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****** TUESDAY,AUGUST 25,2020~VOL. CCLXXVI NO.47 WSJ.com HHHH $4.00

DJIA 28308.46 À 378.13 1.4% NASDAQ 11379.72 À 0.6% STOXX 600 370.85 À 1.6% 10-YR. TREAS. g 2/32 , yield 0.645% OIL $42.62 À $0.28 GOLD $1,927.70 g $6.90 EURO $1.1789 YEN 105.97 TikTok What’s News Investors Press for Business&Finance A Sale eneral Atlantic and GSequoia, two major in- vestorsinTikTok’sChinese To Oracle parent, arekey driversbe- hind apossible bid forthe U.S. operations of the pop- Potential challenge to ular video-sharing app by a group including Oracle. A1 Microsoft has support  TikTok sued the U.S. of General Atlantic government, challenging Trump’s order that would and Sequoia Capital effectively ban the app if it doesn’t find an American General Atlantic and Se- buyer forits U.S. business. A7 quoia Capital,two major in- vestorsinTikTok’sChinese  Thelegal fight between parent company, aremaneu- Apple and “Fortnite” cre- S vering to be part of a deal to ator Epic is prompting tech acquire the U.S. operations of heavyweightssuch as Micro- PRES the popular video-sharing app softtoweigh in, as the feud TED as it seeks to avoid aban by

raises the prospect of up- OCIA

SS the Trump administration, ac- ending other businesses. A1 /A cording to people familiar  Salesforce,Amgen and with the discussions.

Honeywell will join the Dow HARNIK industrials,replacing Exxon By Rolfe Winkler,

Mobil, Pfizer and Raytheon ANDREW Miriam Gottfried in changes prompted by Ap- President Trump and Vice President Mike Pence took the stage Monday in Charlotte, N.C., to address the gathering at the and Cara Lombardo ple’splanned stock split. B1 scaled-back Republican National Convention. Both were formally nominated by delegates at the live event. Theinvestment firms,  TheS&P 500 and Nasdaq which ownlarge stakes in Bei- both closed at records, rising jing-based ByteDanceLtd., are 1% and 0.6%, respectively. Republicans NominateTrump, key drivers behind a possible The Dow gained 1.4%. B1 bid for TikTok by a group in-  China’s recovery from cluding Oracle Corp., the peo- the coronavirus pandemic is ple said. TheOracle group gaining momentum, position- Warn AgainstaBiden Victory emergedrecently as apossible ing it to further close itsgap alternative to MicrosoftCorp., with the U.S. economy. A1 which said early this month that it wasintalks to buy Tik-  Gun sellershave adopted BY CATHERINE LUCEY the coronavirus pandemic and of mail-in voting. ing the grip the president has Tok’soperations in the U.S. anew tactic to attractbuyers AND ANDREW RESTUCCIA the economy—and conjured im- “The only way they cantake on aparty that only four years and three other countries. on Facebook’sMarketplace, ages of riotsinthe street, an this election away from us is if agoharbored deep reservations It isn’t clear that asale will looking to evadethe site’s Republicans nominated Presi- uptick in crime and aflood of this is ariggedelection,” Mr. about his candidacy. happen. TikTok filed alawsuit ban on firearms sales. B1 dent Trump as their candidate policies that would bankrupt Trump said, alleging that Dem- Theaction then shiftedtoan Monday challenging President  Zoom Videosaid it iden- at ascaled-back convention in taxpayers if Democratic nomi- ocratsweretrying to steal the auditorium in Washingtonfor a Trump’sinitial executiveor- tified and resolved an issue Charlotte,N.C., and Washington, neeJoe Biden is elected. The presidency.Headded that he prime-time event featuring Sen. der,saying his administration that had caused servicedis- D.C.,with the president and tone at times contrasted with doesn’t believeitwould be pos- Tim Scott(R.,S.C.), former U.N. failed to followdue process ruptions earlier Monday. B1 some of his allies offering omi- theuplifting messagethat Mr. sible to accurately count mail- Ambassador Nikki Haley and when it issued the order. nous warningsabout the conse- Trump’scampaign said would in ballots. the president’seldest son, Don- Microsofthad said it might  Arm has called off a quences of electing Democrats characterizethe event, though In Charlotte,whereMr. ald Trump Jr. invitesome U.S. investorsto planned spinoff of two of in November. it ended with moreuplifting re- Trump wasjoined by Vice Pres- “Our family went from cotton join itsbid. But morerecently the mobile-phone chip de- Throughout the daylong, marks from two speakers. ident MikePence, morethan PleaseturntopageA4 PleaseturntopageA7 signer’s businesses to two-city event, speaker after Mr.Trump used aMonday 300 delegates gathered fora SoftBank, Arm’s parent. B4 speaker praised the president, afternoon speech in Charlotte unanimous roll-call vote on  Gerald F. Seib: Trump looksfor  TikTok sues U.S., seeking particularly forhis handling of to again question the accuracy their nominations,underscor- win with 2016 strategy...... A4 overturn of ban...... A7 World-Wide

 Republicans nominated China’s Economy, INSIDE Apple ‘Fortnite’ Fight Trump as their candidate at a scaled-back conven- tion, with the president and Threatens Industries some of his allies offering Bouncing Back, warnings about the conse- quences of electing Demo- crats in November. A1, A4 BY SARAH E. NEEDLEMAN popular videogame that skirts Gains on the U.S. Apple’s30% commission on in-  Thepostmaster general Thelegal battle between app purchases. Therestriction said the USPS is working to fix deliverydelays as Democrats AppleInc.and the creator of would leave Epic unable to up- BY JONATHAN CHENG bring masks—but they don’t “Fortnite” is doing more than date “Fortnite” on iPhones continued to presshim about have to wear them. fray anearly decadelong rela- and iPads—as well as itsUn- slowdowns and operational BEIJING—Asmuch of the With the coronavirus tionship.Itisprompting other real Engine,asoftware suite changes they worry could world struggles to contain the smothered fornow because of tech heavyweightssuch as Mi- used to build mobile games hamper voting by mail. A4 coronavirus, China’s recovery draconian control measures, PERSONAL JOURNAL crosoftCorp.tostepin, as the among other apps and to cre-  The New York attorney is gaining momentum, posi- J.P. Morgan recently boosted As child casesrise, feud escalated to whereit ate complex video effects and general’s office is probing tioningittofurther close its its2020 China growth forecast doctors monitor for could upend business at mak- animations. whether the Trump Organ- gap with the U.S. economy. to 2.5% from 1.3% in April. ersofvideogames,Hollywood Epic appeared on course to ization and the president AcrossChina, restaurants Economistsatthe World Bank possible longer-term productions and virtual-reality win apartial reprieveMonday inflated the value of his as- and gyms arebusy again. Sub- and elsewhere have also up- effects of Covid-19. A11 simulations. when afederal judgeinCalifor- setsinfinancial filings. A6 way cars and airport depar- graded their forecastsfor Apple,the world’smost nia hearing the company’slaw- turelounges arepacked. Chil- China, the only major economy BUSINESS&FINANCE valuable company,this month  Hundreds of protesters in suit against Apple said she was dren arepreparing to return expected to grow this year. threatened to pull Epic Games inclined to maintain itsaccess Kenosha, Wis.,clashed with Zoom’s videomeetings lawenforcement in asecond to classrooms with few of the That bounceback,while far arerestoredafter Inc.’sdeveloper credentials— to the tech giant’stools for restrictions U.S. officials said PleaseturntopageA8 whichare required to release software developersbut that night of unrest afteraBlack outage disrupts work man wasshot multiple times will be hallmarks of post-coro- software on Apple devices— “Fortnite” would remain out of navirus life. In some schools,  Officials reaffirm China pact and classrooms. B1 afterEpic introduced away to the App Store. U.S. District in the back by police. A3 children arebeing asked to on trade...... A2 buy virtual goods within the PleaseturntopageA2  Merkel called on Russia to investigateanattack on op- position figure Navalnyaf- THE COVID STORM terGerman doctorsdeter- Covid Has mined he had been poisoned with atoxic nerveagent. A8 Lockdowns Are Truly Made  Massive wildfires grew in Northern California as the SoccerStatic state braced for more hot, windyconditions that have Blunt, Costly Tool iii fueled devastating blazes. A3 Argentina borrows Ready for  Researchers have docu- mented a case of Covid-19 from foosball bar anything. reinfection, offering evidence Economists, health experts say there may be that patientswho have recov- a better way than broad business shutdowns game fornew sport ered from the disease could Dell Technologies On Demand is be infected asecond time. A7 BY JUAN FORERO pay-as-you-go IT —giving youthe BY GREG IP Despite this steep price,  Falwell resigned as Liberty few policy makers felt they When Argentina went into choice and flexibility youneed to University’s president aftera tumultuous dayduring which In response to the novel had a choice, seeing the eco- quarantine in March, Ramiro preparefor anything. he tussled with trustees over and deadly coronavirus, nomic crisis as a side effect Fabris wasforcedtoshut down many governments deployed of the health crisis. They or- the manysoccerfields he over- his futureatthe school. A3 draconian tactics never used dered nonessential busi- sees in the city of Rosario and Learn moreat in modern times: severe and nesses closed and told peo- two nearby towns. CONTENTS Opinion...... A15-17 broad restrictions on daily ple to stay home, all without Losses mounted, along with DellTechnologies.com/OnDemand Arts in Review... A13 Personal Journal A11-12 Business News...... B3 Sports...... A14 activity that helped send the the extensive analysis of frustration. Desperate, Mr.Fab- Capital Journal...... A4 Technology...... B4 world into its deepest peace- benefits and risks that usu- ris and his partnersdevisedan Crossword...... A13 U.S. News.... A2-3,6-7 time slump since the Great ally precedes a new medical unusual solution: socially-dis- Heard on Street.B10 Weather...... A13 Depression. treatment. tanced soccer— or football as Markets...... B9 World News...... A8-9 The equivalent of 400 mil- There wasn’t time to it’sknown here—otherwise lion jobs have been lost gather that sort of evidence: known as Human Foosball. > world-wide, 13 million in the Faced with a poorly under- It’s named forthe table-top U.S. alone. Global output is stood and rapidly spreading game popular in bars, in which on track to fall 5% this year, pathogen, they prioritized mounted figuresonrotating far worse than during the fi- PleaseturntopageA10 metal poles kick aball toward nancial crisis, according to an opponent’sgoal but can’t s 2020 Dow Jones & Company, Inc. All Rights Reserved the International Monetary  U.S., Europe diverge as Covid- otherwise move. Fund. 19 upends jobs...... A2 PleaseturntopageA10 P2JW238000-5-A00200-1------XA

A2 | Tuesday, August 25, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS U.S.,Europe DivergeasCovid Upends Jobs

BY TOM FAIRLESS Europe’s economyhas so farbeenhit harder ...but European unemployment payrolls.Under the continent’s rope’sjoblessratewould have AND DAVID HARRISON than the U.S. by the pandemic... has risen much less... so-called short-time work pro- been around 33% in May, com- grams,the statereimburses pared with 15% in the U.S.,ac- Karren Madereand Andrea GDP,change from previous quarter* Unemployment rate* workerswho have lost income cording to Pimco. Knebel areboth victims of the 0% 15.0% because they areworking fewer Thereare advantages and Covid-19 recession. Ms.Ma- hours. Around aquarter of all risks to both approaches, derewas laid off in June from workersinGermany, France, It- economists say. her job at atravel-manage- aly and Spain were tapping By effectively freezing their ment company, whereshe ne- –5 10.0 such programs in May, receiv- labormarkets, European gov- gotiated hotel-room rates for ing between 60% and 85% of ernmentshope to keep viable Eurozone corporate clients. Ms. Knebel their lost income,according to businesses alive. Companies re- wassent home in April from U.S. 2Q 2020 Pimco, an investment manager. tain valuable skills and relation- her job as abusinessconsul- –10 –9.5% 5.0 The U.S. has enacted some ships,enabling them to quickly tant at an auto-parts factory. Eurozone 2Q 2020 wage subsidies: Congresses- fire up as the economyrecov- Ms.Madere, 61 yearsold, tablished the Paycheck Protec- ers. Workersget paychecks and –12.1% U.S. has sinceapplied fornearly tion Program in March, which job security,which should sup- 200 jobs.She spends her days –15 0 gives small employers loans port consumer spending. looking forjobs online and fol- 2018 ’19 ’20 2018 ’19 ’20 2018 ’19 ’20 that areforgiven if they retain Some economistsworryEu- lows the news,hoping Con- their workers. rope’swagesubsidies could de- gresswill agree on another ...thankstosweeping job-protection programs. Theprogram boosted em- layadaptation to longer-term economic-relief package for ployment at eligible firms by changes and increase the share laid-off workers. Potential unemployment rate Potential around 3.25%, or roughly 2.3 of unproductive“zombie” com- unemployment Ms.Knebel’slifestyle hasn’t UnemploymentrateinMay People on short-time work in May rate† million jobs,according to re- panies,which don’t make changed all that much. She search by economistsatthe enough profit over time to spends her time cycling France 52.6% Federal Reserve, the Massachu- covertheir debt-servicing costs. around the picturesque valley setts InstituteofTechnology Millions of furloughed em- where she lives, buying items Italy 35.4% andADP,apayroll-processing ployees might ultimately be forher house,and meeting Eurozone 32.6% company. firedanyway. German manu- friends forvirtual breakfasts Most U.S. support went di- facturersexpect to shed staff and lunches.She isn’t looking Spain 27.5% rectly to the unemployed. Fed- over thecoming months,ac- forwork.She doesn’t worry Germany 20.9% eral lawmakersadded an addi- cording to the Ifo think tank. abouthow to payfor health tional $600 aweek to Bosch recently informed care, unlike Ms. Madere, who U.S. 14.8% payments, extended the dura- employees at Ms.Knebel’sfac- expectstogowithout health tion of benefits and made gig tory that it wantstocut as *Seasonally adjusted†Total of unemployedplus workers on short time work insurance for a few months. Sources: Bureau of Economic Analysis (U.S. GDP); U.S. Bureau of Labor Statistics (U.S. unemployment); workerseligible.Most workers much as 30% of the workforce Thedifference: Ms.Madere Eurostat(Eurozone GDP,unemployment); Pimco(potential unemployment) received morefromthe en- of around 4,200.The company lives outside Baton Rouge, La.; hanced benefitsthan they did plans to movesome produc- Ms.Knebel lives close to the tinued throughout to receive aweek.She enrolled in Medic- the result of adeeper reces- from the job they lost, accord- tion and development of auto Black Forest, in southern Ger- roughly 90% of her normal sal- aid, the federal low-income sion in the U.S. or aless-ag- ing to aUniversity of Chicago partstoalow-cost location, many. Their circumstances re- ary, two-thirds of it paid by the health-insuranceprogram, but gressivefiscal response.U.S. study.Atthe peak in June, probably Serbia. flect the divergent policies the German government. is at risk of becoming ineligi- grossdomestic product has nearly 33 millionworkers— Ms. Madere is heeding the U.S. and most of Europe have “I don’t feel that Ilost that blebecause,with the unem- contracted lessthan Europe’s, about 20% of the labor force— warning that travel maynot used to support workers. much financially,” said Ms. ployment benefits, her income and itsfiscal stimulus has were receiving benefits, accord- come back.She has thought Liketens of millions of Eu- Knebel, 54, who lives with her may not be low enough. been largerasashareofGDP. ing to the Labor Department. about taking real-estate ropeans,Ms. Knebel is on fur- teenage daughter. “Hopefully thingswill Rather,itreflectsdifferent Theextrapaymentsended on courses,eventhough she’s lough from her job at engineer- In Louisiana, Ms.Madere change. Hopefully things will approaches to the labor mar- July 31, and Congressisdivided daunted by the idea of going ing group Robert Bosch GmbH. received 13 weeks of severance get better,” she said. ket. European governments over howtoextendthem. back to school. “I’m 61 years Though she didn’t work for payafter being laid off and Unemployment has risen have paid companies tens of If all workersusing short- oldand I’vebeen doing this nearly four months,and now this month started getting un- far moreinthe U.S. than in billions of dollarstokeep idled time work programs were sinceIwas 25,” she said. “And works only some days,she con- employment benefits of $222 Europe this year.But this isn’t workerssuch as Ms.Knebel on classified as unemployed, Eu- it’s like, what do you do?” Officials Reaffirm Steps in China Trade Pact New

BY BOB DAVIS of U.S. productsbyChina. ingsLtd.’s WeChat. Themain significanceofthe the two sides decided on an ap- Orleans AND LINGLING WEI Talks also reviewedsteps Astatement published by talks is that they occurred at propriatetime.For markets, Beijing had takentoprotect China’sofficial Xinhua News all, said tradeexperts, given the talks could provide amea- WASHINGTON—Senior U.S. American intellectual property Agencysaid the two sides had the deepening divides between sureofrelief. Bracesfor and Chinese officials said they and liberalizeChina’smarket “a constructivedialogue on the two nations.While Wash- “Marketsmight be getting were committedtocarrying out forfinancial services,according strengthening bilateral coordi- ingtonand Beijing fought for itchy,” said Christopher John- the Phase One trade accord be- to the statement. “Both sides nation of macroeconomic poli- two yearsovertrade issues,the son, aChina expert at the Cen- Evictions tween the two nations,the two see progressand arecommit- cies and the implementation Phase One deal representsone terfor Strategic and Interna- governmentssaid, afterthe two tedtotaking the steps neces- of the Phase One trade agree- of the few strands holding the tional Studies.“Whynot have BY WILL PARKER sides discussed the pact Mon- sarytoensurethe success of ment.” relationship together. [seniorofficials] interact when dayevening U.S. time. theagreement,” it said. In anod to the intensifying “The Phase One deal has the convention opens and geta Hundreds of rentersinNew Thevideoconferencebrought But the USTR statement tensions between the two become this shinyspot in adi- market bounce?" Orleans have received eviction together U.S. Trade Representa- made no mention of any sub- world powers,the statement minishing relationship,” said In the past few months, notices this summer due to un- tiveRobert Lighthizer,Treasury jectsthat China planned to published by Xinhua also said Kelly Ann Shaw, aformer China has stepped up its buy- paid rent—and local advocates SecretaryStevenMnuchin and bring up.Those included con- that “both sides agreed to cre- Trump WhiteHouse trade offi- ing of U.S. corn, soybeans and and officials expect the worst Chinese Vice Premier Liu He for cerns over the intensifying ateconditions and atmosphere cial. other farm products. However, has yettocome,right as hurri- aformal reviewofthe trade U.S. actions against Chinese to continue to promotethe im- Marketshavefocused on the the pace of the purchases, as cane season gets under way. deal signed in January. The technologyfirms.Inrecent plementation” of the trade health of the Phase One accord measured in dollar terms,is Louisiana’sban on evictions trade representative’sofficere- days,the Trump administra- pact. ForBeijing,that means as ameasureofthe sturdiness falling short of what is needed during the coronavirus pan- leased aone-paragraph sum- tion has threatened bans on Washingtonshould refrain from of the U.S.-China relationship. to meet the targets, partly re- demic expired in June and the maryofthe talks,which it said the TikTok app owned by Chi- pushing toohardonsover- Thevideoconferencewas ini- flecting declining commodity graceperiod for aseparatefed- included discussions of “signifi- nese internet company Byte- eignty issues such as those in- tially expected to occur around prices amid the global pan- eral eviction moratorium ex- cant increases” in the purchases DanceLtd. and Tencent Hold- volving Hong Kong and Taiwan. Aug.15, but wasdelayedwhile demic. pired Monday. Even before the pandemic, 44% of the state’srenter resi- that it uses Unreal’stools for run. It has morethan 11 million dentswereconsidered housing Developers the mobile game “Forza Street” licensees acrossvideogame, cost-burdened, according to the and that restrictions on Epic movie production, architecture, Louisiana Housing Corporation, could hamper itsgame-devel- aerospaceand other industries, meaning they spent morethan Step Into opment business. according to Epic. athirdoftheir incomes on Epic is widely known for If Epic cannolonger update rent. And at $247 aweek,Loui- making “Fortnite,” but the com- the software tool kit within Ap- siana has among the lowest JOURNAL panyconsidersUnreal to be its ple’sproduct ecosystem, some maximum unemployment bene-

Apple Feud EET flagship product and said in its developerssaid they would fits of anystate. SW

LL lawsuitsagainst Apple that los- have to decide whether to Chucked-out belongingsare

ContinuedfromPageOne WA ing itsdeveloper credentials abandon their apps,maintain nowspottedonsome NewOr-

JudgeYvonne GonzalezRogers THE would be catastrophic forits them with limited ability to leans street corners. Babycribs said she would makeaformal R business.Unreal has been used makechanges,orre-create and child carseats, the rem- ruling soon. FO to makevideogames such as them using adifferent toolset. nantsfromforced-out families, “Apple has areputation of Tencent HoldingsLtd.’s“PUBG Not everygame developer sit stacked in piles in 90-degree LANGE

going the distance,” JudgeGon- M. Mobile” andWarner Bros.In- depends on Apple’secosystem. heat. zalezRogerssaid during the Y teractiveEntertainment’s“Mor- Agame-studio executivewhose With limited public funds on

hearing.“It’snot surprising JEREM talKombat 11.” TheThirdFloor firm is close to completing a hand, the mayorisasking the that they acted the way they Inside the lobby of the headquarters of Epic Games in Cary, N.C. Inc., astudio in LosAngeles, game using Unreal forseveral public to donatemoney did herebut as Isaid Ithink hasused Unreal to produce platforms said it would proba- through Givebutter.com, aweb- they overreached.” as willfully breaching acon- Epic responded by suing both shows such as HBO’s“Game of bly skip the App Storeifthe siteoften used by collegestu- Thedisputehas wider impli- tract and placing itscustomers companies. Thrones.” Most games made software engine couldn’t be up- dentsfor funding charity cations forthe $120 billion in the middle of the dispute. Apple has said Epic’sunau- with Unreal, though, arefor dated. “For us,iOS [Apple’smo- causes,toraise money forten- global market formobile apps, “Apple is simply enforcing thorized movetoallowin-app consoles and computers. bile operating system] is addi- antswho can’t paytheir rent. as it could upend howapp legitimate businessprovisions paymentscould present asecu- “It’sagun with abarrel at tional, but if that’syour bread MayorLaToyaCantrell’seffort stores and developersdivvy up in itscontractsfor legitimate rity issue forthe App Store. But both ends,” said Cowenanalyst andbutter, you’repotentially has brought in about $46,000, sales forpaid downloads and business purposes,” said Rich- Epic attorney Katherine Forrest Doug Creutz,ofthe disputebe- completely out in the cold,” the according to the website, short virtual goods—or howapps ac- ardDoren, an attorney forAp- said Apple allows multiple pay- tween Epic and Apple.“Alot of executivesaid. of her stated goal of $75,000. cept paymentsall together. ple, during Monday’shearing. ment types on in-app purchases people who use Unreal for Apple and Google have said That amount would coverthree At the hearing,lawyersfor Apple and Alphabet Inc.- of physical goods without rais- game development and other they would return “Fortnite” to months of rent for31families Epic sought to cast Apple as owned Google pulled “Fort- ingconcerns about security is- purposes might choose to walk their app stores if Epic removes who pay$800 amonth or less. monopolistic in howitcontrols nite” from the App Store and sues.“If therewas,then those away from Epic,but they might the in-app payment system. NewOrleans is one of the the App Store, while the Cuper- Google Play,respectively,on thingswould not be able to instead choose to walk away Epic has said developers most susceptible places in the tino,Calif., iPhone maker de- Aug.13, saying Epic violated happen,” she said. from Apple.” shouldn’t have to exclusively countryfor massevictions due scribed the software developer their app marketplacerules. Microsoftearlier placed its An engine such as Unreal is rely on Apple’sorGoogle’ssys- to itslarge,low-wagepopula- support behind Epic’smotion, asoftware workhorse that tems to processfinancial trans- tion facing job losses and other saying in acourt filing Sunday helps games and special effects actions in apps. hardships during the pandemic. THE WALL STREET JOURNAL (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, New York, N.Y. 10036 CORRECTIONS  AMPLIFICATIONS Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. Postmaster: Send address changes to The Wall Street Journal, Women makeup3.6% of ing acharter flight to take U.S. tional Convention washeld in correct solutions forthe Aug. 200 Burnett Rd., Chicopee, MA 01020. all executives at SK Holdings businesspeople from SanFran- Cleveland. AReview essaySat- 15 Number Puzzles areavail- All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of Co.AWorld News graphic Fri- ciscotoBeijing next month. urday about political conven- able at WSJ.com/Corrections. which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s dayshowing the percentageof An Aug.18World News article tionsincorrectly said it was order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. women executives in various about foreign businessexecu- the Democratic National Con- Letters to the Editor: Fax: 212-416-2891; email: [email protected] South Korean companies in- tives who have been unable to vention. Also,the essaymis- Noticetoreaders Need assistance with your subscription? correctly said 7. 1% of the exec- return to China because of spelledJim Marinella’slast Wall Street Journal staff By web: customercenter.wsj.com; By email: [email protected] utives at SK Group,which is a coronavirus-related travel re- name as Marinelli. membersare working remotely By phone: 1-800-JOURNAL (1-800-568-7625) companyowned by SK Hold- strictions incorrectly said the during the pandemic.For the Reprints &licensing: By email: [email protected] ings, are women. planned flight’sdestination is Thesolutions published in foreseeable future, please send By phone: 1-800-843-0008 Shanghai. Saturday’sReview section for reader comments only by WSJback issues and framed pages: wsjshop.com TheAmerican Chamber of the previous week’sNumber email or phone,using the con- Our newspapers are100% sourcedfromsustainably certified mills. Commerce in China is arrang- The2016 Republican Na- Puzzles were incorrect. 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THE WALL STREET JOURNAL. ****** Tuesday, August 25, 2020 | A3 U.S. NEWS DACA Clashes Follow New Police Shooting Renewals BY ERIN AILWORTH Resume AND JULIE WERNAU KENOSHA,Wis.—What be-

ganaspeaceful demonstrations S in Kenosha on Mondayevening

After Halt PRES became violent as hundreds of TED BY MICHELLE HACKMAN protestersclashed with lawen- CIA

forcement, marking asecond SO WASHINGTON—TheDepart- night of unrest hereafter a AS ment of Homeland Security Black man wasshot multiple SH/ GA

said it is resuming renewals of timesinthe back by police. Y aprogram protecting immi- Policeclosed roads and bar- grants living in the U.S. since ricaded highway entrances to MORR childhood without legal permis- Kenosha, acity of about

sion, nearly amonth afteritin- 100,000 in the southeastern JOURNAL; structed staff to pause on all corner of Wisconsin, aftercity REET

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nearly amonth and delayedat agitated and began throwing P: least 20,000 renewalapplica- waterbottles at police, who TO OM

tions, according to two people responded with chemical irri- FR familiar with thematter. tantsand rubber bullets. Policeinriotgear shielded themselves Mondayfromwater bottles thrownbyprotesters upset after Jacob Blake, aBlack man, was ActingHomeland Security “Gas will be deployedifyou shotmultiple times in the back by police. MayorJohn Antaramian, below, wasinterrupted by an angry crowdwhen he tried to speak. SecretaryChad Wolf issued a do not disperse,” police memorandum on July 28 nar- shouted into bull horns. tained by Mr.Blake’sfamily, forward, with some attempting rowing the Obama-eraprogram Gov. Tony Evers said Mon- said Mondaythat, afterbeing to block his way and pull him that offerswork permitsand dayhehad authorized alim- in serious condition, Mr.Blake from the entrance, while yelling legal protections to about ited mobilization of the Wis- is nowstable but remains in about voting him out of office. 640,000 young immigrants. Un- consin National Guardto theintensivecareunit. Policeinriot gear appeared der that memo,new applicants assist Kenosha authorities and Avideo of the event that and sprayed achemical irritant to the program wouldn’t be ac- protect critical infrastructure. spread online shows Mr.Blake on the crowd,causing the dem- cepted, and renewals forDACA By 9 p.m., the National Guard in a white tank top and black onstratorstodisperse briefly. recipientswould be limited to wasonthe scene in acaravan, shortswalking away from sev- In astatement, the Kenosha one year instead of the two as some protestersfled the eral officerswith weapons PoliceDepartment said offi- yearspreviously allowed. area. Fires broke out just be- drawnasbystandersyell in cers had been responding to a “The acting secretaryex- fore 10 p.m. and toolboxes, the background. Mr.Blake report of a domestic incident pressed serious concerns with pipes and brooms were visible walks around a gray SUV and around 5:11p.m. Sundayand the DACApolicyand made cer- among some protesters. attemptstoget behind the “provided immediateaid” to tain immediatechanges to limit Policeand fire scanner wheel when an officer grabs the man after they shot him. the policy’sscope while DHS chattersaid armed counter- histank topand shootshim “Kenosha Sheriff’s Depart- conductsafull and carefulre- protesters were in the area, multiple times from behind. ment and Wisconsin State Pa- viewofthe policy,” said JoeEd- with multiple garbage trucks It isn’t clear from the video trol were requested immedi- low, deputy director of U.S. Cit- on fire. howmanyofficersfired on Mr. ately so that the scene could izenship and Immigration Violencefirst erupted Sun- Blake, as several appear to administration official said. athird-party reviewprocess. be turned over to an agency, Services,the DHS agencythat day night after a video circu- have their weapons drawn. On Mondayafternoon, Keno- “Kenosha has ahistoryof other than Kenosha Police,” handles DACAapplications. lated on social media showing Asenior Trump administra- sha MayorJohn Antaramian doing the right thing,” the the police department said. USCIS didn’t respond to local policeshooting Jacob tion official said that Attorney tried to speak publicly outside mayorsaid. TheWisconsin Department questions about the delayinre- Blakemultiple times in the General William Barr is looking the County Public Safety Build- “That’s alie,” someone in- of Justice, which is investigat- newals or the retroactiveappli- back afterresponding to ado- intothe shooting. “We’restill ing,but some among acrowd terjected. ingthe shooting,said the offi- cation of the rules. mestic incident on Sunday. investigating and trying to de- of about 100 protestersangrily When the mayortried to go cers have been placed on ad- In June,the Supreme Court Ben Crump,anattorney re- termine what happened,” the interrupted him as he called for back inside,the crowd surged ministrativeleave. rejected the Trump administra- tion’s attempt to end DACAin 2017, saying it failed to offer ad- equatereasons fordoing so.In California Wildfires Grow as State Falwell that decision, the high court said DHS could still rescind the pro- gram, but it needed to follow Resigns proper legal procedure. Girds for Storms, More Lightning Beforethat decision, the Trump administration had been Top Post accepting renewalapplications BY IAN LOVETT only from people whowereal- ready in DACA. In July,afederal LOSANGELES—Massive At College court ordered the government to wildfires grew in Northern Cal- fully restorethe program to the ifornia on Monday, as the state BY IAN LOVETT way it operated beforethe ad- braced formorehot and windy ministration attempted to cancel conditions that have fueled a JerryFalwell Jr.resigned it. Thecourt said that, pending a devastating week of blazes. as presidentofLiberty Uni- proper wind-down of the pro- TheNational Weather Ser- versity Monday night, follow- gram, the government wasre- vice issued red-flag warnings ing atumultuous dayduring quired to accept applications Mondaymorning formuch of which he tussled with the from newDACAhopefuls. the state’snorth, wherethun- boardoftrustees over his fu- Mr.Wolf’s July 28 memo out- derstorms were expected to tureatthe school. lined rollbacks to DACAwhile bring little precipitation but In aphone call to TheWall the administration weighs could producedry lightning Street Journal, Mr.Falwell said whether to shut down the pro- that could spark newfires or he had just sent his resigna- gram altogether following the spread existing ones. tion letter to the boardofthe Supreme Court’sruling. “Increased likelihood for Christian school in Virginia. Mr.Wolf’s memo is also the newfirestartswith anylight- Twoweeks ago, Mr.Falwell subject of alawsuit over DACA, ning,” theNWS warned. “Er- went on an indefiniteleave of

with plaintiffs arguing that it ratic gusty outflow winds may GES absence, following criticism

didn’t comport with the Su- result in dangerous and unpre- IMA about aphotoheposted on so- preme Court’sdecision. dictable fire behavior.” cial media showing him with Already,two of the blazes in GETTY his pantsunbuttoned and his Northern California—one in AN/ arm draped around awoman. wine countrynorth of SanFran- “The boardput me on leave, SULLIV States Brace ciscoand the other to the south took away my duties as prez, TIN

in the SantaCruzMountains— JUS and that’snot permittedbymy As Storm were the second- and third- Some of the destruction left in the wake of the LNU Lightning Complex fire in Napa, Calif., Monday. contract,” Mr.Falwell said largest wildfires in the state’s Monday. “And they put me on history. As of Mondaymorning, Sincethe lightning siege thatstarted on Aug. 15,therehave been nearly12,000 strikes leave because of pressurefrom Strengthens they had collectively burned and morethan 615new wildfires,which have nowburnedmorethan 1.1million acres. self-righteous people.” nearly 700,000 acres,anarea In astatement, Liberty offi- BY ELIZABETH FINDELL twicethe sizeofLos Angeles. 1 Rain falls from storm 2 The rain thatfalls usually isn’t LargestCalifornia wildfires cials said Mr.Falwell agreed to Over the weekend, abrief clouds thatgenerate sufficienttopo ermeate the aerial since1932, by acreage resign earlier in the day, then TheNational Hurricane reprieveinthe weather al- lightning, but mostorall canopyand wew tall layers of reversed course. Mendocino Complex (2018) Center issued ahurricane lowedfirefighterstomake evaporates beforehitting vegetation belob w. Periods of hot, On Monday, Reuters re- watchstretching from an area progressonboth the fires. The theth ground becacauusese the dryweatherriinncrcreaseaseetthheerraainin 459,123 ported that Mr.Falwell, 58 in Texas near Houston to fire in wine countrywas 22% atmospherebe beleloowwtthe required to moismoistenntthhee fuelfuel bebedd.. yearsold, and his wife, Becki LNU Lightning Complex (2020) western Louisiana as the two contained as of Mondaymorn- cloudsoudsds isis so drdryy.. Falwell, had maintained a states prepared forTropical ing, while the Santa Cruz 350,030 yearslong sexual relationship Storm Lauratostrengthen to a Mountains fire was10% con- with Giancarlo Granda. Mr. hurricane beforemaking land- tained. SCULightning Complex (2020) Granda told Reutersthat he fall later this week. Between the two fires, five 347,196 met the Falwells at aMiami Aperiod of “rapid strength- people have been killed and at hotel in 2012 when he was20; ening” is possible as the storm least nine moreinjured. Nearly Thomas (2017) he said he would have sexwith moves acrossthe Gulf of Mex- 900 structures have been de- 281,893 Ms.Falwell while Mr.Falwell ico, with some predicting a stroyed in the blazes. watched. major hurricane,the center “The sizeand complexity of Cedar (2003) On Sundaynight, beforethe said in its5p.m. updateMon- this fire is not one we have 273,246 Reuters article waspublished, day. It issued the hurricane seen in times past,” said Shana Mr.Falwell released astate- warning from Port Bolivar, Jones,aunit chief forthe Note:Acreageage of still-burning fires as ment claiming that his wifehad 3 of Monday. Excludes acreage burned east of Houston, to Morgan state’sDepartment of Forestry Under such dry conditions, in neighboringneighbori states. an inappropriaterelationship City,La., and warned that and Fire Protection, known as lightning is morelikely to strike with aman who later tried to stormsurgescould extend Cal Fire.“It’sgoing to take flammable vegetation, igniting wildfires. blackmail the couple.Hedidn’t from Texas to Mississippi. time to put this fire out.” name Mr.Granda and said he Lightning-relatedfiresare most Sources: National Weather Service Thestorm is expected to California has dealt with a common in June through Augustand (process);C; alifornia Departmentof “was notinvolved” in the rela- arriveWednesdayorThurs- series of devastating fire sea- Forestry and Fire Protection (acreage) tionship.Inaphone interview in the late afternoons and evenings. day, on the heels of Tropical sons in recent years, which sci- LindsayHuth,ut Robert LeeHotz, Alberto Monday, Mr.Falwell added, Storm Marco,which made entistssay is in large part due Cervantes/ THE WALL STREET JOURNAL “Mostofwhat that guysaid, landfall Mondayevening near to climatechange, as hotter the extortionist, is not true.” the mouth of the Mississippi temperatures dryout vegeta- sparked so far this than last Paradise in 2018. Forest Servicetosuspend con- Mr.Granda didn’t respond River.Marco,which wasex- tion, making it morelikely to year,burning atotal of more Aheavy layerofsmokehas trolled burns in several states to requestsfor comment. Ms. pected to dump heavy rain burn. The10largest firessince than 1million acres. hung over much of the San forwildfireprevention. In Cali- Falwell couldn’t be reached for across portions of the north- California began keeping re- Early widespread evacua- FranciscoBay Area in recent fornia, several wildfire-preven- comment. central Gulf Coast, later weak- cordsin1932 have all occurred tion ordershavesofar helped days.Beforewildfireseason tion projectswereput on hold Mr.Falwell, the son of Lib- ened to a tropical depression. since2000. California avoid the number of began, concerns about social afterthe economic fallout of erty University’s founder,Jerry At aMondaynewsconfer- deaths caused by large wild- distancing and respiratoryail- Covid-19 ledtobudget cuts. Falwell Sr., wasamong the first  Wells shut down as energy ence, Cal Fire officials said firesinprevious years, such as mentsthat could arise from —Julie Wernau evangelical leaderstosupport firms brace for storms...... B9 2,700morewildfires have been 85 people killed in the town of wildfire smokeled the U.S. contributed to this article. Donald Trump forpresident. P2JW238000-6-A00400-17FFFF5178F

A4 | Tuesday, August 25, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. THE REPUBLICAN CONVENTION Trump Looks ForWin With 2016 Strategy

tion for re-election becomes official. The polls were wrong then, and they’ll be wrong now, he believes. His base of supporters—“the most incredible base,” he calls it—is still there, undi- minished. CAPITAL JOURNAL A lot of the 2016 playbook By Gerald F. Seib is available to be replayed, Mr. Trump and his advisers believe. It’s not widely re- If President Trump,down membered, but here is a line in everysignificant national Mr. Trump delivered in his S poll formorethan four convention acceptance PRES

months,isworried as he speech four years ago: “In TED heads intothis week’sRe- this race for the White CIA SO

publican national convention, House, I am the law-and-or- AS

he isn’t exactly showing it. der candidate.” CI/ “We’releading in alot of The chances Mr. Trump VUC places,” he declared in a will deliver basically the AN EV phone conver- same line in his acceptance Trump backers at acampaign rally this month in Oshkosh, Wis. The presidentsayshestill feels likeanoutsider in the political system. sation over speech Thursday night are the weekend. approximately 100%. a coronavirus that has left when he campaigned as loyal supporters seek more. may depend on finding more Thesituation, 176,000 Americans dead and much as an independent as a In a Wall Street Journal/NBC previously dormant, disaf- he said, is a he Trump campaign pushed millions more onto Republican. When the entire News poll earlier this sum- fected voters to energize, lot likeitwas T believes its path to- unemployment rolls, claim Republican field was asked mer, seven in 10 of those register and turn out. He four years ward re-election starts that he’s the disruptor at an early debate whether who said they intend to vote clearly thinks that present- ago, “except by replicating, as closely as standing on the outside look- any of them would decline to for Mr. Trump said they pre- ing a dystopian vision of an we’reinbettershape.” possible, the 2016 electoral ing in, still attacking the sys- pledge to support the ulti- ferred a candidate “who will America under Mr. Biden, in He promised “a big sur- map. Oh, and one other thing tem and the establishment? mate Republican nominee, confront and challenge the which he claims socialists in prise in awhile.” And he isn’t is the same: Mr. Trump, even Doug Sosnik, a Democratic no matter who that might establishment in govern- the Democratic Party will be just predicting asurprise in after 3½ years in office, and strategist who was political be, Mr. Trump was the only ment” over one who “will in charge and rioters will be his race against Democratic after having seared his brand director in Bill Clinton’s one to raise his hand. bring competence and com- on the loose in American cit- nominee JoeBiden. He also hard into the side of his White House, says it simply He continued to strikethe passion to the way govern- ies, is one way to awaken offered this stunning predic- party, still considers himself isn’t. “In 2016, Trump was outsider pose when, having ment operates.” such voters. tion: “We’regoing to take someone glaring into the po- the candidate of change,” he vanquished his Republican Democrats showed in back the House.” litical system from the out- says. “In 2020, he is the can- competitorsand shocked ut does that approach their own convention last Just to be clear, Demo- side. “I feel like an outsider,” didate seeking to maintain Democrat HillaryClinton, he really add up to awin- week that they believe the he said when asked if he’d be the status quo.” wasinaugurated as president. B crats currently have a 34- ning strategyin2020? vote this fall will be a refer- seat margin over Mr. running as somebody outside Still, this view of him- In his inaugural address, he Forall Mr.Trump’soutward endum on Mr. Trump in gen- Trump’s Republicans in the the establishment. “I feel self—as the insider who still essentially declared waron confidenceabout replicating eral, and on his character in House, and most analysts ex- like an outsider in my own remains the outsider—is, in the political leadersgathered 2016,thereisnodoubt that particular. They will spend pect them to add to their ad- party sometimes.” fact, central not just to Mr. around himonthe Capitol he has lost ground with some much of the fall portraying vantage, not lose it. Indeed, Corey Lewandowski, who Trump’s campaign, but to his steps: “For toolong,asmall key constituencies since Mr. Biden as inclusive and Donald J. Trump may be the was one of Mr. Trump’s cam- very political persona and group in our nation’sCapital then. In particular,polling soothing, with Mr. Trump as only prominent political paign managers in 2016 and history. That was his profile has reaped the rewardsof consistently shows that sub- divisive and destructive. prognosticator predicting a who remains an informal po- in the brawling real-estate government while the people urban women have shifted In the weekend conversa- Republican takeover. litical adviser, sounds the world of New York City, have borne the cost.” against him in significant tion, Mr. Trump signaled he It’s hard to know where same note: “We’re the out- where he was always some- Mr. Trump is acutely numbers, creating ahole for will try to counter in part bluster ends and real expec- sider even though we’re the thing of the intruder from aware that this is what his him in key swing states. with an acceptance speech tations begin in such a con- incumbent.” the outer borough of Queens core supporters still want to And, of course, Mr. Trump that he insisted will be “very versation, of course, but it’s But is that really possible? barging into the clubby hear. However much the did lose the popular vote, by positive.” It will surprise no clear that the precedent of Can a sitting president, who world of Manhattan. president has challenged and almost three million votes, one, though, that he said he 2016 is heavy on the presi- has been in charge of, among It was his profile when he bludgeoned and questioned so he has little room for er- also has a few shots to take dent’s mind as his nomina- other things, the response to ran for the 2016 nomination, the status quo, his most ror. His political survival as well.

“Weweregoing in adirection GOP In the Spotlight likewehad never seen,” he said, adding: “Everybody wasdoing On Tuesday well and we were actually com- Nominates ingtogether.You knowsuccess bringspeople together,maybe Speakers on the second better than anything else.” President day of the Republican Na- Mr.Trump began his speech tional Convention include: by repeatedly raising questions about whether the election ContinuedfromPageOne u First lady Melania Trump would be fair. to Congressinone lifetime,” said u Secretary of State Mike Studies haven’t found wide- Mr.Scott,who is Black.“And Pompeo spread voterfraud, though that’swhy Ibelievethe next u Kentucky Sen. Rand Paul therehavebeen isolated cases GES

American centurycan be better IMA u Iowa Gov. Kim Reynolds linked to mailed ballots. At least than the last.” u Florida Lt. Gov. Jeanette nine states and the District of

Ms.Haley,who is viewedby GETTY Nuñez Columbia plan to mail ballotsto some Republicans as apotential u Kentucky Attorney General all registered voters this fall. futurepresidential candidate, Daniel Cameron Five—Colorado,Hawaii, Oregon,

criticized Mr.Biden on several MODEVILLA/ u Former Florida Attorney Washingtonand Utah—already

fronts, particularly foreign policy. SO General Pam Bondi had mail-in voting.The oth-

“Joe Biden is good forIran CHIP u Myron Lizer, vice president ers—California, NewJersey,Ne- and ISIS,great forcommunist Former U.N. Ambassador Nikki Haley spoke Monday night from Washington as part of the convention. of the Navajo Nation vada, and Vermont—aredoing China and he is agodsend to ev- u Nicholas Sandmann, a stu- so in response to the pandemic. eryone who wantsAmericato cratic convention, aides said. watching from quiet neighbor- GOP officials acrossthe country dent from a Covington, Ky., Most states will allowany voter apologize, abstain and abandon At the Andrew W. Mellon Au- hoodsaround our country.” would back the president. high school who had a widely to request aby-mail ballot. Only our values,” she said. Ms.Haley, ditorium, afederal sitenear the “Tonight wasdark,” Demo- In their four-dayvirtual con- publicized encounter with a ahandful of states restrict vot- an Indian-American, also argued Trump International Hotel in cratic National CommitteeChair- vention last week,Democrats Native American activist on ing by mail to those who meet that the U.S. isn’t aracist nation, Washingtonthat served as ahub man TomPerez said in an email sought to makethe case that Mr. the steps of the Lincoln Me- specialcriteria, such as being calling the country“awork in forthe night’sproceedings, to supporters. “In the backdrop Trump is unfit forthe job while morial in 2019 outoftownonElection Day. progress.” speakerscast Mr.Trump as a of apandemic,when so manyin emphasizing Mr.Biden’spersonal u Eric Trump, the president’s Several states have been slow Thepresident playedacentral herowho savedthe countryfrom this countryare suffering,Re- storyand reaching out to abroad son to count ballotsinthis year’s pri- role in the proceedings, appear- Democratic policies.And they publicansjust spent the first coalition of voters. u Tiffany Trump, the presi- maries,causing delays of aweek inginapair of videos from the warned that Mr.Biden would night of their convention touting Republicandelegates,incon- dent’s daughter or more beforethe release of re- WhiteHouse afterhis Charlotte undo it all. the‘accomplishments’ of apresi- trast, appealed largely to Mr. sults. In manycases,the longer speech. “Biden’sradical left-wing dent who has failed the test of Trump’sbase.One delegateas- count has been attributed to a Mr.Trump’saides said he is policies would stop our eco- leadership at nearly everyturn.” serted that the former vicepresi- rules that prevented alarger surge in mailed ballotsowing to expected to appear everynight of nomicrecoverycold,” Donald Monday’sproceedingshad dent would impose regulations gathering,and complained that the pandemic. the four-dayevent, breaking with TrumpJr. said. none of the intrigue of the 2016 that would “put us under the cable news wasn’t carrying the Mr.Penceaddressed the gath- past conventions in which the Patricia McCloskey,who along GOP convention in which asmall yoke of bondageonceagain.” entirety of the roll-call vote. ering beforethe president, say- candidatewas mostly confined to with her husband wascharged group of Mr.Trump’sopponents During alargely unscripted Thepresident also portrayed ing: “I heardthe other daythat accepting the nomination in a with felonies forwaving guns at sought to complicatehis nomina- speech that echoed campaign ad- Democratsaslawlesssocialists democracyisonthe ballot. But I tightlychoreographed speech. agroup of Black Lives Matter tion. Soon afterthe 2018 mid- dresses he made around the whowould plungethe nation think we all know—the economy Thepresident wasinvolved in protestersoutside their St.Louis term elections,the Trump cam- countrylast week,Mr. Trump de- intochaos,while touting his re- is on the ballot. Lawand order is planning theevent and has en- home,said: “What yousaw hap- paign set up adelegate-focused fended his handling of the pan- cord and arguing that he helped on the ballot. Our most cher- couraged his adviserstomakeit pen to us could just as easily team that worked to avoid the demic,criticized North Carolina’s buildastrong economybefore ished ideals of freedom and free flashier than last week’sDemo- happen to anyofyou who are 2016 dramabyensuring state Democratic governor for safety thepandemic led to arecession. marketsare on the ballot.” Democrats Press Postmaster on Slowdowns, Voting by Mail

BY ALEXA CORSE related to postal delays,includ- tics-companyexecutiveand Re- Monday. He said the Postal Ser- delays and Mr.Trump’soppo-

S AND PAUL ZIOBRO ing accusing him of working publican fundraiser,said he has vice“is fully capable and com- sition to all-mail voting.“Am I

NEW with President Trump to inter- made two changes as postmas- mittedtodelivering the nation’s the only one in this room that G WASHINGTON—Postmaster fere with voting by mail ahead tergeneral: requiring trucks to ballotssecurely and on time.” understands that we have a GeneralLouis DeJoy said the of the November election. Mr. runontime and reorganizing Mr.DeJoy,overnearly six $10 billion-a-year loss?”

OOMBER U.S. Postal Serviceisworking DeJoy and the WhiteHouse the Postal Service’sreporting hours of testimony that in- Mr.Trump has said he op- to fixdeliverydelays as Demo- have rejected such accusations. structure. He said other initia- cluded several tense exchanges posesautomatically mailing

CALL/BL cratscontinued to presshim “In all of our districts, we are tives predated his arrival and with Democrats, rejected the ballotstoevery voterinre- LL about slowdowns and opera- hearing from constituentsabout were in response to long-run- notion that he wastrying to sponse to the pandemic,saying RO

Q tional changes that they worry significantdelays in the delivery ning declines in mail volumes. hurt the Postal Serviceorthe it would invitefraud and logis- /C

MS could hamper voting by mail. of mail, medicines,food, and Amid public outcry over mail success of mail-in voting this tical chaos.Hehas said he is all Mr.DeJoy and Robert Dun- other supplies,” said the chair- delays,Mr. DeJoy last week fall, or that therewas anything right with asystemwherea

WILLIA can, chairman of thePostal woman of the House Oversight paused some changes until af- improper about his initiatives. voterwould need to request an

OM ServiceBoardofGovernors, Committee, Rep.Carolyn Malo- terthe election, such as remov- “All my actions have to do absentee ballot.Earlier this /T testified Mondaybeforethe ney(D.,N.Y.). “These delays are ing mail-processing machines. with improvements in postal month, Mr.Trump said his ef- House CommitteeonOversight especially concerning—and po- “While we have had atem- service,” Mr.DeJoy said, after fortstoblock newfunding for

BRENNER and Reform. Democratic law- tentially life-threatening—dur- porary servicedecline which Rep.Jim Cooper (D., Tenn.) the Postal Service, if successful, M

TO makers have takenaim at Mr. ing the coronavirus crisis.” should not have happened, we asked whethertherewas a would also hamper effortsto Postmaster General Louis DeJoy DeJoy over arangeofconcerns Mr.DeJoy,aformer logis- arefixing this,” Mr.DeJoy said connection between the mail expand mail-in balloting. P2JW238000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, August 25, 2020 | A5

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A6 | Tuesday, August 25, 2020 ****** THE WALL STREET JOURNAL. U.S. NEWS New York Probing Trump Organization

The attorney general opened the civil investigation in father took office. beforehis scheduled July 22 structed witnesses, including tion. Acentral plank of her March 2019,after Michael Co- Allen Weisselberg, the Trump examination, lawyersfor the Eric Trump, to refuse to an- 2018 election campaign wasto is examining whether hen, the president’sformer per- Organization’schief financial of- Trump Organization canceled, swer questions under oath.” push back against Mr.Trump’s the business inflated sonal lawyer and aformer se- ficerand alongtime confidant saying the attorney general’s TheWhiteHouse referred a policies, which she says have nior executiveofthe Trump of President Trump,gavesworn office’squestions to Mr.Weis- request to comment to the hurt the state. the value of assets Organization, provided Con- testimonytothe stateinvestiga- selbergwere“beyond the Trump Organization. At issue are seven subpoe- gresswith copies of Mr.Trump’s tors over two days last month, scope” of the civil inquiry. Aspokeswoman forthe nas fortestimonyand thou- BY DEANNA PAUL financial statementsand testi- according to the filings. Mr. As of last week,Eric Trump Trump Organization called it sands of documentsprimarily AND REBECCA DAVIS O’BRIEN fied that his assetswereinflated Weisselbergisexpected to meet “has nowrefused entirely,” the “a discoverydispute” and said involving several TrumpOr- to securefavorable loans and again with the office. attorney general’s office said the companyhad done nothing ganization properties, includ- TheNew York attorney gen- taxbenefits, according to the fil- Other Trump Organization in itsfiling,prompting it to wrong.“While we have tried ing aWestchester County,N.Y., eral’sofficeisinvestigating ingsinManhattanstate court. executives have declined to ask the NewYork court to act. to cooperateingood faith with estatecalled Seven Springs whether the Trump Organiza- Theattorney general’sof- meet with the NewYork attor- “For months,the Trump Or- theinvestigation at everyturn, and Trump National Golf Club tion and President Trump im- fice,inMonday’sfilings, asked ney general’sofficeorhave ganization has made baseless the NYAG’s continued harass- in California. properly inflated thevalue of aNew York court to order the withheld documents, citing claims in an effort to shield ment of the company as we Mr.Trump donated conser- Mr.Trump’sassetsinfinancial Trump Organization and oth- privileged communications or evidencefromalawfulinvesti- approach the election…con- vation easements at both filings, according to court pa- erstocomply with civil sub- claiming an overly broad in- gation into its financial deal- firms that this investigation is properties by placing perma- pers made public Mondaythat poenas,including one issued quiry, the filingssay.State ings,” NewYork Attorney Gen- all about politics,” she said. nent development restrictions seek to compel companyexecu- fortestimonyfromEric prosecutorssaid they subpoe- eral Letitia James said Ms.James,aDemocrat,has on the property and taking tax tives to comply with subpoenas. Trump, who has led the naed Eric Trump fortestimony Monday. “They have stalled, filed anumber of lawsuits deductions equal to the dimin- Thestate’s topprosecutor Trump Organization since his in May, but lessthan two days withheld documentsand in- against the Trump administra- ished value. Fans’ Boat Parades Buoy Trump’s Spirits White

BY MICHAEL C. BENDER House Trish Willis hasn’t returned to her nursing job in Atlanta Praises sincethe outbreak of Covid-19, and still won’t getonanair- plane.But she didn’t think Tax Break twiceabout driving 10 hoursto boardastranger’s watercraft in BY RICHARD RUBIN aTrump-themed boat parade. “The breeze and the heat WASHINGTON—TheWhite andthe sunshine,Ifeel zero Housereleased areport tout- risk,” said Ms.Willis,who ingthe benefitsofaprogram doesn’town aboat but has encouraging investment in low- participated in four Trump income communities,which boat parades in Florida and Democratshavecriticized as a Georgia. “Wecan’t go to ral- boon to affluent people. lies,but this is afun way to Theincentivefor so-called show him our support.” opportunity zones attracted an President Trump has no- estimated $75billion in capital ticed. Sincethe pandemic has through 2019,according to the shelved his signaturecampaign report released Monday.

rallies—a source of energy for JOURNAL President Trump’scam- the president and his support- paign is making the program— REET

ers—the splashydisplays of ST created in the 2017tax law—a approval have helped buoyMr. LL key part of itsre-election Trump’sspiritsinrecent WA pitch and is calling for an un-

weeks,aides said. Aides have THE specified expansion. R

tried to routethe president’s FO The opportunity-zone pro- motorcade past boat parades, A gram is differentfrommany

and areconsidering having the O’HAR prior federal initiatives in low- president participateinone in income communities. It is fo-

the coming weeks. CAITLIN cused on creating incentives Thepresident has publicly Supporters of President Trump held a boat parade on Lake Havasu in Arizona in May. Mr. Trump has publicly praised such events. forprivateinvestment in spe- praisedthe boat parades this cific areas with relatively few summer.Inprivate, Mr.Trump like it in my life,” said former involving afundraising cam- ing to aWall Street Journal/ his performanceaspresident. restrictions rather than re- broaches the subject of boat Florida Attorney General Pam paign to help build the Trump- NBC News poll this month. And Democratscan do parades quiring direct benefitsfor peo- parades himself,aides said, Bondi, whoparticipated in the inspired border wall with Mex- Theenergy of Mr.Trump’s too: Apro-Biden caravanof ple who liveinthe zones.Crit- asking if they have seen the Tampa-area boat parade.Or- ico. TheInstagram account of supporters helped securehis about 300 golf cartsonFriday ics contend that the benefits flotillas of his followers crowd- ganizerssaid they had more Brian Kolfage, who wasamong victoryin2016,which wasde- beeped their way through the flow moretowealthyinves- ing waterways from the Great than 2,000boatsregistered those arrested, shows the cided by fewerthan 80,000 streetsofThe Villages,a tors who getcapital-gains tax Lakestothe Gulf of Mexico. and estimated the total turn- boat, allegedly paid forwith votesinWisconsin, Pennsylva- sprawling retirement commu- breaks than to the residents He kept close tabs on an at- out wascloser to 4,000.“It donor money,being used for nia and Michigan, or 0.06% of nity of about 128,000 people whose lowincomes made their tempt last week to break the was just miles of boats, from fishing outings and in Trump the 137 million ballotscast in Central Florida. neighborhoods qualify. mark forthe world’sbiggest hugeboatstoJet Skis.And boat parades. acrossthe country. With na- “The Trump campaign is a Under the program, people boat parade,aides said, cur- just so many people cheering Heading intothe final tional and statepolls once sinking ship,” Biden campaign who put their capital gains into rently held by Malaysia, with and waving from the beach. I again showing Mr.Trump trail- spokesman T.J. Ducklo said. an opportunity zone invest- 1,180 boats in 2014. looked at it all and said, ‘This ing in 2020,his campaign has “Theyare taking on waterin ment candefer taxesonthose “Did you see down in Flor- is the silent majority.’ ” The splashy displays drawnparallels to the contest battleground states because gains and payatdiscounted ida the boat parade yester- There are about 13 million four yearsago when public they can’t articulate a coher- rates. And, if they hold the day?” Mr.Trump asked the registered boatsinAmerica took off after the surveyssignaled athirdcon- ent messagefor whyTrump zone investmentslong enough, hostsof“Fox&Friends” on and most areowned by house- pandemic shelved secutive lossfor Republicans. deserves re-election.” anygains on those projectscan Aug.17. “They brokethe Guin- holds earning lessthan Inside campaign headquar- With campaign rallies shut be free of capital-gains taxes. nessBook of World Records, $100,000 a year, according to Mr. Trump’s rallies. ters,Trump campaign man- down,the boat parades have Theprogram has spurred and the boats—just thousands the National Marine Manufac- ager Bill Stepien has reminded growninpopularity.Sheri Au- significant interest from inves- of boatsand that’sall over the turersAssociation. Threeof his team that in the final 226 clair,a58-year-old stay-at- tors,real-estatedevelopersand country.” the most closely watched pres- national polls of the 2016 race, home mom from near Minneap- local officials trying to revitalize Theparade hadn’t set the idential battleground states— stretch of the presidential Mr. Trump led in just 13. “We olis who said she has been to long-struggling areas.The initial record,asofficial word from Michigan, Florida and Wiscon- race,the campaign has said knowhereatour headquar- countlessrallies,has turned her idea had bipartisan support, but the London-based records sin—areconsistently among enthusiasm inside Mr.Trump’s ters,what our internal num- attention toward organizing Democratshavesoured on it. companyisstill weeks away. thetop five states fortotal political base is “the most im- berssay,” Mr.Stepien told re- boat parades.Her most recent The$75 billion figure is an But campaign officials said the boat registrations,according portant factor in this cam- porters recently. “It’s why we parade attracted morethan 75 estimate, based on an extrapo- turnout in Tampa—as well as to the group. paign.” While most voters exude the quiet confidence in vessels to Lake Minnetonka. lation of publicly available data other boat parades in New One boat that participated backingDemocratic presiden- our plan and in our mission.” “Everyone is just hooting because completeinformation Hampshire, Ohio and South in Trumpparades in Florida, tial nominee JoeBiden say Democrats say the dynam- andhollering,” Ms.Auclair from taxforms isn’t available Carolina—is indicative of the the Warfighter,was seized last they are mostly interested in ics aredifferent this time said. “You pass some boaters yet. Some of that investment kind of energy inside the pres- week afterthe arrest of Mr. keeping Mr.Trump from asec- around, and that the polls are whogiveyou the middle-fin- would have happened even ident’spolitical base that car- Trump’s former White House ond term, the president’ssup- indicativeofMr. Trump shed- ger salute, but you just smile without the taxbreak,said the ried him to victory in 2016. adviser,Steve Bannon, and portersoverwhelmingly said ding support from suburban and wave and keep going report from the WhiteHouse “I’venever seen anything three others for alleged fraud their vote wasfor him, accord- women and seniorswaryof down the bay.” Council of Economic Advisers. U.S. WATCH

ALASKA according to aclarification the CALIFORNIA WhiteHouse released Friday. Army Corps Letter Many of those workers will Ex-Lawmaker’s Wife Details Mine Concerns have a portion of their student Gets Home Sentence debt forgiven under an executive The Army Corps of Engineers action Mr. Trump took earlier The wife of former California is demanding environmental mit- this month, whereas other bor- Republican Rep. Duncan Hunter igation measures for a large rowers will have their balances was sentenced Monday in U.S. gold and copper mine planned frozen but no debt forgiven. court to eight months of home for Alaska, including restoring, Mr. Trump’s executive action confinement after pleading guilty preserving or improving 3,000 extends through Dec. 31 a provi- to misusing more than $150,000 acres of wetlands to compen- sion in the Cares Act that allows in campaign funds. sate for the area being dis- most federal-student-loan bor- Government attorneys noted turbed, according to a letter to rowers to stop making pay- Margaret Hunter’s cooperation the developer released Monday. ments, with no interest accruing. with the prosecution of her hus-

The Corps has made “factual GES As originally passed by Congress band in arguing against putting

determinations thatdischarges at IMA in March, that provision was set her behind bars and for allowing the mine sitewould cause un- to expire Sept. 30, and some ex- her to serve the sentence at ETTY

avoidable adverse impacts to /G perts have expressed doubt over home. She was also sentenced

aquatic resourcesand, preliminar- GO Mr. Trump’s legal authority to to three years probation.

ily,thatthose adverse impacts NTIA extend the provision unilaterally. “I’m deeply sorry,” Ms. Hunter would result in significantdegra- SA The Cares Act effectively for- told the judge. dation to those aquatic re- M. gave debt for borrowers enrolled Last year, Margaret and Dun- sources,” according to the letterto in a program known as Public can Hunter each pleaded guilty

the site’sdeveloper, Pebble Lim- MICHAEL Service Loan Forgiveness. Con- to a single corruption count of ited Partnership,dated Aug. 20. FOOT IN THE DOOR: People took in the exhibits Mondayatthe Statue of LibertyMuseum in NewYork City. gress created the program in misspending more than The letter, reported by The Cultural institutions in the cityare allowedtoopen again after months of closurebecause of the pandemic. 2007 to reduce student debt for $150,000 in campaign funds. Wall Street Journal on Saturday, borrowers who work for govern- She also had agreed to testify is a significant setback for the nasty Minerals Ltd. A senior ad- package within a few weeks. STUDENT LOANS ment agencies at any level and against her husband. Pebble Mine, a project once fa- ministration official Sunday said “The letter we received today for many nonprofit groups. Duncan Hunterhad asked the vored by the Trump administra- “the door is closed for quite is a normal letter in the permit- Public-Sector Workers Under PSLF, borrowers typi- court to sparethe mother of his tion but which it has turned some time.” ting process and we are well Get an ExtraBenefit cally make monthly payments three children jail time when he against amid these concerns. Pebble Limited’s chief execu- into an effort to present a miti- equivalent to a percentage of wassentenced in March to 11 The mitigation demands are tive, Tom Collier, has said he gation plan to the USACE that PresidentTrump’smove to their discretionary income for 10 months in prison after pleading so high that some doubt was briefed on the Corps’ deter- complies with the requirements suspend most Americans’ stu- years, or 120 months, and then guilty. His date to report to prison whether they are possible to mination weeks ago and that he of their letter,” the company said dent-loan payments through the have any remaining balance for- waspushed back until January meet for the company, a subsid- expects his team to be able to Monday. end of the year will deliver extra given tax-free. because of the pandemic. iary of Canada’s Northern Dy- finish redesigning its mitigation —Timothy Puko benefits to public-sector workers, —Josh Mitchell —Associated Press P2JW238000-2-A00700-1------XA

THE WALL STREET JOURNAL. ** Tuesday, August 25, 2020 | A7 U.S. NEWS Covid-19 New Infections Decrease in the U.S. Reinfection BY ALLISON PRANG Case Is AND MELISSA KORN Thenumber of newcorona- Reported virus infections in the U.S. de- clined from aday before, as states in theSouth and West BY NATASHA KHAN also confronted natural disas- AND DANIELA HERNANDEZ ters,and school officials wres- tled with howbest to open HONG KONG—A team of re- safely. searchershas documented a Thenation reported 34,567 case of Covid-19 reinfection, newcases on Sunday, according offering evidencethat patients to datacompiled by Johns Hop- who have recovered from the kins University,reaching the viral disease could be infected lowest level in morethan two asecond time,months after months and marking the ninth the initial episode. straight daywith fewerthan In apaper accepted by the 50,000 newcases.That is down Clinical Infectious Diseases from 44,572onSaturday and

journal, scientistsfromthe Uni- the lowest sinceJune 22,when S

versity of Hong Kong reported the U.S. reported 30,536 new PRES thecase of a33-year-old man cases.Case counts, however, of- UMA

who had an asymptomatic tendip at the start of the week. /Z

Covid-19 episode 4½ months Theseven-day averageof NG afterasymptomatic infection. newcases through Sundaywas SC Thefindings, based on a 42,638,lowerthan the two- CH/ single patient, would if repli- week averageofmorethan

catedbolster the theorythat 46,915.The country’sseven- BERSEBA UL

immunity to SARS-CoV-2, the dayaverage has been lessthan PA virus that causes Covid-19, itstwo-week averagefor al- A student had his temperature checked before the first day of in-person classes at an Orange, Calif., school on Monday. could last only a few months, most a month. However, that similar to coronaviruses that drop also has corresponded buted adropinthe state’s said “it arbitrarily disregards fortwo weeks,beginning Mon- campus student gatheringsas cause the common cold. with adecline in testing na- seven-dayaverage of newtests safety,denies local school dayevening,asthe city re- cases started to tick up. That would have implica- tionally. Theseven-day aver- to wildfires,saying they have boards decision making with sponds to arecent jump in “There is an unacceptable tions for recommended precau- age of tests in the U.S. fell to affected 11 of the state’stesting respect to reopening brick and Covid-19 cases at the Univer- rise in positiveCovid cases in tions forrecovered patients 674,235 on Aug.23from labs.California’sseven-day av- mortar schools,and conditions sity of Alabama and tries to our campus,” Alabama Presi- andfor cycles of vaccinations 785,019 a month earlier. erageofnew cases was5,798, funding on an approved re- staveoff further outbreaks dent Stuart Bell wroteina once they become available. Total infections in the U.S. and the statemost recently re- opening plan with astart date that could shutterthe campus notetothe school community Thepaper didn’t specify have now passed 5.73 million, ported 4,946new cases. in August.” Thestate plans to and cripple the local economy. Sunday. “Makenomistake, whether the patient wasinfec- nearly aquarter of the world’s Florida,which also emerged appeal the judge’s ruling. “Fall in Tuscaloosa is in se- this trend is areal threat to tious the second time around. roughly 23.5 million, according as avirus hot spot in July,re- In North Carolina, Demo- rious jeopardy,” MayorWalt our ability to completethe se- While suspected reinfec- to Johns Hopkins data. More ported 2,086 new cases Mon- cratic Gov.Roy Cooper said he Maddoxsaid Monday, warning mester on campus.” tions have been reported anec- than 810,000 people world- day, the lowest tally since had joined a group of biparti- the local health system could The president warned that dotally,itwasn’t clear whether wide have died, including June 14,according to data sangovernorsfromColorado, be overrun in four to six violating health protocolson patients had been reinfected more than 177,000 in the U.S. from the Florida Department Illinois,Michigan, NewYork, weeks without achangeinthe campus or at nearby barsand or were merely displaying re- Louisiana Gov.John Bel Ed- of Health. However, testing in Oregon, Vermont and Wash- virus’strajectory. Alabama is a houses could lead to disci- sidual effects from the same wardsreminded citizens to con- the Sunshine State also has ingtonasking the federal gov- top contender in football this pline, including suspension. infections.The paper is the tinue to followcoronavirus pro- been decreasing. ernment to push the deadline year,projected to win the Ohio State University gave firsttoreport aconfirmed re- tocols as two storms—tropical Acircuit court in Leon forthe 2020 U.S. Census to Southeastern Conference. 228 students interim suspen- infection, based on scientific storms Marcoand Laura—are County,Fla., on Mondayfound theend of October. Field work Theuniversity,which man- sions tied to off-campus par- evidenceincluding genetic se- expected to hit the statethis the state Department of Edu- on the census previously was dated that studentsshowneg- ties wherestudentsweren’t quencing and clinical data. week and could bring flooding cation’semergencyorder on delayed because of the crisis. ative test results to return to following health and safety Scientistssaid the findings to Mississippi and Texas. reopening schools unconstitu- BarsinTuscaloosa, Ala., campus,already had tempo- rules,aspokesman forthe suggest that SARS-CoV-2,sim- Gov.Gavin Newsom attri- tional. Judge Charles Dodson have been ordered shuttered rarily prohibited on- and off- school said in an email. ilar to human coronaviruses associated with the common cold, such as 229E and NL63, may persist in the population TikTok Sues U.S., Seeking Overturn of Ban because immunity maybe short-lived and different peo- pleare going through infec- BY KATY STECH FEREK comment and referred ques- tion cycles at different times. AND LIZA LIN tions to the JusticeDepartment, In some cases,vaccines can which also didn’t comment. producestronger immune re- Chinese-owned TikTok sued Theprecise parametersof sponses than natural infections, the U.S. government in federal the ban arestill being deter- infectious-disease expertssaid. court Monday, challenging mined by the Commerce De- It is possible asecond round President Trump’s executive partment. Thesuit says that of natural infection could be order that would effectively TikTok plans to seek aprelimi- milder than thefirst due to ban the video-sharing app if it naryinjunction “oncethe Com-

some residual immunity,the doesn’t find an American GES merce Department issues its

authorswrote in the study. buyer forits U.S. operations IMA regulations and the full scope Theman, who had “good and insisting that it protects of theunlawful executiveor- past health,” returned to Hong its users’ data. GETTY der’s impact is understood.” Kong on Aug.15fromSpain “By banning TikTok with no SE/ Thelawsuit also claims Mr. noticeoropportunity to be Trumphas abused the federal heard(whether beforeorafter law that gives him extraordi- ANCE-PRES Aman whorecovered the fact), the executive order FR nary powers to act when na- violates the due process pro- tional security concerns arise ENCE

from theinfection tections of the FifthAmend- AG in the telecommunications had an asymptomatic ment,” the complaint says. S/ sector.Last year,heraised U.S. officials saythey are concerns about threatsinthat episode months later. concerned that TikTok,owned DELMA field and called for additional

by Beijing-based ByteDance CHRIS regulations. Ltd., could pass on to China’s The White House says TikTok, which opened offices in Los Angeles, poses a security threat to the U.S. TikTok lawyers said in the authoritarian government the complaint that the company viathe U.K. and tested posi- dataitcollectsfromAmeri- court to invalidate the execu- cording to market research finalized or to resolveany un- isn’t atelecommunications tivefor the newcoronavirus cans streaming videos.TikTok tive order. firm Sensor Tower. foreseen circumstances that provider and“does not pro- when he arrived at the airport. has said it hasn’t been asked “When the ban goes intoef- This month, Mr. Trump is- might arise,according to aper- vide the types of technology” Hong Kong screens passengers to sharedatawith the Chinese fect, it could wipe out Plain- sued an order calling on Tik- son familiar with the situation. at issueinthe regulations that upon entry at its borders. government and wouldn’t do tiffs’ entireTikTok businessby Tok’sChinese owner to divest Mr.Trump also has sug- followed. It wasunclear if the patient so if asked. preventing TikTok from at- itself of the video-sharing gested that parties to the deal Analystssay China’sna- developed long-lasting antibod- In the lawsuit, filed in fed- tracting newusers; by driving app’sU.S.operations,setting a payafee to the U.S. govern- tional security lawimposes ies following the firstinfection, eral court forthe Central Dis- current userstocompeting 90-daydeadline forthe trans- ment forfacilitating the deal. broad obligations for citizens according to the paper.Tests trict of California, TikTok law- platforms; and by destroying action to be completed. In thelawsuit, TikTok lawyers andcorporations to assist in showedhedidn’t have immu- yers said that the companyhas TikTok’sability to partner MicrosoftCorp., Oracle said that the feeisunnecessary such investigations,acategory noglobulin G, atype of anti- “taken extraordinarymeasures with other companies and at- Corp.and TwitterInc.have and signals that the regulatory that includes political and ide- body,until five days afterhe to protect the privacyand se- tractand retain employees,” had talks about an acquisition, moveisapoliticized one. ological threatsinChina. This washospitalized forhis second curity of TikTok’s U.S. user the suit says. and several investment firms “The President’sdemands means ByteDance, as aChi- infection, the paper detailed. data” and that it has explained TikTok’splatform, filled are also involved. forpaymentshavenorelation- nese company, would have One possible explanation those efforts to the federal with goofyuser-made dance Even though TikTok is in ship to anyconceivable na- trouble pushing back against wasthat he didn’t mount an government during arecent andmusic videos,has been talks to sell itsU.S.operations, tional security concern,” the such data requests. antibody response afterthe national security review. downloaded more than 180 the lawsuit wasfiled in part to lawsuit says. —Georgia Wells firstinfection, though the sci- In its suit, TikTok asks the million times in the U.S.,ac- buy moretime forasale to be TheWhiteHouse declined to contributed to this article. entistssaid they couldn’t con- firm this because they only had archived serum collected Global Managing Partner Doug made significant headway,the about $136 billion of cash, businesses,ithas political 10 days afterthe onset of Investors Leone. General Atlantic’sef- people said. some three times what Oracle connections that could help its symptoms forthe firstepi- fort is led by itschief execu- Biddershavebeen asked to has on hand. pursuit of TikTok.LarryElli- sode.Another possibility,they tive, Bill Ford,who represents submit offersbythe end of the Because ByteDanceeither son, Oracle’sco-founder,chair- said, wasthat he did mount an Back Sale his firm on ByteDance’sboard. week and one of the parties has to agree to adeal that sat- man and largest shareholder, antibody response afterthe Theinvestment firms have could enter exclusivenegotia- isfies the government or risk earlier this year threw afund- firstinfection, but the level of two pointsofinterest that po- tions soon, according to people the U.S. ban, suitorshavelever- raiser at his house forthe antibodies had decreased be- To Oracle tentially conflict: their obliga- familiar with the matter. ageinpricenegotiations.Byte- president.Chief ExecutiveSa- low the detection limits. tion as boardmembersto Microsoft’s discussions are Dancehas estimated TikTok’s fraCatz also worked on the “One patient becoming re- maximizethe value to Byte- more advanced than any oth- U.S. operations and those in the executivecommitteefor the infected does not mean that ContinuedfromPageOne Dance of its prized asset, and ers, some of the people famil- other countries could collec- Trump transition team in 2016 reinfection is going to occur Sequoia and General Atlantic trying to buy intoTikTok in iar with talks said—potentially tively be worth morethan $50 andhas donated to his re-elec- acrossthe board,” said Angela grew concerned that they the U.S. at agood pricetocap- a critical advantage given the billion, one of the people said, tion campaign. Rasmussen, avirologist at Co- wouldn’t have aplaceinaMi- italize on its potential. tighttimetable and the com- while some people familiar Sequoia also has ties to the lumbia University’s Center for crosoftdeal and looked foran- ByteDance has been under plexity of the negotiations.Mi- with TikTok’soperations put administration and has been Infection and Immunity,who other potential tech partner pressuretoreach adeal to sell crosofthas said it aimed to thenumber much lower. lobbying forways to enable wasn’t involved in the study. that could givethem apieceof TikTok’sU.S.arm ahead of a completediscussions with TikTok has around 100 mil- TikTok to keep operating in “Ifthe patient wastotally the action, some of the people 45-daydeadline the White ByteDancebySept. 15,adding lion usersinthe U.S.,and they theU.S. Mr.Leone,the Se- seronegative, and had no said. They arenow pushing Houseimposed in an Aug.6 there is no certainty it would areconsidered among the quoia global managing part- SARS-CoV-2 antibodies at all, the potential Oracle bid, which executive order that bans the be able to conclude a deal. most lucrativeworld-wide for ner,has called TreasurySecre- that suggeststhey didn’t quickly wonMr. Trump’spub- app—which the Trump admin- Oracle isn’t as obvious a the app,which is still believed tary Steven Mnuchinand mount arobust immune re- lic support, although some of istration said poses an eco- potential buyer as Microsoft. to be losing money. presidential adviser Jared sponse,sinceweknowfrom the people said the Microsoft nomic and national security Oracle has asizable cloud- Zhang Yiming,ByteDance’s Kushner as part of this effort, many sero-surveys that most talks are fluid and outside in- threat to U.S. interests—if it computing operation and tech- founder and chief executive, according to people familiar people do develop some de- vestorscould still be included isn’t sold to U.S. buyers. A nical capabilities,but it is favors Microsoft, people famil- with those discussions tectable antibodies afterinfec- as minority investorsinMi- subsequent presidential order mainly focused on serving iar with his thinking said. Mr. Mr.Leone and his wifehave tion,” Dr. Rasmussen said. crosoft’s bid. set a 90-day deadline for any businessclientsand has virtu- Zhangbriefly worked at Mi- donated tens of thousands of Most Covid-19 patientsdo Sequoia and General Atlan- transaction to be completed. ally no experiencerunning a crosoft. He likes the com- dollarstoRepublican candi- seem to develop antibody re- tic both hold seatsonByte- TwitterInc.also had pre- social-media platform or other pany’scultureand has agood dates this election cycle,in- sponses,she said, “and there- Dance’s board. Sequoia’s seat liminary talks about a poten- major consumer-facing busi- relationship with Microsoft cluding Mr.Trump’sre-elec- fore would be lesslikely to is occupied by its China head, tial combination,people famil- ness. Microsoftowns the CEO SatyaNadella, one of tion campaign. have major implications across Neil Shen, while its efforts in iar with those discussions LinkedIn social-media siteand these people said. —Georgia Wells the boardfor long-term immu- the U.S. to participateinan said. Twitterremains inter- the Xboxvideogame business. While Oracle lacks experi- and Joe Flint nity and vaccination.” acquisition arebeing led by ested but its approach hasn’t It also is much biggerand has encerunning consumer tech contributed to this article. P2JW238000-4-A00800-1------XA

A8 | Tuesday, August 25, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Putin Critic WasPoisoned, GermanySays

Merkel calls forRussia Tensions have grownbe- West, but that without clear city of Omsk,having collapsed tween Moscow and the West evidenceofwho wasbehind during atrip in Russia last to conduct transparent in the wake of Russia’sannex- the poisoning it would be hard week.Supportersand relatives probe and to bring his ation of Crimea, its meddling forWestern governmentsto arranged amedevac flight to in the 2016 U.S. election, and take action against his poten- bring Mr.NavalnytoBerlin for attackers to justice strong-arm tactics to quell do- tial attackers. treatment. mestic opposition. But ana- “There will be accusations, Russian doctorsinOmsk BY WILLIAM BOSTON lystssay evidenceoffoul play angrywords,” he said. “But said therewerenotracesof AND THOMAS GROVE in Mr.Navalny’ssudden illness thereisalong way to go be- poison found in Mr.Navalny’s didn’t makeitmorelikely that fore youestablish who poi- testsand initially refused to BERLIN—German Chancel- his attackerswould be uncov- soned him.” grant permission to movehim lor Angela Merkel called on ered and brought to justice. Foryears, Mr.Navalny to Berlin, saying he wasn’t sta- Russia to investigateanattack Doctors at Berlin’s Charité made his name airing exposés ble enough fortravel, before on opposition figure Alexei hospital said they were treat- GES of corruption allegations backtracking. Navalnyafter German doctors ing Mr.Navalnywith atropine, IMA against the Kremlin eliteon TheU.S.and European gov-

determined Mondaythat he an antidotethat is used to ETTY his popular YouTube channel ernmentshavesofar been

had been poisoned with a treat nerve-gas and pesticide /G wherehehad garnered nearly cautious in repeating the poi- toxic nerveagent, heightening poisonings. They said theout- UP four million followers. soning accusations leveled by tension between Moscow and come of the treatment wasun- GALL Thevideos,based on foren- Mr.Navalny’ssupportersor

the West. certain, that Mr.Navalnycould SEAN sic analysis of land registries pointing the finger at the Theexact circumstances suffer long-term side effects Police patrol outside the Berlin hospital treating Alexei Navalny. and filingsofoffshorecompa- Kremlin. surrounding the poisoning of and that they were conducting nies,aswell as drone footage, PresidentTrump hasn’t Mr.Navalnyremain amystery, examinations to determine the valny, and unfortunately there Russian officials and state wonhim adevoted following commented directly,but said but the politician, who has specific toxin. have been several examples of media denied anyconnection. but also enemies from acrossa SecretaryofState Mike challenged the Kremlin elite “The patient is in intensive poisoning in Russia’srecent AfterMr. Navalnytook ill spectrum of Kremlin-affiliated Pompeo would report back to formorethan adecade,had care and still in an induced history,” Steffen Seibert told last week,apopular Russian politicians and businessmen. him about the incident. U.K. no shortage of enemies. coma,” the Charité hospital journalists in Berlin. tabloid wrotethat he had been “It’sone of the unfortunate Foreign SecretaryDominic In ajoint statement, Ms. said. “His medical condition is In 2018,SergeiSkripal, a out drinking heavily the night featuresoflifeinRussia today Raab has said he wascon- Merkel and her foreign minis- serious but his lifeisnot in former Russian militaryoffi- before. Apro-Kremlin TV per- that there’snoshortageof cerned by reportsthat Mr.Na- ter, HeikoMaas,called on Rus- immediate danger.” cer, was poisoned with anerve sonality blamed the U.S., say- candidates who might con- valnymay have been poisoned. sian authorities to conduct a Earlier in the day, Ms. agent in Salisbury, England. ing Washingtonlikely poi- sider that [poison] is an ap- Kremlin spokesman Dmitry transparent probe intothe at- Merkel’s spokesman used un- British authorities pre- soned Mr.Navalnytosoil propriatemeans of settling Peskov said that the decision tack on Mr.Navalny, citing his usually blunt language to de- sented evidenceand video of Russia’s reputation. differences with Navalny,” said of doctorsinSiberia to hold leading role in Russia’spoliti- scribe Mr.Navalny’scondition Russian militaryintelligence DmitryTrenin, the director Keir Giles,asenior consulting Mr.Navalnyuntil Saturdaywas cal opposition. and suggested therecould be a agentsinSalisburyatthe time, of Carnegie Moscow Center, fellow at Chatham House. purely medical and that the “Those responsible must be link to the Kremlin. leading to sanctions against said thefindingsofthe Ger- Mr.Navalny arrived in Ber- documentsfor his transfer identified and brought to jus- “The suspicion is that Moscow,including the expul- mandoctorscould hit rela- lin on Saturday afterbeing were drawnupassoon as they tice,” they said. someone poisoned Mr.Na- sion of Russian diplomats. tions between Moscow and the evacuated from theSiberian considered it safetomovehim. China’s Belarus Recovery Detains Picks Up Opposition

ContinuedfromPageOne Officials from China’sheady expansions of past years, should nonethe- BY ANN M. SIMMONS lesshelp the world’sNo. 2 economymovefaster in catch- MOSCOW—Atleast two ing up with the U.S.,which membersofanopposition-led could shrink by as much as 8% council formed to help the in 2020. transfer of powertoanew It is also buttressing Bei- government following Be- jing’sbelief that China’sstate- larus’s presidential vote were led model, which helped the detained, raising fearsthat countrynavigatethe 2008-09 JOURNAL longtime authoritarian leader

financial crisis with minimal REET Alexander Lukashenkohas no pain, is better than the U.S.’s ST intention of ceding power. LL

market system, emboldening WA The so-called National Co- Chinese leadersatatime of ordination Council said the THE

rising geopolitical competition R two membersdetained Mon- with the U.S. FO day were charged with an ad-

China’sinflation-adjusted CHEN ministrativeoffense,while economic output will likely hit Y four others were called in for MM

$11.9trillion this year,said TO questioning beforethe coun- Nicholas Lardy, an economist China’smeasures to controlthe pandemic have made public gatherings relatively worry-free. An amusementpark in Guangdong province. try’s investigative committee and China expert at the Peter- in the capital of Minsk,with son Institutefor International Stronger Recovery Beforethe coronavirus, some of them summoned to Economics in Washington. Deutsche Bankestimated appear Tuesday. That is roughly 70%ofthe China's quick rebound from Covid-19 will accelerategains againstthe U.S. economyand magnifyits China’s economy would grow Investigativecommitteeof- U.S.’s expected output—a 7- economic powercompared with other developing countries such as Russia and Brazil. by about 26% between 2019 ficials couldn’t be reached to percentage-point increase and 2023, versus 8.5% for the clarify the reason for the de- Compositepurchasing Real GDP,current prices Pre-Covid-19 Post-Covid-19 from last year,and the largest managersindexes estimates estimates U.S. over the period. tentions or details of the ad- advanceChina has made on $25 trillion Now, taking intoaccount ministrative charges. U.S. China the U.S. in a single year. theimpact of the pandemic, “Webelievethat these ac- U.S. recessions

Homi Kharas,asenior ▶ 60 the bank expects China’s eco- tions of the authorities areab- global economics and develop- 20 nomic expansion to moderate solutely illegal, we arenegotia- ment fellow at the Brookings slightly to 24% between 2019 tors,weare the people with ANSION Institution, said the coronavi- and 2023, while the U.S. over whom we cannow discussthe EXP 50 rusputsChina’seconomyon 15 that stretchwill have grown situation in the country,” Lilia track to reach parity with the by 3.9%—lessthan half the Vlasova, amember of the coun- TION

U.S. in 2028 in absoluteterms, AC original projection. cil’spresidium, told anews 40 using current dollars—two 10 China’sgrowthwas origi- conferenceMondaybeforebe- yearsfaster than his pre-coro- ONTR U.S. nally projected to outperform ing questioned by the investi- navirus estimate. ◀C the eurozone’s by 5.1percent- gativecommittee. It wasun- Thepandemic will also help 30 5 agepointsthis year,Deutsche clear whether she wasreleased magnifyChina’seconomic Bank said. Now, China is pro- following her appearance. powercompared with other China jected to beat the eurozone by The detentions came a day developing countries such as 20 0 twice that margin. after tens of thousands of peo- Russiaand Brazil, said Mr. 2019 ’20 1960 ’70’80 ’90 2000 ’10 ’20 An effectiveand widely ple gathered in Minsk to pro- Kharas,aformer World Bank available vaccine could help test Mr.Lukashenko’sre-elec- chief Asia economist. India will Projected change in 2020 GDP Western economies getback tion and the brutal crackdown nowlikely lose so much ground China 1.0% to their previous growth tra- that followed the Aug. 9 vote that itseconomywill be less South Korea –2.1 jectories faster than expected, in which the president claimed than one-fifth the sizeof said Michael Spencer, an 80% victory over his main India –4.5 China’sbythe end of next year. Deutsche Bank’shead of Asia- rival, Svetlana Tikhanovskaya. Japan –5.8 “China will emerge even Pacific research. Until then, SupportersofMs. Tikha- stronger as the largest econ- Russia –6.6 though, China’seconomic novskaya, who fled Belarus for omyinthe developing world,” Germany –7.8 gains versus the U.S. could neighboring Lithuania shortly Mr.Kharas said. He added that U.S. –8.0 fuel moreconcerns about Bei- after the election, believe the China will likely come out of Brazil –9.1 jing’semerging clout, he said. vote wasneither free nor fair. the pandemic even morefirmly Mexico –10.5 China still faces headwinds. Mr.Lukashenkohas blamed entrenched as Japan—the Spain –12.8 It countsonexportsfor about foreign provocateursfor stok- world’sNo. 3economy, which Sources: IHS Markit (PMI); CEIC Data. Deutsche Bank (China vs.U.S. GDP); IMF (2020 GDP projections) one-fifthofits economic out- ing unrest in his country. He the International Monetary put, making it reliant on cus- has accused the council of Fund expectstoshrink by 5.8% poised to pass the U.S. in the ment’sforcefulresponse to the tancing requirements. tomersinthe U.S. and Europe plotting to overthrow him. this year—falls further behind. inside lane,said that despite coronavirus forthe turn- But China’scontrol mea- overcoming the virus.Itmust Thecouncil wasformed days China’srecoveryremains the gains, China faces deeper around in public confidence, sures—which include mass also prevent itsown resur- afterthe vote.Itdescribes itself fragile and warning signs problems: “The skates arecut- particularly compared with testing and widespread surveil- genceinCovid-19 cases. as “a civic platform that brings abound, from the threat of dou- ting intoChina’sfeet, thereis therest of the world. “The lance—have made public gath- In the export-oriented south- together different segmentsof ble-dip recessions among its bleeding and all they have ability of foreign countries to eringsand other activities rela- ern provinceofGuangdong,Ja- the population,” with the goal trading partnerstogeopolitical eaten this year is sugar.” deal with the pandemic is re- tively worry-free,asthe state son Zhi,asales manager at a of organizing apeaceful dia- concerns.Manyexpertsare du- Even so,the recovery under ally not good,” he said. insertsitself intocitizens’ lives television assembler,said raw logue with authorities.“We do bious of China’seconomic num- way is enough to makedaily life Even in Wuhan, the pan- to an extent that would make materials arebecoming more not set the goal of either bers. Otherssaid itsrebound, in China feel significantly better demic’soriginal epicenter,life manypeople in the U.S. recoil. expensiveashousehold appli- changing the constitutional even if real, is unsustainable. than in much of the West. is returning to normal, with China’s factories were ancedemand rebounds,and the system, or substituting some Daniel Rosen,founding Ren Jianmin, a 57-year-old manyresidentsnolonger wear- among the world’sfirst to re- yuan is strengthening,which kind of power,” said council partner of NewYork-based re- Beijing ride-share driver, said ing masks in streetsand restau- open in April, which helped could makeChinese products member PavelLatushko. search firm Rhodium Group, his earningsfell by two-thirds rantsfilling up again. Images of Chinagrabmarket sharein less competitiveoverseas. TheEuropean Union is pre- warns of mounting debt in in February and March, when aDJhosting awater-parkrave global trade.Now,with China’s Mr. Zhi said that while ex- paring sanctions against offi- China, uneven growth across partsofChina went intolock- party with hundreds of people daily tally of newlocal corona- port ordersfor his 80-em- cials they say are responsible the countryand festering down. He relied on savings to packed together this month virus infections in the single ployeecompany, Guangzhou forrigging the poll and vio- problems in the banking sys- support his family. garnered global attention. digits, services and retail are FuguoElectronics Co., began lently dispersing protesters. tem. Much of the activity in Thingsbegan turning in Wuhan hasn’t registered climbing back to pre-Covid-19 topping last year’s sales in Some 7,000 people were de- recent months has been pro- April. Mr.Ren said he is now anylocal coronavirus trans- levels. July retail sales were off June,itisstill struggling to tained, and at least two people ducing thingsthat people logging 12 hoursofsteady work missions in three months. just 1.1% from ayear earlier. turn aprofitafter months of were reported killed. aren’t buying,hesaid, tempo- each day. That is enough to In the U.S.,authorities have CompaniesfromMarriott lost sales. “It will be harder On Monday, Deputy Secre- rarily goosing economic num- earn 5,000 yuan ($723) each warned that afull recovery to International Inc.and LVMH forusinthe second half of the tary of State Stephen Biegun bersbut creating an inventory month to supplement his wife’s pre-Covid 19 waysoflife MoëtHennessy Louis Vuitton year,” he said. met with Ms.Tikhanovskaya glut that will weigh on growth income as anurse.His biggest might not be possible,envi- SE to Tesla Inc.and Starbucks —Jon Hilsenrath in and emphasized that only Belar- later this year. complaint is that Beijing’snoto- sioning classrooms,restau- Corp.reported strong second- Washington and Grace Zhu usians canresolvethe turmoil. Mr.Rosen, comparing China rious traffic jams have returned. rants, concertsand plane quarter growth in China,asthe and Bingyan Wang in Beijing She said she is committedtoa to aspeed skater that appears Mr.Ren creditsthe govern- flightsaltered by social-dis- rest of the world pulled back. contributed to this article. peaceful resolution of the crisis. P2JW238000-0-A00900-1------XA

THE WALL STREET JOURNAL. Tuesday, August 25, 2020 | A9 WORLD NEWS Speculators Circle Ravaged Beirut Properties

BY ISABEL COLES tate agent who isn’t involved in the current buying and sell- BEIRUT—Earlier this year, ing. “It’s a time for sharks.” Tony Kahwaji bought a$2mil- In an instant, the blast— lion apartment in the heart of caused when afireignited this city overlooking the Medi- thousands of tons of ammo- terranean, seeking arefugefor nium nitratestoredinaport his savingsafter Lebanese warehouse—did moredamage banks imposed capital controls to these historic neighborhoods amid adeepening financial cri- than had yearsofwar.Forty sis.Ten days afterhemoved in, thousand buildingsweredam- JOURNAL

a massiveexplosion at Beirut’s aged in the explosion, including REET port destroyed his newhome. 2,000 that were destroyed, ac- ST LL

Rescuers were still search- cording to the United Nations. WA ing forsurvivorsunder the As manyas300,000 people THE

rubble caused by the Aug.4 have been displaced. R blast when Mr.Kahwaji re- Manyresidentsnow face FO ceived an offer to buy his big bills to repair their RLING

wrecked 12th-floor apartment wrecked homes at atime when TA M

forlessthan half what he paid they already were struggling SA forit. TheTVdirector,who because of the financial crisis. Tony Kahwaji stands in frontofhis apartmentinBeirut’sMar Mikhael neighborhood, wherehewas injured by the port explosion. was hurt in the explosion and TheU.N.estimated morethan is living in his office, declined. 55% of Lebanese arenow “It’s my house, my property.” preserve wealth against the transactions—mainly residen- Mona Fawaz, aresearch di- As Beirut reels from the trapped in poverty,almost Without support, home- meltdown of thelocal cur- tial—reached $3.7 billion in rector at the American Univer- blast that killed morethan 180 double last year’s rate.Ex- ownersmight eventually see rency, which has lost 80% of thefirst five months of the sity of Beirut’s Urban Lab, said people and damaged thousands treme poverty increased no alternative but to sell. itsvalue against the dollar year,up50% over the period in wealthyinvestorsand specula- of homes in prime areas of the threefold to 23% in 2020. Theextentofthe buying sincelast year.Facing an acute 2019,according to BankAudi. tors who snap up discounted city,some buyersand real-es- While commercial real es- and selling sincethe explosion dollar shortage, banks imposed Mr.Moussa said demand for property might leave the homes tate brokersare seeking to ex- tate such as hotels and restau- is unclear,said Walid Moussa, property wouldn’t abateunless unoccupied as they wait forthe ploit the devastation with cut- rantsare likely to have insur- the head of Lebanon’sreal-es- Lebanon secured abailout economytorecover.“Thedan- rate offerstobuy property ance,itremains unclear how tate brokers’ syndicate. None ‘These brokers are from the International Mone- geristhat this area will be- from distressed owners—deals manyprivatehomeownershad of his organization’s160 mem- tary Fund that could stabilize come aghost town,” she said. that ultimately could reshape meaningfulcoverage. Some bers is involved, he said. taking advantage of the economy. Negotiations had Conservationistswho have Beirut’shistoric neighborhoods. homeownershavecovered win- Theidentities of the would- the situation....It’s a stalled beforethe blast. fought foryearstoprotect Bei- Residents of the worst-af- dows with plastic sheeting un- be buyersalso areunclear. Thepolitical classisnow rut’sheritagefromrampant fected areas saythey have til they canaffordglassorget Some have called from un- time for sharks.’ wrangling over anew govern- development saythe city’s past been approached by murkyin- help from aid groups.Hopes of known numbersand hung up ment afterthe previous one also is at risk.Atleast 8,000 termediaries asking if they compensation from acash- when asked who they are, resigned under pressurefrom heritagesites were affected by will sell theirhomes—from strapped government areslim. homeownerssaid. Others, like protesterswho blamed it for the blast. Thegovernment has high-end apartments like Mr. “I want to rebuild, but it’s in Mr.Kahwaji’scase,have capital controls preventing de- the negligencethey sayre- prohibited the sale or purchase Kahwaji’stotraditional build- very expensive,” said 85-year- made approaches via acquain- positorsfrommoving their sulted in the explosion. of anyhistoric building in areas ingsthat have been handed old Michel Jadaan, who owns a tances in the Lebanese diaspora funds out of the country and If anything,Mr. Moussa affected by the blast without down for generations. four-storylate-Ottoman house in Africa, offering cash. severely limiting withdrawals. said, appetitefor real estateis approval. But conservationists “These brokersare taking on the once-thriving Gem- Before the blast, Lebanon ManyLebanese responded likely to increase because the saycozyrelationships between advantage of the situation,” mayzeh Street. Even so,he wasinthe midst of areal-es- by buying assetssuch as prop- explosion has further clouded developersand politicians said JohnnyAssaf,areal-es- balked at the idea of selling. tate boom driven by arush to erty.The value of real-estate Lebanon’s economic outlook. mean few buildingsare safe. Canadian Pompeo Encourages More Arab-Israeli Pacts Conservative BY FELICIA SCHWARTZ with Israel. Arab nations his- deal between Israel and an nearly aweek afterthe an- have raised concerns about torically have refused to es- Arab country—possibly Bah- nouncement, while Mr.Trump theU.A.E.’s ability to access Party Picks TEL AVIV—Secretaryof tablish formal ties with Israel rain, Oman or Sudan—in the said he expectsRiyadh to join advanced militaryhardware as State MikePompeo urgedArab absent aresolution to itscon- coming weeks. the deal. aresult of the accord.The New Leader countries to join the United flict with the Palestinians.But Thepact between Israel and Last week,Saudi Foreign U.A.E. says it expectsits re- Arab Emirates in forging for- avariety of factors, from secu- the U.A.E. drew amixed re- Minister PrinceFaisal bin Far- questsfor F-35 stealth fighters BY PAUL VIEIRA mal ties with Israel,aspart of rity to commercial issues,have sponse from other Arab states, han reaffirmed the kingdom’s to be granted nowthat it is aU.S.diplomatic push to align brought the sides closer. with many governments hail- position that normalization forging peace with Israel. OTTAWA—MembersofCan- old enemies in the Middle East Thetop diplomat’sfive-day ingIsrael’ssuspension of its would only followthe estab- Mr.Pompeo will take a ada’sConservativeParty picked against acommon rival in visit to the region, with stops plans to annexpartsofthe oc- lishment of an independent break in his diplomatic duties Erin O’Toole,aformer military Iran. in the U.A.E., Bahrain and Su- cupied West Bank as part of Palestinian statewith East Je- to record an addresstothe officer and veterans minister, “I am very hopeful we will dan, is the start of apush to the pact, but cautioning that rusalem as itscapital. “That RepublicanNational Conven- to be the newleader in results see other Arab nations join in encourage other countries to peaceisimpossible without an said, anyeffortsthat promote tion from Jerusalem, in an ap- revealed Monday, entrusting this,” Mr.Pompeo said in Jeru- join the U.A.E. JaredKushner, independent Palestinian state. peaceinthe region and that parent nod to the Trump ad- him with leading the country’s salem on Monday, speaking President Trump’s senior ad- Iran and Turkey,which has result in holding back the ministration’seffortstocourt main political opposition party alongside Israeli Prime Minis- viser, will travel to Israel, the diplomatic relations with Is- threat of annexation could be evangelical voters ahead of the back to poweragainst ascan- ter Benjamin Netanyahu. U.A.E., Oman, Saudi Arabia rael, called the moveabe- viewed as positive,” he told a November election. It is un- dal-wearyLiberal government. Earlier this month, the and Bahrain next week as part trayal of the Palestinian cause. news conference in Berlin. usual forasitting secretaryof Another national election U.A.E. became the firstGulf of the effort. Saudi Arabia, which has While the deal has been statetogiveapolitical speech, could be in the offing as early Arab statetosay it would nor- U.S. officials said they hope long championed the Palestin- popular in Israel, members of especially while on adiplo- as the fall, with Prime Minister malizediplomatic relations to announceatleast one more ian cause, remained silent for the security establishment matic mission overseas. Justin Trudeau vowing to intro- duceapost-pandemic eco- nomic-recoveryplan that will WORLDWATCH be subject to aconfidencevote in the legislature. TheLiberals runaminority government, and NEW ZEALAND age and taken to a local hospi- it could fall if all the opposition tal. India’s National Disaster Re- parties vote against the broad Sentencing Starts lief Force said it dispatched outlines of Mr.Trudeau’splan. In Mosque Attacks three teams of rescuers with Support forMr. Trudeau tools to pry apart the debris as and his government has eroded Families and survivors had well as a canine squad. this summer,inlarge part from their first chance to confront the A video shared on social me- ascandal triggeredbythe Lib- white supremacist who slaugh- dia showed a group of men on eral government afteraward- tered 51 worshipers in a mass top of the collapsed building re- ing a contract to acharity with shooting at two New Zealand moving debris by hand. close ties to the Trudeau fam- mosques as his four-day sen- —Associated Press ily andthe other membersof tencing hearing began Monday. the administration. “You killed your own human- GREECE Last week,Bill Morneau ity, and I don’t think the world stepped down as financemin- will forgive you for your horrible Turkey Objects to ister,marking the biggest po- crime,” said a tearful Maysoon Military Exercises litical casualty to datefrom Salama, the mother of 33-year- the imbroglio.Despitethese old Atta Elayyan, who was killed Greece’s navy and air force setbacks,most public-opinion in March 2019 attacks. “You will conduct military exercises polls still givethe Liberals and thought you can break us. You beginning Tuesday in the east- Mr.Trudeau aslight lead over failed miserably.” ern Mediterranean near a con- the Conservatives. The gunman, 29-year-old Aus- tested area where Turkey is

Mr.O’Toole,47yearsold, tralian BrentonTarrant, pleaded S prospecting for oil and gas, au- wasinthe Canadian air force guiltyinMarch to 51 counts of thorities said, drawing an angry PRES and rose to the rank of captain. murder,40counts of attempted response from Turkey.

He later pursued alaw career. murder and one countofterror- ZUMA Germanyisstepping up diplo- He entered federal politics in ism—the firstterrorism conviction A/ matic efforts to preventtensions

2012,and wasappointed Can- in NewZealand’shistory. XINHU between the tworegional rivals ada’sVeterans Affairsminister He could become the first POWER OUTAGE: An explosion and fireatagas pipeline near Damascus cut off electricityinmuch from escalating further,sending in 2015—in the final months of person in New Zealand to be of Syria on Monday, statemedia reported. Oil ministerAli Ghanem called it a‘cowardly terroristact.’ its foreign ministertobothAth- former Prime Minister Stephen sentenced to life imprisonment ens and AnkaraonTuesday. Harper’s last term in office. without the possibility of parole, in the worst extremist attack in tacker,occurred about an hour INDIA The Turkish governmentdis- This is the second time Mr. the toughest sentence available. the Philippines this year, military laterand killed the bomber,asol- putes Greece’sclaim to exclusive O’Toole has runfor the leader- Tarrant showed little emotion officials said. dier,apolicecommando and Building Collapses, rights in thewaters whereTur- ship of the ConservativeParty. throughout the hearing. He occa- At least 75 soldiers, police wounded severalothers, amili- 70 Feared Trapped key’sOruc Reis research vessel is He finished thirdina2017 sionally looked around the room, and civilians were wounded in tary report said. nowsurveying. The U.S. and the race,with Andrew Scheer tapped his fingers, and watched the midday bombings in Jolo Athirdunexploded bomb was At least 17 people were in- European Union so farhave eventually winning. the survivors as they spoke. town in southern Sulu province, reportedly found in apublic mar- jured when a residential building broadly backed Greeceinthe dis- Mr.O’Toole’scampaign Twodozenvictims and family regional military commander Lt. ket. Jolo wasplaced in asecurity collapsed Mondayin the central pute, but EU countries remain pledged to fight forblue-collar members told the court about Gen. Corleto Vinluan said. lockdown by troops and police. Indian state of Maharashtra, me- split overarequestfromGreece workers, promote a more ag- the pain of losing lovedones. The bombings were staged The country’ssouthern region dia reports said. to impose sanctions on Turkey. gressive foreign policyespe- —Associated Press as the government grapples is home to minorityMuslims in Rescue workers were searching The tensions between the two cially in confronting China, with the highest number of cor- the largely Roman Catholic na- forabout 70 people feared NATO members overMediterra- and protect Canadian institu- PHILIPPINES onavirus infections in Southeast tion and has been the scene of trapped inside the five-story,45- nean Sea rights have echoed tions and history from politi- Asia. decades of Muslim separatistun- unit building, the PressTrustof acrossEurope. cal correctness. Suicide Bombing Gen. Vinluan said most of the rest,particularly in remote island India news agency said. No deaths Greece’s three-day, live-fire Winning the next election Kills 14 People victims, including children, were provinces such as Jolo. were immediately reported. exercises will start southeast of will requiremorethan just killed and wounded in the first Therewas no immediate claim It wasn’t clear what caused the Greek island of Crete, offi- highlighting the Trudeau gov- Muslim militants allied with attack, when a bomb attached of responsibilityfor the attacks, the apartment building in Ma- cials in Athens said. ernment’sethical lapses,Mr. the Islamic State group set off a to a motorcycle exploded near but the military blamed an Abu had, about 105 miles from In- Turkish President Recep O’Toole said. “Wealso must powerful motorcycle explosive two parked army trucks in front Sayyaf militantcommander, dia’s financial capital of Mumbai, Tayyip Erdogan accused Greece showCanadians our vision for followed by a suicide bombing of a grocery store and computer Mundi Sawadjaan, who has been to collapse. of endangering navigational astronger,prosperous and that together killed 14 people on shop in Jolo. Asecond blast, ap- linked to suicide bombings in Sulu. About two dozen people safety with the exercises. more united Canada.” Monday, many of them soldiers, parently from afemale suicide at- —Associated Press were extracted from the wreck- —Associated Press P2JW238000-5-A01000-1------XA

A10 | Tuesday, August 25, 2020 ***** THE WALL STREET JOURNAL. FROM PAGE ONE

tine,she and her teammates football, but hereyou use adif- about your passes.” Foosball were limited to running in ferent strategy.” Under the rules set by Mr. placeand doing calisthenics as Sinceplayers in Human Fabris,the betterteams play they watched each other on Foosball can’t take the ball one-touch soccer: Aplayercan Makes Its Zoom calls. straight to the goal line,there only kick or head theball once While Human Foosball is aresometimes long kicks re- when it comes intohis or her “not exactly what we wanted,” sulting in wild shots. Ms.Or- quadrant. Less experienced Pitch Ms.Ortenzi says,“It’sgood be- tenzi wasinthe middle of a teams areallowedtotouch the cause we canget the ball in game when one of her team- ball multiple times. playand practiceour passes.” mates tried to kick the ball Sometimes players fight ContinuedfromPageOne Mr.Fabris’ company, Tifosi hardtomakealong pass. It hit over the rules,such as when In the newly-devised human Football 5, operates 29 small the refereeinthe head. the ball touches the line and version, players stand in large, soccerfields,whereteams of “Everyone laughed, the ref- appearstogointoanother marked-off squarequadrants five typically playagainst each eree,too,” Ms.Ortenzi said. “In quadrant. “There’salways abig on afield and candolittle but other in competitiveamateur normal football, she wouldn’t argument,” said Mr.Fabris. kick the ball and passitto leagues or loosely organized GES have made that long pass.” Theteam Lorena Quintana, their teammates.All five play- neighborhood matches. IMA Mediocresoccerplayers 21,who works in public rela-

ersoneach team must remain Mr.Fabris said the idea was GETTY have become champions.Lucas tions,plays on typically allows in their squares or turn the sparked afterheand his staff Players stay in their quadrants for Human Foosball. Monza, 25,watched as a up to four touches of the ball ball over to opponents. happened to watchavideo fea- goalie who couldn’t normally because,“to be honest, I’m not Thegame is sweeping Rosa- turing aBrazilian soccerteam provinces followed. would consume afterthe stop shots, blocked everything. one of the best,” she said. rio,the birthplaceofsoccerstar training on afield split up into Mr.Fabris and his staff at game—what’sknown in Argen- “He throwshimself around, “You trytofigureout away Lionel Messi, and has caught the quadrantsdrawn in chalk. Tifosi used whiteacrylic paint tina as the thirdperiod. Now, dives through the air,lands on to getthe ball to the quadrant fascination of quarantine-weary Mr.Fabris and his partners, to outline 12 quadrantson players at Tifosi Football 5are the field and ended up being whereyour teammateis,” she Argentina. Other cities and brother Ivan Fabris and Gus- some of the fields. That’s banned from eating and drink- theheroofthe match,” said said. “A good passiscrucial.” towns also areforming teams. tavoCiuffo, thought, whynot whereplayers arepositioned. ing together. Mr.Monza, asportsjournalist. Milton Jaimes,27, would “Wecan’t stop playing foot- playaversion of soccerthat “I asked people,‘Could you Thecrack-down on cavort- Thereason? Those firing train up to five days aweek in ball,” Mr.Fabris said. “It’ssuch does away with the tackling, playlikethis?’” says Mr.Fabris, ing has forced Mr.Galetto to the ball toward the net arefar- normal times to preparefor acentral part of our life.” thewrangling forcontrol of who has overseen the fields for playthe newgame himself, ther away.And thereare no weekend games.Now he is sim- Thenew sport is agodsend the ball and the battling for 13 years. It turns out they could. and he’sfound out he’snot so players bearing down. ply glad to be able to kick aball forAndrea Ortenzi, 26. position in front of the goal- MarcosGaletto,a33-year- bad. It’seasier to stand still in “You have to be moredy- around with fellowplayers. An accountant and self-de- keeper? Theset-up would al- old partner at an eyecare aquadrant and control the ball namic,” says Mr.Monza. “You “For thoseofuswho areac- scribed soccerfanatic,Ms. Or- lowplayers to still followso- clinic in Rosario,used to at- while passing,all without any have to be moreprecise.Ev- customed to football, it’snot tenzi trained each week for cial-distancing guidelines. tend livesoccermatches pressurefromadefender. eryone is in aquadrant, so what we’reused to,” he said. matches on Saturdaywith her Rosario approved the plan. mostly forthe steaks and Quil- “I hadtoreinvent myself,” you’relimited to whereyou “But it’swhat we have now. And amateur team. But in quaran- Soon, other cities in several mes beersheand his friends he said. “It’snot the traditional cango. Youhavetobecareful it’sbetterthan not playing.”

geon General discouraged Lockdowns their use formonths despite prior CDC guidance that they could limit the spread of flu. Not Always The German city of Jena in early April ordered residents to wear masks in public and at Best Tool work.Soon,infections came to ahalt. Comparing it to similar cities, a study for the IZA In- ContinuedfromPageOne stituteofLabor Economics es- saving lives. timated masks cut the growth Five months later, the evi- of infections by 40% to 60%. dencesuggestslockdowns GoldmanSachs Group Inc. were an overly blunt and eco- estimates auniversal mask nomically costly tool. They are mandateinthe U.S. could now politically difficult to keep in save 5% of grossdomestic placefor long enough to product by substituting for stamp out the virus. The evi- more onerous lockdowns.

dencealso pointstoalterna- S Some epidemiologistsand tivestrategies that could slow economists argue ramped-up NEW

the spread of the epidemic at G testing could enable the econ- much less cost. As cases flare omy to reopen safely without

up throughout the U.S., some OOMBER a vaccine.

expertsare urging policymak- /BL Dr.Mina pointed to apa-

ers to pursue these more tar- ORR per-strip test anyone can use getedrestrictions and inter- to detect the virus in asample

ventions rather than another CHENEY of saliva in minutes. It is less crippling round of lockdowns. Aclosed bar in Tucson. When cases surged after astay-home order waslifted, Arizona reimposed restrictions but notafull lockdown. accuratebut far faster and “We’reonthe cusp of an cheaper than sending samples economic catastrophe,” said By lateMarch, they had HotSpots services, said, “We needed to to labs,hesaid. If 50% to 60% James Stock,aHarvardUni- changed their minds.Covid-19 get[infections] lowenough to of the population in hot spots versity economist who,with wasmuch deadlier than flu, it Bars,restaurants and casinos areleading sourcesof whereour systems canhandle took such atest everyother Harvardepidemiologist Mi- wasable to spread asymptom- outbreaks with twoormorecases in Louisiana. sick people.” Theimpact of day, the disease could be sup- chael Mina and others, is mod- atically, and it had no vaccine Coronavirus casesand outbreaks by setting lockdownsonfamilies,the pressed, he said. eling how to avoid a surge in or effective therapy. economyand mental health His and Mr.Stock’steam deaths without adeeply dam- Taiwan, South Koreaand 1,000 also mattered, he said. hasdesigned a“smart” re- aging lockdown. “Wecan Hong Kong set early examples Bars,casinos, Dr.Mina of Harvardsaid opening plan based on contact avoid the worst of that catas- of howtostopitwithout lock- restaurants theU.S.atthe outset could frequencyand vulnerability of trophe by beingdisciplined,” downs.Theyquickly cut travel 800 have chosen to prioritizethe five demographic groups and Mr. Stock said. to China, introduced wide- economy, as Sweden did, and 66 economic sectors. It as- Theeconomic pain from spread testing to isolatethe Food processing accept the deaths, or it could sumes most businesses reopen pandemics mostly comes not infected and traced contacts. 600 Workplaces* have chosen to fully prioritize using guidelines on physical from sick people but from Their populations quickly health by staying locked down distancing,hygiene and work-

healthypeople trying not to donned face masks. SES until newinfections were so ing from home; schools re-

getsick: consumersand work- Sweden took adifferent ap- CA 400 Schools, camp, lowthat testing and tracing open; masks arerequired; and ers who stay home, and busi- proach. Instead of lockdowns, universities, daycare could control new outbreaks, churches,indoor sportsven- nesses that rearrange or sus- it imposed only modest re- as some northeastern states ues and bars stay closed. pend production. A lot of this strictions to keep cases at lev- 200 Weddings, social events, such as Rhode Island did. They estimated in June is voluntary, so some eco- els its hospitals could handle. religious services Most of the U.S. did neither. this would mean 335,000 nomic hit is inevitable Sweden has suffered more Other Theresult was“acompletedi- fewerU.S.deaths by the end whether or not governments deaths per capitathan Den- saster.We’reharming the of this year than if all restric- impose restrictions. mark but fewerthan Britain. It 020406080100 economy, waffling back and tions were immediately lifted. Still, because of the close has paid lessofaneconomic OUTBREAKS forth...with aslowdriftof They say the plan also would connection between the pan- pricethan either,according to *Officespaces, industrial settings, construction sites, retail and other work sites companies closing their doors leave economic output 10% Note:AsofAug. 20.Anoutbreak is defined as twoormorecases among unrelatedindividuals demic and economic activity, JPMorgan Chase & Co. thathavevisited asitewithin a14-daytime period. for good,” Dr. Mina said. higher than if a second round manyepidemiologistsand Sweden’scurrent infection Source:Louisiana DepartmentofHealth The experience of the past of lockdowns were imposed. economistssay the economy and death ratesare as lowas five months suggeststhe need “Ifyou use all these mea- can’t recoverwhile the virus is the rest of Europe’s. That has aims as “mitigation” or “con- sued guidelines forwhen foranalternative: Rather than sures, it leaveslotsofroom out of control. TheFederal Re- prompted speculation that it is tainment” or “suppression,” states with lockdowns should lockdowns,using only those forthe economytoreopen servesaid in lateJuly that pursuing herdimmunity—the often interchangeably. reopen, including 14 days of measures proven to maximize with averysmall number of “the path of the economywill point when enough of the pop- “Therehavebeen few at- declining cases and the ability lives savedwhile minimizing deaths,” Mr. Stock said. “Eco- depend significantly on the ulation is immune,due to prior temptstotruly define the to test and trace anyone with economic and social disrup- nomic shutdowns are a blunt course of the virus.” exposureorvaccination, so that goal, and partly it’sbecause flulike symptoms. tion. “Emphasize the reopen- and very costly tool.” This leaveswide open what person-to-person transmission policymakersand epidemiolo- Mr.Trump made it clear ing of the highest economic TheU.S.South and South- representsanacceptable level declines and the epidemic dies gistshaven’t thought well his priority wasthe economy: benefit, lowest risk endeav- west provide real-time experi- of infection, which in turn de- out. Thereisnoconsensus on enough about the vocabulary Within weeks he praised ors,” said Dr. Mina. ments in targeted lockdowns. termines what restrictions to wherethat point is,inSweden to define what they mean or states that reopened despite Arizona imposed astay-at- impose.Ifthe only acceptable or elsewhere. want,” said Dr. Mina. notmeeting guidelines and home order in March and re- level of infection were zero, By March, it wastoo late TheU.S.never resolved tweeted “LIBERATE” to sup- Old and the young scinded it in early May. When lockdowns would have to be forthe U.S. to emulatethe “whether we were going for portersprotesting lockdowns. Social distancing policies, cases soared, Republican Gov. severeand potentially re- test-and-tracestrategyofeast mitigation or suppression,” ManyRepublican governors for instance, can take into ac- Douglas Ducey resisted reim- peated, or at least until an ef- Asia. TheCDC had botched the said Paul Romer, a Nobel lau- prioritized their economies, count widely varying risks by posing restrictions or requir- fectivevaccine or treatment initial development and distri- reateeconomist. Mitigation, but some Democratsmore age. Nursing homes account ing masks.Hethen eventually comes along.Most countries bution of tests, and limited he said, meant accepting hun- committed to lockdowns also for0.6%ofthe population but let cities requiremasks,or- have rejected that course. testing capacity meant count- dreds of thousands of addi- struggled to stay the course. 45% of Covid fatalities,says dered bars, gyms, movie the- Prior to Covid-19,lock- lessinfections went unde- tional deaths to achieve herd When California became the the Foundation forResearch atersand waterparks to close downs weren’t part of the tected for months. immunity,which no leaders firststate to issue astay-at- on Equal Opportunity. Better and told restaurants to oper- standard epidemic tool kit. were willing to embrace. But home orderonMarch 19,its isolating those residents ateatnomorethan 50% ca- During the 1918-1919 flupan- totalsuppression of the dis- Democratic governor,Gavin would have saved many lives pacity.Gatherings of more demic,some American cities Dire Outlook ease “doesn’t make sense un- Newsom, said the goal was to at little economic cost, it says. than 50 people were prohib- closed schools, churches and TheSwedish strategywas lessyou’regoing to stick with “bend the curve.” By contrast, fewerchildren ited. He didn’t lock down the theaters,banned large gather- also takenoff the table.Britain it as long as it takes.” On May7,hesignaled an have died this year from entire state. Cases and hospi- ingsand funerals and restricted ditched it in mid-March aftera Some countries did achieve ambitious goal: Only counties Covid-19 than from flu. And talizations have fallen sharply storehours. But none imposed team of expertsfrom London’s suppression through lock- with zero deaths in the past studies in Sweden, wheremost to early May levels, or lower. stay-at-home ordersorclosed Imperial Collegepredicted downs.China wiped out the two weeks and no more than schools stayed open, and the California, similarly, ordered all nonessential businesses.No that in the absenceofsocial epidemic in Hubei province one case per 10,000 residents Netherlands,wherethey re- indoor activities at restaurants, such measures were imposed distancing,81% of the popula- andhas suppressed subse- could reopen ahead of sched- opened in May, found teachers bars, museums,zoos and movie during the1957 flupandemic. tion would eventually be in- quentoutbreaks elsewhere, ule—criteria that 95% of the at no greater risk than the theaterstoclose in mid-July, Lockdowns weren’t part of fected, while 510,000 people with sweeping quarantine and statecouldn’t meet, according overallpopulation. This sug- but didn’t issue astay-at-home thecontemporaryplaybook, would die in Britain and 2.2 surveillancemethods difficult to the Los Angeles Times. gestsreopening schools out- order,prohibit outdoor activi- either.The U.S. Centersfor million in the U.S. Some ex- to do in Western democracies. Mr.Newsom said science side of hot spots,with protec- ties or suspend electivesurgery, DiseaseControl and Preven- pertsthink it takeslessthan NewZealand imposed a anddatawould dictatewhen tivemeasures,shouldn’t as it had in March and April. tion, in its2017community 81% of apopulation to reach stringent lockdown fortwo thestay-at-home orderwas worsen the epidemic,while al- Cases have begun to drop,while mitigation guidelines forpan- herdimmunity.Nonetheless, months.Itwent on to enjoy lifted. Economic and social leviating the toll on working hospitalizations have declined demic flu, didn’t recommend such predictions helped per- 102 days without a new case. pressuressoon intruded, as parents and on children. 35% sincetheir July peak. stay-at-home ordersorclosing suade leadersinBritain and An outbreak this month county leaders pushed him to ResearchbyDr. Mina and “InMarch, people didn’t re- nonessential businesses even the U.S. to lock down. prompted areimposition of relax the criteria. On May18 othershas shown that “super- alizethe benefitsofmask for a flu as bad as 1918’s. Yettheir goals were un- widespread restrictions. he did, dropping the no-death spreader” eventssuch as wed- use,” said Dr.Ghaly,the state’s So when China locked down clear, a confusion aggravated The U.S. lacked China’s au- requirement and raising the dings, sporting events, reli- secretaryofhealth and human Wuhan and surrounding Hubei by the multitude of terms thoritarian bent and NewZea- case cutoff to 25 per 100,000. gious services and bar services.“Theevidenceonbe- provinceinJanuary, and Italy used, such as “flattening the land’s patience. At the end of Counties quickly began open- gatherings contribute dispro- ing outdoorsrather than in- imposed blanket stay-at-home curve,” which originally meant March, President Trump’s ing.Amonth later,California’s portionately to infections. doorsisquitecompelling.” orders in March, many epide- spreading infections over time health adviserssuggested one cases began surging again, far Masks maybethe most Compared to April, “Weknow miologists elsewhere thought so the daily peak never over- moremonth of restrictions surpassing previous highs. cost-effective intervention of so much more.” the steps unnecessarily harm- whelmedhospitals.Atother would be enough. In mid- Mark Ghaly,the state’ssec- all. Both the World Health Or- —Graphics by ful and possibly ineffective. times they described their April, his health advisersis- retary of health and human ganization and the U.S. Sur- Hanna Sender P2JW238000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, August 25, 2020 | A10A GREATER NEW YORK NYCSchools CanHold ClassesOutdoors

Indoor air-quality unions continue to express around safety and security. doubt and exert pressureon Moreover,without funding, concerns prompted City Hall about the safety of this plan will exacerbateal- MayordeBlasio to give school buildingsand the readi- ready existing disparities,” nessofstaff as they prepareto said CSAPresident Mark Can- principals this option bring studentsback.The nizzaro,reiterating the union’s mayor promised to give more call foradelayofin-person BY LEE HAWKINS details to principals in the learning. coming days,and said they “The City’s plan will not be In an abrupt changeofplans canbegin requesting access to implemented nearly as well as concerning the reopening of outside spaces immediately. it could have been if the NewYork City’s schools,New Citing the prevailing wisdom Mayor had simply given prin- York MayorBill de Blasio said that coronavirus doesn’t spread cipals the time and support he would giveK-12principals quickly outdoors, the mayor they need,” he added. the option to hold classes out- said the option applies to all Theteachersunion also re-

doors, citing concerns about schools, public and private. S mains skeptical. theair quality and ventilation “Starting today, we em- “The mayor’sreopening at schools acrossthe city. powerour principals to deter- PRES plan continues to fall short,

Themayor said the city will mine the maximum amount ZUMA particularly in terms of neces- give schools,slated to open on they candooutdoors,” he said. sarytesting,” United Federa-

Sept. 10,accesstopublic parks “It’s up to them to figure out LEVINE/ tion of TeachersPresident Mi-

and would close off streets howtouse aschoolyardand B. chael Mulgrew said. wherepossible,saying the anything on school property In early August, the UFT,

move will increase the health that’s outdoors.” RICHARD which representsabout and safety conditions for stu- Mr.deBlasio and NewYork The playground at P.S. 33 in Manhattan’s Chelsea area could host classes when students return. 120,000 city Department of dents and staff. City Schools Chancellor Rich- Education employees,asked Theprevious plan allowed ardCarranzasaid the move apply for the space by Friday can’t safely reopen on Sept. 10, experts suggest that outdoor itsmembersand the public to forschools to moveclasses wasinspired by some of the will getresponses within the union said, saying delaying learning maybehelpful in lim- sign apetition listing safety outdoors, but Mr.deBlasio’s pushback that they have re- about aweek,Mr. Carranza reopening would allowmore iting exposuretothe virus,but measures it says the schools Mondayannouncement sig- ceived from unions and con- said. time to handle such matters as said the DOE issued itsguid- must have in place before re- naled astronger commitment cerned citizens,adding that TheCouncil of School Su- ensuring schools have enough anceand deadlines forthe opening. to accelerating the approval they would provide more de- pervisors&Administrators, nurses,repairing ventilation plan “far toolateand haphaz- As of Mondaymorning, processand opening moreout- tails about the readiness and which represents6,400 school systems, posting signage and ardly.” more than 94,000 people had door spaces if needed. air quality in school buildings leaders, has said the first few stocking cleaning supplies. “The shortsighted guidance signed it. Theannouncement comes “very quickly.” weeks of classes should be In astatement Monday, the on outdoor learning also lacks —Katie Honan as principals and teachers Under the plan, schools that conducted remotely.Schools CSAacknowledged that health detail, raising serious concerns contributed to this article. Many Black Workers Earn Less Than Whites

BY KATE KING in employment with complain- antswho identified as Black,a NewYork City MayorBill spokeswoman said. An addi- de Blasio has said his adminis- tional 14 cases initially tration will addresshistoric brought to the commission inequities in rebuilding the were withdrawnwhen the two city’s economy after the pan- parties reached a settlement. demic.Anew analysis of the In total, complainantsreceived wage and employment dispari- $384,500 in damages and ties facing Black New Yorkers companies paid $45,500 in shows how hard that will be. civil penalties to the city, the Black New Yorkers are un- spokeswoman said. derrepresented in dozens of Center foranUrban Future industries and often paid sig- used the U.S. Census Bureau’s nificantly lessthan their white 2018 American Community S

counterparts, including in Survey five-year sample to an- NEW middle-wagejobs such as in alyze pretax wage and salary G warehousing,post offices,and income across140 NewYork film and television, according City industries.Innearly two- OOMBER to anew report released Mon- thirds of the sectors, ranging

day by the nonpartisan think from banking to sporting- MOON/BL tank Center for an Urban Fu- goods stores,the gapinme-

ture. Black department-store dian annual salaries between JEENAH workersinNew York City earn Blackand whiteworkersex- An employee mops the floor in Bloomingdale’s. An analysis found Black department-store workers make less than white workers in NYC. amedian annual salaryof ceeded $10,000. about $16,000 compared with The think tank’s analysis cording to the U.S. Labor De- forcedevelopment.Atone job seemed to worrycandidates cost several thousand dollars $45,000 for white workers. also found that Black workers partment. Wage gains forBlack she placed residentsofSunset from disadvantaged back- per person in order to thor- Employment inequity is aresignificantly underrepre- workershaveaccelerated but Park, Brooklyn, in industrial- grounds couldn’t handle the job. oughly preparethem forajob partly rooted in the fact that sented in high- and middle- still trail those of their white manufacturing jobs and found “What Iwas most successful or a career,” she said. manypeople of color in New wage industries, such as fi- counterparts, with median that these formerly blue-collar in getting forour youth were Mr.deBlasio in April York City don’t have the educa- nanceand insurance, and Black household income in roles nowrequired moreskills. part-time,freelancejobs,” she formed atask forcetoadvise tional credentials that compa- medical and dental offices. 2018 about $41,000,compared “I wasworking with acom- said. “Those were the only jobs the city on howtoaddresshis- nies traditionally look forwhen Less than 10% of the workforce with $71,000 forwhites. panyand they were looking wherehiring managerswere toric inequities as the economy hiring,said Jose Ortiz Jr., ex- in creativeindustries is Black, Racquel Forrester’s firstjob for a janitor, but they wanted willingtotakeachance.” recovers from the pandemic. ecutivedirector of the non- including advertising,publish- aftercollegewas as afinancial that janitortohaveacollege Stacy Woodruff,ofthe non- Last week,his administration profit NewYork City Employ- ing,architectureand film. coach helping predominantly degree,” said Ms.Forrester, profit Workforce Professionals announced morecity and pri- ment and Training Coalition. Nationwide, the income gap Black and Latino workerswith who nowworks as assistant Training InstituteinNew vate-sector support forBlack “It mayresult in them be- between Black and whitework- budgeting,building credit and director for the Urban Initia- York, said she thinks the city entrepreneurs, including help ingshortchanged or not of- ershas persisted even though paying down debt. She said tive at New York University. should consider devoting more finding loans,investorsand feredsalaries that areupto Blackemployment wasgrow- she wasshocked to see how She also worked with a resourcestohelping people other resources. par with their white or more- ing beforethe pandemic.About manyhoursher clientsworked training program that offered land qualityjobs rather than “Fromjob training to ap- educated colleagues,” he said. 59% of working-ageBlack but still were in debt and liv- computer programming and trying to match as many peo- prenticeships,the city’s vision SinceJanuary2018,the Americans were employedin ing off credit cardsbecause coding classes to young Sunset ple as possible with positions has been good, but not bold NewYork City Commission on Februarycompared with about their wages were so low. Park residents. She then tried regardless of quality. enough,” said Jonathan Human Rightshas settled 16 61%ofwhites,the smallest gap Ms.Forrester then spent to match them with tech jobs “Some of the most effective Bowles,president of Center cases of racial discrimination sinceatleast the 1970s,ac- several yearsworking in work- but said manyhiring managers workforce programs really do for an Urban Future, said New Lobbying Group Hopes to Shape Economic Recovery

BY JIMMY VIELKIND lobbying against taxesonfi- stateExecutiveMansion in Al- Mr.Patersonmade the nancial transactions and bany, whereMr. Cuomo re- same argument. He said he Acoalition of civic and wealth, as well as against tax sides. wasreluctant to sign astate business leaders in New York increases on topearners. “Right now, every decision budget in 2009 that temporar- is pushing back on proposals Thegroup said the city gov- from our governor demon- ily imposed higher taxrates to raise taxesasaresult of the ernment could raise money by stratesthat he continues to on millionaires,and praised coronavirus pandemic,and “making betteruse” of Man- prioritizebillionaires over the Mr. Cuomo for letting part of says it will spend millions to hattanstreetsbyleasing space struggling working class,” Ms. that surcharge expire in 2011. advanceeffortstohelp the theretostoresand restaurants. Solis said in an interview. “I’m sure everybody’s will- state’s economic recovery. Gov.Andrew Cuomo has re- Astatement signed by more ing to do their fair share, but

Thenew “Campaign for GES sisted the calls to raise levies than adozenofthe state’s if we go to Albanyand just

NewYork’sFuture” was IMA and is instead holding out for largest labor groups and more pile up taxes, they’re just go- formed as the state and city’s a federal-relief package. than 100 legislators—including ing to getupand leave,” Mr. fiscal situation continues to ETTY His budget officeestimates a majority of state senators— Paterson said. He said it is too /G

decline,and calls to increase TT the pandemic has caused a calls on the state government early to go intodetail on the

or impose aseries of taxeson PLA $14.5billion drop in staterev- to raise taxes rather than cut group’s lobbying plans. wealthyNew Yorkersgain enues,and the administration services if federal aid doesn’t Thecampaign’sother board

steam among Democratic law- SPENCER is holding back payments to materialize. membersinclude the New makers who control the state A boarded-up business in a Manhattan shopping district this month. schools,municipalities and so- New York’s tax base is dis- York City Hospitality Alliance government. cial-serviceorganizations as a proportionately reliant on the ExecutiveDirector Andrew Ri- Thenonprofit organization tion have dealt asignificant easier forNew Yorkerstoget precursor to permanent fund- wealthy: The highest-earning gie, who representsrestau- plans amultimillion-dollar ef- blow to the city, Mr. Paterson around without privatecars. ing cuts. 2% of taxpayers account for rants; Tech: NYCExecutiveDi- fort, which would propel it said, resulting in vacant store- As of Monday, therewere NewYork City faces a$9 half of the roughly $50 billion rector Julie Samuels,who into the toptier of lobbying fronts and closed businesses. 9,897 restaurantstaking ad- billion deficit over the next the statecollectsinincome representstech firms; Carlo groups in thestate.Its board “This is, maybe next to the vantageofNew York City’s two years and officials are taxes. Scissura of the Building Con- includes representatives of the Great Depression, probably the open-restaurantsprogram, preparing to layoff as many Robert Mujica, Mr.Cuomo’s gress, which includes con- construction, real estate, hos- worstcrisis in American his- which allows amix of street as 22,000 municipal workers. budget director, said in an in- struction firms,unions and pitality and technologysectors. tory,” said the former gover- and sidewalk dining. Labor unions and progres- terviewthat the wealthiest developers; RidersAllianceEx- Former New York Gov. Da- nor, who is the newgroup’s Therealso are305 streets sivegroups arepushing the taxpayers arethe most mobile, ecutiveDirector Betsy Plum; vid Paterson,aDemocrat who chairman. that areclosed to traffic on statetoraise additional funds and in some instances,the Keith Wofford, aRopes &Gray was in office during the 2008 Thegroup’slobbying certain days to accommodate by enacting aseries of taxes pandemic has prompted them LLP partner who wasthe 2018 financial crisis and the reces- agenda includes the creation of restaurants. on the wealthy. to physically relocatetoother Republicancandidatefor New sion that followed, said the agrant fund forwoman- and One item on the group’s Angeles Solis,anorganizer states.Mr. Mujicasaid he is York stateattorney general; currentsituation facing New minority-owned businesses,a agenda is protecting and ex- forimmigrant-rightsgroup concerned that if tax rates go former ManhattanBorough York City and the stateis permanent expansion of out- panding the state’stax Makethe Road NewYork,ral- up, some would shift their le- PresidentC.Virginia Fields; worse. door dining,and additional base.Mr. Paterson said the lied 150 people last week to gal residences, and erode the and former Bronx Borough Restrictionsoncongrega- street-lane closures to makeit group’seffortswould include form a bread line outside the state’s tax base. President Adolfo Carrión Jr. P2JW238000-2-A010B0-1------NS

A10B | Tuesday, August 25, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Balducci’s Parent Files for Bankruptcy Building Owners

BYPATRICK FITZGERALD experienced “historically low” earnings, which the com- Sued in Fatality Theparent of KingsFood panyblamed in court papers Marketsand Balducci’shas on competitive pressures and filed forbankruptcy,asasales laborcosts—a portion of the BY KATIE HONAN begin in the coming weeks. boost amid the Covid-19 pan- chain’sworkforce is union- Theownersoriginally were demic wasn’t enough to over- ized—and pension obligations. NewYork City buildingsde- cited by city inspectorsfor come yearsofpressurefrom Those pressures have sig- partment officials were negli- dangerous conditions months big national chains,online re- nificantly pinched the chain’s gent in allowing the ownersof beforeMs. Tishman, an archi- tailersand meal-kit compa- liquidity and cash flow,Mr. aMidtownbuilding to delay tect and philanthropist, was nies. Jones said, causing it to de- repairstoits damaged facade, killed. KB US Holdings Inc.sought fault on $114million in senior whereapieceofdebris fell The inspectors first issued chapter 11 protection Sunday debt and to put off invest- and killed awoman last De- aviolation in April 2019,for in U.S. BankruptcyCourt in ments in store renovations. cember,according to alawsuit failing to maintain the facade, White Plains, N.Y., with a $75 “Although the company’sli- filed Monday by her family. and required the ownersto million buyout offer from New quidity has improved during Andthe facade still hasn’t makeimmediaterepairsand York investment firm TLI Bed- theCovid-19 pandemic,the been repaired despitethou- install asidewalk shed or net- rock LLC. companyrecognizes that its sands of dollars in fines from ting. Thegrocer, which pur- current liquidity is only tem- thecity,the suit and city re- Inspectors issued another chased Balducci’sin2009,op- porary, and that it must seek a cords show. violation in July 2019 afterthe erates 35 supermarkets—25 permanent solution to address EricaTishman, 60 years ownersfailed to makethose Kingsand 10 Balducci’s—in itshistorical liquidity con- old, waskilled Dec.17, 2019, repairsortakenecessary NewYork,New Jersey,Con- straints,” he said. by apieceofterracotta that safety measures,according to necticut,Virginia and Mary- EnterTLI Bedrock,led by fell from above the 15th floor aDepartment of Buildings land, and employs more than real-estate investor Lawrence of 729Seventh Ave.,on49th spokesman. 2,100 people. B. Benenson, which has agreed Street in Manhattan. The violation was knocked Sales at big supermarkets to pay$75 million forthe gro- Her husband, Steven Tish- down to aless-serious viola- have surgedduring the pan- cer’s assets, subject to higher man, filed the lawsuit Monday tion in September 2019,and demic,with shoppersstocking bids at abankruptcy-court su- against the city and the build- the ownerspaid a$1,250 fine, up on everything from bread pervised auction. ing’sowners, seeking tens of but didn’t fixthe damaged ex- to toilet paper.But forKings KB’slender has agreed to millions of dollarsindamages, terior,according to city re- and Balducci’s, the boost was provide the chain with a $20 according to a spokesman for cords. too little, too late. million bankruptcy loan so the the family’s lawyer. Hoursafter Ms.Tishman’s “While the increase in sales stores can remain open pend- “There’salways all of these death, protectivescaffolding during the Covid-19 pandemic ing a sale. excuses aftersomething tragic wasinstalled around the has provided KB with abrief Kings was founded in 1936 happens but this is apattern,” building,and the city doubled respitefromits liquidity chal- as Kings Super Markets, with lawyer Benedict P. Morelli said the number of itsfacade in-

lenges, the debtors recognize its first store in Summit, N.J. GE in an interview. spectors to 22 from 11. that the pandemic will not Gourmet grocer Balducci’s “There’sadangerous condi- They didasweep of 1,300 persist indefinitely and has wasfounded in 1915 as afruit- tion, and the building owners buildings within afew days in created uncertain and unprec- and-vegetable stand in Brook- do nothing about it, just keep December,handing out 222 vi- edented circumstances,” said lyn and its Greenwich Village passing it along and passing it olations at morethan 200 ARSKI/WIREIMA

restructuring specialist M. store, now closed, was long a MP along,” he added. buildings, officials said. Benjamin Jones in a declara- favorite of New York foodies. LA Aspokesman forthe city Mr.Morelli said the city

tion filed with the court. Balducci’semploys about 780 JOHN lawdepartment said it “will should hiremoreinspectorsto Beforethe pandemic,KB people. KB US Holdings operates 10 Balducci’s and 25 Kings Food Markets. reviewthe case and respond makesurebuildingsare safe as we proceed in the litiga- for pedestrians. tion.” GREATERNEWYORKWATCH Aspokesman forthe build- ing’sowners, alimited liability CORRECTIONS  companycontrolled by com- NEW JERSEY ucation, Mr. Murphy said. CONNECTICUT President John Clark announced mercial real-estate firm Him- AMPLIFICATIONS He said 180 districts are the new restrictions Saturday. mel +Meringoff Properties, Most Districts Plan seeking to start entirely re- College Shifts Plans About 60 students who moved said the lawsuit wasn’t unex- Hybrid School Start motely, while 59 are planning in- Amid Local Outbreak in early are being told to stay on pected. Lawrence Golub is the CEO person launches. Fewer than a campus for the next two weeks, “The loss of Erica Tishman of Golub Capital. An article The lion’s share of New Jer- dozen schools will pursue a mix A spike in coronavirus cases and commuting students must is aprofound tragedy,” the Mondayabout Gov.Andrew sey’s school districts are plan- of all of those approaches. in Danbury has prompted West- remain off campus, he said. owner’s spokesman said. Cuomo asserting morecontrol ning a hybrid start to the aca- Mr. Murphy earlier had re- ern Connecticut State University The stateDepartmentofPub- Thecity has approved re- over aboardthat oversees demic year, Gov. Phil Murphy quired in-person instruction in to temporarily move all classes lic Health issued acoronavirus pairs at the 17-story building, NewYork City finances incor- said Monday. the fall, but recently changed online and bar students from re- alert forDanbury on Fridaynight whichincludes removing the rectly said Mr.Golub is the Of the state’s more than 700 course to allow schools to peti- turning to residence halls for at due to whatofficials called ase- decorativeterracotta from the president of Golub Capital. public districts and private tion for a remote start if they least two weeks. rious outbreak in the city. Nearly building,according to the schools, 436 proposed to the couldn’t certify they met all the Nearly 900 students were ex- 180 residents testedpositivefor spokesman. Readers can alert The Wall Street Journal to any errors in news articles state to start the year with a health and safety requirements. pected to begin moving into the virus from Aug. 2to20. Those plans were approved by emailing [email protected] or mix of in-person and remote ed- —Associated Press dorms on Sunday, but school —Associated Press in late July and work is set to by calling 888-410-2667.

THE MORE YOUUNDERSTAND HER WORLD,THE MORE POSSIBILITIES YOUSEE. ForJulia’s family,early screening for autism made alifetime of difference. Find out moreatScreenForAutism.org

©2019 Sesame Workshop. All rights reserved. P2JW238000-0-A01100-1------XA

HEALTH & WELLNESS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, August 25, 2020 | A11

CumulativeconfirmedCOVID-19 casesinthe U.S. among children 400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0 MJ JA Note:Datarepresents preliminary cumulativecounts reported by 49 states in addition to NYC, D.C., Puerto Ricoand Guam sincetheybegan reporting. Ageranges reported forchildren varied by state(0-14,0-17, 0-18, 0-19,0-20years). Sources: American AcademyofPediatrics; Children’s Hospital Association

Mary Pflum Peterson, a writer and television producer in New York City, has had persistent symptoms after being diagnosed with Covid in March. Her son Ro- man Peterson, 13, was diagnosed

ANA with Covid in April based on his

INZ symptoms and exposure to her,

AN Ms. Peterson said. Two of her RY other children were also sick but BY recovered within days. ION

AT Roman had a fever for four

TR weeks, chest pain, no appetite, a US

ILL sore throat, and severe headaches. For months, he experienced a rac- ing heartbeat. He’s feeling better now, but he still gets periodic YOUR headaches, has nausea, and gets HEALTH AWatch forLong‑Term dizzy. “They’re really irritating SUMATHI headaches,” he says. “I have them REDDY like once every two or three days.” Covid Symptoms in Kids “Could this cause long-term or permanent damage? Nobody s more children become knows yet,” says Ms. Peterson. infected with Covid-19, “It’s not as simplistic as some of doctors are paying As child cases rise, doctors monitor for possible longer-term effects us want to think.” closer attention to po- Because cases in children are Atential long-term ef- rarer and tests have often been fects. the American Academy of Pediat- rangeofsymptoms similar to what ulty member in the infectious dis- conducted less frequently, they can In adults, one of Covid’s most rics Committee on Infectious Dis- adultshaveexperienced, with respi- eases department at St.Jude Chil- be difficult to untangle. Casey troubling effects has been so- eases, who himself is experiencing ratory and flu-likesymptoms,such dren’sResearch Hospital in Whiston-Hodnett says her 13-year- called long-haul cases, in which long-term symptoms from as headache and muscle aches.And Memphis,Tenn., and Ronald Dallas, old daughter, Joeyanna, first be- people whose illness initially Covid-19. “At least acutely it’s less while most teens had symptoms aclinical research scientist in the came very sick in March and then seemed moderate end up having severe in children, but we also that resolved in aweek,25% still infectious diseases department at started to feel a little better in symptoms for months, sometimes need to understand whether there reported symptoms after12days, St.Jude’s, oversee and managean- May. She began regressing in June getting worse over time. Now as are potentially consequences of and 10% still had symptoms after17 other pediatric Covid-19 registry. So and was hospitalized at Boston doctors warn that children may be long-term effects.” days,such as cough, feverand far it includes about 4,000 cases of Children’s Hospital in early July. more vulnerable to the virus than One challenge with tracking lon- shortnessofbreath. children and adolescentsunder age Joeyanna wasn’t able to get initially believed, researchers are ger-term symptoms in children is So farthe main compli- 21 with lab-confirmed tested for Covid until June—more looking more closely at longer- that testing has been inconsistent. cation in children with Covid. than three months after first get- term symptoms in kids, too. Covid-19 tests were difficult to get Covid is multisystem in- Formost, symptoms ting sick, which is generally too Children now represent about for children in the early weeks of flammatorysyndrome 25 resolved on average late to detect the virus’ genetic 9% of all Covid-19 cases in the the pandemic. The number of tests (MIS-C), aserious inflam- three days later.But be- material. Esra Meidan, her pediat- U.S., up from 2% in March, accord- done in children has increased matorysyndrome where Percent of 14 tween days eight and 28, ric rheumatologist at Boston Chil- ing to the most recent weekly re- over the past five months, though different body parts—in- to 20 year olds about 199 kids out of dren’s, says antibody tests have port issued from Children’s Hospi- declined in recent weeks. So far, cluding the heart and in a Covid reg- roughly 2,500 whose come up negative, but experts say tal Association and the American discussion of children and Covid— brain—can become in- istry who still long-term information antibody tests can also have reli- Academy of Pediatrics. The num- around school reopening, for in- flamed, causing afever, had symptoms has been entered were ability problems. ber of child Covid-19 cases has stance—has focused more on risks stomachpain, rash and after 12 days still reporting symp- Dr. Meidan has diagnosed her doubled since July 9, totaling for community transmission than gastrointestinal symp- toms. with several conditions that she 406,109 as of Aug. 13, according to potential longer-term effects. toms.Therehavebeen at Tania Dempsey is an in- believes were triggered by two cases reported from 49 states. Matthew Kelly, an assistant pro- least 570cases of MIS-C, ternist and integrative separate viral infections, the first The majority of children experi- fessor of pediatric infectious dis- according to the CDC.Children usu- medicine doctor in Purchase,N.Y., of which may have been Covid-19. ence mild illness or even no symp- eases at Duke University Medical ally present with the syndrome two who specializes in autoimmune dis- One of the conditions is a neuro- toms from Covid-19, doctors say. Center, oversees a registry of more to four weeks afterhaving Covid-19 orders. She has acouple of teenage logical one called dysautonomia, But some are reporting symptoms than 400 children in North Caro- and areoften hospitalized. patientswho she has diagnosed which occurs when the autonomic that persist for weeks, or the de- lina who tested positive for Covid Dr. Kelly speculates that MIS-C with mast cell activation syndrome, nervous system is out of balance. velopment of post-viral syn- or who had a close contact test is likely the extreme end of a spec- adisorder of the immune system The condition can be triggered by dromes. Symptoms reported in- positive. trum of post-infectious inflamma- that she believes wastriggeredbya viruses and is being seen in many clude fever, cough, headaches, So far,children under age14ap- tory syndromes children may ex- Covid-19 infection. adult Covid-19 patients with long- shortness of breath and gastroin- pear to recoverquickly and have perience after Covid-19. “That’s the “I think it’s becoming clearer as term symptoms. testinal problems. fewersymptoms,according to pre- severest form…but there seems to more kids are getting sick that She’s lost more than 10 pounds “It’s an important area for study liminaryresults from the registry be a larger group of children who there’s a cohort of children whose and can barely eat because of in- because certainly we’re still learn- published Saturdayonthe preprint develop inflammatory illnesses immune systems are going to react tense stomach pain, says her mom. ing a lot about the virus, particu- server medRxiv that haven’t yet less severe than what is seen in inappropriately and set off an es- “They’re telling me she’s going to larly about its impact on children,” been reviewedbyother researchers. MIS-C,” says Dr. Kelly. calating degree of inflammation,” recover but you look at her and says Sean O’Leary, vice chair of Patients14to20yearsold had a Gabriela Maron, an associatefac- says Dr. Dempsey. you wonder how much longer?” (3) JOURNAL REET ST LL WA THE R FO GARN HEMMEL E AC BR

ANATOMY OF AWORKOUT wear and tear on the shoulders.” are raised overhead such as hair The Exercise arm to fully extend up and out JEN MURPHY Ms. Hayden thinks of the shoulder styling and construction, are at One-Arm Prone Trapezius away from your body,pain free. as the knee of the upper body. risk of shoulder injuries. And if Raise We tend to give our hamstrings you sit at a desk, building shoulder How: Lie face down on a bench or HowtoBuild and quadriceps, the two main mus- strength can help undo the effects Why: Sportslikebaseball, tennis the side of your bed with one arm cle groups that stabilize and move of being in that hunched position, and volleyball rely heavily on the dangling down to the side. Strong and the knee joint, a lot of love in the says Ms. Hayden. ability to raise the arm overhead, Your chin can rest on the bench gym but neglect the muscles that Working shoulder mobility and says Ms.Hayden, who demon- or bed. Lift the arm upward and Flexible keep our shoulders healthy, she strength also will make it easier to strates this exercise in the images outward to 45 degrees, parallel to says. perform everyday tasks like reach- above. the ground, palm facing toward Shoulders The shoulder is a ball-and- ing up for an item on a high shelf When the arm lifts overhead your head. socket joint. The ball-like head of or reaching down to tie your shoe. the scapula, or shoulder blade, At the top of the movement your normal Major League Base- the humerus (the long bone of Head online to WSJ.com to find needs to be able to movefreely body should form a half of a Y- Aball season typically has 162 your upper arm) is twice the size a six-exercise workout that in- around the rib cage.Pitcherstend shape. Slowly lower down. Repeat games, plus four to six weeks of the shoulder socket it fits into, cludes one-arm prone trapezius to lose their upwardrotation over 8 to 10 times. of spring training. making the joint mobile, but raises, banded pull aparts, banded the course of the season, says Ms. “That’s a lot of throwing,” says also unstable. face pulls, forearm plank to dol- Hayden. Options: Ms. Hayden says if you Andrea Hayden, the assistant The four muscles of the rotator phin pose, external rotation to wall Also,“inefficient movement add weight, keep it light, around strength and conditioning coach cuff help move and stabilize the and plank shoulder taps to keep patterns cancause the average 2.5 pounds. for the Minnesota Twins—and the shoulder. Sports that involve re- your shoulders healthy, strong and person to have limited rangeof “The idea is to create proper first woman to be a strength and petitive overhead-throwing mo- injury-free. Perform them as a motion,” she says. movement patterning so the right conditioning coach in Major tions, like baseball and swimming, workout or add one or two to your This exercise trains the scapula muscles are firing to perform the League Baseball. “And a lot of and professions where the arms daily routine, she says. to upwardly rotate to allowthe movement,” she says. P2JW238000-0-A01200-1------NS

A12 | Tuesday, August 25, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS My JourneytoBecome aBodybuilder

Twokids,myfather’s deathand the end of my marriage took atoll. Then, Ifound bodybuilding—and my outlook changed.

 Anne Marie Chaker checks her posing in front of a mirror before stepping on stage.

 Ms. Chaker in 2014, after giving birth to daughter Sylvie. (RIGHT) APHY GR TO PHO Y BAB BELLA

(2); sponse—not just that Iworked out. Then in March, the pandemic

JOURNAL sent my routine intoatailspin. On the 13th, as Iwas completing a REET

ST thirdset of single-arm dumbbell LL rows,anannouncement came on WA that the gymdoorswould close at 4

THE p.m. Iwent to the locker room and R

FO wondered when Iwould return. Later, Iwent on Craigslist and

ADLER bought $900 worth of used gym S

BES equipment to work out at home. But staying the course proved challenging.Mycompetition slated BY ANNE MARIE CHAKER years ago, something changed. I weeks went by, I loved seeing what I rearranged my schedule to do forMay gotcanceled. Ibroke my was staying in a hotel and decided was happening to my body. extra work at night or early in the diet several times,onone occasion wo weeks ago, I stood on to check out the gym. In there was All of this went against every morning before the kids woke up. bingeing on lunchboxtreats. Some- a stage in a hotel ball- a woman lifting barbells and truth I thought I knew: Don’t lift Often my mother, who lives a few times working out seemed point- room wearing a rhine- dumbbells and pulling bands. She too much weight, don’t get too doors down, would watch my girls. less. Iwould begin aset of exercises stone bikini small enough approached her workout with a bulky. Avoid carbs. Do only cardio. The training helped me outside and catchmyself staring at the wall. to fit into a zip-lock bag. grit I had seldom seen in mom cir- I wasn’t aiming for weight loss, the gym, too. The drudgery— I found support in a Facebook T cles. This wasn’t Pilates. but to build muscle while eliminat- weighing my food, lifting bar- group for women bodybuilders Iwas competing in a women’sbodybuilding contest, and I asked her what regime she ing fat. Eating more—not less— bells—made me feel tougher and that I joined as part of my work it wasthe culmination of months of was following. She said she did would help feed muscles, my coach more confident. I came back to my with my coach. These women be- hardwork.Ioncewould have been bodybuilding competitions. She said. At my highest point in the desk with a wave of new ideas and came my friends and teammates, likelier to jump out of aplane than talked about how she would get on coming months, I would eat 2,600 fresh creativity. My work got bet- even though I had met few of put myself on displayinsuch stage and compete against other calories a day. ter. My children were proud of me. them in person. On Fridays, we skimpy attire. But hereIwas,flex- women in a bikini, how her meal I was tapping into a broader so- One day at preschool pickup, I would post pictures of ourselves ing to thumping house music in planning was entirely measured by cietal shift in body image. While heard my daughter tell a friend flexing with the hashtag #flexfri- clear four-inch heels as day and cheer each other judges ranked my 45- on: “Look at them guns!” year-old body. Being part of agroup of To some friends and supportiveathletes cannot family,itseemed superfi- only be apowerful motiva- cial. But beneath the lay- tor, but it canfoster even ersoffaketan and blue higher performancestan- eyeshadow, the sport of dards.“It makes it ahigh bodybuilding had trans- performanceatmosphere formed me.Itgaveme wherepeople don’t think confidenceand reshaped youare weirdfor doing howIviewmyphysique, thingsfor your sport,” says valuing strength over Sheryl Smith, asportspsy- skinniness. chologist in Cheshire, Conn. It’salong way from In June,mycoach asked whereIwas six years if Iwould be interested in ago. In 2014, Ihad just doing acompetition that given birth to my second had opened up in August. I daughter in December. quickly responded yes. Ifelt My father died suddenly exhilarated but nervous.I two weeks later.Six pulled out my clear plastic months afterthat, my heels onceagain, to prac- marriageended. Amid ticeposing regularly in these tectonic shifts,I front of afull-length mirror. stopped taking care of On Aug. 6, I drove more myself.Though Ihad than three hours to Kenil- never been much of a worth, N.J., to enter my drinker,wine started to  Ms. Chaker, third from left, strikes a pose before a panel of judges at a recent competition in Kenilworth, N.J. first competition. I packed feel pretty good. Iwould the girl-power workout eat the leftovers off my mix my daughters loved— toddler’s plateand jokethat Iwas a “macros”—macronutrients. The thinness has long been associated that her mommy looked like Won- our quarantine soundtrack—with human vacuum cleaner. discipline the sport required was with wealth and status, increas- der Woman. “No, seriously,” I hits from Beyoncé and Rihanna. I was never overweight, but I daunting, but also held a powerful ingly women are interested in heard her say. Because of the pandemic, audi- would look in the mirror and see appeal for me. looking strong. “There’s more of My coaches encouraged me to ence size was kept to less than 25 problems: If I could only get rid of She gavemethe name of her an emphasis on what your body enter a competition. I wasn’t sure. people, so my children watched this roll or that bump. Gone was coach, Tina Peratino,a47-year-old can do, how much you can lift, I had seen pictures and thought the live stream from home with the confident athlete of my youth retired bodybuilder in Bowie,Md. I what kind of workout can be ac- the fake tans were cheesy. The my mom and their dad. Contes- and college years, when I com- emailed her,explaining that I complished,” says Jennifer Carter, poses were a little too sexy. What tants wore masks. peted as a figure skater and in Di- needed some guidance. Her co- a sports psychologist in Columbus, would I tell my mother? What As I walked on stage for my vision I crew. Now, I would some- coach, Brandi Adams,asked me to Ohio. would my colleagues at The Wall first contest, I shrugged off my times attempt a jog, then give up start keeping alog of what Iate, The intensity of lifting weights Street Journal think? nerves, enjoying being nothing and walk. It seemed pointless, as and we found that daily calories actually fuels a process called neu- And then I decided: Who cares? other than contestant Number 41. I did the invitations to join running were all over the place: some days roplasticity: a rewiring of the I realized I wanted to own my smiled through my mask. Number groups, yoga classes or marathons. as high as 2,600,and othersaslow brain that can connect the activity appearance, my hard-earned mus- 41 had won. I felt total joy and It’s an experience familiar to as 880.Ilooked fine,weighing 123 to enjoyment—and wanting more cles, and celebrate them. That be- abandon. I competed in four divi- many women after motherhood. pounds.Atthat point, Ihad begun of it, says Jason McCray, a Colum- longed to me. I felt good about be- sions and placed first in three, and From battling hormonal shifts, to jogging and taking classes at Or- bus, Ohio, psychologist. “There are ing a part of a community that second in my class for another. juggling a new role, to sleep depri- angetheory.But the weightsIused tangible gains you get in tracking applauded and encouraged the The next day I allowed myself vation and changes in body image, in the exercise classes appealed to and seeing [weight] numbers in- work that went into it. to relax. I enjoyed a couple slices becoming a mother “can be a very me morethan the cardio machines. crease over time. When your mus- Isigned up foracompetition of pizza. My fiancé Rick and I went destabilizing time,” says Helen L. I began performing nearly two- cles are engorged with blood, you that would take placeseveral on a hike and climbed a waterfall. Coons, clinical director of women’s hour daily weight-based workouts are getting a rush of endorphins,” months later in May. Bodybuilding The steep climb to the top felt like behavioral health and wellness at with exercises I had long associ- he says. Those signals create feel- had become apart of my identity, a reflection of what I had accom- the University of Colorado School ated with football players. Squats, ings of positive reinforcement in the answertopeople’squestions plished the day before. of Medicine. “Women have to re- dead lifts, bench presses. I wielded brain pathways. “Your brain says, about my arms or my shoulders. But I won’t rest long: I’m al- fuel and bring their own tanks up.” a barbell and was able to throw on ‘I like this, I definitely want “What do youdo?” they would say. ready training for my next compe- One February morning two more weight each week. As the more.’” “I’m abodybuilder” wasnow my re- tition on Sept. 12. P2JW238000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, August 25, 2020 | A13 ARTS IN REVIEW

Brothers Howard and Guy Lawrence of Disclosure; their new album is ‘Energy’ GES IMA GETTY N/ TO MILLING OLLIE

If youwerepaying attention to MUSIC REVIEW |MARK RICHARDSON guestson“Ce n’est pas,” acom- dancemusic in 2013,Disclosure’s paratively sleek and subdued debut album, “Settle,” wasimpos- groovethat highlightshis quietly sible to ignore. It wasabig seller Back to the DanceFloor expressivevoice. with radio hits—it reached No.1in Thefinal two tracks veer fur- the U.K.,topped the U.S. Dance/ Disclosure’sthirdalbum returns to the beckoning groovesofits thest from the core concerns of Electronic Albums chart, and even “Energy,” but they work in context. had atop 10 single in the States debut,and benefitsfromadiverse roster of guestvocalists “Birthday”—featuring Kehlani, an with “Latch,” most of the world’s alt-R&B vocalist, and Syd,who introduction to the singer Sam leads the band Smith—and it came with amas- pos and exploring American R&B. emerging artistsfromthree conti- syncopation, the Internet siveamount of presshype.Some Though guestsincluded well- nents. On “Lavender,” LosAngeles pushes the song and is an asso- of that wasdue to the youth of known vocalistslikethe Weeknd, vocalist Channel Tres extempo- forwardina ciateofthe the English siblingsbehind the Miguel, and Lorde, the songwrit- rizes in ahalf-chanted, half-sung manner some- collectiveOdd moniker—Howard Lawrencewas ing wasunderdeveloped and the cadence. His tone and party-start- thing likea Future—is the just 19,Guy Lawrencewas 22—and album wasultimately forgettable. ing commands—at one point he controlled tum- kind of finger- some of it had to do with how Five yearslater,after releasing asks the Lawrencebrothersto ble.The subtle snapping R&B seamlessly the project combined several singles and going on ahia- “bring the clap back in,” and they off-beatsgive Timbaland put several recent trends in electronic tus,Disclosurereturns with “En- comply—bring to mind the spoken these tunes a forth around music to makeaneminently lis- ergy” (Island), out Friday, arecord interlude in Prince’s“UGot the kind of rubbery the turn of the tenable style.Though inspired in Look” mixed with the surreal R&B momentum, in- millennium, part by artistslikeBurial and of Detroit house producer Moody- viting full-body most notably James Blake, moreexperimental Arecordthat plays to mann. Chicago’sMick Jenkins,an motion instead with the singer practitionersofthe U.K. version of early affiliateofChancethe Rap- of just foot- Aaliyah; Com- dubstep (think warped and their strengths, updating per,uses the fourth track,“Who work. mon’sslightly chopped samples,ultra-deep bass, and broadening their Knew?,” as aplatform forexplor- Thealbum’s stiff contribu- and aheavy focus on atmosphere), ing melody through processing, title track is firmly in the realm tion to “Reverie” calls back to the Disclosure, working with an array earlier sound. alternating speedy raps with of tribal house,with itshand per- early-1990s experimentsfusing of guest vocalists, had aknack for wounded-robot crooning. cussion, whistles and faster tem- house and hip-hop.If“Energy” has distilling these styles intoadance- House music,with itssnaking, pos,and it’sbuilt around asam- aweakness, it’sthat there’snosin- pop contextcentered on the floor- repetitivebasslines and steadily ple of amotivational speaker gle breakout song,nothing that beckoning beat of house music. that plays to their strengths,up- hissing high-hat, forms the basis whose lifelessons (“Whereyour seems likeit’ll have along lifeout- TheLawrencebrothersgrewup dating and broadening their ear- formost of the tracks on “Energy,” focus goes,your energy flows!”) side the record.But the album’s with the entirehistoryofdance lier sound while never deviating but the Lawrences smartly mix equally apply to club-goers. And lack of peaks serves it well from music just afew clicks away,and toofar from it. thingsupwith subgenres to avoid two tracks in the record’s middle another angle,allowing the set to they had an intuitiveunderstand- “Energy” is bookended by monotony. Like“WhoKnew?,” the section come from vocalistsfrom function as atight and focused ing of howtointegratethose tracks fronted by veterans—R&B thirdtrack,“My High,” drawsfrom Africa. Malian singer Fatoumata tributetothe rhythms that led the sounds of the past with the pop- singer Kelis is on the opening U.K. Garage, the house music off- Diawara extols the virtues of her Lawrencebrotherstomaketheir music present. “Watch Your Step,” aglimmering shoot that emergedinthe 1990s home countrywith the hypnotic lives in dancemusic. But that debut proved hardto sliceof1980s-inflected disco, and and that Disclosurebrought back “Douha (Mali Mali),” afizzy spar- follow. Rather than repeat the for- rapper Common is on the closing to the mainstream with “Settle.” kle of atune that demands to be Mr. Richardson is the Journal’s mula of “Settle,” 2015’s“Caracal” “Reverie”—but in between it fea- On these productions,anadditional heardinthe sunlight under ablue rock and pop music critic. Follow found Disclosureslowing the tem- turesadiverse cross-section of layerofbassand drums,thick with sky. And Blick Bassy of Cameroon him on Twitter @MarkRichardson.

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NewYork City 91 66 t8166s Dublin 65 53 r6551pc Warsaw7355t 78 58 t s ALOFTEDITELLS Oklahoma City 93 66 s9167pc Edinburgh 59 52 r6148pc Zurich 76 58 pc 79 51 pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. PIGPOPESYS P2JW238000-0-A01400-1------XA

A14 | Tuesday, August 25, 2020 THE WALL STREET JOURNAL. SPORTS

JASONGAY The Buzzer Beater HeardRound the World

Luka Doncic hit a crazy NBA shot—and for a second, it was possible to forget the madness everywhere else

Behold the remark- able: a sports column, actually about some- thing happening in sports. The following 900 or so words con- tain no mention of face masks, vaccines, quarantines, testing pro- tocols, college football cancella- tions, Big Ten mutinies, Dr. Fauci or Zoom calls. There will be a few passing references to the fact that the NBA is playing basketball in a pandemic-provoked bubble, a stunt which remains both remarkable and hilariously bizarre, but they will be brief. I’m serious. I’m not even going to mention my chil- dren. (You: Sheesh, finally!) For the first time in nearly six months, this column is really, truly, aggres- sively about sports. Thank you, Luka Doncic. Thank you, thank you, for hitting that 28- foot game-winning shot in over- time in Game 4 of Dallas’s open- ing-round Western Conference playoff series with the Los Angeles Clippers. I’d almost forgotten what it felt like, to get a little cuckoo

watching sports on TV, to jump up OL

and down in the kitchen and emit PO a noise I’m not sure should be The Mavericks’ Luka S

emitted by humans. I slapped the Doncic, left, hit a X/PRES

counter. I scared the cat. As the game-winning shot at CO ABC/ESPN play-by-play announcer the buzzer on Sunday. C.

Mike Breen punctuated Doncic’s KEVIN swish with his trademark, trium- phant “BANG!”—Breen actually un- out Cuban watches his team while pound Doncic a menace is not a that. No problems.” advantage of holding home court, leashed a double, a “BANG! BANG!” exercising on the elliptical ma- single, pronounced skill, but his I know we’re all supposed to but entering this series, the expec- like he was pulling down a reserve chine, as his family opts to watch overall vision—that sense of where have a politically-charged take tation was that the Clippers would Cabernet—it happened. I forgot in the other room. you are, as Bradley told McPhee about the NBA and especially NBA eventually pat the Mavs on the the moment. I forgot that we’re “I’m too intense for them to about all those years ago. Doncic TV ratings right now—who’s head and say Better luck next year. not yet out of this mess, not even watch with me,” Cuban told me. is as fluid in traffic as he is in watching, who’s not, as if it’s an It isn’t happening, at least not close. I forgot the anxiety, irritabil- And when Luka hit the shot? space; he will use that “Eurostep” essential cultural Rorschach; when yet, because of Doncic. The rise of ity and genuine panic that’s out “I was shirtless, dripping with footwork to joystick himself did the country turn into a nation any great is marked by a series of there, the struggles of neighbors sweat from more than two hours through a crowd to get a layup or of Nielsen researchers? Let me say skeptical let’s sees—let’s see what and friends. I forgot that in two on the elliptical, but I ran full it: to deny yourself Luka is to deny happens when he has to do it un- weeks I resume being earth’s speed screaming into the living yourself a little joy. He is truly der pressure; let’s see when he has worst virtual schoolteacher. room and chest bumped with my Luka’s shot was that something. Doncic plays like he’s to do it in the playoffs; let’s see Luka’s shot was that good—a son [Jake] and grossed out my been in the league for a dozen when he has to do it with a season walk-off, 3-point, see-you-in-48- very happy wife [Tiffany] with a good—a walk­off, 3­ years. He’s 21. on the line. It’s taken Doncic a hours face-melter, tying this con- huge hug.” point, see­you­in­48­ Please know: The Clippers are a week to bulldoze almost all of the tentious series at 2-2 and giving There you go. That’s Luka. deeper basketball team than the let’s-sees. What happened on Sun- the Mavs a real chance to upset The basketball heads—including hours face­melter. Mavericks, and remain the favorite day (43 points, 13 assists, 17 re- the favored Clippers. It was one of the Journal’s NBA maestro, Ben to win this series. Los Angeles has bounds) puts him alongside Port- those shots we’d all be talking Cohen—have been telling us for a pair of perennial All-Stars, Kawhi land’s Damian Lillard as the most about at the office today, if the of- years about Doncic, a wide-shoul- Leonard and Paul George. The electrifying player in the bubble fice wasn’t, you know, closed until dered Slovenian who dominated pull open for a step-back jumper; Clippers swept the Mavs in the and is a confirmation of what the who knows when. the EuroLeague as a teenager and if he draws too much defense, he’ll regular season. The Mavs were basketball heads have been telling I emailed Mark Cuban, the Mav- entered the NBA as the third pick hit a cutting teammate for a layup. playing Sunday night without their us all along. Now we are all seeing ericks owner. Cuban isn’t in the in 2018, Dallas trading with At- If he’s perturbable, I haven’t seen second-best player, Kristaps Por- it, down there in that Disney bio- Orlando bubble—it’s jarring not to lanta to nab him in a deal that al- it—witness Doncic’s quick forgive- zingis, and Doncic himself was a sphere with the pickle ball, unlim- see him hovering near the Mavs ready feels inexplicable, to say ness for the Clippers’ Montrezl game-time decision after leaving ited bass fishing and players who bench, bouncing around in a T- nothing of the two teams (Phoenix, Harrell, who called him an “[exple- Friday’s Game 3 with a twisted an- cannot leave. It’s such a weird, un- shirt and jeans, agitated at referee Sacramento) that passed over him tive] white boy” during a confron- kle. It’s true that Dallas has a his- settled time on the planet. Thanks calls. He was watching Sunday’s altogether. tation in Game 3. “He apologized,” torically deft offense, and the bub- to Luka Doncic for letting us game at his home in Dallas. Turns What makes the 6-foot-7, 230- Doncic said Sunday. “I respect ble has eliminated the traditional briefly forget it.

BY ANDREW BEATON of $75million, aperson familiar NFL Hit With Rash of FalsePositives with the mattersaid when the AT 2:51 A.M. SUNDAY, Chicago plan wasagreed upon in July. Bearshead coach MattNagy’s Dr.Sills hosted acall with the phone rang with some very bad teams’ trainersand medical per- news: his team had acoronavirus sonnel on Sundaynight to discuss outbreak.Nine membersofthe or- protocols and what the league ganization had tested positive—the knewatthe time.Hesaid on Mon- exact type of news that could tor- daythat they suspected the results pedo this NFL season. were suspicious because they were Nagy wasn’t alone.Coaches,ex- so out of line with the lowrates ecutives and players with almost a that teams had been showing on dozenteams were wokenupwith testsinprevious weeks,and that a that same phone call. Astartling reviewofthe processhas indicated number of players and staffers, potential areas in the lab where acrossthe country, had apparently the contamination mayhaveoc- tested positivefor Covid-19,all in curred. one day. Practices were postponed “Wehavetocontinue to treat and sirens were alarmed. Afterthe everypositivetest as apotential league’spositivetest rate had been newinfection,” Dr.Sills said. so low, this wassuch an out of no- But Sunday’ssnafuwas awin- wheresurge that something dowintothe potential pitfalls the seemed off. NFL could faceasittries to pull It turned out the NFL wastrou- off playing asport incompatible bled by something else: arash of with social distancing during this false positives all stemming from pandemic. an “isolated contamination” at the When teams gotthe news of the same lab. seemingly positivetests, they Throughout Sunday, the players scrambled to adjust their plans. and personnel who came up posi- TheBearsdelayedtheir practice. tiveweretested again. They all So did the Buffalo Bills,who went came back negative, aleague offi- on without anumber of players. cial said. Thefalse alarm affected TheNew York Jets canceled a 77 players on 11 teams. scheduled walk-through. This same “This is an incredibly rare situation, if it were to occur on a event,” said Dr.Allen Sills,the Sundayduring the season, could NFL’s chief medical officer. The Chicago Bears had several false positive coronavirus tests. The false alarm affected 77 players on 11 NFL teams. present competitiveissues. Theincident raised atroubling Thequestion is howmuch fur- question about howthe league’s anyway,believing the system was and safety protocols to include to the same lab,operated by ther spread theremay have been testing program could go so far working.Only ahandful of players contact tracing,isolation of indi- BioReferenceLaboratories,the had anyone of these situations at awry.Italso could createacredi- remained on the league’sreserve viduals and temporarily adjusting NFL’s official testing partner.The anyteam been an actual case of bility problem forthe program and list forthe virus over this week- the schedule,whereappropriate,” league’stest results—which areex- positives.Despitethe league’s makeitmoredifficult to persuade end. From Aug.12through Aug. the league said in astatement Sun- pected to be returned within 24 daily testing,the 24-hour turn- players to accept futureresults 20,the league administered 58,397 daymorning. hours—come from five BioRefer- around time means apotentially that actually arepositive. tests, including 23,260 to players. Then all of those same people enceLaboratories facilities across infectious playercould be around “Wekeep saying ‘expect the un- Therewereatotal of six newposi- who tested positiveweregiven the country, and the anomalies all his teammates foranentireday expected,’” Nagy said Sunday. tives during that time,with zero point-of-caretests. Those were came from teams that sent theirs until that revelation. Theleague “That’skind of what happened belonging to players. negative. Additionally,the original to one in NewJersey. has contracted acompanytode- hereinthe last 12 hours.” But as Saturdayturned into samples were retested and all “Our investigation indicated ployhigh-tech contact tracing in When the league and the NFL Sunday, phones likeMattNagy’s came back negative. that these were most likely false the case of anypositiveteststo PlayersAssociation agreed on pro- began buzzing at all hours. The Most coronavirus testshavea positiveresults, caused by an iso- determine who mayhavebeen in tocols forhow to return to playing Bearsappeared to have aproblem. certain rate of false positives that lated contamination during test close contact with that individual. football during apandemic,they So did the Jets,Bills and Steelers. canvaryupon the quality of test preparation in the NewJersey lab- This type of problem has established daily testing forplay- Thecountry’smost popular sports and itsadministration. But such a oratory,” said Dr.Jon Cohen, plagued the Major League Baseball ersand staff forthe firsttwo league,which had trudged through high number coming at oncewas BioReference’sexecutivechairman, season,with players on teams like weeks afterthey returned to team most of itstraining camp with jarring—especially afterthe in astatement. the Miami Marlins and St.Louis facilities.Then they planned to re- hardly anynew positives,was sud- league’spositivetest rate had been BioReferencealso provides the Cardinals testing positive—and ducethe testing frequencyifthe denly experiencing arash of them so lowthrough the early stages of testing forother sportsleagues, their teammates continuing to test

positivity rate from those tests in one batch of testing. training camp. such as the NBA, which has started positiveinthe ensuing days.Those ZYNSKI/REUTERS waslow enough. “Clubs aretaking immediate The11teams that had the out- itsplayoff under abubble in Or- teams had to missdays of games AC Thepositives were lowenough, precautionarymeasures as out- lier resultshad something in com- lando,Fla. TheNFL’s testing plan and put MLB’sseason on the brink KRZ MIL

but they extended the daily testing lined in the NFL-NFLPA’shealth mon: their samples were all sent has an estimated cost of upwards beforeiteverfinished. KA P2JW238000-4-A01500-1------XA

THE WALL STREET JOURNAL. **** Tuesday, August 25, 2020 | A15 OPINION Joe Biden’s Leap of Faith BOOKSHELF | By Rien Fertel

By nowJoe cordancewith their beliefs. tions than in constricting All these thingswill come To Taste Biden’srosary Let’sstart with nuns.A them. Democratssay so in in the name of “reproductive must be the campaign ad released this their platform, in which they health,” “equity,” “inclusion” most famous month featuresMr. Biden hap- “reject” the “broad religious and “nondiscrimination.” And beads in the pily chatting with Catholic exemptions” that “allowbusi- aBiden administration would TheUntamed world. nuns on St.Peter’s Square. nesses,medical providers, so- push them. Howdoweknow? MAIN “The cradle These “lovely women,” he cial serviceagencies and oth- Because,asthe NewYork STREET Catholic who says,havealways inspired him erstodiscriminate.” In other Sun’sSeth Lipskysays,it’s Feasting Wild carries aro- because they areall about be- words, religious liberty. hardtofind asingle religious- By William sarywherever ing their brothers’ keeper.He This is the sleeper threat. rights case where the Demo- By Gina Rae La Cerva McGurn he goes,” re- even chose a nun to offer the It’s already playing out in ev- cratstook the religious side. (Greystone, 317 pages, $26.95) portsthe Je- convention’sopening prayer erything from licensing re- He rattles off the list. suit magazine America. “Biden the night he accepted the quirements(the Supreme “Little Sisters of the Poor, ina RaeLaCervawishes we all atealittle wilder. almost always has rosary nomination for president. Court is nowdeciding whether Hosanna Tabor,the Green G Wild likehumans atefor 99% of their history: hunting beads in his pocket,” says the But Mr.Biden’spolicypref- Family,the cake baker,the and gathering undomesticated and uncultivated foods. WashingtonPost.EvenRolling erences reveal alessfriendly town of Greece, N.Y.,the phar- Wild likeHenryDavid Thoreau preferred his fruits: native Stone piously chimes in, pre- relationship with nuns.Aspart It’s not just abortion. macist who doesn’t want to berries plucked from the bush, bittersweet white-oak acorns senting the former vicepresi- of ObamaCare, the administra- fulfill birth control prescrip- nibbled on a“bleak November walk.” Oranges,bananas, dent as a“practicing Catholic” tion in which he served issued The Democrats’ stand tions,the Satmar Hasidim pineapples and other farmed “table fruits,” Thoreau said, who “wearshis lateson arule requiring Catholic care on religious liberty who want to requiremodest “donot feed the imagination as these wild fruitsdo.” Beau’s rosary on his wrist.” providerslikethe Little Sisters dressintheir stores,the regu- In the early 19th century, back when Thoreau foragedfor It all feeds Mr. Biden’s im- of the Poor to violatetheir should trouble voters. lation of circumcision, the wild flavors, half the North American diet still came from ageasthe scrappy Irish Cath- convictions by paying forcon- Bladensburg Cross,” says Mr. the wild—venison, game fowl, seafood. Today, Ms.LaCerva olic kid from Scranton, Pa.To- traception and abortifacients Lipsky. “Name acase where writes,seafood remains the only widely consumed wild food, dayit’sanimagethat also fortheir employees or faceru- Catholic agencies that don’t the broad Democratic Party though the rapid rise of aquacultureismaking the futureof serves a crucial political pur- inous fines. placechildren with gaycou- leadership sides with the reli- wild-caught fish, shrimp and oysters increasingly uncertain. pose—tosoothe voters who Thesistershavesincewon ples canoffer foster care)and gious party.” In “Feasting Wild,” she setsout to “tastethe untamed,” to mightbetroubled by aman at theSupreme Court. Mr.Bi- tax exemptions (Orthodox President Trump was experiencethe feeling that comes with consuming “the least whopresentshimself as an den’sresponse? Restorethe Jewish schools fear losing mocked when he said Mr. Bi- processed foods,the most ordinary Catholic even as he mandatewith the fakeexemp- theirstatus foradhering to den would “hurt God and hurt unadulterated, which haven’t advocates forabortion on de- tion the Little Sistersobjected biblical definitions of mar- the Bible.” But howeverinart- been overbred, monocultured, mand, with no restrictions to in the firstplace. This is riage) to conscienceprotec- ful the words, today’s Demo- and passed through and paid for by taxpayer dol- how“lovely women” who live tions (a nurse in Vermont was craticParty is willing to use innumerable unseen hands.” lars where necessary. out avocation of tending to forced to participateinar- thefull forceofthe federal In doing so, she not only But in this election there’s the least among us canexpect ranging an abortion against bureaucracytobring religious writes an intense and illumi- anew religious wrinkle,much to be treated under aBiden herwill). Mormons,mean- institutions to heel—no mat- nating travelogue,she offers moreconsequential than the presidency. while,wonder if the Equality terhow genuinely JoeBiden acorrective to the patriarchal tired debateoverwhether Mr. Nowunlike, say, his run- Act,which is meant to protect may love his rosary beads. white gaze promoted by Biden is or isn’t agood Catho- ning mateKamala Harris,you LGBTQ Americansand is “Joe Biden and Kamala Har- globetrotting eaters like lic.For the issue todayisno won’t catchMr. Biden talking strongly backed by Mr.Biden ris have this upside down,” Anthony Bourdain and Andrew longer whether progressive about the KnightsofColum- andMs. Harris,would make says Bill Mumma,CEO and Zimmern. Though she feasts dogmas from abortion and bus as though it were ahate Brigham Young University stu- chairman of the Becket Fund on wild foods that most of us marriage equality to gender group whose membersare dentsineligible forfederal re- forReligious Liberty.“The would not darepokewith a identity will prevail. Most al- unfit forfederal judgeships. search dollars, Pell grantsand Constitution protectsreligion 10-foot fork, Ms. La Cerva ready have. It’s not his nature. Neverthe- student loans.Americans were from government interference. combines environmental history Thequestion nowislessaBiden-Harris adminis- given apreviewofcoming at- But in their view, anygovern- with feminist memoir to craft a whether those who dissent tration would mean afederal tractions during Covid-19, ment objective, no matterhow narrative more in tune with recent works by Robin Wall from the neworthodoxy will be bureaucracylessinterested in when Democratic officials controversial, takespriority Kimmerer, Helen Macdonald and Elizabeth Rush than any permittedtolivetheir lives accommodating religious treated barsand casinos bet- over religious belief.” episode of “Bizarre Foods.” and runtheir institutions in ac- Americans and their institu- terthan churches. Write to [email protected] We firstfollowthe author to Copenhagen, whereshe foragesfor wild plantsamong the tombs at Assistens Cemetery. Despitethe risks—the inadvertent ingestion of lead and other heavy metals—urban foraging remains part The U.S. Admits Too Few Refugees of the Danish identity.Foraging touriststakenote: near Kierkegaard’sgrave growsramson, awild onion related to By Reid Ribble abruptly the door has been having proved a credible fear tians should feel an acutere- the North American allium commonly called ramps,while closed: From the 50 countries of persecution to the satisfac- sponsibility to critique these the yellow-blooming antidepressant known as St.John’s hile President Trump whereChristians facethe tion of an asylum officer or policies.Manyhave: TheU.S. wort prefersthe final resting spot of Niels Bohr. W has rightly critiqued most severeoppression, the immigration judge—nearly Commission on International Ms.LaCervahopscotches to Poland’sBiałowieżaForest, the autocratic ten- U.S. resettled about 18,500 doubled from fiscal years2016 Religious Freedom, chaired by one of the few remaining primeval foreststhat once dencies of socialism, on his Christianrefugees in 2015. to 2018. conservativeevangelical Tony blanketed Europe,tonosh on wild boar (“likepork but administration’swatch the Midway through 2020,the But the Trump administra- Perkins,has urgedareturn to earthier”)and asuperabundanceofmushrooms (morethan U.S. has increasingly turned U.S. had resettled fewer than tion is seeking to block this ahistorically normal ceiling on 4,000 species grow here). Polish women, likethe author’s away victims of communism 950. processaswell, proposing refugeeadmissions of 95,000 a great-grandmother Esther,could onceidentifythe gustatory and religious persecution. In Resettlement of other per- sweeping newrules that year.The institutions repre- and medicinal properties of this fungal feast: hoof bracketsto 2016,beforeMr. Trump took secuted religious groups— would redefine basic terms senting the largest number of curetoothaches,Judas’sear forinfections of the ear and eye, office, slightly under 85,000 Muslims from Myanmar,Jews within existing law(“persecu- Christians in the U.S.—the Na- stinkhorns as aphrodisiacs.But likethe old-growth forests, refugees were admittedto from Iran, Yazidis from Iraq— tion,” “political opinion” and tional Association of Evangeli- knowledgeof“wildcrafting”—of gathering both wild food America. Sincethen, the ad- has plummeted at similarly “torture,” among others) to cals, the Southern Baptist and this folk pharmacopeia—has all but disappeared. ministration has systemati- stark rates. “The U.S. govern- Convention and the U.S. Con- Eating wild food is an “act of nostalgia,” she writes, cally slashed the ceiling for ment has fallen down on this ferenceofCatholic Bishops— “forboth the natural abundanceand the material poverty refugeearrivals,resulting in issue,” lamentsOpen Doors Americashould open have all been outspoken in of the past.” This especially resonates forthe author during ahistorically lowcap of USA CEO David Curry. urging the restoration of the astayinthe Democratic Republic of Congotoreport on the 18,000 forthis fiscal year. Rather than banning all im- itsdoorstothose refugeeresettlement program trade in “bushmeat,” acatchallterm forany wildlifespecies Only about 8,602 have been migrantsfrom“jihadist re- fleeing communism and and arejection of the newasy- hunted forhuman consumption, including forest elephants, permittedentrancesofar—on gions,” which has included lum regulations. gorillas,turtles,pangolins (scaly anteaters), rats and bonobos. track foradecline of almost persecuted Christians and religious persecution. But the bad policies persist Oncethe prime source of protein formost Congolese,wild- 90% from 2016. other religious minorities,the and arepoised to getworse. lifeconservation effortsand the proliferation of affordably Among those kept out are U.S. should simply have Thebest way to dissuade the farmed meatslikechicken have turned bushmeat intoa people fleeing leftist author- banned jihadist terrorists— severely restrict who qualifies Trump administration would be luxurymarker forposh Kinshasa diners(the five-star Grand itarian regimes.For example, which has long been U.S. pol- forasylum. Not everyone who aclear outcryfromTrump vot- Hotel’sdining room offersantelope and porcupine) and only seven Cuban refugees icy. Since, as aHeritageFoun- reaches the border should re- ers—not only organizations— immigrantswilling to smuggle frozenblocks of meat abroad. have been resettled sincethe dation report notes,refugees ceive asylum, but these regu- particularly the conservative At one notable wild-game restaurant, Ms. La Cervacoolly beginning of 2018,compared “undergo morerigorous secu- lations would minimizethe evangelicals on which the pres- orderscrocodile and tomatoand spice-simmered duiker—a with an averageofabout rity checks than anyother im- due processthat Congressin- ident knows he relies. small sub-Saharan antelope—even though “it’simpossible to 2,800 resettled annually dur- migrant group,” only afoolish tended to ensurethat the U.S. America, at itsbest, has knowifitwas hunted legally or not.” ing the previous decade. terrorist would seek to use doesn’t send people back to be stood firmly against socialism This administration has al- the refugeeprogram as a persecuted or even killed. and foreconomic,political lowedthe resettlement of means of entry. Sincethe Ref- TheAmerican commitment andreligious freedom. The A bracing travelogue by a culinary forager only 14 Venezuelans and ugee Act became lawin1980, to protecting the persecuted is credibility of these commit- seeking rare, undomesticated, unadulterated zero Nicaraguans. none of the morethan three rooted in our founding convic- mentsistested by the coun- Thedrastic reduction in million refugees resettled has tion that all arecreated equal try’sresponse to those fleeing foods in the rapidly disappearing wild. refugeeresettlement has also takenanAmerican lifeina with certain unalienable repressive regimes and seek- harmed those fleeing oppres- terrorist attack, according to rights, an idea inspired by the ing refuge.May we not fail the sion because of their religion, the CatoInstitute. Judeo-Christian belief that all test. She writes morepassionately about the women who trade undermining the administra- With hopes of resettlement people aremade in the image in semilegal wild-meat markets. “These women deservean tion’sotherwise commendable to the U.S. diminished, those of God. TheBible warns that Mr. Ribble, aRepublican, entirebook writtenjust about them,” Ms.LaCervanotes. commitment to religious lib- fleeing persecution areleft “anyone who withholds justice represented Wisconsin’s Eighth “Not only because they arelong-suffering,poor,marginalized, erty.Anew report from Open with only one lawful option to forthe foreigner,the father- Congressional District, 2011-17. or illiterate...but because these women knowhow to DoorsUSA—an organization find safety in America: reach- less or the widow” is cursed. hustle.” That hustle involves circumnavigating the entrenched that supportspersecuted ing the countryand request- Knowing howtheir support Walter Russell Mead is colonial racial order.“If awhiteman kills awild animal and Christians abroad—and World ing asylum. Thenumber of in- has bolstered the Trump ad- away. eatsit, we call it hunting game,” she reflects. “Ifablack man Reliefdocumentshow dividuals granted asylum— ministration, American Chris- kills awild animal and eatsit, we call it bushmeat poaching.” TheDRC allows Ms.LaCervaanother glimpse intothe wild life, in the form of aRamones-T-shirt-and-leopard- tooth-necklace-wearing,motorcycle-wheeling,antipoaching When the Postal Service Was the Bomb conservationist she calls the Hunter.Together,they makea pair of “lovely and tormented beasts,” she writes—wild By Bob Greene knew they had to fixthings, removethe part of the missile dressed to various government lovers, one might say. Their affair,inevitably doomed, soon and fast. Within three days that held the warhead, and re- officials and dignitaries. takescenter stage. They separate,pine from afar through text he postmaster general Congresshad passed an emer- placeitwith acontainer full of An ebullient Summerfield messages and, reunited in his nativeSweden, hunt amoose. T wasinapickle. gencyappropriation and Pres- mail. Then, from out at sea, the believed this advanced his This book would have been all the betterhad Ms.LaCerva He had fooled with ident Dwight D. Eisenhower Navy would launch the missile theory: “Beforeman reaches followed her instincts to write more on the marketwomen mail deliveryinaway that had had signed off on it. The next toward adistant target. When the moon, mail will be deliv- of Kinshasa and lessonthe hunkyHunter. infuriated the public,put mem- Saturday, the mail was back. it gotthere, Summerfield ered within hoursfromNew Theauthor’s journey ends,sans Hunter,inBorneo,home bersofCongressinthe hot would retrievethe letters and York to California, to England, of the edible-nest swiftlet. Wovenwith translucent strands seat with theirconstituents, have them delivered to their to India or Australia by guided of swiftlet saliva, edible bird’snestsare aChinese delicacy and backed the president intoa PostmasterArthur addressees,thus providing a missiles.” Postal workersat that canpurportedly curewhatever ails you, from bad skin political corner.Hewas looking previewofthe speed of future the Navalbase hustled the let- to aweak libido.One of the world’smost expensivefoods, foraway to re-elevatehis na- Summerfield had an mail. ters ontotrucks,enrouteto the swiftlet nest is nowthe basis of a$5billion industry tional stature. explosive ideatowin On aspring morning in 1959, their final destinations. hawking bird’s-nest gummybears, bird’s-nest instant coffee, So he commandeered amis- from 100 miles out in the At- Therewould never be an- and black-currant-flavored, stem-cell-repairing,wrinkle- sile with the capability of car- thepublic’strust. lantic Ocean, the crew of the othermissile deliveryofU.S. fighting,anticancer bird’s-nest cookies.Naturally,the wild rying anuclear warhead. As Barbero launched the missile in mail. Summerfield’senthusi- swiftlet population has collapsed, by nearly 95%, due to comically bizarreasthis may the direction of Mayport Auxil- asm aside,noone in govern- overharvesting and the transformation of Borneo’s insect- sound—like aplot that even a Stung by the bad publicity, iaryNaval Air Station, near ment wanted to pursue it. In rich rain forestsintopalm-oil plantations.Today, edible demented B-movie producer Summerfield looked foraway Jacksonville,Fla. Twenty-two ensuing decades,electronic ad- bird’snestsare farmed out of massiveconcretenesting- would reject—it happened. In to showhis commitment to minutes later the remotely con- vances made the deliveryof house compounds instead of the limestone caves where 1957the U.S. postmaster gen- providing swiftand reliable trolled missile,equipped with writteninformation instanta- wild swiftletsonceflocked. eral, Arthur E. Summerfield,at- mail service. Within two years, landinggear,arrived with its neous. Next time you’rewalk- What’sthe solution to the disappearing wild? Ms.LaCerva tempted to deal with abudget- he had worked out a plan. payload intact. Waiting forit ingdownthe street checking asks again and again. It’stoo latetoturn back our own aryshortfall by doing what, to Operating in secrecywith wasthe postmaster general email on your phone,begrate- culinaryclocks,she acknowledges,for humanity to survive him, made sense.Hedecided to the U.S. Navy,hearranged for himself. fulyou don’t have to instead on wild asparagus and moose.Yet, she writes,it’snever cut back on deliverydays by the use of the submarine USS He helped to unload the ap- scan the skyfor screaming toosoon to begin “loving the wild back intoexistence”— getting rid of the Saturday Barbero,which wasengi- proximately 3,000 letters,all squadrons of incoming postal enhancing value through consumption—a belief akin to the mail. neered to launch nuclear mis- of which had been writtenand rockets. “eat it to save it” adagepromoted by the SlowFood Theidea backfired. The siles. Then he requested, and signed by him. Each envelope movement. And therein lies the conundrum we must face: public was enraged when, on was granted, access to a five- boundfor aU.S.destination Mr. Greene’s books include By loving the wild, do we risk loving it to death? Saturday, April 13,nomail was ton Regulus 1 missile. boreafour-cent first-class “Chevrolet Summers, Dairy delivered. Elected officials Summerfield’splan wasto stamp. The letters were ad- Queen Nights.” Mr. Fertel is the author of “The One True Barbecue.” P2JW238000-0-A01600-1------XA

A16 | Tuesday, August 25, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The FDA’s Good Plasma Decision Affordable Housing, HUD and Local Zoning

erewegoagain. President Trump hypes Among asmaller subset of non-intubated President Trump and HUD Secretary abundant evidencethat people of all a Covid-19 therapy that has shown po- patientsbelowage 80 who were transfused Ben Carson arecorrect when they say backgrounds and income levels do bet- H tential based on early studies.The Food within 72 hoursofdiagnosis,seven-day mor- it would be aterrible mistaketoput terinschool and in lifewhen they live the federal government in charge of lo- in diverse,mixed-income communities. and Drug Administration ap- tality was44% loweramong Ignore Trump’s tweet. calland-use decisions (“We’ll Protect Our country’ssuccess depends on cre- proves the treatment foremer- the high-antibody group.Yet America’sSuburbs,” op-ed, Aug.17). ating asociety whereoutcomes and gencyuse and gets lambasted This is the right decision the study when considering If local officials reduceregulatory dignity aren’t dictated by aZIP Code. forletting politics influence all patientsdid not find adif- barriers, housing affordability would Investing in affordable homes that en- thescience. based on the science. ferenceinseven-day survival be enhanced acrossthe spectrum. With able that diversity is the only way to This is what occurred with between patientstransfused the nation facing ashortfall of about getthere. the anti-malaria drug hydroxy- with higher or loweranti- one million homes,policymakersat PRISCILLA ALMODOVAR chloroquine and nowishappening with conva- body plasma. the stateand local level canhelp build- CEO, Enterprise Community Partners lescent plasma, which the FDAonSunday “This finding of adose-response between an- ersexpand production by acting to New York granted “emergencyuse authorization” (EUA). tibody level and reduction in mortality provides overturn inefficient zoning rules; lower Mr.Trump waswrong to tweet over the weekend evidencethat the antibody is the activeagent in impact fees and other upfront taxesas- Theintent of the Affirmatively Fur- sociated with housing construction; ex- thering Fair Housing regulation is to that “the deep state” at the FDAwas thwarting convalescent plasma fortreatmentofCOVID-19,” pediteapprovals foraffordable proj- put local communities in control and to development of therapies and vaccines to sabo- the FDAnotes in the EUA. “Current evidence ects; ease density and growth provide datathat local decision makers tage his re-election. suggeststhat benefit is most likely in patients restrictions and allowarangeofhous- canuse to intelligently inform their There’snoevidencefor his claim or that the treated early in the course of the disease (e.g., ing types,including multifamily. policychoices.Unfortunately,last FDAismaking decisions based on anything but prior to intubation).” Lowering gov- month HUD effec- the science. There is, however, ample evidence This makesense.Hospitalized patientsinthe ernment regula- tively abandoned that convalescent plasma maybeeffectiveand early stages of the disease tend to have lowlev- tions that account itsAFFH mandate that the potential benefitsoutweigh the risks. els of lymphocytes that produceantibodies.In- fornearly 25% of by proposing a This is the FDAstandardfor EUAs,and the fusing them with moreantibodies probably the priceofbuild- troubling rule. agencywas right to increase patient access to helps.But patientswho must be intubated may ing asingle-family While Secretary the potentially life-saving therapy. be suffering from acytokine inflammatory home and more Carson said, than 30% of the “Washingtonhas iii storm, which mereantibodies won’t calm. cost of atypical no businessdic- Convalescent plasma has been used sincethe TheNew York Times last week reported that multifamily devel- tating what is late19th centurytotreat infectious diseases in- some at the National Institutes of Health,in- opment will allow best to meet your cluding small pox, the Spanish fluand Ebola as cluding Director Francis Collins and Anthony consumersto local community’s well as morerecent respiratoryviruses like Fauci,found this evidencetoo weak to warrant choose the type of unique needs,” H1N1,SARS and MERS.The idea is to help sick emergencyapproval. They want evidencefrom housing that best GES the newrule actu- patientsmount astronger immune response by gold-standardclinical trials,but these arehard meet their IMA ally takescontrol

infusing them with plasma containing antibod- to pull off in apandemic and oftenyield con- needs—whether GETTY away from local ies from recoveredpatients. flicting results. that means pur- communities. But individuals producevarying levels and Thousands typically need to be enrolled to chasing ahome or renting an apart- Without arequirement of citizen par- ment in anylocality,including the sub- ticipation and without dataneeded to types of antibodies in response to viruses,so provestatistically significant benefits, and trial urbs.This will enable morefamilies to analyze and strategize, segregation is convalescent plasma from some recoveredpa- designs obscurebenefitsamong patient subsets. achievehomeownership or have access allowedtoperpetuate. tientswill be moreeffective. This makes it espe- It’sunlikely that anytreatmentwill showanag- to suitable rental housing. Thenew rule takesusback to cially hardtodorandomized trials with control gregatebenefit among all sick patientsbecause CHUCK FOWKE pre-1968 and dilutes much of the groups.The two randomized placebo trials on people suffer different symptoms at different Chairman, National Association of progressinfair housing that Con- convalescent plasma were inconclusive. stages of the disease. Home Builders gressintended. Theevidencefor convalescent plasma relies Thesteroid dexamethasone,hailed by the me- Washington MARLENE ZARFES on morethan adozenobservational studies and dia as alife-saverbased on Oxford’snon-blinded Executive Director, Westchester clinical trials that don’t meet the randomized randomized trial, benefited only patientswho Forgotten, to put it charitably,are Residential Opportunities, Inc. placebo standard. One trial from Houston Meth- required ventilation or oxygen support. Gilead’s the manytools the federal government White Plains, N.Y. odist hospitals found that mortality among pa- antiviral remdesivir received EUAafter early re- used to createthe nation’ssuburbs and keep them virtually all whitefor de- Has our developer-president never tientstreated with convalescent plasma was sultsfromanNIH trial showeditreduced time cades.FHA and VA mortgageinsurance tried to build housing in the suburbs? morethan 50% lowerthan forsimilar patients to recovery.But three other trials with different programs excluded racial minorities Has he not runintothe gauntlet of matched forage and underlying conditions.But designs have produced inconclusiveresults. fordecades,asearly underwriting large-lot exclusionaryzoning,endless the study population sizewasn’t large enough iii guidelines stated: “Ifaneighborhood is environmental reviews and Nimby law- to be statistically significant. Mortality was83% We’vewrittenfor yearsabout arisk-averse to retain stability,itisnecessarythat suitsthat candragprojectsout for loweramong asubset of patientstransfused FDAculturethat blocks promising therapies be- properties shall continue to be occu- yearswhile shooting costsand home with plasma containing high levels of antibodies cause they only helped asubset of patientsor pied by the same social and racial prices intothe stratosphere? If we within 72 hoursofhospital admission. because trials weren’t designed according to the classes.” It wasthe federal government want to be serious about stopping the Themost persuasiveevidencecomes from a gold standard. This becomes unethical when it that paid 90% of the costsfor high- federalization of local land-use laws, Mayo Clinic study,which has enrolled 90,000 blocks treatmentssuch as convalescent plasma waysthat enabled downtownworkers then we’ll have to fixour broken laws hospitalized subjectssinceApril. Although the that pose no serious safety risk but could save to commutetotheir federally subsi- from the ground up. dized suburban homes.Tothis day President Trump and Mr.Carson study doesn’t include aplacebo group forcom- lives against adeadly disease.Iflater studies most suburban jurisdictions have zon- criticizepast attemptsbythe federal parison, mortality was21% loweramong non-in- showlittle benefit, the FDAcan withdraw its ing laws that prohibit multifamily and government and current Democratic tubated patientstreated with plasma containing EUA. Fornow it is right to makesaving lives the other affordable housing options, effortstoimpose federal zoning man- high levels of antibodies versus lowerlevels. firstpriority. clearly intended to discourageminority dates and to build low-income housing residents, all with the blessing of the outside urban centers. But these at- federal government even though these temptsatfederal control areentirely Georgia’s Pandemic Progress communities receivefederal housing the result of the abject failureofsub- and community-development funds urban governmentstoallowenough emember when the national presscorps NancyPelosi’s demand that President Trump that arerequired by lawtobeused to housing to be built to meet demand. If portrayed Georgia Governor Brian Kemp agree to $1 trillion forstatesand localities.A affirmatively further fair housing.Pro- the suburbs want to getserious about tecting the suburbs,asMessrs. Trump resisting federal encroachments, they R as avillain forreopening the state’s well-run statelikeGeorgia doesn’t need it, while and Carson propose,simply ignores will take away the reasons used to jus- economytoo soon? Well, morethan afew states Illinois hasasked fortens of billions moretopay this historyand serves to perpetuate tifyfederal interference. They will re- would liketobeinthe Peach State’s pandemic itsrunaway bills to public unions. the reality of discrimination and segre- spect the property rightsoflandown- and fiscal position now. Georgia sawasurge in coronavirus infections gation in the nation’shousing markets. erssothey canbegin to build enough Start with the state’seconomy, which had a in June and July,which the Governor attributes PROF. GREGORY D. SQUIRES homes to meet demand. They will stop relatively lowjoblessrateof7.6%inJuly.Con- to people “letting down their guard” during holi- George Washington University thegames playedbylocal zoning struction wasnever shut down,and schools in day weekends, graduation parties and the like. Washington boards that needlessly,but ceaselessly, much of the stateare opening forclassroom in- But newcases have fallen 30% sinceJuly 26,hos- delayprojects. And the states will get struction. Thestate expected abudget shortfall pitalizations by 23.4%, and test positivity to 9% An integrated suburb—one where serious about putting caps on Nimby of $1 billion forthe year but the actual deficit from 13.1%. an affordable home anchorsevery fam- lawsuits. was$210 million. Mr.Kemp says sales taxreve- Mr.Kemp says people have responded to warn- ily and whereneighborhoods reflect JAMES BURLING the diversity of America—isn’t a“dys- Pacific Legal Foundation nue is rebounding and the statehasn’t exhausted ingstowear masks and socially distanceevenas topian vision.” To the contrary, thereis Sacramento, Calif. its$700million reservefund. they “learn to livewith” the virus.Another infec- Mr.Kemp says he’dlikeCongresstoallowhim tion surge is possible,asitiseverywhere, but moreflexibility to spend the money leftfromthe Georgiaisinamuch stronger position nowbe- firststate rescue.But he doesn’t need another cause it recognized early that shutting down an Harris, SEIU Were Right on Daughters’ Sale federal bailout. Contrast that with Speaker economyisunnecessaryand destructive. Theaccount offered by your edito- payout of $11.5million to Daughters’ rial “Getting to Know Kamala Harris” executives—the same executives who About Joe’s Energy Jobs (Aug.13) bearsnoresemblancetothe ranthe system intothe ground. Front- actual dynamics of the 2015 sale of line caregiverssaw their wagesand oe Biden has amessagefor the fossil-fuel betterwages,benefitsand opportunities than DaughtersofCharity Health System benefitsreduced or threatened while and entirely misses the central prob- executives,lawyers, consultantsand workersheadmitshe’ll be putting out of renewables projects.” lem in what evolved intoboth ahu- the nuns used their insider status to J work: Ihaveanevenbetterjob foryou. So One survey conducted interviews,focus man tragedy and textbookexample of protect their owneconomic interests. whyisthe nation’spremier groups andanonline survey lack of accountability on the part of Ms.Harris did her job by protect- building-trade federation Building trades workers with some 1,700union and corporatedecision makers. ing the community,particularly the warning itsmembersnot to prefer their oil and gas non-union workersinenergy Thefinancial troubles of Daughters low-wagepatients the hospital system believeit? jobs.Workersreported that oil of Charity stemmed directly from an served, from acompanyshe rightly In July Mr.Biden released a gigs to a green promise. and gasjobs were longer-term, ill-advised decision, as aresult of in- feared would not liveuptothe hospi- climateagenda that vowsa resulting in steadier incomes ternal turfand political issues on the tals’ charitable mission. “100% clean energy economy” and moreconsistent benefits. part of itsleadership,tobreak from a This entireepisode is fundamen- by 2050.That means largely eliminating coal, oil “With solar,you work your way out of ajob... largersystem, Catholic Healthcare tally about corporatearroganceand West (nowDignity Health), acompany powerand not the political priorities or natural gasbythat date, and Mr.Biden would .Three months duration [then] you’redone,” ex- that is successfultothis day. of the former California attorney gen- start by banning all drilling and hydraulic frac- plained one electrician. Workersalso liked that Our union from the beginning sup- eral, who wasguilty of only one thing: turing on federal land. He’dalso createacarbon therewas “betterproject variety,skill develop- ported the sale of DaughtersofChar- protecting health care forthe people “enforcement mechanism”—a carbon taxof ment and project consistency.” Thereport em- ity to Blue Wolf Capital, aresponsible of California. some kind—toraise the cost of privatefossil-fuel phasized that “skilled trade jobs arenot highly private-equity firm, that offered asu- DAVE REGAN development. interchangeable between industries.” perior package, notably in itslarger President, SEIU-United Healthcare TheDemocratic nominee understands this TheBureau of Labor Statistics says the oil commitment to capital expenditures Workers West risks alienating blue-collar energy workersin and gasindustryprovides an averageannual sal- and itsrefusal to allocatemoney to Oakland, Calif. states likePennsylvania and Ohio.SoMr. Biden aryof$108,000,nearly twicethe privateecon- corporateseverance payments. The is pitching his plan as an opportunity to create“10 omyaverage.AJournal analysis last year found fact that the Daughters’ executives million good-paying,middle-class, union jobs.” even higher averagewages at large companies and boardwerefixated on selling only Pepper ... to Prime Healthcare—a system that in And Salt He’dhavetaxpayers spend $1.7trillion in part to likeExxon Mobil, wheremedian worker payis 2018 paid $65 million to the federal “train all of America’sworkforce to tapintothe about $170,000 ayear.Renewable medians are government to settle allegations that THE WALL STREET JOURNAL growing clean-energy economy,” including energy harder to measure, but NABTU president Sean from 2006 to 2014itsubmittedfalse workerswho will install “millions of newsolar McGarvey estimates that manyunion members claims to Medicare—defied logic and panels and tens of thousands of wind turbines.” would “takea50% or 75%pay cut.” common notions of decencyand ac- Oil riggers,you will be pleased to know, will seam- In 2008 Barack Obama promised millions of countability. lessly transition to solar technicians. “green jobs,” but the great ironywas that the oil- Finally,DaughtersofCharity wasa North America’sBuilding Trades Unions,ala- and-gas fracking revolution provided the real poorly managed hospital system that bor federation of 14 unions and three million employment boom of his Presidency. According ultimately failed, but nevertheless, the members, begstodiffer.InJuly the NABTU— to aBloombergNewsanalysis,the U.S. fossil fu- sale agreement with Prime included a whose affiliates include the Teamstersand In- elsindustryemploys nearly five million people, Lettersintended forpublication ternational Brotherhood of Electrical Workers— including 250,000 in Pennsylvania, 174,000 in should be emailed to [email protected]. released two surveysofworkersand statistics Ohio and 839,000 in Texas. Please include your city, stateand that analyze jobs acrossthe energy economy. NowMr. Biden wantstoextinguish thosejobs telephone number.All letters aresub- They found that “both union and non-union” on abet on solar panels and wind turbines.As ject to editing,and unpublished letters “I’ve been married for 20 years. cannot be acknowledged. tradespeople report that oil and gasjobs “have the union workersput it, c’mon, man. How’s that for conflict resolution?” P2JW238000-2-A01700-1------XA

THE WALL STREET JOURNAL. ** Tuesday, August 25, 2020 | A17 OPINION The Pentagon Is Prepared for China How Not To Be an By Mark Esper time Security Initiative, wherewe have provided approximately $394 hina’sPeople’sLiberation million of assistancetobolster the Antiracist Armycelebrated its93rd maritime capabilities of allies and anniversaryAug.1with a partnersacrossthe Indo-Pacific re-

speech by Chinese Com- GES gion. Actions such as these reduce By Kenneth L. Marcus

C IMA munist Party General Sec- these nations’ vulnerability to Chi- retary Xi Jinping.Onceagain, Mr. nese coercion, and help us expand eadersinbusiness, academia

Xi called fortransforming the PLA GETTY joint training,exercises,operations andgovernment areincreas-

SE/ L intoaworld-classmilitary, one and planning efforts. ingly adopting “antiracist” that canfurther the party’s agenda These initiatives reflect Amer- training and policies in response to far beyond China’sshores.His re- ica’ssteadfast commitment to stand the Black Lives Mattermovement.In marks serveasastark reminder ANCE-PRES with our allies and partnersagainst some cases,this reflectsgenuine in- FR that we have entered anew eraof Beijing’sbullying,support the sov- terest in decreasing racial discrimi- global competition between the ENCE ereignty of all nations,and defend nation. In others, it is asalvefor free and open international order AG the free and open international sys- what Shelby Steele calls “white andanauthoritarian system fos- KIN/ temthat has fostered decades of guilt.” Elsewhere, it arises from fear OV teredbyBeijing. stability and prosperity forbillions. that even liberal institutions may GOL ThePLA is not amilitarythat Yetthe U.S. can’t shoulder this bur- otherwise become vulnerable to can- VEL

serves the nation, let alone aconsti- PA den alone,and we continue to urge celculture. When properly conceived, tution, as the U.S. armed forces do. People’s Liberation Army soldiers on parade. our allies to shareitwith us fairly antiracist programs canprovide a ThePLA belongsto—and serves—a and equitably as true partners. We powerful response to hateand bias political entity,the Chinese Commu- itsauthoritarian grip and continue ligence—all of which will be critical also encouragelike-minded nations incidents. Theproblem with much of nist Party.Amorecapable PLA is a itssystematic repression of its to maintaining our advantagefor to showsolidarity and be morede- today’santiracism is that it doesn’t militarymoreable to advancethe ownpeople,especially itsUighur decades to come. liberateinaligning their policies on really oppose invidious discrimina- party’sdomestic vision, the one- population. Second, expanding and strength- China in defense of our shared goals tion andmay even foment it. sided international system Beijing TheCommunist Party’s emphasis ening our network of allies and and interests. Therecent decisions desires, and an economic and for- on indoctrinating,modernizing and partnersisalso vital to this effort, by NewZealand and the U.K. to ban eign-policyagenda that is oftenin- tightening control over the PLA as this provides an asymmetric ad- Huaweifromtheir 5G networks are The focus should be on imical to the interestsofthe U.S. shows howChina’sleadersviewthe vantagethat our competitorscan- prime examples. and our allies.Asaconsequence, all militaryascentral to achieving not match. While the PLA continues UnlikeCommunist China, the U.S. invidious discrimination, nations that seek the prosperity and their objectives.Prominent among itsaggressivebehavior toward its stands forafreeand open global not statistical disparities security of afreeand open order these is to reshape the interna- neighborsinthe region, such as system, where all nations can pros- must carefully consider the implica- tional order in waysthat under- sinking aVietnamese fishing vessel, per in accordancewith shared val- and social change. tions of PLA requestsfor access, mine globally accepted rules while harassing Malaysian oil and gasde- ues and longstanding rules and training and technology. normalizingauthoritarianism, cre- velopment, and asserting unlawful norms.And unlikethe armed forces ating conditions to allowthe Chi- maritime claims,American forces of theU.S.and our allies,the PLA is Thenew antiracism is not, as its nese Communist Party to coerce continue to strengthen our long- aloyal tool of the Communist Party. etymologysuggests, opposition to ra- ThePLA servesBeijing’s other countries and impede their standing partnerships and defend As such, Iurgeall countries to ex- cial discrimination. Ibram X. Kendi sovereignty. therightsofall countries. amine—and consider curtailing— demonstrates this in his 2019 best- authoritarian goals. The These actions from China have During consultations with my their relationships with the PLA to seller,“HowtoBeanAntiracist.” He U.S. and our alliesare spurred the U.S. Department of De- Australian counterpart last month, makesurethey arenot helping ad- defines “racism” as acombination of fense to mount acomprehensivere- forexample,wesigned astatement vancethe Communist Party’s ma- policies and ideas that “produces and readytodefend everyfront. sponse,and to accelerateour imple- of principles committing to enhance lign agenda toward our collective normalizes racial inequities.” This mentation of the National Defense our defense cooperation and pos- detriment. racism has nothing to do with individ- Strategy.The NDS guides our ef- tureinthe Indo-Pacific region for This week Iwill travel to Hawaii, ual discrimination. Rather,itissup- PLA modernization is atrend fortstoadapt and modernizeAmer- the next decade and beyond. Also in Palau and Guam to meet both in port forinstitutions that yield dispar- the world must study and prepare ica’sarmed forces forgreat-power July,the U.S.,Australia and Japan person and virtually with my coun- ities.Lest therebeconfusion, Mr. for—much likethe U.S. and the competition, with China being our held our latest defense meeting to terpartsand other senior leaders Kendi emphasizes that “focusing on West studied and addressed the principal focus. promotegreater information-shar- from acrossthe region to convey ‘racial discrimination’ takesour eyes Soviet armed forces in the 20th Firstand foremost, long-term ing and enhanceinteroperability,as the importanceofthese effortsand off” the policygoals he and other century. ThePLA openly declared competition with China demands demonstrated by our recent trilat- our commitment to afreeand open self-proclaimed antiracistssupport. itsintentions to completemilitary that we have aforce that is able to eral navalexercise in the Philippine Indo-Pacific.Nationsvaluing free- In other words, the newantira- modernization by 2035 and be- compete, deter and win acrossall Sea. dom, human rightsand the rule of cism requires that we take our eyes come aworld-classforce by 2049. domains: air,land, sea, spaceand Third, because creating broader law must stand together to counter off what antidiscrimination work is Itscomprehensivemodernization cyberspace. To support this effort, networks of capable,like-minded the coerciverole of the PLA in the all about—combating invidious dis- plan includes apowerful arsenal of thePentagon is investing in both partners is core to our strategyto Chinese Communist Party’s aggres- crimination—and focus instead on conventional missiles alongside a advanced conventional capabilities disrupt the Chinese Communist siveattemptstoundermine the sov- social outcomes that arise in the ab- suiteofadvancedcyber,spaceand and game-changing technologies Party’s malign influence, the Penta- ereignty of nations. senceofracial preferences.The re- electronic warfarecapabilities.It such as hypersonic weapons,5G goncontinues to build the capacity sultscan be seen in the report Isent also includes the deployment of ar- communications,integrated air and of our partnersglobally.This occurs Mr.Esper is U.S. defense secre- Congresslast month on behalf of the tificial intelligencetostrengthen missile defense,and artificial intel- through programs such as the Mari- tary. U.S. Department of Education’sOffice forCivil Rights. Over the past three fiscal years, OCR resolved 4,656 com- plaintsagainst institutions,requiring Elites Yearn for a Restoration Abroad Under Biden them to redressdiscriminatoryprac- tices.This is 1,507 morethan OCR Eastern Europe; and the inexorable, the Cold War. Mr.Trump’sstrategic biggest shiftinthe U.S. approach achieved during the preceding three unchallenged rise to superpowersta- shiftreflected the downgrading of the sinceChina became aglobal power. yearsunder an administration gener- tus of China. Palestinian cause in the Arab mind On Europe,Mr. Trump has again ally aligned with antiracist thinking. FREE Part of the problem the foreign belowthe challengeofmanaging Ira- been savagedfor his evident indiffer- In other words, OCR is nowrequiring EXPRESSION policyestablishment has with Mr. nian ambition. Therecent mutual-rec- encetothe supreme importanceof far moreschools to changediscrimi- By Gerard Baker Trumpisthat it’shardtostomach ognition deal between Israel and the transatlantic unity.The recent re- natorypolicies and practices.We that adilettantehas been so effec- United Arab Emirates,the biggest moval of U.S. forces from Germany closed twiceasmanyschool-disci- hile the Democrats’ domes- tive. Whatever youthink of the presi- such changeinageneration, added an hasbeen condemned as abreach in plinecases and six times as many W tic policyagenda is depicted dent, his inconsistencies,his curious exclamation point to this shift. thefabric of the allianceofliberal sexual-violencecases than the prior by opponentsassomething tastefor the world’sautocratsand democracies. administration. close to revolution, in foreign policy his bombast, his effortshaveproved But all U.S. presidentssinceRich- Whyisthat? It turns out thereisa it’sclear that aJoe Biden victory moreconsequential than those of the Their recent record, ardNixon have complained that col- pricetobepaid when we take our would represent forhim, his party bipartisan foreign policyestablish- lectivedefense has fortoo long been eyes offracial (or sex) discrimination. and anumber of disgruntled Republi- ment that came beforehim. On the however, is worse than one-sided. In anycase,strategically, Theprice, which victims of discrimi- cans aGlorious Restoration. three biggest strategic challenges the Trump’s on the Middle Europe simply matters lessthese nation paid during earlier years, is Mr.Biden’scareer is pretty much U.S. confronts—the Middle East, days.Harking back to the virtues of a that enforcement agencies were un- congruent with pre-Trumpian Wash- China and the Western alliance—the East, Europe and China. 20th-centuryallianceina21st-cen- able to resolvediscrimination cases ingtonforeign policy. Thepeople who president has radically reoriented turyworld of menacefromterrorism, because they were toofocused on sta- would makeuphis national security U.S. policy. economic stagnation and the rise of tistical disparities and social change. team arealmost all loyalretreads from Mr.Trump’spredecessorsfollowed So it has been with China. Succes- Asia is nostalgic anti-realism. Civil-rightsenforcers should address the Obama and Clinton presidencies. varying paths through the Middle sivepresidentspursued engagement It’s too soon to assert with confi- systemic problems whereappropri- But he appeals to Republicans yearn- Eastern quagmire. George H.W. Bush with the rising superpoweronthe as- dencethat this Trumpian tripod of ate, as in major sexual-violenceinves- ingfor abetteryesterday, too. Last and Bill Clinton plodded dutifully sumption that it would bring China strategic innovation has irrevocably tigations that Ioversaw at Michigan week several dozennational security along the “land forpeace” road map into alignment with the global eco- advanced America’sobjectives.But State University and in the Chicago officials from recent Republican ad- forIsrael and the Palestinians.George nomic system. Mr.Trump—togeneral at theveryleast it representsa Public Schools.When we resolvesuch ministrations took out afull-pageadin W. Bush believed regime change lamentation in Washington—dis- sharp break from yearsofbipartisan systemic failures,however, we aread- the Journal to pledgetheir support for would set Arabs on apath toward re- carded that assumption. He de- failure. dressing alarge number of individual the Democratic nominee. construction and peace. Barack manded accountability from Beijing Bob Gates,another former Repub- claims,rather than lookingatstatisti- Forthese luminaries,manyof Obama tilted away from Israel toward forabuses of the latitude past U.S. lican foreign policyofficial who actu- caldisparities and presuming struc- whose golden credentials have been an accommodation with Iran. administrations had given it, and he ally served in government with Mr. tural problems.The primaryfocus of burnishedbycomfortable stintsin Thefirst approach achieved little; inauguratedaperiod of toughened Biden, oncesaid that the Democratic antidiscrimination, however, must be consulting firms and think tanks,the the second and thirdresulted in epic realism in challenging the Commu- nominee had been “wrong on nearly on mistreatment of individuals. past four yearsapparently have been destabilization. TheTrump adminis- nist Party’s global ascent. everymajor foreign policyand na- Thenew antiracism’sfailures run acatastrophicbreak with the strategic tration dispensedwith it all: no en- China will continue to wield rising tional security issueoverthe past deeper.Consider University of South- progressfor which they were respon- forced rapprochement forIsrael with influence. But the Trump administra- four decades.” AGlorious Restoration ern California student Rose Ritch, sible in the post-Cold Warworld. recalcitrant Palestinians,noAmerican tion’schangeinposturemarks the indeed. who recently resigned as vicepresi- Forthose of youwith deficient blood shed to build neoconservative dent of herundergraduatestudent memories,let’sreview this strategic sandcastles of democracy, no illusory government. Ms.Ritch washarassed record of the two decades before engagement with the mullahs. by “antiracist” studentsbecause she President Trump took office: the as- Instead, aseries of moves con- Notable & Quotable: Enough is aself-proclaimed Zionist. She was cent of al Qaeda and 9/11; the catas- demned by the foreign policyestab- told that her support forIsrael made trophe of Iraq and the messy,bloody lishment—rejecting theIranian nu- Karol Markowicz, writing in the on their livelihoods ...Manyof her complicit in racism, and that by stalemateofAfghanistan; the col- cleardeal, recognizing Jerusalem as New York Post on Aug. 24: these people comparetheir lives association she is racist. Students lapse of U.S. authority in the Middle Israel’scapital, taking out Iran’smost rightnow to living in atotalitar- launched an aggressivesocial-media East in the faceofcivil warinSyria powerful militarycommander—have We can’t livelikethis anymore. ianregime,whererules makeno campaign to “impeach her Zionist and Libya; the rise of Islamic State;a resulted in the most important ad- Theconstant newrules,the con- sense but people areafraid to say a—.” This harassment revived anti- resurgent Russia gorging itself on vanceinthe region sincethe end of tinued dancearound reopening. so. Semitic stereotypes and created pre- NewYork City is failing.Our gov- TheEast Villagebar Luckyhad cisely the sort of harm that antira- ernor and mayorare keeping us in itsliquor license pulled, according cism should fight. astate of disarray.... to the websiteEater,after the Last week,USC’s Black Student As- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Throughout this crisis,we’ve owner started apetition “tore- sembly condemned university presi- Rupert Murdoch Robert Thomson seen adivision: One group,the pa- versethe state’snew mandatethat dent Carol Folt forsupporting Ms. Executive Chairman, News Corp Chief Executive Officer, News Corp jama-wearers, canwork from barsmust servesubstantial Ritch.The BSAargued that it wasan- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher home indefinitely,never leaving amountsoffood with anyalcohol tiblack to denounceanti-Zionism, ig- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: their couches.They happily collect purchase.” TheVillageLine bar in noreMs. Ritch’s “whiteprivilege” and Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; their checks and spend their time Erie County mocked Cuomo with its “disregard” the black studentswho Jason Anders, Chief News Editor; Louise Story, Chief Natalie Cerny, Chief Communications Officer; smug in the satisfaction that they menu items,and it toohad itsli- hadopposed her. News Strategist, Product &Technology Officer Kamilah Mitchell-Thomas, Chief People Officer; EdwardRoussel, Chief Innovation Officer; have handled this pandemic flaw- quor license suddenly pulled. It is encouraging that manyAmer- Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer lessly.They bakebread, buy a If youspeak up,your pain could icans arenow conscious of the preju- Features &Special Projects; Andrew Dowell, Asia; Peloton bikeand post Instagram be extended, and everybusiness dicethat African-Americans and AnthonyGalloway, Video &Audio; Brent Jones, OPERATING EXECUTIVES: Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; pictures of sunrises from vacation owner in NewYork knows it. other minorities oftenface. Sadly,the Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; homes.They’rehappy to listen to Youdon’t have to think the coro- newantiracism provides all the Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; everybackward directivefrom navirus is ahoax—I don’t—tosee wrong answers.Rather than turn our MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; elected officials.They haven’t suf- these rules makenosense.But focus away from invidious discrimi- Thomas SanFilippo, Customer Service; feredliketheir fellowNew what they highlight, morethan nation, we must confront it directly. GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Yorkers. anything else,isthat we arenot all To defeat racism, we must turn away Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Thesecond group has either in this together. from the newantiracism. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International worked through the lockdown or Stop torturing small-business WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; hadsleeplessnightswondering if ownerswith nonsensical regula- Mr. Marcus is founder and chair- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head their businesses will ever reopen. tions and unfair enforcement. man of the Louis D. Brandeis Center

EDITORIAL AND CORPORATEHEADQUARTERS: They’vecontended with ever- Enough. for Human Rights Under Law. He 1211 Avenue of the Americas, New York, N.Y., 10036 changing rules,ever-deferred We want our lives back,all of served as assistant U.S. secretary of Telephone 1-800-DOWJONES opening dates and constant attacks us—not just the pajama class. education for civil rights, 2018-20. P2JW238000-0-A01800-1------XA

A18 | Tuesday, August 25, 2020 THE WALL STREET JOURNAL.

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© 2020 Dow Jones & Company. All Rights Reserved. ****** THE WALL STREET JOURNAL. Tuesday, August 25, 2020 | B1

S&P 3431.28 À 1.00% S&P FIN À 2.32% S&P IT À 0.87% DJ TRANS À 1.90% WSJ $ IDX À 0.06% LIBOR 3M 0.234 NIKKEI (Midday) 23398.39 À 1.80% See more at WSJ.com/Markets Gun Sellers Elude Facebook Ban Rally Lifts Markets Newtactic involves on firearm sales. but disguising them in posts vided details and pricing. sis conducted last week by Similar to Craigslist, Face- as guncases or empty gun TheJournal, using asimple Storyful identified more than postspurporting to sell book’sMarketplaceallows the boxes,often accompanied by search for“gunsticker” and adozenlistingsfor stickersof To Fresh stickers of logosonthe social media platform’s more photos of the cases with gun- “stickers,” over two days ear- popular gunbrand logos,in- than 2.7billion userstolist manufacturer logos. lier this month surfaced more cluding Smith &Wesson platform’sMarketplace goods they want to sell, along- Now, a new tactic involves than 40 posts that purported Brands Inc.and Remington Highs side apriceand adescription. postspurporting to sell stick- to be selling stickers, next to Outdoor Co., across10U.S.cit- BY PARMY OLSON Thecompanybarsmanyitems ers, alongside images of gun images of gunmakers’ logos, ies.InLexington, Ky., and San BY ANNA ISAAC AND BEN EISEN from Marketplace, including makers’ logos.Sellerstypically or a particular caliber ammu- Angelo,Texas,for instance, Gun sellers have adopted a the privatesale of guns or am- ask an interested party to nition. Afterthat search, Face- the search found two listings U.S. stocks advanced to newtactic to attractbuyerson munition. send aprivatemessagevia the book’s recommendation algo- in each city forstickersre- fresh highs, buoyed by inves- Facebook Inc.’sMarketplace— Last year,The Wall Street service for more information. rithm offered aJournal lated to gunbrands.Storyfulis tors’optimism about apoten- ayear afterDemocratic law- Journal reported that dozens Several sellerscontacted by reporter afull pageofmore asocial-media intelligence tial treatment forcoronavirus. makerscalled on Chief Execu- of would-be sellersacross10 the Journal responded to say than 50 similar postings agency owned by News Corp, TheS&P 500 rose 34.12 tiveMark Zuckerbergtomore U.S. cities were advertising ri- they were actually selling across multiple U.S. states. which also owns the Journal. points, or 1%, to 3431.28 on effectively policethe site’sban fles and handguns on the site, guns,not stickers, and pro- A separate, one-day analy- PleaseturntopageB2 Monday, setting itsthirdclos- ing record in the past week. Thebenchmark indexsur- passed its pre-pandemic peak Amazon Fight forthe firsttime last Tuesday. Thetechnology-heavy Nasdaq CompositeIndexrose 67.92 points, or 0.6%, to 11379.72, its Primed Big-Box 37th record close this year. TheDow Jones Industrial Averageclimbed 378.13 points, or 1.4%, to 28308.46. Theblue Stores for Virus chips arestill 4.2% belowFeb- ruary’s high. TheFood and Drug Admin- istration on Sundaysaid it au- BY SARAH NASSAUER rooms packing up orders. thorized use of convalescent AND JENNIFER MALONEY “We had a lot of the infra- plasma, the antibody-rich structureinplace, and we just S blood component takenfrom

Nearly six months into the had to ramp up,” said Je’Varis NEW recoveredCovid-19 patients, coronavirus pandemic in the Richardson,aTargetdistrict G forthe treatment of serious U.S.,big-boxretailersare manager who oversees 13 coronavirus cases. The emer- emerging as businesswinners stores in North Carolina. OOMBER PleaseturntopageB9 while competitors—including Since February, Mr. Rich-

some apparel sellersand small ardson’sstoresmorethan dou- MOON/BL businesses—struggle. bled the number of staff fo-

Thebig sellers’ strength cused on packing online JEENAH Dow Index wasn’t always asurething. orders. Red and white signs Home Depot is one of the six stores that accounted for 29.1% of U.S. retail sales in the second quarter. Early in the Covid-19 pandemic, were added to 50 morepark- while they had rising sales, ing spots, designated as pickup Walk-In Trends Swaps Out they also had rising costsand areas.That preparedness Shoppershave been visiting home-improvementchains and food retailersbut staying away from complications as they tried to helped Target report a record clothing chains and department stores. keep workersand customers jump in quarterly sales and a Blue Chips safeand product moving. 195% growth in digital sales. Weekly foot traffic at selected retailers,change from previous year But now, Walmart Inc., Walmart, Amazon, Target, BY MICHAEL WURSTHORN Home Depot Inc. and a hand- Home Depot, Lowe’s and GAINERS fulofother big retailersare Costco Wholesale Corp.ac- LOWE'S HOME DEPOT DOLLAR GENERAL COSTCO HOMEGOODS TheDow Jones Industrial delivering not only strong counted for29.1% of all U.S. 40% Averageisgetting amakeover. sales but also strong profits. retail sales in the second quar- 20 S&P DowJones Indices, Last week, Target Corp. ter, according to Craig John- which manages the 30-stock posted an 80% jump in earn- son,president of consulting 0 benchmark, said it would add ings from ayear ago, while firm Customer Growth Part- Salesforce.com Inc., Amgen profit leapt75% at Lowe’s ners, up from 25.6%inthe –20 Inc.and Honeywell Interna- Cos. Amazon.com Inc.’sprofit same period a year ago. tional Inc.tothe blue-chip in- doubled to arecord$5.2bil- Investorswill getanother –40 dexatthe start of trading on lion in its June quarter. check of big-boxretail’spower Monday. July Aug. July Aug. July Aug. July Aug. July Aug. Several factorstie their suc- when electronics giant Best Those three stocks will re- cess together.These big com- Buy Co.reportsits latest re- DECLINERS place Exxon Mobil Corp., panies hadalready invested to sults on Tuesday. KOHL'S VICTORIA'S SECRET GAP J.C. PENNEY MACY'S Pfizer Inc.and Raytheon build their online businesses Sales at smaller retailersfell 40% Technologies Corp. and had cash on hand to adjust 7% between March and mid- 20 S&P DowJones Indices said to the pandemic.They were August compared with the the changes were prompted by selling what people were buy- same period last year,accord- 0 Apple Inc.’s planned four-to- ing andhad large supply net- ing to Womply,adatafirm one stock split announced last works they could taptoeventu- which tracks revenue at more –20 month. Although Apple’sstock ally restock.Inaddition, most than 70,000 small U.S. retailers. split won’t alter the iPhone were deemed essential retailers Manysmaller chains had to –40 maker’s valuation, which early in the pandemic and thus clamber to start taking online topped $2 trillion last week,it July Aug. July Aug. July Aug. July Aug. July Aug. have largely remained open. ordersoroffer local delivery. would have given the informa- When the coronavirus sur- Carrie Tell,owner of aTrue Source:Placer.ai tion technologysector a facedinthe Raleigh-Durham Value Hardwarestore in Hope- smaller representation in the area this spring,Targetstores well Junction, N.Y.,has seen store, which has six full-time to catalog her productstolist deliveryordersoverthe Dowindustrials.The addition were ready forthe sharp in- demand forher productssurge employees,wasn’t ready for online canceled when the state phone—and called customers of those three companies helps crease in online orders. Most as shoppersspend moretime the e-commerce swell, she said. went intolockdown. “It really back to completetheir pur- to mitigateApple’sdecision, had already allowedshoppers at home,gardening and fixing Ms.Tell planned to start of- wasexactly the moment when chases.Ms. Tell offered free S&P said. to pick up items in parking things around the house.But fering goods online in April, Icould have used it,” she said. local deliveries.Sales spiked Apple will start trading on a lots. All had staffersinback- unlike the largerretailers, her but the companyshe booked Her cashierstook curbside- PleaseturntopageB2 PleaseturntopageB2 Zoom Video Outage INSIDE As Ant Group Pushes Listing, Restored AfterWork, InvestorsSeek Financial Data Classroom Disruptions BY JING YANG

BY SARAH E. NEEDLEMAN manyschools areresorting to When Ant Group Co. goes fully remoteclasses because of public later this year,the Chi- Usersofvideoconferencing concerns about the coronavi- nese financial-technology be- app Zoom reported problems rus after initially planning to hemoth will likely earn a with the serviceMonday reopen, including the Univer- stratospheric market valuation morning,just as manystu- sity of NotreDame and Michi- that would place it at the top CK

dentsinthe U.S. returned to gan State University. BUSINESS of companies listing globally TO school forvirtual classes de- TheZoom outageaffected At leastone company for the first time. pendent on the technology. the first day back for Atlanta In the coming days,the

is cheering renewed SHUTTERS

Zoom Video Communica- Public Schools’ 52,000 stu- companycontrolled by billion- A/ aluminum tariffs tions Inc. said on its website dents. During that time,stu- aire Jack Ma could shed light /EP

that it identified and resolved dentsand teachersswitched to on Canada. B3 on what has been aclosely SA an issue that prevented users other educational platforms guarded secret foryears: how RO DE from starting and joining with video capabilities. A dis- it actually makes money. Ant,

meetingsand webinars. The trict spokesperson said it had which is preparing for block- JULIEN company said users were un- prepared forsuch technical buster sharesales in Hong The IPO prospects of the company controlled by Jack Ma will be able to sign up forpaid ac- glitches and described the out- Kong and Shanghai, is plan- closely watched to justify a market valuation of over $200 billion. counts, upgrade,ormanage age as a minor disruption. ning to file itslisting docu- their serviceonits website. Schools on the West Coast mentswith exchanges in both anniversary, would be by far If attained, it would be the The outage lasted for several were affected but to alesser cities this week, according to the biggest and most valuable highest-ever valuation at the hours. extent because the outageoc- people familiar with the mat- companytolist there. Inside time of adeal pricing fora In addition to schools offer- curred before classes started. ter, kicking off a process that Ant, the code name forthe company going public for the ing remote classes, the app is TheLos Angeles Unified could have the companygo listing plans is “Project Star,” firsttime on amajor ex- used by manybusinesses with School District,the second- public by October. according to people familiar change, according to datafrom remote workforces. largest district in the country, Thecompany’sdebut will with thecompany. Dealogic.Back in 2014, Ant’s “Everything should be said itsZoom access was provide amajor boost to Ant’slisting prospectus will sister company, Alibaba Group working properly now! We are largely restored beforeclasses China’snascent Nasdaq-style forthe firsttime reveal de- Holding Ltd., wasvalued at continuing to monitor the sit- began at 9a.m. local time. COMMODITIES exchangeknown as the STAR tailed financial and opera- around $168 billioninits re- uation,” Zoom said in a tweet SantaAna Unified School Dis- Oil companies shut in Market,which wascreated tional data that investors and cord-setting IPO,which ended at 12:44p.m. ET.“Thank you trict received ahandful of offshoreproduction as last year to draw listingsfrom analystswill use to justifya up raising $25 billion. all foryour patienceand our calls from parentsabout is- the country’shomegrown morethan $200 billion mar- Hangzhou-headquartered sincere apologies for disrupt- sues with Zoom,but the dis- storms approach technologyfirms.Ant, which ketvaluation that Ant is said Ant, formerly Ant Financial ing your day.” ruption waslimited to those in the Gulf. B9 unveiled itsIPO plans right to be seeking with itsdual Services Group, operates Ali- Monday’soutagecame as PleaseturntopageB4 around thenew board’sfirst IPOs. PleaseturntopageB4 P2JW238000-2-B00200-2------XA

B2 | Tuesday, August 25, 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 P Blackstone Spends $2.29 Billion Accor...... B10 Gap...... B9 Primavera Capital Group Alcoa...... B3 Geely Automobile.....B10 ...... B4 Amazon...... B1 H R - S For Takeda Consumer Health Unit American Airlines...... B9 Hilton...... B10 Royal Dutch Shell...... B9 Apple...... A1 Home Depot...... B1 Shire...... B2 Apple Hospitality...... B10 Hyatt Hotels...... B10 SK...... A2 BY KOSAKU NARIOKA Arconic...... B3 I SoftBank Group...... B4 B Spin Master...... B10 InterContinental Hotels Blackstone Group Inc.is Best Buy...... B1 Group...... B10 Stage Stores...... B2 buying the consumer health- B&G Foods...... B10 Interfor...... B10 Summit Hotel care businessofJapan’s BlackRock...... B9 Properties...... B10 Takeda Pharmaceutical Co. J Blackstone...... B2 T for ¥242billion ($2.29 bil- J.C. Penney...... B2 BP...... B9 Tahoe Group...... B3 lion), oneofthe largerpri- JPMorgan Chase.A10,B9 vate-equity acquisitions in a ByteDance...... A7 Takeda Pharmaceutical K country where such deals are C ...... B2 slowly expanding. Kohl's...... B9 Target...... B1 Canfor...... B10 Takeda has been pushing L Carnival...... B9 Tencent...... B9 ahead with aplan to divest Century Aluminum.....B3 Lowe's...... B1 The Third Floor...... A2 $10billion of assets to pay Chatham Lodging Trust M U down debt it incurred from ...... B10 Marriott International United Airlines...... B9 the $58 billion acquisition of S Chevron...... B9 Unity Technologies.....A2 Shire PLC last year.The drug- ...... B10 NEW

Conagra Brands...... B10 maker has said it wantstofo- G Microsoft...... A1 W Costco Wholesale...... B1 cus on prescription drugs. Mullen Group...... B10 Walmart...... B1

E AtsuhikoSakamoto, head of OOMBER N Warburg Pincus...... B4 privateequity forJapan at Epic Games...... A1 West Fraser Timber.B10 A/BL Nomad Foods...... B10 NewYork-based Blackstone, OT Exxon Mobil...... B9 Northern Dynasty Wyndham Hotels & said the firm planned to invest HI F Minerals...... A6 Resorts...... B10 OS

in the businesstoboost market KIY Facebook...... B1 Norwegian Cruise Line Z share, add newproductsand Takeda Pharmaceutical’s consumer health-care division markets products such as these vitamins. Federated Hermes...... B9 ...... B9 Zoom Video expand in Asia outside Japan. Fidelity Investments..B9 Novelis...... B3 Communications...... B1 Blackstone hopes to list the Japan has seen morepri- stonewas interested in com- In general, Mr.Sakamoto businessinTokyo afterputting vate-equity deal making in re- panies that could reducemedi- said the coronavirus pandemic it on agrowthpath,hesaid. cent years. ABain Capital LLC- calcostsasJapan’spopulation would be achancefor newin- Thebusinessincludes en- led consortium bought ages. Over-the-counter medi- vestmentsbecause it might INDEX TO PEOPLE ergy tabletsand other prod- Toshiba Corp.’s memory-chip cinesfit that description be- lead some companies to divest uctsthat generated morethan unit for$18 billion in 2018. cause they don’t require doc- noncorebusinesses.Blackstone B J Romanzi, Kenneth....B10 ¥60 billion in revenue in the Earlier this year,agroup com- tors’ time, he said. Last year, has been activeinthe Japanese Berlin, Keith...... B9 Jing, Eric...... B4 S year ended March 2020. prising U.S. private-equity Blackstone bought Ayumi real-estatemarket as well. Ear- Bless, Michael...... B3 Johnson, Craig...... B1 Sakamoto, Atsuhiko...B2 Mr.Sakamotosaid he ex- companyLone StarGlobal Ac- Pharmaceutical Corp., aJapa- lier this year,itagreed to pay C L Shah, Seema...... B9 pected other Japanese drug- quisitions Ltd. and employees nese maker of biopharma- more than ¥300 billion fora makerstodivest themselves of of UnizoHoldingsCo. acquired ceutical drugsthat aresimilar portfolio of 220apartment Catz, Safra...... A7 Lasser, Michael...... B2 Smith, Brad...... A2 Sweeney, Tim...... A2 their over-the-counter busi- Unizo, a Japanese real-estate to but moreaffordable than buildings mostly in Tokyoand Cornell, Brian...... B2 Lazar, Andrew...... B10 nesses, and Blackstone would company, for $1.9 billion. previously approved biologic Osaka, according to people fa- T Creutz, Doug...... A2 Leone, Doug...... A7 be interested if they did. Mr.Sakamotosaid Black- medicines. miliar with the matter. D Lipow, Andy...... B9 Tell, Carrie...... B1 De Haan, Patrick...... B9 M V F Ma, Jack...... B1 Varga, Tamas...... B9 Consumer spending at independent and small retailers by “That lasted forafew McMillon, Doug...... B2 Big Boxes category,change from previous year weeks,but the team recov- Fielden, Sandy...... B9 W N ered,” Walmart CEO Doug Mc- Ford, Bill...... A7 Wright, Logan...... B3 100% Millon told analystsinJune. H Nadella, Satya...... A7 Z Primed for Walmart has increased store 80 Hamory, Matthew...... B2 R Zhang, Yiming...... A7 pickup and deliveryslotsby Hansen, Ole...... B9 Richardson, Je'Varis...B1 Zuckerberg, Mark...... B1 60 around 30% sinceFebruary, Pandemic executives said last week. E- 40 Sporting goods/ commerce sales rose 97% in says traffic in dubious infor- outdoor the latest quarter. Guns Elude mation. Facebook said it had ContinuedfrompageB1 20 Electronics Target had planned to add removed hundreds of thou- but with the added labor fresh food to itspickup and 0 Furniture/ sands of pieces of what it de- costs, store-sanitizing and de- home goods drive-up services in about half Facebook termined to be harmful misin- liveryexpenses during the Grocery of stores this year,but paused formation and wasdirecting pandemic,her businessisjust –20 that rollout in March “given itsuserstoresourcesfrom slightly up compared with last Hardware/ the severeswingswewere –40 garden SalesBan health authorities. year, she said. seeing in-storetraffic and the Apparel Separately, Facebook has Before the pandemic, Wal- –60 onslaught of new routines we been accused of applying hate- mart,Targetand manylarge are asking our store teams to Jan. April July ContinuedfrompageB1 speech rules unevenly around retailers had spent heavily to perform,” said Target CEO While some gun manufactur- the world. Facebook said it build e-commerce warehouses, Note:Dataare from asample of about 70,000 independentand small retailers. Brian Cornell last week. ershaveprofile pages on Face- prohibitshatespeech globally mobile apps and deliverynet- Source:Womply By May, Target rolled out book,thereisnoindication “without regard to anyone’s works to competewith Ama- the services at an accelerated they sell firearms on the site. political position or party af- zon. Nowthey canleapfrog “Itjust doesn’t makesense Lord &Taylor, J.C. Penney Co. paceand is nowoffering them One seller in Amory, Miss., filiation.” smallerretailersorthose in for a retailer to be aggressive and Stage Stores Inc. in 1,500 stores.Same-day posted the logofor Glock Theprivatesale of firearms weaker financial situations, with the promotions right Meanwhile, apparel spend- pickup and deliverysales rose Ges.m.b.H., an Austrian maker is legal in the U.S., and while such as department stores, now,” said Michael Lasser,a ing rose at big-boxstoressuch 270% in the most recent quar- of semiautomatic handguns, sales acrossstate lines are said MatthewHamory, aman- retail analyst at UBS.The out- as Target and Walmart, which ter. Sales from digital channels describing his item as a “0.40 meant to be funneled through aging director in the retail sizesales gains at large chains offer one-stop shopping,likely accounted for17. 2% of Target’s sticker,” for$450.Healso licensed gundealers, prosecu- practiceatconsulting firm Al- have more than offset higher grabbing businessfromfloun- total revenue for the quarter, posted “PM forinfo,” ashort- tions arerarewhen they ixPartners. expenses,such as wagesand dering competitors, say retail the highest percentageincom- hand way of asking interested aren’t. People barred from “We will see a sort of win- cleaning. analysts. pany history. partiestosend aprivatemes- owning guns,due to stateor nowing outofthe folks who Manyalready weakened re- Both Target and Walmart Some shoppersare being sagevia the Facebook Market- federal restrictions,can turn were already structurally dis- tailerssuch as department facedonline challenges early trainedtouse these online placeplatform formoreinfor- to online exchanges and so- advantaged against the big stores andapparel retailers in the pandemic as demand for services at big-boxretailers mation. When contacted by cial-media sites to avoid back- box,” he said. gave up more ground to their household goods surgedna- and won’t go back to competi- the Journal, the seller said he ground checks when making a Big-boxprofits benefited big-boxcompetitors amid tionally.Walmart reduced the tors,said Mr.HamoryfromAl- wasactually selling aGlock transaction. from higher prices.Strong forced closures,spending number of pickup and delivery ixPartners. “That sharemay .40-caliber pistol. Likethe rest of the site, consumer demand—boosted shifts and lagging e-commerce windows it offered in March have permanently shiftedto Another seller in Beech Facebook’s Marketplace plat- by government stimulus capabilities.SinceMay,several and April, instead using store biggercompanies that were Grove, Tenn., advertised a form uses acombination of ar- checks—and ashortageof chains have filed forbank- workerstoreplaceout-of- better able to capture it.” “Great little sticker 22 inches” tificial-intelligencealgorithms some goods lessened the pres- ruptcy protection with plans stock productsbyunloading —Suzanne Kapner for $300, next to an image of and human moderatorsto sure to offer discounts. to close manystores, including trucks and stocking shelves. contributed to this article. the logofor Savage Arms Inc., weed out poststhat violateits agun maker based in West- policies, such as ads for guns, field, Mass. Over aprivate drugsoranimals,the company Theadditions,aswell as the message, he sent photos of a says.Last year,inresponse to The Dow stock split, won’t disrupt the .22-caliber semiautomatic ri- the Journal’sreporting on level of the Dow. That’sbecause fle. Twoother posters, con- guns being marketed as boxes S&P is also modifying the so- tacted by the Journal, con- or cases, a group of 15 Demo- Replaces 3 called Dowdivisor,which is firmed they were selling cratic senators, including now- used to calculatethe index’s firearms, not stickers. vice-presidential candidate point gains or subtractions by Facebook said earlier this Sen. Kamala Harris,wrote to Blue Chips multiplying it againstthe indi- month, as part of a quarterly Facebook demanding informa- vidual pricemoves of each report on how it polices con- tion on howitpolices gun stock. tent acrossthe site, that it had sales on Marketplace. ContinuedfrompageB1 TheDow remains down 0.8% removed 1.3 million pieces of Facebook responded to the split-adjusted basis on Monday forthe year and 4.2% belowits content related to firearms be- senators’ questions in aletter as well. pre-coronavirus crisis high. The tween April and June 2020, a saying it wasbuilding new “They also help diversifythe S&P 500,incomparison, is up number similar to the first tools to better detect bad be- indexbyremoving overlap be- 6.2% so far in 2020. three months of the year. havior,and increasing itsteam tween companies of similar Without making anyother Facebook didn’t specify in its of people who reviewedlist- scope and adding newtypes of changestothe index, the per- report, or following aquery ingsonits Marketplace. Sen. businesses that betterreflect formancegap between the Dow from the Journal, if this con- Bob Menendez (D., N.J.), who the American economy,” S&P and the S&P 500 would have tent wasonMarketplace, its spearheaded the government’s said in astatement. likely widened even further. Groups service or from users’ inquiry, said the continued TheDow is aprice-weighted Just five tech companies,in- individual Newsfeeds. gunsales suggested Face- index, meaning higher-priced cluding Apple,makeuproughly “Wetakeaction against book’sreviewers were doing a stocks contributemorepoints aquarter of the market-cap anyone we catchtrying to sell “lousy job.” to the index’sdaily moves.Ap- weighted S&P 500,giving them guns on our platform,” aFace- Georgia-based Rob Disner, considerable influenceoverits book spokeswoman said, when an audio engineer who tracks direction. asked about the proliferation suspectedgun sales on Face- Apple gives way to Thethree newcomerstothe of gun-sticker postsonMar- book in his sparetime and Dowhavehefty stock prices, ketplace. “We’veremoved list- says he isn’t affiliated with an- UnitedHealth as the meaning they’ll have asignifi- ingsthat were flaggedand will tigun groups,said he had index’s heaviest­ cant impact on itsdaily swings. continue to investigate.” flaggedmorethan 100 post- Themoveisahomecoming Thenew tactic has emerged ingsofgun-manufacturer lo- weighted stock. of sortsfor Honeywell, which as Americans buy guns in re- gosmarked as stickersto wasremoved from the indexin cord numbers. The boom has Facebook’scontent modera- 2008.The industrial conglomer- been attributed to the new tors since January. For about atefirst joined the benchmark in coronavirus pandemic,civil half, he was notified by Face- ple shares currently trade 1925 as Allied Chemical &Dye. unrest related to the killing of book that they were reviewed. higher than the 29 other stocks Thethree outgoing stocks all George Floyd and effortsin None wastaken down, he said. in the Dow, giving them the trade below$100.Exxon and some cities to defund police Mr. Disner said it was easy to most sway over the direction of Raytheon were deep in the red forces. tell that the ads were forguns, the index. UnitedHealth Group in 2020,shedding at least 30%. It also comes as Facebook’s and that messaging aseller Inc.will take that mantle when Pfizer is off lessthan 1% from ability to policecontent on its usually confirmed it. Apple’sinfluencewanes and it whereitwas in December. sitefaces fresh scrutinyon Mr. Disner said Facebook’s drops to the middle of the pack. Component stocks of the several fronts. In the wake of algorithm now also automati- Apple’ssplit alone will reduce Doware selected by the index the pandemic, conspiracythe- cally shows him such posts the weighting of information committee, agroup that in- ories about the virus have pro- whenever he goes on the site. technologyto20% from nearly cludes editorsofThe Wall liferated on the platform, ac- “When youstart to search for 28%, according to Howard Sil- Street Journal, which is pub- cording to NewsGuard, which stickers,” he said, “they show verblatt, asenior indexanalyst lished by DowJones &Co.,a monitorsnewssites that it up all the time in your feed.” with S&P DowJones Indices. part of News Corp. P2JW238000-0-B00300-1------XA

THE WALL STREET JOURNAL. Tuesday, August 25, 2020 | B3 BUSINESS NEWS Small U.S. Aluminum Firm CheersTariffs

Chicago-based U.S. productionofraw aluminum has trendedlowerasprices have fallen. Rawaluminum imports from Canada increased Century hopes duty aftera10% tariff wasliftedlastyear. on Canada imports U.S. aluminum production will lift prices 2.0 million metric tons

BY BOB TITA 1.5

TheTrump administration’s decision to reinstatetariffs on 1.0 Canadian aluminum is a victory forone small U.S. company 0.5 that out-lobbied competitors wary of imposing newbarriers 0 on akey tradingpartner. Canada wasincluded in the 2009 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 10% tariff when it wasim- Aluminum prices,monthly Monthly imports from Canada posed on foreign-made alumi- num in March 2018.The $2,400 per metric ton 200,000 metric tons Trump administration ex- empted the countryabout 14 2,200 months ago, as it sought to 150,000 advancenegotiations on anew 2,000 trade agreement with Canada 100,000 andMexico. Theadministra- 1,800 tion reimposed the duty on 50,000 Canadian aluminum starting 1,600 Aug. 16. N/REUTERS Chicago-based Century TO OLS 1,400 0 Aluminum Co., which had WO

pushed hardfor the original N 2015 ’16 ’17 ’18 ’19 ’20 2015 ’16 ’17 ’18 ’19 ’20 YA

10% tariff, lobbied for the re- BR Sources: Aluminum Association (production); London Metals Exchange, S&P Global Platts (prices); start of duties on Canada as a The company has reported losses for nine straight quarters. Its smelting plant in Hawesville, Ky. U.S. Census Bureau, Aluminum Association (imports) way to boost slumping U.S. aluminum prices. Theadministration said the past two years, and another companyhas been buffeted by producers. Smeltersrequire Alcoa has another Washing- Reinstating the tariff on tariff was reinstated because smelter has closed. acombination of volatile massiveamountsofelectricity. tonsmelter whereproduction Canada attracted opposition Canada’sexportsofraw alumi- “When the tariff is effective prices foralumina feedstock Aging smeltersinthe U.S. face hasbeen curtailed since2015. from morethan adozenother num had climbed abovethe again, we’re confident the in- that squeezedits margins and tough competition from for- Aspokesman forthe company aluminum companies includ- volumes permittedasacondi- dustry will go back to grow- costsfor restarting and ex- eign rivals with access to said there are no plans to re- ing Alcoa Corp., Novelis Inc. tion for the exemption. ing,” Century Chief Executive panding lines at its Kentucky abundant, cheap power. sume production at idle plants and Arconic Corp.They urged TheU.S.aluminum industry Michael Blesssaid. smelters. Alcoa, the largest U.S.- because of the tariff on Cana- the Trump administration to has been divided over the tar- Centurywas spun out of Centuryalso is engaged in a based aluminum producer,op- dian aluminum. instead pressureChina to stop iff’s effectivenessatreviving Switzerland-based mining and yearslong standoff with an posed the 10% duty sinceits The tariffs have been un- what they say are unfair gov- domestic production sincethe commodities conglomerate electricity supplier to itsSouth inception as well as the re- popular with U.S. manufactur- ernment subsidies that en- start in 2018.While some idle GlencorePLC in the Carolina smelter.Centurysays sumption of the tariff on Can- ers.The tariffs droveupcosts courage excess aluminum pro- production capacity at existing mid-1990s.GlencoreisCen- it can’t operatethe plant at ada, whereitoperates three forbeveragecans,car parts, duction anddragdownprices. smeltersreopened in the af- tury’s largest shareholder, morethan half capacity with- smelters. Alcoa is idling itsIn- windowframes and other Thetariff on Canada, those termath as prices rose,the in- holding 42% of the shares with out losing money because of a talcoWorks smelter in Fern- products. Theeffect of the tar- companies say, also won’t ad- crease in domestic prices was asubsidiary. Centuryhas re- contract requiring Centuryto dale, Wash., this summer, re- iff on the cost of aluminum dress higher electricity costs short-lived as global aluminum ported losses fornine straight buy expensivepowerfroma sulting in the lossof700 jobs. had dissipated in recent that put the U.S. at adisad- prices fell. quartersand hasn’t posted an state-owned utility. Thecompanycited uncompeti- months,asmoreduty-free vantageagainst other alumi- No newplantshavebeen annual profit since2017, a Electricity costsremain a tivecostsfor itsdecision to metal from Canada infiltrated num-producing countries. constructed in the U.S. in the year beforethe tariff.The critical hurdle fordomestic cease production. the U.S. supply, analysts say.

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AK ?!**!F$ 8BE,(*JF>!J^^X A^^ A@@(>@ JF* R/0Q(R)L0N )MP #(R)L/0& -+/'LQPQa )Mi))MP lPh)/+**MiII 0/)hPi()M/+LdPQ ital marketsfor funding,and Note:One trillion yuan =$144.5 billion \CX VF>(B(@>@K 8MP lPh)/+*i+P *PPJL0N )/ *PII cLb *(h*)i0)LiIIe iII /O )MPL+ )/ 1iJP1i)P+LiI 1/QLjRi)L/0* )/ )MP "LQQL0N =+/RPQ(+P* gL)M/() O(+)MP+ #**P)*a L0 gM/IP /+ L0 -i+)a -+L1i+LIe +PIi)PQ )/ )MP QP*LN0a 1i0(OiR)(+P i0Q /+QP+ /O )MP !/(+)_ 8MP lPh)/+*1ie -+/'LQP +Pi*/0ihIPiRR/11/Qi)L/0* )/ anydepositsare ring- Sources: FactSet 1i+JP)L0N /O Ni*/IL0P P0NL0P* O/+/()Q//+ -/gP+P,(L-1P0)a hi))P+e *e*)P1* i0e=/)P0)LiI "LQQP+c*b gL)M +P*-PR) )/ *(RM )P+1*a R/0QL)L/0*a i0Q QPiQIL0P* O/+R/11P+RLiI i--ILRi)L/0*a i0Q -/gP+NP0P+i)L/0a-+P**(+P gi*MP+aIig0 /O )MP hLQQL0Ni0Q #(R)L/0 -+/RP** )/ -+/1/)P O(+)MP+ hLQ* /0 )MP lPh)/+*4 fenced. Presales areimportant i0Q Ni+QP0a )(+ORi+P i0Q K/h *L)P-+/Q(R)*a L0RI(QL0N )M+/(NM )MP "+LNN* . h(*L0P**a L0 PiRM Ri*Pa )/ )MP Pf)P0) 0/)1i)P+LiIIe L0R/0*L*)P0) gL)M )MP in some markets: A2017report whole family forafew decades youcould see moredevelopers :)+i))/0%a :L1-ILRL)e%a :0i--P+%a [P++L*%a5i0N(i+Q%a #II1i0Q%a "LIIe "LQQL0N =+/RPQ(+P*i0Q )MP "LQQL0N =+/RPQ(+P* >+QP+_#II -i+)LP* +P*P+'P Z/i)%a Y(++LRi0P%a T(++ie%a "+i0R/%a i0Q 5LR)i% h+i0Q* L0RI(QL0Na h() )MPL+ +LNM)* )/ *PPJ "i0J+(-)Re !/(+)+PILPO gL)M +PNi+Q)/)MP #(R)L/0a )MP forLondon’slocal government to buy ahouse,” said Franklin without enough financing to 0/)IL1L)PQ )/a)MP O/II/gL0N #**P)*? cib !/0)+iR)*& chb iRR/(0)*+PRPL'ihIP& "LQQL0N =+/RPQ(+P*a i0Q i0e+PIi)PQ L)P1* cL0RI(QL0Na LO 0PRP**i+ea )/ *PPJ i0 cRb L0'P0)/+e& cQb -+P-iLQ Pf-P0*P*& cPb /g0PQ +PiI -+/-P+)e& cOb O(+0L*ML0N* Pf)P0*L/0 /O )MP "LQ lPiQIL0Pb_ suggeststhat presales of 40% Yan, afinancial researcher. deliver completed homes to i0Q P,(L-1P0)& cNb L0)PIIPR)(iI -+/-P+)e& cMb h//J* i0Q +PR/+Q*& cLb -P+1L)*& [AVS16\ 29 A?V;\?P2W\ ?V;;VQY 869=\;16\4M 2W\ ?V;;VQY to 50% of apartment develop- “Nowwemay never getit, and those who have already pur- cKb +LNM)* (0QP+iN+PP1P0)*gL)M P1-I/ePP*& cJb gi++i0)LP*& i0Q cIb RP+)iL0 869=\;16\496;\6M96AQP92W\696;\69[2W\?AQT6182=P=9162 P1-I/ePP-Ii0* cR/IIPR)L'PIea)MP 9A@@(>@7b i0Q cLLb )MP \,(L)e X0)P+P*)*_ VQ2W\4\=WA82\6--=A4\4RAP6\41S2VQ2W\6\U\=2V9Q9[P916?V;K mentsare common in the Brit- our kids might be blocked from chased them.” #-i+)e 1ie*(h1L)ihLQ O/+i0e /+ *(h*)i0)LiIIe iII /O )MP #**P)* i0Q )MP 2W\ [AVS16\ 9[ AQP 8\649Q 96 \Q2V2P29[VS\ AQ; 4\60\ AQ \,(L)e X0)P+P*)*a L0 PiRM Ri*Pa L0 iRR/+Qi0RP gL)M )MP )P+1* i0Q -+/'L*L/0*/O 9?U\=2V9QVQA==96;AQ=\ /V2W 2W\ ?V;;VQY 869=\;16\496;\6 ish capital. But in manymar- schools if we cannot affordthe By forcing developerstocut )MP "LQQL0N=+/RPQ(+P*_ ?P 2W\ 4AS\ 9?U\=2V9Q ;\A;SVQ\ 4WASS [96\0\6 ?A6 41=W 8\649Q ?K 4>J^`!F$WEB@( ?!*K #hL0QL0N*)iIJL0NM/+*P hLQ c)MP 94>J^`!F$WEB@( 96 \Q2V2P[69RA44\62VQYAQP 9?U\=2V9Q 29 2W\ R92V9QM2W\ kets,these sales servetohelp mortgage. Is this fair?” spending and raise cash with ?!*7b Mi* hPP0 *(h1L))PQ he "(RP-MiI(*"(eP+aUU! c)MP 94>J^`!F$WEB@( 4AS\ 96;\6M 2W\ 869894\; 4AS\ 26AQ4A=2V9QM962W\ ;\?29647 ?!**(B7ba i0 iOjILi)P/OV=: !i-L)iI =i+)0P+*_ 8MP :)iIJL0N Y/+*P "LQQP+ =9Q41RRA2V9Q 9[ 2W\ 42ASTVQY W964\ AY6\\R\Q2 96 AQP securebank finance, rather Mr.Yan said in 2018 he newsales,which then went to Mi* PfPR()PQ i*)/RJ i0Q i**P)-(+RMi*P iN+PP1P0) c)MP 94>J^`!F$WEB@( E 92W\6 816=WA4\ AY6\\R\Q2 \.\=12\; ?P 2W\ ;\?2964 AQ; A than to fund operations. agreed to pay2.5 million yuan, meet existing obligations,the A$B((G(F>7b O/+)MP -(+RMi*P /O *(h*)i0)LiIIe iII /O )MP #**P)* i0Q )MP 41==\44[1S ?V;;\6A4A6\41S29[2W\ A1=2V9QK \,(L)e X0)P+P*)* c)MP 94>J^`!F$WEB@( ?!*7b_ 8MP :)iIJL0N Y/+*P "LQ L* *(hKPR) While Chinese property has or about $361,000,for aTahoe government’sdeleveraging )/ MLNMP+ /+ /)MP+gL*P hP))P+ /OOP+* *(h1L))PQ L0 iRR/+Qi0RP gL)M )MP )P+1* li)PQ?#(N(*) G]a G]G]a :)_ U/(L*a TL**/(+L '8' 1#-;:54(499&.%% * i0Q -+/'L*L/0*/O)MP "LQQL0N =+/RPQ(+P*_ !#;T>lkT#!l>S#Ul =_!_a ;/hP+)\_\NN1i00a 2FBFBET>a !M+L*)/-MP+ weathered thecoronavirus pan- apartment in Taiyuan, acity campaign “created some Ponzi- =K VGDEB>JF> ;J>(@ JF* ;(J*^!F(@ W_ UigM/+0a 2EDBHFT>a 8M/1i* Y_ ;L*JPa 2CHAFAT>a HG] :_ !P0)+iI 3?!* ;(J*^!F(_#0e -P+*/0 /+ P0)L)eL0)P+P*)PQ L0 -i+)LRL-i)L0N L0 )MP #'P0(Pa :(L)PHA]]a :)_ U/(L*a TL**/(+LCFH]Da 8PIP-M/0P? cFHEbADE`AC]]a demic relatively well, manyde- about250 miles southwest of likefeatures” in the market, #(R)L/0 O/+)MP *iIP /O )MP lPh)/+*4 h(*L0P** 1(*) *(h1L) i<(iILjPQ "LQci* [iR*L1LIP? cFHEbADE`ACC]a \1iLI? +PP$Ri+1/Qe1iRQ/0iIQ_R/1a RKI$ velopersare already highly in- Mr.Wright said. QPj0PQ L0 )MP "LQQL0N =+/RPQ(+P*b /0 /+ hPO/+P A<$<@>+cM +I+IM J> %_II Ri+1/Qe1iRQ/0iIQ_R/1a )M+$Ri+1/Qe1iRQ/0iIQ_R/1a ,#$./ +#2%8;/ 5# DKGK ODB(:J!^!F$=(F>BJ^ 2!G(N c)MP 9?!* ;(J*^!F(7b_ 56; );-5#:8.%" );-5#:83%7#88;883#% `i0Q` 3\XUa Z>8:Y#U .T#SZ\: UU=a debted. That meanshome Last year,depositsand ad- 3A<,>!EF_XO)MP lPh)/+*+PRPL'P1/+P )Mi0 /0P <(iILjPQ "LQcL0 iQQL)L/0 ;/0L) W_ "P+J/'LRM ciQ1L))PQ !:#6.$ 03$;ba lPh/+i#_Y/PM0P ciQ1L))PQ !:# )/ )MP :)iIJL0N Y/+*P "LQba)MP lPh)/+*gLII R/0Q(R) )MP #(R)L/0a gMLRM Mi* 6.$ 03$;ba Ti+)Mi \_ Ti+)L+ ciQ1L))PQ !:#6.$ 03$;ba BCB[LO)M #'P0(Pa SPg buyerscould suffer if sales dry vancepaymentsbecame the hPP0 *RMPQ(IPQ O/+ 4(D>(GH(B -M +I+IM J> -I_II JKGK ODB(:J!^!F$ \J@>(BF k/+JaSPg k/+J H]HDFa 8PIP-M/0P? cGHGb FH]`A]]]a [iR*L1LIP? cGHGb FH]` In many cases, 2!G(N i) )MP /OjRP*/O3PLIa Z/)*MiI .Ti0NP* UU=aBCB [LO)M #'P0(Pa SPg A]]Ba \1iLI? ;/0L)_"P+J/'LRM$gPLI_R/1a lPh/+i_Y/PM0P$gPLI_R/1a Ti+)Mi_ up in the future, forcing cash- largest single source of finance k/+Ja Sk H]HDFc/+ 'L+)(iIIe -(+*(i0) )/ -+/RPQ(+P* )/ hP jIPQ he )MP lPh)/+* Ti+)L+$gPLI_R/1a +#2%8;/ 5# 56; );-5#:8.%" );-5#:83%7#88;883#% strapped companies to delay clients pay the full forreal-estateinvestment in /0 )MP "i0J+(-)Re!/(+)4* Q/RJP) -+L/+ )/ )MP #(R)L/0b /+ *(RM /)MP+aQi)Pa H !i-L)iILdPQ )P+1* (*PQ h() 0/)/)MP+gL*P QPj0PQ MP+PL0 *MiII Mi'P )L1Pa i0Q I/Ri)L/0 i* *MiII hP )L1PIe R/11(0LRi)PQ )/ iII P0)L)LP* P0)L)IPQ )/ )MP +P*-PR)L'P1Pi0L0N* i*R+LhPQ )/ *(RM )P+1* L0 )MP T/)L/0 /+ "LQQL0N finishing projects, or even China, making up 34%oftotal i))P0Q )MP #(R)L/0_ =+/RPQ(+P*a i* i--ILRihIP_ price for their house 34J^( 9Hb(,>!EF ;(J*^!F(_>hKPR)L/0* )/ )MP *iIP ci 94J^( 9Hb(,>!EF7ba G 8MP -+/-/*PQ O/+1 /O :iIP >+QP+ L0 R/00PR)L/0 gL)M )MP *iIP /O )MP #**P)* abandon them. outstanding funding,ahead of L0RI(QL0N i0e/hKPR)L/0)/)MP *iIP /O )MP lPh)/+*4 h(*L0P** O+PP i0Q RIPi+ i0Q \,(L)e X0)P+P*)* )/ )MP :)iIJL0N Y/+*P "LQQP+ai))iRMPQ i* \Z#!H!>;)/ Problems areemerging at before it is built. corporateloans,mortgages or /O ILP0*a RIiL1*a L0)P+P*)*a i0Q P0R(1h+i0RP* -(+*(i0) )/ *PR)L/0* FCFcOb :)iIJL0N Y/+*P #N+PP1P0)a -+/'LQP*O/+ i*iIP O+PP i0Q RIPi+ /O i0eILP0*a /O )MP "i0J+(-)Re !/QP i0Q^/+ P0)+e/O)MP :iIP >+QP+a1(*) hP cLbjIPQ L0 RIiL1*a L0)P+P*)*a i0Q P0R(1h+i0RP*aL0RI(QL0Na gL)M/() IL1L)i)L/0a i0e+LNM) Tahoe Group,which has bond proceeds,according to the iRR/+Qi0RP gL)M )MP "LQQL0N =+/RPQ(+P*a cLLb jIPQ gL)M )MP "i0J+(-)Re !/(+)a /O +PR/'P+e /O -P0*L/0 ILihLIL)LP*a +P)L+PP 1PQLRiI hP0Pj) ILihLIL)LP*a ILihLIL)LP* i0Q cLLLb *P+'PQ/0)MP >hKPR)L/0 S/)LRP =i+)LP* ci* QPj0PQ MP+PL0b /0 /+ +PIi)PQ )/ )MP \1-I/ePP;P)L+P1P0) X0R/1P :PR(+L)e #R)/OH@BEa ILihLIL)LP* slowedorstopped development National Bureau of Statistics. hPO/+P 4(D>(GH(BaM+I+IM J> %_II DKGK ODB(:J!^!F$ =(F>BJ^2!G(N c)MP +PIi)PQ )/ )MP X0)P+0iI ;P'P0(P !/QPa /+ i0e/)MP+ ILihLIL)e +PIi)L0N )/ )MP on projectsacrossChina in re- Presales arecommon in 94J^( 9Hb(,>!EF ;(J*^!F(7b_ lPh)/+*4 R(++P0) i0Q O/+1P+ P1-I/ePP*a L0RI(QL0N i0egL)MQ+igiIILihLIL)LP* 34J^( W(JB!F$_#MPi+L0N )/ i--+/'P i0Q i()M/+LdP )MP *iIP /O )MP lPh)/+*4 (0QP+ i0eR/IIPR)L'P hi+NiL0L0N iN+PP1P0) /+ Iih/+ -+iR)LRP iN+PP1P0)a cent months,and the company Beijing.Mr. Yan, who paid manycountries,but in China h(*L0P** )/ )MP :(RRP**O(I "LQQP+ cgMLRM 1iehP)MP :)iIJL0N Y/+*P "LQQP+b +P)L+PP MPiI)MRi+Pa/+ILOPL0*(+i0RP -Ii0_ gLII hP MPIQ hPO/+P )MP !/(+)/0/+hPO/+P 4(D>(GH(B -%M+I+IM J> a_)I JKGK F 8/ )MP Pf)P0) /O i0eL0R/0*L*)P0RLP* hP)gPP0 )MP "LQQL0N =+/RPQ(+P* i0Q has fallen behind on bond pay- about one-thirdasadeposit, thereare few controls on what ODB(:J!^!F$ =(F>BJ^2!G(N /+ *(RM /)MP+ Qi)Pi*QP)P+1L0PQ he )MP !/(+)_ )MP *(11i+eQP*R+L-)L/0* /O )MP "LQQL0N =+/RPQ(+P* L0 )ML* 0/)LRPa )MP )P+1* ments,blaming the pandemic said progress slowedlast year developerscan do with the ;K [!^!F$9Hb(,>!EF@K :iIP >hKPR)L/0*a LO i0ea 1(*) cLb hP L0 g+L)L0Na cLLb L0 )MP "LQQL0N =+/RPQ(+P**MiII R/0)+/I L0 iII +P*-PR)*_ *)i)Pa gL)M *-PRLjRL)ea)MP IPNiI i0Q OiR)(iI hi*P* )MP+P/Oa cLLLb R/1-Ie gL)M E )MP "i0J+(-)Re !/QP i0Q "i0J+(-)Re ;(IP*a cL'b hP jIPQ gL)M )MP !/(+)he0/ #R/-e/O)MP :)iIJL0N Y/+*P #N+PP1P0) L* i))iRMPQ i* \Z#!H!> ; )/ )MP forsome of itsdifficulties. and halted entirely in March. money,leading to greater po- Ii)P+ )Mi0 )MP :iIP >hKPR)L/0 lPiQIL0Pa i0Q c'b hP *P+'PQ/0cib )MP lPh)/+*a "LQQL0N =+/RPQ(+P* >+QP+_ Thousands of buyersofunits Tahoe said it had dispatched tential risks forhome buyers. in at least five unfinished de- workersback to construction Requirementsonholding the BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES velopmentsare urging Tahoe to sites nationwide,including cash in escrow,orringfencing resume construction, according those in Beijing and Taiyuan. It funds foraspecific purpose, ('")!$&# %+#$')# ,+'$)* to interviews,social-media said the pandemic had severely vary regionally.Sodolimitson ,8E<6:-8 L'@3?$M/ 758-06 27M6M"+<071 M/ have each handed over the ects, and it would strivetowin done beforepresales start. And 4@(?D JF,E31?! =6?=+180< 180*:+4??*.4:+ #'@' 56 -<0G$9 -49"0*+A 9=<40=<=:=.4<4:+( /G056&-09<68 I5D-0M6:5/G3 ,+G-0()B-<0/ equivalent of six-figuredollar home buyers’ understanding. some restrictions have been 2,4 6?=+180< +0=:-180<- 9=<40=- %/6,= (3.1/ 5+ 8-E-I547-6G9 /--KM6& ;<:KM6& +50G-<7. sums in down payments, and Theuse of presales stems liftedthis year to boost income *:+868!401"? ;"-*:4-- +88?-( -C4-6/-/ G5 85:F7-6G9 +M6M/$ 8-E-I547-6G. 2,4 608640+A !*?? ;4 ="9+*8:47 8: G-/GM6&9<68 4I<6 7<6F+<:GF0-3 worrythat completion maybe from adrivebythe central gov- forbuildersand avoid defaults. J-A>-D1-@ 6! =N=N 3> LN#NN %8 4PI #79+ :/3; (7903640 /#,$(+(,-+&&"!(0*'!,%#.)"! delayedorthey maybeleft ernment in recent yearstorein Thesector’s aggressiveuse ;A +,4 -49"047 9047*+80( empty-handed. in shadowbanking and exces- of debt financing of all kinds (7906402 >>>5-3640)796<+6)9547; Some buyersalso fear if sivefinancial risk-taking. also adds to the uncertainties. CAREERS they stop paying their mort- “The problemisthat there Averageyields on Chinese de- /:+404-+47$ '8:+=9+ )8??A #08-9,="40 =+ 5,40!887 %=0+:40- ;A 546+4<;40 >& @3@3 -1* /0#+& 4)'.")*%+, 3., 25+& !0$0,)(0' *&,1(%1%!#&-1#'+3-).%*1$."-2-%-1&/0->'-,,)6 gagesonthose loans forun- aremanydevelopersthat are velopers’ dollar bonds runto .AA-/D5 /D9A.BC1 BC =1C9/"A%!F7,&& DC 1/.- $;!+< *1+#>/#/ -/ .-1->0 # '20.$+3".82 (-()(*.$" built homes they maybeblack- increasingly reliant upon pre- over 7%, one of the highest =+ D+@B?0)32-@&?)-@/BB.A3@>C-@?$0BD ,; #>#):76 #>9 81;A-96 6!;>;@-! 4;16!#/,->0< 80 =+ ';LNG =69*=L;N$ "A=C./B>C1 @8 )CDB2 =A1/C" A%1D/D5 BCB%+ C> 96,61@->6,.6 6!;>;@-! -@8#!, ;4 )#?/#>9 ?@: /DBA1A.B =%/" %B @7;0: =A1 )CDB2 %D" listed under China’s“social- construction sales forfinanc- ratesofany large sector in the 4#% +%'$,%& ',%&")/, !")# *2"%0 /0 )#% %-$".1%0) 160B)#,-;>/< 81;9B!6 @;>,.): #>9 #>>B#) 16A6>B6 credit” system, potentially ing,” said LoganWright,Hong global corporate-bond market, 1*6 ',%&") ("& *) )#% *$')"/05 4#% *$')"/0 1*6 (% 9 168;1, ,; )60-/)#,-A6!;@@-,,66/5 '*0'%22%&3 ./+)./0%&3 /, '/0)"0$%& *) *06)"1%5 .C<1#A "/1A#B #CDB%#B =1A>A11A"E$1C-A1. 6/B2 &#/,613/ 960166 -> 6!;>;@-!/ ?-,. #"#!+01;B>9 leadingtorestrictions on Kong-based director at re- suggesting sophisticated inves- -> 8B")-! 2>#>!6 #>9 6=861-6>!6 ;1 69B!#,-;> .A1/C<. /D9A.BC1. CD+3 =+A%.A7 -> 6!;>;@6,1-!/ #>9 ,-@6 /61-6/ 4;16!#/,->0<# travel, jobs and education. search firm Rhodium Group. tors see significant financial 5/"*$3)'0+!)"+'"13.3'*0,40- 0* %.( -/ #9A#>,#06;B/5 52)4 62$!*2 3)4 #(82% “Weinvested the savingsofa “So if sales decline sharply, risks in these companies. 2(%,&&&,#### '2""2% "( /+%2*'+(7*2)"1/+%&3%,3)$3$&0(8 P2JW238000-0-B00400-1------XA

B4 | Tuesday, August 25, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech SoftBank Unit HaltsSpinoff of Businesses

U.K.-based Arm Arm’scorporatestructure vice, such as cars and house- could makethe companymore hold appliances,would be con- unveiled plans for the valuable—and perhaps more nected to the internet. But the move to its parent attractive to potential buyers. companyhas struggled to find Under pressure for change afoothold in the market for company a month ago from activist investor Elliott software that drives the Inter- Management Corp., SoftBank net of Things. BY ASA FITCH has sold around $42.5 billion Thebusinesses that Arm AND PHRED DVORAK of assetsinrecent months. had looked to spin off include Thecompanyhas abroad aunit called TreasureData, Mobile phone chip designer portfolio of holdingsthat in- which offerstools forcustom- Arm Ltd. has called off a clude a large stake in China’s erstoharvest and analyze planned spinoff of two busi- e-commerce giant Alibaba datafromInternet of Things nesses to parent company GroupHolding Ltd. and the devices,and asecond called SoftBank Group Corp. as the Arm investment. IoT Platform that focuses on

Japanese investment firm CK Arm designs but doesn’t managing devices and securely evaluates optionsfor the TO manufacturemicroprocessors connecting them to networks. semiconductor companyit forcustomersthat include Ap- The move, Arm said at the

bought four yearsago for$32 SHUTTERS ple Inc.and Samsung Elec- time,would allowthe com-

billion. A/ tronicsCo. that go intosmart- panytofocus on itscoresemi- Arm is based in the U.K. /EP phones and other devices.It conductor design business, al-

and designs circuitrythat NGO licenses the blueprintstochip though it would still TO

powers the majority of the B. makerssuch as Qualcomm collaborate with the spun-off world’ssmartphones.Amonth Inc. entities. CHIE

ago, the companysaid it RIT Apple is moving itsMac Thetransfer had been ex- planned to transfer two Inter- The company will keep the businesses distinct, with separate operations and accounting. computers from Intel Corp. pected to be complete by the net of Thingsbusinesses to chips to internally developed end of September. SoftBank. But the companywill keep Arm determined that the He declined to sayiforhow ones based on Arm designs, Arm is a major designer of On Monday, acompany them distinct from Arm’score businesses could realizethe the moverelated to the poten- theCupertino,Calif.-based chips that go into Internet of spokesman said that Arm, af- chip-design business, with same benefitsofaspinoff to tial sale or public offering of company said in June. Thingsdevices. Those activi- terfurther investigating its separate operations and ac- SoftBank by keeping the oper- Arm,which Japan-based Soft- When SoftBank bought ties aren’t affected by its options, decided to keep the counting,the spokesman said, ationsin-house,the spokes- Bankhas been considering. Arm, it was partly a bet on a moves around TreasureData businesses under itsumbrella. without elaborating. man said. Keeping the assetsunder futurewherealmost everyde- and IoT Platform.

million in some cases—bought Global investorsboughtintoAnt at avaluation of $150 billion in mid-2018. Ant’s IPO intothe companyexpecting its valuation to top$200 billion Impliedvaluation of Ant based on funds' marks Fidelity BlackRock T. Rowe Price AlipayMonthly ActiveUsers* when it goes public,according To Reveal to people familiar with the $300 billion 800million matterand an investor presen- tation obtained by TheWall Sales Data Street Journal. That level im- pliedgains of at least 30% on 250 600 their investments. ContinuedfrompageB1 Over the past year,some in- pay, apopular payment and vestment funds that bought 200 400 lifestyle app that has more Ant shares have marked up than 700 million monthly ac- the value of their investments tiveusersinChina. Twoyears significantly,according to Wall ago, the company was valued Street Journal calculations 150 200 at around $150 billion after from their regulatory filings. raising $14billion in private Two funds managed by Fi- capital from domestic and delity Investmentsthat hold global investors. stocks,bonds and other assets 100 0 Ant’svaluation has skyrock- marked their Ant shares at the 2018 '19'20 2016 '20 eted since it was launched in end of June at prices that im- *Data as of July 2020 2014. Thefollowing year,it plied a company valuation of Sources: WSJcalculations based on SECfilings (implied valuation); QuestMobile (monthly activeusers) wasvalued at around $45 bil- $305 billion, according to their lion in adomestic fundraising filingswith the U.S. Securities have over the yearsbeen able “Atfirst look,everyone payments ayear and houses wanted to be known as atech- round. In 2016 itsvaluation and Exchange Commission. to glean quarterly profit num- agrees this is agood company. various digital finance opera- nologyprovider.Outside of jumped to $60 billion, based Other funds managed or bersfor the companyfromthe But it isn’t easy to understand tions that include personal payment-processing revenue, on exchangerates at thetime. subadvised by T. Rowe Price resultsofAlibaba Group, their businesses and advan- credit lines, small-business Ant makes the bulk of its Among Ant’scurrent investors GroupInc.earlier this year which used to have aprofit- tages,” said David Dai, senior loans, insuranceand invest- money from technologyser- areprivate-equity funds War- marked theirAnt shares at sharing agreement with Ant research analyst at SanfordC. ment funds. vicefees that it chargesbanks, burgPincus, Carlyle Group prices that implied a$188 bil- and nowowns athirdofthe Bernstein, who came up with a Thecompanyisalso known asset managersand other LP,Silver Lake,General Atlan- lion valuation, the filings company. Earlier this month, $210 billion valuation for Ant forcoming up with novel businesses that provide con- tic and Primavera Capital showed. Alibaba’squarterly filings in November 2019. ideas,such as Yu’e Bao,a sumer and businessloans and Group,aswell as Singapore Thediscrepancies arewide showedthat Ant produced product used formanaging sell productstoAlipay’susers. and Malaysia’ssovereign- in part because the company about $3.5 billion in profit for sparecash that quickly be- Itsmyriad productshave wealth funds. hasn’t shared comprehensive the six months ending in The company’s came the world’slargest enabled Ant to diversifyits in- Ant’ssurging value mirrors financial results with most of March, but provided virtually money-market mutual fund. come stream, lowering itsreli- asharp run-up in valuations itsshareholdersthus far.In no explanation as to how the valuation has Ant’sentrenched position in anceonpayment processing formanyU.S.and Chinese addition, itsbusinesses that money was made. skyrocketed since its China’spaymentsindustry— formost of itsrevenue.While technologyfirms.Inmany meld financial services and Ant previouslyshared some and the rapid growth of Yu’e itspaymentsbusinessisstill cases,investorshaveprized technology have proven diffi- quarterly financial figuresand launch in 2014. Bao—havedrawn scrutiny growing,Ant has in the past rapid expansion and strong cult to value.Mutual funds, hosted regular briefings with from Chinese banking and se- lost money afterspending market positionsovershort- hedgefunds and other institu- shareholders, but two of itsin- curities regulatorsinrecent heavily to increase its market term profitability.Some high- tional investors use differing vestorssaid information from years. Forsome time,the com- share. In 2018,the company growth-focused startups—like or proprietarymethods to es- the companywas “verylim- “Ant’sbusinesses arevery pany has been trying to shed incurred an annual lossofat We Co.and Uber Technologies timate the value of securities ited” and had “some delay.” In complex, with avariety of itsimageasaprovider of fi- least 1.9billion yuan ($275 Inc.—have recently stumbled from privatecompanies that addition, no representatives productsspanning financial nancial services.In2017, then- million) due to “aggressive and prospectiveinvestorswill aredifficult to sell. Inputsinto from outside investorswere services andtechnology. You Chief Executive Eric Jing told marketing and promotion ac- likely want to knowhow Ant those models include whatever given seatsonAnt’sboardfol- can’t getafull picturefromei- investorsAnt wasatechfin tivities,” increased user acqui- plans to translateits powerful financial information is avail- lowing itsvarious fundraising ther afinancial or atechno- company, rather than afintech sition and innovation costs, competitiveposition into able as well as valuations of rounds. Last week, Ant added logical perspective,” he added. business. according to Alibaba’s filings. higher future profits. publicly traded companies in three independent directorsto Thecompanyknown as Ant Earlier this year,Ant —Stella Yifan Xie Investorswho wroteAnt big similar industries. itsboard, according to busi- encompasses Alipay, which dropped the word financial and Zhou Wei checks in 2018—reaching $500 In Ant’scase,investors ness-registration records. handles trillions of dollars of from itsname,saying it contributed to this article. S PRES UMA /Z TIMES Y BA PA AM /T SHADD DIRK The disruption was significant given the user base. A Tampa, Fla., teacher using the service last week.

million in April,upfrom10 lengthyblog post on Zoom’s Zoom million before the pandemic. websitevowing to devoteall Last year, Zoom filed an ini- his engineerstofixing trust, tial public offering that was safety and privacyissues. Outage Is one of 2019’s most successful Afew days later,the Fed- public debuts. eral Bureau of Investigation is- Itssoaring popularity in re- sued awarning about video- Resolved cent months has made it a conference hijacking, spurred newfixtureofmodern work- in part by anumber of so- place and classroom culture. called Zoombombing incidents ContinuedfrompageB1 Theserviceisfrequently in which Zoom calls were in- who tried to access the service used as asubstitutefor in-per- terrupted by unauthorized in- through the website, not the son gatherings, including vir- vaders. app and high-school students tual happy hoursand em- Zoom also faced issues May who had classes starting be- ployeeteam-building 17 when agroup of usersre- fore 9 a.m. exercises. ported issues with hosting and The outage was significant But the servicehas also be- joining meetingsthough those given Zoom’s large user base, come the subject of complaints problems were largely re- which has growndramatically about privacyproblems and solved the same day. sincethe start of the pan- harassment. Thecompanyisslated to demic. Daily meeting partici- On April 1, Zoom Chief Exec- report itssecond-quarter fi- pants reached apeak of 300 utiveEric Yuan issued a nancial results Aug. 31. P2JW238000-0-B00500-1------XA

THE WALL STREET JOURNAL. Tuesday, August 25, 2020 | B5

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B6 | Tuesday, August 25, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 28308.46 s378.13, or 1.35% Trailing P/E ratio 28.28 18.60 3431.28 s34.12, or 1.00% Trailing P/E ratio * 35.35 22.49 11379.72 s 67.92, or 0.60% Trailing P/E ratio *† 36.75 23.55 High, low, open and close for each P/E estimate * 25.34 16.98 High, low, open and close for each P/E estimate * 26.17 17.62 High, low, open and close for each P/E estimate *† 32.61 21.12 trading day of the past three months. Dividend yield 2.25 2.32 trading day of the past three months. Dividend yield * 1.79 1.95 trading day of the past three months. Dividend yield *† 0.77 1.05 All-time high 29551.42, 02/12/20 All-time high 3431.28, 08/24/20 All-time high: 11379.72, 08/24/20

Current divisor 0.14579812049809 29000 3550 11300

27500 3400 10750

26000 3250 10200

Session high 24500 3100 9650 DOWN UP Session open Close 65-day moving average t 9100 Close Open 23000 2950 t 65-day moving average 65-day moving average Session low 21500 2800 8550

Bars measure the point change from session's open 20000 2650 8000 May June July Aug. May June July Aug. May June July Aug. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 773,308,055 26,126,455 Industrial Average 28314.94 28041.75 28308.46 378.13 1.35 29551.42 18591.93 9.3 -0.8 9.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 635,888,077 8,941,401 Transportation Avg 11151.34 10993.93 11148.61 207.93 1.90 11304.97 6703.63 13.4 2.3 7.3 Most-active issues in late trading Decl. volume* 128,833,125 16,950,278 Utility Average 817.84 805.68 817.71 8.10 1.00 960.89 610.89 -2.9 -7.0 3.2 Volume After Hours Issues traded 3,086 272 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34964.06 34768.75 34957.74 331.72 0.96 34957.74 22462.76 18.5 5.8 11.5 Advances 2,170 99 SPDR S&P 500 SPY 7,521.5 342.80 -0.12 -0.03 343.00 341.93 Barron's 400 735.12 730.60 735.11 7.30 1.00 746.64 455.11 13.8 0.4 5.1 Declines 841 166 Pfizer PFE 2,820.8 38.10 -0.74 -1.91 38.93 38.09 Unchanged 75 7 iShares MSCI ACWI ETF ACWI Nasdaq Stock Market 2,555.0 81.48 ... unch. 81.48 81.48 New highs 97 2 Nasdaq Composite 11462.05 11297.53 11379.72 67.92 0.60 11379.72 6860.67 44.9 26.8 22.0 iBio IBIO 2,479.4 2.48 0.27 12.22 2.55 2.16 New lows 10 3 Nasdaq 100 11728.09 11535.55 11626.17 71.01 0.61 11626.17 6994.29 53.5 33.1 25.8 NIO ADR NIO 2,286.5 14.98 0.01 0.07 15.05 14.77 Closing Arms† 0.53 0.71 iSh iBoxx $ Invt Gr Cp Bd LQD 2,013.3 136.21 ... unch. 136.58 136.13 S&P Block trades* 4,792 190 Uber Technologies UBER 1,960.9 30.90 -0.14 -0.45 31.12 30.86 500 Index 3432.09 3413.13 3431.28 34.12 1.00 3431.28 2237.40 19.2 6.2 12.1 Nasdaq NYSE Arca Bank of America BAC 1,771.9 25.66 -0.03 -0.12 25.70 25.38 MidCap 400 1938.23 1915.92 1938.15 27.90 1.46 2106.12 1218.55 4.7 -6.1 4.4 Total volume*3,891,979,729 195,198,753 SmallCap 600 909.75 896.62 909.73 14.99 1.67 1041.03 595.67 0.4 -10.9 3.4 Percentage gainers… Adv. volume*2,151,167,689 132,269,762 Decl. volume*1,724,567,492 62,455,797 Other Indexes iBio IBIO 2,479.4 2.48 0.27 12.22 2.55 2.16 Issues traded 3,469 1,408 Russell 2000 1568.73 1554.10 1568.47 15.99 1.03 1705.22 991.16 6.3 -6.0 4.5 Orchard Therapeutics ADR ORTX 126.6 6.02 0.49 8.86 6.35 5.50 Advances 1,888 1,091 NYSE Composite 12973.40 12881.40 12972.88 163.81 1.28 14183.20 8777.38 3.6 -6.8 3.3 ADMA Biologics ADMA 996.0 3.01 0.14 4.88 3.06 2.87 Declines 1,498 296 Nano-X Imaging NNOX 53.4 27.86 1.16 4.34 28.46 26.13 Value Line 479.73 471.40 479.68 8.28 1.76 562.05 305.71 -3.1 -13.1 -1.9 Unchanged 83 21 Amgen AMGN 102.2 245.35 9.78 4.15 249.95 235.47 NYSE Arca Biotech 5434.54 5301.41 5334.34 -58.70 -1.09 6142.96 3855.67 21.2 5.3 10.9 New highs 143 176 NYSE Arca Pharma 676.15 667.83 671.81 0.58 0.09 672.50 494.36 16.4 2.8 8.9 ...And losers New lows 45 26 KBW Bank 76.93 74.39 76.91 2.70 3.64 114.12 56.19 -14.9 -32.2 -6.5 Liminal BioSciences LMNL 80.8 12.06 -1.53 -11.26 13.66 11.11 Closing Arms† 1.01 1.96 § PHLX Gold/Silver 149.62 145.69 146.38 -1.13 -0.77 161.14 70.12 49.8 36.9 19.3 Varian Medical Sys VAR 122.1 160.00 -12.74 -7.38 172.74 160.00 Block trades* 22,642 1,063 § PHLX Oil Service 37.38 35.70 37.33 1.71 4.79 80.99 21.47 -38.0 -52.3 -32.2 Aon AON 92.7 178.00 -12.17 -6.40 190.17 178.00 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2227.51 2202.77 2219.37 21.04 0.96 2227.61 1286.84 52.1 20.0 26.9 Provident Finl Svcs PFS 85.5 12.91 -0.81 -5.90 13.72 12.91 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.18 21.25 22.37 -0.17 -0.75 82.69 11.54 15.8 62.3 22.3 THC Tenet Healthcare 209.8 26.61 -1.07 -3.87 27.68 26.61 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 1.57 World The Global Dow 3074.65 47.59 –5.4 Cancer Genetics CGIX 6.25 3.35 115.52 10.39 1.92 106.3 Odonate Therapeutics ODT 18.33 -15.21 -45.35 46.50 18.07 -46.0 1.11 DJ Global Index 439.70 4.83 1.3 Sonnet BioTherapeutics SONN 3.90 1.27 48.29 54.60 2.40 -73.9 FTS International FTSI 3.15 -1.81 -36.49 71.60 1.01 -93.8 DJ Global ex U.S. 252.15 3.17 1.27 –4.3 Tortoise Acquisition Cl A SHLL 40.00 10.09 33.73 40.38 9.50 306.1 Hexindai ADR HX 1.91 -0.67 -25.97 7.44 0.76 -72.2 Americas DJ Americas 797.37 7.54 0.95 4.8 TravelCenters of America TA 22.37 5.11 29.61 23.26 5.51 57.9 Tricida TCDA 10.11 -3.13 -23.64 44.30 9.56 -70.2 Brazil Sao Paulo Bovespa 102297.95 776.66 0.77 –11.5 VivoPower International VVPR 3.29 0.67 25.57 4.27 0.59 161.1 Trevi Therapeutics TRVI 3.74 -1.04 -21.76 8.50 1.33 -27.2 Canada S&P/TSX Comp 16626.64 108.79 0.66 –2.6 Amer Outdoor Brands Wi AOUTV 19.40 3.90 25.16 30.01 15.50 ... MOGU ADR MOGU 2.50 -0.64 -20.38 6.85 0.88 -16.9 Mexico S&P/BMV IPC 38029.62 –66.26 –0.17 –12.7 AutoWeb AUTO 3.45 0.67 24.10 3.69 0.50 35.8 Smith Wesson Brands Wi SWBIV 15.25 -3.75 -19.74 23.00 15.00 ... Chile Santiago IPSA 2730.45 –24.79 –0.90 –18.1 Nano-X Imaging NNOX 26.70 5.00 23.04 27.88 20.26 ... NanoViricides NNVC 3.92 -0.93 -19.18 19.20 1.27 -8.8 Blink Charging BLNK 8.07 1.27 18.68 14.58 1.25 214.0 Sorrento Therapeutics SRNE 8.12 -1.92 -19.12 19.39 1.39 264.1 EMEA Stoxx Europe 600 370.85 5.76 1.58 –10.8 Orchard Therapeutics ADR ORTX 5.53 0.87 18.67 17.48 4.44 -60.0 Vir Biotechnology VIR 42.95 -9.91 -18.75 75.00 11.65 ... Eurozone Euro Stoxx 365.30 7.16 2.00 –9.6 Belgium Bel-20 3368.99 66.08 2.00 –14.8 Velocity Financial VEL 6.25 0.98 18.60 14.90 2.24 ... Lifeway Foods LWAY 4.79 -1.03 -17.70 6.19 1.43 79.4 Denmark OMX Copenhagen 20 1323.36 4.73 0.36 16.5 XpresSpa Group XSPA 3.22 0.50 18.38 8.82 0.15 -12.7 Urban One Cl A UONE 4.15 -0.87 -17.33 54.16 0.95 112.8 France CAC 40 5007.89 111.56 2.28 –16.2 Nabors Industries NBR 39.34 5.94 17.78 167.50 9.79 -52.3 GrowGeneration GRWG 14.34 -3.01 -17.32 22.88 2.62 169.0 Kamada KMDA Immunic IMUX Germany DAX 13066.54 301.74 2.36 –1.4 11.73 1.73 17.30 13.33 4.40 110.6 15.29 -3.15 -17.08 23.39 4.19 5.7 Party City Holdco PRTY 2.33 0.33 16.50 7.37 0.26 -50.2 Ovid Therapeutics OVID 6.37 -1.29 -16.79 9.40 1.74 226.7 Israel Tel Aviv 1410.45 –3.50 –0.25 –16.2 Italy FTSE MIB 20113.36 417.93 2.12 –14.4 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 560.99 9.62 1.74 –7.2 Russia RTS Index 1281.52 19.51 1.55 –17.3 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 56625.42 675.50 1.21 –0.8 Spain IBEX 35 7109.10 127.00 1.82 –25.6 Onconova Therapeutics ONTX 178,014 1026.2 0.34 -66.05 2.84 0.10 Brainsway ADR BWAY 777 11389 7.35 13.43 12.53 5.10 Sweden OMX Stockholm 703.76 10.18 1.47 3.4 Borqs Technologies BRQS 151,671 20061.8 1.23 39.46 8.40 0.81 Gores Metropoulos Cl A GMHI 12,749 8403 11.40 8.47 11.90 9.45 iBio IBIO Odonate Therapeutics ODT Switzerland Swiss Market 10308.39 90.19 0.88 –2.9 136,954 395.7 2.21 30.00 7.45 0.05 3,324 3322 18.33 -45.35 46.50 18.07 Cancer Genetics CGIX 109,488 165346.4 6.25 115.52 10.39 1.92 Switchback Energy Cl A SBE 1,874 1726 10.20 0.00 10.38 9.38 Turkey BIST 100 1108.44 –1.44 –0.13 –3.1 General Electric GE 102,400 14.5 6.63 5.07 13.26 5.48 Kelly Services Cl B KELYB 336 1595 35.90 12.36 90.36 10.35 U.K. FTSE 100 6104.73 102.84 1.71 –19.1 U.K. FTSE 250 17685.07 107.39 0.61 –19.2 American Airlines Group AAL 101,672 6.4 13.44 10.53 31.67 8.25 Kamada KMDA 5,563 1510 11.73 17.30 13.33 4.40 NIO ADR NIO 97,225 -19.4 14.97 6.02 16.44 1.19 Liminal BioSciences LMNL 1,866 1349 13.59 -1.09 31.45 5.25 Asia-Pacific Sonnet BioTherapeutics SONN 91,989 3198.8 3.90 48.29 54.60 2.40 Teucrium Sugar Fund CANE 716 1224 6.09 0.91 7.65 4.91 Australia S&P/ASX 200 6129.60 18.42 0.30 –8.3 ADMA Biologics ADMA 87,467 1909.8 2.87 13.89 5.48 1.45 Fst Tr VI Multi-Asset Div MDIV 2,134 1201 14.20 0.78 19.06 9.01 China Shanghai Composite 3385.64 4.96 0.15 11.0 Apple AAPL 85,873 128.9 503.43 1.20 515.14 203.32 Mohawk Group MWK 1,313 1041 7.95 -9.45 9.68 1.42 Hong Kong Hang Seng 25551.58 437.74 1.74 –9.4 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.95 India S&P BSE Sensex 38799.08 364.36 –6.0 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 22985.51 65.21 0.28 –2.8 Singapore Straits Times 2538.61 10.07 0.40 –21.2 Track the Markets South Korea Kospi 2329.83 25.24 1.10 6.0 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12647.13 0.31 5.4 global stock indexes, bond ETFs, 39.29 currencies and commodities at Currencies Thailand SET 1317.11 17.85 1.37 –16.6 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ 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 .00004314 23179 0.03 Argentina peso .0136 73.6644 23.0 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1782 5.6123 39.6 Czech Rep. koruna .04516 22.143 –2.3 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7566 1.3218 1.8 Denmark krone .1584 6.3143 –5.2 notes and bonds major U.S. trading partners Chile peso .001272 786.00 6.3 Euro area euro 1.1789 .8483 –4.9 A consumer rate against its Five-year ARM, Rate Colombiapeso .000259 3855.00 17.5 Hungary forint .003350 298.53 1.1 2.25% Ecuador US dollar Iceland krona benchmark over the past year 11unch .007241 138.11 14.0 Bankrate.com avg†: 3.21% 2.00 8% Mexico peso .0455 21.9977 16.2 Norway krone .1110 9.0090 2.6 One year ago Uruguay peso .02328 42.9550 15.7 Poland zloty .2682 3.7292 –1.7 Old National Bank 2.75% 1.75 t 1.50 Euro s Asia-Pacific Russia ruble .01341 74.585 20.2 4.00% Appleton, WI 812-464-1494 4 Sweden krona .1137 8.7923 –6.1

1.25 WSJ Dollar index Australian dollar .7162 1.3963 –2.0 s Switzerland franc 1.0966 .9119 –5.7 San Diego County Credit Union 2.75% China yuan .1445 6.9203 –0.6

3.00 Tradeweb ICE Monday Close 1.00 0 Turkey lira .1355 7.3781 24.0 t San Diego, CA 877-732-2848 t Hong Kong dollar .1290 7.7502 –0.5 5-year Treasury 5-year 0.75 Ukraine hryvnia .0363 27.5500 16.4 note yield India rupee .01348 74.170 3.9 adjustable-rate 2.00 Star One Credit Union 2.75% 0.50 –4 UK pound 1.3063 .7655 1.5 t mortgage (ARM) s Indonesia rupiah .0000682 14671 5.7 Sunnyvale, CA 408-742-2801 0.25 Yen Japan yen .009436 105.97 –2.5 Middle East/Africa 1.00 Citadel Federal Credit Union 2.88% 0.00 –8 Kazakhstan tenge .002382 419.83 10.0 Bahrain dinar 2.6529 .3770 –0.02 Macau pataca .1252 7.9847 –0.4 Egypt pound .0629 15.8867 –1.0 Exton, PA 800-666-0191 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2395 4.1755 2.1 Israel shekel .2940 3.4015 –1.5 S O N D J F M A M J J A Associated Bank, NA 3.00% New Zealand dollar .6526 1.5323 3.2 Kuwait dinar 3.2700 .3058 0.9 maturity 2019 2020 Rockford, IL 800-682-4989 Pakistan rupee .00594 168.400 8.6 Oman sul rial 2.5973 .3850 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.513 –4.3 Qatar rial .2746 3.642 –0.05 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7296 1.3706 1.8 Saudi Arabia riyal .2666 3.7505 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008410 1189.04 2.9 South Africa rand .0589 16.9682 21.2 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Sri Lanka rupee .0054048 185.02 2.0 Yield (%) 52-Week Total Return (%) Taiwan dollar .03404 29.380 –1.8 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.25 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03175 31.500 5.8 WSJ Dollar Index 88.64 0.05 0.06 –1.03 Libor, 3-month 0.23 0.27 0.23 l 2.16 -1.08 U.S. Treasury, Barclays 2486.670 0.480 0.500 1.910 0.400 7.60 5.40 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.24 0.24 0.24 l 0.78 -0.05 Five-year CD, annual yield 0.67 0.67 0.67 l 1.75 -0.79 U.S. Treasury Long, Barclays 4944.320 1.240 1.310 2.370 0.980 15.95 11.92 Commodities 30-year mortgage, fixed† 3.05 3.18 3.03 l 4.22 -0.81 Aggregate, Barclays 2283.750 1.130 1.150 2.460 1.020 6.99 5.31 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.61 2.70 2.58 l 3.57 -0.48 Fixed-Rate MBS, Barclays 2226.040 1.180 1.180 2.690 0.930 4.68 3.71 Jumbo mortgages, $510,400-plus† 3.07 3.23 3.06 l 4.71 -1.22 DJ Commodity 624.17 3.78 0.61 647.86 433.70 5.62 -2.82 High Yield 100, ICE BofA 3163.505 4.415 4.652 10.740 4.285 2.382 3.835 Five-year adj mortgage (ARM)† 3.21 3.28 3.06 l 4.78 -0.09 TR/CC CRB Index 151.26 1.30 0.87 187.39 106.29 -10.45 -18.58 Muni Master, ICE BofA 589.481 0.943 0.909 3.441 0.838 4.245 4.106 New-car loan, 48-month 4.26 4.27 4.17 l 4.65 1.39 Crude oil, $ per barrel 42.62 0.28 0.66 63.27 -37.63 -20.54 -30.20 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 904.893 4.637 4.663 7.480 4.523 4.806 4.242 Natural gas, $/MMBtu 2.513 0.065 2.66 2.862 1.482 12.69 14.80 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. 1927.70 -6.90 -0.36 2051.50 1452.10 26.30 26.86 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW238000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, August 25, 2020 | B7

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 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 1.0998 1.1053 1.0990 1.1007 .0011 229 Mini S&P 500 (CME)-$50 x index Aug 142.150 142.400 141.150 142.000 –.925 2,590 Australian Dollar (CME)-AUD 100,000; $ per AUD Sept 3398.75 3429.50 s 3393.50 3427.50 35.00 2,638,566 Contract Open Oct 143.975 144.350 141.975 142.825 –2.450 16,863 Sept .7164 .7205 .7153 .7162 .0001 125,859 Dec 3388.50 3419.00 s 3383.50 3417.00 35.00 77,531 Open High hi lo Low Settle Chg interest Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec .7163 .7205 .7155 .7164 .0001 1,021 Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Aug 105.475 105.675 105.025 105.575 –.225 2,892 Mexican Peso (CME)-MXN 500,000; $ per MXN Sept 1909.60 1937.60 1909.20 1936.70 28.10 58,319 Aug 2.9400 2.9400 2.9165 2.9225 0.0090 330 Oct 107.475 108.050 107.225 107.925 –.625 124,277 Sept .04540 .04557 .04524 .04531 –.00008 133,323 Dec 1899.10 1926.60 1905.50 1933.10 27.60 9 Dec 2.9415 2.9810 2.9345 2.9455 0.0115 109,317 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec .04494 .04508 .04477 .04482 –.00008 2,330 Mini Nasdaq 100 (CME)-$20 x index Gold (CMX)-100 troy oz.; $ per troy oz. Oct 54.500 55.950 54.250 54.600 .350 100,123 Euro (CME)-€125,000; $ per € Sept 11581.00 11722.50 s 11528.25 11636.25 74.25 227,234 Aug 1930.20 1940.00 1924.60 1927.70 –6.90 210 Dec 55.550 56.350 55.275 55.600 .150 52,939 Sept 1.1800 1.1856 1.1790 1.1798 .0004 687,642 Dec 11569.50 11706.00 s 11512.75 11619.75 74.25 2,536 Mini Russell 2000 (CME)-$50 x index Oct 1938.90 1961.90 1926.70 1931.50 –6.80 72,100 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 1.1824 1.1877 1.1812 1.1820 .0004 11,396 Dec 1947.90 1970.30 1934.20 1939.20 –7.80 401,561 Sept 839.10 859.90 s 801.90 810.30 –20.60 1,863 Sept 1552.60 1568.70 1548.60 1566.50 17.90 509,113 Feb'21 1948.70 1978.00 1942.90 1947.50 –7.60 34,787 Nov 777.70 791.70 s 733.70 733.70 –29.00 1,705 Index Futures Dec 1548.00 1565.00 1546.10 1563.00 17.80 976 April 1958.70 1983.20 1949.30 1953.50 –7.40 17,817 Milk (CME)-200,000 lbs., cents per lb. Mini Russell 1000 (CME)-$50 x index June 1958.30 1976.30 1956.00 1958.30 –7.20 8,126 Aug 19.58 19.64 19.58 19.61 .01 5,717 Mini DJ Industrial Average (CBT)-$5 x index Sept 1898.30 1902.20 s 1888.00 1901.70 17.10 8,466 Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 15.15 15.88 15.13 15.80 .67 4,380 Sept 27900 28266 27877 28239 380 90,750 U.S. Dollar Index (ICE-US)-$1,000 x index Aug ...... 2162.60 –14.60 1 Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 27808 28128 27748 28104 382 592 Sept 93.22 93.34 92.83 93.29 .05 26,176 Sept 2172.50 2203.60 2152.20 2165.50 –14.80 3,320 Sept 2,509 2,509 2,509 2,509 50 918 S&P 500 Index (CME)-$250 x index Dec 93.20 93.38 92.88 93.32 .05 1,636 Dec 2199.90 2225.00 2175.00 2187.40 –14.00 6,166 Dec 2,408 2,475 2,402 2,459 50 101,128 Sept 3420.40 3427.70 s 3394.60 3427.50 34.90 30,034 March'21 ...... 2185.90 –8.80 51 Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec …… …3417.00 35.00 2 Source: FactSet June ...... 2180.30 –8.80 7 Sept 120.40 122.60 119.45 120.25 .15 875 Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 119.80 122.75 119.25 120.15 .35 117,346 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Aug ...... 920.80 –1.50 15 Oct 12.83 12.97 12.65 12.71 –.12 361,410 Oct 926.90 947.80 920.20 924.50 –1.60 51,519 Bonds | wsj.com/market-data/bonds/benchmarks March'21 13.40 13.54 13.26 13.33 –.06 252,371 Silver (CMX)-5,000 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Aug 26.780 26.780 26.695 26.588 –0.119 16 Nov 27.54 27.54 27.54 27.54 …2,363 Dec 27.040 27.495 26.480 26.768 –0.109 119,417 Tracking Bond Benchmarks Jan'21 26.71 26.71 26.71 27.00 –.02 1,939 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Oct 42.48 42.89 42.23 42.62 0.28 376,131 Oct 64.13 65.29 64.09 65.16 1.43 114 highs and lows for different types of bonds Nov 42.72 43.13 42.51 42.93 0.31 213,051 Dec 64.28 66.02 64.21 65.82 1.54 110,039 Dec 43.04 43.42 42.83 43.27 0.34 266,000 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total Total March'21 43.88 44.22 43.68 44.17 0.40 125,323 Sept 115.85 118.65 114.00 117.35 .55 2,683 return YTD total Yield (%) return YTD total Yield (%) June 44.41 44.86 44.30 44.83 0.44 182,090 Nov 118.30 120.65 116.90 119.65 .95 5,429 close return (%) Index Latest Low High close return (%) Index Latest Low High Dec 45.03 45.53 44.93 45.51 0.49 190,095 Mortgage-Backed Bloomberg Barclays NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Interest Rate Futures Broad Market Bloomberg Barclays Sept 1.2133 1.2530 1.2103 1.2476 .0396 34,417 2283.75 7.1 U.S. Aggregate 1.130 1.020 2.460 2226.04 3.6 Mortgage-Backed 1.180 0.930 2.690 Oct 1.2349 1.2688 1.2285 1.2640 .0357 94,783 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 221-270 222-250 221-090 221-260 5.0 1,014,277 U.S. Corporate Indexes Bloomberg Barclays 2167.79 3.2 Ginnie Mae (GNMA) 0.610 0.290 2.660 Sept 1.2943 1.3803 1.2943 1.3671 .0830 44,602 Dec 225-080 226-110 224-250 225-110 6.0 141,061 U.S. Corporate 1315.80 3.8 Fannie mae (FNMA) 1.390 1.110 2.690 Oct 1.2196 1.2698 1.2173 1.2598 .0468 119,740 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3382.90 7.5 1.930 1.820 4.580 Sept 179-220 180-020 179-050 179-140 –5.0 1,066,147 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 3.8 Freddie Mac Dec 178-020 178-130 177-170 177-250 –5.0 152,769 3062.50 5.7 Intermediate 1.310 1.230 4.400 2019.42 (FHLMC) 1.370 1.080 2.710 Sept 2.460 2.554 s 2.390 2.513 .065 44,376 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Oct 2.585 2.658 s 2.514 2.616 .043 225,088 5030.92 10.4 Long term 2.930 2.730 4.930 589.48 4.2 Muni Master 0.943 0.838 3.441 Sept 139-195 139-230 139-140 139-165 –1.5 3,242,062 Nov 2.878 2.915 s 2.819 2.875 .009 196,520 Dec 139-165 139-195 139-105 139-125 –1.5 254,059 4.6 7-12 year Dec 3.170 3.193 s 3.128 3.156 –.002 102,498 695.61 7.9 Double-A-rated 1.430 1.300 3.360 417.32 0.901 0.771 3.447 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Jan'21 3.279 3.298 s 3.242 3.258 –.008 129,814 Sept 125-272 125-287 125-245 125-252 –1.7 3,145,930 891.16 6.5 Triple-B-rated 2.310 2.210 5.350 474.86 4.8 12-22 year 1.364 1.224 3.690 March 3.089 3.102 s 3.062 3.067 –.012 85,014 Dec 125-317 126-010 125-290 125-297 –1.2 323,992 22-plus year 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% High Yield Bonds ICE BofA 457.61 3.8 2.136 1.765 4.123 Agriculture Futures Sept 110-131 110-134 110-124 110-126 –.5 1,940,551 467.59 0.1 High Yield Constrained 5.537 5.151 11.400 Global Government J.P. Morgan† Corn (CBT)-5,000 bu.; cents per bu. Dec 110-146 110-147 110-135 110-138 –.6 168,684 Global Government Sept 328.00 332.50 327.50 331.75 4.75 181,281 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 401.58 -8.3 Triple-C-rated 12.429 10.735 19.071 614.65 5.4 0.540 0.390 1.060 Aug 99.9075 99.9075 99.9050 99.9075 .0000 190,246 Dec 342.00 345.50 341.00 345.00 4.50 776,565 3163.51 -0.9 High Yield 100 4.415 4.285 10.740 867.38 7.9 Canada 0.730 0.590 1.740 Oats (CBT)-5,000 bu.; cents per bu. Oct 99.9300 99.9350 99.9300 99.9350 .0000 241,943 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Sept 272.25 280.50 271.50 273.75 5.25 301 422.55 0.3 Global High Yield Constrained 5.545 4.893 11.310 412.89 3.2 EMU§ 0.232 0.109 0.794 Dec 263.75 273.00 261.50 267.75 4.00 4,132 Sept 101-030 101-075 100-285 100-310 –.5 75,161 Soybeans (CBT)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100% 321.61 -2.1 Europe High Yield Constrained 3.977 2.464 8.183 784.41 3.4 France 0.000 -0.160 0.430 Sept 99.7725 99.7800 99.7675 99.7750 .0025 1,434,918 Sept 901.00 907.75 896.75 899.75 –1.00 31,299 Dec 99.7300 99.7350 99.7200 99.7250 … 1,025,019 U.S Agency Bloomberg Barclays 548.88 2.4 Germany -0.380 -0.740 -0.050 Nov 905.00 912.25 901.00 905.75 1.00 375,719 March'21 99.8000 99.8050 99.7950 99.8000 …963,387 Soybean Meal (CBT)-100 tons; $ per ton. June 99.8100 99.8200 99.8050 99.8100 …908,673 1864.56 5.3 U.S Agency 0.520 0.480 2.040 294.84 -1.1 Japan 0.300 -0.070 0.320 Sept 290.30 292.50 288.20 289.10 –1.10 37,980 Dec 297.50 300.20 296.00 297.00 –.50 171,908 1623.17 3.9 10-20 years 0.390 0.350 1.950 611.88 2.7 Netherlands -0.280 -0.540 0.080 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Currency Futures 4304.60 12.8 20-plus years 1.440 1.170 2.480 8.1 U.K. Sept 31.45 31.81 31.29 31.66 .25 31,271 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 1086.21 0.590 0.390 1.180 Dec 31.66 32.12 31.52 31.95 .28 175,661 Sept .9456 .9464 .9436 .9440 –.0013 148,518 2891.32 5.7 Yankee 1.480 1.430 3.500 904.89 2.6 Emerging Markets ** 4.637 4.523 7.480 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec .9463 .9474 .9446 .9450 –.0013 715 Sept 12.30 12.49 12.21 12.26 –.04 2,025 Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Nov 12.36 12.46 s 12.25 12.29 –.11 7,665 Sept .7588 .7614 .7553 .7557 –.0025 122,757 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Wheat (CBT)-5,000 bu.; cents per bu. Dec .7590 .7614 .7556 .7558 –.0025 5,624 Sept 527.75 533.25 516.50 520.75 –6.50 36,667 British Pound (CME)-£62,500; $ per £ Dec 535.75 540.75 524.00 527.75 –7.25 205,895 Sept 1.3088 1.3151 1.3056 1.3060 –.0035 169,867 Global Government Bonds: Mapping Yields Wheat (KC)-5,000 bu.; cents per bu. Dec 1.3096 1.3156 1.3062 1.3066 –.0034 3,382 Sept 445.00 449.75 432.50 435.25 –10.50 34,593 Swiss Franc (CME)-CHF 125,000; $ per CHF Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Dec 456.00 460.75 443.25 446.25 –10.50 151,180 Sept 1.0972 1.1026 1.0961 1.0979 .0011 52,737 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Cash Prices | wsj.com/market-data/commodities Monday, August 24, 2020 0.125 U.S. 2 0.153 t l 0.170 0.145 1.527 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.625 10 0.649 s l 0.636 0.591 1.538 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 5.750 Australia 2 0.275 s l 0.273 0.272 0.760 12.2 10.4 -76.7 months. 2.500 10 0.867 t l 0.892 0.878 0.985 25.6 -55.2 Monday Monday Monday 21.8 Energy Aluminum, LME, $ per metric ton *1722.5 Wheat - Hard - KC (USDA) $ per bu-u 4.5525 0.000 France 2 -0.596 s l -0.617 -0.608 -0.803 -75.0 -78.6 -233.0 Copper,Comex spot 2.9225 Wheat,No.1soft white,Portld,OR-u 5.2750 0.000 10 -0.194 s l -0.199 -0.140 -0.371 -84.3 -83.5 -190.9 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Iron Ore, 62% Fe CFR China-s 124.5 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 235 0.000 Germany 2 -0.673 s l -0.676 -0.654 -0.888 -82.7 -84.6 -241.5 Metals Steel, HRC USA, FOB Midwest Mill-s 476 Beef,carcass equiv. index 0.000 10 -0.488 s l -0.504 -0.446 -0.672 -113.6 -114.0 -220.9 Fibers and Textiles choice 1-3,600-900 lbs.-u 188.74 Gold, per troy oz select 1-3,600-900 lbs.-u 173.04 1.000 Italy 2 -0.124 s l -0.137 -0.073 0.007 -27.7 -30.6 -152.0 Engelhard industrial 1947.00 Burlap,10-oz,40-inch NY yd-n,w 0.6100 Broilers, National comp wtd. avg.-u,w 0.6673 0.950 10 0.946 s l 0.943 1.009 1.313 29.8 30.7 -22.5 Handy & Harman base 1943.95 Cotton,1 1/16 std lw-mdMphs-u 0.6066 Butter,AA Chicago 1.5150 Cheddar cheese,bbl,Chicago 0.100 Japan 2 -0.114 s l -0.115 -0.135 -0.295 -28.5 -182.2 Handy & Harman fabricated 2157.79 Cotlook 'A' Index-t *70.35 133.00 -26.7 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1932.85 Hides,hvy native steers piece fob-u n.a. 165.00 0.100 10 0.025 t l 0.035 0.017 -0.235 -62.4 -60.1 -177.3 Milk,Nonfat dry,Chicago lb. 99.75 LBMA Gold Price PM *1924.35 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.400 Spain 2 -0.458 s l -0.465 -0.393 -0.565 -63.5 -209.2 Krugerrand,wholesale-e 2008.97 1.1191 -61.1 Grains and Feeds Coffee,Colombian, NY 1.6662 Maple Leaf-e 2028.29 1.250 10 0.320 s l 0.301 0.359 0.144 -32.9 -33.5 -139.3 Eggs,large white,Chicago-u 0.7850 American Eagle-e 2028.29 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 13.75 0.500 U.K. 2 -0.035 s l -0.042 -0.083 0.451 -21.1 -107.6 Mexican peso-e 2337.05 -18.8 Bran,wheat middlings, KC-u 80 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1896.45 4.750 10 0.214 s l 0.208 0.146 0.482 -43.5 -42.9 -105.6 Corn,No. 2 yellow,Cent IL-bp,u 3.1950 Hogs,Iowa-So. Minnesota-u 56.10 Austria phil-e 2028.29 Corn gluten feed,Midwest-u,w 100.3 Pork bellies,12-14 lb MidUS-u n.a. Source: Tullett Prebon Silver, troy oz. Corn gluten meal,Midwest-u,w 410.6 Pork loins,13-19 lb MidUS-u 0.8793 Engelhard industrial 26.9500 Cottonseed meal-u,w 245 Steers,Tex.-Okla. Choice-u 106.00 Corporate Debt Handy & Harman base 26.6460 Hominy feed,Cent IL-u,w 95 Steers,feeder,Okla. City-u,w 159.00 Handy & Harman fabricated 33.3080 Meat-bonemeal,50% pro Mnpls-u,w 180 Fats and Oils Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in LBMA spot price *£20.4300 Oats,No.2 milling,Mnpls-u 2.9775 that same company’s share price. (U.S.$ equivalent) *26.8500 Rice, Long Grain Milled, No. 2 AR-u,w 30.25 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.0000 Coins,wholesale $1,000 face-a 21966 Sorghum,(Milo) No.2 Gulf-u 9.2857 Grease,choice white,Chicago-h 0.2800 Investment-grade spreads that tightened the most… Other metals SoybeanMeal,Cent IL,rail,ton48%-u 288.10 Lard,Chicago-u n.a. Spread*, in basis points Stock Performance LBMA Platinum Price PM *900.0 Soybeans,No.1 yllw IL-bp,u 8.9250 Soybean oil,crude;Centl IL-u 0.3209 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Platinum,Engelhard industrial 933.0 Wheat,Spring14%-pro Mnpls-u 6.0550 Tallow,bleach;Chicago-h 0.3150 Palladium,Engelhard industrial 2205.0 Wheat,No.2 soft red,St.Louis-u 5.4075 Tallow,edible,Chicago-u n.a. Airbus Finance AIRFP 2.700 April 17, ’23 61 –22 n.a...... Bank of America BAC 4.125 Jan. 22, ’24 33 –11 45 25.69 2.84 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; Westpac Banking WSTP 2.000 Jan. 13, ’23 14 –9 31 ...... 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 8/21 HCA HCA 5.000 March 15, ’24 91 –8 102 134.38 1.41 Source: Dow Jones Market Data Wells Fargo WFC 4.750 Dec. 7, ’46 175 –7 168 24.49 3.60 Walt Disney DIS 4.125 Dec. 1, ’41 140 –6 n.a. 130.69 2.55 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Intercontinental Exchange ICE 0.700 June 15, ’23 35 –5 n.a. 105.81 1.55 National Australia Bank NAB 2.875 April 12, ’23 27 –5 n.a...... Money Rates August 24, 2020 …And spreads that widened the most Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Morgan Stanley MS 3.700 Oct. 23, ’24 58 85152.37 2.49 Sumitomo Mitsui Financial SUMIBK 3.936 Oct. 16, ’23 43 840...... Inflation Week —52-WEEK— Week —52-WEEK— Vodafone VOD 3.750 Jan. 16, ’24 67 86315.39 2.67 Latest ago High Low Latest ago High Low Bank of America BAC 4.000 April 1, ’24 46 64525.69 2.84 July index Chg From (%) level June '20 July '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Eaton ETN 2.750 Nov. 2, ’22 32 630102.88 2.28 Britain 0.10 0.10 0.75 0.10 4 weeks 0.080 0.085 2.060 0.000 MetLife Global Funding … 0.900 June 8, ’23 31 630… … U.S. consumer price index Australia 0.25 0.25 1.00 0.25 13 weeks 0.100 0.105 1.950 0.000 Apple AAPL 0.750 May 11, ’23 16 517503.43 1.20 All items 259.101 0.51 1.0 Overnight repurchase 26 weeks 0.120 0.120 1.870 0.080 Cisco Systems CSCO 5.900 Feb. 15, ’39 96 5n.a. 42.18 –0.17 Core 267.703 0.53 1.6 U.S. 0.10 0.10 3.40 -0.07 Secondary market High-yield issues with the biggest price increases… International rates U.S. government rates Fannie Mae Bond Price as % of face value Stock Performance Week 52-Week Discount 30-year mortgage yields Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Latest ago High Low 0.25 0.25 2.75 0.25 30 days 1.836 1.838 3.388 1.751 Transocean RIG 7.500 April 15, ’31 22.000 2.00 26.750 1.34 17.54 Prime rates 60 days 1.890 1.893 3.403 1.804 Federal funds Teva Pharmaceutical Finance Netherlands … 3.150 Oct. 1, ’26 92.279 1.78 93.750 … … U.S. 3.25 3.25 5.25 3.25 Other short-term rates Sprint Capital … 6.875 Nov. 15, ’28 128.271 1.59 126.971 ...... Canada 2.45 2.45 3.95 2.45 Effective rate 0.0900 0.1000 2.3600 0.0600 LB Japan 1.475 1.475 1.475 1.475 High 0.1000 0.1100 3.0000 0.1000 L Brands 6.950 March 1, ’33 90.969 1.47 85.699 29.63 –1.13 Low 0.0500 0.0500 2.0500 0.0100 Week 52-Week Latest high low United Airlines Holdings UAL 4.250 Oct. 1, ’22 91.500 1.28 91.740 36.32 9.93 Policy Rates Bid 0.0800 0.0500 2.1200 0.0100 ago American Airlines AAL 11.750 July 15, ’25 94.750 1.25 94.625 13.44 10.53 Euro zone 0.00 0.00 0.00 0.00 Offer 0.1100 0.0900 2.5000 0.0500 Call money Rockies Express Pipeline … 7.500 July 15, ’38 106.690 1.07 106.500 ...... 2.00 2.00 4.00 2.00 Embarq … 7.995 June 1, ’36 119.799 1.04 119.438 … … Key Interest Rates Commercial paper (AA financial) …And with the biggest price decreases 90 days n.a. 0.16 2.53 0.04 Data are annualized on a 360-day basis. Treasury yields are per annum, Genworth Holdings GNW 4.900 Aug. 15, ’23 90.005 –0.61 90.500 2.66 1.92 Libor on actively traded noninflation and inflation-indexed issues that are CSC Holdings CSCHLD 5.250 June 1, ’24 108.000 –0.50 108.000 ...... One month 0.17425 0.16138 2.13950 0.14925 adjusted to constant maturities. Data are from weekly Federal Reserve Prime Security Services Borrower PRSESE 5.250 April 15, ’24 106.250 –0.41 106.375 ...... release H.15. Three month 0.23375 0.26775 2.16413 0.23375 Six month 0.29738 0.31963 2.08525 0.28913 Xerox XRXCRP 4.500 May 15, ’21 101.500 –0.27 102.250 ...... Week Ended 52-Week Week Ended 52-Week One year 0.43913 0.46038 2.07413 0.43913 American Airlines AAL 5.375 Nov. 15, ’21 80.000 –0.25 n.a. 13.44 10.53 Aug 21 Aug 14 High Low Aug 21 Aug 14 High Low 6-month Ford Motor Credit … 3.370 Nov. 17, ’23 100.000 –0.25 99.500 … … Federal funds (effective) 0.13 0.12 1.92 0.06 Euro Libor 1-year 0.13 0.14 1.86 0.13 Springleaf Finance … 5.625 March 15, ’23 –0.23 105.471 … One month -0.543 -0.551 -0.360 -0.621 105.875 … 0.10 0.10 2.19 0.04 2-year 0.14 0.15 1.73 0.11 Three month -0.512 -0.513 -0.142 -0.539 Dish DBS … 5.875 Nov. 15, ’24 104.700 –0.10 104.687 … … 3-year 0.17 0.18 1.68 0.13 Commercial paper Six month -0.472 -0.469 -0.052 -0.491 5-year 0.27 0.28 1.73 0.21 *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. Nonfinancial One year -0.363 -0.352 0.008 -0.441 7-year 0.47 0.48 1.84 0.39 Note: Data are for the most active issue of bonds with maturities of two years or more 1-month 0.09 0.10 2.07 0.09 10-year 0.66 0.67 1.91 0.55 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data 2-month Secured Overnight Financing Rate 0.11 0.11 2.02 0.10 20-year 1.16 1.14 2.20 0.99 3-month 0.13 0.12 1.99 0.12 0.07 0.09 5.25 0.01 Financial Treasury yields (secondary market) Value 52-Week 1-month 0.09 0.11 2.15 0.08 1-month 0.08 0.08 2.05 0.00 Latest Traded High Low Dividend Changes 2-month 0.11 n.a. 2.27 0.11 3-month 0.14 0.16 2.44 0.14 3-month 0.10 0.11 1.95 -0.01 DTCC GCF Repo Index 6-month 0.13 0.12 1.87 0.06 Dividend announcements from August 24. Discount window primary credit Treasury 0.105 38.650 6.007 0.002 TIPS MBS 0.128 85.300 6.699 0.011 Amount Payable / Amount Payable / 0.25 0.25 2.75 0.25 5-year Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record -1.25 -1.24 0.41 -1.28 Notes on data: Treasury yields at constant 7-year -1.14 -1.13 0.35 -1.18 Increased Initial maturities 10-year -0.99 -0.98 0.35 -1.05 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest Atrion ATRI 1.0 1.75 /1.55 Q Sep30 /Sep15 HireQuest HQI 3.0 .05 Sep15 /Sep01 20-year -0.59 -0.60 0.47 -0.70 1-month 0.08 0.08 2.09 0.01 U.S. banks, and is effective March 16, 2020. Camping World Cl A CWH 1.0 .09 /.08 Q Sep28 /Sep14 3-month 0.10 0.11 1.99 0.01 Long-term avg -0.39 -0.40 0.62 -0.50 Stocks Other prime rates aren’t directly comparable; Cross Timbers Royalty Tr CRT 13.3 .038 /.03233 M Sep15 /Aug31 lending practices vary widely by location; Polymet Mining PLM 1:10 /Aug26 Notes on data: Discount rate is effective March 16, 2020. Genie Energy GNE 3.9 .0868 /.085 Q Sep25 /Sep11 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Permian Basin Royalty Tr PBT 11.3 .0089 /.0057 M Sep15 /Aug31 Foreign August 21, 2020. DTCC GCF Repo Index is on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Ubiquiti UI 0.9 .40 /.30 Q Sep08 /Aug31 Gold Field ADR GFI 1.0 .09289 SA Sep24 /Sep11 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable JOYY ADR YY ... .013 Sep18 /Sep04 primary credit rate is charged for discounts made and advances extended under the Federal Reduced CUSIPs. Value traded is in billions of U.S. dollars. LyondellBasell Inds LYB 6.0 1.05 Q Sep08 /Aug31 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Foot Locker FL 2.1 .15 /.40 Q Oct30 /Oct16 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. Marine Petroleum Trust Un MARPS 13.7 .0445 /.10378 Q Sep28 /Aug31 Special yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor STRATS Tr Allstate 2006-3 GJT 2.5 .0189 /.01983 M Sep01 /Aug31 Camping World Cl A CWH 1.0 .08 Sep28 /Sep14 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. P2JW238000-0-B00800-1------XA

B8 | Tuesday, August 25, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. DeltaAir DAL 29.80 2.53 Garmin GRMN 103.64 1.21 KirklandLakeGold KL 52.26 -0.90 NYTimes A NYT 43.50 -0.08 RestaurantBrands QSR 54.45 0.65 s ThermoFisherSci TMO 419.76 -8.81 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. DentsplySirona XRAY 43.45 0.85 Gartner IT 131.65 3.51 Knight-Swift KNX 46.22 -0.58 NewellBrands NWL 16.43 0.33 RexfordIndlRealty REXR 47.40 0.27 ThomsonReuters TRI 77.35 0.12 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four DeutscheBank DB 9.59 0.41 s Generac GNRC 188.13 1.42 KoninklijkePhil PHG 50.72 0.58 Newmont NEM 65.20 -0.37 ReynoldsCnsmr REYN 33.42 -0.55 ThorIndustries THO 105.50 -1.76 that include primary market trades as well as quarters. DexCom DXCM 422.79 -4.11 GeneralDynamics GD 153.30 3.49 KoreaElcPwr KEP 8.39 0.08 NewsCorp B NWS 14.85 0.22 RingCentral RNG 285.08 -6.49 3M MMM 163.53 1.82 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Diageo DEO 138.20 2.39 GeneralElec GE 6.63 0.32 KraftHeinz KHC 35.09 0.53 NewsCorp A NWSA 14.87 0.26 RioTinto RIO 61.82 0.29 Tiffany TIF 127.03 1.02 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing DiamondbkEner FANG 40.05 0.84 GeneralMills GIS 64.13 0.11 Kroger KR 36.06 0.15 NextEraEnergy NEE 282.63 0.22 RitchieBros RBA 62.39 -0.68 Toro TTC 75.34 1.50 Nasdaq ISE. standards DigitalRealty DLR 152.85 -1.71 GeneralMotors GM 30.31 1.75 L Brands LB 29.63 -0.34 s Nike NKE 111.83 2.08 RobertHalf RHI 56.19 1.18 TorontoDomBk TD 48.40 1.24 The list comprises the 1,000 largest companies lf-Late filing DiscoverFinSvcs DFS 52.39 2.82 Genmab GMAB 37.35 -0.88 LHC Group LHCG 204.09 -4.13 Nikola NKLA 38.69 -0.68 s RocketCos.RKT 29.11 3.22 Total TOT 39.67 1.33 based on market capitalization. q-Temporary exemption from Nasdaq DiscoveryB DISCB 39.39 0.89 Genpact G 41.90 0.74 Line LN 51.18 0.02 NiSource NI 23.03 0.31 Rockwell ROK 230.79 2.27 ToyotaMotor TM 134.76 0.93 Underlined quotations are those stocks with requirements. DiscoveryA DISCA 22.81 0.82 Gentex GNTX 27.24 0.43 LKQ LKQ 31.65 0.73 Nokia NOK 5.03 0.06 RogersComm B RCI 42.40 -0.03 TractorSupply TSCO 153.52 0.24 large changes in volume compared with the t-NYSE bankruptcy DiscoveryC DISCK 20.68 0.64 GenuineParts GPC 94.99 1.71 LPL Financial LPLA 81.34 1.43 NomuraHoldings NMR 5.15 0.08 Roku ROKU 148.58 1.45 TradeDesk TTD 466.66 4.88 issue’s average trading volume. v-Trading halted on primary market. Disney DIS 130.69 3.25 GileadSciences GILD 66.08 -0.42 L3HarrisTech LHX 182.53 3.94 Nordson NDSN 188.24 -0.44 s Rollins ROL 55.29 0.35 Tradeweb TW 56.15 1.60 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being DocuSign DOCU 204.49 -5.69 GSK GSK 40.24 0.03 LabCpAm LH 179.07 -1.55 NorfolkSouthern NSC 212.22 3.29 RoperTech ROP 432.17 0.18 TraneTech TT 118.92 1.35 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, DolbyLab DLB 70.36 1.00 GlobalPayments GPN 172.32 4.14 LamResearch LRCX 351.02 -2.42 NorthernTrust NTRS 84.26 2.53 RossStores ROST 89.31 2.09 TransDigm TDG 488.50 9.22 previous closing price was $2 or higher. or securities assumed by such companies. DollarGeneral DG 198.32 -0.61 Globant GLOB 173.68 -0.11 LamarAdv LAMR 69.00 3.18 NorthropGrum NOC 344.42 6.56 RoyalBkCanada RY 74.89 0.58 TransUnion TRU 85.24 2.25 DollarTree DLTR 102.29 1.99 GlobeLife GL 84.49 3.76 LambWeston LW 63.66 2.18 NortonLifeLock NLOK 23.46 0.87 RoyalCaribbean RCL 64.43 2.90 Travelers TRV 114.90 3.07 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and DominionEner D 79.10 0.46 GoDaddy GDDY 82.29 -1.36 LasVegasSands LVS 49.81 1.29 Novartis NVS 86.38 -0.02 RoyalDutchA RDS.A 30.53 0.90 s Trex TREX 150.91 1.23 changes in the closing prices from 4 p.m. the previous day. s Domino's DPZ 418.99 -0.71 GoldFields GFI 12.51 0.22 Lear LEA 115.92 3.84 Novavax NVAX 119.26 -18.36 RoyalDutchB RDS.B 28.91 0.89 s Trimble TRMB 52.19 1.49 Donaldson DCI 50.85 0.57 GoldmanSachs GS 207.34 4.91 Leidos LDOS 90.81 1.64 NovoNordisk NVO 65.96 -0.36 RoyalGold RGLD 136.19 -1.62 Trip.com TCOM 28.58 0.46 Dover DOV 111.03 1.09 s Graco GGG 58.16 0.93 s Lennar B LEN.B 62.65 -0.28 Novocure NVCR 79.11 0.51 RoyaltyPharma RPRX 42.73 0.76 TruistFinl TFC 38.65 1.74 Monday, August 24, 2020 Net Net DowDOW 46.12 2.53 Grainger GWW 349.16 -3.45 s Lennar A LEN 78.75 -0.61 NuanceComms NUAN 29.26 0.41 Ryanair RYAAY 82.92 3.62 Twilio TWLO 245.47 -5.79 Net Stock Sym Close Chg Stock Sym Close Chg DrReddy'sLab RDY 60.10 0.06 Grifols GRFS 16.69 ... s LennoxIntl LII 282.58 5.19 Nucor NUE 46.02 1.33 SAP SAP 163.89 3.58 Twitter TWTR 40.49 1.23 Stock Sym Close Chg DraftKings DKNG 35.81 0.66 Grubhub GRUB 74.83 -1.50 LiAuto LI 17.09 2.07 Nutrien NTR 39.06 1.71 s S&P Global SPGI 360.00 -2.01 TylerTech TYL 340.02 0.11 Autohome ATHM 89.02 1.31 CanopyGrowth CGC 16.43 0.41 Dropbox DBX 20.21 0.09 GuardantHealth GH 92.95 -0.53 LibertyBroadbandA LBRDA 138.09 1.28 s NVIDIA NVDA 508.81 1.47 SBA Comm SBAC 301.52 -3.46 TysonFoods TSN 63.55 0.63 A B C Autoliv ALV 70.87 1.57 CapitalOne COF 67.36 3.56 DukeEnergy DUK 81.47 0.47 Guidewire GWRE 109.30 -0.69 LibertyBroadbandC LBRDK 140.82 1.18 SEI Investments SEIC 53.03 1.25 UBS Group UBS 12.27 0.24 ADP ADP 140.66 2.58 CardinalHealth CAH 49.80 -0.05 DukeRealty DRE 38.32 0.16 HCA Healthcare HCA 134.38 1.87 LibertyGlobal C LBTYK 21.65 0.25 O P Q SK Telecom SKM 22.46 0.51 UDR UDR 34.53 0.45 AutoZone AZO 1209.93 0.86 ABB ABB 26.05 0.21 Carlisle CSL 128.58 3.97 Dun&Bradstreet DNB 25.72 0.25 HDFC Bank HDB 49.71 1.31 LibertyGlobal A LBTYA 22.27 0.26 SS&C Tech SSNC 62.89 0.52 UGI UGI 34.29 0.64 Avalara AVLR 120.69 -2.24 OGE Energy OGE 32.50 0.52 AcadiaPharm ACAD 38.00 -0.32 Carlyle CG 26.62 0.02 Dunkin' DNKN 73.13 0.30 HD Supply HDS 40.88 0.10 LibertyFormOne C FWONK 39.55 1.49 StoreCapital STOR 26.97 0.91 Uber UBER 31.04 0.21 Avalonbay AVB 155.78 3.37 s ONEOK OKE 27.26 0.38 ADT ADT 11.37 -0.09 CarMax KMX 108.80 1.88 DuPont DD 56.89 1.75 HP HPQ 18.65 0.42 LibertyFormOne A FWONA 36.95 1.60 SVB Fin SIVB 249.36 9.94 Ubiquiti UI 188.11 2.48 Avangrid AGR 49.90 0.43 OReillyAuto ORLY 463.91 3.58 AECOM ACM 38.75 0.47 Carnival CCL 16.14 1.49 Dynatrace DT 39.51 -0.25 HSBC HSBC 22.25 0.61 LibertyBraves A BATRA 20.02 0.44 Salesforce.com CRM 208.46 0.93 UltaBeauty ULTA 222.50 8.50 s Avantor AVTR 21.42 -0.93 OakStreetHealth OSH 44.97 0.58 AES AES 18.07 0.05 Carnival CUK 13.30 1.15 ENI E 19.27 0.78 Halliburton HAL 16.29 0.55 LibertyBraves C BATRK 19.97 0.57 Sanofi SNY 51.52 0.66 Unilever UN 58.77 0.65 AveryDennison AVY 115.38 0.80 OccidentalPetrol OXY 13.62 0.46 Aflac AFL 37.38 0.96 s CarrierGlobal CARR 30.38 0.86 EOG Rscs EOG 44.33 0.94 HartfordFinl HIG 41.35 1.50 LibertySirius A LSXMA 35.76 1.23 SareptaTherap SRPT 141.20 -0.74 Unilever UL 60.28 0.72 BCE BCE 43.63 0.05 Okta OKTA 205.12 -3.27 AGNC Invt AGNC 14.25 0.24 Carvana CVNA 200.89 -1.31 s EPAM Systems EPAM 313.43 4.87 Hasbro HAS 79.94 3.12 LibertySirius C LSXMK 35.61 1.16 Schlumberger SLB 19.55 0.97 UnionPacific UNP 192.56 0.99 BHP Group BHP 55.29 0.78 s OldDomFreight ODFL 198.83 1.58 ANGI Homesvcs ANGI 14.65 0.75 CaseysGenStores CASY 179.81 1.12 E*TRADE ETFC 54.31 1.33 HealthpeakProp PEAK 27.94 0.49 EliLilly LLY 149.52 0.26 SchwabC SCHW 35.12 0.67 UnitedAirlines UAL 36.32 3.28 BHP Group BBL 45.64 0.53 s Ollie'sBargain OLLI 105.34 -3.96 s Ansys ANSS 325.25 0.75 Catalent CTLT 88.46 1.97 EastmanChem EMN 73.34 2.54 Heico HEI 110.66 4.86 LincolnNational LNC 36.74 1.82 s ScottsMiracleGro SMG 172.79 2.02 UnitedMicro UMC 3.79 0.12 s BJ'sWholesale BJ 47.11 1.03 OmegaHealthcare OHI 30.79 0.30 ASETech ASX 4.14 ... Caterpillar CAT 141.68 3.25 Eaton ETN 102.88 2.29 Heico A HEI.A 90.18 4.61 Linde LIN 248.91 4.61 Sea SE 150.41 2.99 UPS B UPS 160.35 1.32 BP BP 21.91 0.45 Omnicom OMC 54.49 1.94 ASML ASML 377.99 5.87 Celanese CE 103.06 3.25 eBay EBAY 58.78 0.58 HenrySchein HSIC 65.66 -0.49 LithiaMotors LAD 262.50 0.98 Seagate STX 45.61 0.77 UnitedRentals URI 176.97 1.91 B2Gold BTG 6.24 -0.04 ON Semi ON 21.39 0.48 AT&T T 30.03 0.34 Centene CNC 60.28 -2.19 Ecolab ECL 197.52 2.67 Herbalife HLF 49.80 -0.16 LiveNationEnt LYV 54.09 2.97 SealedAir SEE 41.49 0.62 US Bancorp USB 36.75 1.54 Baidu BIDU 122.88 0.43 OneConnectFinTech OCFT 21.61 0.04 Azek AZEK 39.88 -1.15 CenterPointEner CNP 20.22 0.43 Ecopetrol EC 11.53 0.25 Hershey HSY 148.84 1.41 LivongoHealth LVGO 133.36 -6.99 SeattleGenetics SGEN 154.86 -2.64 UnitedHealth UNH 308.84 -5.30 BakerHughes BKR 15.91 0.46 OpenText OTEX 44.24 -0.16 s AbbottLabs ABT 101.39 -1.01 CentraisElBras EBR 6.62 0.54 EdisonInt EIX 52.34 1.08 Hess HES 47.83 0.32 LloydsBanking LYG 1.45 0.03 SempraEnergy SRE 127.37 1.89 UnivDisplay OLED 180.76 0.87 Ball BLL 77.25 0.63 Oracle ORCL 56.01 0.82 AbbVie ABBV 94.51 -0.35 CenturyLink CTL 11.42 0.41 EdwardsLife EW 78.71 ... HewlettPackard HPE 9.62 0.29 LockheedMartin LMT 395.04 5.47 SensataTechs ST 41.29 1.09 UniversalHealthB UHS 111.08 2.38 BancoBilbaoViz BBVA 2.88 0.05 Orange ORAN 11.77 0.20 Abiomed ABMD 304.95 -2.62 CeridianHCM CDAY 74.23 0.03 ElancoAnimal ELAN 27.42 0.32 Hill-Rom HRC 94.52 -0.72 Loews L 36.61 1.29 ServiceCorp SCI 46.17 0.26 VEREIT VER 6.92 0.18 BancoBradesco BBDO 3.55 0.15 Orix IX 61.78 0.74 s Accenture ACN 237.75 0.26 Cerner CERN 72.36 0.54 Elastic ESTC 103.35 -2.59 Hilton HLT 88.40 1.05 LogitechIntl LOGI 74.15 -0.68 s ServiceNow NOW 448.10 -1.32 VF VFC 65.98 4.32 BancodeChile BCH 17.48 0.03 OtisWorldwide OTIS 63.80 0.17 ActivisionBliz ATVI 83.10 -0.11 CharlesRiverLabs CRL 215.41 -0.96 ElbitSystems ESLT 136.75 2.34 Hologic HOLX 65.33 -1.42 s Lowe's LOW 165.63 3.91 ShawComm B SJR 19.09 -0.06 VICI Prop VICI 22.99 0.47 BancSanBrasil BSBR 5.23 0.10 s OwensCorning OC 68.92 0.74 AdaptiveBiotech ADPT 41.60 -1.64 s CharterComms CHTR 612.53 -1.43 ElectronicArts EA 142.33 1.12 HomeDepot HD 286.75 3.52 s lululemon LULU 376.31 7.56 s SherwinWilliams SHW 671.41 -4.41 VailResorts MTN 225.69 8.56 BcoSantChile BSAC 16.00 ... PG&E PCG 9.13 0.05 s Adobe ADBE 476.30 3.08 CheckPoint CHKP 129.68 1.31 EmergentBiosol EBS 125.55 -2.49 HondaMotor HMC 25.17 0.24 Lumentum LITE 84.50 -1.24 ShinhanFin SHG 25.93 0.20 Vale VALE 11.30 0.22 BancoSantander SAN 2.22 0.07 PLDT PHI 28.62 0.19 AdvanceAuto AAP 157.14 1.03 Chegg CHGG 73.46 -4.33 EmersonElec EMR 69.65 1.79 Honeywell HON 159.37 1.87 Lyft LYFT 28.98 0.05 Shopify SHOP 999.32 -21.80 ValeroEnergy VLO 54.99 2.37 BanColombia CIB 27.31 0.72 PNC Fin PNC 109.80 3.35 AdvMicroDevices AMD 83.08 -0.73 Chemed CHE 505.35 -5.49 Enbridge ENB 32.80 -0.01 HorizonTherap HZNP 73.29 -2.06 LyondellBasell LYB 69.59 3.92 Sibanye-Stillwater SBSW 11.66 0.06 VarianMed VAR 172.74 0.24 BankofAmerica BAC 25.69 0.71 POSCO PKX 41.74 0.46 Vedanta VEDL 6.90 0.03 AgilentTechs A 97.60 -0.70 CheniereEnergy LNG 53.30 1.65 EncompassHealth EHC 61.74 0.09 s HormelFoods HRL 52.64 -0.04 SimonProperty SPG 68.50 3.98 BankofMontreal BMO 58.24 0.97 s PPD PPD 33.00 1.15 VeevaSystems VEEV 259.64 -7.30 AgnicoEagle AEM 78.66 -0.84 CheniereEnerPtrs CQP 38.15 -0.86 EnelAmericas ENIA 7.23 0.03 s DR Horton DHI 76.17 -0.80 M N SiriusXM SIRI 5.85 0.03 BankNY Mellon BK 36.40 0.67 PPG Ind PPG 121.08 2.85 Ventas VTR 42.29 0.65 AirProducts APD 287.65 1.21 Chevron CVX 87.20 2.12 EnergyTransfer ET 6.61 -0.04 HostHotels HST 11.09 0.49 Skyworks SWKS 142.25 0.20 BkNovaScotia BNS 42.60 0.47 M&T Bank MTB 105.83 3.37 PPL PPL 28.37 0.33 VeriSign VRSN 207.30 0.57 AkamaiTech AKAM 110.87 0.23 Chewy CHWY 57.06 0.09 EnphaseEnergy ENPH 73.36 0.22 HowmetAerospace HWM 17.44 0.53 SlackTech WORK 28.29 -0.79 Barclays BCS 5.74 0.13 MGM Resorts MGM 22.27 1.11 PRA HealthSci PRAH 101.56 -1.08 VeriskAnalytics VRSK 185.11 -0.54 Albemarle ALB 91.98 2.24 ChinaEastrnAir CEA 19.49 -0.28 Entegris ENTG 69.30 -0.13 HuanengPower HNP 18.83 -0.13 SmithAO AOS 49.71 0.76 BarrickGold GOLD 28.97 -0.34 MKS Instrum MKSI 121.35 0.17 PTC PTC 87.10 -0.26 Verizon VZ 59.57 0.58 Albertsons ACI 14.57 -0.33 ChinaLifeIns LFC 12.23 0.10 Entergy ETR 98.64 0.51 Huazhu HTHT 41.62 1.13 Smith&Nephew SNN 39.79 0.38 BauschHealth BHC 16.95 0.56 MPLX MPLX 18.58 -0.17 Paccar PCAR 86.90 -0.12 VertxPharm VRTX 267.43 -3.85 Alcon ALC 58.83 0.22 ChinaMobile CHL 37.89 0.31 EnterpriseProd EPD 18.08 -0.04 Hubbell HUBB 145.96 1.93 Smucker SJM 112.99 0.90 BaxterIntl BAX 83.85 0.76 MSCI MSCI 363.99 0.30 PackagingCpAm PKG 99.72 3.76 ViacomCBS B VIAC 27.64 1.13 AlexandriaRlEst ARE 171.21 0.52 ChinaPetrol SNP 45.93 0.78 Equifax EFX 159.38 0.44 HubSpot HUBS 284.52 0.11 Snap SNAP 20.87 -0.73 BectonDicknsn BDX 254.95 -2.77 MagellanMid MMP 39.48 -0.63 PagSeguroDig PAGS 43.82 0.73 ViacomCBS A VIACA 30.66 0.91 AlexionPharm ALXN 102.43 1.92 ChinaSoAirlines ZNH 24.83 -0.10 Equinix EQIX 772.47 -9.70 Humana HUM 406.08 -12.71 SnapOn SNA 149.26 1.36 BeiGene BGNE 237.39 -3.13 s MagnaIntl MGA 51.19 0.53 PaloAltoNtwks PANW267.07 -2.26 Vipshop VIPS 17.20 -0.31 s Alibaba BABA 276.02 10.22 ChinaTelecom CHA 34.71 -0.31 Equinor EQNR 16.47 0.62 JBHunt JBHT 141.63 0.21 SOQUIMICH SQM 32.61 0.59 Berkley WRB 61.61 1.43 ChinaUnicom CHU ManhattanAssoc MANH 94.90 0.77 PanAmerSilver PAAS 33.08 -0.14 VirBiotech VIR 42.95 -9.91 AlignTech ALGN 295.08 0.79 8.10 -0.05 Equitable EQH 21.53 0.88 HuntingtonBcshs HBAN 9.55 0.44 SolarEdgeTech SEDG 210.84 -2.45 BerkHathwy B BRK.B 212.61 5.18 s Chipotle CMG 1241.75 -11.49 HuntingIngalls HII ManulifeFin MFC 15.12 0.33 ParkerHannifin PH 209.77 3.45 Visa V 206.41 2.28 Alleghany Y 546.37 7.73 EquityLife ELS 66.20 0.51 162.18 3.55 SolarWinds SWI 20.48 0.56 BerkHathwy A BRK.A 3188007674.00 Chubb CB 124.42 2.50 IAA IAA 50.56 1.73 MarathonPetrol MPC 36.81 1.41 Paychex PAYX 75.52 1.61 Vistra VST 19.30 0.20 Allegion ALLE 102.90 2.63 EquityResdntl EQR 55.91 1.22 Sony SNE 79.77 1.02 BerryGlobal BERY 52.31 -0.28 ChunghwaTel CHT 37.03 0.06 ICICI Bank IBN 10.38 0.21 Markel MKL 1089.07 19.85 PaycomSoftware PAYC 284.43 -2.78 VMware VMW 142.25 3.40 AlliantEnergy LNT 54.65 0.57 ErieIndemnity A ERIE 209.09 -3.54 Southern SO 52.86 0.49 s BestBuy BBY 117.37 3.37 Church&Dwight CHD 96.63 0.13 IdexxLab IDXX 380.62 -2.84 MarketAxess MKTX 489.48 -10.36 Paylocity PCTY 135.77 0.20 Vodafone VOD 15.39 0.40 Allstate ALL 95.00 0.51 EssentialUtil WTRG 43.60 0.40 SoCopper SCCO 46.61 0.62 BeyondMeat BYND 124.51 -1.49 ChurchillDowns CHDN 172.54 -1.69 EssexProp ESS 215.14 2.12 IHS Markit INFO 81.91 0.29 Marriott MAR 97.89 2.62 PayPal PYPL 198.88 2.09 VornadoRealty VNO 36.97 1.51 AllyFinancial ALLY 22.91 1.30 SouthwestAir LUV 36.91 2.22 Bilibili BILI 46.12 1.13 Ciena CIEN 59.60 -0.26 EsteeLauder EL 212.57 5.56 ING Groep ING 8.03 0.32 Marsh&McLen MMC 112.62 -0.85 s Pegasystems PEGA 122.13 2.26 VoyaFinancial VOYA 52.12 2.04 AlnylamPharm ALNY 131.75 -4.85 Splunk SPLK 202.23 -0.12 Bill.com BILL 93.61 -3.10 Cigna CI 177.68 -0.62 Etsy ETSY 128.74 -1.63 IPG Photonics IPGP 151.74 1.16 MartinMarietta MLM 212.04 2.38 Peloton PTON 66.87 -2.48 Vroom VRM 65.72 3.59 s Alphabet A GOOGL 1585.15 9.58 Spotify SPOT 269.13 -1.85 Bio-Techne TECH 250.33 -7.49 CincinnatiFin CINF 79.52 2.18 EverestRe RE 218.63 4.82 IQVIA IQV 156.24 -1.33 MarvellTech MRVL 34.72 1.25 PembinaPipeline PBA 26.11 0.01 VulcanMatls VMC 124.67 -1.16 s Alphabet C GOOG 1588.20 7.78 Square SQ 151.79 -3.31 Bio-RadLab A BIO 511.17 -6.78 s Cintas CTAS 325.36 4.97 Evergy EVRG 50.74 0.33 IcahnEnterprises IEP 50.45 -1.81 Masco MAS 59.07 0.37 PennNational PENN 55.74 0.14 Alteryx AYX 109.96 -1.86 StanleyBlackDck SWK 160.37 1.19 Biogen BIIB 276.56 -0.51 CiscoSystems CSCO 42.18 -0.07 EversourceEner ES 85.88 -0.66 Icon ICLR 185.22 -1.62 Masimo MASI 214.33 -4.86 Pentair PNR 46.45 0.43 W X Y Z AlticeUSA ATUS 26.65 0.13 Starbucks SBUX 78.68 1.61 BioMarinPharm BMRN 73.00 -2.03 Citigroup C 51.06 1.76 ExactSciences EXAS 80.21 0.04 s IDEX IEX 180.59 1.74 Mastercard MA 343.64 6.54 Penumbra PEN 230.65 -2.02 Altria MO 44.04 0.58 StateStreet STT 68.94 1.39 WEC Energy WEC 92.24 0.25 BioNTech BNTX 70.85 -2.17 CitizensFin CFG 25.23 1.04 Exelixis EXEL 21.64 -0.61 IllinoisToolWks ITW 197.27 2.13 MaximIntProducts MXIM 69.10 0.59 PepsiCo PEP 137.64 1.18 AlumofChina ACH 6.66 ... SteelDynamics STLD 30.30 0.71 WEX WEX BlackKnight BKI 81.54 0.82 CitrixSystems CTXS 142.80 -0.43 Exelon EXC 37.69 1.17 Illumina ILMN 348.87 -4.20 McCormickVtg MKC.V 202.56 -0.18 PerkinElmer PKI 115.22 -1.68 160.18 7.99 s Amazon.com AMZN 3307.46 22.74 s Stericycle SRCL 63.93 0.67 W.P.Carey WPC 71.59 0.92 BlackRock BLK 591.45 7.41 Clarivate CCC 28.79 -0.15 Expedia EXPE 95.46 4.36 Immunomedics IMMU 40.69 -0.64 McCormick MKC 202.84 -0.31 Perrigo PRGO 52.34 -0.06 Ambev ABEV 2.33 ... Steris STE 153.12 -0.34 WPP WPP 40.67 1.37 Blackstone BX 53.30 0.33 Clorox CLX 223.13 -3.20 ExpeditorsIntl EXPD 87.14 0.85 ImperialOil IMO 17.02 0.77 McDonalds MCD 212.62 1.05 PetroChina PTR 34.95 0.23 Amcor AMCR 10.87 -0.24 STMicroelec STM 29.69 0.94 Wabtec WAB 65.91 1.12 Boeing BA 178.27 10.77 Cloudflare NET 38.09 -0.83 ExtraSpaceSt EXR 106.24 0.93 Incyte INCY 94.04 -0.07 McKesson MCK 149.66 -1.31 PetroleoBrasil PBR 8.45 0.20 Amdocs DOX 60.34 0.68 StoneCo STNE 50.00 0.15 WalgreensBoots WBA 39.74 0.28 BookingHldgs BKNG 1834.44 55.07 Coca-Cola KO 47.97 0.69 ExxonMobil XOM 42.22 1.21 Infosys INFY 12.79 0.19 MedicalProp MPW 18.80 0.42 PetroleoBrasilA PBR.A 8.22 0.16 s Amedisys AMED 238.36 -4.60 Medtronic MDT Stryker SYK 188.70 -0.08 Walmart WMT 131.33 -0.30 s BoozAllen BAH 87.38 1.06 Coca-Cola Euro CCEP 41.04 1.89 F5Networks FFIV 136.19 0.87 IngersollRand IR 35.44 0.73 100.13 1.40 Pfizer PFE 38.84 -0.04 Amerco UHAL 355.11 4.93 MelcoResorts MLCO 19.31 0.13 SumitomoMits SMFG 5.76 0.10 WarnerMusic WMG 30.10 0.16 BorgWarner BWA 41.38 0.79 Coca-Cola Femsa KOF 43.64 0.52 FMC FMC 108.76 1.43 Inphi IPHI 115.07 1.39 PhilipMorris PM 79.63 1.57 Ameren AEE 81.25 0.53 MercadoLibre MELI 1212.09 9.81 SunComms SUI 147.78 0.62 WasteConnections WCN 100.13 0.75 s BostonBeer SAM 891.87 8.62 Cognex CGNX 67.07 1.05 Facebook FB 271.39 4.38 Insulet PODD 209.96 1.36 Phillips66 PSX 63.65 2.68 AmericaMovil AMX 12.64 -0.04 Merck MRK 85.42 0.44 SunLifeFinancial SLF 43.24 0.56 WasteMgt WM 112.51 1.35 BostonProps BXP 87.13 2.87 CognizantTech CTSH 67.62 1.90 FactSet FDS 357.37 1.27 Intel INTC 49.14 -0.14 Pinduoduo PDD 83.16 -0.84 AmericaMovil A AMOV 12.48 -0.02 MetLife MET 38.62 1.34 SuncorEnergy SU 16.58 0.75 Waters WAT 215.02 -1.22 BostonSci BSX 38.94 0.51 s ColgatePalm CL 79.13 0.44 FairIsaac FICO 420.66 -0.94 InteractiveBrkrs IBKR 51.94 0.44 PinnacleWest PNW 75.15 0.89 AmerAirlines AAL 13.44 1.28 MettlerToledo MTD 947.94 -12.04 s Watsco WSO 243.35 2.99 BrightHorizons BFAM 129.35 0.78 Comcast A CMCSA 43.80 0.73 Farfetch FTCH 29.16 -0.16 s ICE ICE 105.81 1.61 Pinterest PINS 32.90 -1.29 SunRun RUN 51.00 2.77 AEP AEP 80.78 1.70 MicrochipTech MCHP 107.42 -0.51 s Wayfair W 338.00 -2.66 BristolMyers BMY 62.41 0.22 CommerceBcshrs CBSH 60.07 1.58 s Fastenal FAST 47.88 -0.66 InterContinentl IHG 56.07 0.51 PioneerNatRscs PXD 104.75 2.64 Suzano SUZ 9.29 0.07 AmerExpress AXP 99.33 3.18 MicronTech MU 43.76 1.10 Weibo WB 34.79 1.00 BritishAmTob BTI 34.78 0.96 SABESP SBS 9.11 -0.12 Fastly FSLY 84.21 -0.84 IBM IBM 125.68 2.52 PlainsAllAmPipe PAA 7.17 -0.11 SynchronyFin SYF 25.25 1.34 AmHomes4Rent AMH 28.51 -0.18 Microsoft MSFT 213.69 0.67 WellsFargo WFC 24.49 0.85 s Broadcom AVGO 334.00 3.98 ConagraBrands CAG 38.26 0.44 FederalRealty FRT 81.93 1.61 IntlFlavors IFF 122.89 2.34 PlainsGP PAGP 7.42 -0.09 SyneosHealth SYNH 59.70 -0.17 AIG AIG 29.55 1.28 MidAmApt MAA 115.69 0.85 Welltower WELL 57.42 1.29 BroadridgeFinl BR 138.37 1.50 ConchoRscs CXO 50.11 1.62 s FedEx FDX 217.40 6.91 IntlPaper IP 37.27 2.09 Polaris PII 103.66 2.83 Synnex SNX 127.08 2.87 AmerTowerREIT AMT 245.44 -3.90 s MiratiTherap MRTX 148.83 3.84 WestPharmSvcs WST 269.67 -1.81 BrookfieldMgt BAM 34.11 0.26 ConocoPhillips COP 38.87 0.71 Ferrari RACE 195.43 1.62 Interpublic IPG 18.33 0.85 s Pool POOL 334.72 1.35 s Synopsys SNPS 213.77 0.67 AmerWaterWorks AWK 143.88 0.24 MitsubishiUFJ MUFG 4.08 0.06 WesternDigital WDC 34.54 0.83 BrookfieldInfr BIP 45.86 1.16 ConEd ED 74.32 2.12 FiatChrysler FCAU 11.31 0.32 s Intuit INTU 333.12 10.89 PrincipalFin PFG 44.62 2.02 Sysco SYY 59.51 2.05 AmericoldRealty COLD 38.22 -0.50 MizuhoFin MFG 2.70 0.01 WesternUnion WU 23.92 0.43 BrookfieldPropREIT BPYU 11.95 0.31 ConstBrands A STZ 181.49 2.20 FidNatlFin FNF 33.43 0.76 IntuitiveSurgical ISRG 695.74 1.86 s Procter&Gamble PG 138.51 1.07 Ameriprise AMP 157.72 3.21 MobileTeleSys MBT 9.49 0.03 s BrookfieldRenew BEPC 53.27 2.17 ConstBrands B STZ.B 179.73 0.84 FidNatlInfo FIS 141.67 -0.13 InvitatHomes INVH 29.11 0.02 s Progressive PGR 92.00 0.18 T U V WestlakeChem WLK 59.78 3.27 AmerisourceBrgn ABC 97.57 -0.58 Moderna MRNA 64.88 -1.57 Brown&Brown BRO 45.72 0.20 ContinentalRscs CLR 17.59 0.46 FifthThirdBncp FITB 20.50 0.94 IonisPharma IONS 52.13 -0.54 Prologis PLD 102.00 -1.04 WestpacBanking WBK 12.41 0.08 Ametek AME 100.80 0.56 MohawkInds MHK 93.51 3.19 TAL Education TAL 74.56 0.47 Brown-Forman A BF.A 66.23 0.20 Cooper COO 301.91 0.31 58.com WUBA 55.70 0.01 iQIYI IQ 19.46 0.44 Proofpoint PFPT 111.78 1.70 WestRock WRK 31.28 2.82 Amgen AMGN 235.57 -2.07 MolinaHealthcare MOH 181.59 -6.96 TC Energy TRP 49.18 -0.37 Brown-Forman B BF.B 72.83 0.75 Copart CPRT 100.83 0.14 FirstRepBank FRC 115.09 2.12 s iRhythmTechs IRTC 214.41 7.15 PrudentialFin PRU 69.09 2.78 Weyerhaeuser WY 29.21 0.39 Amphenol APH 108.75 0.51 MolsonCoorsA TAP.A 47.00 -3.40 TD Ameritrade AMTD 38.01 0.69 Bruker BRKR 42.00 -0.32 s Corning GLW 33.37 0.90 FirstSolar FSLR 76.52 2.42 IronMountain IRM 30.34 0.13 Prudential PUK 31.99 0.30 WheatonPrecMet WPM 51.16 -0.70 AnalogDevices ADI 117.23 1.21 MolsonCoorsB TAP 38.02 1.22 TE Connectivity TEL 94.68 1.14 Bunge BG 46.83 0.06 Corteva CTVA 28.54 0.10 FirstEnergy FE 28.31 0.20 ItauUnibanco ITUB 4.35 0.09 PublicServiceEnt PEG 53.90 0.62 Whirlpool WHR 181.38 0.60 Anaplan PLAN 47.51 -1.40 MomentaPharm MNTA 52.15 -0.17 Telus TU 18.48 0.14 BurlingtonStrs BURL 194.21 1.46 CoStar CSGP 852.96 19.67 Fiserv FISV 96.22 0.59 PublicStorage PSA 206.56 0.01 Williams WMB 21.68 0.27 AngloGoldAsh AU 28.26 0.36 Mondelez MDLZ 57.98 0.51 TIM Part TSU 13.19 0.09 s CACI Intl CACI 235.41 3.28 s Costco COST 344.13 -0.48 FiveBelow FIVE 113.44 3.99 J K L s PulteGroup PHM 47.62 0.14 Williams-Sonoma WSM 99.26 0.16 AB InBev BUD 57.34 1.72 MongoDB MDB 210.99 -5.67 TJX TJX 53.41 1.73 CBRE Group CBRE 47.01 2.10 CoupaSoftware COUP 297.38 -3.63 Five9 FIVN 123.13 -2.28 s Qiagen QGEN 51.62 -0.75 WillisTowers WLTW 194.60 -3.48 AnnalyCap NLY 7.48 0.18 s MonolithicPower MPWR 268.11 -4.64 T-MobileUS TMUS 115.26 0.25 CDW CDW 112.29 1.52 Credicorp BAP 128.75 2.60 FleetCorTech FLT 240.09 1.42 JD.com JD 76.18 1.20 Qorvo QRVO 131.94 1.27 Wipro WIT 4.27 0.05 Anthem ANTM 279.16 -5.47 MonsterBev MNST 83.69 0.96 TRowePrice TROW 135.93 1.11 CF Industries CF 33.57 1.20 CreditAcceptance CACC 476.67 12.96 s Floor&Decor FND 72.86 0.61 Joyy YY 89.85 2.98 Qualcomm QCOM 115.91 2.91 Wix.com WIX 279.24 -5.16 Aon AON 190.17 -3.47 Moody's MCO 284.22 -0.25 TaiwanSemi TSM 78.90 0.56 CGI GIB 69.34 -0.38 CreditSuisse CS 11.15 0.19 FomentoEconMex FMX 58.97 0.75 JPMorganChase JPM 100.06 2.74 QuantaServices PWR 50.90 1.32 Workday WDAY 191.60 -1.05 ApolloGlbMgmt APO 45.56 -1.47 MorganStanley MS 52.37 1.27 TakeTwoSoftware TTWO 172.55 -0.59 CH Robinson CHRW 96.98 0.49 Cree CREE 61.93 1.56 FordMotor F 6.98 0.32 JackHenry JKHY 164.73 -1.12 QuestDiag DGX 117.60 -0.23 WynnResorts WYNN 86.79 4.00 s Apple AAPL503.43 5.95 Morningstar MORN 156.72 -0.24 TakedaPharm TAK 19.19 0.35 CME Group CME 175.21 1.35 CrowdStrike CRWD 111.25 -0.77 Fortinet FTNT 133.06 1.35 JacobsEngg J 89.37 0.55 Quidel QDEL 228.21 -13.31 XP XP 46.14 2.62 ApplMaterials AMAT 63.74 1.47 TandemDiabetes TNDM 107.30 -1.41 CMS Energy CMS 60.84 0.45 CrownCastle CCI 161.01 -2.16 Fortis FTS 40.25 -0.13 JamesHardie JHX 23.07 0.40 Mosaic MOS 18.50 1.01 XPO Logistics XPO 86.02 1.48 Aptargroup ATR 119.11 1.31 Target TGT 153.24 -0.39 CNA Fin CNA 32.61 0.81 CrownHoldings CCK 75.43 0.46 Fortive FTV 72.00 0.28 JazzPharma JAZZ 123.41 -0.31 MotorolaSol MSI 153.97 2.05 R S XcelEnergy XEL 70.41 0.80 Aptiv APTV 85.50 1.62 TeckRscsB TECK 11.46 0.11 CNH Indl CNHI 7.83 0.18 CubeSmart CUBE 31.30 0.32 FortBrandsHome FBHS 85.42 0.21 J&J JNJ 152.15 0.40 Mylan MYL 16.33 0.34 Xilinx XLNX 102.47 0.47 RELX RELX 23.03 0.30 TeladocHealth TDOC 210.63 -12.78 Aramark ARMK 25.65 1.61 CNOOC CEO 115.85 0.91 Cummins CMI 211.12 2.09 FoxA FOXA 26.98 0.98 JohnsonControls JCI 40.99 0.40 NICE NICE 217.59 -7.78 Xylem XYL 81.40 2.00 RH RH 323.34 2.23 TelecomArgentina TEO 6.92 -0.53 ArcelorMittal MT 11.79 0.45 CRH CRH 39.59 0.77 CureVac CVAC 62.65 -4.55 FoxB FOX 27.05 1.04 JuniperNetworks JNPR 23.84 0.22 NIO NIO 14.97 0.85 s Yandex YNDX 65.26 1.69 s RPM RPM 86.14 0.42 TeledyneTech TDY 316.32 6.52 ArchCapital ACGL 31.95 1.05 CRISPR Therap CRSP 86.59 -3.87 CyrusOne CONE 80.10 -2.10 Franco-Nevada FNV 146.50 -2.03 KB Fin KB 31.28 0.44 NRG Energy NRG 34.70 0.17 YumBrands YUM 96.56 0.46 RaymondJames RJF 76.48 2.78 Teleflex TFX 370.85 -0.78 ArcherDaniels ADM 44.45 0.86 CSX CSX 75.11 0.98 FranklinRscs BEN 21.57 0.58 KE Holdings BEKE 46.06 4.19 s NVR NVR 4310.09 86.33 YumChina YUMC 54.59 -0.05 RaytheonTech RTX 61.88 1.61 Ericsson ERIC 11.56 0.16 AresMgmt ARES 39.42 -0.33 CVS Health CVS 63.87 -0.07 D E F FreeportMcM FCX 14.56 0.20 KKR KKR 34.79 -0.03 NXP Semi NXPI 123.78 2.28 ZTO Express ZTO 32.04 0.17 RealPage RP 61.36 1.41 TelefonicaBras VIV 8.89 0.13 arGEN-X ARGX 232.77 -3.41 CableOne CABO 1841.74 15.44 FreseniusMed FMS 43.03 0.10 KLA KLAC 208.36 4.39 Nasdaq NDAQ 131.58 1.66 ZaiLab ZLAB 80.28 -0.09 AristaNetworks ANET 218.83 -3.74 CabotOil COG 19.51 -0.01 DISH Network DISH 34.58 1.05 KSCitySouthern KSU 183.59 0.81 NationalGrid NGG 58.18 0.74 RealtyIncome O 62.44 1.32 Telefonica TEF 4.21 0.09 ZebraTech ZBRA 275.39 0.06 ArrowElec ARW 77.18 1.92 s CadenceDesign CDNS 111.28 0.71 DTE Energy DTE 117.97 2.14 G H I Kellogg K 69.58 0.69 NatlRetailProp NNN 36.16 1.18 RegencyCtrs REG 41.05 0.59 TelekmIndonesia TLK 20.15 0.15 Zendesk ZEN 86.47 0.25 AscendisPharma ASND 138.36 -2.29 CaesarsEnt CZR 44.72 0.02 DadaNexus DADA 29.95 0.69 KeurigDrPepper KDP 29.16 0.23 Natura&Co NTCO 18.02 0.45 RegenPharm REGN 594.77 -10.72 10xGenomics TXG 105.83 -3.80 Zillow C Z 83.60 0.40 AspenTech AZPN 125.37 1.91 CamdenProperty CPT 88.16 0.50 s Danaher DHR 205.56 -2.24 GCI LibertyA GLIBA 80.99 0.59 KeyCorp KEY 12.39 0.44 NatWest NWG 2.98 0.05 RegionsFin RF 11.54 0.57 Tenaris TS 11.94 0.43 Zillow A ZG 83.36 0.47 Assurant AIZ 123.68 3.04 CampbellSoup CPB 52.69 0.15 Darden DRI 82.88 0.17 GDS Holdings GDS 79.05 0.03 KeysightTechs KEYS 96.29 0.41 nCino NCNO 84.80 2.20 ReinsGrp RGA 95.03 4.67 TencentMusic TME 15.25 0.24 ZimmerBiomet ZBH 136.81 0.65 AstraZeneca AZN 56.76 1.05 CIBC CM 74.93 0.64 Datadog DDOG 84.34 -1.78 GFLEnvironmental GFL 19.00 -0.32 KilroyRealty KRC 58.15 1.23 NetApp NTAP 42.30 1.05 RelianceSteel RS 105.79 2.30 Teradyne TER 89.09 1.09 Zoetis ZTS 156.76 -1.61 Athene ATH 37.10 1.73 s CanNtlRlwy CNI 105.94 0.12 DaVita DVA 87.57 0.77 GSXTechedu GSX 87.50 -2.76 KimberlyClark KMB 157.42 0.12 NetEase NTES 492.89 7.91 RenaissanceRe RNR 177.62 5.01 s Tesla TSLA 2014.20 -35.78 ZoomVideo ZM 282.28 -7.40 Atlassian TEAM 168.93 2.29 CanNaturalRes CNQ 20.17 0.80 DeckersOutdoor DECK 209.28 -0.11 Galapagos GLPG 134.83 -2.33 KinderMorgan KMI 14.24 0.13 Netflix NFLX 488.81 -3.50 Repligen RGEN 145.99 -5.65 TevaPharm TEVA 9.63 -0.26 ZoomInfoTech ZI 37.04 0.21 AtmosEnergy ATO 101.91 1.07 CanPacRlwy CP 298.13 -0.57 s Deere DE 205.40 5.90 Gallagher AJG 104.02 0.55 KingsoftCloud KC 33.41 -0.85 Neurocrine NBIX 111.49 -1.62 RepublicSvcs RSG 91.08 1.27 s TexasInstruments TXN 141.02 0.69 Zscaler ZS 135.74 0.52 s Autodesk ADSK 251.80 3.53 Canon CAJ 17.30 -0.14 DellTechC DELL 61.56 1.10 Gaming&Leisure GLPI 37.24 0.26 KinrossGold KGC 8.50 -0.15 NewOrientalEduc EDU 136.55 -1.98 ResMed RMD 176.42 -2.95 Textron TXT 39.29 1.69 Zynga ZNGA 9.22 -0.09

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShJPMUSDEmgBd EMB iShSilver SLV VangdHlthCr VHT Monday, August 24, 2020 Closing Chg YTD 113.89 0.20 –0.6 24.60 –1.20 47.5 Schwab US TIPs SCHP 61.61 0.20 8.8 203.65 –0.58 6.2 iShMBSETF MBB 110.58 –0.08 2.3 iShTIPSBondETF TIP 126.30 0.20 8.3 SPDR DJIA Tr DIA 283.18 1.39 –0.7 VangdHiDiv VYM 83.88 1.50 –10.5 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 81.48 1.07 2.8 iSh1-3YTreasuryBd SHY 86.50 –0.01 2.2 SPDR S&PMdCpTr MDY 353.79 1.51 –5.8 VangdIntermBd BIV 93.73 –0.06 7.5 ETF Symbol Price (%) (%) iShCoreMSCITotInt IXUS 59.44 1.21 –4.0 iShMSCI EAFE EFA 65.27 1.32 –6.0 iSh7-10YTreasuryBd IEF 121.95 –0.14 10.6 SPDR S&P 500 SPY 342.92 1.01 6.5 VangdIntrCorpBd VCIT 96.35 –0.02 5.5 iShCoreS&P500 IVV 344.35 1.03 6.5 CommSvsSPDR XLC 61.49 1.22 14.7 iShMSCIEmgMarkets EEM 44.77 1.11 –0.2 iSh20+YTreasuryBd TLT 165.93 –0.16 22.5 SPDR S&P Div SDY 97.08 1.69 –9.8 VangdLC VV 159.40 0.96 7.8 CnsmrDiscSelSector XLY 148.40 18.3 iShCoreS&P MC IJH 193.70 1.48 –5.9 1.52 iShNasdaqBiotech IBB 131.05 –1.17 8.7 iShRussellMCGrowth IWP 171.73 –0.07 12.6 TechSelectSector XLK 118.96 0.86 29.8 VangdMC VO 178.23 0.89 0.0 CnsStapleSelSector XLP 64.85 0.86 3.0 iShCoreS&P SC IJR 74.94 1.81 –10.6 iShNatlMuniBd MUB 116.42 0.16 2.2 iShUSTreasuryBdETF GOVT 28.03 –0.04 8.1 VangdMBS VMBS 54.35 –0.07 2.2 UtilitiesSelSector XLU 59.94 0.88 –7.2 EnSelectSectorSPDR XLE 37.02 2.75 –38.3 iShS&PTotlUSStkMkt ITOT 77.20 1.05 6.2 iShPfd&Incm PFF 36.69 0.44 –2.4 JPM UltShtIncm JPST 50.84 –0.01 0.8 VangdRealEst VNQ 81.40 0.64 –12.3 VanEckGoldMiner GDX 40.65 –0.59 38.8 FinSelSectorSPDR XLF 24.89 2.39 –19.1 iShCoreUSAggBd AGG 118.63 –0.04 5.6 iShRussell1000Gwth IWF 219.56 0.47 24.8 PIMCOEnhShMaturity MINT 101.90 0.01 0.3 VangdS&P500ETF VOO 315.10 1.02 6.5 VangdInfoTech VGT 316.14 0.81 29.1 FT DJ Internet FDN 187.90 –0.09 35.1 iShSelectDividend DVY 85.61 2.61 –19.0 iShRussell1000 IWB 190.91 0.96 7.0 SPDR BlmBarcHYBd JNK 105.70 0.54 –3.5 VangdST Bond BSV 83.11 –0.01 3.1 VangdSC Val VBR 116.39 1.99 –15.1 HealthCareSelSect XLV 106.33 –0.46 4.4 iShEdgeMSCIMinEAFE EFAV 69.44 0.87 –6.8 iShRussell1000Val IWD 121.57 1.49 –10.9 SPDRBloomBar1-3MTB BIL 91.54 ... 0.1 VangdSTCpBd VCSH 82.98 –0.02 2.4 VangdSC Grwth VBK 215.65 0.31 8.5 IndSelSectorSPDR XLI 77.83 1.81 –4.5 iShEdgeMSCIMinUSA USMV 64.37 0.64 –1.9 iShRussell2000 IWM 156.23 1.05 –5.7 SPDR Gold GLD 181.00 –0.57 26.7 VangdSC VB 158.16 1.13 –4.5 InvscQQQI QQQ 283.63 0.62 33.4 iShEdgeMSCIUSAMom MTUM 147.21 –0.33 17.2 iShRussellMid-Cap IWR 58.40 1.23 –2.0 SchwabIntEquity SCHF 32.05 1.26 –4.7 VangdDivApp VIG 129.10 0.89 3.6 VangdTotalBd BND 88.67 –0.11 5.7 InvscS&P500EW RSP 111.04 1.64 –4.0 iShEdgeMSCIUSAQual QUAL 105.74 1.10 4.7 iShRussellMCValue IWS 83.34 1.76 –12.1 SchwabUS BrdMkt SCHB 81.65 1.00 6.2 VangdFTSEDevMk VEA 41.90 1.21 –4.9 VangdTotIntlBd BNDX 58.06 0.03 2.6 iSh3-7YTreasuryBd IEI 133.58 –0.05 6.2 iShGoldTr IAU 18.40 –0.43 26.9 iShS&P500Growth IVW 236.09 0.81 21.9 SchwabUS Div SCHD 57.52 2.08 –0.7 VangdFTSE EM VWO 44.41 1.00 –0.1 VangdTotIntlStk VXUS 53.60 1.15 –3.8 iShCoreDivGrowth DGRO 40.92 1.29 –2.7 iShiBoxx$InvGrCpBd LQD 136.21 –0.18 6.4 iShS&P500Value IVE 115.88 1.36 –10.9 SchwabUS LC SCHX 82.49 1.00 7.4 VangdFTSE Europe VGK 54.60 1.49 –6.8 VangdTotalStk VTI 173.87 0.96 6.3 iShCoreMSCIEAFE IEFA 61.59 1.35 –5.6 iShiBoxx$HYCpBd HYG 85.13 0.46 –3.2 iShShortCpBd IGSB 55.01 ... 2.6 SchwabUS LC Grw SCHG 116.17 0.65 25.0 VangdFTSEAWxUS VEU 51.80 1.23 –3.6 VangdTotlWrld VT 82.61 1.04 2.0 iShCoreMSCIEM IEMG 53.51 1.17 –0.5 iShIntermCorpBd IGIB 61.12 –0.11 5.4 iShShortTreaBd SHV 110.72 ... 0.2 SchwabUS SC SCHA 71.35 1.18 –5.7 VangdGrowth VUG 230.79 0.58 26.7 VangdValue VTV 107.26 1.46 –10.5

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 ColgatePalm CL 79.19 0.6 HormelFoods HRL 52.97 -0.1 Materialise MTLS 31.49 6.8 ParTechnology PAR 40.35 -2.0 SuperiorGroup SGC 23.96 3.6 AcordaTherap ACOR 0.55 -7.9 KymeraTherap KYMR 27.85 -14.5 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE CollectorsUniv CLCT 46.12 3.6 DR Horton DHI 77.45 -1.0 McCormick MKC 204.16 -0.2 Pegasystems PEGA 122.63 1.9 Synopsys SNPS 216.64 0.3 AdvEmissions ADES 3.95 ... MaysJW MAYS 17.75 2.0 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low Corning GLW 33.38 2.8 JBHunt JBHT 142.00 0.1 MetLifePfdF METpF 26.74 0.7 Pool POOL 336.55 0.4 TFI Intl TFII 46.09 -2.1 Alector ALEC 12.16 3.8 MetenEdtechX METX 8.10 -10.6 in the latest session. %CHG-Daily percentage change from the previous trading session. Costco COST 346.11 -0.1 iClickInteract ICLK 10.00 11.6 MiratiTherap MRTX 149.45 2.6 PotlatchDelt PCH 48.13 0.2 TasekoMines TGB 0.89 -2.1 AshfordHosp AHT 3.01 1.3 NanoVibronix NAOV 0.85 -10.5 Danaher DHR 209.38 -1.1 IDEX IEX 181.13 1.0 NVR NVR 4317.58 2.0 PrincipiaBio PRNB 100.40 0.1 Tengasco TGC 0.95 7.1 BerkshireHills BHLB 9.03 3.8 NatusMedical NTUS 16.61 -0.4 NeuroBoPharm 5.83 -0.6 Monday, August 24, 2020 DanaherPfdA DHRpA1448.71 -0.5 iMediaBrands IMBI 8.86 4.6 NanoXImaging NNOX 27.88 23.0 Procter&Gamble PG 138.78 0.8 Tesla TSLA 2129.00 -1.7 CapitalaFinance CPTA 9.98 -11.5 NRBO Deere DE 206.48 3.0 InozymePharma INZY 31.65 0.8 NanoStringTech NSTG 42.26 -2.5 Progressive PGR 92.34 0.2 TexasInstruments TXN 141.81 0.5 Check-Cap CHEK 0.35 -9.3 9F JFU 1.53 -3.0 52-Wk % 52-Wk % 52-Wk % Descartes DSGX 58.82 0.6 ICE ICE 105.99 1.5 NationalBeverage FIZZ 74.99 6.9 ProtagonistTherap PTGX 21.85 2.5 ThermoFisherSci TMO 432.38 -2.1 ChinaSXTPharm SXTC 0.32 -6.6 PanhandleOil&Gas PHX 2.02 -2.9 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Domino's DPZ 424.72 -0.2 Intuit INTU 334.15 3.4 NatlGeneralPfdC NGHCN 26.24 0.5 PulteGroup PHM 47.90 0.3 TortoiseAcqnWt SHLL.WS 15.98 26.0 CN Finance CNF 3.25 -4.5 PeabodyEnergy BTU 2.27 -0.8 TortoiseAcqn SHLL 40.38 33.7 PolyPid PYPD 12.71 -2.8 Apple AAPL 515.14 1.2 Broadcom AVGO 336.19 1.2 EPAM Systems EPAM 315.67 1.6 Invitae NVTA 36.50 -5.0 NextEraEnDebN NEEpN 28.58 0.4 Qiagen QGEN 52.86 -1.4 ColonnadeAcqn CLA.U 9.88 -0.4 TortoiseAcqn SHLL.U 48.25 27.5 PoseidaTherap PSTX 7.63 -0.7 ArgoGoupPfdA ARGOpA 25.80 0.9 BrookfieldInfr BIPC 53.11 2.8 EnsignGroup ENSG 59.98 0.5 iRhythmTechs IRTC 221.74 3.4 Nike NKE 112.00 1.9 RPM RPM 86.96 0.5 ConsldWater CWCO 11.99 1.2 Highs Trex TREX 153.16 0.8 RecroPharma REPH 2.73 -3.8 ArloTech ARLO 7.30 2.2 BrookfieldRenew BEPC 53.32 4.2 EssaPharma EPIX 7.50 1.0 JD.com JD 77.30 1.6 NorthernTrPfdE NTRSO 27.61 0.5 Redfin RDFN 48.30 -2.0 ECMOHO MOHO 1.91 -3.8 Trimble TRMB 52.23 2.9 SCWorx WORX 1.36 -5.8 Ansys ANSS 330.32 0.2 AspenGroup ASPU 12.32 0.5 BrookfieldRenew BEP 47.30 2.5 Fastenal FAST 48.89 -1.4 KKR Pfd A KKRpA 27.57 0.8 NVIDIA NVDA 516.50 0.3 ReneSola SOL 2.35 12.1 FTS Intl FTSI 1.01 -36.5 TurningPtTherap TPTX 74.50 1.8 Shineco TYHT 2.90 -9.2 AbbottLabs ABT 103.23 -1.0 AssdBancPfdF ASBpF 26.09 -0.6 BrookfdRenewPfdA17 BEPpA 26.91 ... FedEx FDX 217.95 3.3 Kamada KMDA 13.33 17.3 OfficePropNts2050 OPINL 26.18 0.5 RevanceTherap RVNC 28.12 10.5 FirstUnited FUNC 10.74 3.9 USCellularNts2069 UZD 26.23 0.2 Smith&WessonWi SWBIV 15.00 -19.7 Accenture ACN 239.36 0.1 AtHomeGroup HOME 19.79 -2.1 CadenceDesign CDNS 113.04 0.6 FirstCitizensPfdA FCNCP 26.35 0.2 KerosTherap KROS 48.97 5.9 OldDomFreight ODFL 200.95 0.8 RocketCos. RKT 29.96 12.4 ForumMergerIII FIIIU 9.95 ... UtdCmtyBksPfdI UCBIO 27.11 0.3 SocCapHedII Wt IPOB.WS 2.60 -2.5 Adobe ADBE 480.02 0.7 AtlUnionPfdA AUBAP 26.24 0.6 CanNtlRlwy CNI 106.88 0.1 FirstService FSV 125.42 -0.9 KeyCorpPfdG KEYpK 28.06 0.5 Ollie'sBargain OLLI 110.97 -3.6 Rollins ROL 55.45 0.6 FourSeasonsEduc FEDU 0.91 -2.2 Vertex VERX 28.86 3.9 StrategicEd STRA 99.57 -3.0 AkoustisTechs AKTS 9.55 -3.0 AudioEye AEYE 22.80 -9.2 CanadianSolar CSIQ 27.63 4.2 Floor&Decor FND 73.35 0.8 LSI Inds LYTS 7.45 -2.2 OmegaFlex OFLX 139.60 4.6 S&P Global SPGI 365.00 -0.6 FusionAcqnWt FUSE.WS 0.47 13.3 VistasMediaWt VMACW 0.33 ... SummitWireless WISA 1.95 -7.2 Alibaba BABA 276.97 3.8 Autodesk ADSK 253.47 1.4 CancerGenetics CGIX 10.39 115.5 FoleyTrasimII BFT.U 10.05 0.3 LandstarSystem LSTR 134.37 1.1 one AONE.U 10.70 0.7 SailPointTechs SAIL 39.50 0.3 GeneralMoly GMO 0.10 -14.2 VivintSolar VSLR 28.01 5.6 SundialGrowers SNDL 0.30 -11.7 Alphabet A GOOGL1608.78 0.6 AvantorPfdA AVTRpA 74.37 -3.6 CardiffOncology CRDF 8.02 0.3 FortressBiotech FBIO 3.81 -6.0 LanternPharma LTRN 17.50 -13.8 1-800-FLOWERS FLWS 31.09 2.7 SchneiderNatl SNDR 27.46 -0.6 GoHealth GOCO 14.69 -2.9 Wayfair W 349.08 -0.8 SunPowerWi SPWRV 7.28 -9.9 Alphabet C GOOG 1614.17 0.5 Avantor AVTR 22.95 -4.2 CarMax KMX 108.98 1.8 FreedomHolding FRHC 22.83 2.2 Lennar B LEN.B 63.50 -0.4 OptimizeRx OPRX 19.60 5.3 ScottsMiracleGro SMG 175.54 1.2 GreencityAcqn GRCYU 9.75 -0.1 WellsFargoPfdT WFCpT 26.29 0.3 Synalloy SYNL 6.51 -3.1 AltaEquipWt ALTG.WS 1.87 3.9 BJ'sWholesale 47.13 2.2 CarrierGlobal 30.44 2.9 GS Acqn II Wt GSAH.WS 2.39 -4.1 Lennar A LEN 80.00 -0.8 OwensCorning OC 69.84 1.1 SenecaFoods B SENEB 45.50 2.2 GritstoneOncology GRTS 3.17 -1.5 BJ CARR WernerEnterprises WERN 47.30 -0.6 Teligent TLGT 1.08 -21.8 Amazon.com AMZN3380.32 0.7 Generac GNRC 192.53 0.8 LennoxIntl LII 282.58 1.9 PPD PPD 33.27 3.6 SenecaFoods A SENEA 45.97 2.1 HappinessBiotech HAPP 2.19 2.7 BRP Group BRP 25.08 6.9 CatabasisPharm CATB 8.59 8.6 Williams-Sonoma WSM 101.73 0.2 TimberPharm TMBR 1.21 -8.8 Amedisys AMED 246.33 -1.9 GeorgiaPwrNt77 GPJA 27.88 ... Limbach LMB 6.08 7.0 PRA Group PRAA 46.31 1.3 ServiceNow NOW 458.64 -0.3 Histogen HSTO 1.87 -4.9 BestBuy BBY 119.48 3.0 CenturyComm CCS 40.39 -0.3 Yandex YNDX 65.27 2.7 Tricida TCDA 9.56 -23.6 AmerEqInvLifePfB AELpB 25.50 1.0 BigLots BIG 53.76 4.2 Cerus CERS 7.94 -3.4 GoresMetroWt GMHIW 3.33 83.6 Lowe's LOW 165.65 2.4 PSBusParksPfdZ PSBpZ 26.66 0.7 SherwinWilliams SHW 681.60 -0.7 HothTherap HOTH 2.30 0.4 UnityBiotech UBX 2.72 7.0 AmerFinDeb2060 AFGD 27.38 -0.2 BoozAllen BAH 87.46 1.2 CharterComms CHTR 618.03 -0.2 Graco GGG 58.19 1.6 lululemon LULU 377.84 2.1 PacBiosciCA PACB 6.70 1.7 SouthMtnWt SMMCW 1.50 17.9 Lows HudsonExecUn HECCU 10.00 -0.3 Uxin UXIN 1.12 1.7 AmOutdoorBrandsWi AOUTV 30.01 25.2 BostonBeer SAM 897.50 1.0 Chipotle CMG 1271.36 -0.9 GrafIndustrial GRAF.U 30.14 33.7 LumberLiqu LL 29.60 2.7 Palomar PLMR 109.15 3.4 SproutSocial SPT 36.21 -0.3 IterumTherap ITRM 0.68 -9.1 VastaPlatform VSTA 15.32 -5.1 AmerSupercond AMSC 13.40 1.7 BrighthousePfdB BHFAO 26.86 0.1 Cintas CTAS 325.87 1.6 HorizonAcqn HZAC.U 10.08 0.8 Manning&Napier MN 4.62 6.4 PanaceaAcqnWt PANA.WS 2.39 18.9 SunRun RUN 51.20 5.7 ATIF ATIF 1.10 -4.6 KensingtonCapWt KCAC.WS 0.74 1.2 ViveveMedical VIVE 0.53 -4.8

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret USBdIdxInstPrem 12.61 -0.01 7.4 FPA Funds MFS Funds Instl PRIMECAP Odyssey Fds STIGradeAdml 10.99 ... 4.1 TotIntBdIxInv 11.61 -0.01 3.2 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity Advisor I FPACres 31.74 +0.39 -3.3 IntlEq 27.65 +0.40 -0.8 AggGrowth r 47.34 +0.28 5.4 TotBdAdml 11.68 -0.01 7.3 USGro 59.25 +0.12 37.7 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s NwInsghtI 37.33 +0.18 14.1 Franklin A1 Northern Funds Schwab Funds TotIntBdIdxAdm 23.21 -0.02 3.2 WellsI 27.94 +0.13 3.8 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Fidelity Freedom CA TF A1 p 7.77 ... 3.5 StkIdx 39.42 +0.40 7.5 1000 Inv r 76.76 +0.74 7.9 TotIntlAdmIdx r 28.77 +0.32 -2.9 Welltn 44.32 +0.28 3.5 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes FF2020 16.43 +0.10 4.5 IncomeA1 p 2.13 +0.02 -5.9 Nuveen Cl I S&P Sel 53.12 +0.54 7.6 TotStAdml 84.59 +0.79 7.2 WndsrII 35.84 +0.43 -0.8 xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete FF2025 14.58 +0.10 4.4 FrankTemp/Frank Adv HYMunBd 16.96 ... -2.5 TSM Sel r 59.90 +0.57 7.0 TxMCapAdml 178.27 +1.74 8.4 VANGUARD INDEX FDS price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not FF2030 18.04 +0.15 4.1 IncomeAdv 2.11 +0.01 -5.8 Old Westbury Fds TIAA/CREF Funds TxMIn r 13.46 +0.15 -3.9 IdxIntl 17.20 +0.19 -3.0 tracked. NS-Fund didn’texistatstart of period. Freedom2020 K 16.42 +0.10 4.5 FrankTemp/Franklin A LrgCpStr 15.57 +0.16 3.3 BdIdxInst 11.73 -0.01 7.2 USGroAdml 153.57 +0.33 37.8 SmValAdml 49.98 +0.96 -14.4 Freedom2025 K 14.56 +0.10 4.4 Growth A p 130.81 +0.94 16.5 Parnassus Fds EqIdxInst 25.01 +0.24 7.2 ValAdml 41.83 +0.58 -9.1 TotBd2 11.60 -0.01 6.9 Freedom2030 K 18.02 +0.14 4.2 RisDv A p 72.86 +0.48 5.2 ParnEqFd 51.20 +0.50 9.3 VANGUARD ADMIRAL WdsrllAdml 63.59 +0.77 -0.8 TotIntlInstIdx r 115.05 +1.28 -2.9 Monday, August 24, 2020 Freedom2035 K 15.15 +0.15 3.6 FrankTemp/Franklin C PGIM Funds Cl Z 500Adml 317.45 +3.19 7.5 WellsIAdml 67.68 +0.31 3.9 TotItlInstPlId r 115.07 +1.28 -2.9 Net YTD Net YTD Net YTD Freedom2040 K 10.60 +0.11 3.3 Income C t 2.17 +0.02 -5.7 TotalReturnBond NA ... NA BalAdml 41.81 +0.23 7.9 WelltnAdml 76.54 +0.49 3.6 TotSt 84.56 +0.79 7.1 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Invest FrankTemp/Temp Adv PIMCO Fds Instl CAITAdml 12.33 ... 3.5 WndsrAdml 64.40 +1.29 -10.0 VANGUARD INSTL FDS Balanc 26.93 +0.18 10.4 GlBondAdv p 9.84 +0.01 -4.8 AllAsset NA ... NA CapOpAdml r 164.04 +1.82 4.0 VANGUARD FDS BalInst 41.82 +0.23 7.9 American Century Inv HiYBlk 7.48 ... -0.3 US CoreEq1 26.30 +0.32 2.4 Guggenheim Funds Tru BluCh 149.10 +0.83 38.4 HiYld 8.80 +0.02 0.5 DivAppIdxAdm 35.03 +0.30 4.6 DivdGro 30.93 +0.29 2.1 DevMktsIndInst 13.48 +0.15 -3.9 Ultra 69.63 +0.37 33.5 HiYldBd Inst 7.47 ... -0.3 US CoreEq2 23.68 +0.30 0.9 TotRtnBdFdClInst 29.81 +0.01 11.8 EMAdmr 36.97 +0.41 0.6 Contra 16.74 +0.09 22.9 InvGrdCrBd NA ... NA INSTTRF2020 25.27 +0.13 4.8 DevMktsInxInst 21.07 +0.24 -3.9 American Funds Cl A BlackRock Funds A US Small 31.73 +0.50 -8.9 Harbor Funds EqIncAdml 72.59 +0.98 -7.1 ExtndInst 99.70 +0.71 4.9 ContraK 16.77 +0.09 23.0 TotRt 10.96 ... 7.8 INSTTRF2025 25.90 +0.15 4.7 AmcpA p 35.85 +0.19 8.6 GlblAlloc p 20.09 ... 7.8 US SmCpVal 28.25 +0.71 -17.5 CapApInst 103.51 +0.25 36.6 ExplrAdml 103.13 +0.54 6.1 GrwthInst 118.80 +0.71 27.2 CpInc r 10.02 +0.04 0.6 PIMCO Funds A INSTTRF2030 26.24 +0.17 4.5 AMutlA p 42.37 +0.36 -1.5 BlackRock Funds Inst USLgVa 32.73 +0.53 -14.2 Harding Loevner ExtndAdml 99.71 +0.71 4.8 InPrSeIn 11.48 +0.02 9.0 DivIntl 43.25 +0.46 6.8 IncomeFd NA ... NA INSTTRF2035 26.56 +0.19 4.2 BalA p 29.29 +0.16 4.1 StratIncOpptyIns 10.07 ... 2.7 Dodge & Cox IntlEq 24.79 +0.39 4.2 GNMAAdml 10.75 -0.01 3.3 InstIdx 306.81 +3.08 7.5 GroCo 30.93 +0.08 44.8 PIMCO Funds I2 INSTTRF2040 26.88 +0.22 3.9 BondA p 14.14 -0.01 9.5 Bridge Builder Trust Balanced 94.98 +1.20 -4.2 Invesco Funds Y GrwthAdml 118.79 +0.70 27.2 InstPlus 306.83 +3.08 7.6 GrowCoK 30.99 +0.08 44.9 Income NA ... NA INSTTRF2045 27.12 +0.24 3.6 CapIBA p 59.77 +0.52 -3.8 CoreBond 11.02 ... 7.6 Income 14.81 ... 7.3 DevMktY 45.86 +0.87 0.6 HlthCareAdml r 92.43 -0.14 8.3 InstTStPlus 72.37 +0.68 7.1 PIMCO Funds Instl CapWGrA 52.98 +0.59 2.3 CorePlusBond 10.71 ... 7.3 Intl Stk 37.61 +0.68 -13.7 InvGrBd 12.30 ... 8.2 JPMorgan I Class HYCorAdml r 5.83 +0.01 1.1 INSTTRF2050 27.17 +0.24 3.6 MidCpInst 48.78 +0.45 1.0 IncomeFd NA ... NA EupacA p 58.66 +0.92 5.4 Intl Eq 11.89 +0.12 -0.8 Stock 171.72 +3.17 -9.1 LowP r 46.85 +0.59 -6.4 CoreBond NA ... NA InfProAd 28.18 +0.06 8.9 INSTTRF2055 27.28 +0.24 3.6 MidCpIstPl 240.55 +2.21 1.0 Price Funds FdInvA p 62.18 +0.49 2.3 LargeCapGrowth 19.09 +0.10 20.6 DoubleLine Funds Magin 12.23 +0.04 19.9 EqInc NA ... NA IntlGrAdml 134.64 +1.63 31.0 LifeCon 21.97 +0.08 5.4 SmCapInst 75.78 +0.86 -4.0 BlChip 155.71 +1.06 25.2 GwthA p 60.66 +0.19 18.6 LargeCapValue 12.81 +0.20 -5.6 CoreFxdIncmI NA ... NA OTC 16.77 +0.15 31.1 JPMorgan R Class ITBondAdml 12.68 -0.01 9.0 LifeGro 37.33 +0.30 4.1 STIGradeInst 10.99 ... 4.1 HI TrA p 9.65 +0.03 -0.5 ClearBridge TotRetBdI NA ... NA Puritn 25.37 +0.10 12.3 CoreBond NA ... NA DivGro 54.58 +0.31 3.0 ITIGradeAdml 10.65 -0.01 8.5 LifeMod 30.01 +0.18 4.8 STIPSIxins 25.54 +0.04 3.4 ICAA p 40.75 +0.39 4.3 LargeCapGrowthI 65.66 +0.47 20.2 Edgewood Growth Instituti SrsEmrgMkt 21.36 +0.28 3.5 CorePlusBd NA ... NA EqInc 27.66 +0.50 -12.6 LTGradeAdml 12.15 -0.02 14.1 PrmcpCor 27.22 +0.39 -2.5 TotBdInst 11.68 -0.01 7.3 IncoA p 22.44 +0.19 -1.8 Columbia Class I EdgewoodGrInst 48.56 +0.21 26.1 SrsGlobal 12.79 +0.15 -2.9 Lord Abbett A EqIndex 91.34 +0.92 7.4 MidCpAdml 220.80 +2.04 1.0 STAR 29.60 +0.19 9.0 TotBdInst2 11.60 -0.01 7.0 N PerA p 54.00 +0.40 14.3 DivIncom I 23.86 +0.22 -1.2 Fidelity SrsGroCoRetail 25.99 +0.07 46.4 ShtDurIncmA p 4.17 ... 1.0 Growth 90.04 +0.71 22.8 MuHYAdml 11.79 -0.01 2.6 TgtRe2015 15.93 +0.06 4.9 TotBdInstPl 11.68 -0.01 7.3 NEcoA p 51.77 +0.30 13.2 Dimensional Fds 500IdxInstPrem 119.26 +1.20 7.6 SrsIntlGrw 18.71 +0.18 6.8 Lord Abbett F HelSci 89.90 -0.90 10.4 MuIntAdml 14.77 ... 3.7 TgtRe2020 34.08 +0.17 4.8 TotIntBdIdxInst 34.84 -0.01 3.2 NwWrldA 75.13 +1.04 6.5 5GlbFxdInc 10.87 ... 1.3 Contrafund K6 17.62 +0.10 21.8 SrsIntlVal 8.96 +0.13 -9.5 ShtDurIncm 4.17 ... 1.1 LgCapGow I 54.81 +0.35 24.4 MuLTAdml 12.16 ... 4.2 TgtRe2025 20.77 +0.12 4.7 TotStInst 84.61 +0.80 7.2 SmCpA p 65.69 +0.32 11.7 EmgMktVa 25.09 +0.16 -12.1 ExtMktIdxInstPre 66.86 +0.47 4.8 TotalBond 11.54 ... 7.5 Metropolitan West MidCap 100.69 +0.59 5.6 MuLtdAdml 11.24 ... 2.6 TgtRe2030 38.07 +0.25 4.4 ValueInst 41.83 +0.58 -9.1 TxExA p 13.53 ... 3.1 EmMktCorEq 20.60 +0.19 -4.5 IntlIdxInstPrem 41.02 +0.51 -4.5 Fidelity SAI TotRetBd 11.66 ... 7.8 NHoriz 77.60 +0.04 30.7 MuShtAdml 15.95 ... 1.6 TgtRe2035 23.46 +0.17 4.2 WCM Focus Funds WshA p 46.58 +0.44 -2.2 IntlCoreEq 12.73 +0.14 -6.9 MidCpInxInstPrem 23.24 +0.26 -1.1 TotalBd 11.02 -0.01 6.9 TotRetBdI 11.66 ... 8.0 R2020 23.06 +0.14 4.4 PrmcpAdml r 147.24 +1.93 2.1 TgtRe2040 40.65 +0.33 3.9 WCMFocIntlGrwIns 21.64 +0.20 14.4 Baird Funds IntSmCo 17.44 +0.16 -7.5 SAIUSLgCpIndxFd 18.57 +0.18 7.4 Fidelity Selects TRBdPlan 10.97 +0.01 8.0 R2025 18.61 +0.14 4.7 RealEstatAdml 115.39 +0.81 -10.7 TgtRe2045 25.61 +0.22 3.7 Western Asset AggBdInst 11.91 ... 7.7 IntSmVa 16.48 +0.15 -14.6 SeriesOverseas 11.27 +0.12 4.5 Softwr r 24.77 +0.19 28.8 MFS Funds Class I R2030 27.11 +0.22 4.7 SmCapAdml 75.79 +0.87 -4.0 TgtRe2050 41.24 +0.37 3.7 CoreBondI NA ... NA CorBdInst 12.24 +0.01 7.5 LgCo 26.37 +0.26 7.5 SmCpIdxInstPrem 19.92 +0.21 -5.1 First Eagle Funds Growth I 155.47 +0.52 22.3 R2035 19.92 +0.18 4.7 SmGthAdml 75.84 +0.23 8.8 TgtRet2055 44.77 +0.40 3.7 CorePlusBdI NA ... NA BlackRock Funds TAUSCoreEq2 20.18 +0.25 1.0 TMktIdxInstPrem 96.71 +0.93 7.1 GlbA 57.47 +0.50 -0.8 ValueI 41.18 +0.42 -6.9 R2040 28.33 +0.27 4.7 STBondAdml 10.89 ... 4.3 TgtRetInc 14.67 +0.04 5.2 CorePlusBdIS NA ... NA P2JW238000-6-B00900-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, August 25, 2020 | B9 MARKETS Wells Shut Down As Energy Firms Bracefor Storms

BY REBECCA ELLIOTT flooding that canaffect pumps AND COLLIN EATON and other ground-level equip- ment. Hurricane Harvey,for ex- Oil companies have shut in ample,forcedroughly a quar- roughly 82% of offshoreoil terofU.S.refining capacity to production in the Gulf of Mex- close in 2017when the storm icoand aresecuring refineries inundatedthe Houston area. and petrochemical plants as Chemical facilities facesimi- two tropical storms barrel to- lar dangers, but atemporary ward Louisiana and Texas. lossofsome petrochemical Tropical Storm Marco ap- productsisn’t likely to affect S proached theLouisiana coast consumers, analystssaid. NEW

Monday, while Tropical Storm If the path of Laura, ex- G Lauraispoised to strengthen pected to be the morepowerful intoahurricane Tuesdayasit of the two storms,moves fur- OOMBER

sweeps acrossthe Gulf of Mex- ther into Texas,the impact on /BL icobeforenearing the Louisi- U.S. refineries could be more anaand Texas coastline late significant, said Andy Lipow, an

Wednesday. oil analyst at LipowOil Associ- SHARRETT KE

Theregion is the heart of ates LLCinHouston. But Mr.Li- LU America’sfuel-making and powsaid he didn’t expect asub- Twotropical storms were heading forthe heart of the U.S. fuel-making corridor on the Gulf Coast. Adrilling platform off Grand Isle, La. chemicalscorridor,home to stantial supply disruption from nearly half of the nation’sre- either storm as inventories of petroleum analysis forGas- in partsofLouisiana, forexam- itsone Gulf of Mexicoplat- Gulf of Mexico and evacuated fining capacity,according to gasoline and diesel were both Buddy, referring to Laura. “It ple,refinersinthe Houston form, with minimal impact to nonessential personnel. Chev- the Energy Information Ad- well abovelast year’s levels. should not be apricing event.” area could easily ramp up fuel itsproduction, while the com- ron Corp.also pumped the ministration. Roughly 1.5mil- Severeweather cansend U.S. benchmark oil prices in- production, said Sandy Fielden, pany’sGulf Coast refineryop- brakes on offshoreproduction lion barrels aday worth of oil prices at the pump soaring,but creased lessthan 1% Monday, an analyst at financial services erations were normal, spokes- in the region and evacuated output in the Gulf had been American driversare unlikely to nearly $43 abarrel. Regular firm Morningstar Inc. man Todd Spitler said. employees and contractors. shut off as of Monday, accord- to see major impactsthis time gasoline prices averaged about “There’snoshortageof “Exxon Mobil is closely BP PLC shut in Gulf of Mex- ing to the Bureau of Safety and around because demand re- $2.20 agallon, according to product,” Mr.Fielden said. “It’s monitoring the storms and icoproduction and evacuated Environmental Enforcement, mains depressed due to GasBuddy,around 15% below not atight market.” continues to preparefor severe people working offshoreas or around 14%ofthe oil pro- Covid-19,fuel stockpiles are year-agoprices. U.S. refinerswereoperating weather at offshore and coastal well as those at afacility near ducedinthe U.S. high and refinerselsewhere U.S. fuel makershaveal- at around 81%ofcapacity in operations in the Gulf of Mex- NewOrleans. Gulf Coast refineries,typi- likely could pick up anyslack. ready reduced processing this mid-August, down from around ico,” Mr.Spitler said. Colonial Pipeline Co., which cally located in low-lying “Ifthereisanimpact from year in light of weak demand 96% ayear earlier,according to RoyalDutch Shell PLC, ships fuels intothe Northeast coastal areas,are vulnerable to the storm, it’smorelikely to be duetothe coronavirus pan- the EIA. meanwhile,had paused pro- U.S. from the Houston area, both wind damagethat affects localoutages,local disruption,” demic. If the tropical storms Offshore, Exxon Mobil Corp. duction at all but one of the said it didn’t have plans to powergrids and prolonged said Patrick De Haan, head of cause refineries to shut down has evacuated personnel from nine assets it operates in the shut down anyofits system. Money Funds Waive Prices for Oil and Gasoline Increase Fees to Keep Yields BY CAITLIN OSTROFF Gasoline futures surged to their highest level since early In Positive Range March on Monday, liftedby energy-supply disruptions caused by back-to-back storms BY DAWN LIM Seven-daynet yields for that areon average U.S. moneyfund COMMODITIES track to hit Manyinvestment firms are the Gulf of waiving their chargeson5% Mexico this week. money funds to keep the yields U.S. gasoline futures forde- that investorsearn from drop- liveryinSeptember added 6.5% ping belowzero. 4 to $1.3671 agallon on the New Money-management giant York Mercantile Exchange, BlackRock Inc.iswaiving costs posting their largest one-day typically borne by customers 3 advancesincemid-May. They forcertain money-market ended the dayattheir highest funds to prop up investor level sinceMarch 6. 2 yields,said people familiar U.S. crude-oil futures for with thematter. Fidelity In- October deliveryadvanced vestments, Federated Hermes 0.7% to $42.62 a barrel, while 1 Inc.and J.P. MorganAsset Brent crude, the global gauge Management arealso ceding foroil prices,gained 1.8% to some fees to staveoff negative $45.13 a barrel. Energy prices 0 yields. pared some of their 2020 de- 2010 ’15 ’20

Themoves arethe latest clines caused by the pandemic GES

sign of howaroughly $5 tril- Source:Crane Data in recent weeks but remain IMA lion pieceofthe financial sys- well belowwherethey started ETTY

temisbracing fornew pressure prior high in April last year. the year. /G as interest ratesplummet. Fee “The reality of money-mar- Morethan 15% of U.S. oil waiverswill hit the revenues of ketfunds is it’snolonger about production is based in the Gulf firms that shoulder the costs. return on capital,” said Keith Coastregion and nearly half of GARDNER

All types of investors—from Berlin, head of fixedincome at all U.S. refineries are located SEAN individuals and corporations to consulting firm Fund Evalua- there. That meansevenatem- People waited in long lines for gas in New Orleans as they prepare for Marco and Laura. pensions and hedgefunds—use tion Group.“You’renot going poraryclosureofproduction money-market funds to park to makeany money until the facilities could weigh on sup- the most important energy have been securing refineries datathis week,itwill not bode cash safely while earning some Fedraises rates.” ply,according to Commerz- hub in the world.” and petrochemical plantsin well for oil prices,” he added, pocket change. If an investor Addfees,and investorscould bank.Ahead of the two Forecasterswarned that the area. Still, the priceboost lookingahead to the weekly depositsmoney with abroker- end up losing part of what they storms,morethan half of oil Tropical Storm Laura, which is triggeredbythe two storms is report on stockpiles of crude age, forexample,that money originally invested. That possi- production in the area was expected to makelandfall likely to be short-lived, some oiland fuel from the Energy cansit in amoney-market fund bility might makestuffing cash shut down Sunday, according WednesdayorThursdayin analystssaid. Oil inventories Department on Wednesday. until the investor decides what underamattressmoreattrac- to the Bureau of Safety and Louisiana or Texas, could de- remain high and outlook for Newcases of coronavirus to buy. tive. So firms running those Environmental Enforcement. velop intoapowerful hurri- demand is uncertain as the arelikely to weigh on eco- But investment firms don’t funds must either forfeit fees or “Thereare some worries cane.That storm comes on the coronavirus weighs on travel nomic activity globally, keep- just hold those funds.They buy find waystoshiftcostsaway about apotentially volatile heels of Tropical Storm Marco, and reduces the need forfuel. ing prices capped even as the highly rateddebt with the from investors. week ahead” foroil prices, which wasapproaching the “Wehaveseen quiteaseri- NOAA predicts this year will money,passing on some of the Among large players,Fidel- said Ole Hansen,head of com- Louisiana coast Mondayafter- ous fall in U.S. oil demand,” see amoreactiveAtlantic hur- returns to investors. As this in- ityiswaiving fees on most of modity strategyatSaxoBank. noon. said Tamas Varga, analyst at ricane season than usual. dustryhas grown, money funds itsmoney funds. “Apart from the Middle East, In addition to shutting in brokeragePVM Oil Associates. —Joe Wallace have become acritical source BlackRock hadwarned Wall the U.S. Gulf Coast is really oil production, companies “If you have the same sort of contributed to this article. Street analyststhis year it mighthavetowaivefees as soon as August or September Share-priceand indexperformance, Monday vanced 7.6% to $16.74. to prop up money-fund yields. Kohl’s ticked up 7.9% to Rally Lifts 12% 0.05% Fornow,any costsshiftedfrom $20.39, and Gap wasup7.4% money-fund investorstoavoid to $15.50. negativeyields arebeing ab- American Airlines Investorscontinue to weigh Seven-day net yield for the Stocks to 10 average money fund in July sorbed by distributorsand not United Airlines dataonnew coronavirus in- the firm, aperson familiar with fections in a bid to determine the mattersaid. Fresh Highs 8 howsustainable anyeconomic Manyfirms made similar S&P500 recovery mayprove. of short-term funding forthe moves afterthe last financial Airlines Industry In the bond market, the U.S. government, companies crisis to prevent their investors ContinuedfrompageB1 6 yield on the benchmark 10- and municipalities. from being saddled with nega- gency-use authorization falls year U.S. Treasurynoteticked Today, the income offered tiveyields. short of a full approval. up to 0.645%, from 0.639% by thosefunds is evaporating “It’sgoing to become abat- “Any news that’spositive 4 Friday. as ratesplummet.The Federal tle among the largest firms on the virus is going to drive Overseas,the pan-continen- Reserve cut itsshort-term over whocan shoulder costs marketshigher,” said Seema talStoxxEurope 600 climbed benchmarkratetobetween longer—until theirclientsget Shah, chief strategist at Prin- 2 1.6%. In Asia, marketswere zero and 0.25% to calm mar- morecomfortable moving into cipal Global In- mixed, with Japan’sNikkei ris- kets in March and pledged to the firms’ riskier strategies,” MONDAY’S vestors. “How- S&P500 ing 1.8% middayTuesdayand keep rates near zero forthe Mr.Berlin said. MARKETS ever,any news 0 the Hang Seng indexinHong near future.Three-month Trea- Moody’s InvestorsService on avaccine or 9:30 a.m. noon 4p.m. Kong falling by about 0.6%. suryyields were 0.0928% as of said that thecost of the aver- treatment has to be treated Aug.21, from 1.546% at the end ageU.S.money fund fell 12% with skepticism,given the Source:FactSet of last year. between Februaryand June to processithas to go through AUCTION RESULTS Here are the results of Monday's Treasury auctions. As U.S. money funds are about $21 forevery $10,000 in- beforeit’sused by the general economyand have historically boosted some of the hardest- All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference forced to invest newcash into vested. population.” put in the best performanceas hit industries,including between that price and the face value. lower-yielding securities,their As investorspoured into The S&P 500’ssharp rally unemployment comes down shares of airlines,cruise com- ownyields areplunging. safe-havenassetsduring an sincethe spring suggestsin- from itsbiggest peaks,accord- panies and retailers, all of 13-Week 26-Week Applications $143,199,125,500 $153,095,371,800 Seven-daynet yields forthe economic slump,arise in vestors are betting the worst ing to Jim Paulsen, chief in- which arestill down by double Accepted bids $58,461,782,400 $55,212,799,400 averagemoney fund slid to money-fund assetsoffset the of the economic pain is past vestment strategist at the digitsthis year. " noncomp $668,751,400 $583,146,700 " foreign noncomp $1,000,000,000 $1,000,000,000 0.05% in July from 1.31% at the effect of lowerfee ratesand and that corporateearnings, Leuthold Group. American Airlines Group Auction price (rate) 99.974444 99.939333 end of 2019,according to re- added to revenues.Moody’s an- the most reliable driver of “Strong odds in my opinion rose 11% to $13.44, and United (0.100%) (0.120%) 0.101% 0.122% search firm Crane Data. Theav- alystsexpect the industryto stock prices,will begin climb- that we areinanew economic Airlines Holdings jumped Bids at clearing yield accepted 74.13% 14.75% eragemoney fund is yielding a giveupsome of those gains ing again next year. expansion and anew bull mar- 9.9% to $36.32. Carnival rose 9127963B3 912796XE4 wisp todaycompared with the later in the year as yields Marketshavetypically re- ket,” he said. 10% to $16.14, and Norwegian Both issues are dated Aug. 27, 2020. The 13-week bills mature on Nov. 27, 2020; the 26-week bills mature on 2.11% seven-dayyields at their shrink. coveredbeforethe broader On Monday, the rebound Cruise Line Holdings ad- Feb. 25, 2021. P2JW238000-0-B01000-1------XA

B10 | Tuesday, August 25, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Extended-Stay Hotels Look Welcoming

Real-estate investment trusts that specialize in the category look like a relatively safe bet in the battered lodging sector

You can check out any time you Companies that mainly operate the budget category have been able and 65% of income beforethe crisis. already have experience in the ho- like, but investors risk overlooking hotels have had an easier time of it. to keep almost all hotels running With three years until it faces tel business and that have a lot of some value if they leave the hotel Six leading global chains—Marriott and to stem the outflow of cash. significant debt maturities, Chat- cash to deploy. The REITs are industry behind completely. International, InterContinental Chatham Lodging Trust, Apple ham faces no near-term financial more likely to be sellers of unen- The losses have been painful, Hotels Group, HyattHotels, Hilton Hospitality and Summit Hotel stress and, after quick cost cuts, cumbered properties to raise any though not surprising, given the Worldwide Holdings, Accor and was close to having positive funds needed cash in this market. huge drop in business and leisure Wyndham Hotels &Resorts have from operations again in June, It will likely be several quarters travel resulting from the Covid-19 seen their shares drop by just The losses have been even with occupancy at less than before Chatham is able to pay divi- pandemic. Yet various segments of about 30% on averagefromtheir 52 40%. Before the crisis, 85% was dends again and years before it re- the market will have had different week highs.Itisthe pureownersof painful yet segments of typical occupancy. turns to prior form, but even a experiences. hotels—along with their associated the market will have had It may be years before business- payout a fourth as high as previ- For example in April, arguably running costsand debts—that have people travel as much as they did ously would represent a yield of the peak period for lockdowns in really takenitonthe chin. In the different experiences. before the crisis but, on the posi- 10% at Chatham’s current price. In- the U.S., luxury properties saw a U.S. that is mostly real-estatein- tive side, those years should see vestors who can wait for dividends greater than 95% drop in RevPAR vestment trusts, most of which are almost no new hotel supply come to start flowing again know that (revenue per available room) while down by half or moreand have onto the market. they are sitting on economically economy properties saw RevPAR eliminated oncejuicydividends. Properties all have heavy exposure Unfortunately for Chatham and viable properties with a replace- drop by about a third. That had That hasalienated their tradi- to this segment. Chatham, the small- its peers, they are unlikely to be ment value that is probably higher less to do with cost than the type tional investor base,but some cate- est of the three,also has had the able to act opportunistically as than the units’ market price. of traveler each hosted—a busi- gories mayhaveoverreacted. For sharpest selloff,losing two-thirds of properties come back onto the There are probably more com- nessperson arriving by plane or a example,those REITsthat ownex- itsvalue year-to-date. Yetithas the market. With interest rates so low, fortable places to ride out the pan- middle-class individual by car at tended-stay and limited-serviceho- largest footprint in the extended- they will be competing with deep- demic. Few are as practical. each end of the spectrum. tels that areneither luxurious nor in stay category at about60% of rooms pocketed private-equity firms that —Spencer Jakab Va il Resorts Could Wipe Out Amid Virus Logistics

Investors who think Vail Re- that often entails getting on a sorts’ business will be anything plane. Getting on chair lifts and

GIANT close to normal in the coming ski gondolas with strangers could be season risk mistaking a mountain risky, as could grabbing a bite in

GREEN of trouble for a molehill. the lodge or engaging in aprés-ski R

FO True,hitting the slopes this win- socializing. One of the worst out-

GES tercarries even moreallurethan breaks early in the U.S. epidemic

IMA usual—it is an outdoor activity,af- was at a festival for Black skiers in P

/A terall. To judgebythe rebound in Idaho, where more than 100 peo-

OW Vail’sshares sincethis spring,that ple became infected. CR is what manyinvestorsare thinking. If another outbreak at a ski area DE But the chances are that the occurs, it could cast a pall over the ON

JAS coronavirus will still be circulating industry. Nor are health authori- Green Giantgives B&Gapresenceinthe frozenaisle, one of the fastest-growing areas of the grocery store beforethe pandemic. for most of the ski season. Even ties about to give skiers a free optimistic forecasts, such as the pass—especially considering the one from Goldman Sachs econo- limited hospital capacity in many This Green Giant CanGet Jollier mists, who expect the Food and ski towns. So capacity restrictions Drug Administration to approve a on lifts and restaurants are likely, Covid-19 vaccine by the end of the and that will place limits on reve- B&G Foods has been soaring as where it probably outgrew itself a beforethe pandemic.The company year, don’t predict enough people nues. Vail says it plans to update the coronavirus crisis juices its bit,” Kenneth Romanzi, who be- has been focusing on using frozen will be inoculated for the U.S. to guests on its plans for the season sales. There is plenty of room for came chief executive in April last vegetables that replaceout-of-fash- achieve herd immunity until the in the weeks ahead. further gains. year, said in an interview. ion carbohydrateswith products end of next year’s second quarter. Moreover,itisbynomeans a B&G is a creation of private eq- The coronavirus-induced sales such as Green Giant Veggie Spirals That makes logistics of pulling given that Canada will have lifted uity that has collected food brands bonanza has helped turn things and Green Giant Veggie Tots.It off a ski trip start dicier for vaca- itsstrict restrictions on interna- including its namesake pickles, around. In the three months plans much moreinthe coming tioners and more problematic for tional travelersbythe time ski sea- Green Giant vegetables, Dash sea- through June 27, revenue rose 38% months,including cauliflower-based resorts like the ones that Vail son begins,putting businessat sonings and many more. A high from a year earlier and net income pizzas, gnocchi and breadsticks. runs. First, you have to get to the Whistler Blackcomb—the largest ski debt load was holding the stock more than doubled. Green Giant This putsB&G in competition mountain, and for one of Vail’s resort in North America—at risk. back, but those worries have evap- sales rose 45% in the period. with ConagraBrands, amajor marquee areas, such as Vail Ski Investors hoping to catch some orated as consumers stuck at Nearly all food companies have playerinfrozenfoods with brands Resort in Colorado or Whistler air on Vail’s stock could be in for a home buy more of its products. benefited, but B&G especially so. including Birds Eyeand Healthy Blackcomb in British Columbia, hard landing. —Justin Lahart The company was listed in 2004 “They arealmost perfectly posi- Choicethat arealso investing in through an unusual structure tioned forwhat we areseeing right carbohydrate replacements. But Vail Resortsshareprice called an enhanced income secu- now, which is the at-home-cooking Mr.Romanzi believes thereis rity, a hybrid instrument that con- trend,” says Barclays analyst Andrew plenty of room forboth, especially $260 sisted of both stock and a high- Lazar. B&G’sportfolio includes the as Green Giant moves beyond the yield bond rolled into one. Its Ortegaline of salsas as well as home frozenaisle intothingssuch as dry, 240 common stock has been trading on breakfast brands such as Cream of shelf-stable,vegetable-based rices. its own since 2007 and the EIS Wheat and McCann’sIrish Oatmeal. Despite their sharp run-up this 220 was retired in 2009. All this has helped B&G pay year, its shares still look reason- B&G has continued to be highly down debt and has lighted a fire ably priced at around 15 times for- 200 acquisitive, adding dozens of under its shares: Net debt to ad- ward earnings, the same multiple brands over the yearsincluding its justed Ebitda fell to just under five as European frozen specialist No- 180 largest, Green Giant, from General times last quarter, and the stock is mad Foods, and just under 16 Mills in 2015.Investors, however, up 68% so far this year. times for Conagra. B&G also pays a 160 grew concerned over the com- Most encouragingly,the com- 6.5% dividend yield, which Mr. Ro- pany’shigh debt load, which panyisinnovating in the right manzi boasts is the “best in food.” 140 reached 6.1times adjusted earnings places to help it keep growing once This under-the-radar player beforeinterest, taxes, depreciation lifereturns to normal. Green Giant might be the biggest Covid-19 ben- 120 and amortization at the end of gives B&G apresenceinthe frozen eficiary in the food sector and it 2019.Its shares fell 38% last year. aisle,which wasone of the fastest- isn’t too late for investors to jump Jan. Feb. March April MayJune July Aug. “The company had a few years growing areas of the grocerystore on board. —Aaron Back Source:FactSet China’s Geely Will Rev Up Portfolios OVERHEARD

With the world’s largest car Monthly wholesalepassenger-car competitors. That’s one reason market revving again, Chinese sales in China, change from a Geely shares have traded at a pre- The home-building boom is hav- American market, the U.S. Ultralow auto maker Geely is poised to shift year earlier mium to those of other Chinese ing an echo effect north of the bor- interest rates, an exodus from ma- into a higher gear. car makers; they’re currently at 15 der.Ofthe recent fivebest-per- jor cities and healthyhousehold fi- 40% After nearly two years in re- times expected earnings. forming stocksinthe S&P/TSX nances at the topofthe income verse, China’s auto sales have be- Geely will also likely be in the Compositeindex of large Canadian spectrum areall contributing. gun moving in the right direction. 20 spotlight in the coming months. It firms, three aretimber companies: Some have attributed the rise in Wholesale passenger-car sales plans to sell up to 15% of its shares West Fraser Timber, Interfor and lumber to people staying at home were up 8.5% from a year earlier 0 in a new listing in Shanghai’s Nas- Canfor. Each is up morethan 90% and starting woodworking projects. in July, the third consecutive posi- daq-like STAR market, where overthe pastthree months. The demand in the U.S. is such tive month. After a terrible start –20 stocks trade at much higher valua- Amajor driver is new-home con- thathome builders asked the to the year due to the coronavirus tions than in Hong Kong, where struction in thatother major North Trump administration to resolve pandemic, generous discounts and –40 Geely is already listed. The two trade issues with Canada on lum- financing are now drawing in buy- stocks won’t be fungible, but the ber.Asmuch as theymightwish, ers, especially in the biggest cities –60 higher valuation may still drive in- Canadians can’tdecouple from and among those shopping in the vestors into the cheaper Hong trends south of the border.Indeed, premium segment. –80 Kong shares. the three-month leaderboardofthe The recovery will likely con- 2016 ’17 '18'19 '20 Geely is also planning a merger Canadian market is aprettygood tinue as Chinese economy grows with Volvo Cars, which could turn windowonCovid-19-times trends. out of the pandemic, and Geely, as Source:Wind the company into a bigger and The recent topperformer is a the leading domestic brand, is in a more diversified global maker. The trucking and logistics company, position to benefit. last five months of 2020 will be up Shanghai listing has slowed the Mullen Group. Also near the topis The stock took a beating this 11% from a year earlier, faster than progress of the merger, but it will one thatsells toys and games, Spin month after the company cut its the expected growth for the whole likely pick up steam again after Master, which is seeing demand full-year sales target by 6% to 1.32 market. the share sale. from people teaching children at million. But the revision shouldn’t That means Geely will continue Investors sick of hitching their home. Still, if schools don’treopen have been a surprise, given the to pick up market share. Sharing fortunes to pricey U.S. tech and soon, parents mayfind theyhave dismal sales in the first few research and development with electric-vehicle stocks should con- lesstime forthose home projects. months this year. And the new Volvo Cars, controlled by Geely’s sider hopping on Geely instead. BLINCH/REUTERS

guidance still implies sales for the parent, gives it an edge over local —Jacky Wong MARK