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**** THURSDAY,NOVEMBER 12, 2020 ~VOL. CCLXXVI NO.114 WSJ.com HHHH $4.00

DJIA 29397.63 g 23.29 0.1% NASDAQ 11786.43 À 2.0% STOXX 600 388.56 À 1.1% 10-YR. TREAS. Closed (yield 0.970%) OIL $41.45 À $0.09 GOLD $1,860.70 g $14.70 EURO $1.1778 YEN 105.43 President Emerges From White House to Honor Veterans Georgia What’s News To Hold Recount Business&Finance Of Votes uropean regulators Eand bank executives are concerned about apotential By Hand wave of bad loans that could overwhelm lenders when government pandemic Rare step comes amid rescue packages end. A1 Trump-Biden standoff  Funds thattouted access over transition and to Ant Group’sIPO will let in- vestorscash out early,follow- GOP legal challenges ingoutcryafter the fintech giant’s listing was halted BY CAMERON MCWHIRTER by Chinese regulators. B1 AND LINDSAY WISE  Tech shares lifted the S&P 500 to a gain of 0.8% S ATLANTA—Georgia officials in Wednesday’s session, PRES said Wednesdaythey will hold

while the Nasdaq rose 2%. TED arare, by-hand recount of the TheDow edged down 0.1%. B1 CIA state’s5million votesinthe SO

AS presidential election,amove

 OPEC forecast in its lat- Y/ that comes amid aclose margin est monthly report that when other states arewinding global oil demand will take

SEMANSK down their official counts. a larger hit in 2020 than President-elect JoeBiden

previously expected. B9 TRICK wasleading President Trump PA  Revlon is nearing an RAINY REMEMBRANCE: President Trump made his first official appearance since the election, placing a wreath Wednes- by more than 14,000 votes, or agreement with investors day at the Tomb of the Unknown Soldier at Virginia’s Arlington National Cemetery to mark Veterans Day. 0.3%, in Georgia as of Wednes- that would save the long- day. If he is declared the win- struggling cosmetics com- ner,itwill be the firsttime a pany from bankruptcy. B1 Democratic presidential candi- datehas carried the statesince  Kodak said that five for- Trump LawsuitsAim at KeyStates 1992. Mr.Biden has won mer executives were able enough states in the Electoral to collect millions of dol- Collegetobecome the presi- lars by selling stock op- BY REBECCA BALLHAUS to victory, even if hislegal ef- can-controlled statelegislatures wasstolen from him and ex- dent-elect, even without Geor- tions they didn’t own. B3 AND REBECCA DAVIS O’BRIEN fortsmeet some success,a to appoint pro-Trump electors pectshis legal team to keep gia, according to Associated  Ablank-check firm backed WhiteHouse official said, who would swing the Electoral fighting. Pressprojections and election by BarrySternlicht is in talks President Trump’scampaign though some advisershave Collegeinthe president’sfavor, Some of Mr.Trump’sadvis- results. to merge with Cano Health is pursuing apatchwork of le- continued to tell the president according to people familiar ersand lawyerssaid thereisn’t Georgia SecretaryofState in a$4.4billion deal that galattacks in key states that he stillhas ashot. An official with the discussions. an overarching legal theoryor Brad Raffensperger, aRepubli- would take the health-care have been called forPresident- said Mr.Trump understands It isn’tclear howseriously coordination behind the cam- can, said that statelaw requires provider forseniorspublic. B4 elect JoeBiden to mount a that the fight isn’t winnable but the campaign has considered paign’sefforts. Thelegal battle him to certifythe election re- longshot effort to trytopre- characterized his feelingsas: this idea, one of the people will likely conclude with Mr. sultsbyNov.20. Mr.Raffen-  Billionaire heiress Mar- vent officials from certifying “Let me have the fight.” said. Trump saying the election was spergersaid he did not believe garitaLouis-Dreyfusagreed the results, advisersand law- Onepotential strategydis- Manyofthe advisersand PleaseturntopageA6 the recount would changethe to sell amajor stakeinagri- yers involved said. cussed by the president’slegal lawyerssaid they doubt the ef- vote tally in Georgia. “I have cultural merchant Louis Drey- Trump advisershavegrown team would be attempting to fort would succeed and sayitis  Greg Ip: Nationalism remains faith in the accuracyofthe fustoastate-owned holding morevocal in conversations getcourt orderstodelayvote aimed largely at appeasingMr. as a test for Biden...... A2 electronic voting machines,” he company in the U.A.E. B3 with the president in recent certification in critical states, Trump,who has made clear  Fewcourts have intervened in said, adding,“Ibelievethe re-  The U.K. government days that they don’t see apath potentially positioning Republi- that he believes theelection ways soughtbyTrump...... A6 PleaseturntopageA6 proposed new legislation to bolster its powers to block foreign takeovers of British companies. A20 State Aid to European Banks SoftBank Chief World-Wide Obscures LevelofBad Loans Pulls Back From  Georgia officials said they will hold arare, by-hand recount of the state’s5mil- BY PATRICIA KOWSMANN Brink—With Help Government measures adoptedinresponse 3% lion votesinthe presidential AND MARGOT PATRICK to coronavirus by Oct.29, as apercentage 13% election, amovethat comes of each country’s 2019 GDP amid a close margin when European banks saythey are other states are winding doing just fine during the coro- Cash payments and forgone revenue 8 Masayoshi Son, coached in crisis by hedge down their official counts. A1 navirus pandemic.But regula- Taxrelief and other deferrals  Trump’scampaign is pur- fund Elliott, still leaves everyone guessing tors and bank executives are Loan guarantees and 1 7 32% suing apatchwork of legal other assistance* concerned about apotential 5 attacks in key states that wave of bad loans that could 5 Japanese tech billionaire buying back shares. The 8 have been called forBiden to overwhelmlenderswhen gov- 24 Masayoshi Son late this world’s biggest tech investor 9 22 mount along-shot effort to ernment rescue packages end. 3 spring said he had “peered relinquished majority control trytoprevent officials from Theeconomies of Europe 11 2 over the cliff edge” of finan- over its last major operating certifying the results, advisers 9 reeled this year,and fresh 4 15 14 businesses, sealing Soft- and lawyersinvolved said. A1 lockdowns in many countries 1 By Phred Dvorak, Bank’s transformation into  Biden has chosen Ron areweighing on nascent re- 9 Corrie Driebusch and an investment firm—and Mr. Klain, a longtime adviser coveries.Yet the unprece- 3 6 Juliet Chung Son’s reputation for not do- who was Ebola czar under dented levels of government 3 ing anything by halves. Obama, to be his White and financial-sector support, Spain U.S. Portugal U.K. France Belgium Germany Italy cial ruin. Now, the SoftBank Mr. Son had survived pre- House chief of staff. A4 including repayment moratori- *Excludes central-bank measures; shows the total volume of private-sector loans or activities Group Corp. founder and vious corporate near-death ums sometimes covering a covered, notthe amounts governments put aside forthe liquiditysupport or guarantee. chief executive is sitting on episodes. This time, there  Hospitals across the na- quarterofall outstanding Source:Bruegel one of the largest cash piles was a new force urging on tion faceanevenbiggerca- loans,havekept households in the investing world. the metamorphosis. pacity problem from the re- surgent spread of Covid-19 andcompanies afloat. That “What we have is avery week. “When these measures Mr. Son pulled his con- When SoftBank’s shares than they did during the vi- meansbanks haven’t had to strangecrisis” in which econo- stop,what then will the pic- glomerate back from the lost nearly half their value— rus’searlier surges, pandemic recognizethose loans as po- mies areshrinking sharply but turebe? We have limited visi- void with a sharp and sur- almost $50 billion—in two tentially soured. defaultsaren’t rising mostly bility as of yet.” prising strategy shift, selling weeks this spring, Mr. Son preparednessexpertssaid, Even bank CEOs arewon- because of the relief measures, Regulatorsfear some Euro- off holdings that have been and his senior team held as U.S. hospitalizations hit dering what happens when the Steven van Rijswijk, chief ex- pean banks are tooslowtore- central to his investment and daily calls with executives at anew high Wednesday. A1 PleaseturntopageA7 PleaseturntopageA12  Officials around theU.S.on support ends. ecutiveofING Groep, said last operating blueprint, and Tuesdayreported morethan 1,400 coronavirus-related fatalities, the highest daily People Are Dressing Up RecordCovid-19 Cases INSIDE number sincemid-August. A8 Even if They Have Nowhere to Go  Beijing forced the expul- sion of four pro-democracy iii Strain Hospitals Again Hong Kong lawmakers, promptingthe rest of the op- Tired of sweatpants, some are upgrading position bloc to resign in pro- BY MELANIE EVANS “Wealready knowthis is go- test of China’sintensifying their wardrobes; jewelry, cufflinks, shoes ing to go far north,” said Mi- crackdownondissent. A10 Hospitals acrossthe nation chael Osterholm,director of the face an even biggercapacity Center forInfectious Disease  Iran continues to build up BY SUZANNE KAPNER comfyclothes wasanovelty, problemfromthe resurgent Researchand Policyatthe Uni- itsstockpile of low-enriched PERSONAL JOURNAL uranium and nowholds especially forthose accus- spread of Covid-19 than they versity of Minnesota. roughly 12 times the amount Dawn Head hitabreaking tomed to dressing up forthe did during the virus’searlier TheU.S.set single-dayre- Keith Richards on life point six weeks ago. office everyday. Now, it’s just surgesthis year,pandemic pre- cordsfor coronavirus cases allowed under the 2015 nuclear in quarantine and the The51-year-old tossed aside depressing. parednessexpertssaid, as the threeofthe last seven days, accord,aU.N.agencysaid. A11 the elastic-waist shortsshe “It’s‘Groundhog Day,’ ” said number of U.S. hospitalizations reaching about 136,000 Tues- Rolling Stones’latest  Died: PrinceKhalifa bin had been wearing sincethe Stacie Krajchir-Tom, referring hit anew high Wednesday. day, Johns Hopkins University album. A13 Salman al Khalifa,84, Bah- pandemic started. to the 1993 movie Thenumber of hospitalized datashow. rain’sprime minister. A20 She put on jeans,a starring Bill Murray, Covid-19 patientsreached Demand forhealth-care topwith slitsatthe in which he relives 65,368,according to the Covid workersisofheightened con- CONTENTS Opinion...... A17-19 shouldersand thesame dayover Tracking Project, passing the cern in the latest surge,said Arts in Review... A15 Personal Journal A13-14 Business News.B3-4 Sports...... A16 wedgesandals. and over again. record set Tuesdayfor the high- hospital and disaster-response Capital Account.... A2 Technology...... B5 Then, she droveher To shakethings est number of hospitalizations officials.Cases aremoregeo- Crossword...... A16 U.S. News...... A2-9 son to swim class— up,Ms. Krajchir- sinceApril. Aspring surge in graphically widespread, reach- Heard on Street.B10 Weather...... A16 a trip that took all Tomand her family the Northeast pushed hospital- ingmoreremoteregions than Markets...... B9 World News A10-11,20 of sevenminutes. started dressing up izations near 60,000.Hospital- the spring and summer.Federal “I decided to Pineapple purse forSundaydinners izationshit anearly identical andprivatepools of health-care > step it up,just to at theirLos Angeles peak again in lateJuly,asthe workerstypically draw from THE MIDDLE SEAT feel likemyold self,” says the home.Her 8-1/2-year-old son pandemic’s grip spread across one statetohelp another. Deicing poses Tucson, Ariz., resident, who likes to pick out her outfits. the South and West. Newhospitalizations usually challenge forplanes’ runs a blog for moms. On arecent Sunday, he chose Epidemiologistssaid the re- PleaseturntopageA8 At the start of the coronavi- agreen dress, two bracelets, cord is likely to be swiftly re- efforts to keep cabin s 2020 Dow Jones & Company, Inc. All Rights Reserved rusoutbreak, wearing leg- acocktail ring and high- placed by another as Covid-19  New Covid deaths in U.S. rise air virus-free. A14 gings, T-shirtsand other PleaseturntopageA10 cases soar nationally. above 1,400...... A8 P2JW317000-0-A00200-1------XA

A2 | Thursday, November 12, 2020 THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Nationalism Remains as a Test for Biden

Donald in Hungary, Poland and India So Mr.Biden will have the HuaweiTechnologies Co.from Mr.Biden will be urgedtore- newables,and abridgefuel Trump’selec- and takenofficeinBrazil. public on his side in reversing its5Gtelecom networks until join, to build aunited front forother countries shifting tion in 2016 British Prime Minister Boris Mr.Trump’srestrictivepoli- U.S. sanctions threatened to against China, which isn’t a away from coal. waswidely Johnson wonaresounding cies. depriveHuaweiofvital com- member. Climateactivistsmay press seen as are- majority by promising Britain At the same time,Ameri- ponents. Yetthe pact’srules of ori- Mr.Biden to use everyregula- bukeofglobal- would leave the European cans think bordersmatterand AfterMr. Trump paralyzed gin forexportsbetween mem- tory lever to leave fossil fuels ization, immigration and free Union, which it has.True, don’t support decriminalizing disputeresolution at the berscould in theoryallow in the ground, such as by trade. support forright-wing anti- unauthorized border cross- World Trade Organization by cars with mostly Chinese con- slowing or halting permitsfor This year, those issues immigration parties in West- ings—a position held by many blocking appointmentstoits tent to enter the U.S. at pref- oil and gaspipelines and ex- barely registered.They were ern Europe has plateaued, but contendersfor the Democratic topappeals panel, the world erential duty rates, threaten- ports. But if the rest of the largely absent from Mr. that’spartly because centrist presidential nomination, is eager forthe U.S. to once ing an industryMr. Biden has world fails to curb itscon- Trump’scampaign speeches ruling parties have them- though not Mr.Biden. again playbyits rules.But pledged to protect. sumption of fossil fuels,for- and ads,and they didn’t rate selves takenatougher line on Thereisarisk that, in re- what if Mr.Biden allows the Mr.Biden must find away eign supplierswould fill the among voters’most impor- border controls and refugees. versing Mr.Trump’sharshest to re-engagewith the world void, putting Americans out tant issues,according to exit On immigration, trade and policies,Mr. Biden triggers a without compromising con- of work while accomplishing polls. climatechange, President- flood of economic migrants A promised course stituencies such as manufac- little forthe climate. That Yetthis doesn’t mean 2016 elect JoeBiden has promised without valid claims to asy- turing workerswho feel they won’t seem likeareasonable wasanaberration and that acourse correction that lum, eroding public support correction on lost from past engagement trade-off to oil and gaswork- globalism—the doctrine that moves the U.S. back toward and potentially re-inflaming immigration, trade with other nations,especially ersinTexas and Pennsylva- says increased flowsofpeo- opennesstoand engagement tensions over immigration. with China. nia. ple,goods,capital and ideas with the world. But howhe and climate change. Mr.Biden could counter acrossbordersare both inevi- does so will determine Trade Climate that with aclimatepolicythat table and good—is onceagain whether he soothes or aggra- Mr.Biden plans to work One line from his debates steersAmerican consumers triumphant. vatesthe backlash that helped with allies to confront China with Mr.Trump that Mr.Bi- toward renewables via subsi- Mr.Trump arguably lost elect Mr.Trump four years rather than antagonizethem panel to begin operating and den would probably liketo dies and infrastructureora morebecause of his oftendi- ago. with tariffs such as those on it then upholds alower-panel take back washis declaration, carbon price. If the rest of the visiveand norm-breaking be- steel. But U.S. allies cooperate ruling that U.S. tariffs on “I would transition away from world is serious about climate havior than his specific poli- Immigration when it is in their interest, China areillegal?Would he the oil industry.” change, it candothe same. cies (his coronavirus response Amajority of Americans not because the U.S. asks repeal them, losing leverage In truth, the fateofthe U.S. But so long as other coun- wasanexception). While the sayimmigration is good for nicely. over China? oil industrydepends not on tries keep consuming oil and modern nationalist movement the country, and such support Manywerereluctant to act Mr.Trump pulled the U.S. anyindividual, including Mr. gas, Mr.Biden should ensure has lost itsmost prominent grew under Mr.Trump.They on China’strade transgres- out of the Trans-Pacific Part- Biden, but on global demand. U.S. producersget ashot at leader,itremains aforce also broadly back legal status sions forfear of losing busi- nership with 11 other coun- Transitioning from natural supplying it. Climatepolicyis abroad. forlongtime migrantslacking nessthere. Britain, one of the tries,apact negotiated when gasisn’t an option forthe lesslikely to faceanationalist Since2016,right-wing na- it, especially those who came U.S.’s closest allies,didn’t ban Barack Obama waspresident foreseeable future, either: It is backlash if it puts America tionalistshavebeen re-elected as children, the “dreamers.” equipment made by China’s and Mr.Biden vicepresident. anecessarybackstop to re- first. U.S. WATCH President-Elect Will Shape Fed’s Personnel, Policy

BY NICK TIMIRAOS that required the approval of the Treasurysecretary. TheBi- President-elect JoeBiden den administration could po- could reshape the Federal Re- tentially reconfigurethese pro- serveoverthe coming years grams,subject to the through personnel appoint- negotiations with Mr.Powell ments and fiscal policies, and the board. though his administration is Beforethat happens,the Fed

S unlikely to have anyimmediate has to decide whether to ex-

PRES effect on the central bank’sin- tend the programs,most of terest-ratepolicy. which areset to expireDec.31. TED

CIA Chief among those decisions

SO is selecting the next Fedchair, Monetary Policy AS

S/ one of the most powerful eco- Fedofficials agreed in Au-

NEW nomic-policymakersinthe gust to arevampofits policy- T- world. Mr.Biden will decide setting strategythat entails

TRIO whether to offer the current holding interest rateslowerfor PA leader,Jerome Powell,asecond longer.They announced new

/THE term or pick asuccessor to guidanceinSeptember that steer the central bank’spolicies lays out three inflation and em-

GLEITER on rates, credit and financial ployment-related conditions N

DA regulation. that must be satisfied before SANTASAFETY:Tyler Rapseyand his daughterIsabelle paid an importantvisit Wednesday, with precautions in place, in LowerAllen Township, Pa. Mr.Powell’sfour-year term they consider raising rates as chairman runs to February from near zero. SOUTH CAROLINA del military college in Charleston, OHIO other truck hauling potassium hy- 2022.Until then, Mr.Powell is Thereisthereforelittle rea- S.C., wheretheyunderwentasec- droxide. No injuries were reported. likely to enjoyamorecivil and sontoexpect monetarypolicy Study Shows Need for ond 14-dayon-campus supervised Bridge to Stay Closed “The bridge, at best, will be lessantagonistic relationship to change, no matterwho joins Surveillance Testing quarantine. For Days or Longer closed severaldays,” Mr.Beshear with Mr.Biden than he did with the Fed’sboardinthe next At Citadel, theyweremoni- said. “But we oughttobepre- President Trump. year.InSeptember projections, A study of Covid-19 testing toredevery dayfor symptoms Abridge linking Ohio and Ken- pared formoredisruption, poten- Hereisalook at what Mr. most officials expected the among nearly 2,000 young adults and were scheduled to be tested tucky thatserves as acrucial link tially significantly moredisruption, Biden’swin means forthe Fed: economytorequireinterest found symptom monitoring three times. By the 14th day, 51 of forcommerce between the two than that.” ratesnear zero foratleast missed nearly all cases of infec- the study participants had tested states could be remain closed for The firewas contained, but Personnel three years forthe central bank tion, suggesting regular,wide- positivefor the coronavirus. What days or longer after afiery crash, the extreme heatmade the Themain way apresident to meet itsnew goal, which spread surveillancetesting is wassurprising to researchers: All Kentucky’sgovernor said on bridge toohot forbridge inspec- influences rate policyisseeks periods of slightly higher needed forbothasymptomatic 51 cases were picked up by the Wednesday. tors, he said. Damage to the through appointmentstothe inflation aboveits 2% goal to and symptomatic people to get prescheduled tests. None were de- The crash on the Brent bridge and its concretedecking Fed’sseven-memberboard. makeupfor past undershoots. the pandemic under control. tected from additional testsgiven SpenceBridge occurred around wasvisible, he said. When Mr.Biden takesofficeon The research, published in the to those who reported symptoms. 2:45 a.m. Wednesdayand the “Wewon’thave the details Jan. 20,hecould have up to Reshaping the NewEngland Journal of Medicine Despitethe stringentmeasures subsequentfirewas fueled by a until those inspectors arethere, three vacancies to fill. on Wednesday, looked at 1,848 and initial testing, the virus still hazardous-material spill. Kentucky but this is aserious accidentand Theboardnow has two CentralBank Marine Corps recruits between slipped through the cracks and Gov. Andy Beshear said the crash it is notoutside the realm of pos- openings, and Mr.Trump’s President-elect Joe Biden will the ages of 18 and 31, who had spread among recruits, the re- appeared to be caused when a sibilitythatweare looking at nominees—economic commen- be able to appointanew chair, been required to quarantine at searchers said. northbound truck jackknifed on weeks,” Mr.Beshear said. tatorJudy Shelton and Christo- vicechairsand possibly a home beforearriving at the Cita- —Sarah Toy the bridge and wasstruck by an- —Associated Press pher Waller, asenior economist majorityofFed governors. at theSt. Louis Fed—await Sen- Trump Pick Obama Pick ateconfirmation. THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS It isn’t clear if the Senate Jerome Powell* (USPS 664-880) will confirm either of them be- Chair until Feb. (Eastern Edition ISSN 0099-9660) fore the current session ends in (Central Edition ISSN 1092-0935) 2022,governor (Western Edition ISSN 0193-2241) Thebipartisan Problem quotation wasrepeated in company BioNTech SE was early January, because Republi- until Jan. 2028 SolversCaucus in the House of World News articles about misspelled as BioNTec in some cansenatorshavevoiced con- Editorial and publication headquarters: RichardClarida 1211 Avenue of the Americas, Representatives earlier this FranceonOct. 17,19, 20,22, 30, editions WednesdayinaProp- cerns over Ms.Shelton’sun- NewYork, N.Y. 10036 year proposed a$1.5trillion 31 and Nov.4and 5. erty Report article about pub- orthodoxorinconsistent policy Vicechair until coronavirus relief package. In licly listed mall owners. views.Ifthe Senatedoesn’t Sept.2022, Published daily except Sundays and governor until general legal holidays.Periodicals postage some editions Wednesday, a BharatiyaJanata Party was confirm Mr.Trump’spicks,Mr. Jan. 2022 paid at NewYork, N.Y.,and other mailing U.S. News article about Con- incorrectly abbreviatedasBHP TheWorld WildlifeFund in Biden would have two seatsto offices. gress’slame-duck session in- in the headline of aWorld 2014invested in aderivative fill. He would have athirdifhe Lael Brainard Postmaster:Send addresschanges to correctly said $1.5billion. Watcharticle Wednesdayabout instrument that bet that abas- nominates Fedgovernor Lael The Wall Street Journal, 200 BurnettRd., Term ends Chicopee, MA 01020. an election in the Indian state ketoffossil-fuel assetswould Brainardtoserveashis Trea- Jan. 2026 French President Emman- of Bihar. underperform the broader sury secretary. AllAdvertising published in The Wall Street Journal is subject to the applicable uel Macron in an Oct. 2speech market. In some editions Randal Quarles rate card, copies of which areavailable said the government needs to China Evergrande Group Wednesday, aMarketsarticle The Chair Vicechair of bank from the Advertising Services Department, take on “Islamist separatism,” had397 billion yuan (equiva- about green energy incorrectly Mr.Powell, aRepublican and supervision until DowJones &Co. Inc.,1211 Avenue of the which he described as apoliti- lent to $60 billion) of short- said it wasthe World Wildlife former private-equity partner, Americas, NewYork, N.Y. 10036. The Oct.2021, gover- Journal reserves the rightnot to accept cally conscious campaign to term debt at the end of June, Foundation. is generally well regarded by nor until Jan. 2032 an advertiser’s order.Only publication of deviate from the values of the anditshould be able to roll lawmakersinboth parties for an advertisementshall constitutefinal French Republic and to foster a over most of that, according to Schmidt Futures,aphilan- howhenavigated Mr.Trump’s Michelle acceptanceofthe advertiser’s order. Bowman parallel society wherereligious CreditSights, which added that thropic initiative, wasincor- criticisms in 2018 and 2019 as Letters to the Editor: laws take precedenceovercivil the property developer might rectly described as an invest- well as howhemanaged mone- Term ends Jan. 2034 Fax: 212-416-2891; email: [email protected] ones.AnOct. 3World News ar- have to fund 58 billion yuan of ment firm in some editions tary policybeforeand during Need assistancewith your subscription? ticle and Page One What’s maturing trust loans from in- WednesdayinaJournal Report thecoronavirus pandemic. By web: customercenter.wsj.com; Judy Shelton News summaryabout apro- ternal resources. In some edi- article about howairwaves are Mr.Biden could facepres- By email: [email protected] Notconfirmed, By phone: 1-800-JOURNAL posed French lawincorrectly tions Tuesday, aTechnology allocated for5Gnetworks surefromwithin his party to term would end (1-800-568-7625) quoted Mr.Macron as saying article about Evergrande incor- replaceMr. Powell with aDem- Jan. 2024 Reprints &licensing: “Islamic separatism.” Theword rectly said CreditSightsesti- Noticetoreaders ocrat, especially given policy By email: [email protected]; “Islamic” describes something mated that the property devel- Wall Street Journal staff differences with Mr.Powell Christopher By phone: 1-800-843-0008 related to Islam or itsadher- oper needed to refinancemore membersare working remotely over bank regulation. But some Waller WSJback issues and framed pages: ents, while “Islamist” cande- debt than itscash on hand, during the pandemic.For the Democratshavecalled on Mr. Notconfirmed, wsjshop.com scribe apolitical movement which totaled 205 billion yuan foreseeable future, please send Bidentoreappoint Mr.Powell. term would end Our newspapers are100% sourcedfrom that seeks to organizesociety as of June. reader commentsonly by email Jan. 2030 sustainably certified mills. in accordancewith laws pre- or phone,using the contacts Credit Policy *Firstselected to aboardseatbyObama, scribed by Islam. Theincorrect Thename of biotechnology below, not via U.S. Mail. When the pandemic con- and wasselected to chair by Trump. Photos: AssociatedPress;BloombergNews; GOTATIP FORUS? vulsed financial markets in Zuma Press; Reuters; officeofthe statebank commissioner of Kansas SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling March, the Fedlaunched a suite 888-410-2667. of emergencylending programs Source:Federal Reserve P2JW317000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Thursday, November 12, 2020 | A3 U.S. NEWS d. ve er es sr ht ig lr

Tropical Storm Eta Surges Over Gulf of Mexico Al a. ur rd Ve ©

SCORPIO TH – ND

/REUTERS October24 November 22

NESIUS ZODIAC PENDANTNECKLACE

EVE Hand-engraved, in diamond and18k gold,$7,950. ST Includes 19”chain and1”pendant.All 12 zodiac signsavailable. Eta, the tropical storm that life-threatening storm surge as residents nottolet down their Etahas been wreaking havoc won’tstop, regained strength high as 3to5feet in some areas, guardasthis year’s Atlantic hurri- sincelastweek, when it struck overthe Gulf of Mexicoafter including Tampa Bay. Astorm cane season nears an end. Nicaragua as aCategory 4hurri- 745FIFTH AVENUE,12TH FLOOR soaking South Florida and took surge warning wasineffect from “This one is going to takeus cane and left atrail of destruction 212.758.3388 • VERDURA.COM aim at the state’snorthern Gulf Bonita Beach, south of Fort My- to the wire, folks, so it’snot over acrossCentral America,killing Coastnear the Tampa Bayregion. ers, to the Suwannee River on the til it’sover,” said TimothyDudley nearly 70 people. Then it circled The storm, which became a northern Gulf Coast. Rainfall could Jr., emergency managementdirec- around to strikeCuba before Category 1hurricane total 6inches in parts of western torinHillsborough County,which heading to Florida. early Wednesdaybeforeweaken- and centralFlorida. Above,alife- includes Tampa. “Wehave to con- The storm drenched the ing to atropical storm with 70 guardonWednesdayclosed a stantly stay vigilant.” southern part of the state,dump- mile-an-hour winds, wasexpected jetty to surfers in Bradenton Etaisthe 28th named storm ing morethan afootofrain in to hit the coastonThursday. A Beach, Fla., on Wednesday. of the 2020 Atlantic hurricane parts of BrowardCounty,home to hurricane watchwas in effect Officials in the Tampa Bay season, tying the record 28 tropi- Fort Lauderdale. Afterrecovering from Anna Maria Island near area prepared rapid-response cal storms of the 2005 season. strength in the Gulf of Mexico, Tampa BaytoYankeetown, more teams and search-and-rescue Theta, farinthe Atlantic Ocean, Etawas preparing to deliver Flor- than 100 miles north. equipment, including high-water became the 29th named storm ida asecond blow. COLLECTION Forecasters warned of possible vehicles. Theyurged storm-weary this week. —Arian Campo-Flores Villeret Pandemic Drives Resurgent Demand for Expensive Homes

BY NICOLE FRIEDMAN U.S. existing-home sales NAR polled more than ability,said Wendy Kay, a 8,000 people who bought pri- Coldwell Banker agent. 6million Thepandemic is revving up maryhomes in the year ended Themedian Sacramento the market forexpensive in June,though recent home home-sale price rose 12.8% in homes wheremanypeople are 5 sales datasuggest these the week ended Sept. 19 from spending far moretime,luring trends have continued since ayear earlier,according to Zil- richer buyersand nudging 4 then. lowGroup Inc.Ms. Kayre- more sales over the half-mil- Home sales had been rela- cently sold atwo-bedroom lion-dollarmark from north- tively stagnant forseveral house for $750,000. ern California to the NewYork 3 yearsheading into2020.Then “It’sinsane,” she said. “But City suburbs. low interest rates and strong apparently it’sstill cheaper Nearly one in four home 2 employment pushed existing- than theareas that they’re buyers between April and home sales to a13-year high in coming from.” June bought houses priced at 1 February. Home salesinGreenwich, $500,000 or more, up from Shelter-in-placerestric- Conn., arealso booming as

14% of buyers during the pre- tions, financial uncertainty New York City residents shop .com 0

ceding nine months,according and fearsofCovid-19 infection for primary or second homes eyer to aWednesdayreport from ’15 ’16 ’17 ’18 ’19 ’20 ’21 damped the market during in the suburbs,said Jack theNational Association of Note:2020and 2021 values areforecasts. much of thespring.Home Sarsen of Compass. Bidding Realtors. Source:National Association of Realtors sales dropped forthree wars and all-cash buyershave patriceschr Home buyersduring the straight months, hitting a 10- become more common. coronavirus pandemic had a door spaceorarebuying vaca- year lowinMay.The resur- “The mortgage buyers that aph: NEW YORK ·697 FIFTH AVENUE BETWEEN 54TH &55TH STREET ·212 396 1735 median household income of tion homes. gencethat followedsurprised we’veworked with have really LAS VEGAS ·THE FORUM SHOPS AT $110,800,compared with Thesurging demand that is economistsand real-estate unfortunately been cut out of CAESARS PALACE ·702 369 1735 $94,400for pre-pandemic pushing up home prices is also brokerswho failed to antici- the deal in many cases on the ©Photogr buyers, the survey showed. making homeownership patethat the pandemic would homesthat they’vewanted,” “The buyers who purchase harder to attain forlower- spur so much newdemand he said. during Covid[-19] want a wage workersand forsome from buyers. TheBoise,Idaho,metro larger home,” said Jessica younger buyers. First-time EconomistsatNAR forecast area has experienced some of Lautz,vicepresident of demo- buyersmade up 31% of all pri- existing-home sales to total the fastest home-pricegrowth graphics and behavioral in- mary-home buyersinthe year 5.4million this year before in recent months.Steve and sightsatNAR.“There’scer- ended in June,downfrom33% jumpingto5.86million next Michelle Klock, both 53 years tainly morehomes being theyear beforeand the histor- year,which would be the high- old, bought their firsthome in purchased that areexpensive.” ical norm of 40%, NAR said. est level since 2006. Meridian, Idaho,inOctober. Thepandemic has caused Pandemic buyers were less Sacramentowas the most They gotoutbid multiple times the economytosputter and likely to have been denied by a popular destination with buy- beforelanding athree-bed- businesses to close,acondi- mortgagelender,and many ersshopping outside their room house for $310,000. tion usually associated with newhomeownersrushed to ownmetroareainthe third “Inamarket likethis,the slower home sales and lower lock in record-lowmortgage quarter, according to real-es- only thing youcan feel right home prices. But white-collar rates. Themedian purchase tate brokerage Redfin Corp. nowisfortunate,” Mr.Klock professionals have largely pricefor pandemic buyers Employees at tech compa- said. “Ifyou don’t getin, every avoided the worstofthe jumped 26%compared with nies in the Bay Area who can daythat yousit on the side- downturn. Manyofthose who pre-pandemic purchases to nowpermanently work from line youcould be losing as canwork remotely areseeking $339,400,according to the home aredrawn to Sacra- much as $5,000 aweek” as abiggerhouse with moreout- survey. mentofor itsrelativeafford- prices rise, he said. TikTok, Parent Seek More Time to Divest

BY JOHN D. MCKINNON legal assault by TikTok and Appeals forthe D.C. Circuit, orderinAugust stating that AND GEORGIA WELLS parent company ByteDance says the U.S. government’sde- TikTok would be banned in the Ltd. by asking the courtsto cision to forceaTikTok divesti- U.S.,but said he might approve TikTok and itsChinese par- overturn the government’sle- turedeal was“arbitraryand ca- adivestituretoaU.S.company. ent companyare asking afed- galbasis forordering the dives- pricious” and denied the Under apreliminary deal Mr. eral appeals court in Washing- titure. As of Wednesdayafter- companydue processunder the Trump approved in concept in ton, D.C.,for additional time to noon,administration officials law. It asks that the court va- September, Oracle Corp.and work out apotential divestiture hadn’t yetclarified howthey cate and set aside the divest- Walmart Inc.would take a of the popular video-sharing intend to proceed. ment order. combined 20% in TikTok app,amid signs that the com- “The TreasuryDepartment ByteDancesays in itsfiling Global, anew U.S.-based com- panyissettling in foralonger remains focused on reaching a that it hadbeen in extensive panythat would runthe global fight with the U.S. government. resolution of the national secu- discussions with the Committee service. Among the major stick- With the Trump administra- rity risks” from TikTok,Trea- on Foreign Investment in the ingpointsinthe negotiations is tion’s Thursdaydeadline loom- suryspokeswoman Monica U.S. to addressits concerns. the sizeofthe stakeByteDance ing forarestructuring or shut- Crowley said Wednesday. “We Butitsaid feedback from U.S. would gettokeep in TikTok, down of TikTok,itappeared have been clear with ByteDance officials had essentially stopped people familiar with the matter thegovernment waslosing at regarding the steps necessary in recent weeks,evenasthe said. TikTok said talks to final- leastsome of itsleverageover to achievethat resolution.” Thursdaydeadline approached. izethat deal arecontinuing. the app’sowner. TheCommerce Department, TheU.S.has argued that it is Beijing must also approve Already,afederal district which is responsible forimple- trying to prevent dataon thedeal, and it is weighing court judgeinPhiladelphia has menting the executiveorder on American TikTok usersfrom whether the arrangement Jardin FlowerPendant NecklacewithMother Of Pearland Diamonds $695 enjoined enforcement of the TikTok,didn’t respond to are- being shared with China’sau- would comply with recent re- Jardin Stud Earrings withMother Of Pearland Diamonds $750 shutdown option, taking away quest forcomment. thoritarian government, which strictions it placed on exports DISCOVER MORE ON JUDITHRIPKA.COM the government’smain weapon Thenew petition, filed by TikTok says it would never of data-processing technolo- in forcing adivestiture. TikTok and ByteDancelate countenance. gies,amovewidely seen as Thenew suit broadens the Tuesdayinthe U.S. Court of President Trump issued an aimed at TikTok. P2JW317000-4-A00400-17FEFF5178F

A4 | Thursday, November 12, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Biden WininErie Is Warning forHis Party Swath of voters in Pennsylvania county favor conservatism— just not Trump

BY KRIS MAHER AND AARON ZITNER

ERIE, Pa.—President-elect JoeBiden successfully turned out voters in Erie County.But a look at his razor-thin margin of victoryshows whyDemocrats struggled acrossthe countryto win back the whiteworking-

classvoterswho helped propel JOURNAL Donald Trump to victoryfour REET

yearsago. ST

Interviews with aswath of LL voters in the western Pennsyl- WA

vania county showthat many /THE people stillfavor conservative

positions on issues such as MAHER

taxes, abortion and guns.They KRIS find progressivepriorities tack- Joe Biden won Erie County, Pa., with a razor-thin margin. Campaign offices in Union City, above; voters in the county on Election Day, below. ling climatechange, social jus- ticeand defunding the police Early Deciders Trump this year,according to a Mrs. Clinton, Mr.Biden visited toofar left. large survey of the 2020 elec- Erie and talked to union mem- Mostvoterssaid theyhad “I’m not totally on board torate called AP VoteCast.It bers on Oct. 10 at an appren- settledontheir choiceof with theliberal approach to found 6% of Trump 2016 voters ticeship-training facility for presidential candidate early in economics and social prob- backed Mr.Biden. the plumbersunion in Summit theelection season lems,” said RobertYates,45 Nationally,76% of voters Township. yearsold, ahome-health-care Whichbestdescribes when said they knewall along which Joel Hobson, 33,ajourney- worker who backed Mr.Trump youdecidedhow youwould candidatethey would back, man plumber,said the visit

four yearsago but votedfor vote? S leaving lessthan one-quarter to helped sway him to vote for Mr.Biden to “bring back some be influenced by TV ads,the the Democrat after he sat out normalcy and stability.” I'veknown all along PRES nationalconventions,news the 2016 election. Mr.Hobson In short, these voters say TED coverage or neighbors, the sur- said he typically doesn’t pay

76% CIA

they soured on Trump,the man, SO veyfound. attention to politics but was rather than Trump policies. AS “There’sabig battle over impressedbyMr. Biden’ssup- Idecidedoverthe course S/ In aracewhereturnout of the campaign the futurethat has been de- port forunions.“That’smy jumped morethan 10% in Erie ferred,” said Republican strate- livelihood,” he said. “IfIknew 19 County,Mr. Biden gota1,424- gist BruceMehlman,“but it’s he backed us,Iwas going to TIMES-NEW vote margin of victoryout of Idecidedinthe lastfew days stillcoming.” back him.” more than 138,000 votescast. /ERIE Lara Putnam, aUniversity of In another changefrom

Overall, registered Democrats 5 ORD Pittsburgh historyprofessor 2016,the Biden campaign ap-

outnumber Republicans 99,000 HLF who follows local voting proached Republicans and in- to 75,000. Source:APVoteCastsurvey by NORCatthe WO trends,said she had expected dependentswho might be per- UniversityofChicago forthe AssociatedPress, G FoxNewsand media subscribers

Voters and local party offi- GRE Mr.Trump to draw morevoters suaded to vote Democratic. cials sayDemocratsinched out in blue-collar counties. According to Democratic activ- Republicans in Erie County be- aswath of the electorate. Marlo LaFlamme, 49,of manyDemocratsinthe county “I’m not surprised that ists in Erie,therewerenosuch cause they successfully broad- “There’smoreenthusiasm Union City,about 20 miles supported issues such as racial Trump wasable to come up effortsfour yearsago. ened outreach within their nowfor conservativevalues southeast of the city of Erie, equality but were uncomfort- with morevotes,because Re- TheErie Democratic Party party and enough centrist Re- than there’severbeen,” said said she backed Mr.Trump for able with protestsand unrest publicanshavebeen getting sought to makeMr. Biden more publicansrejected what they Jezree Friend,astate Republi- his stands on taxes, immigra- that took hold this summer. morevotes steadily in all these of apresenceeveninthe sawasPresident Trump’scha- can Party committeeman and tion and protecting the Second “There’salot of moderateDem- counties for30years,” she said. county’s redder parts. The otic governance. Mr.Biden vis- political consultant who lives Amendment. Ms.LaFlamme, ocratsthat wish we talked less What’ssurprising is Democrats party handed out 21,000 Biden ited Erie,stepping up effortsto in Erie and works forthe Man- who said she helps her hus- about those issues,” he said. matched that surge in ruraland signs,compared with afew win over voters that manysay ufacturer &BusinessAssocia- band do plastering work,said “People don’t want the chaos.” working-classcounties,she hundred forMrs.Clinton in Democrat HillaryClinton took tion. she thinks Mr.Biden’sproposal TheresultsinErie suggest said: “So,wheredid the Demo- 2016; it opened three satellite forgranted four yearsago, Mr.Friend pointed out that to raise taxesoncorporations few people changed their cratscome from?’’ offices,upfromnone. when she lost the county by aRepublican statesenator in would hurt consumers. minds on substantiveissues,a Democrats in Erie say they “Thereare alot of Demo- fewerthan 2,000 votes. the region retained his seat by “They’regoing to raise the pattern that mirrorsthe na- were determined to avoid the cratic votesinrural areas,” said That suggests Democrats 20 points, among other down- prices,” she said, “and it’sgoing tional picture.Only 3% of vot- mistakes of 2016,when the Mr.Wertz,the party chairman, still facechallenges in largely ballot Republicans in the to be right back on us.” erswho said they had backed county votedfor aRepublican an EdinboroUniversity journal- white, ruralcounties where county and statewho won, Jim Wertz, chair of the Erie Mrs. Clinton in the prior elec- presidential ticket forthe first ism professor,“and it would be moreliberal positions turn off even as Mr.Trump lost. County Democratic Party,said tion decided to vote forMr. time sincethe 1980s.Unlike foolish forustoignorethat.” Longtime Adviser Is Pick forWhiteHouse Chief of Staff

BY KEN THOMAS plan to focus on the coronavi- as chiefofstaff to Vice Presi- campaign, and he launched flightscarrying passengers rus and itseconomic fallout. dent Al Gore. During the Obama and co-hosted aweekly pod- from those countries to arrival WASHINGTON—President- Mr.Klain organized the task administration, he playedabe- cast earlier this year that fo- at five U.S. airports, though elect JoeBiden has chosen forceofpublic-health experts hind-the-scenes role in the ad- cused on public health and the some Republicans said the limi- Ron Klainas his White House who helped Mr.Biden navigate ministration’seconomic-recov- social impact of the pandemic. tations didn’t go far enough. chief of staff,turning to a the pandemic during the cam- eryeffortsand the passageof Mr.Klain wasatthe center TheEbola epidemic was longtime adviser and Ebola paign and washeavily involved the Affordable CareAct. of the Florida recount follow- largely contained in West Africa czar under President Obama in crafting the incoming presi- Mr.Biden, in astatement, ing the 2000 presidential elec- and only four cases occurred in as he prepares his incoming dent’sagenda and preparations said that Mr.Klain “has been tion, serving as general counsel the U.S.,excluding victims

administration’sresponse to forthe fall debates. invaluable to me over the many /REUTERS to Mr.Gore’srecount effort. evacuated from West Africa, ac- the coronavirus pandemic. Mr.Klain, 59 yearsold, yearsthat we have worked to- The36-dayrecount ended with cording to the Centersfor Dis- Mr.Biden’sdecision to make served as chief of staff to then- gether,including as we rescued WNING aSupreme Court decision that ease Controland Prevention. DO

Mr.Klain his firstsenior staff Vice President Biden from 2009 the American economyfrom Y led to the declaration of One of those four patientsdied.

appointmentunderscores his to 2011 and previouslyworked one of the worstdownturns in LARR George W. Bush as the winner. In an interviewwith The our historyin2009 and later Ron Klain was the Ebola czar During Mr.Obama’ssecond Wall Street Journal earlier this overcame adaunting public in the Obama administration. term, Mr.Klain had the re- year,Mr. Klain said acorecom- health emergencyin2014.” sponsibility of coordinating ponent of the Biden adminis- “His deep,varied experience and will give my all to lead a the administration’sresponse tration’s response to Covid-19 and capacity to work with peo- talented and diverse team in a to the Ebola outbreak,working would be ramping up testing ple all acrossthe political spec- Biden-Harris WH.” with Mr.Biden to securea and contact tracing,inaddition trum is precisely what Ineed Mr.Klain has been taking a $5.4 billion supplemental to securing morefunding for in aWhiteHouse chief of staff leave of absencefromhis role package from Congress. states and localities.Hesaid as we confront this moment of as executivevicepresident and Republicans in 2014criti- theTrump administration’s crisis and bring our countryto- general counsel at Revolution cized the Obama administration handling of thevirus “set us gether again,” Mr.Biden said. LLC,aninvestment firm led by fornot banning travel from back enormously” and would Mr. Klain wrote on Twitter AOLco-founder SteveCase. three West African countries take time to reverse. that he was“honored by the He taught aclassatHar- affected by Ebola. Theadminis- —Sabrina Siddiqui President-elect’sconfidence vard LawSchool during the tration eventually restricted contributed to this article.

It’s notjustaboutachievingyourgoals... It’s aboutthe path that gets youthere. Transition Head Looked to Curb Banks

BY ANDREW ACKERMAN cial-services industry. Even if publican senator from Arizona. from the firm in 1972tovolun- AND PAUL KIERNAN he doesn’t take aformal role in Thetransition is also assem- teer forMr. Biden’sSenate the administration, Mr.Kauf- bling ateam of former policy campaign and decided to stay WASHINGTON—Adecade man is likely to continue to makers to implement itscam- on as an aide and later chief of ago, TedKaufman sought to have the ear of Mr.Biden, peo- paignpolicies acrossgovern- staff,ajob he held forabout 20 rein in big banks.Now he will ple who knowhim say. ment.Itincludes former Com- years. When Mr.Biden became have asignificant role in pick- Mr.Kaufman has takenaim at modity Futures Trading vicepresident, Mr.Kaufman ingthe people who supervise the revolving door between Wall Commission Chairman Gary wasappointed to fill his seat them. Street and Washingtonand was Gensler, who is expected to representing Delaware in 2009 In 2010,during abrief stint an early critic of the high-fre- lead areview of banking and and 2010. in the Senate, Mr.Kaufman led quencytrading that he said con- At the time,Democratswere apush to limit the sizeofU.S. tributed to the May2010 stock- crafting the Dodd-Frank Act to lenders—a movethat would market “flash crash.” Ted Kaufman is seen tighten regulation of banks af- have led to the breakup of the With Republicans likely to terthe global financial crisis. Aplace to become... Abusinessleader, ateacher,an biggest banks had it been suc- maintain control of the Senate, as a bridge between Mr.Kaufman sponsored an artist.Ifkids andteens candream it,Boys&Girls Clubs can cessful. banking-industryofficials hope moderates and more amendmenttoprohibit any help them become it.Because at our Clubs,it’snot magic Mr.Kaufman is leading Pres- Mr.Kaufman will refrain from bank from holding morethan that makesdreamscometrue, it’s thepeople. Like our ident-elect Biden’stransition recommending progressive liberal Democrats. 10% of the country’sdeposits. YouthDevelopment Professionalswho ensure our youth have team, giving him avoicein nominees forroles that require Had it passed, the amendment aplace to feel physically andemotionally safe.Aplace to choosing appointees acrossthe Senateapproval. “There’sno would have forced the biggest belong.Aplace to have fun. Aplace to learnand grow on their government, including the Con- mandatefor either party,and firms to break up. path to aGreat Future. sumer Financial Protection Bu- he needs to build an adminis- securities agencies. “Wesaw this issue come up reau and Securities and Ex- tration that is reflectiveas Mr.Kaufman, 81 yearsold, is when it became clear afterthe changeCommission. such,” said RichardHunt,presi- aPhiladelphia nativewho holds financial crisis banks gotenor- Alongtime friend of Mr.Bi- dent and chief executiveofthe degrees from DukeUniversity mous help and workersdidn’t,” den, Mr.Kaufman is seen as a Consumer BankersAssociation. and the Wharton School of the Sen. Sherrod Brown(D.,Ohio), bridgebetween moderateDem- Atransition official said Mr. University of Pennsylvania. He whoco-sponsored the amend- ocratsand moreliberal mem- Biden is seeking input from a started his career at DuPont ment, said. “That’swhat Ilike bersofthe party,who applaud bipartisan advisory board that Co., whereheworked as an en- aboutTed—he caresabout the GreatFutures.org his long historyofseeking includes Cindy McCain, widow gineer and in marketing. dignity of work and making our tough newrules on the finan- of John McCain, the lateRe- He took aleave of absence economyjust.” P2JW317000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, November 12, 2020 | A5

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A6 | Thursday, November 12, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS NewMathTests Democratsinthe House

Thin majority limits through aprocess called rec- onciliation, which requires maneuvering, raises only asimple majority in both stakes for drawing chambers. Such a process is generally partisan and requires Republican support memberstostick together. Asmall House majority BY NATALIE ANDREWS opens Democratsuptoamend- ments that change legislation WASHINGTON—Demo- at thelast minute. Last year, crats’ majority in the House is Republicans successfully set to be their tightest since added text to abill expanding World WarII, limiting their background checks forgun room to maneuver on legisla- purchases that required Immi- tion with President-elect Joe gration and Customs Enforce- Biden and possibly raising ten- ment to be notified when an sions between centrist and undocumented immigrant tries progressive lawmakers. to buy agun. Theamendments Heading intothe election, canalso be used to embarrass Democratshad amajority of lawmakersonsensitiveissues 232to197,with one Libertar- such as U.S.-Israel policyor ianand five open seats. That immigration.

balanceisnow at 218Demo- S Republicans also could try

cratsto202 Republicans,with PRES to use discharge petitions,a

the Associated Press calling TED maneuver to bypassthe Demo-

themajority forDemocrats CIA cratic speaker and movelegis- when they hit 218 lateTues- SO lation to the floor by getting day. Republicans areleading in AS 218 signatures. several undecided races, mean- Theslim majority could set ing the parties could end up up atough battle in the 2022

separated by lessthan 10 seats. APPLEWHITE/ midterms,wherethe minority T

House Speaker NancyPelosi OT party oftenwins seatswhen SC

(D., Calif.) has said she wantsto J. both the majority and the start the year by again passing Voting rights, economic stimulus, health-care costs and infrastructure spending are among Speaker Nancy Pelosi’s priorities. WhiteHouse arecontrolled by voting-rightslegislation called the same party.Republicans are H.R.1.Economic-stimulus legis- through our committees, fense bills,ifleadership is un- cle and will be at the front of crats’ 48, with two races still also likely to benefit from redis- lation to combat the pandemic through our entirecaucus,and able to bring the party’s left the line as targetsfor the next to be determined in Georgia. tricting in several crucialstates. also could be apriority,depend- that gives us the unity we flank on board. The last time cycle, you’re going to have to Also,while Mr.Biden wonthe Democratic leadershaveac- ing on howmuch progressis need,” Mrs. Pelosi said in an Democratshad this small an work with Republicans,” said presidential election, President knowledged that the lossof made in the lame-duck period. interviewahead of the election. expected majority wasduring MinnesotaRep.Tom Emmer, Trump has refused to concede seatswas asurprise,after Thespeaker has expressed in- Democrats’ thin majority the 1943-1945 session,accord- the head of the Republicans’ and is challenging the result. nonpartisan election watchers terest in passing legislation could forceparty leadersto ing to House records. campaign arm. Should Democratswin the projected they would win lowering health-carecosts, in- walk a fine line on legislating “When youhavesuch aslim Theoutlook is also clouded Georgia runoffs in Januaryand seats. Party leaderssaid Mr. creasing infrastructurespend- and force them to pull in Re- majority,and youdohavevul- by the continuing fight in the take control of the Senate, Trump’s presence on the bal- ing and addressing immigration. publican votesonmust-pass nerable membersthat some- Senate, whereRepublicans they also might trytopasstax lotbrought out morevoters “Webuild our consensus items,such as spending or de- how made it through this cy- have won50seatstoDemo- or health-carelegislation than in the 2018 cycle. FewCourts Have Intervened in Ways Sought by Trump

BY JACOB GERSHMAN tion process. But such relief have declined to comment on ersfor parties and candidates dateMark Harris hired people tory in December 2000 and has rarely,ifever, been the litigation. Republicans ha- to be present when envelopes to collect mail-in ballots, rais- overshadowedanother court Fewcourtshaveconsidered awarded to acampaign run- ven’t offered evidenceoffraud containing absentee and mail- ing concerns of tampering. case in Florida: afailed effort by the types of requestsbeing ning behind in an election. in Pennsylvania. in ballotsare processed and “We’veseen no evidenceof Democratic voters backing Mr. made by the Trump campaign, “I don’t think there’sany Lawyersfor the campaign counted. Election officials in anything likethat so far in Goretodisqualify25,000 absen- such as keeping astate from precedent forthis,” said Daniel arguethe stateshould be Pennsylvania and elsewhere 2020,much lessonthe scale to teeballotsfromtwo counties. certifying itselection based on Tokaji, an election-lawexpert barred from certifying the re- have altered procedures be- changethe resultsinevena In Minnesota, Al Franken allegations that Republican and dean of University of Wis- sultsinPennsylvania, whereMr. cause of the pandemic,includ- single state,” Mr.Hasen said. clinched his victoryinthe poll observerslacked suffi- consin Law School, referring Trump trails Democratic Presi- ing keeping observersatleast Mr.Trump isn’t the firstpoli- 2008 U.S. Senateraceafter cient access to ballot counting. to the Pennsylvania case.“The dent-elect JoeBiden by nearly 6feet from election workers. tician seekingtostaveoff defeat courtsdeclined to re-examine President Trump’s lawyers lawsuit is aHail Marypass.” 50,000 votes. Short of that, the Richard Hasen, an election by challenging the tabulation of thousands of ballots that his in federal court this week TheTrump campaign’ssuit campaign is asking to invalidate lawexpert in California, said mail-in ballots. The2000 presi- Republicanrival contended asked ajudgetotakethat un- in Pennsylvania alleges coun- all mail-in and absentee ballots the closest parallel to the dential race between former had been improperly rejected. precedented step,arguing that ties controlled by Democrats in seven counties,including Trump team’slegal campaign PresidentGeorge W. Bush and Michael Morley,who Pennsylvania had inadequate processed ballotsinunmoni- Philadelphia and Allegheny might be a2018 North Carolina former Vice President Al Gore teaches election lawatFlorida safeguards to detect voting toredbackrooms or in larger counties,whereobserverswere congressional race,when the involved skirmishes between State University, said a court fraud. Thecampaign is pursu- barricaded spaces with poll allegedly prevented from stateboardofelections ordered Republicans and Democrats likely wouldn’t invalidateelec- ing similar claims in Michigan, observers kept at a distance. closely observing the counting. arevote. Theelection redo over rejected absentee ballots. tion resultsorballotsbased whereRepublicans also areal- State election officials have Likemanystates, Pennsylva- came afterapolitical operative TheSupreme Court ruling Bush on claims about observersbe- leging misconduct in the elec- said they followedall laws and nia election lawallows observ- working forRepublican candi- v. Gorehanded Mr.Bush the vic- ing excluded or too far away.

pering with scores of ballots. officials said the lawdoesn’t al- Recount Lawsuits In Pennsylvania, the cam- lowthe Legislaturetosend up paign’slawsuit contends the apro-Trump set of electors. statedidn’t giveobservers In an October opinion article Ordered in Focus on enough access to ballot coun- in aPennsylvania newspaper, ters and gavevotersinDemo- the GOP majority leadersof cratic-leaning counties more Pennsylvania’sstate Senateand Georgia Key States opportunitiestocorrect defi- Housesaid that the stateLegis- S ciencies in their mail-in ballots. lature“does not have and will

PRES Denying Mr.Biden the 47 not have ahand in choosing the

ContinuedfromPageOne TED ContinuedfromPageOne electoral votesinthose three state’spresidential electorsor

sultsare accurate.” CIA riggedagainst him and that he states would block his path to in deciding the outcome of the While campaign representa- SO fought the outcome,the White securing amajority. presidential election.” AS

tives sparred in court and in ON/ Houseofficial said. Mr.Biden leads by about Aspokeswoman forthe of- battleground states,Mr. Trump “I don’t think there’sreally a 50,000 votes, or 0.75%, in Penn- fice of Pennsylvania Attorney made his firstpublic appearance coherent strategy,” said one Re- sylvania, about 146,000 votes, General Josh Shapiro, aDemo- ANDERS on WednesdaysinceMr. Biden publican official. or 2.6%, in Michigan, and by crat, said Gov.Tom Wolf,also a YNN TheTrump campaign hasn’t about 13,000 votes, or 0.4%, in Democrat, certifies the electors

wasprojected to be the winner BR of last week’spresidential elec- Georgia Secretary of StateBradRaffensperger ordered the recount. presented evidenceofwide- Arizona. selected by the popular vote. tion. He and Mr.Biden both at- spread fraud in anyofits legal Officials in each statehave Aspokeswoman forArizona tended ceremonies honoring Pennsylvania said Tuesdaythat aTrump campaign lawyer,said claims. defended their voting processes SecretaryofState Katie Hobbs, Veterans Day. Thepresident vis- counties received about 10,000 he expected the hand count Trump campaign spokesman as fair and free of major prob- aDemocrat, said the officeis ited ArlingtonNational Ceme- ballotsinthe mail during the would be completed in time for Tim Murtaugh said the main fo- lems.Democratssaid they would confident it will certifyelection tery.Hedidn’t makeany re- state’sextendeddeadline. the Nov.20certification. cus of the campaign’slegal ef- fight anyeffort to stop certifica- resultsontime.“Arizona’s marks.Mr. Biden attended a Those ballots, which arrived PaigeHill, aBiden spokesper- fort is “toensurethat all legal tion of the vote.Michigan Attor- courtshaveplenty of experi- brief ceremonyand laid wreaths during athree-daywindowaf- son, said that “atthe end of this votesare counted and all illegal ney General Dana Nessel, aDem- encehandling and expedi- at thePhiladelphia WarMemo- terElection Day, areatthe cen- hand recount process, we are votesare not, not just forthis ocrat, said the Michigan lawsuits tiously resolving election-re- rial.Healso didn’t speak. terofalegal battle that Repub- confident the Election Dayre- election butthe integrity of all areaimed at preventing the latedlawsuitswithin the very TheRepublican president and licans hope to bring beforethe sult will be reaffirmed: Geor- electionsinthe future, too.” strict statutorydeadlines,” said his allies have said they would U.S. Supreme Court. gians have selected JoeBiden as RepublicanNational Com- spokeswoman Sophia Solis. wait forall the votesinkey Thecase is unlikely to their next commander in chief.” mittee spokeswoman Mandi The president is Arizonaisscheduled to cer- states to be counted and certified changethe results, however, Only two states have held re- Merrittsaid thereare “hun- tify itselection resultsonNov. beforethey accept the results, a because Mr.Biden’slead over countsfor presidential contests dreds of reportsofelection ir- asking judges to 30.Michigan and Pennsylvania processthat they might tryto Mr.Trump in that statewas in the last 20 years—Florida in regularities acrossthe country stop states from have deadlines of Nov.23, un- slowbylodging legal challenges. more than 47,500 votesasof 2000 andWisconsin in 2016— that deservetobeexamined.” der most circumstances. Theshowdownisupending a Wednesday. and in both cases the margins Acampaign official said the certifying results. Thepresident’sfamily has pattern of cooperation between In Georgia, Mr.Raffen- only changed by lessthan afew campaign is mounting astate- been divided over howintensely departing and incoming admin- sperger, who backed Mr.Trump thousand votes, said Richard by-statelegal program that em- to pursue the legal challenges. istrations,hampering Mr.Bi- in the election, wascriticized Pildes, aNew York University ploys different strategies de- His sons Donald Trump Jr. den’stransition team’sability by Trump supporterswho have professorofconstitutional law. pendingonthe statelawsand statefromcertifying resultsin and Eric Trump have pushed to to conduct background checks claimed that the election was Thehand count is unlikely to vote-counting processes. hopes that the Republican Legis- keep at it, people familiar with on his prospectivecabinet mismanaged, but offered no ev- changethe results, said Trey TheTrump campaign has laturewould send Congress the discussions said. Jared nominees. idencetoback up that claim. Hood, aUniversity of Georgia filed lawsuitsinPennsylvania, electorsfor Mr.Trump. Kushner,asenior WhiteHouse Four states areamong those On Monday, Georgia GOP political scienceprofessor and Michigan andArizona asking “Weare prepared to combat adviser and the president’sson- under topscrutiny. Sens.David Perdue and Kelly director of the school’sSPIA judges to stop stateofficials that,” she said on aconference in-law, called RNC Chairwoman Arizona has just under Loeffler,both facing runoff con- Survey Research Center.“We from certifying the vote.Acon- call Wednesday. Ronna McDaniel on Monday to 46,000 ballotslefttobetabu- testsinwhich the support of don’t have anyevidencethat the servativelegal group has made Asked about the Trump cam- suggest the party apparatus get lated,the secretaryofstate’s Trump backerswill be crucial, statehad difficulty counting the asimilar request in Michigan paign’sattemptstodelaycertifi- moreinvolved, according to officesaid. Of those,just over called on Mr.Raffenspergerto votesthe firsttime,” he said. statecourt, whereajudgeisex- cation in some states,Biden people familiar with the matter. 15,000 areready to be counted, resign.The hand recount will It couldn’t be determined pected to rule this week. campaign general counsel Dana Some Trump adviserssaid nearly 28,000 areprovisional only apply to the presidential howsoon the county boards of Fewcourtshaveconsidered Remus said:“They simply have thereisconfusion over who is ballotsand about 3,000 are race,not the Senatecontestsor election will be able to complete thesetypes of requestsinthe no evidence, and to succeed in a leading the legal effort. waiting forsignatureverifica- other races. Therunoff races, reviews of each paper ballot. Mr. past, leaving few precedents. Le- lawsuit that will stop certifica- David Bossie,Mr. Trump’s tion. Mr.Biden leads Mr. which will determine control of Raffenspergersaid the by-hand galexpertssaid it is unlikely that tion, therehas to be evidenceof 2016 deputy campaign man- Trump by about 12,800 votes, the Senate, will be held Jan. 5. recount will ensureamoreac- judges would block finalizing aproblem with the process.” ager,was tapped Fridaytolead or 0.39%, according to the As- Mr.Raffensperger’sdecision curatecount, as opposed to a votesinastate unlesstherewas Statesuse their popular vote the legal push but hasn’t taken sociated Press, which has called to conduct ahand recount fol- re-scanning of ballotsthrough evidenceofwidespread fraud. forpresident to send aset aparticularly visible role since the race forMr. Biden. lows arequest by the Trump computers. Under Georgia law, TheTrump campaign hasn’t number of electorstoformally testing positivefor Covid-19 on In North Carolina, Mr. campaign’srecount effort in candidates canask forarecount offered anyevidenceoffraud in vote forpresident in the Elec- Sunday. Acampaign official Trump’slead has remained Georgiathat is headed by Re- if the margin of victoryisless Arizona and Pennsylvania. In toralCollege. TheConstitution said he has been involved via steady at over 73,000 votes. publican Rep.Doug Collins, an than 0.5%, but those recounts Michigan, it has offered affida- says statelegislatures shall de- phoneinthe campaign’sstaff Thursdayisthe last daytore- ally of thepresident. “This is areare-scanning of ballots, not vitsfromRepublican election termine howthe electorsare meetings. Mr.Bossie didn’t re- ceiveabsentee ballots. Fridayis notover,” Mr.Collins said. by-hand reviews of each ballot. challengerswho saythey were chosen, leading to speculation spond to requestsfor comment. the dayall the counting is sup- Mr.Collins didn’t provide ev- —Tarini Parti harassed, forcibly excluded about what would happen with —Deanna Paul posed to be completed. idenceorspecifics of alleged il- and Alexa Corse from absentee ballot-counting deadlocked results. and Alexa Corse Thetop election official in legal voting.Stefan Passantino, contributed to this article. facilities andwitnessed tam- In Pennsylvania, government contributed to this article. P2JW317000-0-A00700-1------XA

THE WALL STREET JOURNAL. Thursday, November 12, 2020 | A7 U.S. NEWS Facebook, Googleto Tech Firms SeeShiftinChina Tack Officials expect work Keep Banon with allies, bolstered domestic industries to Political Ads betterbattle Beijing B Y E MILY GLAZER BY STU WOO Facebook Inc.and Alpha- AND ASA FITCH bet Inc.’s Google plan to con- tinue banning political ads on President-elect JoeBiden their platforms forthe next maychangethe tone of Wash- several weeks to prevent con- ington’srelationship with Bei- fusion about election re- jing,but businessleadersand sults, according to people fa- Democratic adviserssay he is miliar with thematterand an likely to push back on China’s email reviewedbyThe Wall aim to become aglobal technol- Street Journal. ogyleader. Facebook told advertisers Containing China’stechno- in an email on Wednesdayit logical clout has been apillar of plans to continue itspostelec- PresidentTrump’stech policy— tion ban on political ads for and one area wherethereislit- “another month.” Google rep- tle evident division with his resentatives have told some successor.Asacandidate, Mr.

advertisersitisunlikely to lift Bidensaid he would invest in S itsban in November or De- bolstering American technology cember, the people said. and work with allies to con- PRES “While multiple sources front Beijing on trade,two ini- TED

have projected a presidential tiatives industryofficials are OCIA SS

winner,westill believeit’sim- bankingon. /A

portant to help prevent confu- “Weexpect that apotential NG WO

sion or abuse on our plat- Biden administration will take a Y

form,” according to the email tough stanceonChina,” said AND Facebook sent on Wednesday. Rob Strayer, aformer Trump Policies including export controls on Chinese companies, notably Huawei Technologies, could continue in a Biden administration. Thetech companies initially administration official who is indicated the bans would last nowexecutivevicepresident at nologies Co.—and tariffs on it, there’sadivision in the talizeonsuch investments, Huaweiand other Chinese com- a week after Election Day but the Information TechnologyIn- made-in-China goods could world between techno-democ- which have widespread support panies. could be extended. dustryCouncil, atrade group continue in aBiden administra- racies and techno-autocracies,” in Congress. One departurefromthe cur- Theextendedadbans come that representsU.S.tech giants tion, analystsand industryoffi- AntonyBlinken, aformer “Wedon’t manufacture rent administration, industry as Georgia prepares forapair including Apple Inc., Intel Corp. cials say. Obama administration official enough semiconductors herein officials and analystssay,is of Senaterunoff races on Jan. and MicrosoftCorp., speaking TheAmerican campaign to who served as the Biden cam- the U.S.,” said John Neuffer, that they mayknowwhat is 5. Those raceswill likely deter- last Thursday. hinder Chinese technological paign’ssenior foreign-policyad- chief executiveofthe Semicon- coming. mine which party controls the He particularly pointed to advances has been among viser,has said. TheBiden cam- ductor IndustryAssociation, Some of the Trump adminis- U.S. Senateand whether Presi- expected effortstochallenge Washington’sfew bipartisan ef- paign didn’t respond to citing recent statistics showing tration’smoves,such as certain dent-elect Biden will have a discriminatory licensing prac- fortsofthe past several years. requestsfor comment regarding U.S. factories makejust 12% of export restrictions,caught Democratic majority in both tices, cases whereBeijing re- Leading Democratsand Repub- itsChina strategy. chipswhile about three-quar- companies by surprise,leaving chambersofCongresswhen he quires datatobeheld locally licans sayBeijing unfairly sup- As the newadministration ters aremade in Asia. them little time to adjust. Many begins his administration. and instances whereAmerican portsChinese tech companies, moves to strengthen the U.S. Tech executives aresplit in in theindustrysay they nowex- Facebook told the advertis- companies arepressured to and American lawmakerson position, domestic investments their policywish lists. Some pect astronger voiceindefin- ersitiscontinuing to “tempo- transfer intellectual know-how both sides have broadly agreed in tech could be moredecisive chip-company leaderssay ex- ing policies. rarily pause” all ads on social to do businessinthe country. that Huaweiisasecurity threat than foreign-policymoves.Bi- port controls designed to crip- Ajit Manocha,chief execu- issues,electoral or political Microsoftdeclined to com- around the world—a charge the den advisershavesignaled they pleHuaweiand other Chinese tiveofSEMI, an industrygroup adsinthe U.S. foranother ment afterthis article waspub- companyhas repeatedly re- plan to givepriority to keeping companies have cut intotheir representing manufacturing month, though it may lift the lished. Apple and Intel didn’t jected. the U.S. ahead in artificial intel- ownsales,leading them to re- equipmentmakersand other restriction sooner. respond to requestsfor com- Mr.Biden and his advisers ligence, semiconductorsand duceresearch-and-development companies in the industrial Facebook,inanupdated ment. said during thecampaign that 5G-network equipment. budgetswhile doing little to supply chain, said concerns companyblog post on Manyofthe policies enacted he is concerned about China us- The U.S. chip industry, protect national security. about China would remain un- Wednesday, said the tempo- in the past few years, including ing technologytoadvance state which is lobbying forbillions of Some telecom-equipment der Mr.Biden, “but the path of rary pause on political ads is export controls against Chinese control, rather than empower dollarsinincentives fordomes- companies support the mea- policies will not necessarily be continuing “aspart of our on- companies—notably telecom- citizens. tic factory-building and re- sures, saying they help offset the same as the Trump admin- going effortstoprotect the equipment maker HuaweiTech- “Asthe vicepresident sees search spending,hopes to capi- advantages that Beijing gives to istration.” election.” AGoogle spokes- woman said the company didn’t have further informa- tion to share. Incoming Administration Targets Pipelines Republicans and Democrats have said these political ad bans favorincumbentsor BY REBECCA ELLIOTT rescind the permit President those with largersocial-media AND VIPAL MONGA Trump granted last year. followings, because they can Theproject is being built by blast out messages from their President-elect Joe Biden’s Calgary-based pipeline firm ownaccountsorpages instead campaign promise to phase TC Energy Corp.and partially of relying on advertisements. out oil probably signals the financed by Alberta’s provin- In one runoff,Republican endofthe long-delayedKey- cial government. Sen. DavidPerdue,aformer stone XL oil pipeline and Canadian Prime Minister chief executive of Dollar Gen- threatens the futureofDakota Justin Trudeau discussed the eral Corp., is facing Democrat Access,another major crude Keystone expansion on Mon- JonOssoff, adocumentary conduit. daywith Mr.Biden. According filmmaker who has never held Obstructing pipeline proj- to areadout of the call, Mr. political office. In the other, ectsisone way Mr.Biden Trudeau said he hoped to en- Democrat Raphael Warnock, could accelerateAmerica’s gage with the incoming ad- pastor of the lateDr. Martin shifttoward renewable energy, ministration on “key issues” Luther King’sEbenezerBaptist by making oil moredifficult S such as energy cooperation

Church in Atlanta, aims to and expensivetomovearound. PRES and Keystone XL.Mr. Trudeau

oust Republican Sen. Kelly Other policies that requireleg- TED has long advocated forthe

Loeffler.Ms. Loeffler is abusi- islativesignoff would be more OCIA pipeline,seeing it as an impor-

nesswoman appointed last challenging to implement un- SS tant conduit to market forCa- /A

year by Georgia’sRepublican lessDemocratswon control of GY nadian oil. Gov. Brian Kemp. the Senate. Officials from the province ENER

Representatives forthe “In the absenceoflegisla- TC of Albertaand TC Energy have campaigns of Messrs. Warnock tion, you’regoing to trytodo Contractors installing a section of the Keystone XL oil pipeline at the U.S.-Canada border in April. also been reaching out to la- and Ossoff said thereshould what youcan through adminis- bor unions that would benefit be an exemption forthe Geor- trativeaction,” said Christine the Canadian oil sands to the miles from North DakotatoIl- vulnerable because it isn’t from jobs and governorsfrom gia runoffs so they canrun Tezak, managing director at en- American Midwest. linois and has been operating running morethan adecade states along Keystone XL’s adsonthe digital platforms ergy research firm ClearView Mr.Biden hasn’t publicly since 2017. afterbeing proposed, the re- path, people familiar with the explaining howpeople can Energy PartnersLLC. weighed in on Dakota Access, NativeAmerican tribes,en- sult of legal and permitting matter said. register to vote,sign up for Mr.Biden’scampaign has though Vice President-elect vironmentalistsand landown- delays.The expansion of the “A decision made to cancel absentee ballotsand ensure said he would revoke a presi- Kamala Harris,asaU.S.sena- ershavebeen trying foryears existing Keystone pipeline, Keystone XL wouldn’t just their vote counts. dentialpermit that Keystone tor, joined dozens of members to block the projects, which which would runfromCanada eliminatejobs on paper,it Representatives forthe XL needs to crossthe U.S.-Ca- of Congressinfiling alegal have become symbols in the to Nebraska, requires U.S. au- would literally take jobs away campaigns of Ms.Loeffler and nadian border.The moveis brief this year supporting ef- fight to keep fossil fuels in the thorization to crossthe inter- from thousands of Americans Mr.Perdue didn’t respond to likely to doom the $8 billion fortstoshut down the pipe- ground. national border. working in the field,” aTCEn- requests for comment. initiative to bring crude from line,which runs some 1,200 Keystone XL is particularly Mr.Biden canunilaterally ergy spokesman said.

pean Union agency set up af- Nonperforming loans as ashare outbreak in Europe and has said, and the ratio of nonper- some banks arebeing optimists State Aid terEurope’sfinancial crisis to of grossloans outstanding been hurt by acollapse in forming loans actually fell this and waiting until thereiscon- handle troubled banks,said tourism. year.Around €40billion in creteevidenceacustomer is 18% lenders need to act quickly to Italy In Portugal, where compa- loans, or 4% of Santander’s going bankrupt. He told Euro- Obscures identifyand deal with loans Spain nies andthe government are loan book,isstill under mora- pean lawmakerslast month that areunlikely to be repaid. 15 France highly indebted, loan morato- torium, including manySpan- that banks shouldn’t let loans “Thereisnomagic wand to U.K. riums to businesses covered ish mortgages. “rot in their balancesheets.” Loan Risk makepotential losses go Germany almost athirdofthe total, ac- According to an analysis by European banks arelending away,” Ms. König said. 12 cording to the country’s cen- Spain’scentral bank,the now, including morethan European banks were al- tral bank.Overhalf of the heaviest usersofpayment hol- €400 billion to businesses this ContinuedfromPageOne ready far behind U.S. rivals in credit to companies in the idays arehouseholds that year under government pro- act to borrowers’potential recovering from that last se- 9 hospitality and restaurant sec- were already morefinancially grams that guarantee achunk troubles ahead. vere shock in 2008.Then, U.S. tors are under the program. vulnerable.Itestimates that of the repayment to the banks. TheEuropean Central Bank banks gothelp from govern- “Until the moratoriums are morethan €52 billion of Theprograms aregiving com- said bad loans in the eurozone ment programs and central 6 resolved, it will be challenging household and personal busi- panies much-needed cash to could soar as high as €1.4tril- banks to unload bad assets to assessthe real extent of ness loans in Spain, or about keep their businesses going, lion, equivalent to $1.7trillion, quickly,while banks in Europe 3 losses,” Mr. Troiano said. 8% of thosethat qualify, are but they canalso keep nonvia- if the economies shrink even became ensnared by asover- Carlo Messina,chief execu- currently on hiatus. ble companies alive. morethan expected, asce- eign-debtcrisis that curbed tiveofthe Italian lender In- Countries acrossEurope Localcinemas,family-run nario the central bank said is economic growth. Lowinterest 0 tesa Sanpaolo,sounded up- also have rolled out subsidies restaurantsand hair salons severebut plausible.That rates, imposed to stimulate beat in recent comments, to companies so they could are among the businesses re- 2015 ’16 ’17 ’18 ’19 ’20 amount would be morethan spending,further hit banks’ saying that despitethe pan- keep idled workers, preventing ceiving such loans, according during the aftermath of the fi- profits. Source:European CentralBank demic his bank had the low- unemployment from shooting to announcementsbybanks, nancial crisis. This time around, U.S. est-ever inflowofbad loans in up.Incontrast, the jobless even though it is unclearwhen Theconcern is that banks workerswho lost their jobs still trying to deal with old the firstnine months of 2020. rate had jumped in the U.S. those sectorswill fully re- could runout of capital if they got weekly payments of $600 bad-debt portfolios—over 25% In Spain and elsewhere, Part of the reason forthe cover. aresuddenly overwhelmed by forseveral months,while oth- of loanstobusinesses and 15% “customers’ behavior has been rosy picturefrombanks comes “Atthe moment the biggest defaults, needing statesupport ers stayed at work because of to households,totaling around betterthan the guidancewe down to accounting rules. bank is governments,” said or even failing.What isn’t Paycheck Protection Program €300 billion, were put under gaveinApril and July,” said Banks cantypically count a MattLong,head of capital clear right nowishow quickly loans to small businesses. payment holidays,according Ana Botín,executivechairman loan as performing until there markets for Europe at Accen- those defaultscould pile up,or While manyU.S.banks let bor- to Marco Troiano,deputy head at BancoSantander SA,ama- is actual deterioration, such as ture. “When that stops, that’s if state programs might cush- rowers skip some payments, of the banks team at the rat- jor lender in Europe and Latin missed interest paymentsora when we gettosee the real ion banks’ losses for years to overall support has been less ings company Scope Ratings. America. Most borrowers re- company going bankrupt. ability of the borrowers to pay come. generous than in Europe. Thecountrywas foralong started paymentswhen mora- Andrea Enria, the head of back the loans and meet their ElkeKönig,head of aEuro- In Italy—where banks are time the epicenter of the virus torium programs expired, she the ECB’ssupervision arm, said borrowing commitments.” P2JW317000-2-A00800-11F7DF7178D

A8 | Thursday, November 12, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS

Virus Cases Covid-19 hospitalizations by state, per 1million population*Daily U.S. hospitalizations New Covid Deaths 60 thousand Rise Above 1,400 Strain 18 100 200 400 640 Hospitals 45 BY JENNIFER CALFAS in cases,and when that occurs, inevitably,you’regoing to have Officials acrossthe U.S. on an increase of hospitalizations, ContinuedfromPageOne 30 Tuesdayreported morethan which then leads to increased follownew cases by afew 1,400 coronavirus-related fa- ICU and ventilator use,then an weeks.Morewidespread testing talities,the highest number re- increased mortality.And that’s is finding morepeople with the corded in asingle daysince exactly what we’reseeing,” virus,but that cannot fully ac- 15 mid-August and agrim indica- said Thomas J. Duszynski, di- count forsurging cases,epide- torofthe virus’swidespread rector of epidemiologyeduca- miologistssaid. grasponthe country. tion at the RichardM.Fair- Moreyoung people are North Dakota, Wyoming and banks School of Public Health among those newly infected, 0 Missouri all reported record at IndianaUniversity-Purdue and they arelesslikely to need AM JJASON numbersoffatalitiesinasin- University Indianapolis. hospital care than the elderly. *AsofNov.9 Source:Covid Tracking Project gle day, datafromJohns Hop- Mr.Duszynski said treat- Butasinfections rise among kins University showed. ment hasimproved sincethe the young,sodoes transmission surges, said Charles Branas, virus patients, under an anyone who enterswearsa In 34 states,the number of pandemic beganinthe U.S. in to high-risk older co-workers chairman of epidemiology at amended stateorder and Cen- mask. deaths reported each daywere the spring.But staffing short- and family,said Jennifer Nuzzo, theColumbia University Mail- ters forDisease Control and Concerned about rising cases increasing at afaster pace ages among respiratorythera- lead epidemiologist forthe man School of Public Health. Prevention guidelines forcrisis statewide,the hospital con- over the past week than dur- pists, doctors, nurses and Johns Hopkins Covid-19 Testing “Thereisacapacity limit here.” staffing. verted itsambulancebay to a ingthe week prior,according housekeeping staff could affect InsightsInitiative. That limitispronounced for In Harlowton, Mont., the 25- temporaryeight-bed unit for to aWall Street Journal analy- care—and patient outcomes— “It doesn’t stay in one age patientswho need the skilled bed Wheatland Memorial Hos- patients, she said. sis of Johns Hopkins data. as hospitalizations increase. group,” Dr.Nuzzo said. staff and equipment of hospital pital has no intensive-careunit Wheatland Memorial care- That hasbeen the case nation- More than 240,000 people Pandemic fatigue is fueling intensive-careunits. “That’s and it largely functions as the fully acceptsreferrals from Bill- wide sincemid-October. have died in the U.S. sincethe transmission as people frus- wherethere’saresource bottle- localnursing home.The hospi- ingsClinic about 90 miles away Theuptick Tuesdayispandemic began, according to trated with months of restric- neck to be concerned about,” talislocated in Wheatland to help the largerhospital make higher than the seven-dayav- Johns Hopkins data. In the tionshavestarted to gather, Dr.Branas said. County,wherethe population of room forthe most critical pa- erageof974 deaths reported spring,the WhiteHouse pro- public health officials said. Thepandemic’simpact on about 2,100 has seen an uptick tientsand minimizeexposureto each day, according to Johns jected anywherefrom100,000 “What we arefinding is the patientsand hospitals will vary in Covid-19 cases sinceOctober, the virus.Rural hospitals aren’t Hopkins. A month ago, the to 240,000 Americans could disease is being spread in gath- widely because of regional dif- with 76 reported through Mon- equipped forthe sickest pa- seven-dayaverage fornew cor- die from Covid-19. erings; family gatherings, wed- ferences in health-careservices, day, Johns Hopkins University tientsand must send them to onavirus-related fatalities hov- Arangeoffactorshavecon- dings, holidays,and is being said Molly Jeffery, scientific di- datashow. largerhospitals,which arenow ered around 700. tributed to the thirdsurge in spread by people who know rector of emergencymedicine Montana, whereCovid-19 also grappling with the surge. Therising death toll comes coronavirus infections,hospi- each other,” said Randall W. research at the Mayo Clinic. cases and hospitalizations per In the BillingsClinic’s290- as the nation reportsrecord talizations and deaths across Williams, director of the Mis- “Thishas not been asingle bed flagship hospital, the ICU levels of newcases and hospi- the U.S.,according to epidemi- souri Department of Health and pandemic,” Dr.Jefferysaid. wasat167% occupancyTuesday talizations that have crowded ologistsand public-health offi- Senior Services. “Thishospital system across Despiteimproved and itsemergencyroom wasn’t intensive-careunitsinhard-hit cials.Inconsistent messaging “Lives areatstake,” said Eric the countrylooks totally differ- accepting ambulances,a states.The totalnumber of on mask-wearing andother Toner,anexpert in health-care ent.” treatments, spokesman said. newinfections reported Tues- preventativemeasures has hin- disaster preparednessatthe Hospitals outside metroar- hospitals have only Bridget Brennan, chief of day topped 136,000, while dered their effectivenessand Johns Hopkins Center for eas have fewerintensive-care emergencymedicine forthe morethan 61,000 people were pandemic fatigue has made Health Security,who urged beds per10,000 people,onav- so much capacity. Benefis Medical Group in Great hospitalized. some more willing to take public-health precautions,such erage, an April analysis by the Falls,Mont., talks with doctors “Wehaveaseveregrowth risks than previously, they say. as masks.“When hospitals can- Kaiser Family Foundation each morning at the state’s not accommodateall the pa- found. Thechallengeofmeeting other largerhospitals foranup- tients, people die.” the pandemic’sdemand in rural 100,000 people in October were dateonwherebeds areavail- Despiteimproved treat- partsofthe U.S. is particularly among the highest in the U.S., able,she said. Benefis Hospital ments, hospitals have only so acute. Morerural residents, on ranks among states with the staffclosely track beds within much capacity,doctorsand average, are at risk of severe fewest ICU beds per 100,000 theirhospital campuses,seek- health-careexpertssaid. Hospi- Covid-19 because of ageand people,according to datafrom ing openings. “Wecall it atetris tals in NewYork in the spring health conditions than those the Covid Tracking Project and game,” Dr.Brennan said. scrambled to find ventilators living in metropolitan areas,re- federal agencies. Thesustained surge will and enough staff.Swamped searchersreported in June in To prevent inadvertent soon outmatch thestate’s

S hospitals in Arizona and Cali- the Journal of Rural Health. Lo- spread of the virus to itsvul- health-caresystem, she said:

PRES fornia in the summer struggled calrural hospitals areoften the nerable long-term patients, “The majority of people arenot

TED to find nurses and frantically nation’ssmallest, with limited Wheatland Memorial locked the going to be sick enough to be in sought to transfer patients to staff. door to itsemergencyroom, the hospital, but the number OCIA

SS hospitals with morecapacity. North DakotaGov.Doug Bur- said Joan Marie McMahon,the who are, all at once, is going to /A “The medical system can gum, aRepublican, said Mon- hospital’schief of staff.“We ba- overwhelm what we have avail-

WMER only save so manypeople,and dayhealth-careworkerswith sically have adoorbell out able here.”

BO fortunately,thingsebbed before Covid-19 but no symptoms there.” Hospital staff meet ar- —Talal Ansari thingsreally gotout of hand” would be able to continue rivals at the door to firstscreen and Tom McGinty RICK Covid-19 testing at Weber State University in Ogden, Utah. during thespring and summer working,but only with corona- them forinfections and ensure contributed to this article.

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THE WALL STREET JOURNAL. Thursday, November 12, 2020 | A9 U.S. NEWS Russia Is Economic Rebound Likely to Take Time Upbeat on BY PAUL HANNON U.S. grossdomestic product AND DAVID HARRISON Its Va ccine $20 trillion Thenewsthat Pfizer Inc. BY GEORGI KANTCHEV and partner BioNTech SE could secureauthorization 15 MOSCOW—Russia said its foracoronavirus vaccine in a fast-tracked coronavirus vac- matterofweeks has sparked cine, Sputnik V, has produced hopes that the global economy 10 promising preliminaryresults, could bounce back strongly showing 92% efficacy against next year. Covid-19,apotential milestone But while asuccessfulvac- 5 forashot the Kremlin is bank- cine could indeed givethe ing on to protect ahard-hit economyashot in the arm in population and to dispel West- 2021,say economists, it will 0 ern skepticism over itsability take longer to heal from ahis- 2018 ’20 ’22 ’24 to make a vaccine at speed. toric blowtojobs,investment Note:In2012dollars. 2020-25dataare Theresults, which come and businesses—a task compli- forecasts. from an interim analysis of a catedbythe current surge in GES Source:Congressional Budget Office continuing large-scale clinical infections in much of the IMA trial of 40,000 volunteers, West. And it could be many at AmherstPierpont Securi- showednounexpected adverse months beforeany vaccine is GETTY ties. side effectsamong partici- administered to enough people SE/ It is possible that by the pants, the Russian Direct In- to ease the need forlockdown middle of next year,the U.S.

vestment Fund, the country’s measures that have been re- ANCE-PRES unemployment rate—which hit

sovereign-wealth fund, said on cently reimposed. FR arecent peak of 14.7%in Wednesday. Theresultswill be Meanwhile,businesses most March—could return to the ENCE

published in a peer-reviewed directly constrained by the vi- AG historically lowlevel of 3.5% medical journal soon, the fund, rus—particularly in-person seen in February, beforethe which has spearheaded the services such as hospitality OON/ pandemic,hesaid. vaccine effort, said. and entertainment—must en- HAK Otherssay it could take lon- Thedevelopment comes duremonths of weak demand. BEN gertoclawback the lost jobs.

days afteravaccine developed “I will be somewhat cau- OREN “Potentially youget alot of by Pfizer Inc. and partner Bi- tious,” said Ralph Findlay, A participant in trial for a Covid-19 vaccine gets an injection at Hadassah Medical Center in Jerusalem. the way back next year with oNTech SE proved to be more chief executiveofficer of Mar- the vaccine.Not only do you than 90% effectiveatprotect- stons,aU.K.brewery and pub Therich world will be the would fall to $1.2 trillion, or TheU.S.isamong those have faster growth but that ing people from Covid-19, ac- owner.“We’rehaving an up- firsttobenefit economically $103 billionamonth. countries set to start deploy- growth is moreskewedtothe cording to early analysis pub- swing of positivity,but the from avaccine.The U.K.,U.S., However, amorewide- ing asafeand effectivevaccine services sector,” said Michael lished by the drug companies economyisgoing to be tricky the European Union and Japan spread rollout that left only over coming months.But Pearce,senior U.S. economist Monday. Pfizer said it is on next year.” have already ordered large the poorest countries without manyofthe industries most at CapitalEconomics.“In track to ask health regulators A surge in new infections doses of the Pfizer vaccine and initial access to avaccine affected by the pandemic—air- terms of jobs,you’reprobably forpermission to sell that acrossEurope in recent weeks will benefit most should would cut the annual lossto lines,hospitality,retail—won’t looking at least at another shot beforethe end of this has prompted a second wave Pfizer’s vaccine prove safe. $153 billion, and amplifythe fully recover until it is once couple of years.” month, if pending dataindi- of lockdowns that economists That is true for most of the benefittorich countries. againsafefor people to con- Even if the full economic ef- cate the vaccine is safe. believe will push the conti- othervaccines that appear gregate in proximity, which fect of avaccine won’t be felt ThePfizertimetable sug- nent’seconomyintoits second close to approval. will only happen oncemillions forseveral months,there geststhe vaccine could go into contraction this year. In the That hasn’t been an option Businesses most of people have been vacci- could still be some near-term distribution as soon as next U.S.,the authorities have gen- formost poor countries,which nated. Bars, restaurantsand benefitfromaresurgenceof month, though U.S. health reg- erally avoided newmeasures will likely gain access to suc- directly hit by the hotels by themselves account optimism. ulatorshaveindicated they that areasstrict as the Euro- cessful vaccines later. Duke virus face months formorethan aquarter of the Andy Haldane,chief econo- will take some time to conduct pean ones,and the economyis Global Health Innovation Cen- roughly 10 million jobs lost be- mist at the Bank of England, their review. Then it will take expected to continue to grow, terestimates therewon’t be of weak demand. tween Februaryand October, said theapproval of avaccine months forthe companies to albeit at aslowerpace. enough vaccines to coverthe according to the Labor Depart- would be a “game-changer,” makeenough doses forthe News of the vaccine break- world’spopulation until 2024. ment. sinceitwould promise an general population. through hasn’t immediately Theimpact of even limited “Wecould have areal burst eventual endtothe “stop-start RussiainAugust became shortened expectations forthe availability would still be “Ifonly some countries that if we gettoapoint where cycle” of restrictions being im- the firstcountrytoapprovea time it will take the U.S. and large.Analystsatresearch or- candevelop avaccine and these other industries areable posed on businesses,and be- Covid-19 vaccine,despiteskepti- European economies to return ganization RAND Europe esti- manufactureitatscale benefit to open up suddenly,ifinone ing liftedonly to be imposed cism in the West over the speed to their pre-pandemic size, mate the global economy is initially,they gain quitetre- month next spring or summer againasinfections rise. at whichitwas developed and sincemost economistshad al- currently losing output at a mendously in economic terms, thereare amillion restaurant “That is all the differencein the fact that trials were con- ready factored in the deploy- rate of $3.4 trillion annually. but they would be betteroff if jobs that come back online and the world, between having a tinuing.Moscow has sinceregis- ment of ashot. U.S. and euro- Should an effectivevaccine be- they were able to roll out a 100,000 jobs related to travel viable businessand not having teredasecond vaccine and au- zone policymakersexpect come available in the U.S.,the vaccine everywhere,” said and 100,000 jobs related to aviable business, and making thorities sayathirdcould be each region to recovertoits EU,the U.K.,China, India and Marco Hafner,aresearcher at spectator events,” said Ste- that investment and not mak- approved in December. pre-Covid-19 sizein2022. Russia, it estimatesthat loss RAND. phen Stanley,chief economist ing that investment,” he said.

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A10 | Thursday, November 12, 2020 THE WALL STREET JOURNAL. WORLD NEWS China Ousts Four Hong Kong Lawmakers

Entire opposition bloc doubtsabout their allegiance Staying under what they deem to the territoryand their public illegitimate conditions would resigns in protest as political views.Mrs.Lam said be difficult, he said. Yet with- Beijing steps up effort addressing the issue of the dis- drawing together from the leg- qualified candidates serving in islaturegives Beijing what it to stifle dissent in city the extended legislativeterm wants: a compliant group. hadrequired further clarifica- China’snational-security BY NATASHA KHAN tion from central authorities. lawhas sent achill throughout She said the disqualifica- the city, targeting hostile me- HONG KONG—Beijing forced tions were unrelated to parlia- dia, dissent in schools and ac- the expulsion of four pro-de- mentarytactics such as filibus- tivism on social media. Beijing mocracyHong Kong lawmakers, tering that have come under has cracked down on dissent prompting the rest of the oppo- criticismfromofficials and this year aftermonths of sition bloc to resign in protest pro-establishment lawmakers. sometimes-violent antigovern- of China’sintensifying crack- The four ousted legislators ment protests paralyzedthe down on dissent in the city. areAlvinYeung, the leader of city at times last year.

Hong Kong’sgovernment on GES the Civic Party,fellowparty Theright to democratically

Wednesdaysaid the democrat- IMA membersKwokKa-ki and Den- elect the city’s chief executive ically elected legislators had nis Kwok,and Kenneth Leung, and the entireLegislative been disqualified with immedi- GETTY who represented the accoun- Council had been akey demand ateeffect. Thegovernment an- AN/ tancy sector. of antigovernment protests. nounced the moveminutes af- KW Half of the city’s 70-member In an emotional press con- terChina’slegislaturepassed a legislatureisdirectly elected ference on Wednesday, the 19

resolution that empoweredlo- ANTHONY by the public,with the other legislatorsbegan by holding calofficials to unseat dissent- Pro-democracy lawmakers in Hong Kong criticized the ousteroffour of their colleagues on Wednesday. half chosen by industrybodies. hands and chanted “Hong ing politicians without going Thepro-democracylegislators Kong Add Oil!” We Stand To- through the courts. intention of the other 15 pan- government legislation. Mayscuffle in the legislature. said they would tender their gether!”—using apopular pro- Slamming Beijing’sdecision democraticlawmakerstore- Beijing’sdecision dealt an- Thecity’s toplocal official, resignations during the legisla- test refrain—and vowedto as another assault on the free- sign on Thursday. “Sooner or other blowtothe city’s already ChiefExecutiveCarrie Lam, on tivesession on Thursday. continue fighting fordemoc- doms China had guaranteed later we would all have been reeling opposition movement. Wednesdaysaid the ruling fol- Two other pro-democracy- racy in the city. the former British colonyuntil disqualified.” Dissent has been shrinking in lowedanAugust decision by leaning legislatorswho aren’t Wednesday’sruling from 2047, the group of 19 pro-de- The resignations leave the the city sinceChinese leaders Beijing’stop legislativebody part of the alliancebetween Beijing spells out conditions in mocracy legislators said quit- city’s mostly pro-Beijing legis- imposed anational-security that extended the incumbent the various democratic parties which legislatorscould imme- ting was the biggest possible lature as effectively a rubber lawonHong Kong in lateJune. legislativeterm by ayear after said they would stay on. diately lose their seats. Those protest they could make. stamp for government policy Opposition lawmakershave elections set forSeptember The ouster of the four col- include supporting indepen- “Today starts a whole new and laws.The movethreatens remained vocalinthe legisla- were postponed, adelayoffi- leagues put the pan-demo- dencefor the territory, endan- ballgame on howthe battle of to upend decades of rough- tivechamber,drawing criti- cials attributed to the pandemic. cratic bloc “between the devil gering national security and re- democracywill be fought in and-tumble legislativepolitics cism from officials fortheir de- Thefour ousted lawmakers and the deep blue sea,” said fusing to recognizeChina’s Hong Kong,” said Wu Chi-wai, in the city—wherethe opposi- laying tactics over legislation had been among 12 disqualified SteveTsang,the director of sovereignty over Hong Kong. the convener of the group, tion has at times delayed, they oppose.Several were re- from that election foravariety the School of Oriental and Af- Thelegislatorsmust also up- who separately confirmed the amended and even thwarted cently arrested by policeover a of reasons,including alleged rican Studies China Institute. hold their allegiancetothe city. Asian Hubs Indians Spurn Household Help in Pandemic Ease Curbs BY ERIC BELLMAN ShareofIndian households help,said Kamal Nandi, presi- who ownappliances,bytype, dent of the association. On Air Travel NEW DELHI—India’s mid- March 2020 “Appliances arebecoming a dle-classhouseholds arecull- substitute for domestic help” BY NIHARIKA MANDHANA ing their armies of domestic Mobile phone acrossIndia, he said. “This helpersamid the Covid-19 pan- 95% trend is going to stay." SINGAPORE—Asianfinan- demic,eliminating acrucial India’seconomyhas been Ceiling fan cial centersSingaporeand source of jobs and spurring an hit harder than any other. Its Hong Kong will allow quaran- appliance-buying binge. 80 grossdomestic product con- tine-free air travel between Ila Rallan used to have five Television tracted almost 24% in the them to begin this month, a home assistantstroop through 62 quarterthrough June,and move seen as a breakthrough her apartment in Mumbai ev- sales of everything from mo- Food processor in theregion whereconcern eryday:one cook,three clean- torcycles to mobile phones about new wavesofcoronavi- ers and one nanny. At the be- 41 have plunged. Still, appliance

rusinfections has significantly ginningofIndia’slockdown, Refrigerator CK manufacturers are struggling

slowednegotiations forsuch they all returned to their vil- 34 TO to fill ordersand rushing new travel bubbles. lages. Additionally, her build- products to market. Washing machine Thedeal between the cit- ing wouldn’t let in outsiders. Theshiftaway from house- 14 SHUTTERS

ies—which have both reduced Forthe firsttime,she had A/ hold labor is awfulnewsfor thepathogen’s spread within to do everything around the PC/laptop India’sstruggling domestic their borderstolow levels—re- house without the help of staff. 8 workers.The countrycould LANKI/EP

quires passengerstotakecoro- Though restrictions in her SO see morethan 100 million peo- Air conditioner

navirus tests. But it is less city and building have eased, NT ple fall back into poverty, ac- onerous than other Asia-Pacific she has decided to radically re- 5 KA cording to astudy this year at YA

pactsthat arelargely limited duceher home staff.She and Source:Consumer Electronics and Appliances DIV the United Nations University to businesstravelersapproved her husband have so far al- Manufacturers Association A Mumbai electronics shop reopened in June after a lockdown lifted. World Institutefor Develop- forshort trips who pledgeto lowedonly one nannytoreturn ment Economics Research. adheretofixed itineraries. to watchtheir child and do a home. In India, this spending The more-affluent families cording to India’sConsumer Mamata Kajaria worked as “Therewill be no restric- little housework.They have re- is putting people out of work. have emerged more cautious, Electronics and ApplianceMan- amaid at three different tions on the type of travel or placed the rest with arobotic India has one of the worst more independent and more ufacturersAssociation, an in- homes in Dehradun, north of itinerary. Whether you’retrav- vacuum cleaner,adish-drying coronavirus outbreaks in the likely to spend on labor-saving dustrygroup that represents Delhi, beforeIndia locked eling for business, for leisure rack and amop,and they are world. With morethan 8.5mil- equipment. manufacturersinIndia. down and she wastold to stop or to reconnect with family, getting morefood delivered. lion recorded infections in the Even families that canafford One of the main reasons for coming. friends and loved ones,you “People just turn to tech- SouthAsian nation, only the them have traditionally avoided lowpenetration ratesisthe “Nowthey have newvac- canget on the bubble,” Singa- nology now,” she said. “I ha- U.S. has reported morecases. purchasing manyofthe appli- loweraverage incomes in In- uumcleaners. One told me pore’sTransport Minister Ong ven’t called everybody back to Thecountrywent into the ances that arethe norm in the dia’smiddle class. But another abouttheir newdishwasher Ye Kung said on Wednesday work because I don’t need so world’slargest lockdown in West.AsofMarch, only around important factor is the wide that canwash 35 dishes in one from the city-state’sonce-bus- many people anymore.” March and stayed shut fortwo 14%ofhouseholds owned availability of inexpensivelabor. go,” she said. “Even my work tling Changi Airport. “This is Other countries have seen a months.Ithas sincebeen gradu- washing machines and less Thenew normal forthe of making coffee every morn- as close as it gets to cross- surge in home-improvement ally opening,but people arestill than 3% had vacuum cleaners, massiveIndian middle classis ing was now being done by a border travel pre-Covid-19.” spending by people stuck at restricting their movements. microwavesordishwashers, ac- moreappliances with less coffee maker.” FROM PAGE ONE

Wearing abusinesssuit prising the skirt is trending Dressy makes people feel more pow- now, because it’ssomething erful, researcherssay.The youwould normally buy fora pandemic suggeststhe inverse special occasion,” said Clothia Clothes is true too: Wearing pajamas founder Elena Silenok. all daymakes people lethargic. Danielle Walter of Atlanta Dr.Vasan said during the bought ablack sequined gown Come Back firstfew months of the pan- in July,eventhough she had demic,all her patientswere no placetowear it. The38- dressed casually during Zoom year-old marketing executive ContinuedfromPageOne sessions with her.Now,more hit on the idea of turning her heeled sandals. of them arewearing profes- family’s Christmas gathering “Putting heels on, even sional attire—even though they at her mother’s Highlands, though it’sjust foranhour, continue to work from home— N.C., home intoaformal event. makes one day different from including one man who has She messaged her mom, everyother day,” said Ms.Kra- started wearing cufflinks again. who responded: “Black tie?” jchir-Tom, a52-year-old brand Elliot Blackler, the founder Ms.Walter wroteback,“Yes, consultant. of awellnesscompany, said he gowns!” Without areason to get started sleeping later and tak- “Normally,wedon’t dress dressed up each morning, ing morebreaks during the up forChristmas,” Ms.Walter some people say they are ex- daywhen he waswearing HEAD said. “But we need to cele- CH

periencing alossofmotivation sweatpants. “My productivity ZA brate this year differently.” and asense that each day started going down,” he said. Dawn Head put on a dressier KarenCondor opened her bleeds into the next. The26-year-old came up outfit for the seven-minute trip closet on arecent morning Explore Psychiatristshaveaname with a new self-imposed rule. to take her son to swim class. and sighed. “I missed wearing forwhat folks arefeeling.“En- On weekdays,heshowers and my clothes,” the 56-year-old Yo ur Membership clothed cognition” is atheory gets dressed as if he’sgoing to said Joanne Crevoiserat,the Greenville,S.C., resident re- that describes the effect that the office. He putsonabut- CEO of Kate Spade parent Tap- called thinking.She decided to clotheshaveonhow we feel ton-down shirt, trousersand a estryInc.“It’speople who are getdressed forthe one-mile Your WSJmembership doesn’t stophere. and act, according to Dr.Nina pair of suede lace-up shoes— lookingfor abreak or some- trip to the local drugstore. Visit our digital product showcase to Vasan, apsychiatrist and clini- even though he is on Zoom thingthat bringsthem alittle Setting aside the sweatpants, calassistant professor at Stan- calls from his London home bitofjoy in adifficult time.” T-shirtsand whitesocks she explore, download and sign up formore ford University School of Med- and no one can see his feet. Tony Spring,CEO of Macy’s has been wearing sinceMarch, of whatyou’re entitledto. icine.“Clothing shapes your Theshoes areanimportant Inc.-owned Bloomingdale’s, Ms.Condor,who works fora mental stateand productivity,” demarcation line.“When they said sales of designer shoes websitethat provides insur- GetStarted: said Dr.Vasan, who sometimes come off,I’m done with work,” and handbagsare outpacing ance quotes,put on jeans,a wore pajama pantsand aregu- Mr.Blackler said. “It’smy year-agolevels. “Atsome black-and-whitetunic and low- WSJ.COM/BENEFITS lar top when she first started mental trick.” point, people don’t want to live heeled, black suede shoes.She seeing patientsbycomputer. Retailers saythey arenotic- their lifeinloungewear,” said topped the outfit off with sil- Nowshe wearsdresses and ing ashifttoward dressier Mr.Spring,who has been verdropearrings, abracelet heels, even though she is still items.Shoppershavebeen wearing jeans and buttondown and aCeltic knot ring.“It mostly seeing patientsvirtu- shelling out morethan $300 shirtstovirtual meetings. Cus- made me feel betterbeing out ally.“When youare stuck at forabright yellowKateSpade tomersofonline retailer of my pandemic uniform,” she home all day, what youwear handbag in the shape of apine- Clothia.comhavebeen snap- said. “I took my time and ©2020Dow Jones &Company, Inc.All rightsreserved. 2DJ7893 can set the tone for what you apple.“Whoneeds apineapple ping up a$635 Balloon Skirt by walked a few extra aisles just are doing,” she said. bag in the middle of Covid?” designer Juan Vidal. “It’ssur- to stay out of the house.” P2JW317000-0-A01100-1------XA

THE WALL STREET JOURNAL. Thursday, November 12, 2020 | A11 WORLD NEWS Bombing U.N. Says Iran Nuclear Stockpile Grows In Jeddah BY LAURENCE NORMAN Targets Iran is continuing to build up itsstockpile of low-enriched uranium and nowholds roughly Diplomats 12 times the amount permitted under the 2015 nuclear agree- BY STEPHEN KALIN ment, the United Nations Atomic Agencysaid in areport. Abomb blast hit aWorld Thereport’sfindingsunder- WarIcommemoration at- scorethe challengethe incom- S

tended by Western diplomats ingBiden administration faces PRES

in Saudi Arabia’sport city of in persuading Iran to fully re- TED

Jeddah, injuring at least two turn to the 2015 nuclear deal: OCIA

people,the second attack in Besidesthe stockpile of low- SS two weeks targeting foreign enriched uranium, which when /A missions in the kingdom. further refined canbeused to Theimprovised explosive fuel anuclear weapon, Iran is deviceblewupatanon-Muslim also taking steps to potentially PRESIDENCY cemeterywherediplomats—in- accelerateits production of ANIAN

cluding those from France, low-enriched uraniumand is IR Greece, Italy,the U.S. and the continuing itsnuclear research. S;

U.K.—had gathered, according President-elect JoeBiden PRES

to astatement from the French has said he is prepared to take TED

embassy in Saudi Arabia, which the U.S. back intothe 2015 nu- CIA SO

organized the event. Saudi au- clear deal provided Iran re- AS

thoritiessaid aGreek consular turns intofull compliancewith R/ official and aSaudi policeman that deal and agrees to future XA MA

suffered minor injuries. negotiations forlonger and P: There was no official word morestringent constraintson TO OM

on the perpetrator’s identity its nuclear activities. FR or motive, but the attack ap- Mr.Biden, who wasvice Iran has built IR-2M centrifuges at its underground enrichmentsiteatthe Natanz facility, breaching one of the 2015 nuclear deal’sterms. peared to target French diplo- president when the Iran deal matsand militaryofficials. was struck, has criticized the eventually obtaining nuclear install afirst group of so-called mum pressurecampaign and TheEuropean Union called for Trump administration’s deci- weapons and ignored key is- IR-2Mcentrifuges at itsunder- seek a better agreement.” an investigation. sion to quit the nuclear deal in sues, like Iran’s ballistic-mis- ground enrichment siteatthe TheIAEA report showed Theblast comes amid an May 2018 and impose sweep- sile capacity and itssupport Natanz facility,breaching one the agency is still not receiv- escalating confrontation be- ing sanctions on Tehran.In forterrorism. Trump adminis- of the nuclear deal’sterms. ing adequateexplanations tween Franceand radical Is- September,hesaid that ap- tration officials have indicated TheIR-2M machines arethe from Iran for its discovery of lam. Late last month, a Saudi proach “recklessly tossed they could slap newsanctions only moreadvancedcentri- uraniumatasiteinthe out- nationalwas arrested foral- away a policy that was work- on Iran in the final weeks be- fuges Tehran has successfully skirtsofTehran last year.The legedly stabbing asecurity ing to keep America safe and fore January’s transition. deployed, and Tehran had al- site, firstrevealedbythe Is- guardatthe French consulate replaced it with one that has In itslatestquarterly re- ready said it wasintending to raelis,isbelieved to be where in Jeddah—on the same day worsened the threat.” port, sent to member states place up to three cascades of Iran stored material and that aman in Nice killed three Iran has said it is open to andseen by TheWall Street the machines underground. equipment used in what West- people with aknife,nearly de- negotiation but has placed var- Journal, the International However, the machines aren’t ern countries believewas a capitating one of them. ious conditions on returning to Atomic Energy Agencysaid Iran’sPresidentHassan Rouhani yetbeing fedwith uranium, nuclear-weapons program in That wasthe thirdsuch at- the accord’s terms,including Iran hadnow accumulated a the IAEA reported. the 1990s and early 2000s. tack in Franceinjust over a compensation forthe U.S.’s low-enriched uranium stock- enceand International Security. “Iran maychoose to exploit Theagencycited aletterit month aftercaricatures mock- withdrawaland sanctions.On pile of 2,443 kilograms (5,386 Weapons-grade material is of the U.S. presidential transition sent Iranian authorities on ing the Prophet Muhammad Wednesday, Iran’sdeputy for- pounds). That compares with a around 90%purity. period to augment itsnuclear Mondaythat said Iran’sexpla- were republished by satirical eign minister,Abbas Araghchi, limit of 203 kilograms under Iran denies that it is seek- programs and manufacturea nations forthe material were magazine Charlie Hebdo, wasquoted in Iranian state the nuclear deal. ing or has ever sought to build crisis so that aBiden adminis- “not technically credible” and which sustained adeadly as- media saying “the way back is Of the total, which the a nuclear weapon. tration feels compelled to re- urgeda“full and prompt” expla- sault on itsnewsroom in 2015. open” forthe U.S. to the deal. agencysaid is enriched up to Thereport also detailed enter the [nuclear deal]”,said nation by Iran forthe material. The Saudi government has Iran has gradually moved 4.5% purity,around aquarter various moves by Iran to in- Andrea Stricker,aresearch In a footnote to the report, denounced the violence. away from the nuclear deal’s has been produced in away nu- stallmoreadvancedcentri- fellowatthe Washington- it said thematerialfound at Nobody has claimed respon- limitssincethe summer of clear expertssay would be of fuges, which can produce en- based think tank Foundation the site was similar to traces sibility or been blamed yetfor 2019 in response to the U.S.’s little use forfurther enrichment. riched uranium much more forDefense of Democracies, found on centrifuges imported thelatestincident in Jeddah, “maximum pressure” sanc- Nonetheless, Iran has nowaccu- quickly,atits nuclear facili- which has campaigned against intoIranbyPakistan, as de- butitfollows an appeal forat- tions campaign. mulated enough enriched ura- ties. That could allow Iran to the nuclear deal. “The Biden tailed in a report in 2008. tacks against Francefromal President Trump,injustify- nium to producethe high-en- step up its enriched-uranium camp should…recognizeit Under itsinternational com- Qaeda, which organized acam- ing his decision to take the riched uraniumneeded fortwo production in coming months. holds all the leverageofsanc- mitments, Iran is supposed to paign of terrorist attacks in U.S. out of the deal, said it nuclear weapons,according to Amongthe moreimportant tions relief built from the declareand account forall nu- Saudi Arabia some 15 yearsago. would fail to stop Tehran from analystsatthe Institutefor Sci- changeswas Iran’sdecision to Trump administration’smaxi- clear material in the country. CK TO SHUTTERS A/ /EP HAIDER ALI An international book fair was held last week in the city of Sharjah in the United Arab Emirates. Gulf Countries Relax Laws To Draw Foreign Investment

BY RORY JONES pandemic areeroding govern- states will contract this year AND STEPHEN KALIN ment revenue,eliminating jobs between 4.5% in Qatar and 10% and deterring expatriatesfrom in Oman, outpacing asmaller DUBAI—The coronavirus moving to their countries.Mak- global contraction, according to pandemic and lowoil prices ing Gulf nations easier places to the International Monetary have compelled Persian Gulf work,and to live, shows how Fund. Saudi Arabia, the region’s countries to overhaul a num- governmentsare trying to biggest economy, looks particu- ber of policies that often hew cushion the double blow. larly vulnerable.Fitch Ratings to Islamic traditions but hin- “Gulf policyhas been evolv- on Mondaydowngraded its der effortstodrawforeign tal- ing formanyyearsbut it is outlook on Saudi Arabian debt DINE IN –INSTYLE ent and global investment. clear that the pandemic has to negativefromstable,citing TheUnited Arab Emirates been acatalyst forthe quicker the government’sweakening TIFFANY &CO. FLATWARE SERVICE this week decriminalized co- implementation of certain so- fiscal balancesheets. London- habitation forunmarried cou- cietal reforms that mayhave basedCapital Economics said Legendarycompany.Stunning pattern. Timeless elegance. ples and said it nowwill allow Mondaythat indicatorssuch as expatriatestoapply divorce sale transactions and cash This exceptional and complete 183-piece Tiffany &Co. sterling and inheritancelawsfrom The pandemic has withdrawals suggest post-lock- silver service for 12 is crafted in the firm’s Flemish pattern, their home countries,rather down momentum in Saudi Ara- displaying elegant trifid ends inspired by silver depicted in the than be subject to Islamic law. fast­tracked certain bia is losing steam. great Flemish masters’ paintings. The set features an array of It also would allowall resi- societal reforms to Most of the U.A.E. changes luxuriously gilded pieces and includes anumber of rare items dentstoconsume alcohol seek to legalizepractices that without obtaining a license. boost economies. squareexpatriates’ Western such as abutter pick and poultry sheers, all fitted into their 3 Last week,Saudi Arabia al- lifestyles with the country’s original, custom case. Circa 1920. Case: 23 /4”w x16”d x5”h. #31-1194 teredits controversial labor- status as aMuslim country. contract system that bonds ex- Unmarried couples,for exam- patriate workers to their otherwise taken longer,” said ple,havelived together in the employer. Starting in March, TarekFadlallah, Middle East U.A.E. for years. While expats some foreign workerswill be chief executiveatNomuraAs- require a license to buy alco- allowedtotransfer sponsor- set Management. hol from adedicated store, ho- ship from one companytoan- Thenew policies also high- tels servedrinks to anyone other and leave the country light acompetition forforeign over 21 yearsofage.Barsand without their employer’sper- cash and talent in the restaurantsusually need to be mission. Qatar in August an- Gulf.That scramble has inten- in a hotel to serve booze. 622 RoyalStreet,New Orleans,LA•888-867-9583 •[email protected] •msrau.com nounced asimilar change, as it sified as Saudi Arabia has em- Thechanges were laid out seeks to portray itself as a barked on itsown social and in AbuDhabi’sthe National Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. modernizing economyahead of economic transformation, newspaper and by the govern- Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. the soccerWorld Cup in 2022. loosening boundaries on en- ment’sofficial news agency. Thenew policies reflect ris- tertainment and abolishing a Lawyerssaid details of the ing concern among Gulf monar- ban on women driving. laws and howthey would be chies that lowoil prices and the Economic output acrossGulf enforced aren’t clear. P2JW317000-2-A01200-1------XA

A12 | Thursday, November 12, 2020 ** THE WALL STREET JOURNAL. FROM PAGE ONE

SoftBank’sshares had fallen SoftBank 40% in just over aweek,and itsmarket capitalization had tumbled to around aquarter Pulls From of the value of its assets. Mr. Sonwas personally affected when SoftBank’s falling share The Brink pricedepressed the value of shares he had pledged as col- lateral forloans,forcing him ContinuedfromPageOne to pledgenearly three-quar- hedge-fund firm ElliottMan- ters of his holdingsatone agement Corp., said people fa- point. Mr.Son has sincesaid miliar with the discussions. El- the situation has improved liott since last fall has built a quite a bit. SoftBank said the SoftBank stake that likely board, notMr. Son, made its makes it the company’s No. 2 decision to sell assetsand buy shareholder afterMr. Son, back shares and that “Mr. they said. Son’s personal circumstances Among Elliottexecutives hadnothing to do with such counseling the Japanese firm decision.” wasGordon Singer,the On Saturday, March 21, founder’s 46-year-old son and SoftBank called amulti-hour head of Elliott’sLondon office. meeting with large sharehold- Mr.Singer and his team ers, including Elliott’sMr. pressed Mr.Son to improve Singer to pitch the idea of tak- corporategovernanceand buy ing SoftBank private. Mr. Son back shares. had floated the idea off and on In the end, SoftBank bought through the years, and some back morestock than Elliott portfolio managersand ana- hadpressed for—surprising lystsatElliottwereinterested. executives at the hedgefund— But the other shareholders and sold enough assetsto were ultimately not on board leave the companyasmuch as with the proposal. $60 billion in available cash, On Monday, March 23,Soft- said aperson with knowledge Bankannounced aplan to sell of SoftBank’s finances. $41 billion in assetsand use S SoftBankshares closed at the money to buy back an ad- NEW

6,581 yenonWednesday, up G ditional $18 billion in shares— 144% from their March 19 na- morethan Elliotthad asked

dir. OOMBER for when including the previ- ously announced buyback.The A/BL

OT move surprised even the big-

Nagging question HI gest supportersofthe Soft- Nowthereisanagging OS Bank bet within Elliott. KIY question within Elliott: Might SoftBank founder Masayoshi Son said he had ‘peered over the cliff edge’ of financial ruin. Now he’s sitting on a cash pile. Mr.Son go back to his old ways? 3.8%stake.Ithas sincesold Deep Discount adding women to its all-male Transformation Some inside the hedge-fund some shares, the people said. boardand implementing more Within months,SoftBank SoftBank Group trades well belowthe value of its equityholdings. firm arewary Mr.Son could Elliottisanodd match for checks and balances forMr. had signed deals to sell most spend the cash on riskyinvest- Mr.Son. Founded by billion- ¥30trillion Son, measures SoftBank has of what it had pledged to in ments, as he has done before, aire Paul Singer in 1977, the sinceimplemented. Elliottalso March, agreeing to part with said people familiar with El- $41 billion fund is famous for suggested SoftBank commit to chunks of prized holdingssuch liott. He has often paid a ma- taking stakes in companies and buying back $10 billion to $20 as Alibaba, U.S. carrier T-Mo- Value of holdings jorpremium that has baffled engaging in pitched battles billion of stock—up to aquar- bile US Inc., and the com- the investment and tech with management. Chief exec- Other terofshares outstanding at pany’sJapanese mobile-phone worlds,including alarge in- utives who go head-to-head Listedstocks the time. unit. SoftBank’sshareprice vestment in office-share firm with Elliottfrequently lose.It Arm Mr.Son didn’t commit to soared. 20 WeWork that he later called is known forits disciplined fo- T-Mobile Elliott’ssuggestions,appear- Mr.Son kept selling,sur- “really bad” judgment and an- cus on not losing money—the Vision Fund 1&2 ing to signal he favoreda prising Elliottand other inves- other on adog-walking founder has described that as SoftBank Corp. moregradualist approach, in- tors.SoftBank agreed to sell startup. the firm’sNo. 1rule. Alibaba cluding buying back lessstock. Arm to Nvidia Corp.for as Those worries have been In 2008,when hedgefunds Elliott decided to take a wait- much as $40 billion. SoftBank fanned recently by Mr.Son’s on averagelost 19%, Elliott and-see approach. sold an additional 22%piece surprise movetobecome es- lost 3%. It wasup8.7%this of its Japanese mobile-phone sentially aday-trader,person- year through September. 10 Market cap unit for$11.6billion and aU.S. ally directing a team of trad- Mr.Son has become the SoftBank Group Market panic wireless-services provider it ersusing some of the cash pile world’sbiggest technologyin- Then in March, the market had bought several yearsback. to bet on daily moves in tech vestor by relying on hisgut. panic over Covid-19 and tight- Topbrass from SoftBank stocks. He has directed SoftBank into ening social restrictions pum- and Elliottnow connect multi- Elliottexecutives arecon- dozens of companies often meled his empire. While some ple times amonth to discuss cerned enough about Mr.Son’s based, he has said, on instinct of the Vision Fund’scompa- SoftBank’snextsteps.Soft- newactivity that they have and avision of howtechnol- 0 nies benefited—including e- Bank executives have told El- hedged against some of his ogywill changethe future. He Dec. March June Sept. commerce and medical firms— liottand other shareholders trades by buying put options expectstolose money on 2019 2020 2020 2020 manyofits biggest that taking the companypri- on an indexoftech stocks,said some investments. Like most Note:Vision Fund is SoftBank shareonly; values exclude assets already earmarked forfinancing. investmentswereinbusi- vate is possible but not cur- the people familiar with Elliott. venturecapitalists, his hope is Source:the company nesses getting hammered, in- rently on the table, said peo- SoftBank is keeping all options that a handful will eventually cludingWeWork,Uber Tech- ple familiar with the matter. open forspending the cash, be hits. He has said he invests assetsormaking substantial market value. nologies Inc., Didi Chuxing SoftBank is also working on Mr.Son said at an earnings with the aim to makeSoftBank share buybacks. Instead of launching apub- TechnologyCo. and OyoHotels developing a“blank-check” pressconferenceonMonday. last 300 years. Last year,the idea of taking lic campaign and surprising &Homes. SoftBank’sshare companytoraise money in a The year 2020 has further alargerSoftBank stakeat- SoftBank with itsdemands,as price fell 25% during the first public offering,then find an cemented Mr.Son’sreputation tracted Elliott’sMr. Singer,the Elliotthas done with past two weeks of March. acquisition target. as one of the world’smost un- Chaotic culture founder’s son, who sawitwas large targets, the firm decided On March 13, SoftBank an- One recent development at predictable entrepreneurs, one SoftBank is known forits trading far belowthe value of on asofterapproach. They nounced it would buy back as SoftBank that worries some in whose everymoveisscruti- chaotic culture, reflecting its assetsitwas holding.He worried about angering Mr. much as 7% of itsshares, Elliottisanew asset-manage- nized, given howhis cash founder’s personality.Mr. Son thought aggressivesharebuy- Son, over whom they had little roughly $4.8billion at the ment arm Mr. Son announced sways industries and markets. oftencalls hourslong discus- backs could help close that leverage, given his No.1stake. time,anamount similar to in mid-August as cash piled That Elliott, oneofthe sion sessions over strategyor gap, and figured the WeWork Thebest bet, they decided, previous buybacks. up,towhich he will contribute world’smost tenacious activist investments, companyveter- debacle—it scrapped itsinitial was to make an appeal based Theteam inside Elliottwas himself.Henow personally di- investors, is wary SoftBank ans say, and sometimes pushes public offering plan, pushed on logic and the math behind surprised and frustrated by rects a team of traders using could head in an unanticipated through investmentsdespite out itsfounder and wasbailed the buyback’ssize, which they $20 billion of the cash pile to direction is testament to Mr. skepticism from banks,his ex- out by SoftBank—might have deemed lacking the urgency bet on daily moves in tech Son’s record. He is known for ecutives or his ownboard. He humbled Mr.Son enough to be Mr. Son and his needed. Thefrequencyof names including Alphabet Inc., strokes of investing genius,for has said he can quickly sense willing to hear them out. phone conversations between Amazon.com Inc.and Netflix hugeflops and forrunning his whether he wantstoinvest in SoftBank’sstock has long senior team held the firms increased—some- Inc., said people familiar with ownshow, sometimes arguing an entrepreneur,famously say- traded forlessthan the sum of daily calls with timesinvolving Mr.Son and his trading. againsthis ownboardand ad- inghedecided to offer funding itspartsbecause investorsare Mr.Singer—until they were On an investor call, Mr.Son visers. to Alibaba Group Holding Ltd. wary about Mr.Son’sunortho- executives at Elliott. speaking daily. explained he wasputting his In awrittenstatement, Soft- co-founder Jack Ma because of doxinvestment style.Inaddi- On the calls,SoftBank exec- ownmoney in the newventure Banksaid that while its“vision the twinkle in his eyes. tion to itsstake in Alibaba and utives at firstsaid the larger because he wasn’t a“bonus hasn’t changed, our business Over the nearly 40 years the Vision Fund, last year buyback Elliotthad requested and salaryguy” and felt the model is always evolving,” sincefounding SoftBank,Mr. SoftBank owned controlling the stock’spoor performance. wasn’t necessary. Elliottexec- need to take risk and make adding that it is focused on Son has steered it through a interestsinU.S.telecom oper- To their surprise,Mr. Son utives kept pressing as Soft- money if his betsworked out. pursuing an artificial-intelli- bewildering number of busi- ator Sprint, aJapanese mobile wasreceptive. When he met Bank’sstock pricefell more Aperson familiar with the in- gencerevolutionand “creating nesses,fromsoftware distri- operator and Arm Holdings, a Mr.Singer and his team in than the broader market in the vesting arm said Mr. Son has value forshareholders—and no bution to mobile phones to microchip design company. At JanuaryinTokyo,heagreed days following the announce- fornow set aside his 300-year one is moredetermined to de- satellites and solar arrays. year’s end, SoftBank shares SoftBank’sstock wasunderval- ment. focus to concentrateondirect- liver than Mr.Son.” During the dot-com boom and were trading at lessthan 50% ued and openly wondered why Thepricebrokers were ing his daily trades. SoftBank’sstrategyshift bust, he gained and lost the of the value of its assets. he wasn’t as reveredasleg- charging to insureagainst a Some of SoftBank’sother and itsasset sales were based status of world’s richest man Elliotttook asmall position endaryvalue investor Warren SoftBank default—known as a institutional shareholderssaid solely on itsown judgment, andmade one of the world’s in SoftBank in the fall and be- Buffett, said one person in at- credit-default swap—was spik- they were confused by the the companysaid. Investment great venture-capital bets, a gan adding to it. By February tendance. ing,and credit-rater Standard flurryoftrading and won- decisions at SoftBank or the $100 million Alibaba invest- 2020,Elliotthad amassed a Mr.Singer told him one & Poor’s had downgraded the dered if Mr.Son wasreadying Vision Fund aremade by their ment that is still valued at morethan $2.5billion stakein way to help boost the stock company’soutlook on March anothermultibillion-dollar in- boards or investment commit- more than $170 billion even SoftBank,equivalent at the pricewas to improvecorpo- 17. vestment. tees,not by Mr.Son on his after selling portions of it. time to about 3% of SoftBank’s rate governance, including By Thursday, March 19, Mr.Son’stradersbought own, it said, declining to make He hasn’t replicated that options that at one point were Mr.Son available foraninter- successwith his most recent Excess Cash tied to around $50 billion of view. Elliott declined to make venture, the $100 billion Vi- individual tech stocks, a mas- Mr.Singer available foranin- sion Fund. It loggedaninvest- SoftBank has been selling off assets and piling up cash, alot of which isn't yetearmarked foruse. sivebet on Silicon Valley that terview. ment loss of $17 billion in the Cash from asset-sale deals Moneyspent caused SoftBank’s stock price year ended March 31, and ef- to drop 7% afterthe trade be- fortstofind investorsfor ase- Pledgedspending Moneyused came public in early Septem- Odd match quel fund flopped. Those two Debt redemption and cash ber.SoftBank lost nearly $3 Elliott’sdeepening foray funds posted a $13 billion in- 9.8 billiononsome of those op- Alibaba intoSoftBank harks back to vestment gain forthe six Share tions trades as well as $15.4 billion SoftBank Corp last year, according to people months through September, Sharebuybacks buybacks other derivatives transactions, 14.4 with firsthand knowledgeof SoftBank said Monday. 12.5 11.2 it said Monday. the companies,investorsin SoftBank said its“cultureis Elliottbought offsetting op- the firms,and tradersand one whereimportanceis tions to hedgeagainst Soft- bankerswho work with them. placed on maintaining momen- Bank’soptions trade when it SoftBank is Elliott’slargest- tum to always stay ahead of found out about them, pro- ever betonasingle stock,said the times. It is not ‘chaotic.’ ” tecting them from the trade’s Arm people familiar with the in- Elliotthad traded modestly 40.0* fallout. vestment. Sinceitbegan in SoftBank stock formore Remainder Some within Elliottworry building its stake last fall, El- than adecade,but never felt T-Mobile 44.8 Mr.Son might makeasur- 22.4 Repayment liott’sSoftBank position has comfortable making a big ac- of loans prise,large investment. Recent grown in recent months to at tivist bet, said people familiar 12.3 calls between the companies,a least $5 billion, much of it via with itsstrategy. They were person familiar with the calls so-called swaps that let Elliott worried Mr.Son, who holds said, have included Elliott’s avoid disclosing the full extent nearly 30% of the company, stressing the need forSoft- of its SoftBank position, they wouldn’t agree to take steps Bank to employ discipline. Bond buybacks 1.6 said. At today’sprices,that Elliottcould normally demand *Deal notexpected to close until 2022;$40 billion is maximum amount. Some deals arenot expected to close foryears. —Julie Steinberg contributed would be the equivalent of a of itstargets,such as selling Source:WSJ reviewofcompanydocuments and reports to this article. P2JW317000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY Thursday, November 12, 2020 | A12A GREATER NEW YORK Curfew Set for Bars, Restaurants, Gyms

Gov. Cuomo also and gyms have been a source derstand the logic behind mi- If the seven-dayaverage of increase forthe virus, cro-cluster restrictions,but at positivity rate reaches 3%, the orders a 10-person which killed 21 NewYorkers this time we have concerns city could facefurther restric- limit at gatherings in on Tuesday. about blanket statewide re- tions, including schools clos- “Ifthese measures arenot strictions like this,” she said. ing, officials have previously private residences sufficient to slowthe spread, In the entirestate,officials warned. we will reduce—wewill turn identified another 4,820 coro- Mr.deBlasio,aDemocrat, BY JIMMY VIELKIND the valvemore, and part of that navirus infections—represent- stoppedshort of calling the AND KATIE HONAN would be reducing the number ing 2.93% of the testspro- uptick asecond wave of the of people in indoor dining,” the cessed on Tuesday, state virus.“This is our LAST New York will set a 10 p.m. governor said during aconfer- officials said. chancetostopasecond curfew formost barsand res- encecall. “Ifthat doesn’t work, Thenumber of Covid-19 pa- wave,” he said in his tweet. taurantsand will limit gather- if these numberskeep going tients in hospitals around the “We can do it, but we have to

ingsatprivateresidences to crazy—you have some scien- GES staterose to 1,628, alevel last act NOW.”

10 people,Gov.Andrew Cuomo tistswho believewe’ll go back IMA seen on June 13. The city has done targeted said Wednesday, as the num- to aclosedown. I’m praying MayorBill de Blasio said in outreach in certain partsof ETTY ber of Covid-19 cases and hos- that doesn’t happen.” a Twitterpost on Wednesday the city that have seen upticks O/G pitalizations continued to rise Thenew restrictions will that the shareofNew York starting this summer.The around the state. apply to both indoor and out- BELL City residentswho tested pos- most recent outreach has been AL TheDemocratic governor door gatherings. Officials in- Gold’s Gym Islip will be among the businesses that will be forced to itivefor Covid-19 during the focused on StatenIsland, also said gyms must close by cluding Mr.Cuomo have close by 10 p.m. starting on Friday due to a rise on Covid-19 cases. past week reached 2.52%, ac- wherethe 10307 and 10308 10 p.m. Thenew restrictions warned against traveling for cording to the most recent ZIP Codes have aseven-day take effect on Friday, and Thanksgiving.New York re- they travel. “Our members have put in datafromMonday. Aday ear- averagepositivity rate of come two weeks before quires people coming from Melissa Fleischut, president placeprocedures and proto- lier,city officials said the about 5%. Each of the five bor- Thanksgiving,possibly throw- other states to either quaran- of the NewYork State Restau- cols to mitigatethe spread, seven-day averagepositivity oughs in NewYork City has at ing awrench in some families’ tine themselves for14days rant Association, an industry and we’ll continue to do so to rate was2.31%,the highest least two ZIP Codes with daily plans.Mr. Cuomo said private upon arrival, or obtain corona- group,said the newregula- ensurethe safety of our em- percentagesinceJune,accord- positivity rates above 3%, ac- gatherings, bars, restaurants virus testsbeforeand after tions are a huge blow. ployees and patrons.Weun- ing to city data. cording to city data. On Long Island, Staten Island Hot Spots Are Targeted Pandemic Boosts BY STEPHANIE YANG StatenIsland has become the main target of NewYork City’s Covid-19 control effortsassome Some Businesses of the borough’sneighborhoods have turned intohot spotsin recent weeks and health offi- cials scramble to staveoff a BY KATE KING co-founded Greenport Harbor second wave of the coronavirus. Brewing Co.onthe North Those effortsinclude open- TheMilk Pail farm on Long Fork of Long Island, said he ing moretesting sites this week Island ended itspublic apple- usually closes his Greenport and sending out dozens of vol- picking season several weeks location on weekdays after unteerstohand out free per- early this fall, afterco-owner Columbus Day. This year,heis sonal protectiveequipment and Jennifer Halsey Dupree said planning to stay open seven raise awarenessofthe virus. an influx of people to the days aweek through at least Colleen Behan, 47 yearsold, Hamptons during the pan- the end of November. took her mother,Elizabeth demic resulted in one of the “Normally,we’dbealot Trizzino,tothe Greenbelt Rec- busiestyearsshe has seen. quieter, probably at least a reational Center on Tuesdayto “It’sgreat, butit’sweird,” thirdquieter than we are getaCovid-19 test, afterher fa-

said Ms.Halsey Dupree, now,” Mr.Vandenburgh said. ther’s health aide called in sick. JOURNAL whose family has been farm- “I thinkthe potential is still Ms.Behan, who lives in Elt- REET

ing on the south fork since therefor morecommerce to ingville,said she has been tested ST

the 1640s.“I’m really tired.” be had because Idothink several times.Some of those in- LL

Thesummer season lasted thereare atremendous stanceswereafter brushes with WA

longer than usual in the amount of people who areout sick children at her job as aspe- THE R

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York City residentsrelocating Businessownerssaid that Gravesend, Brooklyn, where OY or riding out the pandemic in therobust fall season, while cases have also been high com- MOLL their second homes kept helpful, at best lessened the pared with the rest of the city. beach towns busy intoNo- losses they endured in the “It’slikearoller coaster. CKIE JA vember. spring when Gov. Andrew Everyweek there’sapotential An outreach worker hands out Covid-19 information and free masks at a grocery store on Staten Island. Businessownerssaid “tum- Cuomo restricted indoor din- exposure I feel like,” said Ms. bleweed Tuesday,” which typi- ing and shopping to prevent Behan, who has started work- of a second wave. mongering or what, but Ithink takeout orders. He said while cally follows Labor Dayand thespread of coronavirus. ing remotely.“And because my Cases arerising the fastest most people areoverit, in- rising cases likely will mean marksthe beginning of the Noah Schwartz,the owner 80-year-old parentsliveinmy in the southern Staten Island cluding myself. I think every- fewercustomers, the pan- off season, never material- and chef of Noah’sRestaurant house, that’s my bigger fear.” neighborhood of Tottenville, one wantstostart living life demic doesn’t seem as severe ized. in Greenport, said he is busier KarenJackson,director of where the seven-day average again and stop being scared.” as it was earlier this year. At clothing and giftbou- than usual forthis time of community initiatives with Proj- positivity rate is 6.57%. Health Mr.Cintron, who is afinan- “If you follow the rules ev- tique Mustique at Hampton year,but revenue is still down ect Hospitality,acommunity- officials have attributed the cial planner,said that his busi- erything will be fine,but there House in Westhampton Beach, based organization on StatenIs- increase to mask fatigue, nesshas takenahit during the arealot of people not follow- manager Leslie Kennedy said, land, estimates that the group travel and indoor gatherings. pandemic,and he at times has ingthe rules,” Mr.Como said. “Therewas no tumbleweed ‘People arestaying; speaks to about 2,000 people Rahel Haile,sitemanager at resorted to meeting with cli- Mikey Russo, who runs anything.People arestaying; everyweek about Covid-19. apop-up testing sitefor this entsout on their front porches Mikey’s Bagelsnearby,said he people areshopping.People people areshopping,’ Some volunteers stationed week in ConferenceHouse or in driveways.His wife, who has adjusted to the pandemic arejust dying to getout of says one Hamptons outside a grocery store at the Park in Tottenville,said people is amakeup artist, has been by offering moredeliveryand their houses.” Forest Plazabusinesscenter have been proactiveabout get- furloughed since March. catering,and closing his store Sales areup, with Long Is- boutique manager. on Tuesday said people along ting tests, and some reported “When you take such a hit at 3p.m. everyday,though he land businesses that use StatenIsland’sSouth Shore hourslong waitsaturgent-care financially,for months and said he is doubtful that busi- SquareInc.’spayment-pro- have been resistant to wearing clinics around the borough. months and months, it’s hard nesses would shut down again. cessing services reporting a masks.“Thereare places Andy Cintron decided to get to recover,” he said. “I’m hearing the mayor nearly 11% increase in median about 20% compared with where people just don’t want a Covid-19 test after noticing NewYork City Councilman wantstodoalockdown,” he revenue between Sept. 7and normal because of the state’s to wear amask,and thereare thetesting site, located two Joseph Borelli,aStatenIsland said. “No one’sgoing to listen Oct. 31 compared with the 50% capacity restriction on places wherepeople want as blocks from his home.Hesaid Republican, said an increase in to it anyway.People arejust same period last year,the indoor dining on Long Island. manymasks as possible,” said that while he takesadded pre- testing should help bring posi- tired of it.” companysaid. Nearly all Long Noah’sRestaurant served Richard Otu,amember of cautions when visiting his 84- tivity ratesdown. “The numbers Mr.Russo said he con- Island businesses that were about 300 people on atypical, Project Hospitality’s outreach year-old mother,hewas skep- shouldn’t alarm people,but we tracted Covid-19 in March and using SquareonMarch 1were in-season Saturdaynight be- team who helped hand out tical of the severity of the need to gettested,” he said. wassick for43days.However, still activeatthe end of last fore the pandemic. free face masks and fliers. recent rise in cases. PeterComo,owner of the he said fear of the virus likely month, according to the com- Now, even with additional MayorBill de Blasio said “I think the media is blow- Italian restaurant Mangia in exacerbated itseffectsonhim. pany. outdoor tables,they canonly Mondaythat the city would ing it up to be alot morethan Tottenville,said he opened his Therecent rise in case counts, Long Island, likeother New serveabout half that number focus moreresourcesonwhat it actually is,” Mr.Cin- restaurant six months before he believes, are all false posi- York City suburbs,isabsorb- and comply with social-dis- StatenIsland, while cautioning tron, 54, said. “The second thepandemic hit.Hesaid he tives.“Ithink it’sall crap,but ing an influx of newresidents tancing rules,Mr. Schwartz that the city was on the cusp wave, I don’t know if it’s fear has been able to getbyon who am I?” he added. due to the pandemic. said. In theHamptons,schools Some Long Island busi- arereporting increasing en- nesses weren’t able to benefit On Veterans Day, Honoring Those Who Served rollment,and single-family from the busier fall season. home saleswereup51% last Keith Wedderburn, general quarter compared with ayear manager of the waterfront ago, according to aDouglas eventvenue Harbor Club at Ellimanreport prepared by Prime in Huntington, said rev- Miller Samuel Real EstateAp- enue is down 90% this year praisers&Consultants. afterthe pandemic forced Businessownerssaid the most brides to cancel or post- newcomers, along with city pone their weddings. residentsstaying longer in “It’sbeen devastating,it’s their second homes,contrib- beyond terrible,” he said. uted to the busier fall season. Harbor Club pivoted to But longtime,permanent resi- smaller events, including “mi- dentsalso boosted local foot cro-weddings” foramaximum traffic,with few traveling out- of 30 people.These celebra- side the area—including to tions helped the venue keep NewYork City—for work or itsstaff working,but didn’t entertainment. makeupmuch ground from a “There’snoshows,nocon- businessstandpoint, Mr.Wed- certs, no sports,” said Eric Al- derburn said. exander,director of the non- Restaurant ownerssaid profit downtownplanning they arebracing foratough group,Vision Long Island. winter, when falling tempera- “We’restaying here. If we’re tures areexpected to dampen staying in our homes,we’reat outdoor dining,and all busi- our witsend. We’regetting nessownerssaid they are out.” concerned that rising corona- Mild weather in September virus cases will forcethe and October also helped at a statetoshut down nonessen- time when people were en- tial businesses again.

couraged to dine and socialize “The good news is at least REUTERS outdoors. Manymunicipalities forthese moments, forthese Y/

closed downtownstreetsto months,there’sactivity for KELL traffic to giverestaurants these businesses,” said Mr. moreroom foroutdoor tables Alexander of Vision Long Is- ANDREW and chairs. land. “But what happens in TRIBUTES: Wreaths were laid Wednesday at Madison Square Park’s Eternal Light Flagstaff. The annual Veterans Day parade in Richard Vandenburgh, who Januaryand February?” Manhattan was canceled due to the coronavirus pandemic, but a caravan of vehicles rolled down Fifth Avenue to mark the occasion. P2JW317000-2-A012B0-1------NS

A12B | Thursday, November 12, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK A Harlem Ballroom Is Empty Again WATCH

BY AISHA AL-MUSLIM NEW JERSEY

TheAlhambraBallroom in Attorney General Harlem,one of the few his- Quarantines at Home toric Black music venues in NewYork still in itsoriginal The attorney general of New shape,sat vacant fordecades, Jersey is quarantining at home then experienced a revival as after a staff member tested an events venue in 2003. The positive for the coronavirus, a coronavirus pandemic put an spokesman said Wednesday. end to the parties,leaving the Attorney General Gurbir Gre- ballroom’soperator in bank- wal immediately took a rapid ruptcy and the jaw-dropping test that came back positive, space empty again. but a different follow-up test re- Theballroom—opened in turned a negative result, said the late 1920s at the top of a Communications Director Steven 1905 building also knownas Barnes. the Alhambra—playedacru- Mr. Grewal, who has no cial part in the New York jazz symptoms, is following federal sceneofthe 1930s and ’40s, and state health guidance and hosting legends such as Billie quarantining at home while offi- Holiday, DukeEllingtonand cials notify everyone who may Bessie Smith. have come into contact with him Itsfatehighlightsthe rise during the potential infection and fall of Harlem’sgrand window, Mr. Barnes said. CIETY

ballrooms. Some, such as the SO In a tweet Wednesday, Gov. Savoy, have been demolished. Phil Murphy said that he was

Othersweretransformed: The RICAL keeping Mr. Grewal in his Audubon, whereMalcolm X TO prayers. A Murphyspokesperson HIS wasassassinated in 1965,now said the governor hadn’t been in ORK

serves as amemorial and edu- -Y contact with Mr. Grewal. cation center,while the Re- The attorney general will con- NEW naissancewas demolished and The Alhambrabuilding in Harlem housed avaudeville theater, then amovie theater, and then agrand ballroom on the toptwo floors. tinue to perform his duties virtu- turned into condos. ally while quarantined, Mr. “The days of the ballrooms Jones,the Manhattanborough little night spot to akind of in- sought chapter 7protection in ognizethe neighborhood’s Barnes said. sadly areover,” said Gordon historian emeritus.“We didn’t termediate-sized placelikethe August in U.S. Bankruptcy most influential people. “The —Associated Press Polatnick,owner of tour com- go to the movies that often.” Alhambra,and then eventually Court in White Plains, N.Y. Alhambra will be missed.” panyBig Apple Jazz, which of- Mr.Jones said his mother,a she wound up at the Apollo.” “The AlhambraBallroom ex- Despiteits history, the Al- BROOKLYN fers trips to jazzclubs and Black woman, told him about Thepublic danced to the perienced adrastic decrease in hambraballroom isn’t in a events in Harlem and Green- seeing avaudeville showat tunesofCab Calloway,Duke revenues in 2020” due to the landmarked building,aOfficer Shoots wich Village. the Alhambraaround the Ellingtonand Count Basie pandemic,said Michael A. Ko- spokeswoman forthe New Carjacker, Police Say TheAlhambra, at the corner 1910s and having to go in while they playedatthe Al- plen of Koplen LawFirm in York City Landmarks Preserva- of West 126th Street and Adam through aside entranceand hambra. It remained aleading NewCity,N.Y., which represents tion Commission said. An off-duty New York City Clayton Powell Jr.Boulevard, up to asegregated area in the performancespacefor African- the ballroom’smanagement. His Arepresentativefor Jem police officer shot and wounded oncewas avaudeville theater balcony, while the rest of the clientsdeclined to comment. said the ballroom is available an armed man who was appar- with morethan 1,600 seats, theater wasreserved forwhite The ballroom operator had forlease.The landlordhas ently trying to carjack the offi- then amovie theater.The ball- people.Segregation wascom- The Alhambra grossed $900,000 annually in converted the second through cer’s vehicle early Wednesday, room opened in the seven- mon at Harlem theatersatthe 2018 and 2019,but only fifthfloorsintoofficespace police said. storybuilding’stop two floors; time,eventhough the area played a crucial part $10,000 this year,according to while retaining the ballroom The officer fired after the likemanyother grand spaces waseventually transformed in the jazz scene of the case’schapter 7trustee, space, the representativesaid. man had shot at him and barely in Harlem, it declined and fell from amostly whiteneighbor- Mark S. Tulis. “They were these grand missed him, said Chief of Detec- intodisrepair in the 1960s. hood to aBlack cultural center the 1930s and ’40s. In court papers, the company structures and that’swhy it is tives Rodney Harrison. Celedonia “Cal” Jones,90 after World War I. listed totaldebt of $485,000.Its important that these places are The confrontation happened yearsold, remembersatrip he Afterthe ballroom space largest creditor wasits land- landmarked—tohaveareal just after 2 a.m. in Brooklyn’s made as an 8-year-old to the opened, the Alhambrabecame lord,Jem Realty Management sense of historyofwhat came Canarsie neighborhood. Alhambra in the late1930s, an important venue for Black Americans intothe mid-1940s. Inc., with $320,000 owedin before,” said Keith Wright, who The would-be carjacker was when it wasamovie theater; he performers. After sitting empty for de- back rent forthis year.Jem ac- previouslyrepresented Harlem hospitalized in serious condition, and his oldest sister,Elizabeth, “The Alhambrawas very vi- cades,the ballroom wasre- quired the building in 2014for in the NewYork State Assem- police said. Charges against him found achangepurse with a tal to Billie Holiday’s career opened in 2003 as avenue for $21.5million. bly and nowworks at lawand were pending. Chief Harrison few dollarsinitand purchased early on,” said saxophonist weddings, receptions and “Weare losing something lobbying firm Davidoff Hutcher said there was no indication that ticketstoaWestern. Mr.Jones and pianist LorenSchoenberg, other eventsunder the busi- good in Harlem,” said Susan &Citron LLP.“It is important the man was intentionally tar- wasinawe of the intricatear- founding director and senior nessname AlhambraBallroom “Bunny” Southwell-Dais,the that thereare not just some geting a police officer. Two guns chitecture, grandiose stage, bal- scholar of the National Jazz Inc.But the revival wascut founder of Harlem Honors, condominiums put there, rather and a knife were recovered at conies and theater boxes. Museum in Harlem. “She made short when the businessown- who organized four awards that therehas to be some kind the scene, he said. “Wewerepoor,” said Mr. the progression from asmall ers, amother and daughter, shows in the ballroom to rec- of historic preservation.” —Associated Press

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TRAVEL & ENTERTAINMENT PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, November 12, 2020 | A13

Left: Keith Richards in New York in March 2015. Below: Mr. Richards with the X-Pensive Winos in 1988.

Keith cause the songs are in various states of composition—or decom- position, depending on the case! Richards Let’s talk about your 1988 tour with the Winos. What do you re- member? Well, I’dnever been afrontman be- On Living the fore.Imean, Idomyone or two songslive, within the contextofthe Stones.But it wasthe other guys in Quarantine the Winos,and “Talk Is Cheap,” that gavemethe feeling that, yes, I’d liketotour.Atfirst, we were just going to makearecord. By the time Life we were finishing,wehad the feel- ing we were an actual band. This band wasmade to playlive. I’veen- joyedmyself so much. Although I must say, Idid learn an awfullot about Mick’sjob—being the front- GES man. That’sanonstop task. IMA

GETTY I’m guessing it was a change to

GE/ sing for a whole show instead of just a couple songs a night. We took quiteawhile rehearsing, just to getroadworthy, in that re-

TKIN/WIREIMA spect. During rehearsals,Igot NA over the main hump of my voice UL

PA going away and disappearing—

SE; though Idid lose my voicelater RO at oneshowinLas Vegas[in J.

P: 1993]. It’samazing,the human TO voice. It’slikeamuscle,itgets OM

FR stronger with use.

A highlight of “Live BY NEIL SHAH Since you’re Keith Richards, I have at the Hollywood Pal- to ask: Are you taking special pre- ladium” is the two- ow does an inveterate cautions to stay safe? guitar interplay be- rock ‘n’ roller like Keith I’m at home in Connecticut, doing tween you and Richards deal with a what everybody else is doing—try- Waddy Wachtel. His- pandemic thwarting his ing to avoid this thing. I’ve got torically, why haven’t Htouring plans? He dusts family with me, so it’s kind of a more rock bands had off and rereleases a bubble. I wash my hands; if I go two guitarists, apart live album. out, I wear a mask. Laying low—is from the additional This Friday, the Rolling Stone the way you’d put it. If there’s any- costs? putsout adeluxeversion of “Liveat thing else you can do, let me One of the answers the Hollywood Palladium,” which know! would be too much documentsa1988 concert by his ego. Guitar players solo band, the X-PensiveWinos. What about staying in shape? Do are famous for it. A Released in 1991, “Live at the you have a regime for exercising lot of them, espe- Hollywood Palladium” captures the or practicing guitar? cially rock guitar ragged, rollicking sound of the Ihateregimes.Usually,myexer- players, think very Winos, a band that provided Mr. cise is working with the Stones. selfishly. One guitar Richards with a creative outlet But I’vegot atreadmill down- by itself, I can listen during a standoff with Mick Jagger stairs, which Ireluctantly plod to for, like, I don’t in the 1980s and has since around on forhalf an hour.Dur- lief. At the moment, everything’s The Stones have been making a know, depending on the virtuosity, amassed a cult fol- ing the summer,we just pure speculation. Given the new album for several years. five or six minutes. But the com- lowing. take walks.But Ido opportunity, we’ll be back. What’s the status? plexity of adding one more guitar Joining Mr. Rich- have to think about That’sonhold as well. Mick and I has always fascinated me. Even, at ards in the Winos are this winter—until I The halting of big concerts raises fling afew ideas acrossthe Atlantic, times, three. But that has to be a guitarist Waddy Wa- getdownonthe is- a question: Do you think an older occasionally.Apart from that, Idid special occasion [laughs]. Little chtel, keyboardist lands.Myescape generation of rock acts could just getone session in with [producer] Walter and his Jukes [the blues Ivan Neville and routeisgoing south stop touring? Don Wastodosome overdubs about musicians]—they showed me the drummer Steve Jor- forthe Yeah, it’saviable question. It de- three weeks ago. It wasadaring ad- possibilities of two guitars. dan. Mr. Jordan is winter. pends on howlong this dragson. venture, going intothe city.But something of a foil When it comes to If there’srelief next year or even we’restuck halfway through. We’ve Your last solo album, 2015’s for Mr. Richards: He performing,I’veno 2022, I’dsay probably most of gotmaybe five,six tracks.One of “Crosseyed Heart,” was warmly cowrites and copro- doubt—I feel abit those people,including us,would which was“Living in aGhost Town” received. Do you want to make duces Mr. Richards’ solo music, in- rusty,having not done it forovera pick up whereweleftoff.But if [which wasreleased in April]. We another? cluding 1988’s beloved album “Talk year now. But Idon’t feel physically youcan’t pull crowdstogether put that out immediately because it Yeah, I do. At the moment, of Is Cheap.” The expanded live al- lesscapable than Idid two years soon, in another 18 months or wassoappropriate—because of the course, I also would love to make a bum includes three previously un- ago. Icertainly have alot moreen- two years, it’squitepossible images coming off of the TV in Rolling Stones album [laughs]. But released tracks, including “You thusiasm. I’dlovetoget onstage everybody would throw in the March. Iwas listening to it, saying, yeah, I look back at the Winos Don’t Move Me.” now, youknow? I’dgofor nothing. towel. this is the soundtrack to this thing— fondly, as a great experience, as a Mr. Richards, 76, spoke with we’vegot to put it out now. Other- widening experience. Because I the Journal about quarantining, Realistically, when do you think Do the Stones plan to tell wise,wewould’vekept it forlater. had only ever worked with the the latest on the Stones’ album the Stones will get back on fans when it’s going to be their Rolling Stones, you know? The and touring plans and his memo- the road? last tour? Any more songs you can tell Winos are a real feather in my cap. ries of his first solo tour in 1988. We’re all hoping that in the com- We tell them every time that it’s me about? If it were my résumé, I’d put it at Edited from an interview: ing year there’s some positive re- the last tour! [laughs] I can’t give you any previews be- the top of the list.

ANATOMY OF ASONG albums began selling world-wide. space and told Mal I had it, that and raise hell: horse.Weworked really hardonthe MARCMYERS To push us over the edge, Atlantic the line “highway to hell” was a “No stop signs, speed limit / road to getthe crowd up.Therewas brought in aproducer who wanted sure-fire thing. I played and sang Nobody’s gonna slow me down / agig in the Stateswherethe crowd us to coverBrit-pop stuff. what I had. Mal smiled and said, Like a wheel, gonna spin it / No- wasflat. Bon said in that raspy AC/DC’s Afterafew weeks in Miami with “That’s happening.” body’s gonna mess me around.” voice, “What do youwant, blood?” nothing to showfor it, Malcolm— Bon Scott, our lead vocalist at Mal and Ialso agreed we needed Wild Ride my brother and the band’sco- the time, took a copy and wrote anew producer.Wecalled our man- Mr. Young: Starting out in Austra- founder—and Iwerefrustrated. He lyrics for two verses. ager,Michael Browning.Hegot Mutt lia in ’73, we were a hard-rocking said the two of us should spend Sat- The first verse is a mini-de- Lange, who had produced the Boom- bar band. We weren’t going to On ‘Highway urdayinthe empty rehearsal space. scription of our life on the road: town Rats’No. 1U.K.hit “Rat Trap.” change. We didn’t want our music The next day, we went in. I had to go above people’s heads. As my To Hell’ an idea and played it on my Gib- brother used to say, “We get ’em son SG guitar for Mal. before Pink Floyd gets ’em.” smainstream rock softened in It wasatwo-chordintro: “Dah- In January’79,weflewtoLon- 1978, the Australian band AC/ dah-dah, dah-dah-dah.” Mal goton don to record at Roundhouse A the drums and laid down abasic Studios. DC wasnudged by itsrecord label to followthe trend on itsnext beat. Ihummed to givehim direc- album. Theband resisted, recording tion based on what Ifelt in my head. Mr.Rudd: Listening to Angus and “Highway to Hell” instead. Thetitle Then I came up with something Mal’srehearsal tape gavemea song and FM airplaydrove the al- on guitar for the chorus. Mal liked sense of what wasneeded. Ijust bum to No.17onBillboard’schart. it and asked if I had lyrics that I stepped intothe beat and whomped Recently, AC/DC’s co-founder could sing over that hook piece. I away.Our sound is about the feel and lead guitarist Angus Young, told him to give me five minutes. and howweaccent songs. bassist Cliff Williams and drum- Iwent intothe john and thought Mutt was a maniac, leaping mer Phil Rudd looked back at the about it. Iwas singing away in around and doing splits to the mu- song. The band is releasing a new thereand gotout my little note- sic. That energized us. He also album, “Power Up” (Columbia), on book whereIwrote thingsdown. showed Malcolm and Angus a lot Friday. Edited from interviews. Looking through the pages,Isaw a of respect, which helped. They can line Ihad writtenwhen we were be prickly. They didn’t like being Angus Young: We were in Miami touring in the Statesmonths ear- told what to do. in late 1978 to write songs, re- lier: “Highway to Hell.” hearse and record our sixth studio Backwhen Iwas akid in Austra- Mr. Young: When we toured the al- album. Our record label, Atlantic, lia, my big thing wasmidnight drive- bum, concert crowds grew, and wanted a big radio hit, so they in theaters. At that hour,you were Australian band AC/DC in the late ’70s, around the time theyscoredtheir U.S. hit: they connected with the school paired us with a new producer. guaranteed films with Bela Lugosi or from left, Malcolm Young, Cliff Williams, Phil Rudd, Angus Young and BonScott. uniform I wore on stage. I wasn’t happy. Up until then, Vincent Price. Theline sounded like That wasmyolder sister Marga- our albums had been produced by one of those B-movie titles. ret’sidea back in Australia, as a GES Harry Vanda and George Young, But the title wasn’t a knock on “Living easy, living free / Sea- Cliff Williams: We were all in our novelty to stand out. Tearing IMA one of my older brothers. America’s highways or long drives son ticket on a one-way ride / Ask- 20s then. On tour in ’78, we were around on stagelikeIdoalso

ETTY Both were rockers who had between concert venues. We were ing nothing, leave me be / Taking just happy to have a bus. When started there. In the barsweplayed, /G been with Australia’s Easybeats in young and healthy and having fun. everything in my stride.” the five of us first came to Amer- me in my school suit, Ididn’t want the ’60s and had done a fantastic Rather,the line wasabout the As for the second verse, a lot of ica a year earlier, we drove around to getdinged by aheckler’s missile. CHIVES

AR job with us. But we hadn’t had a destination. In those days,wewent people think it’s about a highway in a rental station wagon. I’ve always been a daydreamer. strong radio album or single yet in everywhere, including places Idon’t in Australia that Bon drove to get I really do go into a trance when

OCHS America. think U.S. bands went. When we got to a rock bar at the end. Not true. Phil Rudd: Therewas nothing dark I’m playing on stage. By putting on We did have afollowing,though. there, our job wastoraise hell. It was all about the roads to about the song title.Itmeant we’re the school uniform, I slip into

MICHAEL Afterour firstU.S.tour in 1977, our I returned to the rehearsal stages where we’d get up there all in it together,riding the same character. I know who I am. P2JW317000-0-A01400-1------NS

A14 | Thursday, November 12, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT

When planes get deiced, cabin airflow is reduced, but airlines say there still is good ventilation. GETTY OBE/ GL who work on the ground. ON

ST An October study from Harvard BO University’s School of Public

/THE Health using mathematical models

OR found a low risk of coronavirus OCT transmission on airplanes because PR of a layered approach, including

SEAN aircraft ventilation and masks. S; Ventilation systems quickly re-

PRES move aerosol particles people ex-

TED pel breathing and talking, Harvard

OCIA researchers said. That, along with

SS masks, reduce risk when people /A are in proximity onboard,

APERS they said. (The research SP was supported finan- NEW 50% cially by airlines, aircraft manufac- CUSE

RA the potential turers and air- SY reduction in cabin ports. Harvard

/THE says contracts airflow when an required indepen- aircraft is dence of re- GREENLAR search.) deiced The Harvard rec- ommendations in- MICHAEL

P: cluded extending “in-flight TO level of ventilation while on the OM

FR ground.” Asked whether the reduc- tion in ventilation during deicing is a concern, Jack Spengler, profes- sor of environmental health and ACovid Wildcardfor Winter Travel human habitation and a leader of the Harvard team, says research- ers are working on that question. THE MIDDLE ance to airlines about how to han- during deicing be switched to Depending on how fast precipi- Other studies on outbreaks of SEAT dle cabin airflow during deicing. high, the strongest of three airflow tation falls, how cold it is and previous viruses found that how SCOTT As winter approaches,flierscan settings its jets offer, along with what kind of fluid is used, jets close people were to an infected per- McCARTNEY help themselves and fellowpassen- low and normal. Airbus spokesman have a relatively short window to son on an airplane did makeadiffer- gers by making surethey have Clay McConnell says the manufac- take off after deicing—often no enceinwhether they contracted the masks on when they hear the deic- turer hadn’t previously made a more than 30 minutes. So spraying virus.Generally two rows on either irlines and aircraft man- ing processstart. It’snot the time to recommendation of airflow set- fluid must take place with every- side of an infected passenger were ufacturers have touted be sipping coffee. tings during deicing. one on board. At some airports considered the hot zone. the robust ventilation in On Friday, Boe- “During deicing, that can happen at the gate, but Howard Weiss, aPenn State Uni- cabins, with the con- ing issued amemo- the airflow is slightly typically jets taxi to a remote area versity biologyprofessor and one stant introduction of randum to airlines reduced in the cabin, where spraying trucks are set up of the authorsofa2018 study iden- A but the majority of fresh air from outside recommending that and deicing fluid is collected be- tifying transmission paths forre- the plane, as protection for pas- air recirculation re- the airflow remains cause of environmental concerns. spiratorydiseases on airplanes, sengers against virus transmission. main switched on the same.Itdoesn’t Airlines say they are confident says the airflow reported during But travelers should be aware of during deicing. have asubstantial re- cabins are safe. Some also say they deicing,while reduced, should still the one time in many trips when Boeing had previ- duction in the sort of are studying the issue and looking be adequatetoreduceairborne airflow is reduced: deicing. ously told airlines protection that pas- for any changes to deicing proce- transmission. The process, which usually that recirculation sengerswould have,” dures that might avoid any reduc- Manufacturers say airplane takes 10 to 20 minutes, is essential wasoptional. Mr.McConnell says. tions in airflow. ventilation systems whisk away for takeoffs in wintry weather. As Thecompany He listsmasks and “We continue to work with air- small airborne particles with the deicing fluid is sprayed on jets, says the volume of cabin cleaning as craft manufacturers to find solu- strong ceiling-to-floor air current, outside air is shut off so fumes cabin air is ex- other factorsthat tions that enable us to maintain but health experts worry they may and fluid don’t get into jets. Air in- changed every protect passengers. stronger airflow while the aircraft have a harder time intercepting side the cabin continues to recir- three to six min- (Other research has undergoes deicing,” United spokes- larger droplets, especially if air- culate and pass through hospital- utes during deicing on itsplanes in- raised questions about the safety of man Charles Hobart says. flow is reduced. grade filters capable of capturing stead of the standardexchangerate some chemicals used during cabin Ventilation, air filtering and Mark Gendreau, chief medical viruses. Airlines and aircraft man- of everytwo to three minutes. cleaning.) masks have been the main reasons officer at Beverly Hospital in Mas- ufacturers say it’s safe for passen- That’sstill significantly faster than Deicing removes snow, ice or that few cases of coronavirus trans- sachusetts and an expert on dis- gers during deicing; public health most hospitals and airports, Boeing frost from aircraft surfaces before mission have been traced to time ease transmission on airplanes, experts who have studied airline says.The companysays it’scontinu- takeoff. A large number of flights aboardairplanes,though tracing is says you should wear a mask and cabin conditions generally agree. ing to discusscabin airflow and de- can be affected, especially in spotty at best in manyplaces. One not eat or drink, not only during But aircraft manufacturers con- icing with airlines. colder cities. United says 12.5% of reassurance: Airlines and flight at- the deicing but also for an extra 15 firm the flow of air is reduced by Likewise, Airbus issued a rec- all its January departures required tendant unions sayflight attendants minutes after deicing is completed as much as 50%. Airbus and Boe- ommendation to airlines as part of deicing. For all of 2019, the total have tested positiveatthe same or “to give the ventilation system ing have recently issued new guid- Covid-19 precautions that airflow was 4% of United flights. lowerrates as airlineemployees several full air exchanges.”

BY CHRIS KORNELIS Erin Doherty to figure out The Other Notable Princessin‘The Crown’ plays Princess howtoeat he Crown,” Netflix’sfamily Anne in the mealsthe cor- “Tdrama that views 20th Netflix series, rect way and centuryhistorythrough ‘The Crown,’ [other] amazing the eyes of Queen Elizabeth II and which returns thingsthat no the royalfamily,has long grappled Sunday. one would ever with the themes of women, power think of.Which and duty.When it returns Sunday definitely forits fourth season, the series bonded us.And Ithink, once adds two morecomplicated you’reinthe knowtothe fact that women: MargaretThatcher (Gillian someone is playing your mother Anderson) becomes Britain’sfirst and your dad, youdojust kind of female prime minister and ayoung adopt that way of being around Lady DianaSpencer (Emma Corrin) each other.LikeJosh [who plays becomes the PrincessofWales. PrinceCharles] and Igenuinely do Erin Doherty plays yetanother. behave likebrother and sister.We As PrincessAnne,the straight- do absolutely rip each other to talking royalisafrequent sound- shreds,and it’slovely. ing boardfor her brother,Prince Charles (Josh O’Connor). This sea- This is your lastseason as Princess son, PrincessAnne struggles with Anne. Anyadvicefor the actress her ownwantsand reputation. who will takeyour place? Ms.Doherty says Mses.Ander- Ihavenoidea who is going to take son and Corrin joined atightly knit over,but Iwould never dream of family off screen and on, which giving them advice. I’m desperate mayhaveplayedtothe advantage to see someone else interpret what of the newarrivals.Both playout- is out thereofPrincessAnne, siderstrying to makeagood im- ‘cause,honestly,part of me goes: pression on the royals—with vary- show. Ithink the showisabout What’simpressiveorimportant her dialogue in ascript and I’m well, there’sgot to be moretoher. ing degrees of success. enhancing the heart of these peo- about PrincessAnne thatyou’d like: Thank God someone has said There’ssomanyinterpretations. Here, Ms.Doherty talks about ple and allowing people to see want to introduceher to your that. She tends to be that person. I’m just excited to see another one. “The Crown,” and becoming a them forwho they really are. So, generation? And Ithink we need moreof royal. Edited from an interview. my decision wasto, hopefully,al- What I’mfascinated by,and what those people. The pandemic seems likethe kind lowpeople to fall in lovewith her Ijust want to take noteofmyself, of global eventthatyou mightsee Foryou, whatwas the task in in the same way that Idid. She’s is her ability to look at asituation Did the ensemble do anything off through the eyes of the Royalfam- portraying PrincessAnne? not that prominent anymore. And and just tell the God’shonest cameratohelp create the familial ily,doesn’tit? Ididn’t want to just do acarica- Ikind of relish the opportunity to truth to the people that need to vibe? You’resoright. Imean, hopefully tureofher because,one,that’s potentially introduceher to peo- hear it the most. She just had this When we firststarted with season it keeps going and we gettowatch just not fun. But also,Idon’t ple,especially people of my incredible ability to be brutally 3, we gottodothis amazing royal Covidfromthat perspective. I’dbe

NETFLIX think that’sthe purpose of the generation. honest. Sometimes I’m reading boot camp,almost wherewehad so intothat. P2JW317000-0-A01500-1------XA

THE WALL STREET JOURNAL. Thursday, November 12, 2020 | A15 ARTS IN REVIEW

ARTREVIEW ASumptuous Stoneware Collection

A show focused on Josiah Wedgwood’s oft-overlooked production of black basalt sculptures, vases and other objects (2) MUSEUM MINT (2); ON HENDRICKS SEY CA

BY BARRYMORE LAURENCE SCHERER

Charlotte, N.C. hink Wedgwood and what oftenspring to mind are fine china dinner setsand elegant cameo-likepieces Tcalled jasperware, with whiteneoclassical relief designs applied to amatte blue, green or other color background. Perfected in the mid-1770s by the English potterJosiah Wedgwood (1730-1795),these iconic ceramics were among his most successful productions.However, among his manyother creations,Wedgwood, one of the most inventiveand busi- ness-savvyceramicistsofhis day, produced asumptuous but less well-known body of work—black basalt ware. Now, the Mint Museum Ran- dolph—housed in the reconstructed former Charlotte branch of the U.S. Mint and known forits rich collec- tion of British ceramics and related decorativearts—has mounted the firstmuseum showfocusing exclu- sively on black basalt sculpture, “Classic Black: TheBasalt Sculpture of Wedgwood and His Contempo- raries.” Coincidentally,itisalso the Mint’sfirst sculptureexhibition. Theshow’sorganizer,senior deco- rativeartscurator Brian Gallagher, From top: installation shotof has painstakingly gathered more ‘Classic Black:The Basalt Sculpture than 100 works of art lent by pri- of Wedgwood and His vate and public collections from Contemporaries’; Josiah England and acrossthe U.S. “Clas- Wedgwood’s‘Death of aRoman Warrior’(c. 1780-85);viewofthe exhibition; Wedgwood and Thomas We dgwood drew Bentley’s‘Sir Isaac Newton’(c. 1775) inspiration from ancient, Renaissanceand painted in cheerfulhues that im- part colorfulcontrast to the basalt Baroque sculpture works on display, with arches and other deconstructed pilaster and capital motifs suggesting the airy neoclassical decoration of the sic Black” is accompanied by a Adam Brothersinteriorsthat handsomely illustrated catalog housed manyofthese splendid writtenbyMr. Gallagher,with con- works in their day. tributions by several eminent col- Moreover,the sculptures,urns, leagues in the field. figurallamps and related objects— Wedgwood perfected the fine- copied or derived from classical grained stoneware material imitat- antiquities and from statuaryby ing natural volcanic basalt in 1768, such major artistsasMichelangelo several yearsbeforedevelopingjas- and Gian LorenzoBernini—are perware. Having achieved this dra- complemented by abstract mural matic medium by blending fine designs painted by the local street whiteDorset claywith manganese tion, the showvividly presentsthe “Classic Black” exemplifies howa artist known as “Owl.” Owl’sswirl- and carr,aniron-oxide-rich residue rise of neoclassical tasteinthe museum somewhat off the usual cir- ing abstractions echo the swirling from local coal mines,hedeemed it Britain of King George III while ex- cuit has creatively imparted an en- texturesofhair and draperyon ideally suited to the interpretation ploring howJosiah Wedgwood gaging sense of contemporaryrele- manyofthe sculptures.They also of Classical themes,most notably carefully exploited that tastebyde- vancetoanessentially niche subject. complement the vigorous athleti- in decorativesculptural works,in- veloping aremarkably forward- Fundamental to the show’ssuccess is cism defining such mythological cluding dynamic statuaryofmytho- looking businessplan embracing itsinviting setup and striking design compositions as the Bernini-based logical heroes,life-sizeportrait artistic methods of massproduc- by the Mint’sHannaH Crowell. An “Triton” and “Neptune,” the pol- busts, portrait medallions,fanciful tion and public relations. orientation galleryimmediately ished finish of whose muscular vases,and narrativeplaques in low Not only did Wedgwood and his makes even the most inexperienced bodies contrastswith the matte relief.Wedgwood drew inspiration businesspartner,Thomas Bentley visitor feel comfortable—and curi- finish of the rocks and drapery from ancient, Renaissanceand Ba- (1730-1780), cultivatethe patron- ous—by introducing and answer- of their settings. Ultimately, roque sculpture, especially old ageofGeorge III’sconsort, Queen ing the most basic questions, Owl’slinear compositions, bronzes,whose glowing dark pa- Charlotte,and of influential mem- even howtoread amuseum label. with their serpentine two-di- tina is evoked by the smooth sheen bersofthe aristocracy, they We areadvisedbyanother panel mensional lightness, lend a of his black basalt pieces. opened showrooms in Soho—then to “Look Slowly” because manyre- poetic contrast to the dark so- Forsome works he commis- one of London’smost fashionable lief designs,such as “Death of aRo- lidity of the basaltswhile offer- sioned plaster castsofthe origi- neighborhoods.Wedgwood also man Warrior,” illustratenarratives ing intriguing beauty in their nals; forothers, especially low-re- managed to use his friendships takenfromClassical historyand my- ownright. lief plaques and portrait with influential English travelers thology, and it is definitely worth medallions,hehad the composi- and ambassadorstocontinental taking time to examine them closely. Classic Black:The Basalt tions worked up from printsor courts, including that of Russian Successivegalleries evokethe SculptureofWedgwood and His paintingsbymodelers, including EmpressCatherinethe Great, to rooms in fine 18th-centuryhouses Contemporaries the futuresculptor and illustrator help promotehis waresabroad. He whereWedgwood’sbasalt sculp- MintMuseum Randolph, of Danteand Homer,John Flaxman thereby created an international tures would have takenpride of through Jan. 3, 2021 Jr.(1755-1826). market forhis luxurygoods that place—a domestic sculpturehall, a While spotlighting this excep- will likely resonatewith cannyvisi- domestic library, adrawing room, Mr. Scherer writes about music tional facet of Wedgwood’sproduc- tors to the show. etc. In each, the walls have been and the fine arts for the Journal. P2JW317000-0-A01600-1------XA

A16 | Thursday, November 12, 2020 THE WALL STREET JOURNAL. SPORTS Big Data DrivesDeChambeau Virus Puts LSU-Bama The U.S. Open champion isn’t just challenging golf’s conventional wisdom. He’s changing it. On Hold BY ANDREW BEATON

nBryson DeChambeau’s BY LAINE HIGGINS firsttrip to Augusta National, he sawsome- LOUISIANA STATE’SBIGGEST Othing that stopped him football game each year is against in his tracks as he Alabama, itsSoutheastern Confer- toured golf’s most famous club- enceneighbor.With this year’s house: aset of rickety old irons. game approaching on Saturday, Theirons inside the trophycase however, the defending national were used by Bobby Jones,Augusta champion Tigersdidn’t look fitto National’sfounder,when he wonall play. Pandemic-season protocols four majorsin1930.DeChambeau and an outbreak following aHal- had been obsessed with this precise loween party had leftLSU with just set of clubs foryears. one scholarship quarterback and “Look,” DeChambeau whispered zero tight ends or long snappers. to his longtime instructor Mike So on Tuesday, the game was Schy. “They’reall the same length.” canceled. It was the latest victim of It wasahint of what makes the the warofattrition that the coro- 27-year-old DeChambeau perhaps navirus has wagedoncollegefoot- the best golfer on the planet enter- ball, wheredwindling rostersand ing this week’sMasters. He uses coaches exiled by their positive datatorethink the game’ssmallest test results have become common- norms—and he’sleaving everyone place.Asthe season enterswhat else in the rough. should be itshome stretch, the dis- DeChambeau also uses single- ruptions arereaching azenith. length irons,and it’sjust one of the Thingslook particularly bad in manypeculiarities that makes him the SEC.OnMonday, Arkansas the game’soddest golfer.Hepores coach SamPittman tested positive; over numbers.Heintentionally No.5Texas A&M paused workouts added an eye-popping amount of afterfinding two cases; Mississippi weight during the pandemic.He State fell belowthe threshold of spends an absurdamount of time available scholarship players studying his putts. needed to playand postponed its “Sinceday one,he’s game against Auburn; and LSUan- always been—I don’t nounced itsvirus cluster. want to saydifferent— Bryson DeChambeau is atop contender forthe green jacket. Left, Morechaos followedonTues- but different,” Schysays. DeChambeau’scoach Chris Como turned his living room into alab. day. Auburn found 12 cases within These idiosyncrasies itsprogram and halted practices explain howthis college onship but the culmina- •2019: 302.5yards (34th on tour), and Texas A&M postponed its physics major who golfs tion of ayearslong 175.4mph ball speed (42nd) game against Tennessee to Dec.12. in an old-school cabbie quest to retool his game •2020: 322.1 yards(1st), 184.7mph LSUalso called off itsgame against caphas torched his based on what the num- (4th) the Crimson Tide. sport with an aggres- bersshowed. •2021: 344.4yards (1st), 192.8mph Missouri coach Eli Drinkwitz ad- sively new-school ap- “He’snot going to fall (1st) mittedthat his team wasalso hav- proach. He entered this prey to conventional In one season, he went from ing issues with Covid-19,and by MastersonThursdayas wisdom,” Como says. barely driving it farther than aver- Wednesdaytheir game against one of the favorites after When DeChambeau agetooutdriving all of his competi- Georgia had been postponed. All lapping the field in the emergedafter golf’s tion. And then he kept hitting it told, four of the SEC’sseven games U.S. Open,and the way pandemic-induced hia- even farther.Hefinished in the this weekend areoff. he wonthat tournament tus,therewas alot top-10 of his firstfour tournaments Coronavirus has forced the SEC wasacrash course in moreofDeChambeau. afterthe break,including one win. to call audibles before—last month howhe’ssingle-handedly Unlikeeveryone else Then he wonthe U.S. Open. the league rescheduled six games changing the game. who added weight dur- Understanding all of golf’s vari- involving seven teams following an On the Mondaybefore ing quarantine,hedid it ables is whyDeChambeau was outbreak of 37 cases at Florida. the U.S. Open at Winged on purpose.Hehad slackjawedthe firsttime he was LSU’spredicament brought the Foot back in September, studied numbersfor here. That questisthe reason De- flexible schedule to itsbreaking DeChambeau’scoach Chris Como Here’swhy it wasn’t crazy: yearsand believed in the wisdom of Chambeau is the rare golfer whose point, mainly because the Tigers sought out an unusual adviser: a Winged Foot’sfairways were too bombing the ball, and one way to irons areall the same length. already filled their open dateon professor at Columbia University’s narrow.Trying to land the ball on do that betterthan anyone else was DeChambeau wasateenager Dec.12with Florida. Theresimply businessschool. Como wanted to them wasanexercise in futility,and to getbigger. He emergedlooking working when he wasanalyzing his aren’t enough Saturdays leftto runDeChambeau’sstrategyfor the the datashowedDeChambeau could likeanNFL linebacker,all because swing and realized whyhewas hav- schedule Alabama. tournament by him, and it wasa gain morestrokes by doing exactly he believed in the wisdom of the ing difficulties being consistent. The TheSEC said “the opportunity strategymost other golfersconsid- what he wasn’t supposed to do. bomb. clubs themselves were inconsistent. to reschedule the Alabama at LSU ered sheer lunacy. But the valida- Thenumbersthey analyzedre- DeChambeau wasaverygood All standardgolf setshaveclubs of game will need to be evaluated.” HINGLE/REUTERS

tion DeChambeau’steam wanted vealed the mistakewasn’t hitting it golfer who decided to remakehis different length, affecting the ball’s E. wasn’t from his peers, it wasfrom far,Como says.Itwas pretending body—and threaten all of his me- loftand distance.

this professor,Mark Broadie,who that it made anysense to sacrifice chanics—in order to become agreat “Why do Ihavetohit variable DERICK

pioneered golf analytics. something youknowisgood—driv- one. “I knowyou have this goal,” length clubs?” DeChambeau asked MO;

Winged Foot has narrow fair- ing the ball closer to the hole—for Como told him, “but be very aware Schy. “Why can’t Ihit all clubs the CO waysand brutal rough. Theconven- the faint hope that hitting it less of this risk that canbeassociated same length?” tional wisdom wasthat foranyone close to the hole would produce with it.” So likeany curious golf techni- CHRIS to have aprayerofwinning,they moreaccuracy. With the strong Como transformed his living cians,they jury-riggedanexperi- needed to value accuracyaboveall chancethat along driveorashort room in Frisco, Texas,intoalabora- mental set and ranatest with else.DeChambeau planned to do drivewould still wind up in the tory while they trained during the makeshiftirons.Itworked wonder- /REUTERS; the exact opposite: the biggest rough, only the playerwho droveit layoff.Their experimentsproduced fully.Henever wanted to go back. driver on tour wasgoing to ignore farther would have areasonable tangible results, and not only when Yearslater,DeChambeau had SNYDER

the consequences and smash the chanceatstill landing the ball on DeChambeau stepped on ascale and firsthand, scientific proof that the BRIAN

ball as far as he could, whether it the green with his next shot. sawamuch higher number.These legend of Jones onceusing the P: landed on the fairway or not. DeChambeau finished 6under arehis averagedriving statistics same strangeclubs wastrue. He TO OM

“The analytics were behind it,” par.Noother playerfinished under from the last three PGATour sea- sawthem forhimself at Augusta FR Broadie says. par.Itwas his firstmajor champi- sons: National. LSU won’t play Alabama on Saturday.

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THE WALL STREET JOURNAL. Thursday, November 12, 2020 | A17 OPINION Joe Biden’s Florida Nightmare BOOKSHELF | By Tunku Varadarajan

TheU.S.isin Hardasitisfor some to One Country’s postelection realizetoday, it took two de- hell todaybe- cades of political animosity— cause of what which Mr.Obama actively ex- happened in ploited on the issues of Group Portrait Florida 20 wealth and race—toproduce WONDER yearsago. Joe GES theultimateanti-politician, LAND Biden remem- IMA Donald J. Trump. The Nine Lives of Pakistan bersthat Ionly partly buy the now-

By Daniel GETTY 2000 presi- conventional wisdom that Mr. By Declan Walsh

Henninger VIA dential-elec- Trump rose because he iden- (Norton, 337 pages, $30) tion night- tified heretoforeunrecog- mare. Well, it has come back nized populist impulses in t college in England 40 years ago, my best pal was to haunt him as he treads wa- SMAKERS blue-collar Americans.Before Pakistani, a well-born boy from Lahore. In a pub one

/NEW A terwaiting forDonald Trump his victoryoverHillaryClin- night, he told me that he was sorry his nation had

to concede. KING ton, he stood on the presiden- ever been created. The comment startled me (an Indian) It doesn’t matterifyou T tial-primarystage with ac- and came to life again as I read Declan Walsh’s “The Nine BER

were 5yearsold in 2000.If RO complished Republican Lives of Pakistan,” an enthralling account of Mr. Walsh’s this past week youweredanc- politicians and convinced a near-decade as a correspondent in that land, first for the ing in the streetstocelebrate tion came down to one state TheU.S.’sexperiencewith bigsliceofanelectoratein Guardian and, latterly,for the NewYork Times.Pakistan, he Democraticwar horse JoeBi- and two candidates separated hyperpartisanship began in the grip of wheel-spinning writes, is the only country “where some of its own citizens den’snominal defeat of Don- by fewerthan 600 votes, not George W. Bush’spresidency polarization to take alast- quietly regretted it had ever come into being.” aldTrump,not least among tens of thousands in multiple and widened in the Obama gasp flyeronthe former host Pakistan was created in 1947 as a homeland for the the reasons is payback for states as now. Afterweeks of years. Thephenomenon of of “The Apprentice.” Then, Muslims of Hindu-majority India—“carved from the flanks what happened in Florida, to- litigation over counting Flor- rampant political polarization Donald Trumpdid win the of British India,” as Mr. Walsh puts it. Its “Great Leader” dayknown simply as Bush v. ida’snow-infamous hanging- became an object of fascina- 2016 election. (“Quaid-e-Azam” in Urdu) was Muhammad Ali Jinnah, an Gore. chad ballots, the Supreme tion at PewResearch,which Whenthis is over in sev- unlikely agitator foraconfessional Muslim state. Aworldly Theinconsolable political Court put the countryout of produced a chart showing eral weeks,someone should lawyer who drank alcohol and married outside his faith, bitternesstodaybetween Re- itsrecount pain by voting 5-4 that between 1987 and 2012 giveMr. Trump aframed, he was, Mr.Walsh tells us,“purposefully vagueabout his publicansand Democratsbe- in favorofaresult that gave the intensity of the nation’s gold-plated master recording beliefs” formuch of his life. In apoignant passage, Mr. ganinFlorida’srecount strug- Gov.Bush Florida’selectors differenceswererelatively of Frank Sinatrasinging,“I Walsh parses aphotograph of Jinnah takeninSeptember gle at the end of the 2000 andvictory. flat by most measures—ex- did it my way.” To put that 1947,amonth afterPakistan wasborn: In it, he wears“the To this day, Democrats cept party affiliation—which differently: Anyclose-to-nor- gaze of aman who gambled at the table of history, won have never gotten over Bush was, and remains,off the mal first-term president run- big—and nowwonderswhether he wonmorethan he Want to know why no v. Gore,anelection they be- charts. ning on Mr.Trump’srecord— bargained for.” lievethey only lost in the Su- That standoff broughtusto including the fast-track anti- The subtitle of Mr. Walsh’s book is “Dispatches From a one will give an inch preme Court. That, notDon- agrim endpoint—the past Covid vaccine protocols— Precarious State,” and he opens his account on his last night in 2020? See Bush v. ald Trump,isthe real origin four yearsasanonstop exer- should have wonthe election in Pakistan, in May 2013. He had been given 72 hours to of their “resistance” to every- cise in simply shutting down with morethan 300 electoral leave, his visa canceled by Gore in 2000. thing and everyone in the Re- the U.S. political system until votes. the notorious Inter-Services publican Party. the 2020 election came If yousort through the en- Intelligence (ISI) for his Democratshated George around. Afterall this,itisbe- trails of the Edison Research pursuit (it was alleged) of presidential election.The Bush andhis presidency. They yond fatuous (and insincere) exit poll,the only consistent “undesirable activities.” It Democratic nominee wasAl lampooned him mercilessly. forDemocratsand the media variable is that voterap- was a cruel moment for a Gore, Bill Clinton’sstolid vice When in 2004 he defeated to demand that Trump voters proval of Mr.Trump hovers reporter to have to depart: president. TheRepublican Sen. John Kerry, they were graciously giveup. Or forMr. around 45%, no matterhow There was an election the candidatewas Texas Gov. apoplectic.You’dhave Biden to limply dismissthe the question is asked. From next day—the first time in George W. Bush. thought Alfred E. Neuman had Trumpian intransigenceasDayOne,his presidential ap- which a civilian Pakistani Former President Bush is been elected. Irecall one “anembarrassment.” proval has never touched government would complete widely admired today. Not newspaper article describing Would atraditional trans- 50%, while everypresident its term and hand over power then. It is impossible to over- howsome distraught New ferofpowerbegood forthe sinceFDR has gone over 60% to another. statethe derision Democrats Yorkerswanted to createmis- country? Uh-huh. But Demo- at leastonce. This election, Mr.Walsh and the media dumped on sionary-likegroups to visit cratsmade this unruly politi- Donald Trump didn’t care, writes,was “stupendously Gov.Bush, seeing him as an voters in the heartland—the calbed, and nowthe Ameri- obviously.Agambler to the good news” in Pakistan, a unworthy, cartoonlikecharac- people whoin2016 became cansystemisgoing to have to end, he went all in forthe countryof“hidden delights terwho had stumbled intohis the infidel deplorables. lie in it while everyTrump umpteenth time on having an [and] endearing absurdities” party’s nomination. History Some in retrospect regard challenge, lawsuit, dead voter aceinthe hole to playinhis that had endured the rule of militarydictatorsfor ahefty really does repeat itself. the 2008 election of Barack and unsigned ballot is pushed poker match with JoeBiden. portion of itsexistence. That democracyappeared to be Anywebsitecan provide Obamaasrestoring adegree acrossPennsylvania, Georgia No question, it’salways great holding fast against daunting odds was“ablast of sweet the details of this high Florida of political normalcy, but that and Michigan until this elec- when youpull that off. relief to wearyPakistanis.” Times were ugly: TheTaliban melodrama, in which the elec- is false. tion runs out of gasand ends. Write [email protected]. had killed thousands of citizens in the preceding years— 150 in asingle bombing alone—and the former prime minister,Benazir Bhutto,had been assassinated. Malala Yousafzai, ateenageactivist forgirls’ education, had been This Election Result Won’t Be Overturned shot in the head. In the crowning episode of national infamy, Osama bin By Karl Rove 1908’sbarnburner between on their substantivediffer- 49,064, Michigan by 146,123, Laden was killed in 2011 in a raid by U.S. Navy SEALsonhis William Howard Taft and Wil- ences—discussing fracking in Arizona by 12,614, Nevada by compound, located right next to Pakistan’smilitaryacademy. thas been an eventful, un- liam Jennings Bryan. But the Pennsylvania and toleration 36,870 and Georgia by 14,108. ThePakistani government wasn’t told of the raid in advance. I settling year: Adeadly vi- natureofthis enthusiasm dif- of socialisminMiami. But it To win, Mr.Trump must The U.S. and Pakistan, Mr. Walsh writes, had been “feuding rus struck without warn- fered by party. The Fox News wasn’t enough. provesystemic fraud, with il- and falling in lovefor decades” and were locked in “the ing and claimed almost a VoterAnalysis found 51% of Mr.Trump is nowpursuing legal votesinthe tens of worstkind of forced marriage—a product of shared quarter-million American Biden supporters voted more legal challenges in Pennsylva- thousands.Thereisnoevi- interestsrather than values,devoidofgenuine affection.” lives; a lockdown demolished against Mr.Trump than for nia, Wisconsin, Michigan, Ari- denceofthat so far.Unless Themarriagewas happiest in the last yearsofthe Cold personal routines and left us theDemocratic candidate, zona and Nevada, and there some emergesquickly,the War, during the Soviet invasion of Afghanistan, when gasping for normality; a sud- while 79% of Mr.Trump’s will be an automatic recount president’schances in court Pakistan served as aconduit to the Afghan mujahedeen. den, deep recession snatched backersvoted morefor him in Georgia, given Mr.Biden’s will decline precipitously After the killing of bin Laden, the relationship was a wreck. newfound prosperity from than against Mr. Biden. 0.29-point lead there. Senate when states start certifying Although Mr.Walsh acknowledges the big strategic many families; and nowa Mr.Trump also won26% of Majority Leader Mitch results, as Georgia will on questions,thereisn’t awonkyparagraph in 300 pages. rocketlikerecoverylifts up nonwhitevoters, according to McConnell is correct that Mr. Nov.20, followedbyPennsyl- Instead he portrays Pakistan through the stories of nine some but leaves many on the NBC’s exit poll, driving com- Trump is “100% within his vania and Michigan on Nov. emblematic people (the “nine lives” of his title). A10th life— launchpad. So why not finish mentatorsonthe leftcrazy. rights” to go to court over 23,Arizona on Nov.30, and Mr.Walsh’sown—is the thread that ties this cast together. out2020 with amisforecast One described these voters as Wisconsin and Nevada on Dec. His charactersinclude adisenchanted ISI spook who election as the finale? “distracted.” ANew York 1. By seating one candidate’s quitshis job and flees to Europe,living in the fearful Punditspredicted ablue Times columnist found it Recounts occasionally electors,these certifications shadows of anonymity; the policechief of Pakistan’sbiggest tsunami of historic propor- “personally devastating” that will raise the legal bar to city (“Karachi’sDirty Harry”), whose mansion, built with tions that would carryDemo- manyblacks and gays voted change margins in the overturn stateresultsand money beyond the means of ahumdrum cop, wasdestroyed cratsintothe WhiteHouse, forthe president. Rep.Maxine hundreds, never in the make it even moredifficult by asuicide-bomber; and the sybaritic governor of Punjab, flip the U.S. Senate, increase Waters (D., Calif.) warned that forMr. Trump to prevail be- Speaker NancyPelosi’s caucus black male Trump voters tens of thousands. fore the Electoral College by as manyas20seats, and “haveapricetopay foryears meets Dec. 14. From aforeign correspondent’sfiles: atough transformabasketfulofred- to come.” This is what passes TV networks showed jubi- policechief,asybaritic governor,areluctant statelegislatures intoblue for liberal tolerance. concerns about fraud and lant crowdsinmajor cities ones just in time forredistrict- Still, enough voters wanted transparency. But the presi- celebrating Mr.Biden’svic- fundamentalist, achampion of human rights. ing in 2021. Well, the White change. Mr.Biden maneuvered dent’s effortsare unlikely to tory;they didn’t showthe House changed hands.But successfully to makethe elec- moveasingle statefromMr. nearly equal number of people none of the rest happened. tion areferendum on the Biden’scolumn, and certainly who mourned Mr.Trump’sde- Pakistan’smost populous province, gunned down by a The final RealClearPolitics president’spersonality and his they’renot enough to change feat. U.S. politics remains po- soldier from his ownsecurity detail fordaring to speak out averageofpolls predicted Joe handling of Covid. Formonths the final outcome. larized and venomous.Closing foraChristian woman on death rowfor blasphemy. (After Biden would win the popular Mr.Trump wascontent to Thereare only three state- out this election will be a emptying his magazine intothe man he waspaid to protect, vote by 7. 2percentagepoints. fight on that turf, trying only wide contestsinthe past half- hardbut necessarystepto- the much-feted killer announced: “I am a slave to my Nate Silver of FiveThirty- fitfully to contrast his agenda centuryinwhich recounts ward restoring some unity prophet.”) There is also an account, frequently droll, of a Eight.comput Mr.Biden’s with his challenger’s. changedthe outcome: the andpolitical equilibrium. glad-handing Pashtun politician, as well as a hair-raising likely margin at 8points. The Presidentswin re-election 1974New HampshireSenate Once his days in court are one of a former ISI officer who came to be held hostage— Cook Political Report had it at only in part by heralding race,the 2004 Washington over, the president should do and then murdered—by the very Taliban factions he’d “morelike9or10points.” As their achievementsand out- governor’s contest, and the his part to unite the country helped to create. of Wednesday, with some bal- lining second-term agendas; 2008 Minnesota Senate elec- by leadingapeaceful transi- The two most moving of Mr. Walsh’s portraits offer a lotsyet to be counted in Cali- much moredepends on con- tion. The candidates in these tion and letting grievances go. windowonPakistan’scontrasts. Thefirst is of Abdul Rashid fornia and NewYork,Presi- trasting their opponent’sval- raceswereseparated, respec- Ghazi, a leader at the Red Mosque—an extremist seminary dent Trump trailed Mr.Biden ues and views with their own. tively,by355,261 and 215 Mr. Rove helped organize in Islamabad from which vigilante “vice and virtue” squads by 3.3 points. That Mr.Biden’smargin of votes after Election Day. the political-action committee ventured forth in the first half of 2007 into the Pakistani Voterturnout wasup. Once victorywas much slimmer These margins aren’t much American Crossroads and is capital, burning Bollywood DVDs and, on one occasion, everything is counted, the than projected canbecred- liketoday’s. Mr.Biden led author of “The Triumph of abducting six Chinese masseuses whom they accused of turnout rate will likely reach ited partly to Mr.Trump’s WednesdayinWisconsin by William McKinley” (Simon & being prostitutes. (The incident caused such diplomatic 66.5%, the highest since emphasis in the closing days 20,540 votes, Pennsylvania by Schuster, 2015). friction that even China’s president, Hu Jintao, was briefed on the matter.) Mr. Walsh describes his conversations with Ghazi—who had attended asecular university and seemed asomewhat reluctant fundamentalist—and declares that Want a Coup? Abolish the Electoral College he rather liked him, “jihadi puffery aside.” Ghazi died when the Pakistani army stormed the Red Mosque in July 2007, By Steven E. Landsburg could be brought to bear on in other countries where makedemocracyfunction in “a Waco-style siege in the heart of sleepy Islamabad.” that single authority.Imight leadersare chosen in elec- moresmoothly. The other affecting portrait is of a more conventionally magine afuturepresiden- worryabit about the objec- tions conducted by the na- But I’ll knowwho to ask attractive person. Asma Jahangir, “a cast-iron idealist,” I tial election in which the tivity of the attorney general tional government—countries forarefresher.Byand large, wasonly 19 when she succeeded in freeing her father from incumbent refuses to con- likeRussia, wheretwo years it seems likethe people who military detention. With her sister, she founded Pakistan’s cede and enliststhe full agoVladimir Putin claimed aremost in adither about first all-female law firm and challenged Sharia laws powerofthe federal govern- Imagine the current 77%ofthe vote. thecurrent president’sat- imposed by Zia-ul-Haq, Pakistan’s dictator for much of the ment to overturn the appar- I might also be tempted to tempt to retain powerare the 1980s. She even called the country’s generals “useless ent democratic outcome. standoff, but with the meditate on the general perils same people who think we duffers” on television. Nowimagine that the elec- president in charge of of centralizing power, and the ought to makeiteasier for Mr. Walsh writes that Jahangir—who died of a heart tion in question is actually specific perils of centralizing the next president who wants attack in 2018, at 66—“didn’t just stand on her principles, runbyafederal agencyorby a nationwide election. the powertodecide who will to do the same thing.I’m she waved them from the barricades.” She defended some nationwide quasigov- yield power. surethey canexplain that to Christians accused of blasphemy, rape victims whose ernmentalauthority charged By then, Imight be so me. testimony in court was worth half that of a man’s, even with collecting and aggregat- and the federal election com- worked up that I’ll manageto radical Islamistswho had been tortured. “She embraced ing the resultsfromall 50 missionerswho would be in forget whythe Electoral Col- Mr. Landsburg is aprofes- the untouchable,” writes Mr. Walsh, “and advocated the states. aposition to ramp up that legeisathreat to democracy, sor of economics at New unthinkable.” In Pakistan, there is no braver feat. Idon’t knowabout you, pressure. and howits abolition—and York’s University of Rochester but Imight worryabit Imight even cast asober thenationalization of presi- and author of “Can You Out- Mr. Varadarajan, aJournal contributor, is afellow at aboutthe pressurethat look at what tends to happen dential elections—would help smart an Economist?” New York University Law School’s Classical Liberal Institute. P2JW317000-0-A01800-1------XA

A18 | Thursday, November 12, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Georgia’s Reassuring Vote Recount Covid: Not Learning That Much From States

espiteall the political fury,America’s tiateclaims of major fraud, Americans will be ScottGottlieb pointsout actions caland psychological hardship on ballot-counting procedures continue to more confident the election wasconducted takenbyvarious states and posits the general population when we D moveahead as intended. In Georgia, fairly. thereare lessons to be learned from could focus on those in the 1% and these and other states in their at- 6% populations to help keep them whereJoe Biden is leading by The recount also might An audit looking at temptstocontrol Covid-19 (“The safeuntil the vaccines arrive? about14,000 votesout of five ease concerns about Georgia’s StatesAre Laboratories forCovid According to reports, infections million cast, officials Tuesday every ballot will boost newvoting machines.The sys- Control,” op-ed, Nov.9). aresurging all over the world in an- began preparing to audit ev- tem, which made itsstatewide Iamstruggling to see what les- other wave that seems to defyall eryballot by hand. confidence of a fair vote. debut this year,allows voters sons arebeing learned. Forexample, controls,similar to the 1918-19 influ- “We’ll be counting every to maketheir choices on a in the beginning of the pandemic we enzapandemic. single pieceofpaper,every touch-screen. Then aprinter were advised that wearing masks CLIFF REEVES single ballot, everysingle lawfully cast, legal spitsout aballot with asummarythat shows, maybeapsychological way to feel Vero Beach, Fla. ballot,” said SecretaryofState Brad Raffen- in writing,the candidates selected, so the voter protected but that they were useless sperger. “People will be working lotsofover- canreview them. Thesame information is trans- and possibly harmful from an infec- Youdon’t need aPh.D.orM.D.to time in the next coming week.” Some type of lated and printed in atwo-dimensional bar code tious-disease standpoint. Nowthe understand that while this virus can big three actions that must be taken spread among those under the ageof recount is prudent whenever there’saslim that scannerscan read. to beat the virus are: Wear aproper 18,school closures foreight months margin likethis one,0.28 percentagepoint, When the statepicked this system, advocates mask,keep socially distant and wash have caused moredamagethan the even if it weren’t apresidential race. of hand-marked ballotsobjected. They argued in your hands. deleterious effectsofthe disease on Raising the stakes further is that Georgia is alawsuit that the text summarywould givevot- If testing and contact tracing are children. Dr.Gottlieb is part of an set to hold two Senaterunoff elections in Janu- ersnoway to “visually reviewand confirm beneficial, when will we see the re- advisorygroup to Massachusetts ary, which will decide which party controls the whether the bar code accurately conveystheir in- portsshowing the success of this Gov.Charlie Baker,soIwould hope upper chamber. Senate control will determine tended selections.” It sounds likeaplot from a massiveeffort? Howdoweknow he pointsout that in astate with the national policydirection forthe next two bad thriller movie: ballotscoming out of aprinter closing barsand restaurantsbut not much moreICU capacity per capita years. Georgia should be assured, going into that saythey’refor one candidate, while sneaking stopping protestsand riots, or clos- than France, whereFrench children that politicalmaelstrom, that itsnew election another candidateintothe bar code? ing churches but not casinos is arecurrently attending in-person systemsare functioning as designed. As one reassurance, officials typically choose working? It seems improvementsin learning,itistime to put the health medical care and therapeutics over and development of our youth before Doing afull audit by hand is morethan Geor- astatistical sample of paper ballotstoaudit by the course of the pandemic have most other measures in this long and gia lawrequires.It’sunlikely to swing the state hand. In this case,Mr. Raffenspergerhas chosen achieved amazing resultssuch that protracted fight. Gov.Baker should intoDonald Trump’scolumn, sinceovercoming to audit the entirepresidential count. “With the reported survival ratesfor those in- have moresupport from physicians his 14,000-votedeficit would requirethe dis- margin being so close,itwill requireafull, by fected under age69are 99%-plus likeDr. Gottlieb as he pushes to re- covery of serious errorsthat have so far es- hand recount in each county,” he explained. “This and those over 70 are94%. With open school to in-person learning. caped detection. In anycase,Mr. Biden would will help build confidence. It will be an audit, a that recovery level whywould we JONATHAN FEAZELL still have the required 270Electoral College recount and arecanvass all at once.” impose draconian economic,physi- Cincinnati votes, unless his even-larger margins in Penn- There’snoreason not to let the processplay sylvania or other states were also somehow out. Theodds seem small that the preliminary overturned. vote tallies will be overturned in enough states President Trump Hasn’t Turned Arizona Blue Mr.Raffensperger, aRepublican, empha- to giveMr. Trump asecond term in the White In “Has Trump Turned Arizona President Trump did not turn Ari- sized that his officeisready to look intoevery House.But if the lawallows him to ask forre- Blue?” (op-ed, Nov. 5), Masada Siegel zona blue. John McCain lost much of allegation of voting shenanigans.“If youhave countsinstateswherehetrails only narrowly, basks in the belief that “suburban” his support because of his voting re- anyinformation about illegal voting or voter then doing so is his prerogative. Georgia’sin- (i.e., white) folks drive elections, in cord over his last two years. I don’t fraud, bring that to our attention,” he said. “We tent is to have afinal result ready to certify this case, white women. She offers a believe Mormon women vote any dif- will investigateevery case that we hear.” If on Nov.20, as originally scheduled. Keep calm quaint picture of upscale greenbelt ferently than Episcopalian or Baptist Georgia’spainstaking recount doesn’t substan- and count on. harmony and suggests that a “com- women. mon-sense approach” to problem What has changed Arizona’s voting solving is a quality unique to subur- pattern is an influx of Californians Democracy Dies in the Open ban Arizonans. who have become tired of high taxes, However, she ignores, or perhaps high home prices and chaotic social simply doesn’t perceive, the rising policies. Unfortunately, when they ar- ong Kong’s“one country, two systems” form,” said Claudia Mo,one of the lawmakers and very real driver of election out- rive in Arizona (and in Idaho and form of government autonomydied whoresigned in protest. comes here: Latino Arizona, which is Texas and . . . ), they vote for the H this summer,and the Chinese Commu- Even beforethis resolution, Hong Kong’sop- now 31% of the state’s population. same stupid politicians and policies nist Party is nowmoving fast position wasunder siege. Last Throughout the nation, this diverse that caused the conditions that led to crush itsremnants. Bei- Beijing crushes the week Hong Kong policear- group is understudied, underreported them to leave California. That is not jing’slatesttargetisthe Leg- remnants of Hong rested eight current and for- and profoundly misunderstood. President Trump’s fault. islativeCouncil and itspro- mer pro-democracylawmak- PAUL GUIDERA JIM MARTIN democracylawmakers. Kong’s autonomy. ers. They face up to ayear in Paradise Valley, Ariz. Gilroy, Calif. On WednesdayChina’sleg- prison fordisruptivebehavior islaturepassed aresolution at aLegCo meeting last allowing Hong Kong authorities to removelaw- spring,but their real offense wasdefending the makerswithout judicial oversight. Hong Kong rightsofHong Kongers. Regarding Mr. Lieberman on 2000 and 2020 authorities quickly booted four pro-democracy Thescuffle in Maybroke out as pro-Beijing In “ADisputed Election: My Lesson Mr.Lieberman cites the civil 2000 legislators, including Dennis Kwok and Alvin lawmakersworked to ramthrough legislation From 2000” (op-ed, Nov.5), conve- post-election conduct by the Demo- Yeung,two bravedefendersofanindependent that suppresses speech by outlawing disre- niently leftunsaid by Sen. JoeLieber- cratic Party,but says nothing about its judiciary. spect of the Chinese national anthem. Pro-Bei- man is that the Supreme Court gotit performanceafter the 2016 election. Hong Kong’sremaining pro-democracylaw- jing legislatorswho participated in the tussle right. Democratsimmediately started makersresponded by resigning en masse. haven’t been charged, but pro-democracylaw- Afterthe 2000 election the very screaming forimpeachment even be- “Sooner or later we would all have been dis- maker Andrew Wan, who had to be carried off liberal WashingtonPost led aconsor- fore the inauguration, waging atake- qualified,” Democratic Party chairman Wu Chi- on astretcher by paramedics afterthe scrap, tium of newspapers, including the no-prisonerswar on this administra- waisaid. Unconditional allegiancetoBeijing wasamong those arrested. Journal, which spent months examin- tion unmatched in American history, ing contested ballotscast in Florida. staging amanufactured and costly im- is nowarequirement foroffice. At anewscon- Despitewidespread opposition, the na- They categorized them in everypossi- peachment trial and blaming Presi- ferenceWednesday, Hong Kong Chief Executive tional-anthem bill passed on June 4. Less than ble way.Hanging chads,partially dent Trump forevery misfortune that Carrie Lamsaid it is disqualifying forlawmak- amonth later,Beijing imposed asweeping na- punched chads,evenballotsthat only has befallen this country, even thevi- erstooppose the newnational security lawor tional-security lawonHong Kong that effec- had adimple.This consortium found ruspandemic treatment, which he at- to plan on “indiscriminately voting down” Bei- tively prohibitsall dissent. Fearing that pro- that virtually anyway youtabulated tacked very aggressively. jing’slegislativeagenda. Ms.Lam will go down democracycandidates would gain seatsdespite the ballots, George W. Bush won. Perhaps worstofall has been the in historyfor betraying her city. the riggedsystem, the government postponed While Ioften hear liberal media Democratic Party standing by silently TheCommunist Party long agorigged the LegCo elections scheduled forlast Septem- membersand Democratic operatives during the massiveriotsand destruc- LegCo,asthe legislatureisknown, so demo- ber.Now they’ll be meaningless. and politicians saywith disdain that tion in our cities,undermining the cratscould never gain amajority.Pro-democ- Freedom dying anywherediminishes the the Supreme Court put George Bush in rule of lawand order in this otherwise racy lawmakershavenonethelessserved their world, but Hong Kong’sfateisespecially im- the WhiteHouse,the factsshowhe peaceful country. It is hardtoput this wonthe election fair and square. genie back in the bottle. constituentsbyworking to prevent or delay portant because it shows China can’t be DAVE PALMER EUGENIE ROSCOE some of theworst legislation and appointees. trusted to keep itsinternational promises.Its Rockville, Md. Golden, Colo. This newresolution completes LegCo’s trans- treaty with the U.K. promised autonomyto formation intoarubber-stamp body.Itrepre- Hong Kong for50yearsthrough 2047. It was sents“Beijing’srule by decree in itsultimate extinguished in 2020. Taxes for Transportation Were Well Received Counter to Grover Norquist’s “Vot- bus-service expansion, including an California’s Progressive Thumping ers (Mostly) Reject Tax Hikes” (op- all-electric fleet. The San Francisco- ed, Nov. 9), voters eager for better San Jose rail line, Caltrain, gained emocrats and unions in California are Voters also approved Prop.22(58.5%to public transit approved 15 of 18 bal- dedicated funding estimated at $108 shell-shocked. Voters last Tuesdayre- 41.5%), which wasstrongly opposed by unions lot-measure tax increases on Nov. 3. million annually for the next 30 years Adding these to the 32 measures ap- thanks to voter approval of a 1/8-cent D jected areferendum that would have and plaintiff attorneys. Prop.22exempted gig proved earlier this year brings the sales tax in the three counties that allowedracial preferences in workerslikeUber drivers, success rate of transit ballot initia- the line serves. Seattle voters re- statehiring and collegead- Left coast voters reject Instacart shoppersand Grub- tives in 2020 to a high of 92%. In newed a sales tax to fund transit missions,defeated amassive a tax hike, rent control hub takeout food deliverers Austin, Texas, voters approved in- projects for an additional six years businessproperty taxhike, from the state’sunion-backed vesting $7.1 billion in three new rail and increased the tax from 0.1% to and rescued tens of thou- and a union power play. AB5 law, which reclassified lines, a downtown transit tunnel and 0.15%. In Missoula, Mont., voters ap- sands of gig economyjobs. hundreds of thousands of in- proved a mill levy request that will What is this,Texas? dependent contractorsasem- raise $3 million annually to increase Unions and their Democratic allies,includ- ployees.Unions claimed Prop.22would let Covid-19 and the Trade-Off bus frequency on popular routes, ex- ing Facebook CEO Mark Zuckerberg, shelled businesses likeUber skirt workplaceprotec- Between Safe and Happy pand weekend service, and move closer to an all-electric bus fleet. out nearly $60 million forareferendum tions and payworkersstarvation wages. Most writing on Covid-19 policy These election results weren’t even (Prop. 15) that would have eliminated akey Yetthe referendum also required companies misses the point, and Erin Rees Clay- squeakers; support ranged from 59% restraint on statespending.California’s1978 to provide workershealth-insurancesubsidies ton’s letter (Nov.6)isillustrative. The in Missoula to 67% in Austin, 70% in Prop.13caps taxesoncommercial and resi- as well as occupational accident coverage and important point is that, unfortunately, the Bay Area and 81% in Seattle. dential property at 1% of their assessed value to pay120% of the local minimum wage.Gig thereisatrade-off between personal STEWART MADER (i.e.,purchase price) and limitsannual in- companies warned AB5 would lead to fewerjobs freedom/economic growth and the Hoboken, N.J. creasesto2%. and rides as well as higher prices.These con- number of Covid-19 cases and deaths. Prop.13isthe only emollient in California’s cerns were echoed by MothersAgainst Drunk Most politicians,especially Demo- oppressivebusinessclimate, and public unions Driving, which endorsed Prop.22. crats, playdownthat trade-off,while Pepper ... have long wanted to abolish it. They hopedto In other good ballot news,votersrejected othersclaim that the only goal worth And Salt chip away at it this year with Prop.15, which an initiativethat would have allowedlocal gov- pursuing is minimization of the rate of Covid cases and deaths.Ms. Clay- THE WALL STREET JOURNAL would have required that commercial property ernmentstoexpand rent control (59.7%to tonclaims that government’sbusiness be reassessed at market value at least every 40.3%). SanFranciscowas the only county to isn’t making people happy,but making three years. Theinitiativewas forecast to raise support the measure, though rents there have them safe. But Idon’t think most of property taxesby$8billion to $12.5billion a plummeted as tech workershavefled amid the us want to liveinacountrywhereev- year by 2025. pandemic.Homelessness, crime and open-air eryone is safe, but almost no one is Unions declared the taxhikewas needed to drug use,rampant in the city,aren’t incentives happy.Didn’t Thomas Jefferson make support education and public safety (even as forthem to return. that point long agointhe Declaration progressives pushed cutstolaw enforcement) SanFranciscoalso approved aslewoftax of Independence? and to makebig corporations paytheir “fair hikes,including adoubling of the real-estate ANTHONY KROGER share.” Yetfarmers, manufacturersand small transfer taxonhigh-end homes and asurtax Houston businesses warned they’d be whacked too. Vot- on CEO“excess compensation,” which will Lettersintended forpublication ersbelieved businesses,not the unions.On driveout morepeople and businesses.Califor- should be emailed to [email protected]. Tuesdaythe Associated Pressfinally an- nia’sone-party political rule will be hardto Please include your city, stateand nounced that Prop.15failed, 51.8% to 48.2%. break,but at least voters outside of SanFran telephone number.All letters aresub- Most non-coastal counties rejected the refer- have issued important checks on union and ject to editing,and unpublished letters “I find my best ideas cannot be acknowledged. endum by 20 or morepoints. progressivegovernance. in happy baby pose.” P2JW317000-0-A01900-1------XA

THE WALL STREET JOURNAL. Thursday, November 12, 2020 | A19 OPINION Case for Mask Mandate Rests on Bad Data

By Phillip W. Magness caught. Theprojected number of Percentage of Americans using masks,March-November 2020 coming an established “truth” of sci- lives saved, and the implied case for encereporting. he topscientific journal amask mandate, arebased on a YouGov surveyresults IHME model 9/21 IHME projected 9/21 NatureMedicine’seditorshave NatureMedicine published faulty statistic.Using amonths-old 100% shown little interest in addressing a study on Oct. 23 with an survey,IHME modelersassumed er- the error.Iasked the journal’sedi- astounding claim: By sim- roneously that the U.S. mask-adop- tors foraresponse,but they de- T 80 ply wearing masks at tion rate stood at only 49% as of late murred for13days—nearly twicethe higher rates, Americans could pre- September,and thereforehad plenty time it took to vetthe entirepaper— vent as manyas130,000 Covid-19 fa- of room to increase to “universal 60 and the belated answerwasn’t to talities by the end of February2021. adoption,” defined as 95%, or to a correct course.Aneditor replied that Produced by the University of Wash- moreplausible 85%. According to the “alleged discrepancies” were ington’sInstitutefor Health Metrics morerecent survey findings, how- 40 “not issues of substancethat would Evaluation, or IHME, the study gar- ever,America’smask-adoption rate requirefurther action” because “in- nered immediateacclaim. has hovered around 80% sincethe formation about what datasetswere Morethan 100 news outlets trum- summer. 20 utilized in the authors’ models and peted the study’s findingsinthe Newnumberswould completely periods they encompassare reported days following itspublication—“The alter the IHME study’s findings. If 0 in the study.” Pricefor Not Wearing Masks: Per- 80% of Americans already wear In layman’s terms,Nature Medi- haps 130,000 Lives” wasthe New masks,anew mandatecould add Mar 2Apr 6May 26 Jun 1July 6Aug 3Sep 1Sep 21 Oct6 Nov2 cine thinks it’sOKfor the IHME team York Times’s headline—and afew only afew percentagepointstothe Source:YouGov and Institutefor Health Metrics and Evaluation to rely on obsolete figuresaslong as hundred morearticles have been mask-adoption rate instead of nearly it cited itssource.The misleading written since. Reporting was often doubling it. Additional gains would TheIHME team didn’t adjust. Its public.This narrow definition ex- depictionofU.S.mask use is appar- be small and certainly nowherenear Sept. 21 estimates of U.S. mask adop- cludes agreat many people who regu- ently immaterial. 130,000 lives saved. tion tracked the YouGov survey re- larly wear masks.YouGov,which gives Thejournal has told the Retrac- A top scientific journal Thestudy’s documentation sug- sultsbeginning in March, but the respondentsthe option of saying they tion Watchwebsite that itsmodel geststhe 49% figure came from sur- two began to diverge in April. From almost always wear masks,finds a nowassumes 68% U.S. mask usage— lowballs the percentage of veydatacollected by the data-analyt- mid-June on, the IHME’sSept. 21 mask-usagerateof80% in itslatest still likely toolow—along with asub- Americans who are already ics firm Premise between April 23 modelunderstated mask usageby survey of Americans, with only 6% stantially smaller projection of lives andJune 26.Although the paper in about 30 percentagepoints. shunning thepracticealtogether. savedthan the one it published. At covering their faces. NatureMedicine explicitly labeled TheYouGov survey isn’t alone, The49% figure hasn’t been accu- this point, the refusal to correct the thesedataascurrent as of Sept. 21, andthe IHME’ssubstantially lower rate sincelatespring.U.S.masking original article serves only to sustain they weren’t. And other surveys estimates makeitaclear dataout- rateshavealready approached or ex- an inflated case foranational mask paired with calls foranational mask paint averydifferent picture. The lier.Aseparate survey by Carnegie ceeded the moreplausible threshold mandate. Although existing policies mandate, echoing President-elect Bi- YouGov/Economist tracking poll finds Mellon University shows that mask sought by IHME modelers. Thepro- and voluntarybehavior have already den and nowAnthonyFauci,the top that the U.S. mask-usageratesky- usageexceeded 80% in 41 of the 50 jection that up to 130,000 lives could led to major improvement, the IHME U.S. infectious-disease official. The rocketed in latespring and hit 78% U.S. states as of Sept. 21. Today be savedappearstobeunfounded, papergives the false impression that study wasalso invokedbyFrancis on July 14.Ithas hovered in the high that’supto44states. In California weakening the case foranational Americans continue to lag behind the Collins,head of the National Insti- 70sand low80s ever since. andthe hard-hit Northeast, mask mask mandate. rest of the world in mask use.Asa tutes of Health, to push for stricter This marked adramatic change adoption exceeded 90%. These re- TheIHME study’s rapid dissemi- result, policymakersuptoand in- masking requirements. Recognizing sinceMarch and April, when aflurry sultsalign with a report from the nationinthe media painted amis- cludingthe incoming U.S. president the potential importance, Nature of conflicting messages—including Centersfor Disease Control and Pre- leadingpictureinwhich masks pro- arelikely basing their case for Medicine rushed the study intoprint from Dr.Fauci, Surgeon General Je- vention,released afew days afterthe vide an easy fixtothe pandemic.The sweeping newregulations on un- afteranexpedited peer-reviewpro- rome Adams and the World Health IHME paper,which shows U.S. mask danger of this misinformation has in- sound scientific adviceand over- cess that took only seven days to Organization—cast doubt on the ef- adoption hitting 88.7%inJune. creased with the incoming Biden ad- stated promises. complete. fectivenessofmasks.Aspublic- Part of the problem is that the ministration nowsignaling that it in- Unfortunately,the IHME model- health adviceshiftedinfavor of IHME’s 49% mask-use estimatein- tends to enact a national mask Mr. Magness is asenior research ers’ findingscontained an error that masks,most Americans took notice cludes only those survey respondents mandateasone of itsfirst policydi- fellow at the American Institute for even minimalscrutinyshould have and added them to their routines. who saythey always wear amask in rectives.The faulty statistic is be- Economic Research. TheEconomyCan’t Wait Until January

By Jason Furman we have learned to coexist with it, more normal recession, manyof enhanced unemployment benefit very lowdebt levels and large forbetterorworse,and the major- whom will need to find newjobs will reducedemand enough to sub- rainy-dayfunds.They nowface, he U.S. economyhas recov- ity of temporarily laid off workers with newemployers or even in new tract about 3percentagepoints through no fault of their ownand T ered from the coronavirus have returned to their jobs.The industries; this is what economists from the annual growth rate in the regardlessoftheir initial fiscal po- shock faster than most econo- result has been faster job growth call a“reallocation shock,” which fourth quarter.That is likely not sition, arevenue shortfall of $225 mistsexpected. Unfortunately, than most forecastersexpected. In canbeparticularly persistent and enough to drivegrowthnegative, billion plus hundreds of billions thingsaren’t wherethey should be October,the headline unemploy- difficult to solve. but it is asubstantial and unneces- moreinemergencyspending needs, and additional progressisbecoming ment rate fell to 6.9%, well below Progresswill also be compli- saryheadwind nonetheless. especially forschools.Statesand harder—even without the complica- the 9.3% that the Federal Open catedbyrapidly rising virus case- Economic relief and fiscal stimu- localities have mostly gotten by to tions of the resurgent virus.The Market Committeehad predicted loads,hospitalizations,deaths and lus in the neighborhood of what datewith the combination of Cares Federal Reserveislimited in how in June. colder weather,which, in partsof TreasurySecretaryStevenMnuchin Act funding,rainy-dayfunds and much more it candotohelp the Theeconomyisstill down 10 the country, is starting to limit and House Speaker NancyPelosi timing gimmicks,but there’sobvi- macroeconomy, and it can’t do any- million jobs sinceFebruary, and the outdoor activity.Atthe same time were negotiating this fall would be ously alimit. Formany, the fiscal thing directly to alleviate the suffer- unemployment rate understates the critical and well targeted to allevi- hole will reopen next year,ifit ing of those who areout of work challengebecause millions more atesuffering and spur economic hasn’t already. and no longer getting anyadditional than usualhavegiven up looking Families and states need growth. The$600 weekly unem- Therecan be no full solution to assistancefromWashington. forwork entirely.Correcting for ployment insurancebonus may America’seconomic problems with- Congressshouldn’t wait forPres- this,and foramisclassification er- relief now. The lame-duck have made sense in the April shut- out controlling the virus.This will ident Biden to be sworn in. It roridentified by the Bureau of La- Congress should act fast down, but alowernumber likethe requiresubstantial additional re- should act quickly to passarelief bor Statistics,bringsthe realistic $400 aweek endorsed by President sources, especially fortesting,but packagefor families and states that unemployment rate to 8.4%. The to alleviate the suffering. Trump is moreappropriatefor the also forvaccine distribution and includes funding forschools and lines at food banks tell the story: current labor market. Jobs arestill manufacturing of antibodies and moneytocombat the virus itself. People aresuffering. hard, but not essentially impossi- other remedies.Money spent limit- This will requirecompromises on Further progresswill be harder the protectivecushion provided by ble, to find. ing the virus has the greatest eco- all sides,but they areworth making as manyofthe unemployedwho the Cares Act has been deflating In addition, expanding the Sup- nomic bang-for-the-buck of any- because time is of the essence. had ajob to return to have already sincemanyofits key provisions plemental Nutrition AssistancePro- thing we cando. Given howquickly Theeconomycollapsed in done so.AsofOctober,thereare expired. TheCares Act wassolarge gram and possibly an additional the virus spreads,every daythat March and April, with 25 million only 2.4million moreworkerson that households generally had round of checks would help reach passes without this funding is espe- workerslosing their jobs.The ma- temporarylayoff than therewere healthier balancesheetsatthe end manypeople who aren’t eligible for cially costly,injobs and lives. jority of the job losers, 17 million beforethe pandemic started. At the of July than they did beforethe vi- unemployment insurance. People of them, were temporarily laid off, same time,the number of unem- rushit. Sincethen, the unemployed need money now—not next year or Mr. Furman, aprofessor of prac- not unlikewhat might happen af- ployedworkersnot on temporary have been running through their never. tice at Harvard, was chairman of teramassivenaturaldisaster.Al- layoff has risen by 2.8million. savingsand accumulating debt. I State and local governments theWhite House Council of Eco- though the pandemic continues, These arethe people stuck in a estimatethat the expiration of the generally went intothe crisis with nomic Advisers, 2013-17. How Trump or Biden Can Get Serious About Human Rights in Cuba

By Paula J. Dobriansky medical doctors, who areeffectively rolled back the Obama administra- in human-rightsabuses and corrup- expeditiously by apresidential execu- And David B. Rivkin Jr. enslavedand forced to work in other tion’spolicyand reimposed compre- tion anywhereinthe world. tiveorder. countries.“TheCuban regime takes hensivesanctions—but moreneeds President Trump further expanded If adroitly deployedonalarge saninsular nation with apop- up to 90% of what they charge ... to be done. the GloMag program in 2017, through scale,GloMag sanctions would cut A ulation smaller than Ohio’s, other countries foreach doctor, TheU.S.should target Havana’s ExecutiveOrder 13818,which broad- deeply intoHavana’srevenuesand Cuba plays an outsizerole in pocketing considerable revenues and most heinous policies and do so in a ens the scope of conduct that can impair the ability of virtually all Cu- both world affairsand U.S. domestic exploiting the doctors, who receive way that would be difficult forits al- ban officials and their allies to do policy. Either President Trump,who butapittance,” Michael Kozak,the lies and supporterstocounteract. The businessoreventravel. GloMag and wonFlorida, or JoeBiden,who’d acting assistant secretaryofstate for key to the newstrategyisthe Global The Global Magnistky Act other legal tools also allowthe U.S. have liked to,should take stock of the Western Hemisphereaffairs, said in MagnitskyAct of 2016,known infor- to reach thirdparties,who have fi- Cuban regime’sactions—among them an April briefing.Cuban government mally as GloMag.Itauthorizes sanc- of 2016 allows sanctions to nancial or other dealingswith tar- grossviolations of human rights, ef- 2018 figuresindicateslave labor tionstocut off Cuban officials and cut officials and associates getedCuban officials.Those parties fortstodestabilizethe Western bringsin$7billion ayear and that it theiraccomplices from global finan- could be subjected either to sanc- Hemisphere, and broad collaboration is the regime’ssingle largest source cial services,augmenting traditional off from financial services. tionsorcriminal prosecution. The with China, Iran, North Koreaand of revenue,accounting for60% of its sanctions that have cut them off from availability of these legal tools would Russia. TheU.S.needs abold newap- totalforeign income. the U.S. financial industry. reducesupport forthe Cuban regime proach, using corruption-focused Past U.S. administrations have The2012 MagnitskyAct targeted triggersanctions from “gross viola- world-wide. sanctions against Cuban officials and pursued various policies toward individual Russian officials involved tionsofinternationallyrecognized Because European Union govern- their accomplices. Cuba,ranging from the decades-long in thekilling of lawyer SergeiMag- humanrights” to “serious human mentsand other U.S. allies have vig- One of the most reprehensible as- economic embargo and restrictions nitskyinprison in 2009.The GloMag rightsabuse,” and replaces “signifi- orously embraced anticorruption pol- pectsofCuban statecrafthas been its on travel to a“normalization” policy expanded that regime to coverfor- cant actsofcorruption” with the icies,they would find it difficult to trafficking everyyear of some 50,000 under President Obama. Mr.Trump eign government officials implicated broader term “corruption.” Sincethe oppose this strategy. Canada, Britain law’spassage, the U.S. has imposed and several other Western countries GloMag sanctions on individuals and have GloMag-likesanction statutes of Notable & Quotable entities from morethan 20 countries, their own. PUBLISHED SINCE 1889 BY DOWJONES&COMPANY most recently designating forcorrup- Domestically, a strong stand Rupert Murdoch Robert Thomson From the Hill,Aug. 19, 2019: tion Gibran Bassil,asenior Lebanese against the modern slave trade that Executive Chairman, News Corp Chief Executive Officer, News Corp official. Still, these designations underpins Havana’sstatecraftshould Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher StaceyAbrams said Mondaythat came in atrickle,rather than awave. draw bipartisan support. Internation- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: she won’t concede her lossinthe Sanctions—including asset ally,given Britain’sindispensable role Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; 2018 Georgia gubernatorial race.... freezes, travel bans and exclusion in eradicating the trans-Atlantic Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; RepublicanNational Committee from financial services—should be slave trade in the 19th Century, Lon- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Chairwoman Ronna Romney McDan- imposedonCuban government offi- don should be aU.S.partner in crack- Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer iel ...tweeted the previous daythat cials involved in avariety of acts, all ing down on Cuba-driven slave trade Andrew Dowell, Asia; AnthonyGalloway, Video & Abrams should concede ...ifshe “ac- of which inevitably involvecorrup- and corruption. By strategically em- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; tually caredabout the integrity of tion,such as human trafficking,vio- ploying GloMag,the U.S. cancurtail Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; elections.” lating sanctions against Iran and Cuba’smalign activities and push the Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; Abrams ...answeredwhy she NorthKorea, and drug trafficking. Cuban regime toward major reforms. Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News hasn’t conceded. Sanctions should also target their Thomas SanFilippo, Customer Service; “Concession means to saythat the agentsorassociates,whether or not Ms. Dobriansky is asenior fellow GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; processwas fair,but when Irun an they work forthe government. There at Harvard’s Belfer Center. She Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; organization that in 10 days between is sufficient available evidencethat served as undersecretary of state for Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International election night and the night Irefuse the Treasury’sOfficeofForeign As- global affairs, 2001-09. Mr. Rivkin WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: to concede we receivemorethan setsControl could quickly make practicesappellate and constitu- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head 50,000 phone calls forpeople who GloMag designations and rapidly ad- tional law in Washington. He served

EDITORIAL AND CORPORATEHEADQUARTERS: were denied the right to vote Iam just them as the targetsattempt to in theWhite House Counsel’s Office 1211 Avenue of the Americas, New York, N.Y., 10036 complicit if Isay that that system is circumvent sanctions.These designa- and Justice Department under Presi- Telephone 1-800-DOWJONES fair,” Abrams said. tions could also be made even more dents Reagan and George H.W. Bush. P2JW317000-0-A02000-1------XA

A20 | Thursday, November 12, 2020 THE WALL STREET JOURNAL. WORLD WATCH WORLD NEWS U.K. Aims to Ban Foreign Takeovers Of Key Companies

BY MAX COLCHESTER notsuccessfully targeted by AND BEN DUMMETT potential investors seeking to cause them harm,” the U.K.’s LONDON—TheU.K.govern- Department for Business, En- ment proposed newlegislation ergy &Industrial Strategy said to bolster its powers to block Wednesday. foreign takeoversofBritish British concerns mirror companies,the latest effort wider European worries about under Prime Minister Boris strategic firms hammered by Johnson to shield industries the pandemic being snapped that aredeemed strategic or up on thecheap by foreign in- important to the country’sna- vestors. TheEUissued guid- tional security. anceinthe spring warning

GES SinceBritain quit the Euro- that foreign-investment

IMA pean Union this year,its govern- screening wasneeded to pro- ment has tried to strikeamid- tect assetsthat might affect

GETTY dle ground between welcoming thetrade bloc’soverall com-

CHI/ foreign investment and protect- petitiveness. In September, OC ing strategic sectorsfromtake- Germanytightened rules to over,particularly amid concerns forcegreater disclosure by for- MISER

O around acquisitions by Chinese eign firms looking to buy com-

BRIT state-backed companies.These panies.Britain’snew lawwould

ON fearshavebeen compounded by bring it closer in line with ST

GA the pandemic,asthe U.K. gov- France, Germanyand Italy. POLITICAL HOMECOMING: Supporters of Bolivia’sformer president, EvoMorales, celebrated in the town of ChimoreonWednesdaytowelcome ernment tries to shoreuppro- TheU.K.rules also would him back from exile, ayear after he resigned amid election-rigging allegations. The newpresident, Luis Arce,isanally of Mr.Morales. tective-equipment supplies and confer powers to the govern- intellectual property to fight BRAZIL VATICAN Under John Paul’ssuccessor, Persian Gulf kingdom’sindepen- Covid-19. Pope Benedict XVI, the Vatican dencein1971 to its normaliza- Under the proposed rules, Legislation would Covid-19 Vaccine Pope Cites McCarrick pressed Mr.McCarrick to resign as tion of ties with Israel this year, investorswould have to notify Tests Will Resume Report in Remarks archbishop of Washington and died Wednesday. He was84. the government about transac- protect industries asked him to keep alow profile, He died at the Mayo Clinic tions involving 17 sectorsin- deemed important Brazilian health authority An- Pope Francis vowedtorootout but he wasn’tsubjected to a Hospital in the U.S., the royal cluding nuclear,artificial intel- visa authorized the restart sexual abuse in the Catholic church trial and wasallowedtore- court said. The cause was un- ligence, transport, energy and to national security. Wednesday of clinical trials of Church, aday after aVatican re- main amember of Vatican bodies. clear, but he had previously suf- defense.The regulations update China’s Sinovac coronavirus vac- port showedthatthe currentpope Pope Francis, who was fered two heart attacks. atakeover regime dating back cine, one of the most advanced and his twopredecessors had elected in 2013, followed the PrinceKhalifa, the uncle of 20 yearsthat the government in the country, after suspending failed foryears to discipline aU.S. lead of his predecessors and as- King Hamad bin Isa al Khalifa, says is no longer adequate. ment similartothose of the them earlier this week. cardinal forsexual misconduct. sumed that the allegations had wasone of the island nation’s Thenew system would CommitteeonForeign Invest- Anvisa said it had evaluated “I renewmyclosenesstothe been rejected, the report said. wealthiestmen who drew much screen transactions within 30 ment in the U.S.,which re- new information about the “ad- victims of every abuse and the In 2017, an accusation thatMr. of his family powerfrompatron- days,with atimeline set out in quires foreign investorsincer- verse event” on Oct. 29 that had commitmentofthe church to McCarrick had sexually abused a age he doled between its mem- law. Those who don’t comply tain deals involving critical triggered the suspension Mon- eradicate this evil,” the pope said, minor triggered achurch investi- bers. Those networks, combined would facefines of up to 5% of technologytosubmit to na- day, concluding it was safe to noting the previous day’srevela- gation thatled to his disgrace. In with political cunning and tradi- world-wide turnover,oramin- tional-security reviews. continue the tests. tions about the “painful case of 2019, he became the firstcardinal tional retail politics, were keyto imum £10 million, equivalent “I anticipatethat businesses Brazil’sdecision to suspend former Cardinal McCarrick.” in modern times to be dismissed his longevityasprime minister: to $13 million, and imprison- will err on the side of caution trials of the Chinese vaccine, Following the brief remarks, from the priesthood. Mr.McCa- He controlled political, security ment of up to five years. and file voluntarily wherethere which have been fiercely criti- the pope observed a moment of rrick denied wrongdoing. and economic affairs fordecades. Officials saythat the new is anypossibility that they are cized by PresidentJair Bolsonaro, silence. —Francis X. Rocca His backers credit him with rules would apply to all na- caught by the mandatorysys- raised widespread concern among Tuesday’s long-awaited, 449- helping to turn Bahrain into a re- tionalities and aren’t targeted temorthereisotherwise a the country’smedical community. page report revealed that St. OBITUARY gional financial center, though it at China. Giventhe govern- possible national security is- The vaccine’sown researchers John Paul II appointed Mr. McCa- was later eclipsed by richer ment’smajority in Parliament, sue,” said Samantha Mobley,a had disputed Anvisa’sdecision, rrick as archbishop of Washing- Prime Minister of neighbors. the legislation is likely to pass lawyer at Baker McKenzie. saying therehad been no serious ton, D.C., in 2000, even after Bahrain Dies at 84 Detractors decry him as a in close to its current form. Foryears, Britain prided it- adverse reactions among volun- Cardinal John O’Connor of New hard-liner who blocked demo- “This will mean that no self on itshands-off approach. teers. Local pressreported thata York had warned him that Mr. Bahrain’sPrinceKhalifabin cratic reforms, and largely blame deal which could threaten the While other European coun- volunteer had died, but from sui- McCarrick had been accused of Salman al Khalifa, the world’s him for the state’s brutal repres- safety of the British people tries fought off foreign inves- cide. sharing his bed with adult semi- longest-serving prime minister sion of dissent. goes unchecked, and will en- tors in certain sectors, the —Samantha Pearson narians and of pedophilia. whose time in officespanned the —Stephen Kalin surevulnerable businesses are U.K. largely welcomed them in. P2JW317000-4-B00100-1------XA BUSINETECHNOLOGY: SSBOND IN CHINA&FCAN BE TRADEDININ BITCOINANB5 CE

© 2020 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Thursday, November 12, 2020 | B1

S&P 3572.66 À 0.77% S&P FIN g 0.50% S&P IT À 2.41% DJ TRANS g 0.74% WSJ $ IDX À 0.20% LIBOR 3M 0.221 NIKKEI (Midday) 25459.13 À 0.43% See more at WSJ.com/Markets Funds Give Ant Investors an Exit Tech

Lockup periods are than 10 million small inves- wassuspended last week, are above water, with slightly become listed funds trading on- Shares tors.The funds,managed by some investorsargued they higher netasset values than shoreinChina. That would al- waived after a clamor some of the country’s largest were cheated, as the main at- when they launched, their lat- lowinvestorstoexit at alater for refunds following investment firms, were sold traction forthem wasowning est disclosures show. Fund datebyselling unitstoother Propel via Alipay,Ant’smobile pay- shares in Ant. “You should holdings aren’t disclosed. investorsonthe open market, halt of mammoth IPO ments and lifestyle platform. giveback our money given Ant Investorsinthe five vehi- offering an alternativeexit to Thefunds used amarketing cannot go public now. This cles canapply to redeem their requiring the fund managersto BY XIE YU blitz to highlight that they fund without Ant is no longer investment between Nov.23 buy the unitsback. S&P could invest up to 10% of their what we want,” one investor and Dec.22without incurring Some investors posting on Funds that touted access to assetsinAnt, though this wrote online. fees,the fund houses and a investment forums welcomed Ant Group Co.’ssharesale will wasn’t writtenintheir con- Last Thursday, the China subsidiary of Ant said in a the statement. One said the BY KAREN LANGLEY let investorscash out early, tracts with investors, or in Securities RegulatoryCommis- joint statement Tuesday. arrangement took investors’ AND WILL HORNER following outcryafter the fi- fund-sales documents. Many sion said it had seen the com- Repaymentswill be based interestsintoaccount, adding, nancial-technologygiant’slist- investorswereexpecting Ant’s plaintsbyfund investors. It on the floating net asset value “Let’s exit.” Technologyshares powered ing was halted by Chinese reg- shares would surge afterthe urgedfund houses to givepri- per fund unit, away of pricing Not all investorsplan to sell the S&P 500 higher afterlag- ulators. IPO,which at morethan $34 ority to investors’ interests mutual-fund investments. The out. “I bought the fund be- ging in recent days as promis- In therun-up to the now- billion wasset to be the andfully consider their rea- statement didn’t say whether cause I am bullish on the sec- ing vaccine developmentsele- suspended initial public offer- world’slargest ever.Money in- sonable demands. investorswho kept their hold- tor,” wrotesomeone on achat vatedthe prospectsof ing,fivemutual funds in China vested in the funds was to be Thefunds already appear to ingswould still be subject to room operated by East Money, economically sensitivefirms. raised 60 billion yuan, or locked up for 18 months. have made some other invest- an 18-month lockup. an online broker andinvesting News Mondaythat avac- about $9.07billion, from more However, afterAnt’sIPO ments. Four of the five funds Thefivefunds will apply to website. cine developed by Pfizer and partner BioNTech appeared better than expected at pro- tecting people from Covid-19 recalibrated investors’ expec- Rubber Rebounds, With aHand From Gloves tations.Shares of Microsoft, Amazon.com and Facebook— which, along with their big BY JOE WALLACE tech peers, have driven market AND WILL HORNER gains in 2020—fell Monday and Tuesday, while cyclical A rebound in auto produc- sectorssuch as energy,indus- tion in China and increased trials and financials bounded demand formedical gloves higher. have sent prices forrubber That tradereversed, at soaring, making it one of the least forWednesday, as the in- best-performing commodities formation-technologysector in the world in recent months. led the S&P 500 and many Theprices foravariety of megacapgrowthstocks re- natural rubber used to manu- turned to outperformance. facturetires have jumped al- Amazon shares climbed 3.4%, most 50% from their 2020 low Microsoftshares gained 2.6% in Singapore, one of three and Facebook shares added Asian trading hubs forthe ma- 1.5%. terial. Rubber futures fetched TheS&P 500 rose 27.13 just over $1.51akilogram on points, or 0.8%, to 3572.66,off the SingaporeExchangeon 0.2% from itsSeptember re-

Tuesday, up from $1.03 on GES cord close.The tech-heavy

April 1. IMA Nasdaq Compositeadvanced Fewcommodities have felt 232.57 points, or 2%, to the effectsofthe coronavirus GETTY 11786.43.The DowJones In- pandemic as keenly as rubber. SE/ dustrial Averageedged down Prices slumped when carfacto- 23.29 points, or 0.1%, to ries closed in the early days of 29397.63. ANCE-PRES

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Theslide in oil prices also AN/ 500’stop performersthis

knocked the priceofsynthetic SF week,though both areinneg- rubber,asubstitutefor the RA ative territoryfor 2020.The

natural kind that is made from MOHD technologysector,bycontrast, petroleum byproducts, said A worker inspects disposable gloves at the Top Glove factory in Kuala Lumpur, Malaysia. Rubber prices are up 50% from their 2020 low. is slightly negativefor the Ann Sun, senior analyst at week but is the leading sector ICIS. ing in China with aspikein very long time.” Rubber futures World consumption in the broad stock indexyear Rubbersupplies have also prices in October and subse- Chinadominates the mar- prices in Singapore* of natural rubber to date. been pinched. Restrictionson quent swoon this month. ketfor consumption of natural “Todaywe’vegot alittle bit $1.80 akilogram 1.25 million metric tons movement have prevented mi- Consumersmay have to pay rubber,accounting foraround of arebound in the technology grant workersfromtraveling to morefor latex-based products two-fifths of demand, most of FORECAST trade,” said MikeStritch,chief farms in Thailand and Malay- likerubber bands,balloons which it buysfromabroad. investment officer at BMO 1.00 sia, while tropical storms made andcondoms.Latex prices China imported over 4.5 mil- 1.60 Wealth Management. “It’s it difficult to ‘tap’ rubber trees rose morethan 50% in October lion metric tons from January back to the growth storyto- forlatex and flooded roads alone,said Davin Wedel,presi- through October,587,000 tons day, but Ithink the bigger used to moverubber from dent at Global Protection morethan it did in the same 0.75 trend is one of an expected ro- farms to processing facilities. Corp., part of Malaysian con- period last year, according to 1.40 tation intosome of these more “Webelievewe’veturned dom giant KarexBhd. the Association of Natural underperforming sectorsand the corner,” said Andrew Forthe firsttime in several Rubber Producing Countries. 0.50 regions.” Trevatt, co-founder of Halcyon years, Karexhas started to “Therehas been ahuge Therollout of aCovid-19 Agri Corp., aSingapore-based charge moreinnew deals with amount of pent-up demand as 1.20 vaccine is likely to powerthe rubber producer and distribu- governmentsand other con- the lockdowns have ended and 0.25 global economic recovery and tor. Halcyon’sfactories are dom brands,though it has factories have opened back liftstocks acrosssectors, giv- running at full capacity, after kept prices steady forretail- up,” said JomJacob, senior ing momentum to anew leg of the companyclosed several ers. economist at the association. 1.00 0 the market’srally,investors plants earlier in the year. “That cost has to be distrib- TherecoveryinChinese J FMAMJJASON NDJ FMAMJJASO said. Mr.Trevatt said he expects uted,” Mr.Wedel said. “Con- rubber importshas coincided 2020 2020 “Thereisstill alot of rubber prices to remain vola- dom prices in general have with a13% leap in autosales *Prices arefor technically specified rubber. money on the sidelines,” said tile,crediting speculativetrad- stayed remarkably static fora PleaseturntopageB2 Sources: FactSet (prices); Association of Natural Rubber Producing Countries (consumption) PleaseturntopageB9 INSIDE Revlon NearsDebt-SwapDealtoAvoid Chapter 11

Revlon Inc. is nearing an that would help it narrowly 80% Revlon needs, according Revlon hiring financial adviser GES agreement with investorsthat avoid achapter 11 filing, By Becky Yerak to people familiar with the Alvarez & Marsal to help pre- IMA would save the long-struggling though Revlon still needs to And Alexander matter. parefor apossible bankruptcy

ETTY company from bankruptcy as corral moreinvestorsthat ha- Gladstone Theremaining investorsei- filing should the talks fall /G masked-up,stuck-at-home ven’t given their support. ther have been holding out, through.

CKER Americansbuy lesslipstick, BackedbybillionaireRon growing support from bond- betting they canextractmore Revlon said it would assess BE blush and nail polish. Perelman’s MacAndrews& holders. So far,investorshold- cash from the companyorha- by Friday if the proposed ex- VID

DA TheNew York-based cos- Forbes Inc.and runbyhis ing nearly 70% of a $343 mil- ven’t been located. changehas enough support to metics companyisnearing the daughter DebraPerelman, lion bond said they would Thecompany’seffortshave close.The companyhas BUSINESSNEWS completion of abond exchange Revlon said Wednesdayithas participate, shyofthe roughly come down to the wire, with PleaseturntopageB2 Kodak says former executives cashedin by selling stock options GE Disbands Unit-Audit Program Alibaba Sets ‘Singles Day’ Record theydidn’t own. B3 With $75.1 Billion in Online Sales

BY NINA TRENTMANN Theend of the program is that long. AND TED MANN part of Chief ExecutiveLarry “Running GE differently Culp’s effort to simplifyopera- means equipping our develop- General Electric Co.isdis- tions.GEhas sold off assets, ingleaderswith increased op- banding itsCorporateAudit cut costsand shrunk the head- erational depth and domain Staff program, arigorous mul- quartersstaff that oversee di- expertise,” aGEspokeswoman tiyear rotation through vari- visionssuch as GE Energy and said. “We are evolving a core ous divisions that the con- GE Aviation. Last month, GE talent development program glomeratehas long used to reported costsfor itscorporate to deliver these competencies groom future leaders. operation dropped 9% in the with greater focus.” Theprogram, aproving thirdquarter to $275million. GE is splitting up the pro- ground foryoung GE finance The change also was influ- gram by moving the leadership HEARD ON THE executives,dates back to the encedbythe company’snew development portion intothe STREET early 20th century. Employees financechief,Carolina Dybeck individual businessunitsso worked long hoursand trav- Happe, who formally joined workersget deeper operational /REUTERS Apple embraces risk by NG

eled the world analyzing vari- earlier this year.The program experience, while creating a SO

giving the Macsanin- Y

ous businessunits, looking for traditionally reported to the separateinternal auditing team. AL housechip. B10 wasteorreviewing internal CFO. It lasted five years, with —Thomas Gryta The Chinese technology giantextended the buying windowby controls. few participantssurviving for contributed to this article. severaldays. Ascreen shows the value of goods transacted. B5 P2JW317000-4-B00200-1------XA

B2 | Thursday, November 12, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS WATCH

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. AIR PRODUCTS & CHEMICALS Chipotle location that will only a first-quarter net profit of $9.6 Qualcomm’s platforms will serve customers who have or- million, or 51 cents a share, com- help Dish speed development A Estée Lauder...... B2 Moderna...... B10 Net Falls, as Revenue dered in advance online. pared with $8.6 million, or 46 and commercialization of its 5G Access Industries...... B4 Expanse...... B2 P Increases Slightly The location, in Highland Falls, cents a share, a year earlier. network, the companies said. AGC...... B10 G Palo Alto Networks....B2 N.Y., adjacent to the U.S. Military Revenue slipped to $103.7 mil- The collaboration will include Air Products & General Electric...... B1 Penghua Fund Air Products & Chemicals Inc. Academy, will include a kitchen lion from $109.8 million. work on a network compliant Chemicals...... B2 Goodyear Tire & Rubber Management...... B1 posted lower fourth-quarter and a lobby but no dining room MasterCraft attributed lower with open radio-access-network Airbnb...... B10 ...... B2 Phatthalung Paratex..B2 profit and slightly higher revenue or front-service line. sales year over year to its con- protocols, a framework that al- AKQA...... B5 Great Portland Estates Purdue Pharma...... B9 year over year but said the Customers will have to place tinued efforts to increase pro- lows more interoperability of Alibaba...... B5 ...... B10 Q Covid-19 pandemic continued to orders online before arriving and duction. hardware from different manu- Alvarez & Marsal...... B1 H Qualcomm...... B2 weigh on earnings. can either pick up their food or On the other hand, sales fig- facturers, Dish said. Amorepacific...... B2 The Allentown, Pa., industrial- have it delivered. ures benefited from a shift to- —Matt Grossman Halcyon Agri...... B1 R Ant Group...... B1 gas producer reported a net Based in Newport Beach, Ca- ward higher-price models and Apple...... B10 I Revlon...... B1 profit of $486.8 million, or $2.19 lif., Chipotle said the concept will lower dealer incentives. PALO ALTO NETWORKS Ascena Retail Group...B3 ING Groep...... A1 Rubber Economist...... B2 a share, compared with $503.2 help it expand into urban areas Meanwhile, sales of parts AstraZeneca...... B10 Intesa Sanpaolo...... A7 S million, or $2.27 a share, a year that wouldn’t support a full res- rose because of higher levels of Cybersecurity Firm B J Sinovac...... B10 earlier. Revenue rose to $2.32 taurant and improve the Mexi- boat use over the summer, Mas- Adds Expanse Inc. Banco Santander...... A7 J. Walter Thompson...B5 Swimply...... B10 billion from $2.28 billion.. Effects can-food chain’s flexibility. terCraft said. Bluestar Alliance...... B3 Jaws Acquisition...... B4 T from the pandemic reduced per- —Matt Grossman Shares of MasterCraft in- Palo Alto Networks Inc. BP...... B9 K Taiwan Semiconductor share earnings by an estimated creased 8.7% on the company’s agreed to buy Expanse Inc., C 15 cents to 20 cents a share. MASTERCRAFT better-than-expected results and which makes software that Kao...... B2 Manufacturing...... B10 Shares of Air Products fell 9.4% are up more 50% in 2020. monitors risks to digital assets, CanSino Biologics.....B10 Karex...... B1 Top Glove...... B2 Boat Maker Reports China Universal Asset W following the results but remain —Matt Grossman for about $800 million. Management...... B1 L up 19.5% for the year. A Larger Profit The deal value comprises Walmart...... B2 Chipotle Mexican Grill Land Securities Group —Matt Grossman $670 million in cash and stock, WPP...... B5 ...... B2 ...... B10 MasterCraft Boat Holdings DISH NETWORK as well as about $130 million in Condé Nast...... B2 Louis Dreyfus...... B3 Y CHIPOTLE MEXICAN GRILL Inc. posted a larger profit for the replacement equity awards, the ConocoPhillips...... B9 Young & Rubicam...... B5 Qualcomm to Assist M Company to Open latest quarter as the company cybersecurity company said D - E MacAndrews & Forbes Z ramped up production to meet In 5G Development Wednesday. The amount could Dish Network...... B2 ...... B1 Zhong Ou Asset Take-Out-Only Site higher demand following shut- be subject to adjustment, it said. Eastman Kodak...... B3 Mastercraft Boat...... B2 Management...... B1 downs in the early phases of Dish Network Corp. said that The deal is expected to close Chipotle Mexican Grill Inc. the Covid-19 pandemic. it would collaborate with Qual- in the fiscal second quarter, Palo plans to open a take-out only The Vonore, Tenn., maker of comm Inc. to build out its 5G Alto Networks said. INDEX TO PEOPLE restaurant on Saturday, the first recreational power boats logged wireless network. —Dave Sebastian

A Grimaldi, Emannuele..B3 Mayer, Kevin...... B4 Ahmed, Ajaz...... B5 H McCormick, James...... B9 Muto, Gary...... B3 Athey, James...... B9 Hanson, Tristan...... B9 B Happe, Carolina Dybeck R Beaumont, James...... B9 ...... B1 Read, Mark...... B5 Blavatnik, Len...... B4 Houston, Michael...... B5 S Bullwinkle, David...... B3 I Sharma, Anil...... B3 C Iger, Robert...... B4 Shen, Sean...... B5 Chong, Henry...... B5 K Spencer, Patrick...... B9 Continenza, Jim...... B3 Staunovo, Giovanni....B9 Karfunkel, George...... B3 D Sternlicht, Barry...... B4 Kassam, Altaf...... B9 Duncan, Stan...... B2 V L - M F van Rijswijk, Steven..A1 Louis-Dreyfus, Feng Qi, Felix...... B5 Margarita...... B3 W - Z G Louis-Dreyfus, Robert B3 Wong, Steven...... B5 Gabbay, Joseph...... B3 Ma, Jack...... B5 Zhang, Daniel...... B5 The New Yo rker Fires S

Toobin Over Incident NEW G

BY LUKAS I. ALPERT off-camera. He also apologized OOMBER

to his family and co-workers. /BL TheNew Yorker has fired Mr.Toobin, who is 60 years

high-profile staff writer Jeffrey old and worked forthe publica- MORRIS

Toobin weeks afterheexposed tion for27years, said in a UL himself on avideo call with col- Twitterpost on Wednesday, “I PA VID

leagues,the magazine said will always lovethe magazine, DA Wednesday. will missmycolleagues,and At the new site, customers will have to place orders online before arriving and can either pick up their food or have it delivered. Mr.Toobin’sdeparturecame will look forwardtoreading afterthe publication had their work.” launched aprobe intohis be- StanDuncan, the chief peo- with competition in cosmetics, Some have been debating ment opportunities. havior on theZoom call in Oc- ple officer for Condé Nast, Revlon fragrances and other product whethertoparticipate, con- Mass-market brands such tober,which included several which publishes the New lines. cerned Revlon wasn’t offering as Revlon, CoverGirl and May- otherNew Yorker staffersand Yorker,said in amemo to staff Revlon’s competitorsin- them enough value.Othersare belline,already on the ropes reportersfromWNYCradio. that he wanted “toassureev- Nears Deal cludeglobal beauty-goods small investorswho haven’t heading intothe pandemic,are “Asaresult of our investiga- eryone that we take workplace makers that arebiggerand been located. having a harder time than ri- tion, Jeffrey Toobin is no lon- matters seriously.Weare com- canspend moreonacquisi- Thecompanysaid it could val brands with bigger online geraffiliated with the com- mitted to fostering an environ- On Debt tions, research and develop- reopen the exchangeoffer presences and morevaried pany,” the NewYorker said. ment whereeveryone feels re- ment,and technology. Mass through Fridaysomorebond- product lineups. Afterthe October incident, spected and upholds our merchants’ own private-label holders can join in. Revlon worked to broaden the NewYorker suspended Mr. standards of conduct.” ContinuedfrompageB1 and store-owned brands have Market participantshave itsofferingswith the 2016 ac- Toobin. When news reportsof CNN,whereMr. Toobin is a warned it could be forced into increasingly found appeal been projecting confidencea quisition of Elizabeth Arden the episode surfaced soon after, legal-affairsanalyst, said he chapter 11 if toofew bondhold- among shoppers. deal will getdone.Revlon and effortstoexpand sales on- Mr.Toobin said he had made a had asked fortime off to deal ers participate in the restruc- Revlon products also com- stock closed last week at line and in China. But the mistakeand believed he was with apersonal issue.A turing,which would swapout pete with those sold in high- around $5.50 a share and late company remains heavily de- spokeswoman forthe network their claims at adiscount. end retailers as well as those Wednesdaywas trading at pendent on itsRevlon busi- didn’t respond to arequest for Bondholdersare being offered marketed through television more than $10 a share. ness, which includes hair and comment. 32.5centsonthe dollar in shopping shows and infomer- MacAndrewshas been nail-careproductsalongside Aformer federal prosecutor, cash, or amixtureofcash and cials.The companyfaces streamlining operations and makeup. Mr.Toobin joined the New debt. growing competition as well selling some assets. Mr.Perel- —Cara Lombardo, Sharon ION

AT Yorker in 1993 as alegal-affairs Revlon hasextendedthe of- from smallerbeauty brands man also has said the com- Terlep and Mark Maurer

UND reporter and made his mark ferseveral timesinrecent sold online. pany would seek newinvest- contributed to this article. FO

A covering the O.J. Simpson mur- months, but the clock is run- Walmart Inc. accounted for der trial. ning out. Bondsthat remain about 15% of Revlon’ssales

G-AFTR Foryears, he contributed outstanding on Sundaymust last year,though the company SA notable stories on the Supreme be paid off in full, or else an also sells itsproductsinchan- R

FO Court and numerous profiles additional $1 billion in senior nels that include drug and de-

GES on high-profile individuals such debt comes due,which is more partment stores.

IMA as longtime Republican opera- than Revlon canpay.Revlon Cosmetics brands that stock tiveRoger Stone. had$347million in liquidity sales counters at department

GETTY He has writtennumerous last month. stores also arebeing chal-

UPIL/ booksincluding 1996’s“The Revlon brands includeEliz- lenged as retailersshrink their by AS Run of HisLife,” which was abeth Arden, which it acquired physical footprint. EstéeLau- DIP

D adapted fortelevision as the FX in 2016,aswell as American der Cos., Amorepacific Group Jeffrey Toobin joined the New series “American Crime Story: Crew and Almay. Inc. and KaoCorp. have Yorker in 1993 as alegal reporter. ThePeople v. O.J. Simpson.” Thecompany’shistory sought to diversify how their dates back to at least1910, products aresold, as depart- Introducing an when Ms.Arden painted the ment stores,which represent a Ergonomic Heat low their peak of almost $6 a door of her first salon red. In sizable shareoftheir revenue, Rubber kilogram in early 2011. 1932, brothersCharles and Jo- have been forced to close and Massage That is onereason whythe seph Revson andCharles Lach- manylocations during the cor- rally isn’t expected to feed man formed Revlon and intro- Chair for Work Prices intohigher prices forproducts duced anail enamel. Mr. and Home such as tires,said Prachaya Perelman’sprivate-equity firm Thecompany Jumpasut, managing director bought Revlon in 1985. Rebound of the Rubber Economist Ltd., Forbes magazine estimated extended theoffer a consulting firm. Mr.Perelman’snet worth to be severaltimes, but the Rubbergloves areone ex- $6.1 billion. At least twicein ContinuedfrompageB1 ception. Sales of natural-rub- the past two years, he has clock is running out. in October from ayear before, berexamination gloves rose made loans to Revlon,most according to the China Asso- 7% from ayear beforeinthe recently lending it $30 million ciation of Automobile Manu- three months through August, last year.Heowns 87% of Rev- facturers. said Malaysia’sTop Glove lon, which has a market capi- onavirus pandemic. U.S. carmakersare also Corp.Bhd., which describes it- talization of $469 million. Eq- U.S. sales of color cosmetics racing to boost production af- self as the world’sbiggest rub- uity ownersare typically areexpected to decline by terinventories on dealer ber-gloveproducer.Sales of wiped out in bankruptcy. morethan 9% in 2020,accord- floors dwindled following the nitrile gloves,made from syn- Through much of this year, ing to Euromonitor Interna- pause in production earlier thetic rubber,wereup31%, the coronavirus pandemic has tional, which predictssales of %( 1-# *( /!& +$) 0-.'", this year. and rising raw-material costs caused widespread closures hair-careproductswill rise Tirefactories arehum- prompted the company to in- andbankruptcies among re- 0.9% this year and skin-care ming,too.Goodyear Tire& crease its selling prices. tailers, salons and spas,crimp- sales will fall 0.4%. RubberCo. plantsare back to PhatthalungParatex Co ing sales of beauty products. Billionaireinvestor Carl full speed, executives at the Ltd.’s latex factoryinsouthern Revlon said itsthird-quarter Icahn, who owns alarge chunk Ohio-based manufacturer told Thailand is running 16 hoursa sales areexpected to be $477.1 of the Revlon bonds,had held analystsinOctober,saying it day, seven days aweek,and million, down from $596.8 mil- out from participating in the had benefited from robust producing twicethe amount of lion in the same period last exchange, waiting to ensure sales of SUVs and light trucks rubber amonth that it did be- year.Itsaid it believes that enough other bondholdersalso Free Shipping&30Day Risk Free Trial in the U.S. fore the pandemic.Itstill nearly allofthe decline was participated. AfterRevlon got Save $100 Now! And, Use code Ergonomic Although rising prices will hasn’t been able to keep up because of the impact of the traction in getting other inves- For Free X-Wheel Casters providerelief forfarmersin with demand from glove-mak- pandemic. tors to commit, Mr. Icahn re- *$50 per month based on purchase of $89999 for 18-months 0% interest Thailand, Indonesia, Vietnam ers. “Our businessisbooming Butevenbeforethe pan- cently tendered bonds as well, and other major producers, at themoment,” said Ian demic, Revlon struggled with according to people familiar rubber futures remain well be- Shearer, a company adviser. changing consumer tastes and with the matter. P2JW317000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Thursday, November 12, 2020 | B3 BUSINESS NEWS Ex-Kodak Officials Said to Sell Options They Didn’t Own

BY KIMBERLY CHIN on behalf of the ex-employees. It didn’t identifythe former Eastman Kodak Co.said five employees. former executives were able to Mr.Bullwinkle said the error collect millions of dollarsbysell- didn’t result in anymisstate- ing stock options they didn’t mentsofcurrent or prior finan- GES own, an admission that is set to cial resultsand the companyex- IMA add to the scrutinythe company pectstofix itsinternal controls GETTY faces over the circumstances by the end of the year.Kodak SE/ surrounding ahalted U.S. loan. said it would employaninde- Kodak FinanceChief David pendent reconciliation processto

Bullwinkle said on an earnings strengthen itscontrols.Itsaid it ANCE-PRES call Tuesdaythe companyhad would treat the event as amodi- FR

discovered deficiencies in its fication of the original option ENCE

controls that had failed to pre- awardsfor accounting purposes. AG

vent the “unauthorized issu- Kodak faces several investiga- ICH/ ance” of the company’sstock. tions by federal agencies over its OV About 300,000 previously handling of aplanned $765 mil- AM forfeited stock options were ex- lion loan from aU.S.government ABR AN

ercised by the former executives agency to producedrugingredi- EIT in July,according to asecurities entsatits U.S. factories. Abu Dhabi-based ADQ has agreed to buy part of the agricultural company. Soybeans at a Louis Dreyfus facility in Argentina. filing.Kodak said it incurred Kodak’sshare-pricespike about $5.1 million in compensa- briefly produced apotential tion expenses related to the op- windfall forcompanyexecu- tions in the thirdquarter. tives who owned stock-option Billionaire Heiress to Unload Shares of the one-time pho- grants, some of which were tographyjuggernaut slipped 5 granted on July 27,the daybe- centsto$6.63inWednesday fore the loan wasannounced. trading.The stock surgedto$60 Soon afterthe proposed deal Major Stake in Louis Dreyfus in July amid news of the federal wasannounced, the Securities loan. The shares tumbled after and ExchangeCommission began the loan wasput on hold. an investigation intohow the Kodak has determined that companydisclosed the loan.The BY JOE WALLACE approval from regulators. ADQ pervisoryboardofLouis Drey- ploded this year. controls were inadequate“with federal agencythat had teamed would receivea45% indirect fus’sholding company, despite Thedeal would add to ADQ’s regard to the timely input and up with Kodak,the U.S. Interna- BillionaireheiressMarga- stakeinLouis Dreyfusvia one bumpy earningsinrecent years. investmentsinmorethan 90 verification of master dataup- tional Development Finance ritaLouis-Dreyfusagreed to of itsholding companies.A TheU.S.-China trade war, companies,spanning sectors dates forequity grants,” Mr.Bull- Corp., halted thedeal and its sell amajor stakeinLouis portion of the proceeds, recurrent oversupply of crops including energy,utility,health winkle said. This resulted in er- ownwatchdogopened areview. Dreyfus Co.B.V., the Dutch ag- amounting to at least$800 and the swine fever epidemic care and logistics.The parallel rors or misstatementsin An internal companyprobe ricultural merchant that has million, would be invested in that ravagedChina’shog herd supply arrangement maybol- employees’ equity account bal- found the companydidn’t break borneher family’s name for LouisDreyfus if the deal goes have weighed on prices for ster theU.A.E.’s food security, ances, he said. Themaintenance anylawsindisclosing the loan. almost two centuries,toa through. This money will go commodities including soy- giving it access to areliable and tracking of grant activity Chief ExecutiveJim Con- state-owned holding company toward paying off a$1.05 bil- beansand sugar.Facing stiff source of agricultural commod- wasdone by athird-party admin- tinenzahas repeatedly said in the United Arab Emirates. lion loan from Louis Dreyfusto competition from rivals in- ities that could shield the Gulf istrator,Kodak said in afiling. Kodak will moveforward with Theagreement with Abu one of itsparent companies,a cluding GlencorePLC andChi- nation from swingsincrop Although some companies expanding itspharmaceutical Dhabi-based ADQ completes a spokesperson said. nese giant Cofco Corp., Louis prices and availability. track stock-option issuanceand business regardlessofgovern- yearslong search by Ms.Louis- Ms.Louis-Dreyfus, raised as Dreyfushas sold assetsinclud- The coronavirus pandemic expiration internally,manynow ment assistance. Under the ini- Dreyfus for an outside inves- an orphan in the Soviet Union, ing Canadian grain elevators. has sparked steep swingsin hireoutside vendorstodoso, tial plan with the government, tor in the closely held coffee- married intothe family and in- Thetrading house,based in crop prices and disrupted agri- said Douglas Chia, former corpo- Kodak wastoproduceingredi- to-cotton trading house, after herited her stakeinthe com- Rotterdam, the Netherlands, cultural supply chains,adding rate secretaryfor Johnson & entsfor some generic drugs, in- she agreed to buy out family panyfromher husband, Robert benefited from the volatility urgencytoeffortsbycountries Johnson and president of corpo- cluding hydroxychloroquine, memberswho held minority Louis-Dreyfus, who died in that struck agricultural mar- that depend on imported food rate-governanceconsulting firm whichPresident Trump has stakes in 2018. As part of the 2009.She then spent years kets with the onset of the cor- to ensurethey have securesup- SoundboardGovernanceLLC. touted in the treatment of the deal, Louis Dreyfussigned a locked in afeud with other fam- onavirus,reporting a50% rise plies.The U.A.E. imported amil- Kodak said it would tryto coronavirus.Researchershave long-term agreement to supply ily members, who objected to in earnings in the first half of lion tons of milled riceand 1.91 recoverabout $3.9 million from said the drug has no benefit as agricultural commodities to her stewardship of the business. 2020 from ayear earlier.Still, million tons of wheat in the the ex-employees forthe fair an early outpatient treatment. the U.A.E. Thesale will inject cash into it booked a$74 million loss 2019-20 agricultural year,ac- value of the shares at the time Kodak said losses widened Thetwo companies didn’t abusinessthat has continued from itsjoint venturewith cording to the U.S. Department of the sale and about $3 million to $445 million in the quarter disclose the financial terms of to payhefty dividends to Ms. Luckin Coffee Inc., the Chinese of Agriculture. Domestically,it from the withholding of taxes from $5 million last year. the transaction, which requires Louis-Dreyfus, chair of the su- coffee-chain startup that im- produced none of either crop.

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brought aswath of shipping selsValue.This year’s figure is generation of environmentally 1 3 18"length. ⁄4"to ⁄4"wide. Lobster clasp. activity to a halt. farbelowthe 1,996 vessels re- friendly ships. Vehicle sales crashed last cycled in 2012, when ahuge VesselsValue says 22 ore Also available in 20"$3,995 spring along with the com- overhang of shipping capacity carriershavebeen sold for modities market as China, the wastaken out following the scrapping this year compared biggest raw-materials im- 2008 financial crisis.Scrap with adozenlast year and two Ross-SimonsItem #818698 porter,closed down to fight siteswereclosed forthree in 2018.Ten cruise ships were To receivethisspecial offer, use offercode: RICH34 the illness. Continuing bans on months this year,however, sent to recycling this year af- cruises leftdozens of luxury and ships began heading to ternine were demolished over 1.800.556.7376 or visitross-simons.com/rich linersidle as storagecosts the demolition processknown the previous two yearscom- mounted. as breaking as yardsreopened. bined. Car-carrier demolitions In collaboration with the Italian Trade Agency,the Ministry of Foreign Manufacturing activity “In the second quarter,you stood at 28 this year,matching THE EXTRAORDINARY Affairs and International Cooperation and Confindustria -Federorafi around the world recovered had toomanyships chasing a 2016 high in records dating ITALIAN JEWELRY this fall and autosales re- toolittle cargo,” said Anil to 2012. P2JW317000-4-B00400-1------XA

B4 | Thursday, November 12, 2020 **** THE WALL STREET JOURNAL. BUSINESS NEWS Ex-TikTok CEO Takes On a New Challenge Investor Industry veteran is charged with identifying new opportunities for Warner Music’s parent Sternlicht

BY ERICH SCHWARTZEL WSJ: TikTok has helped cer- cally.Soifyou want “The Nears Deal AND ANNE STEELE tain songsexplode in popular- Mandalorian,” youhaveto ity,via viral videos and dance subscribe to Disney+, if you Kevin Mayerhas held challenges,but hasn’t secured want “Game of Thrones,” you With Cano many top jobs in the media long-term licensing deals with have to subscribe to HBO Max, and entertainment indus- all the major labels to ensure et cetera.Soit’snot as if one BY CARA LOMBARDO tries—three this year. artistsare paid foruse of that subscription fulfills all your After rising in the ranks music.How would youde- needs to watchvideos and Ablank-check company and orchestrating the scribe the relationship be- watchthe programs youwant. backed by real-estateinvestor streaming strategy at Walt tween TikTok and the music On the music side,alittle Barry Sternlicht is in talks to Disney Co., he industryatthis point? lesssobecause most music merge with Cano Health LLC BOSS TALK left the com- services likeDeezerand Spo- in a$4.4billion deal that pany in March KEVIN MAYER: It’savery tifyand Apple Music,byand would take the health-care after being passed over to symbiotic relationship be- large,havemost of the same provider forseniorspublic,ac- succeed Robert Iger as chief tween the two.Thereare music.Byand large,the major cording to people familiar executive. He landed at the massiveaudiences on Tik- labels and everything,they with the matter. short-video app TikTok in Tok. Most of the videos on have most of the product, and Mr.Sternlicht’sspecial-pur- May, but left that gig in Au- TikTok arerelated to or have it’snot exclusively available, pose acquisition company, gust after President Trump music in them, and it’svery so you’remorelikely than not Jaws Acquisition Corp., could pressured Bytedance Ltd., its central to the experience; so to have one,maybe two music announceadeal valuing Cano Chinese owner, to unload the TikTok sureneeds the music services.But you’dhavesub- Health at $4.4 billion, includ- app’s American operations. and, conversely,the music stantially morevideo services. ing debt, as soon as Thursday,

Now, Mr.Mayer has joined industryneeds TikTok be- /REUTERS the people said—assuming the Warner Music Group Corp.’s cause that’swhereasubstan- WSJ: As someone with a lot talks don’t fall through at the parent company, Access In- tial amount of newmusic, of streaming experience, last minute. dustries,asan adviser,amid songsand actsare broken. MCDERMID what about consumer behav- As is typical in SPAC deals, an extended growth spurt for It’sjust amassiveand very AN ior has surprised you? as part of the transaction,

the music business. Access vibrant audiencefunnel. BREND Cano Health would receivean also owns Deezer, amusic- Both sides benefit, and cer- Aftermanyentertainmentjobs, Kevin Mayeradds music to his résumé. MR. MAYER: A large sector investment—in this case total- streaming serviceinFrance. tainly TikTok is going to be of the population now de- ing roughly $800 million— Mr. Mayer will focus on an integral part of the music knowthe answertoit. Idon’t faults first to streaming be- from several investors, includ- Access’s media-related busi- landscape foralong time. MR.MAYER: Theway that knowthe Democrats’/Biden’s fore they default to watching ing Mr. Sternlicht, one of the nesses, including Warner consumersaccessentertain- feelingsabout these issues. regular channels. I would be people said. Music, and is charged with WSJ: How important in gen- ment programming and sports When Iwas with Bytedance, surprised if that reverses Blank-check companies turn identifying new opportuni- eral are these social-media programming has been altered we were dealing with the ad- back at any point. I think the typical IPO model on its ties for the holding company, platforms like TikTok for forthe better. Consumershave ministration, which is the that shift has been rapid, head, raising money by going which is controlled by bil- growth at companies like continued to be empoweredto other side of the aisle. and the thing that’s surpris- public beforethey have abusi- lionaire Len Blavatnik. Warner Music, versus the enjoycontent when and where Look,I’m hopeful. Iwould ing is the fact that Covid just nessand then hunting fora As a top-ranking executive traditional streamers like they want to,and Ijust don’t just saythat when Iwas at accelerated what I thought target—usually over a period at Disney, Mr. Mayer, 58 Spotify and Deezer? see anyreason fundamentally Bytedance, the Chinese team was an underlying secular that lastsaslong as two years. years old, steered several of whythat would shift. People were wonderfulpeople. trend. I mean, certainly, that Investors have poured money the company’s biggest acqui- MR.MAYER: They’reboth want to go back intothe- They’rebusinesspeople and was happening, but as with intosuch vehicles at record sitions, including Pixar En- pretty important. On the one aters—whether it hitsatthe technologistsjust likethe rest many things, I think Covid levels this year as the corona- tertainment, Marvel Enter- hand, alot of music discovery levels it oncedid, given that of us hereinthe West, and it’s accelerated it quite dramati- virus pandemic and market tainment and “Star Wars” happens on the platforms, people cansee movies in their just very unfortunatethat we cally. At Disney, we worked volatility maketraditional producer Lucasfilm Ltd. Mu- and it’sabrand-newmanifes- ownhomes? Idon’t knowthe had geopolitical tectonic plates hard at putting ourselves in IPOs trickier to pull off. sic is newto his résumé. tation of music and audience answertothat. that were shifting.Ihope it a position to take advantage Jaws went public in May “How central music has intersection. On the other There are some things eases up because there’salot of that, and Access founder andhad amarket value of become to culture, more so hand, music subscription ser- they’re going to miss, like to do together,and they’re Len Blavatnik has, too. about $875million as of maybe than ever, is really re- vices arewhereyou getto the communal theatrical ex- two great economies,and we Wednesday. Anydeal would be markable, and it’s driven by hear the whole songs, where perience…theme parks will canall learn from each other WSJ: Aretheregeneral rules subject to a shareholder vote. these digital platforms,” said youhaveyour playlists, where come back, all the place- and do alot of businessto- then about howyou have to Mr.Sternlicht is the Mr. Mayer. “It’s a good place youhaveaccesstothe full based entertainment where gether.But we’ll see. producethingsdifferently to founder and chief executiveof to have a business footprint length of songsinthe order people like to be around respond to that shift? Starwood Capital Group,a right now. Really good.” as youwant to hear them. As other people, I can’t imagine WSJ: How many services— real-estateinvestment firm In an interviewwith The important as TikTok is, those not coming back. music or entertainment—do MR.MAYER: Youget to see with more than $60 billion of Wall Street Journal, Mr. Deezerand Spotifyand Apple you think the average con- with much moreprecision assetsunder management. He Mayer discussed the music Music arealso as important. WSJ: Do you think tensions sumer wants to pay for? feedback from the audiencein serves as chairman of Jaws, business, streaming, China, between China and the U.S. terms of data. People call it which indicated from the out- and consumer habits and WSJ: When it comes to enter- will simmer down with a MR.MAYER: On the video data; it’sreally feedback,and set it would target acompany switching careers amid a tainment consumption during President Biden in office? side,anyway, each streaming in this two-way streaming mo- that doesn’t competewith pandemic. His responses quarantine,what’stemporary MR.MAYER: That’sareally servicehas their ownspecific dality,you gettosee what Starwood and is growth-ori- have been edited for clarity. and what’spermanent? good question, and Idon’t and exclusivecontent, typi- works and what doesn’t work. ented.

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THE WALL STREET JOURNAL. Thursday, November 12, 2020 | B5

TECHNOLOGY WSJ.com/Tech AlibabaSalesBreak ‘SinglesDay’Record

More than $75 billion chases they made via Alipay. Singles Daywas originally in online buying event conceived as alighthearted hol- highlights China’s idayfor Chinese to celebrate their unmarried status.Alibaba pandemic rebound has over the past decade turned it intoChina’sbiggest BY LIZA LIN shopping bonanza, generating AND XIE YU morerevenue than theU.S.’s Thanksgiving,Black Fridayand Chinese consumersstayed Cyber Mondayeventscom- glued to their phones Wednes- bined, according to datafrom day, spending billions of dollars Adobe Analytics. on items such as Taylor Swift- The2020 festivities kicked branded jackets, Apple Inc. off with amarathon stageshow iPhones and prepaid beach va- Tuesdaynight in Shanghai, cations,inatest of Chinese with pop star Katy Perryper- consumer confidenceafter the forming via livestream. disruptions of the coronavirus Unlikeinthe past, when mil- pandemic. lions of Chinese shoppers By the evening of Nov.11, stayed up latetoprocess their also known as Singles Day, Ali- purchases at the strokeofmid- baba Group Holding Ltd., the night on Nov.11, this year con- Chinese technologygiant, said sumerscould maketheir pur- it had rakedinarecord498.2 chases during thefirst three billion yuan in sales,equivalent days of November and on Sin- to $75.1billion. gles Dayitself.That wastoalle- TheHangzhou-based com- viatepressureonthe logistics pany, which operates two of the industry, allowconsumersmore country’smost popular e-com- /REUTERS time to shop and merchants NG

merce platforms,this year ex- SO moretime to plan their opera- Y

tended the buying windowof AL tions,Alibaba said. itsannual shopping event from The surge wasdriven by alonger sales windowand aseries of live-streamed pitches and performances. Afactory affiliatedwith Alibaba. Thebuying frenzy was one dayinprevious yearsto stoked by live-streaming adver- several days.That helped it according to Refinitiv data—re- latorypressureonits Ant affili- Day, according to screenshots Turrin, afinancial-technology tising pitches.Alarge number break last year’s buying record flecting in part investor con- ateand itsown core operations. and postsbyindividuals on Chi- industry consultant. “They do of smooth-talking hoststook to by 12:30 a.m. Wednesday. cerns about araftofregulatory It also illustrates the role nese social media. Some loans notknowwherethe credit is Alibaba’se-commerce plat- But growing regulatorypres- actions. Ant Group plays in itsdaily op- were offered interest-free. going,oronwhat it is being forms to pitch productsand in- sure on apopular way that Even so,Singles Day’sre- erations.For this Singles Day, Ant’sdigital lending opera- used,” he said. teract in real time with viewers, shoppersfund purchases on cord-breaking performancethis Ant’sAlipaymobile app,which tions,which have tapped banks In 2016,Ant said as much as aconcept similar to home- Alibaba’se-commerce sites and year shows howonline shop- has morethan abillion usersin foralot of the funding they pro- 20% of Alibaba’sNov.11sales shopping channels that has newdraft rules proposed Tues- ping has gained even more China, featurednumerous vide to consumers, have come were financed with Huabei growninpopularity in China. daytocurtail the influenceof ground in this pandemic- shopping deals foriPhones, under scrutiny. China’sbanking loans,upsharply from the pre- Morethan 327,000 viewers internet companies cast a wracked year,said Sean Shen,a skin care products, Dyson Ltd. regulator recently proposed new vious year.The companies ha- watched as Zhao Daxi,apopular shadowonthe event—and the partner at Ernst &Young in hair dryers,Panasonic Corp. rules that could requireAnt to ven’t disclosed the datasince. live-streamer,paraded winter businessmodel that has made Greater China. This year’s event massagechairsand other big- fund moreofits loans or put up Alibaba Chief ExecutiveDan- coats. “It looks great when you theempirefounded by entre- drew consumerslooking for ticket consumer goods. morecapital to support itslend- iel Zhang on an earningscall match it with awhitescarf,” she preneur Jack Ma aglobal force. steep discountsand those Alibaba’splatforms also al- ing operations. last week sidestepped aques- said as she slipped intoapink Sincelast week,when regu- splurging on luxurygoods in- lowmanyproductstobepur- Ant and Alibaba haven’t dis- tion from an analyst about how coat that fell to her ankles.Her latorshalted the initial public steadoftaking overseas vaca- chased using loans from Hua- closed the proportion of pur- important Ant’smicrolending assistant reminded viewers offering of Alibaba-backed pay- tions,hesaid. bei, amicrolending service chases on Alibaba’ssites that services were to itsretail sales. wherethey could find the link ment platform Ant Group,Ali- Theheady buying reinforces offered by Ant. Huabei, whose arefunded with digital loans He said the e-commerce com- to buy the coat. baba’s NewYork-listed shares Alibaba’soutsizeinfluenceon name means “just spend,” that Alipayhelps originate. panydidn’t track that closely —Raffaele Huang have fallen 16%—erasing $137 Chinese consumption patterns sharply increased credit limits That is onereason Chinese reg- andthat consumerswerefree and Jing Yang billion from itsmarket value, even as it facesincreased regu- forsome usersahead of Singles ulatorsare concerned, said Rich to choose howtofund the pur- contributed to this article. WPP Merges Agencies Bond in China CanBeTraded in Bitcoin

To Favor Online Ads BY SERENA NG

BY ALEXANDRA BRUELL over time intoasingle com- China Construction Bank panybased on client and mar- Corp.isplanning to raise up WPP PLC is combining two ketneeds.” to $3 billion from asale of large agencies,continuing the Twoyearsago, shortly af- bonds that individuals and in- company’splan to simplifyits terMark Read took the helm stitutions cantrade in and out structure. as WPP’sCEO,the advertising of using U.S. dollarsorbit- Thechangegives priority holding companyconsolidated coin. to digital agencyAKQAover creativeagencyYoung &Rubi- TheBeijing-headquartered Grey,atraditional creative camwith digital shop VML, bank,one of China’slargest, is agencybrand, and comes after creating VMLY&R,and com- selling adigital bond that in- similar reorganizations at binedcreative agencyJ.Wal- vestorsoutside the country WPP that reflect marketers’ terThompson with digital canbuy foraslittle as $100. agency Wunderman to form Thesecurity would roll over Wunderman Thompson. everythree months and pay Digital agency Therestructurewas an ef- annualized interest of Libor fort to simplifyacompany plus 50 basispoints, or ap- AKQA is combined that had become unwieldy. proximately 0.75%. “Our clientswant outstand- Thedeal is being arranged S

withmoretraditional PRES ing creativity,poweredby by abranch of China Con-

creative brand Grey. technologyexpertise and de- struction Bank located in La- TED

livered at aglobal scale,” said buan, a small offshorefinan- OCIA Mark Read in astatement. cial center in Malaysia that is SS /A

“Thisnew companyisde- atax haven. NG increasing focus on digital signed precisely to meet those Thedigital bond will be KA KE

marketing. needs and is another impor- listed on the Fusang Exchange, DA AKQA founder Ajaz Ahmed tant step forwardinbuilding abourse that also facilitates China Construction Bank’ssecuritywould roll overevery three months. ArobotataShanghai branch. will become chief executive our future-facing offer forcli- the trading of cryptocurren- officerofthe newly merged ents.” cies.The exchangeacceptsbit- nessand principal officer of its deposit product that pays which is our core business,” business, which will be called Theconsolidation comes as coin as aform of payment, offshoreLabuan branch, said holdersmuch morethan most said Steven Wong,the chief AKQA Group,WPP said ad holding companies con- andwill convert it intoU.S. in astatement the bond is “the U.S. dollar bank-deposit rates. operating and financial strate- Wednesday. Grey CEO Michael front shrunken client budgets, dollarsfor investorsbuying firstpublicly listed debt secu- Thesecurities canbepur- gist forChina Construction Houston will become global layoffs and financial chal- the digital bonds.Investors rity on ablockchain.” Proceeds chased by investorsall over Bank(Malaysia). He said the president and chief operating lenges during the global pan- canonly purchase the bonds from it would be deposited at theworld, with the exception bank considersthis apilot and officer of the newgroup. demic. via the exchange, which the branch of the Chinese of taxresidentsofthe U.S. and an innovativeoffering. WPP said AKQA Group will According to areport from chargesasmall feefor trades. state-owned lender. China, and people and entities Theoffering started Wednes- launch with both the AKQA Forrester,layoffs at U.S. agen- Felix Feng Qi, chief execu- HenryChong, Fusang’s in Iran and North Korea. day, and trading of the newdig- and Grey brands,but it added cies could reach 52,000 by the tiveofChina Construction CEO,said the bond is essen- “Fromour perspective, we ital security will begin Friday, that they “will be integrated end of 2021. Bank’sonshoreMalaysia busi- tially likeathree-month fixed aretaking bank deposits, according to the exchange. Join us in making the United States of America the safestcountryinthe world

Learn about reimagining public safetyatwww.knightscope.com

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B6 | Thursday, November 12, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Nov 1878.80 1880.50 1855.50 1860.70 –14.70 363 Dec 2470.10 2479.40 2310.20 2316.80 –154.60 7,667 March'21 71.79 72.19 71.29 71.38 –.27 108,291 Dec 1876.10 1882.50 1853.90 1861.60 –14.80 313,639 Platinum (NYM)-50 troy oz.; $ per troy oz. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Contract Open Jan'21 1880.50 1884.80 1860.00 1866.20 –15.00 3,001 Nov 870.00 870.00 870.00 865.10 –24.90 2 Jan 117.65 118.15 117.20 118.00 .80 8,835 Open High hi lo Low Settle Chg interest Feb 1882.60 1888.80 1860.20 1868.10 –14.90 147,949 Jan'21 886.20 893.50 859.10 868.10 –24.60 48,967 March 118.00 118.45 117.95 118.30 .20 1,328 Copper-High (CMX)-25,000 lbs.; $ per lb. April 1890.40 1893.30 1866.10 1873.20 –15.30 43,600 Silver (CMX)-5,000 troy oz.; $ per troy oz. Nov 3.1075 3.1270 3.1075 3.1290 –0.0215 1,211 June 1895.20 1898.50 1870.00 1877.60 –15.50 20,823 Nov 23.945 23.945 23.945 24.251 –0.195 276 Interest Rate Futures Dec 3.1540 3.1755 3.1075 3.1340 –0.0215 100,188 Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 24.305 24.510 23.810 24.267 –0.195 90,132 Gold (CMX)-100 troy oz.; $ per troy oz. Nov …...... 2312.90 –154.30 25 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 41.79 43.06 41.32 41.45 0.09 246,475 Dec 210-290 211-310 209-180 211-220 1-08.0 1,011,073 Jan'21 42.08 43.33 41.61 41.74 0.07 304,196 March'21 210-010 1-08.0 915 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Feb 42.46 43.59 41.93 42.06 0.08 159,442 March 42.63 43.80 42.24 42.37 0.10 146,288 Dec 170-070 170-270 169-160 170-210 21.0 1,195,423 June 43.20 44.33 42.89 43.04 0.17 200,340 March'21 171-270 23.0 23,011 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Money Rates November 11, 2020 Dec 43.56 44.64 43.28 43.52 0.23 265,442 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 137-160 137-215 137-080 137-195 5.5 3,174,312 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Dec 1.2604 1.2982 1.2407 1.2458 –.0067 102,139 March'21 137-060 5.5 32,903 Jan'21 1.2733 1.3084 1.2527 1.2578 –.0055 74,275 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% guide to general levels but don’t always represent actual transactions. Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 125-077 125-092 125-047 125-080 1.2 3,145,173 Inflation Week —52-WEEK— Week —52-WEEK— Dec 1.2007 1.2341 1.1729 1.1759 –.0182 99,108 March'21 125-170 1.5 29,842 Latest ago High Low Latest ago High Low Jan'21 1.1947 1.2272 1.1710 1.1740 –.0146 85,343 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept. index Chg From (%) Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 110-111 110-112 110-106 110-108 –.2 2,000,258 Canada 2.45 2.45 3.95 2.45 U.S. government rates level Aug. '20 Sept. '19 Dec 2.948 3.057 2.911 3.031 .082 130,956 March'21 110-106 –.1 6,611 Japan 1.475 1.475 1.475 1.475 Discount Jan'21 3.071 3.168 3.042 3.151 .078 244,603 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. U.S. consumer price index Feb 3.041 3.133 3.011 3.116 .075 98,252 Nov 99.9125 99.9125 99.9100 99.9100 .0000 147,039 0.25 0.25 2.25 0.25 All items 260.280 0.14 1.4 Policy Rates March 2.969 3.041 2.936 3.026 .067 143,565 Jan'21 99.9200 99.9200 99.9150 99.9150 –.0050 159,036 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Core 269.054 0.11 1.7 Federal funds April 2.836 2.903 2.822 2.892 .059 80,354 Euro zone 0.00 0.00 0.00 0.00 Oct 2.972 2.985 2.945 2.980 .027 98,081 Dec ...... 100-085 7.0 145,120 Effective rate 0.0900 0.0900 1.6200 0.0600 International rates Switzerland 0.00 0.00 0.50 0.00 Eurodollar (CME)-$1,000,000; pts of 100% High 0.1000 0.1000 1.6500 0.1000 Nov 99.7750 99.7750 99.7700 99.7700 –.0050 159,086 Britain 0.10 0.10 0.75 0.10 Agriculture Futures Low 0.0500 0.0500 1.5800 0.0100 Dec 99.7600 99.7600 99.7400 99.7400 –.0200 1,034,647 Week 52-Week Australia 0.10 0.10 0.75 0.10 Bid Corn (CBT)-5,000 bu.; cents per bu. March'21 99.7800 99.7850 99.7750 99.7750 –.0050 1,102,924 Latest ago High Low 0.0800 0.0800 1.6000 0.0100 Offer 0.1000 0.1000 1.6300 0.0500 Dec 422.50 428.00 s 416.25 417.25 –5.75 459,517 June 99.7850 99.7900 99.7800 99.7800 –.0050 868,467 Prime rates Overnight repurchase March'21 430.25 435.75 s 425.75 427.00 –4.00 658,769 Treasury bill auction Oats (CBT)-5,000 bu.; cents per bu. Currency Futures U.S. 3.25 3.25 4.75 3.25 U.S. 0.11 0.11 1.65 -0.07 4 weeks 0.080 0.080 1.620 0.000 Dec 307.25 308.75 303.25 303.75 –3.50 3,828 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 13 weeks 0.100 0.095 1.565 0.000 March'21 311.50 312.75 307.25 308.50 –2.75 1,887 Soybeans (CBT)-5,000 bu.; cents per bu. Nov .9483 .9523 .9464 .9484 –.0014 354 26 weeks 0.110 0.110 1.580 0.080 Nov 1137.00 1150.25 s 1136.00 1143.25 5.00 548 Dec .9503 .9526 .9466 .9487 –.0014 180,442 Canadian Dollar (CME)-CAD 100,000; $ per CAD ADVERTISEMENT Secondary market Jan'21 1147.00 1162.25 s 1145.00 1152.50 6.50 360,569 Soybean Meal (CBT)-100 tons; $ per ton. Nov .7658 .7687 .7648 .7652 –.0029 109 Fannie Mae Dec 395.60 400.60 391.00 392.70 –2.10 112,321 Dec .7675 .7688 .7648 .7653 –.0029 131,959 Jan'21 394.10 399.40 391.20 392.10 –2.00 105,831 British Pound (CME)-£62,500; $ per £ 30-year mortgage yields TheMarketplace Soybean Oil (CBT)-60,000 lbs.; cents per lb. Nov 1.3274 1.3314 1.3193 1.3212 –.0042 485 30 days 1.943 1.887 3.362 1.751 Dec 36.13 37.32 s 36.07 37.13 1.07 96,856 Dec 1.3272 1.3326 1.3194 1.3215 –.0042 138,188 To advertise: 800-366-3975orWSJ.com/classifieds 60 days 1.979 1.922 3.370 1.804 Jan'21 36.05 37.17 s 36.02 37.00 1.00 121,504 Swiss Franc (CME)-CHF 125,000; $ per CHF Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 1.0941 1.0952 1.0888 1.0911 –.0029 51,920 Other short-term rates Nov 12.54 12.56 12.53 12.23 –.05 1 March'21 1.0966 1.0982 1.0922 1.0943 –.0028 555 PUBLIC NOTICES BUSINESSOPPORTUNITIES Jan'21 12.44 12.45 12.40 12.44 …8,748 Australian Dollar (CME)-AUD 100,000; $ per AUD Week 52-Week Wheat (CBT)-5,000 bu.; cents per bu. Nov .7284 .7318 .7261 .7275 –.0006 238 Latest ago high low Dec 607.00 613.50 595.50 598.00 –10.50 126,155 Dec .7287 .7320 .7261 .7277 –.0006 129,501 Mexican Peso (CME)-MXN 500,000; $ per MXN ,%-#DBUC#H#GB F! W#,DUGY F! FDUYUG,BUGY ?&'6(& $"(!#& 9*3&< March'21 615.25 621.00 603.25 606.00 –10.25 141,965 Call money Nov .04868 .04932 .04854 .04872 –.00051 57 GFBU'# F! HFBUFG 43#!,.%0&/)+' "$3/-32-, 41()%*1 Wheat (KC)-5,000 bu.; cents per bu. Dec 562.00 568.75 551.00 554.25 –7.25 63,384 Dec .04902 .04923 .04834 .04858 –.00051 127,290 BW# WUYW 'FADBF!UD#I,G% 9*3#$9$%*9$!" <9?*9&%$&< 2.00 2.00 3.50 2.00 'FHH#D'U,I March'21 571.75 576.75 559.50 562.50 –7.00 94,340 Euro (CME)-€125,000; $ per € DV"TLX GTO 2.2.53>7 'FC ,12(31 *"'"!-1 /)30+1 (. *0 %#$ .1, &1", Commercial paper (AA financial) Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Nov 1.1819 1.1834 1.1748 1.1775 –.0039 1,632 UG BW# H,BB#D F! J,(( EW,DH,'#ABU',IC EI' 90 days 0.17 0.17 2.53 0.04 Nov 140.850 141.025 139.525 140.600 –.250 2,188 Dec 1.1826 1.1842 1.1754 1.1783 –.0039 628,321 ,G% UG BW# H,BB#D F! BW# 'FHE,GU#C ,'B2.S> Jan'21 140.400 140.675 138.750 140.200 –.200 20,053 Libor Cattle-Live (CME)-40,000 lbs.; cents per lb. Index Futures ,G% UG BW# H,BB#D F! ,EDFEFC#% D#%A'BUFG F! =CDAD)4A@@D4 /2A)CCA9*3A(69A4 Dec 111.725 112.700 111.200 112.400 .525 63,148 ',EUB,I EADCA,GB 7770-58,+.:1B>58+1,+;+8B,08+B One month 0.14138 0.13613 1.80475 0.12663 Mini DJ Industrial Average (CBT)-$5 x index Feb'21 115.000 115.325 114.375 115.275 .175 88,503 BF C#'BUFGC @> BF @6 F! BW# 'FHE,GU#C ,'B2.S> Three month 0.22063 0.23225 1.96050 0.20500 Dec 29360 29570 29184 29311 –8 89,216 Hogs-Lean (CME)-40,000 lbs.; cents per lb. GFBU'# UC W#D#*) YU-#G JVBJ B; FNT"T;BJT;" G:JT@+ Six month 0.24613 0.24375 1.92438 0.23375 March'21 29280 29464 29099 29215 –6 4,436 Dec 65.150 65.775 63.600 64.800 –.325 51,999 :) Q:JT:; TMM3+- :3J :) JV+ #T"V *:3NJ :) !N+=B;- RESIDENTIAL REALESTATE One year 0.34188 0.33313 2.01200 0.32763 S&P 500 Index (CME)-$250 x index 7JV+ N'T1L4M6:;$G:2+ M++RT;" JV+ Feb'21 66.575 66.700 65.225 66.400 –.175 63,648 Dec 3567.20 3575.70 3533.60 3568.10 27.10 24,817 *:3NJOM@:;(N8>,5 &9;1EA<19A Three month -0.539 -0.545 -0.142 -0.545 Milk (CME)-200,000 lbs., cents per lb. MJB;-T;" J: JV+ @N+-TJ :) JV+ *:<8B;0OMMVBN+8N+:?1A One year -0.453 -0.474 0.008 -0.474 Dec 19.95 20.19 18.79 18.92 –.89 5,533 :N M3@V =+MM+N B<:3;J BM JV+ *:3NJ TM Dec 2112.10 2121.60 2088.90 2103.60 –2.50 53,213 -TN+@J+- J: A+ V+BN- T; JV+ *:<<+N@TB= STMJ :) JV+ *:3NJ> Cocoa (ICE-US)-10 metric tons; $ per ton. =*@01 *64 March'21 …2110.80 2088.70 2100.10 –4.50 ... MTJJT;" BJ JV+ %:3N *:3NJM> !;;M D3B0>'3A=T; L> !N+=B;- Secured Overnight Financing Rate Dec 2,365 2,388 2,344 2,353 14 19,341 (,B: "@:?1, Mini Nasdaq 100 (CME)-$20 x index BJ 99?.. B5<5 7!NTMV JT<+6 :; HK G:2+ B;- B;0 B)(-B2TJ T; M388:NJ :) B;0 M3@V loans posted by at least 70% of the 10 largest Source: FactSet B88+BNB;@+ MV:3=- A+ (=+- 1TJV JV+ *+;JNB= F)(@+ :) 781-471-7805 U.S. banks, and is effective March 16, 2020. Dec 69.94 70.38 69.25 69.28 –.57 65,001 JV+ *:3NJ> B;- M+N2+- :; JV+ C:=T@TJ:NM ):N JV+ *:<8B;0> [email protected] Other prime rates aren’t directly comparable; A0 ;: =BJ+N JVB; &?I. 85<5 7!NTMV JT<+6 :; HI G:2+

KEY TO CODES: A=ask; B=bid; BP=country elevator 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 11/10 Source: Dow Jones Market Data

Dividend Changes Dividend announcements from November 11. Amount Payable / Amount Payable / Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record Increased Banco Bradesco Pref ADR BBD 3.7 .00355 M Jan11 /Dec03 BSAC A Air Lease AL 1.8 .16 /.15 Q Jan06 /Dec18 Banco Santander ADR 3.7 .46495 Dec04 /Nov20 Barings BDC BBDC 8.1 .17 /.16 Q Dec02 /Nov25 Deswell Industries DSWL 3.1 .09 SA Dec10 /Nov23 DR Horton DHI 1.1 .20 /.175 Q Dec14 /Dec04 DHT Holdings DHT 25.0 .20 Q Nov25 /Nov18 Four Corners Property Tr FCPT 4.4 .3175 /.305 Q Jan15 /Jan04 GasLog GLOG 7.8 .05 Q Nov30 /Nov20 Kansas City Southern KSU 0.9 .44 /.40 Q Jan20 /Dec31 GasLog Partners GLOP 58.4 .01 Q Nov25 /Nov20 GasLog Ptrs Pfd. A GLOPpA 14.3 .53906 Q Dec15 /Dec08 Initial GasLog Ptrs Pfd. B GLOPpB 14.5 .5125 Q Dec15 /Dec08 Element Solutions ESI 1.6 .05 Dec15 /Nov25 GasLog Ptrs Pfd. C GLOPpC 15.0 .53125 Q Dec15 /Dec08 Stocks Osisko Gold Royalties OR 1.4 .0385 Q Jan15 /Dec31 Civeo CVEO 1:12.000005 /Nov20 Taiwan Semiconductor ADR TSM 1.5 .3463 A Apr15 /Mar18 Cogent Biosciences COGT 1:4 /Nov09 Wheaton Precious Metals WPM 1.1 .12 Q Dec10 /Nov25 Duff & Phelps Select MLP DSE 1:10 /Nov09 Enservco ENSV 1:15.000014 /Nov23 Special WidePoint WYY 1:10 /Nov09 CTO Realty Growth CTO 3.6 11.83 Dec21 /Nov19 X Financial ADR XYF 1:3 /Nov19 Investors Title ITIC 1.1 15.00 Dec15 /Dec01 Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Banco Bradesco Ord ADR BBDO 2.9 .00323 M Jan11 /Dec03 S2:1: stock split and ratio; SO: spin-off.

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Closing Chg YTD WSJPortrait Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Schwab US TIPs SCHP 60.90 0.18 7.5 Wednesday, November 11, 2020 Closing Chg YTD ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 294.11 –0.14 3.2 Closing Chg YTD SPDR S&PMdCpTr MDY 384.17 –0.11 2.3 The signatureportrait style of your favorite ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 85.79 0.83 8.3 SPDR S&P 500 SPY 356.67 0.74 10.8 CommSvsSPDR XLC 63.53 0.91 18.5 iShMSCI EAFE EFA 69.33 0.84 –0.2 SPDR S&P Div SDY 103.29 –1.03 –4.0 Journal authorsisnow exclusively available to CnsmrDiscSelSector XLY 153.05 0.88 22.0 iShMSCIEmgMarkets EEM 48.02 0.65 7.0 TechSelectSector XLK 121.26 2.37 32.3 CnsStapleSelSector XLP 66.79 0.86 6.0 iShMSCIJapan EWJ 63.47 0.60 7.1 UtilitiesSelSector XLU 66.51 0.38 2.9 iShNatlMuniBd MUB WSJmembers. Useour AI-poweredtool and FinSelSectorSPDR XLF 27.04 –0.41 –12.2 115.95 0.07 1.8 VanEckGoldMiner GDX 37.15 –1.09 26.9 iSh1-5YIGCorpBd IGSB 54.86 ... 2.3 FT DJ Internet FDN 196.00 2.82 40.9 VangdInfoTech VGT 325.26 2.44 32.8 iShPfd&Incm PFF 37.28 0.27 –0.8 HealthCareSelSect XLV 111.13 –0.13 9.1 VangdSC Val VBR 128.17 –0.73 –6.5 upload aphoto of yourself to create your own iShRussell1000Gwth IWF 226.12 1.87 28.5 IndSelSectorSPDR XLI 84.87 –0.84 4.2 VangdSC Grwth VBK 237.70 1.23 19.6 iShRussell1000 IWB 199.62 0.78 11.9 VangdExtMkt VXF 143.64 0.81 14.0 InvscQQQI QQQ 289.76 2.24 36.3 WSJPortrait. iShRussell1000Val IWD 129.21 –0.30 –5.3 VangdDivApp VIG 137.18 0.29 10.0 InvscS&P500EW RSP 119.32 –0.18 3.1 iShRussell2000 IWM 172.63 –0.04 4.2 VangdFTSEDevMk VEA 44.31 0.84 0.6 iSh3-7YTreasuryBd IEI 132.50 0.05 5.4 iShRussellMid-Cap IWR 63.47 0.46 6.5 VangdFTSE EM VWO 46.89 0.43 5.4 iShCoreDivGrowth DGRO 43.00 0.02 2.2 iShS&P500Growth IVW 60.79 1.42 25.6 VangdFTSE Europe VGK 56.85 0.87 –3.0 iShCoreMSCIEAFE IEFA 65.36 0.74 0.2 iShS&P500Value IVE 122.17 –0.31 –6.1 VangdFTSEAWxUS VEU 54.84 0.73 2.0 Make Your Portraitataiportrait.wsj.com iShCoreMSCIEM IEMG 57.48 0.58 6.9 iShShortTreaBd SHV 110.68 0.01 0.2 VangdGrowth VUG 237.74 1.88 30.5 iShCoreMSCITotInt IXUS 63.13 0.62 2.0 iShSilver SLV 22.52 0.40 35.0 VangdHlthCr VHT 216.10 0.02 12.7 iShCoreS&P500 IVV 357.93 0.72 10.7 iShTIPSBondETF TIP 124.99 0.18 7.2 VangdHiDiv VYM 87.65 –0.15 –6.5 iShCoreS&P MC IJH 210.15 –0.11 2.1 iSh1-3YTreasuryBd SHY 86.32 –0.02 2.0 VangdIntermBd BIV 92.65 0.03 6.2 iShCoreS&P SC IJR 81.34 –0.66 –3.0 iSh7-10YTreasuryBd IEF 119.46 0.16 8.4 VangdIntrCorpBd VCIT 95.83 0.05 4.9 iShS&PTotlUSStkMkt ITOT 80.87 0.65 11.3 iSh20+YTreasuryBd TLT 155.72 0.36 14.9 VangdLC VV 166.16 0.85 12.4 iShCoreUSAggBd AGG 117.13 0.06 4.2 iShRussellMCGrowth IWP 186.64 2.03 22.3 VangdMC VO 192.79 0.71 8.2 iShSelectDividend DVY 91.89 –0.84 –13.0 iShUSTreasuryBdETF GOVT 27.49 0.04 6.0 VangdMBS VMBS 54.01 0.09 1.6 iShESGAwareUSA ESGU 81.32 0.79 14.0 JPM UltShtIncm JPST 50.77 –0.01 0.7 VangdRealEst VNQ 84.26 0.38 –9.2 iShEdgeMSCIMinEAFE EFAV 71.36 0.86 –4.3 PIMCOEnhShMaturity MINT 101.96 0.01 0.4 VangdS&P500ETF VOO 327.63 0.70 10.8 iShEdgeMSCIMinUSA USMV 66.92 0.48 2.0 SPDR BlmBarcHYBd JNK 106.70 –0.15 –2.6 VangdST Bond BSV 82.73 0.07 2.6 iShEdgeMSCIUSAMom MTUM 150.87 2.04 20.2 SPDRBloomBar1-3MTB BIL 91.52 ... 0.1 VangdSTCpBd VCSH 82.77 ... 2.1 iShEdgeMSCIUSAQual QUAL 111.12 0.31 10.0 SPDR Gold GLD 174.90 –0.43 22.4 VangdSC VB 174.39 0.10 5.3 iSh5-10YIGCorpBd IGIB 60.80 0.08 4.9 SchwabIntEquity SCHF 34.10 0.80 1.4 VangdTotalBd BND 87.50 0.07 4.3 iShGoldTr IAU 17.77 –0.45 22.6 SchwabUS BrdMkt SCHB 85.42 0.83 11.1 VangdTotIntlBd BNDX 58.12 0.22 2.7 iShiBoxx$InvGrCpBd LQD 135.06 0.19 5.5 SchwabUS Div SCHD 61.42 –0.02 6.0 VangdTotIntlStk VXUS 56.55 0.69 1.5 iShiBoxx$HYCpBd HYG 85.73 –0.03 –2.5 SchwabUS LC SCHX 85.92 0.86 11.9 VangdTotalStk VTI 182.56 0.81 11.6 ©2020Dow Jones &Co.,Inc.All rights reserved.3DJ7953 iShJPMUSDEmgBd EMB 113.61 0.38 –0.8 SchwabUS LC Grw SCHG 120.72 2.04 29.9 VangdTotlWrld VT 86.84 0.64 7.2 iShMBSETF MBB 110.02 0.11 1.8 SchwabUS SC SCHA 78.47 0.09 3.7 VangdValue VTV 113.60 –0.39 –5.2 P2JW317000-1-B00700-1------XA

THE WALL STREET JOURNAL. * Thursday, November 12, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 29397.63 t23.29, or 0.08% Trailing P/E ratio 29.18 20.71 3572.66 s27.13, or 0.77% Trailing P/E ratio * 39.81 24.02 11786.43 s 232.57, or 2.01% Trailing P/E ratio *† 36.81 25.45 High, low, open and close for each P/E estimate * 23.46 18.38 High, low, open and close for each P/E estimate * 25.15 18.65 High, low, open and close for each P/E estimate *† 31.33 22.37 trading day of the past three months. Dividend yield 2.05 2.22 trading day of the past three months. Dividend yield * 1.74 1.88 trading day of the past three months. Dividend yield *† 0.74 0.99 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3600 12100

28000 3500 11700

27000 3400 11300

26000 3300 10900 65-day moving average Session high 65-day moving average DOWN UP 25000 3200 10500 Session open Close t

Close Open 65-day moving average

t 24000 3100 10100

Bars measure the point change from session's open Session low 23000 3000 9700 Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 925,446,075 10,937,022 Industrial Average 29593.11 29281.22 29397.63 -23.29 -0.08 29551.42 18591.93 5.8 3.0 7.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 344,314,888 6,048,453 Transportation Avg 12154.83 11927.16 12006.71 -89.84 -0.74 12096.55 6703.63 10.7 10.1 8.1 Most-active issues in late trading Decl. volume* 558,597,238 4,192,393 Utility Average 923.96 913.75 917.19 1.01 0.11 960.89 610.89 8.6 4.3 6.6 Volume After Hours Issues traded 3,155 271 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 36766.70 36530.12 36699.62 284.73 0.78 36699.62 22462.76 16.0 11.1 11.2 Advances 1,531 148 SPDR S&P 500 SPY 8,772.8 357.32 0.65 0.18 357.52 356.64 Barron's 400 788.15 779.88 785.67 3.12 0.40 785.67 455.11 11.8 7.3 5.0 Declines 1,513 110 Finl Select Sector SPDR XLF 7,833.0 27.06 0.02 0.07 27.12 26.98 Unchanged 111 13 AT&T T Nasdaq Stock Market 5,781.1 28.60 -0.13 -0.45 28.75 27.46 New highs 47 1 Nasdaq Composite 11793.57 11638.90 11786.43 232.57 2.01 12056.44 6860.67 39.0 31.4 20.4 Elanco Animal Health ELAN 4,833.6 30.47 0.50 1.67 30.51 29.74 New lows 70 Nasdaq 100 11904.13 11714.32 11892.93 268.64 2.31 12420.54 6994.29 44.0 36.2 23.5 Freeport-McMoRan FCX 3,939.2 19.56 0.03 0.15 19.72 19.52 Closing Arms† 1.64 0.83 Invesco QQQ Trust I QQQ 3,681.4 290.20 0.44 0.15 290.68 289.73 S&P Block trades* 5,674 127 Coca-Cola KO 3,194.5 53.69 0.11 0.21 53.90 53.51 500 Index 3581.16 3557.00 3572.66 27.13 0.77 3580.84 2237.40 15.5 10.6 11.4 Nasdaq NYSE Arca Altice USA Cl A ATUS 2,782.4 29.79 -0.17 -0.57 30.10 29.79 MidCap 400 2119.45 2093.68 2106.37 -2.04 -0.10 2108.41 1218.55 6.0 2.1 4.9 Total volume*3,789,831,927 214,943,971 SmallCap 600 1001.13 981.13 989.44 -6.56 -0.66 1041.03 595.67 1.0 -3.1 3.4 Percentage gainers… Adv. volume*2,386,835,108 115,743,919 Decl. volume*1,345,885,120 98,556,291 Other Indexes Fossil Group FOSL 2,022.9 7.84 1.87 31.32 8.73 5.97 Issues traded 3,611 1,406 Russell 2000 1746.31 1722.22 1736.94 -0.07 -0.004 1737.01 991.16 9.3 4.1 5.6 Five Prime Therapeutics FPRX 2,385.3 20.35 2.35 13.06 22.24 16.77 Advances 1,983 901 NYSE Composite 13779.93 13669.89 13724.78 16.79 0.12 14183.20 8777.38 2.5 -1.4 3.7 Intl Game Technology IGT 133.4 11.10 1.14 11.45 12.00 9.96 Declines 1,513 483 PDL BioPharma PDLI 120.2 2.50 0.24 10.62 2.65 2.17 Value Line 519.78 513.79 516.53 -0.72 -0.14 562.05 305.71 -2.9 -6.5 -1.3 Unchanged 115 22 Just Energy Group JE 73.1 6.34 0.24 3.93 6.35 6.03 NYSE Arca Biotech 5511.42 5437.80 5490.32 36.23 0.66 6142.96 3855.67 19.4 8.3 10.3 New highs 97 23 NYSE Arca Pharma 675.76 669.38 672.98 3.09 0.46 675.64 494.36 10.5 3.0 8.1 ...And losers New lows 82 KBW Bank 89.33 86.97 87.66 -1.50 -1.68 114.12 56.19 -18.8 -22.7 -3.5 Revolve Group RVLV 657.8 19.95 -2.49 -11.10 22.80 18.85 Closing Arms† 0.74 1.71 § PHLX Gold/Silver 141.09 139.37 140.60 -1.45 -1.02 161.14 70.12 50.8 31.5 20.4 Vroom VRM 1,444.4 36.50 -4.30 -10.54 41.94 33.00 Block trades* 20,531 1,242 § PHLX Oil Service 34.54 33.06 33.60 -0.59 -1.72 80.99 21.47 -49.9 -57.1 -38.0 Atara Biotherapeutics ATRA 82.6 14.63 -1.11 -7.05 15.75 14.63 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2514.42 2464.53 2511.24 88.91 3.67 2529.27 1286.84 44.9 35.8 24.4 GoHealth GOCO 91.6 12.49 -0.84 -6.30 13.55 11.50 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 25.12 22.57 23.45 -1.35 -5.44 82.69 11.54 80.4 70.2 27.6 CERS Cerus 56.4 5.65 -0.24 -4.07 5.89 5.65 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 0.07 World The Global Dow 3250.12 2.42 –0.03 Five Prime Therapeutics FPRX 18.00 12.66 237.08 24.00 1.75 380.0 eGain Corp. EGAN 12.27 -4.67 -27.57 20.88 4.80 59.1 0.70 DJ Global Index 462.05 3.22 6.5 Equillium EQ 5.04 1.56 44.83 27.05 2.20 56.5 Ashford Hospitality Trust AHT 3.03 -1.05 -25.74 29.44 1.27 -88.9 DJ Global ex U.S. 266.37 1.43 0.54 1.1 Graybug Vision GRAY 27.46 7.16 35.27 30.25 12.50 ... Summit Wireless Techs WISA 2.86 -0.77 -21.21 19.70 1.72 -81.2 Americas DJ Americas 833.79 6.59 0.80 9.6 TRACON Pharmaceuticals TCON 7.46 1.92 34.66 7.95 0.95 129.7 MultiPlan MPLN 7.01 -1.72 -19.70 12.93 6.20 ... Brazil Sao Paulo Bovespa 104808.83 –258.13 –0.25 –9.4 Genfit ADR GNFT 5.10 1.14 28.79 22.48 3.63 -67.0 Summer Infant SUMR 19.02 -3.98 -17.30 24.00 1.45 635.1 Canada S&P/TSX Comp 16774.14 158.77 0.96 –1.7 Immuron ADR IMRN 8.40 1.65 24.44 28.99 1.55 138.4 Akerna KERN 3.13 -0.50 -13.77 13.50 2.17 -13.1 Mexico S&P/BMV IPC 40858.95 454.37 1.12 –6.2 Arcturus Therapeutics ARCT 48.84 9.46 24.02 66.24 8.51 387.4 Chefs' Warehouse CHEF 18.89 -3.01 -13.74 40.33 3.55 -47.5 Chile Santiago IPSA 2740.86 1.31 0.05 –17.8 Revlon Cl A REV 10.77 1.98 22.53 25.24 3.96 -52.2 Wayside Technology Group WSTG 20.55 -3.05 -12.92 26.50 9.52 48.9 Natural Alternatives Intl NAII 9.60 1.65 20.75 10.18 4.75 7.5 Summit Hotel Properties INN 7.05 -0.99 -12.31 12.42 2.32 -40.9 EMEA Stoxx Europe 600 388.56 4.14 1.08 –6.6 Myomo MYO 5.72 0.92 19.17 40.00 2.82 -64.5 Lemonade LMND 57.90 -8.02 -12.17 96.51 44.11 ... Eurozone Euro Stoxx 383.61 2.83 0.74 –5.0 Belgium Bel-20 3517.21 –8.65 –0.25 –11.1 Vaxart VXRT 4.61 0.72 18.38 17.49 0.27 1258.4 Community Health Systems CYH 8.60 -1.18 -12.07 11.04 2.25 200.7 Denmark OMX Copenhagen 20 1399.62 22.58 1.64 23.2 Superior Group of Cos. SGC 24.82 3.85 18.36 28.58 6.10 69.0 Palomar Holdings PLMR 86.92 -11.58 -11.76 121.87 39.21 92.1 France CAC 40 5445.21 26.24 0.48 –8.9 Performance Shipping PSHG 5.38 0.82 17.98 9.40 3.65 -40.2 NantHealth NH 2.12 -0.27 -11.30 6.39 0.76 168.4 Fiverr International FVRR Datasea DTSS Germany DAX 13216.18 53.07 0.40 –0.2 160.70 24.12 17.66 191.15 19.32 611.1 1.81 -0.23 -11.27 6.24 1.35 -8.6 Lands' End LE 22.02 3.18 16.88 22.43 4.05 103.2 Hersha Hospitality Cl A HT 6.20 -0.77 -11.05 14.81 2.29 -55.2 Israel Tel Aviv 1429.14 11.69 0.82 –15.1 Italy FTSE MIB 20993.02 141.44 0.68 –10.7 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 599.21 7.34 1.24 –0.9 Russia RTS Index 1233.81 0.94 0.08 –20.3 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 57607.30 –64.82 –0.11 0.9 Spain IBEX 35 7793.70 82.30 1.07 –18.4 Sundial Growers SNDL 209,957 324.4 0.39 -11.87 3.88 0.14 Five Prime Therapeutics FPRX 76,617 17090 18.00 237.08 24.00 1.75 Sweden OMX Stockholm 749.82 7.74 1.04 10.1 NIO ADR NIO 178,155 37.7 43.08 3.68 45.29 1.66 FlexShs Credit-Scored US SKOR 1,196 12066 54.84 0.04 55.33 45.21 Fuel Tech FTEK Immuron ADR IMRN Switzerland Swiss Market 10532.27 171.58 1.66 –0.8 158,714 126251.0 1.25 64.26 2.05 0.30 4,585 4388 8.40 24.44 28.99 1.55 Aurora Cannabis ACB 122,429 474.4 7.66 -7.71 42.96 3.71 Revlon Cl A REV 19,888 3970 10.77 22.53 25.24 3.96 Turkey BIST 100 1279.22 36.21 2.91 11.8 Apple AAPL 111,155 -31.4 119.49 3.04 137.98 53.15 Yunhong Intl Cl A ZGYH 150 1713 9.85 -0.51 10.20 9.60 U.K. FTSE 100 6382.10 85.25 1.35 –15.4 U.K. FTSE 250 19340.19 311.85 1.64 –11.6 General Electric GE 86,662 -17.3 8.89 -1.00 13.26 5.48 Natural Alternatives Intl NAII 174 1641 9.60 20.75 10.18 4.75 American Airlines Group AAL 80,786 28.4 12.04 -2.75 30.78 8.25 Wstrn Asset Glbl Hi Inco EHI 1,291 1623 10.01 0.20 10.46 6.15 Asia-Pacific Five Prime Therapeutics FPRX 76,617 17090.4 18.00 237.08 24.00 1.75 ChipMOS Technologies ADR IMOS 157 1391 19.80 3.39 24.77 15.00 Australia S&P/ASX 200 6449.70 109.17 1.72 –3.5 Ford Motor F 75,505 23.8 8.33 -0.60 9.58 3.96 CrownCrafts CRWS 316 1385 6.95 15.26 7.94 4.13 China Shanghai Composite 3342.20 –17.95 –0.53 9.6 ProSh UltraPro Shrt QQQ SQQQ 65,941 -11.2 19.64 -6.65 162.15 17.98 FT Small Cap Value FYT 344 1326 37.00 -1.87 38.43 18.92 Hong Kong Hang Seng 26226.98 –74.50 –0.28 –7.0 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.73 India S&P BSE Sensex 43593.67 316.02 5.7 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 25349.60 444.01 1.78 7.2 Singapore Straits Times 2713.28 8.27 0.31 –15.8 Track the Markets South Korea Kospi 2485.87 33.04 1.35 13.1 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 13262.19 1.38 10.5 global stock indexes, bond ETFs, 180.47 currencies and commodities at Currencies Thailand SET 1345.34 4.10 0.31 –14.8 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Wed YTD chg Wed YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23176 0.01 Argentina peso .0126 79.4344 32.6 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1855 5.3915 34.1 Czech Rep. koruna .04457 22.436 –1.0 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7656 1.3063 0.6 Denmark krone .1582 6.3215 –5.1 notes and bonds major U.S. trading partners Chile peso .001325 754.70 2.1 Euro area euro 1.1778 .8491 –4.8 A consumer rate against its 5-year CDs Colombiapeso .000275 3639.00 10.9 Hungary forint .003317 301.47 2.1 Ecuador US dollar 11unch Iceland krona .007266 137.62 13.6 benchmark over the past year 2.50% Bankrate.com avg†: 0.59% 10% Mexico peso .0489 20.4688 8.1 Norway krone .1101 9.0825 3.5 Uruguay peso .02333 42.8650 15.4 Poland zloty .2627 3.8066 0.4 Colorado Federal Savings Bank 0.80% One year ago 2.00

s Russia ruble .01298 77.062 24.2 s Euro Asia-Pacific 1.60% Greenwood Village, CO 877-484-2372 t 5 Yen Sweden krona .1158 8.6348 –7.8 1.50 Australian dollar .7279 1.3738 –3.6 Switzerland franc 1.0906 .9169 –5.2 Washington Savings Bank 0.80% China yuan .1508 6.6320 –4.8 1.20 0 Turkey lira .1282 7.8007 31.1 Lowell, MA 978-458-7999 1.00 Hong Kong dollar .1290 7.7549 –0.5 Ukraine hryvnia .0354 28.2500 19.3 Five-year CD yields Tradeweb ICE India rupee .01344 74.432 4.3 0.80 TAB Bank 0.85% UK pound 1.3226 .7561 0.3 t Tuesday Close 0.50 –5 s Indonesia rupiah .0000710 14085 1.5 Ogden, UT 800-355-3063 t WSJ Dollar index Japan yen .009485 105.43 –3.0 Middle East/Africa

t Federal-funds 0.40 CFG Community Bank 0.88% 0.00 –10 Kazakhstan tenge .002340 427.35 11.9 Bahrain dinar 2.6532 .3769 –0.03 target rate Macau pataca .1251 7.9930 –0.3 Egypt pound .0639 15.6510 –2.5 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2422 4.1295 1.0 Israel shekel .2961 3.3773 –2.2 D J F M A M J J A S O N First Internet Bank of Indiana 0.96% New Zealand dollar .6882 1.4531 –2.2 Kuwait dinar 3.2679 .3060 1.0 maturity 2020 Indianapolis, IN 888-873-3424 Pakistan rupee .00632 158.350 2.2 Oman sul rial 2.5972 .3850 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.547 –4.3 Qatar rial .2746 3.642 –0.04 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7411 1.3494 0.3 Saudi Arabia riyal .2666 3.7506 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008989 1112.49 –3.7 South Africa rand .0640 15.6336 11.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0054168 184.61 1.8 Yield (%) 52-Week Total Return (%) Taiwan dollar .03505 28.527 –4.6 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03294 30.360 2.0 WSJ Dollar Index 87.64 0.18 0.20 –2.14 Libor, 3-month 0.22 0.23 0.21 l 1.96 -1.19 U.S. Treasury, Barclays n.a. n.a. 0.540 n.a. n.a. n.a. n.a. Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.21 0.21 0.19 l 0.58 -0.11 Five-year CD, annual yield 0.59 0.59 0.59 l 1.43 -0.90 U.S. Treasury Long, Barclays n.a. n.a. 1.400 n.a. n.a. n.a. n.a. Commodities 30-year mortgage, fixed† 3.02 3.08 2.93 l 4.22 -0.90 Aggregate, Barclays n.a. n.a. 1.180 n.a. n.a. n.a. n.a. Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.48 2.63 2.48 l 3.57 -0.82 Fixed-Rate MBS, Barclays n.a. n.a. 1.270 n.a. n.a. n.a. n.a. Jumbo mortgages, $510,400-plus† 3.05 3.11 2.93 l 4.40 -1.24 DJ Commodity 668.77 1.64 0.25 668.77 433.70 7.04 4.12 High Yield 100, ICE BofA 3261.149 3.892 4.163 10.740 3.589 4.336 4.735 Five-year adj mortgage (ARM)† 3.21 3.22 2.85 l 4.61 -0.30 TR/CC CRB Index 153.65 0.09 0.06 187.39 106.29 -14.79 -17.30 Muni Master, ICE BofA 587.365 1.093 1.108 3.441 0.838 4.716 4.000 New-car loan, 48-month 4.14 4.14 4.13 l 4.50 1.13 Crude oil, $ per barrel 41.45 0.09 0.22 63.27 -37.63 -27.43 -32.12 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 n.a. n.a. 4.727 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 3.031 0.082 2.78 3.354 1.482 16.58 38.47 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1860.70 -14.70 -0.78 2051.50 1453.40 27.30 22.45 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW317000-1-B00800-1------XA

B8 | Thursday, November 12, 2020 * THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. FirstRepBank FRC 134.90 0.06 KilroyRealty KRC 60.07 0.72 NVIDIA NVDA 536.72 25.92 ReinsGrp RGA 111.86 -6.14 Snowflake SNOW 240.76 5.08 Textron TXT 41.85 -2.04 VMware VMW 140.56 0.61 FirstSolar FSLR 84.20 3.45 SOQUIMICH SQM ThermoFisherSci TMO 484.00 15.41 Vodafone VOD 15.69 0.10 Market listed securities. Prices are composite dd-Indicates loss in the most recent KimberlyClark KMB 137.78 1.23 RelianceSteel RS 117.22 -1.77 42.07 -0.11 FirstEnergy FE 29.79 0.48 KinderMorgan KMI 13.03 0.14 O P Q RenaissanceRe RNR 177.81 -2.45 SolarEdgeTech SEDG 235.19 9.68 ThomsonReuters TRI 84.58 1.25 VornadoRealty VNO 37.47 -1.55 quotations that include primary market trades four quarters. Fiserv FISV 107.36 0.56 KingsoftCloud KC 36.48 2.13 Repligen RGEN 194.71 7.81 SolarWinds SWI 22.42 0.22 3M MMM 169.21 0.07 VoyaFinancial VOYA 54.33 0.29 as well as trades reported by Nasdaq BX FD-First day of trading. FiveBelow FIVE 144.60 0.83 KinrossGold KGC 7.66 -0.08 OGE Energy OGE 33.95 -0.27 RepublicSvcs RSG 102.57 0.49 Sony SNE 88.09 2.18 Tiffany TIF 131.40 0.23 VulcanMatls VMC 141.64 1.62 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Five9 FIVN 143.52 4.69 KirklandLakeGold KL 44.56 0.39 ONEOK OKE 32.12 -0.42 ResMed RMD 215.83 3.72 Southern SO 63.92 -0.25 Toro TTC 86.34 0.26 Cboe, NYSE National and Nasdaq ISE. standards FleetCorTech FLT 266.37-12.66 Knight-Swift KNX 40.48 0.35 OReillyAuto ORLY 463.38 6.80 RestaurantBrands QSR 57.41 -1.02 SoCopper SCCO 54.14 -0.02 TorontoDomBk TD 49.75 0.39 W X Y Z The list comprises the 1,000 largest lf-Late filing Flex FLEX 15.650.42 KoninklijkePhil PHG 53.04 0.42 OakStreetHealth OSH 51.57 2.04 RingCentral RNG 284.21 7.20 SouthwestAir LUV 43.22 -1.59 Total TOT 38.10 -0.97 companies based on market capitalization. q-Temporary exemption from Nasdaq Floor&Decor FND 77.66 4.64 KoreaElcPwr KEP 9.35 0.13 OccidentalPetrol OXY 11.90 -0.48 RioTinto RIO 62.97 0.26 Splunk SPLK 194.12 6.24 ToyotaMotor TM 142.48 2.54 WEC Energy WEC 104.43 -0.42 requirements. FomentoEconMex FMX 70.26 2.25 KraftHeinz KHC 31.35 0.87 Okta OKTA 219.41 6.07 RitchieBros RBA 66.03 -1.29 Spotify SPOT 261.04 11.05 TractorSupply TSCO 133.04 3.21 WEX WEX 166.10-12.39 Underlined quotations are those stocks with FordMotor F Kroger KR 32.09 0.17 OldDomFreight ODFL 198.00 0.52 RobertHalf RHI 62.97 -1.06 TradeDesk TTD 742.04 34.76 W.P.Carey WPC 68.80 0.10 large changes in volume compared with the t-NYSE bankruptcy 8.33 -0.05 SquareSQ183.42 11.42 v-Trading halted on primary market. Fortinet FTNT 114.59 3.29 L Brands LB 34.14 0.09 OmegaHealthcare OHI 34.50 -0.39 RocketCos. RKT 21.06 -0.54 StanleyBlackDck SWK 180.89 2.10 TradewebTW61.23 3.30 WPP WPP 48.77 -1.02 issue’s average trading volume. Omnicom OMC 57.23 0.23 vj-In bankruptcy or receivership or Fortis FTS 42.10 0.06 LHC Group LHCG 219.43 3.78 Rockwell ROK 242.19 -6.86 Starbucks SBUX 95.04 1.12 TraneTech TT 142.96 -0.62 Wabtec WAB 68.11 -0.90 ON Semi ON 27.93 0.84 WalgreensBoots WBA Boldfaced quotations highlight those issues being reorganized under the Fortive FTV 70.00 0.20 Line LN 50.83 -0.18 RogersComm B RCI 46.37 0.82 StateStreet STT 68.48 -1.57 TransDigm TDG 560.81-13.57 41.44 -0.91 FortBrandsHome FBHS 83.05 3.35 LKQ LKQ 35.80 -1.21 OneConnectFinTech OCFT 20.72 -1.98 Roku ROKU 231.43 14.45 SteelDynamics STLD 33.84 -0.07 TransUnion TRU 90.49 -1.34 Walmart WMT 147.98 2.42 whose price changed by 5% or more if their Bankruptcy Code, or securities OpenText OTEX 41.95 1.05 WarnerMusic WMG 29.29 0.04 previous closing price was $2 or higher. assumed by such companies. FoxA FOXA 27.46 0.61 LPL Financial LPLA 87.84 -0.03 Rollins ROL 59.39 2.58 Stericycle SRCL 71.79 -1.87 Travelers TRV 134.96 -1.40 FoxB FOX 27.15 0.45 L3HarrisTech LHX 187.71 -1.82 Oracle ORCL 57.20 0.53 RoperTech ROP 401.35 0.37 Steris STE 189.18 -0.30 Trex TREX 69.641.89 WasteConnections WCN 108.83 1.75 Franco-Nevada FNV 133.14 -2.34 LabCpAm LH 203.50 2.34 Orange ORAN 11.79 -0.06 RossStores ROST 104.18 -5.24 STMicroelec STM 34.58 1.07 Trimble TRMB 57.40 -0.85 WasteMgt WM 122.80 -0.58 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FranklinRscs BEN 20.36 -0.40 LamResearch LRCX 424.00 16.13 Orix IX 74.70 2.56 RoyalBkCanada RY 76.70 0.54 s StoneCo STNE 64.17 1.61 Trip.com TCOM 35.50 -0.63 Waters WAT 223.14 -2.17 changes in the closing prices from 4 p.m. the previous day. FreeportMcM FCX 19.53 -0.29 LamarAdv LAMR 74.13 -2.66 OtisWorldwide OTIS 66.12 0.38 RoyalCaribbean RCL 70.88 -2.85 Stryker SYK 225.24 -5.33 TruistFinl TFC 48.82 -0.22 Watsco WSO 233.15 4.47 FreseniusMed FMS 43.20 -0.34 LambWeston LW 73.78 -2.68 OwensCorning OC 69.26 1.03 RoyalDutchA RDS.A 31.39 -0.37 SumitomoMits SMFG 6.03 0.06 Twilio TWLO 279.17 12.91 Wayfair W 251.74 9.03 LasVegasSands LVS 56.95 -1.62 PG&E PCG 10.71 0.30 RoyalDutchB RDS.B 29.72 -0.42 SunComms SUI 145.32 1.84 Twitter TWTR 43.63 1.22 Weibo WB 46.29 -0.13 Wednesday Nov. 11, 2020 Net Net G H I Lear LEA 136.17 -1.22 PNC Fin PNC 125.44 -1.30 RoyalGold RGLD 116.75 -0.61 SunLifeFinancial SLF 45.72 0.09 TylerTech TYL 422.91 7.97 WellsFargo WFC 24.19 ... POSCO PKX 53.47 0.29 Welltower WELL 65.52 -2.32 Net Stock Sym Close Chg Stock Sym Close Chg Leidos LDOS 94.99 0.05 RoyaltyPharma RPRX 40.31 -0.29 SuncorEnergy SU 14.62 ... TysonFoods TSN 61.11 0.65 GCI LibertyA GLIBA 85.96 0.67 Lennar B LEN.B 61.74 0.81 PPD PPD 34.27 0.91 Ryanair RYAAY 107.12 -1.54 SunRun RUN 54.00 0.41 UBS Group UBS 13.65 -0.03 WestPharmSvcs WST 285.07 5.65 Stock Sym Close Chg Barclays BCS 7.05 ... CommerceBcshrs CBSH 68.54 -0.06 GDS Holdings GDS 92.83 2.66 Lennar A LEN 76.22 0.88 PPG Ind PPG 142.65 -0.17 SAP SAP 119.51 2.73 Suzano SUZ 8.93 0.12 UDR UDR 38.68 -1.24 WesternDigital WDC 40.60 -0.67 BarrickGold GOLD 25.79 -0.15 ConagraBrands CAG 35.51 0.53 PPL PPL 29.41 -0.33 s GFLEnvironmental GFL 22.98 1.18 LennoxIntl LII 292.59 -1.73 S&P Global SPGI 343.97 8.87 SynchronyFin SYF 29.40 -0.21 UGI UGI 36.61 -0.54 WesternUnion WU 21.03 -0.63 A B C BauschHealth BHC 19.41 -0.08 ConchoRscs CXO 51.15 -0.35 PRA HealthSci PRAH 107.35 -1.93 GSXTechedu GSX 71.86 1.52 LeviStrauss LEVI 16.85 -0.47 SBA Comm SBAC 298.59 7.95 SyneosHealth SYNH 60.26 -1.98 US Foods USFD 28.75 -2.37 WestlakeChem WLK 74.81 -0.20 BaxterIntl BAX 80.93 -0.62 ConocoPhillips COP 35.28 -0.25 PTC PTC 95.31 1.07 Galapagos GLPG 123.98 1.81 LiAuto LI 24.97 -0.27 SEI Investments SEIC 55.07 -0.35 Synnex SNX 150.59 1.47 Uber UBER 46.23 -0.77 WestpacBanking WBK 13.63 -0.07 ABB ABB 27.03 -0.04 BectonDicknsn BDX 243.16 2.86 ConEd ED 81.72 -0.36 Paccar PCAR 90.17 -0.95 Gallagher AJG 114.17 0.53 LibertyBroadbandC LBRDK 149.52 1.24 SK Telecom SKM 23.11 0.44 Synopsys SNPS 224.90 5.57 s Ubiquiti UI 270.05 14.15 WestRock WRK 41.22 -0.51 AcadiaPharm ACAD 49.07 0.06 BeiGene BGNE 285.00 2.49 ConstBrands A STZ 194.53 -6.03 PackagingCpAm PKG 127.89 -2.05 Gaming&Leisure GLPI 41.24 0.03 LibertyBroadbandA LBRDA 148.85 1.05 SS&C Tech SSNC 64.74 0.57 UltaBeauty ULTA 255.42-10.07 Weyerhaeuser WY 28.39 0.61 AECOM ACM 47.37 -0.96 ConstBrands B STZ.B 199.78 -0.89 PagSeguroDig PAGS 44.28 0.47 SyscoSYY 68.49 -3.79 BentleySystems BSY 33.99 -3.12 Gap GPS 22.80 -0.54 LibertyGlobal C LBTYK 19.82 -0.30 StoreCapital STOR 31.14 -1.06 s UltragenyxPharm RARE 120.68 3.20 WheatonPrecMet WPM 44.63 0.48 AES AES 21.29 0.47 Cooper COO 343.30 -3.09 s Berkley WRB 69.95 -0.64 Garmin GRMN 114.82 0.64 LibertyGlobal A LBTYA 20.44 -0.25 PalantirTech PLTR 15.96 1.96 SVB Fin SIVB 328.82 -7.73 s Unilever UN 62.57 1.00 Whirlpool WHR 185.13 2.08 Aflac AFL 40.88 -0.97 Copart CPRT 117.80 0.81 T U V BerkHathwy A BRK.A 341260-1740.00 Gartner IT 156.80 -0.64 LibertyFormOne A FWONA 37.12 -0.56 PaloAltoNtwks PANW 252.80 10.08 Salesforce.com CRM 254.18 6.52 Unilever UL 62.95 1.03 Williams WMB 20.02 0.03 AGCO AGCO 88.22 -0.86 Corning GLW 35.98 -0.04 BerkHathwy B BRK.B 227.37 -1.11 Generac GNRC 225.29 7.34 LibertyFormOne C FWONK 40.51 -0.64 PanAmerSilver PAAS 31.84 -0.82 Sanofi SNY 51.62 1.45 TAL Education TAL 69.11 -0.95 UnionPacific UNP 200.00 -1.26 Williams-Sonoma WSM 95.78 4.81 AGNC Invt AGNC 14.52 -0.34 s Corteva CTVA 36.63 0.40 BerryGlobal BERY 52.67 0.19 GeneralDynamics GD 150.29 -1.02 LibertyBraves A BATRA 24.71 0.06 ParkerHannifin PH 260.77 -0.39 SantanderCons SC 22.32 -0.13 TC Energy TRP 42.50 -0.19 UnitedAirlines UAL 38.51 -1.54 WillisTowers WLTW 202.95 0.94 Ansys ANSS 328.96 9.53 CoStar CSGP 898.67 12.54 BestBuy BBY 114.56 1.93 GeneralElec GE 8.89 -0.09 LibertyBraves C BATRK 24.47 ... Paychex PAYX 91.55 0.26 SareptaTherap SRPT 134.73 6.35 TE Connectivity TEL 108.62 1.74 UnitedMicro UMC 5.54 0.15 Wipro WIT 5.06 0.14 ASETech ASX 5.06 0.10 BeyondMeat BYND 127.89 2.88 Costco COST 372.92 6.30 GeneralMills GIS 59.89 0.97 LibertySirius C LSXMK 40.35 0.67 PaycomSoftware PAYC 381.46 3.78 Schlumberger SLB 17.71 -0.60 Telus TU 19.09 0.24 UPS B UPS 166.64 1.91 Wix.comWIX 269.78 25.61 ASML ASML 418.05 18.75 Bilibili BILI 44.20 0.50 CoupaSoftware COUP 288.00 12.81 s GeneralMotors GM 40.56 -0.52 LibertySirius B LSXMB 39.96 0.70 Paylocity PCTY 193.20 -2.94 SchwabC SCHW 46.23 -0.19 TJX TJX 60.12 -2.14 UnitedRentals URI 207.25 -2.02 Woodward WWD 100.83 -2.75 AT&T T 28.73 -0.12 Bill.com BILL 95.70 0.20 Credicorp BAP 119.42 6.50 Genmab GMAB 36.29 -0.11 LibertySirius A LSXMA 40.06 0.67 PayPal PYPL 192.34 8.98 ScottsMiracleGro SMG 164.51 3.42 T-MobileUS TMUS 125.15 3.43 US Bancorp USB 43.75 -0.39 Workday WDAY 218.62 4.72 AbbottLabs ABT 112.65 1.84 Bio-Techne TECH 306.45 6.17 CreditSuisse CS 11.60 -0.09 Pegasystems PEGA 123.34 2.03 Genpact G 40.45 0.13 EliLilly LLY 144.76 -1.80 Sea SE 169.13 12.60 TRowePrice TROW 140.46 3.56 UnitedHealth UNH 351.70 -1.99 WynnResorts WYNN 91.71 -4.95 AbbVie ABBV 98.15 -0.72 Bio-RadLab A BIO 585.45 29.67 Cree CREE 68.32 4.80 Peloton PTON 106.21 1.00 Gentex GNTX 31.27 -0.04 s LincolnElectric LECO 112.32 1.15 Seagate STX 54.63 -0.09 TaiwanSemi TSM 90.88 3.22 UnitySoftware U 105.58 5.92 XP XP 39.52 0.20 Abiomed ABMD 269.28 0.44 Biogen BIIB 244.03 7.69 PembinaPipeline PBA 23.97 0.39 CrowdStrike CRWD 130.96 7.46 GenuineParts GPC 97.64 -2.18 LincolnNational LNC 41.29 -1.15 Seagen SGEN 170.75 -1.03 TakeTwoSoftware TTWO 161.57 6.68 UnivDisplay OLED 212.41 2.98 s XPO Logistics XPO 104.05 2.13 AcceleronPharma XLRN 119.77 4.77 BioMarinPharm BMRN 76.22 0.04 PennNational PENN 63.60 -0.28 CrownCastle CCI 164.64 4.22 GileadSciences GILD 60.10 -0.52 Linde LIN 259.62 -2.42 SealedAir SEE 42.42 -0.48 TakedaPharm TAK 17.30 0.22 UniversalHealthB UHS 129.61 -2.90 XcelEnergy XEL 74.69 0.96 Accenture ACN 242.75 4.04 BioNTech BNTX 109.45 -3.31 Pentair PNR 52.09 -1.69 CrownHoldings CCK 94.34 0.16 GSK GSK 39.17 0.34 LithiaMotors LAD 266.37 -1.51 SempraEnergy SRE 133.64 -2.32 Tapestry TPR 25.34 -0.66 VEREIT VER 7.40 -0.08 Xilinx XLNX 127.06 4.61 ActivisionBliz ATVI 76.55 1.43 BlackKnight BKI 93.84 2.20 Penumbra PEN 263.99 2.84 CubeSmart CUBE 33.70 0.48 GlobalPayments GPN 189.28 -4.19 LiveNationEnt LYV 63.69 -1.57 SensataTechs ST 46.51 -0.33 Target TGT 159.69 1.62 VF VFC 76.99 -0.54 XPeng XPEV 33.53 0.63 Adobe ADBE 467.75 15.75 BlackRock BLK 670.62 10.02 PepsiCo PEP 143.90 2.18 Cummins CMI 234.90 1.04 Globant GLOB 186.73 -3.51 LloydsBanking LYG 1.72 0.04 ServiceCorp SCI 49.44 0.30 TataMotors TTM 10.21 0.18 VICI Prop VICI 25.40 0.12 Xylem XYL 93.80 -1.31 AdvanceAuto AAP 156.52 1.10 Blackstone BX 55.35 -1.76 PerkinElmer PKI 129.07 3.54 CureVac CVAC 61.94 0.64 GlobeLife GL 91.99 -0.78 LockheedMartin LMT 369.28 -2.00 ServiceNow NOW 503.36 22.08 TeckRscsB TECK 14.95 0.06 VailResorts MTN 259.76 -0.56 Yandex YNDX 61.19 -0.12 AdvMicroDevices AMD 81.28 3.29 Boeing BA 182.15 -6.54 Perrigo PRGO 47.12 -1.39 CyrusOne CONE 72.58 3.33 GoDaddy GDDY 74.62 4.44 Loews L 41.35 -1.01 ShawComm B SJR 17.92 0.14 TeladocHealth TDOC 182.55 10.11 Vale VALE 11.84 0.11 YumBrands YUM 101.82 -1.17 Aegon AEG 3.31 -0.07 BookingHldgs BKNG 2000.02 -7.42 PetroChina PTR 32.68 ... GoldFields GFI 10.62 -0.37 LogitechIntl LOGI 82.85 4.72 SherwinWilliams SHW 727.48 5.07 TeledyneTech TDY 367.25 -2.47 ValeroEnergy VLO 49.79 -0.17 YumChina YUMC 58.84 1.51 AgilentTechs A 109.41 -0.79 BoozAllen BAH 86.03 -0.56 PetroleoBrasil PBR 8.78 -0.01 D E F GoldmanSachs GS 218.05 0.58 Lowe's LOW 158.00 2.29 ShinhanFin SHG 30.38 0.77 Teleflex TFX 362.97 -5.48 VarianMed VAR 173.43 0.13 ZTO Express ZTO 29.93 -0.10 AgnicoEagle AEM 73.03 -0.25 BorgWarner BWA 38.56 -0.24 PetroleoBrasilA PBR.A 8.45 -0.14 GoodRx GDRX 51.10 0.75 LufaxHolding LU 16.94 0.36 Shopify SHOP 947.18 61.42 Ericsson ERIC 11.78 0.27 VeevaSystems VEEV 272.56 8.41 s ZaiLab ZLAB 98.40 12.32 AirProducts APD 280.84-29.13 BostonBeer SAM 958.40 40.76 DISH Network DISH 30.35 1.47 Pfizer PFE 38.50 -0.18 Graco GGG 67.86 0.33 lululemon LULU 336.68 14.49 Sibanye-Stillwater SBSW 12.78 -0.57 TelefonicaBras VIV 8.28 -0.14 Ventas VTR 48.43 0.04 ZebraTech ZBRA 356.27 11.25 AkamaiTech AKAM 97.20 0.52 BostonProps BXP 90.80 -1.73 DTE Energy DTE 130.06 -1.94 PhilipMorris PM 75.11 0.36 Grainger GWW 403.39 -1.09 LumenTech LUMN 9.67 -0.12 SimonProperty SPG 73.41 -5.43 Telefonica TEF 3.95 -0.11 VeriSign VRSN 201.90 1.92 Zendesk ZEN 123.56 2.19 Albemarle ALB 118.57 0.64 BostonSci BSX 37.40 -0.80 Danaher DHR 233.14 7.26 Phillips66 PSX 58.98 0.84 Grifols GRFS 18.83 -0.18 Lyft LYFT 36.41 0.36 SiriusXM SIRI 6.18 0.19 TelekmIndonesia TLK 21.50 1.34 VeriskAnalytics VRSK 199.83 4.73 Zillow CZ 108.02 7.63 Albertsons ACI 14.98 -0.01 BrightHorizons BFAM 168.02 0.92 Darden DRI 107.08 -6.27 Pinduoduo PDD 111.46 8.37 Grubhub GRUB 73.53 2.53 LyondellBasell LYB 77.16 -4.21 Skyworks SWKS 143.87 6.63 10xGenomics TXG 136.62 7.62 Verizon VZ 61.00 -0.10 Zillow AZG110.11 8.92 Alcon ALC 64.90 0.17 BristolMyers BMY 63.42 -1.10 s DarlingIngred DAR 49.00 0.31 PinnacleWest PNW 89.59 -1.31 GuardantHealth GH 116.89 4.72 SlackTech WORK 25.17 1.07 Tenaris TS 12.99 -0.03 VertxPharm VRTX 216.72 1.37 ZimmerBiomet ZBH 149.40 -0.76 AlexandriaRlEst ARE 162.75 0.99 BritishAmTob BTI 36.51 0.58 Datadog DDOG 86.83 -5.77 Pinterest PINS 59.55 3.88 Guidewire GWRE109.00 0.26 M N SmithAO AOS 54.82 0.07 TencentMusic TME 15.31 0.36 ViacomCBS A VIACA 31.61 -0.09 Zoetis ZTS 164.95 2.39 AlexionPharm ALXN 127.62 0.53 Broadcom AVGO 375.92 12.79 DaVita DVA 106.32 -0.85 PioneerNatRscs PXD 90.64 -1.11 HCA Healthcare HCA 145.47 -6.64 Smith&Nephew SNN 41.30 0.20 Teradyne TER 101.18 3.03 ViacomCBS B VIAC 30.20 0.13 ZoomVideo ZM 413.34 37.33 Alibaba BABA265.65 -0.89 BroadridgeFinl BR 148.83 2.58 DeckersOutdoor DECK 253.62 2.09 PlainsAllAmPipe PAA 7.50 -0.05 HDFC Bank HDB 66.49 -0.83 M&T Bank MTB 118.30 -5.62 Smucker SJM 119.80 2.23 Tesla TSLA 417.13 6.77 Vipshop VIPS 20.90 0.21 ZoomInfoTech ZI 41.16 1.06 AlignTech ALGN 461.78 -2.54 BrookfieldMgt BAM 37.70 0.29 Deere DE 249.35 -4.62 s PlugPower PLUG 23.00 2.99 HD Supply HDS 44.31 0.13 MGMGrowthProp MGP 29.99 0.26 Snap SNAP 38.46 -0.08 TevaPharm TEVA 9.53 -0.09 Visa V 212.70 -0.61 Zscaler ZS 135.49 7.73 Alleghany Y 619.25-24.69 s BrookfieldInfr BIP 50.85 -0.14 DellTechC DELL 64.88 0.27 Pool POOL 346.07 6.36 HP HPQ 19.36 -0.51 MGM Resorts MGM 23.98 -0.80 SnapOn SNA 170.18 -2.49 TexasInstruments TXN 155.70 4.21 Vistra VST 19.64 -0.54 Zynga ZNGA 8.00 -0.14 Allegion ALLE 112.36 -2.79 BrookfieldPropREIT BPYU 15.78 -0.12 DeltaAir DAL 35.02 -2.02 HSBC HSBC 25.31 0.85 MinisoGroup MNSO 20.72 -0.35 PostHoldings POST 100.54 -0.06 AlliantEnergy LNT 57.42 0.46 BrookfieldRenew BEPC 74.04 3.35 s DenaliTherap DNLI 66.17 6.17 Halliburton HAL 14.18 -0.20 MKS Instrum MKSI 128.53 2.83 PrincipalFin PFG 45.55 -1.69 Allstate ALL 94.37 -0.07 Brown&Brown BRO 46.97 -0.22 DentsplySirona XRAY 49.85 -3.11 HartfordFinl HIG 45.21 -0.61 MPLX MPLX 19.38 -0.10 Procter&Gamble PG 142.07 1.81 AllyFinancial ALLY 28.77 -0.35 Brown-Forman B BF.B 78.52 -0.13 DeutscheBank DB 10.48 -0.24 Hasbro HAS 86.53 0.88 MSCI MSCI 397.02 17.20 Progressive PGR 92.72 0.07 IPO Scorecard AlnylamPharm ALNY 129.09 4.04 Brown-Forman A BF.A 72.63 0.25 DexCom DXCM 347.50 7.97 HealthcareAmer HTA 28.04 -0.05 MagellanMid MMP 38.61 0.26 Prologis PLD 102.02 2.08 Alphabet A GOOGL 1747.23 9.51 Bruker BRKR 46.37 -0.51 Diageo DEO 156.16 -0.73 HealthpeakProp PEAK 29.08 -0.28 s MagnaIntl MGA 60.07 0.25 PrudentialFin PRU 73.02 -2.43 Performance of IPOs, most-recent listed first Alphabet C GOOG 1752.71 12.32 Bunge BG 58.90 0.09 DigitalRealty DLR 140.99 5.17 Heico HEI 126.68 -3.09 ManulifeFin MFC 16.41 -0.45 Prudential PUK 33.32 -0.08 % Chg From % Chg From Alteryx AYX 115.16 5.26 BurlingtonStrs BURL 221.51-11.97 DiscoverFinSvcs DFS 74.25 -2.09 Heico A HEI.A MarathonPetrol MPC 37.19 -0.45 PublicServiceEnt PEG 60.88 0.15 115.33 -3.24 Offer 1st-day Offer 1st-day AlticeUSA ATUS 29.96 0.14 CBRE Group CBRE 56.31 -0.22 DiscoveryB DISCB 30.40 -1.53 HenrySchein HSIC 63.58 -4.50 Markel MKL 1033.88-11.78 PublicStorage PSA 235.82 1.78 Company SYMBOL Wed3s Company SYMBOL Wed3s Altria MO 39.76 0.17 CDW CDW 138.70 1.17 DiscoveryA DISCA 22.44 -0.48 Hershey HSY 153.66 1.40 MarketAxess MKTX 544.91 19.87 PulteGroup PHM 42.82 0.25 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close AlumofChina ACH 6.78 0.25 DiscoveryC DISCK 20.32 -0.41 Qiagen QGEN CGI GIB 71.09 2.36 Hess HES 44.00 -0.79 Marriott MAR 116.39 -2.09 46.51 0.42 Natural Order Acquisition 10.11 1.1 ... SQZ Biotechnologies 21.00 31.3 58.5 Amazon.com AMZN 3137.39102.37 CH Robinson CHRW 93.33 -0.56 Disney DIS 137.82 -4.29 HewlettPackard HPE 9.95 0.04 Marsh&McLen MMC 113.36 0.85 Qorvo QRVO 148.25 7.32 Ambev ABEV 2.79 -0.07 CME Group CME 165.81 -2.90 DocuSign DOCU 208.55 10.24 HighwoodsProp HIW 35.63 0.35 MartinMarietta MLM 265.99 -0.03 Qualcomm QCOM 147.69 7.58 NOACU Nov. 11/$10.00 SQZ Oct. 30/$16.00 Amcor AMCR 11.93 0.07 CMS Energy CMS 67.01 -0.10 DolbyLab DLB 84.03 -0.08 Hilton HLT 103.75 -0.49 MarvellTech MRVL 42.27 1.95 QuantaServices PWR 67.54 0.96 Northern Star Acquisition 9.91 –0.9 ... New Beginnings Acquisition 10.01 0.1 0.2 Amdocs DOX 63.53 2.83 CNA Fin CNA 34.71 -0.48 DollarGeneral DG 213.57 3.01 Hologic HOLX 69.84 3.15 Masco MAS 54.65 1.08 QuestDiag DGX 123.26 2.55 Amedisys AMED 244.40 5.09 CNH Indl CNHI 9.81 0.30 DollarTree DLTR 94.32 -0.65 HomeDepot HD 277.75 2.18 Masimo MASI 244.81 1.77 Quidel QDEL 214.42 17.38 STIC.UT Nov. 11/$10.00 NBA.UT Oct. 30/$10.00 s Amerco UHAL 404.00 2.00 CNOOC CEO 112.58 2.98 DominionEner D 85.68 -0.08 HondaMotor HMC 28.36 0.30 Mastercard MA 332.39 -2.39 Edoc Acquisition 10.09 0.9 –0.1 CONX 9.94 –0.6 0.2 Ameren AEE 82.37 -0.09 CRH CRH 39.94 0.15 Domino's DPZ 394.67 13.00 Honeywell HON 199.29 -2.69 MaximIntProducts MXIM 81.78 1.66 R S AmericaMovil AMX 13.80 -0.26 CRISPR Therap CRSP 100.64 1.94 Donaldson DCI 53.13 0.19 HorizonTherap HZNP 76.19 3.89 McAfee MCFE 16.40 -0.07 ADOCU Nov. 10/$10.00 CONXU Oct. 30/$10.00 AmericaMovil A AMOV RELX RELX 23.73 0.05 13.68 -0.12 CSX CSX 90.04 -1.36 Dover DOV 120.87 1.06 HormelFoods HRL 51.96 1.02 McCormick MKC 186.89 4.95 TS Innovation Acquisitions 10.00 ...... Bull Horn Hldgs 9.89 –1.1 0.1 AEP AEP 91.15 0.36 CVS Health CVS 69.51 -0.72 Dow DOW 52.21 -1.25 DR Horton DHI 72.85 1.97 McCormickVtg MKC.V 186.06 2.72 RH RH 409.86 30.12 AmerExpress AXP 111.12 -4.83 CableOne CABO 1893.39 8.17 DrReddy'sLab RDY 64.49 1.53 HostHotels HST 12.82 -0.56 McDonalds MCD 218.02 4.70 RPM RPM 89.48 -0.66 TSIAU Nov. 10/$10.00 BHSEU Oct. 30/$10.00 AmericanFin AFG 86.77 -0.19 CabotOil COG 17.28 0.09 DraftKings DKNG 41.64 1.28 HowmetAerospace HWM 22.28 -0.72 McKesson MCK 177.81 -5.63 RaymondJames RJF 84.77 -1.04 AmHomes4Rent AMH 29.93 0.92 CadenceDesign CDNS 116.68 4.29 Dropbox DBX 18.82 0.35 HuanengPower HNP 16.50 0.93 MedicalProp MPW 19.44 -0.02 RaytheonTech RTX 65.85 -2.04 Roman DBDR Acquisition 9.99 –0.1 ... Atea Pharmaceuticals 28.25 17.7 –6.9 AIG AIG 37.35 -0.88 CaesarsEnt CZR 58.97 -1.31 DukeEnergy DUK 97.31 0.17 s Huazhu HTHT 47.59 1.65 Medtronic MDT 110.24 -4.32 RealtyIncome O 63.44 -1.23 DBDRU Nov. 6/$10.00 AVIR Oct. 30/$24.00 AmerTowerREIT AMT 238.45 6.07 CamdenProperty CPT 100.00 -1.40 DukeRealty DRE 40.33 0.76 Hubbell HUBB 157.20 -2.88 MelcoResorts MLCO 17.55 -0.55 RegencyCtrs REG 46.07 -0.68 AmerWaterWorks AWK 164.37 0.86 CampbellSoup CPB 48.29 1.00 Dun&Bradstreet DNB 26.60 0.46 HubSpot HUBS 345.00 4.65 MercadoLibre MELI 1304.49 78.46 RegenPharm REGN 567.73 8.51 AmericoldRealty COLD 35.79 1.27 CIBC CM 81.51 0.61 Dunkin' DNKN 106.17 0.03 Humana HUM 426.00 -4.67 Merck MRK 81.06 -0.05 RegionsFin RF 14.87 -0.36 Sources: Dow Jones Market Data; FactSet Ameriprise AMP 181.30 -1.87 CanNtlRlwy CNI 108.69 -0.40 DuPont DD 60.31 -1.45 JBHunt JBHT 127.96 -0.73 MetLife MET 45.51 -0.52 s AmerisourceBrgn ABC 107.33 -2.75 CanNaturalRes CNQ 21.41 0.60 Dynatrace DT 35.99 1.63 HuntingtonBcshs HBAN 11.64 -0.49 MettlerToledo MTD 1134.40 8.94 Ametek AME 116.76 0.31 s CanPacRlwy CP 328.10 0.81 ENI E 17.84 -0.36 HuntingIngalls HII 158.04 -3.50 MicrochipTech MCHP 126.25 4.33 Amgen AMGN 240.69 -0.91 Canon CAJ 18.12 -0.40 EOG Rscs EOG 41.91 -0.28 HyattHotels H 65.15 -1.12 MicronTech MU 56.36 0.95 | Amphenol APH 124.28 2.43 CanopyGrowth CGC 24.25 0.54 EPAM Systems EPAM 326.97 14.37 IAA IAA 64.01 1.69 Microsoft MSFT 216.55 5.54 Bonds wsj.com/market-data/bonds/benchmarks AnalogDevices ADI 137.38 2.60 CapitalOne COF 84.67 -2.01 EastmanChem EMN 91.76 -1.64 ICICI Bank IBN 13.20 -0.05 MidAmApt MAA 131.22 1.06 Anaplan PLAN 61.47 1.99 CardinalHealth CAH 56.23 -1.14 Eaton ETN 114.07 -0.79 IdexxLab IDXX 455.06 13.83 Middleby MIDD 131.61 -1.66 AngloGoldAsh AU 23.63 -0.04 Carlisle CSL 141.62 -4.21 EatonVance EV 64.67 0.40 IHS Markit INFO 91.48 0.20 MiratiTherap MRTX 229.36 5.30 Tracking Bond Benchmarks AB InBev BUD 66.99 0.39 Carlyle CG 27.71 -0.28 eBay EBAY 47.71 1.17 ING Groep ING 8.49 -0.26 MitsubishiUFJ MUFG 4.38 0.04 AnnalyCap NLY 7.40 -0.21 CarMax KMX 93.42 -0.89 Ecolab ECL 209.83 -2.40 InvescoIVZ 15.28 0.75 MizuhoFin MFG 2.77 0.03 Anthem ANTM 323.37 -5.19 Carnival CCL 16.21 -0.52 Ecopetrol EC 11.07 0.09 s IPG Photonics IPGP 209.74 3.22 MobileTeleSys MBT 8.34 -0.06 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Aon AON 201.42 1.34 Carnival CUK 14.46 -0.32 EdisonInt EIX 62.90 0.18 IQVIA IQV 167.88 1.88 Moderna MRNA 82.44 6.39 highs and lows for different types of bonds ApolloGlbMgmt APO 42.87 -1.09 CarrierGlobal CARR 38.06 0.25 EdwardsLife EW 80.03 -1.18 IcahnEnterprises IEP 51.96 0.20 MohawkInds MHK 118.94 -3.86 Appian APPN Carvana CVNA 207.25 14.76 ElancoAnimal ELAN 29.97 -1.24 s 90.12 -6.55 Icon ICLR 188.06 0.56 MolinaHealthcare MOH 219.01 -1.03 Total Total Apple AAPL 119.49 3.52 CaseysGenStores CASY 192.69 -1.01 Elastic ESTC 101.00 -0.65 IDEX IEX 191.44 -4.52 MolsonCoorsB TAP 42.37 -0.43 ApplMaterials AMAT 71.16 1.77 Catalent CTLT 101.73 1.79 ElectronicArts EA 119.78 0.85 IllinoisToolWks ITW 213.68 -3.86 Mondelez MDLZ 57.74 0.65 return YTD total Yield (%) return YTD total Yield (%) Aptargroup ATR 125.27 -2.34 Caterpillar CAT 169.46 -2.84 EmersonElec EMR 74.90 -2.54 Illumina ILMN 302.35 0.79 MongoDB MDB 245.09 15.03 close return (%) Index Latest Low High close return (%) Index Latest Low High Aptiv APTV 111.03 2.19 Celanese CE 128.20 0.32 Enbridge ENB 30.47 0.06 ImperialOil IMO 17.01 0.09 MonolithicPower MPWR 317.44 7.68 Aramark ARMK s Cemex CX 4.51 -0.05 EncompassHealth EHC 70.10 -1.94 34.94 -1.24 Incyte INCY 82.76 -0.31 MonsterBev MNST 84.50 2.92 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays ArcelorMittal MT 15.56 -0.19 Centene CNC 69.40 -1.72 EnelAmericas ENIA 7.61 0.04 Infosys INFY 15.09 0.55 Moody's MCO 280.25 9.92 ArchCapital ACGL 34.73 -0.49 CenterPointEner CNP 24.07 -0.03 EnergyTransfer ET 5.35 -0.09 IngersollRand IR 42.61 -0.14 MorganStanley MS 56.34 0.59 ArcherDaniels ADM 50.09 -0.06 CentraisElBras EBR 6.43 -0.02 EnphaseEnergy ENPH 120.43 11.04 Inphi IPHI 147.50 3.84 Morningstar MORN 213.61 1.16 n.a. n.a. U.S. Aggregate n.a. n.a. n.a. n.a. n.a. Mortgage-Backed n.a. n.a. n.a. AresMgmt ARES 44.60 0.03 s CeridianHCM CDAY 97.00 2.35 EnstarGroup ESGR 201.14 -2.83 Insulet PODD 256.74 -3.26 Mosaic MOS 17.65 0.03 arGEN-X ARGX 257.41 7.44 Cerner CERN 74.61 -0.11 Entegris ENTG 87.60 1.60 Intel INTC 46.35 0.91 MotorolaSol MSI 169.73 2.93 U.S. Corporate Indexes Bloomberg Barclays n.a. n.a. Ginnie Mae (GNMA) n.a. n.a. n.a. AristaNetworks ANET 265.21 7.81 CharlesRiverLabs CRL 235.66 6.92 Entergy ETR 109.83 0.60 InteractiveBrkrs IBKR 51.52 0.56 Mylan MYL 15.70 0.06 ArrowheadPharm ARWR 69.56 0.88 CharterComms CHTR 636.92 10.04 EnterpriseProd EPD 18.18 0.11 ICE ICE 99.98 1.98 MyoKardia MYOK 224.41 -0.14 n.a. n.a. U.S. Corporate n.a. n.a. n.a. n.a. n.a. Fannie mae (FNMA) n.a. n.a. n.a. AscendisPharma ASND 160.00 -1.58 CheckPoint CHKP 118.00 1.42 Equifax EFX 159.19 4.58 InterContinentl IHG 58.95 -1.27 NICE NICE 246.00 13.43 AspenTech AZPN 119.31 -0.28 Chegg CHGG 69.68 3.59 Equinix EQIX 760.85 34.08 IBM IBM 117.20 -0.71 NIO NIO 43.08 1.53 n.a. n.a. Intermediate n.a. n.a. n.a. n.a. n.a. Freddie Mac (FHLMC) n.a. n.a. n.a. Assurant AIZ 131.59 -2.57 Chemed CHE 487.31 9.98 Equinor EQNR 14.68 -0.22 IntlFlavors IFF 109.20 -3.24 NRG Energy NRG 32.22 -0.39 CheniereEnergy LNG 53.91 2.41 AstraZeneca AZN 58.02 1.45 Equitable EQH 24.57 -0.14 IntlPaper IP 48.67 -0.15 NVR NVR 4240.49101.49 n.a. n.a. Long term n.a. n.a. n.a. 587.37 3.8 Muni Master 1.093 0.838 3.441 Athene ATH 41.71 0.80 CheniereEnerPtrs CQP 36.90 0.25 EquityLife ELS 62.44 0.38 Interpublic IPG 20.77 -0.65 NXP Semi NXPI 145.07 4.83 Chevron CVX 82.46 -0.61 Atlassian TEAM 191.76 6.10 EquityResdntl EQR 59.59 -1.85 Intuit INTU 352.40 10.14 Nasdaq NDAQ 129.79 2.66 n.a. n.a. Double-A-rated n.a. n.a. n.a. AtmosEnergy ATO 100.74 -1.71 Chewy CHWY 63.96 4.04 s ErieIndemnity A ERIE 247.34 9.29 IntuitiveSurgical ISRG 737.55-11.95 NationalGrid NGG 63.33 0.63 414.85 4.0 7-12 year 1.081 0.771 3.447 Autodesk ADSK ChinaEastrnAir CEA 23.04 0.29 EssentialUtil WTRG 46.37 0.03 246.79 -0.43 Invitae NVTA 46.59 3.54 NatlRetailProp NNN 39.97 -1.12 n.a. Triple-B-rated Autohome ATHM 104.17 2.07 ChinaLifeIns LFC 11.78 0.14 EssexProp ESS 246.75-12.19 InvitatHomes INVH 29.05 1.00 Natura&Co NTCO 18.21 0.47 n.a. n.a. n.a. n.a. 472.50 4.3 12-22 year 1.566 1.224 3.690 s Autoliv ALV ChinaMobile CHL 34.47 1.19 EsteeLauder EL 248.23 0.88 85.87 0.23 IonisPharma IONS 49.21 -0.97 NatWest NWG 3.79 0.08 High Yield Bonds ICE BofA ADP ADP 171.87 0.80 ChinaPetrol SNP 46.70 0.60 Etsy ETSY 130.59 11.16 iQIYI IQ 26.13 -0.23 nCino NCNO 71.49 0.48 456.47 3.6 22-plus year 2.258 1.765 4.123 AutoZone AZO 1181.83 11.42 ChinaSoAirlines ZNH 31.02 0.13 EverestRe RE 235.03 -5.17 iRhythmTechs IRTC 257.23 6.15 NetApp NTAP 49.27 -0.74 Avalara AVLR 154.90 4.03 ChinaTelecom CHA 36.30 2.56 Evergy EVRG 57.30 -1.29 IronMountain IRM 26.46 -0.70 NetEase NTES 89.59 2.04 481.75 3.2 High Yield Constrained 4.837 4.655 11.400 Global Government J.P. Morgan† Avalonbay AVB 168.82 -2.97 ChinaUnicom CHU 7.14 0.37 EversourceEner ES 94.42 0.76 ItauUnibanco ITUB 5.30 -0.09 Netflix NFLX 490.76 10.52 Avangrid AGR 51.44 -0.41 Chipotle CMG 1303.93 60.88 ExactSciences EXAS 123.38 4.60 Neurocrine NBIX 89.29 1.71 428.80 -2.1 Triple-C-rated 10.149 10.002 19.071 609.73 4.6 Global Government 0.640 0.390 1.060 Avantor AVTR 26.67 0.55 Chubb CB 149.03 -2.47 Exelixis EXEL 20.70 -0.53 J K L NewOrientalEduc EDU 174.26 0.29 AveryDennison AVY 151.78 1.08 ChunghwaTel CHT 38.55 0.19 Exelon EXC 43.84 0.84 NewellBrands NWL 19.67 0.41 3261.15 2.1 High Yield 100 3.892 3.589 10.740 6.6 Canada AxaltaCoating AXTA 27.63 -0.41 Church&Dwight CHD 87.41 1.09 Expedia EXPE 119.70 -3.05 JD.com JD 82.84 2.76 Newmont NEM 65.63 0.74 856.90 0.910 0.590 1.740 AxonEnterprise AAXN 118.30 -0.70 ChurchillDowns CHDN 179.67 -2.39 ExpeditorsIntl EXPD 88.61 0.33 Joyy YY 96.40 -0.11 s NewsCorp B NWS 17.24 0.76 433.99 3.0 Global High Yield Constrained 4.926 4.833 11.310 BCE BCE 43.14 0.36 Ciena CIEN 42.90 -0.22 ExtraSpaceSt EXR 117.99 2.48 JPMorganChase JPM 114.78 -1.74 s NewsCorp A NWSA 17.20 0.93 416.96 4.2 EMU§ 0.143 0.050 0.794 BHP Group BHP 53.54 -0.07 s Cigna CI 221.11 0.91 ExxonMobil XOM 36.48 -0.38 JackHenry JKHY 161.08 0.56 NextEraEnergy NEE 77.54 1.55 BHP Group BBL 43.88 0.03 CincinnatiFin CINF 84.52 -2.12 F5Networks FFIV 159.66 1.75 JacobsEngg J 98.85 -2.76 Nike NKE 127.66 -0.05 329.72 0.3 Europe High Yield Constrained 3.418 2.464 8.183 788.45 3.9 France -0.050 -0.160 0.430 BP BP 18.88 -0.22 Cintas CTAS 360.04 1.36 FMC FMC 108.81 -0.54 JamesHardie JHX 27.32 1.77 Nikola NKLA 20.18 2.15 U.S Agency Bloomberg Barclays Baidu BIDU 143.06 -0.19 CiscoSystems CSCO 39.33 0.61 Facebook FB 276.48 4.05 JazzPharma JAZZ 147.55 -3.07 NiSource NI 24.64 -0.43 548.75 2.4 Germany -0.390 -0.740 -0.050 Citigroup C BakerHughes BKR 17.56 -0.04 48.93 1.28 FactSet FDS 335.15 12.05 J&J JNJ 147.80 -0.48 Nokia NOK 3.75 0.08 U.S Agency Ball BLL 95.81 0.83 CitizensFin CFG 31.68 -1.12 s FairIsaac FICO 471.78 38.89 JohnsonControls JCI 44.00 -0.42 NomuraHoldings NMR 5.12 ... n.a. n.a. n.a. n.a. n.a. 294.79 -1.1 Japan 0.300 0.040 0.320 BancoBilbaoViz BBVA 3.64 0.02 CitrixSystems CTXS 114.90 0.76 s Farfetch FTCH 42.59 1.59 JonesLang JLL 129.42 -4.23 Nordson NDSN 202.24 5.06 10-20 years BancoBradesco BBDO 4.04 0.02 Clarivate CCC 26.77 -0.98 Fastenal FAST 47.24 0.48 JuniperNetworks JNPR 21.51 0.03 NorfolkSouthern NSC 233.09 -3.09 n.a. n.a. n.a. n.a. n.a. 613.05 2.9 Netherlands -0.300 -0.540 0.080 BancodeChile BCH 18.92 0.04 Clorox CLX 202.59 4.47 Fastly FSLY 72.01 0.40 KB Fin KB 42.18 1.76 NorthernTrust NTRS 89.21 -2.64 BancSanBrasil BSBR 6.63 -0.17 CloudflareNET 65.46 4.22 FederalRealty FRT 90.32 -3.76 KE Holdings BEKE 69.60 1.90 NorthropGrum NOC 309.96 -4.55 n.a. n.a. 20-plus years n.a. n.a. n.a. BcoSantChile BSAC 17.40 0.20 Coca-Cola KO 53.58 -0.40 FedEx FDX 267.81 0.54 KKR KKR 36.72 -1.66 NortonLifeLock NLOK 20.09 0.74 1058.02 5.3 U.K. 0.800 0.390 1.180 BancoSantander SAN 2.71 0.02 Coca-Cola Euro CCEP 40.19 -0.51 Ferrari RACE 209.27 4.67 KLA KLAC 233.51 9.78 Novartis NVS 86.00 1.75 n.a. n.a. Yankee n.a. n.a. n.a. BanColombia CIB 29.35 0.07 Cognex CGNX 72.23 2.63 FiatChrysler FCAU 14.46 0.08 KSCitySouthern KSU 188.02 0.23 NovoNordisk NVO 67.70 0.17 n.a. n.a. Emerging Markets ** n.a. n.a. n.a. BankofAmerica BAC 27.34 -0.32 CognizantTech CTSH 76.76 1.66 FidNatlFin FNF 34.09 0.14 Kellogg K 65.60 1.41 Novocure NVCR 122.51 3.77 BankofMontreal BMO 66.93 -0.27 ColgatePalm CL 84.93 1.58 FidNatlInfo FIS 143.55 -0.81 KeurigDrPepper KDP 29.40 1.02 NuanceComms NUAN 34.75 1.30 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds BankNY Mellon BK 38.60 -0.62 Comcast A CMCSA 47.67 -0.10 FifthThirdBncp FITB 25.72 -0.62 KeyCorp KEY 15.02 -0.53 Nucor NUE 50.81 -0.97 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan BkNovaScotia BNS 47.07 0.07 Comerica CMA 50.16 -2.89 FirstHorizonNatl FHN 11.73 -0.21 KeysightTechs KEYS 115.44 3.44 Nutrien NTR 42.46 0.25 Global Government Bonds: Mapping Yields New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in MagnaIntl MGA 61.29 0.4 SummitStateBk SSBI 14.24 0.7 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE MannKind MNKD 2.82 12.4 Ternium TX 23.89 2.7 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low MasterCraftBoat MCFT 24.00 8.7 TraconPharm TCON 7.95 34.7 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points in the latest session. %CHG-Daily percentage change from the previous trading session. Timken 71.55 -1.4 MerchantsBancorp MBIN 25.05 -0.3 TKR Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago MeritMedical MMSI 55.38 -2.9 TwistBiosci TWST 103.50 6.2 Wednesday November 11, 2020 MicroStrategy MSTR 193.22 3.2 Ubiquiti UI 271.32 5.5 0.125 U.S. 2 0.189 l 0.189 0.157 1.670 UltragenyxPharm 122.51 2.7 52-Wk % 52-Wk % 52-Wk % MolinaHealthcare MOH 224.00 -0.5 RARE 0.875 10 0.964 l 0.964 0.777 1.942 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg MoneyGram MGI 6.68 -1.7 Unilever UN 63.10 1.6 NatrlOrderAcqn NOACU 10.32 1.1 UtdCmtyBksPfdI UCBIO 27.60 0.3 l CelldexTherap 20.34 2.6 ForwardAir 73.23 -2.2 2.250 Australia 2 0.116 s 0.112 0.143 0.887 -7.3 -7.6 -78.3 CLDX FWRD Neuronetics STIM 7.28 1.5 Upwork UPWK 31.02 14.2 Cemex CX 4.60 -1.1 FuelTech FTEK 2.05 64.3 Highs NewsCorp A NWSA 17.21 5.7 Veracyte VCYT 47.50 8.4 1.000 10 1.006 s l 0.933 0.812 1.307 4.2 -3.1 -63.6 CeridianHCM CDAY 98.53 2.5 GFLEnvironmental GFL 23.45 5.4 NewsCorp B NWS 17.26 4.6 Vericel VCEL 25.27 -0.4 AXT AXTI 7.10 8.9 ChartIndustries GTLS 96.59 -0.7 GeneralFinNts25 GFNSZ 25.24 0.1 OFSCapNts2023 OFSSG 25.05 -0.3 WescoPfdA WCCpA 29.97 0.2 0.000 France 2 -0.654 t l -0.654 -0.668 -0.569 -84.3 -84.3 -223.9 AlerusFinancial ALRS 24.40 0.5 Cigna CI 224.96 0.4 GeneralMotors GM 41.77 -1.3 Olin OLN 22.90 0.4 WintrustFinPfdE WTFCP 27.38 0.6 AllscriptsHlthcr MDRX 12.52 2.6 ConstructionPtrs ROAD 24.59 9.4 GoodrichPetrol GDP 12.57 2.8 l OncoSecMedical ONCS 5.75 10.8 XPEL XPEL 33.37 -0.4 0.000 10 -0.260 t -0.239 -0.270 0.056 -122.4 -120.3 -188.7 Amerco UHAL 404.77 0.5 CorsairGaming CRSR 29.50 4.1 GraybugVision GRAY 30.25 35.3 OpenLending LPRO 30.50 6.2 XPO Logistics XPO 105.81 2.1 AmerEqInvLifePfB AELpB 27.76 -0.4 Corteva CTVA 36.90 1.1 HalozymeTherap HALO 39.05 -1.4 t l OptimizeRx OPRX 24.27 5.3 YellowstoneAcqn YSACU 10.12 0.2 0.000 Germany 2 -0.714 -0.705 -0.706 -0.612 -90.3 -89.4 -228.2 AmerisourceBrgn ABC 111.25 -2.5 Cowen COWN 23.75 0.5 HarmonyBio HRMY 52.74 -7.5 PacBiosciCA PACB 17.07 12.3 ZaiLab ZLAB 101.00 14.3 APi Group APG 16.52 -0.1 DZS DZSI 13.85 4.7 HavertyFurn HVT 29.21 7.1 0.000 10 -0.503 t l -0.482 -0.522 -0.243 -146.7 -144.6 -218.5 PalantirTech PLTR 15.97 14.0 ArcBest ARCB 37.76 -3.8 DarlingIngred DAR 49.64 0.6 HookerFurniture HOFT 30.78 2.4 ParTechnology 47.37 9.3 Lows ArtesianRscs A ARTNA 40.26 0.7 DenaliTherap DNLI 66.47 10.3 HoulihanLokey HLI 65.53 -0.2 PAR 1.000 Italy 2 -0.379 t l -0.368 -0.328 -0.072 -56.8 -55.6 -174.2 ArtisanPtrsAsset APAM 47.68 -2.9 Digimarc DMRC 37.83 -0.8 Huazhu HTHT 49.65 3.6 PlugPower PLUG 23.00 14.9 ChurchillCapIVWt CCIV.WS 0.95 -2.0 l AtlUnionPfdA AUBAP 27.63 1.6 DixieGroup DXYN 2.00 14.8 HuttigBuilding HBP 3.80 1.3 QurateRetailA QRTEA 8.75 7.2 Dynatronics DYNT 0.52 -1.6 0.900 10 0.736 t 0.761 0.723 1.263 -22.8 -20.3 -67.9 Autoliv ALV 87.37 0.3 EasternBankshares EBC 13.19 1.3 HyreCar HYRE 5.20 -0.4 R1RCM RCM 20.08 2.2 EyegatePharm EYEG 3.20 0.3 l BeamTherap BEAM 41.19 0.5 EdocAcqn ADOCU 10.12 -0.1 IPG Photonics IPGP 214.61 1.6 Rafael RFL 23.88 2.2 GlbBloodTherap GBT 36.49 -0.4 0.100 Japan 2 -0.137 s -0.141 -0.126 -0.187 -32.6 -32.9 -185.7 Betterware 39.37 -4.4 Retrophin RTRX 24.96 1.4 BWMX EnsignGroup ENSG 70.00 1.2 Identiv INVE 7.48 5.9 HighPointRscs HPR 2.80 -3.5 0.100 10 0.039 s l 0.035 0.034 -0.065 -92.5 -92.9 -200.7 BiohavenPharm BHVN 94.86 7.6 ErieIndemnity A ERIE 247.34 3.9 IndlTechAcqns ITACU 10.10 1.0 SC Health SCPE.U 10.94 -1.4 MultiPlan MPLN 6.20 -19.7 SanaraMedTech 34.75 1.2 BrightSphere BSIG 17.97 7.0 EvoquaWater AQUA 26.91 1.1 InspireMedical INSP 181.59 4.1 SMTI MultiPlanWt MPLN.WS 1.02 -20.5 0.400 Spain 2 -0.554 t l -0.547 -0.540 -0.365 -74.3 -73.5 -203.5 BrookfieldInfr BIPC 69.89 0.2 FairIsaac FICO 474.99 9.0 KinsaleCapital KNSL 222.71 2.3 SandbridgeAcqnWt SBG.WS 0.93 31.6 NorthernStar STIC.U 9.87 -0.9 BrookfieldInfr BIP 51.86 -0.3 Farfetch FTCH 44.73 3.9 KornitDigital KRNT 77.14 8.4 ShockwaveMed SWAV 88.81 2.4 Pareteum TEUM 0.23 -40.6 1.250 10 0.161 t l 0.199 0.170 0.429 -80.3 -76.5 -151.3 Brooks Auto BRKS 72.29 12.1 FarmlandPtrs FPI 7.66 5.2 KuraOncology KURA 40.09 0.2 Shyft SHYF 23.92 1.4 PolyPid PYPD 9.51 -2.7 BurgundyTechWt BTAQW 0.67 -8.8 FateTherap FATE 54.50 1.5 KymeraTherap KYMR 49.66 1.3 StaarSurgical STAA 83.63 1.7 PyxisTankersPfdA PXSAP 16.50 -7.0 0.500 U.K. 2 0.009 t l 0.011 -0.009 0.582 -18.0 -17.8 -108.9 CMLifeSciWt CMLFW 7.18 2.5 FifthThirdPfdB PNFPP 27.80 0.3 Lands'End LE 22.43 16.9 StepStone STEP 30.00 0.8 QualigenTherap QLGN 3.29 6.2 CTS CTS 31.99 -0.1 Fitbit FIT 7.15 1.3 LincolnElectric LECO 112.39 1.0 StoneCo STNE 65.59 2.6 ReinventTechWt RTP.WS 2.05 3.6 4.750 10 0.415 s l 0.403 0.284 0.812 -54.9 -56.1 -113.0 CanPacRlwy CP 332.91 0.2 FivePrimeTherap FPRX 24.00 237.1 Lydall LDL 24.07 2.7 StoneX SNEX 62.00 -0.1 SandbridgeAcqnA SBG 9.64 -0.6 Cardlytics CDLX 108.66 1.9 FormFactor FORM 36.52 3.1 MYR Group MYRG 49.85 -3.8 Strattec STRT 34.50 0.8 VitalFarms VITL 28.13 -3.2 Source: Tullett Prebon

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 ExtMktIdxInstPre 73.27 +0.62 14.8 SrsGlobal 13.56 +0.11 3.0 Metropolitan West R2025 19.39 +0.09 9.1 MuLTAdml 12.08 ... 4.1 TgtRe2015 16.22 +0.04 6.9 DevMktsIndInst 14.24 +0.14 2.1 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. 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NA TotBdAdml 11.54 +0.01 6.5 TgtRetInc 14.85 +0.04 6.9 MidCpIstPl 260.16 +1.71 9.6 SmCapInst 83.51 +0.11 6.2 Wednesday November 11, 2020 Fidelity Advisor I First Eagle Funds LrgCpStr 16.49 +0.10 9.4 S&P Sel NA ... NA TotIntBdIdxAdm 23.25 +0.02 3.6 TotIntBdIxInv 11.63 +0.01 3.6 NwInsghtI 38.71 +0.68 18.4 GlbA 60.14 +0.14 3.8 Parnassus Fds TotIntlAdmIdx r 30.36 +0.25 3.1 STIGradeInst 10.98 ... 4.5 Net YTD Net YTD Net YTD TSM Sel r NA ... NA USGro 61.70 +1.34 43.4 Fidelity Freedom Franklin A1 ParnEqFd 53.86 +0.52 15.1 TotStAdml 88.84 +0.68 13.0 STIPSIxins 25.47 +0.01 3.7 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TIAA/CREF Funds WellsI 28.28 -0.01 5.8 FF2020 16.99 +0.06 8.0 CA TF A1 p 7.69 ... 3.1 PGIM Funds Cl Z EqIdxInst 26.35 +0.20 12.9 TxMCapAdml186.09 +1.54 13.6 TotBdInst 11.54 +0.01 6.5 American Century Inv AggBdInst 11.80 +0.02 7.3 IntlCoreEq 13.50 +0.11 -0.8 Welltn 45.67 +0.14 7.2 FF2025 15.14 +0.07 8.4 IncomeA1 p 2.22 ... -0.5 TotalReturnBond NA ... 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SmCpA p 70.71 +0.57 20.2 Dimensional Fds EdgewoodGrInst 51.47 +0.91 33.6 NASDAQ r 148.90 +2.94 32.2 Lord Abbett A LgCapGow I 57.68 +0.77 30.9 LTGradeAdml 11.84 +0.02 11.9 LifeGro 39.01 +0.25 8.8 Weekly energy tables will be TxExA p 13.44 ... 2.9 5GlbFxdInc 10.89 ... 1.5 Fidelity OTC 16.24 +0.29 35.4 ShtDurIncmA p 4.19 ... 2.1 MidCap 109.58 +0.61 14.9 MidCpAdml 238.79 +1.56 9.6 LifeMod 31.01 +0.16 8.3 WshA p 48.93 +0.09 3.2 EmgMktVa 26.64 +0.40 -5.2 500IdxInstPrem124.09 +0.94 12.3 Puritn 25.56 +0.27 15.9 Lord Abbett F NHoriz 85.87 +1.41 44.6 MuHYAdml 11.73 ... 2.8 PrmcpCor 29.10 +0.10 4.2 publishedinFridays’editions. Baird Funds EmMktCorEq 22.08 +0.21 3.3 Contrafund K6 18.18 +0.31 25.7 SrsEmrgMkt 22.96 +0.09 11.3 ShtDurIncm 4.18 ... 1.9 R2020 23.90 +0.10 8.2 MuIntAdml 14.69 ... 3.7 STAR 30.91 +0.15 13.8 P2JW317000-4-B00900-1------XA

THE WALL STREET JOURNAL. **** Thursday, November 12, 2020 | B9 MARKETS OPEC Forecasts Weakening Demand

European lockdown Oil prices and equities have tors cause forconcern in re- shot up this week on news cent weeks. measures, lower that Pfizer Inc.’sand BioNTech Acombination of secondary consumption in SE’s coronavirus vaccine was sourcesused by OPEC put 90% effectiveinearly tests. Libya’sproduction increase in Americas are cited That hassparked hope among October at 299,000 barrels a investorsthat economic activ- dayafter the country’sgov- BY DAVID HODARI ity will normalize in 2021. ernment negotiated an end to Brentcrude oil, the global an eight-month-long blockade Coronavirus lockdown mea- benchmark,added 0.4%to of its oil exports. sures in Europe and weaken- $43.80abarrel on Wednes- Libya’snational oilcorpora- ing consumption in the Ameri- day—itshighest close since tion has sincesaid that pro- caswill result in global oil earlySeptember.Prices rose duction has hit a million bar- demand taking a larger hit in as much as 3.9% beforegiving rels aday and that the country 2020 than previouslyex- back some of the gains latein won’t join production cutsun- pected,the Organization of the session. til production is at 1.7 million the Petroleum Exporting West Texas Intermediate barrels a day. Countries said Wednesday. futures, the U.S. benchmark, U.S. production is also in- In itsscrutinized monthly rose 0.2% to $41.45 abarrel creasing, with data on Friday report, OPEC deepened its aheadofgovernment inven- from Baker Hughes showing forecast fora tory dataslated forThursday. an increase in activerigsfor COMMODITIES drop in global Thetwo benchmarks areup the seventh straight week. oildemand in 17%and 16%, respectively,in Those factorshad prices 2020 by 300,000 barrels aday November,while shares of BP looking shakyearly last week to 9.8million barrels,a10% PLC and ConocoPhillips have before TheWall Street Jour- drop from last year’s levels. also surged. nalreported that OPEC was Thecartel also softened its Higher energy prices would considering reversing or de- forecast rebound in demand for be aboon forthe beleaguered laying itsplans to further re- 2021 by 300,000 barrels aday. sector that has suffered a lax production curbs by two

Those cuts, when combined wave of layoffs and bankrupt- ORI/REUTERS million barrels aday starting

with the Vienna-based organi- cies this year. -FET in January. zation’sresilient non-OPEC Even so,the short-term AL Saudi Energy Minister supply forecastsand itscut to outlook for the oil market re- AN PrinceAbdulaziz bin Salman its2021 global growth re- mains gloomy. Fresh lockdown OMR made similarremarks when AM

bound forecast—now4.4% measures aimed at slowing the ES speaking at aconferencein from 4.5% previously—present spread of the virus in Europe Libya says it won’t join production cuts until output hits 1.7 million barrels a day. A Libyan oil firm. Dubai this week, according to adismal outlook foroil mar- andrising oil supply present reports. kets in the coming months. two challenges in 2020’sfinal Europe,prompting OPEC to covering faster than expected, this year,though that figure is OPEC membersare likely to OPEC hedged its forecasts, quarter,according to Giovanni cut itsdemand forecast forthe with OPEC increasing itsde- expected to fall again in Octo- be watching further develop- saying that “further [eco- Staunovo, commodity analyst wealthycountries of the Or- mand forecast forthose na- ber with independent refiners mentsonany vaccines as well nomic] support, currently un- at UBS Wealth Management. ganization forEconomic Coop- tions by 200,000 barrels aday. having reached their quotas as the current virus infection accounted for, maycome from Torpid transportation de- eration and Development by Chinese crude importsin for the year, the report said. rates, as they weigh their op- an effectiveand widely dis- mand and aslower-than- 500,000 barrels a day. September rebounded to their Growing production inside tionsahead of their meeting tributable vaccine as soon as hoped economic recovery in Meanwhile,non-OECD third-highest level on record, and outside of the cartel’s with non-OPEC allies such as the first half of 2021.” the U.S. added to shutdowns in countries such as China arere- beaten only by June and July membership has given inves- Russia in early December.

cusing on the hurdles to mak- by an earningsseason that has corporations leaped over,” In commodities,oil prices Tech Stocks ing a vaccine widely available surpassed expectations.With said Keith Buchanan,portfolio extended their advance. U.S. Purdue’s and questions about the size most of the S&P 500 having manager at Globalt Invest- crude rose 9cents, or 0.2%, to of the next fiscal stimulus reported results, analystsproj- ments. “Asyou see the pan- $41.45 abarrel. Datafromthe Propel package. Coronavirus hospital- ect third-quarter profitsfell demic continue to rage in the American Petroleum Institute Opioid izations set arecord in the U.S. and globally,corporations lateTuesdayshowedalarge U.S. on Tuesday, areminder aredealing with it alot better drop in U.S. crude oil stock- S&P 500 that thepandemic is far from than investorsexpected.” piles,adding to the bullish Deal Faces over. Among individual stocks, sentiment on oil. “What youare seeing over 0.8% Lyft shares edged up 36 cents, Overseas,the pan-continen- ContinuedfrompageB1 the last 24 hoursisatug of or 1%, to $36.41after the ride- talStoxxEurope 600 rose Opposition Altaf Kassam, European head warbetween those who see How much the S&P 500 rose hailing companysaid itsreve- 1.1%. of investment strategyand re- the vaccine as aclose-your- on Wednesday nue and number of activerid- At middayinTokyo Thurs- BY PEG BRICKLEY search at State Street Global eyes moment andthose who ersclimbed as lockdowns day, the Nikkei 225Stock Av- Advisors. want to look at the risks now,” eased in some cities. eragewas up 0.4%, Hong California, NewYork and WEDNESDAY’S “With the op- said Jim McCormick,global U.S. bond marketswere Kong’sHang Seng Indexwas- other states arerevolting MARKETS timism that head of desk strategyat 7. 5% from ayear earlier,ac- closed Wednesdayfor Veter- flat, theShanghai Composite against the U.S. JusticeDepart- the vaccines Natwest Markets. “Atthe mo- cording to FactSet, adramatic ans Day. Theyield on 10-year wasdown0.2%, South Korea’s ment’s proposed settlement could nowcome,[that] means ment, the former group is improvement from the 21% de- Treasurys has climbed forfour Kospi wasdown0.1% and Aus- with OxyContin maker Purdue that some of that money could winning.” cline they forecast at the end straight days and ended Tues- tralia’sS&P/ASX 200 was Pharma LP,which is accused of start to driftback in.” Shares of large U.S. compa- of September. dayat0.970%, itshighest down 0.2%. U.S. stock futures helping fuel the opioid crisis. Still, some investorsare fo- nies arealso being supported “There wasalow bar that sinceMarch 19. were 0.3% lower. Theproposed pact comes up forapproval next week in bankruptcy court, wherePur- duesought refuge from litiga- InvestorsShun British StocksasBrexit Deadline Nears tion.But agrowing chorus of critics is warning the proposal would short-circuit broader BY JEM BARTHOLOMEW talks about howtouse Pur- due’sassetstoaddressthe ad- Investorshavelost their ap- diction epidemic. petitefor U.K. stocks amid Purdue is set to plead guilty deadlocked Brexit talks,rising to three felonycountsinclud- coronavirus infections and a ingconspiracytodefraud the sharp economic downturn. U.S. and conspiracytoviolate The U.K.’s FTSE 100 index, federal anti-kickback laws,as the benchmark forthe largest part of the settlement. The British companies,has pact also calls forPurdue to plunged 18% this year in dollar transform itself intoacompany terms and the FTSE 250 has to be runfor the benefit of the dropped 13%. In contrast, the public. pan-continental Stoxx Europe Statesincluding NewYork 600 has slid 3% in dollar andCalifornia said the settle- terms,the French CAC40has ment, if approved, ties the fallen 5% and the German DAX hands of other creditorsthat has gained 5%. In the U.S.,the would prefer to sell Purdue. S&P 500 has advanced 10%. Purdue washit with an ava-

“Sentiment has really S lanche of lawsuitsaccusing it soured toward the U.K.,” said of pushing ahighly addictive NEW

Patrick Spencer,managing di- G drug intovulnerable and un- rector at U.S. investment firm wary markets. It has denied

Baird.“It’sbasically univer- OOMBER wrongdoing and filed forchap- sally hated and under-owned.” ter11bankruptcy last year. Investorssay the Covid cri- Some Democratic lawmakers LIFFE/BL

sis has impacted the U.K. TC have also warned Purdue’spro- worsethan manyother major RA posed deal with the JusticeDe-

economies. “The Covid situa- CHRIS partment is bad forthe public, tion has definitely hit us as Investors pulled $641 million from U.K. large-cap equity funds in September. A closed restaurant in Covent Garden Market in London. but this week bankruptcy ex- hardreally as anybody else, perts, dozens of states and law- [and] the nature of our econ- withdrawal agreement, there Government borrowing is pro- that investorshope will outper- bin,” said Mr.Spencer,who yers forindividuals with addic- omybeing heavily service- have been clues marketswere jected this year to climb to form. Thereare fewerfast- believes thereisagood tion-related claims against driven and consumer-driven pricing in a hard Brexit. around £350 billion, equiva- growing tech stocks in the U.K. chanceofsome form of Brexit Purdue weighed in against it. will be definitely damaged Investorspulled $641 mil- lent to $464 billion, or around Sterling has gained ground deal beforethe end of the Criticsare urging delayso morethan an export or manu- lion from U.K. large-cap equity 17%ofgross domestic product, in recent months,complicating year.“This could provetobe the deal doesn’t crowd out facturing economy,” said funds in September,according according to an estimateby the picturefor companies.It the best buying opportunity in other alternatives forstate and James Athey,senior invest- to dataprovider Morningstar. the Institutefor Fiscal Studies. rose from $1.25 at the start of 40 years.” tribal governmentsand others ment manageratAberdeen Thefigurefor August was TheU.K.has an “unenviable July to ahigh of $1.34 on Meanwhile,this week’spos- that have been contending with StandardInvestments. “In the even higher,with net with- mixofone of the biggest fiscal Sept. 1, and is currently trad- itivenewsregarding Pfizer the legal, social and medical very near term, Iwould say drawals of $1.6billion. That spending packages in the ing at around $1.32. Inc.’scoronavirus vaccine can- burden of opioid addiction. the U.K. doesn’t look particu- was the largest monthly out- world, but one of the worst Themain equity indexes didate liftedU.K.equities.“We In astatement Wednesday, larly attractive.” flow since$1.8billion leftsuch growth outcomes,” said have ahigh concentration of sawonMondayavast rotation Purdue said the deal must be Coronavirus cases were ris- fundsinJune 2019.U.K.equity NatWest Markets’sGlobal firms that makemuch of their out of growth and U.S. tech approved because,without it, ing by around 96,000 aday in markets struggling is primar- Head of Desk Strategy James money outside the U.K. and [stocks] and intovalue “all of Purdue’sother creditors England in October,according ily “a Brexit issue rather than McCormick. benefit from aweak pound. In [stocks],” said Mr. Beaumont, would be at risk of getting to Imperial CollegeLondon, aCovid issue,[but] Idon’t “The U.K. equity market ap- a typical year, around 70% of who added that the shiftwas a nothing.” Thecompanysaid causing Prime Minister Boris think Covid has helped mat- pears to be great value at the revenues generated by FTSE “drop in the ocean compared the proposed settlement Johnson to impose another ters,” said James Beaumont, moment,but the question is, 100 firms and around 50% for to how much growth has out- doesn’t dictatethe outcome of lockdown in England to contain multiasset fund manager at is it avalue trap?” said Mr. FTSE 250 companies is drawn performed value in the last the bankruptcy. the spread. Brexit adds further Natixis Investment Managers. Beaumont, referring to mature from overseas operations. three years.” Membersofthe Sackler uncertainty to markets, with In the wake of the pan- companies delivering healthy “A lot of the U.K. stocks are Mr.Beaumont hasn’t family who ownPurdue have lessthan two months to strike demic,the government has in- dividends forshareholders essentially foreign stocks changed his slightly under- offered to add $3 billion to a atrade deal with the European jected billions of pounds of now, but with poor prospects listed in theU.K., so they weight U.K. equities position bankruptcy settlement, an offer Union beforethe U.K. loses reg- fiscal stimulus into the econ- for growth. He is slightly un- could do well if sterling goes and is likely to await a Brexit that some states have accepted, ulatoryparity with the bloc by omy, and the Bank of England derweight U.K. stocks, seeing down,” said TristanHanson, agreement beforeadjusting but othershavedeclined. default. said last Thursdayitwould British indexes as full of old- multiasset fund manager at his strategy. Thepocketsof Representatives fordescen- SinceAugust, when the step up bond purchases as the line industrial and financial M&G Investments. optimism remain in conflict dantsofMortimer Sackler de- likelihood of reaching adeal second wave of infections and companies that have suffered Some investorsare more with investor outflows. With clined to comment. Represen- diminished, and afterMr. the newlockdown threaten to during the pandemic. positive about the U.K.’s eco- Brexit negotiations dragging tatives of the Raymond Johnson said in September the crimp the economy. Thecen- Mr.Beaumont said the exo- nomic outlook and think now and Covid-19 uncontrolled, Sackler side of the family U.K. would break international tral bank forecaststhe econ- dus of capital is mainly flowing is thetime to buy.“TheU.K. “the U.K. has a problem right didn’t respond to arequest to law to override last year’s omywill shrink 11% in 2020. to the tech-heavy growth stocks [market] is in the bargain now,” said Mr. McCormick. comment. P2JW317000-0-B01000-1------XA

B10 | Thursday, November 12, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Virus Shot Is Bad For Goods Sector

Demand may ebb for products that made peoples’ lives more livable during the pandemic

Demand forgoods surgedasare- was0.6%higher than itslevel over sult of the Covid-19 crisis.But with theprevious seven months.That Monday’svaccine news,some of compares with a10.1% decline in that demand could go away rather services spending.

S suddenly. But with avaccine on the hori-

NEW One of the manythingsthat has zon, some of the demand forgoods G made this recession so unusual is could ebb.Eventhough they might howwell goods industries have not be vaccinated formonths,some OOMBER weathered thetumult while the far people might decide that getting a /BL largerservices sector,which usually newhome-entertainment system KER

AC holds up OK in downturns, has isn’t as urgent aneed as before. The borne the brunt of the damage. The same goes forremodeling their NIEL

DA pandemic led manypeople to avoid homes,orgetting acar to help them That chip, dubbed the M1, will replace the processors from Intel that have powered the Mac lineup since 2006. settingssuch as restaurantsand escape outdoors. Moreover,after a movie theaterswhile encouraging vaccine is readily available,goods them to buy thingstomaketheir purveyorsand makerscould find lives alittle morelivable,such as a that much demand fortheir wares Apple Makes Big Chip Bet newoven, bicycle or videogame wassated during thepandemic,set- console. ting them up foranextendedperiod In September,Commerce Depart- of weakness. Meanwhile,services ment figuresshowspending on ser- businesses have reason to be hope- In-house processors for Mac have to go up against long-established rivals vices was6.3%belowits February ful, but that hope isn’t going to level, beforethe crisis struck.Goods translateintoincreased sales just spending,onthe other hand, rose yet. Rather,with Covid-19 cases on With itsstarhaving dimmed in cessors since 2014, leapt ahead of chips. Only time will tell if those by 7.7% over the same period. And the rise, manystate and local offi- Apple Inc.’sfirmament, the Mac Intel in chip-production technol- claims hold up. Pierre Ferragu of within that goods category,spend- cials arereintroducing restrictions, might seem safefor the companyto ogy. Apple’s M1 and the A14 chips New Street Research notes Apple ing on durable goods—longer-last- while households have renewedrea- shakeup. But thereissome risk to for the latest iPhones and iPads is using a chip architecture “that ing items such as cars and washing son forwariness. messing with a36-year-old business. will be built on TSMC’s 5-nanome- is fundamentally different from machines—increased by 15.6%. In- Theresult could be alull, with Apple on Tuesday introduced its ter manufacturing process. Intel’s what Intel and AMD do.” Alterna- deed, spending on goods has been the goods sector experiencing soft- first Mac computers running on most advanced chips are built on a tively, Stacy Rasgon of Bernstein so strong that it has morethan ened demand while the services sec- the company’s own central proces- 10-nanometer process and delays says Apple’s success with its new made up forweaknessinthe spring, torcontinues to suffer.The vaccine sor. That chip, dubbed the M1, will with its transition to 7-nanometer in-house Mac processors could when shutdowns sent sales down announcement is great news,but it replace the processors from Intel have shaken up the chip maker. serve as “existence proof” for sharply.Inthe seven months since isn’t great news forthe economy Corp. that have powered the Mac The M1 chip puts Apple into a other non-x86 chips in the PC and February, durable-goods spending just yet. —Justin Lahart lineup since 2006. It will start in different competitive league. The server markets—damaging Intel’s Apple’s smallest laptops—the Mac- market for smartphone processors position even further. Consumer spending on goods Book Air and 13-inch MacBook wasn’t well-established when the Having generated $28.6 billion Pro—as well as the Mac Mini, all company began using its own in- in sales for the fiscal year ended $5 trillion of which begin shipping next week. house A4 chip in 2010 so there September, the Mac ranks fourth Apple expectstotransition its was less basis for comparison. among Apple’s five business seg- 4 lineup of Macs to itsin-house pro- But the PC market has long ments in terms of annual revenue, cessorsoverthe next two years. Go- been dominated by the x86 proces- just edging the iPad. But the re- ing in-house with akey component sors produced by Intel and Ad- cent surge driven by working and 3 should giveaboost to itsprofit vanced Micro Devices. Processors schooling from home brought a margins.Matthew Cabral of Credit built on the competing standard wave of new customers: Mac reve- Suisse estimates a1.5%potential from Arm Holdings, used widely in nue jumped 11% in the latest fiscal 2 uplifttoper-shareearningsonce smartphones, have had a very dif- year. Many customers snapped up the entirelineup makes the switch. ficult time penetrating the PC the Intel-based Air, which was just Apple is hardly new to the chip market due to trade-offs between updated in March but is now no 1 game. It has been designing its power consumption and perfor- longer available on the company’s own processors for the iPhone and mance. online store, making room for the iPad for a decade now. The timing Apple spent most of its event new models. 0 is good. Taiwan Semiconductor Tuesday arguing against this no- When it comes to betting on its Jan. Feb. March April MayJune July Aug. Sept. Manufacturing, which has been tion, boasting of the superior per- own chips, Apple most certainly Note:Seasonally adjustedatanannual rate fabricating Apple’s in-house pro- formance specifications of its new hasn’t hedged. —Dan Gallagher Source:Commerce Department London Landlords Will Work Harder for the Rent OVERHEARD Want to swim in cash during keting, such as photos of patrons in use and if the homeowners and the pandemic? immodest bikinis. their neighbors will have an unen- The death of the office has been Prime office rental yields by city Launched last year, Swimply is Luckily, listings on both sites of- cumbered view of your party greatly exaggerated, at least in like the Airbnb of swimming fer key details such as whether the while you swim. Central London. But tenants are pools, allowing owners to turn a rental has a bathroom available for Somewhat surprisingly, the becoming higher-maintenance, in a London 4.0% profit off an increasingly sought- pandemic has been a boon for trend that could out last Covid-19. after but costly feature of subur- the business: Swimply says some This plays to the strengths of Madrid 3.5 ban homes. hosts have been raking in publicly traded landlords that are Live in parts of the U.S. and $10,000 a month since June of S

accustomed to being hands-on. It Australia, the company says it this year. PRES may be less positive for private in- has over 3,000 listings available It remains to be seen whether

Milan 3.3 UMA

vestors paying top dollar for the to over 250,000 users. Swimply can swim in the big /Z city’s real estate. Co-founded by an Orthodox leagues, though. Rents foroffices in Central Lon- Amsterdam 3.2 Jew, Swimply also offers its busi- According to PitchBook, while TIMES don have been resilient, according to ness through a sister website Airbnb managed to raise over $7 half-year resultsfromtwo listed called “Shvimply,” which it says million within two years of clos- AD-CITY Frankfurt 3.0 QU property owners. GreatPortland caters to people from religious ing its seed round, last November T/ Estates said Wednesdaythat current backgrounds who might be sensi- Swimply saw its own $2 million HMID

rentsinits offices,asestimated by tive to some of Swimply’s mar- deal sink. SC

Paris 2.8 E. valuers, fell 0.7% in the six months

through September compared with KEVIN their March level. Landsec,the Source:Colliers International U.K.’s largest real-estateinvestment trust, reported a1%decline forits The big listed players in London officeproperties Tuesday. are used to managing their build- Va ccines Are China’s Chance to Regain Trust Centrally located offices should ings closely. That may not be the farebetterthan out-of-townloca- case for family offices and private tions,evenasemployees spend investors who like to buy office One of China’smain candidates among them—flooded headlines in grabbed headlines Monday must be moreoftheir working weeks at blocks for the predictable, bond- foraCovid-19 vaccine is stalled in Western countries and prompted stored at minus 70 degrees Celsius. home.Still, morepressureonrents like income they have traditionally Brazil.This needn’t be asign that more stringent customs checks by Moderna’s challenger must be kept is likely in inner London. Take up of offered. For them, returns could development will be halted—it may Beijing.For betterorworse,that re- at minus 20 Celsius,aneasier re- newofficespaceoverthe six suffer if tenants become less will- even bolster international confi- inforcedconcerns about the quality quirement, but belowthe tempera- months wasalmost two-thirds be- ing to sign 10- or 15-year leases denceinChina’smedical-export in- of health-sensitiveChinese products. tureofmanyordinaryfreezers. lowthe city’s 10-year average. and expect landlords to fork out dustryoverthe longer term. But the reality is that manytypes Sinovac says itsvaccine—which is Moreover, companies increas- for refurbishments. We don’t knowfor surewhy Bra- of vaccines will likely be needed. inactivated, meaning it lost the abil- ingly want shorter leases on fully This isn’t yetreflected in the zil’spublic-health authority sus- Hundreds of millions of people ity to producethe disease—re- kitted-out offices. Great Portland rental yields on which property val- pended trials of Sinovac’s vaccine, overseas will likely receiveaChi- mained within effectivelevelsafter Estates thinks 19% of its buildings uations arebased. Forthe best other than citing a“severeadverse nese vaccine: Anyalternativesce- months frozenbetween minus 2and will soon be let on flexible terms, London offices,yields arestable event” lateMonday. Such circum- minus 8degrees Celsius,and even almost double the proportion this this year.Middle Eastern investor stances arecommon in late-stage weeks at much higher temperatures. time last year. As tenants sign up AGC recently bought acentral vaccine development: AstraZeneca’s Making qualityvaccines Researchersbehind the vaccine in for just three years, churn will property at an expensive3.85% vaccine had asimilar delay. development by China’sAcademyof probably increase. And the land- yield. Returns on London offices Paradoxically,the holdup could forhard­to­reach parts MilitaryMedical Sciences and lord shoulders the full cost of re- arecurrently higher than in Paris bolster confidenceinthe vaccine, of theworld could bolster CanSino Biologics suggest it can furbishing the office. Luckily, ten- or Tokyo, making the city’s real es- sinceitsuggestssafety is being be stored at lowsubzero tempera- ants are willing to pay 33% more tate relatively appealing in aworld scrutinized, at least forthe over- China’sreputation. tures and canbestoredatroom rent for the flexibility, offsetting whereinterest ratesare so low. seas clinical trials.China wascriti- temperaturefor at least aweek.In the owner’s higher costs. GreatPortland Estates thinks up cized by some Western health ex- areas of the world with limited lab Demand forsustainable build- to £40 billion, the equivalent of $47 pertsfor allowing emergency or food cold-chain infrastructure, ingsisgrowing.Tenantsfacepres- billion, of investor cash is actively domestic use of Chinese vaccines nario is bleak,sinceitwould proba- that will be ahugeadvantage. surefrominvestorstomeet envi- circling the London officemarket. beforeclinical trials were com- bly take yearslonger to achieve Producing quality vaccines for ronmental targets. It isn’t yetclear Tenants are rethinking what pleted. Improving the country’srep- massproduction and distribution. harder-to-reach partsofthe world whether agreen premium on the they want from their office and utation forhealth-careexportsis Thereare other reasons to hope won’t undo the distrust that built up rent will cancel out the higher cost some landlords will need to re- important, given the role it is likely the Sinovac halt is abrief false between China and manycountries of building sustainable offices.But think their approach too. Owners to playinglobal vaccination efforts. alarm. Some Chinese vaccines seem in recent years. But it could go some not improving the energy efficiency that prefer to just sit and collect This year,high-profile examples to have adistinct advantageinterms way to bolster itscommercial repu- of buildingsismorecostly forland- the rent could be the next business of low-quality Chinese pandemic-re- of the logistical difficulties of deliv- tation, and provide an example of lords: Offices with lowenvironmen- casualties of the pandemic. lated products—masks,other protec- ering vaccines to the poorest parts global cooperation that is desper- talratingswill become hardtolet. —Carol Ryan tiveequipment and ventilators of the world. ThePfizervaccine that ately necessary. —Mike Bird