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****** TUESDAY,NOVEMBER 17,2020~VOL. CCLXXVI NO.118 WSJ.com HHHH $4.00

DJIA 29950.44 À 470.63 1.6% NASDAQ 11924.13 À 0.8% STOXX 600 389.74 À 1.2% 10-YR. TREAS. g 4/32 , yield 0.906% OIL $41.34 À $1.21 GOLD $1,887.30 À $1.60 EURO $1.1854 YEN 104.57 Hurricane Iota Makes Landfall in Battered Nicaragua Moderna What’s News Says Its Vaccine Business&Finance Is 94.5% irbnb unveiled paper- Awork forits IPO,show- ing the home-sharing giant Effective turned aprofitinthe third quarter afterthe pandemic forced it to overhaul its If safetydatahold up, businessand shed costs. A1 the company’sCovid-19  SEC chief Clayton will step down at the end of the shotcould get federal year,opening the door for green lightnextmonth Democratstopush fora moreaggressiveapproach BY PETER LOFTUS to regulating Wall Street. A1  A third GOP senator Moderna Inc.said itsexper- said he would oppose the imental coronavirus vaccine confirmation of Shelton to was94.5% effectiveatprotect- the Fed’sboardofgover- GES ing people from Covid-19 in an nors, setting up aclose vote IMA early look at pivotal study re- as soon as this week. A2 sults, the second vaccine to hit GETTY akey milestoneinU.S.testing.  The Dow and S&P 500 Ninety-fivepeople in a rose 1.6% and 1.2%, respec-

LENZUELA/ 30,000-subject study devel- tively, both closing the VA oped Covid-19 with symptoms; session at records. The of those,90had received a Nasdaq gained 0.8%. B10 YNOR placeboand only five Mod- MA  Tesla will be added to TO SHELTER:VillagersinPuerto Cabezas,Nicaragua, helpedawoman evacuate in preparation forHurricane Iota.The storm, erna’s vaccine. the S&P 500 indexonDec. with winds near 155mph, made landfall Mondaynight,the second Category 4hurricane to hit the area in twoweeks.A9 Thefindingsmovethe vac- 21, marking amilestone cine closer to wide use be- forthe Silicon Valley elec- cause they indicateitiseffec- tric-vehicle maker. B1 tiveatpreventing disease that causes symptoms,including  Gregg Lemkau, one of severe cases. The trial is still Goldman’s top deal mak- Airbnb Turns Deep Cutbacks under way. ers, is leaving to run the Thevaccine also showed investment firm started by signs of being safe, though re- tech tycoon Michael Dell. B1 searchersand regulatorsmust  Walmart sold most of its Into a Profit Ahead of IPO wait formore-completesafety stakeinJapanese supermar- datafromthe study,expected ketchain SeiyutoKKR,con- later in November.Moderna tinuing itsretreat from slow- said it plans to ask federal growing global marketsin BY PREETIKA RANA the same period ayear earlier, lier period, underscoring the drop in demand. But then cus- health authorities by early De- favorofe-commerce bets. B1 AND MAUREEN FARRELL as thepandemic continued to toll of the health crisis.Reve- tomers, some newly able to cember to clear the vaccine. hurt bookings. But deep cost nue dropped 32% over the nine- work remotely,started turning If greenlighted, the shot  Buffett’sBerkshire re- Airbnb Inc.unveiled paper- cuts, combined with an uptick month period. to Airbnb over hotels to escape could go intodistribution that cently made newinvest- work forits initial public offer- in revenue from previous quar- Thehome-sharing platform’s from cities or take amanage- month, making it one of the mentsinsome of the big ing on Monday, showing the ters,still led it to post aprofit ability to resuscitatetoprofit- able vacation. firstCovid-19 vaccines to go pharmaceutical firms chas- home-sharing giant turned a of $219 million. TheWall Street ability and proceed with apub- Airbnb cautioned, however, intodistribution in the U.S., ing aCovid-19 vaccine. B1 profit in the thirdquarter after Journal reported last month lic offering shows howunpre- that arecent surge in Covid-19 where reported coronavirus  Home Depot agreed to the coronavirus pandemic that Airbnb would be profitable dictable—and yetultimately infections in Europe could PleaseturntopageA8 acquire wholesale distrib- forced it to overhaul itsbusi- during the period. navigable—this year has proved damp itsprospectsfor the utor HD Supply for about ness and shed costs. Airbnb lost $697 million forsome companies.When the fourth quarter.  Biden says transition delays $8.7 billion, reuniting with Thecompany’srevenue for through the firstnine months pandemic firstgripped China Airbnb’sfiling comes afew hinder response to virus..... A4 a unit it sold in 2007. B3 the three months ended Sept. of the year,morethan twiceas and then the world, travel firms days afterDoorDash Inc.’s IPO  U.S. sets record for Covid-19 30 fell 18% to $1.34 billion from much as it lost in the year-ear- such as Airbnb faced adrastic PleaseturntopageA2 hospitalizations...... A7 World-Wide Record Climb  Moderna said itsexper- SECBoss’s imental coronavirus vac- Nears 30000 ‘Predatoryand Opportunistic’: cine was94.5% effectiveat protecting people from Exit Makes The Dowindustrials rose to a Covid-19 in an early look at newhigh Mondayonupbeat Southwest Seizes the Moment pivotal study results, the data from avaccine study. B10 second vaccine to hit akey Wayfor milestone in U.S. testing. A1 Dowindustrials,Monday  TheU.S.reported more No-frills airline is expanding into new cities as rivals struggle than amillion coronavirus RulesPush 30000 infections in the past week, including morethan 133,000 BY ALISON SIDER commercial officer. “You could wait till 29900 on Sunday, as the national BY PAUL KIERNAN Covid is over. But that’s far too long.” totalsurpassed 11 million. A7 AND DAVE MICHAELS The pandemic is forcing many airlines to Through its history, Southwest has leapt defend their turf. Southwest is using it to in- at opportunities to encroach on rivals’ terri-  Biden said delays to his 29800 presidential transition could WASHINGTON—Securities vade. tory when they were struggling. If successful and ExchangeCommission Even as air travel languished in this fall, this time, it would be a prime example how hinder the government re- Chairman JayClayton will Southwest Airlines Co. executives fanned out some U.S. companies, taking advantage of sponse to the pandemic,ashe 29700 RECORD CLOSE step down at theend of the to cities from Palm Springs, Calif., to Sara- the carnage around them, can come out of sought to coordinatewith busi- year,opening the door for 29950.44 sota, Fla., to scope out potential new mar- crises stronger. nessand labor leadersahead Democratstopush foramore +470.63 (1.6%) kets. The airline is adding four more cities to Southwest’s bet this time is particularly of his newadministration. A4 29600 aggressiveapproach to regula- its network this year and announced plans striking, as the Covid-19 pandemic is leaving  Trump is expected to order tion of Wall Street. for six more in 2021. And it’s looking for no airline unscathed. United Airlines Hold- the Pentagon to pull more His departure, made public 29500 more. It hasn’t added airports this quickly ingsInc., American Airlines Group Inc. and forcesfromIraqand Afghani- on Monday, is the latest in a since integrating with AirTran Holdings, Delta Air Lines Inc. have together lost $23.5 stan, defying manyRepubli- wave of expected exitsatfed- 9:30 noon 4 which it bought in 2011. billion this year through September. South- cans who believeaprecipitous eral regulatorsaspower Source:FactSet “It sounds risky to go open a bunch of west has lost $2.2 billion in the period, on withdrawalwould amount changes hands in Washington. new cities, but the alternative is worse,” track to break a 47-year profitability streak, to astrategic stumble. A9 Mr.Clayton, 54 yearsold, said says Andrew Watterson, Southwest’s chief PleaseturntopageA10  Thepresident on Thursday he intends to remain activeon asked advisersabout poten- the commission until the end tial militaryoptions forstrik- of the year. Silent Meditation Retreats Move ing an Iranian nuclear site Mr.Clayton, alongtime cor- afteraU.N.agencysaid Teh- poratedeals lawyer at Sullivan Home—and Real Life Intrudes ranhad expanded itssupply &Cromwell LLC and apolitical of low-enriched uranium. A9 independent, wasnominated iii  TheTrump administration by President Trump in 2017. He pursued an activeenforcement is taking the final steps to se- Emails, children and demanding dogs agenda that included cases cureoil development in the Arctic wildliferefuge, start- against Silicon Valley biotech shatter serenity of pandemic versions ing aleasing processto startup Theranos Inc.and auto maker Tesla Inc.Asaregula- BY LESLIE BRODY theirinwardjourneys. Now, strikedeals with drillers. A3 tor, he focused on making it zenning out at home canpres-  HurricaneIotaslammed easier forcompanies to raise Frazzled by adaily diet of ent a far bigger challenge. No intonortheastern Nicaragua capital—even if that meant by- coronavirus stressand divisive idle chitchat with family mem- on Mondaynight as adan- passing the public markets politics,TruettDavis signed bers. No alcohol. No sex. No gerous Category4storm. A9 that the commission polices. up foraweeklong silent re- Netflix. “The guyisamoderateby treat. Mr.Davis made it easier for  Peru’s congresschose nature, and that’sthe way I Unplugging from life in a himself by driving 500 miles lawmaker FranciscoSa- gasti as caretakerpresident think he has conducted himself serene forest or mountain- away and hunkering down in hopes of ending a deep- at theSEC,” said Hal Scott, a side refuge,though, in an unoccupied house professor at HarvardLaw wasn’t an option during owned by his parents. ening political crisis. A9 School.“Theoverall system of the pandemic.“I’ll be He predicted one of the securities regulation has to do sitting in front of my tough partswould be to The cloud CONTENTS Opinion...... A15-17 with disclosures, and enforce- Zoom camerawith avoid belting out tunes Arts in Review... A13 Personal Journal A11-12 BusinessNewsB3-4,6 Sports...... A14 ment, and making surewedon’t my eyes closed,” in the shower. “I Capital Journal...... A4 Technology...... B5 have insider trading,and those said Mr.Davis,a didn’t cheat,” he Crossword...... A13 U.S. News...... A2-8 issues.Idon’t think he’sreally 26-year-old New said afterhere- thatadapts. Heard on Street.. B11 Weather...... A13 relaxed much around that.” Orleans yoga in- sumed speaking. Markets...... B10 World News...... A9,18 Progressives largely sup- structor,shortly before Shhh! Others have rented ported Mr.Clayton’sapproach he stopped talking last hotelrooms,Airbnbs Simplify your multi-cloud world and > to enforcement while criticiz- month. or recreational vehicles to get adjust capabilities when youneed to ing some of his policymoves as Avoiding distractions is es- away from temptations.Yet with the Dell Technologies Cloud. overly friendly to Wall Street sential to silent meditation re- some saythereare advantages PleaseturntopageA2 treats. In pre-pandemic days, to staying in a bedroom with participantstypically had to the door shut. If they canhone Learn moreatDellTechnologies.com/Cloud s 2020 Dow Jones & Company, Inc. All Rights Reserved  Third GOP senator opposes giveupall talking and technol- their concentration skills Fed nominee...... A2 ogy, eat simply and focus on PleaseturntopageA10 P2JW322000-2-A00200-1------XA

A2 | Tuesday, November 17, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS A Third GOP Senator Opposes Fed Nominee

BY NICK TIMIRAOS Judy Shelton because Iamnot port her confirmation.NoDem- spokesman forMr. Alexander ateisn’t scheduled to meet next doubt after arockySenate convinced that she supports ocratshavepublicly backed her. said he wouldn’t be in Wash- week because of the Thanksgiv- hearinginFebruary that re- AthirdRepublican senator theindependenceofthe Fed- Republicans have a53-47 ington this week due to afam- ing holiday. vealed doubtsamong Republi- said Mondayhewould oppose eral Reserve Boardasmuch as majority in the Senate, and in ily matter. Party-line votesfor Fed cans and unified opposition the confirmation of anominee Ibelievethe boardofgovernors theevent of atie,VicePresi- Sen. John Thune (D., S.D.), boardpositions haven’t oc- from Democratsabout her fit- of President Trump to aseat should,” Mr.Alexander said. dent Mike Pencewould cast the No.2GOP leader in the curred before,reflecting the nessfor the job.Supportersof on the Federal Reserve’sboard SenateMajority Leader the deciding vote,securing Ms. Senate, said Republicans hoped institution’sapolitical DNA.If Ms.Shelton said she would of governors, setting up aclose Mitch McConnell filed amo- Shelton’sconfirmation. Ms. they hadenough support to se- she is confirmed, Ms.Shelton likely bring amuch morecriti- vote as soon as this week. tion Mondayevening setting Shelton’s term would run cureconfirmation but told re- is on track to clear the hurdle calviewtoward the Fed’sbond Sen. Lamar Alexander (R., up akey procedural vote as through January2024. porters, “Asyou know, we have with thefewest votesofany purchases,ameasureitbegan Tenn.) said he wouldn’t sup- soon as Tuesdaythat could Theoutcome of avotefaces some attendanceissues.” governor sinceatleast 1980. taking sincecutting itsshort- port the nomination of Judy determine whether Ms. Shel- other potential complications. Meanwhile,Sen.-elect Mark “Shelton’simpact on Fed term rate to near zero in March. Shelton, an outspoken critic of tonhas enough support to win Sen. RickScott (R., Fla.) said Kelly (D., Ariz.) could replace policymaking almost surely Asecond Fedboardvacancy the central bank and close ally confirmation. Saturdayhewould be quaran- Sen. Martha McSally (R., Ariz.) won’t match the attention her could be filled in the coming of Mr.Trump’seconomic ad- Republicans will have little tining afterbeing in contact at theend of the month after nomination has received,” said weeks by another Trump nom- viserLarryKudlow, leaving margin foradditional defec- with someone who tested posi- winning aspecial election.That Ian Katz,afinancial policyan- inee,Christopher Waller,the her with support from no tions.InJuly,Sens.MittRom- tive forthe coronavirus.Itisn’t would leave Republicans with alyst at Capital Alpha Partners. St.Louis Fed’sresearch direc- more than 50 senators. ney of Utah and Susan Collins of known when he will be able to fewerthan 50 votesneeded to Ms.Shelton’spath to confir- tor, whose term would run “I oppose the nomination of Maine said they wouldn’t sup- return to Washington. A confirm Ms.Shelton. TheSen- mation firstappeared to be in into early 2030.

reckon with crime and safety Cost Cuts on theplatform. Airbnb this year said it was banning house parties as book- Gave Boost ingspicked up locally,but is still struggling to policethem. Thecompany’ssafety measures To Airbnb areexpected to come under morescrutinyasitsells its shares to the public. ContinuedfromPageOne Airbnb warned that it must paperwork and amid aflood of also contend with cities weigh- startups that have made their ing zoning restrictions on debutsonthe public marketsin short-term rentals.Itsepa- ayear that has already broken rately facespushback from res- records in terms of IPO dollars identswho blame it forfraying raised. Airbnb and DoorDash the social fabric of quiet neigh- both plan to debut in mid-De- borhoods. cember,which in most yearsis Thepandemic has rein- afairly quiet windowfor the vented travel, possibly in last- IPOmarket. ing ways, and afterearly ques- Airbnb Chief ExecutiveBrian tions about itsfate, Airbnb has Cheskytoyed with the idea of been abeneficiary. Manytrav- going public forseveral years elersturned to Airbnbs as

but stopped short of pulling the S quarantine lodging,preferring

trigger. Thepandemic hit just NEW to stay in stand-alone proper- as Airbnb wasformalizing its G ties over using shared facilities listingplans,shuttering global at hotels.Airbnb’sfootprint in

travel and crushing itscore OOMBER smaller towns and cities—and home-rentals business. /BL Mr.Chesky’sdecision to double

Mr.Cheskyquickly pivoted ILLER down on it afteranunforeseen to raising capital to keep the ST pickup in local stays—liftedthe OS

businessafloat, laid off aquar- AK company’sfortunes at atime terofstaff and shed noncore An owner of an Airbnb apartment folded towels ahead of the arrival of guests in Budapest in July. thehotel industrywas drown- businesses. ing. He ordered aredesign of ter-in-placeorders. Thelossin der the symbol ABNB. their shares when it listsinDe- venture-capital funds including Unlikehotels,Airbnb doesn’t Airbnb’sapp and websitesothe the second quarter widened to Most Silicon Valley startups cember. Sequoia Capital and Andrees- ownany properties.Its over- companycould focus on local $576million from $297 million arelosing money when they go Mr.Chesky, JoeGebbia,and sen Horowitz.AsofSept. 30, head costsare lowand it stays during the pandemic—a ayear earlier. public.Airbnb reported quar- Nathan Blecharczyk founded Airbnb said it had morethan 4 doesn’t need aminimum occu- strategythat paid off as people Airbnb is expected to garner terly profit in 2018 and 2019 AirBed &Breakfast in 2008 by million hostsand over 7.4mil- pancytokeep doorsopen. ventured intoneighboring com- avaluation of roughly $30 bil- though it hasn’t turned afull- renting an air mattressintheir lion listingsofhomes and expe- Some investorsfelt Mr. munities so they didn’t have to lion in itsoffering,according to year profit. Investorsare likely downtownSan Franciscoapart- riences,ofwhich 5.6million Chesky wasoverextending fly—marking aturnaround for people familiar with the deal, to see those profitable quar- ment. Theformer design stu- were activelistings. spending beforethe pandemic. acompanywhose peersinthe though valuations canchange ters,and the recent uptick in dentswould travel to cities As the companygrew, it suf- He forayedintotelevision hotel industryare still reeling until acompanyprices an of- bookings, as an encouraging hosting large conferences and feredthrough astring of em- shows and transportation, ar- from the crisis. fering.Airbnb’svaluation fell to sign. encouragepeople to makean barrassing safety problems,in- eas some said had little to do Airbnb’s filing shows busi- $18 billion when it racedtose- Airbnb has been under pres- extrabuck by listing couches cluding prostitution, theftand with itscorehome-sharing nesshas picked up from June curealoan as bookingsplum- suretolist this year because and air mattresses on their voyeuristic hostsusing cameras business. lows.Revenue in thethree meted earlier this year.Itwas some employees lose their website. to watchguests. Ashooting Mr.Cheskypaused those en- months ended June 30 plunged valued at $31 billion in a2017 stock options next year.The Airbnb,asthe companyis that leftfivepeople dead at an deavors during the pandemic 72%fromayear earlier to $335 investment round. companysaid it would allow known today, evolved into a Airbnb house party latelast and returned his focus to the million amid world-wide shel- It plans to list on Nasdaq un- employees to sell up to 15% of global behemoth backed by year pushed Mr.Chesky to home-sharing business.

Mr.Gensler,former Demo- should have imposed aso- Clayton to cratic SEC commissionersKara called fiduciarystandard, Stein or Robert Jackson Jr., which investment adviserssay and former U.S. Attorney Preet is more stringent and applies Depart as Bhararaofthe Southern Dis- to their profession. Advisers trict of NewYork,people fa- are paid an annual fee on as- miliar with the transition say. sets instead of earning com- SEC Head BeforeMr. Clayton’sdepar- missions as brokers do. ture, the commission is moving Mr.Clayton said on Monday fast on aplan that would re- Regulation Best Interest ContinuedfromPageOne quireChinese companies with prompted major changes in bro- and corporations.Democratic shares traded in the U.S. to use kers’behavior,adding that he regulatorsand analystssaid auditors overseen by U.S. regu- hopes his successor will consult the agencywill likely take a latorsorfacebeing kicked off with the SEC’sstaff before different tack afterPresident- exchanges,according to people drafting different requirements.

elect JoeBiden,aDemocrat, familiar with the matter. JOURNAL Under Mr.Clayton, the SEC’sen- names asuccessor. During Mr.Clayton’stenure, forcement division emphasized REET

Thehead of Mr.Biden’stran- the commission’smoves to in- ST rooting out wrongdoing that

sition, TedKaufman,pushed to crease restrictions on brokers LL harms individual investors. rein in big banks when he and money managers, such as WA It settled two of itshighest-

served briefly in the Senatefol- in arule governing the use of /THE profile cases—actions against

lowing the 2007-09 financial derivatives by mutual funds, ENS Theranos and Tesla. Both

crisis.GaryGensler, an aggres- were largely supportedbythe OW deals included unusual, con- siveregulator who ranthe Com- industries.The agencycom- tinuing restrictions on execu-

modity Futures Trading Com- pleted rules making it easier to ANGELA tives that surpassed the typi- mission under President Obama, raise capital in both public and Jay Clayton, shown in September 2019, focused on making it easier for companies to raise capital. calfines.Theranos founder is managing Mr.Biden’sprocess privatemarkets. These included Elizabeth Holmes agreed to fordrafting an agenda forthe expanding exemptions to fed- fortstoeliminateunnecessary risked limiting thegrowthof TheSEC under Mr.Clayton giveupher voting control of Wall Street regulatoryagencies. eral securities laws andallow- frictions have made the public public markets, which have will likely be remembered for the company, and Tesla’sElon Mr.Clayton’ssuccessor will ingmoreinvestorstopartici- marketsrelatively moreat- more stringent regulatoryand imposing stricter standards on Musk agreed to legal controls likely prod public companies pateinopaque privatemarkets. tractivethan they were before disclosurerequirements. brokerswho sell productstoin- around his use of social media. to include moredisclosures of Morethan 350 companies we started,” Mr. Clayton said Themigration of capital- dividual investors. Knownas “I don’t think he made any risks related to climateissues, have listed on U.S. public mar- in an interview on Monday. raising toward privatemarkets Regulation Best Interest, the sizable enemies,” said Howard Democratic regulatorsand kets this year,ontrack forthe Progressives said he failed to wasunder way beforeMr. Clay- measurecurbed conflictsofin- Fischer,apartner with Moses & consultantssaid. Thecommis- most since2000,according to strikethe right balancebetween tontook office. Companies and terest that canaffect investment Singer who served as asenior sion is likely to set clearer Dealogic.The totalincludes two of the SEC’scoremandates: privatefunds raised $1.8trillion advice, such as brokeragefirms trial counsel with the SEC in the rules formutual funds that many deals involving special- protecting investorsand pro- in 2017through privatesales of holding conteststopromotethe Obama and Trump administra- emphasizecompanies’ envi- purpose acquisition compa- moting capital formation. By equity and debt, compared with sale of certain securities. tions.“Even cases brought ronmental, social and gover- nies,which arepublicly traded making it easier forcompanies $1 trillion in 2010,according to Wall Street largely em- against largerinstitutions were nance-related goals. shell companies that raise to raise money directly from an SEC staff paper issued two braced Mr.Clayton’sapproach, all settled on lenient terms.” Names that have surfaced cash to pursue mergerdeals. buyout firms and venturecapi- yearsago. Public deals raised while liberal groups and con- —Justin Baer as possible successorsinclude “I do believethat our ef- talists, they said, Mr.Clayton about$1.5trillion in 2017. sumer advocates said the SEC contributed to this article.

THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: 1211 Avenue of the Americas, NewYork, N.Y. 10036 TheU.S.joblessrate was JoeBiden spoke at atrain- would createthe nation’slarg- Flakes in May 2019 contained Published daily except Sundays and general legal holidays. Periodicals postage paid at NewYork, N.Y.,and other mailing offices. 6.9% in October,and it was ing school in NewAlexandria, est Black-owned bank. 580 pieces.ALife&Artsarti- Postmaster:Send addresschanges to The Wall Street Journal, 200 BurnettRd., Chicopee, MA 01020. 7.9% in September.ANov.10 Pa., in September.Aphoto cle about children’s toys that AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of Page One article about the caption with aU.S.Newsarti- In 2013,Robert Benmosche, waspublished May14, 2019, which areavailable from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue of the economyincorrectly said Sep- cle about the president-elect’s then chief executiveofAmeri- incorrectly said 1,400 pieces. Americas, NewYork, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only tember’s joblessratewas 6.9%. labor agenda incorrectly gave canInternational Group Inc., publication of an advertisementshall constitutefinal acceptanceofthe advertiser’s order. Also,Mitch McConnell wasthe the city as Alexandria, Pa. defended bonuses given to the Noticetoreaders Letters to the Editor: Fax: 212-416-2891; email: [email protected] Republican leader in the Sen- insurer’s employees in 2009, Wall Street Journal staff Need assistancewith your subscription? By web: customercenter.wsj.com; By email: [email protected] ate during tax and budget ne- Theplanned merger of beforehejoined the company. membersare working re- By phone: 1-800-JOURNAL (1-800-568-7625) gotiations in 2010 and beyond Broadway Federal Bank and TheCaptain Classcolumn in motely during the pandemic. Reprints &licensing: with then-VicePresident Joe City FirstBank would create Saturday’sExchangesection Forthe foreseeable future, By email: [email protected] By phone: 1-800-843-0008 Biden. The article incorrectly the nation’s largest Black-led incorrectly said Mr.Benmo- please send reader comments WSJback issues and framed pages: wsjshop.com gavehis title as majority bank. A Nov. 7 Exchange arti- sche awarded the bonuses. only by email or phone, using Our newspapers are100% sourcedfromsustainably certified mills. leader,atitle he has held since cleabout Black-owned banks the contactsbelow, not via 2015. incorrectly said the merger Thelargest set of Brain U.S. Mail. 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 888-410-2667. P2JW322000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Tuesday, November 17, 2020 | A3 U.S. NEWS U.S. Sees Arctic Oil RightsCloser to Auction Decline Trump administration In Global takes final steps to securedrilling in refuge Students beforeBiden can halt it

BY MELISSA KORN BY TIMOTHY PUKO

Thenumber of newinterna- WASHINGTON—TheTrump tional studentsatU.S.cam- administration is taking the puses plummeted by 43% this final steps to secureoil devel- fall, according to an early opment in the Arctic National snapshot that illustrates just WildlifeRefuge, starting a howhardcolleges and univer- leasing processtostrikedeals sities were hit by the pan- with drillerstooperateinthe demic and a flurry of shifting pristine,19-million-acrewil- directives from the Trump ad- dernessbeforeDemocratic ministration. President-elect JoeBiden can

Overall, enrollment of for- stop it. S eign studentsfell by 16%, ac- Mr.Biden has vowedto PRES cording to a survey of more block plans foroil drilling in TED

than 700 schools conducted this northwest corner of CIA

this fall by 10 higher-education Alaska. Congresspassed a SO associations. More-compre- mandatetolease oil rightsin AS

hensivefigures forfall 2020, part of the refuge in itstax VICE/

representing resultsfrom overhaul in 2017—when Re- SER nearly 3,000 schools,will be publican majorities controlled released at this time next year. both the House and Senate. The figure includes foreign President Trump’sInterior De- WILDLIFE

studentsonU.S.campuses and partment has said it expectsa AND

those studying online,either lease sale by January.Mr. Bi- FISH S.

from the U.S. or overseas. den is slated to be inaugu- U. Thedropcomes afteracha- ratedonJan. 20. An undated photo of caribou migrating onto the coastal plain of the Arctic National Wildlife Refuge in northeast Alaska. otic spring and summer for Thedepartment’sBureau of foreign students and the col- Land Management is nowis- coastal plain is acalving Utqiaġvik Arctic opment threatened to exacer- leges and universities they suing a“call fornominations” ground forroaming caribou Ocean bateclimatechangeand harm planned to attend. allowing oil companies to say and home to manypolar bear Prudhoe wildlifeaswell as the region’s In early July,Immigration whereinthe refuge they want dens,all exposed to newrisks, Bay Coastal plain indigenous populations that and Customs Enforcement said to operate. Thenoticeis environmentalistshavesaid. depend on theprotected wil- international students whose scheduled to publish Tuesday In campaign material, Mr. ALASKA MacKenzie derness. schoolswent online couldn’t in the Federal Register,and Biden has said he intends to Bay Theincoming Biden admin- remain in the U.S. on their vi- potential bidderswill have 30 givethe refuge permanent istration could use several of Area of Arctic National sas,while international stu- days to maketheir nomina- protections,along with other WildlifeRefuge the lawsuitstoslowthe devel- detail dentsstuck abroad who had tions. Then the bureau can public lands whereMr. Trump CANADA opment by telling government even oneclassinperson moveontothe sale. has sought to expand drilling. Alaska lawyerstostand down in their couldn’t completetheir Thelaw limitsoil compa- But the president-elect’steam 100 miles defense,said analystsat courses remotely. nies to tapping reserves under on Mondaydeclined to detail 100 km ClearViewEnergy Partners U.S. consulates around the 1.5million acres in the ref- howhemight counter the LLC.While the initiativecould world had paused nearly all uge’scoastal plain. Further re- Trump administration’sac- Source:USGS be difficult to block alto- strictions aretolimit surface tions. gether,throwing up repeated disturbancethereto350,000 “Thismovewill not deter pushed to expand drilling on contractsbeforeopponents legal obstructions could have The drop comes acresinthe current drilling him from fulfilling his com- other federal lands thereand come intopower, lawyershave virtually the same effect. As it program. TheInterior Depart- mitment to preserving Amer- offshoreaswell as fornew said. is,the Trump administration after a chaotic ment’sassessment said last ica’snational treasuresand logging in the state’sfederal Sincethe law’spassage, In- haslittle margin forerror— spring and summer year that the drilling plans the local economies and com- forests. terior officials have tried to being, at best,onpacetofin- would have anegligible envi- munities they support,” said Investorsquestion the work quickly to completea ish an auction with lessthan a for foreign students. ronmental impact,afinding Bidenspokesman MattHill. value of such energy-focused lease sale while Mr.Trump week beforeInauguration Day, environmental groups dis- Mr.Trump has tried to ease moves in an eraoflower wasstill in office, though Con- ClearViewanalystssaid. puted. dozens of regulations in a crude prices and tepid de- gresshad given it until De- Theoil industrywill be “This call fornominations widespread effort to boost mand. Theoil industryisglut- cember 2021. working with wildlifeorgani- routine visa processing in the brings us one step closer to both production andcon- tedwith supply world-wide, “This is the Trump admin- zations and locals to ensure spring, meaning aspiring stu- holding an historic first sumption of U.S. energy.His pushing companies of all sizes istration’smidnight effort to environmental protections, dents weren’t able to schedule Coastal Plain lease sale,satis- administration is pushing to to plan deep spending cuts. sell off irreplaceable lands in said the American Petroleum the required in-person inter- fying the directiveofCon- finish other initiatives includ- Drilling in the arctic refuge therefugebeforeanew day Institute, one of the industry’s views to be issued their visas gress…and advancing this ad- ing loosening applianceeffi- would be the culmination of dawns,” Erik Grafe, an An- largest trade groups.The leas- andcouldn’t abide by the in- ministration’spolicyofenergy ciencystandards from the En- 30 yearsofeffortsbyoil com- chorage, Alaska-based attor- ing effort comes with support person requirement. independence,” Chad Padgett, ergy Department, removing panies,Alaskan leadersand ney with theenvironmental in the law, it added. HarvardUniversity and the the bureau’sAlaska statedi- criminal penalties through the Republicans to license opera- groupEarthjustice, said in a “Congresshas already Massachusetts InstituteofTech- rector,said Monday. Interior Department foracci- tions there. Mr.Trump statement. “The Arctic Refuge acted to open ANWR forsafe nologyswiftly sued in federal Environmentalistshave dentally killing birds and lim- boasted that he has moved the is no placetodrill.” development, and we welcome court,and the Trump adminis- said that massivepipelines iting the Environmental Pro- initiativefurther along than Earthjustice is engaged in anyprogressinmoving for- tration rescinded the rules. that hover over the ground tection Agency’sability to set anyother president, including one of four outstanding law- ward,” Frank Macchiarola,the In lateJuly,the administra- largely aren’t counted toward greenhouse-gas limits. RonaldReagan. suitschallenging the govern- group’ssenior vicepresident tion updated itsguidelines, the law’slimits, and that Inte- Alaska has oftenbeen cen- Completing that effort ment’spush to drill in the ref- forpolicy, economics and reg- saying that while newinterna- rior officials have dismissed tral to that effort, especially would be alot easier with a uge, it said. Several plaintiffs ulatory affairs said in a state- tional students couldn’t come optionsthat would have pro- foroil production. Mr. successfullease sale that released ajoint statement ment. “Development in ANWR to the U.S. if their courses tected much moreland. The Trump’sInterior officials have locksthe government into Mondaysaying the oil devel- is long overdue.” were being taught entirely on- line,those with at least one in-person classcould be in the U.S.,and those already here HarvardEx-Coach ChargedinBriberyCase could remain. According to the snapshot survey,20% of international BY MELISSA KORN ery, Mr.Brand recruited Mr. bought in Cambridge, Mass., studentsare studying online Zhao’s sons to the fencing prosecutorssaid. from abroad this fall. That Aformer HarvardUniversity team in exchangefor money, In total, the paymentstoMr. comes with itsown complica- fencing coach wasarrested thereby facilitating their ad- Brand or forhis benefit alleg- tions,liketime differences Monday along with aparent mission to the university.Mr. edly rantoatleast $1.5mil- making forlate-nightorearly- who federal prosecutorssay Brand allegedly told an uniden- lion. morning classes,orevenre- conspired to paythe coach GES tified co-conspirator in May Theyounger son enrolled at stricted internet access in morethan $1.5million to se- IMA 2012 that the boys “don’t have Harvardinfall 2017and is on some countries. curespotsatthe school forhis to be great fencers.” the fencing team roster. GETTY

Manystudentsopted to just two sons as fencing recruits S/ In February2013,prosecu- According to the complaint, delay their enrollments, hop- beginning in 2013. TO tors say, Mr.Zhao donated $1 Mr.Brand didn’t disclose de- PHO

ing to soon be able to come to PeterBrand, alongtime A million to afencing charity run tails of the paymentstoHar- campus. Nine in 10 school re- Harvardcoach who wasdis- by aco-conspirator.Mr. Zhao’s vard while recruiting Mr. spondentssaid they had inter- missed last year,and the par- /NCA older son wasadmittedtoHar- Zhao’s sons. national studentsdefer their ent, Maryland-based business- vard as afencing recruit in De- Harvard initiated an investi- enrollmentsfromthis fall to a man Jie “Jack” Zhao,both MILLER cember of that year and en- gation in May2019 afteraBos- ON

futuredate, with nearly denied wrongdoing through JAS rolled the following fall. tonGlobe article detailed Mr. 40,000 studentsatthose theirlawyersand vowedto Peter Brand coaching in 2019. Harvard dismissed him that year. Soon after, the charity sent Zhao’s purchase of the coach’s schools deferring enrollment. fight the chargesincourt. $100,000 to the PeterBrand house forhundreds of thou- TedMitchell, president of “Jack Zhao’s children were sion to Harvard. He looks for- vestigation were also alleged Foundation, acharity.Mr. Zhao sands of dollarsaboveits mar- the American Council on Edu- academic starsinhigh school ward to the truth coming out to have takenbribes indepen- then made payments “to, or for ketvalue.The school dismissed cation, said the decline this and internationallycompetitive in court,” said Douglas Brooks, dent of the scheme master- the benefit of,” Mr.Brand, ac- Mr.Brand in July 2019. fall was“staggering but, un- fencerswho obtained admis- apartner at Libby Hoopes minded by collegecounselor cording to prosecutors, and ar- “Harvard Athletics is com- fortunately, not surprising.” sion to Harvardontheir own Brooks PC. William “Rick” Singer. ranged forhis younger son to mittedtoupholding the integ- State Department officials merit. Both of them fenced for TheHarvardcase adds to “This case is part of our be recruited. rity of our athletics program, have said they value interna- Harvardatthe Division One the scandals surrounding longstanding effort to expose Mr.Zhao allegedly paid for and it is our expectation that tional educational exchange, level throughout their college highly selectivecollegeadmis- and deter corruption in college Mr.Brand’scar,covered college everycoach and staff member though the Departmentsof careers,” said William D. Wein- sions,though it is unrelated to admissions,” Andrew E. Lelling, tuition paymentsfor the adhereunambiguously to our Justiceand Homeland Security reb, apartner at Quinn Eman- the chargesprosecutors U.S. attorney forthe District of coach’sson, paid the mortgage policies,” Robert Scalise,the say they are focused on mak- uel Urquhart &Sullivan LLP. brought against morethan 50 Massachusetts,said Monday. on his house in Needham, athletic director at the time, ing surepeople aren’t exploit- “The studentswereaca- individuals under Operation According to the criminal Mass.,and later bought the said regarding Mr.Brand’sdis- ing loopholes or taking unfair demic and fencing stars. Coach Varsity Blues beginning in complaint, which chargesthe house formorethan itsmarket missal. advantageofthe country’sre- Brand did nothing wrong in March 2019.Some of the two men with conspiracyto value.Hethen paid forthe ren- —Jennifer Levitz sources. connection with their admis- coaches caught up in that in- commit federal programs brib- ovation of ahouse Mr.Brand contributed to this article. Hate-Crime Homicides Reached a Record in 2019, Study Finds

BY RACHAEL LEVY the most recent peak in 2008, ingspree wasa“response to violent acts, Mr. Levin said. domestic terrorism law, The Similar findingshavecome but steadily increased almost the Hispanic invasion of TheFBI defines ahate Wall Street Journal reported from the Department of TheFederal Bureau of In- every year since 2014. Texas,” were mostly Hispanic; crime as a“criminal offense last week. Homeland Security, which re- vestigation reported a record The2019 El Paso,Texas, at leastseven of thevictims which is motivated, in whole The51so-called hatehomi- cently said moreAmericans number of homicides classified mass shooting,which killed were Mexican citizens. or in part,bythe offender’s cides the FBI recorded last were killed by domestic ex- as hatecrimes in 2019,more more than 20 people,repre- Theprevious record for bias(es) against arace, reli- year were morethan double tremists—primarily white su- than doubling the previous re- sented a large share of the 51 hate-crime homicides was set gion, disability,sexual orienta- the 2018 level, due to “mass premacists and others on the cord set in 2018, according to hate-crime homicides,said in 2018 with 24 killings, the tion, ethnicity,gender,orgen- domestic terror attacks by far right—than foreign-in- fresh dataanalyzedbyare- Brian Levin,aformer New center said in a report. der identity.” whitesupremacists[that] be- spired ones,such as al Qaeda, search center that focuses on York City policeofficer who TheFBI said it recorded The uptick comes as Presi- came increasingly morelethal,” in 2018 and 2019.Whitesu- extremism. nowdirectsthe Center forthe 7, 314hatecrimes last year,a dent-elect JoeBiden’s team is according to Mr.Levin’sreport. premacists, among all domes- The number of hate crimes Study of Hate&Extremismat slight increase from 2018,when considering newoptions to “Whitesupremacist/far- tic violent extremists, will re- also wasatits highest level in the University of California, 7, 120 crimes were recorded. tackle ideologically motivated right extremist motivated ho- main the country’smost more than adecade.The FBI’s SantaBarbara, which analyzed In addition, 2019 marks the violent extremism,including micides rose forthe thirdcon- persistent and deadly threat, datashows hatecrimes had the 2019 data. The victims of third year in a row of an ele- increased funding,anew secutiveyear in 2019,” the the department also recently been trending downward since the shooter, who said his kill- vated number of increasingly WhiteHouse position and a report said. warned. P2JW322000-4-A00400-17FFFF5178F

A4 | Tuesday, November 17, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Big Year for Women Suggests a New Era

Republicanwomen elected in tain to continue as Mr.Biden Thethird-ranking House Re- 2010; as aresult, the number assembles his administra- publican—and afast-rising of GOP women in the House tion. Federal Reservegover- poweronthe GOP side also will morethan double. nor Lael Brainardisapossi- there—likely will remain For the second straight ble Treasurysecretary, Rep.Liz Cheney. election, awoman wasthe former national security ad- So what arethe practical manager of the winning viser Susan Riceapotential consequences of this surge presidential campaign. In secretaryofstate,and for- of female political power? CAPITAL JOURNAL 2016,itwas Kellyanne Con- mer Pentagon official Mi- It’stempting to saythat, By Gerald F. Seib way forMr. Trump.This chele Flournoyatop candi- considering howmen have year it wasJen O’Malley Dil- datefor defense secretary. turned the political system lon forMr. Biden. In addi- It’slikely Mr.Biden will intosuch an angry, polar- Nearly lost in the contro- tion, women held manyof want to pick aRepublican or ized, gridlocked mess, versyoverPresident the other toppostsinthe two forhis cabinet, to show women arebound to do bet- Trump’s refusal to concede Biden campaign, including he’sserious about his prom- terwhen given the chance. defeat is something momen- QUE/REUTERS Ms.Dunn, Kate Bedingfield ises to work acrossthe aisle. Beyond that, it’seasy to

tous that unfolded in the MAR as the communications di- If so,Meg Whitman, former over-generalizeand hardto background of 2020: remark- LA rector and Symone Sanders chief executiveofHewlett- knowfor sure. Thereisno

able advances by women. KEVIN as atop strategist. “You Packardand Quibi and a single women’sviewpoint or As voters,ascandidates Vice President-elect Kamala Harris in Delaware on Monday. had, without adoubt, the onetime Republican guberna- agenda. Some of the most and as campaign leaders, next generation of women torial candidateinCalifor- liberal membersofthe new women were—and noware— sional pickup,it’sthat for become the firstwoman to political operatives,” Ms. nia, is on the shortlist. House will be women, as will in the driver’s the Republican Party as serveasvicepresident. Hil- Dunn says. In addition, Mr.Biden’s some of itsmost conserva- seat as never well.” laryClinton wasthe Demo- Women provided essen- wife, Jill Biden, onceseen as tivemembers. Women will before. People cratic nominee in 2016,of tial firepowerfor Mr.Biden areluctant political spouse, be among the most vocifer- in politics onsider arundown of course,and twicebefore— in swing states.Michigan playedasignificant behind- ous defendersofabortion have been the displays of female with Democrat Geraldine Gov.Gretchen Whitmer was the-scenes role in the cam- rights, but also among the talking for C acritical ally.Cindy McCain, paign. She seems likely to loudest of antiabortion power: Ferraroin1984 and Republi- three decades  Women voters were re- canSarah Palin in 2008— wifeofthe lateRepublican do the same in the White voices. about an elusive“year of the sponsible forMr. Biden’s women held the running- Sen. John McCain, offered a House.Among other things, Yet, perhaps that complex woman,” but we just saw victory. Women made up matespot. Thethirdtime key endorsement in her she is alongtime teacher, reality is the most important something with conse- 53% of the electorate, ac- wasthe charm. home stateofArizona, and Mr.Biden oftensays she revelation of all, and the quences that will last far cording to the AP VoteCast Arecord-shattering which went Democratic for advises him on education surest sign the country’spo- morethan asingle year. survey of morethan 110,000 number of Republican the firsttime since1996. policy. litical-powerstructurehas “It’snot the year of the voters,and they went for women were elected to the Thevoter-turnout operation just moved beyond stereo- woman, but Iwould sayit’s Mr.Biden by asubstantial House.Atleast 17 newRe- of former gubernatorial can- eantime,Democratic types and tokenism. Much the eraofwomen in the 55% to 44%. Mr.Trump, publican House membersare didateStaceyAbrams was Rep.NancyPelosi rhetoric is devoted to apo- Democratic Party,” says essential to the Biden team M meanwhile, wonamong men, women, with two racesin- doesn’t faceany litical system that reflects AnitaDunn, atop adviser to 52% to 46%.Insum, the en- volving GOPwomen still un- in Georgia. challengersyet seeking to the faceofAmerica. The President-elect JoeBiden’s tireBiden winning margin decided. That meansRepub- Moreover,the parade of oust her as speaker of the women of 2020 mayactually campaign. “And if youlook came from women. licans nearly doubled their women moving intoposi- House when the newCon- be turning that thought into at the Republican congres- Sen. Kamala Harris will previous record of nine new tions of prominenceiscer- gressconvenes next year. areality. Biden Warns Delays Hamper Virus Response

President-elect JoeBiden pressing the General Services warned Mondaythat delays to Administration to issue ades- his presidential transition ignation that would let his ad- could hinder the federal gov- visersmoveforwardwith ernment response to the coro- preparations to form anew navirus pandemic as he sought administration in January. The to coordinatewith business GSAhasn’t yetofficially ac- and labor leadersahead of his knowledged Mr. Biden’s elec- new administration. toralvictoryoverPresident Trump, hurting the former By Ken Thomas vicepresident’sability to pre- in Washington pare for the distribution of a and Sabrina Siddiqui coronavirus vaccine and meet in Wilmington, Del. with Health and Human Ser- QUE/REUTERS

vicesofficials over plans to MAR Mr.Biden said he wasen- address Covid-19, the disease LA

couraged by ameeting he had caused by the coronavirus. KEVIN with businessleaders, including TheGSA designation is at President-elect Joe Biden and Vice President-elect Kamala Harris gotavirtual briefing from their economic advisers MondayinWilmington, Del. the heads of General Motors the heart of apostelection de- Co.and Microsoft Corp., along bate over whether Mr. Trump Mr.Biden said he “wouldn’t Trumpadministration. ernorsshould close nonessen- ing moreand more, as this with labor leaderssuch as AFL- should concede the presiden- hesitate to get the vaccine” if ManyRepublicans in Con- tial businesses and reinstate God-awful virus continues to CIO President RichardTrumka. tial election. Mr.Biden se- Dr.Fauci and the manufactur- gresshavelargely supported stay-at-home orders, Mr.Biden spread almost unabated, that But he told reportersthat if his curedthe electoral voteshe ers of two potential Covid-19 Mr.Trump’spursuit of legal said it “depends on the state.” governors are stepping up.” incoming team is forced to wait needed to become the next vaccines,Moderna Inc.and challenges to the election’sout- Mr.Biden said he had Mr.Biden is expected to until Jan. 20 to begin planning president, according to the As- Pfizer Inc., said it was safe. come.But Mr.Biden noted that “enormous respect” forRepub- name senior membersofhis the distribution of vaccines for sociated Pressand other major Mr.Biden’steam has sug- agrowing number of Senate lican governorswho had is- staffthis week.Rep.Cedric the virus,“it putsusbehind news organizations. gested it could pursue legal ac- Republicans have called forhim sued mandates forwearing Richmond(D.,La.), who wasa over amonth and ahalf.” Thelack of certification has tion to forcethe GSAtoissue a to receiveintelligencebriefings masks and added that it was national co-chairman of Mr. “Morepeople maydie if we also prevented Mr.Biden’scor- certification but it expressed as part of atransition. “totally irresponsible” forlead- Biden’scampaign, is expected don’t coordinate,” Mr.Biden onavirus advisoryboardfrom hopesofavoiding litigation. Much of Mr.Biden’sdiscus- erstopoliticizemask wearing. to leave his congressional seat said in response to aquestion being able to contact the White Instead, his team signaled a sions centered around his in- “This is not hyperbole. It’s to serveasasenior White about the biggest threat to his House coronavirus task force stronger public pressurecam- coming administration’sability about being patriotic,” Mr.Bi- House adviser overseeing pub- transition. or AnthonyFauci,the nation’s paign this week to force to getthe pandemic under con- den said of the need to wear a lic engagement, according to Mr.Biden’steam has been topinfectious-disease expert. greater cooperation from the trol. When asked if moregov- mask.“And Ithink you’resee- people familiar with the plans. Michigan Suits Center on the Battle Over Absentee Ballots

BY REBECCA DAVIS O’BRIEN ing seeking to overturn a den“cannot be true.” AND MAYA GOLDMAN lower-court judge’sruling TimothyKenny, the state against itslawsuit. On Monday judgewho denied the request DETROIT—President night, the court of appeals de- to halt the certification, de- Trump’sbid to contest Michi- clined to overturn the ruling. scribed Mr.Sitto’s affidavit as gan’selection resultshas fueled “EveryAmerican should “rifewith speculation and afierce partisan disputeover agree that all legal votesshould guess-work about sinister mo- allegations of misconduct at be counted and all illegal votes tives.” Election officials said Detroit’sabsentee-ballot count- should notbe,” said Jenna Ellis, they gathered the 16,000 ballots ing center that officials from legal adviser to Mr.Trump’s overnight from around the city both parties saywill undermine campaign. in accordancewith the law. faith in the ultimateoutcome. GES City and stateofficials have On Nov.4,Republican and In court filingsand inter- IMA defended the election’sinteg- Democraticorganizerssum- views,Republican poll challeng- rity.Detroit “doesn’t have a moned teams to the TCF Center GETTY

ersand lawyerssaid they wit- SE/ historyofvoter fraud,” said to watchthe newballotsget nessed election workersengage David Fink,alawyer represent- counted. Under Michigan law, in wrongdoing at the TCF Cen- ingDetroit in post-election liti- so-called poll challengersare

ter, aconvention center in ANCE-PRES gation. “What it has is ahis- allowedtowatch theabsentee downtownDetroit, and were FR tory of people who don’t vote ballot-counting processand can

excluded from the ballot-check- ENCE forDonald Trump.” flag ballotsfor reviewifthey

ing process. Theallegations— AG AfteranuneventfulElection spot inconsistencies. which aMichigan statejudge Y/ Day, tensions at the TCF Center Democratsand Republicans LSK

last week rejected as un- WA followedthe arrival of boxesof were each allowed134 poll

founded—have underpinned KO additional absentee ballotsin challengersonthe floor at any

lawsuitsbythe Trump cam- JEFF the pre-dawn hoursofNov.4. time,aswerenon-partisan paign and the Great LakesJus- Trump supporters on Nov. 4 protested outside a room where absentee ballots were counted in Detroit. In affidavits, Republicanpoll groups—one foreach table ticeCenter,aconservativelegal challengerssuggested the bal- wherepoll workerscounted group,seeking to stop the certi- ter, raising baselesschallenges certification, said William Hart- “Tosay therewerenoprob- lotsweresuspicious—arriving ballots. Under social-distancing fication of Detroit’svote. to ballotsand violating social- mann, aRepublican member, lems and that all these Republi- through aback door,inun- rules,challengershad to re- President-elect JoeBiden distancing rules.They de- “unlesssomething comes up.” cans arelying is not, in my sealed bins,they said. main at least 6feet from the won94% of Detroit’svote, ac- scribed ahostile environment Legalexpertsand Michigan of- opinion, credible,” said Charles In an affidavit filed in the tables,but could approach cording to unofficial results, wherepredominantly whitebal- ficials have said they don’t see Spies,anattorney forRepubli- statecourt case,GOP challenger briefly to observeaballot. and wonMichigan, acrucial lot challengersfromthe sub- apath forwardfor Mr.Trump’s canU.S.SenatecandidateJohn Andrew Sitto said he wasatthe Some Republican observers battleground with 16 Electoral urbs questioned thework of legal claims,and said they ex- James,who hasn’t conceded TCF Center at around 4:30 a.m. said Democratsbrought in lib- Collegevotes,by146,000 votes. Black poll workers. Thedispute pect Michigan’svotetobecer- and is challenging unofficial re- when “several vehicles with eral activists to fill spots for Mr.Trump hasn’t conceded the has led to calls by Republicans tified by the state’sNov.23 sultsshowing he lost to Demo- out-of-statelicense plates” ar- nonpartisan observers. They race and has initiated aseries forthe bipartisan Wayne deadline. cratic incumbent GaryPeters. rived with the boxesofballots. said the 6-foot, social-distanc- of lawsuitschallenging results County BoardofCanvassersto Even if their most serious TheTrump campaign sued “Everyballot Iobserved was ing rule wasmostly employed in several states.Noevidenceof reject certification of Detroit’s misconduct claims aren’t sup- last week in Michigan federal cast forJoe Biden.” forRepublicans.Election offi- widespread fraud has emerged. vote at itsmeeting Tuesday. ported, Republicans said the al- court, seeking to halt the In response,lawyersfor the cials said they applied the Detroit election workers, Wayne County includes Detroit. leged lapses and mismanage- Wayne County certification. city denied Mr.Sitto’s allega- rules fairly.Aspokesperson Democratic challengersand city Thefour-person board—two ment of ballot counting at the Great LakesJusticeCenter filed tions,saying one city vehicle for the Michigan Republican officials said Republicans ac- Democratsand two Republi- TCFCenter should be enough an emergencyappeal in state brought the ballotsand that the Party didn’t respond to a re- costed workersatthe TCF Cen- cans—is likely to approvethe to stop certification. appellatecourt Mondaymorn- claim that all were forMr. Bi- quest forcomment. P2JW322000-0-A00500-1------XA

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A6 | Tuesday, November 17, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Agendas of Biden, Ex-AidesClash Obama Tells Why Manyofthose close to the president-elect He Chose representindustries at odds with party’sgoals His No. 2

BY JULIE BYKOWICZ BY SABRINA SIDDIQUI AND BRODY MULLINS BarackObama viewedJoe WASHINGTON—President- Bidenin2008 as lacking afil- elect JoeBiden’s ambitious terand “happy to sharewhat- Democratic agenda—including ever popped into his head,” but raising corporatetaxes—faces he chose the then-senator as formidable opposition from a his running matebecause he powercenter he knows well: was“decent, honest, and former aides who arenow lob- loyal,” the former president byistsoradvisers to compa- writes in his newmemoir. nies and industries at odds In “A Promised Land,” with his goals. which will be publicly available Scores of Mr.Biden’sformer on Tuesday, Mr.Obama offers aides nowonKStreet repre- candid reflections on the his- sent hundreds of companies, toric natureofhis presidency, trade groups and foreign com- S race and the political climate.

panies.One person in the mix NEW Thefirst of two planned vol- foratop WhiteHouse role is G umes,the 768-pagetome also Mr.Biden’scampaign chairman offers fresh insightsintoMr. SteveRicchetti,who co-owned OOMBER Obama’sdecision to select Mr. alobbying firm formorethan a /BL Biden as his running mateand DER

decade with his brother Jeffrey RY their occasional disagreements

Ricchetti. VID over foreign policy.

Mr.Biden, unlikethe four DA Mr.Obama characterizes most recent presidents, has Mr.Biden as in some wayshis deep ties to the Washingtones- political opposite, a factor he tablishment from his 44 years ultimately determined would

in the Senateand as vicepresi- QUE/REUTERS; help to offset reservations

dent. He named at least 40 cur- MAR amonghis opponentsabout rent and former registered lob- LA his presidency. byists to his transition team. “One of the reasons I’dcho- KEVIN

Formuch of his career,Mr. P: sen Joetoact as an intermedi- Biden has advocated policies TO ary—in addition to his Senate OM

that he said would reducethe FR experienceand legislativeacu- influenceoflobbyistsand spe- One former top aide to President-elect Biden, Jay Carney, below, now leads Amazon.com’s global lobbying and media-relations team. men—was my awareness that cial interests, including pushing in [Mitch] McConnell’s mind, forexpanded government fi- beforethey were lobbyistsas vide favors forlobbyistswho negotiations with the vice nancing of political campaigns. still not lobbyists,” said Jeff once worked forhim. president didn’t inflame the His campaign platform in- Hauser, whoanalyzescorpo- Jeff Connaughton,one of his Republican base in quitethe cluded seeking legislation that rate influenceongovernment leading fundraisersduring his same way that anyappearance would requirelawmakersto forthe liberal Center forEco- Senateyearsand 2008 presi- of cooperation with (Black, publicly disclose meetingsand nomic and PolicyResearch. dentialrun, complained in his Muslim socialist) Obama was communications with anylob- “Being close friends does not 2012 book,“ThePayoff,” that bound to do,” Mr.Obama byist or special interest trying makeyou betteradept at figur- “Biden hadnever helped me writes. to influencethe passageorde- ing out people’smotives.Past once as alobbyist.” Mr. Obama recalls some of feat of aspecific bill. work tends to be morepredic- Another former Biden aide is his reservations about asking “He will always placethe tive of that.” Mark Gitenstein,asenior coun- Mr. Biden to join his ticket in public interest at the center of Theincoming Biden admin- sel at MayerBrown LLC,and 2008. Mr. Biden was 19 years his decisions,because he is ac- istration must quickly hire nowamember of his transition his senior and astalwart in countable to everyAmerican thousands of people and hasn’t team. the Senate, Mr.Obama recalls, he serves as president,” said said that it will exclude regis- Mr.Gitenstein, senior coun- while he wasrunning as a T.J. Ducklo,aspokesman for teredlobbyists. Both the selatMayer Brown’sinterna- Washington outsider. Mr.Biden. Trump and Obama administra- tional tradepracticeinWash- Describing his ownpersona It is common practicefor tions had policies against hir- ington, declined to comment. as “temperamentally cool and aidestoboth Democratic and inglobbyists, but both presi- Thefirm has lobbied forthe collected,” Mr.Obama writes Republicanelected officials to dentsmade exceptions. Chamber of Commerce forat that Mr.Biden was“aman leave positions in government “Public servantsserveall least two decades,and Mr. without inhibitions,happy to forhigher-paying jobs as cor- Americans, not themselves or Gitenstein wasonthe account sharewhatever popped into poratelobbyists. But the “re- narrow special interests,” Mr. until 2008,lobbying reports his head.” Mr.Obama says he volving door” canpose atricky Biden’stransition team said in show. concluded Mr.Biden’socca- balancefor Democrats. astatement. ton. His transition team in- tenant, JayCarney,now leads Thechamber opposes some sional gaffes were “trivial com- GOP aides who become lob- Mr.Biden wonthe presi- cludes JessicaHertz,aformer Amazon.com Inc.’sglobal lob- core elementsofMr. Biden’sen- pared to his strengths” and byiststypically work in concert dencybybuilding support Bidenaide who nowserves as bying and media-relations ergy plan, including higher car- that Mr.Biden’sdecades in with Republican lawmakersand amongabroad coalition of itsgeneral counsel, whereshe team. Mr.Carney began his bon taxes. And the business public office would comple- executive-branch officials to roll progressiveand morebusi- oversees the group’scompli- government career in 2009 as group supported Mr.Trump’s ment his ownrelativeinexperi- back regulations,reducetaxes ness-minded Democratsfo- ancewith ethics rules.Ms. the vicepresident’scommunica- 2017tax cuts, while Mr.Biden enceinnational politics. and generally advancethe inter- cused on defeating President Hertz came from Facebook Inc., tions director. hassaid he would seek legisla- Mr.Obama also writes that estsofAmerican corporations. Trump.His agenda includes ex- which is nowinthe crosshairs Mr.Biden said in October tion to raise the taxrates for Mr.Biden expressed skepticism Democratic aides who be- panding regulations on U.S. in- of manyDemocratswho believe that Amazon should be paying topearnersand corporations. over plans forthe raid that come corporatelobbyistssome- dustryand forcing drugmakers the tech giant needs to be more moretaxes.Some Democrats Another former Biden aide killed al Qaeda leader Osama times faceaconflict between to lowertheir prices,priorities closely regulated. believeAmazon has toomuch on the SenateJudiciaryCom- binLaden in May2011, sug- thebusinessintereststhey are that will be challenging to en- In astatement, the Biden market power and should face mittee,Eric Rosen,represents gesting the president weigh paid to represent and the offi- act if Republicans keep control campaign said Ms.Hertz is “a increased regulation, or even be the BusinessRoundtable,a “the enormous consequences cials who onceemployedthem. of the Senate. thoughtfuland principled deci- broken up. powerful group of corporate of failure” andconsider hold- “The problem Biden has is, Mr.Biden’searly staffing re- sion maker.” Some who have worked for chief executives that supported ing off until moredefinitivein- he views people he gottoknow flectshis longevity in Washing- Anotherformer Biden lieu- Mr.Biden said he doesn’t pro- the 2017tax cuts. telligencewas available. Georgia GOP FearsFeud Could Hurt SenateHopefuls

BY CAMERON MCWHIRTER publican Senatorial Committee, envelopes were then separated AND LINDSAY WISE the Republican National Com- from the ballotstosafeguard mitteeand other GOP groups. voters’ballot choices.Election ATLANTA—TheGeorgia Re- “That said,” the official officials also verified signa- publican Party is beset by in- added, “I think it’s important tures on paper applications for fighting,asleading Republicans foreveryone to be on the an absentee ballot. in the statecome under public same page, working to the Mr.Raffenspergerlast week attack from President Trump same goal, which is to make defended the system and said and his supportersfollowing sure Republicans hold on to he didn’t believethe recount his apparent defeat by Presi- the Senatemajority by way of would changethe vote tally dent-elect JoeBiden there—the two victories forKelly Loeffler because he had confidence in firstlossbyaGOP presidential and David Perdue.” the state’s voting machines. candidatesince1992. David Shafer,the current Sens.Perdue and Loeffler Theinternal strains come stateparty chairman, texted in last week took the extraordi- as stateparty leadersare try- response to queries,“Ibelieve nary step of calling forfellow ing to rally support fortwo the party will pull back to- Republican Mr.Raffensperger sitting senators facing Jan. 5 gether.Thereistoo much at to resign, alleging election runoffs that will determine S stake for us not to reunify.” mismanagement. They didn’t control of the U.S. Senate. PRES On Sunday, Mr.Biden’slead offer evidencefor that asser-

TheSenate’spartisan TED in the contest forGeorgia’s16 tion. Mr.Raffenspergerwasn’t breakdown afterthe Nov.3 CIA electoral voteswas roughly notified of the call until he saw SO

election stands at 50 Republi- AS 14,000 out of about 5million amassemail sent to media cans and 48 Democrats. If CI/ cast. TheAssociated Press outlets. He refused to resign. Democratswin both Georgia VUC hasn’t called the race because it Rusty Paul, a former chair- AN

runoffs,they will control the EV said the tight margin means it man of the Georgia GOP, said chamber,sinceVicePresident- PresidentTrump with, from left, Sen. Kelly Loeffler,Sen. David Perdue and Gov. Brian Kemp in September. could be subject to apost-certi- the senatorshad no choicebut elect Kamala Harris,inher fication recount under Georgia to publicly disavow Mr. role as president of the Sen- Sen. David Perdue (R., Ga.) senator,Kelly Loeffler,isbeing term damage,” former GOP rules; however, major media or- Raffenspergerbecause if Mr. ate, could cast tiebreaking said on FoxNewsChannel’s challenged by the Rev.Raphael stateRep.BuzzBrockway said ganizations have called the race Trump turned on them in frus- votes. “SundayMorning Futures.” Mr. Warnock, pastor of Atlanta’s Saturday. “The long-term forMr. Biden. Aspecial by- tration, it would be disastrous “These two seats…arethe Perdue is trying to fend off Ebenezer Baptist Church. health of the GOP is on the hand recount of the presiden- for their election prospects. last line of defense against this Democrat JonOssoff,adocu- Energizing Mr. Trump’s line here in Georgia.” tial contest, beforecertifica- “Ifthe president is tweeting liberal, socialist agenda the mentaryfilmmaker,while loyalbase is essential to the Morethan adozenRepubli- tion, is under way already. bad things, the base is not Democratswill perpetrate,” Georgia’s other Republican GOP’srunoff strategy, and Re- canofficials and strategists Trump campaign officials coming out,” Mr. Paul said. publicans in Georgia and in said they worried the intra- called forthe early recount, An adviser to Mr.Raffen- Washington, D.C.,would liketo partyfeud wasdistracting but in tweetsoverthe week- spergersaid that the secretary see the president train his fire from therunoff effort and endMr. Trump assailed the of state, astrong supporter of on Messrs. Ossoff and War- could hurt the party’s chances process. On Saturday, Mr. the president since 2016, was nock.But Mr.Trump,appar- in 2022, when the governor Trump said on Twitterthat baffled by the attacks.Those entlypreoccupied with acon- and one of the Senateseats the by-hand recount is flawed whoclaim the election was tinuingrecount of the state’s will be on the ballot. because “they arenot showing corrupt are in “complete loo- Sound Thinking presidential results, instead TheTrump campaign de- the matching signatures.” neyville,” the adviser said. spentthe past few days on clined a request to comment. Therecount is meant to re- On Mondaynight, Mr. Audio storytelling on news youcareabout, at home or on the go. Twitterattacking topGeorgia One GOP official said the sit- viewballots, not signatures. Raffenspergersaid that he Republicans: SecretaryofState uation is moreproblematic for Absentee voters had to sign on started receiving threats and WSJ.COM/LISTEN Brad Raffenspergerand Gov. Mr.Kemp than forSens.Perdue the outside of the envelope, nasty emails and texts, includ- Brian Kemp,both onceconsid- and Loeffler and pointed to fi- not the ballot. Election officials ingthreatening messages sent ©2020Dow Jones &Company, Inc. ered allies of Mr.Trump. nancial resourcesand man- compared that signaturetothe to his wife’scellphone,right All rights reserved.2DJ7644 “This could really go off the powerflooding the state forthe voter’sregistration file.Ifthe afterSens.Perdue and Loeffler rails and really cause long- runoffs from the National Re- signatures were consistent, the called for his resignation. P2JW322000-0-A00700-1------NS

THE WALL STREET JOURNAL. NY/NE Tuesday, November 17, 2020 | A7 U.S. NEWS Weekly Cases Top One Million

BY ADAM MARTIN at-home advisory Monday. In Kansas City,Mo.,Mayor Quin- TheU.S.reported more tonLucas announced a10p.m. than amillion coronavirus in- curfew forrestaurants, bars fections in the past week, in- and event spaces and limited cludingmorethan 133,000 on gatheringsto10people, Sunday, as the national total among other restrictions. surpassed 11 million. “Weare in the toughest Thecountryalso set are- moment sincethis virus came cord forhospitalizations,with intoour communities,” Mr.Lu- 69,987 as of Sunday, according cassaid, “and overcoming this CK

to the Covid Tracking Project. crisis requires an aggressive TO Covid-19,the disease caused and immediate response.” by the coronavirus,isnow The133,045 cases newly re- widespread in the U.S.,and ported in the U.S. on Sunday, SHUTTERS A/ states have begun to impose according to datacompiled by newrestrictions on people’s Johns Hopkins University, movementstocombat it. On bring the U.S. totaltonearly Sunday, Washingtonand Mich- 11.04million, including 1.04 SHKEVICH/EP igan announced newrestric- million reported in the past ULA A- tions,including ahalt to in- week.Ittook morethan three door dining and limitson months forthe U.S. to reach HERRER indoor social gatherings. one million cases afterthe BAL

Philadelphia on Mondayset first infections were reported TO

new measures that begin Fri- in the countryinlateJanuary. CRIS day and remain in effect until Sunday’sfigurewas lower People lined up in their vehicles to get a Covid-19 test Monday in Miami. More than 133,000 new U.S. cases were logged on Sunday. Jan. 1. They includemoving than in recent days but higher high-school and collegeclasses than the 109,780 reported a Street Journal analysis of More than 246,000 people day average was 1,034. In France, the seven-dayav- online,restricting indoor din- week earlier.Daily tallies tend Johns Hopkins data. The14- in the U.S. have died of In Europe,infections contin- erage of new cases has fallen ing and limiting indoor gath- to be loweratthe beginning of dayaverage was127,230. Covid-19,including 616 re- ued to spread at ahigh level, over the past week,fromsome eringsand eventstosingle the week,asfewerpeople are When the seven-dayaverage is ported Sunday, according to but in manyinstances were be- 54,000 to under 28,000. households only. tested on weekends. higher than the 14-dayaver- Johns Hopkins data. Thena- lowtheir recent peaks,as World-wide,morethan 54 Chicago, wherenew limits Thenational seven-day roll- age, as it has been sinceOct. tion’sseven-day averageof hopes grow that the outbreak’s million people have been in- on social-gatheringsare now ing average was 145,401 as of 5, it suggestscases areonthe daily reported deaths was latest wave is slowing as lock- fected and more than 1.3 mil- in place, began a 30-day stay- Saturday, according to a Wall rise. 1,083 on Saturday, and the 14- downs begin to have an effect. lion have died. U.S. WATCH

ECONOMY To provide more support to VIRGINIA for personal use. “Legalizing the economy, officials could give marijuana will happen in Vir- Fed’s Clarida Expects more detail around how long Governor Presses for ginia,” Mr. Northam said. MoreSupport Needed those purchases might last or Legalizing Marijuana The governor previously sup- they could increase the share of ported decriminalizing marijuana Atop Federal Reserveofficial long-term securities they are Gov. Ralph Northam is push- but not full legalization. He said said Mondaythatthe central buying. Mr. Clarida didn’t indicate ing to legalize marijuana for rec- there are many reasons for his bank would use all available tools Monday whether he favored any reational use in Virginia, which shift, including unequal punish- to ensureastrong recovery from changes or whether any were could be the first Southern state ments for marijuana-related the pandemic-induced shock and imminent. to do so. crimes among people of color. A thatheexpected moresupport Mr. Clarida said that even af- Mr. Northam, a Democrat, an- legislative report issued Monday

S would be needed from fiscal and ter the Fed raises interest rates, nounced his support for legaliza- showed that the average arrest monetary authorities. it will keep rates lower than offi- tion Monday, saying he wants a rate of Black Virginians in recent PRES RichardClarida, the Fed’svice cials might have otherwise done responsible approach that pro- years for marijuana possession TED chairman, said officials discussed to provide more support to the motes racial equity and pre- was 3.5 times as high as the ar-

OCIA at their rate-setting committee economy. The average rate of in- serves youth safety. The gover- rest rate for whites. SS

/A meeting this month changes flation since the Fed adopted its nor said he would propose Mr. Northam said it is also theycould maketothe asset- new framework in August could legislation during next year’s leg- clear that the public’s views

WENIG purchase program, in which the also dictate the desired pace at islative session, a process he have largely shifted in favor of

SETH centralbank has been buying which the Fed raises rates, he said could take up to two years. legalization. “As governor, I listen CLOSECALL: Utilitycrews cleaned up debris from toppled telephone $120 billion amonth in Treasurys said. He added that he is certain to people,” he said. poles MondayinRidgefield, N.J., after astorm movedthrough the area. and mortgage bonds. —Nick Timiraos the drug will eventually be legal —Associated Press

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A8 | Tuesday, November 17, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS

increase in Covid-19 cases na- Moderna tionally. Among the 95 cases re- viewed, 11 were severe, all in Shot Hits people receiving the placebo, Moderna said. Moderna said the 95 Milestone Covid-19 cases included 15 people ages 65 yearsand older, and 20 people from diverse ContinuedfromPageOne communities such as Hispanic cases and hospitalizations are or Latino and Black people. surging. Because of the urgent need, “Wemay be in aplacewith the FDAplans to clear avaccine that has abig impact Covid-19 vaccines more on the prevention of severe quickly than is standard. Tech- disease,” Moderna Chief Exec- nically,the authorization utive Stéphane Bancel said in would be foremergencyuse, an interview. “That will be an rather than astandardap- incredible win against this aw- proval. The FDA wants to see ful virus.” two months of safety monitor-

AnthonyFauci,director of S ing foratleast half of the

theNational InstituteofAl- PRES 30,000 people in the trial, a lergy and Infectious Diseases, milestone Moderna expectsby UMA

said the high efficacy rate for /Z the end of November. Moderna’svaccine means it TO In the early look, the com- could be an effectivetool to panysaid no significant safety

help end the pandemic. /NURPHO concerns were reported, and “These areveryimpressive SY the vaccine wasgenerally well and very encouraging and ex- tolerated, with injection-site

citing results,” Dr. Fauci said. HENNES pain forsome people afterthe UL

Earlier this month Pfizer PA firstdose,and fatigue,head- Inc.and BioNTech SE said A Florida retiree, one of 30,000 participants in Moderna’s Covid-19 experimental-vaccine trial, receiving his first injection in August. ache and joint pain afterthe their experimental Covid-19 second. vaccine was morethan 90% ef- ing effectivenessinspecific Alook at howeffective each vaccine is againstthe illness cold temperatures.Moderna’s If regulatorsdoauthorize fective at protecting people groups such as the elderly and it wasdesignedtofight. vaccine must be shipped and the vaccine, the initial supply from symptomatic Covid-19 in against infections that don’t Vaccine efficacy With second dose Range kept in long-term storageata of doses will be limited—20 alarge clinical trial. Pfizer produce symptoms. below-freezing temperature million, or enough for 10 mil- plans to ask the U.S. Food and Researcherswon’t have a 0% 25 50 75 100 equal to most home or medical lion people, by the end of the Drug Administration this full set of effectivenessdata Tetanus freezertemperatures.Mod- year,Moderna forecasts. If the month to authorizeuse of the untilatotal of 151 people in erna said Monday it nowex- Pfizer vaccine is also autho- shot, setting up potential dis- the trial develop Covid-19 Ebola pects its vaccine, after thaw- rized, federal officials said tribution to begin by the end symptoms.Moderna expects Rubella ing,can remain stable in Mondaythey expect to be able of the year. that by the time it applies for regular refrigerator storage to immunizeabout 20 million Though preliminary, the government authorization, Mr. Measles forupto30days—longer than people during December. early results for the two vac- Bancelsaid. Thecompanysaid Chickenpox itsprevious estimateofseven Plans haven’t been final- cines suggest researchers can the efficacyratecould change days.Pfizer’svaccine must be ized, but a National Academy develop effectiveCovid-19 when morecases areanalyzed, Polio stored at even colder tempera- of Medicine committeehas shots, which would be abig but the early numberssur- Mumps tures and then can be kept at recommended that the first help in taming the pandemic. passed the high bar it had set standardrefrigeration temper- phase of vaccination cover “I think the high efficacy for preliminary results. Rotavirus atures for about five days. about 5% of the population and dataonseverecases mean Both the Moderna and Flu In the Phase 3—that is, and include front-line health that these RNA vaccines Pfizer Covid-19 vaccines are late-stage—study of itsvac- workersand first responders. should markedly reducethe among the most advanced in Source:Centers forDisease Controland Prevention cine, people at about 100 U.S. Thenextphase would cover burden of hospitalization from development in the West, locations were given two 10% of the population and in- Covid-19,” said Larry Corey, a along with candidates from cells to makeaprotein resem- easesworked with the com- doses of the vaccine or a pla- clude people at higher risk of vaccine specialist at the Fred AstraZenecaPLC,Johnson & bling one found on the surface pany to develop its vaccine. cebo,four weeks apart. Re- severeCovid-19 disease or Hutchinson Cancer Research Johnson and Novavax Inc. of the coronavirus.That trig- Thefederal government, searcherstracked cases of death. Center in Seattle and head of a Covid-19 vaccines devel- gers an immune response de- underthe Operation Warp symptomatic Covid-19 starting Moderna is working with network of clinical trial re- oped in China and Russia have signed to protect vaccinated Speed initiative, has commit- at leasttwo weeks afterthe contract manufacturersto searcherswho helped test the already been administered, people if they arelater ex- tedabout $2.5billion to Mod- second dose. boost production so it can Moderna vaccine. though they haven’t finished posed to the actual virus.Mod- erna to support itsvaccine re- Thestudy’s design called make500 million to one bil- Moderna’sinitial datawere the final stageoftesting. Rus- erna, aCambridge, Mass.,bio- search and testing and to buy forthe independent commit- lion doses next year.Its U.S. reviewedbyacommitteeof sia said itsvaccine had 92% tech that has been an mRNA at least100 million doses of teetoconduct the firstin- contract has an option for400 independent researchersmon- efficacy in a large trial. pioneer,has never brought a the vaccine. terim analysis of efficacy million doses in addition to itoring the study.The findings Moderna’svaccine,like drug or vaccine to market and Thelogistics of getting when 53 people came down the initial 100 million. provide only arough snapshot Pfizer’s,uses anew technology no mRNA vaccine has ever both vaccines intothe arms of with symptomatic Covid-19. Moderna shares jumped of whether the vaccine works. known as messenger RNA.It been cleared by regulators. people could be challenging Moderna said the firstanalysis 9.6% to $97.95Monday. The Thecompanyplans to release works by delivering genetic in- TheNational Instituteof because it will requirethe involved substantially more company’sstock priceisup additional resultslater,includ- structions that teach human Allergy and Infectious Dis- shots to be kept at a range of people because of the recent morethan 400% year-to-date.

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THE WALL STREET JOURNAL. ***** Tuesday, November 17, 2020 | A9 WORLD NEWS U.S. Seen Speeding Up MideastTroop Pullout

BY GORDON LUBOLD and Afghanistan. Military Therewas no immediatere- S AND NANCY A. YOUSSEF plannerstherewill draftthe action from the Biden cam- specifics of those plans. paign to the decision to draw PRES

WASHINGTON—President Currently about 5,000 troops down forces. ZUMA Trump is expected to order areinAfghanistan and more On Capitol Hill, reportsof the Pentagon to withdraw than 3,000 areinIraq. There the planned withdrawalwere moreforcesfromIraqand Af- arenocurrent plans to draw met with criticism from mem- ghanistan, furthering his down the forceofabout 1,000 bersofMr. Trump’sRepublican promise to end U.S. involve- troops in Syria, officials said. Party.SenateMajority Leader UNION-TRIBUNE/ GO

ment in world conflictsand Thecutstothe deployment Mitch McConnell (R., Ky.) com- DIE defying manyRepublicans who in both countries advanceMr. paredthe moveto“the humili- N SA

believeaprecipitous with- Trump’sdesiretoend the so- ating American departurefrom A/ drawalwould amount to a called endlesswars, even if he Saigon in 1975,” warning it strategic stumble. won’t have met that goal com- would embolden the Taliban, CEPED C. Theorders, which could pletely beforeheleavesoffice hand al Qaedaapropaganda VIN

come by Tuesday, would call Jan. 20.They amount to acom- victory, and risk the rightsof NEL forthe U.S. militarytodraw promise within the administra- Afghan women and girls. Some Republicans criticized the plan to pull forces from Afghanistan, shown in 2017, and Iraq by Jan. 15. down the number of troops in tion between those who believe “We’dbeabandoning our both countries to roughly pulling forces out quickly could partners in Afghanistan, the and other changes at the Pen- Miller wrotethat the U.S. ing team at the Pentagon 2,500each by Jan. 15,five imperil the remaining troops brave Afghans who are fight- tagon. Mr.Trump installed must “avoid our past strategic pushed for an acceleration of days beforePresident-elect and equipment and undercut ing the terroristsand destroy- loyalists seen as moreamena- error of failing to see the fight the drawdown of forces. Joe Biden’s inauguration. The U.S. interestsinthe region, and ing the government’sleverage ble to advancing the presi- through to the finish” but also CNN earlier reported on Pentagon’sJoint Staff is ex- those who want to end the in their talks with the Taliban, dent’s objectives. said that “all wars must end.” Mondaythat the Pentagon was pected to deliver the order in wars by drawing all forces out designed to end the fighting,” Over theweekend, Acting Mr.Trump had agreed in preparing to receive a formal thecoming days to U.S. Cen- as quickly as possible. he said on the Senate floor. Secretary of Defense Christo- June to draw down troops in order forthe drawdownof tral Command, whichisre- The expected action would Theorder follows Mr. pher Miller issued a memo to Afghanistan to 4,500 by No- troops. sponsible forU.S.militaryop- leave residual forces on the Trump’s Nov.9dismissal of the department portending a vember and pull all troops out TheWhiteHouse and the erations in the Middle East ground in both countries. Defense SecretaryMark Esper U.S. militarydrawdown. Mr. by next spring,but the incom- Pentagon declined to comment. Trump Sought Options forStrikeonIranNuclear Site

WASHINGTON—President wars in Afghanistan and Iraq, what waspermittedbythe disagrees with Mr. Biden. tary consequences,including Trump asked his advisersdur- the officials said. 2015 nuclear agreement. Attendees at the White political ones that could follow By Nancy A. Youssef, ing an Oval Officemeeting “A conflict with Iran ends Theepisode,earlier re- House meeting included Chair- Mr.Trump out of office, the Gordon Lubold Thursdayabout potential mili- badly for everyone involved,” ported by the NewYork Times, man of the Joint Chiefs of officials said. and Michael R. Gordon tary options forstriking an one U.S. official familiar with raised concerns among some Staff Army Gen. Mark Milley, Mr.Trump’squestions to Iraniannuclear siteafter a the meeting said. U.S. officials that Mr. Trump, acting Defense Secretary aides about Iran came days af- United Nations agencydis- from pursuing those options Thediscussion followeda who hasn’t conceded the elec- Christopher Miller and Vice teranoverhaul at the topatthe closed that Tehran had ex- by several senior advisers, report by the International tion to President-elect JoeBi- President MikePence, accord- Pentagon. Mr.Trump last week panded itssupply of low-en- who argued that militaryac- Atomic Energy Agencythat den, maytry to makeanim- ing to officials familiar with firedDefense SecretaryMark riched uranium, officials tion could lead to abroader showedthat the country’s print on his way out of office, the matter. They argued that a Esperand installed several al- familiar with the meeting said. conflict in the region just as stockpile of low-enriched ura- particularly on foreign policy militaryoperation against Iran lies at the Pentagon to serve Mr.Trump wasdissuaded the president is trying to end nium had grownto12times issues over whichhesharply would come with serious mili- under his successor,Mr. Miller. Biden Set for Shift on North Korea Powerful Hurricane

BY ANDREW JEONG leader,Mr. Biden said on the Slams Nicaragua campaign trail, though only if SEOUL—President-elect Joe Pyongyang wassincereand Biden is expected to revert to a pledged to reduceits nuclear BY JUAN MONTES “Flooding and mudslides in moreconventional approach to arsenal. Honduras and Nicaragua could negotiating with North Korea— As part of this emphasis on MEXICOCITY—The year’s be exacerbated by Hurricane one that mixes pressurewith lower-level talks,Mr. Biden’s most powerful Atlantic hurri- Eta’s recent effects there, re- what he calls “principled diplo- advisers have said they would cane slammed intonortheast- sulting in significant to poten- macy.” liketoinviteother countries to ern Nicaragua on Monday tially catastrophic impacts,” Thecoreproblem forMr. Bi- the talks,including South Korea night, just miles from where the hurricane center said. den will be moving the needle and China. President George W. another deadly Category4 Earlier in the day, Iota be-

on athornyforeign-policychal- GES Bush pursued asimilar multi- storm lashed the region less came the hurricane season’s

lengethat has stumped multi- IMA lateralapproach in the 2000s. than two weeks ago. firstCategory5storm, with ple American administrations— But North Korea, via reports Hurricane Iotamade land- sustained winds near 160 mph.

including President Obama for GETTY in itsstate media, has oftenad- fall about 30 miles south of The2020 Atlantic hurricane eight yearsand President SE/ monished other countries from PuertoCabezas, on Nicaragua’s season has been the most ac- Trump,who met North Korean trying to involvethemselves Caribbean coast, with sus- tiveonrecord. Iotaisthe 13th leader Kim Jong Un three with the Kim regime’sbilateral tained winds near 155 miles an hurricane of the season and ANCE-PRES

times. FR relationship with the U.S. hour,bringing alife-threaten- the30th named storm. The Pyongyang is nowinposses- Mr.Biden maynot be af- ingstorm surge,catastrophic previous record of 28 named

sion of an arsenal that is more GENCE forded alengthyperiod of time winds,flash floods and mud- storms wasset in 2005. advanced than ever before. Mr. /A to formulateastrategy. Since slides to an area still reeling Iota is the strongest hurri- Biden will be the firstAmerican 2005,North Koreahas wel- from theprevious storm. cane formed in November NA/KNS

president to enter officesince KC comed newAmerican adminis- Iotalanded just 15 miles sincerecords began in 1851, NorthKorea demonstrated it President-elect Biden has said he is willing to meet Kim Jong Un. trations—or second-term presi- south of where Hurricane Eta said Dennis Feltgen, a meteo- has amissile capable of hitting dents—with aweapons test made landfall on Nov. 3, the rologist with the hurricane theU.S.mainland. official and current senior fel- the goal, has rejected Mr. within afew weeks or months U.S. National Hurricane Center center.This also marked the “Denuclearization is the ap- lowatthe Atlantic Council. Trump’sapproach, declaring an afterinaugurations in January. said. Etakilled at least 200 first time that two such pow- propriatelong-term strategic “But youalso need realistic end to the unconditional sum- ForMr. Trump,the North test- people, and displaced tens of erfulstorms formed in No- goal and should be main- short-term goals.” mitsthat he said amounted to firedaballistic missile just thousands,some of whom are vember,which is normally the tained,” said Markus Garlaus- Mr.Biden, who has said a embracing athug.Hewould sit three weeks afterInauguration still awaiting aid and are vul- very end of the hurricane sea- kas, aformer U.S. intelligence denuclearizedNorth Koreais down with the North Korean Day. nerable to the new storm. son, he added. Peru’s Congress Names Interim Leader

BY RYAN DUBE congressNov.9removed Mr. aconsensus builder,will be ex- of control, and an economythe Vizcarra over corruption allega- pected to trytorestorepolitical International MonetaryFund LIMA, Peru—The congress tions that he had denied. As stability as he leads atransi- says will contract 14%this in Peru chose lawmaker Fran- head of congressatthe time, tional government ahead of the year, more than any other ciscoSagasti as caretaker Mr.Merino automatically be- presidential election in April. large Latin American economy. president in hopes of ending a came president the next daybe- Histerm will end in July. Maria Fasando,42, hopes deepening political crisis that cause Mr.Vizcarra, who had Theselection of Mr.Sagasti the newgovernment will re- had resulted in deadly pro- been in officesince2018,didn’t waswelcomed by manyPeru- storecalm and help turn the testsand apowervacuum in have avicepresident. vians who had takentothe economyaround. Businessat the midst of the pandemic and Mr.Sagasti’sPurple Party streetsduring the past week in her furnituregalleryonthe out- the country’s worst economic wasone of the few that had op- the biggest political crisis in skirtsofLima collapsed during crisis in a century. posed the impeachment that two decades.They wanted con- astrict lockdown aimed at In a 97-to-26 vote Monday, triggeredachaotic week.He gresstoselect alawmaker who slowing the spread of the coro- acongressthat Peruvians pil- had described the impeach- had voted against the im- navirus.“Ihope our country loried forimpeaching then- ment, which took placejust five peachment and wasn’t tainted will improvenow,” she said. President Martin Vizcarraa months beforepresidential by corruption scandals. “People arereally scared.” week agoresponded by voting “His main objective will be ManyinPeru’sbusinesses- in Mr.Sagasti. He is a76-year- to bring calm to the streets,” tablishment had been alarmed old centrist technocrat who Francisco Sagasti said Carlos Melendez, a Peru- by the recent turbulence. As had worked at the World Bank vian political scientist at Diego protestspicked up against Mr. and founded the Lima-based becomes the Portales University in Chile. Merino,several executives Gradethink tank,which fo- “He’snot someone associated urgedhim to leave office. every country’s third cuses on economic and social with businesses or corruption Mr.Sagasti will faceanun- development. president in a week. cases.Heprojectsanimageof ruly congressmade up of nine He will become the third consensus.” politicalparties that has pro- president in atumultuous week. Mr.Sagasti studied engi- posedlegislation that econo- one Chosen as the new head of neering at Penn State Univer- mistssay would hurt Peru’s congress, Mr.Sagasti automat- elections,asirresponsible when sity and has a doctorate from oncerobust economyand jeop- ically takesonthe role of Peru wasbeing whipsawedby the University of Pennsylvania, ardizearecoverynextyear. deservesadecent president because Manuel Me- the Covid-19 pandemic and the wherehetaught at the Whar- rino, who resigned Sunday in ensuingeconomic crisis. ton School. He was a hostage place to live. the wake of intensifying pro- “A few months from elec- alongwith dozens of foreign Crafted in gold &platinum teststhat lefttwo dead, had tions,achangeingovernment dignitariesand government Order by no vice president. won’t resolveanything and officials during asiegebyleft- 12/22 Mr.Sagasti is expected to will createmoreuncertainty,” ist rebels on the Japanese em- for the Holidays take the oath of officeTues- Mr. Sagasti wrote on Twitter bassy in Lima in 1996. day. He said he was taking on after the impeachment. He has held several high- the role “for our country, our Indeed, manyPeruvians saw ranking government positions, youth and for a better future the moveagainst Mr.Vizcarra including some that focused Learn moreat for all Peruvians.” as akin to acoup d’état, one on the development of science habitat.org. Going with Mr.Sagasti was that would benefit those who and technology. seen by political analystsasa did the ousting because his ad- As president, he faces enor- way to defuse proteststhat had ministration had been battling mous challenges: apandemic Your Anniversary Immortalized shaken the countryof32million corruption in the congress. that has infected nearly amil- In Roman Numerals after105 of the 130 membersof Mr.Sagasti, known as being lion Peruvians and remains out JOHN-CHRISTIAN.COM 888.646.6466 P2JW322000-0-A01000-1------XA

A10 | Tuesday, November 17, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

Corina Urdanetajoined a and be scratching on the Silent five-daysilent retreat last door,” Ms.Mitchell said. “I’d spring when her house in see Sean out of the corner of Bethesda, Md., waspacked my eye chasing Knoll.” Retreats with her grownchildren and Jessi Rosinski, a teacher in two nephews escaping the vi- Boston, worried she would of- rus surge in New York City. “I fend acquaintances if she Move Home felt I needed a break from ev- bumped into them on a silent eryone,” she said. walk and said nothing.“Ilet Shestayedinher room, ig- neighborsknowinadvance I’ll ContinuedfromPageOne noring phone and email. But wave and smile and catchup while people clang potsinthe she couldn’t keep out her 30- with youinafew days,” she kitchen and leaf blowers blare pound beagle,Huckleberry, said. She did utter“good outside,they might be able to who likes to lean on her legs morning” and “thank you” a keep that inner peace longer. while she sitsmeditating on a few times in the belief that Gaia Fuenzalida has joined cushion. “He’s nice but some- doing so met meditation’sgoal three online retreatssincethe times kind of uncomfortable,” of compassion. pandemic hit. She said it was she said. MiraBarakat,a35-year-old hard to give up her addiction James Baraz,afounding tangodanceteacher in Oak- to medical dramas on TV, but teacher of Spirit Rock Medita- land, said her silent retreat of-

even harder to skip checking FREIJE tion Center in West Marin feredamuch-needed chance emails,answering the phone County, Calif., said home par- to focus amid the coronavirus, IAN

or doing unnecessary chores. ST ticipants have to tell families elections,protestsand wild- “I don’t have a child, but I to be patient and respect their fires on the West Coast. SEBA have averyfast dog,” she said. Corina Urdaneta joined a five-day silent retreat last spring from her home in Bethesda, Md. purpose. “It’s not like they’re This year has had “somuch Her young Huskymix,Sita, just hanging around eating anxiety and so manyun- wantstorun forseveral hours Ms.Fuenzalida said she tention often drifted to “peo- Sometimes, though, chil- some CheezDoodles,” he said. knowns,and the practicehelps aday.“Ican’t walk slowly struggled to let go of the ple’sartwork behind dren barge in to ask a parent Karen Mitchell, who joined people sit with the changes,” with her, she needs to run, so “comparing mind” when she them….Sometimes people fall to heat up apizza or tie a asix-daysilent retreat from shesaid. “It’sslightly ironic I run mindfully,” she said. sawpeerslog in from warm asleep with their mouths wide shoe.“One person wasde- her one-bedroom apartment in doing ameditation retreat on- Virtual silent retreats gen- places aftershe had just shov- open.” scribing howher kids had full Washington, D.C.,told her line sinceit’ssooften about erally have adaily schedule eled snowinBritish Columbia. Tara Brach, founder of the understanding that the retreat partner, Sean Carver,she getting away from screens.” with guided meditations,yoga “Therewerepeople in tank Insight Meditation Community wasgoing to happen, gaveher would put her hands together Ms.Barakat abstained from andoccasional short webinars tops,and they looked likethey of Washington, said the goals full permission, but then in aprayersign when she wine, saying that indulgences in which participants can ask were in some kind of hut in of many participantsinclude pulled it back and said no,we passed by to show she wasn’t like alcohol don’t support the mentorsquestions—a rare Thailand.” she said. “I was finding “how to calm and set- want youtomakeusthis for snubbing himinanger.They practice. “I mayhavehad chance to speak. They all ap- like, wow,I’m living in the tle ourselves,” and that “when dinner,” Ms. Brach said. “She also used hand signals to try chocolate,” she said. “But I pear in agrid on the computer wrong place.” we don’t talk, we deepen our hadtodecide howmuch she to stop the mischief of their would definitely have been screen, which itself canpose a She said she tried to focus attention to the present mo- wasgoing to be mom that pet rabbit, Knoll. trying to eat the chocolate distraction. on theteachings, but her at- ment.” night.” “Knoll would trytocome in with an awareness.”

couldn’t make Newark work,” Altitude Gain favoredcheaper and less Southwest says Mark Kopczak, an avia- 110 crowded secondaryairports— tion consultant who previously Southwest Airlines has movedsteadily into newairports ’20 likeChicago’sMidway Air- led Spirit’snetwork-strategy sinceits founding and is adding cities at aquicker pace port—tapping demand other Seizes the team, “how are they going to airlines ignored, says Pete pull the same thing off at during the pandemic. McGlade,anarchitect of O’Hare?” 100 Southwest’snetwork strategy Moment Southwest’s Mr. Watterson Airline seats scheduled and nowaconsultant. Over says the airline’sbusiness 20% the years, Southwest made in- model—selling ticketsdirectly roads at other carriers’ hubs: ContinuedfromPageOne to customersrather than becoming one of the largest in 0 and has told unions that fur- through online travel agen- 90 places such as Phoenix and loughs—the firstinits his- cies—works best whereithas Denver, and dominating cities tory—areinevitable early next abig customer base.“That’s –20 Southwest likeSt. Louis that were once year without pay cuts or gov- thecase in Chicago, Houston strongholds for others. ernment stimulus. and South Florida,” he says, –40 Delta Airlines areoffering 42% but not in Newark. United 80 Second airports lessflightsthis month than –60 American last November.Southwest Expanding from secondary flightsare down about 36%. ‘Stump the chump’ airportstolargerones is a –80 Southwest’sthird-quarter rev- Mr.Watterson and Adam longstanding Southwest strat- JFMAMJ JASON ’10 enue of $1.8 billion was down Decaire, two executives re- 70 egy—apattern it has followed 68% from ayear earlier and sponsible forSouthwest’s in NewYork,Boston and, the carrier burned through $12 commercial and network strat- Shareperformance through itsAirTran acquisi- million in cash aday—a figure egy, saythey had expansion in tion, Washington, D.C. It is it says it trimmed to $10 mil- mind in early August during 25 million nowpicking places that can lion a day in October. their quarterly day in the hot help bring in revenue fastest, 60 Southwest accounted for seat with CEO GaryKelly. 20 Mr.Watterson says:“We need about 20% of domestic air Knowninternally as “stump 2000 to get back to break-even, we traffic in the quarter,behind the chump,” the daylong meet- 15 need to stop burning cash.” only American, according to ing is a chance for executives Delta One lesson Southwest American Transportation Department to quiz their network gurus, 10 learned from previous ven- figures. While it has borrowed and no question is off limits. Southwest 50 turesintorival territory: Go billions this year as it con- Mr.Watterson and other United big.With enough flightsto tends with the pandemic,it Southwest executives had 5 any given city, Mr. Watterson still has more cash than debt. watched what looked likea says,“Theother airlines can’t Manyairlines arerewriting summer rebound slow in late 0 really touch you.” Southwest their routemaps.But while June,then stall in July as JFMAMJJASON 40 will start 20 flightsaday from most are experimenting with Covid-19 infections rose. O’Hare in February. new routes among cities they Southwest and carrierssuch Southwest says it closely already flyto, Southwest is as American that had bet on Airports served by Southwest followeddiscussions afew adding airports. summer travel pulled down ’90 yearsago about O’Hare’sex- Southwest had lessdebt thousands of flightsscheduled 30 pansion, including anew lease coming intothe crisis than for August and September. agreement that gives Chicago some rivals,has lowercosts But, Mr.Watterson says,he Servicebegins greater ability to award gates and is morefocused on do- began realizing that cutting at newairport to new entrants. But it never mestic destinations where flying and costscould do only sawaway in, Mr.Watterson travel is expected to rebound so much to get back to break- 20 says:“It wasn’t until Covid beforetravelabroad. That has ing even and that waiting for times when we sawadramatic allowed it to move into open- demand to return would take reduction in O’Hareactivity ings at airports such as Chi- toolong: “Weneeded to force ’80 that we could go in and getac- cago’s O’Hare airport that pre- a pace.” cess to gates.” viously had no space for new Physically distanced amid 10 With fewer flights arriving entrantsand to re-evaluate big screens and piles of bind- from abroad, “common use” cities such as Colorado ersinthe boardroom, Mr. gatesatO’Hare’sinternational Springs, Colo., that oncedidn’t Watterson and Mr.Decaireran 1971 terminal had extracapacity. seem worth the investment. It through two decades of South- Southwest pounced. “Ifwe started flying from Miami and west’s network history. After 0 don’t movenow,” Mr.Kelly, Palm SpringsonSundayand 9/11, it wasone of few airlines the CEO,said during the Octo- announced plans last month to to remain profitable: While it ber earningscall, “werisk begin flying from Houston’s didn’t add newcities right Airport no longer served never getting in there.” George Bush Intercontinental away,itpicked up market Sources: Cirium (seats); FactSet (stock price); the company(airports served) Houston’sWilliam P. Hobby Airport. share when rivals pulled back Airport, which Southwest andexpanded intolong-haul Theidea clicked forMr. newchance. Most cities it has nearly all from itsexisting cit- dominates,isatrekfor people routes that had been domi- Kelly,Southwest’sCEO,Mr. picked areones it had hoped ies—as it tries to reorient its in northern Houston and sur- Holes in networks nated by bigger airlines. Watterson and Mr.Decaire to flytoeventually,and it now network outside itsstrong- rounding suburbs.Beforethe “Southwest is going to look In 2009,when some others say. “I’m happy to playof- has planes to spareand air- holds in the Northeast, which pandemic,Southwest had spo- at what theholes areinthe had retrenched with the finan- fense,” Mr. Kelly later said on ports with space, Mr. Decaire were hardhit by the virus. kentoairport officials about majors’ networks,” says Matt cial crisis,ithad gone into the quarterly earningscall says:“We probably put in a “Wedidn’t have great pan- expanding at Hobby,says Ma- Lee, vicepresident of opera- Boston’sLogan and NewYork’s about two months later. decade’sworth of newcity demic geography,” says Scott rio Diaz,executivedirector of tional planning at aviation- LaGuardia—airportsits leg- Fordecades,Southwest was growth into Southwest.” Laurence, JetBlue’shead of Houston’sairports. About 2½ consulting firm Landrum & endaryCEO Herb Kelleher had among the fastest-growing Otherairlines,too,are re- revenue and planning. months ago, the airline instead Brown, “and fill them in the earlier spurned as too U.S. airlines,known for drawing their maps somewhat American, which added asked to add serviceatthe interim.” crowded and expensive. It splashyentrances intonew during the pandemic,includ- back flights more quickly this city’s biggerairport, George Capt. JonWeaks,head of added service to Minneapolis cities and starting farewars. It ing United, which said this summer than some rivals,is Bush Intercontinental, aftera the union representing South- and Milwaukee that year, too. had a more measured growth monthitwill return to New trying thingslikeshort-haul morethan 15-year absence. west’spilots, which is fighting Those moves paid off: 20% of paceinrecent years. Last year, York’sJohn F. Kennedy airport flightswithin Florida. “The Southwest last month said it paycuts, described the expan- its2010 revenue growth came itsgrowthwas constrained by afterdeparting five yearsago. cost of experimentation right would begin flightsfromthat sion strategyas“predatoryand from new cities. the grounding of the 737MAX now is really low,” says Brian airport in the firsthalf of 2021. opportunistic—which we like.” “Wecan do that same thing following two fatal crashes. Znotins,American’svicepresi- Beforethe pandemic,the Whether that opportunism again. But we have to do it on ‘It sounds risky to dent of schedule and network airline had considered airports is enough will depend partly abiggerscale,because the planning.American had to pull serving Steamboat Springs on the pandemic’seffect on hole we’reinisbigger,” Mr. Planes to spare go open a bunch of back on itsbig summer flying andTelluride—Colorado ski travel. Southwest will face Watterson recalls saying dur- Southwest lost some of its new cities, but the push but added back flights towns—and picked Steamboat. pressure from discounters in- ing the meeting. low-cost advantage, having this fall as demand started to In ayear when skiing looks to cluding Spirit Airlines Inc.and Theplay, Mr.Watterson evolved from adisruptiveup- alternative is worse.’ return again. be one of few activities people Allegiant Travel Co., which of- and Mr.Decairesay,isto start. With competition from Overall, other airlines have may travel for, Mr. Watterson tencharge lowerfares and are spread Southwest’splanes into ultradiscountersand basic- largely retreated intotheir says,the airline’splanners finding opportunities to enter newplaces rather than con- economyfares that airlines like main hubs.American and thought, whynot both? South- emptier airports. Several ma- tinuing to offer so manymulti- United, American and Delta It is launching nonstop flights Deltahavesuspended flying in west announced servicetothe jor carriersare cutting into ple daily flightsincities where launched,Southwest doesn’t from places like Cleveland to dozens of smaller markets. additional airport on Oct. 8. one of Southwest’sbig selling it knows customersaren’t fly- always have the lowest prices, cities in Florida. United has Some of Southwest’snew Even as the pandemic now pointsbydoing away with ingasmuch. Southwest keeps though it doesn’t charge for also addedflightstoseveral destinations fit the profile of worsens, says Mr. Watterson, most domestic change fees. alist of airportswhereits bagsand other extras. small cities,some under asub- places airlines arelooking at Southwest still needs to tap And Southwest in the past Boeing 737s canreach from its It shrank capacity by 1.6% sidy program from the Trans- forpocketsofgrowth, such as new markets and believes the stumbled with expansion, in existing cities.Fromamong in 2019,its firstcontraction in portation Department. sun and ski destinations.Oth- strategy will hold up. Mr. De- 2011 when it moved intoNew- those, itsplannershad been adecade.Earlier this year,Mr. Spirit gained slotsatOr- ersare cities Southwest be- caire says Southwest is seek- ark Liberty airport, aUnited combing forplaces with un- Decairesays,hefretted he angeCounty’s John Wayne lieves canfeed passengersinto ing marketsitcan stay in after hub.Itstruggled to competein tapped demand that it could didn’t have enough airplanes Airport, along-held goal for its network through connect- the pandemic.“We don’t want transcontinental flightsand quickly hook intoits network. to keep up with booming de- the ultralow-cost carrier. Jet- ingtraffic—a shiftfor acar- to do anything now just for a never gained morethan about “Even if that market is still mand in cities Southwest al- Blue Airways Corp.has been rier that historically focused few months,” he says. “We’re 5% share of passengers there, depressed,” Mr.Watterson says, ready flew to. expanding at Newark and has on nonstop service. definitely out scouting more pulling out last year. “If they “it’sstill brand newrevenue.” Thepandemic offered a launched 60 newroutes— In itsearly days,Southwest cities.” P2JW322000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, November 17, 2020 | A10A GREATER NEW YORK StateClosesTroubled Funeral Home

Bodies were found varying states of undress and in an interview Monday. decay strewnabout the fu- “Ruining his career for the decomposing in trucks neral-home floor. worst week of the worst out- outside Brooklyn Onemortician who helped breakthat we’veseen in our in the cleanup described bod- lifetimes is an outrage,” Mr. facility amid pandemic ies at the funeral home in “ad- Osuna said. vanced stages of decomposi- Mr. Cleckley said other fu- BY MICHAEL M. PHILLIPS tion and putrefaction.” neral directorsoperating from “These actions created en- his mortuarywereresponsible Thestate of NewYork has vironmental and health haz- for the mishandled bodies. “I permanently shut down the ards and caused indescribable never stored anyhuman re- Brooklyn funeralhome where miseryfor the decedents’ mains on a U-Haul truck,” he police discovered bodies de- friends and families,” astate testified at the Department of composing in unrefrigerated U- Department of Health lawyer, Health hearing. Haul trucks during the height Alvaro Salinero, said in May. He told the judgethat in CK

of the pandemic in the spring. Themedical examiner re- TO the morningshemoved bodies Thestate also has barred moved 61 bodies from the from arented refrigerated the mortuary’sowner,Andrew Cleckley funeral home.Bythen, truck parked down the block SHUTTERS

T. Cleckley,fromworking as a NewYork City waspast the very A/ into an unrefrigerated U-Haul funeral director in NewYork worstdays of the pandemic,but truck in front of his business. and fined him $68,000, a De- hospitals and mortuaries were At night, afterfoot traffic died LANE/EP partment of Health spokes- still swamped. On April 7, 599 down, he shuttled the corpses woman said Monday. NewYorkersdied; on April 29 TIN a few more yards into the fu- JUS In July,The Wall Street thedeath toll was240. Authorities removed bodies that were found decomposing in unrefrigerated U-Haul trucks in April. neralhome to be boxedfor Journal published a Page One The state immediately sus- cremation. “I handled all my article aboutNathanielHall- pended Mr.Cleckley’s funeral- Mr.Cleckley’s career and missioner Howard Zucker. cried the decision, saying his remains with the proper re- man, achurch deacon from director license.Mayor Bill de business,however, remained Mr.Zucker upheld the client wasdoing his best for spect and dignity they de- the Bronx whose remains were Blasio said he had “no idea in in limbo pending the outcome judge’s decision, revoked Mr. the deceased and their fami- serve,” Mr. Cleckley testified. among those discovered in one the world howany funeral of a hearing in the spring be- Cleckley’s funeral-director li- lies during amass-casualty Thestate’s lawyer asked Mr. of the rental trucks at Andrew home could let this happen.” fore aDepartment of Health cense and canceled his mortu- event that nobody had seen Cleckley whyhedidn’t move T. Cleckley Funeral Services. In the weeks after the dis- administrative law judge. ary’sregistration forwhat the coming.“It’sanextremely the remains from the refriger- In addition to the bodies in covery,several families sued She ruled against him in stateattorney called Mr. harsh ruling that doesn’t take ated truck intothe building, the cargotrucks,authorities Mr. Cleckley and some of the August but didn’t release her Cleckley’s “egregious viola- intoaccount the severity of without leaving them in the U- responding to a911 call on other half-dozenfuneral direc- decision publicly.Mr. Cleckley tions” and “gross misconduct.” thepandemic foreveryone,” Haul all day. “That’sjust not the April 29 found corpses in tors working from his facility. appealed to stateHealth Com- Mr.Cleckley’s lawyer de- the lawyer,Robert Osuna, said way we chose to do it,” he said. Spitzer NYC Schools Will Remain Open Tuesday Scores Win BY KATIE HONAN He added that testing would schools rather than have them numberscontinue to go up, Mr.Murphysaid Monday. AND JOSEPH DE AVILA be crucial to such a reset. around, runaround the streets we’regoing to clamp down “We’vebeen saying forweeks In 7-Year Nearly 300,000 people were wherethe infection rate is five even more,” he said. this won’t be anormal NewYork City’s public tested this weekend, Mr.de times as high?” Mr.deBlasio has said in- Thanksgiving.” schools will stay open Tuesday Blasio said. But as moretest Mr.deBlasio said the city door dining should be re-eval- Thestate recorded 2,232 LegalFight as the city’s rate of positive dataisreported, the positivity would keep itscommitment to uated. newCovid-19 cases on Monday test resultsfor Covid-19 has percentages have fluctuated. close schools at the 3% rate. In NewJersey,Gov.Phil following 4,353 newcases Sat- stayed belowthe threshold Forinstance, the seven-day Thegovernor also said the Murphytightened restrictions urdayand 4,538 newcases BY CORINNE RAMEY that would triggerfully remote averagepositivity rate through statecould limit indoor dining on privateindoor gatherings Sunday. Those weekend num- learning forall students, Mayor Fridaypreviously wasre- in the state as the number of berseclipsed the state’sprevi- ANew York judgethrew out Bill de Blasio said Monday. ported as 2.57%. On Monday, Covid-19 cases reached levels ous record of 4,305 set in early a defamation lawsuit filed by The share of people tested city officials readjusted that Thecity is near not seen sincethe firstdeadly April when the firstsurge hit former American International in the city who were positive rate to 2.94%, the highest it wave in the spring. thestate.The seven-dayroll- Group Inc.chief Maurice forcoronavirus during the has been in months. the3%Covid­19 The governor’s new execu- ing averagefor Covid-19 cases “Hank” Greenbergagainst for- past seven days, through Sat- Earlier Monday, Gov.An- threshold that would tiveorder lowers the maxi- also reached 3,550 Monday, the mer Gov.Eliot Spitzer,ending urday, was 2.77% on average, drew Cuomo,who would need mumnumber of attendees in highest mark sincelateApril. a seven-year court battle. the mayorsaid on MSNBC’s to approveany decision by the close buildings. privateresidences to 10 begin- About 2,115 people arehos- The two men have been ri- “Morning Joe.” Thedaily posi- city to close schools,said New ning Tuesday, following simi- pitalized with Covid-19 or sus- vals foryears, dating to when tivity rate was1.68% Saturday. York City should changeits 3% larrestrictions in NewYork. pected of having the disease, Mr.Spitzer pursued fraud The city set a threshold to threshold because schools ha- Outdoor gatheringswill be morethan double the number claims against the financial- end in-person learning if the ven’t been places wherethe vi- at restaurantsevenmoreif limited to amaximum of 150 from the end of October. services industryduring his seven-dayaverage positivity rushas spread. “The infection Covid-19 cases continue to go people starting Monday. Covid-19 deaths remain rel- tenureasNew York attorney rate reaches 3%. Schools rate in the schools is much up.State rules currently re- “What we aredoing todayI atively lowbut have been general from 1999 to 2006. would shut the next day. lowerthan the rest of the city strict indoor dining to 25% ca- know will cause some people creeping up.The statere- Mr.Greenberg, now95 “Ifwereach it, we’regoing and the rest of the commu- pacity.Last week,hemandated to readjust their Thanksgiving ported 14 coronavirus deaths, years old, sued Mr. Spitzer in to have to do some kind of re- nity,” he said on MSNBC.“Why a10p.m. curfew formost bars, plans,and Iunderstand why raising the state’sconfirmed stateSupreme Court in Put- set,” the mayor said Monday. not leave the children in the restaurantsand gyms.“If the theremight be frustration,” cumulative total to 14,779. nam County in 2013. Some of the allegedly defamatory statementsinquestion oc- New Yorkers in Need Get Help With Thanksgiving Dinners curred during Mr.Spitzer’s 2012 television appearanceon the CNBC program “The Clos- ing Bell.” “You know,let’sdeal with reality here,” Mr. Spitzer said to host Maria Bartiromo,ac- cording to court documents. “Hank Greenberg’saccounting was fraudulent. His company threw him out.” In 2017, Mr. Greenberg set- tled civil-fraud allegations brought in 2005 by Mr. Spitzer’s officeduring his ten- ureasattorney general. In a news release at the time, the attorney general’s office said Mr.Greenberghad admittedto participating in fraudulent transactions; a lawyer for Mr. Greenbergsaid the former AIG chief “isnot acknowledging anything improper.” Mr. GreenbergleftAIG in 2005 as aprobe by Mr.Spitzer wasun- der way. In a69-pageopinion last week, Judge Victor Grossman said Mr.Greenberghadn’t provided sufficient evidenceto proveactual malice. Judge GES Grossman also said that in a IMA

defamation case,the word ETTY /G

“fraud” had acolloquial mean- GO ing that aviewerorlistener NTIA

would understand, not alegal SA

one. M. Legalproceedingshad been moving slowly for years, with MICHAEL a trial scheduled for January. ALL THE FIXINGS: Volunteers helped distribute supplies for holiday meals Monday during a Food Bank for New York City event in Manhattan’s Harlem neighborhood. JudgeGrossman said that pre- trial discoveryexpenses had exceeded $250,000 and that at least 16 lawyers had been in- volved “asthe parties slog to- GREATERNEWYORKWATCH ward their judicial Armaged- don.” Alawyer forMr. Spitzer NEW JERSEY thousands of missed trips over a CONNECTICUT child, who wasn’thome at the NEW YORK didn’t respond to arequest for six-year period ending in late time, weren’tinjured, policesaid. comment. Suit Claims Company 2018 to avoid assessments un- Mom Charged With Ms. Bell was ordered held in Storm Knocks Out Aspokeswoman forMr. Defrauded NJ Transit der its contract with NJ Transit. Shooting 2 Children lieu of $2.5 million bond on Power to Thousands Greenberg’slawyer,David Most of the trips were on charges of murder with special Boies,didn’t comment on the Abus companydefrauded routes serving the Hudson County A Plymouth woman charged circumstances and attempted Morethan 30,000 customers ruling.Mr. Greenbergcould NewJersey’spublic transit cor- waterfront, including serviceto with shooting two of her chil- murder with special circum- were without powerinthe Buf- appeal the decision. poration out of morethan $15 NewYork City. Riders were often dren, one of them fatally, has stances. She is due back in court falo area and the Hudson Valley In his ruling, Judge Gross- million by underreporting trips its left delayedorstranded. made her first court appearance. on Jan. 12. on Mondaymorning after New man compared the two rivals, buses missed and billing fortrips The lawsuit alleges the com- Naomi Bell said nothing as Ms. Bell’s attorney, public de- York waslashed overnightbyse- noting they had been engaged it nevertook, according to acivil pany violated state false-claims she was presented via videocon- fender Jassette Henry, told the vere thunderstorms with winds in media and court battles for complaintannounced Monday. and unjust-enrichment laws, and ference in New Britain Superior court that her client had twice as high as 70 miles an hour. years. Attorney General Gurbir Gre- it seeks damages and civil penal- Court on Monday. been hospitalized recently after About 27,000 customers “Each is outspoken and di- wal said the state has joined a ties. Ms. Bell wasarrestedFriday suffering psychotic episodes. Ms. were without power in Buffalo rect,” the judgewrote.“Each whistleblower lawsuit against Messages seeking comment nightather home, whereher 15- Henry said Ms. Bell worked for and western New York on Mon- has sought to rebuild his pub- Hoboken-based Academy Bus were left Monday at Academy’s year-old daughter, Madeline, was many years as a scientific re- day morning and another 8,000 lic statureafter setbacks.In LLC. headquarters and with an attor- found shottodeath and her 7- searcher and had also been em- north of New York City, accord- these respects, they maybe The complaint alleges Acad- ney representing the company. year-old son wascritically in- ployed as a substitute teacher. ing to utilities. more alike than different.” emy failed to report tens of —Associated Press jured. Her husband and another —Associated Press —Associated Press P2JW322000-2-A010B0-1------NS

A10B | Tuesday, November 17, 2020 NY ** THE WALL STREET JOURNAL.

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, November 17, 2020 | A11

Alzheimer’s disease and relateddementias (ADRD)prevalencebycounty Alzheimer’s Overall prevalenceTop 25 counties with highestADRD prevalenceamong: White Black Latino Multiple* <7%10>13 15 N/A Colorado had the mostcounties in the Research Looks bottom 25 for lowest overall prevalence. At HotSpots Scientists are increasingly examining the role of location in the prevalence of the disease

BY CLARE ANSBERRY The report focused on these three groups because they have here you live mat- the highest prevalence of Alzhei- ters in terms of mer’s disease, with 13.8% of Alzheimer’s dis- Blacks, 12.2% of Latinos and 10.3% ease risk. of whites diagnosed with Alzhei- Scientists and mer’s or other dementias. Preva- W lence among Asian and Pacific Is- medical research- ers know that advanced age and landers, American Indians and certain changes in the brain in- Alaska Natives is less than 10% for crease the chances of developing each group. Alzheimer’s disease and related The report doesn’t claim that Texas, with the mostcounties of any Starr County,Texas,had the dementias. Now they are looking conditions in a location cause Alz- state, had the largestshareofcounties highestoverall prevalence at what role location might play. heimer’s disease, and questions re- ranked in the top25highestprevalence at 23.2%. An emerging body of research is main on whether and how social among Blacks, Latinos and whites. identifying counties and neighbor- and economic disparities play a *Counties wherehighestprevalencewas found in morethan one racial group. hoods with higher prevalenceof role in health disparities. Older Note:Some counties didn’tinclude prevalencedatafor all populations. Alzheimer’s disease,which affects Blacks are twice as likely, and Sources: 2016 data from Centers forMedicare&Medicaid Services; UsAgainstAlzheimer's/Urban InstituteKyle Kim/THE WALL STREET JOURNAL 5.8million people and is the sixth- older Latinos 1.5 times as likely, to leading cause of death in the U.S. have Alzheimer’s as Researchersinthe field of aging are older whites. Socioeconomic profile of counties with highestand lowest ratesofADRD seeking to find out if those loca- “This is a descrip- tions have common risk factorsas- tive study,” says Jason Average in highest-prevalence counties Average in lowest-prevalence counties sociated with Alzheimer’s and if any Resendez, executive di- Percentage with a Percentage of Percentage with of those risk factorscan be reduced. rector of the UsAgain- bachelor’s degree families in poverty access to exercise These researchers have sorted stAlzheimer’s Center through government and medical for Brain Health Eq- 40% 20% 100% data to find areas with high and uity. “We are looking low prevalence of Alzheimer’s dis- for patterns that might 30 75 ease. The data show, among other exist and identifying things, that overall prevalence is them.” 20 10 50 more highly concentrated in the The new place-cen- Southeast and Gulf Coast states, tric studies can help 10 25 including Florida and Texas, com- identify gaps between pared with Western states, such as where treatment and 0 0 0 Colorado and Arizona. research are provided Black Latino White BlackLatino White Black Latino White Such research is in its early and where they are Source:UsAgainstAlzheimer's/Urban InstituteKyle Kim/THE WALL STREET JOURNAL stages and many questions remain needed, say medical as to why a location might have experts and research- higher rates of Alzheimer’s dis- ers on aging. associate at the Urban Institute A colored 3-D brain ease. None of the studies claim “The countryisaging quickly, who worked on the UsAgainstAl- scan of a patient that living in a certain location and knowing wheretoput our re- zheimer’s report. with Alzheimer’s causes Alzheimer’s, but research- sourcescan be really helpful,” says In another of the studies released disease. ers see the information as poten- Jeffrey Wing,anassistant professor earlier this year,researchersatthe tially helpful in finding new ways of epidemiologyatOhio State Uni- University of Wisconsin School of to fight the disease. versity’s CollegeofPublic Health. Medicine and Public Health found to identify trends and risk factors. mer’s prevalence for Blacks, Lati- “We’ve thought about Alzhei- Dr.Wing examined 11 yearsoffed- that, based on autopsies,people Thedatashowedthat counties nos and whites are in Texas, with mer’s as a purely biological dis- eral Medicaredatafor Ohio coun- who lived in the poorest neighbor- with high prevalenceofAlzheimer’s a cluster of counties in the south- ease and neglected the social de- ties and found that poorer ruralAp- hoods at the time of their death tend to have worsesocial determi- ern part of the state. terminants of health,” says P. palachian counties in Ohio—many were about twiceaslikely to have nantsofhealth, including higher That doesn’tsurprise Gladys Murali Doraiswamy, a leading Alz- of which lack access to health brain changes typical of Alzheimer’s levels of poverty,feweroptions for Maestre, professor of neuroscience heimer’s researcher at Duke Uni- care—had a2%–3% higher preva- disease as people who lived in the exercise,and lesseducation. and human genetics at the Univer- versity. Those determinants in- lenceofthe degenerativebrain dis- wealthiest neighborhoods. “Across the board, educational sity of Texas Rio Grande Valley,and clude income, education and ease compared to ruralnon-Appala- “Weare in the baby steps of try- attainment was the worst in those director of the Alzheimer’s Disease access to health care and nutri- chian counties in the state, in a ing to understand what is driving counties with highest prevalence,” Resource Center forMinority Aging tious food. “This is an incredibly study published online in Mayin this,” says Ryan Powell, ascientist says Mr. Resendez, with UsAgain- Research in Brownsville. important area that we have for- the Journal of Alzheimer’s Disease. who helped lead the study.Henotes stAlzheimer’s. Research has shown The area is poor, largely rural, gotten.” Thestudies also pinpoint loca- that people who liveindisadvan- that higher childhood education and has lower levels of education Two studies released earlier tions that might benefit from more tagedneighborhoods oftensuffer levels and lifelong higher educa- than some other regions. She be- this year focused on location. One intense and tailored intervention ef- from chronic stress, sleep disrup- tional attainment reduces demen- lieves that the prevalence is higher found higher rates of Alzheimer’s fortstomodifybehavior and im- tion from sirens and thin apartment tia risk. than reported. “Even though the in poor neighborhoods and the provelocal living conditions that af- walls,and poor nutrition due in The report also found that peo- numbers are high, we believe the other, looking specifically at Ohio, fect health. TheLancet Commission part to the lack of fresh fruit and ple in higher prevalence areas had reality is even worse,” she says. saw higher prevalence in rural Ap- this summer reported that manag- vegetables.Those factorsare asso- fewer opportunities for exercise, Yet, she says, community re- palachia compared with non-Appa- ing 12 specific risk factors,includ- ciated with higher risk forAlzhei- which can protect people from de- sources to support and treat those lachian rural counties. ing obesity,smoking and air pollu- mer’s,research has shown. mentia by decreasing obesity, dia- with Alzheimer’s are few. A report released this week from tion, could prevent or delayabout After identifying counties with betes and cardiovascular risk. “You She does think certain factors UsAgainstAlzheimer’s and the Ur- 40% of world-wide dementia cases. the highest and lowest Alzheimer’s can say go ride a bike or take a that areassociated with Alzheimer’s ban Instituteparsed location dataa “Until we find an effective cure, prevalence for Blacks, Latinos and walk, but if you live in a dangerous risk arespecific to aplace, such as different way,identifying 25 coun- the most we can do and best we whites, UsAgainstAlzheimer’s com- neighborhood or live next door to local levels of toxic metals in the CE ties with the highest and lowest can do is to try to change some of pared the counties’ demographics, a highway, it’s not that easy,” says waterand air pollution, one of the UR

SO prevalenceofAlzheimer’s disease the factors that might contribute health and socioeconomic profiles Mr. Resendez. 12 risk factorsidentified by Lancet. forBlacks,Latinosand whites, to the onset of dementia,” says St- using U.S. Census Bureau informa- More than a third of the 75 “That is definitely place-related,” IENCE

SC based on 2016 Medicaredata. ipica Mudrazija, a senior research tion and County Health Rankings counties with the highest Alzhei- she says.“We need to learn more.”

ANATOMY OF AWORKOUT Evan Copeland demonstrates or by twisting from the lowerback, JEN MURPHY thoracic twisting, below. rather than initiating the movement from the largestsegmentofthe back,the thoracic spine. ADancer’s on top of the spine,” he says. And to Accessing the full potential of effortlessly move our arm above the spine prevents wear and tear Routine for our head to swing a golf club or hail on the lumbar discs, he says. a cab, we need to be able to move into thoracic extension, the very op- How: Start on all fours, with the GreaterBack posite of that hunched position, he knees directly under the hips and says. shoulders over the wrists. The in- Flexibility You can perform this exercise as sides of the elbows should be ro- a warm-up to a workout or incorpo- tated forward. Place your right hand rate it throughout your day to pre- behind the head. Press down into horacic mobility, or range of vent stiffness. Go to wsj.com for a the left hand as you open the right motion in the middle back, is six-exercise routine meant to help elbow toward the ceiling. The gaze T access our full ranges of spinal flex- should follow. an integral part of expression for all styles of dance, from ballet ion, extension, twisting and tilting Only rotate as far as possible to breakdancing, says New York side to side. while keeping the hips square and City-based dancer Evan Copeland. directly over the knees. When you “As a dancer, drama is in the torso,” The Exercise lower the elbow, bring it across the says Mr. Copeland, who has per- Thoracic Twisting body to tap the left arm. Repeat 10 formed with Shen Wei Dance Arts Why: “When it comes to rotation of reps per side. and Séan Curran Company and is the spine,weoften resort to our working with award-winning chore- lead to neck pain, tight shoulders a good thoracic mobility, we are neck or even the lowerback,” Mr. Options: If your hips are wiggling ographer Martha Clarke. “The limbs and a general hunched position. A able to draw our shoulders down Copeland says.Think about when we back and forth or twisting, perform simply follow the musculature of healthy middle back helps us main- the back, and that in turn pulls the turn to look at something. We often the same motion while sitting on the back.” tain good posture. “When we have heavy bowling ball that is our head move the head by twisting our neck your heels. (5) Mr. Copeland, 35, also teaches thoracic mobility classes at Trans-

JOURNAL form Fitness in New York. Typically, the lumbar spine, or lower back, and REET

ST cervical spine, the neck, like to move

LL a lot. But the thoracic spine, where WA our ribs join the spine, can get

THE stuck. This can inhibit everything R

FO from shoulder mobility to the mus- cles that help us breathe, he says. HONG Modern-day habits like talking on HY

OT our cellphones and working

DOR slouched over a computer often P2JW322000-0-A01200-1------NS

A12 | Tuesday, November 17, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

much smokeintothe stratosphere. “Thereare alot of unknowns,” said the NRL’s Dr.Peterson, who studied pyrocumulonimbus clouds that formed during the 2019 Williams FlatsFireinWashingtonstate. Wildfires’ Effect To generate high-altitude smoke, these thunderstorms re- quire a mixture of extreme CanBe drought, hellish heat waves, mois- ture and strong surface winds. /REUTERS When conditions are right, the hot ANT updraft from burning woodlands QU IC and brush can supercharge the OT Stratospheric towering anvil-shaped thunder- QUIX head of a major storm, sucking up

GES; smoke at ground level and speed-

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JO ogy’s“2018 State of the Climatere- Q;

-A port.” Generally,fireseasons in manypartsofthe world aregetting longer and morefrequent, accord- ON/FIREX ing to a2015 analysis of 35 yearsof databythe U.S. Forest ServiceFire PETERS Sciences Laboratory. VID In 2017, wildfires raging DA

P: through Canada’s Pacific North- TO west triggered a cluster of seven OM

FR fire-driven thunderstorms in a sin- gle five-hour period. Together, they lofted record amounts of SCIENCE smoke as wide as the At 30,000 feet, top, smoke from a smoke high into the stratosphere, JOURNAL state of Montana up fire-induced thunderstorm in where there is no rain to wash the ROBERT to a record 21 miles Washington state as seen in 2019. clouds away, scientists said. LEE HOTZ high. The smoke cir- Middle, California’s Hog Fire caused But the stratospheric plume cled the world twice a pyrocumulonimbus cloud last from Australia earlier this year before dissipating in July. Bottom, a similar cloud was even larger, “a super-out- assive wildfires are April, according to formation tied to an Australian break,” in Dr. Peterson’s words. driving smoke clouds two new indepen- wildfire as photographed on Jan. 4. As NewYear’s Eveapproached to record heights in dent studies. The last December,Australia wasal- the stratosphere, U.S. scientists tracked ready in its35th month of extreme Mand European scien- the plume using sen- stronger,” said NRL meteorologist drought—the country’shottest and tists say. What they sors on four satel- George Kablick III in Washington, driest period in modern times,sci- don’t know yet is just how damag- lites and aboard the D.C., who led a team of researchers entistssaid. Wildfires had con- ing the effects might be. International Space studying the Australian smoke sumed 14.3 million acres—about From the Arctic to Australia, un- Station. plume. They reported their find- one-fifth of the country’stemperate usual storms poweredbywildfires Their datashows ings earlier this year in Geophysi- forests. Temperatures topped 120 have spewedsmoketoaltitudes that the smoke cal Research Letters. degrees Fahrenheit in some areas. well abovewherecommercial jets blocked sunlight to Taken together, the new re- Wind speeds gusted up to 80 mph. usually fly. In the stratosphere, an extent never be- search offers evidence of how the On New Year’s Day, fire scien- which stretches from around 6to31 fore recorded from pollution and smoke from regional tists counted 18 fire-driven thun- miles abovethe Earth, the smoke wildfires,comparable to the cumu- The fire-induced thunder- wildfires driven by severe derstorms along the Australian has affected the air acrossthou- lativeeffect of all the moderatevol- storms, known technically as pyro- droughts and heat waves can be- coast of New South Wales, the sci- sands of miles and blocked sunlight canic eruptions of the past 30 cumulonimbus events, are becom- come a global event, affecting peo- entists said. on a“planetaryscale,” mimicking years. Moreover,the plume con- ing more frequent. ple far from the scene of a major By Jan. 7, the soaring embers, the effectsofavolcanic eruption, tained enough noxious fumes to In the past three years, these conflagration, the scientists said. ash and soot from so many the scientistssaid. They said the etch atemporaryhole in the firestorms occurred during wild- On average, smoke from burning firestorms compacted itself into soaringwildfireplumes areaby- planet’sprotectiveozone layer, sci- fires in places such as Portugal, forests and grasslands results in one self-contained bubble of product of recent yearsofsuper- entistsfromFrance, the U.K. and South Africa and Argentina where an estimated 339,000 additional fumes. Warmed by the sun, it sized wildfires,inwhich climate Canada reported in the journal they were previously unknown. deaths a year world-wide due to started to spin. Like a balloon, it changes caused by rising tempera- Communications Earth &Environ- Wildfire storms this fall in Califor- smoke inhalation, says an interna- rose ever higher in the air as it tures have playedamajor role, ment in September. nia and Colorado sent smoke tional research team that con- circled the world, the scientists most scientific expertsagree. “That Australian smoke plume plumes up to 10 miles high that al- ducted a systematic global health said. All told, the plume injected “It is a new form of severe was really a jaw-dropping phenom- tered air quality as far away as Eu- study in 2012 of air pollution from between 300,000 tons and 400,000 weather,” said David Peterson, a enon,” said lead author Sergey rope. The 21-mile-high Australian wildfires. The carbon particles and tons of carbon-rich smoke into the meteorologist at the U.S. Naval Re- Khaykin, who studies the strato- plume earlier this year was the other pollutants in the smoke can stratosphere, the scientists said. search Laboratory (NRL) in Monte- sphere at the Latmos laboratory of third major outburst of wildfire aggravate chronic heart and lung “This plume was unprecedented rey, Calif. atmospheric research and space smoke to set a stratospheric re- diseases, according to the Ameri- in size, scale and longevity,” said In the highest of such plumes observations at Sorbonne Univer- cord since 2009, each one progres- can Lung Association. Dr. Kablick. “It was something we so far, Australian wildfires this sity in France. “We should be ex- sively higher and more severe. Even so,noone knows yet had never seen at this intensity past January generated firestorms pecting more of these events as “It appears as though the inten- whether thereare anylong-term before. I keep using the word un- that spewed a swirling vortex of the climate warms.” sity of the major events is getting consequences from injecting so precedented, but it’s true.”

“When B12 is off,thereare so many temfight bacteria and viruses.Re- The Foods to thingsthat cangowrong,” he says. searchershavetested the effective- Donald Hensrud, director of the nessofzinc on the severity and BoostYour Mayo Clinic’sHealthyLiving Pro- duration of cold symptoms,with gram in Rochester,Minn., says that mixed results. “The consensus about 15% of people over the ageof seems to be that taking zinc at Health in 65 lack some B12, whichiswhy he the firstsign of acold does oftenrecommends supplementsof seem to shorten the duration Covid Winter 500 to 1,000 micrograms daily. slightly versus not taking the zinc,” says Craig Hopp, Vitamin C adeputy division director BY ANNE MARIE CHAKER Found in foods including citrus at the National Center for fruits, tomatoes and potatoes. Complementaryand Integra- ith Covid cases surging as Vitamin C helps the immune tiveHealth, an arm of the Na- winter approaches, our en- system function properly. It won’t tional Institutes of Health. W likely cure or prevent colds, but ergy levels and immune systems could use a boost. We of- has been shown to slightly reduce Iron ten turn to comfort foods on cold, duration of symptoms, says Dr. Found in foods including dreary days, but eating the right Moyad. It may also help those meat, seafood, poul- foods can strengthen our bodies in whose systems are under strain: try, beans, spinach better ways. Here are some of the One 2013 review of 29 clinical tri- and iron-fortified ce- most helpful nutrients for winter, als found that while taking vitamin reals and breads. and the foods to find them in. C regularly didn’t reduce the inci- Not getting dence of colds in the general popu- enough iron can Vitamin B12 lation, it may have helped some lead to anemia, Found in foods such as milk, meat 598 subjects exposed to periods of whose symptoms can and fortified foods like breakfast physical exertion, such as mara- include tiredness; memory cereals. thon runners and skiers. Ddeficiencyand Covid;findings ommend taking vitamin Das and concentration lapses; and Vitamin B12 canhelp combat the The recommended daily allow- from studies examining the use of supplementstoensureadequate reduced ability to fight infections. winter blahs.Itplays an important ance of C is 75 to 90 milligrams a vitamin Dtoprevent or treat Covid levels,says Barbara Davis,aregis- Legumes such as whitebeans,len- role in producing serotonin, which day for adults. One orange con- aren’t conclusive, but some are tereddietitian in Canton, Conn. tils and peas carry“nonheme” helps regulatemood, says Mark tains 51 milligrams. promising,authorities say. iron, found in plant foods and Moyad, adirector of complemen- Vitamin Disoften added to Zinc iron-fortified food products. tary and alternativemedicine at the Vitamin D foods such as milk and orangejuice. Found in foods including oysters, While most Americans getenough (6) University of Michigan Medical Found in fatty fish, eggs, liver and Thebody canalso make vitamin D red meat, poultry, crab and lob- iron, certain groups aremore GES Center.Getting enough B12 may mushrooms. through exposuretosunlight. For sters, as well as beans, nuts and likely to have trouble meeting IMA help thwart symptoms of fatigue Some researchersare looking people who arevegan or who livein whole grains. thresholds,such as premeno-

GETTY and even depression, he says. intopossible links between vitamin- northern latitudes,doctorsmay rec- Zinc canhelp the immune sys- pausal women. P2JW322000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, November 17, 2020 | A13 ARTS IN REVIEW

MUSIC REVIEW |MARK RICHARDSON ment, and acover of Warren Zevon’swistful1978ballad “Acci- dentally LikeaMartyr” fits the set seamlessly,asifitwereone of the When In‑Person Is Impossible group’soriginals. In 2017, during the Waron Drugstour wheresome of these tracks were recorded, the band Live albums remind listeners of the power of rock concerts at a time when none are to be found playedAlexandraPalaceinLondon, the setting foranequally stirring livealbum by alternativerock icon Nick Cave.Afull tour with his band the Bad Seeds wasscheduled for this year and then canceled, so the songwriter hit upon the idea of a livestream broadcast of asolo per- formance, which became “Idiot Prayer,” captured by cinematogra- pher Robbie Ryan. Onstagewith his group,Mr. Cave canbeanun- hinged wild man, spitting out grinding post-punk with areligious fervor.Herehesounds dignified and maturebut no lessintense.It’s amountain-sized monument—22

Two very different approaches to performance both brim with dramatic music.

tracks and 84 minutes long—tothe 63-year-old’slong career that high- lightsthe special achievement of his newerwork. In 2015,Mr. Cave’s 15-year-old son, Arthur,died afteraccidentally CHL falling from acliff,and the trag- HES

S edy has shaped his songwriting and his approach to performance. TTHIA

MA His two most recent records,

N; 2019’s“Ghosteen” and 2016’s

OW “Skeleton Tree,” areheavy with BR

Y grief and mourning.Mr. Cave has found solacebyconnecting more KERR

P: closely with his audience, answer- TO ing their questions from the stage OM

FR and on his websiteand listening as they sharetheir ownstories of loss. This vulnerability is all over ock music long agolost Granduciel has transformed his “Idiot Prayer,” even on songswrit- itsgrip on the Billboard Philadelphia-based group,the War tendecades ago, and heardhere, charts, but it canstill on Drugs, from araggedextension his oeuvretakes the shape of one makefor agreat show. of BobDylan’selectric work intoa long story. RListsofhighest-grossing lustrous and arena-ready outfit. Theset list leans heavily toward toursalways feature leg- While the 41-year-old’sinfluences ballads,and tracks aresequenced acyactsprominently—Metallica, lean toward heartland-friendly so they comment on one another the Rolling Stones and Bon Jovi rockerslikeTom Petty, Mr.Dylan as groups of themes develop.A were in the top10in2019—and it’s and BruceSpringsteen, his later re- triptych in the firsthalf is particu- not entirely amatterofnostalgia cordsuse the synth-heavy 1980s larly striking.Beginning with and who canaffordthe most ex- versions of these actsasatem- 1994’s“Nobody’s BabyNow” and pensivetickets. Theemotional dy- plate. Guitarsare still prominent, on through 1997’s“(AreYou) the namics of rock and the fact that and Mr.Granduciel adds blastsof One That I’ve Been Waiting For,” the form typically requires agroup harmonicafor emphasis,but key- Mr.Caveexplores pain, loneliness of people performing music on- boards and drum machines areele- and hope beforereaching an emo- stage, wheremistakes and acertain vatedinthe mix.His mechanized tional crescendo with “Waiting for amount of improvisation arepossi- take on rock gives it the momen- You.” Thelast of these,originally ble,differentiatethe genrefrom, tum of avintageautomobile glid- from “Ghosteen,” could be about a say, the tightly choreographed and ing down an open highway. lover,amessiah or the singer’s late pre-programmed spectacle of pop. TheWar on Drugsleader is a son, and Mr.Cave’scracking voice Another testament to the draw of perfectionist in the studio,where on the chorus is agonizing. rock shows is the resilienceofthe the group recordsanew album ev- Newcomerstohis work should livealbum, atype of recording that erythree yearsorso, and this me- start with his studio records, per- has takenonnew resonanceinthis ticulous attention to sonic detail Adam Granduciel of the War on Drugs, above, and Nick Cave, top haps “The Boatman’sCall,” but a year of the global pandemic.Two extends to his livepresentations. passing familiarity is all that’s liveLPs out Friday, the Waron But on “LiveDrugs,” culled from needed to appreciatethe intimate Drugs’ “LiveDrugs” (Super High recordingsofvarious shows be- thunderbolts. As the LP progresses, frontman singsinthe voiceofa revelations of “Idiot Prayer.” Like Quality) and Nick Cave’s “Idiot tween 2014and 2019,the fussiness he keeps the passion of his rasp di- lost man on the vergeofsalvation. “LiveDrugs,” it’satransporting Prayer: Nick Cave Alone at Alexan- never undercutsthe energy.One of aled up as far as it cango. Thesongsheremostly come from document of the concert experi- draPalace” (Bad Seed Ltd.), pres- Mr.Granduciel’sonstagetrade- So the midtempo “Thinking of a the past two WaronDrugs records, encethat takesits songsand lis- ent very different approaches to marks is awordless, one-syllable Place” is riveting start-to-finish de- 2017’s“ADeeper Understanding” tenerstonew places. performance, but each brims with battle cryhedeploys to take his spiteits 10-minutelength. It moves and 2014’s“Lost in the Dream,” but dramatic music that resonates songstoanother level of ferocity, from buzzing keyboardintroto “Buenos Aires Beach” from 2008’s Mr. Richardson is the Journal’s deeply in this moment. and on the fourth track,“Red chiming,DireStraits-likeguitar riff comparatively lo-fi“Wagonwheel rock and pop music critic. Follow Over the past 15 years, Adam Eyes,” hisexclamations hit like to moody baritone sax solo,asthe Blues” is given an updated arrange- him on Twitter @MarkRichardson.

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A14 | Tuesday, November 17, 2020 **** THE WALL STREET JOURNAL. SPORTS

JASONGAY When TigerWoods Reminds Me of Me

An epic 10-stroke adventure sets a new career mark for the five-time Masters champ—and humanizes his legend

Tiger Woods wonthe long,arid streak in which the for- MastersonSunday. mer phenom had been humbled OK,yes,weall know personally and professionally.Tiger that’snot literally true— had been playing hurt, and there’d Dustin Johnson won the been wide skepticism over whether 2020 pandemic-delayedMasters, or not he would ever win amajor staggeringly,setting atournament tournament again. Attendees at record (a 20-under 268) that broke this year’s champions dinner, the mark previouslyowned by Jor- which Woods hosted, described the dan Spieth and Woods himself. 44-year-old as still emotional Congratulations to DJ—a giant about atriumph nowmorethan 19 talent who’d struggled at major months in the rear view. tournaments, and had yettowin at “I’venever seen Tigerthat way,” Augusta, until Sunday. Jack Nicklaus said. But Tiger Woods wonadifferent Thevictoryrecast the autumn sort of Masters. of Woods’scareer. He wonthe Mastersfor The Think about it: had Woods not Mortals. prevailed in 2019,Sunday’s10- He “won” it on the 12th hole of strokeblow-up would have com- Sunday’sfinal round, when he had menced yetanother round of mel- what golf mortals liketocall an ancholy rumination about “The “adventure.” End of Tiger.” By this point, Woods wasout of Instead, the vibe wasdifferent. contention, trying to finish the Thestakeswerelow here: Woods round, when he plunked not one, wasn’t in the title hunt, and so this or two,but three shotsintothe wasnot some existential agony. It drink—the legendaryRae’sCreek— wasjust golf being…golf. on the Amen Corner par-3. It happens.Shrug your shoul- Tiger dunked it. ders. It’s2020,after all. Weird He dunked it again. stuff abounds.Moveon. He put it in abunker…and then Woods did morethan moveon. dunked it athirdtime.Hemissed He recoveredbrilliantly,birdieing and missed and missed, until it the next hole,and five of the final wasbasically impossible to miss six,reminding everyone that pro- again, and the golf ball gaveup fessionals areprofessionals fora and mercifully threw itself intothe reason, and he’sstill, youknow, Ti- hole. gerFreaking Woods.(He wound up When it wasdone,Woods During the final round of the Masters on Sunday, defending champion Tiger Woods recorded a 10 on the 12th hole. with a76. Imagine getting a septu- carded a10. A10onapar 3—an ple-bogey and managing to shoot outstanding septuple bogey blow- when it’sfun, it’ssort of amess. scribble an ugly double digit into puttedand finished the hole, 76.Sheesh.) up. Whoamong us hasn’t been right the scorecard? they’d theatrically pause for10 “This sport is awfully lonely It wasaproper adventure. It whereTiger was? Whoamong us Or…not scribbled the ugly dou- seconds and say…Yeah…Ithink sometimes,” Woods said later.“You wasalso the highest-scoring hole hasn’t sunk afew intothe creek, ble digit? that’s asix.) have to fight it. No one is going to of Woods’snearly quarter-century the pond, the river,the bay, the GOLF PAL(holding scorecard): Mortals stop counting.Handicap bring youoff the mound or call in progolf career. wastewatertreatmentplant? Who What did ya get? rules limit serious damage. Tiger asub.You have to fight through it. Ifelt bad. Ialso felt…redeemed? hasn’t found the trees on acourse YOU: Idon’t know…asix? had to take the full 10,ongolf’s That’swhat makes this game so Herewas Tiger Woods—Tiger that has no trees? Whohasn’t re- GOLF PAL(laughing): Yeah, um, biggest stage, Sundayatthe Mas- unique and so difficult mentally. Woods!—undeniably one of the coveredaball in the dining room OK. ters.Ican’t imagine what I’dcard We’veall been there, unfortu- greatest to playthe game,playing of aDairyQueen three miles away (It’salways asix,isn’t it? The at that beautifully menacing No. nately.” golf,like, well…the rest of us. from the course? Or hooked a mortal golfer could lose seven balls 12. Alot of Sundays lie at the bot- We surehave. Some of us,all S Mortals knowthat golf is a driveintothe parking lot, thump- off the tee, sock the eighth deep tomofthat creek,orsank in its the time. sport invented to ruin weekends ing it loudly off the trunk of some intothe woods,gosearch forthe nearby bunkers. If Icleared the Ashort while later,anupbeat PRES

and drivereasonable humans to sucker’s car? ball in the woods,get adopted by a water, I’ddanceatopHogan Bridge. Woods wasinButler Cabin, hand- TED the brink of madness. Ordinarily,it Wait. That’s my car! family of grizzly bears, teach all But what happened Sundayalso ing acrisp jacket to Johnson. An- CIA SO

is not the beautiful medley of Whohasn’t taken15minutes to the grizzly bearshow to read and showedussomething about the ca- other golfer gottoexperiencethe AS

booming drives and clever putts hack and flail at the sand, mud, maketheir ownpasta, officiatea reer arcofTiger Woods. tingly magic of aloud green sport ON/ that professionals executeincathe- pine cones,fescue,concrete, or the grizzly bear wedding,and then, Woods,ofcourse,won the Mas- coat. dralslikeAugusta. carpet under the sale rack of the when they finally found the ball, ters beforethis,in2019,and it was TigerWoods looked mortal, but CARLS

It is an ordeal. It is aslog.Even proshop—then had to grimly punched out of the woods,four- adeeply satisfying victory aftera happy.Itwas just golf. CHRIS ASoccerClub in North Wales Is SettoGoHollywood The Madness Will Take Place BY JOSHUA ROBINSON Inside aBubble WHEN SPENCER HARRIS first told the shareholdersofhis local BY LAINE HIGGINS soccerteam that apair of Ameri- cans were proposing atakeover,he THE CORONAVIRUS PANDEMIC deliberately leftout the investors’ scrapped March Madnessfromthe names.Hedidn’t want fans of calendar in 2020.With Covid-19 Wrexham AFCgetting carried infections surging to all-time away. highs,the National CollegiateAth- Even though British soccer letic Association announced Mon- teams regularly sell to Middle East- daythat the 2021 edition of itslu- ern sheikhs and U.S. hedge-fund crativemen’sbasketball billionaires,Harris knewthis one tournament will be playedinase- would still raise some eyebrows. questered bubble at ahandful of ThebuyerswereHollywood stars sites around Indianapolis. Ryan Reynolds and Rob McElhen- March Madnessisusually a ney.And Wrexham was, well, Wrex- sprawling national affair,with 68 ham, afifth-tier club from North teams bouncing among 14 host cit- Wales. ies en routetoplaying 67 games “You never think that you’rego- over athree-week span. But this ing to getsomebody of the renown kind of rapid-firecompetition and of aRob and aRyan,” said Harris,a constant travel isn’t compatible club director. with stay-at-home ordersor14-day McElhenney and Reynolds quarantine periods recommended weren’t kidding. by public-health officials to miti- McElhenney,aTVactor, has gate spread of the coronavirus. shared pictures of himself watching Actors Ryan Reynolds, left, and Rob McElhenney are getting into the soccer business with fifth-tier club Wrexham. “It became clear it’snot feasible Wrexham games from the set of his to managethis complexchampion- latest movie.Reynolds,known for Wrexham?” since1864. But as the descendant movie star—had hoped to pry ship in so manydifferent states the “Deadpool” movies,shipped Forone,investorsaren’t exactly of aBritish coal miner,hesaid he Wrexham out of itshistoric sta- with the challenges presented by crates of the gin from the brand he queuing up to acquireclubs with feels akinship between his home dium and sell the land to achain of the pandemic,” said Dan Gavitt, owns astake to pubs all over averageattendances of 4,000. city and the blue-collar town of home improvement stores. NCAA senior vicepresident of bas- Wrexham. Over the past 15 years, Ameri- 66,000 in Welsh coal country. Oncehewas ousted, the commu- ketball. TheNCAAdid not say /REUTERS SEY

“Under anyother circumstance, cans have preferred to snap up “I feel likePhilly and Wrexham nity club waslittle morethan a what it plans to do with the CA we’d be in Wrexham right now, jewels of the English game likeLiv- areverysimilar towns,” McElhen- pile of debt that happened to field women’stournament.

touring the Racecourse Ground, erpool, Manchester United, and Ar- ney said in aZoom call with fans. 11 soccerplayers on Saturdayafter- Talks between the NCAA and PETER having apint with supportersin senal, which areall valued in bil- “Just on oppositesides of the At- noons. the stateofIndiana and city of In- GES; person,” the pair wroteinaletter lions of dollars. lantic.” It eventually took the Wrexham dianapolis,which wasalready IMA to fans during the sale process. Ahandful of buyersfromout- “Wedon’t see whyitcan’t have SupportersTrust to save it, pur- slated to hold the 2021 Final Four

“But 2020 has other plans forus side of soccerplayedalonger game aglobal appeal,” Reynolds added. chasing the team for £1in2011. For on April 3-5,are preliminaryand GETTY

all.” in picking up clubs in England’s Ownership by apair of Holly- the next nine years, ateam of vol- details about howaMarch Mad- SE/ Even in ayear lessunusual than wood actorswith morethan 37 unteersworked to clear debtsof nessbubble would operateare 2020,apair of Hollywood actors million Instagram followers be- over $700,000 and put their club scant. However, the NCAA cited

from Vancouver and Philadelphia tween them helps.Sodoes having back on firm footing. the importanceofcreating a“con- ANCE-PRES In their quest to buy a FR buying afifth-tier soccerteam in those Hollywood actorsproducea Reynolds and McElhenney now trolled environment competition

North Wales would qualifyas team to grow and documentaryabout their adven- believethey cantakeitfurther, and practicevenues,medical re- ENCE AG

highly unusual. support from afar, they tures at the club as they take over. starting with promotion to the sourcesand lodging forteams and N/ In their quest to buy aEuropean And while Reynolds doesn’t ex- fourth tier. officials all within proximity of one CO soccerteam to grow and support landed on Wrexham. pect Wrexham to turn intoLiver- “Wewereadvised—andIthink another.” MA from afar—without losing their pool, he did call Wrexham “a sleep- this is fair—totemper our excite- Thefirst regular season college LERIE

shirts—they scouted candidates up ing giant.” ment in terms of what we hope to basketball games of the season are VA and down Britain. They landed on This is asoccerteam that last promise,” McElhenney told the set to tip off on Nov.25. S;

debt-free, fan-owned Wrexham. second or thirdtierswith plans to tasted the rarefied atmosphereof fans.“Ialso think it’smisguided PRES

Afteraninitial approach in May invest slowly and scale the ranks to the second tier in 1982 and has and stupid to come in and say, TED

and further talks in September,the the Premier League.Few,however, never playedinthe modern first ‘Well we’regoing to tryand be OK. CIA SO

Wrexham shareholdersvoted by an had nosed around the fifthtier. division. Itsmost famous victory We’ll be fine.’ That’snot our goal. AS overwhelming majority on Monday Even Elton John, who onceowned remains a1992 upset of Arsenal in We want to be champions.” to approvethe sale. his boyhood club Watford,only the thirdround of the FA Cup. Dreams of atitle areatleast a

Reynolds and McElhenney will picked it up in the fourth. Considering Wrexham’smorere- season away.Wrexham currently /INVISION/

payone peppercorn—a nominal fee McElhenney,astarof“It’sAl- cent history, simply continuing to sitsin14th place. KES in British contracts—and inject £2 waysSunnyinPhiladelphia,” hasn’t exist wasasuccess. “Toall of youwho arealready SY million ($2.6million) intothe club yethad achancetosee forhimself In the early 2000s,itthreatened finished with American Football for

immediately. that it’srarely sunnyinNorth to become an all toofamiliar casu- the season, mayIsuggest Euro- CHARLES Asked on Twitterwhy he would Wales.Nor has he visited the Race- alty of mismanagement in the pean Football?” McElhenney : possibly choose Wrexham, McEl- course Ground, the stadium Wrex- lowerleagues of British soccer. A tweeted in October.“Don’t worry. LEFT The 2021 Final Four is set for April 3-5. OM

henney answeredsimply,“Whynot ham has occupied continuously previous owner—who wasn’t a It’sjust as heartbreaking.” FR P2JW322000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, November 17, 2020 | A15 OPINION The Education of Joe Biden BOOKSHELF | By Philip Terzian

Youmight not career has been spent fighting children align with those of the as a“win.” A President knowittoday, anyreform aimed at relaxing teachersunions.Not to men- Theteachersunions gener- but formuch the teachersunions’ strangle- tion howfew options that ally justifyclosures on health of hislifeJoe hold on the public schools leavesthem when, say, their grounds,claiming they are Biden was would be an astonishingly kids can’t go to school and they necessarytoprotect teachers Remembers friendly to bleak admission about whose can’t go to work because the and staff from Covid-19.But MAIN real, if mod- interestscome first. teachersunions have succeeded they have been embarrassed STREET est, education “Appointing either Wein- in keeping classrooms closed. that privateand parochial A Promised Land reform. As a garten or García would be the TheCentersfor Disease schools have managed, often By William senator,hebiggest union payback since Controland Prevention has working with afar smaller By Barack Obama McGurn supported JimmyCarter created the De- been clear on this.“Of key staff and lessresources, to re- (Crown, 751 pages, $45) holding states partment of Education in significance,” it advises,“in- sume classroom instruction and schools accountable for 1979,” says Jeanne Allen,who person learning is in the best while keeping the coronavirus he better presidential memoirstend to have been their students’ performance, is founder and CEO of the interest of students, when at bay. T writteninadvertently—the Adams-Jefferson corre- expanding public-school choice Center for Education Reform compared to virtual learning.” In Massachusetts,Gov. spondence, Polk’sdiary—or arenot about the presidency and increasing federal funding and worked in the Reagan Ed- Charlie Baker pointstothe at all: Grantonthe Civil War, Eisenhower’s“Crusade in forcharter schools and their ucation Department. “It’sa state’s Catholic schools. They Europe.” Theone that comes closest to literature—“The Auto- facilities.In1997,heevengave sign that the teachers unions Is he really going have had about 28,000 stu- biography of Calvin Coolidge”—is the length of a novella, afloor speech in which he said nowown him lock,stock dentsand 4,000 employees and itsauthor only lands in the WhiteHouse toward the end. that the plight of children and barrel.” to nominate the head back in their schools since In fact, until comparatively recently, most of the men “presently caught in afailed Ms.Allen is alluding to the of a teachers union mid-August, with only a who survived their presidencies never bothered to write public school” wasleading him Education Department’sori- handful of Covid cases.Oth- accounts of their tenure in office. Maybe they believed that to reconsider his votesagainst gins in the 1976presidential for his cabinet? ers, including the CDC,have history’sverdict wasinexorable or that custom demanded private-school vouchers. As campaign. That year,the NEA noted that school closures set agraceful, and suitably circumspect, withdrawal from the BarackObama’svicepresident, endorsed apresidential candi- back learning,with the most stage. Perhaps they felt, as Dean Acheson once warned, he loyally promoted an agenda datefor the firsttime—Mr. TheCDC has further laid out disadvantagedstudentsfall- that “detachment and objectivity” would be suspect and that pushed teacher evalua- Carter.Three yearslater,he guidelines forhow schools ing furthest behind. In short, “the element of self-justification could not be excluded.” tions and charters. returned the favorbysigning canreopen safely.Instead of thereisnothing progressive That was then. In due course Acheson overcame his All that went out the win- the new cabinet-level depart- cooperating,however, the about keeping kids from their scruples and wrote a memoir of his serviceassecretaryof dow when Mr. Biden entered ment into law. teachersunions have largely classrooms. statethat wonhim the the 2020 race.During his Not everyone wasonboard. held studentshostagetotheir Ms.García or Ms.Wein- Pulitzer Prize. And it was campaign, he promised to ap- While the NEA wasenthusias- demands. garten might find it hardgo- Acheson’s boss, Harry point ateacher as education tic, the AFT wasnot. Even the Take the District of Colum- ing in aSenaterun by Mitch Truman, who inaugurated the secretary. Nowthe talk is that NewYork Times objected. In a bia. Resistancefromthe McConnell,but presidents modern era, issuing ahefty Mr.Biden will appoint not May 22, 1979, editorial head- teachersunion forced the enjoyapresumptiveright to account of his presidencythat only ateacher but the head of lined “Centralizing Education schools chancellor to scrap a name their ownadvisers.If wasserialized in Lifemaga- ateachersunion. Thetwo Is No Reform,” the Times ex- plan that would have brought either of these women were zine.OfTruman’ssuccessors, names most often mentioned plained that the NEA under- about 7,000 kids back forlim- to be confirmed, it would be John F. Kennedy wasassassi- areAmerican Federation of standably supported the move ited in-person learning start- atremendous victoryfor the nated and only George H.W. TeachersPresident Randi because it expected the new ing Nov.9.These were among unions.And as departing Ed- Bush chose not to weigh in. Weingarten and former Na- federal department to “con- the most at-risk studentsin ucation SecretaryBetsy De- Presidentsare entitled to tional Education Association centrate on the protection of Washington’sschool system: Vosput it in arecent tweet, their defense briefs,ofcourse, President Lily Eskelsen its interests.” Those who arehomeless, “When unions win, kids but have anyoftheir autho- García. Those interestswereone have special needs or take lose.” rized versions of eventsbeen Everyone has understood thingin1979.They arealto- English as asecond language Is this really the signal Mr. persuasivetoskeptics? Or for that aBiden Education Depart- gether another today, espe- were to be given priority.The Biden wishes to send by that matter, playedwell beyond ment would mark achangeof cially in the thick of apan- WashingtonPost dryly noted turning federal education pol- their loyalconstituencies? The direction from the past four demicthat has exposed to that the president of the icyovertoateachersunion reader’s response to “A Promised Land” is likely to comport years. But to elevatetoeduca- millions of moms and dads how WashingtonTeachersUnion president? with the reader’s attitude toward itsauthor.Barack Obama tion secretarysomeone whose little the best interestsoftheir characterized the cancellation Write to [email protected]. is asmart politician with apracticed ear and alawyer’s capacity forargument; as our firstblack president, he holds aparticular placeinhistory. As amatterofsubstance, however, “A Promised Land” tells us little that anewspaper ‘Tribalism’ Isn’t Going Anywhere reader wouldn’t already know, and unflattering asides and casual insultsare entirely predictable: “Sarah Palin ...had Azerbaijan other ethnic groups considered Forstudentsofworld poli- rapid economic development absolutely no idea what the hell she wastalking about.” and Armenia aform of Tigrayan domination tics,the Ethiopian conflict andsocial change, Western Of Mitch McConnell’swillingnesstonegotiatewith Vice mayhave took the form of adictatorial holdstwo vital lessons.The thinkers need a paradigm President JoeBiden, Mr.Obama assumes that the then- signed apeace government. Mr.Ahmed dis- firstisanimportant reminder shift. Sincethe end of colonial Senateminority leader wasworried about inflaming the deal, but a mantled that dictatorship,to that much of the conventional rule,manyWestern observers Republican base,something “that anyappearanceofcooper- newconflict is local and international ap- wisdom in the West about geo- have naively assumed that eth- ating with (Black,Muslim socialist) Obama wasbound to do.” GLOBAL brewing in plause.ManyTigrayans,how- political developmentsinthe nic and religious tensions Theauthor’s intent is plain enough, as explained at the VIEW Ethiopia that ever,resent the newsystem rest of the world is firmly em- would fade away with eco- outset: “Togiveanhonest rendering of my time in office... is potentially and believethat they arebeing bedded in amix of ignorance, nomic development. to pull the curtain back abit and remind people that, forall By Walter moredevas- targeted forunfair dismissals wishful thinking and projec- That is nothow thingswork. itspowerand pomp,the presidencyisstill just ajob.” And in Russell Mead tating,strate- andprosecutions.Their cur- tion. Mr.Ahmed, likeformer During the past 20 years, Ethi- that sense,itsucceeds—up to apoint. “A Promised Land” is gically conse- rent defianceofcentral au- rock starsofthe global do- opia has consistently posted aseries of set pieces on the stepping stones to Mr.Obama’s quential and historically thority is seen by manyEthio- gooding circuit Aung SanSuu some of the best growth rates election and ahandful of selected issues and incidentsthat important. TheCaucasian war pians as part of aplan to Kyiand Paul Kagame, has in Africa, but ethnic tensions shaped his presidency until the death of Osama bin Laden looked backward to the reassert their powerbeyond have risen with grossdomestic in 2011. (A second volume is promised.) breakup of the Soviet Union their home region. product. Illiteratepeasants These include an abbreviated account of his campaign and the Ottoman Empire’s NeighboringEritrea, which Look at Ethiopia, scratching abaresubsistence for the Democratic presidential nomination—in which he genocidal demise.The Ethio- wonits independencein1993, from thesoil don’t care much was strongly encouraged to run by his party’s establish- pian warlooks forward, as the hasalready been drawninto where ethnic tensions abouthow their government ment—and his election in 2008: “My memories of that sort of national conflict that the conflict, with Tigray firing have built up even as works.Asliteracy, living stan- night . . . are shaded by the images that I’ve seen.” The dominated the past two centu- missiles at itscapital, and the dardsand access to informa- inherited financial crisis, and his struggle with Congress to ries of European historybe- entireHorn of Africacould be the economy grew. tion rise,that changes. enact a near-trillion-dollar Recovery Act, give us a glimpse gins to shape the politics of a thrownintochaos if the fight- European and Ottoman his- of Hot Obama—Mr. McConnell’s “primary concern was rising Africa. ing persists. Sudan’sfragile do- tory followedasimilar pat- clawing [his] way back to power”—while his first G20 Ethiopian Prime Minister mestic order could easily be never been the figure his tern. Nationalism rose with Abiy Ahmed, winner of the destabilized by awar next Western admirersimagined. levels of development—and 2019 Nobel PeacePrize, has door that disruptstrade,cre- He emergedfromacareer in democracy, linked to national- Thepathtothe WhiteHouse and thefirstyears sent in thearmytoforce the ates flowsofrefugees,and the Ethiopian intelligenceser- ism, wasmoreoften adestabi- there, told withdetachment and, occasionally, restivenortheastern Tigray re- drawsSudanese ethnic groups vice, and his vision of his role lizing forceleading to conflict gion back intoline.InSeptem- intothe conflict. Somalia, still andthe futureofhis country than acalming forceleading to flashesofanger and self-deprecating humor. ber,local authorities in Tigray in turmoil amid the fight has little to do with the fanta- peace. defied anationwide banon against Al Shabab terrorists, sies of his foreign admirers. “Tribalism,” as ethnic na- elections (ostensibly due to depends on Ethiopian troops Myanmar’s Ms.Suu Kyi, tionalism in postcolonial Af- summit unveils Cool Obama: He is bemused by the French the Covid pandemic but seen and political support that Rwanda’sMr. Kagame and Mr. ricaissometimes dismissively president Nicolas Sarkozy, “with his dark, expressive, by Mr.Ahmed’sopponentsasa would be at risk if the fighting Ahmed arecomplexfigures in and condescendingly called, is vaguely Mediterranean features . . . [and] his chest thrust ploytoretain his power) to continues.And Ethiopia itself, countries wherethe rules are not aremnant of the past des- out likeabantam cock’s.” He is pleased to settle scores vote foranew provincial as- with roughly 110 million people weak,the stakes areexisten- tined to fade as modernization and clarify embarrassments—an inordinate amount of sembly.Though the Tigrayans divided intoapproximately 80 tial, and scruples arenecessar- progresses.Itisasleeping gi- space is reserved to explain the Rev. Jeremiah Wright to only numbered 8.8 million by ethnicities speaking almost 90 ily few.The inane rituals of ant that, as it awakens,will detractors—and is proud of ObamaCare’s tactical victory the last Ethiopian census in languages,isatinderbox. As celebration and reprobation test the stability and perhaps and the mission to avenge 9/11 by killing its mastermind. 2007,this relatively small eth- my Hudson Institutecolleague that self-described moral lead- alter the bordersofmanyAfri- This is all expressed in a kind of consensus prose, nic group has playedanout- James Barnettnoted in are- ersinthe West alternately in- cancountries. rotating the trademark Obama detachment with occasional sizerole in the country’spoli- cent report, prolonged fighting flict on these leaders are World leaderscan hope that flashes of anger or self-deprecating humor. It can get tics sinceitled amilitary in the north could lead to more noise,not signal. Serious peo- the Ethiopian civil warwill be monotonous at times. The chapters unfold in a formulaic, campaign that overthrew the challenges against the central ple need to tune it out. quickly and peacefully re- curiously uniform, fashion: A subject is introduced with Marxist regime of President government and, in aworst- Thesecond lesson is even solved. But they should brace some helpful background; Mr. Obama marshals his team Mengistu Haile Mariam in case scenario,aYugoslav-style more important. When it foraturbulent future, not only (“Almost sixty years old, graying, and built like a panda 1991. meltdown on amuch greater comes to sub-Saharan Africa in Ethiopia, but acrossarap- bear, Pete [Rouse] had worked on Capitol Hill . . .”); What many Ethiopians from scale. and other places undergoing idly developingcontinent. meetings are conducted, options explored, and decisions are made or votes won or lost. Along the way there are intervals of pick-up basketball, banter with manservants and musical relief (“It was rap How to Save Kabul From Saigon’s Fate that got my head in the right place . . . especially: Jay-Z’s ‘My 1st Song’ and Eminem’s ‘Lose Yourself’”). There is a By Bing West generals remained confident. ble national-security decision plots, no longer in danger of tart rejoinder or affectionate encouragement from his wife, President Obama took of- of this tumultuous presidency. disruption. Instead, the U.S. swelling sentiment (“[David Axelrod’s] voicechoked up. mericahas entered its fice declaring that Afghani- It will be applauded by terror- should continue what it is do- Iput my arm around him, feeling my own emotions”), A 20th year of fighting in stan was “a war that we have istsand Iran and cause trem- ing: keep militarypresence followed by brief reflection: “I think about it sometimes,” Afghanistan without vic- to win.” But aftermaking orsinKabul and Baghdad. lowand lethality high, and he says to his press secretary, “how this isn’t supposed to tory.With amajor troop draw- scant progress, he pulled out President-elect Biden will tolerate a messy government be about my own ambition. It’s supposed to be about down imminent, manyofthe most U.S. troops.Mr. Trump inherit aworsening situation. in Kabul. With modest ex- making the country better.” generals who failed to win are further reduced U.S. forces to TheTaliban will redouble their pense and low casualties, the Political debts are repaid in affectionate phrases (“Oprah nowwell-positioned to pre- roughly 5,000,while greatly effortstoforce out remaining benefits of withdrawalcan’t Winfrey . . . was as wise, funny, and gracious on the trail as vent adisastrous defeat. increasing the bombing. U.S. troops.They can’t seize justify the costs. she was in person”) and hindsight is prescient: “Though I In aswiftresponse to the thecities as long as we are In September,22retired didn’t know him well, I’d never been particularly impressed 9/11 attacks,the 2001 invasion theretobomb them, but they four-star generals and admi- with [John] Edwards.” As afreshman senator,in2005, of Afghanistan shatteredal Biden would be wise control much of eastern Af- rals endorsed Mr.Biden for Mr.Obama tells us he was quick to perceive the gathering Qaeda, driving itsremnants to leave a small force ghanistan. And whoever con- president. That list included symptoms of the 2008 financial crisis; as president, in a intoneighboring Pakistan. But trols the ground controls the manywho shared responsibil- meeting with the Indian prime minister, he worries about then President George W. to disrupt terrorists. outcome afternegotiations. ity for the profligate strategy the growing influence of India’s Hindu nationalist Bharatiya Bush decided to build Afghan- In 1972the U.S. signed a of nation-building.Having Janata Party four years before it comes to power. istan into a democracy. peacetreaty that left thou- helped to elect him, those Most revealing of all, thereare unguarded momentsof Thegenerals enthusiasti- In atweet last month, the sands of North Vietnamese generals should urge Mr.Bi- smoldering discontent that he shares with another cally took on an open-ended president promised to have all soldiers in South Vietnam. A den to retain a small force in president: Mr.Obama is routinely aggrieved by his press mission: “Soldiersand Ma- U.S. troops in Afghanistan few yearslater,North Viet- Afghanistan. Themessage coverage;and on the subject of friction within the rinesare expected to be na- home by Christmas.Mr. namese tanks rolled into should remain unchanged: executivebranch, he explains “how the foreign policy tion-buildersaswell as war- Trump canissue the order,but Saigon as the world watched Wherever ye gather in terror’s bureaucracycould slow-walk,misinterpret, bury, badly fighters,” decreed the 2006 it would be impossible to on TV.Respect forAmerican name, hell follows. execute, or otherwise resist newdirections from a counterinsurgencyfield man- carryout beforeheleavesof- resolveplummeted at home president [who would] oftenend up butting heads with ual. Grunts, however, soon fice.Nevertheless, he seems and abroad. Mr. West, a military histo- the Pentagon, State Department, and CIA.” The glorious learned they couldn’t win the determined to slash by half The Taliban share Islamist rian,has served as an assis- burden of the presidency can sound very familiar. heartsand minds of semiliter- the few U.S. forces remaining rootswith terroristswho pur- tant secretary of defense and atetribesmen or stop the Tali- in Iraq and Afghanistan. Such sue murder on a global scale. acombat Marine. He is author Mr. Terzian, a contributing writer at the Washington ban from using itsPakistani aquick and dirty drawdown Atotal U.S. withdrawalwould of “The Last Platoon: ANovel Examiner, is the author of “Architects of Power: Roosevelt, sanctuary to rearm. Still, our would be the most irresponsi- lead to aresurgenceofterror of the Afghanistan War.” Eisenhower, and the American Century.” P2JW322000-0-A01600-1------XA

A16 | Tuesday, November 17, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Trump, Biden, and Covid Va ccines Supreme Court and the Challenge to the ACA

or the second Mondayinarow,there improved recovery time by five days and sur- Regarding your editorial “Supreme canfind out what is in it.” Clearly, wasgood news on the Covid-19 vaccine vival by 27%. Misjudgment on ObamaCare” (Nov. youcan’t intend abill to be some- F front. Moderna said itsvaccine candi- TheWHO,however, aggregated datafrom 11): Texas Solicitor General Kyle D. thing if youdon’t even knowwhat is Hawkins wasnot whistling Dixie,as in it. Additionally,those members dateshowedpositiveresults countries with vastly different Will Joe’s advisers youhavesuggested, when he ex- had no reason to believethe man- at 95% afterPfizerreported medical standards,patient plained to Chief JusticeJohn Rob- datewould ever be zeroed out, even 90% effectiveness. Thefight scuttle more rapid populationsand risk factors. ertsthat the remainder of the if they were actually aware of such a against Covid is far from over, Morethan three-quartersof ObamaCarestatuteisnot constitu- thing in the bill. but marketsare cheering the FDA approvals? patientsweretreated in de- tionally severable from itsnow-re- Thecourt mayrule in favorof vaccines and apromising new veloping countries including pealed funding mandate. President keeping ObamaCarebased on sever- Eli Lilly therapy. Pakistan, Albania, South Af- Obama and the Democrats, them- ability precedents, which is alegiti- Credit heregoes to privatedruginvestment ricaand Lebanon. Manyweren’t treated until selves,did not include aseverability matereason, but manyofusconsti- and innovation, but also to the Trump Adminis- lateinthe disease when antivirals areunlikely clause in theirstatuteeventhough tutionalistsare wearyofJustice tration forspeeding up government approvals. to help. such aclause is routinely included in Robertsmaking rulingsand argu- TheAdministration pushed reforms in the Food Yetnow some critics claim that the FDA most statutes.This wasnounin- mentsbased on his stated ability to tended oversight on their part. In- mind read Congress. and Drug Administration’sbureaucratic and jumped thegun by approving remdesivir and stead, it washow the Democratsob- TOM CHALMERS risk-averseculture, even if it didn’t alwayssuc- should have waited forsupposedly morerobust tained the acquiescenceofthe well- Old Bridge, N.J. ceed. Former FDACommissioner ScottGottlieb evidencelikethe WHO trial. Some also saythe healed health-insuranceindustry. put aparticular priority on speeding up drug FDAshould have consulted outside expertsbe- Specifically,inexchangefor that in- Thechief justicemay have been approvals.New generic approvals increased to fore granting emergencyauthorization. These dustryagreeing to insurepersons correct that the intent of Congress 107 last year from 73 in 2016. panels arenotorious fornitpicking trial designs with pre-existing conditions and 19 in 2017byrepealing the taxwas not TheFDA has also fast-tracked reviews of and shooting down promising therapies that to 26-year-olds on their parents’ pol- to throw the entirestructureof breakthrough medicines such as gene therapies only benefit asubgroup of patients. They allow icies,Congressagreed to compel ev- ObamaCareout the window, but he and let drug makersuse creativeand adaptive the FDAtodisperse accountability fordecision- eryAmerican, via the mandate, to waswrong when he said it wasnot trial designs that aren’t the double-blind ran- making. buy health insurance. This deal was the Supreme Court’sjob to deter- also designed to keep President mine whether the remainder of the domized control placebo “gold standard.” From iii Obama’spromise (nowlong since statutewas constitutionally permis- 2017to2019,anaverage of 51 novel therapies Some critics of the Trump FDA’saccelerated broken) that our premiums would sible given the key changeinits were approved compared to 32 on averagefrom approvals areonMr. Biden’sCovid task force. not go up.Soplease don’t messwith structureand the court’searlier rul- 2010 to 2016.All of this has been especially Take Ezekiel Emanuel,who helped inspire Texas. ing which found the act constitu- helpful on Covid. ObamaCare’sbureaucratic panel forcutting JOHN K. HAGGERTY tional only because of the tax. At iii Medicare spending,which Congresshas since Santa Clara, Calif. this point the intent of Congressis Not everyone approves.Some self-styled ex- repealed. He believes government needs to irrelevant. Thecourt’sduty is to test pertsgrouse that the FDAisapproving toomany clamp down on doctorswho prescribe treat- YouquoteChief JusticeRoberts the amended statuteagainst the expensivenew drugsthat mayhelp only asubset mentsthat incrementally help patients, espe- saying to Texas Solicitor General Constitution. of patients. Their odd logic is that if everyone cially the elderly with feweryearstolive. Kyle Hawkins: “I think it’shardfor Thechief justice’scomment is doesn’t receiveabenefit from adrug, then no Then there’sDavid Kessler,the FDAcommis- youtoargue that Congressintended also inaccurate. ManyinCongress the entireAct to fall if the mandate wanted to repeal the entirety of the one should. They saytestimonials from doctors sioner in the George H.W. Bush and Clinton Ad- were struck down when the same act but when that effort failed Con- arebiased and should be ignored. ministrations.Mr. Kessler let the agencybehi- Congressthat loweredthe penalty to gressdecided to repeal the most un- This summer the FDAwas criticized for jacked by trial lawyersand banned most silicone zero did not even trytorepeal the popular aspect of the law. This is not granting an emergencyuse authorization (EUA) breast implantsbecause of unascertainable rest of the Act.” Thecounterargu- the chronologyofaneffort by Con- forconvalescent plasma to treat Covid. More risks,which manywomen said they were willing ment Iwould have made is that gresstoget the Supreme Court to do than adozennon-gold standardstudies showed to bear.During his tenure, approvals of new clearly the membersofCongress(all itsdirty work.Itisthe storyofpoli- benefits. AMayoClinic trial that enrolled some medicaldevicesground to ahalt. Democrats) who votedfor the origi- ticians currying favorwith voters by 35,000 patientsfound seven-daymortality was One of the big jobs of “the FDAcommis- nal bill had no intention of anykind giving them what they want. That’s 44% loweramong non-intubated patientsun- sioner is to put their body on the line in be- except to passit. Speaker of the what Congress does. der the ageof80who were treated within 72 tween all the forces that want to influencethe House NancyPelosi famously said: TIM KELLY hoursofdiagnosis with plasma containing high agency,” Mr.Kessler told PoliticoinAugust. “Wehavetopassthe bill so that you Naples, Fla. levels of antibodies versus lowerlevels. What he meantisthe agencyshould ignore Thestudy didn’t find adifferenceinsurvival doctorsand patientswho want access to thera- among all patientsand didn’t include aplacebo pies that don’t passthis “expert” bureaucratic StatesCan Vote Without the Electoral College group.“Thereare currently no datafromwell- obstacle course. controlled, adequately poweredrandomized TheTrump FDA’sCovid innovation has been Regarding Steven E. Landsburg’s election canbefully compliant clinical trials that demonstratethe efficacyand providing real-time feedback and clear guid- “Want aCoup? Abolish the Elec- with the Constitution without ex- safety of convalescent plasma forthe treatment ancetodrugand vaccine makersabout itsex- toralCollege” (op-ed, Nov.12): It is posing the republic to further risk. of COVID-19,” aNational Institutes of Health pectations.This has helped therapies and vac- not obvious that the federal court’s Thesame cannot be said forhaving panelcavilled. cinesadvance and cut Phase 3trials from three assertion of control over presiden- the Supreme Court control apresi- Yetgold-standardtrials canobscurecritical yearstoafew months.These reforms areone tial elections isn’t agreater threat dential election. benefitsamong subgroups.Consider aWorld of the success stories of the federal Covid re- to our constitutional framework DAVID GOODYEAR than apopular election—particu- Olympia, Wash. Health Organization multinational trial, which sponse.But there’saserious risk that the Biden larly if the election is controlled by last month reported no benefit from four anti- team will default to their instinctsand reim- the states as required in the Con- Theimportant strengths of our viral drugstested including Gilead’sremdesivir. pose acultureofbureaucratic control that re- stitution. It is arguable that the election system, as summarized by An earlier NIH trial in the U.S. found remdesivir strictsnew medical advances. Supreme Court’sactions in 2000 Mr.Landsburg, lie primarily in its created aprecedent forfurther noncentralized nature. We could erosion of statecontrol of presi- maintain the distributed character Trump’s Afghan Sign Off dential elections by federal courts, of the election processwhile mov- acircumstancethat should be of ing away from the Electoral College entagon officials on Mondayconfirmed terror operations against al Qaeda and Islamic greater concern to Mr.Landsburg system and toward apopular-vote our report Sundaynight that President State.Atsome point, lowtroop levels become a than howvoting by the states is system. applied to deciding presidential JOEL FAGAN P Trump is expected to order another risk to U.S. soldiersbecause they can’t supply ad- elections.Noting that proportional Iowa City, Iowa troop reduction in Afghani- equateforce protection. assignment of electorsisalready stan—with adeadline conve- He slashestroop levels Mr.Trump says it’stime to within the provinceofthe states, niently timed just beforeheis forapolitical deadline go because we’vebeen there19 extension to adefactopopular Tax Carbon and Leave likely to leave officeonJan. 20. years, and that’senough. But The Rest to the Markets We wish therewas some justi- but no militaryrationale. that’sapolitical notion put fication other than the loom- intohis head by the loyalists Biden’s Appointee Ezekiel Regarding “Car Makers Keen on ing end of his Presidency. he has placed in charge of the Emanuel Raises Age Issues Electric Push” (BusinessNews, Nov. There’scertainly no militaryrationalefor re- Pentagon in the last few days.The rushed reduc- 10): It is true that we candobetter ducing U.S. forces to 2,500.The current 4,500 tion in forces will reinforce the Taliban’sview Regarding your editorial “The than our current patchwork of state level wasrecommended earlier this year by that they needn’t compromise in negotiations Covid Vaccine Cavalry” (Nov.10): and federal autoregulations.Yet no Ezekiel Emanuel, amember of Joe matterhow manyelectric vehicles Army Gen. ScottMiller, the U.S. commander in with the Afghan government because the Ameri- Biden’sCovid-19 AdvisoryBoard, we put on the road, moreisneeded Afghanistan, when Mr.Trump demanded are- cans aredesperatetodepart. in 2014wrote “Why IHope to Die to reduceour carbon emissions.We duction from 8,000.The 2,500 looks likeanum- JoeBiden’s advisershavesaid they favor at 75.” Does he realizeJoe Biden need to incentivizeagradual transi- ber pulled out of aPentagon helmet as an arbi- keeping aresidual forceinAfghanistan, but they will be 78 when he takesofficeor tion to clean-energy sources traryalternativetothe disastrous totalpullout can’t knowhow manytroops that requires until that NancyPelosi is 80? Can we throughout our entireeconomy. Mr.Trump wascontemplating last week. they consult with Gen. Miller and Chairman of expect that opinion to influence Themost cost-effectiveincentive Thesmaller forcebyJan. 15 means something the Joint Chiefs Mark Milley.Let’shope the gen- his pandemic-boardwork where is apriceoncarbon. By putting a will have to giveinthe U.S. mission that includes erals canfollowMr. Trump’sordersinaway that lifeand death decisions will be priceoncarbon, consumerswill be support forAfghan forces,coordinating the use offersMr. Biden moreoptions than retreat after made? Will he advocatethat medi- incentivized to choose clean, low- of air power, intelligencegathering, and counter- he’sinthe WhiteHouse. calcarebewithheld from anyone carbon energy sources. And auto 75 or older? Dr.Emanuel’sviews makers, who respond to consumer maybeen sincerely held, but they demand, would be morewilling to arenot those of most people,es- makelong-term investmentsinelec- State Tax Revenue Rebound pecially those in the later half of tric technology. Instead of bogging life. He’shardly the best choiceto down companies with moreregula- ncase youhadn’t heard, states areexperi- ployed than from lower-income folks who are participateinlifeand death deci- tions,weshould encouragethem to encing asurge—of taxrevenue.Politicians working.After enhanced benefitslapsed in Oc- sions formillions. focus on innovation. I don’t want this good news to get out be- tober,income taxrevenuesinNew York dipped LEWIS R. ELIN Congresshas abill that would cause they want more money though were still only 1.8% Chicago do just that. If enacted, the Energy from Congress. Sales and income lower than last year. Innovation and Carbon Dividend California recently re- receipts are coming in Personal income taxreve- Act (H.R.763) putsapriceoncar- ported that taxrevenue for nueinConnecticut increased Feeding Those Independent bon that startslow and gradually increases.The revenue generated this fiscal year is running $9.9 better than expected. 2.9% in Septemberfromthe Critters Creates Dependence gets returned as amonthly divi- billion (18.6%) above projec- previousyear.Inthe fiscal Regarding AllanRipp’s“In My dend to Americans who will spend tions.Personal income tax year that started in July,in- Yard,Every CritterGetsaHandout” it as they see fit. Afterall, it’sup revenue in October was$1billion (15.6%) higher come taxreceiptsare running 0.3% ahead of last (op-ed, Nov.10): Perhaps the author to us which clean-energy path we than in the previous October, and sales taxes year and sales taxrevenue is up 5.3%. should have along conversation with choose. were up 9.2%. Forthe last four months,overall Sales taxrevenue in most states hasn’t fallen apark ranger.Wetook our children ADAM REED revenue has exceeded spring forecastsand even as much as expected because manyAmericans to different national parks virtually Longmont, Colo. 2019 collections. haven’t reduced spending. They are spending everysummer while they were grow- Behold how a rising stock market lifts pro- on different things. They arebuying moreappli- ing up.Atevery park,weheardthe gressive state budgets. The top 1% of earners ances to remodel their homes while spending same message: Don’t feed the ani- Pepper ... in California generate half of its personal in- lessonpersonal services likehair cutsand dry- mals.You’renot doing them anyfa- And Salt vors.Every ranger understood that come taxrevenue.Arebounding stock market— cleaning, which most states don’t tax. feeding the animals only turned THE WALL STREET JOURNAL the DowJones Industrial Averagehas increased Despitethe wailing by Democratic gover- them intopets, wholly dependent on 16% sincethe beginning of July—has produced nors, budgetsinstatesrun by Republicans have human charity and unable to fend agusher of revenue forblue states with sharply been hit harder by the pandemic because they forthemselves when humans went progressive tax systems. rely less on income taxesfromthe wealthy, home.Come to think of it, maybe In New York, overall tax revenue was up 4.3% which have been buoyant. Tax collections in the same logic could be applied to in September compared to September 2019 Texas were down 8.25% in September and Octo- government handoutsofthe inedible thanks to soaring personal income taxrevenue. ber from the previous year due mainly to lower variety. Most of this bump appears due to an increase in oil and gasrevenues. But Gov.GregAbbottisn’t JOHN GRAHAM withholdings from larger unemployment checks. begging for a federal bailout. Newton,Mass. Likemanystates, NewYork taxesunemploy- Most states will survivethe pandemic fine Lettersintended forpublication ment benefits. Because the federal $600 in without morefederal aid if they don’t reimpose should be emailed to [email protected]. weekly enhanced jobless benefits more than lockdowns as Oregon, Michigan and NewMexico Please include your city, stateand offset wage losses formost unemployedwork- have,though some have pre-existing problems telephone number.All letters aresub- ers, manystateshavebeen collecting morein- that Democratswant Congresstorelieve. Most ject to editing,and unpublished letters come taxrevenue from workerswho areunem- blue-state budget bruises areself-inflicted. cannot be acknowledged. P2JW322000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, November 17, 2020 | A17 OPINION America’s Shockingly Moderate Electorate

By Mark Penn tives increased 3points. Street Journal/NBC,CNN and Quin- By noweveryone has heardthat nipiac, predicted 10- to 12-point mar- he morethingschange, the President Trump did worseinthe gins,which would have produced morethey stay the same— suburbsand betterwith minorities about a40-statelandslide—a result or so it seems in American than in 2016.While technically true, that on itsfaceshould have been dis- politics,after the electorate the suburban swing occurred before missed as impossible.Manypollsters

T GES returned the Democratic the 2018 midterms,and the minority will have to rebalancetheir models to

establishment to powerafter reject- shiftwas relatively small, except for IMA reflect amoreconservativeand Re- ing it forarogue outsider four years Hispanic voters in Florida and the publican countryorcontinue to re-

ago. Thesurprise finding of the exit border towns of Texas.Some surpris- GETTY port erroneous results—not only in polls is that moderates and men pro- ing findingshavebeen overlooked. SE/ the campaign horse races, but also on vided the crucial swing voters who Mr.Trump’smargin of victoryamong key issues. putJoe Biden intooffice. whitewomen increased from 11 to 13 Senatepolls in states likeMaine ANCE-PRES

Has the American electorate points, according to CNN’sfinal ad- FR and South Carolina were ridiculously changed? Theansweristhat despite justed exit polls.But his advantage far from the actual results, and Ithink

billions of dollarsspent on persua- among whitemen narrowedfrom30 GENCE that had lesstodowith polling mod- sion,massiveincreases in turnout, a pointsto23. /A els than with the media atmosphere media with an agenda, and racial un- Mr.Biden wonalmost all the liber- ALD created by hundreds of millions of rest, the changes in American voting als and Mr.Trump the conservatives. HER dollarsinadspending.Inthose areas,

patterns were minuscule. But Mr.Biden expanded the Demo- SETH people stop giving their true opinions. cratic lead among moderates to 30 A polling place in Flint, Mich. They assume thecallers, whether hu- points from 12 in 2016—the single man or bot, areworking forthe cam- Polls predicted a landslide, most significantchange. Moderate margins could have been wonbyei- to end aconstitutional ban on racial paigns and that the information will menswung the race to Mr.Biden. ther side.Mr. Trump failed to im- preferences by government and to re- be traced or used against them. but the result was close Thereweresome offsetting provehis character or tone down his peal restraintsoncommercial prop- Rather than being “shy,” these are and split because voters changes in the overall demographic rhetoric,and he ranwithout develop- erty-tax increases—both went down morelike“battered” voters,assaulted landscape. Thewhiteshareofthe ing aclear second-term agenda. He by wide margins.The countrymight everywherewith campaign messages. reject radical changes. vote declined from 71% to 67%, while should have takenabipartisan ap- have shiftedinfavor of looser mari- Mr.Biden came close to waking up Latinos grew from 11% to 13%. The proach to the pandemic and ap- juana laws,but it doesn’t generally fa- another HillaryClinton,but his votes electoratewas older,with fewer pointed ageneral, not apolitician, to vorhigher taxes(Illinois voters also fell on this side of victoryinkey We areone countrydivided by two young adultsand morethan 1in5 lead the effort. Instead he made it a votedagainst taxincreases) nor has it states by small margins.The message parties.The nation is largely moder- over 65. Republicaneffort, and he owned it. lost faith in the ideal of apostracial from the voters is that we arenot di- ate, practical and driven by common In the 2018 midterms,Democrats Those were big mistakes.The Biden society. Also,respondentstoanot- vided intotwo extreme camps. sense over ideology. Most voters pre- wonbynearly 7pointsinthe popular campaign focused on character,but if yet-released Harris poll named free Rather,they aremorecentrist in na- fercompromise on health care,immi- vote forall House seats. But that mar- character outweighed issues,Mr. speech as the most important Ameri- tureand outlook,and that apresident gration, stimulus and other thornyis- gin shrank by morethan half this Trump would have lost by 20 points. canvalue.These arecritical signals who governs toofar to the right or sues that the extremes of the parties year,compounded by Mr.Biden’s Democratsdid win on the virus, from thevotersthat anew adminis- leftislikely to be leftbehind in the have pushed to the limits. Only 24%of smaller margin of victoryatthe top which wasvoters’ No.2issue,and tration canignoreonly at itsperil. next election. voters identifyasliberal, while 38% of the ticket. House Democrats, de- that’slikely what put Mr.Biden over When it comes to polling,the final saythey’reconservative, according to spiteastrong advantageonhealth the top. Voters made the rather sensi- Hill-Harris Poll gotitabout right, Mr. Penn, managing director of the CNN exit polls.Another 38% aremod- care,owe their problems to associa- ble determination that while Mr. with a4-point gapinfavor of Mr.Bi- Stagwell Group and chairman of the erate. Despitethe widespread public- tions with arangeofunpopular issues Trump might have done agood job den. We sawthe momentum in the Harris Poll, was chief strategist on Bill ity given the left, since2014—agood from defunding the policetoraising with the economy, he did abad one race seesawinthe last month and end Clinton’s 1996 presidential campaign, year forRepublicans—the percentage taxes, ending fracking and opening up with thevirus. up on Mr.Trump’sside as he ramped Hillary Clinton’s 2000 Senate cam- of self-identified liberals declined 2 borders. It is highly significant that in deep- up his massrallies.Prominent na- paign, and Mrs. Clinton’s 2008 presi- points, while the shareofconserva- Anyracedecided by such small blue California, two ballot measures— tional polls, such as from TheWall dential campaign. Four Seasons Total Landscaping Isn’t Exactly the Reichstag

supposedly sober partsofour mantling of republican institutions suggesting the president had aright ing claims of conspiracyadduced by establishment. by acombination of diktatand to pursue legal remedies. his own imagination grow wider by Themedia arepalpitating.A force. One should never be complacent. the day. FREE quick Google search for“Donald Youwould expect Democratsto Thefragility of American cohesion Thepresident has aright to pur- EXPRESSION Trump coup” yields 69 million reach forhyperbole,but the coup is worryingly palpable and raw. But sue legal challenges.Hehas aright By Gerard Baker search results. Forcomparison, a hysteria goes much further.Accord- the Weimar comparisons areludi- to agrievanceabout the way his search for“Fidel Castrocoup” pro- ing to the Financial Times,acouple crous.The German republic wasa ownelection wasgreeted by oppo- sthis acoup? Is this howthe duces slightly over amillion. of dozenchief executives of Amer- decade old when Hitler came to nentsfour yearsago and the way he I greatest democratic experiment Democratsare manning the rhe- ica’slargest companies took part in power. It had been established after has been treated since. But the pres- in human historyfails after torical barricades.Rep.James Cly- ahumiliating national militaryde- ident has duties as well as rights. nearly 250 years? Will historians burn of SouthCarolina, the third- feat followedbyanimposed settle- One of those duties is to help build writeabout the plot hatched at Phil- ranking House Democrat, told CNN Trump’s shambolic vote ment by revanchist powers that con- trust in the integrity of the republic. adelphia Four Seasons TotalLand- last week: “That’swhat Hitler did in sciously sought to crush Germany’s There’sanother reason the coup scapingthe way they writeabout Germany. He waselected chancellor challenges provoke cries strategic capabilities and constrain talk is overblown. To launch a coup theBeer Hall Putsch, an ominous and then because he successfully of ‘coup’ and the usual itsindependence. It quickly suc- youneed morethan agiant, suppu- auguryofaproud nation’sdescent discredited the news media, took cumbed to an economic crisis in rating grievanceand access to Twit- intoanauthoritarian hell? over the churches.” comparisons to Hitler. which monthly inflation hit ter. Youneed afanatical commit- Historians areconstantly re-eval- Mr.Clyburnisanintelligent and 30,000%. ment,adetailed plan, an energy,a uating the causes,meaning and con- courageous man who has already Coups have occurred in more-pro- sophisticated apparatus of revolu- sequences of events, so anyjudg- earned an honorable placeinhistory aconferencecall last week in which pitious circumstances,it’strue, but tion.Ifnothing else,this should ment on the Constitutional Crisis of forhis youthful civil-rightsactivism. they were soberly warned by aYale American institutions aredeeply en- calm the current hysteria. 2020 would have to be conditional, But this is,toput it mildly,aselec- professor that Mr.Trump might be trenched and have survived greater Another German famously wrote: but I’dbewilling to bet the answers tiveand incompleteaccount of what launching acoup. challenges. “All great world-historical factsand to those questions are, respectively, Hitler did to Germany. It’s asorryreflection of the na- None of this is to defend the personages occur,asitwere, twice, no,noand probably not. Aside from the pointsthat the tion’s corporate leadership that the president’s language since the elec- the firsttime as tragedy,the second We have spent four yearsbeing modern American mediahas done man who seems to have received se- tion. His effortssofar to provemas- as farce.” told we areWeimar Germany, and it moretodiscredit itself than anypol- rious pushback at that meeting was sivefraud have been as successfulas It wasone of Karl Marx’sendur- should come as no surprise that itician and that the nation’s not the hyperventilating professor, O.J. Simpson’s effortstofind the ingobservations,and it will likely President Trump’sresponse to the churches aren’t exactly under state butStephen Schwarzman,CEO of real killer.The contrast between the proveamoreaccurateassessment election has embedded the coup control, it’sastretch to liken asul- theBlackstone Group,who wasre- specific,narrow,small-scale in- of thefactswhen historians look narrativeinthe media, the Demo- len president’sangrydenunciations portedly challenged forraising alle- stances of electoral fraud adduced back at the coup that waslaunched cratic Party and even some of the of an election to the systematic dis- gations of electoral fraud and for by his lawyersand the grand sweep- at Four Seasons TotalLandscaping. Two Existing Technologies Could Fight Covid Now

By Salmaan Keshavjee proaches already in widespread use that when optimally used in concert than $6 asquarefoot. Maintenance ble against tuberculosis and canbe And Tom Nicholson outside the U.S. that canprovide fo- with good ventilation systems,UVC and upkeep arecheap and simple. almost immediately produced in cused protection forthe vulnerable germicidal lighting provides the From UticaCollegeinNew York to large quantities at lowcost. Astudy he response to the Covid-19 and prevent transmission of viruses same effect as completely replacing the Salvation Army of Central funded by the National Institutes of T epidemic has takenmany in indoor settings. Theinstallation the air in aroom morethan 10 Oklahoma, and from LosAngeles Health and published last month in forms,fromtargetedinterven- of asimple technologythat deacti- times an hour.This reduces trans- the journal Cell showedthat BCG tions to completelockdowns.But vatesgerms could makepublic mission and is asafe, effectivelayer vaccination triggers ageneral im- even themost stringent lockdown spaces safer against viruses and of protection against threatening Germicidal lighting and a mune response that decreases viral wasessentially afiction foressen- bacteria fordecades.Also,while airborne diseases in crowded indoor respiratorytract infections by 79% tial workersand the working poor, newvaccines aremaking the head- settings. tuberculosis vaccine among the elderly. whohad to perform their jobs de- lines, anearly century-old vaccine The devices are manufactured in should be a part of the In atrial runinthe United Arab spitethe uncertainty and risk.For that costspennies per dose and is Americaand have been supplied to Emirates,none of the hospital work- thoseconfined to their homes and already used by hundreds of millions U.S.-funded programs around the pandemic response. ersrandomly assigned to receivea those who had no choicebut to of people world-wide canhelp re- world through the Centersfor Dis- BCGbooster developed Covid-19, leave them, the mental and physical ducesevereoutcomes from respira- ease Control and Prevention and while 8.6% of those who received no toll has been immense.Itispast tory infections. theU.S.Agencyfor International International Airport to the Cam- boosterswereinfected. While it ap- time to deployastrategythat pro- Theformer tool is upper-room Development.Outfitting indoor bridge Friends School in Massa- pearsthat BCGishelpful on itsown, tectsthe vulnerable while interrupt- UVCgermicidal lighting.These fix- public spaces with thesedevices chusetts,these lightsare already it has also been shown to increase ing airborne viral transmission in tures look likeglorified bug-zappers, would cost considerably lessthan on and providing alayer of impor- the efficacyofother vaccines.This places wherepeople come together. but the bugsthey zapare viruses thetrillions already spent by the tant protection. is important because none of the Abalanced and layeredapproach andbacteria, not insects. Thetech- federal government to mitigatethe Thesecond tool is avaccine that majorCovid-19 vaccine trials cur- canhelp open clinics,schools,busi- nologyhas been around since1937, economic impact of this crisis.Our hundreds of millions of people have rently receiving attention arede- nesses,houses of worship and soci- when it wasfirst used against a datafromimplementation of this takenfor yearswith almost no side signed to detect adifferenceinse- ety in general. measles outbreak—an airborne virus approach in Oklahoma City indi- effects—the antituberculosis vaccine vere disease or death. Urgent Manyare surprised to learn that more contagious than Covid-19—in a cate that installing these bug zap- BCG. It has been used foralmost a investment is needed forrapid mul- thereare low-cost and effectiveap- Philadelphia school. Studies show persinatypical building costsless centurytoprotect the most vulnera- tisitetrials of BGC vaccination in theelderly and other vulnerable populations.This approach could save manylives right now. PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Biden These technologies have been Rupert Murdoch Robert Thomson around foralong time so their Executive Chairman, News Corp Chief Executive Officer, News Corp From “Biden Won the Battle—but in Kenosha, Wisconsin, following the profit-making potential is limited. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Dems Are Losing the Social Media shooting of aBlack man by police That could explain whythey have Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: War,” DailyBeast.com, Nov. 16: therecreated such ascare forthe Bi- been overlooked, but it has no bear- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; den digital team that it was one of ing on their utility.U.S.foreign-aid Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; “Impeachment was so bad for us the few times they advised the com- programs have funded these ap- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; because it fit into [Trump’s] meta- munications shop to forcefully push proaches against infectious diseases Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer narrativethat they reinforcedevery back against the emerging narrative fordecades.IfAmericaweretofold Andrew Dowell, Asia; AnthonyGalloway, Video & day,” said Tara McGowan, a leading (in this case, of Biden being on the them intoits pandemic strategy Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Democratic digital strategist, refer- side of the protesters). alongside localized contact tracing, Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; ring to the persistent “deep state” “I don’tknowthat we would’ve appropriateuse of masks,targeted Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; conspiracy theories and allegations been able to recover from the law- testing and, possibly,anew Covid Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News of Biden family corruption that per- and-order narrativeifthe president vaccine,wewould protect our es- Thomas SanFilippo, Customer Service; vaded conservative media amid the himself hadn’t contracted the virus,” sentialworkersand begin the pro- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; historic rebuke of the president. said McGowan, describing the presi- cess of safely reopening society. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Months later,asracial unrest dent’scoronavirus diagnosis as a Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International erupted—occasionally violently—in seminal moment that shiftedthe on- Dr. Keshavjee is director of Har- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: cities around the country, Democrats line conversation back to his poor vard Medical School’s Center for LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head faced the same feedback loop of con- handling of the pandemic.“Frankly, Global Health Delivery. Mr. Nichol-

EDITORIAL AND CORPORATEHEADQUARTERS: servativepostsand commentarythat if the pandemic had not come,” she son is aresearcher at Duke Univer- 1211 Avenue of the Americas, New York, N.Y., 10036 reinforcedsome of the president’s said, “I think we would’veabsolutely sity andexecutive director of Ad- Telephone 1-800-DOWJONES central political messaging.The riots lost this presidential election.” vance Access &Delivery, anonprofit. P2JW322000-0-A01800-1------XA

A18 | Tuesday, November 17, 2020 THE WALL STREET JOURNAL. WORLD NEWS JapanConsidersPath To Sustaining Rebound

Some in the ruling and Japan,” said BNP Paribas overheating from toomuch economistRyutaro Kono. money chasing toofew goods. camp favordirect Japanese economyminister “It’ssimple enough to do handouts; others back Yasutoshi Nishimurasaid nothing, but then there’sthe Mondaythat the countryis discussion of howmuch the private-sector spending suffering from an output gap— number of unemployedpeople

the differencebetween what will rise,” said Yoichi Taka- S BY MEGUMI FUJIKAWA workerscould produceina hashi, an adviser to Prime Min- NEW

fully healthyeconomyand ister Yoshihide Suga and for- G TOKYO—The economyin what they areproducing—of merFinanceMinistryofficial.

Japan, as in manydeveloped some $300 billion. Mr.Takahashi, alluding to a OOMBER countries,isabout halfway back While manyworkershad statement in Maybythe fi-

from the worstofthe pandemic. their pick of jobs ayear ago, nanceminister and the Bank SHI/BL YA

Thequestion nowiswhether to helping push up wages, jobs of Japan governor pledging HA jolt it back to full health with a arenow scarce in manyareas. cooperation, said the central O

quick dose of government Chronically understaffed places bank would buy anybonds NORIK spending or focus moreonget- such as nursing homes still necessaryfor the government Small restaurants areamong the businesses hardesthit by Covid-19 due to social-distancing limitations. ting the privatesector to invest. need help. to support the economy. Theworld’sthird-largest Some in the ruling camp “Thereisnoreason to change long-term growth potential Businesses could makeup courage the private sector to economyafter the U.S. and believeshoveling cash quickly that framework,” he said. rather than giveanimmediate the shortfall if they spend makemoreinvestmentsand China grew at an annualized into the economy through di- Nonetheless, some econo- jolt. He suggested shortly be- more. Capital investments by spend moremoney,” said paceof21.4% in the July-Sep- rect handoutsand public- mistssay abig rush of spending fore taking office that the na- companies fell in the July-Sep- Takeshi Niinami, chief execu- tember quarter.That is the fast- works projectsisthe best way could unsettle marketsand put tion’ssales tax, raised last tember quarter despitethe tive of Suntory Holdings Ltd. est in 40 yearsofcomparable to fill the gap. Thegovern- Japan on the wrong fiscal path. year to 10%, might have to in- economy’sstrong growth and a member of the govern- records, yetthe Japanese econ- ment handed out nearly “Ifyou believealargerbud- crease further to tackle budget overall, suggesting that uncer- ment’s economic council. omyisstill about 6% smaller $1,000 aperson in the spring, getproduces biggereffects, deficits, though he later said tainty about the pandemic He said making the nation’s than at itspeak ayear ago. and in mid-October agroup of youmay spend endlessly,” said he had no plans to do so for outweighs the incentivetoin- labor market moreflexible and Economists said getting all ruling-party lawmakerspro- DaiwaSecurities economist the next decade. vest in retooling forapost- promoting female executives theway back might not hap- posed an additional handout Mari Iwashita. Thegovern- Thegovernment is preparing pandemic world. could givealifttoJapanese pen until 2024. of nearly $500. ment “should use money an economic-stimulus package Mr.Suga’spolicies arefo- business, although both issues “The paceofgrowthisex- Based on currentinterest where it is needed so it won’t to be submittedtoparliament cused on long-term issues, such long predate the pandemic. pected to slowdownsharply in rates, the government could be wasted.” early next year.Economistsex- as Japan’sdigital transition and “Weare going to getdone the near term because pent-up easily borrow the money for Mr.Suga, just two months pect the budget to include at his goal of making the country the homework we’veleftsit- demand is likely to decline such programs and payhardly intohis tenure, has yettotake least$100 billion or so of new carbon-neutral by 2050. ting formanyyearsand ha- both at home and abroad, while anyinterest. Prices have been aclear stand in one of the two spending—a big figure,yet “What is expected forMr. ven’t been able to finish,” said infections arequickly spread- falling recently,suggesting the camps,but he has emphasized short of the output gapcited by Suga is to changethe course Mr.Nishimura, the economy ing again in the U.S.,Europe economyisinnodanger of policies that would liftJapan’s the economyminister. of fiscal spending so it canen- minister. ForSome,Working From Home Means Going Abroad

BY MARGHERITA STANCATI For some, it is a once-in-a- Indexofcostofliving plus rent Coast schedule.“Ican wake up people,but we canalso be be alittle cheaper,” he said. lifetime chancetohavetheir (2020) at 10 a.m.,and that’s5a.m. very impatient,” she says. “It’s working pretty well.” ROME—Themoment Jenni- cake and eat it: to swapthe U.S. time. I feel like I’m really “The paceoflifehereismuch Thework-from-abroad tribe ferBabin found out her em- chilly,damp north forthe Switzerland on topofit,” she said. The more manageable.” is growing so rapidly that some ployer’soffices in Paris wouldn’t Mediterranean while holding Iceland downside is that she works LifeinSouthern Europe businesses arestarting to cater reopen anytime soon, she on to their jobs. Norway late, typically until 1a.m., but isn’t always easy: Thepan- to itsneeds.Some hotels,de- packed up her bagsand moved It also canbeaway to cut Luxembourg she doesn’t mind: “I am a demic has hit the region hard. void of tourists, arenow offer- to the Sicilian city of Palermo. costs. Ms.Babin nowpays Ireland night owl. I always struggled Portugal’sgovernment last ing packages tailored forre- “I jumped at the opportu- €600,equivalent to about $710, Denmark to get to the office on time.” week imposed nighttime and moteworkers,including special nity to relocatetoSicily be- monthly foratwo-bedroom Netherlands Ms.Lumpkin had afull-time weekend curfewsacrossmost ratesfor long-term stays,high- cause I love it so much,” said apartment overlooking apiazza France job in advertising until she of the countrytoslowthe speed Wi-Fiand workspaces. Ms.Babin, 28 yearsold, who in downtownPalermo,about Malta waslaid off in the spring when spread of the virus.InItaly, Hospitality company Selina continues to work foraParis- one-thirdofwhat she paid for Belgium the pandemic exploded. “It where a surge in infections is specifically targetsthe work- based insurancecompany. “It’s her smaller flat in Paris. Austria wasablessing in disguise,” putting hospitals under pres- from-anywherecrowd.The com- vibrant and chaotic,but in a “I’m very grateful to have a U.K. said the 40-year-old, who took sure, parts of the country are panyhas introduced monthly nice way. I adore it.” job,aParisian salaryand to be Finland time to write a fantasy novel underalight lockdown, with rental packages forits Portugal With the pandemic continu- living somewherethat is much Sweden over the summer before free- barsand restaurantsand resorts, offering services such ing to rage in most Western cheaper and Ithink much Germany lancework started picking up. travel tightly restricted. as quiet working spaces and countries,and most offices nicer,” said Ms. Babin, who is Italy She flew to Portugal in Sep- Despitethe newrules,Dun- yoga classes,aprogram it has likely to stay shut through the originally from Australia. Spain tember to house-hunt with her canWallis,a47-year-old from sinceextendedtoMexico, Costa winter,moreEuropeans and Greater workplaceflexibility Portugal wife. Thecouple is weighing Manchester,U.K., said moving Ricaand elsewhere. Americans aretaking the is likely to stay.Around 80% of Slovenia the pros and cons of living in to Sicily has been worth it. “Locals wanted to getout chancetowork from abroad. corporateexecutives polled in Greece Lisbon, the capital city,or “I see no good reason to of thecity.And expatswho They are leaving their homes aGartner Inc.survey published 0125 50 75 00 somewhere quieter along the leave.The restrictions in Italy, were about to return to their in Paris,London and NewYork in June said they expected to coast. They plan to settle in even if they go foranational home countries wanted to and working remotely from continue allowing remotework Note:IndexisrelativetoNew York City. Portugal permanently once lockdown, will be similar to stay.Wesaw that potential,” Cost of living plus rent indexisanestimation warmer climes they would even afterthe pandemic is of consumer prices including rent. their residencyvisa is ready. procedures being followedelse- said Manuel Rito, the Lisbon- normally see only while on va- over.Nearly half said they Source:Numbeo But they won’t giveuptheir whereinEurope,” said Mr.Wal- based director of European cation, such as Southern Italy planned to allowtheir employ- NewYork apartment yet. Once lis,who trains teacher trainers marketing for Selina. or Portugal. Although many ees to work remotely full time. replaced with video calls. the coronavirus outbreak is in various partsofthe world, a He anticipates the trend nationsaround the world re- Forthe self-employed, the Jincey Lumpkin, awriter under control, Ms.Lumpkin job he is nowdoing remotely. will only grow oncethe pan- main closed to U.S. tourists shifttoworking from any- and beauty-industryexpert wantstotraveltothe U.S. reg- “I wanted to go to aplace demic is over.“People will during the pandemic,Euro- where is sometimes even eas- from NewYork,iscurrently ularly to meet clients and at- whereIcould getabit of sun- want to work from everywhere pean Union countries admit ier,sinceface-to-facemeetings working from Portugal, but tend photo shoots. shine,spend moretime out- in the world, and to work and Americans seeking residency. with clientshavemostly been she is sticking to an East “I loveNew York and the side,and whererentswould explore wherever they are.” WORLDWATCH

MOLDOVA sition turning out thousands in regular marches, while the gov- Pro-West Candidate ernment uses arrests and other Wins the Presidency intimidation tactics to quash any threats to Mr. Lukashenko’s 26- Maia Sandu, a former World year hold on power. Bank economist who favors According to human-rights closer ties with the European advocates, more than 19,000 Union, won Moldova’s presiden- people have been detained since tial runoff vote, decisively de- the election. At least four people feating the staunchly pro-Rus- are reported to have died as the sian incumbent, according to result of the crackdown. preliminary results. —Associated Press Ms. Sandu captured more than 57% of the vote, leading NETHERLANDS the incumbent, Igor Dodon, by more than 15 points, according Court Upholds Terror to preliminary data from the Conviction in Assault Central Election Commission, with nearly 100% of the vote An Amsterdam appeals court

counted. S upheld Monday the terror con- Sunday’s election was seen viction of an Afghan asylum as a referendum on divergent vi- PRES seeker who stabbed two Ameri-

sions for the future of the na- ZUMA can tourists, seriously injuring tion sandwiched between S/ them, at Amsterdam’s main rail- AS

Ukraine and Romania. Ms. Sandu /T way station in 2018. and Mr. Dodon, whom Russian OV The court said judges slightly

President Vladimir Putin identi- ILNIK reduced the sentenceofthe at- AS

fied as his preferred candidate, KR tacker,who has been identified

have been rivals since he nar- V only as JawedS., from nearly 27 rowly defeated her in the 2016 years to 25 years based on sen- ANISLA

presidential race. ST tences in similar cases and on his On Monday, Mr. Dodon con- ON GUARD: A Russian peacekeeper patrols near the Dadivank Monastery in Nagorno-Karabakh following a Moscow-brokered cease-fire young age. The man, who is now ceded and congratulated Ms. earlier this month that calls for Armenia to cede territory to rival Azerbaijan in the disputed enclave. 21, wasconvicted of attempted Sandu. murder with aterroristmotive The current pro-Russian gov- before he was tackled and sub- nikov rifle, nine clips with 30 BELARUS and a halt to the government’s justmorethan ayear ago. ernment controls only 51 of 101 dued by American vacationers. rounds each, an automatic pistol violent crackdown on dissent. The court said he took a train seats in the Parliament. The Opening a month-long trial and a cutter, according to inves- Retirees Proteston “Lukashenko, you and my from Germany to the Dutch cap- new president can dissolve Par- for Ayoub El Khazzani, the judge tigators. 100th DaySinceVote children will remember this dis- ital to avenge what he perceived liament if the prime minister re- said the 31-year-old Moroccan He is charged with attempted grace,” read one of the banners as insults to Islam and didn’t signs and there are two failed intended to “kill all the passen- terrorist murder. If convicted, he Crowds of retirees marched the retirees carried. know his victims were Ameri- attempts to find a successor. gers” aboard the Amsterdam to faces a maximum sentence of Monday in the Belarusian capital Such protests have roiled Be- cans. “It is thanks to the very —Associated Press Paris train in 2015 but “lost con- life in prison. of Minsk, marking 100 days larus since the Aug. 9 election fast response of the police that trol of events.” His lawyer, Sarah Mauger-Po- since mass protests began and handed Mr. Lukashenko a crush- there weren’t more victims,” the FRANCE Mr. El Khazzani acknowledged liak, said Mr. El Khazzani “re- became an almost-daily feature ing victory over his widely popu- court said. the charges against him with a grets having allowed himself to of life in the country after au- lar opponent Svetlana Tikha- Police officers shot the at- Trial Opens in Attack simple “Yes.” become indoctrinated” by ex- thoritarian President Alexander novskaya. She and her tacker within 10 seconds of the Foiled by Americans A lawyer for the two U.S. tremist propaganda and wants Lukashenko won his sixth term supporters refused to recognize attack on Aug. 31, 2018. servicemen and their friend said “to demonstrate his remorse.” in a widely disputed election. the result, saying the vote was The court said the attacker An Islamic State operative lis- their actions on Aug. 21, 2015, Three others, who weren’t on More than 2,000 pensioners riddled with fraud. only expressed remorse during tened as a judge detailed his al- thwarted a “slaughter.” the train, are being tried as al- were estimated to have taken Both sides seem to be locked the appeals case ”as a way to leged attempt in 2015 to kill Mr. El Khazzani boarded the leged accomplices. part in the rally, demanding the into a continuing cycle of protest reduce his sentence.” passengers on a high-speed train train in Brussels with a Kalash- —Associated Press resignation of Mr. Lukashenko and crackdowns, with the oppo- —Associated Press P2JW322000-4-B00100-1------XA BUSITECHNOLNEOGY: AT&T REASSCHES DEAL TO&FPUT HBO MAX ONINAMAZONANDEVICES B5 CE

© 2020 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Tuesday, November 17, 2020 | B1

S&P 3626.91 À 1.16% S&P FIN À 2.28% S&P IT À 0.98% DJ TRANS À 2.55% WSJ $ IDX g 0.22% LIBOR 3M 0.220 NIKKEI (Midday) 25913.41 g 0.03% See more at WSJ.com/Markets Walmart Rethinks Global Footprint Goldman Tech Guru Retail giant’s sale of Private-equity firm KKR & Group Ltd. to aprivateinvest- opportunities.Sincethen it to meet customer expecta- Co.will buy 65% of Tokyo- ment group in adeal valuing has gradually remade itsinter- tions, said the spokesman. “A stake in Japan chain based SeiyuGKin adeal that Asda at the equivalent of $8.8 national operations,including partnership likethis just Jumpsto helps sharpen new values the 329-store, 34,600- billion. Walmart said it ex- buying Indian e-commerce makesmoresense forthe employeechain at just over pected to recognizeanoncash startup Flipkart for$16 billion business,” he said. focus on e-commerce $1.6 billion, the companies after-tax lossofabout $2.5 and investing in e-commerce Thepandemic has also Dell’sFirm said. Walmart will retain 15%, billion. And on Nov.6,Wal- operations in Canada and helped grocerystoresand may BY PETER LANDERS while Japanese internet com- mart said it would sell its re- Mexico. have made it easier forWal- AND KOSAKU NARIOKA pany Rakuten Inc.will take tail operations in Argentina in Therapid shifttoonline mart to find buyers. BY LIZ HOFFMAN 20%. Walmart also will retain adeal that would result in a shopping around the world be- “It’sbeen abig tailwind be- TOKYO—Walmart Inc. a seat on the board. noncash after-tax lossofabout cause of the Covid-19 pan- cause morepeople arestaying GreggLemkau,one of threw in the towelonJapan Walmart has sold three $1 billion. demic also playedarole in home and eating out less,” Goldman Sachs Group Inc.’s after 18 years, selling most of longtime overseas holdingsin Walmart executives in early Walmart’s decision to sell its said Eiji Yatagawa,apartner topdeal makers, is leaving to its stake in a local supermar- lessthan seven weeks,each at 2018 said the retail behemoth Japanese operations,acom- at KKR. “The purchase amount runthe investment firm ket chainand continuing its the cost of some financial would back away from slow panyspokesman said Monday. per visit has also gone up be- started by technologytycoon retreat from slow-growing pain. In October,the Benton- growth and struggling interna- Rakutenalready has e-com- cause they aretrying to go out Michael Dell. global marketsinfavor of e- ville,Ark., giant agreed to sell tional operations,infavor of merce infrastructure in place less frequently.” Themove, firstreported by commerce bets. U.K. grocery-storechain Asda higher-growth or e-commerce and is able to ramp up quickly PleaseturntopageB6 TheWall Street Journal, turned heads inside the firm and acrossthe industry. Mr. Arecordnumber of Chinesefirms registeredaschip-relatedthis year as talentflows into the Lemkau ran one of Goldman’s Thriving semiconductorindustry, but in the surge severalhigh-profile projectshavefailed. most profitable divisions after along career putting together technology, media and health- Newcompanies registering as People working in China’s 50,000 care mergers,and wasseen as Tesla Is semiconductor-relatedbusinesses semiconductorindustry apotential contender to be chief executive of the firm. 050,000 100,000 150,000 He will be chief executive 40,000 of MSD Partners, which man- Added 2019 ages about $15 billion includ- Design 2018 ing some of Mr.Dell’sfortune and has plans to grow. 2017 To S&P 30,000 The51-year-old joined Goldman in 1992 and spent hiscareer as acounselor to BY HEATHER SOMERVILLE big technologyand media 20,000 Manufacturing companies including Twitter Tesla Inc.Chief Executive Inc.and Uber Technologies Elon Musk hastaken another Inc. He wasnamed in 2013 a step to turning the Silicon Val- 10,000 co-head of itsmergerbusi- ley electric vehicle maker intoa Assembly, ness and promoted again in mainstream carmaker,parking testing and 2017toco-run itsinvestment- the companyinthe S&P 500 in- packaging banking arm, which includes dex. 0 M&A,IPOs and lending deals. It marks amilestone forthe 2011 ’15 ’20* PleaseturntopageB4 companythat over the course YEAR OF INCORPORATION of its17yearshas sought to overcome cash-flowproblems Failedprojects and their plannedinvestments anddefyskeptics from Wall Taylor Street and Detroit. Wuhan Hongxin Gexin(Chengdu) Huaian Imaging Shaanxi Kuntong Tacoma (Nanjing) S&P DowJones Indices Mon- Semiconductor IntegratedCircuit DeviceManufacturer Semiconductor Semiconductor daysaid Tesla would join the Manufacturing Manufacturing (2016) Technology Technology Swift’s indexonDec,21. (2017) (2017) (2018) (2015) Themoveisexpected to gal- vanizethe company’sbullish in- Planned Recordings investment: vestorswho have propelled its soaring shareprice. It comes at $19.3B $10B $6.8B $6B $3B atime Wall Street expectsthe Actual AreSold electric-vehicle maker to post investment: itsfirst full-calendar year of BY ANNE STEELE profit in 2020. Tesla has posted aprofit in the firstthree quar- $30M $1.1B $617M $14M $38M Celebritytalent manager ters of the year despitethe Scooter Braun sold Taylor *AsofNov.16 pandemic that led local author- Sources: Tianyancha (number of companies, failed projects/investments); China Center forInformation Industry Development(workers); the Swift’smaster recordingsfrom ities in California to order the companies, local governmentstatements, statemedia (failed projects/investments) her firstsix albums to LosAn- companytotemporarily close geles-based investment firm itslone U.S. carplant. Shamrock Capital Advisors Inclusion in the benchmark Tech RaceWithU.S.Turbocharges LLC. that gauges the U.S. stock mar- Thesale,closed in the last ketrequires an accumulation of two weeks,marks anew flash- four consecutivequartersof point amid a tussle between net profit. Tesla has strung to- China Chip-Manufacturing Frenzy the pop superstar and her for- gether five forthe firsttime in mer label as the value of mu- itshistory. sic soarsinthe streaming era. “It’sthe cherryontop of a Thedeal is valued at more very successfulyear forMusk,” BY LIZA LIN Meantime,morethan 50,000 gust by China’scabinet promis- of the National Development than $300 million—about said Toni Sacconaghi, an ana- Chinese companies have regis- ing taxwaiversand andReform Commission said what Mr.Braun’sIthacaHold- lyst with Bernstein Research. China is investing heavily in teredtheir businesses as re- government funding. last month. “Some local gov- ingsLLC paid forthe entirety “It’sprobably the ultimatesym- computer chips and stepping lated to semiconductorsthis Thesemiconductor surge ernmentsalso blindly started of Ms.Swift’sformer label, Big bolic vindication forElon Musk up effortstocultivatehome- year,arecordthat is four times mirrorsother recent enthusi- projects with inadequateun- Machine Label Group LLC,a PleaseturntopageB2 growntalent as it accelerates the totalfromfiveyearsago, asm in China, including invest- derstanding of the industry.” year and ahalf ago—according itsquest fortechnological self- according to datafromcorpo- ment binges in electric vehicles, Thefrenzy of activity under- to people familiar with the sufficiencyamid atech trade rate registration tracker Tian- real estate, peer-to-peer lend- scores concerns about China’s matter. It is structured so Mr. warwith the U.S. yancha. ing and solar panels—some of technological relianceonthe Braun will continue to collect Berkshire Chinese semiconductor com- These include companies which led to bubbles or irratio- West. on the catalog’searnings. panies have raised the equiva- with only the most tenuous of nal spending—prompting China is the world’slargest Ms.Swift, who has been vo- lent of nearly $38 billion so far ties to the chip industrysuch China’stop economic planner importer of semiconductors. cal about her disapproval of Bets on this year through public offer- as real-estatedevelopers, ce- to warn about unwise business Customs datashoweditbought the sale of her work to Mr. ings, privateplacementsand ment makersand restaurant activity. morethan $300 billion in for- Braun, said MondayonTwitter assetsales,according to S&P businesses—all of which have “Companies without experi- eign-made chips last year. that she had tried to buy her Va ccine Global Market Intelligence— recast themselves as chip firms ence, technologies and talents Chinese firms supply only 5% old catalog from Ithacaand morethan double last year’s to- in abid to benefit by associa- have rushed intothe integrated of the world-wide market, ac- that the sale to Shamrock hap- Makers tal. tion with aplan unveiled in Au- circuit sector,” arepresentative PleaseturntopageB5 PleaseturntopageB4 INSIDE BY JENNA TELESCA Office Return Brings Covid Legal Risks AND BEN EISEN

Warren Buffett’s Berkshire BY TE-PING CHEN Hathaway Inc.isbetting on AND SARA RANDAZZO some of the largest firms chasing a Covid-19 vaccine. Companies are wary of re- TheOmaha, Neb., conglom- opening offices due to the risk eraterecently made newin- of exposing employees to vestmentsinlarge pharmaceu- Covid-19.They arealso worried tical companies Merck & Co., about their ownlegal exposure Bristol-MyersSquibb Co.and should staff getsick. AbbVie Inc., investing be- As coronavirus cases surge,

tween $1.8 and $1.9 billion in officesaround the countryhave S each,according to public fil- stayed largely closed or only NEW

ings. Berkshirealso made a partially reopened, and not just G new, smaller investment in because of health concerns.For

Pfizer Inc. of $136 million. RETAIL white-collar workplaces,the OOMBER

Berkshiremade these in- Home Depotspends pandemic has required compli- /BL vestmentssometime in the $8.7 billion to buy ancewith the kind of complex

quarter ended Sept. 30,well workplace-safety regulations MORRIS

before Pfizer, BioNTech SE awholesale distributor that, until recently,applied UL and Moderna Inc.reported it onceowned. B3 moretoindustrial settingsthan PA VID

positive resultsfromlate- to offices. DA stagetrials of potential vac- Officespaces that fail to Real-estate firm JLL lets staff to return to workplaces on avoluntary basis. An officeinMenlo Park, Calif. cines. MARKETS comply with the requirements “Historically,Buffetthas Oil giantAramco, face aliability threat few had burden from aworkplace-safety questions.Ofthose looking to lines employers must consult stated that, if he were to in- pressedfor cash, plans to think about beforethe standpoint,” said Travis Vance, reopen, he said, about one- when reopening offices is var- vest in the pharmaceutical in- pandemic,employment lawyers an attorney at employment quarter have decided the legal ied, including guidancefrom dustry, it would likely be that to issue adollar- say. firm Fisher Phillips LLP who requirementsare too the Occupational Safety and he takesabasket approach denominatedbond. B10 “A white-collar companyis estimateshehas advised 600 challenging. Health Administration and the PleaseturntopageB2 not used to having this much companies on Covid-19-related Thelist of rules and guide- PleaseturntopageB2 P2JW322000-4-B00200-1------XA

B2 | Tuesday, November 17, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A G Pfizer...... B10,B11 Universal, CinemarkSet Film Deal Adyen...... B10 GameStop...... B5 PNC Financial Services Airbnb...... A1 Go4it Capital...... B4 Group...... B3,B11 Alibaba...... B5 Procter & Gamble...... B4 Goldman Sachs....B1,B10 BY R.T. WATSON movies in their living rooms or ter-performing films in tendance, the theater industry R Allegiant Travel...... A10 H on their devices just 2½ weeks theaterslonger than 2½ weeks is reeling because Hollywood Amazon.com.....A6,B2,B5 Rakuten...... B1 HD Supply...... B3,B11 Apple...... B4,B10 Reckitt Benckiser...... B4 Comcast Corp.’s Universal afterthey premiereintheaters. waskey to getting the deal has largely canceled plans to re- Home Depot...... B3,B11 Asics...... B4 S Pictures has found another key Amid the Covid-19 pan- done.“We’reinthe business lease itshigher-profile movies, AT&T...... B5 HSBC...... B3 partner willing to shrink the demic,which has closed the- of trying to maximizethe box- thebrand of content theaters Huawei Technologies..B5 Saudi Arabian Oil.....B10 B amount of time newmovies atersand performancevenues office potential.” rely on to sell tickets. Mean- I Seiyu...... B1 Banco Bilbao Vizcaya Selina...... A18 playintheatersbeforemoving around the country, cinemas Under the Cinemark-Univer- while,theatershavebeen trying Argentaria...... B3 Ithaca...... B1 Sequoia Capital...... B4 to home video. have been trying to find ways sal deal, movies that gross to survive by showing older Banco de Sabadell...... B3 J Shamrock Capital TheHollywood studio and to makemoney while most morethan $50 million domes- films likeWalt Disney Co.’s“Ho- Banco Santander...... B3 Jackson Square Advisors...... B1 America’sthird-largest cinema viewers stay home.Bycomplet- tically during their firstweek- cus Pocus” or one of the many Southwest Airlines....A1 Bankia...... B3 Ventures...... B4 chain, Cinemark Holdings ing amultiyear deal with Uni- end in theaters will continue smaller independent titles. Berkshire Hathaway...B1 Spotify...... B4 Jones Lang LaSalle.....B2 Inc., announced on Monday a versal, Cinemark,likeAMC,has to be shown in theatersexclu- AT&T Inc.’sWarner Bros. BioNTech...... B10 JPMorgan Chase..B3,B10 Strava...... B4 deal under which Universal ti- acquiesced to what is shaping sively forfiveweekends,or31 tried to resuscitatethe theatri- BYD...... B5 K - L T C tles can be shipped online af- up to be ahistoric shiftthat days.After that, while theaters calindustryinSeptember when Kimberly-Clark...... B4 Tesla...... B1 CaixaBank...... B3 Twitter...... B1 ter just three weekends, or 17 could foreveralter the film-dis- cancontinue to screen afilm, it released its$200 million spy KKR...... B1 days,intheaters. Thenation’s tribution landscape.Even the title will concurrently be thriller “Tenet.” While the film Carlyle...... B4 Landrum & Brown....A10 U Carnival...... B10 largest theater chain, AMC though most films and theaters available on premium online has done decent business M Uber Technologies...... B1 Chewy...... B5 Under Armour...... B4 Entertainment Holdings Inc., earn the bulk of box-officerev- video-rental platforms likeAp- abroad, in the U.S. and Canada China National Chemical Madrone Capital United Airlines...... B10 agreed to a similar deal with enue in the firstfew weeks, ple TV and Amazon’s website. the movie,bytop-flight director Partners...... B4 Engineering...... B10 W Universal in July. theater chains have foryears Universal is offering the Christopher Nolan, has grossed ClearView Energy Moderna...... A1,B10,B11 Partners...... A3 Morgan Stanley...... B10 Walmart...... B1 Traditionally,moviegoers been fiercely resistant to reduc- same terms forfilms grossing just $56.3 million. Theatersare WarnerMedia...... B5 D N were forced to wait about 2½ ing their windowofexclusivity. morethan $50 million to AMC, anxiously awaiting to see what William Grant & Sons months from afilm’stheatrical “Weweretalking about aperson familiar with the mat- Warner will decide to do with Danone...... B4 Nestlé...... B4 ...... B11 debut beforethey could then flexible windows sinceprior to tersaid. LikeAMC,Cinemark itshighly anticipated “Wonder Dragoneer Investment Netflix...... B4,B10 Worldline...... B10 Group...... B4 Nexi...... B10 W.W. Grainger...... B3 watchitathome.Under the Covid with multiple studios,” will shareinthe digital-rental Woman 1984” sequel, which E - F Nike...... B4 Z newparadigm that Universal is said Cinemark CEO Mark Zo- revenue,the person said. also cost about $200 million to Exxon Mobil...... B10 O - P Zoom Video pushing,viewers will, in some radi,who added that Univer- In addition to monthslong produceand is currently slated Facebook...... A6 1Huddle...... B2 Communications.....B10 cases,beable to watchnew sal’scommitment to keep bet- cinema closures andweak at- to premiereChristmas Day. Fastenal...... B3 PayPal...... B10 ZTE...... B5 INDEX TO PEOPLE Exporters Feel SqueezeasCapacityFills Up

A G S BY COSTAS PARIS Allen, Tracey...... B6 Gilbertie, Sal...... B6 Schneider, Mark...... B4 B Giveans, Randy...... B6 Shah, Seema...... B10 Asurge in Asian imports Bancel, Stéphane...... A8 H Solomon, David...... B4 bound forU.S.retailersstocking Bezos, Jeff...... B5 Haupt, Nils...... B2 Sullivan, ChristopherB10 up forthe holidays is leading to Borchetta, Scott...... B4 Hsu, Michael...... B4 T an acuteshortageofshipping Braun, Scooter...... B1 capacity forU.S.exporters, with L Taylor Wolfe, Lauren..B3 C agricultural producersnow Lemkau, Gregg...... B1 Turner, Craig...... B6 struggling to find the contain- GES

Caucci, Sam...... B2 IMA M W ersthey need to send their D Menear, Craig...... B3 Waldron, John...... B4 productstooverseas buyers. Dell, Michael...... B1 Murray, Neil...... B2 Container shipping compa- GETTY Y SE/ Demchak, Bill...... B3 Musk, Elon...... B1 nies seekingtokeep pacewith E - F N - O Yatagawa, Eiji...... B1 thestrong demand forgoods Z Esposito, Jim...... B4 Narasimhan, Laxman..B4 from China arerushing to un- ANCE-PRES Ferreira, Steve...... B2 Ostfeld, Scott...... B3 Zoradi, Mark...... B2 pack and return to Asia the FR

containers, industryofficials ENCE

say. That leaves fewerboxes AG their advice, isn’t requiring available forAmerican export- N/ OW

Offices Face anyone to come in, says CEO erstostuff with soybeans,lum- BR SamCaucci. ber,cottonand other products. J. IC

To enable social distancing, “Right nowweare grap- ER the companycapped atten- pling with atrueemergency— ED Legal Risks FR danceateight people.Itman- carriersrefusing bookingsfor The Port of LosAngeles is crammed with containers amid asurge in imports forholidayshopping. dated masksand installed an trans-Pacific agricultural ex- Over Covid extraHVACunit to improve portsand canceling those al- portslean heavily toward bulky to the U.S. West Coast seaports Covid-19 pandemic.Big U.S. re- ventilation. Thecompanyis ready booked,” said Peter agricultural goods,along with beyond $4,000 per container tailers rushed to replenish in- also paying extrainliability in- Friedmann, executivedirector food and beverages,which whileaverage prices to ship ventories that were depleted ContinuedfrompageB1 surance, Mr.Caucci said. at theAgricultureTransporta- have alowermarket value. goods by container from Los earlier in the pandemic and Centersfor Disease Control and “We’re not aWalmart or a tion Coalition, atrade body Container shortages aren’t Angeles to Shanghai in recent started pulling in moregoods Prevention. It also includes reg- Jet, or awell-established tech representing U.S. farmers. “We uncommon during the busy weeks was$518. from Asia to stock shelves and ulations at the local and state companywhereyou already aregetting locked out of for- summer months,but it is more Forcarriers, that means it e-commerce warehouses as levels,wheremanynew have abrand built up,” Mr. eign markets.” intense this year and has makesmorefinancial sense to consumer sales rebounded. Covid-19-specificworkplace Caucci said. As asmall com- Theshortageisinpart the spread to portsaround the hustle boxesback to Asia The National Retail Federa- safety requirementshavebeen pany, he said, he felt the com- result of the steep imbalance world as demand swung rather than wait forthem to tion and HackettAssociates created to trytoprotect em- pany needed an officetohelp in the value of the goods mov- sharply from record lows to re- travel inland forseveral weeks LLC said majorU.S.portsim- ployees amid a pandemic that itsculturestaystrong. ing acrossthe Pacific.U.S.im- cord highs within afew to reach exportersand then re- ported 2.11 million containers haskilled morethan 245,000 Officesin10major metro- portsfromChina, forinstance, months. turn to the coastal gateways. in September,12.5% morethan Americans. politanareas including New include big volumes of elec- Thehigh demand in the U.S. TheU.S.import surge took the year beforeand the highest Such regulations rangefrom York,Philadelphia and San tronics,apparel, toys and other forimportshas pushed con- offinmidsummer afterglobal monthly totalinrecords going the general—including the need Franciscohaveanaverage oc- manufactured goods.U.S.ex- tainer freight ratesfromChina trade nosedived because of the back to 2002. to wear masks and socially dis- cupancyrateof25% compared tance—tothe moregranular. with morethan 97% beforethe NewYork state’sguidancefor pandemic,according to data fett eventually stepsdown 12% of the company, according Investorsand analystscon- officereopenings,for example, from Kastle Systems. Berkshire from running Berkshire, they to FactSet, abovethe 10% tinue to wait forMr. Buffettto spans morethan 100 bullet Neil Murray,chief executive are on the shortlist of poten- threshold Mr.Buffetthas said spend a larger chunk of Berk- pointsand covers everything of corporatesolutions for tial successors,along with he typically tops out at. shire’s$150 billion cash pile from the kinds of amenities commercial real-estatefirm Wagers on Greg Abel and Ajit Jain. Berkshirehas also invested on an acquisition or a signifi- that should be installed, such Jones Lang LaSalle Inc., said Thepurchases come after heavily in itsown stocks in the cant stakeinacompany. In re- as touch-free waterfountains, he generally wasn’t seeing em- Berkshire Hathaway trimmed firstthree quartersofthe cent months Berkshirepur- to the kinds of health records ployers forcepeople back.“I Vaccines itsairline holdingsthis year as year,making $15.7 billion in chased Dominion Energy Inc.’s that canbemaintained. don’t think it’sdriven by liabil- the pandemic struck. In May, stockbuybacks.These buy- midstream energy business “Now, everywhereisapo- ity.Ithink it’sdriven by Mr.Buffettdisclosed Berkshire backs rank among the largest andits investment of $6 bil- tentially hazardous environ- genuine concern forpeople,” ContinuedfrompageB1 had sold itsstakesinUnited investmentsBerkshirehas lion in five Japanese compa- ment,” said Harris Mufson,an Mr.Murray said.The company, and buys a handful of compa- Airlines Holdings Inc., Ameri- ever made. nies. employment lawyer at known as JLL,said it has nies instead of averylarge can Airlines Group Inc., Delta Proskauer Rose LLP. opened 131 out of its135 U.S. stakeinjust one,” Berkshire AirLines Inc.and Southwest Further weighing on compa- offices with capacity restric- investor and Cheviot Value Airlines Co. nies is howmuch coverage tions,and with attendanceona Management LLC portfolio “The airlinebusinesshas their workers’ compensation voluntarybasis. manager Darren Pollock wrote theproblem that if the busi- policies will provide if employ- in a note. ness comes back 70% or 80%, ees saythey became ill at work. Office occupancy rate Mr.Buffettgenerally in- the aircraft don’t disappear,” At least 17 states nowhave 100% vestsinstable industries he he said during Berkshire’svir- laws that assume an employee expectstogrowovertime, tual annual meeting.“The who contractsCovid wasin- suggesting he expectsthe world changed for airlines.” by fected in the office, which trig- broader pharmaceutical world Berkshireunloaded more gers workers’ compensation. 80 to profit from eventual bank stocks in the thirdquar- Employment lawyerssay asking Covid-19 vaccines and thera- ter. Dallas people to sign awaiver before peutics. Berkshire’s recent in- Theconglomerateroughly LosAngeles returning to work is unlikely to vestmentsgiveinsight into halved its remaining stake in Introducing an 60 Washington, D.C. offer protection in most states. howhebelieves the coronavi- Wells Fargo&Co., further Chicago Ergonomic Heat Beyond concern about possi- ruspandemic will shape whittling down itsholdingsin ble illness, reopening offices NYC/JerseyCity American businesses forthe a bank it has owned for more and Massage presentsprivacyconcerns,in- 40 long term. than threedecades.Berkshire cluding howtostore biometric Overall, Berkshire’s largest also sold nearly all of itsre- Chair for Work information collected from em- stock investmentsremain Ap- mainingstake in JPMorgan and Home ployeetemperaturechecks. ple Inc., Bank of AmericaCorp. Chase &Co. Themoves con- 20 Some companies sayitis and Coca-Cola Co. tinue thebillions of dollars worth the risk.After months of The90-year-old Mr.Buffett worth of sales of both firms in having its40employees work- might or might not have made the second quarter. ing from home,workforce- 0 these investmentshimself. Meanwhile, Bank of Amer- training company 1Huddle Inc. MayNov. Berkshireemploys two portfo- icaappearstobeemerging as opened anew headquartersin lio managers, Todd Combs and Mr.Buffett’sfavoritebank.His Newark,N.J., in September. Notes: Occupancy measured as daily swipes of TedWeschler, who makemany firm increased itssharehold- Kastle access controls compared to February; Thecompanyfirst consulted Includes surrounding metroareas. of Berkshire’s equities invest- ingsbyabout 9% last quarter. with lawyers, and following Source:Kastle Systems ment decisions.When Mr.Buf- Berkshirenow owns nearly

bor,and strong demand forits named later. following news it would join Tesla moreaffordable Model 3car. Being added to the S&P 500 theindex. Shares in the com- Tesla wasbuoyedby$397 mil- is the latest milestone forthe panyhavequadrupled this year. %( 1-# *( /!& +$) 0-.'", lion in regulatorycreditsinthe companywhich has enjoyeda It became the world’slargest Added thirdquarter,which helped tip dramatic ascent this year,de- carmaker by market valuation, it into profitability. spitethe coronavirus pandemic. despiteproducing far fewerve- Theinclusion elevates Mr.Musk said he tested posi- hicles than rivals such as Toy- To S&P Tesla’sprofile among public tivefor the virus last week.On otaand Volkswagen. market investorsand validates Monday, he said he had no Inclusion in the S&P typi- what wasonceaniche and symptoms in recent days. cally bringsarally foracom- ContinuedfrompageB1 highly unprofitable Silicon Val- Tesla in the thirdquarter de- pany’s stock,though the gains that he is being recognized by ley company. Tesla also has livered arecordnearly 140,000 don’t necessarily last long. Free Shipping&30Day Risk Free Trial this significant financial index.” morebroadly changed the car cars and is on pacetohit atar- Stock performancefor compa- Save $100 Now! And, Use code Ergonomic Itsthird-quarter profit wasa industry’smind-set around getof500,000 vehicle deliver- nies added to the indexbe- For Free X-Wheel Casters record $331 million, propelled electric cars and incited arace ies forthe year,agoal not long tween 1973and 2018 usually *$50 per month based on purchase of $89999 for 18-months 0% interest by production from thecom- toward electrification. agodeemed implausible. fell behind the S&P ayear after pany’sShanghai factory, where Tesla will replaceanS&P Tesla shares jumped more inclusion, according to Ned Da- Tesla benefitsfromcheaper la- 500 companythat will be than 14%inafter-hourstrading vis Research. P2JW322000-0-B00300-1------XA

THE WALL STREET JOURNAL. Tuesday, November 17, 2020 | B3 BUSINESS NEWS BBVA,Exiting U.S., Discusses Merger With Spanish Bank

BancoBilbao VizcayaAr- ment afterthe European gentaria SA’s sale of itsU.S. market close. operationstoPNC Financial BBVA wasamong the Euro-

Services Group Inc.underlines pean banks that spread out S

acrossthe world beforethe PRES

By Patricia Kowsmann, last financial crisis on ahunt TED

Margot Patrick forgrowth. It bought asmall CIA and Orla McCaffrey California bank in 2004 and ex- SO AS panded acrossTexas,Arizona that forEuropean banks,Amer- and other SunBelt states icaisatough nut to crack. through astring of acquisi- ONICLE/ CHR

Theproblem forBBVAwas tions.Itand largerSpanish ri- N that whileitgrewinthe U.S. val BancoSantander SA kept TO over a15-year period, particu- sizable retail banks in both /HOUS larly in the Southwest, it didn’t North and South America, even

getbig enough that it made afterother foreign banks ex- OMER sensetostayinthe country. ited in recent years. CO

Thesecond-largest Spanish While BBVA wasthe No.4 BRETT lender lacked the capital to bank in Texas by deposits, its A manager at one of the company’s stores in Houston wheeled a portable generator ahead of Hurricane Laura’s arrival in August. further expand itsfootprint market share, at 4.5%,was and couldn’t ask sharehold- considered toosmall for ers—already struggling with strong returns. itsdepressed shareprice—to Pittsburgh-based PNC said Home Depot to BuyHDSupply, putinmoremoney. it agreed to buy BBVA’s U.S. Instead, BBVA signaled it operations for$11.6billion. In will use the sale proceeds to in- the U.S.,shares of PNC closed crease itspresenceathome and up 2.9% at $126.29. Big bank AFormer Unit, for$8.7Billion in other core marketstoscale takeovershavebeen rare since up andboost profit. On Mon- the 2008 crisis,with major day, following the U.S. sale an- players unwilling to test the nouncement, BBVA said it was politicalwatersand wary of BY COLIN KELLAHER in August reported itsstron- fund the acquisition, which it ties-maintenance and its con- in mergertalks with domestic newregulations nowapplied gest quarterly sales growth in expectstocompletebythe struction and industrial busi- peer BancodeSabadell SA. to largerbanks.Democratic Home Depot Inc.agreed to nearly 20 yearsand is ex- end of January, with cash on nesses intotwo publicly BBVA’s strategic shake-up administrations have typically buy HD Supply Holdings Inc. pected to report another hand and debt. It said the traded companies,but it put shows howthe coronavirus been less friendly toward for about $8.7 billion, reunit- strong gain on Tuesday. The transaction has a total enter- those plans on hold in March pandemic is forcing European megabank deals. ing with aunit it sold off in pandemic has fueled do-it- prise value of roughly $8 bil- amid chaotic market condi- banks to be morecalculated Still, PNC is confident it will 2007 as the home-improve- yourself projectsand strained lion, including HD Supply’s net tionsbrought on by the pan- about their prospectsfor receiveapproval forBBVA, ment giant looks to beef up its supply chains. cash. demic. growth and survival. Another which had been at “the top, or ability to distributeindustrial HD Supply competes with Home Depot built HD Sup- ThecompanyinAugust duo of Spanish lenders, Caixa- near top, of our wish list,” PNC products amid the pandemic. Fastenal Co., W.W. Grainger ply in the2000s through an opted to sell the construction Bank SA and Bankia SA, Chief ExecutiveBill Demchak HD Supply is awholesale dis- Inc. and Home Depot’s own acquisition spree led by then and industrial business,known agreed to merge in September, said on acall with investors tributor of electrical, plumbing, Prodivision, which Chief Exec- Chief ExecutiveRobert as WhiteCap,toClayton Dubi- and analystsand regulatorsare Monday,inpart because the janitorial and other supplies.It utiveCraig Menear had sought Nardelli. After a CEO change, lier for$2.9billion in cash and betting moredeals will come. combined entity will be “one- has about 44 distribution cen- to build up before the pan- the companysold the unit in focus on the facilities-mainte- With the cash proceeds from fifththe sizeofthe giant four ters in the U.S. and Canada. It demic struck.Analystsat 2007 to BainCapital, Carlyle nancebusiness. That deal, the PNC deal—equating to 50% banks out there.” Thecom- booked sales of nearly $6 billion Wells Fargosaid the deal will Groupand Clayton Dubilier which closed last month, made of BBVA’s entiremarket value— bined PNC-BBVA will have as- in itslatestfiscal year,though it accelerateHome Depot’sinitia- Riceinaleveraged buyout val- HD Supply more complemen- the bank could buy Sabadell setsofabout $550 billion. JP- recently sold aconstruction tives to serveprofessional cus- ued at $8.4 billion. tary to Home Depot’s current and still have money lefttobuy Morgan Chase & Co., the unit that accounted forabout tomersand broaden itsability Thetrio of private-equity business and itsfocus on its back shares to boost itsshare largest bank in the U.S.,has half of itsbusiness. to provide job-sitedelivery. firms took HD Supply public in Prooffering,analystsatCredit priceand satisfyshareholders. morethan $3 trillion. Home Depot, which has got- The company said it would 2013.HDSupply’s boardin- Suisse said. Sabadell’sshares,which have Othergeographic retreats tenabig liftinsales from ris- pay$56 ashareincash forHD cludes representatives from Shares of HD Supply been hit along with the share by European banks so far this ing interest in household proj- Supply,a25% premium to Fri- two activist hedgefunds: Lau- jumped 25% to $55.80each in of other European banks,are year have included HSBC ects amid the coronavirus day’s closing price of $44.81. renTaylor WolfeofImpactive late-afternoon trading on down some 60% this year. Holdings PLC’sclosing around pandemic, said it expects the Based on roughly 155.6 million Capital LP and ScottOstfeld of Monday. Home Depot shares Shares of BBVA closed one-thirdofits U.S. branches. acquisition will accelerate its shares outstanding,Home De- Jana PartnersLLC. Both have were little changed. Mondayup15% in Madrid. Sa- sales growth and add to earn- pot is paying about $8.7 bil- been on the board since 2017. badell’srose almost 25% be-  Heard on the Street: PNC will ings starting next fiscal year. lion. HD Supply last year said it  Heardonthe Street: It’sdéjàvu fore BBVA made itsannounce- be regional no more ...... B11 TheAtlanta-based company Home Depot said it would planned to separate its facili- again forHome Depot...... B11

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B4 | Tuesday, November 17, 2020 **** THE WALL STREET JOURNAL. BUSINESS NEWS

tion of newpartners, who Goldman were named last week. Birth Drop Is No Bundle of Joy He knows Mr.Dell well, hav- ing advised on a decade’s Tech Guru worth of deals that took his Makers of products eponymouscomputer com- for infants feel pinch pany, mergeditwith rival EMC HiredAway Corp., and returned it to the as projections show public markets two yearsago. pandemic-fueled fall MSD Partnerswas founded ContinuedfrompageB1 in 2009.The firm has steered BY SAABIRA CHAUDHURI Aformer Dartmouth soccer clear of technologydeals,in- goalie,heremains asports stead investing mainly in Makersofinfant formula nut—he and Goldman’spresi- credit and real estate, includ- and diapersare girding foran- dent, John Waldron,sharea ing the Four Seasons in Ha- other possible Covid-19 chal- boxatFenway Park—and is waii that neighborsMr. Lem- lenge: fewer babies. well-liked on Wall Street. kau’svacation home.

Birthrates have been declin- S Though he had been seen Mr.Lemkau’sdeparture

ing foryearsinthe U.S. and PRES as apotential candidatetobe means that forthe firsttime China, andnew projections CEO,the bid wasalong-shot in yearsGoldman doesn’t UMA

suggest that the coronavirus /Z one—current CEO David Solo- have an M&A guru running its

pandemic could lead to hun- GUS mon is just two yearsintothe investment bank.Hewill be dreds of thousands of fewer AR job—and Mr.Lemkau has succeeded by Jim Esposito, a CH

births in the coming months.A AT flirted with jobs in private former investment banker drop in newarrivals could spell equity over the years. He in- whoin2018 wastapped to trouble formakersofinfant formed Mr.Solomon of his help turn around Goldman’s products, who have been devel- decision over the summer,ac- trading division. Mr. Esposito oping newlines and shifting UGHLIN/DISP cording to people familiar will remain, fornow,based in

their focus to other products, MCLA with the matter, and stayed London; his co-head, Dan G

analystsand executives say. ME on through Goldman’sselec- Dees, is based in California. “What we have seen in the Kimberly-Clark is watching birthrate trends closely. A diaper drive-through event in Iowa, in July. pandemic,particularly in the U.S.,isadecline in birthrate,” said in aJune report. CEO Mark Schneider in October lowerbirthrateinChina and in- Laxman Narasimhan,chief exec- Barclays expectsChina’s said the Gerber owner is mak- creased competition. Superstar’s utiveofEnfamil maker Reckitt birthratetodrop8%this year, ingupfor slowbaby-formula Pampersowner Procter & Benckiser GroupPLC,said on double last year’s decline. growth in areas likeinfant cere- Gamble Co.has also seen sales an investor call in October.To “Concerns around infection als and vitamins. buffeted by the drop in birth- Catalog buoysales,Mr. Narasimhan said and apending economic slow- Reckitt has also expanded its rates and is developing more Reckitt has been expanding its down areapowerful cocktail” nutrition offerings, using itsex- sophisticated productsthat nutrition category to include a that could accelerateChina’s pertise in baby-related products canjustify high prices.This Is Sold focus on elderly people’shealth. fallingbirthrates,said Bar- to launch supplementsfor year,itsaid sales of more-

Thecompany, which also clays analyst Warren Acker- adultsaswell. “Wesee areal elaboratediapersthat use S

makes milk supplement Susta- man. He thinks the trend could tailwind in seniors, and the tape or fitlikepantsare grow- ContinuedfrompageB1 PRES gen, in October warned that drivefurther consolidation growth rate in thereisactually ing strongly. A spokeswoman pened without her knowledge. fewerbirths in China—about amongbig players in China’s for P&G said it is too early to She said that she wasinitially ZUMA E/

half the global baby-formula infant formula market. know what Covid-19’s impact optimistic about apartnership AC

market—aswell as the U.S. With birthrates in the U.S. will be on birthrates. with the investment firm, but GESP

could hit itsbaby-feeding and China already at their low- Othersare on the fence, too. when she learned that Mr. IMA business next year. est levels on record,formula 8% “I don’t have a great view Braun would continue to bene- Taylor Swift U.S. government datafor makersincluding Reckitt, rightnow at this pointofthe fitfinancially from her work, 2020 birthrates won’t be Nestlé SA and Danone SA have Barclays’ estimate of China’s long-term effectsofCovid,” it wasanonstarter. June last year,when Mr. available until next summer. been under pressure. Parentsin birthrate decline this year Kimberly-Clark Corp.CEO Mi- “Wemade this investment Braun, through closely held Mr.Narasimhan in an inter- these countries and some oth- chael Hsu said on an investor because we believeinthe im- IthacaHoldings, acquired Big view said Reckitt has its own ersare having fewerchildren call last month. mense value and opportunity Machine,anindependent birthrate projections and has but spending moremoney on TheHuggies owner has intro- that comes with her work,” Nashville, Tenn., music com- also noted figuresfromthe them,propelling companies to not small,” Mr.Narasimhan said. duced newdiapers, including a Shamrock said. “We fully re- pany in adeal backed by pri- Brookings Institution. createpricier baby food. Nestlé Infant formula is particularly line called Special Delivery, spect and support her decision vate-equity giant Carlyle Thethink tank has forecast in June launched an upscale in- important forReckitt, which bet which is made from plant-based and, while we hoped to for- Group Inc.Ms. Swift, who had between 300,000 to 500,000 fant milk powder brand called big on the category three years materials and costsroughly five mally partner, we also knew previouslyfeuded with Mr. fewerbirths in the U.S. next Belsol forthe Chinese market ago with its$16.6 billion acqui- times morethan the cheapest this was a possible outcome Braun and some of his clients, year,compared with adropof and recently began selling a sition of baby-food maker Mead diaper on themarket. that we considered.” Thepur- voiced immediatedismayover 44,172 last year.Its analysis, newformula forinfantsallergic Johnson Nutrition Co.Growth Mr.Hsu said Kimberly-Clark chase is the firm’sfirst major the deal, saying she had partly based on what happened to cow’s milk protein. sincethen has been slowwith would look to keep expanding in investment in amusic catalog. pleaded for a chance to own afterthe 2007-2009 recession, Nestlé is also creating prod- China’sbirthrates steadily fall- emerging marketswherepopu- Representatives forMr. her work,and that Mr.Braun’s is that weaker job prospects uctsfor the first1,000 days of a ingsince2016—the year after lations aregrowing,highlighting Braun and Big Machine purchase of her masters was equatetofewerbirths.“Women baby’s life, developing supple- the government relaxed itsone- its$1.2 billion acquisition of an founder ScottBorchetta didn’t “myworst case scenario.” She will have manyfewerbabies in mentsfor mother and baby. child policy. Thecompanyin Indonesian diaper maker in Sep- respond to requestsfor com- later said she would rerecord the short term, and forsome of Last year,itopened a$32 mil- Februarytook awrite-down tember as an example.Hesaid ment. hitsfromher catalog starting them, alowertotal number of lion research center in Ireland equivalent to morethan $6 bil- Kimberly-Clark is nowwatching ThebattleoverMs. Swift’s this year,asallowedunder the children over their lifetimes,” it focused on the category.Nestlé lion on the business, citing the birthratetrends closely. music kicked off at the end of terms of her old contract.

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THE WALL STREET JOURNAL. ***** Tuesday, November 17, 2020 | B5

TECHNOLOGY WSJ.com/Tech HBO Max GameStop Pressed to Modernize Is Coming InvestorRyanCohen, GameStopcomparable-store Global consumer spending other retailerslately,including store, according to the letter. sales,change from prior year* on videogame software Amazon.com Inc., and cus- Mr. Cohen, who isn’t request- To Amazon co-founder of Chewy, tomersare increasingly down- ing aseat on GameStop’s writes to boardwith 20% $200 billion loading games online instead board, said the companyneeds $175B† of buying them in stores. The to better leverage its reputa- Devices tech recommendations coronavirus pandemic has has- tion as avideogame specialist 10 160 tened that trend. in the face of mounting com- BY DREW FITZGERALD BY SARAH E. NEEDLEMAN As consumer spending on petition from the likes of Wal- AND JOE FLINT gaming has morethan dou- mart Inc. and Target Corp. Shoppersare spending 0 120 bled,GameStoprevenue has The 35-year-old Canadian- AT&T Inc.reached adeal to morethan ever on video- plummeted, falling to $6.4 bil- born entrepreneur has experi- offer itsHBO Max streaming games, and one of GameStop lion in fiscal 2019 from $9.6 enceintech with Chewy,ane- servicethrough Amazon.com Corp.’s biggest investors says –10 80 billion in fiscal 2011. commerce pet-food business Inc., removing adistribution the struggling retailer should Thecompanyhas closed barrier that has checked the get a bigger piece of the pie. stores and halted experiments, app’sgrowthsinceits launch. Chewy Inc.co-founder Ryan –20 40 including afailed runatbricks- Ryan Cohen, Thetelecom companysaid Cohen,who holds anearly 10% and-mortar smartphone retail- co-founder of existing HBO apps on Amazon stakeinGameStopthrough his ing.Ithas grappled with high pet-supplies Fire dongles and tabletswill investment firm RC Ventures executiveturnover with Chief firm Chewy, 0 automatically upgrade to HBO LLC, is pushing the company –30 ExecutiveGeorge Sherman, holds a nearly Max starting Tuesday. Viewers to conduct a strategic review 2017 ’18 ’19 ’20 2012 ’14 ’16 ’18 ’20 who joined the companylast 10% stake in who subscribe to HBO through afterhesays privatetalks with *Fiscal 2020 2Q ended Aug. 1. †Projected. year,being the fifthperson to GameStop. Amazon Prime Video Channels, the board yielded little prog- Sources: the company(GameStopsales); Newzoo BV (game sales) hold the position sinceNovem- the e-commerce company’sTV ress.Mr. Cohen, who firstdis- ber 2017. GameStoptried to portal, will also getupgrades. closed aposition in GameStop gaming and game streaming. hen’sletter, adding that it sell itself in 2018 but early last he co-founded and later sold Terms weren’t disclosed. in August, holds astake valued GameStopis“one of the shares his goal of developing a year said it failed to securea for$3.35 billion to PetSmart AT&T has staked much of its at roughly $79million based most shorted stocks in the en- plan in the best interestsofall buyer and would continue as a Inc.in2017. Chewy went pub- futureonHBO Max,abeefed- on current trading levels. tiremarket, which speaks vol- shareholders. Thecompany stand-alone company. lic in 2019 and todayhas a up version of the premium TV In alettersent Mondayto umes aboutinvestors’ lack of said it extended multiple of- GameStopnow has more market capitalization of nearly channel designed to compete the company’s board, Mr. Co- confidenceinthe current lead- fers for Mr. Cohen to join the than 5,000 stores across10 $26 billion. with online services likeNet- hensaid GameStop’sbricks- ership team’sapproach,” ac- board, believing his “acumen countries and owns Game In- GameStop has said it is fo- flix, Disney+ and Amazon’s and-mortar-centric business cording to the letter, reviewed andguidancewould comple- former,aprint and online vid- cusing on paying down debt ownoriginal TV series.Execu- model is outdated and lagsbe- by TheWall Street Journal. ment” viewpointsonthe panel eogame publication. and growing itse-commerce tives planned forthe newer hind the broader industry. He “Wewant GameStop’sleaders but he turned them down. Mr.Cohen recommended operations in itsturnaround streaming servicetoeventually is urging thecompanytore- to do their jobs and implement Fordecades,GameStopwas ending leases at underper- effort. Thecompany’sshare supplant classic HBO. ducethe number of physical astrategyfor bringing the ago-todestination in malls forming stores and closing pricehas morethan doubled That transition hasmoved stores, focus on improving e- Companyintothe 21st century.” and shopping centersfor buy- nonessential operations in Eu- sinceMr. Cohen firstdisclosed slowly sinceHBO Max’sMay 27 commerce and exploreother AGameStoprepresentative ing games,systems and acces- rope and Australia to pay for holdingsinGameStop, aposi- launch. Overall U.S. HBO sub- tech-driven opportunities in confirmed lateMondaythat sories.The companyhas faced tech improvements, such as tion he began building in the scribershit arecord38million areas such as esports, mobile the companyreceived Mr.Co- stronger competition from revamping Gamestop’s online spring. at theend of September,but about 8.6million subscribers had activated HBO Max.Many otherswerestill watching the U.S. Feud channel through an older cable subscription or hadn’t both- ered to log intothe newser- FuelsChina vice, which at $15 amonth coststhe same as legacyHBO. Thelack of compatibility Chip Effort with Amazon and RokuInc.de- vices wasone of the factors holding back HBO Max’s ContinuedfrompageB1 growth. Executives in AT&T’s cording to the Semiconductor WarnerMedia division areea- IndustryAssociation.Chinese gertodrawmorecustomersto chips arealso far lessad- the newstreaming video app, vanced, lagging behind their which gives the companymore Taiwanese and U.S. peersby control over customer billing five yearsormore, expertssay. relationships. President Trump’s moves AT&T complained to law- this year to block exportsof makersabout Amazon’suse of critical technologies to China’s

itsmarket power during nego- HuaweiTechnologies Co. and S tiations earlier this year,ac- ZTE Corp.set off ascramble by cording to people familiar with Chinese companies to build up PRES the matter. domestic sourcesofsemicon- TED CIA

AT&T Chief ExecutiveJohn ductors, the tinyprocessors SO

Stankey mentioned the retailer that areincreasingly essential AS by name during an October in- to makersofsmartphones,cars terview, saying that tech com- and other Chinese exports.

panies’ commercial discussions “It’sabout protecting the HIEFELBEIN/ with content creatorssome- safety of your supply chain,” SC

times created “bottlenecks” said Adam Zhao, managing di- MARK that hurt innovation. rector at Shanghai investment China, the world’slargestimporter of microchips, seeksself-sufficiency.The China Beijing International High Tech Expo in September. Thestandoff became atopic firm Winsoul Capital, which in- of conversation on Capitol Hill vestsinsemiconductor start- siretobreak through. Thelat- prestige.Meantime,China’s technologyhas “damaged the itsinvestments. in July,when Amazon chief ups. “You never knowifyou’ll est effort also relies moreon elitePeking,Tsinghua and Fu- global semiconductor industry” Several high-profile Chinese Jeff Bezostestified about it be next on the U.S. blacklist.” private-sector expertise than dan universities have started to and “led to agrowing ‘de- projectshavegone belly up,in- during an appearance before Last month, in an economic the largely state-driven ap- channel additional resources Americanization’ of supply cluding two between Chinese theHouse Subcommitteeon blueprint setting out priorities proach of the past. intosemiconductor programs. chains around the world.” authorities and U.S. chip makers. Antitrust, Commercial and Ad- forthe next five and 15 years, “There’snow awhole-of-so- “Thereisnoshortcut in chip This year,six Chinese prov- Last year,ajoint venturebe- ministrativeLaw. Chinese authorities formally el- ciety effort to cultivatedomes- development—accumulating inces and regions pledged to in- tween SanDiego-based Qual- Amazon and Rokutogether evated “self-reliance” in tech- tic sourcessothat no firm can engineer experienceand know- vest the equivalent of about $13 comm Inc.and China’sGuizhou control morethan 70%ofthe nology to the level of akey na- be crippled by unpredictable howiscritical to success,” said billion in semiconductors, ac- provincetomakeserver chips streaming-media playermar- tional goal. supply,” said Dan Wang,anan- Szeho Ng,head of semiconduc- cording to statemedia and gov- folded afterthree years, ac- ket, according to industryre- President Xi Jinping last alyst at research firm Gavekal torresearch at China Renais- ernment statements. cording to former staff mem- searcher Parks Associates.The week called foraccelerating the Dragonomics. sanceSecurities. Chinese companies ramping bers, while a$10 billion plan by Amazon agreement leaves development of critical indus- Universities aregiving prior- At Huawei, which said in up chip-based investment in- Globalfoundries Inc.ofSanta Rokuasanoutlier with no tries including semiconductors. ity to programs dedicated to September it is running out of cludee-commerce giant Ali- Clara, Calif., to build an ad- agreement to carryHBO Max. Sincethe 1950s,Beijing has training anew generation of processorchips forits smart- baba GroupHolding Ltd. and vanced chip-making factoryin Thetwo sides areseparated spent billions of dollarstocul- semiconductor experts, seeking phones because of U.S. sanc- electric carmaker BYD Co. Chengdu fell apart. by adisputeoverhow much tivate adomestic chip indus- to addressanindustryshortfall tions,founder Ren Zhengfeihas But the list also includes Qualcomm didn’t respond to programming WarnerMedia is try—firstthrough central plan- that will top250,000 skilled emphasized the need fora businesses likeGansu Shang- arequest forcomment. Global- willing to provide to Rokufor ning,and then with the help of workersby2022, according to strong domestic chip industry. feng Cement Co., which poured foundries said it and itslocal itsown channel as well as foreign joint ventures.Talent statemedia reportsciting a Huaweiisfacing difficulties be- $38 million intoaninvestment government partner amended hammering out terms on shar- bottlenecks,misguided invest- 2019 whitepaper by agovern- cause “China’sindustrycould fund to financeasemiconduc- theirjoint venturein2018 and ing advertising when HBO Max ment and burdensome bureau- ment-backed think tank. not build the advanced semi- torjoint venturewith the gov- halted the construction plans af- launches an ad-supported ver- cracyheld back itssuccess. In July,China’scabinet conductor chips we designed,” ernment of Anhui province— terassessing market conditions. sion of the servicenextyear, What’sdifferent this time is raised the status of university Mr.Ren said in September. despitenoprior experiencein —Raffaele Huang, Xiao Xiao according to people familiar the U.S.-China tech war, which degrees tied to semiconductors, Huawei, in astatement, said chips.Shangfeng said in astock and Dan Strumpf with the matter. has turbochargedBeijing’sde- promising morefunding and cutting off itsaccesstoU.S. filing it wasseeking to diversify contributed to this article.

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B6 | Tuesday, November 17, 2020 THE WALL STREET JOURNAL. BUSINESS NEWS Prices Climb for Soybeans, Corn, Wheat

Demand in China and Agricultural-futures-price last week said it expectsthat performance U.S. inventories of wheat and dry weather in many corn will end their current key growing regions Corn Soybeans marketing years15% lower Hardred winterwheat than in the prior ones. It alter earlier forecasts Soft redwinterwheat slashed itsexpectations for 40% soybean production following BY RYAN DEZEMBER poor yields in Ohio,Indiana AND KIRK MALTAIS andother states and expects season-end stockpiles to be Dryweather,China’spush 30 about athirdofwhat they to fattenits pigsand the lock- were ayear earlier. down-induced baking bonanza Farmersand tradersare arelifting prices forU.S.row watching the weather in Ar- crops. 20 gentina and Brazil, wherea

Futures prices forsoybeans, S lack of rain threatens harvests.

corn and hard red winter NEW “IfSouth Americahas wheat—the kind used forbak- G weather issues andproduction 10 ing bread—have risen by about issues,that’show youget athirdsincearally began Aug. OOMBER beans in the teens,” said Craig 10.Softred winter wheat, /BL Turner,apodcasting commod- KER

found in animal feed and pro- AC 0 ities broker at Daniels Trading cessed foods,isup22%. in Chicago.

NIEL Sept. Oct. Nov.

Thegains areasharp rever- DA Soybeans forJanuarydeliv- sal of fortune forfarmers. The Soft red winter wheat, found in animal feed and processed foods, harvested in July in Kirkland, Ill. Source:FactSet eryended Mondayat$11.535 a coronavirus pandemic had cast bushel, afresh four-year high. doubt on demand, from the same time that China’sde- aremostly corn, and buy more ing up other marketsfor U.S. ships,hotels and restaurants Andy Huston, who grows corn that finds itsway into mand appetitehas stepped foreign wheat than it has in a growers as well. that buyflour by the pallet. corn, soybeans and hemp in motor fuels to the wheat that up.” quarter-century. China bought so manysoy- From July through Septem- Warren County,Ill., is among winds up as restaurant dinner Dry weather in the U.S. China’sbuying has been beans from Brazil that the ber,234 million bushels of those betting on even better rolls. Great Plains,Argentina, Russia, particularly bullish forsoy- world’slargest exporter is run- wheat were ground forflour, prices. In June,investorsheld a Ukraine and Brazil have re- beans.U.S.soybean sales to ning lowathome.Last month, up 7% from the second quarter Not long ago, Mr.Huston large short position in U.S. ag- duced yields and expectations China have doubled sincethe Brazil liftedimport tariffs on and 1% higher than in the third wascounting on losing money ricultural commodity futures, forwhat were forecast to be countries signed abilateral soybeans and corn. Earlier this quarter of 2019,according to on this year’s crop.Hewas try- betting that prices would fall. bumper crops. tradeagreement earlier this month a ship loaded with the National Agricultural Sta- ing to decide wheretoskimp Nowthey have piled intoa Meanwhile,China has been year. 38,000 metric tons of soybeans tistics Service’squarterly sur- on the next crop when prices historically large wagerthat restocking itsgrain bins and Though China has bought leftthe U.S. bound forBrazil, veyofmillers. shot up. prices will rise,said Tracey rebuilding itshog herds after more than $23 billion of U.S. taking araretrade route, ac- “That’sliterally people sit- Therally prompted him to Allen, an agricultural com- culling millions of pigslast agricultural goods,ithas bil- cording to Randy Giveans,a ting at home baking,” said Sal hold back on his soybean har- modities strategist at JPMor- year to combat an outbreak of lions yettospend to fulfill the Jefferies shipping analyst. Gilbertie,president of Teu- vest in hopes of higher prices. gan. African swine fever. terms of the countries’ so- At home,Americans are crium Trading,which operates “Definitely changed the atti- “These marketscould ex- TheU.S.AgricultureDepart- called phase-one deal, accord- eating intowheat stockpiles.A exchange-traded funds that tude of alot of farmersout tend much higher,” Ms.Allen ment predictsthat China this ing to the Officeofthe U.S. sourdough crazeand abanana- buy agricultural commodity fu- here,” he said. “We’redoing said. “We’vedrawn down con- season will import record vol- Trade Representative. bread bingehelped makeup tures. the gambling thing.This could siderable inventoryatthe umes of coarse grains,which China’sbig ordersare open- forthe shutdown of cruise TheAgricultureDepartment be the start of the rally.”

commerce:Its purchase of household items have been Walmart roughly 77%ofFlipkartwas suffering.Government filings Pandemic Thanksgiving Means its largest-ever acquisition. from Walmart’sJapan hold- Walmart’smethod of ing company, Seiyu’sdirect Rethinks achieving dominanceinthe parent, have shown virtually U.S.—squeezing out supply- no net income in recent Smaller Turkeys, Higher Costs chaininefficiencies and get- years. Footprint ting the best pricefromsup- KKR’sMr. Yatagawa said pliers—often failed to theinvolvement of Rakuten, BY ANNIE GASPARRO Except forturkeys, fewerThanksgiving staples were soldat translate in overseas markets whose e-commerce businesses AND JAEWON KANG adiscountthis year. ContinuedfrompageB1 such as Japan. in Japan competewith Ama- Twoyearsago, Walmart After firstinvesting in zon.comInc., will help Seiyu This year’s Thanksgiving Unitssold on promotion, compared with ayearearlier sold most of itsBrazilian oper- Seiyuin2002,Walmart ulti- offeracombination of online celebrations areshaping up to Last year's promotional level ations in anotherdeal that left mately spent morethan $2 and offline shopping.And be alittle morefancy, alittle it with losses.The retailer re- billiontotake100% control Seiyu, he said,will be able more pricey and alot smaller Fresh turkey 106.5% tains a big bricks-and-mortar of the perennial money loser make faster,morelocalized than usual. presence in some places,in- by 2008.Seiyustopped re- businessdecisions under pri- Manypeople areplanning to Cannedcorn 93.7 cluding China, Mexicoand porting itsresultsafter that, vate-equity management than avoid travel and to gather in Pie filling 78.2 Central America. but other Japanese big-box under Walmart. smaller numbersasCovid-19 Walmart’sbiggest overseas stores selling daily necessi- —Sarah Nassauer cases climb to newheights. Flour &meal 76.1 bet in recent yearswas in e- ties such as groceries and contributed to this article. Fewerguestsaround the ta- ble means lessmeat. Grocers Cannedgreen beans 73.2 this year arestocking smaller Cannedcranberry turkeys—12 to 14 pounds in 70.1 ADVERTISEMENT sauce some cases rather than 16 to 65.4 The Marketplace 20 pounds—and hams.Food Pie crust makers, meanwhile,are cater- Nuts 62.9 To advertise: 800-366-3975orWSJ.com/classifieds ing to first-time Thanksgiving chefs,and restaurantsare tout- Evaporated milk 50.5 BANKRUPTCIES BUSINESSOPPORTUNITIES ing takeout feastsfor those who would rather not cook. Muffin mix 34.8 Raley’s Inc., achain of 130 @&'7(& $"(!#& :*4&= Note:Datareflects four-week period ended Oct. 24 1TZ2a< 32B2a3 @BTX4172>S>9142 4'4'^< _8^ &=FF $">2EEF=K=2FE>"+5C>=#=+5>E=$>JE grocerystoresinCalifornia, Source:Nielsen 2 9_ =$K :>"#9 :E>>FE%E$> 5$! _4^ &=FF CE#E=;E$" '&B("#)$+>58/ *D&>;&%;" '@25)!@ ZH C) Q >#LF?)C .. CE#";ECa "$ 5##"&$> >JECE"L( :*4#$:$%*:$!" =:@*:&%$&= bought as manysmaller,frozen 0Z013P ZT>NP %! "#$P Q >LA) TGN ,KO..""e RW33Q W&C>JEC+ &+"$ #"$fC%5>="$ "L >JE :F5$+ J"F!EC@ ,12(31 *"'"!-1 /)30+1 (. *0 %#$ .1, &1", turkeysasitcould months ago moreinventory, and they want on,” said Mr.Nijjar of Gordon <)J?GCAN. Q RYG!H?b\ B+I!H!A?)C)+Q "LXb=@>=$K :>"#9 &=FF 2E +C";=!E! &=>J 5$ "+>\"&> %;31$9 ;8 ,1) !9&3;75" 59$;%! ('9%!9! $">=#E _>JE/9F?O9=? TG?!-)5^ >J5> &=FF 5FF"& @&#J in preparation forthe pan- it alittle sooner,” said B&G Food Service. Wholesale prices $4(:397 22 :+(%#,11) $;%31%09! $;'&1%9! J"F!EC@>""+>\"&>"L+5$! $"> KC5$>+>JECEFE5@E@ 49(71%6# ,111) ;&/9$31;% !9(!+1%95# (%! "L #EC>5=$ >J=C! +5C>=E@ @E> L"C>J =$ :E#>="$8'(?_2^ demic Thanksgiving.“Everyone Foods Inc.Chief ExecutiveKen forturkey have increased 15% ,1.) 9*1531%6 53;$- 79$;7! !(39 "L >JE :F5$ _>JE/2#!C+ 7LC?\4)b)LA)-0[;'?N)cI(N >EIBI)5BAAI5 /3B)EEB:*4B(7:B5 ;- Q,%N/dN) EY]DYDY] 3U348] U-P[ e-O I'( ONd',) EF=K=2FE J"F!EC@ "LXb=@>=$K :>"#9 _=(E(+>J"@E J"F!EC@ 8881-69,+.;2D?69+2,+<+9D,19+D will getabirdifthey want it, Romanzi of thecompany, which from last year to about $1.25 a 5LfF=5>E@+ 5@ !E2>"C@ 5$! !E2>"C@ =$ +"@@E@@="$ =$ >J5> !=! $"> fFE"2HE#>="$@"C">JEC&=@E#J5FFE$KE but they might not getthe size owns Green Giant vegetables. pound, he added. >JE52";E\#5+>="$E! #J5+>EC88#5@E@ _#"FFE#>=;EFa+ #"$fC%5>="$ "L >JE :F5$ 5$! >J5> %EE>>JE">JEC ("=9/)2.04 &"--"6,:-0>>-4 #%* '?N7<)J?GCA5^+ fFE! >JE 9D$#&" .'D&"D"2#<&= @E>>FE%E$> #"$!=>="$@ !E>5=FE! =$ >JE :F5$^ >J5> "+>\ they want,” said Chief Execu- Another major vegetable Food companies including ?BD!3$83AD" ->3!=DB 66 ?73& #C ;D#BA3&<%3=<#& "&>"L>JE6J=C! :5C>a9EFE5@E &=FF $">2EE$>=>FE! >" * *;&'$ %(5"; #C 15149,5&$) 3&" 5=@ .C/7<3=D" +D0=#B@ hi,PGN' +5C>=#=+5>E=$>JEXb=@>=$K :>"#9 :E>>FE%E$>( (.6.$?:.) F.".3/-$. .".F(0 +?#:/"0E..%-"( tive Keith Knopf. canner,Del MonteFoods Inc., ConagraBrands Inc.and Gen- ,"( CC=g _5@ %5a 2E 5%E$!E!+ %"!=fE!+ "C 4)A?C!-?!GHA LH+ 7CG-)+=C)A 'GC>)C?L!H -"6.EE! LC"%>=%E >" >=%E+ >JE/7bLH-0 cI'? 2CLHA')CAG'ZH?)C)A?A !H 0Z013P ZH-N B$ T&Fa ?+ ,?F =*&#?"<' <.F#./F"-"( =*17=1 #?"<'$0 >JE6$=>E! :>5>E@ "5$9C&+>#a!"&C>L"C >JE*=@>C=#> "L 4'4'+ >JE*E2>"C@ fFE! 5%">="$ _>JE/UG?!GH-0 -"<.F.E<4. 3"<.F.EJE/@LHdC=F?-\ >G=C?-0[#((N' D,)'? I- @EE9=$K E$>Ca "L =$>EC=% 5$! f$5F "C!EC@ 2a >JE 5 FE>>EC fFE! &=>J >JE "5$9C&+>#a!"&C> _>JE/aE=!?\ "5$9C&+>#a!"&C> M &J=#J &ECE KC5$>E! "$ T&Fa /") 9").F3F-<<." -0 !F-"%EA2$?0)E?,2?")?". consumer demand will change Tight supplies and growing rate casseroles,side dishes and 3=FFGC?W)??)C5^+5$! 5;5=F52FE+ 5F"$K &=>J 5FF ">JEC 8'+4'4' A*"#9E> ,"( @Cg 5$!"$.&K&@> 8@+4'4' !F?%.FE 3-<' E.F-?9E -"6.E@ fFE! 2a >JE*E2>"C@ &=>J >JE "5$9C&+>#a A*"#9E> ,"( 8@8g+CE@+E#>=;EFa _@&#Jf$5F "C!EC+>JE )-F.+< +?"+"$>JEEFE#>C"$=# #5@E fF=$K !"#9E> 5$! 7T9W 9C+)C5^ M E@>52F=@J=$K #EC>5=$ +C"#E!&CE@ 25:.6"-"(0!.=")(165= 5/ G+718<31788< ersbought birds at the start of and fewerdiscounts.The cost traveling to relatives. LCEE "L #J5CKE"$>JE&E2@=>E %5=$>5=$E! 2a >JE _>JE/T9W 7CG-)+=C)A5^ &=>J CE@+E#>>"!=CE#>5$! *E2>"C@2 ;">=$K 5KE$>+ "5$9C&+>#aR5$5KE%E$> =$!=CE#> >C5!=$K 5$! >C5$@LEC@ "L @>"#9 "L 3736:+ .08 .7 #460! the calendar year,the quantity, of atypical Thanksgiving meal “You’reonthe hook to cook :"F&>="$@+ 7$#( !Z2Z5:>CE>>" _>JE/0G?!H% B%)H?-0 7$#(+5$! CEF5>E! CEF=EL+=$"C!EC >" +C">E#> >JE turkeys’ sizeand prices were has risen 3.7% from ayear ago this year,” said Jeanine Bassett, e' J>>+@CE>>"(#"%Z;=;&@Z_>JE/>LA) +">E$>=5F ;5F&E"L>JE*E2>"C@2 $E> "+EC5>=$KF"@@ 60,81/280/ .55.3/-06/+* /)JA!?)5^+>JE:F5$ J5@ >JE L&FF @&++"C>"L>JE#5CCaL"C&5C!@5$! #EC>5=$ ">JEC >5b 2E$Ef>@ "L >JE locked in beforethe pandemic. to about $55.27,according to General Mills’ vicepresident of "Lf#=5F #"%%=>>EE "L E*&=>a @E#&C=>aJ"F!EC@ iNd',)(] c?IP? e)N e((N'( ,D '?NiNd',)([ A"7.B5 *B!,,%!C3=C, 9)C+ %.72.)3C!.6 (7.@?B!C)7=,0 5++"=$>E! =$ >JE*E2>"C@2 #J5+>EC88#5@E@ _>JE 6JE,BS:C"#E!&CE@+ 5%"$K ">JEC >J=$K@+ CE@>C=#> Other grocersare selling Nielsen. market research. “Americahas 7aE=!?\>GII!??))5^ 5$! =$#"C+"C5>E@ >JE>EC%@ >C5$@5#>="$@"$"C5L>EC T&Fa ?+4'4'+ =$;"F;=$K+5$! *B)=);!B ,C?5)3, C+!C ="$@ "L >JE +F5$ @&++"C>5KCEE%E$> fFE! CE*&=CE $">=#E@"L>JEJ"F!=$K@"L5$! +C"+"@E! '& '3-!C)<3 ,)53 3113;C, >C+3 "%")(# C7 C+3 chickens,turkey breastsand Food manufacturerssay they skilled up in the kitchen.” &=>J >JE "5$9C&+>#a!"&C> "$ ,";E%2EC A+4'4' >C5$@5#>="$@2a+5$a+EC@"$ "C KC"&+ "L+EC@"$@ A*"#9E> ,"( C4=g 5$! 5;5=F52FE"$>JE!5@E 1E2@=>E >J5> =@ "C+5@5CE@&F>"L@&#J5>C5$@5#>="$+ &"&F! :4+3!BC+ ),,?3 )= C+3 #$ >"7.B58 $!("&!'0 othercutsthat areeasier for can’t justifydiscounts when de- Susan Izzo,anurse practi- +C";=!E! 52";E( !5+=>5F=`E! >EC%@ $">">JEC&=@E 2E#"%E+5:&2@>5$>=5F :>"#9J"F!EC "L #"%%"$ novices to cook.Distributor mand is already beyond their tioner in Vernon, Conn., said !Ef$E! JECE=$ J5;E>JE%E5$=$K@5@#C=2E! >" @&#J @>"#9 "L 3736:+ 7$#( W"C +&C+"@E@ "L >JE,BS:C"#E) "/$& ', 1!))0 %*(+*-#+(*-. >EC%@ =$ >JE :F5$( !&CE@+ 5/:&2@>5$>=5F :>"#9J"F!EC5 =@ 5$a+EC@"$ "C+ Gordon Food ServiceInc.’s production capacity.Executives she doesn’t feel comfortable go- 7WaB3a 2BXa T92Z>a >J5>+5#"%2=$E! JE5C=$K =$ #EC>5=$ #5@E@+ KC"&+ "L+EC@"$@ >J5> 2E$Ef#=5FFa >" #"$@=!EC+5%"$K ">JEC >J=$K@+ 5++C";5F "L >JE "&$+ !=CE#>Fa "C =$!=CE#>Fa _5$!Z"C "&$@ "+>="$@ >" 4&!!#=$ +:17 '14#=&44 ; bricks-and-mortar stores are saytheir operating costs have ing to her in-laws’ house this !=@#F"@&CE @>5>E%E$> 5$! #"$fC%5>="$ "L >JE :F5$ 5#*&=CE^ 5> FE5@> >''+''' @J5CE@ "L #"%%"$ @>"#9 ((%!%$ )$'9& (($% - # '0%",(.*9",(0"" offering six-pound bone-in tur- risen during the pandemic,with Thanksgiving.Instead, she 5$! 5$a "2HE#>="$@>JECE>" &=FF 2E JEF!2EL"CE >JE _CE+CE@E$>=$K 5++C"b=%5>EFa B(A. "L 5FF =@@&E! 5$! *$'+0$%.0 %("&##/$)% "5$9C&+>#a!"&C> "$ <)-)IJ)C *P ,K,K L? .KcKK "&>@>5$!=$K @J5CE@"L#"%%"$ @>"#9 "L 3736:+ 7$#( key breastsfor the firsttime. purchases of protectiveequip- plans to makethe meal forher LNIN RaLA?)CH 2!I)Q _>JE/>GIJ!H)+[)LC!H%-0[ 5@ "L .+C=FC'+ 4'4'^( :&C@&5$> >" >JE,BS:C"#E) 9=B %66 J*00, FBJ8(J50*655055B,< 6JE !"%2=$E! VE5C=$K %5a 2E 5!H"&C$E! LC"%>=%E !&CE@+ 5$a :&2@>5$>=5F :>"#9J"F!EC %&@> +C";=!E JagtarNijjar,director of im- husband and twin 8-year-old >" >=%E &=>J"&> L&C>JEC $">=#E ">JEC >J5$ 2afF=$K 5 $">=#E "L @&#J+EC@"$2@"CE$>=>a2@@&2@>5$>=5F "&$) 9%866/),J)00B* :>0*0B* $">=#E"$>JE"5$9C&+>#a!"&C>2@!"#9E> =$!=#5>=$K EC@J=+ "$ "C 2EL"CE >JE!5>E>J5> =@ >JE F5>EC "L_b^ 8' 9**F 'J50*6553-6 .*BH 'JF685 port and commodities at Gor- daughters. @&#J 5!H"&C$%E$>5$!Z"C 5$ 5$$"&$#E%E$> "L >JE #5FE$!5C !5a@5L>EC>JEE$>Ca "L >JE,BSBC!EC "C _a^ don Food, said retailersare also “For the firsttime in my life, 5!H"&C$E! !5>E"C!5>E@ 5> >JE !"%2=$E! VE5C=$K( 8' #5FE$!5C !5a@5L>EC@&#J+EC@"$ "C E$>=>a*&5F=) &),, ")F #*()8 <086A0?C@2322@3CCKC The cost of a typical 6JE5!H"&C$E! !5>E"C!5>E@ &=FF 2E 5;5=F52FE"$>JE fE@ 5@ 5:&2@>5$>=5F :>"#9J"F!EC( ---,'%*+$($#"!,)#& ordering bonelessturkey I’m going to have to learn to EFE#>C"$=# #5@E fF=$K !"#9E>5$! >JE !5@E 1E2@=>E( .@ @E> "&>=$>JE,BS:C"#E!&CE@+ +C="C >" E$>EC=$K 6JE!E5!F=$E>"fFE"2HE#>="$@>"#"$fC%5>="$ "L >JE =$>"#EC>5=$ >C5$@5#>="$@ L"C >JE5#*&=@=>="$"C breaststhat people canroast. holiday meal has cook aturkey,” she said. :F5$ =@ TG;)IJ)C ,(P,K,KP L? (cKK FNIN RaLA?)CH !=@+"@=>="$ "L #"%%"$ @>"#9 "L 3736:+ 7$#(+ 5 RESIDENTIAL REAL ESTATE 2!I)Q _>JE/9Jf)-?!GH <)L+b!H)-0[ +EC@"$+ "C 5 KC"&+ "L+EC@"$@+ %5a $EE! >" fFE Grocersare also selling pre- risen 3.7% from a Meal-kit companyBlue 7WaB3a 2BXa _142[a4 T92Z>a '?e'] ,- 5$">=#E "L >JE +C"+"@E! >C5$@5#>="$ &=>J >JE cooked holidaymeals designed Apron HoldingsInc.isintroduc- Q,%N/dN) E1]DYDY] '?NiNd',)(e--,<-PNO '?e'] "5$9C&+>#a!"&C> 5$! @EC;E @&#J $">=#E "$ >JE @&2HE#> >" #"$fC%5>="$ "L >JE :F5$+ >JE Xb=@>=$K *E2>"C@ 5> FE5@> f;E 2&@=$E@@ !5a@ +C="C >" >JE 84 60&#*1&%20*#13 forsmaller gatherings. Save year ago to $55.27. ing aThanksgiving cooking kit :>"#9 9E#"C!*5>E _5@ !Ef$E! =$ >JE :F5$^ &=FF 2E +C"+"@E! >C5$@5#>="$ !5>E( 6JE*E2>"C@&=FF J5;E _C!+L\P TG;)IJ)C .*P,K,K[ >JCEE 2&@=$E@@!5a@5L>EC>JEfF=$K "L @&#J $">=#E %>8>,5 &9;1EA<19A Mart Cos., which operates more that feeds up to eight people 6+"$ #"$fC%5>="$"L>JE:F5$ 2a >JE "5$9C&+>#a >" fFE5$"2HE#>="$ >" >JE +C"+"@E! >C5$@5#>="$( !@ :@AB69 '6<1E than 200 grocerystoresinCali- for$135.People canalso order !"&C>+"$Fa J"F!EC@ "L =@@&E! 5$! "&>@>5$!=$K .$a+C"J=2=>E! >C5$@LEC "L @>"#9"L3736:+ 7$#( "$ $@,A)@.E!B915@,47#@9A>:?1A #"%%"$ @>"#9 "L 3736:+ 7$#( 5@ "L >JE Xb=@>=$K :>"#9 "C 5L>EC T&Fa ?+4'4'+ =@ $&FF 5$! ;"=! 52 =$=>=" 5$! fornia and Nevada, is selling an additional pair of side 9E#"C!*5>E _/a^!A?!H% 3?G-d5^ &=FF 2E EF=K=2FE>" %5aFE5! >" #"$>E%+>+ #"%+E$@5>"Ca !5%5KE@+ =*@01 *64 +5C>=#=+5>E=$>JE/a^!A?!H% 3?G-d3)??b)I)H?- (N' +&$=>=;E!5%5KE@+ "C @5$#>="$@ 2E=$K =%+"@E! 2a (,B: "@:?1, ready-to-eat turkey and ham ment forfactoryworkers, pay dishes,mushroom braised col- L"C>J =$ :E#>="$ A(C "L >JE :F5$ 5$! @&2HE#>>">JE >JE "5$9C&+>#a!"&C>(.!=CE#> "C =$!=CE#> J"F!EC "L+ P,-OI'I,-( '?N)N,D[ "C +C"@+E#>=;E J"F!EC "L+#"%%"$ @>"#9 "L 3736:+ D/3C+D3CD/2- meals fortwo,said Trey John- foremployees on sick leave and lardgreens and roasted carrots 6JE Xb=@>=$K :>"#9 :E>>FE%E$>+ 5@ !E@#C=2E! =$ 7$#( @J"&F!CE5! >JE R">="$+ >JE,BSBC!EC+5$! >JE 1&-5.7-/1%#9,1$%%1#"&)!('5)+ >JE :F5$+ %5a E$>=>FEEF=K=2FE J"F!EC@ "LXb=@>=$K ,BS:C"#E!&CE@ @E>\"&>>JECE=$( son,the grocer’s chief merchan- higher prices forcommodities in ginger syrup,for $26. :>"#9>"CE#E=;E=$>ECE@>@ =$ 5 F=*&=!5>=$K >C&@> 2#) 7bLHP 7bLH 3=FFb)I)H?P T9W 9C+)CPaE=!?\ dising and supply-chain officer. and transportation. Restaurantsare hoping fora _>JE/W!E=!+L?!H% 2C=A?- e-O (J5> &=FF 2E ?G ?#) <)J?GCA5 -#LF?)C .. -LA)AP !H-b=+!H% TheU.S.food-supply chain B&R Stores Inc.isn’t offering Thanksgiving bump to help E@>52F=@JE! "$ >JE XLLE#>=;E*5>E@"FEFa L"C >JE ?#) >GIJ!H)+ [)LC!H% LH+ ?#) a^!A?!H% 3?G-d +&C+"@E "L !=@>C=2&>=$K #EC>5=$ 9"a5F>a:5a%E$>@ 3)??b)I)H?P IL\J)GJ?L!H)+R.Q 'C)) G' -#LC%) has struggled formost of this discountsonbonelesshams their batteredbusinesses.Some =$ #"$$E#>="$ &=>J ,E> :5FE@ _5@ !Ef$E! =$ >JE J\ R!Q ;!A!?!H% ?#) >LA) /)JA!?)c#??FAcMM-LA)AN year as people buy morefood and cream of mushroom soups saythey are receiving moreor- 9"a5F>a .KCEE%E$>^ "L 37\'8'@+=L5$a+ +&C@&5$> >" A?C)??GN-GIM;!;=AM GC R!!Q -GH?L-?!H%?#) 0G?!H% THE >JE 9"a5F>a .KCEE%E$> >" EF=K=2FE J"F!EC@ "LXb=@>=$K B%)H? RLQ J\ F#GH) L? g&&O(,*O.(,&R+GI)A?!-Q and cook moreathome.Baking this year because inventoryis ders fortheir takeout feasts :>"#9( 6JE=$=>=5F @EE! L&$!=$K 5%"&$> >" #";EC GC e(eO,$$O$*$" R!H?)CHL?!GHLbQ GC RJQJ\A)H+!H% #EC>5=$ Eb+E$@E@ "L >JE S=*&=!5>=$K6C&@> &=FF 2E LH )b)-?CGH!-IL!b I)AAL%) ?G ?)LI;!;=AD MARKETPLACE ingredients, soup, canned vege- tight, said Mark Griffin, its than usual. !E>EC%=$E! 2a >JE X*&=>a!"%%=>>EE _@&2HE#>>">JE A?C)??GN-GI `!?# :0Z0138 !H ?#) A=Jf)-? b!H)P *E2>"C@2 CE5@"$52FE#"$@E$>^ 5$! &=FF 2E L&$!E! GC R,QGH?#) +G-d)?G'?#) <)J?GCA5 -#LF?)C .. tables and frozenmeat remain president. TheLincoln, Neb.- Del Frisco’sDouble Eagle 2a >JE*E2>"C@ LC"%>JE0@ %=FF="$ Xb=@>=$K :>"#9 -LA)AP >LA) TGN ,KV..""eRW33QP `#!-#-LH J) ADVERTISE TODAY lowinsupply going intothe based grocer plans to put bone- Steakhouse,owned by Landry’s !5@J 5%"&$> +&C@&5$> >" >JE :F5$( 6JE*E2>"C@ L--)AA)+ ;!L 7B>a4 L? #??FAcMM```NFL-)CN%G;N 5$! 9E"CK5$=`E! *E2>"C@&=FF J5;E$""2F=K5>="$ 2[Z3 T92Z>a Z3 TaZ2[a4 BT 9__a4 29 3aWW (800)366-3975 holidays. in hams on sale instead. “We’ve Inc., is selling aturkey dinner >" L&$!+!E;EF"++"C%5C9E> 37\'8'@ 5$! %59E$" T94 B39WZ>Z2B2Z9T 9_ BT 9__a4 29 @1SBTS 5@@&C5$#E@ >J5> 5$a9"a5F>a:5a%E$>@ &=FF 2E %5!E 3a>14Z2S 94 ZT2a4a32N2[a 32B2aUaT23 Grocerystoresput Thanks- typically had hugedisplays” of fortwo to four people for$175 =$ #"$$E#>="$ >JECE&=>J(:E#>="$ A(B_K^ "L >JE :F5$ >9T2BZTaa B4a UBJEC >JE S=*&=!5>=$K6C&@> 7$>ECE@>@ Z_Za< giving foods on displayearlier sale items,Mr. Griffin said. to $250.Ruth’sChris Steak- 5CE >C5$@LEC52FE( BT< B4a 61BWZ_Za< ZT 2[aZ4 aT2Z4a2S @S 2[a wsj.com/classifieds than usual this year. NewSea- “This year,we’renot.” house,owned by Ruth’sHospi- 6JE :F5$ +C";=!E@ >J5> 5FF 7$>ECE@>@ _5@ !Ef$E! =$ 7WBTP/[Z>[ ]90a4T3 ZT 2[a a0aT2 9_ BTS >JE :F5$^ =$ 3736:+ 7$#(+ =$#F&!=$K+&=>J"&> F=%=>5>="$+ ZT>9T3Z32aT>SNBWW 7B42Za3 ZT ZT2a4a32 B4a sons Market,achain of more Turkeysare moreexpensive tality Group Inc., is selling a #"%%"$ @>"#9+ &=FF 2E #5$#EFFE! "$ >JE :F5$ ELLE#) 2a< 29 2[a >B3a /a@3Z2a _94BWW 74Z94 >=;E!5>E&=>J"&>5$a!=@>C=2&>="$$ !B#:<"D"] >#(* BT< 31@3a61aT2 W9314a3 BTJ5> J"F!EC@ "LXb=@>=$K :>"#9 %5a+5C>=#=+5>E _ZWZT]3UB9TTa>2Z9T Northwest, began selling holi- duction cutbacks that predated roasted half turkey breast and =$ >JE Xb=@>=$K :>"#9 :E>>FE%E$>+ =L EF=K=2FE( XF=K=2=F=>a /Z2[ 2[aZ4 >[B72a4 .. >B3a3N >" +5C>=#=+5>E=$>JEXb=@>=$K :>"#9 :E>>FE%E$> !"E@ E 6JE*E2>"C@=$>JE@E #J5+>EC88#5@E@+ 5F"$K dayitems in October. the pandemic.After reviewing sides,for $165 forfour people. -,'')eON ,) ')e-(DN) cI'? U-'N)N('( I- 3U348] U-P[] &=>J >JE F5@> L"&C!=K=>@ "L E5#J *E2>"C2@ LE!EC5F >5b =$#F&!=$K+&=>J"&> F=%=>5>="$+ #"%%"$ @>"#9+ 5L>EC =!E$>=f#5>="$ $&%2EC+5@5++F=#52FE5CE< 3=;&@ "(3( Manufacturersare making itsbusinesslast year,Cargill Thecompanyismarketing it to >JE Xb=@>=$K :>"#9 9E#"C!*5>E +&C@&5$> >" >JE :F5$( _8=B4^$ 3=;&@*=K=>5FVE5F>J!"C+"C5>="$ _'@4A^$ high-demand items in greater ended production of fresh and loyalcustomers, hoping to .##"C!=$KFa+ &+"$ #"$fC%5>="$"L>JE:F5$ 2a 3736:+ 7$#( _@8?=^$ 5$! 3=;&@ :J5C%5#E&>=#5F@ S=%) >JE "5$9C&+>#a!"&C>+5$a+EC@"$ &J"5#*&=CE@ =>E! _=C4=^( 6JE*E2>"C@2 #"C+"C5>E JE5!*&5C>EC@ quantities,including flour, frozenwhole turkeysataTexas makeupfor the lost businessin 7$>ECE@>@=$3736:+ 7$#(+ =$#F&!=$K+&=>J"&> F=%=>5>="$+ 5$! @EC;=#E 5!!CE@@ =@ ='' X( V5%=F>"$.;E$&E+ #"%%"$@>"#9+ !=CE#>Fa "C =$!=CE#>Fa+5L>EC>JE:&=>E AA'+ !5%+2EFF+ !. =A''>( canned food, paper towels and plant that processed 27,000 itsdining rooms this year. Xb=@>=$K :>"#9 9E#"C!*5>E _=(E(+,";E%2EC 8C+ ©2020Dow Jones &Company,Inc. All Rights Reserved. aluminum pie trays. turkeysaday. —Jacob Bunge “The retailerswant alittle “This put the pricepressure contributed to this article. P2JW322000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, November 17, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 29950.44 s470.63, or 1.60% Trailing P/E ratio 29.95 20.87 3626.91 s41.76, or 1.16% Trailing P/E ratio * 40.37 24.23 11924.13 s 94.84, or 0.80% Trailing P/E ratio *† 35.62 25.75 High, low, open and close for each P/E estimate * 24.32 18.60 High, low, open and close for each P/E estimate * 25.65 18.91 High, low, open and close for each P/E estimate *† 31.15 22.54 trading day of the past three months. Dividend yield 2.08 2.20 trading day of the past three months. Dividend yield * 1.70 1.87 trading day of the past three months. Dividend yield *† 0.74 0.97 All-time high 29950.44, 11/16/20 All-time high 3626.91, 11/16/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 30200 3600 12100

29000 3500 11700

27800 3400 11300

26600 3300 10900

Session high 65-day moving average 25400 3200 10500 DOWN UP Session open Close t 65-day moving average 65-day moving average Close Open 24200 3100 10100 t

Bars measure the point change from session's open Session low 23000 3000 9700 Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. *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*1,084,692,953 15,229,311 Industrial Average 29964.29 29672.36 29950.44 470.63 1.60 29950.44 18591.93 6.8 4.9 8.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 932,996,111 11,293,924 Transportation Avg 12416.08 12170.43 12394.02 308.70 2.55 12394.02 6703.63 13.9 13.7 8.9 Most-active issues in late trading Decl. volume* 149,597,158 3,733,138 Utility Average 920.84 908.36 917.38 6.47 0.71 960.89 610.89 7.9 4.3 6.3 Volume After Hours Issues traded 3,171 274 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 37298.80 36999.07 37288.44 458.44 1.24 37288.44 22462.76 16.9 12.9 11.7 Advances 2,562 160 SPDR S&P 500 SPY 8,223.5 362.75 0.18 0.05 362.97 358.00 Barron's 400 800.93 792.33 800.91 13.62 1.73 800.91 455.11 13.3 9.4 5.3 Declines 536 103 NIO ADR NIO 6,977.3 47.27 1.69 3.71 47.63 44.60 Unchanged 73 11 Cnsmr Staples Sel Sector XLP Nasdaq Stock Market 5,913.5 68.15 … unch. 68.89 67.88 New highs 198 5 Nasdaq Composite 11937.72 11814.89 11924.13 94.84 0.80 12056.44 6860.67 39.5 32.9 20.6 AT&T T 5,606.0 29.00 0.03 0.10 29.03 28.93 New lows 31 Nasdaq 100 12035.50 11891.85 12013.38 75.54 0.63 12420.54 6994.29 44.2 37.6 23.7 iShares MSCI Emg Markets EEM 4,512.8 48.94 0.01 0.02 49.10 48.80 Closing Arms† 0.74 0.31 Tesla TSLA 4,217.1 453.50 45.41 11.13 456.00 407.47 S&P Block trades* 6,260 130 Apple AAPL 4,111.2 120.03 -0.27 -0.22 120.50 120.00 500 Index 3628.51 3600.16 3626.91 41.76 1.16 3626.91 2237.40 16.2 12.3 11.9 Nasdaq NYSE Arca SmileDirectClub SDC 3,393.2 9.59 -0.37 -3.71 11.50 9.36 MidCap 400 2155.75 2130.75 2155.55 42.29 2.00 2155.55 1218.55 7.9 4.5 5.5 Total volume*4,147,450,601 247,438,720 SmallCap 600 1024.16 1008.03 1023.52 29.23 2.94 1041.03 595.67 4.6 0.2 4.2 Percentage gainers… Adv. volume*2,948,502,722 198,015,786 Decl. volume*1,150,651,525 45,604,079 Other Indexes New Concept Energy GBR 624.9 2.13 0.31 17.03 2.39 1.77 Issues traded 3,674 1,416 Russell 2000 1785.34 1747.02 1785.34 41.29 2.37 1785.34 991.16 12.1 7.0 6.3 Tesla TSLA 4,217.1 453.50 45.41 11.13 456.00 407.47 Advances 2,572 1,190 NYSE Composite 13985.51 13879.18 13982.19 220.87 1.60 14183.20 8777.38 3.7 0.5 4.4 Retractable Technologies RVP 63.3 9.11 0.72 8.58 9.22 8.39 Declines 1,004 201 Paramount Group PGRE 160.8 9.00 0.71 8.56 9.13 8.29 Value Line 530.96 518.77 530.89 12.12 2.34 562.05 305.71 -0.3 -3.9 -0.6 Unchanged 98 25 JOYY ADR YY 149.6 101.26 5.68 5.94 103.69 95.00 NYSE Arca Biotech 5589.96 5523.68 5548.08 -7.08 -0.13 6142.96 3855.67 19.3 9.5 10.2 New highs 240 159 NYSE Arca Pharma 674.16 667.16 670.32 -3.13 -0.47 675.64 494.36 9.1 2.6 7.8 ...And losers New lows 16 19 KBW Bank 91.01 89.25 90.38 2.85 3.25 114.12 56.19 -16.8 -20.3 -3.0 AgEagle Aerial Systems UAVS 567.6 2.39 -0.30 -11.15 2.80 2.37 Closing Arms† 1.00 1.75 § PHLX Gold/Silver 144.60 141.33 143.40 0.02 0.02 161.14 70.12 51.1 34.1 21.6 Agora ADR API 58.1 38.00 -3.47 -8.37 41.47 36.80 Block trades* 21,899 1,159 § PHLX Oil Service 36.82 35.02 36.77 3.02 8.95 80.99 21.47 -44.3 -53.0 -34.3 ChampionX CHX 67.0 10.82 -0.68 -5.91 11.57 10.82 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2571.99 2524.41 2570.98 62.16 2.48 2570.98 1286.84 47.9 39.0 25.1 iQIYI ADR IQ 289.3 26.14 -1.63 -5.87 28.00 25.50 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 24.08 22.43 22.45 -0.65 -2.81 82.69 11.54 80.2 62.9 24.1 HPR HighPoint Resources 145.3 6.58 -0.40 -5.73 7.13 6.37 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 2.15 World The Global Dow 3316.35 69.91 2.0 HighPoint Resources HPR 6.98 3.22 85.64 99.00 2.80 -88.7 Hall of Fame Resort Ent HOFV 1.15 -1.34 -53.82 12.31 1.09 ... 1.32 DJ Global Index 468.82 6.12 8.0 CBAK Energy Technology CBAT 11.30 5.15 83.74 11.40 0.36 2582.8 RAPT Therapeutics RAPT 16.41 -14.06 -46.14 51.21 10.52 -7.8 DJ Global ex U.S. 270.08 4.00 1.50 2.5 Westwater Resources WWR 6.27 2.07 49.29 14.50 0.25 125.5 Fiduciary/Clymr Energy FMO 5.27 -2.84 -35.00 43.00 3.09 -85.1 Americas DJ Americas 846.07 10.35 1.24 11.2 Pioneer Power Solutions PPSI 4.29 1.34 45.42 9.43 0.90 24.0 Francesca's Holdings FRAN 2.49 -1.16 -31.78 19.91 1.70 -82.7 Brazil Sao Paulo Bovespa 106429.92 1706.92 1.63 –8.0 GreenPower Motor GP 16.89 4.29 34.05 23.45 0.82 931.1 MicSec US Big Oil 3X InLv NRGD 10.25 -2.68 -20.73 304.72 10.20 -75.1 Canada S&P/TSX Comp 16889.81 214.17 1.28 –1.0 Greenwich LifeSciences GLSI 4.59 1.12 32.09 5.75 3.26 ... ProSh Ult Bloombg Nat Gas BOIL 28.29 -5.74 -16.87 130.50 22.50 -76.6 Mexico S&P/BMV IPC 40791.81 … Closed –6.3 FuelCell Energy FCEL 3.75 0.90 31.40 3.78 0.48 330.5 Silence Therapeutics ADR SLN 16.70 -3.29 -16.46 20.50 15.00 ... Chile Santiago IPSA 2787.75 28.98 1.05 –16.4 Foundation Building Matls FBM 19.26 4.10 27.04 21.62 7.99 -8.9 Cryoport CYRX 50.22 -8.78 -14.88 63.36 13.01 228.9 SQZ Biotechnologies SQZ 30.33 6.33 26.38 30.37 12.98 ... Servotronics SVT 7.34 -1.22 -14.23 11.03 5.40 -32.9 EMEA Stoxx Europe 600 389.74 4.56 1.18 –6.3 Lordstown Motors RIDE 22.55 4.65 25.98 31.80 9.50 127.3 Armata Pharmaceuticals ARMP 3.14 -0.51 -13.97 6.92 2.52 -24.5 Eurozone Euro Stoxx 385.59 4.42 1.16 –4.5 Belgium Bel-20 3582.29 58.09 1.65 –9.4 Blink Charging BLNK 12.19 2.49 25.67 14.58 1.25 638.8 Resideo Technologies REZI 16.77 -2.72 -13.96 19.95 3.72 69.6 Denmark OMX Copenhagen 20 1389.68 –10.21 –0.73 22.4 Sunworks SUNW 4.07 0.82 25.23 8.50 0.29 201.5 Flexible Solutions FSI 2.32 -0.37 -13.75 3.00 0.86 -5.7 France CAC 40 5471.48 91.32 1.70 –8.5 Bit Digital BTBT 5.41 1.07 24.65 5.50 0.28 1253.9 BioNTech ADR BNTX 91.52 -14.48 -13.66 115.00 18.60 364.6 HD Supply Holdings HDS Casper Sleep CSPR Germany DAX 13138.61 61.89 0.47 –0.8 55.77 10.96 24.46 55.89 21.69 38.6 6.42 -1.01 -13.59 15.85 3.15 ... Team TISI 10.61 2.05 23.95 16.77 3.75 -35.8 Aenza ADR AENZ 1.86 -0.29 -13.49 3.00 1.34 -6.1 Israel Tel Aviv 1433.03 6.56 0.46 –14.9 Italy FTSE MIB 21317.01 413.43 1.98 –9.3 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 601.67 4.80 0.80 –0.5 Russia RTS Index 1268.61 40.83 3.33 –18.1 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 South Africa FTSE/JSE All-Share 57267.00 84.40 0.15 0.3 Spain IBEX 35 7986.16 202.46 2.60 –16.4 NIO ADR NIO 299,658 111.5 45.58 2.29 54.20 1.73 Invsc KBW P&C Ins KBWP 1,011 17090 67.05 3.39 76.48 44.46 Sweden OMX Stockholm 755.39 7.68 1.03 11.0 Sundial Growers SNDL 123,247 110.6 0.26 -6.61 3.88 0.14 Roth CH Acquisition I ROCH 2,722 9586 10.50 3.96 10.55 9.76 Zomedica ZOM Franklin FTSE China ETF FLCH Switzerland Swiss Market 10586.74 94.13 0.90 –0.3 120,179 352.9 0.11 18.27 0.50 0.06 890 6309 31.66 0.10 33.35 19.77 General Electric GE 118,384 11.7 9.57 3.46 13.26 5.48 Franklin Lib Fed TaxFr Bd FLMB 350 5481 26.95 0.15 27.70 23.32 Turkey BIST 100 1292.99 1.70 0.13 13.0 Alterity Therapeutics ADR ATHE 114,162 100703.4 2.83 146.09 5.15 0.28 Ind Tech Acqns Cl A ITAC 285 4982 9.70 -2.90 9.99 9.65 U.K. FTSE 100 6421.29 104.90 1.66 –14.9 U.K. FTSE 250 19608.05 338.05 1.75 –10.4 Carnival CCL 111,530 158.4 17.57 9.74 51.94 7.80 Foundation Building Matls FBM 5,443 3581 19.26 27.04 21.62 7.99 CBAK Energy Technology CBAT 106,449 929.2 11.30 83.74 11.40 0.36 HD Supply Holdings HDS 35,527 3066 55.77 24.46 55.89 21.69 Asia-Pacific American Airlines Group AAL 104,092 67.0 12.79 4.49 30.78 8.25 Taubman Ctrs TCO 21,543 2665 42.80 8.41 53.40 26.24 Australia S&P/ASX 200 6484.30 79.08 1.23 –3.0 Gulfport Energy GPOR 95,841 582.8 0.13 -44.14 3.38 0.12 VanEck Vectors Brazil SC BRF 203 2496 18.82 1.79 28.39 10.76 China Shanghai Composite 3346.97 36.86 1.11 9.7 FuelCell Energy FCEL 92,993 391.6 3.75 31.40 3.78 0.48 RAPT Therapeutics RAPT 5,516 2422 16.41 -46.14 51.21 10.52 Hong Kong Hang Seng 26381.67 224.81 0.86 –6.4 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least Closed India S&P BSE Sensex 43443.00 … 5.3 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 25906.93 521.06 2.05 9.5 Singapore Straits Times 2748.00 36.61 1.35 –14.7 Track the Markets South Korea Kospi 2543.03 49.16 1.97 15.7 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 13551.83 2.10 13.0 global stock indexes, bond ETFs, 278.50 currencies and commodities at Currencies Thailand SET 1351.06 4.59 0.34 –14.5 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Mon YTD chg Mon YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23176 0.01 Argentina peso .0125 79.9803 33.6 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1847 5.4154 34.7 Czech Rep. koruna .04486 22.293 –1.7 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7648 1.3075 0.7 Denmark krone .1592 6.2817 –5.7 notes and bonds major U.S. trading partners Chile peso .001305 766.50 3.7 Euro area euro 1.1854 .8436 –5.4 A consumer rate against its Money Market/Savings Accts Colombiapeso .000274 3644.40 11.1 Hungary forint .003302 302.81 2.5 Ecuador US dollar 11unch Iceland krona .007349 136.08 12.4 benchmark over the past year 2.50% Bankrate.com avg†: 0.21% 10% Mexico peso .0493 20.2646 7.1 Norway krone .1104 9.0567 3.2 Uruguay peso .02327 42.9750 15.7 Poland zloty .2650 3.7741 –0.5 One year ago ableBanking, a division of Northeast Bank 0.60% 2.00 Russia ruble .01313 76.152 22.7 Euro Asia-Pacific 1.60% Lewiston, ME 877-505-1933 t 5 s s Sweden krona .1160 8.6189 –8.0 1.50 Australian dollar .7321 1.3659 –4.1 Yen Switzerland franc 1.0960 .9124 –5.7 BankDirect 0.60% China yuan .1519 6.5847 –5.4 t Federal-funds 1.20 0 Turkey lira .1299 7.6983 29.4 Richardson, TX 877-839-2737 1.00 Hong Kong dollar .1290 7.7534 –0.5 target rate Ukraine hryvnia .0355 28.1500 18.9 Tradeweb ICE India rupee .01345 74.356 4.2 0.80 First Internet Bank of Indiana 0.60% UK pound 1.3200 .7576 0.5 Monday Close 0.50 –5 s Indonesia rupiah .0000709 14110 1.6 Money market Indianapolis, IN 888-873-3424 t WSJ Dollar index Japan yen .009563 104.57 –3.7 Middle East/Africa account yields 0.40 0.00 t TAB Bank 0.65% –10 Kazakhstan tenge .002331 429.07 12.4 Bahrain dinar 2.6518 .3771 0.02 Macau pataca .1252 7.9900 –0.3 Egypt pound .0639 15.6526 –2.5 Ogden, UT 800-355-3063 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2429 4.1175 0.7 Israel shekel .2971 3.3658 –2.6 D J F M A M J J A S O N CFG Community Bank 0.66% New Zealand dollar .6905 1.4482 –2.5 Kuwait dinar 3.2681 .3060 1.0 maturity 2020 Baltimore, MD 888-205-8388 Pakistan rupee .00633 158.100 2.0 Oman sul rial 2.5977 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.179 –5.0 Qatar rial .2746 3.642 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7433 1.3453 –0.1 Saudi Arabia riyal .2666 3.7506 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0009032 1107.18 –4.1 South Africa rand .0653 15.3163 9.4 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0054095 184.86 1.9 Yield (%) 52-Week Total Return (%) Taiwan dollar .03509 28.495 –4.7 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03312 30.190 1.4 WSJ Dollar Index 87.26 –0.20–0.22 –2.57 Libor, 3-month 0.22 0.21 0.21 l 1.96 -1.22 U.S. Treasury, Barclays 2453.360 0.610 0.650 1.860 0.400 7.657 5.133 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.21 0.21 0.19 l 0.58 -0.11 Five-year CD, annual yield 0.58 0.59 0.58 l 1.43 -0.91 U.S. Treasury Long, Barclays 4712.170 1.510 1.590 2.340 0.980 16.321 10.253 Commodities 30-year mortgage, fixed† 2.95 3.08 2.93 l 4.22 -0.97 Aggregate, Barclays 2273.940 1.220 1.270 2.380 1.020 7.091 5.204 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.46 2.63 2.46 l 3.57 -0.84 Fixed-Rate MBS, Barclays 2224.070 1.330 1.410 2.690 0.930 3.915 3.662 Jumbo mortgages, $510,400-plus† 2.92 2.99 2.92 l 4.36 -1.34 DJ Commodity 669.86 5.66 0.85 669.86 433.70 7.96 4.29 High Yield 100, ICE BofA 3250.230 4.065 3.589 10.740 3.589 4.040 4.610 Five-year adj mortgage (ARM)† 3.21 3.21 2.85 l 4.61 -0.31 TR/CC CRB Index 153.82 1.96 1.29 187.39 106.29 -14.16 -17.21 Muni Master, ICE BofA 588.989 1.046 1.096 3.441 0.838 4.812 4.136 New-car loan, 48-month 4.14 4.14 4.13 l 4.50 1.14 Crude oil, $ per barrel 41.34 1.21 3.02 63.27 -37.63 -27.54 -32.30 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 914.546 4.516 4.570 7.480 4.516 6.048 4.610 Natural gas, $/MMBtu 2.697 -0.298 -9.95 3.354 1.482 5.11 23.21 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1887.30 1.60 0.08 2051.50 1453.40 28.31 24.21 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW322000-0-B00800-1------XA

B8 | Tuesday, November 17, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Jan'21 137.950 138.300 136.725 137.925 .050 19,957 Swiss Franc (CME)-CHF 125,000; $ per CHF March'21 …… …3614.30 41.50 26 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 1.0964 1.1000 1.0936 1.0963 .0005 51,498 Mini S&P 500 (CME)-$50 x index Contract Open March'21 1.1013 1.1031 1.0969 1.0996 .0005 533 Dec 3587.00 3637.00 3586.50 3623.00 41.00 2,452,522 Open High hi lo Low Settle Chg interest Dec 110.350 110.700 109.800 110.425 .500 43,032 Feb'21 112.750 113.000 111.825 112.025 –.200 103,651 Australian Dollar (CME)-AUD 100,000; $ per AUD March'21 3585.25 3627.25 3576.50 3614.25 41.50 41,540 Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Nov .7279 .7309 .7264 .7303 .0039 183 Mini S&P Midcap 400 (CME)-$100 x index Nov 3.2395 3.2400 s 3.2155 3.2200 0.0445 1,011 Dec 64.975 65.800 64.600 65.150 .250 37,638 Dec .7268 .7328 .7268 .7315 .0049 126,000 Dec 2121.00 2165.00 2113.20 2153.30 41.50 52,547 March'21 3.1785 3.2695 s 3.1785 3.2295 0.0445 92,612 Feb'21 64.625 65.200 63.700 63.775 –.800 75,709 Mexican Peso (CME)-MXN 500,000; $ per MXN March'21 …2150.40 2111.40 2151.80 41.50 n.a. Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Nov .04908 .04958 .04898 .04925 .00028 4 Mini Nasdaq 100 (CME)-$20 x index Nov 1874.60 1884.70 1871.00 1887.30 1.60 315 Jan 574.80 599.40 574.80 593.50 15.20 1,828 Dec .04886 .04947 .04886 .04913 .00029 136,085 Dec 11957.25 12065.00 11851.75 12005.00 71.50 229,091 Dec 1886.60 1898.00 1861.50 1887.80 1.60 271,071 Euro (CME)-€125,000; $ per € March'21 11961.75 12053.50 11850.00 11998.75 72.25 3,549 Jan'21 1891.50 1902.00 1867.20 1891.50 0.80 3,243 March 544.20 572.90 544.20 567.50 14.60 487 Nov 1.1841 1.1869 1.1815 1.1833 …1,186 Mini Russell 2000 (CME)-$50 x index Feb 1893.70 1904.30 1868.80 1894.10 1.10 192,708 Milk (CME)-200,000 lbs., cents per lb. Dec 1747.00 1793.60 1745.10 1783.90 40.20 541,162 April ...... 1899.00 0.70 48,565 Nov 23.10 23.12 22.94 23.03 –.10 5,452 Dec 1.1847 1.1877 1.1821 1.1850 .0010 623,663 Mini Russell 1000 (CME)-$50 x index June 1906.30 1913.60 1878.10 1902.80 …21,573 Dec 17.46 17.62 16.65 16.74 –.97 5,758 Dec 2017.30 2022.80 2002.00 2021.10 22.00 8,713 Palladium (NYM) - 50 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. Index Futures U.S. Dollar Index (ICE-US)-$1,000 x index Nov … 2342.20 15.90 25 Dec 2,439 2,650 2,438 2,653 288 4,715 Mini DJ Industrial Average (CBT)-$5 x index Dec 92.72 92.85 92.44 92.63 –.12 28,269 Dec 2333.70 2363.90 2305.30 2345.10 15.40 6,524 March'21 2,409 2,464 2,405 2,435 70 90,615 Dec 29435 29998 29435 29865 455 91,769 March'21 92.62 92.79 92.40 92.58 –.13 842 Platinum (NYM)-50 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. March'21 29372 29890 s 29325 29768 456 5,875 Nov 925.00 31.60 1 Dec 109.95 116.20 109.80 115.65 6.40 27,031 S&P 500 Index (CME)-$250 x index March'21 113.05 119.30 112.80 118.75 6.55 113,445 Jan'21 894.50 931.70 890.00 927.50 31.50 48,998 Dec 3618.80 3635.90 3585.70 3623.00 41.10 26,077 Source: FactSet Silver (CMX)-5,000 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Nov 24.786 0.027 117 March 14.96 15.58 s 14.96 15.47 .51 424,473 Dec 24.800 25.155 24.255 24.802 0.027 79,094 May 14.06 14.50 14.05 14.43 .36 214,185 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks Dec 40.17 42.09 40.15 41.34 1.21 191,210 Jan 29.45 29.45 29.45 29.35 …1,738 Jan'21 40.44 42.35 40.40 41.57 1.17 367,844 March 28.95 28.95 28.95 28.90 …3,190 Feb 40.68 42.61 40.68 41.82 1.12 187,303 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks March 41.10 42.86 41.01 42.09 1.08 155,432 Dec 68.40 70.00 68.40 69.57 1.11 24,787 June 41.71 43.41 41.71 42.71 0.95 198,418 March'21 70.40 72.00 70.33 71.58 1.18 127,550 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 42.44 43.70 42.40 43.10 0.71 276,194 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Jan 121.50 127.25 121.30 125.75 3.15 8,559 Total Total Dec 1.2046 1.2515 1.2042 1.2289 .0247 83,274 March 121.70 127.00 121.55 126.25 4.15 1,902 return YTD total Yield (%) return YTD total Yield (%) Jan'21 1.2182 1.2621 1.2154 1.2404 .0245 85,860 close return (%) Index Latest Low High close return (%) Index Latest Low High Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Interest Rate Futures Dec 1.1250 1.1746 1.1231 1.1468 .0214 70,871 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Jan'21 1.1252 1.1738 1.1228 1.1470 .0220 110,629 2224.07 3.5 Mortgage-Backed 1.330 0.930 2.690 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 215-040 216-100 213-130 214-220 –16.0 1,010,761 2273.94 6.7 U.S. Aggregate 1.220 1.020 2.380 Dec 2.871 2.887 2.675 2.697 –.298 92,144 March'21 213-010 –16.0 1,306 U.S. Corporate Indexes Bloomberg Barclays 2168.35 3.2 Ginnie Mae (GNMA) 0.820 0.290 2.660 Jan'21 3.008 3.022 2.842 2.864 –.258 272,954 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Feb 2.979 2.993 2.826 2.847 –.236 95,592 Dec 172-030 172-220 171-090 171-290 –9.0 1,184,182 3395.15 7.9 U.S. Corporate 1.930 1.820 4.580 1314.04 3.7 Fannie mae (FNMA) 1.510 1.110 2.690 March 2.899 2.920 2.771 2.795 –.202 152,475 March'21 173-140 174-000 172-160 173-050 –9.0 30,120 2016.85 3.6 Freddie Mac (FHLMC) 1.500 1.080 2.710 April 2.786 2.817 2.706 2.726 –.146 82,112 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3077.35 6.2 Intermediate 1.290 1.230 4.400 Oct 2.893 2.940 2.835 2.860 –.108 102,185 Dec 138-025 138-080 137-270 138-010 –2.5 3,160,981 5038.01 10.6 Long term 2.960 2.730 4.930 588.99 4.1 Muni Master 1.046 0.838 3.441 March'21 137-225 137-280 137-145 137-205 –2.5 41,745 Agriculture Futures 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 691.07 7.3 Double-A-rated 1.520 1.300 3.360 416.03 4.3 7-12 year 1.032 0.771 3.447 Dec 125-150 125-172 125-125 125-145 –.7 3,171,172 Corn (CBT)-5,000 bu.; cents per bu. 7.4 Triple-B-rated 474.31 4.7 12-22 year 1.505 1.224 3.690 March'21 125-240 –1.2 41,793 900.22 2.250 2.210 5.350 Dec 409.00 416.75 409.00 416.25 5.75 345,038 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 22-plus year March'21 418.00 424.75 418.00 424.25 4.75 745,810 High Yield Bonds ICE BofA 458.88 4.1 2.178 1.765 4.123 Dec 110-112 110-117 110-111 110-113 –.1 2,018,791 Oats (CBT)-5,000 bu.; cents per bu. Global Government J.P. Morgan† March'21 110-111 …13,294 481.19 3.0 High Yield Constrained 4.933 4.655 11.400 Dec 296.25 299.25 294.50 296.25 .75 3,387 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. March'21 308.00 312.00 306.00 308.25 .75 2,265 429.95 -1.8 Triple-C-rated 10.065 10.002 19.071 612.74 5.1 Global Government 0.590 0.390 1.060 Soybeans (CBT)-5,000 bu.; cents per bu. Nov 99.9100 99.9125 99.9100 99.9125 .0025 146,929 1.8 High Yield 100 858.97 6.9 Canada 0.880 0.590 1.740 Jan 1150.25 1155.25 1144.00 1153.50 5.50 348,845 Jan'21 99.9150 99.9200 99.9150 99.9200 .0050 158,512 3250.23 4.065 3.589 10.740 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 1150.00 1156.00 1145.00 1154.50 6.50 223,275 434.34 3.1 Global High Yield Constrained 4.944 4.833 11.310 419.13 4.7 EMU§ 0.088 0.050 0.794 Soybean Meal (CBT)-100 tons; $ per ton. Dec ...... 100-240 –5.5 146,094 Dec 389.20 390.80 386.50 389.30 1.20 96,315 Eurodollar (CME)-$1,000,000; pts of 100% 330.88 0.7 Europe High Yield Constrained 3.334 2.464 8.183 792.17 4.4 France -0.100 -0.160 0.430 Nov 99.7750 99.7775 99.7750 99.7796 .0046 161,050 Jan'21 389.00 390.90 386.30 389.30 1.50 117,411 U.S Agency Bloomberg Barclays 550.98 2.8 Germany -0.440 -0.740 -0.050 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 99.7525 99.7550 99.7500 99.7550 .0050 1,114,118 Dec 37.17 37.58 s 36.77 37.43 .30 86,000 March'21 99.7800 99.7850 99.7800 99.7850 .0050 1,130,512 1860.67 5.1 U.S Agency 0.550 0.470 1.950 295.08 -1.0 Japan 0.290 0.040 0.320 Jan'21 36.96 37.44 s 36.65 37.28 .32 131,846 June 99.7850 99.7900 99.7850 99.7900 .0050 878,502 Rough Rice (CBT)-2,000 cwt.; $ per cwt. 1622.84 3.8 10-20 years 0.430 0.340 1.850 615.72 3.3 Netherlands -0.340 -0.540 0.080 Currency Futures Jan 12.29 12.42 12.24 12.28 –.09 8,569 4235.44 11.0 20-plus years 1.700 1.170 2.450 1067.70 6.2 U.K. 0.730 0.390 1.180 March 12.51 12.58 12.44 12.48 –.09 187 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Wheat (CBT)-5,000 bu.; cents per bu. Nov .9552 .9581 .9512 .9568 .0010 311 2901.26 6.1 Yankee 1.500 1.430 3.500 914.55 3.7 Emerging Markets ** 4.516 4.516 7.480 Dec 593.75 601.00 586.00 598.00 4.50 79,416 Dec .9557 .9585 .9514 .9564 .0004 163,337 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds March'21 602.00 607.75 593.50 604.75 2.75 169,421 Canadian Dollar (CME)-CAD 100,000; $ per CAD Wheat (KC)-5,000 bu.; cents per bu. Nov .7617 .7653 .7612 .7637 .0025 90 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Dec 551.00 560.25 543.25 558.00 6.00 41,595 Dec .7615 .7655 .7611 .7637 .0024 130,979 March'21 560.50 568.75 551.50 566.75 6.25 112,182 British Pound (CME)-£62,500; $ per £ Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Nov 1.3221 1.3241 1.3167 1.3187 .0010 414 Global Government Bonds: Mapping Yields Dec 1.3197 1.3244 1.3167 1.3192 .0013 135,189 Nov 137.300 137.725 136.725 137.275 –.200 1,595 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Cash Prices | wsj.com/market-data/commodities Monday, November 16, 2020 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 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.125 U.S. 2 0.185 s l 0.181 0.145 1.614 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.875 10 0.902 s l 0.895 0.746 1.833 months. 2.250 Australia 2 0.110 t l 0.111 0.150 0.812 -7.5 -7.0 -80.3 Monday Monday Monday 1.000 10 0.904 s l 0.898 0.734 1.174 0.1 0.3 -65.8 Energy Aluminum, LME, $ per metric ton *1918.0 Wheat - Hard - KC (USDA) $ per bu-u 5.8300 Copper,Comex spot 3.2200 Wheat,No.1soft white,Portld,OR-u 6.1500 0.000 France 2 -0.668 s l -0.670 -0.696 -0.590 -85.3 -85.1 -220.4 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 52.750 Iron Ore, 62% Fe CFR China-s 124.0 Food 0.000 10 -0.307 t l -0.304 -0.347 -0.015 -119.8 -184.8 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 287 -120.9 Metals Steel, HRC USA, FOB Midwest Mill-s 719 Beef,carcass equiv. index 0.000 Germany 2 -0.718 s l -0.723 -0.770 -0.639 -90.3 -90.4 -225.3 choice 1-3,600-900 lbs.-u 189.42 Fibers and Textiles 0.000 10 -0.542 s l -0.547 -0.618 -0.331 -144.2 -216.4 Gold, per troy oz select 1-3,600-900 lbs.-u 173.73 -144.4 Engelhard industrial 1890.00 Burlap,10-oz,40-inch NY yd-n,w 0.6300 Broilers, National comp wtd. avg.-u,w 0.7496 1.000 Italy 2 -0.430 t l -0.409 -0.356 -0.087 -61.5 -59.0 -170.1 Handy & Harman base 1885.60 Cotton,1 1/16 std lw-mdMphs-u 0.6833 Butter,AA Chicago 1.3800 Cheddar cheese,bbl,Chicago 0.900 10 0.653 t l 0.671 0.657 1.241 -24.9 -22.4 -59.1 Handy & Harman fabricated 2093.02 Cotlook 'A' Index-t *76.65 140.00 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1878.20 Hides,hvy native steers piece fob-u 34.000 191.75 0.100 Japan 2 -0.148 t l -0.143 -0.142 -0.194 -33.3 -32.4 -180.8 Milk,Nonfat dry,Chicago lb. 108.25 LBMA Gold Price PM *1890.90 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.100 10 0.023 t l 0.027 0.023 -0.070 -87.9 -86.8 -190.3 Krugerrand,wholesale-e 1965.91 1.0371 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1984.82 1.5821 0.400 Spain 2 -0.561 t l -0.561 -0.558 -0.362 -74.7 -74.2 -197.6 Eggs,large white,Chicago-u 1.0150 American Eagle-e 1984.82 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.95 1.250 10 0.100 t l 0.116 0.120 0.434 -80.2 -77.9 -139.9 Mexican peso-e 2287.13 Bran,wheat middlings, KC-u 123 Hams,17-20 lbs,Mid-US fob-u 0.78 Austria crown-e 1855.87 0.500 U.K. 2 -0.024 t l -0.022 -0.049 0.549 -20.9 -20.3 -106.5 Corn,No. 2 yellow,Cent IL-bp,u 4.0500 Hogs,Iowa-So. Minnesota-u 69.46 Austria phil-e 1984.82 Corn gluten feed,Midwest-u,w 142.7 Pork bellies,12-14 lb MidUS-u n.a. 4.750 10 0.351 s l 0.341 0.184 0.730 -55.1 -55.4 -110.2 Silver, troy oz. Corn gluten meal,Midwest-u,w 522.4 Pork loins,13-19 lb MidUS-u 0.8428 Source: Tullett Prebon Engelhard industrial 24.6500 Cottonseed meal-u,w 350 Steers,Tex.-Okla. Choice-u 109.96 Handy & Harman base 24.8060 Hominy feed,Cent IL-u,w 105 Steers,feeder,Okla. City-u,w 148.63 Handy & Harman fabricated 31.0080 Meat-bonemeal,50% pro Mnpls-u,w 275 Corporate Debt Fats and Oils LBMA spot price *£18.4100 Oats,No.2 milling,Mnpls-u 3.1625 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific (U.S.$ equivalent) *24.2450 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 41.5000 expectations Coins,wholesale $1,000 face-a 18666 Sorghum,(Milo) No.2 Gulf-u 6.2625 Grease,choice white,Chicago-h 0.2900 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 387.30 Lard,Chicago-u n.a. Investment-grade spreads that tightened the most… LBMA Platinum Price PM *897.0 Soybeans,No.1 yllw IL-bp,u 11.3700 Soybean oil,crude;Centl IL-u 0.3843 Spread*, in basis points Platinum,Engelhard industrial 912.0 Wheat,Spring14%-pro Mnpls-u 6.8450 Tallow,bleach;Chicago-h 0.3250 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Palladium,Engelhard industrial 2355.0 Wheat,No.2 soft red,St.Louis-u 6.1800 Tallow,edible,Chicago-u n.a. Delta Airlines, Inc. Retirement Plan … 4.750 3.80 Oct. 20, ’28 289 –19 337 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; JPMorgan Chase JPM 6.400 2.47 May 15, ’38 80 –13 93 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 11/15 Source: Dow Jones Market Data Molson Coors Beverage TAP 5.000 3.44 May 1, ’42 178 –12 221 ConocoPhillips COP 6.500 3.06 Feb. 1, ’39 140 –11 n.a. Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Alaska Airlines ALK 4.800 3.79 Aug. 15, ’27 338 –10 n.a. GE Capital International Funding … 4.418 3.29 Nov. 15, ’35 239 –10 258 Money Rates November 16, 2020 Nissan Motor NSANY 3.043 2.04 Sept. 15, ’23 180 –10 207 –10 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Exxon Mobil XOM 1.571 0.38 April 15, ’23 15 16 guide to general levels but don’t always represent actual transactions. …And spreads that widened the most

Week —52-WEEK— Week —52-WEEK— State Street STT 3.300 0.71 Dec. 16, ’24 30 9 n.a. Inflation Latest ago High Low Latest ago High Low … 7 Oct. index Chg From (%) Exelon Generation 6.250 4.89 Oct. 1, ’39 323 325 level Sept. '20 Oct. '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction American Honda Finance HNDA 0.875 0.47 July 7, ’23 23 5 n.a. Britain 0.10 0.10 0.75 0.10 4 weeks 0.085 0.080 1.620 0.000 5 Australia 0.10 0.10 0.75 0.10 Westpac Banking WSTP 2.350 0.70 Feb. 19, ’25 29 n.a. U.S. consumer price index 13 weeks 0.090 0.100 1.560 0.000 All items 260.388 0.04 1.2 Overnight repurchase 26 weeks 0.100 0.110 1.580 0.080 BNP Paribas BNP 3.250 0.39 March 3, ’23 15 3 17 Core 269.328 0.10 1.6 3 U.S. 0.09 0.11 1.65 -0.07 Secondary market Pfizer PFE 4.125 2.59 Dec. 15, ’46 93 n.a. International rates Ally Financial ALLY 4.625 1.50 March 30, ’25 109 2 n.a. U.S. government rates Fannie Mae Banque Federative du Credit Mutuel BFCM 2.125 0.43 Nov. 21, ’22 25 2 24 Week 52-Week Discount 30-year mortgage yields Latest High Low ago 0.25 0.25 2.25 0.25 30 days 1.909 1.920 3.362 1.751 High-yield issues with the biggest price increases… Prime rates 60 days 1.946 1.954 3.370 1.804 Federal funds Bond Price as % of face value U.S. 3.25 3.25 4.75 3.25 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Effective rate 0.0900 0.0900 1.6200 0.0600 Other short-term rates Canada 2.45 2.45 3.95 2.45 High 0.1000 1.6500 0.1000 American Airlines AAL 3.750 17.59 March 1, ’25 59.500 2.75 52.000 Japan 1.475 1.475 1.475 1.475 0.1000 Low 0.0500 0.0500 1.5800 0.0100 Week 52-Week 2.48 Latest high low Royal Caribbean RCL 5.250 5.90 Nov. 15, ’22 98.806 91.030 Policy Rates Bid 0.0800 0.0800 1.6000 0.0100 ago Carnival CCL 6.650 7.95 Jan. 15, ’28 93.000 2.00 n.a. Euro zone 0.00 0.00 0.00 0.00 Offer 0.1100 0.1000 1.6300 0.0500 Call money Occidental Petroleum OXY 7.875 7.64 Sept. 15, ’31 101.729 1.73 99.500 2.00 2.00 3.50 2.00 Continental Resources CLR 5.750 5.36 Jan. 15, ’31 103.000 1.44 n.a. Commercial paper (AA financial) Key Interest Rates Ford Motor F 7.450 4.52 July 16, ’31 124.610 1.36 125.070 90 days 0.14 0.15 2.53 0.04 Data are annualized on a 360-day basis. Treasury yields are per annum, Marks and Spencer MARSPE 7.125 6.28 Dec. 1, ’37 108.733 1.11 n.a. on actively traded noninflation and inflation-indexed issues that are Libor adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.14350 0.12988 1.80475 0.12663 …And with the biggest price decreases Three month 0.22038 0.20500 1.96050 0.20500 release H.15. Navient NAVI 5.625 6.42 Aug. 1, ’33 93.188 –1.18 89.990 Six month 0.24900 0.24175 1.92438 0.23375 Week Ended 52-Week Week Ended 52-Week One year 0.33963 0.33250 2.01200 0.32763 Service Corporation International SCI 8.000 2.29 Nov. 15, ’21 105.570 –0.63 n.a. Nov 13 Nov 6High Low Nov 13 Nov 6High Low 6-month Ball BLL 5.250 2.03 July 1, ’25 114.148 –0.41 115.733 Federal funds (effective) 0.11 0.11 1.62 0.06 Euro Libor 1-year 0.12 0.13 1.59 0.12 –0.34 One month -0.574 -0.576 -0.360 -0.621 Dish DBS … 6.750 2.60 June 1, ’21 102.195 102.250 0.09 0.09 1.59 0.04 2-year 0.18 0.15 1.63 0.11 Three month -0.540 -0.541 -0.142 -0.545 3-year 0.24 0.20 1.66 0.13 HCA HCA 5.375 2.13 Feb. 1, ’25 112.980 –0.33 112.753 Commercial paper Six month -0.516 -0.525 -0.052 -0.526 5-year 0.43 0.36 1.73 0.21 –0.31 One year -0.457 -0.473 0.008 -0.474 Edgewell Personal Care EPC 4.700 2.46 May 24, ’22 103.320 104.312 Nonfinancial 7-year 0.68 0.60 1.84 0.39 –0.31 1-month 0.10 0.09 1.64 0.07 10-year 0.93 0.83 1.91 0.55 Tenet Healthcare THC 6.750 3.74 June 15, ’23 107.320 107.030 2-month 0.12 0.11 1.74 0.07 Secured Overnight Financing Rate 20-year 1.47 1.37 2.20 0.99 Dell DELL 7.100 2.90 April 15, ’28 127.850 –0.25 127.375 3-month 0.13 0.13 1.84 0.09 0.09 0.10 1.65 0.01 Financial Treasury yields (secondary market) Value 52-Week *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. 1-month 0.14 0.11 2.15 0.08 1-month 0.10 0.09 1.60 0.00 Latest Traded High Low Note: Data are for the most active issue of bonds with maturities of two years or more 2-month n.a. 0.13 2.27 0.08 Source: MarketAxess 3-month 0.15 0.15 2.44 0.11 3-month 0.10 0.10 1.58 -0.01 DTCC GCF Repo Index 6-month 0.11 0.11 1.58 0.06 Discount window primary credit Treasury 0.127 62.950 1.720 0.002 TIPS MBS 0.136 32.700 1.763 0.011 0.25 0.25 2.25 0.25 Dividend Changes 5-year -1.22 -1.22 0.41 -1.34 Notes on data: Treasury yields at constant 7-year -1.04 -1.06 0.35 -1.22 maturities 10-year U.S. prime rate is the base rate on corporate Dividend announcements from November 16. -0.80 -0.84 0.35 -1.05 loans posted by at least 70% of the 10 largest 1-month 0.09 1.63 0.01 20-year -0.36 -0.44 0.47 -0.70 0.10 U.S. banks, and is effective March 16, 2020. Amount Payable / Amount Payable / Long-term avg -0.29 3-month 0.10 0.10 1.61 0.01 -0.35 0.62 -0.50 Other prime rates aren’t directly comparable; Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record lending practices vary widely by location; Notes on data: Discount rate is effective March 16, 2020. Increased Foreign Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Algonquin Power AQN 3.9 .1551 Q Jan15 /Dec31 Ethan Allen ETH 5.6 .25 /.21 Q Jan21 /Jan07 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by November 13, 2020. DTCC GCF Repo Index is Embotell Andina A ADR AKO.A 4.7 .15644 Q /Nov18 Griffon GFF 1.6 .08 /.075 Q Dec17 /Nov25 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted Embotell Andina B ADR AKO.B 4.5 .17208 Q /Nov18 average for overnight trades in applicable NKSH SA primary credit rate is charged for discounts made and advances extended under the Federal National Bankshares 4.5 .72 /.67 Dec01 /Nov23 Enerplus ERF 4.0 .0076 M Dec15 /Nov25 CUSIPs. Value traded is in billions of U.S. dollars. Natl Storage Affiliates NSA 3.8 .35 /.34 Q Dec31 /Dec15 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Manchester United Cl A MANU 1.1 .09 SA Jan07 /Nov30 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. Roper Technologies ROP 0.6 .5625 /.5125 Q Jan22 /Jan08 Maverix Metals MMX 0.8 .01 Q Dec15 /Nov30 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Valvoline VVV 2.3 .125 /.113 Q Dec15 /Nov30 Orange ADR ORAN 4.2 .47304 SA Dec24 /Dec04 Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. P2JW322000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Tuesday, November 17, 2020 | B9 BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Dynatrace DT 35.97 0.78 HenrySchein HSIC 64.45 -1.20 Loews L 43.63 1.33 NewsCorp B NWS 17.60 0.42 PublicStorage PSA 233.69 -0.36 SoCopper SCCO 55.54 1.15 UnitedAirlines UAL 41.00 2.01 Market listed securities. Prices are composite dd-Indicates loss in the most recent ENI E 19.05 0.80 Hershey HSY 155.12 1.12 LogitechIntl LOGI 82.92 -0.24 NextEraEnergy NEE 77.75 0.56 PulteGroup PHM 42.87 -0.06 SouthwestAir LUV 45.58 1.70 UnitedMicro UMC 5.76 0.21 quotations that include primary market trades four quarters. EOG Rscs EOG 45.35 2.68 HessHES 46.82 3.40 Lowe's LOW 161.90 2.67 Nike NKE 130.11 1.83 Qiagen QGEN 46.26 -1.49 Splunk SPLK 193.50 0.25 UPS B UPS 168.44 4.77 as well as trades reported by Nasdaq BX FD-First day of trading. EPAM Systems EPAM 322.82-10.56 HewlettPackard HPE 10.63 0.49 LufaxHolding LU 19.72 0.50 Nikola NKLA 21.90 0.72 Qorvo QRVO 150.38 2.75 Spotify SPOT 245.85 -7.65 s UnitedRentals URI 217.83 10.56 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing s EastmanChem EMN 98.00 4.00 HighwoodsProp HIW 37.51 1.51 lululemon LULU 331.77 6.32 NiSource NI 24.62 0.15 Qualcomm QCOM 149.07 4.81 Square SQ 179.16 1.97 US Bancorp USB 44.28 0.97 Cboe, NYSE National and Nasdaq ISE. standards Eaton ETN 117.50 3.05 Hilton HLT 106.58 0.78 LumenTech LUMN 10.07 0.22 Nokia NOK 3.90 0.09 QuantaServices PWR 69.35 0.41 StanleyBlackDck SWK 186.04 4.64 UnitedHealth UNH 356.82 1.15 The list comprises the 1,000 largest lf-Late filing s EatonVance EV 65.80 0.90 Hologic HOLX 71.07 1.33 Lyft LYFT 39.92 2.38 NomuraHoldings NMR 4.98 0.08 QuestDiag DGX 122.90 1.38 s Starbucks SBUX 97.78 2.22 UnitySoftware U 111.51 -3.26 companies based on market capitalization. q-Temporary exemption from Nasdaq eBay EBAY 48.55 -0.12 HomeDepot HD 279.57 2.40 LyondellBasell LYB 79.67 3.03 Nordson NDSN 206.83 4.91 Quidel QDEL 190.74 -7.91 StateStreet STT 69.81 1.29 UnivDisplay OLED 213.35 4.23 Underlined quotations are those stocks with requirements. Ecolab ECL 213.38 4.95 s HondaMotor HMC 29.48 1.27 s NorfolkSouthern NSC 246.77 7.51 s SteelDynamics STLD 36.91 2.29 UniversalHealthB UHS 132.91 -0.29 large changes in volume compared with the t-NYSE bankruptcy Ecopetrol EC 11.67 0.68 Honeywell HON 208.59 7.05 M N NorthernTrust NTRS 93.14 2.34 R S s Steris STE 195.58 2.79 VEREIT VER 7.49 0.13 v-Trading halted on primary market. EdisonInt EIX 65.17 1.11 HorizonTherap HZNP 70.88 -1.47 NorthropGrum NOC 312.73 1.02 STMicroelec STM 35.55 1.20 VF VFC 82.28 2.77 issue’s average trading volume. M&T Bank MTB 126.92 8.09 RELX RELX 23.25 -0.22 vj-In bankruptcy or receivership or EdwardsLife EW 82.17 0.39 HormelFoods HRL 52.51 0.36 NortonLifeLock NLOK 19.14 -0.66 s StoneCo STNE 65.52 1.08 VICI Prop VICI 26.20 0.39 Boldfaced quotations highlight those issues being reorganized under the MGMGrowthProp MGP 30.80 0.65 RH RH 407.79 -0.29 ElancoAnimal ELAN 30.31 0.16 DR Horton DHI 74.13 0.86 Novartis NVS 86.41 0.31 Stryker SYK 235.78 3.84 VailResorts MTN 268.79 -6.28 whose price changed by 5% or more if their Bankruptcy Code, or securities MGM Resorts MGM 26.51 0.61 RPM RPM 90.21 0.17 Elastic ESTC 101.65 -0.63 HostHotels HST 13.73 0.48 NovoNordisk NVO 67.29 -0.79 SumitomoMits SMFG 6.14 0.18 Vale VALE 12.06 0.38 previous closing price was $2 or higher. assumed by such companies. MKS Instrum MKSI 131.50 4.43 RaymondJames RJF 87.72 2.47 ElectronicArts EA 118.60 -2.20 HowmetAerospace HWM 23.18 0.82 Novocure NVCR 120.07 -4.41 SunComms SUI 148.45 1.82 ValeroEnergy VLO 55.67 4.75 MPLX MPLX 20.41 0.51 RaytheonTech RTX 68.66 2.51 EmersonElec EMR 77.99 2.18 HuanengPower HNP 16.29 0.32 NuanceComms NUAN 34.68 0.04 SunLifeFinancial SLF 45.34 0.89 VarianMed VAR 173.70 -0.14 MSCI MSCI 397.60 9.18 RealtyIncome O 64.47 1.42 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Enbridge ENB 28.99 0.56 Huazhu HTHT 47.37 0.77 Nucor NUE 54.30 2.64 SuncorEnergy SU 14.98 1.07 VeevaSystems VEEV 264.62 -0.30 MagellanMid MMP 41.04 1.15 RegencyCtrs REG 49.01 3.28 changes in the closing prices from 4 p.m. the previous day. EncompassHealth EHC 73.71 1.69 Hubbell HUBB 159.16 3.68 Nutrien NTR 43.35 1.37 SunRun RUN 55.53 0.13 Ventas VTR 51.00 0.90 MagnaIntl MGA 60.88 1.31 RegenPharm REGN 559.29 -7.14 EnelAmericas ENIA 7.50 0.03 HubSpot HUBS 348.23 -1.18 NVIDIA NVDA 540.61 8.73 Suzano SUZ 9.76 0.30 VeriSign VRSN 194.88 -3.63 ManulifeFin MFC 16.67 0.86 RegionsFin RF 15.61 0.71 Net Net EnergyTransfer ET 5.44 0.08 Humana HUM 428.54 -4.86 SynchronyFin SYF 31.11 1.09 VeriskAnalytics VRSK 205.25 1.55 Monday, November 16, 2020 MarathonPetrol MPC 40.73 3.17 ReinsGrp RGA 116.10 2.54 Stock Sym Close Chg Stock Sym Close Chg EnphaseEnergy ENPH 119.93 3.34 JBHunt JBHT 132.59 3.44 O P Q SyneosHealth SYNH 63.94 0.69 Verizon VZ 60.89 -0.17 Net Markel MKL 1068.74 26.68 RelianceSteel RS 120.82 2.62 EnstarGroup ESGR 201.61 1.88 HuntingtonBcshs HBAN 12.03 0.44 s Synnex SNX 157.51 6.18 VertxPharm VRTX 224.27 -1.25 Stock Sym Close Chg Avantor AVTR 27.07 0.33 CenterPointEner CNP 25.09 0.84 MarketAxess MKTX 521.99 -0.94 OGE Energy OGE 34.70 0.74 RenaissanceRe RNR 184.86 6.65 Entegris ENTG 87.76 2.44 HuntingIngalls HII 163.26 -0.75 Synopsys SNPS 222.34 -3.89 ViacomCBS A VIACA 33.06 1.37 AveryDennison AVY 152.60 3.02 CentraisElBras EBR 6.07 0.04 Marriott MAR 123.76 3.76 ONEOK OKE 32.35 0.69 Repligen RGEN 195.37-10.23 Entergy ETR 112.77 3.59 HyattHotels H 71.44 2.35 Sysco SYY 74.97 3.43 ViacomCBS B VIAC 31.90 1.70 A B C AxonEnterprise AAXN 119.33 -1.65 CeridianHCM CDAY 94.92 -0.94 Marsh&McLen MMC 115.66 2.35 OReillyAuto ORLY 461.23 -0.42 RepublicSvcs RSG 101.75 0.69 EnterpriseProd EPD 18.95 0.44 IAA IAA 60.61 -1.21 Vipshop VIPS 23.46 0.43 BCE BCE 43.04 0.51 Cerner CERN 75.26 -0.20 MartinMarietta MLM 271.21 7.07 OakStreetHealth OSH 45.17 -0.32 ResMed RMD 215.54 0.80 T U V ABB ABB 27.27 0.27 Equifax EFX 171.51 6.42 ICICI Bank IBN 13.45 0.27 Visa V 212.70 2.22 BHP Group BHP 53.97 1.02 CharlesRiverLabs CRL 238.00 -1.01 IdexxLab IDXX 455.37 1.73 MarvellTech MRVL 43.31 0.05 OccidentalPetrol OXY 12.70 0.90 RestaurantBrands QSR 59.92 1.81 AcadiaPharm ACAD 54.63 3.06 Equinix EQIX 755.09 -5.72 TAL Education TAL 75.18 0.59 Vistra VST 19.80 0.07 BHP Group BBL 44.22 0.94 CharterComms CHTR 641.41 -5.78 IHS Markit INFO 92.34 0.67 Masco MAS 55.29 0.14 Okta OKTA 222.77 0.97 RingCentral RNG 294.98 -2.10 AECOM ACM 50.55 1.04 Equinor EQNR 15.27 0.72 TC Energy TRP 43.05 1.33 VMware VMW 144.60 2.74 BP BP 19.76 0.96 CheckPoint CHKP 119.29 0.62 ING Groep ING 8.91 0.09 Masimo MASI 244.77 -0.77 OldDomFreight ODFL 206.11 3.36 RioTinto RIO 63.17 0.66 AES AES 21.33 0.46 Equitable EQH 24.59 -0.02 TE Connectivity TEL 111.05 1.51 Vodafone VOD 16.74 0.62 s Baidu BIDU 147.84 2.76 Chegg CHGG 67.90 -2.49 Invesco IVZ 15.99 0.46 Mastercard MA 335.45 0.42 OmegaHealthcare OHI 34.99 -0.33 RitchieBros RBA 63.13 -0.89 Aflac AFL 43.23 1.71 EquityLife ELS 64.02 1.41 Telus TU 19.03 0.17 VornadoRealty VNO 39.93 1.42 BakerHughes BKR 18.79 0.92 Chemed CHE 483.73 -0.81 IPG Photonics IPGP 201.00 ... MaximIntProducts MXIM 82.09 0.91 Omnicom OMC 61.88 3.52 s RobertHalf RHI 66.18 2.99 AGCO AGCO 96.53 4.20 EquityResdntl EQR 62.75 2.60 TJX TJX 61.09 1.46 VoyaFinancial VOYA 56.09 0.75 Ball BLL 96.76 2.11 CheniereEnergy LNG 52.90 0.83 IQVIA IQV 173.74 -0.19 McAfee MCFE 17.42 0.26 ON Semi ON 28.58 0.52 RocketCos. RKT 22.65 0.80 AGNC Invt AGNC 15.06 0.19 ErieIndemnity A ERIE 245.26 8.38 s T-MobileUS TMUS 128.65 0.42 VulcanMatls VMC 141.47 3.83 BancoBilbaoViz BBVA 4.21 0.47 CheniereEnerPtrs CQP 36.76 1.01 IcahnEnterprises IEP 53.07 1.26 McCormick MKC 184.18 -0.44 OneConnectFinTech OCFT 21.32 0.73 Rockwell ROK 241.22 1.44 Ansys ANSS 322.67 -5.54 EssentialUtil WTRG 45.80 1.09 TRowePrice TROW 143.85 3.42 BancoBradesco BBDO 4.11 0.23 Chevron CVX 88.96 5.93 Icon ICLR 193.93 3.05 McDonalds MCD 216.73 3.45 OpenText OTEX 42.13 -0.14 RogersComm B RCI 46.08 0.47 ASETech ASX 5.09 0.21 EssexProp ESS 262.95 8.04 s TaiwanSemi TSM 99.27 6.05 W X Y Z BancodeChile BCH 18.99 0.32 Chewy CHWY 64.33 1.34 IDEX IEX 197.26 4.09 s McKesson MCK 183.66 0.67 Oracle ORCL 57.15 0.24 Roku ROKU 232.70 4.60 s ASML ASML 426.51 6.92 s EsteeLauder EL 258.34 3.23 TakeTwoSoftware TTWO 162.39 0.56 BancSanBrasil BSBR 7.00 0.46 ChinaEastrnAir CEA 23.20 0.72 IllinoisToolWks ITW 211.86 0.39 MedicalProp MPW 19.47 0.07 Orange ORAN 12.37 0.07 Rollins ROL 58.93 0.10 WEC Energy WEC 104.03 1.89 AT&T T 28.97 0.06 Etsy ETSY 125.62 0.70 TakedaPharm TAK 17.25 -0.04 BcoSantChile BSAC 18.21 0.31 ChinaLifeIns LFC 11.61 0.25 Illumina ILMN 296.73-12.13 Medtronic MDT 111.62 -0.88 Orix IX 73.98 2.02 RoperTech ROP 407.87 11.48 WEX WEX 173.46 6.59 AbbottLabs ABT 113.67 1.07 EverestRe RE 238.80 6.49 Tapestry TPR 27.29 0.95 BancoSantander SAN 2.75 0.08 ChinaMobile CHL 31.54 -0.17 MelcoResorts MLCO 18.52 0.46 s OtisWorldwide OTIS 67.39 1.82 RossStores ROST 110.84 2.71 W.P.Carey WPC 71.75 1.83 AbbVie ABBV 98.36 -0.68 Evergy EVRG 57.63 0.52 ImperialOil IMO 17.04 0.94 Target TGT 165.18 2.30 ChinaPetrol SNP 46.87 1.30 MercadoLibre MELI 1286.31-15.35 OwensCorning OC 71.19 0.03 RoyalBkCanada RY 77.69 1.25 WPP WPP 49.92 1.66 Abiomed ABMD 272.75 0.65 BanColombia CIB 31.13 1.91 EversourceEner ES 94.43 1.14 Incyte INCY 84.35 1.82 TeckRscsB TECK 15.27 0.59 ChinaSoAirlines ZNH 30.85 1.02 Merck MRK 80.18 -0.91 PG&E PCG 11.54 0.14 RoyalCaribbean RCL 75.50 4.89 Wabtec WAB 71.57 1.98 AcceleronPharma XLRN 115.63 1.60 BankofAmerica BAC 27.58 0.58 ExactSciences EXAS 121.47 -1.24 Infosys INFY 15.46 0.17 TeladocHealth TDOC 177.00 -6.07 ChinaTelecom CHA 30.97 -0.81 MetLife MET 46.03 1.29 PNC Fin PNC 126.29 3.51 RoyalDutchA RDS.A 33.20 1.99 WalgreensBoots WBA 44.10 1.39 Accenture ACN 244.95 3.17 BankofMontreal BMO 68.64 1.97 Exelon EXC 43.34 0.45 IngersollRand IR 44.99 2.23 TeledyneTech TDY 390.88 11.57 ChinaUnicom CHU 6.29 -0.11 MettlerToledo MTD 1187.93 6.55 s POSCO PKX 54.55 1.05 RoyalDutchB RDS.B 31.29 1.90 s Walmart WMT 152.44 1.90 ActivisionBliz ATVI 77.44 -0.11 BankNY Mellon BK 39.71 1.00 Expedia EXPE 123.56 0.11 Inphi IPHI 148.81 0.24 Teleflex TFX 375.22 10.82 Chipotle CMG 1260.67 9.24 MicrochipTech MCHP 129.65 3.50 PPD PPD 35.26 0.65 RoyalGold RGLD 118.50 -0.19 WarnerMusic WMG 29.85 0.50 AdaptiveBiotech ADPT 46.70 -2.40 BkNovaScotia BNS 47.41 1.14 ExpeditorsIntl EXPD 90.27 1.08 Insulet PODD 253.04 -2.96 Ericsson ERIC 12.09 0.21 Chubb CB 151.36 2.10 s MicronTech MU 61.86 3.93 PPG Ind PPG 144.27 1.45 RoyaltyPharma RPRX 41.83 -0.29 WasteConnections WCN 107.60 -1.03 Adobe ADBE 460.95 -8.39 Barclays BCS 7.22 0.15 ExtraSpaceSt EXR 117.91 0.19 Intel INTC 46.19 0.73 TelefonicaBras VIV 8.36 0.20 ChunghwaTel CHT 38.03 -0.38 Microsoft MSFT 217.23 0.72 PPL PPL 30.30 0.49 Ryanair RYAAY 105.37 2.52 WasteMgt WM 121.99 0.07 AdvanceAuto AAP 151.06 -2.94 BarrickGold GOLD 25.86 -0.03 ExxonMobil XOM 38.16 2.08 InteractiveBrkrs IBKR 54.68 1.10 Telefonica TEF 4.17 0.13 Church&Dwight CHD 87.97 0.59 MidAmApt MAA 132.30 -0.05 PRA HealthSci PRAH 113.67 3.05 SAP SAP 118.95 -1.36 Waters WAT 231.84 -0.81 AdvMicroDevices AMD 83.73 2.30 BauschHealth BHC 19.92 0.32 s F5Networks FFIV 162.99 3.53 ICE ICE 99.71 0.36 TelekmIndonesia TLK 21.57 0.63 ChurchillDowns CHDN 185.04 4.19 Middleby MIDD 136.40 3.88 s PTC PTC 98.52 1.31 S&P Global SPGI 339.62 -2.30 Watsco WSO 235.81 4.40 Aegon AEG 3.47 0.07 BaxterIntl BAX 80.98 -1.38 FMC FMC 111.99 3.39 InterContinentl IHG 61.72 2.45 10xGenomics TXG 135.25 -3.30 Ciena CIEN 44.13 0.58 MiratiTherap MRTX 229.27 0.27 Paccar PCAR 89.92 0.01 SBA Comm SBAC 295.41 -8.59 Wayfair W 235.41 -0.43 AgilentTechs A 110.27 0.10 BectonDicknsn BDX 242.57 -0.24 Facebook FB 278.96 2.01 IBM IBM 118.36 1.51 Tenaris TS 14.68 0.97 Cigna CI 218.30 -1.39 MitsubishiUFJ MUFG 4.53 0.19 s PackagingCpAm PKG 134.36 4.41 SEI Investments SEIC 55.94 0.82 Weibo WB 47.47 1.09 AgnicoEagle AEM 73.00 -1.27 BeiGene BGNE 279.96 1.91 FactSet FDS 329.95 1.69 IntlFlavors IFF 114.76 2.59 TencentMusic TME 16.10 -0.39 CincinnatiFin CINF 79.84 1.06 MizuhoFin MFG 2.75 0.05 PagSeguroDig PAGS 44.22 0.58 SK Telecom SKM 23.25 0.20 WellsFargo WFC 24.90 0.83 AirProducts APD266.44 2.57 BentleySystems BSY 34.50 1.40 s FairIsaac FICO 473.25 ... IntlPaper IP 49.96 2.07 s Teradyne TER 107.18 4.89 s Cintas CTAS 368.66 12.66 MobileTeleSys MBT 8.46 0.17 PalantirTech PLTR 15.93 0.13 SS&C Tech SSNC 66.06 1.23 Welltower WELL 66.42 0.85 AkamaiTech AKAM 101.68 0.15 Berkley WRB 70.48 1.61 Farfetch FTCH 43.75 -1.92 Interpublic IPG 21.64 0.48 Tesla TSLA 408.09 -0.41 s CiscoSystems CSCO 42.54 1.14 s Moderna MRNA 97.95 8.56 s PaloAltoNtwks PANW 278.50 19.80 StoreCapital STOR 32.60 1.17 WestPharmSvcs WST 292.01 1.04 s Albemarle ALB 128.92 6.44 BerkHathwy B BRK.B 233.10 5.68 Fastenal FAST 48.61 1.08 Intuit INTU 357.06 0.11 TevaPharm TEVA 9.63 0.14 s Citigroup C 50.40 1.74 MohawkInds MHK 129.12 5.98 PanAmerSilver PAAS 32.68 -0.34 s SVB Fin SIVB 354.62 8.71 WesternDigital WDC 43.58 2.11 Albertsons ACI 15.61 0.46 BerkHathwy A BRK.A3495407786.00 Fastly FSLY 75.69 -2.02 IntuitiveSurgical ISRG 758.19 4.81 TexasInstruments TXN 158.31 1.66 CitizensFin CFG 33.04 1.29 Invitae NVTA 46.40 -0.62 MolinaHealthcare MOH 218.90 -0.84 s ParkerHannifin PH 267.89 8.90 Salesforce.com CRM 249.89 0.38 WesternUnion WU 21.79 0.55 Alcon ALC 66.11 0.70 BerryGlobal BERY 54.12 0.58 FederalRealty FRT 92.74 4.27 Textron TXT 45.76 2.23 CitrixSystems CTXS 118.48 0.22 InvitatHomes INVH 29.12 -0.05 MolsonCoorsB TAP 44.92 0.78 Paychex PAYX 93.13 1.26 Sanofi SNY 50.67 -0.34 WestlakeChem WLK 75.49 1.86 AlexandriaRlEst ARE 165.33 0.96 BestBuy BBY 118.65 4.35 FedEx FDX 279.83 7.92 ThermoFisherSci TMO 480.99 -7.60 Clarivate CCC 27.66 -0.13 IonisPharma IONS 52.15 0.58 MolsonCoorsA TAP.A 47.00 -1.00 PaycomSoftware PAYC 379.33 -2.39 SantanderCons SC 23.57 0.89 WestpacBanking WBK 13.81 0.32 AlexionPharm ALXN 127.81 0.05 BeyondMeat BYND 127.15 2.41 Ferrari RACE 207.67 0.98 ThomsonReuters TRI 82.00 -1.11 Clorox CLX 207.67 0.29 s iQIYI IQ 27.77 1.07 Mondelez MDLZ 58.68 0.62 Paylocity PCTY 184.02 -5.12 SareptaTherap SRPT 139.70 -1.70 Alibaba BABA 258.31 -2.53 Bilibili BILI 50.05 1.15 FiatChrysler FCAU 14.89 0.32 3M MMM 173.86 4.07 WestRock WRK 42.55 2.10 Cloudflare NET 64.54 0.77 s MongoDB MDB 242.94 -3.92 PayPal PYPL 191.94 3.32 Schlumberger SLB 20.04 2.04 AlignTech ALGN 457.17 -0.09 Bill.com BILL 96.46 1.22 FidNatlFin FNF 35.64 1.08 iRhythmTechs IRTC 242.73-18.44 Tiffany TIF 131.49 0.12 Weyerhaeuser WY 29.36 0.22 Coca-Cola KO 53.85 0.40 MonolithicPower MPWR 306.00 -0.95 Pegasystems PEGA 121.82 0.96 SchwabC SCHW 46.89 0.89 Alleghany Y 626.82 11.02 Bio-Techne TECH 302.86 0.01 FidNatlInfo FIS 147.89 3.17 IronMountain IRM 26.09 0.60 Toro TTC 88.68 1.58 WheatonPrecMet WPM 44.64 -0.81 Coca-Cola Euro CCEP 41.29 2.79 MonsterBev MNST 83.58 -0.44 Peloton PTON 101.90 1.11 ScottsMiracleGro SMG 167.35 0.95 Allegion ALLE 118.26 4.26 Bio-RadLab B BIO.B 593.30 -2.78 FifthThirdBncp FITB 26.25 0.86 ItauUnibanco ITUB 5.41 0.20 TorontoDomBk TD 50.54 1.15 Whirlpool WHR 188.60 -0.13 Cognex CGNX 72.96 1.78 Moody's MCO 275.54 0.13 PembinaPipeline PBA 23.52 0.95 Sea SE 178.22 -3.22 AlliantEnergy LNT 56.44 0.24 Bio-RadLab A BIO 597.21 -5.15 FirstRepBank FRC 135.28 1.31 Total TOT 40.71 1.91 Williams WMB 20.23 0.19 s CognizantTech CTSH 77.80 0.61 J K L s MorganStanley MS 58.11 1.50 PennNational PENN 64.64 -0.36 Seagate STX 55.94 1.23 Williams-Sonoma WSM Allstate ALL 98.06 1.35 Biogen BIIB 250.96 2.37 FirstSolar FSLR 80.21 0.26 s ToyotaMotor TM 144.11 2.49 95.91 2.35 BioMarinPharm BMRN 77.11 -0.41 s ColgatePalm CL 85.93 0.57 Morningstar MORN 205.08 -1.13 Pentair PNR 53.39 0.73 Seagen SGEN 177.19 1.28 WillisTowers WLTW 210.61 3.80 AllyFinancial ALLY 30.71 0.80 FirstEnergy FE 28.50 -1.01 JD.com JD 85.26 -6.82 TractorSupply TSCO 132.82 0.84 BioNTech BNTX 91.52-14.48 s Comcast A CMCSA 49.54 0.54 Mosaic MOS 18.78 0.76 Penumbra PEN 262.38 -0.43 SealedAir SEE 44.45 1.36 Wipro WIT 5.10 0.04 AlnylamPharm ALNY 131.05 -4.46 Fiserv FISV 109.71 0.86 Joyy YY 95.58 1.46 TradeDesk TTD 746.13 11.36 BlackKnight BKI 95.02 0.50 Comerica CMA 52.24 1.76 MotorolaSol MSI 173.90 3.40 PepsiCo PEP 145.76 1.05 SempraEnergy SRE 135.44 0.89 Wix.com WIX 241.44 -2.82 Alphabet A GOOGL 1774.03 1.77 FiveBelow FIVE 151.38 5.34 JPMorganChase JPM 117.30 3.22 Tradeweb TW 60.42 0.16 BlackRock BLK 676.43 6.66 CommerceBcshrs CBSH 70.77 2.01 Mylan MYL 15.86 0.31 PerkinElmer PKI 133.32 1.20 SensataTechs ST 47.08 0.78 Workday WDAY 224.97 2.97 Alphabet C GOOG 1781.38 4.36 Five9 FIVN 140.58 -0.59 JackHenry JKHY 159.03 -2.45 TraneTech TT 152.44 4.45 Blackstone BX 57.09 0.93 ConagraBrands CAG 36.54 0.51 s MyoKardia MYOK224.91 0.11 Perrigo PRGO 49.19 0.13 ServiceCorp SCI 49.89 0.03 WynnResorts WYNN 94.74 2.55 Alteryx AYX 109.52 -1.45 FleetCorTech FLT 265.11 4.81 s JacobsEngg J 107.21 3.94 TransDigm TDG 573.96 7.18 Boeing BA 202.40 15.29 ConchoRscs CXO 55.16 3.94 NICE NICE 235.30 -1.14 PetroChina PTR 31.90 0.66 ServiceNow NOW 502.28 -5.73 XP XP 39.73 1.16 s AlticeUSA ATUS 31.05 0.40 s Flex FLEX 16.240.34 JamesHardie JHX 28.50 0.37 TransUnion TRU 95.95 2.98 BookingHldgs BKNG2109.61 56.74 ConocoPhillips COP 38.08 2.72 NIO NIO 45.58 1.02 PetroleoBrasil PBR 8.84 0.31 ShawComm B SJR 17.73 0.33 s XPO Logistics XPO 106.34 1.71 Altria MO 41.48 1.15 Floor&Decor FND 75.70 -0.27 JazzPharma JAZZ 146.06 -1.05 Travelers TRV 136.29 1.66 ConEd ED 82.71 1.08 NRG Energy NRG 32.65 0.51 PetroleoBrasilA PBR.A 8.58 0.22 SherwinWilliams SHW 731.70 5.42 XcelEnergy XEL 74.71 0.63 AlumofChina ACH 7.13 0.44 BoozAllen BAH 89.38 1.80 FomentoEconMex FMX 70.50 2.11 J&J JNJ 150.85 0.95 Trex TREX 73.020.69 ConstBrands A STZ 206.10 4.09 NVR NVR 4318.03 70.09 Pfizer PFE 37.33 -1.29 ShinhanFin SHG 30.29 0.65 Xilinx XLNX 131.31 3.66 Amazon.com AMZN 3131.06 2.25 BorgWarner BWA 38.74 1.08 FordMotor F 8.80 0.26 JohnsonControls JCI 45.36 0.71 Trimble TRMB 58.59 0.48 Cooper COO 340.70 -0.65 NXP Semi NXPI 149.99 3.50 PhilipMorris PM 78.63 2.74 Shopify SHOP 919.22 0.92 XPeng XPEV 44.10 2.11 Ambev ABEV 2.87 0.07 BostonBeer SAM 946.22 8.69 Fortinet FTNT 116.72 0.80 JonesLang JLL 138.05 5.60 Trip.com TCOM 34.54 -0.11 Copart CPRT 116.05 -1.66 Nasdaq NDAQ 125.53 -0.29 Phillips66 PSX 62.62 4.76 Sibanye-Stillwater SBSW 13.72 0.36 Xylem XYL 97.39 2.40 Amcor AMCR 12.15 0.36 BostonProps BXP 96.60 4.98 Fortis FTS 41.13 -0.21 JuniperNetworks JNPR 22.34 0.49 TruistFinl TFC 48.57 1.38 s Corning GLW 36.98 1.15 Natera NTRA 81.84 -0.97 Pinduoduo PDD 142.03 -9.26 SimonProperty SPG 78.96 4.26 Yandex YNDX 62.10 -0.01 Amdocs DOX 64.51 0.32 BostonSci BSX 38.03 0.05 Fortive FTV 72.16 1.21 KB Fin KB 41.41 0.13 Twilio TWLO 278.52 4.09 s Corteva CTVA 37.43 1.42 NationalGrid NGG 62.30 -0.64 PinnacleWest PNW 90.44 0.98 SiriusXM SIRI 6.37 0.10 YumBrands YUM 104.76 1.89 Amedisys AMED 244.58 1.15 BrightHorizons BFAM 170.22 3.67 FortBrandsHome FBHS 82.61 -1.19 s KE Holdings BEKE 73.56 1.03 Twitter TWTR 42.73 -0.75 CoStar CSGP 915.56 -1.52 NatlRetailProp NNN 41.76 2.00 Pinterest PINS 62.62 0.30 Skyworks SWKS 143.41 1.91 YumChina YUMC 58.05 0.29 s Amerco UHAL 409.76 7.89 BristolMyers BMY 64.50 0.88 FoxA FOXA 27.18 0.54 KKR KKR 37.74 0.23 TylerTech TYL 414.12 -2.03 Costco COST 379.79 0.95 Natura&Co NTCO 18.66 -0.05 PioneerNatRscs PXD 94.71 4.04 SlackTech WORK 26.07 0.32 ZTO Express ZTO 33.24 0.51 Ameren AEE 84.33 2.21 BritishAmTob BTI 37.56 0.56 FoxB FOX 26.75 0.54 KLA KLAC 241.78 5.68 TysonFoods TSN 64.74 2.39 CoupaSoftware COUP 288.48 1.41 NatWest NWG 4.01 0.16 PlainsAllAmPipe PAA 8.16 0.50 SmithAO AOS 56.40 1.33 s ZaiLab ZLAB 105.14 1.64 AmericaMovil AMX 14.13 0.19 Broadcom AVGO 380.81 7.31 Franco-Nevada FNV 134.80 -1.22 KSCitySouthern KSU 188.33 1.26 s UBS Group UBS 14.26 0.59 Credicorp BAP 127.53 2.35 nCino NCNO 72.03 -1.26 s PlugPower PLUG 25.00 1.57 Smith&Nephew SNN 39.77 -0.67 ZebraTech ZBRA 345.98 0.12 AmericaMovil A AMOV 13.95 0.07 BroadridgeFinl BR 148.51 1.82 FranklinRscs BEN 21.27 0.76 Kellogg K 66.58 0.82 UDR UDR 40.27 1.40 CreditSuisse CS 12.03 0.28 NetApp NTAP 51.58 1.75 Pool POOL 340.80 0.17 Smucker SJM 120.11 1.02 Zendesk ZEN 122.38 -1.17 AmerAirlines AAL 12.79 0.55 BrookfieldMgt BAM 39.76 2.58 FreeportMcM FCX 21.00 0.86 KeurigDrPepper KDP 29.45 0.15 UGI UGI 36.79 0.36 Cree CREE 71.31 1.40 NetEase NTES 87.10 -1.17 PostHoldings POST 102.52 -0.12 Snap SNAP 39.08 -1.35 Zillow C Z 107.04 1.01 AEP AEP 89.21 -0.66 s BrookfieldInfr BIP 52.59 1.58 FreseniusMed FMS 43.10 0.20 KeyCorp KEY 15.80 0.93 US Foods USFD 31.18 1.12 CrowdStrike CRWD 131.58 -0.60 Netflix NFLX 479.10 -3.74 PrincipalFin PFG 48.32 2.02 SnapOn SNA 174.61 3.29 Zillow A ZG 108.52 0.55 AmerExpress AXP 118.67 3.68 BrookfieldPropREIT BPYU 17.53 1.27 s KeysightTechs KEYS 117.67 1.57 s Uber UBER 49.21 1.60 CrownCastle CCI 165.42 -2.59 Neurocrine NBIX 92.96 0.98 Procter&Gamble PG 142.43 -1.85 Snowflake SNOW 241.85 7.05 ZimmerBiomet ZBH 150.22 -1.14 AmericanFin AFG 88.80 2.53 BrookfieldRenew BEPC 71.36 -2.05 G H I KilroyRealty KRC 62.60 2.02 Ubiquiti UI 252.72 -0.34 CrownHoldings CCK 95.31 0.20 NewOrientalEduc EDU 177.91 4.53 Progressive PGR 95.90 0.24 s SOQUIMICH SQM AmHomes4Rent AMH 29.69 -0.59 Brown&Brown BRO 47.66 0.50 KimberlyClark KMB142.09 1.75 45.59 1.97 UltaBeauty ULTA 275.29 12.94 Zoetis ZTS 165.29 -0.49 CubeSmart CUBE 33.91 -0.09 GCI LibertyA GLIBA 87.83 -0.07 NYTimes A NYT 40.97 1.22 Prologis PLD 103.26 -0.27 SolarEdgeTech SEDG 228.28 6.68 ZoomVideo ZM 399.15 -4.43 AIG AIG 38.49 1.17 Brown-Forman B BF.B 81.20 1.62 KinderMorgan KMI 13.67 0.54 UltragenyxPharm RARE 118.67 1.45 Cummins CMI 231.86 -4.69 GDS Holdings GDS 93.15 -0.29 PrudentialFin PRU 75.58 2.45 SolarWinds SWI AmerTowerREIT AMT 239.09 -4.00 Brown-Forman A BF.A 73.90 1.25 KingsoftCloud KC 38.40 0.39 NewellBrands NWL 20.36 0.63 22.15 -0.05 Unilever UN 60.75 -1.62 ZoomInfoTech ZI 41.61 -0.63 s CureVac CVAC 85.68 10.48 s GFLEnvironmental GFL 23.99 1.14 Prudential PUK 33.95 0.84 s AmerWaterWorks AWK 165.55 4.24 Bruker BRKR 49.82 0.85 KinrossGold KGC 7.89 -0.13 Newmont NEM 65.67 -0.04 Sony SNE 90.45 0.73 Unilever UL 60.99 -1.74 Zscaler ZS 133.52 1.60 CyrusOne CONE 71.96 -0.81 GSXTechedu GSX 71.01 0.91 s AmericoldRealty COLD 36.93 0.09 s Bunge BG 60.69 1.52 KirklandLakeGold KL 43.96 -1.15 NewsCorp A NWSA 17.39 0.41 PublicServiceEnt PEG 59.52 0.14 Southern SO 64.12 0.22 UnionPacific UNP 206.71 3.27 Zynga ZNGA 7.96 -0.17 Galapagos GLPG 125.70 0.82 s Ameriprise AMP 185.97 1.09 BurlingtonStrs BURL 230.97 5.56 Knight-Swift KNX 41.74 0.83 D E F Gallagher AJG 117.43 1.72 AmerisourceBrgn ABC 109.01 0.89 CBRE Group CBRE 59.92 2.09 KoninklijkePhil PHG 53.10 -0.34 Gaming&Leisure GLPI 41.90 0.25 s Ametek AME 120.08 2.81 CDW CDW 139.08 1.49 DISH Network DISH 32.94 1.40 KoreaElcPwr KEP 9.60 -0.11 Amgen AMGN 236.66 -0.70 CF Industries CF 32.40 1.51 DTE Energy DTE 135.20 4.50 Gap GPS 24.16 2.09 KraftHeinz KHC 32.15 0.54 Exchange-Traded Portfolios | WSJ.com/ETFresearch Amphenol APH 126.28 2.88 CGI GIB 70.50 2.09 DadaNexus DADA 33.59 -0.73 Garmin GRMN 117.51 1.88 Kroger KR 32.30 0.16 AnalogDevices ADI 138.01 1.74 CH Robinson CHRW 92.92 0.95 Danaher DHR 229.65 -5.03 Gartner IT 159.02 1.04 L Brands LB 34.76 0.42 Closing Chg YTD Anaplan PLAN 63.59 0.82 CME Group CME 168.77 2.81 Darden DRI 110.08 2.49 Generac GNRC 213.19 -2.78 LHC Group LHCG 210.71 -2.41 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) AngloGoldAsh AU 23.51 -0.63 CMS Energy CMS 66.06 0.99 s DarlingIngred DAR 49.09 1.69 GeneralDynamics GD 152.93 1.78 Line LN 51.35 -0.13 Schwab US TIPs SCHP 60.97 –0.13 7.7 AB InBev BUD 68.00 1.64 CNA Fin CNA 35.76 0.91 Datadog DDOG 86.36 0.54 GeneralElec GE 9.57 0.32 LKQ LKQ 36.80 0.76 Closing Chg YTD Monday, November 16, 2020 SPDR DJIA Tr DIA 299.98 1.64 5.2 AnnalyCap NLY 7.74 0.17 CNH Indl CNHI 10.46 0.37 s DaVita DVA 113.14 2.59 GeneralMills GIS 61.21 0.24 LPL Financial LPLA 91.31 1.77 ETF Symbol Price (%) (%) Closing Chg YTD SPDR S&PMdCpTr MDY 393.35 2.00 4.8 s Anthem ANTM 333.15 0.19 CNOOC CEO 113.18 2.33 DeckersOutdoor DECK 249.86 -1.24 s GeneralMotors GM 42.13 0.94 L3HarrisTech LHX 200.00 5.70 ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 87.06 1.23 9.9 SPDR S&P 500 SPY 362.57 1.25 12.6 Aon AON 208.03 3.59 CRH CRH 40.06 0.53 Deere DE 259.10 7.31 Genmab GMAB 35.48 -0.74 LabCpAm LH 204.50 4.91 iShMSCI EAFE EFA 70.09 1.04 0.9 SPDR S&P Div SDY 106.16 2.47 –1.3 ApolloGlbMgmt APO 45.35 1.11 CRISPR Therap CRSP 106.76 2.80 Genpact G 40.66 0.15 s CommSvsSPDR XLC 64.52 0.64 20.3 DellTechC DELL 67.35 1.24 LamResearch LRCX 439.29 12.98 iShMSCIEmgMarkets EEM 48.93 1.24 9.0 TechSelectSector XLK 122.37 0.97 33.5 s CSX CSX 93.00 2.40 s Gentex GNTX 32.74 0.88 CnsmrDiscSelSector XLY 155.46 1.31 24.0 Appian APPN 105.06 5.97 DeltaAir DAL 38.00 1.54 LamarAdv LAMR 76.93 0.26 iShMSCIJapan EWJ 64.28 1.42 8.5 UtilitiesSelSector XLU 66.76 1.01 3.3 CVS Health CVS 73.47 2.47 GenuineParts GPC 99.57 0.54 CnsStapleSelSector XLP 68.15 0.92 8.2 Apple AAPL 120.30 1.04 DenaliTherap DNLI 63.82 -1.35 LambWeston LW 74.23 2.30 iShNatlMuniBd MUB 116.07 –0.02 1.9 VanEckGoldMiner GDX 37.76 –0.66 29.0 GileadSciences GILD 61.09 0.51 FinSelSectorSPDR XLF 27.63 2.22 –10.2 ApplMaterials AMAT 74.48 1.67 CableOne CABO 2021.25 37.78 DentsplySirona XRAY 49.68 -1.68 LasVegasSands LVS 58.38 0.10 iSh1-5YIGCorpBd IGSB 54.95 0.05 2.5 VangdInfoTech VGT 328.47 0.98 34.2 GSK GSK 38.06 -0.24 FT DJ Internet FDN 197.41 0.13 41.9 Aptargroup ATR 126.86 1.79 CabotOil COG 17.05 -0.57 DeutscheBank DB 10.79 0.06 Lear LEA 140.87 2.89 iShPfd&Incm PFF 37.72 1.15 0.3 VangdSC Val VBR 133.00 3.00 –3.0 HealthCareSelSect XLV 111.93 –0.17 9.9 Aptiv APTV 114.47 4.56 CadenceDesign CDNS 114.86 -0.96 DexCom DXCM 340.03 3.63 GlobalPayments GPN 189.94 1.53 Leidos LDOS 100.63 2.16 iShRussell1000Gwth IWF 227.70 0.53 29.4 VangdSC Grwth VBK 240.51 0.83 21.0 IndSelSectorSPDR XLI 87.85 2.44 7.8 Aramark ARMK 35.13 0.94 CaesarsEnt CZR 63.19 1.81 Diageo DEO 160.47 5.38 Globant GLOB 185.33 -2.15 Lennar B LEN.B 61.50 0.10 iShRussell1000 IWB 202.79 1.22 13.7 VangdExtMkt VXF 146.54 1.59 16.3 InvscQQQI QQQ 293.20 0.78 37.9 ArcelorMittal MT 16.69 0.54 CamdenProperty CPT 101.76 1.45 DigitalRealty DLR 142.00 -2.65 GlobeLife GL 94.26 2.22 Lennar A LEN 75.76 0.16 iShRussell1000Val IWD 132.46 1.88 –2.9 VangdDivApp VIG 139.51 1.23 11.9 InvscS&P500EW RSP 122.56 2.09 5.9 ArchCapital ACGL 35.30 1.15 CampbellSoup CPB 49.90 0.71 DiscoverFinSvcs DFS 77.77 1.16 GoDaddy GDDY 74.40 0.70 LennoxIntl LII 301.76 2.94 iShRussell2000 IWM 177.63 2.38 7.2 VangdFTSEDevMk VEA 44.86 1.29 1.8 iSh3-7YTreasuryBd IEI 132.71 –0.02 5.5 ArcherDaniels ADM 50.41 0.55 CIBC CM 82.34 1.38 DiscoveryB DISCB 30.60 0.21 GoldFields GFI 10.16 -0.47 LeviStrauss LEVI 17.70 0.56 iShRussellMid-Cap IWR 64.83 1.65 8.7 VangdFTSE EM VWO 47.68 1.17 7.2 iShCoreDivGrowth DGRO 43.82 1.62 4.2 AresMgmt ARES 44.58 0.33 CanNtlRlwy CNI 109.20 0.68 DiscoveryA DISCA 24.07 0.95 GoldmanSachs GS 222.38 3.30 LiAuto LI 35.55 4.35 iShS&P500Growth IVW 61.46 0.84 27.0 VangdFTSE Europe VGK 57.56 1.05 –1.8 iShCoreMSCIEAFE IEFA 66.14 1.15 1.4 arGEN-X ARGX 258.50 -4.17 CanNaturalRes CNQ 20.95 0.88 DiscoveryC DISCK 21.82 0.92 GoodRx GDRX 46.72 -0.63 LibertyBroadbandC LBRDK 152.19 -0.44 iShS&P500Value IVE 125.03 1.68 –3.9 VangdFTSEAWxUS VEU 55.58 1.20 3.4 iShCoreMSCIEM IEMG 58.60 1.30 9.0 s AristaNetworks ANET 273.26 -0.60 s CanPacRlwy CP 337.61 5.08 Disney DIS 144.67 6.31 Graco GGG 68.83 0.84 iShShortTreaBd SHV 110.68 ... 0.2 VangdGrowth VUG 239.96 0.74 31.7 LibertyBroadbandA LBRDA 151.47 -0.78 iShCoreMSCITotInt IXUS 64.02 1.22 3.4 Canon CAJ 18.52 0.53 s Grainger GWW 414.53 11.22 iShSilver SLV 23.02 0.52 38.0 VangdHlthCr VHT 217.90 –0.15 13.6 ArrowElec ARW 88.10 1.10 DocuSign DOCU 208.13 2.43 LibertyGlobal C LBTYK 21.85 0.83 iShCoreS&P500 IVV 363.80 1.24 12.5 CanopyGrowth CGC 24.77 0.34 Grifols GRFS 19.25 0.21 iShTIPSBondETF TIP 125.16 –0.14 7.4 VangdHiDiv VYM 89.40 1.78 –4.6 ArrowheadPharm ARWR 69.07 0.53 s DolbyLab DLB 88.95 1.75 LibertyGlobal A LBTYA 22.50 0.88 iShCoreS&P MC IJH 215.15 2.01 4.5 AscendisPharma ASND 164.39 -1.29 CapitalOne COF 88.61 1.91 DollarGeneral DG 213.09 -0.81 Grubhub GRUB 71.99 -2.03 LibertyFormOne A FWONA 38.03 0.07 iSh1-3YTreasuryBd SHY 86.35 0.02 2.0 VangdIntermBd BIV 93.07 0.04 6.7 iShCoreS&P SC IJR 84.19 3.01 0.4 iSh7-10YTreasuryBd IEF 119.89 –0.08 8.8 VangdIntrCorpBd VCIT 96.31 0.14 5.5 AspenTech AZPN 125.37 4.61 CardinalHealth CAH 58.47 1.04 DollarTree DLTR 95.61 0.66 GuardantHealth GH 104.34-11.82 LibertyFormOne C FWONK 41.91 0.30 iShS&PTotlUSStkMkt ITOT 82.32 1.30 13.2 iSh20+YTreasuryBd TLT 157.78 –0.24 16.5 VangdLC VV 168.73 1.22 14.1 Assurant AIZ 137.11 3.60 Carlisle CSL 144.12 3.93 DominionEner D 86.07 1.14 Guidewire GWRE 110.41 0.48 LibertyBraves A BATRA 25.17 0.51 iShCoreUSAggBd AGG 117.63 –0.01 4.7 iShRussellMCGrowth IWP 188.31 0.77 23.4 VangdMC VO 196.95 1.62 10.5 AstraZeneca AZN 56.29 -1.09 Carlyle CG 28.45 0.65 Domino's DPZ 384.82 -4.78 HCA Healthcare HCA 151.82 2.07 LibertyBraves C BATRK 24.88 0.38 iShSelectDividend DVY 94.38 2.79 –10.7 iShUSTreasuryBdETF GOVT 27.61 –0.05 6.4 VangdMBS VMBS 54.01 –0.07 1.6 Athene ATH 42.96 1.09 CarMax KMX 97.59 2.11 s HDFC Bank HDB 68.72 0.80 LibertySirius C LSXMK Donaldson DCI 54.43 0.96 42.80 1.29 iShESGAwareUSA ESGU 82.62 1.20 15.8 JPM UltShtIncm JPST 50.77 ... 0.7 VangdRealEst VNQ 86.34 1.12 –7.0 Carnival CCL 17.57 1.56 s HD Supply HDS 55.77 10.96 Atlassian TEAM 189.46 -3.36 Dover DOV 125.80 3.52 LibertySirius B LSXMB 42.21 2.25 iShEdgeMSCIMinEAFE EFAV 71.72 0.53 –3.8 PIMCOEnhShMaturity MINT 101.97 ... 0.4 VangdS&P500ETF VOO 333.00 1.21 12.6 AtmosEnergy ATO 101.28 -0.88 Carnival CUK 15.75 1.39 Dow DOW 53.93 1.96 HP HPQ 20.30 0.69 LibertySirius A LSXMA 42.70 1.42 iShEdgeMSCIMinUSA USMV 67.62 0.79 3.1 SPDR BlmBarcHYBd JNK 107.03 0.55 –2.3 VangdST Bond BSV 82.80 0.02 2.7 Autodesk ADSK 248.79 -2.21 CarrierGlobal CARR 40.50 2.21 DrReddy'sLab RDY 63.89 -0.46 HSBC HSBC 25.48 0.95 EliLilly LLY 140.59 -1.79 iShEdgeMSCIUSAMom MTUM 151.40 0.16 20.6 SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 VangdSTCpBd VCSH 82.90 0.06 2.3 Autohome ATHM 99.83 -2.99 Carvana CVNA 210.01 -1.07 DraftKings DKNG 42.73 -0.11 Halliburton HAL 15.46 1.13 s LincolnElectric LECO 117.79 3.26 iShEdgeMSCIUSAQual QUAL 112.93 1.25 11.8 SPDR Gold GLD 177.15 –0.01 24.0 VangdSC VB 178.92 2.06 8.0 s Autoliv ALV 89.61 2.24 CaseysGenStores CASY 191.40 0.38 Dropbox DBX 18.69 -0.37 HartfordFinl HIG 46.34 1.13 LincolnNational LNC 42.82 1.14 iSh5-10YIGCorpBd IGIB 61.10 0.09 5.4 SchwabIntEquity SCHF 34.51 1.29 2.6 VangdTotalBd BND 87.87 0.06 4.8 ADP ADP 177.05 5.42 Catalent CTLT 105.36 0.75 DukeEnergy DUK 95.01 0.03 Hasbro HAS 90.89 3.17 Linde LIN 255.46 -1.60 iShGoldTr IAU 18.00 ... 24.1 SchwabUS BrdMkt SCHB 86.84 1.27 13.0 VangdTotIntlBd BNDX 58.28 –0.02 3.0 AutoZone AZO 1146.02 -9.78 Caterpillar CAT 173.19 1.48 DukeRealty DRE 39.89 -0.44 HealthcareAmer HTA 28.14 -0.04 LithiaMotors LAD 265.97 -0.07 iShiBoxx$InvGrCpBd LQD 136.20 0.32 6.4 SchwabUS Div SCHD 62.88 2.23 8.6 VangdTotIntlStk VXUS 57.28 1.26 2.9 Avalara AVLR 151.38 -0.22 Celanese CE 132.81 4.40 Dun&Bradstreet DNB 28.05 0.65 HealthpeakProp PEAK 30.73 1.02 LiveNationEnt LYV 68.32 2.24 iShiBoxx$HYCpBd HYG 85.92 0.56 –2.3 SchwabUS LC SCHX 87.29 1.24 13.6 VangdTotalStk VTI 185.56 1.22 13.4 Avalonbay AVB 173.35 4.01 Cemex CX 4.50 0.06 Dunkin' DNKN 106.22 0.09 s Heico HEI 135.46 5.39 LloydsBanking LYG 1.83 0.03 iShJPMUSDEmgBd EMB 114.08 0.22 –0.4 SchwabUS LC Grw SCHG 121.44 0.48 30.7 VangdTotlWrld VT 88.24 1.27 9.0 Avangrid AGR 50.29 -0.27 Centene CNC 67.67 -1.38 DuPont DD 63.42 1.79 s Heico A HEI.A 121.44 3.18 LockheedMartin LMT 377.13 1.99 iShMBSETF MBB 110.06 –0.05 1.9 SchwabUS SC SCHA 80.78 2.29 6.8 VangdValue VTV 116.19 1.69 –3.1

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Comcast A CMCSA 49.75 1.1 Flex FLEX 16.44 2.1 Hovnanian HOV 41.23 3.3 ModineMfg MOD 11.61 9.5 PrimorisSvcs PRIM 23.98 4.5 StifelFinancial SF 70.39 2.8 VivintSmartHmWt VVNT.WS 8.90 6.8 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE CommVehicle CVGI 7.58 1.4 FormFactor FORM 40.46 7.8 HudbayMinerals HBM 5.69 6.8 MoneyGram MGI 8.45 7.9 PropertySolns PSACU 10.20 ... StoneCo STNE 66.28 1.7 Vonage VG 13.26 1.2 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low ComputerTask CTG 6.75 6.9 ForwardAir FWRD 74.70 3.2 IES Holdings IESC 39.57 -0.7 MontroseEnvl MEG 33.88 7.0 QurateRetailA QRTEA 9.51 4.2 Strattec STRT 34.98 -1.3 VoyaFinlPfdB VOYApB 29.87 ... in the latest session. %CHG-Daily percentage change from the previous trading session. ConstructionPtrs ROAD 27.03 15.9 Fossil FOSL 9.55 15.7 IonAcqn1Wt IACA.WS 1.46 ... MorganStanleyPfdK MSpK 29.51 2.2 QwestNts2053 CTY 25.70 0.7 SummitTherap SMMT 5.50 1.2 WD-40 WDFC 264.92 1.8 Cooper-Standard CPS 36.70 6.9 Franchise7.5%PfdA FRGAP 25.26 0.1 Immunovant IMVT 52.82 3.9 MorganStanley MS 58.14 2.6 QwestNts2057 CTDD 26.79 0.9 SunOpta STKL 9.05 1.1 WRBerkleyDeb58 WRBpE 27.80 1.2 Walker&Dunlop WD 83.56 1.5 Monday, November 16, 2020 CooperT&R CTB 41.76 3.3 FreedomHolding FRHC 34.22 4.7 InfinityPharm INFI 1.85 7.0 MorganStanleyPfdL MSpL 27.54 1.1 RLI RLI 105.05 5.0 SwitchbackEnerA SBE 18.64 10.0 Core-Mark CORE 35.87 1.8 FuelCell FCEL 3.78 31.4 IntelliaTherap NTLA 35.00 3.4 MorganStanleyPfdA MSpA 24.75 1.0 R1RCM RCM 20.59 1.2 SynchronyPfdA SYFpA 26.50 2.3 Walmart WMT 153.40 1.3 52-Wk % 52-Wk % 52-Wk % CoreMoldingTech CMT 11.61 8.3 Futu FUTU 44.28 4.3 Intellicheck IDN 10.75 11.2 MrCooper COOP 25.64 4.0 Ranpak PACK 11.80 5.5 SyndaxPharm SNDX 22.99 8.8 WattsWater WTS 119.90 0.2 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CoreLogic CLGX 78.69 0.4 GFLEnvironmental GFL 24.39 5.0 InterstateP&LPfdD IPLDP 26.55 1.2 MyoKardia MYOK 225.00 ... RegalBeloit RBC 119.44 4.3 Synnex SNX 157.52 4.1 WellsFargoPfdN WFCpN 26.18 1.4 Corning GLW 37.13 3.2 GFL Env Un GFLU 60.18 4.1 iQIYI IQ 28.03 4.0 NationalBeverage FIZZ 95.35 4.5 RegionsFinPfdA RFpA 26.80 1.3 TCR2 Therap TCRR 27.78 1.6 WellsFargoPfdAZ WFCpZ 25.75 0.8 ArchCapitalPfdF ACGLO 27.06 1.9 BurgundyTechWt BTAQW 0.67 -1.7 CorsairGaming CRSR 31.20 3.7 GMS GMS 34.57 17.3 iRhythmTechs IRTC 274.21 -7.1 NaviosMaritime NMCI 2.43 7.9 RegionsFinPfdB RFpB 30.23 1.7 Ternium TX 25.50 6.4 WellsFargoPfdAA WFCpA 25.35 0.5 Arconic ARNC 29.95 3.3 CBAK Energy CBAT 11.40 83.7 Highs Corteva CTVA 37.57 3.9 GabelliEquityPfdK GABpK 27.11 0.4 IridiumComm IRDM 32.31 1.0 Nelnet NNI 73.25 1.3 RenaissancePfdF RNRpF 27.96 1.4 TFI Intl TFII 52.60 4.4 WellsFargoPfdP WFCpP 26.05 1.2 Argan AGX 48.71 3.8 CF Bankshares CFBK 15.29 0.5 WellsFargoPfdO WFCpO 26.04 1.1 Amcon DIT 94.00 7.8 Corts Aon KTN KTN 34.19 2.5 GeneralFinNts25 GFNSZ 25.25 0.4 JacobsEngg J 107.24 3.8 Neuronetics STIM 7.95 11.1 RibbitLeapA LEAP 12.20 0.4 T-MobileUS TMUS 130.11 0.3 ArgoGoupPfdA ARGOpA 26.19 1.4 CFFinAcqnIII CFACU 10.15 -0.1 WescoIntl WCC 63.00 5.8 ASGN ASGN 84.83 5.7 CureVac CVAC 85.68 13.9 GeneralMotors GM 42.15 2.3 JefferiesFin JEF 24.30 1.2 NewbornAcqnWt NBACW 0.68 66.9 RobertHalf RHI 66.32 4.7 TraconPharm TCON 7.97 1.2 AristaNetworks ANET 276.19 -0.2 CIT PfdB CITpB 26.80 2.4 WescoPfdA WCCpA 30.08 0.2 ASML ASML 426.65 1.6 Danaos DAC 13.60 17.2 GenerationBio GBIO 33.54 3.2 Joint JYNT 26.12 1.2 NewsCorp A NWSA 18.15 2.4 Rogers ROG 145.49 4.8 TTEC TTEC 64.99 2.2 AshlandGlobal ASH 83.28 -2.9 CMLifeSciA CMLF 10.87 -2.9 WestportFuelSys WPRT 2.95 12.7 AT&T PfdC TpC 26.36 0.5 DarlingIngred DAR 49.84 3.6 Gentex GNTX 32.74 2.8 KE Holdings BEKE 79.40 1.4 NextGenAcqn NGACU 9.97 -0.4 RothCHAcquisitionI ROCHU 11.99 6.8 TailwindAcqnA TWND 9.93 0.7 AspirCnsA ASPL 10.00 0.5 CMSEnerDeb78 CMSA 27.76 0.9 WheelerREIT WHLR 3.90 4.6 AXIS CapPfdE AXSpE 26.67 2.2 DaVita DVA 113.39 2.3 Gentherm THRM 53.46 2.1 Kadant KAI 138.56 3.1 NorfolkSouthern NSC 247.25 3.1 RothCHAcqnI ROCH 10.55 4.0 TaiwanSemi TSM 102.44 6.5 AssdBancPfdD ASBpD 26.25 0.2 CMSEnerNts2078 CMSC 28.11 1.1 XOMA XOMA 31.80 11.4 AXT AXTI 8.32 1.9 DiamondHillInvt DHIL 160.91 6.5 GoldmanSachsPfA GSpA 23.99 1.7 KaziaTherap KZIA 11.10 -7.7 OaktreeAcqnII A OACB 10.40 5.9 RothCHAcqnIWt ROCHW 2.03 63.9 Tantech TANH 3.65 10.7 AssdBancPfdE ASBpE 27.90 1.6 CNO Financial CNO 21.25 3.8 XPEL XPEL 37.93 -1.5 AcadiaHealthcare ACHC 43.13 0.2 DigitalRealtyPfK DLRpK 28.22 0.5 GoldmanSachsPfC GSpC 24.89 0.9 KerosTherap KROS 69.88 15.5 OaktreeAcqnIIWt OACB.WS 1.20 ... RyderSystem R 58.24 3.2 Teradyne TER 107.24 4.8 AssdBancPfdF ASBpF 28.41 0.5 CSW Industrials CSWI 112.15 4.9 XPO Logistics XPO 108.05 1.6 AcmeUnited ACU 31.75 16.6 DixieGroup DXYN 2.18 1.6 GoldmanSachsPfD GSpD 24.40 1.2 KeysightTechs KEYS 118.77 1.4 OaktreeCapPfdB OAKpB 28.32 0.9 SQZ Biotech SQZ 30.37 26.4 Textainer TGH 17.54 5.7 AtaraBiotherap ATRA 19.55 8.2 CTS CTS 32.09 1.5 YellowstoneAcqn YSACU 10.63 0.5 AdvEnergyInds AEIS 90.58 4.1 dMYTechII Wt DMYD.WS 1.90 -6.8 Grainger GWW 414.97 2.8 KinsaleCapital KNSL 223.80 5.2 OcularTherapeutix OCUL 14.16 -0.9 SVB Fin SIVB 356.21 2.5 Timken TKR 73.92 2.8 AthenePfdB ATHpB 27.34 2.3 Camtek CAMT 20.56 4.0 ZaiLab ZLAB 105.38 1.6 AffiliatedMgrs AMG 89.45 2.6 AthenePfdC ATHpC 28.08 1.5 CanPacRlwy CP 337.80 1.5 DolbyLab DLB 88.96 2.0 GreenBrickPtrs GRBK 22.95 4.0 KornitDigital KRNT 78.24 1.6 Omnicell OMCL 100.14 1.7 Sabre6.5%Pfd SABRP 138.46 4.2 TItanIntl TWI 5.15 5.4 AjaxI AJAX.U 10.38 0.2 Autoliv ALV 89.68 2.6 CapitalOnePfdG COFpG 26.30 1.4 EasternBankshares EBC 13.96 2.3 GrowGeneration GRWG 26.86 4.1 LamResearch LRCX 439.65 3.0 Oncorus ONCR 25.48 -2.7 SanJuanBasin SJT 3.69 -1.1 ToyotaMotor TM 144.65 1.8 Lows AlaskaCommSys ALSK 3.14 1.0 AviatNetworks AVNW 29.52 6.2 CapitalOnePfdK COFpK 25.49 1.4 EastmanChem EMN 98.52 4.3 HDFC Bank HDB 69.25 1.2 Lands'End LE 23.15 -1.1 OntoInnovation ONTO 43.30 5.2 SchnitzerSteel SCHN 25.10 3.9 TravelCenters TA 32.43 3.8 Albemarle ALB 129.15 5.3 AvidBioservices CDMO 9.25 2.7 Cardlytics CDLX 116.00 1.9 EatonVance EV 65.84 1.4 HD Supply HDS 55.89 24.5 LarimarTherap LRMR 23.72 0.3 Oppenheimer A OPY 29.50 4.6 SecurityNatFin SNFCA 7.90 3.6 TrinityBiotech TRIB 3.35 1.7 AmericanWell AMWL 21.56 -7.2 AlbertonAcqnWt ALACW 0.45 27.9 AvidTechnology AVID 11.51 3.9 CarriageSvcs CSV 29.72 4.8 EidosTherap EIDX 82.78 2.1 HainCelestial HAIN 38.11 3.1 LatticeSemi LSCC 41.68 4.5 OptimizeRx OPRX 24.75 -6.7 SharpSpring SHSP 15.45 6.7 TritonIntl TRTN 41.83 3.4 AppliedUV AUVI 4.88 -4.1 AlerusFinancial ALRS 25.35 3.5 AxosFinancial AX 34.37 4.2 CellcomIsrael CEL 4.74 14.4 ElementSolns ESI 13.04 1.2 HamiltonLane HLNE 78.07 0.9 LifetimeBrands LCUT 13.00 5.3 OtisWorldwide OTIS 67.64 2.8 ShattuckLabs STTK 33.50 7.5 TriumphBancorp TBK 49.42 2.8 BowlAmerica BWL.A 7.65 -4.8 AligosTherap ALGS 21.13 6.1 BRP Group BRP 33.21 2.1 CelsiusHldg CELH 35.44 4.6 Empower EMPW.U 10.02 -0.4 HavertyFurn A HVT.A 30.57 3.4 LincolnElectric LECO 118.44 2.8 PG&EUn PCGU 115.69 1.7 ShockwaveMed SWAV 95.60 0.7 Tuscan THCBU 12.87 0.7 CMLifeSciA CMLF 9.66 -2.9 AllscriptsHlthcr MDRX 12.56 1.6 B RileyFin RILY 31.33 3.7 Cerence CRNC 79.84 9.9 EnPro NPO 71.38 6.1 HavertyFurn HVT 30.75 3.2 Littelfuse LFUS 235.28 2.9 POSCO PKX 54.74 2.0 Shyft SHYF 24.48 2.8 TuscanWt THCBW 1.03 9.3 GulfportEnergy GPOR 0.12 -44.1 AlticeUSA ATUS 31.99 1.3 Baidu BIDU 151.18 1.9 CerevelTherapWt CEREW 3.20 2.6 EquitablePfdA EQHpA 27.38 1.8 HeartlandPfdB HTLFP 27.80 1.1 LiveOakBcshs LOB 47.06 4.4 PRGX Global PRGX 6.75 -0.3 SOQUIMICH SQM 45.69 4.5 UBS Group UBS 14.34 4.3 HallofFameResort HOFV 1.09 -53.8 AltraIndlMotion AIMC 56.45 5.2 BkofAmericaPfdNN BACpO 25.69 1.0 ChampionsOncology CSBR 12.23 14.9 EsteeLauder EL 259.77 1.3 Heico A HEI.A 123.78 2.7 Lydall LDL 24.35 5.2 PTC PTC 99.23 1.3 SoftwareII A SAII 9.78 0.3 UMB Fin UMBF 72.48 3.4 HudsonExecUn HECCU 9.82 -0.1 Amerco UHAL 409.82 2.0 BeaconRoof BECN 38.50 2.6 ChartIndustries GTLS 97.31 1.8 EvercoreA EVR 89.61 2.2 Heico HEI 136.37 4.1 MSC Industrial MSM 86.75 4.2 PaciraBioSci PCRX 66.31 1.1 Sony SNE 91.10 0.8 US BancorpPfdB USBpH 23.75 0.4 IG Acqn IGACU 9.88 0.2 AIG PfdA AIGpA 28.25 -0.2 BeamGlobalWt BEEMW 16.32 23.4 ChesapeakeUtil CPK 111.31 -0.5 EvolvingSystems EVOL 1.88 3.4 HeliosTechnologies HLIO 50.25 2.9 MagellanHealth MGLN 87.52 0.6 PackagingCpAm PKG 135.01 3.4 SouthernNts20 SOJD 27.38 1.8 USCellularNts2069 UZD 27.00 0.3 JaguarHealth JAGX 0.19 -3.5 Ameriprise AMP 188.57 0.6 BeamGlobal BEEM 22.71 16.7 Cintas CTAS 369.20 3.6 EvoquaWater AQUA 28.38 3.8 HercHoldings HRI 56.50 9.7 MaidenHldg6.7%PfdD MHpD 10.79 14.7 PactivEvergreen PTVE 15.00 1.8 SpartacusAcqnUn TMTSU 10.05 0.4 Uber UBER 50.09 3.4 KiromicBiopharma KRBP 9.10 -5.3 Ametek AME 120.34 2.4 BerkeleyLights BLI 98.93 -5.1 CitizensFinPfdD CFGpD 29.06 2.5 F5Networks FFIV 166.67 2.2 HighCapeCapA CAPA 9.90 0.2 MaidenHoldings MHLD 2.06 33.8 PaloAltoNtwks PANW 279.06 7.7 SpringWorks SWTX 69.48 2.1 UnitedRentals URI 217.88 5.1 180LifeSci ATNF 2.16 -8.2 AmicusTherap FOLD 22.88 3.0 BerkHathwy B BRK.B 233.46 2.5 CitizensFinPfdE CFGpE 26.06 0.4 FairIsaac FICO 477.78 ... Hillenbrand HI 36.31 4.5 MayvilleEngg MEC 12.00 5.8 ParTechnology PAR 50.67 5.0 SpruceBio SPRB 26.89 9.0 USCopperIndex CPER 20.14 1.8 PMV Pharm PMVP 31.05 0.4 Anthem ANTM 338.20 0.1 BerkHathwy A BRK.A 350000 2.3 ClearPtNeuro CLPT 9.36 4.9 FarmlandPtrs FPI 8.25 6.4 HireQuest HQI 9.21 -0.1 McKesson MCK 187.67 0.4 ParkNational PRK 107.99 4.8 Starbucks SBUX 97.81 2.3 UnitedTherap UTHR 144.26 1.0 PfizerWi PFEw 35.00 -3.5 Appian APPN 106.11 6.0 BluescapeOpps BOAC.U 10.02 0.2 CognizantTech CTSH 78.47 0.8 FifthThirdPfdK FITBO 28.49 2.2 HolicityA HOL 10.34 5.0 MerchantsBancorp MBIN 27.80 8.3 ParkerHannifin PH 269.80 3.4 StateStreetPfdG STTpG 29.53 2.2 Upwork UPWK 33.43 7.3 PyxisTankersPfdA PXSAP 15.50 -2.8 AppliedIndlTechs AIT 76.60 7.6 BrightSphere BSIG 18.28 2.7 CohnRobbinsA CRHC 9.87 -0.4 FirstFoundation FFWM 18.60 9.8 HomeStreet HMST 35.37 3.9 MesaLab MLAB 289.64 3.2 PenskeAuto PAG 61.73 3.1 StateStreetPfdD STTpD 29.10 2.0 Veracyte VCYT 48.71 0.8 Root ROOT 19.67 -5.5 AptivPfdA APTVpA 138.92 4.0 Broadstone BNL 17.43 1.9 Cohu COHU 28.01 8.7 FirstHorizonPfdC FHNpC 27.68 2.0 HondaMotor HMC 29.52 4.5 MetLifePfdE METpE 28.34 1.6 PfizerWi PFEw 37.85 -3.5 SteelDynamics STLD 37.34 6.6 Vericel VCEL 26.22 -0.5 TailwindAcqnWt TWND.WS 0.62 ... ArcBest ARCB 38.95 3.1 BrookfieldFinNts BAMH 25.56 ... ColgatePalm CL 85.94 0.7 FirstHorizonPfdB FHNpB 27.12 0.9 HookerFurniture HOFT 30.86 3.3 MicronTech MU 61.91 6.8 PiperSandler PIPR 94.00 1.5 Stepan SCL 129.62 3.7 Viatris VTRSV 16.13 1.1 VenusConcept VERO 2.01 -0.5 ArcelorMittalNts MTCN 41.43 3.4 BrookfieldInfr BIP 52.72 3.1 CollectiveGrowth CGROU 13.111.0 FirstRepBkPfdI FRCpI 28.20 1.7 HorizonGlobal HZN 7.18 4.7 MicroStrategy MSTR 204.37 6.1 PlugPower PLUG 25.49 6.7 StepStone STEP 30.99 -1.5 VirtusInvtPtrs VRTS 189.78 2.7 VitalFarms VITL 27.23 -7.1 ArchCapitalPfdE ACGLP 26.23 1.6 Bunge BG 61.08 2.6 ColonnadeAcqnA CLA 10.00 3.6 Fitbit FIT 7.20 0.1 HoulihanLokey HLI 66.36 -0.9 Moderna MRNA 103.20 9.6 PriceSmart PSMT 80.66 3.0 Steris STE 196.55 1.4 Visteon VC 110.03 4.4 Vroom VRM 32.99 -7.4

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 51.58 -0.07 33.9 InvGrBd 11.79 +0.01 8.4 JPMorgan I Class PIMCO Funds I2 CapOpAdml r179.82 +2.00 14.0 ValAdml 45.30 +0.75 -0.8 WndsrII 39.37 +0.60 9.0 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity LowP r 48.18 +0.81 3.4 CoreBond 12.41 ... NA Income NA ... NA DivAppIdxAdm 37.84 +0.46 13.4 WdsrllAdml 69.87 +1.07 9.0 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem126.01 +1.45 14.1 Magin 12.69 +0.04 24.4 EqInc 19.40 +0.33 NA PIMCO Funds Instl EMAdmr 39.51 +0.34 8.6 WellsIAdml 69.12 +0.34 6.8 IdxIntl 18.38 +0.22 4.3 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 18.29 +0.09 26.4 OTC 16.43 +0.13 36.9 JPMorgan R Class IncomeFd NA ... NA EqIncAdml 77.82 +1.10 0.3 WelltnAdml 79.74 +0.51 8.5 SmValAdml 57.06 +1.58 -1.7 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 74.77 +1.20 17.2 Puritn 25.77 +0.14 16.9 CoreBond 12.42 ... NA Price Funds ExplrAdml 114.76 +1.61 18.1 WndsrAdml 73.00 +1.53 2.1 TotBd2 11.49 -0.01 6.4 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 12.44 +0.15 14.6 SrsEmrgMkt 23.57 +0.26 14.3 Lord Abbett A BlChip 162.06 +0.50 30.3 ExtndAdml 111.15 +1.78 17.2 VANGUARD FDS TotIntlInstIdx r122.95 +1.49 4.4 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 43.95 +0.55 2.3 SrsGlobal 13.73 +0.16 4.3 ShtDurIncmA p 4.19 +0.01 2.1 DivGro 58.42 +0.59 10.6 GNMAAdml 10.69 -0.01 3.1 DivdGro 33.37 +0.31 10.2 TotItlInstPlId r122.98 +1.50 4.4 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. MidCpInxInstPrem 25.92 +0.43 10.3 SrsGroCoRetail 27.69 +0.23 56.0 Lord Abbett F EqInc 30.35 +0.67 -3.5 GrwthAdml 123.44 +0.81 32.4 INSTTRF2020 26.17 +0.15 8.5 TotSt 90.25 +1.10 14.7 SAIUSLgCpIndxFd 19.46 +0.22 13.9 SrsIntlGrw 19.84 +0.14 13.2 ShtDurIncm 4.18 ... 2.0 EqIndex 96.45 +1.11 13.9 HlthCareAdml r 95.26 -0.33 11.6 INSTTRF2025 27.01 +0.19 9.2 VANGUARD INSTL FDS SeriesBondFd 10.75 ... 6.9 SrsIntlVal 9.65 +0.15 -2.5 Lord Abbett I Growth 94.95 +0.50 29.4 HYCorAdml r 5.90 +0.01 3.4 INSTTRF2030 27.52 +0.22 9.6 BalInst 43.38 +0.32 12.5 Monday, November 16, 2020 SeriesOverseas 11.90 +0.09 10.4 TotalBond 11.20 ... 7.8 ShtDurInc p 4.18 ... 2.1 HelSci 100.68 -0.24 23.6 InfProAd 28.04 -0.03 8.7 INSTTRF2035 28.00 +0.25 9.8 DevMktsIndInst 14.41 +0.20 3.3 Net YTD Net YTD Net YTD Fidelity SAI Metropolitan West LgCapGow I 58.11 +0.22 31.9 DevMktsInxInst 22.52 +0.30 3.3 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 22.73 +0.53 8.3 IntlGrAdml 146.68 +0.68 42.7 INSTTRF2040 28.48 +0.28 10.0 TMktIdxInstPrem103.52 +1.28 14.6 TotalBd 10.64 +0.01 7.4 TotRetBd 11.63 ... 7.8 MidCap 111.57 +1.32 17.0 ITBondAdml 12.59 -0.01 8.8 INSTTRF2045 28.88 +0.31 10.3 ExtndInst 111.15 +1.79 17.3 GrwthInst 123.45 +0.81 32.4 American Century Inv WshA p 49.68 +0.57 4.7 EmgMktVa 26.58 +0.24 -5.4 USBdIdxInstPrem 12.41 ... 7.0 Fidelity Selects TotRetBdI 11.63 +0.01 8.1 NHoriz 86.16 +0.20 45.1 ITIGradeAdml 10.63 ... 8.9 INSTTRF2050 28.96 +0.32 10.5 InPrSeIn 11.42 -0.01 8.7 Ultra 72.73 +0.55 39.4 Baird Funds EmMktCorEq 22.37 +0.25 4.6 Fidelity Advisor I Softwr r 25.71 +0.11 33.7 TRBdPlan 10.94 +0.01 8.1 R2020 24.13 +0.17 9.2 LTGradeAdml 11.93 -0.01 12.8 INSTTRF2055 29.07 +0.31 10.4 InstIdx 324.08 +3.73 14.1 American Funds Cl A AggBdInst 11.83 ... 7.6 IntlCoreEq 13.70 +0.21 0.7 NwInsghtI 38.97 +0.18 19.2 Tech r 28.25 +0.25 47.8 MFS Funds Class I R2025 19.61 +0.16 10.3 MidCpAdml 243.91 +3.97 12.0 IntlVal 37.87 +0.72 0.9 InstPlus 324.10 +3.73 14.1 AmcpA p 38.27 +0.30 16.0 CorBdInst 12.18 +0.01 7.6 IntSmCo 18.93 +0.32 0.6 Fidelity Freedom First Eagle Funds Growth I 160.18 +0.32 26.0 R2030 28.77 +0.28 11.1 MuHYAdml 11.77 ... 3.2 LifeCon 22.51 +0.11 8.5 InstTStPlus 77.24 +0.94 14.8 AMutlA p 44.29 +0.49 3.4 BlackRock Funds IntSmVa 17.90 +0.35 -7.1 FF2020 17.18 +0.13 9.3 GlbA 61.03 +0.70 5.3 ValueI 44.75 +0.52 1.7 R2035 21.28 +0.22 11.8 MuIntAdml 14.73 +0.01 4.0 LifeGro 39.50 +0.38 10.2 MidCpInst 53.88 +0.87 12.0 BalA p 30.30 +0.25 8.1 HiYBlk 7.62 ... 2.8 LgCo 27.86 +0.32 14.0 FF2025 15.32 +0.13 9.7 Franklin A1 MFS Funds Instl R2040 30.44 +0.33 12.5 MuLTAdml 12.13 +0.01 4.6 LifeMod 31.32 +0.22 9.4 MidCpIstPl 265.74 +4.32 12.0 BondA p 14.09 ... 9.5 HiYldBd Inst 7.61 ... 2.7 TAUSCoreEq2 21.87 +0.37 9.8 FF2030 19.07 +0.17 10.1 CA TF A1 p 7.72 ... 3.6 IntlEq 29.57 +0.27 6.1 PRIMECAP Odyssey Fds MuLtdAdml 11.23 +0.01 2.9 STAR 31.27 +0.25 15.1 SmCapInst 85.66 +1.66 9.0 CapIBA p 61.60 +0.64 ... BlackRock Funds A US CoreEq1 28.29 +0.44 10.6 Freedom2020 K 17.16 +0.12 9.2 IncomeA1 p 2.25 +0.03 0.9 Old Westbury Fds AggGrowth r 52.49 +0.47 16.9 MuShtAdml 15.93 ... 1.7 TgtRe2015 16.33 +0.07 7.6 STIGradeInst 10.99 +0.01 4.6 CapWGrA 56.46 +0.59 9.4 GlblAlloc p 21.25 ... 14.0 US CoreEq2 25.64 +0.43 9.6 FrankTemp/Frank Adv LrgCpStr 16.70 +0.13 10.8 Putnam Funds Class Y Freedom2025 K 15.30 +0.13 9.7 PrmcpAdml r158.60 +1.90 10.0 TgtRe2020 35.29 +0.20 8.5 STIPSIxins 25.46 ... 3.7 EupacA p 63.84 +0.61 14.7 BlackRock Funds Inst US Small 35.57 +0.95 2.4 IncomeAdv 2.23 +0.03 1.0 Parnassus Fds StDurInc 10.10 ... 1.4 Freedom2030 K 19.06 +0.18 10.2 RealEstatAdml122.30 +1.26 -4.7 TgtRe2025 21.67 +0.16 9.2 TotBdInst 11.57 -0.01 6.8 FdInvA p 66.35 +0.76 9.5 StratIncOpptyIns 10.20 ... 4.8 US SmCpVal 32.20 +1.03 -5.6 FrankTemp/Franklin A ParnEqFd 54.67 +0.39 16.8 Schwab Funds Freedom2035 K 16.21 +0.18 10.9 SmCapAdml 85.66 +1.66 9.0 TgtRe2030 39.93 +0.32 9.5 TotBdInst2 11.49 -0.01 6.5 GwthA p 64.50 +0.47 26.1 Bridge Builder Trust USLgVa 36.13 +0.75 -4.7 Growth A p 139.60 +1.02 24.4 PGIM Funds Cl Z 1000 Inv r NA ... NA Freedom2040 K 11.43 +0.14 11.4 SmGthAdml 84.59 +0.78 21.5 TgtRe2035 24.73 +0.22 9.8 TotBdInstPl 11.57 -0.01 6.8 CoreBond 10.95 ... 7.6 RisDv A p 78.20 +1.12 13.2 TotalReturnBond NA ... NA HI TrA p 9.89 +0.04 3.3 Dodge & Cox Fidelity Invest S&P Sel NA ... NA STBondAdml 10.85 ... 4.3 TgtRe2040 43.07 +0.43 10.1 TotIntBdIdxInst 34.99 +0.02 3.9 CorePlusBond 10.70 ... 7.8 Guggenheim Funds Tru PIMCO Fds Instl ICAA p 43.15 +0.50 10.8 Balanced 101.90 +1.48 3.5 Balanc 27.39 +0.26 16.9 TSM Sel r NA ... NA STIGradeAdml 10.99 +0.01 4.6 TgtRe2045 27.28 +0.29 10.4 TotStInst 90.30 +1.11 14.8 Intl Eq 12.86 +0.17 7.3 IncoA p 23.19 +0.23 2.2 Income 14.83 +0.02 8.0 BluCh 152.50 +1.06 47.6 TotRtnBdFdClInst 29.96 +0.03 13.0 AllAsset NA ... NA TIAA/CREF Funds TotBdAdml 11.57 -0.01 6.8 TgtRe2050 43.95 +0.48 10.5 ValueInst 45.30 +0.75 -0.8 IntBdA p 14.21 ... 6.8 LargeCapGrowth 20.29 +0.13 28.2 Intl Stk 41.58 +0.90 -4.6 Contra 17.41 +0.09 27.8 Harbor Funds HiYld 8.92 +0.02 2.9 BdIdxInst 11.62 ... 6.7 TotIntBdIdxAdm 23.31 ... 3.9 TgtRet2055 47.70 +0.52 10.4 WCM Focus Funds N PerA p 57.69 +0.58 22.1 LargeCapValue 14.14 +0.27 4.8 Stock 190.41 +4.07 1.4 ContraK 17.44 +0.08 27.9 CapApInst 106.06 +0.35 40.0 InvGrdCrBd NA ... NA EqIdxInst 26.77 +0.32 14.7 TotIntlAdmIdx r 30.75 +0.38 4.4 TgtRetInc 14.94 +0.06 7.5 WCMFocIntlGrwIns 23.73 +0.20 25.5 NEcoA p 56.60 +0.26 23.8 Columbia Class I DoubleLine Funds CpInc r 10.38 +0.06 5.1 Harding Loevner ShortT 9.86 ... 2.5 VANGUARD ADMIRAL TotStAdml 90.28 +1.10 14.8 TotIntBdIxInv 11.66 ... 3.9 Western Asset NwWrldA 81.55 +0.85 15.6 DivIncom I 25.31 +0.35 5.2 CoreFxdIncmI NA ... NA DivIntl 45.60 +0.16 12.6 IntlEq NA ... NA TotRt 10.92 ... 8.0 500Adml 335.30 +3.86 14.1 TxMCapAdml189.05 +2.18 15.4 USGro 61.86 +0.27 43.8 CoreBondI NA ... NA SmCpA p 71.69 +0.54 21.9 Dimensional Fds TotRetBdI NA ... NA GroCo 32.93 +0.28 54.2 Invesco Funds Y PIMCO Funds A BalAdml 43.37 +0.32 12.4 TxMIn r 14.39 +0.20 3.3 WellsI 28.53 +0.14 6.7 CorePlusBdI NA ... NA TxExA p 13.48 +0.01 3.2 5GlbFxdInc 10.89 ... 1.5 Edgewood Growth Instituti GrowCoK 33.01 +0.29 54.3 DevMktY 50.28 +0.69 10.3 IncomeFd NA ... NA CAITAdml 12.29 ... 3.7 USGroAdml 160.37 +0.72 43.9 Welltn 46.18 +0.30 8.4 CorePlusBdIS NA ... NA P2JW322000-4-B01000-1------XA

B10 | Tuesday, November 17, 2020 **** THE WALL STREET JOURNAL. MARKETS More Good Vaccine News LiftsDow Chinese Debt Falls TheDow Jones Industrial Av- Gains were wide ranging. DowJJonesones Industrial Average and recent vaccine news vestments. eragesurgedtoarecordafter a Shares of banks, retailers, oil In the meantime,manyana- Pfizer/BioNTech Moderna second set of upbeat results companies and travel stocks ral- announcement announcement lystsand investorsworrythat On New from apotential Covid-19 vac- lied, while several megacap 30000 rapidly rising coronavirus cases cine liftedshares of companies technologycompanies also threaten to further weigh on Record close that have been walloped by the climbed. That helped lift the corporateprofits.Though some U.S. Curbs pandemic. Nasdaq Composite94.84 points, epidemiologistshavesaid that or 0.8%, to 11924.13,its third- 29500 totalshutdowns maynot be BY MATT WIRZ By Caitlin McCabe, highest close. necessary, the recent resurgence Mischa Frankl-Duval U.S. stocks have been on a in cases acrossthe nation has Selling pressurehit Chi- and Frances Yoon tear recently,with the Dowin- thepotential to prompt school nese corporatebonds affected dustrialsand the S&P 500 both 29000 closures or pause reopenings. by an executiveorder Presi- Theindexofblue-chip com- posting double-digit gains so far Still, even with concerns dent Trump signed latelast panies gained 470.63 points, or this month. Analystshad ex- among some investorsinthe week barring American inves- 1.6%, to 29950.44, itsfirst re- pected volatility in the weeks market, movement acrossother tors from holding securities cord close sinceFebruaryand following the election, but opti- asset classes signaled inves- of 31 companies the U.S. says 28500 within striking distance of the mism about avaccine has turbo- tors’optimism. Theyield on 10- arelinked to China’smilitary. yet-to-be-reached 30000 mile- chargedbetsonafaster eco- year U.S. Treasurynoterose to Thedebt of state-owned stone. nomic recovery and powered 0.906% from 0.892% on Friday. agriculturegiant China Na- TheDow’s rise wasdriven indexeshigher. Bond yields rise when prices tional Chemical Corp. by arally among economically “2020 is ayear we won’t 28000 fall. dropped as much as 4% Mon- sensitivecompanies,including ever forget and yetsomehow Nov. 6Nov.16 Commodities also rallied. dayonworries that Mr. Boeing and Chevron,both of equity marketshavecom- Source:FactSet Copper,considered abellwether Trump’sorder would force which surged pletely erased it from their forglobal growth, jumped to its U.S.-domiciled MONDAY’S morethan 7%. memory,” said Seema Shah, to bring itsgains forthe month Investorsand analystssaid highest settle value sinceJune CREDIT funds to avoid MARKETS Those jumps also chief strategist at Principal to morethan 16%. Investorsin positioningsuggeststhat even 2018.Meanwhile,Brent crude, MARKETS thecompany’s helped the S&P Global Investors. “They’ve recent days have bet that avac- amid the recent enthusiasm, theinternational benchmark, bonds.Chem- 500 to asecond consecutive managed to reach record highs cine will boost profitsatsmaller some tradersmay be anticipat- rose 2.4% to $43.82abarrel. China’sdebt is widely held by record close,with the bench- despiteeverything that has businesses,which could also ing some choppinessahead. If Overseas,the pan-European U.S. and European investors mark indexgaining 41.76 happened.” benefitfromfiscal stimulus in regulatorsultimately authorize StoxxEurope 600 rose 1.2%, because it has atriple-B in- points, or 1.2% to 3626.91. Among the biggest gainers themonths ahead. one or both of the vaccines in whileAsian stocks benefited vestment-grade credit rating Monday’smoves came after Mondaywereshares of econom- Yetunlikelast week,inves- thecoming weeks,the initial from the signing of atrade deal and is arelatively large com- Moderna said itsexperimental ically sensitivecompanies that tors didn’t shed shares of some supply is likely to be limited and that includes China, Japan, ponent of apopular JPMor- vaccine was 94.5%effective at have struggled with people the highflying technologycom- targeted to certain populations. South Koreaand 12 other coun- ganChase &Co. emerging- protecting people from Covid-19 stuck at home.Cruise operator panies that led markets’ re- That could possibly constrain tries.The regional bloc covers marketsbond index, aHong in an early look at pivotal study Carnival added 9.7%, while bound from their March lows. the rapid recovery that inves- around athirdofglobal eco- Kong-based portfolio manager results, making it the second shares of United Airlines Hold- Apple rose 0.9%, Facebook tors areeager to see. nomic output. said. vaccine to hit amilestone.Last ings and Exxon Mobil both rose added0.7%and Microsoft “There’salong way to go be- Japan’sNikkei 225rose 2.1% Thefertilizer and seed week, Pfizer and partner BioN- morethan 5%. Shares of Mod- gained 0.3%. Some tech compa- tween Phase III resultsand a to log itshighest closing value maker borrowedabout $3 bil- Tech said itsvaccine showedit- erna,meanwhile,surged9.6%. nies diddecline,including Net- normal economy,” said James sinceJune 1991. Asian markets lion on international bond self in an early analysis to be TheRussell 2000 indexof flix and Zoom Video Communi- Athey,asenior investment man- were flat early Tuesday. U.S. markets in September via U.S. morethan 90% effective. small-companystocks rose 2.4% cations. ager at Aberdeen StandardIn- stock futures were down 0.3%. investment banks despite having been labeled by the U.S. Defense Department as “Communist Chinese military Aramco,Needing Cash, to Issue Dollar Bond companies.” Mr.Trump’ssub- sequent order would bar pur- chase or investment in stocks, BY RORY JONES funds or other financial prod- AND SUMMER SAID uctsfromthe 31 companies starting Jan. 11. Theincoming DUBAI—Saudi Aramcosaid Biden administration could it aims to issue a U.S. dollar- reversethe ban. denominated bond, as the Thepriceofa$1billion cash-strapped oil giant cuts bond due in 2030 that Chem- jobs,considersasset sales and China issued in September reviews its expansion plans. fell to 96.50centsonthe dol- Saudi Arabian Oil Co., as lar Mondayfrom100.878 last

the companyisofficially GES week,according to datafrom

called, is selling debt even as IMA BondTicker. lowoil prices hurt itsability In the U.S. debt market, to generatecash forits biggest GETTY U.S. Treasuryyields jumped shareholder,the Saudi govern- SE/ afterpositivenewsabout the ment. It is seeking to meet a potential efficacyofaMod-

pledgemade last year to pay ANCE-PRES erna Inc.Covid-19 vaccine

$75billion in annual divi- FR sparked hopes of afaster eco- dends. nomic rebound. Aramcosaid it hired Gold- GENCE Theyield on the bench- /A

manSachs Group Inc., Citi- CO mark 10-year Treasurynote

group Inc., JPMorganChase & AM climbed as high as 0.931%, up Co.and MorganStanley, AR from aclose of 0.892% on Fri- UDI

among others, to arrangein- SA daybut still belowthe 0.973% vestor calls on Mondayahead The oil giant has pledged to pay $75 billion in annual dividends. The company’s Safaniya and Tanajib onshore plants in Fadhili, Saudi Arabia. high reached last week on of adebt sale.The oil company, news of asimilar vaccine which didn’t disclose pricing or global investors access to the failed to attract international investorswho would receivea Dutch Shell PLC and BP PLC from Pfizer Inc.The 10-year howmuch it will raise,said it world’sbiggest oil company buyers,manyofwhom were regular payout from the com- have cut payoutstopreserve yield pared itsclimb to finish plans amulti-tranche bond of- forthe firsttime.The sale discouraged by what they per- panyasitleases the asset, cash amid falling oil demand at 0.906% afterthe release of fering with potential maturities prospectus also opened the ceived to be an expensiveval- these people said. as aresult of the coronavirus. the EmpireState Manufactur- of three,five, 10,30and 50 books on Aramco’sonce-secre- uation. Aramcodidn’t respond to a Since the onset of the pan- ing Survey showedlower- years. Thebond issue is likely tivefinancials,showing it was On topofraising debt, request to comment on the demic,Aramco’sdividend pay- than-expected growth. Bond to raise billions of dollars, and then the world’s most profit- Aramcoisnow cutting jobs project. out has become even more yields rise as prices fall. the pricing and sizewould de- able companyand whetting and reviewing plans to expand This month, Aramcoposted crucialtothe Saudi govern- Investorssold U.S. govern- pend on market conditions, the appetite for equity inves- at home andabroad, TheWall a 45% drop in net income for ment,which has had to con- ment bonds,which typically Aramcoadded. tors ahead of the December Street Journal has reported. the thirdquarter,generating tend with higher costsrelated serveasahaven in times of It could be well-timed. In- 2019 share offering. Thecompanyisalso consider- free cash flow of only $12.4 to a national lockdown and a volatility,and increased expo- vestorsare hopeful of aglobal Thecompanyannounced ing asale-and-lease-back billion, compared with the stimulus effort to boost the suretostocks on anticipation economic recovery afterPfizer the dividend commitment in a agreement forsome of its roughly $18.75billion it re- economy. Thegovernment that vaccine distribution will Inc.last week said itscorona- bid to lureinvestorstothe ini- pipeline assets in an arrange- quires each three months to owns roughly 98% of the oil hasten arebound in economic virus vaccine was90% effec- tial public offering.But the ment that could raise billions meet its dividend pledge. company’s shares. activity.Tradersare watching tiveintrials.Oil prices have pledge, combined with lowoil of dollars, according to people Exxon Mobil Corp.has also Ratingsfirm Fitchrevisedits to see when the benchmark rallied since then. prices caused by the pan- familiar with the deal. The held theline on dividends,in- outlook last week on Aramcoto bond yieldcrosses the psy- Aramco made itsdebut in demic,has forced arestructur- plan, dubbed “Project Seek,” stead trimming jobs and capi- negativefromstable,after chologically important1% thebond marketslast year, ing at Aramcoand ascramble could involveAramcoselling a talspending.Other big oil making asimilar changefor the threshold, not exceeded since raising $12 billion and giving to raise cash. TheIPO also stakeinits infrastructureto companies such as Royal Saudi government. beforethe pandemic shut down the U.S. economyin March. Payments companies' shareperformance, year to date “Wecould certainly see 10- yearsgothrough 1% relatively E-Commerce Sends Shares 150% quickly,” said Christopher Sullivan,chief investment of- Adyen ficerfor the United Nations Of Payments Firm Higher 100 Federal Credit Union. The benchmark yield could rise as PayPal Holdings high as 1.25% as further ad- BY BEN DUMMETT Online payments have held business. Nexi’sisaround 10%. vances in vaccine testing 50 up betterthan in-storedigital Payment stocks,including emerge but is unlikely to ex- Few companies have bene- paymentsduring the pandemic Adyen’s, suffered ashort-lived ceed that level because of fitedmorefromthe e-com- as people avoid crowds. More decline last week as part of a Nexi pervasivedisinflationary merce shopping boom sparked merchants are adopting digi- broader drop in technology 0 Worldline pressureinthe economy, he by the pandemic than Dutch tal-payment technologytoser- stocks after positivetest re- said. payments firm Adyen NV. vicee-commerce as well as in- sults from a coronavirus vac- Thecredit union favors Thebest-performing large store purchases. cine developed by Pfizer Inc. -50 holding shorter-term bonds in stock in Europe this year, By the end of this year,the and partner BioNTech SE gave this environment as their Adyenisupalmost 120%, percentageoftotal transactions hope forareturn to normalcy. Jan. 2020 Nov. yields arelesssensitiveto vaulting itsmarket value to globally done with cash is ex- Adyenand other payments Note:Stock prices in euros,except PayPal (dollars) changes in the economic out- nearly $60 billion, biggerthan pected to be around 64%, down processorsstand to lose some Source:FactSet look because of the lowinter- some of the region’stop from 69% in 2019,according to businessonceany vaccine is est ratesset by the Federal banks,including Swissgiant aMcKinsey &Co. report in Oc- administered widely,giving European payments operator the company says, helps mer- Reserve,Mr. Sullivan said. UBS GroupAG. Adyen’s stock tober.That drop “isequivalent people morefreedom to ven- Nets Group forabout €6 bil- chants minimizethe number “The entire front end of the performancehas even out- to four to five times the annual tureout again and use cash lion, equivalent to $7.1 billion, of digitaltransactions pro- curve, even from two yearsto paced PayPal Holdings Inc., decrease in cash usageob- forshopping and entertain- to expand itsgeographic cessed that end up failing for five years, is not going to another beneficiaryofthe served over the last few years,” ment. reach. That came on the heels reasons such as acustomer moveverymuch.” movetoward digital payments, the consulting firm said. However, at leastpart of of Nexi’s October deal to ac- having insufficient funds, or —Frances Yoon which is up about 70%. Adyen, whose roster of cli- the digital-paymentssector quire fintech rival SIA SpAfor because the paymentsare contributed to this article. UnlikePayPal, which hun- ents includes Uber Technolo- gains achieved this year will about €4.6 billion. Worldline fraudulent. dreds of millions of consumers gies Inc., MicrosoftCorp. and stick,particularly as the trend closed its€7.8billion tie-up Thetechnologyis“sort of world-wide use to send money eBay Inc., reported a27% in- toward cashlesspaymentswas with IngenicoGroup SA that their secret sauce” in part by AUCTION RESULTS and makeinternet purchases, crease in netrevenue in the in placebeforethe onset of same month. lowering merchants’ overall Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- Adyensitsbehind the scenes, first half of 2020. Covid-19, analysts say. Adyenhas sat out this deal- processing costs, said Sean clearing yield. Rates are determined by the difference providing the technologythat Itsbig European rivals have Adyenhas grownorgani- making activity.“It’svery Horgan,ananalyst at Rosen- between that price and the face value. merchantsuse to process seen lessofawindfall. France- cally,steering clear of afrenzy much by design,” said Hemmo blatt Securities. 13-Week 26-Week credit-cardand other types of based paymentscompany of deals in the payments Bosscher,aspokesman. The Adyen’slofty valuation, Applications $176,594,714,600 $169,158,100,700 digital payments. Analystssay Worldline SA and Italian rival space. Some of the region’s go-it-alone strategyisabet on however, is aconcern forsome Accepted bids $61,293,256,700 $57,887,468,400 " noncomp $756,055,300 $501,629,400 that unlikesome rivals that Nexi SpAboth sawrevenue biggest paymentsprocessors its in-house-built technology. investorsand analysts. The " foreign noncomp $340,000,000 $275,000,000 rely on in-store transactions drop in the firsthalf.Both rely have struck multibillion-dollar Adyensays itsoffering is companytrades at about 130 Auction price (rate) 99.977250 99.949444 forabig chunk of their busi- much moreonin-person tie-ups, betting the increased more effectivethan those of times projected earnings, and (0.090%) (0.100%) 0.091% 0.101% ness,almost 90% of Adyen’s transactions at shops and res- scale will givethem acompet- rivals,which have to managea the stock is ratedahold based Bids at clearing yield accepted 73.33% 15.51% transaction volumes come from taurants. Worldline’sonline itive edge. patchwork of legacysystems on the average of analyst rec- 9127964D8 9127962Y4 Both issues are dated Nov. 19, 2020. The 13-week bills online sales.That advantage merchant-services revenue is Late Sunday, Nexi finalized accumulated in part through ommendations,according to mature on Feb. 18, 2021; the 26-week bills mature on attractedinvestorstoAdyen. 30% of the totalfromthat an agreement to acquire pan- deals.Adyen’s single platform, FactSet, a data provider. May 20, 2021. P2JW322000-2-B01100-1------XA

THE WALL STREET JOURNAL. ** Tuesday, November 17, 2020 | B11 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Home Depot Needs To Avoid HD Déjà Vu

After newest acquisition, the retailer should make sure it doesn’t lose focus

Home Depot parted wayswith its the housing market had weakened wholesale distributor business HD Home Depot and HD Supply,and the Supply when both were struggling. former needed to seal the deal to S Nowthat they are getting back to- help boost itssagging shareprice NEW

G gether,the companies’ biggest risk through buybacks.Atthe time, could be losing sight of whythey Home Depot management felt own- split in the firstplace. ing HD Supply wastaking away from OOMBER

BL Thecompanies said Monday the focus it needed to turn around S/ morning that Home Depot would be itsstores. acquiring HD Supply for$56 ashare, Market conditions aredifferent

REYNOLD a25% premium to the company’s today: Home Depot and HD Supply

ANI last closing price. HD Supply’s shares arethriving and so is the U.S. hous- EF

ST moved up by roughly the same ing market. Yetboth companies ar- Central banks, such as the U.S.’s Federal Reserve, have taken interest rates down to record lows. amount afterthe announcement, guably emergedstronger precisely while Home Depot’sbarely budged. because they each became morefo- Theproposed deal, which is ex- cused. Home Depot has grownsales pected to close by early next year, per shareby140% since2009 and Yields of 0.9% Have Appeal values HD Supply at roughly $8 bil- HD Supply has been narrowing its lion including net borrowings, repre- focus through well-timed divest- senting amultiple over forward ments. It will be ashame if that dis- earningsbeforeinterest, taxes, de- cipline suffersafter their reunion. Treasurys’ popularity has more to do with a market knee jerk than rate hopes preciation and amortization of Theacquisition fits well with roughly 15 times beforeany cost sav- Home Depot’slargerstrategyasit ingsrelated to the merger, according has been leaning intothe profes- Vaccine news is setting off a setsthem between zero and 0.25%. tively,aswell as insatiable demand to Evercore ISI. That is roughly in sional segment. HD Supply com- race to invest in risky assets. And Starting in 2015,low unemploy- forlong-term assetsfrominsurers line with Home Depot’sown valua- mands morethan 4% of the address- yet, getting paid 0.9% annually to ment prompted the central bank to and pension funds.This year,fear tion. Home Depot expectsthe acqui- able $68 billion maintenance, repair lock money away for 10 years has nudgeupinterest rates. Lately, the has pushed the term premium fur- sition to add to itsearningsstarting and operations market it has identi- rarely looked more tempting. Fedsaid inflation will need to stay ther intonegativeterritory: In July, next fiscal year. fied. That market remains highly Last week, Pfizer’s strong test re- abovetargetfor awhile beforeit the 10-year Treasuryyield wasafull Theagreement comes with much fragmented. Getting back together sultspushed arecord$44.5billion takesaction. Other major central percentagepoint lowerbecause of it. lessdrama compared with the com- looks much lesspainful than the intoglobal equity funds,according banks seem set to do the same. At that point, havens likebonds panies’ split in 2007,when Home De- split. Nowthat the companies have to fund tracker EPFR Global. On Inflation hasn’t reached uncom- and gold were so stretched that they pot dealt with haggling private-eq- found their bearings, the challenge Monday, early resultsshowing 94.5% fortable levels fordecades,soinves- stopped acting as a cushion for uity buyers,settling foralowerprice will be to keep them both pointed in effectivenessfor Moderna’s vaccine tors have become convinced that stocks—even casting doubt over the on the sale of HD Supply.Distressin the right direction. —Jinjoo Lee led to another rally,particularly for rateswill be stuck at zero even after popular investment strategyofkeep- airline and bank shares.The flip side the economyrecoversfromCovid-19. ing 60% of holdingsinequities and Share-priceperformance is that money is leaving Treasurys: Thequestion, then, is whybond 40% in fixedincome.The U.S. term $4 billion leftU.S.government-bond yields have risen: Has the recent premium has sincepulled back from 30% funds last week.Ten-year yields vaccine news led the market to think such extreme lows,with aparticular HD have risen above0.9%, having spent that, oncegrowthrecovers, central boost last week.While this wasto 25 Supply recent months hovering around bankerswill tighten policyafter all? be expected, it onceagain gives 0.6%. Such returns might seem scant Probably not. Calculations by the Treasurys room to appreciatein 20 at atime of renewedconfidence NewYork Fedsuggest that rate ex- times of turmoil. about the economic recovery.For an pectations remain unchanged, and Marketsmay be riding anew ultrasafeasset in 2020,though, this that the rise in Treasuryyields is re- wave of optimism, but investors 15 maybeawindowofopportunity. lated to other factors—what analysts still need ahedgeagainst the mas- Themain determinant of value dub the “term premium.” Derivatives siveuncertainties of the months 10 forbonds,especially those without marketsalso priceina100% proba- ahead. These include final approval default risk because they areissued bility of ratesstaying pat. of the experimental vaccines,a by governmentsintheir owncur- Historically,investorsdemanded a complicated rollout and decreasing 5 rency, is the expected level of inter- positivepremium forlocking up chances of generous fiscal stimulus. Home Depot est ratesinthe period beforethe money in abond, rather than enjoy- In a world of rates stuck at 0 money is paid back.Central banks ing the flexibility of cash. This has zero, a risk-free asset that yields have takenthem down to record changed due to central banks com- 0.9% should be quite appealing. Nov. 10 11 12 13 16 lows.The Federal Reservecurrently municating their plans moreexhaus- —Jon Sindreu Source:FactSet PNC Financial Will Be A Regional No More OVERHEARD Peloton, eat your heart out— strengthen whicheverarm youuse and go fix me a martini. to reach foryour waterbottle.” PNC Financial Services’acquisi- vestment bank with a big trading The pandemic has people both Although it lacksascreen or tion of the BBVA franchise in the desk, it might have ended up fac- drinking and exercising at home, even Wi-Fi, the bikedoes have a U.S. would makeits “regional bank” ing more stringent capital require- so naturally Hendrick’sGin is sell- book stand, headlight, horn, a nametag increasingly obsolete. The ments due to its complexity or ing an exercise bike. Buyers might patchofartificial grassand, of question is whether that also trans- riskiness than it would by adding a work up asweat justgetting onto course, adrink holder.Atthe curi- forms itsprofitability. large amount of the same type of the Hendrick’sHigh Wheel,asta- ously specific priceof$2,493.11, The $11.6billion deal agreement banking in more regions. tionary version of apennyfarthing the High Wheel is $1.99 cheaper flowsfromPNC’s sale of itsstake in PNC is betting that the best way bicycle popular around the time than Peloton’sBike+. BlackRock earlier this year,which to add returns at atime of histori- thatdistiller William Grant&Sons It follows on the success of pulled in $11.1 billion aftertax.By cally lowrates is to bet on applying wasestablished in 1887. Hendrick’sold-school smart- paying all cash, PNC is in effect itsoperational know-how, including It is “a genuinely effective speaker,“Horatio,” which sold out swapping out the BlackRock stake, cost reduction and an improved and fascinating fitnesscon- all fivebuilt. Made of copper,brass, which generated good returns but technologybackbone.Itestimates traption with acharming leather and wood, and naturally didn’t add much strategically,for a that it cangeneratea19% internal lack of convenience,” says the with adrink holder,the speaker major expansion of itscorebusiness. rate of return on the deal, which is company. “Pedaling the wasareaction to “banal and Some investorsmay have been likely betterthan banks aretypi- High Wheel can improve predictable” voice-activated dreaming that abank with $10 bil- cally getting on just deploying their your cardiorespiratory ca- speakers likeAlexa. It requires

lion to playwith could radically re- capital in lending these days. pabilities, tone the thighs users to push abuttonand then GIN think the whole concept of banking, PNC estimates about 21% accre- and buttock, and gives random answers. S perhaps with ahugebet on tech. tion to itsearnings-per-shareby

But manybig banks arestill finding 2022. Investorsmay want to keep HENDRICK’ that core relationship banking and an eyeonreturn on equity,too.PNC branches,eveninascaled-back projectsapostdeal return on com- form, remain part of the playbook mon equity of 10.5%in2022. That to grow truly profitable customers. is aboutwhat analystsare project- Asia’s Trade Deal Is No Big Victory for Beijing That maybeparticularly so in ing forthis year,at10.6%, according commercial banking,wherePNC to Visible Alpha, and shyoflast will be tilted afterthe deal. year at over 11%. But it is still much A mammoth Asian trade deal rules.And itssections on disputes But perhaps the biggest upside Instead, investorsshould think morethan analystswereforecasting covering about a third of global settlement, competition, services is exporterswill need just one cer- about what PNC is aiming to rede- for2022, which is under 10%. GDP was signed on Sunday, nearly and investment arerelatively weak. tificateoforigin to trade with any fine,which is the “regional bank” So at atime when returns to risk a decade after it was first mooted. When India dropped out last and all the other members, afact appellation. By adding BBVA in from lending money arelow,the re- The deal is being presented as a year, Australia and New Zealand emphasized by PeterA.Petri and places likeTexas,the SunBelt and turns to taking businessrisk arerel- win for the Chinese government— lost the only participant with Michael G. Plummer, writing for California to PNC’seastern center of atively better. That maynot be radi- but its weaknesses leave Beijing whom they didn’t have an existing the Peterson Institutefor Interna- gravity,postdeal the bank would be cal, but if well-executed it could still far short of a leadership position trade deal. In most cases, the ex- tional Economics.That flattens the in 29 of the top30U.S.metropoli- be lucrative. —Telis Demos on regional trade. isting web of multilateral and bi- rules in several existing Asian tanstatistical areas,upfrom22. Seven of the 15 members of the lateral arrangements offer consid- deals,making intra-Asian supply So even if it is a different kind Price-to-tangible book value ratio new Regional Comprehensive Eco- erably more liberalized trade than chains moremanageable formulti- of bank, far more “Main Street” forPNC Financial Services Group nomic Partnership are already will be facilitated by RCEP. national companies that arealready than “Wall Street,” it is more na- versus S&P500 banks members of the Comprehensive Whereother countries or groups using them and appealing to those tional in footprint than Citigroup, and Progressive Agreement for have deeper arrangementsalready, considering from wheretooperate. 2.0 times for example, along some dimen- Trans-Pacific Partnership, which they will override RCEP’slessambi- As a result India and the U.S. sions. It may also be more national came into force nearly two years tious rules.Asaresult, the newbloc are the main losers, as was the than some peers in asset size 1.8 ago. Ten are members of the Asso- seems likely to continue as moreof case with the CPTPP, since they among “regionals,” such as U.S. ciation of Southeast Asian Nations. arule-taker than arule-maker. are left out of both the rules of or- Bank or Truist that have regional 1.6 Indeed, although RCEP is often What’smore, much of the important igin arrangement and the decision- branch gaps on the East Coast or discussed as China-led—and Bei- negotiating work wasdone years making process on everything else. West Coast, respectively. 1.4 S&P500 Banks jing’s participation is clearly the agowhen China’scommercial rela- But when it comes to who’s Given the government scrutiny most important new element—it tionships with manyofits regional building the architecture, the reality of every bank deal, there is further 1.2 was launched by Asean in 2011. counterparts—Australia in particu- is that China is still moreofalag- logic to such an expansion. For a Drill down intothe deal and the lar—wereonfar friendlier terms. gard than aleader,ahierarchy bank like PNC already well above a 1.0 relativelack of ambition becomes There are two genuine advan- RCEP practically formalizes.Right key threshold of $250 billion in as- PNC clear.Itcommitstofewertariff re- tages to the new deal. One is sim- now, most of the architecturefor sets, its ultimate capital ratio re- 0.8 ductions than the CPTPP does.The ply its scale. Bringing China into a Asia’sfuturetrading relationships is quirements typically depend more Center forStrategic &Interna- deal, even a weakened one, mat- being drawnupinTokyo,Canberra, Feb. 2020 Nov. on its mix of business than its tional Studies notes that the RCEP ters because it is the largest trad- Singaporeand Hanoi. Beijing is still size. If PNC had added, say, an in- Source:FactSet includes no environmental or labor ing economy in the world. some way behind. — Mike Bird P2JW322000-0-B01200-1------XA

B12 | Tuesday, November 17, 2020 THE WALL STREET JOURNAL.

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