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****** TUESDAY,APRIL 20,2021~VOL. CCLXXVII NO.91 WSJ.com HHHH $4.00

DJIA 34077.63 g 123.04 0.4% NASDAQ 13914.77 g 1.0% STOXX 600 442.18 g 0.1% 10-YR. TREAS. g 8/32 , yield 1.599% OIL $63.38 À $0.25 GOLD $1,769.40 g $9.60 EURO $1.2038 YEN 108.14 Chauvin Case Goes to Jury After Day of Closing Arguments Nvidia’s What’s News Arm Deal Gets U.K. Business&Finance Security he U.K. government is Tstarting anational-secu- rity reviewofNvidia’s $40 Review billion deal to buy Arm from SoftBank,raising anew hur- dle for the proposal. A1 Officials begin probing  A cryptocurrency that $40 billion takeover, was created as a joke ex- ploded into plain view on showing the strategic Wall Street, with asurge in role of semiconductors dogecoin sending its 2021 return above 8,100%. A1 BY STU WOO  Credit Suisse said two AND ERIC SYLVERS executives in charge of its (2)

prime brokerageunit will OL LONDON—TheU.K.govern-

leave in the wake of the PO ment is starting anational se- S bank’s$4.7billion lossfrom curity reviewofNvidia Corp.’s

the collapse of Archegos. B1 /PRES $40 billion deal to buy British TV

T chip designer Arm from Soft-

 Musk’sinternet satellite UR BankGroup Corp., raising a venturehas spawned an un- CO DELIBERATION: The trial of DerekChauvin went to the jury MondayinMinneapolis afterSteveSchleicher,left, a newhurdle for an industry-re- likely allianceofrivals,regu- special assistant attorneygeneral forthe prosecution, and defenseattorneyEric Nelson made their closing arguments. A3 shaping proposal facing signif- latorsand expertswho cite icant regulatoryscrutiny risks from the project. B1 around the world.  U.S. safety officials are U.K. Digital SecretaryOliver investigating afatal crash Dowden invokedonMondaya involving aTesla vehicle. B4 little-used powertoorder the Poorest Nations Fall Behind country’s antitrust agency to  Apple said in aletterto investigatethe merger’sna- lawmakersthat it plans to tional security implications makeParler available through and deliver areport by July itsApp Storeagain. A6 As Vaccine Efforts Stagnate 30. The secretary can eventu-  U.S. stocks fell, with the ally clear the Santa Clara, Ca- Nasdaq, S&P 500 and Dow lif., company’sdeal, with or retreating 1%, 0.5% and without conditions, or nix it. 0.4%, respectively. B11 Effortstovaccinatethe than 200 million doses have planned forthe firsthalf of the Thenational security re- poorestcountries against By Gabriele been administered in the U.S., year were to be manufactured viewcomes on topofthe  IBM posted higher reve- Covid-19 have slowedtoa Steinhauser Covax has supplied fewerthan by the world’sbiggest vaccine agency’spreviously announced nue forthe firstquarter, trickle,leaving manywith in Johannesburg, 41 million of the two billion maker,the Serum Instituteof plans to investigatethe deal ahead of alandmark split of weakened defenses against the Nicholas Bariyo doses planned by year-end. India, which has partnered on antitrust grounds. the businessthis year. B4 coronavirus just as the weight in Kampala, Uganda, SlowuptakeofCovid-19 with AstraZenecaPLC to make TheU.K.probe is the latest  The union that unsuc- of the pandemic shifts from de- and Jon Emont vaccines in developing coun- the vaccine the companyde- example of how governments cessfully sought to orga- veloped to developing nations. in Singapore tries could createproblems for veloped with the University of around the world areincreas- nize an Amazon location An initiativebacked by the the rest of the world. Epidemi- Oxford.The SII said itsoutput ingly tightening control over in Alabama has filed chal- World Health Organization and dosesinstead of about 240 ologistsbelievethat failureto has also been constrained by semiconductor technology, af- lenges over the vote. A3 rich countries to supply free million because India, itsmain vaccinatemuch of the develop- limits imposed by the U.S. on terthe past year demon- vaccines to 92 low- and mid- supplier,has largely stopped ing world could leave alarge PleaseturntopageA7 strated howaccesstoad-  GameStop said CEO dle-income countries recently exporting shotsasitfightsa reservoir of the coronavirus vanced microprocessorscan George Sherman will step slashed the number of shotsit surge in cases at home. circulating,giving it the chance  Virus cases trend higher amid makeorbreak some of their down by July 31. B3 plans to ship by the end of That is widening ahugevac- to mutateand possibly spill vaccination push...... A3 biggest companies.  Coca-Cola said its sales May. That initiative, called Co- cination gapbetween rich and over to developed countries.  India locks down capital, U.S. export controls on chip volume in March returned vax, will deliver 145 million poor countries.While more Most of the Covax shots boosts shots...... A7 PleaseturntopageA2 to pre-pandemic levels. B3 World-Wide Walter Mondale Chip Makers Fight Dies at 93 Dogecoin Trading  Efforts to vaccinate the poorest countries against Rides Online Frenzy Covid-19 have slowed to a To Beat Shortage trickle, leaving many with weakened defenses just as BY CAITLIN OSTROFF $0.40 Dogecoin's the weight of the pandemic AND CAITLIN MCCABE dollar value, shifts from developed to Efforts produce only small gains, hampering Monday developing nations. A1 production of cars, home appliances, PCs Acryptocurrencythat was 0.35 $0.39  India imposed alockdown created as ajokeexploded as of 5p.m. close on itscapital and said it would intoplain viewonWall Street 0.30 expand itsvaccination pro- Theworld’sleading suppli- over production lines.The bad on Monday, with asurge in gram to all adults, amid the ersofsemiconductorsare news is,thereare no quick dogecoin sending its2021 re- world’sfastest-growing surge pushing to overcome the pro- fixes, and shortages will likely turn above8,100%—morethan 0.25 of Covid-19 infections. A7 longed chip shortagethat has continue intonextyear,ac- double the gains on the S&P hampered production of ev- cording to the industry’sexec- 500,including dividends,  Capitol PoliceOfficer Brian utives. since1988. 0.20

Sicknick suffered astrokeand S On topofaspikeinde- Dogecoin’srise from a died of natural causes, the By Eun-Young Jeong in mand, producershavebeen PRES quirkymeme intoawidely Washington, D.C.,medical ex- Seoul and Dan Strumpf 0.15

hamstrung by aseries of freak TED traded asset worth about $50 aminer’s officesaid. He died in Hong Kong eventsthat have knocked out CIA billion—morethan Marriott

aday afterthe Jan. 6riot. A1 SO

erything from home appli- supply,while ongoing U.S.- AS International Inc.orFordMo- 0.10  TheBiden administration ances to PCstoautos. China political frictions and The former vicepresident torCo.—is the latest act of fi- is considering requiring to- Chip makersare trying to concerns of aprolonged short- wasastaunchsupporterof nancial alchemybyrapidly bacco firms to lowerthe nico- ekeout moresupply through agehaveprompted some man- civil-rights legislation while a moving individual investors 0.05 tine in all cigarettessold in changes to manufacturing pro- ufacturerstostockpile chips. senator. He losta1984 whohaveused access to no- the U.S. to levels at which they cesses and by opening up Thecurrent shortfall in- WhiteHousebid to Ronald feetrading platforms and a 0 arenolonger addictive. A2 sparecapacity to rivals,audit- cludes the less-advanced chips Reagan in alandslide. A4 wave of government stimulus ing customer orderstopre- that the industry’sbiggest money to transform markets Jan. ’21 Feb. March April  Walter Mondale died at vent hoarding and swapping PleaseturntopageA10 PleaseturntopageA8 Source:CoinDesk the ageof93. Vice president under JimmyCarter,hewas a civil-rightschampion who ran as the Democratic candidate Super Fans forthe WhiteHouse in 1984, Capitol Officer’sDeath losing to RonaldReagan. A4 Confront  Biden and abipartisan Ruled to Be Natural group of lawmakersdiscussed alternativeways to payfor Super League infrastructurespending,in- iii BY ARUNA VISWANATHA wastaken to ahospital, where cluding asmaller increase Plans change. AND SADIE GURMAN he died at about 9:30 p.m. the in the corporatetax rate. A4 in U.K. following night, according to  Navalnywas hospitalized Capitol PoliceOfficer Brian the examiner’s office. He was erupt over new Sicknick suffered astrokeand 42 yearsold. weeks afterstarting ahun- PowerStore died of natural causes,the TheCapitol Policehad said gerstrike, as Russia brushed off U.S. warningsofrepercus- soccer circuit medical examiner’s officein he was injured while protect- sions should the jailed oppo- Washington, D.C.,said Mon- ing Congressfrom amob of BY JOSHUA ROBINSON day, weighing in on aquestion Trump supporterswho adapts. sition leader die in prison. A8 that has lingered sincethe of- stormed the building,saying  NASA’s Mars Ingenuity Tim Payton isn’t surewhen ficerdied aday after he was that Mr.Sicknick had “suc- helicopter made history as the pandemic will allowhim to assaulted during the Jan. 6 cumbed to his injuries” after Storage that’salwaysin the small drone became attend his next soccermatch riot at the U.S. Capitol. being takentothe hospital. sync with the needs of the first powered craft to at Arsenal’sstadium in Lon- Theofficeconcluded that But the forcehadn’t explained fly on another world. A5 don. He cantell youfor sure Mr.Sicknick’smanner of death how he died, sparking persis- your business. that he won’t be wearing the wasnatural, adding in an expla- tent questions from lawmak- CONTENTS Opinion...... A15-17 team’s red-and-white jersey. nation: “Ifdeath is hastened by ersand othersabout what Arts in Review... A13 Personal Journal A11-12 Business News.. B3,5 Sports...... A14 “I imagine going dressed in an injury, the manner of death happened. Capital Journal...... A4 Technology...... B4 funeral clothes,” said Mr.Pay- is not considered natural.” TheCapitol Policesaid Crossword...... A13 U.S. News...... A2-6 ton, aseason ticket-holder for Twomen were arrested last Mondaythat it accepted the Heard on Street.B12 Weather...... A13 morethan 35 yearsand a month on chargesofassaulting medical examiner’s new find- Markets...... B11 World News...... A7-9 boardmember of the club’s Mr.Sicknick with achemical ings. “This does not change supporters’trust. “I imagine spray,but prosecutorsand the the fact Officer Sicknick died > going to layawreath outside.” medical examiner didn’t link in the Line of Duty,coura- To be clear,noone is dead. the spray to the officer’s subse- geously defending Congress Yetfans of 12 of Europe’smost quent death. andthe Capitol,” the agency Learn moreat PleaseturntopageA10 Afterbeing sprayed with the said in a statement. DellTechnologies.com/PowerStore substancearound 2p.m. on Mr.Sicknick’sremains lay s 2021 Dow Jones & Company, Inc. All Rights Reserved  Super League moves to head Jan. 6, Mr.Sicknick collapsed at in honor on Feb. 2inthe Capi- off bans...... A14 the Capitol around 10 p.m. and PleaseturntopageA6 P2JW110000-6-A00200-1------XA

A2 | Tuesday, April 20, 2021 ****** . U.S. NEWS Rule Could Cut Nicotine in Cigarettes Plaintiffs, DrugFirms BY JENNIFER MALONEY miliar with the mattersaid. 2019,both plans were shelved. across the country,” an Altria ulating that the policybebased TheWhiteHouse and the NewZealand last week pro- spokesman said. on scientific evidence. TheBiden administration is FDA didn’t immediately com- posed sharply reducing nico- Aspokeswoman for Reyn- Aban on menthols has sim- Sparin considering requiring tobacco ment Monday. tine levels in cigarettesand olds American Inc., which ilarly been in the FDA’ssights companies to lower the nico- Thenicotine-reduction pol- raising the legal smoking age makes Camel and Newport cig- for years. tine in all cigarettessold in icyunder consideration would as part of abroader policy arettes, said that the scientific TheTobacco Control Act OpioidTrial the U.S. to levels at which they lowerthe chemical in cigarettes aimed at ending smoking. case for nicotine reduction is banned candy, fruit and spice arenolonger addictive, ac- to nonaddictiveorminimally Nicotine itself doesn’t cause inconclusiveand that “there flavoringsincigarettesbe- BY SARA RANDAZZO cording to people familiar addictivelevels, aiming to push cancer,heart disease or lung arebettertools forimproving cause of their potential appeal with the matter. millions of smokerstoeither disease,according to the FDA. public health.” to children, but it leftunset- Alawyer forseveral large Administration officials are quit or switch to lessharmful But it hooks people on ciga- Researchfunded by the tled the issue of menthol. The California communities accused considering the policyasthey alternatives such as nicotine rettes,which arelinked to FDAand the National Insti- 2009 lawsaid the FDAcould four drugmakersofcausing a approach adeadline forde- gums,lozenges or e-cigarettes. 480,000 deaths in the U.S. tutes of Health has shown that prohibit menthols only if it deadly wave of addiction claring the administration’sin- Amenthol ban, meanwhile, each year. when nicotine wasnearly could demonstrate that a ban with their aggressivemarketing tentions on another tobacco would aim to curb smoking ini- Marlboromaker Altria eliminated from cigarettes, wasanet benefit to public of pain pills,while defense at- question: whether or not to tiation among young people, Group Inc.’sshares fell more smokersweremorelikely to health, taking intoaccount po- torneyssaid the firms followed ban menthol cigarettes. manyofwhom start with men- than 6% Monday on the news quit or seek anicotine fixfrom tential unintended conse- the lawonthe opening dayofa TheFood and Drug Admin- thols.Both policies would take of the Biden administration’s lessharmful alternatives such quences such as an illicit mar- trial closely watched by the istration must respond in court yearstoimplement and would deliberations. as e-cigarettesorgum com- ket. Theagencyhas been pharmaceutical industry. by April 29 to acitizens’ peti- likely facelegal challenges. “Any action that the FDA pared with smokers who con- working on overcoming that “Without an avalanche of tion to ban menthols by dis- ScottGottlieb,anFDA com- takesmust be based on sci- tinued usingcigaretteswith hurdle since then. prescription , there closing whether the agencyin- missioner under the Trump ence and evidenceand must normal nicotine levels. TheFDA concluded in 2013 wouldn’t be an opioid epi- tends to pursue such apolicy. administration, pursued both a consider the real-world conse- Lowering nicotine in ciga- that menthols areharder to quit demic,” said Fidelma Fitzpat- TheBiden administration is menthol ban and a reduction quences of such actions,in- rettes has been asubject of dis- and likely pose agreater health rick, aplaintiffs’ lawyer hired to nowweighing whether to move of nicotine in cigarettes as cluding the growth of an illicit cussion inside the FDAsince risk than regular cigarettes. represent the counties of Los forwardonamenthol ban or a part of abroader tobacco pol- market and the impact on the 1990s.In2009,the Tobacco —Stephanie Armour Angeles,Orangeand Santa nicotine reduction in all ciga- icyheproposed in 2017. But hundreds of thousands of jobs Control Act authorized the FDA and Andrew Restuccia Clara, and the city of Oakland. rettes—or both, the people fa- afterheleftthe agencyin from the farm to local stores to mandatesuch achange, stip- contributed to this article. Themonthslong trial, being held fully by videoconference anddecided solely by ajudge, began Mondaywith opening re- Union Official Is Tapped forSEC PolicyRole marks from Ms.Fitzpatrick and attorneysfor the drugmakers beingaccused of misconduct— BY DAVE MICHAELS calspending,are controversial Johnson &Johnson, Teva even within theSEC.During Pharmaceutical Ltd., Endo In- WASHINGTON—GaryGen- the Obama administration, the ternational PLC and AbbVie sler,the newchief of the Secu- SEC thought the issue wasn’t Inc.’sAllergan. rities and ExchangeCommis- material to shareholders. Se- Thedrugmakersargued sion, on Mondaytapped a curities laws requirepublic Mondaythat they properly mar- labor-union investment offi- companies and othersselling ketedtheir drugsunder regula- cial as his policydirector,rais- investmentstodisclose facts tory oversight and that the ing expectations that the and risks that arematerial—or plaintiffs won’t be able to show agencywill embraceprogres- information that mayinflu- examples of local deaths that sivepolicygoals. enceaninvestor’s decision to stemmedfromtheir prescrip- Mr.Gensler, who wassworn buy,sell or hold an asset. tions. “The evidencewill not in on Saturday,picked Ms.Corzo’s role at the SEC, supportthis grand conspiracy Heather Slavkin Corzo forthe policydirector,hasn’t existed theory,” Collie James, an attor- toppolicyrole in his office. AIRS under prior chairmen. Advis- ney forTeva, said in hisopening ThehiresuggestsMr. Gensler AFF erstothe SEC’schairman typ- statement. will tackle issues such as ically playroles in organizing TheCalifornia trial, along stricter corporate disclosures URBAN andnegotiating newregula- with othersexpected to start in related to climate-changerisks AND tions,but policyismostly West Virginia federal court in and companies’ spending to craftedbydivision directors Mayand NewYork statecourt influencepolitics. hired by the chairman and in June,could spur drugmakers HOUSING, Ms.Corzo has worked as di- those directors’ staffs. and distributorstofinalizeset- rector of capital markets pol- Mr.Gensler hasn’t an- tlements to end opioid lawsuits

icyatthe AFL-CIO and as head BANKING, nounced anydivision directors nationwide.Three large distrib-

of U.S. policyatthe Principles ON yet. Themost prominent di- utorsand J&Jhaveproposed forResponsible Investment, a rector is usually the agency’s paying acollective$26 billion to group of asset ownersthat in- enforcement chief. settle the cases,and othersare MMITTEE

corporates environmental, so- CO Mr.Gensler on Mondayalso in talks.Consulting giant

cial and governanceconsider- TE announced achief of staff,a McKinsey &Co. recently agreed

ations into their holdings. Heather Slavkin Corzo, seen at ahearing in 2019, will be newSEC Chief Gary Gensler’s policy director. SENA head of legislativeaffairsand to pay $641 million to resolve “She has very significant re- atop communications official. claims by states over adviceit lationships with investors, and nowexecutivedirector of sler’s tenurewill be measured.” well as requiring companies to Prashant Yerramalli, who has gavetoOxyContin maker Pur- union leadersand public inter- investor group HealthyMar- While working at the AFL- put worker representatives on worked as an SEC enforce- due Pharma LP. est advocates—manyofwhich kets.“She knows very well CIO, Ms.Corzo also wroteor their boards of directors. ment attorney among other Ms.Fitzpatrick said the com- were very supportiveofGen- what those groups arehoping testified to Congress in favor Some progressivepolicy roles,will serveasMr. Gen- panies should be held responsi- sler’s appointment,” said Tyler to see out of the SEC,and the of tighter regulation of private goals,such as requiring com- sler’s chief of staff,the SEC ble under California’spublic nui- Gellasch, aformer regulator yardsticks against which Gen- equity and stock buybacks, as panies to disclose their politi- said. sanceand misleading marketing laws fortheir role in causing opioid addiction in the state. Be- chips, while Arm designs the Topglobal semiconductorM&A deals on record an obscurepowerknown as a tween 1997 and 2017, California basic blueprints for the chips golden sharetoblock China’s received morethan 20 billion Nvidia’s YEAR /TARGET /BUYER in morethan 95% of the Shenzhen Invenland from doses of prescription opioids, world’s smartphones. 2020 /ARM /Nvidia buying 70%ofalittle-known Ms.Fitzpatrick said, in the form Deal Faces At the heart of antitrust $40billion* companynear Milan called of pills,patches or lozenges. concerns is the futureof 2015 /Broadcom /Avago Technologies LPE, asemiconductor busi- Thecommunities saythe Arm’sbusinessmodel, which nessthat supplies biggerEu- drugmakerspushed their pre- U.K. Probe haslong been based on forg- 36 ropean chip companies. scription opioids on doctorsde- ing partnerships with as 2020 /Xilinx /AMD “It seems to me to be com- spiteknowing therewas a manycompanies as possible 35* mon sense to use the golden mounting public-health crisis. ContinuedfromPageOne to sell high volumes of chip shareinasituation likethis,” Ms.Fitzpatrick showedOrange technology have jeopardized designsatlow prices.Nvidia 2016 /ARM /SoftBank Group Mr.Draghi said earlier this the ability of China’sHuawei Chief ExecutiveJensen Huang 32 month. “The scarcity of semi- Technologies Co., which was has said he supportskeeping 2020 /Maxim Integrated Products /Analog Devices conductorsforcedmanycar This trial and others briefly the world’s top smart- this open businessmodel, but producerstoslowdownpro- phone maker, to buy supplies competitorshavebeen skepti- 21* duction last year.Ithas be- coming up could it needs to keep making de- cal. *Deal is pending come astrategic sector.” spur settlements of vices.Aglobal semiconductor In ordering a review of the Sources: Dealogic; the companies Invenland and LPE didn’t shortage, meanwhile, has idled national security implications respond to requeststocom- lawsuits nationwide assembly lines at General Mo- of Nvidia’sproposed acquisi- Monday trading. companies have prompted the ment. tors Co.and other automak- tion of Arm, the U.K. invokeda Thegovernment didn’t or- U.K. and European countries Today’scarsuse adozen ersbecause today’svehicles seldom-used powerthat gives deranational security review to prepare new legislation to or moresophisticated com- require so many chips. it wide latitude to determine when Japan’sSoftBank bought createtheir ownversions of puterchips.These chips are County Superior Court Judge “This has become the new whether the merger would be Arm for$32 billion in 2016. Washington’sCommitteeon largely produced in the U.S. PeterWilson internal company colonialism,” said Hermann in the “public interest” of the What changedinthe five years Foreign Investment in the U.S. or Asia, giving European gov- documentsacknowledging what Hauser,co-founder of Arm’s country, based on national se- sincehas been concerns about In 2018, Cfius scuttled Broad- ernmentslittle control over Endo,for instance, called a predecessor companyand curity grounds. geopolitical risk,said Christine comInc.’s attempted $117 bil- supply chains their automak- “public-health conundrum” dur- vicechairman of aEuropean Aspokesman forNvidia Phillips, alawyer at London lion takeover of another chip ersrely on. VolkswagenAG ing astrategymeeting in 2011. Union advisorycouncil on said it didn’t “believethat this firm Fieldfisher who special- giant, Qualcomm Inc. said last month that the An attorney forEndo,John technology. “Ifyou have sov- transaction poses anymaterial izes in cross-border mergers. Similar concerns about digi- semiconductor scarcity Hueston,later said they were ereignty,you canindepen- national security issues.” He “There’sjust ageneral sen- talsovereignty prompted Pres- caused it to produce100,000 providing context“so Endo dently runyour economy said the companywould work sitivity of trying to protect ident Biden to propose spend- fewercars. could find the solutions.” without running to another with British authorities on the core technologyand assets ing $50 billion on the U.S. chip “That’smade people,in “This wasabout money,” Ms. countryfor semiconductors.” probe.Nvidia executives ex- that could be critical in the industry.China is turbocharg- Brussels in particular,realize Fitzpatricksaid, showing images Nvidia’sproposed acquisi- pected apossible U.K. national U.K.,” Ms.Phillips said. She ing efforts to boost itssemi- that we have an issue here,” of drug advertisementsdepict- tion of Arm also is expected to security reviewwhen the com- said that in previous“public conductor sector,and the EU said Neil Campling,aLondon- inglives improved by opioids faceregulatoryscrutinyin panyagreed to buy Arm and interest” probes,the British is spending part of a$150 bil- based analyst at Mirabaud and documentsfromthe compa- China, the EU and the U.S., in factored that risk intowhat it government has sought assur- lion packagewith the goal of Securities.“We realized there nies using the word “aggres- part because of itspotential to has said is an 18-month time- ances about headquartersand doubling itsshareofthe global areplenty of areas in the sive” to describe their ownmar- reshape the chip industry. line forcompleting the deal, a jobs remaining in the U.K. chip market by 2030. supply chain whereweend keting.One Teva internal email Nvidia is one of the world’s person close to Nvidia said. Ms.Phillips said worries In Italy last month, Prime up with risk,and we end up urgedemployees: “Keep on biggest designers of graphics Nvidia shares fell 3.5% in over foreign takeoversoftech Minister MarioDraghi used notincontrol.” cranking out the coupons and drivingRxgrowth!” Theproceeding,arising from THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS claims firstfiled in 2014, is only (USPS 664-880) (Eastern Edition ISSN 0099-9660) the second trial from morethan (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) 3,000 lawsuitsfiled nationwide Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Jasvinder Kaur,50years News article on Mondayabout headline in some editions Mon- by stateand local governments Published daily except Sundays and general legal holidays. old, wasamong the victims Chile’svaccination effortsincor- dayincorrectly said that Penske seeking to hold drugmakers, dis- Periodicals postage paid at New York, N.Y., and other mailing offices. killed Thursdayinamass rectly said Serbia is among the Media agreed to acquirea50% tributorsand pharmacies ac- Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. shooting at an Indianapolis nations using the vaccine made stakeinSouth by Southwest. countable forthe opioid epi- All Advertising published in The Wall Street Journal is subject to the applicable rate card, FedEx Corp.facility.Insome by Sinovac Biotech Ltd. Thearticle also incorrectly said demic. Nearly 500,000 people copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., editions SaturdayinaU.S.News that PenskeMedia last year have died in the U.S. from legal 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to article about the shooting,Ms. PenskeMedia Corp.last year mergedwith MRC. and illicit opioids since1999,ac- accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. Kaur’s firstname wasincor- formed ajoint venturecalled P- cording to federal data. Letters to the Editor: Fax: 212-416-2891; email: [email protected] rectly given as Jaswinder,and MRCHoldingsLLC with enter- Noticetoreaders Mr.James said Teva’s medi- her agewas incorrectly given as tainment companyMRC.P-MRC, Wall Street Journal staff cines continue to be prescribed Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] 64, based on inaccurateinfor- which is majority-owned and membersare working remotely as legal and necessarypain- By phone: 1-800-JOURNAL (1-800-568-7625) mation provided by authorities. operated by PenskeMedia, has during the pandemic.For the management options.For those Reprints &licensing: agreed to acquirea50% stakein foreseeable future, please send with cancer,Mr. James said, By email: [email protected] Serbia has distributed the tech, music and movie festi- reader commentsonly by email opioids such as theirsare often By phone: 1-800-843-0008 Covid-19 vaccines from Chinese valSouth by Southwest. ABusi- or phone,using the contactsbe- the only way to prevent amiser- WSJback issues and framed pages: wsjshop.com company Sinopharm.AWorld ness&Financearticle and its low, not via U.S. Mail. able lifeinpain. “Pain is aseri- Our newspapers are100% sourcedfromsustainably certified mills. ous problem in this country,” GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling J&Jlawyer Michael Yoder 888-410-2667. echoed in his opening remarks. P2JW110000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Tuesday, April 20, 2021 | A3 U.S. NEWS Chauvin Case GoestoJuryinMinneapolis

Prosecution, defense sandsofofficersfromacross . Concerns over vio- emphasize different lencegrewlast week after apo- video footage in their liceofficer in the suburb of Brooklyn Center closing arguments killed 20-year-oldDaunte Wright when she appeared to BY JOE BARRETT mistakeher gunfor aTaser,set- AND JACOB GERSHMAN ting off some looting of stores and several nightsofprotests. The murder trial of Derek Manybusinesses throughout Chauvin went to the juryMon- the city have boarded up their dayafter afinal dayinwhich windows.Minneapolis schools both sidesleaned heavily on areclosed forin-person learn- videofootage of the former ing Wednesdaythrough Friday Minneapolis policeofficer’s fa- in anticipation of the verdict. talconfrontation with George Afterthe juryhad lefttobe- Floyd last year. gin their deliberations,Mr. Nel- Prosecutorsimplored jurors son brought up the issue of to believetheir eyes,building whether the jurycan makean theircase around video of Mr. independent decision, given Floyd pressed under Mr.Chau- media coverage of the trial, as vin’sknee formorethan nine well as commentsfromU.S. minutes.Mr. Chauvin’sdefense Rep. (D., Calif.) attorney repeatedly showedclips over the weekend, calling for of Mr.Floyd struggling with offi- people to take to the streetsif GES cers to build his case that the Mr.Chauvin isn’t convicted. IMA use of forcewas reasonable. JudgePeter Cahill said he

Including closing arguments, GETTY wished politicians would stop attorneysatthe trial showed talking about the case and said about 166 clips of video taken BELL/ that Mr.Nelson mayhave from bystanders, policebody grounds foranappeal. ANDON

cameras,street cameras and BR JudgeCahill explained to convenience-storesurveillance Students in Minneapolis participated in a walkout Monday to racial injustice and honor the lives of Black men killed by police. the jurorsall of the elementsof footageoverthe course of the each charge that need to be trial, according to aWall Street asked jurorstoconsider what a has failed in itsburden to government wastrying to ar- thepolicecar,ofMr. Chauvin proven to sustain aconviction. Journal analysis. reasonable officer would have proveMr. Chauvin’sguilt be- gue, they were never able to ignoring requestsfromthe In no case does the statehave “This case is exactly what done to deal with asubject yond areasonable doubt.” establish causation and that’sa crowd to provide aid to Mr. to provethat Mr.Chauvin had youthought when yousaw it who wasn’t complying with or- He also playedvideo around fundamental element in all Floyd and afellowofficer who an intent to kill Mr.Floyd,but first, when yousaw that video. ders, had thwarted their efforts certain still shotsused by the three counts.” asked whether they should allthe chargesrequireproof Youcan believeyour eyes,” to gethim intoasquad carand prosecution—including Mr. Forthe firsttime during the turn him over.They also pre- that he caused his death. said SteveSchleicher,aspecial appeared to be under the influ- Floyd’s knuckles pressing trial, Mr.Chauvin removed his sented autopsy photos previ- JudgeCahill also included assistant attorney general for enceofdrugs or alcohol. against atireand Mr.Chauvin’s mask so the jurycould see his ously presented only to the special instructions that apply the prosecution, focusing its Mr.Nelson showedvideos foot coming off the ground as faceasMr. Nelson began his juryshowing scrapes and to the conduct of apoliceoffi- case on the nine minutes and from different officer body he kneels on Mr.Floyd’s neck— remarks.Mr. Chauvin has bruises to Mr.Floyd’s face, cerdefendant. “No crime is 29 seconds Mr.Floyd washeld cameras trying to put aresist- to arguethat they had been pleaded not guilty to charges shoulder and knuckles as he committed,” he told jurors, “if on the ground. “It’swhat you ing Mr.Floyd intothe car. He takenout of context. of second- and third-degree waspressed against the street. apoliceofficer’s actions were felt in your gut. What younow also showedstreet camera “The prosecution made a murder and manslaughter.The Viralvideo of Mr.Floyd’s justified by the policeofficer’s knowinyour heart. This wasn’t footagethat showedthe squad compelling argument, that this jurorswill remain sequestered death triggeredasummer of use of reasonable forceinthe policing.Itwas murder.” carrocking as officersstrug- is common sense and that the until they reach averdict or unrest last year acrossthe line of duty in effecting alaw- Defense attorney Eric Nel- gled with Mr.Floyd inside. defense’sargument wasnon- become deadlocked and can’t. country. State and city leaders fularrest or preventing an es- son, who has argued that Mr. “A reasonable policeofficer sense,” said Jack Rice, aMin- In closing arguments, prose- have been working formonths cape from custody.” Floyd died of aheart condition would rely on histraining and nesota criminal defense attor- cutorsused five clips of video on aplan to prevent another —Deena Winter and the and metham- experience,” Mr.Nelson said. “I ney.“Thedefense’sargument showing Mr.Floyd begging wave of unrest, calling on Na- and Deanna Paul phetamine found in his system, submit to youthat the state wasthat regardlessofwhat the with officersnot to put him in tional Guardtroops and thou- contributed to this article. MyPillow Union SeeksProbe AfterLosing AmazonVote

Files Suit BY SEBASTIAN HERRERA itsemployees.Mr. Bezos, who is leaving the CEO role later Theunion that unsuccess- this year to become executive Against fully sought to organizean chairman, said that while Ama- Amazon.com Inc.location in zonworks hardtoserveits Alabama filed challenges over workforce,itneeds to invent Dominion the vote, saying the company solutions to reducethe amount violated legal restrictions of injuries at warehouses. BY ALEXA CORSE throughout the election. Theunion’schargesseek to In objections filed with the set aside election results and MyPillow Inc.sued voting- National Labor Relations JOURNAL have it be held again. TheNa-

machine maker Dominion Board, attorneysrepresenting REET tional Labor Relations Board,

Voting Systems on Monday, a Retail, Wholesale and Depart- ST which conducted the election, counter move after Dominion ment StoreUnion allegethat LL is expected to reviewthe com- sued the bedding company Amazon intimidated and WA plaint beforeitdecides THE

and itsDonald Trump-sup- threatened employees into R whether to certifythe results. porting chief executive for voting against unionizing.The FO The labor board could hold a

defamation over his unproven union cited meetings that the OON hearing to go over the objec- claims that itsvoting ma- companyheld with workers tions and hear testimony. The

chines had riggedthe presi- andamailboxinstalled out- THERSP processcould take weeks or

dential election forJoe Biden. side the warehouse.Morethan WEA months. In asuit seeking morethan 70% of workers who cast bal- Amazon’striumph in Besse- NSEY

$1.6billion in damages,the pri- lotsinthe election voted LY mer is a major setback for la- vately held companysaid it is against joining the RWDSU. Employees at Amazon’s warehouse in Bessemer, Ala., rejected forming a union by a wide margin. bor unions in the U.S. and suing to protect freedom of Theunion alleges that Ama- came afterayear in which the speech and to rectifythe injury zon, through company repre- Bessemer,Ala., warehouse would have continued sup- mail-inelection, which con- companyhas experienced tre- the companysaid it suffered sentatives,threatened employ- wherethe election wastaking portingthe union,” RWDSU cluded April 9, and didn’t in- mendous growth and success. from Dominion’sown legal ees with the lossofjobs or place. The union alleged that PresidentStuart Appelbaum timidateworkers. “It’seasy to Union supportershad hoped a campaign, which the complaint closingofthe warehouse as the mailboxcould have co- has said. “We demand a com- predict the union will saythat victoryinBessemer could said included losing business well as possible lossofcom- ercedworkersintoincorrectly prehensive investigation over Amazon wonthis election be- electrifyunion pushes at Ama- and harassment and death pensation and benefits, if the believing Amazon wascon- Amazon’sbehavior in corrupt- cause we intimidated employ- zonthroughout the country threatsagainst employees. union were approved. The ducting the election and ing this election.” ees,but that’snot true.Our and forcethe companytoalter “Dominion is using the legal union also accused the com- thereby feeling compelled to An Amazon spokeswoman employees heardfar more some workplacepolicies processasaweapon to sup- panyoftargeting workerswho vote against unionizing.The said the union is misrepre- anti-Amazon messages from around matters such as pay pressfreespeech,” the suit in asked questions at meetings filing also accuses Amazon of senting the factsrather than the union, policy makers, and and breaks. federal district court in Min- by removing them from the electioneering by displaying a accepting the choiceofthe media outletsthan they heard Manyworkerssaid they re- nesotastated. “This lawsuit is gatherings, potentially scaring companycampaign message employees. “We look forward from us,” Amazon said follow- jected the union over broad brought in support of the mar- other employees. near the mailbox. to the next steps in the legal ing the election. concerns about job security ketplace of ideas and to rem- The union’s complaint also “Amazon knewfull well process,” she said. Chief ExecutiveJeff Bezos and because they didn’t be- edy thegrave harm that has focused on amailbox, installed that unless they did every- Amazon has said it followed said Thursdayinashareholder lievetheir salaryand benefits been suffered by MyPillow as by the U.S. Postal Serviceat thing they possibly could, even the law in its communication letter that the companyneeds a would substantially improve aresult of Dominion’ssup- Amazon’s request outside the illegal activity,their workers with employees during the “bettervision” fordealing with with union representation. pression of speech and attacks on the Company.” Thecompanyalso noted that it wasits founder and Infections Trend Higher Amid Va ccination Push CEO,MikeLindell,rather than the company, who spoke against Dominion. BY MELANIE GRAYCE WEST Daily reported Covid-19 cases in the U.S. fewervariantswill emerge and creases in Covid-19 cases in In February, Denver-based fewerbreakthrough infections manypartsofthe countrycan Dominion sued MyPillowand Though half of all U.S. 300,000 cases will occur and the quicker we be attributed to several fac- Mr.Lindell in federal court in adults have had at least one canget back to doing the tors.

theDistrict of Columbia. The Covid-19 vaccine dose,anar- things we love,” said Dr. They sayrelaxed prevention

Two-week trend suit alleged that Mr.Lindell rayoffactorsare complicating ↓ Walensky. effortsand loosened restric- had defamed the companywith the fight against the virus. +6.2% Morethan aquarter of the tions on indoor dining and accusations that it had rigged Statesare scrambling to re- 200,000 U.S. population has nowbeen masking measures have helped the 2020 election forPresident organize vaccination efforts fully vaccinated against drivecases higher,ashas pan- Biden, and asked formorethan afterpausing use of the John- Covid-19,according to CDC demic fatigue.Older popula- $1.3billion in damages. son &Johnson vaccine while Seven-day April 18 data. Thecountryadminis- tions,who maynot have been rolling average Dominion said the allega- health officials investigaterare 42,018 teredanaverage of 3.2million mixing widely, were priori- tions by Mr.Lindell and others but severecases of blood clots. doses aday over the past tizedtoreceiveaCovid-19 had irreparably damaged its Theseven-day average 100,000 week,according to aWall shot, and nearly 64% of Ameri- reputation, jeopardized itscon- number of newCovid-19 infec- Street Journal analysis of CDC cans aged 65 and older are tractswith stateand local gov- tions eclipses the 14-dayaver- data. nowfully vaccinated, accord- ernmentsand prompted death ageinabout half the country, As of Monday, all American ing to CDC data. But fewer threatsand harassment against with 40 states hitting that adults areeligible to receivea younger people,who maybe employees.The companysaid it benchmark last Wednesday. Covid-19 vaccine,with every moresocial or have public-fac- supplies election equipment And the agedistribution of 0 statemeeting the April 19 ing jobs,are vaccinated. used by morethan 40% of U.S. Covid-19 cases showing up in March 2020 Aug. Jan. ’21 April deadline set by President Bi- Thespread of highly trans- voters.“This is ameritlessre- hospitals has shiftedtoa Note:For all 50 states and D.C., U.S. territories and cruises. As of April 18 den. missible variantsisalso play- taliatorylawsuit, filed by younger population, as youn- Source:Johns Hopkins Center forSystems Scienceand Engineering Hospitalizations,which had ing arole. MyPillow to trytodistract gerpeople,who haven’t been been rising in recent weeks, Cases should be going down from the harm it caused to Do- vaccinated, arehelping drivea cases is at morethan 67,443, briefing Monday. declined 2.8% from aweek as vaccines are being rolled minion,” said Stephen Shackel- rise in cases,according to up 1% from the prior seven- TheU.S.isina“compli- earlier,according to the latest out, and yetcases aregoing up ford,alawyer forDominion. health officials. day average of 66,702. Four catedstage” of the pandemic, CDC data. Hospitalizations are at aworrisome level, said No court or election author- TheCentersfor Disease weeks ago, the seven-dayaver- Dr.Walenskysaid. down nearly 68% from apost- Barry Bloom, professor of pub- ity has found evidenceof Controland Prevention re- age was 53,000 cases a day, “The morepeople getvacci- holidays peak. lic health and an immunologist widespread fraud in the 2020 ported Mondaythat the seven- said Rochelle Walensky, direc- nated, the fewerinfections Public-health officials and at theHarvardT.H. Chan presidential election. dayaverage of newCovid-19 torofthe CDC,during apress therewill be,which means epidemiologistssay the in- School of Public Health. P2JW110000-5-A00400-17FFFF5178F

A4 | Tuesday, April 20, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS WhyBusinessLeadersTakePolitical Stands

lines increasingly is being against a federal voting- stands.Companies hoping to ated this vacuum,” says Neil tions. Dodging such ques- overtaken by corporate ac- rights bill Democrats have recruit young,tech-savvytal- Bradley, executive vice presi- tions may be an option, but tivism in the political arena. proposed in Congress, ob- ent knowthat corporatecul- dent of the U.S. Chamber of also not a good look. The question is: Why jecting to provisions it said tureand reputation noware Commerce and a former top Some of this isn’t entirely now? would put unreasonable re- part of the equation poten- GOP aide in the House. “Is- new. Several decades back, The signs of this new cli- strictions on corporate advo- tial employees consider when sues arise that are passion- companies were expected to mate are pretty obvious, and cacy and arguing that any ef- deciding wheretoland. ate, that can inflame both take positions on environ- widely noted. Some business fort to change voting laws And because younger sides, and the political sys- mental concerns and apart- CAPITAL JOURNAL leaders and their companies should be bipartisan. Americans tend to be on the tem used to have a way of heid in South Africa, while By Gerald F. Seib openly objected to Republi- But if what business lead- left side of the political dealing with those. You had more recently Chick-fil-A Inc. can attempts to stop certifi- ers are doing in the political equation on political and ra- senior statesmen who could has prospered while boasting cation of the 2020 presiden- arena is pretty obvious, why cial-justice issues, they are bridge the divide and cool conservative values, and Once upon a time, it was tial election and cut off they’re stepping into that pushing U.S. corporations in temperatures. You don’t have Walmart Inc. has decided to pretty simple to compose a contributions to lawmakers arena is less clear. that direction. The Harvard that today.” tighten its standards for gun political strategy for a big who supported the effort. Business Review last year So Americans have begun and ammunition sales in re- American corporation: Give Coca-Cola Co. and Delta Air n part, this business ac- published the results of a to seek out other players in sponse to gun violence. some contributions to main- Lines Inc. publicly objected tivism is simply a sign of survey of 168 managers and society to step into that vac- On a broader scale, to a new law on voting pro- I stream Republican politi- the times, and of the na- M.B.A. students, 80% of uum. When political leaders though, the political land- cians who cedures in their home state tional environment. In a hy- whom were under age 40, can’t resolve political de- scape is different. Neither could be of Georgia. per-politicized climate, citi- and found that 42% of them bates, the arguments seep party today provides a com- counted on to Hundreds of business zens increasingly expect or identified as liberal and just out into other corners of fortable home for corporate push agree- leaders and companies, in- even demand political posi- 27% as conservative—and American life. America. The Republican able tax and cluding JPMorgan Chase & tions from everybody—celeb- that their views of a hypo- Party, once the safe place for regulatory Co. and Netflix Inc., last rities, sports figures and, thetical company dropped hen a corporate business leaders to land, has policies, find week signed onto a two-page yes, business leaders. The significantly when they were leader does an turned more populist on ad in The Wall Street Jour- cacophony from social media told it held conservative val- W a few dollars for some mod- earnings call with trade and immigration, and erate Democrats to provide a nal and other publications makes it harder to duck the ues. analysts, or appears in a TV skeptical of big business. The bit of bipartisan insurance, declaring that they “defend tough political questions. Yet there’s another factor interview to discuss eco- Democratic Party has turned and then keep your mouth the right to vote and oppose That expectation of corpo- that is less obvious: The very nomic conditions, or holds leftward. shut when political debates any discriminatory legisla- rate stand-taking is particu- failures of the political sys- an all-hands employee meet- Business leaders increas- flared up. tion,” an implicit rebuke of larly high among younger tem itself are forcing corpo- ing, that leader now can be ingly find themselves on Well, those were the good voting bills Republicans are Americans,sobusinesses are rate leaders off the sidelines. expected to be asked about their own, in a political sys- old days. Today, the strategy pushing in dozens of states. feeling the pressurefrom “In some ways, the break- the move- tem that is failing, and at a of writing the check and Meantime, the U.S. Cham- both younger customersand down in the political system ment or voting rights, not time when silence is not an then crouching on the side- ber of Commerce spoke out their ownemployees to take and the polarization has cre- just about business condi- option. Vice President Transformed Role Smaller Increase BY JOHN MCCORMICK In CorporateTax Former Vice President Wal- terMondale,acivil-rights champion wholost a1984 RateIsDiscussed WhiteHouse bid in one of the largest Electoral Collegeland- slides in U.S. history, died BY ANDREW DUEHREN panding access to broadband, Mondayevening at his home rebuilding schools and funding in Minneapolis. He was 93. WASHINGTON—President elder care,among other priori- Mr.Mondale died peace- Biden and a bipartisan group ties. fullyofnaturalcauses,said of lawmakersdiscussed alter- TheWhiteHouse has indi- KathyTun- nativeways to payfor infra- catedMr. Biden is open to OBITUARY heim, afamily structure spending, including breaking his proposal into WALTER spokeswoman. a smaller increase in the cor- smaller partsand is consider- MONDALE Mr.Mon- poratetax rate,asRepublicans ing different waystopay forit, 1928-2021 dale,the 42nd and Democrats aired possible amid aswirl of proposals from vicepresident, changes to the size and scope lawmakersofboth parties. wascredited with boosting the of the package. “I am prepared to compro- status of the officewith his TheWhiteHouse has pro- mise,prepared to see what we deep involvementinshaping posedraising the corporate candoand what we canget policy, influencing administra- taxrateto28% from 21%, together on,” Mr.Biden said as tion appointmentsand conduct- along with increasing taxeson the meeting with 10 lawmakers ing foreign-policynegotiations. U.S. companies’ foreign earn- and Transportation Secretary “I wasthe firstvicepresi- ings, to coverthe cost of Mr. Pete Buttigieg gotunder way. dent to be in the WhiteHouse Biden’s$2.3trillion infrastruc- Some SenateRepublicans, working daily with the presi- ture proposal. critical of the corporatetax in- dent,” he said in a2008 docu- At the meeting Monday, creases and the broad scope of mentary about his life. lawmakers and Mr. Biden dis- Mr.Biden’sinfrastructureplan, Beforeagreeing to be cussed a more modest tax in- have started discussing making JimmyCarter’s 1976Demo- crease, according to multiple acounteroffer in the realm of cratic running mate, Mr.Mon- attendees. $600 billion to $800 billion. dale—known as “Fritz” to Rep.Charlie Crist (D., Fla.) Agroup of Republicans met family, friends and many vot- said lawmakersdiscussed the Mondaytodiscussthat possi- ers—wrote a memo outlining potential forsome “compro- bility,with lawmakersaiming hisexpectations should they mise wiggle room” on raising to release their ownplan soon. win. Among Mr.Mondale’sde- the corporateratetohelp pay Republicans have indicated mands was that he be invited forthe plan. “You could see a that they would want to focus to all cabinet meetingsand 2or3%increase—maybe not on spending money on building that the two men would confer all the way to 28 but 25,” he roads and bridges,along with at least weekly. said of thepercentagerate. expanding access to broad- Mr.Carter,alittle-known Mr.Biden has held aseries band,while excluding other former governor of Georgia, of meetingswith lawmakersof partsofMr. Biden’splan, such needed a Washington veteran both parties about his pro- as providing$400 billion for to boost public confidence in posal, which offersfunding for caring forelderly and disabled his ability to run the nation. improving transportation, ex- Americans. “TodayImourn the passing of my dear friend Walter Mon- dale, who I consider the best

vicepresident in our country’s (2) Cuomo’sPandemic history,” Mr.Carter said in a S

statementMondayevening. PRES

“During our administration, TED Book Sparks Inquiry Fritz used his political skill CIA SO

and personal integrity to AS BY JIMMY VIELKIND the comptroller and attorney transform the vicepresidency Walter Mondale with Jimmy Carter at the 1976 Democratic National Convention, top. The general declined to comment. intoadynamic,policy-driving presidential ticket would go on to victory. Then-Sen. Mondale, above left, viewed damage from the ALBANY,N.Y.—NewYork “We have officially jumped forcethat had never been seen 1970 Jackson State shooting in Mississippi. Police opened fire on a group of students, killing two State Attorney General Letitia the shark—the idea therewas before and still exists today.” Black young men. Mr. Mondale championed civil-rights legislation during his 12 years in the Senate. James will examine the possi- criminality involved here is Beforeserving in Washing- ble use of stateresourcesin patently absurdonits faceand ton, Mr. Mondale was Minne- nanceCommittee, the Labor formally announcing his presi- on to Mr.Wellstone’sseat in a the production of Gov.Andrew is just the furthering of a po- sota’s attorney general in the and Public WelfareCommittee, dential bid from his home competitiveelection against Cuomo’s memoir about howhe litical pile-on,” he said. early 1960s afterbeing se- the Budget Committee, and state’s capitol in St. Paul. Norm Coleman, the Republican managed the early days of the Speaking to reporterson lected for the post at the age the Banking, Housing and Ur- Themonth afterclinching mayor of St. Paul. pandemic, officials said. Monday, Mr. Cuomo repeated of 32. In 1964, he wasap- ban AffairsCommittee. Mr. the nomination, Mr. Mondale AfterMr. Wellstone’ssons Delaney Kempner,aspokes- that some of his aides volun- pointed to the Senateafter Mondale also served as the made historybypicking U.S. asked the former vicepresi- woman forMs. James,con- tarily reviewedhis memoir to Hubert H. Humphrey was chairman of theSelect Com- Rep.Geraldine Ferraro(D., dent to fill their father’s spot firmed her office was looking make sure their actions were elected vicepresident and va- mitteeonEqual Education Op- N.Y.), as his running mate. She in the race,Mr. Mondale trav- intothe matterafter receiving accurately described. Thegov- catedone of Minnesota’sseats portunity and as the chairman became the firstwoman nomi- eled by bus instead of airplane an April 13 referral from ernor said information about in the chamber. of the IntelligenceCommit- nated forvicepresident by a and coveredlessterritorythan Comptroller TomDiNapoli. Mr. how he was compensated for Mr. Mondale first met Mr. tee’s Domestic Task Force. major U.S. political party. he might have otherwise. Mr. Cuomo’s book,“American Cri- the book would be released Humphrey—who would go on He wasone of the authors At the Democratic National Coleman wonbyjust more sis,” waspublished in October. to become one of his political of the Fair Housing Act of Convention, Mr. Mondale did than 2 percentage points. Thereferral letter, reviewed mentors—while he wasacol- 1968,which sought to end seg- something most politicians Mr.Mondale had returned by TheWall Street Journal, The governor’s legestudent. Aftergraduation, regation and discrimination in don’t do while running forof- to Minnesotain1987,wherehe gives Ms.James jurisdiction to advisers Mr.Mondale didn’t have mortgage and housing policy fice:Hepromised to raise practiced lawwith the firm of look at “any indictable of- reviewed and enough money to attend law and to level the economic taxes, arguing that he wasjust Dorsey &Whitney until former fense” arising from an investi- edited drafts school,sohejoined the Army playing field. Mr.Mondale being morehonest than Mr. President Bill Clinton nomi- gation intowhether statere- of the book at fortwo yearsbeforeattending later said the lawfailed to re- Reagan. “He won’t tell you,” natedhim to be the U.S. am- sourceswereused “inthe weekend the University of Minnesota’s ducediscriminatorypractices he proclaimed during his ac- bassador to Japan. drafting,editing,sale and pro- sessions. lawschool. as much as he had hoped. ceptance speech. “I just did.” Mr.Mondale served as am- motion of the governor’s During his 12 yearsasa As vicepresident, Mr.Mon- Mr.Reagan woninaland- bassador from August 1993 to book.” senator,heserved on the Fi- dale playedamajor role in the slide, carrying every state ex- December 1996.During that pe- Thegovernor’s advisersre- this year as part of his taxre- negotiations between Egyptian cept Mr.Mondale’snative riod, he helped to negotiate viewedand edited drafts of the turn and required financial- President AnwarSadat and Is- Minnesota. several U.S.-Japan security book during weekend sessions disclosure form. raeli Prime Minister Men- Assessing the results, Mr. agreements, including aresolu- at the ExecutiveMansion, and Thenew reviewisinaddition

Order by achem Begin that resulted in Mondalesaid, “Reagan was tion to the controversy over asecretaryprinted the manu- to an investigation overseen by May 5th for the 1978Camp David Accords. promising them ‘Morning in the U.S. militarypresencein script on astate printer,people Ms.James’soffice of sexual-ha- Mother’s Day! In 1980,Ronald Reagan eas- America,’and Iwas promising Okinawa.Healso helped to familiar with the mattersaid. rassment accusations against ily defeated Mr. Carter in the a root canal.” forgenumerous trade agree- RichAzzopardi, asenior ad- thegovernor.Mr. Cuomo has wake of the Iran hostagecri- The1984 losswouldn’t be mentsbetween the U.S. and viser to the governor,said the said he never touched anybody sis, gasoline shortages, infla- Mr.Mondale’slast high-profile Japan and promoted the expan- use of stateresources wasinci- inappropriately and apologized tion andageneral sense the defeat. In 2002, Sen. Paul sion of educational exchanges dental and people who worked if his behavior made anyone un- nation wasonthe wrong Wellstone of Minnesotadied between the two nations. on the book volunteered their comfortable. track.Mr. Mondale returned to in an airplane crashalittle Theformer vicepresident is time. Democratswho dominate privatepracticein1981, set- more than aweek beforethe survived by two sons,William He accused Mr.DiNapoli the stateAssembly previously

Your Children’sNames hand-craftedin ting up shop in Winston & election.Mr. Mondale wasre- and Theodore. His wife, Joan, and Ms.James of pondering said they would examine the sterling silver with brilliant Swarovski crystals set in solid gold Strawn’s Washington office. cruited as the Democratic died in 2014, and his daughter, theirown gubernatorial cam- production of the book as part JOHN-CHRISTIAN.COM 888.646.6466 Just two yearslater,hewas Party’s best chanceofholding Eleanor,died in 2011. paigns.Spokespeople forboth of an impeachment inquiry. P2JW110000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | A5 U.S. NEWS NASA Copter MakesHistoric Flight on Mars

The autonomous whichdrones playakey role in planetaryexploration. Such Ingenuitybecomes the drones could one day provide firstpoweredcraft to access to terrain that is toore- moteorruggedfor rovers to fly on another world reach—likeMars’sValles Mari- neris, the largest canyon in the BY ROBERT LEE HOTZ solar system, or itsOlympus Mons shield volcano,which is NASA’s MarsIngenuity heli- about 2.5 times the height of GES copter made historyearly Mount Everest. IMA

Mondaywhen the small but Ingenuity was on autopilot GETTY

intrepid dronebecame the forits entireflight, out of CH/ firstpoweredcraft to flyon sight, direct control or contact TE

another world,spaceagency with the men and women on -CAL PL

officials announced. Earth who had ordered it /J Overcoming extreme cold, aloft. Radio signals take too SA NA dangerously thin air and flawed long to travel between the NASA’s Mars Ingenuity helicopter took this image while hovering over the Martian surface on Monday. flight software,the $85 million planets for any human opera- autonomous copter spun its tor to intervene. Achieving Liftoff wasthe latest milestone in aboveEarth of about 22 miles— twin carbon-fiber rotorblades On Sunday, Ingenuity’s chief Marsexploration this year.In far beyond the operating range to rise about 10 feet intothe pilot, Håvard Grip,and his col- ForIngenuitytoflyonMars, NASAengineersgave it ultra-light, February, the United Arab of anyconventional helicopter. thin Martianair.Ithovered leagues at the JetPropulsion compact parts and rotors capable of generating enough lift Emirates successfully put its Thethin Martian air made it briefly in the breeze before Laboratoryhad transmitted to carryitaloft.Ingenuity’srotor blades spin fivetimes faster $200 millionHope spacecraft hardfor Ingenuity to generate safely landing at about 3:34 a.m. commands across173 million than those of aconventional helicopter. in orbit around Mars to begin a sufficient liftand to control its ET Mondayback on the ground, miles of spacetoset Ingenu- two-year weather mission. Days rotorblades—and hardtodissi- 56 miles NASA officials said. They plan ity’s flight in motion. Given the Mars’sair density later,aChinese probe named patethe heat generated by the up to four moreflightsduring time lag in radio transmissions The air on Marsislessthan Mesosphere Tianwen-1entered Marsorbit. tinymotorsthat powerthe ro- thenexttwo weeks. resulting from the relativepo- 1% as dense as air on Earth, with China plans to land itsfirst tors,the engineerssaid. As flight datastreamed sitionsofEarth and Marsand the densityatthe surfaceroughly rover on the surfacethere “What we didn’t fully ap- from Ingenuity to Earth on thesatellitessending back the equivalenttothe densityatan sometime in MayorJune. preciate initially is how much Monday, mission engineersat data, the controllershad no altitude of about 22 miles above TheHope and Tianwen-1 that density changed the way NASA’s JetPropulsion Labora- way of knowing that the flight the Earth’s surface. missions arethe firstforays to the vehicle handled,” Dr. Grip tory in Southern California wasasuccess until almost 16 31 miles the Red Planet forboth coun- said. “It would be likeriding a cheered and clapped. hourslater when theflight tries.They joined spacecraftal- bicycle with grocerybags “It’sreal. It’sreal,” said In- datatrickled back to Earth. ready in orbit therefromthe hanging from the handle bars, genuity project manager MiMi Preflight weather forecasts European SpaceAgency, the swinging back and forth. In Aung,slapping the table in forMarshad NASA worried. INGENUITY SIZE COMPARISON U.S. and India. NASA also has other words, when you try to frontofher with glee and Sensors aboard Perseverance Stratospspherheree two other activemissions un- control it, youdon’t geta showing athumbs-up.“We can showed winds within Ingenu- Helicopters on Earth generally der way on the surface, in addi- crisp clean response.You geta nowsay human beingshave ity’s flight zone of 13 to 45 don’t fly above 10,000 ft.No tion to Perseverance. sluggish, oscillatoryresponse, flownadrone on another miles an hour—almost twice conventional aircraftcould fly 8miles Ingenuity combines high- what we call flapping.” planet.” the maximum wind speed used on Marsbecause the Martian Tropooposspherphpherere speed rotors and featherweight Ingenuity’s designers Ingenuity arrived at Mars’s in flight tests of Ingenuity on atmosphereistoo thin. carbon-fiber materials with in- damped the effect by making Jezero Crater in February Earth. Computer simulations, Sources: NASA Jet Propulsion Laboratory/Caltech; Earth’s surface expensiveelectronics hardware Ingenuity’s rotorblades un- along with NASA’s Persever- though, suggested Ingenuity’s The Center forPlanetary Science used in smartphones—off the usually rigid. ancerover,which wasonhand autonomous flight-control sys- shelf but 150 times as powerful OnceIngenuity completes to capturethe historic flight tems could handle even stron- we want to run, and then we wanted it to go.” as the computer microproces- itsscheduled flights, Persever- on camera. gerwinds safely,the engineers die inside forhourswaiting to On Monday,Dr. Grip and his sorsNASA has used previously anceisexpected to begin a Thedrone—stiff-leggedand said. learn what happened,” said In- colleagues analyzedthe alti- in space. two-year search forsigns of smaller than apicnic basket— They timedthe flight for genuity lead operations man- tude andposition measure- Thethin carbon-dioxide at- past lifeonMars.The rover was designed as an engineer- around middayMarstime ager Tim Canham. “Then, mentsfromthe helicopter’s la- mosphereofMarsposed aspe- will cache soil samples for ingexperiment to provethat when the winds in Jezero Cra- when all the datacomes back, ser altimeter and sensorsto cial challenge, Ingenuity engi- eventual return to Earth by a powered flight is possible on terwereexpected to be at we frantically getonline and confirm that Ingenuity had ac- neerssaid. Theair at the series of retrieval missions car- the Red Planet and to help their lightest. look at it to makesurethat tually flownasintended. Martian surfacehas the same ried out jointly by NASA and NASA plan forafuturein “We upload the commands everything went the way we Thehistory-making flight density as air at an altitude theEuropean SpaceAgency.

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A6 | Tuesday, April 20, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Justices Weigh Migrant Statuses Apple to Reinstate BY JESS BRAVIN residency. While temporary gration Services because they in averyawkward position designated Myanmar for18 AND BRENT KENDALL protectedstatus means non- hadn’t formally been admitted. year afteryear,” depending on months of temporarypro- citizens canlegally stay in the Thecouple sued, arguing the administration’s decision tected status because of the AppIt WASHINGTON—TheSu- U.S., the issue was whether it that by conferring temporary to extend the designation. government’sviolenceagainst preme Court appeared unre- also confers lawful admission statusthe government effec- But, he told Ms.Saharia, civilians following amilitary ceptiveMondaytoarguments to the country. tively had granted them lawful “the questions my colleagues coup. Pulled that federal lawallows noncit- JusticeSamuel Alitoex- admission. Afederal appeals have pointed out and Judge At the Supreme Court, the izens to seek lawful perma- pressedhis doubts. Why, he court in Philadelphia dis- Hardiman’sopinion in the administration argued that the nent residency when they en- asked, would Congress “leave ThirdCircuit point out that justices should defer to the AfterRiot teredthe U.S. illegally but it to the courtstoinfer that you have an uphill climb, tex- government’sreading of the were later authorized to re- ‘lawfulstatus as anonimmi- At issue is protective tually speaking.” relevant lawindetermining main because of disastersin grant’ necessarily means in- The House, Justice Ka- that the couple was ineligible BY MATT GROSSMAN their homelands. spection and admission?” status forthose from vanaugh noted, recently for green cards. Some 400,000 people from “Some of those forms of nations where passed an immigration bill. Chief Justice John Roberts Apple Inc.plans to make about a dozen countries have lawful status,such as asylum, “Weneed to be carefulabout picked up on that distinction, the social-media app Parler temporaryprotected status do not requireadmission,” disasters struck. tinkering with the immigration which signaled that the ad- available through itsApp permitting them to remain in said Amy Saharia, the lawyer statutes as written, particu- ministration wants flexibility Storeagain, the computer and the U.S. Despitethe program’s representing the plaintiffs. larly when Congresshas such a to loosen the standards for smartphone companysaid in a name, all arrived at least five “But Congresschose aform of primaryrole here,” he said. permanent residency. lettertolawmakersonMon- yearsago. And the majority lawful status,nonimmigrant agreed, holding that while the The Trump administration “I was struck by the extent day. have been in the U.S. forde- status,inwhich admission is couple currently had legal sta- sought to terminateprotected to which your brief undersold Afterthe attack on the Cap- cades, as successive adminis- inherent,” she said. tus, they never had been law- status designations for your position,” he told Justice itol on Jan. 6 by a pro-Trump trations extended the re- Ms.Saharia’sclients, Jose fully admitted. some countries,including El Department attorney Michael mob,aslawmakersweregath- prieves originally granted Sanchezand Sonia Gonzalez, a “Congresscreated an ex- Salvador,Haiti and Honduras, Huston.“Throughout it, you ered to certifyPresident Bi- because of natural or humani- married couple from El Salva- ception to the admission re- afterconcluding conditions said thingslike, ‘The text den’svictory, Apple and other tarian disasters, such as the dor, entered the U.S. illegally quirement forsome aliens but therehad stabilized. Those ac- doesn’tforeclose your posi- big tech companies moved 2010 earthquake in Haiti. in the 1990s but obtained tem- did not do so forTPS recipi- tions were tied up in court tion’ and ‘Congressdid not un- quickly to sever ties with Par- In general, federal lawre- porary protected status after ents,” JudgeThomas Hardi- and remained unresolved ambiguously mandatethe op- ler,which had given some peo- quires that noncitizens be “in- earthquakes struck their man wrote for that court. when President Biden, promis- ponent’s position,’” he said. ple involved in theattack afo- spected and admittedorpa- homeland in 2001. They ap- JusticeBrett Kavanaugh ac- ing amoregenerous immigra- Mr.Huston said that Home- rumfor discussing their plans. roled” to the U.S. and maintain plied forpermanent residency knowledged that the precari- tion policy, took office. Last land Security could take adif- Amazon.com Inc.suspended lawful status as nonimmi- in 2014but were turned down ous nature of temporary pro- month, Homeland Security ferent position afterfurther re- Parler from itsweb-hosting grantstolater seek permanent by U.S. Citizenship and Immi- tected status “putsthe people SecretaryAlejandroMayorkas view. services.Google parent Alpha- bet Inc., likeApple,also re- moved Parler from itsapp store. In alettertoSen. MikeLee of Utah and Rep. Ken Buck of Colorado,both Republicans, Apple said Monday that a re- vised version of the Parler app with improved content moder- ation would be approved for release to Apple users. TheletterfromApple was posted on TwitterbyMr. Buck, and it wasconfirmed by Mr. Lee’soffice. Apple declined to comment. Parler didn’t re- spond to requestsfor com- ment. In the letter, Apple stood by itsinitial decision to remove Parler from the app store, cit- ing poststhat denigrated racesand religions,promoted Nazi ideologyand called for violence. SinceJanuary, Apple has had “substantial conversa- tions” with Parler,and the app maker proposed updates to its platform and itscontent-mod- eration policies, Apple said. “The App ReviewTeam has informed Parler as of April 14, 2021 that itsproposed up- dated app will be approved for S reinstatement to the App PRES Store,” the letter said.

UMA The letter, which didn’t ex- /Z plain what changes Parler un- NP

/C dertook, came in response to an inquirythat Messrs. Lee MKEY

LA and Buck sent to Apple last D

RO month. A memorial in Washington for Capitol Police Officer Brian Sicknick, who died Jan. 7 at age 42. He had been attacked a day earlier during the Capitol riot. Mr.Buck said on that the decision was a “huge the attack. forthe alleged assault that in- sprays and his questioning a porarily blinded and sought win for free speech.” Officer’s But as investigators clude conspiring to injurean firearms-storeemployee“as to medical attention. One of the Parler LLC,which launched scoured hundreds of thou- officer; assaulting afederal of- whether he could take a fire- officers“reported lasting inju- in 2018, landed in the middle sands of pieces of digital me- ficerwith adangerous arm or a pepper ball gun into ries underneath her eyes,in- of adebateabout internet Death Cited diainthe early weeks of the weapon; civil disorder; ob- Washington, D.C.,” among cluding scabbing that re- companies and free speech as investigation, they didn’t im- structing an official proceed- other factors. mained on her facefor weeks,” it grew in popularity among mediately locateclear footage ing; and engaging in physical Footagefromafter 2p.m. the document said. supportersofthen-President As Natural indicating what happened to violenceonrestricted grounds on the dayofthe riot shows On April 7, the medical ex- Donald Trump. Mr.Sicknick,leaving them un- while carrying adangerous the two men walking together aminer’s officesaid it had de- Parler is similar in format sure of what might have con- weapon that resulted in signif- toward the lowerwest terrace termined that four othershad to Twitter Inc.’s platform. Its ContinuedfromPageOne tributed to his death, officials icant bodily injury, among of the Capitol building. Video also died as aresult of the at- rise coincided with moreag- tol Rotunda, where President have said. other counts. Some of those showedMr. Khater telling Mr. tack, including Ashli Babbitt, gressiveeffortsonTwitter’s Biden and firstlady Jill Biden After reviewing body-worn carrythe potential forlengthy Tanios,“Givemethat bear who wasfatally shot by aCap- part to flag or removecontent were among those who paid camera footage from a Wash- prison sentences,with maxi- shit,” andreaching intoa itol Policeofficer as she at- Twitterdeemed objectionable their respects. House Speaker ington police officer who was mum terms of 20 years. The backpack, the document said. tempted to jump through shat- or misleading. NancyPelosi (D., Calif.) and standing next to Mr.Sicknick, examiner’s report appearsto Mr.Tanios responded, “Hold tered glass at the door to the As of February, Parler said SenateMajority Leader Chuck investigators accused two men rule out the possibility of on, hold on, not yet, not Speaker’s Lobby.Two other ri- it had morethan 20 million Schumer(D.,N.Y.) held acere- of working together on Jan. 6 prosecutorscharging the men yet…it’sstill early,” the affida- otersdied of heart conditions users, according to Mark monial arrival forMr. Sick- to spray officersdirectly in with an assault leading to the vit said. during the eventsofJan. 6, Meckler,its interim chief exec- nick’s remains before a view- theirfaces and eyes to coin- officer’s death. Soon afterward, footage and another died of an am- utive. ingperiod forCapitol Police cide with other rioters’ efforts Both have pleaded not from the body camerashowed phetamine intoxication, the Parler held itself out as a officers. to forcibly removebike-rack guilty to the chargesand re- Mr. Khater with his right arm medical examiner’s officesaid. Twittercompetitor that would Theinvestigation intothe barriers to getcloser to the main detained pending their held high in the air, aiming a Investigatorshavedeter- take ahands-off approach storming of theU.S.Capitol Capitol, according to the affi- trial. Afederal magistrate canister at several officersin- minedthat the policeofficer moderating content. has already led to federal davit for their arrest. judgeinWest Virginia ordered cluding Mr.Sicknick.The offi- who shot Ms.Babbitt That policy made the plat- criminal charges against more Thetwo men, 32-year-old Mr.Tanios held, saying he cers “all react, one by one, to shouldn’t be chargedwith any form an attractiveonline than 400 people,manyof Julian Khater of Pennsylvania “poses adanger to othersand something striking them in the crimes. meeting place for supporters whom were identified by video and 39-year-old George Tanios the community” based on his face,” the document said, add- —Tawnell D. Hobbs of the president’,who grew and social-media postsfrom of West Virginia, facecharges advancepurchase of the ing that the officersweretem- contributed to this article. aggrieved at Twitter’sap- proach to content moderation as Mr.Trump worked to over- U.S. WATCH turn the resultsofthe 2020 presidential election and as Twitter eventually suspended WASHINGTON Judge Kelly read from the men’s twoshootings overthe weekend deputyinthe department, was The Bureau of Alcohol, To- his account. social-media postsand other evi- thatleft atotal of six people taken into custody at about 7 bacco,Firearms and Explosives In response to criticism Proud Boys Leaders dencefiled by prosecutors, which dead in incidents wherethe a.m. Monday, following amanhunt conducted atrace on the two that it served as astaging Ordered Detained recountedhow both men had al- shooters appeared to knowthe overnight, after aresidentcalled weapons used in the attack and ground forthe Capitol attack, legedly organized members of the victims. 911 and said theyhad seen him. found Mr.Hole purchased the ri- Parler has said that it referred A judge ordered two leaders Proud Boys to come to Washing- In Kenosha County,Wis., the An attorneywho previously fles legally in July and Septem- dozens of examples of violent of the far-right Proud Boys de- tononJan. 6and eventually to sheriff’s departmentsaid an indi- representedMr. Broderick couldn’t ber 2020, the Indianapolis Metro- content to the FBI in the tained pending trial for their al- riotinside the Capitol. vidual would be charged with be reached to comment. politan PoliceDepartmentsaid. weeks before the mob attack. leged involvement in the Jan. 6 An earlier Wall Street Journal first-degree intentional homicide, —Kris Maher has ared flag law Apple had previouslyde- Capitol riot. investigation found thatthe with other charges to followas thatallows policetoseizeafire- nied an earlier attempt by Par- Ethan Nordean of Washington Proud Boys,who describe them- the investigation continues. INDIANAPOLIS arm from asuspect who is con- ler to seek reinstatement. stateand Joseph Randall Biggs of selves as amen’sorganization for At about 12:42 a.m. Sunday, sidered to be adanger to himself Florida face federal charges tied “Western chauvinists,” were key three men died after being shot Prosecutor Couldn’t or others. to their alleged involvementinthe instigators of the riot. at atavern in the village of Som- Use Red Flag Law Anyseizurerequires acourt pro-Trump Jan. 6riotatthe U.S. Mr.Biggs’sattorneydeclined ers, Wis., according to the depart- hearing within 14 days to deter- Capitol,including conspiring to ob- to commentonany appeal of ment. Three other men were hos- The Marion County prosecutor mine the suspect’sthreatlevel. A struct the certification of Presi- the ruling, and Mr.Nordean’sat- pitalized with gunshotwounds. said Mondayhehad lacked suffi- finding of dangerousnessmight dentBiden’svictory in the 2020 torneys had no immediate com- “Wedon’tbelieve this wasa cientevidencetouse Indiana’s lead notonly to the seizureof GES IMA election. Messrs. Nordean and ment. random act,” Kenosha County redflag lawtopursue acourt or- the firearm, but to aban on ob-

Biggs, who have pleaded not —Rachael Levy Sheriff David Beth said. der thatwould have prevented taining others. ETTY guilty, were charged earlier this In Austin, Texas, policear- Brandon Hole from obtaining the While Mr.Hole wasonthe ra- /G AFP

year and have been confined to TEXAS, WISCONSIN restedStephen Broderick, 41 firearms he used to kill eight dar of lawenforcementassome- Y/ home detention. Suspects Arrested years old, following another Sun- people. one with mental-health issues TimothyJ.Kelly,afederal daymorning shooting in which Mr.Hole, a19-year-old former and potentially violenttenden- DOULIER judge in Washington, D.C., said the In 2 Fatal Shootings twowomen and one man were employeeofFedEx Corp., went cies, he neverhad such ahear-

severityofthe charges facing the killed, according to the Travis on ashooting spree beforetak- ing, said Marion County Prosecu- OLIVIER twomen swayed his decision to PoliceinTexasand Wisconsin County Sheriff’s Department. ing his ownlifeatthe company’s torRyanMears. The app Parler held itself out detain them. Forclose to an hour, said theyarrestedsuspects in Mr.Broderick, who is aformer ground facilityThursdaynight. —Laura Kusisto as a rival to Twitter. P2JW110000-0-A00700-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | A7 WORLD NEWS India Locks Down Capital, Boosts Shots

Surge in Covid-19 cases Khan said. “The signal that went out wasthat, ‘Everything spurs NewDelhi curbs, is over. We have recovered.’ ” opening of vaccinations Anumber of highly conta- gious variants of the original to all adults in nation coronavirus have also been circulating acrossthe country. BY VIBHUTI AGARWAL In March, India’sHealth Minis- AND SHAN LI trysaid the U.K.,South Africa and Brazil variantshad all NEW DELHI—India imposed been found in collected sam- a lockdown on its capital city ples,along with anew “dou- andsaid it would expand its ble-mutant variant” that may vaccination program to all have originated in India. adults, as the countrystrug- By mid-April, the U.K vari- gled to keep the world’s fast- ant had become the dominant est-growing surge of Covid-19 variant in the northern state infections from overwhelming of Punjab,public-health ex- its healthcare system. pertssaid. Thedouble-mutant India has sought to avoid GES variant had taken over as the the strict lockdowns that pun- IMA most common one in the state

ished itseconomy last spring, GETTY of Maharashtra.

but the NewDelhi Chief Minis- SE/ Little is known so far about terArvind Kejriwal on Monday the double-mutant variant, said the step wasnecessaryto which gets itsname because it

avoid an even biggerdisaster: ANCE-PRES has two mutations seen sepa- acompletebreakdown of its FR rately in othervariantsbut

hospitals.Already,some were ENCE not in the same variant. turning away patientsand AG Thevariant has been de-

running lowonoxygenand ABI/ tected in 21 countries,accord-

other supplies. ANDR ing to researchersatfour uni- “I don’t saythat the system versities who track viral has collapsed, but it has LEES lineages.Genetic sequencing JA reached its limits,” he said. People crowded a bus station in New Delhi on Monday to get home before a weeklong government-ordered lockdown took effect. has turned up cases in the Thelatestwaveofcases U.S.,Germany, Turkey and Ni- has risen much faster than the peak. sweeping measures likethe pointed to acombination of Dr. Khan pointed to poten- geria, among others. country’smonthslong surge As of 10 p.m. local time, ones employed last spring. factorsfueling the surge,in- tial superspreader eventssuch DoctorsinIndia saythey last year, moving the country shops and businesses were Therapidly rising numbers cluding the circulation of new as the recent political rallies are seeing differences both in to the center of apandemic forced to shut and people’s have also added urgencyto variants that appear to be held ahead of stateelections the paceatwhich the infec- that haskilled at least three movementswererestricted to one of the world’slargest vac- moreinfectious than the origi- in West Bengal, which have tionsare spreading through- million people world-wide.In- accessing and providing essen- cination campaigns.India has nal virus and the relaxation of drawntens of thousands of out the population and the dia has reported morethan tial services. Some states, in- administered 120 million doses precautions likewearing mostly unmasked people.Hun- ages of people turning up at 200,000 newdaily infections cluding Maharashtra, home to to its population of nearly 1.4 masks and social distancing as dreds of thousands of devout hospitals, with moreyoung forfivedays straight, with the the financial capital of Mum- billion. the number of cases dropped Hindus crowded along the people being affected this time number surpassing 270,000 on bai, have already imposed cur- On Monday, the govern- in recent months. Ganges this month forthe around. Monday. fewsand limited gatheringsto ment said it would expand “Wejust let our guard Kumbh Mela festival, during “This wave is enormous,” On Monday, Delhi reported no morethan four people. vaccinations to everyone 18 down,” said Amir Ullah Khan, which people bathe in the said Parv Mittal, adoctor at a 25,463 infections in the past Malls,restaurants, barsand and older starting May 1. The research director at the Centre river to wash away their sins. privatehospital in Delhi. “Ear- 24 hours, nearly three times places of worship have been doses had previouslybeen re- forDevelopment Policyand “No political leader was lier,the elderly were getting itsbiggest daily tally of 8,500 shut in some places, but New stricted to those 45 and older. Practice, athink tank based in ever seen wearing a mask, or infected. This time,itisthe cases during aNovember Delhi is the firsttoreimpose Public-health experts Hyderabad. even talking about it,” Dr. younger population at risk.”

“Weare in abind as aconti- lodged big ordersfor the J&J meant to help countries pre- In Uganda, authorities are Covax could focus on getting as Inoculation nent,” John Nkengasong,the shot forthe second half of the pare forvaccine rolloutshas running advertisementsurging manypeople as possible afirst head of the AfricaCDC,said last year. received only around $600 mil- vaccinations,but the posters dose,evenatthe risk of delay- week.“We cannot predict when “There is alot of misinfor- lion in contributions,leaving a and billboards that were main- ing asecond by morethan the Stagnates the second doses will come and mation out thereand this neg- gapof$7. 3billion forthis year, stays of earlier vaccination cam- recommended 12 weeks. that is not good forour vacci- ative messaging especially in and the World Bank has com- paigns,including formeasles That “would substantially nation program.” Dr.Nkengas- Europe and Americaisthe mitted just $2 billion of a$12 and polio,are absent. Outside increase the number of deaths For Poorest ong added that even without a main reason our vaccinations billion financing packagemeant the capital, Kampala, the elderly prevented,” the noticesays. booster,one dose of the Astra- took off to aslowstart,” said oftenlack the transport needed But the WHO also says the lev- Zenecavaccine should protect Diana Atwine,the permanent to reach vaccination sites.A els of antibodies triggeredby ContinuedfromPageOne against serious Covid-19. secretaryatUganda’shealth Cuts in vaccine high illiteracyratealso means the vaccine drop by around a the export of key rawmateri- Other countries,meanwhile, ministry. “Enthusiasm has been some people struggle to read third90days afterthe first als forvaccines,anattempt by arestruggling to administer the lowbecause people arebeing exports arewidening the consent form they need to dose. There is only limited Washingtontospeed up manu- few vaccines they have received. told bad thingsabout the vac- agap between rich sign, health officials said. dataonwhat happens to vac- facturing at home. One reason forlow demand cine.” Uganda, acountryof45 “Ifwegot access to more cine efficacythereafter, it says. Thelack of clarity has made forvaccines in some countries, million, has administered just and poor nations. money,wecould be able to Tulio de Oliveira, ageneticist planning difficult. health officials said, is the de- over 200,000 of the 964,000 speed up the process,” said Vera at theNelson Mandela School of Officials at the Africa Cen- cision by some European coun- dosesitreceived in March. Daves, the financeminister of Medicine in South Africa, said ters forDisease Control and tries to restrict the use of the Alack of investment in vac- Angola, which has used less therisk that the shot becomes Prevention andthe WHO sug- AstraZenecavaccine foryoun- cination logistics,including to help countries buy and dis- than half of itsCovax doses. lessefficacious without atimely gested recently that govern- gerpeople amid reportsofa messaging to the public,isalso tributevaccines and strengthen TheWHO and other agen- booster wasespecially high for mentsmight consider giving rare but severeblood-clotting slowing the rollout. U.S.-based their health systems. cies areadapting their guid- countries battling variants. priority to afirst shot foras disorder.Health authorities in health charityCARE estimates Some $9 billion has been anceinlight of the supply But, he added, “Ifit’sthe manypeople as possible,even theU.S.last week also paused that forevery $1 spent on vac- donated to Covax to buy vac- shortages.Inanoticeposted choicebetween no vaccine and if it means delaying second therollout of avaccine made cine doses,governmentsneed cines,eventhough large pur- on anetwork forinternational one vaccine…then one doesn’t dosesand despitealack of by Johnson &Johnson as they to invest an extra$5ingetting chases by rich countries mean immunization professionals in have alot to lose on an indi- clear dataonhow efficacy investigatesimilar reports. Co- them intopeople’sarms. that most doses won’t become March, the WHO suggested vidual level. What onecan lose could drop without a booster. vaxand the African Union have Butthe Covax division available until later in the year. that countries dependent on is vaccine trust.” China Stresses Family Va lues as Marriages Decline

BY CHAO DENG decade census,which had been AND LIYAN QI expected by early April but have yet to be released. De- Under Xi Jinping,the Com- mographersexpect the datato munist Party has brought back showasharp drop in births in talk of family values and 2020,the fourth straight de- women’s importance as care- cline following abrief rise in takers,messages that many 2016,the firstyear afterthe GES women sayare out of step one-childpolicywas lifted. IMA

with their thinking on when— “What are they afraid of?” ETTY /G

or even whether—to marry. asks oneuser in referenceto ER

Theparty has long prided it- the deleted accounts. “Are AY self on promoting gender equal- they afraid of morewomen FR

ity,but demands that house- waking up? Arethey panicking KEVIN holds followits priorities of the when seeing the fertility rates In 1990, almost all Chinese women married before the age of 30. Now manysay they are in no hurry to wed and have a family. moment. Theemphasis on and marriage rates?” women’srole in educating chil- Neither Douban nor Weibo In China, fewerpeople marry Beijing,women her agewould values,including conservative compared with 9.6in2014. Part dren and caring forthe elderly responded to requeststocom- while the divorce rate is up. have married long agoand had views of women’srole in the of the problem is that the de- comes as birth and marriage ment.Weibo said in apost on children. She is content being family,intohis China Dream of cades of the one-child policy ratesdrop, trends that mayhave itsverified official account that Marriage and divorce per single and indulging interests nationalist revival, says Derek mean thereare nowsimply direeconomic consequences. some accountsweretaken down 1,000 people such as shooting videos and Hird of Lancaster University. fewerpeople of marriageage. In the early yearsofCom- because they were “related to 10 going out with her friends.“If “If you’ve got these highly Alarmed also by arise in munist rule,Mao Zedong illegal or hurtfulinformation.” somebody brought up mar- educated women who don’t divorces, Chinese authorities urgedwomen to join the work- It didn’t elaborate. Aspokes- riage, I’d run away,” she says. want to getmarried, that then this year instituted a30-day force to help build the nation woman forChina’sNational Sta- 8 Most of the women who are becomes part of the demo- cooling-off period for couples and to hold off on marrying tistics Bureau said in aFriday Marriage resisting marriageand chil- graphic worries and concerns who seek to split up.The wait, andhaving children. Later briefing that the agencyneeded dren wouldn’t call themselves that play into this larger dis- during which either party can came edictsthat couples could additional time on the census 6 feminists, said Leta Hong course on family values.” opt out, canbeespecially dis- have only one child to avoid because therewas moredatato Fincher,who has writtentwo Thestate-sponsored All- advantageous for women try- runaway population growth. processthan in previous ones. books about Chinese women. China Women’sFederation, the ing to getout of abusivemar- During Mr.Xi’stime in Many women, especially in 4 “The biggest challengefor main organthrough which the riages,says Feng Yuan, co- power,new party slogans em- cities,say they areinnohurry the government is ordinary Communist Party spreads its founder of Equality, a Beijing phasizing “family,family educa- to getmarried and have a women just pushing back messaging forwomen, didn’t re- groupfocused on preventing 2 Divorce tion and family virtues” or “pass family. against pressuretoget married spond to arequest to comment. violence against women. on the redgene” have been cou- Liang Wei, 28 yearsold, and have children,” she says. While saying thereshould Of divorce cases that go to pled with effortstocensor says she has gone on at most 0 In 1990,almost all Chinese be equality between women court, morethan 70%are initi- voices on women’srights. one dateayear sinceher last women married beforethe age and men, Mr. Xi stresses that ated by women, China’shigh- In recent days,morethan a serious relationship ended four 2014 ’15 ’16 ’17 ’18 ’19 of 30,according to Wang Feng, society must “givefull playto est-ranking judgehas said. Law- dozenaccountsused by yearsago. With ajob at a Source:China’sMinistry of Civil Affairs asociologyprofessor at the the unique role of women in yers and activistssay judges women’s-rightsgroups were Shanghai education consulting University of California, Irvine. promoting the family virtues routinely turn down divorce fil- deleted from the Weibo social- firm, she is financially indepen- Caroline Chen, 32, aper- By 2015,incities likeShanghai, of the Chinese nation.” ingsthe firsttime around.Only media platform and cultural- dent. She has told her anxious sonaltrainer in Beijing,says around one-fifth of women were Despitesuch rhetoric,fewer 38% of cases adjudicated in discussion site Douban.com. parentsinJiangxi provincenot back in her hometownof still unmarried by their 30th Chinese marryevery year.In court were granted adivorce in Thedeletions came as China to pressureher.“Maybe I’ll Zhangjiakou, about an hour’s birthday, Prof.Wang estimates. 2019,China’smarriageregistra- 2018,said the Civil AffairsMin- awaitsthe resultsofaonce-a- never marry,” she says. high-speed train ride north of Mr.Xihas built Confucian tions were 6.6 per 1,000 people, istry, the lowest ever. P2JW110000-4-A00800-1------XA

A8 | Tuesday, April 20, 2021 **** THE WALL STREET JOURNAL. WORLD NEWS Lengthy Hunger Strike Puts Navalny in Hospital

Kremlin dismisses U.S. been “assessed as satisfactory” spond to arequest to comment and adoctor has been examin- on whether they had tried to GES warnings, as backers ing him everyday,they said. forcefeed Mr.Navalnyorin- IMA of opposition leader He had also consented to being tended to do so. press calls for release prescribed “vitamin therapy,” Doctorshaveindicated that GETTY they added, without detailing the numbnesshehas com- SE/ the natureofsuch treatment. plained of could be the result BY ANN M. SIMMONS Mr. Navalny has been on a of thepoison attack that Mr.

hunger strike for about three Navalny suffered in August. ANCE-PRES MOSCOW—Jailed opposi- weeks over what he has called TheU.S.warned Sunday FR

tion politician Alexei Navalny poor treatment sincehewas that therewould be conse- GENCE

washospitalized on Monday, incarceratedinFebruary. He quencesifMr. Navalnydied /A

weeks after beginning a hun- has accused authorities of lack while incarcerated. OFF

gerstrike,asthe Kremlin of medical attention for what “Weinnoway acknowledge DILK

brushed off warningsfromthe he described as debilitating such statements, which are AR

U.S. of repercussions if he back pain and numbnessinhis voiced by representatives of DIMIT were to die while in prison. legs and one hand. other states,” Kremlin presiden- Alexei Navalnywas transferred to aprison hospital at apenal colonyinthe town of Vladimir,Russia. His hospitalization came a “I have a100% hard-core tial spokesman DmitryPeskov dayafter his supporterscalled prison hunger strike, without said. “The stateofthe health of government and that they will cluding doctorswho have been Prison hospital officials forlarge-scale demonstrations anytricks likesweet tea, convictsand prisonersonthe be held accountable by the in- trying to gain access to exam- didn’t respond to arequest to to demand his release after salted water, juice, vitamins, territoryofthe Russian Federa- ternational community.” ine him, expressed dissatisfac- comment on whether Mr. Na- doctorswith ties to the opposi- etc. Only water,” he said in tion cannot and should not be a In the meantime,the U.S tion over the facility where valnywould be housed with tion leader cited medical test commentsposted on his Insta- topic fortheir interest.” would “continue to call for, thepolitician wasmoved to. tuberculosis patients. resultsthey said showedhewas gram page on April 7. Mr. Peskov said he was un- push for, [Mr.Navalny’s] re- On itswebsite, it describes it- SupportersofMr. Navalny at risk of imminent renal failure In other social-media com- aware of Mr. Navalny’s health lease and reiterateour view self as atuberculosis hospital. have called fornationwide pro- and apossible heart attack. ments, Mr.Navalnysaid prison status and couldn’t trust me- that he must be treated hu- “This is not ahospital at testsonWednesdaytodemand Mr.Navalny, aprominent officials were threatening to dia reportsregarding his con- manely,” she said. all, wherethey candiagnose his release.The same day, Pres- Putin critic who is serving a forcefeed him, including by dition. Prison authorities have re- andprescribe treatment for ident Vladimir Putin is expected 2½-year prison sentence after putting him in astraitjacket. On Monday, WhiteHouse fused to let adoctor of Mr. his problems,” the team of An- to givehis annual addressto being convicted of violating pa- Theopposition politician also presssecretaryJen Psaki told Navalny’schoiceassesshim astasia Vasilieva, director of the national legislature. role conditions,was trans- said prison guards were trying reportersthat U.S. officials andsaid he is receiving all the Alliance of Doctors medi- Mr.Peskov said he didn’t ferred to ahospital forconvicts to tempt him to eat by slip- would “continue to reiterate necessarymedical care and calworkers’ union, said on know of any organizations in within the prison system in ping candies intohis pocket our viewthat what happens to being treated likeall other in- Twitter. “Weurgently demand Russiathat had applied for Russia’sVladimir region, prison and frying chicken in the Mr. Navalny in the custody of mates in accordance with the to hold aconsultation and ad- permission to hold arally,but authorities said Monday. prison kitchen. the Russian government is the law. mit us,his attending physi- wasaware of calls forprotests His health condition had Prison authorities didn’t re- responsibility of the Russian Allies of Mr.Navalny, in- cians, to [attend] it.” in Russia from abroad. Cape Town Fires Under Control After Burning Historic Buildings Biden’s Hard Line on Russia Splits Europe

BY JAMES MARSON Russiadenies wrongdoing AND DREW HINSHAW and says the U.S. is trying to set allies in Europe against Moscow. BRUSSELS—As the Kremlin TheRussian Foreign Ministry threatens Ukraine and Russia’s said it saw“an American finger- main opposition leader’s print” on the Czech decision. health deteriorates, some Eu- EU foreign ministersmet ropean countries want to fol- viavideo Mondaytodiscuss lowthe Biden administration’s Russia’smilitarymoves,which lead and take atougher line the bloc’sforeign policychief, toward Moscow. Josep Borrell, said was “very But the European Union’s concerning.” He said Russia major powers,Franceand Ger- had some 150,000 troops near many, want to stake out their Ukraine and in Crimea, and own, morediplomatic rela- called on Russia “tode-esca- tionship with Russia, indepen- late and defuse tensions.” His dent of the U.S. officelater said thecorrect TheCzech Republic and Po- figure wasmorethan 100,000. land have expelled Russian Mr.Borrell also expressed diplomatsinrecent days,ac- concern forthe health of lead- cusing the Kremlin of malign ing Kremlin critic AlexeiNa- activities. Some EU members valny, who has been on ahun- such as the three Baltic coun- gerstrikefor almost three tries want to send aclearer weeks.Mr. Borrell said the EU messagetoRussia warning of wasn’t preparing newsanc- sanctions if the Kremlin uses tions on Russia. the tens of thousands of Franceand Germanyhave troops it has deployed near preferred to trytopersuade

/ Ukraine’s borders and in Cri- Mr.Putin to changecourse. mea against its neighbor. French President Emmanuel

CHINGS TheU.K., which recently Macron hasprioritized diplo-

HUT leftthe EU,and some rich but macy,saying Europe needs to smaller EU members, includ- engagewith Russia on arms MIKE ing Denmark and the Nether- control as well as global con- Firefighters in Cape Town, the campus of the University of water containers suspended on through flames setting more lands,havefor several years flictsand other crises. South Africa, finally brought a Cape Town on Sunday, as well ropes had been scooping up wa- fires, said Cape Town safety and takentougher lines against Germanywould support a wildfire under control Monday as other nearby historic build- ter from swimming pools and security official JP Smith. Moscow,but failed to sway the decision by the EU to intensify after it swept across the slopes ings. Fueled by the high winds, the nearby ocean and dumping The citycommissioned afo- EU’s biggest members. the existing restrictions against of the city’s famed Table Moun- the fire spread through the wild it on the fire. But they were rensic fireinvestigatortolook into TheCzech and Polish expul- Russiaifthe Kremlin escalates tain, burning the university’s his- bush on the mountain slopes to- grounded on Monday because of the cause of the fires, he said. sions of diplomatslast week in Ukraine,asenior German toric library and forcing the ward the city’s center and the the strong winds. One firedamaged four build- followedthe Biden administra- government official said. evacuation of some neighbor- surrounding residential areas. Four firefighters were injured ings at the University of Cape tion’s newsanctions on Russia But the government isn’t hoods. Devil’s Peak, one of the iconic battling the blaze on the slopes, Town. The Jagger Library’s main over election interference,acy- likely to abandon itssupport for The fire, which started early points of the mountain that officials said. reading room, where rare and berattack and other malign ac- completing the NordStream 2 Sunday, was “largely contained” overlooks downtown Cape Town, A man in his 30s was ar- unique African books and manu- tivity.President Biden has set a gaspipeline that is set to dou- more than 24 hours later, city was lit up by flames as the fire rested on suspicion of arson for scripts were kept, was gutted clear tone on Russia,saying he bledirect Russian gasexports officials said. The smoldering raged through the night. Resi- setting additional fires, another and some of the “priceless” considered Russian President to Germany, several officials blaze is being watched for flare- dents of suburbs on the moun- city official said, but it isn’t clear works were lost, the university Vladimir Putin akiller. said.Mr. Biden opposes the ups amid high winds and hot, tain slopes were evacuated early if he was responsible for start- said. Others were saved after Theprevious administra- pipeline,which would circum- dry conditions. Monday as the blaze came dan- ing the blaze. The man was ar- fire-proof doors activated and tion also took retaliatorymea- vent Ukraine and strengthen The fire badly damaged the gerously close to their homes. rested after witnesses reported sealed off parts of the library. sures against Russia, but allies Russia’ssway over the European library and other buildings on Fire-fighting helicopters with seeing three people moving — were leftunnerved by then- energy market, and his adminis- President Donald Trump’s tration is weighing whether to praising of Mr. Putin. impose sanctions on it. FROM PAGE ONE

closing priceofnearly 39 Online searchtraffic coin investors, but regular eq- coins that canexist. Each day, Inu dog that inspired the cre- Dogecoin centsonMondayand lessthan forcryptocurrencies uities investors.” computerssolvemathematical ation of dogecoin. a penny in January. Fornow,dogecoin’ssharp puzzles to unlock newcoins. Lanie Friedman, aspokes- 100 Both episodes underscore Dogecoin rise is vindicating one of the About 129.2 billion dogecoin woman forConagra, said the Soars in the scale and potencyofthe Relativepeak strangebut true factsof2021: were in circulation Monday, brand planned to launch a current retail-trading environ- in searches Themost unconventional according to CoinDesk. doge-inspired digital product. ment in which organized ef- 80 overthe past trades cansometimes yield Cryptocurrencies tend to be She declined to provide fur- 30 days New Frenzy fortsinonline communities outsizegains.Someone who especially volatile,prone to ther details and said Slim can make a surprisingly large invested $10,000 in dogecoin double-digit percentage Jim’scampaign wasunrelated impact on market prices.They 60 on Dec.31would have swingsinasingle day. The to the value of dogecoin. ContinuedfromPageOne also reflect expectations that amassed more than $821,000 listing of exchangeoperator Shaun Becker, who lives in over the past year. prices will continue rising,and as of Monday, according to Coinbase Global Inc.sent Phoenix,began promoting Thecryptocurrency’srise is as such they embody risks 40 datafromKraken. Thesame prices of bitcoin and ether to “DogeDay” on his Twitterac- reminiscent of GameStop that these sudden fortunes money invested in shares of recordslast week.OnSunday, count afterseeing tweetsfrom Corp.’s stunning advance ear- will be wipedout when the GameStopwould have yielded bitcoin fell more than 10% on Slim Jim. The36-year-old risk- lier this year,anepisode in winds of the markets shift. 20 just under $87,250, and in an speculation that the Treasury and-complianceanalyst said which traderscongregating on “A lot of people coming in Bitcoin indexfund tracking the S&P Department wasweighing tak- he firstbought dogecoin on Redditand other social-media haven’t been around that long, 500 nearly $11,150,including ing action against some insti- Feb. 8, as celebrities including Ethereum platforms made a past-prime and haven’t seen bitcoin 0 dividends. tutions over money laundering Tesla Chief ExecutiveElon mall retailer intoastock-mar- crash,” said Robert Drach, an Should dogecoin go on to using cryptocurrencies. Musk and rapper Snoop Dogg ket superpower. asset manager at Drach Advi- April ’21 hit $1, its value would exceed Traderssaid they started promoted it. Mr.Becker’s This time,dogecoin’sbuy- sors in Tallahassee, Fla. Notes: Reflect U.S. searches only; As of Friday blue-chip companies including promoting“DogeDay” after $1,179.42 investment in doge- ershavegone astepfurther, Fornow,the rise and fall of Source:Google Trends Advanced Micro Devices Inc., seeing anew advertising cam- coin wasworth $4,477 Mon- turning what was meant as a favoredassetsinonline fo- CVSHealth Corp.and General paign on TwitterfromCon- day, when dogecoin traded parody into a real asset, pro- rums has largely been con- large investorstoreducerisky MotorsCo. agraBrands Inc.’sSlim Jim ac- near 39 cents. viding some traderswho piled tained. GameStop’ssurge holdingsand contributetoa “This is absurd,” said Billy count. The snack-food brand, “I’m very confident that on in early with unimaginable peaked in Januaryand fizzled broader retreat from risk. Markus,the co-creator of which frequently uses memes Tuesday, it’sprobably going to gains. The latest stage of the without hitting major indexes. Though thereisnoreason dogecoin. “I haven’t seen any- to draw attention online, said hit at least $1,” Mr.Becker frenzy centersonTuesday That said, many investors are right nowtoworrythat stocks thing like it. It’s one of those it planned to launch some- said in an interview. “Even if having been deemed “Doge keeping an eye on these mar- areonthe vergeofasharp thingsthat onceitstartsgoing thing called DogeSlimJim on youthrow in $100,you can Day” in online forums,a ket oddities, reasoning that a pullback,dogecoin’srise “feels up, it might keep going up.” Tuesdayand exhorted the double your money.Idon’t loosely organized bid to push precipitous fall in the priceof to me likeabubble,” Mr.Drach Dogecoin serves no pur- “DogeArmy” to spread the want anyone to makearisky the priceofthe cryptocur- dogecoin or bitcoin could said. “That’s always concern- pose,and unlikebitcoin, faces word.Its account wasplas- investment. Ijust want every- rencyto$1, from a5p.m. EDT prompt hedgefunds and other ingtome, not just fordoge- no limit on the number of teredwith memes of the Shiba one to get a piece of the pie.” P2JW110000-0-A00900-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | A9 WORLD NEWS WORLD WATCH DenmarkStripsSyrians Of Their Refugee Status

BY RAJA ABDULRAHIM fled the decadelong civil war that devastated their country. When RawanBertawi, a22- More than 6.5 million peo- year-old Syrian refugee living ple sought refuge outside in Denmark, reported for her Syria, largely in neighboring shift at a cosmetic company’s Lebanon, Turkey and Jordan. warehouse one dayinmid-De- While the refugees were wel- cember,she found her keycard comed early on, their huge didn’t work.She sensed some- numbershavestrained the thing was wrong. host countries and led to Her flustered manager sum- growing pressureonthe Syri- moned her into his office and ans to return home. showedher an email he had More than one million mi- just received from the Danish grants arrived in Europe in immigration service: Her refu- 2015,manyofthem Syrian ref- geestatus—along with her ugees who initially were re- righttowork—had been re- ceived warmly and expected to voked and she would have to settle permanently.But the leave the country. wave of refugees and migrants S

Ms.Bertawiand her family eventually led to a hardening PRES

areamong dozens of Syrian of immigration policies across TED

refugees stripped of their resi- the region. CIA SO

dencyvisas by Denmark and Denmark,which has pur- AS told to return to their war-torn sued some of thetoughest country because the Danish anti-immigration policies in SEIN/ government deems Damas- the region in recent years, HUS

cus—wherethey had been liv- took acautious viewofthe BILAL ing—safe. Human-rightsgroups Syrian refugees from the start. ARMS: A Lebanese soldier scuffles with a protester who had grabbed his weapon after being hit with it Monday in Beirut. While Germanytook hun- dredsofthousands of Syri- RWANDA kept supporting the government gela Merkel’scenter-rightbloc was MYANMAR ‘This is ruining ans,Denmark took in about of then-Rwandan President Ju- mired in apowerstruggle. 13,000 refugees in 2015. As of Report Says France vénal Habyarimana despite the The nomination wasunveiled Ex-U.N. Leader Faults human lives,’ said early 2020,therewereslightly Enabled ’94 Genocide “warning signs.” by the party’sother co-leader,Rob- Response to Coup one woman who morethan 32,000 Syrian refu- The Rwandan report comes ert Habeck, at asmoothly staged gees in Denmark. The French government bears less than a month after a French eventthatcontrastedwith the Former U.N. Secretary-General relocated in 2015. Danish authorities saythey “significant” responsibility for report, commissioned by Mr. Ma- standoff in Ms. Merkel’sChristian BanKi-moon urged the world never intended forthe Syrians “enabling a foreseeable geno- cron, concluded that French au- Democratic Union. body and SoutheastAsian coun- to settle permanently. cide,” a report commissioned by thorities had been “blind” to the The Sept. 26 parliamentary tries Mondaytotakeswift and “Denmark has been open the Rwandan government con- preparations for genocide and election is unpredictable, partly strong action to stopthe deadly contest the claim that anypart and honest from dayone,” Im- cludes about France’s role before then reacted too slowly to ap- because the popular incumbent crackdown thathas followedthe of Syria is safefor returnees. migration Minister Mattias and during the horror in which preciate the extent of the kill- isn’t seeking re-election. Ms. military coup in Myanmar,saying But sinceDenmark cut off Tesfaye said in response to an estimated 800,000 people ings and to respond to them. It Merkel vowed in 2018 not to he had tried unsuccessfully to formal diplomatic relations questions.“We have made it were slaughtered in 1994. concluded that France had seek a fifth four-year term. Re- makeadiplomatic visit himself. with Syria near the start of cleartothe Syrian refugees The report comes amid ef- “heavy and overwhelming re- cent polls have shown the Mr.Ban exhorted the U.N. Se- thecivil waradecade ago, it that their residence permit is forts by Rwanda to document sponsibilities” by not responding Greens running second behind curityCouncil to act immediately is unable to deport Syrians. temporaryand that the permit the role of French authorities be- to the drift that led to the the CDU and ahead of Ger- to halt the violenceand protect ci- Instead it is placing those who canberevoked if theneed for fore,during, and after the geno- slaughter that killed mainly eth- many’s traditional big center-left vilians, “using arange of tools at no longer have legal status in protection ceases to exist.” cide, part of the steps taken by nic Tutsis and the moderate Hu- party, the Social Democrats. the council’sdisposal.” His remarks removal camps,apolicythat In principle,refugee protec- France’sPresidentEmmanuel tus who tried to protect them. Ms. Baerbock, 40 years old, came weeksafter the group toned aid groups sayisaimed at tion lastsonly as long as the Macron to improve relations with Groups of extremist Hutus car- has been alawmaker in the na- down astatementonMyanmar pressuring Syrians to volun- threat or danger that drove the centralAfrican country. ried out the killings. tional parliamentsince2013 but by changing adraft thatsug- tarily return to Syria. theperson to flee still exists, The 600-page report says —Associated Press lacksgovernmentexperience. gestedsanctions mightbeconsid- “This is ruining human and host governmentsmake that France “did nothing to stop” She said she wants“aGermany ered. He said thatinternational lives,” said Ms.Bertawi, who their ownassessment,said Eva the massacres, in April and May GERMANY at the heart of Europe, acountry groups’ commitments to avoiding went to Denmark in 2015, Singer,the director of asylum 1994, and in the years after the in which climate protection cre- interferenceindomestic affairs is when she was15. “Why would at theDanish Refugee Council. genocide tried to cover up its Greens Party Makes ates the futurefoundation for no excuse for“inaction in the face youwait until nowthat we “In Danish law the criteria role and even offered protection Bid for Chancellery prosperity, freedom and security.” of serious human-rights abuses.” have integrated and we now to withdraw refugee status is to some perpetrators. Ms. Baerbock and Mr. Habeck Sincethe Feb. 1coup, security consider this our countryand very low,” Ms.Singer said. It concludes that in years Germany’senvironmentalist have led the Greens since early forces have killed morethan 700 reached this stageand now “Even small improvements in leading up to the genocide, for- Greens announced Mondaythat 2018. Recent polls show support protesters and bystanders, ac- you are telling us to go?” the general security situation mer French President François co-leader Annalena Baerbock for the Greens of 20% to 22%, cording to the AssistanceAssoci- TheDanish decision reflects even forashort period of time Mitterrand and his administra- would makethe party’sfirstbid more than twice the 8.9% it won ation forPolitical Prisoners, which broader questions about the is sufficient for authorities to tion had knowledge of prepara- forthe chancellery in the Septem- in the 2017 election. monitors casualties and arrests. fateofmillions of Syrians who withdraw protection status.” tions for the massacres—yet ber election, while Chancellor An- —Associated Press —Associated Press

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A10 | Tuesday, April 20, 2021 ** THE WALL STREET JOURNAL. FROM PAGE ONE

chip-making equipment. Shortage At GlobalFoundries,Mr. Caul- field said the firm plans to in- vest $1.4billion to expand ca- Of Chips Is pacity at existing facilities this year,and will likely double that next year.Some of his custom- AChallenge ershavepledged investment capital to securefuturecapacity, accounting for30% of the com- ContinuedfromPageOne pany’s capital expenditurethis players have been pulling away year,hesaid. Beforethe pan- from to pursue higher-margin, demic,the number waszero. cutting-edgechips.Building new production capacity usually takesyears. New strategies That could slowdownthe At Intel, Chief ExecutivePat post-pandemic recovery forcer- Gelsinger said the company tain industries that use the would makesome of itsproduc- chips that arelooking to take tion capacity available to pro- advantageofrising consumer ducechips in particular short spending.Italso feeds intoin- supply and needed by auto-com- flation concerns as higher chip ponent makers. Supply could costscan stokeprices through- start improving in six to nine out the economy. JOURNAL months,Mr. Gelsinger said in an

Racing to fill orders, Global- REET interview. Foundries Inc., based in Santa ST Guy Eristoff,chief strategy LL

Clara, Calif.,one of the world’s WA officeratIsrael-headquartered largest contract chip manufac- foundryTowerSemiconductor THE

turers,isdispatching itsengi- R Ltd., said chip production canbe neerstofind waystosqueeze FO sped up to 3.5times the usual out even the smallest amount of time in rare cases by sorting JONES

extraproduction from itsfacto- Y production linessothat high- ries in the U.S.,Singaporeand priority chips passthrough GABB Germany. Among the solutions: A worker at GlobalFoundries, one of the largest chip makers. It is trying to find ways to squeeze out more production. quickly.Some equipment canbe delaying certain maintenance operated forlonger beforegoing tasks and speeding up—by a preparefor the worst, Huawei gineerswho focus on building Global semiconductorsales make—or longer forthe most- intopreventivemaintenance, fraction—the rate at whichwa- Technologies Co.deputy chair- newproductsnow allocatea by year advanced ones. though this cancome at the fers movealong the line. man Eric Xu said last week.The chunk of time to redesigning ex- Semiconductor makersmust cost of loweryields. “We’re working immensely Chinese companyuses arange isting ones to operateondiffer- $500 billion decide whether to makemulti- Altogether,these measures hardtofigureout howtodo of chipsinits telecommunica- ent chips,incase the ones billion-dollar bets on whether mean some chips canbe more, build more,” said chief ex- tion productsand consumer needed don’t arrive. Recently, this surgewill last or taper off churned out in 30 to 40 days ecutiveThomas Caulfield. gadgets, and aggressively stock- the companydecided to stock 400 by thetime newplantsare up from the usual 120 days,Mr. Er- piled componentstoprotect up ayear’s worth of inventory and running.Manyare reluctant istoff said. But doing so in- against U.S. export restrictions. forsome parts. to alter long-term spending creases overall production times U.S. investment “Now[the Chinese compa- Semiconductorsare the life- plans based on demand surges forother chips.The tweaks can 300 Last Tuesday, President Bi- nies]are stockpiling forone blood of manyindustries—rank- that could be short-lived. at best increase afab’sproduc- den called forabipartisan push month, three months,oreven ing as the world’sfourth-most Still, the biggest semiconduc- tion capacity by 5% and be sus- to strengthen the U.S. semicon- six months,and they have dis- traded productcounting im- torcompanies aresetting aside tained foronly up to six months. ductor industry during ameet- rupted the whole system,” Mr. portsand exports, aftercrude 200 hugesums to boost overall ca- “Thereare all sortsoflittle ingwith automotiveand tech Xu said. China’schip imports oil, refined oil and cars. pacity. TSMC earlier this month things youcan playwith,” said executives.Hehas earmarked soared 15%last year and hit a Foryears, the world’sbiggest unveiled the industry’slargest- Mr.Eristoff.“But without buy- $50 billion to boost America’s record $35.9 billion in March, chip makersplowedinvestment 100 ever investment,allocating $100 ingmoreequipment, youcan- semiconductor production as Chinesecustoms figuresshow. intocapacity to feed demand for billion over the next three years not, in asustained manner,run part of a$2.3trillion infrastruc- Chip production wasdis- the next generation of semicon- to boost capacity.Most of the that much morethan youare tureplan. Thespending isn’t ex- rupted by eventsincluding a ductors, and shiftedtheir focus company’snear-term spending, running right now.” 0 pected to push the needle far: plant fire in Japan and freezing away from the production of however, will go toward build- Suppliersare wary that the making the U.S. self-sufficient weather in thesouthern U.S. more-basic chips. 2000 ’10 ’20 ing the most-advanced chips.In surge in demand maynot last, forits chips would requiremore that shutteredproduction lines. But autos and home electron- Source:World Semiconductor Trade Statistics the U.S.,Intel Corp.last month with panicked buyersincreasing than $1.4trillion in investments A drought in Taiwan, amajor ics arepacked with lotsofthe pledged $20 billion fortwo sites order volumes or placing orders and government incentives over chip-making hub,threatens to morerudimentarycomponents. areusing so that they canbe in Arizona and signaled further with multiple companies.San adecade,according to the Semi- further reducethe industry’s These include power-manage- built on itsmore-advanced man- investment commitmentsare to Jose,Calif.-based Broadcom Inc., conductor IndustryAssociation, output, sincelarge amountsof ment chips, abasic chip that ufacturing lines,wherethereis come this year. South Korea’s one of the world’sleading chip an industrygroup. waterare used in the process. regulates the flow of electricity morecapacity.OnThursday, ex- Samsung Electronics Co.has companies,istrying to ensure Chip makerscan add only in- Manufacturersofproducts in adevice,and microcon- ecutives told investorsthat cus- earmarked $116 billion in invest- orders coming in reflect actual cremental booststocapacity that use chips arestepping up trollers, the workhorses that tomershavebeen stockpiling ment by 2030 to diversifychip demand.Itrecently reminded from existing plants, executives production in expectation of a runahost of functions. due to the pandemic and geopo- production. investorsthat it doesn’t allow say. Building anew fabrication “Thereisn’t an electronic de- litical tensions. In China, President Xi Jin- customerstocancel chip orders plant cantakeyearsbecause of vicethat doesn’t have amicro- Switching existing produc- ping has made the country’sin- to deter some buyersfrommak- the scale and complexity of Chip makershave controller in it,” GlobalFound- tion lines from making one type dependenceinadvancedtech- ing purchase commitmentsout equipment and spaceneeded to ries’Mr. Caulfield said. “This is of chip to another isn’t easy be- nologies such as chips a of fear of shortages. makesemiconductors. been hamstrung by a pervasively in short supply.” cause different types of chips national priority.Yet the goal “Wesee customersaccelerat- Major chip makersmade big series of freakevents Even advanced electronic requiredifferent equipment to remains elusive. One key player ing their bookingsfor early de- strategic betsonthe more-prof- gadgetsneed some basic chips make, though therecan be some in the self-reliancepush de- liveries and attempting to build itable advanced chips needed that hurtoutput. to operate, and in fact increas- overlap. faulted on billions of dollarsin buffersand creating the de- forthingssuch as 5G and serv- ingly usemoreofthem to run debt. Othershavebeen hobbled mand-supply imbalance,” CEO ers. Theapproach hit aglitch moresophisticated technology. by U.S. export controls restrict- Hock Tantold investors. The when the coronavirus plunged Atypical 5G smartphone can Wide shortages ing access to advanced chip- companyisnearly 90% booked theglobal economyintoone of post-pandemic economic recov- hold as manyaseight power- Therehasn’t been atime making technology. forthe year. itsworst recessions,rattling ery. Thesurge in chip demand is management chips,compared when the shortagehas affected China’sbiggest chip maker, Automakersare among the supply chains and consumer pushingupprices and extending with two to three in a4Gphone, so manytypes and brands of Semiconductor Manufacturing buyersthat have felt the short- spending patterns.That leftchip already historically long wait according to Hui He,ananalyst chipsall at once, said Marcus International Corp., last month agemost acutely,ascarsneed makersill-equipped to deal with times. Automakersincluding at research firm Omdia. Chen, vicepresident of sales for committed$2.35 billion with a moresemiconductorsthan ever the high demand forolder,less- Toyota Motor Corp.and General Last year,27% of all spending the Asia-Pacific at Fusion government partner to build a before. Electronics made up sophisticated semiconductors MotorsCo. have been forced to on chip-making equipment went Worldwide,one of the many newfactoryfocused on older morethan 40% of acar’s total used widely in productssuch as idle or reduceproduction at to tools forbuilding the indus- global distributorswho act as chip-makingprocesses.The cost in 2017, doubling from that cars,computer monitors, speak- some plants. try’smost-advanced chips,ac- middlemen to supply electronic companyanticipates the newfa- in 2007,according to consulting ersand appliances—products Some buyerssay they face cording to research firm Gartner componentstobuyers. cility to start production next firm Deloitte. that have been hoovered up delays of half ayear or longer. Inc., which areoften used in It usually takesatleast two year.But delays in getting new Their use is expected to during the pandemic. “You askonMonday, it’sa12- smartphones,high-end PCsand yearstobuild and equip asemi- chip-making equipment is an grow,along with costs. German Thesupply crunch wasexac- week lead time.Then youask on datacenters. Less than half that conductor fabrication plant, obstacle,the Shanghai-based auto-chip maker Infineon Tech- erbated by U.S.-China trade ten- Wednesdayand it’sa27-week portion, about 11%, went to known as a“fab,” which can company’sco-CEO,Haijun Zhao, nologies AG said it expectsthe sions, especially during the past lead time,” said Liam Bates, equipment forcranking out cost billions of dollars. Themost told investorsinFebruary. cost of chips in autonomous ve- year,including Washingtonpoli- chief executiveofficer of Kait- morecommoditized chips advanced machines that canbe Chip makersare seeing a hicles to jump to about $1,200 cies that gradually restricted the erra,aSwiss-based maker of Theworld’slargest contract installed in the plantscan top doubling,ifnot quadrupling,of by 2030fromabout $170 cur- sale of American-designed or air-quality tracking devices. chip maker,Taiwan Semicon- $100 million and aresolarge deliverytimes forthe machin- rently required for“Level2”ve- -made chips to some Chinese Kaiterra, which manufactures ductor Manufacturing Co., told they requireasmanyasthree eryrequired to makesemicon- hicles,orpartly automated cars. buyers.Fearsofsanctions in southern China, is beefing up investorsinJanuarythat it is 747s to deliver. ductors, said BruceKim, chief —Robert Wall in San prompted tech companies in contingencyplans to makeits working with customerstoup- Oncefabs arebuilt, achip executiveofficer at Surplus- Francisco contributed Chinatostockpile chips and supply chain “future-proof.” En- grade some of the chips they typically takesthree months to Global Inc., which sells used to this article.

of European soccer’s govern- participating in the Super New Soccer ing body,known as UEFA. “But League,which hopes to open UEFAisabout developing in 2022, would be barred from football…and some people such major tournamentsas League don’t understand it.” the European Championship Themost controversial and the World Cup.The organ- pointisthat 15 of the 20 ization also was studying the Gets Booed teams in the Super League legalities of suspending the

(three teams will be added GES clubs themselves “as soon as

later to the initial 12) would IMA possible,” Mr. Ceferin said. ContinuedfromPageOne be installed thereforever,rak- In east London, West Ham

ancient, storied and successful ing in hugepayoutsinstead of GETTY fans arecalling forwidespread soccer teams, including Arse- qualifying on merit, season af- SE/ bans not only to preserve the nal, areinastate of bewil- terseason. In other words, the traditions of Englishsoccer, dered mourning this week, fol- group of 12, which brings to- but because they have spotted ANCE-PRES

lowing the unveiling of a gether the likes of Real Ma- FR an upside.The Hammersare lavishly funded Super League drid, Manchester United, Liv- having their best season in that would irrevocably alter erpool and Juventus,is ENCE yearsand sit fourth in the AG the landscape of the sport. effectively hoping to set up standings. AfterSunday These supporters have un- what is effectively aleague night’snews, they began circu- AKMEN/

leashed a tsunami of anger at closed to outsiders, akin to the A lating tables of what the their ownteams—even though National Football League or LG standingswould look likeif TO those clubs would be the di- Major League Baseball. An Arsenal fan with his anti-Super League banner Monday at Emirates Stadium in north London. the six super-clubs were rect beneficiaries of the pro- “Footballisthe only global ejected and their games va- posed league. sport in the world with more political identities,the sport’s OneUnited fan went viral faith between the team and cated. It turns out West Ham Under the newplan, asmall than four billion fans,” Real traditional order isn’t some- with a video of herself taking thecity of Liverpool—makes would be nine pointsahead in group of eliteteams from Eng- Madrid presidentand Super thing they take lightly. apair of scissorstoher season the situation moreawkward firstplacewith just four land, Spain, and Italy—already League chairman Florentino “Everyfan I’vespoken to ticket. Although aclose in- than most. Particularly when games to play. some of the wealthiest sports Perezsaid. “And our responsi- felt it wasabetrayal of the spection revealed meager sac- it found itself having to ex- Moresurprising still for enterprises in the world— bility as big clubs is to re- historyofthe club,” said Dun- rifice: Thepasswas forthe plain the Super League move fans of the blue-collar club is would competeinanew cir- spond to their desires.” canDrasdo,the head of the 2019-20 season. to a group of supporters who that they have an unlikely ally cuit that would only enrich Divining the desires of any Manchester United Support- Lessthan 40 miles away in felt uniquely insulted: Liver- in the president of the English them further. Opponentssay four billion people is hard, ex- ers’ Trust. Liverpool, supporterswere pool’s own employees. Football Association. that would undermine the in- cept perhaps in this case.The On Monday,the sidewalk mounting theirown demon- “Webelievethis decision is “I sharethe concerns of tegrity of wildly popular na- backlash from die-hardfans outside United’s Old Trafford stration outside Liverpool in the best long-term interests fans about the proposed Super tional competitions,likethe wassosudden and so searing home became the siteofan Football Club’shistoric Anfield of Liverpool Football Club,” League,” PrinceWilliam EnglishPremier League and that it instantly became one impromptu protest. Fans held stadium. Their signs read “LFC Liverpool chief executiveBilly tweeted, “and the damageit the main pan-European com- issue even the most belliger- up asheet bemoaning the Fans Against European Super Hogan wrote in all-staff note. risks causing to the game we petition, the UEFAChampions entsoccersupporterscould Glazer family, owners of Man League” and “Shame On You Soccer’sgoverning bodies love.” League. agree on. With teams en- United and the Tampa Bay RIP LFC 1892-2021.” nowfaceanexistential deci- It is worth noting that the “I don’twant to call them trenched in communities for Buccaneers. Their club,itsaid, That theclub oncetrade- sion about how to handle the princeisasupporter of Aston theDirty Dozen,” said Alek- morethan acentury, often had been “created by thepoor, marked the phrase “This rebel teams.UEFAonMonday Villa, which wasn’t invited to sander Ceferin, the president wrapping together social and stolen by the rich.” Means More”—aprofession of announced that anyplayers the Super League, either. P2JW110000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, April 20, 2021 | A10A GREATER NEW YORK NYPD More Riders Fear Subway Crime Creates a MTA says concerns are well-founded, Hate-Crime police officials contend the system is safe Board

BY PAUL BERGER BY BEN CHAPMAN

Phyllis Leibowitz swaps her TheNew York PoliceDepart- vintagefursand gold-sequined ment is creating acivilian panel bag foradownjacket and a to help addressarise in hate fannypack if she takesthe crimes in NewYork City,de- NewYork City subway these partment officials said Monday. days.“Iamatough chick,” said TheNYPD HateCrime Re- the fashion stylist and photog- viewPanel will help officers rapher.“But Idon’t want to identify potential hate crimes call attention to myself.” occurring in NewYork City, Arecent survey by New said New York Police Depart- York’s Metropolitan Transpor- ment Commissioner Dermot tation Authority found that Shea. moreridersare reluctant to Thepanel will assesscir- take trains because of fearsof cumstances that present chal- crime and harassment. Officials lenges in establishing whether at some othertransit systems race,national origin,ethnicity, around the U.S. said they have religion, disability or sexual noticed an increase in quality- orientation were motivating

of-lifeconcerns,including ha- JOURNAL factorsinpossible hate rassment, following arise in crimes, he said. thosewho arehomelessseek- REET TheNYPD will send cases it ST

ing shelter on buses and trains. LL considerschallenging to the

Ms.Leibowitz,who is 48 WA panel for its recommendation

years old, used to think noth- THE to help determine whether ev- ing of taking the subway, day R idencethe department has FO or night. She last dashed fora gathered might indicateahate nighttime train at Prince CHIN crime.

Street in ManhattaninDecem- ALAN Thepanel will work on ber, only to find herself alone A recent MTA survey found more subway riders are reluctant to take trains because of concerns about crime and harassment. crimes targeting all races. Its in an empty car at 8 p.m. five volunteer membersin- She said she wondered the MTAisdiscouraging rider- miles of track and 472stations. people.Such crimes,which in- wasstaredatand followedby clude Devorah Halberstam, co- what she would do if someone ship just as manypeople are TheMTA has diverted some of clude grand larceny, rape and aman who struck the violin founder and director of exter- entered from an adjoining car considering returning to tran- itsown forceofmorethan 700 murder, fell 31% in 2020 from she carried on her back. nal affairsofthe Jewish and demanded money or her sit with the easing of policeofficers, who usually pa- the previous year, she said. Ms.Lee,aKorean-American Children’s Museum, and Fred phone while she was trapped Covid-19-related restrictions. trol two commuter-rail sys- Grand larceny,defined in violinist, said she had a Teng, president of the America in amoving subway car. When Ms.Feinbergcountered, tems,tofocus on the subway. NewYork as theftofproperty heightened fear forher safety China Public Affairs Institute, she disembarked two stops saying,“It cannot be the an- Theauthority also pays for with avalue greater than because of arise in anti-Asian Mr. Shea said. later at Union Square, her swerthat Iamtold, ‘Just don’t about 100 privatesecurity $1,000,often is caused by peo- hatecrimes in the city.She “Unfortunately,todaywe heartwas racing.“Ihave talk about what your custom- guards to watch stations and ple leaving valuables unat- said she rushed to a connect- arefacing nearly daily reports never felt that unsafeinmy ers are worried about.’ ” report incidents to police. tended, officials said. If those ingtrain wherethe man fol- of hatecrimes.Weneed to entire life,” she said. Representatives forsome Kathleen O’Reilly, the New crimes are removed from last lowedher intoanempty car help stop this,” Ms.Halber- MTAofficials said riders’ transit systems in Washington York PoliceDepartment’s year’s data, the remaining ma- and sat down next to her, stam said. fearsare well founded. In- and Chicagosaid they haven’t chief of transit, said the MTA’s prompting her to rush out be- Mr.Teng,inaninterview stances of some serious surveyed ridersabout atti- complaintsabout crime are fore the doors closed. Monday, said he is honored to crimes,such as robberyand tudes to crime during the pan- misleading and unhelpful. ‘I am a tough chick,’ She said she hasn’t ridden participateinthe panel’s felonyassault, didn’t decrease demic or noticed an increase Arecent series of high-pro- the subway since. work. last year even as ridership in crime. A spokeswoman for file instances of ridersbeing one woman says,‘but ManyNew Yorkerssay they TheNYPD recorded 135 hate plummeted, they said. Accord- Metropolitan AtlantaRapid shoved ontotracks and the fa- I don’t want to call must continue taking the sub- crimes from Jan. 1through ing to MTA data, felonies and TransitAuthority in Atlanta talstabbing of two homeless way,whether they feel unsafe April 18,up45% from 93 in the misdemeanorsper million rid- said itsriders’ primarycon- people in the system have attention to myself.’ or not. same period in 2020, accord- erswerehigher during the cern is an increase in home- given NewYorkersafalse Beatriz Lopezwaited for ing to department figures. firstquarter of 2021 than in less men and women seeking sense that crime is common- the 7 train at the 61st Street- An increase in hate crimes 2017, 2018 and 2019. shelter on buses and trains. place, Chief O’Reilly said. Woodside station in Queens on againstAsian-Americans has SarahFeinberg, the interim ScottKreher,Martachief of “These arejarring crimes,” jor crimes increased, on aver- Fridaymorning en routeto propelled the overall rise, the head of the agency’ssubway police, said crowdstend to she said. “A relativehandful of age, by 2.7%, as ridership de- her job at the Warren Tricomi figuresshow. Asians were tar- division, has called on New lead to lowercrime rates. “I re- serious incidentsdoesn’t trans- clined 62%. Salon at the PlazaHotel in geted in 66 hate crimes from York City to add 1,000 police ally feel likeoncethe ridership lateintoacrime increase.” An NYPD spokesman didn’t Manhattan. Ms.Lopez, who is Jan. 1through April 18,up officerstothe 3,000 already picks back up again, Ithink the Thesubway has never been respond to arequest forcom- 51, said she is concerned about from 12 such crimes in the committedtosubway patrols. feeling and sense of security safer,Chief O’Reilly said, add- ment about the rise in some Covid-19 and assaults. same period in 2020. MayorBill de Blasio re- will come back,” he said. ing that the department cur- crimes. “I trytotravelwith my NYPD officials have said sponded last week by accusing NewYork City officials have rently records, on average, 3.5 E.J.Lee said that while rid- husband when Ican,” she said. some of the attacks on Asian- the MTA, astate agency, of an enormous task securing the major crime reportsaday on a ing the Times Square-Grand —Katie Honan Americans have been moti- fanning rider fears. He said subway, which covers 665 system carrying millions of Central shuttle on April 7, she contributed to this article. vatedbythe false belief that Asians areresponsible for the Covid-19 pandemic.Reportsof hatecrimes against Asians Poll Narrowly BacksCuomo Staying in Office have increased in cities across the U.S. during the pandemic. New York City had the big- BY JIMMY VIELKIND and voters over 55 years old, hassaid he wasplanning to Members of the chamber’s Indeed, 42% of voters sur- gest increase in reportsofhate the poll showed. run for a fourth term. JudiciaryCommittee, which is veyedsaid Mr.Cuomo is doing crimes against Asians of any Aslight majority of New ASiena poll released on Five current and former leading the inquiry, will meet an excellent or good job as U.S. city last year,according to Yorkerssaid Gov.Andrew March 15 showed that 35% of aides to Mr.Cuomo have ac- with investigatorsWednesday. governor,and 60% said they a study published by the Cen- Cuomoshouldn’t resign amid voters thought the governor cused him of sexual harassment Even with this backdrop, approveofhis handling of the terfor the Study of Hateand sexual-harassment allegations, should resign and 50% didn’t. or inappropriatebehavior in the poll spokesman Steven Green- pandemic. Extremism at California State but agrowing number of voters But 57% of voters surveyed workplace. Thegovernor has bergsaid the survey contained “Public opinion goes up, it University, San Bernardino. viewhim unfavorably and don’t denied allegations.Hehas asked good news and bad news for goes down, but if you’redoing Effortsbylocal, stateand want him to seek re-election, a NewYorkerstowithhold judg- the governor,whose favorabil- thejob and people respect the federal agencies to addressthe poll released Mondayfound. ment beforeanindependent re- ity is now 40%—the lowest it job you’redoing,tome, there’s issue have intensified since Fifty-one percent of the 801 viewoverseen by Attorney Gen- has ever been measured by Si- no moreimportant barometer theMarch shootingsatAt- voters surveyed last week by the 51 eral Letitia James is completed. ena. At this time last year, than that,” the governor said lanta-area spas in which eight Siena CollegeResearch Institute In aseparatematter, federal during the height of the coro- at aMondaynewsconference. people,including six women of said the Democratic governor Percentage of voters surveyed prosecutorsare examining the navirus pandemic,Mr. Rep. Lee Zeldin, a Long Is- Asian descent, were killed. shouldn’t resign, while 37% of who say he shouldn’t quit. state’spolicies regarding Cuomo’s favorability was77%. land Republican who is run- Among itsefforts, the NYPD thevoterssaid he should. Covid-19 in nursing homes.The “On the other hand, ama- ning forgovernor,said the last year created an Asian Even so,dozens of federal governor and stateofficials said jority of voters—including poll showed“Cuomo’s Gotta hate-crime task force, staffed and stateofficials,including the nursing-home policies were Democrats by two-to-one and Go,and it’sgoing to take a by detectives of Asian descent, SenateMajority Leader An- said they would prefer to vote in line with federal guidance. a plurality of independents— new generation of leadership to investigatesuch crimes.As drea Stewart-Cousins,have forsomeone else in next year’s Mr.Cuomo has said he is continue to saythat Cuomo to get the job done.” moreincidentswerereported called for him to step down. gubernatorial race, compared cooperating with both probes, should not resign. And asimi- Thepoll wasconducted be- in 2021, the department began Thelevel of supportfor Mr. with 33% who said they would as well as an impeachment in- lar majority sayhecan still ef- tween April 11 and 15. It has a to deploy undercover officers Cuomo to stay in officewas vote to re-elect Mr. Cuomo. quiry by the Democrat-domi- fectively do his job as gover- margin of error of plus or mi- in an effort to discourageanti- highest among Black voters Thegovernor previously nated state Assembly. nor,” Mr. Greenberg said. nus 4.3 percentage points. Asian violence. City Schools to Get $600 Million Increase Next Year

BY LEE HAWKINS in more than a decade. said it would spend another she said. “You mayhavea “That will nowbethe stan- $2.8 billion during the next school with apopulation of New York City schools will dardfor everysingle school, two budget cycles.This,legis- 300 kids,but youmay only be see their budgetsboosted this starting with the school year latorssay,should fulfill the funded for275,while aschool fall, as all schools will for the that begins in September,” he funding that was promised in in thesame building might be firsttime receiveall of the said. But going forward, law- 2007. funded for all their kids.” moneythey areowedunder makerswill need “tocreate Theadditional stateaid will Shesaid she is still calcu- the city’s Fair Student Funding something that is sustainable allowthe city to provide each lating the total impact on her Formula, city officials said after the next few years.” school with their entirebud- school, but expectsitto Monday. Theboost is meant to fulfill get. amount to “tens of thousands

About $600 million will go promises of funding equity for GES “The Campaign forFiscal of dollars,” which will make a

to 1,164 of the city’s 1,800 schools that servestudents IMA Equity case wasdecided in fa- differencenextfall. She ex- schools that had for years re- who cost more to educate. vor of the students and fami- pectstoapply funds to ad- ceived lessthan 100% of their In 2007,after alegal chal- GETTY lies in New York City, and yet dresslearning lossatthe budget. Principals canuse the lengefromthe advocacygroup SE/ those studentsand families school, which will include tu- funds at their discretion for Campaign forEquity,the New nevergot their fair shareof toring services and paying budgetaryitems such as hiring York Legislaturepassed a the funding,” Mr.deBlasio teachersextratowork with ANCE-PRES

moreteachersand guidance complexfunding formula that FR said, adding that the NewYork students after school hours. counselors or bolstering spe- allocates aid to districts on a State Legislaturehas now New York City Councilman ENCE

cial education and bilingual per-pupil basis,taking intoac- AG “locked in the commitment.” Mark Treyger, aBrooklyn services. count their numbersofstu- S/ CandaceHugee,principal at Democrat and former teacher,

The new funding will come dentsrequiring added ser- WEIS Urban Assembly forCollabora- recalled his feeling as a primarily from apending in- vices,such as English- tiveHealthcareinBrooklyn, teacher that “decisions were

crease in stateaid forthe languagelearnersand children ANGELA called the announcement a made based upon the realities 2021-22year.Mayor Bill de with disabilities,among oth- Forthe firsttime, all schools will get all the moneytheyare owed. “game changer,” sinceher of abudget rather than the Blasio said he expects the aid ers. school received about 91% of needs of our kids.” to continue at the $600 mil- But state budget shortfalls ing formula. The city formula cial needs students. its funding last year. Oneschool in his district, lion level “forthe next few have kept manyofthe city’s distributes aid to each school This year,instead of cutting “It’s been a long time com- Abraham Lincoln High School years,” supplying schools with public schools from getting on a per-pupil basis, with ex- funding, the state plans to in- ing. Idon’t think it’sany se- in Coney Island, will see an in- the budgets they were prom- 100% of themoney budgeted trafunding going to schools crease school aidacrossthe cret that foryearsthat schools crease in funding by 10%, he ised but manyhadn’t received under the Fair Student Fund- with morelow-income or spe- entirestate by $1.4billion and have been funded inequitably,” said. P2JW110000-2-A010B0-1------NS

A10B | Tuesday, April 20, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK WATCH Princeton Gift Aims to Boost Diversity

BY MELISSA KORN lanthropies boardmember. Princeton and other highly

Princeton University is selectiveuniversities have GES

ramping up itseffort to in- long faced criticism fortheir IMA crease enrollment of first-gen- relatively homogeneous popu- eration and low-income stu- lations,made up largely of GETTY dentsand ease their path to white, wealthy students. SE/ graduation, backed by a$20 Theschools have pursued a million giftfromBloomberg rangeofeffortstoimproveboth ANCE-PRES

Philanthropies. their realities and reputations, FR On Monday, the school an- includingincreasing outreach ENCE

nounced anew center,focused to low-income high schools.But AG

on improving access and op- advocates forincreased college Y/

portunities for such students. access saymore-meaningful CLAR

It will house a range of exist- progressisstymied by prac- A.

ing programs such as targeted ticesincluding binding early- THY

summer orientation, mentor- decision admissions deadlines, TIMO ing,social activities and work- whichdon’t allowstudentsto CLEARING THE DECKS: A worker cleaned the Red Steps above the TKTS booth in Manhattan’s Times Square on Monday. shops on topics like choosing comparefinancial aid offers. amajor and translating pro- Manyinstitutions also givea CONNECTICUT BROOKLYN HARTFORD NEW JERSEY fessors’ jargon. boost in admissions to athletes and children of alums. State to Lift Most Man Is Ordered Held Suspect Arraigned in Drug Sentencing Princeton has had some Covid-19 Restrictions In Attack on Police Tot’s Shooting Death Guidelines Changed Bloomberg success in boosting enrollment numbersfor studentsfroma Connecticut plans to phase A man who threw bleach and A 19-year-old man was NewJerseyprosecutors must Philanthropies is rangeofracial and socioeco- out many Covid-19 restrictions a Molotov cocktail at police in charged with murder Monday in waivemandatory minimum prison giving theIvy League nomic backgrounds.Twenty affecting businesses next month Brooklyn admitted that he the shooting of a 3-year-old terms fornonviolentdrug of- percent of studentswho began while keeping the mandatory in- bought the materials to make Connecticut boy whose death fenses, the stateattorneygeneral school $20million. in fall 2019 came from families door mask-wearing rules in explosives with the intent to in- dismayed and angered the com- said Mondayinanew directive. earning $50,000 or lessannu- place, Democratic Gov. Ned La- jure police officers, federal prose- munity and prompted state law- Attorney General Gurbir Gre- ally,morethan double the mont announced on Monday. cutors said Monday. makers to call for more funding wal said the mandatory terms proportion in 2010.Those who Beginning May 1, outdoor re- Lionel Virgile, 44 years old, for urban anti-violence programs. were “outdated policy,” which Thecenter also will serve arefirst-generation college strictions will be lifted on busi- was arraigned by videoconfer- Hartford police said they ar- was hurting residents and dis- as abase forresearch to de- studentsnearly doubled, to nesses, such as mask-wearing ence in Brooklyn federal court on rested city resident Jaziah Smith proportionately affecting young termine the most effective 17.8%, in that time. when social distancing can’t be an attempted arson charge and for the killing of Randell Jones in men of color. “We can wait no support mechanisms forfirst- First-generation college observed. Also, the rule that al- ordered held without bail. a drive-by shooting on April 10. longer. It’s time to act,” he said. generation and low-income studentsrepresent 22%ofthe cohol can’t be served without Prosecutors said Mr. Virgile A message seeking comment The decision comes after a studentsand howthey canbe classadmittedtobegin at food will be lifted, essentially al- splashed bleach at an officer was left with the public de- state Criminal Sentencing and used by colleges nationwide. Princeton next fall, arecord lowing outdoor bar service. when police pulled him over for fender’s office. A judge ordered Disposition Commission called Thegoal is to sharefindings high. But Princeton’sunder- Table seating outdoors will no running a red light Saturday Mr. Smith detained on $2.5 mil- for the elimination of the mini- with other universities to scale graduateenrollment, under longer be limited to eight people morning, then later threw a lion bail during an arraignment. mum sentences for nonviolent up a range of efforts that can 5,300 and expected to grow to and business curfews will be lighted Molotov cocktail at a po- The arrest came on the same drug offenses in 2019. All 21 of help getunderrepresented stu- about 5,800 in the next few moved back to 12 a.m. lice car. The officer who was hit day of Randell’s memorial ser- the state’s county prosecutors dents“to,through and beyond years, is among the smallest in “I think these are all ways we with bleach was treated at a vice and burial. Police said Ran- have also signed a letter sup- the university,” said Khristina the IvyLeague. Theschool re- have earned the right to get hospital. The Molotov cocktail dell was in a parked car with his porting the change. Democratic Gonzalez, an associatedean cently reinstituted atransfer- back to our new normal,” said didn’t explode, authorities said. mother, other relatives and a Gov. Phil Murphy applauded the and the director of programs admissions program, expect- Mr. Lamont. An FBI agent said officers male passenger when another new directive in a statement. foraccessand inclusion at ing to enroll 12 studentsfrom Beginning May 19, all remain- found five more Molotov cock- vehicle pulled next to them and The change means thatthe Princeton. She will head the other schools next fall. ing business restrictions will end, tails in Mr. Virgile’s car. someone opened fire. Authorities imposition of mandatory mini- new Emma Bloomberg Center Princeton’s current efforts including capacity limits on Defense attorney Michelle said the man in the car with mum sentences will be “off the for Access and Opportunity. alone aren’t expected to move movie theaters. The state De- Gelernt of the federal defender’s Randell was the intended target. table” forcurrentand futurenon- Ms.Bloomberg, daughter of the needle on improving en- partment of Public Health will is- office said she wasn’t seeking Hartford police said the fatal violentdrug offenders, and it al- the billionairebusinessman rollment and outcomes for sue recommendations for the bail for Mr. Virgile so there was shooting of a 16-year-old boy lows those currently serving such and philanthropist Michael low-income,first-generation safe operation of indoor and no need for the prosecutor to two hours later was related to sentences achancefor early re- Bloomberg, is a2001 Princeton or underrepresented minority large outdoor events. detail his alleged offenses. the killing of Randell. lease. graduateand BloombergPhi- students. —Associated Press —Associated Press —Associated Press —Associated Press

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | A11 SMERLING ABBE JOURNAL; REET ST LL WA THE R FO GNER DE

Judy Roeder, left, and VID

Abbe Smerling visit in DA P:

Judy’s home. TO OM FR Friendship Unshaken by Alzheimer’s ‘We have gone on this journey together’; friends who have been close for years find ways to continue the bond

BY CLARE ANSBERRY “She didn’t sayanything,” recalls HOW TO BE THERE IN A DIFFICULT CHAPTER Arthena, who had been working in bbe Smerling and Judy customer support foralarge insur- Roeder, close friends ancecompany. “She wasjust quiet for 30 years, raised Don’t be afraid of silence, says agnosis,and alot of people don’t and then said, ‘Baby girl, I’ll call their children, vaca- Abbe Smerling, whose long-time want to hear that. But it is.” youback.’ Iknewshe wascrying.” A tioned and celebrated friend has Alzheimer’s. Tell sto- Shaun didn’t return the call for holidays together. Abbe ries and share news and updates, Focus on your friend, says Darla two weeks. “I couldn’t talk to her, hosted the wedding rehearsal din- even if you get no response. Fortune, who conducted a study and I was hoping she wouldn’t call ner for Judy’s daughter. “It was on maintaining long-term friend- me,” she says. “I didn’t want to cry one of the best parties we ever Adjust, says Beth Kallmyer of ships. Notice what interests and make her feel bad. I needed to had at our house,” Abbe says. the Alzheimer’s Association. If them, makes them smile and be strong and supportive. It took Now, aftersharing manymile- you and your friend liked to play laugh, and what makes them un- me two weeks to get myself to- stones in their lives,the two, Judy and Abbe, here in cards, keep playing them. Maybe comfortable. gether.” When she finally did call, who both liveinthe Boston area, 1998, have been friends not bridge, but something less she apologized. Arthena said she have entered anew chapter in complex, like 21. Call and visit, says Gil Roeder, understood. A few months later, their friendship.Judy,75years for three decades. whose wife, Judy,has Alzheimer’s. Arthena was matron of honor at old and aformer psychothera- Be frank with your friend, says The sound of afriend’svoiceand Shaun’s wedding. pist, wasdiagnosed with mild Arthena Caston, who has early-on- their presencecan makehis wife That wasfiveyearsago. They cognitiveimpairment about eight set Alzheimer’s.“It’s aterminal di- happyinthe moment. nowtalk on the phone at least five yearsago. As her Alzheimer’s has according to a 2018 study pub- days aweek—sometimes several progressed, Abbe,70, has re- lished in Innovations in Aging. A times aday—keeping their ties mained at her side,taking her on 2019 study found that among close in spiteofliving six hours road trips,onweekend retreats, those with Alzheimer’s disease, friendships oftenmentioned stick- support programs forthe Alzhei- away from each other,one in North and to events at theirtemple. having a close circle of friends is ing to familiar and comfortable mer’s Association. “Tell your friends Carolina and the other in Georgia. “I just want to make her linked to better cognition. Main- places,Dr. Fortune found. “She what is going on, talk about what Shaun accompanied Arthena to an happy,” Abbe says. taining those friendships, however, knows the waitresses and they all youare experiencing,what youare Alzheimer’s Association conference Manylongtime friends areat requires resolve and commitment. makeafussoverher,and she al- comfortable doing,” she says. in Chicago, sticking close to her in similar crossroads as morepeople “It’s difficult for people to see waysgetsahug when she goes in,” The conversation can be diffi- the disorienting airport and making arediagnosed with Alzheimer’s,a the changes in their friends. They explained one woman who always cult. Shortly after Arthena Caston, sureArthena’shotel door was degenerativebrain disease and the don’t know what to say and do,” took her friend with dementia to 56, was diagnosed with mild cog- locked at night. Last year,before most common form of dementia. An says Darla Fortune, an associate the same restaurant. Those inter- nitive impairment, which later the pandemic,Shaun and her hus- estimated 6.2million Americans age professor in the department of Ap- viewedalso said they made the progressed to early-onset Alzhei- band drovefromher home in Fay- 65 and older have Alzheimer’s and plied Human Sciences at Concordia friendship apriority.“Iwant to mer’s, she called her long-time col- etteville,N.C., to Orlando,Fla., to the number is expected to double University in Montreal, who along makesurethereare certain things lege friend, Shaun Graham, to give listen to Arthena addressanAlzhei- by 2050 to 12.7million, according with two colleagues conducted ex- we do together now,” said one. her the news. The two women mer’s summit. to the Alzheimer’s Association. tensive interviews on friendship It’s helpful forpeople in the have been friends for more than “I love the fact she was there The disease has no known cure, and dementia, publishing the find- early stages of Alzheimer’s to let 30 years, having met in 1982 as for me,” Arthena says. “We have but loneliness was associated with ings in December 2020. close friends know, says Beth freshmen at Francis Marion Uni- gone on this journey together.” a 40% increased risk of dementia, Those who maintained long-term Kallmyer, who oversees care and versity in Florence, S.C. PleaseturntopageA12

It’s important to know that our Don’t LetLack of Sleep preferences for being morning or evening people are genetically driven. It’s not a choice. And our bodies do not adjust well to major Ruin Your Relationship shifts in our natural biological rhythm. And yet within a couple, if there are differences in sleep-wake BONDS Science shows when you are preferences one partner tends to ELIZABETH poorly slept, your communication go along with another partner’s BERNSTEIN skills suffer, your problem-solving schedule in a way that is not con- skills are compromised, and you’re ducive to that partner’s sleep. more irritable and prone to men- What often happens is that a night IT’S THE LAST THING we need tal-health problems, including de- owl feels obligated to try and during an already exhausting pan- pression. Your frustration toler- sleep at the time that works for demic: A partner who is interfer- ance is lowered. You’re more the partner who happens to be a ing with our sleep. prone to conflict. And you’re less morning lark. And that night owl Yet many of us are losing shut- able to read your partner’s emo- ends up having trouble falling eye because our partner snores tions, which is called empathic ac- asleep and gets frustrated and re- like a bear or hogs the curacy. All of these fac- sentful. covers. Stays up until tors together can be a the wee hours scrolling really toxic combination preferences; one partner likes to women are more likely to have Is there hope for these couples? on a phone. Tosses and for a relationship. binge-watch Netflix or be on a sleep disruptions at particular Yes. The same research showed turns with insomnia. Or But it’s not just that phone while the other one does not. stages in life, including during that mismatched pairs who have has a different sleep sleeping poorly can com- pregnancy and the menopausal good problem-solving skills did schedule that we’re promise your relation- Yet most people prefer to sleep transition. not suffer in their relationship. In constantly trying to ad- ship functioning. Having with their partner? And there are differences in other words, if you’re a mis- just to. conflict and strife in your Yes. There are psychological bene- sleep-wake schedules. Generally, matched pair with good problem- Wendy Troxel is a relationship can compro- fits. We derive a sense of safety women are more likely to be solving skills, you’re able to find senior behavioral and Wendy Troxel mise your sleep. So and security from sleeping with morning people and men are more workarounds. For many couples, social scientist at Rand there’s this vicious cycle. our partner. Sleep is a vulnerable likely to be night people. it’s the time before falling asleep Corp. and clinical psychologist state. You are lying down, semi- that’s most critical for a healthy who specializes in sleep medicine. Why is it so tough to sleep conscious, eyes closed. It’s hard- How problematic is it when part- relationship. Even if you have dif-

GES In her book to be published today, together? wired for us to seek connection ners have different sleep-wake ferent bedtimes, you can preserve

IMA “Sharing the Covers: Every Cou- Thechallengethat gets talked about when we are feeling vulnerable. patterns? that time together in bed. Ideally, ple’s Guide to Better Sleep,” she most frequently is snoring.But There’s a limited amount of re- it’s the one place where it’s just GETTY explores how sleeping together im- thereare other sleep disordersas Do men and women sleep search looking at how sleep-wake the two of you, where you can re-

WIN; pacts both our slumber and our re- well, including insomnia, restless differently? preferences relate to relationship lax, be intimate or cuddle. Spend lationship. Here are edited ex- leg syndrome or chronic night- Yes. Women are twice as likely to quality. It shows that couples who quality time in bed when you are BALD cerpts of my interview with Dr. mares.And thereare run-of-the- have insomnia, compared to men. are mismatched show lower rates both awake. And then when the

DIANE Troxel. mill behaviorsthat canintervene And men are at least three times of relationship satisfaction, more lark is ready to go to sleep, the : with apartner’s sleep: tossing and as likely to have obstructive sleep conflict and less sexual activity owl gets out of bed, goes on with LEFT How important is sleep for a turning; sheet stealing; differences apnea compared to women. than couples who are in sync in their evening, and returns to bed OM

FR relationship? in sleep schedules or temperature Due to hormonal changes, their sleep-wake schedules. when sleepy. P2JW110000-0-A01200-1------NS

A12 | Tuesday, April 20, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

WHAT’SYOUR WORKOUT? JEN MURPHY HOW TO SWIM OUTDOORS

Swimmer he transition from Tswimming in apool lane to navigating open watertakes time and Keeps newskills,saysKaren Burton Reeder,aformer member of the FitWith USASwimming Open WaterNa- tional Team. She likens it to the Outdoor transition from running on atrack to embracing mountain trails.“Both aregood Routine workouts, but one pro- vides moreadventurein JOURNAL aless-controlledenvi-

REET ronment,” she says. ST LL Without lane lines, nav- WA igation is morechal- THE

R lenging, says Ms.Bur- FO Jim Falconer swims in the tonReeder.“Learning to

SLEY Salish Sea near his home on sightbylifting your Lopez Island, Wash. head and looking for- HIND ward helps swimmers ANT

GR stay on course in open water,” she says. “Swimmerscan also his winter, there were and swimming one mile.Admit- takenoteofthe sun’s days the temperature of ESSENTIAL GEAR Aqua Spheregoggles and lenses tedly competitive, he has also position or the shore- the Salish Sea off Wash- ($58): “I’mnearsightedsoIbuy learned to accept his limitsto line and use those ington state hovered just interchangeable lenses,” he says. avoid injury. “I nowstart my runs markerstohelp above 40 degrees, but Blueseventy Thermal Reaction very slow, otherwise Iamshort keep track when T wetsuit ($665) Hoka One One Speedgoat of breath early on,” he says.“If side-breathing.” that didn’t deter Jim Falconer from going for a swim. “I sneakers ($145): “I credit their Ican runanhour without stop- made myself one pandemic prom- C5 Gore-Tex Thermo Gloves extra cushioning for getting me ping,Iamahappy guy, regardless Swimmerswho ise,” he says. “Weather would ($95): “I was wearing double back running,” he says. “I practi- of speed.” He sprinkles his cycling arenew to open wa- never interfere with my workouts.” gloves cycling all winter until I cally live in them now that I workoutswith “some good out of tershould have aper- At 76,heisinthe best shape of invested in these,” he says. don’t go into the office.” the saddle hill climbs” and tacks son accompanythem or his lifeafter embracing an Ironman- on casual bikerides with his wife. swim in an area where worthyworkout routine last year. “It’sgood forour relationship,” lifeguards arepresent, When the pandemic hit in March search, he invested in afull wetsuit, his 40s. He has also rediscovered a he says. she says.Tying afloat 2020,heand his wife, BirteFal- persuaded his wifetobehis life- childlike joy in his workouts. “I Depending on the tides and buoyaround your waist coner,decamped from their home guardand dovein. “I immediately float on my back at the end of a wind direction, it typically takes is asafetymeasureto in Seattle to their vacation home on thought, ‘Well, Ijust wasted $700,’ ” swim and when no one is looking, him around 30 minutes to swim help boaters seeswim- LopezIsland, Wash. “It wascold he says.“It wassounbearable I I pretend I’m galloping on a horse one mile. From the beach, his wife mersinthe water, and drizzly most days,but there could barely last 10 strokes.” on my runs as if I were an eight- acts as his lookout. “The other day she adds. wasn’t much to do except explore He stuck with it and after one year-old kid,” he says. “And on my a couple of seals were getting too the outdoors,” he says. month of twice-a-week swims he bike I imagine that I am Greg LeM- close and she warned me.” Ms.Burton Reeder says Mr.Falconer,who works part acclimated to the chilly tempera- ond in the Alps.” Mr. Falconer supplements his it is essential to ask time in privateinvestment, began ture. “I now feel exuberant when I workouts with an hour of exercises about waterconditions: to runthe trails and bikethe back get out of the water,” he says. “It’s The Workout that might include calf raises and “Riptides canbeacon- roads but he missed his pre-pan- like a runner’s high.” His mix of Mr.Falconer exercises five days a using stretch cords to strengthen cern and lifeguards are demic pool routine.Hehad dabbled bike, run and swim workouts week and slotsintwo recovery his muscles for swimming. usually aware of poten- in open-water swimming in his 40s helped him lose 15 pounds last days.Healternates between cy- He says yard work, including tial problem locations.” when he did triathlons but never in year. He now weighs 135 pounds, a cling 15 to 20 miles on ahybrid building fences and chopping watersocold. Afterabit of re- weight his scale hasn’t seen since bike, running for50to75minutes wood, double as workouts.

and sing “Take Me out to Judy’s husband, Gil, and tells Friendship the Ball Game.” him to turn it on forher. “We’re creating an envi- Gil is grateful forAbbe ronment where people can and afew other friends who Unbowed by stay connected,” says Beth have remained close to Judy. Soltzberg, who runs the pro- She no longer seems to no- gram at the Jewish Family & ticethat people don’t come Alzheimer’s Children’s Service. It’s one around or call, although he of about 1,000 such venues does: “People have disap- world-wide, listed in the pointed me.Idon’t think they ContinuedfrompageA11 Memory Cafe Directory. candeal with people so smart Both knowthat the disease Abbe keeps Judy updated and vibrant going away and will progress. “I want to be about friends. “I tell her becoming someone different.” therefor as long as Ican gossipy things. I know I When the weather gets be,” says Shaun, who served won’t get a response, but I warm, Abbe and Judy will in the Air Forceand now still want her involved,” she resume their walks. They works in transportation says. “I still want her to be look forward to going out planning forher local county. someone I can talk to.” with their husbands and eat- In Boston, Abbe and Judy, If she sees amovie or ing outside. nowboth vaccinated, can concert on TV that she thinks “That will be great,” says visit, sitting on Judy’s couch. Judy will enjoy, she calls Judy. “I like that.” Conversationsare shorter than they used to be.Judy tends to repeat thingsand is easily distracted. They reminisce, Abbe prompting Judy, reminding her about outings with their kids to the Happy Chicken restaurant, their road trip to Judy’s hometown, Toms River, N.J., and how they danced together when their husbands, who were in a rock band called the Titanic, performed classics like “My Girl” at charity events. Judy hums the song. They have been each Arthena Caston, left, and Shaun Graham at a birthday other’s confidante, compan- celebration in 2018. Arthena gave Shaun a blanket this past ion and support for much of Christmas with photos ranging from college days to 2020. the last three decades. “Now we are going through this together,” Abbe says. Ayear ago, they went on awomen’sretreat and roomed together.Judy lost her keysseveral timesand locked Abbe out of their room at night. In alarge group discussion, Judy,who wasalways expressiveand opinionated, said little or told the same childhood stories. “I lost my close friend that she was. I lost that Judy,” says Abbe. “I have another Judy, and I just want to do my best to keep her happy.” Abbe, searching out new ways for the two to have fun M AHA

together, heard about the GR Memory Café, started in 2014 in Boston to give peo- JOHN ple with dementia and their M, family and friends a place to AHA GR

listen to musicians, story- UN tellers and artists. “It’s SHA

good,” says Judy. Before the P: pandemic, they would go, sit TO M

side-by-side, hold hands, FRO P2JW110000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | A13 ARTS IN REVIEW

Dinosaur Jr. performing in England in 2016; the band’s new , ‘,’ is out Friday.

MUSIC REVIEW | MARK RICHARDSON An ’80s Group Keeps Roaring Dinosaur Jr.’s new release does more than stave off extinction, maintaining its signature sound with extra poignancy

IN HIS 2001 BOOK, “Our Band unlikely second act and holds its likethe Cureand Gang of Four. owesagreat he played Could Be Your Life,” journalist ownamong late-’80s classics. (Mr.Mascis firedhim in 1989,and deal to Dinosaur nearly all the Michael Azerrad tells the storyof By 1987,the year Dinosaur Jr. Mr.Barlowfound indie rock suc- Jr.and while instruments. the American rock-music under- released itssecond album, cess with projectsincluding Seba- it’sdifficult to Following the ground in the 1980s by focusing “You’reLiving All Over Me,” its doh and until sayprecisely return of the on the stories of 13 important sound wasfully established, and his return to Dinosaur Jr.prior to what his final original lineup, groups from the decade.This was it has varied little since. Some the 2007 comeback album “Be- contributions it’sasifMr. the eraafter the initial wave of songshavethe energy and anger yond.”)Drummer Patrick Murphy, were,the mix of Mascis has fully punk rock but beforethe explo- of punk,some add rootsy touches, always identified simply as acoustic and internalized sion of what came to be called al- some veer toward punchyclassic , has an economical and electric guitars what this group ternativerock in the 1990s.Scan- rock and, occasionally,heavy hard-hitting style that serves as on some of does best and ning the list of chaptersnow,one metal. Mr.Mascis singswith aca- the engine when Dinosaur Jr. these songs sees no reason realizes that most of the featured cranks up the intensity. bringstomind to stray from it. outfits either split up yearsago— Mr.Mascis’smelodies are his work.“IRan These guys noise-rockersBig Black,Minneap- There’s something to clipped and simple but uncannily Away” and “And makeloud, olis’sHüsker Dü—or,likethe Re- memorable—Kurt Cobain bor- Me” both have adelightfulblend warm and tuneful rock about try- placements, stopped making be said for executing rowedheavily from his style dur- of chiming acoustic guitar on the ing to getbywhen the outside records, forming periodically to perfectly within ing Nirvana’srun—and the catchy strummed rhythm with afuzzed- world—or your interior voice—is makesome money playing festi- opener “I Ain’t” is afine example out lead darting between the telling youtostop. If there’sa vals or on reunion tours. It’sdif- established parameters. of howhearranges afew notes chords.Attimes the record veers complaint to be made,it’sthat ficult forany band to keep it intoafleshed-out song that from itsguitar-based template, as Dinosaur Jr. tend to together for30-plus years, but sticks with you. “I ain’t good on “TakeItBack,” which is built sound the same.But there’s it’sevenharder forthose at the alone” is itsrepeating refrain, around an earworm of apiano something to be said forexecut- margins,living from one gig to sual drawl, sometimes coming and it’sanexemplarymantrafor line.“Garden,” one of two fine ing perfectly within established the next. acrossasifhehas just woken this band—both Mr.Mascis and songswrittenand sung by Mr. parameters. They’realso the kind One act from Mr.Azerrad’s from adeep slumber.He’sanad- Mr.Barlowsing of feeling alien- Barlow, has amoresophisticated of project wherelongevity lends book,however, is not only active ept rhythm guitarist with agreat ated and cast aside,ofsearching melodic sensibility than anything the music extrapoignancy. Well

but making some of the best re- earfor riffs,but he’sbest known formeaning and connection. else here, with winding verse afterits peerspacked it in, Dino- S cordsofits career: Dinosaur Jr., forhis exploratorysolos,which Recording for“Sweep It Into lines that build tension. saur Jr.isstill making excellent the Amherst, Mass.,trio fronted reimagine asong’smelody while Space” started in the fall of 2019 Mr.Mascis has always had side recordsfor newlistenersand PRES

by singer and guitarist JMascis, never going on fortoo long.Bass- and in early sessions,beforethe projects—solo records, film scor- older ones who made the band UMA /Z

returns Fridaywith its12th stu- ist and vocalist LouBarlowhas onset of the Covid-19 pandemic, ing,production forothers. He part of their lives. TY dio LP,“Sweep It IntoSpace” an activeand melodic approach singer- Kurt Vile made four Dinosaur Jr.records

(). Thestrong new on his instrument that owesmuch served as co-producer alongside afterMr. Barlow’sdeparturethat Mr. Richardson is the Journal’s DOHER were essentially solo outings, as collection continues the group’s to post-punkersand newwavers Mr.Mascis.Mr. Vile’sown music rock and pop music critic. PETE

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NewYork City 74 52 s6436t Dublin 53 38 r5237pc Warsaw5943c 59 42 c s DEEPERESCAROLE Oklahoma City 49 31 c5738pc Edinburgh 55 32 c5429pc Zurich 60 36 sh 63 43 sh Solvethis puzzle online and discussitatWSJ.com/Puzzles. STEEDS LEST NED P2JW110000-0-A01400-1------XA

A14 | Tuesday, April 20, 2021 THE WALL STREET JOURNAL. SPORTS

BY JOSHUA ROBINSON Super League MovestoHeadOff Bans uropean soccerhad been hearing the words“super league” as aveiled threat Eforover20yearsbefore The shocking announcement from 12 European clubs has left soccer’s authorities scrambling the battle brokeout in earnest on Monday. Theidea of aclosed league made up exclusively of the game’selite, playing marquee matches every week,had been around sinceat least the 1990s.Powerful Italian clubs cooked it up first, and Man- chester United oncemade afailed push. Real Madrid took over as agi- tatorinchief in the 2000s. Yetuntil Sundaynight, no organ- ization had made aformal break with UEFA, European soccer’sgov- erning body.Then on Mondaythe breakaway Super League led by 12 of the most powerful clubs in the game doubled down on itsan- nouncement by taking legal steps to protect itsteams from being banned by the game’sestablished, but shell-shocked, authorities. UEFAhad already threatened to suspend teams participating in the Super League,which hopes to begin playin2022, from itscompetitions such as the Champions League.On Monday, it amplified the threat by saying that anyplayerparticipating in the Super League would be ex- cluded from the World Cup and the Manchester United, above, along with Real Madrid and Barcelona, European Championships. pictured right, are part of a group seeking to form a Super League. Thebattle, which will define the shape of soccer’sbiggest stagefor fumed at the Super League an- cron, domestic rivals decades,isthe result of yearsof nouncement and weighed punitive around Europe,and soccer tension between the organizersof sanctions against the 12 clubs, fans around the world. the most lucrativetournamentsand which could include immediatesus- “The newly proposed some of the richest teams in sports pension from domestic leagues and topEuropean competition aiming to increase their shareof major tournaments. Ceferin added is nothing morethan a the earnings. that he washoping UEFA’slegal selfish, egotistical proposal “This idea is aspit in the faceof team could green-light aban “as designed to further enrich all football lovers,” UEFApresident soon as possible.” the already super rich,” Aleksander Ceferin said of the Su- Under the Super League pro- Spain’sLaLigasaid on per League proposal, which he posal, those clubs would continue Monday. called “a closed shop runbya to playintheir domestic leagues Spanish club Real Betis greedy,select few.” but leave behind the prestigious, published anew version of Thewealthyclubs—including six pan-European Champions League in La Ligastandingsonits in the English Premier League and favorofanew lavishly paid compe- website, excluding the topteams in Spain and Italy—an- tition that would begin playin three Super League teams, nounced lateSundaythat they in- 2022. It would givethe richest Real Madrid, Barcelona tend to form anew pan-European clubs moreguaranteed matches and AtleticoMadrid. Betis competition forthemselves and a against each other to drivebroad- is nowinthirdplace. Not few other teams.The movewould casting revenue. that threatsofpunishment further enrich those clubs and Theultimatevision is fora20- have sloweddownReal. badly undercut the team competition “Weare going to help lucrativeChampions with 15 permanent football at all levels to take League competition Under theproposal, membersand five itsrightfulplaceinthe world,” Real But soccer’sgoverning bodies Amajority of them hold long-term that is controlled by morequalifying Madrid president Florentino Perez arealready concerned that anyban contractswith organizers, meaning UEFA. theSuper League through merit—as said of what is already the world’s or injunction wouldn’t find much to they cannever be relegated from In aletterre- would begin playin opposed to the most popular sport. “Football is the build from in recent European law. the league and areguaranteed a ceived by UEFAand current Champions only global sport in the world with In 2017, European Commission reg- hefty shareofthe television rights FIFA, soccer’sworld 2022. League model of morethan 4billion fans and our ulatorssided with apair of Dutch payments. governing body,an 32 teams all quali- responsibility as big clubs is to re- speedskaterswhen they sought to TheEuroLeague ultimately came unnamed represen- fying based on the spond to the desireofthe fans.” competeinhighly paid eventsthat to an agreement with basketball’s tativeofthe Super previous season’s At the moment, they can’t even weren’t sanctioned by the sport’s world governing body,FIBA, but League said that it had takenlegal results. (UEFAalso unveiled an ex- respond to the wishes of all of Eu- governing body,the International only because FIBAwas leftwith lit- “protectivesteps” in response to panded 36-team format on Monday rope’ssuper-clubs.French power- Skating Union. tle choiceagainst abloc of the threatsthat itsclubs would soon be with moreguaranteed games for house Paris Saint-Germain is ano- That decision wasupheld late sport’smost popular clubs.In2015, banned from domestic and interna- clubs starting in 2024.) table absentee from the group of last year by the Luxembourg-based the body renewedits threatsto tional competition such as the Pre- The12Super League clubs said 12, while Germany’sBayern Munich EU General Court, which called the suspend clubs and the national mier League and Champions they had secured over $4 billion in and Borussia Dortmund also re- ISU’srules “contrarytoEUcompe- teams of countries associated with League.The group did not specify funding to sharebetween them as a jected the proposal. Dortmund CEO tition law.” the EuroLeague.FIBAultimately whereithad takenthose steps. way to bounceback from the finan- Hans-Joachim Watzke addedon “The ISUisrequired to en- backed down. “For this reason, SLCo has filed cial damageofthe global pandemic. Mondaythat the two Bundesliga sure…that third-party organisersof Ceferin, the UEFApresident and amotion beforethe relevant Court They have also promised to expand clubs had taken“aclear stancein speedskating competitions arenot aformer criminal lawyer,was more in order to ensurethe seamlesses- “solidarity payments” to smaller rejecting plans forthe establish- unduly deprived of access to the optimistic about his chances of tablishment and operation of the clubs in order to keep developing ment of aSuper League.” relevant market,” the court added. blocking the breakaway. competition in accordancewith ap- the game. Should UEFAorFIFAbans for Theother example authorities “Ifanything goes against all the plicable laws,” the European Super But so far,they have found few the Super League teams come now, will look at is EuroLeague basket- competition laws in the world, it’s League Companywrote in the let- supportersoutside their alliance. they could effectively stop the cur- ball, an organization that formed the Super League,” he said. “Maybe ter, which wasobtained by The Opposition came swiftly from U.K. rent season in itstracks,just as through asimilar breakaway in we were naïve.Wedid not know Wall Street Journal. Prime Minister , leagues preparetocrown champi- 2000 to bring together the most that we had some snakes close to Soccerauthorities on Monday French President Emmanuel Ma- ons acrossEurope. successfulteams on the continent. us.”

We need to talk about JASONGAY As Isaid, they’reprettygood. teams shoot worseagainst the the Knicks. Nothing more, but it’ssomething. Knicks than anyother NBAclub. You: Oof. Do we re- At the moment, NewYork is 31-27, Do such things, and wins follow. ally? Isn’t there any- The Knicks Aren’t Bad. entering Monday’splay, sitting In an off-balance, pandemic-dis- thing else to talk about? sixth in the Eastern Conference jointed season, the Knicks have What about amuddy standings, agame and ahalf in playedhardand changed the mood. bike race in Belgium? There must This Is Huge News. front of 2020 finalist Miami, and When Williamson gushed about the be one of those you could prattle on right in the mix forplayoff qualifi- Garden afterlosing Sunday—“I love about. cation. On Sunday, the Knicks de- playing here,” he said—the news No,Ireally think we need to do feated NewOrleans,giving them wasmet with curiosity but also re- this.The NewYork Knicks. six wins in arow forthe firsttime straint. You: Aw, come on! What about since1023.(OK,it’sthe firsttime Throwall futurehope behind an that Super-Duper Soccer League, since2014, but it feels like1023.) electric playerwho might come the breakaway club of fancy teams How’sithappening? Not with hereone day? That’swhat the that’s got everyone riled up? superstars. Forever, the Knicks for- Knicks used to do. Yeah, that’sabig deal, the Super mula has been to desperately covet What’sjarring is the contrast to League,and soccerfans areflipping the best players in the game,get the team over the bridge, the out. But Istill think we should talk ignored by them in their free Brooklyn Nets, who have assembled about the Knicks. agencyprime,and then acquire ateam of superstars(Kevin Durant, You: Fine. Why? them—lateintheir careers, often Kyrie Irving,James Harden) Because they’reprettygood. afterinjury. straight out of an old Knicks fever You: “Pretty good?” That’s all it These 2020-21 Knicks,bycon- dream, and, on the rare occasion takes to get into the newspaper trast, areateam short on basket- they arehealthyenough to play these days? “Pretty good?” ball celebrities.They areled by Ju- with each other,look likeone of Youhavetounderstand: forthe lius Randle,a26-year-old power the greatest basketball teams ever Knicks,amournful experimental forwardonhis thirdteam who’s created. Even if they don’t getev- theater outfitbased in Madison blossomed intoabona fide All-Star eryone healthy, Brooklyn is the SquareGarden, achieving “pretty (23.5 pointsand 10.5 rebounds per vastly betterteam in town, and a good” is seismic news.It’sworthy game). Therest of the roster is a legitimatecontender forthe NBA OL

of aparade.This storydeserves to mix of peripatetic veterans (Ner- championship. PO be splashed atop the Journal’sfront lens Noel, Alec Burks.Reggie Bull- And yet, the Nets, forall their S page, and I’m personally insulted ock,long-agoleague MVP Derrick talent, still aren’t soulfully wired to that it’snot. Rose) and young talent (RJ Barrett, the city likethe Knicks.Maybe the A/PRES ELS

Afterall, the Knicks areaonce- Immanuel Quickley) who habitually dynamic will shiftifBrooklyn wins S; great franchise which acquired, outwork starrier clubs,likethe atitle.But this remains aKnicks around the century’sturn, ahalting Zion Williamson-led Pelicans on town, evidenced by rowdythrall for PRES

allergy to success.They have not Sunday. an overachieving club. ZUMA

finished with awinning record in Behind the revival is amethodi- NewYork is aproud city trying UE/ eight seasons.They have had only calteam president Leon Rose,and to recoverafter adifficult year. O/

two winning seasons sincegoing Knicks forward Julius Randle has blossomed into an All-Star this season. another undervalued asset, head Thereare headwinds everywhere, RIVER 48-34 in 2000-01. Two! TheKnicks coach TomThibodeau. Thibodeau and it will be along road back to

finish in the bottommurk of the amusing.The Knicks have been a ship gloryofthe early 1970s—and arrived in the offseason with arep- full strength. But when youstep ÁNGEL standingssooften, it’seffectively a hard-to-loveoperation, coasting on all of them talk about the franchise utation forgetting quirkyrostersto ontothe concreteonaspring day, residency. In fact, if another club the distant past, presuming geogra- likeitisafamily member who stole playdefense and over-perform, and youcan see the blossoming trees,

slides beneath NewYork to finish phyalone makes them relevant. their carand dog and never came that’smoreorlesswhat’shappened the crowded outdoor cafes, and /REUTERS;

last in the NBA’sAtlantic Division, I But Ialso feel bad. Iamfriends back. here. TheKnicks rank thirdinthe parks full of runners, strollersand TER RS

believethey have to paythe Knicks with many, manylongtime Knicks Take aMetsbaseball fan, and league in defensiveefficiency— dogs, and it’spossible to feel like FO asubstantial royalty. fans,good people with vivid recol- strip away the handful of positive that’sthe number of pointsallowed much betterdays arearound the U ST

As someone who lives in New lections of those wonderfully com- recent memories.That’saKnicks per 100 possessions—and areatop corner. P: York,Idon’t find anyofthis amus- bativeteams in the 1990s—a few of fan. the league in opposing field goal TheKnicks areprettygood. It all TO OM

ing.OK, that’salie.It’salittle them canremember the champion- Until now. percentage, which means opposing feels possible. FR P2JW110000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | A15 OPINION , ‘Union Guy’ BOOKSHELF | By James Rosen

“I’m aunion dent loves to talk about a as acondition of their jobs. workersappreciated, the inter- The Big guy,” says Joe gleaming neweconomyfull of Worse, Mr.Biden’splan would estsofworkershavechanged Biden. He’s green, unionized and well-paid enshrine “card check,” in along with changes in the been saying jobs,but if Mr.Biden really which unions that successfully economy. this sincehe does succeed in transforming challengeanelection canby- Forexample,when yours Red Gamble kicked off his the American economy, it will passasecret ballot by collect- truly worked in Hong Kong in MAIN presidential be with an industrial policy ing signed cardsinstead—leav- the 1990s,abooming economy STREET campaign at a that takesusback to the 1970s. ing workersfar more had driven unemployment in Nuclear Folly Teamsters ForMr. Biden shares the old vulnerable to pressure. thethen-British colonydown By William hall in Pitts- prevailing assumption that la- Meanwhile,workersare to nearly 2%. Because Hong By Serhii Plokhy McGurn burgh two bor and capital areenemies.In making their owncalculations. Kong workersinthose days (Norton, 444 pages, $35) yearsago, and this dynamic,aunion is the At least in the privatesector, weren’t tied to their jobs for he said it again at the White only hope forbetterpay and employees understand that healthcareand retirement, nOct. 23,1962, adelegation of prominent Romanians House recently when he job security. To be fair, it theirpaychecks and benefits they were much freer to leave O arrived at the Kremlin to meet Soviet Premier Nikita launched his American Jobs might have looked that way for arelinked to the success of the one job foranother.Anem- Khrushchev.Their host wasfoul of mood. Boorish and Plan. much of American history, ployertold me it wasn’t un- suspicious by nature, the strongman had spent asleepless So when aunion sought to with big strikes that often common forworkerstoleave night deliberating with the Presidium over what to do in the organizethe 5,876workersat turned ugly on both sides a The president’s labor foraslittle as an extra10 escalating crisis forwhich Khrushchev himself wasrespon- an Amazon warehouse in regular feature of American Hong Kong dollarsaweek— sible: his secret installation, acrossthat summer,ofnuclear- Bessemer,Ala., it came as no life. agenda is the same roughly US$1.25. weapons systems and some 40,000 Soviet troops in Cuba. surprise that Mr.Biden lent his Much of the pressimplicitly one he brought to Thepoint is,nolabor law Aerial reconnaissance revealed the installations to the imprimatur to the effort. What acceptsthis templatetoo. canoffer abetterincentivefor Americans on Oct. 14, and President Kennedy, in a televised did come as asurprise wasthe Maybe that’swhy so manysto- Washington in 1973. employers to treat employees address eight days later, announced a naval quarantine to outcome.The employees ries from Alabama presented well than aworker’s ability to block delivery of additional weapons to the island. All ended up voting against the Amazon’s warehouse as if it leave forgreener pastures. sides—with the exception, perhaps, of Fidel Castro, who unionbyamargin of more were asweatshop outofbusiness. WorkersatAmazon’s Even better, it doesn’t depend relished Havana’srole at the center of world events— than 2to1—a blowtoBig La- “Norma Rae,” the 1979 union Bessemer warehouse no doubt on the benevolenceofbusi- feared that anydisplayofaggressiveness, or miscalculation, bor,ashock to the press, and a drama that wonSally Field an appreciated that if the union’s ness, the intervention of gov- could trigger an apocalyptic personal embarrassment for Oscar.Except that in the real- paydemands and work rules ernment or the agitation of a nuclear exchange. the president, who plainly lifesequel, rather than looking ended up making them uncom- union. At the reception in their thought it would go the other to aunion as the key to their petitive, the companycould In today’sworld, workers honor, the Romanians way. jobsecurity and well being, easily moveits operation else- have only one real guarantee watched Soviet Defense Though Labor Secretary the Amazon workersweighed where. of job security and decent Minister Marshal Malinovsky Marty Walsh shruggedoff the the risks and benefitsand said As forMr. Biden, it is as if treatment: agrowing,dynamic approach his boss with bad defeat, it isn’t ahopeful sign no thanks. nothing has changed since economythat forces employ- news: The U.S. Navy was on forthe Biden administration’s At least they had the op- 1973, when he firstarrived in erstocompetefor labor.Call it high alert, readying the effortstoreverse theslide in tion. Though the president Washington. Though thereare the security of opportunity. blockade. “Khrushchev flew private-sector union member- talks about ensuring workers abusiveemployers,surely the Forit’sthe security that comes into a rage,” Gheorghe ship from apeak of 34.8% in have a“free and fair choice,” larger messageofthese past from workers’ knowing they Gheorghiu-Dej, a Romanian 1954 to 6.3% today. This Amer- his plan includes the Protect- few decades is that business cantell the boss, “Takeyour communist leader, reported ican Jobs Plan is the latest in a ing the Right to OrganizeAct. aremoreaware of the value of joband shoveit”—something later to Romanian intelligence. WhiteHouse agenda whose Among other thingsthis would their workforces. Rare is the possible only when aworker The premier was “yelling, scope and spending has the override the right-to-work businessleader who won’t tell knows there’sanother job cursing and issuing an media chattering about a laws of 27 states,which pro- youhis greatest challengeis waiting out therewith equal or avalanche of contradictory “transformativepresidency” tect workerswho aren’t in a attracting andretaining good greater pay. orders.” He “threatened to on the order of FDR. Thepresi- union from having to paydues employees.Asthose Amazon Write to [email protected]. ‘nuke’ the White House, and cursed loudly every time anyone pronounced the words America or American.” Thevast literatureonthe Cuban Missile Crisis has made it acase study acrossscholarly disciplines: intelligenceanalysis, Tokyo Flexes Its Talons nuclear brinkmanship,game theory, organizational psychology. To this literature, the Oct. 23 Kremlin outburst—which ap- Japanese that the summit “reaffirmed” Tokyocannot be 100% sure sal values of freedom, democ- pearsmidway through Serhii Plokhy’ssuperb “Nuclear Folly: Prime Minis- the U.S.-Japan consensus.On wherethe Biden administra- racy,human rightsand the AHistoryofthe Cuban Missile Crisis”—would appear to terYoshihide Xinjiang he said that he had tion’s China policyisgoing. rule of lawthat the two coun- mark asignificant contribution: an eyewitnessaccount of Suga’s visit to “explained Japan’sposition While Mr.Sugawas in Wash- tries share. So far,sogood. one of the saga’stwo key decision makersexhibiting not the White andinitiatives” to the presi- ington, John Kerrywas in But the softpowerofthe alli- only uncontrolled anger but delirium. Khrushchev’s threat House is be- dent. Neither the presscon- Chinapushing foragrand ance—the human contacts, to “nuke” theWhiteHouse,his “avalanche of contradictory GLOBAL ing hailed in ferencenor the joint state- bargain on climate. TheBiden the mutual understanding be- orders,” constitutethe most troubling behavior we could VIEW both coun- ment Messrs. Biden and Suga administration’srhetoric on tween societies,the sense of imagine in aleader “managing” such acrisis. tries as ama- issued aftertheir discussion issues ranging from Taiwan to common destiny—is signifi- And indeed, areview of some acclaimed previous studies, By Walter jor success. used theword“genocide.” Xinjiang is hawkish, but Mr. cantly weaker than the bonds such as Michael Beschloss’s“TheCrisis Years” (1991), Russell Mead On the Ameri- While Washingtonand To- Bidenhas proposed asmall that tie Americatoother al- Michael Dobbs’s“One MinutetoMidnight” (2008) and the canside,offi- kyobroadly agree about the cut to the defense budget, ad- lies like the U.K. and Israel. revised edition of Graham T. Allison’s1971 political-science cials rejoiced that Mr.Suga risks of China’sbehavior, justed forinflation. Under the In the 2018-19 school year, classic “EssenceofDecision” (1999,co-authored by Philip aligned Japan with U.S. talk- Japan still preferstostaya fewerthan 9,000 U.S. stu- Zelikow), finds none of them mentioning this shocking ing pointsinAsia. As the few steps behind America. Ge- dentswerestudying in Japan. scene—nor the one Gheorghiu-Dej witnessed at breakfast prime minister said at ajoint ography, economics and his- Suga was hawkish on In 2019 only about 7,000 U.S. the next day. This time the bad news came from the KGB’s pressconference, Americaand tory all connect Japan to studentsregistered to take Vladimir Semichastny: acable reporting that Kennedy had Japan both “oppose anyat- China. While officials in Tokyo China, but the soft- the Japanese-LanguageProfi- canceled atrip to Brazil to oversee the quarantine.Mr. tempt to changethe status fully understand that China’s power U.S.-Japan ciencyTest—of hundreds of Plokhy, aprofessor of historyatHarvard, provides this quo by forceorcoercion in growing militarymight and thousands of registrants account, drawing on Gheorghiu-Dej’sreport: “Khrushchev’s the East and South China seas territorial assertivenessre- alliance needs work. world-wide.Compared with face grew red as he read the cable. He started ‘cursing like and intimidation of othersin quirearobust Japanese re- Japan, China sent about twice a bargeman,’ threw the paper on the floor, and stamped on the region.” References to the sponse,neither the country’s as manystudentsper capita it with his heel. ‘That’s how I’m going to crush that viper,’ Taiwan Straitsand the situa- businesscommunity nor the circumstances,Mr. Suga’s to study in the U.S. pre-Covid. he shouted, also calling Kennedy a‘millionaire’swhore.’” tion in Xinjiang added to the public wantstobetoo con- most prudent course wasto Among studentsfrom29 Another arresting passage unmentioned in the earlier impression that Tokyoisbe- frontational with aneighbor- avoid offending anyone in Asian countries tested for books relates the confession of Vasilii Kuznetsov, the Soviet coming moreforthright in ingsuperpower. On military Washingtonwithout unduly English-language proficiency, deputy foreign minister: “From the very beginning of the supporting atougher U.S. line. and human rightsissues alike, shocking China—and this is Japanese studentsranked crisis, fear of the possible course of further developments On the Japanese side,there the Japanese consensus is what he seems to have accom- 27th, ahead of only Laos and arose within the Soviet leadership and increased with wasalso much to be happy shifting,but Tokyo’spostwar plished. Tajikistan. everypassing hour.” about. President Biden chose tradition of cautious diplo- Thealliancewith Japan is FewAmerican academics, Mr.Sugafor his firstOvalOf- macywon’t changeovernight. the single most important in- thinktankersand journalists fice meeting with aforeign And then thereisthe ternational relationship Amer- have adeep knowledgeof In a rage, Khrushchev started yelling and leader,anunmistakable sign American question. Theoscil- icahas.Without Japan’seco- Japan. Thereare only arare cursing and threatened to ‘nuke’ the White of the priority the Biden ad- lations in U.S. policyunder nomic weight, technological few U.S. citizens likeJapan ministration attaches to the both President Obama and capabilities and geographical Society President Joshua House, calling JFK a ‘millionaire’s whore.’ relationship.Betterstill, PresidentTrump leftJapan position, the U.S. cannot build Walker—who grew up in American officials didn’t press with aseverecase of whip- an effectivecoalition to bal- Japan the child of missionar- the prime minister foralist lash.Mr. Obama’sflaccid re- anceChina. But without ies, and has both private sec- Mr.Plokhy’sendnotes frequently citeRussian and of specific commitments that sponse to China’sconstruc- strong and stable American torand government experi- Ukrainian sources: declassified KGBdocuments, memoirs might have been difficult to tion of artificial islands in the support, Japan can’t last as ence in America. of retired Soviet apparatchiks,studies by Russian scholars, sell at home—or that would South China Sea horrified an independent great power Forthe foreseeable future, much of it newtoEnglish readers. Therangeofsuch igniteafirestorm in the vola- Prime Minister ShinzoAbe’s in China’sfront yard. the U.S.-Japan allianceis references conveysthe scope of the author’s research and tile relationship between Bei- government. Mr.Obama made These factsdrivethe U.S. likely to remain the corner- explains howhecould add so much to the documentary jing and Tokyo. the Trans-Pacific Partnership and Japan together,but alli- stone of American foreign record of asubject coveredsovoluminously.“Nuclear Mr.Sugahedged comments the centerpieceofhis Asia ances between democracies policy. Building the social and Folly” is an immense scholarly achievement, engrossing on Taiwan and Xinjiang care- policy, but Mr.Trump cam- cannot livebyrealpolitik cultural ties that can support and terrifying,surely one of the most important books fully.OnTaiwan, he said at paigned against it beforere- alone. Mr.Sugaspokeinthat relationship is an urgent ever writtenabout the Cuban Missile Crisis and 20th- thejoint pressconference jecting the deal in office. Washingtonabout the univer- task forboth countries. centuryinternational relations. The central conclusion here—that the U.S. and U.S.S.R., hobbled by poor information, made decisions in the dark— is amply illustrated, if not new. Other arguments appear ExxonMobil’s Plan to Capture Carbon less persuasive. Mr. Plokhy posits a re-examination of October 1962 as useful in redressing today’s nuclear prolif- By Darren W. Woods Forthe past three yearsat Based on Energy Depart- Government’srole would eration—an attempt at latter-day relevance that this book, And Joe Blommaert ExxonMobil we have been ment numbers, we estimate be to put in placeastable a landmark in its field of study, didn’t need. Relatedly, he studying the concept of creat- thereisadequatecapacity regulatoryand legal environ- laments the Trump administration’s withdrawal from the sPresident Biden con- ing multiuser CCS “hubs” in along the Gulf Coast to store ment and enable CCS to re- Intermediate-Range Nuclear Forces Treaty, signed by A venes the virtual Lead- industrial areas. They would around 500 billion metric ceiveprivateinvestment and President Reagan and Soviet leader Mikhail Gorbachev in ersSummit on Climate be located near safegeologic tons of CO2. We further esti- government incentives di- 1987. But aside from a few broad policy prescriptions, Mr. later this month, Americahas storagesites.ACCS Innova- matethat the Houston con- rectly.Establishing apriceon Plokhy provides no insight into how the U.S. policy makers aunique opportunity to tion Zone would bring to- cept has the potential to store carbon would also provide the of 2019 should have handled an arms-control agreement spearhead abreakthrough ap- gether government incentives up to 100 million metric tons market certainty required to negotiated with an entity that no longer exists, an accord proach to reducing carbon and private-sector invest- of carbon ayear by 2040.The enable businesses to generate that wasnolonger being honored by the Russian Federation. emissions. ment. project could help the city of returns on carbon-reducing Though never stated explicitly, the great lesson of About80% of the world’s Houston achieveits goal of investments. “Nuclear Folly” is that authoritarianism corrupts decision energy-related carbon emis- becoming carbon-neutral by Thelessons and knowledge making. Mr. Plokhy recounts how Soviet Air Forces com- sions come from three critical How to create new 2050. gained in Houston could be mander Sergei Biriuzov, dispatched to Havana in advance, sectorsofthe economy: TheHouston CCS Innova- applied to other partsofthe falsely assured Khrushchev that the Cuban terrain would powergeneration, commercial jobs by the thousands tion Zone concept would re- countrywith similar indus- conceal the missiles from U-2 overflights. Biriuzov knew transportation and industrial while ameliorating quirethe “whole of govern- trial concentrations,including better but “probably felt that he had no choice,” Mr. Plokhy manufacturing.Meaningful ment” approach to the the Midwest and elsewhere writes. This absence of candor compounded the Soviet progresstoward achieving the climate change. climatechallengethat Presi- along the Gulf Coast. leader’s innate deficiencies. His interaction with the Presid- world’sclimategoals requires dent Biden has championed. As the world’sleader in ium “was nothing like the meetings of ExCom,” the author emission reductions from Based on ourexperiencewith CCS, with about 40% of the notes, referring to the unit of the National Security Council these sectors. Theheavy-industryareaof projectsofthis scale,weesti- total anthropogenic CO2 cap- that Kennedy convened for crisis deliberations. With few One of the proven technol- the Houston Ship Channel on matethe approach could gen- tured to dateand multiple exceptions, Soviet officials were expected “to approve and ogies available that could play the Gulf Coast of Texas is an eratetens of thousands of CCS projectsunder way endorse Khrushchev’s decisions or to remain silent.” amajor role is carbon capture ideal location to apply this newjobs needed to makeand around the world, ExxonMobil Themost forceful argument in “Nuclear Folly,” then, isn’t and storage, or CCS, the pro- concept. This area houses one install the equipment to cap- is eager to playour part to foraparticular approach to non-proliferation but rather for cess of sequestering industrial of the country’slargest turethe CO2and transport it advancethis promising con- the tactical advantageenjoyed, in times of crisis and beyond, emissions and safely storing sourcesofindustrial emis- via apipeline forstorage. cept. CCS would bring us by liberal democracies.Only such governmentsallowthe them permanently under- sions and is close to the Gulf Such aproject would also closer to the lower-carbon fu- freedom of thought necessaryfor itsleaderstofashion ground. CCS also promises the of Mexico’svast subsurface protect thousands of existing tureweall seek. sound assessmentswhen they discover astrategic adversary, potential to reducecarbon storagepotential, wherethe jobs in industries seeking to armed with ahostile ideologyand weapons of mass emissionssignificantly at a CO2would be permanently reduceemissions.Inshort, Mr. Woods is ExxonMobil’s destruction, is on the move. cost competitivetoother so- stored in the porespaceof large-scale CCS would reduce chairman and CEO. Mr. Blom- lutions,especially forthe the rocks,thousands of feet emissions while protecting maert is president of Exxon- Mr. Rosen is a Washington correspondent for the Sinclair manufacturing sector. belowthe seafloor. the economy. MobilLow Carbon Solutions. Broadcast Group and the author of “Cheney One on One.” P2JW110000-2-A01600-1------XA

A16 | Tuesday, April 20, 2021 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Battle Over an Alzheimer’s Treatment What’sBehind the Attack on the U.S. Senate?

he Food and Drug Administration is un- likely reason forthe discordant results. Thetwo Regarding your editorial “Target- That is not how a democracy der scrutinyfor giving toomuch weight trials had nearly identical designs,but patients ing the U.S. Senate” (April 12): The should work. The 60-vote require- T to risks over benefitsinrecommending in one received the high dose longer,and the most storied deliberative body on ment has not produced the “world’s earth is now under siege from myopic most deliberative body” but the to pause Johnson &Johnson’s benefitsincreased with time. Biogen’s promising drug politicians who want to use polariza- world’s most cowardly body. Rather Covid-19 vaccine.This trade- Aquirk of randomization also tion as a pretext to steamroll the op- than answer to their constituents for offisalso at the heart of an- is caught in the FDA’s resulted in twiceasmany position. Those in favor of nuking the votes on controversial legislation, other heated debateover “rapid progressers”—people filibuster seem to misidentify it as senators can avoid voting altogether. whether the FDAshould ap- bureaucratic limbo. who go downhill quickly—be- the main culprit of legislative paraly- There is nothing sacrosanct about provethe firstdrugshown to ing assigned to the high dose sis rather than looking at political di- this rule. If the minority party wants slowthe progression in Alzhei- arm than to the control arm in vision itself. They appear convinced to block legislation, its senators mer’s disease. the trial that showednobenefit. Thepositive they have garnered a strong mandate should be forced to hold the floor to TheFDA has long been plagued by aculture effectsfor manypatients receiving the drug from voters to enact transformative continue debate. of bureaucratic over-caution. But during the late were partly offset in the databythese rapid policies. This will not end well. DAVID SCHNEYER Obama and Trump presidencies it showedmore progressers. In this political climate, a House- New York like majoritarian Senate guarantees a flexibility and accelerated newmedicines.Doc- Biogen worked with FDAscientiststoanalyze tectonic change of policy direction Your editorial seems puzzled as to tors who favormoregovernment control as un- the discrepancies between the two trials.The once power shifts. And a policy pen- why Democrats are unconcerned der Europe’shealth systems,however, saythe FDAnoted in June 2019 that the evidencefrom dulum swinging too hard is sure to about a filibuster-free Republican agencyisapproving toomanyhigh-priced drugs. the positivetrial could be “considered excep- dent both parties and the country. Senate. The answer is simple: They Biogen’sAlzheimer’s drug aducanumab is now tionally persuasive.” Biogen applied in July for CHENEY WEN don’t anticipate a Republican major- ensnared in this fight. drug approval. Physicians and groups that work Taipei ity in the Senate for decades. iii with Alzheimer’s patientshaveurged the agency In addition to creating newstates Morethan six million Americans suffer from to approvethe drug. The editorial laments that “the that will reliably vote Democratic, Alzheimer’s,and the number is expected to soar Yetanoutside panel of scientiststhat the FDA Senate’s traditional 60-vote require- they canexpand the franchise to left- as the U.S. population ages.The disease’stragic convened in November to advise it—none of ment to pass legislation hangs by a leaning groups such as felons and symptoms arewell-known—progressivemem- whom specializeintreating Alzheimer’spa- thread.” But this “tradition” dates teenagers, scrap the Electoral College only to 1975, when the Senate ad- and pack the courts. If nothing else oryloss, abnormal behavior,and inability to per- tients—lambasted Biogen formassaging the opted the so-called two-track rule. works,they canoutlawThe Wall form everyday tasks. data. They said thepositiveresultsfromthe one Under a two-track fillibuster, no de- Street Journal editorial pageand ul- Brain scans showthe buildup of amyloid trial could be aflukeand urgedthe FDAtore- bate on the floor need occur and timately the Republican Party as plaque and tangles of tauproteins,which typi- quireBiogen to conduct another—which could other Senate business is not dis- “hategroups.” cally begins decades beforepatients showcogni- take five or moreyearstocomplete. rupted. Senators do not even need to GEORGE NEWMAN tiveproblems.Hypertension, obesity,diabetes, Threepanelistswrote in the Journal of the be present to prevent a vote. Montclair, N.J. smoking,poor sleep and the APOE4 gene variant American Medical Association suggesting that put people at higher risk.But scientistshaveyet the FDA’s“unusual degree of collaboration” with to identifyAlzheimer’s cause. Biogen could have “potentially compromised” This has frustrated the search fortreatments, itsobjectivity.Yet this kind of “collaboration” Home Price Rises Aren’t Explained by Duties especially sinceAlzheimer’s usually is diagnosed between drug makersand the FDAisone reason While U.S. softwood-lumber du- Your editorial pointsto“atariff afterirreversible brain loss. Some medicines can forthe rapid development of Covid vaccines. ties clearly have made it moreex- on Canadian lumber that Biden can temporarily improvememory, attention or iii pensivefor Canadian lumber pro- kill,” but legal proceeding to address mood, but none slowthe neurological and cogni- TheFDA doesn’t have to heed itsadvisory ducerstoship acrossthe border Canadian lumber subsidies arenot tivedegeneration. panels,though it rarely rejectsits recommen- (“WhyAre Home Prices Soaring?” an import tariff that canberemoved Some 10 to 20 clinical trials on Alzheimer’s dations.FDA ActingCommissioner Janet Review&Outlook,April 8), Cana- with aWhiteHouse edict. Youalso drugshaveinitiated each year since2008.Adu- Woodcock has been criticized for doing so, es- dian importshavedeclined foradif- citelumber costsfromthe National canumab,amonoclonal antibody drug,isthe pecially forcorrect decisions in the cases of ferent reason. Morethan two billion Association of Home Builders, but firstdisease-modifying medicine to showeffi- Sarepta’sDuchenne muscular dystrophydrug boardfeet of sawmilling capacity in these include nonlumber products. cacy.Itworks by targeting specific molecules on and an extended-release opioid by Zogenix. British Columbia have been shut- SinceApril 2020,average newhome the amyloid to clear plaque.While morethan 25 Nowacontender to be FDACommissioner,Ms. teredsince2019 due to timber prices have increased by $56,000, losses caused by insect infestation per the Census Bureau. Lumber price trials on medicines employing this strategyhave Woodcock is under political pressurefromthe and wildfire. Theregion has lost 15% has increased by $673per thousand ended in failure, Biogen has learned from their lefttoreject Biogen’sdrug. of itstotal output capacity. boardfeet, so the lumber in anew mistakes. Doing so could set back Alzheimer’s drug de- This decline occurred while annual home costsabout $10,000 morein Thecompanyused PETscans to screen trial velopment by yearsand discourageinvestment U.S. demand forlumber has in- totalthan ayear ago—lessthan a participantstoensurethey had Alzheimer’s— against an affliction that causes terrible hard- creased by morethan 2.5billion fifthofthe home-priceincrease,if rather than other forms of dementia—and were ship. It would send the signal that the FDA will boardfeet. Buildersinthe U.S. can’t builderspassalong the entirein- not in advanced stages of the disease.This fil- turn ablind eyetocomplexity—and that it cares buy enough lumber to meet demand, crease to the buyer. teredout patientswho wouldn’t benefit from moreabout itsown reputation among certain irrespectiveofthe prevailing tariffs. Canada’s share of the U.S. lumber the drug. medical elites than forpatients. As demand has outpaced supply, market is around 25%. The import Alate-stagetrial showedahigh-dose treat- Studies arerarely conclusive, so FDAscien- lumber prices have broken $1,000 duty is 9%, so only 2.25% of a home’s ment removed 71% of the plaque build-up after tistsneed to interpret and analyze evidenceho- per thousand boardfeet. Most Cana- lumber cost is in the duty, or 0.08% dian mills canproducelumber profit- of the whole cost of the home— 18 months and also had asignificant impact on listically.The risk of approval is that some Alz- ably at $400 per thousand boardfeet roughly $1.41 a month in a 30-year disease progression. After78weeks of treatment, heimer’s patientswon’t benefit from the or less. Theaddition of 9% tariffs mortgage at current interest rates. patientsreceiving ahigh dose were 84% lessof medicine,and U.S. taxpayers via Medicarewill wouldn’t prevent them from match- LikeU.S.mills,which have ex- aburden to care giversthan were the controls. pick up the cost. ing or beating anypriceaU.S.pro- panded production by morethan 11 They showeda91% smaller decline in the ability But Biogen’sdrugcould extend the indepen- ducer would seek. billion boardfeet since2016,Canadian to prepareameal and 39% smaller reduction in denceofAmericans still in the early stages of the CHUNG-HONG FU lumber mills arerunning flat out, ex- capacity to discusscurrent events. disease,which would save the health system Timberland Investment Resources porting as much as they canproduce. In short, patientstreated with high dosesof hundreds of billions of dollars. Theelderly Brookline, Mass. One must look elsewheretoexplain Biogen’sdrugweremuch moreindependent and would be able to recognizegrandchildren longer. high home-building costs: land, labor capable.Yet because of the long historyoffailed Andwith the advent of blood teststhat caniden- and soaring demand have boosted Online College Worked Pre- prices of all inputs, not only lumber. Alzheimer’s medicines,skeptics sayBiogen’s tifypeople at risk forAlzheimer’s yearsbefore Pandemic and Pre-Zvi Galil ZOLTANVAN HEYNINGEN promisingresult is afalse positive. They cite a symptoms occur,millions moreAmericans could U.S. Lumber Coalition second concurrent late-stagetrial by Biogen that eventually benefit. TunkuVaradarajan creditsZvi Galil Washington indicated aducanumab didn’t have astatistically TheU.S.may be on the cusp of an Alzheimer’s as apioneer in online teaching,hav- significant benefitsonsymptoms. breakthrough, and the FDA’sfirst duty is to pa- ing launched an online degree pro- But in apost-hoc review, Biogen found the tients. gram in 2014atthe Georgia Institute Prince Philip, Trump and of Technology(“TheWeekend Inter- British Etiquette at Dinner viewwith ZviGalil: TheMan Who John Kerry’s Climate Kowtow Made Online CollegeWork,” April 3). In “Prince Philip Is Gone, Just Mr.Galil is later described as “anac- When America Needs Him Most” hese columns noted last year that put- but begging President Xi Jinping to join another complished salesman” who “rattles (Free Expression, April 13), Gerard off arresting figures.” Baker writes, “The Prince Philip ting John Kerryincharge of climatene- global climate confab later this week. As the current president of the Uni- America needs is the man who com- T gotiations with China was a recipe for Meanwhile,Mr. Kerrysounds likehe’sbless- versity of Phoenix,which launched pletely unafraid to say the unsay- coming home “dressed in a ing China’s green industrial- online degree programs in 1989 and able.” Has Mr. Baker ever heard of barrel.” After Mr. Kerry’s so- How much will Biden policyambitions by including wasaccredited in 1978, Iwelcome Mr. Donald Trump? He says the unsay- journ to Shanghai last week, trade away in exchange in the joint statement apledge Galil to the actual pioneer’s club.His able all the time. That’s why he was the question is: What hap- to pursue “policies,measures, eight-year “experiment” stands on the elected president. pened to the barrel? for empty promises? and technologies to decarbon- shouldersofinnovatorswho have ED ARZOUIAN President Biden’sclimate ize industry and power.” For championed distancelearning forover Lanesboro, Pa. envoy emergedfromtwo China, that means moreindus- 40 years. We have been making online days of meetingswith counterpart Xie Zhen- trial than green policy. Chinese officials will collegework way beforethe pan- Mr. Baker cites the prince’s com- hua with ajoint statement that says little new. keep the wordshandy to read back to U.S. offi- demic,serving working adult learners ment on the U.S. Ambassador’s July 4 by allowing them to earn the degrees dinner toast. It reminded me of an in- Thetwo sides saythey “are committedtoco- cials in future discussions about trade distor- they need while balancing work and cident I witnessed at a far less presti- operating with each other and with other tions or subsidies.Mr. Kerryistelling China the family obligations.That spans more gious dinner at London’s Cavalry and countries to tackle the climatecrisis.” Both U.S. is fine with both as long as they’refor than one million alumni who have Guards Club after a British-American countries will work “to strengthen implemen- green energy. found value in earning their diplomas seminar. The traditional loyal toast, tation of the Paris Agreement” limiting carbon Beijing’srhetorical flourishes concerning the online.They knowbetterthan anyone offered by a British speaker, was emissions.Mr. Kerrydidn’t makeany big con- Paris agreement areespecially rich. In the years that quality online collegeworks. made with the respectful participa- cessions to Beijing,and Beijing didn’t make sincethe Trump Administration withdrew from PETER COHEN tion of the Americans. An American anynew promises about emissions limitsit that pact in 2017, American carbon emissions President, University of Phoenix then offered a toast to our president. would break anyway. have kept falling and in 2019 hit their lowest Before he could finish, however, he In one sense that’sarelief.But all this empty level since1992, and their lowest per capita was interrupted by sarcastic com- Peale Did aFine Portrait ments. Subsequent meals saw similar hot air isn’t cost free in U.S. prestige and the since 1950, thanks in large part to the revolu- But Muffed Sitter’sName interruptions. Philip will be missed, missed opportunity to engage in more impor- tion in shale drilling for natural gas. but not because of his British ten- tant talks. Making climate the sole focus of an China sawits emissions rise in the same pe- “Icons: ACity Reimagines ItsHis- dency to interrupt with sarcasm dur- early visit tells the Chinese that the U.S. puts riod, and itscommitment under Paris to reduce tory” (Review, April 3) about the ing dinner toasts. that single issue above everything else in the emissions doesn’t even begin until 2030. As a new, early American galleries at the MICHAEL T. CALLAHAN bilateral relationship.China is happy to jibber- Reuters dispatch in Februaryput it: “China ap- Philadelphia Museum of Art men- Leawood, Kan. jabber about climate with the Americans if it proved the construction of a further 36.9 GW tions one of the “most talked-about means not having to engage on Taiwan, Hong of coal-fired capacity last year,three times works” of artist Charles Willson Kong, Beijing’s repression of Uighurs in Xinji- morethan ayear earlier,bringing the totalun- Peale,that of Yarrow Mamout. It de- Pepper ... ang,the South China Sea, North Korea, or intel- der construction to 88.1 GW.Itnow has 247GW scribes him as “being deported from And Salt lectual property theft. of coal power under development, enough to Guinea.” Thebland euphemism “de- ported” obscures the horror of his THE WALL STREET JOURNAL But Beijing is clear that it will ignoreany car- supply the whole of Germany.” coming to Annapolis,Md., as cargo bon-emissions commitmentsthat might im- iii in aslave ship and asale intoslavery pingeonChina’seconomic growth. “Some Chinese leadersdon’t mind Paris because that wasassisted by the son of the countries are asking China to do more on cli- they knowitbinds them to nothing while West- colony’sgovernor.Yarrow Mamout matechange,” deputy foreign minister Le ern nations will harm their economies with new wasaliterateFulani Muslim. His Yucheng said last week.“Iamafraid this is not regulation and misallocated resources. TheChi- given, Muslim name wasMamout, very realistic.” nese must be dumbfounded that aU.S.Adminis- and Yarrow washis last name.The Instead of triggering arethink in Beijing,Mr. tration wantstokill the shale natural gasboom confusion wasPeale’s. Kerry’s Shanghai jaunt gave China’s leaders a that has kept energy prices low and made the JAMES H. JOHNSTON new opportunity to go on the public-relations U.S. less reliant on foreign oil. Bethesda, Md. offensive. “China welcomes the U.S. return to Thelack of anynew agreement is ablessing Lettersintended forpublication should the Paris agreement and expects the U.S. side since it would limit the U.S. without doing so be emailed to [email protected]. Please to uphold the agreement,” vice-premier Han forChina. But Mr.Kerryhas shown, in Iran and include your city, state and telephone Zheng told Mr. Kerry in a jab at Washington’s elsewhere, that he will leave no concession un- number.All letters aresubject to withdrawalfromthe pact under President made in his pursuit of a bad deal. No wonder editing,and unpublished letters cannot be acknowledged. Trump. Mr. Kerry also flattered Beijing by all Beijing thinks America is in decline. “I swear to tell my own truth . . .” P2JW110000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | A17 OPINION An American Epidemic of ‘Covid Mania’

By Joseph A. Ladapo Americans groaned when leaders vaccine forchildren without know- firstcalled for“two weeks to slow ing whether the benefitsoutweigh hat are the lessons of the spread” in March 2020. Months the risks is unethical. People who in- Covid-19?Itdepends later,manyofthese same Americans sist we should pressonanyway, be- who youask.Some hardly blinked when leadersde- cause variantswill prolong the pan- W believepoliticization clared that lockdowns should con- demic,should be reminded that a of the pandemic re- tinue indefinitely.For months Covid large reservoir of unvaccinated peo- sponse cost lives.Othersbelievea had been elevated aboveall other ple in the U.S.—and in the world— stronger U.S. public-health system problems in society. Over time new will always exist. We cannot outrun would have reduced Covid-19 deaths rules were writtenand newnorms the variants. significantly.Still otherssay lock- accepted. Thegood news is that recent downs should have been longer and Liberty has played a special role statelegislativeeffortsinUtah, Ten- morestringent, or that they were in- in U.S. history, fueling advances from nessee and to ban vaccine pass- effective. But one lesson that should independencetoemancipation to the portsmay burst the Covid mania transcend ideological differences: fight forequal rightsfor women and bubble.Ifpassportsare banned, Don’t put one illnessaboveall other racial minorities.Unfortunately, then risks from Covid must be as- problems in society,acondition Covid mania led manypolicymakers sessed in the same way other risks—

known as “Covid mania.” to treat liberty as anuisancerather E such as playing asport or starting a

than a core American principle. OW newmedication—areconsidered. In Covid mania has also wreaked CR manyplaces throughout the country,

The problem isn’t only the havoconscienceand itsinfluenceon CHAD zero has become the only tolerable policy. While scientists’ passion for risk level. Whyelse arepeople who overreaction to the virus discoveryand improving health has mandateimposed last April and that this statement is false.Immu- have been vaccinated or recovered but the diminution of fueled research on the novel corona- steady,high ratesofcompliance, nity is far moreeffectivethan what- from Covid still asked to wear virus,Covid mania has interpreted California experienced asurge in ever efficacy masks may offer. masks? Reasonable policies cannot every other problem. scientific advancementsthrough an Covid-19 cases over the winter. Covidmania is also creating new sprout from unreasonable levels of increasingly narrow frame.There Mandating masks mayhelp in conflictsovervaccine mandates.The risk tolerance. has only been one question: Howcan some settings, but masks arenot the same people who assured the public Thepandemic has been devastat- Thenovel coronavirus has caused scientific findingsbedeployedtore- panacea officials have presented that afew weeks of lockdown would ing formanyAmericans,but policies suffering and heartbreak,particu- duce Covid-19 spread? It hasn’t mat- them as.InSeptember,then-Centers control the pandemic nowargue that grounded in Covid mania have com- larly forolder adultsand their loved teredhow impractical these mea- for Disease Control and Prevention vaccinating children, forwhom no pounded the harm and delayedare- ones.But it also has alow mortality sures maybe. Discoveries that might director Robert Redfield declared vaccine has yetbeen approved, is es- turn to normal life. Thechallenges rate among most people and espe- have helped save lives, such as bet- that “this facemask is moreguaran- sential to end the pandemic.Chil- ahead requirerational decision mak- cially the young—estimated at 0.01% teroutpatient therapies,wereig- teed to protect me against Covid dren account forlessthan 0.1% of ing that considerscostsand benefits for people under 40—and therefore nored because they didn’t fitthe de- than when I take a Covid vaccine.” Covid deaths in the U.S. Is enough and keeps sight of the countless never posed a serious threat to so- sired policy outcome. Thestatement wasremarkable known about vaccines to conclude things in life that matter. cial and economic institutions.Com- Aprime example is mask re- because he made it beforeseeing that their benefits outweigh poten- passion and realism need not be ene- search. Howeverone feels about vaccine trial data. Those dataand tial risks to children? Dr. Ladapo is an associate profes- mies. But Covid mania crowded out wearing masks,look at the evidence datafrompeople who have recov- “Yes” is the answerofasales- sor at UCLA’s David Geffen School of reasoned and wise policy making. from California. Despiteamask ered from Covid clearly demonstrate man, notascientist. Mandating a Medicine. The Chauvin Trial and the Chelsea Handler Standard of Justice

in the minds of even our densest Chauvin trial is taking placeand the uct of white-supremacist exploita- But under our newrules,the celebrities. site of the killing last weekend of a tion—as is essentially the consensus jury’sverdict will be tolerated only if But while it’seasy to mock,we blackman by apoliceofficer.The of the people who runthe govern- it goes the “right” way. FREE should be carefulnot to assume that placehas been aflame forthe past ment,most corporations,and lead- This rejection of the legitimacyof EXPRESSION this tastefor summaryconviction on week in an orgy of rioting. ingcultural institutions—then the the judicial process is rooted in the By Gerard Baker the basis of popular sentiment is TheHandler standard, or the judicial system itself is inherently same neo-Marxist ideology—arace- confined to unfunnycomedians.It Maxine maxim—the idea that we and systemically unjust. If the prin- and identity-based interpretation of hile an apprehensivenation seems to be widely shared among don’t really need atrial to know ciple of equality beforethe lawisto structuralism—that holds sway over W awaitsthe outcome of a the ideologues who nowcontrol the whether someone is guilty of a hei- be supplanted by the objectiveof the minds of much of our ruling Minneapolis policeofficer’s Democratic Party,the media and cul- nous crime—has always had its ad- “equity” in outcome,then only out- class. murder trial, it’spossible that the tural elites. herents. Therehavesurely been mis- comes that servethe higher objec- To the old Marxists, the capital- administration of American justice Rep.Maxine Waters of California, carriages of justice—acquittals of tive of collectiveracial justicecan istswerethe exploiters. In “The ABC could soon be characterized by what chairman of the House Financial be considered legitimate. of Communism,” published in 1920, futurehistorians maycome to call Services Committee, joined demon- So trials that producethe Bolshevik leadersNikolai Bukharin the Chelsea Handler standard. strations this weekend in Minne- Today’s progressives “wrong” verdict arenot just miscar- and Yevgeni Preobrazhenskyused As the trial of got sota. She told supporters that if the riages of justice. They areanindict- language that sounds strikingly fa- underway amonth ago, Ms.Handler, Chauvin trial verdict goes the wrong prefer summary trial ment of the entire system. miliar today. They denouncedthe who has aday-job as acomedian but way,“we’vegot to not only stay in convictions based on The ascendancy of this new pro- courtsasinstrumentsof“bourgeois has branched out recently intothe the street but we’vegot to fight for gressive radicalism adds afrighten- justice,” which was “carried on un- field of jurisprudence, issued a pro- justice.” popular sentiment. ing element to the unease the nation derthe guidanceoflawspassed in found observation on Twitter: “So Youmay recall apresident gotpil- feels this week as the jurydeliber- the interestsofthe exploiting class,” pathetic that there’satrial to prove loried awhile agofor urging his sup- ates in Minneapolis. By all accounts and recommended instead the estab- that Derek Chauvin killed George portersto“fight” fortheir desired guilty people and convictions of in- the trial of Mr.Chauvin has been rig- lishment of “proletarian courts.” Floyd when thereisvideo of him do- outcome.Itwas noted then that the nocent ones—throughout history. orous,methodical and fair.The pros- In one of the moresavageironies ing so.” term is awell-worn rhetorical phrase The jury system is never perfect. ecution seemed to makeastrong of history, some two decades later Youmight think that morethan that doesn’t necessarily amount to a But what’sfrighteningly new case that Mr. Floyd died at least in the authorsthemselves were tried by 800 yearsafter the Magna Carta literal incitement to violence. But about our current climateisthat the part as aresult of the officer’s ac- such courtsunder Josef Stalin and and 230 yearsafter the Bill of therecan’t be much doubt about the rejection of apparently unwelcome tions. The defense may have sowed sentenced to death. Rights, some notions of due pro- import of what Ms.Waterssaid. She trial outcomes is nowpart of the some doubtsabout whether Mr. YetevenStalin thought some kind cess,presumption of innocenceand made her remarks in Brooklyn Cen- dominant progressivecritique of our Chavin’sintent rose to the level of of judicial proceeding wasnecessary. protection against arbitraryjustice ter, afew miles from the barricaded longstanding political and civic or- culpability required of the most seri- Our modern revolutionaries would might have embedded themselves Minneapolis courthouse wherethe der.IfU.S.institutions arethe prod- ous charges. dispense even with show trials. The Agenda Behind Buttigieg’s Claim That Highways Are ‘Racist’

By Steven Malanga highways, the theorygoes,was pro- ing to commit federal money to the ticecarries enormous risks.Boston’s been pitching.For cities,much of viding middle-classwhites with a effort. so-called Big Dig project is an exam- that plan, nowreflected in abill the he Biden administration claims path intosuburbia. Academic litera- There’slittle doubt that some ple of what cangowrong.City plan- administration says would double T that itsproposed $2 trillion in- tureisfilled with studies with titles post-World WarIIfederal road proj- nersquickly recognized that the ele- spending formasstransit, revolves frastructureprogram would ac- like“Segregation Along Highway ectsweremisguided and poorly vatedCentral Arterywas amistake; around getting people off roads and complish everything from expanding Lines” and “WhiteMen’sRoads planned. Some local officials saw it increasedtraffic in surrounding intopublic transportation. masstransit to launching an eraof Through Black Men’sHomes: Advanc- gleaming newroads as away to re- neighborhoodsascarsexited the ManyAmericans areuninterested green energy.Transportation Secre- ing Racial Equity Through Highway placedeteriorating neighborhoods. roadway,and it blocked an access to in this agenda. Mass-transit ridership tary Pete Buttigieg has articulated Reconstruction.” Plannersarrogantly imposed their vi- the city’s waterfront. has been declining since2014, falling anotherambitious goal recently: re- Activistsnow argueit’stime to sions on unwilling residents, under- by double digitsbeforethe pandemic versing the “racist” historyofAmer- right those wrongs, including by dis- mining communities around the in morethan two dozenmajor metro ica’shighway system. mantling roadways in the same way country—but not only Mr.Buttigieg’s Midcentury road projects areas,despitebillions of dollarsin “Black and brownneighborhoods vandals have been pulling down Civil “black and brownones.” government subsidies.Sincethe pan- have been disproportionately divided Warmonuments. “Want to tear down In his acclaimed book “The Power displaced blacks and demic,ridership has further col- by highway projectsorleftisolated by insidious monumentstoracism and Broker,” biographer Robert Carotells whites alike. Tearing them lapsed, down by morethan two- the lack of adequatetransit and trans- segregation? Bulldoze L.A. freeways,” howNew York’s20th-centurymaster thirds.Merely returning to pre- portation resources,” Mr.Buttigieg aLos Angeles Times opinion piece builder,Robert Moses,constructed down now won’t help. pandemic levels will be achallenge, tweeted in December.Inaninterview argued last summer.InNew Orleans, the CrossBronx Expressway through as employees continue to work from earlier this month, he reiterated that activistswant to tear down asection the largely Jewish neighborhood of home.Dataalso showasignificant “thereisracism physically built into of the Claiborne Highway that East Tremont, tearing down 54 Theambitious solution—tear it number of people leaving dense cit- some of our highways” and said the crosses the traditionally black Tremé apartment buildingsand displacing down andbuild atunnel—began in ies,wheremasstransit is most used. infrastructureprogram includes neighborhood of NewOrleans. thousands of residents. TheIndianap- the early 1980s but wasn’t finished Even in normal times,designing money “specifically committedtore- TheCongressfor the NewUrban- olis portion of Interstate70that runs until 2005.Itcost five times itsorigi- andfinancing atransportation plan connect some of the communities ism, anonprofit, has alist of their through working-classSouthside cut nal estimates and disrupted the city forthe next 50 yearswould be chal- that were divided by these dollars.” top10“teardowns” in places from intoaneighborhood of Jews,Italians, fordecades.Evenwith federal aid, lo- lenging. Doing so amid apandemic Theaverage American might not Dallas to Tampa, Fla., to Denver. Sup- Germansand blacks.Boston’sCentral calgovernmentspiled up billions of that is reshaping cities—and based think of highwaysasrelics of Jim porterspoint to several dismantled Artery, built in the 1940s and 1950s, dollarsindebt. on vague70-year-old accusations of Crow.But some urban plannersclaim roads as models,including aMilwau- displaced residentsand businesses in Here is the point of claiming the racial injustice—risks creating anew that building the InterstateHighway keeproject that eliminated amile- that city’s largely Italian-American highway system is racist: turning an generation of boondoggles. System in the 1950s evolved intoa long freeway spur 20 yearsago. In North End. environmentalist agenda intoamoral plot to segregateblack neighbor- Mr.Buttigieg,activistshaveatrans- But reversing the damagedecades crusade.Itisaway to sell the infra- Mr. Malanga is senior editor of hoods. Thepoint of running new portation secretarywho seems will- later under the banner of racial jus- structureplan the Biden team has City Journal.

PUBLISHED SINCE 1889 BY DOWJONES&COMPANY God Is in the Punch Line Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp By Mike Kerrigan fying.Inits edifying echo canbe son, Jack, and I simultaneously no- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher heardsomething important about ticed that my wife, Devin, had con- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: .K.Chesterton closed out “Or- the Divine,unreachable by reason spicuously removed her engagement Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; thodoxy,” his 1908 master- alone,ifonly we listen. Rollicking ring and placed it atop apaper towel Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; G pieceofChristian apologetics, mysticism that effortlessly makes on the kitchen counter. News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; with aradical thought. He proposed your sides hurt: What’snot to like Surely shewas going to put it Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer that the one thing toogreat forGod about that? back on, but thereitsat, foramo- Andrew Dowell, Asia; AnthonyGalloway, Video & to have shown us when he walked on This hopeful insight makes me ment as foreboding to me as aDear Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; the earth washis mirth. This sug- think differently about cheerylaugh- John letter. And not only to me. Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; gests that the idea of a blissfulness ter. Does humor reflect something Picking up on the disquiet, Jack Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; we can’t even imagine wasimpor- about God’sloving creativity,con- looked up and deadpanned: “Well, I Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News tant to Chesterton. The mere possi- ceiving of something good out of guess she played us both for fools.” Thomas SanFilippo, Customer Service; bility it’strue, that one thing our nothing? Or his perfect patience in What wasGod telling me? Idon’t GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; mortal minds can’t begin to fathom playing the long game with us,his know. But that’sthe great thing Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; about God’snature is his joyousness, imperfect creations,which surely re- about the search fordeeper meaning Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International offers me consolation beyond mea- quires a sense of humor? that mirthinvites.Maybe youfind it; WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: sure. Chesterton loved paradoxes, so it maybe youdon’t, but both paths LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head It comforts me because it means shouldn’t surprise us that the best lead to joy.

EDITORIAL AND CORPORATEHEADQUARTERS: that laughter—one manifestation of and wisest jokes oftencome from 1211 Avenue of the Americas, New York, N.Y., 10036 earthly joy I love to experience—is children. Iexperienced such amo- Mr. Kerrigan is an attorney in Telephone 1-800-DOWJONES far from mundane. It can be sancti- ment the other day. My 10-year-old Charlotte, N.C. P2JW110000-0-A0180A-1------XA

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S&P 4163.26 g 0.53% S&P FIN g 0.28% S&P IT g 0.88% DJ TRANS g 0.81% WSJ $ IDX g 0.46% LIBOR 3M 0.186 NIKKEI (Midday) 29150.71 g1.80% See more at WSJ.com/Markets Credit Suisse Brokerage Chiefs to Leave

Departures follow day, it said John Dabbs and trated stock positions at the Archegos and allowed the in- prime brokeragebusinessthat ous lessons will be learned.” Ryan Nelson will immediately end of March. vestor to accumulatesubstan- involved focusing on fewercli- Theproblems from ousteroftop risk step down as co-heads of Credit Suisse wasslowto tial leveraged positions in in- entstoimproveprofits. Archegos came only weeks af- officer,investment prime services, and assist the unwind itspositions compared dividual stocks. Credit Suisse says that it is terthe collapse of another bank through mid-May for an with other banks and wasleft Credit Suisse and other one of the topfour prime bro- Credit Suisse client, Greensill banker after Archegos orderly transition. with the heftiest loss. It lent banks sold Archegos what are keragesinthe U.S.,based on Capital, with which the bank Their departures come after moretoArchegos relativeto known as totalreturn swaps,a industry rankings. Prime bro- rana$10 billion set of invest- BY JULIET CHUNG Credit Suisse pushed out its itssizethan other lending type of contract that allows kerageunitsofbanks service ment funds.Credit Suisse says AND MARGOT PATRICK toprisk officer and the head banks,The Wall Street Journal investorstohaveeconomic ex- hedgefunds,helping them costsrelated to those funds of itsinvestment bank this previously reported. posuretoastock without make trades,offering them andaloan to Greensill could Credit Suisse Group AG month. Several other employ- In addition to the staff de- holding the underlying shares credit, and introducing them be material but hasn’t given a said two executives in charge ees working in equities and partures,the bank has or disclosing their positions to outside investors. figure. of itsprime brokerageunit risk management also left. launched an internal investiga- publicly to markets. Afterdisclosing the $4.7 Credit Suisse reports first- will leaveinthe wake of its Credit Suisse and other tion into what went wrong. Mr.Dabbs worked forCredit billion loss from Archegos on quarter earningsonThursday. $4.7 billion loss from the col- banks racked up heavy losses Afocus of the investigation Suisse since2009.Mr. Nelson April 6, Credit Suisse slashed In itsApril 6statement, Credit lapse of hedgefund Archegos when Archegos,aU.S.family has been on the bank’s prime joined in 2018 from crosstown its dividend to conserve capi- Suisse said it expectstopost a Capital Management. investment firm, couldn’t meet brokerageunit, which man- rival UBS Group AG. Together, tal, and Chief Executive pretax lossofaround $1 billion In an internal memo Mon- margin calls on large,concen- aged therelationship with they led aturnaround of the Thomas Gottstein said “seri- to reflect the Archegos losses. China’s Rivals of Meituan SpaceX’s Is Raising Satellites Billions Cite Risk BY JOANNE CHIU

China’s Meituan is raising BY BOJAN PANCEVSKI nearly $10billion from inves- tors,hoping that it will be able Elon Musk’s internet satellite to gain an edgeonits e-com- venturehas spawned an unlikely merce rivals by spending heav- allianceofcompetitors, regula- ily on technologyallowing it to tors and expertswho saythe

deliver goods using drones and S billionaireisbuilding anear-mo- self-driving cars. nopoly that threatens space Meituan is one of China’s PRES safety and the environment.

most valuable tech companies. UMA TheStarlink project, owned Itsapp letsusersorder various /Z by Mr.Musk’s SpaceExplora- real-world services including CTK tion Technologies Corp.or

meals and groceries,aswell as DEML/ SpaceX,isauthorized to send organizing bookingsfor hotels, some 12,000 satellites intoor-

flights, taxis and restaurants. ONDREJ bit to beam superfast internet TheHong Kong-listed com- Harley said a 30% increase in motorcycle volumes in North America helped sales exceed expectations for the first quarter. to everycorner of the Earth. It pany is raising net proceeds of has sought permission foran about $7 billion by issuing stock Revenue,change from Quarterly retailmotorcycle sales,byregion Shareand indexperformance additional 30,000. and afurther $2.97 billion by previous year Now, rival companies such 80,000 selling convertible bonds,itsaid 60% as Viasat Inc., OneWeb Global Tuesday. 10% Ltd., Hughes Network Systems Thehugecapital-raising is S&P500 and Boeing Co.are challenging 40 considerably biggerthan the 0 Starlink’sspaceraceinfront of $4.2 billionMeituan raised in 60,000 regulatorsinthe U.S. and Eu- its2018 initial public offering rope.Some complain that Mr. 20 and suggeststhereisstill a –10 Latin Musk’ssatellitesare blocking healthyappetiteamong inves- America theirown devices’ signals and tors forstock in Chinese tech- have physically endangered 40,000 0 nologycompanies,eventhough –20 Asia Pacific their fleets. shares in Meituan and many Europe, Mr.Musk’sendeavorisstill Middle East, peershavepulled back recently. –20 in betatesting but it has al- Earlier this month, Prosus –30 Africa ready disrupted the industry, NV raised $14.6billion by sell- 20,000 and even spurred the Euro- ing down asmall part of its pean Union to develop a rival –40 U.S. and –40 stake in Tencent Holdings Ltd., Canada space-basedinternet project the internet and videogaming Harley- to be unveiled by the end of giant. –50 0 –60 Davidson the year. Meituansaid it plans to use Thecritics’ main argument 2019 ’20 ’21 some of the net proceeds on 2019 ’20 ’21 2019 ’20 ’21 is that Mr.Musk’slaunch-first, projectssuch as researching Sources: S&P Capital IQ (revenue); the company(sales); FactSet (performance) upgrade-later principle, which and developing autonomous de- made his Tesla Inc.electric car liveryvehicles,drone deliveries companyapioneer,gives prior- and other cutting-edgetechnol- EU Imposes 56% Tariff on Harley ity to speed over quality,filling ogy. Earth’salready crowded orbit In aseparatestatement with satellites that mayneed Monday, the companyunveiled fixing afterthey launch. anew generation of self-driving BY ALISTAIR MACDONALD recent trade disputes,after that allowedthe businessto Thecompanyalso had posi- “SpaceX has agung-ho ap- deliverycarsthat it said were AND COLIN KELLAHER the EU addeda25% duty on supply Europe with certain tivenewstooffer Monday proach to space,” said Chris smarter and safer than previous its bikes and other U.S. goods motorcycles produced at its with asales update. It said a McLaughlin,government af- versions,with alonger battery Harley-Davidson Inc. has in 2018.Those levies were a international manufacturing 30%increase in motorcycle PleaseturntopageB2 lifeand capable of carrying been hit with a European response to tariffs the Trump facilities at tariff rates of 6%. volumes in North America heavier loads. Union import ruling that the administration imposed on Harley-Davidson said the helped sales exceed expecta- Meituan said it has been motorcycle maker says would steel and aluminum from pro- EU ruling would apply to its tions forthe firstquarter.It CrashProbed working on this technologyfor impose amassivetariff in- ducersinEurope and else- entirelineup and subject all also raised its2021 forecast five yearsand began making crease on itsproductsand where. products—regardlessofori- formotorcycle revenue to U.S. highway-safety officials deliveries in adistrict of Beijing keep it from functioning com- On Monday, Harley-David- gin—toa56% import tariff growth of 30% to 35%, from a are investigating a fatal last year.Itplans to roll out the petitively in Europe. son said Belgium’sEconomic within the trade bloc. previouslyprojected 20% to accident in Texas last servicetoother Chinese cities TheMilwaukee-based com- Ministry, on behalf of the EU, TheEuropean Commission, 25%. weekend involving a Tesla within three years. panyhas been one of the high- had notified the companythat the EU’sexecutivearm, de- Harley-Davidson shares electric vehicle...... B4 Thecompanyraised about est-profile U.S. casualties of it was revoking an agreement clined to comment. PleaseturntopageB2 $6.6 billion by selling shares to institutional investors. Tencent, amajor shareholder in Meituan, has pledged to buy $400 million INSIDE Foreign Buyers Cool on Beijing’s Debt of stock subject to approval from independent shareholders. Afterthe sharesales,Tencent BY FRANCES YOON Yield premium on China debt offersoverinternational fell and yields rose in other

and itsassociates will own S government bonds rivals. markets.

about17. 2% of Meituan. NEW Ahugerun-up in foreign This spread has narrowedto Thedollar is likely to keep 2.50 pct. pts. Meituanwill also issue two G holdings of Chinese govern- about 1.6percentagepoints, af- strengthening in the coming setsofzero-coupon convertible ment bondshas stalled, with tertopping 2.2 percentage months,and U.S. Treasury

bonds with acombined face OOMBER international investorshitting 2.25 pointsthroughout the second yields arelikely to rise further, value of $2.98 billion, due in /BL pause on their purchases as half of last year,datafrom with benchmark 10-year yields

2027 and 2028. FREY China’sinterest-rateadvantage FactSet and brokerageTullett hitting 2% by mid-2021, said

Meituan set the offer priceat GE over the U.S. has shrunk. 2.00 Prebon shows. AidanYao,senior emerging OR

273.80Hong Kong dollarsa GE International ownership of Jason Pang,aHong Kong- Asia economist at AXAInvest- share, the equivalent of $35.27 Chinese government debt de- based portfolio manager at J.P. ment Managers. As of Monday, and representing adiscount of clined slightly in Marchtothe 1.75 MorganAsset Management, the yield on the 10-year Trea- 5.3% compared with Monday’s BUSINESSNEWS equivalent of $313 billion, ac- said he had recently takensome surynotewas slightly lessthan closing price. That wasclose to Coca-Cola’s sales cording to the China Central 1.50 profitsonChinese government 1.6%. the upper end of an indicative reboundedinMarch as Depository&Clearing Co.Hold- bonds,orCGBs,and redeployed Mr.Yao said that meant pricerangeofHK$265 to ingsfell about 1% to 2.04 tril- funds intolocal-currencygov- Chinacould see reduced in- HK$274, as shown by aterm demand steadily rises lion yuan, from 2.06 trillion 1.25 ernment bonds in Southeast flows, or even further mild out- sheet on Monday. with vaccines. B3 yuan amonth earlier. May2020 ’21 Asian countries such as Malay- flows, of foreign money from Meituan’sshares rose 1.2% to That wasthe firstdropin sia and Indonesia. itssovereign-bond market in Note:For 10-year bonds, overequivalentU.S. 292.60 Hong Kong dollarsin foreign investors’ positions Treasury notes “Wenow expect arotation the near future. He said discus- early trading on Tuesday. ENERGY sinceFebruary2019.Itcame in Source:FactSet, TullettPrebon out of CGBs intoother assetsto sions with clientssuch as Meituan had an operating Exxon Mobil and Shell amonth when the yuan weak- capturemorevalue,” said Mr. global pension funds and insur- lossof2.9 billion yuan, equiva- arepushing carbon ened morethan 1% against the Treasurynotes and other Pang.Still, he added that Chi- erssuggested manyinvestors lent to $445 million, in the dollar,after strengthening global government debt have nese bonds had been moresta- were still learning about fourth quarter,compared with captureand storage to morethan 9% from June been falling, pushing yields ble than bonds elsewherethis China’sonshorebond market, an operating profit of 1.4billion cut emissions. B6 through February. higher.That has shrunk the ex- year,offering investorsshelter and said hedging wasanissue. yuan ayear ago. Meanwhile,prices forU.S. trayield that China’ssovereign from market volatility as prices PleaseturntopageB11 P2JW110000-4-B00200-1------XA

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

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

A G Pegasystems...... B6 Peloton Faces Mounting Pressure AbbVie...... A2 Galaxy Resources...... B4 Peloton Interactive ABN AMRO Bank...... B10 GameStop...... A1,B3,B11 ...... B2,B11 Advanced Micro Devices General Motors.....A2,A8 Penske Media...... A2 Protection and Commerce Sub- publication Consumer Reports, that information. “Government Pfizer...... B12 Chairwoman of House ...... A8 Greensill Capital...... B1 committee. which previouslytested and re- agencies shouldn’t have unfet- Alexion Pharmaceuticals H Pinduoduo...... B1 panel says treadmills PPD...... B12 “The videos and reportsof viewedthe treadmill, on Mon- teredaccesstoconsumers’ pri- ...... B12 Harley-Davidson..B1,B11 Procter & Gamble.....B11 pose ‘grave and children being sucked under daycalled Peloton’shandling of vate information, and Iam Alphabet...... A6 Huawei Technologies.A2 Altria...... A2 Prosus...... B1 Peloton treadmills areharrow- the issue “outrageous,” and proud that we took astand to I immediate risks’ Amazon.com...... A3,A6 Purdue Pharma...... A2 ing,and they graphically illus- urgedthe companytotakefur- protect these Members’ pri- Apple...... A6 International Business Q tratethe graveand immediate ther action. “What Peloton vacy,” he said in Saturday’slet- Machines...... B4 Archegos Capital QBE Insurance...... B6 BY SHARON TERLEP risks these productspose to us- should do is makesurethat its ter. Management...... B1 Interpublic...... B5 R ersand their families,” Ms. customersknowthe company Theagencyhas said it is in- Areteans Technology J Pressuremounted on Pelo- Schakowskysaid. is putting safety firstand that vestigating whether other types Solutions Private...... B6 Royal Dutch Shell...... B6 Johnson & Johnson tonInteractive Inc.onMonday Public clashes with the it’sgoing to makethem whole,” of treadmills pose the same AstraZeneca...... B12 S ...... A2,A3 when the chairwoman of a CPSC,the federal agency said William Wallace, Con- risk as Peloton’s. B L Shenzhen Invenland...A2 Houseconsumer-protection chargedwith protecting U.S. sumer Reportsmanager of Therewere22,500 emer- Sinovac Biotech...... A2 BP...... B6 Lennar...... B12 panel called on the companyto consumersfromdangerous safety policy. gencyroom visitsfromtread- C Live Nation SkySilk...... A6 SoftBank...... A1 recall itstreadmills. products, arerare. Typically the Thepublication said Pelo- mills in 2019,according to the Chevron...... B6 Entertainment...... B5 Themovecomes days aftera commission works with compa- ton’streadmills aredesigned CPSC. Therewere17deaths re- Lockheed Martin...... B11 Space Exploration China Huarong Asset federal safety agency told peo- nies to voluntarily issue safety differently than most, with “an lated to treadmills between M Technologies...... B1 Management...... B11 ple with young children or pets guidanceorrecalls on products. unusual belt design that uses 2018 and 2019. Coca-Cola...... B3,B12 T Macquarie...... B6 to stop using the treadmills and TheCPSCcan’t forcearecall individual rigid rubberized Peloton said that it con- Coinbase Global...... A8 Marriott International Tencent...... B1 Conagra Brands...... A8 ...... A1,B5 Tesla...... A8,B1,B4,B11 urgedarecall of the product, but has sued companies to slatsortreads that areinter- tacted the commission within a Credit Suisse...... B1 Meituan...... B1 Teva Pharmaceutical..A2 which it says is responsible for compel them to comply. locked and ride on arail.” Most dayoflearning of the fatal acci- CVS Health...... A8 Morgan Stanley...... B12 Thermo Fisher Scientific dozens of injuries and at least Thecommission’sinvestiga- treadmills use athin, continu- dent. D MyPillow...... A4 ...... B12 one death. tion in part looks at whether ous belt. In addition to sending direct Total...... B6 Danske Bank...... B10 N Peloton has called the advi- thePeloton treadmill’staller TheCPSC’sadvisory came messages to ownerstoadhere Dominion Voting Netflix...... B11 U sorybythe Consumer Product height and unusual belt design afterits investigation intothe to warningsand followsafety Systems...... A4 Ninety One...... B11 Unilever...... B6 Safety Commission “inaccurate pose agreater risk to children, death of achild involving one instructions,the companynow E Nvidia...... A1 UnitedHealth...... B12 and misleading.” On Sunday, aCPSCspokeswoman said. of the machines turned up doz- has itsinstructorsdeliver Endo International.....A2 O V Peloton Chief ExecutiveJohn Peloton says the treadmills ens of instances of injuries. safety messages during classes. Equinor...... B6 Oatly...... B6 ViaSat...... B1 Foley said in alettertocustom- aresafewhen usersfollow Peloton initially refused to Best known forstationary Expedia...... B5 Orocobre...... B4 Volkswagen...... A2 ersthat it has “no intention” of safety recommendations,which identifytothe commission the bicycles,Peloton unveiled its Exxon Mobil...... B6 P W stopping sales or recalling the include keeping children and family of the child who was treadmill-style machine in F Parler...... A6 Whitehorse Liquidity machines. pets away from the machine killed until the companywas 2018.That machine,atfirst Ford Motor...... A1 Payward...... A8 Partners...... B10 Thecompanyhad no re- and removing the machine’s compelled to do so by asub- called the Tread, is nowcalled sponse to Monday’sstatement safety key when it isn’t in use poena. Mr.Foley,the Peloton the Tread+ afterPeloton intro- by Rep.Jan Schakowsky(D., to prevent itsbelt from moving. CEO, has defended the com- duced apared-down, less-ex- INDEX TO PEOPLE Ill.), who chairsthe Consumer Influential product-review pany’s decision to withhold pensiveversion.

B Kopelman, Kevin...... B5 Povinelli, Brian...... B5 Bourla, Albert...... B12 Krishna, Arvind...... B4 Q Burnett, Casey...... B5 Kruger, Joel...... B11 Quincey, James...B3,B12 C L R Chorzempa, Martin...B12 Lindell, Mike...... A4 Rowley, Martin...... B4 Cohen, Ryan...... B3 M S D McLaughlin, Chris...... B1 Sandor, Richard...... B10 Dabbs, John...... B1 Meckler, Mark...... A6 Sherman, George...... B3 F - H Musk, Elon...... A8,B1 Simmons, Caroline....B11 Foley, John...... B2 N - P Singh, Shiv...... B5 Hauser, Hermann...... A2 Nelson, Ryan...... B1 V - Y Huang, Jensen...... A2 Pang, Jason...... B1 Vermeulen, Jacques...B3 K Pérez de Solay, Martin Vogelzang, Chris...... B10 Kamal, Fahad...... B11 ...... B4 Yao, Aidan...... B1

2018 that EU tariffs would Harley to raise the cost of each bike

shipped to the trade bloc from S the U.S. by about $2,200. PRES Rather than raise prices,the

Fight 56% TED companysaid it would shift CIA

production of motorcycles for SO AS

EU Tariff the EU market to outside the Y/ U.S., prompting Mr. Trump to DA TO

accuse the companyofraising A ContinuedfrompageB1 the white flag. ORID

rose 9.7% in Mondaytrading Morerecently,the U.S. and /FL on the NewYork Stock Ex- EU have suspended some im- TT

change. port tariffs.InMarch, the two SHOR

Harley-Davidson had low- sides agreed to suspend tariffs TIM ered itsEUtariff bill by send- on wine,luggage,produceand The launch of a SpaceX Falcon 9 rocket in 2018. The company is on track to stake a claim for most of the free orbital real estate. ing motorcycles to Europe that other goods related to along- were made in Thailand. With standing disputeovergovern- cause,unlikecompetitors, he system. Yetthat system had to hardtotakeany such system se- the end of that arrangement, ment subsidies to Boeing Co. SpaceX owns his ownrockets. be switched off when aStarlink riously when it remains unclear the company now finds itself and Airbus SE. Washington In the coming days,the Fed- satellitecame within 190 feet of what dataituses to operate. battlingEUtrade authorities also suspended tariffs on U.K. eral Communications Commis- the rival’ssatellite this month, Asimilar incident took place over atariff imposed on mo- luxurygoods,including Scotch. Satellites sion in the U.S. is set to ap- according to OneWeb’sMr. in 2019,when aStarlink satel- torcycles that arenolonger Europe,the Middle East provearequest by SpaceX to McLaughlin. litewas on anear-collision produced in the U.S. andAfricahad been among modifyits license and allowa When contacted by OneWeb, course with an EU weather sat- Themotorcycle maker said Harley-Davidson’slargest mar- Criticized greater number of satellites to Starlink’sengineerssaid they ellite, according to the Euro- it plans to lodgeanimmediate kets outside of the U.S.,but its orbit at aloweraltitude of couldn’t do anything to avoid a pean SpaceAgency, which runs legal challengetowhat it first-quarter resultsshowed around 550kilometers, or collision and switched off the EU satellites. called an unprecedented deci- almost 3,000 fewermotorcy- ContinuedfrompageB1 about 342 miles. If approved, collision avoidancesystemso Theagencysaid it wasonly sion that “underscores the cles sold in the sales region, fairschief forrival OneWeb. competitor satellites would OneWeb could maneuver able to contact Starlink via very real harm of an escalat- marking a 36% decline from a “Every one of our satellites is have to navigatearound around the Starlink satellite email and the companytold it ing trade wartoour stake- year earlier. likeaFordFocus—it does the SpaceX’sfleet to placetheir without interference, according they would take no action, so Thecompanyattributed the same thing,itgetstested, it ownspacecraft. to Mr.McLaughlin. EU engineershad to initiatea decline to shipping delays re- works—while Starlink satel- Other companies operating Starlink hasn’t revealed de- collision avoidancemaneuver. Thecompanyisinthe lated to the pandemic and its lites arelikeTeslas: They in spacehaveasked the FCCto tails about their AI collision SpaceX didn’t reply to re- decision to stop selling some launch them andthen they impose conditions on SpaceX, avoidancesystem. Mr.McDowell, questsfor comment about the midstofoverhauling popular motorcycle models in have to upgrade and fixthem, including lowering itsfleet’s the astrophysicist, said it was two incidents. sales and production the region. Harley-Davidson or even replacethem alto- failurerateto1in1,000,and will soon offer anew motorcy- gether,” Mr.McLaughlin said. improving collision-avoidance strategies. cle known as the PanAmerica SpaceX didn’t respond to re- capabilities while ensuring they and designed for on-road and questsfor comment. don’t block the transmissions off-road use. Company execu- Around 5% of the firstbatch of othercraft orbiting above tives anticipatethe model will of Starlink satellites failed, them. holdersonboth sides of the be popular in Europe. SpaceX said in 2019.They were “You should have fewersat- Atlantic.” TheEUtariff decision lefttogradually fall back to earth ellites and makethem moreca- TheOfficeofthe U.S. Trade comes at atime when the and vaporizeinthe process. pable,” Mark Dankberg, Viasat Representativedeclined to companyhas curtailed sales In November 2020,astro- founder and executivechair- comment. activities in lesser foreign physicist Jonathan McDowell of man, said. Harley-Davidson received marketstofocus on North the Harvard-Smithsonian Cen- On Twitter, Mr.Musk com- word of the EU’stariff in- America, Europe and Japan. terfor Astrophysics calculated mented on Mr.Dankberg’sear- crease lateFriday, aperson fa- Harley-Davidson is in the that the Starlink failurerate lier warningsthat his company miliar with the matter said. midst of overhauling its sales wasnearly 3%. Mr.McDowell posed ahazardtoorbital traffic While the EU’soriginal andproduction strategies un- said Starlink has vastly im- by tweeting: “Starlink ‘poses a round of tariffs hit other high- der Chief ExecutiveJochen proved the design of their sat- hazard’ to Viasat’sprofits,more profile U.S. goods,such as Zeitz,alongtime director ellites sincethen, and that the likeit.” jeans made by Levi Strauss& picked forthe toppost early failurerateiscurrently below Aspokesman forBoeing, Co.and Kentuckybourbon, vo- last year.The companyin 1%, and on track to improve which is also challenging Star- calsupport from then-Presi- 2020 slashed production of further. link at the FCC, said it is “criti- dent Donald Trumppushed motorcycles as part of a plan Even with the constant im- cally important to the futureof Harley-Davidson intothe spot- to reduce inventories of bikes provement, Mr.McDowell said, asafeand sustainable orbital light as aU.S.victim of the at dealersand boost prices for Starlink will operatesomany environment that standards be tradebarbs exchanged in re- used models. satellites that even alow failure globally consistent and enable a cent yearsbetween the U.S. —Bob Tita and rate would mean arelatively competitiveplaying field.” and Europe and China. Yuka Hayashi high threat to orbital safety be- In the region of spacewhere Harley-Davidson said in contributed to this article. cause of the potential forcolli- Starlink operates,satellitesorbit sions.“They clearly have been the earth at 18,000 miles an hour. making continuous improve- Anycollision could spread high- ments…but it’sachallenging velocity debris that could make thing they aredoing and it’snot the orbit unusable foryears. clear that they will be able to Competitorssay Starlink manage the final constellation,” satellites have lowmaneuver- he said. ability,meaning that other Starlink operates morethan firms’ crafthavetoact when 1,300 spacecraftinEarth’s collisions threaten. lowerorbit and is adding some Starlink satellites came

S 120 moreevery month. Itsfleet alarmingly close to other space- is nowontrack to topthe total crafttwiceinthe last two years, NEW

G number of satellites that have including on April 2, when a been launched sincethe Starlink satelliteprompted an-

OOMBER 1950s—around 9,000. other operated by OneWeb,con-

/BL Orbitalspaceisfinite, and trolled by Indian conglomerate thecurrent lack of universal Bharti Global and the U.K. gov-

MORRIS regulation means companies ernment, to makeevasivema-

UL canplacesatellitesonafirst- neuvers, according to OneWeb PA come,first-served basis.And and the U.S. SpaceCommand. VID

DA Mr.Musk is on track to stakea Mr.Musk’ssatellitesare Harley raised its 2021 forecast for motorcycle revenue to growth claim formost of the free or- equipped with an AI-powered, of 30% to 35%, from 20% to 25%. A dealership in Oakland, Calif. bital real estate, largely be- automated collision avoidance P2JW110000-4-B00300-1------XA

THE WALL STREET JOURNAL. **** Tuesday, April 20, 2021 | B3 BUSINESS NEWS Coca-Cola’s Sales Rebounded in March

Demand steadily gains Coca-Cola’s organic revenue, in thequarter fell 19% to $2.25 change from ayear billion. with introduction of earlier* 1Q 2021 Separately on Monday, the +6% companysaid it plans to list vaccines, allowing 5% Coca-Cola Beverages Africaas people to eatout again aseparate, publicly traded 0 company. TheAtlanta-based BY JENNIFER MALONEY companysaid it would sell a AND DAVE SEBASTIAN –5 portion of its stake in the Af- ricabottling businessthrough Coca-Cola Co.said itssales –10 the initial public offering, volume in March returned to which it expectswithin the prepandemic levels as the roll- –15 next 18 months.Shares will be out of Covid-19 vaccines allows listed in Amsterdam and Jo-

morepeople to eat out again. S –20 hannesburg, with Amsterdam

Thebeveragecompany’s NEW beingthe primaryexchange, sales plummeted ayear ago as G the company said. restaurants, stadiums,cinemas –25 Thestand-alone listing

and other venues closed OOMBER would let the unit access capi-

around the world. Thecom- /BL –30 talindependently to meet in-

panysaid demand steadily im- FREY 2017 ’18 ’19 ’20 ’21 vestment needs,said Jacques

proved in the first quarter of GE Vermeulen,CEO of Coca-Cola

OR *Excludes currency fluctuations, acquisitions

this year,and in March sales GE and divestitures BeveragesAfrica. volume reached the same level The company’s sales fell a year ago as restaurants, stadiums and cinemas closed around the world. Source:the company Layoffs and other cost-cut- it stood in March 2019. ting measures have helped CokeChief ExecutiveJames But he noted that it would not just moremonths but, you which excludes currency same period ayear earlier.Its Coke mitigate its revenue de- Quincey said he expectsthat take time to distributethe know, intonextyear and po- swingsand acquisitions or di- volume fell by 6% in the U.S. clines and improveoperating- positivetrajectorytocontinue, vaccine in countries such as tentially beyond—toreally get vestitures.Onthat basis, and by 2% in Europe,the Mid- profit margins. The company, despitenew pandemic-related India, which is battling a new it under control,” Mr.Quincey Coke’srevenue grew 6% in the dle East and Africabut grew which employed80,300 people lockdowns in some partsof surge in coronavirus cases. said. He added that the possi- quarter ended April 2. by 9% in Asia. Even as the U.S. as of the end of last year,in the world. “Partsofthe world will get bility of newvariantspresents Thecompany’sunit-case reopens, fountain-drink sales December said it would cut “The rollout of the vaccines vaccinated and will start to a bit of the unknown. volume,orthe number of 24 thereare still weak,Mr. Quin- 2,200 jobs. is ultimately starting to work,” come out and particularly This year,Cokeexpects 8-ounceservingsoffinished cey said, noting that “it’s not particularly in the U.S. and the some of the developing mar- high-single-digit percentage beverages sold,was flat for an on-off switch.”  Heardonthe Street: Coke U.K.,hesaid in an interview. kets aregoing to take longer— growth in organic revenue, the quarter compared with the Thecompanysaid itsprofit cautions about pandemic.....B12 GameStopCEO to Step Down, in Latest Shuffleatthe Helm

BY SARAH E. NEEDLEMAN hold the role sincelate2017, Mr.Sherman, who had in hisemployment contract. refresh as amajority of its

AND DAVE SEBASTIAN people familiar with the matter P worked at retailersVictraand He is expected to exit from the membersstepdown. At the have said. Thecompanyhas /A AdvanceAutoPartsInc., joined role holding 1.12 million shares company’s annual meeting in

GameStop Corp.said Chief been working with asearch TIMES GameStopshortly afteritfailed of GameStop stock. June,Mr. Sherman could re- ExecutiveGeorge Sherman will firm to evaluatecandidates, to sell itself.Sales had been At least three of Mr.Sher- main adirector if re-elected, a

step down by July 31, the latest and has been targeting people ANOKE stagnant foryearsasthe com- man’slieutenantshaveleftthe securities filing shows. in aseries of changes to the with abackground in the tech- RO panywas grappling with companyorannounced plans to Theremade boardand lead-

videogame retailer’s leadership nologyorvideogame industries. /THE mounting challenges,most no- depart within the past few ership team will facepressure IS

team sinceChewy Inc.co- “GameStopappreciates the AV tably atrend of people moving months.Several hiresfor man- to deliver aturnaround that founder Ryan Cohen became a valuable leadership that awayfrombuying hardcopies agement roles of latehave measures up to itsrecently in-

boardmember in January. George has provided through- KLEIN-D of videogames in lieu of digital hailed from Chewy and Ama- flated shareprice, driven up by Mr.Sherman has been the out his tenure,” Mr.Cohen downloads.When the pandemic zon.comInc., such as Matt aReddit-fueled trading frenzy chief executiveofficer of the said. “He took manydecisive hit, he led GameStopthrough a Francis,who had served as head and aso-called short-squeeze, EPHANIE

Grapevine,Texas,company stepstostabilizethe business ST series of storeclosures. of engineering at Amazon Web when rising prices prompt in- sinceApril 2019.GameStop during challenging times.” George Sherman will retain GameStoppreviously said Services and joined GameStop vestorstobuy back shares they agreed to allowMr. Sherman to GameStopshares,which shares valued at $184 million. Mr.Sherman didn’t qualifyfor as itsfirst technologychief in sold short to reducetheir losses. retain morethan one million have been on a roller coaster some performance-based in- February. Jenna Owens,the Individual investor Keith shares of restricted stock,val- sincethe start of the year, e-commerce and other technol- centives beforeentering into company’snew operating chief, Gill, who gained fame forhelp- uedatroughly $184 million as rose more than 6% to $164.37 ogyinitiatives to help reduceits the separation agreement. held several senior roles at Am- ing to drivethe trading frenzy of Monday’s close,aspart of a each on Monday. relianceonbricks-and-mortar Lastweek,the companysaid azon beforeGameStop. by disclosing bullish invest- separation agreement. Mr.Cohen initially took a retail. He has also urgedsweep- the CEO forfeited roughly Mr.Cohen has been nomi- mentsinGameStoponReddit GameStop has been seeking stakeinGameStopinAugust ing changes to GameStop’sman- 587,000 restricted shares, for nated to serve as chairman of and YouTube,has continued to to replaceMr. Sherman,who and has sincebeen prodding the agement and boardofdirectors failing to meet company per- GameStop’sboard, apanel buy shares in the company, ac- hasbeen the fifthperson to companytosharpen itsfocus on as part of the overhaul. formance goals as prescribed that is undergoing asimilar cording to recent posts.

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B4 | Tuesday, April 20, 2021 ****** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Musk Faces New China Test After Woman’s Protest

BY TREFOR MOSS In an earlier statement, the companyidentified the woman SHANGHAI—Asingle pro- as aMs. Zhang,who has staged tester with adisputed claim other protestsagainst the com- aboutthe safety of Tesla Inc. pany. electric vehicles has hit anerve Thewoman’sclaims couldn’t in China, sending complaints be independently verified, and about the companyricocheting she couldn’t be reached to com- acrossthe Chinese internet and ment.

REUTERS refocusing attention on alleged On Tuesday, Shanghai police

VIA quality issues in acritical mar- said Ms.Zhang is under deten- ketfor Tesla. tion forfivedays afterdamag-

ENGLE Thewoman climbed atop a ing the carontowhich she had J.

T Tesla Model 3sedan at the Auto climbed. Therewas one more OT

SC Shanghai expo on Monday, woman involved in protesting. The NTSB said its probe would focus on the vehicle’soperation and the firethatlocal officials said engulfed the car forroughly four hours. shouting allegations about She wasn’t detained but warned faulty brakes on Tesla vehicles by policefor distorting public while wearing aT-shirt that orders. read “The Brakes Don’t Work” In aWeibo post following the RegulatorsProbe TeslaCrash and“Invisible Killer.” incident, awoman claiming to Videos uploaded by visitors be Ms.Zhang said that her fa- then showedher being dragged ther and mother were in the car away by security guards,who and were injured and hospital- That Killed TwoPeople in Texas had previouslyattempted to use ized. She said that she would open umbrellas to hide the seek justicethrough the legal woman from onlookers. When system and that the incident ex- TheWall Street Journal visited posed the true facebehind BY REBECCA ELLIOTT the companycalls “full self- tem, known as Autopilot, was lane lines, which aren’t pres- the Tesla stand later Monday Tesla’svaunted brand. driving,” he added. engaged at the time of the ent wherethe accident took morning,the companyhad GraceTao,aTesla vicepresi- U.S. safety officials are in- TheNational Highway Traf- crash. place. beefed up security. dent and one of the company’s vestigating afatal weekend fic Safety Administration and Mark Herman, the Harris Thecompanyhas said that Theprotest at the Tesla crash involving a Tesla Inc. theNational Transportation County constable over Pre- Autopilot made Tesla vehicles booth, ararepublic displayof vehicle,adding to aseries of Safety Boardboth said Mon- cinct 4, wherethe accident safer than others. Tesla tells defianceinChina, waspicked up At a Shanghai auto probes intoincidentsinvolving daythey were investigating happened, said his office driversusing the feature to by statemedia outletsand the electric-vehicle maker. the crash. NHTSA has enforce- looked forwardtoworking pay attention to the road and quickly went viral.Within afew show, a woman Theaccident has raised ment authorityoverautomak- with Mr. Musk. be ready to take control of the hours, morethan 150 million shouted allegations questions both about howthe ers, while the NTSB issues “In this world, anything is vehicle. people had viewedahashtag of carwas operated and the chal- safety recommendations.“We possible, and we’ll let the sci- Sen. RichardBlumenthal (D., the incident on China’sTwitter- about faulty brakes. lenges of dealing with a fiery areactively engaged with local ence and factstakeuswhat- Conn.), who sitsonthe Com- likeWeibo platform, remarking crash. law enforcement and Tesla to ever direction,” he said, add- merce,Scienceand Transporta- on howTesla’sbooth had be- Localauthorities believe learn moreabout the details of ing that his office planned to tion Committee, on Monday come “a platform forrightsde- theTesla Model Ssedan was the crash and will take appro- seek additional information called for“comprehensiveover- fenders.” topexecutives in China, in an in- operating without anyone in priatesteps when we have andsend at least one search sight” to prevent deaths tied to Manyuserssympathized terviewlast month with Chinese the driver’s seat when it moreinformation,” NHTSA warrant to Tesla on Tuesday. advanced driver-assistancesys- with her plight, with one accus- online automotivenewschannel crashed intoatreeSaturday said in a statement. Tesla collectsinformation tems. ing Tesla of “hoodwinking Chi- Dongchedi, said technical prob- night north of Houston, killing TheNTSB said on Twitter on the use of itsvehicles,in- “Using Tesla’sdriverlesssys- nese consumers” and others lems were rare and were treated the two men inside. that it wassending two people cluding Autopilot, that can tem—or anyother—shouldn’t calling on the public to turn to seriously whenever they came On Monday, Tesla Chief Ex- to investigate, adding that its help to determine howthey be adeath risk,” he tweeted. Chinese competitors. Another to light. “I cansay confidently ecutiveElon Musk injected ad- probe would focus on the vehi- were operated. “Advancementsindriving tech- user with morethan five million that most [ofthese customer ditional uncertainty intothe cle’soperation and the fire Tesla on Sunday and Mon- nologymust first&foremost followers who claims to have complaints] arebased on amis- situation.MrMusk tweeted that local officials said en- daydidn’t respond to requests be safe.” He has previouslyex- purchased three Tesla vehicles understanding,” she said. that “Datalogsrecovered so gulfed the carfor roughly four for comment on the crash. pressed concern about the said in another widely liked post On Tuesday, China’sstate-run far showAutopilot wasnot en- hours. Authorities on Monday- Mr.Musk said foradriver safety of advanced driver-assis- that he never had anyproblems Xinhua news agencysaid in an abled.” Thecar didn’t have the were still investigating to activatethe basic version of tancetechnology. with the braking system but of- commentarythat Tesla’sre- upgraded version of the whether the vehicle’sad- the company’sdriver-assis- Tesla’sshares fell 3.4% in fereduphis ownlitanyofcom- sponse has been “arrogant.” It driver-assistance system that vanced driver-assistance sys- tancefeaturearoad must have Monday trading. plaintsabout other alleged said carmakersoperating in glitches. China must have respect forthe Acompanymedia represen- market and accept “supervision tativeatthe booth said that the from customers.” Lithium Miners Sign $3 Billion Deal protest wasamatterfor the po- Tesla sales have grownrap- liceand that she couldn’t com- idly in China sincethe company ment on the allegations of qual- began building cars in Shanghai BY RHIANNON HOYLE while Galaxy runs the Mt. Catt- the combined group and Galaxy TheAustralian bank substan- ity defects. morethan ayear ago. March AND DAVID WINNING lin mine in Australia and has shareholderswill ownthe re- tially upgraded itspricefore- Tesla said on Weibo that the wasTesla’sbest month in China projectsunder development in maining 45.8%. Galaxy Chair- castsfor the commodity last protesterwas aTesla customer to date, with 35,478 made-in- SYDNEY—OrocobreLtd. Argentina and Canada. man Martin Rowley will become week,citing expectations of a from Henanprovincewhose fa- China Model 3and Model Ycars agreed to buy rival Australian Based on thecompanies’ nonexecutivechairman of the shortfall of lithium from 2022 ther wasinvolved in aFebruary sold, according to the China Pas- miner Galaxy ResourcesLtd. in closing shareprices on Friday, combined group,with Orocobre that will widen as electric-vehi- accident in which his Model 3 senger Car Association. an all-stock deal that would cre- acombined companywould Chief ExecutiveMartín Pérezde cle demand rises. hadcrashed intoanother vehi- As it has grown, though, the atea$3billion miner and one have amarket value of 3.96 Solaybecoming CEO. Already this year lithium cle. companyhas faced agrowing of the world’sbiggest producers billion Australian dollars, Lithium prices areexpected prices have been rising,particu- Thewoman had demanded a chorus of complaintsfromdis- of lithium, acommodity used in equivalent to $3.06 billion. If to rise sharply in the coming larly in China, because of a full refund, claiming that atech- appointedcustomers, including batteries forelectric vehicles the deal consummates,the yearsbecause of ballooning strong recovery in battery de- nical problem with the carhad several allegations of brakefail- andother high-tech products. newminer would be the fifth- demand for electric vehicles. mand anddisruptions to sup- caused the crash, according to ures,prompting regulatorsin Thedeal comes at atime largest global lithium miner, Lithium is the commodity plies from Australian producers. Tesla. However, the company Beijing to summon Tesla fora when lithium prices areclimb- the companies said. most expected to benefit from TheOrocobre-Galaxy tie-up said that the woman’sfather public dressing-down over qual- ing because of concerns about Orocobrewill acquireall of an electric-vehicle boom be- would givethe companies geo- hadcrashed due to excessive ity problems in February. Tesla shortages of the commodity and the shares in Galaxy,whose cause widely used lithium-ion graphical and product diversi- speed. responded by vowing to make abigger-than-anticipated elec- shareholderswill receive0.569 batteries contain around 7% to fication, including acrossbrine Tesla said it had been in con- improvements. tric-vehicle boom. Orocobre Orocobreshares foreach of 10% lithium regardless of the and hard-rock types of lithium tact with the woman and was —Raffaele Huang runs the Olaroz lithium opera- their ownstock.Orocobre overall battery chemistry, production, they said in ajoint willing to help her find asolu- and Bingyan Wang tion in northern Argentina, shareholderswill own54.2% of Macquarie said. statement. tion. contributed to this article. IBM Says Sales on Track for 2021 Growth

BY MARIA ARMENTAL

An Extraordinary International Business Machines Corp.posted higher Full-Body Massage Chair revenue ahead of a landmark ® split of the business this year Zengineereedd for Maximum Relaxation that is part of Chief Executive Arvind Krishna’s plan to revive growth at the tech company. Limited IBM on Mondaysaid first Time Offer! quarter sales rose about 1% to SAVE $1,000!* $17.73 billion, generating net MSRP: $8,999 income of $955 million. Wall S

NOW: $7,999 Street on averageexpected NEW sales of $17. 32 billion and net G income of $1.28 billion, ac-

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MODEL: $11 billion to $12 billion in ad- CG

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year.IBM shares rose more LU than 3% in after-hourstrading. Thecompanyispreparing to spin off amajor part of its information-technology services operations. Thestock is up about 11% in the past 12 months. information-technologyser- that it said would advanceits waseliminating an unspecified Or $134 amonth with Interest FREE Financing† Mr.Krishna, in the topjob a vices operations. Mr. Krishna AI and hybrid cloud activities. number of jobs. year,has pledged to restore said he would focus IBM on Thecompanylast week said IBM also is exploring the +FREE Nationwide Delivery($450 Value) growth at IBM this year after the booming field of cloud- the services business it plans potential sales of Watson a prolonged period of stagna- computing and artificial intel- to spin off by the end of this Health, The Wall Street Jour- tion. Thecompanyexpects ligence. In the latest quarter, year would be called Kyndryl nal previously reported. Unrivaledinprecision. Unique in its ability to revenue to return to growth totalcloud revenue rose about and be based in NewYork City. Theunit, which employs ar- sense andinstantlyadjust massagepressure and projects about $11 billion 21% to $6.5 billion. It will be run by IBM veteran tificial intelligencetohelp in realtime.Incomparable product quality to $12 billion in adjusted free IBM has undertaken anum- Martin Schroeter, hospitals,insurersand drug- CALL .*')%/# $'+),.&-'')"',, -')&.)!+/(' cash flow forthe year and $12 ber of acquisitions to bolster TheITservices operations makersmanagetheir data, andexceptionalmassage quality. 888-717-9193 OR SCAN billion to $13 billion in 2022. both areas, including the pur- that IBM is partly shedding was once a flagship initiative “While it’s still early in the chase of software companyRed were central to former Chief forMr. Krishna’spredecessor, year and alot remains to be Hat that closed in 2019,to ExecutiveLou Gerstner’sdrive Ginni Rometty,isn’t currently done,weare confident enough strengthen itseffortsinthe so- in the 1990s to transform it profitable,people familiar to saythat we areontrack,” called hybrid-cloud wherecus- from alumbering tech giant fo- with the matter have said. ON SALE NOW at stores and galleries Mr.Krishna said in aconfer- tomersmix on-siteand cloud- cused on computing hardware Mr.Krishna said itsWatson nationwide and FurnitureForLife.com encecall with analysts, adding based datastorage and to ahugeplayerinservices line,which goes beyond health that customer spending pat- processing tools.IBM last week that were booming at the time. “remains critically important †FREE financing available with approved credit. *Offers above may not be combined with any terns have strengthened. said it agreed to buy foranun- Thespinoff announcement to us.Tobeabsolutely clear, other offers. Chatwith aComfort Consultant for more details. All offers expire on 4/30/21. Thecompanyispreparing disclosed amount asmall Ital- comes afew months afterthe Watson is the brand product to spin off a major part of its ian company, called myInvenio, Armonk,N.Y., companysaid it name for our AI capabilities.” P2JW110000-0-B00500-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | B5 BUSINESS NEWS High Court Stays Out Of Tribune Lawsuit

BY JONATHAN RANDLES

TheU.S.Supreme Court has closed the door on an at- tempt by creditors of the for- mer Tribune Co. to claw back billions of dollarsinshare- holder profitsthat flowed from its 2007 leveraged buy- out, about ayear beforethe publisher filed forbankruptcy. Thejustices declined to hear an appeal brought by

some Tribune bondholders OUP

and retirees,who formore GR than adecade have been push-

ing forthe right to sue over EXPEDIA the buyout. Monday’sdecision A scene from Expedia’s new ad campaign. The online travel company’s marketing effort also includes the introduction of trip insurance and itinerary-planning products. leaves in place earlier rulings by federal district and appeals courtsthat rightstopursue le- galaction over the Tribune Travel Brands Rethink Marketing buyout under statelaw were extinguished through the com- pany’s 2008 bankruptcy. BY ALEXANDRA BRUELL the best deal, yougofor the mand has been driving travel running automated digital ads now,” Mr.Leikikh said. Pro- EffortsbyTribune creditors cheapest ticket,” said Mr.Singh. organizations to boost their to capitalizeonany newde- motions that feature deals can to sue billionaireinvestor Sam Anew ad from Expedia “That’schanged now. People marketing spending—although mand. generaterevenue whilealso Zell and othersbehind the buy- kicked off the online travel think about value differently.” not necessarily to pre-pan- Nowthe companywill shift building brands over time,es- out have been closely followed company’smost expensive Expedia’scampaign won’t demiclevels—whilethinking itsfocus to brand marketing pecially with “stimulus flow- by bankruptcy professionals. brand marketing effort in five be alone: AiringsofTVcom- strategically about striking the that candrumupdemand, ingfromthe government and Among those who asked the years. In the ad, actress mercials promoting travel right tone in their messaging, said Brian Povinelli,senior people going back to work,” Supreme Court to take up the Rashida Jones embodies Expe- websites have morethan dou- Mr. Kopelman said. vicepresident of brand, loy- he said. appeal wasagroup of lawpro- dia as a companion for a bled in the 50 days ended Acampaign from Expedia alty and portfolio marketing at Some tourism and enter- fessors, as well as bankruptcy woman traveling alone to a April 12, compared with the Group’s Vrbo that began run- Marriott International. tainment organizations arere- trustees who have clawedback foreign country. Ms.Jones previous 50 days,according to ning in December,for example, “Morethan ever,the last 12 viewing agencies that cansup- billions of dollarsonbehalf of transforms the traveler’s sad media measurement firm encourages families to gather months has challenged us to port their advertising or victims of Bernie Madoff and hotel room intoalarger, more iSpot.tv.Other travel and tour- again without mentioning the be much moreflexible and media needs.Las VegasCon- creditorsofToys “R” Us and pleasant spacewith asnap of ism marketers are also ramp- pandemic that has kept so nimble in our marketing ap- vention and VisitorsAuthority Sears Holdings Corp. her fingers, and helps remove ing up their marketing as the manyapart. Forfamilies stuck proach and execution,” Mr. and Visit California arerun- Thelaw professorsbroadly her from aprecarious situation industrymoves to reassert it- at home together during the Povinelli said in an email. ning processes to hirenew argued that lower-court rul- involving women taking selfies. self after a year of lockdowns pandemic, on the other hand, Travel and tourism brands, agencies, according to people ingsinfavor of Tribune share- Themarketing effort, which and limits on movement. Universal Orlando Resort is such as popular U.S. tourist familiar with the matter. The holdershad effectively blessed also includes the introduction They are re-evaluating and running acommercial offering destinations, are eager to get concert giant LiveNation En- risky transactions that enrich of newtrip insuranceand itin- recalibrating their pitches in 40% off to lurethem back out. travelersspending again, said tertainment Inc.isalso run- corporateinsiderswhile load- erary-planning products, was the process. Some brands are Expedia described itsnew AlexLeikikh, global chief exec- ning aprocess to hirean ing companies with debt, inspired by research showing delivering messages about marketing push as ashiftfrom utiveofMullenLowe Group,an agencythat canserviceits threatening everyone else the not only rising demand for safegathering, while others itsmessaging in recent Interpublic Group of Cos. ad $130 million media account, businessowes, including retir- travel as restrictions from the arefocusing on promotional months,when it tried to strike agencynetwork that works people familiar with the mat- ees dependent on pensions. pandemic abate, but also con- ads that feature deals. amoreinspirational tone.One with a number of travel mar- ter said. ActingSolicitor General sumers’ desirefor travel com- “In the past 13 months cheeryTVadthat aired in keters, including JetBlue Air- “Everybody is trying to fig- ElizabethPrelogar said in panies to provide morethan we’veseen acompletely un- Marchshowedananimated waysCorp., RoyalCaribbean ureout howtoget intothe March thereisn’t apressing deals, said Shiv Singh, senior precedented slashing of adver- couple whose furnituremorphs International and Wyndham market firstwith the right need forfurther reviewofthe vicepresident and general tising budgetsinthe travel in- intotravelexperiences. Hotels & Resorts Inc. message,” said Casey Burnett, issue by the Supreme Court. manager at Expedia, a unit of dustry,” said Kevin Kopelman, MarriottInternational Inc. “These industries and managing partner and founder Lawyersrepresenting for- Expedia Group Inc. an analyst at financial services spent the first quarter of this these states’ destinations and of marketer and agency mer Tribune creditorsand for- “The travel spaceinsome firm Cowenwho covers online year posting content on social hotels—they’vebeen hurting search consulting firm Bur- mer shareholdersdidn’t return regardswas more-transaction travel companies and hotels. media meant to keep consum- badly forthe last 12 to 14 nettCollective. “It’sall about messages seeking comment. oriented. It waswhereyou find But arecent increase in de- ersdreaming of travel, and months and need revenue market share.” P2JW110000-2-B00600-1------XA

B6 | Tuesday, April 20, 2021 ** THE WALL STREET JOURNAL. BUSINESS & FINANCE Oil GiantsTurn to Carbon Storage U.S. Study Faults BY SARAH MCFARLANE Oil companies have for de- Pipeline cades made money by extract- ing carbon from the ground. Nowthey aretrying to make Oversight money putting it back. Energy giantssuch as BY TED MANN Exxon Mobil Corp.and Royal Dutch Shell PLC arepushing WASHINGTON—Federal of- carbon capture and storage— ficials aren’t adequately moni- wherecarbon is gathered and toring the integrity of 8,600 buried underground—as part miles of activeoil-and-gas of adrivetoreduceboth their pipelines on the Gulf of Mex- ownand their customers’ ico’sseafloor,and fordecades emissions. Executives say the have allowedthe industryto servicecould become anew abandon old pipelines with lit- source of income when the in- tle oversight, a new report to dustry is grappling with how Congress shows. to adapt to alower-carbon TheGovernment Account- economy. ability Officereport faultsthe Oil companies have long Interior Department’soffshore captured carbon from their oil-safety regulator’s reliance operations,albeit mostly to on surfaceobservations and producemoreoil. Nowthey pressure sensors, rather than want to retool that skill as a subsea inspection,tomonitor servicethey cansell to heavy- for leaks. polluting industries likece- The agency’s own staff ac- ment and steel, burying their ON/REUTERS knowledges those techniques

carbon in the ground indefi- CHEVR could fail to detect aslowdis- nitely forafee,rather than re- A Chevron liquefied-natural-gas project in Western Australia is part of its new carbon-capture and storage ambitions. charge from a pipeline over a leasing it intothe atmosphere. long period, particularly in Yetcritics question the envi- storageprojects, while BP PLC tional commercial facilities. cused on injecting carbon into industry. deep waterwheremost oil ronmental benefitsand high is codeveloping storageproj- TheNorway project, set to wells to recovermoreoil, with Arecord17new carbon- production occurs, the report cost of such projects. ects in the U.K. and Australia. start in 2024, already has ahandful dedicated to storing captureprojectswereslated says. Last month, Shell, Total SE Oil executives’ sales pitch: wastecompanyFortum Oslo carbon, according to the Global fordevelopment last year,ac- The report urges the regu- and Equinor ASA launched a We will provide your energy, Varme SA and HeidelbergCe- CCS Institute, athink tank that cording to the Global CCS In- lator,the Bureau of Safety and joint venture to store carbon then take back the carbon to ment AG as customers. Shell advocates the technology. stitute. Manyare focused on Environmental Enforcement, in arock formation thousands minimize your footprint. says it has further interest Carbon capturetypically hard-to-decarbonizesectors to resume work on along- of feet beneath the seabed off Carbon captureand storage from 10 other companies,in- works through the use of like steel and cement making, stalled updatetopipeline the coast of Norway.The “isbecoming abusinessrather cluding MicrosoftCorp.and Ar- chemicals,towhich the carbon wheremanufacturing pro- rules. state-backed Northern Lights than just asolution,” Maarten celorMittal, although no bind- sticks, to filter out emissions cesses release carbon dioxide. BSEE currently requires project is set to be the first Wetselaar,director of inte- ing contractshavebeen signed. from a source like fumes at a Some researcherssay the monthly inspections of pipe- time companies outside the oil grated gas, renewables and en- Most carbon-storageproj- power plant. technologyisn’t the most effi- line routes in the Gulf by heli- industrywill be able to payto ergy solutions at Shell, re- ectsrely on government In the early 2000s,govern- cient way to reduceemissions. copter or marine vessel, to have their carbon gathered cently said, adding that the funding.Norway is covering mentssaw carbon captureas “Transitioning energy infra- look foroil sheens or gasbub- and stored. companyplans to include car- about 80% of the $1.6billion away to clean up electricity structureaway from fossil fu- bles on the surfacetodeter- Exxon has said it plans to bon storage as “part of an in- cost of the Northern Lights generated by fossil fuels,but els as well as planting trees mine whether apipeline is form anew businessunit to tegrated energy package” to project, with therest split the technologywas held back and reducing deforestation is leaking. commercializecarbon capture energy customers. equally between Shell, Equi- by high costs. Recentmoves a much better way to address By comparison, the bureau’s and storage,forecasting it Shell already captures and nor and Total. by governmentsand compa- carbon emissions,” said Mark Pacific officerequires subsea could become a$2trillion mar- stores its own carbon at sites Deployedsincethe 1970s, nies to reduceemissions are Jacobson, professor of civil pipeline inspections, in part ketby2040. Chevron Corp. in Australia and Canada, and most of the 26 sites operating rekindling interest in carbon andenvironmental engineer- because of seismic concerns, has formed partnerships on says it wantstodevelop addi- carbon capturetodayare fo- capturebeyondthe energy ing at Stanford University. on itsmuch smaller network of 200 miles of activepipelines. In interviews with the GAO, ADVERTISEMENT BSEE officials acknowledged Celebrity-Backed Oatly Files that “surfaceobservations are not generally reliable indicators The Marketplace of pipeline leakage,” because To advertise: 800-366-3975orWSJ.com/classifieds diffused leaking oil and gascan Its Paperwork for an IPO movefar from the source,es- pecially in deep water. COMMERCIAL REAL ESTATE While BSEE and industry BY KIMBERLY CHIN stakevalued Oatlyatabout $2 million in 2019. Its losses for groups have discussed waysto %$$ .')"#- &+"( ,!*#-( billion. In February, the oat- theyear,however, widened to improvesubsea leak-detection 5`)K?) =Kc)FE=!-) =#K=WEF)? VKF% VK2K``) @G)A!-K?N XF-L EA KF K'P`!K=)EA?;I?!+!KAZ=#)A)E'NEF I)#K`' E' 37<:_>1 213@1_[X_2 XX U731[@[_<@5X1@V VV_3N VVEAAE^)AL XF -EFF)-=!EF ^!=# =#) U)YYKF!F) VEKFN =#) U)YYKF!F) >EAAE^)A#K? %AKF=)+ =E =#) 2)-;A)+ 5KA=ZK stakeinthe oat milk producer. Thegrowing appetitefor is oftenchanged. PA?= DA!EA!=Z `!)F EF =#) XF=)A)?=? D;A?;KF= =E =#K= -)A=K!F 5`)+%) KF+ 2)-;A!=Z @%A))G)F= +K=)+ K? E' TheSwedish companyen- plant-basedalternatives has It didn’t disclose howmany UKZ,(N ,J."NK?KG)F+)+ KF+ A)?=K=)+ IZ =#K= -)A=K!F @G)F+)+ KF+ 3)?=K=)+ 5`)+%) KF+ 2)-;A!=Z The report urges the @%A))G)F= +K=)+ K? E' W;F) *JN ,J,JL 1#) 2)-;A)+ 5KA=Z!?E'')A!F% =#) XF=)A)?=? 'EA?K`) !F -EFF)-=!EF teredthe U.S. market in 2017 put pressureondairy-milk ADSs it intends to offer to the ^!=# =#) 'EA)-`E?;A) EF =#) D`)+%) E' ?;-# XF=)A)?=?L 1#) U)YYKF!F)VEKF !? ?;IEA+!FK=) =E KGEA=%K%) `EKF KF+ E=#)A EI`!%K=!EF? KF+ `!KI!`!=!)? E' =#) UEA=%K%) >EAAE^)AEAE=#)A^!?) K'')-=!F% =#) DAED)A=Z with itsalternativedairyprod- companies likeDean Foods public,according to registration regulator to resume R%$& 82<%4": -".%!'" uctsthat have growninpopu- Co., which filed forbankruptcy documentsfiled with the Secu- 1#) ?K`) E' =#) XF=)A)?=? ^!`` I) ?;Ie)-= =E K`` KDD`!-KI`) =#!A+DKA=Z -EF?)F=? KF+ A)%;`K=EAZ work on updating KDDAE9K`?N !' KFZL /!=#E;=`!G!=K=!EF =E =#) 'EA)%E!F%N D`)K?) =Kc)FE=!-)=#K= =#)A) KA) ?D)-!P- larity amongconsumersseek- in 2019.Meanwhile,companies rities and ExchangeCommis- A)C;!A)G)F=? 'EAKFZ DE=)F=!K` ?;--)??';`I!++)A!F-EFF)-=!EF ^!=# EI=K!F!F% !F'EAGK=!EF KF+ I!++!F% EF =#) XF=)A)?=?N !F-`;+!F% I;= FE=`!G!=)+ =EN (.Q =#K= )K-#I!++)AG;?= -EGD`Z ^!=# =#) A)?=A!-=!EF? inghealthier options with less focused on plant-based alter- sion on Monday. pipeline rules. KDD`!-KI`) =E =#) ?K`) E' =#) XF=)A)?=? ;F+)A =#) XF=)A-A)+!=EA @%A))G)F= +K=)+ K? E' UKZ,(N ,J." IZ KF+ KGEF% =#) 2)-;A)+ 5KA=ZN =#) #E`+)A E' =#) U)YYKF!F)VEKF KF+ =#) #E`+)A E' =#) 2)F!EA VEKF impact on the environment. natives have seen demand Thecompanyplans to list R%$& 8/%6<:#:A)== 3E?)FI)A% O. ,.,Mf.,M&d,$H IA)==LAE?)FI)A%BKGLe``L-EG As Carrier Posts Loss thousands of miles of decom- missioned pipelines on the PRODUCTS United Airlines Holdings Inc. seafloor rather than incur the reported weaker results than an- cost of raising them back to alysts were expecting for the the surface. first quarter as it looks for a Federal regulations allow broader rebound in demand as BSEE to permit operatorsto

Covid-19 vaccines are distributed. JOURNAL decommission pipelines in The Chicago airline reported a place, cleaning and burying REET

net loss of $1.36 billion for the ST them in the seabed. The GAO

quarter, compared with a loss of LL found that the agencydoesn’t

$1.7 billion for a year earlier, WA ensurestandards arefollowed,

when the spread of the corona- THE even as it allowed 97% of the R

virus was first intensifying. FO miles of decommissioned pipe-

Revenue fell to $3.22 billion US lines takenout of activeuse in from $7.98 billion, year over RR the Gulf sincethe 1960s— JA

year, and was weaker than the IA nearly 18,000 miles—tore- $3.26 billion consensus estimate. LV main in place. SY The number of passengers Andi Owen, chief executive of Herman Miller. BSEE also has failed to fully United flew in the first quarter consider whether decommis- BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES fell 52% year over year. bined company, while Knoll share- first quarter, reflecting the sioned pipelines represent a —Micah Maidenberg holders would ownabout 22%. broader economic recovery from hazardtonavigation and com- &('* )$$++/!-'#.-%!#" (.+#+! *#'0)"( ,&0(!"%# Andi Owen, chief executiveof the Covid-19 pandemic. mercial fishing,liketrawlers 6')( 0#&95$!/#-- 23&-- /+3@51 '<%!!7/= $*/!-)1%<7-/ the combined company, while and logistics properties said ging equipmentonundersea &"#:/-3-=9 !7)1A+ A.2%=D "0D?>?06D A-B4-343; :'?/D/< Knoll to Be Acquired Knoll CEOAndrew Cogan will rental revenue rose to $1.02 bil- pipelines,the report said. A#0!8,,<5 *CE//9/6> @67E=61/1 )4;22 !& *# !:)$/$-)$%& 5=$(-$ '8:)(') (7#5 %< In $1.8 Billion Deal leave after working at Knoll for lion from $879 million. Average Eighty-nine trawlersreported A(/=8>?+8<<5 (8?<> !>06/ (8?<1?6C4 (//E4$0>>04 &001 ,!';&4&+%(#6*!8.'26 30 years. The combined com- occupancy in Prologis’s proper- damagefromsnagging on oil- 20+-'1 7(05 .7)8))/ ."-+, ! %07":%)"7=$$ ! 4-! 60#-* $)%*&91$)**-3&,3%& Herman Miller Inc. agreed to panyisexpected to have annual ties stood at 95.4% in the first and-gas equipment between .*2> 426)C,3?*.0C26$& "2,$-4 acquire Knoll Inc. in a $1.8 billion revenue of $3.6 billion, 19 brands quarter, down a bit from 95.8% 2015 and 2019,the report found. 425!61 +0/B#(/;;; cash-and-stock deal that would and apresenceinmorethan 100 in the fourth quarter. BSEE’sfailuretoinspect de- 2,$->@;B%(;#%';;( merge furniture makers. countries, the companies said. Prologis said earnings fell to commissioned pipelines also THE MARKETPLACE Under the deal, Knoll share- —Matt Grossman $367.3 million for the fourth meansofficials don’t have a &#'' $*!'%! $8>.5> %1/ ;"(,@)033," ADVERTISE TODAY holders would swap each share quarter from $491.1 million a completerecordofwhich "66%46?14 246C%,C%4%3CA ,+.43+.(63C%A (800)366-3975 for$11 in cash and 0.32 shares of PROLOGIS year earlier. It increased its fi- equipment has been properly .FG )1H.96?%A616#% -40%461C Herman Miller stock. The compa- nancial expectations for the year, cleaned and buried, or 0.4B09%0%' ?A . C3**%CA9%%0%' 7%.46 61 #19& Formoreinformation visit: ;F9*A1+A.4&E",,9?(.6?14A ?4(93&%> nies said the deal’sterms repre- Warehouse Owner saying it expects per-share earn- whether hurricanes and under- !.99.A6 +1C,91I 6C3(>-698?11/217 ,+,=<,)=8<3) All Rights Reserved. Herman Miller shareholders Prologis Inc. said demand for $2.52. creatingnavigation hazards would ownabout 78% of the com- its properties was strong in the —Micah Maidenberg and environmental damage. P2JW110000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 34077.63 t123.04, or 0.36% Trailing P/E ratio 30.38 18.57 4163.26 t22.21, or 0.53% Trailing P/E ratio * 45.51 22.10 13914.77 t 137.58, or 0.98% Trailing P/E ratio *† 40.12 26.86 High, low, open and close for each P/E estimate * 21.02 20.61 High, low, open and close for each P/E estimate * 23.82 20.75 High, low, open and close for each P/E estimate *† 30.51 25.77 trading day of the past three months. Dividend yield 1.75 2.79 trading day of the past three months. Dividend yield * 1.39 2.13 trading day of the past three months. Dividend yield *† 0.71 1.00 All-time high 34200.67, 04/16/21 All-time high 4185.47, 04/16/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 34400 4150 14400

33200 4025 13800

32000 3900 13200

30800 65-day moving average 3775 12600 Session high DOWN UP 65-day moving average Session open Close 29600 3650 12000 65-day moving average t Close Open t 28400 3525 11400 Session low Bars measure the point change from session's open 27200 3400 10800 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 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 855,963,326 28,864,156 Industrial Average 34182.38 33980.56 34077.63 -123.04 -0.36 34200.67 23018.88 44.1 11.3 11.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 337,391,672 11,598,221 Transportation Avg 14920.59 14748.85 14798.84 -120.71 -0.81 14969.58 7761.00 85.7 18.3 11.5 Most-active issues in late trading Decl. volume* 506,650,404 16,697,221 Utility Average 926.34 918.13 920.83 -2.88 -0.31 923.71 744.49 15.8 6.5 9.7 Volume After Hours Issues traded 3,444 282 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 43678.49 43300.03 43446.60 -288.45 -0.66 43735.05 27478.69 53.3 10.8 15.8 Advances 1,099 95 Apple AAPL 12,977.2 134.88 0.04 0.03 134.93 134.43 Barron's 400 1004.09 992.02 996.17 -7.92 -0.79 1004.09 557.81 73.5 16.9 11.2 Declines 2,191 172 PTC Inc. PTC 12,055.8 139.80 .. ... 140.83 138.40 Unchanged 154 15 Lattice Semiconductor LSCC Nasdaq Stock Market 7,574.0 55.60 -0.29 -0.52 56.19 55.50 New highs 236 7 Nasdaq Composite 14041.79 13842.57 13914.77 -137.58 -0.98 14095.47 8263.23 62.5 8.0 24.3 SPDR S&P 500 SPY 7,160.7 415.17 -0.04 -0.01 415.42 415.07 New lows 32 2 Nasdaq-100 14025.64 13835.75 13907.67 -134.24 -0.96 14041.91 8403.00 59.4 7.9 27.1 ViacomCBS Cl B VIAC 6,776.9 38.60 0.20 0.52 38.99 38.23 Closing Arms† 0.68 0.53 Domtar UFS 5,543.2 39.07 ...... 39.23 39.07 S&P Block trades* 4,684 228 AT&T T 5,283.7 29.97 -0.02 -0.07 30.00 29.95 500 Index 4191.31 4150.47 4163.26 -22.21 -0.53 4185.47 2736.56 47.5 10.8 15.6 Nasdaq NYSE Arca iShares MSCI Emg Markets EEM 4,938.0 54.15 ...... 54.38 53.97 MidCap 400 2727.46 2691.02 2704.18 -16.90 -0.62 2721.08 1490.58 76.5 17.2 12.2 Total volume*4,412,126,262 208,383,161 SmallCap 600 1352.73 1324.45 1333.40 -14.55 -1.08 1397.66 692.66 88.3 19.2 11.3 Percentage gainers… Adv. volume*1,834,886,590 47,688,718 Decl. volume*2,496,982,255 159,145,921 Other Indexes 22nd Century Group XXII 1,114.3 3.90 0.35 9.86 4.13 3.53 Issues traded 4,367 1,486 Russell 2000 2261.11 2219.05 2232.00 -30.67 -1.36 2360.17 1185.09 84.0 13.0 12.4 SEMrush Holdings SEMR 95.8 16.90 1.15 7.30 17.35 15.62 Advances 1,164 362 NYSE Composite 16186.29 16076.57 16107.56 -78.73 -0.49 16186.29 10706.44 46.4 10.9 8.3 comScore SCOR 503.1 3.40 0.15 4.62 3.44 3.25 Declines 3,036 1,095 IBM IBM 1,970.8 137.50 4.38 3.29 139.63 133.00 Value Line 662.21 654.74 657.01 -5.20 -0.79 662.21 368.54 73.7 15.5 5.5 Unchanged 167 29 Bloom Energy BE 99.6 22.95 0.66 2.96 23.47 22.29 NYSE Arca Biotech 5566.08 5469.75 5505.41 -44.33 -0.80 6319.77 5021.50 4.1 -4.1 6.3 New highs 143 180 NYSE Arca Pharma 712.25 706.03 710.67 2.76 0.39 725.03 613.07 9.6 3.1 10.5 ...And losers New lows 104 6 KBW Bank 123.78 122.05 122.55 -0.47 -0.38 124.01 62.74 77.2 25.2 4.6 Futu Holdings ADR FUTU 1,375.3 167.30 -10.62 -5.97 178.00 166.40 Closing Arms† 0.52 1.00 § PHLX Gold/Silver 149.33 146.56 147.57 -1.59 -1.06 161.14 105.29 38.7 2.3 19.9 Up Fintech Holding ADR TIGR 163.2 19.62 -0.59 -2.92 20.21 19.52 Block trades* 28,145 1,040 § PHLX Oil Service 52.61 51.35 51.83 -0.08 -0.15 63.89 25.80 96.2 16.9 -30.6 Ebang International EBON 209.0 4.21 -0.12 -2.77 4.35 4.20 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3240.95 3141.20 3171.00 -82.08 -2.52 3305.43 1588.70 90.2 13.4 35.1 MicroVision MVIS 74.0 10.22 -0.28 -2.67 10.65 10.01 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 18.61 16.78 17.29 1.04 6.40 45.41 16.25 -60.6 -24.0 2.7 UAL United Airlines 1,009.0 53.82 -1.17 -2.13 55.49 53.53 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 MSCI ACWI 702.99 –1.95 –0.28 8.8 Marlin Business Services MRLN 21.46 7.22 50.70 22.90 5.50 235.8 Haemonetics HAE 74.68 -42.29 -36.15 142.11 74.10 -30.4 0.15 MSCI ACWI ex-USA 348.68 0.52 6.8 Knoll KNL 23.30 6.07 35.23 23.46 8.67 147.3 Tian Ruixiang TIRX 12.80 -3.40 -20.99 103.87 11.10 ... MSCI World 2944.05 –9.30 –0.31 9.4 China Green Agriculture CGA 16.87 3.72 28.29 17.73 1.77 572.1 Esports Technologies EBET 20.09 -5.26 -20.75 54.00 18.65 ... MSCI Emerging Markets 1348.55 –0.14 –0.01 4.4 TDH Holdings PETZ 2.71 0.59 27.83 14.52 0.80 201.1 UTime UTME 36.96 -8.23 -18.21 107.33 11.40 ... Americas MSCI AC Americas 1616.53 –9.47 –0.58 10.1 Galectin Therapeutics GALT 2.78 0.59 26.94 3.85 1.70 56.2 Danimer Scientific DNMR 25.99 -5.52 -17.52 66.30 9.60 ... Canada S&P/TSX Comp 19204.42 –146.90 –0.76 10.2 Chemomab Therapeutics ADR CMMB 34.49 7.23 26.52 168.80 12.00 169.5 Oriental Culture Holding OCG 4.85 -1.02 -17.38 25.85 2.82 ... Latin Amer. MSCI EM Latin America 2410.70 5.60 0.23 –1.7 BBQ Holdings BBQ 13.83 2.61 23.26 15.47 2.01 558.6 LifeMD LFMD 8.25 -1.72 -17.25 33.02 1.25 500.0 Brazil Sao Paulo Bovespa 120933.78 –180.15 –0.15 1.6 Moxian MOXC 4.65 0.83 21.73 7.38 0.55 433.6 180 Life Sciences ATNF 8.33 -1.65 -16.53 13.05 1.90 -22.6 Chile Santiago IPSA 3382.82 –13.94 –0.41 18.4 American River Bankshares AMRB 19.90 3.55 21.71 21.08 8.90 101.0 INmune Bio INMB 11.37 -2.25 -16.52 29.99 4.03 140.4 Mexico S&P/BMV IPC 48072.62 –654.36 –1.34 9.1 Recon Technology RCON 8.05 1.41 21.23 9.70 0.75 236.3 Medley Management Cl A MDLY 5.79 -1.11 -16.09 27.90 2.80 17.2 EMEA Stoxx Europe 600 442.18 –0.31 –0.07 10.8 FreightCar America RAIL 5.49 0.81 17.31 7.84 0.90 315.9 Diginex EQOS 6.41 -1.20 -15.77 22.95 5.11 -37.7 Eurozone Euro Stoxx 443.61 –0.77 –0.17 11.6 Cricut Cl A CRCT 23.34 3.34 16.70 24.40 14.88 ... Creatd CRTD 3.43 -0.62 -15.31 19.41 2.10 -51.6 Belgium Bel-20 3996.90 18.47 0.46 10.4 Futu Holdings ADR FUTU 177.92 24.91 16.28 204.25 10.00 1592.9 111 ADR YI 10.36 -1.87 -15.29 45.88 5.20 37.4 Immunome IMNM Intrusion INTZ Denmark OMX Copenhagen 20 1512.27 –6.94 –0.46 3.2 27.53 3.47 14.42 63.78 9.28 ... 15.72 -2.75 -14.89 29.90 2.83 391.3 Siyata Mobile SYTA 10.15 1.24 13.92 15.75 3.90 ... Takung Art TKAT 17.86 -3.00 -14.38 74.11 0.77 1253.0 France CAC 40 6296.69 9.62 0.15 13.4 Germany DAX 15368.39 –91.36 –0.59 12.0 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1642.12 –5.25 –0.32 9.5 Italy FTSE MIB 24691.46 –52.92 –0.21 11.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 711.94 –4.86 –0.68 14.0 Russia RTS Index 1476.58 –20.47 –1.37 6.4 Sundial Growers SNDL 284,949 -42.2 0.94 11.06 3.96 0.14 Knoll KNL 27,974 10084 23.30 35.23 23.46 8.67 South Africa FTSE/JSE All-Share 68094.28 –604.50 –0.88 14.6 Clover Health Investments CLOV 235,824 1081.0 9.67 9.64 17.45 6.31 VicSh USAA MSCI USA ValueULVM 571 5886 63.04 -0.87 63.59 39.12 Ambow Education ADR AMBO VicSh USAA MSCI Intl Val UIVM Spain IBEX 35 8711.40 97.90 1.14 7.9 178,333 17160.0 2.45 33.15 6.43 1.41 469 4480 49.67 -0.47 50.00 34.14 Castor Maritime CTRM 135,597 -24.8 0.49 8.24 1.95 0.11 VicSh USAA MSCI EM Value UEVM 367 4278 50.33 0.07 50.59 34.00 Sweden OMX Stockholm 913.60 –7.53 –0.82 18.9 Naked Brand Group NAKD 118,740 -31.9 0.56 16.37 3.40 0.07 Marlin Business Services MRLN 1,571 3854 21.46 50.70 22.90 5.50 Switzerland Swiss Market 11209.84 –53.13 –0.47 4.7 Turkey BIST 100 1377.23 –30.91 –2.20 –6.7 Apple AAPL 93,867 -11.4 134.84 0.51 145.09 66.36 iSh Curr Hd MSCI Eurozone HEZU 5,476 3160 35.21 -0.48 35.39 23.89 U.K. FTSE 100 7000.08 –19.45 –0.28 8.4 NIO ADR NIO 90,895 -5.3 36.78 1.91 66.99 2.91 PTC Inc. PTC 23,253 3004 139.80 -4.35 149.27 60.98 U.K. FTSE 250 22490.86 –31.32 –0.14 9.8 Zomedica ZOM 81,334 -33.3 0.85 -0.40 2.91 0.06 WT Int Rate US Agg Bd AGZD 1,043 2905 47.08 -0.07 47.67 44.84 ProSh UltraPro Shrt QQQ SQQQ 79,441 -15.0 10.86 2.84 73.45 10.54 Roman DBDR Tech Acqn Cl ADBDR 2,893 2809 10.11 0.20 10.75 9.45 Asia-Pacific MSCI AC Asia Pacific 209.14 0.51 0.25 4.6 SPDR S&P 500 SPY 77,358 -5.6 415.21 -0.49 417.91 272.02 Principal Quality ETF PSET 481 2805 51.09 -0.60 51.40 34.68 Australia S&P/ASX 200 7065.60 2.15 0.03 7.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3477.55 50.93 1.49 0.1 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29106.15 136.44 0.47 6.9 Track the Markets India S&P BSE Sensex 47949.42 –882.61 –1.81 0.4 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29685.37 2.00 0.01 8.2 global stock indexes, bond ETFs, Singapore Straits Times 3209.72 7.96 0.25 12.9 currencies and commodities at Currencies South Korea Kospi 3198.84 0.22 0.01 11.3 wsj.com/graphics/track-the-markets Taiwan TAIEX 17263.28 104.47 0.61 17.2 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1574.91 25.95 1.68 8.7 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004334 23074 –0.03 CREDIT MARKETS Argentina peso .0108 92.9134 10.5 Europe Brazil real .1802 5.5494 6.8 Czech Rep. koruna .04640 21.550 0.4 Canada dollar .7979 1.2534 –1.6 Denmark krone .1619 6.1785 1.4 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001427 700.90 –1.4 Euro area euro 1.2038 .8307 1.5 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000276 3627.00 6.0 Hungary forint .003333 300.01 1.0 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007935 126.02 –1.4 A consumer rate against its New car loan Mexico peso .0505 19.8196 –0.3 Norway krone .1206 8.2940 –3.3 benchmark over the past year 2.50% Uruguay peso .02258 44.2950 4.6 Poland zloty .2644 3.7829 1.3 Bankrate.com avg†: 4.04% 16% Asia-Pacific Russia ruble .01309 76.388 3.2

First Command Bank s Sweden krona .1191 8.3995 2.1 New car loan 2.75% 2.00 Euro Australian dollar .7759 1.2888 –0.9 Switzerland franc 1.0927 .9152 3.4 t 4.20% Fort Worth, TX 888-763-7600 Tradeweb ICE 8 China yuan .1536 6.5102 –0.3 t 1.50 Turkey lira .1235 8.0960 8.9 Monday Close Hong Kong dollar .1288 7.7661 0.2 First Savings Bank of Hegewisch 2.75% Ukraine hryvnia .0357 28.0500 –1.1 3.90 0 India rupee .01336 74.872 2.5 Chicago, IL 773-646-4200 1.00 s UK pound 1.3985 .7151 –2.3 Yen Indonesia rupiah .0000687 14548 3.5 3.60 Cambridge Savings Bank 3.24% Middle East/Africa One year ago 0.50 –8 s Japan yen .009247 108.14 4.7 Cambridge, MA Prime rate 888-418-5626 t WSJ Dollar Index Kazakhstan tenge .002322 430.65 2.2 Bahrain dinar 2.6532 .3769 –0.04 t 3.30 PNC Bank 3.37% 0.00 –16 Macau pataca .1250 8.0030 0.2 Egypt pound .0637 15.6951 –0.3 Malaysia ringgit .2425 4.1235 2.5 Israel shekel .3068 3.2597 1.5 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7181 1.3926 0.04 Kuwait dinar 3.3207 .3011 –1.0 3.00 month(s) years M J J A S O N D J F M A Frost Bank 3.74% Pakistan rupee .00654 152.850 –4.7 Oman sul rial 2.5974 .3850 ... maturity 2020 2021 Houston, TX 800-513-7678 Philippines peso .0207 48.368 0.7 Qatar rial .2747 3.641 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7518 1.3301 0.7 Saudi Arabia riyal .2666 3.7504 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008965 1115.51 2.7 South Africa rand .0703 14.2226 –3.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0052367 190.96 3.1 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03553 28.144 0.2 Yield (%) 52-Week Total Return (%) Thailand baht .03204 31.210 3.9 WSJ Dollar Index 85.97 –0.40–0.46 1.15 Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.19 0.19 0.18 l 1.10 -2.18 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2369.500 0.950 0.980 1.030 0.400 –4.158 4.644 Money market, annual yield 0.08 0.08 0.08 l 0.32 -0.28 Five-year CD, annual yield 0.47 0.47 0.44 l 0.86 -1.21 U.S. Treasury Long, Barclays 4173.480 2.220 2.270 2.400 1.090 –15.223 7.485 Commodities 30-year mortgage, fixed† 3.09 3.19 2.83 l 3.62 -1.34 Aggregate, Barclays 2228.900 1.520 1.560 1.630 1.020 –0.066 5.146 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.38 2.46 2.32 l 3.25 -1.54 Fixed-Rate MBS, Barclays 2217.810 1.670 1.750 1.850 0.980 0.188 4.078 DJ Commodity Jumbo mortgages, $548,250-plus† 3.08 3.19 2.85 l 3.70 -1.61 835.03 3.34 0.40 836.48 433.70 76.91 14.14 High Yield 100, ICE BofA 3365.788 3.602 3.671 7.996 3.261 15.906 5.594 Refinitiv/CC CRB Index 0.77 195.13 106.29 15.60 Five-year adj mortgage (ARM)† 3.14 3.14 2.85 l 3.32 -1.26 193.98 0.40 63.33 Muni Master, ICE BofA 598.015 0.825 0.912 1.940 0.725 5.196 5.049 Crude oil, $ per barrel 0.25 66.09 -37.63 30.63 New-car loan, 48-month 4.04 4.04 4.02 l 4.44 0.18 63.38 0.40 n.a. 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 909.699 4.758 4.880 6.612 4.295 15.226 4.791 Natural gas, $/MMBtu 2.749 0.069 2.57 3.354 1.482 42.88 8.27 banks.† Excludes closing costs. Gold, $ per troy oz. 1769.40 -9.60 -0.54 2051.50 1676.20 3.98 -6.53 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW110000-0-B00800-1------XA

B8 | Tuesday, April 20, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures July 617.25 625.75 616.50 618.75 2.50 111,702 Australian Dollar (CME)-AUD 100,000; $ per AUD Dec 4150.00 4154.25 4124.00 4135.00 –22.50 44,717 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. April .7717 .7784 .7707 .7761 .0028 100 Mini S&P Midcap 400 (CME)-$100 x index Contract Open April 139.650 139.650 137.150 137.725 –1.900 1,635 June .7730 .7787 .7708 .7762 .0027 135,057 Open High hi lo Low Settle Chg interest June 2710.00 2719.30 2686.30 2701.30 –15.30 45,705 Aug 154.300 154.300 150.675 152.775 –1.775 19,981 Mexican Peso (CME)-MXN 500,000; $ per MXN Sept 2702.30 2712.50 2686.30 2698.90 –15.40 46 Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Live (CME)-40,000 lbs.; cents per lb. April .05002 .05044 .05020 .05038 .00018 21 Mini Nasdaq 100 (CME)-$20 x index April 4.1800 4.2700 4.1800 4.2500 0.0700 1,482 April 121.025 121.225 119.450 120.350 –.500 7,410 June .04991 .05022 .04984 .05015 .00024 140,985 June 13989.00 14052.25 13821.00 13897.25 –132.25 210,247 July 4.1710 4.2830 4.1590 4.2450 0.0720 100,167 June 119.400 119.400 117.550 118.600 –.575 143,415 Euro (CME)-€125,000; $ per € Sept Gold (CMX)-100 troy oz.; $ per troy oz. 13978.25 14037.50 13811.00 13885.00 –131.75 1,245 Hogs-Lean (CME)-40,000 lbs.; cents per lb. April 1.1968 1.2048 1.1943 1.2018 .0039 1,183 Mini Russell 2000 (CME)-$50 x index April 1782.10 1788.50 1771.40 1769.40 –9.60 3,868 May 102.675 105.975 102.675 105.650 3.175 3,058 June 1.1992 1.2063 1.1956 1.2053 .0061 644,922 June 2255.20 2256.00 2211.90 2229.30 –29.70 454,628 May 1777.20 1789.40 s 1766.20 1769.70 –9.60 1,697 June 101.200 105.375 101.100 104.325 2.625 107,209 Sept 2245.10 2254.00 2209.00 2225.40 –29.60 416 June 1778.80 1790.40 1766.60 1770.60 –9.60 391,140 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Index Futures Mini Russell 1000 (CME)-$50 x index Aug 1780.10 1791.70 1768.60 1772.70 –9.50 39,813 May 1291.70 1326.70 s 1287.50 1326.70 32.00 1,309 Mini DJ Industrial Average (CBT)-$5 x index June 2348.70 2354.30 2334.50 2340.90 –14.50 9,366 Oct 1785.60 1792.20 1770.90 1774.60 –9.60 12,862 July 1177.30 1199.90 s 1177.30 1199.90 32.00 1,196 June 34015 34048 33860 33958 –123 95,212 U.S. Dollar Index (ICE-US)-$1,000 x index Dec 1785.00 1796.30 1773.00 1776.80 –9.50 20,739 Milk (CME)-200,000 lbs., cents per lb. Sept 33917 33960 33758 33848 –123 313 April 17.68 17.72 17.66 17.67 .03 3,356 June 91.58 91.75 91.03 91.05 –.49 35,879 Palladium (NYM) - 50 troy oz.; $ per troy oz. S&P 500 Index (CME)-$250 x index May 19.04 19.39 18.82 19.16 .12 4,739 Sept 91.57 91.70 91.02 91.04 –.49 809 April …… …2808.30 38.90 June 4167.80 4173.90 s 4156.60 4155.50 –20.80 31,478 June 2777.50 2851.00 s 2761.00 2813.60 38.90 10,745 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini S&P 500 (CME)-$50 x index May 2,447 2,489 2,415 2,437 29 1,683 Platinum (NYM)-50 troy oz.; $ per troy oz. June 4165.00 4174.75 4141.75 4155.50 –20.75 2,619,882 Source: FactSet April 1218.40 1218.40 1218.40 1204.00 –2.20 183 July 2,485 2,501 2,469 2,492 28 93,738 Coffee (ICE-US)-37,500 lbs.; cents per lb. July 1207.40 1231.90 1202.30 1206.50 –2.20 61,497 May 129.40 131.55 129.05 129.85 .70 16,177 Silver (CMX)-5,000 troy oz.; $ per troy oz. July 131.35 133.60 131.10 131.90 .70 100,739 April 26.205 26.205 25.900 25.831 –0.268 174 Bonds | wsj.com/market-data/bonds/benchmarks Sugar-World (ICE-US)-112,000 lbs.; cents per lb. May 26.055 26.280 25.670 25.837 –0.268 83,284 May 16.67 16.72 16.26 16.29 –.43 106,749 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 16.52 16.60 16.18 16.21 –.36 398,814 Tracking Bond Benchmarks May 62.98 63.63 62.63 63.38 0.25 54,874 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 63.01 63.69 62.67 63.43 0.24 452,692 July 31.60 31.60 31.60 31.60 …3,381 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week July 62.93 63.60 62.60 63.31 0.22 260,846 Cotton (ICE-US)-50,000 lbs.; cents per lb. highs and lows for different types of bonds Aug 62.66 63.30 62.37 63.00 0.19 144,821 May 83.81 85.04 83.12 83.26 –.45 14,207 Total Total Sept 62.34 62.83 61.95 62.53 0.15 161,108 July 85.04 86.48 84.54 84.71 –.32 96,676 return YTD total Yield (%) return YTD total Yield (%) Dec 60.76 61.30 60.46 60.93 0.08 304,227 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 113.95 114.75 111.80 113.95 …4,679 May 1.8913 1.9028 1.8815 1.8925 –.0032 64,979 July 116.00 117.20 114.60 116.65 .45 6,514 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays June 1.8927 1.9047 1.8835 1.8947 –.0028 98,269 2217.81 -0.6 Mortgage-Backed 1.670 0.980 1.850 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Interest Rate Futures 2228.90 -2.6 U.S. Aggregate 1.520 1.020 1.630 May 2.0384 2.0547 2.0292 2.0445 .0046 64,019 2164.73 -0.6 Ginnie Mae (GNMA) 1.610 0.290 1.840 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays June 2.0393 2.0572 2.0322 2.0463 .0037 115,826 June 187-130 188-130 186-030 186-130 –1-05.0 1,137,279 3327.63 -3.7 U.S. Corporate 2.200 1.740 2.840 1310.19 -0.5 Fannie mae (FNMA) 1.690 1.160 1.860 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% May 2.707 2.753 2.694 2.749 .069 110,149 June 157-290 158-130 157-070 157-160 –16.0 1,182,316 3062.04 -1.6 Intermediate 1.500 1.080 2.380 2009.41 -0.6 Freddie Mac (FHLMC) 1.700 1.140 1.870 June 2.773 2.821 2.765 2.818 .064 164,666 Sept 155-300 –16.0 38 July 2.843 2.890 2.840 2.885 .056 184,730 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 4819.89 -7.1 Long term 3.360 2.730 3.720 598.02 0.4 Muni Master 0.825 0.725 1.940 June 132-110 132-180 132-015 132-075 –4.5 3,898,374 Aug 2.875 2.918 2.867 2.912 .054 69,777 669.39 -4.2 Double-A-rated 1.840 1.300 1.990 422.67 0.2 7-12 year 0.858 0.712 1.912 Sept 2.854 2.903 2.853 2.895 .052 102,058 Sept 131-130 –4.5 4,284 Oct 2.873 2.920 2.873 2.912 .050 128,413 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 889.87 -3.2 Triple-B-rated 2.430 2.010 3.460 484.90 0.5 12-22 year 1.227 1.095 2.352 June 123-292 124-012 123-255 123-305 –.2 3,346,107 Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% High Yield Bonds ICE BofA 474.43 1.2 22-plus year 1.776 1.682 3.262 June 110-115 110-120 110-113 110-118 .2 2,270,631 1.8 High Yield Constrained Global Government J.P. Morgan† Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 504.34 4.051 3.955 8.476 May 588.75 596.75 588.25 592.00 6.50 323,909 April 99.9300 99.9325 99.9300 99.9325 .0025 153,392 483.97 5.9 Triple-C-rated 6.920 6.809 18.112 596.41 -3.1 Global Government 0.930 0.460 0.960 July 576.50 584.50 576.50 580.50 6.75 705,249 May 99.9150 99.9200 99.9150 99.9200 .0050 138,930 Oats (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3365.79 1.1 High Yield 100 3.602 3.261 7.996 828.02 -4.1 Canada 1.470 0.610 1.520 June 91-190 –7.0 150,352 May 381.00 384.50 378.75 380.75 …1,333 454.44 1.6 Global High Yield Constrained 4.107 4.037 8.456 408.15 -3.0 EMU§ 0.399 0.010 411.523 July 381.75 384.50 380.75 382.50 1.50 2,270 Eurodollar (CME)-$1,000,000; pts of 100% April 99.8150 99.8150 99.8125 99.8140 .0015 187,409 Soybeans (CBT)-5,000 bu.; cents per bu. 345.17 2.2 Europe High Yield Constrained 2.439 2.434 6.011 765.52 -3.6 France 0.270 -0.160 0.340 June 99.8100 99.8150 t 99.8100 99.8100 … 1,215,862 May 1439.75 1454.50 1434.75 1449.75 16.50 185,947 Dec'22 99.5600 99.5800 99.5550 99.5750 .0150 879,809 U.S Agency Bloomberg Barclays 535.85 -3.0 Germany -0.130 -0.530 -0.120 July 1430.00 1441.75 1423.50 1436.50 14.00 316,745 March'23 99.4750 99.5000 99.4650 99.4950 .0200 1,132,116 Soybean Meal (CBT)-100 tons; $ per ton. 1845.30 -1.1 U.S Agency 0.750 0.460 0.840 294.49 -0.2 Japan 0.330 0.190 0.420 May 404.40 408.90 401.70 407.50 5.30 67,331 Currency Futures July 408.10 412.60 405.60 411.30 4.90 171,750 1615.26 -0.7 10-20 years 0.620 0.340 0.710 596.58 -3.5 Netherlands -0.020 -0.450 -0.010 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 4056.37 -5.1 20-plus years 2.280 1.290 2.460 1026.43 -6.3 U.K. 1.060 0.410 1.170 May 56.65 56.73 55.86 56.27 –.06 71,386 April .9189 .9258 .9189 .9244 .0052 352 July 54.50 54.55 53.68 53.87 –.37 194,831 June .9195 .9263 .9193 .9255 .0058 163,146 2855.70 -2.7 Yankee 1.750 1.370 2.260 909.70 -2.6 Emerging Markets ** 4.758 4.295 6.612 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Canadian Dollar (CME)-CAD 100,000; $ per CAD April .7990 .8018 .7973 .7981 –.0019 66 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds May 12.90 12.96 12.83 12.85 –.04 4,705 June .7996 .8020 .7972 .7982 –.0019 166,093 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan July 13.16 13.21 13.12 13.14 –.02 3,124 British Pound (CME)-£62,500; $ per £ Wheat (CBT)-5,000 bu.; cents per bu. April 1.3857 1.3968 1.3811 1.3950 .0115 356 May 653.00 660.75 651.00 652.25 –.25 65,728 June 1.3836 1.3996 1.3812 1.3993 .0156 153,647 Global Government Bonds: Mapping Yields July 655.75 663.00 652.50 653.75 –1.25 216,120 Swiss Franc (CME)-CHF 125,000; $ per CHF Wheat (KC)-5,000 bu.; cents per bu. June 1.0891 1.0971 1.0868 1.0951 .0064 42,490 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in May 610.00 618.50 609.50 612.00 2.75 36,443 Sept 1.0906 1.0997 1.0896 1.0978 .0064 158 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 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Cash Prices | wsj.com/market-data/commodities Monday, April 19, 2021 0.125 U.S. 2 0.159 t l 0.163 0.149 0.204 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 1.125 10 1.599 s l 1.571 1.729 0.655 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 5.500 Australia 2 0.084 t l 0.087 0.105 0.214 -7.1 1.2 months. -8.1 1.500 10 1.672 t l 1.692 1.817 0.855 10.7 21.2 Monday Monday Monday 7.6 Energy Aluminum, LME, $ per metric ton *2308.5 Wheat - Hard - KC (USDA) $ per bu-u 6.4200 0.000 France 2 -0.652 t l -0.650 -0.633 -0.495 -81.7 -80.7 -69.7 Copper,Comex spot 4.2500 Wheat,No.1soft white,Portld,OR-u 6.7000 0.000 10 0.018 s l -0.007 -0.045 0.022 -157.8 -159.1 -62.2 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700 Iron Ore, 62% Fe CFR China-s 181.2 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.100 Shredded Scrap, US Midwest-s,m 432 0.000 Germany 2 -0.677 s l -0.685 -0.692 -0.701 -84.2 -84.2 -90.3 Metals Steel, HRC USA, FOB Midwest Mill-s 1420 Beef,carcass equiv. index 0.000 10 -0.234 s l -0.260 -0.290 -0.471 -182.9 -184.4 -111.4 Fibers and Textiles choice 1-3,600-900 lbs.-u 222.31 Gold, per troy oz select 1-3,600-900 lbs.-u 213.37 0.050 Italy 2 -0.344 t l -0.341 -0.387 0.799 -50.9 -49.8 59.7 Engelhard industrial 1769.00 Burlap,10-oz,40-inch NY yd-n,w 0.7275 Broilers, National comp wtd. avg.-u,w 0.9995 0.900 10 0.793 s l 0.754 0.672 1.783 -80.3 -83.1 114.0 Handy & Harman base 1774.50 Cotton,1 1/16 std lw-mdMphs-u 0.8246 Butter,AA Chicago 1.8700 Cheddar cheese,bbl,Chicago 0.005 Japan 2 -0.133 t l -0.130 -0.134 -0.140 -28.7 -34.2 Handy & Harman fabricated 1969.70 Cotlook 'A' Index-t *92.25 174.25 -29.8 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1766.45 Hides,hvy native steers piece fob-u n.a. 180.00 0.100 10 0.086 t l 0.090 0.116 0.016 -151.0 -149.4 -62.7 Milk,Nonfat dry,Chicago lb. 123.50 LBMA Gold Price PM *1774.45 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.000 Spain 2 -0.493 t l -0.483 -0.494 0.042 -64.1 -16.0 Krugerrand,wholesale-e 1841.53 1.2181 -65.8 Grains and Feeds Coffee,Colombian, NY 1.7987 Maple Leaf-e 1859.24 0.100 10 0.412 s l 0.391 0.347 0.802 -118.4 -119.3 15.8 Eggs,large white,Chicago-u 0.8650 American Eagle-e 1859.24 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 17.35 0.125 U.K. 2 0.039 t l 0.052 0.098 0.088 -10.5 -11.4 Mexican peso-e 2142.93 -12.6 Bran,wheat middlings, KC-u 155 Hams,17-20 lbs,Mid-US fob-u 0.88 Austria crown-e 1738.64 4.750 10 0.759 t l 0.767 0.840 0.303 -83.7 -81.8 -34.1 Corn,No. 2 yellow,Cent IL-bp,u 5.8800 Hogs,Iowa-So. Minnesota-u 99.86 Austria phil-e 1859.24 Corn gluten feed,Midwest-u,w 177.3 Pork bellies,12-14 lb MidUS-u n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Silver, troy oz. Corn gluten meal,Midwest-u,w 611.4 Pork loins,13-19 lb MidUS-u 1.1294 Engelhard industrial 25.8000 Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u 120.00 Corporate Debt Handy & Harman base 25.8050 Hominy feed,Cent IL-u,w 168 Steers,feeder,Okla. City-u,w 163.13 Handy & Harman fabricated 32.2560 Meat-bonemeal,50% pro Mnpls-u,w 345 Fats and Oils Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific LBMA spot price *£18.9600 Oats,No.2 milling,Mnpls-u 3.8275 expectations (U.S.$ equivalent) *26.1400 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Degummed corn oil, crude wtd. avg.-u,w 60.2500 Coins,wholesale $1,000 face-a 20970 Sorghum,(Milo) No.2 Gulf-u 7.5375 Grease,choice white,Chicago-h 0.5000 Investment-grade spreads that tightened the most… Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 396.00 Lard,Chicago-u n.a. LBMA Platinum Price PM *1199.0 Soybeans,No.1 yllw IL-bp,u 14.5600 Soybean oil,crude;Centl IL-u,w Spread*, in basis points 0.5843 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Platinum,Engelhard industrial 1226.0 Wheat,Spring14%-pro Mnpls-u 7.8950 Tallow,bleach;Chicago-h 0.5300 Palladium,Engelhard industrial 2826.0 Wheat,No.2 soft red,St.Louis-u 6.7975 Tallow,edible,Chicago-u n.a. XLIT … 4.450 1.07 March 31, ’25 23 –31 53

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; ING Groep INTNED 4.100 0.50 Oct. 2, ’23 34 –12 55 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 4/18 Source: Dow Jones Market Data Georgia–Pacific … 7.250 2.25 June 1, ’28 66 –10 n.a.

New York Life Global Funding NYLIFE 2.000 1.00 Jan. 22, ’25 16 –5 n.a. Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Royal Bank of Canada RY 2.250 0.75 Nov. 1, ’24 41 –4 50 Money Rates April 19, 2021 Principal Life Global Funding II … 3.000 1.42 April 18, ’26 59 –3 60 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. UnitedHealth UNH 3.450 1.36 Jan. 15, ’27 53 –3 n.a. Volkswagen Group of America Finance VW –3 Week —52-WEEK— Week —52-WEEK— 0.875 0.68 Nov. 22, ’23 52 53 Inflation Latest ago High Low Latest ago High Low March index Chg From (%) …And spreads that widened the most March Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction level Feb. '21 Britain 0.10 0.10 0.10 0.10 '20 4 weeks 0.010 0.010 0.150 0.005 Australia 0.10 0.10 0.25 0.10 Walt Disney DIS 2.650 2.31 Jan. 13, ’31 72 25 68 U.S. consumer price index 13 weeks 0.025 0.020 0.175 0.015 All items 264.877 0.71 2.6 Overnight repurchase 26 weeks 0.040 0.040 0.185 0.035 Apple AAPL 2.400 0.29 May 3, ’23 13 13 7 Core 271.713 0.38 1.6 U.S. 0.00 0.00 0.14 -0.04 Secondary market Altria MO 5.375 4.20 Jan. 31, ’44 190 11 177 International rates U.S. government rates Fannie Mae Citigroup C 5.300 3.59 May 6, ’44 129 10 n.a. Week 52-Week Discount 30-year mortgage yields Latest High Low ago 0.25 0.25 0.25 0.25 30 days 2.401 2.468 2.622 1.751 Societe Generale SOCGEN 3.625 3.88 March 1, ’41 171 10 160 60 days 2.430 2.498 2.674 1.804 Prime rates Federal funds U.S. 3.25 3.25 3.25 3.25 Verizon Communications VZ 5.012 3.51 Aug. 21, ’54 122 8 n.a. Effective rate 0.0700 0.0700 0.1000 0.0600 Other short-term rates Canada 2.45 2.45 2.45 2.45 High 0.1000 0.1000 0.1500 0.0800 Japan 1.475 1.475 1.475 1.475 Bank of America BAC 4.200 1.20 Aug. 26, ’24 86 7 74 Low 0.0300 0.0300 0.0600 0.0000 Week 52-Week Policy Rates Latest ago high low Bid 0.0600 0.0600 0.1000 0.0100 Bank of Montreal BMO 1.850 1.07 May 1, ’25 24 7 n.a. Euro zone 0.00 0.00 0.00 0.00 Offer 0.0900 0.0800 0.1100 0.0500 Call money 2.00 2.00 2.00 2.00 High-yield issues with the biggest price increases… Key Interest Rates Commercial paper (AA financial) Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Data are annualized on a 360-day basis. Treasury yields are per annum, 90 days n.a. n.a. 0.26 0.04 on actively traded noninflation and inflation-indexed issues that are Libor Transocean RIG 7.500 17.86 April 15, ’31 52.500 1.00 50.250 One month 0.11375 0.11225 0.66738 0.10300 adjusted to constant maturities. Data are from weekly Federal Reserve Rite Aid RAD 7.700 8.13 Feb. 15, ’27 98.000 0.70 n.a. release H.15. Three month 0.18600 0.18575 1.09763 0.17525 Six month 0.22175 0.21463 1.07588 0.18950 Week Ended Ligado Networks NEWLSQ 15.500 17.52 Nov. 1, ’23 96.000 0.63 101.000 52-Week Week Ended 52-Week One year 0.28675 0.28438 0.98650 0.27588 Apr 16 Apr 9High Low Apr 16 Apr 9High Low L Brands LB 9.375 2.52 July 1, ’25 127.130 0.47 126.750 Federal funds (effective) 6-month 0.04 0.04 0.21 0.04 Euro Libor 1-year 0.06 0.06 0.21 0.06 One month -0.576 -0.577 -0.366 -0.607 0.07 0.07 0.10 0.04 2-year Occidental Petroleum OXY 6.450 5.23 Sept. 15, ’36 112.751 0.25 111.500 0.16 0.16 0.22 0.11 Three month -0.545 -0.545 -0.142 -0.574 3-year Commercial paper 0.35 0.35 0.35 0.13 Six month -0.525 -0.528 -0.052 -0.543 5-year 0.85 0.88 0.92 0.21 Ford Motor Credit … 4.389 2.71 Jan. 8, ’26 107.375 0.25 106.750 Nonfinancial One year -0.497 -0.501 0.008 -0.511 7-year 1.29 1.34 1.39 0.39 1-month 0.05 0.05 0.38 0.05 Springleaf Finance … 6.875 2.96 March 15, ’25 114.300 0.17 114.125 2-month 0.05 0.06 0.58 0.05 10-year 1.62 1.68 1.72 0.55 Secured Overnight Financing Rate 3-month 0.06 0.05 0.91 0.05 20-year 2.19 2.25 2.32 0.99 0.01 0.01 0.13 0.01 American Airlines AAL 11.750 4.85 July 15, ’25 126.125 0.13 125.375 Financial Treasury yields (secondary market) Value 52-Week 1-month n.a. 0.09 0.17 0.08 Latest Traded High Low 2-month 0.10 0.10 0.23 0.08 1-month 0.02 0.02 0.14 0.01 …And with the biggest price decreases 3-month 0.11 0.11 0.21 0.09 3-month 0.02 0.02 0.17 0.02 DTCC GCF Repo Index 6-month 0.04 0.04 0.21 0.04 Discount window primary credit Treasury 0.008 57.600 0.151 -0.008 Teva Pharmaceutical Finance Netherlands … 3.150 4.29 Oct. 1, ’26 94.520 –0.98 97.000 TIPS 0.25 0.25 0.25 0.25 MBS 0.010 24.820 0.169 0.002 5-year -1.70 -1.65 -0.29 -1.84 Netflix NFLX 5.375 2.71 Nov. 15, ’29 120.250 –0.75 119.750 Treasury yields at constant 7-year -1.16 -1.10 -0.40 -1.44 Notes on data: maturities 10-year -0.71 -0.65 -0.41 -1.05 U.S. prime rate is the base rate on corporate CIT CIT 6.125 2.67 March 9, ’28 121.587 –0.66 121.000 1-month 0.02 0.02 0.15 0.01 20-year -0.19 -0.14 -0.08 -0.70 loans posted by at least 70% of the 10 largest 3-month Long-term avg -0.05 -0.01 0.03 -0.50 U.S. banks, and is effective March 16, 2020. –0.66 0.02 0.02 0.17 0.02 Other prime rates aren’t directly comparable; Prime Security Services Borrower PRSESE 5.750 3.73 April 15, ’26 109.120 108.625 lending practices vary widely by location; Notes on data: Discount rate is effective March 16, 2020. Springleaf Finance … 7.125 3.39 March 15, ’26 116.750 –0.63 117.000 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of April on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by 16, 2021. DTCC GCF Repo Index is Depository Hughes Satellite Systems … 6.625 4.33 Aug. 1, ’26 110.720 –0.53 111.673 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Trust & Clearing Corp.'s weighted average for primary credit rate is charged for discounts made and advances extended under the Federal overnight trades in applicable CUSIPs. Value Bombardier BBDBCN –0.50 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; traded is in billions of U.S. dollars. Federal-funds 7.450 7.06 May 1, ’34 103.250 104.250 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid rates are Tullett Prebon rates as of 5:30 p.m. ET. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess P2JW110000-0-B00900-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. ElancoAnimal ELAN 30.00 0.02 JBHunt JBHT 166.93 -5.23 Marsh&McLen MMC 127.15 -0.29 PetroleoBrasilA PBR.A 8.68 0.51 Skyworks SWKS 185.87 -3.89 Ubiquiti UI 280.64 -6.73 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Elastic ESTC 123.14 -5.31 HuntingtonBcshs HBAN 15.87 -0.31 MartinMarietta MLM 350.62 -0.95 Pfizer PFE 38.93 0.36 SlackTech WORK 42.30 0.07 UltaBeauty ULTA 328.26 -2.45 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four ElectronicArts EA 139.63 -1.42 s HuntingIngalls HII 210.00 1.94 MarvellTech MRVL 46.65 -1.26 s PhilipMorris PM SmithAO AOS 67.87 -0.36 UnderArmour C UA 18.07 -0.35 that include primary market trades as well as quarters. 91.67 -1.24 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. EmersonElec EMR 91.79 -0.41 HyattHotels H 82.35 -1.82 Masco MAS 64.55 -0.04 Phillips66 PSX 77.94 -0.75 Smith&Nephew SNN 39.46 -0.94 UnderArmour A UAA 21.69 -0.36 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing s Enbridge ENB 37.38 0.06 IAC/InterActive IAC 243.34 -5.05 Masimo MASI 242.98 -2.76 Pinduoduo PDD 132.80 -0.51 s Smucker SJM 132.15 0.43 Unilever UL 57.68 0.11 Nasdaq ISE. standards EnelAmericas ENIA 7.82 -0.34 ICICI Bank IBN 14.95 -0.27 Mastercard MA 382.16 -4.01 PinnacleWest PNW 84.24 -0.66 Snap SNAP 60.44 -0.81 UnionPacific UNP 223.47 0.76 The list comprises the 1,000 largest companies lf-Late filing EnergyTransfer ET 8.04 0.17 IdexxLab IDXX 528.58 -6.42 MatchGroup MTCH 146.00 0.70 Pinterest PINS 73.91 -2.31 s SnapOn SNA 236.01 0.49 UnitedAirlines UAL 54.99 -0.88 based on market capitalization. q-Temporary exemption from Nasdaq EnphaseEnergy ENPH 141.14 -8.87 s IHS Markit INFO 103.50 -0.44 MaximIntProducts MXIM 93.89 -1.24 PioneerNatRscs PXD 148.58 0.17 Snowflake SNOW 229.07 -3.67 UnitedMicro UMC 9.47 -0.01 Underlined quotations are those stocks with requirements. Entegris ENTG 113.15 -4.23 II-VI IIVI 77.03 -4.39 McAfee MCFE 24.64 0.27 PlainsAllAmPipe PAA 9.13 0.01 SOQUIMICH SQM 55.66 0.56 UPS B UPS 178.06 -1.65 large changes in volume compared with the t-NYSE bankruptcy Entergy ETR 106.58 -0.06 ING Groep ING 12.56 -0.07 McCormick MKC 88.85 0.06 Playtika PLTK 26.88 0.95 SolarEdgeTech SEDG 244.86 -13.85 UnitedRentals URI 324.59 -3.55 issue’s average trading volume. v-Trading halted on primary market. EnterpriseProd EPD 22.97 0.04 Invesco IVZ 26.48 -0.09 McCormickVtg MKC.V 88.78 0.14 PlugPower PLUG 25.24 -2.00 Sony SONY 109.98 -1.12 US Bancorp USB 57.72 -0.14 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Equifax EFX 189.59 -1.39 IPG Photonics IPGP 222.12 -1.78 McDonalds MCD 231.81 -1.27 Polaris PII 144.51 -0.51 Southern SO 64.92 -0.09 UnitedTherap UTHR 203.84 0.11 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Equinix EQIX 717.29 9.15 s IQVIA IQV 216.22 0.66 McKesson MCK 193.69 0.51 Pool POOL 382.95 0.74 SoCopper SCCO 74.51 -1.69 UnitedHealth UNH 389.84 -1.17 previous closing price was $2 or higher. or securities assumed by such companies. Equinor EQNR 19.85 0.04 IcahnEnterprises IEP 57.13 0.08 MedicalProp MPW 22.24 0.10 PrincipalFin PFG 63.26 0.04 SouthwestAir LUV 62.03 -0.36 UnitySoftware U 97.93 -2.81 Equitable EQH 33.62 -0.08 Icon ICLR 203.64 -0.83 Medtronic MDT 126.13 0.22 Procter&Gamble PG 136.61 -0.64 Splunk SPLK 132.90 -1.35 UnivDisplay OLED 226.69 -2.56 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and EquityLife ELS 67.83 0.43 IDEX IEX 219.85 -0.72 MelcoResorts MLCO 19.12 -0.24 Progressive PGR 99.29 0.53 Spotify SPOT 280.37 -11.65 s UniversalHealthB UHS 146.04 -0.10 changes in the closing prices from 4 p.m. the previous day. EquityResdntl EQR 73.03 0.41 IllinoisToolWks ITW 223.83 -0.20 MercadoLibre MELI 1570.99 -20.89 Prologis PLD 112.25 -0.31 Square SQ 245.33 -10.77 Upstart UPST 97.55 -7.10 ErieIndemnity A ERIE 224.86 -2.45 Illumina ILMN 404.18 5.18 Merck MRK 77.66 0.19 s PrudentialFin PRU 98.54 -0.34 s StanleyBlackDck SWK 205.89 0.51 VEREIT VER 40.75 0.17 Monday, April 19, 2021 Net Net EssentialUtil WTRG 47.36 0.12 ImperialOil IMO 25.37 -0.17 s MetLife MET 63.10 0.03 Prudential PUK 43.41 0.23 s Starbucks SBUX 117.60 -0.74 VF VFC 83.98 -0.76 s Net Stock Sym Close Chg Stock Sym Close Chg EssexProp ESS 290.57 1.08 Incyte INCY 82.67 -0.01 MettlerToledo MTD 1277.29 -5.04 PublicServiceEnt PEG 63.48 0.13 StateStreet STT 80.89 0.46 s VICI Prop VICI 29.87 -0.07 Stock Sym Close Chg EsteeLauder EL 309.18 -3.11 Infosys INFY 18.26 0.08 MicrochipTech MCHP 154.03 -4.26 s PublicStorage PSA 270.38 3.58 s SteelDynamics STLD 51.19 -0.31 VailResorts MTN 313.61 -6.18 BHP Group BHP 74.12 0.37 CheniereEnerPtrs CQP 41.36 -0.21 Etsy ETSY 213.19 -6.80 IngersollRand IR 50.91 0.67 MicronTech MU 88.41 -2.25 PulteGroup PHM 53.71 -0.51 Stellantis STLA 17.82 -0.15 s Vale VALE 19.43 -0.10 A B C BHP Group BBL 62.27 0.34 Chevron CVX 103.26 0.30 EverestRe RE 264.00 1.90 Inphi IPHI 174.15 -3.10 s Microsoft MSFT 258.74 -2.00 Qiagen QGEN 52.44 -0.31 s Steris STE 208.63 0.49 ValeroEnergy VLO 70.85 -1.65 BP BP 25.31 0.13 Chewy CHWY 78.98 -5.17 Evergy EVRG 63.24 -0.05 Insulet PODD 281.51 -15.49 s MidAmApt MAA 151.82 0.80 Qorvo QRVO 188.44 -3.83 STMicroelec STM 38.42 -0.56 Vedanta VEDL 12.10 -0.29 ABB ABB 33.24 -0.14 Baidu BIDU 209.90 -3.66 ChinaEastrnAir CEA 23.13 -0.08 EversourceEner ES 89.34 -0.35 Intel INTC 63.63 -1.12 Middleby MIDD 168.56 -0.82 Qualcomm QCOM 135.25 -2.96 StoneCo STNE 66.20 -2.07 VeevaSystems VEEV 270.38 -2.69 AECOM ACM 66.99 -0.06 BakerHughes BKR 20.03 -0.07 ChinaLifeIns LFC 10.12 -0.12 ExactSciences EXAS 127.53 -2.51 InteractiveBrkrs IBKR 77.36 0.81 MiratiTherap MRTX 154.95 -3.24 QualtricsIntl XM 33.56 -0.43 Stryker SYK 256.75 -0.38 Ventas VTR 54.80 -0.61 AES AES 28.34 -0.29 Ball BLL 90.90 -0.11 ChinaPetrol SNP 54.88 0.17 Exelon EXC 45.50 -0.66 ICE ICE 119.74 -0.99 MitsubishiUFJ MUFG 5.42 -0.04 QuantaServices PWR 95.83 0.13 SumitomoMits SMFG 7.14 -0.05 VeriSign VRSN 207.26 -0.90 s Aflac AFL 53.56 0.11 BancoBilbaoViz BBVA 5.42 0.15 ChinaSoAirlines ZNH 36.35 0.35 Expedia EXPE 175.62 1.71 InterContinentl IHG 71.78 -0.50 MizuhoFin MFG 2.87 -0.04 QuantumScape QS 31.62 -3.90 s SunComms SUI 159.02 0.91 VeriskAnalytics VRSK 184.53 -0.93 AGCO AGCO 151.72 -0.16 BancoBradesco BBDO 3.74 -0.01 Chipotle CMG 1550.01 14.97 ExpeditorsIntl EXPD 110.22 -1.01 IBM IBM 133.12 -0.47 MobileTeleSys MBT 8.35 -0.05 QuestDiag DGX 131.09 0.98 s SunLifeFinancial SLF 52.41 0.15 Verizon VZ 58.39 0.11 s AGNC Invt AGNC 17.34 -0.14 BancodeChile BCH 24.48 -0.16 Chubb CB 161.71 -1.06 s ExtraSpaceSt EXR 143.93 1.32 s IntlFlavors IFF 142.92 0.06 Moderna MRNA 161.91 -8.90 SuncorEnergy SU 20.89 ... VertxPharm VRTX 219.18 -0.21 Ansys ANSS 364.47 -9.46 BancSanBrasil BSBR 6.95 -0.05 s ChunghwaTel CHT 40.63 0.16 ExxonMobil XOM 56.48 -0.18 s IntlPaper IP 57.18 -0.19 MohawkInds MHK 199.91 -4.90 R S SunRun RUN 48.54 -3.62 ViacomCBS B VIAC 38.40 -0.95 ASETech ASX 7.81 -0.14 BcoSantChile BSAC 25.71 0.07 Church&Dwight CHD 87.34 -0.60 F5Networks FFIV 208.49 -1.28 Interpublic IPG 30.44 -0.16 s MolinaHealthcare MOH 254.67 4.37 Suzano SUZ 12.98 0.20 ViacomCBS A VIACA 43.20 -1.12 s RELX RELX 26.94 -0.06 ASML ASML 630.11 -15.58 BancoSantander SAN 3.54 0.08 ChurchillDowns CHDN 214.52 -6.14 FMC FMC 112.82 -0.82 Intuit INTU 402.29 -13.53 MolsonCoorsB TAP 54.01 0.54 SynchronyFin SYF 40.73 -0.66 Viatris VTRS 13.25 -0.15 s RH RH 641.44 6.94 AT&T T 29.99 0.04 BankofAmerica BAC 39.17 0.02 Ciena CIEN 54.88 -1.99 Facebook FB 302.24 -3.94 IntuitiveSurgical ISRG 811.19 -1.38 Mondelez MDLZ 58.69 -0.08 SyneosHealth SYNH 85.23 -1.02 Vipshop VIPS 28.94 0.51 RLX Tech RLX 9.28 0.18 AbbottLabs ABT 124.53 0.18 BankofMontreal BMO 90.97 -0.81 Cigna CI 252.49 -0.08 FactSet FDS 317.34 -1.93 s InvitatHomes INVH 33.63 0.29 MongoDB MDB 300.92 -14.93 Synopsys SNPS 250.64 -10.13 Visa V 225.79 -0.62 RPM RPM 93.08 -0.39 AbbVie ABBV 108.61 0.70 BankNY Mellon BK 46.81 0.74 CincinnatiFin CINF 107.22 0.81 FairIsaac FICO 529.99 -2.96 iQIYI IQ 15.00 -0.22 MonolithicPower MPWR 369.60 -9.02 Sysco SYY 81.08 0.52 Vistra VST 17.86 0.06 RalphLauren RL 122.18 -2.38 Abiomed ABMD 329.42 -1.11 BkNovaScotia BNS 61.61 -0.47 Cintas CTAS 343.74 -6.78 Farfetch FTCH 47.62 -1.97 IronMountain IRM 38.48 0.44 s MonsterBev MNST 97.86 -0.31 s VMware VMW 170.03 5.93 RaymondJames RJF 129.41 -0.35 Accenture ACN 286.54 -0.42 s Barclays BCS 10.44 -0.06 CiscoSystems CSCO 52.85 0.05 Fastenal FAST 50.80 0.26 ItauUnibanco ITUB 4.96 ... s Moody's MCO 320.72 -1.28 T U V Vodafone VOD 19.04 0.09 RaytheonTech RTX 78.59 0.37 ActivisionBliz ATVI 96.00 -0.48 BarrickGold GOLD 22.11 -0.12 Citigroup C 72.13 -0.32 FederalRealty FRT 107.05 0.09 MorganStanley MS 80.03 1.44 VornadoRealty VNO 45.47 0.51 RealPage RP 88.59 0.02 TAL Education TAL 60.76 1.40 s Adobe ADBE 516.17 -8.91 BauschHealth BHC 29.12 -0.91 CitizensFin CFG 44.61 -0.22 FedEx FDX 283.25 -4.34 J K L Morningstar MORN 237.66 0.42 VulcanMatls VMC 176.74 1.07 s RealtyIncome O 67.34 0.32 TC Energy TRP 47.60 -0.05 s AdvanceAuto AAP 192.54 -0.38 BaxterIntl BAX 86.52 -0.04 CitrixSystems CTXS 138.85 -1.65 s Ferguson FERG130.70 1.19 Mosaic MOS 32.73 -0.73 JD.com JD 76.95 -0.09 RegencyCtrs REG 59.76 0.30 TE Connectivity TEL 130.35 -3.05 W X Y Z AdvMicroDevices AMD 81.11 -1.04 BectonDicknsn BDX 258.96 -1.98 Clarivate CLVT 25.42 -0.73 Ferrari RACE 212.20 1.24 MotorolaSol MSI 187.66 -0.94 Cleveland-Cliffs CLF 17.39 -0.60 JPMorganChase JPM 152.65 -0.65 NICE NICE 234.89 -2.75 RegenPharm REGN 499.69 -2.91 Telus TU 20.54 -0.30 Aegon AEG 4.63 0.01 BeiGene BGNE 303.37 -2.17 FidNatlFin FNF 44.72 0.09 WEC Energy WEC 96.85 -0.11 Clorox CLX 189.96 -0.77 JackHenry JKHY 161.15 2.31 NIO NIO 36.78 0.69 RegionsFin RF 20.90 -0.30 TJX TJX 69.00 -0.99 t AffirmHldgs AFRM 66.02 -3.70 BentleySystems BSY 49.93 -0.72 FidNatlInfo FIS 152.22 -0.40 WEX WEX 226.34 -2.68 s Cloudflare NET 73.30 -0.94 JacobsEngg J 133.72 -0.06 NRG Energy NRG 38.37 -0.31 ReinsGrp RGA 131.47 -0.60 T-MobileUS TMUS 131.99 -1.06 AgilentTechs A 133.50 -1.08 Berkley WRB 80.76 0.85 FifthThirdBncp FITB 37.87 -0.33 W.P.Carey WPC 73.12 1.02 s Coca-Cola KO 54.00 0.32 s JamesHardie JHX 33.59 0.17 NVR NVR 4984.42 -0.43 RelianceSteel RS 155.30 -0.71 TRowePrice TROW 177.04 -0.78 AgnicoEagle AEM 65.60 1.02 BerkHathwy A BRK.A 406505-2745.00 FirstHorizon FHN 17.60 0.01 s WPP WPP 67.94 0.14 s Coca-Cola Euro CCEP 55.17 0.22 JazzPharma JAZZ 167.16 -1.74 NXP Semi NXPI 194.76 -4.62 RenaissanceRe RNR 171.09 1.24 TaiwanSemi TSM 115.40 -3.44 AirProducts APD 284.40 -3.08 BerkHathwy B BRK.B 270.28 -1.83 s FirstRepBank FRC 175.64 -3.98 Wabtec WAB 81.20 0.59 Cognex CGNX 85.69 -0.07 J&J JNJ 162.69 0.45 Nasdaq NDAQ 158.63 -1.54 Repligen RGEN 212.04 -1.26 TakeTwoSoftware TTWO 177.91 -0.89 Airbnb ABNB 174.58 -4.11 BerryGlobal BERY 62.83 0.03 FirstEnergy FE 35.80 0.11 WalgreensBoots WBA 53.79 0.49 CognizantTech CTSH 80.40 -0.22 JohnsonControls JCI 62.32 -0.17 Natera NTRA 104.93 -2.03 RepublicSvcs RSG 104.67 0.35 TakedaPharm TAK 16.96 -0.12 AkamaiTech AKAM 105.74 -0.22 BestBuy BBY 118.84 -1.03 Fiserv FISV 125.13 0.04 Walmart WMT 139.71 -0.90 CoinbaseGlbl COIN 333.00 -9.00 JonesLang JLL 179.34 0.16 NationalGrid NGG 63.21 0.82 ResMed RMD 205.66 -1.85 Tapestry TPR 45.23 -1.33 AlaskaAir ALK 68.77 -0.56 BeyondMeat BYND 135.25 -2.06 FiveBelow FIVE 194.29 -6.22 WarnerMusic WMG 36.57 -0.38 ColgatePalm CL 80.37 -0.33 JuniperNetworks JNPR 25.92 -0.09 Natura&Co NTCO 17.93 -0.02 RestaurantBrands QSR 66.24 -0.14 s Target TGT 208.65 0.10 Albemarle ALB 157.50 5.47 Bilibili BILI 105.72 2.24 Five9 FIVN 174.53 -2.90 s WasteConnections WCN 116.40 -0.38 Comcast A CMCSA 54.14 -0.97 KB Fin KB 46.92 -0.45 s NatWest NWG 5.50 0.01 RingCentral RNG 319.07 -6.31 TataMotors TTM 20.02 -0.49 Albertsons ACI 20.39 0.39 Bill.com BILL 153.39 -7.34 FleetCorTech FLT 290.90 -0.56 WasteMgt WM 134.43 -0.62 Comerica CMA 69.39 -0.77 KE Holdings BEKE 50.42 -1.11 NetApp NTAP 77.31 -0.40 RioTinto RIO 86.30 1.51 TeckRscsB TECK 22.45 0.22 Alcon ALC 73.78 -0.40 Bio-Techne TECH 414.51 -4.04 Flex FLEX 18.38-0.18 Waters WAT 298.81 -1.09 CommerceBcshrs CBSH 76.64 -0.50 KKR KKR 53.31 ... NetEase NTES 106.83 0.03 RobertHalf RHI 81.48 -1.82 TeladocHealth TDOC 184.09 -6.01 AlexandriaRlEst ARE 176.58 0.93 Bio-RadLab A BIO 629.59 3.47 s Floor&Decor FND 112.63 0.04 s Watsco WSO 283.11 -0.57 s CiaSiderurgica SID 8.51 -0.03 KLA KLAC 324.39 -8.61 Netflix NFLX 554.44 7.90 Roblox RBLX 72.00 -3.85 TeledyneTech TDY 429.20 -0.05 s AlexionPharm ALXN 165.47 1.79 Biogen BIIB 269.05 -1.26 FomentoEconMex FMX 79.10 -0.95 Wayfair W 315.33 -6.31 ConagraBrands CAG 37.85 0.30 KSCitySouthern KSU 256.40 -1.11 Neurocrine NBIX 94.85 -1.73 RocketCos. RKT 22.01 -0.11 Teleflex TFX 431.79 -0.77 Alibaba BABA 234.78 -3.91 BioMarinPharm BMRN 79.59 0.19 FordMotor F 12.11 -0.12 Weibo WB 49.16 -0.32 ConocoPhillips COP 50.89 -0.20 Kellogg K 63.70 0.35 NewOrientalEduc EDU 15.18 0.17 Rockwell ROK 267.10 1.25 Ericsson ERIC 13.74 -0.31 AlignTech ALGN 603.72 -2.61 s BioNTech BNTX 149.48 -2.06 Fortinet FTNT 206.14 0.13 s WellsFargo WFC 43.88 0.04 ConEd ED 78.35 0.14 s KeurigDrPepper KDP 36.13 0.12 NewellBrands NWL 26.48 -0.28 RogersComm B RCI 49.20 0.78 TelefonicaBras VIV 7.86 -0.08 Alleghany Y 676.00 -2.21 BlackKnight BKI 73.11 -0.77 Fortis FTS 44.03 0.06 Welltower WELL 74.88 -0.81 ConstBrands B STZ.B 238.00 15.35 KeyCorp KEY 20.42 -0.26 Newmont NEM 64.85 -0.56 Roku ROKU 361.15 -15.37 Telefonica TEF 4.58 0.01 Allegion ALLE 132.34 -0.67 BlackRock BLK 811.09 -0.36 Fortive FTV 72.35 -0.03 s WestFraserTimber WFG 84.43 -0.61 ConstBrands A STZ 237.60 -1.26 KeysightTechs KEYS 143.63 -1.77 NewsCorp A NWSA 26.74 0.04 Rollins ROL 34.81 -0.46 TelekmIndonesia TLK 23.00 -0.33 AlliantEnergy LNT 56.19 0.03 Blackstone BX 79.30 0.02 FortBrandsHome FBHS 102.51 -0.71 s WestPharmSvcs WST 316.79 2.96 ContinentalRscs CLR 26.53 -0.38 KimberlyClark KMB 138.93 -0.29 NewsCorp B NWS 24.88 -0.02 RoperTech ROP 425.46 2.17 10xGenomics TXG 186.97 -7.13 s Allstate ALL 122.84 0.64 Boeing BA 244.15 -4.03 FoxB FOX 36.59 -0.13 s WestAllianceBcp WAL 102.14 1.88 Cooper COO 399.33 -0.19 KimcoRealty KIM 19.87 0.15 NextEraEnergy NEE 79.79 -1.15 RossStores ROST 127.49 -2.42 Tenaris TS 22.09 0.12 AllyFinancial ALLY 48.09 0.38 BookingHldgs BKNG 2456.20 -20.70 FoxA FOXA 37.68 -0.27 WesternDigital WDC 68.31 -0.58 Copart CPRT 121.76 -1.72 KinderMorgan KMI 16.62 0.08 NielsenHoldings NLSN 25.31 -0.38 s RoyalBkCanada RY 94.04 -0.67 TencentMusic TME 17.83 -0.21 AlnylamPharm ALNY 137.40 -1.48 BoozAllen BAH 84.83 0.16 Franco-Nevada FNV 136.79 -0.33 s WesternUnion WU 26.15 0.26 s Corning GLW 46.06 0.26 KingsoftCloud KC 45.29 0.97 Nike NKE 132.57 -1.74 RoyalCaribbean RCL 83.78 -1.61 Teradyne TER 126.32 -3.16 s Alphabet C GOOG 2302.40 4.64 BorgWarner BWA 49.32 0.36 FranklinRscs BEN 29.97 -0.08 WestlakeChem WLK 95.52 -0.18 Corteva CTVA 47.52 0.02 KinrossGold KGC 7.45 -0.05 NiSource NI 25.74 0.12 RoyalDutchA RDS.A 39.43 0.05 Tesla TSLA 714.63 -25.15 s Alphabet A GOOGL 2289.76 7.01 s BostonBeer SAM 1287.69 -7.24 FreeportMcM FCX 37.33 -0.81 WestpacBanking WBK 19.55 -0.13 CoStar CSGP 899.00 -5.93 KirklandLakeGold KL 37.79 0.04 Nokia NOK 4.17 -0.01 RoyalDutchB RDS.B 37.36 0.04 TevaPharm TEVA 10.28 -0.47 AlticeUSA ATUS 34.76 0.36 BostonProps BXP 106.15 0.71 FreseniusMed FMS 38.60 0.47 s WestRock WRK 54.17 -0.46 BostonSci BSX 40.88 -0.03 Costco COST 369.55 -1.17 Knight-Swift KNX 49.82 -0.32 NomuraHoldings NMR 5.33 -0.06 RoyaltyPharma RPRX 41.77 -0.10 TexasInstruments TXN 187.06 -4.87 Altria MO 49.08 -3.23 Futu FUTU 177.92 24.91 s Weyerhaeuser WY 38.88 -0.44 CoupaSoftware COUP Kohl's KSS 59.42 0.01 Nordson NDSN 205.93 -0.29 AlumofChina ACH 12.26 0.06 BrightHorizons BFAM 164.66 -2.43 263.47 -6.99 Ryanair RYAAY 106.67 -0.82 TexasPacLand TPL 1546.00 -34.00 WheatonPrecMet WPM 42.56 0.19 Coupang CPNG s KoninklijkePhil PHG 60.63 -0.20 NorfolkSouthern NSC 270.46 -0.40 s Amazon.com AMZN 3372.01 -27.43 BristolMyers BMY 65.60 0.14 45.72 -0.18 G H I SAP SAP 139.53 0.23 Textron TXT 59.06 0.52 Whirlpool WHR 235.27 0.46 KoreaElcPwr KEP 10.82 0.12 NorthernTrust NTRS 106.23 -0.68 Ambev ABEV 2.86 -0.02 BritishAmTob BTI 39.61 -0.90 Credicorp BAP 134.09 -6.95 S&P Global SPGI 376.44 -1.63 ThermoFisherSci TMO 487.64 -5.28 Williams WMB 23.69 0.07 KraftHeinz KHC 40.95 -0.05 NorthropGrum NOC 344.64 -1.79 Amcor AMCR 11.86 -0.09 Broadcom AVGO 462.00 -16.79 CreditSuisse CS 10.70 -0.15 GDS Holdings GDS 78.65 1.57 SBA Comm SBAC 288.09 -0.24 ThomsonReuters TRI 91.96 -0.63 Williams-Sonoma WSM 168.94 -5.37 Kroger KR 37.43 0.32 NortonLifeLock NLOK 21.80 0.18 Amdocs DOX 76.87 0.76 BroadridgeFinl BR 155.94 -1.06 Cree CREE 109.69 -2.39 GFLEnvironmental GFL 32.17 -0.72 SEI Investments SEIC 62.51 -0.65 3M MMM 198.59 0.01 WillisTowers WLTW 238.01 -2.39 L Brands LB 65.90 -0.94 NorwegCruise NCLH 27.97 -0.35 Amedisys AMED 281.03 -1.93 s BrookfieldMgt BAM 45.79 -0.32 CrowdStrike CRWD 213.37 -1.83 Gallagher AJG 136.26 -0.54 SK Telecom SKM 29.78 -0.17 Toro TTC 112.96 0.16 Wipro WIT 6.96 ... s LKQ LKQ 44.81 0.13 Novartis NVS 88.38 0.36 Amerco UHAL 600.88 -11.62 s BrookfieldInfr BIP 54.74 -0.35 CrownCastle CCI 180.72 1.10 GameStopGME 164.37 9.68 SS&C Tech SSNC 72.70 -0.21 TorontoDomBk TD 65.68 -0.56 Wix.com WIX 289.06 -6.19 LPL Financial LPLA 146.30 -1.30 Novavax NVAX 221.50 -5.85 Ameren AEE 83.79 -0.45 BrookfieldPropREIT BPYU 18.00 -0.12 CrownHoldings CCK 108.77 -0.32 Gaming&Leisure GLPI 44.81 -0.62 StoreCapital STOR 35.10 0.35 Total TOT 45.92 0.56 Workday WDAY 254.51 -1.84 s L3HarrisTech LHX 209.73 -0.99 NovoNordisk NVO 72.70 0.53 AmericaMovil AMX 14.41 -0.10 BrookfieldRenew BEPC 44.29 -2.23 CubeSmart CUBE 41.05 0.44 Gap GPS 32.41 -0.28 SVB Fin SIVB 519.26 0.32 ToyotaMotor TM 156.41 -1.16 WynnResorts WYNN 126.28 -1.00 s LabCpAm LH 260.51 -1.69 Novocure NVCR 190.90 -1.60 AmericaMovil A AMOV 14.18 -0.28 Brown&Brown BRO 49.48 -0.07 Cummins CMI 262.81 -1.54 Garmin GRMN 140.55 -0.05 Salesforce.com CRM 230.50 -1.41 s TractorSupply TSCO 183.08 2.00 XP XP 38.41 -0.46 LamResearch LRCX 621.73 -21.98 NuanceComms NUAN 53.20 -0.14 AmerAirlines AAL 21.55 -0.48 Brown-Forman B BF.B 74.84 0.58 CureVac CVAC113.00 3.71 Gartner IT 191.94 -0.04 Sanofi SNY 51.82 0.52 TradeDesk TTD 695.48 -23.38 XPO Logistics XPO 135.41 -1.71 LamarAdv LAMR 95.84 -0.95 Nucor NUE 79.44 -0.06 AEP AEP 88.65 0.10 Brown-Forman A BF.A 70.45 1.18 CyrusOne CONE 73.64 1.07 Generac GNRC 318.68 -13.55 s SantanderCons SC 31.24 0.07 Tradeweb TW 79.69 -0.02 XcelEnergy XEL 70.49 0.12 LambWeston LW 79.73 -0.88 Nutrien NTR 53.95 -2.07 AmerExpress AXP 148.54 -1.45 Bruker BRKR 66.97 -0.68 GeneralDynamics GD 184.79 0.32 s Sasol SSL 16.48 0.20 s TraneTech TT 172.28 0.32 Xilinx XLNX 126.90 -1.74 D E F LasVegasSands LVS 60.62 -0.38 NVIDIA NVDA 614.47 -22.03 AmericanFin AFG 119.38 -0.04 s BuildersFirstSrc BLDR 49.81 ... GeneralElec GE 13.46 0.07 Schlumberger SLB 26.53 0.24 TransDigm TDG 606.00 -11.49 XPeng XPEV 31.20 0.28 Lear LEA 180.36 -1.89 s AmHomes4Rent AMH 35.30 0.67 s Bunge BG 83.18 -0.44 GeneralMills GIS 61.30 ... SchwabC SCHW 65.88 1.14 TransUnion TRU 96.86 0.51 Xylem XYL 108.21 -0.40 DISH Network DISH 37.00 -1.01 Leidos LDOS 101.49 0.28 O P Q AIG AIG 46.73 -0.37 BurlingtonStrs BURL 320.88 -3.85 GeneralMotors GM 57.88 -0.83 ScottsMiracleGro SMG 233.27 -4.96 Travelers TRV 154.38 -1.57 Yandex YNDX 61.06 -0.87 DTE Energy DTE 139.70 -0.98 Lennar B LEN.B 83.40 -1.91 AmerTowerREIT AMT 248.54 -0.08 s CBRE Group CBRE 82.34 0.52 Genmab GMAB 35.59 0.36 ONEOK OKE 51.78 0.18 Sea SE 250.00 -2.42 Trex TREX 104.35 -0.63 YumBrands YUM 117.71 -0.35 Danaher DHR 241.99 -1.07 Lennar A LEN 104.00 -1.88 AmerWaterWorks AWK 158.72 -1.40 CDW CDW 182.20 -1.81 Genpact G 44.52 -0.21 s OReillyAuto ORLY 533.77 3.25 s Seagate STX 82.33 0.26 Trimble TRMB 80.97 -1.00 YumChina YUMC 59.53 -0.57 Darden DRI 145.96 -0.37 s LennoxIntl LII 335.80 1.81 AmericoldRealty COLD 38.70 -0.54 CF Industries CF 46.91 -0.40 Gentex GNTX 35.85 -0.18 OakStreetHealth OSH 58.55 -0.18 Seagen SGEN 144.01 -1.49 Trip.com TCOM 37.01 0.50 ZTO Express ZTO 29.99 0.42 DarlingIngred DAR 72.10 -0.91 s LeviStrauss LEVI 28.27 -0.76 s Ameriprise AMP 246.71 -2.06 CGI GIB 86.16 -0.87 GenuineParts GPC 119.40 -0.62 OccidentalPetrol OXY 24.54 0.16 s SempraEnergy SRE 138.24 0.10 TruistFinl TFC 57.40 -0.44 ZaiLab ZLAB 164.33 0.04 Datadog DDOG 87.89 -2.45 LiAuto LI 19.25 -0.03 s AmerisourceBrgn ABC 119.50 -0.19 CH Robinson CHRW 98.64 -2.12 s Gerdau GGB 5.86 0.04 Okta OKTA 266.01 -3.97 SensataTechs ST 58.18 -0.37 Tuya TUYA 18.00 -2.28 s ZebraTech ZBRA 509.63 -3.86 DaVita DVA 110.78 -2.33 LibertyBroadbandA LBRDA 150.79 0.42 Ametek AME 132.12 -0.73 CME Group CME 205.59 -1.99 GileadSciences GILD 65.95 -0.92 OldDomFreight ODFL 247.91 -3.46 ServiceCorp SCI 51.36 -0.93 Twilio TWLO 367.46 -17.78 Zendesk ZEN 147.96 -2.37 DeckersOutdoor DECK 337.26 -3.80 LibertyBroadbandC LBRDK 155.62 0.25 Amgen AMGN 255.97 0.26 CMS Energy CMS 64.12 0.04 GSK GSK 37.98 0.23 OlinkHolding OLK 37.62 0.12 ServiceNow NOW 549.37 -7.54 Twitter TWTR 67.94 -2.18 Zillow C Z 133.00 -1.61 Deere DE 380.72 -2.35 LibertyGlobal A LBTYA 26.37 -0.10 Amphenol APH 67.51 -0.97 CNA Fin CNA 46.70 -0.06 s GlobalPayments GPN 215.90 -1.90 OmegaHealthcare OHI 37.29 -0.02 ShawComm B SJR 27.78 -0.20 TylerTech TYL 445.96 -2.24 Zillow A ZG 134.59 -1.55 DellTechC DELL 103.42 2.00 LibertyGlobal B LBTYB 26.02 -0.47 AnalogDevices ADI 156.91 -2.60 CNH Indl CNHI 15.38 -0.46 Globant GLOB 223.61 -2.72 Omnicom OMC 79.31 -0.34 SherwinWilliams SHW 265.60 -1.32 s TysonFoods TSN 78.55 -0.37 ZimmerBiomet ZBH 172.53 0.65 DeltaAir DAL 46.15 -0.49 LibertyGlobal C LBTYK 26.34 -0.01 Anaplan PLAN 58.36 -2.15 CRH CRH 48.45 -0.18 s GlobeLife GL 104.27 -0.14 ON Semi ON 41.07 -1.11 ShinhanFin SHG 33.04 -0.32 UBS Group UBS 15.94 -0.17 ZionsBancorp ZION 56.00 -0.12 DentsplySirona XRAY 65.53 0.11 LibertyFormOne A FWONA 40.76 0.84 Angi ANGI 16.79 -0.01 CRISPR Therap CRSP 115.04 -3.52 GoDaddy GDDY 85.66 -0.94 OpenText OTEX 49.29 -0.54 Shopify SHOP 1145.78 -62.02 UDR UDR 45.13 0.11 Zoetis ZTS 168.10 0.47 DeutscheBank DB 12.52 -0.03 LibertyFormOne C FWONK 45.92 0.93 AngloGoldAsh AU 22.04 -0.40 CSX CSX 98.71 0.07 GoldFields GFI 9.87 -0.20 OpendoorTech OPEN 17.40 -0.99 Sibanye-Stillwater SBSW 20.00 -0.56 UGI UGI 43.86 -0.16 ZoomVideo ZM 324.33 -5.62 DevonEnergy DVN 22.03 0.15 LibertyBraves A BATRA 28.66 -0.24 AB InBev BUD 68.71 0.57 CVS Health CVS 75.75 -0.13 GoldmanSachs GS 343.09 0.78 s Oracle ORCL 78.75 -0.20 SignatureBank SBNY 227.84 0.28 US Foods USFD 38.70 -0.09 ZoomInfoTech ZI 47.38 -0.53 DexCom DXCM 393.04 -7.00 LibertyBraves C BATRK 28.02 -0.23 AnnalyCap NLY 8.80 -0.06 CableOne CABO 1813.57 2.58 s GoodRx GDRX 38.20 0.06 Orange ORAN 12.64 0.17 SimonProperty SPG 116.56 -0.56 UWM UWMC 7.50 0.01 Zscaler ZS 190.94 -1.55 Diageo DEO 180.77 1.79 LibertySirius C LSXMK 45.04 -0.46 s Anthem ANTM 379.66 4.04 CadenceDesign CDNS 141.94 -5.32 Graco GGG 75.80 0.67 Orix IX 82.60 -1.66 SiriusXM SIRI 6.28 -0.03 Uber UBER 57.85 -2.50 Zynga ZNGA 10.59 0.03 DiamondbkEner FANG 77.67 0.13 LibertySirius A LSXMA 45.08 -0.31 Aon AON 235.83 -3.29 CAE CAE 29.30 -0.43 Grainger GWW 408.98 2.10 Oshkosh OSK 121.93 0.91 DigitalRealty DLR 147.76 1.80 LightspeedPos LSPD 64.49 -2.40 ApolloGlbMgmt APO 51.49 -0.08 CaesarsEntCZR 88.75 -4.89 Grifols GRFS 18.40 0.42 OtisWorldwide OTIS 71.03 0.45 DiscoverFinSvcs DFS 100.61 -1.66 EliLilly LLY 189.64 0.39 Appian APPN 125.87 -9.36 s CamdenProperty CPT 117.12 1.07 DiscoveryB DISCB 83.85 0.20 GuardantHealth GH 152.92 -5.58 s OwensCorning OC 97.27 0.18 LincolnNational LNC 64.78 -0.23 Apple AAPL 134.84 0.68 CampbellSoup CPB 49.66 0.26 DiscoveryA DISCA 36.37 -0.97 Guidewire GWRE 104.00 -1.27 OzonHoldings OZON 61.20 -1.55 Linde LIN 288.45 -1.51 Dividend Changes ApplMaterials AMAT 130.89 -2.84 CIBC CM 99.39 -0.38 DiscoveryC DISCK 31.20 -1.05 s HCA Healthcare HCA 194.89 -2.04 PG&E PCG 11.20 -0.38 LithiaMotors LAD 387.32 -0.71 t Applovin APP 58.86 -2.14 s CanNtlRlwy CNI 118.13 -0.64 Disney DIS 187.43 0.17 HDFC Bank HDB 68.25 -3.56 PNC Fin PNC 177.72 -1.14 LiveNationEnt LYV 81.58 0.59 s Aptargroup ATR 149.71 1.63 CanNaturalRes CNQ 30.58 -0.26 DocuSign DOCU 223.30 -8.63 HP HPQ 33.70 -0.28 s POSCO PKX 78.56 1.50 Dividend announcements from April 19. s LloydsBanking LYG 2.41 0.02 Aptiv APTV 140.32 -0.73 CanPacRlwy CP 365.37 -3.95 DolbyLab DLB 101.21 -0.89 HSBC HSBC 29.77 0.18 s PPD PPD 46.20 -0.07 LockheedMartin LMT 391.73 -0.08 Amount Payable / Aramark ARMK 39.50 -0.14 Canon CAJ 23.91 -0.01 DollarGeneral DG 216.73 -0.01 Halliburton HAL 20.67 -0.02 PPG Ind PPG 168.78 1.37 Loews L 54.26 -0.11 Company Symbol Yld %New/Old Frq Record ArcelorMittal MT 29.87 -0.24 CanopyGrowth CGC 27.46 -0.34 DollarTree DLTR 116.95 -0.41 HartfordFinl HIG 66.73 0.48 PPL PPL 28.88 -0.26 LogitechIntl LOGI 114.06 0.61 ArchCapital ACGL 39.70 -0.38 CapitalOne COF 135.41 -1.27 DominionEner D 78.74 -0.15 Hasbro HAS 98.01 0.01 PRA HealthSci PRAH 161.33 -0.43 Lowe's LOW 204.01 -4.24 Increased s ArcherDaniels ADM 59.29 -0.16 CardinalHealth CAH 61.23 -0.08 Domino's DPZ 397.96 3.13 s HealthpeakProp PEAK 33.35 0.10 PTC PTC 139.80 -6.36 LufaxHolding LU 13.80 ... ATLO Q AresMgmt ARES 56.01 0.12 s Carlisle CSL 177.00 1.89 DoorDash DASH 146.67 -2.82 Heico HEI 133.76 -1.70 Paccar PCAR 93.35 -1.57 Ames National 4.1 .26 /.25 May14 /Apr30 lululemon LULU 322.27 -1.83 arGEN-X ARGX 274.80 -6.92 s Carlyle CG 39.84 0.13 Dover DOV 140.43 -0.14 Heico A HEI.A 122.03 -1.24 PackagingCpAm PKG 141.12 0.76 Cal-Maine Foods CALM 0.3 .034 /.00 Q May13 /Apr28 LumenTech LUMN 12.64 -0.07 AristaNetworks ANET 314.81 -1.86 CarMax KMX 130.10 0.13 Dow DOW 64.55 -0.13 HenrySchein HSIC 70.64 -0.53 PagSeguroDig PAGS 44.60 -1.71 Lyft LYFT 61.87 -1.53 NuSTAR 7.625% Nts 2043 NSS 7.1 .4372 /.43595 Q Jul15 /Jul01 ArrowElec ARW 117.86 ... Carnival CCL 26.89 -0.14 DrReddy'sLab RDY 66.00 0.99 Hershey HSY 160.98 -0.01 PalantirTech PLTR 21.94 -0.53 LyondellBasell LYB 107.20 -0.35 Value Line VALU 2.8 .22 /.21 Q May11 /Apr26 AspenTech AZPN 149.67 -3.01 Carnival CUK 23.03 -0.13 DraftKings DKNG 56.68 -1.30 Hess HES 69.40 0.06 PaloAltoNtwks PANW 366.96 0.31 s Assurant AIZ 153.24 0.74 s CarrierGlobal CARR 43.87 -0.01 Dropbox DBX 26.12 -0.26 HewlettPackard HPE 15.96 0.01 M N ParkerHannifin PH 317.52 -3.59 Initial AstraZeneca AZN 51.63 0.89 Carvana CVNA 276.50 1.41 DukeEnergy DUK 100.20 -0.47 HighwoodsProp HIW 43.50 -0.19 Paychex PAYX 96.43 -1.07 JPM Chase Pfd. Series JJ JPMpK 3.6 .23382 Jun01 /May03 s Athene ATH 55.53 0.08 Catalent CTLT 108.63 -1.97 s DukeRealty DRE 44.83 0.35 Hilton HLT 125.93 -2.12 M&T Bank MTB 154.98 1.12 PaycomSoftware PAYC 393.18 -5.29 Atlassian TEAM 228.21 -6.55 Caterpillar CAT 232.39 -0.97 Dun&Bradstreet DNB 23.65 0.23 Hologic HOLX 76.68 0.02 MGMGrowthProp MGP 35.15 -0.12 Paylocity PCTY 190.85 -3.30 Stocks AtmosEnergy ATO 101.84 0.02 Celanese CE 158.27 0.35 DuPont DD 76.97 -0.05 s HomeDepot HD 326.85 -1.23 MGM Resorts MGM 39.75 -0.51 PayPal PYPL 267.91 -1.96 Autodesk ADSK 290.20 -9.96 Cemex CX 7.34 -0.18 Dynatrace DT 52.29 -0.82 HondaMotor HMC 30.68 0.01 MKS Instrum MKSI 181.04 -5.78 Paysafe PSFE 13.05 -0.44 MyMD Pharmaceuticals MYMD 1:2 /Apr19 Autohome ATHM 94.29 0.40 CenovusEnergy CVE 7.85 -0.12 ENI E 24.91 0.07 Honeywell HON 230.97 -1.14 MPLX MPLX 26.70 0.09 Pearson PSO 11.38 0.03 Foreign Autoliv ALV 97.35 -0.22 Centene CNC 65.38 0.42 EOG Rscs EOG 71.29 0.78 HorizonTherap HZNP 90.26 -3.01 MSCI MSCI 468.27 -5.25 Pegasystems PEGA 128.59 -1.30 ADP ADP 192.75 -0.19 CenterPointEner CNP 23.78 -0.28 EPAM Systems EPAM 446.94 0.90 HormelFoods HRL 46.52 -0.32 MagellanMid MMP 45.59 0.14 Peloton PTON 107.75 -8.46 Aon AON 0.8 .51 Q May14 /May03 s AutoZone AZO 1504.30 8.46 CentraisElBras EBR 6.38 0.07 EastWestBncp EWBC 74.65 ... s DR Horton DHI 95.72 -0.65 MagnaIntl MGA 94.00 -1.55 PembinaPipeline PBA 29.70 0.20 Ferrari RACE ... 1.03862 A May05 /Apr20 Avalara AVLR 143.86 -4.47 CeridianHCM CDAY 92.14 -1.80 EastmanChem EMN 113.56 -1.38 HostHotels HST 17.40 -0.08 ManulifeFin MFC 21.59 0.02 PennNational PENN 93.00 -6.94 QIWI ADR QIWI 9.5 .34 Q May05 /Apr27 Avalonbay AVB 190.36 0.55 Cerner CERN 74.68 -0.63 Eaton ETN 140.78 -0.37 HowmetAerospace HWM 32.57 -0.13 MarathonOil MRO 10.63 0.10 s Pentair PNR 64.00 0.16 Shaw Communications B SJR 3.2 .0788 M Aug30 /Aug13 Avangrid AGR 52.74 0.04 s CharlesRiverLabs CRL 324.59 1.21 s eBay EBAY 63.79 -1.14 HuanengPower HNP 14.34 0.17 MarathonPetrol MPC 53.43 -0.83 Penumbra PEN 279.59 -7.80 Avantor AVTR 31.88 -0.32 CharterComms CHTR 644.42 0.05 Ecolab ECL 220.31 -2.84 Huazhu HTHT 57.49 0.18 MaravaiLifeSci MRVI 36.68 ... PepsiCo PEP 144.75 0.59 Turkcell Iletisim ADR TKC 3.5 .1212 A May10 /May03 s AveryDennison AVY 198.60 ... CheckPoint CHKP 119.18 0.35 Ecopetrol EC 12.88 0.03 Hubbell HUBB 189.05 -0.23 Markel MKL 1211.55 -3.08 PerkinElmer PKI 134.59 1.43 AxonEnterprise AXON 150.55 -2.19 Chegg CHGG 89.98 -2.22 EdisonInt EIX 61.12 -0.24 HubSpot HUBS 509.94 -11.24 MarketAxess MKTX 533.62 -1.33 PetroChina PTR 36.70 0.17 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: s BCE BCE 46.40 -0.06 CheniereEnergy LNG 74.65 0.68 EdwardsLife EW 88.56 -0.46 Humana HUM 439.92 4.64 Marriott MAR 147.90 -0.73 PetroleoBrasil PBR 8.54 0.42 spin-off.

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShMSCI ACWI ACWI iShSilver SLV VangdHiDiv VYM Monday, April 19, 2021 Closing Chg YTD 99.27 –0.41 9.4 23.98 –0.46 –2.4 SPDR DJIA Tr DIA 340.75 –0.32 11.4 103.16 –0.41 12.7 iShMSCI EAFE EFA 79.15 –0.18 8.5 iShTIPSBondETF TIP 126.26 –0.17 –1.1 SPDR S&PMdCpTr MDY 493.25 –0.54 17.5 VangdIntermBd BIV 89.03 –0.08 –4.1 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCI EAFE SC SCZ 75.60 –0.01 10.6 iSh1-3YTreasuryBd SHY 86.25 –0.01 –0.2 SPDR S&P 500 SPY 415.21 –0.49 11.1 VangdIntrCorpBd VCIT 93.56 –0.07 –3.7 ETF Symbol Price (%) (%) iShCoreS&P MC IJH 269.93 –0.53 17.4 iShMSCIEmgMarkets EEM 54.15 –0.37 4.8 iSh7-10YTreasuryBd IEF 114.17 –0.10 –4.8 SPDR S&P Div SDY 121.42 –0.02 14.6 VangdLC VV 194.36 –0.56 10.6 iShCoreS&P SC IJR 109.65 –1.01 19.3 ARKInnovationETF ARKK 120.44 –3.17 –3.3 iShMSCIJapan EWJ 69.29 –0.96 2.6 iSh20+YTreasuryBd TLT 138.86 –0.29 –12.0 TechSelectSector XLK 142.11 –0.83 9.3 VangdMC VO 229.30 –0.74 10.9 CommSvsSPDR XLC 76.41 13.2 iShS&PTotlUSStkMkt ITOT 95.70 –0.56 11.0 –0.56 iShNatlMuniBd MUB 116.94 –0.02 –0.2 iShRussellMCGrowth IWP 107.44 –1.23 4.7 VanEckGoldMiner GDX 35.79 –0.67 –0.6 VangdMC Val VOE 138.39 –0.46 16.3 CnsmrDiscSelSector XLY 177.85 –1.12 10.6 iShCoreUSAggBd AGG 114.45 –0.08 –3.2 iSh1-5YIGCorpBd IGSB 54.71 –0.04 –0.8 iShUSTreasuryBdETF GOVT 26.36 –0.04 –3.2 VangdMBS VMBS 53.57 –0.02 –0.9 VangdInfoTech VGT 382.84 –0.94 8.2 EnSelectSectorSPDR XLE 48.35 –0.10 27.6 iShSelectDividend DVY 117.20 –0.47 21.9 iShPfd&Incm PFF 38.72 –0.39 0.5 JPM UltShtIncm JPST 50.73 0.01 –0.1 VangdRealEst VNQ 96.31 0.20 13.4 VangdSC Val VBR 169.65 –0.56 19.3 FinSelSectorSPDR XLF 35.30 –0.28 19.7 iShESGAwareUSA ESGU 95.23 –0.57 10.7 iShRussell1000Gwth IWF 259.31 –0.80 7.5 PIMCOEnhShMaturity MINT 101.94 –0.02 –0.1 VangdS&P500ETF VOO 381.74 –0.49 11.1 VangdExtMkt VXF 181.77 –1.08 10.4 HealthCareSelSect XLV 121.51 0.02 7.1 iShEdgeMSCIMinUSA USMV 71.98 –0.30 6.0 iShRussell1000 IWB 234.67 –0.58 10.8 SPDRBloomBar1-3MTB BIL 91.49 –0.01 –0.0 VangdST Bond BSV 82.26 ... –0.8 VangdSC Grwth VBK 281.09 –1.52 5.0 IndSelSectorSPDR XLI 100.72 –0.42 13.7 iShEdgeMSCIUSAMom MTUM 172.54 –1.39 7.0 iShRussell1000Val IWD 156.13 –0.34 14.2 SPDR Gold GLD 165.89 –0.28 –7.0 VangdSTCpBd VCSH 82.56 ... –0.8 VangdDivApp VIG 152.37 –0.46 7.9 InvscQQQI QQQ 338.88 –0.92 8.0 iShEdgeMSCIUSAQual QUAL 127.03 –0.44 9.3 iShRussell2000 IWM 221.73 –1.30 13.1 SchwabIntEquity SCHF 39.23 –0.25 8.9 VangdSC VB 219.37 –1.01 12.7 InvscS&P500EW RSP 146.46 –0.47 14.8 iShEdgeMSCIUSAVal VLUE 104.18 –0.67 19.9 iShRussell2000Val IWN 160.95 –0.80 22.2 SchwabUS BrdMkt SCHB 101.03 –0.60 11.0 VangdFTSEDevMk VEA 51.22 –0.29 8.5 VangdTotalBd BND 85.17 –0.06 –3.4 iShCoreDivGrowth DGRO 49.95 –0.34 11.4 iShGoldTr IAU 16.87 –0.24 –6.9 iShRussellMid-Cap IWR 76.88 –0.77 12.2 SchwabUS Div SCHD 74.85 –0.45 16.7 VangdFTSE EM VWO 52.67 –0.21 5.1 VangdTotIntlBd BNDX 57.07 –0.14 –2.5 iShCoreMSCIEAFE IEFA 75.36 –0.12 9.1 iShiBoxx$InvGrCpBd LQD 130.73 –0.26 –5.4 iShRussellMCValue IWS 112.92 –0.39 16.5 SchwabUS LC SCHX 100.79 –0.57 10.8 VangdFTSE Europe VGK 66.71 0.06 10.7 VangdTotIntlStk VXUS 64.95 –0.31 8.0 iShCoreMSCIEM IEMG 65.51 –0.27 5.6 iShiBoxx$HYCpBd HYG 87.16 –0.16 –0.2 iShS&P500Growth IVW 69.49 –0.66 8.9 SchwabUS LC Grw SCHG 139.47 –0.76 8.6 VangdFTSEAWxUS VEU 62.78 –0.27 7.6 VangdTotalStk VTI 215.73 –0.65 10.8 iShCoreMSCITotInt IXUS 72.78 –0.32 8.3 iShJPMUSDEmgBd EMB 111.14 –0.07 –4.1 iShS&P500Value IVE 145.09 –0.35 13.3 SchwabUS SC SCHA 101.06 –1.09 13.6 VangdGrowth VUG 274.16 –0.84 8.2 VangdTotlWrld VT 101.37 –0.45 9.5 iShCoreS&P500 IVV 416.84 –0.49 11.0 iShMBSETF MBB 108.61 0.02 –1.4 iShShortTreaBd SHV 110.51 ... –0.0 Schwab US TIPs SCHP 61.55 –0.16 –0.9 VangdHlthCr VHT 236.89 –0.38 5.9 VangdValue VTV 135.02 –0.24 13.5

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Floor&Decor FND 114.41 ... Knoll KNL 23.46 35.2 RELX RELX 27.06 -0.2 Vericel VCEL 63.54 -6.6 ChurchillVII Wt CVII.WS 1.02 -6.1 MontaukRenew MNTK 9.26 -4.5 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American FortressTechPfdB FTAIpB 26.22 -0.9 KnotOffshore KNOP 19.25 1.8 RH RH 643.97 1.1 VillageBank&Tr VBFC 44.00 -1.1 CloopenGroup RAAS 10.06 -6.6 MotionAcqnWt MOTNW 0.70 -11.1 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest FortressTransPfC FTAIpC 27.31 0.6 KoninklijkePhil PHG 60.97 -0.3 RR Donnelley RRD 5.30 6.4 VMware VMW 172.00 3.6 CognyteSoftware CGNT 23.32 1.2 NGL Energy NGL 1.92 -3.4 session. %CHG-Daily percentage change from the previous trading session. FortressValueIV FVIV.U 10.10 0.1 KontoorBrands KTB 64.43 -1.7 Rayonier RYN 37.31 0.5 VulcanMatls VMC 177.10 0.6 ConcertPharm CNCE 4.17 -4.1 NeuBaseTherap NBSE 5.78 -2.3 FullerHB FUL 67.84 0.7 KronosWorldwide KRO 17.30 2.4 RealtyIncome O 67.44 0.5 WPP WPP 68.34 0.2 ContextLogic WISH 11.82 -1.0 NeuroBoPharm NRBO 3.06 -3.4 Monday, April 19, 2021 GencoShipping GNK 12.63 7.4 LGI Homes LGIH 170.47 0.8 ResoluteForest RFP 16.67 7.8 WasteConnections WCN 117.13 -0.3 ContraFect CFRX 3.84 -6.3 NewVistaAcqnWt NVSAW 0.77 -9.4 GeneralFinNts25 GFNSZ 27.88 1.6 LSB Inds LXU 6.42 0.6 RexfordIndlRealty REXR 55.25 0.8 Watsco WSO 286.94 -0.2 Cuentas CUEN 2.75 -4.4 Nikola NKLA 10.20 -6.3 52-Wk % 52-Wk % 52-Wk % GeneralFin GFN 19.30 0.1 LabCpAm LH 263.62 -0.6 RichmondMutBncp RMBI 14.63 0.4 WellsFargo WFC 44.40 0.1 DecarbonizaPlusA DCRB 9.93 -0.6 NovusCapII Wt NXU.WS 0.92 -4.2 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Gerdau GGB 5.94 0.7 LargoResources LGO 17.37 6.7 Rogers ROG 202.39 -0.1 WestFraserTimber WFG 88.48 -0.7 DecibelTherap DBTX 9.28 -0.5 NuvveHolding NVVE 8.24 -0.4 GladstoneCap GLAD 10.85 0.7 LennoxIntl LII 336.50 0.5 RoyalBkCanada RY 95.14 -0.7 WestPharmSvcs WST 317.19 0.9 NuZee NUZE 3.12 -8.7 Atlanticus ATLC 35.74 8.0 ChunghwaTel CHT 40.84 0.4 EQ Health Wt EQHA.WS 0.43 -6.9 GladstoneInvt GAIN 14.15 0.2 LeviStrauss LEVI 29.28 -2.6 SLM SLM 19.59 0.9 WestAllianceBcp WAL 104.85 1.9 ON24 ONTF 41.34 -4.3 AtriCure ATRC 69.682.4 CtznCmntyBcp CZWI 14.79 2.6 EdgewiseTherap EWTX 23.56 -1.2 Highs GladstoneLand LAND 21.78 -0.3 LifeStorage LSI 93.31 1.8 SLR Sr Invt SUNS 16.41 0.7 WesternUnion WU 26.24 1.0 OscarHealth OSCR 22.50 -3.9 AuthenticEquityA AEAC 9.87 -0.6 CocaColaCon COKE 312.00 1.5 EdocAcqnWt ADOCW 0.26 -1.3 GlbNetLeasePfdB GNLpB 26.28 0.5 LiveOakBcshs LOB 72.64 -0.5 SVB Fin PfdA SIVBP 27.42 -0.7 WestRock WRK 54.99 -0.8 PainReform PRFX 2.85 13.9 Aflac AFL 53.71 0.2 AutoNation AN 98.37 0.4 Coca-Cola Euro CCEP 55.67 0.4 EnvlImpactWt ENVIW 0.70 -0.6 GlobalPtrsPfdA GLPpA 28.28 1.2 LloydsBanking LYG 2.43 0.8 SafeBulkersPfdC SBpC 25.28 -0.3 Weyerhaeuser WY 39.78 -1.1 PatriaInvts PAX 15.30 0.3 AG Mortgage PfdA MITTpA 25.07 0.7 AutoZone AZO 1516.59 0.6 ComfortSystems FIX 81.52 0.4 EsportsTech EBET 18.65 -20.7 GlobalPtrsPfdB GLPpB 27.17 1.8 LouisianaPacific LPX 69.02 1.2 SantanderCons SC 31.49 0.2 Wiley A JW.A 57.60 -1.3 PluristemTherap PSTI 4.03 -5.5 AGNC Invt AGNC 17.50 -0.8 AveryDennison AVY 200.94 ... 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B10 | Tuesday, April 20, 2021 * THE WALL STREET JOURNAL. BANKING & FINANCE Launder Case Hits Banks Whitehorse Raises

BY PATRICIA KOWSMANN $4 Billion for Fund

Failures to policemoney laundering procedures hit two BY PREETI SINGH bard said. major banks in Europe,deal- Whitehorse had abusy year ing a further setback to a re- Secondary investor White- in 2020,deploying $3 billion gion that has struggled to stop horse Liquidity Partners has in deals while morethan dou- financial institutions from collected $4 billion forits bling the sizeofthe firm, in serving as conduitsfor illicit fourth fund, blowing past its terms of the number of people transactions. target of $3 billion. on board, to 85 professionals, ABN AmroGroup NV said Thefund, Whitehorse Li- Mr. Robard said. Monday that it had agreed to quidity PartnersIVLP, is dou- Mr.Robardfounded White- payaround $575million to ble the sizeofits predeces- horse in 2015 and spent 13 settle acriminal case accusing sor,which closed on $2 yearsatthe Canada Pension the Dutch lender of violating billion in October 2019.Ofthe Plan Investment Board, where money-laundering and terror- newfund’s112 investors, 66 he led secondaries and co-in- ism-financing regulations re- arenew to Whitehorse,ac- vestmentswhen he left. Since peatedly for several years. cording to Yann Robard, the its inception, Whitehorse has Also Monday, the head of firm’sfounder and managing raised morethan $7.5 billion S Denmark’s largest bank, Dan- partner. and deployed$6.3billion NEW

skeBank AS,resigned afterhe G Toronto-based Whitehorse across75transactions,accord- wasnamed as asuspect in the investsinpreferred equity ing to a news release. ABN Amrocase.Chris Vogel- secondarydeals,purchasing Thefirm has raised succes- OOMBER

zang wasanABN Amroboard /BL preferred securities in an un- sively largerfunds in quick member beforeDanskehired derlyingprivate-equity asset succession. It collected $402 him in 2019.Heheld various BOER or portfolio,according to a million forWhitehorse Liquid-

positions at ABN Amrofrom PETER document from the Pennsyl- ity PartnersILPbythe time 2000 to 2017, including as ABN AmroGroup settled charges of legal violations for$575 million. Its headquarters in Amsterdam. vania Public School Employ- it closed in 2017, followedby head of global retail and pri- ees’ Retirement System, $1 billion forWhitehorse Li- vate banking. threeformer managerswere criminal groups. powertofight money launder- which pledged $200 million to quidityPartnersIILP, which In stepping down from Dan- under investigation in its “ABN Amromust have ing, which is currently mostly the latest fund. it wrapped up in 2018,and ske Bank, Mr. Vogelzang said probe,but didn’t disclose their missed manysigns of money dealt with on adomestic level. During disruptions from the then doubledthat amount he didn’t want speculation names. laundering and other forms of Discussions,however, have coronavirus pandemic,pre- with Whitehorse Liquidity about his role at ABN Amroto Prosecutorssaid the bank financial and economic crime takenaback seat because of ferred-equity transactions be- PartnersIII. getinthe way of the Danish failed to conduct proper dili- over anumber of years,” a the pandemic. came “mainstream” and ac- As of Dec. 31, 2019, White- bank’scleanup.Danskehired genceofclientsand the origin prosecutor said. Dutch authorities have been counted for14% of all horsefunds I, II and III pro- him following amassive of their money and that docu- In astatement, ABN Amro particularly tough regarding secondarytransactions last duced ablended net internal money-laundering scandal of ments and data on customers said it wastaking measures to anti-money-laundering en- year, up from 9% in 2019, ac- rate of return of 18.4%, accord- itsown, disclosing in 2018 were missing and incomplete. improveits controls,including forcement. In 2018,prosecu- cording to areport from advi- ing to the Pennsylvania pen- that itstinyEstonian branch It also said the bank paid little by increasing the number of tors fined ING Groep NV over soryfirm Campbell Lutyens & sion system document. hadmoved morethan $230 attention to cash transactions, employees working to detect $900 million forits money- Co. Buyers in these deals got Whitehorse is targeting 10 billion from Russia and other which tend to have higher risk risk. The bank said it “deeply laundering failings. That case greater downside protection to 15 transactions forthe new former Soviet states over sev- of money laundering. regrets the situation and rec- is stillhanging over the new while borrowers took advan- Fund, ranging from $100 mil- eral years, undetected. In one instance, ABN Amro ognizes the seriousnessofthe chief at UBS Group AG, Ralph tage of the speed and flexibil- lion to $500 million, mainly in “I leftABN Amromorethan allowedaperson to open a matter.” Hamers, afteraDutch court ity provided by preferred eq- North AmericaorEurope,the four yearsago and am com- bank account in 2014—and Europe’soverlapping juris- orderedaprobe intohis role uity, the report said. Pennsylvania pension docu- fortable with the fact that I gavethe account alow-risk dictions have made it prone to in the scandal. Mr.Hamers “The pandemic educated ment shows. managed my management re- rating—even though it knew money-laundering mishaps.It was ING’s CEO before moving the market in terms of the dif- Other investorsinprevious sponsibilities with integrity the customer had been in- has often fallen to U.S. prose- to UBS in November. ferent solutions available in Whitehorse funds include the and dedication,” Mr.Vogel- volved in fraudsince1995. cutors and regulatorstoen- Amsterdam-listed shares of the secondarymarkets, giving MinnesotaState BoardofIn- zang said. Prosecutorssaid movements forcechanges.The U.S. used ABN Amro closed up over 2% tailwinds to wherethis market vestment and the Alaska Per- In Monday’ssettlement, on the account didn’t fitthe its purview over dollar trans- Mondayonthe settlement. can go in the future,” Mr. Ro- manent Fund Corp. Dutch prosecutorslisted ase- clients’ alleged businessactiv- actions globally to effectively Danskeshares listed in Copen- ries of problems it found be- ities,and therewerecash de- shut down Latvian bank ABLV hagen fell more than 2%. The tween 2014 and 2020 at ABN positsusing €500 notes, in 2018 afteritbecame aha- Danish bank said it had ap- Amro, which is morethan 50% which were arisk factor for ven for dirty money. pointedits chief risk officer, Consulate Health Unit owned by the Dutch govern- money laundering.Policesus- European authorities have Carsten Egeriis,aschief exec- ment.The prosecutorssaid pect the client worked for tried to boost the continent’s utive, replacing Mr.Vogelzang. Seeks Buyer, Payout

BY SOMA BISWAS atwo-month delayinthe sale Libor Alternative Gains Strength deadline, from May to July. Abankrupt unit of nursing- Unsecured creditors, includ- home operator Consulate ing Ms.Ruckh, who accused BY JULIA-AMBRA VERLAINE the end of 2016,according to a during thepandemic-fueled Health Care woncourt ap- her former employer of over- report from ARRC. market swingslast year,when proval to put itself up forsale, billing Medicareand Medicaid, Financial-industry pioneer Chief financial officers and swingsinthe bond market along with the rightstotry to were unable to alter the direc- Richard Sandor is ramping up lenderssaid they need one- forced Fedintervention. But collect on a$258 million whis- tion of the bankruptcy case. his effortstocompeteinthe and three-month options,like some worrythat without a tleblowerjudgment against its CMC II is planning to sell itself race to replacethe London in- those offered by Libor,tomir- large secondarymarket forfu- other nonbankrupt corporate and itslitigation claims tied to terbank offered rate,which rorexisting contractsand tures and swaps,the new affiliates. the whistleblowerjudgment to helpsset borrowing costson avoid complexcalculations. benchmark could be prone to CMC II LLC,aback-office an affiliateofConsulate, which everything from mortgages to Mr.Sandor said his new the same manipulation that managerfor Consulate-run is offering $3 million forthe business loans. Ameribor Term-30 rate fits upended Libor. nursing homes, filed forbank- assetsaswell as providing a Mr.Sandor—who helped within existing bank models, J. Christopher Giancarlo, ruptcy in March along with two $5 million bankruptcy loan. createinterest-ratefutures in giving it an edge over SOFR. former chairman of the Com- affiliated nursing homes,say- JudgeJohn Dorsey of the

the 1970s and launched his JOURNAL Thenew Ameribor rate is modity Futures Trading Com- ing they couldn’t paya$258 U.S. BankruptcyCourt in Wil- ownreplacement forthe scan- based on short-term funding mission, said in awebinar million judgment they faced for mington, Del., on Fridayap- REET

dal-marred short-term inter- ST data collected by the Deposi- hosted by Mr. Sandor that he overbilling government health proved thecompany’sproce- est-ratebenchmark in 2019—is LL tory Trust and Clearing Cor- wassurprised regulatorswere programs.CMC is nowseeking dures foracompetitivesale expanding offeringstoinclude WA poration, which processes pushing asingle benchmark, to sell itself out of bankruptcy, THE

one-month and three-month R trades forWall Street. That especially one reflecting Wall and has named aConsulateaf- borrowing rates. Ameribor is FO data includes commercial pa- Street’sborrowing costsin- filiateasthe lead bidder after Litigation financiers set on the American Financial per—a market that reflectsthe stead of Main Street’s. it offered $3 million.

Exchange,which wasfounded FRENCH costs for companies to access “The lack of choiceissome- Theassetsupfor sale in- have expressed by Mr.Sandor and is where money forperiods ranging what striking—I find it odd cludeCMC’slegal rightsto

NDON interest in buying

banks lend to each other LY from 30 to 270 days. thereisofficial sanction to seek compensation from its through mutual lines of credit. Richard Sandor “Ameribor Term-30 is de- movetoone benchmark,espe- solvent corporateaffiliates the legal claims. Some small and medium-size signed to be a‘plug-in and cially for a market as diverse over the judgment that bank- lendersfavor Ameribor be- Banks andcompanies want a play’ replacement forone- and complexasthe U.S. bank- rupted it. Litigation financiers cause it changes with their referenceratethat reflectsthe month Libor,fostering an easy ing industry,” said Mr.Gian- have expressed interest in pur- funding costs. risks from short-term lending, transition for operations and carlo.“Theproblem with Libor chasing the legal claims,ac- processfor CMC II, the litiga- Thebenchmark poses a supported by amarket that accounting departments,” said is that we had one rate. Don’t cording to testimonybyCMC’s tion claims and two nursing challengetothe Secured Over- behavesinapredictable man- Mr. Sandor. we hazard the same risk?” top restructuring officer. homes that arepart of the night Financing Rate,the Li- ner,toensurethat loans are Meanwhile, the committee Pressuretomakethe switch Lawyersfor unsecured bankruptcy.Maitland, Fla.-based bor alternativepreferred by affordable for borrowers and of banks and regulatorsbehind is mounting.The Fedrecently creditors, including the whis- Consulate, officially named La- manyWall Street banks and profitable for lenders. SOFR said in March that it warned banks that they could tleblowerwho wonthe judg- VieCareCenters, and itsother regulatorsand which currently TheAlternativeReference wouldn’t recommend longer- face regulatory consequences ment, Angela Ruckh, arewary 138healthcarefacilities aren’t only offers an overnight rate. RatesCommittee, agroup of term SOFR ratesfor nowbe- if plans aren’t in placetomove of the legal claims ending up part of thechapter 11. Major U.S. corporations and largebanks and investment cause the derivatives market away from the benchmark be- in thehands of the lead bid- ThejudgeallowedCMC to regional banks have been firms convened by the Federal hasn’t grownenough to sup- fore it expires forsome der.Incourt hearingson keep aMay deadline forwrap- clamoring forlonger-term Reserve to find asubstitute, port arobust forward-looking shorter-dated dollar rates on Thursdayand Friday, they said ping up the sale of the two ratesbeforethey choose anew selected SOFR in 2017. But benchmark. Dec.31. Smaller banks said that putting CMC in the hands bankrupt nursing-home opera- benchmark. corporations and banks have SOFR is based on the cost they favorAmeribor because of aConsulateaffiliatethat tors to the third-party bidder, Linked over decades to tril- been slow to switch. of transactions in the market it reflectsthe cost of funds hasnot filed forbankruptcy Assisted 4 Living Inc. lions of dollarsoffinancial Loans tied to Libor have forovernight repurchase tradinginfinancial markets would simply burythe judg- Unsecured creditorsargued productssuch as mortgages grownoverthe past year in- agreements, or repos,where forbanks that aren’t among ment, which could otherwise that the goal of the sale of andcorporateloans,Libor is stead of dwindling,sparking large banks and hedgefunds the Fed’sexclusivetrading be asserted against other Con- CMC II and the litigation slated for replacement by the warningsfromregulators. borrow or lend to one another partners—also known as pri- sulate units. claims is to shield Consulate end of 2021. Finding a substi- Around $223 trillion worth of using U.S. Treasurys as collat- mary dealers. These smaller By Friday, the only conces- affiliates that aren’t in bank- tute poses amajor challenge contractsnow referenceLibor, eral. Analystsand officials banks typically don’t have ac- sion wonbyMs. Ruckh and ruptcy from having claims as- forthe financial industry. compared with $199 trillion at said SOFR proved resilient cess to repo markets. other unsecured creditorswas serted against them as well.

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THE WALL STREET JOURNAL. ***** Tuesday, April 20, 2021 | B11 MARKETS Stocks Finish Lower Across the Board

BY ANNA HIRTENSTEIN Share-priceand indexperformance, Monday AND AKANE OTANI 15% Stocks were draggeddown by losses acrosseverything from technologyshares to re- 10 tail stocks. Harley- Davidson Investorsstarted the week on asomewhat cautious note. GameStop Astring of blue-chip compa- 5 nies arescheduled to report earningsthis week and offer aviewonbusinesses’ expec- 0 tations forthe paceofeco- S&P500 nomic revival. Money manag- ersare looking to gauge Tesla whether stocks’ high valua- –5 tions arejustified afterthe Dowand S&P 500 hit closing Peloton recordslast –10

MONDAY’S week. GES 10 a.m. 11 noon 1p.m. 234 MARKETS “After abig IMA move, youget a Source:FactSet ETTY

pause of breath and a bit of a /G

reassessment,” said Caroline weekend that people with firstquarter and raised its ANO IS

Simmons, U.K. chief invest- young children or pets forecast formotorcycle reve- CC

ment officer at UBS Asset shouldn’t use the connected- nue forthe year. LO Management. “People arere- fitnesscompany’streadmills. On the earningsfront,

assessing,waiting fornews Tesla declined $25.15,or companies including Procter MICHAEL flow that might indicatethat 3.4%, to $714.63after two &Gamble, Netflix and Lock- Peloton fell 7.3% after a federal agency’s warning about the connected-fitness company’s treadmills. growth and inflation remain men died in aTesla vehicle heed Martin arescheduled to on track.” that crashedintoatreeSat- post resultsthis week. tureisgoing to remain very from CoinDesk.Turkey’s cen- lating that the U.S. Treasury TheDow Jones Industrial urday. Authorities believethe As of Friday, 81% of S&P buoyant acrossthe picture tral bank said Fridayitwould could makeasimilar deci- Averagefell 123.04points, or vehicle wasoperating with- 500 companies that had and forthe momentum to ban the use of cryptocurren- sion, he said. 0.4%, to 34077.63,backing out anyone in the driver’s posted resultsexceeded ana- stay very positive,” said Fa- cies for payments. Overseas,the pan-conti- away from Friday’srecord seat. lysts’ expectations forearn- had Kamal, chief investment “The [cryptocurrencymar- nental StoxxEurope 600 close. Meanwhile, GameStop ings, according to FactSet. officer of Kleinwort Hambros. ket] is really on edgeright inched down 0.1%, snapping a TheS&P 500 lost 22.21 rose $9.68, or 6.3%, to Meanwhile, 84% beat ana- “Aslong as earningsmeet now,” said Joel Kruger,acur- four-session winning streak. points, or 0.5%, to 4163.26 $164.37 afteritsaid itschief lysts’ expectations forsales. what areveryheightened ex- rencystrategist at LMAX. Early TuesdayinAsia, and the Nasdaq Composite executivewould step down. Investorshoping the stock pectations,the rally cankeep “Therewereconcerns over Japan’sNikkei Stock Average declined 137.57points, or 1%, Harley-Davidson shares market’sclimb will continue going.” theweekend afterTurkey wasdown1.8%, Hong Kong’s to 13914.77. jumped $3.91, or 9.7%, to saythey arecounting on Late in the day, bitcoin came out with the news of Hang Seng Indexwas down Peloton fell $8.46, or 7. 3%, $44.29 afterthe motorcycle earningsresultstocontinue stabilized at $56,175.38after major regulatoryrestrictions 0.1% and South Korea’sKospi to $107.75after afederal makerreported better-than- impressing to the upside. plunging almost 12% over the coming intoforce.” wasup0.2%. S&P stock fu- safety agencysaid over the expected sales resultsfor the “I expect the earningspic- weekend, according to data Some traderswerespecu- tures were up 0.2%. Investors Chinese Asset Manager’s Bonds Recover

Cool on BY XIE YU in astatement that investors 110 cents investorsmight eventually be year resultsoranannual re- AND CHONG KOH PING said waspositivebecause it forced to accept repaymentsof port. showedauthorities were en- 10% to 20% lessthan they were Defaultsbystate-backed Bonds Asteep selloff affecting tens gagedwith the issues,evenif 100 owed. “Thereremains signifi- Chinesecompanies have be- of billions of dollarsofoff- it wasbrief and broad. cant uncertainty over Hua- come morecommon in recent shoredebt from amajor Chi- “Fromthe current situation, 90 rong’slong-term position. Re- years, as China has tried to ContinuedfrompageB1 nese financial institution has the operation of several finan- structuring plans could be a dispel the idea that it will al- PriceofaHuarong Longer term, however, Mr. partiallyreversed, aftercom- cial asset-management compa- prolongedexercise given the waysmakecreditorswhole. Finance4.25% Yaoexpectsglobal fund manag- mentsfromthe banking regu- nies is stable,the main operat- 80 complexity of itsbooks,and But Huarong’ssizeand itsdi- bond duein erstoincrease their holdings, lator helped reassureinves- ing indicators, regulatory possible need forrecapitaliza- rect ownership by the central November 2027 sincethey areveryunder- tors. indicatorsare in areasonable tion,” Mr.Chang said. government set it apart from weight compared with bond in- However, China Huarong range. Please rest assured,” 70 But Jefferies analystsled by companies that have failed to dexesthey track,such as the AssetManagement Co.’sin- said Xiao Yuanqi,vicechair- Shujin Chen wroteinanoteto repaycreditors. BloombergBarclays Global Ag- ternational bonds were still man of the China Banking and 60 clientsSundaythat market Huarong had 1.73 trillion gregateIndexand benchmarks tradingconsiderably below InsuranceRegulatoryCommis- worries were probably over- yuan of assetsasofmid-2020, calculated by JPMorganChase face value on Monday. Some sion. done,given this wasasystemi- the equivalent of about $265 &Co. market participantssaid afur- In China, the term asset- 50 cally important state-owned billion, andhas some $22bil- Athirdindexprovider,FTSE ther rally would requiremore management companies can Jan.’21 Feb. March April enterprise,orSOE, backed by lion of international bonds out- Russell,said recently it plans to clarity on Huarong’sfinancial refertoaquartet of firms that the central government. “Mar- standing.The companyisma- add China to itsWorld Govern- health and anypotential re- were created in the late1990s Source:Tradeweb ketislikely overly concerned jority owned by the Ministryof ment Bond Index over three structuring. to help handle the problematic on Huarong, as we expect no Finance. years, alonger time frame than The bonds tumbled after debtsofChina’sbiggest state- maybetrying to calm offshore default foranormal operating One concern forinvestorsis manyinvestorsand analysts Huarong unexpectedly missed owned banks.Huarong is the market jitters in other ways. central SOEthat is toobig to whether international bonds expected. FTSE Russell is aunit aMarch deadline to release its largest of these bad-debt man- Last week,the Hong Kong fail,” they said. could be at adisadvantage, of London Stock Exchange 2020 financial results, pending agers. branch of astate-backed bank Huarong has sufficient li- given most were issued by off- Group PLC. what it called a“relevant Huarong’sdollar bonds re- wastold by itshead officein quidity,its operations aresta- shoreunitsand aren’t directly Mr.Yao said further inflows transaction,” and with little bounded lateFridayand rallied Beijing not to sell anymoreof ble and it has paid off matur- guaranteed by the parent com- intoChinese sovereign debt more information from Hua- further Monday. One 4.25% itsholdingsofHuarong’soff- ing bonds this year as pany, but areinstead covered could reach $160 billion over rong or Chinese authorities. bond maturing in 2027 shorebonds,aperson familiar scheduled, the companysaid by weaker pledges known as the next three years. Similarly, Investment-grade offshore climbed in pricetoabout 81 with the mattersaid. Fridayafter amanagement keepwell agreements. More Mr.Pang at J.P. MorganAsset bondsfromother Chinese centsonthe dollar,according ChangWei Liang,amacro meeting.Itadded that it was than three-quartersofHua- Management expectsforeign companies had also come un- to Tradeweb. Thebonds had strategist at DBS Bank,said a working with itsauditor and rong’sglobal bonds arecov- holdings could total15% of the der pressure. hit an intradaylow of 53.8 full recovery in Huarong’s would publish its2020 annual ered by keepwells,said Charles Chinese government-bond mar- On Friday, Chinese regula- centsonthe dollar Thursday. bond prices wasunlikely.He report in due course.The com- Chang, Greater China country ketwithin three to five years. tors broketheir earlier silence, Chinese authorities also said market pricing suggested panyhas yettopublish full- lead at S&P Global Ratings. Thecurrent figure is about 10%. So far,overseas investors have largely stucktobuying 10-yearRussian debt issued by China’scentral U.S. Sanctions government bond yields government and by ahandful of state-owned lending institu- 7.2% tions known as policybanks. They have been slowertobuy Squeeze Russia’s 7.0 yuan-denominated corporate debt. 6.8 In total, their holdingsofall Government Debt sortsofonshoredebt totaled 6.6 3.56 trillion yuan at the end of March, the equivalent of $546 BY MATT WIRZ sia’sbonds and itscurrency billion, according to figures bucked theexpectations of S 6.4

compiled by Bond Connect Co. Russia’smarketsreacted some Wall Street banks,which PRES modestly to U.S. sanctions last had predicted that Russia’s 6.2 ZUMA

Foreign holdings of Chinese week,but the country’sbonds strong balancesheet would S/ government bonds have been weakening for help it outperform other AS 6.0 months,indicating that forin- emerging-market countries in 2.5 trillion yuan vestors, geopolitical pressure 2021. Russia had lownet debt is outweighing the country’s relative to its gross domestic RPUKHIN/T 5.8 KA economic strength. product, according to data Jan. ’21 Feb. March April 2.0 GEI

Thesanctions announced from S&P Global Ratings, and SER Note:DataasofFriday April 15 barsU.S.banks and analyststook comfort in the The U.S. has gradually restricted investors’ trading in Russian debt. Source:FactSet 1.5 institutional investorsfrom government’s commitment to buying newRussian govern- conservative fiscal policy. ingaround 5.49%, compared Investment banks were tutions’ trading Russian debt ment ruble-denominated “The only reason anyofthe with approximately 4.42% at bullish on Russia coming into in secondarymarketsiften- 1.0 bonds at auction. There- bonds trade with arisk pre- the end of December.A 2021, in large part because of sion between Moscow and sponse to Russia’s alleged cy- mium is because of the risk of spokesperson for the Russian actions itsgovernment had Washingtonintensifies,he berattacks and election inter- sanctions and the possibility financeministrycouldn’t be takentodefend against finan- said. “You have to expect more 0.5 ferenceispart of abroader they’llescalatefromhere,” reached for comment. cial pressurefromthe U.S. and sanctions,” he said. strategybythe Biden adminis- said Grant Webster,aportfolio Russia has slid to the 18th- Europe.Bank of America TheU.S.has gradually re- tration to pressureRussia fi- manager who helps invest largest component of awidely ranked Russia as the best of stricted investors’ trading in 0 nancially.The U.S. in March about $4.5billion in emerging- followedBlackRock Inc.ex- the big emerging-market Russian debt. The Trump ad- 2020 ’21 released an intelligencereport market debt at Ninety One change-traded fund invested in countries in aDecember re- ministration imposed sanc- Note:1trillion yuan =$153.4 billion on the alleged election med- PLC. One of the mutual funds emerging-market local-cur- port, citing its “large positive tions in 2018 barring U.S. enti- Source:China CentralDepository &Clearing Co. dling and has stepped up trade Mr.Webster co-manages re- rency bonds, from fifth in Oc- net foreign assets, the lowest ties from buying debt of some sanctions for Russia’s alleged duced itsallocation to Russian tober,according to marketing public debt, asmall fiscal defi- companies and individuals use of chemical weapons. government bonds to 3.65% in materials for the fund. cit and even acurrent account with ties to the Kremlin in re- AUCTION RESULTS Thenew measures stopped Februaryfrom4.54% in Janu- Demand forthe ruble might surplus—despitelow oil taliation foralleged election Here are the results of Monday's Treasury auctions. short of prohibiting purchases ary, according to datafrom be waning as aresult of the prices.” interferenceand hacking.The All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference of Russian government bonds Morningstar Inc. sanctions. Heightened risk in Oil is Russia’sbiggest ex- following year the ban wasex- between that price and the face value. in the open market, a step in- Theyield on Russia’s10- Russiacould have prompted port, and the priceofBrent panded to purchases of new vestorsand analystssaid year government debt wasjust investors to sell the currency crude has risen about 29% this Russian government bonds is- 13-Week26-Week Applications $157,473,442,400 $180,899,578,700 would have had amuch above7%last week,relatively last week to buy the South Af- year. Yet the country’s bonds sued in foreign currencies, Accepted bids $63,723,248,000 $60,369,110,200 greater chilling effect. Still, unchanged from beforethe rican rand, according to re- have underperformed. That is such as the dollar or euro. " noncomp $590,296,600 $443,758,300 " foreign noncomp $244,000,000 $300,000,000 thediplomatic campaign has newsanctions but about 1.1 search by MorganStanley.An- primarily because of potential Thenextstepwould be to Auction price (rate) 99.993681 99.979778 coincided with an increase in percentagepointshigher than alystsatthe bank changed U.S. sanctions,said Tim Ash, a start limiting trading of exist- (0.025%) (0.040%) Russian bond yields andarel- at thestart of the year,ac- their recommendation on Rus- bond strategist at London- ing debt, Mr. Webster said. “I 0.025% 0.041% Bids at clearing yield accepted 3.48% 64.95% atively modest decline in the cording to data from FactSet. sian interest-ratetrades to based investment firm Blue- don’t think chances of that are 912796C49 912796G60 ruble,boosting the Russian Therise in short-term rates “neutral” from “like” based on BayAsset Management. The very high right now, but it’s Both issues are dated April 22, 2021. The 13-week bills mature on July 22, 2021; the 26-week bills mature on government’s funding costs. has been morepronounced, expectations of arateincrease new restrictions set the stage totally still on the table,” he Oct. 21, 2021. Thedeterioration of Rus- with the two-year yield hover- later this month. forafurther ban on U.S. insti- said. P2JW110000-4-B01200-1------XA

B12 | Tuesday, April 20, 2021 **** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Investors Look Beyond Pandemic Coca-Cola Issues Alert Stocksriseacrossthe board, but sectorsexceeding expectations the mostaren’tdoing particularly well Over Global It is shaping up to be astellar earningsseason forstocks,particu- larly cyclical ones such as banks and Virus Cases retailers. Theproblem is that the market mayalready be moving on. Coca-Cola threw a cold bottle Because the U.S. economy is of Dasani water on multinationals’ emerging from the Covid-19 crisis, hopes for a rapid global recovery. most analysts thought first-quar- ThebeveragecompanyonMon- ter numbers would be good. So far, dayreported decent quarterly they have been much better than earnings, saying organic revenue good: By the end of Friday, S&P that strips out currencymoves 500 companies that had reported and portfolio changes rose 6% had beaten profit expectations by from ayear earlier in the quarter a combined 30%, according to ended April 2. However, this was FactSet, compared with a five-year against amiserable quarter in average of 7%. 2020 when the coronavirus pan- Were the earningsseason to demic wasspreading from Asia maintain this trend, it would be and Europe to the U.S. Theresult- the highest number on record.The ing lockdowns have been punish- largest surprises have come from ing forCoca-Cola as they continue Wall Street’sbig banks,which are /REUTERS to curtail out-of-home sales in TIF

the firstblue chips to report— LA places such as restaurantsand MorganStanley shruggedoff a sporting venues.

$911 million loss from the Archegos ADREES Global unit case volume in March implosion—as well as consumer- U.S. retail sales for March were the strongest in 10 months. Customers at a Gucci store in Houston last year. of this year finally caught up with goods firms such as Lennar. the same month in the pre-Covid-19 Optimism is reinforcedbythe lat- acquisition vehicles has waned. S&P500,reportedearnings by sector relativetoanalysts’ forecasts* eraof2019,the companysaid. For est economic data. In the U.S.,retail Why is this happening? One all of 2021, the companyleftits sales forMarch were the strongest possibility ventured by profes- Consumer discretionary 114% prior forecast unchanged forhigh- in 10 months.EveninEurope,where sional investors is that the market single-digit organic revenue growth. Financials 38 therehas been lessfiscal support is worried about cost increases YetChief ExecutiveJames Quincey forthe economy, figuresare coming putting pressure on profit margins Healthcare 21 warned analystsonaconferencecall in strong.This bodes well forthe further down the line. Materials 20 Mondaynot to expect astraight-line earningsseason thereaswell. Theworryislikely premature. recovery from this point, noting that But something strange is hap- Yetitisatestament to the fact Technology 6.3 confirmed Covid-19 cases globally hit pening: While stocks are up across that, during the pandemic,investors Consumer staples 6.2 ahigh last week. the board, those sectors beating have anticipated the futureearlier While some countries such as expectations the most aren’t doing than usual. Last year’s bear market Industrials –188 the U.S. and the U.K. are making particularly well. The most glaring wasboth the fastest and shortest- rapid progress on vaccinations and example is the KBW Bank Index, lived ever; investors—perhaps S&P500 sectors, pricegains forthe week through April 16 beginning to reopen, Mr. Quincey which actually fell last week. thinking of the 2009 recovery said, “you’ve got countries that are This mayhavetodowith a rally—jumped back intoequities af- Utilities 3.7% going in the exact opposite direc- lending slump that is worrying terbarely amonth. By the fall, they Materials 3.3 tion with cases shooting up and some analysts. Manyalso fear were already starting to priceina Healthcare 3.0 more levels of lockdowns.” that the bar forcyclical sectors post-lockdown consumer boom. Real estate 2.7 Mr. Quincey didn’t name any will still provetoo high to clear: Now, they could be looking way Consumer discretionary 2.0 specific countries, but cases are Profitsinthe consumer-discre- past the immediatereopening. Technology 1.1 surging in huge markets including tionarysector areforecast to rise When compared with 2022earn- Financials 0.7 Brazil and India. 96% and 141% from ayear earlier ingsexpectations,shareprices of This is especially concerning for Energy 0.6 in the U.S. and Europe,respec- consumer-facing firms appear more multinationals such as Coca-Cola, tively.Historically,though, even stretched than those in other indus- Telecom 0.3 which last year derived only one- optimistic profit expectations tend tries.Moregenerally,quality stocks thirdoftotal revenue from North to be comfortably surpassed in re- tend to do betterinlater stages of MSCI World Quality Index, cumulativechange America. Theone saving gracefor covery years. an economic expansion, which the relativetothe broaderMSCIWorld Index such companies is that the U.S. dol- There may be something market mayalready be anticipating. 10 percentagepoints lar remains weak relativetomany broader at play. Around the middle “Old economy” sectorsare under- global currencies,making their of March, undercurrents that had represented in this category. 8 overseas earningsworth morein driven markets since October sud- While marketsare always forward 6 dollar terms.Coca-Cola said this denly shifted: Discounted stocks looking,the natureofthe Covid-19 would result in aconsiderable tail- started underperforming, as did crisis mayhavestretched their dis- 4 wind of 5to6percentagepointsto smaller ones, and “quality” firms— counting mechanism to anew ex- 2 earnings-per-sharegrowthinthe those with a lot of cash and less treme.This doesn’t mean “reopen- second quarter.Ifthe U.S. recovery debt—staged a comeback. Mean- ing” shares have runout of road, but 0 continues to dramatically outpace while, Treasury yields have headed investorsneed to think well beyond 2020 ’21 the rest of the world, though, then down a bit, and enthusiasm for avintagequarter forprofits. *Data forthe firstquarter of 2021,surprises measured through April 16 even that maynot last. public listings and special-purpose —Jon Sindreu Source:FactSet —Aaron Back China’sDigital Yuan Is No Threat to the Dollar

Excitable commentatorswho say desire to do so, and sanctions China’sdigital yuan is athreat to aren’t a major factor in the limited S the dollar should take the word of use of the yuan abroad.

NEW Chinese central bank deputy gover- The yuan’s global usefulness as G nor Li Bo,who said on Sundaythat a unit of account or a medium of the country’sdigital yuan isn’t an exchange—two of the three tradi- OOMBER effort to displacethe greenback. tional functions of money—might The yuan’s digitization is fasci- one day be improved with broader

LARICH/BL nating in terms of its political im- international use. But its function

UZ plications and regarding the new as a store of value, the third leg of KA economic levers it might give the the stool, is almost totally severed

MARK government domestically. But it by China’s capital controls. The apparatus of testing, treatments and vaccines forCovid-19 should be an opportunityfor the industry in the years ahead. offers relatively little as a tool to The range of options to foreign- boost the yuan’s limp international ers who find themselves with a presence, let alone as a weapon to pile of yuan is minimal, compared After Crisis, Don’t Forget Healthcare Stocks challenge the dollar’s supremacy. with a pile of dollars, euros or yen. As the currencyofthe world’s China has far fewer high-quality largest trading economy, the yuan assets, and the government’s The business of healthcare looks costs, higher unemployment and throughout the industry, as hospi- punches belowits weight. According squeamishness about outflows of as strong as ever. But lately, health the impact to patients of having tals had to halt elective procedures to an International MonetaryFund capital make the risk of not being stocks are a very different story. deferred routine care in 2020. in some cases and some patients study published in 2019,datafrom able to retrieve funds far higher. Through Monday, health stocks Deal activity is still fairly strong: chose to defer nonemergency care. 2016 suggeststhat around 93% of Digitization may speed up have returned about 7% so far this Life-sciencesupplier Thermo Fisher But the backlog created by those China’simportsand 95% of itsex- transactions and remove some of year. That lags behind the S&P 500 Scientific announced last week a delays should shrink steadily as portsweredenominated in dollars. the friction involved in interna- by about 4 percentage points. A deal to purchase the pharmaceuti- the pandemic moderates. Mean- Not much seems to have tional payments. But it won’t broad index of small biotechnology cal-testing company PPD for$17.4 while, Covid-19 is likely to linger changed. In February, the yuan’s transform currencies people don’t shares is down so far this year, as billion in cash and stock,aroughly well after the pandemic is over: shareofglobal paymentswas 2.2%, want to hold into currencies that other similarly speculative assets 24%premium. U.S. regulatorsgave The public-health apparatus of compared with February2016’s they do. For most international have surged. That underperfor- the green light to drugmaker Astra- testing, treatments and vaccines 2.45%, according to datafromthe business, the yuan still sits in the mance belies the reality that the Zeneca’s planned acquisition of should be an additional steady Society forWorldwide Interbank former camp and shows little sign health economy, which accounts Alexion Pharmaceuticals,which business opportunity for the in- Financial Telecommunication. Even of moving out. —Mike Bird for nearly 18% of gross domestic wasearlier than investorshad ex- dustry in the years ahead. For ex- that overstates itsinternational product, is largely back to normal pected. Alexion shares shot higher ample, Pfizer Chief Executive Al- use: Aconsistent three-quartersof Percentage of imports invoiced after a year of pandemic-driven in response. bert Bourla has said it is likely itstotal global paymentsare con- in U.S. dollars, 2016 disruption. Healthcare investors should al- that people who receive Covid-19 ducted in Hong Kong. The first-quarter earnings sea- ways be wary of changes to regu- vaccines will need booster shots. Speaking to the U.S.-China Eco- China 93% son is off to a strong start. Unit- lations governing insurance cover- Meanwhile,valuations arefairly nomic and Security ReviewCommis- edHealth Group, the largest pub- age, drug pricing and other key reasonable,especially in amarket sion last week,Martin Chorzempa, India 86 licly traded U.S. insurer and an business factors. There is some un- characterized by wild speculation senior fellowatthe Peterson Insti- Brazil industry bellwether, said Thursday certainty there—for instance, the in storystocks and cryptocurren- tutefor International Economics, 84 that revenue grew 9% from a year Biden administration has yet to cies.UnitedHealth trades at about said that he has yettosee acon- Canada 75 earlier in the first quarter and in- nominate a permanent commis- 21 times this year’s forecast, while vincing argument of howdigitiza- creased its 2021 earnings forecast. sioner of the Food and Drug Ad- Pfizer shares canbehad forabout tion really promotes global use. Japan 71 The company now expects to earn ministration. Still, any wholesale 12 times.Both multiples arein Transactions may be faster than between $18.10 and $18.60 a share change to the status quo seems line with historical valuations in traditional bank transfers. But for Turkey 59 on an adjusted basis this year, unlikely in the near term, as the recent years. major global corporations, imme- U.K. 47 good for roughly 9% growth from administration has focused on Should the currently boundless diacy is far from the foremost con- 2020. That forecast includes a other priorities. Meanwhile, long- enthusiasm for speculation dimin- cern. They would have to acquire Germany 23 pandemic-related hit to earnings run industry tailwinds, such as an ish, these stocks will look more yuan to make the transactions in of about $1.80 a share, resulting aging population, remain intact. like a portfolio tonic than an the first place. Digitization could France 22 from factors such as extra The onset of the pandemic affliction. skirt U.S. sanctions, but most in- Covid-19 testing and treatment caused significant financial losses —Charley Grant ternational businesses will have no Source:International Monetary Fund P2JW110000-0-S00100-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | S1

Aspecial report by Barron’s magazine,aDow Jonespublication GUIDETOWEALTAPRILH20,2021

The SmartWay to AddCryptocurrencies To Your Investment Portfolio P. 3 DIVING WhyMoreCompanies AreBuying Bitcoin P. 4

InvestorsAre Clamoring forCrypto. Here’sHow AdvisorsAre Responding P. 7 INTO BITCOIN

What to Know Before Trying To Catchthe BitcoinWave

The cryptocurrencyhas reached atipping point that investorscan no longer ignore. But plentyofvexing questions remain—including whether the price run-up reflects abubble.

By DarenFonda tipping point. Brokerages suchasMorganStanley retail andinstitutional investorssnapuprelative- (ticker: MS)say that investorsshouldadd it to ly thin supplies.Inaclimateoffearoverinfla- ostofuslikethe dollar.It theirportfolios. CompanieslikeTesla (TSLA) tion andmonetary debasement,proponentssay has lasted for centuries, andMassMutualhaveboughtlarge sums.Afew that Bitcoinwill hold itsvalue more than “fiat” survived twoworld wars, taps on your phone canplopitinadigitalwallet currencies likethe dollar,yen,oreuro. Eventual- the GreatDepression, on PayPal (PYPL),where it canbeconverted to ly,theyargue,itwill live in harmonywithpaper and asiegebyinflation. It cash to make apurchase.Ifyou’d liketotrade it, currencies in theglobaleconomy. workspretty well as ade Square (SQ) andRobinhood will oblige.Bitcoin Whilethe Bitcoingenie maybeout of the M facto global currency.Do debitcards arecomingfromVisa(V) andCoin- bottle,it’sfar from omnipresent.Obstacles we reallyneed apurelydigital alternative—one base Global (COIN). include technologicalhurdles,price instability, thatisn’t backed by the Federal Reserve,lives only Yetifyou’rewondering what Bitcoinis—and taxation policies,and governmentsthatdon’t on acomputer network, consumes vast quantities whetheryou should ownit—you’re notalone. want afreewheelingdigital tokenusurpingtheir of electricity,and has no intrinsic value? Bitcoinand othercryptocurrenciesaren’tintu- monetary policies or financial regulations. Illicit That profile describesBitcoin,ofcourse, andit itivelygrasped—they’re “mined”fromadigital usesofBitcoin,including moneylaunderingand is having amoment. storagedepot andpumpedintocirculation taxevasion,abound. Authoritariangovernments With Bitcoin’smarketvalue topping $1 throughadecentralized computer networkcalled have alreadycracked down.China,for instance, trillion—following a1,000%surge in thepast ablockchain. Prices forBitcoin,which sits atop hasbecomealeaderinblockchaintechnology year alone—it maybereachinganeconomic an expandingcryptoecosystem,may be rising as Continued on thenextpage

Illustration by Kyle Bean Reprinted from the April 12, 2021, issue of Barron’s P2JW110000-0-S00200-1------XA

S2 | Tuesday, April 20, 2021 THE WALL STREET JOURNAL.

GUIDETOWEALTH

Continued from theprevious page andmining, butBitcoin itself poses athreat: Beijinghas banned banks andother financial firms from trans- acting in it,and shut down domestic crypto exchanges. Beijingisnow rollingout adigital yuan,controlled by itscentral bank,partlytotry and offsetBitcoin’s appeal. Anotherhurdlefor Bitcoinisfind- ingwaystomineitwithout turning it into anotherglobalsmokestack. TheglobalBitcoin networknow emits60million tons of carbon di- oxide into theatmosphereannually, roughlyequivalenttocountries such as Greece, estimatesBofASecurities. Some analysts arguethatmostBit- coin is minedwithclean energysuch as wind andsolar.But reportingon Bitcoinenergy consumption relies on questionableassumptionsabout electricity generation andusage. Andasthe pricerises andtrading volume increases,sodoesthe envi- ronmentaltoll; BofA estimatesthat every$1billion of inflowintoBitcoin is likeputting 1.2million cars on the road (and notthe Teslakind). Perhapsthe most vexing ques- tion iswhetherit’satrillion-dollar bubble.Bitcoin’s market valuehas pusheditpastthatofMastercard (MA),HomeDepot (HD),and Exxon Mobil(XOM) combined.Cryptos overallare worththe entire high- yieldbondmarket, accordingto Morgan Stanley. YetBitcoin acts more likeathinlytradedstock than aliquidlarge-cap;mostofthe Bitcoin that hasbeenmined is ownedby long-termHODLers—or thosewho neverexceed 21 million Bitcoins, environmentaltoll. Bitcoin’s annual- Above:Bitcoin-mining machines “holdonfor dear life”—and doesn’t accordingtothe system’s design. ized energyconsumption hassurged line the shelves at aserverfarm in actuallycirculate,and theprice may About18.6million have been created $1 M to 135terawatthours,doublingin Guizhou, China. be inflatedbylarge purchases.In- throughmining. Butthe amount of thepastyear, accordingtothe Cam- deed, 95%ofall Bitcoiniscontrolled newBitcoin that’s issued is designed The price that Bitcoin would have to bridge BitcoinElectricity Consump- Stablecoins suchasUSD Coin are by2.4% of theaccounts, according to halveevery four years. Newcoins reach to become the world’s fifth- tion Index. That is more electricity collateralized at a1-to-1ratio with a to BofA,and 20%ofthe supply may arenow minted at arateof6.25 largest carbon emitter than countriessuchasSwedenor standard currency.Some$20 billion besittinginlostorstrandeddigital every10minutes,indicatingthatthe Ukraineconsume in ayear. in stablecoins arenow in circulation. wallets, accordingtoChainalysis. mint will rundry in theyear2140. Some,orperhaps most,ofthat Even if Bitcoindoesn’t take off “How bubbly is this market?I WhileBitcoin haskickedaround electricity maybegenerated by as atransaction currency,itcould thinkit’sverybubbly,” says Carmen formorethanadecade,it’snow renewableresources suchaswind, gain appeal as an alternativeasset. Reinhart,chief economistofthe World rapidlygoing mainstream.Trading 95% solar, hydro, andgeothermalactivi- As digitalgold, it mayalready be Bank.“It maynot take anymelodra- in Bitcoinfutures andrelated stocks ty.Muchofthe world’sminingtakes pressuring prices forthe real yellow ma in athinmarkettoreverse most or is gainingmomentumasWallStreet of all the Bitcoin that has been placeinChina (65%), alongwith metal.One waytovalue Bitcoinis allofthe pricegains.It’snot likethe andfinancial-technologycompanies produced is controlled by 2.4% of Iceland, Canada,andothercountries in relation to thetotal gold held by Treasury market.Wehavetoexpect invent newwaysfor investorsto the accounts. Bitcoin actsmorelike with relativelyinexpensiveenergy. theprivate sector,which amountsto huge pricevolatility in Bitcoin.” gain exposure.Banks,brokerages, athinly traded stock than aliquid Indeed, renewables accountfor 73% about$2.5trillion.Bythatmea- Othereconomistsargue that exchanges, andadvisory firms are large-cap. of theenergy mixinthe mining sure,one Bitcoinshouldbeworth whileBitcoin is an innovative building theinfrastructuretoturnBit- network, accordingtoCoinShares, a $146,000,accordingtoJ.P.Morgan, technologywithcompellinguses, it coin into an assetlikestocksorbonds, Bitcoinasset manager. nearly triple thecurrent price. lacksany intrinsic valuetosupport anticipating that it will work itsway Butthe math looksfuzzy.InChi- Proponents arguethatBitcoin itsprice.“Bitcoinissimplyaword,” into 401(k)sand otherretirementac- tionsper hour,comparedwith236 na,minersmigrate seasonally:They couldworkbetterthangoldasa says Willem Buiter,the former chief counts.Fidelity Investments, VanEck, million forVisa’snetwork,according setupshopinregionswhere hydro hedgeagainst inflation.MorganStan- economistfor theEuropeanBank andother fund sponsors aretryingto to BofA.Effortsare underway to is cheapand plentifulinthe summer leywrote recently that a2.5%posi- forReconstruction andDevelop- persuade regulators to approveaBit- accelerate Bitcoinprocessingwith andthendecampasthe generators tion incrypto couldimprove portfolio ment.“It’s notsomething youcan coin exchange-tradedfund, following second layers of processing,includ- produceless, packingupfor places returns. Butits benefitshinge on eatortouch,use as aconsumeror Canada’s approval of BitcoinETFs. ingnew “lightning”protocols,but it’s likeInner Mongolia, whereelectric- correlationstoassetslikestocksand producer formanufacturing.” Even Coinbase hasbeenone of themost still farbehindcardnetworksand itycomes largelyfromcoal. Buthow bonds. Andits correlation to cyclical gold,the closestanalogy, hasusesfor anticipatedpublic offerings this automatedclearinghouses, or ACHs. much mining is actuallygenerated assets appearstoberisingasitgoes jewelryand manufacturing. Worries year.Its market capof$86 billion at People transact in dollars, yen, by renewables isn’tknown.“Mining mainstream,wrote J.P. Morgan. aboutinflation andpaper currencies theend of itsfirstday of tradingon andeuros, whichare stable, wide- in Chinaispredominately renew- Rivalcryptos couldcoexist. losing valueare legitimate,hesays, April14valuesthe crypto exchange ly accepted, andwovenintothe able, butit’sverydifficult to getexact Investorscould hold Bitcoinasan andinvestors maywantahedge. at more than theNasdaq,Cboe financial fabric.Bitcoin’s volatility numbers,”saysChristopher Bendik- investment or inflation hedge, while “I’m just arguingthatBitcoin isn’tit. Global Markets, or Intercontinental makesitunsuitablefor large-scale sen, head of research at CoinShares. usingother,more-stablecryptos as a It’s purelyaspeculative bubble.” Exchange,parentofthe NewYork purchases orcontracts, andrising Even if mining is relativelygreen transaction currency.Ether maybe What is Bitcoin? Thestory starts StockExchange. transaction fees create economic in China, it’s farlessclean in other better fortransactionsasaprogram- with SatoshiNakamoto, amysteri- Bitcoinisalso gettingvotes of friction.SellingyourBitcoin to buy hubs,including Kazakhstanand mablecurrency, butit’slessappeal- ousfigure—orgroup—who devel- legitimacy from some influential something mayalso be ataxable Iran. Theindustrialopportunity ingasastore of value, partly because oped adigital currency that anyone investors. Elon Musk bought $1.5 event, sincethe Internal Revenue cost of alloftheenergyconsumedby it’s scarcity isn’tknown.“No onecan couldsendand receivethrough a billion forTesla’s treasury.Hedge ServiceclassifiesBitcoin as proper- Bitcoinisn’t known—though elec- tell youhow many etherexist,and decentralizedcomputernetwork. fund iconsPaulTudor Jonesand ty,not acurrency. tricityisn’t entirelyfungibleacross theEthereumnetwork changesall Transactionsare validatedand StanleyDruckenmiller have invest- Itsquasi-legalitymight eventu- regions. Andasthe pricerises,the thetime,”saysAdamPokornicky, a recorded by independentlyoper- ed.HowardMarks,co-chairman of ally be itsundoing,saysHarvard electricity toll does,too.Ifthe price Bitcoinentrepreneurand registered ated computers, knownasminers, OaktreeCapital Management, wrote economistKenneth Rogoff, author were to reach$1million,upfrom investment advisorfor digitalassets. whocompete to solvecryptographic recently that hisskepticismabout of TheCurse of Cash. Governments $58,000,Bitcoin wouldbecomethe Even thosewho saythatBitcoin is puzzles,known as “proof of work” Bitcoin“hasnot borneout,” adding throughout historyhaveconsistently world’sfifth-largestcarbonemitter, abubblethink it’s likelytostay. The (hence thetermcryptocurrency). that hisson “thankfullyownsa quashedchallengestotheir curren- passingJapan,accordingtoBofA. WorldBank’sReinhartpointsout Theminer whosolvesthe puzzle meaningful amount forour fam- cies andmonetary policies,hesays. Bitcoin’sproponentsdon’t view that Bitcoin’sprice is beingfueledby first shares theresults across the ily.”Arepresentativefor Oaktree Bitcoinposes athreatbecause it can anyofthese issues as deal breakers. severaltrends: thesearchfor yield, network. Otherminersverifyifthe declined to comment. also be usedfor criminal activity and Forone thing, crypto momentum is government stimulus payments, solution is correct,and once acon- Whetherthiswill allcrash isn’t maybetough forlaw enforcement nowself-perpetuating.The higher demographicshifts, andtechnology. sensus is reached, transactionsare known, of course,which mayex- to monitor. “I view thefinancialin- theprice,the more capitalgets Some arelong-termtrends. And bundledtogetherindigital “blocks” plainsomereticence to discussing it novation as very promising,”Rogoff pumped into developing afinancial whilewemight notthink of using andadded to an electronicrecord, or publicly.Indeed,avariety of factors says,“butgovernments aren’t going ecosystemthatcanhandle larger Bitcoinasasubstitutefor thedollar ledger,calledablockchain, whichno couldtakethe wind outofBitcoin. to sitontheir handsforever in the transactionsand broadenthe appeal in theU.S., it’s farmoreappealing onecontrolsand anyone cansee. Forone,there’s competition. face ofmethodologies wheretransac- to institutions. Bitcoinhas become in places likeLebanon,Nigeria, and In return forrunning thenetwork, Bitcoinisone of thousandsofcryp- tionscan’t easily be detected.” theNorth Star ofthecryptouni- Venezuela, whichhaveunstablecur- miners earn newlymintedBitcoin tocurrencies,manyofthem“forked” Anotherobstacle, less widely verse, says Citigroup, whichalso rencies, hyperinflation,orpotential andashare of transaction fees.The off theBitcoin blockchain.Ether,on discussed, maybeBitcoin’s rising viewsitatatipping point. forsavings to be confiscated.“If you higher theprice,the more profitable theEthereumnetwork,offers some Custodyservices, security,and live in acountry with capitalcon- mining canbe, dependingonelectric- advantages.The currency canbe liquiditystill aren’t closetomain- trols, whereyou have uncertainty itycosts andcomputing power. programmed with “smart con- stream finance,but they’reim- aboutthe future of thecurrency, that To transact in Bitcoin, you’ll need to tracts,”meaning that transactions To theMoon provingasfirmslikeBNY Mellon is theheart of thestory,” she says. open an accountthrough an exchange betweenparties caninclude con- andFidelity getinvolved. Bitcoin Rogoffagrees: “There arealways Bitwise AssetManagementasked or app, andstore it in adigital wallet. ditions: Ashipmentofgoods from exchangeshavebecomemoresecure, goingtobepockets of theworld financial advisors to predictwhere CompanieslikePayPal andSquare Chinatothe U.S. mightcross the followingseveral large-scalehacks whereitcan be used,”hesays, Bitcoinisheadedinfive years. have made it asnaptobuy through oceanatapresetGPS coordinate,for andthefts. Over-the-counter trading though he adds that “current valua- theirapps; Coinbase is anotherpopu- instance,atwhich pointthe goods deskscan handle largeorder sizes, tionsgofar beyond thoseend uses.” larplatformfor custodyand trading. maychangeownership,along with a whileprime brokerages—usedby Worried aboutinflation or the Thebeautyofthe system, chunkofether. institutions—areprovidingbest- 15% 19% dollar losing value? Some advisors launched in 2009,arises from afew Centralbanks arealso eyingdig- execution practicesand obtaining still sayit’sbesttoavoid Bitcoin. keyfeatures. Oneisdecentralization: ital currencies builtonblockchain insuranceagainst theft. Derivatives Mike Klein, an advisortohigh-net- No person or authoritycontrolsthe technology. China’smovetocreate tradingisalso flourishing,creating worthclients with Baird, recom- 16% blockchain.Transactionsare re- adigital yuan maybethe first of more liquidityfor exposure.The mendscommodities,realestate, and corded only afterallof thecomputer severalcentral-bankdigital cur- 17% system is becoming “increasingly thestock market itself—assetsthat nodes, operatingindependently, rencies. CBDCs arepeggedtopaper professionalized,”saysCiti. wouldgainvalue in an inflationary provetheir validity—enhancing currencies andwould fluctuate Bitcoinmay neverbecomelegal climate. “If youwantanasset that security over ledgersoverseenby with standard exchange rates; they 33% tender—but itcouldcontinueworking isn’tcorrelated with anything but humans.Indeed,itwould take a wouldn’t be asubstitutefor Bitcoin itsway into thesystem, assuming the speculation,thisisit,”hesays. massivemininghacktoalter the andother cryptosthatfunction inde- financial police cankeeptabsonit. Indeed, whilestocksfollow blockchain,which is improbablebut pendentlyofcentral authorities. But ■ $0 -$9,999 Bank regulators don’twanttostifle earnings andbonds trackinterest notimpossible.Asapeer-to-peer they couldcompete againstcryptos ■ $10,000 -$24,999 innovative blockchain technology, rates, Bitcoin’spricesmay simply network, thesystemoffers pseudo- as amediumofexchange, usedfor ■ $25,000 -$49,999 saying in Januarythatbanks could be supportedbythe belief that it anonymity, though transactionsand international moneytransfers,for ■ $50,000 -$99,999 participateinblockchainnetworks will oneday give thedollarastrong accounts aretraceable. instance,potentially at lowercosts. ■ $100,000+ anduse “stablecoins,” or digitaltokens run. In otherwords, there’snogood Bitcoin’sscarcityisalso akey TheBitcoin networkitselfisrather that cansmoothtransfers between reason to buy, unless youthink the attraction.The global supply can slow, handlingjust14,000 transac- Source:Bitwise AssetManagement crypto andstandardcurrencies. priceisgoing up.

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THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | S3

BARRON’S SPECIAL SUPPLEMENT

By Nicholas Jasinski

t’sharder than ever to dismiss Bitcoin as afad or afraud, and even longtime skeptics have come around to at least agrudging acknowledgment thatcryptocurrency isn’t I going away.Digital assets are rapidlyentering the mainstream, and financial advisors are fielding myriadquestions from clients about this rapidlygrowing asset class. Big-name investorslikePaul TudorJones andStanley Drucken- miller revealedBitcoin allocationsin 2020,while institutionsincluding Fidelity Investmentsand Morgan Stanleyhavemade it possible for advisors andwealthmanagement clientstopurchase Bitcoinontheir platforms. Butfor allthe hype,adoption by professional investorsremains in theearly stages.Accordingtoa recent BitwiseAsset Management survey,about 9% of financial advi- sors currentlyhaveanallocation to crypto assets in client portfolios, while24% said they ownedthem in theirpersonalportfolios. Four in fivefinancialadvisors said theircli- ents askedthemabout crypto assets in 2020,and 17%saidtheyplanned TheSmart Wayto to invest viaclientportfoliosin2021. “Weare approachingthe tipping point,”saysRic Edelman, alongtime advisorwho nowrunsthe RIADigital Assets Council, aresourcefor educat- Wade Into Bitcoin ingadvisors aboutblockchaintech- nologies andcryptocurrencies. “In the past severalyears,the question was, ‘Why areyou investinginBitcoin?’ Thequestionisnow becoming,‘Why Crypto will playabigger role in client portfolios as its popularitygrows.But diving straight in can be risky. aren’t you?’”Edelman says. Snappy comebacksaside,there aremanyreasons to invest in Bitcoin— andsomereasons notto. Therationale up theirBitcoin purchases,you end thevolatility of Bitcoin, rather than volatility will be reduced,”hesays. tution to offer Bitcoinonits platform forinvesting is thebeginning of the up with asupply/demand mismatch treating it solely as arisk. Thedown- “Thatistrueofany assetclassor foradvisors andmoneymanagers— road mapfor howtoapproach incor- that’s potentiallyprettysizable.” side is that thestrategy mayrequire emerging investment youcareto supporting custody, trade execution, porating Bitcoinand othercrypto- Anet inflowof$93 million into tradingoften,and commissions look at.Its neophyteelementswill andreporting functions—and it currencies into aportfolio. Bitcoincan cause a1%increase in its couldadd up. begintosmoothout.” planstoadd ether, thecoinbasedon Some buyers thinkofBitcoin as a price, accordingtoaBofASecurities Investorscan also take adollar- Ethereum blockchain technology, venturecapital–likebet on an emerg- analysis in March. That’s less than cost-averaging approach:Rather CHOOSE YOUR PRODUCTS. laterthisyear. It also recently filed ingtechnology that will transformthe 1/20th of theinflow required to than investingthe full 2% of their In themeantime, there’sstill a with theSecuritiesand Exchange waypeople payfor goodsand services move gold by thesameamount. portfolios in Bitcoininone trade, logistical hurdle foradvisors looking Commission to launch aBitcoin andtransfermoney internationally— Institutional acceptance doesn’t buildupthatallocation over three, to getintocrypto-asset investing exchange-tradedfund. likebuyinganupstart Visa (ticker: mean therewon’t be anothercrash six, or 12 months to smoothout the on behalf of theirclients.Adding “Our core focusistoprovide insti- V) or PayPal Holdings (PYPL) in the intheprice of Bitcoin. It’s still arisky volatility that’s likelytooccur over Bitcointoclientportfolios, charging tutionswiththe ability to safely store earlydaysofthe credit-cardordigi- assetwithanuncertain future,due that span. fees on it,and fulfillingback-office andtransactdigital assets of alltypes,” tal-payments boom.Otherssee it as to abevyofpotential pitfalls—not As theasset classmatures,Edel- record-keeping andtax-reporting re- says TomJessop, president of Fidelity more similartoinflation-countering limited to government regulation or mansaysits volatility will decline. quirements isn’tassimpleasbuying DigitalAssets. “It’saveryfamiliarex- “digital gold,” whilesomeare looking technologicalobsolescence. “Asthere’s greaterinstitutional agiven stockorbond. Butthingsare perience foratraditional institution.... to increase theirportfolio’s diversi- ownershipofBitcoin andthe price moving in that direction. Most of theinterestnow is on Bitcoin, fication with anuncorrelated asset. CONSIDER BITCOIN’SNON- rises,itisreasonabletoexpectthat Fidelity wasthe first majorinsti- andthat’swhere we started, butour Whatever thereason, afew things to CORRELATION. Withoutcash long-termviewisthatwe’re agnostic keep in mind are: flows or otherfundamentalstoderive as to what theassetsare.” value, Bitcoin’sfutureprice trajectory Morgan Stanleyrecentlymade STARTSMALL. No matter the will remain atopic of debate. Butout- HowAdvisorsAre ApproachingCrypto Bitcoinfunds availabletocertain rationalefor buying cryptocurrency, side of periodsofintense cross-mar- Forall thehypeabout cryptocurrencies, adoption by professional wealth managementclients, while startingwithanallocation of 3% or ketstresslikeinMarch 2020,its investorsremains in theearly stages.Thatcould soon change. JPMorgan Chase (JPM)isreport- less gets investorsready to stomach priceshouldremainuncorrelated to edly planning newcrypto-related some volatility.Swingsof10% or whatever stocks,bonds, or commodi- Do youcurrently allocate If not, do youplantoallocate to services.BankofNew York Mellon 20%ormoreinthe span of aweek ties aredoing.Inother words, there’s to crypto in clientaccounts? crypto in clientaccountsin2021? (BK) said in February that it would arehardlyuncommonfor Bitcoin. apotential portfolio-risk-reducing, 2% soon offer custodyofBitcoin and Foranasset that volatile,itdoesn’t andSharpe-ratio-increasing,diver- othercryptoassetsfor itsclients, take alarge allocation to have a sification benefit to having aBitcoin followingasimilar move by North- 9% significant impact on aportfolio’s re- allocation,evenifits future returns 15% 15% ernTrust (NTRS).The newlypublic turn.And in aworst-case scenario, can’tmatch itspasttrajectory. cryptocurrency exchange Coinbase should Bitcoin’svalue fall to zero,an Versus thestock market,Bitcoin hasalso offered aregulated crypto allocation of afew percentage points hadacorrelation of just 0.11 from custodianservice forinstitutional won’truinthe investor or client. thestart of 2018 throughNovem- investorssince 2018.Manyother Theupside, meanwhile, couldbe ber2020, accordingtodatafrom 28% upstartcrypto-onlyexchanges won’t much,muchgreater.The return of Leuthold Group’schief investment meet thecomplianceand custody more than fivemillion percentsince strategist,Jim Paulsen. That com- 40% requirements of most advisors. Bitcoin’sinception in 2009 won’tbe pareswithbonds’ andstocks’ -0.24 91% Andthere areexistingover-the- repeated, butbulls’long-termtargets correlation andgold’sand stocks’ counteroptionsfor advisors whose arestill exponentiallyhigherthan 0.31.(1isaperfectly positive correla- mandates allowthemtobuy assets today’sprice.Whereas forecastsof tion,-1isaperfectly inverserela- ■ Yes ■ DefinitelyYes notlistedontraditional exchanges. long-termstock returnsare given tionship,and 0means no correlation ■ No ■ ProbablyYes Grayscaleoffers anumberofpub- in termsofsingle- or double-digit whatsoever.) Bitcoinalso hadacor- ■ Unsure liclytradedtrusts, thetwo largest percentage growth peryear, Bitcoin relation with bondsofunder -0.01in ■ ProbablyNot beingthe GrayscaleBitcoin Trust forecaststendtobequoted as a“5x” that same period. ■ DefinitelyNot (GBTC) andthe GrayscaleEthere- or “10x”return. um Trust(ETHE)—whileBitwise IEQCapital is aCalifornia-based EMBRACEVOLATILITY. Bit- offersafundthattracksabasket assetmanager andfinancialadvisor coin’s immensevolatility haskept What is thepreferredvehicle From wherewould youfund an of thetop 10 cryptocurrencies by with $12billion in assets under many investorsawayfromcrypto forinvesting in crypto? allocation to crypto in client capitalization,theBitwise10Crypto management. Thefirm recently assets in general, butthere’s another portfolios? Indexfund(BITW). Thoseshouldbe 4% 1% 5% startedaddinga1%to3%allocation waytothink aboutthatvolatility. 4% availableinmostbrokerage accounts to Bitcoinfor clientswho canafford “Manypeople look at thevolatility likealmostany othersecurity, with theriskand arecomfortablewith of Bitcoinand think, ‘I don’twant dailyliquidity.But theirstructure 10% holdingcryptoassets. IEQnow has that.’ Idisagree,”saysPaulsen.“Be- 10% resemblesmutualfunds more than $80million in Bitcoinacross allof cause it’s so dramatically volatile,you ETFs,and it’s worthnotingthat itsportfolios, whichits co-CEO Eric canexploit it [byrebalancing often].” Grayscale’s2%managementfee on 17% Harrisonanticipates will doubleor Paulsenand Edelmanbothadvise 51% itscryptocurrencytrustsismean- triple in thenot-too-distantfuture. having ahard-and-fastruleabout 16% ingfully higher than most passive Harrisonisbullish on Bitcoin’s keepingaportfolio’s Bitcoinalloca- 64% vehicles on themarket. pricecontinuingtoriseasmore tion on target.Takeaportfolio with Some advisors canalso take on institutionsand investorsadoptthe atarget2%position as an example. 18% crypto exposure viaseparately cryptocurrency.Henotes that total When Bitcoin’sprice dropsand its managed accounts or turnkeyasset supply is capped, andthatalarge weight in theportfolio fallsto1.5%, managementprograms, whilehigh- proportion ofBitcoins haven’tbeen an investor should buybackupto ■ Exchange-TradedFund ■ Alternatives net-worthoraccreditedinvestorcli- exchangedinoverayear. “The total 2%—and likewisesellbackdownto ■ Direct OwnershipofIndividualCoins ■ Equity ents have avariety of otheroptions number of Bitcoins that actually 2% when Bitcoinrallies andits port- ■ Traditional Mutual Fund ■ Cash availabletothem, as well.“There’s trade—whatyou canconsiderthe folioweightrises to 2.5%. As long ■ Closed-End Fund ■ Commodities really no reason foranadvisorto float—isafairlysmall number,” as Bitcoin’soverall trendremains ■ PrivateFund ■ FixedIncome say, ‘I have to wait foranETF,’ ” Harrisonsays. “Asinstitutions, cor- up,it’sadecentstrategy to winover ■ HedgeFund says Edelman. “Because they don’t porates, and[moneymanagers] step thelong term.Ittakes advantageof Source:Bitwise AssetManagement anymore.”

Illustration by Kyle Bean P2JW110000-0-S00400-1------XA

S4 | Tuesday, April 20, 2021 THE WALL STREET JOURNAL.

GUIDETOWEALTH WhyCompanies AreBuyingBitcoin

Companies arebeginning to see value in owning crypto as an asset and using it as acurrency. Expect moretojump on boardsoon.

By AviSalzman

year ago, Bitcoin wasjustacuri- osity for many companies. That’s starting to change. More than A twodozen public companiesnow ownsomecryptocur- renciesontheir balancesheets. Many more arestartingtoofferservices topeople interested in buying Bitcoin or to companiesthatwanttohold it oraccept it forpayments. PayPal (ticker: PYPL)made aparticularly big splashlastmonth when it started allowing some users topayatcheckout with theircryptoholdings, as smooth- ly as they wouldwithaMastercard. HelpingtopushBitcoin further into themainstreamhavebeen traditional Wall Street institutions that arefiguring outhow to update theircurrent systemstoofferthe same services forcryptothattheydo forcash. Bank of NewYorkMellon (BK), thenation’s oldest bank,announced in February that it wouldsoongive customersthe same access to and protection forcryptocurrenciesthat they getfor stocks andother assets. “Our view is that digitalassets arethe future;theyare here to stay,” says Mike Demissie,who is leading thebank’sefforts. Thefinancial “rails”now beingbuilt forcryp- Left:aBitcoin ATMinPoland tocurrencies will oneday be used forother assets,suchasbonds and PayPal’s decision to bringcrypto funds, he predicts.“Thelargertrend directly to thecashregisterwas will continue to grow,and that’s why monumental.But thepaymentswill we have this conviction andcommit- be convertedintocashbeforethey ment behind it.” hitthe merchants’ accounts.The Because owning Bitcoindirectly same goes forMastercard (MA), comeswithsecurityrisks,financial whichissimilarly planning to allow institutionscan charge forservices, people to buythingsatstoreswith likecustody,thattheyalready theircryptoholdings. Forpeople provide forother assets.Bydevel- whodoso, there’sacatch:Under opingsystems to help clientshold Internal RevenueService rules, each andtrade cryptocurrencies,they purchase wouldbeconsidered a canearnthe same kinds of fees that taxablecapital gain if theBitcoin has they do on otherinvestments—and appreciatedinvalue. perhapsmore. Despitethe obstacles, Visa (V) Demissie expectsthatBankof andMastercard arepositioning NewYorkMellon maychargea themselves as majorplayers in the premiumtoits traditional custody crypto ecosystem. AtrueBitcoin services when it launches laterthis networkwould supplant thecredit- year.“Theactualservice fees areyet card networks entirely, because to be determined, butIwouldn’tbe people couldtransactdirectly over surprisediftheycomeinhigherbe- theinternet. Visa,however,sees cause of theriskthatthisasset class many otherusesfor cryptocurren- represents, includingthe additional cies that will allowittoplayapart. technologyrequirements,”hesays. Thecompany hasbegun allowing Forthese institutions, theroster crypto-focusedcompanies to settle of potentialcorporate clientsis Toroso Investments, whichcreated involved todayare exactly thekinds institutions“want to seehow some- payments with Visa usingdigital growing. Amongthe companies an exchange-tradedfundcalled of middlementhatBitcoin wassup- thingdoesthrough an economic shock assets rather than having to convert that have embraced Bitcoinare AmplifyTransformational Data posedtoeliminate. of sortsthatwehaveroughly once a them into traditional currencies payments companySquare(SQ)and Sharing(BLOK)totrack companies Still,the purist view of Bitcoin decade.” Andcrypto“notonlydid not first.Ithas builtwidgets that allow electric-vehiclemaker Tesla(TSLA), involved in cryptocurrencies and hasbeensupplantedwithamore die, it’s performedverywell.” bankstogivecustomers theoption whosechief financial officer recently blockchain technology. flexibleethos—and thebeginnings Thereare limitstothe corporate of buying cryptocurrencies from took thetitle of Master of Coin.Both Thegrowing prominence of of aregulatory structure—that has embraceofBitcoin.Mostpublic theirwebsites. Andithas teamed up companieshavepurchasedBitcoin financial firms in Bitcoinisreflected made thespace more welcomingto companiesthatown it arecrypto- with crypto-focusedfinancialfirms fortheir corporatetreasuries. in Toroso’s ETF. Aboutaquarter corporations. focused, andaren’thousehold to help them issueVisacards to cus- Some financial companiesare of itsinvestments areinfinancial Coming outofthe crisis,corpora- names. AGartner survey of 77 fi- tomers,and hasevenbackedacredit also buying in directly.Insurance playerslikePayPal;another quarter tionsthathaveembracedcryptoare nancialexecutivestaken in February card that givescustomers rewards giantMassMutual—knownmore is in publicly tradedBitcoin miners; bandingtogethertolobby lawmak- foundthatonly5%plantobuy it for in cryptocurrency.Crypto-backed forannuities andother less-flashy about10% is invested in companies ersonfutureregulations. Fidelity, theirtreasuriesthisyear. Another credit-cardcustomers canthen fare—announced in December that it that make chipsusedincrypto Square,and Coinbase Global arepart 84%don’t expect to ever owniton spend theirearningsatmerchants, hadpurchased$100million worth mining,likeNvidia(NVDA)and of anew Crypto Councilfor Innova- theirbalance sheets. whodon’t have to worryabout the of Bitcoin. Aspokeswoman called it Taiwan SemiconductorManufac- tion that launched in earlyApril. Andmostcompanies that are tricky part—handlingand convert- part of “our broaderstrategy to cap- turing (TSM); andasimilar portion “You’regoing to seeagreat con- incorporatingitintotheir business ingthe Bitcoin. italizeonevolvingopportunities,” is in investment firmsthatbet on vergence over thecourseofthe next models aretakingbabysteps for “The valueofthatismerchants whilenotingthatthe investment thewidercryptoecosystem,suchas fewyears betweenthe cryptocurren- now. Square lets usersofits Cash don’tneed to upgrade theirterminals makesupjust0.04% of thecompa- Galaxy Digital(GLXY.Canada). cy financial system andthe tradi- Appbuy andsellBitcoin,but mer- andfigure outhow to integratewitha ny’s generalinvestmentaccount. CorporateAmerica’s embraceof tional financial system,” says Zac chants whouse Square can’taccept blockchain,” says CuySheffield,who Thecompanies with thelargest cryptocurrencies is amajor shift. Prince,CEO of BlockFi, whichsitsin it,and it isn’tclear when they will. leadscryptoeffortsatVisa. investmentsinBitcoin tend to be TheoriginalBitcoin whitepaper, themiddleofthatconvergence. Thecompany experimented with Corporateadoption hasspedup, runbypeoplewithapersonalaffin- whichexplained howsoftware BlockFioperateslikeacrypto allowing Bitcoinpurchasesback andwithit, theprice of cryptocur- ityfor cryptocurrencies.Square’s knownasblockchains couldallow bank,payinginterestondepositsfrom in 2014,but abandonedthe project rencies. It hasbeenavirtuouscircle, Jack Dorsey,Tesla’s Elon Musk,and forpeer-to-peer payments, was Bitcoinownersand lendingittohedge when fewmerchants wanted to use wherecorporate adoption hashelped business-softwarecompany Micro- specificallydesignedtobypassboth fundsand family offices.Princesays it.ASquarespokeswoman says that spur theprice,and therisingvalue Strategy’s(MSTR)Michael Saylor corporateand government gatekeep- that Covid-19acceleratedthe shiftto Bitcoin’sinfrastructurewasn’tready then persuadesmorecorporations fall into this category.All threecom- ers. Some of thecompanies getting corporateadoption,because financial to beusedatscale forpurchases. to jump on board. Therealtestmay panies ownsubstantial amountsof come in thenextBitcoin downturn. Bitcoin, andare experimentingwith Untilthen, theparlor game usingitinnovel ways. continues: Whowill be next to buy Teslanow allows people to buy Bitcoinonthe BalanceSheet Bitcoin? vehicles directly with Bitcoin. Severalpubliccompanieshavebeenbuying Bitcoin fortheir corporate treasuries. “It’smostlikelythatthe ones that Square,meanwhile,has an in-house do it next aregoing to be otherowner- team contributing to an open-source Market YTDPrice BitcoinsTotalBitcoin Current Bitcoin operators,” says Toroso’s Venuto. project designed“to help theentire Company /TickerValue (bil)ChangePurchasedCostBasis (mil)Value (mil) “If youthink aboutthe most forward- industry benefit from thepromise MicroStrategy /MSTR $6.3 69%91,579$2,226$5,284 thinkingmajor corporationsin of anativeinternetcurrencylike thetechspace,the ones likelyto Bitcoin, notjustSquare,”arepresen- Tesla /TSLA644.0 -5 48,000 1,5002,580 go next areaFacebook[FB]oran tative tells Barron’s. Square /SQ111.4 13 8,027220 463 Oracle [ORCL],morethananApple “The ones that have done it are [AAPL],right?Imean, if SteveJobs companies wherethe founderor Marathon Digital Holdings /MARA4.6 3435,263 162304 wasstill at Apple, it probably would theCEO is thelargest shareholder Riot Blockchain /RIOT 4.1185 1,175768 be done already. TimCookisa andstill in charge,” says Michael different guy; he’s ahired CEO, nota Venuto,chief investment officer for Sources:Bitcoin Treasuries;Bloomberg founderCEO.”

Illustration by Kyle Bean; Photo by NurPhoto via Getty Images P2JW110000-0-S00500-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | S5

If youcan…

Have dinner with your in-laws Boil water Remember all those dang passwords Delete your browser history

Then you can explore investing in Bitcoin.

Symbol: GBTC

Just type symbol: GBTC into your brokerage account to get started with Grayscale Bitcoin Trust. Symbol: GBTC offers exposure to Bitcoin in asecure,SEC-reporting investment product from Grayscale,the world’slargest digital currency asset manager.

Visit grayscale.co/wj to learn more and for important disclosures.

Grayscale Investments, LLCisadigital currency asset manager and the sponsor of Grayscale Bitcoin Trust (BTC)(“GBTC”). Investments in GBTC are speculative investments that involve high degrees of risk, including loss of invested funds. Grayscale products are not suitable for any investor that cannot afford loss of the entire investment. To date,GBTChas not met its investment objective and the Shares quoted on OTCQX have not reflected the value of Bitcoin held by GBTC,less GBTC’s expenses and other liabilities, but have instead traded at apremium over such value,which at times has been substantial. Recently,there have also been limited instances where the Shares have traded at adiscount. Go to OTCMarkets.com/ stock/GBTC or our website Grayscale.cofor the annual report, which includes investment objectives, risks, fees and expenses, or Grayscale.cofor more information on Grayscale and our other investment vehicles. Read these materials carefully before investing. This content is not intended to be asolicitation for the creation of new Shares. GBTC is distributed by Genesis Global Trading, Inc. (Member FINRA/SIPC, MSRB Registered). P2JW110000-0-S00600-1------XA

S6 | Tuesday, April 20, 2021 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | S7

BARRON’S SPECIAL SUPPLEMENT How Advisors AreInvesting In— And Coping With—Crypto

Moreand morefinancial advisorsare interested in owning cryptocurrencies forthemselves and their clients. But thereare manycomplicating factorswhen trying to work them into your practice. What to know.

By Steve Garmhausen

here are many reasons advisors might dismiss Bitcoin and other cryptocurrencies. They’re largely T unregulated. To saythey’re volatile is an understate- ment. And the fintechinfrastructure for accessing,custodying,reporting, and billing on digital assets is still in itsearly stages. Butcryptoishere, likeitornot. Investors, having seen Bitcoin’sprice rocket past $61,000 afterstarting 2020 at just $7,300,are asking theiradvisors aboutit—or buying it withoutaskingthem. Financial institutionsare increasingly accom- modating Bitcoin: PayPal will let customersmakepurchaseswithit, whileFidelity Investmentsnow ac- ceptsitasloancollateralfor certain customers, lets wealthycustomers access theasset,and is amongmany firms with planstolaunchaBitcoin exchange-tradedfund. Last month, Morgan Stanleyand GoldmanSachs announcedthatthey will offer cryptocurrency exposure fortheir wealthyclients—becoming thefirsttwo big U.S. bankstodoso. In November,Mariner Wealth Advisors became thelargest inde- pendentregisteredinvestmentadvi- sortoofferaccess to,and advise on, Bitcoin. “Weknowit’snot forevery client,” says MartyBicknell, CEOof Overland Park,Kan.–basedMari- ner, “but we feel it’s strategicfor our advisors to be educated on thetopic Engines, thecountry’s biggest inde- Advisors Take Acentral elementofadvisingon whoare concernedabout acustodian andtobeabletohelpclients with an pendentRIA,saysanallocation of Bitcoinisdecidinghow to charge for beinghackedmight optfor a“hard investment when it makessense.” 1% is appropriate. “Itwill notharm On Bitcoin theservice.IfacryptoETF existed, wallet,” thedigital equivalent of a Thebottomline: Cryptocurrencies youifitbecomes worthless,”hesays. it wouldbeasimplematter: The combination safe.The feeinsuchcas- suchasLitecoinand Ethereum,but “Itwill be annoying,but it won’tbe Crypto education doesn’t stopwith crypto allocation wouldbeheldin es canbecalculatedbasedonthe time particularly Bitcoin, whichdomi- devastating,and it canhaveamean- the investment process. Incorporating thesameaccountasother assets, spentadvisingoncryptoand helping natesthe digitalcurrencymarket, ingful impact.” it intoyour practice requires care. at thesamecustodian.Asset-based clientsbuy andsecurelyholdit. can’tbeignored.Evenifadvisors EdelmanFinancial Enginesdoesn’t chargeswould be extractedasusual. ForDouglass,cryptoadvisory don’t(or won’t) advise on them,they allocate to crypto because it uses only Advisors have been waitingyears services fit neatly into amonthly need to recognizethatcompetitors mutualfunds andETFs, andapure- forsuchanETF.Edelman likes to planning fee, facilitatedbypayments maysoonbedoing so—orare already. play cryptocurrency fund in either joke that he expectsapproval within software AdvicePay. Thefirm’s Only asmall fraction of advisors format doesn’tyet exist. Edelman 18 months,and that he hasusedthis monthlyadvicefee is tiered basedon allocate to crypto assets,which in- himself startedbuyingBitcoin in linefor fiveyears. complexity,and clientswithmore clude Ripple,Stellar,and many others. 2014,and nowhas more than 1% of Severalapplicationsare pending than $100,000 in crypto holdings In a2021surveyof994 advisors by hisnet worthincryptocurrencies. with theSecuritiesand Exchange areplacedinthe highesttier. Those BitwiseAsset Managementand ETF Theconsensus crypto alloca- Commission;the GrayscaleBitcoin fees arecharged in addition to afee Trends, 9% said they didso. Of those tion ceilingisbetween 3% and5%, Trust(ticker:GBTC) hasfiledto basedonassetsunder management. allocating to crypto,58% areindepen- dependingonaclient’sriskprofile, converttoanETF,and ahandful of Whileadvisors have themeans dent RIAs.The survey respondents’ says Adam Blumberg,aco-founder Marty Bicknell, assetmanagers, includingFidelity to advise andallocateoncrypto, topreasons forallocatingtocrypto of Houston-basedInteraxis,which Mariner Wealth Advisors andVanEck, have filed fornew theinfrastructurecertainly has were itslow correlation with other providescryptoeducation for BitcoinETFs. room to evolve.Among thetech- assetclasses, citedby54%,and “high advisors. Regulators tend to look Much hasbeenmade in thecrypto nicalproblemsisalackofunified potentialreturns,” citedby38%. skepticallyatalternative allocations communityabout thefactthatSEC reporting andanalysis, whichmakes Some of theadvisors whoprovide above15%,notes Blumberg,who chairman nomineeGaryGenslerun- portfoliomanagementdifficult, guidance on Bitcoinare enthusiasts, closed hisRIA practice this year to derstandscryptocurrenciesand their Blumberg says.“If youare allocated whileothersare pragmatists. Bick- focusonInteraxis. underlying technologywell, having 5% to Bitcoin, andBitcoin runs up nell is alittleofboth. He says he has Many advisors aretreadingcare- taught aboutthematMIT.Whether in value, giving youan8%alloca- been intriguedbyBitcoin because it fullybecause of regulatory uncer- that will translateintohis supportfor tion,rebalancing to getbackto5%is unites hispassionsfor innovation, tainty.DouglasBoneparth,presi- aBitcoin ETFremains to be seen. difficultand costly,” he says.“When disruption,and investing. Buthe dent of $86million-asset Bone Fide In themeantime, thereare crypto custodians likeFidelity or Schwab also says that each of thefirm’s 350 Wealth in NewYork, says he started investingsolutionsthatenableasset cancustody crypto,orthere are advisors hadclients askabout it,and providingeducation on digitalcur- Ric Edelman, undermanagement, or AUM, fees. good data highways,someofthese many clientshad alreadyinvested renciesfive yearsago because clients Edelman Financial Engines Butthey’re different from ETFs in problems will be solved.” in it prior to November.Bicknell increasingly requesteditorindicated that they come with higher mini- Onedevelopment to watch: BNY wanted to be sure that thoseclients they wanted to invest,orjoinedthe mums andmanagementfees. The Mellon,whose Pershing unit is the hadthe guidance of an advisor. firmalready owning positions. Of Eaglebrook SMA’smanagementand RIAindustry’sthird-largest custo- Marinerannounced apartner- Boneparth’s110 client households, custodyfeestotal 1.3%,for example. dian,announced in February that ship late lastyearwithWashington, about20% ownsomeformofcryp- Alternatively, advisors canset up it’s creating adigital-asset custody D.C.–basedEaglebrook Advisors, tocurrency,mostlyBitcoin. crypto accounts andsubaccounts andadministrativeplatform—but it whichoffers Bitcoinand digital-as- Boneparthdoesn’t recommend directly with Gemini,the cryptocur- hasn’t made clearwhether it will ac- setseparatelymanaged accounts.So crypto or allocate clientstoit, but rencyexchange, andchargeanAUM commodate financial advisors’client far, Marinerhas trained30ofits ad- when they askabout it,heexplains fee. “Itjusttakes quiteabit of work accounts.“Thedigital-asset custody visors on crypto.Eachadvisormust thedifferentmethods of accessing andknowledge to do so andisanin- offeringwill supportBNY Mellon’s obtaincompany approval before theasset,its risksand potentialben- vitation forcomplianceheadaches,” diverseclientbase when theoffering puttingaclientinthe asset. efits, andhow it mightfitintoamore Isaiah Douglass, Blumberg cautions. comestomarketlater this year pend- It’s easy to understand whyfirms traditional portfolio. Boneparthis VincereWealth Management As theworld waitsfor atrue ingnecessary approvals,”acompany likeMariner arethe exceptions amongthe advisors whosay crypto retail crypto fund,the Grayscale representativesays. when it comestoadvisingoncrypto. should be presented to clientsasa BitcoinTrust hasbecomeapopular Howbig will thecryptoadvice Bitcoindebutedin2009withvirtu- speculativeasset requiringalengthy solution,withmorethan$36 billion market become?The potentialis ally no market value; by December time horizon. of assets.The security consists solely probably limited by regulatory un- 2017,ithad surged past $19,000. Learning aboutcryptoand of Bitcoinand tradesoverthe count- certaintyand theextra stepsneeded Volatility hasbeenaconstant; by scriptingclientconversations, as er.Itcarries a2%expense ratioand by buy, hold,and integratethe assets January2019, acoin’svalue had Boneparthhas,isakey part of the hasrecentlyswung from trading into aportfolio—until thelaunchof fallen to $3,400. groundwork many advisors are at alarge premiumtoasignificant an SEC-approved, pure-play crypto On at leasttwo occasions, includ- nowlaying. Oneofthose scripted discount—amplifying itsrisk. ETF. “Fromapracticalitystandpoint ingoncelastyear, Bitcoin’sprice has conversationsshouldbeset aside Amorediversifiedoption is foradvisors,that’sthe goldenticket,” droppedbyabout half within amat- forBitcoin’s next big priceplunge, BitwiseAsset Management’sBitwise Boneparthsays. terofhours. In March, it dropped Blumberg advises. Douglas A. Boneparth, 10 Crypto Indexfund(BITW), which In theBitwise/ETF Trends sur- 16%within12daysbeforeperking Advisors allocating to crypto Bone Fide Wealth tracks the10largest digitalcoins,has vey, nearly 50%ofadvisors said the back up.Volatility is onereason should amendtheir Form ADVs a2.5%expenseratio,and is tradingat launch of aBitcoin ETFwould make many advisors sayBitcoin merits with theSEC,bothtoreflect crypto a55% premiumtoits netasset value. them more comfortableallocatingto only alow-single-digitallocation,if as an offeringand,ifnecessary,to Thereare also severalcrypto- crypto assets.But some seethe merit any. (Fun fact:The first documented statethatcompensation options statementtoformallylay outthe risks. focusedhedge funds, with hefty of becoming acrypto-advice early purchase usingBitcoin wasin2010, include fee-for-service. Incorporat- “Itdocuments that you’ve hadthe investment minimums, high man- mover. Douglass, forone,isbetting when aFloridasoftwareprogram- ingcryptointoaninvestmentpolicy conversation andthey’ve signed off,” agementfees, andother hedgefund on it,and lastsummer beganasking merboughttwo pizzas for10,000 statementcan also be aprudent step says Douglass, whostarted advising drawbacksthatcan preclude them clientswhattheythink aboutBitcoin. Bitcoin. Thosecoins wouldnow be forthose advising on theasset. on Bitcoinlastsummer.Morethana from accounts of mass-affluentclients. “If they don’tbelieve in it,that’s worthabout $580 million.) Isaiah Douglass, apartner at $21 dozenofVincere’s approximately100 In some cases,afee-for-service wherethe conversation ends,”hesays. RicEdelman,founder of the million VincereWealthManagement householdscurrently owncrypto, and approach is theonlycompensation “But IwanttobesureItalkedtothem firmthatisnow EdelmanFinancial in Indianapolis,saysheusesthe severalothersare interested, he says. option.For example,cryptoowners aboutit, in case it’s huge in 2025.”

Illustration by Kyle Bean; Photos, from top, by Mariner Wealth Advisors; courtesyofEdelman Financial Engines; Brian Powell; Douglas A. Boneparth P2JW110000-0-S00800-1------XA

S8 | Tuesday, April 20, 2021 THE WALL STREET JOURNAL.

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BelowisalistofBarron’s-ranked advisors whoare actively taking on newclients. Formore information on them and other ranked advisors, visit barrons.com/guide.

TheTop Advisor Guideisacustom reprintofall of our advisor rankings. It allows Barron’s-ranked advisors (and onlyBarron’s-ranked advisors)topublishtheir contact information. Advisors payafee to be listed in this section, but their participation has no bearing on their place in our rankings, nor does it guarantee thatthey will be ranked in future years. TheGuideismeantasastarting pointfor clients looking for an advisor—afirst-pass TOPADVISOR GUIDE vetting thatcan help narrowasearch. Everyadvisor will have his or her ownapproach to investing,financial planning,and other services. Clients are encouragedtoapproach the searchfor an advisor the waythey would a searchfor adoctor—interviewing multiple professionals and getting opinions from multiple third parties.

ARIZONA WASHINGTON,DC NEVADA

Mark Stein MichaelFreiman Thomas Moran DebraBrede RandyGarcia Galvin, Gaustad&Stein Morgan Stanley Wealth Moran Wealth Management D.K. BredeInvestment TheInvestmentCounsel Scottsdale Management Naples ManagementCo. Inc. Company [email protected] Washington thomas.moran@moranwm. Needham Las Vegas (480)776-1440 michael.j.freiman@ com [email protected] [email protected] ggsadvisors.com morganstanley.com (239)920-4440 (781)444-9367 (702)871-8510 (202) 778-1382 moranwm.com bredeinvestment.com iccnv.com 1.52m Typical AccountSize teamfreiman.com $428m Team Assets $5m Typical AccountSize $2m Typical AccountSize $4.9m Typical AccountSize $1.3m Typical AccountSize $3,265m Team Assets $1,118m Team Assets $1,357m Team Assets Ruth Transue $1,735m Team Assets Wells FargoAdvisors GEORGIA Kevin Grimes NEWJERSEY Tucson Greg Marcus Grimes &Company, Inc. [email protected] UBSFinancial Services MichaelHines Westborough David Briegs (520)529-5932 Washington, D.C. Consolidated Planning [email protected] Merrill Lynch fa.wellsfargoadvisors.com/ [email protected] Corporation (508)366-3883 Bridgewater ruth-transue (202) 942-2830 Atlanta grimesco.com [email protected] financialservicesinc.ubs.com/ $2m Typical AccountSize [email protected] $3m Typical AccountSize (908)685-3203 team/marcushendlerstern/ $680m Team Assets (404)892-1995 $3,104m Team Assets fa.ml.com/kugelbriegs meetourteam cpcadvisors.com $2.5m Typical AccountSize TrevorWilde $30m Typical AccountSize $2.5m Typical AccountSize Susan Kaplan $1,729m Team Assets WildeWealth Management $779m Total Assets $843m Team Assets Kaplan Financial Services, Group Inc. Reed Finney Scottsdale Newton Marvin McIntyre ILLINOIS The Bleakley Financial [email protected] Morgan Stanley Private [email protected] Group Wealth Management (480)361-6203 TomKilborn (617)527-1557 Fairfield Washington, D.C. wildewealth.com Merrill Lynch kaplan-financial.com/ [email protected] marvin.mcintyre@ $0.7m Typical AccountSize Northbrook $3.5m Typical AccountSize (973)244-4210 morganstanleypwm.com $1,315m Team Assets [email protected] $2,252m Team Assets bleakley.com (202) 778-1381 (847)564-7201 advisor.morganstanley.com/ $1.3m Typical AccountSize fa.ml.com/kilborngroup/ CALIFORNIA cwmg Victor T. Livingstone $585m Team Assets $4m Typical AccountSize Morgan Stanley Private $8.5m Typical AccountSize Seth Haye $1,092m Team Assets Wealth Management ElliottKugel Morgan Stanley $4,156m Total Assets Boston Merrill Lynch WestlakeVillage Kathleen Roeser victor.livingstone@ Bridgewater FLORIDA seth.haye@morganstanley. Morgan Stanley morganstanleypwm.com [email protected] com Chicago (617)478-6500 (908)685-3252 Richard Altieri (805)494-0215 kathy.roeser@morganstanley. $35m Typical AccountSize fa.ml.com/kugelbriegs advisor.morganstanley.com/ Morgan Stanley com $4,496m Team Assets $2.5m Typical AccountSize the-oaks-group Boca Raton (312) 443-6500 $1,729m Team Assets richard.altieri@ $3.5m Typical AccountSize fa.morganstanley.com/ IraRapaport morganstanley.com $1,345m Team Assets theroesergroup NewEngland Private (561) 393-1836 AndySchwartz $8m Typical AccountSize Wealth Advisors, LLC Bleakley Financial Group fa.morganstanley.com/ Wellesley Elaine Meyers thealtierigroup $1,645m Total Assets Fairfield J.P. Morgan Securities [email protected] [email protected] San Francisco $5m Typical AccountSize INDIANA (781)416-1700 (973)244-4202 $1,144m Team Assets elaine.meyers@jpmorgan. nepwealth.com bleakley.com com Trent Cowles $7m Typical AccountSize Adam E. Carlin $3m Typical AccountSize (415) 315-7801 Merrill Lynch $2,136m Team Assets Morgan Stanley Private $1,922m Team Assets jpmorgansecurities.com/ Indianapolis elainemeyers Wealth Management Coral Gables [email protected] Raj Sharma NEWYORK $50m Typical AccountSize (317)624-8451 Merrill–Private Wealth adam.e.carlin@ Management $3,250m Team Assets fa.ml.com/cf LeoMarzen morganstanleypwm.com Boston (305)476-3302 $3.2m Typical AccountSize Bridgewater Advisors Greg Onken fa.morganstanley.com/ $865m Team Assets [email protected] NewYork J.P. Morgan Securities (617)946-8030 adam.e.carlin lmarzen@bridgewateradv. San Francisco pwa.ml.com/sharma_group $20m Typical AccountSize IOWA com [email protected] $3,128m Team Assets $10m Typical AccountSize (212) 221-5300 (415) 772-3123 Jerry Ask $7,882m Total Assets bridgewateradv.com/team/ jpmorgansecurities.com/ JerryK.Ask Investment leo-marzen os-group Aimee Cogan Morgan Stanley Services MICHIGAN $5m Typical AccountSize $15m Typical AccountSize Sarasota Cedar Rapids $1,550m Team Assets $3,500m Team Assets aimee.cogan@morganstanley. [email protected] James Kruzan com (319) 395-9230 Kaydan Wealth Justin McCarthy DebWetherby (941) 363-8513 jkainvest.com Management, Inc. Mariner Wealth Advisors Wetherby Asset advisor.morganstanley.com/ Fenton NewYork Management $0.5m Typical AccountSize the-bellwether-group $462m Team Assets jim.kruzan@kaydanwealth. justin.mccarthy@ San Francisco com $10m Typical AccountSize marinerwealthadvisors.com [email protected] (810)593-1624 $1,153m Team Assets Matt Fryar (212) 869-5900 (415) 399-9159 kaydanwealth.com Wells FargoAdvisors marinerwealthadvisors. wetherby.com com/why-us/people/justin- Stephen Curley Des Moines $1.5m Typical AccountSize mccarthy $33.3m Typical AccountSize WaterOak Advisors matthew.r.fryar@wellsfargo. $511m Total Assets $5,779m Team Assets Winter Park com $2.9m Typical AccountSize [email protected] (515) 245-3120 David Kudla $1,492m Team Assets Dale Yahnke (407) 567-2956 fa.wellsfargoadvisors.com/ MainstayCapital Dowling &YahnkeWealth wateroak.com matthew-fryar Management Robert Stolar Advisors Grand Blanc Morgan Stanley Private $12.5m Typical AccountSize $5m Typical AccountSize San Diego mainstay@mainstaycapital. Wealth Management $2,152m Team Assets $875m Team Assets [email protected] com NewYork (858)509-9500 (866)444-6246 robert.stolar@ TrevorFried KANSAS dywealth.com mainstaycapital.com morganstanley.com Morgan Stanley (212) 761-8138 $4.2m Typical AccountSize Fort Lauderdale TreyBarnes $0.8m Typical AccountSize advisor.morganstanley.com/ $4,674m Team Assets Mariner Wealth Advisors $3,076m Team Assets trevor.fried@morganstanley. family-wealth-group com Overland Park CherylL.Young Charles C. Zhang (954) 713-8436 trey.barnes@ $50m Typical AccountSize Morgan Stanley Zhang Financial advisor.morganstanley.com/ marinerwealthadvisors.com $2,968m Team Assets LosGatos Portage |Grand Rapids | the-las-olas-group (913)387-2734 Troy cheryl.young@ marinerwealthadvisors.com/ RonVinder $2m Typical AccountSize morganstanley.com why-us/people/trey-barnes charles.zhang@ Morgan Stanley Private $881m Team Assets (408)358-0976 zhangfinancial.com Wealth $1.8m Typical AccountSize fa.morganstanley.com/ (269) 385-5888 NewYork Trent Leyda $2,176m Team Assets youngandassociates zhangfinancial.com ron.vinder@ Morgan Stanley $6m Typical AccountSize $2m Typical AccountSize morganstanleypwm.com Vero Beach KENTUCKY $2,482m Team Assets $3,638m Team Assets (212) 503-2365 trent.leyda@morganstanley. advisor.morganstanley.com/ com Barry Barlow the-vinder-group COLORADO (772) 234-1805 Merrill Lynch NEBRASKA advisor.morganstanley.com/ Louisville $50m Typical AccountSize JimSiemonsma $9,760m Team Assets Melissa Corrado the-leyda-group [email protected] Harrison Mariner Wealth Advisors $5m Typical AccountSize (502) 329-5097 UBSFinancial Services Omaha Elizabeth Weikes $1,290m Team Assets fa.ml.com/b_barlow Denver jim.siemonsma@ J.P. Morgan Securities $4m Typical AccountSize [email protected] marinerwealthadvisors.com NewYork ScottMacaione $1,032m Team Assets (402)829-3650 elizabeth.weikes@jpmorgan. (303)820-5770 WaterOak Advisors marinerwealthadvisors. com financialservicesinc.ubs.com/ Winter Park team/corrado-harrison Travis Musgrave com/why-us/people/jim- (212) 272-9214 [email protected] Merrill Lynch siemonsma jpmorgansecurities.com/ $25m Typical AccountSize (407) 567-2956 Lexington lsswgroup $954m Total Assets $1m Typical AccountSize wateroak.com [email protected] $1,351m Team Assets $25m Typical AccountSize (859)231-5258 $3m Typical AccountSize $3,757m Team Assets $2,152m Team Assets fa.ml.com/musgrave $5m Typical AccountSize $828m Team Assets

Participation in this section is only open to advisorswho have been listed in our editorial rankings. Advisorspay afee to be included in this reprint.Participation in this section has no bearing on the outcome of our rankings. Assets aretied to the most recent ranking. Formoreinformation, visit barrons.com/guide. P2JW110000-0-S00900-1------XA

THE WALL STREET JOURNAL. Tuesday, April 20, 2021 | S9

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Mike Absher Linnell Sullivan BarbaraHudock Jason Pharris Stephan Cassaday Absher Wealth TheEvelo/Singer/Sullivan Hudock Capital Group Morgan Stanley Cassaday&Company Management Group Williamsport Nashville McLean Chapel Hill Merrill Private Wealth [email protected] jason.pharris@ [email protected] [email protected] Cincinnati (570)326-9500 morganstanley.com (703)506-8200 (919) 283-2340 [email protected] hudockcapital.com (615) 298-6555 cassaday.com absherwealth.com (513)579-3890 fa.morganstanley.com/ $1m Typical AccountSize $1.5m Typical AccountSize pwa.ml.com/ theedwardspharrisgroup $1.5m Typical AccountSize $585m Team Assets $3,510m Team Assets evelosingersullivan $474m Team Assets $4m Typical AccountSize $7m Typical AccountSize RobThomas $1,064m Team Assets Joseph Montgomery Mike Bell $1,900m Team Assets Mariner Wealth Advisors TheOptimal Service Group Edward Jones StateCollege TEXAS of Wells FargoAdvisors Hickory OKLAHOMA rob.thomas@ Williamsburg [email protected] marinerwealthadvisors.com Bonner Barnes joe.montgomery@ (828)328-8111 Jana Shoulders (814)867-2050 Corda Investment wellsfargoadvisors.com edwardjones.com/mike-bell Mariner Wealth Advisors marinerwealthadvisors.com/ Management (757) 220-1782 Tulsa why-us/people/rob-thomas Houston optimalservicegroup.com $0.8m Typical AccountSize $447m Team Assets jana.shoulders@ $0.2m Typical AccountSize bonner@cordamanagement. $7m Typical AccountSize marinerwealthadvisors.com $5,111m Team Assets com $17,355m Team Assets R. Neil Stikeleather (918)991-6910 (713)439-0665 marinerwealthadvisors. cordamanagement.com Bank of America RHODEISLAND WASHINGTON com/why-us/people/jana- Merrill Lynch $0.9m Typical AccountSize shoulders Charlotte Malcolm Makin $1,160m Team Assets MichaelMatthews [email protected] $3m Typical AccountSize Raymond James UBSPrivate Wealth (704)705-3233 $1,995m Team Assets Westerly Alexander Ladage Management fa.ml.com/ [email protected] UBSFinancial Services Bellevue stikeleatherandassociates OREGON (401) 596-2800 Austin [email protected] $0.8m Typical AccountSize ppgadvisors.com [email protected] (425) 451-2350 JudithMcGee (512) 479-5287 ubs.com/team/ $535m Team Assets $1.5m Typical AccountSize Raymond James Financial financialservicesinc.ubs.com/ thematthewsgroup $1,423m Team Assets Services fa/alexladage OHIO $5m Typical AccountSize Portland Matthew Young $10m Typical AccountSize $1,509m Team Assets Valerie Newell judith.mcgee@ Richard C. Yo ung &Co.,Ltd. $1,436m Team Assets Mariner Wealth Advisors raymondjames.com Newport Erin Scannell Cincinnati (503)597-2222 TommyMcBride Ameriprise Financial mcgeewm.com [email protected] valerie.newell@ (401) 849-2137 Merrill LynchWealth Mercer Island marinerwealthadvisors.com $1m Typical AccountSize younginvestments.com Management [email protected] (513)618-3040 $768m Team Assets Dallas (425) 709-2345 $1.7m Typical AccountSize marinerwealthadvisors.com/ [email protected] heritage-wealth.com $1,163m Team Assets why-us/people/valerie-l- (214) 750-2004 PENNSYLVANIA $0.5m Typical AccountSize newell fa.ml.com/mcbride David Reiser $2,870m Team Assets $3m Typical AccountSize PattiBrennan J.P. Morgan Securities $7.5m Typical AccountSize $3,708m Team Assets KeyFinancial, Inc. Providence $1,583m Team Assets West Chester WISCONSIN [email protected] David Singer pbrennan@keyfinancialinc. (203)722-9900 John Merrill Andrew Burish TheEvelo/Singer/Sullivan com jpmorgansecurities.com/ Tanglewood Total Wealth UBSFinancial Services Group (610)429-9050 reiserwmgroup Management Madison Merrill Private Wealth keyfinancialinc.com Houston $2m Typical AccountSize [email protected] Cincinnati jmerrill@tanglewoodwealth. $2m Typical AccountSize $438m Team Assets (608)831-4282 [email protected] $1,366m Team Assets com ubs.com/team/burishgroup (513)579-3889 (713)840-8880 TENNESSEE $2m Typical AccountSize pwa.ml.com/ MichaelHirthler tanglewoodwealth.com $3,591m Team Assets evelosingersullivan Jacobi Capital Management Christi Edwards $2.5m Typical AccountSize $15m Typical AccountSize Wilkes-Barre Morgan Stanley $1,129m Team Assets $3,800m Team Assets [email protected] Nashville (570)826-1801 ScottTiras christi.edwards@ jacobicapital.com Tiras Wealth Management morganstanley.com Houston $3m Typical AccountSize (615) 298-6554 $1,403m Team Assets advisor.morganstanley.com/ [email protected] the-edwards-pharris-group (713)332-4400 tiraswealth.com $4m Typical AccountSize $1,045m Team Assets $4m Typical AccountSize $2,058m Team Assets

Belowisareprintofselect firms from Barron’s Top100 RIA firms ranking whoare actively taking on new clients. Formore information on them and other ranked advisors, visit barrons.com/guide.

We began ranking independentadvisory(RIA)firms in 2016asanacknowledgmentofthe rapid growth and evolution in thatarea of wealth management. TheRIA space is consolidating at adizzying pace,asfirms build scale in aquesttoimprove the sophistication and efficiency of their services. Our RIA Firm ranking looksto TOPRIA FIRMS the ability of firms to serve their clients well, using data such as assets under management, revenue, technology spending,staffing levels, and more.

1919 InvestmentCounsel Carson Wealth EP Wealth Advisors Kovitz RegentAtlantic Baltimore,MD Omaha, NE Torrance,CA Chicago,IL Morristown, NJ [email protected] [email protected] [email protected] [email protected] [email protected] (410)454-5719 (888)321-0808 (310)910-9477 (312) 334-7300 973-738-9353 1919ic.com carsonwealth.com epwealth.com kovitz.com regentatlantic.com 37 Advisors |8Offices 228Advisors |130 Offices 47 Advisors |15Offices 35 Advisors |4Offices 24 Advisors |2Offices $18.09b Total Assets $15.2b Total Assets $6.93b Total Assets $5.15b Total Assets $4.90b Total Assets $1m AccountMinimum $100k AccountMinimum $500k AccountMinimum $1m AccountMinimum $1m AccountMinimum

Advance Capital Cary Street Partners Gofen and Glossberg, MAI Capital SignatureEstate & Management Richmond, VA LLC Management InvestmentAdvisors Southfield, MI [email protected] Chicago,IL Cleveland, OH LosAngeles, CA [email protected] (804)340-8100 [email protected] [email protected] [email protected] (248)350-8543 carystreetpartners.com (312) 828-1100 (216) 920-4800 (310)712-2326 acadviser.com 42 Advisors |13Offices www.gofen.com mai.capital seia.com 20 Advisors |5Offices 11 Advisors |1Office 75 Advisors |10Offices 20 Advisors |8Offices $2.9b Total Assets $2.96b Total Assets $100k AccountMinimum $4.97b Total Assets $9.1b Total Assets $11.21b Total Assets $0 AccountMinimum $1m AccountMinimum $1m AccountMinimum $500k AccountMinimum Chevy Chase Trust BDF LLC Bethesda, MD HightowerAdvisors Mariner Wealth Snowden Lane Partners Itasca, IL mwishkoff@chevychasetrust. Chicago,IL Advisors NewYork, NY info@bdfllc.com com businessdevelopment@ Leawood, KS [email protected] (800)840-4740 (240)497-5023 hightoweradvisors.com info@ (646) 218-9760 bdfllc.com chevychasetrust.com (312) 962-3800 marinerwealthadvisors.com snowdenlane.com 28 Advisors |2Offices 22 Advisors |1Office hightoweradvisors.com (913)647-9700 52 Advisors |12Offices 267Advisors |96Offices marinerwealthadvisors.com $4.60b Total Assets $34b Total Assets $2.49b Total Assets 350 Advisors |41Offices $1m AccountMinimum $3m AccountMinimum $102.5b Total Assets $0 AccountMinimum $0m AccountMinimum $35b Total Assets Beacon Pointe Advisors Churchill Management $100k AccountMinimum SBSB Financial Advisors Newport Beach,CA Group HomrichBerg McLean, VA [email protected] LosAngeles, CA Atlanta, GA PagnatoKarp |Cresset [email protected] (949) 718-1600 info@churchillmanagement. [email protected] Reston, VA (703)734-9300 beaconpointe.com com (404)264-1400 [email protected] sbsbllc.com 130 Advisors |21Offices (877) 937-7110 homrichberg.com (703)468-2700 30 Advisors |2Offices churchillmanagement.com 52 Advisors |4Offices pagnatokarp.com $15b Total Assets $5b Total Assets 45 Advisors |41Offices 46 Advisors |9Offices $1m AccountMinimum $6.99b Total Assets $1m AccountMinimum $6.55b Total Assets $1m AccountMinimum $12b Total Assets Bradley, Foster and $750k AccountMinimum $10m AccountMinimum Wealth Enhancement Sargent,Inc. IEQCapital Advisory Services Hartford, CT Edelman Financial San Francisco,CA Private Advisor Group Plymouth, MN [email protected] Engines [email protected] Morristown, NJ info@ (860)527-8050 Santa Clara, CA (650)581-9807 startthedialogue@ wealthenhancement.com bfsinvest.com prteam@ ieqcapital.com privateadvisorgroup.com (763)417-1700 13 Advisors |3Offices edelmanfinancialengines. 10 Advisors |2Offices (973)538-7010 wealthenhancement.com com privateadvisorgroup.com 200 Advisors |46Offices $5.0b Total Assets $11.6b Total Assets (617)556-2305 664 Advisors |306 Offices $500k AccountMinimum edelmanfinancialengines. $10m AccountMinimum $24b Total Assets com $21.22b Total Assets $0 AccountMinimum $100k AccountMinimum CAPTRUST 340 Advisors |150 Offices Raleigh, NC $260b Total Assets [email protected] $5 AccountMinimum (800)216-0645 captrust.com 330 Advisors |52Offices

$409b Total Assets Participation in this section is only open to advisorswho have been listed in our editorial rankings. Advisorspay afee to be included in this reprint.Participation in this section has no $500k AccountMinimum bearing on the outcome of our rankings. Assets aretied to the most recent ranking. Formoreinformation, visit barrons.com/guide. P2JW110000-0-S01000-1------XA

S10 | Tuesday, April 20, 2021 THE WALL STREET JOURNAL.

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