****** TUESDAY,MAY 4, 2021 ~VOL. CCLXXVII NO.103 WSJ.com HHHH $4.00

DJIA 34113.23 À 238.38 0.7% 13895.12 g 0.5% STOXX 600 439.92 À 0.6% 10-YR. TREAS. À 8/32 , yield 1.606% OIL $64.49 À $0.91 $1,791.40 À $24.10 EURO $1.2065 YEN 109.07 Travel From Restricted as Covid-19 Crisis Intensifies Buffett’s What’s News Company Picksan &Finance Eventual erkshireHathaway CEO BWarren Buffett, who has led the conglomerate Successor for more than 50 years, is to be succeeded in the role by vicechairman Greg Abel, Vice chairman Abel but the promotion isn’t ex- pected immediately. A1 to be Berkshire’s CEO,  “Fortnite” maker Epic but promotion isn’t Games deliberately violated expected immediately Apple’s app-marketplace rules to showthe powerAp- BY GEOFFREY ROGOW ple wields and howittakes an AND JUSTIN BAER

unfair shareofmoney from GES

software developers, Epic’s IMA BerkshireHathaway Inc. CEO testified in court. A1

ETTY Chief ExecutiveWarren Buffett,  Fed chief Powell said /G the billionairewho has led the AY

rules on lending in low-in- NW conglomeratefor morethan 50

come communities should CO years, is to be succeeded as A

be extended to cover all CC CEObyvicechairman Greg firms providing consumer Abel, putting to rest one of the REBE credit, not just . A2 DIRE: Volunteers treat Covid-19 patients with oxygen at a makeshift clinic in a parking lot in New on Monday. The biggest succession questions in wave of cases is leading some nations to restrict their own citizens from returning from the South Asian country. A8 corporateAmerica.  Treasury chief Yellen Mr.Abel has been tapped to plans to appoint the Fed’s oversee the sprawling Omaha, Hsu as acting comp- Neb., conglomeratethat owns troller of the currency. A2 such well-known firms as auto  Apollo agreed to pay insurer Geicoand fast-food about $5 billion to acquire Epic CEO Slams Apple’s Fees chain . Yahoo and AOL from Veri- Mr. Abel, a 59-year-old Ca- zon, ending amedia chapter nadian, isn’t expected to take forthe wirelesscompany. B1 the role immediately. He cur- rently heads all non-  Fidelity cut itsvaluation As Unfair on Trial’s First Day operations at Berkshire. He of Ant after ’s regu- rose through the ranks in latory crackdown severely Berkshire’senergy operations dented the fintech firm’s BY SARAH E. NEEDLEMAN velopers,” said Tim Sweeney, in 1991, had been plotting the lawsuits against them, as well and has handled several large growth prospects. B1 whose company’sglobal hit moment formonths.His closely as launch apublic-relations company acquisitions.  The Dowindustrials “Fortnite” maker game “Fortnite” wasremoved held companyinAugust in- campaign critical of Apple to Some chief executives of and the S&P 500 rose 0.7% Inc.deliberately violated Apple from Apple’smobile app plat- serted itsown, unauthorized draw support from consumers Berkshire’smanyportfolio and 0.3%, respectively. The Inc.’s app-marketplacerules to form last August. payment system intothe ver- and other app developers. A companies said Mr.Abel is on Nasdaq retreated 0.5%. B10 showthe powerthat Apple ThestatementsfromMr. sions of “Fortnite” on the app trial datefor Epic’ssuit against regular calls with them and wields and howthe technology Sweeney in an Oakland, Calif., stores that Apple and Alphabet hasn’t been set. Mr.Buffett, and separately  will take over ex- giant takesanunfair shareof courtroom helped kick off the Inc.’sGoogle control as away Mr.Sweeney spent about checks in with them directly. clusivevideo rightsfor “Thurs- money from software develop- firstday of aplanned three- to circumvent the 30% feethe three hoursonthe stand, field- Investorsdescribed Mr. dayNight Football” starting ers, the videogame company’s week trial, one that could help companies collect from in-app ing questions from arangeof Abel as alevel-headedpres- in the 2022-23season, ayear chief executivetestified in fed- reshape the multibillion-dollar purchases. trial participantsincluding Epic encelikely to runthe company earlier than anticipated. B4 eral court Monday. market fordistributing apps on Both companies yanked the attorney Katherine Forrest, Ap- in asimilar way to the 90-  Blackstone is elevating “Apple wasmaking more mobile devices. combat game from their app ple lawyer RichardDoren and year-old Mr. Buffett. a number of longtime profit from selling developer Mr.Sweeney,a50-year-old stores in response,asEpic an- U.S. District JudgeYvonne Gon- “He is of the firm, he is staffers to newly created apps in the App Storethan de- programmer who founded Epic ticipated,prompting it to file PleaseturntopageA2 PleaseturntopageA6 leadership roles in itsmain private-equity business. B3 Bill and World-Wide Melinda Va ccine Developers  The generation of Gates to Covid-19 vaccines in develop- TryOut NewForms, ment could come as apill or Divorce anasal spray and be easier to storeand transport than Corp.co- Like Pills, Sprays the current shotsthat form founder the backbone of the world- and his wife, wide vaccination effort. A1 Melinda Gates, who S  Moderna said it would is co-chair of the PRES BY PETER LOFTUS futurepandemics,the compa-

supply 34 million doses of billionairecouple’s TED AND nies said. its Covid-19 vaccine to an philanthropic CIA Vaccines currently autho- SO

international program that foundation, shown AS Thenextgeneration of rized for use in the U.S. from distributes free shots to in 2018,announced Covid-19 vaccines in develop- Inc.and itspartner Bi- poorer countries. A8 theyare ending RREN/ ment could come as apill or a oNTech SE, as well as Mod- WA

their marriage after S. nasal spray and be easier to erna Inc., must be transported  With more 27 years. A3 storeand transport than the and stored at lowtempera- vaccinated and the number TED current handful of shots that turesand requiretwo doses of new Covid-19 cases de- form the backbone of the administered weeks apart. clining,governorsacrossthe world-wide vaccination effort. Newvaccines could “consti- U.S. arebroadly rolling back These newervaccines,from tutesome improvement” over restrictions implemented U.S. government labs and com- those limitations and more during the pandemic. A7 Auto Makers Hit Brakes panies including SA, easily accommodate vaccina- Biden is raising the refugee- Altimmune Inc.and Gritstone tion effortsinrural areas,said admissions capto62,500 for On Just-in-Time Manufacturing Oncology Inc., also have the PleaseturntopageA6 the rest of this fiscal year,after potential to provide longer- facing blowback forretreat- lasting immune responses and  Vaccinations slow, spurring ing from that number amid be morepotent against newer outreach push...... A7 a surge of migrants cross- and multiple viral variants,  U.K. steps up testing as ing the southern border. A4 Pandemic tests venerable supply-chain model pioneered by Toyota possibly helping to head off pandemic shifts...... A8  TheU.S.plans to borrow nearly $1.3trillion over the BY SEAN MCLAIN freak weather and a series of accidents, they next two quartersasfederal are reassessing their basic assumption that TOKYO—Toyota Motor Corp. is stockpiling they could always get the parts they needed spending picks up following up to four months of some parts. Volks- when they needed them. the Covid-19 relief package wagen AG is building six factories so it can “The just-in-time model is designed for enacted in March. A4 get its own batteries. And, in shades of supply-chain efficiencies and of  TwoGOP lawmakers Henry Ford, Tesla Inc. is trying to lock up scale,” said Ashwani Gupta, Motor asked the attorney general to access to raw materials. Co.’s chief operating officer. “The repercus- investigatepotential anti- The hyperefficient auto supply chain sym- sions of an unprecedented crisis like Covid competitivebehavior by Am- bolized by the words “just in time” is under- highlight the fragility of our supply-chain azon in itspursuit of afederal going its biggest transformation in more model.” cloud-computing contract. A3 than half a century, accelerated by the trou- Consider Ford Motor Co. and its F-150 It all starts bles car makers have suffered during the pickup, the bestselling vehicle in the U.S.  The EPA is proposing pandemic. After sudden swings in demand, PleaseturntopageA10 rules to reduce the use of tomorrow. coolantsinair conditioners and refrigerators that are potent greenhouse gases. A4 7-Foot BirdPushesLimitsofToleranceinNew Orleans New announcements, inspiring speakers and moretomove  A highly anticipated iii opioid trial involving the you forward. nation’s three largest drug Free-roaming peacock pecks cars, drops messes, still draws fans distributors got under way in West Virginia. A3 MAY5–6,2021 BY RACHEL WOLFE just asight to see.” “He freaked out when he CONTENTS Opinion...... A15-17 Theneighbor- ,” said Lisa Palumbo,a Arts in Review... A13 Personal Journal A11-12 Business News...... B3 Sports...... A14 NEW ORLEANS—Nobody hood peacock, also University of NewOrleans Capital Account.... A4 Technology...... B4 knows howorwhy Mr.Pcame known as Petey—or, marketing instructor.“He Crossword...... A13 U.S. News...... A2-4,7 to liveinPigeon Town, except sometimes,Picasso, either honks likeagoose Heard on Street.. B11 Weather...... A13 maybe to show off. for the abstract de- or heehaws like a don- Markets...... B10 ...... A8-9 Thepeacock,7-foot with signs his pecks leave key when he’supset.” feathersfanned, can’t stroll on cars—showedup Ms.Palumbo has > theblock without drawing in Pigeon Town lived in the neigh- stares.Carsslow. Cameras around 2008.Mr. P borhood for33years, flash. “He’s an intriguing fel- found aspecial tree Big and she used to bring low,” said Jacody Rose, 30 to call until last bird Mr.Pblueberries,nuts Scan to join us. years old, stopping his car at year,when Hurricane and seeds.For what- s 2021 & Company, Inc. All Rights Reserved the corner of Dante and Hick- Zeta felled itsroosting ever reason, the peacock orystreetstogawk. “Wow.It’s branch. PleaseturntopageA10 P2JW124000-6-A00200-1------XA

A2 | Tuesday, May 4, 2021 ****** THE JOURNAL. U.S. NEWS Revamp in Low-Income Lending Sought

Fed chairman says Community Reinvestment Co- to serveborrowers of all in- “consumersrequireprotection, wage workers, underscoring omy,” Mr.Powell said in alition, afair-lending advocacy come levels around their and low- and moderate-income the need forcontinued support prepared remarks foraspeech rules on community group. branches or facegrowthre- communities requirecredit from policymakers. to Community Re- reinvestment should Theremarks signaled Mr. strictions.Itwas initially cre- support, regardlessofthe na- The Covid-19 pandemic has investment Coalition. Powell’ssupport foreffortsto ated to addressthe practiceof tureofthe institution” doing had outsizeeffectsonminority He included little commen- apply to nonbanks, too overhaul amore-than-40-year- —or banks failing to thelending. workersand women, Mr.Powell tary on the broader economyin old lawcalled the Community servepoor and minority neigh- Banks arecurrently evalu- said, citing resultsfromaFed his opening remarks,saying BY PAUL KIERNAN Reinvestment Act to encompass borhoods. ated on compliancewith the survey that will be released that, whilethe economic out- AND ANDREW ACKERMAN nonbanks that increasingly pro- Nonbankmortgagecompa- CRAbased on acomplexfor- later this month. While 22%of look hasbrightened, “weare vide the bulk of credit to indi- nies originated approximately mula that includes loans to parentseither stopped working not out of the woods yet.” WASHINGTON—Federal Re- vidual borrowers,particularly 80% of all government-backed home buyersand small busi- or worked lessin2020 because Fedofficials votedunani- serveChairman in the $11 trillion mortgage mortgages in December,up nesses as well as the number of of the pandemic’sdisruptions mously last week to hold inter- said rules on lending in low-in- market. from roughly 50% at the end of branches in lower-income ar- to or schooling,that est ratesnear zero and to con- come communities should be President Biden said on the 2014, according to Urban Insti- eas.Bad grades canrestrict figure jumps to 36% and 30% tinuepurchasing at least $120 extended to coverall firms pro- campaign trail last year that he tuteresearch. Such firms aren’t banks from merging or opening forBlack and Hispanic mothers, billion amonth of Treasuryand viding consumer credit, not just would push to expand the law currently required to adhereto newbranches. respectively,hesaid. mortgagebonds.Those poli- banks. to covernonbank mortgageand CRArules. Separately on Monday,Mr. “The Fedisfocused on these cies,inplacesincethe firsthalf “Likeactivities should have insurancecompanies,which Though it is up to Congress Powell said that the economic longstanding disparities be- of last year,aim to smooth the likeregulation,” Mr.Powell would requirelegislation. to determine howtomodernize outlookhas brightened but is cause they weigh on the pro- ’srecoverybykeeping said, speaking to the National The1977law requires banks the law, Mr.Powell said that advancing moreslowly forlow- ductivecapacity of our econ- borrowing costslow. U.S. WATCH Hsu Set to CHICAGO Schools Chief Plans Be Named To LeaveinSummer Top Chicago Public Schools Chief ExecutiveJaniceJackson said she planned to stepdownatthe end Regulator of her contract June 30, following atough year of negotiations with BY KATE DAVIDSON the city’steachers union overre- AND ANDREW ACKERMAN opening schools during the coro- navirus pandemic. WASHINGTON—Treasury “While Ibelieve thereismore SecretaryJanet Yellen plans to work to be done in CPS, Ialso be- appoint one of the Federal Re- lieve it is time to passthe torchto serve’s topbig-bank supervi- newleadership forthe next chap- sorstobecome the acting ter,” she said in aletterpostedon comptroller of the currency, Twitterbythe school district. overseeing the country’slargest Lastweek, LosAngeles Unified financial firms,according to a School District Superintendent person familiar with the matter. Austin Beutner also said he would Ms.Yellen is expected to stepdownfromhis post overthe name Michael Hsu, associate

summer,leaving the nation’ssec- S director of the Fed’s bank su-

ond- and third-largestdistricts in PRES pervisionand regulation divi- need of newleadership. sion, as firstdeputy comptrol- TED In March, NewYork City, the ler,the person said. After OCIA

nation’slargestschool district, SS joining the Officeofthe Comp-

named Meisha Porter as its new /A troller of the Currency, Mr. LIS

chancellor,succeeding RichardA. SO Hsu would then become acting

Carranza. V. comptroller. Chicago MayorLori Lightfoot Ms.Yellen is expected to GELIO

said she would immediately begin RO makethe announcement in the asearch foranew CEOand two Vickie Savell looked forher wedding band in the rubble of her home MondayinYazoo County,Miss., after tornadoes battered the state. coming weeks. Blake Paulson, other topCPS positions thatwill the current acting comptroller, be opening overthe summer.The thatmanages the loan program, regulate lenders and other com- tree broughtpowerlines onto his As the systemmovedeast, will remain at the agencyasa district plans full-time in-school the departmentsaid Monday. panies tied to consumer finance. vehicle. storms damaged homes in aKen- deputy comptroller and chief learning in the fall. The position, which doesn’tre- An Obama appointee, he left the The weather firstturned rough tucky town early Mondayand a operating officer, the person —Joe Barrett quireSenate confirmation, has agency in 2017, after the Trump in Mississippi on Sunday, where tornado watchfor much of the said. traditionally been moreofanop- administration took office. justsouth of YazooCity, Vickie daycoveredlarge parts of Ala- Currently,Mr. Hsu helps WASHINGTON erational role than apolitical one. —Josh Mitchell Savell wasleft with only scraps bama and Georgia. In South Caro- lead the Fed’ssupervision of The Federal StudentAid office of the -newmobile home lina, at leastone tornado wasre- the largest financial institu- CordraytoRun Federal oversees contracts with private SOUTH whereshe and her husband had ported Mondayafternoon in tions, including firms such as Student-Loan Program and nonprofit groups thatprovide movedinjusteightdaysearlier.It Abbeville County. Group Inc., customer servicefor and collect Tornadoes, Storms had been lifted off its foundation Morestorms areinstore for and Wells The Biden administration payments from the roughly 43 Tear Across Region and movedabout 25 feet. parts of Louisiana, Mississippi, Al- &Co. He has also played named RichardCordray,the for- million Americans with federal “OhmyGod, my firstnew abama and Georgia on Tuesday, arole in the response to the mer head of the Consumer Finan- studentdebt. While he wasat Severe storms spawning mul- house in 40 years and it’sgone,” forecasters said. Tuesday’sstorms implosion of Archegos Capital cial Protection Bureau, to oversee the CFPB, Mr.Cordray regulated tiple tornadoes movedacrossthe Ms. Savell said Monday. could bring wind gusts of up to Management.Heisanassoci- the $1.6 trillion federal student- those firms, known as the loan South on Monday, damaging Aline of severe storms rolled 70 mph and hail the sizeofgolf atedirector,one of the more loan program. servicers. homes and uprooting trees from through the stateSundayafter- balls, forecasters said, noting that senior positions at the central Mr.Cordray will join the ad- In 2012, Mr.Cordray became Mississippi to Kentucky.Ator- noon and into the nighttime “tornadoes arelikely Tuesdayinto bank. ministration as chief operating of- the firsthead of the CFPB, a nado spotted in forced hours. Late Sunday, a“tornado Tuesdayevening” in parts of Mis- The3,500-strong OCCisan ficer of Federal StudentAid, the watchdog createdbyCongress thousands to seek shelter,and emergency” wasdeclared forTu- sissippi. independent bureau of the Education Departmentagency after the 2008 to one man waskilled when afalling pelo and surrounding areas. — Treasury.Itoversees about 1,200 banks with combined as- setsofabout $14trillion, some Epic has generated about $13.1 two-thirds of the totalinthe Trial Opens billion of revenue from “Fort- U.S. banking system. It has su- nite” between the game’sintro- pervisorsstationed inside duction in 2017and the end of large U.S. financial firms,mak- ForApple, last year,said Mr.Sweeney, ing the comptroller one of the confirming datashared by Mr. most powerful regulators, Doren. which also include the Fedand Epic Games TheEpic CEO is expected to the Federal Deposit Insurance return to the witnessstand Corp. Tuesdayascross-examination It wasn’t immediately clear ContinuedfromPageOne continues. who the Biden administration zalezRogers, who will decide In addition to Mr.Sweeney, planned to nominate to serve thecase. Epic’switnesslist includes as comptroller on apermanent Thetrial started about 15 other companyexecutives,for- basis.Atleast one person, for- minutes latebecause of techni- mer Apple employees and em- mer Fedgovernor Sarah calissues that ended up per- ployees of companies including Bloom Raskin, turned down an

sisting throughout the day, CK MicrosoftCorp.Apple’switness offer to runthe agency, ac- making it difficult forthe hun- TO list includes the company’sCEO cording to people familiar dreds of journalistsand others fornearly the past decade,Tim with the matter. listening in to hear the speak- Cook,and other executives SHUTTERS ersclearly.Early in the day A/ such as Phil Schiller,who cur- JudgeGonzalezRogerscompli- rently holds the title of Apple (USPS 664-880) YUN/EP mented the lawyersontheir Fellowand who playedakey (Eastern Edition ISSN 0099-9660)

professionalism and work to ON-K role in the launches of the iPod, (Central Edition ISSN 1092-0935) ensurethingsgosmoothly. HE iPhone and iPad. (Western Edition ISSN 0193-2241)

ON and publication headquarters:

In his testimony, Mr. JE Antitrust cases canbediffi- Sweeney said his company, now Epic’s ‘Fortnite’ videogame was removed from Apple’s app platform last August. cult forplaintiffs to win, and 1211 Avenue of the Americas, , N.Y. 10036 valued at nearly $29 billion, Epic’s suit might hingeonthe Published daily except Sundays and general had been happily contributing said Ms.Forrest, an attorney tivemarket, saying itsperspec- platform and spend it on an- court’s definition of amarket in legal holidays. Periodicals postage paid at to Apple’sapp ecosystem since with Cravath,Swaine &Moore tiveistoo narrow because other. the digital age.Epic has said New York, N.Y., and other mailing offices. 2010 but that relationship LLP who is aformer NewYork thereare manyplatforms Apple’sattorneysfurther ar- Applehas amonopoly in its Postmaster: Send address changes to changed over the yearsasthe federal judge. In building its whereconsumersand develop- gued that Epic wasmotivated App Store, while Apple said it is The Wall Street Journal, 200 Burnett Rd., iPhonemaker’s policies grew mobile operating system known ersengageintransactions,in- to break Apple’srules because just one of manydistribution Chicopee, MA 01020. morerestrictive—a claim Apple as iOS, “Apple’splan wasto cluding personal computers “Fortnite” waswaning in popu- channels in the largermarket All published in The Wall Street Journal is subject to the applicable denied. Attorneysfor Apple de- lock usersinand prevent users andthree major game con- larity.Epic has denied that ac- forvideogames and other soft- rate card, copies of which are available fended itspolicies as critical from switching away from the soles.She argued consumers cusation. Adocument wasfiled ware.Analystssaid an appeal is from the Advertising Services Department, forits App Store’sviability and Apple ecosystem,” she said. movefluidly between plat- Mondaywith the court showing likely regardlessofthe trial’s Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The success. KarenDunn, an attorney for forms and canpurchase game “Fortnite” revenue declined sig- outcome,apossibility the judge Journal reserves the right not to accept an Epic worked to cast Apple as Apple,defended the iPhone currencyfor “Fortnite” on one nificantly in 2019 from 2018. outlined last year in hearings. advertiser’s order. Only publication of an amonopolist in howitoperates maker’s App Storepolicies and advertisement shall constitute final acceptance of the advertiser’s order. the App Store, which wascre- the 30% feeApple chargesde- Letters to the Editor: ated in 2008.UsersofApple’s velopersondigital sales. CORRECTIONS  AMPLIFICATIONS Fax: 212-416-2891; email: [email protected] iPhone and candownload “Apple did not createase- Need assistance with your subscription? software only from itsApp cureand integrated ecosystem By web: customercenter.wsj.com; Storeand the companyrequires to keep people out,” said Ms. Thenumber of people about illegal border crossings Madison Avenue. By email: [email protected] By phone: 1-800-JOURNAL purchases of digital goods and Dunn,apartner at Paul Weiss traveling as families caught incorrectly referred to 39,000 (1-800-568-7625) services in apps to be pro- Rifkind Wharton &Garrison trying to illegally crossthe families and 136,000 families, Noticetoreaders Reprints &licensing: cessed through itspayment LLP who represented Apple in southern U.S. border was respectively. Wall Street Journal staff By email: [email protected]; system. itslawsuit against Qualcomm 39,000 during the firstfive membersare working remotely By phone: 1-800-843-0008 Ms.Forrest told the court Inc. over patent-licensing fees. months of this fiscal year, The retail location of Bel- during the pandemic.For the WSJback issues and framed pages: that Epic isn’tseeking mone- Instead, Apple did so to “invite compared with morethan gian Shoes is on East 55th foreseeable future, please send wsjshop.com tary damages,but rather aims developersinwithout sacrific- 136,000 people during the Street in . An Off reader comments only by Our are100% sourcedfrom to unlock Apple’sso-called ing the privacyand liability,se- same period in fiscal 2019.A Duty article on Saturdayabout email or phone,using the con- sustainably certified mills. walled garden foritself and all curity and quality that consum- March 25 Page One article the loafersincorrectly said tactsbelow, not via U.S. Mail. app developers. erswanted,” she said. GOTATIP FORUS? “The garden could’vehad a Ms.Dunn also challenged Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling SUBMIT IT AT WSJ.COM/TIPS door.It’sartificially walled in,” Epic’sdefinition of acompeti- 888-410-2667. P2JW124000-6-A00300-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, May 4, 2021 | A3 U.S. NEWS Lawmakers Bill and Melinda Gates to Divorce Seek Probe BY PAUL ZIOBRO gether as acouple in this next born Melinda French, has vate charitable foundation. cade Investment LLC. phase of our ,” they said. playedahigh-profile public role Ms.Gates also created Pivotal Mr.Bezosand his wife, Of Amazon MicrosoftCorp.co-founder Mr.Gates,65yearsold, last on par with that of her husband. Ventures in 2015,aninvestment MacKenzie Scott, divorced in Bill Gates and his wife, Me- year announced he was step- She has represented the organi- company, independent of the 2019 afterbeing married for linda Gates, who is co-chair of ping down from the boards of zation both in remoteplaces foundation, working on advanc- 25 years, during which Mr.Be- Contract their philanthropic foundation, BerkshireHathaway Inc.and and political powercenters. ing social progressinthe U.S. zosbuilt one of the world’s are ending their 27-year mar- Microsoft, the software com- Thefoundation says it aims Mr. Gates and Warren Buf- most valuable companies. riage, according to astate- pany he founded in 1975 with to fight ,disease and fett in 2010 kick-started the Ms. Gates, who is 56, grew Pursuit ment posted on both their ver- childhood friend . inequity,and gives away bil- so-called Giving Pledge to en- up in Dallas and earned amas- ified accounts. Mr.Gates builtMicrosoft courageU.S.tycoons to start ter’sinbusinessadministra- “After agreat deal of thought intoone of the most dominant making donations earlierin tion at DukeUniversity before BY DANA MATTIOLI and alot of work on our rela- forces in the then still-emerg- The Microsoft their lives,while they canstill joining Microsoft, whereshe tionship,wehavemade the de- ing businessofpersonal com- be involved in choosing howto worked on developing multi- TwoRepublican lawmakers cision to end our marriage,” puting.In2000,hehanded the co­founder and his spend it. The Giving Pledge media products, according to arepressing the attorney gen- said the statement, which was role of CEO to longtime col- wife have been has expanded with more than the foundation’s website. eral to investigatepotential an- signed by both people. league SteveBallmer.Hescaled 200 people committing to the Four months after starting ticompetitivebehavior by Ama- Thecouple have three chil- back involvementinday-to-day married 27 years. initiative from 25 countries. at Microsoft, shemet the zon.com Inc.inits pursuit of a dren together and jointly operations of Microsoftin Mr.Gates is listed by then-CEO at adinner during a major government cloud-com- formed the Bill &Melinda 2008,focusing moreonthe as the world’sfourth businesstrip to NewYork.He puting contract, according to Gates Foundation, which over- foundation’swork.Heremained wealthiest person—with anet asked her on adatewhen they letters reviewedbyThe Wall sees the charitable ventures to activeatthe Redmond, Wash.,- lions of dollarsannually in di- worth of $130.5 billion—after ranintoeach other again in Street Journal. which the billionairephilan- based companyasits chairman rect grants. It has committed Amazon.comInc.founder Jeff the Microsoft parking lot. Sen. MikeLee (R., Utah) and thropist couple have devoted until 2014, when SatyaNadella morethan $1.75 billion to back Bezos, French luxury-goods ty- Ms.Gates could be in line Rep.Ken Buck (R., Colo.) urged their fortune. became CEO and Mr.Gates be- the global response to the coon and his forhalf of the couple’swealth, Attorney General Merrick Gar- “Wecontinue to shareabe- came aregular boardmember. pandemic,including effortsto family,and Tesla Inc.Chief Ex- if they divorce in aso-called land to open an investigation lief in that mission and will Mr.Gates’s personal stakein produce100 million doses of ecutive . community-property state into the Joint Enterprise De- continue our work together at Microsoftisworth about $26 vaccines forpoorer countries. Most of theGates family’s such as Washington, where fense Infrastructureprocure- the foundation, but we no lon- billion, according to FactSet. Forbes said the organiza- wealth is held by apersonal Microsoftisbased, or Califor- ment processinajoint letteron gerbelievewecan grow to- At the foundation, Ms.Gates, tion is the world’slargest pri- investment firm called Cas- nia, wherethey ownproperty. Mondayevening.Amazon was oneofseveral technologycom- panies that competed forthe Defense Department’s10-year, In Cities, Students‘ in aRoom’ $10 billion cloud-computing contract but lost to rival Micro- soft Corp. BY ALEJANDRO LAZO Thelettersays that Amazon AND IAN LOVETT mayhaveviolated antitrust and federal conflict-of-interest laws. When SiniyaLongino arrived “Weare concerned that Ama- forher firstday of in-person zonmay have attempted to mo- eighth gradeinSan Francisco nopolizeone or moremarkets last week,therewas only one relating to government and/or other student in the classroom. commercial cloud computing Everyone else wasremote, as services by improperly influenc- were all of her teachers. Siniya ing the Joint Enterprise De- logsintoZoom on her laptop fense Infrastructureprocure- from her desk to see them. ment process,” the lettersays. “I personally would have pre- Amazon didn’t respond to ferred to stay at home,” Siniya requestsfor comment lateMon- said. “I just feel likethere’sno day. Thecompanypreviously point.” hassaid that itscloud subsid- In SanFranciscoand LosAn- iary received no preferential geles,tens of thousands of mid- treatment. dle- and high-school studentsre- Amazon has contested the turned to classrooms in late JOURNAL

2019 decision awarding the April forwhat some parentsare REET JEDI contract to Microsoft, its calling “Zoom in aRoom.” The ST largest cloud-computing rival. unusual model, in which stu- LL WA Amazon contends that it was dentssit at desks with laptops THE

treated unfairly in the JEDI pro- learning remotely while an adult R FO

curement process, claiming that supervises them, is the latest Y former President twist in the slowreopening of KISB improperly influenced the out- public schoolsinthe nation’s GER

come and steered the contract most populous state. RO to another bidder.The Pentagon Although it has the lowest At Panorama High School in LosAngeles, just260 out of 1,330 students have returned in person, creating sparsely populatedclassrooms. has denied those claims. percapitaCovid-19 rate of any In their lettertoMr. Garland, state, California has the highest worstCovid-19 waves.They said those in high school. Gov.Gavin Newsom and the point in online learning at Messrs. Leeand Buck point to percentageofschool districts middle- and high-school stu- SanFrancisco’sschool district Democratic-controlled legisla- school.AtPanorama High what they sayare undisclosed still entirely virtual, at nearly dentswho returned to school has about 57,000 studentsand ture haven’t reinstated require- School in the SanFernando Val- paymentsbetween an Amazon 13%, according to the American would have to keep studying on- hasbrought back studentsona mentsfor in-person learning ley,260 of 1,330 studentschose consultant and aDefense De- Enterprise Institute’sReturn to line because it wouldn’t be pos- similar schedule.The major dif- they waived last summer.Mr. to return in person. partment official. In another al- Learn tracker.The nationwide sible to keep them in cohorts ferenceisonly about 7. 5% of Newsom has said all schools Inside Joseph Roman Torres’s leged , rate is 4%. needed to track Covid-19 trans- middle-and high-school stu- should reopen when the next ac- classroom, three ninth- Messrs. Leeand Buck describe a Onelarge California school missions if they switched rooms dentswereexpected to return ademic year begins. studentssat in separate corners different Defense Department district, SantaAna, isn’t opening and intermixed forclasses they foronline learning in schools. Thestate’s teachersunions of the room with masks.Mr. official who had previously at allthis school year.And while take throughout the day. They includechildren with spe- have requested teachersbeal- Torres stood in the fourth cor- worked as aconsultant forAm- manystudentsacrossthe nation TheLos Angeles Unified cial education needs, English- lowedtouse medical exemptions ner, his laptop perched on afil- azon “playing an integral role in areusing computersatleast School District,with about languagelearners, recent immi- to keep working from ing cabinet. He wasteaching one drafting directives regarding some of the time,the “Zoom in 550,000 students, allowedstu- grantsand homelessstudents. home.Some teachersare con- classonline while the students the Department’scloud acquisi- aRoom” format in L.A. and San dentsingrades K-6 to start part- Othersmust continue online cerned about catching or spread- attended different classes,listen- tion strategy” despitebeing in- Franciscoisn’t common, accord- time,in-person learning last learning at home. ing Covid-19 or about whether ing with headphones. structed to recuse himself from ing to education researchers. month.Older children were al- Some of the city’s elementary schoolsare safefor themselves Caleb Herrera, 15,said he was matters regarding Amazon. L.A. and SanFranciscoan- lowedtodotheir online classes studentsare doing “Zoom in a andstudents, said Susan Solo- excited to be back,despitethe Representatives forthe De- nouncedtheir reopening plans in schools starting last week.Ac- Room” as well in cases where mon, president of United Educa- limitations.Alexander Yanez, 14, fense Department didn’t re- in March aftermonths of negoti- cording to surveysdone by the not enough teachershavere- tors of SanFrancisco. said even small social interac- spond to requestsfor comment ationsbetween the cities’ school district,about 47%ofelemen- turned to classrooms. In L.A.,manyadolescentsal- tions areexciting.During break- lateMonday. boards and teachers’ unions, tary school studentswereex- While political leadersin lowedtoreturn to school ha- fast, he said, “I sat next to some- — John D. McKinnon during which Southern Califor- pected to return, 34% of middle- some states have ordered ven’t because,they say, they are one,and he just started talking contributed to this article. nia suffered one of the nation’s school studentsand 24%of schools to reopen, California scared of Covid-19 or see no to me.Itwas new.” d.

Landmark Opioid Trial Gets Under Way ve er es sr ht

BY KRIS MAHER tion of 91,000,Mr. Farrell said. ig

AND SARA RANDAZZO In that time,therewere7,000 lr Al

overdoses in the county and a. ur

CHARLESTON,W.Va.—In a 1,100 opioid-related deaths,he rd Ve

highly anticipated trial, lawyers said, making the region where © foraWest Virginia county and West Virginia, Ohio and Ken- city told ajudgeMondaythat tuckycome together the epi- thenation’s three largest drug center of the national crisis. distributorsshould be held lia- “The opioid epidemic first ble forhelping spur apublic- bloomed in the Appalachian

health crisis by ignoring JOURNAL Ohio River Valley,and soon mounting evidencefor years communities acrossthe country REET

that prescription drugswere ST sawthat bloom as well,” he said. beingdiverted forillegal use. LL Anne McGinnessKearse,a “Weintend to provethe WA lawyer representing Hunting-

simple truth that the distribu- /THE ton, outlined howlocal offi- tordefendantssold amoun- cials have struggled for years

tain of opioid pills intoour MAHER to rein in an epidemic.

community, fueling a modern KRIS Mr.Nicholas countered that opioid epidemic,” said Paul Lawyers foraWestVirginia cityand county argued in federal court doctorsand hospitals pre- Farrell, an attorney forCabell in Charlestonthatdrug distributors helped fuel the opioid epidemic. scribed morepain medication County, in a 90-minute open- as part of anational trendto- ing statement in federal court nia trial under way and aNew companynever supplied more ward treating pain and that in the state capital. York state court trial sched- pills than were permittedun- moredoses were prescribed in Thecounty and itslargest uled to start next month, could der quotas set by the Drug En- West Virginia than other parts city, Huntington, sued whole- help spur broader settlements forcement Administration and of the countryfor avariety of salers McKesson Corp., to end the opioid litigation. in fact never reached those reasons,including injuries sus- AmerisourceBergen Corp.and RobertNicholas,anattor- limits, he said. tained by workersinindus- Inc.in 2017, ney forAmerisourceBergen, U.S. District JudgeDavid tries like coal mining. He said seeking money to help abatea wasthe firstlawyer to present Faber is presiding over the case AmerisourceBergen shouldn’t public-health crisis that has adefense forthe companies in abench trial expected to last be blamed forillegal drug use led to soaring expenses forev- and he began by introducing several months. and that only about 3% of pre- THECRISS CROSSCUFF erything from jails to drug- the toll of the opioid crisis. “I Mr.Farrell, Cabell County’s scription opioid abusersmove Verdura’ssignature bracelet,woven in 18kgold treatment centers. don’tthink there’sanyone in lawyer,said the companies on to drugs like heroin. Yellow gold,$19,000 • Rose gold,$19,950 Thelandmark trial is the this courtroom who has not brushed off growing concerns An attorney forCardinal Whitegold, $20,950 firsttest of atheoryproposed been affected by the opioid and actions by the DEA in the Health echoed manyofMr. in morethan 3,000 other law- epidemic,” he said. to maintain profitsand Nicholas’spointsand said the suitsnationwide,inwhich But he described the lawsuit noted thereweresigns that companyalso wasn’t responsi- states and local governments as amisplaced and contrived drugswerebeing diverted and ble forthe drug problem in 745FIFTH AVENUE,12THFLOOR argue that drug distributors attack on the wholesalers. He abused. Cabell-Huntington. 212.758.3388 •VERDURA.COM created a“public nuisance” by said that hisclient had always Over thepast decade,the Alawyer forMcKesson said allowing powerful opioids like followedthe lawand that it three companies shipped everyopioid distributed by the OxyContin to flood communi- shouldn’tbeblamed fordrug roughly 81 million doses of companyintoHuntingtonand Original gouachebyDukeFulco di Verdura ties.The West Virginia pro- diversion that occurred after prescription opioids to Cabell Cabell County stemmed from a ceeding,along with aCalifor- opioids leftits possession. The County,which has apopula- writing aprescription. P2JW124000-4-A00400-17FFFF5178F

A4 | Tuesday, May 4, 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 Race Conversation Endures,Evolves EPAEyes Emissions says NewYork-based pollster John Zogby. Yetthe divides Of Cooling herearen’t solely partisan or ideological. They also aregen- erational—and the very terms Appliances of the conversation have shiftedaway from the terrain BY TIMOTHY PUKO on which manyolder Ameri- CAPITAL JOURNAL cans aremost comfortable. WASHINGTON—TheU.S. By Gerald F. Seib Environmental Protection nAmerican in his or Agencyisproposing rules to her 60s,ofany race, reducethe use of coolants A from air conditioners and re- Thegreat unfinished con- came of agethinking versation in Americaisthe the forAmericawas to frigeratorsthat arepotent one about race. S build acolorblind society— greenhouse gases,fulfilling And right now, the contro- PRES and that the election of Ba- new mandates from Congress

versy over Sen. ’s UMA rack Obama wasasign that with regulations favoredby declaration that America /Z maybe,just maybe,the coun- large portions of U.S. industry, NP

isn’t a racist country sug- /C tryhad moved intoa“post- according to the agency. gests that conversation isn’t racial” period. The proposal would create MKEY

close to being finished—in LA Both ideas feel outdated aprocess for reducing the use D

fact, that it may be getting RO now. The searing debate of hydrofluorocarbons in cool- harder rather Sen. TimScott (R., S.C.) said in aspeech lastweek: ‘Hear me clearly: America is notaracistcountry.’ over police killings of Black ing appliances,the firststep than easier to citizens has accentuated race toward meeting newmandates resolve. These observations come enced the pain of discrimina- “Thereare very few Ameri- consciousness, particularly to cut their supply by 85% Yetoften it from talks with people who tion.” Still, he wasattacked cans other than the ideologi- among younger Americans over 15 years, the EPAsaid. takescontro- have thought long and hard afterward, particularly on so- calleftwho would disagree who have grown up in a far Congresspassed that mandate versyand de- about race relations in cial media, as #UncleTim, a with almost anything in that more racially diverse society. in December in provisions in- batetoreach a America, and who are doing mocking referencetothe speech,” says Whit Ayres, a “The oldest are cluded in a $2 trillion spend- clarifying moment, and per- so anew amid this new phase “Uncle Tom” epithet used to longtime Republican pollster about 40% nonwhite; the ing and Covid-19 aid package. haps that’swhereAmerica of the debate. describe Blacks who do the who has worked extensively youngest of Gen Z are major- “EPA is taking amajor ac- stands afterayear of racial All were set off by the na- bidding of whites. in the South. ity nonwhite,” says Mr. tion to help keep global tem- reckoning.Ifthe upshot of tionally televised Republican One fellowBlack Republi- Mr.Scott’s formulation “is Zogby. “They are together peraturerise in check,” agency the current turn is an agree- speech Sen. Scottoffered in canwho took exception to afundamental challengeto the most community-con- Administrator Michael Regan ment that therehas been response to President Biden’s Mr.Scott’s framing is Michael the premise of the far leftin scious and active of any of said. moreprogressonracethan addresstoajoint session of Steele,former chairman of America,” he adds.“His over- cohorts.” Theeffort has bipartisan some on the leftwill acknowl- CongressonWednesday. Much the national Republican party. all argument would be sup- Whites who marched for support and backing from the edge, but also further to go of his presentation wasacri- “When Tim putsthat out ported by significant majori- civil rightsinthe 1960s,he industry. TheAir-Conditioning, than some on the right will tique of the scope and cost of therethat way,for alot of ties of Americans of all races. adds,“were demonstrating Heating and Refrigeration Insti- admit—well, perhaps that will Mr.Biden’sdomestic program, African-Americans it really Certainly the vast majority of fora‘them’ while these kids tute, atrade group forequip- amount to progress. but the most memorable sec- pissed them off,” Mr.Steele whites would agree.Itwould aremarching for‘us’—that is, ment manufacturers, has said tion came when Mr.Scott,a said. “It’sadistraction from be acloser call among Blacks.” their friends,colleagues,lov- U.S. companies have spent bil- ne thing that’sclear is Black Republican who repre- the underlying reality and Democrats tend to see it ers, kids,neighbors, school- lionsofdollarsdevelopingal- that the terms of the sentsSouth Carolina, declared: truth, which is that not every one way right now, Republi- mates,and so on.” ternativechemicals to sell glob- O “Hear me clearly: America American is racist, but there cans the other. As a purely Americans are moving ally,which would getaboost if conversation about race have changed, and the is not aracist country. It’s arealot of racistsinAmer- political matter, it helps Re- into a future in a much dif- the U.S. joins international ef- changes separateAmericans backwardstofight discrimi- ica. Institutions have leaned publicans to have a promi- ferent country, one that will fortstoeliminatehydrofluoro- along not just racial lines but nation with different discrim- heavily on the side of racial nent Black figure in their become majority-minority in carbons,known as HFCs.The generational ones as well. If ination. And it’swrong to try discrimination.” party frame the debate as about 2045. That will be un- groupsays most of this equip- nothing else,that recognition to use our painful past to dis- Thecoreofthis conversa- Mr. Scott did. comfortable for many. So the ment sold in the U.S. is manu- mayhelp movethe conversa- honestly shut down debates tion, of course,iswhether “The countryisdeeply conversation about Amer- factured in the U.S. tion along.Semantics aren’t in the present.” Americaisatheart aracist split on the issue of whether ica’s racial evolution isn’t Chemours Co., the DuPont always important, but in this Mr.Scott also said that, as nation, or merely anation or not this is aracist country, finished—though perhaps it Co.spinoff,said it has spent case they arevital. aBlack man, he has “experi- whereracism still exists. and it is intensely partisan,” is progressing. $1 billion developing new productsfor customersantici- pating a phaseout of HFCs. “Issues likeglobal warming Biden Increases Refugee Admissions Cap provide the US an opportunity to lead the world in research andtechnology,” Mark Verg- nano, the company’spresident BY MICHELLE HACKMAN ning next fiscal year. to addressthe border crisis he and chief executive said in an AND TARINI PARTI Thecap increase comes created, he has chosen to raise email. “Ifdone right, regula- eight months intothe govern- the refugeeceiling,” said Rep. tion could help to bring about WASHINGTON—President ment’s fiscal year, meaning it Andy Biggs (R., Ariz.), amem- additional investment.” Biden is raising the refugee is unlikely that the full 62,500 ber of the House subcommit- NewEPA estimates in the admissions cap to 62,500 for people will enter the U.S. be- teeonimmigration and border proposal sayitwould produce the rest of this fiscal year, af- fore Sept. 30.The U.S. has ad- security.“He should be devot- anet gain forthe economyof ter facing blowback for back- mittedjust over 2,000 refu- ing resourcestoworking $284 billion from 2022 ing away from that number gees so far this year,byfar through the asylum backlog through 2050. Those gains amid asurge of migrants the lowest ever. andprocessing the asylum come from reduced compliance crossing the southern border Had Mr.Biden liftedthe ad- claims of those crossing our costsfor the industryand by illegally. missions caporthe Trump ad- border today.” reducing greenhouse-gas emis- “It is important to take this ministration’srestrictions Therefugee system is run sions intothe atmosphere. action todaytoremoveany sooner,the number would have separately from that forasylum Therules would cut the lingering doubt in the minds been higher,asthe State De- seekers. Refugeesflee their of refugees around the world partment—which coordinates home countries and go through who have suffered so much, refugeeflights—paces arrivals security and medical vetting The effort has and who areanxiously waiting to the U.S. according to the beforethey arepermittedtore-

fortheir newlives to begin,” overall admissions ceiling. T/ locatetothe U.S.,wherethey bipartisan support Mr. Biden said. Mr. Biden acknowledged in receiveresettlement aid ERNS and backing from Themovecomes lessthan a his statement Mondaythat the through religious and other

month after Mr. Biden signed increase wasmoresymbolic THAN nonprofit organizations.Asy- the industry.

an executiveorder saying that than practical: “The sad truth JONA lum seekersmust meet the he would keep the admissions is that we will not achieve President Biden, pictured Monday, is raising the refugee same standardofpolitical, reli- ceiling at a record low 15,000 62,500 admissions this year.” admissions cap to 62,500 for the rest of this fiscal year, though gious,ethnic or other persecu- set by the Trump administra- Mark Hetfield, president of it is unlikely that number will enter the U.S. before Sept. 30. tion, but they maketheir equivalent of 4.7billion metric tion, sparking apolitical back- HIAS, one of nine nonprofit re- claims oncethey reach U.S. soil. tons of carbon dioxide emis- lash from progressives,immi- settlement agencies that part- der the Trump administration, nounceanincrease in the refu- Thenew capreserves 22,000 sions from 2022through 2050, gration advocates and ner with the government, said it fell behind . Countries geecap,credited progressives admissions slotsfor refugees or almost three yearsofU.S. religious leaders. the capincrease will allowthe around the world accepted and organizersfor pushing the from , who were largely power-sector emissions at The April order eliminated Biden administration to at least fewerrefugees in the last few president to “ensureaquick shut outunder the Trump-era 2019 levels. restrictions the Trump admin- surpassthe 15,000 ceiling in ac- yearsasthe U.S. loweredits change in the policy.” restrictions,along with 13,000 HFCs aresynthetic, widely istration had put in placecon- tual refugeeadmissions.“Most owncap,evenasthe number of Former President Donald forthe Near East and South used coolantsinrefrigerators cerning which types of refu- importantly,itmeans they can refugees around the world Trump and some Republicans ,aswell as smaller num- and air conditioners.They gees qualifytoberesettled, turn their full attention to re- soared to 26 million, the high- had previously said the influx bers forother regions. have long accounted forless but leftthe number un- building the program to wel- est sinceWorld WarII, accord- of refugees should be curtailed Hundreds of migrant chil- than 2% of U.S. greenhouse-gas changed. That decision sur- come refugees in 2021 at alevel ing to the U.N. refugeeagency. in part because of the increas- dren and teenagers have con- emissions.But they canalso prised advocates,after the ad- appropriatefor the United Rep.Pramila Jayapal (D., ing number of asylum requests tinued to crossthe border linger in the atmosphere for ministration had notified Statestolead by the powerof Wash.), chairwoman of the at thesouthern border that each daywithout their par- thousands of years, and their Congress in early February it our example,” he said. House ProgressiveCaucus and have the potential to burden ents,though the number has heat-trapping capacity canbe would raise the captothe Historically,the U.S. has one of several Democratswho the immigration system. ticked down slightly from hundreds or thousands of 62,500 figure—half the takeninnearly half of the accusedMr. Biden of breaking “It is no surprise that Presi- March, when a record 18,800 times that of carbon dioxide. 125,000 ceiling Mr. Biden had world’srefugees resettled by acampaign promise last dent Biden caved to the radi- arrived to seek asylum or an- Companies with major U.S. pledged to put in placebegin- the United Nations,though un- month when he didn’t an- calleft. Instead of taking steps other form of protection. operations, including Honey- well International Inc., Chemours and Johnson Con- trolsInternational PLC,are U.S. to Borrow $1.3 Trillion in Next Two Quarters among the manythat have surged into the potential new market. Some retailerslike BY KATE DAVIDSON ing Sept. 30 to $2.3trillion, U.S. Treasury marketable will drivethe economic recov- provement. Inc.havealso been compared with $4 trillion in borrowing, quarterly erythrough the end of 2021, Bidenadministration offi- supportiveoffederal regula- WASHINGTON—TheU.S. thelast fiscal year,when the including $1,400 stimulus cialsand Democratsargued tion, saying it would help plans to borrow nearly pandemic plunged the U.S. $3.0 trillion checks formost Americans, the $1.9trillion relief proposal them meet pledgestocut $1.3trillion over the next two intoarecession that drove funding forsmall , would help acceleratethe re- emissions by helping clean up quartersasfederal spending deficitstorecordhighs. 2.5 aid forstate and local govern- covery along with wider vac- their refrigerated sections. picks up following the TheTreasuryestimated the mentsand enhanced jobless cine distribution. TheAssociation of Home Covid-19 relief packageen- government would borrow 2.0 benefits. That followeda Recentdatasuggest the ApplianceManufacturershad acted in March,the Treasury $463 billion during the cur- roughly $900 billion relief economyiswell on itsway to previouslywarned that putting Department said. rent quarter,nearly five times packageinDecember. itspre-pandemic health: The these rules in placetoo quickly That would bring totalbor- as much as the $95 billion it 1.5 Federal debt is nowon Commerce Department said could rapidly raise costs. Con- rowing forthe fiscal year end- estimated previously,before track to reach 108% of gross last week that grossdomestic sumer prices forappliances Congresspassed the $1.9tril- 1.0 domestic product, according product grew at a6.4%sea- mighteventually rise only as lion relief bill. to estimates from the Com- sonally adjusted annual rate much as about 2%, as has been Still, that is afraction of mitteefor aResponsible Fed- in the firstquarter,putting the case in previous coolant 0.5 Order by what theU.S.borroweddur- eral Budget, higher than it the economywithin 1% of its phaseouts, the industrygroup May 5th for Mother’s ing the same period last year, wasafter World WarII. peak reached in late2019. Alliancefor Responsible Atmo- Day! from April through June, 0 Rising redink has been at “There appearstobemo- spheric Policyhas said. when emergencyspending to FY2016 ’17 ’18 ’19 ’20 ’21 the center of debates in mentum building in the econ- Nearly all refrigeratorssold combat the pandemic and Washingtonoverhow much omy,” said Catherine Wolfram, in theU.S.are likely by year’s Note:3Qand 4Q 2021 areestimates. weak taxrevenuessent defi- Fiscal year ends Sept. 30. more spending the U.S. econ- acting assistant Treasurysec- end to be made without HFCs, citssoaring and pushed total Source:U.S. Treasury omyneeds.Most Republicans, retary foreconomic policy. said Kevin Messner,the top borrowing to $2.7trillion. who supported deficit-fi- “Underlying domestic demand lobbyist at the Association of TheTreasuryalso esti- suspend the federal borrowing nanced taxcutsduring the by consumers, businesses,and Home ApplianceManufacturers. Children’s Names mated net marketable borrow- limit on Aug.1. Trump administration, ob- builders—buttressed by fiscal Aphaseout forall home appli- &Birthstones ing would total$821 billion Congressapproved another jected to borrowing more policy—has proved resilient in ances is likely by 2024, he said. Up to 5Names! from July through September, burst of federal spending this when theeconomywas al- the faceofmultiple head- —Austen Hufford JOHN-CHRISTIAN.COM 888.646.6466 assuming Congressagrees to year that economistsexpect ready showing signs of im- winds.” contributed to this article. P2JW124000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, May 4, 2021 | A5

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A6 | Tuesday, May 4, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS

avaccine to market. called an adenovirus,which is a Covid-19 vaccine as a tablet NewForms Another challengethat com- engineered to carry a genetic that canbeswallowed. A panies developing next-genera- code that instructsthe body’s small, early-stage study tion Covid-19 vaccines might cells to makethe spikeprotein showedittriggeredimmune Of Vaccines face:finding enough people from the coronavirus.This in- responses against the virus willing to receiveunproven duces an immune response,in- andhas potential to protect vaccines or placebos in clinical cluding the production of anti- against variants, the company Take Shape trials at atime when they can bodies in the blood, building a said in February. also getone of the authorized defense against the real virus. Vaxart plans to start amid- shotsthat has already been The design is similar to in- stage, or Phase 2, study of the ContinuedfromPageOne proven effective. An Altim- jected Covid-19 vaccines from tablet vaccine by midyear,a JOURNAL GregoryPoland,professor and mune spokeswoman said it is Johnson &Johnson and Astra- spokesman said. vaccine researcher at the getting morechallenging to REET Zeneca. But because Altim- Sanofiand GlaxoSmith- ST

Mayo Clinic in Rochester, find subjects, but the nasal- LL mune’s vaccine is adminis- Kline PLC arejointly exploring

Minn. “You will see second- spray formulation has enough WA tered as a nasal spray, it also potential vaccines against new

generation, third-generation appeal to draw volunteers. THE might induceatype of im- variants, while also testing a vaccines,” he said. If proven to safely protect R mune response known as mu- modified version of their orig- FO Thereare 277Covid-19 vac- people from Covid-19,the new cosal immunity,which could inal injected Covid-19 vaccine

cines in development globally, vaccines could serveasboost- SHEN help clear virus from the re- candidate, which studies

of which93haveentered hu- ers in the U.S.,whereamajor- TING spiratory tract, thereby help- showedfailed to induceasuf- man testing,according to the ity of the adult population is A vaccine researcher at Altimmune, which is developing a Covid- ingreducevirus transmission ficient immune response in World Health Organization. expected to be inoculated by 19 vaccine that is administered as a nasal spray. by vaccinated people, accord- older adults. Most of the vaccines in clinical summer with currently autho- ing to Dr. Roberts. Pfizer and Moderna also are testing areinjected, but there rized vaccines from Pfizer, used as primary vaccinations burg, Md., is developing a “Having this mucosal im- chasing second-generation aretwo oral formulations and Moderna and Johnson & in countries that arelagging Covid-19 vaccine that is ad- munity that canboth block in- shots, including ones aimed at seven nasal-spray formulations. Johnson.Infectious-disease behind in mass immunization ministered as anasal spray, fection on its way in and also variants,aswell as newfor- Manyofthe next-generation specialistsincreasingly expect campaigns. similar to the FluMist influ- neutralizeitwhen it’sonits mulations that improvestor- vaccines areinthe early-to- periodic boosterswill be “It’scritically important enza vaccine from AstraZen- way out could be very impor- age and shipping. Their first- middle phase of human testing, needed to extend the duration down theroad to have vac- eca PLC that is apopular tant from apublic-health per- wave vaccines, authorized by which means they might not of protection from the new cines that areeasier to handle choicefor children forsea- spective,” he said. theFood and Drug Adminis- become available until later in coronavirus and to build de- and have bettercold-chain sonalflu vaccination. “It’sa By midyear,the company tration in December and more 2021 or in 2022. Thereisno fenses against variants. They characteristics,” said John very easy and efficient way to expectsresultsofanearly- than 90%effectiveatprevent- guarantee the vaccines will also are looking into whether Mascola,director of the vac- administer the vaccine,” said stagestudy testing whether ing Covid-19,are generally succeed in testing,and some of giving aperson doses of two cine-research center at the Na- Scot Roberts, Altimmune’s the vaccine safely induces the safe, but requiretwo doses as the companies developing different vaccines canimprove tional InstituteofAllergy and chief scientific officer. desired immune response. well as low-temperatureship- them, such as Altimmune and their effectiveness. Infectious Diseases. Thevaccine uses amodified Vaxart Inc.ofSouth San ping and storage, and have a Gritstone,havenever brought Newvaccines could also be Altimmune,ofGaithers- version of aharmlessvirus Francisco, Calif., is developing limited shelf lifeoncethawed.

forthe spotlight, he has in- runrelatively independently. to TheWall Street Journal urday’s annual meeting. Todd Combs and TedWeschler Buffett’s creased his public persona in Berkshireemploys about 25 that Mr.Abel is the current Mr.Abel wasborn in Ed- have joined Berkshire to help recent years. He was on stage people at its headquarters in pick to succeed Mr.Buffett monton, Alberta, in 1962. Ac- run its investment portfolio. with Mr.BuffettatBerkshire’s Omaha. should the billionaireleave as cording to abiographyofMr. Mr.Jain continues to run Heir as annual meeting both this year In 2018,Berkshirepro- CEO imminently. Abel when he wonanaward Berkshire’sinsurancebusiness. and last year.This year,he moted Ajit Jain,head of the Mr.Buffettdidn’t respond from theHoratio Alger Associ- On Saturday, Mr.Buffettpraised handled questions about Berk- company’sreinsuranceopera- to a request for comment. ation of Distinguished Ameri- Mr.Jain—previouslyconsidered CEOPicked shire’s energy operations and tions,and Mr.Abel to the Mr.Abel’scurrent remit in- cans,the executivegot his first to be in the as the CEO thefirm’sability to meet en- firm’sboardand newjobs cludes railroad holdings, utili- jobdelivering advertising fliers successor—saying,“He’sbuilt ergy targetsset by the Paris overseeing Berkshire’sday-to- to homes and worked as ala- the world’sleading property ca- ContinuedfromPageOne accords, should the U.S. re-en- dayoperations.Mr. Jain works borer foraforest product com- sualty insurancecompany.” with the firm and he knows ter the agreement. out of Stamford, Conn., and Mr. Abel heads non­ pany. He graduated from the Messrs. Jain and Abel described howWarren has worked,” said Berkshireplays an outsize Mr.Abel is based in Des University of Albertain1984. arespectful, communicative Thomas Russo,managing part- role in its importance as both Moines, Iowa. insurance units, Beforejoining Berkshire, businessrelationship between nerofGardner,Russo &Quinn, an operating companythat Over the weekend, Charlie responsible for over Mr.Abel worked at Pricewa- the two of them. a longtime Berkshire investor runs some of the most well- Munger, Berkshire’s longtime terhouseCoopersand CalEn- Messrs. Buffettand Munger with morethan $1 billion of known in the U.S. and vice chairman, appeared to $150 billion in sales. ergy,wherehehelped make areknown fortheir tight rela- shares. an investment firm with sig- drop amajor clue that Mr. the small geothermal firm into tionship. “We have never had Mr.Russo said Mr.Buffett’s nificant holdingsincompanies Abel wasthe pick during Berk- amorediversified energy an argument in 62 years,” said most important function is to likeApple Inc., Coca-Cola Co., shire’sannual meeting with business. Thecompany, which Mr. Buffett. serve as a business counselor and Bank of AmericaCorp. shareholders. When asked ties,manufacturers, retailers mergedwith MidAmerican En- Some investorsare pleased to the manyCEOs of Berk- Theconglomeratehas more about the importanceofBerk- and even autodealerships.The ergy HoldingsCo.,was bought with the choiceofMr. Abel as shire—to answerquestions than $140 billion in cash at its shire’sculture, Mr.Munger non-insuranceoperations em- in 2000 by Berkshire. CEO. “He’s the perfect person and help allocatecapital—not disposal. noted that “Greg will keep the ploymorethan 250,000 people Outside of Mr.Abel, there to lead Berkshire,” said Paul to tell them how to run their Mr.Buffetthas helmed culture.” and areresponsible formore areother succession plans for Lountzis,president of business. Mr.Russo expects Berkshire since 1965. Even as On Monday, CNBC reported than $150 billioninsales,Mr. Berkshire. Lountzis Asset Management, a Mr. Abel to approach the role the companygrewtobeone of that Mr. Abel was next in line Buffettsaid Saturday. Mr.Buffett’sson, Howard longtime Berkshireshare- in the same way. the largest in the world, it re- for the CEO role. “He does afar betterjob of Buffett, has been expected to holder. “Though I don’t know While Mr.Abel doesn’t mained highly decentralized, Aperson familiar with that than Iwas doing previ- succeed his father as chair- who would want this job. shareMr. Buffett’spreference with each operating business Berkshire’sboardconfirmed ously,” Mr.Buffettsaid at Sat- man. And in the past decade, Thereisnoreplacing Warren.”


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THE WALL STREET JOURNAL. ** Tuesday, May 4, 2021 | A7 U.S. NEWS Va ccinations Slow, Spurring Outreach Push GES IMA BY MELANIE GRAYCE WEST who receiveavaccination. The AND TALAL ANSARI statehad been an early leader GETTY

in vaccinations. SE/ Thereare 15 different places In Detroit, $50 prepaid debit to getaCovid-19 vaccine in cardsare being offered to driv-

Louisiana’sVernon Parish. erswho take acity resident for ANCE-PRES Most locations have plenty of ashot. In , Gov. FR

shots, and residentscan even Ned Lamont rolled out acam- ENCE

stop by the fairgrounds forone paignwheresome restaurants AG of the pop-up vaccine clinics. will giveafreedrink to anyone N/ OW

Theonly thing lacking is who shows avaccination card. BR customers, said Rick Allen, Stella A. Safo,anHIV pri- J. mayorofLeesville,the parish mary-care physician and assis-

seat. It isn’taccess, or avail- tant professor of medicine at FREDERIC ability,oralack of transporta- the Icahn School of Medicine at There were no crowds at a Covid-19 vaccine site in Los Angeles last week. tion or education that is keep- Mount Sinai in NewYork City, ing the vaccination rate in the said some patients, including simply can’t take time off.Oth- ShareofPopulation Who AreVaccinated area to roughly 12%, he said. manyolder patients, want to ersonly want an appointment More States Roll “It’salack of trust,” said see her or have aconversation on ThursdayorFriday, or pre- Fully vaccinatedAtleast one dose Mr.Allen. “The only thing that to gether signoff that the vac- ferasitewith the vaccine from 0150% 00 0150 00 Back Restrictions will overcome that is time.” cine won’t interfere with medi- Pfizer Inc.and BioNTech SE, U.S. 44.4% Mich. 43.3% Nearly 40% of the U.S. adult cations,beforegetting ashot. said Curative’schief informa- N.H. 60.9 Kan. 42.9 population is fully vaccinated Forsome other patients, the tion officer, Isaac Turner. Mass. 57.5 Fla. 42.5 With moreAmericans vac- against Covid-19,according to conversation on vaccine accep- Afterhitting aplateau in Vt. 57.4 Alaska 42.2 cinatedand the number of Centersfor Disease Control tancecan getpolitical. And for their vaccination efforts, work- Conn. 55.8 Ky. 41.5 newCovid-19 cases declining, Maine 55.2 Ariz. 41.3 andPrevention data. But the others, it is fixedintheir mind ersfor Urban Health Plan, a Hawaii 53.8 Mont. 41.2 governors acrossthe U.S. are paceofvaccinations has that they will wait six or of federally qualified R.I. 53.5 Ohio 40.9 broadly rolling back restrictions slowed to an average2.5 mil- health centersinNew York N.J. 52.3 Nev. 40.2 implementedduring the pan- lion shotsaday,downfrom City,are coordinating directly N.M. 51.8 Utah 39.8 demic. 3.2million earlier in April. The pace of daily with employers at thecity’s Pa. 50.6 N.C. 39.7 On Monday, governors Late last week,officials in HuntsPoint Terminal Market, Calif. 49.8 N.D. 39.5 from NewYork and NewJer- Arkansas said they wouldn’t vaccinations has going to the sitetovaccinate Md. 49.3 Okla. 38.8 seysaid their states on May19 ordermorevaccine forthe dozens of workersatatime. D.C. 49.1 38.7 would lift most capacityre- slowed to an average N.Y. Mo. coming week,noting therewas One companywantstoset up a 48.4 38.2 strictions at places of business. Minn. 48.0 S.C. 37.0 enough already in the state. In of 2.5 million shots. vaccine clinic from 3a.m. to 11 Va. 47.9 Ind. 36.7 Connecticut previously ended NewYork,Gov. a.m. to catchtruckersatthe Wash. 47.7 W.Va. 35.9 manycapacityrestrictions and opened all state-run vaccina- producemarket, said Javiera Del. 47.5 Ark. 35.9 said in April thatitwould end tion sites to walk-ins last Rivera, Urban Health Plan’sin- Ill. 47.4 Ga. 35.4 all restrictions on businesses month,citing adropinap- months to getthe shot. cident command manager for Colo. 47.1 Tenn. 34.8 beginning May19, except in- pointments.InCalifornia, a “Some people arejust going Covid-19 response. Wisc. 46.3 Idaho 34.4 door masking requirements. mass-vaccination siteatto be waiting,” said Dr.Safo. In NewYork’sAdirondacks Ore. 45.7 Wyo. 34.1 Maymarksaturning point Dodger Stadium will close by Everyone who wasdesper- region, clinics around S.D. 45.0 Ala. 32.7 as newstatesfully lift restric- Iowa 44.7 La. 32.4 the end of Maysothat vaccine atefor avaccine has gotten a County have had unused doses Neb. 43.7 Miss. 31.1 tions and sunset policies re- effortscan shifttoother sites, shot, said AlexandraSimon, at day’send, said William Far- latedtoCovid-19. According to officials said Friday. the California director of vac- ber,chairman of the county Note:Fully vaccinatedincludes those who received twodoses of the PfizerorModerna vaccines, or recent data from the Kaiser one dose of the Johnson &Johnson vaccine. On March 8, the CDC changed the way it tracksdoses As demand wanes,states, cines forCurative, aCovid-19 BoardofSupervisors. administeredbystate to reflect the recipient’sstate of residencerather than the statewherethe Family Foundation, 27 states municipalities and healthcare testing and health-services Mr.Farber said he and oth- vaccination took place. Alldataare subject to revisions. LastupdatedMay 3, at 3:00 p.m. have fully reopened, up from providersare trying everything companyadministering vac- ershavenow acknowledged Sources: Centers forDisease Controland Prevention (doses); Kaiser Family Foundation (phases); 22 on March 15. from one-on-one education in cines acrossthe country. thereissome portion of the Ariadne Labs and Surgo Ventures (population estimates) In , Republican Gov. nontraditional locations to in- Thecompanyisnow seeing population that only wantsthe RonDeSantis said Monday centives including afreedrink people with access issues,in- one-dose Johnson &Johnson statetoincrease access to too. Thecounty is also set fora thathewas immediately sus- and cash. cludingquestions about insur- vaccine,while Pfizer’s shot is those vaccines. vaccination tent in agrocery pending anyCovid-19 related West Virginia Gov.Jim Jus- anceoridentification, and fears the only one authorized by the This week,officials plan storeparking lot. emergency orders, including ticesaid recently the state about being unable to take care Food and Drug Administration vaccination clinics at schools to “We’retrying to caterto those issued by localities. would offer a$100 savings of children because of side ef- forthose aged 16 and 17.The captureteens aged 16 and up what we think the demand is,” —Melanie Grayce West bond to residentsaged16to35 fects. Manypeople,she said, county is nowworking with the andhopefully some parents, said Mr.Farber. P2JW124000-0-A00800-1------XA

A8 | Tuesday, May 4, 2021 THE WALL STREET JOURNAL. WORLD NEWS U.K. StepsUpTesting as Pandemic Shifts

Health authorities offer “We’renot going to be able to vaccinateour way out of simple kits at no cost, this anytime soon, although it while labs work to will tame the situation. So testing is going to continue to detect new variants be important,” said Gigi Gron- vall, an immunologist and as- BY JASON DOUGLAS sociateprofessor at the Johns Hopkins Bloomberg School of —As successful Public Health. vaccination drives beat back TheU.K., which has suffered Covid-19 in manyWestern ’sworst death toll from countries,health expertssay the virus,has steadily ramped quicker and smarter testing is up itstesting capacity over the the routetokeeping the dis- course of the pandemic.British ease under control as restric- labs have the capacity to pro- tions on daily ease. cess around 650,000 Covid-19 In the U.S.,rapid testsare testsaday,up40% compared available in drugstores and on- with six months ago. line,but thereare concerns Officials see masstesting they are tooexpensivefor fre- andvaccination as critical to quent use.Genetic sequencing— limit the risk of newripples of essential forspotting poten- infection and the reimposition tially troublesome viral variants of strict social-distancing rules. —is patchy, with some states Thegovernment has sought doing far moresurveillance. waystoget testsintoindivid-

TheU.K., by contrast, is /REUTERS ual citizens’ hands with the doling out simple test kits on goal of making testing forthe demand at no charge to house- virus easy and routine.Anyone holds and businesses, and its NICHOLLS with symptoms can request a labs aresequencing thousands PCR test, the global standard PETER of viral genomes aweek.So- Employees of the U.K.’s National Health Service work at a mobile Covid-19 testing facility in London. test forCovid-19,inthe mail called surge testing has seen and administer it at home, neighborhoods in London, Bir- worrisome mutantswith the School of Public Health. gaining protection against in- International travel means it with resultsreturned by text mingham and Manchester potential to find achink in our Cases of Covid-19 arerising fection and illness. can spread as long as it chal- or emailafew days afterre- flooded with test kitsand con- immunological armor. world-wide, driven by severe Forty-four percent of the lenges thedevelopingworld. turning it to a lab. tact-tracing teams after clus- “We’re entering into a new outbreaks in India and Latin U.S. population has received at Thepathogen also canlinger BeginninginApril, house- ters of variant-linked cases phaseofthis pandemic,and America. Morethan 150 mil- least one dose of avaccine,ac- on in unvaccinated groups holds in England can also or- were detected. the role of testing and se- lion cases have been reported cording to the Centersfor Dis- and in communities unable or der free boxesofCovid-19 Thestrategyunderlines quencing and all different world-wide sincethe pan- ease Control and Prevention. unwilling to get protected. testsfor home deliverythat what scientists saywill be modes of keeping an eyeon demic began and morethan In the U.K.,around half the That meanscountries deliver resultswithin minutes. critical componentsofthe the virus is certainly changing, three million deaths have been population hasbeen given a shouldn’t drop their guard, Test resultsare entered on- next stageofthe pandemic for in terms of what its role is in attributed to the virus. shot and in the European scientistssay.Tracking the vi- line,allowing public-health of- countries wherevaccination is keepingthe community safe In partsofthe developed Union it is almost a quarter. rus and any more contagious ficials to track infection and well advanced: easy and acces- and keeping ahandle on this world, however, the U.S. in- Even in countries where mutations will be essential, arrange follow-up tests. sible testing aimed at fore- pandemic,” said Michael Mina, cluded, the epidemic appears vaccination is widespread, epi- both to prevent newoutbreaks “The U.K. is tackling this stalling newinfections and ge- assistant professor of epidemi- to be in retreat as vaccination demiologists don’t expect the and to fine-tune vaccines if pandemic as apublic-health netic sleuthing to ferret out ologyatHarvardT.H. Chan drives mean more people are virus to disappear completely. booster shots are needed. problem,” said Dr. Mina. Jail Threat for Some Returning From India Moderna

BY MIKE CHERNEY cases came from travelerswho To Assist recently returned from India. SYDNEY—The wave of Government officials have Covid-19 sweeping India is said that they have worked hard Covax leadingsome nations that to getAustralians home and have largely contained the vi- that 500,000 have returned rustothreaten their ownciti- sincethe pandemic began.Still, Program zens with jail time or heavy about 9,000 Australians in India fines if they trytoget home areregistered with the Depart- BY BOJAN PANCEVSKI from the South Asian country. ment of Foreign Affairsand has banned travel Trade as wanting to return. This Moderna Inc. said it will from India because it fears includes permanent residents. supply 34 million doses of its positivecases would over- Despiteassurances from Covid-19 vaccine to an interna- whelm its quarantine system, officials that the India ban tional program that distributes which has largely kept the isn’tarbitrary, some Indian- free shotstopoorer countries. countryfreeofcoronavirus Australians felt the movewas Thedoses will be delivered until now. NewZealand last discriminatory, noting that in the fourth quarter of 2021 month temporarily prohibited GES Australian citizens traveling to the World Health Organiza- all travelersfromIndia before IMA from othernationslikethe tion-backedCovax initiative, a

modifying the policy to allow ETTY U.S. and the U.K.—which also program financed mostly by /G

its citizens to return. AY struggled with severeout- Western governments that of-

Australia’sban on travel NW breaks earlierinthe pan- fers free coronavirus vaccines

from India is temporaryand is CO demic—weren’t barred from to 92 low- and middle-income A

due to expireonMay 15,at CC returning or threatened with countries across the world.

which time the government REBE jail and fines. Covaxwill retain an option could decide to extend it. The A relative of a Covid-19 patient rests inside the emergency ward of a hospital in , India. Although thousands of Aus- to purchase another 466 mil- ban doesn’t apply to people tralians arestill stuck over- lion doses in 2022, according who have been outside of In- licly justifythe newpolicyand torthe newarrivals forthe vi- the number of positivecases seas,manyAustralians sup- to Moderna and Gavi, one of dia for14days.But those show it isn’t discriminatory. rus. Touristshaven’t generally coming to NewZealand by 75%. port the government’s policy. the organizations behind the flouting the rules could face On Monday, Prime Minister been allowedintothe country. Australian authorities said a One recent poll from the Lowy vaccine aid program. up to five yearsinjail or afine ScottMorrison said the travel As India battled the Covid-19 morestringent ban on travelers Institute, athink tank,found Theannouncement comes of roughly $50,000. ban is solely aimed at safeguard- surge,New Zealand said in from India wasrequired to keep that 59% believethe govern- as the pandemic accelerates in Some legal expertsand aca- ing Australia’spublic health. early April that it would sus- the quarantine system from be- ment has done enough to help developing countries such as demics have said that such Australia has used itsisland pend alltravelfromthe coun- ing overwhelmed with positive Australians return from over- India and , which have movesraise serious human- geographytoeffectively con- try, including itsown citizens cases.OnMonday, Chief Medi- seas. The poll found that 95% been reporting record num- rightsconcerns and that the tain the coronavirus by largely forthe firsttime.Prime Minis- calOfficer Paul Kelly said offi- of Australians believethe gov- bersofdeaths amid asurge of willingnessofpolicymakersto shutting itsinternational bor- terJacinda Ardern said the cials have aimed to keep the ernment has handled the pan- coronavirus infections that has restrict individual freedoms der and restricting the number would be temporaryas number of positivecases at 2% demic well or fairly well. overwhelmed their healthcare when thepandemic is largely of inbound flights. Formuch of officials determined howto of people in the quarantine sys- Some Australians have systems. under control domestically the pandemic, citizens and handle the rising number of tem, butthat number had complained to the U.N. Hu- While countries including could set atroubling precedent. permanent residentshavebeen cases.Two weeks later,when spiked in recent weeks. manRightsCommittee that the U.S.,Britain and Israel are TheAustralian Human allowedtoreturn if they quar- officials modified the policyto At one facility,Mr. Kelly said Australia’smeasures violatean coming closer to vaccinating RightsCommission,aninde- antine in government-run ho- again allowcitizens to return, morethan 15% of people have international treaty that guar- largemajorities of their popu- pendent government organiza- tels or other housing facilities, they said banning all other trav- tested positivefor the virus,and antees citizens’ right of return lations,developingnationsare tion, said officials must pub- allowing authorities to moni- elersfromIndia would reduce that morethan 70%ofthose to their own country. struggling to gettheir rollouts off the ground, with vaccine manufacturersfocused on richer marketsthat have preor- Southern Europe Bets on Debt to Rev Up Economies dered the bulk of their supply. “Werecognizethat many countries have limited re- BY GIOVANNI LEGORANO Manydeveloped countries nomic paradigm. Taking on grownbymorethan 1% annu- demic.Greece’shas risen to sourcestoaccessCovid-19 areembracing President Biden’s debt to financegrowth, doing ally over thepast quarter-cen- 206%, the highest ratio in the vaccines,” said Moderna Chief ROME—Theglobal policy conviction that aggressivefiscal it on such alarge scale,and on tury. Theeconomyhas never developed world afterJapan. ExecutiveStéphane Bancel. trend of heavy fiscal stimulus, stimulus and public works can topofexisting debt which is fully recoveredfromthe global Most of Greece’s debt is in “We support Covax’s mission led by the U.S.,faces atest not only repair the economic already high, wassomething financial crisis and subsequent bailout loans from the rest of to ensurebroad, affordable case in Southern Europe. damagefromthe pandemic but we had not seen before,” said eurozone crisis,and slumped by theeurozone,with no repay- and equitable access to Italy, Greece and Spain, hit also improvegrowthfor years. EnzoMoavero Milanesi,afor- another 9% in 2020 amid the mentsdue formanyyears, Covid-19 vaccines.” hardinEurope’ssovereign- Theheavy borrowing plans, mer Italian foreign minister. pandemic and strict lockdowns. making another Greek debt Until last week, Covax had debt crisis adecade ago, are exploiting historically low in- Mr.Draghi, who as presi- Germany, Franceand other crisis unlikely foralong time. only provided about 50 million onceagain running big budget terest ratesand the willing dent of the European Central EU countries backed the re- Europe’smain long-term doses out of its goal of deliv- deficitsand planning to spend support of central banks, are Bank played a leading role in covery fund mainly forfear risk about debt sustainability ering two billion doses by the on agrand scale to revamp in marked contrast to Western that Italy and Southern Europe concerns the much largerItal- end of this year,enough to their economies. countries’ tilt to austerity af- could getstuck in another ian economy. Theeuro’sfuture vaccinatearound 20% of the Italian Prime Minister Ma- ter 2010, when many govern- The borrowing plans deep economic slump that could onceagain hingeonhow receiving countries’ popula- rio Draghi and other leadersin mentscited Greece’sdebt cri- onceagain teststhe cohesion Mr. Draghi performs. tions with atwo-shot regimen. the region arebetting that sis as a warning about where are in contrast to and survival of the eurozone. “The hugerisk is that these Covax said this year that it ex- ambitious investmentscan excessive deficits can lead. countries’ tilt to “I think that there is wide- investmentswon’t increase pects to ship 145 million vac- givealasting boost to growth. TheEuropean Union, which spread agreement this time the country’s ability to grow, cines by the end of May. If the gamble doesn’t work, has foryearspromoted bal- austerity after 2010. that we need economic growth which means that they will Gavi said in April that it had these countries will be saddled anced budgetsevenwhen that rather than fiscal tightening to only stimulateGDP forafew agreementstoget 340 million with some of the world’shigh- required painful austerity exit the crisis and sustain the years. Theeffect of the higher doses of the Oxford-AstraZen- est debt ratios,potentially de- measures,isjoining in the bor- enormous public debts,” said demand will then go down, ecaPLC vaccine and about 1.2 stabilizing the eurozone. rowing spree.The centerpiece defusing the euro’snear-ter- FedericoSanti,analyst at risk growth will be lowagain but million doses of shotsmade by Afteryearsofrunning tight is an EU recovery fund valued minal debt crisis in 2012, now consulting firm Eurasia Group. debt will be much higher,” said Pfizer Inc.and BioNTech SE. budgetswith little room for at €750 billion,equivalent to has a unique chance to shake Italy is to be the largest re- LorenzoCodogno,aLondon- Theexpected supply of 34 transformativeinvestments, $900 billion, officially known up Italy’s struggling economy. cipient of the EU funds with based consultant and former million doses of Moderna’s they nowsee aonce-in-a-gen- as Next Generation EU.The Sincethe 1990s,Italian lead- around €190 billion, of which economist at Italy’s Treasury. vaccine would help Covax eration chancetorevitalize mixture of grantsand cheap ershavetried to overhaul the €70billion is grants. The Financial marketsare re- achieveits goal forthe year,but their economies. loans will be financed by com- sclerotic economywhile also countrywill add almost €60 laxed about the risk, for now, would makeuparelatively Mr.Draghi, presenting his mon EU bonds and aims to running tight budgets. Mr. billion from itsown coffersto in the expectation the ECB will small portion of the total. Mod- plans to Italy’s Parliament, support investmentsand over- Draghi is the firstindecades fund the investment plan. continue itslarge-scale pur- erna’scontribution could be said they contain not just a hauls that boost productivity whocan deploymassivefiscal Italy’sdebt has reached chases of government bonds, moresignificant in 2022, when list of public works but “the and long-term growth. firepowertohelp. 156% of grossdomestic prod- keeping countries’ borrowing Covax has an option forthe ad- destiny of the country.” “It’s a clear change of eco- Italy’s economyhas rarely uct, mainly because of the pan- costs down. ditional 466 million doses. P2JW124000-0-A00900-1------NS

THE WALL STREET JOURNAL. NY Tuesday, May 4, 2021 | A9 WORLD NEWS WORLD WATCH Korean Free-Speech Squabble Reignites

BY ANDREW JEONG Thelatestcompanytore- lease the Kim memoirsisMin- SEOUL—Bookstores have jok Sarang ,which roughly halted sales of amemoir by translates as “Lovefor the Peo- ’sfounding father, ple Publishing House” in Eng- and local policeare investigat- lish. Policeare looking intohow ing itsdistribution in South and whythe publisher decided Korea, in the latest of aseries to publish the texts, South Ko- of free-speech controversies rea’ssemiofficial Yonhap News relating to the Kim regime. Agencyreported. Multiple calls On April 1, aSouth Korean to the policewent unanswered, publisher made available all and the publisher couldn’t be eight volumes of Kim Il Sung’s reached forcomment. “With the Century,” which was Theadministration of South firstreleased in North Koreain Korean President Moon Jae-in 1992 and has been available in has been criticized by interna-

several other countries.South tional human-rightsgroups, S Korea, with few exceptions, opposition lawmakersand deems material likethe mem- North Korean defectorsasgiv- PRES oir illegal, under anational-se- ing priority to diplomacywith TED CIA

curity law that restricts the the North over free speech. SO

distribution of Pyongyang’s South Korea created alaw AS propaganda.The recent publi- last year that bans groups GONI/ cation wasthe firstinstancein from sending leafletscritical of

which Kim Il Sung’swork be- the Kim Jong Un regime into ABDUL came available to ordinary NorthKorea, unlessthe Seoul A speedboat overturned Monday after hitting a cargo boat on the River Padma in Bangladesh. Divers and local residents retrieved 26 South Korean citizens. government gives permission. bodies and were looking for the missing. The speedboat was carrying passengers in violation of a national pandemic lockdown. In 2016,acollegeprofessor Legislatorscrafting the bill ar- wassentenced to asuspended gued the leafletscould provoke BRAZIL would be identical to the shots despite the urgency of the pub- in eastern Afghanistan, killing 21 prison term forasking stu- Pyongyang intoattacking its tested in those trials. lic-health crisis in the country, people and wounding 90 others. dentstowriteessays about southern neighbor.But the Agency Questions Mr. Mendes said Anvisa could where Covid-19 has killed more The attack comes two days Kim Il Sung’smemoir afterhe leaflet-sending didn’t stop. Russia Covid-19 Shot still approve the vaccine if its than 400,000 people. after the remaining 2,500 to gaveexcerptstothem. In 2011, Last week,Seoul-based activ- maker, Russia’s state-owned Ga- —Luciana Magalhaes 3,500 American troops officially the supreme court explicitly istssent some 500,000 antire- Brazil’s health authority said maleya Research Institute, pro- began leaving the country. said the autobiographywas il- gime leafletsthat contained it has serious doubts about the vides more information to prove AFGHANISTAN —Associated Press legal under South Korean law. pamphletscondemning Kim safety and efficacy of Russia’s its safety and efficacy, or ad- In 1994, the chief executiveof Jong Un.The activistssaid the Sputnik V Covid-19 vaccine and justs its manufacturing process. Bomb Near School BANGLADESH abook publisher wasarrested newSouth Korean lawunder- defended its decision to block The Russian Direct Invest- Injures 21 People for attempting to print “With minedfreedom of expression the shot for emergency use, ment Fund, which manages for- Speedboat Overturns the Century,” which details andNorth Koreans’ right to saying Russia lacks vaccine ex- eign sales of the vaccine, didn’t A bomb exploded near a In River; 26 Dead Kim Il Sung’s early years. access outside information. perience and was defensive in immediately respond to a re- school in western Afghanistan its responses to the agency. quest to comment. The Russians on Monday, wounding 21 people, A speedboat carrying about The agency, Anvisa, declined have previously rejected Brazil’s many them young students, a 30 passengers overturned after to approve the vaccine last week concerns, accusing Anvisa of provincial official said. hitting a sand-laden cargo boat despite a shortage of Covid-19 acting politically at the behest of Ambulances rushed to the in a Bangladeshi river on Mon- shots in the hard-hit country Washington to discredit the vac- siteand took the wounded to day, leaving at least 26 people and a Sputnik V rollout in more cine. nearbyhospitals, said Abdul dead, an official said. GES than 60 countries that have ap- A peer-reviewed clinical trial Jabar Shahiq, head of the health The speedboat was carrying IMA proved the vaccine for use. published in the British medical departmentinFarah province. passengers in violation of gov-

GETTY Brazil is concerned the vac- journal The Lancet in February At least10ofthe wounded ernment restrictions during a na-

SE/ cine could contain active adeno- found the Russian vaccine was were students at the school be- tionwide coronavirus lockdown, virus particles, responsible for safe and 91.6% effective. tween the ages of 7and 13, he said Rahima Khatun, a govern- the common cold, which could The vaccine has already been said. Three of the wounded were ment official in the area.

ANCE-PRES make recipients sick, said Gus- authorized in 64 countries, in critical condition, Mr.Shahiq It overturned in the River FR tavo Mendes, Anvisa’s medicines mostly across the developing added. Padma while heading for Mad-

ENCE and biological products manager, world. In , No one claimed responsibility aripur district from Munshiganj AG in an interview on Monday. and Argentina have administered forthe attack, though Taliban in- district, the official said. JIN/

N Mr. Mendes said Brazil also several million doses, while over surgents have apresenceinthe Divers from various agencies

WO had doubts about the methodol- 12 million people in Russia have region. and local people retrieved 26

KIM ogy used in Sputnik V’s clinical received the shot, officials said. The bombing came three bodies and were searching for People gathered in Pyongyang to celebrate the 109th anniversary trials and whether the batch of Many Brazilian scientists days after a powerful suicide several others still missing. of the birth of North Korea’s founder, Kim Il Sung, on April 15. doses that Brazil would receive have backed Anvisa’s decision, truck bomb struck a guesthouse —Associated Press



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A10 | Tuesday, May 4, 2021 ** THE WALL STREET JOURNAL. FROM PAGE ONE Car Makers Rethink GES Old Model IMA GETTY SE/ ContinuedfromPageOne Thelatestversion is crammed

with technologyincluding a ANCE-PRES hybrid gas-electric driveand FR

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F-150s in the firstquarter of TIN this year,its best retail start in MAR

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shut down or had limited pro- G duction forall of April and the

slowdownwill likely continue OOMBER

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hit to pretax profit is as much CHOR as $2.5billion. Thebasic idea of just in UREL LA

time is avoiding waste. By hav- P: ing suppliersdeliver partsto TO the assembly line afew hours OM FR or days beforethey go intoa Toyota halted a production line at its plant in Onnaing, France, last year amid the raging pandemic, above, while some work continued at Renault’s Flins-sur-Seine vehicle,automakersdon’t pay factory, below. Ford, meanwhile, was forced to shut down or limit production of trucks for all of April, and the slowdown will likely continue through at least mid-May. forwhat they don’t use.They save on warehouses and the partner LG Chem Ltd. are The2011 earthquakeinnorth- people to managethem. building a $2.3 billion factory ern Japan hit Toyota suppliers But as supply chains get in Ohio andscouting aloca- including chip maker Renesas moreglobal and carmakers tion forasecond factorywith Electronics Corp. increasingly rely on single the aim of producing enough Spokeswoman Shino Ya- suppliers, the system has batteries forhundreds of mada said that afterthe grownbrittle.The crises are thousands of electric vehicles quake, the carmaker pushed more frequent. ayear., with its itssupplierstodisclose who plans forsix joint-venturebat- sells them their components— tery factories, says it will or- no mean feat in theautoin- Freak snowstorm der an additional $14billion in dustry, wheresupplierstend Afreak snowstorm in Texas batteries through 2030. to guardtheir ownsupply in mid-Februaryshut down a Thecompanies aretaking a chains in case automakersuse refinerythat feeds production pagefromthe playbook of that to push pricecuts. Over of 85% of resins produced in Tesla, which in turn wasinflu- time, Toyota built a database theU.S.Those resins go into enced by . Tesla that it says covers some componentsfromcar bumpers built a $5 billion battery fac- 400,000 items and reaches as to steering .They’re tory called the Gigafactory in far as 10 layers down. some of the least expensive the Nevada desert with Pana- rawmaterials in acar,but they sonic Corp. go intoseat foam, and dealers Of course,securing adirect Stockpiling parts can’t sell acar without seats. battery supply doesn’t solve Forcertain components, At the end of March, Toyota everysupply-chain issue.Even Toyota asked itssuppliersto shut down production at sev- themost futuristic EV will still stockpile parts, the antithesis eral U.S. plantsdue to the need plastic forfloor mats, of just in time.The on-hand shortage, according to a rubber fortires and leather or inventoryheld by Toyota’s schedule seen by TheWall cloth for the seats. largest supplier, Denso Corp., Street Journal, hitting produc- Still, Tesla is trying to iden- rose to around 50 days’worth tion of some of itsbestsellers, tifythe most strategic materi- of supply in the year ended including the RAV4 sport-util- als and procurethem on its March 2020, up from 38 days ity vehicle. own, ajob that under tradi- in 2011, according to itsfinan- Some suppliersare flying in tional just-in-time production cial filings. Denso declined to resin to the U.S. from Europe, waslefttosuppliers. In Sep- comment on inventoryfigures said Sheldon Klein, alawyer at tember it signed adeal that companies that knewthose keiretsu clustered around its carmakersoperate. but said it has started keeping the firm Butzel Long who ad- would giveitaccess to businesses best. Making acar factories.U.S.competitors Carlos Tavares, the chief emergencystoresofparts, es- vises suppliers. “That’sjust ec- from amine in North Carolina became more about purchas- were wary at first, but the executiveofChrysler parent pecially semiconductors. onomically crushing,” he said. under development. ing the right partsand materi- system proved so efficient , said in a March in- Toyota’s effortshavehelped Executives saythey don’t als and assembling them. that everycar maker from De- terviewthat the companyesti- it weather this year’s short- want to replacejust in time Toyota pioneered the next troit to Wolfsburgadopted a mated it bought about ages of semiconductorsbetter entirely,because the savings Tesla’s push step. One day in 1950, Toyota version. Ford set up the Ford 400,000 partsfor the 100 than manyofits rivals,al- aretoo great. But they are Tesla chief Elon Musk said executiveTaiichi Ohno visited Production System to match models in the lineups of though it wasn’t perfect. The moving to undo it to some de- last year he wanted to buy an American supermarket and the one named afterToyota. Chrysler,Ram, Fiat, Peugeot same Renesas factorythat got gree,focusing on areas of nickel directly too. “Tesla will marveled howthe shelves Topsuppliersdid too, fortheir and other brands.Hesaid hit adecade agobythe earth- greatest vulnerability.They giveyou agiant contract fora were restocked as they were ownsupplierslowerdownthe some 95% of those partscome quake shut down for a month are seeking to stockpile more long period of time if you emptied, as Jeffrey Liker re- pyramid. from a single source. after a fire in one clean room critical parts, especially if they mine nickel efficiently and in countsinhis book “The Toy- “That’s the norm in the au- in March. Despite the help of arelight and relatively inex- an environmentally sensitive otaWay.” Shopperswerekept tomotive industry,” Mr. Tava- thousands of employees from pensive yet irreplaceable like way,” he said. happy even though the super- ‘This is where res said. Toyota,Nissan and others, the semiconductors. Mr.Musk’spush intoraw market had only small store- From time to time,events factorywon’t fully recoverun- Ford’s chief executive, Jim materials bringsthe carindus- rooms. It was the polar oppo- procurement has such as the 9/11 terrorist at- til around July. Farley, said he was looking at tryback acentury, to the days site of the carindustrywhere frankly dropped the tacks would upend the system, Now, just as they onceemu- keeping moreinventory. “Most when HenryFord’sassembly warehouses were kept full of but the industrymostly lated just in time,manycar other industries use safety line wasaforerunner in manu- sheetmetal and tires to en- ball,’ one CEO said. shruggedits shouldersand makersare trying to match stock for critical components facturing techniques. sure the assembly line never carried on because the re- Toyota’s grasp of its network likechips,” he said at an event In the 1920s,the stateof shut down. wards were too great. to catch hidden chokepoints. hosted by Automotive News. the art at Ford wasvertical in- Supermarketshad little Thetide began to turn with “This is whereprocurement “It’sshocking to me how tegration, or control of all the choice,sincethey couldn’t Theidea spread through the global financial crisis.At has frankly dropped the ball,” much I’ve learned about the thingsneeded to makeacar. stockpile bananas formonths. other industries.Apple Inc., least 50 autosupplierswent said BindiyaVakil, chief execu- supply base,” he said. ItsRougeRiver plant in Dear- Still, Mr.Ohno reasoned, their McDonald’sCorp.franchises bankrupt, catching carmakers tive of software maker Resil- Theshifttoelectric vehi- born, Mich., made not just practices eliminated wasteand and big boxstoreslikeTarget by surprise.When supplierslike inc, which helps manufactur- cles is adding pressureoncar cars but the steel forthe cars, cut costs. Toyota would only Corp.all use some form of just Visteon Corp., amaker of air ersmonitor supply-chain makers to rethink a half-cen- which wasforgedfromthe payfor what it needed to pro- in time to keep inventorylow. conditioners, radios and other shortages.“Time and time turyofautomotivehistory, be- output of Ford’s iron mines. ducecarsfor aday.That Asister idea to just in time components, declared bank- again the stuff that brings us cause these vehicles make After Henry Ford died, the meant they could makedo wasthe use of single suppliers ruptcy,itled to fearsthat car to our knees is not the expen- heavy use of partsinthe companysold off itsdocks and with smaller factories and formanyparts. These suppliers factories relying on Visteon sivestuff,it’sthe tinystuff shortest supply,including lith- steel forges. It was more effi- warehouses. could master the daily danceof would also be unable to operate. that we don’t manageclosely.” ium-ion batteries and semi- cient, carmakersdecided, to It was easier for Toyota to deliveries,cut coststhrough Adifferent shock prompted —Mike Colias in Detroit and conductors. leave the businessofsteel, pull off, thanks to the coterie volume and servicethe global a rethinking of just in time at Nick Kostov in Paris General MotorsCo. and rubber and shipping to the of loyalsuppliersknown as its factorynetworks that the top the companywhereitstarted. contributed to this article.

Peafowlaren’t nativetothe Pigeon Town. “He’sherejust Big Bird Western Hemisphere, though about every day.” homeownersdooccasionally While Mr.Gunderson de- keep them legally as petsin scribes himself and his wifeas Tests Both locales that don’t have exces- Mr.P’s “fans,” he acknowl- sively cold winters. In Califor- edged that having apeacock nia, the city of Rancho Palos on theporch isn’t all exotic Fans, Foes Verdes became so overrun grandeur: “He poops alot,” with the birds the city council Mr.Gunderson said. Theup- approved apeacock eviction side, he said, “it’s just cool to ContinuedfromPageOne program. Most people see have apeacock at your house.” didn’t resettle on anyofthe them only in zoos.Last May, a Mr.Gunderson’swife, Kath- tree’s surviving branches. Af- peacock named Snowbank leen Ferris, takesphotos of the terthe storm, she didn’t see made the news afterescaping birdtosend to family.“They the bird in the tree anymore; from the Franklin Park Zoo in all get really jealous,” the 36- Mr. P had flown the coop. . It waslured back with year-old Tulane evolutionary Neighbors met in March to a fake mating call. biologyprofessor said. Mr.P help.Ahandy neighbor offered Mr. P’s origin story, passed will oftenhang out near her JOURNAL to build abranch out of ply- around the neighborhood like feet likeadog while she is wood and rig it to the tree in afolk tale,also involves azoo REET working from home. Delivery ST

thesame spot. Aposting on break.Mr. Pand Archie,an- LL people are often taken aback.

the 1,100-person “Save Mr. P” other peacock,allegedly fled WA “They’ll be like, ‘Whoa, do you group,created in the Audubon Zoo during Hur- knowthat there’sapeacock 2016,asked if anyone knew ricane Katrina. Afterthe es- out here?’” she said. LFE/THE

where Mr. P was roosting. cape,the pair split up: Mr.P WO Thefamily keeps peacock Pigeon Town had divided headed to Pigeon Town, and feathersonthe mantel for over Mr.Pafew yearsback. Archie went to Holly Grove, CHEL good luck.They sharethe RA Some residentscomplained to whereheended up as some- Mr. P roams freely and enjoys protected status in the Pigeon Town neighborhood of New Orleans. front porch with the bird, Mr. the city about the bird one’spet. Horsefeathers, ac- Gunderson said, but “wehave screeching all night and dam- cording to the zoo. people areupset that the pea- zooanimal database.“Isug- sanctuary. That forbids anyone sort of atacit understanding agingthe paint on cars.Pea- “Wewent back intoour re- cock is pooping on their drive- gest that they call the city or from hunting,trapping,shoot- that he’ll movewhen we’re cocks areknown to be aggres- cordsfrombeforeKatrinaand way,that it’sscratching up call animal control,” he said. ing or killing Mr.Porany coming through.” siveand territorial, especially we did not lose track of any their car, tearing up their “They’reusually not very other local birds. If Mr. P goes missing for a during mating season. In re- birds,” Audubon Zoo senior flower beds.” happy with me.” It turned out Mr.Phad few days, they don’t worry. sponse, the Louisiana Society veterinarian Robert MacLean The complaints could con- Months afterthe failed cap- found apersonal sanctuary. “He seems to knowwhat for the Prevention of Cruelty said. “It’s not a zoo bird.” tinue forawhile.Nobody turebythe SPCA,the NewOr- “He’smoved in,” said Alex he’sdoing,” Mr.Gunderson to Animals tried to trap Mr.P. Irateneighborscontact the knows Mr.P’s age, but peafowl leans City Council votedto Gunderson, 40, a biology pro- said. “He’sbeen in this neigh- Thepeacock kept alow-profile zoohalf adozenorsotimes a canliveaslong as 30 years, designatethe area that in- fessor at Tulane who recently borhood a lot longer than we until the trappers gave up. year,Dr. MacLean said: “Some according to Dr.MacLean’s cludes Pigeon Town abird relocated to Hickory Street in have.” P2JW124000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, May 4, 2021 | A10A GREATER NEW YORK to Return to 24-Hour Service


NewYork City’s subway will return to 24-hour serviceon May17after ayear of nightly shutdowns to clean stations and trains during the pandemic,said Gov.Andrew Cuomo. Theshutdowns,between 1 a.m. and5a.m. beginning last May, were needed to deep- clean trains and to direct peo- ple who arehomelesstosocial services,state transit officials said. At the time,average weekdayridership had declined by morethan 90% to fewer than 500,000 passengers. In Februarythis year,as weekdayridership reached about 1.8million, transportation officials reduced the closures to between 2a.m. and 4a.m. Sincethen, millions of peo-

REUTERS ple have been vaccinated, Y/ Covid-19 positivity rates have

KELL fallen substantially and lead- ersinthe region have begun

ANDREW relaxing pandemic restrictions. Customers sat at the bar of McSorley’s Old Ale House in Manhattan on Monday as restrictions eased on indoor drinking and dining. Mr.Cuomo speaking at a news conferenceMonday, said 24-hour servicewould be needed beginning May17toco- N.Y. , N.J. to Lift Capacity Limits incide with thestate lifting a12 a.m. curfew on outdoor drink- ing and dining in NewYork City. Restrictions will end sures,which requirepatronsand de Blasio said last week that sporting events, can increase to numerous health screenings Gains in standards of clean- parties to be kept 6feet apart. he wanted to removecapacity capacity to 30% on May 19. and continue to practicesocial linessinthe subway,aswell as May 19 for businesses, Both states arekeeping limitsonbusinesses in the city “Wefeel confident that we distancing and masking to re- areduction in people who are venues as vaccines their indoor mask mandates. by July 1. Thenew statewide candothis safely because our duce the chance of spreading homelessseeking shelter in Connecticut previously measures hasten that timeline. numbershavetrended deci- Covid-19. thesystem, must be main- rise and cases decline ended manycapacity rules and NewYork’sseven-day aver- sively in the right direction “Welearned from our tained when 24-hour serviceis said in April that it is halting agefor itspositivity rate fell over the past three weeks,” New schools howtodothingsright, restored, the governor said. BY JOSEPH DE AVILA all restrictions on businesses to 1.8% on Sunday, a50% de- Jersey Gov. Phil Murphysaid at and we aredoing the same ap- beginningMay 19,except for cline sincelast month and the aseparatenewsconference. proach in our offices,” Mr. de NewYork and NewJersey indoor-masking requirements. lowest it has been since early New Jersey recorded 1,077 Blasio said. “Weneed this. Change will coincide arelifting most capacity limits These effortsrepresented a November,Mr. Cuomo said. newCovid-19 cases Sunday, This is apart of our recovery.” on businesses put in placelast major milestone forNew York, There were 2,839 people hos- down 75% from a month ago. HenryGarrido,executive with May 17 lifting spring to stem the spread of said Gov.Andrew Cuomo.Ris- pitalized in NewYork with There were 1,424 people hos- director of District Council 37, of 12 a.m. curfew on Covid-19 as morepeople get ing vaccinations coupled with Covid-19 on Sunday, the fewest pitalized with Covid-19 in the NewYork City’s largest public- vaccinated and infections con- falling rates of infections and since late November, he said. state, a35% decline from a employee union, said the city’s outdoor businesses. tinue to decline. hospitalizations made this mo- Morethan nine million peo- month earlier. reopening approach has been Capacity limitswill end ment possible, he said. ple have had at least one vac- NewJersey has adminis- inconsistent. May19for NewJersey and “It is irrefutable, when you cine shot in NewYork and teredmorethan seven million “Someagencies arebring- NewYork retail stores,restau- look at the numbers, that New seven million have been fully Covid-19 inoculations,and ing everyone back everyday, “Wecan’t go backwardsonthe rants, gyms,amusement parks, Yorkershavemade tremen- vaccinated, the governor said. more than 3.25 million resi- others once a week,” he said. quality of service,” he added. salons,barber shops,offices, dous progress,” Mr.Cuomo NewYork and NewJersey dents are fully vaccinated. “It does not make sense.” The move was hailed Mon- museums and theaters, includ- said at anewsconference. “All will raise the limit on indoor Meanwhile,inNew York Mr. de Blasio defended the day by transit advocates who ing Broadway,state officials the arrowsare pointing in the social gatheringsinprivate City,some 80,000 city employ- city’s actions and said the city have been calling for a return said Monday. right direction, have been for homes to 50 people beginning ees returned to the office has been carefuland consulta- to round-the-clock service. Businesses will be limited a while.” May19. Indoor capacity for Monday.Mr. de Blasio said the tive in itsapproach to reopen- MTAofficials have forweeks only by social-distancing mea- NewYork City MayorBill large venues,such as for city workerswould be subject ing offices. said the subway is crucial to re- starting the region’seconomy, but they have warned that rider concerns about crime and ha- Rising Hate CrimesTargetJews,Asian-Americans rassment arekeeping some peo- ple from returning.MTA offi- cials sayrates of certain crimes BY BEN CHAPMAN crimes against Jews accounted crimes in connection with seven on the subway haven’t fallen in forthe second-largest number separateincidentsinApril. relation to the decline in rider- Hate crimes in New York of such crimes this year,after Mr.Burnette is accused of ship during the pandemic. City continue to rise,fueled by thosetargeting Asians. destroying stained-glasswin- On Monday, Mr.Cuomo said an increase in crimes targeting NYPD figuresshowthat of- dows,shattering doorsand fear of subway crime is indica- Asian-Americans and dozens ficers made 78 arrestsinhate- stealing prayer books,the offi- tive of rates of some crimes of crimes against Jews,accord- crime cases from Jan. 1 cials said. Video evidence increasing across New York ing to NewYork PoliceDepart- through May 2, up 160% from placed Mr.Burnette at thesite City.The governor said it is up ment figuresreleased Monday. 30 such arrestsinthe same of the attacks,they said. to the NewYork PoliceDepart- TheNYPD’s HateCrime period last year.The NYPD has Mr.Burnette wasreleased ment to ensurethat homeless Task Forcesaid the city re- stepped up itseffortstocom- from custody under city super- people arereferred to social corded 180 hatecrimes from bat hatecrimes against vision Sunday, law-enforce- services andthat the subway S Jan. 1through May2,anin- Asians.Inthe fall, it created ment officials said. He couldn’t isn’t used as ashelter. crease of 73%from104 such PRES the Asian HateCrime Task be reached Mondayfor com- Mitch Schwartz,aspokes- crimes during the same period Force,which is composed of ment.Mr. Burnette hasn’t en- man forMayor , ZUMA last year. NYPD officials have detectives of Asian descent. teredaplea and is due in court said: “We’remoreinterested in DIN/

said that the true number of RA TheNYPD in March began us- Friday. Mr.Burnette’s attorney, the data, which shows de-

hatecrimes in the city is prob- LEV ing undercover officers in an MorganEverhart, defended creased crime in the subway ably higher because manyof NYPD DeputyInspector Jessica CoreyataSaturdaynewsbriefing. attempt to thwart such crimes. Mr.Burnette’s release,saying system acrossnearly everyma- those crimes go unreported. On Saturday, aBronx man that he hasn’t been convicted. jor category,than we areinthe According to the figures, hatecrimes against Asians for responsible forthe pandemic. wasarrested and accused of Rabbi Abraham Cooper,as- governor’s personal feelings.” Asians were targeted in 80 2020,upfromthree in 2019. According to the NYPD fig- vandalizing and robbing Jewish sociatedean and director of Mr.deBlasio said the city’s NewYork City hatecrimes NYPD officials have said some ures,Jewish people were tar- synagogues in the Riverdale global social action at the non- homeless outreach efforts on from Jan. 1through April 4, up of the attacks on Asian-Ameri- getedin54hatecrimes between sectionofthe borough, said profit Simon Wiesenthal Cen- thesubway areworking,and from 16 in the same period in cans have been motivated by Jan. 1and May2,downfrom58 NYPD officials.Jordan Burnette, ter, said Mr.Burnette should that the city is getting more 2020. The NYPD recorded 28 the false belief that Asians are such crimes in 2020.Hate 29 yearsold, waschargedwith have remained in custody. people intothe shelter system. GREATERNEWYORKWATCH

MANHATTAN seri, and Vogue’s Wintour. NEW JERSEY The Metropolitan Museum of Met Gala to Return Art made the announcement Woman Named to In September Monday on the traditional day of Lead National Guard the Met Gala—the first Monday When the Met Gala returns in May. Those plans, of course, New Jersey Gov. in September, it will feature a were upended by the pandemic. on Monday named Col. Lisa Hou heavy-hitting contingent of ce- The Sept. 13 gala will be a more as his pick to head of the state’s lebrity co-chairs: Actor Timothée intimate affair, to be followed by National Guard and serve as Chalamet, musician Billie Eilish, a larger one on May 2, 2022. commissioner of the Department poet Amanda Gorman and ten- Both will launch a two-part exhi- of Military and Veterans Affairs. nis star Naomi Osaka. bition, a survey of American Col. Hou currently serves as Honorary chairs for the eve- fashion to be on view for almost the interim adjutant general and ning will be designer , a year. department commissioner. She sponsor ’s Adam Mos- “In America: A Lexicon of will be the first woman and first Fashion,” opening Sept. 18, will Asian-American in the role if celebrate the 75th anniversary confirmed by the state Senate, of the museum’s Costume Insti- Mr. Murphy said. CORRECTIONS  tute and “explore a modern vo- Mr. Murphy dismissed the cabulary of American fashion,” previous adjutant general amid AMPLIFICATIONS the museum has said. Part two, the Covid-19 outbreak, which hit “In America: An Anthology of the state’s veterans homes hard. GES Fashion,” will open in the mu- Before becoming interim IMA The‘Women forGovernor seum’s popular American Wing commissioner, Col. Hou was the

Cuomo’ Facebook group has period rooms on May 5, 2022, deputy adjutant general and as- ETTY /G

about1,100 members. Acap- and will explore American fash- sistant commissioner for - GO tion in an article Mondayin- ion, with collaborations with film tions at the department. The de- NTIA

correctly gave the number as directors, by “presenting narra- partment oversees New Jersey’s SA

1,1000. tives that relate to the complex three veterans homes. Col. Hou M. and layered histories of those would oversee the state’s 8,400 Readers can alert The Wall Street

spaces.” Both parts will close on National Guard and Air National MICHAEL Journal to any errors in news articles by emailing [email protected] or Sept. 5, 2022. Guard troops. LESS POMP, MORE CIRCUMSTANCE: ’s Seidenberg School of CSIS held a small, by calling 888-410-2667. —Associated Press —Associated Press student-only, outdoor graduation ceremony Monday at South Street Seaport in Manhattan. P2JW124000-2-A010B0-1------NS

A10B | Tuesday, May 4, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Legoland Set to Transform ‘Slow’ Town


GOSHEN,N.Y.—Manyofthis town’sroughly 14,000 residents talk of itsquiet, unhurried way of life, almost to the point of poking gentle fun. “Slow-mo- tion Goshen” is howthey fre- quentlydescribe the pace. In the coming months,that tempo is likely to be dramati- cally changed—some sayfor the better, othersfor the worse—with the opening of a major newtheme park forthe Northeast. TheLegoland NewYork Re- sort, a150-acrepark geared to young fans of the Lego toy- building bricks,isset to begin welcoming customerssome- time this summer. Theattraction will offer child-friendly rides and elabo- rate displays of models and figures made from thousands of Lego bricks,likely bringing thousands of visitors a day to this town about 60 miles north of . The project is estimated to cost nearly $500 million, ac- cording to officials with Mer-

lin Entertainments,the /REUTERS

theme-park companythat is GAR

developing the Goshen attrac- SE

tion and operates other Lego- MIKE lands throughout the world, The soon-to-open Legoland New York Resort project has stirred excitement among residents, but also concern in the surrounding Goshen area of upstate New York. including ones in Florida and California. Legoland is “inthe wrong storm waterdraining from the State Route 17 on weekends years, Legoland will paythe cently. Legoland could help to place,” said Chris Miele, a lo- park siteduring construction. with travelersmaking their town an annual fee, starting at Meanwhile, some families transform Goshen and the calresident and president of Thematterhas persisted as way to and from the nearby aminimum of $520,000 the in the New York metropolitan larger upstate Hudson Valley Concerned Citizens forthe recently as this past month, Catskills region. firstyear and increasing area saythey already areplan- region, saysome local and Hudson Valley,agroup that when the stateissued another In abroader sense,the wor- thereafter. ning their visits, even though stateofficials,who point to its hasfought unsuccessfully to violation notice. ries among some locals is that Some locals hope that Lego- Legoland hasn’t set a specific manypotential economic ben- stop the project. The DEC said it is commit- Legoland is simply out of char- land would createbuzzfor Go- opening date. Thepark was efits, especially as a driver of Thegroup’sbiggest concern tedtocontinuing to hold acter for Goshen, which has a shen, a town that is expected originally set to welcome pa- tourism. has been Legoland’simpact on Legoland accountable,and semiruralfeel despitebeing to see Amy’sKitchen,apro- trons last year,but the Such optimism is what the environment. that if the park followedthe just 90 minutes from Manhat- ducer of organic frozenand Covid-19 pandemic delayed pavedthe way forthe project’s NewYork state’sDepart- compliancemeasures it has tan. Farming is still activein conveniencefoods,open the plans. approval by the town, which ment of Environmental Con- outlined, all environmental the area, and Goshen has long firstphase of aproduction fa- Legoland’sappeal, sayboth had to change local zoning to servation has fined Legoland concerns should be resolved. been identified with horse cul- cility in 2022. parentsand theme-park ex- allowit. It also is what led the NewYork morethan $600,000 Legoland officials also say ture. TheHarnessRacing Mu- “It won’t be slow-motion perts, is its singular focus on statetocontribute$25.68mil- for violations. The fines were they have paid heed to the seum & Hall of Fame is here. Goshen” anymore, said Doug children. Whereas Disney lion to support the project. levied as part of three differ- state’senvironmental con- Mr.Besterman said that Bloomfield, the longtime town parks aim to appeal to all “I love Legoland. Yes, kids ent consent orders, alegal cerns.“We’vecomplied with much of the community sup- supervisor who supported the ages,Legoland focuses on the that is your next vacation,” way forthe statetoaddress everyorder we’vereceived,” ported Legoland. “I’ve talked Legoland project. 2-12 agegroup,making sure said Gov.Andrew Cuomo in issues and require corrective said MattBesterman, a to so manypeople and the Localbusinessownerssee itsrides aren’t toointense. his 2020 State of the State ad- actions. spokesman for Legoland New vast majority aresuper excited the potential forfamilies visit- TheDragon, the main roller dress. In particular, the state has York. to have us here,” he said. ing their establishmentsafter coaster at the NewYork park, Theproject also has been noted the project, which in- Anti-Legoland residents Thetheme park will benefit they spend time at Legoland. has no inversions. doggedbycontroversy sinceit cludes a250-room hotel also have voiced concern that Goshen in direct ways, accord- “It can’t help but help,” said “They areaniche theme wasfirst announced about five scheduled to open this sum- Legoland would tie up traffic, ing to Legoland officials. It is Ed Robinson, one of the own- park,” said Dennis Speigel, an yearsago, and has faced its mer,has muddied up nearby which they sayalready canbe expected to createabout 1,000 ers of Brew Goshen, a restau- industryconsultant based in shareofcommunity opposition. Otter Kill Creek as a result of congested in the area along jobs.Moreover,for the next 30 rant and bar that opened re- Cincinnati.

PRESENTS P2JW124000-0-A01100-1------XA


© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, May 4, 2021 | A11

of micronutrients,” he says,noting that junk foods such as sodas, sweetsand fast food areoften low in important vitamins and minerals. Almost all, or 95.2%, of 9- to 13- year-old girls getmorethan the recommended amount of calories from added sugarsand solid fats, according to the analysis of govern- ment data. Doctorsare concerned about the potential health impactsofadoles- cent girls’ eating patterns on their futurechildren. Teens’ eating hab- itsoften con- tinue into adulthood. And 80% children born to of adolescent women who are girls consume obese while less calcium pregnant have a day than ahigher risk of recommended. obesity and Type 2diabe- testhemselves. Part of the risk is behavioral: Chil- dren pick up eating habitsfrom their parents. Also,being exposed to deficitsofsome nutrientsand excess calories in utero—particu- larly from fatsand carbohy- drates—can cause changes in gene expression that “triggerall sorts of pathogenic pathwaysincluding (2) promoting obesity,” says Dana Da- GES belea, aprofessor of epidemiology IMA and pediatrics at the Colorado

GETTY School of Public Health, Anschutz Medical Campus. While toddlers are assumed to be the pickiest eaters, Dr. Bailey Teen Girls’ Poor Diets Concern Doctors says actually adolescence is “the life stage characterized by the low- est dietary diversity.” Teens “eat a limited number of BY ANDREA PETERSEN lenge.” Meanwhile,doctorssay that foods and it is a time teens’ eating habitshaveworsened where there is often octors and nutrition during the pandemic. dieting and restrictive experts are increas- Girls—and indeed most Ameri- eating behaviors,” she ingly alarmed by the cans—are also consuming too says. Teens also have widespread low intake much sodium, which can raise the lowest use of di- D of key nutrients among blood pressure and increase the etary supplements. preteen and teen girls, risk of cardiovascular disease, and They also tend to skip and are warning that poor diets added sugar, which is contributing breakfast, a meal that are likely to cause both immediate to rising rates of obesity, doctors often features nutrient issues such as poor school perfor- and nutrition experts say. dense foods such as mance and long-term health prob- During the pandemic, Ellen yogurt, eggs and forti- lems like osteoporosis. Rome, head of the Center for Ado- fied cereals, says Dr. “This is the stuff that keeps me lescent Medicine at Cleveland Bailey, who was a up at night,” says Regan Lucas Bai- Clinic Children’s Hospital, says she member of the federal ley, a nutrition science professor is seeing bored teens who are eat- scientific committee at . Dr. Bailey ing too much and gaining weight, that provided recom- and others are worried not only and stressed-out teens who are mendations for the about the health effects of poor eating too little, losing weight and update to the dietary diet on the girls themselves but being admitted to the hospital guidelines. And they also on the health of any children with “low rate and no peri- opt instead to eat they might have in the future. “Go- ods.” The Center of Excellence in Many teen girls consume too much soda, top, and not enough nutritious foods, above. more of their calories ing into reproductive age at nutri- Eating and Weight Disorders at at night, when fast tion risk can cause intergenera- Mount Sinai Health System in New food, sodas and chips tional effects,” Dr. Bailey says. York saw 520 new families in USDA and HHS with a sample of old girls eat less than the recom- are more likely to be chosen. Adolescent girls aren’t getting 2020, up from about 300 in 2019, Americans of all ages in which mended amount of dairy foods, Dr. Hildebrandt notes that enough of ahost of important vita- according to Tom Hildebrandt, the participants were asked to recall which are good sources of calcium many high schools have short mins and minerals,including vita- center’s chief. everything they ate and drank dur- and vitamin D. And 53.6% eat less lunch periods—and socializing and min D, calcium, folateand iron. Most Americans of all ages ing two 24-hour periods. The gov- than the recommended amounts of eating compete with each other. About 80% of adolescent girls con- don’t come close to meeting the ernment conducts these interviews iron-rich meat, poultry and eggs, “You go to the thing you can eat sume lesscalcium aday than rec- dietary guidelines. But adolescents with about 5,000 people each year. according to the analysis of gov- the quickest and most conve- ommended, according to areport fall the most short. For example, Adolescent boys aren’t getting ernment data. niently. Those foods tend not to produced by afederal committee 98.8% of 14- to 18-year-old girls enough of many important nutri- About 21% of U.S. 12-to19-year- have the full, adequate nutrition,” that provided recommendations for and 98.5% of 14- to 18-year-old ents, too: Like girls, they don’t olds areobese, according to he says. an updatetothe DietaryGuidelines boys eat less than the recom- consume enough phosphorus, mag- 2017-2018 figures from the Centers The most powerful single move forAmericans released in Decem- mended amount of vegetables, ac- nesium and choline. But girls face forDisease Control and Prevention. parents can make to improve their ber.And about 20% of girls areane- cording to an analysis of govern- particular diet-related health is- That is up from about18% in teens’ diets is not to buy sugary mic,acondition that canbecaused ment data by the scientific sues, such as anemia and poor 2007-2008.Teens canhavelow in- drinks, says Elizabeth Mayer-Da- by lowironconsumption and can committee and scientists at the bone health that can lead to osteo- takesofimportant nutrientsand be vis, chair of the department of nu- affect cognitivefunction and mood. U.S. Department of Agriculture porosis in later life. “Adolescent , says George Fuchs,vice trition at the University of North Thecommittee, composed of 20 and U.S. Department of Health & girls gain 40% to 60% of their chair forclinical affairsinthe de- Carolina at Chapel Hill. And it is doctorsand academics,warned Human Services. By comparison, bone mass between 11 and 14 years partment of pediatrics at the Uni- even better if you can replace about the lowintakeofimportant 76.6% of 51- to 70-year-old women of age,” notes Dr. Rome, which is versity of KentuckyCollegeofMed- those drinks with healthy foods, nutrientsamong adolescentssev- and 85.6% of 51- to 70-year-old why calcium, vitamin D and mag- icine and KentuckyChildren’s says Dr. Mayer-Davis, who was eral times in itsscientific report, men do. The analysis was based nesium are so critical during this Hospital. “They aregetting excess also a member of the federal sci- calling it “a public health chal- partly on interviews conducted by time. But 94.3% of 14- to 18-year- calories and not sufficient amounts entific committee.

Shah, senior pro- Centersfor Disease early detection of newconditions, The Risksof gram officer at Control and Pre- says Cmdr.Clarke. CDC researchers the Robert Wood vention found that aredoing afollow-up study to see if Johnson Founda- 41% of U.S. adults healthcareisstill being neglected Postponing tion, which said they delayed later in the pandemic,she says. funded two analy- or avoided medical While telemedicine helped fill Health Care ses by the Urban care,including rou- gaps when appointments were Institute looking tine and emergency canceled, Dr. Figueroa said she of- at healthcare in or urgent care, ten had to persuade patients to YOUR children and says Commander leave home, for example, to have a HEALTH adults under 65. Kristie Clarke, a mass on a leg examined. SUMATHI In a survey in pediatrician and JerryKrishnan, professor of REDDY September, more medical epidemiol- medicine and public health at the than one-third of ogist at the CDC University of Illinois Chicago, says 4,000 adults said and an author of telehealth wasuseful during the issed checkups and physi- they delayed or the report. pandemic but some problems re- M cals.Delayedmammograms didn’t seek care Those more quireaphysical exam. Diagnosis and colonoscopies.Many either because likely to avoid rou- of newhealth conditions,monitor- Americans postponed medical ap- they worried tine or emergency ing of various conditions,and pointmentsfor ayear during the about potential care were unpaid healthcaredecisions were all de- pandemic and the impact is just be- exposure to coro- caregivers for layed, he said. ginning to surface, doctorssay. navirus or be- adults, people with “There will be consequences,” “Having a year of uncontrolled cause their disabilities, young Dr. Krishnan says. “It’s particularly diabetes, a year of uncontrolled healthcare pro- A patient waiting room last year at Lenox Hill Hospital in New York. adults aged 18- to dramatic in lower-income, socio- blood pressure or cholesterol, vider was offer- 24-years-old, His- economically disadvantaged popu- those are not benign,” says Evelyn ing limited ser- panic adults, stu- lations” where access to care is al- Figueroa, a family physician and vices. Those more likely to do so A JAMA health forum study she dents and people with two or ready a problem. Certain tests, professor of clinical family and were African-American or had a co-wrote looked at five national more underlying medical condi- such as spirometry—a lung-breath- community medicine at the Uni- chronic health condition, Ms. Shah surveys and found that one in five tions, says Cmdr. Clarke, who ing test used to diagnose asthma versity of Illinois at Chicago Col- says. One-third of people who de- people surveyed said they delayed serves in the U.S. Public Health and chronic obstructive pulmonary lege of Medicine. “That affects life layed care said it affected them care for a serious problem and Service, part of the Department of disease—couldn’t be done for GES expectancy.” negatively, by harming their health more than half said they faced Health and Human Services. “Par- more than six months in some cen- IMA Studies show patients put off or limiting their ability to work or negative consequences as a result. ticularly concerning is the delay of ters because it is aerosol-produc- mammograms, pediatric visits and do other daily activities. Many people are delaying vision care among people with two or ing and posed too high a Covid-19 GETTY shots for flu, shingles and other Mary Findling, assistant direc- and dental care, in addition to more underlying medical condi- transmission risk, says Dr. Krish- GE/ maladies. A pandemic-induced de- of the Harvard Opinion Re- screenings, surgical procedures tions,” she says, noting that 54.7% nan. Instead, patients were diag- IMA

AL lay in screenings could lead to search Program, which conducts and wellness visits, according to of such people reported delayed or nosed based on their symptoms, 10,000 breast and colorectal can- public-opinion surveys on health the study. The survey questions avoiding care. “Those are certainly which can mean delays in proper cer deaths over the next decade, and social policies, says national specifically asked patients if they the people who can least afford to care. “I think the consequences researchers estimate. Census surveys in recent weeks delayed care due to the pan- be missing care.” are going to show up in the com-

TKIN/UNIVERS “These delays potentially have found that 25% of adults are still demic—and not for other reasons, Routine medicalappointments ing years,” says Dr. Krishnan. “This SLA long-term consequences that we reporting not getting needed med- Dr. Findling said. areimportant because they areop- includes cancers that could have AN

JO still don’t know about,” says Mona ical care. A September report from the portunities forvaccinations and been detected and treated earlier.” P2JW124000-0-A01200-1------NS


BY BETSY MORRIS disease and stroke. And researchershave hat’sthe linked spiking blood better sugar,orglycemic breakfast— variability,toin- oatmeal or creased mortality risk Weggs? in people who aren’t Should you diabetic. But more add abanana? than 84% of the predi- Theanswers vary because abetics don’t know people vary.But foramore they have the condi- reliable solution, some people tion, the CDC says. areturning to acontinuous “People say, why glucose monitor. don’t youjust read a As unlikely as it seems, book and eat low growing numbersare adopt- carbs,” says Dr.Casey ing atinyflexible sensor you Means,LevelsHealth canaffix with atinyneedle co-founder and chief to the back of your arm. The medical officer.“The sensor syncs with an app problem is youand I that tells youinreal time caneat theexact which foods spikeyour same banana, and my blood sugar.The device, also glucose might go up known as aCGM, is used to 100 pointsand yougo treat diabetics,and outside up 10.” of that, the market remains Continuous glu- tiny—probably in the tens of cose monitoring has thousands of users, accord- caused astir on social ing to two analysts. media. As soon as But CGMs aregetting MikeDavidson gothis traction in sportsand tech sensor in January, the especially.Usersinclude vicepresident of de- high-profile athletes likeLos sign at InVision, a Angeles Dodgerspitcher platform fordigital Trevor Bauer and along list product design, of Silicon Valley founders, tweeted, “Just in- executives and investors, in- stalled acontinuous cluding some from venture- glucose monitor from capital firm Andreessen Hor- Glucose Monitors Gain Traction @Levels intomy owitz, which is backing one shoulder.Going to eat of the ventures.Last month awhole pizza right an article in Men’s Devised for diabetics, acontinuous sensor attracts the rich and well-connected nowtostresstest it.” Health asked: Thesweet and “You CGM, Right Bro?” sausagepizza and a “We’retalking very nascent negatively.” device, the Food and Drug Adminis- ous research to showitimproves couple of beersshot up his glucose adoption,” says Marissa Schlueter,a In the past six months,investors tration regulates the CGM, so it re- quality of lifefor healthypeople and level to 184 milligrams per deciliter senior intelligenceanalyst at CB In- have put nearly $40 million into quires aprescription. If you’renot maylead to anxiety and depression, from 94.“Yikes,” he says.The level sights. But she says morethan 200 three startups that aredeveloping diabetic,insurancealmost certainly he says.“It looks very cool and the wasback down to normal (lessthan companies areworking on glucose- software forphones and watches won’t coverit. Manydoctorswon’t graphs aregreat andglitzy,but the 140mg/dl) within afew hours. detection technology. that syncs with devices made by Ab- prescribe it. So while some people reality is it doesn’t improveany- While Mr.Davidson gotamonitor As blood sugar canaffect your bottLaboratories and Dexcom. One canget the devices easily,others thing,” he says.“We arenutstobe because he washelping Levels energy,focus,moods,cardiovascu- of the startups,Supersapiens,istar- can’t getthem at all or find the price doing this.” Health with recruiting,Tim Mullen, lar system, chanceofbecoming dia- geting athletes in Europe and ex- prohibitive. Asensor-software pack- But some doctorssee atechno- CEO of SwiftRun Capital Manage- betic and long-term health, the lit- pectsatsome point to enter the U.S. agecan cost $288 forJanuary’s90- logical tide they can’t turn. If the ment in Charlottesville,Va., said his tle -likegadget has been market. Another,January, has de- dayprogram and $399 foramonth apps educate, the monitorsare accu- attempt to getone was“very frus- generating lotsofdemand among rived the nutritional values for16 of Levels. rate and people arewilling to pay trating.” His latefather wasdiabetic, health-conscious techies,athletes million foods and dishes,including Thesensors, which arereplaced out of pocket, “whynot?” says Dr. as is asibling.Multiple friends rec- and the “worried well” who haven’t groceries,recipes and restaurant everytwo weeks,are to be worn Silvio Inzucchi, professor of medicine ommended amonitor. been diagnosed with anything but menus,and is using analytics to per- long enough to teach the user at School of Medicine When he contacted Dexcom fora fear they might be. sonalizeand predict an individual’s which foods to avoid, which ones to and director of the Yale Medicine Di- monitor,hewas told he needed a

OR Maia Bittner,32, who works for glycemic response.LevelsHealth, substituteorpair,and what time to abetes Center. “We’reinthe middle prescription. His doctor said it CZ

KA atech companyinBellingham, which is targeting nondiabetics,says eat in order to blunt aglycemic re- of an obesity epidemic.” wasn’t worth it, but Mr.Mullen dis- A Wash., has been trying to geta it has awaiting list of 105,000, sponse.The cost of the sensorsis About 34 million American adults agrees.“Imean, if thereisahuge

END CGM. She has polycystic ovarysyn- though itsLevelsapp is still in beta expected to drop. have diabetes.Another 88 million, or differencebetween bananas and GW drome,which canbesymptomatic testing.Beyondglucose data, these Still, some expertsobject to wide- morethan athirdofU.S.adults, have dates regarding blood glucose...the BY of diabetes.She isn’t diabetic,but apps will add tracking metrics like spread monitoring,likeDr. David prediabetes,which the Centersfor monitor will reinforce good behav- ION

AT fearsthat high glucose levels re- heart rate and medicines taken. Slawson, professor of family medi- Disease Control and Prevention de- ior,” he said in an email, adding,

TR flected on her lab testsmay be “af- Scarcity maybedriving part of cine at University of North Carolina fines as seriously high blood-sugar “Which will extend lifeexpectancy, US

ILL fecting alot of partsofmyhealth the demand. Because it’samedical at Chapel Hill. There’sbeen no rigor- levels that put them at risk of heart youwould think.”

Jay Palmer hikes up Mount Sanitas every morning and posts images of the sunrise, below.

WHAT’SYOUR WORKOUT |JEN MURPHY weather he road bikes and mountain bikes.Helifts weights three days aweek AColorado DadBegins and does adaily 20-to30- minutecoreworkout. In good EveryDay With aHike weather,hegolfsatleast threedaysaweekbut says he doesn’t consider it aworkout. or many, the thoughtof started hiking the MountSan- F waking beforesunrise itas Trail, a1.7-mile ascent The Diet sounds likepunishment. with around 1,300 feet of ele- Hydration: “I trytodrink a But throughout the pandemic, vation gain. gallon of wateraday,which is JayPalmer thrived by hiking “Being outdoorsand having actually quitehard,” he says. up MountSanitas near his the energy of hit me Breakfast: Eggs and turkey home in Boulder,Colo.“Iknew when Ireachthe summit sausage or aprotein shake. if Istarted the daywatching brings me so much happi- Lunch: “A big lunch slows me the sunrise on topofthat ness,” he says.Hebegan post- down, so Igrabsomething mountain, it would set my day ing photosof up forsuccess,” he says. summit sunrises Mr. Palmer, 43, is a fran- along with an in- chisee of Floyd’s 99 Barber- spirational quote shop and operates nine loca- on his personal tions in northern Colorado. Facebook page He made the tough decision and under the to close his businesses tem- Instagram han- porarily in March 2020, just dle @sanitassun- before the state’s public rise. health order shuttering non- The mental essential personal services, benefits have including salons. been justasim- While figuring out howto portant,ifnot keep his barber shops afloat, moreso, than the physical lightlikesushi,” he says. Mr.Palmer,who is divorced, ones,hesays. “Thatmountain Go-ToDinner: Salmon and also washelping to home- has been my altar,” he says. vegetables. He eats redmeat LMER

school his 17-year-old daugh- once aweek. PA terand 11-year-old son. The Workout Splurge: Almond Joyice Y JA “It wasverystressful,” he Mr.Palmer times his ascentof cream from small-batchColo- says.“Irealized the only thing MountSanitas so he can rado producer Sweet Cow.

Icould controlwas my mind- reach the 6,863-foot summit Detox: Mr.Palmer indulges JOURNAL; set.Did Iwanttobehappy, by sunrise.Depending on trail with aWhiteClawHardSelt- REET

motivated,fit and confidentor conditions,hetypically reaches zerortwo on the golf course. ST

depressedand overwhelmed?” the topin30minutes and Afterarecentgolf getaway LL Mr.Palmer typically rises says the descentdoesn’t he and four friends commit- WA

between 3a.m. and 4a.m. In bother his knees the way run- tedtoafive-week,no-alcohol THE R

2019,hekeptfit by training ning does.“I’mreally focused challenge. FO

forahalf Ironman but says on everystepand whereI ORD the running took atoll on his placemyfeet,” he says. Playlist knees.After his barbershops He lives in acountryclub “It’s abit all overbut all up- CLIFF re-openedinearly May, he communitywith agym. He beat, happymusic,” he says. VID DA

kept the stress of constantly rides the Pelotonbikethere Artists include BobMarley, P: changing Covid rules at bay forupto40minutes three af- Kaskade,Odesza, Mumford& TO OM

with workouts. In August, he ternoons aweek. In warm Sons and Big Wild. FR P2JW124000-0-A01300-1------XA


Van Morrison performing in 2017 REUTERS T/ WES VINCENT

MUSIC REVIEW | MARK RICHARDSON bile, and much of his ire has a con- ary tenor on clunky lines like “Can negativity is oppressiveand impos- spiratorial tone. For those who we say that you’re clinically insane sible to escape.The only placehe don’t get enough of people com- / Can you still even use your seems to find solaceisinmusic— plaining about such things on so- brain” in “Psychoanalysts’ Ball” see “Thank God forthe Blues” and Conspiracy cial media platforms, now we have drives home just how trite these his adaptations of two composi- a album that lays songs are. tions by master guitaristsworking out perceived injustices, large and As the album unwinds,Mr. Mor- in that form, ElmoreJames (“It small, in song. rison asks “WhereHaveAll the HurtsMeToo”)and Buddy Guy And Complaint Mr. Morrison has long been at- Rebels Gone?” (hint: youwon’t (“My Time AfteraWhile”). tuned to slights, so there’s nothing find them behind computer The final section of “Latest Re- especially new about him airing screens); pondersthe unseen cord Project” is its most depress- Van Morrison follows up his anti-lockdown grievances in music—he did, after forces that control our lives (“The ing stretch. After the cranky “Stop all, open his spiritually minded Bitching, Do Something,” Mr. Mor- releases with an album full of more grievances 1991 LP “Hymns to the Silence” rison touches on the fall of “West- with a number called “Professional ern Man” (“While he was dream- e got a hint that ingly well for someone who is 75 Jealousy,” directed at those whom ing, others were scheming / Doing something strange years old, keeps the distinctive he perceived were envious of his deals behind his back”) and offers was going on with spark heard on legendary songs success. But here, almost every- parting thoughts on the role of the late-era Van Morri- like “Brown Eyed Girl,” “Moon- thing except outrage has fallen information industry in our cur- Wson when he called dance” and “Jackie Said away, and we’re left only with a rent with “They Own the a 2015 release (I’m in Heaven When You Smile).” laundry list of complaints. Media” and “Why Are You on “: Re-Working the Cata- On Friday, Mr. Morrison re- Musically, the record features Facebook?” He ends with “Jeal- logue.” It found the Northern Irish leases another offering with a less- Mr. Morrison’s typical mélange of ousy,” wherein he calls out those singer-songwriter revisiting deep than-creative title: “Latest Record R&B, jazz and folk, but blues is the who envy him because, in his cuts from earlier in his career with Project: Volume 1” (Exile BMG) is predominant mode, and about half words, “I’m not a slave to the sys- partners like Steve Winwood and his 42nd studio LP. Befitting the the tracks hew to 12-bar form. His tem like you.” As this set merci- George Benson, but the album’s ti- perfunctory appellation, it comes band is solid and professional, fully comes to a close, dedicated tle sounded like something scrib- packaged with a cover whose with a blend of guitar, piano, or- Van Morrison fans are forced to bled at the top of a recording ex- bland geometric design could eas- gan and backing vocalists, but confront the ominous implications ecutive’s marketing memo. It was ily have graced a package of blank “Latest Recording Project” sounds Long Con,” “Big Lie”); and rails of the “Volume 1” subtitle: “There as if Mr. Morrison was acknowl- CD-Rs in 2005. It follows a trio of strange. Whether because of against the two-faced people in his are 28 tracks here, but I recorded edging that his records were songs he issued in 2020, all of Covid-19 restrictions or some life(“Double Agent,” “Double over 50,” he says in a press note. merely contractual obligations. But which decried government lock- other reason, the arrangements Bind,” “Duper’s Delight”). On “Only “I’ll probably put out another dou- while the record’s name suggested downs in the face of the Covid-19 are so low-key they often sound aSong,” amelodic uptempo num- ble album after this one.” In lieu of a lack of inspiration, his actual pandemic. Those aren’t included preprogrammed. However, despite ber with aharmonic structuresim- exploring this hopefully brief performances on the collection— here, but most of this material has the cheap and sour lyrical content ilar to his 1971 hit “Wild Night,” he phase of his career, we might in- and on the six albums he’s put out a similarly ill-tempered spirit. and rinky-dink sonics, Mr. Morri- suggeststhat his work shouldn’t stead ponder the silence Mr. Mor- since—are impassioned and com- The lyrics on “Latest Record son sings remarkably well. But his necessarily be takenseriously (“It’s rison once exalted. mitted. Even when he seems to be Project”—an epically long collec- virtuosity as a vocalist puts the al- what Isaid then just to makeit going through the motions, his tion, with 28 tracks that stretch bum’s other shortcomings in rhyme /Something’sonmymind Mr. Richardson is the Journal’s voice, which has held up astonish- for over two hours—are filled with sharper relief. Hearing his legend- at the time”), but the relentless rock and pop music critic.

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NewYork City 73 55 pc 69 50 t Dublin 51 33 sh 50 28 sh Warsaw6249c 61 40 r s ADON IS PLAN NON Oklahoma City 64 43 pc 72 52 s Edinburgh 50 31 sh 50 32 c Zurich 62 48 c5240r Solvethis puzzle online and discussitatWSJ.com/Puzzles. TENSES YANG END P2JW124000-2-A01400-1------XA

A14 | Tuesday, May 4, 2021 ** THE WALL STREET JOURNAL. SPORTS

Let’s begin by remind- JASONGAY ing everyone that Aaron Rodgers is very, very good at this. He Aaron Rodgers Is Looking for Answers knows the game cold, he’s quick on his feet, he does his homework, he respects the history and tradition of the po- The reigning NFL MVPmay wind up on another team...or walk awayfromitall to hostagame show sition—and he wishes not merely to impress, but to be the best, for a long, long time. And that’s just as a potential host of “Jeopardy!” As an NFL quarterback, Rodgers is considerably better. He is foot- ball’s reigning MVP, a man who, in 2020, threw for 48 touchdowns against five interceptions, and led the to the door- step of the Super Bowl, before be- ing undone by Tom Brady and Tampa Bay and his own team’s questionable decision to kick a late field goal instead of trying to score a touchdown and 2-point conversion to tie the game. Rod- gers is 37, and still among foot- ball’s most electric athletes, some- one who, at least two or three times a game, attempts a dazzling NONONOYESYESYES pass that only he, or maybe Patrick Ma- homes, can pull off. He’s an awesome circus, a Hall of Famer to be. It’s hard to argue. But now it appears he’s done with Green Bay. Word arrived prior to last week’s opening of the NFL draft that Rodgers was fed up with his job in Wisconsin and was open to a trade. Rodgers has hinted at discontent in the past, and it sounds as if he’s irritated with the Packer front office—ac- cording to a report in Yahoo, he’s specifically miffed with Packers star Aaron Rodgers has ties just yet. On last Friday’s The general manager Brian expressed his displeasurewith Green Journal podcast (the Journal is Gutekunst, and the bad vibes Bay’smanagement. Left, Rodgers did also a podcast—do you listen? extend back to at least last aguesthosting stinton‘Jeopardy!’ Start now, it’s really good) “Jeop- spring, when Green Bay ardy!” executive producer Mike picked quarterback Jordan Richards heaped praise on Rod- Love in the first round with- LaFleur, surely with visions of los- gers, but also stated his preference out bothering to let Rodgers ing twice a year to the Lions danc- that the next host see “Jeopardy!” know. ing in his head. as a full-time job, which works Rodgers’s trade-me-maybe What we have here is a good, against the idea of Rodgers host- displeasure, reported first by old-fashioned superstar standoff, ing while continuing to play foot- ESPN, struck football like a between a valued player who, jus- ball. thunderbolt, which was tifiably or not, feels disrespected, “I would prefer it is someone probably exactly why it was and a team which has to do the who is dedicated to the show, divulged. Draft Week is al- delicate dance of placating a key completely,” Richards told the ready the NFL’s Woodstock, individual while simultaneously Journal’s Ryan Knutson, while ac- but now the MVP was poten- maintaining authority. There’s al- knowledging the decision will be tially available in a trade? As ways the possibility that Rodgers up to a larger group. the NBA has discovered, a and the Packers could find a coop- Let’s play this through. Is there superstar on the block is erative forward—the Packers some hazard for “Jeopardy!” here? tantalizing drama, and a pro- have mentioned trips to Rodgers’s Does an iconic game show want to tracted, headline-grabbing West Coast whereabouts, trying to risk alienating football fans, and saga in the offseason can get on the same page—and every- the whole of Wisconsin? Is Rod- help a dormant sport stay one’s happily wearing cheddar sty- gers the best fit? (When I last relevant. Of course, it can rofoam hats come summer. wrote about this, some of you also become exceedingly But the status quo is no fun! It’s wrote to me complaining he was a tiresome. If you’re already much more fun to think of Rodgers bit stiff.) Haven’t a zillion fans exhausted of reading about in Broncos orange, or Raider silver said they really want LeVar Burton Rodgers, hide under a couch: and black, or New Orleans black to get the job? his whereabouts will be NFL Story Rodgers in the Bay Area appeared grades better with Rodgers under and old gold… If nothing else, it’s an eccentric No. 1 until play resumes in Sep- to dim when the 49ers used the center? One? Two? I would put There is, of course, a wild card/ twist: an NFL player possibly walk- tember. third pick to take the North Dakota him in the lineup for the Mets, he , already raised by ing away at the height of his pow- Where does he go? Unclear. State phenom Trey Lance. would probably get a couple of the NFL Network’s Ian Rapoport, ers to tell a panel of borderline ge- Gutekunst, the Packer GM, has Shouldn’t most teams inquire? hits. that, if the situation isn’t resolved, niuses they have their Roman come forward and said the team is A current MVP has never been on Conversely, it’s hard to argue Rodgers could retire from football history and Nordic geography tan- “not going to trade Aaron Rod- the NFL market before, so the that the Packers, who, of course, altogether—abandoning millions of gled. Not since Jim Brown retired gers,” which does little to dampen usual hesitations—yeah, we’re re- let Brett Favre wander to the Jets NFL dollars and possibly changing amid filming “The Dirty Dozen” the buzz, since that’s exactly the ally pleased with ______as so the Rodgers Era could begin— careers…to host “Jeopardy!” has there been a comparable thing you should say if you’re a our quarterback—don’t make a lot but do not appear to be as com- Rodgers doesn’t have that job, sports to showbiz walk-off. It general manager trying to extract of sense. Rodgers is expensive fortable yet with the 22-year-old however. His recent two-week would make Aaron Rodgers unlike maximum value. Rumors of a Rod- (he’s amid a 4-year, $134 million Love—wouldn’t be dramatically guest host run got a lot of buzz any other quarterback to ever play gers wish list—San Francisco, Den- deal), so a fit is financially compli- worse. “I just can’t imagine him and praise, so it’s likely he will get the game. Of course, he’s pretty ver, the Raiders of Nevada—have cated, but how many NFL teams not being in a Green Bay Packer some consideration, but he much that already, which is why circulated, though any fantasy of wouldn’t immediately be a few uniform,” said head coach Matt shouldn’t be stockpiling suits and this is such a thing.

Man United Fans Turn Up Heat on Team’s Owners

BY JOSHUA ROBINSON mination of 16 years in which your family’s ownership of the club has MANCHESTER UNITED support- driven us into debt and decline, ers intensified the pressure on the and we have felt ever more side- club’s American owners on Mon- lined and ignored.” The Trust day with demands that they re- added: duce their stake in the club, just “We support the right of fans to one day after a large-scale protest protest lawfully and, although we outside the team’s Old Trafford did not personally witness any stadium turned violent and saw such acts, of course we do not GES hundreds of fans break onto the condone any acts of violence.” IMA field. That left the Glazers and the

The protests, in which six police Premier League in a bind over how GETTY

officers were injured, forced the to move forward. SE/ postponement of Sunday after- Both were at pains on Sunday noon’s English Premier League to express their support for fans’

game against Liverpool. Greater right to express themselves, while ANCE-PRES Manchester Police said one arrest condemning the actions of the 100 FR

was made but that an investiga- or protesters who surged past se- GENCE

tion was underway on the events curity and onto the Old Trafford /A

at Old Trafford and the Lowry Ho- pitch. Aprotest outside ManchesterUnited’sOld Traffordstadium turned violentand sawhundreds of fans break onto the field. ARFF tel, where other “The club has no SC protesters pre- desire to see billionaire owners at the expense future,” said without since speaking to the club’s in- OLI S; vented the United peaceful protesters of soccer tradition. giving further specifics. house TV channel 16 years ago—

United fans have PRES team bus from punished, but will All over English soccer, they “Opposition to the proposed Su- protesters had hoped that this

moving. long been frustrated work with the po- have made their feelings known. per League united the whole of week could spark a change. TED In the aftermath lice to identify There have been protests by fans football, with the fans’ voice In its open letter, the Support- CIA with the Glazers’s SO of the incident, those involved in of the other five English teams clearly heard,” it added. “The Pre- ers’ Trust laid out a four-point AS

fans appeared em- ownership. criminal activity,” that had signed up for the Super mier League recognizes the plan for greater fan involvement in ON/

boldened to press United said on League—Arsenal, Chelsea, Liver- strength of feeling and the right of the day-to-day running of the club ELS even harder for Monday afternoon. pool, Manchester City, and Totten- fans to know what is happening.” and more direct consultation. KA changes. United fans have ham—but none went to the ex- United fans, however, insist that Short of forcing a sale altogether, OL The Manchester United Sup- long been frustrated with the Glaz- tremes of Sunday’s events. the was only the lat- the group also proposed reducing CAR porters’ Trust on Monday sent an ers’s ownership, but their anger The Premier League also issued est in a string of damaging mis- the Glazer family’s stake in United open letter to co-owner Joel reached a new level with the club’s a proposal on Monday to address takes by the Glazers, who have to a minority shareholding with /REUTERS; Glazer calling for dramatic aborted plan to join a proposed the tension between those in Eng- been the target of their ire since fans and others able to purchase

changes in the club’s ownership European Super League last land who view clubs as local insti- acquiring the club in a leveraged more stock. WNING

structure. month, which would have seen 12 tutions and those who acquire buyout in 2005. “We request a response to this DO J. “Let’s be very clear that no one elite clubs break away from the them as global for-profit busi- The family hasn’t commented 4-point plan, in public and in writ-

wants what happened at Old Traf- Champions League and band to- nesses. directly on Sunday’s incident. And ing, by Friday,” the Supporters’ AIAH IS

ford yesterday to be a regular gether to guarantee themselves Top of the list is a new Owners’ while their silence comes as no Trust said. “This is the only way P: event,” the Supporters’ Trust said. greater profits. Supporters took it Charter designed to “stop the surprise—the owners haven’t to move this issue on. We strongly TO OM

“But what happened was the cul- as little more than money grab by threat of breakaway leagues in the given an interview about United suggest you take it.” FR P2JW124000-4-A01500-1------XA

THE WALL STREET JOURNAL. **** Tuesday, May 4, 2021 | A15 OPINION Who’s Afraid of Tim Scott? BOOKSHELF | By Barton Swaim

Kamala Harris theirrepeated references to Now, it is true that Mr. A Pandemic went first. In systemic racism and the Scott, as an African-American, the Republi- threat of whitesupremacy. is betterpositioned than a canresponse Wisely recognizing that this whiteRepublican to push back to JoeBiden’s would be political poison, on progressiveracenarra- Of Experts addresstothey flinched. tives.Then again, awhiteRe- MAIN Congress, Howdifferent from only publican never has to facethe STREET Sen. Tim two weeks ago, when aCo- ugly treatment reserved for The Premonition: A Pandemic Story

Scottavowed lumbus,Ohio,policeofficer CK African-American conserva- By William that America savedthe lifeofablack teen- TO tives and Republicans who By McGurn “isnot arac- ager by shooting another dare challenge the prevailing (Norton, 304 pages, $30) ist country.” black teen about to stab her. progressive pieties. The next day on ABC’s “Good Asked aboutit, WhiteHouse SHUTTERS As we sawafter his speech, tisanarticle of faith among America’seducated elite Morning America,” the vice presssecretaryJen Psaki OOL/ progressivebigotrycan be as I that the United Statesisuniquely bad at solving big presidentwas asked if she went right forthe progressive crude as the moretraditional problems.Urban sprawl, economic inequality,nuclear agreed with him. go-to: “Black women and girls, varieties: “Uncle Tim,” an un- proliferation, environmental degradation, whatever—the

“I don’t think America is a likeblack men and boys,expe- MODEVILLA/P subtle way to call Mr.Scott an American intelligentsia canbecounted on to conclude that

racist country,” she said, “but riencehigher ratesofpolice SO “Uncle Tom,” trended on other developed nations handle these perils morejudi-

we also do have to speak violence.” CHIP Twitter; aTexas county chair- ciously than the U.S. does.You wonder howthe country truth about the historyofrac- That’sthe trouble with Sen. Tim Scott at the RNC. man of the Democratic Party hasn’t collapsed under the weight of itsown incompetence. ism in our countryand itsex- narratives.They areone size called him an “Oreo” in a Michael Lewis’s“ThePremonition: APandemic Story” is istence today.” fits all, with no room forcon- single Republican vote. Facebook post; and whitelib- abook-length expression of this belief.Itisthe storyofa sidering the individual case Again, Mr.Scott calmly erals such as JimmyKimmel loosely connected group of doctors, scientistsand public- on itsmeritsand particular took it on. He characterized and Joy Behar condescended health expertswhose research led them to see that the The GOP senator circumstances.This is what the “family plan” announced to the senator,apparently be- novel coronavirus raging in , China, in early 2020 Mr.Scott wasreferring to that night by Mr.Biden as lieving him in desperateneed wasfar moredangerous than U.S. health officials and forced the president when he suggested race is “evenmoretaxing,evenmore of celebrity instruction on political leadersrealized. This global group of “Wolverines,” and vice president used as “a political weapon to spending, to put Washington race and racism. as they came to call themselves,tried to warn the U.S. settle everyissue the way one even more in the middle of Thesweet ironyisthat it government, but nobody listened in time. to respond to him. side wants”—by slamming your life—from the cradle to has all backfired, notably by “In February2021,” Mr.Lewis explains in the book’s anyone who raises an incon- college.” Morestriking,he proving true Mr.Scott’s com- introduction, “The Lancet published along critique of the venient fact as racist or dis- tethered Republican policy plaintsabout progressive U.S. pandemic performance. By then 450,000 Americans had Thefollowing day, it was missing speech as invalid counterproposals to classic hate. Even sweeter,inaRe- died. The Lancet pointed out that if the COVID death rate in President Biden’s turn. In an based solely on the speaker’s principles such as the dignity publican Party working to de- the United Stateshad simply tracked the averageofthe interviewwith NBC’s“Today,” racial identity. of work,the trust that ordi- fine itself post-Trump, these other six G7 nations,180,000 of those people would still be he, too, was asked about Mr. As Mr.Scott put it, “It’s naryAmericans canmakede- liberal slurs have served only alive.” If only the expertshad Scott’scharacterization—and wrong to try to use our pain- cisions forthemselves,and to elevateMr. Scott’snational been listened to,the book im- he,too,agreed. “I don’t think fulpast to dishonestly shut thebenefitsthat Americans standing as apowerful and plies,these “missing Ameri- America’sracist,” he said, down debates in the present.” have enjoyedwhen policies promising party leader. cans” would be with us still. “but Ithink the overhang But this is precisely what nar- flow from these principles. So chalk one up forthe Thearticle Mr.Lewis is from all of the Jim Crow ratives do—and in fact are It wasasmuch amoral senator,the firstAmerican referring to is acringe-making [laws], and beforethat slav- meant to do. messageasapractical one: politician in memory to pull leftist rant. (A sentencetaken at ery, have had acost, and we It isn’t only race.Mr. Biden “Just beforeCovid, we had the off atelevised response to a random: “Donald Trump stirred have to deal with it.” and the Democrats are using most inclusiveeconomyinmy presidential addresstoCon- up the underlying racial animus Though no one wasimpo- larger narratives to override lifetime.The lowest unem- gressthat upstaged the presi- of US society to deflect attention liteenough to bring it up,Mr. the hardquestions that ployment rate ever recorded dent himself. So effectivewas from policies that abet billion- Biden and Ms.Harris would should be asked regarding forAfrican-Americans,His- Mr.Scott that the president aires’ accretion of wealth and never have said what they did $4.5trillion in newspending. panics andAsians and a70- andvicepresident not only power.”)The article,inany case, if the black Republican sena- In this way,paid leave be- year low—nearly—for women. ended up having to respond to doesn’t claim that 180,000 people torfromSouth Carolina comes “infrastructure,” pay- Hear me: Wagesweregrowing him—but had to admit he was could have been savedbymore hadn’t used his moment to ing your “fair share” always faster for the bottom than at right. robust public-health interventions forcetheir hands.Essentially, means paying more, and abill the top. The bottom 25% saw And that’sjust what makes in early 2020 but that those deaths aremostly the result of he dared them to speak aloud canbe“bipartisan” even if it’s theirwages rise faster than it sting. Americans’ poor health. That theU.S.death rate,evenso, is the logical conclusion from all rammed through without a the top 25%.” Write to [email protected] lowerthan that of the U.K. and Italy and nearly equal to that of France—all G7 nations—rather complicates Mr. Lewis’sbreezythesis. It is amazing to me that intelligent people in 2021 can Cheer Up About the Middle East survey the past year and conclude that some alternativeset of non-pharmaceutical interventions would have made an Tenyearsaf- tacks on itssoil. With help Finally,neighboring Arab the Obama approach were appreciable differenceinthe spread of this magnificently ter Seal Team from key partnersaround the states nowconsider Israel an right that aweak stanceto- resilient virus.But manysuch people do believethat, Six put an end world, U.S. security institu- ally to be cultivated, not a ward creates incentives including the author of this book and itsostensible heroes. to Osama bin tionshavekept Americans foetobecrushed. Thelead- foraggressivepolicyinTeh- One of those heroes,anaccomplished hospital administrator Laden’s ter- largely safe since 9/11. To ap- ing Arab states and Israel ranwhile driving Israel and its named Carter Mecher,drewupanational pandemic rorist career, preciatethe value of this aren’t exactly friends,but Arab allies toward desperate response plan forthe George W. Bush administration. The GLOBAL most observ- achievement, think what the they areforming something measures. And Trump critics key to stopping pathogens,hecame to believeashe VIEW ersthink of world and the U.S. would look at leastequally valuable in areright to observethat too studied pandemic modeling,was closing schools. America’s like if 9/11 had been only the international relations: a rigid an American posture So fervently did Mr.Mecher hold this viewthat he regrets By Walter 21st-century firstofasuccession of mas- partnership that both sides could makethe option of an President Obama’sdecision not to close schools during the Russell Mead Middle East sive attacks. consider essential to their attempted nuclear breakout 2009 swine-flu scare—despitethe fact that, as he acknowl- policyasa Thesecond decisivesuccess continued security. irresistible to Iran. Either path edges,closures were in that case unnecessary. “It’slike succession of ghastly failures. is that fracking has dramati- These arebig wins and could lead to an ugly and dan- someone who looked down at their phone while driving and Certainly ambitious effortsby cally reduced the Middle Americans should take more gerous warthat would entan- driftedontothe shoulder but didn’t hit anything,” he tells both Republican and Demo- East’sability to roil world en- pride in them than we do. gle the U.S. Mr.Lewis.“Thelessons aren’t as strong and defined. Had cratic presidentstotransform ergy markets. Thedays are GivenPresident Biden’sde- that person hit amailboxorended up on aditch ...they the region fell far short of long past when even minor termination to return to some probably wouldn’t want to getintothe driver’s seat again for success.Yet if the Middle East crises in the region could send Democracy hasn’t form of the JCPOA, guardedly along,long time.” That analogyassumes that attending an is lesspeaceful and no more energy prices surging around pursuing negotiations with American school in the spring of 2009 wasintrinsically democratic than it wasin the world. Middle East oil still advanced, but the Tehran while mending fences dangerous.The point is,itwasn’t. 2001, the U.S. has dramatically matters, but emirsand ayatol- U.S. has bolstered its with allies and strengthening reduced the ability of regional lahs cannolonger cause the Arab-Israeli coalition is upheavals to provokemajor global economic upheavals by regional interests. the most hopeful feasible A band of experts saw that Covid-19 was more crises around the world. While manipulating prices through course. But pulling it off will dangerous than U.S. leaders acknowledged. withdrawing entirely would be the oil cartel. requireararemix of sound unwise,Americacan defend In the thirdplace, as the One large problem remains. judgment, steely will and dip- Would their advice have made a difference? itsvital interestswith less raid that killed bin Laden The vital interests of the U.S. lomatic finesse. risk and amorefocused strat- demonstrated,America’s in the region haven’t changed That task will be much egythan at anytime sincethe reach has grownverylong. much over the decades.Amer- harder if Americans approach Mr.Lewis presentshis book as the natural follow-up to end of the Cold War. Stunning advances in drone ica needs oil to flow freely to the Middle East in aspirit of “The FifthRisk” (2018), abook about the waysinwhich the As the Biden administra- technologyand precision world markets, the terror defeatism. When the U.S. pur- U.S. government faces existential threatslikenuclear war, tion addresses the remaining weapons targeting arepart of threat to stay contained, Israel sued transformational goals but “Premonition” is moreclosely modeled on “The Big issue that poses amajor the story. So tooare the ex- to remain safe, and fornosin- in the Middle East, it gener- Short” (2010), about afew Wall Street traderswho made threat to U.S. regional inter- traordinarycapabilities of U.S. gle power to be able to domi- ally failed.But building on truckloads of money by betting against the housing market ests—Iran’squest forregional special operations forces.Add natethe Middle East. Iran’s American strengths and fo- beforethe crash of 2007-08.The differenceisthat the main superpowerstatus based on to that the ability of very drivefor regional primacy cusing on the country’score charactersof“Premonition,” while they mayhavegrasped its nuclear program and sup- small numbersofAmerican threatens all of these. interestsand Washington’s the seriousnessofCovid-19 beforeother public-health port formilitias and terror- forces to increase vastly the Since 2013, when the talks relations with allies has experts, were just as wrong as everybody else in their field. ists—it should reflect on what battle effectivenessoflocal al- between the Obama adminis- worked pretty well. Moreso, actually—they wanted a national shutdown and Washingtonand itsallies have lies by hooking them up to the tration and Iran became pub- Washingtonisunlikely to national school closures.The supposition that an earlier gotten right over the past 20 information available through lic,the question of howto transform Iran intoapeaceful and stricter shutdown would have appreciably suppressed years. integrated communications manageTehran’sregional and and friendly state. Yetfocused the virus maybeacomforting counterfactual but bearsno Thefirst achievement in- and , and the U.S. nuclear ambitions has been and determined American pol- relationship to observable reality.The shutdowns did not volves oneofthe great unher- ability to project alot of the most contentious foreign icy—aligned with key local al- save lives.The idea that they would have done so if only alded successes of our time: powerwith asmall presence policyissue in U.S. politics. lies—can and will frustrate they had been imposed earlier—even supposing such athing America’sprevention of major is agame changer in the Mid- Both sides in this debatemake Iranian attempts to overturn were politically feasible—is aspecies of historical fiction. newinternational terrorist at- dle East and beyond. important points. Critics of the current regional order. Hereisapoint that Mr.Lewis’sheroes showno awarenessofgrasping: that the United Statesisabig unruly countryinwhich people areaccustomed to going where they please and don’t care forgovernment authorities telling I Grieve for My Native India them what to do based on poorly understood “data.” Oneof the Wolverines,apublic-health official in SantaBarbara By of the countryofhis birth. ing in Americawhile rela- drous,ambitious countryhave County named Charity Dean, appearstobelievethat any These days have been suf- tives perished from precisely been magnified by the dere- sign of adangerous contagion permitshealth authorities to ’m an immigrant, happy fused with India. I’vespent the sort of fatethe immi- liction of India’sgovernment. assume dictatorial powers.She tells Mr.Lewis that in early I and assimilated. Ipay my waking hoursreading and grant moved heretoavoid), Which takesmeback to my 2020 California should have closed itsborders“until it fig- closer attention to Amer- watching news,talking to and their gut-churning sense starting point. Immigrants in ured out exactly howmuch virus wascirculating,and icathan Idotoother parts people by telephone,taking of distancefromloved ones generations past would assim- where” and that the U.S. should followThailand’sexample of theworld. This isn’t only in tweetsand Facebook who’dbeen sickened or bur- ilatebycutting their civic and require“anyone entering the countrytowear aGPS because Ilivehere. Settling posts, all of which describe ied under rubble in Port-au- cordstothe places from wristband” and so enable the authorities to knowwho’s dis- in acountrycalls forintegra- theenormity of India’span- . which they came.You couldn’t obeying quarantine rules. tion that is meticulous,not demic collapse.Adecade ago, I’m in close touch with be properly American if you Mr.Mecher and other Wolverines take great pride in hav- just heartfelt. That doesn’t my family.Ispeak daily to didn’t move on. ing convinced the Centersfor Disease Control in 2006 that mean that Iwall myself off my mother,who is isolating Yetasa21st-centuryim- shutdowns and school closures would have prevented from theworld. Likemany Being an immigrant at home in Delhi, andtomy migrant, Ihavearight not deaths in 1918 if only they had been imposed earlier.It’sa immigrants, Ialso paynear- sister,who’s raising her only to grievefor the land I fine topic of debatebut irrelevant to the circumstances of obsessiveattention to the once meant leaving Zoom-schooled sons in that leftbehind, but to hold to ac- 2020.The 1918 flumassacred young people with sturdy land of my birth. your country of birth city and doing her job as an count the government my immune systems,asCovid-19 does not, and therewas no as- Previousimmigrant gener- elementary-school teacher. family lives under.When ymptomatic and thus invisible spread in 1918,asthereis ationsneeded to erase their behind. No longer. My brother works as an edi- there’sacrisis in my native now. On the evidenceofMr. Lewis’sbook,this “rogue group old selves to become Ameri- tor, putting out apublica- country, Ican be in two of patriots...working behind the scenes to save the can. YouweremoreAmerican tion whose reportersgoplaces at once.Igrievefor country” never considered these and manyother obvious by being lessItalian, or by IspoketoLiberian immi- out, masked and tireless, India as if Istill lived there, points. Nor,itseems,did they worrymuch about the waves letting the Greek or Serb in grantswho followedfrom writing up the grim news as if I’dnever left. of unintended consequences resulting from their favored youdwindle.But America afar that country’sbattle they see.Apart of that policies—a lost year of education, increased despair and sui- nowdemands less. I’venever with , and also to peo- news wasthe death of his Mr. Varadarajan, aJour- cide,economic destruction, social disharmony. felt pressed to forget India, ple from Haiti as they wres- ownwife’sfather. nal contributor, is afellow at Much has gone wrong in Americasincethe spring of whereIwas born. Even if I’d tled with the earthquake’saf- India’sCovid ordeal, like the American Enterprise In- 2020,but thank God we were savedfromthis roguegroup wanted to,Iwouldn’t be able, termath. They spoke to me of Liberia’sEbola and Haiti’s stitute and at New York Uni- of patriots. because of technology. An im- their impotence(at beingun- earthquake, is a curse of na- versity Law School’s Classical migrant nowcan never let go able to help), their guilt (be- ture. But itseffectsonawon- Liberal Institute. Mr. Swaim is an editorial-page writer for the Journal. P2JW124000-0-A01600-1------XA


REVIEW & OUTLOOK LETTERS TO THE EDITOR Biden’s Stimulus for the IRS Can the USPS Deliver a Major Reformation?

resident Biden says he wantsto“revital- proper payment rate at more than $18 billion each TheGreeting CardAssociation nies likeAmazon. Taxpayers should ize” IRSenforcement to target wealthy year.According to the IRS,EITC audits“arethe agrees with your editorial “Howto not be subsidizing privateenterprise. PAmericans who “aggressively plan to avoid most efficient use of available IRS examination Save the Post Office, Maybe” (April ThePostal Serviceshould consider 27) that postal-reform legislation is having American businesses payfair the taxlaws.” No doubt tax resourceswith the average More auditors and urgently needed, but differsonwhat user fees fortheir advertisements— avoidersexist. But alot less time to completethe audit of 5 that reform should entail. TheUSPS is junk mail. This is a“businessservice” money is likely to be found un- audits won’t yield hoursper return.” By contrast, nowtrending toward afar smaller and should not be ataxpayerexpense der the sofa cushions than Mr. the averagetime to complete lossthan projected earlier this year, at anylevel. Biden and progressives think. much new revenue. an audit fortop earnersranges as the improving economyhas TOM BUDDS TheWhiteHouse is hoping from 61 to 251 hours. brought moremail and packages into Murfreesboro, Tenn. to use this sleight-of-math to TheIRS notes that “the rate the system. TheUSPS plan correctly help financeits $2 trillion cradle-to-graveenti- of attrition is significantly higher among these establishes abreak-even proposition, TheUSPS is essential in ruralareas tlement plan. It projectsthat giving the IRS an moreexperienced examiners.” That’sbecause but as USPS finances improve, so whereinternet serviceisspotty or extra$80 billion to hunt down taxdodgerswill they canearn moreinprivateindustry. Mr.Biden should postagerates. mountains,bluffs and forestsare ob- generate$700billion in revenue over 10 years, wantstogivethe IRS moremoney to hireabet- Mailing is not acompulsoryactiv- stacles to cell access.The issue is not ity.When first-classpostagein- just about delivery—it is also about citing aNational Bureau of Economic Research terclassofauditor,but the agencystill probably creased from 50 to 55 centsin2019, the pickup of outgoing mail, where study that estimates thetop 1% of earnersfail couldn’t competewith billionaires or the big ac- mailed greeting-cardvolume plum- thereisnoconvenient post office. I to pay$175billion ayear in taxthey owe. counting firms. meted, reversing three consecutive don’t see UPS or FedEx coming out to But estimates of the “tax gap”—the difference Mr.Biden’splan would also upgrade IRS soft- yearsofgrowth. Futureincreases pick up mail at areasonable cost. between what is owedand paid—arebased on ware and requirebanks and other third-parties that drivevolume out of the system serviceprovides that. outdated and incompletedata. TheNBER study to report moreinformation on taxpayers.The arenosolution. TheUSPS mayhaveelementsofa examines income concealed in foreign bank ac- former would be useful. But requiring more Getting moregreeting cardsinto business, as in packagedelivery, but it countsbeforeCongress, in the 2010 Foreign Ac- third-party reporting would ensnaretens of the mail would help the USPS.In- is not fundamentally or historically a count TaxComplianceAct (Fatca), required for- thousandsofsmall fish in hopes of catching a creases in the weight limit formailed “business.” It is an essential public eign banks to report foreign assetsheld by whale.Banks and platforms likePayPalcould be cards, consistent with what is already serviceand it meritsannual financial Americans.The IRS has sincecracked down on conscripted as taxpolice. offered forpresorted mail, would do assistancefromCongress. just that, encouraging innovation BRUCE TIMMONS these offshoreaccounts. TheNBER study estimates that 20% of pass- from card publishersand greater con- Okemos, Mich. TheAdministration also cites astudy from through businessincome is under-reported. No veniencefor consumers. economistsLarrySummersand Natasha Sarin doubt some closely held small businesses de- Lastly,the USPS should be allowed Fixthe pricestructurefirst. Give that projectsthat restoring the IRS budget to “his- duct some dubious expenses.But morebank re- to followprivate-sector practiceand direct-mail advertising a20%-30% dis- torical levels” could generatemorethan $1 trillion cordswon’t reveal whether deductions arele- requireits retirees to use Medicare count from firstclassrates,not over adecade.Republicans during the Obama gitimate. About 40% to 60% of the unpaid tax and access the benefitstowhich they 75%-80% forpresorting,etc.Ifmailers Presidencyreduced the IRS budget afterdiscover- the IRS assesses from the top1%innon-random have contributed. don’t paythe increase,the USPS has ing it wastargeting conservativenonprofits. As a auditsalready gets contested. GEORGE WHITE lesstohaul from NewYork to Ari- result, audit ratesoverthe last decade have fallen As the NBER study noted, “the high fre- President, Greeting Card Association zona, reducing costs, and the tax-pay- acrossthe income spectrum, quencyofdisputes and litigation makes recover- Aurora, Colo. ing public has lesstrash to recycle.If bulk mailerspay the higher price, But the authorsprobably overstatethe effect ing revenue from the topofthe distribution via Postmaster General Louis DeJoy maybe the USPS will lose less. of IRS staffing on the wealthy. Between fiscal audit morecostly.” It cantakethe IRS yearsto says his 10-year plan is forthe USPS MONTY MCGINNIS years2010 and 2019,the amount the IRS dunned litigatetax disputes,and the agencyoften loses. “tobecome amoredominant playerin Georgetown, Texas taxpayers with reported incomes over $1 million TheIRS wononly $1.7billion of the $4 billion the packagebusiness,” an unfortunate declined by about $4 billion—and about $4 bil- in disputed taxesand penalties in cases closed position forany postmaster to take. Perhaps the government should be lion forother individuals. in U.S. taxcourt in fiscal 2019.All of this ex- UnlikeChina, capitalism demands that aregulator and not aserviceprovider. Audit ratesincrease with income.Returns of plains whythe Congressional Budget Officelast tax-supported government agencies Let’skeep the officeofpostal inspec- Americans making morethan $1 million areex- year projected that a$40 billion increase in the not be in competition with U.S. busi- tortoenforce laws on mail privacy, amined at three to four times higher ratesthan IRS budget over 10 yearsmight only generate nesses.The post officeshould getout mail fraud, etc.,and getrid of any- those making lessthan $100,000.But the non-af- $103 billion in revenue. of the package-deliverybusinessand thing related to delivering the mail. fluent account formost unpaid taxdiscovered Theonly silver lining is that Mr.Biden’s stop itsspecial package-deliverypric- JAMES KIRK ing arrangementswith privatecompa- Santa Cruz, Calif. during auditsbecause they aremorelikely to un- phony$700billion bogey is betterthan another derreport income that canbecross-checked by taxincrease.But CBO says budget rules prohibit third-party records. it from scoring revenues from increased IRS en- Fraud in the earned-income taxcredit is espe- forcement. So sorry, Mr.President. Growing the U.S. Vets Rate the Afghanistan Withdrawal cially common. TheIRS estimates the EITC im- IRS won’t payfor itself or much of anything else. Veterans areunderstandably weary stan may be inevitable, we might yet of American effortsinAfghanistan, avoid total failure. A little political Basecamp and the Political Bullies but thereare afew critical lessons we will can go a long way. should keep in mind (“VetsSee None of this excuses the hasty deci- ime waswhen political activism in busi- meier Hansson.“No hardfeelings, no questions Echoes of Vietnam in Afghanistan sion forwar with Iraq in 2003 or the nesswas controversial. But in these hy- asked.” WithdrawalPlan,” Page One,April 27). frequently incomprehensible manner We were at least as weary when in which we operated in Iraq and Af- T per-political times, refusing to turn So much forgoodwill. Aday later the Verge we withdrew from Iraq in 2011, but ghanistan. Historywill assign blame your companyintoawork- websiteran a hit piece citing the rise of Islamic State three years forthose mistakes,but our task today placeofthe woke canmake The company wants an unidentified employees mak- later and its ensuing wave of terrorist is to avoid newones.Ifwearen’t will- youatarget. apolitical workplace. ing vagueallegations that the attacks showed that our departure ing to use amodicum of blood and That’swhat’shappened to companywasn’t committedto had been too hasty. The U.S. was treasuretomaintain an unpalatable Basecamp, afterthe Chicago- Cue the outrage. diversity,equity and inclusion. forced to send combat forces back but necessaryeffort in Afghanistan based software firm said last Among the purported bomb- into a much more complicated, hos- today—or at the very least to aid a week that it will no longer al- shells,Verge revealed that tile situation over a broader area. In friendly government under threat— lowpolitical discussions on the companyplat- “customer servicerepresentatives began keep- the end, our departure cost us more thereisagood chancewewill spend form. Employees arefreetohavethese conver- ing alist of names that they found funny.” than simply remaining would have. far moreinthe future. Although withdrawal from Afghani- BEN LOWSEN sations on privateaccounts, but “itcan’t Messrs. Hansson and Fried had already apolo- Alexandria, Va. happen wherethe work happens anymore,” said gized fortheir employees’ list, which they said CEO Jason Fried. wasinappropriate. But Mr.Hansson rejected the A Federal Plan to End Our In awar that has lasted almost 20 Talk about “politics,advocacy, or society at assertion that such conduct belongs“on apyra- Environmental Plasticide yearswith no victoryand none in large” has become “a major distraction” that is mid of escalations that canlead to genocide.” sight, whydowethink we need more “not healthy” and“hasn’t served us well,” Mr. That claimis“just not an appropriateorpropor- Jo Craven McGinty’s column “The time? Numerous generals,presidents Fried wrote. Employees “shouldn’t have to won- tionatecomparison to draw,” Mr.Hansson said. Numbers: This Plastic Recyclable? De- and other so-called expertshaveto- der if staying out of it means you’recomplicit, That’sfor sure. pends on the Sort?” (U.S.News, April tally failed our countryinthis war. or wading intoitmeans you’reatarget. These Rep.Ted Lieu (D., Calif.) joined the pile-on 24)could have been called “Here’s Moretime will result only in more aredifficult enough waters to navigateinlife, Friday, tweeting that Basecamp’snew policy WhyRecycling Doesn’t Work.” Despite failures,moreexpense and more but significantly moresoatwork.” mayprevent employees “fromtalking about fear the plastics industry’sconvincing con- deaths of our servicepersonnel. It sumersfor decades that plastic pollu- won’t bring freedom to the Afghani- Seems sensible enough. Thecompanyoffered of hateincidents.” But employees canindulge tion would disappear if they just recy- stan population. Only they cando severance of up to six months’ salary to “those their fearsorloathing all they want on their own cled moreeffectively,the truth is in that, and only if they want it bad who cannot see afutureatBasecamp under this time.Acompanyisn’t obligated to makeitself the numbers. Only 9% of plastic waste enough. We need to stop treating this newdirection,” said co-founder David Heine- intoapolitical public square. is ever recycled, and much of our exercise in futility as avideogame and plastic isn’t recyclable anyway. getout. I’m tired of being embar- rassed by our lack of success on the What Was That About Vo ter Suppression? battlefield. MASTER SGT. BILL MANN (USA, RET.) ehaveclassic votersuppression,” iertovotethan California. It allows same-dayreg- declared last fall, istration, ballot harvesting and out-of-precinct ‘W and Democratskeep making the voting.Arizona doesn’t allowany of these prac- Never go in unlessyou arethereto win. Then leave.Wecannot policethe charge.Yet newCensus voting tices,yet it had higher turnout TO world. In Desert Storm our goal was datashowthese claims areas The black-white turnout among all minority groups and CKPHO to throw Saddam Hussein out of Ku-

meritlessasDonald Trump’s smallervoting disparities with TO wait, and we accomplished that lim-

gap was smaller in /IS that the election wasstolen. whites than California. ited mission and then went home.In Census figuresreleased Georgia than in N.J. TheSupreme Court has GES Vietnam and Afghanistan we tried to Thursdayshowthat turnout in heardacase this term brought IMA stabilizecountries that didn’t really

2020 reached anear-historic by Democratschallenging Ari- GETTY want to be stabilized. When will we high forapresidential election, with 66.8%of zona’sban on ballot harvesting and out-of-pre- ever learn? So many politicians think voting-agecitizens casting ballots—0.9 percent- cinctvoting.Democratsclaim without evidence The distraction worked though. that if we stay foreverinthese remote age-pointsshy of the 1992 record. that Arizona’srules disproportionately affect mi- While we fretted about recycling, in- countries that we will be loved. By dustry exponentially increased the whom? Certainly not the citizens of Turnout was5.4 percentage-pointshigher norities and violateSection 2ofthe Voting Rights amount of plastic it produced. It is another countrywho have their own than in 2016,and 3.2pointshigher than in 2008 Act.The 2020 election shows otherwise. time to hold producers accountable. culture, their ownhistoryand their when drovescoresofyoung peo- Democratsalso saythe Supreme Court un- Companies must ditch the plastic and ownideas about foreign occupiers. ple and minorities to the polls.The shareofHis- leashed votersuppression by striking down a invest in sustainable alternatives COL. GARY L. GRESH (USA, RET.) panics (53.7%) and Asians (59.7%) of voting age Voting RightsAct provision that allowedthe such as reusable and refillable prod- Flat Rock, N.C. who cast ballotsalso hit newpeaks.Black voting JusticeDepartment to block changes to voting ucts and packaging. We lived without (62.6%) surpassed anypresidential year save rules in states with histories of discrimination. unnecessary plastic once and can do 2008 and 2012. But the high minority turnout in states likeGeor- it again. Just as previous generations Pepper ... Notably,GOP states with stricter voting rules gia and Mississippi reaffirms the Court’sruling purchased milk in containers that And Salt didn’t experiencesignificantly lowerminority that the provision wasoutdated. were returned and reused, we can turnout. Black turnout washighest in Maryland Democratsknowtheir complaintsare false, adopt systems of reuse—but with the THE WALL STREET JOURNAL convenience that today’s technology (75.3%) followedbyMississippi (72.8%) and low- but they repeat them to energizeapathetic vot- offers. Federal lawmakers have al- est in (36.4%). Liberals have lam- ers. Thetop reasons Americans gavefor not vot- ready outlined a plan to get us there. basted Georgia for“purging” voters and restrict- ing last fall: Not interested (17.6%), did not like The Break Free From Plastic Pollution ing ballot access.But Georgia had asmaller candidates/campaign issues (14.5%), toobusy/ Act, introduced in Congress earlier black-whitevoting gapthan Illinois,New Jersey, conflicting schedule (13.1%) and forgot (13%). this year, would ban certain single- Virginia and California—all states controlled by Fewcited an inconvenient polling place(2.6%) use plastics and make producers re- Democrats. or registration problems (4.9%). Differences sponsible for their pollution. Thestateswith the biggest black-whitevot- across racial groups were small. CHRISTY LEAVITT ing gaps? Massachusetts,, Wisconsin, Myriad factorsincluding the candidates,a Oceana Iowa and Colorado.Three allowsame-dayvoter person’spolitical and civic engagement as well Washington registration (Wisconsin, Iowa,and Colorado), as education arebiggerdeterminantsofvoting Lettersintended forpublication should according to the National ConferenceofState than theease of casting aballot. Cynicism fed be emailed to [email protected] Please Legislatures. Good luck trying to discern a link by politicians of both parties mayalso disillusion include your city, state and telephone between astate’s voting rules,partisan control would-be voters.The good news is that most number.All letters aresubject to and minority turnout. voters don’t see votersuppression—and their editing,and unpublished letters cannot “Sorry, I don’t think he’s doing be acknowledged. Perhaps no statehas done moretomakeiteas- turnout proves it. the dead man’s float.” P2JW124000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, May 4, 2021 | A17 OPINION Yo uth Pay a High Price for Covid Protection

By Charles L. Hooper aware of the infection. The global av- Those who areretired arelargely And David R. Henderson erageinfection fatality rate of SARS- unaffected. CoV-2,the virus that causes Covid- Assuming that reduced lifetime ow that the Covid-19 pan- 19,isroughly 0.23%. Theaverage U.S. earnings are the only costs and re- demic seems to be abat- fatality rate is higher,probably 0.3% duced life-expectancylosses arethe ing,it’sagood time to or 0.4%, because Americans areolder only benefits, the 18-year-old faces a N look at lessons that ob- and lesshealthythan those in most cost of protection of approximately servershave, or should other countries.Underneath this av- $102,000 and abenefit of 31% of a have,learned. Thelist of mistakes is erage, the infection fatality rate in- day. Would youpay $102,000 to live long,but the most glaring wasthe creases exponentially with age. For an extra7.5 hours? What 18-year-old failuretounderstand and act on the an 85-year-old it maybe2,000 times values his time at $13,600 an hour? virus’s propensity to attack the old as high as foran18-year-old. This in- Thecostsfor the 85-year-old are and vulnerable.Policymakersfailed, crease in the death rate by ageis close to zero (remember,this person in other words, to understand the partly due to comorbidities,which is probably retired) and the benefit enemy. increase with age. is 65 days.Tobesure, thereare Some clear thinking based on data Theprimaryrisk from SARS-CoV-2 other costsfor both groups.For the that were available last spring would is infection leading to death. Those 18-year-olds, that makes protection have led to two insights. First, the whodie lose yearsbased on statisti- even lessofagood deal. The85- benefits of protecting the old and callifeexpectancy. Aperson’sex- year-old, by contrast, maybewilling vulnerable exceed the costs. Second, pected yearslost is equal to the infec- to endure more risk for the sake of the costsofprotecting the young tion fatalityratetimes lifeexpectancy time with loved ones. and healthyexceed the benefits. times probability of infection. ER In hindsight, the 18-year-old ST

Had the Moderna, Pfizer/BioN- FO should have invested only minimally

Tech, and Johnson &Johnson vac- PHIL in protection; the costsexceeded the Leaders’ greatest failure cines never been developed, the pan- benefits. Work,school, sportsand demic would have continued until We find that the benefitsofprotec- Thecostsofprotection include socializing should have continued, wasnot focusing on the natural herdimmunity wasreached. tion aredisproportionately higher for reduced schooling,reduced eco- perhaps with some minor precau- elderly,who had lowercosts That’sthe point in the lifecycle of an older people.Consider two extremes: nomic activity, increased substance tions. But the 85-year-old should infectious disease when enough of the 18-year-old and the 85-year-old. If abuse, moresuicides,moreloneli- have worked hardtoprotect him- and fargreater benefits. the population has immunity that the the 18-year-old dies,heloses 61.2 ness,reduced contact with loved self—the benefitsexceeded the averagenumber of people to whom a yearsofexpected life. That’salot. But ones, delayed cancer diagnoses, de- costs. newlyinfected person passes the dis- the probability of the 18-year-old dy- layedchildhood vaccinations,in- SARS-CoV-2 is highly discrimina- Forour purposes we arecombin- ease drops belowone.Ineffect, those ing, if infected, is tiny, about 0.004%. creased anxiety,lowerwagegrowth, tory and views the old as easy tar- ing voluntaryand coercive(e.g.,gov- who areimmune protect those who So the expected yearsoflifelost are travel restrictions,reduced enter- gets.Had policymakersunderstood ernment lockdown) nonpharmaceuti- arestill vulnerable,and the disease only 0.004% times 35% times 61.2 tainment choices, and fewer oppor- the enemy, they would have adopted calprecautions—mask-wearing, largely disappears. Herdimmunity years, which is 0.0009 year.That’s tunities forsocializing and building different protocols foryoung and hand-washing,quarantining,distanc- forSARS-CoV-2 would be reached af- only 7. 5hours. Everything this youn- friendships. old. Politicians would have practiced ing and isolation of infected people— terperhaps 70%ofthe population gerperson has been through over the In a2020 study forthe Organiza- focused protection, narrowing their under the umbrella of protection. hasbeen infected. past year wastoprevent, on average, tion for Economic Cooperation and effortstothe most vulnerable 11% of Thebenefitsofprotection include While perfect protection would the lossof7.5 hoursofhis life. Development, Eric Hanushek and the population and freeing the re- reducing the potential for death, eliminatethe risk of infection, few Now consider the 85-year-old. If Ludger Woessmann estimatethe loss maining 89% of Americans from pain, suffering and healthcarecosts, people canpracticeit. Based on data he dies, he will lose 6.4 years of ex- to lifetime income forindividual stu- wasteful burdens. along with reducing the chanceofin- analyzed by economists at the Uni- pected life. Theprobability of dying, dentstobe6%(assuming schools fecting others. But the main benefit versity of California, Berkeley,we if infected, is much higher for him, were closed or reduced forthe Mr. Hooper is president of Objec- of protection is that fewerpeople die assume that actual protection re- about 8%. So the expected years of equivalent of 67% of a year). Given tive Insights, afirm that consults from Covid-19. duced the risk of infection by life lost are 8% times 35% times 6.4 U.S. median lifetime earningsof$1.7 with pharmaceutical clients. Mr. Theinfection fatality rate is the roughly half.Therefore, imperfect years, which is 0.179year—65 days. million, that 6% translates into Henderson, aresearch fellow with probabilitythat aperson will die protection reduced the risk of infec- Thebenefitsofprotection, measured $102,000 per student. This lossof the Hoover Institution,was senior oncebecoming infected, whether tion for the average American from in life expectancy, are 210 times as income from protection dispropor- health economist with President Rea- that person has symptoms or is un- 70% to 35%. high for the older person. tionately affectsyounger Americans. gan’s Council of Economic Advisers. Media Mistrust Won’t Inoculate Yo u Against Misinformation

what they see and read, but we Corrections,retractions and up- changed to be lessfavorable toward half of Republicans thought that the should remember that the editorial dates arefrequently made with boycotts.The paper acknowledged proportion of those diagnosed with judgmentsstill largely shapethe way greater stealth these days. thechangeonly weeks later. Covid-19 who need to be hospitalized FREE in which most people—including You’ll recall howthe Times subtly Your humble canunder- wasmorethan 1in5.The actual fig- EXPRESSION manyofthose same discerning con- revised an important passageofits stand the temptation here. I’veocca- ureislessthan 1in20. By servative—viewthings. -winning “1619 Project” sionally offered some speculations These aresurely the two most im- It’sunusual foraweek to go by aftermultiple authorities had chal- that turned out to be off the mark.I’d portant topics to have entered Ameri- t’seasy to become inured to the when some sensationally reported lenged it. look alot moreprescient if Icould go cans’ consciousnessinthe past year. I daily procession of flagrant pieceofnewsisn’t quietly refuted back and instaterevisedjudgments. We canreasonably assume that many falsehoods, tendentious misrep- later.Inaquaint nod to older report- These practices no doubt will fur- of those who aremisinformed have resentations,deceitfulexaggerations ing traditions,sometimes these false- The impressions we form ther diminish readers’ faith in the followedthe stories in excruciating and narrative-driven editorial distor- hoods will be discreetly acknowl- publications.But it remains true that detail. In both cases the public in tionsfrommanyofthe nation’slead- edged by the fabricating organ. about important events the impressions we form about al- general, and vast hordes of progres- ing media outlets. As opinion sur- Late last week,the Washington will still be driven by their most all important eventsare driven sivevotersinparticular,haveapro- veys suggest that most of these Post, the NewYork Times and NBC by reporting in these organizations foundly flawedunderstanding about organizations nowrank in public News allappended grudging retrac- unreliable reporting. so riddled with . what is actually going on. trust alittle belowemailed pleas tions to asensational storythey had Consider two recent examples. Wherecould they possibly have from deposed Nigerian princes,it’s convergedonabout the FBI investi- A survey conducted latelast year gotten this false information? easy to think the powerthey once gation intoRudolph Giuliani. Then there’sthe USAToday by the Skeptic Research Center asked These false beliefs usually can’t be wielded has been so diminished that All three outletsinitially reported method. Thepaper seems to have people of varying political leanings attributed to specific media errorsor they arelittle morethan amildly di- that Mr.Giuliani had received formal allowedStaceyAbrams to update to estimatehow manyunarmed black lies.They arethe consequenceofa verting source of contemporarycolor notification that he’dbeen the target her ownopinions as expressed in an men were shot by policelast year. comprehensiveand unending diet of in our lives. of aRussian influenceoperation. But op-ed piece. In the original version, More than half of those identifying twisted and exaggeratedreporting It’seasy but wrong.The ability of it seems the storywas yetanother ex- the unsuccessfulDemocratic candi- as liberalthought the number was that has planted itself in the minds of major news organizations,television ample of complaisant reporterscollab- datefor governor of Georgia in 2018 morethan 1,000.The actual number Americans of all political persua- and entertainment companies,and orating with motivated law-enforce- sounded receptivetothe arguments is between 13 and 30,depending on sions, affecting the way they think, increasingly thebig tech firms,to ment sourcestotaint leading Trump of those proposing boycotts of howyou count ambiguous cases. actand vote. frame the contextinwhich Ameri- figureswith the Russia-collusion Georgia over itsrecent electoral Even conservativerespondentsover- Even in the purported “posttruth cans see important issues and make smear.’s note told readers legislation. estimated the number by at least age,” when people canchoose where decisions about them is as significant that the original storyhad “mis- AfterMajor League Baseball’sde- eightfold. to gettheir information, monolithic as ever.Discerning conservatives stated”—a word that is doing alot of cision to moveits All-StarGame away In anotherrecent survey,more bias hasits ownpernicious effects, knowtodiscount or dismissmuch of work in this context—the information. from the state, the op-ed was than two-thirds of Democratsand and they’relargerthan ever. Biden’s Daycare Plan Is Bad for Families

By J.D. Vance invites immediatescorn from certain ipated showed significant increases workforce on one hand, and unhap- aging relationship with two to three And Jenet Erickson elitequarters. BrownUniversity in anxiety, aggression and hyperac- pier,unhealthier children on the children. This standardisdifficult to economist Emily Oster argues that tivity. Those effects persisted—and other.But we ought to be honest and duplicateininstitutional settings, n his first address to Congress, criticisms of Mr.Biden’sproposal are even grew—as they reached young acknowledgethat these trade-offs especially on alarge scale.Public I President Biden proposed spend- “not supportedbythe data. ...Child adulthood. Self-reported health and exist. policyshould reflect what most par- inganextra$225billion on child care is not ‘terrible forchildren.’ ” lifesatisfaction decreasedsignifi- Theuncomfortable truth formany entswant instead of doubling down care.That’sontop of the $40 billion Theessential point isn’t that “child cantly. Boys who participated were highly educated professionals is that on the model preferred by American the administration is already spend- care” is bad forkids,however, but morelikely to commit crimes.Itwas, their views on these trade-offs arein- elites. ing as part of the “bailout” of child- that afederal push to getdrovesof to put it bluntly, a disaster for Que- fluenced by their social class. Re- Several current policy proposals care providersinMr. Biden’sAmeri- children intodaycare is.These are bec’s children. search shows that it’sthe best-edu- would do that. Sen. has canRescue Plan, and the $10.3 two different things, raising radically Some advocates argue that Que- catedwho attach the most meaning to proposed arefundable “parent billion the federal government nor- different questions.For example, bec’sfailureprovessimply that low- their jobs.In2019,the Atlantic’s credit,” paid monthly,that would mally spends on child-caresubsidies. howcan we ensuresafefacilities and quality care produces low-quality re- giveparentsthe flexibility to choose The new plan, billed as an effort to capable caregiversfor millions of ad- sults, something they think the U.S. the best path fortheir families.Par- help low- and moderate-income fam- ditional children moved abruptly into could surely avoid. This ignores the Yo ung children are clearly entscould use the credit forchild ilies,would put Americaonapath to child care?Hardly atrivial logistical federal government’spersistent fail- care if they wished, though evidence becoming a society where the state challenge. ure to provide high-quality care for happier and healthier suggests many would use it instead assumes much of the care of young Moreover,the available empirical the relatively small number of chil- when they spend the day to scale back paid employment out- children. ManyRepublicans have datacontradict Ms.Oster’s argu- dren in the$10 billion Head Start side thehome,atleast while their balked at the cost of Mr.Biden’s ment.In1997 the provincial govern- program. It also ignores that even at home with a parent. children areyoung.Sens.MittRom- spending blowout, but in this case ment of Quebec beganoffering child high-quality child care in the U.S. is ney and have offered the substancematters morethan the care for5Canadian dollarsaday to linked to negativesocial and emo- similarly family-focused proposals in money.Adramatic expansion of all families,regardlessofincome.Al- tional outcomes forchildren who Derek Thompson documented the rise recent months.While these policies child care is abad deal forAmerican most two decades later, economists spendlotsoftime in institutional of “workism” among our wealthiest must be debated on their merits, parents. More important, it’s a bad MichaelBaker,KevinMilligan and care.Amajor longitudinal study con- citizens: They were spending lesstime they all reflect a shared view: How deal for American children. Jonathan Gruber found that children ducted by the National Institute of on leisure, moretime at the office, parentswant to raise their ownchil- Criticism of the Biden approach from two-parent families who partic- ChildHealth and Human Develop- and they derivegreat psychic gratifi- dren should drivepolicy, not the val- ment found that the moretime in- cation from their credentials,degrees ues of an increasingly isolated Amer- fantsand toddlersspent in nonfamil- and professional roles. ican ruling class. ial care,the morelikely they were to Not surprisingly, data from a re- Acertain philosophical ironyisat PUBLISHED SINCE 1889 BY DOWJONES&COMPANY engageinaggressive, disobedient or cent YouGov/American Compasssur- work here. TheAmerican left—self- Robert Thomson risky behavior. veyshowthat upper-classAmericans righteous defendersofthe worker— Executive Chairman, Chief Executive Officer, News Corp That doesn’tmean child care is aremost likely to prefer awork-fam- has landed on apolicypreference Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher bad forall kids.Research shows that ily model in which two earners rely fitting perfectly with its elite social Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: high-quality care is often beneficial on child care.Poor,working-class status,yet serving the needs of em- Deputy Editor in Chief Managing Editor Daniel Bernard, Chief Experience Officer; forchildren from disadvantaged and middle-classsurvey respondents ployers at the expense of American Jason Anders, Chief News Editor; Louise Story, Chief Mae Cheng, SVP, Barron’s Group; Jason P. Conti, homes.But young children from av- prefer amodel with one parent families.Afamily policythat em- News Strategist, Product &Technology Officer General Counsel, Chief Compliance Officer; Frank Filippo, EVP, Business Information & erage, healthyhomes canbeharmed working full-time and the other pro- powers parents with greater choice Thorold Barker, Europe; Elena Cherney, Coverage; Services; Kamilah Mitchell-Thomas, Chief by spending long hoursinchild care. viding at-home child care.Many mayreducenational GDP. It might Andrew Dowell, Asia; AnthonyGalloway, Video & People Officer; Josh Stinchcomb, EVP & Chief Audio; Brent Jones, Culture, Training &Outreach; Moving millions of young children families put their kids intochild care mean lower profits for some of our Revenue Officer, WSJ | Barron’s Group; AlexMartin, Print &Writing; Michael W. Miller, out of their homes intononparental because they have to, but the clear biggest corporations.But it would Christina Van Tassell, Chief Financial Officer; Features &Weekend; Emma Moody, Standards; Suzi Watford, EVP, Consumer & Chief group care will have unintended neg- majority of Americans say they want also mean happier parentsand Shazna Nessa, Visuals; MatthewRose, Marketing Officer ative effectsonchildren’semotional to spend more time with their kids. healthier children—which seems a Enterprise; Michael Siconolfi, Investigations; Stephen Wisnefski, Professional News and social well-being. Those preferences aren’t misguided. trade-off worth making. Our democracymight be comfort- In fact, the highest quality standards Paul A. Gigot able with the trade-offs here—higher forchild care promoteexactly what Mr. Vance is an investor and au- Editor of the Editorial Page EDITORIAL AND CORPORATE HEADQUARTERS: , Deputy Editor, Editorial Page; 1211 Avenue of the Americas, New York, N.Y., 10036 grossdomestic product and more happens in the average home—one thor. Ms. Erickson is aResearch Fel- GerardBaker, Editor at Large Telephone 1-800-DOWJONES parents(especially women) in the adult in an active, stable and encour- low of the Wheatley Institution. P2JW124000-0-A01800-1------XA

A18 | Tuesday, May 4, 2021 THE WALL STREET JOURNAL.

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S&P 4192.66 À 0.27% S&P FIN À 0.53% S&P IT g 0.22% DJ TRANS À 1.77% WSJ $ IDX g 0.33% 0.176 NIKKEI Closed (28812.63) See more at WSJ.com/Markets Sells Ya hoo, AOL to Apollo

Private-equity firm to that will be formed to operate mally licensed to host gam- Verizon’s quarterly revenue U.S. searchengine market share ForApollo,buying the en- the business. bling. Yahoo!/AOL Others tireportfolio means needing pay about $5 billion, , which Apollo,however, is licensed $40 billion 100% to have a view on how to run mostly struggled to grow in morethan 200 jurisdictions Verizon media each of the properties. ending media chapter bing for wireless company against Alphabet Inc.’sGoogle for gambling. The firm specializes in do- and Facebook Inc., generated “This is atypical Apollo 30 75 ing such complexdeals and $7 billion in revenue last year. deal in that these arevery has focused on boosting BY MIRIAM GOTTFRIED Apollo’s strategyfor the iconic,industry-leading,busi- growth at other internet com- AND DREW FITZGERALD businessrevolves around get- nesses,but they need alittle panies it owns,including on- ting more revenue from each tender loving care,” David 20 50 line-photo-services company of its900 million active Sambur, the firm’s co-head of Shutterfly Inc. Inc.agreed to payabout $5 monthly users. privateequity,said in an inter- Google Verizon Chief Executive billiontoacquireYahoo and Verizon’spositioning of . 10 25 Hans Vestbergsaid the com- AOLfrom Verizon Communi- media businessasacomple- Verizon Media’srevenue pany’s long-term strategyto cations Inc.asthe wireless ment to its core mobile busi- has increased more than 10% provide “network-as-a-service” companyexitsfromits ill- ness—aimed at helping it add over the past two quarters, to customersoverfiber-optic fated forayintothe media subscribersand reducethe helped by rebounding demand 0 0 and cellular connections made business. number of people who quit— from advertiserslooking to 2018 ’19 ’20 ’21 2017 ’18 ’19 ’20 ’21 the media businessabetterfit Theprivate-equity firm is meant it hasn’t pursued some tap an online shopping boom Sources: the company(revenue); Statcounter(market share) under newowners. paying $4.25billion in cash opportunities to maximizethe during thecoronavirus pan- He portrayed the sale as an fora90% shareofthe media value of each asset, executives demic. travel and other activities. such as TechCrunch and Yahoo outcome yearsinthe making. assets. Verizon will keep a10% at theprivate-equity firm said. Digital-ad sales areex- Other suitorspreviously Finance, but weren’t willing to “Weprioritizeour invest- stake and $750 million of ad- Forexample,Yahoo has pected to accelerateinthe showed interest in buying off makeanoffer forthe whole ments with the network,” Mr. ditional preferred stock in the been apopular platform for coming months as consumers certain pieces of the media portfolio, according to a per- Vestbergsaid. “This conclu- newcompany, called Yahoo, sportsbetting but isn’t for- startspending morecash on unit, which includes websites son familiar with the matter. PleaseturntopageB4 Earnings Roar Past Expectations Sports-Bet Growth

25% BY AKANE OTANI Percentage of S&P500 companies Howmuch S&P500 Spurs Deal Making thathavebeatenormissed companies beat 20 Corporateearningshave earnings estimates earnings estimatesby rarely looked this good. 15 BY BENJAMIN MULLIN manystates. At the same time, With the earningsseason access to manyofthese markets morethan halfway over,most LONG-TERM LONG-TERM 10 Awaveofdeal making is is restricted, with manystates AVERAGE AVERAGE companies in the S&P 500 afootinthe sports-betting limiting betting licenses to arel- 5 have surpassed analysts’ profit 65%BEAT 3.6% world, as participantsranging atively smallnumber of holders. expectations.AsofFriday, re- 0 from analytics firms to casinos That hascreated an incentive sultsfrom87% of those that 50% 2019 ’20 ’21 look to cash in on the growing forsportsbooks to grow quickly have reported were better sector. and to licensersthat they than expected, according to In the latest move, Den- areworthyofrecognition. Refinitiv.That is abovethe mark-based BetterCollective “This is just the start,” said historical average of 65% and S&P500 quarterly ESTIMATE 50% A/S, which offerstools and Chris Grove, agambling-indus- on pace for the highest share earnings, mediacontent to help sub- tryanalyst at research firm Eil- sinceRefinitiv began tracking scribers place more-informed ers&Krejcik Gaming.“This is the metric in 1994. change from 25 bets, on Mondaysaid it agreed not the middle,this is nowhere Andcompanies aren’t just previous to purchase rival Action Net- near the end.” He said deal beating estimates—they are year work Inc. for $240 million. making will continue as the U.S. topping them by far morethan 20% 0 Last week, DraftKings Inc., a market matures.Some acquisi- usual. MISSED digital entertainment and gam- tions will likely be made by spe- Going back to 1994, compa- –25 ing company, purchased rights cial-purpose acquisition compa- nies have beat earningsesti- to apopular podcast by former nies,orSPACs,Mr. Grovesaid. mates by an averageof3.6%, 2019 ’20 ’21 2019 ’20 ’21 ESPN host Dan Le Batard for Sportsbetting generated according to Refinitiv.But this $50 million. Also in April, gam- U.S. revenue of $1.5 billion in earningsseason, companies bling company Bally’s Corp. an- 2020,according to areport have posted profits that have S&P500 by sector 10.6%MISSED FIRST QUARTER 2021 87.1%BEAT nounced a$2.7billion merger from Eilers&Krejcik Gaming, been 22.8%aboveexpecta- 20% 020% 40 60 80 with online-gaming company and is on track to generate tions.All told, the recent GamesysGroup PLC. $5.8 billion by 2023.Ifall 50 string of strong resultshas Consumer discretionary Several factorshaveset the states legalizethe practice, S&P500 companies on track Technology table fordeal making.Sports the totalmarket sizecould to post their fastest rate of Financials betting is being legalized across eventually grow to $19 billion, earnings growth since 2010. the U.S.,creating marketsin PleaseturntopageB4 The problem is that inves- Utilities tors aren’t sure how much of Industrials the good news already has Materials been baked into share prices. Energy FidelityCutsValuation Anumber of companies that handily beat estimates Communication services have met with lackluster reac- Consumer staples ForMa’sAnt Group tions in the stock market fol- Healthcare lowing their reports. Real estate Exxon Mobil Corp., for in- BY SERENA NG uation at the end of February, stance, fell 2% Friday despite Notes: Firstquarter 2021 data as of April 30 with 303companies reported; Long-term average since1994 AND JING YANG according to regulatoryfilings. snapping afour-quarter streak Sources: FactSet (share-priceand indexperformance); Refinitiv Theprices were belowwhat of losses and surpassing ana- U.S. mutual-fund giant Fi- Fidelity originally paid for lysts’ expectations forboth putersales also failed to im- easier comparisons against the What next? delity Investments has drasti- Ant’sshares,suggesting the earnings and revenue. Apple pressinvestors. Itsstock fell prior year,when the coronavi- “There’sthis question of cally changed itsviewofwhat firm believes it could incur a Inc.managed to set anew 2.8% on Wednesday, the day ruspandemic began disrupt- peak growth,” said Michael ’s Co.is loss on the investment. They quarterly record forprofit, after its earnings report. ing economic activity around Stritch, chief investment offi- valued at afterChina’sregula- also reflect abig comedown thanks to asurge in sales of To manyinvestors, the is- the world. So when their pre- cerofBMO Wealth Manage- tory action against the finan- from last August, when Fidel- products, but itsstock sue is all about expectations. dictions came to fruition, ment.“Ithink that’skind of cial-technologygiant severely ity’s marks pinned the com- ended Thursdaydown0.1%. Money managers had by and therewasn’t much to getex- whereweare in the aggregate dented its growth prospects. pany’s valuation at $295 bil- Microsoft Corp.’sstrong re- large predicted that companies cited about. sense.” TheBoston-based asset lion, the filings showed. sults for its cloud-computing would post impressivegrowth In fact,the question many While corporateearnings manager,which wasamong an At the time,the Hangzhou- businessand personal-com- in the firstquarter because of have been asking lately is: PleaseturntopageB2 elitegroup of global investors based startup waspreparing that bought intoAnt three to go public and had just re- years ago, marked Ant shares leased listing documents that in several of itsfunds at prices detailed howprofitable it was Digital Health-ServicesBoom CrowdsField that implied a$144billion val- PleaseturntopageB2

BY ROLFE WINKLER Benefitsexecutives arepush- startups,according to research ter, according to research firm ing digital health companies to from 7Wire Ventures, a ven- PitchBook,the highest quar- INSIDE Digital-health startups have add services,merge with com- turefirm. Thereare also apps terly totalinatleast adecade. boomed during the pandemic, plementarycompanies and cut to help employees navigate Totalventure-capital in- raising record amountsofcap- deals on pricing,pressurethat their company’sother digital- vestment hit itsown record in ital forarangeofservices. the companies areresponding health apps. the firstquarter, continuing a

Themessagefromsome of to in order to stand out in the “Weare inundated,” says multiyear boom driven by S their customers: Enough, al- crowded sector. Meredith Touchstone,director surging growth and investor PRES ready. Numerous health apps of benefitsatCarMax Inc. interest in technologycompa- UMA

Corporate-benefits execu- promise to promotewell-be- “Wealready have these very nies as well as atrend of /Z

tives, the main customers for ing,managediabetes,improve big portfolios of vendors. And startups waiting longer to TNS these startups,say they are sleep,monitor heart health, with allthis newstuff coming raise capital in public markets. excited about technologythat encourageweight lossand intothe market, there’sno Even by that yardstick, in- BUSINESS HEARD ON THE canlowercostsand improve track whether patientsare way to assess, literally thou- vestment in healthcare-service Blue Crossdrops rule STREET employees’ health. But the ex- sticking to physical-therapy sands” of digital-health ser- startups is hot, rising to 10% on revenue thatlimited Investorslook foran plosion of activity has regimens,among others. Men- vices now available. of totalventureinvestment, spawned aglut of startups talhealth, agrowing area due Arecord$7billion of ven- according to PitchBook,also a competition among EV charge,but thereis pitching redundant or over- in part to pandemic burnout, turecapital poured intohealth- record and double the median member insurers. B2 alot of choice. B11 priced services, they say. has spawned morethan 100 care services in the firstquar- PleaseturntopageB2 P2JW124000-6-B00200-1------XA


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

A EVBox...... B11 Moderna...... A1,A8 Blue Cross DropsRule on Revenue Alphabet...... B1 EVgo...... B11 N Exxon Mobil...... B1 Altimmune...... A1 NexPoint Residential Amazon.com...... A3,B4 F Trust...... B10 BY ANNA WILDE MATHEWS branded business. goal we have had forover90 up marketsand avoid compet- AmerisourceBergen....A3 Facebook...... B1 P TheBlue CrossBlue Shield years—improving access to ing against one another,driving Ant...... B1 FanDuel...... B4 Pfizer...... A1 TheBlue CrossBlue Shield Association includes 35 insur- quality healthcarefor all Ameri- up customers’ prices. ...... B2 Fidelity Investments..B1 Pitchbook...... B1 Association said it dropped a ers, each of which typically hold cans—as the settlement contin- Thesettlement has wonpre- Apollo Global G rule that limited competition exclusiverightstothe Blue uesthrough the Court approval liminaryapproval from U.S. Dis- Management...... B1 PlushCare...... B2 among itsmember insurers, Crossand Blue Shield brands processand is implemented ac- trict JudgeR.David Proctor,in Apple...... B1,B11 Gamesys...... B1 PotlatchDeltic...... B10 AstraZeneca...... A6 GlaxoSmithKline...... A6 PulteGroup...... B10 moving to implement akey as- within acertain territory, a cording to terms of the Agree- Birmingham, Ala., who wrote AT&T...... B4 Goldman Sachs...... A2 R pect of an antitrustsettlement setup that would remain intact ment,” the group said. that the deal’s“structural relief Gray Television...... B3 the companies reached last year underthe antitrust settlement. Anthem Inc.and Health Care is historic and substantial.” The B R. Seelaus...... B3 Gritstone Oncology....A1 with customers. Lifting the revenue capcould ServiceCorp.are among the settlement requires the insurers Bally's...... B1 H S Thesettlement hasn’t won allowthe Blue insurerstocom- largest Blue insurers. Together, to payabout $2.7billion, largely ...A1 Sanofi...... A1 final approval from the federal petemoreagainst one another allofthe Blue companies cover to customers, and take steps Better Collective...... B1 International 7Wire Ventures...... B1 judgepresiding over the litiga- by expanding their non-Blue morethan 100 million Ameri- that includedropping the na- BioNTech...... A1 ...... A4 Howard Hughes...... B10 Sinclair Broadcast Group tion,soitisn’t being fully im- businesses,expertssaid. Drop- cans. tional revenue cap. Blackstone...... B3 ...... B4 J plemented. But last Tuesdaythe ping the limit “certainly should , alead attorney Therevenue capwas one im- Blink Charging...... B11 Sony...... B11 group of insurersformally lifted increase competition,” said Tim forthe Blue customer antitrust pediment to Anthem’s$48 bil- Brigade Capital T Management...... B3 International...... A4 acap on the shareofthe mem- Greaney,aprofessor at the Uni- plaintiffs,said elimination of lion deal to buy Corp., C Johnson & Johnson....A6 Teladoc Health...... B2 bers’ revenue that could come versity of California Hastings the restriction “will substan- whichended up foundering L ...... B11 from businessnot under aBlue Collegeofthe Law, though he tially increase competition in largely over itsown antitrust is- Cambridge Advisory The Chernin Group...... B4 Group...... B2 LionTree...... B4 CrossBlue Shield brand, one of said it isn’t clear howquickly it health insurancemarkets.” sues.That deal could have Canfor...... B10 LiveHealth Online...... B2 V the moves it had promised un- would have an effect. Theantitrust claims were added substantially to Anthem’s Cardinal Health...... A3 Livongo...... B2 Vaxart...... A6 der the settlement. In astatement, the Blue firstbrought in 2012 as apro- non-Blue revenue. CarMax...... B1 M Previously,the rule wasthat CrossBlue Shield Association posed classaction on behalf of Still, the settlement wouldn’t ChargePoint...... B11 ...... B1 two-thirds of aBlue licensee’s said itsmovewas consistent employers and individual poli- unwind the licensing structure MarketAxess...... B3 Chemours...... A4 Volta Industries...... B11 McKesson...... A3 national net revenue from with the settlement. “Blue cyholderswith Blue coverage. that allows the Blue insurersto D - E MDLive...... B2 W health plans and related ser- Crossand Blue Shield compa- Thesuit alleged that the insur- hold exclusiverightstotheir Doctor on Demand...... B2 Meredith...... B3 Walt Disney...... B11 vicesmust stem from Blue- nies will remain focused on the ersillegally conspired to divvy brands in certain geographies. DraftKings...... B1 Microsoft...... B1 ...... A2 Estée Lauder...... B11 Minjok Sarang Bang...A9 Weyerhaeuser...... B10 INDEX TO PEOPLE

A G Morgan, Jennifer...... B3 Abel, Greg...... A1 Gowrappan, Guru...... B4 Munger, Charlie...... A6 B H R Reynolds, James...... B3 Baratta, Joseph...... B3 Harty, Tom...... B3 Roberts, Scot...... A6 Brand, Martin...... B3 Huang, Ed...... B3 S Buffett, Howard...... A6 J Buffett, Warren...... A1 Sambur, David...... B1 C Jain, Ajit...... A6 Stritch, Michael...... B1 Jenkins, Adam...... B3 Calhoun, David...... B3 Switzer, James...... B3 K Combs, Todd...... A6 V Cook, Tim...... B11 Kayne, Don...... B10 Vestberg, Hans...... B1 Cremers, Eric...... B10 Keinz, Emily...... B3 W D M Wallace, Peter...... B3 Dixit, Amit...... B3 Ma, Jack...... B1 Weschler, Ted...... A6 JOURNAL REET

In May2018,asmall group ST Fidelity of global investorsweregiven LL arareopportunity to buy Ant WA

shares in adeal that raised $14 THE R

Cuts Ant billion and valued the company FO

at around $150 billion.Fidelity AK invested about $238 million on CZ YM

Valuation behalf of various funds,ac- SZ

cording to Ant’sIPO prospec- NA YA

tus. Over the next two years, KA ContinuedfrompageB1 Ant grew rapidly and reported Demand for digital-health services accelerated during the pandemic as patients sought remote care. A telehealth appointment. andhow quickly it had grown profit of $5.8 billion on reve- in recent years. nue of $21.5billion forthe 12 izing in specific areas and using over time,without offering Omada’s chief executive. In the ensuing months, months to June 2020. Healthcare digital tools to track results. specifics.Pepsi didn’t respond “Manyemployers prefer global investorseager to owna Theglobal investors, which Demand fordigital-health to arequest forcomment. working with one party across pieceofAnt valued the com- also included private-equity services accelerated during Employers are asking digi- critical disease areas,” he says. pany at morethan $300 billion firms,sovereign-wealth funds Startups the pandemic as patients tal-health providerstointe- Competition is intensifying during itsplanned initial public and pension plans,wereonthe sought remotecare. State reg- grate with their insurers and as digital-health companies offering,believing the Chinese cusp of reaping amassive ulators waived rules prevent- expand the conditions their broadenofferings, especially mobile-paymentsbehemoth windfall last fall. Now, it is far Proliferate ing doctorsfrompracticing products address. Employers in diabetes care. Livongo also wasworth morethan manyof from certain that those inves- medicine acrossstate lines. also are pushing the services started as a company helping the world’slargest banks. tors will end up making a Medicare expanded benefits to stop charging amonthly fee people managediabetes,later That view has changed sub- profit and they can’t easily sell ContinuedfrompageB1 fortelehealth visits. And more for all eligible employees and adding hypertension, mental stantially after Beijing scuttled their investmentsuntil the of the previous 10 years. money came intothe sector instead charge when employ- health and prediabetes care, Ant’s listing plans in Novem- companyrevivesits plans to In the ageofsmartphones when Teladoc Health Inc. an- ees use the service, since putting Omada and Livongoin ber and Chinese regulatorscut go public,which could be and low-cost sensors, digital- nounced amerger with diabe- manyofthese apps go unused, frequent competition. the firm down to sizebyforc- years away. The Wall Street health startups promisethat tes-monitoring startup benefits executives say. The need for companies to ing it to comply with abevyof Journal has reported that they candeliver cheaper,more Livongo in October,valuing Startup Omada Health Inc. distinguish themselves in a financial regulations. global investorspreviously effectiveand moreconvenient the latterat$13.9 billion when began with adigital serviceto crowded market is driving Global investors have low- agreed to terms that were un- healthcare. Patientscan reach the deal closed. manage prediabetes, sending deals, analysts say. ered their expectations of usually favorable to Ant,which clinicians or health coaches “Everybody’s excited be- patientsaninternet-connected Teladoc has bought multi- Ant’sfuturerevenue and limited their ownexit options. quicklyvia text or videoand cause there’ssomuch damn scale and giving them access ple companies,and said it has profit. Their marks on unlisted AfterAnt’sIPO wascalled during off hours. Doctors can moneyfloating around. After to health coaches via their expanded itsofferingsascli- shares can vary widely. Fidel- off,the companywas chided monitor patients remotely. Livongogot sold, everyone smartphone.Atcustomers’ re- entsare looking for“asuiteof ity’s recent disclosures reveal by Chinese regulators for Most large employers in the said, ‘Where’smypiece?’ ” says quest, it has since added ser- connected services.” Telemedi- the conclusions reached by straying toofar from itsroots U.S. self-insure, meaning they Stuart Piltch,chief executiveof vices to treat hypertension, cine rivals like MDLive, Doc- onesophisticated investor.A as apayment provider and work with insurancefirms to CambridgeAdvisoryGroup,a full-blown diabetes,mental toronDemand and Plush- Fidelity spokesperson said the wasordered to rectifyprob- administer their health plans healthcareconsulting and data health anddigital physical Care Inc.havethemselves firm doesn’t comment on indi- lems in itsother businesses. andprovide anetwork of doc- firm. “I getthat Wall Street therapy,says Sean Duffy, merged or been acquired. vidual companies.Ant de- Thecompany, controlled by tors,but ultimately the employ- loves these things, but do they clined to comment. billionaireMr. Ma, said last erspay the cost of care them- work? It’snot clear yet.” Mutual funds regularly up- month that it would apply to selves.Digital-health apps Measuring results for digi- datethe market values of assets become afinancial-holding claim they cancontain employ- tal-health services is tricky, in their portfolios,soitispossi- company overseen by the Peo- ers’ healthcarecostsbyspecial- saybenefitsexecutives,inpart ble that the firm’smarks on Ant ple’s , confirm- because many services strug- shares could be raised or low- ing aWall Street Journal re- Venture-capital $8 gle to provethey canlower ered. Investmentsinpre-IPO port in late January. investment in billion costs or improve care. companies makeuponly asmall The change means Ant will health services Erik Sossa,who recently re- part of Fidelity’s stock funds, become subject to regulations and systems tired as head of benefitsat whichare mostly invested in and capital requirementssimi- PepsiCo Inc., says digital- publicly traded equities. lar to those that govern banks, 6 health services work best Ant owns Alipay, apopular which will curtail itsactivities when connected to acom- mobile paymentsand lifestyle and makeAnt morelikea pany’sexisting health plan, so appthat has morethan abil- slow-growing financial institu- doctorscan see patients’ lion usersinChina. It handled tion than afast-expanding health histories.That wasone 4 the equivalent of morethan tech firm. reason Pepsi stopped using $17trillion of payment transac- Ant has also been ordered to Teladoc for telemedicine ser- tions in the year to June 2020. unwind some of itscross-selling vices, Mr. Sossa says. In addition, Ant has lever- arrangements that fueled its “Telemedicine is afantastic aged itsgiant customer base growth. Analystshavepredicted 2 , but if it’sjust late- to cross-sell manyother finan- that Ant’sconsumer-lending night urgent care,it’skind of a cial products—from mutual operations and wealth manage- commodity,” Mr.Sossa says. fundstoinsurancepolicies— ment businesswill shrink in Pepsi nowuses LiveHealth and has originated large vol- size, lowering itsrevenue. Online,atelemedicine service umes of short-term loans to Other Ant shareholdersand 0 connected to the company’s Alipay users. analystswho followthe com- health plan. pany also believeitisworth 2011 ’13 ’15 ’17 ’19 ’21 ATeladoc spokesman said Fidelity’s estimatesof significantly lessthan $300 bil- Source:PitchBook itswork with Pepsi has evolved Ant’s valuation lion. Some of them areawaiting moredetails of Ant’splanned $300 billion overhaul into afinancial-hold- necessarily mean the markets ingcompanytocome up with Earnings are headed lower, Mr. Stritch newvaluation estimates. said. At Fidelity,a“fair value Overall, BMO Wealth Man- 250 committee” determines the Trounce agement is still maintaining an value of securities of unlisted overweight position in equi- companies,according to the ties. documents for its funds. This Forecasts But Mr.Stritch and others 200 committeeisseparatefrom believemarket gains maybe the portfolio managerswho moremodest and hardto oversee the funds. ContinuedfrompageB1 come by in the second half of When valuing the shares of have historically been one of the year—especially since 150 aprivatecompany, the com- thebiggest driversofstock stocks already have climbed to February2021 mittee considers factors that gains,inrecent yearssup- records multiple times in the $144billion caninclude the market perfor- port from the Federal Reserve past quarter. manceofpublicly listed rivals, and expansion of stock multi- “I don’tknowthat people 100 the firm’sexpected futurecash ples have playedmoreofa are going to be willing to pay 2019 ’20 ’21 flows, other financial metrics role in the market’srise. much morethan what they al- Source:WSJ calculations from funds’marksin and the most recent informa- If earningsgrowthslows in ready arefor earnings,” Mr. SECfilings tion available. futurequarters, that won’t Stritch said. P2JW124000-0-B00300-3------XA

THE WALL STREET JOURNAL. Tuesday, May 4, 2021 | B3 BUSINESS & FINANCE Blackstone Promotes PE Leaders Meredith Sells Its BY MIRIAM GOTTFRIED lion buyout fund. ship roles.” ment.Ms. Morgan’sappoint- public offering in February. Mr. Baratta on Monday an- Blackstone also is naming ment to the position—last Mr.Wallace, who started at Blackstone Group Inc.isel- nounced internally the ap- Jennifer Morgantothe role of held by David Calhoun,who Blackstone in 1997 and is the Local TV evating a number of longtime pointment of Martin Brand as head of portfolio operations. left in late2019 to become son of TV news anchor Chris stafferstonew leadership head of North Americaprivate Ms.Morgan, former co-chief chief executiveofBoeing Co.— Wallace, runs itsinvesting ac- roles in itsmain private-equity equity and PeterWallaceas executiveofbusiness-software is asign of the growing im- tivities in the services sector. Business business, in asign of the global head of core privateeq- giant SAP SE, joined the firm portanceoftechnologyfor the Hisdeals have accounted for growing heftofthe unit in uity,asBlackstone’slong-term firm as Blackstone’s thematic the bulk of the firm’score BY MICAH MAIDENBERG whichthe investment giant strategyisknown. Amit Dixit, investment style has led it to fund, which canhold assetsfor cut its teeth 36 years ago. who is based in Mumbai, will put moremoney intorapidly 15 yearsorlonger. Meredith Corp.isselling its At $112 billion in assets, the become head of Asia private growing companies. These include investments broadcast-television business firm’scorporateprivate-equity equity,Mr. Baratta also told $112B Mr.Brand, an 18-year vet- in cleaning-and emergency- to Gray Television Inc., in a business, which includes its The Wall Street Journal. eran of Blackstone,leads its restoration services provider deal the companysaid would flagship buyout funds,its Asia All three arenew roles,and Assets at the firm’s private- private-equity investments in ServproIndustries Inc. and allowittobetterfocus on its funds, its long-term investing the three executives will con- equity business the technologysector and has Legoland owner Merlin Enter- magazine brands and digital- strategy and itsenergy busi- tinue to report to Mr.Baratta. been responsible for many of tainmentsLtd. mediaproperties. ness, is the biggest of itskind “We’vebeen much moredy- the firm’smost successful Blackstone’sfirst fund un- Meredith on Mondaysaid in the world. Thedivision’sas- namic and have doubled in deals of late. Among these are der the strategy, a$4.8billion Gray agreed to purchase its sets, which represent more size over the last eight years, in November to help it use itsinvestmentsinRefinitiv, vehicle that it finished raising businessthat owns or operates than 17%ofBlackstone’stotal, and that growth requires more technology to drive improve- nowpart of London Stock Ex- in 2017, had returns of 23% net 17 television stations for$2.7 have morethan doubled since management and more struc- mentsatthe morethan 200 changeGroup PLC; Paysafe of fees,according to the firm’s billion in cash. Thestations Joseph Baratta wasnamed ture,” he said in an interview. companies in its portfolio. Inc.,which recently merged most recent quarterly filing. reach 11% of U.S. households, global head of the businessin “This is an opportunity forour In her newrole,she will be with ablank-check company; Blackstone said last October it including in marketssuch as 2012. In 2019, Blackstone fin- best younger,but really estab- tasked with overseeing all as- and Bumble Inc., which com- had finished raising $8 billion Atlanta, Phoenix and St.Louis. ished raising arecord$26 bil- lished, partnerstotakeleader- pectsofportfolio improve- pleted ablockbuster initial for a second fund. Shares of Meredith jumped 13%, to $35.21, on Monday. Des Moines,Iowa-based Meredith has been remaking MarketAxessWorks to Add itsmedia portfolio over the past several years. In 2018,it announced deals to sell maga- zines such as Time and For- DiversitytoBond Trading tune,and morerecently agreed to sell Travel +Leisure amid fi- nancial pressure in the maga- BY MATT WIRZ Co.,which Chief ExecutiveAn- ForMarketAxess, the pro- zine industry. nie Seelaus took over in 2015. gram is away to offer large When the latest deal is Some of thebiggest bond If the investing giants that clientsaserviceahead of its complete, Meredith said it fund managers in the U.S. are connect with brokersthrough competitors. “Nowthe clients would work to expand brands usingtechnologytoincrease the program givethem follow- candobusinesswith diversity such as People,BetterHomes the businessthey do with bro- on business off the system, it firms and be guaranteed best &Gardens and Allrecipes. ker-dealers owned by women could “double,triple or qua- execution,” said Richard Gray Television said the and membersofminority druple the fixed-income reve- Schiffman,head of Market- deal would makeitthe sec- groups. nues of the firms on the plat- Axess’sOpen Trading product ond-largest television broad- Electronic-trading platform form,” said Loop President that asset managersuse to caster in the country, serving MarketAxessHoldings Inc. Kourtney Gibson. trade with each other 113 marketsand reaching 36% hasbegun partnering with Thenew initiativeshows Pensions,foundations and of households.Graysaid it trading firms owned by minor- the growing importanceofen- insurersincreasingly want plans on selling astation cov- ities,women and veterans to vironmental, social and gover- moneymanagerstodirect a ering Flint and Saginaw, settle trades between large in- nance,orESG,factorsasWall portion of their trades to Mich., whereMeredith also vestment firms including Alli- Street firms competefor in- women- and minority-owned has astation. anceBernstein Holding LP, vestment dollars. MarketAxess brokers. But such brokers are Meredith said the deal is BlackRock Inc.and Lord Ab- uses its broker-dealer unit to oftensmall, making it hardfor structured as aspinoff of its bett & Co. intermediatetrades between them to buy or sell in the national-media businessintoa APHY

MarketAxess is helping assetmanagers, charging a quantity large asset managers GR stand-alone public company

large asset managersmeet re- small fee, and will nowbe require—and to affordthe fees TO that would retain the Meredith

quirementsset by their own sharing that income with bro- and technologyneeded to PHO Corp.name and headquarters clientstotransact morewith kers in the initiative. competeinelectronic market- in DesMoines.The company WELL

minority-owned dealers. That “MarketAxess is one of the places.Under the newpro- PO would continue to be led by its

could significantly boost busi- firsttostepupand say‘we gram, the brokersact as inter- OF existing senior management ness forthose participating in have a solution,’” said James mediaries between large asset team, including Chief Execu- WELL

the program, likeLoop Capital, Switzer,AllianceBernstein’s managersonOpen Trading,al- PO tive TomHarty.

which wasfounded by Chief global head of fixed-income lowing them to participate OR Thedeal is expected to be

Executive James Reynolds Jr., trading.“And frankly they are without putting up their own VICT completed in the fourth quar- whoisBlack,and R. Seelaus & putting fees up to do it.” capital. Loop PresidentKourtneyGibson says the push can boost revenue. ter, Meredith said.

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B4 | Tuesday, May 4, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech Apollo Buys Verizon’s WebUnits

ContinuedfrompageB1 sion came aprettylong time ago.” Verizon collected some of the web’s best-known brands starting in 2015 with its pur- chase of AOL, followed by its 2017acquisition of Yahoo. AOL’s then-chief,Tim Arm- strong, called the newbusi- ness asuper channel forad- vertiserstoreach hundreds of millions of users. Thecom- panyatthe time touted an ac- S tiveuser base of morethan PRES one billion people.

TED Executives framed the CIA newly named Oath businessas SO

AS an alternativeway formarket- T/

AR erstoreach potential custom-

EW ersoutside of adigital ecosys- ST temdominated by Google, Facebook and Amazon.com

JENNIFER Inc. The tech company in March signed a 10-year deal to stream 15 games per season. The pact initially called for it to begin streaming games in the 2023-24 season. But the stitched-together media group couldn’t keep up with its technology rivals’ ex- plosivesales growth, and Veri- Amazon-NFL Deal Is Bumped Up zonin2018 wrotedownabout half of the value of the media brands it had acquired. Agreement for video the league called forthe tech- tional season, people familiar value forthe League and our vision rightswereshared by In 2018,Verizon named Mr. nologycompanytobegin with the matter said. fans.” Foxand the league’sNFL Net- VestbergCEO,picking atele- rights of ‘Thursday streaming games in the “Thisexpedited deal is an TheAmazon deal marked work. com-industryveteran with a Night Football’ will 2023-24 season. immediatedifferentiator for thefirst time the NFL sold a TheAmazon deal marked a penchant forsketching out Currentrightsholder Fox us as aservice, as it gives package of games exclusively significant increase in fees engineering conceptson start a year earlier Corp. agreed to exit its exist- Prime members exclusive ac- to a streaming service. At the from the averageof$660 mil- whiteboards forits topjob. ing deal forthe packageasea- cess to the most popular sport time of the deal, NFL Commis- lion a year Fox had been pay- TheSwedish transplant has BY JOE FLINT son early. in the ,” said Ma- sioner Roger Goodell said it ing. spentlittle time discussing Terms,including the cost of rie Donoghue,Amazon’svice wasaseminal moment for Thedeal wasone of several mediaand has moreoften Amazon.com Inc. will take acquiring the additional year president of global sports both the league and the tech long-term agreementsthe touted the cellphone carrier’s over exclusivevideo rightsfor of rights, weren’t disclosed. video. giant. league signed in March with plan to boost revenue through “ThursdayNight Football” In March, Amazon signed a In amemo sent to team Thegames Amazon streams its video partners. the construction of anext- starting in the 2022-23sea- 10-year deal with the NFL to owners reviewed by The Wall will only be available on tele- Collectively,those agree- generation wirelessnetwork. son, ayear earlier than antici- stream 15 games per season Street Journal, the NFL said, vision in the local markets of mentswerevalued at more Verizon has been shrinking pated, the companyand the on itsPrime Video platform. “The decision to acceleratethe the two teams playing. than $100 billion. themedia unit,cutting jobs National Football League said The average annual rights fee launch of TNF on Amazon for Amazon previouslyhad FoxCorp.and Wall Street and selling off itsTumblr on Monday. is around $1.2 billion and that the 2022season creates incre- streaming rightsfor “Thurs- Journal parent News Corp blogging platform and Huff- Initially,Amazon’sdeal with is the pricetag forthe addi- mental economic and strategic dayNight Football” while tele- share common ownership. Post news operation. GuruGowrappan, the cur- rent head of Verizon Media and aformer Yahoo executive, Bet Firms will continue to run the busi- ness after the deal. Thepartnersexpect the Team Up transaction to close in the sec- ond half. LionTree LLC,which ad- For Growth vised Apollo on the deal, will co-invest alongside the pri- vate-equity firm. ContinuedfrompageB1 Themedia division, which the report said. employs about 10,000 people, Companies such as Action started with 14,000 employees Network and BetterCollective in 2017.Verizon as awhole arepaid affiliatefees by sports employedabout 132,000 work- books forreferring bettors to ers at the end of 2020. their products. By teaming up, Verizon didn’t specifyhow ActionNetwork and BetterCol- it would use the sale pro- lectiveare planning to increase ceeds,though executives have the totalvolume of bettors S previouslysaid they would

they refertogambling opera- PRES makedebt paymentsaprior-

tors.Action Network and Bet- TED ity.

terCollectiveoffer subscribers CIA Thecellphone carrier’s bor- data, analytical tools,articles SO rowing swelled this year after AS

and podcaststohelp them Y/ it committedroughly $53 bil- RR

makemoreinformed bets. PA lion to securewireless-spec- In an interview, ActionNet- trum licenses auctioned by YNE

work Chief ExecutivePatrick WA theFederal Communications Keane said digital-media com- Sports betting is being legalized across the U.S. People line up to make wagers at the Borgata casino in Atlantic City, N.J. Commission. panies have been challenged Other telecommunications over the past decade largely gradually be integrated into aretargeting $100 million of of three sports-betting and son familiar with the matter companies arelikewise reas- because of pressures on their BetterCollective’sglobal busi- revenue in 2022, he said. Bet- fantasy-sportswebsites: Sports said. DraftKings, FanDuel Inc. sessing their priorities.The advertising businesses.But the ness, said BetterCollectiveCEO terCollectivesaid it generated Insights, SportsAction and and private-equity firms were Wall Street Journal has re- rise of sportsbetting has pro- Jesper Søgaard. BetterCollec- morethan $18 million in profit FantasyLabs.The companyhas all suitorsfor Action Network, ported that AT&T Inc.last vided opportunities forcom- tive’s existing U.S. businesses globally in 2020. raised $20 million to dateand which tapped investment bank year began to field bids for panies with multiple revenue includedaily fantasy-sports “This is amarket that’sgo- generated about $15 million in Moelis &Co. to runasales much of the digital-ad busi- streams,including subscrip- websiteRotoGrindersand bet- ing to be massive,” Mr.Sø- revenue in 2020,primarily process, the person said. Rep- ness formerly known as Xandr. tions,affiliatefees,advertising ting-tips platform VegasInsider. gaardsaid. “Weexpect that through subscriptions and af- resentatives forDraftKingsand Theunit, which includes oper- and consumer goods, he said. The sports-betting market eventually,it’sgoing to sur- filiaterevenue.Action Network FanDuel declined to comment. ationsacquired from the App- “I’vebeen in the advertis- in the U.S. is growing much passthe European sports-bet- wasn’t profitable last year,a Thesports-betting frenzy Nexus digital-ad exchange for ing business for two decades, morequickly than Europe’s, ting market.” person familiar with the com- hasextendedtotraditional $1.6billion in 2018,has in- andthere’sareason whyI’m wherethe market is moresat- Thesale of Action Network pany’sfinances said. television as well. Last year, creased sales but has failed to notinitanymore,” said Mr. urated with customersand means apaydayfor itscontrol- Therewas acompetitive Sinclair Broadcast Group Inc. meet executives’ aggressive Keane, who oversaw ad-sales growing relatively slowly, Mr. ling shareholder,the media- auctionfor Action Network, sold the naming rights for re- targets. businesses at Google and CBS. Søgaardsaid. Action Network and-technologyfirm Chernin reflecting the high level of in- gional sports networks to ca- —Ben Mullin Mr.Keane will remain CEO will jump-start Better Collec- Group.Action Network was terest in media properties fo- sino operator Bally’s in a10- and Micah Maidenberg of ActionNetwork,which will tive’s U.S. operations,which formed in 2017bythe merger cused on sportsbetting,aper- year, $88 million deal. contributed to this article.

ADVERTISEMENT The Marketplace LosAngelesTimesNamesNew Editor To advertise: 800-366-3975orWSJ.com/classifieds BY JEFFREY A. TRACHTENBERG Times andother properties late that journalism to multi- AND BENJAMIN MULLIN from publisher Tronc Inc., now ple platforms,” Patrick and Mi- PRODUCTS the Tribune Publishing Co., for chele Soon-Shiong said in a TheLos Angeles Times $500 million. statement. “He also shares our named Kevin Merida as its Under Mr.Pearlstine,the passion forthe unique oppor- newexecutiveeditor,asthe Times went on ahiring spree tunity we have to build the publication lookstoraise its that bolsteredthe paper’s lo- S L.A. Times intoamedia enter- profile and jump-start digital cal, national and international PRES prise with adistinct West

growth. reporting efforts, as well as UMA Coast point of view.” Mr.Merida, 64 yearsold, itsediting ranks.The paper /Z TheJournal in Februaryre-

has served as editor in chief of wontwo Pulitzer Prizes in TERS ported Mr.Soon-Shiong was the Undefeated, an ESPN web- 2020. WA exploring asale of the publica-

sitethat covers sports, race Mr. Soon-Shiong set ambi- NEAL tion.Mr. Soon-Shiong at the and culture. Beforethat, he tious goals forthe publication, Kevin Merida has held top jobs time called the Journal’s arti- wasmanaging editor of the telling TheWall Street Journal at ESPN and Washington Post. cleinaccurate, and aspokes- WashingtonPost, wherehe in March 2019 that the Times woman said Mr. Soon-Shiong oversawmuch of the news- needed to build itsdigital-sub- During his tenureatthe and his family “continue to in- room. scriber base to five million Washington Post, Mr. Merida vest in and plan forthe future Theexecutive-editor posi- paying customers. helped guide the paper to four of the LosAngeles Times,and tion at the LosAngeles Times At the time,the publication Pulitzer Prizes.Hestarted his do not plan to sell.” had been vacant sincemid-De- hadabout 150,000 digital-only career in 1979 as ageneral-as- Thenewspaper turned its BUSINESSOPPORTUNITIES cember when Norman Pearl- subscribers. The Los Angeles signment reporter forthe Mil- reporting lens on itsown staff THE MARKETPLACE stine, 78 yearsold, stepped Times said it had 396,525 total waukee Journal and later in 2020.InSeptember,the pa- 41.7 ".$80-$37- : +&&()'*## ADVERTISE TODAY down from therole and was digital-only subscriptions as of worked forthe Dallas Morning per reported that “six promi- named senior adviser. mid-April, meaning it is still News,rising to assistant man- nent editors have been either 41.7 2$1/1+67 :*// &!2$/ (,29$#21)+7 (800)366-3975 Mr.Pearlstine wasnamed far behind national rivals. aging editor for national and pushed out, demotedorhad %!!& ;=!$9 508< -)+24 Formoreinformation visit: executive editor in 2018 after Mr.Merida will be tasked foreign news. responsibilities reduced be- /$27 ,660.+ wsj.com/classifieds billionairebiotech investor with developing newplatforms “Kevin possesses aclear cause of ethical lapses, bully-

523 (*#)' 3*##9!" '+.!72)97 %+/= Patrick Soon-Shiong and his and productsunder the Los understanding of the rigor ing behavior or other failures ! ©2021Dow Jones &Company,Inc. "$%%%$!""$-"!, ! All Rights Reserved. wife,Michele Soon-Shiong, Angeles Times umbrella, the necessaryfor independent of management” sinceearly agreed to buy the LosAngeles company said. journalism and how to trans- 2019. P2JW124000-0-B00500-1------XA


Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Danaher DHR 254.67 0.73 Futu FUTU 147.12 -1.66 KSCitySouthern KSU 293.50 1.29 Middleby MIDD 180.45 -0.87 Peloton PTON 95.84 -2.51 ShinhanFin SHG 35.34 -0.40 US Foods USFD 40.83 -0.63 Market listed securities. Prices are composite dd-Indicates loss in the most recent Darden DRI 144.61 -2.11 G H I Kellogg K 62.89 0.47 MiratiTherap MRTX162.12 -4.10 s PembinaPipeline PBA 31.09 0.23 Shopify SHOP 1122.01-60.50 UWM UWMC 7.90 -0.26 quotations that include primary market trades four quarters. DarlingIngred DAR 70.89 1.44 KeurigDrPepper KDP 36.07 0.22 MitsubishiUFJ MUFG 5.41 0.04 PennNational PENN 90.47 1.35 Sibanye-Stillwater SBSW 19.12 0.47 UBER 54.85 0.08 Datadog DDOG 80.17 -5.60 s KeyCorp KEY 22.00 0.24 MizuhoFin MFG 2.91 ... Pentair PNR 65.35 0.84 SignatureBank SBNY 248.51 -3.00 Ubiquiti UI 285.70 0.37 as well as trades reported by Nasdaq BX FD-First day of trading. GDS Holdings GDS 80.07 -2.90 DaVita DVA 120.92 4.39 KeysightTechs KEYS 140.40 -3.95 MobileTeleSys MBT 8.54 0.07 Penumbra PEN 298.10 -7.89 SimonProperty SPG 123.20 1.46 UiPath PATH 70.93 -1.07 (formerly Boston), Chicago , h-Does not meet continued listing GFLEnvironmental GFL 32.86 -0.07 DeckersOutdoor DECK 346.61 8.41 KimberlyClark KMB 134.74 1.42 Moderna MRNA 186.02 7.20 PepsiCo PEP 145.79 1.63 SiriusXM 6.06 -0.04 UltaBeauty ULTA 324.28 -5.07 Cboe, NYSE National and Nasdaq ISE. standards s Gallagher AJG 145.06 0.11 The list comprises the 1,000 largest lf-Late filing Deere DE 373.77 2.92 KimcoRealty KIM 21.03 0.03 s MohawkInds MHK 221.00 15.50 PerkinElmer PKI 130.56 0.93 Skyworks SWKS 176.34 -4.99 UnderArmour A UAA 24.17 -0.14 DellTechC 97.78 -0.55 GameStop GME 162.20-11.39 KinderMorgan KMI 17.26 0.21 MolinaHealthcare MOH 256.23 1.13 PetroChina PTR 36.50 0.47 SlackTech WORK 41.81 -0.59 UnderArmour C UA 19.88 -0.03 companies based on market capitalization. q-Temporary exemption from Nasdaq s DeltaAir DAL 46.57 -0.35 Gaming&Leisure GLPI 46.67 0.18 KingsoftCloud KC 44.23 0.31 s MolsonCoorsB TAP 57.14 2.19 PetroleoBrasil PBR 8.48 ... s SmithAO AOS 70.29 2.54 UL 59.21 0.49 Underlined quotations are those stocks with requirements. s Gap GPS 35.47 2.37 t-NYSE bankruptcy s DentsplySirona XRAY 68.01 0.50 KinrossGold KGC 7.37 0.33 Mondelez MDLZ 61.41 0.60 PetroleoBrasilA PBR.A 8.61 -0.04 Smith&Nephew SNN 43.50 0.33 UnionPacific UNP 223.74 1.65 large changes in volume compared with the DeutscheBank DB 13.74 -0.26 Garmin GRMN 137.89 0.65 KirklandLakeGold KL 38.72 1.66 MongoDB MDB 287.53 -9.93 Pfizer PFE 39.83 1.18 Smucker SJM 132.08 1.09 UnitedAirlines UAL 54.46 0.06 issue’s average trading volume. v-Trading halted on primary market. Gartner IT 197.41 1.53 vj-In bankruptcy or receivership or DevonEnergy DVN 23.62 0.24 Kohl's KSS 61.82 3.16 MonolithicPower MPWR 350.28-11.10 s PhilipMorris PM 95.85 0.85 Snap SNAP 59.17 -2.65 UnitedMicro UMC 9.55 -0.37 DexCom DXCM 380.57 -5.53 Generac GNRC 325.25 1.30 KoninklijkePhil PHG 57.36 0.72 MonsterBev MNST 97.61 0.56 Phillips66 PSX 83.94 3.03 SnapOn SNA 238.37 0.77 s UPS B UPS 212.20 8.34 Boldfaced quotations highlight those issues being reorganized under the s GeneralDynamics GD 191.69 1.46 whose price changed by 5% or more if their Bankruptcy Code, or securities DEO 180.31 0.96 KoreaElcPwr KEP 10.51 -0.07 Moody's MCO 329.32 2.61 Pinduoduo PDD 133.43 -0.50 Snowflake SNOW 223.69 -7.90 UnitedRentals URI 321.80 1.85 DiamondbkEner FANG 83.92 2.19 GeneralElec GE 13.45 0.33 s KraftHeinz KHC 41.99 0.70 MorganStanley MS 82.46 -0.09 PinnacleWest PNW 84.53 -0.12 SOQUIMICH SQM 52.57 -0.17 US Bancorp USB 59.29 -0.06 previous closing price was $2 or higher. assumed by such companies. GeneralMills GIS DigitalRealty DLR 151.67 -2.64 61.60 0.74 KR 37.38 0.84 Morningstar MORN 264.66 -0.35 PINS 63.71 -2.66 SolarEdgeTech SEDG 260.06 -3.48 UnitedTherap UTHR 201.79 0.23 GeneralMotors GM s DiscoverFinSvcs DFS 114.64 0.64 57.15 -0.07 L Brands LB 67.63 1.73 Mosaic MOS 35.03 -0.15 PioneerNatRscs PXD 158.66 4.83 Sony SONY 99.37 -0.79 s UnitedHealth UNH 405.90 7.10 Genmab GMAB 36.24 -0.63 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and DiscoveryB DISCB 77.51 -3.29 LKQ LKQ 48.00 1.29 MotorolaSol MSI 188.76 0.46 PlainsAllAmPipe PAA 9.23 0.15 s Southern SO 66.05 -0.12 UnitySoftware U 96.82 -4.76 Genpact G 47.65 0.12 changes in the closing prices from 4 p.m. the previous day. DiscoveryA DISCA 36.12 -1.54 LPL Financial LPLA 153.53 -3.17 NICE NICE 239.77 -1.46 Playtika PLTK 27.34 -0.44 SoCopper SCCO 69.58 0.17 UnivDisplay OLED 222.73 -0.96 Gentex GNTX 35.52 0.34 DiscoveryC DISCK 31.38 -0.93 L3HarrisTech LHX 211.74 2.51 NIO NIO 39.54 -0.30 PlugPower PLUG 26.63 -1.88 SouthwestAir LUV 62.15 -0.63 s UniversalHealthB UHS 150.58 2.17 s GenuineParts GPC 127.25 2.28 Disney DIS 185.51 -0.51 LabCpAm LH 267.33 1.46 NRG Energy NRG 35.54 -0.28 Polaris PII 142.72 2.69 t Splunk SPLK 122.97 -3.45 VEREIT VER 47.63 -0.21 Monday, May 3, 2021 Net Net Gerdau GGB 6.02 -0.12 DocuSign DOCU 215.10 -7.84 LamResearch LRCX 617.24 -3.21 s NVR NVR 5124.07105.97 s Pool POOL 428.86 6.34 SPOT 247.69 -4.43 VF VFC 89.83 2.17 Stock Sym Close Chg Stock Sym Close Chg GileadSciences GILD 65.80 2.33 Net s DolbyLab DLB 103.41 1.94 s LamarAdv LAMR 101.41 2.37 NXP Semi NXPI 191.84 -0.67 s PrincipalFin PFG 64.48 0.61 Square SQ 243.68 -1.14 s VICI Prop VICI 32.05 0.35 Stock Sym Close GSK GSK 37.67 0.33 Chg AspenTech AZPN 129.89 -0.95 CAE CAE 31.12 -0.20 DollarGeneral DG 216.57 1.82 LambWeston LW 81.29 0.79 s Nasdaq NDAQ 162.49 0.95 Procter&Gamble PG 135.00 1.58 s StanleyBlackDck SWK 210.57 3.80 VailResorts MTN 320.29 -4.87 GlobalPayments GPN 212.47 -2.16 s Assurant AIZ 157.79 2.19 CaesarsEnt CZR 96.91 -0.93 DollarTree DLTR 116.23 1.33 LasVegasSands LVS 61.06 -0.20 Natera NTRA 109.55 -0.47 s Progressive PGR 102.56 1.82 SBUX 115.72 1.23 Vale VALE 20.09 -0.03 Globant GLOB 223.24 -5.94 A B C AstraZeneca AZN 53.70 0.63 CamdenProperty CPT 119.99 -0.49 DominionEner D 80.37 0.47 Lear LEA 185.59 1.75 NationalGrid NGG 63.32 0.34 Prologis PLD 116.01 -0.52 StateStreet STT 84.68 0.73 ValeroEnergy VLO 78.15 4.19 GlobeLife GL 103.33 0.84 Athene ATH 59.37 -0.30 CampbellSoup CPB 48.40 0.65 s Domino's DPZ 433.59 11.25 LDOS 103.70 2.42 Natura&Co NTCO 18.29 0.48 Proofpoint PFPT172.01 -0.10 s SteelDynamics STLD 56.70 2.48 Vedanta VEDL 14.03 0.29 ABB ABB 32.89 0.46 GoDaddy GDDY 85.48 -1.34 Atlassian TEAM 229.99 -7.57 s CIBC CM 104.45 0.49 DoorDash DASH 140.47 -2.70 B LEN.B 82.80 2.23 NatWest NWG 5.50 0.09 s PrudentialFin PRU 101.44 1.08 Stellantis STLA 16.93 0.36 VeevaSystems VEEV 277.76 -4.69 AECOM ACM 67.08 0.65 GoldFields GFI 9.80 0.42 AtmosEnergy ATO 103.79 0.20 CanNtlRlwy CNI 109.11 1.46 Dover DOV 149.77 0.58 s Lennar A LEN 105.94 2.34 NetApp NTAP 74.31 -0.38 Prudential PUK 43.19 0.73 Steris STE 213.47 2.45 Ventas VTR 55.94 0.48 AES AES 27.35 -0.47 GoldmanSachs GS 350.16 1.71 Autodesk ADSK 287.50 -4.41 CanNaturalRes CNQ 31.37 0.99 Dow DOW 64.55 2.05 LennoxIntl LII 339.98 4.64 NetEase NTES 110.41 -1.65 s PublicServiceEnt PEG 63.65 0.49 STMicroelec STM 37.06 -0.23 s VeriSign VRSN 221.25 2.48 s Aflac AFL 54.52 0.79 GoodRx GDRX 38.85 -1.16 Autohome ATHM 91.59 -1.14 CanPacRlwy CP 374.15 1.02 DrReddy'sLab RDY 70.48 1.46 s LeviStraussLEVI 30.48 1.62 NFLX 509.11 -4.36 PublicStorage PSA 278.03 -3.13 StoneCo STNE 63.98 -0.66 VeriskAnalytics VRSK 188.55 0.35 AGCO AGCO 150.53 4.61 Graco GGG 76.49 -0.31 Autoliv ALV 101.74 1.08 Canon CAJ 23.70 -0.03 DraftKings DKNG 57.08 0.42 LiAuto LI 19.44 -0.30 Neurocrine NBIX 93.63 -0.86 s PulteGroup PHM 60.33 1.21 Stryker SYK 263.10 0.47 Verizon VZ 57.92 0.13 s AGNC Invt AGNC 17.99 0.06 Grainger GWW 443.88 10.34 ADP ADP 191.46 4.47 CanopyGrowth CGC 25.57 -1.38 DBX 25.32 -0.38 LibertyBroadbandC LBRDK 162.91 0.19 NewOrientalEduc EDU 15.10 -0.16 Qiagen QGEN 47.62 -0.51 SumitomoMits SMFG 7.08 0.04 VertxPharm VRTX 217.95 -0.25 Ansys ANSS 361.55 -4.11 Grifols GRFS 17.23 -0.42 AutoZone AZO 1475.83 11.71 s CapitalOne COF 149.92 0.84 s DukeEnergy DUK 100.71 0.02 LibertyBroadbandA LBRDA 157.83 0.16 s NewellBrands NWL 27.78 0.82 Qorvo QRVO 184.54 -3.63 s SunComms SUI 166.88 0.05 ViacomCBS B VIAC 39.66 -1.36 ASETech ASX 8.07 -0.24 GuardantHealth GH 152.80 -6.18 Avalara AVLR 138.64 -3.07 CardinalHealth CAH 61.55 1.21 s DukeRealty DRE 46.36 -0.16 s LibertyGlobal A LBTYA 26.98 0.08 Newmont NEM 64.46 2.05 Qualcomm QCOM 137.43 -1.37 SunLifeFinancial SLF 54.09 0.15 ViacomCBS A VIACA 43.99 -1.21 ASML ASML 654.43 7.93 Guidewire GWRE 103.43 -2.08 Avalonbay AVB 191.65 -0.35 Carlisle CSL 192.20 0.55 Dun&Bradstreet DNB 24.14 0.38 s LibertyGlobal C LBTYK 27.12 0.06 NewsCorp A NWSA 26.36 0.16 QualtricsIntl XM 35.98 -1.37 SuncorEnergy SU 21.94 0.52 Viatris VTRS 13.50 0.20 AT&T T 31.50 0.09 s HCA Healthcare HCA 204.51 3.45 Avangrid AGR 50.96 0.06 s Carlyle CG 43.38 0.72 DuPont DD 78.28 1.17 LibertyFormOne C FWONK 46.96 0.02 NewsCorp B NWS 24.37 0.06 QuantaServices PWR 97.18 0.54 SunRun RUN 47.55 -1.45 Vipshop VIPS 30.49 -0.28 AbbottLabs ABT 119.53 -0.55 HDFC Bank HDB 69.79 -0.49 Avantor AVTR 31.27 -0.77 s CarMax KMX 136.94 3.70 Dynatrace DT 50.82 -1.22 LibertyFormOne A FWONA 41.34 -0.08 NextEraEnergy NEE 76.70 -0.81 QuantumScape QS 35.26 -1.28 Suzano SUZ 12.56 -0.12 Visa V 232.61 -0.95 s AbbVie ABBV 114.68 3.18 HP HPQ 34.48 0.37 AveryDennison AVY 213.71 -0.46 Carnival CCL 27.93 -0.03 E 24.50 0.66 LibertyBraves A BATRA 28.28 0.29 NielsenHoldings NLSN 25.73 0.08 s QuestDiag DGX 132.71 0.83 SynchronyFin SYF 43.68 -0.06 VMware VMW 160.60 -0.23 Abiomed ABMD 308.64-12.09 HSBC HSBC 30.65 -0.57 AxonEnterprise AXON 148.98 -2.63 Carnival CUK 24.14 0.23 EOG Rscs EOG 75.97 2.33 LibertyBraves C BATRK 27.98 0.29 Nike NKE 133.03 0.41 SyneosHealth SYNH 83.35 -1.50 VOD 19.26 0.31 s ACN 292.17 2.20 HAL 20.66 1.10 s BCE BCE 47.44 0.19 CarrierGlobal CARR 43.46 -0.12 s EPAM Systems EPAM 459.58 1.83 LibertySirius C LSXMK 44.28 -0.95 NiSource NI 25.90 -0.12 R S Synopsys SNPS 244.81 -2.25 VornadoRealty VNO 45.71 -0.04 ActivisionBliz ATVI 91.15 -0.04 HartfordFinl HIG 66.05 0.09 BHP Group BHP 74.11 1.35 Carvana CVNA 290.00 4.74 EastWestBncp EWBC 76.22 0.07 LibertySirius A LSXMA 44.25 -0.94 NOK 4.91 0.23 s Sysco SYY 84.04 -0.69 VulcanMatls VMC 179.68 1.44 Adobe ADBE 503.46 -4.88 HAS 99.36 -0.09 BHP Group BBL 61.67 1.17 Catalent CTLT 111.78 -0.69 s EastmanChem EMN 118.35 2.96 LightspeedPos LSPD 67.81 -2.00 NomuraHoldings NMR 5.44 ... RELX RELX 26.37 0.29 s AdvanceAuto AAP 201.86 1.70 s HealthpeakProp PEAK 34.15 -0.19 BP BP 25.69 0.53 Caterpillar CAT 228.17 0.06 Eaton ETN 144.36 1.43 EliLilly LLY 185.92 3.15 Nordson NDSN 208.61 -2.80 RH RH 699.05 11.03 T U V W X Y Z AdvMicroDevices AMD 78.55 -3.07 Heico HEI 139.95 -0.85 BIDU 204.94 -5.39 s Celanese CE 159.80 3.15 eBay EBAY 58.15 2.36 LincolnNational LNC 64.62 0.49 NorfolkSouthern NSC 283.06 3.82 RLX Tech RLX 11.10 0.21 Aegon AEG 4.65 0.06 Heico A HEI.A 126.52 0.24 TAL Education TAL 56.14 -0.81 WEC Energy WEC 98.00 0.83 BakerHughes BKR 21.69 1.61 Cemex CX 8.12 0.23 Ecolab ECL 226.95 2.83 Linde LIN 288.70 2.86 s NorthernTrust NTRS 114.79 0.99 RPM RPM 96.59 1.75 AffirmHldgs AFRM HenrySchein HSIC 74.01 1.51 s s TC Energy TRP 49.84 0.37 WEX WEX 203.52 -1.69 66.78 -3.72 Ball BLL 93.26 -0.38 CenovusEnergy CVE 8.07 0.30 Ecopetrol EC 11.73 -0.10 LithiaMotors LAD 390.22 5.84 s NorthropGrum NOC 361.00 6.56 RalphLauren RL 136.31 3.02 s Hershey HSY 166.74 2.44 s TE Connectivity TEL 133.33 -1.14 s W.P.Carey WPC 75.68 0.79 AgilentTechs A 133.19 -0.45 BancoBilbaoViz BBVA 5.64 0.04 Centene CNC 62.42 0.68 EdisonInt EIX 59.38 -0.07 LiveNationEnt LYV 82.15 0.27 NortonLifeLock NLOK 21.62 0.01 RaymondJames RJF 131.88 1.10 Hess HES 76.95 2.44 s Telus TU 20.84 0.09 WPP WPP 68.83 1.31 agilon health AGL 32.48 0.95 BancoBradesco BBDO 3.95 -0.02 CenterPointEner CNP 24.42 -0.07 EdwardsLife EW 94.63 -0.89 LloydsBanking LYG 2.52 0.03 NorwegCruise NCLH 31.19 0.14 RaytheonTech RTX 84.14 0.90 HewlettPackard HPE 16.02 ... s TJX TJX 72.08 1.08 Wabtec WAB 80.98 -1.09 AgnicoEagle AEM 66.89 4.45 BancodeChile BCH 22.13 0.35 CentraisElBras EBR 7.03 ... ElancoAnimal ELAN 31.80 0.09 LockheedMartin LMT 385.31 4.75 NVS 86.39 1.15 RealtyIncome O 68.68 -0.47 HighwoodsProp HIW 44.94 0.15 s RegencyCtrs REG 63.92 0.26 T-MobileUS TMUS 131.45 -0.68 WalgreensBoots WBA 54.30 1.20 AirProducts APD 290.19 1.71 BancSanBrasil BSBR 7.23 0.09 CeridianHCM CDAY 93.07 -1.41 Elastic ESTC 114.25 -6.37 s Loews L 57.04 1.29 Novavax NVAX 195.12-41.81 Hilton HLT 128.67 -0.03 RegenPharm REGN 488.62 7.32 s TRowePrice TROW 182.69 3.49 Walmart WMT 142.12 2.21 ABNB 168.11 -4.60 BcoSantChile BSAC 22.60 0.36 Cerner CERN 75.99 0.94 ElectronicArts EA 141.18 -0.90 LogitechIntl LOGI 110.29 -0.59 NovoNordisk NVO 75.34 1.39 Hologic HOLX 65.67 0.12 RegionsFin RF 21.80 ... TaiwanSemi TSM 115.94 -0.80 WarnerMusic WMG 38.26 0.30 AkamaiTech AKAM 107.02 -1.68 BancoSantander SAN 3.81 ... CharlesRiverLabs CRL 331.95 -0.50 EmersonElec EMR 90.93 0.44 Lowe's LOW 199.20 2.95 Novocure NVCR 202.56 -1.54 s HomeDepot HD 330.27 6.60 ReinsGrp RGA 131.06 0.53 TakeTwoSoftware TTWO 170.30 -5.08 s WasteConnections WCN 120.30 1.19 AlaskaAir ALK 68.69 -0.45 BankofAmerica BAC 40.56 0.03 s CharterComms CHTR 677.31 3.86 s ENB 38.77 0.20 LufaxHolding LU 11.90 ... NuanceComms NUAN 53.09 -0.08 HondaMotor HMC 30.10 0.28 s RelianceSteel RS TakedaPharm TAK 16.84 0.14 s WasteMgt WM 140.34 2.37 Albemarle ALB 165.99 -2.18 BankofMontreal BMO 94.32 -0.02 CheckPoint CHKP 118.85 2.04 EncompassHealth EHC 84.44 -0.42 lululemon LULU 335.38 0.11 s NUE 85.70 3.44 164.55 4.24 Honeywell HON 223.20 0.16 RenaissanceRe RNR 167.12 -1.69 s Tapestry TPR 48.54 0.69 Waters WAT 301.67 1.80 ACI 18.85 0.28 s BankNY Mellon BK 50.23 0.35 Chegg CHGG 83.01 -7.32 s EndeavorEDR 30.81 3.25 LumenTech LUMN 13.08 0.25 Nutrien NTR 55.96 0.77 HorizonTherap HZNP 92.80 -1.82 Repligen RGEN 208.11 -3.60 s Target TGT 211.28 4.02 Watsco WSO 295.46 2.60 Alcon ALC 75.96 0.53 s BkNovaScotia BNS 63.95 0.26 s CheniereEnergy LNG 78.80 1.28 EnelAmericas ENIA 7.27 0.09 LYFT 57.08 1.42 NVDA 593.47 -6.91 HormelFoods HRL 46.79 0.59 s RepublicSvcs RSG 107.99 1.69 TataMotors TTM 19.66 0.31 Wayfair W 280.18-15.39 AlexandriaRlEst ARE 179.96 -1.14 Barclays BCS 9.67 0.10 CheniereEnerPtrs CQP 42.91 0.82 EnergyTransfer ET 8.63 0.02 LyondellBasell LYB 107.87 4.13 DR Horton DHI 100.85 2.56 ResMed RMD 194.74 6.77 TeckRscsB TECK 21.49 0.32 Weibo WB 48.65 -1.75 AlexionPharm ALXN 170.27 1.59 BarrickGold GOLD 22.23 0.98 Chevron CVX 105.53 2.46 EnphaseEnergy ENPH 136.41 -2.84 O P Q s HostHotels HST 18.07 -0.09 s RestaurantBrands QSR 70.41 1.80 TeladocHealth TDOC 163.21 -9.14 WellsFargo WFC 45.48 0.43 Alibaba BABA 230.71 -0.24 BauschHealth BHC 31.42 -0.75 CHWY 80.65 0.93 Entegris ENTG 111.36 -1.22 M N HowmetAerospace HWM 32.03 0.07 ONEOK OKE 52.72 0.38 RingCentral RNG 314.80 -4.15 TeledyneTech TDY 442.16 -5.59 Welltower WELL 76.49 1.46 AlignTech ALGN 599.77 4.24 BaxterIntl BAX 86.54 0.85 ChinaEastrnAir CEA 22.74 0.92 Entergy ETR 109.23 -0.06 HuanengPower HNP 14.33 ... M&T Bank MTB 157.50 -0.19 s OReillyAuto ORLY 554.96 2.08 RioTinto RIO 86.95 1.89 Teleflex TFX 417.18 -5.30 WestFraserTimber WFG 79.10 1.77 s Alleghany Y 682.93 3.96 BectonDicknsn BDX 253.12 4.31 ChinaLifeIns LFC 10.04 -0.17 EnterpriseProd EPD 22.95 -0.06 Huazhu HTHT 58.28 -0.68 s MGMGrowthProp MGP 35.80 -0.22 OakStreetHealth OSH 61.07 -0.56 RobertHalf RHI 87.55 -0.06 Ericsson ERIC 13.89 0.10 s WestPharmSvcs WST 329.88 1.36 Allegion ALLE 136.07 1.69 BeiGene BGNE 337.48 -6.06 ChinaPetrol SNP 50.81 1.62 s Equifax EFX 233.89 4.66 Hubbell HUBB 193.62 1.61 MGM Resorts MGM 41.26 0.54 OccidentalPetrol OXY 26.14 0.78 Roblox RBLX 71.08 -3.47 TelefonicaBras VIV 7.92 0.02 WestAllianceBcp WAL 105.79 0.72 AlliantEnergy LNT 56.17 ... BentleySystems BSY 51.73 0.53 ChinaSoAirlines ZNH 33.86 0.07 EQIX 711.05 -9.71 HubSpot HUBS 520.78 -5.67 MKS Instrum MKSI 177.98 -1.13 Okta OKTA 255.92-13.78 RocketCos. RKT 22.50 0.05 Telefonica TEF 4.72 0.03 WesternDigital WDC 70.12 -0.51 s Allstate ALL 128.13 1.33 Berkley WRB 80.51 0.79 Chipotle CMG 1471.04-20.99 Equinor EQNR 20.57 0.30 HUM 450.60 5.36 MPLX MPLX 27.31 0.32 s OldDomFreight ODFL 261.67 3.86 Rockwell ROK 261.17 -3.09 TelekmIndonesia TLK 22.15 0.09 WesternUnion WU 25.66 -0.10 s AllyFinancial ALLY 51.39 -0.06 s BerkHathwy A BRK.A 4200007500.00 Chubb CB 172.01 0.42 Equitable EQH 34.57 0.34 JBHunt JBHT 174.10 3.39 MSCI MSCI 486.20 0.43 OlinkHolding OLK 34.01 -1.19 RogersComm B RCI 49.49 0.26 10xGenomics TXG 192.58 -5.22 WestlakeChem WLK 94.79 0.90 AlnylamPharm ALNY 135.34 -5.30 s BerkHathwy B BRK.B 279.18 4.23 ChunghwaTel CHT 40.80 -0.05 s EquityLife ELS 69.03 -0.37 HuntingtonBcshs HBAN 15.34 0.02 MagellanMid MMP 47.63 0.86 OmegaHealthcare OHI 38.05 0.05 Roku ROKU 335.31 -7.66 Tenaris TS 22.09 0.71 s WestpacBanking WBK Alphabet C GOOG 2395.17-14.95 s BerryGlobal BERY 63.95 0.33 Church&Dwight CHD 87.45 1.71 EquityResdntl EQR 73.40 -0.83 20.52 1.22 s HuntingIngalls HII 215.14 2.82 MagnaIntl MGA 94.27 -0.15 s Omnicom OMC 83.53 1.27 Rollins ROL 37.75 0.47 TencentMusic TME 17.23 -0.19 s WestRock WRK 57.37 1.62 Alphabet A GOOGL 2343.08-10.42 BestBuy BBY 117.47 1.20 Cigna CI 252.05 3.04 ErieIndemnity A ERIE 216.76 2.74 HyattHotels H 81.96 -0.37 ManhattanAssoc MANH 136.43 -0.81 ON Semi ON 37.57 -1.43 RoperTech ROP 445.07 -1.37 Teradyne TER 124.99 -0.09 Weyerhaeuser WY 39.37 0.60 AlticeUSA ATUS 36.35 0.04 Bilibili BILI 106.13 -4.73 s CincinnatiFin CINF 114.90 2.22 EssentialUtil WTRG 47.03 -0.10 IAA IAA 63.34 0.53 ManulifeFin MFC 22.00 0.15 OpenText OTEX 47.45 0.35 s RossStores ROST 132.13 1.19 Tesla TSLA 684.90-24.54 WheatonPrecMet WPM 43.10 1.78 Altria MO 48.37 0.62 Bill.com BILL 153.84 -0.79 Cintas CTAS 350.62 5.48 EssexProp ESS 286.81 -3.71 IAC/InterActive IAC 256.80 3.33 MarathonOil MRO 11.13 -0.13 OpendoorTech OPEN 19.59 -0.68 RoyalBkCanada RY 96.21 0.81 TevaPharm TEVA 10.81 0.11 Whirlpool WHR 240.95 4.50 AlumofChina ACH 13.25 0.25 Bio-Techne TECH 426.41 -1.08 CiscoSystems CSCO 51.17 0.26 EsteeLauder EL 288.93-24.87 ICICI Bank IBN 16.33 0.03 MarathonPetrol MPC 57.16 1.51 Oracle ORCL 77.33 1.54 RoyalCaribbean RCL 87.91 0.96 TexasInstruments TXN 178.80 -1.72 s Williams WMB 24.77 0.41 Amazon.com AMZN 3386.49-80.93 Bio-RadLab A BIO 610.00-20.13 C 71.71 0.47 Etsy ETSY 190.71 -8.08 IdexxLab IDXX 549.88 0.89 MaravaiLifeSci MRVI 39.03 0.12 Orange ORAN 12.59 0.07 RoyalDutchA RDS.A 38.90 0.90 TexasPacLand TPL 1608.73 68.58 Williams-Sonoma WSM 175.35 4.60 Ambev ABEV 2.75 -0.03 Biogen BIIB 275.31 7.98 CitizensFin CFG 46.84 0.56 s EverestRe RE 272.07 -4.88 s IHS Markit INFO 108.50 0.92 Markel MKL 1190.80 14.38 Orix IX 81.20 0.36 RoyalDutchB RDS.B 36.82 1.01 s TXT 65.56 1.32 WillisTowers WLTW 260.99 2.13 Amcor AMCR 11.79 0.04 BioMarinPharm BMRN 78.68 0.76 CitrixSystems CTXS 123.40 -0.45 Evergy EVRG 64.06 0.09 ING Groep ING 12.90 0.16 MarketAxess MKTX 488.68 0.22 Oshkosh OSK 127.82 3.39 RoyaltyPharma RPRX 43.84 -0.16 ThermoFisherSci TMO 467.38 -2.85 WIT 7.20 0.04 Amdocs DOX 77.43 0.69 s BioNTech BNTX 208.90 20.62 Clarivate CLVT 27.96 0.03 EversourceEner ES 86.42 0.20 Invesco IVZ 27.42 0.42 Marriott MAR 148.89 0.37 OtisWorldwide OTIS 78.40 0.53 Ryanair RYAAY 117.93 1.08 s ThomsonReuters TRI 93.50 0.79 Wix.com WIX 313.64 -4.24 Amedisys AMED 262.23 -7.62 BlackKnight BKI 73.28 0.86 Cleveland-Cliffs CLF 18.21 0.35 ExactSciences EXAS 125.53 -6.29 IPG Photonics IPGP 211.57 -5.54 Marsh&McLen MMC 135.30 -0.40 s OwensCorning OC 99.35 2.54 SAP SAP 141.02 1.08 3M MMM 198.61 1.47 Workday WDAY 243.75 -3.25 Amerco UHAL 597.09 0.46 s BlackRock BLK 825.62 6.32 CLX 180.63 -1.87 Exelon EXC 44.89 -0.05 IQVIA IQV 233.96 -0.73 MartinMarietta MLM 354.56 1.44 OzonHoldings OZON 60.14 -2.05 S&P Global SPGI 393.90 3.51 Toro TTC 115.00 0.40 WynnResorts WYNN 128.86 0.46 Ameren AEE 85.16 0.32 Blackstone BX 88.48 -0.01 Cloudflare NET 84.06 -0.68 Expedia EXPE 174.82 -1.41 Coca-Cola KO 54.48 0.50 IcahnEnterprises IEP 57.56 -0.40 MarvellTech MRVL 44.31 -0.90 PG&E PCG 11.43 0.11 SBA Comm SBAC 298.66 -1.06 TorontoDomBk TD 68.59 -0.16 XP XP 39.12 -0.48 AmericaMovil AMX 13.99 0.05 BA 235.19 0.88 s ExpeditorsIntl EXPD 113.08 3.22 Coca-Cola Euro CCEP 56.74 -0.08 Icon ICLR 213.49 -3.46 s Masco MAS 65.14 1.26 PNC Fin PNC 188.12 1.17 SEI Investments SEIC 61.55 0.11 Total TOT 45.28 1.00 s XPO Logistics XPO 141.00 1.88 AmericaMovil A AMOV 13.83 0.01 BookingHldgs BKNG 2440.44-25.64 ExtraSpaceSt EXR 145.62 -3.07 Cognex CGNX 82.93 -3.19 IDEX IEX 223.50 -0.70 Masimo MASI 228.91 -3.76 POSCO PKX 83.02 1.61 SK Telecom SKM 30.27 0.23 ToyotaMotor TM 152.23 1.46 XcelEnergy XEL 71.62 0.32 AmerAirlines AAL 21.95 0.23 BoozAllen BAH 83.87 0.92 ExxonMobil XOM 58.82 1.58 CognizantTech CTSH 82.20 1.80 IllinoisToolWks ITW 233.56 3.10 Mastercard MA 379.40 -2.66 PPD PPD 46.25 0.05 SS&C Tech SSNC 73.97 -0.25 s TractorSupply TSCO 192.84 4.24 Xilinx XLNX 123.55 -4.41 AEP AEP 88.68 -0.03 BorgWarner BWA 49.26 0.68 F5Networks FFIV 183.70 -3.06 CoinbaseGlbl COIN 294.21 -3.43 Illumina ILMN 386.40 -6.44 MatchGroup MTCH 148.44 -7.19 PPG Ind PPG 173.01 1.77 StoreCapital STOR 35.83 0.04 TradeDesk TTD 701.56-27.75 XPeng XPEV 29.02 -0.89 s AmerExpress AXP 154.80 1.45 BostonBeer SAM 1191.08-25.41 FMC FMC 119.06 0.82 ColgatePalm CL 81.07 0.37 s ImperialOil IMO 30.51 1.56 MaximIntProducts MXIM 92.80 -1.20 PPL PPL 29.14 0.01 SVB Fin SIVB 564.63 -7.20 s Tradeweb TW 81.32 0.04 Xylem XYL 111.60 0.95 AmericanFin AFG 124.04 1.18 BostonProps BXP 108.08 -1.27 Facebook FB 322.58 -2.50 A CMCSA 56.57 0.42 Incyte INCY 85.52 0.14 McAfee MCFE 24.34 0.06 PRA HealthSci PRAH 165.66 -1.23 Salesforce.com CRM 223.76 -6.56 TraneTech TT 174.75 0.92 Yandex YNDX 64.51 -1.04 AmHomes4Rent AMH 36.80 -0.24 BostonSci BSX 43.63 0.03 FactSet FDS 342.06 5.84 s Comerica CMA 74.95 -0.21 INFY 18.20 0.12 McCormick MKC 90.90 0.54 PSBusinessParks PSB 163.02 0.65 Sanofi SNY 50.89 0.08 TransDigm TDG 607.85 -5.89 s YumBrands YUM 119.98 0.46 s AIG AIG 49.05 0.60 BrightHorizons BFAM 148.04 3.21 FairIsaac FICO 515.75 -5.66 CommerceBcshrs CBSH 78.32 0.51 IngersollRand IR 48.30 -1.11 McCormickVtg MKC.V 91.09 0.28 PTC PTC 130.25 -0.69 s SantanderCons SC 34.20 0.26 TransUnion TRU 106.00 1.41 YumChina YUMC 62.10 -0.82 AmerTowerREIT AMT 252.42 -2.35 BristolMyers BMY 63.48 1.06 Farfetch FTCH 47.65 -1.34 CiaSiderurgica SID 8.77 -0.25 Insulet PODD 282.09-13.13 s McDonalds MCD 235.56 -0.52 Paccar PCAR 90.79 0.91 Sasol SSL 16.79 0.08 Travelers TRV 156.59 1.93 ZTO Express ZTO 32.38 0.22 AmerWaterWorks AWK 155.50 -0.49 BritishAmTob BTI 37.85 0.34 Fastenal FAST 53.00 0.72 ConagraBrands CAG 37.50 0.41 INTC 57.26 -0.27 McKesson MCK 192.12 4.56 s PackagingCpAm PKG 149.47 1.82 SLB 28.22 1.17 Trex TREX 108.45 0.46 ZaiLab ZLAB 161.07 -5.14 AmericoldRealty COLD 40.01 -0.38 Broadcom AVGO 450.14 -6.06 FederalRealty FRT 113.02 0.18 ConocoPhillips COP 52.74 1.60 InteractiveBrkrs IBKR 70.43 -1.09 MedicalProp MPW 21.81 -0.24 PagSeguroDig PAGS 44.86 -0.88 SchwabC SCHW 70.94 0.54 Trimble TRMB 81.20 -0.80 ZebraTech ZBRA 479.05 -8.69 Ameriprise AMP 257.85 -0.55 BroadridgeFinl BR 159.98 1.35 FedEx FDX 304.55 14.24 ConEd ED 77.75 0.34 ICE ICE 115.46 -2.25 MDT 131.20 0.28 PalantirTech PLTR 22.30 -0.74 ScottsMiracleGro SMG 231.11 -0.05 Trip.com TCOM 38.56 -0.52 Zendesk ZEN 144.09 -2.06 s AmerisourceBrgn ABC 123.79 2.99 BrookfieldMgt BAM 45.73 0.15 Ferguson FERG 129.00 2.50 s ConstBrands A STZ 243.02 3.46 InterContinentl IHG 72.02 0.91 MelcoResorts MLCO 19.66 0.37 PaloAltoNtwks PANW 349.08 -4.31 Sea SE 254.62 2.08 TruistFinl TFC 59.19 -0.12 C Z 125.70 -4.42 Ametek AME 134.31 -0.62 BrookfieldInfr BIP 53.73 -0.04 RACE 217.98 4.59 ContextLogic WISH 13.08 -0.79 IBM IBM 144.75 2.87 MercadoLibre MELI 1571.53 0.55 ParkerHannifin PH 311.38 -2.43 Seagate STX 91.60 -1.24 Tuya TUYA 19.85 0.46 Zillow A ZG 129.08 -4.27 Amgen AMGN 245.38 5.74 BrookfieldPropREIT BPYU 18.08 0.09 FidNatlFin FNF 46.18 0.56 ContinentalRscs CLR 28.30 1.06 IntlFlavors IFF 144.12 1.95 Merck MRK 75.98 1.48 Paychex PAYX 99.06 1.57 Seagen SGEN 142.24 -1.52 Twilio TWLO 359.92 -7.88 ZimmerBiomet ZBH 177.94 0.78 Amphenol APH 66.25 -1.09 BrookfieldRenew BEPC 41.18 -0.30 FidNatlInfo FIS 151.89 -1.01 s Cooper COO 412.07 1.18 s IntlPaper IP 58.94 0.94 MetLife MET 64.22 0.59 PaycomSoftware PAYC 378.90 -5.51 SempraEnergy SRE 138.06 0.49 Twitter TWTR 54.58 -0.64 ZionsBancorp ZION 55.84 0.04 AnalogDevices ADI 151.32 -1.84 Brown&Brown BRO 53.10 -0.08 s FifthThirdBncp FITB 40.47 -0.07 Copart CPRT 124.50 -0.01 s Interpublic IPG 32.07 0.32 MettlerToledo MTD 1315.75 2.43 Paylocity PCTY 186.48 -6.76 SensataTechs ST 57.56 -0.18 TylerTech TYL 428.65 3.79 ZTS 175.24 2.21 Anaplan PLAN 57.55 -2.10 Brown-Forman B BF.B 77.62 1.34 FirstCitizBcshA FCNCA 866.30 -1.16 Corning GLW 44.80 0.59 Intuit INTU 411.34 -0.82 MicrochipTech MCHP 148.13 -2.16 PayPal PYPL 259.09 -3.20 ServiceCorp SCI 53.31 -0.13 TysonFoods TSN 78.50 1.05 ZoomVideo ZM 313.92 -5.65 AngloGoldAsh AU 21.79 1.21 Brown-Forman A BF.A 72.83 1.48 FirstHorizon FHN 18.35 0.06 s Corteva CTVA 49.73 0.97 IntuitiveSurgical ISRG 867.55 2.55 MicronTech MU 85.02 -1.05 Paysafe PSFE 13.90 0.10 ServiceNow NOW 490.32-16.05 UBS Group UBS 15.36 0.07 ZoomInfoTech ZI 49.91 -1.95 AB InBev BUD 71.63 0.67 Bruker BRKR 68.65 0.13 FirstRepBank FRC 181.26 -1.98 CoStar CSGP 858.91 4.48 s InvitatHomes INVH 34.74 -0.32 Microsoft MSFT 251.86 -0.32 Pearson PSO 11.61 0.11 s ShawComm B SJR 29.22 0.29 UDR UDR 46.12 -0.33 Zscaler ZS 180.59 -7.05 s AnnalyCap NLY 9.11 0.03 BuildersFirstSrc BLDR 49.30 0.63 FirstEnergy FE 38.32 0.40 Costco COST 379.32 7.23 iQIYI IQ 15.06 0.35 s MidAmApt MAA 156.57 -0.76 PEGA 124.06 -2.88 s SherwinWilliams SHW 277.91 4.04 s UGI UGI 44.35 0.64 ZNGA 10.63 -0.19 s Anthem ANTM 386.58 7.19 Bumble BMBL 58.25 -1.99 Fiserv FISV120.07 -0.05 CoupaSoftware COUP 258.27-10.77 IronMountain IRM 40.10 -0.02 AON 252.46 1.02 Bunge BG 85.83 1.41 FiveBelow FIVE 198.83 -2.44 Coupang CPNG 42.06 0.16 ItauUnibanco ITUB 5.07 0.07 ApolloGlbMgmt APO 55.07 -0.30 BurlingtonStrs BURL 326.73 0.40 Five9 FIVN 181.13 -6.84 Credicorp BAP 119.24 -0.16 Appian APPN 115.49 -5.69 s CBRE Group CBRE 85.39 0.19 FleetCorTech FLT 293.44 5.72 CreditSuisse CS 10.61 0.04 J K L Apple AAPL 132.54 1.08 CDW CDW 179.20 0.87 Flex FLEX 17.450.05 Exchange-Traded Portfolios | WSJ.com/ETFresearch Cree CREE 97.07 -2.35 ApplMaterials AMAT 132.85 0.14 CF Industries CF 49.61 0.98 Floor&Decor FND 112.50 1.58 JD.com JD 77.02 -0.34 CrowdStrike CRWD 205.12 -3.39 Applovin APP 60.06 2.05 s CGI GIB 88.88 0.42 FomentoEconMex FMX 78.84 1.34 JPMorganChase JPM 153.36 -0.45 CrownCastle CCI 187.70 -1.36 Closing Chg YTD s Aptargroup ATR 152.46 1.65 CH Robinson CHRW 99.07 1.99 FordMotor F 11.63 0.09 JackHenry JKHY 163.93 1.10 CrownHoldings CCK 110.44 0.64 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Aptiv APTV 143.44 -0.45 CME Group CME 203.70 1.71 Fortinet FTNT 203.18 -1.05 JacobsEngg J 135.74 2.13 CubeSmart CUBE 41.72 -0.62 Aramark ARMK 39.32 0.45 CMS Energy CMS 65.03 0.64 Fortis FTS 44.74 0.14 JamesHardie JHX 32.64 -0.59 Schwab US TIPs SCHP 61.88 0.25 –0.3 Cummins CMI 253.62 1.58 Monday, May 3, 2021 Closing Chg YTD ArcelorMittal MT 30.18 0.89 s CNA Fin CNA 47.67 0.74 Fortive FTV 71.25 0.43 JazzPharma JAZZ 165.14 0.74 SPDR DJIA Tr DIA 341.11 0.64 11.6 CureVac CVAC 120.20 3.26 ETF Symbol Price (%) (%) ArchCapital ACGL 40.14 0.43 CNH Indl CNHI 15.26 0.42 s FortBrandsHome FBHS 107.73 2.75 J&J JNJ 165.21 2.48 Closing Chg YTD SPDR S&PMdCpTr MDY 499.54 0.60 19.0 CyrusOne CONE 71.35 -1.48 s ArcherDaniels ADM 64.63 1.50 CRH CRH 47.74 0.47 FoxB FOX 35.78 -0.60 s JohnsonControls JCI 63.89 1.55 ETF Symbol Price (%) (%) iShMSCI EAFE SC SCZ 75.34 1.05 10.2 SPDR S&P 500 SPY 418.20 0.22 11.9 AresMgmt ARES 52.11 -0.41 CRISPR Therap CRSP 122.81 -8.46 D E F FoxA FOXA 36.61 -0.81 s JonesLang JLL 191.45 3.54 ARKInnovationETF ARKK 116.91 –3.20 –6.1 iShMSCIEmgMarkets EEM 53.98 ... 4.5 SPDR S&P Div SDY 124.22 1.20 17.3 arGEN-X ARGX 284.04 -2.67 CSX CSX 101.38 0.63 Franco-Nevada FNV 142.76 3.52 KB Fin KB 48.24 -0.68 CommSvsSPDR XLC 77.64 –0.53 15.1 iShMSCIJapan EWJ 68.22 1.19 1.0 TechSelectSector XLK 139.31 –0.28 7.1 AristaNetworks ANET 314.71 -0.46 s CVS Health CVS 77.69 1.29 DISH Network DISH 44.45 -0.34 FranklinRscs BEN 30.26 0.26 KE Holdings BEKE 51.61 -0.44 CnsmrDiscSelSector XLY 178.07 –0.48 10.8 iShNatlMuniBd MUB 116.46 –0.09 –0.6 VanEckGoldMiner GDX 35.68 3.84 –0.9 Arrival ARVL 17.35 -1.25 CableOne CABO 1806.51 16.51 DTE Energy DTE 140.44 0.42 FreeportMcM FCX 38.71 1.00 KKR KKR 56.27 -0.31 EnSelectSectorSPDR XLE 50.75 2.75 33.9 iSh1-5YIGCorpBd IGSB 54.74 0.02 –0.8 VangdInfoTech VGT 375.43 –0.40 6.1 ArrowElec ARW 114.13 0.06 CadenceDesign CDNS 129.62 -2.15 s DXC Tech DXC 33.67 0.76 FreseniusMed FMS 40.31 0.42 KLA KLAC 311.23 -4.12 iShPfd&Incm PFF 38.64 0.25 0.3 FinSelSectorSPDR XLF 36.44 0.50 23.6 VangdSC Val VBR 173.96 0.99 22.3 iShRussell1000Gwth IWF 258.76 –0.38 7.3 HealthCareSelSect XLV 122.71 1.14 8.2 VangdExtMkt VXF 183.64 –0.23 11.5 iShRussell1000 IWB 236.31 0.22 11.6 IndSelSectorSPDR XLI 102.98 1.03 16.3 VangdSC Grwth VBK 282.91 –0.61 5.7 iShRussell1000Val IWD 158.56 0.64 16.0 VangdDivApp VIG 154.16 0.75 9.2 InvscQQQI QQQ 336.19 –0.53 7.2 52-Wk % 52-Wk % iShRussell2000 IWM 225.99 0.49 15.3 VangdFTSEDevMk VEA 51.14 1.05 8.3 New Highs and Lows | WSJ.com/newhighs InvscS&P500EW RSP 149.16 0.59 17.0 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg iShRussell2000Val IWN 164.48 1.29 24.8 VangdFTSE EM VWO 52.96 –0.04 5.7 iShCoreDivGrowth DGRO 50.27 0.72 12.2 OldRepublic ORI 25.48 2.4 UMH PropPfdD UMHpD 25.85 0.3 iShRussellMid-Cap IWR 77.83 0.17 13.5 VangdFTSE Europe VGK 66.86 1.29 11.0 iShCoreMSCIEAFE IEFA 75.22 1.22 8.9 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE Olin OLN 45.42 4.0 Unitil UTL 58.94 -0.1 iShRussellMCValue IWS 115.10 0.56 18.7 VangdFTSEAWxUS VEU 62.74 0.80 7.5 iShCoreMSCIEM IEMG 65.47 ... 5.5 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low OlympicSteel ZEUS 34.61 17.9 USCellular5.5%SrNt UZE 25.90 1.2 iShS&P500Growth IVW 69.38 –0.26 8.7 VangdGrowth VUG 273.23 –0.57 7.9 iShCoreMSCITotInt IXUS 72.76 0.68 8.3 in the latest session. %CHG-Daily percentage change from the previous trading session. Omnicom OMC 84.12 1.5 UnitedBancshares UBOH 32.00 8.7 iShS&P500Value IVE 147.49 0.75 15.2 VangdHlthCr VHT 239.86 0.68 7.2 OneLiberty 25.45 2.2 UPS B UPS 213.38 4.1 iShCoreS&P500 IVV 419.78 0.21 11.8 OLP iShShortTreaBd SHV 110.51 ... –0.0 VangdHiDiv VYM 104.76 1.05 14.5 Oppenheimer A OPY 52.45 -0.8 USComdtyIndxFd USCI 39.92 1.2 iShCoreS&P MC IJH 273.39 0.60 19.0 Monday, May 3, 2021 iShSilver SLV 24.96 3.96 1.6 VangdIntermBd BIV 89.05 0.11 –4.1 OrthoPediatrics KIDS 60.72 -1.4 USCopperIndex CPER 27.93 1.8 iShCoreS&P SC IJR 111.79 1.13 21.6 UnitedHealth 406.77 1.8 iShTIPSBondETF TIP 126.79 0.25 –0.7 VangdIntrCorpBd VCIT 93.82 0.18 –3.4 52-Wk % 52-Wk % 52-Wk % OtterTail OTTR 48.31 1.4 UNH iShS&PTotlUSStkMkt ITOT 96.40 0.11 11.8 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg OwensCorning OC 100.36 2.6 UniversalHealthB UHS 151.65 1.5 iSh1-3YTreasuryBd SHY 86.26 –0.01 –0.1 VangdLC VV 195.42 0.08 11.2 iShCoreUSAggBd AGG 114.39 –3.2 PCSB Fin PCSB 20.75 5.0 UraniumRoyalty UROY 3.81 6.8 0.06 iSh7-10YTreasuryBd IEF 114.11 0.17 –4.9 VangdMC VO 232.01 –0.01 12.2 ComfortSystems FIX 85.04 3.1 HBT Finl HBT 18.78 1.8 PGT Innovations PGTI 27.89 5.3 UrbanEdgeProp UE 19.23 -0.5 iShSelectDividend DVY 119.69 1.19 24.4 iSh20+YTreasuryBd TLT 138.52 0.06 –12.2 VangdMC Val VOE 141.94 0.71 19.3 CommVehicle CVGI 11.68 3.8 HCA Healthcare HCA 205.64 1.7 Highs PVH PVH 117.20 3.1 Urstadt Pfd K UBPpK 26.06 0.4 iShESGAwareUSA ESGU 95.75 0.25 11.3 iShRussellMCGrowth IWP 107.10 –0.50 4.3 VangdMBS VMBS 53.65 0.05 –0.8 CommunityFin TCFC 36.93 1.0 Hanesbrands HBI 21.51 1.1 UtzBrands UTZ 30.05 2.5 Aflac AFL 54.92 1.5 PackagingCpAm PKG 150.32 1.2 iShEdgeMSCIMinUSA USMV 72.39 0.61 6.6 iShUSTreasuryBdETF GOVT 26.35 0.04 –3.3 VangdRealEst VNQ 98.89 –0.19 16.4 CompassDiversif CODI 26.25 1.0 Hanger HNGR 26.69 5.1 PangaeaLogistics 4.05 4.4 Uxin UXIN 3.60 -2.7 AG Mortgage PfdC MITTpC 23.98 -0.9 PANL iShEdgeMSCIUSAMom MTUM 171.03 –0.69 6.0 JPM UltShtIncm JPST 50.72 –0.01 –0.1 VangdS&P500ETF VOO 384.44 0.23 11.9 CompassPfdC CODIpC 26.27 0.1 HavertyFurn A HVT.A 47.60 6.4 VICI Prop VICI 32.29 1.1 AG Mortgage PfdB MITTpB 24.79 ... ParamountGroup PGRE 10.76 -0.2 iShEdgeMSCIUSAQual QUAL 128.24 0.48 10.4 ConcretePumping BBCP 8.36 0.9 HealthcareAmer HTA 29.70 0.4 VSE VSEC 48.03 6.0 PIMCOEnhShMaturity MINT 101.93 –0.01 –0.1 VangdST Bond BSV 82.24 0.02 –0.8 AGNC Invt AGNC 18.10 0.3 PathfinderWt PFDRW 1.31 -7.3 ConstBrands A STZ 244.75 1.4 HealthpeakProp PEAK 34.58 -0.6 Valhi VHI 28.67 7.8 iShEdgeMSCIUSAVal VLUE 105.13 0.82 21.0 SPDRBloomBar1-3MTB BIL 91.50 ... –0.0 VangdSTCpBd VCSH 82.61 –0.02 –0.8 AMN Healthcare AMN 81.73 2.6 PembinaPipeline PBA 31.28 0.7 Cooper COO 415.96 0.3 Hershey HSY 167.80 1.5 ValmontInds VMI 251.77 0.6 iShGoldTr IAU 17.07 1.31 –5.8 SPDR Gold GLD 167.81 1.30 –5.9 VangdSC VB 223.03 0.24 14.6 AXIS Capital AXS 56.79 0.8 PenskeAuto PAG 91.43 3.0 CorePoint CPLG 10.58 5.2 HibbettSports HIBB 83.00 1.4 Valvoline VVV 31.77 0.5 iShiBoxx$InvGrCpBd LQD 131.21 0.24 –5.0 AbbVie ABBV 115.10 2.9 Perficient PRFT 66.65 1.0 SchwabIntEquity SCHF 39.16 1.08 8.7 VangdTotalBd BND 85.15 0.02 –3.4 Corteva CTVA 49.98 2.0 HinghamSvg HIFS 325.90 7.2 VeriSign VRSN 222.49 1.1 Accenture ACN 293.42 0.8 PeridotAcqnII PDOT.U 10.10 -0.5 iShiBoxx$HYCpBd HYG 87.18 0.04 –0.1 SchwabUS BrdMkt SCHB 101.82 0.20 11.9 VangdTotIntlBd BNDX 56.91 –0.04 –2.8 Costamare CMRE 11.29 6.9 HoeghLNG Ptrs HMLP 17.67 5.6 Veritex VBTX 34.85 2.2 AdvanceAuto AAP 203.63 0.8 PhilipMorris PM 96.54 0.9 iShJPMUSDEmgBd EMB 110.64 –0.14 –4.5 SchwabUS Div SCHD 75.29 1.02 17.4 VangdTotIntlStk VXUS 64.99 0.85 8.0 CovenantLogist CVLG 22.88 5.4 HomeBancorp HBCP 39.74 4.6 VesperHlthcrAcqn VSPRU 14.00 1.1 AdvanSix ASIX 32.02 8.7 PlymouthIndREIT PLYM 18.89 0.1 iShMBSETF MBB 108.69 –0.01 –1.3 SchwabUS LC SCHX 101.36 0.15 11.4 VangdTotalStk VTI 217.48 0.18 11.7 Criteo CRTO 40.82 2.3 HomeDepot HD 331.62 2.0 W.P.Carey WPC 76.48 1.1 AlignmentHlthcr ALHC 28.46 -0.8 Pool POOL 431.47 1.5 iShMSCI ACWI ACWI 99.58 0.39 9.8 CrossCtyHlthcr CCRN 14.04 5.1 HomeTrustBcshs HTBI 27.84 -1.8 WasteConnections WCN 120.69 1.0 SchwabUS LC Grw SCHG 138.89 –0.57 8.2 VangdTotlWrld VT 101.78 0.46 9.9 Alleghany Y 690.99 0.6 PostHoldings POST 115.85 1.0 CrownPropA CPTK 10.00 -0.8 HostHotels HST 18.52 -0.5 WasteMgt WM 140.68 1.7 iShMSCI EAFE EFA 78.97 1.10 8.2 SchwabUS SC SCHA 102.90 0.44 15.6 VangdValue VTV 137.31 0.98 15.4 AllianceData ADS 122.48 -0.8 PostalRealty PSTL 20.01 0.7 Cushman&Wkfd CWK 17.91 4.8 Hovnanian HOV 141.00 4.3 WestPharmSvcs WST 334.84 0.4 AllianceBernstein AB 44.99 3.4 PrincipalFin PFG 65.21 1.0 CustomersBancorp CUBI 35.28 1.3 HowardHughes HHC 109.82 0.2 WestpacBanking WBK 20.57 6.3 Allstate ALL 129.09 1.0 Progressive PGR 102.95 1.8 DXC Tech DXC 33.86 2.3 HuntingIngalls HII 216.10 1.3 WestRock WRK 57.72 2.9 AllyFinancial ALLY 52.19 -0.1 PropSolnsII A PSAG 9.95 -0.5 Danaos DAC 62.76 13.5 Huntsman HUN 29.98 3.7 WhitingPetrol WLL 41.34 2.1 AltusMidstream ALTM 69.94 12.2 ProvidentBncp PVBC 16.58 0.1 Denbury DEN 57.06 2.9 IDACORP IDA 103.99 -0.3 A JW.A 59.49 4.3 AmerantBancorpA AMTB 19.95 4.8 ProvidentFinSvcs PFS 24.50 3.1 DentsplySirona XRAY 68.42 0.7 IDT IDT 25.05 4.3 Wiley B JW.B 59.51 3.8 AmerFirstMultifam ATAX 6.07 2.6 PrudentialFin PRU 102.39 1.1 DesignerBrands DBI 18.78 5.3 IHS Markit INFO 108.78 0.9 Williams WMB 24.89 1.7 AmericanAcqnWt AMAOW 1.00 36.7 PublicServiceEnt PEG 64.30 0.8 DianaShipping DSX 4.06 5.6 ImageSensingSys ISNS 11.58 73.5 WisdomTreeInvs WETF 7.01 1.1 AmerEqInvPfdA AELpA 27.69 -0.2 PulteGroup PHM 60.66 2.0 DiscoverFinSvcs DFS 116.01 0.6 ImperialOil IMO 30.54 5.4 WolverineWwide WWW 42.96 2.6 AmerExpress AXP 156.05 0.9 QuestDiag DGX 134.75 0.6 Diversey DSEY 18.33 -0.2 Ingevity NGVT 82.27 5.2 XPO Logistics XPO 142.70 1.4 AIG AIG 49.46 1.2 QurateRetailPfd QRTEP 105.33 0.6 DolbyLab DLB 104.74 1.9 Ingredion INGR 95.00 1.1 YumBrands YUM 120.68 0.4 AmericanNatl ANAT 117.37 3.1 RCI Hospitality RICK 74.36 0.7 Domino's DPZ 435.67 2.7 Inogen INGN 68.41 4.3 ZimIntShipping ZIM 40.00 2.6 AmShrHosp AMS 3.98 55.2 RMGAcqnIII A RMGC 10.09 1.1 Donaldson DCI 63.73 0.2 Inotiv NOTV 26.93 8.0 AmerisourceBrgn ABC 124.28 2.5 RPTRealty RPT 13.15 2.4 DonnelleyFin DFIN 31.87 2.2 InstalledBldg IBP 137.96 2.2 AnnalyCap NLY 9.23 0.3 RPTRealtyPfdD RPTpD 57.60 0.6 Lows DukeEnergy DUK 101.90 ... InsteelInds IIIN 39.48 3.4 Anthem ANTM 389.31 1.9 RalphLauren RL 137.00 2.3 DukeRealty DRE 46.86 -0.3 IntlPaper IP 59.45 1.6 AVROBIO AVRO 9.28 -18.8 ApartmtInv AIV 7.09 -1.3 RaymondJames RJF 133.20 0.8 DynagasLNG PfdA DLNGpA 26.21 0.8 InterPrivateIV A IPVI 11.00 0.4 AdvMergerPtrsWt AMPI.WS 0.80 0.9 ApolloMedical AMEH 31.09 3.8 RaytheonTech RTX 84.45 1.1 DynexCapital DX 20.41 ... InterPrivateIV Wt IPVIW 1.15 -5.8 AdverumBiotech ADVM 3.68 -4.6 AppleHospREIT APLE 16.07 -0.5 RedwoodTrust RWT 11.37 1.3 DynexCapPfdC DXpC 25.72 0.6 Interpublic IPG 32.42 1.0 AlphaProTech APT 8.70 -1.0 AppliedIndlTechs AIT 98.29 1.5 RegencyCtrs REG 64.63 0.4 EPAM Systems EPAM 462.83 0.4 InvitatHomes INVH 35.18 -0.9 AltimarIIIWt ATAQ.WS 0.72 ... Aptargroup ATR 153.20 1.1 RegionalHealth RHE 16.09 102.5 EagleBulkShip EGLE 47.79 7.1 IsosAcqnA ISOS 9.99 0.7 AmericanWell AMWL 14.53 -4.9 ArcherDaniels ADM 64.91 2.4 RegionalHlthPfdA RHEpA 3.80 19.3 EastGroup EGP 159.54 -1.6 J Alexander's JAX 10.59 1.9 AnzuSpecialI A ANZU 9.71 -0.2 ArctosNorthA ANAC 10.20 -0.5 RelianceSteel RS 165.84 2.6 EastmanChem EMN 119.30 2.6 JMP 6.875% Nts JMPNZ 25.41 1.0 Aptinyx APTX 2.56 ... ArmourRes ARR 12.56 -0.7 RepublicSvcs RSG 108.50 1.6 ElementSolns ESI 22.45 0.1 HancockHdgEquity HEQ 12.45 0.6 AspenGroup ASPU 4.70 3.1 ArmourResPfdC ARRpC 25.50 0.2 RestaurantBrands QSR 71.12 2.6 Enbridge ENB 38.94 0.5 JohnsonControls JCI 64.09 2.5 AteaPharm AVIR 22.80 -7.0 Assurant AIZ 159.10 1.4 RossStores ROST 133.17 0.9 EncoreWire WIRE 77.23 3.1 JonesLang JLL 192.32 1.9 AtlCoastalA ACAH 9.68 -1.4 AssuredGuarBds AGOpB 27.94 1.9 SI-BONE SIBN 36.78 1.3 AuroraAcqnA 9.62 -3.4 EDR 32.45 11.8 JPMChasePfdJJ JPMpK 26.20 0.8 AURC AthenaTech ATHN.U 10.01 ... SLM SLM 19.95 -0.2 AziyoBiologics AZYO 9.47 -1.1 EnterpriseBncp EBTC 35.73 2.1 KademSust KSICU 10.03 -0.1 Atkore ATKR 85.36 6.8 SachemNts2025 SCCC 26.25 1.9 BaoshengMedia BAOS 3.90 -1.7 Equifax EFX 235.48 2.0 KellyServices A KELYA 25.80 2.5 AtlasAir AAWW 70.643.9 SafeBulkers SB 4.20 10.0 CM Life II A CMII 12.01 -7.5 EquityBcshs EQBK 30.99 3.7 KeyCorp KEY 22.16 1.1 AtlasTech ATCX 12.51 3.3 SanJuanBasin SJT 5.12 5.8 CatchaInvtWt CHAA.WS 0.69 -1.4 EquityLife ELS 69.68 -0.5 Kforce KFRC 57.51 2.4 AutoNation AN 105.00 1.0 SandbridgeX2 A SBII 9.99 1.0 CelyadOncology CYAD 6.01 -2.4 EuroDry EDRY 16.37 14.4 KismetThreeWt KIIIW 0.91 -15.4 Avient AVNT 52.77 2.4 SandersonFarms SAFM 170.03 2.9 CumberlandPharm CPIX 2.58 -3.0 Euroseas ESEA 18.74 24.3 KiteRealty KRG 21.51 2.7 AvisBudget CAR 90.29 -0.7 SandySpringBncp SASR 46.85 2.7 CyclerionTherap CYCN 2.08 1.8 EverestRe RE 281.27 -1.8 KraftHeinz KHC 42.30 1.7 BCE BCE 47.63 0.4 SantanderCons SC 34.70 0.8 DecibelTherap DBTX 8.57 -4.1 ExpeditorsIntl EXPD 113.84 2.9 LDHGrowthI LDHAU 11.50 12.7 BancorpSthBkPfA BXSpA 26.89 0.3 SaulCenters BFS 44.24 1.5 dMYTechIVWt DMYQ.WS 1.40 -5.4 FBL Financial FFG 60.85 7.2 LGI Homes LGIH 173.38 3.8 BankNY Mellon BK 50.45 0.7 SchnitzerSteel SCHN 51.09 8.1 ESM Acqn A ESM 9.78 ... FRP Holdings FRPH 54.90 8.2 LakelandBcp LBAI 18.75 3.0 BkNovaScotia BNS 64.39 0.4 ScullyRoyalty SRL 14.00 22.2 ESM Acqn Wt ESM.WS 0.70 -22.2 FtacHeraA HERA 9.99 1.7 LamarAdv LAMR 101.71 2.4 BankofPrinceton BPRN 31.17 4.4 SealedAir SEE 50.75 1.5 EbangIntl EBON 3.68 -6.6 FedAgriMtg C AGM 106.00 2.2 LancasterColony LANC 188.84 1.9 BassettFurniture BSET 36.16 3.5 Semrush SEMR 19.43 16.8 FtacHeraA HERA 9.76 1.7 FedAgricMtgPfdD AGMpD 28.45 2.1 Lantheus LNTH 24.21 -0.1 BattalionOil BATL 13.84 12.3 SendasDistrib ASAI 15.12 1.6 FTC Solar FTCI 13.00 -3.6 FedAgricMtgPfdE AGMpE 28.50 2.5 LargoResources LGO 18.71 1.8 BeaconRoof BECN 57.78 1.6 ShawComm B SJR 29.25 1.0 FangddNetwork DUO 4.06 -2.6 FifthThirdBncp FITB 41.12 -0.2 Lennar A LEN 106.65 2.3 BeazerHomes BZH 24.04 6.7 SherwinWilliams SHW 279.46 1.5 FlexionTherap FLXN 7.661.2 FigureAcqnI Wt FACA.WS 1.80 -7.5 LeviStrauss LEVI 30.48 5.6 BerkHathwy A BRK.A 422647 1.8 Shineco TYHT 11.99 7.2 GBS GBS 3.80 20.8 FinanceofAm FOA 11.51 2.2 LibertyGlobal A LBTYA 27.59 0.3 BerkHathwy B BRK.B 281.12 1.5 SilverBowRscs SBOW 10.48 7.5 GlycoMimetics GLYC 2.31 ... FinInstitutions FISI 32.90 2.2 LibertyGlobal C LBTYK 27.73 0.2 BerryGlobal BERY 64.68 0.5 SilverBoxI Wt SBEAW 0.97 -5.8 GracellBiotech GRCL 11.67 -2.1 FinServ II Wt 1.50 19.3 Loews 57.44 2.3 Big5SportingGds BGFV 19.55 4.9 FSRXW L SimpsonMfg SSD 116.17 2.5 Haemonetic HAE 65.45 -2.5 BigSkyGrowth BSKYU 10.07 ... FirstBancshares FBMS 40.37 1.3 Luby's LUB 3.74 0.3 SmartFinancial SMBK 24.70 0.9 HaymakerIII Wt HYACW 0.80 -11.1 BioNTech BNTX 211.65 11.0 FirstBank FRBA 13.85 4.7 Luxfer LXFR 22.97 0.8 SmithAO AOS 70.64 3.7 Infobird IFBD 3.66 -8.6 BlackRockCapInvt BKCC 4.04 3.9 FirstReserveA FRSG 10.00 0.1 MDU Rscs MDU 34.00 0.5 SouthJerseyUn SJIV 55.23 4.0 iRhythmTechs IRTC 74.68 -3.5 BlackRock BLK 832.40 0.8 FlexLNG FLNG 12.25 3.5 MFA Financial MFA 4.46 ... Southern SO 66.70 -0.2 JPMorganPfdAA JPMpG 24.99 -1.1 BlueLinx BXC 53.29 5.6 Flexsteel FLXS 46.96 7.0 MGMGrowthProp MGP 36.39 -0.6 SoMO Bancorp SMBC 42.49 0.5 JPMorganPfdBB JPMpH 24.98 -1.2 BoiseCascade BCC 69.89 3.4 FootLocker FL 62.10 4.1 MI Homes MHO 71.25 1.4 SportsEntWt SEAH.WS 2.63 10.3 KaryopharmTherap KPTI 8.93 1.1 BraemarHtlsPfd BHRpB 23.05 1.6 FortBrandsHome FBHS 108.32 2.6 MVB Financial MVBF 41.92 2.5 StanleyBlackDck SWK 211.91 1.8 KismetTwoWt KAIIW 0.53 7.1 BrasilAgro LND 6.57 3.4 ForwardAir FWRD 95.89 7.2 MYR Group MYRG 81.67 4.4 StarBulkCarriers SBLK 21.65 12.8 KukeMusic KUKE 4.92 -6.6 Broadstone BNL 20.58 0.1 Freshpet FRPT 186.98 -0.4 MaidenHoldings MHLD 3.80 1.9 SteelDynamics STLD 57.08 4.6 Lifevantage LFVN 7.59 -4.1 BrooklynImmuno BTX 80.67 57.6 FriedmanInds FRD 10.20 24.4 MaidenNts46 MHLA 22.22 -0.8 Stepan SCL 134.98 2.5 LiveOakMobilWt LOKM.WS 1.22 2.9 Brunswick BC 111.82 3.5 GT Biopharma GTBP 14.33 -2.6 Manitowoc MTW 24.284.2 StewartInfo STC 61.18 3.5 LongboardPharm LBPH 9.03 -0.2 BurgundyTechWt BTAQW 1.03 -3.0 GWPharm GWPH 219.57 0.1 Masco MAS 65.42 2.0 StifelFinancial SF 71.11 2.0 LuciraHealth LHDX 5.94 -4.5 BylineBancorp BY 23.67 2.6 GabelliDivPfdG GDVpG 27.09 -0.1 MasTec MTZ 107.95 1.4 SummitHotelPfdE INNpE 26.44 1.5 McapAcqnWt MACQW 0.61 1.6 Cadiz CDZI 11.92 1.7 Gallagher AJG 145.65 0.1 McDonalds MCD 238.18 -0.2 SunComms SUI 168.17 ... M3-BrigadeIIWt MBAC.WS 0.69 -6.8 CBRE Group CBRE 86.05 0.2 Gaming&Leisure GLPI 47.18 0.4 MedallionFin MFIN 9.21 5.5 SUN 35.85 1.6 Mesoblast MESO 7.18 -3.3 CGI GIB 89.95 0.5 Gap GPS 37.00 7.2 MetropolitanBk MCB 63.961.1 Sysco SYY 85.15 -0.8 MissionAdvWt MACC.WS 0.58 -5.8 CI Financial CIXX 16.71 3.9 GencoShipping GNK 16.95 8.0 MidAmApt MAA 158.35 -0.5 TC Energy TRP 49.98 0.7 NightDragonWt NDACW 0.99 -7.3 CNA Fin CNA 48.26 1.6 GeneralDynamics GD 192.74 0.8 MohawkInds MHK 227.45 7.5 TCF Fin PfdC TCFCP 26.99 0.5 OlemaPharm OLMA 25.75 -8.0 CRA Intl CRAI 82.00 2.2 GenuineParts GPC 128.46 1.8 MolsonCoorsB TAP 57.36 4.0 TFI Intl TFII 88.60 0.7 OsmoticaPharm OSMT 2.85 5.9 CVS Health CVS 78.22 1.7 GettyRealty GTY 32.14 0.7 Moog A MOG.A 88.36 -0.1 TJX TJX 72.48 1.5 PTC Therap PTCT 39.68-1.1 CIBC CM 104.91 0.5 Gildan GIL 36.09 3.4 MudrickCapII Wt MUDSW 6.85 13.6 TPG RE Fin TRTX 12.77 1.6 PathfinderWt PFDRW 0.75 -7.3 CapitalOne COF 151.84 0.6 GladstoneComm GOOD 21.43 0.8 NCR NCR 46.84 1.5 TRowePrice TROW 183.92 1.9 PatriaInvts PAX 13.63 -1.1 CapitalProduct CPLP 13.50 4.2 GlobalCordBlood CO 5.19 2.8 NMI Holdings NMIH 26.24 0.8 Tapestry TPR 49.42 1.4 Paysign PAYS 3.76 -0.8 CapitalaFinNts22 CPTAG 25.29 ... GlobalNetLease GNL 19.58 1.1 NVE NVEC 81.42 1.2 TargaResources TRGP 35.73 2.5 PetMedExpress PETS 27.60 0.2 CapStarFin CSTR 19.93 3.9 GlbNetLeasePfdB GNLpB 26.98 0.5 NVR NVR 5144.00 2.1 Target TGT 212.82 1.9 PowerbridgeTech PBTS 1.60 -5.2 Carlyle CG 43.66 1.7 GlobalPtnrs GLP 25.75 6.7 Nasdaq NDAQ 163.62 0.6 TaylorDevices TAYD 12.30 0.4 ProtaraTherap TARA 10.89 -0.3 CarMax KMX 138.00 2.8 GlbShipNts24 GSLD 26.08 -0.1 NatlStorage NSA 45.72 -1.4 TectonicFinPfdB TECTP 10.13 1.0 ProvidentAcqnWt PAQCW 0.75 -4.6 CatchMarkTimber CTT 12.00 3.0 GoldenEnt GDEN 35.35 -0.8 NAVI 17.10 0.2 TeekayLNG PfdB TGPpB 27.18 -0.2 Quidel QDEL 104.40 3.6 CedarRealtyPfC CDRpC 25.40 0.6 GoldenOcean GOGL 9.49 7.5 NaviosMaritime NMM 36.46 4.1 TenetHealthcare THC 63.14 5.1 SanaBiotech SANA 20.10 -5.0 Celanese CE 161.26 2.0 GolubCapital GBDC 15.80 0.5 NewellBrands NWL 28.10 3.0 Textron TXT 65.86 2.1 SandbridgeX2Wt SBII.WS 0.74 -6.3 CentralPacFin CPF 28.14 4.0 GrafTechIntl EAF 13.50 4.8 Noodles NDLS 12.97 1.5 ThomsonReuters TRI 94.17 0.9 SigilonTherap SGTX 13.69 4.6 CenturyComm CCS 76.05 2.2 GraphicPkg GPK 19.00 1.0 NorthAmConstr NOA 14.16 1.2 TItanIntl TWI 11.45 5.7 SilverBoxI Wt SBEAW 0.58 -5.8 Charles&Colvard CTHR 3.66 16.6 GrayTelevision A GTN.A 21.33 12.9 NoEuroOil NRT 6.49 9.1 Toll Bros TOL 64.76 3.0 Splunk SPLK 122.97 -2.7 CharterComms CHTR 684.70 0.6 GrayTelevision GTN 23.25 9.1 NorthernTrust NTRS 115.39 0.9 TractorSupply TSCO 193.50 2.2 StrategicEd STRA 74.60 2.5 CheniereEnergy LNG 79.05 1.7 GreatAjaxNts24 AJXA 25.58 -0.4 NorthropGrum NOC 362.83 1.9 Tradeweb TW 82.48 ... TD Holdings GLG 1.24 -3.8 ChimeraInvt CIM 13.34 0.9 GreatElmNts24 GECCN 25.54 1.1 Nucor NUE 86.81 4.2 TransActTechs TACT 13.71 2.3 TroikaMedia TRKA 2.46 -9.3 ChurchillVI A CCVI 10.61 5.9 GreatLakesDredge GLDD 16.28 3.0 O-I Glass OI 16.95 2.3 TriplePtVent TPVG 16.19 ... VPC Impact III Wt VPCC.WS 1.00 ... Chuy's CHUY 49.61 -1.5 GreenBrickPtrs GRBK 28.03 7.0 OReillyAuto ORLY 561.98 0.4 TsakosEnergyPfdD TNPpD 24.95 -0.2 Vaccitech VACC 13.80 1.1 CincinnatiFin CINF 115.44 2.0 GreenlightCapRe GLRE 9.55 0.9 OasisPetrol OAS 79.06 0.2 TwinDisc TWIN 12.00 12.5 VallonPharm VLON 4.12 -3.7 ColonyBankcorp CBAN 16.88 4.8 Greif A GEF 63.40 4.5 OcwenFinancial OCN 34.00 6.3 UFP Inds UFPI 87.06 3.0 WarburgPinI-A Wt WPCA.WS 1.00 -17.7 Comerica CMA 76.18 -0.3 GrindrodShipping GRIN 8.49 1.2 OldDomFreight ODFL 262.91 1.5 UGI UGI 44.78 1.5 WerewolfTherap HOWL 14.68 1.0 P2JW124000-0-B00600-1------XA

B6 | Tuesday, May 4, 2021 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Tuesday, May 4, 2021 | B7

Today, TheWorld’s Most TheWallStreetJournal InfluentialDecision Makers CEOCouncil convenes to Anetwork of chief executivesdriving the futureofbusiness.

decideonapathtorecovery. MikeRoman, 3M SanjeevGupta, GFGAlliance Lisa Palmer,RegencyCenters Jo Ann Jenkins, AARP Michael E. McKelvy, Gilbane Building Company Mukesh D. Ambani, Reliance Industries Limited RobertFord, Abbott Joel Hyatt, Globality JayL.Geldmacher,Resideo Technologies, Inc. Julie Sweet, Accenture Muhammad Aurangzeb, Chris Peel, Rheem Manufacturing Company JimmyEtheredge, Accenture, NorthAmerica RobertC.Garrett, Hackensack Meridian Health Elizabeth Critchley, Ripplewood Advisors Michael J. Wolf,Activate Consulting Steven Sonberg, Holland &Knight LLP Manoj Menda, RMZ Corp Zia Chishti, Afiniti Enrique Lores, HP Inc. Afsaneh M. Beschloss,RockCreek Seifi Ghasemi, Air Productsand Chemicals, Inc. Dr.Amy Schabacker Dufrane,HRCertification Institute Dr.KathyBloomgarden, Ruder Finn To mLeighton, Akamai Te chnologies Cher Wa ng,HTC Corp. Clarke Murphy, Russell Reynolds Associates Joel S. Marcus, Alexandria Real Estate Equities, Inc. , IBM SirMartin Sorrell, S4 Capital Ralph Andretta,Alliance Data Elie Maalouf,IHG® Hotels &Resorts Cenk Alper,Sabancı Holding Claude LeBlanc, Financial Group Dr.Michael Cropp,Independent Health Association Marc Benioff,Salesforce Nicholas K. Akins, American Electric Power PatGelsinger,Intel Kathryn McLay,Sam’sClub Paul A. Tufano,AmeriHealth Caritas FamilyofCompanies Stephen Spengler,Intelsat Mark Te stoni, SAPNational SecurityServices (SAP NS2) John F. Crowley, Amicus Therapeutics LonOffenbacher,IntevaProductsLLC Mitchell Rudin, Savills Milind Pant, RashmyChatterjee,ISTARI Global Herman Gref,Sberbank Matt Calkins, Appian Corporation Luca Savi, ITT Inc. TamaraL.Lundgren, SchnitzerSteel Industries, Inc. MikePreston, Arkansas Economic Development Commission GaryMichel, JELD-WEN Ron Dunford, Schreiber Foods JoeImpicciche,Ascension AlexGorsky, Johnson &Johnson David J. Beveridge, Shearman &Sterling LLP Alan Colberg, Assurant Inc. AlexLiu, Kearney, Inc. GuyHalgren, SheppardMullin Richter &Hampton, LLP Milton Cheng,Baker McKenzie Benjamin A. Breier,Kindred Healthcare, LLC Greg Becker,Silicon Va lleyBank BernardMensah, SueKench, King &Wood Mallesons Dr.SwanGin Beh, SingaporeEconomic Development Board Wayne Berson, BDO GisbertRuehl, Kloeckner &CoSE JosB.Dijsselhof,SIX Group Services AG AlbertBaladi, BeamSuntory George Ganem, Kloeckner Metals Corporation Nicholas T. Pinchuk, Snap-on Incorporated John Fox, Beaumont Health Chris Wa cker,Laserfiche KenichiroYoshida, Sony Group Corporation BalDas ,BGD Holdings, Inc. Justin F. Korsant, Long LightCapital Ronnen Harary,Spin Master Michel Vounatsos, Biogen Nick Savasta, Main GateCapital Doug Merritt, Splunk Jean-Yves Fillion, BNPParibas Abdul Farid Bin Alias, MalayanBanking Berhad (Maybank) Dr.James R. Downing,St. Jude Children’sResearch Hospital David McCormick, Bridgewater Associates, LP Mark Trudeau, Pharmaceutical James M. Loree, StanleyBlack &Decker Inc. NiravPatel, Bristlecone Inc. Brian Tyler,McKesson Corporation Maurice R. Greenberg, Starr Insurance Companies TimGokey,BroadridgeFinancial Solutions DanGlaser,Marsh McLennan Mark C. Dorman, SThree Plc Philip Jansen, BT JoeKiani, Masimo Ronald James Kruszewski, Stifel Financial Corp. SanjivDas, Caliber Home Loans RogerW.Crandall, MassMutual SharbFarjami, Mark McFarland, California Resources Corporation Ari Sarker,MastercardWorldwide Brian B. Kim, Superior Essex, Inc. Victor Dodig,Canadian Imperial Bank of Commerce David J. Sorbaro, Mavis Tire ExpressServices Corp. Brian Doubles, SynchronyFinancial Aiman Ezzat, Dr.Gianrico Farrugia, Mayo Clinic Kevin P. Hourican, Sysco NancyHowell Agee,Carilion Clinic IraColeman, McDermottWill &Emery SuryaKant, Tata ConsultancyServices Kewsong Lee, CarlyleGroup Kevin F. Sneader,McKinsey&Company Te rrence R. Curtin, TE Connectivity Andrew E. Law, Caxton Associates , MDC Partnersand Stagwell Group CP Gurnani, Te ch MahindraLimited Michael Neidorff,Centene Corporation Leslie Stretch, Medallia Declan Kelly, Te neo JoAnna Sohovich, Chamberlain Group EdwardK.Aldag Jr., Medical Properties Trust, Inc. Rob Holmes, TexasCapital Bank William C. Carstanjen, Churchill Downs Inc. Sanjay Mehrotra, Micron Te chnology Michael Chertoff, TheChertoffGroup Jeffrey Walker,CIMC Capital SatyaNadella, Microsoft Corporation Andrew J. McMahon, TheGuardian Life Insurance CompanyofAmerica ScottW.Wine,CNH Industrial N.V. Jami McKeon, Morgan Lewis Mark T. Smucker,The J.M. Smucker Company RobertWillett, CognexCorporation Nitin Rakesh, Ltd. Maruyama Masahiro, TheMainichi Newspapers Brian Humphries, Dr.Jacob Kam, MTR Corporation Limited Harold L. Paz, TheOhio State UniversityWexner Medical Center Keri Gilder,Colt Te chnology Services Andrew Clyde, MurphyUSA Ross PerotJr.,The PerotCompanies and Hillwood Cliff Skelton, Conduent Inc. Adena Friedman, Nasdaq David Taylor,The Procter &Gamble Company Damon T. Hininger,CoreCivic Frank Martire, NCRCorporation Julie Wa inwright, TheRealReal, Inc. Rob Bernshteyn, CoupaSoftware,Inc. Adam Johnson, NetJetsInc. Dr.Peter WT Pisters, TheUniversityofTexas Jeffrey M. Solomon, Cowen Charles Gottdiener,Neustar, Inc. MD Anderson Cancer Center John Graham, CPP Investments RobertThomson, News Corp JohnnyHornby, The&Partnership Anew administration just marked its100thday in office FaizaSaeed, Cravath, Swaine &MooreLLP RupertMurdoch, News Corp Te resa Rasmussen, Thrivent MeganClarken, Criteo , News Corp Christian Lanng,Tradeshift JayBrown, CrownCastle International Corp. JimPeck, NielsenIQ Jean Savage,TrinityIndustries and Covid-19 vaccinations arerolling out throughworld populations. Paul Perreault, CSLLimited Michael J. Dowling,Northwell Health Jane JieSun, Trip.com Group,Limited BradleyH.Feldmann, Cubic Corporation John E. Schlifske, Northwestern Mutual Patrik Frisk, ThierryBetbeze, Dassault Falcon JetCorp JunSawada, NTTCorporation GregoryWilliam Cappelli, Va ntaEducation Harold L. Yo h, Day &Zimmermann BobPryor,NTT DATA JanCarlson, Ve oneer HenryN.Nassau, DechertLLP Abhijit Dubey, NTTLtd ScottG.Stephenson, Ve risk Analytics, Inc. Wheredowegofromhere? , Global John P. Davidson, OCC Ronan Dunne,Verizon Consumer Group Dominion Energy Glen A. Messina, OcwenFinancial Corporation Guru Gowrappan, Ve rizon Media Almar Latour,Dow Jones &Co. Publisher,The Wa ll Street Journal John Romeo,OliverWyman Zane Rowe,VMware MikeSalvino,DXC Te chnology ScottMcDonald, OliverWyman Group Vinod Kumar,Vodafone Angela F. Williams, Easterseals Mark Barrenechea, OpenTextCorporation Brent Ye agy, Wabash National Corporation RichardEdelman, Edelman Sandor Csanyi, OTPBank Plc Judith McKenna, Wa lmartInternational Apathtoabalanced recovery will be discussed, shaped and impacted by Raanan Horowitz, Elbit America ,Pegasystems Inc. ,WarnerMedia Studios&Networks Group To dd Boehly, EldridgeIndustries VitorRocha, PhilipsNorth America RobertJ.Pagano Jr., Wa ttsWater Te chnologies, Inc. Edmund MurphyIII, EmpowerRetirement Polaris Inc. Hugh Ve rrier,White&Case LLP theindividuals at today’smeeting.These leaderscollectively employmorethan Ashish Masih, EncoreCapital Group AnthonyPratt,Pratt Industries ThierryDelaporte,WiproLimited Börje Ekholm, Ericsson Jennifer A. Prosek, Prosek Partners Michael J. Kasbar,World Fuel Services Corporation Calvin Butler,Exelon Utilities MikeWells, Prudential PLC Mark Read, WPP 11 million people and generatemorethan $3.86trillion in annual revenue. Bill H. Stoller,ExpressEmployment Professionals Neil Cunningham, Public Sector Pension Investment Board John Visentin, Carmine Di Sibio,EY Ralph Izzo,Public Service Enterprise Group Inc. BradleyS.Jacobs, XPO Logistics Inc. Their decisions will help define thenextera of industry,policyand theglobal economy. Hugh Frater, Mohammed Bader Al Sada, QatarMedia City Joey Wa t, YumChina Holdings, Inc. Jonathan Brossard,Fischer Connectors RichardThornberry, Radian Group Inc. David Gibbs, Yum! Brands, Inc. Greg Schlafer,Foremost Farms USA RebeccaHenderson, RandstadGlobal Businesses Ebenezer Onyeagwu, Zenith Bank Plc JimLico,Fortive GregoryJ.Hayes, Raytheon Te chnologies ScottAnderson, Cain A. Hayes, Gateway Health Dennis E. Abboud, Readerlink, LLC Kristin Peck, Zoetis 12DJ11299 Kevin F. Nolan, GE Appliances aHaier company SarahChamberlain, Republican Main Street Partnership Eric S. Yuan, Zoom Video Communications

ved. To mMcInerney, GenworthFinancial, Inc. Laxman Narasimhan, ReckittBenckiser Group Plc reser rights All Inc.

o., Membership is by invitation: [email protected] &C Learn moreatCEOCouncil.wsj.com/inquire Jones Dow ©2021 P2JW124000-0-B00800-1------XA



Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 34113.23 s238.38, or 0.70% Trailing P/E ratio 29.44 19.49 4192.66 s11.49, or 0.27% Trailing P/E ratio * 39.76 24.18 13895.12 t 67.56, or 0.48% Trailing P/E ratio *† 37.48 26.75 High, low, open and close for each P/E estimate * 20.41 21.53 High, low, open and close for each P/E estimate * 23.07 21.75 High, low, open and close for each P/E estimate *† 29.01 25.65 trading day of the past three months. Dividend yield 1.75 2.78 trading day of the past three months. Dividend yield * 1.37 2.14 trading day of the past three months. Dividend yield *† 0.71 1.01 All-time high 34200.67, 04/16/21 All-time high 4211.47, 04/29/21 All-time high: 14138.78, 04/26/21

Current divisor 0.15198707565833 34400 4275 15000

33200 4150 14400

32000 4025 13800

30800 3900 13200 Session high 65-day moving average DOWN UP 65-day moving average 65-day moving average Session open Close 29600 3775 12600 t

Close Open t 28400 3650 12000 Session low Bars measure the point change from session's open 27200 3525 11400 Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 887,766,671 26,081,569 Industrial Average 34221.06 33904.89 34113.23 238.38 0.70 34200.67 23247.97 43.6 11.5 12.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 594,725,903 16,419,945 Transportation Avg 15676.51 15375.77 15618.60 271.60 1.77 15618.60 7761.00 95.7 24.9 15.1 Most-active issues in late trading Decl. volume* 271,552,971 9,632,644 Utility Average 928.60 917.97 919.78 0.53 0.06 933.37 744.49 19.9 6.4 9.5 Volume After Hours Issues traded 3,498 277 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 43976.38 43748.39 43791.61 88.05 0.20 44054.28 28441.92 52.7 11.7 17.1 Advances 2,311 168 Itau Unibanco Holding ADR ITUB 6,360.5 5.07 ...... 5.14 5.07 Barron's 400 1009.37 997.61 1005.54 7.92 0.79 1011.29 583.52 69.6 18.0 12.5 Declines 1,049 101 Petroleo Brasileiro ADR PBR 6,037.2 8.48 -0.01 -0.06 8.50 8.41 Unchanged 138 8 Genworth Financial A GNW Nasdaq Stock Market 4,547.3 4.37 -0.01 -0.23 4.42 4.37 New highs 374 17 Nasdaq Composite 14042.12 13881.51 13895.12 -67.56 -0.48 14138.78 8710.71 59.5 7.8 25.2 SPDR S&P 500 SPY 4,516.8 417.95 -0.25 -0.06 418.30 321.17 New lows 18 1 Nasdaq-100 13955.00 13784.66 13799.72 -61.04 -0.44 14041.91 8834.11 56.2 7.1 27.6 ViacomCBS Cl B VIAC 3,804.8 39.60 -0.06 -0.15 39.66 39.49 Closing Arms† 1.11 0.89 GE 3,444.8 13.42 -0.03 -0.22 13.48 13.38 S&P Block trades* 5,518 218 iShares U.S. Real Estate IYR 3,022.1 99.00 -0.03 -0.03 99.10 85.80 500 Index 4209.39 4188.03 4192.66 11.49 0.27 4211.47 2820.00 47.5 11.6 16.8 Nasdaq NYSE Arca Levi Strauss LEVI 3,006.6 30.64 0.16 0.52 31.27 30.32 MidCap 400 2757.95 2732.80 2740.37 15.22 0.56 2762.36 1550.70 72.2 18.8 13.5 Total volume*4,655,101,593 209,300,444 SmallCap 600 1367.21 1351.28 1360.96 15.42 1.15 1397.66 700.59 84.9 21.6 12.8 Percentage gainers… Adv. volume*2,272,005,241 141,863,237 Decl. volume*2,334,496,124 55,449,531 Other Indexes SPDR Portfolio LT Trea SPTL 86.2 48.66 8.88 22.32 48.66 39.78 Issues traded 4,416 1,512 Russell 2000 2288.57 2267.78 2277.45 11.00 0.49 2360.17 1233.25 80.2 15.3 13.8 Domtar UFS 96.4 47.00 6.48 15.99 49.24 40.34 Advances 2,274 1,055 NYSE Composite 16375.07 16219.33 16325.24 105.91 0.65 16376.00 10829.44 47.7 12.4 9.6 Myriad Genetics MYGN 199.9 34.00 3.60 11.84 34.00 30.40 Declines 1,966 438 Renewable Energy Group REGI 243.9 57.00 4.45 8.47 57.53 52.00 Value Line 669.93 661.62 667.24 5.62 0.85 669.66 381.09 68.5 17.3 6.9 Unchanged 176 19 Chegg Inc. CHGG 333.9 88.25 5.24 6.31 90.65 76.01 NYSE Arca Biotech 5662.34 5608.63 5613.57 1.16 0.02 6319.77 5128.49 8.3 -2.2 8.3 New highs 204 253 NYSE Arca Pharma 713.61 704.36 713.47 9.11 1.29 725.03 613.07 12.4 3.5 11.4 ...And losers New lows 56 15 KBW Bank 128.81 126.81 127.50 0.25 0.20 128.96 62.74 81.7 30.2 6.5 Regional Hlth Properties RHE 1,054.2 11.61 -3.01 -20.59 14.68 11.43 Closing Arms† 1.19 0.94 § PHLX Gold/Silver 149.32 144.51 148.72 6.59 4.64 161.14 112.57 24.3 3.1 21.8 Barnwell Indus BRN 125.7 2.73 -0.37 -11.94 3.06 2.64 Block trades* 31,018 899 § PHLX Oil Service 54.91 53.38 54.51 2.35 4.50 63.89 26.30 88.1 23.0 -29.2 ImmunoThera BTX 1,452.5 70.00 -8.50 -10.83 84.81 67.92 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3134.06 3060.00 3073.38 -35.61 -1.15 3305.43 1661.30 85.0 9.9 34.3 iRobot IRBT 383.5 95.31 -8.65 -8.32 111.58 93.74 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 19.12 17.80 18.31 -0.30 -1.61 40.79 16.25 -49.1 -19.5 4.8 MAXR Maxar Technologies 69.1 36.00 -3.23 -8.23 39.46 33.50 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 0.21 World MSCI ACWI 703.31 1.48 8.8 Regional Hlth Properties RHE 14.62 7.40 102.49 16.09 1.12 1139.0 Vaxart VXRT 8.02 -2.76 -25.60 24.90 2.23 209.7 0.24 MSCI ACWI ex-USA 346.05 0.84 6.0 Image Sensing Systems ISNS 11.31 4.79 73.47 11.58 3.26 198.4 Evelo Biosciences EVLO 10.57 -2.58 -19.62 19.93 3.55 117.0 MSCI World 2948.67 9.91 0.34 9.6 Brooklyn ImmunoThera BTX 78.50 28.70 57.63 80.67 1.88 3568.2 Intrusion INTZ 14.80 -3.52 -19.21 29.90 3.07 322.9 MSCI Emerging Markets 1338.89 –8.72 –0.65 3.7 Amer Shared Hospital AMS 3.74 1.33 55.19 3.98 1.41 135.2 AVROBIO AVRO 9.48 -2.20 -18.84 23.50 9.28 -30.6 Americas MSCI AC Americas 1627.16 3.56 0.22 10.9 Barnwell Indus BRN 3.10 1.03 49.76 6.99 0.55 399.9 Novavax NVAX 195.12 -41.81 -17.65 331.68 16.75 980.4 Canada S&P/TSX Comp 19213.16 104.83 0.55 10.2 Friedman Industries FRD 10.15 1.99 24.39 10.20 4.26 125.1 1847 Goedeker GOED 6.21 -1.29 -17.20 17.75 5.65 ... Latin Amer. MSCI EM Latin America 2393.03 17.41 0.73 –2.4 Euroseas ESEA 17.90 3.50 24.31 18.74 1.93 740.4 EHang Holdings ADR EH 23.19 -4.71 -16.88 129.80 7.59 101.7 Brazil Sao Paulo Bovespa 119209.48 315.64 0.27 0.2 Ocugen OCGN 15.68 3.01 23.76 18.77 0.17 4455.5 Galectin Therapeutics GALT 3.78 -0.64 -14.48 5.70 1.82 29.0 Chile Santiago IPSA 3107.84 78.68 2.60 8.8 Ashford Hospitality Trust AHT 3.36 0.62 22.63 18.80 1.27 -52.7 Medirom Healthcare ADR MRM 10.15 -1.70 -14.35 19.80 8.55 ... Mexico S&P/BMV IPC 48498.64 488.92 1.02 10.1 Navios Maritime Holdings NM 8.84 1.61 22.27 15.42 1.45 286.0 Palisade Bio PALI 6.57 -1.04 -13.67 16.02 3.00 56.4 EMEA Stoxx Europe 600 439.92 2.53 0.58 10.2 Scully Royalty SRL 13.03 2.37 22.18 14.00 3.53 62.9 SEACOR Marine SMHI 3.99 -0.62 -13.45 6.28 1.46 40.5 Eurozone Euro Stoxx 442.90 2.80 0.64 11.4 GBS GBS 4.77 0.82 20.76 14.24 3.80 ... U.S. Silica Holdings SLCA 9.27 -1.38 -12.96 15.38 1.77 313.8 Belgium Bel-20 4017.06 2.76 0.07 10.9 Milestone Scientific MLSS 3.04 0.52 20.63 4.85 1.30 68.9 Sonnet BioTherapeutics SONN 2.07 -0.30 -12.66 7.89 1.81 -57.9 Comstock Hldg Cl A CHCI The9 ADR NCTY Denmark OMX Copenhagen 20 1552.29 9.66 0.63 5.9 5.15 0.79 18.12 15.72 1.95 155.8 20.14 -2.84 -12.36 89.20 2.04 278.6 Sonoma Pharmaceuticals SNOA 9.15 1.40 18.06 19.60 4.60 89.4 MicroSectors Gold 3X Invr GDXD 18.42 -2.55 -12.14 31.12 17.14 ... France CAC 40 6307.90 38.42 0.61 13.6 Germany DAX 15236.47 100.56 0.66 11.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1654.45 13.95 0.85 10.4 Italy FTSE MIB 24419.97 278.81 1.15 9.8 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 AEX 712.13 4.57 0.65 14.0 Russia RTS Index 1485.03 … Closed 7.0 Precipio PRPO 302,789 48293.3 4.95 171.98 8.00 0.65 Regional Hlth Properties RHE 70,953 6679 14.62 102.49 16.09 1.12 South Africa FTSE/JSE All-Share 66586.24 –350.76 –0.52 12.1 Ocugen OCGN 278,292 257.3 15.68 23.76 18.77 0.17 Image Sensing Systems ISNS 37,393 4952 11.31 73.47 11.58 3.26 Sundial Growers SNDL Montes Archimedes Acqn MAAC Spain IBEX 35 8893.70 78.70 0.89 10.2 201,460 -57.7 0.83 -4.13 3.96 0.14 8,109 4606 9.95 0.91 10.87 9.61 Farmmi FAMI 194,519 1572.4 0.53 17.71 2.47 0.30 iPath B Bloom Energy JJE 554 4498 33.53 1.12 34.08 21.72 OMX Stockholm 902.75 5.55 0.62 17.5 Naked Brand Group NAKD 136,783 -3.9 0.65 -8.56 3.40 0.07 AdvisorShares Newfleet MINC 163 2959 48.84 -0.02 52.42 46.91 Switzerland Swiss Market 11119.00 96.66 0.88 3.9 Turkey BIST 100 1421.15 23.33 1.67 –3.8 Castor Maritime CTRM 111,124 -23.5 0.50 0.60 1.95 0.11 Aesthetic Medical ADR AIH 6,211 2917 7.10 5.97 9.57 3.81 U.K. FTSE 100 6969.81 … Closed 7.9 Ashford Hospitality Trust AHT 106,940 833.7 3.36 22.63 18.80 1.27 Principal U.S. Mega-Cap USMC 1,206 2543 38.63 0.54 38.70 28.02 U.K. FTSE 250 22497.37 … Closed 9.8 Vaxart VXRT 90,098 350.9 8.02 -25.60 24.90 2.23 Rezolute RZLT 249 2453 7.22 7.76 33.50 3.30 NIO ADR NIO 79,780 -14.7 39.54 -0.75 66.99 3.08 Scully Royalty SRL 268 2291 13.03 22.18 14.00 3.53 Asia-Pacific MSCI AC Asia Pacific 205.62 –0.73 –0.36 2.9 Twitter TWTR 79,101 271.6 54.58 -1.16 80.75 27.12 Friedman Industries FRD 604 1934 10.15 24.39 10.20 4.26 Australia S&P/ASX 200 7028.80 2.98 0.04 6.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3446.86 … Closed –0.8 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28357.54 –367.34 –1.28 4.1 Track the Markets India S&P BSE Sensex 48718.52 –63.84 –0.13 2.0 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28812.63 … Closed 5.0 global stock indexes, bond ETFs, Straits Times 3184.76 –33.50 –1.04 12.0 currencies and commodities at Currencies South Korea Kospi 3127.20 –20.66 –0.66 8.8 wsj.com/graphics/track-the-markets Taiwan TAIEX 17222.35 –344.31 –1.96 16.9 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1583.13 … Closed 9.2 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004337 23055 –0.1 CREDIT MARKETS Argentina peso .0107 93.6556 11.4 Europe Brazil real .1837 5.4423 4.8 Czech Rep. koruna .04676 21.384 –0.4 Canada dollar .8144 1.2279 –3.6 Denmark krone .1622 6.1645 1.2 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001420 704.40 –0.9 Euro area euro 1.2065 .8289 1.3 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000263 3804.50 11.2 Hungary forint .003355 298.05 0.3 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .008021 124.68 –2.4 A consumer rate against its Five-year ARM, Rate Mexico peso .0496 20.1727 1.5 Norway krone .1207 8.2818 –3.5 benchmark over the past year 2.50% Uruguay peso .02282 43.8150 3.4 Poland zloty .2654 3.7686 1.0 Bankrate.com avg†: 3.18% 16% Asia-Pacific Russia ruble .01334 74.985 1.3

5-year s Sweden krona .1188 8.4148 2.3 Credit Union of New Jersey 2.00% 2.00 Euro Australian dollar .7761 1.2885 –0.9 adjustable-rate 4.00% Ewing, NJ 609-538-4061 Tradeweb ICE 8 Switzerland franc 1.0976 .9111 3.0 t China yuan .1545 6.4737 –0.9 mortgage (ARM) 1.50 Turkey lira .1212 8.2518 11.0 t Monday Close .1288 7.7665 0.2 Citadel Federal Credit Union 2.50% hryvnia .0359 27.8500 –1.8 3.00 0 India rupee .01355 73.811 1.1 Exton, PA 800-666-0191 1.00 s UK pound 1.3910 .7189 –1.8 Yen Indonesia rupiah .0000692 14450 2.8 2.00 Royal Savings Bank 2.63% Middle East/Africa One year ago 0.50 –8 s Japan yen .009168 109.07 5.6 5-year Treasury Chicago, IL 773-768-4800 t WSJ Dollar Index Kazakhstan tenge .002325 430.09 2.1 dinar 2.6532 .3769 –0.04 note yield 1.00 Star One Credit Union 2.63% 0.00 –16 Macau pataca .1250 8.0031 0.2 Egypt pound .0639 15.6600 –0.5 t Malaysia ringgit .2436 4.1045 2.0 Israel shekel .3077 3.2504 1.2 Sunnyvale, CA 408-742-2801 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7202 1.3885 –0.2 Kuwait dinar 3.3217 .3010 –1.0 0.00 month(s) years M J J A S O N D J F M AM Associated Bank, NA 2.75% Pakistan rupee .00653 153.150 –4.5 Oman sul rial 2.5974 .3850 ... maturity 2020 2021 Rockford, IL 800-682-4989 Philippines peso .0208 48.052 0.1 rial .2747 3.640 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7521 1.3296 0.6 riyal .2666 3.7503 –0.04 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008925 1120.50 3.2 South Africa rand .0694 14.4047 –2.0 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050761 197.00 6.3 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03581 27.923 –0.6 Yield (%) 52-Week Total Return (%) Thailand baht .03213 31.120 3.6 WSJ Dollar Index 85.94 –0.28–0.33 1.11 Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.18 0.18 0.17 l 0.50 -2.19 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2370.580 0.950 0.940 1.030 0.400 –4.185 4.668 Money market, annual yield 0.08 0.08 0.08 l 0.31 -0.33 Five-year CD, annual yield 0.47 0.47 0.44 l 0.85 -1.21 U.S. Treasury Long, Barclays 4172.150 2.220 2.180 2.400 1.090 –15.456 7.528 Commodities 30-year mortgage, fixed† 3.14 3.09 2.83 l 3.60 -1.41 Aggregate, Barclays 2230.870 1.520 1.510 1.630 1.020 –0.097 5.245 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.41 2.36 2.32 l 3.09 -1.61 Fixed-Rate MBS, Barclays 2218.150 1.680 1.700 1.850 0.980 –0.189 4.112 DJ Commodity Jumbo mortgages, $548,250-plus† 3.16 3.09 2.85 l 3.70 -1.68 871.74 4.82 0.56 871.74 470.00 85.47 19.16 High Yield 100, ICE BofA 3377.585 3.649 3.597 6.931 3.261 18.677 5.899 Refinitiv/CC CRB Index 1.09 200.85 118.52 19.70 Five-year adj mortgage (ARM)† 3.18 3.19 2.85 l 3.32 -1.51 200.85 0.55 69.46 Muni Master, ICE BofA 597.216 0.870 0.817 1.820 0.725 5.996 4.972 Crude oil, $ per barrel 0.91 66.09 20.39 32.91 New-car loan, 48-month 4.05 4.04 4.02 l 4.44 -0.17 64.49 1.43 216.28 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 905.888 4.823 4.802 6.323 4.295 14.043 5.432 Natural gas, $/MMBtu 2.966 0.035 1.19 3.354 1.482 48.82 16.82 banks.† Excludes closing costs. Gold, $ per troy oz. 1791.40 24.10 1.36 2051.50 1676.20 4.95 -5.37 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW124000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Tuesday, May 4, 2021 | B9

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 Aug 118.625 119.150 117.150 118.350 –.275 91,816 Mexican Peso (CME)-MXN 500,000; $ per MXN Mini S&P Midcap 400 (CME)-$100 x index Hogs-Lean (CME)-40,000 lbs.; cents per lb. May .04988 .04952 .04918 .04947 .00022 12 June 2735.00 2755.00 2724.30 2736.20 15.90 44,634 Contract Open May 110.600 111.100 109.800 110.700 .575 2,489 June .04918 .04942 .04898 .04932 .00022 145,052 Sept 2746.00 2731.90 15.90 28 Open High hi lo Low Settle Chg interest June 111.000 113.175 s 110.875 112.650 2.925 101,517 Euro (CME)-€125,000; $ per € Mini Nasdaq 100 (CME)-$20 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. May 1.2033 1.2079 1.2017 1.2070 .0044 2,191 June 13880.25 13947.50 13772.00 13790.00 –60.00 225,406 May 4.4975 4.5475 4.4500 4.5430 0.0640 4,799 May 1520.60 1600.00 s 1520.60 1575.60 75.10 427 June 1.2040 1.2087 1.2023 1.2077 .0044 660,403 Sept 13870.00 13935.25 13762.25 13778.50 –60.25 1,509 July 4.4620 4.5350 4.4350 4.5285 0.0605 164,002 July 1410.00 1418.50 s 1409.70 1418.50 42.00 1,577 Mini Russell 2000 (CME)-$50 x index Gold (CMX)-100 troy oz.; $ per troy oz. Milk (CME)-200,000 lbs., cents per lb. Index Futures June 2267.70 2291.00 2262.20 2273.70 12.20 449,509 May 1788.50 1793.00 1788.50 1791.40 24.10 450 April 17.64 17.64 17.64 17.64 …3,274 Sept 2268.70 2286.30 2258.00 2270.20 12.20 444 June 1768.10 1798.90 1765.60 1791.80 24.10 368,093 Mini DJ Industrial Average (CBT)-$5 x index May 19.18 19.35 18.95 19.04 –.14 4,720 Mini Russell 1000 (CME)-$50 x index July 1774.80 1796.20 s 1772.90 1792.60 24.00 26 June 33828 34116 33823 34008 241 92,309 Cocoa (ICE-US)-10 metric tons; $ per ton. June 2365.20 2367.10 2353.30 2357.90 5.10 8,964 Aug 1770.40 1800.80 1768.50 1794.00 24.20 51,808 Sept 33737 34003 33660 33899 241 1,196 May 2,328 2,328 2,328 2,328 –14 178 U.S. Dollar Index (ICE-US)-$1,000 x index Oct 1772.00 1802.80 1771.20 1795.80 24.30 13,361 S&P 500 Index (CME)-$250 x index July 2,389 2,412 t 2,350 2,369 –13 89,273 June 91.27 91.39 90.85 90.93 –.34 34,361 Dec 1772.50 1804.40 1772.50 1797.60 24.00 24,474 June 4185.80 4197.70 4177.40 4185.80 11.40 38,548 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 91.25 91.33 90.84 90.91 –.34 815 Palladium (NYM) - 50 troy oz.; $ per troy oz. Mini S&P 500 (CME)-$50 x index May 139.90 140.35 138.85 138.75 –1.20 84 May …… …2985.40 27.70 June 4181.50 4202.50 4181.00 4185.75 11.25 2,653,999 July 141.00 142.55 139.60 140.25 –1.20 113,412 June 2946.00 2997.00 2934.00 2981.40 27.70 9,769 Dec 4170.00 4182.25 4161.50 4166.25 11.75 44,711 Source: FactSet Platinum (NYM)-50 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. May 1227.90 24.90 1 July 17.02 17.32 16.69 16.73 –.25 432,593 July 1205.20 1248.10 1195.50 1230.10 24.90 59,979 Oct 16.90 17.23 16.65 16.68 –.18 187,505 Silver (CMX)-5,000 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks May 25.875 27.075 25.875 26.943 1.090 2,435 July 30.75 30.75 30.75 30.92 –.03 3,335 July 25.990 27.115 25.850 26.960 1.087 134,043 Sept 31.08 31.08 31.08 31.08 –.01 2,447 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks June 63.64 64.68 62.91 64.49 0.91 406,581 May 87.21 87.21 87.21 87.21 –.22 2 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week July 63.48 64.58 62.82 64.41 0.93 288,366 July 88.40 89.24 87.50 87.86 –.22 103,953 Aug 63.16 64.23 62.48 64.10 0.96 187,561 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds Sept 62.65 63.71 62.00 63.62 0.97 164,653 May 108.10 108.10 107.85 107.65 –1.90 92 Total Total Oct 62.13 63.13 61.50 63.07 0.97 145,862 July 112.05 113.70 111.50 111.60 –.35 11,310 return YTD total Yield (%) return YTD total Yield (%) Dec 61.02 62.07 60.43 62.00 0.97 320,823 close return (%) Index Latest Low High close return (%) Index Latest Low High NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Interest Rate Futures June 1.9183 1.9610 1.9076 1.9519 .0295 133,668 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 1.9340 1.9720 1.9218 1.9638 .0279 58,247 2217.75 -0.6 Mortgage-Backed 1.680 0.980 1.850 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 185-260 187-240 184-250 186-160 19.0 1,136,581 2230.83 -2.6 U.S. Aggregate 1.520 1.020 1.630 Sept 185-240 186-010 183-080 184-270 19.0 1,468 June 2.0763 2.1181 2.0541 2.1015 .0252 125,229 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2163.32 -0.7 Ginnie Mae (GNMA) 1.620 0.290 1.840 July 2.0667 2.1063 2.0455 2.0921 .0254 69,057 June 157-070 158-100 156-210 157-200 12.0 1,185,243 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 3337.05 -3.5 U.S. Corporate 1.740 2.840 1310.31 -0.5 Fannie mae (FNMA) 1.700 1.160 1.860 Sept 155-140 156-220 155-040 156-010 12.0 1,183 2.180 June 2.938 2.975 2.900 2.966 .035 204,949 Treasury Notes (CBT)-$100,000; pts 32nds of 100% July 2.977 3.018 2.952 3.014 .036 197,415 3069.80 -1.4 Intermediate 1.470 1.080 2.330 2009.95 -0.6 (FHLMC) 1.700 1.140 1.870 June 132-015 132-160 131-265 132-105 9.5 4,176,103 Aug 2.995 3.028 2.965 3.022 .033 70,960 Sept 131-055 131-210 131-000 131-155 9.5 22,966 597.22 0.3 Muni Master 0.870 0.725 1.820 Sept 2.966 3.010 2.951 3.004 .032 108,285 4835.81 -6.8 Long term 3.340 2.730 3.720 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Oct 2.981 3.025 2.968 3.019 .032 128,667 June 123-302 124-047 123-272 124-027 4.7 3,409,817 670.89 -4.1 Double-A-rated 1.840 1.300 1.990 421.99 0.1 7-12 year 0.904 0.712 1.779 Jan'22 3.260 3.290 3.239 3.282 .023 74,664 Sept 123-117 123-177 123-077 123-160 5.2 9,732 892.63 -3.0 Triple-B-rated 2.410 2.010 3.460 484.38 0.4 12-22 year 1.252 1.095 2.216 Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 110-122 110-125 110-119 110-124 .2 2,309,944 High Yield Bonds ICE BofA 474.35 1.2 22-plus year 1.792 1.682 3.134 Corn (CBT)-5,000 bu.; cents per bu. Sept 110-094 110-094 110-089 110-092 .4 66 May 740.00 758.25 s 724.00 732.25 –7.75 7,296 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 505.84 2.1 High Yield Constrained 4.092 3.955 8.219 Global Government J.P. Morgan† May 99.9300 99.9300 99.9250 99.9250 –.0050 138,145 July 685.00 698.00 s 674.00 679.50 6.25 746,663 Triple-C-rated 595.68 -3.2 Global Government 0.950 0.460 0.960 Oats (CBT)-5,000 bu.; cents per bu. July 99.9100 99.9150 t 99.9050 99.9050 –.0050 139,170 487.20 6.6 6.985 6.809 18.112 May 399.25 –1.75 19 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3377.59 1.4 High Yield 100 3.649 3.261 6.931 827.58 -4.2 Canada 1.480 0.610 1.520 July 404.25 414.75 403.50 407.50 1.75 3,867 June 91-055 91-210 90-305 91-135 8.5 175,417 Soybeans (CBT)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100% 455.49 1.8 Global High Yield Constrained 4.118 4.037 8.210 406.63 -3.4 EMU§ 0.445 0.010 411.523 May 1579.00 1600.00 1553.50 1560.25 –10.75 4,422 May 99.8200 99.8225 99.8175 99.8200 …116,372 July 1549.25 1563.50 1515.75 1524.00 –10.25 373,710 June 99.8150 99.8200 t 99.8050 99.8150 … 1,218,403 345.29 2.2 Europe High Yield Constrained 2.522 2.434 6.011 761.73 -4.0 France 0.330 -0.160 0.340 Soybean Meal (CBT)-100 tons; $ per ton. Dec'22 99.5700 99.5850 99.5500 99.5750 .0100 901,774 U.S Agency Bloomberg Barclays 534.57 -3.2 Germany -0.100 -0.530 -0.090 May 426.00 427.00 416.00 416.20 –9.80 1,640 March'23 99.4850 99.5100 99.4650 99.5000 .0200 1,126,613 July 428.00 430.80 414.40 415.10 –11.00 199,821 1845.47 -1.1 U.S Agency 0.750 0.460 0.840 294.38 -0.3 Japan 0.330 0.200 0.420 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Currency Futures May 71.54 71.59 s 66.35 68.31 –.15 1,199 1615.62 -0.7 10-20 years 0.620 0.340 0.710 594.91 -3.8 Netherlands 0.020 -0.450 0.030 July 62.75 64.87 s 61.76 63.06 .67 195,532 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Rough Rice (CBT)-2,000 cwt.; $ per cwt. May .9147 .9183 .9118 .9166 .0016 655 4050.48 -5.2 20-plus years 2.300 1.290 2.460 1019.94 -6.9 U.K. 1.120 0.410 1.170 May 13.40 13.42 13.39 13.43 .04 326 June .9151 .9186 .9119 .9168 .0016 145,889 Yankee July 13.69 13.78 13.57 13.74 .04 7,095 Canadian Dollar (CME)-CAD 100,000; $ per CAD 2854.83 -2.7 1.760 1.370 2.190 905.89 -3.0 Emerging Markets ** 4.823 4.295 6.323 Wheat (CBT)-5,000 bu.; cents per bu. May .8139 .8152 s .8119 .8147 .0003 646 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds May 753.25 759.25 726.75 725.50 –17.00 1,575 June .8141 .8153 s .8119 .8148 .0003 188,185 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan July 739.75 753.50 713.25 718.00 –16.75 236,688 British Pound (CME)-£62,500; $ per £ Wheat (KC)-5,000 bu.; cents per bu. May 1.3821 1.3931 1.3802 1.3914 .0103 593 May 687.00 712.75 682.50 682.50 –15.75 383 June 1.3816 1.3934 1.3801 1.3915 .0104 155,155 July 710.00 722.50 684.00 688.50 –15.00 131,821 (CME)-CHF 125,000; $ per CHF Global Government Bonds: Mapping Yields -Feeder (CME)-50,000 lbs.; cents per lb. June 1.0969 1.1009 1.0943 1.0988 .0028 40,135 May 132.050 133.800 t 130.825 133.050 –.550 6,868 Sept 1.0983 1.1034 1.0973 1.1015 .0028 300 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Aug 146.050 147.500 t 144.600 146.800 .050 25,963 Australian Dollar (CME)-AUD 100,000; $ per AUD selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Cattle-Live (CME)-40,000 lbs.; cents per lb. May .7717 .7767 .7708 .7767 .0061 192 June 116.875 116.900 114.750 115.300 –1.275 120,547 June .7716 .7769 .7708 .7768 .0062 135,401 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.160 t l 0.162 0.184 0.202 1.125 10 1.606 t l 1.632 1.721 0.641 Cash Prices | wsj.com/market-data/commodities Monday, May 3, 2021 5.500 Australia 2 0.090 s l 0.089 0.089 0.224 -7.1 2.4 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— -6.7 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 1.500 10 1.704 s l 1.700 1.794 0.881 9.8 7.5 26.5 months. 0.000 France 2 -0.653 t l -0.644 -0.638 -0.619 -80.9 -80.4 -81.9 Monday Monday Monday 1.500 10 0.154 t l 0.160 -0.079 -0.103 -145.2 -146.5 -71.9 Wheat - Hard - KC (USDA) $ per bu-u Energy Aluminum, LME, $ per metric ton *2445.0 7.1850 0.000 Germany 2 -0.684 t l -0.682 -0.698 -0.774 -84.0 -84.2 -97.4 Copper,Comex spot 4.5430 Wheat,No.1soft white,Portld,OR-u 7.3000 0.000 10 -0.200 s l -0.201 -0.325 -0.588 -182.6 -120.4 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.700 Iron Ore, 62% Fe CFR China-s 186.5 Food -180.6 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.050 Shredded Scrap, US Midwest-s,m 432 0.600 Italy 2 -0.304 t l -0.291 -0.395 0.498 -46.1 -45.2 29.8 Steel, HRC USA, FOB Midwest Mill-s 1472 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u 231.48 0.600 10 0.886 t l 0.910 0.636 1.772 -72.0 -71.6 115.7 Fibers and Textiles select 1-3,600-900 lbs.-u 216.91 Gold, per troy oz 0.005 Japan 2 -0.124 l -0.124 -0.123 -0.158 -28.1 -28.5 -35.8 Engelhard industrial 1793.00 Burlap,10-oz,40-inch NY yd-n,w 0.7400 Broilers, National comp wtd. avg.-u,w 1.0503 l Handy & Harman base 1794.00 Cotton,1 1/16 std lw-mdMphs-u 0.8561 Butter,AA Chicago 1.7525 0.100 10 0.095 0.095 0.119 -0.023 -151.1 -153.0 -63.9 Handy & Harman fabricated 1991.34 Cotlook 'A' Index-t *91.90 Cheddar cheese,bbl,Chicago 181.25 Cheddar cheese,blk,Chicago 0.000 Spain 2 -0.503 t l -0.489 -0.506 -0.207 -66.0 -64.9 -40.7 LBMA Gold Price AM *1768.80 Hides,hvy native steers piece fob-u 54.000 180.00 Milk,Nonfat dry,Chicago lb. 132.00 l LBMA Gold Price PM *1767.65 Wool,64s,staple,Terr del-u,w n.a. 0.100 10 0.452 t 0.488 0.306 0.716 -115.4 -113.8 10.0 Coffee,Brazilian,Comp Krugerrand,wholesale-e 1863.99 1.3303 Coffee,Colombian, NY 1.9033 0.125 U.K. 2 0.084 l 0.084 0.074 0.037 -7.3 -7.7 -16.3 Maple Leaf-e 1881.92 Grains and Feeds Eggs,large white,Chicago-u 0.7750 American Eagle-e 1881.92 4.750 10 0.846 l 0.846 0.800 0.249 -76.0 -77.9 -36.7 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 19.45 Mexican peso-e 2168.98 Bran,wheat middlings, KC-u 122 Hams,17-20 lbs,Mid-US fob-u 0.97 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Austria crown-e 1759.81 Corn,No. 2 yellow,Cent IL-bp,u 6.9100 Hogs,Iowa-So. Minnesota-u 103.20 Austria phil-e 1881.92 Corn gluten feed,Midwest-u,w 197.2 Pork bellies,12-14 lb MidUS-u n.a. Corporate Debt Silver, troy oz. Corn gluten meal,Midwest-u,w 600.7 Pork loins,13-19 lb MidUS-u 1.3759 Engelhard industrial 26.6500 Cottonseed meal-u,w 373 Steers,Tex.-Okla. Choice-u n.a. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Handy & Harman base 26.8750 Hominy feed,Cent IL-u,w 138 Steers,feeder,Okla. City-u,w 153.38 expectations Handy & Harman fabricated 33.5940 Meat-bonemeal,50% pro Mnpls-u,w 330 LBMA spot price *£18.6000 Oats,No.2 milling,Mnpls-u 4.0150 Fats and Oils Investment-grade spreads that tightened the most… (U.S.$ equivalent) *25.8750 Rice, Long Grain Milled, No. 2 AR-u,w 27.25 Degummed corn oil, crude wtd. avg.-u,w 62.0000 Spread*, in basis points Coins,wholesale $1,000 face-a 21823 Sorghum,(Milo) No.2 Gulf-u 8.7338 Grease,choice white,Chicago-h 0.5000 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 434.15 Lard,Chicago-u n.a. Guardian Life Global Funding GUARDN 0.875 1.06 Dec. 10, ’25 24 –14 n.a. LBMA Platinum Price PM *1218.0 Soybeans,No.1 yllw IL-bp,u 15.4200 Soybean oil,crude;Centl IL-u,w 0.7082 Platinum,Engelhard industrial 1245.0 Wheat,Spring14%-pro Mnpls-u 8.7125 Tallow,bleach;Chicago-h 0.5350 MassMutual Global Funding II MASSMU 2.750 0.61 June 22, ’24 29 –9 n.a. Palladium,Engelhard industrial 3005.0 Wheat,No.2 soft red,St.Louis-u 7.4550 Tallow,edible,Chicago-u 0.6200 ONEOK Partners … 6.650 3.98 Oct. 1, ’36 237 –8 249 Fidelity National Information Services FIS 0.600 0.57 March 1, ’24 24 –7 36 KEY TO CODES: A=ask; B=bid; BP=country bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 4/30 Massachusetts Electric NGGLN 5.900 3.25 Nov. 15, ’39 112 –7 n.a. Source: Dow Jones Market Data Valero Energy VLO 1.200 0.95 March 15, ’24 63 –6 68 Vodafone VOD 5.000 3.22 May 30, ’38 105 –6 n.a. Athene Global Funding … 1.450 1.62 Jan. 8, ’26 78 –5 n.a. Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks …And spreads that widened the most Money Rates May 3, 2021 Caterpillar … 0.900 1.03 March 2, ’26 20 8 n.a. Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Bank of America BAC 4.000 0.62 April 1, ’24 29 7 34 guide to general levels but don’t always represent actual transactions. CS 3.625 0.95 Sept. 9, ’24 63 6 71 Funding GLENLN 4.625 1.05 April 29, ’24 73 6 75 Inflation Week —52-WEEK— Week —52-WEEK— Latest ago High Low Latest ago High Low Daimler Finance North America DAIGR 1.450 1.42 March 2, ’26 57 5 n.a. March index Chg From (%) Delta , Inc. Retirement Plan … 4.500 2.80 Oct. 20, ’25 247 5 248 March Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction level Feb. '21 Britain 0.10 0.10 0.10 0.10 Morgan Stanley MS 4.000 1.20 July 23, ’25 36 5 38 '20 4 weeks 0.000 0.005 0.130 0.000 Australia 0.10 0.10 0.25 0.10 Smurfit Kappa Treasury Funding SKGID 7.500 1.95 Nov. 20, ’25 112 5 n.a. U.S. consumer price index 13 weeks 0.015 0.020 0.175 0.015 Overnight repurchase All items 264.877 0.71 2.6 26 weeks 0.035 0.035 0.185 0.035 High-yield issues with the biggest price increases… Core U.S. 0.00 -0.01 0.14 -0.04 271.713 0.38 1.6 Secondary market Bond Price as % of face value International rates Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week U.S. government rates Fannie Mae Bombardier BBDBCN 7.450 6.72 May 1, ’34 106.250 3.00 n.a. Week 52-Week Discount 30-year mortgage yields NEWLSQ 17.500 29.30 May 1, ’24 77.500 1.00 n.a. Latest ago High Low 0.25 0.25 0.25 0.25 30 days 2.401 2.400 2.622 1.751 Nokia Oyj NOKIA 4.375 2.52 June 12, ’27 110.459 0.96 n.a. Prime rates 60 days 2.432 2.429 2.674 1.804 Federal funds United States Steel X 6.650 6.35 June 1, ’37 103.000 0.67 100.500 U.S. 3.25 3.25 3.25 3.25 Effective rate 0.0700 0.0700 0.1000 0.0600 Other short-term rates Canada 2.45 2.45 2.45 2.45 Ford Motor F 6.625 3.78 Oct. 1, ’28 118.229 0.62 118.000 High 0.1000 0.1000 0.1500 0.0800 Japan 1.475 1.475 1.475 1.475 CF Industries CF 5.150 3.42 March 15, ’34 117.905 0.56 117.250 Low 0.0400 0.0400 0.0600 0.0000 Week 52-Week Policy Rates Bid 0.0600 0.0600 0.1000 0.0100 Latest ago high low Euro zone 0.00 0.00 0.00 0.00 Offer 0.0800 0.0900 0.1100 0.0500 …And with the biggest price decreases Call money CIT CIT 6.125 2.66 March 9, ’28 121.570 –0.43 121.595 2.00 2.00 2.00 2.00 DCP Midstream Operating … 6.750 5.30 Sept. 15, ’37 115.750 –0.42 n.a. Key Interest Rates Commercial paper (AA financial) OXY 6.450 5.16 Sept. 15, ’36 113.551 –0.42 113.283 Data are annualized on a 360-day basis. Treasury yields are per annum, 90 days 0.11 0.12 0.26 0.04 Ford Motor F 8.500 2.34 April 21, ’23 111.730 –0.38 112.450 on actively traded noninflation and inflation-indexed issues that are Libor ADT Security ADT 4.125 1.94 June 15, ’23 104.500 –0.37 105.175 adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.10725 0.11100 0.30338 0.10300 Netflix NFLX 5.375 2.91 Nov. 15, ’29 118.500 –0.36 120.280 release H.15. Three month 0.17638 0.18138 0.54088 0.17288 Telecom Italia Capital TITIM 7.200 4.93 July 18, ’36 124.125 –0.34 125.000 Week Ended 52-Week Week Ended 52-Week Six month 0.20488 0.20413 0.71300 0.18950 Holdings UAL 4.875 4.50 Jan. 15, ’25 101.250 –0.31 101.500 Apr 30 Apr 23 High Low Apr 30 Apr 23 High Low One year 0.28113 0.28088 0.83550 0.27588 6-month *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. Federal funds (effective) 0.04 0.04 0.19 0.04 1-year 0.05 0.07 0.19 0.05 Euro Libor Note: Data are for the most active issue of bonds with maturities of two years or more 0.07 0.07 0.10 0.04 2-year 0.17 0.16 0.21 0.11 One month -0.574 -0.572 -0.420 -0.607 Source: MarketAxess Commercial paper 3-year 0.35 0.33 0.35 0.13 Three month -0.544 -0.543 -0.171 -0.574 5-year 0.86 0.82 0.92 0.21 Six month -0.526 -0.523 -0.075 -0.543 Nonfinancial 7-year 1.31 1.25 1.39 0.39 One year -0.493 -0.492 -0.038 -0.511 1-month 0.04 0.04 0.19 0.04 10-year 1.63 1.58 1.72 0.55 Dividend Changes 2-month 0.04 0.05 0.25 0.04 20-year 2.18 2.15 2.32 0.99 Secured Overnight Financing Rate 3-month 0.05 0.05 0.42 0.05 0.01 0.01 0.13 0.01 Dividend announcements from May 3. Financial Treasury yields (secondary market) 1-month 0.07 0.07 0.17 0.07 Value 52-Week Amount Payable / Amount Payable / 1-month 0.01 0.01 0.14 0.01 2-month 0.09 0.12 0.23 0.08 Latest Traded High Low Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record 3-month 0.01 0.03 0.17 0.01 3-month 0.10 0.12 0.21 0.09 Eaton Vance TABS 5-to-15Y EVLMC 1.9 .0158 /.0161 M May06 /May04 6-month 0.04 0.04 0.19 0.04 DTCC GCF Repo Index Increased Discount window primary credit TIPS Treasury 0.013 53.700 0.151 -0.008 Cabot Oil & Gas COG 2.6 .11 /.10 Q May27 /May13 Initial 0.25 0.25 0.25 0.25 Community Healthcare Tr CHCT 3.4 .43 /.4275 Q May28 /May14 Carter's CRI ... .40 Q May28 /May12 5-year -1.67 -1.67 -0.37 -1.84 MBS 0.017 39.070 0.169 0.002 Customers Bncp 7% Pfd. C CUBIpC 5.5 .3504 /.34478 Q Jun15 /May31 7-year -1.06 -1.12 -0.42 -1.44 Fortress Transport Pfd. C FTAIpC 6.7 .45833 Jun15 /Jun01 Treasury yields at constant Notes on data: Delek Logistics Partners DKL 8.7 .92 /.91 Q May14 /May10 maturities 10-year -0.77 -0.75 -0.42 -1.05 Texas Roadhouse TXRH ... .40 Q Jun04 /May19 U.S. prime rate is the base rate on corporate Eaton Vance Global Income EVGBC 3.1 .0351 /.0347 M May06 /May04 1-month 0.01 0.01 0.14 0.01 20-year -0.26 -0.24 -0.08 -0.70 loans posted by at least 70% of the 10 largest Fortress Trans Pfd A FTAIpA 7.9 .5156 /.51563 Q Jun15 /Jun01 Foreign 3-month 0.01 0.03 0.17 0.01 Long-term avg -0.12 -0.10 0.03 -0.50 U.S. banks, and is effective March 16, 2020. Kellogg Co K 3.7 .58 /.57 Q Jun15 /Jun01 Agnico-Eagle Mines AEM 2.1 .35 Q Jun15 /Jun01 Other prime rates aren’t directly comparable; Fortress Techs Pfd. B FTAIpB 7.7 .50 Q Jun15 /Jun01 Notes on data: lending practices vary widely by location; Marathon Oil MRO 1.2 .04 /.03 Q Jun10 /May19 Golar LNG Ptrs Pfd. A GMLPP 9.0 .54688 Q May17 /May10 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Discount rate is effective March 16, 2020. North Eur Oil Royalty Tr NRT 5.3 .14 /.04 Q May26 /May14 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Secured Overnight Financing Rate is as of April Northfield Bancorp NFBK 3.2 .13 /.11 Q May26 /May12 Imperial Oil IMO 2.3 .2196 Q Jul01 /Jun03 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window 30, 2021. DTCC GCF Repo Index is Depository OFS Credit Pfd. C OCCIO 6.0 .1276 /.01276 M May31 /May24 Lazard LAZ 4.2 .47 Q May21 /May10 Trust & Clearing Corp.'s weighted average for primary credit rate is charged for discounts made and advances extended under the Federal Piper Sandler PIPR 1.3 .45 /.40 Q Jun11 /May28 Methanex MEOH 0.4 .0375 Q Jun30 /Jun16 overnight trades in applicable CUSIPs. Value Restaurant Brands Intl QSR 3.0 .53 Q Jul07 /Jun23 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; traded is in billions of U.S. dollars. Federal-funds Postal Realty Trust Cl A PSTL 4.3 .22 /.2175 Q May28 /May14 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid rates are Tullett Prebon rates as of 5:30 p.m. ET. SLM Float. Rate pfd Ser B SLMBP 3.4 .4829 /.47981 Q Jun15 /Jun04 ADR A RDS.A 2.9 .347 Q Jun21 /May14 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Reduced KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Customers Bncp Perp Pfd D CUBIpD 5.4 .3369 /.40625 Q Jun15 /May31 S2:1: stock split and ratio; SO: spin-off. P2JW124000-5-B01000-1------XA

B10 | Tuesday, May 4, 2021 ***** THE WALL STREET JOURNAL. MARKETS Cyclicals Jump as Tech Stocks Retreat

Recent data show joblessclaims areimproving. Share-priceperformance, Monday Institutefor Supply Manage- $2.50,to$322.58. economy picking up, Meanwhile, an exceptionally ment,which showedthat its Investors“arelooking to strong earningsseason so Gap 7.2% purchasing-managersindexof take some chips off the table” helping companies like far—during which most S&P manufacturing activity regis- afterbig technologycompa- 500 companies have sur- Halliburton 5.6 tered60.7inApril, versus ex- nies posted strong earnings Chevron, Home Depot passed analysts’ profit expec- pectations of 65.0, according reportslast week,said Charlie tations—has added to the op- FedEx 4.9 to asurvey compiled by The Ripley, senior investment BY ANNA HIRTENSTEIN timism. Wall Street Journal. Demand strategist at Allianz Invest- S&P500 0.3 AND CAITLIN MCCABE At the same time,however, expanded, the datashowed. ment Management. money managersare assess- Butwide-scale shortages of In bond markets, the yield –0.8 Facebook Investorspiled intoshares ingthe continued spread of basicmaterials,rising com- on the 10-year Treasurynote of economically sensitive Covid-19 in manypartsofthe –0.8 Netflix modities prices and difficul- ticked down to 1.606%. It companies and pulled back world and trying to gaugethe ties in transporting products ended last week at 1.632%, from technologystocks,lead- outlook forinflation, which –2.3 Amazon.com were among the issues that posting itsbiggest weekly rise ing to adivergenceinmajor could erode investment re- continued to affect the manu- sincemid-March. indexesastrading kicked off turns. –3.5 Tesla facturing economy, the report Overseas,the pan-continen- in May. Risinginflation tends to be showed. talStoxxEurope 600 rose TheDow Jones Industrial particularly problematic for Source:FactSet In corporatenews, Estee 0.6%. Averagejumped 238.38points growth and tech stocks,in Lauder sank $24.87,or7.9%, Early Tuesday, Hong Kong’s to 34113.23,asshares of cycli- part because their earnings Oil and Etsy are on tap to re- closely watched Mr.Powell’s to $288.93after itsquarterly Hang Seng Indexwas up 0.2% calstocks ranging from Chev- areexpected to come further port resultsthis week.April commentsbeforethe National revenue came in belowana- and Australia’sS&P ASX200 ron to Dow to in the future. jobs figureswill also be re- Community Reinvestment Co- lysts’ estimates. wasup0.3%. Marketsin MONDAY’S Home Depot “Thereisathin balancebe- ported on Friday. Economists alition forany additional clues Moderna climbed by $7.20, Japan and mainland China MARKETS rallied. TheS&P tween all the positives such as surveyed by TheWall Street about the Fed’sthinking.In or 4%, to $186.02. Thedrug- were closed forholidays.S&P 500 advanced earningsmomentum, the re- Journal expect U.S. employers his remarks,henoted that the maker said it will supply 34 futures were down 0.3%. 11.49 pointsto4192.66. opening,the rollout of vac- to have added one million U.S. economic outlook has million Covid-19 vaccine doses TheNasdaq Composite, in cines and some limiting fac- jobs. In March, the U.S. econ- brightened but added that it to an international program contrast, pulled back,falling tors like[high] valuations and omy added 916,000 jobs. has advanced moreslowly for that distributes the shotsto AUCTION RESULTS 67.56points, or 0.5%, to inflation perspectives,” said Federal ReserveChairman low-wageworkers.Headded developing countries. Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- 13895.12 afterstarting the day LucFilip,head of private Jerome Powell said in April that thepandemic has had a Among the S&P 500’s11 clearing yield. Rates are determined by the difference higher.Megacap technology banking investmentsatSYZ that officials want to see “a significant effect on minority sectors, the energy and mate- between that price and the face value. companies including Ama- PrivateBanking.“Themarket string of months” likeMarch workersand women. rials groups posted the big- zon.com, Netflix and Face- will balancebetween all these to showprogresstoward the “The Fedisfocused on gest gains.Companies includ- 13-Week 26-Week Applications $181,769,823,800 $154,525,496,000 book weighed on the technol- positives and negatives,but central bank’sgoals.Fed offi- these longstanding disparities ing Halliburton, Gap and Accepted bids $64,879,270,300 $61,463,736,000 ogy-heavy index. we believethe positives will cials reiterated last week that because they weigh on the FedEx jumped, with each ris- " noncomp $516,622,100 $438,372,100 " foreign noncomp $978,000,000 $319,000,000 Investorshavebeen heart- outweigh the negatives.” they will maintain the central productivecapacity of our ing4.9%ormore. Auction price (rate) 99.996208 99.982306 ened lately by signals that Investors this week will be bank’spolicies until the labor economy,” Mr.Powell said in In contrast, Amazon tum- (0.015%) (0.035%) 0.015% 0.035% economic growth is picking paying attention to abusy market is back to full strength prepared remarks. bled $80.93, or 2.3%, to finish Bids at clearing yield accepted 37.83% 84.48% up, with recent datashowing week of corporateearnings and inflation has reached the EarlieronMondaybefore at $3,386.49, while Tesla fell 912796C64 9127964W6 that U.S. indicatorsranging and economic data. Companies goal of averaging 2%. Mr.Powell’scomments, inves- $24.54, or about 3.5%, to Both issues are dated May 6, 2021. The 13-week bills mature on Aug. 5, 2021; the 26-week bills mature on from consumer spending to including Pfizer, Marathon InvestorsonMonday tors also parsed datafromthe $684.90. Facebook shed Nov. 4, 2021.

Ether’s price Total transactions on the NFTFrenzyFuels Rival’sBoom network

$3,000 $1.50 trillion BY PAUL VIGNA ances—were created in the aren’t interchangeable,ascur- Ethereum is asoftware project firstfour months of 2021, rencytokens are. TheNFT is still under development, and the TheNFT crazehas put bringing the totaltomore connected to adigital work of obstacles it faces arematerial. 2,000 Ethereum—the - than 55 million, according to art or other real-world item Theburst of activity raised based computer network that analytics firm IntoTheBlock. and sold as aunique digital questions about Ethereum’sen- 1,000 1.25 backs it—on the map again, Andthe dollar value of trans- property.Sincethe launch of ergy usage, given similar con- but the platform is paying for actions on the platform totaled the National Basketball Associ- cerns about bitcoin.Ethereum’s its success. $1.5trillion in the firstquar- ation’s “Top Shot” collectibles energy usageismuch lower 0 Thepriceofether,the in- ter, according to research firm six months ago, NFTshavebe- than bitcoin’s, however. May4,2020 May3,’21 house currencyonthe network, Messari, morethan the previ- come acultural phenomenon. TheEthereum network ex- crossed the $3,000 milestone ous seven quarterscombined. Thetotal value of NFT sales pends about 568 terahashes 1.00 forthe firsttime Sundayand That successhas led to net- on the Ethereum network per second—a measureofthe climbed as high as $3,340 Mon- work congestion and rising surgedto$2billion in the first totalcomputing poweronthe Number of news stories, posts dayafternoon, driven by the quarter from $94million in network—according to data and tweets per month explosion of NFTs, or nonfungi- the fourth, according to data- provider YCharts. Bitcoin ex- 150,000 ble tokens,and another market Ether gained more tracking site NonFungible. pends about 143million tera- 0.75 called defi, short fordecentral- The defi market comprises hashes per second. Ethereum is ized finance. Ayear ago, it than 40% in April, abroad array of financial ser- in the middle of an upgrade cy- 125,000 Overall traded at $210. while bitcoin fell vices that allowcryptoholders cle that will switch to an even Thegains in ether,the sec- to borrow against their hold- lessenergy-intensivesystem. ond-largest cryptocurrencyby about 2.4%. ingsorlend them out. With Itsbiggest challengeisthe 100,000 market value behind bitcoin, more institutional investors same sinceits launch: scalabil- 0.50 have accelerated even as bit- entering cryptomarkets, fuel- ity.The network aims to be a Neutral coin’smomentum slowed.Ether ing the rally in bitcoin and the “world computer,” handling 75,000 gained morethan 40% in April, transaction fees that expansion of derivatives bets, trafficfromhundreds of mil- while bitcoin fell about 2.4%. prompted rivals to enter the there has been a correspond- lions of people. Therecent surge Ethereum is aplatform for market,along with worries ing demand forborrowing in traffic resulted in significant 50,000 0.25 developerstobuild and operate aboutthe environmental im- crypto assets. network congestion, spurring a Negative apps. It is an open-source soft- pact of cryptocurrencies. Thetotal amount of crypto lag in settlement times and a ware project, which means no Formost of itsexistence, held in defiprotocols on steep rise in transaction fees. 25,000 central party has control. Ethereum held morepromise Ethereum—a number referred Theaverage feehit arecord Therally in ether is tied to than payoff.That changed over to as “total value locked”— $38 in February, according to Positive the recent activity on the net- the past year thanks to NFTs skyrocketed to $68 billion, ac- statistics websiteBitInfo- 0 0 work.About seven million new and defi. NFTsare bitcoin-like cording to DeFiPulse,from Charts, and rose back to $30 March 2015 ’20 ’21 2019 ’20 ’21 Ethereum addresses—or ac- tokens,with atwist: Only one about $900 million ayear ago. on April20, making it unat- Sources: Kraken (price); Sentifi (mentions); Messari, CoinMetrics (transactions) countsable to hold ether bal- at atime is created and they Forall the recent hype, tractivefor small transactions. Lumber Prices Reach High, Boosting Sawmill Profits

BY RYAN DEZEMBER while their finished products month, when the betsare set- crease in mortgage rates or a shut down last year to slow Lumber futures price, by year* like lumber andplywood are tled. On Monday, May futures Covid resurgence, it is hardto the spread of the coronavirus, The frenzied climb in lum- flying off hardware-store shot up $75.60, the most ever imagine what could cause lum- sawmills sent workershome $1,750 per 1,000 boardfeet ber prices is generating super- shelves and being bid up by in a single day. ber demand to drop and prices and curtailed production. By lativeprofits forsawmill own- home builders. On-the-spot prices fortwo- to moderateinthe foreseeable April, roughly 40% of North 1,500 2021 ers. Home buyers, rentersand Lumber futures delivery by-foursand other wood prod- future,” said Eric Cremers, America’ssawmill capacity do-it-yourselfersare footing later this month ended Mon- uctshavejumped to fresh chiefexecutiveofPotlatch- was shut down. 1,250 the bill. dayat$1,575.60 per thousand highs, according to pricing Deltic Corp. U.S. wood-product output Wood prices pushed further boardfeet, an all-time high serviceRandom Lengths. TheSpokane,Wash., com- returned to pre-pandemic lev- 1,000 intorecordterritory, asign and more than four times the Tradersworried about being pany’swood-productsdivision els in December, according to 2020 that Weyer- typical pricethis time of year. leftempty-handed capitulated, earned $125.5 million during the Federal Reserve. Yet pro- COMMODITIES haeuser Co., Futures have risen by the daily and the firm’sframing-lumber- the firstquarter,its best ever. duction remains about 16% 750 Canfor Corp. maximum allowedbythe Chi- compositepricemade itshigh- Lumber futures have risen by lower than the 2006 peak. and other sawmill ownersare cago Mercantile Exchangedur- est ever weekly gain, ending about two-thirds from the “The prices appear to be 500 in line forevenfatterprofits ing nine of April’s21trading April at a record of $1,290. $890 averagepricePotlatch passing on,” Canfor CEO Don than the record earningsthey sessions. Mill ownerssay they are fetched during the firstquar- Kayne told investorsFriday. 250 have been reporting forthe Exchangerules remove backed up with ordersinto ter. Canfor,which owns mills in 2015-19 AVERAGE first three months of 2021. daily trading thresholds dur- June.Boards forJuly delivery, “Builders are reporting re- northwest Canada and 0 These companies have ing the month in which afu- the most actively traded fu- cord home sales,and they’re throughout the U.S. South, emergedasthe biggest benefi- tures contract expires, which tures contract, ended Monday going to need that wood to notched quarterly recordsin 150100 150 200 250 ciaries of the wood boom. means Mayfutures have no at $1,418.50. September lum- build those homes,” Mr.Crem- sales and profit. “So far we TRADING DAYS They are feasting on a glut of limittohow high they may ber cost $1,277. ers told analysts last week. haven’t seen the resistance *Random length, front-month contracts cheap pine trees in the South rise beforethe middle of the “Absent asignificant in- When the economywas that you would expect.” Source:FactSet

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Stock 235.13 +2.29 23.4 ContraK 17.96 -0.06 9.3 Harbor Funds PIMCO Funds I2 ExtndAdml 139.45 -0.19 12.2 VANGUARD FDS IdxIntl 20.81 +0.13 7.5 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. DoubleLine Funds CpInc r 11.25 +0.01 6.0 CapApInst 107.07 -1.32 2.7 Income 12.06 ... 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NA-Not Fidelity LowP r 57.92 +0.55 19.1 DevMktY 55.43 -0.26 3.7 BlChip 177.41 -1.28 7.2 InfProAd 28.32 +0.07 0.2 INSTTRF2035 30.70 +0.09 6.9 TotItlInstPlId r139.25 +0.85 7.5 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; 500IdxInstPrem145.56 +0.40 12.1 Magin 13.95 -0.06 6.9 John Hancock Instl DivGro 66.66 +0.35 11.3 IntlGrAdml 166.09 +0.55 3.6 INSTTRF2040 31.66 +0.10 7.9 TotSt 105.84 +0.21 12.1 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. 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NA PrmcpAdml r174.56 +0.61 13.5 InstTStPlus 82.66 +0.16 12.1 Fidelity SAI R2035 23.16 +0.05 9.0 TgtRe2015 16.10 +0.03 2.4 AMutlA p 49.92 +0.39 12.4 BlackRock Funds EmMktCorEq 26.17 -0.05 7.9 USBdIdxInstPrem 12.05 +0.01 -2.6 Metropolitan West RealEstatAdml140.03 -0.42 17.0 MidCpInst 63.45 ... 12.3 TotalBd 10.51 +0.01 -1.5 R2040 33.47 +0.09 10.0 TgtRe2020 35.62 +0.09 3.9 BalA p 32.27 +0.12 7.2 HiYBlk 7.84 ... 2.1 IntlCoreEq 16.10 +0.17 10.7 Fidelity Advisor I TotRetBdI 10.91 +0.01 -2.0 SmCapAdml106.92 +0.31 15.0 MidCpIstPl 312.94 ... 12.4 Fidelity Selects PRIMECAP Odyssey Fds TgtRe2025 22.59 +0.06 4.9 BondA p 13.44 +0.01 -2.1 HiYldBd Inst 7.84 +0.01 2.1 IntSmCo 22.61 +0.24 11.6 NwInsghtI 40.24 -0.11 9.2 TRBdPlan 10.23 +0.01 -2.0 SmGthAdml 99.44 -0.63 5.9 SmCapInst 106.91 +0.30 15.0 Softwr r 28.49 -0.16 6.7 AggGrowth r 57.90 -0.24 7.9 TgtRe2030 42.92 +0.12 5.8 CapIBA p 67.78 +0.32 8.2 BlackRock Funds A IntSmVa 21.64 +0.25 13.2 Fidelity Freedom Northern Funds STBondAdml 10.79 ... -0.3 SmCapIstPl 308.59 +0.88 15.0 Tech r 26.59 -0.20 4.7 Schwab Funds CapWGrA 64.07 +0.11 8.2 GlblAlloc p 22.72 +0.06 5.2 LgCo 31.46 +0.09 12.1 FF2020 18.02 +0.05 5.0 StkIdx 46.93 +0.12 12.1 STIGradeAdml 10.97 ...... 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Chargers may prove better investments than many electric-car makers, but stock pickers face a plethora of models to choose from

Among the picks and shovels in Electric-vehicle charging stocks the electric-vehicle boom arecharg- ChargePoint ing points. They seem to be morere- liable betsthan the startup brands TPGPaceBeneficial Finance(EVBox) looking to take on Tesla, but inves- tors need to decide if they prefer Climate Change Crisis Real Impact I(EVgo) picks,shovels or something new. $50 Anumber of companies that offer Tortoise Acquisition II charging infrastructurewent public (Volta) in recent months via amergerwith 40 aspecial-purpose acquisition com- pany. Thefirst mover was Charge- Point in February, followedby EVgo, EVBox and VoltaIndustries, 30 which have yettocompletetheirs. ThereisBlink Charging,which held an in 2018. Therationalefor investing in such 20 companies is that charging services areneeded to support the growth of EVs. While this has been true for years, the sector gotabig boost 10 from Tesla’ssoaring market value,a

/REUTERS DateofSPACmerger scramble by the likes of General Mo- announcements; all IPOs at $10. tors and Volkswagentolaunch com- OINT 0 peting EVsand the Biden adminis- GEP Sept. 2020 ’21

tration’sdecarbonization agenda. CHAR Importantly,charging-related ChargePoint bundles its boxes with software that offers cloud-based pricing and other services. Source:FactSet companies should benefit from EV adoption whichever vehicle makers Equipment makersshould grow public via SPACsare trading below gers can reduce charging times SanFrancisco-based Voltaisper- dominate. That meansinvestors rapidly as EV networks getbuilt out. their $10 IPO prices,ChargePoint from all night to half an hour. haps the most innovative—and spec- cansidestep the difficulty of pick- But hardwarevendorsoften face stock fetches around $25,giving it a EVgo operates the largest U.S. ulative—of the charging companies ing winnersinacrowded field. falling prices as their technologyde- market value of roughly $7.5 billion. public fast-charging network. Build- going public.Itisbuilding anetwork With the exception of Tesla, which velops and scales up—a problem Investorslikeits 73%market share ing stations is capital intensive— to serveasanadplatform, with the has itsown network,all EV makers that maybenefit network builders. of the standardalternating-current they cancost half amillion dollars— electricity provided free of charge. rely on shared facilities.“Even if ChargePoint bundles itsboxes chargers in the U.S. as well as the but promises double-digit returns as While chargers arethe gaspumps EV adoption is half of current ex- with software that offerscloud- software businessmodel. It is asim- long as they areused to the extent of the EV era, the comparison pectations these companies should based pricing,energy management pler companytounderstand than expected. That dependsonthe pace shouldn’t be takentoo far.Electric- maketheir numbers,” says Craig and other services.This provides a EVBox, which offersawider variety of EV adoption and the wisdom ity canbedelivered in moreways Irwin, aRoth Capital Partnersana- revenue stream that could offer of services to suit the moremature with which the companypicks sites. and places than gasoline,and many lyst whofollows the sector. some protection from the risks asso- and fragmented European market. Thelikes of EVgo canreceive of the models remain untested at That still leaves questions. One ciated with hardwarebusinesses.Eu- Most EV charging is done at subsidies to bring stations to scale.Charging infrastructureseems is which companies are better rope-based EVBoxsells hardware home on AC chargers, but that places that don’t otherwise justify likeagood placetoput money as placed: those that sell charging and software but, unlikeU.S.-focused could change as U.S. ownership the investment. GM is paying $90 the EV revolution gatherspace, but equipment, or those that build and ChargePoint, not always together. broadens beyond Californians with million for2,700 EVgo stations that investorsneed to be carefulwhere operate networks. While some companies that went garages. Direct-current fast-char- otherwise wouldn’t be economical. they plug in. —Stephen Wilmot Apple’s App Store Carries High Stakes Estee Lauder Service margins are at a record and have been a vital underpinning of company’s surging market value Was Too Apple’s lawyers have an unenvi- Apple’s segment grossmargins,quarterly impact on Apple’sbottomline due able task: Defending a key under- to the higher margins they gener- pinning of a $2 trillion enterprise Products Services atecompared with devicesales. Done Up comes with high stakes. 70% Apple’sgross margin on services The outcome of the bench trial revenue hit 70%inthe most recent between Apple and Epic Games, 60 quarter—up 12 percentagepoints Estee Lauder looks and smells which gets under way Monday, is 50 from when the companybegan dis- likeanobvious beneficiaryofthe re- far from certain. And even a ruling closing servicemargins at the be- opening economy. But beauty stan- there may not settle the issue for 40 ginning of its2018 fiscal year. dards forthe companymay have some time, as the legal and finan- Services are key to Apple’s ef- been set at unattainable heights. cial muscle on both sides makes 30 forts to diversify its business away Theglobal beauty brand giant, appeals a near certainty. 20 from hardware sales. These efforts which owns Clinique,JoMalone and Apple has among the world’s have struck a chord with investors, Dr.Jart+, sawsales grow 13% from a deepest pockets, with nearly $83 10 who have propelled the company’s year earlier on aconstant currency billion in net cash and abusiness 0 market value up more than 170% basis in itsfiscal thirdquarter that generated morethan $90 bil- over the past three years, now ended March 31, exceeding itsguid- lion in free cash flow over the past FY2018 ’19 ’20 ’21 past $2 trillion. Apple has shown a anceof10%-11%. Still, both the top four quarters, according to FactSet. Note:Fiscal year ends in September willingness to deal; the company line and the bottomline were below Epic,meanwhile,raised $1 billion in Source:S&P Global Market Intelligence reduced its fee take on the App Wall Street’shigher expectations. itslatestfunding round earlier last Store by half for small developers Estee Lauder’s shares dropped al- month and has alist of backersthat App Storemodel, such as the com- growth in the company’s quarterly late last year. most 8% afterthe call on Monday. includes Sony, Walt Disney and pany’stight control of which apps filing, as it has been pretty consis- But the key points at issue in Makeup continued to sell poorly Chinese videogame titan Tencent. canbeinstalled on itsdevices, and tently for the past five years. Ap- the Epic case and the EU charges as consumers kept wearing masks. But Epic isn’t Apple’sonly prob- itsrequirement that transactions ple said on a conference call fol- go well beyond the size of Apple’s The segment’s quarterly sales were lem when it comes to defending its on those apps runthrough itsown lowing the quarterly results that cut and those seem like areas in down 13% on a constant currency App Storebusinessmodel: The system. Lawmakersand regulators App Store revenue hit a record in which the company is less likely to basis compared with a year earlier. iPhone maker was chargedFriday on this side of the pond also have the quarter, and analysts project compromise. “The idea behind cu- Skincare and fragrances are faring by the European Union with anti- their eyeonthe issue. the business will generate about rating the App Store to get the better, with revenue in both seg- trust violations forallegedly abus- The latest developments come $21 billion in revenue for the com- privacy and security that our cus- ments up roughly 30%. ing itscontrol over the distribution as the App Store business has pany’s current fiscal year ending tomers want, I think is very impor- Some of last quarter’s weakness of music-streaming apps.Apple never been stronger. Last week, in September, according to consen- tant,” Apple Chief Executive Tim wasdue to the resurgenceof still has achancetoargue itscase Apple reported record services sus estimates by Visible Alpha. Cook said on the company’s con- Covid-19 in partsofthe world. In- beforethe EU’sregulatorycommis- revenue of $16.9 billion for its fis- That would amount to just about ference call last week. storesales were especially affected sion beforeitrendersits decision. cal second quarter, up 27% year 6% of Apple’stotal projected reve- The company now just has to in partsofEurope,LatinAmerica Both the Epic Case and EU probe over year. The App Store was cred- nue forthe year.But services such convince a lot of people in power and Japan, which had some closures aretargeting elementskey to the ited as the largest driver of that as the App Storehaveanoutsize of that. —Dan Gallagher during the quarter.Online sales have made up forsome of the weakness, growing double-digit percentages acrossthe world. That hascarried some perks forEstee Lauder: Online Asia’s LopsidedBooms StoreProblems forthe Future sales growth and lowertester costs helped boost margins in the first quarter,the companynoted on its earningscall on Mondaymorning. South Korea and Taiwan both Components of South Korean GDP, changemarket. Both Taipei and The latest published figure for Places that have abetterhandle reported better-than-expected eco- in 2015 prices Seoul areloath to let the value Taiwanese household debt was on Covid-19 offer hope forfuture nomic growth last week, and in of their currencies swell too 86.7% of GDP, reported by the cen- quarters. Free-standing stores in Is- both cases it looks quite similar: 250 trillion won high, which would pinch export tral bank for 2019. But the amount rael,wheremasks arenolonger Exports have boomed, domestic Privateconsumption competitiveness. of total outstanding mortgage mandatoryoutdoors, have seen sales expenditure demand hasn’t. That has already 200 That sets up two risks down the lending has risen by 10% since the return to pre-pandemic levels.Even caused some problems, which will line. First, foreign-exchange re- beginning of the pandemic, sug- lipstick sales arealmost back to nor- be exacerbated if the trend contin- serves have bulged, which puts the gesting the figure must have mal, the companysaid on an earn- ues unabated. 150 two export champions on a colli- climbed further. According to the ingscall. In China, afast-growing In South Korea’scase, exportsof Exports of goods sion course with the U.S. over cur- Institute of International Finance, market forEstee Lauder,domestic goods were 4.4% higher in the first 100 and services rency manipulation. That may not South Korea’s figure is even travel to shopping hubs such as Hai- quarter compared with the final happen immediately, but the Trea- higher, at 102.8% of GDP at the nan Island has morethan offset the quarter of 2019,beforethe pan- sury Department probably won’t end of 2020. Those figures are lack of international travel globally. demic hit. Meanwhile,privatecon- 50 remain silent indefinitely. high even by the standards of ad- Thepaceofrecoverywill con- sumption spending is still languish- The second is more complex, vanced economies. tinue to be awild card as vaccina- ing 5.5% belowthat benchmark. but even more worrying for the Both governments have repeat- tion speeds vary acrossthe world. 0 Quarterly It is asimilar storyinTaiwan. long-term. The last thing the two edly attempted to cool their hous- Meanwhile,Estee Lauder’s valuation Electronics exportsinparticular 2002 '05'10 '15'20 central banks want to do is in- ing markets, knowing the destabi- alone makes it awild card:Itis areupby28.4% year-over-year, Note:1trillion won=$894.6 million crease interest rates and add fuel lizing effect that high leverage can trading at roughly 45 times for- with net exportscontributing far Source:FactSet to the fire under their currencies. have. But when too much macro- ward-12-month earnings, abovethe moretothe overall 8.2% growth But keeping interest rates so low economic policy is based on an 30 times rangeseen pre-pandemic in grossdomestic product than like a good problem to have. But and leaning heavily on monetary aversion to government debt and and the 10-year averageof28times. consumption. imbalances in either direction can rather than fiscal policy to support an over-prioritizing of export Theglobal reopening will enhance For countries such as the U.S. cause problems. demand will likely worsen finan- growth, vulnerabilities inevitably Estee Lauder’s looks forsure, but as and U.K., where large trade defi- Alarge chunk of the problem cial vulnerabilities linked to the accumulate. with makeup,itprobably can’t per- cits are common, this might sound comes down to the foreign-ex- housing market. —Mike Bird form amiracle. —Jinjoo Lee P2JW124000-0-B01200-17FFFF5178F

B12 | Tuesday, May 4, 2021 THE WALL STREET JOURNAL.









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