resources TRGP 46.2 .10 /.91 Q May15 /May01 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Initial Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Provident Bancorp PVBC 1.4 .03 May14 /Apr30 S2:1: stock split and ratio; SO: spin-off. P2JW112000-2-B00900-1------XA

THE WALL STREET JOURNAL. ** Tuesday, April 21, 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. Etsy ETSY 65.05 3.99 Icon ICLR 158.42 -1.47 MettlerToledo MTD 707.63 -13.28 PublicStorage PSA 193.32 -3.16 Southern SO 55.53 -1.94 Unilever UL 53.59 0.70 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EuronetWorldwide EEFT IDEX IEX 151.58 -1.15 MicrochipTech MCHP 77.71 -2.63 PulteGroup PHM 24.31 -1.21 SoCopper SCCO 29.59 -0.67 UnionPacific UNP 146.61 -3.28 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four 83.87 -3.08 that include primary market trades as well as quarters. EverestRe RE 190.52 -5.83 IllinoisToolWks ITW 155.21 -3.37 MicronTech MU 43.40 -2.30 Qiagen QGEN 40.68 0.12 SouthwestAir LUV 31.06 -0.13 UnitedAirlines UAL 27.79 -1.29 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Evergy EVRG 59.12 -1.86 Illumina ILMN 322.88 6.52 Microsoft MSFT 175.06 -3.54 Qorvo QRVO 84.77 -1.50 Splunk SPLK 133.38 -1.77 UnitedMicro UMC 2.40 -0.04 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing EversourceEner ES 87.77 -3.79 Immunomedics IMMU 21.84 1.71 MidAmApt MAA 108.49 -5.01 Qualcomm QCOM 74.31 -1.86 Spotify SPOT 144.54 2.68 UPS B UPS 101.20 -1.55 Nasdaq ISE. standards ExactSciences EXAS 77.36 2.71 ImperialOil IMO 12.12 -0.16 MitsubishiUFJ MUFG 3.82 0.02 QuantaServices PWR 33.64 -1.27 Square SQ 61.06 -0.03 UnitedRentals URI 100.60 -4.45 The list comprises the 1,000 largest companies lf-Late filing s Exelixis EXEL 23.58 4.14 s Incyte INCY 101.19 1.19 MizuhoFin MFG 2.28 0.02 QuestDiag DGX 95.03 -0.37 StanleyBlackDck SWK 110.48 -2.06 US Bancorp USB 34.25 -0.81 based on market capitalization. q-Temporary exemption from Nasdaq Exelon EXC 37.07 -1.37 Infosys INFY 8.51 -0.07 MobileTeleSys MBT 8.02 -0.13 Quidel QDEL 109.14 1.27 Starbucks SBUX 75.32 -1.78 UnitedTherap UTHR 106.44 1.82 Underlined quotations are those stocks with requirements. Expedia EXPE 59.95 -3.27 IngersollRand IR 26.43 -0.38 s Moderna MRNA 51.69 4.84 StarsGroup TSG 24.94 -0.35 UnitedHealth UNH 282.14 -8.42 large changes in volume compared with the t-NYSE bankruptcy Ingredion INGR MohawkInds MHK 76.24 -3.36 R S StateStreet STT 58.18 -0.31 UnivDisplay OLED issue’s average trading volume. v-Trading halted on primary market. ExpeditorsIntl EXPD 70.67 -1.07 80.80 0.11 140.06 -4.24 s SteelDynamics STLD 22.57 -0.90 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ExtraSpaceSt EXR 89.36 -3.74 Inphi IPHI 96.88 0.75 MolinaHealthcare MOH 164.30 -5.52 RELX RELX 23.15 0.08 UniversalHealthB UHS 102.69 -5.10 Stericycle SRCL 47.03 -1.56 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ExxonMobil XOM 41.18 -2.04 Insulet PODD 203.98 4.64 MolsonCoorsB TAP 43.49 -0.89 RPM RPM 64.37 -1.49 VEREIT VER 4.72 -0.20 Steris STE 157.45 2.48 previous closing price was $2 or higher. or securities assumed by such companies. F5Networks FFIV 122.66 -1.45 Intel INTC 59.18 -1.18 Mondelez MDLZ 53.49 0.01 RalphLauren RL 69.58 -3.10 VF VFC 55.83 -1.67 STMicroelec STM 22.64 -0.60 FMC FMC 84.56 -1.54 ICE ICE 89.40 -1.00 MongoDB MDB 160.28 6.09 RaymondJames RJF 62.36 -1.31 VICI Prop VICI 15.68 -0.41 StoneCo STNE 22.43 -1.67 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FTI Consulting FCN 131.30 -4.71 InterContinentl IHG 43.18 -0.90 MonolithicPower MPWR 184.23 -1.54 RaytheonTech RTX 64.98 -1.09 VailResorts MTN 157.93 -4.78 Stryker SYK 184.72 -4.79 changes in the closing prices from 4 p.m. the previous day. Facebook FB 178.24 -1.00 IBM IBM 120.41 0.29 MonsterBev MNST 61.38 -0.81 RealPage RP 60.67 0.01 Vale VALE 7.99 -0.37 SumitomoMits SMFG 5.00 -0.02 FactSet FDS 276.70 -4.40 IntlFlavors IFF 120.55 -4.57 Moody's MCO 239.47 0.11 RealtyIncome O 50.87 -1.50 ValeroEnergy VLO 50.31 -1.45 SunComms SUI Monday, April 20, 2020 Net Net FairIsaac FICO 307.34 -11.92 IntlPaper IP 30.78 -1.07 MorganStanley MS 38.36 -0.73 ReataPharm RETA 155.94 6.61 118.34 -9.14 VarianMed VAR 112.04 -3.71 SunLifeFinancial SLF Stock Sym Close Chg Stock Sym Close Chg Fastenal FAST 34.92 -1.01 Interpublic IPG 14.72 -0.34 Morningstar MORN132.34 -0.11 RegencyCtrs REG 37.19 -1.47 32.02 -1.00 s VeevaSystems VEEV 184.40 3.28 Net Intuit INTU Mosaic MOS 11.14 -0.31 SuncorEnergy SU 14.75 -0.48 Stock Sym Close Chg FederalRealty FRT 71.58 -3.78 264.00 -1.36 s RegenPharm REGN 567.99 -0.80 Ventas VTR 28.65 -2.64 Ball BLL 68.54 -1.66 Cintas CTAS 193.91 -10.25 FedEx FDX 122.64 -2.21 IntuitiveSurgical ISRG 518.33 -8.00 MotorolaSol MSI 155.38 -2.39 RegionsFin RF 9.40 -0.12 Suzano SUZ 6.52 -0.27 VeriSign VRSN 210.90 0.97 SynchronyFin SYF A B C t BancoBilbaoViz BBVA 2.83 -0.06 CiscoSystems CSCO 42.54 0.06 Ferrari RACE 157.01 -3.10 InvitatHomes INVH 22.24 -1.58 Mylan MYL 15.86 -0.25 ReinsGrp RGA 98.23 -1.67 15.59 -0.03 VeriskAnalytics VRSK 149.32 -4.47 BancoBradesco BBDO 3.45 -0.09 Citigroup C 44.01 -1.44 FiatChrysler FCAU 7.94 -0.11 IonisPharma IONS 55.54 0.47 NICE NICE 166.58 -0.92 RelianceSteel RS 85.04 -3.03 SyneosHealth SYNH 50.17 -1.34 Verizon VZ 58.13 -0.33 ABB ABB 17.50 -0.17 BancodeChile BCH 16.05 -0.68 CitizensFin CFG 20.30 0.43 FidNatlFin FNF 25.47 -1.99 IovanceBiotherap IOVA 36.66 0.86 NRG Energy NRG 31.03 -0.34 RenaissanceRe RNR 153.46 -3.83 Synopsys SNPS 151.01 -3.97 s VertxPharm VRTX 273.26 2.80 ACADIA Pharm ACAD 49.73 0.83 BancSanBrasil BSBR 4.84 -0.23 s CitrixSystems CTXS 150.67 0.26 FidNatlInfo FIS 122.62 -5.34 iQIYI IQ 19.25 -0.03 NVR NVR 2846.86 -70.89 Repligen RGEN 104.18 -1.43 Sysco SYY 49.61 -0.70 ViacomCBS A VIACA 17.67 -0.45 AECOM ACM 32.46 -0.39 BcoSantChile BSAC 14.77 -0.67 s ClarivateAnaly CCC 23.74 0.46 FifthThirdBncp FITB 16.68 0.05 IronMountain IRM 24.67 -0.32 NXP Semi NXPI 86.70 -3.47 RepublicSvcs RSG 78.29 -1.99 T U V ViacomCBS B VIAC 15.52 -0.28 AES AES 12.70 -0.42 BancoSantander SAN 2.07 -0.07 Clorox CLX 192.43 -1.07 58.com WUBA 52.00 0.70 ItauUnibanco ITUB 4.25 -0.17 Nasdaq NDAQ 109.78 -1.46 ResMed RMD 164.28 -0.88 Vipshop VIPS 17.67 -0.17 NationalGrid NGG Aflac AFL 36.15 -0.33 BankofAmerica BAC 22.50 -0.78 s CloudflareNET 26.18 1.35 51job JOBS 71.18 -0.33 J K L 55.61 -1.35 RestaurantBrands QSR 44.08 -1.90 TAL Education TAL 50.01 -1.65 Visa V 164.22 -5.32 AGNC Invt AGNC 11.98 -0.28 BankofMontreal BMO 48.92 -0.92 Coca-Cola KO 46.53 -1.53 FirstAmerFin FAF 41.22 -3.49 NatlInstruments NATI 36.69 -0.37 RexfordIndlRealty REXR 40.49 -1.12 TC Energy TRP 44.86 -0.23 VistraEnergy VST 16.89 -0.65 BankNY Mellon BK 36.41 -0.98 Coca-Cola Euro CCEP 40.61 -1.01 FirstIndRlty FR 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TakeTwoSoftware TTWO 125.35 0.91 JohnsonControls JCI 28.47 -1.07 WEC Energy WEC 95.88 -4.46 ActivisionBliz ATVI 66.50 -0.38 BerkHathwy B BRK.B 188.75 -2.45 ConchoRscs CXO 50.57 -1.37 FlowersFoods FLO 23.27 0.13 NYTimes A NYT 31.04 -0.63 RoperTech ROP 320.32 -1.65 TakedaPharm TAK 16.90 0.10 JonesLang JLL 99.65 -7.35 WEX WEX 109.81 -4.88 Adobe ADBE 344.88 0.77 BerkHathwy A BRK.A 282800-1600.00 ConocoPhillips COP 34.57 -0.69 t FomentoEconMex FMX 57.02 -1.05 NewellBrands NWL 12.78 -0.08 RossStores ROST 86.51 -5.21 TandemDiabetes TNDM 72.78 -0.16 JuniperNetworks JNPR 23.10 0.53 W.P.Carey WPC 60.45 -2.51 AdvanceAuto AAP 115.40 -3.46 BerryGlobal BERY 36.47 -0.47 ConEd ED 85.47 -4.09 FordMotor F 4.98 -0.14 NewMarket NEU 391.57 -10.14 RoyalBkCanada RY 61.36 -0.97 Target TGT 108.98 -4.44 KB Fin KB 25.43 -0.97 WPP WPP 33.70 -0.97 AdvMicroDevices AMD 56.97 0.37 BestBuy BBY 69.79 -0.61 ConstBrands A STZ 156.62 -6.08 Fortinet FTNT 112.35 -0.61 Newmont NEM 59.54 0.31 RoyalBkScotland RBS 2.65 -0.09 TechData TECD 140.00 -0.59 KKR KKR 22.95 -0.97 Wabtec WAB 48.95 -0.30 Aegon AEG 2.39 -0.06 BeyondMeat BYND 79.12 2.21 ConstBrands B STZ.B 157.16 -10.19 Fortis FTS 38.13 -0.69 NewsCorp A NWSA 8.77 -0.13 RoyalCaribbean RCL 35.99 -1.40 TeckRscsB TECK 7.49 -0.41 KLA KLAC 156.30 -4.91 WalgreensBoots WBA 42.85 -1.65 AgilentTechs A 77.37 -2.18 s Bilibili BILI 29.68 0.68 Cooper COO 304.70 -1.58 Fortive FTV 58.70 -1.66 NewsCorp B NWS 9.02 -0.15 RoyalDutchA RDS.A s TeladocHealth TDOC 181.46 8.19 KT KT 9.28 0.24 33.48 -2.00 s Walmart WMT 129.85 -2.27 AgnicoEagle AEM 53.88 ... 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29.27 0.19 Ametek AME 77.75 -2.56 DollarGeneral DG 179.00 -3.11 HDFC Bank HDB 41.39 1.42 POSCO PKX 34.88 -1.20 CableOne CABO1783.24 8.44 LincolnElectric LECO 73.80 -1.94 SolarEdgeTech SEDG 93.66 -3.44 Ubiquiti UI 156.67 -1.25 Zoetis ZTS 127.39 -3.33 Amgen AMGN 236.60 1.63 DollarTree DLTR 79.19 -2.54 HD Supply HDS 28.24 -1.54 PPD PPD 22.87 0.62 CabotOil COG 21.42 0.46 LincolnNational LNC 29.01 -0.65 SolarWinds SWI 16.34 -0.64 UltaBeauty ULTA 208.07 -7.44 ZoomVideo ZM 148.99 -1.07 Amphenol APH 81.25 -2.97 DominionEner D 79.11 -2.40 HP HPQ 15.36 -0.16 PPG Ind PPG 91.10 -2.21 CadenceDesign CDNS 77.84 -0.81 Linde LIN 185.00 -3.55 SonocoProducts SON 47.40 -2.45 UnderArmour A UAA 9.65 -0.20 Zscaler ZS 70.51 2.51 AnalogDevices ADI 100.91 -1.89 Domino's DPZ 370.48 7.51 HSBC HSBC 25.52 -0.44 PPL PPL 25.25 -1.14 CaesarsEnt CZR 8.03 -0.10 LiveNationEnt LYV 36.66 -1.69 Sony SNE 63.55 -0.89 Unilever UN 51.23 0.73 Zynga ZNGA 7.64 -0.09 Anaplan PLAN 37.51 0.76 Donaldson DCI 42.03 -0.23 PRA HealthSci PRAH 89.24 -0.46 CamdenProperty CPT 83.34 -4.48 Haemonetic HAE 107.30 -0.27 LloydsBanking LYG 1.42 -0.06 AngloGoldAsh AU 22.87 1.11 DouglasEmmett DEI 29.50 -1.37 PTC PTC 66.99 0.33 CampbellSoup CPB 51.30 0.96 Halliburton HAL 7.63 0.05 LockheedMartin LMT 383.21 -18.30 AB InBev BUD 44.59 -1.36 Dover DOV 85.97 -2.52 Paccar PCAR 67.20 -0.45 CIBC CM 57.18 -0.49 HartfordFinl HIG 38.64 -1.37 Loews L 34.97 -1.17 AnnalyCap NLY 5.82 -0.20 PackagingCpAm PKG 86.12 -4.72 CanNtlRlwy CNI 78.23 -1.46 DowDOW 31.53 -1.89 Hasbro HAS 75.68 0.48 LogitechIntl LOGI 46.30 -0.09 Anthem ANTM 263.20 -4.62 PagSeguroDig PAGS 21.06 -0.55 New Highs and Lows | WSJ.com/newhighs CanNaturalRes CNQ 12.79 -0.58 DrReddy'sLab RDY 50.16 -0.84 HawaiianElec HE 40.02 -1.96 Lowe's LOW 95.13 -1.97 Aon AON 185.69 -5.12 PaloAltoNtwks PANW 194.29 0.86 CanPacRlwy CP 219.01 -5.01 DropboxDBX 20.34 1.16 HealthcareAmer HTA 24.72 -0.17 lululemon LULU 218.59 -7.27 ApartmtInvAIV 36.72 -2.43 ParkerHannifin PH 134.37 -4.23 Canon CAJ 20.65 -0.28 DukeEnergy DUK 86.65 -3.45 HealthpeakProp PEAK 25.39 -0.87 Lumentum LITE 76.10 0.85 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American ApolloGlbMgmt APO 37.27 -1.60 Paychex PAYX 66.46 -1.04 CanopyGrowth CGC 15.17 0.07 DukeRealty DRE 33.76 -1.16 Heico HEI 80.73 -1.88 Lyft LYFT 30.10 1.03 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest Apple AAPL 276.93 -5.87 PaycomSoftware PAYC 222.36 -2.63 CapitalOne COF 53.87 -0.76 Dunkin' DNKN 57.97 -3.44 Heico A HEI.A 70.16 -3.18 LyondellBasell LYB 48.41 -3.78 session. %CHG-Daily percentage change from the previous trading session. ApplMaterials AMAT 50.63 -2.57 CardinalHealth CAH 50.74 -0.49 DuPont DD 39.72 1.36 HenrySchein HSIC 53.15 -0.49 Paylocity PCTY 92.72 -2.17 Aptargroup ATR 106.94 4.00 Carlisle CSL 122.63 -1.63 Dynatrace DT 26.54 0.84 Herbalife HLF 32.25 0.30 M N PayPal PYPL 112.17 0.32 Monday, April 20, 2020 Aptiv APTV 59.53 -4.39 Carlyle CG 21.87 -1.08 ENI E 18.15 -0.81 Hershey HSY 144.58 -1.88 Pearson PSO 6.14 -0.04 M&T Bank MTB 105.60 0.12 52-Wk % 52-Wk % 52-Wk % Aramark ARMK 20.50 -1.47 CarMax KMX 64.56 -0.66 EOG Rscs EOG 41.17 -0.67 Hess HES 35.93 -1.42 Pegasystems PEGA 77.31 -1.56 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ArcelorMittal MT 9.40 -0.30 Carnival CCL 12.22 -0.34 EPAM Systems EPAM 206.66 -3.28 HewlettPackard HPE 9.36 -0.35 MDU Rscs MDU 21.76 -1.27 Peloton PTON 31.07 -2.42 MGM Resorts MGM 13.53 -0.55 Luminex LMNX 33.35 1.3 Check-Cap WtC CHEKZ 0.05 -31.1 ArchCapital ACGL 26.70 -0.45 CarrierGlobal CARR 14.45 0.71 E*TRADE ETFC 39.25 -0.62 Hill-Rom HRC 111.87 -1.10 PembinaPipeline PBA 19.48 -0.90 MKS Instrum MKSI 90.94 -1.80 Highs MellanoxTech MLNX 124.80 0.1 ChesapeakeEner CHK 12.30 -0.5 ArcherDaniels ADM 36.34 -0.85 CaseysGenStores CASY 152.86 -1.08 EastmanChem EMN 53.61 -1.49 Hilton HLT 72.28 -3.34 Pentair PNR 31.36 -0.30 Moderna MRNA 54.95 10.3 CodorusValleyBncp CVLY 12.15 -7.2 arGEN-X ARGX 146.60 3.08 Eaton ETN 77.89 -1.37 HollyFrontier HFC 26.22 -0.80 MPLX MPLX 14.15 0.10 Penumbra PEN 181.07 3.14 AbbottLabs ABT 100.00 2.1 Catalent CTLT 58.86 1.10 NIC EGOV 25.18 1.3 CommunityFin TCFC 17.93 -2.0 AristaNetworks ANET 211.99 1.97 eBay EBAY 37.64 0.19 Hologic HOLX 43.24 -0.55 MSCI MSCI 321.95 4.77 People'sUtdFin PBCT 11.47 -0.01 AcceleronPharma XLRN 103.60 3.8 Caterpillar CAT 114.60 -1.70 Novavax NVAX 26.34 24.7 Covanta CVA 6.90 -5.2 ArrowElec ARW 53.18 -2.11 Ecolab ECL 172.96 -5.79 HomeDepot HD 206.05 -3.37 MSG Sports MSGS 182.44 13.28 PepsiCo PEP 134.55 -3.00 AkamaiTech AKAM 108.25 0.8 Celanese CE 76.02 -2.14 NovoNordisk NVO 64.96 1.6 CrossCtyHlthcr CCRN 5.82 -3.9 AscendisPharma ASND 138.59 9.59 MagellanMid MMP 39.69 -0.33 PerkinElmer PKI 84.52 0.89 AlnylamPharm ALNY 146.08 4.6 Centene CNC 68.42 -2.87 Ecopetrol EC 10.51 -0.42 HondaMotor HMC 22.33 -0.30 Okta OKTA 153.74 3.0 DasekeWt DSKEW 0.04 -0.4 MagnaIntl MGA 35.58 -0.67 Arvinas ARVN 55.75 7.4 AspenTech AZPN 97.34 -3.01 CenterPointEner CNP 15.75 -0.78 EdisonInt EIX 60.01 -2.05 Honeywell HON 135.70 -2.62 Perrigo PRGO 50.86 -1.01 OraSureTechs OSUR 13.71 3.6 DenburyRscs DNR 0.17 -3.5 AsankoGold AKG 1.12 11.6 Assurant AIZ 103.02 -2.79 CentraisElBras EBR 4.84 -0.13 EdwardsLife EW 224.60 -3.81 HorizonTherap HZNP 34.01 0.20 ManulifeFin MFC 12.12 -0.25 PetroChina PTR 35.41 -0.70 Palomar PLMR 65.50 8.9 DiamondOffshore DO 0.67 -1.8 BarrickGold GOLD 25.47 1.5 AstraZeneca AZN 50.44 0.41 ElancoAnimal ELAN 24.53 0.24 HormelFoods HRL 49.92 -0.59 MarathonPetrol MPC 24.85 -0.60 PetroleoBrasil PBR 6.27 -0.18 PetMedExpress PETS 34.04 -3.6 ENDRA LifeWt NDRAW 0.09 -25.2 CenturyLink CTL 10.14 -0.11 BaxterIntl BAX 95.19 1.3 Athene ATH 24.11 -1.35 Elastic ESTC 61.28 -0.09 DR Horton DHI 38.29 -1.59 Markel MKL 927.82 -26.57 PetroleoBrasilA PBR.A 6.04 -0.11 Pinduoduo PDD 51.49 12.7 EagleBulkShip EGLE 1.49 -3.1 CeridianHCM CDAY 53.37 -0.21 Bilibili BILI 30.30 2.3 MarketAxess MKTX 430.57 0.79 Pfizer PFE 36.08 -0.83 Qualys QLYS 110.89 1.6 ElectrameccanicaWt SOLOW 0.21 16.7 Atlassian TEAM 152.63 0.38 Cerner CERN 70.25 0.24 ElbitSystems ESLT 121.99 0.79 HostHotels HST 10.80 -0.57 Bristol-MyersRt BMYr 4.68 3.5 RMG Acqn RMG.U 10.68 5.5 Flexsteel 8.37 -3.2 AtmosEnergy ATO 102.53 -8.17 CharlesRiverLabs CRL 144.26 -0.72 ElectronicArts EA 115.41 0.26 HowmetAerospace HWM 11.64 -0.01 Marriott MAR 79.77 -4.49 PhilipMorris PM 76.86 -1.10 CNX Resources CNX 12.97 21.2 FLXS RegenPharm REGN 574.32 -0.1 Autodesk ADSK 177.87 -3.07 EmersonElec EMR 50.92 0.38 Huazhu HTHT 30.53 -0.49 Marsh&McLen MMC 95.76 -2.78 Phillips66 PSX 58.12 -1.41 Catasys CATS 30.12 15.7 FomentoEconMex FMX 56.32 -1.8 CharterComms CHTR 498.67 -0.75 ReproMedSys KRMD 12.41 4.9 Autohome ATHM 81.43 1.75 Enbridge ENB 29.32 -0.08 MartinMarietta MLM 188.64 -10.23 PilgrimPride PPC 18.93 -0.50 ChembioDiagn CEMI 14.90 15.7 HalladorEnergy HNRG 0.65 -5.3 CheckPoint CHKP 105.33 -0.79 Hubbell HUBB 116.96 -3.51 SeattleGenetics SGEN 145.91 4.1 s Pinduoduo PDD 50.11 5.65 ChemoCentryx CCXI 53.78 4.6 HoughtonMifflin HMHC 1.05 -4.4 Autoliv ALV 55.42 -0.83 Chegg CHGG 36.42 -0.33 EncompassHealth EHC 69.53 -1.93 HubSpot HUBS 142.41 -3.67 MarvellTech MRVL 26.23 0.28 Shopify SHOP 644.95 6.7 ChurchCapIII Wt CCXX.WS 1.60 3.6 IRSA Prop IRCP 5.81 3.1 ADP ADP 139.82 -1.26 Chemed CHE 441.78 -9.12 EnelAmericas ENIA 7.84 -0.13 Humana HUM 367.33 -6.26 Masco MAS 39.05 -0.94 PinnacleWest PNW 76.60 -3.31 TeladocHealth TDOC 183.50 4.7 Ciena CIEN 47.28 4.9 LIVCapAcqnWt LIVKW 0.20 -9.1 AutoZone AZO 988.15 -3.65 CheniereEnergy LNG 41.66 0.33 EnelChile ENIC 3.71 -0.13 JBHuntJBHT 100.89 -6.69 Masimo MASI 198.25 -1.45 Pinterest PINS 17.43 -0.02 VeevaSystems VEEV 187.84 1.8 CitrixSystems CTXS 152.49 0.2 LongevityAcqnRt LOACR 0.06 -29.9 Avalara AVLR 85.32 0.96 CheniereEnerPtrs CQP 30.70 -0.19 EnergyTransfer ET 6.08 -0.08 HuntingtonBcshs HBAN 8.14 0.08 Mastercard MA 251.73 -8.24 PioneerNatRscs PXD 71.28 -5.35 Verastem VSTM 4.03 22.0 ClarivateAnaly CCC 24.21 2.0 MSG Entertainment MSGE 58.67 -4.0 AvalonbayAVB 160.51 -9.86 EnphaseEnergy ENPH 39.01 0.05 MatchGroup MTCH 80.03 0.03 PlainsAllAmPipe PAA 7.12 -0.15 VertxPharm VRTX 276.26 1.0 Chevron CVX 83.57 -3.60 HuntingIngalls HII 192.26 -3.70 Cloudflare NET 27.59 5.4 NaborsIndustries NBR 0.26 0.7 Walmart WMT 133.38 -1.7 Avangrid AGR 44.11 -1.88 Chewy CHWY 44.72 0.94 Entegris ENTG 51.68 -1.30 HyattHotels H 54.72 -2.34 MaximIntProducts MXIM 51.82 -1.27 PlanetFitness PLNT 56.10 -0.47 CyclacelPharmPfd CYCCP 8.07 ... NaborsIndsPfdA NBRpA 2.71 -7.4 WheatonPrecMet WPM 35.43 1.9 Avantor AVTR 13.64 -0.04 ChinaLifeIns LFC 10.42 0.04 Entergy ETR 96.45 -4.82 IAA IAA 32.72 -1.12 McCormick MKC 156.12 -0.77 Pool POOL 191.60 -7.18 DSP Group DSPG 16.87 5.4 NatlBankshares NKSH 26.25 -4.5 Wingstop WING 110.76 2.1 AveryDennison AVY 104.90 -4.46 ChinaMobile CHL 39.01 -0.03 EnterpriseProd EPD 15.65 -0.69 IAC/InterActive IAC 224.15 0.43 McCormickVtg MKC.V 159.99 4.79 PortlandGenElec POR 47.95 -2.87 EastStoneRt ESSCR 0.50 9.9 Noble NE 0.19 -5.0 ZaiLab ZLAB 66.29 2.3 AxaltaCoating AXTA 17.37 -0.89 ChinaPetrol SNP 49.22 -1.02 Equifax EFX 125.81 -2.16 ICICI Bank IBN 9.21 -0.32 McDonalds MCD 181.65 -4.45 PostHoldings POST 92.22 -2.10 EsportsEntWt GMBLW 1.27 -3.5 OasisPetrol OAS 0.24 -5.2 AxonEnterprise AAXN 76.78 0.06 ChinaTelecom CHA 32.75 0.34 Equinix EQIX 670.75 -24.20 ICU Medical ICUI 215.39 -8.66 McKesson MCK 140.49 -1.12 PrincipalFin PFG 29.79 -0.75 Exelixis EXEL 24.90 21.3 PanhandleOil&Gas PHX 3.02 -1.9 Lows ProSightGlobal 7.53 -4.1 BCE BCE 40.99 -0.67 ChinaUnicom CHU 6.44 ... Equinor EQNR 12.41 -0.63 IDACORP IDA 92.62 -3.23 MedicalProp MPW 16.55 -0.62 Procter&Gamble PG 120.60 -4.09 Five9 FIVN 96.24 2.7 PROS Qualstar QBAK 1.70 -2.9 BHP Group BHP 38.77 -1.25 Chipotle CMG 808.73 -11.54 Equitable EQH 15.33 -0.42 IdexxLab IDXX 267.34 2.18 Medtronic MDT 101.54 -1.79 Progressive PGR 81.94 -0.56 GeneralMills GIS 61.66 0.1 AkazooWt SONGW 0.12 -32.0 GenMarkDiagn GNMK 8.44 6.7 Akazoo SONG 1.42 -12.3 SeacorMarine SMHI 2.84 -6.3 BHP Group BBL 31.71 -1.26 Chubb CB 114.64 -4.15 EquityLife ELS 60.56 -2.84 IHS Markit INFO 64.99 -2.18 MelcoResorts MLCO 14.23 -0.77 Prologis PLD 88.50 -1.72 HealthcareMerger HCCO 10.24 ... AmesNational ATLO 17.62 -5.2 SeanergyMaritime SHIP 0.12 3.4 BP BP 22.35 -1.08 ChunghwaTel CHT 35.91 0.11 EquityResdntl EQR 65.61 -4.18 ING Groep ING 5.07 -0.19 s MellanoxTech MLNX 124.79 0.09 Proofpoint PFPT 118.87 -0.17 Incyte INCY 102.42 1.2 BancoBilbaoViz BBVA 2.75 -2.1 SecooHolding SECO 2.51 -4.5 ErieIndemnity A ERIE 179.24 2.40 ProsperityBcshs PB 49.88 -0.32 B2Gold BTG 4.50 0.12 Church&Dwight CHD 72.67 -0.88 IPG Photonics IPGP 117.94 -1.11 MercadoLibre MELI 601.64 4.14 Inphi IPHI 99.46 0.8 BelFuse B BELFB 6.85 -5.7 TimkenSteel TMST 2.34 -11.5 BWX Tech BWXT 51.79 -0.55 s Ciena CIEN 46.35 2.15 EssentialUtil WTRG 42.24 -1.12 IQVIA IQV 127.51 -4.06 Merck MRK 83.10 -0.36 PrudentialFin PRU 54.25 -2.35 KalaPharm KALA 10.78 -1.4 BiomX PHGE 4.85 3.0 TottenhamAcqnIRt TOTAR 0.07 -10.4 Baidu BIDU 104.68 -0.32 Cigna CI 188.70 -5.43 EssexProp ESS 241.90 -18.94 ITT ITT 48.61 -0.28 MercurySystems MRCY 78.12 -3.35 Prudential PUK 25.15 -1.01 EliLilly LLY 160.20 0.3 CSI Compressco CCLP 0.45 -22.1 TrinityPlace TPHS 1.11 -15.4 BakerHughes BKR 12.98 -0.05 CincinnatiFin CINF 82.48 -3.32 EsteeLauder EL 167.79 -6.47 IcahnEnterprises IEP 48.43 -0.57 MetLife MET 32.55 -0.51 PublicServiceEnt PEG 51.84 -2.78 LongevityAcqn LOAC 10.65 1.2 Check-Cap CHEK 0.44 -46.1 UnitedStatesOilFd USO 3.70 -10.9

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShMBSETF MBB iShShortTreaBd SHV VangdHlthCr VHT Monday, April 20, 2020 Closing Chg YTD 110.15 0.05 1.9 110.92 0.01 0.4 Schwab US TIPs SCHP 58.52 –0.20 3.3 188.38 –0.49 –1.8 iShMSCI ACWI ACWI 66.82 –1.46 –15.7 iShTIPSBondETF TIP 120.23 –0.31 3.1 SPDR DJIA Tr DIA 236.64 –2.39 –17.0 VangdHiDiv VYM 76.37 –1.94 –18.5 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCI EAFE EFA 54.91 –1.49 –20.9 iSh1-3YTreasuryBd SHY 86.65 ... 2.4 SPDR S&PMdCpTr MDY 278.72 –1.89 –25.7 VangdIntermBd BIV 91.11 –0.11 4.5 ETF Symbol Price (%) (%) iShCoreS&P MC IJH 152.68 –1.91 –25.8 iShMSCI EAFE SC SCZ 46.74 –1.00 –25.0 iSh7-10YTreasuryBd IEF 122.07 0.26 10.8 SPDR S&P 500 SPY 281.59 –1.76 –12.5 VangdIntrCorpBd VCIT 90.75 –0.36 –0.6 iShCoreS&P SC IJR 58.13 –2.01 –30.7 CnsmrDiscSelSector XLY 110.96 –1.74 –11.5 iShMSCIEmgMarkets EEM 35.80 –1.27 –20.2 iSh20+YTreasuryBd TLT 169.16 0.80 24.9 SPDR S&P Div SDY 85.01 –2.23 –21.0 VangdLC VV 129.85 –1.64 –12.2 CnsStapleSelSector XLP 59.31 –5.8 iShS&PTotlUSStkMkt ITOT 62.46 –1.72 –14.1 –1.97 iShMSCIJapan EWJ 50.04 –1.53 –15.5 iShRussellMCGrowth IWP 135.57 –1.24 –11.1 TechSelectSector XLK 87.83 –1.60 –4.2 VangdMC VO 144.08 –1.97 –19.1 FinSelSectorSPDR XLF 22.00 –1.74 –28.5 iShCoreUSAggBd AGG 117.08 –0.14 4.2 iShNatlMuniBd MUB 113.09 –0.37 –0.7 iShUSTreasuryBdETF GOVT 28.16 0.25 8.6 VangdMBS VMBS 54.15 ... 1.8 UtilitiesSelSector XLU 58.24 –3.78 –9.9 FT ValDivFd FVD 29.02 –2.52 –19.5 iShSelectDividend DVY 77.92 –2.84 –26.3 iShPfd&Incm PFF 33.70 –0.47 –10.3 JPM UltShtIncm JPST 50.17 0.04 –0.5 VangdRealEst VNQ 73.28 –3.72 –21.0 VanEckGoldMiner GDX 30.74 2.67 5.0 HealthCareSelSect XLV 99.98 –0.79 –1.8 iShEdgeMSCIMinEAFE EFAV 63.73 –1.03 –14.5 iShRussell1000Gwth IWF 167.31 –1.29 –4.9 PIMCOEnhShMaturity MINT 100.34 0.05 –1.2 VangdS&P500ETF VOO 258.86 –1.80 –12.5 VangdInfoTech VGT 231.66 –1.66 –5.4 InvscQQQI QQQ 212.74 –1.18 0.1 iShEdgeMSCIMinUSA USMV 58.82 –2.18 –10.3 iShRussell1000 IWB 154.85 –1.79 –13.2 SPDR BlmBarcHYBd JNK 98.58 –1.55 –10.0 VangdST Bond BSV 82.60 –0.13 2.5 VangdSC Val VBR 92.58 –2.48 –32.5 InvscS&P500EW RSP 91.07 –2.05 –21.3 iShEdgeMSCIUSAMom MTUM 117.22 –1.07 –6.6 iShRussell1000Val IWD 106.66 –2.07 –21.8 SPDRBloomBar1-3MTB BIL 91.55 –0.01 0.1 VangdSTCpBd VCSH 80.73 –0.55 –0.4 VangdSC Grwth VBK 164.65 –0.41 –17.1 InvscS&P500LowVol SPLV 49.85 –3.11 –14.6 iShEdgeMSCIUSAQual QUAL 87.76 –1.82 –13.1 iShRussell2000 IWM 120.62 –1.18 –27.2 SPDR Gold GLD 159.70 0.71 11.8 VangdSC VB 123.10 –1.44 –25.7 iSh3-7YTreasuryBd IEI 133.42 0.08 6.1 iShFloatingRateBd FLOT 49.82 –0.06 –2.2 iShRussell3000 IWV 161.97 –1.69 –14.1 SchwabIntEquity SCHF 26.59 –1.52 –20.9 VangdDivApp VIG 112.13 –2.10 –10.1 VangdTotalBd BND 87.42 –0.16 4.2 iShCoreDivGrowth DGRO 35.26 –1.89 –16.2 iShGoldTr IAU 16.23 0.93 11.9 iShRussellMid-Cap IWR 47.10 –1.96 –21.0 SchwabUS AggrBd SCHZ 55.57 –0.20 4.0 VangdFTSEDevMk VEA 34.47 –1.46 –21.8 VangdTotIntlBd BNDX 56.76 –0.19 0.3 iShCoreMSCIEAFE IEFA 51.24 –1.44 –21.5 iShiBoxx$InvGrCpBd LQD 129.82 –0.57 1.5 iShRussellMCValue IWS 68.57 –2.52 –27.6 SchwabUS BrdMkt SCHB 66.07 –1.67 –14.1 VangdFTSE EM VWO 35.37 –0.73 –20.5 VangdTotIntlStk VXUS 43.76 –1.44 –21.4 iShCoreMSCIEM IEMG 42.62 –1.18 –20.7 iShiBoxx$HYCpBd HYG 79.87 –1.50 –9.2 iShS&P500Growth IVW 182.09 –1.54 –6.0 SchwabUS Div SCHD 48.93 –1.94 –15.5 VangdFTSE Europe VGK 44.60 –1.44 –23.9 VangdTotalStk VTI 140.82 –1.62 –13.9 iShCoreMSCITotInt IXUS 48.91 –1.19 –21.0 iShIntermCorpBd IGIB 57.50 –0.21 –0.8 iShS&P500Value IVE 103.85 –2.06 –20.2 SchwabUS LC SCHX 67.03 –1.69 –12.7 VangdFTSEAWxUS VEU 42.52 –1.30 –20.9 VangdTotlWrld VT 67.09 –1.50 –17.2 iShCoreS&P500 IVV 282.46 –1.78 –12.6 iShJPMUSDEmgBd EMB 99.22 –0.63 –13.4 iShShortCpBd IGSB 53.56 –0.30 –0.1 SchwabUS LC Grw SCHG 88.13 –1.53 –5.1 VangdGrowth VUG 173.73 –1.50 –4.6 VangdValue VTV 96.28 –1.95 –19.7

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Dodge & Cox Contra 13.03 -0.11 -4.3 TotRtnBdFdClInst 28.20 +0.01 4.7 TotalReturnBond 14.25 -0.01 NA VANGUARD ADMIRAL TxMCapAdml144.50 -2.59-12.4 WellsI 26.37 -0.15 -2.7 NOTICE TO READERS Balanced 83.79 -0.85-16.0 ContraK 13.05 -0.11 -4.3 Harbor Funds PIMCO Fds Instl 500Adml 260.82 -4.76-12.1 TxMIn r 11.13 -0.15-20.9 Welltn 39.43 -0.43 -8.4 Due to extreme market activity and delayedreporting of closing prices Income 14.19 -0.01 2.1 CpInc r 8.82 -0.08-12.9 CapApInst 74.66 -0.43 -1.4 AllAsset 10.31 -0.12 NA BalAdml 36.52 -0.37 -6.2 USGroAdml 110.60 -0.76 -0.7 WndsrII 29.59 -0.57-18.7 from the sources, some NAVs mayreflect previous day’strading. Intl Stk 30.91 -0.37 NA GroCo 21.65 ... 1.4 Harding Loevner TotRt 10.64 ... 3.8 CAITAdml 12.01 -0.01 0.1 ValAdml 37.58 -0.77-18.9 VANGUARD INDEX FDS SmValAdml 39.82 -0.97-32.1 Up-to-date mutual-fund data canbefound online at WSJMarkets.com. Stock 145.47 -2.19-23.4 GrowCoK 21.69 ... 1.4 IntlEq 19.97 -0.15-16.1 PIMCO Funds A CapOpAdml r134.75 -1.11-14.6 WdsrllAdml 52.51 -1.01-18.7 DoubleLine Funds InvGrBd 11.80 -0.01 2.9 Invesco Funds Y IncomeFd 11.13 -0.03 NA DivAppIdxAdm 30.42 -0.66 -9.7 WellsIAdml 63.88 -0.37 -2.7 TotBd2 11.43 ... 4.6 CoreFxdIncmI NA ... NA LowP r 38.52 -0.54-23.0 DevMktY 36.91 -0.30-19.1 PIMCO Funds I2 EMAdmr 29.61 -0.14-19.7 WelltnAdml 68.09 -0.74 -8.4 TotIntl 14.11 -0.16-20.8 TotRetBdI NA ... NA Magin 9.66 -0.17 -5.3 JPMorgan I Class Income 11.13 -0.03 NA TotSt 68.50 -1.19-13.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. EqIncAdml 65.39 -1.21-17.0 WndsrAdml 55.20 -1.20-23.7 Edgewood Growth Instituti OTC 12.26 -0.13 -4.1 CoreBond 12.21 +0.02 3.9 PIMCO Funds Instl ExplrAdml 78.18 -0.71-19.6 VANGUARD FDS VANGUARD INSTL FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 37.54 -0.48 -2.5 Puritn 21.55 -0.20 -4.9 EqInc 15.73 -0.33-18.6 IncomeFd 11.13 -0.03 NA ExtndAdml 74.44 -0.95-22.0 DivdGro 27.17 -0.53-11.0 BalInst 36.53 -0.37 -6.1 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity SAIUSQtyIdx 13.54 -0.21 -7.8 JPMorgan R Class Price Funds GNMAAdml 10.79 -0.03 3.0 INSTTRF2015 22.01 -0.13 -4.3 DevMktsIndInst 11.15 -0.14-20.9 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem 97.92 -1.78-12.1 SrsEmrgMkt 16.60 -0.16-19.5 CoreBond 12.22 +0.01 3.9 BlChip 119.72 -1.36 -3.7 GrwthAdml 89.50 -1.38 -4.4 INSTTRF2020 22.44 -0.18 -6.9 DevMktsInxInst 17.43 -0.22-20.9 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 13.78 -0.12 -4.7 SrsGlobal 10.50 -0.13-20.3 CorePlusBd 8.58 +0.01 2.3 DivGro 46.41 -1.04-12.7 HlthCareAdml r 85.28 -0.37 -0.1 INSTTRF2025 22.59 -0.21 -8.7 ExtndInst 74.44 -0.94-22.0 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; GrwthInst 89.50 -1.38 -4.4 ExtMktIdxInstPre 49.74 -0.64-22.0 SrsGroCoRetail 18.14 +0.02 2.2 Lord Abbett A EqInc 24.19 -0.53-24.1 HYCorAdml r 5.51 -0.02 -6.1 INSTTRF2030 22.57 -0.23-10.2 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. InPrSeIn 10.89 -0.03 3.4 IntlIdxInstPrem 34.18 -0.47-20.4 SrsIntlGrw 15.32 -0.21-12.6 ShtDurIncmA p 4.03 -0.01 -3.3 EqIndex 75.04 -1.37-12.1 InfProAd 26.74 -0.07 3.4 INSTTRF2035 22.53 -0.26-11.6 InstIdx 252.04 -4.60-12.1 MidCpInxInstPrem 18.78 -0.38-20.5 SrsIntlVal 7.25 -0.13-26.8 Lord Abbett F Growth 68.80 -0.91 -6.2 IntlGrAdml 95.19 -0.50 -7.4 INSTTRF2040 22.49 -0.28-13.1 InstPlus 252.06 -4.59-12.1 Monday, April 20, 2020 SAIUSLgCpIndxFd 15.18 -0.28-12.2 TotalBond 11.04 -0.01 2.0 ShtDurIncm 4.03 ... -3.3 HelSci 80.48 +0.27 -1.2 ITBondAdml 12.34 +0.02 5.3 INSTTRF2045 22.39 -0.30-14.5 InstTStPlus 58.62 -1.02-13.6 Net YTD Net YTD Net YTD SeriesOverseas 9.10 -0.08-15.6 Fidelity SAI Lord Abbett I InstlCapG 42.16 -0.51 -4.3 ITIGradeAdml 10.17 +0.01 2.7 INSTTRF2050 22.43 -0.30-14.5 MidCpInst 39.45 -0.79-18.7 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 15.36 -0.20-27.0 TotalBd 10.55 -0.01 1.4 ShtDurInc p 4.03 ... -3.3 IntlStk 15.42 -0.11-17.3 LTGradeAdml 11.64 +0.03 8.1 INSTTRF2055 22.51 -0.31-14.5 Metropolitan West MidCpIstPl 194.55 -3.89-18.7 American Century Inv NEcoA p 41.56 -0.30 -9.1 CorePlusBond 10.29 -0.01 2.0 TMktIdxInstPrem 77.93 -1.35-13.7 First Eagle Funds MidCap 80.97 -1.16-15.1 MidCpAdml 178.57 -3.58-18.7 IntlVal 28.70 -0.33-23.5 TotRetBd 11.34 -0.02 4.3 SmCapInst 59.06 -0.87-25.3 Ultra 50.39 -0.71 -3.4 NwWrldA 58.51 -0.43-17.1 Intl Eq 9.73 -0.13-18.8 USBdIdxInstPrem 12.45 +0.01 5.3 GlbA 49.80 -0.53-14.1 N Inc 9.58 ... -0.5 MuHYAdml 11.25 -0.01 -3.2 LifeCon 19.98 -0.12 -4.6 TotRetBdI 11.34 -0.01 4.5 STIGradeInst 10.70 ... 0.5 American Funds Cl A SmCpA p 49.92 -0.03-15.1 LargeCapValue 10.76 -0.23-21.0 Fidelity Advisor I FPA Funds NHoriz 58.34 +0.08 -1.7 MuIntAdml 14.37 -0.01 0.1 LifeGro 31.61 -0.38-12.5 TRBdPlan 10.67 -0.01 4.4 STIPSIxins 24.67 -0.06 -0.1 AmcpA p 30.44 -0.38 -9.3 TxExA p 13.10 -0.02 -1.0 Dimensional Fds NwInsghtI 29.54 -0.32 -9.7 FPACres 27.76 -0.33-17.9 OverS SF r 8.77 -0.10-21.6 MuLTAdml 11.76 -0.01 -0.3 LifeMod 26.38 -0.24 -8.6 MFS Funds Class I TotBdInst 11.52 +0.01 5.1 AMutlA p 37.98 -0.63-12.2 WshA p 40.76 -0.88-14.8 5GlbFxdInc 10.78 ... 0.5 Fidelity Freedom Franklin A1 R2020 19.99 -0.19 NA MuLtdAdml 11.01 -0.01 -0.1 PrmcpCor 22.92 -0.31-17.9 ValueI 36.59 -0.76-17.6 TotBdInst2 11.43 ... 4.6 BalA p 26.58 -0.32 -6.3 Baird Funds DFARlEst 32.87 -1.30-19.3 FF2020 14.81 -0.09 -8.6 CA TF A1 p 7.48 ... -1.4 R2025 15.85 -0.18 NA MuShtAdml 15.79 ... 0.1 STAR 25.27 -0.19 -7.6 MFS Funds Instl TotBdInstPl 11.52 +0.01 5.1 BondA p 13.75 -0.02 5.8 AggBdInst 11.57 ... 3.8 EmgMktVa 20.86 -0.20-27.3 FF2025 12.90 -0.10 -9.9 IncomeA1 p 2.02 -0.02-12.5 R2030 22.77 -0.27 NA PrmcpAdml r123.52 -1.51-14.3 TgtRe2015 14.52 -0.09 -4.3 IntlEq 23.03 -0.17-17.3 TotIntBdIdxInst 34.07 -0.05 0.6 CapIBA p 55.13 -0.71-12.1 CorBdInst 11.80 ... 2.7 EmMktCorEq 16.68 -0.13-23.2 FF2030 15.75 -0.13-11.7 FrankTemp/Frank Adv R2035 16.53 -0.21 NA RealEstatAdml103.79 -4.17-20.5 TgtRe2020 30.27 -0.24 -6.9 Nuveen Cl I TotIntlInstIdx r 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B10 | Tuesday, April 21, 2020 ** THE WALL STREET JOURNAL. BANKING & FINANCE China Tests Digital Money

Central bank gives ing back to 2014. the near term and said that ers, no longer carrytheir wal- Thenew currency, which thetest runwouldn’t trigger letsorcash forshopping. payment system a doesn’t have an official name inflation. Instead, they use Tencent trial run in four cities butisknown by itsinternal In Xiangcheng,adistrict in Holdings Ltd.’s WeChat Pay shorthand “DC/EP,” or “digital the eastern city of Suzhou, the and Alipay, operated by Ant Fi- after years of study currency/electronic payment,” government will start paying nancial Services Group,anaf- will share some featureswith civil servantshalf of their filiateofAlibaba Group Hold- CK

BY JONATHAN CHENG cryptocurrencies including bit- transport subsidy in the digital ing Ltd. TO coin and Facebook Inc.’sLibra, currencynextmonth as part of China’scentral bank has said BEIJING—China’scentral PBOC officials have said. While thecity’s test run, according to that shifting to agovernment- bank hasintroduced ahome- it won’t boast the anonymity agovernment worker with di- rundigital payment system will SHUTTERS A/

growndigital currencyacross that bitcoin and other crypto- rect knowledgeofthe matter. help combat money laundering, /EP four cities as part of apilot currencies tout, China’scentral Government workerswere gambling and terrorist financ- NHAP

program, marking amilestone bankershavevowedtoprotect told to begin installing an app ing.Ithas also hailed digital YO on the path toward the first users’ privacy. on their smartphones this currencies as away to improve The bank, headed by Yoon Jong-won, left, wasdeemed compliantin’19. electronic payment system by Theintention, China’scen- month intowhich the digital the efficiencyoftransactions in amajor central bank. tral bankershavesaid, is to re- currencywould be transferred, itsfinancial system. Internal testsofthe digital placesome of China’smonetary the worker said. China’sfour biggest state- South Korean currencyare being conducted base,orcash in circulation. It Civil servantsweretold that runbanks have joined the cen- in four large won’t replaceother partsof the newcurrencycould be tral bank in developing the dig- CURRENCIES cities around the country’smoney supply, transferred intotheir existing ital currency. Screenshotsof China—Shen- such as bank depositsand bal- bank accounts, or used directly the digital currency’swallet Bank Is Fined zhen, Suzhou, Chengdu and ances held by privately run fortransactions at some desig- app,made by one of the banks, Xiong’an, asatellite city of Bei- payment platforms,YiGang, nated merchants, the person Agricultural Bank of China Ltd., jing—toimprovethe currency’s the governor of China’scentral said. circulated widely online last functionality,the digital cur- bank,said last year. China is ahead of many week. AfterIranProblem rencyresearch instituteunder Thecentral bank’sresearch other countries in preparing Thescreenshotspurported the People’sBank of China con- institutesaid Mondaythat the the launch of an official digital to showavariety of functions, firmed Monday, in response to pilot is being launched on a currency. In recent years, the including allowing savers to BY ANDREW JEONG permittedtoleave South Korea arequest forcomment. trial basis,inpart to prepare use of traditional paper bills track transactions of the new following the convictions,ac- Chinese domestic and state- forthe 2022Winter Olympics and cash has declined sharply, currency, managetheir ac- Federal and NewYork au- cording to the NewYork Attor- runmedia outletsreported on in Beijing. Theresearch insti- and smartphone payments countsand link the wallet to thorities fined aSouth Korean ney General’sofficeonMonday. the trials over the weekend. tuteadded that the digital cur- have become so ubiquitous their existing bank accounts. bank over long-running gaps Mr.Zong’sson, Mitchell Thetrials followedyearsofre- rencywon’t be issued nation- that manyChinese people,par- —Grace Zhu in its defenses against money Zong, wasalso indicted on a search by the central bank dat- wide or in large quantities in ticularly younger urban dwell- contributed to this article. laundering, after the lender’s charge of conspiring to com- Manhattanbranch wasused to mit money laundering with his launder cash for Iran. father,and wassentenced to Money-market assets by fund type,weekly, Gapbetween three-month Thestate-backed Industrial 30 months in federal prison Market for Nov. 13,2019through April 8 commercial-paper borrowing Bank of Korea must paya and fined $10,000 in December $3.5 trillion ratesand overnight interest combined $86 million for 2018.Mitchell Zong laundered swap,inpercentagepoints* lapses dating back to 2010, about $980,000 of “Iranian de- Loans Still whichcentered on failing to rived funds,” according to the 3.0 Financial Nonfinancial install and maintain an ade- JusticeDepartment. The Government 3 quate transaction-monitoring Zongsand their legal repre- Stressed 2.5 2008 peak,financial companies system. TheNew York State sentatives couldn’t be immedi- Department of Financial Ser- ately reached. vices is fining the bank $35 New York officials said In- 2.0 ContinuedfrompageB1 2 million. Separately,federal industrial Bankhad repeatedly youdon’t have abid on any- vestigators and the New York failed to set up sufficient com- thing?” said Tim Robey,man- 1.5 State Attorney General’soffice pliancesystems despitesev- ager of EatonVance’s in-house 2008 peak,nonfinancial companies have required the bank to pay eral warningsduring and after money-market fund, which man- $51 million. A spokesman for the Zong family’s actions, 1.0 ages sparecash on behalf of the Prime 1 the bank said he had no imme- which lasted until at least investment firm’swider group of diate comment. 2014. It was only in 2019 that mutual funds. 0.5 Starting in 2011, Kenneth officials deemed itscompli- Although trading has re- Zong,anAlaskan, conducted ance program adequate. started, commercial-paper bor- more than $1 billion of illegal “While the Department ap- 0 0 rowing ratesremain elevated. In transactions on behalf of Teh- plauds the Bank forits ultimate lateFebruary, highly ratedbanks Jan. 1, 2020 April 8Jan. 1, 2020 April 8 May2019 Jan. ’20 ranusing his accountswith effortsafter eight examination and companies would payafew the bank,according to law-en- cycles of noncompliance, one Money-market fund holdings of commercial paper by type† tenths of apercentagepoint forcement officials. positive examination report morethan base interest ratesto $300 billion Mr.Zong convinced bank of- does notequatetoasustain- borrow forthree months.Those ficials that the Iranian govern- able,safeand sound financial ratesspiked to morethan 2per- ment owedhim cash forcon- institution,” officials said in a Financial company centagepointsinMarch, higher 200 struction materials he had sold NewYork State Department of than the 1.5-percentage-point to it, according to the Justice peak in 2008,according to Gold- Department.Mr. Zong fabri- man Sachs analysts. Rateshave catedinvoices,contracts, and 100 Authorities say remained volatile,but as of Fri- bills of lading to deceivebank- daysettled at about 1.1 percent- Assets-backed ers, prosecutorshavesaid. lender ignored agepoints. Nonfinancial company Thebank then released warnings about With commercial-paper mar- 0 cash held in one of its Korean kets closed off,companies 2011 ’15 ’20 won-denominated accountsto compliance issues. looked elsewherefor cash. Some *Through April 13 fornonfinancials and March 26 (latest Federal Reservedata) forfinancials †Through Jan. 31, most recent data available Mr.Zong.The Industrial Bank raised longer-term debt in the Sources: InvestmentCompanyInstitute(money-market assets); Goldman Sachs (gap); Federal Reserve(fund holdings of commercial paper) was one of only two in South bond markets, which canbe Korea that Seoul officials had morecostly.Others, such as market vulnerable. group Inc.and Goldman Sachs; member the eventsof2008 and designated in 2010 to conduct Financial Services document Boeing Co.and Anheuser-Busch Regulationsthat require and big fund managers, such as simply became morewaryabout permissible trade with Tehran reviewedbyThe Wall Street InBev SA,drewoncredit lines,a banks to hold morecapital to Fidelity Investments and Van- the risks of stashing cash in while also complying with U.S. Journal. form of backup borrowing.The back their assetsmade them re- guardGroup. prime money funds.Investors sanctions.Relevant Industrial Authorities said the fine unexpected rush of credit-line luctant to carryinventories of Theother big changesince sucked out $150 billion, or afifth Bank accounts have been fro- wasreduced to reflect the borrowing taxedbanks’ balance stocks or bondsorcommercial the last crisis: In the past, of assetsfromprime funds, zensincelast year,asthe U.S. bank’ssubstantial cooperation sheets, limiting howmuch they paper,evenduring normal con- money-market funds reported a sincelateFebruary. strengthened itssanctions rein the multiyear investigation. could lend elsewhere. ditions. At times of stress, like fixed$1-shareprice, with many Much of that cash instead gime on Tehran, the bank Industrial Bank is publicly It also matters forthe wider last month, they quickly ranout investorsassuming institutions flowedintoanevensafer flavor spokesman said. traded in Seoul, but itsmajor- financial system. Banks arepay- of spacetohold even small would stand behind the value no of money-market funds,which Mr.Zong then converted ity shareholder is South Ko- ing higher ratesonthe commer- amountsofinventory, hamper- matterwhat. Newregulations invest solely in short-term Trea- the cash intoU.S.dollars rea’sfinanceministry. It has cial paper and similar instru- ing their ability to act as middle- came in 2016 that forced money- surybills and other government- through the bank, before wir- assets valued at about $242 mentsthat they use to borrow men in the market. market fund managerstoreport backed debt. Those funds have ing the money to Iranian offi- billion, whileits NewYork money short term. This leads di- Because trading in commer- shareprices that went up and grownbynearly $1 trillion, in- cials world-wide.Tehran branch held about $180 mil- rectly to high levels of Libor,the cial paper is alow-margin busi- down in line with their assets. creasing theirtotal assetsby awarded Mr.Zong with afee lion as of June last year. London interbank offered rate, ness, scale matters.That has This wasareaction to the 2008 morethan athird. estimated at up to $17million Senior Trumpadministra- the benchmark in setting bor- helped the biggest banks win crisis,when the ReservePrimary Those inflows playedhavoc for his services, U.S. prosecution officials have recently rowing costsontrillions of dol- more market shareand means Fund became the firstto“break with short-term Treasurymar- tors have said. brushed aside calls to ease lars in mortgages,commercial more businessisdone by fewer the buck,” lowering itsshare kets,pushing yields on three- Mr.Zong has been indicted economic sanctions on Tehran loansand derivatives. institutions,according to inves- pricebelow$1after Lehman month bills intonegativeterri- on 47 countsofviolating Iran- due to concern that Iran would Commercial-paper markets tors and bankersinvolved in the Brothers commercial paper it tory on March 26.Fidelity related sanctions in the U.S. He use cash formilitaryinvest- melted down in the 2008 finan- commercial-paper market. held became worthless. Investments, one of the leading wasinSouth Korean custody ments. However, Secretary of cial crisis,requiring aFed bail- Themarket has become more That change mayhavemade money-market fund managers, as of late2018,after local State MikePompeo has said out. Major changes in financial concentrated with asmaller commercial-paper money-mar- closed three of itsTreasury-only courtsconvicted him of taxlaw the U.S. has offered to provide regulation sincethen, meant to number of big dealer banks,in- ketfunds,also known as prime funds to newinvestorssoit violations,related to the trans- food and other humanitarian protect investorsand the finan- cluding Bank of America Corp., funds,moresusceptible to out- wasn’t forced to keep investing actions,the JusticeDepart- aid to Iran, amid the coronavi- cial system, mayhaveleftthe JPMorganChase &Co., Citi- flows. Investorsmay also rein money-losing paper. ment has said. He hasn’t been rus pandemic. Co-Working Startup Struggled Even Before the Pandemic

BY KATHERINE BINDLEY dues.The company, which front-desk staffwouldn’t make location in May, when awhite boasted over 12,000 members assumptionsabout the gender guest allegedly yelled at ablack TheWing wasriding high paying at least$2,100 ayear, JOURNAL of membersorguests, rather member over aparking space.

early last year.The network of lost 95% of itsrevenue over- REET than spelling out that men Other black membersquit the women-focused clubs and co- night. Asked if the Wing is get- ST would be allowedinlocations. Wing,expressing disappoint- LL

working spaces wasrolling out ting breaks on itsrent, the WA AlexQin, a29-year-old ment over thecompany’sre-

newlocations around the U.S. spokeswoman said it is working HE founder of adigital-literacyco- sponse.InSeptember,the Wing

and had secured newfunding with itslandlords and declined RT operativeinNew York,said she sent anoteapologizing to led by venture-capital power- to elaborate. FO wascaught by surprise last membersfor itshandling of the houseSequoia Capital. Co-foundersAudrey Gelman OFF year when she heardamale- situation. Today, the companyisreel- and Lauren Kassan said they sounding voice—apparently Ms.Gelman apologized in a ing,acasualty of the pandemic still hope to reopen as soon as SHAFIR someone being given atour—at Februaryessay formissteps:

and, before that, the enormous possible.“We’ll be back.And ABETH the door to the showerroom “Failing to appreciatethe com-

challenges forabusinessbuilt we’ll be better,” they wroteina ELIZ whereshe wasundressed. She plexity of creating atruly dion ideals trying to liveuptoits blog post announcing the fur- The network of women-focused clubs and co-working spaces said she turned around and saw verseand inclusivecommu- aspirations. loughs andlayoffs,noting the marketed itself as a female version of the boys’ club. the door quickly close. nity...has led to serious Thenearly four-year-old Wing would continue to engage TheWing apologized to Ms. stumbles and outright failures.” company, which has raised $118 membersonline. front Ventures,which is aWing Butasthe Wing expanded, Qin, but she canceled her mem- TheWing around that time million from backers, cited the Compoundingits pre-virus investor,said the companyhas discordsimmered among membership.Some areas areoff- publicly outlined some of its pandemic’simpact in announc- challenges wasWeWork; the “a strong balancesheet and is bers. One point of contention limitstononmembers, the plannedsteps:conducting ra- ing this month that it waslay- troubled co-working company, well-positioned to come out of wasits decision to allowmale spokeswoman said. cial literacyand antibias train- ing off or furloughing most of an early investor,sold itsWing this crisis stronger.” guests, amid an investigation “No newcompanygetsit ing forits executives and direc- itsstaff.Aspokeswoman later stakeinJanuaryatareduced TheWing wonfame with its intoits gender policybyNew right 100% of the time,” she tors,working on moreinclusive said this included all employees valuation, according to news messageofempowerment for York City officials,which was said.“Theright standardis hiring,and creating acultural and managersworking in Wing reportsofthe sale. TheWing women, marketing itself as a resolved afterthe Wing put a howyoung companies confront code of conduct foremployees, spaces in the U.S. and half of spokeswoman declined to com- female version of the boys’ membership policyinwriting,a the challenges they encounter membersand others. those working at headquarters. ment. AWeWork representa- club.Its values—pro-payeq- spokeswoman forthe NewYork and grow stronger from them.” TheWing spokeswoman said TheWing went from around tiveconfirmed the sale but uity—appealed to aswath of City Commission on Human Around the same time,the neither Ms.Gelman nor Ms. 475activeemployees to 84. didn’t comment further. women who filled wait listsfor Rightssaid. Wing wasdealing with racial Kassan wasavailable forcom- In addition to closing its11 Kara Nortman,apartner membership.Investorsincluded TheWing announced the pol- tensions stemming from an in- ment.Sequoia didn’t provide locations,itsuspended member with venture-capital firm Up- Serena Williams. icytomembersbysaying that cident at itsWest Hollywood comment. P2JW112000-5-B01100-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, April 21, 2020 | B11 MARKETS Energy Stocks Push Dow, S&P Lower

Stocks slid to start another tives cangiveabout what the potentially volatile week as in- long-term impact of the virus vestorscontinued to gaugethe maybe. extent of the economic damage “Marketsare an anticipa- from the pandemic. tory animal ... [they] don’t discount the same news twice,” By Caitlin McCabe, said Jeff Mortimer,director of Anna Isaac investment strategyfor BNY and Joe Wallace Mellon Wealth Management. “Ifstocks candoOKamidst MajorU.S.indexesopened negativeearningsreporting,it sharply lower, eased their might giveyou some informa- losses middayand then fell to tion that alot of the bad news session lows in afternoon trad- might have already been ing in conjunction with ahis- priced into” earlier stock toric plungeinoil prices.En- losses. ergy stocks including Exxon Others, however, cautioned Mobil and Chevron helped Mondaythat morestock losses S pull indexeslower. could be ahead. NEW

TheDow Jones Industrial G “The market is underesti- Averagefell 592.05 points, or mating the short-term depth 2.4%, to of this,but also howlong it OOMBER MONDAY’S 23650.44. The will reverberatethrough the E/BL

MARKETS S&P 500 dropped RU system,” said Paul Jackson,

51.40 points, or TIM head of asset-allocation re- 1.8%, to 2823.16.And the Nas- The cruise company’s stock fell 7.2% on Monday, bringing its losses to 80% for the year. Its business has been hard hit by the coronavirus. search at Invesco. “The market daq Compositelost 89.41 is treating this as if it will be a points, or 1%, to finish at negativeterritoryalso exacer- Cboe Volatility Index facing. mild recession, but this is go- 8560.73after spending much bated losses and sent the Cboe “Until we see apeak in ing to be something much 80 of the dayinpositiveterritory. Volatility Index, a closely Five-minuteintervals cases globally and moreclarity moreakin to the financial cri- Investorshavebeen hit with watched measureofturbu- on when and howthe global sis.” adelugeofeconomic and lenceinU.S.stocks,surging. 44 economywill reopen, it’stoo Investorsturned their inter- health information in recent “In the best-case scenario, soon to position forasustain- est to havenassetsMonday. 42 weeks about the fast-spreading this shows youthat the oil 60 able bull market,” said Candice Theyield on the benchmark coronavirus,which has shut lo- shock is going to be severe,” Monday Bangsund, aportfolio manager 10-year U.S. Treasurynotefell caleconomies,forcedmillions said Chris Zaccarelli, chief in- 40 43.83 at FieraCapital. “Therecould to 0.625% from 0.655%Fri- of layoffs and prompted inter- vestment officer forIndepen- be plenty of volatility and mar- day—another sign that inves- vention from the Federal Re- dent Advisor Alliance. “But in 38 ketgyrations,similar to what tors’risk appetitemay be wan- 40 serveand U.S. government. the worst-case scenario,that's Monday we sawamonth ago.” ing. Yields fall when bond For the past two weeks, showing some signs of market Investorswill likely look for prices rise. manyhaveappeared optimistic dysfunction. Algorithms or hu- cluesthis week about howcor- In Europe,stocks fared bet- about an eventual economic man tradersdon’t liketosee onavirus has affected corpo- ter. Thepan-continental Stoxx recovery,driving the Dowto anomalies likethat, and it just 20 rate earnings. Companies in Europe 600 ended the dayup close Fridaywith itsbest two- adds to the risk-off tone.” theS&P 500 as awhole are 0.7%. Germany’sDAX equity week performancesincethe Still, therewerebright projected to post a15% drop in benchmark gained 0.5%, even 1930s. spotsamid the stock losses. earningsfor the quarter,ac- afterthe country’scentral That rally,however, paused Netflix jumped 3.4% as some 0 cording to FactSet. bank said its economy has Monday, as investorslooked technologystocks rallied, in- Nearly a fifthofS&P 500 plungedintoaseverereces- aheadtoabusy week of earn- creasing the streaming plat- Jan. Feb. March April companies arescheduled to re- sion from which it is unlikely ingsreportsand an uncertain form’sgains to 35% forthe Source:FactSet port first-quarter resultsthis to rebound quickly. coronavirus landscape.An- year.The S&P 500,incontrast, week.Airlines and technology At middayTuesdayinTo- thonyFauci, director of the remains down 13% in 2020. weight, lost 6.8% and Norwe- to be delivered in Mayended companies will be among the kyo, the Nikkei wasdown1.6%, National InstituteofAllergy Biotechnologystocks also gian Cruise Line Holdings fell Mondayatnegative$37.63. firstinthe limelight. Hong Kong’sHang Seng Index and Infectious Diseases,said surgedascompanies continue 7. 2%, bringing itslosses to 80% That effectively means that Still, the resultsare likely to wasdown2.6%, the Shanghai MondayonABC’s“Good Morn- to race to find avaccine for forthe year. sellersmust paybuyerstotake offer only alimited pictureof Compositewas down 1.1% and ing America” that the country the virus. Moderna climbed Exxon Mobil lost 4.7%, barrels off their hands. the fallout, as social-distancing Australia’sS&P ASX200 was could set itself back if officials 10% and Novavax jumped 25%. Chevron lost 4.1% and Conti- Acontinually rising number measures weren’t widespread off 1.8%. S&P and Dowfutures “jump the gun” on reopening But anygains in the market nental Resources slid 4.5% af- of coronavirus cases will do until March. As aresult, some were down lessthan 1%. the economy. were largely overshadowedby terthe pricefor abarrel of little to help the historic col- investorsmay be looking —Chong Koh Ping Aplungeinoil prices into losses. Boeing,the Dowheavy- West Texas Intermediatecrude lapse in fuel demand that oil is ahead forany clues that execu- contributed to this article.

March 17,according to an RBC Allureof analysis of S&P 500 compa- Shopify BenefitsFromOnline Orders nies.Netflix and Apple ranked in the top12. Tech Shares And even in the weeks BY ALEXANDER OSIPOVICH Share-priceand index since, few investorsare bet- performance, year to date ting againstthe stocks.Short One of the stock market’s 60% Undimmed interest in Amazon hovered at biggest winnersduring the Shopify 1.1% as of April 13,unchanged Covid-19 pandemic has been from ayear earlier,according Shopify Inc., an e-commerce ContinuedfrompageB1 to Goldman Sachs Investment software companythat has 40 ting on the continued success Research. benefited from surging traffic of Netflix Inc.and Amazon, Some analystssay they exas vast swaths of the global whose shares have recently pect manyofthe big tech com- population have been forced to 20 broken away from the pack panies to emerge from the do moreoftheir shopping andset recordslast week. pandemic stronger,inpart, be- online. Both stocks have risen 30% or cause of the potential forper- Shopify’ssharepricerose S 0

morethis year and areamong manent behavioral changes in 6.7% to $629.90onMonday NEW G the best performersinthe S&P itswake. With consumers forarecordclose and its S&P500 500. shopping online,consuming eighth consecutive session of –20 OOMBER

Shares of graphics chip in-home entertainment and gains.The stock has climbed BL maker Nvidia arealso getting communicating via the inter- 82% sincehitting arecent low T/ abig bounce, up 22%in2020, net moreoften, “it’sveryhard on April 2. –40

thanks to videogame demand. formetoimagine ascenario Those gains put the Can- LINDQUIS JFMA AndTesla has ended 10 of its wherethe S&P 500 recovers ada-basedcompanyahead of Note:Datashowthe priceofClassAshares of

last 11 trading sessions higher, and Google and Facebook largere-commerce players ARIANA Shopify listedonthe NewYork Stock Exchange. extending its gains for the would not,” said RBC Capital such as Amazon.com Inc., Surge in e-commerce traffic has helped push the firm’sstock higher. Source:FactSet year to 78%,, as investorsbet Marketsanalyst Mark Mah- which is up 25% over the same on the futureofelectric vehi- aney. period, and eBay Inc., up 29%. world-wide,including Nestlé and upended traditional con- Thestock has also attracted cles and the vision of CEO Elon Netflix will be the firstof TheS&P 500 has risen 12% SA and Staples Inc.Itmakes sumption patterns.Last week, significant interest from short Musk. the group to test that theory sinceApril 2aspart of a money through amix of recur- aShopifyexecutivesaid on sellersinrecent weeks,ac- Tesla, along with other mo- when it reportsresultsTues- broad rebound from the ring subscription fees and Twitterthat it was“nowhan- cording to data from S3 Part- mentum stocks,was hit hard day. Thestreaming platform’s depths of the coronavirus other fees, like payment-pro- dling Black Fridaylevel traffic ners,asign that some inves- during the market rout, losing profit is projected to more selloff. cessing fees,that grow with every day.” tors arebetting that Shopify morethan 60% of itsvalue in a than double from ayear ear- Shopifysells businesses a transaction volumes. Still, the company’sstock stock is overvalued. month afterameteoric rally to lier,while the companies in variety of tools to makeiteas- That has benefited Shopify hasn’t escaped the broader Shopify went public in start the year.Investorsbet- the S&P 500 as a whole are ier to build, runand market as lockdown measures in- market’svolatility.Shopify 2015,listing shares on both ting on momentum typically projected to post a15% drop in their online stores. The com- tended to curtail the coronavi- shares sold off sharply at the theTorontoStock Exchange buyshares of companies that earnings, according to FactSet. pany says it works with more ruspandemic have closed beginning of April afteritsus- and the NewYork Stock have risen the most in the past Facebook,Alphabet and Mi- than one million merchants bricks-and-mortar storefronts pended guidancefor this year. Exchange. 12 months,counting on their crosoftare also expected to continued outperformance. post higher earnings, while TheFANG stocks held up profitsatAmazon and Apple betterthan other momentum areexpected to decline mod- Argentina’s Debt Plan Is Turned Down shares during the selloff.Ama- estly. zon, forone,fell 23% from its Despitethe tech giants’ re- February high to its March cent outperformance, Mr.Lar- BY RYAN DUBE AND MATT WIRZ announcement. cording to the announcement. bondholdersbegan requesting low. In recent years, momen- son, the Weissanalyst, cau- On Friday, Argentina pre- TheArgentina Creditor details of the plan in January tumbetshaveoften included tions that they arevulnerable Threeofthe largest groups sented aproposal to exchange Committee—another group but little information wasex- tech and other growth stocks, in arecession—even though of Argentine bondholderson some $65 billion in foreign that includes mutual funds,in- changed until recently,people which typically look expensive their balancesheetsremain Mondayrejected the govern- bonds intonew debt at lower surancecompanies and asset familiar with the mattersaid. compared with the broader strong. ment’sproposal to restructure interest ratesand with later managers—said it hasn’t re- Argentina faces about $500 market but offer higher-than- Facebook has already said tens of billions of dollars in due dates to avoid another ceived “substantiated forward- million in debt paymentson averageprofitgrowth. itsrecent uptick in usage foreign debt, raising the likeli- default. Theoffer involves looking economic and financial Wednesday. If the payments Institutional investorswere won’t protect it from digital hood that the country could morethan $40 billion in debt information” from President aremissed, the countrycould among those who remained advertising declines.Google is enterintodefault as early as relief,mainly through re- AlbertoFernández’sgovern- enterintodefault aftera30- loyal to the big tech stocks expected to facethe same next month. duced interest payments. It ment or seen feasible eco- daygrace period. during the selloff.Amazon, Mi- problem. Meanwhile,demand Thenear-simultaneous includes athree-year morato- nomic policies.“TheACC has Argentina has been mired in crosoft, Facebook and Alpha- forApple productsmay fall as statementsfromthe commit- rium on foreign-debt pay- reviewedArgentina’sproposal financial turmoil sincea2018 bet sat atop the list of stocks unemployment rises,and Ama- tees presentsaunified front ments, with an averagecou- and cannot support it,” the currencycrisis that forced the in whichhedgefunds had in- zon could continue to face against the current deal that ponof2.33% onceinterest groupsaid. “The ACCinvites government to seek a$57 bil- vested the most money as of staffing issues and stretched investorshope will push Ar- paymentsresume. Argentina to abandon the uni- lion bailout from the Interna- infrastructure. gentina to changeits terms. Fund managersinthe ad lateral route and make time tional MonetaryFund. “These aren’t, in my mind, An ad hoc group comprising hoc group who oppose the of- forameaningfulnegotiation.” Mr. Fernández’s adminis- AUCTION RESULTS safety names,and in some some of the largest money ferinclude AllianceBernstein Athirdgroup of investors tration has said it plans to re- Here are the results of Monday's Treasury auctions. waysthey arestill being managersinthe world, includ- Holding, Amundi Asset Man- that said it controls about 16% negotiateits debt with the All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference treated that way,” Mr.Larson ing BlackRock Inc., said the agement, AshmoreInvest- of Argentina’spreviously re- IMF.Last month, the fund between that price and the face value. said. offer seeks “toplaceadispro- ment Management, BlueBay structured bonds also an- called on privatecreditorsto “In past bear markets, you portionateshareofArgentina’s Asset Management, Fidelity nounced it opposes the deal. provide Argentina with “sub- 13-Week 26-Week tend to have achangeinlead- longer-termadjustment efforts Management &Research Co., Thegovernment gavebond- stantial debt relief” to restore Applications $172,780,719,000 $157,216,689,900 Accepted bids $63,015,023,000 $53,065,189,900 ership—the stocks that led you on the shoulders of interna- T. Rowe PriceGroup Inc., holders20days to reviewthe debt sustainability. " noncomp $702,648,300 $446,565,200 intoabear market weren’t the tional bondholders.” The Western Asset Management offer as authorities are also Meanwhile,U.S.govern- " foreign noncomp $246,000,000 $500,000,000 Auction price (rate) 99.968403 99.926694 kinds that led you out,” he group controls morethan one- Co.and WellingtonManage- grapplingwith the economic ment bond yields fell Monday (0.125%) (0.145%) said. “Could Itell youoff the quarter of bonds Argentina ment Co.They represent mil- fallout from alockdown aimed in acontinuing shiftaway 0.127% 0.147% Bids at clearing yield accepted 69.78% 40.29% topofmyhead what will ulti- has issued since2016 and 15% lions of individual investors at slowing the spread of the from risk.The yield of the 10- 912796WX3 9127962S7 mately lead us out of this? The of bonds the countrydistrib- and thousands of financial ad- newcoronavirus.The country year Treasuryfell to 0.625% Both issues are dated April 23, 2020. The 13-week bills mature on July 23, 2020; the 26-week bills mature on crystal ball is a little foggy uted to investorsinaprevious visersand arebeing advised by floated the idea of restructur- from 0.655%onFriday, accord- Oct. 22, 2020. there.” restructuring,according to an lawfirm White&Case LLP,acing itsdebt last autumn, and ing to datafromTradeweb. P2JW112000-0-B01200-1------XA

B12 | Tuesday, April 21, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Below-Zero Oil Is Chilling Event

Consequences will be difficult for traders, U.S. producers and shippers

“Unprecedented” feels likea barrels aday,therewerestill some tired word these days,but it is no places to send and storeoil on overstatement when it comes to the other continentsbut precious few oil market. in or near the U.S.

S On Mondaymorning,prices on Compared with itscreakyinfra- the expiring Mayfutures contract structure, the deep and sophisti- PRES forU.S.benchmark crude were catedU.S.financial market seemed

ZUMA merely at their lowest this century. betterprepared forashock,and

A/ Some local spot prices were in the that made Monday’s$55 drop in DP

T/ single digits. By the afternoon, the priceofanexpiring contract so though, it wasclear that things jarring.Commodity futures need to DEDER were getting out of hand as futures be standardized and tied to aphysi-

ARNE prices fell to $10 and then $5 and caldeliverypoint, which in this The airline plans to decommission its entire Airbus A340-600 fleet, which amounts to 17 jets. then pennies and finally turned neg- case wasoverwhelmed. Theconse- ativefor the firsttime in history. quences will be thornyfor traders While motoristswon’t be paid to who had never seen the need to put fill up their tanks and the new aminus sign intotheir risk-manage- Crisis Hurts Jet Repair front-month contract is trading nor- ment models. mally,therewas adual breakdown They also will be severefor do- Monday—physical and financial— mestic producersand shippersofoil. that will leave scars. In the past, pricebustsmade it fi- Maintenance fees dwindle for companies as airlines retire older planes Despitethe international deal to nancially unpalatable forsome high- sharply restrict output reached just cost producerstokeep pumping,but over aweek ago, it wastoo little, nowmanywill be forced to tempo- The Covid-19 crisis is asevere itsFebruaryreport, beforefactor- to bring back the 737Classic,” said toolatetohelp the bottomlines of rarily shut productivewells that still blow forcompanies likeBoeing ing in Covid-19.The impact is ex- UBS analyst Celine Fornaro. The U.S. oil producers. Thecrucial back- coveredtheir cash costs. Tellingly, that build planes,but it is an even pected to be sizable even in 2021. crisis hit aftermarket sales for ground is that until four yearsago one of the few North American en- harder one forthose that repair While airlines arenotoriously yearsasfinancially vulnerable car- therewas virtually no U.S. crude oil ergy companies to do well on Mon- them. cyclical businesses,investorstypi- riersdeprioritized maintenance being exported abroad. Infrastruc- daywas Cabot Oil &Gas,amajor Last week,German airline giant cally see aerospacemanufacturers and cannibalized grounded planes turefor storageand transportation natural-gas producer.U.S.oil drillers Lufthansa announced that it would as being much moreinsulated from to fixothers. has struggled to catchupwith the that also produceassociated gaswill decommission itsentireAirbus recessions because of their higher Yetaftermarket-reliant stocks shale boom’stransformation of the be forced to stop.That would make A340-600 fleet, which amountsto margins and yearslong order went on to recoverfrom9/11 and U.S. intothe world’stop petroleum pure-playgas producersone of the 17 jets. Carriersall around the books.Yet engine makerssuch as then weather the2008 recession producer.With the world recently few winnersonacrazy day. world areaccelerating plans to re- GE Aviation and Pratt&Whitney well. They have returned awhop- overproducing by some 20 million —Spencer Jakab tireolder aircraftinthe faceof don’t really maketheir money in ping 340% sincethe financial crisis. months—verypossibly years—of the same way as plane manufactur- What investorsshould recognizeis Crude-oil futures prices,front-month contract depressed travel demand. Some de- ers Boeing and Airbus.Often, the that this happened amid an unprec- commissioned planes could come engines arepriced belowcost and edented aviation supercycle fueled $80 abarrel back,but the useful lifeofunpopu- the big bucks come from servicing. by aboom in demand from Asia’s lar four-engines models such as the This means that their revenues suf- emerging middle classaswell as 60 A340 and the A380 has surely been ferwhen planes aregrounded or the continuing expansion of no- cut short. This is aproblem for fleetsget younger. frills carriers. manufacturersthat makeabig In Europe, Rolls-Royce, Safran, Will aviation experienceasec- 40 chunk of their profitsfromservic- MTU Aero Engines and Meggitt ond golden decade? Covid-19 has ing planes.Inthe next aerospace derivemorethan 30% of their sales prompted manytosuspect not. 20 Brentcrude cycle,these companies might lack from the civil-aerospaceaftermar- And demand fornew planes will the tailwinds they enjoyedafter ket. Unliketheir American counter- likely come even moreatthe ex- 0 2008. parts, they also aren’t part of more pense of older ones,given the re- Spending on the maintenance, diverse conglomerates. cent focus on environmental con- repair and overhaul of planes,jet These aftermarket stocks did as cerns and regulations. –20 engines and other partswill badly as airlines in the fallout from Afterthis crisis,the perfor- amount to $43 billion globally in 9/11, which started the current manceofcompanies that make –40 2020,consulting firm Oliver Wy- trend toward younger fleets. “A their money in the aerospaceafter- U.S. crude man recently estimated. This is less very big surprise at the time was market might not be so easily re- Jan. Feb. March April than half of the figure it forecast in that manyU.S.carriersdecided not paired. —Jon Sindreu Source:Dow Jones Market Data Big-Company Stocks Top Smaller Peers OVERHEARD Among manyclassic scenes Movie-theaterchains areclearly from the “Seinfeld” series is one in hoping to be lumped in with the Global stocks have rallied to—or better knowledge of—the which Jerry and Kramer go to a former,given thatsome will be in around 25% from their late-March various rescue packages on offer. movie together,but Jerry asks direfinancial straits if their shut- lows, and the shape of the bounce It is worth remembering too Kramer to sit aseatapart. Why? down continues into the summer. is becoming more clear: Big is bet- that companies that are small by “A little buffer zone.” But theymay be able to accom- ter, and biggest is best. the standards of listed equities are Thatcould be arealityfor modate the extraspacing needs. The largest listed companies in still usually large by the standards movie theaters when theyreopen Cinemark Holdings Chief Financial the world are doing far better than of the average business. If small- after shutdown rules begin to ease. Officer Sean Gamble told investors smaller stocks. The S&P Global 100 cap stocks are suffering because of Thereare no firm datesonthatso earlier lastweek thatthe chain, Index is still down around 9% for more limited access to rescue far, but governmentofficials are which runs nearly 3,000 screens in the year, but that is far better than packages or finance, actual small working to preparetheir citizens the U.S., can operate“very profit- the S&P Global SmallCap index of firms are undoubtedly suffering foraneasing of social-distancing ably” at theater-occupancy levels of more than 8,000 stocks, which is far more. restrictions, as opposed to afull 20% to 30%. Thatwould still leave down 23%. A final factor could be the lon- lift. Hollywood’shome-state Gov. the companyroom to accommo- Importantly, the gap isn’t just gest lasting. Recent years have Gavin Newsom lastweek com- date practices to encourage social S

down to a deeper selloff among been beneficial to superstar firms. pared it with adimmer switch, distancing, such as selling only half PRES

smaller stocks. It has grown since Explanations vary from the be- noting restaurants will likely have of available seats, he added. TED

the late-March nadir for equities. nign—that the largest global busi- fewertables and classrooms will Thatwill be good news for CIA SO

U.S. tech giants have been the nesses simply benefit from uncon- have morespacebetween stu- movie patrons nervous about AS clearest exemplars of the trend, testable economies of scale—to dents. Gatherings such as concerts crowds. Buffer zones do makeit with Amazon, Intel and Microsoft concerns that some are becoming and sporting events are“notinthe harder to sharethat$7tub of pop- all up for the year. But it isn’t just more monopolistic. cards” soon, he added. California Gov. Gavin Newsom corn, though. ONCELLI/

a U.S. phenomenon. Large-cap Whichever is true, a severely PEDR

stocks in Europe, Japan and damaging recession could see the RICH emerging markets are also beating giants extend their dominance. A their smaller peers by a distance, thinning of the herd means more even controlling for investing grass for the survivors next sea- styles such as growth and value. son. Muzzled Activists Can Be a Mixed Blessing The pattern even holds within Unlike differences in access to broad indexes of large stocks. The finance, there is little reason the top five companies in the S&P 500 superstar effect should fizzle out, Thecoronavirus shutdowns are bank through the crisis.Starboard quisitions funded by debt—demands have never occupied a greater even if circumstances improve. forcing companies to cancel divi- Value withdrew itsnominations for that activistsoften maketoboost share of the benchmark’s total The gap between the haves and dends and deals and look to govern- eBay’s boardofdirectorsafter the shareholder returns—areoff the ta- market capitalization. have-nots evident in the current mentsfor help.None of this is good companynamed anew CEO.And ble forsome time.This year,compa- While the S&P Europe 350 Index market recovery could be persis- news foractivist investors. But Xerox ended itsroughly $30 billion nies need all the cash they canget. is still down by slightly more than tent. boards that don’t handle the crisis hostile pursuit of HP.Hedge-fund Still, boards shouldn’t be compla- 20% year to date, the top 50 —Mike Bird well could find themselves the next manager Carl Icahn, who holds cent. Global deal making dropped stocks in the index by market capi- targets. stakes in both companies,had 28% in the firstquarter of the year talization have fallen by a more Total return, year to date Thestart of 2020 wasbusy for eggedonthe debt-heavy deal. compared with the same period last modest 14.6% on average. The larg- hedgefunds that trytogeneratere- Activistswill have averyweak year,Refinitiv datashows,but a est 10 are down by just less than 10% turns by pushing forcorporate hand in the coming months.Social- mergers-and-acquisitions wave may 7% on the same terms. change. They deployed $2.8billion of distancing rules makeithardto not be far off. Several factors are likely at capital on averageeach week in Feb- launch proxyfightsormeet with Forthose fortunatefunds that 0 work. As in most selloffs, the ini- ruary, including ElliottManage- asset managerstoget their backing aren’t facing redemptions from tial drop might have hit smaller ment’s $2.5billion stakeinSoftBank forcampaigns.Companies whose their owninvestors, falling stock stocks harder because of their in- Group and ThirdPoint’sroughly $2 stock-market valuations have marketscan be abuying opportu- –10 ferior liquidity and access to fi- billion investment in insurer Pru- plunged areracing to put poison nity.Mr. Icahn has already used a nance. The largest companies have dential PLC.But as the Covid-19 out- pills in place. In the firstquarter of 67% drop in Occidental Petro- S&PGlobal the closest relationships with –20 break went global in March, the the year,28U.S.companies intro- leum’s sharepricesofar this year banks and are best known to in- 100 Index weekly averagedropped to $300 mil- duced measures to stop activistsor to build his existing stake to just vestors in both debt and equity S&PGlobal lion, according to Lazard’s first-quar- hostile buyersbuilding large equity below10%, from 2.5%. SmallCap Index markets. Even big-brand compa- –30 terreview of shareholder activism. stakes,Lazard’sreport shows. Companyboards canlegitimately nies with similar or worse finan- Manycampaigns have become The primacyofshareholder value sideline pushyinvestorsfor now, cial positions than smaller peers redundant almost overnight. Last mayalso come intoquestion if gov- but they need to be careful. Activ- might have benefited from name –40 week, Sherborne Investors aban- ernmentswant equity or other istswill use executives’ perfor- recognition in moments of panic. doned plans to unseat the chief ex- guarantees in return forbailing out manceduring the crisis as fodder Over the medium term, larger Jan. Feb. March April ecutiveofBarclays to allowcurrent companies with taxpayermoney. forfuturecampaigns. firms might also have betteraccess Source:FactSet management to steer the British Buybacks,special dividends,and ac- —Carol Ryan