Trump Security Order Thorities,Part of Aprobe Into

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***** THURSDAY,FEBRUARY 11, 2021 ~VOL. CCLXXVII NO.34 WSJ.com HHHH $4.00

DJIA 31437.80 À 61.97 0.2% NASDAQ 13972.53 g 0.3% STOXX 600 409.47 g 0.2% 10-YR. TREAS. À 7/32 , yield 1.133% OIL $58.68 À $0.32 GOLD $1,840.60 À $5.30 EURO $1.2120 YEN 104.60 Super Bowl Trophy in Ship Shape for Tampa Celebration Biden What’s News Shelves Forced Business&Finance Sale of U.S. plan to force the Asale of TikTok’s Ameri- canoperations has been TikTok shelved indefinitely as Biden undertakes areview of his predecessor’s effortstoad- New administration dresspotential security risks from Chinese tech firms. A1 puts off court move to  An executiveatTencent ban app as it reviews hasbeen held by Chinese au- Trump security order thorities,part of aprobe into

acorruption case involving S BY JOHN D. MCKINNON

oneofChina’sformer top PRES AND ALEX LEARY law-enforcement officials. A1 UMA  Large U.S. lenders saw /Z WASHINGTON—AU.S.plan

their loan books shrink in TIMES to forcethe sale of TikTok’s 2020 for the first time in Y American operations to agroup BA

morethan adecade,according PA includingOracle Corp.and Wal-

to an analysis of Feddata. B1 AM mart Inc.has been shelved indefinitely,people familiar with

 Uber posted a narrower ANA/T the situation said, as President annual loss on the back of NT

SA Biden undertakes abroad re-

food deliveryand cost cutting, IS viewofhis predecessor’s ef- even as thepandemic crushed LU AHOY: Tampa Bay Buccaneers quarterback Tom Brady displays the Lombardi Trophy on Wednesday, as the team and its fortstoaddresspotential secu- itsride-hailing operations. B1 fans attended a boat parade in Tampa, Fla., to celebrate their Super Bowl LV championship. rity risks from Chinese tech  GM reported strong companies. quarterly earningsand gave TheTikTok deal—which had abright profit outlook de- been driven by then-President spiteanexpected hit from Donald Trump—has languished aglobal chip shortage. B1 sincelast fall in the midst of Trump ‘Inflamed and Incited’ successful legal challenges to  Toyota boosted itsprofit the U.S. government’seffort by projections and said it would TikTok’sowner,China’sByte- launch three newelectric-car DanceLtd. models in the U.S. this year. B4 Capitol Attack, DemocratsSay In anew development  TheDow rose 0.2% to a Wednesday, the Biden adminis- record,while the Nasdaq tration asked to delaythe gov- and S&P 500 lost 0.25% ernment’sappeal of afederal and 0.03%, respectively. B11 BY REBECCA BALLHAUS vincing his supportersthat the said Democrats’ lead impeach- torJr. dismissed Democrats’ district court judge’sDecem- AND SIOBHAN HUGHES only way he could lose is if the ment manager,Rep.Jamie presentation as nothing new. “I ber injunction against the Tik-  Fidelity Investments sold vote were rigged, then made un- Raskin of Maryland, on Wednes- didn’t learn anything that I Tokban. nearly all of itspositions in WASHINGTON—Democrats founded claims of voting irregu- day. didn’t already know,” he said In acourt filing,the Biden GameStop last month, just argued Donald Trump “assem- larities afterhis loss, beforeurg- Democratsrecounted the ex- during adinner break.“All it did administration said it has be- as shares of the videogame bled,inflamed and incited” the ing his supporterstomarch to tensivebut ultimately unsuc- wascreatepresumptions.We gunareview of the agencyac- retailer were surging. B1 attack against the Capitol in a the Capitol on Jan. 6knowing cessfulpressurecampaign Mr. deal with evidence, not guesses.” tion that will help it determine  Coca-Cola posted weaker last-ditch effort to overturn the the potential forviolence. Demo- Trump, aRepublican, wagedto Mr.Trump’slawyerswill have whether the national security quarterly profit and revenue result of the election, relying on cratspointed to statementsby getstate officials to overturn 16 hoursovertwo days to rebut threat citedbythe Trump ad- and disclosed a potential Mr.Trump’sown wordsand pre- several rioterswho said they be- the election result, including Democrats’ case,after the Dem- ministration continues to war- $12 billion tax liability. B3 viously unseen video to make lieved they were storming Con- pushingGeorgia’ssecretaryof ocrats’ argument continues rant the ban. Thefiling by the theircase in the former presi- gress, just as it wasformalizing stateto“find” thousands of Thursday. Both sides have indi- JusticeDepartment said the re-  United said it plans to buy dent’ssecond impeachment President Biden’svictory, at Mr. votes. Rioters stormed the Capi- PleaseturntopageA4 quest foradelayisunopposed up to 200 flying taxis from an trial. Trump’sdirection. tolbecause “President Donald J. by TikTok and ByteDance. electric aircraft startup. B3 TheHouse Democratsserving “Donald Trump surrendered Trump ranout of nonviolent op-  Election probe is launched in PleaseturntopageA6 as impeachment managerssaid his role as commander-in-chief tions to maintain power,” Rep. Georgia...... A4 World-Wide that Mr.Trump spent months and became the inciter-in-chief TedLieu (D., Calif.) said.  Olympic swimmer indicted in  Biden holds call with Chinese leading up to the election con- of adangerous insurrection,” Trump lawyer BruceL.Cas- Capitol riot...... A4 leader Xi...... A6

 Democratsargued that Trump “assembled, inflamed and incited” the attack Iran INSIDE against the U.S. Capitol, rely- China Detains Executive ingonTrump’sown words and previouslyunseen Makes video to maketheir case in the former president’ssec- Of Tencent in Graft Probe ond impeachment trial. A1 Banned  The top prosecutor for Georgia’s most populous BY WALL STREET JOURNAL STAFF said. They said Mr.Zhang was aspokesman said in astate- county said an investiga- suspected of turning over ment to TheWall Street Jour-

Uranium S tion was under way into An executiveatTencent WeChat datatoformer Vice nal. Weixin is WeChat’s sister

attempts to influence the PRES Holdings Ltd., China’smost Public Security Minister SunLi- app for the Chinese market. 2020 election in Georgia. A4 valuable publicly listed com- jun, who is being investigating Mr.Zhang wasreferred to

Metal ZUMA pany,has been held by Chi- by Beijing forundisclosed viola- as aTencent vicepresident in  Iran has produced ama- S2/ nese authorities,part of a tions of Communist Party rules. astatement released by the terial that is banned under BY LAURENCE NORMAN probe into a high-profile cor- Investigatorsare looking at municipal government of the 2015 nuclear accordsand

E/THENEW ruption case involving one of what type of dataMr. Zhang Zhangjiakou, acity near Bei- could be used to form the

Iran hasproduced amate- FOT the country’s former top law- allegedly might have shared jing,inwhich he wasde- core of anuclear weapon, ac-

rial that is banned underthe NIYI enforcement officials, people with Mr.Sun and what Mr. scribedashaving met the cording to an IAEA report. A1 2015 nuclear accordsand familiar with the matter said. Sun might have done with it, city’s mayor in October 2018.  Thepresident spoke with could be used to form the core PERSONAL JOURNAL Zhang Feng has been under the people said. Tencent said that Mr.Zhang China’sXifor the firsttime of anuclear weapon, as it Delta bets big on investigation by China’santi- Tencent confirmed on has never held asenior execu- sincetaking office, a call in seeks to step up pressureon blocking middle seats graftinspector sinceearly last Thursdaythat Mr.Zhang is tiveposition in the company which Biden said he ad- the Biden administration to lift year foralleged unauthorized under investigation. The case or a managerial post. dressed arangeofissues. A6 economic sanctions on Tehran. as apandemic safety sharingofpersonal datacol- “relates to allegations of per- It couldn’t be determined Aconfidential report by the measure. A11 lected by Tencent’ssocial-me- sonalcorruption and has no whereMr. Zhang is now. He  TheBiden administration United Nations atomic agency, dia app WeChat, the people relation to WeChat or Weixin,” PleaseturntopageA6 told the Supreme Court that the ACA remains constitu- seen by TheWall Street Jour- tional, reversing the Trump nal, said Iran had started pro- JusticeDepartment’sposi- ducing uranium metal on Feb. Pandemic Decluttering Gives 6atanuclear facility in Is- tion that the entire health- fahan that is under the care overhaul was void. A3 New Meaning to Free Markets agency’s inspection.  Wearing a double mask Thematerialproduced was iii or fitting asingle mask more asmall amount of natural ura- THE THREAT closely on the facesubstan- nium metal, the International Online freebie ads fill with cracked tially reduces the risk of in- Atomic Energy Agencyre- fection with the Covid-19 vi- ported, meaning it wasn’t en- bowling balls, used oil and other oddities OF EXTORTION rus, aCDC report said. A8 riched. To use uranium metal  WHO investigators said foranuclear weapon core,Iran BY JAMES R. HAGERTY forfreeonwebsites including about 90 people were hos- would need slightly morethan Craigslist, Facebook and pitalized with Covid-19- apound of highly enriched Other people might have Freecycle.Recent offeringsin- IS REAL. like symptoms in central uranium metal, expertssaid. thrownitaway.When Rob clude bathing dust forchin- China in the two months The Iranian government in Hayes discovered that one of chillas,23empty beer bottles, before the disease wasfirst December warned that it his bowling balls wascracked, abarrel of used soybean oil, Don’t Negotiate.Mitigate. identified in Wuhan. A9 would start producing ura- he wanted to find anew home five single-serving packets of nium metal within five for it. Arby’s sauceand aMongolian-  Saudi Arabia released women’srightsactivist months,following alaw In mid-January, Mr. Hayes, language version of the Book Loujain al-Hathloul from passed in Iran’sParliament on a contact-lens technician and of Mormon. Dec.1,athreat that alarmed part-time actor in Decatur, Various websites and apps prison, her family said. A18 Western diplomats. Ga., posted apictureofthe have included free offersfor Iran has takenaseries of bowlingball in the free sec- years, but the pandemic ap- Anew kindofadversary is on the rise, using CONTENTS Opinion...... A15-17 recent steps in violation of the tion of Craigslist. “I’m trying pearstobeexpanding the vol- extortion to threaten businesses across Arts in Review... A13 Personal Journal A11-12 Business News.. B3,5 Sports...... A14 2015 nuclear accord,from to avoid putting this in the umes.AFacebook spokes- the world. Without the right protection, Capital Account.... A2 Technology...... B4 which the Trump administra- trash,” he wroteinthe de- woman says the number of yours couldbenext. See how NETSCOUT Crossword...... A14 U.S. News...... A2-8 tion withdrew. Tehran has in- scription. “Can be used as an free offersinthe website’s Heard on Street.B12 Weather...... A14 creased its production of nu- artproject, alawnornament marketplacesection nearly visibility can detect and help mitigate these Markets...... B11 World News...... A9,18 clear fuel, carried out or anything else that someone doubledin2020 from ayear complex threats. enrichment in locations it isn’t wants to use it for.” earlier. > supposed to use and earlier Those not Locked-down goNETSCOUT.com/extortion this year produced 20% en- tempted by a people have more riched uranium, the highest cracked bowl- time and motiva- purity of thematerialithas ing ball might tion to declutter, made since 2013. consider the and that means s 2021 Dow Jones & Company, Inc. All Rights Reserved Most of these steps involve myriad other Pleaseturnto PleaseturntopageA8 items offered Take a seat pageA10 P2JW042000-4-A00200-1------XA

A2 | Thursday, February 11, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip FightOverPick MissesBanking’sComplexity

JoeBiden, the racial wealth gapand is an worried their version would speaking and consulting fees who sought immigrant from Iran. She has end up riddled with loopholes from financial companies. the Demo- the support of SenateBanking while losing the votesofmod- cratic nomina- CommitteeChairman Sherrod eratesenatorsneeded to pass rguably,Mr. Biden

tion as keeper Brown, an advocateofbreak- JOURNAL the law. should be worried more of Barack ing up the biggest banks. Another Democratic sena- A by the absenceof REET

Obama’slegacy, is nowsur- They arealso attacking Mr. ST torproposed banning banks deeper experiencewith Wall

rounded by Democratic activ- Barr’s record as toofriendly LL from trading derivatives.Mr. Street on his team. He will no istsdeeply ambivalent about to financial companies when WA Barr, likemost experts, doubt want the next comp- THE

that legacy. he negotiated the Dodd-Frank APHY thought that would makethe troller to addressclimate R GR

Affordable CareAct? Left lawwhile serving in Mr. FO financial system moreunsta- change, digital currencies,fi- TO the insurancecompanies in Obama’sTreasuryDepart- N ble by weakening banks’ abil- nancial technologyand access TO charge. The$831 billion ment, and since. In fact, their PHO ity to managerisk while push- by racial minorities and small MEL

American Recoveryand Rein- complaintsabout Mr.Barr are A ing derivatives intoless businesses to credit, as under- DR MICHIGAN vestment Act of 2009? Too aproxyfor abroader indict- AU regulated places.Modified lined by the pandemic.But small and tootimid. The ment: that Mr.Obama missed Some progressives are pushing Mehrsa Baradaran, left, rather versions of both the Volcker the core of the job is the Dodd-Frank financial over- achancetofundamentally re- than Michael Barr to head the OCC. and derivatives rules ended safety and soundnessofinsti- haul? Not tough enough on makethe financial system up in Dodd-Frank, and both tutions whose totalassetsex- big banks.The progressive along morepopulist lines. tion Bureau, earning praise junior liens,and trustees who have been diluted since. ceed $14trillion. messagetoMr. Biden: Don’t from then-Harvardlaw profes- lacked the capacity or incen- Sinceleaving the Treasury, Getting that right requires makethat mistakeagain. ut this relies on aselec- sor and nowsenator Elizabeth tive. Mr.Barr has continued to an appreciation forfinancial That tension is at the heart tivereading of history Warren, and the antagonism Mr.Barr also riled some writeand advocatefor con- complexity.Mr. Obama’steam of afight over who should run B of lenders. fellowDemocratsoverhow to that misjudges the com- sumer protection and inclu- understood this well, which is the Officeofthe Comptroller plexity of the financial system Mr.Barr also oversawpro- regulatebig banks.Former sion. He has also been apaid whythey sawpopulist de- of the Currency, regulator of and the challenges facing grams aimed at protecting Federal ReserveChairman consultant to digital-currency mands to punish, break up most of the biggest U.S. those who oversee it. homeownersfromforeclosure, Paul Volcker had proposed platform Ripple Labs Inc.and and circumscribe banks as banks.The Wall Street Jour- Mr.Barr came to the which fell well short of their limitsonbanks’ trading with online lender LendingClub counterproductive, and in- nal has reported that Mr.Bi- Obama administration with goals.One reason wasthat their ownmoney.Mr. Geithner Corp.Those gigsare another stead focused on bulking up den is considering nominating solidly progressivecreden- Treasuryofficials,concerned waslukewarm, believing pro- target of the leftwho com- their capital against future University of Michigan public tials,having writtenexten- about abacklash if undeserv- prietarytrading washardto plain about a“revolving door” losses and empowering regu- policyprofessor Michael Barr. sively on howtoimprovethe ing borrowers were bailed distinguish from other trading between regulatorsand regu- latorstosafely liquidateany Activistsonthe leftare try- treatment of poor people in out, made qualification too and had nothing to with the lated. YetMr. Biden’snominee big financial companythat got ing to derail that nomination. the financial system. As Trea- difficult. But the biggerprob- crisis,but he included it in the to chair the Securities and Ex- intotrouble.The result wasa With Mr.Biden prioritizing di- surySecretaryTimothyGeith- lems were structural: Mort- draftlaw.Two Democratic changeCommission, Gary lessprofitable but safer bank- versity,they arepushing ner’spoint person on financial gageswerescattered among senatorsproposed amuch Gensler, wasapartner at ing system that came through Mehrsa Baradaran, aUniver- reform, Mr.Barr pushed mortgage-backed securities, moresweeping “Volcker rule” Goldman Sachs Group Inc., last year’s pandemic turmoil sity of California, Irvine law through the creation of the and modifying them involved that would coverabroader and his Treasurysecretary, unscathed. Not alegacytobe professor who has writtenon Consumer Financial Protec- servicers, investors, holdersof rangeofcompanies.Mr. Barr Janet Yellen, earned lucrative discarded lightly. Deficit Widens as Spending on Aid Surges Budget

BY KATE DAVIDSON nearly $1.2 trillion, a1%rise WarII. Rising redink is nowat ernments. Meanwhile, paymentsonthe Proposal and a record from October the center of adebateinCon- Some Republicans have federal debt have declined 18% WASHINGTON—Federal through January, while outlays gressoverwhether lawmakers warned further spending could compared with ayear earlier, spending climbed last month increased arecord23%, to $1.9 should approvemorespending harm the nation’slong-term as interest ratesremain near Will Be as the U.S. Treasuryissued an- trillion, largely duetohigher to bolster the economy, and fiscal health. Policymakers, in- historic lows. other round of stimulus checks spending on safety-net pro- support households and busi- cluding Treasury Secretary Federal revenues,which de- and other federal aid following grams such as joblessbenefits nesses until the pandemic is Janet Yellen and Federal Re- clined at the start of the pan- Delayed aDecember economic relief and Medicaid. broughtunder control. serveChairman Jerome Pow- demic, have shown improve- deal in Congress, widening the Forthe 12 months that Congressenacted aroughly ell, saythe potential costsof ment since last summer as BY ANDREW RESTUCCIA budget deficit forthe fiscal ended in January, the deficit $900 billion bill at the end of doing toolittle to prop up the economic activity picked up, year. totaled $3.47trillion, or 16.2% December that began to take economyare greater than the businesses reopened and un- WASHINGTON—President TheU.S.budget gaptotaled as ashareofeconomic output. effect last month, boosting risk of doing toomuch. employment fell. Remittances Biden’sfirst budget proposal arecord$736billion during Asurge of spending to com- federal spending at the start of TheTreasurysaid spending from theFederal Reserveare will be delayed, the White the firstfour months of fiscal bat the coronavirus pandemic 2021. Among the costliest pro- rose 36% at the Agriculture up 35%, and grosscorporate House said Wednesday, citing a 2021, an 89% increase com- andcushion the U.S. economy visions was $142 billion in Department,which adminis- taxreceiptshaverisen 18%, lack of cooperation during the pared with the same period a from the related downturn, stimulus payments, of which ters nutrition assistancepro- the Treasurysaid. Still, reve- transition from budget staff in year earlier,asgovernment coupled with weaker taxreve- $139 billion were made in Jan- grams,and has increased 10- nues forthe 12 months that former President Donald spending outpaced revenue, nues, has sent deficitssoaring uary, the Treasurysaid, and fold at the Labor Department, ended in January are down Trump’sadministration. the TreasuryDepartment said over the past year to levels not $25 billion in rental-assistance which administersjoblessben- 2.8% from the same period a “Thereweresome chal- Wednesday. Receiptstotaled seen sincethe end of World grantstostate and local gov- efits, so far this fiscal year. year earlier. lenges that came about during the transition in terms of abit of intransigencefromthe out- going administration and lack Immigrant Arrests at Border Rose Sharply in January of cooperation as it related to [the OfficeofManagement and Budget] and the budget pro- BYMICHELLE HACKMAN hoped to avoid. cess,soweexpect theretobea WhiteHouse presssecre- delayinthe release of his first WASHINGTON—Immigra- tary JenPsaki said Wednesday budget,” WhiteHouse press tion authorities made more that the newadministration secretaryJen Psaki said.She than 78,000 arrestsatthe plans to keep fornow apublic- declined to saywhen the bud- southern border in January, health emergencypolicyatthe getwould be released. U.S. Customs and Border Pro- border.That policyallows im- Mr.Biden’sadvisers raised tection said Wednesday, an in- migration authorities to concerns publicly in December crease of 6% from the prior quickly return nearly all mi- that staffinMr. Trump’sbud- month, raising prospects that grantscaught crossing the getofficehad rebuffed requests border and asylum systems border illegally to Mexico be- forinformation. could be overwhelmed during fore they had an opportunity Yohannes Abraham, then a the pandemic. to ask for refuge in the U.S. senior Biden transition official, ArrestsinJanuarywerethe “Nowisnot the time to said OMB officials hadn’t largest number that immigra- come,and the vast majority of shared sufficient details on tion authorities have recorded people will be turned away,” “Covid-related expenditures” for any January in more than she said. and were refusing to work with adecade.The mix of migrants Bidenadministration offi- the incoming administration.

stayed largely steady from ALEZ/REUTERS cials have said they are look- An OMB spokesman said at previous months, with single ingatways of restarting the thetime the department had GONZ

adultsfromMexicoaccounting IS U.S. asylum processfor border provided Mr.Biden’steam with

formost of the arrests, and LU crossers but weren’t ready to “everything they have re- SE

families andunaccompanied JO moveahead yet, fearing that quested,” including briefingson children ticking up. Arrests were the most in adecade foraJanuary.Migrants being detained this week in El Paso,Texas. allowing large numbersofmi- the government’sinitiativeto That continues arecent grantsintothe U.S. could distributeaCovid-19 vaccine. shiftfromthe trend since suffering itsworst economic Thepaceofborder cross- that all asylum applications strain border detention cen- Thespokesman added that it 2014, when children and fami- slump in decades, prompting ingsappeared to accelerateaf- arebeing accepted, and that ters wheredisease canrapidly was“not an OMB transition relies from Central America, people to seek work acrossthe terMr. Biden took officeon people canget in easily,which spread. sponsibility” to help Mr.Biden’s whoare morelikely to seek border. Jan. 20. Deputy Border Patrol arefalse,” said Dana Graber, Officials have been prepar- team draftbudget proposals. asylum, comprised the major- Authorities also said smug- Chief Raul Ortiz said in an in- the topUnited Nations migra- ing foraninflux of immi- Mr.Abraham said such collabo- ity of migrants at the border. glers in the region have been terview on aCBP podcast tion official based in Mexico. grants, including families and ration had occurred in the previ- Theoverall rise likely has telling migrantsthat President Tuesdaythat border agents Therise in border crossings unaccompanied children. CBP ous two presidential transitions. several causes.Poverty and Biden’sadministration, which had arrested about 3,000 mi- coincides with achangein said Tuesdaythat it reopened Presidentsusually submit gang violencewereexacer- has reversed manyofthe grantsaday in the previous 10 Mexican lawthat has forced a complex of tents to process theirbudget requeststoCon- bated by a pair of hurricanes Trump administration’sstrict days. U.S. immigration authorities to migrantswho can’t be quickly gressinJanuaryorFebruary. that hitCentral America late immigration policies,would be “We are worried about the release some asylum-seeking returned in the Rio Grande But budget proposals areoften last year,devastating the re- morelikely to allowthem to wide circulation of rumors families into the U.S.,which Valley,the busiest crossing re- delayedduring the firstyear of gion’seconomies.Mexicois stay in the U.S. that the U.S. border is open, the Biden administration had gion along the border. anew administration.

THE WALL STREET JOURNAL CORRECTIONS  (USPS 664-880) (Eastern Edition ISSN 0099-9660) Businesses Press to Lift Work-VisaBan (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) AMPLIFICATIONS Editorial and publication headquarters: BY MICHELLE HACKMAN ing to immigrate. Morethan 100 trade associa- 1211 Avenue of the Americas, New York, N.Y. 10036 During thecampaign, Mr.Bi- tions and immigrant-advocacy Published daily except Sundays and general legal holidays. TwitterInc.forecasts Businessgroups and immi- den criticized the ban several organizations sent the president Periodicals postage paid at New York, N.Y., and other mailing offices. first-quarter revenue between grantadvocates saythey are times. aletter Fridayseeking arever- Postmaster: Send address changes to The Wall Street Journal, $940 million and $1.04 billion. worried that a ban imposed last Mr.Biden has signed execu- sal, comparing his inaction on 200 Burnett Rd., Chicopee, MA 01020. In some editions Wednesday, a year on most forms of legal im- tiveordershalting construction visas with his response to the All Advertising published in The Wall Street Journal is subject to the applicable Business&Financearticle migration in response to the of Mr.Trump’sborder wall and Trump administration’szero- rate card, copies of which are available from the Advertising Services Department, about the companyincorrectly Covid-19 pandemic could stick ending aban on travel from tolerancepolicy on illegal immi- Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The said between $940 million and even as President Biden undoes several countries,including a gration that separated families Journal reserves the right not to accept an advertiser’s order. Only publication of $1.01 billion. manyofhis predecessor’s other number of Muslim-majority na- arrested crossing the U.S. south- an advertisement shall constitute final acceptance of the advertiser’s order. immigration policies. tions,but he hasn’t mentioned ern border. Letters to the Editor: Fax: 212-416-2891; email: [email protected] Noticetoreaders Theban, which former Presi- the legal-immigration ban. Manycompanies reliant on Need assistance with your subscription? Wall Street Journal staff dent Donald Trump put in place It is set to expireatthe end seasonal labor,including re- By web: customercenter.wsj.com; By email: [email protected] membersare working remotely in April and expanded in June, of March if not renewed, but sortsand landscapers, saythey By phone: 1-800-JOURNAL (1-800-568-7625) during the pandemic.For the wasintended to block the entry several industryrepresentatives have cut back businessbecause Reprints &licensing: foreseeable future, please send of foreignerswho might take saythat is toolong to wait. they couldn’t find enough By email: [email protected] reader commentsonly by email open jobs while U.S. unemploy- Business groups that argued Americans willing to take tem- By phone: 1-800-843-0008 or phone,using the contacts ment wassoaring.Itcovers during theTrump administra- porary, low-paying jobs. WSJback issues and framed pages: wsjshop.com below, not via U.S. Mail. workersinarangeofindus- tion that the ban disrupted Theban also applies to top Our newspapers are100% sourcedfromsustainably certified mills. tries—from tech and consulting companies’ operations and foreign executives of multina- Readers can alert The Wall Street to landscaping and seasonal re- slowedthe country’seconomic tionals, who typically use L-1 Journal to any errors in news articles GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or sorts—along with most family recovery arenow offering an- visas to makeinternal trans- by calling 888-410-2667. membersofU.S.citizens look- otherobjection. fers. P2JW042000-2-A00300-17F7DF7178F

THE WALL STREET JOURNAL. ** Thursday, February 11, 2021 | A3 U.S. NEWS Health Law PastorsGiveBoost to Vaccination Drive Should Not BY JENNIFER LEVITZ Be Voided, BOSTON—Theblock-lettered sign outside Pleasant Hill Mis- sionaryBaptist deems it “the DOJSays church wheremiracles happen!” But inside,fromhis sun- BY JESS BRAVIN splashed pulpit, the Rev.Min- iard Culpepper makes clear it WASHINGTON—TheBiden will take both faith and sci- administration told the Su- encetodefeat the Covid-19 preme Court that the Affordable pandemic. Care Act remains constitutional, “This newstrain,Lordhave reversing the Trump JusticeDe- mercy,” he preached one re- partment’sposition that the en- cent Sunday to the small, so- tirehealth-careoverhaul was cially distanced congregation void because Congressreduced and some 200 worshipers to zero the penalty forfailing to watching remotely.“Pray that carryinsurance. even with this newstrain, that “Following the changeinAd- as folks getvaccinated—and ministration, the Department of we pray that folks do getvac- (2) Justicehas reconsidered the cinated—that we’ll see the

government’sposition,” Deputy numbers come down.” JOURNAL Solicitor General Edwin Knee- Mr.Culpepper and other REET

dler said in atwo-pageletter to Black clergy have comforted ST

the justices Wednesdayonthe theirflocks during the pan- LL pending case. demic,asBlack and Latino peo- WA

Themovewas expected, as ple in the U.S. have died of the THE R

President Biden campaigned on coronavirus at morethan twice FO

expanding Obamacare along the rate of whiteresidents,ac- AK with amorevigorous federal cording to the Centersfor Dis- CZ YM

response to the coronavirus ease Control and Prevention. SZ

pandemic.Former President Now, manyofthe pastorsare NA YA

Trump throughout his term de- emerging as local influencersin KA nounced the signaturelaw of the country’ssprawling vacci- The Rev.MiniardCulpepper speaksatPleasantHill Missionary BaptistChurch in Bostontoparishioners including CarolThomas, below. theObama administration, al- nation ground game.Their big- though he never proposed any gest hurdle is oftenbuilding church were watching to see alternativehealth-carepro- confidenceinthe vaccine in what he did. He knewifhesaid gram afterthe Republican-con- their communities. the vaccine wasall right with trolled Congress rejected legis- One-thirdofBlack adultssay him, people would feel lessanx- lation to repeal the measure. they plan to avoid the Covid-19 ious.Hesaid he felt an “awe- Texas’ Republican attorney shots,compared with about some burden to getitright.” general, KenPaxton, sued to one-fifth of Hispanic and white He and other Black ministers strikedownthe Affordable adultswho don’t plan to get prayed together virtually about CareAct afterCongressin vaccinated, according to recent howtocounsel others. They 2017reduced the penalty to survey datafromthe U.S. Cen- questioned adoctor and nurse zero.With Trump administra- sus Bureau. over Zoom. If they felt comfort- tion backing,heargued the “Wechristen their babies, able afterthat, the pastorsde- lawnolonger wasconstitu- we do their funerals,dotheir cided, they would be vaccinated tional because it no longer marriages, do prayer forthem, together publicly. generated revenue forthe U.S. and areatthe hospital with While watching television in Treasury. The argument drew them,” said Mr.Culpepper,a lateJanuary, Ms.Whitesaw on the 2012 Supreme Court lawyer in his 60s who became that very thing happen. Mr.Cul- decision upholding the law, pastor of thered-brick church pepper and other pastorswere which required most individu- in 1997.“Idon’t think thereis on cameragetting their first als to carryhealth insurance anything my church won’t come vaccine doses.“Oh my God,” or payapenalty along with to me with.” sherecalls thinking.“They’re their income taxes, under Con- Black clergy in Boston are really getting the shot.” Ms. gress’sauthority to levytaxes. deploying strategies including White gother firstdose soon The2012 decision found getting vaccinated publicly, afterthat. that the insurancemandateef- preaching against conspiracy On camera, Mr.Culpepper fectively offered individuals a theories and asking the topU.S. described his deliberativepro- choice of paying a tax or car- infectious-disease expert, Dr. cess.Hesaid he leaned on Mar- rying insurance, rather than a AnthonyFauci,toaddress tin Luther King Jr.’swords that dictate to purchase a product churchgoers. Also focused on “scienceinvestigates; religion against their will. ensuring vaccine access,many resent 25% of the population, in 1939,and began atradition people registered, including interprets.” TheJusticeDepartment arehelping parishionersreserve but account for 33% of of helpingtroubled juveniles some from Mr.Culpepper’s con- “When Iwent intoprayer,” nowassertsthat “Congress’s appointmentsatamass-vacci- Covid-19-related deaths.Rox- that continues. gregation. he said, “I interpreted what the decision to reducethe pay- nation siteinRoxbury, the heart buryand other hard-hit areas The clergy members say Over Zoom, Dr.Fauci ac- scientistsare saying,that if we ment amount to zero therefore of Boston’sBlack community, arehome to manyforeign-born tackling vaccine hesitancyhas knowledged “the historyofthe don’t take this vaccine,the did not convert [the measure] and areinvolved in discussions Black people who work essen- been tricky. They hear worries abuse,particularly of the Afri- number of lives that we’velost from aprovision affording a about opening smaller sites,in- tial jobs outside the house,said aboutside effectsand encoun- can-American community” in is only going to continue to constitutional choiceintoan cluding possibly at churches. Marty Martinez, Boston’schief terlow trust in the health sys- medicine.Heansweredques- grow.” Mr.Culpepper sharing unconstitutional mandateto Similar effortsare unfold- of health and human services. tem.Some Black adultsreport tions and pleaded: “Don’t de- his hesitancywas powerful, said maintain insurance,” Mr.Knee- ing across the U.S., including “The faith leadershavebeen they aren’t getting enough in- priveyourself of the advantage Mr.Martinez, Boston’stop pub- dler wrote. in Oklahoma City,where key,” Mr.Martinezsaid. formation from their doctors, of an extraordinarily important lic-health official. If the court nonetheless Ebenezer Baptist opened as a “They’reable to bring ames- and painful historyalso factors advanceinscience.” Forpastors, changing even does find the insurance man- pop-up vaccination hub.North sagethat allows them to con- in, such as the U.S. govern- Annie White, who is 75 years one mind canspark aripple ef- dateunconstitutional, Mr. Carolina’shealth secretary, Dr. nect with folks.” ment-backed Tuskegee syphilis old and attends Pleasant Hill, fect. At Pleasant Hill, 65-year- Kneedler argued that no other Mandy Cohen, hosted avirtual Black clergy have a long experiment that ranuntil 1972. said she watched Dr.Fauci’stalk old Lucille Pringle had balked at provision of the health-care chat with the Rev.Dr. William historyofactivism on issues Blackmen were told they were but still feared the vaccine be- the vaccine.She even worried law should be affected. J. BarberII, who suggested outside the walls of church. At getting free medical care but cause of Tuskegee. that aconspiracytheoryshe Congressmay have zeroed- she dispel false rumorshehad Pleasant Hill, Mr.Culpepper weren’t told they were in- So she said she called Mr. read about on Facebook—that out the penalty but “simulta- heard about the vaccine actu- reads from a Bible that be- fected with the disease or Culpepper, and told him “Pas- getting avaccine causes achip neously leftinplacethe really giving people Covid-19. longed to his lategrandfather, treated with penicillin. tor, I’m not getting that shot to be planted in the body— mainder of the ACA,” Mr. Not all pastors are endorsing the Rev.Samuel H. Bullock Sr., Trying to ease doubts, Rox- until youget it.” might be true.She said her per- Kneedler wrote, indicating the vaccine outright; some are who marched with the Rev. buryPresbyterian hosted avir- Mr.Culpepper,who also har- spectiveshiftedafter Mr.Cul- that it wanted the law’smany mainly providing information. Martin Luther King Jr. Mr. tual town hall with Dr.Fauci in bored skepticism about the vac- pepper said he felt fine afterhis other provisions to stand. In Boston, Black people rep- Bullock founded Pleasant Hill November.Morethan 2,000 cine,said he knewmanyat firstdose. White House Redefines School Reopening

BY CATHERINE LUCEY RochelleWalenskysaid last AND LEE HAWKINS week that “vaccination of teachers is not a prerequisite AfterPresident Biden made forthe safereopening of an ambitious promise to help schools.” reopen amajority of K-8 S Currently,nonational insti-

schools in his first100 days, PRES tution tracks the share of the

the WhiteHouse said this TED nation’s13,500-plus school

week the pledge means open- OCIA districtsthat areopen with

ing more than 50% of schools SS full-time in-person instruction, forin-person teaching at least /A a hybrid of online and in-per- one day a week. son instruction, or fully re- Thecommentsdrewcriti- mote. On Friday, the Institute SUN-TIMES

cism from Republicans and GO of Education Sciences at the some parents, amid growing U.S. Department of Education HICA

debateoverhow to define /C announcedplans to launch a openingschools.The fresh survey that will “gather vital

tension comes as manydis- NABONG dataonthe impact of Covid-19 T

tricts around the countryre- PA on students and the status of main in virtual mode amid the A Chicago teacher conducted her class outside the city school in-person learning.” winter jump in Covid-19 cases board president’s home in January. About56% of school dis- and deaths, the spread of new trictswereexclusively remote coronavirus strains, the slow Several congressional Re- trictstopay forreducing class as of Dec.18, according to the vaccination rollout and clashes publicans criticized that goal sizes to accommodatesocial Center on Reinventing Public between stateauthorities and on Wednesday. “The Biden Ad- distancing,improving ventila- Education, anonpartisan re- teachers’ unions. ministration’sstatedgoal of tion, hiring morejanitorsand search group at the University JenPsaki, WhiteHouse reopening 50% of classrooms providing morepersonal proof Washingtonfocused on im- press secretary, said Tuesday forone dayaweek is unac- tectiveequipment. proving public education. that the goal was“at leastone ceptable.Our studentsdeserve During arecent interview Debate over reopening has day a week in the majority of more,” House Minority Leader with CBS,Mr. Biden said: “I been playing out around the German Affordable Luxury schools,byday 100.” On Kevin McCarthy(R.,Calif.) think it’stime forschools to country. In Chicago, aftera Wednesday she stressed that said on Twitter. reopen safely.Safely.” contentious fight, the Chicago It’s our goal to create affordable timepieces this was “not the ceiling, that Mr.Biden has made school Guidanceonsafereopening TeachersUnion has ratified an of quality.Honest, functional and to the point. is the bar we’retrying to leap reopening atop priority,but of schools from the U.S. Cen- agreement to reopen elemen- over and exceed.” the federal government has lit- ters forDisease Control and tary schools forin-person Alexanders of Atlanta -Atlanta, GA 404-634-3197|Bab’s Jewelry - “Certainly,weare not plan- tle influenceoverthe opera- Prevention is expected out this learning forthe firsttime Ft. Myers, FL 239-432-1778|Midwest Estate Buyers -Zionsville, IN ning to celebrateat100 days if tion of local school districts, week. since March. 317-733-0099|Orlando Watch Company -Winter Park, FL we reach that goal. That is our which falls chiefly to local and Arecent study from re- NewYork City’s public mid- 407-975-9137|Right Time -Highlands Ranch, CO 303-862-3900| owneffort to set our own stategovernments. He has in- searchers at the CDC who ex- dle schools will reopen for Worthmore Jewelers -Atlanta, GA 404-892-8294|Stonehaven markings, set abold and ambi- cluded $130 billion in funds for amined rural districts in Wis- some in-person learning on Jewelry -Cary, NC 919-462-8888|Humes Jewelers -Hopkinsville, tious agenda forhow we’rego- K-12 schools in the $1.9trillion consin found coronavirus Feb. 25 aftertheir students ing to measure ourselves and Covid-19 relief plan that he has spread was limited in schools had been receiving fully re- KY 270-885-7442|Danson Jewelers -Allendale, NJ 201-962-3207| progress,” she said. “But we proposed to Congressand that that use mitigation strategies moteinstruction formore Radisson Jewels -Sint Maarten 718-618-5121 certainly hope to build from Republicans oppose.The such as mask-wearing and so- than two months,Mayor Bill Sternglas USA 727-896-4278 that, even at 100 days.” money would go to school dis- cial distancing.CDC Director de Blasio said Monday. P2JW042000-2-A00400-17FFFF5178F

A4 | Thursday, February 11, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL. U.S. NEWS Olympic Swimmer IndictedinRiot Election Probe Is Five-time medalist QAnon adherent from Iowa atetrial on Wednesday. the Senate floor and into an- cluded Michael Phelps, to the who wasamong the firstriot- Mr. Keller was first identi- other hallway. gold medal by 0.13 seconds. Klete Keller, three ers to enter the Capitol. fied several days afterthe According to the earlier af- Born in LasVegas and Launched others are charged Thelaw cited in the ob- Capitol insurrection in widely fidavit fortheir arrest, the raised in Arizona, Mr.Keller struction count falls under the circulated screenshotsofvideo brothers reported themselves swamfor the University of as the probe widens broad witness-tampering stat- footageand photos takenin- to the Helena PoliceDepart- Southern California and also In Georgia uteand carries amaximum side the building.Hestood out ment, and said they wanted to attended Eastern Michigan BY ARUNA VISWANATHA sentenceof20yearsinprison. in the crowd forhis height, 6- turn themselves in to the FBI. University,according to his BY ALEXA CORSE AND RACHEL BACHMAN Manyofthe morethan 200 foot-6,and the navy blue Their lawyerscouldn’t be Team USA biography. AND CAMERON MCWHIRTER people who facefederal jacket he wore bearing the reached for comment. Mr.Keller struggled with WASHINGTON—Gold- charges related to the Capitol seal of the U.S. Olympic team. Mr.Jensen wasamong the lifeafter his swimming career ATLANTA—Thetop prose- medal Olympic swimmer Klete riot were firstarrested on In addition to the obstruction firsttobearrested, in Iowa, ended, divorcing in 2014 and cutor forGeorgia’smost popu- Keller wasindicted by afed- criminal complaints that car- charge,Mr. Keller faces counts two days afterthe riot, wherea spending some time living in lous county said an investiga- eral grand juryonchargesre- ried chargeswith lesser penal- of civil disorder, entering and judgeordered his release pend- hiscar while working to pay tion wasunder way into lated to the Jan. 6 riot at the ties.Prosecutorssaid they engaging in disorderly conduct ing trial. Thegovernment has support forhis three children, attemptstoinfluencethe U.S. Capitol, as prosecutors planned to seek indictments in arestricted building,and appealed that determination. he said in an interviewsum- 2020 election in Georgia in a pursue additional counts against most of the alleged ri- other counts. Alawyer forMr. Mr.Jensen hasn’t yetentered a marized in 2018.Thingshad sign that former President against the alleged rioters in- oters, and could add countsas Keller declined to comment. plea and his attorney couldn’t begun to improve, he said at Donald Trumpand his sup- cluding one that comes with a the investigation progressed. The Hughes brothers were immediately be identified. that time,when he waswork- portersare under scrutinyfor potential 20-year sentence. Thebrothers, Joshua and arrested earlier this month on Mr.Keller competed in ing in residential real estatein their push to overturn JoeBi- In indictmentsreturned JerodHughes,and the Iowa acomplaint that accused them three Olympic Games,from Colorado Springs, Colo. den’svictoryinthe state. Wednesday, Mr.Keller was man, DouglasJensen, were al- of participating in a group of 2000 to 2008,and wonfive In November,Mr. Keller In letters Wednesday, Ful- chargedwith seven counts, in- legedly part of amob that riotersoutside the building medals:two gold, one silver traveled to Washingtontopar- tonCounty District Attorney cluding obstructing an official chased Capitol Policeofficer whosmashed windows and and two bronze. ticipateinanelection protest Fani Willis ordered at least proceeding.Similar charges Eugene Goodman up aset of climbed through it. Thebroth- Mr.Keller held off Austra- and pro-Trump rally, according four topstate officials to pre- were also brought against two stairsclose to the Senate ers then allegedly joined with lian star Ian Thorpe on the fi- to apost on his Facebook page, serverecords related to the brothersfromMontana who chamber.That episode figured Mr. Jensen, ignoring the offi- nal leg of the 4-by-200-meter which has been sincedeleted. administration of the 2020 allegedly climbed through bro- prominently in video footage cer’scommands to leave the freestyle relayatthe 2004 He wrotethat the attendees general election, including any kenwindows at the Capitol shown by Democratic impeach- building and chasing him up Athens Olympics. Mr. Keller’s were patriotswho “are furious potential evidenceofattempts and forced their way to the ment managersduring former the stairs. Mr. Goodman then performancepropelled him over this brazen assault on our to influencethe officials over- Senatefloor,and an alleged President Donald Trump’sSen- lured the riotersaway from and his teammates,who in- republic and our way of life.” seeing it. Themoveappearstomark the early stages of acriminal investigation intoeffortsby Mr.Trump and his supporters to overturn the resultsofthe 2020 election here, which found President Biden won the statebyanarrow margin. Mr.Trump wasthe firstRe- publican presidential candi- datetolose the statesince 1992; the losswas confirmed by two statewide recountsand apartial forensic audit. Theletters didn’t mention

Acountyprosecutor is looking into attemptstoinfluence the2020 election.

Mr.Trump by name but re- ferred to media reportsof contactswith the Georgia secretary of state’soffice, the U.S. attorney’s officeinAt- lantaand others—indicating theprobe is focused on the postelection effortsbyMr. Trump and his supportersto reversehis lossinthe state. Ms.Willis,aDemocrat, sent Rep. Jamie Raskin of Maryland, above,the lead impeachmentmanager,spokeonthe Senate floor Wednesday, as Democratsshowedsecurityvideosincluding one, below the notices to Georgia Gov. of Vice PresidentMikePencebeing evacuatedfromthe Senate chamber on Jan. 6. At bottom, Del. Stacey Plaskettofthe U.S. Virgin Islands addressing the senators. BrianKemp,Lt. Gov.Geoff Duncan,Attorney General Chris Carr and Secretaryof Democrats State Brad Raffensperger, who areall Republicans,according to aspokesman forthe dis- Say Trump trict attorney and copies viewedbyThe Wall Street Journal. Thespokesman said Incited Riot he could confirm the investigation had been opened but couldn’t name the subjectsof ContinuedfromPageOne the probe. catedthey don’t plan to use all Aspokeswoman forMr. of their allottedtime. Trump’sofficedidn’t respond In their presentation Wednes- to arequest seeking comment. day, Democratsaired previously In her two-pageletterto published videos as well as secu- Mr.Raffensperger, Ms.Willis rity-cameraclips showing views stated that herinvestigation from inside the Capitol that had “includes,but is not limited never been shown publicly,re- to,potential violations of vealing several near misses be- Georgia lawprohibiting solici- tween adangerous mob and tation of election fraud, the lawmakersinboth parties.The making of false statementsto videoshowedrioters, some in stateand local bodies,con- full tactical gear and holding spiracy, racketeering,violation Trump flags, rampaging through of oath of officeand anyin- the building,forcing topofficials volvementinviolenceor including Vice President Mike threatsrelated to the elec- Penceand House Speaker Nancy tion’sadministration.” Pelosi (D., Calif.) to be evacuated Ms.Willis described the in- and stafferstobarricade them- vestigation as “ofhigh priority.” selves intooffices. “The next Fulton County “President Trump put atar- grandjuryisdue to convene getontheir backs,and his mob morethan 200 people with wantstoget his message in March, and this officewill brokeintothe Capitol to hunt crimes related to the day’svio- across, he is not shy,” Rep. beginrequesting grand jury them down,” said Del. Stacey lence. Madeleine Dean (D., Pa.) said. subpoenas as necessaryat Plaskettofthe U.S. Virgin Is- TheDemocrats’ plan wasto Ms.Dean gaveanimpas- that time,” she wrote. lands. split their presentation into sioned firsthand account of her Formonths afterhis loss, Onevideo showedaCapitol three chaptersofthe riot: the experienceonJan. 6. “They Mr.Trump publicly lashed out Policeofficer,Eugene Goodman, provocation,the attack and the came draped in Trump’sflag and at Mr.Raffenspergerand charging down ahallway and harm, intended to establish that used our flag,the American flag, other topofficials,demanding steering Sen. MittRomney (R., Mr.Trump incited the mob. to batterand to bludgeon,” she that they stop what he Utah) away from the mob.An- “When in our historyhas a recalled. “And at 2:30,Iheard claimed wasafraudulent elec- other showedthe moment apo- speech led thousands of people that terrifying banging on House tion. No evidenceofwide- liceofficer shot one of the riot- to storm our nation’sCapitol chamber doors. Forthe first spread fraud wasfound de- ers, Ashli Babbitt, as she climbed with weapons,toscale the walls, time in morethan 200 years, the spitethe recountsand several through the doorstothe breakwindows,kill aCapitol Po- seat of our government wasran- court cases that were dis- Speaker’s Lobby.Ms. Babbitt liceofficer?” Rep.Joe Neguse sacked on our watch.” missed or withdrawn. died. AthirddepictsSen. Chuck (D., Colo.) said.“This wasnot Democratsargued that Mr. Behind the scenes, Mr. Schumer of NewYork,the cham- just aspeech.” Trump knewwhat his support- Trumpand his supporters ber’s Democratic leader,being Mr.Raskin playedavideo of erswerecapable of and that his pressed forMr. Raffensperger escorted down ahallway by his Mr.Trump’scommentsfrom repeated urging of his followers and otherstoreverse theNo- security detail beforerunning in Jan. 6after the riot had to “fight” gavethe riotersthe vember election results, in- the oppositedirection aftercom- firming the election. Thune (R., S.D.)after the video started, in which he told sup- coverthey needed. cludinginawidely reported ing close to the rioters. Sixty-seven votesare re- footagewas shown. He said porters, “I knowyour pain” and “This violent attack wasnot telephone conferenceinwhich Laterinthe evening,Demo- quired to convict Mr.Trump, Democratshad “done agood “Weloveyou,” as he urged planned in secret,” said Ms.Plas- Mr.Trump said he wanted to cratsturned to what Mr.Trump meaning at least 17 Republicans job of connecting the dots” be- them to go home. kett.“They were following his “find” votestowin the state. wasdoing while his supporters would need to join all 50 in the tween Mr.Trump and the Rather than consoling the na- orders, and so they publicized it TheWall Street Journal re- were invading the Capitol, citing Democratic caucus.Only ahand- events of Jan. 6. tion, Mr.Raskin said, Mr.Trump openly,loudly,proudly.” ported that the then-U.S.at- news reportsand accountsfrom fulofRepublicans have indicated Sen. TedCruz(R.,Texas) decided to “praise and sympa- Both the Democratic manag- torney in Atlanta, Byung J. lawmakersthat the then-presi- they could vote to convict him. said the footagewas “horrific” thizeand commiseratewith the ersand the Trump team have Pak, was pushed out of office dent wasinitially excited by the Some Republicans praised and that riotersshould be pros- rampaging mob.” the option to call foradebate when he refused to open an riot and had to be persuaded to Democrats’ presentation, but ecuted, but that Democrats Democratssaid therewas a and vote on calling witnesses. investigation intoalleged elec- publicly urge his supportersto othersindicated the trial hadn’t connected the rioters’ clearcontrast in the urgency House aides didn’t disclose tion fraud, despitealack of go home.Asthe riotswereun- wouldn’t changetheir minds on criminality to the former presi- with which Mr.Trump called whether they planned to tryto evidence. folding,both Mr.Trump and his howtovote. dent. “The languagefromthe forvotecounting to be stopped call witnesses,and the defense TheGeorgia election re- personal lawyer,Rudy Giuliani, “They had astrong,strong president doesn’t come close to to preservehis lead in some has said they would only do so if sultswerecertified with Mr. were calling Republican senators presentation put together in a meeting the legal standardfor states,and the tone he used in Democratsdid. Biden winning about 12,000 to urge them to continue the ef- way that Ithink makes it pretty incitement,” he said. asking rioterstogohome on —Lindsay Wise more votesthan Mr.Trump fort to block Congressfromaf- compelling,” said Sen. John Authorities have charged Jan. 6. “When Donald Trump contributed to this article. out of five million cast. P2JW042000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, February 11, 2021 | A5

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A6 | Thursday, February 11, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS Biden and Xi Discuss Human Rights, Trade

Leaders hold phone call ports—threequartersofev- erything China sells to the U.S. on contentious issues Biden officials are examin- as Pentagon looksto ing“the sourcesofleverage we have on the economic reviewChina strategy front,” said the administration official, which would take BY BOB DAVIS some time.Afterward, the ad- AND GORDON LUBOLD ministration would “moveout with asharper,moreeffective WASHINGTON—President trade strategytowardsChina, Biden spokewith Chinese off the baseline of the existing President Xi Jinping forthe tariffs,not pulling them all firsttime sincetaking officein back right out of the gate,” the acall in which he said he official said. raised issues of human rights, Mr.Biden also plans to con- trade policyand international tinue pressure on China mili- security that divide the two tarily,said asenior adminis- countries while holding open tration official, through naval the possibility of working to- exercises in the South China gether on climate change and Sea and by sending ships nuclear proliferation. through the Taiwan Strait, Thecall, Wednesdaynight in among other actions. Washington, came afterMr. Bi- S Forhis part, Mr.Xireiter- den in recent days spokewith a PRES ated in thecall with Mr.Biden

host of allies in Europe and TED that Beijing regardsissues re- Asia, signaling that he seeks to CIA lated to Taiwan, Hong Kong and SO

deal with China as the leader of AS Xinjiang as China’sinternal af- the world’sdemocracies rather fairs. “The U.S. side should re-

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dent. TheU.S.needs to “join to- BR act prudently,” Chinese state

gether with otherstohold ALEX media quoted him as saying. China accountable forits President Biden, shown with Defense Secretary Lloyd Austin and Vice President Kamala Harris, visited the Pentagon on Wednesday. Mr.Biden announced the abuses and to shape China’s Pentagon revieweffort on choices going forward,” said a tweeted. spect each other,treat each TheBiden-Xi conversation with China at the same time as Wednesday, during his first senior administration official. The Chinese leader reiter- other equally, and to manage came the same daythat Mr.Bi- it fought with U.S. allies over visit as commander in chief to AWhiteHouse statement ated Beijing’sviewthat “coop- anddeal with the issues in a den launched aPentagon re- trade and security issues. the Pentagon. He met with De- said Mr.Biden raised his “fun- eration is the only correct constructivemanner,” Mr.Xi viewofthe national security TheBiden plan borrows fense Secretary Lloyd Austin, damental concerns about Bei- choicefor both sides,” accord- was quoted as saying. aspectsofthe administration’s heavily from Mr.Trump’splay- Chairman of theJoint Chiefs jing’scoerciveand unfair eco- ing to areadout from Chinese Messrs.Biden and Xi have China strategy,aspart of a book in certain areas.Heavy of Staff Gen. Mark Milley and nomic practices,” as well as state media. He said that the long known each other,and broader effort to determine its tariffs will remain in placefor other topofficials.AChina human rightsissues and “pre- U.S. and China should work to- U.S. officials hope the familiar- approach to countering Beijing. nowwhile the Biden team con- task force will study the mili- serving a free and open Indo- gether on issues ranging from ity yields results. At the same Mr.Biden has argued that ductsareview of trade policy tary’s footprint in Asia, tech- Pacific” region. But it said the effortstocombat the Covid-19 time,Mr. Biden is facing pres- focusing on allies gives the internally and with allies, the nology, intelligence, the role of leadersdiscussed cooperation pandemic,spur aglobal eco- sure to take a tough stand, as U.S. an advantageinits com- senior administration official allies and partnerships,and on fighting Covid-19,climate nomic recovery, and to main- Republicans and Democratsin- petition with China. Thestrat- said. At that point, the admin- other areas of the strategy, ad- change and other issues. tain regional stability. creasingly viewChina as an egyisarejection of what Mr. istration would decide which ministration officials said. “I told him Iwill work with “China and the U.S. will adversary. Mr.Biden last week Biden has argued is a failed ones to roll back. —Alex Leary China when it benefitsthe have different views on certain called China “our most serious policybyhis predecessor,Don- Currently the U.S. has levies and Ken Thomas American people,” Mr.Biden issues and the key is to re- competitor.” ald Trump,todeal one-on-one on $370 billon of Chinese im- contributed to this article.

valued at $180 billion in De- Deal for cember,according to PitchBook. NSA Mr.Zhang recently spoketo ByteDance’semployees globally, TikTok encouraging them to keep Official working and to wait forthe geopolitical storm to pass, ac- Is Shelved cording to staffersinterviewed To Focus by TheWall Street Journal.

GES Oracle,Walmart and others

ContinuedfromPageOne IMA could still figure in apossible On Hack Therequestsfor acourt de- deal, the people familiar with laycomes as discussions con- GETTY the situation said, but much de- BY DUSTIN VOLZ tinuebetween representatives SE/ pends on howMr. Biden, a of ByteDanceand U.S. national Democrat, and his administra- WASHINGTON—TheWhite security officials,the people fa- tion pursue the initiatives House on Wednesdaysaid it ANCE-PRES

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being accessed by the Chinese S response to TikTok’scourt chal- closed aftergrowing pressure RI

government, they said. CH lengeagainst Mr.Trump’sexecu- from lawmakersfor morein- But no imminent decision on App owner ByteDanceand U.S. authorities arediscussing ways to preventBeijing from accessing tiveorder is due.The JusticeDe- formation about the breach. howtoresolvethe issues sur- data collected on American users. partment declined to comment Anne Neuberger, asenior rounding TikTok is expected as on whether it would continue to official at the WhiteHouse Na- theadministration determines in the U.S.—which monitorsse- theU.S.and TikTok to resolve national security aspectsofthe defend Mr.Trump’sorder. tional Security Council, has itsown response to the potential curity risks in cross-border thesituation have continued, administration’sChina strategy, Also next week,another ex- been in the position since security risk posed by Chinese business deals—formally or- according to the people familiar including studying the military’s ecutiveorder signed by Mr. President Biden took office, tech companies’ datacollection. dered ByteDancetodivest itself with the matter, one of whom footprint in Asia. Trump is set to go intoeffect but administration officials “Weplan to develop acom- of U.S. operations. said possible solutions include AnyTikTok deal would likely that would ban U.S. transactions didn’t make her appointment prehensiveapproach to secur- TikTok asked afederal ap- use of athirdparty to manage be different from the one dis- with eight China-related apps. public untilWednesday. She ing U.S. datathat addresses the peals court in Washingtonin TikTok’sdata, whichwouldn’t cussed in September,the peo- While the Biden administra- has been leading the handling full rangeofthreatsweface,” November to vacate the divesti- requireanoutright sale. ple said, in part because TikTok tion could enforce the order,it National Security Council tureorder,calling it arbitrary WhiteHouse presssecretary no longer faces the threat of an could also extend the deadline, spokeswoman Emily Horne said. and capricious.TikTok said it JenPsaki declined Wednesday imminent shutdown. substituteanew order or sim- Anne “This includes the risk posed by wasprepared to discussother to discussdetails of the Cfius Anysale would also need the ply rescind the order outright. Neuberger is Chinese apps and other soft- waystoaddressthe govern- review. “I will note, broadly approval of Chinese regulators. Trumpadministration offi- directing ware that operateinthe U.S. In ment’ssecurity concerns. speaking,that we arecompre- Beijing adopted newrestric- cials had contended that Chi- compromised the coming months,weexpect While that case is pending, hensively evaluating the risks to tionslast year on exporting nese tech companies pose ase- agencies to to reviewspecific cases in light separatefederal court rulings U.S. dataincluding from TikTok certain types of social-media curity threat because they can find specific of acomprehensiveunderstand- have blocked the government and will addressthem in adeci- algorithms that TikTok uses, be forced to sharetheir dataon solutions. ing of the risks we face.” from shutting TikTok down. The siveand effectivefashion,” Ms. further complicating deal talks. people in the U.S. with China’s Mr.Trump,aRepublican, or- most recent ruling on Dec.7 Psaki said. “Ifwehavenewsto ByteDancefounder Zhang authoritarian government. The dered aban last year on TikTok said Mr.Trump’sexecutiveorder announcewewill announceit.” Yiming resisted the sale of Tik- companies have said they of the hack fallout sinceday aimed at forcing asale of the likely overstepped his authority She declined to giveatimeta- Toklast year despitecalls from would never do so. one of the Biden administra- popular video-sharing app to a under the International Emer- ble forcompletion of the broad his large Western investorsto —Georgia Wells, tion, said Emily Horne,anNSC majority-U.S.-ownership group. gencyEconomic Powers Act. reviewofChina tech policy. Sep- do so. ByteDance, which counts Sarah Nassauer, spokeswoman. Officials didn't Afew days later,the Com- Talks between the Commit- arately,Mr. Biden announced General Atlantic and Sequoia Raffaele Huang and Liza Lin say why Ms. Neuberger’s role mitteeonForeign Investment teeonForeign Investment in that the Pentagon would review Capital among itsbackers, was contributed to this article. wasn’t disclosed sooner. Ms.Neubergerisfocused on directing federal agencies com- have been tight-lipped about miliar with the matter. Born in it an indispensable part of heelsofChina’scrackdown promised in the hack toward Beijing Mr.Sun’salleged offenses, 1968,hespent most of his ca- daily life for hundreds of mil- against another billionaire, specific remediation solutions saying in April that he was reer at the Communist Party’s lions of Chinese people. Jack Ma, who isn’t related to andidentifying issues in how suspected of breaking the law. powerful department oversee- Over the years, Tencent has Tencent’sMr. Ma—triggered the government has responded. Detains He is one of the highest-pro- ing appointmentsoftop party collected amassivetrove of concerns among Tencent em- She has also worked with the file security officials investi- officials,the Organization De- datathrough itsprocessing of ployees about whyMr. Ma privatesector on addressing gated since Chinese leader Xi partment of the party’s Cen- the chat conversations and fi- hasn’t been seen at events. theattack,which mayinclude Executive Jinping launched awide-rang- tral Committee, according to nancial transactions of its1.2 Thelast publicly docu- “potential executiveactions un- ing anti-corruption campaign stock-market filingsfroma billionmonthly activeusers, mented in-person sighting in derway,” Ms.Horne said, against lawenforcement Shenzhen-listed state-run most of them in China. That mainland China of Mr.Ma, though she didn’t elaborate. Ms. ContinuedfromPageOne forces last year. companythat he worked for hasmade WeChat apowerful who also goes by Ma Huateng, Neubergerisalso focused on couldn’t be reached forcom- Hong Kong-listed Tencent before moving to Tencent. surveillance tool forthe Chi- was in August 2019 in Shang- launching astudy of the Solar- ment. Mr.Sun also didn’t re- has amarket capitalization of nese government, which regu- hai at the World Artificial In- Winds breach to learn lessons spond to arequest forcom- about $900 billion. Authorities lates Tencent and regularly has telligence Conference. and to prevent such incidentsin ment sent through China’s haven’t confirmed that Mr. The case of alleged it suppressdissenting views on Mr.Mamade only virtual the future, Ms.Horne said. antigraftinspectors—the Cen- Zhang is under investigation. WeChat, according to earlier appearances in Tencent’scom- On Tuesday, Sens.Mark tral Commission forDiscipline As the probe intoMr. Zhang personaldata reporting by the Journal. panywide year-end gatherings Warner and Marco Rubio,the Inspection—and the State unfolds,PonyMa, Tencent’s sharing involves an Morerecently,however, sinceDecember 2019—a break Democratic and Republican Council Information Office. billionairefounder and chief Chinese authorities have from his usual practiceofat- leadersofthe SenateIntelli- Mr.Zhang’scase highlights executive, hasn’t been seen exsecurity official. grownincreasingly concerned tending such eventsinperson. genceCommittee, sent aletter howChina’sbiggest technol- publicly in mainland China or that Tencent and other tech Employees have been told Mr. to various federal cybersecurity ogy companies can become in person at major public giants’ data-collection systems Ma is recovering from aback leadersasking forthe adminis- tangled in political battles at events. He has been spending give them unique insight into injury. Mr.Ma, arepresentative tration to “empoweraclear the highest echelons of China’s most of his time in Hong As Tencent’sexecutivere- and power over Chinese soci- of the National People’sCon- leader in the United States’ re- Communist Party.Companies Kong,the people familiar with sponsible for government af- ety, challenging the Commu- gress, wasabsent from last sponse to the SolarWinds cyber such as Tencent have access to the matter said. fairs, Mr.Zhang met with Chi- nist Party’s desiretomonopo- year’s legislativeproceedings breach.” coveteddata, as well as insight Mr.Mahasn’t been accused nese government officials and lizesuch information. In in May, citing health reasons. Thesenatorsalso expressed into the users that provide of any wrongdoing. He didn’t wasresponsible forhandling recent weeks,China has re- Meanwhile,Mr. Ma, 49,has dismayatthe lack of details them. Beijing’sconcerns have respond to requests for com- the company’srelationship leased newantitrust rules tar- shown up—at least by audio— provided thus far to Congress been growing that technology ment. China’sState Council In- with ministries in Beijing, ac- geting internet platforms, for quarterly earnings calls. about the hack,which current companies could misuse that formation Officeand the Cen- cording to one of the people. which analystssay is moti- Tencent’srevenue andstock and former intelligenceoffi- dataorshareitinappropri- tral Commission forDiscipline Tencent’sdo-everything vatedinpart by Beijing’sat- pricehit all-time highs during cials have described as one of ately,evenasauthorities also Inspection didn’t respond to mobile app WeChat is the pre- tempt to retake control of us- the pandemic as homebound the worsthacks on record.The at timesdemand access to it requests for comment. dominant social media plat- ers’ personal data. usersflocked to itsvideogames. U.S. has blamed Russia forthe fortheir ownpurposes. Mr.Zhang joined Tencent in form in China, itschat and on- Mr.Ma’slack of public ap- It is nowChina’smost valuable hack.Moscow has denied in- Anticorruption inspectors 2018, according to people fa- line payment functions making pearances—coming on the publicly traded company. volvement. P2JW042000-0-A00700-1------XA

THE WALL STREET JOURNAL. Thursday, February 11, 2021 | A7

Youare ahuman being, butahuman beingwhat?

Youcan be avoicefor thevoiceless. Youcan be unitedagainst divisiveness. Youcan choose to BE LOVE andimplement thedemands of justice. This Valentine’sDay, let’schangethe conversationaroundlove.Turning it from passivekindness to urgent advocacy.Together, we can BE LOVE anduse our power to correcteverythingthatstandsagainst love.

Take thepledge. THEKINGCENTER.ORG P2JW042000-4-A00800-1------XA

A8 | Thursday, February 11, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Double Mask Works Better, Study Finds

Two layers, or even Other studies have shown ben- efitsfromwearing double just one fitting tightly, masks or using mask fitters, greatly reduce chance devices that tighten the fit. Still other expertssay peo- of Covid-19 infection ple should wear N95 masks, S which areused primarily in PRES BY BETSY MCKAY hospitals and are certified to filter out at least 95% of small TED CIA

Upgrading your mask can particles. SO

makeabig difference, accord- TheCDC is trying to accom- AS

ing to astudy published plish two goals: persuade peo- ICE/ VO

Wednesdaybythe Centersfor ple to wear amask at all— ’ Disease Control and Prevention. sincemanyaren’t doing that

Wearing adouble mask or currently—and offer options CITIZENS fitting asingle mask more on itswebsitethat canhelp closely on the facesubstantially them improveorfind agood AN/THE reduces the risk of infection fit, said John Brooks,chief with the Covid-19 virus,accord- medical officer of the agency’s MOR

ing to the study,published in Covid-19 response. MARK the agency’sMorbidity and “Masking is one of our The CDC found thatwearing twomasks, such as those here, offered moreprotection from cough particles and aerosols from breathing. Mortality Weekly Report. most potent means fornot In aseries of laboratoryex- only the epidemic and itsef- small room. Theprotection perimentsusing headforms fectsonhuman health and the was96.4% when the other per- Daily Cases in U.S. Hospitalizations in the U.S. mer surges. Hospitalizations and machines to generate economy, but also forslowing son in the room wasalso because of Covid-19 fell below have declined about 40% since aerosols,the CDC found that viral evolution,” he said. “We wearing adouble mask or a Stay Under 100,000 80,000 forthe firsttime since Jan 6. wearing athree-ply cloth mask arelooking at all the wayswe close-fitting single mask, the Nov. 18 as of Tuesday, and the Unlikeduring earlier mo- over athree-ply medical or canenhanceour prevention study found. number of patients requiring ments in the pandemic, case surgical mask blocked 92.5% measures.” TheCDC also tested the ef- Newly reported coronavirus treatmentinintensivecareunits counts areheading loweramid a of particles from a cough. It isn’t known whether the fectivenessofamedical or cases in the U.S. remained under was16,129, the lowest level mass-inoculation effort. But even That wasmuch moreeffec- performanceofsingle or dou- surgical mask that was better the 100,000 mark forthe third sinceNov.20, according to the after such asteep decline, cases tivethan asingle mask.Asur- ble masks is different against fitted by tying knotsinthe ear dayinarow,asthe White Covid Tracking Project. and hospitalizations remain gical mask alone blocked thenew variants, Dr.Brooks loops and tucking the sides in House said it planned to boost The country recorded 3,131 higher than during earlier surges, cough particles by 42%, and a said. “It’sthe same virus,so close to the face. Wearing that vaccine distribution to states. fatalities from Covid-19 forTues- deaths continue to hovernear cloth mask blocked them by the measures should work,” he mask blocked 64.5% of aero- The U.S. reported 95,360 day, according to the latest records, and the rise of more 44.3%. said. “What we don’t know is sols emittedbythe other newcoronavirus cases forTues- Johns Hopkins data, pushing the contagious coronavirus variants Manymedical and engi- howeffectively they will headform, which wasun- day, according to the latest data nation’stotal death toll to more could quickly worsen the spread. neeringexpertssay people work.” masked, and 95.9%ofthe par- compiled by Johns Hopkins Uni- than 468,000. The Biden administration need to upgrade their masks In the lab experiments, the ticles when the headform was versity. Tuesday’stally wasa Newly reported cases have plans to increase weekly because newvariantsofthe double mask wasalso more masked. slightincrease from the previous dropped by around 56% overthe Covid-19 vaccine doses to states, virus arespreading around the protectiveagainst aerosols “Whatever we candotoim- day’srevised total of 89,727, but pastmonth, based on aseven- territories and tribes to 11 mil- country, particularly one that from breathing.Itblocked 83% provethe performanceof sharply lowerthan peak levels dayaverage, marking asignifi- lion, up from 8.6 million weekly is significantly moretransmis- of aerosols emitted during 15 masks right nowwill speed reached in January,according to cantly steeper fall than the U.S. doses three weeksago. sible than the strain that is minutes of quiet breathing by our control of this pandemic,” Johns Hopkins. sawafter the spring and sum- —David Hall most common right now. an unmasked headform in a Dr. Brooks said. U.S. WATCH Antibody Drug ECONOMY Powell Says FedWill Cocktail Allowed Keep Up Its Support

The Federal Reserve will con- BY PETER LOFTUS AbCelleraBiologics Inc.It tinue bolstering the U.S. economy wasderived from ablood sam- through lowinterestrates and Acombination of two Eli ple takenfromone of the first heftyasset purchases, Chairman Lilly &Co. antibody-based U.S. patientstorecover from Jerome Powell said Wednesday, drugstotreat recently diag- Covid-19.Lilly licensed the stressing thatthe labor market nosed Covid-19 wasauthorized second antibody, etesevimab, remains stuntedbythe pandemic. by federal health regulators, from Junshi Biosciences of The Fedisunlikely to “even the latest treatment aimed to China.

think about withdrawing policy CK help people at high risk of se- A1,035-person study found support” by raising ratesorreduc- TO vere disease from avoiding that the two-drug cocktail re- ing its bond purchases forthe hospitalization. duced the combined risk of

foreseeable future, Mr.Powell said SHUTTERS Themovebythe U.S. Food death andhospitalization by at avirtual appearancebeforethe A/ andDrugAdministration on 70%compared with patients Economic Club of NewYork. /EP Tuesdaynight allows doctorsto who received aplacebo.Some The Fedchief also repeatedhis SER add anew monoclonal anti- 7% of patientsinthe study LES

call formorefiscal assistancefor S body,named etesevimab,toone who received the placebo died

the economy, saying thatmone- ERIK called bamlanivimab that the or were hospitalized for tary policy alone won’tbeenough DAMAGED: A fire ripped through a Krispy Kreme Doughnuts store in Atlanta early Wednesday agency authorized last year. Covid-19,versus 2% of those to restore the labor market to full morning. No injuries were reported. The store is owned by basketball great Shaquille O’Neal. The combination, adminis- who received the Lilly combi- strength. “It will requireasociety- tered together via a single in- nation. Some patientshad side wide commitment, with contribu- CHICAGO is adisgrace.” said CTU President ment rights, died Wednesday. He travenous infusion, is cleared effectsincluding certain aller- tions from acrossgovernment Jesse Sharkey was 78 years old. forpatients who areathigh gic reactions. and the privatesector,” he said. Teachers Ratify Deal “This vote reaffirms the Mr. Flynt had been in frail risk of worsening to severe Lilly and itsmanufacturing The U.S. economyshrank 3.5% To Reopen Schools strength and fairnessofour plan, health and died of heart failure Covid-19,including those 65 partner Amgen Inc.plan to lastyear,its largestyearly con- which provides families and em- at his Los Angeles home, said and older or who have certain make up to one million doses traction sincejustafter World The Chicago Teachers Union ployees certainty about returning his nephew, Jimmy Flynt Jr. medical conditions. of etesevimab by mid-2021. WarII, the Commerce Depart- ratified apact to reopen elemen- to schools and guarantees the Mr. Flynt challenged the es- Monoclonal antibodies are About 100,000 doses areready mentreported. The U.S. unem- tary schools forin-person learn- bestpossible health and safety tablishment and became a tar- engineered proteins that immediately and an additional ploymentratefell to 6.3% in Jan- ing forthe firsttime sinceMarch protocols,” Ms. Lightfootand Chi- get for the religious right and mimic the immune system’s 150,000 areexpected to be uary from 6.7% amonth earlier, amid the coronavirus pandemic. cago Public Schools Chief Execu- feminist groups. Shot by a ability to fight off viruses. Re- available throughout the first the Labor Departmentsaid Friday. Union members voted13,681 tiveJaniceJackson said. sniper in 1978, Mr. Flynt was generon Pharmaceuticals Inc. quarter, Lilly said. Thatcompares with a3.5% un- to 6,585 to approve the deal, —Joe Barrett paralyzed from the waist down makes asimilar antibody- TheU.S.government previ- employmentrateinFebruary averting apossible lockout and and used a wheelchair the rest based Covid-19 treatment that ously agreed to purchase 2020, beforethe pandemic struck. strikeafter months of increas- OBITUARY of his life. He fought battles previously received FDAau- 950,000 doses of the firstLilly Whileoutput is expected to ingly bitternegotiations. with drug and alcohol addiction. thorization. antibody,bamlanivimab,and recoverthis year,mostFed offi- But teachers clearly weren’t Hustler Founder Flynt Mr. Flynt’s life was depicted Companies aredeveloping has directed the allocation of cials don’texpect the unemploy- happywith the agreementor Dies of Heart Failure in the 1996 film “The People vs. Covid-19 antibody treatments doses to health-careproviders. mentratetoapproach its pre- the administration of MayorLori Larry Flynt,” which brought Os- that aremoreconvenient to Lilly said Tuesdayitexpects pandemic leveluntil 2023, Lightfoot. “The fact thatCPS Porn purveyor Larry Flynt, car nominations for director Mi- take and can tackle emerging the procurement and alloca- according to projections released could notdelayreopening afew who built Hustler magazine into los Forman and Woody Harrel- virus mutations. tion of the new two-antibody in December. short weekstoramp up vaccina- an adult entertainment empire son, who played Mr. Flynt. Lilly co-developed bamlani- cocktail to mirror the same —Paul Kiernan tions and preparations in schools while championing First Amend- —Associated Press vimab with Canadian company process.

over Iran’snuclear activities as ward an accord that would wouldn’t makethe firstmove order to produce a fuel called usefor uranium metal. The Iran Makes the Biden administration looks prolongconstraintsonTeh- to persuade Iran to reverseits silicide forits research reactor production of uranium metal to resume diplomacy aimed at ran’snuclear program and nuclear breaches by lifting in Tehran, acivilian facility. has potentially grave military returning to the accord. coverIran’sballistic-missile sanctions beforeTehran acted. TheIAEA said Iran told it in implications,” they said. Banned RobertEinhorn, aformer program as well. “Wecontinue to urge Tehran January it would take four to Iran started taking steps in senior State Department offi- Iran has warned it will start to resume full compliancewith five months to finish installing breach of the2015 nuclear ac- cial on proliferation issues,saw to restrict the access of IAEA the [Joint ComprehensivePlan the equipment to producethe cord morethan ayear afterthe Material the Iranian moveasanattempt inspectors in the countryon of Action]. We continue to do powder from which uranium Trump administration withdrew to ratchet up the pressureon Feb. 21 unlessthe U.S. moves to that because that, forus, would metal is made.Therewas no from the deal and months after the Biden administration. liftsweeping sanctions Wash- open up the pathway fordiplo- timeline forproducing the Washingtonimposed sanctions. ContinuedfromPageOne “Although it’s only a small ingtonimposed on Tehran after macy,” State Department uranium metal itself. In 2019,itbreached the lim- enriching uranium, an activity amount of natural uranium, former President Donald On Wednesday evening, an itsonits enriched-uranium that has potential civilian uses theIranians knowthat any Trump,aRepublican, pulled the IAEA spokesman confirmed stockpile and purified uranium such as fuel for power-gener- production of uranium metal U.S. out of the nuclear deal in Tehran has warned the uranium-metal production to levels slightly above those ating reactorsorfor medical would rubagainst araw nerve May2018.That would partially and said it waspart of Iran’s permittedinthe accord.It isotopes.However, the produc- in Washington,” Mr.Einhorn reverseone of the most impor- it will start to “statedaim to producefuel for also started enriching uranium tion of uranium metal is more said. “They seem to have de- tant restraintsonIran’sactivi- restrict the access of the Tehran” research reactor. at Fordow, a site buried deep clearly linked to nuclear-weap- cided to elevate the stakes in ties built intothe nuclear deal. Theagencysaid the small underground. ons work sinceithas few civil- an effort to forcethe Biden European officials have been nuclear inspectors. amount of material produced, Last year,itsignificantly in- ian purposes.Iranwas banned administration to makeacon- trying to exploreways to per- 3.6grams,was part of newre- creased itsproduction of en- from producing it for15years ciliatorymove. It maymean suadeIrantodelaythat step search work on uranium metal riched uranium so that in No- under the 2015 agreement. that they arenow prepared to and have been seeking agesture that Iran informed the agency vember,the IAEA reported Iran has said it has the right crosswhat manyhaveseen as from Washingtonthat could spokesman Ned Pricesaid. about in Januaryand that it Iran had accumulated over 12 to breach the nuclear accord be- ared line reducing IAEA moni- persuade Tehran to back off,ac- “And we certainly hope to be resulted from a“laboratory timesits permitteduranium cause of the U.S. sanctions and toring activities.” cording to diplomats. However, able to pursue that pathway of experiment” at Isfahan. stockpile.Italso sped up its European failuretocompensate Even if the Biden adminis- people briefed on the talks said diplomacyinorder to resolve In January, France, Britain research work on producing the countryfor Washington’s tration is successfulinencour- it looks increasingly unlikely what we do consider to be an and Germany, the three Euro- advanced centrifuges,ma- actions. Iran’sU.N.representa- aging Iran to resume abiding that Washingtonwill makeany urgent challenge.” pean powers who helped nego- chines that canenrich ura- tivedidn’t respond to arequest by the 2015 agreement, more- quick movethat would persuade In January, the IAEA re- tiatethe nuclear deal, ex- nium far more quickly. forcomment on Wednesday. formidable challenges loom. Iran to push back itsdeadline. ported that Iran had told the pressed deep concerns about —William Mauldin Iran’slatestmoveisex- Washingtonwantstouse that In recent days,President Bi- agencyitwished to makeura- Iran’suranium-metal work. and Michael R. Gordon pected to further stoketensions deal as astepping stone to- den, aDemocrat, said the U.S. nium metal enriched to 20% in “Iranhas no credible civilian contributed to this article. P2JW042000-0-A00900-1------NS

THE WALL STREET JOURNAL. NY/NE Thursday, February 11, 2021 | A9 WORLD NEWS Possible Early Cases in China Emerge WHO probing dozens of cases in October U.S. Study Saw 2019 with Covid-19- Mid-October 2019 likesymptoms Spread in Hubei

BEIJING—About 90 people Many scientists already were hospitalized with believed that Covid-19 was Covid-19-likesymptoms in cen- circulating for some time be- tral China in the two months fore enough cases occurred beforethe disease wasfirst at once in Wuhan to be de- identified in Wuhan in late tected. A modeling study last fall By Drew Hinshaw, by researchers at the Univer- Jeremy Page sity of Arizona and the Uni- and Betsy McKay versity of California, San Di- ego suggested that the virus 2019,according to World could have been present at Health Organization investiga- low levels in Hubei as early tors,who said they pressed Bei- as mid-October 2019. jing to allowfurther testing to The WHO team said the determine whether the newvi- virus most likely spread from ruswas spreading earlier than a bat to another animal and previouslyknown. then to humans, and not Chinese authorities per- from a laboratory. formed antibody testsonabout They also posited that it two-thirds of those patientsin /REUTERS could have entered China NG

the past two months,according SO from another country, possi- Y

to the investigators, and said AL bly via frozen products im- they found no traceofinfection Peter Ben Embarek, center, who led the WHO delegation to China, transits the Shanghai airport Wednesday before returning home. ported from other regions like by the virus.But membersof Southeast Asia. the WHO team probing the outbreak beforeitbecame a ing in other countries,includ- Hubei. All 92 had suffered from lieveoccurred in Europe and The Chinese government pandemic’sorigins said anyan- global pandemic.Beijing says ing the U.S.,inthe second half pneumonia or other Covid-19- possibly the U.S. in November has denied that the virus tibodies could have subsided to the firstpatientidentified in of 2019,and urgedthem to in- likesymptoms.Chinese author- and December 2019. could have come from a labo- undetectable levels during the China developed symptoms on vitethe WHO to investigate. ities subjected those patientsto In arecent study,Italian re- ratory in Wuhan, a possibility delay. Dec. 8, 2019. TheWHO said Tuesdaythat antibody testsinrecent searchersfound evidenceof for which the Trump adminis- “Further studies are Liang Wannian, head of the it was unlikely the virus es- months. Covid-19 infection in a4-year- tration previously said sub- needed,” said PeterBen Em- Covid-19 expert panel for caped from alab accident.The About athirdhad died or re- old boyfromthe Milan area stantial evidence existed. barek, the food-safety scientist China’sNational Health Com- United Nations agencywould fused to participate, said Dr. who wastreated forrespiratory Beijing, for its part, has who led the WHO team, which mission, said Tuesdaythat Chi- nowturn much of itsattention BenEmbarek.The rest tested symptoms and vomiting on claimed the pathogen could wrapped up afour-week visit to nese authorities had tested to Southeast Asia, whereit negativeinserologyteststhat Nov. 30,2019.Researchers have entered China via im- China on Wednesday. blood samples forantibodies, look forantibodies,heand found RNA exactly matching ported frozen food. Team memberssaid they and checked medical records other team memberssaid. part of the Covid-19 virus while Liang Wannian, head of urgedChina to conduct wider from 233 hospitals and clinics, The international “The numbersare not so im- retrospectively testing arespi- the Covid-19 expert panel for testsonblood samples col- but hadn’t found evidenceof portant. What is importantis ratory specimen from the boy, China’s National Health Com- lected in autumn 2019 around the virus spreading around Wu- health team pressed that we don’t really knowhow along with specimens from mission, said the Chinese Hubei, the provincethat is han beforeearly December Beijing to allow reliable serologytesting is to other patients. team had reviewed unpub- home to Wuhan, to look forevi- 2019. detect antibodies forSARS- Theremight have been afew lished studies from different denceabout when the virus Therehad been no unex- further testing. CoV-2 morethan ayear afterin- casesin the U.S. as early as in countries that suggested the wasfirst circulating.Chinese pected fluctuations in mortality fection,” Dr.Ben Embarek said. December 2019,weeks ahead of virus was circulating abroad authorities said they hadn’t yet levels from pneumonia or other Marion Koopmans,aDutch the firstconfirmed U.S. case on weeks before its discovery in obtained permission to test illnessinthe preceding months, virologist on the WHO team, Jan. 19,2020. Wuhan. samples,manyofwhich are he said, and sales of cough and would liketoscrutinizewildlife echoed that concern. “From Researchers found possible The WHO team said it held in blood banks,WHO in- cold medicine didn’t provide and animal-product supply what we knowabout serology, Covid-19 infection in dozens of was willing to look more vestigatorssaid. useful indicatorseither. chains,said team member Peter out of 92 cases youwould at blood samples that had been deeply into such studies in China’sdisclosures to the Beijing has repeatedly Daszak. least have some positives,” she savedfor research. Just how other countries, such as Italy. WHO raise questions about the sought to convey that it suc- During the WHO delegation’s said. “Antibodies do clear.The many had contracted the new The U.S. said Tuesday it possibility that Covid-19— cessfully managed an outbreak visit, investigatorssaid they re- levelsgodown, but lesssoin virusisunclear. saw no potential origin other which has now killed morethan that began somewhereelse.On ceived medical recordsfrom cases of severeinfection.” It is more likely the patho- than in China and wanted to 2.3million people—was already Wednesday, aChinese foreign Chinese authorities related to If the 90 cases included genwas circulating elsewhere examine the underlying data spreading in China in October ministryspokesman repeated about 92 cases of people from Covid-19 infections,itcould and imported to the U.S.,rather from the WHO’s four-week 2019 and that earlier detection Beijing’sassertion that there the 233 institutions canvassed help explain suspected corona- than originating there, the re- mission. could have helped contain the were signs of the virus spread- by Chineseauthorities across virus cases that researchersbe- searcherssaid.

Jacob Sanchez Diagnosed with autism

Lack of speech is asign of autism. Learn the others at autismspeaks.org/signs. P2JW042000-0-A01000-1------XA

A10 | Thursday, February 11, 2021 THE WALL STREET JOURNAL. WORLD NEWS FROM PAGE ONE EU Fumbled Freebie Ads Va ccine Rollout, Take an Top Official Says Odd Turn ContinuedfromPageOne BY VALENTINA POP mentstocentralizepurchases, moreitems to giveaway. amid calls from some politi- Meanwhile,some thriftstores, BRUSSELS—Atop European cians in her nativeGermanyto which have already been inun- Union official said the bloc order vaccines on anational dated in recent yearsbyMarie wasslowand unprepared for basis. Kondo enthusiasts, have had UZ problems in itsCovid-19 vac- “I cannot even imagine to put donations on hold dur- CR cine rollout, but that making what would have happened if ingthe pandemic.Sopeople DEL

collectivepurchases wasbet- afew big member states with toomuch stuff aregoing RNE; terthan nations competing to would have secured the vac- online to unload some of it. BY buy the shots. cine and if the rest went Items areoften leftonaporch “Wewerelatetoautho- empty-handed, what it would or a curb at a specified time. TTHEW MA

rize,“said European Commis- have meant forour internal Piles of dirt, old bricks, P: sion President Ursula von der market andthe unity of Eu- scrap wood and logsare com- TO Leyen. ”We were toooptimis- rope,” she said. “It would have monly offered, as arebulkyold OM FR ticwhen it came to masspro- been economic nonsense and TV sets, toilets, sagging sofas, Adam Mathews, above, gave away a barrel of soybean oil he used for frying turkeys. Below, Rob duction. And perhaps we were the end of our community.” tires, mattresses and moving Hayes hasn’t found a taker for the cracked bowling ball he offered for free on Craigslist. tooconfident that what we or- Ms.von der Leyenalso boxes. dered would actually be deliv- apologized forashort-lived Postsoften avoid hype.A toys,tools and cookbooks,but ered on time,” she told the Eu- decision last month to impose dresser draweronoffer in Lin- found no takers for a copy of ropean Parliament on border checks on Ireland. The coln, Neb., is described as “Catholic Teen Bible,” even Wednesday. intent wastoensurevaccines “functional and adequate.” A though he says it is in mint TheEuropean Commission, produced in the EU weren’t person offering two plastic condition. “Thereare people I the bloc’sexecutivearm, has exported to Britain through buckets of gasoline in Las Ve- call my repeat customers,“ he Northern Ireland, whichis gasnoted that the fuel was says.“Sometimes Iput them part of the U.K.,via the Re- old. at thehead of the line because Thebloc is trailing public of Ireland, whichisa Adam Mathews,apatentat- I know they’ll show up.” member of the EU.Keeping torney in Lebanon, Ohio,spec- Notall offersare serious. farbehind Israel,the thetwo partsofthe island ified that the barrel of soy- Glenn Fullerton of Cleveland, U.K. and theU.S. border-free wasacentral part bean oilhewas offering was who works foracable-TV of the Brexit arrangement used. EveryNovember,Mr. company, says he posted the withinoculations. when the U.K. recently leftthe Mathews deep fries turkeysas five packetsofArby’s sauceas bloc. part of acharity he created to aparody of the crazy things “The bottomline is that provide Thanksgiving meals to he sees listed forfree. In re- mistakes were made in the the needy. Within 90 minutes sponse,heheardfromother come under intense criticism processleading up to the deci- of postingthe used-oil offer, shehas avan and canarrive waterand ashark-shaped pil- wiseguys. One said he was in recent weeks forhow it has sion,” Ms.von der Leyensaid. he heardfromafarmer who quickly when people want to low (a “cool thing” he wasn’t driving from Michigan to col- handled contractsonbehalf of “And Ideeply regret that.” wanted it. “My understanding get rid of something bulky. using). A single can of Trader lect the sauce. the EU’s27countries,after Shegavereassurances that is he’susing it foranimal On Craigslist, she recently Joe’sdog food, leftathis In Decatur,Mr. Hayesman- severalpharmaceutical com- the commission remains com- feed,” Mr. Mathews says. offered aused lava lamp.“The house by afriend, so far has aged to find someone who panies announced production mittedtopeaceonthe island He oftengives away spare lava is sort of stuck to the side gone unclaimed. wanted 15 partially used bot- shortages that further delay of Ireland.Abolishing border items, recently including an of the glass,” her posting In his basement, he had de- tles of bathroom-cleaning flu- an already slowvaccination postsbetween the republic old textbook on contract law. noted. “I watched some videos cades-old cans of paint, shel- ids that had accumulated in campaign in Europe. and Northern Ireland wasan He says he enjoyed talking to online saying it’spossible to lac and other household chem- his house.Hegaveanold bath- Thebloc is trailing far be- essential part of the Good Fri- the taker about his search for melt off with a heat gun.” icals,some of it dried “ashard tub to someone who wanted to hind Israel,the U.K. and the daypeacedeal struck in 1998 a new career, possibly in law. Thefirst dayshe posted the as arock,” he says.Sure use it to wash adog. U.S. with just 3.9vaccinations afterthree decades of conflict. Thepersonal contactsare congealed-lava lamp,“two enough, someone wanted it. His cracked bowling ball, per 100 inhabitants, in part While the idea of restoring “definitely worth morethan people hit me up about it and Mr.Hanson doesn’t know however, still hasn’t found a because of aslowmarket-au- border checks in Ireland was the $5 you’d get out of it try- I put it out on the porch, but whythe takerwanted dried-up newowner.Hewasn’t sure thorization processand quickly scrapped amid outrage ing to sell,” Mr.Mathewssays. gotghosted by both,” she chemicals,but he says the vin- trash collectorswould take it, patchylogistics.Inaddition, from Dublin and London, ex- Melissa Smith of Oakland, says.“Thesecond daysome- tage graphics on the cans were he says,and “I wastrying to producersofthe Oxford-As- port controls from all of the Calif., is aserial giver and one else messaged me and was interesting. be alittle bit respectfultothe traZeneca, Pfizer-BioNTech EU continue to apply,with taker of free items. “I’ve got- really excited, and came and “I don’t ask questions,” he environment by not throwing and Moderna vaccines have manufacturersrequired to ap- tenmost of my furniturefree,” gotitwithin about 10 min- says.“Idid remind him that it in the dump.” If someone announced delays in deliveries ply forauthorization before she says.That includes “a utes.” these arevolatile chemicals, claims it, Mr.Hayes says,“the to the EU. shipping vaccines outside the beautiful hugegold framed Bob Hanson, ahome repair- so be very careful.” firstthing Iamgoing to ask Ms.von der Leyende- bloc,with the exception of mirror,adresser,some gor- man in Boston, has given away Bob Rowan, aretired police him is,‘What areyou going to fended the unprecedented de- certain surrounding countries geous lighting,our bed and ahugevariety of items,in- officer in Montclair, N.J., has do with this bowling ball?’ Be- cision by the bloc’sgovern- and developing countries. tons of plants.” It helps that cluding plastic bottles forholy enjoyedgiving away furniture, cause Iamcurious to know.”

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THE WALL STREET JOURNAL. ** NY Thursday, February 11, 2021 | A10A GREATER NEW YORK Lamont Budget Plan Avoids TaxIncreases

Connecticut governor sportsbetting as part of his Hisplan also introduces a the state’sfinal revenue projec- the pandemic but is still off by ence, according to the Lamont budget plan. new highway-use fee on trac- tions look likeinApril, he said. about $600 million, according administration. calls for legalization Thegovernor has remained tor-trailer trucks to fund “It’sdifficult to sit hereto- to the Lamont administration. Republicans criticized Mr. of marijuana, sports averse to raising income taxes, transportation initiatives.Itis dayand tell youwhereweare That shortfall coupled with Lamont for presenting a plan even as lawmakersinhis party based on mileageand the going to end up,” Mr.Ritter growing costs of running the that didn’t more clearly iden- and internet betting have begun apush to increase weight of the vehicle,and it is said during anewsbriefing. state government have fueled tify the revenue it was count- taxesonthe wealthy.Inhis vir- expected to produce $90 mil- “But Ithink we areall very abudget ahole of nearly $4 ing on. “This is by no means a BY JOSEPH DE AVILA tual budget address, the gover- lion annually. confident and all very hopeful.” billion over the next two fiscal blueprint forward,” said state nor noted Connecticut’s hot The Democratic-controlled SenatePresident Martin years, according to the Lamont Sen. Kevin Kelly,the top-rank- Connecticut Gov.Ned La- real-estatemarket and said stateLegislaturewill now Looney, a Democrat, said tar- administration. ing Republican in the Senate. mont proposed atwo-year drawing newresidentswill help craft its own budget proposal geted tax increases could still Thegovernor’s budget plan “It is not, in my opinion, re- $41.6billion budget that jump-start the state’seconomy. as it begins negotiations with be on the table.Hehas pro- closes abig portion of that sponsible.” doesn’t raise income taxesbut “I’ve always said, we don’t Mr. Lamont. posed anew surtax on capital hole by counting on new fed- If the statelegalized canna- extends asurcharge on corpora- need moretaxes,weneed MattRitter, the Democratic gains transactions on the eral funds from the relief bis,the Lamont administration tions and calls fornew highway more taxpayers, and they are speaker of the House of Repre- wealthythat would apply to package pushed by President said, it could bring in about fees on tractor-trailer trucks. already paying dividends,” Mr. sentatives,said it is tooearly to lessthan 1% of the state’spop- Biden’sadministration. Con- $350 million in revenue for Mr.Lamont, aDemocrat, Lamont said Wednesday. tell if the final budget proposal ulation, he said. necticut stands to receive po- stateand local governments proposed a $20.5 billion gen- Thegovernor’s proposal from his caucus will include “Weshould take the cue tentially $2.6 billion from the over the next five fiscal years. eral-fund budget forthe fiscal would makepermanent acor- other taxesnot currently con- from what the governor said federal government, according Sportsand internet betting, year that startsinJuly and poratesurcharge that is set to sidered by Mr.Lamont. It will in not having broad-based” tax to the Lamont administration. which are subject to negotia- $21.1 billion for the following expirethis year.Itisexpected largely depend on howmuch increases, Mr. Looney said. If those federal funds don’t tionswith the state’sIndian year,increases of 2.2% and 3%, to generate$80 million in the money Congresswill provide to Thestate has recovered materialize, the state can tap tribes,could bring in $47mil- respectively.Healso called for next fiscal year and $50 mil- Connecticut in aplanned coro- about 75%ofthe taxrevenues its $3.5 billion rainy day fund lion in the fiscal year begin- legalizing marijuana and lion in each following year. navirus relief package and what it typically generated before to help makeupthe differ- ning July 2022. MIT Grad Citi Field Becomes Vaccination Hub Sought in BY KATIE HONAN Slaying of ACovid-19 vaccination cen- teropened at the NewYork Ya le Student Mets’ ballpark in Queens on Wednesday, but city officials BY BEN CHAPMAN said asupply shortagelimited the number of doses available Connecticutinvestigators at the site. aresearching foragraduateof When it was announced in Massachusetts Instituteof January, the vaccination site Technologyinthe fatal shoot- at Citi Field wasbilled as a24- ing of aYale University gradu- hour “mega” sitethat would atestudent, NewHaven Police eventually scale up to admin- Department officials said ister between 5,000 and 7,000 Wednesday. shotsaday,according to Kevin Jiang,26yearsold, Mayor Bill de Blasio. was shot to death in a car on Thesitehas been given just Saturdaynight in NewHaven’s 800 doses through the week- East Rock neighborhood, ac- end, with 250onthe firstday, cording to the policeofficials. according to city officials.Mr. (2) Mr.Jiang wasasecond-year de Blasio said he hoped for studentinthe forestrypro-

moredoses in the coming days JOURNAL gram at the university’s and expected 4,000 at the site School of the Environment, ac- REET

next week.The doses arere- ST cording to university officials.

served forQueens residents, as LL NewHaven PoliceDepart- well as taxi and for-hirevehicle WA ment Chief Otoniel Reyes said

driversand restaurant workers. THE at a Wednesday press confer- R

“It’s just driving me crazy. FO encethat Qinxuan Pan, 29,was We could be reaching so many a person of interest in Mr. Ji- morepeople,” Mr.deBlasio SLER ang’s killing. said of the city’s supply short- KES Chief Reyes said Mr.Pan, an

agewhile riding the subway to CALLA MIT graduateand Malden, Citi Field Wednesdaymorning. The siteserves Queens residents, taxi drivers and restaurantworkers. MascotsMr. and Mrs. Met were on hand forWednesday’sopening. Mass.,resident, should be con- State officials control the sidered armed and dangerous. distribution of thevaccine, “Extreme caution should be whichthey receivefromthe Sports Venues to playoff games at the team’s used if youcome in contact federal government. The stadium in January. with this individual,” Chief mayor said city officials have Reopen This Month Speaking at a briefing, Mr. Reyes said. frequently asked the stateto Cuomo said the reopening plan Policehaveawarrant for provide the city with more balanced safety and economic the arrest of Mr.Pan forthe dosestoadminister but the Large sports and entertain- activity, and he called the Buf- possession of astolen vehicle, stateisoften “nonresponsive.” ment venues in New York will falo games an “unparalleled according to Chief Reyes. The NewYork Gov.Andrew Cuomo, be permitted to reopen at lim- success.” chief said policeare investi- who likeMr. de Blasio is a ited capacity on Feb. 23 after He said as with those gating the possibility that Mr. Democrat, has said that every- being closed for nearly a year games, venues and events Panwas in avehicle that one, including himself, wants because of the Covid-19 pan- would need the state Depart- struck avehicle operated by more vaccine supply. demic, Gov. Andrew Cuomo ment of Health’s approval. Face Mr.Jiang shortly beforeMr. In contrast to the Citi Field said Wednesday. coverings, temperature checks Jiang was shot to death. site, a vaccination center at Mr. Cuomo said venues and socially-distanced seating Policeare also exploring Yankee Stadium that opened that accommodate crowds of would also be required. Staff thepossibility that Mr.Pan last week wasgiven 15,000 more than 10,000 would re- and spectators would also mayhaveknown Mr.Jiang’s doses to administer. open at 10% capacity. The re- need to receive a negative re- fiancée, who graduated from Mr. de Blasio said Tuesday opening plan draws on similar sult from a Covid-19 test MIT in 2020,Chief Reyes said. that the Yankee Stadium hub protocols that allowed specta- within 72 hours of the event. MIT officials said that Mr. received more shots than the tors to attend Buffalo Bills —Ben Chapman Panhas been enrolled as a Citi Field sitebecause the graduatestudent in MIT’sDe- Bronx location was opened in partment of Electrical Engi- partnership with the state. the need is greatest,” he said. later this week at Medgar lion doses of the vaccine,but it continues to exceed the sup- neering and Computer Science Themayor said Wednesday He added that he washope- EversCollegeinBrooklyn and has faced supply challenges. ply, Mr. Cuomo has said. since September 2014. He re- that localities should have fultherewould be amorecon- at York CollegeinQueens.The Mr.deBlasio closed some vac- Thegovernor said on Tues- ceived undergraduatedegrees morecontrol over their vaccine sistent supply of the vaccine sites, opened in coordination cine facilities afterrunning out daythat about one out of 10 from MIT in computer science supply and howtodistributeit. in the weeks ahead and with the federal government, of doses last month. Some residents in the statehave and mathematics in June 2014, “I respect anything and every- planned to scale up the Citi will each have the capacity to have reopened but they aren’t nowreceived at least one dose the officials said. thing the statedoes,but I’m Field sitesoitoperates 24 vaccinate3,000 NewYorkersa operating at full capacity,city of the Covid-19 vaccine.About Mr. Pan, who was last seen trying to gettoasimpler ap- hours a day by next week. day. The appointment system officials have said. Some facili- 10 million residentsare cur- at aBest Western hotel in proach forthe city,wherewe Meanwhile, Mr.Cuomo on forthose locations is run ties arenow open just afew rently eligible forthe vaccine, North Haven, Conn., couldn’t simply getadirect allotment Wednesdayannounced that through the state. days aweek,ahealth depart- but the statereceives about be reached for comment. and then we canmakethe two newstate-run mass-vacci- SinceDecember,New York ment spokesman said. 300,000 doses aweek,accord- Mr. Jiang’s family couldn’t choices within it about where nation sites were set to open City has given morethan amil- Demand forthe vaccine ing to Mr. Cuomo. be reached for comment. Developer-Backed Group Spent Heavily to Boost Gennaro

BY KATIE HONAN rect donations.The winner will spokeswoman forMr. Ross nonpartisan Brennan Center for in anyofCommon Sense NYC’s hold theofficethrough the end didn’t respond to arequest for Justice. activities. Real-estate and businessex- of the year. comment. Thereare 422candidates Campaign financedatashow ecutives have donated more Last week’sspecial election NewYork City campaign fi- currently enrolled in the city’s thecommitteespent thousands than $1.47 million to an inde- wasthe firstinNew York City nancerules limit the amount of public matching-funds proof dollarsonads and mailers pendent expenditurecommittee to use ranked-choicevoting. money an individual donor can gram.They arecompeting in targeting MoumitaAhmed,a looking to influencesome of the Preliminarytallies showMr. contributetoacandidate’s racesfor mayor, comptroller, candidateinthe special elec- S dozens of racesfor seatsonthe Gennaroreceived nearly 60% of campaign. However, indepen- public advocate, City Council tion who is acommunity orga- NewYork City Council this year. the votes, according to city PRES dent expenditurecommittees and borough president. Thecity nizer and wasendorsed by the

Theorganization, Common BoardofElections records. The TED don’t have anylimitsonraising will hold primaries on June 22. Working Families Party.She

SenseNYC,spent morethan boardhasn’t yetcertified a OCIA and spending money,making In the 2017election season, came in second place, with 15% SS

$221,000 on advertisements winner. /A them an appealing option for independent expenditurecom- of the tallied votes, according and voteroutreach in last Common Sense NYCtrea- wealthydonorsand large or- mittees spent morethan $1.5 to the BoardofElections. ORIO

week’sspecial election fora surer Jeffrey Leb, apolitical OS ganizations likeunions. million on 40 separatecity Theads said Ms.Ahmed was

council seat in Queens,mostly consultant who has lobbied the OS Criticssay the committees races. Themajority of the “too dangerous” forthe council, in support of candidateJames council on behalf of nonprofits, allowdeep-pocketed and well- spending came from unions. citing some of her postson CARL Gennaro. Mr.Gennarodidn’t re- health-carecompanies and Developer Stephen Ross connected groups to unfairly During the 2013 election, Jobs Twitter, including ones saying spond to arequest forcom- charter schools,said he influenceelections.Election forNew York,anindependent she supported reducing the ment, but in Januaryhesaid he launched the committeebe- Mr.Leb said he is putting the laws prohibit thecommittees expenditurecommitteerun by NewYork PoliceDepartment’s wasn’t involved with thecom- cause he is concerned about the committee’smoney only in from coordinating with acandi- the property industry’smain budget. mittee. direction of the city as it tries council races. He pointed to ris- dateorparty committee. lobbying group,the Real Estate Ms.Ahmed said the Com- Mr.Gennaro, amoderate to recoverfromthe Covid-19 ing crime and increased street Common Sense NYCissofar BoardofNew York,spent more mon Sense NYCads miscon- Democrat, previouslyheld the pandemic.Hudson Yardsdevel- homelessness as two of the the only independent expendi- than $4.9million on City Coun- strued her postsand were de- council seat forthree terms be- oper Stephen Rossdonated $1 main issues he wantstoad- turecommitteetospend money cil races, recordsshow. signed to makeworking-class fore being term-limited out in milliontothe committee, ac- dress. in the 2021 elections,according Mr.Leb said he chose to voters fearfulofher as acandi- 2013.Heran this time against cording to city Campaign Fi- “Thereare many, manyqual- to city Campaign FinanceBoard support Mr.Gennaroafter ex- date. “The fact that they chose seven other candidates to suc- nanceBoardrecords.Other do- ified people who canbeonthe records. But committees areex- tensiveresearch intoall of the to attack the most working- ceed RoryLancman,who left norsinclude Jack Cayre, areal- council, and the council drives pected to playasignificant role candidates.Mr. Lebworked for classcandidatereally just theseat to work in Gov.An- estatedeveloper. the agenda,” he said. this year because thereare so Mr.Gennaromorethan ade- speaks volumes about corpo- drew Cuomo’s administration. While the coming mayoral Mr.Leb declined to identify manyraces,according to Larry cade agowhen he wasonthe rate interestsplaying abig role Theeight candidates raised a race has gotten most of the atother council racesthe commit- Norden,the director of the council. Mr.Leb said Mr.Genn- in influencing our politics,” she totalofabout $297,000 in di- tention in this election cycle, teeplans to spend money on. A election-reform program at the aro’scampaign wasn’t involved said. P2JW042000-2-A010B0-1------NS

A10B | Thursday, February 11, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

GREATERNEW YORKWATCH

NEW JERSEY Murphy Quarantines As a Precaution

NewJerseyGov.Phil Murphy canceled in-person public events on Wednesdaybecause afamily member testedpositivefor Covid-19. The governor,aDemocrat, declined to identify the family member,but said during avideo news conferenceitwasn’tfirst lady TammyMurphy. It wasunclear whether the family member lives with Mr. Murphy. The governor and first lady have four children, but Mr. Murphydeclined to givedetails. He received atestWednes- daythatcame back negative. His officesaid the person doesn’tqualify as aclose contact, but ”out of an abundance S of caution” he wasvoluntarily

NEW quarantining. G Mr.Murphysaid the person who testedpositivehadn’tbeen OOMBER to anylarge indoor gatherings. He said his family takes precau-

MOON/BL tions, likekeeping distanceand opening windows,evenat

JEENAH home. Air pollution on the New York City subway, above, and on the PATH rail system was detected at much higher levels than recommended by the EPA, an NYU study said. —Associated Press

CONNECTICUT StudyFinds HighTransit Pollution Stamford Man Dies In Snowmobile Crash

BY PAUL BERGER Northeast, including subways platform,” Dr.Gordon said. of health and safety acrossour Themost polluted stations Police in Maine said Wednes- in Boston, Philadelphia and Manytransit workersdo facilities extremely seriously,” included the Christopher day that speed and alcohol use Subway ridersand transit Washington, during morning spend most of their career he said. Street station on the PATH and appeared to play a role in a fatal workersinmajor cities arebe- and evening rush hours. It working in tunnels,onstations TimMinton, aspokesman the Second Avenue station on snowmobile crash in a rural part ing exposed to levels of air found that air quality waslow- and on boardtrains.Richard forthe Metropolitan Transpor- the Fsubway line. of the state. pollution that could increase est on platforms and improved Clark,aPATHunion representation Authority, which runs TheNYU researchersbe- The crash killed William Ar- the risk of heart and lung somewhat on air-conditioned tativefor signal workers, said NewYork City’s subway sys- lievethat manyofthe pollut- now, 33, of Stamford, Conn. He problems,according to astudy trains. he found the study alarming. tem, said previous air-quality antsinthe subway systems was operating a snowmobile in from NewYork University. TerryGordon, aprofessor in Mr.Clark said manycurrent testsonits trains found no they studiedare related to Dallas Plantation in the north- ResearchersatNYU Gross- the school’sDepartment of En- and former colleagues suffer health risks,“however, we will steel dust created by the western part of Maine on Tues- manSchool of Medicine said vironmental Medicine and a from respiratoryproblems and thoroughly reviewthis study grinding of train wheels day night when he crashed into air-quality readings, in partic- co-senior study author,said all cancersthey believeare as the safety of customersand against rails,carbon dust that a utility pole off the side of the ular on the PATH rail system of the systems showedpollu- caused by their work.He employees is always our high- emanates from a part of a trail, police said. linking NewYork and NewJer- tion levels at least several wantsthe Port Authority of est priority.” train that touches the third A friend operating a separate sey and on NewYork City’s times higher than those rec- New York and New Jersey, Mr.Minton noted that NYU rail and diesel soot emissions snowmobile performed CPR and subway system, raise serious ommended by the U.S. Envi- which runs PATH, to invest researcherssampled three of from maintenancelocomotives. called 911, after which emer- health concerns and warrant ronmental Protection Agency. moreheavily in cleaning tun- the system’s472 subway sta- Theresearch wasconducted gency responders came to the furtherinvestigation. Thetwo systems in NewYork nels,platforms and other areas tions and four of almost 1,000 beforethe coronavirus pan- scene. Police said Mr. Arnow The research, published were the most polluted. wherepollutantscollect. daily trains.Aspokesman for demic,when weekdayrider- died at the scene. Wednesdayinthe journal En- “The only saving graceis Port Authority spokesman the union that representsmost ship on PATH averaged almost He was wearing a helmet at vironmental Health Perspec- that one doesn’t spend much Ben Branham said Wednesday subway workers, Transport 300,000 ridersand weekday the time of the crash, police tives,looked at the air quality time in the subway system that the agencywould review WorkersUnion Local100, subway ridership averaged said. of transit systems acrossthe whether on the train or on the the study.“We take the issues didn’t immediately comment. about 5.5million. —Associated Press

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TRAVEL & ENTERTAINMENT PERSONAL JOURNAL.

AIRLINES SHIFT BACK TO THE MIDDLE

Here’s a look at how long airlines blocked middle seats on flights:

Delta: Blocking at least through April 30. Alaska: Blocking middle seats in extra-legroom rows. Ended regular coach middle-seat blocking Jan. 7. Hawaiian: Dec. 15 Southwest: Dec. 1 JetBlue: Dec. 1 Frontier: Offered to sell middle-seat block but backed off after outcry. Blocked about 20 seats a flight through Aug. 31.

T American: July 1

FEIND United: Removed any restric- N

JA tions early in the pandemic. BY Spirit: Removed any restric- ION

AT tions early in the pandemic. TR US ILL

THE MIDDLE other airlines filled more than half. earlier studies of other viruses on SEAT American filled 61% of its seats. airplanes,dosuggest that proximity SCOTT Delta’sBig Bet Even though Delta passengers matters.When an infected passen- McCARTNEY paid more—many no doubt at- gerisidentified, otherswho be- tracted to the open middle-seat came infected were typically seated promise—they didn’t pay enough within afew rows of each other. he grand experiment of to cover the cost of leaving those “It’s not nonexistent,” Massa- blocking the middle seat OnBlocking seats empty. Delta’s Mr. Lentsch chusetts InstituteofTechnology on airplanes has proved says market-share shifts are tem- professor Arnold Barnettsays of what we have known all porary: Delta will rebound when the risk of becoming infected on an T along about air travel: business travelers come back. airplane.Dr. Barnett,anaviation More people care about Southwest experienced similar statistics expert, has studied the a cheap fare than comfort, or even MiddleSeats results. Southwest president Tom likely impact on Covid-19 transmis- pandemic safety. Nealon told Wall Street analysts sion from blocking middle seats. Deltaannounced on Monday on a conference call that limiting He estimates that about 500 that it wasextending itsmiddle- the number of passengers on people flyeach dayinthe U.S. are seat block forone moremonth, to The last U.S. airline with this policy has lost flights so middle seats would be infected with the virus,based on the end of April. Delta, the last U.S. fliers to carriers with looser rules unoccupied resulted in a hit of $40 the count of passengersgoing airline to block all middle seatsin million in October and November. through security screening and in- coach, will consider further exten- In December, after the airline fection ratesinthe population. sions based on Covid-19 transmis- dropped its sales restriction, “we That’swith an sion and vaccination rates. biggest losses, with a net loss of quarter.Itcarried only 9.5% of those estimate a revenue boost of assumption So far, Delta thinks it’s earning more than $6 billion, greater than passengersayear earlier. around $80 million as a result of that Covid-19 goodwill and confidence with cus- United and Southwest combined. Between NewYork and LosAn- selling all seats,” Mr. Nealon said. 41% is lesscom- tomers, particularly business trav- Mr. Lentsch says Delta can’t geles,DOT datafor the thirdquar- Airlines,including Delta, argue Delta wasn’t able mon among elers, who aren’t traveling now but keep blocking middle seats forever. tershowDeltahad the smallest av- that viral transmission in airplane to fill half of its people travel- will come back. Some who’ve Aclose look at passenger fares eragefaredecline,at19%. cabins is lowbecause of robust seats during the ing than the flown during the pandemic have and airline preferences during the American’sfares dropped 43% on ventilation systems and require- third and fourth general popu- been willing to pay Delta more for last six months of 2020 shows far average. American and United mentstowear masks,and block- quarters of its lation. more space onboard. Most have morepassengerschasing cheap gained market sharewhile Delta ing the middle seat doesn’t make fiscal year. Dr.Barnett been price-sensitive leisure travel- fares than opting forairlines that lost market share. adifferenceinterms of health says the ers willing to sit shoulder-to- blocked the middle seat—evenin Many factors go into the bot- safety. chances of shoulder for cheap fares—on air- apandemic. tom line at airlines—and in market “It’s a bit of a consumer myth contracting Covid on arelatively lines not blocking middle seats. Between Atlantaand Chicago, a share on specific routes. But the that the middle seat has to be full plane at about one in 4,000 or “This is really about playing the routewhereDeltacarries the most pattern was clear for Delta. The open. We don’t believe that’s true. one in 5,000.With middle seats long game and making surethat we traffic,Spirit took customersaway problem wasn’t fares. The airline’s We believe the middle seat can be blocked, the risk would be about arepositioning this brand for from Deltawith ultracheap fares,ac- average fare collected per mile occupied with all the different lay- 40% lower. greater success coming out of the cording to Transportation Depart- flown—known as yield in airline ers of safety,” says Sangita Wo- “With 4,000 deaths per day in pandemic,” says Bill Lentsch, Delta’s ment data. Spirit, which didn’t block parlance—was down only 3% for erner, Alaska Airlines senior vice the U.S., in the scheme of things, chief customer experienceofficer. middle seats, cut itsaverage ticket the fourth quarter while American, president of marketing and guest aviation is not contributing that The bottom line for Delta dur- sold from $132 round trip in the United and Southwest saw yields experience. much to the extraordinary tragedy. ing the pandemic has been bigger thirdquarter of 2019 to $68 round- drop 15% to 19%, according to For Delta, the middle-seat block But nonetheless, there is a risk,” losses than rival airlines selling all trip in the thirdquarter of 2020. company quarterly results. isn’t about safety, Mr. Lentsch he says. their seats. Delta was the most (Spirit adds lotsoffees to the total The problem was emptier says, but a way to give customers Eventually, vaccines will reduce profitable U.S. airline in the final travel pricethat aren’t counted in planes. Delta had the biggest drop “peace of mind” with a little more risk, infection rates in the popula- six months of 2019. That flipped DOT faredata.)With that, Spirit in passenger traffic, filling only space onboard. tion will decline. “The question of during the pandemic. In the last jumped to carrying 21% of all pas- about 41% of its seats during the Several scientific studies of whether you keep the middle seat six months of 2020, Delta had the sengersonthat routeinthe third third and fourth quarters, while Covid-19 transmission, as well as open will become moot,” he says.

WHATTOSTREAM TeenagersinLove and ANew Buddy Comedy

BY CHRIS KORNELIS “To All the Boys: P.S. I Still Love You,” last year, and the final install- New Release: ‘To All the ment of the franchise, “To All the From left: ‘Barb & Boys: Always and Forever’ Boys: Always and Forever,” drops on Star Go to Vista Del (Netflix) Friday. It finds heroine Lara Jean Mar,’ ‘ToAll the Matt Kaplan started ACE Enter- Covey at the end of her senior year, Boys’and ‘Clarice.’ tainment to make the kinds of mov- desperate to get accepted to Stan- ies that he grew up on but didn’t ford so she can go to college with see getting to theaters any more: her lacrosse-playing boyfriend, Pe- mieres Thursday John Hughes types targeted ter. But when she doesn’t get in, a night on CBS and squarely at teens and young adults. fresh dose of anxiety, uncertainty will be streaming on His company’s breakthrough came and self-discovery is injected into CBS All Access, says with “To All the Boys I’ve Loved Be- their teenage lives. she was in kinder- fore,” which was released by Netflix Though it’s (allegedly)the end of garten when Jodie in 2018, and based on Jenny Han’s the road forLaraJean’s story,Mr. Foster visited Dr. bestselling book of the same name. Kaplan says ACEEntertainment has Hannibal Lecter in Like Hughes films “The Breakfast 10 young-adult films on the way over prison. (The film Club” and “Ferris Bueller’s Day Off,” the next twoyears, dueinnosmall a pair of heavily-accented Midwest- terisstill averysweet,funny was released in 1991.) To honor Ms. the film went into heavy rotation part to the success of “All the Boys.” ern women who, at the closing of friendship about these twobest Foster, she places Clarice’s accent at with its audience, becoming one of “This franchise has opened a their mutual employer, decide to es- friends going on vacation.” the same place as the woman who Netflix’s most viewed original films. number of opportunities for us to cape to Florida. There, the pair of won an Academy Award for the Netflix released the follow-up, continue to work with new talent in characters take in the sun, look be- New Release: ‘Clarice’ role, but otherwise, drew inspiration ways that we yond their co-dependence and (CBS, CBS All Access) for her performance from Thomas hadn’t had the op- stumble into a sinister plot. Unlikeall the other visits to the Harris’ book, not by watching Ms. portunity before,” DirectorJosh Greenbaum says world of Dr.Hannibal Lecter,this one Foster.

TE he says. thatatone of their first meetings, focuses on Clarice. It’s been ayear “It’s so wonderful in the book to GA Ms.Wiig pitchedthe movie—which is sincethe end of the events thattake seebehind the curtain,” she says.

LIONS New Release: available forrentonFridayvia Ama- placein“The Silenceofthe Lambs.” “You get little glimpses of who she ‘Barb & Star zon, Apple TV and other digital out- FBI agentClariceStarling is still is as ahuman, as aperson, notas CBS; Go to Vista lets—as “Romyand Michele’s High freshly famous.The men arestill an agent. Those arethings thatI’m Del Mar’ School Reunion” meets“Airplane!” sexist. And the mother of the young really excited thatweget to bring NETFLIX;

: (For Rent) “I certainly would neverwantto woman Claricerescuedfromserial to aseries.Because an hour and a “Barb & Star Go be thatderivativeand say, well, killer Buffalo Bill has graduatedfrom half isn’t enough for…one of the LEFT

P to Vista Del Mar,” that’sour movie,” he says.“But you senator to attorneygeneral and bestheroines of all time.Weneed TO a new comedy cansee whyshe said that. It has tappedthe famous agenttoassist longer than an hour and ahalf to OM

FR written by and these very sort of,doesn’t takeit- on anew case of bodies turning seewho she is as aperson and starring Kristen selftoo seriously absurdistmo- up dead. howshe copes or doesn’t cope and WISE Wiig and Annie- ments thatyou associate with Rebecca Breeds, who plays the howshe functions in work and out- OCK

CL Mumolo, is about films like‘Airplane!’ And at the cen- title role in the series, which pre- side of work.” P2JW042000-5-A01200-1------NS

A12 | Thursday, February 11, 2021 NY ***** THE WALL STREET JOURNAL. PERSONAL JOURNAL. What Does Morgan Wa llen’sRebukeMean?

BY NEIL SHAH The music industry distanced itself from country star Morgan Wallen efore Big Loud Records (left) after he used a racial slur. suspended Morgan Wal- len last week for making a racial slur, the 27- and moretraditional artistshave year-old singer was on been quiet. Meanwhile,some fans B have rallied behind Mr.Wallen, argu- his way to becoming country music’s next big superstar. ing that the industryresponse was Music executives say he ticked all excessive. “You’realready seeing a of Nashville’s boxes: a compelling backlash to the backlash,” with peo- voice, well-crafted songs about ple beginning to speak out on behalf small towns, drinking and relation- of Mr.Wallen, Mr.Werde says. ships, a commercial sound made for radio and a little old-school How has the blowup affected the swagger. Importantly, he became a country-music industry so far? streaming giant—a rarity in coun- The emergence of the video has try music, which historically has led to public discussions about lagged behind hip-hop and other racism in country music, a genre genres on streaming services. that has long been criticized for His rapid rise appeared to falter not having greater representation, last week afterthe East Tennessee and raised further questions about star wascaptured on video calling how the industry will respond. one of the people in his group of Sheryl Guinn, the president of friends the N-wordashesaid good- the NAACP’sNashville chapter,said night. Mr.Wallen apologized imme- in astatement that she “offered to diately. But the reaction wasjust as educate[Mr.Wallen on the history swift:Last Wednesday, Feb. 3, of the N-word], but it does not ex- country-music radio stations onerateaccountability on his part.” dropped him from the airwaves and Within the music industry, de- streaming services likeSpotifyand bate erupted on social media. Apple Music removed him from im- When the controversy first broke portant playlists, though he re- the night of Feb. 2, Kelsea Bal- mained searchable.WME, his talent lerini, a female country singer, agency, dropped him, according to a said on Twitter that “the news out spokesperson. Mr. Wallen’s album “Dangerous” 1,500 to 1,600 daily plays from works iHeartMedia and Cumulus of Nashville tonight does not rep- On Wednesdaynight, Mr.Wallen moved 149,000 “equivalent-album Jan. 30 through Feb. 2. After the Media. In the wake of last year’s ra- resent country music.” However, released afive-minutevideo state- units” in the latest week ending controversy erupted on Feb. 3, cial-justiceprotests, these experts country artist Maren Morris dis- ment expanding on his initial apol- Thursday, Feb. 4, a measurement when radio DJs dropped him, his saythe music businessismoving agreed: “It actually IS representa- ogyand saying he’sbeen sober for that includes U.S. sales and play-count fell 74% that day. swiftly to neutralizethreats. “I see tive of our town,” she posted. nine days.“Iappreciatethose who streaming. That’s up 14% from the this lessascountry-radio respond- “When Iread commentssaying still see something in me and have previous week. What does this mean longer-term ing,and moreascorporateAmerica ‘this is not who we are’ Ilaugh be- defended me,but fortoday, please On Feb. 2, beforethe contro- for Morgan Wallen’s career? responding,” says Bill Werde, direc- cause this is exactly who country don’t. Iwas wrong,” he said. versyerupted that night, it wasal- Mr.Wallen has been amagnet torofSyracuse University’s Bandier music is,” posted Mickey Guyton, a On SundayMr. Wallen’slatestal- ready likely that Mr.Wallen would forcontroversy.InOctober,his mu- music-industry program. Spokes- Black countryartist. “I’vewitnessed bum, “Dangerous,” hit No.1onBill- finish on top. By the time news sical appearanceon“SaturdayNight people foriHeartMedia and Cumu- it for10gdyears. Youguysshould board’sall-genrealbum sales chart spread last Wednesday, therewere Live” wascanceled afterhewas lus Media didn’t respond to re- just read some of the vile comments forthe fourth straight week since only two days leftinwhich his sales seen flouting Covid-19 protocols be- questsfor comment. Spotify hurled at me on adaily basis.” itsrelease—which hasn’t happened and streams could be affected. forehand. He apologized and wasin- declined to comment. foracountryalbum in about 18 Still, instead of falling,which vited back to perform in December. Big Loud Records,Mr. Wallen’s How will country music fare on years. Early indications suggest it would be typical foranalbum in its In aprevious incident in May, he label, which teamed up with Repub- streaming services without Mr. could be No.1again next week.Mu- fourth week,on-demand U.S. wasarrested forpublic intoxication lic Records,part of Universal Music Wallen? sic-industryexpertsansweredkey streams of “Dangerous” increased to and disorderly conduct at aNash- Group,for “Dangerous,” suspended The pandemic has accelerated a questionsabout Mr.Wallen and 160 million. ville bar,also apologizing afterward. him, but hasn’t dropped him. That’s move by country fans onto stream- what the controversy means (and Sales of physical and digital al- Therebukeheexperienced last raising some skepticism. “I don’t ing services, as many have been at doesn’t mean) forcountrymusic: bums jumped. And Mr. Wallen’s week from the country-music indus- even knowwhat that means,” says home and increasingly using voice- previous album, 2018’s “If I Know trywas unusually severe, music- Mr.Werde,referring to Mr.Wallen’s activated home speakers. Coun- GES Did the industry rebuke hurt Mr. Me,” rose to No. 17 from No. 31 on businessexpertssay.How far it indefinitesuspension. Big Loud, try’s recent gains on streaming IMA Wallen’s sales and streams? the album chart. goes is an open question. Although which also manages Mr.Wallen in outpaced those of many other ETTY It’s still early days. But Mr. the mainstream Nashville establish- addition to being his label, didn’t re- genres: Last year, country rose to /G Wallen’s sales are steady and even What about radio? ment appearstobepunishing Mr. spond to requestsfor comment. Re- 7. 5% of all U.S. audio streams, up rising, albeit with some caveats. That’s where Mr. Wallen’s over- Wallen, expertssay the distancing public also didn’t respond to re- from 6.9% before Covid-19. “Coun- SHEARER Billboard’s album chart tracks all catalog took a huge hit. Bill- is likely driven morebyhugeindus- questsfor comment. try-music streaming and revenue

JOHN numbers from Friday to Thursday. board measured an average of tryplayers likethe major radio net- Many of country’sbigger-selling will be just fine,” Mr. Werde says.

about failurethan about suc- realistic,which is pretty ASpy cess.IfIwas writing about frightening when youthink failureand people who were about it. Thriller disallowedaccesstothe waysthat the secret service Londonbecomes almost a Based on operate, Ididn’t have to characterinyour novels.Is worryabout thingsliketech- thathow yousee it? nologyand the correct proce- Ipersonalizethe city alot Real Events dures,protocols and laws when Iwrite. Iinvest it with that the secret servicefollow all sortsofmoods so I’m sort BY TOBIAS GREY and abide by. of inventing it, as much as reflecting it. I’ll either have he British thriller writer The dialogue betweenthe the charactersout at night T Mick Herron tends to SlowHorsesisrapid-fireand and thinking dark thoughts, avoid letting real-world wisecracking. Did it take you or ever so occasionally they’ll eventsimpingeupon the awhile to develop this tone be out in the sunlight and washed-up spies of his Lon- of voice? feeling abit moreoptimistic. don-set novels.However, the Thefirst drafts of many 2018 poisoning of Russian of these dialogue-heavy In your newnovel, Brexit has former agent SergeiSkripal scenes go on forpages and altered the spying landscape and his daughter,Yulia, pages,and Ihavetostrip forBritain “ruling out any proved tootempting forhim out all the bitsthat don’t morecourtesy access to Eu- to ignore. work.When Iwas much ropean neighbors.” Did you “Therewas something younger,Idevouredscrew- hear about anydisgruntle- about it that Idid and still ball comedies likethe Wil- ment regarding Brexit on the do find jaw-dropping,” he liam Powell and Myrna Loy intelligencegrapevine? says.“It felt likesomething that even my made-up spies would have an opinion about.” Mr.Herron’snew What to Read novel “Slough House,” Author Mick published this week, Herron’s (left) follows agroup of dis- new book graced British spies ‘Slough House’ who arebeing picked is the seventh off afterMI5 launches a novel in an retaliatoryhit on Rus- award-winning sian soil in response to series. the Skripal poisonings, which took placein Salisbury, England. The title is named afterthe decrepit London headquarters of the discredited “Thin Man” movies.Myidea No,not at all, Imade that agents, or SlowHorses,as of what makes foragood di- up because it suited the they areknown. alogue scene is probably mood of what Iwas writing Thenew novel is the sev- born from having watched about. But Iwould not be re- enth book in an award-win- those movies yearsago. motely surprised if that was ning series from Mr.Herron, the actual case. 57.The firsttwo novels in Gary Oldman describedyou the series,“SlowHorses” and as the heir to John le Carré. Youwriteabout “software “Dead Lions,” arebeing Do youfeellikeyou’re fol- replacing human agency as adapted as two consecutive lowing in le Carré’s tradition? the cornerstone of intelli- six-part shows forApple TV+ It wasalovely thing for gence.” Do youthink this de- starring GaryOldman and Mr.Oldman to say. I’m al- velopment canmakethings Kristin ScottThomas. waysveryhappy to be com- lessinterestingfor youasa Mr.Herron spoketothe pared to le Carré,but Idon’t writer? Journal about his latest novel, personally feel that I’m step- It’sone of the thingsthat being compared to John le ping intohis shoes or any- I’m avoiding and I’m not sure Carré,and his loveofscrew- thing likethat. Those shoes it’ssomething Iwas conscious ball comedies.Edited from an arefar toolarge forme. of in 2008 when Istarted interview: writing these books.Now,I Have youhad anyfeedback think that most espionageis The spies of Slough House from membersorex-mem- about covert surveillance. It’s areall deeply flawedindivid- bersofthe secretservices about listening in to mobile uals who have been sidelined about your novels? telephones,which Ihaveno by MI5.Whatoriginally gave Someone who had worked interest in writing about and youthis idea? forMI5 approached me after no knowledgeofhow it is One of the key drivers I’ddone areading and said done.Theremight be those

wasmyfeeling that it would that he thought my portrayal who could makeagood fiction GILLIES

be moreinteresting to write of the secret servicewas very out of that, but Icouldn’t. LEE P2JW042000-0-A01300-1------XA

THE WALL STREET JOURNAL. Thursday, February 11, 2021 | A13 ARTS IN REVIEW (2) MUSEUM T AR UNIVERSITY IRFIELD FA Y; GALLER Y

ARTREVIEW MCENER EVELETH/MILES

In Top‑Flight Y EMIL : RIGHT P

Form TO OM FR

An exhibit combines scientific study WISE OCK

and artistic interpretation CL Emily Eveleth’s ‘Cardinal, AfterCattelan’(2020), above;installation viewof‘Birds of the Northeast,’above left

BY LAURA JACOBS classes regularly see ring-billed, Swan” (2017), astarved creature herring and great black-backed that alludes to a17th-centuryDutch Fairfield, Conn. gulls.Great auks,however, have painting by JanAsselijn, is art as ac- ive Us This Day,” been extinct since1844. Flightless tivism. It’smade of styrofoam and Marsden Hartley’s seabirds that oncebredonthe isles twisted plastic netting,deadly mate- 1938 oil painting of of Newfoundland, Scotland and Ice- rials that aredaily ingested by birds. gulls and fish on a land, they were slaughtered by sail- Elegysuffuses the room of ex- rockyMaine shoreline, orsfor feathersand food. Laid out tinct birds,fromWalton Ford’s “Dy- ‘G in two rooms and comprising art in- ing Words” (2005), asatiricalwa- takesits title from the Lord’s Prayer.Itcontains anumber spired by northeastern species,this tercolor of Carolina parakeets, to of biblical references: to Christ, the exhibition is afield guide itself,one AlbertoRey’s mournful oil “Labra- fisher of men; to the loavesand with along memory. Thefirst room dor Duck” (2017), to the drawings, fishes; and, in acentral gull with embraces birds that continue to photographic studies,and small skywardliftedwings, to the Holy brighten our hours; the second, the bronzemodels that were all prepa- Spirit. Look long enough and Hart- lost creatures that haunt our hearts. ration forTodd McGrain’seloquent ley’s vision, as stylized as awood- When it comes to avian art, the Lost BirdProject, aseries of out- cut, begins to recall Leonardo’s “The 19th-century naturalist and painter door memorial sculptures he began Last Supper.” Theblue horizon line John James Audubon looms large. making in 2000.Mr. McGrain’sfive in the background. Thewhitetable- The “Double Elephant Folio" of his stylized and blackened bronzes,the cloth in the foreground. Thegulls masterpiece, “The Birds of Amer- great auk among them, currently likeapostles symmetrically flanking ica,” consists of 435 prints of bird graceone of Fairfield’slawns—or- aspiritual center from which en- species rendered in life-size, a nithologymeetsHenryMoore. ergy radiates.When Carey Weber, scale that has dwarfed fellow art- Two works by the Massachu- director of the Fairfield University ists fore and aft (Cornelius Noze- Marsden Hartley’s ‘Give Us This Day’ (1938) setts artist Emily Eveleth were Art Museum, learned that Art man, Alexander Wilson, Louis commissioned for the exhibition Bridges,afoundation with an im- Agassiz Fuertes). At first glance, tinct) contain scenes from Breugel’s lected specimens known as and she chose to invoke the reli- pressivecollection of American art, Audubon looms large in this show “The Triumph of Death,” and a “skins”—corpses stuffed with cot- gious counterpart of our red-robed would lend her the Hartley painting, too. Upon entering the gallery we mushroom cloud irradiates two car- ton, wingsfolded, legspoignantly friend, the northern cardinal. The she knewshe had ashow—“Birds of face 12 of his prints, symphonically dinals.The 2015-16 series takesits crossed and tied at the feet—which title of one painting, “Embracing the Northeast: Gulls to Great Auks.” filling the far wall. Yet the orches- name from a1918 poem by Sara both scientistsand artistsuse for the Paradox of the Infinite, After Available fornow as avirtual tral colors are off, the familiar im- Teasdale,ameditation on the rela- research. Though they come at their Nicholas Cusa,” comes from a text tour on the exhibition’swebsite ages grayed with ashy fallout, tionship between natureand man subjectsinmanymoods,the con- by that 15th-century cardinal, a while the museum is closed to the heated with a fiery glow. And the called “ThereWill Come Soft temporaryartistsinthis showre- theologian who believed mathe- general public owing to Covid-19, intonation is dark, no longer Bee- Rains.” Each plateisinscribed with ally do getitright. matical symbols offered a path to “Birds of the Northeast” wascu- thoven’s “Pastoral,” more Shosta- one of its12lines.The poem’sfifth Whimsically punning arePaul divine truth. Ms. Eveleth has ratedbyMs. Weber with assistance kovich’s “Babi Yar.” This series is couplet says it all: “Not one would Villinski’spop-colored hanging painted the crimson body of a from the university’s biologists. yet another of Ms. Weber’s coups. mind, neither birdnor tree /If sculptures of songbirds in flight, dead male cardinal on a ground of (Additional multimedia offerings, It wasmade by MatthewDay mankind perished utterly.” fashioned from recycled vinyl re- wintry gray, and then incised the such as the entirecatalog,are avail- Jackson from aset of old copper Mr.Jackson’swork pointsupthe cords. Surreal areMorganBulkeley’s icy surround with barely visible able on the site.) It is titled forthe plates used to print a1930s edition differencebetween birdart of the three gouaches on paper (2012-14), euclidean circles and polygons. But modern field guide,which identifies of “Birds of America.” Ontothe past—glorious documentation—and which see disembodied human it’s the bird itself that is the path. the birds that canbefound year- plates he etched additional back- the present, with itsurgetomake hearts—the stripped rude pink of round or during migration in aspe- ground, oftenapocalyptic,sothat poetic and ethical comment. The Philip Guston—trailing the rose- Ms. Jacobs is the Arts Intel Report cific region. But it’satitle with a nowAudubon’swood ducks cavort exhibition of 42 works by 21 artists breasted grosbeak,the willet, and editor for the weekly newsletter twist. Gulls areverymuch present amid steel skyscrapers, his ivory- moves between the two approaches, the passenger pigeon. Christy Air Mail and writes about culture in Connecticut: Fairfield ornithology billed woodpeckers(presumed ex- and includes vitrines of the col- Rupp’swall sculpture“Threatened for the Journal.

MUSIC REVIEW |MARK RICHARDSON commercials.Anevenbetterver- sion of the tune,with aguest spot from Nigerian singer Burna Boy, wasreleased as asingle and is in- Sia, Stuck in the Now cluded as abonus track. Lyrics have never been Ms. Furler’s strength, and throughout SIA FURLER’S LIFE IN MUSIC has itscasting,with some activists “Music” banal lines feel likeplace- followedastrangeand winding suggesting the title role should holdersfor melodies—“In your lov- path. TheAustralian-born artist, have gone to an actor with the ing arms Ifeel delight /Inyour lov- nowage 45,spent the 1990s and condition.) Thedrama unfolds ing arms I’ll be alright” in “Saved early ’00s in relativeobscurity, alongside elaborately staged fan- My Life” early in the set; “These playing with afew bands,landing tasy sequences representing Mu- syllables aredaffodils /And dollar the occasional guest vocal, and re- sic’sinternal life. bills /Fromthe bottomofmy leasing ahandful of solo recordsas Thealbum “Music” contains heart” in the title track later on. simply Sia. Back then, much of her songsfromthe film and newmate- Her genius is formemorable hooks, ownwork wasloose and jazzy folk- rial writtenspecifically forthe re- and manysongshereseem to start pop,including “Breathe Me,” which cord.Interms of style,thereare from that placeand graftwords,in- in 2005 memorably provided the no significant departures from Ms. tros and interludes ontothe edifice soundtrack forthe closing scene Furler’s sound, which drawson of achorus. from the acclaimed HBO series “Six fizzyelectro-pop,R&B and the “1 +1,”which comes midway Feet Under.” Laterinthat decade, pulsing beat of electronic dance through the album, is one such she began writing forother singers example.The three-notemotif and turned out to be very good at with the title phrase is so simple it. She topped the chartsasasong- The pop artist’s new and effectiveyou forget the sur- writer with Rihanna’s2012 smash rounding track completely,and “Diamonds” and used that momen- album was released in with repeating lines such as tum to reboot her solo career.Her conjunction with her “baby you’reall Ineed” youaren’t ownhits, and those she’swritten missing much. “Lie to Me” starts forothers, represent an influential movie of the same name with string-likeorchestrations approach to pop craftsmanship, and Ms.Furler singing alone dur- one in which hugely catchy melodic ing adelicateintro, but it quickly phrases aremarried to uplifting blows up intoatuneful but char- lyrics to generateanthems about music.Likemuch of her previous acterlessdemonstration of her empowerment. work,itisn’t particularly indebted melodic acumen. Ms.Furler’s success as asong- to pop history, but it’salso not ad- Ms.Furler is ultimately asin- writer has afforded her an oppor- venturous enough to sound like gles artist, as one would expect tunity to work in other mediums. something out of the future, either. from asongwriter-for-hireofher “Music” (Atlantic /Monkey Puz- Instead, it’ssituated in aperpetual stature. If youlisten to “Music” zle), her ninth studio album, out now, always current but some- hoping foranextendednarrative Friday, is acompanion to afilm of times disappointingly generic. youwill be disappointed—the con- the same name that she co-wrote Theopening “Together” is one tent is so broad it could apply to and directed. It starsKateHudson, of two numberswrittenwith Jack anystory about struggle and re- Leslie Odom Jr.and dancer Maddie Antonoff.Ms. Furler is so fond of demption, and there’snot enough Ziegler,who has appeared in many hugechoruses and explosivecli- happening on atrack-by-track ba- of Ms.Furler’s music videos,ina maxes that her music oftenhas no sis to sustain interest otherwise.In storyabout achild on the autism room to breathe,but herethere the aforementioned “Lie to Me” spectrum named Music.Following arepassages with ample space there’sasurprising operatic vocal her grandmother’s death, the girl, amid the sparekeyboard line and trill, and it makes youyearn for playedbyMs. Ziegler,issuddenly finger snaps.The following “Hey moresuch touches,something to thrust intothe care of her trou- Boy” is exuberant and joyous, pull the music away,evenbriefly, bled sister (Ms.Hudson), aformer though not without distracting ele- from her established formula. Sia’s new drug dealer who is herself strug- ments—the “whoah-oh-oh” vocal album is gling to survive. (The movie has part during the chorus has been a Mr. Richardson is the Journal’s ‘Music’ BREWER drawnfirefor being insensitivein staple of feel-good pop for15years rock and pop music critic. Follow A NY

itshandling of autism, and also in and is ubiquitous in television him on Twitter @MarkRichardson. TO P2JW042000-0-A01400-1------XA

A14 | Thursday, February 11, 2021 THE WALL STREET JOURNAL. SPORTS

BY JOSHUA ROBINSON

he list of cities on Carlo Ancelotti’srésumé reads likethe wall of aluxury Twatchshop: London, Rome,Paris,Madrid and Milan. They’rethe sortsofgigs that come with tailored suitsand access to impossible restaurant res- ervations. But the tradeoff forcoaching clubs in those places is being held to standards of excellencethat border on sadistic.Anything short of a domestic title,coupled with adeep runinthe Champions League, countsasafailure. So it came as a S

surprise latein2019 when Ance- PRES lotti’slist grew to add Everton, proudly unglamorous and the sec- ZUMA ond most successfulclub in Liver- WIRE/

pool. PA “I have to be honest, Ifeel really S/ TT

good here,” said Ancelotti, 61. “I PO don’t feel alot of pressure. Ilivein NICK anicearea. Thereisareally strong OL;

relationship with the supporters.” PO Well intohis thirddecade as a S manager,this is precisely what he waslooking for. He has worked in IVILL/PRES some of Europe’smost hostile work environmentsfor the game’smost temperamental owners. RealMa- THERINE CA

drid’sFlorentino Perezand Chel- P: sea’sRoman Abramovich, forin- TO OM

stance, have hired and firedmore FR than two dozenmanagersbetween them in the past 15 years. Ancelotti countstwice. AMaster of Soccer’sBlue Bloods In all of those places,hesaid, “they asked me to win immediately,” and he usually did. Ancelotti is one of only five managerstowin TakesOnaBlue-Collar Assignment the Champions League with two different clubs.Hehas claimed league titles in four different countries.Yet ever sinceleaving AC Mi- Carlo Ancelottihas bounced around with Europe’s glitziestclubs.Heisnow settling in at Everton. lan in 2009,hehas coached five teams without spending more Above, Carlo Ancelotti chats with lotti, who speaks at least four lan- than two yearsinasin- Everton’s Dominic Calvert-Lewin. Left, guages.“They aremen. Youhaveto gle spot. Ancelotti won the Premier League managemen. Player or manager is Everton’stargets are title with Chelsea in 2010. what youdo. It’snot what you moremodest than he’s are.” used to,and itsowners “The tactical knowledgeisreally Everton’sroster doesn’t boast aremorepatient. When high, the intensity is really high,” the same star power. But the club Ancelotti arrived in De- he added. “It’sreally difficult to is working on it. cember 2019,the club win games here!” Theflashiest signing of Ance- sat in a16th-place Then again, the conditions for lotti’stenurehas been the Colom- emergency. Thefirst or- that firststint in the Premier bian playmaker James Rodriguez, der of businesswas sim- League could not have been more who playedfor him in Madrid and ply avoiding relegation. different. Theonly thing Everton has been frustrated by his sporadic Alittle over ayear later, nowhas in common with Chelsea game time since. With his old boss the Blues sit in seventh from 2009 to 2011 wasthe color of in his ear,Rodriguezisnow direct- with two games in hand. the jerseys. During that spell in ing Everton’sattack and on pace Afterfighting back from London, Ancelotti wastasked with forhis most productiveseason in 2-0downtodraw3-3 turning around one of the most ex- five years. with Manchester United pensively assembled teams in soc- “He needs what the other play- last weekend, the club is ceratthe behest of Abramovich, ersneed: confidence, trust, and ad- squarely in the hunt for Chelsea’sbillionaireowner.Ance- vice,” Ancelotti said. aspot in the Champions lotti held up his end of the bargain, Figuring out howtomanagesu- League—Everton last reached the of ambition that has been growing managers. They hadtogothrough winning the league title in his first perstarsiswhat has solidified An- qualifying rounds in 2005-06. ever sinceamajor influx of cash alot of players,” said former Ever- season in charge.Hewas still fired celotti’sreputation as aspecialist “It’sanew experiencefor me, from co-owner Farhad Moshiri in tonand U.S. national team goal- afterthe second. in quick fixesfor superclubs.Italso because Inever hadthe possibility 2016.The problem wasthat Ever- keeper Tim Howard,now an ana- Thetwo yearsatChelsea would put him on acircuit that even to work on along-term project,” tonwas stumbling around to match lyst forNBC.“That took about four go along way toward shaping An- other soccermanagersenvy. In Ancelotti said, expecting it to take that ambition with trial-and-error yearstoget it right.” celotti’sreputation as asuperstar London, his home stadium wasin two or three yearsbeforehis team that bordered on chaotic. It took the realization that more whisperer,amanager who could be one of the city’s most elegant canbetruly competitive. “I don’t What hadbeen one of the most than ever,the Premier League is a trusted to handle an expensive neighborhoods.InParis,his apart- knowifitwill be long here—I hope stable dugoutsinEnglish soccer, league of sideline Svengalis.A squad and large egos—Cristiano ment sat directly oppositethe so—but Inever hadthis possibil- with just two managersinthe pre- quarter of the 20 managerscur- Ronaldo,Zlatan Ibrahimovic and Eiffel Tower. ity.” vious 14 years, suddenly had are- rently in the division have at least all-star locker-rooms likeBayern Not that those swankylocations “I wasused to being the man- volving door.Three coaches came reached aChampions League final. Munich’s. Ancelotti wonmajor tro- would do him much good in apan- ager of ateam that wasalready or- and went in the spaceofthree sea- Thecity of Liverpool alone nowhas phies with all of them. demic lockdown anyway.The ganized, already done,” he added. sons and hundreds of millions of two clubs led by Champions League “I liketotalk alot with the play- French gourmet restaurantsthat he “Herewecan build something ex- dollarswerespent in the transfer winners. It’sastandardofcoaching ers, Iliketotalk alot with the staff misses from his suburb on the Irish citing forthe future.” market, all to end up in arelega- that Ancelotti says he hasn’t seen that is working forme. Ithink that Sea areall closed. At Everton, he found astate-of- tion battle in late2019. anywhereinhis career—not even the relationship is the most impor- “It’sbettertostayinCrosby, the-art training ground and alevel “They had to go through alot of the last time he wasinEngland. tant part of your job,” said Ance- whereIlive,” he said.

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THE WALL STREET JOURNAL. Thursday, February 11, 2021 | A15 OPINION What Threatens ‘Our Democracy’? BOOKSHELF | By John J. Miller

Presenting beliefs.Ifyou’renot in, you’re extraordinaryjunctureinU.S. How to Elevate their case for out. And if you’reout, they politics.Ifyou believethat ev- conviction at maycome afteryou forbeing erything your opponentsthink theimpeach- a threat to democracy. Other is false,and that everything ment trial of than carbon emissions,what youbelieveisthe “truth” Higher Learning Donald could be worse? (apologies again forthe oh so WONDER Trump, the In the WashingtonPost re- slight exaggeration), this LAND House manag- cently,StaceyAbrams,the surely is a form of insanity. Let’s Be Reasonable ersrepeatedly Georgia Democrat, wrotea JoeBiden wonthe election. By Daniel invokedMr. piece titled, “Our democracy But whyshould 46.9%ofU.S. By Jonathan Marks Henninger Trump’s faced anear-death experi- voters submit to “reality” as (Princeton, 221 pages, $27.95) threat to “our ence.” Four paragraphs in, Ms. GES defined by the 51.3% who won? democracy.” However remote Abrams places Republicans IMA Forcenturies,extremism hen the Association for Asian American Studies the chance of conviction, Mr. outside democracy: “Our dem- GETTY acrossthe political spectrum W voted in 2013 to become the first academic group Trump’srole in the Capitol ocratic system faces extraor- has been the stuff of satireor to demand a cultural and economic boycott of riot is passing intothe judg- dinary threats today because Election Day may or may not dystopianfictions about Israel, not a single member opposed the resolution at the ment of history, which likely of sustained attacks from Re- have fully understood her par- thought-control systems, organization’s annual conference. This unanimity surprised will be severe. Afteralifetime publican leaderswho throw anoid political views (the one such as Cyril Kornbluth’s Jonathan Marks because, as he puts it, professors “are of playing with fire,Mr. up roadblocks to voting and, about lasers fired from space “The Marching Morons,” in nothing if not quarrelsome and contentious.” Mr. Marks Trump on Jan. 6got tooclose among the worstactors, stoke igniting California’s wildfires which geniuses rule the idi- published an open letter describing “the complete absence to the flames,which will en- the flames of whitesupremacy was new to me). ots. One waghas suggested of dissent [as] a sign of disciplinary ill health.” He urged gulf his legacy. and hyper-nationalism to cling Rep.Omar’s constituentsin thereality-czarprogressives skeptics from within the group to break their silence. to power.” Minnesota’sFifth District cer- have been reading George Or- “It has been seven years, and not one blog post or op-ed Is Marjorie Taylor Greene, tainly knewher views in are- well’s“1984”—as ahow-to has surfaced,” reports Mr. Marks in “Let’s Be Reasonable,” The left means their the congresswoman from election campaign aggres- manual. an engaging apologia for liberal education from the Georgia, amember of our de- sively contested by black A more cynical interpreta- perspectiveof“that rare beast, the conservativeprofessor.” democracy, and you’re mocracy, or not? RepublicanLacyJohnson.Out tion is it’sjust another Rather than ranting against institutions that have turned not included unless On Nov.3,morethan of nearly 400,000 votes cast, weapon to win elections: his kind into an endangered species, Mr. Marks, who 300,000 Georgians cast votes Ms.Omar wonwith morethan Makethe post-Trump threat teaches politics at Ursinus College in Pennsylvania, blends you share their beliefs. in the state’s14th Congressio- 64%. so cartoonishly large that no humor with argument as he makes his case for a renewed nal District. Of these,Ms. So be it, until the 2022 “serious person” canvote vision of higher learning.What he proposes is attractive Greene received 229,827 midterms. But how does vot- with the marching-moron Re- in itsfundamentals,and But forDemocrats, obloquy votes. One month later,230 ing to demotethe election in a publicans. certainly persuasive, but also on even this historic scale is representatives,including ev- Georgia congressional district, Cynicism notwithstanding, perhaps too hopeful about not enough foranyone who, eryDemocrat present, voted no matterhow freakish its Americans are living through the prospects for reform. as they say, “threatens our de- to strip Rep.Greene of her representative’sviews,square akind of informational dysto- The anecdote about the mocracy.” seatsonthe chamber’s com- with “our democracy”? pia. Some of it came from Association for Asian I’vebecome fascinated with mittees.Itwas an act without Within days of that House Donald Trump,who fedthe American Studies would seem this phrase—“our democracy.” precedent. In effect and re- vote,aninevitable corollary postelection anxiety through to provide more proof that What exactly does it mean? sult, House Democratsevis- eventarrived, with aNew RudyGiuliani and Sidney Pow- progressives have turned yet Notlong ago, hardly any- ceratedthe November election York Times columnist sug- ell. But that alone can’t ac- another precinct of academia one used the apocalyptic no- by imposing de minimis repre- gesting that in light of “our count for the mass psychosis into a one-party state of left- tion of athreat to “our de- sentation on the people of [that word again] national among progressives now wing dogma. Mr. Marks, mocracy” as apolitical Georgia’s14th District fortwo reality crisis,” some academ- about those who dissent from however, insists that “the argument. Suddenly,ityears. ics were urging the creation being shaped by their tem- present is not as bad atime emerged among progressives This is an astonishing and of afederal “reality czar,” plates for “our democracy.” as the shouting of culture as a routine term of political destructiveevent. Republicans whoseofficewould identify Marjorie Taylor Greene is a warriors and the lectures of art. Theword“our” implies nowsay they maydothe and presumably correct false whack job who ended up in consultants might lead us anotherofprogressivism’s same when they regain House thinking. Congress. Moredisturbing are despairingly to believe.” When modern virtues,inclusion. But control, perhaps by stripping It may be an exaggeration, themanyonce-liberal intellec- anti-Zionist activism arrived on his campus, for example, that, as they themselves committee assignments from butonly asmall one,tosug- tuals,journalistsand upper- Mr. Marks enlisted “a colleague with whom I’d butted would say, is afalse narrative. Rep.Ilhan Omar of Minnesota gest that itsproponentswant middle-class urbanites who heads” to form discussion groups with students. They When progressives referto forher anti-Semitic conspir- a federal office of reality be- arebecoming utterly alien- agreed to look at “the same evidence together and hold “our democracy,” what they acytheorythat U.S. support cause they think that virtually ated from normal—yes,nor- each other’s arguments up to scrutiny.” These efforts mean is their democracy. To forIsrael is “all about the all the 74 million Trump vot- mal—people throughout the apparently reduced tensions. They also filled Mr. Marks be a member of their democ- Benjamins baby.” ersin2020 were steeped in country. with optimism: “I think the overwhelming majority of racy,one has to sharetheir Rep.Greene’svotersonQAnon-likefalsity.What an Write [email protected]. university people—students, faculty, staff—agree, most of the time, that rational inquiry is fruitful, even honorable.” The lesson for Mr. Marks is that his fellow conservatives should stop disparaging colleges and universities and strive The Hubris of Joe Biden on Covid Relief to salvage them. He notes that “The Closing of the American Mind,” the 1987 book by Allan Bloom, his former By Karl Rove howthey’ll use Covid relief the support of the Democrats over 10 Republicans senators. teacher at the University of Chicago and a hero to many to win that rarest of political in Congress” while 40% be- Democratscould have won conservatives, “was full of love for universities” even as it erhaps he didn’t mean achievements—a midterm lievehe“should work to pass Republicanbuy-in and an faulted them for becoming factories of moral relativism. P it afterall. election victoryfor the party asmaller coronavirus aid early bipartisan victoryand Mr. Marks describes “God and Man at Yale,” the 1951 book When President Joe holding the presidency. packagewith the support of stillgottenall the mishmash by William F. Buckley Jr. that accused the professoriate of Biden said in his inaugural WhiteHouse aides see the some Republicans in Con- they’vejammed intotheir embracing socialism and secularism, as belonging to the addressthat “mywhole soul Covid package“not as alia- gress” and 10% don’t want “a stimulus packagebybreaking same tradition. Today, by contrast, conservatism is done is in this:bringing America bility forDemocrats, but as newcoronavirus aid package” Covid relief intotwo mea- with the “lovers’ quarrel” that characterized its earlier together,uniting our people an election year battering at all. No bigadvantage for sures.First, they could have critiques of the university.Now it’s“in the midst of abitter and uniting our nation,” it ram,” as Politicoputsit, and Democratsthere. quickly passed apackageof divorce, and more inclined to murder its ex than to try to mayhavebeen asong and “there’stalk about midterm By comparison, aFeb.11, items with big bipartisan win her back.” dancefor people hungryfor attack ads portraying Repub- 2009,Gallup poll found 59% support—funds to increase “Let’s Be Reasonable” isn’t a sequel to the books by leaderswho would search for licans as willing to slash favoredpassing the “new vaccinations,anunemploy- Bloom and Buckley,but it’swritteninmuch the same spirit, common ground. taxesfor the wealthybut too economic stimulus packageof ment benefits extension and and its best quality is its thoughtful defense of liberal When Mr.Biden met with stingytocut checks forpeo- at least$800 billion” pro- aid forschool reopening. education. At a time when many people view colleges and Republicansenatorstodis- ple struggling during the posed by then-President Ba- Then they could have used universities as nothing more than “career development cussCovid relief,itmay have deadly pandemic.” rack Obama. Yetall that sup- budget reconciliation to later offices with classrooms attached,” Mr. Marks imagines been forshow. From the back port didn’t amount to ahill passitems the parties dis- something else: “The highest aim of liberal education is of the room, Ron Klain,the of beans in the 2010 mid- agreed about and on which not a set of skills but a kind of person.” He recommends president’schief of staff, As in 2009, jamming term. Republicans picked up Democratsdidn’t want to readings and conversations guided by wise professors who shook his head vigorously in 63 Houseseatsand six Sen- compromise. seek to help students “answer the question of what we are disagreement when Republi- big spending through ateseatsasvotersturned This would have given and what the best way of life is.” cans raised issues,apparently may cost Democrats against the stimulus measure Americans visible evidenceof signaling to the president as tooexpensiveand lacking bipartisanship but still let howtoreact. in the next midterms. Republicanbuy-in. Fast for- Democratscrowabout all the Better than culture-war strifewould be readings So when WhiteHouse ward:This newCovid stimu- additional spending they and conversations guided by wise professors. Is presssecretaryJen Psaki lus costs$1.1 trillion more alone provided. Then again, claimed afterwardthat Mr. Afterrunning ads in 2012 than the Obama-Biden stimu- maybe Team Biden knows its such athing still possible on campusestoday? Biden “welcomes the oppor- showing aPaul Ryan look- lus and will be jammed pricetag is toobig.Oralter- tunity to work” with Republi- alikepushing wheelchair- through on aparty-line vote. natively,itdoesn’t want Re- cans,itwas,touse afavorite bound grannyoveracliff, Republicans will point to publicans to claim anycredit For Mr. Marks, this means creating “reasonable people,” word of her boss, malarkey. will Democratsput up spots their support forless-expen- forCovid relief.That’show as opposed to “skilled arguers” who want to crush their HowdoweknowTeam Bi- next year with Mitch McCon- sivecompromise proposals the Obama-Biden administra- foes with rhetoric: “We should ask students to join a den’sstateddesirefor biparti- nell and Kevin McCarthydou- and, earlier,the plan from tion handled itsstimulus community for whose members speech is not a weapon to sanship is folderol? Because bles ripping N95 masks off the bipartisan Problem Solv- package. With the 2022mid- deploy against the enemy, but the means by which people the administration made no facesinahospital’sCovid ersCaucus. terms around the corner,Mr. who pursue the truth and hope to live according to what serious effort to consider GOP ward? Amy-way-or-the-highway Biden would be wise to recall they capture of it teach and learn from each other.” proposals.Instead, it quickly It could happen, especially political approach is usually howjamming Republicans in It sounds like a great way to gain an education. But how gavecongressional Republi- sinceWhiteHouse officials costly.Democratscould suf- 2009 cost Democratsin2010. many professors share his faith in the power of reason? cans the back of itshand by keep boasting about internal fersignificant losses in 2022, Historydoesn’t repeat itself, And are today’s students ready for his message? Mr. Marks complaining publicly they polls showing howpopular especially in the House,if but it oftenrhymes. claims that the capacity to become “the kind of human weren’t mounting “a serious their Covid relief proposal is. voters decide they spent too being who takes pleasureand pride in trying to distinguish negotiating effort.” Forthis They should thinkagain. An much on toomanyblue states Mr.Rove helped organize the true from the false” is “widely distributed.” Tenminutes WhiteHouse,the loyalopposi- ABC News/Ipsos survey re- and constituencies,for too the political-action committee of doom-scrolling on Twitter will offer conflicting evidence. tion must fall in line—no com- leased Sundayfound 49% said few good results, all on a American Crossroads and is It’s just as easy to believe, these days, that people derive promise,only capitulation. Mr.Biden “should work to straight party vote arranged author of “The Triumph of more satisfaction from shutting down debate than from WhiteHouse officials are passthe $1.9trillion corona- so as to avoid the compro- William McKinley” (Simon & deliberating over what’s true and false. Mr. Marks concedes nowbriefing reporterson virus aid packagewith just mises necessarytoswing Schuster, 2015). that one of the reasons young people have soured on free speech is that they’ve beheld “the stupidity and insincerity of what passes for public discussion.” A renewed commitment to liberal education could work Thanks but No Thanks, Uncle Sam like a vaccine against foolishness and lies, Mr. Marks argues, as it tries to develop “the disposition to treat By Stephen Miller We do because we have an travel to Europe everyother stimulus checks.The adminis- reason not just as a tool but as an authority.” The problem adjusted gross income of year and rent abeach house for trativecostsoflooking closely is that a generation of tenured radicals has turned colleges never thought the old say- $78,000,fromSocial Security aweek everysummer. into who really needs the and universities into tools of petty authoritarianism, with I ing “Don’t look agifthorse and three small pensions.Our “Anyone who lives within money maybehigh. Neverthe- speech codes, bias-response squads and indoctrination in the mouth” applied to expenses arelow.Our mort- his means suffersfromalack less, Ithink the government campaigns. For cultural Marxists, the whole point of me,sinceuntil last year Inever gage,$1,500 amonth, is al- of imagination,” the actor Lio- should take acloser look at schooling is to exercise political power. Mr. Marks is aware received unexpected gifts.But most paid off. Our two adult nel Stander observed. For who qualifies.Some seniors of the abuses and outrages, so it can’t be said that he’s nowmywifeand Ifind our- manyyearswelived beyond who have meager Social Secu- sleepwalking through the wokeness. His chapter on the selves looking intothe mouth our means, traveling fre- rity checks areinneed, but anti-Israel “Boycott, Divestment, and Sanctions” of a“gifthorse”—stimulus A gift horse arrives quently as we supported our stimulus should mainly be tar- movement—which includes the story from the Association checks.Tobeprecise,there daughters’ collegeeducation. getedtosmall businesses,peo- for Asian American Studies—documents one of its more were no checks; $2,400 and thanks to the Covid But in the past 15 yearswe’ve ple who areout of work,and troubling manifestations. then $1,200 were deposited di- stimulus. Let’s look it had no credit-carddebt. Most thosewith little or no income Yet he remains defiantly upbeat. After citing the rectly intoour checking ac- important, we have asuperb and young children. disgraceful treatment of acouple of liberal professors count. Apparently we’regoing right in the mouth. medical plan. We rarely have If we getanother stimulus who challenged left-wing orthodoxies—Erika Christakis of to getanother $2,800. copayments. We also have check,wewill giveitall to Yale University and Bret Weinstein of Evergreen State Free money—wow!But we good dental insurance. charity—unlessour carbreaks University—he resorts to the comfort of a personal don’t want it. We don’t need it. children support themselves. Only two thingscould bust down or the roof startsleak- anecdote: “That hasn’t been my experience.” Theprogram is popular.Ac- Our seven-year-old carispaid our budget: home and autore- ing.But we would prefer not That’swelcome news.For the likes of Ms.Christakis, cording to arecent poll, nearly for. My wiferarely drinks; I pairs. Our 50-year-old house to getit. Mr.Weinstein and so many others, however, the problem 8of10Americans approveof have one beer aday,which will soon need anew roof,and with our colleges and universities is that they employ too giving out paymentsof$1,400. costsaround $10 aweek. our carhas almost 100,000 Mr. Miller is author of many Marxists and not enough Marksists. Thetrouble is that plenty of We can’t affordtotakelux- miles on it. “Walking New York: Reflec- the people who qualifydofine urycruises or go oftentoex- Irealizeitisdifficult for tions of American Writers from Mr. Miller is director of the Dow Journalism Program at without the handout. pensiverestaurants, but we can the government to fine-tune Walt Whitman to Teju Cole.” Hillsdale College and executive director of the College Fix. P2JW042000-2-A01600-1------XA

A16 | Thursday, February 11, 2021 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Teachers Unions Roll Over Biden GOP House Leadership’s Missed Opportunity

resident Biden made an early pandemic union and district agreed over the weekend to Kimberley A. Strassel’s“The apreponderanceofevidencetojus- showbypromising that amajority of reopen schools onceall teachersare vaccinated. GOP’sFirst 2021 Victory” (Potomac tifytheir position, proves that the P American schoolswould reopen in his MayorLondon Breed said Tuesdaythis means Watch, Feb. 5) is totally off base. Republican Party is nowliving in its What shecalls avictory, amajority ownalternatereality. first100 days in office. But on schools won’t reopen this year. Even a $130 billion bribe of the American public see as a Under the guise of having an Tuesdaywelearned that this “Wehavetodobetter. We have hugeloss. TheRepublican leader- “open tent,” the party continues to depends on the meaning of the won’t get them back in to think about these children,” ship,inparticular Minority Leader passively condone conspiracytheo- word “reopen.” she said. Maybe next year. Kevin McCarthy, showedalack of ries and the groups that propagate “His goal that he set is to the classroom this year. Incredibly,San Francisco’s leadership and no guts in not re- them. With all that has happened, have the majority of schools, school boardand union hadn’t moving Rep.Marjorie Taylor Greene forRep.KevinMcCarthytosay that so morethan 50 percent, open even considered aplan to re- from her committeepositions. he wasunaware of QAnon is ludi- by day100 of his presidencyand that means open schools fornearly 11 months.Last week the The“victory” would have been crous.Anyone that disconnected some teaching in classrooms,” WhiteHouse city finally sued the school boardtoforce it to the Republican Party showing true from what is happening in our na- presssecretaryJen Psaki said Tuesday. “So at come up with areopening plan. leadership by condemning the ear- tion shouldn’t be apart of our polit- least one dayaweek.” “Various public schools in Marin, SanMateo, lier commentsofRep.Greene and ical leadership.Today’sGOP needs making her payapricefor them. to understand that even passively Oneday out of five?Wedoubt that’show SantaClaraand Napa counties have all figured Not doing so and leaving the deci- allowing QAnon, the Proud Boys or working parentsdefine open. it out,” City Attorney Dennis Herrerasaid. “Pri- sion to the House to strip her of her other hategroups “inthe tent” is Ms.Psaki is trying to makeavirtue out of a vate and parochial schools in SanFranciscohave committeeroles exposes the Repub- tantamount to supporting them. humiliating political embarrassment. Mr.Biden figureditout. In-person instruction needs to be lican Party’s toleration of QAnon, Until Republicans formally start figuredthat his support forthe teachersunion the BoardofEducation’s singular focus—not re- the Proud Boys and those who be- denouncing groups and individuals agenda, along with moremoney,would getthe naming schools that areempty,orchanging ad- lievethe earth is flat. TheRepubli- that don’t reflect their beliefs,you unions to reopen the schools.Instead he’sdis- mission policies when teachersaren’t in class- cans should have done better. cancount me out of the Republican covering what America’sparentshavelearned rooms.” Hear,hear. LOU VIGLIOTTI Party. in thelast year: Unions runthe schools,and no On TuesdayMr. Herreraaccused the district Naples, Fla. MARK S. LEWIS one—not parents, not school districts, not may- of violating students’ rightsunder the statecon- Pleasanton, Calif. ors, and not even anew Democratic President— stitution and discriminating on the basis of Ms.Strassel contends that the GOP should getkudos forholding a What agross indignity to Rep. will tell them what to do.Soit’sone dayaweek, wealth. Legalmeritsaside,he’sright that school conferencemeeting regarding Rep. LizCheney to find herself twinned pal. Get used to it. closures aredisproportionately harming low-in- Liz Cheney and not revoking her with Rep.Marjorie Taylor Greene in This really is one of the great scandals of the come kids who arelosing ayear of learning they leadership status.Asalifelong Re- the present political moment engulf- pandemic.Atfirst unions demanded that cases will never makeup. publican (until Donald Trump), I ing the House Republican leader- drop in their cities beforeschools open. Now AUniversity of Pennsylvania study estimates would saythat this did nothing to ship.While they mayboth servein cases arefalling almost everywhere. So unions that each month of school closures costsstu- restoremyfaith in the party.Debat- Congress, that’sthe extent to which areinsisting that teachersmust be vaccinated dentsbetween $12,000 and $15,000 in future ing whether to punish party mem- they shareanything in common. beforereturning. earnings. Theearningshit will be greatest for bersfor voting their conscience, es- MARK GODES Take Chicago, whereelementaryand middle minority and poor children in cities.Privateand pecially in situations wherethereis Chelsea, Mass. schools were supposed to reopen last week—un- suburban schools that aren’t controlled by til the union called adefactostrike. On Wednes- unions have managed to reopen safely,though daythe ChicagoTeachersUnion ratified an not because they have moremoney. agreement to return to schools in March. But Congresslast year appropriated $68 billion UnrwaFulfills ItsU.N.-Mandated Mission teachers, who will be prioritized forvaccines, in Covid relief forK-12schools,but they have Richard Goldberg and Jonathan Unrwa’s U.N. mandate was up for its won’t have to return to classrooms if they have spent only $4 billion. Although parochial Schanzer’s “The U.N. Refugee Agency regular three-year renewal, member an underlying medical condition or livewith schools enroll large numbersoflow-and mid- With Few Actual Refugees” (op-ed, states voted overwhelmingly in sup- someonewho does. dle-income kids,they have been mostly excluded Feb. 4) exhibits a deep misunder- port of renewing Unrwa’s mandate, Most teachersmay be able to apply foranex- from federal relief funds.Now Democratsin standing of the agency it criticizes. recognizing the agency as a vital emption. According to the Centersfor Disease Congressplan to send public schools another The United Nations Relief and Works source of stability in a region rife Control and Prevention,40% of people in Cook $130 billion—whether they open or not. Agency for Palestinian Refugees in with ongoing conflict. County have achronic condition. Theagreement If Mr.Biden really wantstolead, he’duse his the Near East (Unrwa) is the only U.N. Unrwadoesn’t perpetuaterefugee body mandated to deliver humanitar- status in the Middle East. Responsi- also requires in-person instruction to be bully pulpit to sayschool districtsthat don’t re- ian assistance, health care, education bility forthe protracted natureof “paused” for14days if asingle child in aschool open classrooms won’t getthe money.Instead and protection to Palestine refugees the plight of Palestine refugees lies testspositivefor Covid. All of this means most we getMs. Psaki defining classroom instruction living in the Middle East today. Con- squarely and clearly with the parties kids will be stuck learning remotely forthe rest down. This ridiculous standardfor success is trary to the authors’ claims, under in- to the conflict. Eroding or erasing of the school year. what George W. Bush oncecalled the softbig- ternational law and the principle of Unrwadoesn’t solvethe refugee Or look at SanFrancisco, wherethe teachers otryoflow expectations. family unity the children of Palestine problem. It will, however, ensure refugees and their descendants are that morethan 530,000 children canalso considered refugees until a dura- not attend school; that some 140 States of Budget Surplus ble solution is found. Both Unrwa and health clinics cannot provide vac- the United Nations High Commis- cines; and morethan one million ref- overnors—especially from Democratic Add the $350 billion windfall that will soon sioner for Refugees recognize descen- ugees in Gazadon’t getfood assis- dants as refugees on this basis. tance. Destroying those services and states—have been pleading revenue flow to state and local governments from the Governments around the world ac- programs is hardly asteptoward G poverty sincethe pandemic began. But $1.9trillion Biden relief bill, and the states will knowledge Unrwa’s work is an impor- peaceand security. as we approach the anniver- be swimming in cash. Mr.Clif- tant part of maintaining regional sta- ELIZABETH CAMPBELL sary of Covid-19 in America, The Biden spending bill tonprojectsthat the states bility until a lasting political solution Unrwa that tall tale is becoming more will have governors overall will have a combined is found. In December 2019, when Washington difficult to sell. budget surplus. Thefederal Even the left-tilting media swimming in cash. aid formula would provide an arebeginning to figure out averageof20% of all statetax Voters Get What They Votedfor With Biden what we’vebeen reporting for revenue. some time. One of our sources is Dan Clifton, California already has taxrevenue coming in So,Betsy LeRoy, owner of PizzaBy businessregulations,aflood of illegal Elizabeths,voted forJoe Biden full immigrants, aweaker national defense of Strategas Research Partners, who has been aboveits pre-pandemic level, thanks to abuoy- well knowing what he wasgoing to do and the prospect of apre-eminent tracking state revenue trends and Covid relief ant stock market and capital gains. But it will about the $15 minimum wage,but China. from the beginning. His latest analysis shows receiveanother $27 billion from federal taxpay- nowshe is complaining (“Biden Tests PRESTON R. SIMPSON that staterevenueshavebeen doing far better ers, or 17%ofthe state’sentiregeneral fund rev- the Adage‘TheCustomer Is Always Beaumont, Texas than advertised, especially states that have kept enue. Pennsylvania will receive $7.1 billion, or Right,’” op-ed, Feb. 6). Iassume she their economies largely open. 20% of its tax revenue. will also complain when her taxesgo Iwish Ms.LeRoygood luck in try- He estimates that amajority of the 50 states You won’t hear this from most governors, higher,when gasoline gets to $3.50a ing to save her restaurant business areseeing revenues arriveabovetheir pre- who still want ahandout from the feds.But the gallon and when it will cost her more from the good intentions of progres- Covid levels despite the 2020 economic dam- telltale sign is that many of the most spend- to heat her house and businessamong sivepolicymakers. Trust me,they age. Thebig exceptions arestatesthat had the thrift politicians are making no effort to cut all the other thingsJoe Biden’spresi- couldn’t care lessabout you. most restrictivebusinesslockdowns (New spending or reform their governments. dencywill impose on her. BOB HURRIE Ihavenosympathyfor her.Ms. Le- Plymouth, Wis. York), those that rely on sales taxes and have Thedatasupport those who arguethat state Roygot what she votedfor.Sounds no income tax (Florida and Texas), and those and local governmentsdon’t need the Biden likethe chickens arecoming home to Maybe Ms.LeRoycan learn to make that depend on travel and tourism (Nevada). windfall, and certainly not $350 billion. roost. solar panels or to code,and should TIM SOGAR forget that entrepreneur nonsense. Villa Hills, Ky. RICK ELLIS The Trump Impeachment Evidence New Orleans Alot of people votedfor Donald hether aformer President ought to wake adead Capitol officer. Trump not because they liked his nar- be subject to an impeachment trial But talk about playing with fire. Mr. Trump cissism and crudity but because they Academia’s Massive Ph.D. W is amatterofconstitutional debate. told an apocalyptic fable in which American de- realized he understood afew basic Oversupply Is Nothing New Whether it’sprudent, if ac- mocracy might end on Jan. 6, thingsabout businessand national se- He might be acquitted, curity that people likePresident Biden Themismatch between humanities quittalappearslikely,isare- and some people who be- do not. As Ms.LeRoyshutsdownher Ph.D.s and suitable openings, de- lated question. But wherever but he won’t live down lieved him acted likeit. Once beloved business, she will at least be scribed by James Piereson and Naomi youcome down on those is- the riot began, Mr.Trump able to celebratehigher taxes, more Schaefer Riley (“Covid Makes Doctor- sues,the House impeachment his disgraceful conduct. took hourstosay anything,a ates Harder to Get—and That’sGood,” managersthis week arelaying delayhis defendershavenot op-ed, Feb. 6), applies to the natural out avisceral case that the satisfactorily explained. Even Remembering the Late and sciences as well. Anewly minted sci- Capitol riot of Jan. 6was adisgracefor which then he equivocated. Imagine,Rep.Joe Neguse Great George Pratt Shultz ence Ph.D.has about a1-in-50 chance President Trump bearsresponsibility. said, if Mr.Trump “had simply gone ontoTV, to eventually land atenured faculty Long beforeNovember,Mr. Trump wassay- just loggedontoTwitterand said ‘Stopthe At- Regarding your editorial “George position. This situation has existed for ingthat the only way he could lose the election tack,’ if he had done so with even half as much PrattShultz” (Feb.8)and Paul Wolfo- decades and wasdescribed in “The witz’s op-ed “Statesman of the Cen- Overeducated American” by RichardB. wasifitwererigged. On the night of the vote, forceashesaid ‘Stopthe Steal.’” tury” (Feb.9): My favoritestory about Freeman in 1976. If anything,the job he tweeted, “they aretrying to STEAL the elec- Theimpeachment managershurt their case George Shultz is related to the futility market forPh.D.s has deteriorated tion.” In his speech that night, he called it “a by blaming only Mr.Trump forearlier of our drug war. Shultz,who wasdi- sincethen. fraud on the American public,” and said, clashes.“Donald Trump, over manymonths, rector of the OfficeofManagement JAN F. POST, PH.D. “frankly we did win.” Is it asurprise that some cultivated violence,” said StaceyPlaskett, the and Budget at the time,was on his way Oklahoma City, Okla. of his fans took his wordstoheart? delegatefor the Virgin Islands.But often to Camp David with Daniel Patrick Insteadofbowing to dozens of court de- those eventswereshowdowns between left Moynihan, counselor to the president. feats, Mr.Trump escalated. He falsely claimed and right, with both seeking trouble.“When Shultz later wrote: “Pat wasinastate Pepper ... that Vice President MikePence, if only he had darknessfell,” the WashingtonPost reported of great exuberance: ‘Don’t youreal- And Salt the courage, could reject electoral votesand afterone melee,“the counterprotesterstrig- ize?’ he said: ‘Wejust had the biggest stop Democrats from hijacking democracy. He geredmoremayhem as they harassed drug bust in history! We confiscated THE WALL STREET JOURNAL 50 tons of cocaine!’ Icongratulated called his supporterstoattend arally on Jan. Trump’sadvocates,stealing redhatsand flags him. ‘Great work,’ Isaid. Patreplied: 6, when Congresswould do the counting.“Be and lighting them on fire.” ‘This wasinMarseille.We’vebroken there, will be wild!” Mr.Trump tweeted. His Yet there’s no defense for Mr. Trump’s con- the French Connection.’Then he speech that daywas timed to coincide with the duct on Jan. 6and before. Mitch McConnell is added: ‘I suppose youthink that as action in the Capitol,and then he directed the reportedly telling his GOP colleagues that the long as thereisabig and profitable de- crowd down Pennsylvania Avenue. decision to convict or acquit is avoteofcon- mand fordrugs in this country, there Mr.Trump’sdefenderspoint out that he also science, and that’sappropriate. Afterthe Elec- will be asupply.’ Ilooked at him. ‘Moy- told the audiencetomaketheir voices heard toralCollegevoted on Dec.14, Mr.Trump could nihan, there’shope foryou,’Isaid.” “peacefully.” And contraRep.Eric Swalwell, have conceded defeat and touted his accom- SCOTT KAUFMANN who argued the incitement to attack the Capi- plishments. Fairway, Kan. tolwas “premeditated,” it’sdifficult to think Nowhis legacywill be foreverstained by Lettersintended forpublication should Mr.Trump ever envisioned what followed: that this violence, and by his betrayal of his sup- be emailed to [email protected]. Please instead of merely making aboisterous display, portersinrefusing to tell them the truth. include your city, state and telephone the crowd would riot, assault the police, invade Whatever theresult of the impeachment trial, number.All letters aresubject to the building,send lawmakersfleeing with gas Republicans should remember the betrayal if editing,and unpublished letters cannot be acknowledged. masks,trash legislativeoffices,and leave in its Mr.Trump decides to runagain in 2024. “Can’t you just roll over?” P2JW042000-0-A01700-1------XA

THE WALL STREET JOURNAL. Thursday, February 11, 2021 | A17 OPINION Wisconsin’s Capitol Siege, 10 Years On Bitcoin Can Be aGood By Scott Walker went down. Governorsand lawmakersacross he Occupy movement the countryneed to enact similar re- Investment. didn’t start on Wall forms in 2021. In part because of the Street in September 2011. Covid-19 pandemic,manystatesface T It started on my street in fiscal and economic crises similar to But Be Wary Wisconsin’scapital seven what Wisconsin faced adecade ago. months earlier.Atone point, more Just as Wisconsin couldn’t depend than 100,000 protestersoccupied on “stimulus” funds from Washing- By Max Raskin ourstate Capitol and square. Why tonin2011, stateand local govern- were they there, and howdoes that mentsshouldn’t count on afederal hances are in the past few storyinform America’scurrent mo- bailout now. C weeks someone has given youa ment? Beyond budget savings, reforms stock tip—maybe to buy bitcoin On Feb. 11, 2011, Iintroduced a on collectivebargaining areessen- or invest in GameStop. In part be- budget-repair bill. By statelaw,a tial forgetting studentsback to cause of Covid-induced boredom, the governor is required to introduce GES school andAmericans back to work. countryiswitnessing an unprece- legislation when expenditures dra- IMA Centersfor Disease Control and Pre- dented interest in financial specula- matically exceed revenue.The bien- vention Director Rochelle Walensky tion. This crazeisfueled by business nial budget my administration inher- GETTY has stated that thereare “increasing celebrities likeElon Musk,who an- CH/ ited from aDemocratic governor and datatosuggest that schools can nounced Mondaythat his company Legislaturedidn’t meet the revenue HIRS safely reopen and that safereopen- Tesla had purchased $1.5billion of

predictions.The statefaced afiscal MARK ing doesn’t suggest that teachers bitcoin. Last ThursdayMr. Musk and economic crisis. Protesters occupy the Capitol rotunda in Madison, Wis., Feb. 16, 2011. need to be vaccinated in order to re- tweeted in support of the cryptocur- We could have bridged the gapby open safely.” rencydogecoin, which wascreated as laying off morethan 10,000 govern- cut stateaid to local governments. billionsince2011, according to are- Yetunion bosses continue to ajokein2013. ment employees.Iwanted to shrink In 2010 the Democratsincharge of port by the MacIver Institute, a block opening schools.Although our What is theaverage investor to stategovernment, but that should stategovernment did that. Iknow Madison-basedthink tank.Public reforms gaveWisconsin school makeofall this? When stocks shiftby because Iwas Milwaukee County ex- employees nowcontributetotheir boards morepower, unions are hundreds of percentagepointsina ecutiveatthe time.Mycolleagues in health-insurancepremiums and pay pushing to keep schools closed. In day, there’sonly so much the govern- States pinched by Covid local government and Itried to find intotheir pension. Most still payfar Chicago, the mayorand school ad- ment candotoprotect you. Instead, innovativeways to offset the lost lessfor these benefitsthan the aver- ministratorspoint to the extensive investorsshould look past the tweets need to make overdue aid, but union contractsprecluded agecitizen in Wisconsin. effortstaken to ensurethat schools and Reddit postsand getback to fun- bargaining reforms. My reforms.Wehad to layoff hundreds Previously,almost all schools in aresafefor studentsand staff.Still, damentals. of employees. the statehad to purchase health in- the union blocks teachersfromre- state showed the way. That experienceshowedmethat surancefromacompanyaffiliated turningtothe classroom—even as the only way to surviveabig lossof with the teachersunion. Since Catholicschools have been open Cryptocurrencyisrising stateaid wastogiveschools and these reforms,schools have been safely sincethe fall. In Fairfax be done through managed reform, other local governmentsmoretools able to bid out these contractsand County,Va., school administrators on awaveofenthusiasm. not indiscriminatepink slips.An- to manage. That meantchanging save millions of dollars—money and teacherswerefirst in line to get Ye tits fundamentals otheroption wascutting billions collectivebargaining. that cangoback intothe class- vaccinations yetstill refused to re- from Medicaid. Even though I Theconcept of the budget-repair room. open the schools. have genuine value. wanted to reducethe number of bill wassimple: Take powerout of My administration balanced the Adecade ago, we savedWiscon- people dependent on government, thehands of the special interests statebudget, maintained Wiscon- sin from afiscal crisis with bold re- youneed time to makereforms and and put it intothe hands of taxpay- sin’shigh rankingsfor student per- forms.Americawould benefit from Yes, even bitcoin has fundamen- encourageeconomic growth. Cutting ersand the people they elected to formanceand graduation rates, and enacting similar reforms to balance tals.Thereare two stories youcan billions at the time would have hurt runthe government. Now, schools continued to fund the pension sys- budgets, break the union control tell about Mr.Musk’spromotion of needy children, families and senior canstaff based on merit and pay temfully.Atthe local level, elected over education andget the nation bitcoin. Thefirst is acynical one,in citizens.Icould have raised taxes, based on performance. That means officials have been able to save working again. which he is using his media platform but Ipromised voters Iwouldn’t. A that they canput the best and the money while maintaining or even to pump an inherently speculativeas- large taxincrease would have been brightest in the classroom. improving the quality of services. Mr. Walker served as governor of set that he will dump,enriching him- awet blanket on economic recovery. Schools and local and stategov- And during my eight yearsinoffice, Wisconsin, 2011-19, and is president self at others’ expense. Theonly realistic option wasto ernmentshavesaved morethan $13 property taxesonanaverage home of Young America’s Foundation. Thesecond storyishonorable: Mr. Musk has keyed in on bitcoin’svalue as an asset that can’t be manipulated by central banks.Heunderstands bit- George Shultz Had a Wise and Discerning Heart coin’sfixed supply,and in aworld of seemingly unlimited monetarystimu- By Henry A. Kissinger achievement of George’s diplomacy ers, and then making deliberatecon- andamong them, forthe safety of lus he’dliketopromotethe separa- wastosee the Cold Wartoapeace- tributions to the public debate, of- allofus. tion of money and state. Thevalue of eorge Shultz came intomylife fulconclusion. teninthese pages. George leftusatamoment when all money,eventraditional curren- G some 50 yearsago and never Forall his proximity to presi- Nothing captures the rangeofhis our national argumentsare tooof- cies,isdetermined in part by public leftit. He wassecretaryofla- dentsand important roles,George reflections betterthan aprayerhe tenvindicated by passion rather demand,and Mr.Musk’sdriving up bor,but President Nixon asked him wasnever seducedbythe trappings delivered in July 2016 foraninter- than reason, by the debasement of bitcoin’spriceisnoscandal in itself. to study the trend in oil prices be- of power. “It’sagreat mistake to faith group concerned with nuclear the adversaryrather than theuplift- Perhaps that’swhat he meant when cause beforecoming intogovern- want the job toomuch, because weapons: “Dear God, please bring ing of purposes.Healso believed he tweeted, “Bitcoin is almost as bs ment George had been an economist then youdothingstokeep the job common sense and Divine guidance that if youwereblessed with great as fiat money.” at theUniversity of Chicagoand the to our work on the problems that gifts,you had aresponsibility to ap- Though bitcoin mayberising on a Massachusetts InstituteofTechnol- nuclear weapons pose to our world. ply yourself,and if youcared about thin wave of enthusiasm, itsfunda- ogy. Iwas Nixon’snational security He was a Marine, an Man has invented ameans to de- your country, youhad aduty to de- mentalshavereal value.Iteach a adviser and George called on me to stroyusall. We must eliminate fend and improveit. He wasskilled course on cryptocurrency, and Iurge discussaconclusion he thought economist, a diplomat, a these weapons in order to preserve in presenting his convictions,but my studentstolook past the allureof mightaffect my policyportfolio. patriot and a statesman. asane and peaceful world. We pray aboveall practiced the art of mak- easy money and focus on the philoso- Thepriceofoil wasthen around foryour help as we work toward ing controversy superfluous by en- phy, technologyand political econ- $3.35abarrel, but George warned He was also my friend. this goal.” couraging mutual respect. Trust, omythat differentiatebitcoin and its me that U.S. production waspro- George wasproud of his service George used to say, is the coin of peersfromtraditional currencies. jected to fall considerably; agreater in theMarine Corps during World therealm. Investing in anew,uncertain asset relianceonimportswas therefore that youprobably wouldn’t do oth- WarII. His recognition of nuclear George’s outstanding attribute classcan certainly be atrip.Inthe inevitable.The priceofoil would erwise,” he oncesaid. His equanim- dangersinnoway impaired his ded- washis combination of wisdom and early days of bitcoin, Iwas areporter rise—perhaps precipitously.The ity wasnot contrived; outer compo- ication to national defense.But he humility.Solomon’sprayerwas for covering the fortunes being made bargaining powerofforeign oil pro- surereflected an inner serenity. felt it his duty to remind his country “a discerning heart,” and that bless- overnight by nerds living in their par- ducerswould skyrocket. Events In the last two decades of that weapons of increasing destruc- ing wasextendedtoGeorge.Asa ents’ basements. Ireported on acciden- proved George right. George’s life, the control of nuclear tiveness, accuracyand automatic- statesman, he would gain the whole talmillionaires who happened to have His career in government contin- weapons became his chief preoccu- ity—which had been accumulating world yetnever forfeit his soul. leftaprogram running on their com- ued as director of the OfficeofMan- pation. He approached nuclear arms alloverthe world formorethan puterstomine bitcoin. Ialso covered agement and Budget and Treasury control the same way he tackled ev- half acentury—must not be leftto Mr. Kissinger served as secretary unluckyindividuals who lost millions secretary. His calm demeanor made eryother issue of public impor- accident, evil intention or miscalcu- of state and national security ad- by accidentally throwing out ahard him influential in interagencydis- tance—by engaging in deep study, lation. Weapons of massdestruction viser in the Nixon and Ford adminis- driveorlosing apassword.Noone cussions.Colleagues knewthat assembling the best group of advis- must be controlled, within nations trations. seemed particularly happy.Eventhose when he raised issues,itwas out of who made money overnight were up- deep concern. Never seeking per- set that they hadn’t made more. sonal advancement, always express- Theonly people who seemed ful- ing sincereconvictions,George in- Biden Fired Me, by Order of Big Labor filled in the world of cryptocurrency variably became adriving forceon were those likethe Winklevosstwins, everycommittee. Our relationship By David R. Osborne eral government has aduty to deal Federation of Government Employ- who were genuinely dedicated to the evolved from association to partner- fairly with itsemployees.Because ees listed the purge as one of “4 ideal of privatemoney and competing ship,and then to afriendship that resident Biden promised to much of thefederal workforce is ThingsAFGEisAsking Biden to Do currencies.This is an idea with arich lasted forthe rest of our lives. P unifyAmericabut public-sec- unionized, officials must work with on Day1.” historical tradition that includes such Afterthe Nixon years, he served torunions had other plans. union officials on expansivecollec- Thereisundoubtedly some bene- luminaries as F.A. Hayek, Milton Fried- as president of the Bechtel Corp.be- Formonths,union officials called on tive-bargaining agreements. To pre- fitinpresidentsreshaping the exec- man and Ludwig vonMises.Itistrue fore returning to government as Mr. Biden to dismiss every member vent disruptions likethe 1981 air- utivebranch when they enter office. that the Winklevosstwins arereport- secretaryofstate in the Reagan ad- of the influential, but little-known, traffic controllersstrike, the FSIP is But this canalso lead to government edly billionaires because of their hold- ministration. In that capacity he Federal Services Impasse Panel empoweredtoresolvedisputes. policythat resembles atennis ings, but it wastheir ideologythat built acooperativerelationship with (FSIP). Last week he did. That’show Newpresidentstraditionally put match, bouncing back and forth ev- bound them to weather thevolatility of China and greatlyexpanded cultural Igot fired. their ownpeople in executive- eryfour or eight years. the early days of cryptocurrency. Bit- and economic relations.Contraryto As an attorney with experiencein branch positions.What makes this coin’sbiggest boostershavealso cre- today’srevisionistnarrative, the public-sector labor law, Iwas ap- clearing of the decks different is Mr. ated valuable services from the same U.S.-China relationship at that time pointed in 2017byPresident Trump Biden’sclose ties to powerful labor The purge at the Federal underlying technology, such as smart wasbased on specific,shared stra- and began my second term last year. unions and the troubling reality that contracts, which automateand authen- tegic benefits. With his Soviet coun- Last TuesdayMr. Biden abruptly de- those unions will end up before the Services Impasse Panel ticatecomplexpayment arrangements. terpart, George negotiated the Inter- manded the resignations of all 10 FSIP over issues that could change bodes ill for the business They were pioneered by Nick Szabo,an mediate-rangeNuclear Forces panel membersand firedthose who, the way the federal government early bitcoin adopter who is lesscon- Treaty,the only Cold Waragree- likeme, chose not to resign. serves vulnerable Americans and of governing the country. cerned with priceand moreconcerned ment that eliminated acategoryof Iaccepted Mr.Trump’sappoint- cost taxpayers billions. with the plumbing. nuclear weapons.The crowning ment on thepremise that the fed- During hiscampaign, Mr.Biden So if youfollowcryptocurrency, be repeatedly said “I’m aunion guy” Labor policyhas become particu- suretokeep an eyeonnew applica- and promised to be the most “pro- larly partisan. Unions areheavy- tions and technological developments union president you’veeverseen.” weights among Democratic special- as well as daily priceswings. Stories PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Union officials launched amassive interest groups,pouring money not about buying Lamborghinis with bit- Rupert Murdoch Robert Thomson operation to support his campaign. just intolobbying and campaigns, coin arealways going to getmore Executive Chairman, News Corp Chief Executive Officer, News Corp Many of his early ordersand per- butintocandidateselection, voter clicks than pieces that explain itsun- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher sonnel decisions aremaking good turnout and progressiveissue advo- derlying value.But that lattertype of Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: on hispromises to labor leaders. cacy.They have unique powerto article holds the key to whybitcoin Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Union officials openly applauded help elect public officials,who can maybeanasset worth holding for Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; when he took the unprecedented be counted on to weight the scale in the long haul. News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; step of firing PeterRobb,the Na- unions’ favorduring negotiations. One of my favoritestories of a Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer tional Labor Relations Board’sgen- Though privateunion member- cryptotruebeliever involves an en- Andrew Dowell, Asia; AnthonyGalloway, Video & eral counsel, aposition that tradi- ship continues to shrink,public-sec- trepreneur named Erik Voorhees. Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; tionally carries over to anew torunions aregrowing their mem- Around 2012 Iasked him if he was Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; administration. bership and clout. Americans of all going to cash out afterbecoming a Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; Even beforeMr. Biden’sinaugura- stripes should have concerns about millionaire. To my surprise,hesaid Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News tion, at least two federal public-sec- howpoliticized these unions might he wasalmost completely cashed out. Thomas SanFilippo, Customer Service; torunions bluntly urgedhim to re- become if given free rein by the Bi- He quickly clarified, “ofdollars.” This GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; placeall 10 of us quickly.Inits den administration, and howthat is the kind of investor who doesn’t Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; memo to the Biden transition team, might hinder the businessofgov- care what Elon Musk does with Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International the National TreasuryEmployees erning. Tesla’sbalancesheet. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: Union specifically took issue with LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head my work forthe FairnessCenter,a Mr. Osborne is CEO of Americans Mr. Raskin is director of research

EDITORIAL AND CORPORATEHEADQUARTERS: nonprofit public-interest lawfirm for Fair Treatment, acommunity of at Qvidtvm Inc. and an adjunct pro- 1211 Avenue of the Americas, New York, N.Y., 10036 that helpspublic-sector workers current and former public-sector fessor at New York University School Telephone 1-800-DOWJONES harmed by unions.The American employees. of Law. P2JW042000-0-A01800-1------XA

A18 | Thursday, February 11, 2021 THE WALL STREET JOURNAL. WORLD NEWS Myanmar Protesters Resist Force Saudi Women’s Demonstrators defy police for fifth day, as Activist Biden vows curbs in coup’s wake Released

BY NIHARIKA MANDHANA BY STEPHEN KALIN

ProtestersinMyanmar RIYADH—Saudi Arabia re- poured intothe streetsfor the leased prominent women’s fifthstraight dayonWednes- rightsactivist Loujain al-Hath- daytooppose last week’smili- loul aftermorethan 1,000 tary coup,despiteanescalating days in detention, her family use of forcebyauthorities. said,lessthan amonth into Aday earlier,policefired the administration of Presi- gunshotstodisperse protesters, dent Biden, who has pressured and used rubber bulletsand Riyadhtoimproveits human- watercannons,causing injuries rights record. and raising fearsofharsher “Loujain is at home.Loujain suppression. TheUnited Na- has been released,” Ms.Hath- tions expressed strong concern loul’ssister,Lina, wroteon over Tuesday’spoliceaction, Twitter. Lina, who lives in Eu- saying the use of disproportion- rope,posted aphotoofavideo ateforce wasunacceptable,and call showing both women the U.S. condemned violence smiling.Loujain, 31 yearsold, against demonstrators. appeared noticeably older in Tens of thousands of people another photoreleased by her have participated in street ral- family,with gray streaks in lies and marches against the her otherwise jet-black hair. Feb. 1takeover.The coup ended Ms. Hathloul was detained ademocratic shiftinthe coun- in May2018,weeks beforea trythat began adecade ago ban on women driving that andabruptly put Myanmar GES she and other detained activ- back intothe hands of the mili- IMA ists had campaigned against

tary,which has ruled it for GETTY foryearswas lifted. ASaudi much of the past seven decades Thousands marched through Yangon, Myanmar’s largest city, on Wednesday in continued protests against a military coup. terrorism court sentenced Ms. sinceindependencefromBrit- Hathloul in December to ish colonial rule. In addition, the U.S. is taking that the militaryrelease Ms. banned protestsinpartsofthe Lin Htet Naing,33yearsold, nearly six yearsinprison on In WashingtononWednes- steps to prevent the military SuuKyi, whom they detained as country’stwo largest cities, knows the dangersofchalleng- charges of incitement against day, President Biden said the leadersfromaccessing about $1 her government wasdeposed, Yangon and Mandalay. ing the generals.Hejoined the the regime and serving a for- U.S. would impose fresh sanc- billion of Burmese funds held in and hand back power. In a People returned to the big protest movement in 2007, eign agenda. She wasreleased tions against the militarylead- the U.S.,byfreezing those as- speech Mondaynight, the streetsonTuesdayanyway. In which took placebeforethe on three years’ probation, with ersbehind the coup,calling for sets,Mr. Biden said. leader of the coup,military Yangon, defying restrictions on democratic transition began. a five-year travel ban, after a an “immediatereturn to de- Mr.Biden called on the mili- chief Min Aung Hlaing,prom- gatherings, they stood across Backthen, the militaryused reduction fortime served. mocracy.” tary to release detained activ- ised to build a“genuine and from policeand soldiers, shout- forceagainst monks despite “She is not free.The fight is “The militarymust relin- istsand political leaders, in- disciplined democratic system.” ing slogans. their reveredstatus in the Bud- not over,” her sister tweeted. quish poweritseized and dem- cluding popular civilian leader Newelections would be held, Theday turned violent in the dhist-majority country, raided President Biden, speaking onstraterespect forthe will of Aung SanSuu Kyiofthe Na- he said, though it isn’t known country’scapital, Naypyitaw,as monasteries and deployedami- at thePentagon, said Ms. the people of Burma as ex- tional League forDemocracy. what the terms of anysuch policesought to disperse litia forceknown as Swan Arr Hathloul’srelease waswel- pressed in their Nov.8elec- “Violenceagainst those as- vote would be. crowds. Soe Than, a59-year-old Shin that intimidated, detained come news: “She is apowerful tion,” Mr.Biden said, using the serting their democratic rights Signs that authorities might participant, said he sawwater and beat people,said human- advocatefor women’srights, U.S. government’sname forthe is unacceptable and we’regoing use greater forcetosuppress cannons’ forceful spray hit pro- rightsgroups and activists. Mr. and releasing her wasthe country. to keep calling it out,” he said. protestshavebeen growing testersahead of him. Later, he Lin Htet Naing wasarrested right thing to do.” TheU.S.president said he “The people of Burma are sinceMonday. As demonstra- heardshotsand screams and, and spent three yearsand four Allowing women to drive signed an executiveorder en- making their voices heardand tions surgedintowns and cities as he fled, sawthat afew peo- months in prison. waspart of asocial opening abling the U.S. to impose sanc- the world is watching,” Mr.Bi- throughout Myanmar,anomi- ple had been injured. Mr.Lin Htet Naing says his spearheaded by CrownPrince tions on the militaryleaders denadded. “We’ll be ready to nous messageappeared on Policedidn’t respond to re- resolveisstrong,especially be- Mohammed bin Salman,who whodirected the takeover,as impose additional measures statetelevision, saying action queststocomment. cause he nowhas two young has sought to relax Saudi Ara- well as their family members and we’ll continue to work with would be takenagainst those Theprotestshavedrawn a children.“We arefighting for bia’s staid social norms while and businessinterests. TheU.S. our international partnersto who were disturbing the coun- diverse group,including politi- the newgeneration. We are cracking down on domestic will announcethe firstrounds urge other nations to join us in try’sstability and that law- calactivists, studentsand gov- fighting fortheir future.” critics from across the politi- of targetsofthe sanctions this these efforts.” breakersshouldn’t be tolerated. ernment workerssupporting a —William Mauldin cal spectrum. week,Mr. Biden said. Protestersare demanding Later, authorities effectively civil-disobediencecampaign. contributed to this article. PrinceMohammed has accused women’srightsactivists of espionageonbehalf of regional rivals Qatar and Iran. Lawmaker’sStand PromptsEnd to Necktie Rule Foreign Minister PrinceFaisal binFarhan said Ms.Hathloul hadallegedly passed classified BY JAMES HOOKWAY year,some conservatives criti- an initial attempt to amend the information to unfriendly states. cized the choice, saying her tra- dresscode to drop the jacket- Thetwo officials have denied Neckties have fallen from fa- ditional facial tattoo wasinap- and-tie requirement formales that Ms.Hathloul’s activism was vorinmanypartsofthe world propriatefor adiplomat, failed. the reason forher detention. in recent years. NowNew Zea- though one,author Olivia Pier- Speaking to reportersafter Ms.Hathloul hadbeen facing land’sParliament has dropped son, waswidely condemned for beingejected from the cham- 20 yearsinprison, but received them from itsdress code after her remarks. ber,Mr. Waititi said, “It is very areduced sentenceweeks be- GES Maori lawmaker Rawiri Waititi Mr.Waititi, who also has a difficulttobemade to feel like fore Mr.Biden’sinauguration. IMA took astand against ties,call- facetattoo, wasfirst asked to somebody I’m not.”

ing them “a colonial noose.” GETTY leave the legislatureinDecem- On Wednesdayafternoon,

Mr.Waititi, co-leader of the SE/ ber.LikemanyMaori, he said however, Mr.Mallard, the Māori Party,was ejected from he had come to viewthe parlia- House speaker,allowedMr.

the legislaturethis week after ment’sdress code and itsre- Waititi to ask questions in the GES IMA turning up without atie.In- ANCE-PRES quirement formen to wear a chamber without wearing a stead, he wore atraditional FR necktie as acolonial throwback necktie. GETTY

pendant called ahei-tiki, which ENCE to when Britain claimed the is- Later, ahouse committee SE/ he told House speaker Trevor AG lands,and suppression of his met to discusswhether to

Mallardwas “Maori business TVNZ/ ownheritage. changethe dresscode.Mr. Mal- attire.” Māori Party co-leader, Rawiri Waititi, was ejected from New Thereare few places where lardreported that the panel ANCE-PRES

Mr.Mallard, who says he Zealand’s Parliament on Monday for refusing to wear a tie. theissue of dresscodes reso- didn’t reach aconsensus,but a FR doesn’t much liketies himself, nateasmuch as they do in New majority votedtoabandon the ENCE

didn’t accept the argument at ing to aflurryofdiscussion abroader resurgenceofMaori Zealand’sParliament, which rule that males must wear AG first. “I do not recognizethe about the legacyofcolonialism languageand cultureoverthe has become morediverse since them in the chamber. member,hewill nowleave the in NewZealand and a#no2tie past several years. the last election, in October. “AsSpeaker,Iamguided by

chamber,” he said as Mr.Waititi trend on Twitter, beforea Political customs have Around half the 120 lawmak- the committee’sdiscussion, and NURELDINE/ stood up to speak. House committeedropped the lagged behind, however. ersare women,including Prime thereforeties will no longer be

“It’snot about ties,it’sabout tie-and-jacket rule on Wednes- When Maori lawmaker Minister Jacinda Ardern. Over considered required as apart of AHMED cultural identity,” Mr.Waititi daynight. Nanaia Mahutabecame New afifth areMaori, and just over ‘appropriatebusinessattire,’ ” Loujain al-Hathloul was countered as he departed, add- Thestandoff has come amid Zealand’sforeign minister last 10% identifyasLGBT. Last year, he said. released on probation. WORLDWATCH

INDONESIA INDIA SAUDI ARABIA Flaws Cited in Crash Twitter Again Blocks Yemen Houthi Rebels Previously Reported Some Accounts Attack Abha Airport Pilots twicereported problems TwitterInc. said it is reimple- Yemen’sHouthi rebels on with automatedengine controls menting restrictions on some ac- Wednesdaytargeted an airport in on aSriwijaya Airjet days before counts in India after the govern- southwestern Saudi Arabia with amalfunction involving the same ment threatened legal action bomb-laden drones, causing acivil- systemplayedamajor role in the when the company refused to ian plane on the tarmac to catch plane’sfatal January crash in In- block hundreds of handles that fire, the kingdom’sstate television donesia, according to the coun- New Delhi called inflammatory. reported. try’sinvestigators. Twitter blocked the handles The attack threatened to esca- The preliminary report about last week at the government’s late Yemen’sgrinding war. the accident, which killed all 62 request but then reversed its No one washurt in the as- people on board and is likely to decision. After conducting an in- sault, but the damaged passen- stoke new concerns about Indo- vestigation, the company said ger plane at Abha airport served /REUTERS nesia’s air-safety record, indi- the accounts should be allowed. as apowerful reminder of the cates the cockpit crew didn’t re- The Indian government danger thatHouthi rebels pose NTINIDIS

cover the plane from a steep TA threatened legal action, which to Saudi Arabia, which nearly six

bank and sudden dive four min- NS could have resulted in a fine or years ago launched abombing utes after takeoff from Soeka- KO imprisonment for Twitter execu- campaign thathas devastated

rno-Hatta International Airport in ALKIS tives in charge of implementing the Arab world’spoorestcountry. Jakarta. ATHENS CLASH: Demonstrators foughtpoliceusing tear gas outside Greece’sParliamentonWednesday government directives. The Iran-aligned Houthis soon Investigators said that the amid protests in Athens and other cities againstabill thatwould let officers patrol universities. On Wednesday, Twittersaid it claimed responsibility for the as- upset came after the auto-throt- would block most of the accounts sault, with military spokesman tle system, which is designed to Indonesian regulators have taken electrical connector or switch problems were responsible for again. It said on its blog thatthe Yehia Sarea stressing that the automatically adjust fuel flow steps to reinforce pilottraining and the plane was declared the plane’s auto-throttle issues. handles would be blocked only Houthis consider Abha airport to and thrust, failed to operate and maintenanceprocedures, ac- ready to fly. In mid-January,Sriwijaya Air within India and wouldn’tinclude be a military, not civilian, target. properly. That means the pilots cording to the report. Investigators said they would issued anoticetoengineers di- the accounts of journalists, media Col. Turki al-Maliki, the either didn’t recognize the prob- Before the jet’s Jan. 9 plunge continue to probe the auto- recting them to ensurethatre- entities, activists and politicians. spokesman for the Saudi-led lem or failed to deal with it in into the Java Sea, mechanics throttle system’s operation and petitivedefects arehandled ac- “Todoso, we believe,would vio- military coalition fighting in Ye- time, experts said. worked on portions of its auto- maintenance records. cording to governmentguidelines late their fundamental rightto men, condemned the assault as The preliminary report doesn’t throttle system on Jan. 3, 4 and A spokeswoman for Sriwijaya and thataircraft maintenance free expression under Indian law,” a “systematic and deliberate at- provide definitiveanswers, but 5, according to the report. Air said the government’s report logs arefilled out properly. the blog post said. tempt to target civilians.” sincethe crash, the carrier and Each time, they cleaned an didn’t prove that maintenance —Andy Pasztor —Rajesh Roy —Associated Press P2JW042000-4-B00100-1------XA BUTECHNOLSIOGY: EVNEBATTERY SUPPLIERSSTO FORD&F, VW DEALT SET INBACK BY TRANADE COMMISSIONCEB4

S&P 3909.88 g 0.03% S&P FIN g 0.06% S&P IT g 0.15% DJ TRANS g 0.04% WSJ $ IDX À 0.02% LIBOR 3M 0.201 NIKKEI 29562.93 À 0.19% See more at WSJ.com/Markets Lending Slowdown Squeezes Big Banks

Flush with cash they databyJason Goldberg, a up in 2021.Brisk lending typi- drop in morethan 80 yearsof gargantuan fiscal stimulus. tors.The initial growth in banking analyst at Barclays. cally suggeststhereisenough record-keeping,according to TheFederal Reserveenacted a banks’ commercial and indus- want to use, bankers The0.5%dropwas just the momentum in the economyto research by MikeMayo, a series of measures that calmed trial loans almost entirely re- hope borrowing will second decline in 28 years. givecompanies and consumers banking analyst at Wells Fargo. marketsand allowedcompa- versed as the year wore on, Bank of America Corp.’s the confidencetoborrow.But At the start of last year,it nies to start issuing their own Mr. Goldberg said. pick up in 2021. loans and leases dropped by the current weaknesssuggests didn’t look likethis would hap- debt again. Congresspassed a Other companies paid back 5.7%. Citigroup Inc.’sloans questions remain about the pen. When the pandemic first bill to dole out money to small credit lines because business BY BEN EISEN dropped by 3.4% and Wells vigor of the economic recovery. hit, big companies rushed to businesses and households. held up better than expected Fargo &Co.’s shrank by 7.8%. Forbanks,this weighed on draw down credit lines from Markets thawed, and com- andthey didn’t want to pay Last year wasabanner one Among the biggest four banks, profit. Net interest income,the their banks,fearfulthey panies including MondelezIn- the interest costs, said Tom fordebt, but it didn’t look that only JPMorganChase &Co. spread between what banks wouldn’t be able to raise ternational Inc., VF Corp.and Hunt, adirector at the Associ- way for the U.S.’s big banks. had moreloans at the end of charge borrowers and payde- money from investorsinthe Whirlpool Corp.rushed to is- ation forFinancial Profession- Thecountry’slarge lenders theyear than the start. positors, fell 5% acrossthe in- bond market. Theloans on sue bonds to repay the credit als,anindustrygroup forcor- sawtheir loan books shrink in Lendersare flush with cash dustrylast year—a conse- bank balancesheetsspiked. lines they drew down. There- poratetreasurers. “This was 2020 forthe firsttime in more that they want to put to use, quenceofshrinking loan But government interven- cord-breaking bond boom moreofaliquidity crisis than than adecade,according to an andexecutives said they are portfolios and near-zerointer- tion came in the form of moved debt from bank balance anything,” he said. analysis of Federal Reserve hopeful loan growth will pick est rates. It wasthe biggest looser monetarypolicyand sheetsintothe hands of inves- PleaseturntopageB2 Outdoor Heating Is Boon to Propane GM Earnings Beat

BY RYAN DEZEMBER Forecast, Company

Propane prices have climbed morethan 70%since Sees Profit Ahead lateNovember,thanks to an explosion in patio heating and an uptick in exportstoAsia. BY MIKE COLIAS forecasting pretax income of Now, an arctic gust ex- $10 billion to $11 billion forthe pected to deliver some of the General Motors Co.posted full year 2021, or $4.50 to coldest temperatures in de- strong fourth-quarter earnings $5.25 ashare. That includes cades to the Great Plains and and offered abright profit out- the $1.5billion to $2 billion hit upper Midwest could push look forthis year despitean expected from production prices forthe ruralheating expected hit from aglobal stoppages stemming from the fuel even higher. semiconductor shortage. industrywide chip shortage. Futures prices at propane- TheDetroit automaker said Thecompanysaid on Tues- trading hubs in Mont Belvieu, Wednesdayitexpectslost pro- dayitplans to extend ashut- Texas,and Conway,Kan., have duction from an unfolding down at several North Ameri- risen to 86 centsagallon and shortageofcomputer chips to canfactories due to tight chip 95 cents, respectively,from erode itsbottomline this year availability.Atother plants, it about 50 centsinlateNovem- by $1.5billion to $2 billion. is building some vehicles with- ber.Spot prices at both hubs Theamount is in line with out certain computer chips and have been similar to those of the decline expected by rival storing them to add the parts futures. Ford Motor Co., which is oncethey arrive, the company Prices forpropane,aby- among the manycar compa- said. product of natural-gas drilling nies that have been forced to Toyota Motor Corp., which and crude-oil refining,are up S cut output as demand for on Wednesday raised itsprofit

more than fourfold from the NEW semiconductorshas surged forecast forthe fiscal year that G bottom in March, when lock- during the pandemic,leaving ends March 31, is one of the downs sent energy prices the autoindustrytocompete few global automakersthat crashing and the market OOMBER with othersectorsfor limited hasmanaged to largely side-

hadn’t yetcontemplated cold- AN/BL chip supplies. step the chip problem so far.

weather outdoor dining. GU Net income forGM’sSep- Toyota said it has stockpiled

Without much winter BING tember-to-December period partsand that production cuts weather untillately,the pro- The propane market has been buoyed by stuck-at-home Americans and restaurants. was$2.85 billion, reversing a have been minimal. pane market has been buoyed small lossfromayear earlier, GM Chief ExecutiveMary by overseas buyersaswell as Propane-futures priceinConway, Kan. dentialdeliveries have picked when a strikeatits U.S. plants Barra told reportersthat GM is sales to stuck-at-home Ameri- up lately. shavedoff billions from its working with supplierstomiti- cans and restaurantstrying to $1.00 agallon “There’sstill plenty of heat- bottomline. gate the fallout from the chip extend patio season with por- ing season ahead,” Mr.Stivala Itsfourth-quarter pretax shortageand would giveprior- table heaters. told investorslast week. profit totaled $3.71billion, a ity to output of pickup trucks Residential prices areup 0.75 Sales during the three record forthat quarterly pe- andsport-utility vehicles,its about 20% sincelateNovem- months ended Dec.31wereup riod andupfromasmall gain most profitable vehicles. ber, averaging $2.21 agallon 25% from ayear earlier at UGI in the year-earlier period. That “The semiconductor short- last week,according to the Corp.’sAmeriGas subsidiary, amounted to $1.93 ashare, agewon’t slowour growth 0.50 Energy Information Adminis- which operates atank-ex- betterthan the averageanalyst plans,” Ms.Barrasaid. tration. change business that is popu- estimateof$1.60. GM shares fell $1.18,or Domestic demand rose to lar with backyard grillers. Revenue rose about 22% 2.1%, to $54.88 on Wednesday. five-year highs this winter de- 0.25 Sales arealso booming at its from the strike-marred fourth- Forthe year,GM’spretax spiteunusually warm weather. home-deliveryservice, Cynch, quarter of 2019,to$37.52bil- profit rose about 16%, to $9.71 Stockpiles of the bottled fuel which UGIplans to expand lion. billion. GM posted record fell 50% faster than normal 0 intotwiceasmanymarketsas Thenation’s largest auto profit in the thirdand fourth between October and Febru- the 20 in which it nowoper- maker said it expectsprofits to quarters, afterits second-quar- ary, said BofA Securities ana- March 2020 Jan. ’21 ates. climb this year despiteongoing terbottomline wasnearly lysts. Source:FactSet Manycustomershavebeen supply-chain disruptions from wiped out by the pandemic-re- “The continuation of work new, which means they aren’t the semiconductor shortage lated disruptions earlier in the from home policies and in- and resellers—such as gassta- autumn and early winter sales returning empty tanks.Others and asharp rise in the priceof year. creasedsmall-scale heating tions and hardwarestoresthat to homes heated with pro- have stockpiled, leading to a rawmaterials,including steel. PleaseturntopageB4 helped,” they wroteinanote portion out propane to home- pane,said Michael Stivala, shortageofcylinders, UGIex- GM on Wednesdayrein- to clients. ownerswith portable tanks— chief executiveofSuburban ecutives told investorslast stated profit guidancefor the  Heardonthe Street: Cutting- Ordersfromrestaurants helped to counteract sluggish Propane PartnersLP.Resi- PleaseturntopageB2 firsttime sincethe spring, edge electric cars needed.. B12 INSIDE Fidelity Cashes In Most of Its GameStop Stake

BY JUSTIN BAER runasthe volatile stock’slarg- were betting on aselloff.In In reality,though, anumber and itsdean of value est shareholder. the ensuing short squeeze, of hedgefunds and large fi- investing. Fidelity Investments sold It has been an eventfulyear bearish investorshad to buy nancial institutions also prof- Fidelity Low-Priced Stock nearly all of itspositions in forGameStopand itsinves- more stock to close out their ited off GameStop’s rise. Sen- Fund, which Mr.Tillinghast GameStop Corp.last month, tors. positions.Their purchases vest Management LLC,aNew hasmanaged since1989,has just as shares of thevideo- Shares of the company only drovethe stock price York hedgefund, racked up climbed7%sofar this year. game retailer were surging. rocketed above$300 ashare higher. profit of nearly $700 million Mr.Tillinghast’sFidelity Se- Fidelity’s GameStopstake from lessthan $20 in January Some bearish hedge funds, on GameStop. ries IntrinsicOpportunities dropped to 87 shares on Jan. as individual investorsturned including Melvin Capital Man- Nearly all of Fidelity’s year- Fund is up 8.9%. 29 from 9.3 million shares, or to message boards on Reddit agement, took heavy losses—a end holdingswerehoused in Mr.Tillinghast shared his 13%ofthe company, on Dec. and urged one another to bid development hailed by some two mutual funds run by Joel thesis for owning smaller re- BUSINESSNEWS 31, according to securities fil- up thestock.The rally pres- individual investors as atri- Tillinghast, oneofthe firm’s tail companies in aJuly 31 Coca-Cola’s profit ings. Thesales ended Fidelity’s sured other investorswho umph over Wall Street. brighteststarstock pickers PleaseturntopageB10 and revenue aresqueezed A New Way to Get to the Airport by the pandemic. B3 Uber Narrows Loss, Benefiting From Food Delivery, Cost Cutting GES

BY PREETIKA RANA business, itsfood-deliveryarm valPostmates Inc.last year IMA soared as the same mandates andferrying newitems such Uber Technologies Inc. kept people from going to res- as groceriesand medicines. GETTY posted anarrowerannual loss taurants. Revenue declined Uber’s delivery bookings on the back of itsfood-deliv- 14%year over year to $11.13 jumped morethan twofold in ONICLE/ erybusinessand aggressive billion. thefourth quarter compared CHR CO cost cuts, even though thecor- Uber overhauled itsbusi- with the year-earlier period.

onavirus pandemic crushed its ness during the health crisis, However, its ride bookings ANCIS FR

core ride-hailing operations. cutting aquarter of itsstaff halved over the same period. N

FINANCE The San Francisco-based and shedding noncorebusi- Thedownturn wasbroadly in SA Highwaybillboards companyreported anet lossof nesses,among other moves, line with ride-sharerival Lyft takeonarole $6.76billion forlast year com- leading it to save $1 billion in Inc., whose revenue declined pared with alossof$8.5bil- fixedexpenses last year. 44% year over year in the CHINN/THE in hyping UL

lion for2019.While wide- Thecompanyseparately fourth quarter. PA videogame retailer. B10 spread shelter-in-placeorders doubled down on delivery, “It has become clear that CHARGED: United said it plans to buy up to 200 flying electric taxis dealt ablowtoUber’s rides buying small food-deliveryri- PleaseturntopageB4 to whisk passengers overcongestedhighways to hub terminals. B3 P2JW042000-4-B00200-1------XA

B2 | Thursday, February 11, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Geode Capital Procter & Gamble...... B6 MGM Resorts Posts Drop in Management...... B11 Adventist Development R H ...... B11 RBN Energy...... B2 Alibaba...... B6 Hasbro...... B2 Robinhood...... B10,B11 Amazon.com...... B6 Heineken...... B12 S Revenue Amid Slow Recovery Anheuser-Busch InBev J Senvest Management B1 ...... B12 JPMorgan Chase...... B1 Square...... B10 A. P. Moller-Maersk...B2 K Suburban Propane BY KATHERINE SAYRE Apple...... B6 Partners...... B1 Atlas Crest Investment Kweichow Moutai...... B6 MGM ResortsInterna- L T ...... B3 tional reported a 53% decline Tencent...... A1,B6 B LendingClub...... A2 in revenue as casino operators Tesla...... B12 Bank of America...... B1 Levi Strauss...... B6 grapple with aprolonged re- Tommy Hilfiger...... B6 Best Buy...... B4 Lululemon Athletica.B12 covery in the global gambling Toyota Motor...... B4 BlackRock...... B11 LVMH Moët Hennessy hubs of LasVegas and Macau. Louis Vuitton...... B6 Twitter...... A2,B10 Blip Billboards...... B10 MGM Resorts, agiant on ByteDance...... A1 M U theLas VegasStrip,said net C Maersk Line...... B2 Uber Technologies...... B1 revenue decreased to $1.5bil- Mattel...... B2 Ulta Beauty...... B6 lion forthe three months Carlsberg...... B12 Mesa Air...... B3 Under Armour...... B12 ended Dec.31, down from $3.2 Citigroup...... B1 Mondelez...... B1 United Airlines...... B3 billion forthe year-earlier pe- Coca-Cola...... B3,B12 riod. Thecompanyreported an V Crown Resorts...... B5 N operating lossof$364 million, Nestlé...... B6 Vanguard...... B11 F compared with operating in- S Newmine...... B6 VF...... B1 come of $3 billion the prior Facebook...... A4 NEW Nike...... B12 Volkswagen...... B12 G Fidelity Investments year,which included a$2.7 billion gain from areal-estate ...... B1,B11 O W

deal at the Bellagio casino. OOMBER Walmart...... A1,B6 Ford Motor...... B12 Oracle...... A1 BL

In LasVegas,casinos are Y/ Wells Fargo...... B1 G P operating under reduced occu- Whirlpool...... B1 KISB GameStop...... B1,B10 PepsiCo...... B12 pancy, while the once-booming General Motors Perfitly...... B6 Z convention businessonthe GER RO ...... B1,B4,B12 PlusAI...... B4 Zeekit...... B6 Strip has yettoreturn after Its rebound is led by a return of business at regional properties. The Bellagio casino in Las Vegas. widespread cancellations last year.Much of the casino in- MGM has casinos in Massa- The company posted a net cluded a$1.5billion gain from dustry’s hopes forarebound chusetts,Maryland, Michigan, loss at MGM Resorts of $448 areal estatetransaction in- INDEX TO PEOPLE in LasVegas this year depend Mississippi, New Jersey, New million in the quarter,com- volving MGMGrand and Man- on the rollout of Covid-19 vac- York and Ohio. paredwith net income of $2 dalayBay on the Strip.The net A K P cines.InMacau, whereMGM Forthe three-month period, billion ayear earlier,which in- loss compares with net income Arnault, Bernard...... B6 Khosrowshahi, Dara...B4 Packer, James...... B5 Resorts has apresence, travel net revenue declined 66% in cluded the real-estate gain. of $2 billion in 2019,including B Kirby, Scott...... B3 Perreault, Roger...... B1 from China is limited under LasVegas,by58% in Macau MGM Resortshad acash the gain from the Bellagio Kon, Kenta...... B4 Barra, Mary...... B1 S government-imposed travel re- and by 34% at the company’s balance of $5.1 billion and todeal, the company said. Kreiz, Ynon...... B2 Braziel, Rusty...... B2 Segal, Ned...... B10 strictions. other U.S. casinos. taldebt of $12.5billion as of BetMGM, the company’s L F Sharma, Raghav...... B6 MGM Resorts—which re- In LasVegas,alack of de- Dec. 31. sports-betting and online ca- Lejuez, Paul...... B12 Simington, Rory...... B5 ported a 91% decline in reve- mand formidweek hotel stays, Forthe full year of 2020, sino venture, had a17% mar- Fenty, Robyn...... B6 Lore, Marc...... B3 Simons, Thomas...... B11 nue during the peak of pan- rooms typically filled by con- MGM Resortsposted net reve- ketshareinthe growing digi- G M - N Skou, Soren...... B2 demic closures last year—said vention attendees,prompted nue of $5.2 billion, a 60% de- talgambling spaceinthe U.S., Goldner, Brian...... B2 Stivala, Michael...... B1 Ma, Pony...... A6 the company’s recovery is led MGM Resortstoclose hotels cline from $12.9billion the the companysaid, including Gubitosi, Vincent...... B11 T Maclewicz, Justyna....B4 by a return of business at its in the middle of the week at previous year.The company roughly one-thirdofthe online Guiony, Jean...... B6 Minicus, Bob...... B11 Tillinghast, Joel...... B1 regional properties in the U.S. MandalayBay,the Mirageand reported anet lossof$1bil- sports-betting marketsinCol- J Moelis, Ken...... B3 Z that attract nearby customers. Park MGM. lion forthe year,which in- orado and Tennessee. Johnson, Abigail...... B11 Murphy, John...... B3,B12 Zhang, Feng...... A1 Johnson, Ben...... B11 Nevins, Matt...... B11 Zuckerberg, Mark...... A4

lessoncredit cardssothey Lending don’t risk overspending.Work trailed off forher during the pandemic,and she has used Slowdown unemployment benefitsfor most everyday expenses. Ms.LaBancoestimates that Hits Banks she chargesabout half as much on her airline-branded credit card as she did before ContinuedfrompageB1 the pandemic.When she Some banks have large busi- thinks about splurging on nesses underwriting debt, and something using the card,she growth in those unitsserved as said, “There’s that little devil an offset when companies on your shoulder like, ‘Girl, tapped the bond market. Bank you’re not working.’ ” of America, Citigroup and JP- People also used stimulus Morganall posted higher reve- checks and expanded unem-

nue from debt underwriting. ployment benefitstopay down O

But adeep recession meant their credit-cardbalances. SBR HA

that companies weren’t turning Credit-carddebt declined R

to banks as much forloans to sharply through the firstnine FO

build newwarehouses,finance months of last year,according GES

newproduct development or to datafromthe Federal Re- IMA P

otherwise spur growth. What’s serveBank of NewYork. /A

more, some banks tightened Lowrates propelledabo- KES

lending standards as they bat- nanzainthe mortgagemarket, SY tened down the hatches during leading to arecordyear forthe

the pandemic. home-lending industry. But for CHARLES Loan books would have banks,the benefit waslimited. The company’s total revenue includes the recent acquisition of the production company eOne and its Magic: The Gathering card game. shrunk moreifnot forgovern- Forone,most mortgages get ment support forsmall busi- packaged intodebt securities nesses.Banks doled out hun- and sold off to investors, mean- Hasbro, Mattel Hope ToyBoom Endures dreds of billions of dollarsin ing the initial lender isn’t typi- loans through the Paycheck cally the party that collectsin- Protection Program. Those terest on the debt. BY PAUL ZIOBRO what families that already pects Hasbro’s toys and game said the toyindustrywas pro- loans have stacked up on bank What’smore, nonbank mort- playedboardgames did during salestogrowfaster than the jected to grow beforethe pan- balancesheets, but areslowly gage firms grew disproportion- Hasbro Inc.and Mattel Inc. lockdown. broader industry, which he demic and that outlook hasn’t being whittled away as the ately over thepast year,pick- enjoyedaboost during the “Webrought in these new pegsatsomewherebetween changed. Thecompanyexpects government forgives them. ingupmarket shareasbanks Covid-19 pandemic as lock- families who mayhavehad 3% and 5% this year.Total sales to grow at a mid-single- Banks arealso footing tightened lending.Inthe first downsspurred parentsto some priorexperiencewith companyrevenue,which in- digit percentagerateineach fewer bills for individual cus- nine months of 2020,nonbanks spend on everything from gaming,but it wasn’t really cludes the recent acquisition of the next few years. tomers. Many, likeKelly La- made two-thirds of mortgages, boardgames to Barbiedolls topofmind,” Mr.Goldner said of the production company “The toyindustryprovedits Banco, a makeup artist living according to industryresearch for their children. in an interview. “Wesaw dedi- eOne and itsMagic: TheGath- resilience, it’sastrategic cate- in Chicago, have tried to buy group Inside MortgageFinance. Nowthe toymakersare catedfamilies certainly bought ering card game,isatleast gory for retailers, it high- trying to determine whether more deeply too.” likely to have double-digit per- lightedthe importanceof Change in loans and leases held by large U.S. banks newhabitssuch as game night Hasbro’sgame businesswas centage growth, he said. play,” Mr.Kreiz said. “Those and playtime will remain once the standout at the company Mattelfinished the year on fundamentals aren’t changing.” 106 the pandemic subsides. They last year,with sales up 15% de- astrong notetoo,with net Toys tied to movie releases join others,fromthe makers spitesome supply shortages salesup10% in the fourth have suffered from the shut- of Purell hand sanitizer to during the holidayshopping quarter from ayear earlier. ting of manytheaters. Mr. Peloton bikes, in assessing season. Global sales were led by Bar- Goldner said streaming con- 104 their businesses. Families that began playing bie, up 19%, and Hot Wheels, tent forHasbrobrands such as Widespread lockdowns and together bought classic ver- up 13%, while the Fisher-Price Peppa Pig, Transformersand 2018 alack of social interaction sions of such games as Mo- and American Girl segments StarWarshas helped liftde- 2019 boosted U.S. toysales 16% last nopoly and Operation. Others returned to growth after mand forsome of those prod- 2017 102 year to morethan $25 billion, rounded out their collections struggling for a long stretch. ucts. Sales of Hasbro’sStar according to research firm with special versions such as a MattelChief ExecutiveYnon Wars products, forexample, NPD Group Inc.Parentsdi- Monopoly game featuring the Kreiz said sales gains in cate- were up 70%last year without verted spending on canceled BabyYoda character from the gories including dolls and toy afeaturefilm, helped by items 100 vacations and summer camps “StarWars” spinoff “The Man- cars came lessfromthe pan- tied to the streaming series to in-home diversions. Stimu- dalorian.” demic than from long-running “The Mandalorian.” 2020 lus paymentshelped the in- Mr.Goldner expectsthe effortstoturn itsbrands He expectsthat oncethe dustry too. trends to carryoverinto around with newproductsand pandemic subsides andmore HasbroChief Executive strong sales this year.With marketing, he said. people feel safer,people will 98 Brian Goldner said thereisa the benefit of gift cards from “Webelieveweare in a crave returning to movie the- 0510 15 20 25 30 35 40 45 50 good chance households that theholidays,Hasbro’sretail very good position because aterstowatch blockbuster WEEK became interested in board sales rose nearly 30% in Janu- our categories weren’t driven movies. “I think you’re going Note:Indexedto100 at prior year end games during the pandemic ary. by Covid as much,” he said in to see aRoaring ’20s kind of Source:Barclays analysis of Federal Reservedata will buy moregames,which is For2021, Mr.Goldner ex- an interview. Morebroadly,he snapback,” he said.

trywide complexity right now, did so,analystssaid. That Fuel prices in Asia have re- dryabumper crop of corn just Maryland and Pennsylvania, Propane wherebuying newcylinders prompted ajump in exportsof treated in recent weeks. ahead of acold front. have in recent days liftedre- hasbeen very difficult.” simpler-to-ship propane, Meanwhile,domestic propane Supplies aren’t so depleted strictions on howmanyhours As Americans spent autumn which usually costsmorethan demand has risen with the ar- this year,and alot of propane truck driverscan be on the Demand, and the firsthalf of winter natural gas. rival of icyweather. headed overseas canbeheld road so that propane can heating the outdoors, Asia suf- Theadded demand coin- Seven wintersago, during a back fordomestic use,said reach households during the feredacold snap.Prices of cided with the December com- similarly frigid spell, propane Rusty Braziel,CEO of consul- bigfreeze. Prices Rise liquefied natural gas, or LNG, pletion of an expansion proj- prices shot up to nearly $5 a tancy RBN Energy LLC.Still, “Wethink most of the in- soared to recordsinAsia and ect at Energy Transfer LP’s gallon at the Conway,Kan., prices could pop if the freez- dustry is prepared forasup- caused aweekslong traffic jam export terminal in Nederland, trading hub, which serves the ing weather dragson. ply-chain disruption of aweek ContinuedfrompageB1 of specialized tankersatthe Texas,which nearly doubled region wherebelow-zerotem- Unlikenaturalgas, which or two,” Mr.Braziel said. “But week. Panama Canal. itsshipping capacity. U.S. pro- peratures areexpected. Back moves around the countryin forecastsare showing sus- “This isn’t unique to Ameri- Industrial buyers in China pane exports reached arecord then, in the winter that strad- pipelines,propane often tained cold in the Midwest Gas,” said Roger Perreault, and South Koreaable to during the week of Jan. 8, ac- dled 2013 and 2014, alot of reaches consumersbytruck. through the end of the month. UGIpresident. “It’sanindus- switch from LNG to propane cording to BofA Securities. thesupply had been used to Several states,including Ohio, That could be aproblem.” P2JW042000-0-B00300-1------XA

THE WALL STREET JOURNAL. Thursday, February 11, 2021 | B3 BUSINESS NEWS Coca-Cola’s Profit, Revenue Squeezed By the Pandemic

BY JENNIFER MALONEY ting measures helped the At- lantagiant mitigatethose de- Thepandemic has been clines and improveits operating worse this winter than Coca- profit margins.InDecember the Cola Co.expected, but the companysaid it would cut beverage company said it ex- 2,200 of its86,000 workers.It pects consumers to return to also focused on itscorebrands.

normal life in the second half Quarterly net income was TION/REUTERS IA

of the year as Covid-19 vac- $1.46 billion, down from $2.04 AV cinesroll out acrossmanyde- billion in the year-agoperiod. CHER

veloped countries. Adjusted earnings per share AR Thecompanyoffered an rose to 47 centsfrom44cents, Archer is developing an air taxi and aims to begin production in 2023 and launch consumer flights the following year. outlook for2021, saying the Cokesaid, beating the FactSet firsthalf of the year would be consensus of 42 cents. Reve- challenging.Starting in Decem- nue fell 5% to $8.61billion. ber,“we sawmorerestrictions Cokealso disclosed forthe United LookstoaStartup in placethan we anticipated,” firsttime that it faces apoten- financechief John Murphysaid tial $12 billion taxliability from in an interview. But “westill along-running disputewith think that with vaccine rollout theInternal Revenue Service. To BuyFlying Electric Taxis building momentum in the TheU.S.Tax Court sided with coming weeks,the second half theIRS last year,ruling that of the year will be very strong.” Coke placed toomuch of its Cokeexpectshigh-single- profit in itsforeign operations BY ALISON SIDER eling from Hollywood to Los tion to buy another $500 mil- fuel, but cost and availability digit percentagegrowthinor- instead of in itshigher-taxed Angeles International Airport, lion of aircraftunder the deal. remain obstacles to wider adop- ganic revenue,which excludes domestic parent company. United Airlines wantstofly United said. During the coronavirus pan- tion. Manycarriershaverelied currency swings and acquisi- Thecompany, which had to- you to the airport. Airlines saytechnologylike demic,carriershave grounded largely on purchasing carbon tions or divestitures, in 2021. talincome taxcostsin2020 of United Airlines Holdings flying electric taxis can help planes and slashed flying. offsets—essentially paying to On that basis, Coke’s revenue $2 billion, said it didn’t take Inc. said Wednesdaythat it them reduceemissions,though United lost over $7 billion last plant trees to removeasmuch fell 9% in 2020. the full effect of the ruling into plans to buy up to 200 flying they saythere isn’t currently a year and has relied on govern- carbon dioxide as their flights Thecompanyreported de- account because it wasconfi- taxis from an electric aircraft substitute forthe jet-fuel pow- ment aid to avoid laying off release—toreduceemissions. clines in both profit andreve- dent that it would win on ap- startup,asthe airline industry ered engines that powermost thousands of workers. United has pledged to be- nue in the fourth quarter com- peal. Instead, it took acharge seeks new technologies to re- aircraft.Batteries can’t match But airline executives income carbon neutral by 2050 pared with ayear earlier. for4%ofthe potential $12 bil- duce its carbon footprint. the energy density of jet fuel, cluding Mr.Kirby have said and last year said it would in- Depressed sales from restau- lion cost. Cokehasn’t yetfiled Thepurchase would be val- and airline executives have they expect the environmental vest in acarbon-captureproj- rantsand barsmorethan offset itsappeal. ued at $1 billion, according to said that electric or hydrogen- costs of travel to weigh more ect to suck carbon dioxide out gains from consumersdrinking —Richard Rubin Archer,the Palo Alto, Calif.- poweredaircraftmay be use- heavily on eco-conscious con- of the air and sequester it un- sodas at home.The company contributed to this article. based companydevelopingthe fulonly forshort trips. sumersafter the pandemic. derground. Mr.Kirby has criti- said world-wide volume fell 3% air taxis. The tentative agree- “With the right technology, Some Europeans have said in cized carbon offset programs in the fourth quarter.  Heard on the Street: Coca- ment is astamp of approval we cancurb the impact air- surveysthat they had cut back and said moredrastic action is Layoffs and other cost-cut- Cola can’t catch a break.....B12 forArcher,which said craft have on the planet, but on travel beforethe pandemic needed to combat the effects Wednesdaythat it will go pub- we have to identify the next forenvironmental reasons, of climate change. lic through acombination with generation of companies who and policy makers there have Archer and Atlas Crest In- a special-purpose acquisition will make this a reality early considered taxing jet fuel. vestment Corp., aspecial-pur- companyinadeal that values and find waystohelp them get Newerairplanes aremore pose acquisition company the combined companyat off the ground,” United Chief fuel efficient than manyolder backed by investor KenMoelis, about $3.8 billion. ExecutiveScott Kirby said. models,but until the pan- said they expect their deal to United and Mesa Air Group Archer aims to begin produc- demic hit, emissions were still go public to provide about $1.1

S Inc., a regional carrier that is tion in 2023 and launch con- rising as more people traveled billion in grossproceeds to the joining with United on the sumer flightsthe following year. and airlines added flights. combined company. In addi- PRES purchase,said they envision United said that it would Commercial aviation accounts tion to their aircraftorder, TED using the taxis to whisk pas- help speed the aircraft’sdevel- for about 2% of global carbon United is investing $20 million CIA

SO sengers over congested high- opment through astrategic emissions and about 12% of all in the startup,while Mesa is AS waystohub airports. The partnership,but that the taxis carbon dioxide emissions from investing $5 million. Other in- taxis,which Archer said will must getregulatoryapproval transportation, according to vestorsinclude automaker be capable of flying 60 miles andmeet the airline’soperat- the International Council on Stellantis NV,and former Wal- BAZEMORE/ at 150 miles an hour,could ing and businessrequirements Clean Transportation, anon- mart Inc.executiveMarcLore.

JOHN nearly halvecarbon dioxide beforeapurchase is completed. profit research organization. —Dave Sebastian The companysaid world-wide volume fell 3% in the fourth quarter. emissions forpassengerstrav- United and Mesa have the op- Carriershavedabbled in bio- contributed to this article.

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B4 | Thursday, February 11, 2021 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Ford,VWBattery MakerDealt Hit Best Buy To Lay Off Ruling against SK gia to supply Ford and VW teries forFordand VW for anew plug-in version of Ford’s cars altogether,the global with batteries for models set four and two years, respec- bestselling F-150 pickup truck. autoindustryisunder pres- Innovation in a trade- to go intoproduction in the tively, to allow the auto mak- Volkswagenplanned to use the suretosell morebattery-pow- Some Store secrets case threatens next two years. TheSouth Ko- erstime to find another do- SKI-built batteries foranew ered vehicles in the coming rean companyhas said it is in- mestic battery supplier. crossover,called the ID.4, yearsorrisk having to pay future of U.S. plant vesting $2.6billion on the SKI said it has serious con- which will go on sale in the steep fines. Workers project. cerns about the commercial U.S. and be among the firstto Automakersare pouring BY BEN FOLDY Theruling also complicates andoperational implications use VW’s latest battery-elec- billions into electrifying their BY SARAH NASSAUER efforts by the Biden adminis- of the decision for the future tric technology. lineups. However, their plans Afederal trade commission tration to supercharge domes- of itsfacility and will begin AFordspokeswoman said depend in part on expanding Best Buy Co.notified store ruled against battery maker tic battery and electric vehicle discussions with Ford and VW. the decision supportsthe com- battery production, which ex- workers this week that it was SK Innovation Co.inacase construction. Wednesday’srul- Thecompanyalso looks for- pany’splans to bring the F-150 ecutives andanalystssay may cutting some jobs and reduc- that could disrupt Ford Motor ing startsthe clock on a60- ward to engaging the Biden to market in 2022, but she de- fall short of the numbers ing hours, according to people Co.and Volkswagen AG’s dayreview period forthe administration on the issue,it clined to comment further.VW needed to power the growing familiar with the situation, as plans to build electric vehicles WhiteHouse.Changes to the said. said it was analyzing the rul- numbersofelectric vehicles the big-box chain adapts to a in the U.S. commission’s rulings are rare LG Chem said it was grate- ingand remained committed they expect to be sold. world wheremoreshopping TheU.S.International but not without precedent. ful to the International Trade to starting U.S. electric vehicle Some carcompanies are happens online. Trade Commission, an inde- If the WhiteHouse declines Commission for its decision. production in 2022. getting increasingly involved Thecompanyreported sky- pendent government agency, to intervene,then SKI canap- Both Ford and VW told the Thelegal clash between with making the batteries rocketing sales in recent quar- affirmed Wednesdayajudge’s peal the matterinfederal commission last year that two of the world’slargest bat- themselves to lock in supplies, ters as pandemic-wearyshop- earlier ruling in favor of rival court. Construction on the site withoutthe newfactories, tery makershighlightsthe dif- while othersare leaning more persstock up on appliances, LG Chem,which in 2019 ac- will proceed, acompany they’llhavetodelaytheir ficulties automakersfacein on traditional battery makers videogame systems and other cused SKI of stealing trade se- spokesman said. electric-vehicle plans because securing asteady supply of like SKI and LG Chem to sup- electronics.Comparable sales, cretsrelated to lithium-ion In theruling,the commis- the batteries areuniquely batteries necessarytomeet ply their models. those from websites or stores battery production. SK Innova- sion prohibited SKI from im- built for the new models and their growth targetsinelectric China dominates the cur- operating foratleast 12 tion has denied the allega- porting itsbatteries for10 thereisn’t enough U.S. capac- vehicles. rent battery-supply chain, and months,rose 23% in the quar- tions. years. ity otherwise to fulfill the With tightening auto-emis- building adomestic capacity terended Oct. 31. Much of the Thecommission’sruling However, the ruling allowed companies’ needs. sions regulations and some has become acorepolicygoal gains came from online orders, threatens two newbattery the companytoimport equip- TheSKI complexisex- parts of the world moving to forU.S.and European govern- which nearly tripled in the plantsSKI is building in Geor- ment necessarytomakebat- pected to supply batteries for phase out gasoline-powered ments and investors. U.S. in the last quarter. Aspokesman forthe company declined to comment on the details of the job cuts. “As we have said before, customer shopping behavior will be per- manently changed in away that is even moredigital,” said the spokesman. “Our work- forcewill need to evolveto meet the evolving needs of customerswhile providing moreflexible opportunities for our people.” Thecompanyhad 125,000 full-time and part-time work- ersasofJanuary2020.Best GES Buy furloughed about 51,000 IMA of itsworkersearly in April, including nearly all itspart- GETTY

SE/ time employees,asitclosed most of its stores early in the pandemic to all but curbside

ANCE-PRES pickup. In June, Best Buy be- FR gan bringing back furloughed workers and in August raised GENCE

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PHILIP third-quarter sales,executives Toyota credited higher U.S. production of sport-utility vehicles and new model launches in China for its strong performance amid the pandemic. said in November that the outlook wasuncertain forthe rest of the year.The companysaid Toyota RaisesOutlook DespiteChip Shortage it would resume share repur- chases in thefourth quarter and close all itsstoresinMex- Global sales of Toyota and BY SEAN MCLAIN triggeredslowdownlast April, whichsaid earlier this month it time,” he said. ico, itssmallest market. The Lexusvehicles,change from AND KOSAKU NARIOKA at thebeginning of the finan- would cut vehicle output by up While most carmakersthink companyreportsfull year previous year cial year,Toyotapredicted it to 20% in the January-March the chip shortagewill continue earnings Feb. 25. TOKYO—Toyota Motor would sell one million fewerve- quarter; and General Motors to reduceproduction intothe 10% Corp.cemented itsstatus as hicles over the whole year.Rev- Co., whichsaid the chip short- summer,Toyotaisoptimistic Japan’shealthiest automaker, enue and profit arestill ex- agecould reduceits earnings that the problem will ease boosting itsprofitprojections pected to be down from the this year by up to $2 billion be- sooner,hesaid. Jeep Pulls 0 afterafaster-than-expected re- previous year. cause of lost production. As forthe newelectric vehi- bound from the pandemic. However, October-December Toyota’s chief financial offi- cles,Toyotasaid the models –10 Thecompanyunveiled plans operating profit wasupfroma cer, KentaKon,said it stock- would include two battery elec- Ad Over on Wednesdaytolaunch three year earlier in each of Toyota’s piled several months’ worth of tric vehicles and one plug-in newelectric-car models in the markets. Thecompanycredited parts, helping it ride out the hybrid vehicle.The newmodels –20 U.S. this year.Earlier,Toyota higher production of sport-util- chip shortage. will contributetothe com- Springsteen said it expected to post revenue ity vehicles in the U.S. and a Thecompanyisahugeand pany’sgoal for25% of itsnew- –30 of ¥26.5 trillion, equivalent to host of newmodel launches in reliable customer forits suppli- vehicle sales to be electrified $253 billion, in the year ending China. Toyota weathered the ers, Mr.Kon said. “Weare pro- by 2025,with 70%electrified Arrest March 31, slightly higher than turmoil in the automotivemar- viding fairly reliable production models by 2030,Toyotasaid. –40 itsearlier estimate, and it ketbetterthan itspeers, and it volume on amonthly basis,as Thecompanydidn’t provide BY KATE KING raised itsprojection foroperat- said it hasn’t had to reduce well as aproduction plan going additional details about the –50 ing profit in the year by nearly production significantly during out three yearsintothe future. plannedvehicles or their de- Stellantis NV pulled aJeep $7 billion to the equivalent of the recent industrywide short- We have been repeatedly com- sign. commercial starring Bruce Dec. Jan. 2020 $19.1billion. ageofsemiconductors.That municating these plans,and —Matt Grossman Springsteen from YouTube af- Source:the company Because of the pandemic- contrastswith Ford Motor Co., that has supported us this contributed to this article. teritwas reported that he wasarrested latelast year and chargedwith driving while in- of Cadillac Escalades sold in toxicated. GM Beats thefourth quarter at prices Uber Mr.Springsteen is sched- above$100,000,well above uled to appear in federal court previous levels.Buyerspaid up this month. Earnings forthe big SUV, which recently Narrows Therock star and NewJer- underwent itsfirst extensive sey nativewas also charged redesign in about seven years. with recklessdriving and con- Forecast GM’sglobal pretax profit Loss suming alcohol in aprohibited margin rose to 7.9% last year, area when he wasarrested by from 6.1% ayear earlier.That S law-enforcement rangerson ContinuedfrompageB1 included arecord9.9%margin ContinuedfrompageB1 PRES Nov.14inthe Gateway Na-

Demand fornew vehicles, in the fourth quarter. the pandemic has increased UMA tional Recreation Area, ac- particularly the big SUVs and GM also said it would accel- consumers’ appetitefor on-de- /Z cording to aspokeswoman for TO trucks that areDetroit’ssweet erateits capital spending this mand deliveryofnot just food, the National Park Service. The spot, returned faster than ex- year afterthe pandemic forced but all goods, and we have spokeswoman didn’t release pected over the summer.That it to slash investment by about takenmajor steps to address details about the circum- helped GM bounceback from a $2 billion in 2020. this enormous opportunity,” stances around Mr.Spring- harrowing two-month shut- Thecompanyplans capital Uber Chief ExecutiveDara steen’sarrest except to sayhe CINQUETTI/NURPHO

down of itsNorth American expenditures of $9 billion to $10 Khosrowshahi said on acon- O “was cooperative throughout

factories in the spring.Acom- billion this year,with roughly ferencecall with analysts. MAIR the process.” bination of tight inventories three-quartersofitearmarked Overall, Uber’s fourth-quar- The company trimmed its loss from delivery to $145 million. Mr.Springsteen starred in a and strong demand forits forelectric and autonomous ve- terrevenue declined 16%year two-minutecommercial for most expensivemodels also hicles,Ms. Barra said. over year to $3.16 billion. The Uber’s quarterly grossbookings bottomline.But Uber trimmed Jeep that aired during the Su- lifted pricing and profit mar- “Wesee tremendous growth net lossinthe three months itsadjusted Ebitda lossfrom per Bowl last weekend. gins to record levels. opportunities” in those areas, through December narrowed $20 billion deliveryto$145million in the AJeep brand spokesperson Forexample,morethan 40% she said. to $968 million compared with fourth quarter from $461 mil- said: “It would be inappropri- $1.09 billion in the year-earlier lion in the year-earlier period, ate for us to comment on the GM's quarterly proﬁt/loss One-yearperformance quarter.Fourth-quarter reve- Other* marking the unit’sbest three details of amatterwehave nue and the net losswere 15 0.3B month performance. only read about and we cannot $4 billion 60% GM slightly poorer than Wall Uber’s shares areupmore substantiate. But it’salso right Street’sexpectations. Mobility than 80% from early Novem- that we pause our Big Game 6.8B 40 But Uber’s adjusted lossbe- ber,gaining from abig regula- commercial until the actual 3 fore interest, taxes, deprecia- 10 tory win in itshome stateand, factscan be established. Its tion and amortization beat an- Delivery morerecently,Covid-19 vac- messageofcommunity and 20 alysts’ projections.LikeLyft, 10.1B cine distribution. Shares unity is as relevant as ever.As 2 Uber has said it expectstobe- traded down about 3% in after- is the messagethat drinking come profitable by this mea- 5 hourstrading Wednesday. and driving cannever be con- 0 S&P sure by the end of this year. On Tuesday, Lyft posted doned.” 500 1 Executives reiterated that goal fourth-quarter revenue of $570 Mr.Springsteen, 71 years on aconferencecall with ana- million, slightly higher than in old, will appear in federal –20 lystsWednesday. the preceding three months court, likely by videoconfer- Uber’s adjusted Ebitda loss 0 but down 44% from ayear ear- ence, because he wasarrested 0 –40 narrowedinthe fourth quarter 2018 ’19 ’20 lier.The companysaid asurge in anational park,according to $454 million compared with *Includes freightand other bets in Covid-19 cases in key mar- to aspokesman forthe U.S. at- alossof$615 million in the Source:the company kets and newlockdowns torney’s officefor NewJersey. –1 –60 year-earlier quarter.The com- justed Ebitda lossof$507 mil- weighed on ride demand in the His attorney and manage- 2018 ’19 ’20 2020 ’21 pany’s adjusted Ebitda loss lion in the fourth quarter. latterhalf of the quarter.The ment team didn’t respond to

Note:GM's U.S. factories were closed in Sept. and Oct. 2019 due to astrikeand mid-March to beat Wall Street’sforecast. An- Food delivery, an expensive net loss for the period was requestsfor comment. His ar- mid-May2020fromthe pandemic. alystssurveyed by FactSet had logistical undertaking,has typ- $458.2 million, compared with rest wasreported earlier Source:S&P Capital IQ predicted on averageanad- ically been adragonUber’s $356 million ayear earlier. Wednesday by TMZ. P2JW042000-0-B00500-1------XA

THE WALL STREET JOURNAL. Thursday, February 11, 2021 | B5 BUSINESS NEWS Beijing Feels Pinch of Coal-Import Curb

Banonbuying the Coal prices in China chaotic that they could no lon- gerprovide such pricing. resource from Australia 900 yuan per metric ton “The government needs to worsens shortage adopt measures to increase coal supply to guide the market amid acold winter 800 back to areasonable rangeas soon as possible,” the China BY CHUIN-WEI YAP Electricity Council,which owns 700 one of the indexes, said in a HONG KONG—China’s ban statement. Thecouncil resumed on Australian coal imports is itsindexaweek later,but mod- intensifying acrisis in itscoal ified it to aweekly,rather than market, which is battling surg- 600 itsprevious daily,format. The

ing prices,supply shortages, S coal association, which also conflicting policygoals and a halted itsindex, hasn’t resumed PRES cold winter. 500 pricing high-grade coal.

Locked in a diplomatic brawl ZUMA Thevoracity of China’sen- over Canberra’scall for an in- A/ ergy market, the world’slarg-

dependentglobal inquiry into XINHU est, shapes global commodity 400 the origins of Covid-19,Beijing prices.Coal supplies about 60% imposed an informal ban MIN/ Jan. 2020 ’21 of China’senergy consumption, NG

around September that forced WA Notes: Shanxi mixed coal; 1yuan =$0.15 morethan half of which goes boatloads of Australian coal to Beijing banned imports from Australia after thatcountry called foraCovid-19 inquiry.Coal in Huanghua. Source:National Statistics Bureau toward electricity generation. languish at sea. China’scentral Chinese leader Xi Jinping government made the embargo importsfromfarther afield, on to apply political pressure Chinese domestic market.” hasenough coal to meet de- has sought to curb China’sfos- official at amid-December topofprices that have risen abroad—but the coal market is Prices in China surgedover mand. Theshortagehas eaten sil-fuel appetite, part of abid meeting with major Chinese 84% sincemidyear. showing that the strategycan the seven months through Jan- into coal reserves but hasn’t forglobal leadership on climate electricity producers, who are “Coal buyersare on tenter- backfire. Even as Chinese buy- uarytorecords of morethan weighed on industrial output change, laying down ambitious big buyersofthermal coal. hooks watching the import ersobeyed Beijing,Australia’s $130 ametric tonfor high- yet. Alonger jag of high prices, climategoals that seek to cap Theban complicated asup- market,” the China Coal Trans- coal prices rallied as other buy- gradethermal coal—nearly if unaddressed, could have coal consumption and promote ply crunch that the meeting portation and Distribution As- ersfrombig coal-consuming twicethe midyear level—due to slowedChina’smanufacturing alternativeenergy sources, wasconvened to solve, govern- sociation, which representsim- nations,including Japan and sloweroutput last year and a andrisked apublic outcry. The such as wind and solar. ment and statemedia reports porters, said in astatement. India, stepped in. faster-than-expected economic National Development and Re- But the leadership’senviron- show.China wasshort of ther- “It’sbeen hardtoreplenish low “It’saprettycrazy situa- recovery. form Commission,which orga- mental policyhas runatodds mal coal and officials urgedthe coal inventoryand shortages, tion,” said RorySimington, a TheChinese coal association nized the December meeting to with an economic recovery that companies to import more— whiledemand is unabated.” principalanalyst at energy re- said prices have this month stabilizethe market, didn’t re- has driven up coal demand and from anywhereexcept Austra- From Norwegian salmon to searcher Wood Mackenzie. started to edgedownfor some spond to arequest forcomment. acoal industrythat includes lia, China’sbiggest supplier.To Mongolian commodities,Bei- “The priceofhigh-grade coal in coal varieties,and Beijing’stop Twobig state-backed Chi- powerful mining interests. comply,buyersinChina have jing has in recent yearsincreas- Australia right nowisatabig economic planner last month nese coal indexesonDec.30 —Qianwei Zhang hadtopay steep premiums for ingly used China’sbuying heft discount to spot coal in the assured the public that China said that the market wasso contributed to this article. Chinese Scandals PutCrown’sSydneyCasino License at Risk

BY MIKE CHERNEY Theplan didn’t work,and dustrythat has areputation person at different branches in cause of the investigation. take time forthe authority to Chinese policelater arrested 19 for being anything but trans- the same city,the report said. TheIndependent Liquor giveitproper consideration be- SYDNEY—The jetsthat Crownemployees,accusing parent. The report found that ButCrown at the time didn’t and Gaming Authority,the fore determining the most ap- landed in Australia from China them of gambling-related bank accountsatCrown’ssub- change howthe bank accounts stateregulator that commis- propriatecourse of action.” were made to look inconspicu- crimes.Tuesday’sreport said sidiaries were used to launder operated or were monitored, sioned the report, must now Crown, which has Australian ous: no corporate logos to in- Crowndisregarded the welfare money.Inaddition, Crown the report said. Account details decide whether to accept the billionaireJames Packer as a dicate that wealthy gamblers of itsemployees in China by worked with so-called junket were given to Crownpatrons, report’srecommendations, majorshareholder,said it is were inside. pursuing high-rollersevenas operatorsinAsia to bring whose depositswould be cred- and it could cancel Crown’sex- considering the report and According to areport re- the Chinese policeclosed in, high-rollerstoAustralia, even ited to their account at the rel- isting license for the new ca- plans to work with the regula- leased by an Australian regu- and concluded that Crownisn’t afterlearning of allegations in evantcasino. sino or makeitconditional. tor. It previouslytook steps to lator Tuesday, it wasadeliber- suitable to hold alicense fora media reportsand the com- Theinvestigation could Crownisfacing investigations addresssome of the issues,in- ateattempt by an executiveat newcasino in Sydney without pany’sown due diligencethat have serious consequences for from other Australian agencies cluding ceasing ties with junkets Australian casino operator making significant changes to those groups had ties to orga- Crown. Thecompanyjust and has been struggling with a and creating acomplianceand Crown Resorts Ltd. to evade itscorporateculture. nized crime, the report said. spent about $1.6billion build- decline in international visi- financial-crimes department. the Chinese government, The 751-page report, based As early as 2014, Crown’s ing askyscraper on Sydney’s tors and casino closures be- Thereport expressed con- which in early 2015 announced on 60 days of public hearings bankersraised warningsofsus- waterfront that includes hotel cause of the pandemic. cerns that Mr.Packer still acrackdown on foreign casi- that included Crownexecu- picious depositsinits bank ac- rooms, residences and a VIP- “The report is detailed and wielded real powerinthe nos recruiting Chinese high- tives, offersanin-depth look counts, such as several deposits only casino.The opening of complex,” said Philip Crawford, companydespitenolonger sit- rollers to gamble overseas. at theinner workingsofanin- on the same daybythe same thecasino was delayedbe- the authority’s chair.“It will ting on the board.

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B6 | Thursday, February 11, 2021 THE WALL STREET JOURNAL. BUSINESS NEWS Rihanna, LVMH Hit Pause on Line Retailers Introduce The pop singer and conglomerate put New Tools fashion venture on hold after slow start To Rein In BY MATTHEW DALTON Returns PARIS—Rihanna is finding that luxuryfashion is ahard BY SUZANNE KAPNER market to crack,evenwith her gigawatt name recognition Thesurge in pandemic- and the backing of luxury- fueled online shopping has cre- goods company LVMH Moët ated anew urgencytosolvea Hennessy Louis Vuitton SE. decades-old problem: returns. Thepop star and the Paris- Companies such as Wal- based conglomerateare put- mart Inc. and Amazon.com ting theirfashion joint ven- Inc.are telling customersto ture, launched in 2019,onhold keep unwanted items.Some aftersales gotoff to aslow retailersare introducing vir- start and then faltered during tual dressing rooms and made- the coronavirus pandemic. to-measure clothing so shop- LVMH on Wednesdaysaid pers keep moreofwhat they that, pendingbettercondi- buy. Others are scoring shop- REUTERS

tions, the company made the U/ persbased on their return

decision to pause the venture TIA rates, much the way credit-

jointly with the pop icon. PLA ratingsfirms tally consumers’ Thefashion label, Fenty, creditworthiness.

failed to replicatethe early CHARLES Behind the push is apainful successofthe cosmetics line Fenty fashion had a smaller retail audience, from e-commerce and pop-up stores, than the singer’s cosmetics line, Fenty Beauty. reality of e-commerce.The that Rihanna and LVMH shareofonline purchases that launched together in 2017. LVMH’sown Louis Vuitton, Fenty Beauty also gained XFenty,Rihanna’slingerie That trendhas helped drive are returned averages 30% or Thesinger,born Robyn Chanel, Hermès and Gucci. The significantexposurethrough brand, LVMH said Wednesday. surging revenue at LVMH’s higher,depending on the cate- Rihanna Fenty, promoted her industry’sbread-and-butter Sephora, the cosmetics retail Theinvestment comes through two biggest fashion brands, gory,three times the rate in eponymous cosmetics brand to products—handbagsand ac- chain owned by LVMH with LCatterton, the private-equity Louis Vuitton and Dior; reve- physical stores,according to her vast social-media audi- cessories—aremuch moreex- morethan 2,600 stores around fund partly controlled by Mr. nue at LVMH’sfashion leather industry executives. ence—91 million followers on pensive than cosmetics. the world. TheFenty fashion Arnault. and goods division fell just 5% “There was a huge shift to Instagram and 102 million on Upstart brands lack decades label had asmaller retail audi- “Weinthe LVMH family be- in 2020, despite being forced online shopping,and the num- Twitter. That generated huge of heritagethat giveolder ence: e-commerce and pop-up lieve a lot in Rihanna,” a per- to shut boutiques acrossthe berswon’t go back to where exposurefor productsthat fashion houses the cachet to stores. son close to Mr. Arnault said. world in the spring during they were beforethe pan- stoodout in the market for convinceshopperstospend Aspokeswoman for “But we’refocusing during the pandemic lockdowns. demic,” said Oliver Lange, who being tailored to arangeof hundreds of dollarsand up on Rihanna didn’t respond to a pandemic on what’struly LVMH’sshares have surged runs H&Mbeyond, the brand’s different skin tones. a purchase. request for comment. working well: beauty,skin care over the past year and are innovation lab. Fenty Beauty recently “I would say it’s still work LVMH and BernardArnault, and Savage.” trading near record highs. Consumersgot comfortable launched anew skin care line, in progress when it comes to itsbillionairechief executive Breaking intothe market With amarket capitalization buying everything from gro- which LVMH said last month really defining what the offer and controlling shareholder, has become even tougher dur- of €267 billion, equivalent to ceries to makeup online,as was selling well. would be,” Jean Jacques Gui- saythey arestill eager to ing the pandemic,when luxury $323 billion, LVMH is nowthe bricks-and-mortar stores tem- But the luxuryfashion mar- ony, LVMH’schief financial of- work with Rihanna. Apart shoppers have gravitated to- second-most valuable com- porarily shut and anxiety ketisdominated by big,in- ficer, said of Fenty fashion in from the cosmetics line,Mr. ward the biggest, most estab- pany in Europe,behind only mounted about spending time cumbent labels such as October. Arnault has a stake in Savage lished brands. Nestle SA. indoors. In arecent survey by Pitney Bowes, 42% of consum- erssaid they plan to shop even ADVERTISEMENT moreonline oncethe pandemic ends than they do now. That shopping shiftisplac- The Marketplace ing moreimportanceonsolving To advertise: 800-366-3975orWSJ.com/classiﬁeds aproblem that dates to the early days of online shopping. BANKRUPTCIES BUSINESSOPPORTUNITIES Free shipping and accommodat-

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'HK 6N?!@8 2<(:(@8D8!4(:4] -J P&MEG. !-JJKKS.MZ ^'HK 6S?<(!$@ 5(B8?<4-)6L6+W!@ 7?&&((4] G. d 8(9%2 () !'$ 1/&2%- 1)4 WA turning what they don’t want. +)-%G(G-.dD DG*&GLd'G-.+)-MKKLG.I +K.LG.I (1&2"1+2&-31)0(&4 5'('- cKJ-)K 'HK U)d.L !-&)'-J'HK !d`/d. S(Dd.L( Thenumber of e-commerce ^'HK 67DQAD@ 7?6<84]\ VG.d.MGdD 7K)%GMK( /*%"-"*""*"&' !+(.$ )#!,!

iG%G(G-. !d&(K N-Z C?>-JBXBX ^#7!R]^'HK TINGSHU packages returned in 2020 67DQAD@ 2@>#%G#F ;H$#D%>@>#% *+ )0$$6 ,('38&(0432 to Narvar Inc., which pro- #G 4<#FH>D% -4>%BF#$HH">%D gW!V N-Z Cf d.L 'HK 3HF>/H" BH@>@>#% 5%"HF ,[email protected]#F *3$&043 ,43)(6$ cesses retail returns.One of EF"HF 4%" <>%47 *H$FHH 9F4%@>%D ;H$#D%>@>#% *0 !28( 53'&+(! #3&5 718'' * $,&,22 thetop reasons is improper #G <#FH>D% -4>% BF#$HH">%D 4%" E@AHF ;H74@H" Chinese Liquor Giant Moutai ;H7>HG gW!V N-Z Bf ^'-IK'HK)\ 'HK 67"D>8(< fit, the executives said. ,% 2(8!8!?@4] d.L 'HK -#@>#% #G @AH <#FH>D% .+-,)2#) "&(%7&%(81 '&2216 '&83('6 ;H!FHCH%@4@>:HC G#F,A4!@HF6.;H$#D%>@>#% (8313-.'6 /3'7 3(+- 40),$B !4*65 Foratypical retailer,every 4%" <>%47 ;H7>HG gW!V N-Z Af ^'HK 61(+?$@!8!?@ $1 million reduction in returns K?8!?@4] bG'H 'HK 3.G'KL 7'd'K( "d.E)&+'M` 3#20.,$"1(10.2/''%.'* !-&)' J-)'HK 7-&'HK).iG(')GM' -J NKbh-)E^ Hits $500 Billion Va luation cantranslateto$500,000 'HK 67?6<84]Z 2LT;0T /;MT S.1/PT1 J3/O7T 'Hd''HK added to the bottom line, ac- !Hd+'K)C?:K'G'G-.(KKE( )KM-I.G'G-. -J *5#,! ',#$!+!13 (#;&7+ cording to Navjit Bhasin,the 'HK !d`/d. :)-MKKLG.I d( dJ-)KGI. /dG. &!24595@,+=9>))-22->@57!/-1/9!4<>@;459-2->@ +)-MKKLG.I bG'HG. 'HK /Kd.G.I -J MHd+'K) C? -J BY CHONG KOH PING lion at current prices— chief executiveofNewmine, 'HK -J 'G'DKCC-J'HK 3.G'KL 7'd'K( !-LK^'HK 9>+7 4>++-@1 2,55+ )-++ ?-,/ *@@5+-@1 3!9-+-,= !, -,2 KweichowMoutai 69D@W<6>8+Q 7?)(4]Z (!@@>@2

Ld'KL Od)MH BX\ BXBX^O-))G(\ !ZRZ]Z #.` DA the start of 2021. the key beneficiaryofthis pre- andthey canget annoyedif +d)'GK( bG(HG.I '- +d)'GMG+d'K/&(' L- (- 0 'KDK+H-.GMdDD` c` /dEG.I d))d.IK/K.'('H)-&IH Moutai stock closed at 2,601 miumization process,” said the processistoo long and 5 !-&)'7-D&'G-.( PP!^bbbZM-&)'[(-D&'G-.(ZM-/]Z TO March 2020 '21 S.(')&M'G-.( '- )KIG('K) J-)!-&)'7-D&'G-.( PP! yuan, the equivalent of WeiWei Chua, aportfolio cumbersome. d)K d''dMHKL '- 9H%HF47 EF"HF -).01E 97 2LT;0T /;MT S.1/PT1 J3/O7T 'Hd' G. $403.34, on Wednesday. It Source:FactSet manager at Mirae Asset Global Yetthereare signs that vir- dMM-)Ld.MK bG'H P-MdD "d.E)&+'M` 8&DK BXXB[

TISE trades on 55 times expected InvestmentsinHong Kong.Mr. tual try-ons are gaining trac- @\ 'HK !-&)'/d` -)LK) d' 'HK 8KM-I.G'G-. TKd)G.I 'HK (MHKL&DG.I -J dMd(K /d.dIK/K.' 66-3 earningsfor the next 12 Gao Weidong,was the regional Chua said he started investing tion. Ulta Beauty Inc.intro-

M-.JK)K.MK '- M-.(GLK) 'HK KJeMGK.' )3 dL/G.G(')d'G-. -J 'HK Md(KZ months,FactSet datashows, government’stop transport of- in Moutai shares acouple of duced virtual makeup try-ons 2LT;0T /;MT S.1/PT1 J3/O7T 'Hd' d.` VER

00 compared with an averageof26 ficial beforeassuming his post yearsago and believed price in 2016,but the feature didn’t +d)'` G. G.'K)K('bG(HG.I '- (&c/G' d)K(+-.(K\ AD d.(bK)\-)-cFKM'G-. '- 'HK !Hd+'K) C? :K'G'G-. (8 times over the past five years. last year.The best-compen- increases this year could sup- take off until last year,when /&(' L- (- +&)(&d.' '- 'HK "d.E)&+'M` !-LK d.L 'HK P-MdD d.L VKLK)dD 8&DK( -J "d.E)&+'M` The rally turned the liquor sated executivelisted in its port its earnings growth. makeup try-ons increased 12 :)-MKL&)K\d.L (&MH )K(+-.(K\d.(bK)\-) -cFKM'G-. /&(' ^G]cKG.b)G'G.I\ ^GG](K' J-)'H THE MARKETPLA companyintoone of the 2019 annual report received the Individual investorsdomi- times over 2019 levels,accord- G. LK'dGD 'HK JdM'&dD d.L DKIdD cd(K( 'HK)KJ-)\ world’smost valuable con- equivalent of about $130,500. nate trading in Shanghai and ing to Prama Bhatt, Ulta’s ^GGG]cKeDKL KDKM')-.GMdDD` bG'H 'HK !-&)'-. 'HK !-&)'1( KDKM')-.GM Md(K eDG.I (`('K/ G. Formoreinformation visit: sumer-goods companies, out- Compared with sluggish Shenzhen,which in the past chief digital officer.She said dMM-)Ld.MK bG'H 9H%HF47 EF"HF -)1(( ^d M-+`-JbHGMH /d`cK%GKbKL-.'HK !-&)'1( wsj.com/classifieds stripping giantssuch as state-owned enterprises in ar- made China’sonshoremarkets she expects the technology to bKc(G'Kd'bbbZ.`(cZ&(M-&)'(ZI-%] d.L 'HK !-&)'1( BF#$H"=FHC G#F@AH <>7>%D+ 8>D%>%D 4%" Procter &Gamble Co., Nestlé eas such as banking or oil, prone to boom-and-bust cy- be acorepart of the retailer’s 3HF>/$4@>#% #G *#$='H%@C 2& ?7H$@F#%>$ -H4%C SA and LVMH MoëtHennessy Moutai boastsmoreattractive cles.Awaveofmoney has business. c` 'VCC >EAE HT/G ?@ KD<+"XF*C*, ^'HK 63BY(+8!?@ 5(D)U!@(4]\ d.L ^G%] (K)%KL&+-. Louis Vuitton SE. growth prospects. Analysts washed intothe marketsinre- Levi Strauss &Co. and M-&.(KD J-)'HK V-)KGI. 8K+)K(K.'d'G%K(\ iP# :G+K) PP: ^37]\ CB?C#%K.&K -J 'HK #/K)GMd(\ It is nowroughly as impor- polled by FactSet expect net cent months as manyofthese TommyHilfiger areusing a NKbh-)E\ NKbh-)ECXXBX\ #''.< 5H-/d( 8Z tant to the Chinese market as income to grow by 11.5% in individual investorshave tool that letsshopperssee !dDGJd.-\ W(*Z\ 8Z !)dGI Od)'G. W(*Z d.L W)GE VZ 7'GK)\W(*Z\ (- d( '- cK )KMKG%KL c` 'HK ;cFKM'G-. Apple Inc.isinthe U.S.,ac- 2020 and around 19% annually backed new mutual funds. howclothes look on various iKdLDG.KZ #M-&)'K(` M-+`-Jd.` -cFKM'G-. -) )K(+-.(K (HdDDdD(- cK (K)%KL'HK !Hd/cK)( counting for7.3%ofthe for the next two years. William Lo,adirector at digitally rendered body types. -J 'HK T-.-)dcDK Od)'G. UDK..\ 3.G'KL 7'd'K( "d.E)&+'M` R&LIK\ 3.G'KL 7'd'K( "d.E)&+'M` Shanghai CompositeIndex It is also highly profitable: SilkyWater Asset Management Displaying clothes on different !-&)'J-) 'HK 7-&'HK). iG(')GM' -J NKbh-)E\ while Apple makes up about analystsforecast it will earn in Hong Kong,said valuations body types reduces returns by ;.K "-bDG.I U)KK.\ NKbh-)E\ NKbh-)E\ CXXX@[C@X=Z 6.7% of the S&P 500.China’s $8.5 billion in net income for formanyChinese stocks were about 8%, according to Yael 2LT;0T/;MT S.1/PT1 J3/O7T 'Hd' dDD +d)'GK( G. G.'K)K(' -++-(KL '- 'HK !Hd+'K) biggest technologycompanies, 2021, on revenue of $17.6 bil- frothy. But he said investors Vizel, CEO of Zeekit,which C? :K'G'G-. -) 'HK V-)KGI. 8K+)K(K.'d'G%K(1 Tencent Holdings Ltd. and lion, FactSet polling shows.In looking forfast-growing compa- created the technology. Shop- )K*&K(' J-))KDGKJ /&(' d++Kd)'KDK+H-.GMdDD` d' 'HK 8KM-I.G'G-. TKd)G.I\ bHGMH /d`cK AlibabaGroup Holding Ltd., contrast LVMH, forexample,is nies with strong brands in China perscan upload photos of dLF-&).KL J)-/ 'G/K '- 'G/K bG'H-&' J&)'HK) .-'GMK KaMK+' J-)d.G.[M-&)'d..-&.MK/K.' d' aren’t listed on the mainland. expected to earn $9.3 billion had no choicebut to invest in themselves,although Levi’s 'HK 8KM-I.G'G-. TKd)G.I -) deDG.I -. 'HK L-MEK' -J 'HG( Md(K -J 'HK Ld'Kd.L 'G/K '- bHGMH 'HK Shanghai-listed Moutai from revenues of $67.8 billion companies such as Moutai. andTommyHilfiger aren’t 8KM-I.G'G-. TKd)G.I Hd( cKK. dLF-&).KLZ makes an unlikely bedfellowfor for the same calendar year. Newinvestorswerebuying currently using this feature. 2LT;0T /;MT S.1/PT1 J3/O7T /P;/ SV N; 8W7:;N7W7;8;"RW!5S;N7 #8W 8W!WS2Wi these Western blue chips.The Foreignershavesubstantial intoMoutai based on premium- “You cansee yourself in SN #!!;8i#N!W 0S5T 5TS7 N;5S!W\ 5TW !;385O#h U8#N5 5TW 8WPSWV 8W93W75Wi companyismajority owned by holdings of Moutai, which re- ization, astory that hasn’t more than 100 dresses in one "h 5TW V;8WSUN 8W:8W7WN5#5S2W7 0S5T;35 ©2021Dow Jones &Company,Inc. the local government in the ports financial results only in changed much in three years, minute,” said Ms. Vizel. “You V385TW8 N;5S!W ;8 TW#8SNUZ All Rights Reserved. southwestern Chinese province Chinese. They hold about8% said Allen Cheng,aMorningstar can’t do that in a physical fit- of Guizhou and itschairman, of the stock—worth $40 bil- equity analyst in Singapore. ting room.” P2JW042000-0-B00700-1------XA

THE WALL STREET JOURNAL. Thursday, February 11, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 31437.80 s61.97, or 0.20% Trailing P/E ratio 31.47 23.01 3909.88 t1.35, or 0.03% Trailing P/E ratio * 43.92 26.10 13972.53 t 35.16, or 0.25% Trailing P/E ratio *† 39.55 28.43 High, low, open and close for each P/E estimate * 20.61 18.48 High, low, open and close for each P/E estimate * 22.71 19.11 High, low, open and close for each P/E estimate *† 30.06 24.13 trading day of the past three months. Dividend yield 1.92 2.11 trading day of the past three months. Dividend yield * 1.50 1.81 trading day of the past three months. Dividend yield *† 0.73 0.92 All-time high 31437.80, 02/10/21 All-time high 3915.59, 02/08/21 All-time high: 14007.70, 02/09/21

Current divisor 0.15198707565833 32200 4050 14100

31000 3925 13550

29800 3800 13000

28600 3675 12450 Session high DOWN UP Session open Close t 27400 3550 65-day moving average 11900 65-day moving average Close Open 65-day moving average t 11350 Session low 26200 3425 Bars measure the point change from session's open 25000 3300 10800 Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. *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, High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic Decliners Dow Jones trading services, securities dealers and regional exchanges. Minimum NYSE NYSE Amer. Industrial Average 31511.44 31221.32 31437.80 61.97 0.20 31437.80 18591.93 6.4 2.7 9.1 share price of $2 and minimum after-hours volume of 50,000 shares. Total volume* 971,758,451 94,461,734 Transportation Avg 13041.50 12885.31 12954.53 -5.37 -0.04 13126.00 6703.63 17.7 3.6 8.5 Most-active issues in late trading Adv. volume* 526,773,792 77,100,611 Utility Average 873.19 865.00 871.21 5.18 0.60 960.89 610.89 -7.1 0.8 9.6 Volume After Hours Decl. volume* 436,960,137 16,298,613 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41695.51 41160.82 41441.66 -18.33 -0.04 41459.99 22462.76 20.1 5.7 15.3 Issues traded 3,307 285 Tilray TLRY 11,744.1 71.40 7.49 11.72 77.00 61.14 Barron's 400 940.52 927.40 933.64 -0.97 -0.10 934.61 455.11 26.6 9.6 10.5 Advances 1,635 166 OrganiGram Holdings OGI 6,924.1 7.07 1.07 17.83 7.85 5.69 Declines 1,576 110 Nasdaq Stock Market First Horizon FHN 4,936.8 15.73 0.10 0.64 15.73 15.60 Unchanged 96 9 Nasdaq Composite 14109.12 13845.47 13972.53 -35.16 -0.25 14007.70 6860.67 43.7 8.4 26.7 MicroVision MVIS 4,654.9 21.70 7.70 55.00 22.40 13.77 New highs 343 46 Nasdaq-100 13770.91 13531.93 13655.27 -31.81 -0.23 13695.02 6994.29 42.0 6.0 28.7 Zomedica ZOM 4,273.2 2.54 -0.01 -0.39 2.58 2.49 New lows 60 Aphria APHA 4,154.5 28.66 2.36 8.97 29.58 25.25 Closing Arms† 0.88 0.24 S&P Uber Technologies UBER 4,129.1 60.96 -2.22 -3.51 64.00 60.54 Block trades* 5,280 475 500 Index 3931.50 3884.94 3909.88 -1.35 -0.03 3915.59 2237.40 15.7 4.1 14.3 Globalstar GSAT 4,090.9 2.33 -0.07 -2.92 2.41 2.23 Nasdaq NYSE Arca MidCap 400 2541.15 2505.79 2519.24 -3.90 -0.15 2523.14 1218.55 20.5 9.2 11.4 Total volume*10,394,362,607 208,331,118 SmallCap 600 1305.50 1282.89 1290.93 -4.46 -0.34 1295.39 595.67 26.6 15.4 12.7 Percentage gainers… Adv. volume*7,105,608,593 97,095,995 Other Indexes MicroVision MVIS 4,654.9 21.70 7.70 55.00 22.40 13.77 Decl. volume*3,234,295,974 99,265,511 Russell 2000 2318.09 2266.66 2282.44 -16.56 -0.72 2299.00 991.16 35.1 15.6 15.6 RCM Techs RCMT 1,797.5 5.44 1.75 47.43 6.47 3.55 Issues traded 4,059 1,490 NYSE Composite 15343.78 15183.96 15273.90 29.50 0.19 15273.90 8777.38 8.0 5.2 7.2 OrganiGram Holdings OGI 6,924.1 7.07 1.07 17.83 7.85 5.69 Advances 1,733 744 Value Line 630.55 622.11 626.72 0.68 0.11 626.72 305.71 13.8 10.2 5.2 RealNetworks RNWK 947.9 3.65 0.53 16.99 4.80 3.15 Declines 2,237 717 TELUS Corp. TU Unchanged 89 29 NYSE Arca Biotech 6376.77 6219.19 6287.29 8.30 0.13 6319.77 3855.67 19.6 9.6 12.4 61.6 24.88 3.57 16.75 24.88 21.31 New highs 658 570 NYSE Arca Pharma 706.37 699.46 701.96 -1.11 -0.16 725.03 494.36 5.1 1.8 9.9 ...And losers New lows 18 51 KBW Bank 109.27 107.65 108.06 0.02 0.02 110.43 56.19 -1.3 10.4 -0.04 Fluidigm FLDM 3,432.9 5.92 -1.17 -16.50 9.20 5.64 Closing Arms† 0.35 0.96 § PHLX Gold/Silver 146.20 142.57 143.65 -0.27 -0.19 161.14 70.12 40.7 -0.4 22.4 Callaway Golf ELY 234.6 27.50 -4.12 -13.03 32.50 27.00 Block trades* 91,761 1,107 § PHLX Oil Service 52.76 51.11 52.67 1.07 2.07 65.40 21.47 -19.5 18.8 -26.9 Kadmon Holdings KDMN 364.5 4.84 -0.51 -9.53 5.35 4.66 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3108.92 3035.04 3074.86 9.91 0.32 3132.17 1286.84 57.0 10.0 34.8 TherapeuticsMD TXMD 2,633.9 2.01 -0.16 -7.37 2.24 1.91 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.85 19.69 21.99 0.36 1.66 82.69 13.68 60.0 -3.3 -8.9 Altice USA Cl A ATUS 51.4 35.80 -2.03 -5.37 38.80 33.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.20 World MSCI ACWI 678.06 1.36 4.9 Anchiano Therapeutics ADR ANCN 7.96 5.16 184.29 10.55 0.51 514.7 Cloopen Group Holding ADR RAAS 31.00 -17.00 -35.42 59.00 26.11 ... 0.47 MSCI ACWI ex-USA 344.44 1.62 5.5 Bio-Path Holdings BPTH 11.77 6.57 126.35 24.34 2.92 85.1 Panbela Therapeutics PBLA 6.02 -2.18 -26.59 10.00 2.37 14.7 MSCI World 2800.68 2.13 0.08 4.1 Viant Technology DSP 47.72 22.72 90.88 48.95 25.00 ... Applied UV AUVI 14.65 -5.06 -25.67 35.78 4.52 ... MSCI Emerging Markets 1422.94 13.80 0.98 10.2 Tengasco TGC 5.05 2.20 77.19 6.60 0.37 793.8 MicroStrategy MSTR 974.48 -298.46 -23.45 1315.00 90.00 550.3 Americas MSCI AC Americas 1532.74 0.37 0.02 4.4 Tilray TLRY 63.91 21.56 50.91 67.00 2.43 291.4 Capstone Turbine CPST 10.61 -2.89 -21.41 15.28 1.00 297.4 Canada S&P/TSX Comp 18457.78 49.16 0.27 5.9 Arcadia Biosciences RKDA 5.69 1.91 50.53 5.92 2.30 20.8 Comstock Hldg Cl A CHCI 6.62 -1.76 -21.00 15.72 1.06 213.7 Latin Amer. MSCI EM Latin America 2399.90 0.83 0.03 –2.1 AYRO AYRO 11.49 3.84 50.20 11.50 1.80 183.3 Enlivex Therapeutics ENLV 19.18 -4.82 -20.08 29.40 3.59 119.5 Brazil Sao Paulo Bovespa 118435.33 –1036.29 –0.87 –0.5 Cancer Genetics CGIX 8.60 2.83 49.05 17.50 1.92 74.8 voxeljet ADR VJET 27.36 -6.70 -19.67 40.00 2.92 212.7 Chile Santiago IPSA 3094.71 –10.30 –0.33 8.3 Zynerba Pharmaceuticals ZYNE 8.76 2.81 47.10 9.00 2.55 77.7 Ocugen OCGN 10.25 -2.36 -18.72 18.77 0.17 1704.6 Mexico S&P/BMV IPC 44718.23 –302.73 –0.67 1.5 111 ADR YI 26.07 7.87 43.24 27.90 5.20 364.7 Sino-Global Shipping Amer SINO 7.40 -1.70 -18.68 11.30 1.37 237.9 EMEA Stoxx Europe 600 409.47 –0.950 –0.23 2.6 CM Life Sciences Cl A CMLF 22.10 6.58 42.40 25.74 9.66 ... Aware AWRE 4.89 -1.10 -18.36 6.52 2.02 44.5 Eurozone Euro Stoxx 408.92 –1.36 –0.33 2.9 Clever Leaves Holdings CLVR 18.17 5.24 40.53 19.30 8.02 ... AirNet Technology ADR ANTE 3.57 -0.80 -18.31 4.38 0.63 262.8 Belgium Bel-20 3820.63 –14.70 –0.38 5.5 Cellect Biotechnology ADR APOP 4.75 1.36 40.12 5.40 0.40 105.6 Galapagos ADR GLPG 89.90 -19.41 -17.76 274.03 89.00 -65.2 TransEnterix TRXC Mercurity Fintech ADR MFH Denmark OMX Copenhagen 20 1437.14 –21.74 –1.49 –1.9 6.32 1.74 37.99 6.95 0.28 418.0 4.33 -0.93 -17.68 5.94 1.00 146.0 India Global Cap IGC 3.10 0.85 37.78 4.50 0.26 443.9 PDS Biotechnology PDSB 5.61 -1.20 -17.62 7.30 0.62 325.0 France CAC 40 5670.80 –20.74 –0.36 2.2 Germany DAX 13932.97 –78.83 –0.56 1.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1618.94 –2.26 –0.14 8.0 Italy FTSE MIB 23264.68 –35.81 –0.15 4.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 657.23 0.16 0.02 5.2 Russia RTS Index 1448.31 –9.56 –0.66 4.4 Naked Brand Group NAKD 428,674 93.3 1.52 33.33 3.40 0.07 Bio-Path Holdings BPTH 95,275 34256 11.77 126.35 24.34 2.92 South Africa FTSE/JSE All-Share 66150.82 988.13 1.52 11.3 Globalstar GSAT 306,404 1081.7 2.40 15.38 2.98 0.23 OLB Group OLB 20,042 22900 10.10 35.57 16.40 3.26 Torchlight Engy Rscs TRCH Genfit ADR GNFT Spain IBEX 35 8065.40 –35.60 –0.44 –0.1 275,448 3089.9 2.60 62.19 3.14 0.21 8,424 8266 6.06 14.56 22.48 3.63 Castor Maritime CTRM 265,513 96.9 1.19 12.26 2.60 0.11 Atlas Crest Investment ACIC 29,190 7969 13.68 21.71 15.75 9.73 Sweden OMX Stockholm 808.57 –1.26 –0.16 5.2 Zomedica ZOM 210,334 25.5 2.55 9.91 2.91 0.06 Forest Road Acqn Cl A FRX 12,967 7451 11.67 8.46 12.00 10.25 Switzerland Swiss Market 10825.75 22.08 0.20 1.1 Turkey BIST 100 1547.11 3.06 0.20 4.8 Tilray TLRY 191,475 487.0 63.91 50.91 67.00 2.43 CM Life Sciences Cl A CMLF 25,648 7398 22.10 42.40 25.74 9.66 U.K. FTSE 100 6524.36 –7.20 –0.11 1.0 Northern Dynasty Minerals NAK 187,060 463.3 0.94 23.75 2.49 0.31 Cancer Genetics CGIX 49,515 5190 8.60 49.05 17.50 1.92 U.K. FTSE 250 20996.44 –116.50 –0.55 2.5 AMC Entertainment Hldgs AMC 150,642 30.5 5.80 5.45 20.36 1.91 FG New America Acqn Cl A FGNA 13,697 5086 11.30 5.61 11.34 9.78 Acasti Pharma ACST 140,187 219.7 1.20 22.45 1.22 0.17 Autolus Therapeutics ADR AUTL 8,435 4041 7.00 -6.67 17.19 3.00 Asia-Pacific MSCI AC Asia Pacific 217.81 1.74 0.81 9.0 OrganiGram Holdings OGI 138,224 776.7 6.00 37.30 6.31 1.01 John Hancock Multi SC JHSC 2,316 3953 33.90 -0.44 34.29 15.83 Australia S&P/ASX 200 6856.90 35.68 0.52 4.1 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3655.09 51.60 1.43 5.2 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 30038.72 562.53 1.91 10.3 Track the Markets India S&P BSE Sensex 51309.39 –19.69 –0.04 7.5 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29562.93 57.00 0.19 7.7 global stock indexes, bond ETFs, Singapore Straits Times 2925.84 –9.43 –0.32 2.9 currencies and commodities at Currencies South Korea Kospi 3100.58 15.91 0.52 7.9 wsj.com/graphics/track-the-markets Taiwan TAIEX 15802.40 … Closed 7.3 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1516.94 –1.33 –0.09 4.7 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTD chg Wed YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004345 23015 –0.3 CREDIT MARKETS Argentina peso .0113 88.3577 5.1 Europe Brazil real .1857 5.3862 3.7 Czech Rep. koruna .04702 21.265 –1.0 Canada dollar .7874 1.2701 –0.3 Denmark krone .1629 6.1371 0.7 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001379 725.10 2.1 Euro area euro 1.2120 .8251 0.8 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000281 3559.50 4.0 Hungary forint .003394 294.64 –0.8 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007808 128.07 0.2 A consumer rate against its Money Market/Savings Accts Mexico peso .0499 20.0321 0.8 Norway krone .1181 8.4670 –1.3 benchmark over the past year 2.50% Uruguay peso .02347 42.6150 0.6 Poland zloty .2698 3.7067 –0.7 Bankrate.com avg†: 0.10% 10% Asia-Pacific Russia ruble .01353 73.924 –0.1

s Sweden krona .1202 8.3205 1.1 Colorado Federal Savings Bank 0.45% One year ago 2.00 Euro Australian dollar .7721 1.2952 –0.4 Switzerland franc 1.1231 .8904 0.6 1.60% Greenwood Village, CO 877-484-2372 t 5 China yuan .1548 6.4582 –1.1 1.50 Turkey lira .1416 7.0611 –5.1 VirtualBank 0.45% s Hong Kong dollar .1290 7.7525 –0.01

t Ukraine hryvnia .0358 27.9500 –1.4 Federal-funds 1.20 0 Yen India rupee .01374 72.793 –0.3 Miami, FL 877-998-2265 1.00 UK pound 1.3835 .7228 –1.2 target rate Indonesia rupiah .0000715 13983 –0.5 First Internet Bank of Indiana 0.50% Tradeweb ICE Middle East/Africa 0.80 0.50 –5 s Japan yen .009560 104.60 1.2 Money market Wednesday Close Indianapolis, IN 888-873-3424 t Kazakhstan tenge .002393 417.96 –0.8 Bahrain dinar 2.6522 .3771 ... account yields WSJ Dollar Index 0.40 CFG Community Bank 0.56% 0.00 –10 Macau pataca .1252 7.9890 –0.03 Egypt pound .0639 15.6606 –0.5 t Malaysia ringgit .2473 4.0440 0.5 Israel shekel .3067 3.2603 1.5 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7213 1.3864 –0.4 Kuwait dinar 3.3068 .3024 –0.6 0.00 month(s) years M A M J J A S O N D J F BankDirect 0.60% Pakistan rupee .00627 159.417 –0.6 Oman sul rial 2.5976 .3850 –0.01 maturity 2020 2021 Richardson, TX 877-839-2737 Philippines peso .0208 48.061 0.1 Qatar rial .2747 3.641 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7536 1.3269 0.4 Saudi Arabia riyal .2666 3.7505 –0.03 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009038 1106.48 1.9 South Africa rand .0678 14.7563 0.4 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050733 197.11 6.4 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03567 28.033 –0.2 Yield (%) 52-Week Total Return (%) Thailand baht .03346 29.890 –0.5 WSJ Dollar Index 85.28 0.01 0.02 0.33 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.20 0.20 0.19 l 1.70 -1.62 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2426.540 0.680 0.680 1.590 0.400 4.168 5.414 Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.19 Five-year CD, annual yield 0.48 0.47 0.47 l 1.38 -1.07 U.S. Treasury Long, Barclays 4486.370 1.780 1.790 2.050 0.980 4.769 10.437 Commodities 30-year mortgage, fixed† 2.83 2.86 2.83 l 4.22 -1.54 Aggregate, Barclays 2272.000 1.190 1.210 2.310 1.020 4.523 5.725 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.36 2.33 2.32 l 3.43 -1.44 Fixed-Rate MBS, Barclays 2233.420 1.220 1.230 2.690 0.930 3.068 4.356 DJ Commodity Jumbo mortgages, $548,250-plus† 2.86 2.89 2.85 l 4.36 -1.78 793.92 -1.76 -0.22 795.68 433.70 32.74 8.52 High Yield 100, ICE BofA 3358.976 3.348 3.556 10.740 3.348 4.255 6.037 Refinitiv/CC CRB Index -0.16 184.22 106.29 9.70 Five-year adj mortgage (ARM)† 3.16 3.22 2.85 l 3.69 -1.04 184.07 -0.08 7.16 Muni Master, ICE BofA 600.242 0.725 0.768 3.441 0.725 4.402 5.173 Crude oil, $ per barrel 0.32 58.68 -37.63 20.94 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.43 58.68 0.55 14.68 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 925.791 4.450 4.468 7.480 4.295 2.891 5.593 Natural gas, $/MMBtu 2.911 0.076 2.68 3.354 1.482 57.86 14.65 banks.† Excludes closing costs. Gold, $ per troy oz. 1840.60 5.30 0.29 2051.50 1477.30 17.43 -2.77 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW042000-0-B00800-1------XA

B8 | Thursday, February 11, 2021 THE WALL STREET JOURNAL.

COMMODITIES | wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Oct 2.970 3.042 2.921 3.021 .032 134,522 March 16.38 16.74 16.11 16.28 –.03 3,527 Feb .9566 .9577 .9539 .9556 –.0010 550 Cocoa (ICE-US)-10 metric tons; $ per ton. March .9568 .9580 .9540 .9559 –.0010 182,368 Contract Open Agriculture Futures March 2,600 2,707 s 2,599 2,677 96 13,436 Canadian Dollar (CME)-CAD 100,000; $ per CAD Open High hi lo Low Settle Chg interest May 2,440 2,520 2,436 2,494 64 106,595 Feb .7869 .7893 .7868 .7881 .0004 500 Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. Coffee (ICE-US)-37,500 lbs.; cents per lb. March .7877 .7895 .7868 .7881 .0004 151,598 Feb 3.7665 3.7900 s 3.7665 3.7855 0.0520 1,945 March 556.00 556.25 531.75 534.50 –21.75 461,987 March 120.60 123.55 120.25 121.10 –1.85 52,381 British Pound (CME)-£62,500; $ per £ May 554.00 554.25 530.00 532.75 –21.50 569,897 May 125.20 125.55 122.25 123.15 –1.85 87,205 March 3.7170 3.7955 s 3.7140 3.7725 0.0525 125,779 Feb 1.3816 1.3865 s 1.3804 1.3842 .0030 619 Oats (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Gold (CMX)-100 troy oz.; $ per troy oz. March 1.3819 1.3868 s 1.3804 1.3843 .0029 165,431 March 354.00 354.00 346.50 348.25 –5.75 2,426 March 16.53 17.05 s 16.37 16.71 .27 252,047 Feb 1842.60 1851.10 1835.30 1840.60 5.30 5,540 Swiss Franc (CME)-CHF 125,000; $ per CHF May 356.25 356.50 348.75 352.00 –3.25 1,572 May 15.83 16.12 s 15.65 15.84 .08 335,870 March 1838.50 1855.00 1832.70 1841.60 5.40 2,172 March 1.1214 1.1258 1.1206 1.1247 .0027 47,874 April 1838.30 1856.60 1834.00 1842.70 5.20 395,819 Soybeans (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1.1243 1.1284 1.1236 1.1275 .0027 694 June 1842.30 1858.90 1837.80 1845.60 5.40 62,148 March 1404.50 1404.75 1352.25 1354.00 –47.75 236,722 May 29.74 29.80 s 29.74 29.76 .06 2,371 Australian Dollar (CME)-AUD 100,000; $ per AUD Aug 1840.00 1860.70 1840.00 1847.70 5.30 17,710 May 1401.50 1401.75 1350.50 1352.50 –46.25 234,957 July 29.60 29.60 s 29.60 29.60 …2,472 Feb .7751 .7756 .7719 .7729 –.0010 199 Oct 1850.00 1857.00 1843.20 1849.30 5.30 7,612 Soybean Meal (CBT)-100 tons; $ per ton. Cotton (ICE-US)-50,000 lbs.; cents per lb. Palladium (NYM) - 50 troy oz.; $ per troy oz. March 440.00 440.00 421.40 422.30 –16.40 96,629 March 86.50 86.75 84.41 84.67 –2.26 46,852 March .7736 .7758 .7719 .7729 –.0010 138,690 Feb …… …2351.20 31.90 May 439.30 439.30 420.90 421.80 –15.80 130,467 May 87.70 87.95 85.80 86.18 –1.95 98,051 Mexican Peso (CME)-MXN 500,000; $ per MXN March 2320.00 2387.00 2316.00 2352.50 31.90 6,118 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Feb .04978 .04992 .04966 .04994 .00020 32 Platinum (NYM)-50 troy oz.; $ per troy oz. March 46.58 46.66 45.51 45.69 –.83 108,578 March 111.55 113.30 111.35 113.05 .80 7,088 March .04962 .04983 .04946 .04978 .00020 155,389 Feb 1244.20 52.80 450 May 45.81 45.95 s 44.80 45.00 –.77 146,853 May 113.35 115.00 113.20 114.70 .45 4,333 Euro (CME)-€125,000; $ per € April 1191.70 1264.70 s 1190.40 1246.90 52.50 67,009 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Feb 1.2129 1.2145 1.2111 1.2131 .0011 1,019 Silver (CMX)-5,000 troy oz.; $ per troy oz. March 12.91 12.97 12.85 12.88 –.03 6,982 Interest Rate Futures March 1.2128 1.2152 1.2117 1.2137 .0011 663,002 Feb 27.105 27.105 27.105 27.074 –0.322 531 May 13.25 13.25 13.14 13.16 –.04 2,822 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% March 27.350 27.595 26.880 27.078 –0.324 102,132 Wheat (CBT)-5,000 bu.; cents per bu. March 201-020 202-080 200-120 202-030 29.0 1,096,674 Index Futures Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 649.50 650.50 626.75 635.50 –14.00 109,140 June 200-130 29.0 1,424 March 58.45 58.91 s 58.08 58.68 0.32 284,191 May 653.50 655.50 631.50 641.00 –13.00 120,178 Mini DJ Industrial Average (CBT)-$5 x index Treasury Bonds (CBT)-$100,000; pts 32nds of 100% April 58.33 58.77 s 57.98 58.57 0.32 303,807 Wheat (KC)-5,000 bu.; cents per bu. March 31318 31451 s 31119 31328 50 99,296 March 167-020 167-220 166-210 167-170 13.0 1,170,615 May 58.02 58.47 s 57.71 58.31 0.34 238,597 March 634.00 635.25 610.75 614.00 –19.50 61,490 June 165-140 166-030 165-040 165-310 13.0 12,548 June 31213 31320 s 31012 31213 50 342 June 57.62 58.04 s 57.30 57.91 0.35 248,022 May 640.00 640.00 616.25 620.00 –18.50 83,849 Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index July 57.15 57.50 s 56.84 57.42 0.36 139,498 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 136-225 136-300 136-185 136-295 6.5 3,529,127 March 3882.60 3927.40 s 3907.60 3902.90 –2.60 23,272 Dec 54.57 54.88 s 54.30 54.79 0.27 296,688 March 139.200 139.900 137.450 139.500 .850 15,202 June 135-205 135-280 135-165 135-280 7.0 87,528 June …… …3892.60 –2.60 22 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 143.650 143.950 141.900 143.500 .325 9,603 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index March 1.7597 1.7677 s 1.7473 1.7610 .0043 99,909 Cattle-Live (CME)-40,000 lbs.; cents per lb. March 125-235 125-275 125-222 125-272 3.2 3,399,583 March 3912.25 3928.50 s 3878.25 3903.00 –2.50 2,574,501 April 1.7473 1.7593 s 1.7399 1.7525 .0043 71,972 Feb 116.575 116.850 115.875 116.125 –1.325 14,390 June 125-140 125-180 125-127 125-177 3.5 52,112 June 3901.25 3917.50 s 3868.00 3892.50 –2.75 44,314 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 123.500 123.700 122.175 122.700 –1.125 147,251 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index March 1.6698 1.6721 1.6385 1.6534 –.0202 91,949 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March 110-153 110-160 110-152 110-158 .4 2,229,542 March 2520.90 2538.70 s 2501.00 2517.50 –2.50 51,574 April 1.7846 1.7954 1.7720 1.7841 –.0053 92,942 Feb 73.200 73.950 s 72.975 73.550 .950 9,012 June 110-145 110-151 110-145 110-150 .5 23,274 June 2434.40 2528.50 s 2518.90 2525.20 –4.00 1 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. April 81.000 82.825 s 80.875 81.825 1.450 100,633 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini Nasdaq 100 (CME)-$20 x index March 2.819 2.982 2.741 2.911 .076 175,103 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Feb 99.9275 99.9300 99.9275 99.9300 216,568 April 2.807 2.910 2.747 2.879 .056 122,893 March 943.80 970.00 s 941.60 950.80 3.80 1,492 March 13698.00 13769.25 s 13516.75 13643.50 –36.75 230,503 April 99.9250 99.9300 99.9250 99.9300 .0050 142,776 May 2.845 2.939 2.790 2.910 .050 148,780 May 783.10 795.90 780.20 789.50 10.70 841 June 13688.00 13754.25 s 13506.75 13631.50 –36.00 3,848 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 2.905 2.978 2.842 2.954 .042 60,153 Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (CME)-$50 x index March 95-000 95-095 94-285 95-080 5.5 138,526 Sept 2.958 3.025 2.904 3.005 .035 67,973 Feb 15.49 15.57 15.45 15.49 .01 3,303 March 2299.00 2316.90 s 2262.90 2281.00 –16.10 568,660 Eurodollar (CME)-$1,000,000; pts of 100% June 2291.50 2310.60 s 2259.00 2275.70 –16.20 573 Feb 99.8075 99.8100 99.8075 99.8075 –.0050 212,947 Mini Russell 1000 (CME)-$50 x index March 99.8300 99.8400 99.8300 99.8300 –.0100 1,208,605 March 2226.90 2229.40 s 2203.90 2217.30 –.50 10,430 Cash Prices | wsj.com/market-data/commodities Wednesday, February 10, 2021 June 99.8350 99.8400 99.8350 99.8350 –.0050 1,080,608 U.S. Dollar Index (ICE-US)-$1,000 x index March'23 99.6900 99.7100 99.6800 99.7050 .0100 1,030,761 March 90.46 90.52 90.24 90.36 –.07 35,020 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— June 90.45 90.49 90.21 90.33 –.07 984 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Currency Futures months. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Source: FactSet Wednesday Wednesday Wednesday Energy Aluminum, LME, $ per metric ton *2045.5 Wheat - Hard - KC (USDA) $ per bu-u 6.3900 Copper,Comex spot 3.7855 Wheat,No.1soft white,Portld,OR-u 7.2500 Bonds | wsj.com/market-data/bonds/benchmarks Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.650 Iron Ore, 62% Fe CFR China-s 166.0 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.300 Shredded Scrap, US Midwest-s,m 402 Steel, HRC USA, FOB Midwest Mill-s 1199 Beef,carcass equiv. index Tracking Bond Benchmarks Metals choice 1-3,600-900 lbs.-u 195.01 Fibers and Textiles select 1-3,600-900 lbs.-u 182.12 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8222 highs and lows for different types of bonds Engelhard industrial 1853.00 Burlap,10-oz,40-inch NY yd-n,w 0.6700 Butter,AA Chicago 1.2800 Handy & Harman base 1842.65 Cotton,1 1/16 std lw-mdMphs-u 0.8267 Cheddar cheese,bbl,Chicago 150.00 Total Total Handy & Harman fabricated 2045.34 Cotlook 'A' Index-t *91.10 Cheddar cheese,blk,Chicago 157.00 return YTD total Yield (%) return YTD total Yield (%) LBMA Gold Price AM *1846.55 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 112.00 close return (%) Index Latest Low High close return (%) Index Latest Low High LBMA Gold Price PM *1839.60 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1581 Krugerrand,wholesale-e 1915.89 Grains and Feeds Coffee,Colombian, NY 1.7268 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Maple Leaf-e 1934.31 Eggs,large white,Chicago-u 1.2650 American Eagle-e 2272.00 -0.8 U.S. Aggregate 1.190 1.020 2.310 2233.46 0.1 Mortgage-Backed 1.220 0.930 2.690 1934.31 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.10 Mexican peso-e 2229.14 Bran,wheat middlings, KC-u 185 Hams,17-20 lbs,Mid-US fob-u 0.67 U.S. Corporate Indexes Bloomberg Barclays Austria crown-e 2173.52 -0.2 Ginnie Mae (GNMA) 1.120 0.290 2.660 1808.72 Corn,No. 2 yellow,Cent IL-bp,u 5.2400 Hogs,Iowa-So. Minnesota-u 71.34 Austria phil-e 1934.31 Corn gluten feed,Midwest-u,w 181.5 Pork bellies,12-14 lb MidUS-u n.a. 3415.71 -1.3 U.S. Corporate 1.860 1.740 4.580 1320.59 0.2 Fannie mae (FNMA) 1.260 1.110 2.690 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.9776 Corn gluten meal,Midwest-u,w 636.1 3107.26 -0.2 Intermediate 1.150 1.080 4.400 Engelhard industrial 27.5000 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u 114.20 2026.29 0.2 Freddie Mac (FHLMC) 1.250 1.080 2.710 Handy & Harman base 27.0350 Steers,feeder,Okla. City-u,w 150.38 Hominy feed,Cent IL-u,w 155 5039.79 -2.9 Long term 3.000 2.730 4.930 600.24 0.8 Muni Master 0.725 0.725 3.441 Handy & Harman fabricated 33.7940 Meat-bonemeal,50% pro Mnpls-u,w 333 Fats and Oils LBMA spot price *£20.0600 Oats,No.2 milling,Mnpls-u 3.6125 687.89 -1.9 Double-A-rated 1.580 1.300 3.360 425.62 0.9 7-12 year 0.712 0.712 3.447 (U.S.$ equivalent) *27.6350 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.2500 Triple-B-rated Coins,wholesale $1,000 face-a 20835 Sorghum,(Milo) No.2 Gulf-u 7.4450 Grease,choice white,Chicago-h 0.4000 913.56 -0.9 2.090 2.010 5.350 487.18 1.0 12-22 year 1.095 1.095 3.690 Other metals SoybeanMeal,Cent IL,rail,ton48%-u Lard,Chicago-u n.a. 420.80 High Yield Bonds ICE BofA 1.6 22-plus year LBMA Platinum Price PM *1184.0 Soybeans,No.1 yllw IL-bp,u 13.4250 Soybean oil,crude;Centl IL-u 0.4694 475.95 1.686 1.686 4.123 Platinum,Engelhard industrial 1244.0 Wheat,Spring14%-pro Mnpls-u 7.3875 Tallow,bleach;Chicago-h 0.4350 502.03 1.3 High Yield Constrained 3.978 3.978 11.400 Global Government J.P. Morgan† Palladium,Engelhard industrial 2403.0 Wheat,No.2 soft red,St.Louis-u 6.7300 Tallow,edible,Chicago-u 0.5300 473.52 3.7 Triple-C-rated 7.051 7.051 19.071 607.21 -1.3 Global Government 0.700 0.390 0.930 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 3358.98 0.9 High Yield 100 3.348 3.348 10.740 849.09 -1.7 Canada 0.590 1.470 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 2/9 1.070 Source: Dow Jones Market Data 452.35 1.1 Global High Yield Constrained 4.076 4.076 11.310 416.58 -1.0 EMU§ 0.164 0.010 0.794 342.19 1.3 Europe High Yield Constrained 2.606 2.464 8.183 781.77 -1.5 France 0.050 -0.160 0.430 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks U.S Agency Bloomberg Barclays 545.23 -1.3 Germany -0.330 -0.740 -0.120 U.S Agency Money Rates February 10, 2021 1863.05 -0.2 0.530 0.460 1.700 293.85 -0.5 Japan 0.340 0.040 0.340 1626.01 -0.1 10-20 years 0.400 0.340 1.610 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 608.83 -1.5 Netherlands -0.230 -0.540 0.080 20-plus years guide to general levels but don’t always represent actual transactions. 4205.91 -1.7 1.800 1.170 2.180 1053.95 -3.8 U.K. 0.840 0.390 1.130 Week —52-WEEK— Week —52-WEEK— 2911.91 -0.8 Yankee 1.470 1.370 3.500 Emerging Markets ** Inflation Latest ago High Low Latest ago High Low 925.79 -0.8 4.450 4.295 7.480 Jan. Index Chg From (%) Commercial paper (AA financial) *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds level Dec. '20 Jan. '20 Low 0.0200 0.0100 1.5800 0.0100 Bid 0.0800 0.0800 1.6000 0.0100 90 days 0.10 0.16 2.53 0.04 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan U.S. consumer price index Offer 0.0900 0.1000 1.6300 0.0500 Libor All items 261.582 0.43 1.4 Treasury bill auction Global Government Bonds: Mapping Yields Core 269.755 0.20 1.4 One month 0.10950 0.11325 1.65850 0.10950 4 weeks 0.030 0.055 1.575 0.000 Three month 0.20088 0.19513 1.70375 0.19088 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in International rates 13 weeks 0.035 0.065 1.550 0.000 Six month 0.20800 0.22375 1.72538 0.20700 26 weeks 0.050 0.070 1.510 0.050 One year 0.30513 0.30600 1.81275 0.30413 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Week 52-Week Country/ Spread Under/Over U.S. Treasurys, in basis points Latest High Low Euro Libor Yield (%) ago Secondary market Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago One month -0.581 -0.581 -0.360 -0.621 0.125 U.S. 2 t l 0.117 0.135 1.375 Prime rates Fannie Mae Three month -0.546 -0.558 -0.142 -0.574 0.111 U.S. 3.25 3.25 4.75 3.25 30-year mortgage yields Six month -0.541 -0.540 -0.052 -0.541 0.875 10 1.133 t l 1.156 1.105 1.547 Canada 2.45 2.45 3.95 2.45 30 days 1.995 1.984 3.017 1.751 One year -0.501 -0.510 0.008 -0.511 5.500 Australia 2 0.110 t l 0.114 0.079 0.745 0.9 0.5 -65.8 Japan 1.475 1.475 1.475 1.475 60 days 2.031 2.014 3.081 1.804 Secured Overnight Financing Rate 1.500 10 1.233 t l 1.243 1.100 1.018 10.2 8.1 -55.6 Policy Rates Other short-term rates 0.05 0.07 1.64 0.01 0.000 France 2 -0.624 s l -0.641 -0.669 -0.598 -72.5 -75.1 -200.1 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week 0.000 10 -0.211 s l -0.223 -0.316 -0.164 -134.2 -138.4 -173.8 Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Britain 0.10 0.10 0.75 0.10 Latest ago high low 0.000 Germany 2 -0.705 t l -0.704 -0.697 -0.640 -80.6 -81.3 -204.4 Australia 0.10 0.10 0.75 0.10 DTCC GCF Repo Index Call money 0.000 10 -0.435 s l -0.444 -0.518 -0.409 -156.6 -160.5 -198.3 Overnight repurchase Treasury 0.102 41.700 1.720 0.002 2.00 2.00 3.50 2.00 MBS 0.117 53.800 1.703 0.011 0.050 Italy 2 -0.423 s l -0.423 -0.405 -0.210 -52.4 -53.2 -161.3 U.S. 0.03 0.09 1.65 -0.07 0.900 10 0.503 t l 0.514 0.529 0.950 -62.8 -64.7 -62.4 Notes on data: U.S. government rates l U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, 0.100 Japan 2 -0.121 s -0.127 -0.121 -0.156 -22.2 -23.6 -155.9 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary 0.100 10 0.080 s l 0.070 0.039 -0.056 -105.2 -109.1 -163.0 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.25 0.25 2.25 0.25 as of February 9, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted 0.000 Spain 2 -0.517 s l -0.527 -0.575 -0.421 -61.8 -63.7 -182.4 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. 1.250 10 0.143 s l 0.132 0.035 0.264 -98.9 -102.9 -131.1 Effective rate 0.0800 0.0800 1.6100 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 0.125 U.K. 2 -0.026 s l -0.038 -0.137 0.492 -14.7 -91.1 High 0.0900 0.1200 1.6500 0.0900 Tullett Prebon Information, Ltd. -12.7 4.750 10 0.490 s l 0.464 0.288 0.582 -64.1 -69.7 -99.2 Macro & Market Economics Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Corporate Debt Watching the Gauges: U.S. Supply and Demand Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Inventories, imports and demand for the week ended February 5. Current figures are in thousands of barrels or expectations thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Investment-grade spreads that tightened the most… Natural-gas import and demand data are available monthly only. Spread*, in basis points Inventories, 000s barrels Imports, 000s barrels per day Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Blackstone Holdings Finance … 4.750 0.39 Feb. 15, ’23 28 –14 n.a. Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year John Deere Capital … 0.700 0.64 Jan. 15, ’26 18 –11 31 Current change week ago avg avg Current change week ago avg avg GA Global Funding Trust GBLATL 1.625 1.15 Jan. 15, ’26 70 –11 93 Crude oil and Societe Generale SOCGEN 3.875 0.86 March 28, ’24 69 –10 n.a. petroleum prod 1,313,632 ... 1,325 1,293 1,323 1,273 8,029 ... 8,958 8,723 8,095 9,628 Citigroup C 4.450 1.56 Sept. 29, ’27 n.a. –9 130 Crude oil Duke University DUKUNI 4.077 2.71 Oct. 1, ’48 77 –7 n.a. excluding SPR 469,014 100 476 442 477 468 5,857 ... 6,507 6,978 5,868 7,488 Berkshire Hathaway BRK 4.500 2.67 Feb. 11, ’43 72 –6 n.a. Gasoline 256,412 ... 252 261 250 251 657 ... 568 406 549 496 Metropolitan Life Global Funding … 0.450 0.30 Sept. 1, ’23 19 –6 26 Finished gasoline 23,580 1,400 23 27 23 26 64 ... 67 23 60 41 Reformulated 42 ... 00 00 0... 00 00…And spreads that widened the most Conventional 23,538 ... 23 27 23 26 64 ... 67 23 60 41 New York Life Global Funding NYLIFE 1.100 0.29 May 5, ’23 18 7 17 Blend. components 232,832 ... 229 234 227 225 593 ... 501 383 488 456 General Electric Capital … 5.875 3.22 Jan. 14, ’38 129 6 n.a. PACCAR Financial … 2.650 0.24 April 6, ’23 12 6 n.a. Natural gas (bcf) 2,689 ... 33 32...... Wells Fargo WFC 5.606 3.35 Jan. 15, ’44 141 5 143 Kerosene-type Citigroup C 4.650 2.94 July 30, ’45 100 4 105 jet fuel 41,900 ... 42 43 41 43 39 ... 9159 122 182 Intuit INTU 0.650 0.29 July 15, ’23 18 4 19 Distillates 161,106 -1,100 163 141 163 146 356 ... 518 102 452 207 Coca–Cola KO 2.125 1.61 Sept. 6, ’29 47 4 48 Heating oil 9,047 ... 911812 ... 02 021 0 NatWest Markets NWG 2.375 0.48 May 21, ’23 37 4 42 Diesel 152,060 ... 154 130 154 134 356 ... 518 101 452 178 Residual fuel oil 33,184 ... 32 30 32 35 320 ... 164 89 190 230 High-yield issues with the biggest price increases… Other oils 276,674 ... 279 274 281 256 511 ... 1,038 812 724 872 Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Net crude, petroleum Quad/Graphics QUAD 7.000 11.02 May 1, ’22 95.500 1.25 n.a. products, incl. SPR 1,951,553 ... 1,963 1,928 1,962 1,941 556 ... 56 395 34 2,548 Lumen Technologies LUMN 7.650 5.61 March 15, ’42 124.990 0.74 124.490 Hughes Satellite Systems SATS 6.625 3.63 Aug. 1, ’26 114.740 0.62 113.739 Weekly Demand, 000s barrels per day Natural gas storage Occidental Petroleum OXY 6.450 5.07 Sept. 15, ’36 114.750 0.50 112.250 Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Teva Pharmaceutical Finance … 6.150 4.80 Feb. 1, ’36 114.250 0.50 111.030 Current change week ago avg avg American Airlines AAL 4.950 5.92 Jan. 15, ’23 98.250 0.45 98.250 United Airlines Holdings UAL 4.250 3.30 Oct. 1, ’22 101.500 0.38 100.250 Total petroleum Natural gas, 4250 Ford Motor F 4.750 4.28 Jan. 15, ’43 106.625 0.31 103.375 product 20,183 ... 18,528 20,968 19,509 20,389 lower 48 states t …And with the biggest price decreases Finished 3250

Graphic Packaging GPK 3.500 2.73 March 15, ’28 104.920 –1.11 n.a. motor gasoline 7,857 ... 7,770 8,722 7,893 9,241 t Navient NAVI 7.250 2.44 Jan. 25, ’22 104.500 –0.73 105.278 2250 Kerosene-type Five-year average Ford Motor Credit … 4.134 2.57 Aug. 4, ’25 106.595 –0.67 105.250 jet fuel 1,264 ... 750 1,664 1,085 1,690 for each week L Brands LB 5.250 3.93 Feb. 1, ’28 108.000 –0.63 107.250 Distillates 4,308 ... 4,198 3,820 4,157 3,957 1250 United States Steel X 6.650 7.03 June 1, ’37 96.375 –0.60 98.500 Residual fuel oil 196 ... 155 152 177 262 Intesa Sanpaolo ISPIM 5.710 2.66 Jan. 15, ’26 113.980 –0.58 113.900 Propane/propylene 2,204 ... 1,490 2,090 1,790 ... 250 Netflix NFLX 5.750 1.20 March 1, ’24 113.596 –0.41 113.845 AAL –0.38 94.750 Other oils 4,354 ... 4,165 4,520 4,407 ... F M A M J J A S O N D J American Airlines 5.000 10.02 June 1, ’22 94.000 2020 *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. Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Note: Data are for the most active issue of bonds with maturities of two years or more Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Source: MarketAxess P2JW042000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Thursday, February 11, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. DoorDash DASH 215.16 27.41 HSBC HSBC 27.54 0.24 LockheedMartin LMT 342.19 -0.15 PNC Fin PNC 160.11 1.97 SempraEnergy SRE 126.85 1.51 TysonFoods TSN 69.28 -0.22 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Dover DOV 122.78 2.43 Halliburton HAL 20.26 0.47 Loews L 47.99 -0.11 POSCO PKX 61.08 -0.06 SensataTechs ST 54.42 -0.11 UBS Group UBS 15.43 0.09 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Dow DOW 57.67 1.07 HartfordFinl HIG 50.55 0.31 s LogitechIntl LOGI 115.80 -0.33 PPD PPD 36.33 0.99 ServiceCorp SCI 53.44 0.59 UDR UDR 41.73 0.56 that include primary market trades as well as quarters. DrReddy'sLab RDY 65.72 -0.22 Hasbro HAS 92.29 1.55 Lowe's LOW 177.24 -0.54 PPG Ind PPG 137.96 0.67 ServiceNow NOW 589.36 7.58 t UWM UWMC 9.09 -0.19 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. DraftKings DKNG 62.71 0.58 HealthcareAmer HTA 29.09 0.28 LufaxHolding LU 17.44 0.68 PPL PPL 28.06 0.11 ShawComm B SJR 17.73 -0.08 s Uber UBER 63.18 3.57 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Dropbox DBX 23.91 -0.24 HealthpeakProp PEAK 30.64 0.72 lululemon LULU 341.39 0.70 s PTC PTC 144.73 0.68 SherwinWilliams SHW 712.32 -0.69 s Ubiquiti UI 349.54 -7.53 DukeEnergy DUK 93.70 0.38 Heico HEI 129.91 -1.63 LumenTech LUMN 12.48 -0.08 Paccar PCAR 99.60 0.19 ShinhanFin SHG 29.48 0.17 s UltaBeauty ULTA 315.70 -3.38 Nasdaq ISE. standards DukeRealty DRE 42.07 0.29 Heico A HEI.A 116.97 -0.78 s Lyft LYFT 56.21 2.57 PackagingCpAm PKG 133.79 1.85 s Shopify SHOP 1462.42 29.43 UltragenyxPharm RARE 167.22 -0.51 The list comprises the 1,000 largest companies lf-Late filing Dun&Bradstreet DNB 23.06 -1.29 HenrySchein HSIC 70.74 0.13 LyondellBasell LYB 95.47 0.76 s PagSeguroDig PAGS 61.49 2.05 s Sibanye-Stillwater SBSW 18.17 1.01 s UnderArmour C UA 18.76 1.22 based on market capitalization. q-Temporary exemption from Nasdaq DuPont DD 70.32 -3.15 Hershey HSY 150.00 0.38 PalantirTech PLTR 35.70 -2.47 s SignatureBank SBNY211.90 1.30 s UnderArmour A UAA 22.45 1.73 Underlined quotations are those stocks with requirements. Dynatrace DT 54.48 -0.68 Hess HES 59.70 1.25 M N s PaloAltoNtwks PANW 392.21 1.24 SimonProperty SPG 106.22 3.67 Unilever UL 54.25 -0.23 large changes in volume compared with the t-NYSE bankruptcy ENI E 21.57 0.21 HewlettPackard HPE 13.96 0.36 M&T Bank MTB 143.36 0.30 ParkerHannifin PH 272.93 -2.73 SiriusXM SIRI 6.07 0.01 UnionPacific UNP 203.50 -1.15 issue’s average trading volume. v-Trading halted on primary market. EOG Rscs EOG 60.21 1.99 HighwoodsProp HIW 40.32 -0.22 MGMGrowthProp MGP 32.91 0.19 Paychex PAYX 90.45 -0.44 Skyworks SWKS 185.29 2.38 UnitedAirlines UAL 43.78 0.46 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being s EPAM Systems EPAM 387.33 -7.13 Hilton HLT 109.34 -1.01 s MGM Resorts MGM 36.47 0.65 PaycomSoftware PAYC 425.70 -7.32 SlackTech WORK 43.06 0.13 UnitedMicro UMC 10.16 -0.19 s EastWestBncp EWBC 66.96 0.39 Hologic HOLX 79.60 -1.55 MinisoGroup MNSO 32.59 -1.51 Paylocity PCTY 205.60 -7.89 s Smartsheet SMAR 77.44 -0.84 UPS B UPS 165.66 -1.26 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, EastmanChem EMN 105.10 -0.97 HomeDepot HD 278.69 1.92 MKS Instrum MKSI 151.82 3.90 PayPal PYPL 283.18 -1.02 SmithAO AOS 61.22 -0.10 s UnitedRentals URI 276.83 -0.45 previous closing price was $2 or higher. or securities assumed by such companies. Eaton ETN 121.76 1.93 HondaMotor HMC 29.64 ... MPLX MPLX 23.95 0.35 Pegasystems PEGA 142.54 -1.46 Smith&Nephew SNN 43.31 0.17 US Bancorp USB 47.35 -0.26 EatonVance EV 71.33 0.05 Honeywell HON 202.16 0.14 MSCI MSCI 419.66 1.69 Peloton PTON 145.04 -2.72 Smucker SJM 115.80 0.45 UnitedHealth UNH 333.40 3.77 eBay EBAY 62.32 0.09 HorizonTherap HZNP 86.31 -0.67 MagellanMid MMP 41.12 -0.05 PembinaPipeline PBA 27.91 0.15 Snap SNAP 62.60 -0.20 UnitySoftware U 127.65 -0.35 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Ecolab ECL 215.65 0.09 HormelFoods HRL 49.83 0.35 MagnaIntl MGA 76.39 -0.45 PennNational PENN 113.58 -3.24 SnapOn SNA 189.55 0.12 UnivDisplay OLED 235.17 0.52 changes in the closing prices from 4 p.m. the previous day. Ecopetrol EC 12.32 0.04 s DR Horton DHI 82.56 0.76 s ManhattanAssoc MANH 142.26 3.03 Pentair PNR 55.15 0.34 Snowflake SNOW 305.91 -8.38 UniversalHealthB UHS 130.50 -0.01 EdisonInt EIX 58.53 0.75 HostHotels HST 14.09 0.22 ManulifeFin MFC 19.34 -0.10 Penumbra PEN 276.58 -1.28 SOQUIMICH SQM 53.51 -0.06 VEREIT VER 37.51 0.28 Wednesday, February 10, 2021 EdwardsLife EW 86.39 0.59 HowmetAerospace HWM 28.33 0.57 MarathonPetrol MPC 49.81 0.94 PepsiCo PEP 137.70 -1.90 SolarEdgeTech SEDG 320.40 -5.52 VF VFC 80.93 -0.12 Net Net ElancoAnimal ELAN 29.07 -0.02 Huazhu HTHT 57.16 -0.14 MaravaiLifeSci MRVI 34.51 -0.87 PerkinElmer PKI 147.22 1.60 Sony SNE 113.31 0.67 VICI Prop VICI 26.99 0.35 Net Stock Sym Close Chg Stock Sym Close Chg Elastic ESTC 160.66 -5.77 Hubbell HUBB 161.96 -0.59 Markel MKL 1111.01 11.95 PetroChina PTR 31.61 -0.27 Southern SO 60.93 0.29 VailResorts MTN 288.65 5.60 Stock Sym Close Chg ElectronicArts EA 144.61 -1.50 s HubSpot HUBS 423.45 0.84 MarketAxess MKTX 553.99 -3.77 PetroleoBrasil PBR 10.42 0.14 SoCopper SCCO 71.50 0.44 Vale VALE 17.65 0.01 s Avalara AVLR179.78 0.64 Catalent CTLT 119.22 5.05 EmersonElec EMR 85.06 -0.84 Humana HUM 378.00 -4.59 Marriott MAR 126.75 -0.30 PetroleoBrasilA PBR.A 10.37 0.15 SouthwestAir LUV 51.28 0.10 ValeroEnergy VLO 65.11 1.50 Avalonbay AVB 175.85 2.02 Caterpillar CAT 197.72 0.44 Enbridge ENB 36.08 0.35 JBHunt JBHT 146.72 -1.63 Marsh&McLen MMC 112.73 -1.12 Pfizer PFE 34.74 -0.23 Splunk SPLK 168.02 -4.76 VarianMed VAR 176.21 ... A B C Avangrid AGR 47.56 0.15 Celanese CE 129.15 -0.23 EncompassHealth EHC 82.09 0.02 HuntingtonBcshs HBAN 14.32 0.04 MartinMarietta MLM 316.00 10.08 PhilipMorris PM 85.94 0.31 Spotify SPOT 335.71 1.71 s Vedanta VEDL 10.18 0.05 Avantor AVTR 30.47 0.79 Cemex CX 6.38 -0.01 EnelAmericas ENIA 7.87 0.05 IAA IAA 63.71 -0.70 MarvellTech MRVL 50.59 -0.66 Phillips66 PSX 76.72 2.19 Square SQ 257.49 -0.63 s VeevaSystems VEEV 310.95 6.51 s ABB ABB 29.18 -0.16 AveryDennison AVY 174.63 2.09 CenovusEnergy CVE 6.68 0.47 EnergyTransfer ET 6.83 0.05 s IAC/InterActive IAC 255.14 6.70 Masco MAS 55.28 -1.01 Pinduoduo PDD 199.61 9.85 StanleyBlackDck SWK 177.30 1.72 Ventas VTR 49.64 1.40 AES AES 27.64 -0.27 s AxonEnterprise AXON 187.98 4.82 Centene CNC 61.06 0.79 s EnphaseEnergy ENPH 202.07 1.97 ICICI Bank IBN 17.61 -0.11 Masimo MASI 266.87 0.55 PinnacleWest PNW 77.12 0.46 Starbucks SBUX 105.87 -0.35 VeriSign VRSN 203.15 2.86 Aflac AFL 46.69 0.44 BCE BCE 43.77 0.14 CenterPointEner CNP 21.46 0.18 Entegris ENTG 95.75 -0.36 IdexxLab IDXX 516.54 11.49 Mastercard MA 334.21 0.77 Pinterest PINS 81.12 1.71 StateStreet STT 74.09 -1.75 VeriskAnalytics VRSK 190.82 0.31 AGCO AGCO 119.68 -1.95 BHP Group BHP 69.81 0.13 CentraisElBras EBR 5.68 -0.04 Entergy ETR 96.01 1.01 IHS Markit INFO 91.47 0.27 s MatchGroup MTCH 171.07 12.20 PioneerNatRscs PXD 132.35 3.31 SteelDynamics STLD 38.40 -0.04 Verizon VZ 54.96 -0.04 AGNC Invt AGNC 16.38 0.09 BHP Group BBL 58.48 0.34 CeridianHCM CDAY 91.01 -13.72 EnterpriseProd EPD 21.43 0.21 s II-VI IIVI 94.40 0.37 MaximIntProducts MXIM 91.31 0.09 PlainsAllAmPipe PAA 8.39 -0.89 Stellantis STLA 16.09 -0.26 VertxPharm VRTX 212.53 -1.29 ANGI Homesvcs ANGI 16.11 -0.35 BP BP 21.58 -0.15 Cerner CERN 79.00 -0.02 Equifax EFX 183.00 -0.21 ING Groep ING 9.45 0.04 McAfee MCFE 20.80 0.51 Playtika PLTK 33.91 -0.37 Steris STE 183.30 0.53 ViacomCBS A VIACA 56.61 1.58 s Ansys ANSS 386.59 0.20 s Baidu BIDU 304.05 9.01 s CharlesRiverLabs CRL 280.55 2.70 Equinix EQIX 751.00 0.53 s Invesco IVZ 22.72 0.05 McCormickVtg MKC.V 91.33 0.14 StitchFix SFIX 85.79 1.47 ViacomCBS B VIAC 56.57 1.54 s PlugPower PLUG 64.33 -3.15 ASETech ASX 8.30 0.05 BakerHughes BKR 23.01 0.74 CharterComms CHTR 611.63 -7.88 Equinor EQNR 18.05 -0.40 IPG Photonics IPGP 244.31 1.39 McCormick MKC 90.80 0.03 Pool POOL 350.54 -9.75 STMicroelec STM 40.71 -0.93 Viatris VTRS 18.39 -0.08 ASML ASML 566.89 1.39 Ball BLL 89.91 1.12 CheckPoint CHKP 118.65 0.56 Equitable EQH 27.67 0.09 s IQVIA IQV 190.05 6.23 McDonalds MCD 214.40 -1.58 PrincipalFin PFG 54.22 -0.18 s StoneCo STNE 87.92 -1.22 s Vipshop VIPS 33.60 -0.20 AT&T T 28.55 -0.07 BallardPower BLDP 35.47 -5.43 Chegg CHGG 105.03 2.68 EquityLife ELS 63.50 -0.28 IcahnEnterprises IEP 60.12 -0.23 McKesson MCK 184.04 -0.94 Stryker SYK 243.03 0.88 VirBiotech VIR 73.85 -3.32 s Procter&Gamble PG 128.22 -0.45 AbbottLabs ABT 125.29 0.14 BancoBilbaoViz BBVA 5.28 ... Chemed CHE 510.03 1.87 EquityResdntl EQR 66.81 0.87 Icon ICLR 208.26 6.80 MedicalProp MPW 22.42 0.21 Progressive PGR 85.53 -0.74 SumitomoMits SMFG 6.76 0.01 VirginGalactic SPCE 52.39 -4.33 AbbVie ABBV 104.05 -1.35 BancoBradesco BBDO 4.16 -0.05 CheniereEnergy LNG 67.54 0.75 ErieIndemnity A ERIE 257.54 -3.00 IDEX IEX 199.36 1.80 Medtronic MDT 117.44 -0.44 Prologis PLD 107.52 0.10 SunComms SUI 149.25 -0.58 Visa V 206.44 -0.08 AbCelleraBio ABCL 46.99 -0.01 BancodeChile BCH 21.37 0.37 CheniereEnerPtrs CQP 39.24 0.42 EssentialUtil WTRG 48.39 0.42 IllinoisToolWks ITW 204.90 1.60 MelcoResorts MLCO 17.63 0.21 PrudentialFin PRU 82.11 0.68 SunLifeFinancial SLF 48.50 0.01 Vistra VST 21.45 0.12 Abiomed ABMD 324.51 0.03 BancSanBrasil BSBR 7.42 -0.13 Chevron CVX 92.52 1.56 EssexProp ESS 267.69 8.36 s Illumina ILMN 450.00 -3.00 MercadoLibre MELI 1905.27 27.27 Prudential PUK 35.77 0.40 SuncorEnergy SU 18.11 0.28 VMware VMW 146.51 -1.15 Accenture ACN 256.94 -0.74 BcoSantChile BSAC 21.60 0.35 Chewy CHWY 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30.55 0.07 Mondelez MDLZ 55.25 -0.25 RaytheonTech RTX 72.47 -0.57 TakeTwoSoftware TTWO 199.82 -0.49 s Weibo WB 57.27 2.31 Alibaba BABA 267.79 1.30 BeyondMeat BYND 171.53 4.87 Clarivate CLVT 29.75 -0.16 Fastenal FAST 47.66 0.35 IonisPharma IONS 58.09 -1.24 s MongoDB MDB 417.34 11.88 RealPage RP 86.85 -0.11 TakedaPharm TAK 17.53 -0.18 WellsFargo WFC 33.20 -0.06 AlignTech ALGN 605.78 -9.22 s Bilibili BILI 156.37 16.25 Clorox CLX 186.63 -0.72 Fastly FSLY 109.51 -8.35 iQIYI IQ 25.14 0.14 MonolithicPower MPWR 373.74 -5.42 RealtyIncome O 62.50 0.76 s Tapestry TPR 39.16 0.81 Welltower WELL 64.93 1.70 Alleghany Y 601.98 -2.93 s Bill.comBILL 192.00 18.25 s Cloudflare NET 90.91 -2.55 FateTherap FATE 103.31 -2.01 IronMountain IRM 34.39 1.01 MonsterBev MNST 90.45 -0.06 s Redfin RDFN 86.76 -4.40 Target TGT 192.44 -1.85 s WestFraserTimber WFG 71.30 1.51 Allegion ALLE 117.91 1.19 Bio-Techne TECH 390.30 0.35 Coca-Cola KO 49.60 -0.10 FedEx FDX 257.46 -1.67 ItauUnibanco ITUB 5.16 -0.01 Moody's MCO 276.87 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-1.67 Altria MO 43.55 0.19 Boeing BA 211.92 -3.20 ConagraBrands CAG 35.32 0.54 Fiserv FISV 109.42 -4.03 JamesHardie JHX 31.74 -0.26 s NXP Semi NXPI 187.90 -0.14 s RobertHalf RHI 73.01 0.82 s 10xGenomics TXG 185.28 2.50 Williams WMB 22.81 0.55 AlumofChina ACH 8.76 -0.06 BookingHldgs BKNG 2141.76 56.48 ConocoPhillips COP 47.25 0.37 FiveBelow FIVE 189.54 -2.29 JazzPharma JAZZ 164.99 -2.55 Nasdaq NDAQ 142.47 -0.66 RocketCos. RKT 20.94 -0.31 Tenaris TS 17.20 0.23 Williams-Sonoma WSM 127.14 -1.94 Amazon.com AMZN 3286.58 -18.42 BoozAllen BAH 83.54 0.38 ConEd ED 72.31 0.96 Five9 FIVN 174.95 -2.06 J&J JNJ 166.81 0.54 Natera NTRA 118.29 -0.75 Rockwell ROK 244.75 -1.77 TencentMusic TME 26.32 -0.11 s WillisTowers WLTW 225.63 -2.86 Ambev ABEV 2.83 0.02 BorgWarner BWA 43.69 0.78 s ConstBrands A STZ 240.34 6.54 s FiverrIntl FVRR 281.89 -4.98 JohnsonControls JCI 52.04 0.44 NationalGrid NGG 59.13 -0.15 RogersComm B RCI 45.95 0.03 Teradyne TER 128.71 0.44 Wipro WIT 6.58 -0.06 Amcor AMCR 11.43 0.19 BostonBeer SAM 1128.32 -18.66 s ConstBrands B STZ.B238.00 3.49 FleetCorTech FLT 261.98 4.38 JuniperNetworks JNPR 25.44 -0.06 Natura&Co NTCO 18.79 -0.14 Roku ROKU 469.69 2.39 Tesla TSLA 804.82 -44.64 Wix.com WIX 290.52 7.01 s Amdocs DOX 77.76 0.62 BostonProps BXP 94.67 -1.31 ContextLogic WISH 28.68 -0.85 Flex FLEX 18.63-0.51 KB Fin KB 40.39 0.20 NatWest NWG 4.81 0.03 Rollins ROL 37.93 0.01 TevaPharm TEVA 11.92 -0.89 s Workday WDAY 274.09 -1.28 Amedisys AMED 303.63 -5.76 BostonSci BSX 38.85 -0.40 Cooper COO 378.99 -1.74 Floor&Decor FND 99.82 -3.61 KE Holdings BEKE 68.95 2.73 NetApp NTAP 68.75 -1.12 RoperTech ROP 401.85 -1.88 s TexasInstruments TXN 174.36 0.67 WynnResorts WYNN 116.44 3.06 Amerco UHAL 499.05 -3.95 BridgeBioPharma BBIO 68.87 -1.98 Copart CPRT 118.05 -3.03 FomentoEconMex FMX 70.66 0.68 s KKR KKR 48.56 2.01 NetEase NTES 131.05 -1.37 RossStores ROST 120.28 0.23 Textron TXT 49.32 0.04 XP XP 47.41 -0.50 Ameren AEE 73.44 0.18 BrightHorizons BFAM 174.32 0.87 Corning GLW 36.94 0.61 FordMotor F 11.76 -0.17 KLA KLAC 297.61 -0.70 Netflix NFLX 563.59 4.52 RoyalBkCanada RY 83.39 -0.87 ThermoFisherSci TMO 484.88 -4.42 XPO Logistics XPO 122.52 0.86 AmericaMovil AMX 13.70 0.01 BristolMyers BMY 60.00 0.24 Corteva CTVA 43.04 -0.39 s Fortinet FTNT 161.32 1.36 KSCitySouthern KSU 206.61 3.63 Neurocrine NBIX 119.00 3.39 RoyalCaribbean RCL 68.77 -0.12 ThomsonReuters TRI 82.41 -0.93 XcelEnergy XEL 62.28 0.16 AmericaMovil A AMOV 14.14 0.15 BritishAmTob BTI 37.84 -0.38 CoStar CSGP 924.99 19.11 Fortis FTS 40.81 0.13 Kellogg K 58.11 0.47 NewFortressEner NFE 50.97 -0.72 RoyalDutchA RDS.A 38.34 0.11 3M MMM 181.08 0.14 Xilinx XLNX 143.15 2.30 AmerAirlines AAL 17.41 -0.03 Broadcom AVGO 470.05 -4.58 Costco COST 356.12 -3.44 Fortive FTV 70.24 2.00 KeurigDrPepper KDP 32.03 -0.37 s NewOrientalEduc EDU 190.18 3.27 RoyalDutchB RDS.B 36.14 -0.06 Toro TTC 100.06 0.04 XPeng XPEV 47.77 -0.98 AEP AEP 80.01 0.17 BroadridgeFinl BR 144.38 2.71 CoupaSoftware COUP 358.09 5.44 FortBrandsHome FBHS 90.12 -1.65 KeyCorp KEY 18.96 0.02 NYTimes A NYT 49.21 -0.53 RoyaltyPharma RPRX 47.81 -0.93 TorontoDomBk TD 59.01 -0.10 Xylem XYL 101.14 -0.05 AmerExpress AXP 128.23 1.55 BrookfieldMgt BAM 41.02 -0.39 Credicorp BAP 167.42 1.53 FoxA FOXA 31.78 1.05 KeysightTechs KEYS 148.45 2.05 NewellBrands NWL 26.23 -0.30 Ryanair RYAAY 102.76 -1.29 Total TOT 42.34 0.15 Yandex YNDX 71.70 1.89 AmericanFin AFG 106.44 2.10 BrookfieldInfr BIP 52.56 -0.61 CreditSuisse CS 13.83 -0.01 FoxB FOX 30.51 0.82 KimberlyClark KMB 132.80 0.37 Newmont NEM 59.70 -0.31 SAP SAP 129.67 -1.87 s ToyotaMotor TM 161.56 7.56 s YatsenHolding YSG 23.89 0.02 s AmHomes4Rent AMH 31.47 -0.27 BrookfieldPropREIT BPYU 18.12 0.06 Cree CREE 123.47 1.20 Franco-Nevada FNV 124.41 0.81 KinderMorgan KMI 14.79 0.22 s NewsCorp B NWS 22.61 0.64 S&P Global SPGI 333.00 0.61 TractorSupply TSCO 156.45 -2.05 YumBrands YUM 104.82 1.70 AIG AIG 42.43 0.29 BrookfieldRenew BEPC 52.04 -1.67 CrowdStrike CRWD 231.35 7.63 FranklinRscs BEN 27.46 0.84 s KingsoftCloud KC 71.15 1.85 s NewsCorp A NWSA 22.62 0.44 SBA Comm SBAC 266.02 -0.64 TradeDesk TTD 861.92 -2.69 s YumChina YUMC 60.50 -0.56 AmerTowerREIT AMT 231.66 ... Brown&Brown BRO 45.08 -0.25 CrownCastle CCI 163.08 -0.91 s FreeportMcM FCX 31.24 -0.78 KinrossGold KGC 7.31 -0.03 NextEraEnergy NEE 83.91 0.08 SK Telecom SKM 24.89 0.08 Tradeweb TW 67.99 0.30 ZTO Express ZTO 37.07 0.22 AmerWaterWorks AWK 164.81 1.37 Brown-Forman B BF.B 76.89 0.30 s CrownHoldings CCK 98.05 5.32 FreseniusMed FMS 35.37 0.95 KirklandLakeGold KL 39.21 0.15 NielsenHoldings NLSN 23.29 -0.03 SS&C Tech SSNC 68.38 -0.38 TraneTech TT 148.33 2.62 ZaiLab ZLAB 179.82 -4.01 AmericanWell AMWL 35.48 0.33 Brown-Forman A BF.A 71.03 0.19 Cummins CMI 245.11 0.13 s FuelCell FCEL 26.52 -1.44 s KodiakSciences KOD 160.15 -0.28 Nike NKE 142.46 0.67 StoreCapital STOR 33.06 0.60 TransDigm TDG 579.72 -16.92 s ZebraTech ZBRA 427.47 2.20 AmericoldRealty COLD 36.40 -0.09 Bruker BRKR 58.29 0.48 CureVac CVAC 115.98 1.65 s Futu FUTU 165.24 10.83 KoninklijkePhil PHG 56.77 -0.33 Nikola NKLA 22.97 0.07 SVB Fin SIVB 500.99 -3.96 TransUnion TRU 92.72 -0.79 Zendesk ZEN 154.49 -0.56 s Ameriprise AMP 215.05 0.39 BuildersFirstSrc BLDR 42.69 -0.80 CyrusOne CONE 74.48 -0.39 KoreaElcPwr KEP 10.93 -0.09 NiSource NI 22.47 0.11 Salesforce.com CRM 236.72 0.02 Travelers TRV 145.93 -1.23 Zillow C Z 164.70 -4.02 AmerisourceBrgn ABC 106.27 -1.16 s Bunge BG 74.69 -0.74 G H I KraftHeinz KHC 33.89 0.18 Nokia NOK 4.17 -0.02 Sanofi SNY 48.07 -0.79 s Trex TREX 101.76 -2.68 Zillow A ZG 171.71 -1.22 Ametek AME 120.48 -0.43 BurlingtonStrs BURL 259.79 -4.20 D E F Kroger KR 33.61 0.02 s NomuraHoldings NMR 6.13 0.03 Sasol SSL 13.58 0.01 s Trimble TRMB 73.99 -0.73 ZimmerBiomet ZBH 160.34 1.19 Amgen AMGN 238.46 1.81 CBRE Group CBRE 68.10 0.66 GDS Holdings GDS 111.50 3.25 L Brands LB 48.40 -0.57 Nordson NDSN 189.93 1.59 Schlumberger SLB 26.62 0.62 Trip.com TCOM 36.50 1.00 ZionsBancorp ZION 49.58 -0.01 Amphenol APH 131.32 -0.89 s CDW CDW 157.34 5.78 DISH Network DISH 32.29 0.01 GFLEnvironmental GFL 29.20 -0.18 LKQ LKQ 37.62 0.22 NorfolkSouthern NSC 245.29 -0.53 SchwabC SCHW 55.70 -0.57 TruistFinl TFC 53.71 0.34 Zoetis ZTS 160.62 0.79 AnalogDevices ADI 153.23 0.38 CF Industries CF 43.24 -0.75 DTE Energy DTE 122.16 0.83 GSXTechedu GSX 93.31 1.98 s LPL Financial LPLA 128.71 2.53 NorthernTrust NTRS 96.80 -0.95 ScottsMiracleGro SMG 239.51 -1.03 s Twilio TWLO 433.30 26.73 ZoomVideo ZM 431.00 0.97 Anaplan PLAN 80.76 0.94 CGI GIB 79.15 -0.19 DadaNexus DADA 44.56 -0.11 Gallagher AJG 117.17 0.26 L3HarrisTech LHX 187.52 1.35 NorthropGrum NOC 303.63 -0.15 s Sea SE 270.97 -3.69 TwistBiosci TWST 166.80 -12.66 ZoomInfoTech ZI 55.72 -0.65 AngloGoldAsh AU 24.30 0.83 CH Robinson CHRW 90.96 -0.91 Danaher DHR 237.49 0.49 Gaming&Leisure GLPI 42.88 0.11 LabCpAm LH 229.20 2.42 NortonLifeLock NLOK 21.65 -0.39 Seagate STX 70.99 -1.37 s Twitter TWTR 67.77 7.90 s Zscaler ZS 223.09 3.09 AB InBev BUD 64.50 -0.20 CME Group CME 185.20 -6.77 s DaqoNewEnergy DQ 119.53 -4.60 Gap GPS 22.49 0.58 LamResearch LRCX 532.50 4.42 Novartis NVS 91.47 -0.11 Seagen SGEN 169.35 -6.38 TylerTech TYL 450.62 27.50 s Zynga ZNGA 11.16 -0.17 AnnalyCap NLY 8.66 0.10 CMS Energy CMS 56.93 0.35 Darden DRI 128.98 -0.38 s Garmin GRMN 128.12 2.00 LamarAdv LAMR 87.12 0.26 Novavax NVAX 298.36 -17.51 Anthem ANTM 298.17 -0.53 CNA Fin CNA 42.55 -0.58 DarlingIngred DAR 68.90 -2.88 Gartner IT 180.64 -3.08 LambWeston LW 77.08 -1.69 NovoNordisk NVO 71.18 -0.09 Aon AON 226.55 -1.90 s CNH Indl CNHI 14.45 0.07 Datadog DDOG 115.55 -2.30 Generac GNRC 277.54 1.98 LasVegasSands LVS 55.51 1.11 s Novocure NVCR 182.81 -4.22 IPO Scorecard ApolloGlbMgmt APO 51.86 1.26 CNOOC CEO 113.39 -1.24 DaVita DVA 113.39 2.39 GeneralDynamics GD 163.13 0.99 Lear LEA 161.52 -0.48 NuanceComms NUAN 49.25 0.15 Appian APPN 219.20 -0.48 CRH CRH 43.61 -0.20 DeckersOutdoor DECK 320.81 -4.69 GeneralElec GE 11.40 -0.14 Leidos LDOS 109.35 -0.39 Nucor NUE 54.96 0.28 Performance of IPOs, most-recent listed first Apple AAPL 135.39 -0.62 CRISPR Therap CRSP 160.20 -7.35 Deere DE 313.64 -1.69 GeneralMills GIS 58.09 0.42 Lemonade LMND 154.77 -0.81 s Nutrien NTR 55.20 0.59 % Chg From % Chg From ApplMaterials AMAT 105.88 0.50 CSX CSX 88.18 -0.29 DellTechC DELL 79.58 -0.01 GeneralMotors GM 54.88 -1.18 Lennar A LEN 93.67 0.68 s NVIDIA NVDA 590.57 20.04 Company SYMBOL Wed’s Offer 1st-day Company SYMBOL Wed’s Offer 1st-day s Aptargroup ATR 143.25 1.08 C3.ai AI 161.45 -7.47 DeltaAir DAL 42.90 0.39 Genmab GMAB 40.37 -0.61 Lennar B LEN.B 75.35 0.40 Aptiv APTV 149.89 1.61 CVS Health CVS 73.83 0.34 DenaliTherap DNLI 73.46 0.52 Genpact G 42.27 -1.30 LennoxIntl LII 286.69 1.87 O P Q IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Aramark ARMK 36.73 0.71 CableOne CABO 2086.08 0.02 DentsplySirona XRAY 56.80 0.70 Gentex GNTX 35.96 1.06 LeviStrauss LEVI 21.03 0.54 ArcelorMittal MT 23.42 0.15 CadenceDesign CDNS 137.86 -1.63 DeutscheBank DB 10.59 0.12 GenuineParts GPC 103.11 -0.55 LiAuto LI 31.50 -0.37 ONEOK OKE 44.75 1.39 Apollo Strategic Growth Capital II 10.66 6.6 ... Vallon Pharmaceuticals 7.52 –6.0 ... ArchCapital ACGL 34.89 -0.21 CaesarsEnt CZR 79.61 -1.96 DevonEnergy DVN 19.73 0.86 GileadSciences GILD 67.29 -0.01 LibertyBroadbandC LBRDK 149.70 -2.07 OReillyAuto ORLY 456.47 3.20 APGB.UT Feb. 10/$10.00 VLON Feb. 10/$8.00 s ArcherDaniels ADM 54.46 -0.02 CamdenProperty CPT 103.42 2.28 DexCom DXCM 399.44 -1.59 GSK GSK 35.54 -0.21 LibertyBroadbandA LBRDA 147.13 -2.00 OakStreetHealth OSH 57.44 -0.51 s AresMgmt ARES 50.63 1.27 CampbellSoup CPB 47.55 0.55 Diageo DEO 164.88 -1.33 GlobalPayments GPN 202.23 -1.05 LibertyGlobal A LBTYA 25.10 0.29 OccidentalPetrol OXY 25.60 0.95 Foresight Acquisition 10.30 3.0 ... Viant Technology 47.72 90.9 ... arGEN-X ARGX 368.16 -8.59 CIBC CM 89.07 0.06 DiamondbkEner FANG 68.88 1.91 Globant GLOB 220.16 -2.50 LibertyGlobal C LBTYK 24.84 0.13 s Okta OKTA 286.50 6.61 FOREU Feb. 10/$10.00 DSP Feb. 10/$25.00 AristaNetworks ANET 318.55 -1.44 CanNtlRlwy CNI 106.57 -0.64 DigitalRealty DLR 147.53 -0.71 GlobeLife GL 92.36 -0.39 LibertyFormOne C FWONK 45.35 0.09 s OldDomFreight ODFL 208.99 -6.53 s ArrowheadPharm ARWR 87.48 -2.32 CanNaturalRes CNQ 25.95 0.44 DigitalTurbine APPS 88.85 -3.18 s GoDaddy GDDY 91.72 0.52 LibertyFormOne A FWONA 40.84 -0.10 OmegaHealthcare OHI 37.13 0.49 Lazard Growth Acquisition 10.42 4.2 ... Adara Acquisition 10.45 4.5 1.4 AscendisPharma ASND 154.13 0.05 CanPacRlwy CP 353.66 -1.37 DiscoverFinSvcs DFS 93.37 0.71 GoldFields GFI 9.70 0.31 s LibertyBraves A BATRA 29.75 -0.09 Omnicom OMC 65.07 -1.67 LGACU Feb. 10/$10.00 ADRA.UT Feb. 9/$10.00 AspenTech AZPN 155.96 -2.52 Canon CAJ 22.62 -0.04 DiscoveryB DISCB 44.70 0.70 GoldmanSachs GS 304.28 3.82 s LibertyBraves C BATRK 29.08 -0.05 s ON Semi ON 39.93 -0.68 AstraZeneca AZN 49.97 -0.44 s CanopyGrowth CGC 52.17 3.08 DiscoveryA DISCA 45.07 1.57 GoodRx GDRX 56.99 0.31 LibertySirius C LSXMK 42.73 -0.45 OpenText OTEX 48.95 -0.24 Power & Digital Infrastructure 11.50 15.0 ... Crown PropTech Acquisition 10.28 2.8 0.3 Athene ATH 44.30 -0.44 s CapitalOne COF 117.62 1.69 s DiscoveryC DISCK 38.43 1.23 Graco GGG 71.91 -0.24 LibertySirius A LSXMA 43.46 -0.48 s OpendoorTech OPEN 34.00 2.90 XPDIU Feb. 10/$10.00 CPTK.UT Feb. 9/$10.00 s Atlassian TEAM 252.46 4.41 CardinalHealth CAH 53.06 0.11 s Disney DIS 189.63 1.42 Grainger GWW 376.25 1.56 LightspeedPos LSPD 71.30 -1.50 Oracle ORCL 63.27 -0.40 AtmosEnergy ATO 91.85 2.25 s Carlyle CG 37.41 0.11 DocuSign DOCU 255.25 -0.57 Grifols GRFS 17.11 -0.07 EliLilly LLY 204.39 2.68 Orange ORAN 12.02 0.15 Autodesk ADSK 301.71 -2.79 CarMax KMX 125.42 ... DolbyLab DLB 93.17 1.17 GuardantHealth GH 162.02 -1.32 LincolnNational LNC 52.37 0.98 Orix IX 84.39 0.43 ScION Growth II 10.55 5.5 ... ECP Environmental Growth 11.15 11.5 –1.2 Autohome ATHM 130.04 0.23 Carnival CCL 20.93 -0.12 DollarGeneral DG 201.32 -2.17 Guidewire GWRE 127.03 0.70 Linde LIN 252.72 -2.90 OtisWorldwide OTIS 65.31 0.95 SCOBU Feb. 10/$10.00 ENNVU Feb. 9/$10.00 Autoliv ALV 93.21 0.16 Carnival CUK 18.11 -0.36 DollarTree DLTR 110.25 0.43 HCA Healthcare HCA 174.79 -0.63 LithiaMotors LAD 369.01 -21.84 OwensCorning OC 84.94 -0.67 ADP ADP 166.94 -0.44 CarrierGlobal CARR 37.19 -0.06 DominionEner D 73.09 -0.02 HDFC Bank HDB 80.75 -0.72 s LiveNationEnt LYV 79.63 2.11 OzonHoldings OZON 65.80 2.81 AutoZone AZO 1212.67 -11.65 Carvana CVNA 297.93 5.02 Domino's DPZ 382.06 -0.90 HP HPQ 27.15 0.06 LloydsBanking LYG 2.04 -0.01 PG&E PCG 12.08 0.32 Sources: Dow Jones Market Data; FactSet

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 ArcadiaBiosci RKDA 5.92 50.5 Baidu BIDU 322.89 3.1 BurgundyTechWt BTAQW 2.60 -0.4 CleverLeaves CLVR 19.30 40.5 Disney DIS 190.70 0.8 FirstService FSV 156.50 2.4 GoDaddy GDDY 92.71 0.6 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE ArcBest ARCB 56.91 5.9 Bally's BALY 61.34 1.0 CAI Intl CAI 37.60 0.9 CleverLeavesWt CLVRW 7.78 98.6 DixieGroup DXYN 5.40 -0.8 FiverrIntl FVRR 298.37 -1.7 GoldmanSachsPfJ GSpJ 28.52 0.2 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low ArcherDaniels ADM 54.94 ... BancCalifornia BANC 19.62 0.3 CDW CDW 157.94 3.8 Cloudera CLDR 18.80 0.4 DonnelleyFin DFIN 21.97 0.7 FocusFinPtrs FOCS 54.20 -1.1 Goodyear GT 14.32 3.7 AresAcqn AAC.U 10.80 -1.3 Baozun BZUN 57.00 7.3 C4 Therap CCCC 46.99 5.3 Cloudflare NET 95.77 -2.7 DuckCreekTech DCT 59.40 5.2 FootLocker FL 51.85 ... GooseheadIns GSHD 158.11 1.0 in the latest session. %CHG-Daily percentage change from the previous trading session. AresMgmt ARES 51.08 2.6 BauschHealth BHC 29.59 1.3 CIIG MergerWt CIICW 11.90 5.8 CodaOctopus CODA 8.75 -8.4 DynagasLNG PfdB DLNGpB 22.60 0.2 ForesightAcqn FOREU 10.48 3.0 GoresVI A GHVI 19.11 3.8 ArrowheadPharm ARWR 92.60 -2.6 BeiGene BGNE 386.12 1.7 CITICCapAcqnA CCAC 11.95 4.4 CoffeeHolding JVA 5.72 -2.0 EDAP TMS EDAP 10.68 9.6 ForesightAuto FRSX 12.14 7.3 GoresVI Wt GHVIW 5.47 1.4 Wednesday, February 10, 2021 ArteloBiosci ARTL 2.13 26.4 BenessereCapWt BENEW 1.10 4.9 CITICCapAcqn CCAC.U 13.38 3.6 Cognex CGNX 89.77 -0.7 EPAM Systems EPAM 398.26 -1.8 ForestRoadAcqn FRX.U 12.66 5.9 GoresVI GHVIU 20.15 4.4 AslanPharm ASLN 3.65 1.2 BenessereCap BENEU 11.33 2.5 CKX Lands CKX 11.63 3.5 CollegiumPharm COLL 26.91 -0.2 EVI Industries EVI 44.00 3.9 Fortinet FTNT 163.48 0.9 GrafTechIntl EAF 12.79 -1.0 52-Wk % 52-Wk % 52-Wk % AspenAerogels ASPN 26.98 2.8 BerkHathwy A BRK.A 363231 -0.3 CMLifeSciWt CMLFW 8.51 66.0 ColliersIntl CIGI 99.75 -0.4 EagleBancorp EGBN 47.85 -1.0 FortressTransport FTAI 28.22 15.6 GrahamHoldings GHC 600.00 ... Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Atento ATTO 25.00 -0.5 BerkHathwy B BRK.B 241.52 ... CMLifeSciA CMLF 25.74 42.4 Collplant CLGN 23.25 15.7 EarthstoneEner ESTE 6.99 -4.0 FortressValueII FAII 12.58 0.2 GranTierraEner GTE 1.06 23.1 Atlas ATCO 13.07 -0.5 BetterWorldWt BWACW 2.45 -3.5 CM Life CMLFU 28.00 46.0 ColonyCapital CLNY 5.82 0.9 EastRscsAcqnWt ERESW 1.97 5.6 FortressValueII FAII.U 13.34 0.7 AdvanSix ASIX 25.60 -0.8 Amdocs DOX 77.93 0.8 GreatElm GEG 3.55 0.6 AtlasCrestInvt ACIC.U 17.10 23.5 BigCypress BCYP 10.31 0.5 CNH Indl CNHI 14.56 0.5 ColumbiaBanking COLB 43.53 -0.6 EastWestBncp EWBC 67.96 0.6 ForwardAir FWRD 85.30 1.4 GreatLakesDredge GLDD 15.68 -1.1 Highs Advaxis ADXS 1.25 -1.7 Ameresco AMRC 70.26-3.2 AtlasCrestInvtWt ACIC.WS 4.75 60.5 Bilibili BILI 157.62 11.6 CONSOL Energy CEIX 10.59 -2.2 Comcast A CMCSA 53.06 0.1 EHang EH 110.00 19.4 AehrTestSys AEHR 3.13 14.0 AmHomes4Rent AMH 32.22 -0.9 FoxFactory FOXF 143.29 -1.5 GreatPanther GPL 1.16 25.3 AtlasCrestInvt ACIC 15.75 21.7 Bill.com BILL 195.95 10.5 CovaAcqn COVAU 10.87 -0.1 ComfortSystems FIX 66.27 -2.0 eMagin EMAN 3.99 -3.2 Franchise FRG 37.84 0.4 GreenPlains GPRE 24.44 5.1 AAON AAON 81.25 -1.4 AffiliatedMgrs AMG 147.38 1.6 AmerVanguard AVD 19.41 -0.8 79.80 -1.1 74.50 -1.8 96.04 -0.7 AtlasCrestII ACII.U 10.97 2.0 Bio-Path BPTH 24.34 126.3 CalavoGrowers CVGW CommerceBcshrs CBSH EnerSys ENS FranklinElec FELE 76.06 -0.6 Greenbrier GBX 44.70 1.3 ACI Worldwide ACIW 41.87 -0.7 AffirmHldgs AFRM 146.90 4.0 AmerCarMart CRMT 132.96 -0.7 CalWtrSvc CWT 60.42 0.6 CommBkSys CBU 71.40 -1.0 EnphaseEnergy ENPH 229.04 1.0 Atlassian TEAM 256.05 1.8 Biophytis BPTS 18.50 -1.5 FreedomHolding FRHC 58.29 2.7 Greenlane GNLN 8.73 7.3 ALJ Regional ALJJ 1.44 -2.2 AgEagleAerial UAVS 17.68 8.7 Ameriprise AMP 217.74 0.2 CallawayGolf ELY 32.59 0.7 CommVaultSys CVLT 71.06 1.9 EnstarPfdD ESGRP 29.44 -1.2 AtriCure ATRC 63.551.2 BiotechAcqn BIOTU 10.95 0.6 FreeportMcM FCX 33.97 -2.4 GreenroseAcqn GNRS 11.38 3.5 Ansys ANSS 390.31 0.1 Agilysys AGYS 55.31 2.0 AmerisBancorp ABCB 46.98 1.3 Calyxt CLXT 12.43 -2.1 comScore SCOR 4.50 -4.2 Entercom ETM 5.89 2.7 ASETech ASX 8.46 0.6 AgiosPharm AGIO 58.19 3.0 AmplitudeHlthWt AMHCW 2.12 4.1 AuthenticEquity AEACU 10.98 -0.8 Birks BGI 3.70 9.5 Freshpet FRPT 169.30 0.6 GreenroseAcqnWt GNRSW 2.35 17.0 Avalara AVLR 185.37 0.4 Blackstone BX 71.89 ... Cameco CCJ 16.75 8.6 Consonance-HFW CHFW.U 11.30 0.1 Envista NVST 39.70 ... FuelCell FCEL 29.44 -5.2 ASGN ASGN 95.36 1.5 AirIndustries AIRI 2.18 1.0 AmtechSystems ASYS 8.77 0.7 Canaan CAN 9.05 6.7 ConsonanceA CHFW 10.86 -0.5 EquityDistrA EQD 11.06 0.2 GreenVisionAcqn GRNVU 103.00 25.5 Ayro AYRO 11.5050.2 Airgain AIRG 28.34 -4.6 Amyris AMRS 17.19 6.5 AvanosMedical AVNS 51.15 1.4 BloominBrands BLMN 23.97 1.0 FullHouse FLL 9.50 6.3 CancerGenetics CGIX 17.50 49.0 ConstBrands A STZ 241.49 2.8 EquityDistribution EQD.U 12.12 -0.7 GridDynamics GDYN 15.22 -2.6 Azek AZEK 44.63 -1.5 AjaxI AJAX.U 15.19 6.1 AnchianoTherap ANCN 10.55 184.3 Avaya AVYA 33.02 12.8 BlueRidgeBkshs BRBS 24.33 7.2 FullerHB FUL 58.20 3.3 CanopyGrowth CGC 56.50 6.3 ConstBrands B STZ.B 240.00 1.5 EsportsEnt GMBL 20.74 30.9 GrowGeneration GRWG 67.75 -2.2 AbbottLabs ABT 126.20 0.1 AjaxI AJAX 13.85 6.1 AngioDynamics ANGO 21.62 -0.5 AveryDennison AVY 176.38 1.2 BoltBiotherap BOLT 35.20 1.9 Futu FUTU 204.25 7.0 CapitalOne COF 118.40 1.5 ConversionLabs CVLB 33.02 8.4 EsportsEntWt GMBLW 15.00 39.1 GuardionHlth GHSI 1.19 5.7 AbsoluteSftwr ABST 15.37 5.6 AjaxIWt AJAX.WS 4.82 17.0 AnteroResources AR 8.63 4.1 AvidTechnology AVID 24.07 -4.0 BonanzaCreekEner BCEI 25.84 2.5 FutureFuel FF 16.75 2.9 HEXO HEXO 11.04 7.9 AxonEnterprise AXON 190.04 2.6 BostonPrivFin BPFH 13.76 -0.5 CapitolInvtV CAP.U 10.95 1.7 Covetrus CVET 40.58 1.9 EstablishLabs ESTA 68.63 2.8 AcaciaComms ACIA 114.96 ... AkernaWt KERNW 3.50 23.5 Aphria APHA 32.29 10.7 GAMCO Investors GBL 20.98 ... HamiltonLane HLNE 89.46 -0.1 AxosFinancial AX 46.05 ... Brightcove BCOV 19.91 5.4 CapitolInvV A CAP 10.49 0.4 Crawford B CRD.B 8.67 1.5 EsteeLauder EL 288.49 1.8 AcaciaResearch ACTG 8.50 7.5 AlimeraSciences ALIM 10.79 9.8 ApolloMedical AMEH 24.97 1.9 GAN GAN 31.35 1.4 HealthAssurance HAACU 15.44 2.2 BJsRestaurants BJRI 55.81 1.3 BrilliantAcqnWt BRLIW 1.05 -3.8 CaraTherap CARA 21.90 6.6 Criteo CRTO 35.01 17.7 Evogene EVGN 9.70 4.4 AcastiPharma ACST 1.22 22.4 Alkermes ALKS 23.92 -1.2 ApolloStratGrII APGB.U 10.80 6.6 GCPAppliedTechs GCP 27.78 -2.1 HealthAssuranceA HAAC 14.07 2.6 BK Tech BKTI 4.10 0.5 BrinkerIntl EAT 68.94 -0.3 Cardlytics CDLX 158.99 -1.1 Crocs CROX 81.61 -1.4 Expedia EXPE 151.86 3.1 Accuray ARAY 6.02 -4.8 Allakos ALLK 157.98 -6.7 AppHarvestWt APPHW 16.00 2.9 G1Therapeutics GTHX 31.95 -0.9 HealthAssurWt HAACW 4.18 8.1 Acushnet GOLF 47.68 0.1 Allot ALLT 17.37 -7.6 AppliedMolecular AMTI 51.67 5.3 BOK Fin BOKF 84.93 0.1 Brooks Auto BRKS 86.99 2.8 CarGurus CARG 35.99 0.4 Cronos CRON 15.83 14.4 ExpeditorsIntl EXPD 98.08 0.6 GabelliDivPfdH GDVpH 28.05 1.7 HealthCatalyst HCAT 55.07 -2.3 AdaraAcqn ADRA.U 10.45 1.4 AlphaMetal AMR 15.88 7.0 Aptargroup ATR 144.10 0.8 B RileyFin RILY 55.76 0.8 Bsquare BSQR 11.83 -7.1 Carlyle CG 37.81 0.3 CrownHoldings CCK 101.95 5.7 ExperienceInvt EXPCU 18.95 6.2 GalileoAcqnWt GLEO.WS 1.32 ... HealthSciences2 HSAQ 14.66 9.8 Adecoagro AGRO 8.53 -0.6 Altabancorp ALTA 35.52 1.1 ApyxMedical APYX 11.05 -2.1 BTRS Wt BTRSW 6.67 2.8 Bunge BG 77.43 -1.0 CarParts.com PRTS 23.26 -2.4 CubeSmart CUBE 36.95 -0.5 ExperienceInvtWt EXPCW 4.96 17.4 CarriageSvcs CSV 36.20 0.6 Cullen/Frost CFR 100.17 -0.1 ExperienceInvtA EXPC 17.77 5.6 GamidaCell GMDA 15.00 25.7 HealthcareCap HCCCU 10.48 1.0 CasaSystems CASA 9.19 1.8 CustomersBancorp CUBI 26.58 0.7 ExtremeNetworks EXTR 11.12 -1.7 Gaming&Hosp GHACU 10.58 ... HealthCorCat HCAQ 10.88 2.9 CastleBiosci CSTL 107.69 -7.4 Cutera CUTR 32.80 1.4 Eyenovia EYEN 7.72 -6.1 Garmin GRMN 129.26 1.6 Herbalife HLF 59.00 2.8 cbdMD YCBD 6.83 6.6 Dana DAN 23.72 -2.0 FARO Tech FARO 82.70-2.3 GeneralFin GFN 10.25 -0.8 HibbettSports HIBB 62.37 2.2 Exchange-Traded Portfolios | WSJ.com/ETFresearch cbdMD PfdA YCBDpA 11.00 8.4 Danaos DAC 36.76 3.2 FGNewAmericaA FGNA 11.34 5.6 Genesco GCO 45.00 -1.2 HolicityWt HOLUW 6.49 0.3 Celcuity CELC 17.69 8.4 DanimerScientific DNMR 66.30 4.7 FG NewAmerica FGNA.U 12.54 3.1 Genetron GTH 29.57 5.7 HollysysAuto HOLI 16.31 0.8 CellularBiomed CBMG 19.75 ... DanimerSciWt DNMR.WS 47.00 2.1 FarmlandPtrs FPI 12.04 1.2 GenieEnergyPfd GNEpA 9.38 0.6 HomeBancShares HOMB 23.75 -0.5 ChannelAdvisor ECOM 26.39 -1.6 DaqoNewEnergy DQ 130.33 -3.7 Farmmi FAMI 2.05 21.4 GermanAmerBncp GABC 36.03 -0.7 HomeStreet HMST 42.21 0.3 CharlesRiverLabs CRL 286.87 1.0 DataIO DAIO 5.87 -0.1 FedAgriMtg C AGM 83.38 -0.1 Gevo GEVO 15.24 7.8 HorizonBancorp HBNC 17.76 -0.3 Closing Chg YTD GigCapital4 GIGGU 10.50 0.4 Largest 100 exchange-traded funds, latest session ChartIndustries GTLS 154.55 -1.4 DelcathSystems DCTH 24.00 4.2 FifthThirdBncp FITB 33.19 0.2 DR Horton DHI 83.49 0.9 ETF Symbol Price (%) (%) ChickenSoupA CSSE 32.93 14.1 DeltaApparel DLA 27.00 2.7 FinTechAcqnV FTCVU 11.79 2.5 GIIIApparel GIII 30.43 1.3 Hovnanian HOV 58.00 10.7 Children'sPlace PLCE 79.03 -0.8 Denbury DEN 35.96 3.5 FinTechAcqnV A FTCV 11.36 0.8 GilatSatellite GILT 22.69 5.1 Schwab US TIPs SCHP 62.29 0.08 0.3 HovnanianPfdA HOVNP 13.60 1.4 Closing Chg YTD ChinaRecycling CREG 11.39 4.2 DenisonMines DNN 1.04 5.0 FinVolution FINV 5.55 18.4 GlacierBancorp GBCI 52.93 -0.2 HubSpot HUBS 430.81 0.2 Wednesday, February 10, 2021 SPDR DJIA Tr DIA 314.50 0.18 2.8 ETF Symbol Price (%) (%) CitiTrends CTRN 66.97 1.4 Descartes DSGX 64.45 -0.2 FirstBancorpNC FBNC 38.60 -0.9 GladstoneLand LAND 18.15 3.1 IAC/InterActive IAC 255.58 2.7 Closing Chg YTD SPDR S&PMdCpTr MDY 459.36 –0.08 9.4 Civeo CVEO 19.00 3.0 DianaShipping DSX 3.10 -2.7 FirstCitizBcshA FCNCA 733.54 3.1 Glaukos GKOS 97.79 -1.2 ICL Group ICL 5.74 1.4 ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 57.14 0.35 10.6 SPDR S&P 500 SPY 390.08 –0.04 4.3 CleanEnerFuels CLNE 19.79 -9.1 Dick's DKS 78.62 0.6 FirstFinBkshs FFIN 43.18 -0.6 GlbShipNts24 GSLD 25.89 0.2 IDEAYA Bio IDYA 21.38 -1.2 iShMSCIJapan EWJ 70.74 –0.18 4.7 SPDR S&P Div SDY 111.10 0.47 4.9 ClearPtNeuro CLPT 28.00 0.9 DigitalMediaWt DMS.WS 3.73 1.8 FirstFoundation FFWM 22.23 -0.3 GlobalWaterRscs GWRS 18.00 0.3 ARKInnovationETF ARKK 153.10 –1.18 23.0 ClearsideBiomed CLSD 4.53 9.3 DiscoveryC DISCK 38.68 3.3 FirstMerchants FRME 43.10 -1.2 Globalstar GSAT 2.98 15.4 Continued on Page B10 iShNatlMuniBd MUB 117.85 0.11 0.6 TechSelectSector XLK 136.38 –0.15 4.9 CnsmrDiscSelSector XLY 170.55 –0.99 6.1 iSh1-5YIGCorpBd IGSB 55.09 0.02 –0.1 UtilitiesSelSector XLU 63.44 0.40 1.2 CnsStapleSelSector XLP 65.88 –0.11 –2.3 iShPfd&Incm PFF 38.15 –0.05 –0.9 VanEckGoldMiner GDX 35.28 0.28 –2.1 EnSelectSectorSPDR XLE 44.71 1.91 18.0 iShRussell1000Gwth IWF 252.38 –0.17 4.7 VangdInfoTech VGT 374.40 –0.18 5.8 FinSelSectorSPDR XLF 31.30 ... 6.2 iShRussell1000 IWB 222.28 –0.04 4.9 VangdSC Val VBR 157.20 0.08 10.5 Dividend Changes HealthCareSelSect XLV 116.19 0.18 2.4 iShRussell1000Val IWD 143.73 0.15 5.1 VangdSC Grwth VBK 298.10 –0.51 11.4 IndSelSectorSPDR XLI 89.84 –0.16 1.5 iShRussell2000Gwth IWO 333.36 –0.97 16.3 VangdExtMkt VXF 185.92 –0.03 12.9 InvscQQQI QQQ 332.75 –0.23 6.1 iShRussell2000 IWM 226.88 –0.66 15.7 VangdDivApp VIG 142.83 –0.08 1.2 Dividend announcements from February 10. InvscS&P500EW RSP 134.46 0.31 5.4 iShRussell2000Val IWN 151.40 –0.44 14.9 VangdFTSEDevMk VEA 49.05 –0.22 3.9 iShCoreDivGrowth DGRO 46.01 –0.04 2.7 iShRussellMid-Cap IWR 73.45 0.30 7.1 VangdFTSE EM VWO 55.51 0.22 10.8 Amount Payable / AmountAmount PayablePayable / iShCoreMSCIEAFE IEFA 71.62 –0.26 3.7 iShS&P500Growth IVW 66.64 –0.21 4.4 VangdFTSE Europe VGK 61.88 –0.45 2.7 Company Symbol Yld %New/Old Frq Record CoCompanympanySSymbolymbol Yld %New/Old Frq Record iShCoreMSCIEM IEMG 68.48 0.35 10.4 iShS&P500Value IVE 133.23 0.12 4.1 VangdFTSEAWxUS VEU 61.71 –0.05 5.7 iShCoreMSCITotInt IXUS 71.15 –0.04 5.9 iShShortTreaBd SHV 110.53 ...... VangdGrowth VUG 266.04 –0.15 5.0 Increased Reduced iShCoreS&P500 IVV 391.56 –0.04 4.3 iShSilver SLV 25.07 –0.83 2.0 VangdHlthCr VHT 234.81 0.10 5.0 GJO M PEAK Q iShCoreS&P MC IJH 251.52 –0.13 9.4 iShTIPSBondETF TIP 128.01 0.09 0.3 VangdHiDiv VYM 95.42 0.06 4.3 4.65% Fltg. Rate STRATS 0.8 .0154 /.01493 Feb16 /Feb12 Healthpeak Properties 3.9 .30 /.37 Mar05 /Feb22 iShCoreS&P SC IJR 106.18 –0.34 15.5 iSh1-3YTreasuryBd SHY 86.36 0.01 –0.0 VangdIntermBd BIV 92.04 0.19 –0.9 Armada Hoffler Properties AHH 5.0 .15 /.11 Q Apr08 /Mar31 Foreign iShS&PTotlUSStkMkt ITOT 91.30 –0.03 5.9 iSh7-10YTreasuryBd IEF 118.27 0.25 –1.4 VangdIntrCorpBd VCIT 96.40 0.20 –0.8 Barings BDC BBDC 8.0 .19 /.17 Q Mar17 /Mar10 iShCoreUSAggBd AGG 116.99 0.09 –1.0 VangdLC VV 184.06 –0.02 4.7 BBDO M iSh20+YTreasuryBd TLT 149.78 0.67 –5.0 FR STRATSs 2006-2 GS Grp GJS 1.4 .0206 /.02033 M Feb16 /Feb12 Banco Bradesco Ord ADR 2.1 .0035 Apr08 /Mar03 iShSelectDividend DVY 103.23 0.25 7.3 iShRussellMCGrowth IWP 110.22 0.11 7.4 VangdMC VO 221.35 0.44 7.1 Cenovus Energy CVE 0.8 .0137 Q Mar31 /Mar15 iShESGAwareUSA ESGU 90.35 0.06 5.0 iShUSTreasuryBdETF GOVT 27.01 0.20 –0.8 VangdMBS VMBS 54.04 –0.02 –0.1 Healthcare Services Group HCSG 2.7 .2062 /.205 Q Mar26 /Feb26 EURN Q iShEdgeMSCIMinUSA USMV 67.91 –0.24 0.0 JPM UltShtIncm JPST 50.80 ... 0.0 VangdRealEst VNQ 89.38 0.54 5.2 Kforce KFRC 1.9 .23 /.20 Q Mar26 /Mar12 Euronav 18.7 .03 Mar05 /Feb25 iShEdgeMSCIUSAMom MTUM 175.10 8.6 JHX –0.34 PIMCOEnhShMaturity MINT 102.09 –0.01 0.0 VangdS&P500ETF VOO 358.64 –0.04 4.3 Middlefield Banc MBCN 2.9 .16 /.15 Q Mar15 /Mar04 James Hardie Indus ADR ... .55 Apr30 /Feb19 iShEdgeMSCIUSAQual QUAL 118.86 0.08 2.3 SPDR BlmBarcHYBd JNK 109.39 0.05 0.4 VangdST Bond BSV 82.77 0.02 –0.2 Taiwan Semiconductor ADR TSM 1.0 .3527 Q Jul15 /Jun18 iShGoldTr IAU 17.57 0.46 –3.1 SPDRBloomBar1-3MTB BIL VangdSTCpBd VCSH 83.14 0.02 –0.1 STRATS Dom Res Ser 05-06 GJP 3.1 .0637 /.06355 M Feb16 /Feb12 91.51 –0.01 –0.0 Tsakos Energy Pfd D TNPpD 9.3 .54688 Q Mar01 /Feb24 iShiBoxx$InvGrCpBd LQD 135.48 0.24 –1.9 SPDR Gold GLD 172.71 0.37 –3.2 VangdSC VB 215.90 –0.18 10.9 STRATS Sers 2006-1 P&G GJR 1.0 .0166 /.01621 M Feb16 /Feb12 TNPpE Q iShiBoxx$HYCpBd HYG 87.60 –0.02 0.3 SchwabIntEquity SCHF 37.37 –0.27 3.8 VangdTotalBd BND 87.16 0.16 –1.2 U.S. Global Investors A GROW 0.7 .005 /.0025 M Mar29 /Mar15 Tsakos Energy Pfd E 10.1 .57813 Mar01 /Feb24 iShJPMUSDEmgBd EMB 114.04 0.20 –1.6 SchwabUS BrdMkt SCHB 96.22 –0.07 5.7 VangdTotIntlBd BNDX 57.97 –0.08 –1.0 GRA Q iShMBSETF MBB 110.18 –0.05 0.0 SchwabUS Div SCHD 66.94 0.07 4.4 VangdTotIntlStk VXUS 63.60 –0.13 5.7 WR Grace 2.2 .33 /.30 Mar23 /Mar02 Special iShMSCI ACWI ACWI 95.41 0.02 5.2 SchwabUS LC SCHX 95.49 ... 5.0 VangdTotalStk VTI 205.93 –0.04 5.8 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; OneMain Holdings OMF 29.4 3.50 Feb25 /Feb18 iShMSCI EAFE EFA 75.38 –0.34 3.3 SchwabUS LC Grw SCHG 135.42 5.5 VangdTotlWrld VT 97.61 –0.01 5.4 –0.10 U.S. Global Investors A GROW 0.7 .0025 Feb26 /Feb16 iShMSCI EAFE SC SCZ 71.52 –0.54 4.6 SchwabUS SC SCHA 101.44 –0.49 14.0 VangdValue VTV 124.02 0.12 4.3 S2:1: stock split and ratio; SO: spin-off.

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret CoreFxdIncmI 11.30 +0.01 ... ContraK 17.64 +0.08 4.9 Harbor Funds TotRt 10.53 +0.02 -0.4 DivAppIdxAdm 38.76 -0.03 1.1 WellsIAdml 68.88 +0.10 0.4 ExtndIstPl 347.97 -0.30 13.0 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. TotRetBdI 10.71 +0.02 0.3 CpInc r 11.07 +0.04 3.6 CapApInst NA ... NA PIMCO Funds A EMAdmr 46.01 +0.24 10.4 WelltnAdml 78.18 +0.05 2.1 IdxIntl 20.43 +0.01 5.3 Edgewood Growth Instituti DivIntl 49.18 -0.13 3.1 Harding Loevner IncomeFd NA ... NA EqIncAdml 82.07 +0.04 3.5 WndsrAdml 75.76 +0.10 6.1 MdCpGrAdml 97.68 +0.37 7.0 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 55.26 +0.11 6.7 GroCo 36.25 +0.04 10.3 IntlEq 29.54 +0.09 3.9 PIMCO Funds I2 ExplrAdml 132.13 -0.27 10.4 VANGUARD FDS SmValAdml 67.50 +0.05 10.5 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity GrowCoK 36.35 +0.05 10.3 Invesco Funds Y Income NA ... NA ExtndAdml 141.01 -0.12 13.0 DivdGro 33.11 -0.03 -0.4 TotBd2 11.33 +0.02 -0.9 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem135.70 -0.05 4.2 InvGrBd 11.84 +0.02 -0.4 DevMktY 58.33 +0.31 9.1 PIMCO Funds Instl GNMAAdml 10.72 -0.01 -0.1 INSTTRF2020 26.87 +0.01 2.4 TotIntlInstIdx r136.66 +0.10 5.3 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 19.73 +0.06 4.4 LowP r 52.13 +0.10 7.2 JPMorgan I Class IncomeFd NA ... NA GrwthAdml 136.99 -0.16 5.0 INSTTRF2025 28.25 +0.01 2.9 TotItlInstPlId r136.69 +0.09 5.3 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; ExtMktIdxInstPre 94.31 -0.09 13.0 Magin 13.34 ... 2.2 CoreBond 12.19 +0.02 -0.6 Price Funds HlthCareAdml r 93.68 -0.20 3.0 INSTTRF2030 29.09 +0.01 3.4 TotSt 100.17 -0.05 5.8 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. FidSerToMarket 13.65 -0.01 5.7 NASDAQ r 175.38 -0.46 8.4 EqInc 20.23 +0.03 2.6 BlChip 174.80 +0.42 5.6 HYCorAdml r 6.00 ... 0.8 INSTTRF2035 29.85 +0.01 3.9 VANGUARD INSTL FDS IntlIdxInstPrem 46.99 -0.09 3.0 OTC 18.96 +0.07 8.2 JPMorgan R Class DivGro 60.91 -0.03 1.5 InfProAd 28.46 +0.03 0.5 INSTTRF2040 30.64 +0.01 4.4 BalInst 45.72 +0.02 3.1 CoreBond 12.20 +0.01 -0.6 IntlGrAdml 177.47 -0.17 10.7 INSTTRF2045 31.35 +0.01 4.9 DevMktsIndInst 15.78 -0.02 3.5 Wednesday, February 10, 2021 MidCpInxInstPrem 28.94 +0.11 7.1 Puritn 27.17 +0.07 4.4 EqInc 32.95 +0.03 5.5 SAIUSLgCpIndxFd 20.47 ... 4.3 SrsEmrgMkt 27.83 +0.22 11.5 Lord Abbett A Growth 103.87 +0.26 7.1 ITBondAdml 12.47 +0.02 -0.7 INSTTRF2050 31.44 ... 4.9 DevMktsInxInst 24.67 -0.02 3.5 Net YTD Net YTD Net YTD SeriesBondFd 10.67 +0.02 -0.8 SrsGlobal 15.12 +0.01 5.4 ShtDurIncmA p 4.22 ... 0.5 HelSci 105.67 -0.19 6.9 ITIGradeAdml 10.40 +0.01 -0.4 INSTTRF2055 31.53 +0.01 4.9 ExtndInst 141.00 -0.12 13.0 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesOverseas 12.65 -0.06 2.0 SrsGroCoRetail 25.15 +0.05 10.5 Lord Abbett F LgCapGow I 66.10 +0.21 8.0 LTGradeAdml 11.35 +0.05 -3.4 IntlVal 41.74 -0.01 3.7 GrwthInst 137.00 -0.16 5.0 American Century Inv WshA p 51.97 +0.01 3.6 5GlbFxdInc 10.90 ... 0.1 SmCpIdxInstPrem 28.89 -0.21 15.7 SrsIntlGrw 18.23 -0.07 2.5 ShtDurIncm 4.22 ... 0.5 MidCap 119.18 +0.39 5.4 MidCpAdml 274.10 +1.37 6.9 LifeCon 23.05 +0.02 1.7 InPrSeIn 11.60 +0.02 0.5 Ultra 79.86 -0.03 5.2 Baird Funds EmgMktVa 30.46 +0.18 6.3 TMktIdxInstPrem113.96 -0.05 5.8 SrsIntlVal 10.47 +0.02 3.8 Metropolitan West NHoriz 87.00 -0.29 5.7 MuHYAdml 12.12 +0.02 1.7 LifeGro 41.97 ... 4.3 InstIdx 345.57 -0.11 4.3 MuIntAdml 14.95 +0.02 0.9 LifeMod 32.59 +0.01 3.0 InstPlus 345.59 -0.11 4.3 American Funds Cl A AggBdInst 11.67 +0.02 -0.7 EmMktCorEq 26.24 +0.11 8.1 USBdIdxInstPrem 12.31 +0.01 -0.9 TotalBond 11.26 +0.02 -0.3 TotRetBdI 11.11 +0.02 -0.5 R2020 23.49 +0.01 3.3 MuLTAdml 12.33 +0.01 1.1 PrmcpCor 31.29 +0.01 8.0 InstTStPlus 78.24 -0.03 5.8 AmcpA p 41.17 -0.02 5.3 CorBdInst 12.05 +0.01 -0.6 IntlCoreEq 15.15 -0.03 4.0 Fidelity Advisor I Fidelity SAI TRBdPlan 10.41 +0.01 -0.6 R2025 20.10 +0.02 3.8 MuLtdAdml 11.29 ... 0.4 STAR 32.42 +0.04 4.3 MidCpInst 60.55 +0.30 6.9 AMutlA p 45.86 ... 2.8 BlackRock Funds IntSmCo 21.22 -0.07 4.6 NwInsghtI 39.79 +0.24 5.6 TotalBd 10.70 +0.01 -0.3 MFS Funds Class I R2030 29.69 +0.02 4.4 MuShtAdml 15.96 ... 0.2 TgtRe2015 15.98 +0.01 1.6 MidCpIstPl 298.63 +1.50 6.9 BalA p 30.94 +0.03 2.5 HiYBlk 7.85 ... 1.2 IntSmVa 19.99 -0.09 4.5 Fidelity Freedom Fidelity Selects Growth I 169.09 +0.32 4.5 R2035 22.28 +0.02 4.9 PrmcpAdml r166.54 +0.05 8.2 TgtRe2020 35.10 +0.02 2.4 SmCapInst 103.44 -0.23 11.0 BondA p 13.69 +0.02 -0.6 HiYldBd Inst 7.85 ... 1.3 ValueI 46.32 -0.01 2.7 LgCo 29.35 -0.01 4.3 FF2020 17.76 +0.02 3.5 Softwr r 28.49 -0.09 5.1 R2040 32.07 +0.02 5.4 RealEstatAdml126.67 +0.64 5.2 TgtRe2025 22.17 +0.01 2.9 STIGradeInst 11.03 +0.01 0.2 BlackRock Funds A MFS Funds Instl CapIBA p 64.57 +0.09 2.5 TAUSCoreEq2 24.48 -0.01 6.5 FF2025 16.06 +0.03 3.9 Tech r 29.32 ... 9.1 PRIMECAP Odyssey Fds SmCapAdml103.44 -0.23 11.0 TgtRe2030 41.94 +0.02 3.4 STIPSIxins 25.82 +0.01 0.8 CapWGrA 62.25 -0.03 4.8 GlblAlloc p 22.32 ... 3.7 US CoreEq1 31.52 -0.01 6.2 FF2030 20.14 +0.03 4.5 First Eagle Funds IntlEq 31.24 -0.08 2.0 AggGrowth r 60.96 -0.08 13.6 SmGthAdml104.80 -0.56 11.5 TgtRe2035 26.21 +0.01 3.9 TotBdInst 11.49 +0.02 -0.9 EupacA p 73.16 +0.07 5.5 BlackRock Funds Inst US CoreEq2 28.85 -0.02 7.0 FF2035 17.49 +0.03 5.6 GlbA 62.89 -0.07 2.7 Northern Funds Schwab Funds STBondAdml 10.85 ...... 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B10 | Thursday, February 11, 2021 **** THE WALL STREET JOURNAL. BANKING & FINANCE GameStop Frenzy Echoes Behavior in Crypto World

Digital-currency GameStopshareprice Bitcoin price with yearsoffalling mall traf- ficand advances in technology investors have long $350 $50,000 that let people download used social media to games directly to their con- 300 solesinstead of buying hard target specific assets 40,000 copies. 250 Therehas been much de- BY PAUL VIGNA bateabout whether the behav- 30,000 ior of the investorsorganizing 200 Theflash mob that droveup on WallStreetBetsshould be BERRIS the price of GameStop Corp. considered market manipula- NNER

and other heavily shorted 150 tion.The GameStopfrenzy has TA stocks took Wall Street by sur- 20,000 attractedthe attention of the The electronic ad is justone of morethan 300,000 boughtby prise.Inthe cryptocurrency Securities and ExchangeCom- people believedtobeinspired by the WallStreetBets subreddit. market, such behavior is com- 100 mission, which has said it is on monplace. 10,000 the lookout forsuch trading. Groups of investorswho or- 50 Treasury SecretaryJanet Yel- Highway Billboards ganizeonsocial media and tar- len, meanwhile,has asked fora getaspecific asset—oftenone 0 0 meeting with officials at the small and illiquid enough to be SEC,Federal Reserve, New easily influenced—areastaple Sept. 2020 Jan. ’21 Sept. 2020 Jan. ’21 York Fedand Commodity Fu- GetaRole Hyping of the cryptoworld. Although Sources: FactSet (shareprice); CoinDesk (bitcoin) tures Trading Commission to digitalcurrencies have made discussthe recent stock-mar- inroads with professional in- customersasthose investors Afterwaffling recently,bit- ketvolatility. Videogame Retailer vestors, they arealso still sub- looked fornew investing plat- coin gained fresh momentum Cryptopumping schemes ject to pumping schemes that forms. this week afterTesla Inc.dis- have received much lessscru- proliferateonsocial-media Therewas already overlap closed itspurchase of $1.5bil- tiny,evenasthe Commodity BY MARCO QUIROZ-GUTIERREZ big swingsinshares of a series platforms likeDiscordand amongcryptoand Robinhood lion in bitcoin and said it plans Futures Trading Commission of struggling companies,in- Telegram. traders. About 46% of crypto to accept the digital currency has offered rewardstowhistle- The GameStop Corp.surge cluding the videogame retailer, The prevalence of such investorsondigital exchanges as payment forits electric ve- blowers.Tradersgather in mayhavestalled, but some in- and movie chain AMC Enter- ploys,going back nearly ade- likeCoinbase and Kraken have hicles.Bitcoin set anew intra- groups with nameslikeBig vestorsare trying to keep en- tainment HoldingsInc. cade to the early days of the also made depositsatRobin- day record of $48,226 on Pump Group and Big Pump thusiasm going in anew GameStopshares have cryptoindustry, suggest that hood, according to asurvey of Tuesday. Time to target aspecific cur- venue: highway billboards. fallen around 21%this week the mania surrounding consumer-spending habits Some bulls have said bitcoin rencyonacertain exchangeat Thenow-famous Wall- through Tuesdayto$50.31and GameStop on Reddit’sWall- from analytics firm Cardify.ai. could hit $200,000 by the end aset time in abid to drivethe StreetBets cartoon mascot, are well below their recent StreetBetsforum maynot be Both fans and critics of Robin- of year,defying skeptics who pricehigher foraquick pay- with hisblack shades and closing peak of $347. 51 hit Jan. an isolated eventinthe stock hood,which allows investors sayithas yettoprove itself as day. slicked-back hair, recently 27.They started the year be- market.Asimilar,temporary to trade stocks,options and alarge-scale currency. Such groups became highly stretched his arms abovethe low$20. spikealso occurred last week cryptocurrencies,say it pro- GameStop’ssurge wasalso organized by 2014and reached morningcommutersonhigh- Tanner Berris,aspecial-ed- in the silver market. motes“gamification” of the turbocharged. Shares started their height in 2017and 2018. way I-694near Minneapolis ucation teacher who bought “It’sdefinitely an awakening market with the use of push They generated morethan and proposed “$GME to the theMinneapolis ad, said he’s of small retail tradersthat alerts, free stocks and confetti $825 million in trading activity moon!” GME is GameStop’s followedWallStreetBetsfor there’spowerinnumbers, and to encourageengagement. Some bulls have said in 2018 alone,all of it coming stock ticker. yearsand believes so strongly that’scome from crypto,” said Neeraj Agrawal, the director from small, individual traders Theelectronic advertise- in GameStopthat he’dhold the Kain Warwick,the founder of of communications at Wash- bitcoin could hit across hundreds of different ment, featuring rocket emojis, stock even if it wasn’t an in- Synthetix,acrypto-focused de- ington, D.C.-based cryptocur- $200,000 by the end groups,according to aWall is just one of morethan ternet trend. rivatives platform. “Wereal- rencytrade group Coin Center, Street Journal analysis. 300,000 ads purchased across He said billboards aren’t ized that along time ago.” says thereisasignificant of year. In one morerecent example, at least30statesbypeople meant to be serious financial Another similarity between overlap of gamersand crypto agroup called United Binance drawing inspiration from the advice, even saying so on the cryptoand WallStreetBets: traders—and now, apparently, Pushes orchestrated apump- WallStreetBetssubreddit, said sign he purchased: “This is not Free tools,likeonline trading stock traders. and-dump of asmall, obscure Kurt Tingey,senior vicepresi- financial advice. Don’t take ad- apps and messageboards,pro- “It’sthe same skill set,” he the year at $19.ByJan. 19, cryptocurrencycalled Bread, dent of businessdevelopment vicefrombillboards.” motewhat early bitcoin adapt- said. “Daytrading is basically they had doubled. Threedays with amarket value of about for Blip Billboards. Thebillboards aren’t lim- erscalled the democratization sitting in agamer chair with later,they had morethan tri- $10million. On Saturday, at 1 Blip offersusersbrief show- ited to GameStop. of finance. Bitcoin wascreated multiple screens playing a pled—and three days after p.m. ET—the preselected and ingsoftheir ad foraflexible Kory Keller,aFlorida health 12 yearsago as adecentralized game.” that, on Jan. 27,they closed at advertised time—trading in pricethat canbeaslow as 1 care administration worker, currencythat would be free Thevelocity of the recent ahigh of $347. 51. Through the Breadexploded, very briefly, cent foraneight-second time bought 44 billboards last week from the interferenceofbank- surgesinbitcoin and runand subsequent fall—the on theBinanceexchange. slot. Demand from individual to support the meme-inspired ersand other middlemen. GameStopare also drawing stock closed Wednesdayat In one hour,the volume for investors has driven Blip’s cryptocurrencydogecoin. He When the Robinhood app comparisons. $50.20—usersonWallStreet- Bread—which is so marginal comparably inexpensivebill- ended up paying $360 for restricted trading of some Bitcoin has mounted aspec- Betsurged one another to that it only trades in bitcoin boardads up to 20 times its around 19,000 brief spotson stocks,investorsonWall- tacular rally sinceSeptember “hold the line,” “send GME to and ether—surgedto65,000 usualratesinceJan. 30,Mr. billboards in eight states,in- StreetBetssaw it as further ev- when it traded around 12,000, the moon” and put pressureon bitcoins from 2,000 bitcoins. Tingey said, with ameme- cluding California, Arizona and idenceofthe inequity of the one that wasturbochargedin the hedgefunds short selling In priceterms,itrose to stocks-related ad appearing Texas. investing world, casting them- December and January. The GameStoponthe other side of 0.00000473 bitcoin from every2.5 seconds on itsbill- Theads were mostly just selves as David and the Wall digital currencycrossed the trade. 0.00000281, beforefalling. boards nationwide. forfun: He said he’sproud of Street establishment as Goli- $20,000 forthe firsttime on Thestock’ssurge wasdi- “Withmanynew members “When this hit, it wasover online commentsfrompeople ath.And in the wake of that Dec.16, brokethrough the vorced from fundamentals. we hope this wasagood pump the weekend and, man, our saying the ads made them decision, Coinbase, one of the $30,000 barrier on Jan. 2and GameStopisexpected to post and learning experiencefor websitetraffic just went nuts, laugh. biggest cryptoexchanges,ex- topped $40,000 just five days itsfourth consecutiveannual you,” the group wroteonDis- with a1,900% increase in traf- Keller said he hopes to re- periencedanincrease in new later. revenue decline as it struggles cord afteritwas over. fictothat site,” he said. “They coup his outlayonbillboards just blewitup.” through his dogecoin profits. Thebillboards mark an ex- He holds what he estimates is tension of the online frenzy about the equivalent of adown Mastercard BacksSome Digital Currencies that in lateJanuarylifted payment on aToyotaCorolla— GameStopshares to records, or afew thousand dollars—in then sent them plunging.Indi- the virtual currency. “I just BY KIMBERLY CHIN significantconsumer protec- vidual investors, led by enthu- thinkthey look ridiculous in tions, complianceprotocols siastsinforums likeReddit’s plainsight, out in public,” he Mastercard Inc.on and other measures. WallStreetBets,havespurred said of the billboards. Wednesdaysaid it is preparing “Thisisabig changethat to support cryptocurrencies will require a lot of work. We directly on itsnetwork this will be very thoughtful about tional earnings growth.” year,asthe companyfollows which assetswesupport based Fidelity He has stayed true to his the rise of digital assets. on our principles fordigital strategy, even as value shares Thecompanysaid it is see- currencies,which focus on underperformed technology ing morepeople using cardsto consumer protections and Cashes In companies and other growth buy crypto assets such as bit- compliance,” Mr.Dhamodha- stocks. coin, as well as morepeople ran said. “You cannever predict using cryptocards to access Earlier on Wednesday, Stake when the excitement or exu- and convert these assets into TwitterInc. Chief Financial berance for a specific type of traditional currencies for Officer Ned Segal said the so- stock will end,” he wrotein spending. cial-media companyhas ContinuedfrompageB1 July.“But Ican tell youthat “The trend is unmistak- thought about howitmight commentarytoinvestors, not- the market’sstyle leadership—

able,” RajDhamodharan,exec- WHITE/REUTERS payemployees or vendors using,“If thereisavaccine for value versus growth—has his- S utive vice president of digital ing the popular cryptocur- Covid-19,and smaller-cap torically rotatedovermulti-

asset and blockchain products THOMA rency bitcoin. companies,such as retailers year periods.” and partnerships,said in a The companywill look forassets thatoffer consumer protections. Tesla Inc.said Mondaythat and apparel companies,transi- Thepositions listed in Fi- post. it bought $1.5billion in bit- tion successfully to an optimal delity’s filingsdon’t include This will provide more op- the company said. choice, Mastercard said. coin,adisclosurethat follows businessmodel of both e-com- those held in funds subadvised portunitiesfor shoppersand While the move isn’t a rec- Thecompanywon’t support Chief ExecutiveElon Musk’s merce and bricks-and-mortar by Geode Capital, asister merchantstotransact in a ommendation forpeople to all cryptocurrencies on itsnet- promotion of the cryptocur- stores,it’spossible that many companythat manages all of newway,aswell as open up start using cryptocurrencies,it work, adding that it will look rencyand other digital-cur- undervalued smaller-cap com- Fidelity’s stocks-index invest- newcustomersfor merchants, will provide people with a fordigital assetsthat offer rencyalternatives on Twitter. panies demonstrateexcep- ments.

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 Continued From Page B9 52-Wk % 52-Wk % NoahHoldings NOAH 52.77 -3.4 ParkNational PRK 119.92 -0.3 Redfin RDFN 94.13 -4.8 Silicom SILC 49.00 3.5 Tapestry TPR 39.42 2.1 Unisys UIS 26.63 -0.3 WisdomTreeInvs WETF 5.86 -1.2 NomuraHoldings 6.17 0.5 PatrickIndustries 80.48 0.3 RegionsFin 19.80 -0.4 SiliconLab 148.00 1.0 TasekoMines 1.57 3.4 UtdCmtyBks 32.64 -0.1 WolverineWwide WWW 34.79 -0.9 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg NMR PATK RF SLAB TGB UCBI Noodles NDLS 9.79 2.7 PeridotAcqnA PDAC 14.24 6.5 RenewableEnergy REGI 117.00 2.8 SilverCrestAcqn SLCRU 10.49 0.9 TechTarget TTGT 99.30 -2.7 UnitedRentals URI 285.03 -0.2 Workday WDAY 277.41 -0.5 Stock Sym Hi/Lo Chg KingsoftCloud KC 72.90 2.7 MaxeonSolar MAXN 57.97 -5.7 Novanta NOVT 141.93 -1.1 PeridotAcqnWt PDAC.WS 4.05 7.8 Rent-A-Center RCII 53.58-1.1 SilverSpikeUn SSPKU 33.59 5.7 TempurSealy TPX 29.88 0.1 US Antimony UAMY 1.88 82.6 WorthingtonInds WOR 60.68 1.6 KintaraTherap KTRA 3.35 2.6 Medifast MED 278.33 3.6 IDT IDT 20.89 6.0 Novocure NVCR 194.75 -2.3 PeridotAcqn PDAC.U 16.00 5.1 RepublicFirstBncp FRBK 3.57 2.9 SilverSpikeAcqn SSPK 28.25 9.4 10xGenomics TXG 192.45 1.4 USComdtyIndxFd USCI 35.36 0.6 WyndhamHtls WH 63.41 -0.4 KodiakSciences KOD 171.21 -0.2 Medpace MEDP 166.72 5.3 II-VI IIVI 98.52 0.4 NuSkinEnts NUS 63.85 2.0 PerionNetwork PERI 26.07 -1.0 ResideoTech REZI 26.74 -0.9 SilverSpikeAcqnWt SSPKW 11.94 9.6 TenetHealthcare THC 52.63 -3.8 USCopperIndex CPER 23.50 1.4 Xencor XNCR 55.33 -0.6 Kopin KOPN 10.59 10.3 MercuryGeneral MCY 57.66 0.7 II-VI 6% Pfd IIVIP 401.00 0.6 Nutrien NTR 55.95 1.1 Pharvaris PHVS 32.19 -0.6 ResoluteForest RFP 9.28 7.2 SiNtxTech SINT 3.44 2.0 TexasInstruments TXN 176.14 0.4 US GlobalInv GROW 8.24 20.1 YatsenHolding YSG 25.47 0.1 KornFerry KFY 56.20 1.1 MeridaMergerIWt MCMJW 3.05 34.5 Invesco IVZ 23.25 0.2 NVIDIA NVDA 596.20 3.5 Phreesia PHR 81.59 -3.2 RibbitLeapA LEAP 16.36 -3.5 SkylineChamp SKY 43.25 1.9 TexasPacLand TPL 1066.00 5.4 Uniti UNIT 13.40 -0.5 Yellow YELL 6.83 25.8 KratosDefense KTOS 33.26 -1.4 MeridaMergerCorp.I MCMJ 11.24 2.0 IQVIA IQV 199.99 3.4 O-I Glass OI 14.45 -2.2 Phunware PHUN 3.27 13.4 RibbitLeapUn LEAP.U 16.83 -0.7 SleepNumber SNBR 127.09 1.3 TheBancorp TBBK 19.57 3.6 UnivLogistics ULH 25.00 3.8 Yelp YELP 39.95 -4.5 Kulicke&Soffa KLIC 45.65 3.5 Meritor MTOR 33.56 1.3 i3Verticals IIIV 35.87 -1.8 OLB Group OLB 16.40 35.6 PinnacleFinPtrs PNFP 76.68 -1.2 RigNet RNET 11.08 3.1 Smartsheet SMAR 80.40 -1.1 The9 NCTY 41.73 6.0 UpFintech TIGR 31.85 2.1 YirenDigital YRD 5.56 23.9 LCI Inds LCII 152.96 -5.5 MerrimackPharm MACK 9.15 14.8 icad ICAD 18.67 -4.9 OaktreeSpec OCSL 6.09 2.2 PlusTherap PSTV 5.42 19.8 RingCentral RNG 442.27 0.6 SocialCapHedVI IPOF.U 17.99 -1.0 3D Systems DDD 56.50 -7.0 Upstart UPST 91.39 13.4 YumChina YUMC 62.49 -0.9 LPL Financial LPLA 128.82 2.0 MesaAir MESA 9.82 28.9 Identiv INVE 11.40 4.6 OasisMidstream OMP 17.24 9.3 PLxPharma PLXP 9.50 27.0 RobertHalf RHI 73.37 1.1 SolidBiosci SLDB 8.67 0.4 360DigiTech QFIN 27.40 9.1 Upwork UPWK 58.79 -3.4 YunhongIntlRt ZGYHR 0.54 25.6 LakelandFin LKFN 65.88 -1.1 MetLife MET 55.23 1.0 Illumina ILMN 460.52 -0.7 OdysseyMarine OMEX 8.60 0.4 Popular BPOP 63.59 -0.7 RyderSystem R 70.23 1.4 SolitarioZinc XPL 1.04 8.4 Tilray TLRY 67.00 50.9 UraniumEner UEC 2.33 0.5 ZimIntShipping ZIM 17.60 9.4 LancasterColony 188.25 ... 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THE WALL STREET JOURNAL. ***** Thursday, February 11, 2021 | B11 MARKETS Inflation FidelityUnleashesSecret Weapon Data Team of quants key to Geode nowmanages some Geode'sassetsunder ode’stoughest test. portfolios,including what $720 billion, up from lessthan managementasofyear-end IndexinvestorslikeGeode would become Fidelity 500. Boost investment giant’s $100 billionadecade agoand arechargedwith keeping pace Though at the time manyof fight to compete with more than household names $700 billion with those benchmarks.The the firm’sindexfunds had al- such as Blackstone Group Inc., task growsmorechallenging ready been around fordecades, Treasurys Vanguard, index funds Eaton VanceCorp.and Putnam 600 when stockprices aremoving Fidelity didn’t market them or Investments. rapidly and the paceofclient pricethem competitively until BY SAM GOLDFARB BY JUSTIN BAER “It’sone of the best-kept se- 500 money moving in andout of recently.The firm also largely cretsinasset management,” funds quickens. stoodpat as some of itscom- U.S. government-bond Blocks from Fidelity’s head- said BenJohnson,director of Vincent Gubitosi ranGeode petitors seized on demand for prices climbed Wednesdayaf- quarters, ateam of quantstoil global exchange-traded fund re- 400 for13yearsbeforeretiring as exchange-traded funds,apopu- tersoftinflation dataindi- in relativeanonymity.They are search at Morningstar. president and chief investment lar vehicle forpassivestrate- cated that investors will have also an important weapon in Geode has about 140em- 300 officer in December.Hereckons gies.When BlackRock paid to wait longer for the big in- theinvestment firm’sfight to ployees and no marketing bud- the benchmark S&P 500 cov- $13.5 billion to acquireBarclays crease in consumer prices that take on all rivals,from Van- get. Most of the staff are ered moreground in 2020,as PLC’sETF businessin2009,a 200 many have been expecting this guardGroup to Robinhood quants—engineerstrained in measured by the distancebe- deal that would reshape the year. Markets Inc. mathematics or computer sci- tween the lowand the high money-management industry Theyield on the benchmark Geode Capital Management ence. Itsinvestment-research 100 points, than it had in anyyear forthe decade to come,some 10-year U.S. Treasurynoteset- Inc.was spun out of the Bos- team has just adozenmembers. sinceGeode’sfounding. Fidelity executives groaned. tled at 1.133%, according to ton-based firm nearly two de- Thefirm’ssurge underlines 0 “What impactsusasindex “Wewereprettylatetothe Tradeweb, down from 1.174% cades ago. At the time, Fidelity the emergenceofindexinvest- managersishow big the daily game on that front,” Abigail 2003 ’10 ’20 beforethe datawerereleased Investments Inc.was content ing as adominant forceinthe moveisand what the flowsare Johnson,Ned Johnson’sdaugh- and 1.156% Tuesday. to be undercut by rivals in the marketsand reflectsFidelity’s Source:Geode Capital like,” Mr.Gubitosi said. “There terand successor as Fidelity Yields,which fall when low-cost indexbusinessand evolutionfromstock picker to wasnotime to come up forair.” chiefexecutive, said of Fidel- bond prices rise,dropped after didn’t want to overshadowits tech-savvyfinancial conglomer- Robinhood—are afterthe same Geode began as one of a ity’s forayintoETFs. “I don’t the Labor Department said powerful and famous stock ate. Indexfunds aretop sellers thing. handful of boutique managers want to be latetothe game on core consumer prices,exclud- pickers. at brokerages andserveas Fidelity overcame alatestart createdtoinvest asliceofthe other things,” she said. ing the oftenvolatile food and Today, Geode is the key building blocks in other popular to become one of the industry’s fortune of the founding John- Afterthe market mayhem of energy categories, remained plank in the firm’seffort to investment products, likethe biggest indexers.The firm’stop- son family,along with those ac- early 2020,Geode’sMr. Gubi- unchanged in lowerthe costsofinvesting target-datefunds sold through selling indexfund, Fidelity 500, cumulated by acoterie of cur- tosi decided it wastime to bow CREDIT January, com- acrossall of itsbusinesses.It 401(k)sand other retirement manages $287 billion—nearly rent and former Fidelity out. He told the boardlast sum- MARKETS pared with the has helped Fidelity gain back accounts. tripling itsassetsinfiveyears. executives. mer he wasinterested in step- previous month. ground lost to passive-investing Money managersdon’t make Geode advises on all of Fidel- Fidelity’s nascent index ping down as president. Core prices were also flat in giantsVanguardand BlackRock much money off these passive ity’s no-fee Zerofunds and doz- funds were originally subad- Theboardconsidered both December afteradownward Inc.Ithas also drawnnew cli- funds,which arepriced low ens of others. vised by BankersTrust Corp. in-house andexternalcandi- revision to the earlier esti- entstothe firm in the eraof enough to attractnew custom- Adecadelong market rally Afteraseries of transactions dates forCEO beforelanding on mate. no-commission trades.The in- erstothe firms’ platforms.But proved theideal condition for movedthat businessaround, Bob Minicus, alongtime Fidel- Economistssurveyed by vestmentsGeode manages Fidelity is betting enough of passiveinvestorslikeGeode, Edward“Ned” Johnson 3d, then ityexecutivewho had runthe TheWall Street Journal had helped Fidelity liftassets under those clientswill eventually whose funds tracked stock Fidelity’s chairman, had seen firm’ssprawling equity-trading expected a0.1% increase in administration—or what inves- turn to it forhigher-end ser- benchmarks that rose steadily— enough. desk until 2018. core prices in January. tors held in brokerageand re- vices,likefinancial advice. oftenoutperforming more-ex- In August 2003,Fidelity In his most recent role,he Overall, the dataindicate tirement accountsand in its Of course,nearly everyone pensivestock-picking funds. spun out Geode.That same led the asset-management divi- that “there’s just no real sig- funds—to $8.8 trillion in Sep- of Fidelity’s rivals—from Those indexesproduced big month, regulatoryfilingsre- sion’scompliance, risk and nificant underlying inflation- tember from $8.32trillion at Charles SchwabCorp.and Mor- gains in 2020,too,but the vola- vealed that Geode had begun to businessoperations organiza- arypressure,” said Thomas Si- the end of 2019. ganStanley to Vanguardand tile year would go down as Ge- managesix Fidelity index-fund tion. mons, senior vicepresident and money-market economist in the fixed-income group at Jefferies LLC. Dow Hits Record but S&P, Nasdaq Slip Thepostreport rally was notable because it came hours beforea$41 billion Treasury BY PAUL VIGNA aresogreat because earnings auction of 10-year notes. The AND WILL HORNER have been way underesti- looming influx of newbonds mated.” into the market would typi- Stocks finished mixed as With nearly 70%ofthe S&P cally put upward pressure on investorstook abreather with 500 already reporting fourth- yields,which were climbing major indexesatornear re- quarter earnings, profitsfor beforethe inflation report. cord highs. thegroup areup5.1%, better Theauction later met solid de- Themajor stock indexes than an expected contraction mand from investors, leaving driftedinand out of positive of 9.2%, according to FactSet. yields stillloweronthe ses- territoryall day. In the end, That is also avast improve- sion. theDow Jones Industrial Av- ment from the third quarter’s Some analystsplayeddown eragerose to arecord, while 5.6% profit contraction. First- the importanceofWednes- the S&P 500 and Nasdaq Com- quarter earningsare expected day’sdata. Forecastsfor positeslipped belowrecord to rise 21%.

higher inflation this year rest levels. Among big-name stocks, S largely on theexpectation that TheDow Jones Industrial ride-hailing firm Lyft rose NEW

Congress will pass more than Averagerose 61.97 points, or $2.57,or4.8%, to $56.21 after G $1 trillion in new coronavirus 0.2%, to 31437.80, eclipsing posting anarrowerannual

relief legislation,and that the therecordit loss, suggesting the company OOMBER

economywill also rebound WEDNESDAY’S set Monday. is moving toward profitability. /BL sharply once more people are MARKETS TheS&P 500, Rival Uber Technologies

vaccinated. which rose to slipped in after-hourstrading. MORRIS

Faster inflation tends to arecordonMonday, slipped Thecompanyposted anar- UL driveupTreasuryyields be- 1.35 points,lessthan 0.1%, to rowerannual lossonthe back PA cause it erodes the purchasing 3909.88, and the Nasdaq Com- of itsfood-deliverybusiness Lyft shares roses 4.8% after reporting a narrower annual loss. A Lyft bicycle stand in San Francisco. VID DA powerofbonds’ fixedpay- positelost 35.16 points, or and aggressivecost cuts, even mentsand caneventually lead 0.25%, to 13972.53.The Nas- though the coronavirus pan- Indexand share-priceperformance, Wednesday the fiscal deficit toohigh, said the Federal Reservetoraise daq set another record high, demic crushed itscoreride- Altaf Kassam, head of invest- short-term interest rates. its10th this year,onTuesday. hailingoperations. 1.0% ment strategyfor State Street Year-over-year inflation Thesmall-cap Russell 2000 Twitter jumped $7.90, or Global AdvisorsinEurope. numbers are also expected to fell 16.6 points, or 0.7%, to 13%, to $67.77after the social- Investorswould liketosee 0.5 climb this spring thanks to 2282.44. Theindexisstill up media companysaid late abig relief package, Mr.Kas- comparisons to depressed almost 16% forthe year,far Tuesdaythat it added users DowJones sam said. Thechallenge, he prices in the year-earlier pe- outpacing the three main through the holidayperiod. Industrial Average said, is “whether youcan have 0 riod. Theimpact from those large-cap indexes. Coca-Cola slipped 10 cents, S&P500 toomuch of agood thing.” comparisons will be transitory, Despitesitting in record or 0.2%, to $49.60after the Nasdaq Composite TheFederal Reserve, how- however, and the same figures territory, large-cap stocks soda giant said early Wednes- -0.5 ever,isn’t likely to raise inter- could start to fall by June,ac- don’t appear to be over- daythat it expectsits 2021 or- est ratessoon. Chairman Je- cording to analysts. bought, said Frank Cappelleri, ganic revenue to grow by a Russell 2000 rome Powell on Wednesday Wednesday’sdatastill executivedirector at broker- high-single-digit percentage. -1.0 stressed that the labor market shiftedsome investors’ out- ageInstinet, so he doesn’t Cisco Systems, considered remains stunted by the pan- look. Heading into this week, think abig selloff is likely.The aproxyfor corporatehigh- demic and that the central many were thinking that fu- market might, however, be in tech hardwaredemand, fell -1.5 bank will continue supporting ture inflation would be build- foraperiod of rangebound $1.26, or 2.6%, to $47. 24 after the economythrough lowin- 9:30 a.m. noon 4p.m. ing “onalready some momen- trading.“We’redue forsome itsfiscal second-quarter reve- terest ratesand hefty asset tum that we were seeing now,” sort of pause,” he said. nue and profit declined. purchases. Twitter but that argument is harder to Still, investorsare looking Shares of Oracle slipped 40 Overseas,the StoxxEurope make after the report, Mr. Si- ahead, betting that President cents, or 0.6%, to $63.27,and Uber 600 fell 0.2% to 409.47. mons said. Biden’s$1.9trillion stimulus Walmart fell $1.70,or1.2%, to Lyft TheShanghai Composite Market-based inflation ex- packagewill help bolster the $144.13.The Wall Street Jour- advanced 1.4% to 3655.09to Cisco pectations, based on the extra economywhile vaccinations nal reported that aU.S.plan close at itshighest level since yield investorsdemand to hold help reduceCovid-19 fatalities. to forcethe sale of TikTok’s Yelp August 2015. This was its last nominal Treasurys over Trea- Investor sentiment has also American operations to a Akamai trading daybeforethe Lunar sury-inflation protected secu- been buoyedbycompanies’ group including the two com- NewYear holidays.Distiller rities,slipped afterthe data quarterly resultsthat have panies had been shelved in- -12-% 10 -8 -6 -4 -2 0246810 12 14 KweichowMoutai,the big- were released. The10-year largely proved to be better definitely by the Biden admin- Source:FactSet gest stock in the index, leapt break-even rate,indicating an- than expected. istration. 5.9% to arecordclose. nual inflation expectations “Aslong as earningsesti- Theequities market has Acorrection would be a extensive,” she said. Early Thursday, Hong over thenextdecade,was mates aregoing up,stocks are been on atear sincethe fall, good thing overall, she said, U.S. inflation datashowed Kong’sHang Seng Indexwas around 2.20% at the end of the going up,” said Andrew Slim- and some kind of correction by working off some of the consumer prices posted slow up 1.9%. Japanese markets trading session, compared mon, amanaging director and soon should be expected, said speculative excesses the mar- and steady gains forJanuary. were closed forNational Foun- with 2.21% on Tuesday. portfolio manager at Morgan Katerina Simonetti, senior kethas seen lately.“If it Still, rebounding consumer dation Day. U.S. stock futures Thebreak-even rate is Stanley Investment Manage- vicepresident at Morgan doesn’t happen, if we continue demand and another sizable were up 0.1%. based on the outlook forthe ment.“Themagnitude of the Stanley PrivateWealth Man- to see growth, the type of cor- stimulus packagecould make —Joanne Chiu consumer-priceindex, which is earnings beatswehaveseen agement. rection from that will be more inflation rise steeply,orpush contributed to this article. usually abit higher than the Fed’spreferred inflation gauge, the personal-consumption-expenditurespriceindex. Advent Plans Sale of Laird Electronics Unit TheFed targetsanannual inflation rate of 2% but has said it would try to push infla- BY BEN DUMMETT of Swisslife-sciences company materials business, which de- owns two smaller businesses. beforeselling them outright or tion abovethat level forape- LonzaGroup AG. That followed velops productstoprotect and One is focused on wireless through an initial public offer- riod to account forthe long Global buyout firm Advent Friday’s$4.7billion agreement improvethe performanceof connectivity and the other de- ing to generate returns. time it has stayed below 2%. International is considering foraBlackstone Group Inc. automotive components, con- velops thermoelectric cooling Advent has already sold one the sale of the bulk of U.K. and Global InfrastructurePart- sumer electronics and next- systems,according to the Lairdunit, adeveloper of vehi- electronics engineering com- ners-led group to buy the generation 5G wirelesstele- company’s website. cle antenna systems and con- AUCTION RESULTS pany Laird Ltd. for around $2 U.K.’s SignatureAviation PLC, comnetworks.Carriersinthe Advent’ssale plan comes nectivity devices.MolexLLC,a Here are the results of Wednesday's Treasury auction. All bids are awarded at a single price at the billion, including debt, accord- the world’slargest operator of U.S. and elsewhereare spend- less than three yearsafter it Lisle,Ill.-based maker of elec- market-clearing yield. Rates are determined by the difference between that price and the face value. ing to people familiar with the private-jet bases. ing billions of dollarsonair- agreed to acquireLaird, which trical and fiber-optic connec- 10-YEAR NOTES matter. So far this year,private-eq- wave frequencies and equip- wasthen listed on the London tivity systems, acquired that Applications $111,858,824,600 Thepotential sale comes as uity firms have generated 29% ment to build out 5G networks Stock Exchange, in March 2018 business foranundisclosed Accepted bids $55,873,973,800 private-equity firms areatthe of global deal activity,mea- as consumersseek faster forabout £1billion, equivalent amount in December 2018. " noncompetitively $23,219,900 " foreign noncompetitively $0 center of much recent deal ac- sured by value,upfrom24% in speeds to download movies to $1.38 billion by current ex- Thebuyout firm split Auction price (rate) 99.717501 tivity.This week,private-eq- the year-earlier period, accord- and other services. change rates. Laird’sremaining operations (1.155%) Interest rate 1.125% uity firms Bain Capital LLC ing to Dealogic,adataprovider. Laird, which traces itsroots Adeal would represent a into three companies, a move Bids at clearing yield accepted 32.14% and CinvenGroup Ltd. struck a Advent, which oversees $66 back nearly 200 yearsfromits quick turnaround. Buyout that pavedthe way forthe Cusip number 91282CBL4 The notes, dated Feb. 16, 2021, mature on Feb. 15, $4.7billion deal to acquirethe billion in assets, is seeking a beginningsinLiverpool servic- firms typically hold portfolio planned sale of the perfor- 2031. specialty-ingredientsbusiness buyer forLaird’sperformance- ing the shipping industry, also companies foruptofiveyears mance-materials division. P2JW042000-0-B01200-1------XA

B12 | Thursday, February 11, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Brewers Face Pandemic Hangovers

Patchy recovery partly explained by location

Global brewers arerecovering from the pandemic at unequal speeds. On Wednesday, Heineken said it sold 8% lessbeer in the three months through December compared with the same period of 2019. After better-than-expected sales over the summer,fresh lockdowns in key marketssuch as the U.K. set the world’ssecond-largest brewer back again in the fourth quarter. Heineken estimates that lessthan 30% of barsand restaurantsinEu- S rope arecurrently open.

PRES Although nightlifevenues may

TED begin to reopen in afew months,

CIA barswon’t be selling beer at normal SO

AS volumes while social-distancing

GM/ measures remain in place. That will The Cadillac Lyriq, above, is slated for the 2022 model year. This car and the new Hummer need to measure up against the mounting competition. weigh on Heineken’ssales,around one-thirdofwhich typically come from eating and drinking venues. Thebrewerdoesn’t expect operating GM Needs Some Cutting-Edge EVs margins to getback to pre-pandemic levels until 2023. Itsguidancefor agrinding three- year profit recovery is at odds with Company enjoys soaring stock-market valuation with electric plans, but peers are ahead with launches what is happening at smaller rival Carlsberg.The Danish brewer, which reported full-year numbers In 2019,therewas the United little financial trauma across 2020 in car showrooms. The first vehi- battery technology. It sold well last week,actually managed to grow AutoWorkersstrike; in 2020,the as a whole—by most metrics, less cles GM will launch on its much- last year, due in part to heavy pro- itsoperating margins in 2020 com- pandemic lockdowns; and in 2021, than the shutdowns caused by the hyped Ultium battery platform, the motion by the company, but re- pared with the previous year.After ashortageofsemiconductors. It is 40-day strike the previous year. Hummer truck and the Cadillac mains miles behind U.S. market seeing the impact of the virus in fortunatethat investorshavecome One reason for that resilience was Lyriq, are both slated for the 2022 leader Tesla in the EV race. China, itsbiggest market, Carlsberg to see General Motors as a a strong rebound in vehicle de- model year. GM’s stock is no longer the bar- didn’t delayintaking costsout of growth stock,otherwise they mand in its key U.S. market. An- The contrast between GM’s gain it once was. It now trades for the business. Heineken is only now might worrymoreabout its mea- other was tight financial manage- green ambitions and its current a multiple of roughly nine times beginning amajor drivetoreduce gercash flows. ment, including delaying some forecast earnings. Stripping out itsoverheads by around €2 billion, Thelargest U.S. automaker by capital spending. the volatile numbers created by equivalent to $2.4billion. sales said Wednesdaythat it ex- The tab for capital expenditures Thecontrastbetween its last year’s shutdowns, that is ap- Anheuser-Busch InBev doesn’t pected the global microchip short- in 2021 will be correspondingly proaching the postbankruptcy report its2020 numbersuntil later age to cost it between $1.5billion larger: The company expects to green ambitions and its peak in 2014, when U.S. auto sales this month. However, Barclays ana- and $2.5billion in free cash this fork out between $9 billion and current vehicle line up is were still rebounding strongly lyst LaurenceWhyattthinks the year. Ford made asimilar $10 billion, up from $5.3 billion in from the global financial crisis. Budweiser owner will makeslow projection when it reported quar- 2020 and a pre-pandemic $7.5 bil- getting starker. Investors are excited about progressbetween nowand 2025. terly resultslast week.Combined lion in 2019. Catch-up spending GM’s capacity to lead the industry Thepatchyrecoverycan partly with high capital spending,the isn’t the only reason; GM also is into a new era of mass electrifica- be explained by location. AB InBev problem will reduceGM’sad- accelerating investments in election. The company has been man- and Heineken have high exposureto justed automotivefreecash flow tric and driverless vehicles. Last vehicle line up is getting starker as aged with impressive discipline emerging marketslikeBrazil, where to just $1 billion to $2 billion in month, it made headlines with an other big traditional auto makers through the trials of recent years, currencies have been especially vol- 2021, according to itsinternal aspiration to phase out tailpipe come out with eye-catching vehi- but now it needs something else: atile and the path to vaccination forecasts. Itsshares closed down emissions from its light-duty vehicles. Volkswagen launched its completely new products that de- against Covid-19 is lessclear.Carls- 2% Wednesday. cles entirely by 2035. flagship new EV, the ID.3., last light customers. The new Hummer berg’sstock is trading at 21 times Last year, the company gener- The company has attracted huge year. Ford’s Mustang Mach-E is and Cadillac need to measure up projected earnings, compared with ated automotive free cash flow of attention and a soaring stock-mar- starting to arrive in dealerships. very convincingly against the 25 times forHeineken. Forinves- $2.6 billion. The pandemic lock- ket valuation with its bullish EV For now, GM only has the Chevro- mounting competition, or its green tors,this could be atime when the downs that closed factories across plans, but the big gap in its pitch let Bolt, an EV first produced in halo will fade quickly. cheaper beer is betterquality. the world caused GM surprisingly to Wall Street is a cutting-edge EV 2017 on a previous generation of —Stephen Wilmot —Carol Ryan Under Armour Shares Look Stretched

Under Armour is making an Under Armour operating margins impressivecomeback.Can that continue onceitrejoins the var- 15%

S sity squad?

NEW Revenue in the athletic-wear G maker’s fourth quarter was down 10 3% from the same period a year

OOMBER earlier, better than the 12% drop

/BL analysts expected. Its best-per-

FREY forming category was accessories, 5

GE which registered a 32% bump OR

GE thanks to sales of face masks. Net The company has been hit harder by the coronavirus pandemic than rival PepsiCo, which has a huge snack business. income was $184 million; analysts expected a loss for the period. 0 It helped that Under Armour set Coca-Cola Can’t Catch a Break the bar low.Earlier in 2020,the companypredicted ayear-over- –5 year revenue drop of 20% to 25% in Coca-Cola shares should be like as the quarter went on and newre- ing so far as to call the government’s the second half and then handily 2005 ’10 ’15 ’20 a shaken bottle, ready to burst strictions came intoplacedue to case unconstitutional. It booked a cleared the hurdle in the third Source:S&P Global Intelligence with effervescence later this year Covid-19 outbreaks. relatively modest $438 million tax quarter,when revenue came in flat. as economies around the world re- Still, Coca-Cola’ssales look reservein2020.But it also said that Subsequently,itraised the expecta- have to improve substantially as a open. But now, new uncertainties primed forarebound as vaccina- under aworst-case scenario in tions only slightly,projecting ade- result. That could be tough given from a tax controversy threaten to tions continue and economies re- which the IRS’slogic is applied to cline in the lowteens forthe fourth that expenses have remained stub- keep the stock on ice. open. It wasespecially encouraging subsequent yearspast 2009,itcould quarter.Compared with itscompet- bornly high even after sales re- While at-home sales have re- that, having previouslydeclined to faceatotal liability of around $12 itors, though, Under Armour’s num- treated. Fourth-quarter operating mained strong,out-of-home sales in giveguidancewhile citing “known billion, equal to abit morethan 5% bersdon’t look so great: Nike and margins were 4%, less than half of places such as restaurants, barsand unknowns” around the pandemic, of itsmarket value,and itsfuture Lululemon loggedsales growth of their 2016 level and a far cry from sportsvenues slid. As aresult, Coca- the companyiscomfortable enough underlying effectivetax rate could 9% and 22%, respectively,intheir the company’s double-digit target. Cola has been hit harder by the cor- to guide fororganic sales growth in go up by around 3.5percentage most recent quarters. Given the extra spending that goes onavirus pandemic than rival Pep- the high single digitsin2021. points. When asked by an analyst on Under Armour’s downfall wasof- into building direct-to-consumer siCo,which has ahugesnack Thanks in part to cost-cutting mea- the call, Chief Financial Officer John fering itsproductsattoo many relationships, expenses are likely businesssuited to the stay-at-home sures,profitshould be better. The Murphydidn’t specifically rule out stores,including off-pricesellers. to remain sticky. economy. Over the past year,Coca- companyguided foradjusted earn- an impact on the company’sdivi- While that approach helped power Under Armour’s shares jumped Cola shares aredownaround 16%, ingsper sharetorise by “high single dend under aworst-case scenario, itstop line foracouple of years, it morethan 8% Wednesdayfollowing compared with a6%fall forPepsi. digitstolow double digits” this year. but instead offered general assur- also eroded the brand’scachet and itsearningsannouncement and Thecompanyreported Wednes- But anew unknown has arisen: ances that the company’sstrong bal- pricing powerastoo manyproducts have nowregained all of their daythat organic sales fell 3% in the On Nov.18, aU.S.Tax Court judge ancesheet and cash generation al- ended up on clearanceracks,accord- losses suffered sincethe 2019 dis- fourth quarter from ayear earlier,in ruled that the companyplaced too lowitto“manageany scenario.” ing to Paul Lejuez, equity analyst at closureofan accounting probe. line with analyst estimates,accord- much of itsprofitinits lower-tax Given the taxrisk,Coca-Cola Citi. Thecompanyplans to pull out That puts itsshares at 1.9times 12- ing to Visible Alpha. That wasan foreign operations.The ruling didn’t shares don’t look particularly tempt- of up to 3,000 wholesale stores over month forwardsales,well aboveits improvement from the 26% and 6% determine howmuch the company ing at around 23 times forward time and is doubling down on sell- five-year averagedespitethe fact slides in the second and thirdquar- owes, but the Internal Revenue Ser- earnings, in line with Pepsi’smulti- ing directly to consumers. that the companyhas lost market ters,respectively.Recent perfor- vicehad been seeking morethan ple and itsown long-term average. To show that its plan is suc- shareinNorth America, itslargest mance, however, has been worse $3.3 billion forthe taxyears2007 Investorshaveplenty of other ways ceeding, sales need to hold up as market, everyyear since2017. than the headline quarterly figures through 2009. to playasummer reopening without Under Armour narrows its distri- Under Armour is now past the suggest: On aconferencecall, the Coca-Cola says it will appeal and having to consider the finer points bution, which will begin in the sec- stage in which everybody gets a companysaid that sales weakened believes it will ultimately prevail, go- of taxlaw. —Aaron Back ond half of 2021. Margins also will trophy. —Jinjoo Lee